Full text of Federal Reserve Bulletin : January 1956
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FEDERAL RESERVE
BULLETIN
January
*****
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
WASHIXGTON
E D I T O R I A L
C O M M I T T E E
Elliott Thurston
Woodlief Thomas
Ralph A. Young
Winfield W. Riefler
Susan S. Burr
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
Prices during the Economic Expansion
j
Current Events and Announcements
1
National Summary of Business Conditions
s
i
13
i
Financial and Business Statistics, U. S. (Contents on p. 15)
17
International Financial Statistics (Contents on p. 69)
70
^
\
i;
Federal Reserve Board Publications
85
Board of Governors and Staff
87
Open Market Committee and Staff; Federal Advisory Council
88
Federal Reserve Banks and Branches
88
Index to Statistical Tables
95
Map of Federal Reserve Districts
I
Inside back cover
Volume 42 • Number i
;
i
Subscription Price of Bulletin
A copy of the Federal Reserve Bulletin is sent to each member bank without charge. The subscription price
in the United States and its possessions, Bolivia, Canada, Chile, Colombia, Costa Rica, Cuba, Dominican
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or 70 cents per copy. Group subscriptions in the United States for 10 or more copies to one address, 50
cents per copy per month, or $4.50 for 12 months.
pressures on prices of basic materials and
wage rates has also characterized recent
economic activity in Europe. Expansion in
outlays, especially for construction, business
equipment, and consumer durable goods,
has exerted upward pressure on such world
commodities as copper and rubber, and has
been reflected in sharp increases in the volume of United States exports of coal, steel
scrap, and steel mill products.
FURTHER EXPANSION in business and consumer demands in the latter part of 1955
was accompanied by increases in industrial
output and prices, to new record levels. Industrial production in December, at 144 per
cent of the 1947-49 average, was 11 per
cent above a year earlier and 5 per cent
above the previous high of mid-1953, when
defense output was substantially greater.
Average prices of industrial materials advanced 4 per cent in the second half of 1955.
Prices of finished industrial products also
rose, as shown in the chart. Widespread advances among industrial commodities—
which together account for about four-fifths
of the value of all commodities in the wholesale price index—occur only in response to
strong and pervasive pressure of demands.
Meanwhile, with marketings of meat animals sharply expanded and with Federal
support levels for some important crops reduced, wholesale prices of farm and food
products on the average declined 7 per cent
further in the second half of the year. The
combined index of wholesale commodity
prices in December was 1 per cent above
midyear.
While production increased to record
highs in the latter part of 1955, the volume
of business inventory accumulation was relatively small. Output of a number of industrial materials reached capacity levels and
order backlogs accumulated. Increases in
the value of inventories have reflected in
part the higher level of prices.
High level production with accompanying
WHOLESALE PRICES
1953 55-100
/
/
120
\
INDUSTRIAL
\ MATERIALS
— 100
/ /
/ /
INDUSTRIAL
PRODUCTS
Jj
NOTE.—Federal Reserve groupings of BLS mid-month indexes
for all commodities other than foods and feeds, both raw and
processed, in the wholesale index. Latest figures shown are
for December 1955.
Expansion in consumer buying in the
United States has been supported by rising
incomes and more active use of credit. Consumer incomes after taxes, which had been
maintained during the 1953-54 decline in
business activity, began to increase in the
1
FEDERAL RESERVE BULLETIN • JANUARY 1956
autumn of 1954. Since then, fuller utilization of the labor force—in terms of
longer hours and increased employment—
and higher rates of pay have been reflected
in a rise of 10 per cent in disposable personal income. Retail sales, which had declined moderately after mid-195 3, have expanded about 15 per cent from the reduced
early 1954 level. The rise in sales has involved a substantial growth in consumer instalment credit. At the same time, longterm debt to finance home buying has increased at an unprecedented rate.
With economic activity rising to new record levels, business profits after taxes increased considerably last year, providing
both greater incentive and larger means to
program substantial increases in investment
expenditures. While corporate dividend
payments expanded, retained earnings—
along with other internal sources of funds—
also increased. Common stock prices rose
further by about two-fifths in the twelve
months ending in late September; after a
short but sharp decline, prices recovered by
early November and then showed little
change to mid-January.
Demands for credit to finance the higher
level of business activity as well as to finance
consumer short-term credit, mortgages, business capital outlays, and public works projects of State and local governments have
been large. The bulk of the credit has been
supplied directly or indirectly by nonbank
lenders. Business loans of all commercial
banks increased by about $5.5 billion during 1955, and total bank loans by about
twice that amount. Bank loan expansion,
however, was accompanied by substantial
sales of United States Government securities
to nonbank investors. Additional reserves
needed by banks were obtained largely
through an increase in member bank bor-
rowings at the Federal Reserve Banks.
Pressure of total demands for funds
against the available supply of savings and
of bank credit was reflected in a substantial
rise in short-term interest rates and some
increase in long-term rates. In order to
exert restraint on member bank borrowing,
the Reserve Banks raised their discount rates
four times during the year, from 1.5 per
cent to 2.5 per cent.
PRICE RISE BROADENS FOR MATERIALS
Economic recovery from mid-1954 to mid1955 was accompanied by price advances
for such basic industrial materials as nonferrous metals, steel scrap, and rubber.
Work stoppages at copper mines and increased Federal stockpiling of lead and zinc
were factors in the advances, as were rising
demands in Europe. Meanwhile, prices of
agricultural commodities were being reduced by increased supplies.
After mid-1955 agricultural prices declined considerably further, while the advance in prices of industrial materials accelerated. The rise extended to steel mill
products and other manufactured durable
materials, and also to fuels, leather, and
paper. By early 1956 prices of most nonfood materials were higher than a year
earlier, with a number of commodities up
20 per cent or more and many others up
from 5 to 10 per cent. For all industrial
materials as a group, the rise over the year
was 5 per cent.
The broadening of the price rise after
mid-1955 was associated with capacity
operations in a number of lines of manufacturing activity and further expansion in
buying by consumers and businesses. Advances in rates of pay in Government and
in such basic industries as autos and steel,
and also in transportation and the service
PRICES DURING THE ECONOMIC EXPANSION
industries, were reflected both in rising incomes and in upward pressures on costs.
From early 1954 to early 1955, rapid expansion in output per man-hour had accompanied recovery in industrial output. Subsequently, the rise in output per man-hour
apparently slackened somewhat.
Prices of sensitive industrial materials
eased in late September, but in early November the advance was resumed. Other
materials such as cotton goods, industrial
alcohol, plywood, and newsprint also advanced at the year-end, and additional general advances in prices of steel products
were being discussed in trade circles.
Metals. With output in the consumer
durable, business equipment, and construction industries all at advanced levels in
1955, steel production reached capacity
levels. Output of other primary metals also
was at peak rates. Nevertheless, metals
have been in short supply and their price
rises have been the largest among industrial
commodities. Similarly, increases in wage
rates in the metal products industries have
exceeded increases in most other sectors.
The products of the metal industries account
for about one-third of the total value of all
commodities at wholesale. Average prices
of all primary and scrap metals in mid-
December were 15 per cent above a year
earlier and, as the chart shows, about the
same amount above the previous record high
in 1953.
Nonferrous metal prices generally showed
greater rises than iron and steel and as a
group increased 20 per cent during the
year. Copper was raised four times by
major United States producers, for a total
advance of 40 per cent; secondary copper—
refined from scrap—rose even more sharply.
Prices abroad have been above domestic
quotations for the primary metal since the
autumn of 1954, and United States imports
through most of the period have been
smaller than in most other postwar periods.
To some extent aluminum has been substituted for copper. This has added to an
already heavy demand for aluminum, prices
of which were raised 10 per cent during
1955.
Postponement of deliveries to the
Federal strategic stockpile contributed somewhat to a larger market supply of both
copper and aluminum during 1955.
Steel output rose one-third from 1954 to
1955.
Output in the earlier year had been
curtailed as inventories were being liquidated. Steel shipments to the automobile
industry rose sharply during the model
change-over period in late 1954 and ship-
MAJOR INDUSTRIAL MATERIALS
1953-55-100
120
1953
1954
1955
1953
19S4
1955
NOTE.—Seasonally adjusted production indexes. BLS midmonth price indexes for paper and allied products, shifted to
1953-55 = 100, and Federal Reserve groupings of BLS mid-
1953
1954
1955
1953
1954
1955
month data for the remaining price indexes. Latest figures
shown are for December 1955.
FEDERAL RESERVE BULLETIN • JANUARY 1956
ments to appliance manufacturers also increased. Demands of other users expanded
later, in the spring of 1955, and over-all
supplies have been tight since then.
Following wage rate increases in mid1955, steel mill list prices were raised 7 per
cent. Toward the year-end some additional
increases were made in base quotations and
a number of upward adjustments were made
in charges for extras. During this period
purchases of some steel at premium prices
by the automobile and some other industries
were reported. Capacity steel output and
the advanced level of steel scrap exports
maintained scrap prices near record levels
during the autumn. Prices rose about onefifth in December and early January as trade
reports indicated prospects of continuance
of capacity operations in the months ahead.
After mid-December auto assemblies were
reduced, mainly by curtailing overtime operations. In November and early December
new model car assemblies had been at peak
rates, and dealers' stocks were built up
rapidly. Since the curtailment, auto producers reportedly have confined their purchases of steel to regular mill channels, discontinuing their premium price purchases.
Meanwhile, there has been an accumulation
of unsatisfied demands from other metal
fabricating industries, particularly those
producing machinery and railroad equipment as well as most branches of the heavy
construction industry.
Building materials. Building material
prices began to rise in mid-1954, when an
extended work stoppage in the Northwest
lumber industry curtailed output. In the
spring and summer of 1955, the rise extended to most other building items, and
in mid-December average prices of building
materials were 8 per cent above the level
prevailing from 1951 to mid-1954.
In addition to marked increases in prices
of metal materials and products used in
construction, lumber and brick prices rose
about 10 per cent, and cement and glass 6
per cent. Wage rates in the building trades
advanced 3 per cent during 1955 to a level
at the year-end 5 per cent above mid-1954.
In late autumn, prices of lumber declined
in some markets. The easing in demands
was partly seasonal, however, and toward
the year-end prices about recovered.
Total construction activity in the latter
part of 1955 was down from the record
spring and summer levels but was above any
other period. Residential building activity
at the year-end was moderately below, while
business construction was somewhat above,
the spring rates.
Other industrial materials. For most materials other than metals and building items,
demands have not expanded so sharply, and
supplies—especially those of agricultural
origin—have been larger in relation to demands. A major exception is natural rubber.
United States rubber consumption in
1955, influenced by the expanded rate of
auto output, was one-fourth larger than in
1954, and crude rubber prices rose about
two-fifths further during the year. Output
of synthetic rubber reached capacity levels
last year and synthetic accounted for threefifths of domestic consumption as compared
with about one-half in the preceding year;
its price was not increased and at the yearend was about half that of crude rubber.
Growth in demands for paper products
and for chemical and petroleum products
has been heightened by expanding business
activity, and production has increased considerably. Woodpulp prices were raised
about 5 per cent in early 1955 and demands
PRICES DURING THE ECONOMIC EXPANSION
and prices for wastepaper material rose
sharply during the year.
Since mid-1955 prices of packaging materials, fine papers, and newsprint have been
increased by amounts ranging up to 10 per
cent. Prices of chemicals on the average
have shown relatively little change, while
petroleum and coal products and bituminous coal prices have generally risen since
mid-1955.
Prices of hides and skins have advanced
from the sharply reduced level prevailing a
year ago, despite a further substantial expansion in livestock slaughter. Prices of
these raw materials and of leather continue
well below the high levels prevailing earlier
in the postwar period.
Growth in consumer purchases of textile
products in recent years has been much less
than that for durable goods and housing.
Moreover, inventory demands for textiles
during the past year appear to have been
smaller than in most other periods of expanding industrial activity. The limited inventory demands may have resulted in part
from uncertainty about future levels of Federal price supports for cotton. Actual and
potential increases in textile imports also
were a restraining influence on inventory
demands and prices, especially for cotton
goods. Textile output generally remained
well below capacity levels. With demands
not so strong as in most other manufacturing industries, increases in wage rates
were below the average.
Prices of cotton yarns and industrial
fabrics increased somewhat in late 1954 and
early 1955, while raw wool and yarns declined. Synthetic fabrics declined in the
spring, and prices of some of the newer
fibers were reduced substantially. During
the summer and early autumn foreign raw
wool prices dropped and, with direct Fed-
eral supports removed, domestic wool prices
also declined.
Toward the year-end apparel and carpet
wool prices strengthened, prices of cotton
yarns increased further, and print cloths and
other cotton apparel fabrics advanced. Acetate yarns were raised 2 to 5 per cent, while
prices of synthetic fabrics changed little. Increased business demands for textile materials reflected mainly an expansion in consumer purchases of clothing during the
autumn months. By the year-end, activity
in the apparel, textile, and leather products
industries had increased further to relatively
high levels.
FARM PRICES DECLINE FURTHER
Despite expansion in industrial activity and
in incomes generally, prices of farm commodities declined further after last spring
and at the year-end were 7 per cent below
a year earlier. Supplies of these commodities—including carryovers—increased, and
Federal price support levels for wheat, oilseeds, and feed grains other than corn were
significantly reduced.
PRICES RECEIVED BY FARMERS
953-55-100
170
i
110
100
f*^ TOT At
GRAINS ~
\
90
MtAT •
ANIMAIS >
no
VA11
100
A\
1 i
OTHER
1
\yvA
1
90
1955
NOTE.—Department of Agriculture mid-month indexes for total
and meat animals shifted, to 1953-55 = 100. Federal Reserve
groupings of Agriculture data for grams and oil seeds and for
all other. Latest figures shown are for December 1955.
FEDERAL RESERVE BULLETIN • JANUARY 1956
Earlier in the postwar period, prices of
farm products had been unusually high in
relation to the level of industrial commodity
prices. Continued decline from the advanced level of 1951 has resulted in a relationship between farm and industrial price
averages more like that in the 1920's and
the late 1930's.
The crop harvest, despite more drastic
Federal acreage restrictions for several
major crops, was 4 per cent larger in 1955
than in 1954. Higher yields per acre in
some cases more than offset the effects of
reduction in acreages, and land diverted
from wheat and cotton was devoted largely
to the production of feeds. With feed supplies larger and prices lower, output and
marketings of livestock expanded considerably, providing a meat supply in the second
half of 1955 about one-tenth larger than a
year earlier. Average farm prices of meat
animals declined about one-fourth. For
hogs, the decline in prices was considerably
greater than for other meat animals.
Farm prices for wheat, feed grains other
than corn, and oilseeds declined during the
summer and early autumn to levels about in
line with the lower Federal supports. Corn
prices fell considerably below supports,
which were changed little. Some recovery
for corn and other grains toward the yearend was mainly seasonal in nature. Support levels for cotton and tobacco were
unchanged last season, and average prices
for these and other farm products—milk,
eggs, poultry, and fresh fruits and vegetables—have continued relatively stable.
Reductions in Federal support levels for
some crops are in prospect for this year, and
large carryovers of cotton and grains indicate continued ample supplies. At the end
of 1955, however, the pressure of increasing marketings of meat animals was abating
seasonally and, with consumer incomes continuing to rise, prices of meats and some
other foods were strengthening. While
marketings will rise seasonally again in the
spring, the large year-to-year increases of
1953 and 1955 are unlikely.
PRICES OF FINISHED PRODUCTS RISE
With the marked increase in steel prices in
mid-1955, the broadening of the price advance to other materials, and increases in
business costs, further expansion in demands in the second half of 1955 was accompanied by a rise of 3 per cent in average wholesale prices of finished industrial
products. The most general advances were
in prices of business equipment.
When steel prices were raised 3 per cent
in mid-1954, machinery prices were generally unchanged, but small price advances
occurred later in the year as demands increased. Early in 1955 uncertainty over
the extent of increases in demands for
electrical equipment resulted in reports of
marked price concessions. Since then, however, an advance of about 5 per cent in list
prices has been general for machinery, including agricultural equipment which had
been stable since early 1951.
Changes in wholesale prices of consumer
products have been more diverse, partly because of the importance of such nondurable
goods as clothing, textile housefurnishings,
and chemical products. Prices of tires and
other rubber products rose early in 1955 as
rubber prices increased. During the spring
furniture and carpets were advanced, while
refrigerators, stoves, and washing machines
declined somewhat.
In recent months, price increases have
predominated. While there have been additional decreases in factory list prices for
applicances, prices of tires, furniture, and
PRICES DURING THE ECONOMIC EXPANSION
carpets have been increased again. Other
consumer durables, including autos, auto repair parts, television sets, and silverware
have been raised by varying amounts. Prices
of shoes, fuel oil, paints, and some other
nondurable goods have also been increased.
With productive capacity relatively ample,
competitive influences have remained strong
in markets for finished consumer goods.
This has tended to moderate, but not prevent, increases in wholesale prices.
CONSUMER PRICES TEND HIGHER
Rising wholesale prices and increases in business costs since mid-1955 have exerted upward pressure on retail prices of nonfood
commodities and on consumer services.
Through the first half of the year, when
average wholesale list prices of nonfood
commodities were stable, retail prices declined. These declines at retail reflected
mainly the spreading of discount selling of
appliances, television, and some other goods.
Retail prices tended higher after midyear,
when wholesale prices of a variety of consumer products were raised. At the same
time, competitive pressures remained strong
and prices of refrigerators and some other
appliances declined further. During the
summer, retail prices of autos, both new and
used, declined seasonally as introduction of
1956 models approached. With introduction of the higher-priced new models in the
autumn, retail list prices for new autos were
raised about 5 per cent. Discounts and
other concessions in auto markets have been
larger, however, than at this time a year ago.
Demands for foods have grown over the
past year, although apparently less in rela-
tion to increases in incomes than in other
periods. Retail meat prices declined sharply
further in the autumn, but the decrease was
considerably smaller than that for farm
prices of meat animals. Marketing costs,
which account for a considerable part of the
price of meat to consumers, have increased.
Retail prices of other foods on the average
have changed little since last spring.
Prices of consumer services rose further
in 1955. Such important services as medical care, laundry, and dry cleaning increased
at an accelerated rate and in December averaged about 3 per cent above a year earlier,
as compared with an increase of 1 per cent
in 1954. Home and auto repairs also rose.
The postwar advance in rents continued at
the slackened rate of 1954. At the yearend, the average level of all consumer prices
was slightly above both mid-195 5 and December 1954.
CONSUMER
1953-55-100
PRICES
AIL ITEMS
^y£?
s*
RENT^^^-C
- 100
MttKAl CAM *•»
HOWStHOlP OPIMTIOHS
1
1
90
no
, A , - A OTHER
\
1
\ 1
\
MEATS
1
1953
HOUSEFUIMIfHIMOS
FOODS
\
1
1
1955
1953
1
1955
NOTE.—BLS midmonth data except for other foods and for
medical care and household operations, which are Federal Reserve groupings of BLS data; all shifted to 1953-55 = 100.
Latest figures shown are Federal Reserve estimates for December 1955.
Current Events and Announcements
APPOINTMENTS OF CHAIRMEN, DEPUTY CHAIRMEN, AND DIRECTORS
The Board of Governors of the Federal Reserve System announced the following designations
and appointments of officers and directors at the Federal Reserve Banks and branches. Names in
CAPITALS indicate new appointments; all others are reappointments. Brief biographical data on
newly appointed directors follow the list of appointments.
CHAIRMEN AND FEDERAL RESERVE AGENTS FOR YEAR
Federal Reserve
Bank
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
ROBERT C. SPRAGUE, North Adams, Massachusetts.
Jay E. Crane, Orange, New Jersey.
William J. Meinel, Philadelphia, Pennsylvania.
John C. Virden, Shaker Heights, Ohio.
John B. Woodward, Jr., Newport News, Virginia.
WALTER M. MITCHELL, Atlanta, Georgia.
BERT R. PRALL, Winnetka, Illinois.
M. Moss Alexander, St. Louis, Missouri.
Leslie N. Perrin, Minneapolis, Minnesota.
Raymond W. Hall, Kansas City, Missouri.
Robert J. Smith, Dallas, Texas.
A. H. Brawner, San Mateo, California.
DEPUTY CHAIRMEN FOR YEAR
Federal Reserve
Bank
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
1956
1956
JAMES R. KILLIAN, JR., Cambridge, Massachusetts.
Forrest F. Hill, Ithaca, New York.
Henderson Supplee, Jr., Radnor, Pennsylvania.
ARTHUR B. VAN BUSKIRK, Pittsburgh, Pennsylvania.
Alonzo G. Decker, Lutherville, Maryland.
Harllee Branch, Jr., Atlanta, Georgia.
CARL E. ALLEN, JR., Muskegon, Michigan.
Caffey Robertson, Memphis, Tennessee.
O. B. Jesness, St. Paul, Minnesota.
Joe W. Seacrest, Lincoln, Nebraska.
Hal Bogle, Dexter, New Mexico.
Y. Frank Freeman, Beverly Hills, California.
CURRENT EVENTS AND ANNOUNCEMENTS
FEDERAL RESERVE BANK DIRECTORS
(Three-year terms)
Federal Reserve
Bank
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
HARVEY P. HOOD, Brookline, Massachusetts.
Franz Schneider, New York, New York.
Henderson Supplee, Jr., Radnor, Pennsylvania.
ARTHUR B. VAN BUSKIRK, Pittsburgh, Pa.
John B. Woodward, Jr., Newport News, Virginia.
HENRY G. CHALKLEY, JR., Lake Charles, La.
CARL E. ALLEN, JR., Muskegon, Michigan.
Caffey Robertson, Memphis, Tennessee.
F. Albee Flodin, Iron Mountain, Michigan.
Raymond W. Hall, Kansas City, Missouri.
Henry P. Drought, San Antonio, Texas.
Y. Frank Freeman, Beverly Hills, California.
FEDERAL RESERVE BANK BRANCH DIRECTORS
2
(Three-year terms unless otherwise indicated)
Federal Reserve
Bank and Branch
New York
Buffalo
Cleveland
Cincinnati
Pittsburgh
Richmond
Baltimore
Charlotte
Atlanta
Jacksonville
Nashville
Chicago
Detroit
St. Louis
Little Rock
Louisville
Memphis
RALPH F. PEO, Buffalo, New York.
IVAN JETT, Georgetown, Kentucky.
Douglas M. Moorhead, North East, Pennsylvania.
Wm. Purnell Hall, Baltimore, Maryland.
T. Henry Wilson, Morganton, North Carolina.
Harry M. Smith, Winter Garden, Florida.
Ernest J. Moench, Nashville, Tennessee.
William M. Day, Detroit, Michigan.
J. THOMAS SMITH, Detroit, Michigan.
A. Howard Stebbins, Jr., Little Rock, Arkansas.
J. D. MONIN, JR., Oakland, Kentucky.
Henry Banks, Clarkedale, Arkansas.
1
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.
2
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 Branch Board.
10
FEDERAL RESERVE BULLETIN • JANUARY 1956
Minneapolis (two-year term)
Helena
George R. Milburn, Grass Range, Montana.
Kansas City (two-year terms)
Denver
Oklahoma City
Omaha
Aksel Nielsen, Denver, Colorado.
Davis D. Bovaird, Tulsa, Oklahoma.
JAMES L. PAXTON, JR., Omaha, Nebraska.
Dallas
El Paso
Houston
San Antonio
E. J. Workman, Socorro, New Mexico.
Tyrus R. Timm, College Station, Texas.
HAROLD VAGTBORG, San Antonio, Texas.
San Francisco (two-year terms)
Los Angeles
Portland
Salt Lake City
Seattle
Shannon Crandall, Jr., Los Angeles, Calif.
Warren W. Braley, Portland, Oregon.
Joseph Rosenblatt, Salt Lake City, Utah.
D. K. MacDonald, Seattle, Washington.
Federal Reserve Bank of Boston
ROBERT C. SPRAGUE, North Adams, Massachusetts, who has been serving as a Board-appointed director of the Federal Reserve Bank of
Boston since February 19, 1955, and as Deputy
Chairman during 1955, was appointed Chairman
and Federal Reserve Agent for the year 1956.
Mr. Sprague is Chairman and Treasurer of the
Sprague Electric Company, North Adams, Massachusetts. He succeeds Mr. Harold D. Hodgkinson, whose term as Chairman expired December
31, 1955.
JAMES R. KILLIAN, JR., Cambridge, Massachusetts, who has been serving as a Boardappointed director of the Federal Reserve Bank of
Boston since December 23, 1954, was appointed
Deputy Chairman for the year 1956. Dr. Killian
is President of the Massachusetts Institute of Technology, Cambridge. He succeeds Mr. Robert C.
Sprague, who will become Chairman.
HARVEY P. HOOD, Brookline, Massachusetts,
was appointed a director of the Federal Reserve
Bank of Boston for a term ending December 31,
1958. Mr. Hood has been serving as an elected
director of the Boston Bank since January 1951.
He is President, H. P. Hood & Sons, Inc., Boston.
He succeeds Mr. Harold D. Hodgkinson, Vice
President, General Manager and Chairman of the
Management Board, Wm. Filene's Sons Company,
Boston, whose term as a director of the Boston
Bank expired December 31, 1955.
Federal Reserve Bank of New York
RALPH F. PEO, Buffalo, New York, was appointed a director of the Buffalo Branch of the
Federal Reserve Bank of New York for a term
ending December 31, 1958. Mr. Peo is President
of Houdaille Industries, Inc., Buffalo, New York,
and succeeds Mr. Edgar F. Wendt, President, Buffalo Forge Company, Buffalo, New York, whose
term expired December 31, 1955.
Federal Reserve Bank of Cleveland
ARTHUR B. VAN BUSKIRK, Pittsburgh,
Pennsylvania, was appointed a director of the
Federal Reserve Bank of Cleveland for a term
ending December 31, 1958, and as Deputy Chairman of the Cleveland Bank for the year 1956.
Mr. Van Buskirk is Vice President and Governor,
T. Mellon & Sons, Pittsburgh. He succeeds Mr.
Sidney A. Swensrud, Chairman of the Board, Gulf
Oil Corporation, Pittsburgh, whose terms as a
director of the Bank and as Deputy Chairman
expired December 31, 1955.
IVAN JETT, Georgetown, Kentucky, was appointed a director of the Cincinnati Branch of the
Federal Reserve Bank of Cleveland for a term
ending December 31, 1958. Mr. Jett is engaged in
farming in Scott County, Kentucky. He succeeds
Mr. Henry C. Besuden, Winchester, Kentucky,
whose term as a director of the Cincinnati Branch
expired December 31, 1955.
11
CURRENT EVENTS AND ANNOUNCEMENTS
Federal Reserve Bank of Atlanta
WALTER M. MITCHELL, Atlanta, Georgia,
was appointed a director of the Federal Reserve
Bank of Atlanta for a term ending December 31,
1958, and as Chairman and Federal Reserve Agent
for the year 1956. Mr. Mitchell is Vice President
of Draper Corporation of Atlanta. He succeeds
Mr. Rufus C. Harris, President, Tulane University
of Louisiana, in New Orleans, whose term as
Chairman and as a director of the Atlanta Bank
expired on December 31, 1955.
HENRY G. CHALKLEY, JR., Lake Charles,
Louisiana, was appointed a director of the Federal Reserve Bank of Atlanta for the unexpired
portion of a term ending December 31, 1957.
Mr. Chalkley is President of the Sweet Lake Land
& Oil Company of Lake Charles and has previously served as a Board-appointed director of the
New Orleans Branch of the Federal Reserve Bank
of Atlanta.
Federal Reserve Bank of Chicago
BERT R. PRALL, Winnetka, Illinois, who has
been serving as a Board-appointed director of the
Federal Reserve Bank of Chicago since February
1953 and as its Deputy Chairman, was appointed
Chairman and Federal Reserve Agent for the year
1956. Mr. Prall is President of Butler Brothers,
Chicago. As Chairman and Federal Reserve Agent,
he succeeds Mr. John S. Coleman, President,
Burroughs Corporation, Detroit, Michigan, whose
term as Chairman expired December 31, 1955.
CARL E. ALLEN, JR., Muskegon, Michigan,
was appointed a director of the Federal Reserve
Bank of Chicago for a term ending December
31, 1958, and as Deputy Chairman of the Bank
for the year 1956. Mr. Allen is President of
the Campbell, Wyant & Cannon Foundry Company, Muskegon. He succeeds Mr. John S. Coleman, President of the Burroughs Corporation,
Detroit, whose term as a director of the Bank
expired December 31, 1955.
J. THOMAS SMITH, Detroit, Michigan, was
appointed a director of the Detroit Branch of the
Federal Reserve Bank of Chicago for the unexpired portion of a term ending December 31,
1956. Mr. Smith is President of the Detroit Harvester Company and succeeds Mr. W. H. Vanderploeg, President, Kellogg Company, Battle Creek,
Michigan, who resigned.
Federal Reserve Bank of St. Louis
J. D. MONIN, JR., Oakland, Kentucky, was
appointed a director of the Louisville Branch of
the Federal Reserve Bank of St. Louis for a term
ending December 31, 1958. Mr. Monin is engaged in farming. He succeeds Mr. Smith Broadbent, Jr., Cadiz, Kentucky, whose term as a director of the Louisville Branch expired December 31,
1955.
Federal Reserve Bank of Kansas City
JAMES L. PAXTON, JR., Omaha, Nebraska,
was appointed a director of the Omaha Branch of
the Federal Reserve Bank of Kansas City for a
term ending December 31, 1957. Mr. Paxton is
President of the Paxton-Mitchell Company,
Omaha, Nebraska. He succeeds Mr. Gilbert C.
Swanson, Vice President, Campbell Soup Company, and General Manager, C. A. Swanson &
Sons Operations, Omaha, Nebraska, whose term
expired.
Federal Reserve Bank of Dallas
HAROLD VAGTBORG, San Antonio, Texas,
was appointed a director of the San Antonio
Branch of the Federal Reserve Bank of Dallas
for a term ending December 31, 1958. Mr.
Vagtborg is President of the Southwest Foundation for Research and Education in San Antonio,
Texas. He succeeds Mr. D. Hayden Perry, of
Robstown, Texas, whose term expired December
31, 1955.
FEDERAL RESERVE MEETINGS
A meeting of the Federal Open Market Committee
was held in Washington on January 10, 1956.
CHANGE IN THE BOARD'S STAFF
Mr. Jerome W. Shay was appointed an Assistant
General Counsel of the Legal Division, effective
January 1, 1956. Mr. Shay, who has been a
member of the staff since January 1937, has
served as Assistant Counsel since March 1946.
12
FEDERAL RESERVE BULLETIN • JANUARY 1956
EARNINGS AND EXPENSES OF THE FEDERAL RESERVE
BANKS IN 1955 AND 1954
A condensed comparative statement of earnings
and expenses of the Federal Reserve Banks in
1955 and 1954 is shown below. A detailed statement of earnings and expenses of each Federal
Reserve Bank in 1955 will appear in the February Federal Reserve BULLETIN.
Thousands of dollars
Item
Current earnings
Current expenses
Current net earnings
Additions to current net earnings
Deductions from current net earnings
Net deductions
1955
1954
412,488
110,060
438,486
109,733
302,428
328,753
178
1443
1527
661
265
134
Net earnings before payments to U. S.
Treasury
302,163
328,619
Paid U. S. Treasury (interest on F. R. notes)..
Dividends
Transferred to surplus (Sec. 7)
251,741
17,712
32,710
276,289
16,442
35,888
i Includes $482,000 net profits in 1954 and $506 net losses in 1955
on sales of U. S. Government securities.
CHANGES IN BULLETIN TABLES
This issue of the BULLETIN includes a number
of major changes in the content of the statistical
section, in addition to detailed changes that are
associated with the restyling of the tables. The
following tables (with page references to the December 1955 issue) have been eliminated from
the domestic section: Postal Savings System (page
1338); United States Savings Bonds—Sales, Redemptions, and Amount Outstanding (page 1357);
Freight Carloadings (page 1378); and Department
Store Statistics—Weekly Index of Sales (page
1380), Sales by Federal Reserve Districts, Metropolitan Areas, and Cities (page 1381), and Sales
and Stocks by Major Departments (pages 13821383). The three sets of department store statistics are published regularly in the Board's press
releases H.8.a, G.7.2, and G.7.3, respectively,
which are available upon request to the Division
of Administrative Services, Board of Governors
of the Federal Reserve System, Washington 25,
D. C.
In the international section, the tables Commercial Banks—United Kingdom, Canada, and
France (page 1404) and Price Movements in Principal Countries (pages 1406-1407) have been
eliminated. Data for the commercial banks may
be found in the official sources of the countries
concerned; price indexes, in the official sources of
the various countries or in the Monthly Bulletin of
Statistics of the United Nations.
A substantial amount of detail has been eliminated from the tables Treasury Receipts, Expenditures, and Related Items (pages 1354-1355) and
Treasury Cash Income, Outgo, and Borrowing
(pages 1356-1357), and the major Budget classifications conform with the revised classifications
published currently by the Treasury. The table
Discount Rates of Central Banks (page 1403) has
been changed in content and arrangement to show
important variations in rates more clearly. Most
tables now show only selected years of retrospect
prior to 1948.
TABLES PUBLISHED ANNUALLY AND SEMIANNUALLY
Latest BULLETIN Reference
Semiannually
Issue
Banking offices:
Analysis of changes in number of
Aug. 1955
On, and not on, Federal Reserve Par
List, number of
Aug. 1955
Stock Exchange firms, detailed debit and
credit balances
Sept. 1955
Annually
Earnings and expenses:
Federal Reserve Banks
Member banks:
Calendar year
First half of year
Insured commercial banks
Banks and branches, number of, by class
and State
Operating ratios, member banks
Banking and monetary statistics, 1954..
Page
944
945
1046-1047
Feb. 1955
206-207
May 1955
Oct. 1955
May 1955
564-572
1188
573
Apr. 1955
June 1955
j^f]^ J9^
430-431
712-714
574I577
National Summary of Business Conditions
Released for publication January 17
Industrial production and employment remained at advanced levels in December and total
construction activity was close to earlier highs.
Retail sales rose to a new high in December, and
in early January sales at department stores continued at advanced levels after allowing for seasonal influences. Average prices of industrial
commodities increased further. Bank loans expanded again in December.
ing materials was generally maintained. With
steel demands continuing very strong, steel output declined less than seasonally in late December and in early January was back to earlier record weekly tonnage levels. Steel mills operated
in early January at 98 per cent of capacity, now
rated about 2 per cent larger than 1955 capacity.
The new high in output of nondurable goods,
reached in November and apparently sustained in
December, reflected mainly further strengthening
at the year-end in the textile, apparel, chemical,
and petroleum industries. Paper output was
maintained at record levels. Unusually severe
weather contributed to the increased production
of mineral fuels in December.
INDUSTRIAL PRODUCTION
The Board's preliminary seasonally adjusted
index of industrial production in December remained at the record rate of 144 per cent of the
1947-49 average, with durable goods down slightly,
nondurable goods maintained at record levels and
minerals at a new high. For the year 1955 industrial production was 139 per cent of the 1947-49
average, up 11 per cent from 1954.
Activity in the motor vehicle industry declined
moderately in December, reflecting mainly some
curtailment in auto assemblies from earlier exceptional levels. Production of furniture held steady,
while output of television sets decreased slightly
further. Activity in the machinery industries remained somewhat below the October level, reflecting in part continuation of work stoppages at
plants of a major producer. Production of buildINDUSTRIAL
Private housing units started in December were
at a seasonally adjusted annual rate of slightly
less than 1.2 million units, and for the year as
a whole exceeded 1.3 million. Value of contract
awards rose in December, reflecting chiefly an
increase in public awards which was accompanied
by a less than seasonal decline in private residential contracts. Expenditures for new construction, seasonally adjusted, were at an annual
rate of $41.9 billion in December and for the
entire year totaled a record $42.3 billion.
PRODUCTION
TOTAL
EMPLOYMENT
- X -
140
120
w
CONSTRUCTION
'"••
!
. ^ W ^ , .
MINERALS
,
DURABLE
MANUFACTURES
_
s*.
140
- c\y -
120
~
100
j /
V
NONDURABLE
MANUFACTURES
Seasonally adjusted employment in nonfarm
establishments showed little change in December from the all-time peak reached in November
and was 1.7 million above a year ago. The average workweek at factories continued about one
hour longer than a year ago, and average weekly
pay was 8 per cent higher than at the end of
1954. Unemployment was unchanged at 2.4 million, as hiring in retail trade was offset by seasonal
curtailment in farm and construction employment.
DISTRIBUTION
100
;
,
1952
,
1953
,
1954
•
Total retail sales in December were at a new
high, about 5 per cent above a year ago after adjustment for seasonal and trading day differences.
;
1955
1952
1953
1954
1955
Federal Reserve indexes, Monthly figures, latest shown are
for December.
13
14
FEDERAL RESERVE BULLETIN • JANUARY 1956
Seasonally adjusted department store sales in December and early January were maintained at
about their earlier advanced rate. Dealer sales
of new and used autos in December remained
above their seasonally high year-ago levels, with
used car stocks at the year-end up by about the
same amount as sales and with new car stocks well
above a year ago.
COMMODITY PRICES
Wholesale prices of industrial commodities continued to rise from mid-December to mid-January, while prices of farm products and foods remained near the reduced levels reached in midNovember. Among industrial materials, prices of
metals generally showed the most strength, with
advances for zinc, lead, and additional steel products as well as for most metal scrap prices. Advances also occurred in cement, paper, plywood,
industrial alcohol, and some other materials.
Crude rubber and copper scrap prices declined
from the peaks reached in early December.
BANK CREDIT AND RESERVES
Total loans and investments at banks in leading cities increased substantially in December.
Most types of loans continued to expand, and
bank holdings of U. S. Government securities also
increased reflecting bank acquisitions of new
Treasury tax anticipation bills. At the turn of
the year and in early January, bank credit declined
somewhat, reflecting primarily a reduction in holdings of U. S. Government securities. Loans also
declined slightly, as the usual year-end and seasonal liquidation of business borrowing and some
reduction in real estate loans more than offset continued expansion in other areas.
Pressure continued in the money market, although member bank borrowings from the Federal Reserve declined in late December and early
January to an average of around $700 million,
about the same as excess reserves. In the latter
part of December a larger than usual increase in
Reserve Bank float and Federal Reserve purchases of U. S. Government securities under repurchase contracts supplied more reserves than
were absorbed, largely through currency outflows and increases in required reserves. In
early January funds supplied largely through the
post-Christmas currency inflow and reductions
in Treasury and other deposits at the Reserve
Banks were about absorbed through reductions
in System holdings of U. S. Government securities and a decline in float.
LOANS AND INVESTMENTS
MEMIER BANKS IN LEADING CITIES
Billions of dollars
Federal Reserve data. Weekly figures, latest shown are for
Jan. 4.
SECURITY MARKETS
Yields on short- and intermediate-term Government securities rose to seasonal peaks around
Christmas, then turned down, and in the following two weeks fluctuated—at times rather sharply
—around somewhat lower levels. Long-term
Treasury bond yields remained generally stable,
edging slightly lower in the second week of January. The average market yield on 3-month
Treasury bills rose to 2.64 per cent in the preChristmas week, but subsequently declined to a
level just above the Federal Reserve discount
rate. Yields on corporate and municipal bonds
declined during the latter part of December and
early January. Common stock prices fluctuated
within a fairly narrow range.
Financial and Business Statistics
* United States *
Member bank reserves, Reserve Bank credit, and related i t e m s . . .
Reserve Bank discount rates; reserve requirements; margin requirements.
Federal Reserve Banks. .
Bank debits; currency in circulation.
All banks: consolidated statement of monetary system; deposits and currency.
All banks, by classes.
Commercial banks, by classes.
Weekly reporting member banks.
17
20
21
24
26
27
30
32
Commercial loans; commercial paper and bankers' acceptances.
Interest rates
Security prices; stock market credit.
Savings institutions . .
Federal credit agencies. .
Federal
finance
Security issues
Business
finance
Real estate credit
....
Short- and intermediate-term consumer credit.
34
35
36
37
38
40
44
45
47
50
Selected indexes on business activity.
Production
...
Employment and earnings.
Department stores
Foreign trade
.
Wholesale and consumer prices.
National product and income series.
53
54
60
62
63
64
66
Tables published in BULLETIN, annually or semiannually—list, with references. .
Index to statistical tables.
12
95
Tables on the following pages include the prin- of material collected by other agencies; figures
cipal statistics of current significance relating to for gold stock, currency in circulation, Federal
financial and business developments in the finance, and Federal credit agencies are obtained
United States. The data relating to Federal from Treasury statements; the remaining data
Reserve Banks, member banks of the Federal are obtained largely from other sources. Back
Reserve System, and department store trade, and figures for 1941 and prior years for banking and
the consumer credit estimates are derived from monetary tables, together with descriptive text,
regular reports made to the Board; production may be obtained from the Board's publication,
indexes are compiled by the Board on the basis Banking and Monetary Statistics.
15
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
Wednesday figures, 1949-1950, weekly averages of daily figures, 1951-
Billions of dollars
MEMBER BANK
RESERVE BALANCES
20
15
EXCESS RESERVES
35
MONEY IN CIRCULATION
•V*.*1* l\
t
- - - ~ -
30
^
A
V
./v
\
25
r' RRESERVE BANK CREDIT
'"*'*
20
-AK
TREASURY CASH AND DEPOSITS
1
KirkKIKACJUIDCD
nCDACITC I
DEPOSITS
J
30
FEDERAL RESERVE CREDIT
U.S. GOVERNMENT SECURITIES:
25
20
HELD UNDER
REPURCHASE AGREEMENTS
J
DISCOUNTS AND ADVANCES
2
0
2
0
FEDERAL RESERVE FLOAT
I
2
0
1949
1950
1951
1952
1953
1954
Latest averages shown are for week ending Dec. 28. See p. 17.
16
1955
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
[In millions of dollars]
Reserve Bank credit outstanding
U. S. Govt. securities
Week
ending
Treas- Curury
cur- rency
in
rency
ciroutculastand- tion
ing
Deposits, other
than member bank
reserves,
with F. R. Banks
Member bank
reserves
TreasOther
ury
F. R.
cash
acholdcounts
ings Treas- ForReTotal quired2
ury eign Other
DisHeld count:
under
Boughi repur- and Float Total
adTotal outchase vances
right agreement
Gold
stock
3....
10
17
24....
24.464
24,754
24, ""
24,553
24,448
24,745
24, ""
24,553
61
355
669
27'
75
27
300 1,046
25,436
25,701
25,708
25,900
21,759
21,752
21,709
21,709
4,976
4,977
4,978
4,980
30,088
30,206
30,262
30,318
806
796
799
800
669
362
397
576
432
423
425
409
47:
394
324
399
577
895 18,810 18,233
886 19,364 18,244 1,120
19,306 18,423
883
19,205 18,524
681
Dec. 1 . . . .
Dec. 8
Dec. 1 5 . . . .
Dec. 2 2 . . . .
Dec. 29. . . .
24.722
24.89
24,919
24.928
24,918
24,715
24,889
24,888
24,888
24,888
698 25,918
498
72- 26,080
465
810 26,172
442
311 1,373 26,612
377 1,138 26,433
21,710
21,710
21,711
21,712
21,712
4,98:
4,982
4,98'
4,98
4,98:
30,466
30,623
30,755
30,885
30,828
806
806
812
800
801
605
535
363
345
453
396
361
405
443
523
405
408
398
346
295
881
877
891
975
976
19,052
19,162
19,241
19,512
19,250
18,464
18,444
18,555
18,690
18,630
588
718
686
822
620
Jan. 5 .. . .
Jan. 1 2 . . . .
Jan. 19
Jan. 2 6 . . . .
24,918
24,532
24,155
23,683
24,8724.51
24,128
23,671
372
504
445
453
26,176
756 25,792
88 25,482
806 24,942
21,712
21,713
21,714
21,71
4,984
4,984
4,985
4,985
30,501
30,361
30,079
29,866
804
814
818
827
449
378
275
272
527
493
516
422
413
409
413
280
916
905
902
901
19,263
19,130
19,176
19,074
18,580
18,436
18,383
18,429
683
694
793
645
Feb. 2 . . . .
Feb.
9....
Feb. 1 6 . . . .
Feb. 23 . . . .
23,852
24,01
23,908
23,732
23.844
23.902
23,827
23,732
524
555
38'
395
666 25,042 21.714
640 25,212 21,715
* 24,964 21,715
804 24,932 21,716
4,988
4,988
4,989
4,990
29,767
29,794
29,782
29,771
834
827
824
825
431
472
399
490
441
447
486
390
419
480
458
486
899
895
913
959
18,95:
19,000
18,806
18,716
18,361
18,272
18,236
18,108
591
728
570
608
Mar.
Mar.
Mar.
Mar.
Mar.
2....
9.. . .
16....
23 . . . .
30.. . .
23,604
23,604
23,606
23,664
23,604
23,604
23,604
23.604
23.604
23,604
490
797 24,892
479
789 24,873
719 24,809
483
630 1,032 25,327
67^ 25,028
745
21,716
21,717
21,717
21,718
21,719
4,995
4,995
4,995
4,995
4,99^
29,796
29,819
29,833
29,793
29,716
827
575
828
548
817
356
818
887
826 1,000
324
364
422
339
338
481
476
358
435
490
957
955
957
964
964
18,64:
18,596
18,779
18,804
18,408
18,089
18,018
18,149
18,123
17,918
553
578
630
681
490
Apr. 6 . . . .
Apr. 1 3 . . . .
Apr. 20. . . .
Apr. 27. . . .
23.643
23.682
23,604
23,604
23,604
23,604
23,604
23,604
656 24,918
613
801 25,15r
662
521 1,031 25,175
861 25,031
544
21,719
21,669
21,670
21,671
4,997
4,996
4,997
4,998
29,831
29,940
29,793
29,686
821
81
820
813
559
325
483
541
344
349
419
367
492
553
454
438
976
979
978
978
18,611
18,868
18,895
18,877
18,055
18,214
18,253
18,260
556
654
642
617
May 4 . . . .
May 1 1 . . . .
May 18
May 25 . . . .
23,666
23,839
23,68^
23,513
23,613
23,702
23,664
23,513
74 24,971
696 24,924
888 24,908
880 24,834
21,671
21,671
21,672
21,673
4,999
4,999
4,999
4,999
29,767
29,859
29,877
29,826
815
811
821
818
675
280
310
437
360
363
417
394
443
442
377
421
923
920
924
937
18,659
18,920
18,853
18,673
18,201
18,176
18,207
18,192
458
744
646
481
June 1 . . . .
June 8
June 15
June 2 2 . . . .
June 2 9 . . . .
23,603
23,683
23,588
23,554
23,554
23,600
23,
23.588
23.554
23,554
77: 25,001
612
812 25,044
533
793 24,956
558
348 1,137 25,055
789 24,815
456
21,6721,675
21,676
21,676
21,67
5,001
5,00:
5,001
5,001
5,001
29,961
30,059
30,058
30,035
30,021
823
835
83:
818
814
582
440
304
213
323
400
387
434
408
425
478
416
387
278
275
936
935
940
981
981
18,496
18,648
18,678
18,998
18,653
18,063
18,036
18,099
18,301
18,164
433
612
579
697
489
July 6 . . . .
July 1 3 . . . .
July 20
July 27
23,703
23,957
23,943
24,140
23,69:
23,94:
23.94:
24,03:
858 25,265
688
685
913 25,571
357 1,118 25,43"
43«
915 25,506
21,678
21,679
21,680
21,681
5,003
5,003
5,003
5,002
30,299
30,416
30,287
30,157
814
803
793
798
420
440
416
480
367
425
460
439
468
419
415
403
970
971
970
967
18,609
18,779
18,774
18,945
18,085
18,047
18,209
18,386
524
732
565
559
Aug.
Aug.
Aug.
Aug.
Aug.
24,044
24,055
23,891
23,796
23,761
23,982
23.983
23,891
23.796
23,761
781
888
796
724
770
21,682
21,68
21,68:
21,682
21,682
5,003
5,003
5,003
5,005
5,005
30,237
30,285
30,336
30,288
30,268
800
79'
80:
803
638
646
507
594
479
422
434
474
415
399
412
396
400
393
394
900
885
910
946
946
18,910
18,824
18,757
18,673
18,614
18,320
18,163
18,155
18,100
18,130
590
661
602
573
484
Sept. 7.
Sept. 14.
Sept. 21 .
Sept. 28.
23,826
23,813
23,564
23,598
23,761
23,744
23,564
23,587
865
68 25,401 21,68:
918
826 25,577 21,682
768 1,263 25,613 21,683
901
960 25,478 21,683
5,005
5,006
5,006
5,006
30,436
30,520
30,401
30,323
806
803
794
787
447
431
579
693
379
419
377
370
393
400
394
386
943
942
990
990
18,685
18,750
18,767
18,618
18,111
18,142
18,191
18,134
574
608
576
484
Oct. 5.
Oct. 12.
Oct. 19.
Oct. 26.
13,844
•3,911
!4,021
!3,973
23,727
23,792
23,916
23,973
5,007
5,007
5,007
5,009
30,428
30,552
30,621
30,498
791
788
777
778
525
514
534
496
381
383
391
381
390
999 18,700 18,189
429 1,011 18,728 18,175
409 1,010 19,119 18,494
387 1,010 18,891 18,433
511
553
625
458
Nov. 2.
Nov. 9.
Nov. 16.
Nov. 23.
Nov. 30.
23,995
24,024
24,068
13 " "
793 25,748 21,686 5,009
943
1,144
776 25,963 21,686 5,009
50 1,173 1,013 26,722 21,686 5,008
816 1,486 26,208 21,687 5,008
973 1,019 26,012 21,688 5,008
30,528
30,657
30,794
30,824
00,963
772
774
774
783
'781
500
571
613
532
439
408
384
400
395
399
385
433
564
399
398
951 18,898
939 18,899
938 18,883
935 19,036
935 18,794
18,421
18,343
18,302
18,468
18,381
477
556
581
568
413
Dec. 7.
Dec. 14.
Dec. 21.
Dec. 28.
24,364
24,589
24,588
24,767
31,070
31,244
31,364
31,415
780
786
772
774
483
337
401
523
424
446
469
497
413
931
372
989 8,950
336 1,010 9,446
410 1,012 9,487
18,411
18,488
458
462
P18,776
P670
P702
Ex-
Averages of
daily figures
1954
Nov.
Nov.
Nov.
Nov.
1955
3.
10.
17.
24.
31.
23,995
24,024
24,018
23,888
24,001 23,903
24,039
24,443
24,375
24,385
60
53
137
23
105
544
37317
427
25,638
627 25,584
794 25,495
891 25,425
671 25,217
117
843
816 25,525
119
909
874 25,714
105 1,041 1,088 26,169
771
985 25,747
325
146
213
382
935
957 26,274
941 26,428
878
747 1,746 27,101
753 1,875 27,420
21,684
21,684
21,685
21,685
21,688
21,689
21,689
21,690
5,008
5,007
5,008
5,008
r
p Preliminary.
Revised.
1
Includes industrial loans and acceptances, not shown separately.
2
17
These figures are estimated.
18,785
18
BANK RESERVES AND RELATED ITEMS
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS—Continued
[In millions of dollars]
Reserve Bank credit outstanding
U. S. Govt. securities
Period
or
date
Averages of
daily figures
1954
Dec
1955
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
DisGold
Held counts
stock
under
Float Total i
Bought repur- and
adTotal outchase vances
right agreement
24,917 24,888
29
407
Treas- Curury
rency
curin
rency
ciroutculastand- tion
ing
992 26,317 21,711 4,982 30,749
Deposits, other
than member bank
reserves,
with F. R. Banks
Member bank
reserves
TreasOther
ury
F. R.
cash
acholdcounts
ings Treas- ForExReTotal quired 2 cess 2
Other
ury eign
805
443
439
365
929 19,279 18,576
703
21,714
21,715
21,718
21,680
21,673
21,676
21,680
21,682
21,682
21,685
21,687
21,689
4,985
4,990
4,996
4,997
4,999
5,001
5,003
5,004
5,006
5,008
5,008
5,008
30,110
29,ISA
29,790
29,807
29,861
30,050
30,284
30,289
30,420
30,532
30,791
31,265
819
826
823
816
818
825
801
801
797
781
778
777
341
477
690
501
421
329
461
569
540
509
538
434
All
420
363
370
389
412
423
431
386
390
394
459
903 19,114
383
927 18,819
473
960 18,635
442
973 18,800
481
928 18,746
432
959 18,715
345
962 18,824
423
918 18,728
398
968 18,711
392
403 1,000 18,870
937 18,902
444
983 19,240
394
18,432
18,195
18,050
18,210
18,166
18,146
18,205
18,152
18,148
18,345
18,378
682
624
585
590
580
569
619
576
563
525
524
52 1,400 4,037
164
4 2,220 4,031
7
91 2,593 17,644
3
94 2,361 22,737
249
578 25,091 20,065
85
535 23,181 22,754
78
534 19,499 24,427
67 1,368 22,216 22,706
19 1,184 25,009 22,695
156
967 25,825 23,187
28
935 26,880 22,030
37
567 25,642 21,927
143
25,885 21,713
2,019
2,286
2,963
3,247
4,339
4,562
4,598
4,636
4,709
4,812
4,894
4.959
4,985
4,459
5,434
7,598
11,160
28,515
28,868
27.600
27,741
29,206
30,433
30,781
29,922
30,509
204
264
2,409
2,215
2,287
1,336
1,312
1,293
1,270
1,270
761
811
796
36
35
634
867
977
870
821
668
247
389
346
875
563
6
15
397
774
862
392
767
895
526
550
423
545
490
21
151
256
586
446
569
750
565
363
455
493
377
441
374 2,356
346 2,292
251 11,653
291 12,450
495 15,915
563 17,899
706 16,568
714 17,681
746 20,056
777 19,950
839 20,160
""! 19,011
907 18,876
2,333
1,817
6,444
9,365
14,457
16,400
15,550
16,509
19,667
20,520
19,397
18,412
18,618
23
475
5,209
3,085
1,458
1,499
1,018
21,714 4,989
21,716 4,996
21,719 4,998
21,671 4,999
21,674 5,002
21,678 5,002
21,682 5.003
21,682 5,005
21,684 5,006
21,686 5,009
21,688 5.008
'21,690 P 5 , 0 0 9
29,789
29,817
29,800
29,769
30,009
30.229
30,244
30,317
30,422
30,558
30,993
360
564
724
812
649
380
623
393
554
484
All
394
441
320
351
360
402
374
410
387
385
402
408
402
419
433
448
490
413
448
419
383
379
396
412
554
899
957
959
923
936
972
910
945
990
941
931
925
18,337
18,091
17,871
18,161
18,029
18,139
18,311
18,151
18,212
18,393
18,417
581
471
412
334
192
-73
688
217
211
172
57
P31,155
837
828
819
809
828
812
798
804
787
778
778
P770
P18,884
P121
21.684
21,685
21,685
21,685
5,006
5.007
5,008
5,009
30,437
30,623
30,54:
30,441
798
776
783
77'
481
502
575
494
388
385
379
407
388
662
380
379
1,010
1,011
1,009
1,009
18,507
18,646
18,963
18,935
18,213
18,412
18,506
18,431
294
234
457
504
24,024
24,024
23,987
23,888
23,991
1,185
792 16.018 21,686
524 25,767 21,686
1,201
548 1,288 25,840 21,686
796 1,056 25,757 21,687
265
618
25,776 21,688
5,009
5,009
5,008
5,008
5,008
30,540
30.786
30,743
30,945
30,993
779
779
783
77'
778
535
617
635
479
477
387
400
383
404
408
382
388
396
380
412
940
939
936
935
931
19,151
18,554
18,658
18,533
18,474
18,443
18,306
18,445
18,423
18,417
708
248
213
110
57
24,077
24,407
24,357
24,391
296
155
281
416
978
791 26,160 21,689
564 1,193 26,338 21,689
670 1,893 27,221 21,690
509 1,407 26,75" 21,690
5,008
5,007
5,008
5,008
31.14
31,277
31,406
31,357
793
779
776
778
469
425
539
522
441
434
479
468
931 18,647 18,424
427
988 18,809 18,543
323
320 1,010 19,38r P 1 8 , 8 4 4
425 1,011 18,890 >18,757
P545
P133
P1 Preliminary.
Includes industrial loans and acceptances, which are shown separately
in subsequent tables but not in this table.
2
24,200
23,838
23,619
23,632
23,666
23,598
23,967
23,886
23,709
23,951
23,997
24,602
24,182
23,787
23,604
23,604
23,617
23,596
23,925
23,870
23,668
23,881
23,963
24,318
1929—June....
1933—June....
1939—Dec
1941—Dec
1945—Dec
1947_Dec
1949—Dec
1950—Dec
1951—Dec
1952—Dec
1953—Dec
1954—June....
Dec
216
1,998
2,484
2,254
24,262
22,559
18,885
20,778
23,801
24,697
25,916
25,037
24,932
148
1,998
2,484
2,254
24,262
22,559
18,885
20,725
23,605
24,034
25,318
25,037
End of month
1955
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
23,885
23,605
23,612
23,612
23,662
23,607
24,090
23,761
23,834
24,024
24,256
24,785
23,882
23,605
23,604
23,604
23,662
23,554
23,982
23,761
23,729
24,024
23,991
24,391
Wednesday
1955
Oct. 5
Oct. 12
Oct. 19
Oct. 26
23,832
23,993
23,973
23,973
23,729
23,873
23,973
23,973
103
120
Nov.
Nov.
Nov.
Nov.
Nov.
2
9
16
23
30
24,024
24,024
23,987
23,888
24,256
Dec.
Dec.
Dec.
Dec.
7
14
21
28
24,373
24,562
24,638
24,""
18
444
805 25,449
51
473
710 25,021
15
566
804 24,989
585
28
838 25,070
445
49
798 24,924
465
2
878 24,958
576
42
940 25,497
803
16
746 25,450
872
41
924 25,525
895
70
926 25,792
34 1,018 1,055 26,089
840 1,389 26,853
284
Midyear or
year-end
24, r
68 1,037
53
196
663
598
44
53
108
105
265
394
475
485
678
391
65Q
560
799
460
643
128
850
754
864
470
665
603
792
706
683
618
883
108 1,585
650
24,960
24,769
24,667
24.988
24,780
24,601
25,719
?.4,911
25,250
25,430
25,776
26,507
817 25,320
1,020 25,914
1,144 25,939
1,026
731 25,748
These figures are estimated.
1,172
389
-570
763
599
258
223
266
19
BANK RESERVES AND RELATED ITEMS
MEMBER BANK RESERVES AND BORROWINGS
[Averages of daily figures.
Month, or
week ending Wednesday
All
member
banks
Central reserve
city banks
New
York
Chicago
Reserve
city
banks
Country
banks
In millions of dollars]
Month, or
week ending Wednesday
Central reserve
city banks
All
member
banks
New
York
Chicago
Reserve
city
banks
Country
banks
Excess reserves:1
Total reserves held:
1954—Sept
18,403
18,893
19,207
4,288
4,482
4,507
1,154
1,183
1,212
7,506
7,703
7,852
5,455
5,524
5,636
1954_Sept
18,711
18 870
18,902
4,262
4,316
4,257
1,129
1,127
1,144
7,738
7,823
7,840
5,583
5,604
5,660
1955—Sept
Oct
Nov
Nov. 16
Nov 23
Nov. 30
Dec 7
Dec 14 .
Dec. 21
Dec 28
18,883
19,036
18 794
18,869
18,950
19,446
19,487
4,230
4,229
4,284
4,309
4,401
4,451
4,434
[,139
[,148
1,145
1,144
1,143
1,180
1,182
7,839
7,889
7,836
7,817
7,777
7,953
8,047
5,676
5,770
5,530
5,598
5,628
5,862
5,824
Oct
Nov
1955—Sept
Oct
Oct
Nov
Nov
Nov. 16
Nov. 23
Nov. 30
Dec 7
Dec. 14.
Dec. 21
Dec 28
775
720
814
21
15
59
4
2
11
105
96
110
645
607
633
564
524
525
14
1
14
3
63
64
38
487
460
470
582
568
414
458
462
-4
5
3
1
3
47
43
27
45
9
43
77
502
543
335
409
431
P670
P703
33
-14
47
1
21
— 10
32
P594-
Borrowings at Federal
Reserve Banks:
Required reserves:1
1954—Sept
Oct
Nov
17,628
18,173
18,393
4,266
4,467
4,447
1,151
1,181
1,200
7,401
7,608
7,742
4,810
4,918
5,003
1954
Sept
Oct
Nov
67
82
164
2
1
32
9
2
7
28
50
82
28
29
43
1955—Sept
18,148
18,345
18,378
4,248
4,316
4,243
1,128
1,127
1,142
7,675
7,759
7,802
5,096
5,144
5,191
1955_Sept
Nov
Oct
849
884
1,016
141
151
279
114
137
70
472
480
538
122
116
129
18 302
18,468
18,381
18,411
18,488
4 197
4,243
4,237
4,309
4,380
4 461
4,402
[ 140
1,152
1,140
1,141
1,142
[,177
,182
7,791 5 174
7,846 5,227
7,809 5,195
7,772 5,189
7,769 5,197
7,910 P5,228
7,970 P 5 , 2 3 1
Nov. 16.
Nov. 23
Nov 30
Dec. 7.
Dec. 14
Dec 21.
Dec. 28
1 173
811
970
932
878
744
753
440
195
233
206
86
204
237
98
33
56
98
104
82
59
490
477
531
471
482
317
297
145
106
150
157
206
141
160
Oct
Nov
Nov 16
Nov. 23
Nov 30
Dec. 7
Dec. 14
Dec. 2 1 . .
Dec. 28
P18,776
P18,785
p1 Preliminary.
Weekly figures of required and excess reserves of all member
banks and of country banks are estimates.
DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER BANKS
[Averages of daily figures.1
All
member
banks
Item
In millions of dollars]
Central reserve
city banks
New
York
Chicago
Reserve
city
banks
Country
banks
All
member
banks
November 1955
Gross demand deposits:
Total
Interbank
Other
Net demand deposits2
Time deposits
Demand balances due from domestic banks
Reserves with Federal Reserve Banks:
Total
Required
Excess
Borrowings at Federal Reserve Banks
,
New
York
Chicago
Reserve
city
banks
Country
banks
November 1954
40,904 115,171
1,336
13,682
39,568 101,489
35,197 99,566
19,341
39,223
23,914
4,186
19,728
21,341
3,582
6,352
1,328
5,024
5,681
1,285
44,899
6,797
38,102
38,701
15,523
40,006
1,371
38,635
33,844
18,833
4,219
7,108
51
125
2,121
4,811
7,840
7,802
38
5,660
5,191
470
19,207
18,393
814
4,507
4,447
59
1,212
1,200
11
7,852
7,742
110
5,636
5,003
633
538
129
164
32
7
82
43
115,670
12,870
102,800
99,748
40,402
23,163
4,022
19,141
20,351
3,452
6,091
1,194
4,898
5,381
1,312
45,511
6,319
39,193
38,818
16,297
6,341
72
106
1,943
18,902
18,378
525
4,257
4,243
14
1,144
1,142
3
1,016
279
70
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.
Central reserve
city banks
2 Demand deposits subject to reserve requirements, i. e., gross demand
deposits minus cash items reported as in process of collection and demand
balances due from domestic banks.
20
DISCOUNT RATES
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 York. . .
Philadelphia..
Cleveland
Richmond. . .
Atlanta
Chicago
St. Louis
Minneapolis.,
Kansas City..
Dallas
San Francisco
In effect
beginning—
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
2/ 2
21/2
2V2
2i/
/2
IB
IB
21/2
22, 1955
18, 1955
18, 1955
18, 1955
22, 1955
18, 1955
18, 1955
22, 1955
21, 1955
21, 1955
23, 1955
18, 1955
Previous
rate
214
214
214
2V4
214
214
214
2V4
2VA
214
214
214
1 Rates shown also apply to advances secured by obligations of Federal
intermediate credit banks maturing within 6 months.
N O T E . — M a x i m u m maturities.
Discounts for and advances to member
b a n k s : 90 days for discounts and advances under Sections 13 and 13a of
the Federal Reserve Act except that discounts of certain bankers' accept-
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—
Previous
rate
Nov. 22, 1955
Nov. 18,1955
Nov. 18,1955
Nov. 18,1955
Nov. 22, 1955
Nov. 18,1955
Nov. 18,1955
Nov. 22, 1955
Nov. 21, 1955
Nov. 21, 1955
Nov. 23, 1955
Nov. 18,1955
2%
Rate on
Dec. 31
2VA
2V
2VA
2V4
2VA
2V4
2Y4
2%
2%
2V
In effect
beginning—
Previous
rate
Nov. 22, 1955
Sept. 9, 1955
Nov. 18, 1955
Nov. 18, 1955
Nov. 22, 1955
Nov. 18, 1955
Nov. 18, 1955
Nov. 22, 1955
Sept. 12,1955
Sept. 9, 1955
Aug. 5, 1955
Nov. 18, 1955
3%
3
3
3
3%
3
3
314
314
31/4
ances 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.
MEMBER BANK RESERVE REQUIREMENTS
[Per cent of deposits]
MARGIN REQUIREMENTS 1
Net demand deposits 1
Time deposits
[Per cent of market value]
Prescribed in accordance with
Securities Exchange Act of 1934
Feb. 20, Jan. 4,
Effec1955tive
1953Jan. 4, Apr. 22, Apr. 23,
1955
1955
1955
Regulation T :
F o r extensions of credit by brokers and
dealers on listed securities
F o r short sales
50
50
60
60
Regulation U :
F o r loans by banks on stocks
50
60
70
70
1
Regulations T and U limit the amount of credit that may be extended
on a security by prescribing a maximum loan value, which is a specified
percentage of its market value at the time of extension; "margin requirem e n t s " are the difference between the market value (100%) and the maxim u m loan value. Changes on Feb. 20, 1953, and Jan. 4, 1955, were
effective after the close of business on those dates.
M A X I M U M RATES ON TIME DEPOSITS
[Per cent per annum]
Nov. 1, Feb. 1,
19331935Jan. 31, Dec. 31,
1935
1935
Effective
Jan. 1,
1936
Effective date
of change
2i/ 2
Postal Savings d e p o s i t s . .
2V2
21/2
Other deposits payable:
In 6 months or m o r e . .
In 90 days to 6 months
In less than 90 d a y s . . .
2i/ 2
2V4
2%
1
NOTE.—Maximum rates that may be paid by member banks as established by the Board of Governors under provisions of Regulation Q.
Under this Regulation the rate payable by a member bank may not in any
event exceed the maximum rate payable by State banks or trust companies
on like deposits under the laws of the State in which the member bank is
located. Maximum rates that may be paid by insured nonmember banks
as established by the F.D.I.C, effective Feb. 1, 1936, are the same as
those in effect for member banks.
Reserve
city
banks
Country
banks
Central
reserve
and
reserve
city
banks
Country
banks
1917—June 21
13
10
7
3
1936—Aug. 16
1937_Mar. 1
May 1
191/2
22Y4
26
15
171/2
20
IOI/2
1214
14
41/2
1938_Apr. 16
2234
171/2
12
5
5
1941_Nov.
1942—Aug.
Sept.
Oct.
26
24
22
20
20
14
6
6
22
16
71/2
71/2
21
20
191/2
19
I8I/2
18
15
14
13
12
7
6
5
7
6
6
6
5
5
1
20
14
3
1948—Feb. 27
June 11
Sept. 16, 2 4 * . . . .
22
24
26
1949—May
June
Aug.
Aug.
Aug.
Sept.
1,5*
30, July 1 * .
1,11*....
16, 1 8 * . . . .
25
1
24
1951—Jan. 11, 1 6 * . . . .
Jan. 25,Feb. 1*.
23
24
19
20
13
14
1953—July
Savings deposits
Central
reserve
city
banks
1, 9 * . . . .
231/2
23
2*
!»
5
22
19
13
1954_j u n e 16, 2 4 * . . . . 21
July 29, Aug. 1 *. 20
18
12
In effect, Jan. 1, 1956...
20
18
12
5
5
Present legal requirements :
Minimum
Maximum
13
26
10
20
7
14
3
6
3
6
1 D e m a n d deposits subject to reserve requirements, which beginning
Aug. 23, 1935, have been total demand deposits minus cash items in
process of collection and demand balances due from domestic banks (also
minus war loan and series E bond accounts during the period Apr. 13,
1943-June 30, 1947).
•First-of-month or midmonth dates are changes at country banks, and
other dates (usually Thursdays) are at central reserve city or reserve city
banks.
21
FEDERAL RESERVE BANKS
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS
[In thousands of dollars]
Wednesday figures
End of month
1955
Item
Dec. 28
Dec. 21
1954
1955
Dec. 14
Dec. 7
Nov. 30
Dec.
Nov.
Dec.
Assets
Gold certificates
Redemption fund for F. R. notes..
20,136,353 20,136,352 20 ,141,352 20.137,352 20,138,351 20,141,353 20.138,351 20,165,102
867,841
863,750
867,405
862,820
863,750
867,842
869,949
867,083
Total gold certificate reserves.
21,004,194 21,006,301 21,008,435 21,000,172 21,002,101 21,009,195 21,002,101 21,032,507
F. R. notes of other Banks
Other cash
Discounts and advances:
For member banks
For nonmember banks, etc
,
Industrial loans
Acceptances:
Bought outright
Held under repurchase agreement.
U. S. Government securities:
Bought outright:
Bills
Certificates:
Special
Other
Notes
Bonds
280,165
293,700
262,631
285,616
248,619
291,457
237,024
298,748
227,338
325,148
344,535
340,898
227,338
325,148
239,001
374,660
508,373
1,000
712
670,438
564,371
977,862
618,329
702
694
704
106,762
1,000
702
618,329
640
9,970
133,334
708
21,877
6,556
17,589
2,004
17,495
816
17,495
17,493
23,802
4,403
17,493
704
1,502,696 1,467,846 1,518,346 1,355,346 1,269,846 1,502,696 1,269,846 2,167,000
5,920.
14,165!
2,80i;
920,699 5,920,699 2,520,076 2,520,076 5,920,699 2,520,076 13,882,341
6,037,271
801,750 2,801,750 2,801,750 2,801,750 2,801,750 2,801,750 2,801,750
14 165,913 14,165,913 17,399,536 17,399,536 14,165,913 17,399,536
24,391 ,058 24 356,208 24,406,708 24,076,708 23,991,208 24.391,058 23 991, 208 24,888,362
415 ,900
265,160
44,000
296,507
265,160
281,680
393,575
154,780
Total bought outright
Held under repurchase agreement.
Total U. S. Government securities.
24,806,958 24,637,888 24,561,488 24,373,215 24,256,368 24,784,633 24,256,368 24,932,362
Total loans and securities
25,345,476 25,328,559 25,144,872 25,369,266 24,892,894 24,921,302 24,892,894 25,076,374
Due from foreign banks.
Uncollected cash items..
Bank premises
Other assets
22
5,105 ,372
61 ,207
156 ,049
22
22
22
22
22
22
22
,716,030 5,200,695 4,163,484 4,487,715 5,502,663 4,487,715 3,958,555
60,407
60,458
60,407
54,748
61,414
61,164
61,429
200,942
210,284
200,942
136,268
148,004
161,440
160,227
52,246,185 52,808,577 52,116,969 51,339,458 51,196,567 52,340,006 51,196,567 50,872,135
Total assets.
Liabilities
Federal Reserve notes
Deposits:
Member bank reserves
U. S. Treasurer—general account.
Foreign
Other
27,014,786 27,038,037 26,908,087 26,780,468 26,629,284 26,920,941 26,629,284 26,253,133
18,889,897 19,389
521,617
539
467,726
479
425,268
319
Total deposits.
19,004,930 18,474.
476;
393,
"' 863
401,986
407;
554,:272
411:
18,809,069 18:,647,188 18,474.
469,171
476!
424,820
441,395
407;
433,811
427,285
;
322,758
18,876,128
563,137
489,960
441,493
20,304,508 20,727,157 19,990,458 19,985,039 19,770,371 20,355,051 19,770,371 20,370,718
3,698,515 3,823
23,690
23
Deferred availability cash items
Other liabilities and accrued dividends *
Total liabilities
4,007,720 3,372,466 3,604.
21,840
22,954
20;
3,150,357
113,945
3,917,294 3,604.
U4.687
20;
51,041,499 51,612,069 50,929,219 50,159,813 50,024,534 51,207,973 50,024,534 49,788,153
Capital Accounts
Capital paid in
Surplus (Section 7)
Surplus (Section 13b)
Other capital accounts
302,361
660,901
27,543
213,881
Total liabilities and capital accounts.
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
301,888
660,901
27,543
206,176
300,705
660,901
27,543
198,601
300,304
660,901
27,543
190,897
300,220
660,901
27,543
183,369
302,739
693,612
27,543
108,139
300,220
660,901
27,543
183,369
287,754
660,901
27,543
107,784
52,246,185 52,808,577 52,116,969 51,339,458 51,196,567 52,340,006 51,196,567 50,872,135
44.4
44.0
44.8
44.9
45.3
44.4
45.3
45.1
33,487
2,294
34,161
2,366
32,579
2,305
26,998
2,314
27,234
2,339
33,461
2,294
27,234
2,339
19,052
1,149
107,762
618,329
610,079
8,209
143,304
Maturity Distribution of Loans and U. S. Government Securities2
Discounts and advances—total
Within 15 days
16 days to 90 days
91 days to 1 year
Industrial loans—total
Within 15 days
16 days to 90 days
91 days to 1 year
Over 1 year to 5 years
Acceptances—total
Within 15 days
16 days to 90 days
91 days to 1 year
U. S. Government securities—total
Within 15 days
16 days to 90 days
91 days to 1 year
Over 1 year to 5 years
Over 5 years to 10 years
Over 10 years
1 No accrued dividends at end-of-December dates.
509,373
502,931
5,427
1,015
712
21
4
584
103
28,433
12,600
15,833
670,438
666,064
4,353
21
640
21
4
512
103
19,593
8,650
10,943
564,371
559,788
4,559
24
702
12
13
573
977,862
971,719
6,115
28
694
12
618,329
610,079
8,209
41
704
13
12
33
565
555
103,312
4,450
702
1
4
41
704
12
33
555
587
110
28,205
9,019
19,186
17,493
5,163
12,330
24,806,958 24 ,637,888 24 ,561,488 24,373,215 24 ,256,368 24 ,784,633
952,550
698,130
470,630 6,190,156 6,123,059
737,025
4,978,046 5,063,396 1,202,496 1,215,396 1,165,646 5,171,246
14,860,764 14,860,764 18,872,764 12,952,065 12,952,065 14,860,764
1,587,127 1,587,127 1,587,127 1,587,127 1,587,127 1,587,127
1,013,614 1,013,614 1,013,614 1,013,614 1,013,614 1,013,614
1,414,857 1,414,857 1,414,857 1,414,857 1,414,857 1,414,857
24,256,368
6,123,059
1,165,646
12,952,065
1,587,127
1,013,614
1,414,857
104
18,311
6,812
11,499
104
104
17,495
4,160
13,335
17,493
5,163
12,330
104
8,105
41,865
93,334
708
17
182
434
75
24,932,362
458,550
5,764,450
13,193,764
3,C87,127
1,013,614
1,414,857
2
Holdings under repurchase agreements are classified as maturing
within 15 days in accordance with maximum maturity of the agreements.
22
FEDERAL RESERVE BANKS
STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON DECEMBER 31, 1955
[In thousands of dollars]
Item
Boston
New
York
Philadelphia
Cleveland
Richmond
Chicago
St.
Louis
3,657,307
895,248
339,279
832,999
155,100
44,502
23,729
41,731
942,828 3,812,407
32,502
48,161
50,521
27,113
939,750
14,289
20,063
363,008
9,587
7,908
874,730
8,868
15,129
1,800
38
1,355
25
60
16,952
38
Atlanta
Minneapolis
Kansas
City
Dallas
San
Francisco
Assets
Gold certificates
Redemption fund for F. R.
notes
,
962,856 5,189,433 1,105,726 ,702,371 ,275,460
Total gold certificate reserves.
F. R. notes of other Banks
Other cash
Discounts and advances:
Secured by U. S. Govt.
securities
,
Other
Industrial loans
Acceptances:
Bought outright
Held
under
repurchase
agreement
U. S. Govt. securities:
Bought outright
Held
under
repurchase
agreement
,016,398 5,370,214 1,167,464 1,780,564 ,347,887
38,250
55,855
37,672
17,923
24,368
23,788
65,444
16,770
27,270
23,567
Total loans and securities....
Due from foreign banks
Uncollected cash items
Bank premises
Other assets
,348,332 6,639,887 1,512,058 2,096,857 1,441,150 1,278,761 4,257,799 1,014,018
1
2
2
1
1
3
16
1
485,280 1,025,230 327,844 653,563 437,745 376,499 900,964 225,904
5,050
3,399
5,905
5,218
6,071
7,766
4,045
5,642
9,264
6,455
13,551
9,161
9,001
29,088
39,165
8,412
Total assets.
53,542
1,300
60
180,781
18,950|
292
61,738
26,855
73
642
78,193
525
91
72,427
4,125
50
53,717
19,700
43
3,200
140
785,592 2,505,971
26,921
75,461
812,513 2,581,432
23,316
33,744
16,879
46,446
2,000
47
10,000
103
23,802
4,403
,346,972 6,198,865 1,484,488 2,096,241 1,436,975 1,259,018 4,254,459 1,012,180
591,068 1,060,767
978,033 2,671,992
393,575
592,508 1,011,151 980,080 ,682,095
1
1
1
137,663 222,454 227,375 482,142
10,238
2,146
3,490
2,194
17,742
7,767
6,816
3,805
2,912,000 13,203,567 3,076,124 4,595,635 3,303,200 2,686,409 9,089,355 2,223,879 1,116,674 2,209,245 2,070,077 5,853,841
Liabilities
F. R. notes
Deposits:
Member bank r e s e r v e s . . . .
U. S. Treasurer—general
account
Foreign
Other
Total deposits
Deferred
availability
items
Other liabilities
1,613,946 6,120,412 1,839,889 2,492,709 2,024,917 1,398,443 5,190,330
861,914 5,552,721
29,377
23,160
6,115
68,614
2128,673
369,765
920,566 6,119,773
868,455 1,492,811
22,008
28,178
15,458
833,907
,248,229
531,709 1,051,429
716,406
405,586
40,009
54,040
16,540
7,888
14,668
26,322
25,108
9,650
5,693
851,420 2,987,410
720,021 2,688,907
884,226 1,019,815 2,530,259
47,589
18,142
2,590
35,031
39,783
67,079
26,036
35,126
12,884
17,777
19,300
21,225
934,099 ,566,857
892,209
913,544 3,097,999
765,284
446,037
938,395 1,088,136 2,672,152
432,141
1,185
325,780
612
322,119
591
164,959
545
108,768
411
174,184
521
39,760
16,598
5,766
34,666
14,668
4,835
cash
Total liabilities.
308,187
658
642,671
5,414
219,651
751
640,401
2,480
204,329
401
374,104
1,118
2,843,357 12,888,270 2,994,390 4,492,892 3,243,518 2,634,697 8,931,210 2,179,017 1,086,925 2,164,529 2,012,88' 5,736,281
Capital Accounts
Capital paid in
Surplus (Sec. 7)
Surplus (Sec. 13b)
Other capital accounts.
Total liabilities and capital
accounts
Reserve ratio
Contingent liability on acceptances purchased for
foreign correspondents
Industrial loan commitments.
1
16,161
41,667
3,011
7,804
89,473
195,827
7,319
22,678
19,757
49,491
4,489
7,997
29,296
62,563
1,006
9,878
13,693
30,841
76f
6,416
40,487
101,894
1,429
14,335
10,564
27,649
521
6,128
6,861
17,586
1,073
4,229
11,951
25,960
1,137
5,668
16,563
33,847
1,307
5,473
34,161
71,275
2,140
9,984
2,912,000 13,203,567 3,076,124 4,595,635 3,303,200 2,686,409 9,089,355 2,223,879 1,116,674 2,209,245 2,070,077 5,853,841
40.1%
2,010
43.9%
39,743
42.1%
43.9%
46.2%
2,445
3,048
1,675
41
322
11
After deducting $16,000 participations of other Federal Reserve Banks.
2 After deducting $273,288,000 participations of other Federal Reserve
Banks.
13,772
35,012
3,349
7,549
40.8%
1,440
46.0%
4,690
46.7%
1,273
37.1%
838
44.0%
1,273
44.9%
1,575
48.2%
3,451
1,920
3 After deducting $23,718,000 participations of other Federal Reserve
Banks.
23
FEDERAL RESERVE BANKS
FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS
FEDERAL RESERVE BANKS COMBINED
[In thousands of dollars]
Wednesday figures
End of month
1955
Item
Dec. 28
F. R. notes outstanding (issued to Bank).
Collateral held against notes outstanding:
Gold certificates
Eligible paper
U. S. Government securities
Dec. 21
1955
Dec. 14
Dec. 7
Nov. 30
1954
Dec.
Nov.
Dec.
27,986,590 28,014,961 27,919,894 27,729,600 27,566,730 27,989,142 27,566,730 27,346,789
11,713,000 11,713,000 11,688,000 11,588,000 11,538,000 11.713,000 11,538,000 11,208,000
141,272
172,830
167,7"'
243,400
276,180
52,387
276,180
7,150
17,185,000 17,185,000 17,135,000 17,085,000 17,085,000 17,185,000 17,085,000 17,140,000
29,039,272 29,070,830 28,990,271 28,916,400 28,899,180 28,950,387 28,899,180 28,355,150
Total
EACH FEDERAL RESERVE BANK ON DECEMBER 31, 1955
[In thousands of dollars]
Item
New
York
Boston
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
Minne- Kansas
apolis
City
San
Francisco
Dallas
F. R. notes outstanding
1,673,687 6,347,837 1,920,748 2,613,518 2,107,742 1,461,819 5 ,314,915 1,299,693 583,154 1,088,386 761,419 2,816,224
(issued to Bank)
Collateral held:
640,000 2,870,000 725,000 1,070,000 845,000 500,000 2 ,400,000 450,000 150,000 280, 000 283,000 1,500,000
Gold certificates
4,125
26,855
1,300
1,800
1,355
Eligible paper
16,952
, " 3 ^ 600 ^ 6661,200,000 i]6oo,bob 1,300,000 1,000,000 3,000,000 910,000 500 .000 850,000 525,000 1,500,000
U. S. Govt. securities. 1 , 2 0 0000
Total collateral
1,841,300 6,470,000 1,951,855 2,670,000 2,149,125 1,500,000 5,400,000 1,361,800 651,355 1,146,952 808,000 3,000,000
INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS
LOANS GUARANTEED UNDER REGULATION Vi
[Amounts in thousands of dollars]
Applications
approved
to date
End of
year or
month
1948
1949
1950
1951
1952
1953
Number
Amount
3,607
3,649
3,698
3,736
3,753
3,765
615,653
629,326
651,389
710,931
766,492
803,429
[Amounts in millions of dollars]
Participations
ApCommitof
financLoans
proved
ments
ing instiout- 2
but not
standing
comtutions
standing
outpleted i (amount) (amount)
standing 3
(amount)
(amount)
335
539
4,819
3,513
1,638
1,951
995
2,178
2,632
4,687
3,921
1,900
1,643
2,288
3,754
6,036
3,210
3,569
1,990
2,947
3,745
11,985
3,289
3,469
3,770
3,771
817,605
818,224
520
520
652
719
1,898
1,148
3,772
3,772
3,775
3,775
3,775
3,775
3,775
3,777
3,777
3,777
3,777
821,407
822,063
823,195
823,359
823,754
824,441
824,847
825,161
825,282
825,666
826,111
170
170
315
270
170
170
170
45
45
45
45
629
542
521
675
707
460
489
586
700
693
704
3,152
3,227
3,519
3,389
3,410
3,571
3,265
3,416
2,795
2,751
2,339
1,504
1,498
1,564
1,576
1,586
1,577
1,305
1,392
1,230
1,224
1,107
1 Includes applications approved conditionally by the Federal Reserve
Banks
and under consideration by applicant.
2
Includes industrial loans past due 3 months or more, which are not
included in industrial loans outstanding in weekly statement of condition
of Federal Reserve Banks.
3 Not covered by F. R. 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.
Loans
outstanding
Portion
guaranteed
Additional
amount
available to
borrowers
under guarantee agreements
outstanding
Number
Amount
62
854
,159
,294
31
1,395
2,124
2,358
8
675
979
805
6
547
803
666
8
473
586
364
,361
,367
2,482
2,500
505
472
395
368
267
273
,370
,375
,380
,384
,388
,390
,392
,396
,400
: ,402
l ,404
2,501
2,504
2,512
2,523
2.530
2,543
2,544
2,552
2,557
2,564
2,568
454
437
442
425
399
394
296
291
281
269
281
347
334
333
321
298
294
225
221
217
210
217
265
263
255
255
272
235
211
207
204
202
192
Total
amount
1954
1,202
1,027
1955
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
1950
1951
1952
1953
Nov
Dec
1954
Nov
Dec
End of
year or
month
Loans
authorized
to date
1955
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
1
Loans made by private financing institutions and guaranteed by Government procurement agencies, pursuant to the Defense Production Act
of 1950. Federal Reserve Banks act as fiscal agents of the guaranteeing
agencies in these transactions, and the procedure is governed by Regulation V of the Board of Governors.
NOTE.—The difference between guaranteed loans authorized and sum
of loans outstanding and additional amounts available to borrowers
under guarantee agreements outstanding represents amounts repaid,
guarantees authorized but not completed, and authorizations expired or
withdrawn.
24
BANK DEBITS
FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS 1
FEES AND RATES ON LOANS GUARANTEED
UNDER REGULATION V*
[In effect December 31. Per cent per annum]
To industrial or
commercial
businesses
To financing institutions
On discounts or
purchases
Federal
Reserve
Bank
On
loans 2
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
[In effect December 31]
Fees Payable to Guaranteeing Agency by Financing
Institution on Guaranteed Portion of Loan
3-51/2
31/2-51/2
21/2-5
21/2-5
21/2-5
234-5
On
commitments
V2-W2
3
1/1 /
^It5
3-51/2
234-5
3-51/2
3-51/2
Portion
ibr which
institution is
obligated
Remaining
Percentage of
loan guaranteed
On
commitments
portion
(3)
(3)
(4)
(4)
(3)
(3)
(3)
(4)
V2-
(4)
2\A
(3)
(3)
(3)
(3)
Percentage of
any commitment
fee charged
borrower
10
15
20
25
30
35
40-50
10
15
20
25
30
35
40-50
....
Maximum Rates Financing Institution May Charge Borrower
[Per cent per annum]
21/2-5
21/2-3
2-1Y&
70 or less
75
80
85
90
95
Over 95
Guarantee fee
(percentage of
interest payable
by borrower)
Interest rate
Commitment rate.
(4)
(4)
(4)
1
Rates on industrial loans, discounts or purchases of loans, and commitments under Sec. 13b of the Federal Reserve Act. Maturities not
exceeding
five years.
2
Including loans made in participation with financing institutions.
3
Rate
charged
borrower less commitment rate.
4
Rate charged borrower.
5
Rate charged borrower but not to exceed 1 per cent above the discount
rate.
6
Charge of V2 per cent per annum is made on undisbursed portion.
7
Charge of VA per cent per annum is made on undisbursed portion.
1
Schedule of fees and rates established by the Board of Governors on
loans made by private financing institutions and guaranteed by Government procurement agencies, pursuant to the Defense Production Act
of 1950. Federal Reserve Banks act as fiscal agents of the guaranteeing
agencies in these transactions, and the procedure is governed by Regulation V of the Board of Governors.
BANK DEBITS AND DEPOSIT TURNOVER
[Debits in millions of dollars]
Debits to demand deposit accounts,
except interbank and
U. S. Government accounts
Annual rate of turnover of demand deposits except
interbank and U. S. Government deposits
Without seasonal adjustment
Seasonally adjusteds
Year or month
1948
1949
1950
1951
1952
1953
1954
1955
1954
. .
.
Oct
Nov
Dec
1955_jan
Feb
Mar
Apr
May..
June
July
Aug..
Sept
Oct
Nov.
Dec
. . .
Total, all
reporting
centers
New
York
City
6
other
centers1
337 other
reporting
centers2
New
York
City
6
other
centers1
337 other
reporting
centers2
1 227 476
1,206,293
1 380,112
1,542,554
1 642,853
1 759 069
1,887,366
2,043,538
443 216
446,224
509,340
544,367
597,815
632 801
738,925
766,889
270 912
260,897
298,564
336,885
349,904
385 831
390,066
431,651
513 348
499,172
572,208
661,302
695,133
740 436
758,375
844,998
26.9
27.9
31.1
31.9
34.4
36.7
42.3
42.7
21.6
20.9
22.6
24.0
24.1
25.6
25.8
P21 .5
16.6
15.9
17.2
18.4
18.4
18.9
19.2
P20 .5
152,322
156,843
186,317
58,792
58,787
73,817
30,706
32,230
38,217
62,823
65,826
74,282
39.3
42.2
48.1
23.6
26.3
28.1
18.6
20.7
163,393
149,744
178,924
158,296
167,714
177,917
161,748
'167,343
'•168,967
r
175,779
'•173,190
200,523
62,642
57,091
67,242
57 634
62,211
67,634
58,904
58,980
62,550
67,568
63,406
81,027
33,531
31,595
39,908
34,494
36,570
37,569
34,123
35,863
35,126
35,803
36,876
40,193
67,220
61,058
71,774
66,168
68,933
72,714
68,721
^72,499
r
71,291
r
72,409
r
72,908
79,303
42.0
41.9
41.7
37.3
42.7
44.7
40.7
38.2
43.5
44.7
45.4
51.3
25.4
26.4
30.2
27.1
28.4
28.3
26.6
25.9
27.4
26.5
29.0
P28.3
r
Revised.
p Preliminary.
1 Boston, Philadelphia, Chicago, Detroit, San Francisco, and Los
Angeles.
21.0
19.6
19.6
20.0
19.2
20.6
20.8
20.4
19.9
21.1
20.3
22.0
?21.9
New
York
City
6
other
centers1
337 other
reporting
centers2
40.5
42.6
42.6
24.3
25.9
26.9
41.8
43.0
40.7
37.9
43.8
41.4
41.7
44.2
42.4
46.1
45.9
45.4
25.9
27.1
27.6
26 3
28.8
27.7
27.1
28.3
27.7
27.3
28.6
P27.1
18.6
19.6
19.9
19.4
19.7
20.1
19 8
21.0
20.8
20 7
21.2
20.8
20 3
20.9
P20.8
2 338 centers prior to April 1955.
3
These data are compiled by the Federal Reserve Bank of New York.
NOTE.—For description see BULLETIN for April 1953, pp. 355-357.
25
CURRENCY
DENOMINATIONS OF UNITED STATES CURRENCY IN CIRCULATION
[On basis of compilation by United States Treasury.
In millions of dollars]
Total
in circula-1
tion
Total
Coin
2$1
$2
$5
$10
$20
Total
$50
1939
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
7,598
11,160
15,410
20,449
25,307
28,515
28,952
28,868
28,224
27,600
27,741
29,206
30,433
30,781
5,553
8,120
11,576
14,871
17,580
20,683
20,437
20,020
19,529
19,025
19,305
20,530
21,450
21,636
590
751
880
1,019
1,156
1,274
1,361
1,404
1,464
1,484
1,554
1,654
1,750
1,812
559
695
801
909
987
1,039
1,029
1,048
1,049
1,066
1,113
1,182
1,228
1,249
36
44
55
70
81
73
67
65
64
62
64
67
71
72
1,019
1,355
1,693
1,973
2,150
2,313
2,173
2,110
2,047
2,004
2,049
2,120
2,143
2,119
1,772
2,731
4,051
5,194
5,983
6,782
6,497
6,275
6,060
5,897
5,998
6,329
6,561
6,565
1,576
2,545
4,096
5,705
7,224
9,201
9,310
9,119
8,846
8,512
8,529
9,177
9,696
9,819
2,048
3,044
3,837
5,580
7,730
7,834
8,518
8,850
8,698
8,578
8,438
8,678
8,985
9,146
460
724
1,019
1,481
1,996
2,327
2,492
2,548
2,494
2,435
2,422
2,544
2,669
2,732
191
261
287
407
555
454
438
428
400
382
368
355
343
333
425
556
586
749
990
801
783
782
707
689
588
556
512
486
20
24
9
9
10
7
8
5
5
4
4
4
4
4
32
46
25
22
24
24
26
17
17
11
12
12
10
11
1954—Nov
Dec
30,500
30,509
21,473
21,374
1,836
1,834
1,236
1,256
71
71
2,091
2,098
6,524
6,450
9,716
9,665
9,028
9,136
2,677
2,720
320
321
465
464
3
3
15
1955—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
29,789
29,817
29,800
29,769
30,009
30,229
30,244
30,317
30,422
30,559
30,993
20,777
20,845
20,854
20,856
21,098
21,312
21,351
21,406
21,489
21,609
21,971
1,808
1,810
1,822
1,831
1,843
1,858
1,865
1,878
1,887
1,900
1,922
1,191
1,190
1,196
1,202
1,219
1,226
1,228
1,234
1,252
1,270
1,288
71
71
70
71
71
72
72
72
72
72
73
2,017
2,020
2,021
2,020
2,051
2,061
2,052
2,055
2,072
2,088
2,129
6,267
6,316
6,324
6,309
6,394
6,471
6,466
6,476
6,495
6,513
6,642
9,425
9,438
9,421
9,425
9,520
9,625
9,668
9,692
9,711
9,767
9,917
9,014
8,974
8,946
8,914
8,912
8,917
8,894
8,911
8,933
8,951
9,023
2,673
2,660
2,647
2,641
2,647
2,658
2,652
2,657
2,653
2,655
2,687
317
316
317
314
313
312
310
309
308
306
306
460
457
457
454
451
448
445
444
442
440
438
4
3
4
4
3
3
3
3
4
4
3
9
9
9
9
9
9
9
9
9
9
9
End of year or
month
Coin and small denomination currency
Large denomination currency
2
i Outside Treasury and Federal Reserve Banks. Includes amounts of
coin and paper currency shown by denominations, less unassorted curency in Federal Reserve Banks (not shown separately).
$100
$500
$1,000 $5,000 $10,000
Paper currency only; $1 silver coins reported under coin.
KINDS OF UNITED STATES CURRENCY OUTSTANDING AND IN CIRCULATION
[On basis of compilation by United States Treasury.
In millions of dollars]
Currency in circulation1
Held in the Treasury
Total outstanding, As security
Nov. 30,
against
1955
gold and Treasury
cash
silver
certificates
Gold
Gold certificates
Federal Reserve notes
Treasury currency—total
Standard silver dollars. .
. . . .
Silver bullion
Silver certificates and Treasury notes of 1890 . .
Subsidiary silver coin
Minor coin
United States notes
..
. . .
Federal Reserve Bank notes
National bank notes
Total
Nov 30 1955
Oct 31 1955
Nov 30 1954
r
652
21 688
21,036
27 567
5,008
21,036
12,409
62
64
489
2,194
^2,409
1,298
215
2,194
40
18,187
159
67
23,445
23,456
23,468
778
776
800
2,816
1,165
325
18
1
3
1
455
347
Revised.
1 Outside Treasury and Federal Reserve Banks. Includes any paper
currency held outside the continental limits of the United States. Totals
for other end-of-month dates are shown in table above; totals by weeks
in 2table on p. 17.
Includes $156,039,431 held as reserve against United States notes
and3 Treasury notes of 1890.
To avoid duplication, amount of silver dollars and bullion held as
security against silver certificates and Treasury notes of 1890 outstanding
is not
included in total Treasury currency outstanding.
4
Because some of the types of currency shown are held as collateral or
reserves against other types, a grand total of all types has no special
significance and is not shown. See note for explanation of duplications.
5 Less than $500,000.
NOTE.—There are maintained in the Treasury—(1) as a reserve for
United States notes and Treasury notes of 1890—$156,039,431 in gold
bullion; (2) as security for Treasury notes of 1890—an equal dollar amount
in standard silver dollars (these notes are being canceled and retired on
2
For
F. R.
Banks
and
agents
Held by
F. R.
Banks
and
agents
18,187
18,191
18,214
Nov. 30,
1955
Oct. 31,
1955
Nov. 30,
1954
34
34
35
26,340
4,619
25,936
4,589
25,895
4,570
6
229
228
216
252
35
2,157
1,245
2,H9
1,229
2,173
1,191
6
25
2
448
319
443
318
428
319
4,305
4,307
4,232
30,993
156
66
157
66
'30,559
173
69
30,500
receipt); (3) 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 (4) as security for gold certificates—gold
bullion of a value at the legal standard equal to the face amount of
such gold certificates. Federal Reserve notes are obligations of the
United States and a first lien on all the assets of the issuing Federal Reserve
Bank. Federal Reserve notes are secured by the deposit with Federal
Reserve agents of a like amount of gold certificates or of gold certificates
and such discounted or purchased paper as is eligible under the terms of
the Federal Reserve Act, or of direct obligations of the United States.
Each Federal Reserve Bank must maintain a reserve in gold certificates of
at least 25 per cent against its Federal Reserve notes in actual circulation. Gold certificates deposited with Federal Reserve agents as collateral, and those deposited with the Treasurer of the United States as a
redemption fund, are counted as reserve. Gold certificates, as herein
used, includes credits with the Treasurer of the United States payable
in gold certificates. Federal Reserve Bank notes and national bank
notes are in process of retirement.
26
ALL BANKS
CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM 1
[Figures partly estimated except on call dates. In millions of dollars]
Assets
Liabilities
and Capital
Total
assets,
net—
Total
liabil-
Bank credit
Date
Gold
Treasury
currency
outstanding
u. s. Government obligations
Loans,
net
Total
Total
Commercial
and
savings
banks
Federal
Reserve
Banks
Other
Other
securities
and
capital,
net
Total
deposits
and
currency
Capital
and
misc.
accounts,
net
4,037
4 031
17,644
22,737
20 065
22,754
22,706
22 695
23,187
22 030
21,927
2,019
2,286
2,963
3,247
4,339
4,562
4,636
4,709
4,812
4,894
4,959
58,642
42,148
54,564
64,653
167,381
160,832
171,667
181,323
192,866
199,791
200,628
41,082
21,957
22,157
26,605
30,387
43,023
60,366
67,597
75,484
80,486
81,210
5,741
10,328
23,105
29,049
128,417
107,086
96,560
97,808
100,008
100,935
99,827
5,499
8,199
19,417
25,511
101,288
81,199
72,894
71,343
72,740
72,610
72,525
216
1,998
2,484
2,254
24,262
22,559
20,778
23,801
24,697
25,916
25,037
26
131
1,204
1,284
2,867
3,328
2,888
2,664
2,571
2,409
2,265
11, 819
9 J 863
9, 307
8, 999
8J 577
10, 773
14 741
1 S 918
17, 374
18, 370
19, 591
64,698
48 465
75,171
90,637
191 785
188,148
199,009
208,727
220,865
226 715
227,514
55,776
42 029
68 359
82,811
180 806
175,348
C
184,384
193 410
204,220
209 175
209,354
8,922
6 436
6 812
7,826
10 979
12,800
14,624
15,^17
16,647
17 538
18,161
1954—Nov 24
Dec. 31
21 700
21,713
5,000
4,985
209,700
210,988
83,900
85,730
105,600
104,819
78,900
77,728
24,600
24,932
2,200
2,159
70, 300
70 439
236,400
237,686
217,200
218,882
19,200
18,806
1955—Jan. 26
Feb 23
Mar. 30
Apr 27
May 25
June 30
July 2 7 P
Aug. 31 P
Sept 28P
Oct. 2 6 P . . . .
Nov. 30?
21,700
21 700
21,700
21 700
21,700
21,678
21,700
21,700
21 700
21 700
21,700
5,000
5,000
5,000
5 000
5,000
5,002
5,000
5,000
5 000
5,000
5,000
209,600
208,200
207,000
209,100
209,100
209,872
211,400
211,100
211 900
214,000
214,400
85,200
85,800
87,100
87,900
89,000
91,349
92,000
93,200
94,600
95,800
97,800
103,600
101,400
98,700
100,100
99,300
97,572
98,600
96,900
96,400
97,300
96,000
77,800
75,600
73,000
74,400
73,700
71,947
72,400
71,200
70,700
71,400
69,800
23,700
23,700
23,600
23,600
23,500
23,607
24,100
23,800
23,700
24,000
24,300
2,100
2,100
2,100
2,100
2,000
2,018
2,000
2,000
2,000
1,900
1,900
70, 900
000
7 1 , 700
7
1 j ?00
?0, 900
70 951
20, 900
70 900
70 900
70, 800
2 0 , 600
236,300
234 900
233,700
235 800
235 800
236,552
238,100
237,800
238 600
240 700
241,100
217,500
216 000
214,500
216 900
216,600
217,595
218,800
218,200
218 800
220 700
221,200
18,800
18 900
19,100
18 900
19,200
18,956
19,300
19,600
19 800
20,000
19,900
1929—June
1933—j un e
1939—Dec.
1941_Dec.
1945—Dec
1947—Dec.
1950—Dec.
1951—Dec
1952—Dec.
1953—Dec
1954—June
29
30
30
31
31
31
30
31 .
31
31
30
Details of Deposits and Currency
Date
eign
bank
deposits,
net
1929 June 29
1933 June 30
1939 Dec 30
1941 Dec 31
1945 Dec 31
1947 Dec 31
1950—Dec. 30
1951 Dec 31
1952—Dec. 31
1953 Dec 31
1954 June 30
1,217
1 498
2 141
1 682
2,518
2,279
2,501
2,694
3 256
1954 Nov 24
Dec 31
3 200
3,329
1955 Jan 26
Feb 23
Mar. 30
Apr 27
May 25
June 30
July 27 Pp
Aug 3 1
Sept 2 8 P
Oct 26 P
Nov. 30P
3,200
3,100
3,200
3 100
3,200
3 247
3 300
3,100
3,200
3 200
3,200
365
50
Treasury
cash
holdings
At
commercial F.AtR.
and
savings Banks
banks
Time deposits2
Total
54,790
40,828
63,253
76,336
150,793
170,008
C
176,916
185,999
194,801
200,917
198,517
Demand
Com- Mutual Postal
deSavings posits 4
Total mercial savings
banks banks 3 System
28,611
21,656
27,059
27,729
48,452
56,411
59,247
61,450
65,799
70,375
73,292
19,557
10,849
15,258
15,884
30,135
35,249
36,314
37,859
40,666
43,659
45,653
8,905
9,621
10,523
10,532
15,385
17,746
20,009
20,887
22,586
24,358
25,388
149
•1,186
77 540
14 411
Currency
outside
banks
Total
demand
deposits
adjusted
and
currency
Demand
deposits
adjusted
Currency
outside
banks
2,409
846
2 215 1,895
2 287 24 608
1,336 1,452
1,293 2,989
1,270 3,615
1,270 5,259
761
4,457
811
5,895
16
35
634
867
977
870
668
247
389
346
875
800
796
6,900
4,510
500
563
205,800 74,300 46,300 25,900
209,684 75,282 46,844 26,302
7 ?00104 ,000 77, son
7 136106 550 77 R57
129 SOO 102,600 26,900
129, 700 102,800 26,900
800
800
800
800
800
812
800
800
800
800
800
3,800
4,600
4,400
5,000
5,500
5,418
6,100
5,200
4,500
4,900
4,500
400
600
900
600
400
380
500
400
500
500
500
209,200
206,900
205,300
207,400
206,700
207,738
208,100
208,600
209,700
211,300
212,200
7,100 107 000
7 100 104 500
2,100 10? 400
2,100 104 500
7 000 103 300
2,007 103 ,734
7 000 103 ,900
7 000 103 900
1 900 104 900
1,900 106 100
1,900 106 ,900
131,
131,
131,
132,
131,
131
132
132,
133,
132
132,
204
264
381
852
75,400
75,700
76,200
76,200
76,500
77,129
77,100
77,400
77,700
77,900
77,400
c
P Preliminary.
Corrected.
1 Includes all commercial and savings banks, Federal Reserve Banks,
Postal Savings System, and Treasury currency funds (the gold account,
Treasury currency account, and Exchange Stabilization Fund).
2 Excludes interbank time deposits; U. S. Treasurer's time deposits,
open account; and deposits of Postal Savings System in banks.
3 Prior to June 30, 1947, includes a small amount of demand deposits.
4 Demand deposits other than interbank and U. S. Govt., less cash
items reported as in process of collection.
5 Seasonally adjusted series begin in 1947 and are available only for
last Wednesday of the month. For seasonal adjustment factors and for
back figures, see BULLETIN for March 1955, pp. 252-255.
Seasonally adjusted series 5
Deposits adjusted and currency
U. S. Govt. balances
46,800
47,000
47,200
47,200
47,400
47,846
47,700
48,000
<48,100
48,200
47,700
26,500
26,600
26,900
26,900
27,100
27,277
27,400
27,500
27,700
27,800
27,800
1,278 79 793
1,313 38 997
2,932 75 ,851
3,416 87 171
7/923 97 777
7 704 98 734
2,547 101 ,508
7 359107 451
?;?5i 98 137
3,639
4,761
6,401
9 , S15
26,490
26,476
75 398
76 315
2 7 , 194
28,091
77 193
76,
76
76
76
76
77,
77,
77
77
77,
27,
R00
R00
700
700
R00
375
100
300
700
300
900
111, 00
114,. WO
120, 00
124,' 700
126,' 700
126 '700
700
700
soo
600
700
300
700
700
300
100
900
85,200
89,700
94,400
97,800
99,500
99,700
104,200
104,300
104,600
105,600
104,800
104 900
105,500
105,500
106,200
104,800
105,400
25,900
24,600
25,700
26,900
27,200
27,000
27,000
26,900
26,900
27,000
26,900
27,000
27,200
27,200
27,100
27,200
27,500
NOTE.—For description of statement and back figures, see BULLETIN
for January 1948, pp. 24-32. The composition of a few items differs
slightly from the description in the BULLETIN article; stock of Federal
Reserve Banks held by member banks is included in other securities and
in capital and miscellaneous accounts, net, and balances of the Postal
Savings System and the Exchange Stabilization Fund with the U. S.
Treasury are netted against capital and miscellaneous accounts, net,
instead of against U. S. Government deposits and Treasury cash. Total
deposits and currency shown in the monthly Chart Book excludes foreign
bank deposits, net, and Treasury cash. Except on call dates, figures
are rounded to nearest $100 million and may not add to the totals.
27
ALL BANKS
PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES 1
[Figures partly estimated except on call dates.
Deposits
Loans and investments
Class of bank
and date
Total
All banks:
1939_Dec.
1941 _ D e c .
1945—Dec.
1947—Dec.
1950—Dec.
1952—Dec.
1953—Dec.
1954_j u n e
Nov.
Dec.
1955—June
July
Aug.
Sept.
Oct.
Nov.
Loans
U. S.
Gqvt.
obligations
Amounts in millions of dollars]
Other
securities
Total
assets—
Total
liabilities
and
capital
accounts 3
Cash
assets2
Other
Total 2
Interbank 2
Demand
Total
capital
accounts
Number
of
banks
Time
U. S.
Govt.
Other
30. .
31. .
31. .
3H.
30. .
31. .
31. .
30. .
24. .
31 . .
30. .
27?.
31 P.
28P.
26P.
30P.
50,884
61,126
140,227
134,924
148,021
165,626
171,497
173,343
183,370
183,784
184,253
186,190
186,070
186,810
188,490
189,100
22,165
19,417 9,302 23,292 77,068 68,242 9,874
26,615 25,511 8,999 27,344 90,908 81,816 10,982
30,362 101,288 8,577 35,415 177,332 165,612 14,065
43,002 81,199 10,723 38,388 175,091 161,865 13,033
60,386 72,894 14,741 41,086 191,317 175,296 14,039
75,512 72,740 17,374 45,584 213,837 195,552 15,321
80,518 72,610 18,370 45,811 220,140 201,100 15,957
81,227 72,525 19,591 42,556 218,900 199,508 15,500
84,230 78,860 20,280 42,180 228,690 207,260 15,570
85,617 77,728 20,439 44,585 231,654 211,115 16,811
91,355 71,947 20,951 42,014 229,631 208,850 15,245
92,930 72,410 20,850 40,720 230,240 207,900 14,490
93,940 71,190 20,940 40,610 230,060 207,750 14,570
95,240 70,680 20,890 41,110 231,230 208,710 14,700
96,260 71,410 20,820 41,480 233,340 210,450 14,710
98,650 69s840 20,610 42,470 235,120 211,860 14,780
32,516
44,355
105,935
1,346 94,381
2,809 101,936
4,944 111,690
4,149 112,639
5,594 107,043
6,620 112,540
4,176 116,617
5,081 113,034
5,740 112,240
4,860 112,490
4,220 113,690
4,530 114,910
4,210 116,980
25,852
26,479
45,613
53,105
56,513
63,598
68,354
71,371
72,530
73,510
75,491
75,430
75,830
76,100
76,300
75,890
8,194
8,414
10,542
11,948
13,837
15,367
16,118
16,664
17,320
17,270
17,663
17,750
17,890
17,930
18,090
18,210
15,035
14,826
14,553
14,714
14,650
14,575
14,509
14,465
14,406
14,367
14,309
14,303
14,290
14,286
14,269
14,264
All commercial banks:
1939—Dec. 30
1941—Dec. 31
1945_Dec. 31
1947_Dec. 31 4
1950—Dec. 30
1952—Dec. 31
1953—Dec. 31
1954_June 30
Nov. 24
Dec. 31
1955—June 30
July 27P
Aug. 31 P
Sept. 28P
Oct. 26P
Nov. 30?
40,668
50,746
124,019
116,284
126,675
141,624
145,687
146,383
155,710
155,916
155,264
156,990
156,680
157,260
158,860
159,390
17,238
21,714
26,083
38,057
52,249
64,163
67,593
67,337
69,450
70,619
75,183
76,570
77,340
78,390
79,210
81,390
16,316
21,808
90,606
69,221
62,027
63,318
63,426
63,508
70,110
68,981
63,271
63,700
62,490
62,020
62,860
61,370
7,114
7,225
7,331
9,006
12,399
14,143
14,668
15,538
16,150
16,316
16,809
16,720
16,850
16,850
16,790
16,630
22,474
26,551
34,806
37,502
40,289
44,666
44,828
41,569
41,260
43,559
41,025
39,790
39,680
40,190
40,590
41,580
65,216
79,104
160,312
155,377
168,932
188,603
193,010
190,585
199,720
202,378
199,249
199,710
199,340
200,350
202,410
204,100
57,718
71,283
150,227
144,103
155,265
172,931
176,702
174,068
181,280
184,757
181,516
180,470
180,200
180,990
182,640
184,020
9,874
10,982
14,065
13,032
14,039
15,319
15,955
15,497
15,570
16,809
15,242
14,490
14,570
14,700
14,710
14,780
32,513
44,349
105,921
1,343 94,367
2,806 101,917
4,941 111,659
4,146 112,604
5,591 106,996
6,620 112,490
4,172 116,567
5,078 112,983
5,740 112,190
4,860 112,440
4,220 113,640
4,530 114,860
4,210 116,930
15,331
15,952
30,241
35,360
36,503
41,012
43,997
45,983
46,600
47,209
48,214
48,050
48,330
48,430
48,540
48,100
6,885
7,173
8,950
10,059
11,590
12,888
13,559
14,038
14,640
14,576
14,906
14,980
15,100
15,110
15,300
15,390
14,484
14,278
14,011
14,181
14,121
14,046
13,981
13,937
13,879
13,840
13,781
13,776
13,763
13,759
13,742
13,737
All member banks:
1939_Dec. 30
1941_Dec. 31
1945—Dec. 31
1947_Dec. 31
1950—Dec. 30
1952—Dec. 31
1953—Dec. 31
1 9 5 4 _ j u n e 30
Nov. 24
Dec. 31
1955—June 30
July 27P
Aug. 31 P
Sept. 28P
Oct. 26P
Nov. 30-"
33,941
43,521
107,183
97,r"
107,424
119,547
122,422
123,185
131,548
131,602
130,788
132,331
131,897
132,277
133,650
134.029
13,962
18,021
22,775
32,628
44,705
55,034
57,762
57,197
59,251
60,250
64,315
65,647
66,291
67,193
67,889
69,865
14,328
19,539
78,338
57,914
52,365
52,763
52,603
53,111
58,869
57,809
52,543
52,838
51,642
51,144
51,897
50,483
5,651
5,961
6,070
7,304
10,355
11,751
12,057
12,876
13,428
13,543
13,930
13,846
13,964
13,940
13,864
13,681
19,782
23,123
29,845
32,845
35,524
39,255
39,381
36,722
36,205
38,076
36,300
35,152
35,018
35,400
35,732
36,726
55,361
68,121
138,304
132,060
144,660
160,826
163,983
162,203
170,177
172,242
169,686
170,058
169,535
170,231
171,983
173,507
49,340
61,717
129,670
122,528
133,089
147,527
150,164
148,252
154,420
157,252
154,670
153,657
153,215
153,725
155,108
156,354
9,410
10,525
13,640
12,403
13,448
14,617
15,170
14,733
14,854
15,983
14,462
13,744
13,811
13,930
13,936
14,000
5,522
6,362
6,619
6,884
6,923
6,873
6,798
6,743
6,721
6,687
6,660
6,611
6,603
6,589
6,584
6,571
6,559
10,216
10,379
16,208
18,641
21,346
24,003
25,810
26,959
27,660
27,868
28,990
29,200
29,390
29,550
29,630
29,710
4,927
4,901
4,279
4,944
8,137
11,349
12,925
13,890
14,780
14,998
16,172
16,360
16,600
16,850
17,050
17,260
3,101
3,704
10,682
11,978
10,868
9,422
9,184
9,017
8,750
8,748
8,675
8,710
8,700
8,660
8,550
8,470
2,188
1,774
1,246
1,718
2,342
3,231
3,701
4,052
4,130
4,123
4,142
4,130
4,090
4,040
4,030
3,980
818
793
609
886
797
918
983
987
920
1,026
989
930
930
920
890
890
11,852
11,804
17,020
19,714
22,385
25,233
27,130
28,315
28,970
29,276
30,382
30,530
30,720
30,880
30,930
31,020
10,524
10,533
15,385
17,763
20,031
22,621
24,398
25,440
25,980
26,359
27,334
27,430
27,550
27,720
27,810
27,840
All mutual savings banks:
1939—Dec. 30
1941_Dec. 31
1945_Dec. 31
1947_Dec. 314
1950—Dec. 30
1952—Dec. 31
1953—Dec. 31
1954—June 30
Nov. 24
Dec. 31
1955—June 30
July 27?
Aug. 3 1 P
Sept. 28P
Oct. 2 6 P
Nov. 30"
an nonmemoer commercial oanKs anu an meinoer uanKs mciuumg one
bank in Alaska that became a member bank on Apr. 15, 1954, and a
noninsured State member nondeposit trust company, but excluding three
743
1,709
22,179
1,176
2,523
4,567
3,756
5,165
6,041
3,715
4,656
5,264
4,424
3,797
4,109
3,845
27,489
37,136
69,640
80,609
87,783
95,453
96,024
91,454
95,981
99,604
96,742
95,996
96,125
97,048
98,030
99,794
11,699
12,347
24,210
28,340
29,336
32,890
35,213
36,900
37,544
37,950
38,810
38,653
38,855
38,950
39,033
38,715
10,521
10,527
15,371
17,745
20,009
22,586
24,358
25,388
25,930
26,302
27,277
27,380
27,500
27,670
27,760
27,790
5,r~
7,589
8,464
9,695
10,761
11,316
11,709
12,250
12,210
12,461
12,517
12,617
12,624
12,774
12,852
1,309
1,241
1,592
1,889
2,247
2,479
2,559
2,626
2,680
2,694
2,757
2,770
2,790
2,820
2,790
2,820
551
548
542
533
529
529
528
528
527
527
528
527
527
527
527
527
asset and liability data are not available. Comparability of figures for
classes of banks is affected somewhat by changes in Federal Rese ve
membership, insurance status, and the reserve classifications of cities
and individual banks, and by mergers, etc.
2
Beginning June 30, 1942, excludes reciprocal balances, which on
Dec. 31, 1942, aggregated $513 million at all member banks and $525
million at all insured commercial banks.
3
Includes other assets and liabilities not shown separately.
For other footnotes see following two pages.
28
ALL BANKS
PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES i—Continued
[Figures partly estimated except on call dates. Amounts in millions of dollars]
Loans and investments
Class of bank
and date
Central reserve city
member banks:
New York City:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1947_Dec. 31
1950—Dec. 30
1952—Dec. 31
1953—Dec. 31
1954—June 30
Nov. 24
Dec. 31
1955—June 30
July 21 v
Aug. 31 P
Sept. 28P
Oct. 26P
Nov. 30P
Chicago:
1939—Dec.
1941—Dec.
1945—Dec.
1947—Dec.
1950—Dec.
1952—Dec.
1953—Dec.
1954_june
Nov.
Dec.
1955—June
July
Aug.
Sept.
Oct.
Nov.
Total
9,339
12,896
26,143
20,393
20,612
22,130
22,058
22,681
23,933
23,880
23,099
23,445
22,915
22,852
23,142
23,212
Loans
U. S.
Govt.
obligations
Other
securities
Cash
assets2
Total
assets—
Total
liabilities
and
capital
accounts 3
Deposits
Other
Total 2
Interbank 2
Total
capital
accounts
Number
of
banks
U.S.
Govt.
Other
9,459
736 1,592
12,051
807 1,648
17,287
1,236 2,120
19,040
1,445 2,259
18,836
1,722 2,351
19,361
1,840 2,505
18,894 2,150 2,572
18,114 2,216 2,630
18,569 2.338 2,811
19,414 2,392 2,803
18,926 2,281 2,715
18,131
2,187 2,716
18,210 2,229 2,746
18,446 2,256{ 2,722
18,358) 2,271| 2,734
18,888 2,296 2,759
36
36
37
37
23
22
22
22
21
21
18
18
18
18
18
18
Demand
3,296 4,772
4,072 7,265
7,334 17,574
7,179 11,972
9,729 8,993
12,376 7,678
12,289 7,765
11,619 8,695
11,897 9,632
12,039 9,342
13,016 7,782
13,618 7,557
13,596 6,959
13,716 6,782
13,868 7,015
14,536 6,546
1,272
1,559
1,235
1,242
1,890
2,076
2,004
2,367
2,404
2,499
2,300
2,270
2,360
2,354
2,259
2,130
6,703
6,637
6,439
7,261
7,922
8,419
8,074
7,524
7,349
7,581
7,748
6,979
6,993
7,104
7,022
7,591
16,413
19,862
32,887
27,982
28,954
31,053
30,684
30,771
31,932
32,193
31,559
31,099
30,595
30,631
30,850
31,568
14,507
17,932
30,121
25,216
25,646
27,309
27,037
27,225
27,666
28,252
27,791
26,927
26,471
26,495
26,737
27,229
4,238
4,207
4,657
4,464
4,638
4,965
5,214
5,516
5,404
5,709
5,454
5,138
5,037
5,097
5,048
5,166
74
866
6,940
267
451
1,143
778
1,378
1,355
736
1,131
1,471
995
696
1,060
879
Time
2,105
2,760
5,931
5,088
5,569
6,240
6,204
5,975
6,422
6,518
6,288
6,276
6,235
6,202
6,264
6,210
569
954
1,333
1,801
2,083
2,748
2,776
2,589
2,580
2,784
2,846
2,862
2,887
2,950
2,977
3,079
1,203
1,430
4,213
2,890
2,911
2,912
2,856
2,825
3,250
3,120
2,742
2,712
2,637
2,543
2,581
2,430
333
376
385
397
576
581
572
561
592
614
699
702
711
709
706
701
1,446
1,566
1,489
1,739
2,034
2,010
2,115
2,036
1,866
1,954
1,763
1,844
1,875
1,889
1,930
1,956
3,595
4,363
7,459
6,866
7,649
8,297
8,366
8,064
8,341
8,520
8,102
8,171
8,166
8,140
8,247
8,222
3,330
4,057
7,046
6,402
7,109
7,686
7,724
7,419
7,651
7,845
7,431
7,408
7,414
7,345
7,387
7,453
,035
,312
,217
,229
,350
,387
,340
,306
,321
,180
,163
,222
,218
,200
1,156
80
127
1,552
72
174
343
259
410
452
251
343
382
296
241
251
254
1,867
2,419
3,462
4,201
4,604
4,789
4,837!
4,403
4,627
4,977
4,606
4,577
4,616
4,590
4,635
4,745
495
476
719i
913!
,103
,205
,242
,267
,266
,295
,303
,286
,280
,296
,301
.298
250
288
377
426
490
541
566
583
592
600
612
613
621
616
619
628
14
13
12
14
13
13
13
13
13
13
13
13
13
13
13
13
Reserve city member banks:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1947_Dec. 31
1950—Dec. 30
1952—Dec. 31
1953—Dec. 31
1954—June 30
Nov. 24
Dec. 31
1 9 5 5 _ j u n e 30
July 27P
Aug. 31 P
Sept. 28 >
Oct. 26P
Nov. 30P
12,272
15,347
40,108
36,040
40,685
45,583
46,755
47,056
50,612
50,738
50,596
51,338
51,293
51,306
51,986
52,054
5,329
7,105
8,514
13,449
17,906
21,697
22,763
22,453
23,580
23,986
25,654
26,193
26,630
27,041
27,334
28,114
5,194
6,467
29,552
20,196
19,084
19,624
19,559
19,813
21,986
21,718
19,697
19,954
19,476
19,137
19,526
18,892
1,749
1,776
2,042
2,396
3,695
4,262
4,434
4,791
5,046
5,034
5,245
5,191
5,187
5,128
5,126
5,048
6,785
8,518
11,286
13,066
13,998
15,544
15,925
14,656
14,485
15,424
14,696
14,484
14,195
14,430
14,757
15,098
19,687
24,430
51,898
49,659
55,369
61,941
63,547
62,624
66,063
67,165
66,293
66,845
66,535
66,765
67,782
68,214
17,741
22,313
49,085
46,467
51,437
57,357
58,663
57,665
60,391
61,796
60,854
60,723
60,415
60,582
61,350
61,685
3,686
4,460
6,448
5,649
6,448
7,001
7,254
6,636
6,807
7,444
6,545
6,234
6,332
6,383
6,420
6,390
435
491
8,221
405
976
1,814
1,504
2,015
2,357
1,457
1,843
1,891
1,754
1,522
1.477
1,551
9,004
12.557
24:655
28,990j
32,366
35,281
35,773
34,058
35,981
37,418
36,459
36,659
36.345
36,698
37.386
37,757
4.616
4,806
9,760
11,423
11,647
13,261
14,132
14,956
15,246
15,476
16,007
15,939
15,984
15,979
16,067
15,987
1,828
1,967
2,566
2,844
3,322
3,745
3,984
^4,124
4,281
4,300
4,492
4,510
4,543
4,571
4,625
4,650
346
351
359
353
336
319
319
310
303
300
297
298
297
297
295
294
Country member banks:
1939—Dec. 30
1941—Dec. 31
1945_Dec. 31
1947_Dec. 31
1950—Dec. 30
1952—Dec. 31
1953—Dec. 31
1 9 5 4 _ j u n e 30
Nov. 24
Dec. 31
1955—June 30
July 27 P
Aug. 31 P
Sept. 28 Oct. 26 °
Nov. 30P
10,224
12,518
35,002
36,324
40,558
45,594
47,404
47,474
50,581
50,466
50,806
51,272
51,454
51,917
52,258
52,553
4,768
5,890
5,596
10,199
14,988
18,213
19,934
20,537
21,194
21,442
22,799
22,974
23,178
23,486
23,710
24,136
3,159
4,377
26,999
22,857
21,377
22,549
22,423
21,779
24,001
23,629
22,321
22,615
22,570
22,682
22,775
22,615
2,297
2,250
2,408
3,268
4,193
4,832
047
5,158
5,386
5,395
5,685
5,683
5,706
5,749
5,773
5,802
4,848
6,402
10,632
10,778
11,571
13,281
13,268
12,506
12,505
13,117
12,092
11,845
11,955
11,977
12,023
12,081
15,666
19,466
46,059
47,553
52,689
59,535
61.385
60,745
63,841
64,364
63,732
63,943
64,239
64,695
65,104
65,503
13,762
17,415
43,418
44,443
48,897
55,175
56,740
55,943
58,712
59,360
58,594
58,599
58,915
59,303
59,634
59,987
598
822
1,223
1,073
1,133
1,301
1,315
1,241
1,337
1,508
1,283
1,209
1,220
1,232
1,268
1,288
154
225
5,465
432
922
1,267
1,216
1,362
1,877
1,271
1,339
1,520
1,379
1,338
1,321
1,161
7,158,
10,109
24,235i
28,3781
31,977
36,022j
36,5201
34,8791
36,804i
37,794!
36.7511
36,629!
36,954!
37,314'
37.6511:
38,404
5,852
6,258
12,494
14,560
14,865
16,585
17,690
•18,461
18,694
18,787
19,220
19,241
19,362i
19,419)
19.394'
19.134;
1,851
1,982
2,525
2,934
3,532
3,970
4,194
4,372
4,566
4,506
4,642
678
707
4,715
4,796
4,815
5,966
6,219
6,476
6,519
6,501
6,444
6,389
6,376
6,350
6.326
6; 283
6,274
6,261
6,256
6,245
6,234
30
31
31
31
30
31
31
30
24
31
30
27 '
31°
28"
26P
30 '
4
Beginning with Dec. 31, 1947, the all-bank series was revised as announced in November 1947 by the Federal bank supervisory agencies.
At that time a net of 115 noninsured nonmember commercial banks
with total loans and investments of about $110 million was added, and
8 banks with total loans and investments of $34 million were transferred
from
noninsured mutual savings to nonmember commercial banks.
5
Less than $5 million.
For other footnotes see preceding and opposite pages.
29
ALL BANKS
PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES i
Continued
[Amounts in millions of dollars]
Loans and nvestments
Class of bank
and date
Total
All insured commercial banks:
1941—Dec. 31 .
1945_Dec. 31
1947—Dec. 31
1953_Dec. 31
1954—June 30
Dec. 31
1955__j u n e 30
Loans
U. S.
Govt.
obligations
Other
securities
Cash
assets2
Total
assets —
Total
liabilities
and
capital
accounts 3
Deposits
Other
Total 2
Interbank 2
Demand
69,411
147,775
141,851
174,697
172,048
182,886
179,728
21,046
88,912
67 941
62,381
62 461
68,012
62,342
6,984
7,131
8,750
14,333
15 185
15,976
16,454
25,788
34,292
36,926
44,398
41,164
43,161
40,685
76,820
157,544
152,733
190,638
188 191
200,127
197,077
National member banks:
1941_Dec. 31
1945—Dec. 31 .
1947_Dec. 31
1953—Dec. 31
1954—j u n e 30
Dec. 31
1955—June 30
27,571
69 312
65,280
81,913
82,482
88,509
83,315
11,725
13,925
21,428
37,831
37,672
39,712
39,424
12,039
51 250
38,674
35,482
35,759
39,392
34,673
3,806
4,137
5,178
8,600
9,051
9,405
9,219
14,977
20,114
22,024
26,479
24,636
25,662
22,892
43,433 39,458 6,786
1,088
90,220 84,939 9,229 14 013
88,182 82,023 8,410
795
109,804 100,654 10,152 2,525
108,611 99,362 9,750 3,325
115,835 105,851 10,714 2,508
107,741 98,636 8,314 2,849
State member banks :
1941—Dec. 31 . .
1945_Dec. 31
1947—Dec 31
1953—Dec. 31
1954—June 30
Dec. 31 .
1955—June 30
15 950
37,871
32 566
40,509
40,704
43 093
47,473
6,295
7,500
8,850 27,089
11,200 19 240
19,931 17,121
19,525 17,353
20,538 18,417
24,891 17,870
2,155
1,933
2,125
3,457
3,826
4,138
4,711
8,145
9,731
10,822
12,903
12,086
12,414
13,408
24 688
48,084
43 879
54,179
53,593
56 407
61,945
22,259
44,730
40,505
49,510
48,890
51,401
56,034
3,739
4,411
3,993
5,019
4,983
5,269
6,148
Insured nonmember
commercial banks:
1941—Dec. 31 . . .
1945—Dec. 31
1947_Dec. 31
1953—Dec. 31
I954—j un e 30
Dec. 31
1955—June 30
5 776 3,241
1,509
14,639
2,992 10,584
16,444 4,958 10,039
21,396
9,328
9,790
21 288 9 615 9 362
22,536
9,886 10,215
22,723 10,385
9,811
1,025
1,063
1,448
2,278
2 310
2,436
2,527
2,668
4,448
4,083
5,020
4 444
5,088
4,388
8 708
19,256
20,691
26,679
26 012
27,911
27,417
7,702
18,119
19,340
24,555
23,819
25,657
25,082
129
244
266
378
312
393
332
763
329
241
455
318
474
511
532
492
491
761
1 693
1,280
1 045
1,047
969
930
200
514
255
335
354
339
355
576
430
405
397
340
2 283
2,768
2,643
2 372
2,394
2,250
2,172
1,872
2,452
2,251
2,005
2,020
1,871
1,788
All nonmember commercial
banks:
1941—Dec. 3 1 . . .
1945—Dec 31
1947—Dec. 313
1953—Dec 3 1 . .
1954 June 30
Dec. 31
1955—June 30
7 233 3,696
16 849
3 310
18,454
5,432
23 287 9,838
23,220 10,147
24,337 10,378
24,499 10,876
2 270
12 277
11,318
10 835
10,409
11,184
10,741
1,266
1 262
1,703
2 613
2,664
2,775
2,881
3,431
4 962
4,659
5 450
4,849
5,485
4,728
10,992
22 024
23,334
29 051
28,406
30,161
29,589
9,573
20 571
21,591
26,560
25,838
27,528
26,870
Insured mutual savings banks:
1941 Dec 31
1945—Dec. 31 . . .
I947—Dec 3 1 .
1953—Dec. 31
1954 June 30.
Dec. 31 . . .
1955—June 30
1 693
10,846
12 683
19,252
20 121
20 830
21,617
642
3,081
3 560
10,016
10 804
11 651
12,567
629
7 160
8 165
421
151
606
958
6,476
6 309
6 117
5,998
2,760
3 008
3 062
3,052
429
675
799
807
832
8 687
5,361
5,957
6 558
6,838
7 038
7,373
4 259
1,198
1,384
2,910
3,086
3 346
3,605
3 075
3,522
3,813
2,707
2,708
2 630
2,677
1 353
642
641
180
760
941
1,044
1 061
1,090
211
184
180
194
Noninsured mutual savings
banks:
1941—Dec. 31 . . .
1945_Dec. 313
I947—Dec 31
1953—Dec. 31 .
1954 June 30
Dec 31
1955—June 30
. .
For other footnotes see preceding two pages.
808
180
1,789
1 958
11 424 10,363
13 499 12,207
20,334 18,383
21 237 19,195
21,981 19,885
22,761 20,590
9,846
5,596
6,215
6,796
7,078
7 295
7,621
8,744
5,022
5,556
6,015
6,246
6,474
6,743
Other
10,654 1,762 41,298 15,699 6,844 13,426
13,883 23,740 80,276 29,876 8,671 13,297
12,670 1 325 92,975 34,882 9,734 13,398
15,548 4,116 111,423 43,610 13,239 13,412
15,044 5 562 105,847 45,596 13,714 13,380
16,376 4,154 115,482 46,874 14,252 13,303
14,794 5,064 111,993 47,876 14,579 13,267
21,259
25,765
37,583
67,082
66,805
70,127
74,692
1 457
2,211
2,009
1 891
1,932
1 800
1,776
Number
of
banks
Time
U.S.
Govt.
49,290
121,809
114 274
143,796
144 451
154,115
153,488
Noninsured nonmember
commercial banks:
1941—Dec 31
1945_Dec. 31
1947—Dec 31 3
1953—Dec. 31 . . .
1954 June 30
Dec. 31 . . .
1955—June 30
Total
capital
accounts
181
363
407
453
433
448
457
425
629
784
764
825
780
1
2
3
3
2
23,262
45,473
53,541
63,819
60,827
66,426
60,919
8,322
16,224
19,278
24,160
25,459
26,202
26,554
3,640
4,644
5,409
7,391
7,686
8,085
7,714
5,117
5,017
5,005
4,856
4,835
4,789
4,744
621
8,166
381
1 232
1,840
1 207
1,807
13,874
24,168
27 068
32,206
30,627
33 177
35,823
4,025
7,986
9,062
11,054
11,441
11,748
12,256
2,246
2,945
3,055
3,925
4,023
4,125
4,747
1,502
1,867
1,918
1,887
1,886
1,871
1,867
53
1,560
149
360
396
439
408
4,162
10,635
12,366
15,398
14 392
15,879
15,251
3,360
5,680
6,558
8,419
8,718
8,947
9,090
959
1,083
1,271
1,925
2,007
2,044
2,121
6,810
6,416
6,478
6,672
6,662
6,647
6,660
1 ?Q1
l'9O5
1,392
18
1,182
30
1,150
30
1,085
18
990
13
253
329
852
365
279
478
386
388
335
337
325
320
325
324
327
714
783
569
557
536
513
5 504
14'101
167 13,758
390 16 580
426 15,542
457 16,964
422 16,241
3,613
6 045
7,036
8,806
9,106
9,282
9,427
1,288
1,362
1,596
2,245
2,332
2,368
2,448
7,662
7,130
7,261
7,241
7,219
7,183
7,173
1 789
10,351
12 12 192
33 18,345
45 19,145
48 19,831
49 20,536
164
1,034
1 252
1,819
1,868
1,920
1,965
52
192
194
219
219
218
218
8,738
5,020
5,553
6,013
6,243
6,471
6,741
1,077
496
350
339
309
309
309
310
2
12
2
2
3
2
t
2
2
2
2
2
558
637
740
758
774
792
NOTE.—For revisions in series prior to June 30, 1947, see BULLETIN
for July 1947, pp. 870-871.
30
COMMERCIAL BANKS
LOANS AND INVESTMENTS OF COMMERCIAL BANKS, BY CLASSES*
[In millions of dollars]
Loans 1
Class of bank
and
call date
Loans for
Compurchasng
meror
carrying
Total
cial,
Other
loans
in- Agri- securities Real loans
and
to
eludculesinvest- Total' ing
in- Other Total
To
tate
loans
ments
diopen turloans
al brok- T o
vidmarers
othand
ers
dealers
ket
paper
All commercial
banks: 2
1947—Dec. 31
1953—Dec. 3 1 . . . .
1954—Dec. 3 1 . . . .
1955—June 3 0e. . . .
Oct. 5 . . .
116,284
145,687
155,916
155,264
157,340
38,057 18,167
67,593 27,204
70,619 26,867
75,183 28,872
78,600 30,840
All insured commercial banks:
1941 Dec. 31
1945—Dec. 3 1 . . . .
1947—Dec. 3 1 . . . .
1953—Dec. 31
1954—Dec. 3 1 . . . .
1955—June 3 0 . . . .
49,290
121,809
114,274
143,796
154,115
153,488
21 259
25,765
37,583
67,082
70,127
74,692
Member banks,
total:
1941_Dec. 31
1945—Dec. 3 1 . . . .
1947_Dec. 3 1 . . . .
1953—Dec. 3 1 . . . .
1954—Dec. 31
1955—June 3 0 . . . .
Oct. 5 . . . .
43,521 18,021
107,183 22,775
97,846 .32,628
122,422 57,762
131,602 60,250
130,788 64,315
132,345 67,381
New York City:*
1941_Dec. 31
1945—Dec. 3 1 . . . .
1947—Dec. 31 . . .
1953—Dec. 3 1 . . . .
1954_Dec. 3 1 . . . .
1955—June 3 0 . . . .
Oct. 5 . . . .
Investments
uals
U. S. Government obligations
Obligations
Direct
of
States Other
and secuCertifiGuar- politrities
cates
Total
anical
Bills of in- Notes Bonds teed
subdebtdiviedsions
ness
830
2,361
2,929
2,859
2,710
1,220
1,202
1,525
1,613
1,620
9,393
16,694
18,418
19,779
20,310
5,723
14,461
14,750
16,365
17,080
1,063
1,666
2,000
2,428
3,050
78,226
78,094
85,297
80,081
78,740
69,221
63,426
68,981
63,271
61,780
2,193 7,789 6,034 53,191
5,004 10,237 12,439 35,713
5,065 5,361 14,672 43,861
3,220 1,710 16,640 41,685
3,380 1,390 15,820 41,170
9 214 1 450 614
9,461 1,314 3,164
18,012 1,610
823
27,082 4,867 2,344
26,731 5,108 2,907
28,729 4,319 2,834
662
3,606
1,190
1,181
1,501
1,589
4,773
4,677
9,266
16,566
18,302
19,661
4,545
2,361 1,181
5,654 1,028
14,373 1,629
14,676 1,973
16,283 2,400
28,031
96,043
76,691
76,714
83,988
78,796
21,046
88,912
67,941
62,381
68,012
62,342
988
2,455
2,124
4 895
4,901
2,996
594
3,133
811
2,321
2,881
2,808
2,658
598
3,378
1,065
1,060
1,363
1,440
1,440
3,494
3,455
7,130
13,020
14,433
15,594
15,981
3,692
1,900 1,104
4,662 952
11,911 1,518
12,127 1,858
13,489 2,285
14,119 2,906
25,500
84,408
65,218
64,660
71,352
66,473
64,961
19,539
78,338
57,914
52,603
57,809
52,543
50,931
971
3,007 11,729 3,832 3,090 2,871
2,275 i6,985 14,271 44,792
16 3,254 2,815
1,987 5,816 4,815 45,286
10 4,199 3,105
4,095 8,287 10,300 29,890
31 8,871 3,185
4,075 4,307 12,464 36,944
20 10,449 3,094
2,377 1,281 13,969 34,903
13 10,584 3,346
960 13,119 34,309
2,534
10 10,747 3,283
412
169
2,453 1,172
267
545
1,667
320
2,041
432
2,034 466
1,773
449
123
80
111
383
467
656
645
1,660
4,965
5,200
4,391
4,120
8,671
8,949
16,962
25,519
25,007
26,894
28,800
972
855
1,046
3,263
3,529
2,799
2,477
8
12,896
26,143
20,393
22,058
23,880
23,099
23,007
4,072
7,334
7,179
12,289
12,039
13,016
13,882
2,807
3,044
5,361
8,218
7,231
7,928
8,683
126
204
16
1
954
5f 4
8,823 7,265
311
298 18,809 17,574 477
287
564
330 13,214 11,972 1,002
1,294
475 9,769 7,765 924
644 11,841 9,342
1,232
785
1,379
754 10,083 7,782
537
1,404 1,142 9,125 6,774
330
14
34
22
16
10
5,276 3,729
10,821 3,847
12,586 3,729
12,785 4,025
12,990 3,980
3,159 12,797 4 102 3 651 3,333
22 3,873 3,258
14 5,129 3,621
52,334
33 10,587 3,746
35,093
43,287
21 12,352 3,624
15 12,549 3,906
41,185
19,07i 16,045 51,321
7,552
10,076
5,279
1,667
5,918
12,283
14,523
16,479
1,623 3,652 1,679
3,433 3,325 10,337
640
558 9,771
1,104 1,130 4,605
i
597 1,924 6,026
10
146 1,830 5,262
7
37 1,555 4,850
2
729
606
638
1,365
1,977
1,754
1,816
830
629
604
639
523
547
535
182
181
213
400
415
456
468
193
204
185
172
199
243
237
Chicago:3
1941_Dec.
1945—Dec.
1947—Dec
1953—Dec.
1954—Dec.
1955—June
Oct.
31
31
31 .
31....
31
30
5....
2,760
5,931
5 088
6,204
6,518
6 288
6.210
1,333
1,801
2,776
2,784
2,846
2,968
732
760
1,418
1,912
1,847
1,940
2,140
6
2
3
158
140
102
17
48
211
73
286
345
270
223
52
233
87
75
89
88
95
22
36
46
70
91
122
128
Reserve city
1941_Dec.
1945_Dec.
1947—Dec.
1953—Dec.
1954—Dec.
1955_june
Oct.
banks:
31
31
31....
31
31....
30
5....
15,347
40,108
36,040
46,755
50,738
50,596
51,323
7,105
8,514
13,449
22,763
23,986
25,654
27,042
3,456
3,661
7,088
10,568
10,624
11,210
12,040
300
205
225
774
956
700
543
114
194
427 1,503
170 484
308
456
622
407
444
651
508
658
Country banks:
1941—Dec. 3 1 . . .
1945—Dec. 3 1 . . . .
1947—Dec. 3 1 . . . .
1953—Dec. 3 1 . . . .
1954—Dec. 3 1 . . . .
1955—June 3 0 . . . .
Oct. 5 . . . .
12,518
35,002
36,324
47,404
50,466
50,806
51,803
5,890
5,596
10,199
19,934
21,442
22,799
23,490
1 676 659
1,484
648
3,096
818
4,822 2,204
5,306 2,229
5,815 1,980
5,937 1,916
20
42
23
59
89
61
154
All nonmember
banks: 2
1947—Dec. 3 1 . . . .
1953—Dec. 3 1 . . . .
1954—Dec. 3 1 . . . .
1955—June 3 0 . . . .
18,454
23,287
24,337
24,499
5,432
9,838
10,378
10,876
614
1,205
1,685 1,702
1,859 1,671
1,979 1,592
20
40
49
51
e
5
40
26
96
105
139
164
1,806
4,598
3,287
3,428
3,734
3,441
3,242
1,527
1,459
3,147
5,453
6,134
6,603
6,727
1,5 12
855
404
1,969
366
4,942
611
4,912
720
5,500 954
5,834 1,143
183
471
227
210
220
234
238
1,823
1,881
3,827
7,114
7,742
8,214
8,482
707"
1,979
5,441
5,760
6,366
6,618
156
142
161
173
2,266 1,061
3,681 2,551
3,993 2,623
4,194 2,875
51
149
234
223
244
263
256
133
132
123
70
76
31
153
903
749 1,864
248 2,274
684 1,598
855 1,953
812 1 788
619 1,848
119
8,243
31,594
22,591
23,993
26,752
24,942
24,281
6,467 295
751 4,248
29,552 1,034 6,982 5,653 15,878
373 2,358 1,901 15,560
20,196
19,559 1,230 3,357 4,201 10,746
21,718 1,326 1,695 4,954 13,736
19,697
503
481 5,773 12,937
19,093
574
361 5,437 12,717
1,173
363
229
336
388
439
457
6,628
29,407
26,125
27,470
29,024
28,006
28,313
4,377
26,999
22,857
22,423
23,629
22,321
22,528
111
148
143
143
13,021
13,449
13,959
13,622
11,318
10,835
11,184
10,741
30
c
Estimated.
Corrected.
*A11 commercial banks in the United States. These figures exclude
data for banks in U. S. possessions except for one bank in Alaska that
became a member bank on Apr. 15, 1954. During 1941 three mutual
savings banks became members of the Federal Reserve System; these
banks are included in member banks but are not included in all
insured commercial banks or all commercial banks. Comparability
of figures for classes of banks is affected somewhat by changes in Federal
1,430
4,213
2,890
2,856
3,120
2,742
2,537
i,467
235
450
241
66
39
956
820
916
5
3
25
7
3
5
1,126
1,342
3,196
3,782
3,916
3,907
1,053
1,238
1,252
1,330
1,281
110
481 2 926
630 5,102 4,544 16,713
480 2,583 2,108 17,681
1,819 3,374 4,285 12,940
1,893 1,774 4,731 15,228
587 5,554 14,916
1,261
523 5,508 14,895
1,599
861
9
6
5
3
3
3
1,222
1,342
2,006
3,911
4,275
4,458
4,555
1 028
1,067
1,262
1,136
1,120
1,227
1,230
1,973 1,219 7,916
1,951 2,139 5,834
1,054 2,209 6,928
429 2,672 6,794
4
2
1
3
1,078
1,951
2,139
2,203
625
662
636
679
206
909
991
843
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.
31
COMMERCIAL BANKS
RESERVES AND LIABILITIES OF COMMERCIAL BANKS, BY CLASSES* -Continued
[In millions of dollars]
Demand deposits
Class of ba n k
and
call date
ReDeBalserves
mand
Cash ances
with
dewith
Federal
in
posits
doRevault mestic
ad4
serve
banks justed 5
Banks
[nterbank
deposits
Domestic4
Time deposits
Foreign
CertiIndi- Bor- CapiIndiU. S. States viduals,
States
fied viduals,
tal
Govt. and partner- row- acand
and
partnerU . S . political offiand polit- ships, ings counts
ships, InterGovt. subdi- cers' and cor- bank Postal ical and corSav- subdi- poravisions checks, poraings visions tions
etc.
tions
1,343 6 ,799
4,146 9 ,546
4,172 9 ,902
5.078 10 ,278
3,700 9 ,680
All commercial
banks: 2
1947_Dec. 3 1 . . . .
1953—Dec. 3 1 . . . .
1954—Dec. 3 1 . . . .
1955—June 3 0e. . . .
Oct. 5 . . .
17,796
19,995
18,734
17,941
18,440
2 ,216 10, 216
2 ,512 12, 103
2 ,469 12, 202
2 ,681 10, 529
2 ,680 10, 530
87 ,123 11 ,362
102 ,452 13 ,444
106 ,540 13 ,511
103 ,221 11 ,906
104 ,900 12 ,150
1,430
1,344
1,539
,577
,560
All insured commercial banks:
1941 _ D e c . 3 1 . . . .
1945—Dec. 3 1 . . . .
1947_Dec. 3 1 . . . .
1953—Dec. 3 1 . . . .
1954—Dec. 3 1 . . . .
1955—June 3 0 . . . .
12,396
15,810
17,796
19,995
18,734
17,941
1 ,358
1 ,829
2 ,145
2 ,482
2 ,444
2 ,655
8, 570
11, 075
9 , 736
1 1 , 724
1 1 , 854
10, 241
37 ,845
74 ,722
85 ,751
101 ,289
105 ,471
102 ,247
9 ,823
12 ,566
11 ,236
13 ,221
13 ,392
11 ,801
,248
1,379
1,296
1,497
1,534
Member banks
total:
1941—Dec. 3 1 . . . .
1945_Dec. 3 1 . . . .
1947—Dec. 3 1 . . . .
1953—Dec. 3 1 . . . .
1954—Dec. 3 1 . . . .
1955—June 3 0 . . . .
Oct. 5 . . . .
12,396
15,811
17,797
19,997
18,735
17,942
18,437
1 ,087
1 ,438
1 ,672
1 ,870
1 ,843
2 ,017
2 ,003
6, 246
7, 117
6, 270
7, 554
7, 613
6, 704
6, 447
33 ,754
64 ,184
73 ,528
86 ,127
89 ,836
87 ,207
88 ,358
9 ,714
12 ,333
1C ,978
12 ,858
13 ,015
11 ,482
11 ,720
New York City:*
1941_Dec. 31
1945_Dec. 3 1 . . . .
1947—Dec. 3 1 . . . .
1953—Dec. 31
1954—Dec. 3 1 . . . .
1955_j u n e 3 0 . . . .
Oct. 5 . . . .
5,105
4,015
4,639
4,846
4,398
4,399
4,265
93
111
151
129
126
138
145
141
78
70
70
67
87
81
10 ,761
15 ,065
16 ,653
15 ,901
16 ,500
15 ,859
15 ,745
,595
,535
,236
,363
,336
2z ,129
.,910
1,021
298
200
175
166
162
127
94
2 ,215
3 ,153
3 737
4 ,211
4 400
4 ,024
3 ,881
1 ,027
1 ,292
1 ,196
1 ,339
1 ,264
1 ,125
1 ,229
2,581 84,987
240
2,996 100,062 1 ,167
3,199 103,466 1 ,759
3.154 99,550 1 ,759
2,920 101,410 1 ,780
866 34,383
65
111
338 1,944 41,714
62
365 2,402 44,441
31
368 2,435 45,410
150
360 2,350 45,780 1,280
10,059
13,559
14,576
14,906
15,260
3 ,677
23,740 5 ,098
1,325 6 ,692
4,116 9 ,407
4,154 9 ,763
5,064 10 ,150
158
1,077 36,544
70
2,585 72,593
54
2,559 83,723
2,978 99,038 1 ,031
3,176 102,543 1 ,487
3,131 98,712 1 ,459
492 15,146
59
103
496 29,277
826 33,946
111
338 1,891 41,381
365 2,348 44,160
368 2,374 45,135
6,844
8,671
9,734
13,239
14,252
14,579
1,243
1,375
1,291
1,493
1,531
1,513
1,709
22,179
1,176
3,756
3,715
4,656
3,258
3 ,066
4 ,240
5 ,504
7 ,530
7 ,781
8 ,117
7 ,462
1,009
2,450
2,401
2,783
2,964
2,919
2,678
1 ,021
1 ,475
1 ,449
1 ,466
50
99
105
308
334
338
325
418 11,878
399 23,712
693 27,542
1,595
1,966
1,968
1,875
4 5,886
208 7,589
54 8.464
607
866
319
237
290
315
368
374
306
1,338
1,105
1,071
1,223
1,252
1,087
6
11 282
17
15,712
12
17,646
831
17,509
17,823 1 ,196
1
17,300 ,137
16,895 1 ,121
10
12
53
54
57
58
29
20
14
139
192
110
72
195
30
23
1
10
516
1 648
2,120
2,259
2,572
2,803
2,715
2,728
72
259
251
343
200
233
237
285
272
274
288
240
34
66
63
64
80
79
66
2,152
3,160
3^853
4,500
4 622
4^238
4,167
9
18
16
17
2
3
6
6
6
9
10
10
10
10
1,229
1 280
1,287
1,278 '"'23
288
377
426
566
600
612
620
243
160
332
830
965
673 c 1,762
671
1,105 6,940
267
1,217
778
1,021
736
1,177
1,187 1,131
675
1,171
450
33,061
62,950
72,704
85,711
88,859
85,706
87,091
140
64
50
33,311
43I1K316
15 12,210
35,650
36,504 115 12,461
36,776 1,197 12,734
778
1,206
1,418
1,958
2,146
2,114
2,142
Chicago:^
1941_Dec.
1945—Dec.
1947_Dec.
1953—Dec.
1954—Dec
1955—June
Oct.
31
31
31
31....
31 .
30....
5
987
43
36
30
34
29
28
28
Reserve city
1941—Dec.
1945—Dec.
1947_Dec.
1953—Dec.
1954—Dec.
1955—June
Oct.
banks
31....
31....
31....
31....
31....
30
5....
4,060
6,326
7,095
8,084
7,783
7,359
7,607
425
494
562
568
558
634
626
2,
2,
2,
2
2,
2
2,
590
174
125
463
327
232
022
11 ,117
22 ,372
25 ,714
30 ,986
32 ,694
32 ,024
32 ,243
4,302
6,307
A
,497
6,869
6,946
e
5,979
6,304
54
491
110 8,221
131
405
219 1,504
259 1,457
289 1,843
290 1,325
1 ,144
1 ,763
2 ,282
2 ,880
2 ,876
3 ,021
2 ,622
286
611
705
828
866
757
750
11,127
22,281
26,003
32,065
33,677
32,681
33,263
104
30
22
166
239
277
310
20
38
45
98
111
117
106
Country banks:
1941—Dec. 3 1 . . . .
1945_Dec. 3 1 . . . .
1947—Dec. 3 1 . . . .
1953—Dec. 3 1 . . . .
1954—Dec. 31
1955—June 3 0 . . . .
Oct. 5 . . . .
2,210
4,527
4,993
5,780
5,377
5,163
5,579
526
796
929
216
9 ,661
665 23 ,595
900 27 ,424
855 35 ,029
057 36 ,242
259 35 ,299
251 36 ,489
790
1 ,140
1 ,129
1 ,217
1 ,205
3
4
3
4
5,
4
4,
,199
,049
,288
,469
,249
,276
2
225
8 5,465
7
432
12 1,216
17 1,271
15 1,339
15 1,057
1 ,370
2 ,004
2 ,647
4 ,063
4 ,263
4 ,433
4 ,293
239
435
528
820
795
831
775
8,500
21,797
25,203
31,636
32,736
31,487
32,765
30
17
17
15
22
19
19
31
52
45
153
163
158
156
146
219
337
615
799
830
850
6,082
12,224
14,177
16,921
17,826
18,232
18,390
544
642
627
664
3
4
4
3
947
550
590
825
13 ,595
16 ,325
16 ,704
16 ,014
385
586
496
424
55
52
46
47
1 ,295
2 016
2 121
2 ,162
180
213
235
235
12,284
14 351
14,608
13,844
190
146
284
309
6
30
31
30
172
350
436
468
6,858
8,426
8,814
8,929
All nonmembei
banks: 2
1947—Dec. 31
1953—Dec. 31
1954—Dec 31
1955—June 30
942
1,070
1,287
1 177
1,021
8
20
21
39
40
39
38
127
1,552
2
Breakdown of loan, investment, and deposit classifications is not
available prior to 1947; summary figures for earlier dates appear in the
preceding table.
3 Central reserve city banks.
4
Beginning June 30, 1942, excludes reciprocal bank balances, which on
167
390
457
422
10
215
61
54
21
137
476
719
902
4,542
1,967
9,563 ""2
2,566
1 2,844
11,045
13,203
3,984
14,399 ' " • 3
4,300
50 4,492
1,018 14,871
944 14,965
524 4,579
4
11
23
20
11
55
134
1,982
2,525
2,934
4,194
4,506
4,642
4,806
12 1,596
19 2,245
16 2,369
35 2,448
Dec. 31, 1942, aggregated $513 million at all member banks and $525
million
at all insured commercial banks.
5
Demand deposits other than interbank and U. S. Govt., less cash items
reported as in process of collection.
For other footnotes see preceding page.
32
WEEKLY REPORTING MEMBER BANKS
LOANS AND INVESTMENTS OF BANKS IN LEADING CITIES
[Monthly data are averages of Wednesday figures.
In millions of dollars]
U. S. Government obligations
Loans i
For purchasing
or carrying securities
Month or date
Total
loans
and
investments
Loans
and
investments Loans
adadjusted * justed i
Commercial,
To brokers
indus- and dealers To others
Real
Other
trial,
estate loans
and
loans
U.S.
agriU.S.
Govt. Other
culGovt. Other
setural
ob- se- ob- curi-
Total
Bills
CerOther Loans
tifisecuto
cates
:
of in- Notes Bonds rities banks
debtedness
ligaliga- curitions ties tions ties
Total—
Leading Cities
1954_Dec
86,965 86,181 40,543 22,334
2,538
1,062
7,128
8,377 23,613 8,610
784
1955_Oct
Nov
Dec
86,324 85,458 45,930 25,082
86,36f 85,473 46,903 25,683
87,290 86,182 48,019 26,433
2,624
2,622
2,816
1,195
1,248
1,264
8,015 9,750 30,891 1,058 1,148 8,023 20,662 8,637
8,138 9,950 30,168
794 1,007 7,646 20,721 8,402
8,154 10,094 29,875 1,134
949 7,079 20,713 8,288
866
889
1,108
8,141 37,028 2,491 2,547
Oct.
5....
Oct. 1 2 . . . .
Oct. 1 9 . . . .
Oct. 2 6 . . . .
85,502
86,935
86,509
86,350
84,616
86,1Of
85,54:
85,571
45,641
46,035
45,974
46,071
25,010
25,114
25,082
25,124
2,567
2,705
2,636
2,587
1,177
1,198
1,180
1,224
7,972
8,001
8,040
8,049
Nov. 2 . . . .
Nov. 9 . . . .
Nov. 16
Nov. 2 3 . . . .
Nov. 3 0 . . . .
86,356
86,013
86,790
86,167
86,487
85,623
85,259
85,781
85,369
85,337
46,499
46,604
47,017
47,067
47,331
25,303
25,485
25,783
25,833
26,014
2,689
2,593
2,646
2,578
2,605
,245
,248
,249
,249
,248
8,073
8,106
8,143
8,181
8,188
9 92<16 30,559
9,910 30 ,300
9,935 30,377
9,964 29
29,961
10,015 29 ,643
Dec. 7
Dec. 14
Dec. 21
86,419
86,951
87,929
87,864
85,451
85,698
86,846
86,736
47,552
47,844
48,324
48,356
26,117
26,317
26,627
26,67.3
2,714
2,787
2,910
2,852
,252
,261
,270
1,271
8,156
8,156
8,158
8,147
10,053
10,063
10,102
10,159
24,081 23,623 11,788
7,563
479 1,371
387
458 1,707
9,382
840
1955_Oct
Nov
Dec
Oct. 5
Oct. 12
Oct. 19
Oct. 26
23,102 22,574 13,443
22,961 22,408 13,713
23,444 22,723 14,068
8,692
8,896
9,104
217 ,622
178 ,664
206 ,805
448
477
478
618 2,049
612 2,089
577 2,098
6,837
6,564
6,536
393
234
353
22,921
23,298
23,145
23,045
22,388
22,821
22,504
22,585
13,381
13,488
13,455
13,449
8,749
8,701
8,654
8,665
180
337
140
212
,597
,528
,745
,616
440
441
440
471
627
621
621
604
1,991 6,672
2,063 7,016
2,058 6,768
2,084 6,893
325
426
364
457
40
336
199
237
,526
,529
,488
,477
4,781
4,725
4,717
4,722
Nov. 2
Nov. 9
Nov. 16
Nov. 23
Nov. 30
22,996
22,764
23,127
22,825
23,095
22,572
22,309
22,477
22,322
22,362
13,640
13,618
13,751
13,718
13,841
8,766
8,810
8,928
8,943
9,033
173
183
126
156
,647
,666
,664
,673
,668
479
480
478
476
472
603
608
616
617
618
2,094 6,701
2,084 6.600
2,085 6,614
2,086 6,499
2,098 6,408
301
250
269
219
130
213
159
155
136
162
Dec. 7
Dec. 14
Dec. 21
Dec. 28
23,134
23,377
23,674
23,591
22,550
22,483
22,993
22,865
13,964
13,990
14,157
14,160
9,053
9,061
9,131
9,173
129
191
262
241
,808
,798
,820
,795
474
477
482
478
598
582
571
557
2,103
2,083
2,091
2,115
175
201
552
486
Dec. 28
9,650
9,754
9,771
9,824
30 ,282 989
31 ,419 1,141
30,941 1,035
30
" , 9 2 2 1,067
480
,544
,300
,266
8,103
8,082
7,959
7,948
20,710 8,693
20,652 8,648
20,647 8,627
20,641 8,578
886
833
967
779
842
775
932
787
636
,196
,088
,053
872
824
7,877
7,741
7,645
7,559
7,406
20,644
20,696
20,747
20,743
20,777
8,565
8,355
8,387
8,341
8,363
733
754
1,009
798
1,150
29 ,559
690
29 ,559
778
30 ,260 1,534
30,122 1,535
939
991
956
910
7,174
7,094
7,051
6,997
20,756
20,696
20,719
20,680
8,340
8,295
8,262
8,258
968
1,253
1,083
1,128
497 2,002
6,043 2,453
458
203 1,505
165 1,363
131 1,171
4,736 2,294
4,802 2,131
4,881 2,119
528
553
721
2,335
2,317
2,281
2,243
533
477
641
460
,468
,404
,351
,316
,278
4,719 2,231
4,787 2,091
4,839 2,112
4,828 2,105
4,838 2,113
424
455
650
503
733
,252
171
,171
127
,143
125
99 1,117
4,852 2,136
4,868 2,126
4,905 2,111
4,899 2,104
584
894
681
726
6,375
17,570 6,157
326
945 6,518
842 6,283
818 5,908
15,926 6,343
15,919 6,271
15,832 6,169
338
336
387
New York City
1954_Dec
6,450
6,367
6,725
6,601
Outside
New York City
1954—Dec
62,884 62,558 28,755 14,771
659
6,670 6,434 27,646
1955—Oct
Nov
Dec
63,222 62,884 32,487 16,390
63,401 63,065 33,190 16,787
63,846 63,459 33,951 17,329
785
780
805
733
756
768
7,397
7,526
7,577
7,701 24,054
7,861 23,604
7,996 23,339
665
560
781
7,659
7,691
7,713
7,740
664
440
715 1,208
671 1,101
610 1,029
6,577
6,553
6,471
6,471
15,929
15,927
15,930
15,919
6,358
6,331
6,346
6,335
353
356
326
319
,651 2,050
Oct. 5
Oct. 12
Oct. 19
Oct. 26
62,581
63,637
63,364
63,305
62,228
63,281
63,038
62,986
32,260
32,547
32,519
32,622
16,261
16,413
16,428
16,459
790
840
751
759
723
743
726
739
7,345
7,380
7,419
7,445
Nov.
Nov.
Nov.
Nov.
Nov.
2
9
16
23
30
63,360
63,249
63,663
63,342
63,392
63,051
62,950
63,304
63,047
62,975
32,859
32,986
33,266
33,349
33,490
16,537
16.675
16,855
16,890
16,981
788
754
799
779
781
751
753
756
758
761
7,470 7,832 23,858
7,498 7,826 23,700
7,527 7,850 23,763
7,564 7,878 23,462
7,570 7,917 23,235
541
525
663
568
506
983
929
898
736
662
6,409
6,337
6,294
6,243
6,128
15,925
15,909
15,908
15,915
15,939
6,334
6,264
6,275
6,236
6,250
309
299
359
295
417
Dec. 7
Dec. 14
Dec. 21
Dec. 28
63,285
63,574
64,255
64,273
62,901
63,215
63,853
63,871
33,588
33,854
34,167
34,196
17,064
17,256
17,496
17,500
777
798
828
816
760
767
770
773
7,558 7,950 23,109
515
7,574 7,980 23,192
577
7,587 8,011 23,535
982
7,590 8,044 23,521 1,049
768
864
831
811
5,922
5,923
5,908
5,\ ~
15,904
15,828
15,814
15,781
6,204
6,169
6,151
6,154
384
359
402
402
!' Exclusive of loans to banks and after deduction of valuation reserve;
individual loan items are shown gross.
23,610
24,403
24,173
24,029
2
Includes guaranteed obligations.
For other footnotes see opposite page.
33
WEEKLY REPORTING MEMBER BANKS
RESERVES AND LIABILITIES OF BANKS IN LEADING CITIES
[Monthly data are averages of Wednesday figures. In millions of dollars]
Time deposits,
except interbank
Demand deposits,
except interbank
Month or date
Reserves Cash
with
in
F.R.
vault
Banks
BalDeances mand
with
dedoposits
mestic adbanks justed3
IndividCertiuals, States
fied
and
partand
politnerU. S.
offiical
ships,
cers' Govt.
suband
divi- checks,
coretc.
pora- sions
tions
Interbank
deposits
IndividDemand
uals, States U.S.
and
Govt.
partpolitand
nerical
Postal
ships,
subSavand
DoFordiviings
cormeseign
pora- sions
tic
tions
Borrowings
Capital
Time
F r o m From
F.R.
others
Banks
Total—
Leading Cities
1954—Dec
14,107 1,052
3,876
2,289
3,387 18,674
,182
206 11,556
,404 1,448
1955—Oct
Nov
Dec
13,533
998 2,502 56,209 58,773 3,708
13,478
992 2,456 56,336 58 ,815 3,972
13,640 1,141 2,620 58,358 61,139 3,901
1,965
2,151
2,078
3,144 19,296
2,864 19,252
1,995 19,273
968
957
979
200 10,645
205 10,607
204 10,860
,462
,433
,449
,423
,457
,368
Oct. 5
Oct. 12
Oct. 19
Oct. 26
13,307
13,338 1,022
13,713
990
13,772 1,012
2,509
2,603
2,453
2,441
55,860 57 ,857
55 ,618 58,996
56,293 59,145
57, 066 59,094
3,790
3,641
3,606
3,793
2,049
2,041
1,996
1,777
2,364
3,995
3,284
2,932
19,249
19,318
19,292
19,324
979
973
966
954
202
200
199
200
10,863
10,883
10,614
10,218
,490
,452
,474
,433
,440 5481
,416' 773!
,415: 710|
,419| 897
532
488
623
308
8,392
8,401
8,393
8,433
Nov. 2
Nov. 9
Nov. 16
Nov. 23
Nov. 30
13,899
948
13,382 1,041
13,285
977
13,392
969
13,431 1,023
2,381
2,386
2,686
2,340
2,487
56,394 58 130
55,955 57,994
.. _ , . 59,817
..
56,047
56,386 58 ,662
56 900 59,475
4,055
3,963
3,976
3,895
3,971
1,968
2,071
2,433
2,049
2,234
2,876
2,496
3,115
2,962
2,870
19,356
19,338
19,195
19,180
19,192
952
947
954
961
971
205
206
205
205
204
10,593
10,687
11,246
10,219
10,288
,470
,448
,456
,409
,380
,452 1,109
,443 1,106!
472|
,476
,472
495!
,443
351
326
626
426
723
8,456
8,468
8,453
8,458
8,495
Dec.
7
Dec. 1 4 . . . .
Dec. 21
13,435 1,060
13,570 1,175
13,901 1,134
13,655 1,194
2,356
2,629
2,692
2,801
57,256 59
,
58,558
61
58,739
61
58,
58,882 62,166
3,847
3,863
3,869
4,026
1,878
2,076
2,083
2,277
1 89019,197
1,521 19,259
2,329 19,283
2,239 19,354
979
976
990
969
203
205
205
204
10,546
10,802
11,035
11,057
,421
,447
,437
,491
,403
,377
,359|
,334
842
384
5721
377|
589
825
668
640
8,471
8,447
8,451
8,470
Dec.
28....
2,706 57,478 59,275
816
732
774
544|
8,156
488 8,404
490 8,466
680 8,460
New York City
4,498
181
54 16,415 17,630
310
1,304
967 2,060
220
3,211
,133
,185
4,278
4,i3r
4,278
150
159
192
68 15,684 16,957
77 15,429 16,811
69 16,380 17,888
301
335
271
1,025
1,101
1,015
1,104 2,074
924 2,075
603 2,090
83
95
98
2,898
2,938
3,018
,129
,108
,121
,100J
,151
,092
166!
94|
4,254
4,16f
4,299
4,395
146
158
146
151
75
70
62
64
15,719
15,371
15,661
15,984
16,887
16,798
17,019
17,123
306
304
259
337
1,070
1,090
1,049
890
675
1,464
1,219
1,059
2,076
2,095
2,051
2,075
85
86
84
78
2,908
2,920
2,924
2,838
,162
,124
,139
,092
,105
,0971
,097!
,102
2001
133!
63!
87
Nov. 2
Nov. 9
Nov. 16
Nov. 23
Nov. 30
4,535
4,
3,725
4,14^
4,139
148
188
151
157
153
56
61
94
58
116
15,711
15,171
15,137
15,402
15,725
16,637
16,491
16,858
16,690
17,377
472
382
289
255
279
994 1,022 2,098
1,126
864 2,088
1,242
968 2,054
996
884 2.053
1,147
881 2,083
81
100
98
99
2,S96
2,941
3,055
2,851
2,947
,143
,118
,133
,087
,060
,137
,138!
,169j
,166!
,143
244 S
306 j
53
194
30|
Dec.
7
Dec. 14
Dec. 21
Dec. 28
4,236
4,280
4,391
4,205
186
210
189
183
69 16,161 17,258
80 16,588 18,207
16,420 17,904
16,353 18,181
319
295
207
265
884
1,013
968
1,195
2,067
2,103
2,087
2,104
99
102
103
87
2,907
3,010
3,048
3,106
,101
,130
,109
,146
,114
,096j
,086!
,O73i
155)
1954—Dec
9,609
871 2,652 41 ,063 41,645 3,566
985 2,420 16,614
962
152 8,345
271
263
1955—Oct
Nov
Dec
9,255
9,346
9,362
848 2,434 40 ,525 41,816
833
42,004
949 2', 551 41,978 43,251
3,407
3,637
3,630
862
881
144 7,747
147 7.669
145 7,842
333
325
328
323
306
276
611
6081
450
219 5,701
213 5,751
379 5,766
Oct. 5
Oct. 12
Oct. 19
Oct. 26
9,053
9,176
9,414
9,377
822
864
844
861
2,434 40 ,141
2,533 40 ,247
2,391 40,63'
2,377 41 ,082
40,970
42,198
42,126
41,971
3,484
3,3371
3,347
3,456
979
951
947
887
1,689
2,531
2 065
1,873
17,173
17,223
17,241
17,249
894
887
88:
876
146
144
143
144
7.955
7,963
7,690
7,380
328
328
335
341
335
319
318
317
348
640
647
810
198 5,687
219 5,698
347 5,690
5,733
Nov. 2
Nov. 9
Nov. 16
Nov. 23
Nov. 30
9,364
9,271
9,560
9,245
9,29:
800
853
826
812
870
2,325 40 ,683 41,493
2,325 40,784 41
'',503
2,592 40 ,910 42,959
2,28 40,984 41,972
2,371 41,175 42,098
3,583
3,581
3,687
3,6^0
3,692
974
945
,191
,053
,087
1,854
1,632
2,147
2,078
1,989
17.258
17,250
17,141
17,127
17,109
871
847
856
86:
873
146 7,697
147 7,746
147 8,191
147
146
327
330
323
322
320
315
305
307
306
300
865
800
419
492
465
97
83
364
149
372
5,738
5,752
5,743
5,754
5,769
Dec.
7
Dec. 14
Dec. 2 1 . . . .
Dec. 28
9,199
9,290
9,510
9,450
874
965
945
1,011
41,842
43.733
43,444
43, \
3,528
3,568
3,662
3,761
994
,063
,115
,082
1,315
1,078
1,621
1,553
17,130
17,156
17,196
17,250
880
874
887
144
146
146
145
320
317
328
345
289
281
273
261
687J
292
532
270
423
5,773
5,753
5,761
5,777
1954—Dec
1955_Oct
Nov
Dec
Oct. 5
Oct. 12
Oct. 1 9 . . . .
Oct. 2 6 . . . .
575
443
708
686
389
147|
75i
2,770
269 2,703
277 2,715
301 2,694
334
269
276
197
2,705
2,703
2.703
2,700
254
718
243
716
262
710
277
704
351 2,726
297
293
398
217
2,698
2,694
2,690
2,693
Outside
New York City
2,287 41,095
2,549 41.970
2,62«16 42,319
2,739 42,529
940 2,040 17,222
1,050 1.940 17,177
1,063 1,392 17,183
3
Demand deposits other than interbank and U. S. Govt., less cash
items reported as in process of collection.
427
5,386
in
i
3841
425 i
302 (
NOTE.—For description of revision beginning Mar. 4, 1953, see BULLETIN for At>ril 1953, p. 357, and for figures on the revised basis beginning
Jan. 2, 1952, see BULLETIN for May 1953, pp. 550-555.
34
COMMERCIAL LOANS; OPEN MARKET PAPER
CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS OF WEEKLY REPORTING MEMBER BANKS, BY INDUSTRY 1
[Net decline, (—). In millions of dollars]
Business of borrower
Manufacturing and mining
Perioda
Petroleum,
Food, Textiles, Metals
and
coal,
liquor, apparel, metal
and
chemical,
and
prod-3
and
tobacco leather
ucts
rubber
Other
Trade
(wholesale
and
retail)
Commodity
dealers
90
-49
215
-7
-644
392
-62
-41
120
-363
539
-91
-137
-175
32
-461
469
1953—Jan.-June
July-Dec
-657
537
156
-107
420
-326
-45
138
1954—Jan.-June
July-Dec
-505
498
55
-26
-577
-548
1955—Jan.-June
July-Dec
-540
480
220
71
177
224
-10
88
313
208
161
135
62
-55
-57
2
88
145
22
76
56
-13
2
8
146
327
163
87
-44
39
39
49
34
2
2
-26
-29
-6
22
-2
-14
23
-11
1955
Oct
Nov
Dec
Week ending:
Oct. 5
Oct. 12
Oct. 19
Oct. 26
153
63
Sales
finance
companies
12
91
Construction
-11
101
589
704
126
-225
384
-7
18
-23
71
82
134
106
143
370
1,257
3,016
1,078
42,875
159
108
-7
-204
315
482
-109
73
-65
17
22
5
40
49
58
180
899
700
4464
890
659
10
69
46
38
41
34
31
53
6
-122
-60
-28
-83
-5
-20
3
9
-3
7
23
35
-11
-7
53
73
-4
58
4350
104
-32
42
47
-9
24
2
9
-5
5
16
6
16
9
19
-7
13
189
158
283
66
203
179
182
298
50
181
-2
12
5
-10
-5
37
-13
38
105
183
290
121
103
200
310
46
10
-3
5
-8
-6
Nov.
Nov.
Nov.
Nov.
Nov.
2
9
16
23
30
38
43
46
11
-2
-27
-2
-2
-11
-14
3
26
26
19
15
5
6
20
-8
54
3
4
-10
9
19
26
41
5
-4
44
14
25
13
12
53
38
65
51
107
Dec.
Dec.
Dec.
Dec.
7
14
21
28
23
9
53
-23
-7
18
10
-19
26
38
68
13
-12
14
23
31
12
-2
-3
6
-1
3
-52
6
-6
9
-15
100
132
134
111
i D a t a for a sample of about 210 banks reporting changes in their
larger loans; these banks hold over 90 per cent of total commercial
and industrial loans of all weekly reporting member banks and nearly
70 per cent of those of all commercial banks.
Public
utilities
(incl.
transportation)
Comm'l
ind'l,
and
agr'l
All
change—
Net
other changes
all
types
weekly
classiof
reportfied
ing
business
banks
-29
-81
44" *
106
132
-536
610
-805
795
-1,314 -1,496
630
539
2 Figures for other than weekly periods are based on weekly changes
during
period.
3
Includes machinery and transportation equipment.
4
Includes increase of $318 million resulting from errors disclosed
incident to survey of credit extended to real estate mortgage lenders.
COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
Dolfcir acceptances
Commercial and finance
company paper
End of year or month
Total
1949
1950
1951
1952
1953
1954
837
Nov
Dec
1955 Jan
Feb
Mar
. .
Apr
May
June
July
Aug
Sept
Oct
Nov
. . . .
Accepting banks
Placed
Placed directthrough
ly
dealers ] (finance
paper) 2
270
920
1,331
1,745
1,966
345
449
2,032
1,924
769
733
713
703
2,064
2,187
2,191
2,171
2,335
2,303
2,411
2,359
2,245
2,255
2,283
Held b y :
552
564
681
623
572
572
593
580
564
547
542
567
Total
272
128
F. R.
Banks
Goods stored in or
ImExshipped between
ports
ports
Dollar
points in:
Othexinto
from
United United change
Own Bills Own Forbought acct. eign
States States
United Foreign
bills
States countries
corr.
58
575
882
1,193
1,402
394
490
192
197
114
119
492
574
183
172
1,263
1,191
768
873
] 351
,484
1,510
1,548
,763
,731
,818
,779
,681
,708
741
11
70
78
79
21
21
126
117
57
55
20
24
313
289
241
203
71
86
869
831
282
242
206
182
77
61
807
236
187
49
4
232
274
125
154
19
19
437
565
248
285
23
28
564
561
273
235
164
182
187
178
29
538
227
182
56
42
49
17
14
655
182
138
144
142
44
16
40
44
10
14
23
27
147
43
21
27
45
52
16
17
26
27
671
190
662
642
189
187
144
134
49
87
133
164
143
184
186
184
245
235
206
192
650
655
133
180
272
767
686
1
As reported by dealers; includes finance company paper as well as
other commercial paper sold in the open market.
Based on:
289
378
28
26
517
453
229
207
26
431
216
433
427
223
220
430
410
258
259
433
253
189
188
189
186
182
189
201
205
30
9
2
23
28
55
32
44
64
75
32
43
42
17
247
300
66
89
17
41
303
283
90
93
190
150
92
88
39
29
68
53
40
41
41
33
33
20
248
125
108
111
108
82
73
93
85
92
101
87
87
86
2 As reported by finance companies that place their paper directly with
investors.
35
INTEREST RATES
MONEY MARKET RATES
BANK RATES ON SHORT-TERM BUSINESS LOANS
[Per cent per annum]
Year,
month, or
week
Prime
commercial
paper,
4- to 6months 1
Finance
company
paper
placed
directly,
3- to 6months 1
Prime
bankers'
acceptances,
90
days 1
[Per cent per annum]
Size of loan (thous. of dol.)
U. S. Government
securities (taxable)
Area and period
All
loans
3-month bills
Market
yield
9-to 12- 3- to 5year
month
Rate
2
issues 3
on new issues
issues
1953 average
1954 average
1955 average
2.52
1.58
2.18
2.33
1.42
1.97
1.87
1.35
1.71
.90
.94
1.73
1 .931
.953
1 .753
2.07
.92
1.89
2.56
1.82
2.50
1954—Dec
1.31
1.25
1.25
L.14
1 .174
1.10
1.94
1955—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1.47
1.68
1.69
1.90
2.00
2.00
2.11
2.33
2.54
2.70
2.81
2.99
1.37
1.50
1.50
1.73
1.88
1.82
1.87
2.02
2.28
2.46
2.53
2.80
1.33
1.38
1.38
1.43
1.50
1.50
1.50
1.67
2.08
2.23
2.17
2.43
1.23
1.17
1.28
1.59
1.45
L .41
1.60
1.90
2.07
2.23
2.25
2.54
.257
.177
.335
.620
.491
.432
.622
.876
>.O86
>.259
2.225
>.562
1.36
1.41
1.49
1.71
1.72
1.71
1.88
2.12
2.14
2.19
2.28
2.56
2.11
2.18
2.30
2.39
2.40
2.42
2.54
2.73
2.72
2.58
2.70
2.83
Week ending:
Dec.
3...
Dec. 10. . .
Dec. 17. . .
Dec. 2 4 . . .
Dec. 3 1 . . .
2.88
3.00
3.00
3.00
3.00
2.63
2.70
2.84
2.88
2.88
2.25
2.35
2.48
2.50
2.50
2.41
2.48
2.54
2.63
2.58
>.45O
>.465
>.591
>.618
1.688
2.44
2.47
2.51
2.62
2.73
2.80
2.81
2.83
2.84
2.87
Annual averages,
19 large cities:
1953..
1954
1955
Quarterly:
19 large cities:
1955—Mar
June
Sept
Dec...
New York City:
1955—Mar
June
Sept
Dec.
7 Northern & Eastern
cities:
1955—Mar
June
Sept
Dec
11 Southern & Western
cities:
1955—Mar
June
Sept
Dec
c
1 Averages of daily prevailing rates.
Includes certificates of indebtedness and selected note and bond issues.
Includes selected note and bond issues.
2
3
Corrected.
NOTE.—For
pp. 228-237.
description
110
10100
100200
200
and
over
3.9
3.9
4.0
3.5
3.4
3.5
3.7
3.6
3.7
5.0
5.0
5.0
3.54
3.56
3.77
3.93
4.93 4.29
4.92 4.29
4.98 ^4.44
5.01 4.52
3.83
3.83
3.99
4.14
3.30
3.33
3.56
3.75
3.29
3.30
3.54
3.76
4.68
4.73
4.83
4.86
4.14
4.18
4.39
4.48
3.65
3.62
3.87
4.00
3.14
3.15
3.39
3.64
3.55
3.55
3.76
3.95
5.02
4.97
5.06
5.08
4.32
4.29
4.43
4.52
3.84
3.78
3.99
4.16
3.35
3.37
3.58
3.79
3.87
3.95
4.11
4.17
5.00
4.98
5.01
5.06
4.35
4.34
4.47
4.54
3.92
4.01
4.07
4.22
3.54
3.67
3.88
3.91
4.4
4.3
4.4
see BULLETIN for March 1949,
BOND AND STOCK YIELDS i
[Per cent per annum]
Year, month,
or week
U. S. Govt.
bonds
(long-term)
Corporate bonds 4
State <ind locail govt. bonds
General
obligations
New Totals
Old
series2 series3
Aaa
4
Revenue Totals
bonds 6
By selected
ratings
Aaa
Baa
Baa
Industrial stocks
Dividends/
price ratio
By
groups
Industrial
Railroad
Public PreComutility ferred 7 mon 4
Earnings/
price ratio
Common 8
Number of issues....
3-7
1-2
20
5
5
10
120
30
30
40
40
40
14
125
125
1953 average
1954 averase
1955 average
2.93
2.53
2.80
3.16
2.70
2.94
2.31
2.04
2.18
3.41
3.09
3.14
3.02
2.81
2.85
3.55
3.25
3.34
5.51
4.70
3.93
10 14
8.75
2.01
2.99
2.76
2.90
3.07
3.23
3.45
3.15
3.22
3.10
4.27
4.02
4.01
2.68
3.74
3.51
3.53
3.45
3.30
3.09
3.19
2.57
3.43
3.16
3.25
3.13
3.20
2.90
3.06
1954—Dec
2.82
2.46
2.57
2.40
3.93
4.09
8.15
1955 Jan
Feb
Mar
Apr
2 65
2.72
2.71
2.77
2 75
2.76
2 87
2.91
2 88
2.82
2.85
2.88
2 76
2.92
2.92
2.92
2 91
2.91
2.96
3.02
3 00
2.96
2.96
2.97
2.48
2.49
2.49
2.50
2.48
2.49
2.62
2.69
2 70
2.64
2.60
2.70
2.09
2.10
2.09
2.08
2.06
2.09
2.23
2.33
2 31
2.25
2.20
2.29
3.04
3.05
3.07
3.08
3.07
3.08
3.17
3.22
3 24
3.22
3.20
3.25
2.77
2.79
2.80
2.79
2.77
2.80
2.86
2.92
2.92
2.89
2.87
2.97
3.15
3.18
3.20
3.21
3.23
3.23
3.24
3.29
3.31
3.30
3.29
3.33
2.93
2.99
3.02
3.01
3.04
3.05
3.06
3.11
3.13
3.10
3.10
3.15
3.45
3.47
3.48
3.49
3.50
3.51
3.52
3.56
3.59
3.59
3.58
3.62
3.08
3.12
3.14
3.14
3.17
3.18
3.18
3.25
3.25
3.23
3.22
3.26
3.25
3.28
3.31
3.30
3.32
3.31
3.32
3.36
3.40
3.38
3.38
3.42
3.12
3.15
3.17
3.17
3.19
3.21
3.22
3.26
3 29
3.27
3.28
3.31
3 98
4.00
4.01
3.98
3.99
3.98
3.96
4.01
4 06
4.04
4.01
4.05
4 10
4.14
4.18
4.03
4 05
3.71
3.63
3.76
3 76
3.96
3.96
3.92
2 88
2 88
2 88
2.96
2 96
2 97
2 97
2.96
2.67
2 68
2 71
2 73
2.73
2.27
2 28
2 30
2 30
2.30
3.24
3 25
3 25
3.25
3.26
2.92
2 97
2 99
2.99
2.99
3.31
3 32
3.34
3.35
3.34
3.12
3 13
3 17
3.17
3.16
3.59
3 61
3 62
3.63
3.63
3.23
3 24
3.26
3.27
3.27
3.39
3 41
3 43
3.43
3.43
3.29
3 30
3 32
3.32
3.32
4.04
4 04
4 04
4 05
4.07
3.98
3 92
3 97
3 95
3.92
June
July
Aug
Sept
Oct
Nov
Dec
Week ending:
Dec 3
Dec 10
Dec 17
Dec 24
Dec 31
2.89
1
Monthly and weekly yields are averages of daily figures for U. S. Govt.
and corporate bonds. Yields of State and local govt. general obligations
are based on Thursday figures; of revenue bonds, on Friday figures; and
of preferred stocks, on Wednesday figures. Figures for common stocks
are2 as of the end of the period, except for annual averages.
Includes fully taxable, marketable 2Vi per cent bonds due or first
callable after 12 years, through Sept. 30, 1955, and those due or callable
in 310-20 years, beginning Oct. 1, 1955.
The 3*4 per cent bonds of 1978-83 and, beginning Feb. 1, 1955, the
3 per cent bond of February 1995.
8.25
8.17
7 09
4
Moody's Investors Service.
5 Includes bonds rated Aa and A, data for which are not shown separately. Because of a limited number of suitable issues, the number of
corporate
bonds in some groups has varied somewhat.
6
Dow-Jones and Co.
7
Standard and Poor's Corporation. Ratio is based on 9 median yields
in a sample of noncallable issues, 12 industrial and 2 public utility.
8 Computed by Federal Reserve from data published by Moody's Investors Service.
36
SECURITY MARKETS
l
SECURITY PRICES
Bond prices
U. S. Govt.
(long-term)
Year, month,
or week
Number of issues...
Old
series 2
New
series 3
3-7
1-2
Common stock prices
Standard and Poor's series
(index, 1935-39= 100)
CorpoMunicipal rate
(high- (highgrade) grade) 4 Total
15
1953 average
1954 a v e r a g e . . . .
1955 a v e r a g e . . . .
93.90 101.46 119.7
99.51 109.60 125.8
95.97 103.36 123.1
Manufacturing
Industrial
Railroad
480
420
20
112.1
117.2
114.4
189
227
342
204
250
341
17
Volume
of
trading 5
(in
Trade,
thoufinance, Min- sands
of
and
ing
shares)
service
Securities and Exchange Commission series
(index, 1939= 100)
Public
utility
Total
40
265
Durable
Nondurable
170
98
72
245
295
394
Total
170
180
248
122
136
152
193
230
305
220
271
374
193
245
352
Trans- Public
portautiltion
ity
29
31
14
219
233
320
122
136
153
207
236
297
240
267
313
1,419
2,270
2,578
1954—Dec
98.67 109.91 126.6
117.0
265
297
218
144
268
323
298
345
285
144
268
310
3,475
1955—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
97.88
96.97
97.08
96.31
96.53
96.37
94.96
94.51
94.87
95.83
95.46
95.07
108.43
103.51
103.63
103.43
103.66
103.75
102.73
101.57
101.95
102.75
102.73
102.62
125.4
125.0
124.4
124.9
125.1
123.9
121.4
120.5
121.3
122.5
122.6
119.8
116.7
115.7
115.4
115.3
114.7
114.5
114.3
113.2
113.1
113.6
113.7
112.4
269
278
278
286
285
301
315
311
323
306
322
327
302
312
311
322
320
341
360
354
371
350
369
377
222
232
238
252
251
259
256
250
257
241
255
258
145
150
150
152
152
153
156
156
155
151
154
153
271
281
280
287
289
303
319
315
327
310
328
334
326
340
337
347
350
370
395
390
407
385
411
419
307
320
318
327
324
344
366
368
387
365
389
396
344
358
354
365
372
393
421
410
425
403
430
439
288
300
305
320
326
334
324
331
309
325
332
145
150
151
152
154
154
157
156
155
151
154
154
270
276
275
277
280
294
304
302
320
307
325
323
314
315
315
311
303
314
317
311
317
294
-312
326
3,555
3,201
2,907
2,689
2,163
2,643
2,423
1,818
2,862
2,008
2,319
2,428
Week ending:
Dec. 3 . . .
Dec. 1 0 . . .
Dec. 1 7 . . .
Dec. 24. . .
Dec. 3 1 . . .
95.01
95.09
95.08
95.11
94.96
102.65
102.58
102.59
102.61
102.66
121.2
120.3
119.6
119.6
119.6
113.1
113.0
112.1
111.9
112.4
327
328
325
328
327
375
377
374
378
377
266
261
256
257
257
155
154
153
153
153
332
335
331
334
335
415
421
415
420
422
394
400
392
397
396
434
440
436
441
445
338
336
327
328
329
155
155
154
154
154
329
324
320
321
321
329
332
323
324
323
2,498
2,619
2,437
2,388
2,252
c
Corrected.
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—weekly
closing prices for common stocks (Securities and Exchange Commission)
and Wednesday closing prices for all others.
2
Series composed of fully taxable, marketable 1x/i per cent bonds due
or first callable after 12 years through Sept. 30, 1955, and those due or
callable in 10-20 years beginning Oct. 1, 1955.
3 The 3VA per cent bond of 1978-83 and, beginning Feb. 1, 1955, the 3
per cent bond of February 1995.
4
Prices derived from average yields, as computed by Standard and
Poor's Corporation, on basis of a 4 per cent 20-year bond.
5
Average daily volume of trading in stocks on the New York Stock
Exchange for a five and one-half hour trading day.
STOCK MARKET CREDIT
[In millions of dollars]
Broker and dealer credit 1
Customer credit
End of month or last
Wednesday of month
Totalsecurities
other than
U. S. Govt.
obligations
(col. 3 +
col. 5)
Net debit balances with
Bank loans to others (than
New York Stock Exchange
brokers and dealers) for purfirms1
chasing and carrying securities 2
Secured by
U. S. Govt.
obligations
Secured by
other
securities
U. S. Govt.
obligations
Other
securities
Money borrowed
On
U. S. Govt.
obligations
On
other
securities
Customer
net
free
credit
balances
1951—Dec
1952 Dec
1953 Dec
1,826
1,980
2,445
40
33
31
1,253
1,332
1,665
118
149
88
573
648
780
36
30
88
659
877
1,074
822
727
713
1954
Nov
Dec
3,203
3,436
40
41
2,202
2,388
31
65
1 001
,048
63
69
1 353
1,529
972
1 019
1955
Jan
Feb
M^ar
Apr
May
June
July
Aug
Sept
Oct
Nov
3,537
3,643
3 732
3,785
3,787
3,870
3,911
3,865
3,966
3,944
3,980
42
63
49
48
47
46
45
43
43
40
38
2,517
2,590
2 652
2,704
2,684
2,711
2,734
2,710
2,805
2,749
2,759
35
39
33
27
28
31
29
29
33
29
27
,020
.053
080
,081
,103
,159
,177
,155
161
1,195
1,221
77
113
78
74
72
73
77
71
68
71
75
1 620
1,666
1 861
1 988
2.047
2.020
2 003
1,994
2,056
2 088
2,185
1 069
1 063
1 022
'973
928
917
918
887
977
920
876
1 Ledger balances of member firms of the New York Stock Exchange
carrying margin accounts, as reported to the Exchange. Customers' debit
and free credit balances exclude balances maintained with the reporting
firm by other member firms of national securities exchanges and balances
of the reporting firm and of general partners of the reporting firm. Balances are net for each customer—i.e., all accounts of one customer are
consolidated. Money borrowed includes borrowings from banks and
from other lenders except member firms of national securities exchanges.
Data are as of the end of the month, except money borrowed, which is as
of the last Wednesday of the month beginning June 1955.
2
Data, except as noted below, are for all weekly reporting member
banks, which account for about 70 per cent of all loans to others for purchasing or carrying securities. Figures are for the last Wednesday of the
month. Some loans for purchasing or carrying U. S. Govt. securities are
included in column 5 after 1952; loans for that purpose are shown separately in column 4 for all weekly reporting member banks in 1951 and
1952 and for New York and Chicago banks thereafter.
37
SAVINGS INSTITUTIONS
LIFE INSURANCE COMPANIES 1
[Institute of Life Insurance data.
In millions of dollars]
Government securities
Total
assets
Date
Total
United
States
32,731
44,797
9,478
22,545
6,796
20,583
2,286
1,047
55,512
59,630
64,020
68,278
73,375
78,533
84,486
19,085
17,813
16,066
13,667
12,774
12,405
12,100
16,746
15,290
13,459
11,009
10,252
9,829
9,070
73,034
78,201
12,683
12,322
'82,852
83,338
84,052
84,912
85,324
85,627
86,061
86,515
86,967
87,636
88,087
88,529
89,016
End of year: 5
1941
1945
1948
1949
1950
1951
1952
1953
1954
End of month: 6
1952—Dec.. .
1953—Dec...
1954—Oct.. .
Nov...
Dec...
1955—Jan.. . ,
Feb...
Mar...
Apr.. .
May. .
June..
July. . .
Aug...
Sept...
Oct.. .
Business securities
State and Foreign
local 2
Mortgages
Other
assets
1,878
857
2,919
1,962
1,840
1,738
10,833
12,906
16,102
19,314
21,251
23,322
25,976
1,055
1,247
1,445
1,631
1,903
2,020
2,298
2,057
2,240
2,413
2,590
2,713
2,914
3,127
2,160
2,245
2,591
2,872
3,088
3,302
3,523
'2,191
2,339
21,245
23,275
1,868
1,994
2,699
2,894
'3,122
3,321
33,979
34,040
34,147
'2,601
2,623
2,696
25,260
25,574
25,927
2,241
2,260
2,275
3,061
3,075
3,087
'3,697
3,774
3,883
34,305
34,367
34,611
34,733
34,906
35,001
35,212
35,196
35,403
35,655
2,756
2,763
2,773
2,791
2,787
2,829
2,869
2,875
2,870
2,879
26,223
26,474
26,727
26,949
27,217
27,483
27,748
28,001
28,250
28,563
310
344
2,367
2,381
2,407
2,420
2,453
2,471
2,492
2,506
3,127
3,144
3,159
3,177
3,190
3,207
3,230
3,245
3,260
3,271
3,843
3,909
3,837
3,863
3,909
3,941
3,986
4,081
4,079
4,055
Bonds4
Stocks
396
915
10,174
11,059
9,573
10,060
601
999
6,442
6,636
'I,199
1,393
1,547
1,736
1,767
1,990
2,549
1,140
1,130
1,060
922
755
586
481
20,322
23,179
25,403
28,204
31,646
34,570
37,462
18,894
21,461
23,300
25,983
29,200
31,997
34,194
1,428
1,718
2,103
2,221
2,446
2,573
3,268
10,195
9,767
1,733
1,968
755
587
-31,417
34,395
29,226
32,056
12,013
11,992
12,037
9,024
8,936
9,021
2,509
2,575
2,533
480
481
483
'36,580
36,663
36,843
12,348
12,323
12,153
12,167
12,099
12,086
12,138
12,218
12,175
12,087
9,233
9,242
9,091
9,105
9,058
9,046
9,096
9,179
9,129
9,027
2,643
2,664
2,649
2,643
2,632
2,629
2,643
2,638
2,636
2,644
472
417
413
419
409
411
399
401
410
416
37,061
37,130
37,384
37,524
37,693
37,830
38,081
38,071
38,273
38,534
' Revised.
Figures are for all life insurance companies in the United States.
Includes foreign and domestic issues.
3
Central government only.
4
Includes issues of the International Bank for Reconstruction and
Development.
1
2
Real
estate
Policy
loans
Total
5
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 for differences between market and book values
are not made on each item separately, but are included, in total, in "Other
assets."
SAVINGS AND LOAN ASSOCIATIONS i
[Federal Savings and Loan Insurance Corporation data.
In millions of dollars]
Assets
Total 2
Mortgages 3
U.S.
Govt.
obligations
6,049
8,747
4,578
5,376
107
2,420
End of year
1941
1945
1948.
1949
1950
1951
1952
1953
1954^
13,028
14,622
16,846
19,164
22,585
26,638
31,680
10,305
11,616
13,622
15,520
18,336
21,882
26,142
1 455
1,462
1,489
1,606
1,791
923
2,026
Assets
Cash
344
450
663
880
951
1,082
1,306
1,500
1,958
Other 4
775
356
501
566
692
866
1,072
1,258
1,481
Savings
capital
4,682 1953—4 . .
7,365
1954—1 P
10,964
2P..
..
12,471
Ap
13,978
16,073
19,143 1 9 5 5 _ 1 P
22,778
2P. .
27,259
p Preliminary.
1
Figures are for all savings and loan associations in the United States.
2
Includes gross mortgages with no deduction for mortgage pledged
shares.
End of
quarter
3
Savings
capital
Total 2
Mortgages 3
U. S.
Govt.
obligations
Cash
Other 4
26,638
21,882
1,923
1,500
1,258
22,778
27,667
29,105
30,168
31,680
22,722
23,847
25,053
26,142
1,928
1,961
1,972
2,026
1,613
1,782
1,671
1,958
1,330
1,442
1,400
1,481
23,901
25,163
25,895
27,259
33,006
34,946
36,233
27,313
28,988
30,616
2,207
2,287
2,339
1,911
1,948
1,581
1,514
1,652
1,632
28,398
29,839
30,516
Net of mortgage pledged shares.
Includes other loans, stock in the Federal home loan banks and other
investments, real estate owned and sold on contract, and office building
and fixtures.
4
38
FEDERAL CREDIT AGENCIES
SELECTED ASSETS AND LIABILITIES OF GOVERNMENT CORPORATIONS AND CREDIT AGENCIES
[Based on compilation by Treasury Department.
In millions of dollars]
End of quarter
End of year
Asset or liability, and corporation or agency 1
1954
1955
1948
1949
1950
1951
1952
1953
3,632
305
426
80
2 525
999
1,293
5
4,362
302
437
60
523
1,301
1,729
9
4,161
425
633
34
539
1,742
782
6
5,070
424
673
25
596
1,920
1,426
6
6,811
345
510
45
535
1,543
898
7
590
18
648
2,096
3,076
5
6,527
343
754
15
754
2,200
2,457
4
6,929
367
638
13
701
2,226
2,981
4
7,466 6,362
322
340
725
847
12
774
"776'
2,253 2,286
3,357 2,137
4
768
199
369
177
1,528
1,347
10
137
35
2,142
1,850
2,603
2,242
2,930
2,462
2,818
2,392
2,907
2,461
3,013
2,538
3,095
2,593
123
169
115
22
1,251
828
231
168
24
246
108
f 300
\
60
367
59
383
63
408
67
430
72
To railroads, total
Reconstruction Finance Corporation 4 .
Other agencies
140
138
3
114
112
3
110
108
2
101
99
2
82
80
2
79
11
2
12
12
11
13
12
12
11
13
To other industry, total
Reconstruction Finance Corporation 4 .
Department of the Treasury
Other agencies
310
272
38
462
423
488
415
74
516
457
509
294
/ 174
1
40
413
420
426
426
38
458
400
58
349
64
353
67
353
73
348
78
To financing institutions, total.
Federal home loan banks...
Other agencies
525
515
445
433
824
816
814
806
864
864
952
952
691
689
2
870
868
2
704
702
2
1,019
1,017
2
Loans, by purpose and agency:
To aid agriculture, total
Banks for cooperatives
Federal intermediate credit banks
Federal Farm Mortgage Corporation.
Farmers Home Administration
Rural Electrification Administration. .
Commodity Credit Corporation
Other agencies
To aid home owners, total
Federal National Mortgage Assn
Home Owners' Loan Corporation 3 . . .
Reconstruction Finance Corporation 4 .
Veterans Administration
Other agencies
•
58
311
no
Foreign, total
Export-Import Bank
Reconstruction Finance Corporation 4 .
U. S. Treasury Departments
Foreign Operations Administration 3 . .
6,102
2,145
206
3,750
6,090
2,187
154
3,750
6,078
2,226
101
3,750
6,110
2,296
64
3,750
7,736
2,496
58
3,667
1,515
8,043
2,833
52
3,620
1,537
7,968
2,788
8,001
2,806
7,968 8,032
2,768 2,774
3,618
1,563
3,570
1,624
3,570
1,630
3,567
1,692
All other purposes, total
Reconstruction Finance Corporation 4 .
Public Housing Administration
Other agencies
584
190
294
100
484
88
297
99
531
59
366
105
779
61
609
109
1,095
50
919
126
763
57
535
171
451
438
451
474
144
307
113
119
332
100
374
Less: Reserve for losses
Total loans receivable (net).
Investments:
U. S. Government securities, total
Banks for cooperatives
Federal intermediate credit banks
Production credit corporations
Federal home loan banks
Federal Savings and Loan Insurance Corp.,
Home Owners' Loan Corporation 3
Federal Housing Administration
Federal Deposit Insurance Corporation. . .
Other agencies
Investment in international institutions.
476
185
228
276
259
494
368
173
203
140
11,692 12,733 13,228 14,422 17,826 19,883 18,603 19,348 19,782 18,927
1,854
43
44
66
274
199
12
144
1,064
9
2,047
43
74
39
275
214
8
188
1,205
1
2,075
43
46
42
199
193
2,226
43
51
43
249
200
2,421
43
60
43
311
208
2,602
43
63
45
387
217
2,988
2,967
43
58
42
687
222
43
61
42
641
228
244
1,307
285
1,353
2
316
1,437
1
319
1,526
1
324
1,610
1
327
1,624
3,385
3,385
3,385
3,385
3,385
3,385
3,385
78
66
11
44
36
40
35
5
1,461
1,174
129
159
1,280
978
172
107
83
22
Other securities, total
Reconstruction Finance Corporation 4 .
Production credit corporations
Department of the Treasury
Other agencies
133
98
29
Commodities, supplies, and materials, total...
Commodity Credit Corporation
Reconstruction Finance Corporation 4
Department of the Treasury
Other agencies
627
437
157
1,549
1,376
142
32
30
1,774
1,638
108
28
3,060
1,448
630
793
2,962
1,352
611
830
2,945
1,248
605
886
189
168
965
70
480
415
772
78
490
204
Land, structures, and equipment, total
Public Housing Administration
Reconstruction Finance Corporation 4
Tennessee Valley Authority
Federal Maritime Board and Maritime Adm 3 .
Other agencies^*
Bonds, notes, and debentures payable (not guaranteed), total
Banks for cooperatives
Federal intermediate credit banks
Federal home loan banks
Federal National Mortgage Assn
c
Corrected.
For footn otes see following page.
325
71
16
3,187
43
60
42
771
234
3,108
43
60
42
661
241
344
1,692
2
354
1,706
2
3,385
3,385
1
3,385
45
4
43
2
47
3
42
2
3
38
3
3
40
2
2,514
2,086
156
3,709
3,059
3,852
3,302
3,612
2,983
3,476
2,910
131
{ 272
95
556
470
65
564
19
547
3,358
1,251
594
1,048
3,213
1,173
199
1,251
8,061
8128
8,046
96
7,982
80
7,821
64
206
465
590
8,062
1,018
175
1,475
4,834
561
1,685
4,782
1,466
1,739
4,798
1,412
1,781
4,749
1,372
1,812
4,807
1,137
1,190
110
520
560
1,369
170
674
525
1,330
181
704
445
1,182
150
619
414
1,072
131
762
179
1,068
156
640
272
1,561
139
713
139
570
1,840
123
811
336
570
1
39
FEDERAL CREDIT AGENCIES
PRINCIPAL ASSETS AND LIABILITIES OF GOVERNMENT CORPORATIONS AND CREDIT AGENCIES—Continued
[Based on compilation by Treasury Department. In millions of dollars]
Liabilities, other than
interagency items
Assets, other than interagency items1
Date, and corporation or agency
Total
Cash
ComInvestmodiments
Loans ties,
resupceiv- plies,
U . S . Other
able
and
mate- Govt. securials secu- rities
rities
PriBonds, notes,
U. S. vately
and debenLand,
Govt. owned
tures
payable
struc- Other
Other inter- intertures,
est
liabil- est
asand
Guarities
sets
equipanteed
ment
Other
by
U.S.
All agencies
1948—Dec.
1949_Dec.
1950—Dec.
1951—Dec.
1952—Dec.
1953—Dec.
31
31
31
313
31 3
31 3
21,718
630
23,733
441
24,635
642
26,744
931
29,945
944
38,937 1,190
1954_Sept.
Dec.
1955—Mar.
June
30
31
31
30
11,692
12,733
13,228
14,422
17,826
19,883
627
1,549
1,774
1,461
1,280
2,514
1,854
2,047
2,075
2,226
2,421
2,602
3,518
3,492
3,473
3,463
3,429
3,425
3,060
337
2,962
509
2,945
499
3,358
882
3,213
832
8,062 1,261
965
772
1,190
1,369
1,330
1,182
1,663
1,720
1,193
1,161
1,728
3,818
18,886
" ,030
21
21 ,995
23,842
26,456
26
33,429
166
183
234
329
378
434
40,443
41,403
41,996
40,639
1,324 18,603
1,371 19,348
1,375 19,782
1,244 18,927
3,709
3,852
3,612
3,476
2,988
2,967
3,187
3,108
3,433
3,432
3,429
3,430
8,061
8,046
7,982
7,821
1,072
1,068
1,561
1,840
2, 357 36,488
4,183 35,610
013 35,848
4,013
3,019 35,171
498
508
543
568
388
925
46
14
318
847
123
811
236
107
45
13
28
2,325
2,387
2,629
2,634
Classification by agency
June 30, 1955
Farm Credit Administration:
Banks for cooperatives
Federal intermediate credit banks
Production credit corporations
Federal Farm Mortgage Corp
Department of Agriculture:
Rural Electrification Administration
Commodity Credit Corporation
Farmers Home Administration
Federal Crop Insurance Corp
Housing and Home Finance Agency:
Home Loan Bank Board:
Federal home loan banks
Federal Savings and Loan Insurance Corp
Public Housing Administration
Federal Housing Administration
Federal National Mortgage Association
Office of the Administrator
Small Business Administration
Export-Import Bank
Federal Deposit Insurance Corp
Tennessee Valley Authority
Federal Maritime Board and Maritime Adm
Panama Canal Company
Veterans Administration
Department of the Treasury
Foreign Operations Administration
All other
2,399
5,525
713
26
12
2,282
1,845 2,910
663
1,735
248
323
58'
2,696
774
51 1,017
1
99
25
55
45
85 2,594
226
38
34
2,827
1,717
2,010
5,435
476
613
8,545
1,695
888
33
1
4 2,796
3 (7)
160
268
38
431
147
112 3,913
2 1,692
105
152
1
Loans by purpose and agency are shown on a gross basis; total loans
and all other assets are shown on a net basis, i.e., after reserve for losses.
2 Includes figures for the Regional Agricultural Credit Corporation, the
assets and liabilities of which have been administered by this agency
since
dissolution of the RACC in 1949.
3
Changes in coverage over the period for which data are shown are as
follows: exclusion of the Home Owners' Loan Corporation after June
1951, when U. S. Govt. interest was repaid; and inclusion of the Mutual
Security Agency (superseded by the Foreign Operations Administration)
beginning June 1952 and of the Federal Maritime Board and Maritime
Administration
beginning June 1953.
4
The RFC Liquidation Act approved July 30, 1953 (67 Stat. 230)
terminated the RFC's lending authority, effective Sept. 28, 1953. Its
lending activities under the Federal Civil Defense Act of 1950 and the
Defense Production Act of 1950 were transferred to the Treasury on that
date. When the Corporation went out of existence on June 30, 1954,
certain loans, securities, and other assets were transferred to the Federal
National Mortgage Association, the Small Business Administration, and
the Export-Import Bank, and the Treasury assumed responsibility for
completing liquidation of other activities.
146
661
241
5
6
354
135
132
17
37
()
472
()
1,706
459
1 2,399
1,336 4,189
711
2
17
9
110
593
30
7
26
8
()
9
1,812
315
4,807
5
422
30
3
3,425
27 1,049
1
66
106
336
570
-3
238
298
376
171
37 2,088
767
7
862
10
25
540
34
()
103 2,724
1,591
1,960
5,256
462
605
8,533
1,695
59
829
126
51
179
14
8
12
5
Figures represent largely the Treasury loan to United Kingdom and
through 1952 are based in part on information not shown in Treasury
compilation.
6
Figure not published in Treasury compilation, but derived by Federal
Reserve. See also footnote 3.
7
Less than $500,000.
8
Effective July 1, 1954, the public war housing program of the PHA
(represented largely by land, structures, and equipment) and several
small housing programs managed by the Office of the Administrator,
Housing and Home Finance Agency, were designated to be liquidated by
the9 Office of the Administrator, shown under other agencies.
Beginning 1951, includes figures for Panama Canal Company, a new
corporation combining the Panama Railroad Company (included in
earlier Treasury compilations) and the business activities of the Panama
Canal (not reported prior to that time). See also footnote 8.
NOTE.—Statement includes certain business-type activities of the U. S.
Government. Figures for some agencies—usually small ones—may be
for dates other than those indicated.
40
FEDERAL FINANCE
FEDERAL FISCAL OPERATIONS
[On basis of U. S. Treasury statements and Treasury Bulletin. In millions of dollars]
Derivation of Federal Government cash transactions
Receipts from the public,
other than debt
Period
Net
Budget
rects.
Plus:
Trust
fund
rects.
Less:
IntraGovt.
trans. *
Payments to the public,
other than debt
Equals:
Total
rects.
from
the
public 2
Budget
expenditures
Plus:
Trust
fund
expenditures
Less:
Adjust-3
ments
Equals:
Total
payts.
to the
public
Excess
of rects.
from,
or
payts.
to(-),
the
public
Net Federal cash borrowing or
repayt. (—) of borrowing
Less:
Increase,
or deNet
crease
by Other
non( - ) , i n inv.
Govt.
cash
debt
agen.
& debt
4
(direct tr. funds
& agen.)
Equals:
Net
cash
borrowing or
repayt.
()
Cal. year—1954 5.. ,
61,171
9,571
2,132
68,549
64,854
7,596
2,815
69,635 - 1 , 0 8 6
3,509
1,582
753
1,174
Fiscal year—1953 5.
1954..
1955..
64,825
64,655
60,390
8,929
9,155
9,536
2,193
2,109
2,069
71,505
71,628
67,828
74,274
67,772
64,570
5,288
7,202
8,545
2,784
3,114
2,575
76,778 - 5 , 2 7 3
71,860
-232
70,539 - 2 , 7 1 2
6,941
5,185
3,996
3,301
2,054
1,532
722
619
644
2,918
2,512
1,819
Semiannual totals:
1953—July-Dec. 5
1954—Jan.-June.
July-Dec..
1955—Jan.-June.
25,757
38,898
22,272
38,118
3,953
5,202
4,368
5,168
847
1,262
869
1,200
28,833
42,795
25,754
42,074
34,484
33,288
31,566
33,004
3,217
3,985
3,611
4,934
722
2,392
422
2,154
36,979
34,881
34,754
35,785
-8,147
7,914
-9,000
6,289
9,196
-4,011
7,520
-3,525
860
1,194
387
1,145
313
306
448
196
8,023
-5,511
6,685
-4,866
Monthly:
1954_Nov
Dec
1955—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
4,201
3,742
4,655
5,427
9,741
3,732
4,438
10,125
2,765
4,734
5,498
2,692
4,662
994
890
268
600
778
528
1,320
1,675
745
1,502
721
505
1,142
60
436
62
58
65
79
64
884
410
133
104
151
65
5,130
4,194
4,859
5,966
10,451
4,179
5,692
10,915
3,098
6,101
6,114
3,044
5,738
3,842
6,288
4,942
4,831
5,894
5,228
5,356
6,753
5,382
6,225
5,340
5,355
5,172
407
524
842
757
781
1,070
736
750
752
727
688
900
668
-369
802
200
429
269
362
-241
1,146
587
17
-62
316
43
4,618
6,010
5,584
5,159
6,406
5,935
6,333
6,356
5,547
6,935
6,090
5,939
5,797
513
-1,816
-725
807
4,045
-1,756
-641
4,559
-2,449
-834
25
-2,895
-59
134
-129
200
-294
-4,061
2,630
860
-2,860
3,237
845
-774
2,622
490
167
191
-134
-79
97
-413
582
1,092
119
944
-360
-230
604
54
46
51
-10
40
37
39
40
114
31
40
14
40
-87
-366
284
-205
-4,198
3,006
239
-3,992
3,004
-130
-454
2,837
-154
Effects of operations on Treasurer's account
Operating transactions
Period
Fiscal yr.—1952. ..
19535...
1954. ..
1955. ..
Semiannual totals:
1953—Jan.-June.
July-Dec. 5
1954—Jan.-June.
July-Dec..
1955—Jan.-June.
Monthly:
1954_Nov
Dec
1955_jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Financing transactions
Net
Net
market inv. ( - ) Increase,
or
issuance in Fed. decrease
sec. by
Held
(+)of
(-),in
Govt.
outside
Govt.
gross
agency
Treasury
agency
direct
obligaand
tions 6 tr. funds 6 public
debt
Net
budget
surplus
or
deficit
Tr. fund
accumulation
or
deficit
Reconciliation
to Treas.
cash
-4,017
-9,449
-3,117
-4,180
3,490
3,641
1,953
991
-401
-250
-46
-29
114
-59
-14
602
-3,457
-3,148
-1,611
-1,362
3,883
6,966
5,189
3,115
-96
-8,728
5,611
-9,294
5,114
1,778
736
1,217
757
234
-248
-250
204
-689
660
81
-139
125
-152
754
-1,589
-810
-801
-412
-950
358
-2,546
-287
596
3,846
-1,496
-919
3,372
-2,617
-1,491
158
-2,663
-510
587
366
-574
-158
2
-541
584
925
-7
775
33
-394
474
-420
369
-75
-25
571
27
51
29
36
38
27
-121
-174
276
145
311
-262
363
199
21
-90
479
-53
-16
-55
-64
-241
335
119
-56
348
-663
-1,032
-254
-994
319
236
-378
P1 Preliminary.
n.a. Not available.
Consist primarily of interest payments by Treasury to trust accounts
and to Treasury by Govt. agencies, transfers to trust accounts representing
budget expenditures, and payroll deductions for Federal employees retirement
funds.
2
Small adjustments to arrive at this total are not shown separately.
3 Consist primarily of (1) intra-Governmental transactions as described
in footnote 1, (2) net accruals over payments of interest on savings bonds
Cash balances:
increase or
decrease ( —)
Account of Treasurer of United
States (end of period)
Deposits in
Treasury
Tax and
Loan
Accts.
Other
net
assets
333
132
875
380
5,106
3,071
4,836
4,365
1,530
1,467
1,055
1,471
4,670
4,577
6,766
5,180
6,216
132
.346
875
563
380
3,071
3,358
4,836
3,461
4,365
,467
873
,055
,156
,471
7,304
5,180
4,728
5,411
5,151
6,401
5,880
6,216
6,811
5,753
5,376
,314
5,119
694
563
360
564
724
814
649
380
624
393
554
484
477
5,584
3,461
2,907
3,561
3,203
4,023
4,054
4,365
4,972
4,188
3,638
3,672
3,538
,026
,156
,461
,286
,224
,564
,177
1,471
1,215
1,172
1,184
1,158
1,104
Treasurer's
account
Balance
n.a.
n.a.
257
-312
-388
-2,299
2,096
-551
6,969
4,670
6,766
6,216
-1,320
9,097
-3,908
7,490
-4,375
n.a.
n.a.
n.a.
-712
400
-1,395
-94
2,190
-1,587
1,036
101
-103
-311
-257
-4,134
2,601
824
-3,098
3,210
725
-833
2,341
319
-211
-56
12
-78
109
2
122
232
-38
95
-50
6
-17
641
-2,124
-451
682
-260
1,250
-522
336
595
-1,058
-378
-62
-195
F. R.
Banks
(available
funds)
and Treasury bills, (3) Budget expenditures involving issuance of Federal
securities, (4) cash transactions between Intl. Monetary Fund and Exchange Stabilization Fund, (5) reconciliation items to Treasury cash, and
(6) net operating transactions of Govt. sponsored enterprises.
45 Primarily adjustments 2, 3, and 4 described in footnote 3.
Beginning new reporting basis; see Treasury Bulletin, April 1954, p. A2.
6
Excludes net transactions of Govt. sponsored enterprises, which are
included in the corresponding columns above.
41
FEDERAL FINANCE
FEDERAL FISCAL OPERATIONS—Continued
[On basis of Treasury statements and Treasury Bulletin unless otherwise noted.
In millions of dollars]
Selected excise taxes
(Int. Rev. Serv. repts.)
Budget receipts
Adjustments from total
Budget receipts
Period
Fiscal yr.—1952
19533
1954
1955
Semiannual totals:
1953—Jan.-June 3
July-Dec.
1954—Jan.-June
July-Dec
1955—Jan.-June
Monthly:
1954_Nov
Dec
1955—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Net
Budget
receipts
Income and
profits taxes
Transfers to:
Total
Budget
Oldage
trust
fund
ceipts
Refunds
Railof
road
reret'ment ceipts
acct.
Employment2
taxes
Other
receipts
Liquor
Tobacco
Mfrs.'
and retailers'
21,467 8,893
21,595 9,934
21,523 10,014
18,265 9,211
4,562
4,983
5,425
6,220
3,197
3,369
3,829
4,108
2,549
2,781
2,798
2,743
1,565
1,655
1,581
1,571
2,824
3,359
3,127
3,169
4,931
5,405
4,609
4,527
4,684
2,740
2,083
3,342
2,668
3,552
1,637
1,661
2,168
1,724
2,384
,299
,521
,277
,453
,290
810
804
'777
'767
805
1,786
1,476
1,651
1,480
1,689
781
715
649
709
841
717
843
924
796
867
881
821
921
664
393
161
786
628
341
879
757
216
1,012
579
290
791
333
297
545
388
342
248
427
435
369
522
331
303
391
280
209
'157
Corporation i
Withheld i
Other i
61,391
64,825
64,655
60,390
3,569
4,086
4,537
5,040
738
620
603
599
2,302
3,118
3,377
3,426
67,999
72,649
73,173
69,454
18,521
21,351
21,635
21,254
11,359
11,417
10,747
10,396
37,703
25,757
38,898
22,272
38,118
2,195
1,722
2,815
2,305
2,735
311
321
282
322
277
2,700
395
2,982
339
3,087
42,910
28,195
44,978
25,239
44,215
11,347
11,078
10,557
10,230
11,024
8,481
2,593
8,154
2,323
8,073
4,201
554
329
113
255
562
316
785
703
198
912
519
268
692
94
64
17
64
46
19
80
52
15
85
60
18
85
56
82
48
208
741
874
817
399
110
118
103
21
89
4,905
4,217
4,833
5,954
11,089
4,941
6,119
11,279
3,089
5,848
6,180
2,998
5,527
2,759
1,359
884
2,916
1,721
967
2,991
1,545
884
3,004
1,604
1,014
3,037
78
272
2,239
881
745
2,190
602
1,417
277
115
1,685
178
94
3,742
4,655
5,427
9,741
3,732
4,438
10,125
2,765
4,734
5,498
2,692
4,662
Expise
taxes!
Individual
13,773
5,375
16,148
3,767
14,498
290
1,181
355
274
6,812
478
377
6,201
547
" 328
1,100
392
293
••183
'247
'210
'226
'268
231
245
256
289
124
696
108
10
131
27
119
676
139
99
122
9
143
754
150
123
116
154 \ 977
135
138
Budget expenditures4
National security
Period
Total
Totals
Fiscal yr.: 1952
19533
1954
1955 7
Semiannual totals:
1953—Jan.-June
July-Dec. 3
1954—Jan.-June
July-Dec
1955—Jan.-June 7 . . . .
Monthly:
1954_Nov
Dec
1955—Jan
Feb
Mar
Apr
May
June 7
July
Aug
Sept
Oct
Nov. p
VetInter- erans'
Intl.
affairs est on servDefense Mutual Atomic and
public ices and
Dept., security,
finance debt
benemilitary military energy
fits
Natural
re-
Transportation
and
com- Other 6
munica-
65,408
74,274
67,772
764,570
42,867
50,276
46,522
40,989
38,077
43,611
40,336
35,730
2,292
3,956
3,629
81,895
1,648
1,791
1,895
1,856
2,839
2,184
1,553
81,175
5,859
6,504
6,382
6,389
4,952
4,334
4,249
4,405
1,672
1,801
1,882
1,821
665
435
-556
169
1,063
2,961
2,653
4,500
1,451
1,554
1,389
1,294
1,839
1,841
1,453
1,540
2,202
2,385
2,244
37,801
34,484
33,288
31,566
733,004
25,596
23,750
22,773
20,047
20,650
22,134
20,819
19,517
17,290
18,440
2,113
1,671
1,958
1,292
§605
926
945
950
987
869
1,113
968
585
680
8787
3,542
2,816
3,567
3,000
3,389
2,115
2,110
2,139
2,114
2,292
n.a.
n.a.
n.a.
933
-27
-153
-402
67
101
2,172
1,130
1,521
1,722
2,775
733
788
601
752
543
770
919
535
854
684
n.a.
n.a.
n.a.
1,396
820
3,842
6,288
3,316
3,739
2,853
3,280
181
152
156
158
192
368
1,200
373
401
146
142
102 -1,064
236
-59
134
117
247
121
131
198
4,942
4,831
5,894
5,228
5,356
76,753
5,382
6,225
5,340
5,355
5,172
3,176
3,048
3,759
3,382
3,346
3,939
2,863
3,420
3,611
3,161
3,116
3,092
2,705
3,261
3,020
3,017
3,345
2,547
3,111
3,372
2,729
2,828
-113
163
863
122
99
271
92
88
35
297
114
158
151
153
134
126
147
138
138
121
129
128
171
148
8109
78
184
97
56
95
60
153
156
222
396
478
355
443
1,495
592
522
529
542
542
379
365
386
383
381
398
364
434
363
364
426
178
135
137
170
144
124
179
175
164
216
169
38
40
-13
28
37
-29
30
2
-14
14
34
91
96
80
87
83
106
73
93
114
95
109
97
137
89
109
175
77
238
231
166
152
143
240
205
187
-128
179
135
652
333
52
297
155
P1 Preliminary.
' Revised.
n.a. Not available.
Corporation and estate and gift taxes are from Internal Revenue
Service reports prior to July 1953. Excise taxes and nonwithheld individual taxes for that period are obtained by subtracting Internal Revenue
Service
data from appropriate monthly Treasury statement totals.
2
Represents the sum of taxes for old-age insurance, railroad retirement,
and unemployment insurance.
3
Beginning new reporting basis; see Treasury Bulletin, April 1954, p. A2.
4
For a detailed description of components, see Treasury Bulletin.
5 Includes stockpiling of strategic and critical materials, direct forces
Hous- Agriculture
ing
Social
and
and
secuagricomrity,
welfare, munity cultural
and
derehealth velopsources
349
260
684
762
384
336
336
919
295
362
323
2,212
support under the Mutual Security program beginning 1954, and prior
to 1954, some other small expenditures not shown separately.
6 Includes expenditures for the function of finance, commerce, and
industry shown separately in Treasury Bulletin, for legislative and judicial
functions, and for executive departments and other agencies not shown
elsewhere.
78 Final figures for components are not available.
Figures for reclassified items involving a shift between intl. affairs
and finance and national security became available on a monthly basis
beginning with March 1955 and on an annual basis beginning with fiscal
year 1955.
42
FEDERAL FINANCE
UNITED STATES GOVERNMENT DEBT, BY TYPE OF SECURITY
[On basis of daily statements of United States Treasury. In billions of dollars]
Public issues 3
Nonmarketable
Marketable
End of
month
1941—Dec
1945—Dec
1947 Dec .
1950—Dec
1951 Dec
1952—Dec
1953 Dec
1954—June .
Dec
1955_jan
Feb
Mar . .
Apr
IVtay
June
July
Aug
Sept
Oct
Nov .
Dec . . . .
Total
gross
debti
Total
gross
direct
debt 2
Convert-
Bonds
Total
Total
Bills
Certificates of
indebtedness
Notes
Bank
eligible 4
Bank
restricted
6.0
33.6
68.4
68.4
44.6
41.0
58.9
63.9
71.8
76.1
52.2
49 6
49.6
36.0
21.0
13.4
8.7
5.7
81.8
81.5
81.1
81.1
81.1
81.1
81 9
81.9
81.9
81.9
81.9
81.9
64.3
278.7
257.0
256.7
259.5
267.4
275.2
271.3
278.8
57.9
278.1
256 9
256.7
259.4
267.4
275.2
271.3
278.8
50.5
255.7
225.3
220.6
221.2
226.1
231.7
226.7
233.2
41.6
198.8
165.8
152.5
142.7
148.6
154.6
150.4
157.8
2.0
17.0
15.1
13.6
18.1
21.7
19.5
19.5
19.5
38.2
21.2
5.4
29.1
16.7
26.4
18.4
28.5
23.0
11.4
39.3
18.4
30.3
31.4
32.0
28.0
278.5
278.2
274.1
276.7
, 277.5
274.4
277 6
278.4
277 5
279.9
280.2
280.8
278.4
278.2
274.0
276.6
277.5
274.4
277 6
278.3
277.5
279.8
280.1
280.8
233.4
233.5
229.1
232.2
232.6
228.5
231 6
231.5
231.0
233.6
233.6
233.9
157.8
157.8
153.4
156.6
158.4
155.2
158 6
158.9
159.5
162.5
162.6
163.3
19.5
19.5
19.5
19.5
19.5
19.5
19 9
20.3
20.8
20.8
20.8
22.3
28.5
21.5
17.7
20.9
17.0
13.8
16 0
9.0
9.0
12.0
12.0
15.7
28.0
35.3
35.0
35.0
40.7
40.7
40 7
47.6
47.7
47.8
47.8
43.3
1
Includes some debt not subject to statutory debt limitation (amounting
to $474 million on Dec. 31, 1955) and fully guaranteed securities, not
shown
separately.
2
Includes noninterest-bearing debt, not shown separately.
3
Includes amounts held by Govt. agencies and trust funds, which
aggregated $7,605 million on Nov. 30, 1955.
Savings
bonds
bonds
Totals
8.9
6.1
12.1
12.5
12.0
11.9
11.8
56.9
59.5
68.1
66.4
65.0
65.1
64.5
63.6
48.2
52.1
58.0
57.6
57.9
57.7
58.1
57.7
11.8
11.7
11.7
11.7
11.7
11.7
11 7
11.6
11.5
11.4
11.4
11.4
63.8
64.0
64.0
64.0
62.5
61.6
61 4
61.0
60 0
59.6
59.6
59.2
58.0
58.2
58.4
58.3
58.3
58 4
58 4
58.5
58 3
58.3
58.3
57.9
Tax
and
savings
notes
2.5
8.2
5 4
8.6
7.5
5.8
6.0
5.1
4.5
4.5
4.4
4.3
4.3
2.8
1.9
1 7
1.2
.4
.1
.1
(6)
Special
issues
7.0
20.0
29.0
33.7
35.9
39.2
41.2
42.2
42.6
42.3
42.0
42.1
41.7
42.2
43.3
43 3
44.2
43.9
43.7
44.0
43.9
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.
6 Less than $50 million.
OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED
[Par value in billions of dollars]
Held by
U. S. Govt.
agencies and
trust funds i
Total
gross
debt
(including guaranteed
securities)
Special
issues
Public
issues
1941—Dec
1945—Dec
1947_Dec
1950—Dec
1951—Dec
1952—Dec
1953—Dec
1954—June
64.3
278.7
257.0
256.7
259.5
267.4
275.2
271.3
7.0
20.0
29.0
33.7
35.9
39.2
41.2
42.2
2.6
7.0
5.4
5.5
6.4
6.7
7.1
7.1
54.7
251.6
222.6
217.5
217.2
221.6
226.9
222.0
2.3
24.3
22.6
20.8
23.8
24.7
25.9
25.0
1954—Oct
Nov
Dec
278.8
278.9
278.8
42.2
42.4
42.6
7.0
7.1
7.0
229.5
229.5
229.2
1955—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
278.5
278.2
274.1
276.7
277.5
274.4
277.6
278.4
211.5
279.9
42.3
42.0
42.1
41.7
42.2
43.3
43.3
44.2
43.9
43.7
7.2
7.2
7.3
7.2
7.2
7.3
7.3
7.3
7.3
7.4
229.0
229.0
224.7
227.8
228.1
223.9
227.0
226.8
226.3
228.8
End of
month
Held by the public
Total
Insurance
companies
Other
corporations
State
and
local
govts.
21.4
90.8
68.7
61.8
61.6
63.4
63.7
63.6
3.7
10.7
12.0
10.9
9.8
9.5
9.2
9.1
8.2
24.0
23.9
18.7
16.5
16.1
15.8
15.3
4.0
22.2
14.1
19.7
20.7
19.9
21.0
16.4
.7
6.5
7.3
8.8
9.6
11.1
'12.7
'13.9
5.4
42.9
46.2
49.6
49.1
49.2
49.4
49.5
8.2
21.2
19.4
16.7
15.5
16.0
'16.0
'15.5
.9
9.1
8.4
10.5
10.6
11.7
13.2
13.7
24.4
24.9
24.9
70.1
69.7
69.2
8.9
8.8
8.8
15.1
15.0
15.0
18.7
19.3
19.3
'13.9
'13.8
'13.8
49.8
49.9
50.0
'14.7
'14.3
'14.2
14.0
13.8
13.9
23.9
23.6
23.6
23.6
23.7
23.6
24.1
23.8
23.8
24.0
68.7
66.9
64.2
'65.8
-64.8
'63.5
'63.8
'62.7
62.1
62.7
8.8
8.8
8.8
8.8
8.8
8.7
8.8
8.8
8.7
8.6
15.2
15.2
15.0
15.0
14.9
14.8
14.9
15.0
15.0
14.9
20.0
21.2
19.0
20.1
21.2
18.8
19.9
21.0
20.9
22.2
'14.1
'14.3
'14.5
'14.6
'14.7
'14.7
'15.0
'15.1
15.1
15.3
50.0
50.1
50.2
50.2
50.2
50.2
'50.2
50.3
50.2
50.2
'14.5
'14.9
'15.3
'15.3
'15.3
'15.1
'15.3
'15.4
15.6
15.6
13.9
13.9
14.2
14.4
14.4
14.4
15.0
14.9
15.0
15.2
'Revised.
Includes the Postal Savings System.
Includes holdings by banks in territories and insular possessions,
which amounted to $300 million on June 30, 1955.
1
2
Individuals
Mutual
savings
banks
Federal ComReserve mercial
Banks banks2
Other
Savings
bonds securities
Misc.
investors3
3
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. Govt. agencies
and trust funds are reported figures; holdings of other investor groups
are estimated by the Treasury Department.
43
FEDERAL FINANCE
UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES OUTSTANDING, DECEMBER 31, 19551
[On basis of daily statements of United States Treasury. In millions of dollars]
Issue and coupon rate
Treasury bills 2
Jan
5 iQSfi
Jan. 12, 1956 .
Jan. 19 1956
Jan. 26, 1956..
Feb
2 1956
Feb. 9, 1956
F e b 16 1956
Feb. 23 1956
Mar 1, 1956.. .
Mar 8 1956
M a r 15 1956
Mar 22 1956
Mar 23 19563
M a r 29 1956..
Certificates
Mar. 22, 19563... v
June 22, 19563... •: i
Amount
600
,601
Issue and coupon rate
Certificates—Cont.
June 77 1956 3
Dec. 1, 1956...
2V
Amount
2 970
9,083
601
,602 Treasurv notes
602
M a r 15 1956...
1 VR
Apr. 1, 1956...
600
2
A u g 15 1956
600
1, 1956... .. AV
600
Oct
,601
Mar. 15, 1957... . . . 2 %2
1 1957. .
Apr
600
IV
601
M a y 15, 1957...
2
,601
Aug. 15 1957
1, 1957... ...\y2
501
Oct
Apr. 1, 1958...
,603
2%
June 1 1958. .
Oct. 1, 1958... . . . I V i
1%
2,202
Feb. 15 1959
1,486
Apr. 1 1959... ...IV2
Issue and coupon rate
Treasury
Oct.
Apr.
Oct.
Amount
notes—Cont.
1 1959
• Wi
1, I960
1, I960
99
198
106
Issue and coupon rate
Treasury bonds—Cont.
Aug. 15. 1963
2V>
June 15, 1962-67.
Dec. 15, 1963-68.
June 15, 1964-69.
Dec. 15, 1964-69. 2V2
Mar. 15, 1965-70. .2V2
Mar. 15, 1966-71.
June 15, 1967-72. 2V?
Sept. 15, 1967-72. 2Vx
Dec. 15,1967-72. .2V2
June 15, 1978-83. .314
...3
Feb. 15, 1995
8,472 Treasurv bonds
1,449
Mar. 15, 1956-58.. 2V>
1,007
982
12,547
Sept. 15, 1956-594. •2Y4
3,821
550
Sept. 15, 1956-59..
927
Mar. 15, 1957-59.. 2Vfi
2,997
531
June 15, 1958
2V% 4,245
919
4,155
June 15, 1958-634. 23/
Dec. 15, 1958
2,368
3,792
.21/2
824
15,
1959-62..
June
5,276
.2V4
3,464 Panama Canal Loan . . . 3
Dec. 15, 1959-62..
383
2V& 3,806
2,281
Nov. 15, 1960
1,485 Convertible bonds
121
Dec. 15, 1960-654.
2,239
Investment Series B
5,102
Sept. 15, 1961
11,177
Apr. 1, 1975-80..
119
Nov. 15, 1961
'.2%
1 Direct public issues.
2 Sold on discount basis. See table on Money Market Rates, p. 35.
Amount
6 755
7 ,116
7 875
3 , 753
3 879
4 ,716
7 959
1 879
2 ,716
3 805
1 ,606
2 ,745
50
11 387
3 Tax anticipation series.
Partially tax-exempt.
4
OWNERSHIP OF UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES 1
[On basis of Treasury Survey data. Par value in millions of dollars]
Marketable securities, by maturity class
Marketable and convertible securities, by type
Type of holder and date
Market- Conable
vertible
bonds 2 bonds
Total
Within
1 year
1-5
years
5-10
Over 10
years
12,340
1 ,861
1 ,767
1 ,676
1 ,538
1 ,448
147,335
150,354
157,832
155,206
159,475
162,544
64,589
60,123
62,829
49,703
58,737
62,259
32,330
27,965
29,606
38,188
32,619
32,159
18,677
30,542
33,677
33,687
33,686
33,686
31,739
31,725
31,719
33,628
34,432
34,440
5,439
5,439
5,439
5,439
5,439
5,439
3,460
3,546
3,479
3,723
3,748
3,824
163
107
70
74
84
173
152
205
137
199
150
176
422
494
477
506
507
464
2,723
2,740
2,796
2,944
3,007
3,011
24,746
25,037
24,932
23,607
23,834
24,024
15,505
16,280
19,417
17,405
19,318
20,008
6,452
6,307
3,087
3,773
2,087
1,587
1,374
1,035
1,014
1,014
1,014
1,014
1,415
1,415
1,415
1,415
1,415
1,415
182
165
163
164
158
157
51,183
56,034
60,919
55,503
54,076
54,555
19,580
17,684
15,738
7,187
7,880
8,654
18,344
14,624
18,846
21,712
19,556
19,227
8,772
18,741
21,101
21,110
21,035
21,007
4,488
4,985
5,234
5,494
5,605
5,667
7,232
6,669
6,499
6,422
6,388
6,280
1,314
1,265
,239
[,222
[,216
,204
7,502
7,089
6,873
6,848
6,845
6,731
476
294
159
164
240
237
464
476
502
533
474
470
1,395
1,389
1,544
1,405
1,358
1.347
5,167
4,930
4,668
4,746
4,773
A,611
534
691
742
789
836
843
9,339
8,805
8,571
8,479
8,506
8,397
5,486
3,193
5,170
5,145
3,045
2,960
10,669
10,327
10,158
9,972
10,239
10,265
,472
,190
,144
810
,070
,195
1,023
1,045
1,180
1,339
1,319
1.312
1,849
2,171
2,102
2,027
1,976
1,960
6,325
5,921
5,732
5,796
5,874
5,798
5,678
6,531
7,310
12,502
14,483
14,884
24,890
23,032
22,548
23,927
25,094
25,417
3,919
3,800
3,756
3,706
3,679
3,687
49,775
48,322
51,469
55,554
60,733
63,145
27,393
24,568
26,301
24,062
30,145
31,991
5,895
5,308
5,855
10,633
9,033
9,388
4,865
6,711
7,439
7,626
7,797
7,895
11,621
11,734
11,874
13,233
13,759
13,871
Total
Bills
Certificates
Notes
159,675
162,216
169,599
166,882
171,013
173,991
19,707
19,515
19,506
19,514
20,810
20,812
15,854
18,405
28,458
13,836
9,047
12,017
30,425
31,960
28,033
40,729
47,707
47,797
81,349
80,474
81,835
81,128
81,910
81,918
6,899
6,985
6,918
7,162
7,187
7,263
106
46
51
40
39
112
30
41
4
8
4
13
23
64
46
119
104
123
3,300
3,395
3,378
3,556
3,601
3,576
Federal Reserve Banks:
1953—June 30
1 9 5 4 _ j u n e 30
Dec. 31
1955—June 30
Sept. 30
Oct. 31
24,746
25,037
24,932
23,607
23,834
24,024
1,455
2,316
2,204
886
1,104
1,303
4,996
6,600
13,882
8,274
2,524
2,520
13,774
13,029
6,044
11,646
17,404
17,400
4,522
3,093
2,802
2,802
2,802
2,802
Commercial banks:
1953—June 30
1954—June 30
Dec. 31
1955—June 30
Sept. 30
Oct. 31
51,365
56,199
61,082
55,667
54,234
54,712
4,411
4,187
4,399
2,721
846
584
4,351
4,942
4,835
1,455
1,107
2,244
10,355
11,423
13,649
15,385
14,602
14,281
32,066
35,481
38,037
35,942
35,520
35,446
8,816
8,353
8,113
8,069
8,061
7,935
120
98
75
84
158
155
87
101
57
53
20
30
62
221
242
289
279
266
Insurance companies:
1953—June 30
1954—June 30
Dec. 31
1955—June 30
Sept. 30
Oct. 31
14,155
13,520
13,328
13,117
13,285
13,226
460
622
663
630
840
948
337
209
183
74
58
77
Other investors:
1953—June 30
1954—June 30
Dec. 31
1955—June 30
Sept. 30
Oct. 31
53,694
52,121
55,226
59,260
64,413
66,831
13,155
12,248
12,115
15,153
15,822
15,710
6,052
6,511
9,496
3,973
5,334
7,133
All holders:
1953—June
1954_june
Dec.
1955—June
Sept.
Oct.
30
30
31
30
30
31
U. S. Govt. agencies and trust funds:
1 9 5 3 _ j u n e 30
1954—June 30
Dec. 31
1955—June 30
Sept. 30
Oct. 31
Mutual savings banks:
1953—June 30
1954—June 30
Dec. 31
1955—June 30
Sept. 30
Oct. 31
1 Direct public issues.
Includes minor amounts of Panama Canal and Postal Savings bonds.
NOTE.—Commercial banks, mutual savings banks, and insurance com2
panies 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.
44
SECURITY ISSUES
NEW SECURITY ISSUES 1
[Securities and Exchange Commission estimates. In millions of dollars]
Proposed uses of net proceed
all corporate issuers 6
Gross proceeds, all issuers 2
Corporate
Noncorporate
Year or
month
Total
FedU. S.
eral
Govt. 3 agency 4
State
and
mu- Others Total
nicipal
Bonds
Retirement
of
bank
debt,
etc. 8
28
133
69
144
134
1,695
1,583
4,555
234
488
315
637
364
620
363
226
537
535
709
307
401
1,271
486
664
260
1,875
Pre- ComNew 7
ferred mon Total money
Pristock
stock
vately
placed
1,276
1,578
3,851
703
811
1,004
98
167
758
5,973 ;2,965 =3,008
4,890 =2,437 =2,453
4,920 2,360 2,560
5,691 2,364 3,326
7,601 3,645 3,957
7,083 3,856 3,228
7,488 4,003 3,484
492
<425
631
838
564
489
816
614
736
811
1,212
1,369
1,326
1,213
6,652
5,558
4,990
7,120
8,716
8,495
7,490
5 ,929
4 ,606
205
566
37
62
64
103
290
604
244
515
46
123
400
232
208
346
178
229
344
447
164
270
177
260
53
25
37
54
95
57
53
16
82
39
83
465
135
546
113
362
436
512 1,261 1 ,190
146
494
444
209
791
903
206
697
635
101
514
583
200
654
623
93
562
680
153 1,138 1 ,058
192
601
562
81
74
71
50
112
62
69
32
118
79
38
114
56
135
165
74
81
140
216
55
70
73
Total
:
l,980
;
5,687
15,157
54,712
2,332
11,466
47,353
13
38
506
1,128
956
795
50
30
47
2,164
2,667
6,011
1948
1949
1950
1951
1952
1953
1954
20,250
21,110
19,893
21,265
26,929
28,824
29,765
10,327
11,804
9,687
9,778
12,577
13,957
12,532
216
30
110
459
106
458
2,690
2,907
3,532
3,189
:
4,121
5,558
6,969
156
132
282
446
237
306
289
7,078
6,052
6,361
7,741
9,534
8,898
9,516
1954_Nov
Dec
1955—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
1,350
2,552
2,706
1,431
2,583
1,654
4,399
1,915
2,487
1,656
1,640
-2,614
1,764
466
557
742
602
614
535
3,020
496
1,265
509
481
461
438
459
906
4
71
422
1,019
321
854
541
328
540
429
350
651
470
259
407
-926
606
35
1
9
15
2
4
15
672
501
1,420
675
998
796
737
887
749
1,225
687
484
364
871
475
694
533
583
672
574
1,034
413
30
Retirement
of
securities
Miscellaneous
purposes
Publicly
offered
1939
1941
1945
716
New capital
2,390
4,855
116
288
252
156
524
297
465
190
136
508
304
857
153
325
87
420
868
110 1,041
397 1,347 1 ,080
I
4,006
6 ,531
8 ,180
7 ,960
6 ,780
Proposed uses of net proceeds, major groups of corporate issuers
Year or
month
Manufacturing
Commercial and
miscellaneous
RetireNew
ment of
New
secu- capital
capital9
rities
1948
1949
1950
1951
1952
1953
1954
2,126
1,347
1,026
2,846
3,712
2,128
2,044
54
44
149
221
261
90
190
382
310
474
462
512
502
831
1954_Nov..
Dec.
105
123
3
64
73
132
1955—Jan..
Feb..
Mar..
Apr..
May.
June.
July.
Aug..
Sept..
Oct..
Nov..
163
68
547
141
376
164
215
119
167
128
138
23
16
85
26
48
10
138
50
18
3
41
94
37
42
110
66
36
76
42
69
T
1
2
Public utility
Communication
Real estate
and financial
RetireRetireRetireRetireRetirement of
New
New
ment of
New
ment of
New
ment of
ment of
secusecu- capital 9
secu- capital 9 secu- capital 9 secu- capital 9
rities
rities
rities
rities
rities
21
28
63
56
24
40
93
691
784
609
437
758
553
501
56
11
196
53
225
36
270
2,005
2,043
1,927
2,326
2,539
2,905
2,675
144
233
682
85
88
67
990
890
517
314
600
747
871
651
2
49
81
5
6
3
60
557
558
639
449
448
1,536
788
51
18
46
153
15
305
20
43
54
26
100
5
12
3
I
4
11
1
5
6
13
4
18
52
37
8
36
18
55
52
27
45
50
46
19
43
198
101
196
178
230
260
103
90
208
146
245
41
8
27
36
17
15
6
26
21
12
24
31
45
90
19
693
41
2
18
6
6
97
145
368
108
177
78
127
274
160
84
c
Revised.
Corrected.
Estimates of new issues sold for cash in the United States.
Gross proceeds are derived by multiplying principal amounts or number3 of units by offering price.
Includes issues guaranteed.
4 Issues not guaranteed.
5 Includes foreign government, International Bank, and domestic
eleemosynary and other nonprofit.
Transportation
89
158
5
53
5
1
13
1
17
39
*io"
30
35
100
66
60
24
273
2
13
6
5
2
"2
3
1
7
6
Estimated net proceeds are equal to estimated gross proceeds less cost
of 7flotation, i.e., compensation to underwriters, agents, etc., and expenses.
Includes proceeds for plant and equipment and working capital.
8
Includes proceeds for the retirement of mortgages and bank debt with
original maturities of more than one year. Proceeds for retirement of
short-term bank debts are included under the uses for which the bank
debt
was incurred.
9
Includes all issues other than those for retirement of securities.
45
BUSINESS FINANCE
SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS
[In millions of dollars]
Quarterly
Annual
Industry
1954
1949
1950
1951
1952
1953
1955
1954
Manufacturing
Total (200 corps.): r
Sales
Profits before taxes
Profits after taxes
Dividends
Nondurable goods industries (94 corps.): *T
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.): r
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.): r
Sales
Profits before taxes
Profits after taxes
Dividends
Automobiles and equipment (15 corps.): r
Sales
Profits before taxes
Profits after taxes
Dividends
38,311 45,787 52,940 54,517 63,343 58,098 14, 396 14,941 13,539 15,223 16,610 17,931 17,096
5,278 8,176
246
,793 1,960 1,581 1,910 2,458 2,769 2,385
7,308 8,375
3,261 4,222 3,548 3,192 3,649
841
915
999
809 1,115 1,218 1,392 1,207
650
1,746 2,339 2,075 2,073 2,154
380
531
786
577
532
577
528
14,292 16,252 18,916 19, 266 20,694 20,610
776
2,067 2,947 3,447 2,853 3,028
604
1,361 1,661 1,533 1,392 1,526
059
977
789
925
972
946
,061 5,074 5,046 5,427 5,508 5,744 6,024
868
848
710
701
802
703
663
470
484
451
444
384
394
374
260
272
234
347
257
237
238
29,535 34,024 35,251 42,649
5,229 5,422 4,455 5,346
2,560 2,015 1,800 2,123
1,362 1,149 1,127 1,182
,335 9,867 8,494 9,796 11,102 12,187 11,072
,093 1,256
918 1,200 1,655 1,921 \ 5 1 7
922
723
531
435
664
774
605
297
290
317
378
439
320
295
24,020
3,212
1,900
958
4,223
434 4,402
268
532
149
289
161
3,904
734 4,817
441 1,178
338
597
467
3,991
587 4,359
457
712
206
492
236
8,184
996 10,448
580 1,706
857
286
378
4,342 5,049
518
847
320
424
138
208
489
469
236
,321
,909 5,042 5,411 5,464 1,337 1,351 1,339 1,437 1,355 1,465
99
108
132
461
122
99
132
473
'453
465
46
56
64
224
59
46
63
227
-203
'212
36
156
39
45
36
36
36
159
154
154
> 0 0
139
69
39
,882 5,965 6,373 6,182 1,502 1,540 1,518 1,622 1,721 1,811 1,801
334
380
282
282
367
277
390
,490 -1,259 1,308 1,175
194
192
612
138
142
183
137
198
520
521
'486
115
194
100
102
114
495
99
134
'417
381
396
:,078 5,411 5,883 6,014 1,509 1,472 1,473 1,561 1,568 1,613 1,882
200
756
197
177
210
841
218
911
728
157
225
147
571
143
136
150
603
560
156
524
136
156
295
72
73
77
290
77
262
79
77
283
72
1,507 11,564 13,750 11,522 2,912 3,021 2,715 2,874 3,301 3,858 3,706
407
633
302
360
582
487
306
:,098 '1,147 '1,817 1,375
235
313
717
291
241
151
180
151
778
'790
'564
125
109
118
115
409
92
92
100
382
'377
'369
i, 168 7,077 8,005 7,745 1,918 1,939 1,865 2,024 1,953 2,044 1,977
901
209
232
252
200
207
238
,000
971 1,011
252
471
121
102
143
110
108
103
365
375
402
117
262
67
64
65
76
67
68
192
199
237
58
695 11,969 12,707 13,038 16,611 14,137 3,540 3,785 2,963 3,850 4,790 5,101 4,245
2,332 1,950
871 1,101
111
457
679
486
1,982 2,078 1,762
837
758
709
535
469
469
440
217
115
538
260
114
302
129
108
481
232
198
827
371
109
890
420
114
588
261
161
Public Utility
Railroad:
Operating revenue
Profits before taxes
Profits after taxes
Dividends
Electric power:
Operating revenue
Profits before taxes
Profits after taxes
Dividends
Telephone:
Operating revenue
Profits before taxes
Profits after taxes
Dividends
:
8,580 9,473 10,391 10,581 10,664 9,371 2,275 2,335 2,366 2,395 2,302 2,521 2,631
319
259
900
199
226
358
156
370
700 1,385 1,260 1,451 1,404
277
175
136
172
242
674
88
243
438
784
871
693
832
136
101
73
74
96
74
90
252
312
379
412
328
338
5,069 5,528 6,058 6,549 7,136 7,610
" " 2,049
1,129 1,313 1,482 1,740 1,895
757
822
814
947 1,030 1,140
560
619
651
725
780
857
1,984 1,819 1,831 1,976 2,171 1,993 2,024
513
478
636
570
487
535
523
264
288
341
321
266
284
296
211
224
212
210
229
225
229
2,967 3,342 3,729 4,136 4,525 4,902
333
580
787
925 1,050
691
207
525
384
331
341
452
213
355
448
318
276
412
1,174 1,210 1,233 1,285 1,298 1,340 1,368
262
284
306
262
315
242
325
141
152
125
143
156
116
161
112
118
111
116
109
122
126
r
Revised.
1
Includes 26 companies in groups not shown separately, as follows:
textile mill products (10); paper and allied products (15); miscellaneous (1).
2
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. Sales data are obtained from
the Securities and Exchange Commission; other data from published
company reports.
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 detailed description of
series, 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).
46
BUSINESS FINANCE
CORPORATE PROFITS, TAXES, AND DIVIDENDS
NET CHANGE IN OUTSTANDING CORPORATE SECURITIES i
[Department of Commerce estimates. In billions
of dollars]
Year or
quarter
[Securities and Exchange Commission estimates. In millions of dollars]
All types
Profits In- Profits Cash Undisbefore come after divi- tributed
taxes taxes taxes dends profits
1939....
1945....
1948....
1949....
1950....
1951....
1952....
1953....
1954....
19551...
1954_4.
1955—1.
2.
3.
41
6.4
19.0
32.8
26.2
40.0
41.2
35.9
38.3
34.0
43.2
1.4
10.7
12.5
10.4
17.8
22.5
19.8
21.3
17.1
21.7
5.0
8.3
20.3
15.8
22.1
18.7
16.1
17.0
17.0
21.5
36.0
40.9
43.0
44.5
44.5
18.1
20.5
21.6
22.3
22.3
20.4
21.4
22.2
22.2
7.2
7.5
9.2
9.1
9.0
9.3
10.0
11.1
1.2
3.6
13.0
8.3
12.9
9.6
7.2
7.7
6.9
10.4
10.6
10.2
10.7
11.0
12.6
10.2
10.7
11.2
9.6
3.8
4.7
17.9
Year or
quarter
New RetireNet
New RetireNew Retire- Net
Net
issues ments change issues ments change issues ments change
.
7,570
6,731
7,224
9,048
10,679
9,550
11,715
1,683
1,875
3,501
2,772
2,751
2,428
5,353
5,887
4,856
3,724
6,277
7,927
7,121
6,361
5,938
4,867
4,806
5,682
7,344
6,651
7,872
1,283
1,583
2,802
2,105
2,403
1,896
3,897
4,655
3,284
2,004
3,577
4,940
4,755
3,975
1,632
1,864
2,418
3,366
3,335
2,898
3,843
400
292
698
666
348
533
1,456
1,232
1,572
1,720
2,700
2,987
2,366
2,386
1954—3
4
3,027
3,097
1,314
1,892
1,714 2,314
1,205 2,075
938
1,354
713
1,377
721 1,022
376
538
337
484
1955—1
2
3
3,014
2,891
2,895
1,295
1,484
1,427
1,719
1,407
1,468
702
767
923
979 1,333
1,034 1,089
915 1,057
593
717
504
740
373
553
1948
1949
1950
1951
1952
1953
1954
7.3
Stocks
Bonds and notes
1,681
1,802
1,838
1
Reflects cash transactions only. As contrasted with data shown on p. 45, 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. 45.
1
Preliminary estimates by Council of Economic
Advisers.
NOTE.—Quarterly data are at seasonally adjusted
annual rates.
CURRENT ASSETS AND LIABILITIES OF CORPORATIONS i
[Securities and Exchange Commission estimates. In billions of dollars]
Current liabilities
Current assets
End of year
or quarter
Net
working
capital
Total
1939
1945
24.5
51.6
54.5
97.4
1948
1949
1950
1951
1952
1953
68.6
72.4
81.6
86.5
90.1
92.6
133.0
133.1
161.5
179.1
186.2
189.6
1954_4
95.8
187.3
1955—1
2
3
98.1
100.6
102.3
187.9
190.1
198.9
1
Cash
Notes and accts.
receivable
U. S.
Govt.
securities
10.8
21.7
25.3
26.5
28.1
30.0
30.8
30.9
31.7
30.3
30.8
31.3
U. S.
Govt. 2
2.2
21.1
14.8
16.8
19.7
20.7
19.9
21.0
19.3
19.0
18.8
20.6
.0
2.7
1.1
2.7
2.8
2.6
2.4
2.2
2.1
2.2
Inventories
Notes and accts.
payable
Other
Total
U. S.
Govt. 2
Other
22.1
23.2
42.4
43.0
55.7
58.8
64.6
64.8
66.2
67.8
70.1
74.5
18.0
26.3
48.9
45.3
55.1
64.9
65.8
67.9
65.1
65.8
65.5
67.3
1.4
2.4
1.6
1.4
1.7
2.1
2.4
2.4
2.6
2.8
2.8
3.0
Federal
income
tax
liabilities
30.0
45.8
.0
.9
64.4
60.7
79.8
92.6
96.1
97.0
91.5
.4
1.3
2.3
2.2
89.6
96.6
2.5
2.3
2.2
2.4
Other
21.9
24.8
,3
.5
47.9
53.6
57.0
56.3
54.0
54.2
54.9
58.0
Other
1.2
10.4
11.5
9.3
16.7
21.3
18.1
19.2
15.7
13.5
14.0
14.9
16.5
18.7
19.3
13.4
12.1
15.3
19.7
20.1
21.0
6.9
9.7
19.4
2
Receivables from, and payables to, the U. S. Govt. exclude amounts
offset against each other on corporations' books.
Excludes banks and insurance companies.
BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT i
[Department of Commerce and Securities and Exchange Commission estimates. In billions of dollars]
Year
Total
Manufacturing
Transportation
Mining
Railroad
Public Comutili- muni- Other 2
ties
cations
5.5
8.7
1.9
4.0
.3
.4
.3
.5
.4
.6
.5
.5
.3
.3
1.8
2.4
1948
1949
1950
1951
1952.
1953.
1954
19554
22.1
19.3
20.6
25.6
26.5
28.3
26.8
28.3
9.1
7.1
7.5
10.9
11.6
11.9
11.0
11.3
.9
.8
.7
.9
1.0
1.0
1.0
.9
1.3
1.4
1.1
1.5
1.4
1.3
.9
.9
1.3
.9
1.2
1.5
1.5
1.6
1.5
1.6
2.5
3.1
3.3
3.7
3.9
4.6
4.2
4.4
1.7
1.3
1.1
1.3
1.5
1.7
1 7
5.2
4.7
5.7
5.9
5.6
6.3
6 5
1
Corporate and noncorporate business, excluding agriculture.
Includes trade, service, finance, and construction.
Total
Other
1939
1945
2
Quarter
9 .1
1954—1
2. ,
3
4
Public
All
utili3
ties other
6.3
6.9
6.6
7.0
2.8
3.1
2.9
3.2
.6
.6
.6
.6
.9
1.1
1.1
1.1
1.9
2.1
2.1
2.1
1955—1
2
3
44
5.8
7.0
7.4
8.0
2.4
3.0
3.1
3.6
.5
.6
.6
.7
.8
1.1
1.2
1.3
2.0
2.3
2.5
2.3
1956—H
7.3
3.3
.8
1.0
2.2
.
3 Includes communications and other.
Anticipated by business.
4
Manufactur- Transing
portaand
tion
mining
47
REAL ESTATE CREDIT
MORTGAGE DEBT OUTSTANDING, BY TYPE OF PROPERTY MORTGAGED AND TYPE OF MORTGAGE HOLDER
[In billions of dollars]
All properties
End of year
or quarter
All
holders
^onfarm
Other
holders
Financial
insti- Selected Inditutions Federal viduals
agenand
cies
others
All
holders
Farm
1- to 4-family houses
Multi-family and
commercial properties!
Total
Financial
institutions
Other
holders
Total
Financial
institutions
Other
holders
All
holders
Financial
Other
insti- holders2
tutions
1941
1945
37.6
35.5
20.7
21.0
2.0
.9
14.9
13.7
31.2
30.8
18.4
18.6
11.2
12.2
7.2
6.4
12.9
12.2
8.1
7.4
4.8
4.7
6 4
4.8
1 5
1 3
4 9
1948
1949
1950
1951
1952
1953
1954
56.2
62.7
72.8
82.2
91.2
101.0
113.5
37.8
42.9
51.6
59.5
66.8
75.0
85.7
.6
17.8
18.7
19.8
20.7
21.9
23.3
25.0
50.9
57.1
66.7
75.6
84.0
93.4
105.4
33.3
37.6
45.2
51.7
58.4
66.0
75.7
25.0
28.5
35.4
41.0
46.8
53.5
62.4
8.3
9.1
9.8
10.7
11.7
12.5
13.2
17.6
19.5
21.6
23.9
25.6
27 4
29.7
10.9
12.3
13 9
15.9
17.2
18 5
20.0
6.7
5.3
5.6
6 1
6.6
7.2
7 7
8.2
1 9
2.1
2 3
2 6
2.8
3 0
3 3
3 4
3.5
3 7
4 0
4.3
4 6
4 9
1954—Mar
June
SeDt
Dec
103.1
106.2
109.7
113.5
76.9
79.5
82.5
85.7
2.7
2.7
23.6
24.1
24 5
25.0
95.3
98.2
101.6
105.4
67.6
69.9
72.7
75.7
55.0
57.2
59.7
62.4
12.5
12.6
12.9
13.2
27.7
28.3
29 0
29.7
18.7
19.1
19 5
20.0
9.0
9.2
7 8
8.0
8 1
8 2
3 1
4 7
3.2
4.8
117.2
121.9
126.3
88.7
92.6
96.3
2 9
25.5
26.3
27.0
108.7
113.1
117.4
78.5
82.1
85.6
65.0
68.2
71.4
13.5
13.8
14.2
30 3
31.0
31.8
20 4
20.9
21.4
9 9
10.2
10.4
8o 4a
3 4
3 5
5 1
5 3
9.0
3.6
5.4
1955
....
Mar
June
Sept. P
\A
2.0
2.4
2.8
2.8
2 7
2.8
3.0
3.0
^Preliminary.
1 Derived figures, which include negligible amount of farm loans held
by savings and loan associations.
2 Derived figures, which include debt held by Federal land banks and
Farmers Home Administration.
NOTE.—Figures for first three quarters of each year are Federal Reserve
estimates. Financial institutions include commercial banks (including
nondeposit trust companies but not trust departments), mutual savings
banks, life insurance companies, and savings and loan associations.
7.2
7.6
8.0
8.3
8.9
9.7
9 4
9.7
3 2
3 3
3.4
4 9
4 9
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 i
[In millions of dollars]
Commercial bank holdings 2
Mutual savings bank holdings 3
Residential
Residential
End of year or quarter
Total
Total
FHAinsured
VAguaranteed
Conventional
Other
nonfarm
1941
1945
4 906
4,112
3 292
3,395
1 048
1948
1949
1950
1951
1952
1953
1954
10,897
11,644
13,664
14,732
15,867
16,850
18,573
8,066
8,676
10,431
11,270
12,188
12,925
14,152
3,421
3,675
3,912
4,106
2,921
3,012
3,061
3,350
16,970
17 382
17,920
18,573
12,965
13,232
13,655
14,152
3,920
3,962
4,020
4,106
19,125 14,535
19,940 15,128
20,625 15,600
4,205
4,361
4,485
1954
Mar
June
Sept
Dec
1955—Mar
June
Sept.?
Total
Total
4,812
4,208
FHAinsured
VAguaranteed
Conventional
Other
nonfarm
Farm
3 884
3,387
900
797
28
24
5,806 4,758
6,705 5,569
8,261 7,054
004
9,916 8,595
,058 11,379 9,883
,087 12,943 11,334
,159 15,007 13,211
1,015
1,099
1.164
4,929
5,501
5,951
6,695
1,957
2,060
2,264
2,458
2,621
2,843
3,263
2,567
3,168
3,489
3,800
1,726
2,237
3,053
4,262
4,303
4,477
4,792
5,149
37
44
3,075
3,117
3,235
3,350
5,970
6,153
6,400
6,695
2,905
3,010
3,115
3,263
13,345
,140 13,881
150 14,415
159 15,007
11,700
12,181
12,665
13,211
3,560
3,659
3,725
3,800
3,295
3,579
3,900
4,262
4,845
4,942
5,040
5,149
3,450
3,601
3,685
6,880
7,166
7,430
3,385
3,549
3,735
15,560 13,745
16,173 14,339
16,855 15,000
3,895
4,000
4,125
4,600
4,976
5,385
5,250
5,362
5,490
856
^Preliminary.
1 Includes all banks in the United States and possessions.
2 Includes loans held by nondeposit trust companies but excludes
holdings of trust departments of commercial banks. March and September figures are Federal Reserve estimates based on data from Member
Bank Call Report and from weekly reporting member banks.
3 Figures for 1941 and 1945, except for the grand total, are estimates
based on Federal Reserve preliminary tabulation of a revised series of
Farm
566
521
874
909
968
100
1,205
1,263
1,290
774
1,444
556
1,740
34
47
53
53
56
1,592
,645
53
55
55
56
758
57
59
60
695
740
,775
1,795
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.
48
REAL ESTATE CREDIT
MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES
[In millions of dollars]
Loans acquired
Loans outstanding (end of period)
Nonfarm
Nonfarm
Year or month
Total
Total
FHAinsured
VAguaranteed
1941
1945
976
1948
1949
1950
1951
1952
1953
1954
3,407
3,430
4,894
5,134
3,978
4,345
5,334
3,114
3,123
4,532
4,723
3,606
3,925
4,921
1,202
1,350
1,486
1,058
1,294
864
817
673
.
Farm
Total
Other
Total
FHAinsured
6 442
6,636
5 529
5 860
1,394
VAguaranteed
815
Farm
Other
4 714
4 466
913
776
1,377
1,546
1,642
2,108
2,371
2,313
2,653
2,871
293
307
362
411
372
420
413
10,833
12,906
16,102
19,314
21,251
23,322
25,927
9,843
11,768
14,775
17,787
19,546
21,436
23,881
2,381
3,454
4,573
5,257
5,681
6,012
6,122
1,104
1,223
2,025
3,130
3,346
3,560
4,636
6,358
7,091
8,177
9,400
10,519
11,864
13,123
1,138
1 327
1,527
1,705
1,886
2,046
366
131
938
429
455
990
1954
Nov
Dec..
571
631
538
588
80
62
183
208
275
318
33
43
25,574
25,927
23,540
23,881
6,133
6,122
4,451
4,636
12,956
13,123
2 034
2,046
1955
Jan
Feb. .
Mar
521
495
563
479
443
493
69
66
77
161
118
154
249
259
262
42
52
70
480
525
431
481
71
76
128
135
232
270
49
44
519
478
71
151
256
41
488
536
454
503
72
77
118
140
264
286
34
33
513
485
80
127
278
28
578
545
535
514
76
86
160
155
299
273
43
31
26,223
26,474
26,727
26,949
27,217
27,483
27,748
28,001
28,250
28,563
28,868
24,171
24,405
24,629
24,824
25,067
25,310
25,551
25,787
26,025
26,320
26,613
6 132
6,156
6,166
6,171
6,200
6,202
6,225
6 244
6,260
6,289
6,328
4,771
4,861
4,982
5,070
5,168
5,297
5,373
5,468
5,573
5,692
5,808
13 268
13,388
13,481
13,583
13 699
13,811
13,953
14 075
14,192
14,339
14,477
2 052
2 069
2,098
2,125
2 150
2 173
2,197
2 214
2 225
2,243
2,255
Apr
May.
June
July
Aug.
Sept
Oct
Nov
NOTE.—For loans acquired, the monthly figures may not add to annual
totals, and for loans outstanding, the end-of-December figures may differ
from end-of-year figures, because monthly figures represent book value of
edger assets whereas year-end figures represent annual statement asset
values, and because year-end adjustments are based on more nearly
complete data.
Source.—Institute of Life Insurance; end-of-year figures are from
Life Insurance Fact Book; and end-of-month figures from the Tally of
Life Insurance Statistics and Life Insurance News Data.
MORTGAGE ACTIVITY OF SAVINGS AND LOAN ASSOCIATIONS
NONFARM MORTGAGE RECORDINGS OF $20,000 OR LESS
[In millions of dollars]
[Number in thousands; amounts in millions of dollars]
Loans made
Year or
month
Total i
Loans outstanding (end of period)
New
construction
Home
purchase
Total 2
4,578
5,376
1941
1945
1,379
1,913
437
181
581
1,358
1948
1949
1950
1951
1952
1953
1954
3,607
3,636
5,237
5,250
6,617
7,767
8,969
1,046
1,083
1,767
1,657
2,105
2,475
3,076
1,710
1,559
2,246
2,357
2,955
3,488
3,846
807
853
278
295
357
369
744
775
1,026
1,016
1,069
1,157
1,054
1,171
1,012
880
782
252
265
386
380
395
418
371
416
342
303
261
326
340
427
430
470
536
494
553
503
426
385
FHAinsured
VAConvenguaranteed tional 2
Amount, by type of lender
Year or
month
Insurance
companies
Commercial
banks
Mutual
savings
banks
4,732
5,650
1,490
2,017
404
250
1,166
1,097
218
217
2,535
2,488
3,032
2,878
3,028
3,164
3,458
11,882
11,828
16,179
16,405
18,018
19,747
22,974
3,629
3,646
5,060
5,295
6,452
7,365
8,312
1,016
1,046
1,618
1,615
1,420
1,480
1,768
2,664
2,446
3,365
3,370
3,600
3,680
4,239
745
750
1,064
1,013
1,137
1,327
1,501
307
318
2,148
2,267
757
784
177
191
399
420
147
158
284
277
343
328
344
360
335
366
342
326
314
2,024
1,958
2,455
2,357
2,483
2,636
2,463
2,697
2,522
2,387
2,316
688
702
928
900
950
1,024
953
1,060
946
835
765
165
151
174
165
163
174
161
163
155
153
152
379
365
458
456
482
516
472
521
505
505
499
128
116
134
136
153
171
168
179
168
167
171
563
10,305
717
11,616
841
13,622
864
15,520
904
18,336
21,882 1,044
26,142 1,171
2,397
2,586
2,969
3,125
3,385
3,961
4,714
7,345
8,313
9,812
11,530
14,047
16,877
20,257
1948
1949
1950
1951
1952
1953
1954
26,142 1,171
.. .
4,714 20,257
Nov
Dec
1954
1955
27,313 1,232
4,946 21,135
28,988 1,283
5,318 22,387
30,616 1,350
5,649 23,617
1 Includes loans for other purposes (for repair, additions and alterations,
refinancing, etc.) not shown separately.
2 Excludes shares pledged against mortgage loans.
Source.—Home Loan Bank Board.
Savings &
loan
assns.
1,628
1,639
1955
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Total i
1941
1945
1954
Nov
Dec
Number
Jan..
Feb
Mar
Apr
May
June
July
Aus
Sept
Oct
Nov
...
i Includes amounts for other lenders, not shown separately.
Source.—Home Loan Bank Board.
49
REAL ESTATE CREDIT
GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE
MORTGAGE DEBT OUTSTANDING ON
NONFARM 1- TO 4-FAMILY PROPERTIES
[In millions of dollars]
[In billions of dollars]
VA-guaranteed loans
FHA-insured loans
Home
mortgages
Year or month
Total
665
,341
,826
4,343
1945
1948
1949
1950
1951
1952
1953
1954
220
3,113
3,882
3,066
New
properties
Existing
properties
257
1,434
1,319
1,637
1,216
969
1,259
1,035
217
684
892
856
713
974
1,030
907
Home
mortgages
Projecttype
mortgages
Property
improvement2
loans
TotaP
20
609
1,021
1,157
582
322
259
232
171
614
594
694
708
848
1,334
891
192
1,881
1,424
3,073
3,614
2,721
3,064
4,257
New
properties
Governmentunderwritten
End of
year or
quarter
Existing
properties
Conventional
Total
Total
793
1,865
2,667
1,824
2,045
2,686
629
1,202
942
890
1,014
1,566
1954—Nov.
Dec.
266
287
91
92
92
109
7
23
76
63
494
556
304
337
189
219
1955—Jan..
Feb.
Mar.
Apr.
May
June
July.
Aug.
Sept.
Oct..
Nov.
309
274
324
294
284
336
283
350
347
338
345
107
89
109
93
93
107
92
113
113
113
122
145
138
160
151
136
163
138
166
162
160
154
5
12
9
5
3
5
3
4
9
2
11
52
36
46
45
51
62
50
67
64
63
59
622
567
532
515
548
552
520
617
590
716
754
390
357
345
319
341
348
332
386
378
461
511
231
209
186
195
207
204
187
230
211
255
243
1
2
Monthly figures do not reflect mortgage amendments included in annual totals.
These loans are not ordinarily secured by mortgages.
3 Includes a small amount of alteration and repair loans, not shown separately; only such
oans in amounts of more than $1,000 need be secured.
NOTE.—FHA-insured loans represent gross amount of insurance written; VA-guaranteed
oans, gross amount of loans closed. Figures do not take account of principal repayments
on previously insured or guaranteed loans. For VA-guaranteed loans, amounts by type
are derived from data on number and average amount of loans closed.
Sources.—Federal Housing Administration and Veterans Administration.
FHA- VAinguarsured anteed
18.6
33.3
37.6
45.2
51.7
58 4
66 0
75.7
12.5
15.0
18.9
22.9
25 4
28.1
32.1
10.8
12.0
12.8
10.3
13.2
14.6
16.1
19.3
14.3
20.8
22.6
26.3
28.8
33.0
37.9
43.6
1954_Mar
June
Sept
Dec .
67.6
69.9
72.7
75.7
28.8
29.7
30.5
32.1
12.2
12.4
12.6
12.8
16.6
17.3
17.9
19.3
38.8
40.2
42.2
43.6
1955—Mar
June
Sept.?
78.5
82.1
85.6
33.5
35.3
37.0
13.2
13.5
13.9
20.3
21.8
23.1
45.0
46.8
48.6
1945 .
1948
1949
1950
1951
1952
1953
1954
.
4.3
4.1
5.3
6.9
8.6
9.7
.2
7.2
8.1
P Preliminary.
NOTE.—For total debt outstanding, figures for first
three quarters of year are Federal Reserve estimates.
For conventional, figures are derived.
Sources.—Home Loan Bank Board, Federal Housing Administration, Veterans Administration, and
Federal Reserve.
FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY i
FEDERAL HOME LOAN BANK LENDING
[In millions of dollars]
[In millions of dollars]
Mortgage holdings
End of year
or month
Total
Mortgage
transactions
(during
period)
FHAinsured
VAguaranteed
Purchases
Sales
Commitments
undisbursed
1948
1949
1950
1951
1952 .
1953
1954
199
828
1,347
1,850
2,242
2,462
2,434
188
403
169
204
320
621
802
11
425
1,178
1,646
1,922
1,841
1,632
198
672
1,044
677
538
542
614
20
469
111
56
221
525
227
824
485
239
323
638
476
1954—Nov
Dec
2,396
2,434
773
802
1,623
1,632
50
64
11
15
547
476
2,462
2,488
2,512
2,545
2,562
2,567
2,567
2,573
2,564
2,587
2,596
817
832
839
855
860
867
868
876
871
891
896
10
I1
U
1[
7
418
359
287
215
163
127
116
104
105
83
80
1955—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
1,645
1,656
1,673
1,690
1,702
1,700
1,699
1,696
1,693
1,695
1,700
charter,
mar
Source.—Federal National Mortgage Association.
48
48
54
58
39
21
15
19
11
42
27
Advances outstandin
(end of period)
Year or month
Advances
Repayments
Total
Shortterm i
Long-2
term
195
515
433
816
806
864
176
257
231
547
508
565
640
818
952
867
634
612
19
258
202
269
298
299
317
255
1945
1948
1949
1950
1951
1952 . .
1953
1954
278
360
256
675
423
586
1954—Dec
171
47
867
612
255
38
188
717
491
226
34
71
85
104
237
152
156
115
90
60
109
63
58
33
37
42
107
30
27
21
40
56
688
702
754
821
466
464
497
542
715
748
822
885
932
875
991
223
238
257
279
302
313
365
390
412
489
426
1955_Jan
Feb
Mar
Apr
May...
June
July
Aug....
Sept
Oct
Nov
Dec
728
734
213
280
337
292
433
528
1,017
1,061
1,187
1,275
1,344
1,364
1,417
1
Secured or unsecured loans maturing in one year or less.
2 Secured loans, amortized quarterly, having maturities of more than
one year but not more than ten years.
Source.—Home Loan Bank Board.
50
CONSUMER CREDIT
CONSUMER CREDIT, BY MAJOR PARTS
[Estimated amounts of short- and intermediate-term credit outstanding, in millions of dollars
Instalment credit
Total
Automobile
paper i
Other
consumer
goods
paper *
Total
End of year or month
Noninstalment credit
Repair
and modernization
loans 2
Singlepayment
loans
Personal
loans
Total
298
376
182
1,088
1,322
1,009
2,719
3,087
3,203
787
845
746
1,414
1,645
1,612
518
597
843
887
5,443
5,588
6,323
6,631
7,143
7,350
7,658
1,445
1,532
1,821
1,934
2,094
2,219
2,420
2,713
2,680
3,006
3,096
3,342
3 411
3,518
1.285
,376
Charge
accounts
Service
credit
1939
1941
1945
7,222
9,172
5,665
4,503
6,085
2,462
1,497
2,458
1,620
1,929
455
816
1948
1949
1950
1951
1952
1953
1954
14,411
17,104
20,813
21,468
25,827
29 537
30,125
8,968
11,516
14,490
14,837
18,684
22,187
22,467
3,054
4,699
6,342
6,242
8,099
10,341
10,396
2,842
3,486
4,337
4,270
5,328
5,831
5,668
1,006
1,090
1,406
1,649
1,616
2,229
2,444
2,805
3,235
3,851
4,366
4,787
29,209
30,125
22,014
22,467
10,296
10,396
5,398
5,668
1,631
1,616
4,689
4,787
7,195
7,658
2,407
2,420
3,042
3,518
746
720
29,760
29 518
29,948
30,655
31,568
32,471
32,896
33 636
34,293
34,640
35,059
22,436
22,508
22,974
23,513
24,149
24,914
25,476
26,155
26,699
26,963
27,247
10,459
10,641
11,053
11,482
11,985
12,561
13,038
13,547
13,929
14,095
14,172
5,609
5 484
5,479
5,492
5,555
5,639
5,676
5 762
5,848
5,917
6,057
1,574
1,550
1,530
1,534
1,546
1,562
1,570
1,589
1,611
1,627
1,634
4,794
4,833
4,912
5,005
5,063
5,152
5,192
5,257
5,311
5,324
5,384
7,324
7,010
6,974
7,142
7,419
7,557
7,420
7,481
7,594
7,677
7,812
2,371
2,427
2,481
2,496
2,589
2,686
2,595
2,629
2,657
2,666
2,757
3,225
2 831
2,735
2,859
3,011
3,040
2,991
3 019
3,108
3,218
3,285
728
752
758
787
1954
Nov
Dec
1955 Jan
Feb
Mar
Apr
. .
May
June
July
.
Aug
Sept . .
Oct
Nov
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.
845
496
601
,707
720
720
,819
831
1 833
1 829
1 793
1,770
NOTE.—Monthly figures for the period December 1939 through 1951
and a general description of the series are shown on pp. 336-354 of the
BULLETIN for April 1953. Revised monthly figures are shown in later
BULLETINS: 1952, November 1953, p. 1214; 1953, November 1954, p. 1212.
A detailed description of the methods used to derive the estimates may
be obtained from Division of Research and Statistics.
INSTALMENT CREDIT, BY HOLDER
[Estimated amounts outstanding, in millions of dollars
Retail outlets
Financial institutions
Total
instalment
credit
Total
Commercial
banks
Sales
finance
companies
Credit
unions
Other
Total
Department
stores i
Furniture
stores
Household
appliance
stores
1939
1941
1945
4,503
6,085
2,462
3,065
4,480
1,776
1,079
1,726
1,197
1,797
300
132
198
102
657
759
629
1,438
1,605
745
354
320
131
439
496
240
183
206
17
123
188
28
339
395
270
1948
1949
1950
1951
1952
1953
1954
8,968
11,516
14,490
14,837
18,684
22,187
22,467
7,092
9,247
11,820
12,077
15,410
18,758
18,935
3,529
4,439
5,798
334
438
590
635
837
1,876
2,269
2,670
2,760
3,274
3,429
3,532
1,117
1,040
1,201
604
724
791
760
866
903
890
127
168
239
207
1,124
1,293
1,239
1,420
1,647
1,902
2,216
2,489
2,588
470
595
743
920
8,998
8,633
1,990
2,950
3,785
3,769
4,833
6,147
6,421
244
291
293
159
239
284
255
308
380
394
516
543
613
618
739
815
754
1954 Nov
Dec
22,014
22,467
18,719
18,935
8,586
8,633
6,325
6,421
1.282
1,293
2,526
2,588
3,295
3,532
1,098
1,201
846
890
283
293
390
394
678
754
1955 Jan
Feb
Mar
22,436
22,508
22,974
23 513
24,149
24,914
. . . 25,476
26,155
26,699
26,963
27,247
18,977
19,153
19,613
20,127
20,718
21,432
21,980
22,605
23,101
23,324
23,524
8,651
8,688
8,844
9,020
9,228
9,495
9,656
9,871
10,060
10,145
10,227
6,462
6,570
6,808
7,077
7,390
7,747
8,087
8,422
8,667
8,771
8,825
1,282
1,298
1,330
1,360
1,395
1,434
1,458
1,495
1.528
1,'547
1,556
2,582
2,597
2,631
2,670
2,705
2,756
2,779
2,817
2,846
2,861
2,916
3,459
3,355
3,361
3,386
3,431
3,482
3,496
3,550
3,598
3,639
3,723
1,158
1,108
1,123
1,138
1,150
1,160
1,155
1,167
1,191
1,203
1,251
862
848
838
834
842
851
291
286
280
278
277
279
397
404
420
437
457
481
281
284
501
523
751
709
700
699
705
711
End of year or month
Apr
May
July
Aus
Sept
Oct
Nov
1
.
Includes mail-order houses.
5,771
7,524
686
856
871
878
283
889
909
281
284
Automobile
dealers 2
Other
703
705
538
708
546
550
720
729
2 Includes only automobile paper; other instalment credit held by
automobile d alers is included with other retail outlets.
51
CONSUMER CREDIT
INSTALMENT CREDIT HELD BY COMMERCIAL BANKS,
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]
End of year
or month
Total
instalment
credit
Automobile
paper
Purchased
Direct
Other
consumer
goods
paper
Repair
and
modernization
loans
Personal
loans
1939
1941
1945
1,079
1,726
745
237
447
66
178
338
143
166
309
114
135
161
110
363
471
312
1948
1949
1950
1951
1952
1953
1954
3,529
4,439
5,798
5,771
7,524
8,998
8,633
575
849
1,177
1,135
1,633
2,215
2,198
753
946
1,294
1,311
1,629
1,867
1,645
794
1,016
1,456
1,315
1,751
2,078
1,839
568
715
834
888
1,137
1,317
1,275
839
913
1,037
1,122
1,374
1,521
1,676
1954—Nov
Dec
8,586
8,633
2,188
2,198
,636
,645
1,822
1,839
1,287
1,275
,653
,676
1955—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
8,651
8,688
8,844
9,020
9,228
9,495
9,656
9,871
10,060
10,145
10,227
2,208
2,241
2,309
2,371
2,466
2,591
2,656
2,765
2,842
2,901
2,935
,656
,680
,751
,818
1,880
1,940
1,995
2,041
2,088
2,090
2,087
1,859
1,845
1,846
1,842
1,865
1,897
1,921
1,950
1,986
2,009
2,052
1,241
1,219
1,201
1,205
1,211
1,223
1,231
1,243
1,259
1,273
1,275
,687
,703
,737
,784
,806
,844
,853
,872
,885
,872
,878
1939
1941
1945
1,197
1,797
300
878
1,363
164
115
167
24
148
201
58
56
66
54
1948
1949
1950
1951
1952
1953
1954
1,990
2,950
3,785
3,769
4,833
6,147
6,421
1,378
2,425
3,257
3,183
4,072
5,306
5,563
232
303
313
241
332
367
351
216
83
57
70
82
83
81
164
139
158
275
347
391
426
1954—Nov.
Dec.
6,325
6,421
5,491
5,563
340
351
81
81
413
426
1955—Jan..
Feb.
Mar.
Apr.
May
June
July.
Aug.
Sept.
Oct..
Nov.
6,462
6,570
6,808
7,077
7,390
7,747
8,087
8,422
8,667
8,771
8,825
5,603
5,709
5,945
6,207
6,512
6,857
7,180
7,496
7,729
7,822
7,860
350
349
348
348
353
361
372
384
392
398
403
79
78
76
76
77
78
78
80
81
82
83
430
434
439
446
448
451
457
462
465
469
479
Total
instalment
credit
Automobile
paper
1939
1941
1945
789
957
731
81
122
54
24
36
20
15
14
14
669
785
643
1948
1949
1950
1951
1952
1953
1954
1,573
1,858
2,237
2,537
3,053
3,613
3,881
189
240
330
358
457
573
596
99
137
182
209
279
337
340
59
89
115
132
187
249
260
1,226
1,392
1,610
1,838
2,130
2,454
2,685
1954_Nov.
Dec.
3,808
3,881
591
596
331
340
263
260
2,623
2,685
1955—Jan..
3,864
3,895
3,961
4,030
4,100
4,190
4,237
4,312
4,374
4,408
4,472
595
607
628
649
670
692
706
722
732
736
740
338
339
344
353
363
380
388
401
410
417
429
254
253
253
253
258
261
261
266
271
272
276
2,677
2,696
2,736
2,775
2,809
2,857
2,882
2,923
2,961
2,983
3,027
End of year
or month
Feb..
Mar.
Apr.,
May,
June,
July.
Aug.
Sept.
Oct..
Nov.
NONINSTALMENT CREDIT, BY HOLDER
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.
Personal
loans
[Estimated amounts outstanding, in millions of dollars]
[Estimated amounts outstanding, in millions of dollars]
Repair
and
modernization
loans
Repair
and
modernization
loans
Automobile
paper
INSTALMENT CREDIT HELD BY FINANCIAL INSTITUTIONS
OTHER THAN COMMERCIAL BANKS AND SALES
FINANCE COMPANIES, BY TYPE OF CREDIT
Other
consumer
goods
paper
Other
consumer
goods
paper
Total
instalment
credit
End of year
or month
End of year
or month
Total
noninstalment
credit
Financial
institutions
(single-payment loans)
Commercial
banks
Retail
outlets
(charge
accounts)
Service
credit
Other
Department
stores!
Other
1939
1941
1945
2,719
3,087
3,203
625
693
674
162
152
72
236
275
290
1,178
1,370
1,322
518
597
845
1948
1949
1950
1951
1952
1953
1954
5,443
5,588
6,323
6,631
7,143
7,350
7,658
1,261
1,334
1,576
1,684
1,844
1,899
2,085
184
198
245
250
250
320
335
575
584
641
685
730
748
764
2,138
2,096
2,365
2,411
2,612
2,663
2,754
1,285
1,376
1,496
1,601
1,707
1,720
1 720
1954_Nov
Dec
7,195
7,658
2,049
2,085
574
764
2,468
2,754
1,746
1,720
1955—Jan
Feb . . .
Mar
Apr .
May
June
July
Aug.. . .
Sept
Oct
Nov
7,324
7,010
6,974
7,142
7,419
7,557
7,420
7,481
7,594
7,677
7,812
2,048
2,085
2,114
2,165
2,199
2,303
2,268
2,277
2,273
2,311
2,348
358
335
323
342
367
331
390
383
327
352
384
355
409
623
535
507
526
532
518
474
475
519
562
618
2,602
2,296
2,228
2,333
2,479
2,522
2,517
2,544
2,589
2,656
2,667
1,728
1,752
1,758
1,787
1,819
1,831
1,834
1,833
1,829
,793
,770
1
Includes mail-order houses.
52
CONSUMER CREDIT
INSTALMENT CREDIT EXTENDED AND REPAID
[Estimates of short- and intermediate-term credit, in millions of dollars]
Other consumer
goods paper
Automobile
paper
Total
Repair and
modernization loans
Personal
loans
Year or month
Repaid
Extended
Repaid
3,823
999
3,436
941
2,929
2,024
2,827
1,999
13,267
15,454
18,282
22,444
24,550
26 818
29,024
5,280
7 182
8 928
9,362
12,306
13 621
12,532
4,150
5 537
7,285
9,462
10,449
11,379
12,477
5,280
5 533
6,458
6,518
7,959
8,014
7,700
4,581
4,889
5,607
6,585
6,901
7,511
7,863
853
1,243
1,387
1,245
2,554
3,046
2,492
2,593
1,040
1,184
1,084
1,084
716
936
642
666
2,389
2,416
3,159
3,089
3,206
3,443
3,131
3,436
3,241
3,051
3,103
2 420
2,344
2,693
2,550
2,570
2,678
2,569
2,757
2,697
2,787
2,819
J 060
616
529
,569
,512
1,616
1,766
1,594
1,745
1,592
,417
1,341
1,157
1,083
1,113
1,190
1,117
1,236
1,210
1,251
1,264
708
703
741
766
711
793
783
785
850
2,612
2,762
2,500
2,488
I 109
1,298
1 098
1,083
2,823
2,898
3,035
3,017
3,091
3,165
3,122
3,200
3,279
3 064
3,175
2 496
2,521
2,562
2 552
2,634
2,612
2,602
2,714
2,691
2 773
2,830
I 233
1,382
1,472
I 404
1,517
1,580
1,510
1,559
1,613
[ 467
1 020
1,071
1,096
1 093
1,139
1,165
1,132
1,195
1,173
1 231
1,280
Extended
Repaid
1941
1945
9,425
5,379
8,854
5,093
1948
1949
1950
1951
1952
1953
1954
15,540
18,002
21,256
22,791
28,397
30,321
29,304
1954—Nov .
Dec
1955—Jan
Feb
Extended
Extended
Repaid
Extended
Repaid
2,361
2,150
2,284
2,010
769
927
1,144
1,278
4,278
4,566
5,044
6,058
6,889
7,299
7,827
3,959
4 351
4,683
5,628
6,273
6,784
7,406
108
95
114
110
690
831
652
733
675
654
67
72
109
96
646
648
639
609
713
690
678
682
674
707
697
716
710
99
106
121
125
111
130
128
126
124
119
102
109
109
103
111
106
110
117
783
768
728
786
715
768
738
723
788
704
675
670
697
675
703
684
710
728
677
679
631
643
101
99
113
108
725
686
658
654
788
660
741
736
736
754
791
770
756
721
684
680
683
672
687
678
697
720
696
719
87
97
109
109
115
109
107
113
119
111
104
97
116
109
122
109
102
105
108
106
715
759
713
768
723
722
714
758
791
765
688
673
667
678
686
660
671
694
714
717
802
699
117
117
827
734
312
307
206
143
702
577
721
826
677
707
WITHOUT SEASONAL ADJUSTMENT
Mar
Apr
May
June
July . .
Aug
Sept
Oct
Nov
167
997
985
SEASONALLY ADJUSTED*
1954—Nov
Dec
1955_jan
Feb
Mar
Apr
May
June
July
Aug .
Sept
Oct
Nov
...
. .
4?Q
•Includes adjustment for differences in trading days.
NOTE.—Back figures by months for the period 1940-52, together with
a discussion of the composition and characteristics of the data and a
description of the methods used to derive the estimates, are shown in the
BULLETIN for January 1954, pp. 9-22. Monthly figures for 1953 are
shown in the BULLETIN for November 1954, p. 1212. Estimates of in-
stalment 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 paoer, 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
RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE i
Percentage change
from preceding
month
Item
Net sales:
Total
Cash sales
Credit sales:
Instalment
Charge account
Percentage change
from corresponding
month of preceding
year
Nov.
1955
Oct.
1955
Sept.
1955
Nov.
1955
Oct.
1955
+2
+5
+ 13
+ 16
-3
-3
0
-4
-4
+8
+3
+ 10
+8
+
+
+
+
11
12
11
15
+
+
+
+
14
11
15
12
+2
Accounts receivable, end of
month:
Total
Instalment
Charge accounts
,
+3
+2
+5
+2
+1
+3
+1
+1
+2
+ 10
+8
+ 16
+ 10
+7
+ 16
+9
+7
+ 14
Inventories, end of month,
at retail value
+1
+5
+5
+6
+4
+2
Month
Sept.
1955
+ 14
+8
,
Instalment accounts
1954—Nov
Dec
1955—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Charge
accounts
Household ap- Department
pliance
stores
stores
Department
stores
Furniture
stores
13
14
12
12
10
9
48
46
14
14
15
15
15
15
14
14
15
15
15
12
11
13
12
12
12
12
13
12
12
12
9
9
9
9
9
9
9
9
9
10
10
44
43
48
44
45
46
43
46
45
47
47
1
Collections during month as percentage of accounts outstanding at
beginning of month.
53
BUSINESS ACTIVITY
SELECTED BUSINESS INDEXES
[Indexes, 1947-49= 100. The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation]
Construction
contracts
awarded (value) i
Industrial production
(physical volume)*
Manufactures
Year
or month
Total
Du- NonTotal rable durable
ResiMinerals Total dential
Employment and payrolls2
NonagriculAll tural
other employment
Manufacturing
production workers
Employment
Freight
carloadings*
DepartWholement
Consale
store sumer
com2
sales* prices modity
(retail
prices 2
value)
Payrolls
AdAd- Unad- Unad- AdAd- Unad- AdAdAdAdAdAdAdjusted justed justed justed justed justed justed justed justed justed justed justed justed justed
Adjusted
Unadjusted
Unadjusted
26
18
27
41
49
57
75
39
45
32
43
42
46
59
61.4
62.0
55.2
58.5
64.4
63.5
65.2
68.7
69.0
52.8
58.4
66.9
62.1
64.2
31.1
37.1
24.0
25.7
32.6
30.4
32.1
90
98
83
92
107
105
110
27
32
30
30
34
34
36
74.0
85.7
76.4
71.6
72.9
73.
75.0
69
73
63
49
73
71
76
52
30
67
68
70
70
62
67.6
67.9
68.0
71.0
66.7
65.5
64.1
64.2
68.3
59.5
33.0
32.4
32.8
35.0
28.3
115
111
112
115
99
37
37
37
38
35
75.6
74.2
73.3
73.3
71.4
65.0
62.0
62.9
61.9
56.1
51
42
48
51
55
34
15
14
17
20
22
8
7
7
13
41
20
18
24
25
60.4
53.5
53.7
58.
61.3
50.2
42.6
47.2
55.1
58.8
21.5
14.8
15.9
20.4
23.5
79
59
62
67
69
32
24
24
27
29
65.0
58.4
55.3
57.2
58.7
47.4
42.1
42.8
48.7
52.0
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
65.9
70.3
66.
69.3
73.3
63.9
70.1
59.6
66.2
71.2
27.2
32.6
25.3
29.9
34.0
81
84
67
76
83
33
35
32
35
37
59.3
61.4
60.3
59.4
59.9
52.5
56.1
51.1
50.1
51.1
74
116
45
30
50
82.
90.9
96.3
95.0
91.5
87.9 49.3
103.9 72.2
121.4 99.0
118.1 102.8
104.0 87.8
98
104
104
106
102
44
50
56
62
70
62.9
69.7
74.0
75.2
76.9
56.8
64.2
67.0
67.6
68.8
97.9 81.2
103.4 97.7
102.
105.1
97.2
93.
99.6 111.7
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
101
95
96
86
109
110
112
111
111.0
113.5
114.4
114.8
114.8
111.6
110.1
110.3
ir
114.5
114.6
114.3
109.7
110.0
109.5
114.3
114.3
114.3
114.2
114.2
114.4
114.7
114.5
114.9
114.9
115.0
110.1
110.4
110.0
110.5
109. £
110.3
110.5
110.9
111.7
111.6
111.2
111.3
1919.
1920.
1921.
1922.
1923.
1924.
1925.
38
3!
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
1926.
1927.
1928.
1929.
1930.
50
50
52
58
48
52
49
53
60
45
48
50
51
56
51
63
64
63
68
59
1931.
1932.
1933.
1934.
1935.
39
30
36
3'
46
31
19
24
30
38
48
42
48
49
55
1936.
1937.
1938.
1939.
1940.
55
60
46
5'
66
49
55
35
49
63
1941.
1942.
1943.
1944.
1945.
106
127
125
10
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
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 94.4
83 99.4
105 101.6
111 99.0
142 102.3
1951.
1952.
1953.
1954.
1955.
120
124
134
125
121
125
136
127
128
136
153
137
114
114
118
116
171
183
192
216
170
183
178
232
172
183
201
204
P139
P140
115
114
116
111
*>122
126
128
130
130
130
128
128
130
131
139
142
143
117
118
119
109
113
116
241
255
259
263
264
277
226 110.0 100.6 102.0 139.1
250 110.6 101.6 102.3 142.2
248 110.6 101.7 102.2 143.1
132
133
135
136
138
139
139
140
142
143
144
132
135
138
138
138
139
130
139
142
147
146
P141
133
134
136
138
140
141
141
142
144
145
146
145
147
148
151
153
155
155
158
160
'161
161
121
121
124
126
127
128
126
125
'128
120
123
121
119
121
122
120
121
'123
'123
125
P127
261
261
260
253
245
253
257
259
250
260
270
288
297
291
286
280
290
296
278
256
252
252
243
238
239
230
221
228
231
246
246
266
282
108.2
110.4
113.6
110.4
106.4
106.3
111.8
101.8
P105.6
129.8
136.6
151.4
137.7
P152.9
P95
1954
Oct..
Nov..
Dec.
113
116
1955
Jan...
Feb..
Mar..
Apr..
May.
June.
July..
Aug..
Sept..
Oct.. .
Nov..
Dec.
e
••129
130
P130
r
Estimated.
P Preliminary.
Revised.
'Average
per
working
day.
•Average
day.
1
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.
2
The indexes of employment and payrolls, wholesale commodity prices,
110.6
110.7
111.5
111
112
113.2
113.5
113.7
114.0
114.3
114.7
'114.4
101.8
102.5
103.5
104.6
105.8
106.7
106.1
106.1
106.4
107.3
108.7
107.9
101.2
102.3
103.3
103.6
104.1
105.8
104.7
107.2
108.1
108.7
109.4
P108.5
141.5
144.4
146.6
146.7
150.1
152.1
151.0
154.6
158.7
161.2
164.3
'163.8
92
92
93
93
96
94
95
96
96
98
99
P101
119
112
115
119
117
114
124
118
121
122
P122
M21
and consumer prices are compiled by the Bureau of Labor Statistics.
Nonagricultural
employees uu^
only aand
excludes
personJNonagncuiturai employment Wcovers
YWO wmvi^vw
tuuuU u WAUUU
M ^
nel in the armed forces. The consumer price 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.
54
PRODUCTION
INDUSTRIAL PRODUCTION
[Federal Reserve indexes, 1947-49 average= 100]
Industry
1947-49 Annual
1955
1954
proportion
1953 1954 Nov. Dec, Jan. Feb. Mar. Apr. May June July
Aug. Sept. Oct. Nov.
SEASONALLY ADJUSTED
INDUSTRIAL PRODUCTION—TOTAL... 100.00
134
125
128
130
132
133
135
136
138
139
139
140
142
143
144
MANUFACTURES—TOTAL
90.02
136
127
130
131
133
134
136
138
140
141
141
142
144
145
146
Durable Manufactures—Total
45.17
161
137
142
145
147
148
151
153
155
155
158
160
161
6.70
132
108
118
121
127
131
136
138
140
143
134
139
146
-148
149
28.52
5.73
13.68
9.04
4.64
7.54
1.29
167
136
160
143
194
189
155
150
123
142
125
177
175
140
•153
125
"147
122
196
"179
138
-755
125
145
-121
-193
-189
140
-757
125
145
124
187
-197
140
-755
126
146
125
-189
'199
142
-750
129
'147
126
'190
'200
143
'752
130
'151
131
'191
•'202
143
-753
134
'153
134
'189
'202
142
'754
135
155
136
'192
'198
149
-755
135
158
138
197
-202
151
'755
137
'159
140
-196
'203
153
'770
141
'161
141
-199
205
155
-773
142
'164
'143
'205
'208
'156
772
139
162
143
198
212
159
Clay, glass, and lumber products
Stone, clay, and glass products
Lumber and products
5.91
2.82
3.09
125
133
118
123
131
115
130
136
124
133
135
131
132
136
129
132
138
127
735
143
127
735
146
127
735
149
128
143
153
133
735
152
125
740
155
127
747
155
127
747
153
130
739
157
123
Furniture and misc. manufactures
Furniture and fixtures
Miscellaneous manufactures
4.04
1.64
2.40
131
117
140
121
106
131
123
108
132
122
108
131
122
109
132
124
109
133
725
112
136
727
113
136
732
117
142
735
121
145
134
122
143
737
124
145
737
125
145
735
124
145
735
123
145
Nondurable Manufactures—Total
44.85
118
116
118
119
121
121
124
126
127
128
Textiles and apparel
Textile mill products
Apparel and allied products
11.87
6.32
5.55
107
104
110
100
95
105
'104 104
101 -102
"107
107
106
-102
-110
104
'103
-•106
'109
mo
104
'111
'107
'112
'106
-114
110
'107
'114
-709
106
-112
Rubber and leather products
Rubber products
Leather and products
3.20
1.47
1.73
113
128
99
104
115
95
108
122
96
775
133
100
123
143
105
720
138
104
722
140
105
723
144
105
725
147
105
727
149
107
720
137
106
779
138
102
'727
'142
104
-725
-147
-105
722
147
102
Paper and printing
Paper and allied products
Printing and publishing
8.93
3.46
5.47
125
132
121
125
134
120
127
137
120
727
136
121
730
140
123
737
143
123
134
147
125
735
151
125
735
156
126
739
156
128
739
155
128
735
153
128
740
157
130
747
158
131
747
157
130
Chemical and petroleum products
Chemicals and allied products
Petroleum and coal products
9.34
6.84
2.50
142
147
130
142
148
125
145
152
127
148
155
129
148
155
131
757
158
134
154
161
134
755
163
136
759
168
134
757
170
136
750
170
134
750
168
135
753
173
135
-752
171
-137
754
173
139
11.51
10.73
.78
107
107
108
106
106
103
"707
107
100
-707
-107
101
707
107
107
106
106
106
-707
'107
107
'709
'109
103
-705
-108
109
'709
'109
109
-705
-108
101
707
'108
100
707
'108
100
-777
-111
100
772
112
-123
125
Primary metals
Metal fabricating
Fabricated metal products
Machinery
Nonelectrical machinery
Electrical machinery
Transportation equipment
Instruments and related products
Foods, beverages, and tobacco
Food and beverage manufactures
Tobacco manufactures
125
'128 '129
130
rlO9 rill 112
-107
107 '109
'112 '116 '116
115
110
121
MINERALS—TOTAL
9.98
116
111
113
116
120
123
121
119
121
122
120
121
'123
Mineral fuels
Coal
Anthracite
Bituminous coal
Crude oil and natural gas
5.55
2.68
.36
2.32
5.67
115
78
57
81
133
113
67
52
70
134
775
69
51
72
136
777
73
66
74
138
720
74
55
77
142
723
79
61
82
144
727
72
45
76
145
727
72
41
77
143
727
81
42
87
139
722
86
43
92
139
723
87
53
92
139
722
82
41
89
141
722
80
50
84
141
'723 724
80
80
47
42
85
86
143 P 1 4 4
Metal, stone, an^, earth minerals
Metal mining
Stone and earth minerals
1.63
.82
.81
119
113
124
106
90
123
705
86
125
775
103
127
775
110
126
779
114
124
723
113
132
774
100
129
720
111
129
723
117
129
709
88
130
777
105
130
725
119
133
725
"120
131
730
127
133
INDUSTRIAL PRODUCTION—TOTAL.... 100.00
134
125
130
128
132
135
138
138
138
139
130
139
142
147
146
MANUFACTURES—TOTAL
90.02
136
127
132
129
133
136
140
140
140
141
132
140
144
149
148
Durable Manufactures—Total
45.17
153
137
143
143
147
151
154
155
155
155
146
153
157
-164
163
6.70
5.03
3.51
.37
3.05
2.62
.43
1.52
1.29
.23
132
133
138
130
139
135
165
121
115
154
108
105
108
101
109
108
115
97
95
106
118
114
121
110
122
119
138
98
96
107
117
115
121
113
121
118
145
101
99
110
129
124
128
117
130
125
155
113
111
127
136
132
136
122
138
134
165
121
119
133
142
138
144
131
146
143
165
124
123
132
144
143
147
134
148
145
171
133
132
140
143
143
149
138
151
148
169
128
127
132
144
141
146
137
147
144
169
129
127
139
122
125
132
129
133
130
147
108
108
108
132
132
140
134
141
136
168
114
114
115
143
142
149
140
150
144
186
125
123
133
149
148
153
141
154
149
188
137
'135
148
149
147
154
140
156
150
189
131
129
141
WITHOUT SEASONAL ADJUSTMENT
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
r
p Preliminary.
Revised.
NOTE.—A number of groups and subgroups include individual series
not published separately, and metal fabricating contains the ordnance
group in addition to the groups shown. Certain types of combat materiel
are included in major group totals but not in individual indexes for autos,
farm machinery, and some other products, as discussed in the BULLETIN
for December 1953, pp. 1269-1271.
For description and back figures, see BULLETIN for December 1953,
pp. 1247-1293 and pp. 1298-1328, respectively.
55
PRODUCTION
INDUSTRIAL PRODUCTION—Continued
[Federal Reserve indexes, 1947-49 average= 100]
Industry
1947-49 Annual
1954
proportion
1953 1954 Nov. Dec. Jan.
1955
Feb. Mar. Apr. M a y 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
Metal Fabricating
Fabricated metal products
Structural metal parts
Stampings and misc. metal products
Tin cans
Furnaces, gas ranges, and heaters
Machinery
1.67
.38
.09
.06
.04
.10
.09
.13
1.16
.63
.20
.33
129
144
112
116
101
113
209
114
126
112
168
130
120
147
101
109
105
101
244
105
113
100
154
114
28.52
167
150
5.73
2.68
2.12
.30
.63
136
137
138
129
93
123
126
117
131
90
125
129
122
103
99
'130
158
'125
118
107
112
246
107
123
111
162
122
124
160
121
131
103
116
250
107
114
90
168
128
146
159
118
122
99
118
252
114
146
135
183
144
149
167
140
134
99
119
253
125
146
125
196
155
155
169
134
133
112
122
256
133
153
133
202
163
148
166
133
124
115
118
257
124
144
114
204
168
144
166
132
133
101
118
258
123
139
110
209
155
154
167
130
133
110
119
259
121
154
128
228
158
112
127
49
50
53
116
261
100
108
75
188
124
132
150
95
97
82
116
263
118
127
91
215
144
147 '153
173 171
139 136
142 126
116 119
117 122
265 265
130 134
141 ri49
110 114
218 222
154 173
156
173
130
136
121
124
272
134
152
118
220
156
159
162
165
166
165
163
157
162
165
173
174
124
130
124
102
78
124
127
124
110
87
126
129
126
107
99
130
131
129
111
108
131
132
129
126
107
134
136
131
143
105
135
136
128
149
117
130
132
125
168
89
139
137
126
203
128
142 145
141 rl44
129 134
192 197
142
-134
144
137
96
117
13.68
160
142
150
146
148
152
154
152
151
153
142
153
161
169
174
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
7.11
.68
.69
143
139
96
145
188
128
125
121
79
127
160
114
121
116
75
122
146
124
123
119
80
125
149
122
126
119
85
124
148
146
129
121
90
125
149
155
132
124
94
128
152
164
134
126
95
131
154
161
135
129
95
134
157
155
137
131
95
136
161
157
131
128
92
133
160
116
131
129
87
135
165
113
137 '141
131
136
69
r92
140 142
168 170
147 '141
141
138
93
145
178
130
Electrical machinery
Electrical apparatus and parts
Radio and television sets
4.64
3.23
.74
194
179
230
177
160
214
206
162
325
191
165
258
191
165
261
196
167
272
195
169
261
189
171
228
181
175
190
184
176
192
165
169
143
194
170
254
207
175
289
-223
-188
315
208
180
280
Transportation equipment
Autos, trucks, and parts
Autos
Trucks
Light trucks
Medium trucks
Heavy trucks
Truck trailers
Auto and truck parts
Aircraft and parts
Shipbuilding and repair
Railroad equipment
Railroad cars
7.54
4.80
1.50
.66
.22
.19
.14
.07
2.58
1.30
.81
.53
189
126
146
118
112
58
183
229
117
465
135
72
175
109
131
92
95
59
133
130
101
474
112
39
179
120
144
93
99
58
134
135
113
471
106
24
191
136
174
94
103
59
130
131
125
478
110
31
20
200
150
195
98
102
64
143
138
137
479
111
32
20
205
157
210
87
77
48
144
160
145
477
113
36
209
163
215
104
109
67
141
170
148
479
115
35
213
171
223
137
148
89
193
185
150
472
117
38
209
165
205
132
139
88
192
176
150
469
115
47
200
151
184
134
124
81
220
205
137
466
118
41
197
147
195
126
119
81
203
174
125
469
114
37
192
137
166
106
93
65
167
192
129
469
117
45
185 -200
122 -144
130 153
102 106
106 121
53
50
138 138
199 202
122 149
484 -490
117 115
45
50
215
165
212
122
128
73
172
199
142
140
Instruments and related products
Clay, Glass, and Lumber Products
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
.35
64
29
12
1.29
155
140
140
5.91
2.82
1.09
.60
.47
.26
.23
.32
.35
.12
.20
.48
.58
Lumber and products
Lumber
Millwork and plywood
Millwork
Softwood plywood
Wood containers
25
26
28
39
29
22
32
30
38
142
145
144
142
149
147
150
155
-158
501*
113
48
33
160
140
125
124
134
121
148
151
93
81
131
113
112
115
162
149
132
126
148
151
114
83
119
107
101
114
155
147
129
134
129
147
150
124
90
115
111
106
115
155
151
133
140
131
149
152
124
93
132
119
121
120
165
155
137
146
132
150
152
125
95
151
121
127
120
174
160
139
149
132
152
152
123
89
159
125
132
122
184
164
146
155
136
154
154
138
88
163
134
146
128
190
170
133
149
124
139
136
130
76
161
128
134
126
191
167
145
158
138
152
153
143
95
164
138
146
134
195
174
147 149
158 161 159
137 144 143
161
164 168
163 -167 170
127 133 121
86 102 103
164 164
140 138 'i38*
151
142 141
134 137 138
196 -192 187
175 -177 178
125
133
123
136
139
120
91
132
110
106
115
163
143
123
131
118
131
133
117
85
135
111
113
111
161
140
130
137
124
144
148
105
94
145
117
124
114
166
146
118
112
149
118
199
115
106
161
123
222
123
107
191
139
275
116
100
186
137
264
117
101
193
143
274
125
108
206
151
294
126
109
210
155
298
129
115
201
148
288
89
129
116
195
139
285
91
137
122
207
151
299
94
118
108
160
121
224
85
133
119
198
148
279
86
136
121
209
155
295
90
138 123
122 106
194
211
157 140
299
93 "92*
Furniture and Misc. Manufacturing . . .
4.04
131
121
128
125
121
126
128
125
127
131
125
134
140
144
142
Furniture and fixtures
Household furniture
Fixtures and office furniture
1.64
1.10
.54
117
118
116
106
106
107
112
115
107
111
115
108
109
110
106
113
115
109
114
116
109
111
113
107
113
114
111
116
118
114
113
114
111
123
124
121
111 '128
129 -131
123 -123
128
131
121
Miscellaneous manufactures
2.40
140
131
139
134
129
134
137
135
137
141
133
142
149
152
r
Revised.
For other footnotes see preceding page.
154
56
PRODUCTION
INDUSTRIAL PRODUCTION—Continued
[Federal Reserve indexes, 1947-49 average= 100]
Industry
1954
1947-49 Annual
proportion
1953 1954 Nov. Dec. Jan.
1955
Feb. Mar. Apr. May June July
Aug. Sept. Oct. Nov.
WITHOUT SEASONAL ADJUSTMENT
—Continued
44.85
118
116
120
115
120
122
125
124
124
127
11.87
107
100
104
98
108
112
115
113
110
108
6.32
3.72
2.30
.97
.45
.97
.16
.75
1.15
.65
.45
.20
.50
.48
.31
104
95
100
97
108
93
66
76
64
106
108
113
97
103
102
110
104
126
102
69
72
69
110
109
112
102
111
98
104
95
127
90
70
68
71
103
102
105
93
104
104
114
105
132
107
70
79
67
105
110
114
100
98
108
116
106
138
109
72
85
69
112
119
124
106
104
109
118
105
147
106
74
82
72
110
109
118
103
154
107
79
89
77
108
109
116
93
106
108
116
104
146
103
83
91
82
108
103
108
92
113
110
100
135
92
85
84
86
113
108
111
102
119
62
71
84
83
86
85
Apparel and allied products
Men's outerwear
Men's suits and coats
Men's suits
Men's outercoats
Shirts and work clothing. . .
Women's outerwear
Women's suits and coats. . .
Misc. apparel and allied mfrs..
5.55
1.78
.73
.50
.13
.99
1.85
.76
1.92
110
113
96
92
89
124
103
117
112
105
103
83
82
67
116
109
129
103
107
108
99
96
87
90
52
99
93
115
106
113
115
98
102
60
126
120
152
103
116
113
97
100
59
124
125
160
109
123
113
88
91
55
130
143
165
112
117
118
92
90
76
135
129
109
103
113
119
105
100
101
127
116
96
104
Rubber and Leather Products .
3.20
113
104
Rubber products
Tires and tubes
Auto tires
Truck and bus tires
Miscellaneous rubber products..
1.47
.70
.40
.30
.77
128
117
117
118
133
Leather and products
Leather
Cattlehide leathers
Skin leathers
Shoes and slippers2
Miscellaneous leather products
1.73
.44
.29
.15
.90
.39
99
91
92
100
90
Paper and Printing
8.93
125
Paper and allied products
Pulp and paper
Wood pulp
Paper and board
Printing paper
Fine paper
Coarse paper
Miscellaneous paper
Paperboard
Building paper and board .
Converted paper products
Shipping containers
Sanitary paper products
3.46
1.76
.51
1.25
.22
.14
.20
.18
.41
.10
1.70
.51
.11
Printing and publishing
Newsprint consumption
Job printing and periodicals.
Nondurable Manufactures—Total.. . .
Textiles and Apparel
Textile mill products
Cotton and synthetic fabrics.. . .
Cotton consumption
Synthetic fabrics
Fabric finishing
Wool textiles
Wool apparel yarns
Wool fabrics
Knit goods
Hosiery
Full-fashioned hosiery
Seamless hosiery
Knit garmentsl
Floor coverings
Woven carpets
107
104
115
101
78
91
75
116
113
118
102
119
86
66
121
102
130
110
118
96
108
117
135
128
130
112
109
91
96
84
133
67
73
80
72
98
85
86
82
116
108
115
106
134
106
79
90
77
113
104
107
99
123
106
111
103
132
87
80
80
80
114
106
107
101
125
72
85
'89
78
110
107
92
86
92
117
114
123
108
95
84
59
55
60
98
98
129
103
116
120
110
102
115
126
117
145
112
111
109
91
84
99
119
108
129
117
117
117
95
93
82
130
113
139
122
121
116
94
95
69
131
124
157
122
124
130
123
144
128
125 135
104 119
148 '158
155
140
143
136
170
150
138
140
134
161
108
90
96
77
109
97
105
82
100
97
81
132
116
112
117
109
133
111
85
90
84
119
113
114
110
126
111
118
109
136
110
83
86
83
115
108
109
106
125
110
123
127
128
724
121
126
105
115
105
110
99
124
124
110
111
110
137
128
116
119
113
139
145
130
136
121
158
144
134
141
125
153
146
133
145
117
158
147
128
140
113
164
146
135
150
116
155
151
146
161
126
155
121
127
95
87
92
75
94
88
94
75
94
88
95
73
105
94
101
80
112
98
104
86
113
94
101
80
105
95
102
82
100
93
99
80
105
95
101
83
92
74
79
63
100
103
92
89
96
97
104
104
106
106
125
131
125
127
132
137
137
137
138
128
135
141
147
144
132
130
142
125
119
116
118
129
134
118
134
133
138
134
132
148
125
118
120
119
137
130
124
136
133
145
140
139
160
131
121
127
124
142
137
129
140
140
141
129
127
142
120
112
124
112
135
122
115
131
131
128
140
140
158
132
123
132
124
150
136
122
141
135
156
148
147
166
139
127
138
132
154
145
126
149
146
156
152
150
170
142
133
134
134
153
149
141
153
153
152
154
148
169
140
127
131
130
160
147
139
159
156
166
153
151
171
143
128
148
129
158
151
142
154
154
152
156
154
175
145
130
138
130
159
158
142
158
159
154
139
135
156
126
112
107
117
148
133
133
144
141
153
155
151
173
141
127
122
126
156
155
151
159
160
152
157
150
169
143
130
134
128
156
153
145
165
167
156
167
158
179
150
132
140
137
-176
160
142
'177
175
'180
158
156
177
147
131
136
132
168
161
137
161
160
163
5.47
1.85
3.62
121
118
122
120
119
121
125
130
122
123
123
124
119
114
122
122
121
123
128
132
125
127
134
124
127
135
'124
127
131
125
121
112
125
123
116
127
131
132
131
135
142
131
135
143
131
Chemical and Petroleum Products
9.34
142
142
149
149
151
155
157
156
156
157
152
157
162
166
168
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
.57
1.97
.24
.11
.59
1.03
.64
.48
.16
.71
.66
.23
147
154
149
155
183
186
156
144
116
112
131
113
118
124
148
153
157
152
184
136
152
146
118
113
133
108
116
122
156
165
171
164
200
147
174
151
140
140
137
105
117
108
156
166
170
165
196
151
173
154
130
126
139
105
118
112
158
169
175
168
206
180
172
155
127
125
135
109
116
116
162
177
181
175
231
193
181
157
128
123
145
115
116
124
166
184
184
184
243
202
196
160
117
111
136
108
119
177
165
182
180
182
247
202
189
161
108
99
134
108
122
176
165
182
185
182
244
211
178
166
109
98
142
105
125
154
165
185
179
186
246
208
184
171
105
93
143
103
131
109
158
176
163
182
159
181
207
211
177
174
99
87
166
187
234
217
184
175
103
90
145
104
130
90
176
192
188
193
267
227
188
'175
156
157
154
130
127
118
178
197
194
198
133
79
130
91
111
190
179
194
264
222
191
176
122
115
144
126
126
115
94
' Revised.
1 Publication suspended pending revision for the period 1952 to date.
2 Publication suspended pending adjustment to revised Census production figures for the period 1950 to date.
138
111
115
133
116
107
90
98
74
244*
196
178
165
162
174
118
126
113
NOTE.—A number of groups and subgroups include individual series
not published separately. For description and back figures, see BULLETIN
for December 1953, pp. 1247-1293 and pp. 1298-1328, respectively.
57
PRODUCTION
INDUSTRIAL PRODUCTION—Continued
[Federal Reserve indexes, 1947-49 average= 100]
1947-49 Annual
1954
1955
propor1953 1954 Nov. Dec. Jan. Feb. Mar. Apr. M a y June July
tion
Industry
Aug. Sept. Oct. N o v .
WITHOUT SEASONAL ADJUSTMENT
—Continued
Petroleum refining
Gasoline
.
Automotive casoline
Aviation gasoline
Fuel oil
Distillate fuel oil
Residual fuel oil
..
• .• •
Lubricating oil
Coke
Asphalt roofing and siding
. •••
Tobacco manufactures
Cigarettes
Cigars
..
M^etal mining
Iron ore
Nonferrous metal mining
Copper mining
Lead mining
Zinc mining
.
Stone and earth minerals
• Revised.
133
139
143
140
221
128
214
135
232
140
216
146
209
152
205
142
212
129
158
93
110
108
84
172
92
116
110
90
177
97
125
108
93
163
91
102
124
104
103
62
196
101
123
105
98
181
97
117
110
102
106
184
101
134
109
96
70
75
110
132
136
144
140
131
131
135
146
141
136
140
152
146
226
128
246
133
161
91
97
113
105
173
88
88
118
103
124
144
134
141
156
151
138
143
157
151
136
141
155
149
138
143
157
151
*>148
P158
247
131
252
133
247
132
252
134 P144
167
89
94
108
101
172
89
95
116
104
172
87
91
111
107
142
131
171
92
101
111
108
114
110
131
107
106
109
99
99
97
100
101
105
112
110
117
121 '123
114
107
108
115
106
107
117
110
113
135
101
104
136
98
102
97
99
124
100
100
128
101
100
111
108
114
111
109
111
125
129
115
118
129
104
105
108
112
93
106
121
106
81
122
100
113
113
108
102
135
103
106
110
116
94
104
112
107
81
124
97
117
106
121
99
136
131
78
79
87
65
81
99
103
84
117
98
273
90
427
125
132
134
79
85
91
70
74
87
101
80
115
98
176
87
248
87
129
117
91
101
102
86
84
72
102
85
113
95
61
106
17
112
134
121
104
104
113
100
100
74
101
83
113
95
67
110
24
96
111
118
118
.46
.83
.69
.14
.07
.19
.28
104
102
114
105
103
105
97
101
88
138
98
140
143
164
143
122
87
104
76
122
97
64
102
28
78
147
93
145
139
165
138
139
110
110
80
129
100
71
108
35
86
151
96
120
90
113
94
151
198
106
77
125
98
81
128
36
79
155
111
101
84
102
82
118
201
108
83
124
99
111
129
90
140
100
103
98
99
99
79
84
83
92
67
104
118
102
97
.37
107
68
139
90
46
94
83
157
102
106
122
40
99
117
88
60
118
154
.78
.46
.17
108
111
107
103
106
105
103
102
113
83
86
92
99
112
117
110
107
109
111
109
9.98
116
111
114
8.35
115
113
117
2.68
.36
2.32
78
57
81
67
52
70
75
57
78
117
75
61
77
5.67
4.82
4.12
.34
.36
.85
133
129
124
167
157
154
134
128
122
172
160
167
136
130
122
184
170
171
1.63
119
106
.82
.33
.49
.24
.09
.06
113
128
104
114
86
87
90
84
94
103
80
75
.81
124
123
.17
. . .
134
144
147
143
129
140
146
141
10.73
8.49
1.48
1.41
2.24
.54
1.70
1.02
. . .
99
132
142
146
142
129
136
143
139
125
133
141
136
11.51
.27
.11
.13
.71
Metal, Stone, and Earth Minerals
155
101
117
106
111
1.64
.
Crude oil and natural gas
Oil and gas extraction
Crude oil
Natural gas
Natural gas liquids
Oil and gas well drilling. . . .
Preliminary.
227
130
.30
.26
.10
.17
.26
.46
.70
MINERALS—TOTAL
130
135
144
139
.06
.56
1.13
1.16
.
.
.98
.15
Food manufactures
M^eat 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 susar
Beet sugar
Confectionery
Miscellaneous food preparations
Beverages
Bottled soft drinks
Alcoholic beverages
Beer and ale
Liquor distilling
Liquor bottling
Coal
Anthracite
.
Bituminous coal
2.50
1.97
1.04
104
105
138
140
133
85
99
95
76
78
77
103
87
114
94
93
100
81
106
118
133
106
117
119
133
116
107
81
102
79
116
94
64
101
27
93
104
137
83
132
116
130
107
153
142
110
80
130
100
73
121
26
65
100
84
101
89
101
101
80
85
61
76
86
84
100
101
106
113
67
107
120
93
66
110
127
117
126
109
68
104
58
58
96
120
105
111
99
104
106
107
105
108
106
99
102
99
109
115
105
116
121
111
117
119
118
119
122
121
121
123
121
120
120
118
11
55
81
79
61
82
71
41
76
11
39
77
11
43
83
74
46
78
119
11
42
82
138
132
123
199
172
171
142
138
130
202
175
163
144
140
131
207
176
168
145
139
132
194
169
175
143
138
132
183
161
174
139
133
128
170
157
175
139
132
127
173
157
177
102
99
97
99
104
114
132
79
43
103
118
82
74
76
37
102
116
83
73
79
36
108
124
83
80
85
39
117
134
89
83
86
41
117
133
91
85
101
79
115
132
87
83
126
122
115
113
122
128
82
114
103
107
106
113
113
121
82
119
111
114
109
111
125
143
154
133
oo
88
90
75
93
111
96
'100
247
130
340
134
108
118
150
146
148
83
83
87
71
86
113
103
86
114
99
129
105
124
126
126
122
123 '125
126
82
39
89
83
53
88
88
51
93
87
51
93
139
132
127
165
159
178
141
133
128
167
163
187
142
135
129
176
170
180
143
137
131
144
140
132
138
120
132
141 rl37
131
152
117
135
88
86
141
179
116
133
87
84
104
168
62
50
79
81
126 141
179 181
90 114
96 '134
82
78
79 '81
136
165
116
137
82
80
111
133
134
135
139
139
135
For other footnotes see preceding page.
141
174
175
125
119
58
PRODUCTION
OUTPUT OF CONSUMER DURABLE GOODS
[Federal Reserve indexes, 1947-49 average = 100]
1947-49
proportion
Product
1954
Annual
1955
1953 1954 Nov. Dec.
Jan.
Feb.
Mar. Apr.
May June
July
Aug.
Sept. Oct.
Nov.
SEASONALLY ADJUSTED
100.00
127
116
119
125
139
141
142
144
145
144
150
152
154
152
151
Major Durables
Autos
Major household goods
Furniture and floor coverings.
Household furniture
Floor coverings1
Appliances and heaters
Major appliances
Ranges
Refrigeration appliances.
Laundry appliances
Heating apparatus
Radio and television sets
Radio sets
Television sets
69.72
32.10
36.13
15.32
11.31
4.01
15.60
11.88
2.60
4.98
2.51
3.72
5.21
3.42
1.79
138
146
132
113
118
125
131
122
101
106
128
127
130
103
111
137
149
129
105
110
157
188
133
107
110
159
191
134
107
113
161
192
136
109
114
163
192
140
110
115
163
190
141
113
118
160
173
151
117
122
169
188
155
117
121
171
193
155
121
125
172
195
156
123
127
168
194
148
121
126
167
196
143
121
126
118
123
90
137
141
100
230
67
541
111
115
79
124
148
97
214
52
522
114
120
77
122
174
95
259
70
620
115
119
82
117
181
100
242
70
571
126
130
79
131
190
115
225
73
515
130
133
96
133
181
120
226
68
527
133
134
97
141
172
131
222
71
512
140
147
101
152
199
121
226
65
532
142
148
105
158
188
125
222
68
516
145
149
122
163
163
132
269
66
658
146
154
119
161
193
121
290
76
698
143
150
98
160
206
119
294
70
720
147
153
98
166
205
126
279
72
676
137
147
95
162
187
108
259
95
572
235*
103
486
Other Consumer Durables
Auto parts and tires
Misc. home and personal goods.
30.28
14.00
16.28
102
91
111
95
91
99
97
93
101
96
94
98
98
'98
99
96
101
100
95
103
100
97
103
103
100
105
106
102
109
106
101
111
107
101
112
111
107
115
114
108
118
114
108
119
CONSUMER DURABLES—TOTAL.
141
146
200
W I T H O U T SEASONAL ADJUSTMENT
CONSUMER DURABLES—TOTAL.
100.00
127
116
129
132
142
151
155
156
147
144
137
139
136
146
159
Major Durables
Autos
Major household goods
Furniture and floor coverings.
Household furniture
Floor coverings1
Appliances and heaters
Major appliances
Ranges
Refrigeration appliances..
Laundry appliances
Heating apparatus
Radio and television sets
Radio sets
Television sets
69.72
32.10
36.13
15.32
11.31
4.01
15.60
11.88
2.60
4.98
2.51
3.72
5.21
3.42
1.79
138
146
132
113
118
125
131
122
101
106
142
144
142
108
115
149
174
130
109
115
163
195
137
108
110
174
210
146
111
115
179
215
151
114
116
180
223
145
111
113
167
205
136
109
114
160
184
141
113
118
152
195
115
105
114
152
166
141
117
124
145
130
159
124
129
157
153
162
127
131
178
212
150
124
131
118
123
90
137
141
100
230
67
541
111
115
79
124
148
97
214
52
522
116
118
83
106
192
107
324
71
806
108
116
77
112
177
84
258
67
623
124
134
81
147
177
93
260
73
618
138
149
104
152
207
102
272
74
648
151
163
110
180
201
114
260
80
604
150
162
106
187
193
113
228
74
521
145
156
100
183
181
113
189
75
408
152
160
117
191
168
128
192
65
434
116
120
76
144
131
103
143
49
321
127
122
91
116
181
142
254
62
619
151
149
107
143
219
159
289
68
710
145
144
105
131
218
148
315
99
726
220
Other Consumer Durables
Auto parts and tires
Misc. home and personal goods.
30.28
14.00
16.28
102
91
111
95
91
99
100
93
105
94
89
99
95
'93
96
97
92
102
99
92
105
99
95
103
102
100
103
106
105
106
103
102
103
110
107
112
115
113
116
120
115
124
117
108
124
r
Revised.
Publication suspended pending revision for the period 1952 to date.
NOTE.—Individual indexes without seasonal adjustment for woven
1
134
ii3*
279*
105
612
carpets, appliances, heating apparatus, radio sets, and television sets may
be obtained from the Division of Research and Statistics. For a description of this index, see BULLETIN for May 1954, pp. 438-447.
VALUE OF NEW CONSTRUCTION ACTIVITY
[Joint estimates of the Departments of Commerce and Labor.
Seasonally adjusted.
In millions of dollars]
Public
Private
Year or month
Business
Total
Industrial
Com- Public
mercial utility
Other
nonresidential
8,580
8,267
12,600
10,973
11,100
11,930
13,496
16,600
5,693
5,322
5,680
7,217
7,460
8,436
8,583
9,907
1,397
972
1,062
2,117
2,320
2,229
2,030
2,403
1,253
1,027
1,288
1,371
1,137
1,791
2,212
3,039
3,043
3,323
3,330
3,729
4,003
4,416
4,341
4,465
2,580
2,795
3,174
3,574
3,547
3,511
3,689
3,743
4,825
6,405
7,000
9,418
10,901
11,394
11,809
12,000
Total
Total
1948
1949
1950
1951
1952
1953
1954
Residential
Total
Highway
Conservation
All
other
158
137
177
887
,388
,307
,030
,300
1,774
2,131
2,272
2,518
2,820
3,160
750
4,100
629
793
881
853
854
830
704
595
2,264
3,344
3,670
5,160
5,839
6,097
6,325
6,005
Military
21,678
22,789
28,454
31,182
33,008
35,271
37,577
42,250
16,853
16,384
21,454
21,764
22,107
23,877
25,768
30,250
1954—Dec
3,429
2,350
1,307
730
180
184
366
313
1,079
97
393
55
534
1955—Jan.'....
Feb.'...
Mar. ' . . .
Apr.r. . .
Mayr. . .
Juner. . .
July
Aug.r...
Sept.'...
Oct.p
3,422
3,453
3,464
3,525
581
565
566
568
573
526
518
3,489
2,400
2,438
2,464
2,525
2,556
2,545
2,578
2,591
2,599
2,551
2,517
2,486
1,338
,348
,349
,391
,419
,420
,435
,433
,422
,374
,345
1,326
749
776
797
812
816
817
831
852
871
874
860
852
181
183
188
188
192
198
205
207
209
212
218
222
200
222
235
248
250
245
253
272
290
291
272
261
368
371
374
376
374
374
373
373
372
371
370
369
313
314
318
322
321
308
312
306
306
303
312
308
1,022
1,015
1,000
1,000
1,025
1,020
988
977
974
975
1,001
1,003
93
101
93
104
110
118
113
110
112
117
111
118
342
339
337
336
352
339
338
334
327
332
357
367
55
51
54
54
55
53
50
48
44
43
43
45
532
524
516
506
508
510
487
485
491
483
490
473
NOV.P. . .
Dec.p. . .
p Preliminary.
•• Revised.
PRODUCTION
59
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 of dollars]
By type of
ownership
Year or month
By type of construction
Nonresidential building
Total
Public
1948
1949
1950
1951
1952
1953
1954 .
1955
9,430
10 359
14,501
15,751
16 775
17,443
19,770
23,745
3,107
3 718
4,409
6,122
6 711
6,334
6,558
7,475
Private
6,323
6,641
10,092
9,629
10,064
11,109
13,212
16,270
Residential
building
Factories
3,608
4,239
6,741
6,205
6,668
6,479
8,518
10,185
840
559
1,142
2,883
2,562
2,051
1,274
Commercial
Educational
Other
975
885
1,208
915
979
1,489
1,815
725
824
1,180
1,335
1,472
1,720
2,063
1,127
1,376
1,651
1,689
1,686
1,695
1,958
Public
works
and
public
utilities
2,155
2,476
2,578
2,723
3,408
3,008
4,142
1954—Dec
1,829
617
1,212
762
104
194
204
200
366
1955_jan
Feb
'1,485
1 581
2,135
2,322
2 185
2,255
2,272
1 895
2,035
1,863
1,797
1,921
480
472
677
676
675
757
761
549
621
551
527
730
'1,005
J.109
,458
,646
,510
,498
,511
,346
,414
,312
,269
190
-671
744
990
1,070
1 011
951
959
835
733
783
726
711
85
113
176
142
171
163
146
170
201
186
178
166
133
194
174
183
228
288
215
197
185
200
131
135
201
195
201
181
231
153
163
163
143
184
153
189
195
171
270
227
144
148
158
142
249
303
386
546
448
461
420
378
593
388
408
Mar
Apr
May
June
July
Sept.. .
Oct
Nov
Dec
r
Revised.
CONSTRUCTION CONTRACTS AWARDED, BY FEDERAL RESERVE DISTRICTS
[Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation.
Value of contracts, in millions of dollars]
Federal Reserve district
Month
Total
(11 districts)
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta Chicago
St.
Louis
Minneapolis
Kansas
City
Dallas
1954—Sept
Oct
Nov
1,816
1,965
1,499
107
122
97
263
288
243
122
120
109
220
207
155
151
226
194
173
214
153
311
360
239
124
127
73
66
56
48
111
101
60
166
145
127
1955—Sept
Oct.. .
Nov
2,035
1,863
1,797
123
114
116
259
298
276
147
123
114
224
221
184
194
210
177
220
219
218
386
310
334
164
106
116
77
52
47
92
86
81
149
124
134
PERMANENT NONFARM DWELLING UNITS STARTED
[Bureau of Labor Statistics estimates. In thousands of units]
Year or month
1948
1949
1950
1951
1952
1953
1954
1955
1954—Dec.
1955—Jan..
Feb..
Mar.
Apr.
May
June
July.
Aug.
Sept.
Oct..
Nov.
Dec.
Total
Metropolitan
areas
Nonmetropolitan
areas
932
,025
,396
,091
,127
,104
,221
,330
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
897
976
91
90
114
132
138
135
123
125
115
P107
P90
Total
1family
2family
Multifamily
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
324
354
914
989
1,352
1,020
1,069
1,068
1,202
763
792
1,151
892
939
933
1,077
46
35
42
40
46
42
34
104
162
159
88
84
94
90
70
21
90
80
68
67
87
97
100
99
88
92
84
77
65
54
20
23
27
35
38
36
34
33
31
30
26
21
87
88
113
131
135
131
122
122
114
78
79
100
120
122
121
113
112
104
n.a.
n.a.
n.a.
v Preliminary.
'Revised,
n.a.
Not available.
1
Government-underwritten units are those started under commitments
of FHA or VA to insure or guarantee the mortgage. VA figures after
Government-underwrittenl
Private
1311
2
3
4
3
3
3
3
3
2
n.a.
n.a.
n.a.
7
6
9
8
10
8
6
8
7
n.a.
n.a.
n.a.
Public
18
36
44
71
58
36
19
Total
FHA
393
466
686
413
420
407
585
^670
291
361
486
264
279
252
277
P277
51
22
29
46
45
54
61
66
72
63
68
'59
54
45
20
17
24
26
28
32
26
27
25
19
17
26
28
30
35
38
40
37
41
33
35
28
22
P)6
VA
102
105
200
149
141
155
308
393
June 1950 and all FHA figures are based on field office reports of first
compliance inspections; VA figures prior to that month are estimates
based on loans-closed information.
2 Less than 500 units.
60
EMPLOYMENT
LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT
[Bureau of the Census estimates, without seasonal adjustment.
In thousands of persons]
Civilian labor force
Year or month
1948
1949
1950
1951
1952.
1953
19542
1955
Total noninstitutional
population
108 482
109,623
110 780
111,924
113,119
115 095
116,220
117,388
Total
labor
force
62,748
63,571
64 599
65,832
66,410
67,362
67,818
68,896
Employed1
Total
Unemployed
Not in the
labor force
Total
In nonagricultural industries
In
agriculture
61 442
62,105
63 099
62,884
62,966
63 815
64,468
65,848
59,378
58,710
59,957
61,005
61,293
62,213
61,238
63,193
51,405
50,684
52,450
53,951
54,488
55,651
54,734
56,464
7,973
8,026
7,507
7,054
6,805
6,562
6,504
6,730
2,064
3,395
3,142
1,879
1,673
1,602
3,230
2,654
45,733
46,051
46,181
46,092
46,710
47,732
48,402
48,492
1954_Dec
116,763
66,811
63,526
60,688
55,363
5,325
2,838
49,952
1955—Jan
Feb.
Mar
116,855
116,901
117 051
117,130
117 236
117,318
117,404
117,517
117,634
117 749
117,864
117,995
66,700
66,550
66,840
67,784
68 256
69,692
70,429
70 695
69,853
70 250
70,164
69,538
63,497
63,321
63 654
64,647
65 192
66,696
67,465
67 726
66,882
67 292
67,206
66,592
60,150
59,938
60,477
61,685
62,703
64,016
64,994
65,488
64,733
65,161
64,807
64,165
54,853
54,854
54,785
55,470
55,740
56,335
57,291
57,952
56,858
57,256
57,887
58,281
5,297
5,084
5,692
6,215
6,963
7,681
7,704
7,536
7,875
7,905
6,920
5,884
3,347
3,383
3,176
2,962
2,489
2,679
2,471
2,237
2,149
2,131
2,398
2,427
50,156
50,352
50,212
49,346
48,979
47,626
46,975
46,823
47,781
47,499
47,701
48,457
Apr
May
June
July. .
Aug
Sept
Oct
Nov
Dec.
1
2
Includes self-employed, unpaid family, and domestic service workers.
Monthly estimates of the labor force beginning 1954 are based on an
improved sample covering a larger number of areas and are, therefore,
not strictly comparable with earlier data.
NOTE.—Information on the labor force status of the population,
relating to persons 14 years of age and over, is obtained through interviews of households on a sample basis. Data through June 1955 relate
to the calendar week that contains the eighth day of the month; beginning
July 1955, to the calendar week that contains the fifteenth day.
EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION
[Bureau of Labor Statistics.
Total
Manufacturing
44,448
43,315
44,738
47,347
48,303
49,681
48,285
49,388
15,321
14,178
14,967
16,104
16,334
17,238
15,989
16,551
1954—Dec
48,380
15,992
743
1955—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
48,398
48,440
48,766
48,881
49,214
49,505
49,640
49,735
49,857
r
49,982
50,181
50,031
15,993
16,091
16,229
16,380
16,545
16,688
16,635
16,661
16,691
r
16,822
16,987
16,920
741
741
739
743
749
756
757
747
754
r
751
750
749
1954—Dec
49,463
16,050
747
1955—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
47,741
47,753
48,212
48,643
48,918
49,508
49,420
49,858
50,322
r
50,471
50,640
51,169
15,925
16,060
16,201
16,255
16,334
16,577
16,475
16,807
16,915
r
16,999
17,075
16,984
741
737
739
739
742
760
749
754
758
r
751
754
753
Year or month
1948
1949
1950
1951
1952
1953
1954
1955
Mining
In thousands of persons]
Contract
construction
Transportation and
public
utilities
Trade
Finance
Service
Federal,
State, and
local
government
2,169
2,165
2,333
2,603
2,634
2,622
2,527
2,504
4,141
3,949
3,977
4,166
4,185
4,221
4,008
4,055
9,519
9,513
9,645
10,012
10,281
10,527
10,498
10,721
1,741
1,765
1,824
1,892
1,967
2,038
2,114
2,192
4,925
4,972
5,077
5,264
5,411
5,538
5,629
5,693
5,650
5,856
6,026
6,389
6,609
6,645
6,751
6,924
2,476
3,986
10,575
2,147
5,644
6,817
2,458
2,410
2,478
2,499
2,526
2,514
2,548
2,543
2,568
r
2,533
2,494
2,445
3,974
3,984
3,986
3,946
4,000
4,064
4,082
4,106
4,135
r
4,116
4,134
4,130
10,574
10,541
10,633
10,600
10,655
10,711
10,765
10,797
10,824
r
10,801
10,859
10,873
2,145
2,154
2,161
2,161
2,171
2,184
2,204
2,208
2,223
r
2,227
2,227
2,236
5,646
5,649
5,656
5,674
5,676
5,690
5,730
5,732
5,705
r
5,730
5,720
5,710
6,867
6,870
6,884
6,878
6,892
6,898
6,919
6,941
6,957
7,002
7,010
6,968
2,426
3,996
11,354
2,136
5,588
7,166
2,237
2,169
2,255
,399
2,526
2,615
2,701
2,746
2,748
r
2,685
2,569
2,396
3,927
3,937
3,966
3,939
3,997
4,081
4,113
4,137
4,152
r
4,127
4,145
4,141
10,419
10,309
10,408
10,549
10,534
10,643
10,633
10,638
10,824
r
10,909
11,116
11,674
2,124
2,132
2,150
2,161
2,171
2,206
2,237
2,241
2,223
r
2,216
2,216
2,225
5,533
,536
5,571
5,674
5,733
5,775
5,816
5,818
5,791
r
5,73O
5,691
5,653
6,835
6,873
6,922
6,927
6,881
6,851
6,696
6,717
6,911
7,054
7,074
7,343
982
918
889
916
885
852
770
748
SEASONALLY ADJUSTED
WITHOUT SEASONAL ADJUSTMENT
r
Revised.
NOTE.—Data include all full- and part-time employees who worked
during, or received pay for, the pay period ending nearest the 15th of the
month. Proprietors, self-employed persons, domestic servants, unpaid
family workers, and members of the armed forces are excluded. Figures
for December 1955 and 1955 annual averages are preliminary.
61
EMPLOYMENT AND EARNINGS
PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES
[Bureau of Labor Statistics. In thousands of persons]
1954
1955
1954
1955
Industry group
Oct.
Dec.
Nov.
Dec.
Oct.
Dec.
Seasonally adjusted
Total
12,580
Durable goods
Ordnance and accessories
Lumber and wood products
Furniture and fixtures
Stone, clay, and glass products
Primary metal products
Fabricated metal products
Machinery except electrical
Electrical machinery
Transportation equipment
Instruments and related products
Misc. manufacturing industries
-13,270
r
7,701
84
12,645
'13,446
13,527
13,421
7,797
84
688
315
464
1,150
898
1,216
857
1,510
224
391
7,218
97
661
297
437
1,002
843
1,106
809
1,375
218
373
'7,729
84
716
323
'478
'1,135
'904
'1,194
'885
'1.378
'225
'407
7,867
84
699
323
478
1,152
911
1,214
872
1,503
226
406
7,841
84
674
321
466
1,156
907
1,228
874
1,510
226
395
5,554
1,078
86
984
1,120
457
527
554
169
230
349
5,427
1,062
100
983
1,073
442
519
534
172
207
335
'5,717
'1,191
113
991
1,123
'464
'535
557
172
226
'344
5,660
1,127
101
998
1,138
465
539
558
170
231
333
5,580
1,049
92
999
1,137
464
535
557
168
233
347
-476
'1,135
'900
'1,218
'876
'1,378
'224
'391
403
094
93
968
057
435
511
531
173
204
337
5,569
'1,090
95
'991
1,106
'464
'530
551
172
224
'346
5,614
1,115
94
988
1,138
460
534
552
170
228
335
'Revised.
Without seasonal adjustment
13,351
7,825
84
689
315
476
1,152
906
1,226
859
1,503
225
390
Nondurable goods
Food and kindred products
Tobacco manufactures
Textile-mill products
Apparel and other finished textiles
Paper and allied products
Printing, publishing and allied products
Chemical and allied products
Products of petroleum and coal
Rubber products
Leather and leather products
Dec.
13,439
7,177
97
674
291
435
997
835
1,095
793
1,375
216
369
702
317
Nov.
time) who worked during, or received pay for, the pay period ending
nearest the 15th of the month. Figures for December 1955 are preliminary.
NOTE.—Data cover production and related workers only (full- and part-
HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES
[Bureau of Labor Statistics. In unit indicated]
Average weekly earnings
(dollars per week)
Average hourly earnings
(dollars per hour)
Average hours worked
(per week)
Industry group
1954
1955
1954
Dec.
Oct.
Nov.
Dec.
Dec.
Oct.
Nov.
Total
74.12
78.50
79.52
79.90
40.5
41.1
Durable goods
Ordnance and accessories
Lumber and wood products
Furniture and fixtures
Stone, clay, and glass products
Primary metal industries
Fabricated metal products
Machinery except electrical
Electrical machinery
Transportation equipment
Instruments and related products
Miscellaneous manufacturing industries...
80.15
82.21
66.91
65.83
73.98
85.60
80.70
83.44
74.52
93.08
75.33
66.18
85.07
85.28
'71.10
'69.96
78.77
96.10
'85.67
90.10
'79.46
'94.21
'80.32
69.38
86.31
86.94
68.45
69.04
79.04
96.33
84.44
90.74
79.27
99.56
80.51
69.63
86.52
85.48
67.73
69.80
79.15
98.14
85.26
93.10
79.49
95.95
81.51
70.38
41.1
40.7
40.8
41.4
41.1
40.0
41.6
40.9
40.5
42.5
40.5
40.6
41.7
41.0
'41.1
'42.4
41.9
41.6
42.2
42.3
'41.6
'41.5
'41.4
41.3
Nondurable goods
Food and kindred products
Tobacco manufactures
Textile-mill products
Apparel and other finished products
Paper and allied products
Printing, publishing and allied products...
Chemicals and allied products
Products of petroleum and coal
Rubber products
Leather and leather products
66.47 '69.32
70.79 73.63
49.92 51.25
55.07 '57.53
49.01 50.59
76.01 81.35
90.09 '92.67
79.90 '83.42
92.57 '99.84
84.85 '89.04
52.16 53.39
70.12 71.23
74.88 76.62
51.46 53.58
58.50 58.50
50.46 51.38
81.53 81.72
92.28 95.36
84.86 85.28
99.95 100.91
92.44 90.09
54.96 57.46
39.8
41.4
38.4
40.2
36.3
42.7
39.0
41.4
40.6
41.8
37.8
40.3
41.6
41.0
'40.8
37.2
43.5
'39.1
'41.5
'41.6
'42.0
37.6
'Revised.
NOTE.—Data are for production and related workers.
December 1955 are preliminary.
Figures for
1954
1955
1955
Dec.
Dec.
41.2
41.4
1.83
1.91
1.93
1.93
41.9
41.4
40.5
42.1
41.6
41.7
41.8
42.4
41.5
43.1
41.5
41.2
42.0
40.9
40.8
42.3
42.1
42.3
42.0
43.1
41.4
41.9
41.8
41.4
1.95
2.02
1.64
1.59
1.80
2.14
1.94
2.04
1.84
2.19
1.86
1.63
2.04
2.08
'1.73
1.65
1.88
2.31
'2.03
2.13
'1.91
'2.27
1.94
1.68
2.06
2.10
1.69
1.64
1.90
2.31
2.02
2.14
1.91
2.31
1.94
1.69
2.06
2.09
1.66
1.65
1.88
2.32
2.03
2.16
1.92
2.29
1.95
1.70
40.3
41.6
38.4
41.2
37.1
43.6
39.1
41.6
41.3
42.6
37.9
40.7
42.1
39.4
1.67
1.71
1.30
1.37
1.35
1.78
2.31
1.93
2.28
2.03
1.38
1.72
1.77
1.25
1.41
1.36
1.87
2.37
2.01
2.40
2.12
1.42
1.74
1.80
1.34
1.42
1.36
1.87
2.36
2.04
2.42
2.17
1.45
1.75
1.82
1.36
1.42
1.37
1.87
2.39
2.05
2.42
2.15
1.44
39.9
41.6
41.7
41.9
39.9
Oct.
Nov.
Dec.
62
DEPARTMENT STORES
DEPARTMENT STORE SALES AND STOCKS, BY DISTRICTS
[Federal Reserve indexes, based on retail value figures. 1947-49 average= 100]
Federal Reserve district
United
States
Year or month
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
104
98
105
109
110
112
111
102
99
103
105
104
105
107
103
98
101
105
101
102
104
104
100
106
109
109
111
108
105
98
105
110
110
113
105
103
100
105
113
118
121
121
103
101
109
115
124
126
129
104
97
104
108
106
111
109
104
98
104
107
110
112
112
113
116
110
110
'107
106
nn
119
112
115
119
117
114
124
118
121
122
114
109
107
108
111
107
114
107
112
114
116
Minne- Kansas
Dallas
City
apolis
San
Francisco
104
98
105
104
104
104
105
103
99
108
111
113
112
115
105
102
113
117
124
125
127
104
98
105
109
114
115
113
SALESi
1948
1949
1950
1951
1952
1953
1954
SEASONALLY ADJUSTED
1954_Nov
Dec
1955—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
,
,
,
P122
107
110
'125
128
133
135
'108
112
114
117
104
111
116
120
131
136
115
118
108
101
105
102
103
104
108
106
108
'109
110
113
113
108
111
115
115
114
121
114
120
120
121
111
108
107
116
113
108
124
114
116
rl20
118
133
122
129
126
128
123
136
134
134
132
137
134
133
142
137
136
152
143
140
148
P134
P142
116
109
114
119
117
114
122
115
118
120
121
123
114
116
122
120
108
132
120
119
122
124
112
103
108
107
107
103
111
107
112
109
109
124
114
120
126
120
118
136
124
127
125
124
140
129
134
142
134
132
145
139
131
138
136
125
118
118
120
118
118
123
122
126
126
125
133
188
137
194
120
180
'134
205
149
228
134
209
92
89
101
118
120
106
102
109
122
135
149
80
81
88
108
108
95
89
102
119
126
125
94
89
104
123
119
113
111
117
127
'131
142
110
103
120
136
133
120
123
129
131
'146
155
97
93
97
112
116
113
107
118
123
126
145
WITHOUT SEASONAL ADJUSTMENT
1954_Nov
Dec
137
201
133
200
'135
186
146
197
133
191
153
231
'155
234
1955—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
91
88
100
114
116
110
98
105
123
128
85
82
93
99
101
100
77
82
111
116
139
85
83
101
109
114
107
90
92
124
125
159
87
83
93
112
110
104
96
104
116
125
147
91
91
111
125
129
118
107
112
138
140
106
107
129
141
134
121
122
129
136
154
P148
90
82
90
108
111
107
82
86
120
115
141
P!64
P165
84
98
114
116
112
96
103
123
126
147
107
99
109
128
118
126
122
105
100
109
124
111
116
117
105
97
105
124
113
116
114
107
99
108
127
113
119
116
107
100
106
128
111
118
114
105
101
113
133
130
143
139
108
102
120
140
136
146
141
108
97
108
125
112
122
120
107
100
106
125
114
124
116
110
99
104
116
107
115
115
108
100
111
130
121
133
126
110
101
112
132
126
138
132
107
100
110
131
126
134
125
123
124
118
119
'115
114
117
121
114
117
'142
144
143
144
119
120
114
118
119
119
'127
130
133
139
128
128
123
123
124
124
123
127
127
129
129
129
118
118
119
121
120
124
121
122
124
123
118
117
118
116
119
124
125
122
126
'126
127
114
114
113
113
113
116
118
118
118
119
140
142
144
144
139
143
145
145
150
152
146
147
150
149
148
151
148
154
156
156
116
116
116
113
117
123
119
123
122
125
128
129
129
131
131
132
136
134
136
135
141
134
136
139
137
137
143
143
145
146
147
131
127
129
128
126
130
131
138
137
134
P159
118
118
119
120
122
124
121
123
121
120
123
121
120
117
120
121
126
126
126
123
129
P123
113
113
113
113
111
115
116
117
116
117
119
P142
P151
P138
,
STOCKS i
1948
1949
1950
1951
1952
1953
1954
SEASONALLY ADJUSTED
1954—NOV
Dec
1955—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
P!32
P121
P\54
P131
WITHOUT SEASONAL ADJUSTMENT
1954—Nov
Dec
'139
110
138
111
131
104
134
107
129
104
"153
120
162
127
138
108
129
106
133
107
'141
117
'148
126
141
108
1955—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
110
117
127
129
127
121
119
126
135
145
107
111
122
125
123
115
109
118
127
139
101
106
116
119
115
108
105
114
123
'132
136
103
112
122
124
124
116
112
117
132
144
146
101
109
117
119
117
110
109
114
123
133
P137
125
132
149
153
146
139
142
148
155
168
134
145
156
155
150
142
139
150
163
170
P180
106
112
121
123
123
116
114
120
127
137
142
105
114
124
126
121
116
116
126
133
145
107
111
119
118
118
116
115
120
128
136
142
116
125
135
136
135
131
129
134
140
152
119
132
144
144
139
133
136
144
155
162
116
118
129
133
136
131
130
133
142
153
P148
P!44
P Preliminary.
' Revised.
i 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.
P167
P158
P167
P152
NOTE.—For description and monthly indexes for back years, see
BULLETIN for December 1951, pp. 1463-1515.
63
DEPARTMENT STORES; FOREIGN TRADE
DEPARTMENT STORE MERCHANDISING DATA
[Based on retail value figures]
Ratios to sales 4
Amounts (In millions of dollars)
Sales i
(total
for
month)
Period
Stocks i
(end
of
month)
Outstanding
orders 1
(end of
month)
ReNew
ceipts 2 orders 3
(total
(total
for
for
month) month)
Stocks
Outstanding
orders
Stocks
plus
outstanding
orders
Receipts
1946 average
1947 average
1948 average
1949 average
1950 average
1951 average
1952 average
1953 average
1954 average
345
365
381
361
376
391
397
406
407
767
887
979
925
,012
,202
,097
,163
,136
964
588
494
373
495
460
435
421
387
373
366
386
358
391
390
397
408
407
354
364
363
358
401
379
401
401
409
2.3
2.5
2.7
2.7
2.8
3.2
2.9
3.0
3.0
3.0
1.7
1.4
1.1
1.4
1.3
1.2
1.1
1.0
5.3
4.3
4.1
3.8
4.2
4.4
4.1
4.1
4.0
1.1
1.0
1.0
1.0
1.1
1.0
1.0
1.0
1.0
1954—Nov..
Dec...
-513
766
,327
,056
406
301
'565
504
'492
399
2.6
1.4
0.8
0.4
3.4
1.8
1.1
0.7
1955—Jan...
Feb...
Mar..
Apr...
May.
June..
July..
Aug..
Sept..
Oct...
Nov..
336
307
392
413
404
390
324
382
426
473
,042
,105
,190
,216
,189
,122
,090
,157
,244
,350
,417
385
414
367
308
307
449
554
550
576
581
322
370
477
439
377
323
292
449
513
579
406
399
430
380
376
465
397
445
539
584
3.1
3.6
3.0
2.9
2.9
2.9
3.4
3.0
2.9
2.9
1.1
1.3
0.9
0.7
0.8
1.2
1.7
1.4
1.4
1.2
4.2
4.9
4.0
3.7
3.7
4.0*
5.1
4.5
4.3
4.1
P488
P613
P520
P0.9
P3.5
1.0
1.2
1.2
1.1
0.9
0.8
0.9
1.2
1.2
1.2
Pl.l
P546
r
p Preliminary.
Revised.
1 These figures are not estimates for all department stores in the United
States. They are the actual dollar amounts reported by a group of department stores located in various cities throughout the country. In 1954,
sales by these stores accounted for about 50 per cent of estimated total
department store sales.
2 Derived from the reported figures on sales and stocks.
3 Derived from receipts and reported figures on outstanding orders.
4
The first three ratios are of stocks and /or orders at the end of the'month
to sales during the month. The final ratio is based on totals of sales and
receipts for the month.
NOTE.—For description and monthly figures for back years, see BULLETIN for October 1952, pp. 1098-1102.
MERCHANDISE EXPORTS AND IMPORTS
[Bureau of the Census. In millions of dollars]
Merchandise exports excluding
military-aid shipments 2
Merchandise exports i
Merchandise imports 3
Period
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
Jan.-Nov
«Estimated.
p Preliminary.
i Exports of domestic and foreign merchandise.
1953
1954
1955
1953
1954
1955
1953
,293
,200
,390
,394
,453
,385
,363
,187
,256
,253
,247
,353
1,092
1,183
1,126
1,426
1,401
1,474
1,290
1,156
1,115
1,265
1,250
1,318
1,168
1,237
1,343
1,261
1,322
1,318
1,268
1,234
1,253
1,016
927
1,052
1,054
1,085
1,013
965
911
1,052
1,019
1,031
1,138
923
998
923
1,258
1,137
1,115
1,023
955
962
1,162
1,165
1,221
1,083
1,143
1,251
1,167
1,190
1,190
1,140
1,106
1,154
922
856
1,004
1,013
902
933
908
840
926
813
849
907
833
809
865
957
829
947
822
825
780
763
840
942
11,125
11,621
9,966
9,270
14,421
PI.395
*1,302
13,778
2
P1,275
«l,230
*12,929
1954
1955
871
850
1,019
871
959
936
885
959
945
P1,010
«1,053
40,358
Department of Defense shipments of grant-aid military equipment
and3 supplies under the Mutual Security Program.
General imports including imports for immediate consumption plus
entries into bonded warehouses.
64
PRICES
CONSUMER PRICES
[Bureau of Labor Statistics index for city wage-earner and clerical-worker families.
1947-49= 100]
Housing
All
items
Year or month
Gas
and
electricity
Foods
Total
Rent
Solid
fuels
and
fuel oil
Apparel
House- Household
furoperanishtion
ings
117.4
83 6
88.4
90.9
Transportation
Medical
care
Personal
care
Reading
and
recreation
Other
goods
and
services
60.3
45 9
55 6
76.3
73.3
55 3
62 9
76.9
65 6
41 6
52 2
68.9
102.8
101.8
102.8
111.0
113.5
114.4
114.8
104 1
100.0
101.2
112 6
114.6
112.8
112.6
101.7
103.3
106.1
112.4
114.6
117.7
119.1
100.7
105.0
108.8
113.1
117.9
124.1
128.5
100 0
102.5
102.7
103 1
104.5
106.6
107.9
104 4
106.8
110.5
116.4
118.7
123.9
123.5
103.2
99.6
100.3
111.2
108.5
107.9
106.1
102.6
100.1
101.2
109.0
111.8
115.3
117.4
103.5
99.4
98.1
106.9
105.8
104.8
104.3
100 9
108.5
111.3
118.4
126.2
129.7
128.0
100 9
104.1
106.0
111 1
117.3
121.3
125.2
101 3
101.1
101.1
110.5
111.8
112.8
113.4
100 4
104.1
103.4
106.5
107.0
108.0
107.1
100 5
103.4
105.2
109.7
115.4
118.2
120.2
1954—Nov
Dec
114.6
114.3
111.1
110.4
119.5
119.7
129.2
129.4
108.7
109.1
124.2
125.5
105.4
105.4
117.8
117.7
104.6
104.3
127.6
127.3
126.1
126.3
113.8
113.6
106.8
106.6
120.0
119.9
1955—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
114.3
114.3
114.3
114.2
114.2
114.4
114.7
114.5
114.9
114.9
115.0
110.6
110.8
110.8
111.2
111 1
111.3
112.1
111.2
111.6
110.8
109.8
119.6
119.6
119.6
119.5
119.4
119.7
119.9
120.0
120.4
120.8
120.9
129.5
129.7
130.0
129.9
130.3
130.4
130.4
130.5
130.5
130.8
130.9
109.4
109.9
110.3
110.3
110.9
110.7
110.8
110.8
111.2
111.2
111.5
126.1
126.2
126.2
125.7
122.5
122.7
123.2
123.8
125.2
126.3
126.7
104.6
104.8
104.6
104.5
103.7
103.8
103.6
103.2
103.6
104.4
104.5
117.7
117.7
117.9
118.1
119.0
119.2
119.4
119.5
119.8
120.1
120.5
103.3
103.4
103.2
103.1
103.3
103.2
103.2
103.4
104.6
104.6
104.7
127.6
127.4
127.3
125.3
125.5
125.8
125.4
125.4
125.3
126.6
128.5
126.5
126.8
127.0
127.3
127.5
127.6
127.9
128.0
128.2
128.7
129.8
113.7
113.5
113.5
113.7
113.9
114.7
115.5
115.8
116.6
117.0
117.5
106.9
106.4
106.6
106.6
106.5
106.2
106.3
106.3
106.7
106.7
106.8
119.8
119.8
119.8
119.9
119.9
120.3
120.4
120.6
120.6
120.6
1929
1933
1941
1945
1948
1949
1950
1951
1952
1953
1954
.
....
NOTE.—Revised indexes, reflecting, beginning January 1953, the inclusion of new series (i.e. home purchases and used automobiles) and re-
119.9
vised weights. Prior to January 1953, indexes are based on the "interim
adjusted" and "old" indexes, converted to the base 1947-49= 100.
WHOLESALE PRICES, BY GROUPS OF COMMODITIES
[Bureau of Labor Statistics index. 1947-49= 100]
Other commodities
Year or
month
104.4 107.3 106.1 103.4
99.2 92.8 95.7 101.3
103.1 97.5 99.8 105.0
114.8 113.4 111.4 115.9
111.6 107.0 108.8 113.2
110.1 97.0 104.6 114.0
110.3 95.6 105.3 114.5
1948
1949
1950
1951
1952
1953
1954
1954
Nov
Dec
All
com- Farm Processed
modi- products foods
ties
Total
110.0
109.5
93.2 103.8 114.8
89.9 103.5 114.9
95.2
95.2
Hides,
skins,
and
leather
products
Fuel,
power,
and
lighting
materials
102.1
96.9
104.6
120.3
97.2
98.5
94.2
107.1
101.9
103.0
106.7
106.6
109.5
108.1
r
Revised.
110.
110.4
110.0
110.5
109.9
110.3
110.5
110.9
111.7
•111.6
111.2
92.5
93.1
92.1
94.2
91.2
91.8
89.5
88.1
89.3
-86.8
84.1
103.8
103.2
101.6
102.5
102.1
103.9
103.1
101.9
101.5
100.2
115.2
115
115.6
115.7
115
115.6
116.5
117.5
118.5
119.0
119.3
95.2
95.2
95.3
95.0
95.0
95.2
95.3
95.3
95.4
'95.4
95.6
103.1
96.1
96.6
104.9
108.3
97.8
102.5
92.8 107.4 107.0 131.4 119.9 116.0 129.9 125.3 115.6 121.8 121.4
91.8 107.5 107.0 132.0 120.0 115.9 129.8 125.7 115.7 121.8 121.4
97.0
98.0
91.9
92.3
92.2
93.2
92.9
92.9
93.7
93.8
94.0
95.3
96.3
108.5
108.7
108.5
107.4
107.0
106.8
106.4
107.2
108.0
'108.0
108.4
103.8
94.8
96.3
110.0
104.5
105.7
107.0
107.2
99.2
113.9
123.9
120.3
120.2
118.0
100.4
101.6
102.4
108.1
110.6
115.7
120.6
1955
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Ma- FurniToChem- Rub- Lum- Pulp, Metals chin- ture Nonme- bacco
icals
ber
ery
and
paper,
ber
tallic mfrs. Misand
and
and
and
and
other
minand cellaallied and wood allied metal
mo- house- erals—
neous
prod- prodprod- prod- prodtive
hold struc- bottled
ucts
ucts
bevucts
ucts
ucts
prod- dura- tural erages
ucts
bles
107.1
107.1
106.8
107.1
106.8
106.8
106.0
105.9
106.0
106.5
106.6
102.1
98.9
120.5
148.0
134.0
125.0
126.9
136.8
140.6
138.0
138.3
138.0
140.3
143.4
148.7
151.7
'147.8
150.4
120.3
121.2
121.4
122.4
123.5
123.7
124.1
125.1
125.7
'125.4
125.1
102.9
98.5
100.9
119.6
116.5
116.1
116.3
116.3
116.6
116.8
117.4
117.7
118.3
119.0
119.7
120.5
122.8
123.2
103.9
104.8
110.3
122.8
123.0
126.9
128.0
130.1
131.5
131.9
132.9
132.5
132.6
136.7
139.5
141.9
'142.4
143.0
100.9
106.6
108.6
119.0
121.5
123.0
124.6
125.8
126.1
126.1
126.3
126.7
127.1
127.5
128.5
130.0
131.4
132.1
101.4
103.1
105.3
114.1
112.0
114.2
115.4
115.5
115.4
115
115.1
115.1
115.2
115.5
116.0
116.4
116.9
117.2
101.7
104.4
106.9
113.6
113.6
118.2
120.9
122.0
121.8
121.9
122.3
123.2
123.7
125.3
126.1
126.4
126.8
125.5
121.4
121.6
121.6
121.6
121.6
121.6
121.6
121.7
121.7
121.7
121.7
97.0
97.1
95.6
94.0
91.3
89.1
90.8
89.8
90.3
"91.5
88.0
65
PRICES
WHOLESALE PRICES, BY GROUPS OF COMMODITIES-Continued
[Bureau of Labor Statistics index, 1947-49= 100]
1954
1955
1954
Subgroup
Nov.
Sept.
Oct.
103.2
93.5
76.4
104.5
95.1
83.5
92.0
164.6
102.1
81.4
75.5
100.8
93.6
103.0
75.1
146.2
92.9
82.4
71.8
99.1
-95.1
92.6
75.9
145.4
116.5
86.3
108.8
105.5
112.3
197.8
97.8
114.4
87.5
104.3
106.8
109.6
176.6
98.1
114.8
'81.6
105.0
107.4
110.0
183.8
98.3
Pulp, Paper, and Allied Products—
Continued
102.6
79.8
Paperboard
62.2
Converted paper and paperboard
100.9
Building paper and board
94.9
98.9 Metals and Metal Products:
75.8
140.1
Iron and steel
Nonferrous metals
Metal containers
Hardware
114.7
Plumbing equipment
77.8
Heating equipment
105.9
Fabricated structural metal products .
107.8
Fabricated
nonstructural
metal
109.7
products
176.6
97.4 Machinery and Motive Products:
89.9
106.6
86.9
127.4
98.4
77.6
92.5
103.0
86.7
126.8
98.6
72.1
92.8
102.8
-86.1
123.7
98.7
71.6
93.1
102.8
85.8
120.8
98.9
72.5
52.7
82.0
111.7
96.0
60.9
85.1
111.4
96.0
62.3
86.1
113.5
96.0
105.1
132.4
107.3
103.0
109.5
108.1
137.2
107.8
95.5
114.0
•108.7
138.8
109.3
-94.3
114.2
60.2
87.7 Furniture and Other Household Dura115.3
bles:
96.1
Household furniture
,
Commercial furniture
Floor covering
108.8
Household appliances
138.8
Radio
109.3
Television
94.3
Other household durable goods
,
115.0
Nonmetallic Minerals—Structural:
117.7
112.8
96.6
93.6
57.8
109.1
112.2
107.6
118.2
114.8
97.6
92.4
55.8
108.5
112.0
104.0
118.9
115.0
97.4
92.3
-58.2
108.5
112.3
104.5
Flat glass
119.3
Concrete ingredients
115.0
Concrete products
97.1
Structural clay products
92.3
Gypsum products
57.6
Prepared asphalt roofing
108.4
Other nonmetallic minerals
112.3
104.6 Tobacco Manufactures and
Beverages:
134.1
134.9
125.4
176.4
147.2
141.4
165.0
147.2
137.9
166.8
151.8
139.0
119.6
130.2
104.3
127.1
128.2
106.1
-126.8
128.2
106.1
126.4
128.2
105.9
109.6
87.3
126.5
113.8
129.1
131.0
114.2
120.3
131.2
114.2
133.9
131.7
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 materials
Other processed foods
Nov.
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
Chemicals and Allied Products:
Industrial chemicals
Prepared paint
Paint materials
Drugs, Pharmaceuticals, cosmetics . .
Fats and oils, inedible
Mixed fertilizers
Fertilizer materials
Other chemicals and products
Rubber and Products:
Crude rubber
Tires and tubes
Other rubber products
Lumber and Wood Products:
Lumber
Millwork
Plywood
Pulp, Paper, and Allied Products:
Woodpulp
Wastepaper
Paper
r
Revised.
c
Corrected.
1955
Subgroup
Agricultural machinery and equipment
Construction machinery and equipment
Metal working machinery
General purpose machinery and
equipment
Miscellaneous machinery
Electrical machinery and equipment
Motor vehicles
,
Nov.
Sept.
Oct.
Nov.
124.1
111.3
127.6
129.5
114.3
132.7
129.7
118.9
133.3
130.1
118.9
133.3
135.5
127.2
131.6
142.0
118.7
114.3
117.4
145.0
154.2
132.8
147.8
128.1
117.2
127.0
145.7
153.9
132.8
151.3
129.4
117.3
127.4
146.0
153.9
138.0
151.4
133.0
117.3
128.1
126.2
130.8
131.3
132.0
121.3
126.3
126.7
126.0
131.8
134.0
140.5
146.9
142.1
147.2
142.4
147.3
128.1
126.0
136.7
132.0
138.6
133.1
140.1
133.1
126.7
121.0
130.6
122.0
130.7
•124.7
131.4
125.8
112.9
128.6
124.0
109.1
95.4
69.2
131.5
115.2
136.2
128.0
106.2
89.4
69.3
134.1
115.6
137.1
128.7
c
106.1
-89.5
69.5
135.5
116.1
137.1
128.7
106.4
89.9
69.5
136.0
123.9
122.1
117.4
135.4
122.1
106.1
119.5
131.1
125.3
119.8
143.9
122.1
114.6
122.8
133.0
125.6
120.2
144.3
122.1
•114.4
122.8
133.0
125.6
120.5
144.5
122.1
100.6
122.5
124.0
103.7
121.4
114.3
148.1
124.0
103.9
122.5
114.7
148.1
124.0
104.2
122.5
114.7
148.1
124.0
104.2
122.5
114.7
148.1
112.8
85.0
101.2
103.5
120.9
113.6
72.5
91.0
104.3
122.2
113.8
74.7
91.0
104.3
122.3
114.3
67.8
91.0
104.3
122.9
Bottled
Cigarettes
Cigars
Other tobacco products
Alcoholic beverages
Nonalcoholic beverages
Miscellaneous:
Toys, sporting goods, small arms. ..
Manufactured animal feeds
Notions and accessories
Jewelry, watches, photo equipment..
Other miscellaneous
66
NATIONAL PRODUCT AND INCOME
RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING
[Department of Commerce estimates.
In billions of dollars]
Seasonally adjusted annual rates
by quarters
Annual totals
Item
1954
1929
Gross national product
Less: Capital consumption allowances
Indirect business tax and related liabilities
Business transfer payments
Statistical discrepancy
Plus: Subsidies less current surplus of government enterprises
104.4
56.0
8.6
7.2
7.0
.6
.3
7.1
.7
.9
-.1
.0
87.8
Equals: National income
1941
1933
1949
1950
1951
1952
1953
125.8 257.3 285.1 328.2 345.2 364.5 360.5 358.8 367.1 375.3 384.8 '392.0
9.0
18.4
20.5
23.5
25.5
27.
30.0
30.4
30.9
31.2
31.9
32.7
.5
.4
21.6
.8
.1
23.7
.8
.2
25.6
1.0
1.3
28.1
1.2
30.2
1.2
1.3
30.3
1.2
30.0
1.2
30.7
1.2
.7
31.1
1.2
31.7
1.2
-.2
32.2
1.2
.1
-.2
.2
.2
-.4
-.1
.4
.6
11.3
40.2 104.7 216.2 240.0 277.0
.7
-.1
303.6 299.7
289.5
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
Less: Personal tax and related
Federal
payments....
Less: Personal consumption expenditures...
Equals: Personal saving
.0
-.3
303.2
.7
.3
320.7 325.7
311.4
298.7
-2.0
.3
14.5
2.8
28.1
5.7
35.
6.9
39.9
8.2
36.9
8.6
37.2
8.7
33.8
9.6
33.1
9.6
35.5
9.6
39.6
10.5
42.2
10.8
4!.9
11.2
.0
.9
1.0
5.8
.6
.0
1.5
1.2
2.1
.0
2.6
1.3
4.5
.5
.0
11.6
4.6
7.5
.0
14.3
4.7
9.2
.1
11.6
4.8
9.1
1.0
.0
12.0
4.9
9.0
1.2
-.1
12.8
5.0
9.3
1.2
.0
15.0
5.2
10.0
1.2
.0
15.0
5.2
10.0
1.2
.0
15.7
5.2
10.6
1.2
.1
15.9
5.1
10.2
1.2
.4
16.2
5.0
10.7
1.2
-.6
15.7
5.0
11.0
1.2
.7
47.2
96.3 206.8 227.1 255.3 271.1 286.2 287.6 287.3 290.8 293.6 300.5 306.1
2.6
1.3
1.4
7.5
.5
3.3
2.0
1.3
18.7
16.2
2.5
83.1
1.0
93.0
188.2
79.0
45.7
81.9
180.6
4.2
46.4
11.1
7.6
State and local
Equals: Disposable personal income
-1.5
10.1
.2
85.8
Equals: Personal income
1955
1954
20.9
18.2
29.3
26.3
2.7
3.0
206.1 226.1
194.0 208.3
12.1
17.7
34.4
31.2
3.2
236.7
218.3
1 8 4
35.8
32.4
32.8
29.1
32.8
29.1
3.4
3.7
3.7
250.4 254.8 254.5
230.6 236.5 237.9
19.8
18.3
33.1
29.3
3.8
257.8
241.0
16.8
16.6
32.6
28.8
33.4
29.5
3.8
3.9
261.0 267.1
245.8 250.5
15.3
16.6
34.4
30.4
4.0
271.7
255.7
16.0
-.6
r
Revised.
NATIONAL INCOME, BY DISTRIBUTIVE SHARES
[Department of Commerce estimates.
In billions of dollars]
Seasonally adjusted annual rates
by quarters
Annual totals
Item
1955
1954
1929
1933
1941
1949
1950
1951
1952
1953
1954
National income
87.8
40.2 104.7 216.2 240.0 277.0 289.5 303.6 299.7 298.7 303.2 311.4 320.7 327.7
Compensation of employees
Wages and salaries *
Private
Military
Government civilian
Supplements to wages and salaries
51.1
50.4
45.5
.3
4.6
.7
29.5
29.0
23.9
.3
4.9
.5
64.8
62.1
51.9
1.9
8.3
2.7
Proprietors' and rental income2
Business and professional
Farm
Rental income of persons
20.2
8.8
6.0
5.4
7.6
3.2
2.4
2.0
20.9
10.9
6.5
3.5
42.0
21.4
12.7
7.9
44.6
22.9
13.3
8.5
49.9
24.8
16.0
9.1
49.9
25.7
14.3
9.9
48.4
25.9
12.3
10.3
48.4
25.9
12.0
10.5
48.3
26.0
11.7
10.6
48.2
26.3
11.2
10.7
48.8
26.6
11.5
10.7
48.7
27.1
11.0
10.7
48.8
27.6
10.6
10.7
Corporate profits and inventory valuation
adjustment
Corporate profits before tax
Corporate profits tax liability
Corporate profits after tax
Inventory valuation adjustment
10.1
9.6
1.4
8.3
.5
-2.0
.2
.5
-.4
-2.
14.5
77.0
7.6
9.4
-2.5
28.1
26.2
10.4
15.8
1.9
35.1
40.0
17.8
22.1
-4.9
39.9
41
22
18
-1
36.9
35.9
19.8
16.1
1.0
37.2
38.3
21.3
17.0
-1.1
33.8
34.0
17.1
17.0
-.2
33.1
33.5
16.8
16.7
-.5
35.5
36.0
18.1
17.9
-.5
39.6
40.9
20.5
20.4
-1.3
42.2
43.0
21.6
21.4
41.9
44.5
22.3
22.2
-2.6
6.4
5.0
4.5
5.2
5.9
6.8
7.4
8.8
9.5
9.5
9.7
9.9
10.3
10.7
Net interest
1
Includes employee contributions to social insurance funds.
140.9 154.3 180.4 195.3 209.2 207.9 207.8 209.8 213.1 219.5 224.3
134.3 146.5 170.9 185.1 198.5 196.2 795.7 198.1 200.8 207.0 277.3
113.9 124.3 142.1 152.2 164.7 162.4 162.1 163.8 166.5 171.7 175.6
5.0
4.2
8.7
10.5
10.3
9.5
9.4
9.3
9.1
9.3
9.1
17.2 20.1
16.2
22.5
23.5
24.4
24.5
25.0
25.3
25.9
26.6
7.8
6.5
9.5
10.2
10.8
11.7
11.8
12.2
12.5
11.7
13.0
2
Includes noncorporate inventory valuation adjustment.
67
NATIONAL PRODUCT AND INCOME
GROSS NATIONAL PRODUCT OR EXPENDITURE
[Department of Commerce estimates.
In billions of dollars]
Seasonally adjusted annual rates
by quarters
Annual totals
1954
1929
Gross national product.
104.4
1933
79.0
9.2
37.7
32.1
Gross private domestic
investment
New constructionx
Residential, nonfarm
Other
Producers' durable equipment
Change in business inventories
Nonfarm only
1.4
16.2
1.4
8.7
.5
3.6
5.1
1.0
1.6
5.9
1.7 - 1 . 6
1.8 - 1 . 4
Government purchases of goods
services
Federal
National security
Other
Less: Government sales2
State and local
8.5
1.3
.0
7.2
1950
1951
1952
1953
1955
1954
81.9 180.6 194.0 208.3 218.3 230.6 236.5 237.9 241.0 245.8 250.5 '255.7
9.7 23.6 28.6 27.1 26.6 29.8 29.3 29.4 30.4 34.4 35.1
43.2 96.9 100.4 111.1 116.0 118.9 120.9 121.5 122.5 122.4 125.3 127 .'0
29.0 60.1 65.0 70.1 75.7 81.8 86.4 87.0 88.1 89.0 90.2 91.8
18.1 32.5
6.6
17.5
3.5
8.3
3.1
9.2
6.9
17.8
4.5 - 2 . 7
4.0 - 1 . 9
.2
1.1
8.0
2.0
2.0
.0
6.0
24.8
16.9
13.8
3.2
.0
7.8
and
,
1949
56.0 125.8 257.3 285.1 328.2 345.2 364.5 360.5 358.8 367.1 375.3 384.8 ^392.0
46.4
3.5
22.3
20.7
Personal consumption expenditures.
Durable goods
Nondurable goods
Services
Net foreign investment
1941
51.2
22.7
12.6
10.1
21.1
7.4
6.4
56.9
23.3
11.0
12.4
23.2
10.4
9.0
.5 - 2 . 2
43.6
25.4
19.3
6.6
.4
18.2
r
Revised.
1
Includes construction expenditures for crude petroleum and natural
gas drilling.
42.0
22.7
18.5
3.9
.3
19.9
62.8
41.0
37.3
4.2
.4
21.8
49.6
23.7
11.1
12.6
23.1
2.8
2.1
51.4
25.8
11.9
13.8
24.4
1.2
1.9
47.2 45.9 50.7
27.8
28.5 29.4
13.5 14.2 15.0
14.3 14.3 14.4
22.3 22.2 21.9
-.6
-2.9 -4.9
-3.2 -5.4 -1.0
-.2
-2.0
-.3
-.7
.9
77.5
54.3
48.8
5.8
.4
23.2
84.5
59.5
51.4
8.5
.4
25.0
77.0
49.2
43.2
6.3
.4
27.8
75.8
47.7
42.1
6.1
.4
28.1
74.5
45.7
40.5
5.5
.3
28.7
54.1
31.2
16.1
15.1
21.5
1.5
1.5
-.4
75.8
46.4
41.2!
5.5
.3
29.4
60.1
32.6
16.9
15.7
23.2
4.3
4.2
-60.5
r33.2
-17.2
-16.0
-24.9
2.4
2.0
n
-.0
74.9
45.2
40.4
5.2
.3
29.7
75.8
45.5
40.6
5.2
.3
30.2
2
Consists of sales abroad and domestic sales of surplus consumption
goods and materials.
PERSONAL INCOME
[Department of Commerce estimates.
In billions of dollars]
Wage and salary disbursements
Personal
income
Year or month i
1929
1933
1941
1949
1950.. . .
1951
1952
1953
1954
1954—Nov.
Dec
1955
Jan.
Feb
Mar.
Apr
May.
June
July.
Aug
Sept
.
. . .
Oct
Nov.P.
. .
Total
Commodity Distributive
producindusing intries
dustries
Government
Other
labor
income 2
Transfer
payments 4
Less
personal
contriNonbutions agriculfor
tural
social income 6
insur-5
ance
85 8
47.2
96.3
50.4
29.0
62.1
21 5
15.6
8 4
8.8
5.2
4.9
5.1
.6
.4
20.2
9.8
7.6
8.3
1.5
2.1
.1
.2
27.5
16.3
8.1
10.2
.7
20.9
10.3
3.1
.8
206.8
227 1
255 3
271.1
286 2
287.6
134.4
146.5
170 8
185.2
198.6
196.2
56.9
63 5
74 9
80.6
88.2
84.2
39.0
41.3
45.8
48.7
51.8
52.3
18.0
19 5
21 3
23.0
24.8
25.9
20.5
22.2
28.8
32.9
33.8
33.8
3.0
3.8
5.3
6.0
6.6
42.0
44.6
49.9
49.9
48.4
48.4
17.2
19 8
20 7
21.3
23.1
24.7
12.4
15.1
12.6
13.2
14.0
16.2
2.2
2.9
4.8
290 8
293.4
198 6
198.8
85 2
84.8
52.5
53.1
26 6
26.6
34.3
34.3
6.7
48.3
48.9
24 9
26.5
16.8
17.1
4.5
292.2
293 2
295.7
298.9
301 4
301.6
305 3
305 3
307.9
309 2
311.4
199.3
200.3
202.6
204.6
207 3
208.0
212 4
211.2
212.4
213.3
215.0
85.4
86.3
87.8
88.9
90 6
90.9
91 7
91.5
92.2
92 8
94.1
52.9
53.0
53.6
53.6
54.5
54.9
55.7
56.1
56.4
56.4
56.6
26.8
26 7
27.0
27.2
27 4
27.4
27 8
27.9
28.0
28 2
28.4
34.2
34.3
34.2
34.9
34.8
34.8
37.2
35.7
35.8
35.9
35.9
6.8
6.8
6.8
6.9
49.1
48.8
48.5
49.0
48.8
48.5
47.9
48.8
49.7
49.8
49.9
25.0
25.3
25.5
25.9
26.1
26.3
26.4
26.7
27.1
27.4
27.6
17.0
17.0
17.4
17.6
17.5
17.1
16.9
16.9
16.9
16.9
17.1
5.0
5.0
5.1
5.1
P Preliminary.
1 Monthly data are seasonally adjusted totals at annual rates.
2
Includes compensation for injuries, employer contributions to private
pension
and welfare funds, and other payments.
3
Includes business and professional income, farm income, and rental
income of unincorporated enterprise; also a noncorporate inventory
valuation
adjustment.
4
Includes government social insurance benefits, direct relief, musteringout pay, veterans' readjustment allowances and other payments, as
Service
industries
Dividends
Proand
prietors'
perand
rental 3 sonal
income interest
income
6.7
6.9
6.9
7.0
7.0
7.1
7.1
7.1
13.2
3.4
3.8
3.9
4.5
4.6
5.2
5.2
5.3
5.3
5.3
5.3
5.3
77.7
43.6
88.0
190.8
210.5
235.7
253.1
270.2
271.9
275.9
278.1
276.5
277.7
280.9
283.7
286.6
287.2
291.7
290.8
293.0
294.4
296.4
well as consumer bad debts and other business transfers.
5 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.
6 Includes personal income exclusive of net income of unincorporated
farm enterprise, farm wages, agricultural net interest, and net dividends
paid by agricultural corporations.
Financial Statistics
* International *
International capital transactions of the United States
9
Gold production
74
Net gold purchases and gold stock of the United States.
75
Reported gold reserves of central banks and governments.
76
Estimated foreign gold reserves and dollar holdings.
77
International Bank and Monetary Fund.
78
Central banks
78
Money rates in foreign countries.
83
Foreign exchange rates
84
Index to statistical tables.
5
Tables on the following pages include the principal available statistics of current significance
relating to international capital transactions of
the United States, foreign gold reserves and dollar holdings, and foreign central banks. Figures
on international capital transactions of the
United States are collected by the Federal Reserve Banks from banks, bankers, brokers, and
69
dealers in the United States in accordance with
the Treasury Regulation of November 12, 1934.
Other data are compiled largely from regularly
published sources such as central bank statements and official statistical bulletins. Back figures for 1941 and prior years, together with descriptive text, may be obtained from the Board's
publication, Banking and Monetary Statistics.
70
INT'L CAPITAL TRANSACTIONS OF THE U. S.
TABLE 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES 1
[Amounts outstanding, in millions of dollars]
In-
Total foreign
countries
Germany,
Fed.
Rep.
Switz- United
erKingland
dom
ternational
institutions 2
Official
1951—Dec. 3 1 . . . .
1952—Dec. 3 1 . . . .
1953—Dec. 3 1 . . . .
1,641
1,585
1,629
7,661
8,961
10,019
3,548
4,654
5,667
289
343
429
406
551
899
300
309
466
521
642
674
643
818
709
1954_Nov. 3 0 . . . .
Dec. 3 1 . . . .
1,793
1,770
10,782
11,153
6,379
6,774
502
715
1,287
1,373
563
579
624
672
1955—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
1,752
1,785
1,813
1,821
1,875
1,854
1,861
,859
1,844
,821
,823
11,101
10,925
10,915
11,067
11,178
11,263
11,281
11,189
11,507
11,744
11,797
6,750
6,540
6,508
6,633
6,711
6,116
6,658
6,552
6,803
6,888
6,938
707
725
750
671
766
785
835
915
980
1,369
1,407
1,411
1,405
1,408
1,397
1,418
1,420
1,422
1,425
1,421
592
612
611
629
638
646
676
702
769
813
810
624
634
650
658
672
685
702
679
683
709
740
Date
31....
28....
31
30... .
31....
30
31....
31....
30P. ..
31 P . . .
30P.. .
and
private
France
Official
Italy
Other
Europe
Total
Europe
Canada
Latin
America
Asia
847
1,093
1,558
3,006
3,755
4,734
1,307
1,421
1,296
1,455
1,613
1,768
[,595
1,837
1,896
297
336
326
830
640
1,674
1,642
5,479
5,621
1,378
1,536
1,848
1,906
1,812
1,825
265
265
659
599
637
677
664
689
623
561
575
645
645
1,675
,627
,591
,660
,577
,588
,561
,567
,564
,557
,484
5,625
5,604
5,650
5,698
5,724
5,790
5,815
5,844
5,993
6,167
6,168
1,529
,367
,321
,319
,275
,269
,302
,180
,184
,143
,125
1,837
1,812
1,795
1,899
1,989
1,920
1,897
1,854
1,915
1,938
1,945
1,842
,858
,860
,852
,885
,983
,968
,994
2,086
2,162
2,217
267
284
290
298
305
301
299
316
329
335
341
All
other
of
1,017
1,069
Table la. Other Europe
Other
Europe
Date
Austria
Belgium
Denmark
57
135
45
1951—Dec. 31
1952 Dec 31
1953—Dec 31 .
1,093
1,558
91
191
124
130
1954 Nov 30
Dec 31 .
1,674
1,642
272
273
675
,627
,591
,660
,577
,588
,561
,567
,564
,557
,484
273
277
275
272
272
269
273
283
280
279
270
1955—Jan
Feb.
Mar
Apr.
May
June
July
Aug
Sept.
Oct.
Nov.
847
31
28
31
30
31
30
31
31
30?...
31 v
30P
Neth- NorFinerway
land Greece lands
27
Portugal
Rumania Spain
Sweden
Turkey
Yugo- All
slavia other
149
100
41
6
72
14
47
101
110
119
6
6
19
36
91
117
131
8
14
12
7
224
388
103
100
69
71
40
41
110
113
203
243
241
249
57
72
17
7
29
38
46
70
96
116
103
89
91
8
8
71
71
159
141
8
8
9
9
378
363
98
93
99
106
103
107
99
104
104
105
98
76
70
69
70
64
54
56
60
64
54
64
40
42
38
37
40
38
40
42
41
46
44
129
134
130
134
131
127
125
126
134
141
156
256
219
222
218
195
202
202
190
199
183
173
89
66
64
77
68
71
68
66
68
72
68
93
98
92
95
94
94
101
106
112
120
125
8
8
8
8
8
8
8
8
8
8
8
78
85
93
99
101
109
113
119
120
117
112
131
130
121
118
114
119
130
141
148
149
149
9
9
10
11
10
12
9
10
9
9
9
9
10
8
9
9
11
8
10
9
11
9
386
386
362
405
368
367
328
303
268
330
198
NethDoerlands Panminican Guate- Mex- West ama,
ReRemala
ico Indies puband
pubSuri- lic of
lic
Peru
El
Salvador
Table lb. Latin America
Date
Latin
BoAmer- Argentina
livia
ica
Brazil Chile
Colombia
Cuba
Other
Uru- Vene- Latin
guay zuela America
nam
1951—Dec. 31
1952—Dec. 31
1953—Dec 31
1 455
1,613
1 768
250
139
130
28
24
19
100
73
102
54
79
79
106
118
150
264
301
341
46
44
39
27
34
38
158
231
183
35
44
52
68
81
90
47
61
68
26
27
85
94
110
72
146
222
88
117
119
1954_Nov. 30
Dec 31
1,848
1 906
175
160
32
29
160
120
73
70
169
222
244
237
60
60
31
35
265
329
47
49
76
74
80
83
20
30
92
90
202
194
122
124
1955_jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
1,837
1 812
1,795
1,899
1 989
1 920
1 897
1,854
1,915
1,938
1,945
143
144
152
156
167
157
165
174
165
153
152
31
27
26
27
28
28
26
25
26
25
24
100
105
95
111
129
120
118
126
147
162
149
73
67
75
76
95
94
89
75
87
77
75
189
139
97
88
91
102
103
106
98
106
120
234
228
234
252
254
245
241
231
236
249
255
68
65
63
68
67
71
71
71
70
68
65
37
43
45
48
51
51
51
47
43
38
41
336
358
363
376
372
341
327
321
340
362
379
43
45
45
44
45
42
44
43
46
42
42
73
75
79
78
74
84
80
85
85
82
87
81
79
79
82
82
83
89
86
89
95
92
40
47
43
46
48
50
45
39
33
27
22
87
83
81
74
68
64
61
60
61
60
63
178
177
188
243
285
261
253
234
259
260
261
122
130
129
132
133
129
134
132
132
131
117
31
28
31
30
31
30
31
31
30?
31P
30 P
P Preliminary.
For other footnotes see following page.
28
71
INT'L CAPITAL TRANSACTIONS OF THE U. S.
TABLE 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES 1 —Continued
[Amounts outstanding, in millions of dollars]
Table lc. Asia and All Other
Asia
Date
Total
Formosa
and Hong
China Kong India
Mainland
All other
KoEgypt
rea, Philand Union
Bel- AngloReof Other
Ausip- ThaiOther
Israel Japan pubTotal
gian
land
Egyptralia
Congo tian South
lic pines
Africa
Sudan
Indo- Iran
nesia
1951—Dec. 31
1952—Dec. 31
1953—Dec. 31
1,595
1,837
1,896
87
76
74
62
71
68
62
65
99
141
61
39
25
19
44
27
19
18
596
808
828
26
54
92
330
315
295
97
181
168
142
167
171
297
336
326
39
47
59
54
119
90
111
60
43
7
24
38
87
87
96
1954_Nov. 30
Dec. 31
1,812
1,825
71
70
65
61
82
87
101
100
28
31
26
41
713
725
89
96
277
257
124
123
237
234
265
265
37
48
44
44
48
47
38
33
97
94
1955—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
1,842
1,858
1,860
1,852
1,885
1,983
1,968
1,994
2,086
2,162
2,217
69
70
70
69
70
71
72
72
72
75
76
61
60
61
59
61
60
62
60
58
56
57
95
102
87
84
93
97
78
73
92
90
89
109
112
98
96
100
115
108
110
120
127
145
45
47
40
47
52
52
48
42
36
42
37
39
41
45
45
43
41
43
55
46
46
49
707
700
714
709
720
757
774
808
865
914
952
99
97
97
98
106
108
106
102
100
95
91
265
263
254
249
249
252
258
261
253
247
254
132
133
132
130
129
130
121
122
123
125
129
222
233
262
266
261
299
298
290
321
344
339
267
284
290
298
305
301
299
316
329
335
341
44
59
57
60
70
64
70
75
72 .
74
75
46
43
44
44
43
43
42
46
44
45
44
49
52
54
54
48
50
45
47
60
71
68
31
36
33
36
34
30
33
37
37
34
35
97
95
102
103
110
114
109
112
116
111
119
31
28
31
30
31
30
31
31
30P
31 P . . . .
30P
Table Id. Supplementary Areas and Countries5
End of year
End of year
Area or country
Area or country
1951
Other Europe:
Albania
Azores
Bulgaria
Czechoslovakia6
..
. .
.
.
1952
1953
1954
1
2
2
2
.3
.6
6
.3
.4
6
.4
.4
6
n.a.
.6
6
1.3
2 7
1.0
3.5
15.9
1 3
.6
.6
.7
1.2
1 9
1.0
3.7
12.6
1 3
1 9
1.0
7.5
14.1
1 3
n.a.
1.0
8.9
n.a.
1 0
11.8
3.2
2.8
5.6
2.5
.6
5.0
.4
4.0
.5
4.5
2.6
3.4
4.1
1.7
3.0
2 2
2.5
2.0
Other Latin America:
14.6
British dependencies
8 7
Costa Rica
11 4
Ecuador
.8
French West Indies and French Guiana...
10.3
Haiti
17 2
Honduras
8.3
Nicaragua
Paraguay
5.4
14.6
12 1
23 7
2.2
11.6
15 4
13.4
18.0
13 4
17 7
.6
9.3
18 7
16.0
5.0
6.0
Estonia
.
Hungary
Iceland
Ireland Republic of
Latvia
Lithuania
Luxembourg
M^onaco
Poland6
Trieste
U. S S R.6
...
.6
1952
1953
1954
10 6
21.0
9.5
19 2
12.9
4 0
25.5
16.9
13 9
14.1
2 7
19.8
23.0
17 1
13.8
n a.
21.1
29.7
na
10.0
15 3
13.1
19 3
14.4
.1
2.8
15 9
11.4
n.a.
23 9
9.7
.1
5.3
18 5
20.5
n.a.
16 5
3.8
.1
1.8
61 5
21.5
1.6
3.5
27 0
1 l
10.3
2 3
3 5
6.3
.2
26.7
1.6
9.1
22 3
1.4
n.a.
16.8
n.a.
5.6
na
2 3
n.a.
.5
35.7
5
Lebanon
Pakistan
Palestine
Portuguese dependencies
Saudi Arabia
Syria
Viet-Nam
5.3
2.1 All other:
2.2
British dependencies
1.8
Ethiopia and Eritrea
French dependencies
Italian Somaliland
19.0
Liberia
....
15 3
Libya
21 2
New Zealand
.4
Portuguese dependencies
12.7
Spanish dependencies
n.a.
Tangier
10.3
2.7
13 2
5.4
n.a.
1.2
6.9
36 5
1
6.1
5
5 2
4.3
.2
21.5
6
.9
.3
11.8
3 0
2 1
5.0
.2
36.1
.8
8.1
3.6
^Preliminary,
n.a.
Not available.
1
Short-term liabilities reported in these statistics represent principally
deposits and U. S. Govt. obligations maturing in not more than one year
from their date of issue, held by banking institutions in the United States;
small amounts of bankers' acceptances and commercial paper and of
liabilities payable in foreign currencies are also included.
2 Includes International Bank for Reconstruction and Development,
International Monetary Fund, and United Nations and other international
organizations. Excludes Bank for International Settlements, reported
under
Other Europe.
3
Represents funds held with banks and bankers in the United States
(and in accounts with the U. S. Treasury) by foreign central banks and by
foreign central governments and their agencies (including official purchasing missions, trade and shipping missions, diplomatic and consular
establishments, etc.).
Other Asia:
Afghanistan
British dependencies
Burma
Ceylon
Iraq
1951
4 Through 1952, reported by banks in the Second (New York) Federal
Reserve District only.
5 Except where noted, these data are based on reports by banks in the
Second (New York) Federal Reserve District only and represent a partial
breakdown of the amounts shown in the "other" categories in Tables
la-lc. For each date the Second District reported at least 90 per cent of
the total amount in the "other" categories.
6 Based on reports by banks in all Federal Reserve districts.
NOTE.—Statistics on international capital transactions of the United
States are based on reports by banks, bankers, brokers, and dealers.
Beginning with the BULLETIN for June 1954 (as explained on p. 591 of
that issue), tables reflect changes in reporting forms and instructions made
as of Mar. 31, 1954, as well as changes in content, selection, and arrangement of material published. For discontinued tables and data reported
under previous instructions, see BULLETIN for May 1954, pp. 540-545.
72
INT'L CAPITAL TRANSACTIONS OF THE U. S.
TABLE 2. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES!
[Amounts outstanding, in millions of dollars]
Total
Date
GerFrance many,
Fed.
Rep. of
Switz- United Other Total
King- Europe Europe
erdom
land
Italy
Canada
Latin
America
Asia
All
other
1951—Dec. 31
1952—Dec. 31
1953 Dec 31 .
968
1,049
905
10
32
11
28
27
31
10
18
19
11
7
18
35
30
71
89
98
88
183
212
236
92
62
56
489
662
473
162
90
115
42
22
25
1954
1,291
1,316
1,387
7
10
14
47
56
70
16
19
20
16
13
16
126
128
173
107
114
109
320
341
402
68
66
76
740
750
728
128
126
143
34
33
37
1,380
1,368
1,366
1,380
1,415
1,450
1,416
1,429
1,388
1,429
12
12
7
8
10
10
12
10
11
11
73
80
74
79
77
84
80
74
69
67
20
22
23
23
26
28
26
30
27
30
19
22
19
20
22
20
21
20
23
27
146
116
119
96
98
91
70
74
76
65
137
143
140
127
135
143
154
151
152
159
407
394
382
354
369
375
363
359
358
358
104
105
91
104
108
122
118
112
115
123
677
671
686
694
684
671
653
682
622
660
152
160
170
190
213
239
240
236
252
243
40
38
37
38
41
43
42
39
42
45
Norway
Portugal
Spain
Sweden
Turkey
Yugoslavia
All
other
Oct 31
Nov. 30
Dec. 31
1955—Jan.
Feb
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct
31
28
31
30
31 .
30
31
31
30P
31 P
.
. . .
Table 2a. Other Europe
Other
Europe
Date
Aus-
Belgium
Denmark
1951—Dec. 31..
1952—Dec. 31..
1953—Dec. 31..
89
98
40
16
13
5
2
6
1954_Oct. 31..
Nov. 30..
Dec. 31..
107
114
109
14
17
20
6
7
10
1955_jan. 31..
Feb. 28..
Mar. 31.,
Apr. 30..
May 31..
June 30..
July 31..
Aug. 31.,
Sept. 30P.
Oct. 31 P.
137
143
140
127
135
143
154
151
152
159
19
19
19
18
18
15
14
12
11
13
Finland
Greece
()
(2)
Netherlands
5
4
9
19
11
24
1
39
16
4
9
5
11
15
16
4
6
4
55
52
41
1
1
1
18
18
19
15
15
13
12
12
13
13
3
4
3
4
4
5
8
6
6
7
66
67
68
62
67
80
89
88
92
93
3
6
4
4
4
3
2
(2)
(2)
(2)
Table 2b. Latin America
Date
Latin
BoAmer- Argentina
livia
ica
Brazil Chile
Colombia
Cuba
NetherDolands
minican Guate- Mex- West
Indies
Re- mala
ico
and
pubSurilic
nam
Panama,
Republic of
Peru
El
Salvador
Uruguay
Other
Vene- Latin
zuela America
1951—Dec. 31
1952—Dec. 31
1953—Dec. 31
489
662
473
8
8
7
7
6
11
185
356
125
25
26
23
44
42
57
32
32
51
2
2
2
4
4
4
91
89
93
1
1
3
3
7
5
12
15
20
9
9
8
11
14
4
42
37
42
15
14
19
1954—Oct. 31
Nov. 30
Dec. 31
740
750
728
6
6
6
2
2
3
361
322
273
7
12
14
79
92
107
65
63
71
2
2
3
3
5
4
99
115
116
1
8
12
9
14
15
16
10
13
10
4
6
7
57
61
63
22
24
27
1955_jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
677
671
686
694
684
671
653
682
622
660
6
6
5
5
6
8
6
6
6
6
2
2
3
3
3
3
3
3
3
3
252
249
220
221
189
153
137
133
106
91
15
12
19
13
11
15
17
15
7
8
97
90
88
97
116
132
125
132
127
122
53
48
65
69
71
65
60
71
55
92
4
4
4
4
4
4
4
4
4
4
4
4
4
4
5
4
4
4
4
4
111
111
128
125
122
125
133
141
146
151
13
15
18
18
20
18
15
15
13
14
15
15
15
16
16
16
18
20
19
20
9
7
6
6
5
5
6
6
6
6
7
7
8
7
7
6
5
10
5
10
63
76
79
79
81
83
85
91
88
93
25
24
24
25
27
32
32
32
33
34
31
28
31
30
31
30
31
31
30P
31P
l
p1 Preliminary.
Short-term claims reported in these statistics represent principally the
following items payable on demand or with a contractual maturity of
not more than one year: loans made to and acceptances made for foreigners; drafts drawn against foreigners that are being collected by banking institutions on behalf of their customers in the United States; and
foreign currency balances held abroad by banking institutions and their
customers in the United States. Claims on foreigners with a contractual
2
2
1
2
3
4
1
1
2
maturity of more than one year reported by U. S. banking institutions
(excluded from these statistics) amounted to $594 million on Oct. 31,
1955. The term foreigner is used to designate foreign governments,
central banks, and other official institutions as well as banks, organizations, and individuals domiciled outside the United States, including
U. S. citizens domiciled abroad and the foreign subsidiaries and offices
of U. S. banks and commercial firms.
2 Less than $500,000.
73
INT'L CAPITAL TRANSACTIONS OF THE U. S.
TABLE 2. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES i—Continued
[Amounts outstanding," in millions of dollars]
Table 2c. Asia and All Other
All other
Asia
Formosa
and Hong India IndoTotal China
Kong
nesia
Mainland
1954—Oct. 31
Nov. 30
Dec. 31
128
126
143
1955—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
152
160
170
190
213
239
240
236
252
243
31
28
31
30
31
30
31
31
30P
31P
3
OOOO
162
90
115
OOOOOO
1951—Dec. 31
1952—Dec. 31
1953—Dec. 31
00 00 00 00 00 00 00 00 00 00
Date
Iran
Egypt
and Union
Bel- AngloPhilof
ThaiAusIsrael Japan ippines land Other Total tralia gian Egyp- South
Other
Congo tian Africa
Sudan
13
4
4
(2)
3
1
9
10
14
30
15
23
12
13
26
29
8
6
2
3
6
52
25
25
42
22
25
23
10
8
6
6
6
3
3
3
5
4
5
1
1
1
18
17
16
8
9
11
33
30
50
11
11
7
7
7
6
35
36
36
34
33
37
11
10
14
7
7
6
3
3
4
5
5
3
4
4
4
4
4
4
5
5
4
4
4
4
4
5
1
1
( )
(2)
(2)
(2)
18
19
16
19
19
20
21
22
20
19
11
8
8
7
7
8
8
10
9
9
48
60
60
70
87
92
105
108
110
107
10
9
10
13
18
15
17
15
17
17
13
11
12
15
17
20
13
11
8
6.
36
36
47
48
48
69
61
53
71
67
40
38
37
38
41
43
42
39
42
45
13
12
11
11
11
10
10
9
11
11
6
6
6
5
5
5
5
5
5
5
2
1
1
1
7
2
2
6
4
8
(2)
(2)
5
6
6
10
9
10
1
1
1
7
8
7
6
8
7
7
7
6
11
12
11
12
15
15
17
19
17
18
16
(2)
(2)
2
3
1
2
2
TABLE 3. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPES 3
[In millions of dollars]
U. S. Government bonds
and notes
Year or month
Net
purchases,
or sales
U. S. corporate bonds
and stocks
Purchases
Sales
-683
302
-82
860
850
802
,405
761
838
731
1,264
26
102
261
22
13
-160
117
169
197
81
216
72
45
142
17
24
24
33
30
40
145
11
4
107
-3
24
156
5
177
160
185
135
148
176
167
135
180
154
Purchases
Sales
1951
1952
1953
1954
674
534
646
801
1,357
231
728
793
1954_Oct...
Nov..,
Dec...
48
115
101
1955—Jan.. .
Feb...
Mar..,
Apr...
May..
June..
July..
Aug..,
Sept.?
Oct. P.
121
361
83
48
249
14
48
181
38
21
Net
purchases,
or sales
Foreign stocks
Foreign bonds
Purchases
Sales
Net
purchases,
or sales
(
-301
-182
-79
-49
272
294
310
393
349
330
303
645
-76
-36
7
-252
53
46
69
50
2
7
36
38
39
49
63
61
-14
-25
-23
63
70
30
46
27
34
30
26
41
37
13
61
29
4
18
36
29
14
-4
9
42
43
54
48
'55
69
55
54
71
58
70
75
58
•77
'101
•75
73
82
62
-45
-27
-21
-10
••-22
'-33
'-20
-19
-11
-4
Purchases
Sales
99
13
70
141
500
495
543
792
801
677
622
841
111
130
181
6
39
17
103
48
76
149
161
163
130
133
158
139
116
154
141
28
-2
22
5
15
19
28
19
26
13
76
131
59
49
45
70
60
40
37
46
Net
purchases,
or sales
TABLE 4. NET PURCHASES BY FOREIGNERS OF LONG-TERM UNITED STATES SECURITIES, BY COUNTRIES
[Net sales, (—). In millions of dollars]
Year or month
1951
1952
1953
1954
1954_Oct...
Nov..,
Dec.. ,
1955—Jan...
Feb...
Mar..
Apr.. ,
May. .
June.,
July..
Aug..
Sept.p
Ot
International
institutions
Total
foreign
countries
-16
15
23
78
26
-568
300
-34
72
2
53
-132
66
133
33
9
166
15
49
173
30
4
-1
-11
2
10
(2)
(2)
-44
1
3
3
1
P Preliminary.
' Revised.
1
See footnote 1 on preceding page.
France
Germany,
Federal
Republic of
Italy
2
6
5
-42
17
(2)
(2)
3
-28
(2)
(2)
2
1
2
-1
1
(2)
(2)
(2)
1
(2)
(2)
2
2
1
3
1
-5
(2)
(2)
(2)
(2)
(2)
C2)
Switzerland
46
51
57
73
5
13
10
20
15
20
3
-1
9
26
28
19
United
Kingdom
21
70
71
70
6
8
7
18
22
-2
4
41
15
13
-1
-9
2
Other
Europe
Total
Europe
-66
-16
-24
-20
-2
-6
-8
4
20
-4
9
111
62
139
9
18
-19
45
53
16
39
-1
9
4
6
-7
24
48
33
19
Canada
-595
192
-121
-187
-5
-2
-108
-8
76
-5
^
78
-9
-2
132
-10
-5
Latin
America
14
5
25
113
C2)
36
-7
29
3
6
4
6
-2
1
7
13
2 Less than $500,000.
3
Includes transactions of international institutions.
Asia
5
-9
(2)
(2)
I
All
other
74
INT'L CAPITAL TRANSACTIONS OF THE U. S.
TABLE 5. NET PURCHASES BY FOREIGNERS OF LONG-TERM
FOREIGN SECURITIES OWNED IN THE UNITED STATES,
BY AREAS
TABLE 6. DEPOSITS AND OTHER DOLLAR ASSETS HELD AT
FEDERAL RESERVE BANKS FOR FOREIGN CORRESPONDENTS i
[In millions of dollars]
[Net sales, (—). In millions of dollars]
Assets in custody
InterTotal
national foreign Europe Canada
couninstitutions
tries
Year or
month
1951
1952
1953
1954
1954— Oct... .
Nov....
Dec....
1955—Jan
Feb.. . .
Mar....
Apr....
May...
June...
July....
Aug....
Sept.P. .
Oct.p . .
-137
29
20
96
-9
-259
-141
-138
-133
34
25
35
33
-36
-10
-30
-34
39
-21
-13
-4
-12
-3
39
-1
5
8
-3
-6
-30
23
-23
-8
-15
35
6
6
r_4
-153
-118
-224
-100
-61
-11
-164
-3
-2
-3
2
11
0)
-2
-4
0)
-10
1
-12
-3
Latin
Amer- Asia
ica
0)
-4
r(l)
r
4
'19
-6
-3
8
A
-8
1
-21
-8
i
-7
7
G)
4
2
-2
0)
1
5
2
3
2
2
••21
'26
-6
3
0)
0)
-3
-1
8
6
26
7
-2
-10
-5
-
9
-2
1
4
1
2
2
2
3
4
3
3
0)
5
2
3
2
0)
pr Preliminary.
Revised.
i Less than $500,000.
Deposits
Date
All
other
U. S. Govt.
securities 2
Miscellaneous 3
1953—Dec. 31
1954_Dec. 31
423
490
2,586
2,908
106
105
1955—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
31
28
31
30
31
30
31
31
30
31
30
31
441
320
351
360
402
374
410
387
385
402
408
402
3,000
2,966
3,062
3,137
3,264
3,295
3,288
3,373
3,463
3,506
3,558
3,543
117
128
131
137
141
139
135
141
142
138
137
126
1955—Dec. 7
Dec. 14
Dec. 21
Dec. 28
441
434
479
468
3,558
3,625
3,665
3,648
136
140
138
132
1
Excludes assets held for Intl. Bank and Monetary Fund and earmarked
gold. See footnote 4, p. 75, 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, and foreign and
international bonds.
NOTE.—For explanation of table and for back figures see BULLETIN
for May 1953, p. 474.
GOLD PRODUCTION
[In millions of dollars]
Production reported Inonthly
Year or
month
Estimated
world
production
(excl.
U.S.S.R.)
North and South America
Africa
Total
South
Africa
Rhodesia
British Belgian United
West
Africa Congo States
Canada
Mexico
Other
Colom- Chile
bia
Nica- Austra- India
ragua i
lia
$1= /5%i grains ojrgold %ofine: i. e., an ounce of fine' gold= $35.
728.1
753.2
777.1
758.3
780.9
776.5
826.2
405.5
409.7
408.2
403.1
413.7
417.9
462.4
18.0
18.5
17.9
17.0
17.4
17.5
18.8
23.4
23.1
24.1
22.9
23.8
25.4
27.5
11.1
12.9
12.0
12.3
12.9
13.0
12.8
70.9
67.3
80.1
66.3
67.4
69.0
65.1
123.5
144.2
155.4
153.7
156.5
142.4
152.8
12.9
14.2
14.3
13.8
16.1
16.9
13.5
11.7
12.6
13.3
15.1
14.8
15.3
13.2
1954—Oct
Nov . .
Dec
71.3
72.0
71.3
40.5
40.7
40.8
1.7
1.6
1.5
2.3
2.3
2.3
.9
.9
.9
5.6
5.6
5.8
13.3
13.5
13.5
1.4
1.2
.8
1.1
1.2
.8
1955__jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
70.4
67.9
73.3
71.4
40.7
38.8
42.3
41.7
42.8
42.7
43.7
44.4
43 6
43.8
1.4
1.6
2.2
2.2
1 5
5.0
4.8
2.2
2.2
2.1
2.2
2.2
2.2
2.2
12.8
12.3
13.0
12.9
13.4
13.0
13.5
13.5
13.8
13.8
.9
1.8
1.5
1.6
1.6
1.5
1.6
1.6
1.1
805.0
840.0
864.5
840.0
868.0
864.5
913.5
1948
1949
1950
1951
1952
1953
1954
. ..
1.6
1
Gold exports, representing approximately 90 per cent of total production.
Sources.—World production: estimates of U. S. Bureau of Mines.
Production reported monthly: reports from individual countries except
?
1.2
L.I
[.0
0
.9
L.I
0
5.4
5.0
5.3
5.6
4.1
5.9
7.0
6.8
1.6
1.3
1.2
1.1
.9
1.2
.8
1 i
1 3
5.7
6.3
6.7
6.1
6.2
4.4
7.7
8.0
8.8
8.9
9 1
8.2
31.2
31.3
30.4
31.3
34.3
37 7
39.1
6 5
5.7
6 7
7.9
8.9
7 8
8.4
.3
.4
.4
6
.6
.7
3 1
3.3
3 4
6
.6
.6
.5
.3
.6
.6
2 8
.5
.4
.5
.2
.6
.7
.8
.8
.8
.7
7
3.3
2.8
3.0
3.5
3 3
4.6
7.8
.7
2.7
2.9
5
.5
.6
5
.6
.6
.6
.6
.5
.6
British West Africa, Belgian Congo, and India, data for which are from
American Bureau of Metal Statistics. For the United States, annual
figures are from the Mint and monthly figures from American Bureau of
Metal Statistics.
75
U. S. GOLD
NET GOLD PURCHASES BY THE UNITED STATES, BY COUNTRIES
[In millions of dollars at $35 per fine troy ounce. Negative figures indicate net sales by the United States]
Quarterly totals
Annua] totals
1947
Continental Western Europe:
Belgium
...
France
Germany (Federal Republic
,
of)
Netherlands
Portugal
Sweden
Switzerland
Bank for International Settlements
Other
1948
222.8
264.6
i 30.8
116.0
238.0
10 0
59.2
1,041.4
Total
Sterling Area:
United Kingdom
Union of South Africa
Other
406.9
256.0
311.2
Canada
.
.
63.0
3.0
-5.6
4.8
808.4
Total. . . .
Asia
All other
734.3
498.6
1-58.0 1-18.3 1-5.8
-84.8 - 2 0 . 0
*"-79!8
-15.0
-22.9
-40.0
-38 0
-34.3
3-123.4
-10.0
" - 4 * . 5 -100.0
-34.9
-5.0
-32.0
— 15 0 22 5
-65.3 - 3 0 . 4
-16.4 - 2 9 . 7
-49.9
7.0
-10.0
-16.1
-14.4
-50.0
-10.5
81.8 -143.9
1.0
-4.1
4-55.4
27.4
1.0
-6.2
12.1
6.9
.4
(2)
-17.3
-380.2 -184.8 -115.6
446.3 -1,020.0
195.7
13.1
3.5
3.2
645.2 -1,003.4
3.4
1952
1951
14.0
(2)
2,864.4 1,510.0
Grand total
1950
191.5 -250.2
727.5 114.1
15.5
60.0
-65.0 -10.0
45.4
61.6
25.1
10.7
- 3 7 — 108.0
2.1
19.1
.
1949
69.8 1-43.0
15.8
662.9 1,232.9
Total
Latin America:
Argentina . .
Colombia
Cuba
M^exico . . . .
Uruguay
Venezuela
Other
..
1955
1954
Area and country
1953
1954
JulySept.
Oct.Dec.
1-94.8
Apr.June
-22.5
-45.0
JulySept.
-130.0 - 2 2 5 . 6 -140.0 - 3 0 . 0 - 1 0 . 0
-65.0
-59.9 -54.9 -20.0 -10.0
-5.0
-20.0 -15.0
-15.0
— 65 0 — 15 5 — 8 0 —7 5
-94.3
-17.5
-546.4
-20.0
-2.6
-8.4
-2.9
- 3 2 8 . 3 -170.5
-73.7
-37.5
-.1
2.6
469.9
52.1
3.6
440.0
11.5
-.3
-480.0
-.5
-.1
-.1
525.6
451.2
-480.5 - 5 0 . 5
-.1
-.1
-100.0 -10.0
7.2
-49.9 - 2 0 . 0
-10.0
17.5 - 2 2 . 8
28.2 -20.0
-118.2 -60.2
87.7
-64.8
22.2
14.9
g
- 7 . 2 -34.7 - 2 . 4
Jan.Mar.
-.5
(2)
3.5
-41.5
-50.0
(2)
(2)
-84.8
-3.5
-28.1
-15.0
-.3
80.3
-5.0
— 30 0
17.2
-172.0 -126.0
57.5
-131.8
62.5
5-38.9 5-53.7
-6.7
-5.7
-9.9
11.0
(2)
1.9
3.4
-.1
-.1
1.9
3.4
-.1
10.9
-1.1
-2.2
13.7
6-44.2 6-76.0
193.3 -1,725.2
75.2
1 Includes sales of gold to Belgian Congo as follows (in millions): 1949,
$2.0; 1950, $3.0; 1951, $8.0; 1952, $2.0; and 1953, $9.9.
2 Less than $50,000.
3 Includes sale of $114.3 million of gold to Italy.
4 Includes sale of $43.1 million of gold to Thailand.
-.4
-.4
-2.7
393.6 -1,164.3 -326.6 -171.8 - 7 2 . 3
-36.9
(2)
(2)
-41.7
8.7
5 Includes sales of gold to Indonesia as follows: 1950, $29.9 million;
and 1951, $45.0 million.
<> Includes sales of gold to Egypt as follows: 1950, $44.8 million; and
1951, $76.0 million.
ANALYSIS OF CHANGES IN GOLD STOCK OF UNITED STATES
[In millions of dollars]
Gold stock at
end of period
Year
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
EarNet
marked Domesgold gold:
Increase
de- tic gold
in total import, crease,
or
producgold
or inexport
tion
stock
crease
(-)
Treasury
Total1
21,938
20,619
20,065
20,529
22,754
24 244
24,427
21,981 -757.9
20,631 -1,349.8
20,083 -547.8
623.1
20,706
22,868 22,162.1
1,530.4
24 399
24,563
164.6
. . . . 22,706
22,695
23,187
22 030
21,713
-803.6
-459.8
-356.7
465.4
210.0
-159.2
-495.7
48.3
35.8
32.0
51.2
75.8
70.9
67.3
22,820 -1,743.3 - 3 7 1 . 3 -1,352.4
22,873
617.6
52.7 -549.0
23,252
379.8 684,3 -304.8
2 . 2 -1,170.8
22,091 -1,161.9
21,793 -297.2
16.6 - 3 2 5 . 2
80.1
66.3
67.4
69.0
65.4
68.9
-845.4
-106.3
311.5
1,866.3
1,680.4
686.5
P Preliminary.
1 See footnote 2 on following page.
2
Net after payment of $687.5 million in gold as United States gold subscription to the International Monetary Fund.
Gold stock at
end of period
Month
Treasury
Total 1
EarNet
marked DomesIncrease
gold gold:
de- tic gold
in total import, crease,
gold
producor
or instock
tion
export
crease
(-)
(-)
1954—Dec
21,713 21,793
2.6
.7
1.8
1955_j an
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
21,714 21,786
21,716 21,788
21,719 21,763
21,671 21,724
21,674 21,727
21,678 21,730
21,682 21,734
21,682 21,732
21,684 21,745
21,686 21,747
21,688 21,751
*>21,690 P 2 1 , 7 5 2
-7.3
2.2
3.2
2.7
2.5
4.5
-9.7
5.0
-.8
4.8
5.4
5.0
5.3
1.6
-24.7
-39.4
2.9
3.1
4.4
-2.2
12.7
2.0
3.9
Pi.8
3.8
1.6
3.6
4.4
10 4
31.9
0)
-27.7
-41.8
-1.0
-.9
-.1
-2.9
10.6
-7.1
-27.0
4-23.8
5.8
5.6
4.1
5.9
7.0
6.8
6.3
(3)
3 Not yet available.
4 Gold held under earmark at the Federal Reserve Banks for foreign
and international accounts amounted to $6,941.3 million on Dec. 31, 1955.
Gold under earmark is not included in the gold stock of the United States.
76
GOLD RESERVES
REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]
United States
Estimated
total world
(excl.
U.S.S.R.)i Treasury Total2
End of
month
1949—Dec
1950 Dec.
1951_Dec
1952 Dec
1953 Dec
1954
Nov
Dec
1955 Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Belgium
371
776
23
23
23
21
21
37,350
21,710
21,713
21,791
21,793
371
371
767
778
3
3
21 714
21,716
21,719
21 671
21,674
21,678
21,682
21 682
21,684
21 686
21,688
21 786
21,788
21,763
21 724
21,727
21,730
21 734
21 732
21,745
21 747
21,751
371
781
Egypt
706
322
322
371
850
322
371
371
877
920
322
322
922
India
Indonesia
Iran
Italy
32
31
31
Ecuador
31
31
42
42
186
186
31
31
23
23
43
23
23
23
23
23
23
23
23
23
23
23
86
186
31
43
186
43
43
31
186
186
31
31
43
186
42
42
31
186
186
31
31
42
186
•31
42
42
186
181
31
31
Mexico
Netherlands
Norway
Pakistan
Peru
140
140
138
138
137
256
256
333
346
346
52
208
208
144
158
195
311
316
544
737
51
50
50
50
52
27
27
27
38
38
28
31
46
46
36
247
247
138
138
346
346
62
62
796
796
45
45
38
38
34
35
27
27
27
27
27
247
247
247
247
247
138
138
138
138
138
63
63
64
65
77
796
796
798
800
804
45
45
45
45
45
27
27
27
247
247
247
138
138
138
78
78
130
804
804
804
45
45
45
38
38
38
38
38
758
776
802
346
346
346
346
346
346
38
48
48
35
35
35
35
35
35
35
35
576
576
576
825
849
868
27
27
247
247
138
138
138
804
836
856
45
45
45
48
48
48
Portugal
El Salvador
South
Africa
Venezuela
Int'l.
Monetary
Fund
178
192
17
23
128
197
85
61
70
90
265
286
26
29
190
170
51
51
152
1&4
361
29
176
54
218
427
29
194
56
246
429
29
199
56
265
431
431
29
29
195
201
56
56
265
265
438
438
29
29
203
208
56
56
438
436
422
425
29
29
29
29
207
212
215
212
56
56
56
56
265
258
425
428
28
28
428
28
214
211
213
56
27
27
27
27
27
247
247
247
247
247
1954 Nov
Dec
174
174
576
576
612
626
27
27
1955—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
174
174
174
174
174
576
576
576
576
576
650
700
714
722
740
174
174
174
576
576
576
174
174
174
Spain
56
56
178
209
280
235
145
Sweden Switzerland
263
264
264
264
264
270
278
p1 Preliminary.
Includes reported gold holdings of central banks and governments
and international institutions, unpublished holdings of various central
banks and governments, estimated holdings of British Exchange Equalization Account based on figures shown below under United Kingdom,
and estimated official holdings of countries from which no reports are
received.
2
Includes gold in Exchange Stabilization Fund. Gold in active portion
of this Fund is not included in regular statistics on gold stock (Treasury
gold) used in the Federal Reserve statement "Member Bank Reserves,
322
299
271
311
Denmark
186
,083
[,086
,097
,103
,111
,112
,122
I 134
1,141
150
.147
839
845
Cuba
214
322
322
322
52
74
42
1,071
1,080
322
Colombia
21
19
22
23
23
322
322
824
839
Germany,
France 4 Federal GuateRepublic mala
of
40
40
45
42
797
848
Chile
996
371
28
140
326
1955 Jan
Feb.. .
M^ar
Apr
May
June
July
Aug
Sept
Oct
Nov
(3)
(3)
(3)
(3)
317
371
371
371
371
371
523
523
548
573
576
.
321
496
590
850
896
698
587
621
53
97
174
174
174
Nov
Dec.. .
317
317
317
216
216
268
1949 Dec
1950 Dec
1951—Dec.
1952 Dec
1953 Dec
1954
Canada
24,563
22,820
22,873
23 252
22,091
P37,870
1949 Dec
1950—Dec
1951 Dec
1952—Dec
1953 Dec.
Brazil
24,427
22,706
22,695
23 187
22,030
37,730
End of
month
Bolivia
35,400
35,830
35 970
36 290
36,710
37,500
End of
month
Argentina
Thailand
Turkey
J. 504
,470
,452
,411
1,459
118
118
154
150
113
113
151
143
113
143
1,513
1,513
113
144
113
144
[,512
1,501
1,499
[,493
1,473
1,485
1,495
1,501
1,513
1,535
1,560
113
113
144
144
113
113
144
144
113
113
112
112
144
144
144
144
112
112
144
144
144
United
King-5
dom
Uruguay
1,688
3,300
2,335
1,846
2,518
178
236
373
373
221
207
373
373
227
373
2,925
2,762
227
403
227
403
2,763
2,681
2,667
2,686
2,686
2,680
2,544
2,457
2,345
2,297
2,283
227
227
403
403
227
227
403
403
227
227
227
227
403
403
403
403
216
216
403
403
403
35
Bank for
Int'l.
Settlements
,451
,495
I 530
[,692
[,702
68
167
I 736
I 740
193
I 744
1,744
1,744
1 744
1,745
1,745
1,747
1 751
1,751
1.751
198
209
115
196
193
196
204
204
207
230
227
226
215
208
234
Reserve Bank Credit, and Related Items" or in the Treasury statement
"United States Money, Outstanding and in Circulation, by Kinds."
3 Less than $500,000.
4 Represents holdings of Bank of France (holdings of French Exchange
Stabilization Fund are not included).
5 Exchange Equalization Account holdings of gold and of United
States and Canadian dollars, as reported by British Government. (Gold
reserves of Bank of England have remained unchanged at $1 million
since 1939, when Bank's holdings were transferred to Exchange Equalization Account.)
77
GOLD RESERVES AND DOLLAR HOLDINGS
ESTIMATED GOLD RESERVES AND DOLLAR HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL INSTITUTIONS
[Am ounts outstanding, in millions of dollars]
End of year
1954
Area and country
1949
Continental Western Europe:
Austria
Belgium-Luxembourg (and Belgian Congo)
Denmark
Finland
France (and dependencies) i
Germany (Federal Republic of)
Greece
Italy....
Netherlands (and Netherlands West Indies and
Surinam)
Norway
Portugal (and dependencies)
Spain (and dependencies)
Sweden
Switzerland
Turkey
Other 2
Total.
Sterling Area:
United Kingdom
United Kingdom dependencies.
India
Union of South Africa
Other
Total.
Canada
Latin America:
Argentina
Bolivia
Brazil
Chile
Colombia
Cuba
Dominican Republic..
Guatemala
Mexico
Panama, Republic of..
Peru
El Salvador
Uruguay
Venezuela
Other
Total.
Asia:
Indonesia..,
Iran
Japan
Philippines.
Thailand. . .
Other
End of quarter
1950
1951
1952
1953
1955
92
912
70
31
740
149
36
556
92
848
76
30
834
222
36
571
107
898
76
53
896
434
49
633
143
1,035
101
55
967
691
57
655
238
1,098
127
64
1,049
1,225
112
812
335
1,024
107
69
1,124
1,822
105
874
329
1,039
102
72
1,358
1,999
124
925
331
1,087
100
69
1,417
2,125
141
957
325
1,108
85
69
1,452
2,155
138
992
415
120
234
127
160
2,021
164
349
559
94
257
132
205
2,023
164
689
524
150
331
128
224
1,973
165
All
815
160
374
130
275
2,053
151
712
1,055
171
469
150
335
2,133
157
887
1,118
177
537
174
399
2,172
150
928
1,118
148
560
188
406
2,185
152
947
1,109
109
570
209
386
2,149
154
1,016
1,107
116
571
225
383
2,170
156
1,239
1,109
113
580
237
412
2,196
153
6,176
6,832
7,118
8,374
10,082
11,115
11,652
11,929
12,291
12,880
1,924
104
310
134
254
3,557
120
303
241
232
2,843
99
309
197
326
2,318
113
312
194
347
3,009
108
346
214
373
3,388
104
320
234
371
3,190
103
334
232
381
3,137
103
334
236
395
3,139
102
344
242
405
2,800
100
339
251
426
2,726
4,453
3,774
3,284
4,050
4,417
4,240
4,205
4,232
3,916
1,365
1,988
2,157
2,492
2,417
2,543
2,616
2,493
2,539
2,623
417
37
510
101
138
463
39
51
267
74
81
45
236
516
81
518
43
543
120
127
530
47
53
415
59
91
50
311
458
90
518
51
417
99
154
575
58
54
366
68
93
54
306
445
102
427
45
390
121
194
515
56
61
375
81
107
55
301
519
132
501
40
423
121
236
531
51
65
341
90
104
56
337
595
130
576
35
413
117
254
477
73
64
315
76
110
58
329
614
147
531
32
442
112
308
423
72
62
391
74
118
59
317
597
134
523
26
417
118
183
420
75
72
427
79
114
72
308
591
140
528
28
442
136
188
431
83
78
419
84
118
79
291
664
536
26
469
129
184
422
82
70
3 470
85
140
61
277
662
153
3,056
3,455
3,360
3,379
3,621
3,658
3,672
3,565
3,709
3,750
194
157
377
298
143
339
324
160
587
377
166
256
421
163
729
337
210
325
296
157
929
324
294
360
18.4
181
951
304
281
401
168
164
794
318
238
465
181
169
851
266
236
520
194
178
841
264
245
551
211
190
884
263
243
601
216
174
992
266
235
621
341
1,146
95
73
1,648
2,247
145
1,115
1,270
124
1,508
1,870
2,185
2,360
2,302
2,147
2,223
2,273
2,392
2,504
Eastern Europe 4 .
380
344
309
307
306
308
309
310
311
308
All other:
Egypt
Other
Total
115
25
173
28
285
42
234
49
217
67
219
70
221
69
228
71
224
84
234
85
Total
Total foreign countries.
International5
Grand total
140
201
327
283
284
289
290
299
308
319
15,351
19,143
19,230
20,479
23,062
24,477
25,002
25,074
25,782
26,300
3,109
3,090
3,171
3,287
3,331
3,536
3,560
3,565
3,677
3,673
18,460
22,233
22,401
23,766
26,393
28,013
28,562
28,639
29,459
29,973
P1 Preliminary.
Includes gold reserves of Bank of France and French dependencies
only.
2
Includes holdings of other Continental OEEC countries, Yugoslavia,
Bank for International Settlements (both for its own and European Payments Union account), gold to be distributed by the Tripartite Commission for Restitution of Monetary Gold, and unpublished gold reserves of
certain Western European countries.
3 Includes latest available figure (Aug. 31) for Mexican gold reserves.
4 Excludes gold reserves of the U. S. S. R.
5
Includes holdings of International Bank for Reconstruction and Development, International Monetary Fund, and United Nations and other
international organizations.
NOTE.—Includes reported and estimated gold reserves of central banks,
governments, and international institutions, and official and private
dollar holdings as shown in Short-term Liabilities to Foreigners Reported by Banks in the United States, by Countries (Tables I and la-Id
of the preceding section) as well as certain longer term U. S. Govt. securities reported as purchased within 20 months of maturity.
78
INTERNATIONAL INSTITUTIONS
INTERNATIONAL BANK FOR RECONSTRUCTION AND
DEVELOPMENT
INTERNATIONAL MONETARY FUND
[End-of-month figures. In millions of dollars]
[End-of-month figures. In millions of dollars]
1955
1955
1954
Item
Oct.
Sept.
June
Mar.
Dec.
July
440
464
485
466
478
977
996 1,001 1,010 1,049
1,837 1,796 1,694 1,738 1,620
36
52
35
37
33
IBRD bonds outstanding
Undisbursed loans
Other liabilities
Reserves
Capital
849
852
429
456
9
10
193
184
1,810 1,806
850
849
420
336
11
9
165
154
1,806 1,831
1,751 1,747 1,744 1,744 1,734
Member subscriptions
Accumulated net income
8,751 88,863 58,853 38,853 8,853
-11
-10
-12
-9
Cumulative net drawing
on the Fund 9
Country 9
Continental W. Europe, total
Belgium and Luxembourg.
France
Italy
Netherlands
Other
981
118
268
90
221
284
Sterling area, total
Australia
India
Pakistan
Union of S. Africa
Other
693
259
125
77
135
97
Latin America, total
Brazil
Colombia
Mexico
Other
Disbursed
Repaid
848
105
255
33
163
5
10
221
234
Sold
to
Total
others^
135
14
685
101
245
33
87
220
60
19
20
6
502
220
63
31
110
77
34
2
17
3
6
6
468
219
46
28
104
71
57
22
6
2
623
194
95
141
193
386
148
52
99
87
27
5
8
5
9
359
143
44
94
78
18
4
3
2
9
Asia (excl. Sterling a r e a ) . . . .
110
58
Africa (excl. Sterling area)..
9
6
Total
Total
Outstanding
Principal
2,415
1,801
13
15
57
225
1,576
Oct.
1,633 1,643 1,609 1,567 1,574
4,540 4,656 4,691 4,734 4,738
805
798
798
815
798
Loans by country, Nov. 30, 1955
Area and member country
Jan,
Gold
Currencies: 1
United States
Other
Unpaid member subscriptions
Quota
4
Apr.
Sept.
Dollar deposits and U. S. securities
Other currencies and securities 1 ...
Effective Ioans2
Other assets3
838
386
11
174
1954
Item
7142
Brazil
Colombia
France
Germany
India
Indonesia....
Iran
Japan
Philippines...
Turkey
United States
1955
Paid
in
gold
Oct.
38
13
150
50
525
330
400
110
35
250
15
43
2,750
66
25
105
-50
13
15
18
62
108
33
28
16
9
63
4
11
688
10
20
-392
1954
Sept.
66
25
105
-50
13
15
9
62
10
20
-383
Oct.
66
105
-46
53
15
9
62
27
-456
Footnotes
to tables on international institutions:
1
Currencies include demand obligations held in lieu of deposits.
2 Represents principal of authorized loans, less loans not yet effective,
repayments, the net amount outstanding on loans sold or agreed to be
sold
to others, and exchange adjustment.
3
Excludes uncalled portions of capital subscriptions.
4
Loans to dependencies are included with member.
5 Includes also effective loans agreed to be sold but not yet disbursed.
6
Includes $153 million in loans not yet effective.
7 Includes $124 million not guaranteed by the Bank.
8
Includes $125 million subscription of withdrawing member (Czechoslovakia).
9
Countries shown are those with cumulative net drawings of $10 million ( + or —) on the latest date. Net drawings for each represent purchases of other currencies from Fund less purchases of own currency by
it or other countries.
PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS
Bank of England (millions of pounds sterling)
Assets of issue
department
Assets of banking department
Date
Other
assets
(fiduciary
issue)
Coin
.2
.4
.4
4
.4
.4
.4
1 325.0
1,350.0
1,375.0
1 450 0
1,575.0
1,675.0
1,775.0
3.9
5.3
1.5
1.7
1.4
2.4
2.4
.4
.4
.4
.4
.4
.4
4
.4
.4
.4
.4
1,725.0
1,725.0
1,725.0
1,750.0
1,775.0
1,825.0
1,875.0
1,825.0
1,800.0
1,800.0
1,850.0
2.3
2.4
2.4
2.4
2.4
2.4
2.4
2.4
2.4
2.4
2.4
Gold
1948 Dec
1949 Dec
1950—Dec.
1951 Dec
1952 Dec
1953 Dec.
1954 Dec
29
28
27
26
31
30
29
1955 Jan 26
Feb 23
Mar. 30
Apr 27
May 25
June 29
July 27
Aug. 31
Sept. 28
Oct. 26
Nov. 30
.
...
. .
.
Discounts
and advances
Securities
32.2
28.4
17.7
12.5
49.9
55.4
23.7
16.7
14.8
29.2
18.2
11.2
4.9
8.9
* 401.1
489.6
384.0
389.2
371.2
338.1
350.7
60.4
66.4
29.1
18.8
23.1
42.7
14.5
43.1
33.9
33.9
54.7
16.4
52.4
16.1
18.0
11.8
5.7
21.0
20.0
11.1
20.2
20.8
298.0
248.1
328.8
319.2
307.2
301.6
305.9
280.2
295.8
301.2
287.4
Notes
1
Notes issued, less amounts held in banking department.
NOTE.—All figures, including gold and foreign exchange, are compiled
Liabilities of banking department
Note
circulation1
Deposits
Bankers'
Public
ECA
Other
Capita
and
surplus
J.293.1
1,321.9
1,357.7
L437.9
1,525.5
1,619.9
1,751.7
314.5
299.2
313.5
299.8
302.8
290.2
276.1
11.7
11.6
15.4
13.4
10.0
14.9
15.4
17.4
97.9
.4
.6
24.3
7.2
9.6
92 1
111.2
85.0
89 8
78.5
70.4
66.3
18 1
18.1
18.1
18 1
18.1
18.2
18.1
1,664.9
1,658.9
1,696.3
1,731.5
1,752.2
1,782.7
1,860.9
1,782.3
1,766.4
1,765.5
1,795.7
251.9
271.1
275.7
253.9
240.5
246.6
240.8
243.6
239.3
250.6
263.1
16.3
11.3
11.7
18.6
13.7
14.2
13.6
10.9
14.5
21.9
10.1
4.7
4.7
4.1
4.6
6.9
.5
2.2
2.7
2.6
2.6
3.0
85 9
63.7
66.4
63 6
65.6
72.9
68.8
70.0
68.2
65.7
71.2
18 3
18.4
18.5
17 8
18.0
18.2
18.3
18.5
18.6
17.8
18.0
from official reports of individual banks and are as of the last report date
of the month.
79
CENTRAL BANKS
PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued
Bank of Canada (millions of Canadian dollars)
Assets i
Date
1948—Dec.
1949—Dec.
1950—Dec.
1951—Dec.
1952—Dec.
1953—Dec.
1954—Dec.
Dominion and provincial government
securities
Sterling
and
United
States
dollars
31.
31.
30,
31,
31.
31,
31,
1955—Jan. 31,
Feb. 28,
Mar. 31,
Apr. 30,
May 31,
June 30,
July 30,
Aug. 31,
Sept. 30,
Oct. 31.
Nov. 30,
Liabilities
Shortterm
Deposits
Other
assets
Note
circulation
Chartered
banks
Other
Other
liabilities
and
capital
Dominion
government
Other
.4
74.1
111.4
117.8
77.1
54.9
54.2
,233.7
,781.4
,229.3
,141.8
,459.8
,376.6
,361.5
779.1
227.8
712.5
1,049.3
767.2
893.7
871.1
45.4
42.5
297.1
135.2
77.3
112.0
114.1
1,289.1
1,307.4
1,367.4
1,464.2
1,561.2
1,599.1
1,623.5
547.3
541.7
578.6
619.0
626.6
623.9
529.6
98.1
30.7
24.7
94.9
16.2
51.5
56.3
81.0
126.9
207.1
66.1
44.5
29.5
30.5
43.1
119.2
172.6
200.0
132.9
133.1
161.0
51.5
52.4
50.8
59.0
52.3
55.8
59.6
57.7
60.6
56.6
52.9
,249.8
,320.6
,325.6
,385.5
.357.6
,451.9
,233.4
,185.2
,103.2
,318.5
,326.2
876.0
815.1
821.6
808.4
817.5
834.9
1,032.4
1,149.3
1,196.5
991.2
1,060.2
87.7
82.1
101.4
123.6
87.1
121.5
134.9
73.2
156.6
158.3
141.3
1,545.9
1,541.7
1,552.9
1,579.3
1,597.7
1,618.8
1,651.8
1,653.9
1,665.8
1,674.2
1,684.0
528.7
503.8
541.9
570.7
516.9
577.0
532.9
538.7
565.7
580.7
562.6
56.5
63.2
57.5
50.8
50.6
71.3
52.9
59.5
63.4
62.4
128.3
38.6
47.3
42.7
40.5
35.6
36.5
45.2
38.1
29.1
34.5
45.2
95.4
114.1
104.3
135.2
113.7
160.4
177.5
175.2
192.8
173.0
160.4
Bank of France (billions of francs)
Assets
Date
Gold
1948—Dec.
1949—Dec.
1950—Dec.
1951—Dec.
1952—Dec.
1953—Dec.
1954—Dec.
30.
29.
28.
27.
31.
31.
30.
1 9 5 5 _ j a n . 27.
Feb. 24.
Mar. 31.
Apr. 28.
May 26.
June 30.
July 28.
Aug. 25.
Sept. 29.
Oct. 27.
Nov. 24.
Foreign
exchange
Liabilities
Advances to
Government
Domestic bills
Open
market
Special
Other
Current
Note
circulation
Other
65.2
62.3
182.8
191.4
200.2
201.3
201.3
()
61.9
162.0
28.3
31.1
15.4
57.3
97.4
137.7
136.9
234.9
274.0
292.5
236.8
8.6
28.5
34.1
32.0
57.0
61.1
48.9
238.6
335.7
393.1
741.3
937.5
891.6
1,130.2
150.9
157.9
158.9
160.0
172.0
200.0
195.0
558.0
561.0
481.0
481.0
480.0
679.8
617.6
57.6
112.7
212.8
190.8
159.7
170.0
277.2
987.6
1,278.2
1,560.6
1,841.6
2,123.5
2,310.5
2,538.5
201
201
201
201
60.5
66.7
86.5
122.0
153.0
183.9
200.1
200.2
200.2
200.2
200.2
226.2
172.7
160.6
200.2
210.4
245.5
247.6
190.0
235.8
245.4
209.0
46.1
40.2
32.6
28.5
26.5
16.4
11.3
7.5
14.9
30.0
43.2
1,063.9
1,062.6
1,138.8
1,113.4
1,028.5
1,054.8
1,061.9
1,042.9
1,076.6
1,060.8
1,037.8
190.0
190.0
190.0
190.0
190.0
190.0
190.0
190.0
190.0
190.0
190.0
592.2
617.6
597.4
546.7
584.9
579.4
579.8
579.3
557.9
545.2
536.4
286.2
306.5
353.3
336.3
334.4
355.6
355.5
371.6
409.8
429.9
3
417.8
2,472.6
2,482.7
2,583.7
2,544.1
2,523.4
2,629.9
2,642.8
2,588.5
2,692.5
2,691.4
2,647.6
201
201
201
201
201
201.3
201.3
1955
Central bank, monetary unit,
and item
Nov.
Central Bank of the Argentine Republic
(millions of pesos):
Gold reported separately
Other gold and foreign exchange..
Govt. securities
Rediscounts and loans to banks. . .
Other assets
Currency circulation
Deposits—Nationalized
Other sight obligations
Other liabilities and capital
Oct.
1954
Sept.
1,623 1.623
519
279
4,044 4,049
79,629 78,231
435
424
33,327 32,734
45,894 45.575
914
1,003
5,634
5,116
1,623
1,552
3.727
66,690
257
28,641
39,820
467
4,920
Other
Other
liabilities
and
capital
171.8
159.0
161.7
166.2
137.7
142.8
154.1
16.2
19.4
24.2
41.3
49.3
56.3
67.9
126.0
121.7
115.4
128.6
129.7
126.9
133.7
116.5
134.0
138.2
119.7
64.0
53.1
54.1
54.4
64.8
58.3
59.3
68.9
55.7
72.4
67.5
Deposits
Government
15.1
10.6
.9
2.1
3.7
.1
.1
3.7
7.'4
()
".1
.1
.1
4.2
.9
.9
1954
1955
Nov.
Commonwealth Bank of Australia (millions of pounds):
Gold and foreign exchange
Checks and bills of other banks
Securities (incl. Govt. and Treasury bills)
Other assets
Note circulation
Deposits of Trading Banks:
Special
Other
Other liabilities and capital
ECA
1.2
Central bank, monetary unit,
and item
Nov.
1 Gold was transferred on May 1, 1940, to Foreign Exchange Control
Board in return for short-term Govt. securities (see BULLETIN for July 1940,
pp. 677-678).
2 Less than 50 million francs.
3 Includes advance to Stabilization Fund, amounting to 295.9 billion
francs on Nov. 24.
Other
assets
Oct.
Sept,
Nov.
297
6
313
4
423
7
527
63
371
509
66
370
460
55
354
265
32
224
265
36
220
296
38
257
NOTE.—All figures, including gold and foreign exchange, are compiled
from official reports of individual banks and are as of the last report date
of the month. For details relating to individual items, see BULLETIN for
April 1955, p. 443. For last available report from the Reichsbank
(February 1945), see BULLETIN for December 1946, p. 1424.
80
CENTRAL BANKS
PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued
Central bank, monetary unit,
and item
Austrian National Bank (millions of
schillings):
Gold
Foreign exchange (net)
Loans and discounts
Claim against Government
Other assets
Note circulation
Deposits—Banks
Other
Blocked
Other liabilities and capital
National Bank of Belgium (millions of
francs):
Gold
Foreign claims and balances (net).
Loans and discounts
Consolidated Govt. debt
Govt. 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
Govt. securities
Other assets
Note circulation
Deposits
Other liabilities and capital
Central Bank of Ceylon (millions of
rupees):
Foreign exchange
Govt. securities
Other assets
Currency in circulation
Deposits—Government
Banks
Other liabilities and capital
Central Bank of Chile (millions of
pesos) :
Gold
Foreign exchange (net)
Discounts for member banks.
Loans to Government
Other loans and discounts
.
Other assets
Note circulation
Deposits—Bank
,
Other
Other liabilities and capital
Bank of the Republic of Colombia (millions of pesos):
Gold and foreign exchange
Net claim on Intl. Fund 2
Loans and discounts
Govt. loans and securities
Other assets
Note circulation
Deposits
Other liabilities and capital
Central Bank of Costa Rica (millions
of colones):
Gold
Foreign exchange
Net claim on Intl. Fund 2
Loans and discounts
Securities
Other assets
Note circulation
Demand deposits
Other liabilities and capital
National Bank of Cuba (millions of
pesos):
Gold
Foreign exchange (net)
1955
Nov.
Oct.
1954
Sept,
1,742 1,742 1,742
7,305 7,540 7,881
5,627 5,641 5,426
1,547 1,557 1,557
1,159
981
822
12,498 12,508 12,508
1,474 1,515 1,465
666
654
739
1,376 1,415 1,424
1,365 1,370 1,292
46,088 45,993 43,831
10,241 9,866 10,555
4,368 7,009 6,956
34,660 34,660 34,660
8,597 9,020 9,352
5,277 5,178 5,185
104,104 104,573 105,047
1,079 3,536 1,853
56
56
56
3,794 3,562 3,583
(Apr.)*
495
854
26,019
2,505
894
23,159
3,493
4,115
640
18
11
420
43
144
63
648
18
6
417
50
144
61
641
19
10
409
48
154
59
5,814 5,811
1,480 1,052
6,318 5,147
16,269 16,270
15,822 15,034
6,080 6,195
36,742 36,802
5,394 4,943
2,264 1,440
7,383 6,325
270
24
520
471
104
658
547
183
230
24
555
471
102
634
558
191
257
24
554
461
102
618
604
177
12
104
7
92
8
26
157
59
34
12
110
7
83
7
26
151
60
34
12
118
7
74
4
28
147
63
33
181
134
186
127
Nov.
Nov.
National Bank of Cuba—Cont.
Foreign exchange (Stabilization
556
Fund)
9,079
Net claim on Intl. Fund 2
5,176
Loans and discounts
1,776
Credits to Government
372
Other assets
11,656
Note circulation
2,638
Deposits
819
Other liabilities and capital
1,846 National Bank of Czechoslovakia 3
National Bank of Denmark (millions
of kroner):
Gold
38,345
Foreign exchange
12,234
Loans and discounts
7,465
Securities
34,660
Govt. compensation account
6,163
Other assets
4,809
Note circulation
,
98,857
Deposits—Government
1,271
Other
87
Other liabilities and capital
3,460 Central Bank of the Dominican Republic (thousands of pesos):
Gold
1,134
Foreign exchange (net)
U0,430
Net claim on Intl. Fund2
11,034
Loans and discounts
2,505
Govt. securities
3,707
Other assets
19,645
Note circulation
2,089
Demand deposits
7,076
Other liabilities and capital
Central Bank of Ecuador (millions of
sucres):
501
Gold
20
Foreign exchange (net) 2
7
Net claim on Intl. Fund
373
Credits—Government
14
Other
89
Other assets
52
Note circulation
Demand deposits—Private banks.
Other
5,737
Other liabilities and. capital
r
887 National Bank of Egypt (millions of
2,569 pounds):
11,468
Gold
10,442
Foreign assets*
..
r
3,497
Egyptian Govt. securities
21,953
Clearing and other accounts (net) .
3,849
Loans and discounts
1,066
Other assets
7,732
Note circulation
Deposits—Government
Other
393
Other liabilities and capital
24 Central Reserve Bank of El Salvador
408 (thousands of colones):
332
Gold
98
Foreign exchange (net)
657
Net claim on Intl. Fund 2
468
Loans and discounts
130
Govt. debt and securities
Other assets
Note circulation
12
Deposits
55
Other liabilities and capital
7 Bank of Finland (millions of markkaa):
130
Gold
3
Foreign assets and liabilities (net)..
27
Loans and discounts
148
Securities—Government
54
Other
32
Other assets
Note circulation
Deposits
Other liabilities and capital
186
58
r
Revised.
*Latest month available.
1 Represents chiefly bills secured by stocks of mined tin not yet sold in
world
markets.
2
This figure represents the amount of the country's subscription to the
Fund
less the bank's local currency liability to the Fund.
3
For last available report (March 1950), see BULLETIN for September
1950, p. 1262.
1955
Central bank, monetary unit,
and item
Oct.
1954
Sept.
Nov.
205
13
48
67
80
408
298
21
197
13
48
65
80
411
283
21
226
13
49
62
78
413
238
20
68
714
189
545
3,123
1,032
2,068
1,539
1,797
267
68
649
192
558
3,124
816
2,007
1,481
1,654
265
68
688
176
480
3,124
837
1,959
1,458
1,698
259
68
715
254
505
3,214
418
1,991
1,285
1,652
247
12,076
16,493
1,250
2,500
8,890
14,998
44,930
8,414
2,863
12,076
14,441
1,250
2,500
8,890
14,906
42,318
8,980
2,765
12,076
13,339
1,250
3,030
8,890
14,917
41,879
8,917
2,706
12,076
23,979
1,250
3,339
9,420
7,424
40,647
14,511
2,330
344
25
19
417
230
285
660
195
146
319
344
74
19
390
243
289
697
202
154
305
344
49
19
398
245
275
683
189
171
286
343
169
19
361
227
211
709
227
161
233
61
156
84
— 17
26
4
177
19
95
22
61
161
79
-19
22
3
175
20
90
22
61
164
74
-19
17
3
161
25
93
22
61
20
272
71,119
19,579
1,569
61,980
11,576
6,990
88,249
74,299
10,264
71,182
28,718
1,569
56,009
7,381
6,853
87,099
74,531
10,081
71,229
39,995
1,569
50,076
9,071
7,405
87,845
81,609
9,890
71,891
14,835
1,568
50,803
6,578
7,138
92,441
50,899
9,473
7,879
30,239
23,864
20,000
1,999
10,852
53,493
22,528
18,812
7,347
29,716
24,117
20,000
2,008
11,029
51,433
23,426
19,357
7,096
6,940
28,522 '29,766
20,925 '35,880
20,000 20,000
2,040
2,174
11,075
1,943
50,634 48,711
19,699 12,189
19,325 15,802
22
3
181
78
107
11
4
Beginning December 1954, includes foreign government securities
formerly shown with Egyptian Government securities.
NOTE.—All figures, including gold and foreign exchange, are compiled
from official reports of individual banks and are as of the last report date
of the month.
81
CENTRAL BANKS
PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued
Central bank, monetary unit,
and item
1955
Nov.
Oct.
1954
Sept
3,644 3,566 3,463
9,132 9,046 9,008
3,223 3,210 3,061
4,353 4,252 4,177
1,032
882
837
13,380 13,241 13,337
2,890 2,515 2,309
3,292 3,369 3,127
201
219
224
1,621 1,566 1,594
Oct.
27,227
16,245
1,250
11,201
41,431
49,870
3,778
7,076
16,880
19,752
5,754
222
9,666
4,980
1,690
4,474
1,180
5,619
208
9,425
4,940
1,627
4,273
1,195
7,611
4,246
4,800
7,611
4,042
4,699
27,227
15,506
1,250
9,958
41,955
48,769
3,745
7,341
15,921
20,121
27,227
18,153
1,250
7,275
41,650
48,201
3,698
8,719
15,437
19,501
400
400
400
6,471 6,271 6,718
5,486 5,436 4,889
1,097 1,111 1,121
13,238 13,059 12,802
160
216
326
853
726
477
72
58
143
19
20
851 " ' 824
851
1,469 1,531 1,488
378
401
329
1,807
721
8,135
429
7,957
495
1,801
838
1,530
623
8,840
416
8,145
495
1,949
819
1,403
All
9,619
404
8,236
495
2,281
892
4,242 4,242 4.242
244
244
'244
282
282
282
7,187
7,187
7,187
10,836 10,800 10,749
4,786 4,719 4,849
411
444
410
3,017 2,703 2,855
9,970 9,938 9.873
4,758
097 5,169
1,645 1,131 1,198
11,436 1,093 11,421
3,229 3,330 3,157
2,646 2,646 2,646
71,211 70,863 68,558
73,857 73,509 71,204
Bank of Israel (thousands of pounds)
Gold
Foreign exchange
Clearing accounts (net)
Loans and discounts
Advances to Government
Other Govt. accounts
Govt. securities
Other assets
Notes and coin in circulation
Deposits—Government
Other
Other liabilities and capital
4,965Bilank of Italy (billions of lire):
Gold
157
Foreign exchange
,739
Advances to Treasury
,423
Loans and discounts
,989
Govt. securities
,449
Other assets
,508
Note circulation
Deposits—Government
,101
Demand
,433
Other
,783
Other liabilities and capital
Bank of Japan (billions of yen):
Bullion
227
Advances to Government
099
Loans and discounts
250
Govt. securities
538
Other assets
808
Note circulation
257
Deposits—Government
701
Other
100
Other liabilities
273
of pesos) :
591 Bank of Mexico (millions
Monetary reserve 6
"Authorized" holdings of securities, etc
Bills and discounts
Other
assets
400
Note circulation
i,232
Demand liabilities
•,177
Other liabilities and capital
Bank
(millions of
,619 N (etherlands
guilders):
Gold
260
Silver (including subsidiary coin) . .
979
Foreign assets (net)
45
Loans and discounts
9
Govt. debt and securities
,098
Other assets
:,098
Note circulation—Old
294
New
Deposits—Government
994
ECA
484
Other
i,249
Other liabilities and capital
339
:eserve Bank of New Zealand (thou1,789 R'
495 sands of pounds):
Gold
1,160
Foreign exchange reserve
621
Loans and discounts
Advances to State or State un,242
dertakings
244
Investments
282
Other assets
,554
Note circulation
,561
Demand deposits
,972
Other liabilities and capital
848
198 Bank of Norway (millions of kroner):
Gold
,079
Foreign assets (net)
,060
Clearing accounts (net)
996
Loans and discounts
,499
Securities
,268
Occupation account (net)
Other assets
Note circulation
Deposits—Government
Banks
FOA
Other liabilities and capital
Sept
Nov.
2,03:
84,184
4,294
10,842
38,365
16,546
128,866
14,448
184,357
7,825
92,503
14,892
,568
288
703
190
225
164
109
643
224
,835
1
Combined figures for the Bank of German States and the nine Land
Central Banks.
2 For last available report (February 1950), see BULLETIN for September
1950,
p. 1263.
3
Items for issue and banking departments consolidated.
4
Bank began operations in December 1954.
Nov.
Nov.
1954
4
x
Bank of German States (millions of
German marks):
Gold
Foreign exchange
Loans and discounts
Loans to Government
Other assets
Note circulation
Deposits—Government
Banks
Other
Other liabilities and capital
Bank of Greece (millions of drachmae):
Gold and foreign exchange (net). .
Loans and discounts
Advances—Government
Other
Other assets
Note circulation
Deposits—Government
Reconstruction and
relief accts
Other
Other liabilities and capital
Bank of Guatemala (thousands of
quetzales):
Gold
Foreign exchange (net)
Gold contribution to Intl. Fund. . .
Rediscounts and advances
Other assets
Circulation—Notes
Coin
Deposits—Government
Banks
Other liabilities and capital
National Bank of Hungary2
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 c a p i t a l . . . .
Bank Indonesia (millions of rupiahs):
Gold and foreign exchange (net). .
Loans and discounts
Advances to Government
Other assets
Note circulation
Deposits—ECA
Other
Other liabilities and capital
Bank Melli Iran 3 (millions of rials)
Gold
Foreign exchange
Gold contribution to Intl. Fund. . .
Govt.-secured debt
Govt. loans and discounts
Other loans and discounts
Securities
Other assets
Note circulation
Deposits—Government
Banks
Other
Other liabilities and capital
Central Bank of Ireland (thousands of
pounds)
Gold
Sterling funds
Note circulation
1955
Central bank, monetary unit,
and item
4
69
567
386
399
953
1,504
27
88
608
152
4
76
567
396
376
918
1,496
29
74
587
152
4
76
567
374
381
935
1,506
29
83
566
153
4
80
567
370
329
831
1,403
42
57
537
142
()
()
()
78
448
256
559
65
89
70
98
461
207
549
51
83
84
1,662
160
393
192
530
65
74
78
1
322
378
91
542
54
86
111
1,630
1,614
1,338
4,999
291
411
4,602
2,045
715
A,111
326
499
4,501
2.019
712
4,611
412
519
4.369
2,087
700
3,402
507
857
4,001
1,353
751
3,241
40
1,334
31
622
405
28
3,852
268
490
827
208
3,166
36
1,362
35
622
405
28
3,866
214
514
790
213
3,046
32
1,441
31
622
395
28
3,715
274
514
831
205
,015
21
,369
35
735
474
28
i.516
455
704
710
237
6,161 6,161
43,37R 53,919
22,576 17,739
41,970 30,779
33,269 33,263
1,395 1,767
69,970 68,618
69,711 66.227
9,069 8,783
6,175
52,548
20,808
38,503
33,430
1,749
70,065
73,937
9,211
203
-49
-44
75
84
5,546
83
3,156
1,415
439
103
784
203
-63
-97
48
25
5,546
59
3,134
1,237
527
161
664
209
-98
-45
116
96
,546
105
,142
,365
504
106
812
208
-84
-38
91
,546
94
,161
,395
428
103
812
5
Bullion holdings in each month were 448 million yen.
6
Includes gold, silver, and foreign exchange forming required reserve
(25 per cent) against notes and other demand liabilities.
NOTE.—All figures, including gold and foreign exchange, are compiled
from official reports of individual banks and are as of the last report date
of the month.
82
CENTRAL BANKS
PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued
1954
1955
1955
Nov.
State Bank of Pakistan (millions of
rupees):
Issue department:
Gold at home and abroad i
Sterling securities
Pakistan Govt. 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 c a p i t a l . . . .
Central Bank of Paraguay (millions of
guaranies):
Gold2
Foreign exchange (net)
Net claim on Intl. F u n d 3
Loans and discounts
Govt. 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 Intl. Fund 3
Loans and discounts to b a n k s . . . .
Loans to Government
Other assets
Note circulation
Deposits
Other liabilities and capital
Central Bank of the Philippines
(millions of pesos):
Gold
Foreign exchange
Net claim on Intl. F u n d 3
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 capital
South African Reserve Bank (millions
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
Govt. loans and securities
Other loans and discounts
Other assets
Note circulation
Deposits—Government
Other
Other liabilities and capital
Oct.
Sept.
114
694
1,124
275
431
29
2,601
114
644
1,074
275
431
34
2,493
114
594
1,024
275
431
40
2,407
67
21
540
523
110
80
20
1
559
564
107
73
2
12
642
642
86
4
101
8
1,313
523
444
876
215
220
1,082
1,280
512
441
866
236
189
1,032
1,200
495
440
867
256
161
947
467
67
810
1,037
206
1,831
463
293
557
67
743
1,064
146
1,846
500
231
578
67
688
1,101
142
1,834
518
224
28
270
10
32
372
179
603
87
151
51
28
307
10
31
367
165
599
87
170
51
25
332
10
12
353
167
587
87
175
50
c
5,567 5,536
13,326 13,276
963
912
1,390 1,386
1,380 1,358
10,538 10,546
1,654 1,548
101
101
7,726 7,697
2,608 2,575
76
32
19
54
107
55
18
75
30
21
53
107
53
19
76
31
25
54
107
61
17
616
321
15,995
36,109
44,026
44,379
8,504
5,460
38,723
615
321
15,959
32,403
40,469
45,216
4,151
5,170
35,231
615
323
15,783
32,020
41,100
44,849
4,496
4,608
35,888
Nov.
Nov.
Bank of Sweden (millions of kronor):
Gold
Foreign assets (net)
81
Net claim on Intl. F u n d 3
383
Swedish Govt. securities and ad1,357
vances to National Debt Office
178
Other domestic bills and advances
300
Other assets
5:
Note circulation
2,286
Demand deposits—Government.
Other
64
Other liabilities and capital
1 Swiss National Bank (millions of
101 francs):
39
Gold
460
Foreign exchange
113
Loans and discounts
Other assets
Note circulation
4
Sight liabilities
Other liabilities and capital
42
4
) Central Bank of the Republic of Turkey
618 (millions of pounds):
Gold
503
Foreign exchange and foreign
385
clearings
625
Loans and discounts
159
Securities
142
Other assets
624
Note circulation
Deposits—Gold
459
Other
67
Other liabilities and capital
588 BJank of the Republic of Uruguay (mil1,142 lions of pesos):
94
Gold
1,715
Silver
400
Advances to State and Govt.
235
bodies
Other loans and discounts
,
Other assets.
19
Note circulation
388
Deposits—Government
30
Other
50
Other liabilities and capital
226 Oentral Bank of Venezuela (millions
167 of bolivares):
608
Gold
85
Foreign exchange (net)
121
Other assets
64
Note circulation
Deposits
5,544
Other liabilities and capital
13,147Nirational Bank of Federal People's Re977 public of Yugoslavia (billions of
1,414 dinars):
1,094
Gold
10,118
Gold contribution to Intl. F u n d . . .
2,195
Foreign assets
25
Loans (short-term)
7.590
Government debt (net)
2,249
Other assets
Notes and coin in circulation
Demand deposits
69
Foreign liabilities
58
Long-term liabilities (net)
6
Other liabilities and capital
47 B•ank for International Settlements
102 (millions of Swiss gold francs):
59
Gold in bars
19
Cash on hand and with banks
Rediscountable bills and accept613
ances (at cost)
323
Time funds at interest
16,070
Sundry bills and investments
29,125
Funds invested in Germany
37,814
Other assets
40.622
Demand deposits (gold)
7,620
Short-term deposits:
3,068
Central banks—Own account...
32,636
Other
Long-term deposits: Special
Other liabilities and capital
r
Revised.
1 On July 31, 1955, gold revalued from 115.798 to 166.667 rupees per
troy ounce of fine gold.
2 On Aug. 19, 1954, gold revalued from 0.0592447 to 0.0423177 grams of
fine gold oer guarani.
3
This figure represents the amount of the country's subscription to the
Fund less the bank's local currency liability to the Fund.
1954
Central bank, monetary unit,
and item
Central bank, monetary unit,
and item
4
Oct.
Sept.
Nov.
612
998
129
594
1,096
129
582
1,087
129
543
1,274
129
3,282
81
1,051
5,029
142
152
829
3,210
29
1,026
4,924
106
285
768
2,839
159
1,017
4,861
97
96
760
2,699
72
950
4,739
213
29
684
6,526
601
173
111
5,255
1,946
211
6,415
578
174
96
5,222
1,830
212
6,323
627
177
98
5,22!
1,788
209
6,321
488
116
96
5,115
1,700
206
402
402
402
402
173
3,459
30
140
1,965
155
1,531
554
175
3,488
30
134
1,963
155
1,550
563
171
3,438
30
128
1,936
154
1,559
520
182
2,657
30
93
1,500
154
1,242
467
327
11
327
11
344
9
185
474
980
461
148
327
1,040
177
476
935
460
154
350
962
148
382
560
465
147
316
515
1,234
380
131
1,065
236
444
1,234
412
133
1,032
263
484
1,234
425
123
1,016
260
506
1,233
221
186
1,038
262
339
5
2
61
760
4
)
64
88
176
104
387
137
5
2
59
745
16
60
86
205
104
375
117
5
2
58
730
18
52
87
196
103
368
111
4
2
73
723
-35
49
88
178
110
351
91
716
50
636
78
658
77
592
»74
269
138
469
297
1
588
313
145
439
297
518
296
152
391
297
2
464
319
350
469
297
5
436
821
14
229
289
854
20
229
288
866
27
229
287
,128
29
229
284
Less than 500,000.
Includes small amount of non-government bonds.
NOTE.—All figures, including gold and foreign exchange, are compiled
from official reports of individual banks and are as of the last report date
of the month.
5
83
MONEY RATES
CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS 1
[Per cent per annum]
Central banks with new rates since December 1953
Month effective
In effect, Dec. 31,1953..
1954_jan
Feb
Mar
Apr
May
June
July
Nov
Dec
1955_jan
Feb
Apr
May
June
July
Aus
Sept
Oct
Nov
Austria
4.0
Belgium
2.75
NicaUnion CeyGerDenNorSwe- Tur- United Can- New
Japan2 PhilipZeaof
ramark France many Greece way Spain den key Kingpines gua
dom ada land S. Afr. Ion
3.5
4.0
3.5
4.0
2.75 3.0
3 0
5 0
2.0
3.5
...
3 5
3.5
4 5
5.0
3.0
4 5
3 5
5.5
3.0
5.0
3.5
2 0
3.5
9.0
1.5
6.0
i5
5 0
In effect, Dec. 31,1955..
2.0
4.0
3.75
5.5
3 0
6.57
2 5
3 75
9.0
.
3.0
4.0
3 5
3 0
3.6
4.5
1.5
10.0
3 25
3 5
2.5
12.0
3.75 3.75 4.5
4.5
5.0
6 0
2.25 7.0
2 75
4 5
2.75 7.0
4.5
8 03
8.03
2.5
1.5
6.0
Other selected central banks—Rates in effect on December 31, 1955
Area, and central bank of—
Rate
Europe:
Italy
4.0
Netherlands.... 2.5
Portugal
2.5
Switzerland.... 1.5
Month
effective
Apr.
Apr.
Jan.
Nov.
1950
1953
1944
1936
Area, and central bank of—
Rate
Asia:
Burma
India2
Indonesia 2 ...
Pakistan
3.0
3.0
3.0
3.0
Month
effective
Feb.
Jan.
Apr.
July
Area, and central bank of—
Rate
Asia—Cont.:
Thailand
7.0
1948
1952 Latin America:
Colombia 2 ... 4.0
1946
Costa Rica2.. 3.0
1948
1
Rates shown represent mainly those at which the central bank either
discounts or makes advances against eligible commercial paper and/or
government securities for commercial banks or brokers. For countries
with more than one rate applicable to such discounts or advances, the
rate shown is the one at which the largest proportion of central bank
credit operations is understood to be transacted. In certain cases other
rates
for these countries are given in the following footnote.
2
Discounts or advances at other rates include: Japan—various rates
dependent on type of paper or transaction and extent of borrowing, including 7.3 per cent for discount of paper related to domestic com-
Month
effective
Area, and cen- Rate
tral bank of—
Latin Am.—Cont.
El Salvador 2.
Mexico
Peru2
July 1933
Venezuela. . .
Apr. 1939
Feb. 1945
3.0
4.5
6.0
2.0
Month
effective
Mar.
June
Nov.
May
1950
1942
1947
1947
mercial transactions (rate shown is for advances on commercial paper and
miscellaneous collateral); India—3.5 per cent for discounts and for advances on government securities (rate shown is for advances on commercial paper); Indonesia—various rates dependent on type of paper, collateral, commodity involved, etc.; Colombia—3 per cent for agricultural
paper and for loans on products in bonded warehouses; Costa Rica—5 per
cent for paper related to commercial transactions (rate shown is for
agricultural and industrial paper); El Salvador—2 per cent for agricultural
paper; and Peru—4 per cent for agricultural, industrial, and mining paper.
OPEN MARKET RATES
[Per cent per annum]
United Kingdom
France
Treasury Day-to- Bankers'
Treasury Day-today 2 acceptbills
bills
day
ances
3 months1 money 3 months
3 months money
Bankers'
allowance Day-today
on
money
deposits
Canada
Month
1952—Dec.
1953—Dec. .
1.35
1954_Oct..>
Nov
Dec
1.18
1.17
1.08
1955_jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
.99
.90
.13
.23
.24
.36
.43
.60
.77
2.07
3.00
2.19
2.41
2.11
2.25
1.94
2.00
1.75
.96
.78
.76
1.62
1.62
1.78
1.59
1.60
1.78
1.44
1.44
1.45
1.25
1.25
1.25
.69
.69
.98
.97
.77
1.11
1.11
1.36
1.64
1.99
2.02
2.58
3.81
3.83
3.94
3.99
4.00
4.06
4.15
4.16
2.05
2.68
3.80
3.81
3.92
3.97
3.97
4.00
4.07
4.07
1.55
2.15
3.29
3.17
3.33
3.21
3.14
3.24
3.15
3.32
1.29
1.67
2.50
2.50
2.50
2.50
2.50
2.50
2.50
2.50
iBeginning 1953, these figures show average rate at tenders. Earlier
figures represent tender rates made nearest to the 15th of each month.
2
3.93
3.75
3.27
3.25
3.28
3.23
3.27
3.19
3.30
3.06
3.00
3.02
Netherlands
Treasury
bills
3 months
Day-today
money
Sweden
Switzerland
Loans
Private
up to
discount
3 months
rate
.92
.03
.58
.50
3-5
3-5
.50
.50
.87
.77
.63
.50
.57
234~5
3*4-51/2
.50
.50
.50
.79
.79
1.16
1.04
1.49
.91
.75
.80
1.04
.94
.58
.53
.71
.58
.90
.62
.50
.56
.75
.57
3*4-51/2
31/4-51/2
3^-51/2
414-61/2
414-61/2
41/4-614
41/4-61/2
414-61/2
414-61/2
414-6/2
.50
.50
,50
.50
.50
,50
,50
,50
.50
,50
Represents an average of closing rates.
84
FOREIGN EXCHANGE RATES
FOREIGN EXCHANGE RATES
[Average of certified noon buying rates in New York for cable transfers.
Argentina
(peso)
Australia
(pound)
Year or month
Basic
Preferential
Free
1950.
1951.
1952.
1953.
1954.
1955.
26.571
20.000
20.000
20.000
20.000
120.000
13.333
13.333
13.333
13.333
13.333
U3.333
8.289
7.067
7.163
7.198
7.198
17.183
223.15
223.07
222.63
224.12
223.80
222.41
1955_jan...
Feb..,
Mar..
Apr..
May.
June.
July..
Aug..
Sept..
Oct...
Nov..
Dec.
20.000
20.000
20.000
20.000
20.000
20.000
20.000
20.000
20.000
120.000
13.333
13.333
13.333
13.333
13.333
13.333
13.333
13.333
13.333
113.333
198
198
198
198
168
175
175
7.173
7.175
17.175
Ceylon
(rupee)
Denmark
(krone)
Finland
(markka)
Year or month
1950..
1951.,
1952.,
1953.,
1954.
1955.
20.850
20.849
20.903
21.046
21.017
20.894
1955—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
20.843
20.834
20.892
20.930
20.927
20.877
20.847
20.861
20.852
20.907
20.979
20.988
14.494
14.491
14.492
In cents per unit of foreign currency]
Austria
(schilling)
Belgium
(franc)
British
Malaysia
(dollar)
Canada
(dollar)
Official
90.909
Free
91.474
94.939
102.149
101.650
102.724
101.401
3.8580
3.8580
3.8580
.9908
.9859
.9878
2.0009
.9976
.9905
32.788
32.849
32.601
32.595
32.641
32.624
221.92
221.80
222.42
222.83
222.78
222.29
221.91
222.04
221.98
222.47
223.22
223.32
3.8580
3.8580
3.8580
3.8580
3.8580
3.8580
3.8580
3.8580
3.8580
3.8580
3.8550
3.8580
.9959
.9938
.9856
.9890
.9896
.9871
.9864
.9874
.9874
.9911
1.9955
1.9986
32.538
32.535
32.608
32.675
32.686
32.614
32.544
32.577
32.568
32.639
32.753
32.764
France
(franc)
Germany
(deutsche
mark)
India
(rupee)
Ireland
(pound)
Mexico
(peso)
Netherlands
(guilder)
280.38
279.68
281.27
280.87
279.13
11.570
11.564
11.588
11.607
39.052
8.006
26.252
26.264
26.315
26.340
26.381
26.230
8.006
8.006
8.006
8.006
8.006
8.006
8.006
8.006
8.006
8.006
8.006
8.006
26.349
26.290
26.297
26.307
26.302
26.228
26.166
26.127
26.148
26.213
26.211
26.128
.4354
.4354
.4354
.4354
.4354
.2858
.2856
.2856
.2856
.2856
.2856
23.838
23.838
23.838
2 23.838
23.765
20.870
20.869
20.922
21.049
21.020
20.894
.4354
.4354
.4354
.4354
.4354
.4354
.4354
.4354
.4354
.4354
.4354
.4354
.2856
.2856
.2856
.2856
.2856
.2856
.2856
.2856
.2856
.2855
.2855
.2854
23.838
23.838
23.838
23.834
23.744
23.733
23.732
23.729
23.726
23.724
23.721
23.719
20.843
20.834
20.892
20.930
20.927
20.877
20.847
20.861
20.852
20.907
20.979
20.988
278.52
278.36
279.14
279.65
279.59
278.98
278.50
278.67
278.58
279.21
280.15
280.26
103.498
102.384
101.587
101.404
101.405
101.568
101.555
101.502
101.228
100.474
100.047
100.048
New
Zealand
(pound)
Norway
(krone)
Philippine
Republic
(peso)
Portugal
(escudo)
South
Africa
(pound)
Sweden
(krona)
Switzerland
(franc)
United
Kingdom
(pound)
1950
1951
1952
1953
1954
1955
277.28
277.19
276.49
278.48
278.09
276.36
14.015
14.015
14.015
14.015
14.008
14.008
49.621
49.639
49.675
49.676
49.677
49.677
3.4704
3.4739
3.4853
3.4887
3.4900
3.4900
278.38
278.33
278.20
280.21
279.82
278.09
19.332
19.327
19.326
19.323
19.333
19.333
23.136
23.060
23.148
23.316
23.322
23.331
280.07
279.96
279.26
281.27
280.87
279.13
1955__j an ..
Feb.
Mar.
Apr.
May
June
July.
Aug.
Sept.
Oct..
Nov.
Dec.
275.76
275.60
276.38
276.88
276.82
276.22
275.74
275.91
275.82
276.44
277.37
277.49
14.008
14.008
14.008
14.008
14.008
14.008
14.008
14.008
14.008
14.008
14.008
14.008
49.677
49.677
49.677
49.677
49.677
49.677
49.677
49.677
49.677
49.677
49.677
49.677
3.4900
3.4900
3.4900
3.4900
3.4900
3.4900
3.4900
3.4900
3.4900
3.4900
3.4900
3.4900
277.48
277.32
278.10
278.61
278.54
277.94
277.45
277.62
277.54
278.16
279.10
279.21
19.333
19.333
19.333
19.333
19.333
19.333
19.333
19.333
19.333
19.333
19.333
19.333
23.326
23.319
23.329
23.330
23.333
23.335
23.332
23.331
23.334
23.332
23.335
23.335
278.52
278.36
279.14
279.65
279.59
278.98
278.49
278.66
278.58
279.20
280.14
280.26
Year or month
1 Based on quotations through Oct. 27, 1955.
2 Based on quotations beginning Apr. 1, 1954.
3 The Mexican peso was devalued, effective Apr. 19, 1954, from a par
value of 8.65 to 12.50 pesos per U. S. dollar.
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FEDERAL RESERVE BULLETIN • JANUARY 1956
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BOARD OF GOVERNORS
of the Federal Reserve System
W M . M C C . MARTIN, JR.,
Chairman
M. S. SZYMCZAK
C. CANBY
BALDERSTON,
A. L. MILLS, JR.
J. L. ROBERTSON
JAMES K. VARDAMAN, JR.
ELLIOTT THURSTON,
CHAS. N. SHEPARDSON
Assistant to the Board
WOODLIEF THOMAS, Economic
WINFIELD
Adviser to the Board
CHARLES MOLONY,
ALFRED
K. CHERRY, Legislative Counsel
DIVISION OF BANK OPERATIONS
ROBERT F. LEONARD, Director
S. R. CARPENTER, Secretary
J. E. HORBETT, Associate Director
LOWELL MYRICK, Assistant Director
GERALD M. CONKLING, Assistant Director
JOHN R. FARRELL, Assistant Director
Assistant Secretary
KENNETH A. KENYON, Assistant Secretary
CLARKE L. FAUVER, Assistant Secretary
MERRITT SHERMAN,
DIVISION OF EXAMINATIONS
LEGAL DIVISION
GEORGE S. SLOAN, Director
B. VEST, General Counsel
FREDERIC SOLOMON, Assistant General Counsel
HowARDH.HACKLEY,;4mstaftf General Counsel
DAVID B. HEXTER, Assistant General Counsel
G. HOWLAND CHASE, Assistant General Counsel
JEROME W. SHAY, Assistant General Counsel
GEORGE
C. C. HOSTRUP, Assistant Director
FRED A. NELSON, Assistant Director
ARTHUR H. LANG, Chief Federal Reserve
Examiner
C. MASTERS, Assistant Director
GLENN M. GOODMAN, Assistant Director
HENRY BENNER, Assistant Director
ROBERT
DIVISION OF PERSONNEL ADMINISTRATION
DIVISION OF RESEARCH AND STATISTICS
EDWIN J. JOHNSON, Director
RALPH A. YOUNG, Director
H. FRANKLIN SPRECHER, JR., Assistant Director
R. GARFIELD, Adviser on Economic
Research
KENNETH B. WILLIAMS, Assistant Director
FRANK
DIVISION OF ADMINISTRATIVE SERVICES
LISTON P. BETHEA, Director
SUSAN S. BURR, Assistant Director
JOSEPH
GUY E. NOYES, Assistant Director
E. KELLEHER, Assistant Director
OFFICE OF DEFENSE LOANS
GARDNER L. BOOTHE, II, Administrator
ALBERT R. KOCH, Assistant Director
OFFICE OF THE CONTROLLER
DIVISION OF INTERNATIONAL FINANCE
J. JOHNSON, Controller
M. B, DANIELS, Assistant Controller
EDWIN
ARTHUR W. MARGET, Director
W. RIEFLER, Assistant to the Chairman
Special Assistant to the Board
OFFICE OF THE SECRETARY
LEWIS
Vice Chairman
N. DEMBITZ, Assistant Director
87
88
FEDERAL RESERVE BULLETIN • JANUARY 1956
Federal Open Market Committee
W M . M C C . MARTIN, JR.,
Chairman
C. CANBY BALDERSTON
C. E. EARHART
W. D. FULTON
ALLAN SPROUL,
W. H. IRONS
HUGH LEACH
A. L. MILLS, JR.
J. L. ROBERTSON
WINFIELD W. RIEFLER, Secretary
ELLIOTT THURSTON, Assistant Secretary
GEORGE B. VEST, General Counsel
FREDERIC SOLOMON, Assistant General Counsel
WOODLIEF THOMAS, Economist
J. DEWEY DAANE, Associate Economist
Vice Chairman
CHAS. N. SHEPARDSON
M. S. SZYMCZAK
JAMES K. VARDAMAN, JR.
L. MERLE HOSTETLER, Associate Economist
MORGAN H. RICE, Associate Economist
H. V. ROELSE, Associate Economist
O. P. WHEELER, Associate Economist
RALPH A. YOUNG, Associate Economist
ROBERT G. ROUSE, Manager of System Open
Market Account
Federal Advisory Council
WILLIAM D. IRELAND, BOSTON
ADRIAN M. MASSIE, NEW YORK
WILLIAM R. K. MITCHELL, PHILADELPHIA
FRANK R. DENTON, CLEVELAND
ROBERT V. FLEMING, RICHMOND
COMER J. KIMBALL, ATLANTA
WILLIAM J. KORSVIK,
HOMER J. LIVINGSTON, CHICAGO
L E E P. MILLER, ST. LOUIS
JULIAN B. BAIRD, MINNEAPOLIS
R. CROSBY KEMPER, KANSAS CITY
G E O . G. MATKIN, DALLAS
FRANK L. KING, SAN FRANCISCO
Acting Secretary
*>
Federal Reserve Banks and Branches
District 1—FEDERAL RESERVE BANK OF BOSTON
BOARD OF DIRECTORS
Robert C. Sprague, Chairman and Federal Reserve Agent
James R. Killian, Jr., Deputy Chairman
Frederick S. Blackall, jr.
Harold I. Chandler
Harvey P. Hood
Lloyd D. Brace
Oliver B. Ellsworth
Harry E. Umphrey
(Vacancy)
J. A. Erickson, President
D. H. Angney
Alfred C. Neal, First Vice President
Vice Presidents
E. O. Latham
O. A. Schlaikjer
Carl B. Pitman
District 2—FEDERAL RESERVE BANK OF NEW YORK
BOARD OF DIRECTORS
Jay E. Crane, Chairman and Federal Reserve Agent
Forrest F. Hill, Deputy Chairman
John E. Bierwirth
Ferd I. Collins
John R. Evans
Clarence Francis
Franz Schneider
Howard C. Sheperd
Lansing P. Shield
FEDERAL RESERVE BANKS AND BRANCHES
89
District 2—FEDERAL RESERVE BANK OF NEW YORK-Continued
Allan Sproul, President
William F. Treiber, First Vice President
Vice Presidents
H. A. Bilby
John Exter
H. H. Kimball
A. Phelan
H. V. Roelse
Robert G. Rouse
I. B. Smith, in charge
of Buffalo Branch
T. G. Tiebout
V. Willis
R. B. Wiltse
J. H. Wurts
BUFFALO BRANCH—BOARD OF DIRECTORS
Leland B. Bryan
Robert L. Davis
Charles H. Diefendorf
Ralph F. Peo
John W. Remington
Robert C. Tait,
Chairman
Clayton G. White
District 3—FEDERAL RESERVE BANK OF PHILADELPHIA
BOARD OF DIRECTORS
William J. Meinel, Chairman and Federal Reserve Agent
Henderson Supplee, Jr., Deputy Chairman
W. Elbridge Brown
Bayard L. England
Warren C. Newton
Lester V. Chandler
Lindley S. Hurfl
Charles E. Oakes
Wm. Fulton Kurtz
Alfred H. Williams, President
W. J. Davis, First Vice President
Vice Presidents
Karl R. Bopp
Robert N. Hilkert
E. C. Hill
Wm. G. McCreedy
P. M. Poorman
J. V. Vergari
District 4—FEDERAL RESERVE BANK OF CLEVELAND
BOARD OF DIRECTORS
John C. Virden, Chairman and Federal Reserve Agent
Arthur B. Van Buskirk, Deputy Chairman
King E. Fauver
Charles Z. Hardwick
Alexander E. Walker
Joseph B. Hall
Edison Hobstetter
Frank J. Welch
J. Brenner Root
W. D. Fulton, President
Dwight L. Allen
Roger R. Clouse
R. G. Johnson, in charge of
Cincinnati Branch
Donald S. Thompson, First Vice President
Vice Presidents
J. W. Kossin, in charge of
Martin Morrison
Pittsburgh Branch
H. E. J. Smith
A. H. Laning
Paul C. Stetzelberger
CINCINNATI BRANCH—BOARD OF DIRECTORS
Leonard M. Campbell
Roger Drackett
Bernard H. Geyer
Anthony Haswell, Chairman
W. Bay Irvine
Ivan Jett
William A. Mitchell
PITTSBURGH BRANCH—BOARD OF DIRECTORS
John H. Lucas
Douglas M. Moorhead
Sumner E. Nichols
Albert L. Rasmussen
Henry A. Roemer, Jr., Chairman
John C. Warner
Irving W. Wilson
90
FEDERAL RESERVE BULLETIN • JANUARY 1956
District 5—FEDERAL RESERVE BANK OF RICHMOND
BOARD OF DIRECTORS
John B. Woodward, Jr., Chairman and Federal Reserve Agent Alonzo G. Decker, Jr., Deputy Chairman
Daniel W. Bell
'
Joseph E. Healy
Robert O. Huffman
D. W. Colvard
L. Vinton Hershey
W. A. L. Sibley
(Vacancy)
Hugh Leach, President
Edw. A. Wayne, First Vice President
Vice Presidents
D. F. Hagner, in charge of
Baltimore Branch
Aubrey N. Heflin
Upton S. Martin
N. L. Armistead
R. L. Cherry, in charge of
Charlotte Branch
James M. Slay
C. B. Strathy
Chas. W. Williams
BALTIMORE BRANCH—BOARD OF DIRECTORS
Charles W. Hoff
Charles A. Piper
John W. Stout
Theodore E. Fletcher
Wm. Purnell Hall
Stanley B. Trott
Clarence R. Zarfoss
CHARLOTTE BRANCH—BOARD OF DIRECTORS
Ernest Patton
I. W. Stewart
Paul T. Taylor
Archie K. Davis
William H. Grier
G. G. Watts
T. Henry Wilson
District 6—FEDERAL RESERVE BANK OF ATLANTA
BOARD OF DIRECTORS
Walter M. Mitchell, Chairman and Federal Reserve Agent
Harllee Branch, Jr., Deputy Chairman
Roland L. Adams
William C. Carter
A. B. Freeman
W. C. Bowman
Henry G. Chalkley, Jr.
Pollard Turman
Donald Comer
Malcolm Bryan, President
V. K. Bowman
J. E. Denmark
H. C. Frazer, in charge of
Birmingham Branch
T. A. Lanford, in charge of
Jacksonville Branch
Lewis M. Clark, First Vice President
Vice Presidents
John L. Liles, Jr.
R. E. Moody, Jr., in charge
of Nashville Branch
Harold T. Patterson
L. B. Raisty
Earle L. Rauber
S. P. Schuessler
M. L. Shaw, in charge
of New Orleans
Branch
BIRMINGHAM BRANCH—BOARD OF DIRECTORS
Edwin C. Bottcher
Robert M. Cleckler
John Will Gay
E. W. McLeod
(Vacancy)
Malcolm A. Smith
Adolf Weil, Sr.,
Chairman
JACKSONVILLE BRANCH—BOARD OF DIRECTORS
Linton E. Allen
W. E. Ellis
James G. Garner
James L. Niblack
J. Wayne Reitz
Harry M. Smith
McGregor Smith,
Chairman
FEDERAL RESERVE BANKS AND BRANCHES
91
District 6—FEDERAL RESERVE BANK OF ATLANTA-Conthmed
NASHVILLE BRANCH—BOARD OF DIRECTORS
Stewart Campbell
A. Carter Myers
Frank B. Ward,
J. R. Kellam, Jr.
W. E. Tomlinson
Chairman
Ernest J. Moench
C. L. Wilson
NEW ORLEANS BRANCH—BOARD OF DIRECTORS
William J. Fischer
H. A. Pharr
Leon J. Minvielle
Joel L. Fletcher, Jr.
E. E. Wild,
(Vacancy)
Chairman
D. U. Maddox
District 7—FEDERAL RESERVE BANK OF CHICAGO
BOARD OF DIRECTORS
Carl E. Allen, Jr., Deputy Chairman
Bert R. Prall, Chairman and Federal Reserve Agent
Walter J. Cummings
William A. Hanley
Nugent R. Oberwortmann
J. Stuart Russell
William J. Grede
Walter E. Hawkinson
Vivian W. Johnson
C. S. Young, President
Neil B. Dawes
W. R. Diercks
A. M. Gustavson
William M. Day
John A. Hannah
E. C. Harris, First Vice President
Vice Presidents
C. T. Laibly
R. A. Swaney, in charge
George W. Mitchell
of Detroit Branch
H. J. Newman
W. W. Turner
A. L. Olson
DETROIT BRANCH—BOARD OF DIRECTORS
Ira A. Moore
Ernest W. Potter
Howard P. Parshall
J. Thomas Smith
Raymond T. Perring
District 8—FEDERAL RESERVE BANK OF ST. LOUIS
BOARD OF DIRECTORS
M. Moss Alexander, Chairman and Federal Reserve Agent
Caffey Robertson, Deputy Chairman
S. J. Beauchamp, Jr.
J. E. Etherton
Louis Ruthenburg
Phil E. Chappell
William A. McDonnell
Leo J. Wieck
Joseph H. Moore
Frederick L. Deming, First Vice President
Vice Presidents
Wm. J. Abbott, Jr.
Darryl R. Francis, in charge
Wm. E. Peterson
Fred Burton, in charge of
of Memphis Branch
H. H. Weigel
Little Rock Branch
Dale M. Lewis
J. C. Wotawa
Victor M. Longstreet, in charge
of Louisville Branch
LITTLE ROCK BRANCH—BOARD OF DIRECTORS
H. C. McKinney, Jr.
J. V. Satterfield, Jr.
Donald Barger
Shuford R. Nichols
A. Howard Stebbins, Jr.
E. C. Benton
(Vacancy)
Delos C. Johns, President
92
FEDERAL RESERVE BULLETIN • JANUARY 1956
District 8—FEDERAL RESERVE BANK OF ST. LOUIS-Continued
LOUISVILLE BRANCH—BOARD OF DIRECTORS
Pierre B. McBride
W. Scott Mclntosh
M. C. Minor
David F. Cocks
Magnus J. Kreisle
J. D. Monin, Jr.
Noel Rush
MEMPHIS BRANCH—BOARD OF DIRECTORS
A. E. Hohenberg
John A. McCall
William B. Pollard
Henry Banks
J. H. Harris
John D. Williams
John K. Wilson
District 9—FEDERAL RESERVE BANK OF MINNEAPOLIS
BOARD OF DIRECTORS
Leslie N. Perrin, Chairman and Federal Reserve Agent
John E. Corette
Thomas G. Harrison
F. Albee Flodin
Ray C. Lange
Harold C. Refling
O. S. Powell, President
Kyle K. Fossum, in charge
of Helena Branch
C. W. Groth
O. B. Jesness, Deputy Chairman
Joseph F. Ringland
Harold N. Thomson
A. W. Mills, First Vice President
Vice Presidents
E. B. Larson
Otis R. Preston
M. H. Strothman, Jr.
H. G. McConnell
Sigurd Ueland
HELENA BRANCH—BOARD OF DIRECTORS
A. W. Heidel
J. Willard Johnson
Carl McFarland
George R. Milburn
Geo. N. Lund
District 10—FEDERAL RESERVE BANK OF KANSAS CITY
BOARD OF DIRECTORS
Raymond W. Hall, Chairman and Federal Reserve Agent
K. S. Adams
E. M. Dodds
W. L. Bunten
W. S. Kennedy
Harold Kountze
H. G. Leedy, President
Joe W. Seacrest, Deputy Chairman
Max A. Miller
Oliver S. Willham
Henry O. Koppang, First Vice President
Vice Presidents
R. L. Mathes, in charge
of Oklahoma City Branch
Cecil Puckett, in charge
of Denver Branch
J. T. Boysen
P. A. Debus, in charge
of Omaha Branch
Clarence W. Tow
E. D. Vanderhoof
D. W. Woolley
DENVER BRANCH—BOARD OF DIRECTORS
Merriam B. Berger
Arthur Johnson
Ralph S. Newcomer
Aksel Nielsen, Chairman
Ray Reynolds
OKLAHOMA CITY BRANCH—BOARD OF DIRECTORS
Davis D. Bovaird, Chairman
George R. Gear
Phil H. Lowery
R. Otis McClintock
F. M. Overstreet
FEDERAL RESERVE BANKS AND BRANCHES
93
District 10—FEDERAL RESERVE BANK OF KANSAS CITY-Continued
OMAHA BRANCH—BOARD OF DIRECTORS
C. Wheaton Battey
Manville Kendrick
James L. Paxton, Jr.,
George J. Forbes
William N. Mitten
Chairman
District 11—FEDERAL RESERVE BANK OF DALLAS
BOARD OF DIRECTORS
Robert J. Smith, Chairman and Federal Reserve Agent
Hal Bogle, Deputy Chairman
John R. Alford
D. A. Hulcy
J. B. Thomas
Henry P. Drought
J. Edd McLaughlin
Sam D. Young
W. L. Peterson
Watrous H. Irons, President
W. D. Gentry, First Vice President
Vice Presidents
E. B. Austin
W. E. Eagle, in charge of
Howard Carrithers, in charge
San Antonio Branch
of El Paso Branch
W. H. Holloway
J. L. Cook, in charge of
Houston Branch
EL PASO BRANCH—BOARD OF DIRECTORS
F. W. Barton
James A. Dick
John P. Butler
Thomas C. Patterson
J. M. Sakrison
T. W. Plant
L. G. Pondrom
Morgan H. Rice
Harry A. Shuford
D. F. Stahmann
E, J. Workman
HOUSTON BRANCH—BOARD OF DIRECTORS
I. F. Betts
L. R. Bryan, Jr.
W. B. Callan
John C. Flanagan
S. Marcus Greer
Herbert G. Sutton
Tyrus R. Timm
SAN ANTONIO BRANCH—BOARD OF DIRECTORS
Clarence E. Ayres
J. W. Beretta
E. C. Breedlove
Burton Dunn
V. S. Marett
Alex R. Thomas
Harold Vagtborg
District 12—FEDERAL RESERVE BANK OF SAN FRANCISCO
BOARD OF DIRECTORS
A. H. Brawner, Chairman and Federal Reserve Agent
Y. Frank Freeman, Deputy Chairman
Carroll F. Byrd
Walter S. Johnson
Reese H. Taylor
M. Vilas Hubbard
Alden G. Roach
Philip I. Welk
John A. Schoonover
C. E. Earhart, President
H. N. Mangels, First Vice President
Vice Presidents
J. M. Leisner, in charge of
J. A. Randall, in charge of
Eliot J. Swan
Seattle Branch
Portland Branch
W. F. Volberg,
E. R. Millard
H. F. Slade
in charge of
W. L. Partner, in charge of
Los Angeles Branch
Salt Lake City Branch
O. P. Wheeler
94
FEDERAL RESERVE BULLETIN • JANUARY 1956
District 12—FEDERAL RESERVE BANK OF SAN FRANCISCO-Continued
LOS ANGELES BRANCH—BOARD OF DIRECTORS
Anderson Borthwick
Charles Detoy
Shannon Crandall, Jr., Chairman
Warren W. Braley
J. H. McNally
Harry Eaton
George S. Eccles
James Brennan
Charles F. Frankland
PORTLAND BRANCH—BOARD OF DIRECTORS
John B. Rogers
E. C. Sammons
SALT LAKE CITY BRANCH—BOARD OF DIRECTORS
Russell S. Hanson
SEATTLE BRANCH—BOARD OF DIRECTORS
S. B. Lafromboise
D. K. MacDonald
Hugh C. Gruwell
James E. Shelton
William H. Steiwer, Sr.,
Chairman
Joseph Rosenblatt, Chairmi
Geo. W. Watkins
Ralph Sundquist,
Chairman
INDEX TO STATISTICAL TABLES
Deposits (See also specific types of deposits):
Adjusted, and currency, 26
Banks, by classes, 27, 31, 33
Federal Reserve Banks, 21, 22, 74
Postal savings, 20, 26
Turnover of, 24
Deposits, reserves, and borrowings, by class of member bank, 19
Discount rates, 20, 83
Discounts and advances by Federal Reserve
Banks, 17, 21
Dividends, corporate, 45, 46
Dollar assets, foreign, 74, 77
Dwelling units started, 59
Earnings and hours, manufacturing industries, 53, 61
Employment, 53, 61
Export-Import Bank, loans, etc., 38, 39
Farm mortgage loans, 38, 47, 48
Federal credit agencies (See Govt. agencies)
Federal Deposit Insurance Corporation,
assets, etc., 38, 39
Federal finance:
Cash transactions, 40
Receipts and expenditures, 41
Treasurer's balance, 40
Federal home loan banks, loans, etc., 38, 39, 49
Federal Housing Administration, loans, etc., 38, 39,
47, 48, 49
Federal National Mortgage Association,
loans, etc., 38, 39, 49
Federal Reserve Banks:
Condition statement, 21, 22
U. S. Govt. securities held by, 17, 21, 22, 42, 43
Federal Reserve credit, 17, 21, 22
Federal Reserve notes, 21, 22, 23, 25
Finance company paper, 34, 35
Foreign central banks, 76, 78, 83
Foreign deposits in U. S. banks, 17, 21, 22, 26, 31, 33
Foreign exchange rates, 84
Foreign liabilities and claims reported by banks, 70,
72, 74
Foreign trade, 63
Gold:
Earmarked, 75
Net purchases by U. S., 75
Production, 74, 75
Reserves of central banks and governments, 76
Reserves of foreign countries and international
institutions, 77
Stock, 17, 26, 75
Gold certificates, 21, 22, 23, 25
Govt. agencies, assets and liabilities, by type and
agency, 38, 39
Govt. debt (See U. S. Govt. securities)
Gross national product, 66, 67
Home owners, Govt. agency loans, 38, 39
Hours and earnings, manufacturing industries, 53, 61
Industrial advances by Federal Reserve Banks, 21, 22,
23, 24
Industrial production indexes, 53, 54, 58
Instalment loans, 50, 51, 52
Insurance companies, 37, 42, 43, 48
Insured commercial banks, 29, 30
Interbank deposits, 27, 31, 33
Interest rates:
Bond yields, 35
Business loans by banks, 35
Federal Reserve rates, 20, 24
Acceptances, bankers', 34, 35
Agricultural loans of commercial banks, 30
Agriculture, Govt. agency loans, 38, 39
Assets and liabilities (See also Foreign liabilities and
claims reported by banks):
Banks and the monetary system, consolidated, 26
Corporate, current, 46
Domestic banks, by classes, 27, 30, 32
Federal Reserve Banks, 21, 22
Foreign central banks, 78
Govt. corporations and credit agencies, by type
and agency, 38, 39
Automobiles:
Consumer instalment credit, 50, 51, 52
Production index, 55, 58
Bankers' balances, 31, 33
(See also Foreign liabilities and claims reported by
banks)
Banks and the monetary system, consolidated statement, 26
Bonds (See also U. S. Govt. securities):
New issues, 44, 46
Prices and yields, 35, 36
Brokers and dealers in securities, bank loans to, 30, 32
Business expenditures on new plant and equipment, 46
Business indexes, 53
Business loans (See Commercial and industrial loans)
Capital accounts:
Banks, by classes, 27, 31, 33
Federal Reserve Banks, 21, 22
Carloadings, 53
Central banks, foreign, 76, 78, 83
Coins, circulation of, 25
Commercial banks:
Assets and liabilities, 27, 30
Consumer loans held, by type, 51
Number, by classes, 27
Real estate mortgages held, by type, 47
Commercial and industrial loans:
Commercial banks, 30
Weekly reporting member banks, 32, 34
Commercial paper, 34, 35
Commodity Credit Corporation, loans, etc., 38, 39
Condition statements (See Assets and liabilities)
Construction, 53, 58, 59
Consumer credit:
Instalment credit, 50, 51, 52
Major parts, 50
Noninstalment credit, by holder, 51
Ratio of collections to accounts receivable, 52
Consumer durable goods output indexes, 58
Consumer price indexes, 53, 64
Consumption expenditures, 66, 67
Corporate sales, profits, taxes, and dividends, 45, 46
Corporate security issues, 44, 46
Corporate security prices and yields, 35, 36
Cost of living (See Consumer price indexes)
Currency in circulation, 17, 25
Customer credit, stock market, 36
Debits to deposit accounts, 24
Demand deposits:
Adjusted, banks and the monetary system, 26
Adjusted, commercial banks, by classes, 31
Banks, by classes, 27, 33
Type of holder, at commercial banks, 31
Department stores:
Merchandising data, 63
Sales, 53, 62
Stocks, 62
95
96
FEDERAL RESERVE BULLETIN • JANUARY 1956
INDEX TO STATISTICAL TABLES—Continued
Interest rates—continued
Foreign countries, 83
Open market, 35, 83
Regulation V loans, 24
Stock yields, 35
Time deposits, maximum rates, 20
International capital transactions of the U. S., 70
International financial institutions, 76, 77, 78
Inventories, 67
Investments (See also specific types of investments):
Banks, by classes, 27, 30, 32
Federal Reserve Banks, 21, 22
Govt. agencies, etc., 38, 39
Life insurance companies, 37
Savings and loan associations, 37
Labor force, 60
Loans (See also specific types of loans):
Banks, by classes, 27, 30, 32
Federal Reserve Banks, 17, 19, 21, 22, 23, 24
Govt. agencies, etc., 38, 39
Insurance companies, 37, 48
Savings and loan associations, 37, 48
Loans insured or guaranteed, 23, 47, 48, 49
Manufacturers, production indexes, 53, 54, 58
Margin requirements, 20
Member banks:
Assets and liabilities, by classes, 27, 30
Borrowings at Federal Reserve Banks, 17, 19
Deposits and reserves, by classes, 19
Number, by classes, 27
Reserve requirements, by classes, 20
Reserves and related items, 17
Weekly reporting series, 32
Minerals, production indexes, 53, 54
Money rates (See Interest rates)
Mortgages (See Real estate loans)
Mutual savings banks, 26, 27, 29, 42, 43, 47
National banks, 29
National income, 66
National security expenditures, 41, 67
Nonmember banks, 21, 29, 30
Payrolls, manufacturing, index, 53
Personal income, 67
Postal Savings System, 20, 26
Prices:
Consumer, 53, 64
Security, 36
Wholesale commodity, 53, 64
Production, 53, 54, 58
Profits, corporate, 45, 46
Real estate loans:
Commercial banks, 30, 32, 47
Type of mortgage holder, 47, 48, 49
Type of property mortgaged, 47, 48, 49
Regulation V, loan guarantees, 23, 24
Reserve requirements, member banks, 20
Reserves:
Commercial banks, 31
Federal Reserve Banks, 21, 22
Foreign central banks and governments, 76
Foreign countries and international
institutions, 77
Member banks, 17, 19, 21, 22, 31, 33
Residential mortgage loans, 47, 48, 49
Sales finance companies, consumer loans of, 50, 51
Savings, 66
Savings deposits (See Time deposits)
Savings institutions, principal assets, 37
Savings and loan associations, 37, 48
Securities, international transactions, 73, 74
Security issues, 44, 46
Silver coin and silver certificates, 25
State member banks, 29
State and municipal securities:
New issues, 44
Prices and yields, 35, 36
States and political subdivisions:
Deposits of, 31, 33
Holdings of U. S. Govt. securities, 42
Ownership of obligations of, 30, 37
Stock market credit, 36
Stocks:
New issues, 44
Prices and yields, 35, 36
Tax receipts, Federal, 41
Time deposits, 19, 20, 26, 27, 31, 33
Treasurer's account balance, 40
Treasury cash, 17, 26
Treasury currency, 17, 25, 26
Treasury deposits, 17, 21, 22, 40
Unemployment, 60
U. S. Govt. balances:
Commercial bank holdings, by classes, 31, 33
Consolidated monetary statement, 26
Treasury deposits at Federal Reserve Banks, 17,
21, 22, 40
U. S. Govt. securities:
Bank holdings, 26, 27, 30, 32, 42, 43
Federal Reserve Bank holdings, 17, 21, 22, 42, 43
International transactions, 73
New issues, gross proceeds, 44
Outstanding, by type of security, 42, 43
Ownership of, 42, 43
Prices and yields, 35, 36
United States notes, outstanding and
in circulation, 25
Veterans Administration, loans, etc., 38, 39, 47, 48
Yields (See Interest rates)
(6 THE FEDERAL RESERVE SYSTEM
e) -Ct
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