Full text of Federal Reserve Bulletin : July 1955
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EDERAL
ESERVE
ULLETIN
JULY 1955
.***?**»«
^#####
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
WASHINGTON
EDITORIAL COMMITTEE
ELLIOTT THURSTON
WOODLIEF THOMAS
WINFIELD W. RIEFLER
SUSAN S. BURR
RALPH A. YOUNG
The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorial
committee. This committee is responsible for opinions expressed, except in official statements
and signed articles.
CONTENTS
PAGE
Credit and Money in 1955. .
741-748
Selected Liquid Asset Holdings of Individuals and Businesses.
749-750
Proposed Changes in Securities Exchange Act
751-752
Bank Holding Company Legislation.
753-755
Silver Legislation .
755
Law Department .
756-757
Current Events and Announcements...
758-759
National Summary of Business Conditions. .
760-761
Financial, Industrial, Commercial Statistics, U. S. (See p. 763 for list of tables)
763-821
International Financial Statistics (See p. 823 for list of tables) .
823-841
Board of Governors and Staff; Open Market Committee and Staff; Federal
Advisory Council
842
Senior Officers of Federal Reserve Banks; Managing Officers of Branches. .
843
Federal Reserve Board Publications...
Map of Federal
Reserve D i s t r i c t s . . .
Index to Statistical T a b l e s . .
844-845
846
847-848
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BULLETIN
VOLUME 41
July 1955
NUMBER 7
CREDIT AND MONEY IN 1955
The demand for credit from banks and
other lenders strengthened late in 1954 and
remained strong throughout the first half of
1955. During recent months demand has
been strong in nearly all credit areas, including some in which it had slackened during
late 1953 and early 1954. Consumer loans
and bank loans to businesses, which declined
during the first half of 1954, began to rise in
the second half and increased sharply in
the first half of 1955. Mortgage lending and
State and local government security issues,
which expanded at a growing rate in 1954
when demands for some other types of credit
abated, continued at a high level in 1955.
Corporate security issues for new capital
have increased in recent months after some
decline in 1953 and 1954.
Bank loans in the first six months of 1955
expanded a record amount for the JanuaryJune period. In order to meet the growing
demand for loans, banks sold a large volume
of United States Government securities, as
shown by the chart, and reduced their purchases of other securities.
Banks also increased their borrowing from
the Federal Reserve Banks somewhat and
reduced their excess reserves in late 1954 and
early 1955 as Federal Reserve policy was
modified to make bank reserves less readily
available. Free reserves of member banks—
that is, excess reserves minus borrowings
from Federal Reserve Banks—declined from
about 700 million dollars in the third quarter
JULY 1955
BANK LOANS AND INVESTMENTS
ALL COMMERCIAL BANKS
Billions
of
dollars
80
-
LOANS
K
/
s/
-
•\^--
i - -
70
/ /
•' V
60
U. S. GOVT.
SECURITIES
• -
.J~\
/-S^
50
20
OTHER SECURITIES
1952
1953
1954
1955
NOTE.—Figures are partly estimated. Data exclude interbank
loans and are for the last Wednesday of month except
r
for
>r June and December call dates. Latest figures shown are
fo:ir June 1955, and all 1955 figures are preliminary.
of 1954 to 150 million in the second quarter
of 1955. In late 1953 and much of 1954 the
abatement of demand for credit by businesses and consumers and the policy of active ease followed by the Federal Reserve had
permitted banks to maintain their indebtedness at a low level at the same time that
they expanded their purchases of United
States Government and State and local government securities and increased their real
estate lending.
In response to the recent moderate tightening of bank reserve positions, there has been
741
CREDIT AND MONEY IN 195 5
some slowing down in the rate of growth of
demand deposits and currency held by consumers and businesses. A sharp increase in
the second half of 1954, after allowance for
usual seasonal changes, had reflected the
early stages of recovery of the economy from
the moderate downturn of late 1953 and
early 1954.
SELECTED BANK LOANS
CHANGE/ J A NttA R Y -*-J UN E
Ilions of dollars
-+2.0
- +1.0
BANK LOANS AND INVESTMENTS
Aggregate loans of commercial banks increased about 4 billion dollars in the first
half of 1955. Growth was concentrated in
business, consumer, and real estate loans.
Totai loans and investments declined about
1 billion dollars, however, as the loan expansion was more than offset by a sharp reduction in bank holdings of United States
Government securities. Holdings of other
securities increased slightly.
Loans. Commercial bank loans to businesses, which began to increase seasonally
in the fall of 1954, continued to rise after
a brief interruption early this year. The 2
billion dollar expansion in the first half of
1955, shown in the chart, was the largest for
the January-June period since the war. In
the first hdkf of each of the preceding three
years business loans had declined. The reduction in the first half of 1954 had been
particularly sharp as a result of the recession
in business activity and the repayment of
loans for excess profits tax credits following
the expiration of the tax at the end of 1953.
The sizable expansion in business loans in
the first half of 1955 stemmed from the increase in business activity and in consumer
financing, as well as the concentration in
this period of corporate tax payments on 1954
income. There were large increases in bank
loans to sales finance companies and to
metal and machinery manufacturers, which
had declined sharply during the first half of
1954, and in loans to petroleum and chemical,
742
NOTE.—Data are for all commercial banks. Consumer loans
are partly estimated for all dates. Figures for 1955 are
preliminary.
textile, and public utility companies, which
had shown little change a year earlier.
These were offset only in part by seasonal
repayments of loans by commodity dealers
and food, liquor, and tobacco processors.
Bank loans to consumers, which had
shown little change during 1954, expanded
by about 1 billion dollars in the first half of
1955. This was almost as much as the record
growth in the first half of 1953. The recent
expansion of consumer instalment credit has
accompanied a sharp increase in purchases of
consumer durable goods, particularly automobiles, and some easing of credit terms.
Real estate loans of commercial banks in
the first half of 1955 continued to grow at
about the same rate as in the second half
of 1954. The 1.3 billion dollar expansion
was the largest increase for the first half of
the year since the war. During the abatement of demand for business and consumer
credit in 1954, real estate loans of banks had
continued to grow; in fact, the rate of
FEDERAL RESERVE
BULLETIN
CREDIT AND MONEY IN 195 5
growth had increased sharply about the
middle of the year as banks used available
funds to meet a strong demand for such
loans. Maintenance of a high rate of lending in 1955 reflected in part the purchase of
mortgages on a temporary basis from insurance companies and other investors.
Bank loans for purchasing or carrying securities showed little change in the aggregate during the first half of 1955. Loans on
United States Government securities declined, while loans on other securities continued to expand. Loans on other securities
had accounted for a sharp increase in bank
security loans in the second half of 1954.
The increase in these loans was associated
with the sharp rise in stock prices and the
large volume of stock market trading.
Credit for purchasing or carrying securities
other than United States Government securities extended directly by city banks and by
brokers rose from 2.7 to 3.4 billion dollars in
the second half of 1954, while stock prices increased about one-fifth. In order to help prevent excessive use of credit for stock market
trading, the Board of Governors raised margin requirements for purchasing or carrying
listed securities from 50 to 60 per cent in
early January and to 70 per cent in late April.
The rate of growth of loans by banks and
brokers on securities other than Government
securities has declined during 1955.
Increases in most other types of bank
loans in the January-June period were offset
in part by the liquidation of about ll/4 billion dollars of agricultural loans guaranteed
by the Commodity Credit Corporation, including certificates of interest redeemed by
banks prior to maturity in order to raise
funds for other uses. Agricultural production loans increased somewhat.
Security holdings. The sharp increase in
bank loans during the first six months of
1955 was more than offset by a decline, partly
JULY 1955
seasonal, in bank holdings of United States
Government securities. The reduction of
5l/2 billion dollars in the first half of this
year was larger than in other recent years.
There had been little change in bank holdings of Government securities in the first
half of 1954, when the abatement of loan
demand and the ready availability of reserves enabled city banks to purchase sufficient securities to off set sales by other banks.
The recent decline in bank holdings of
United States Government securities has
been concentrated in short maturities, which
are typically used by banks for reserve adjustment purposes. During the first six
months of this year there was a considerable
reduction in total short-term Government
securities outstanding, and the demand for
such securities on the part of nonbank investors was heavy. There was little net
change in bank holdings of intermediate- and
long-term bonds, which commercial banks
had acquired on a large scale during 1954.
Acquisitions early in 1955, associated in part
with a Treasury refunding offer, were partially offset by subsequent sales. In the year
preceding April 30, 1955, the average maturity of bank portfolios of Government securities increased from about 4^4 t 0 5/4 years,
and holdings of securities maturing within
one year declined by about 50 per cent.
An increase early in 1955 in bank holdings of securities other than United States
Government securities, reflecting in part acquisition of a new Federal National Mortgage Association note issue, has been offset
in part by a recent decline. The expansion
of about 400 million dollars for the first half
of the year was only about half as much as
that for the corresponding period of 1954,
when banks used available funds to make
substantial purchases of tax-exempt State and
local government securities.
743
CREDIT AND MONEY IN 1955
BANK RESERVE POSITIONS
Member bank reserve positions tightened
moderately in late 1954 and early 1955 in
response to the strong demand for credit and
the shift of Federal Reserve policy away from
that of active ease which had previously been
followed. Since March there has been little
change in such positions except for temporary fluctuations. Average indebtedness of
member banks to the Reserve Banks increased from less than 100 million dollars in
the third quarter of 1954 to more than 400
million in the second quarter of 1955, while
excess reserves declined from about 800 million to about 600 million. The recent level
of member bank borrowing has been about
the same as in the spring of 1952 but about
a billion dollars less than the peak level of
late 1952 and early 1953.
During the first half of 1955 most of
the member bank borrowing from Federal
Reserve Banks, as well as the reduction in
excess reserves, took place at reserve city and
EXCESS RESERVES AND BORROWINGS
CLASSES OF MEMBER
BANKS
Billions of dollars
COUNTRY BANKS
1.0
EXCESS RESERVES
0
RESERVE CITY BANKS
1.0
CENTRAL RESERVE CITY BANKS:
CHICAGO
^^s^/^L
O^C*
1952
1953
1955
NOTE.—Data are monthly averages of daily figures. Latest
figures are for June 1955 and are preliminary.
744
country member banks, as is evident from the
chart. After mid-February the indebtedness
of New York central reserve city banks to
the Federal Reserve was small, as these banks
met their reserve needs largely by selling
securities or by borrowing from other banks
through the Federal funds market. Although
the indebtedness of Chicago central reserve
city banks was heavy in late March and early
April, in large part because of depositor adjustments relating to the Cook County personal property tax assessment on April 1,
it declined considerably after that time.
Borrowings of Chicago central reserve city
banks as well as those of reserve city banks
have consistently exceeded their excess reserves in recent months. At country banks,
excess reserves have continued to exceed
borrowings, although the margin between
the two has narrowed since last fall.
The recent change in bank reserve positions, shown in the table, reflected Federal
Reserve open market operations together
with other factors, the most important of
which were currency movements and
changes in required reserves. Late in 1954
the Federal Reserve permitted reserve positions to tighten by limiting its purchases
of United States Government securities. This
made it necessary for member banks to borrow in order to meet growing needs for reserve funds resulting from the currency
drain and the increase in required reserves
accompanying credit and deposit expansion.
In the first two months of 1955 the Federal Reserve sold or redeemed 13 billion
dollars of United States Government securities. These operations were primarily for
the purpose of absorbing reserve funds made
available by the seasonal return of currency from circulation and the reduction in
required reserves associated with the seasonal deposit decline. As already noted,
however, they also resulted in some further
FEDERAL RESERVE BULLETIN
CREDIT AND MONEY IN 195 5
CHANGES IN MEMBER BANK RESERVES WITH RELATED FACTORS
[Based on monthly averages of daily figures, in billions of dollars]
Item
June
Dec.
1954June
1955
1954Dec.
1954
-0.6
-0.1
-0.4
June
Dec.
1953June
1954
1953Dec.
1953
-0.4
-0.3
-0.4
-0.2
-0.2
+0.2
-0.4
-0.1
-0.3
Member bank reserves
Total reserves
Excess reserves
Required reserves
Effect of:
Reduction in reserve requirement percentages
Change in deposits
Principal factors affecting
reserves
Currency in circulation
Gold stock and foreign accounts.
Treasury operations
Federal Reserve float
Other factors
-0.3
-0.1
(Signs i idicate e ffect on
-6.4
+0.7
C1)
+0.1
-0.1
0)
Federal Reserve loans and investments:
U. S. Govt. s e c u r i t i e s . . . . . . . - 1 . 3
Acceptances
0)
Discounts and advances:
+0.2
To member banks
To others
—0.1
1
-1.4
-1.2
+0.9
+ 1.2
-0.9
-0.1
+0.2
+0.3
0)
-0.1
(3)
+0.1
+0.1
•eserves)
+1.1
-0.2
0)
-0.3
0)
-1.0
-0.4
2-0.5
-0.6
(3)
2
-0.3
0)
+0.2
-0.2
DEPOSITS AND CURRENCY
+1.4
(3)
0)
0)
Less than 50 million dollars.
Treasury operations and U. S. Government security holdings
exclude a free gold transaction involving a 500 million dollar
reduction in Treasury cash in order to retire an equal volume of
Government securities held by the Federal Reserve.
3 No acceptances held.
NOTE.—Details may not add to totals because of rounding.
2
reserve needs of the commercial banking
system in the second half of the year.
In recognition of the rise in market rates
of interest since the summer of 1954, the Federal Reserve Banks raised the discount rates
on loans to member banks from ll/2 to 1%
per cent in April and early May. Rates of 1%
per cent had prevailed throughout 1951 and
1952, before an increase early in 1953. By
making borrowing more expensive, the recent rise in discount rates tended to serve
as a deterrent to excessive reliance on borrowing by individual banks.
Demand deposits and currency held by
consumers and businesses, which together
form the active part of the money supply, increased sharply after mid-1954. This growth
reflected the economic recovery that was
commencing. Recently, however, as shown
by the chart, there has been a decline in the
tightening of bank reserve positions. In the
DEPOSITS AND CURRENCY
period March-June the Federal Reserve used DEMAND
Billions of dollars
140
open market operations on a few occasions to
supply or absorb reserves temporarily, but
there was little net change in its security
- 135
holdings. Early in July the Federal Reserve purchased Government securities in order to
supply banks with reserve funds to meet
- 130
seasonal and growth needs.
In late March the Federal Reserve Bank
of New York began to purchase bankers'
125
acceptances on a small scale, the first purchases since 1951. Acquisitions were in
J
ADJUSTED FOR
recognition of the recent increase in the use
/
SEASONAL VARIATION
of bankers' acceptances and of the interest
- 120
of the Federal Reserve in the continued development of a broad market for such credit
1
1
instruments as a means of facilitating trade.
115
1952
1953
1954
1955
In the 1920's the creation of acceptances had
NOTE.—Figures are partly estimated. Demand deposits are
for all banks in the United States and exclude U. S. Governbeen an important means of financing inter- ment
and interbank deposits and items in process of collection.
Currency excludes bank vault cash. Figures are for last
national trade, and purchases by the Reserve Wednesday
of month except for June and December call dates.
figures shown are for June 1955, and all 1955 figures
Banks had provided a part of the seasonal Latest
are preliminary.
-
v
JULY 1955
-A*
1 V"
r
-
745
CREDIT AND MONEY IN 195 5
rate of expansion after allowance for usual
seasonal developments.
The decline of about 4 billion dollars in
demand deposits and currency held by consumers and businesses in the first six months
of 1955 compares with declines of about 5
billion dollars in each of the two preceding
years. For currency the reduction in the first
half of 1955 was about as much as would have
been expected from the operation of seasonal
factors, but for demand deposits it was about
2l/2 billion dollars less. Over the six-month
period, demand deposits and currency together expanded at a rate of about 4 per cent
per annum after allowance for usual seasonal
developments, but their growth has been
slower since early in the year. In the second
half of 1954 the rate of expansion had been
about 5 per cent. The rate of turnover of
RATIO OF DEMAND DEPOSITS AND CURRENCY
TO GROSS NATIONAL PRODUCT
Per cent
-
10
deposits outside New York City has risen
somewhat since late 1954.
As the money supply has been used more
actively in recent months, demand deposits
and currency held by consumers and businesses have declined slightly as a proportion
of gross national product. As is shown by
the chart, this ratio has fluctuated around 35
per cent since 1951, after declining from
about 50 per cent at the close of the war,
when inactive balances were large. The
present ratio is close to that prevailing in the
late 1930's but still considerably above that
in the 1920's.
The rate of growth of time and savings
deposits, which had increased early in 1954,
has declined since late in that year. In the
first half of 1955, the increase in time deposits in commercial and mutual savings
banks and the Postal Savings System was V/2
billion dollars, slightly more than half as
much as in the first half of 1954 and the
smallest increase for a comparable period
since 1951. The slackening in this rate of
expansion accompanied a declining rate of
personal savings through early 1955 and increased direct security purchases by individuals.
United States Government deposits increased by about 500 million dollars in the
first half of 1955, 1.5 billion dollars less than
in the comparable period of 1954. These
deposits fluctuated sharply from time to time
in accordance with debt operations and tax
receipts.
UNITED STATES GOVERNMENT FINANCE
1920- 1935-
1951
1953
1955
NOTE.—Figures for 1920-29 and 1935-39 are averages of
annual data; beginning 1951, data are quarterly. Demand
deposits and currency are the seasonally adjusted data used in
the preceding chart. Gross national product estimates beginning 1929 are from U. S. Department of Commerce; prior to
1929 data are unofficial estimates based on somewhat different
concepts; quarterly data are also adjusted for seasonal variations. Latest data are for the second quarter of 1955. Gross
national product data for this quarter are estimated by the
Federal Reserve. Deposit and currency data for 1955 are
preliminary.
746
In the first half of 1955 the United States
Government had a cash surplus of about 6
billion dollars, which reflected the concentration of tax receipts in the January-June
period. The surplus was used in part to
build up the Treasury balance but in large
part to reduce outstanding indebtedness. The
FEDERAL RESERVE BULLETIN
CREDIT AND MONEY IN 195 5
publicly held debt—that is, securities held
by investors other than United States Government investment accounts—declined about
5 billion dollars, about the same amount as
in the first half of 1954.
The decline in publicly held debt in
the first half of 1955 was due to the retirement of tax anticipation certificates and maturing nonmarketable savings notes, as well
as cash redemptions of maturing marketable
securities for which new issues were offered
in exchange. These effects were offset in
part by a note issue for new money and an increase in savings bonds outstanding, largely
as the result of the accrual of interest on outstanding bonds.
In February the Treasury issued about 1.9
billion dollars of new long-term bonds in
exchange for a partially tax-exempt bond
called for redemption in March. Commercial banks held the bulk of the maturing
bond issue, but most of the new issue was
acquired by nonbank investors through purchases from commercial banks of either the
maturing issue or the new bonds. Other
securities maturing in the first half of 1955
were refunded with shorter term issues.
The net result of the security retirements
and the refunding operations in the first half
of 1955 was to reduce the supply of shortterm securities for bank and nonbank investors. In July, however, the Treasury issued
for new money about 2l/2 billion dollars of
bills and tax anticipation certificates as well
as about 800 million dollars of long-term
bonds.
United States Government securities held
by commercial banks and the Federal Reserve Banks together declined almost 7 billion dollars during the first half of 1955.
Holdings of other public investors, including
domestic nonbank and foreign investors, increased almost 2 billion dollars. These holdings had declined about 4 billion dollars in
JULY 1955
the first half of 1954, when commercial
banks maintained their holdings despite reductions in the debt.
Among investors predominantly interested
in short-term securities, foreign banks increased their portfolios in the first half of
1955, and nonfinancial corporations maintained theirs despite heavy tax payments.
Nonfinancial corporations had reduced their
holdings about 4l/2 billion dollars in the first
half of 1954. Nonbank investors also acquired a considerable volume of intermediate- and long-term Government bonds in the
first half of 1955, largely by acquisition of the
new long-term bond issued in February.
OTHER CREDIT AREAS
Credit to private borrowers and State and
local governments from lenders other than
commercial banks also expanded at a rapid
pace during the first half of 1955. Investing by savings institutions continued to be
large, and individuals increased their direct
investments in several credit areas.
Real estate credit advanced by all lenders,
which had expanded at an accelerating rate
throughout 1954, continued to increase in
1955 at about the rate reached near the end
of 1954. About four-fifths of the increase
was taken by nonbank investors.
Consumer instalment credit, which rose
slightly in the second half of 1954, has
expanded in recent months at a seasonally
adjusted rate of about 500 million dollars per
month. Although the increase in direct bank
loans to consumers has been sharp, the share
of sales finance companies in instalment
lending has grown recently.
Corporate security issues for new capital
in the first half of 1955 were about one-fifth
larger than in the corresponding period of
1954 but still somewhat less than in the first
half of 1953. State and local government
security issues were only about three-quarters
747
CREDIT AND MONEY IN 195 5
as large as in the first half of 1954, principally
because of a decline in revenue bond issues.
The recent increase in outstanding corporate
and State and local government securities has
been absorbed almost entirely by nonbank
investors. In the first half of 1954 commercial banks had made substantial purchases of
State and local government securities.
MONEY RATES
Per cent per annum
CORPORATE Baa
STATE AND LOCAL
Aaa
INTEREST RATES
As a result of strong credit demand and
moderate tightening of bank reserve positions, interest rates, which had turned up in
the second half of 1954, continued to rise in
the first quarter of 1955. Since mid-April
they have shown little change on balance.
As shown by the chart, the largest increases
since mid-1954 have been in yields on United
States Government securities. Yields on these
securities had risen in the second half of
1954, while those on other securities were
largely unchanged. The increase in yields
in 1955 affected all classes of securities.
Among United States Government securities, the largest increases in yields were
on short- and intermediate-term securities,
which are particularly sensitive to changes
in bank reserve positions. At the end of
June yields on such securities ranged from
about % to about 1 percentage point above
their mid-1954 lows. Yields on Treasury
bills fluctuated in accordance with shortterm market developments and were at times
depressed by nonbank demand, which was
heightened by the decline in savings notes
outstanding. Average yields on 9- to 12month certificates of indebtedness, which increased in relation to bill yields, remained
close to the discount rate beginning in March.
Yields on other short-term securities,
which had remained unchanged or declined
slightly in the second half of 1954, also increased early in 1955. Rates on prime com748
J
ff+f
* \ U. S. GOVERNMENT
\^
3-5
YEARS
1952
1953
1954
1955
NOTE.—Treasury bill rates are market yields on longest bills.
Long-term
U. S. Government yields prior to Apr. 1, 1952 are
on 2x/2 per cent bonds first callable after 15 years, and thereafter on 2 ^ per cent bonds first callable after 12 years. Corporate yields and State and local Aaa yields are from Moody's
Investors Service. Discount rate is for Federal Reserve Bank
?•
of New York. Latest figures are for week ending July 9.
mercial paper and on privately placed finance
company paper each rose more than l/2 percentage point, while the rate on bankers'
acceptances rose somewhat less.
Yields on long-term United States Government securities increased about % percentage point in the first half of 1955, and
yields on other long-term securities generally
somewhat less. At the end of June yields
on long-term securities were generally at
about levels prevailing near the end of 1952
but considerably below their mid-1953 highs.
Interest rates charged business customers
by commercial banks have shown little
change since mid-1954, but rates charged
security dealers have increased. There has
apparently been a slight increase in interest
rates on conventional mortgages this year,
and discounts on Federally underwritten
mortgages have increased in some areas.
FEDERAL RESERVE
BULLETIN
SELECTED LIQUID ASSET HOLDINGS OF
INDIVIDUALS AND BUSINESSES
Individual and business holdings of selected
liquid assets—currency, bank deposits, savings and
loan shares, and United States Government securities—increased 8.7 billion dollars during 1954.
This compares with annual increases of about 10
billion dollars in 1952 and 1953.
Holdings of bank deposits and share accounts
in savings and loan associations accounted for the
entire increase in 1954. Currency holdings declined slightly and holdings of United States GovNOTE.—These estimates are not entirely comparable with
other published data because of conceptual and methodological differences. A description of the methodology may
be secured from the Division of Research and Statistics,
Board of Governors of the Federal Reserve System, Washington 25, D. C.
CHANGES IN SELECTED LIQUID ASSET HOLDINGS OF
INDIVIDUALS AND BUSINESSES
Increase during year:
Type of asset or holder
Total
Type of asset:
Currency
Demand deposits
Time deposits
Savings and loan shares
U. S. Govt. securities1
Per
cent
Billions
of dollars
1954
1953
8.7
10.0
-0.1
3.4
4.3
4.4
-3.3
1954 1953
3
4
0.6
(2)
-0.2
6
4.3
20
3.5
1 .8 - 4
2
(2)
10
2
/
Type of holder:
Business holdings—total 3
0.1
Financial corporations, total
0.3
Currency, deposits, and
shares4 .
0.3
1
U. S. Govt. securities
Non financial corporations, total. .4 . -1.2
Currency, deposits, a n d s h a r e s .
0.5
U. S. G o v t . securities i . . . . . . . . . - 1 . 7
Unincorporated business, total
1.0
Currency, deposits, and shares4 .
1.1
IT. S. Govt. securities1
-0.1
8.6
Personal holdings—total.
2.6
Personal trust funds, total
0.4
Currency, deposits, and shares 4 .
2.2
U. S. Govt. securities1
6.0
Other personal, total
Q 7
Currency, deposits, and shares4 .
-3.7
U. S. Govt. securities1
(2)
2.1
-0.1
-0.1
1.3
0.2
1.1
0.9
0.3
0.6
7.9
2.0
0.3
1.7
5.9
7.5
-1.6
10
-
2
3
3
2
9
4
6
1
3
1
7
4
2
10
4
8
13
8
4
7
-11
4
7
10
6
4
6
- 5
-
1
Securities valued at issue price, except savings bonds, which
are valued at issue price plus accrued interest. Under flexible
market conditions, the selling price of marketable issues fluctuates
daily and may at times be below the issue price.
2
Less than one-half of one per cent.
3Excluding banks and insurance companies.
4
Shares refer to shares of savings and loan associations.
JULY 1955
ernment securities decreased 3.3 billion dollars.
Savings accounts (time deposits and share accounts)
expanded 8.7 billion dollars, nearly a billion more
than in 1953 and the largest annual increase since
the war. Demand deposits, after declining slightly
in 1953, increased 3.4 billion dollars in 1954.
The decline in holdings of United States Government securities during 1954 was the first significant
decline since 1946 and reflected largely a shift in
holdings of marketable Government securities from
individuals and businesses to commercial banks,
which are not covered by these estimates. Business
and personal holdings of savings bonds remained
practically unchanged during 1954.
Total holdings by businesses of the liquid assets
covered by these estimates changed only slightly
during the year, an increase in currency and deposit
holdings having been offset by a decline in holdings
of Government securities. Personal holdings
of Government securities also declined but not
enough to offset the substantial expansion in personal holdings of deposits and share accounts.
Estimates of selected liquid asset holdings of individuals and businesses for end-of-year dates beginning with 1939 are presented in the table on the
following page. These estimates cover the principal
assets that are most readily available for use in
financing current transactions. Currency and demand deposits are basic forms of cash; and time
deposits, shares in savings and loan associations,
and Government savings bonds are generally more
readily convertible into cash than are other types of
assets. Marketable Government securities fluctuate
in value, with the result that their conversion may
involve some capital loss or gain. They are generally regarded as more liquid than other securities
of comparable maturities, however, since they are
free of the usual credit risks and are readily salable..
The estimates include liquid assets held by individuals (including farmers), unincorporated businesses, and corporations other than banks and insurance companies. The figures, which are derived primarily from bank and Treasury -reports,
are adjusted to approximate holder records.
749'
SELECTED LIQUID ASSET HOLDINGS OF INDIVIDUALS AND BUSINESSES
[Estimates for end of year, in billions of dollars]
Type of holder
Total1.
1939
1940
1941
1944
1945
1950
1946
1953 1954*
1951
68.9 74.5 86.5 116.1 156.3 195.3 227.9 231.4 236.9 238.2 242.6 249.9 259.1 269.2 279.2 287.9
Currency
Demand deposits 2
Time deposits
Savings 8c loan shares 3 .
U. S. Govt. securities 4 .
B u s i n e s s holdings—total.
25.5
74.2
63.5
18.7
87.3
26.0
77.4
72.1
26.6
89*. 1 85.8
19.5 22.4 26.2 39.1 56.8 67.3 73.8 66.9 65.3 65.2 67.4 71.0 74.4 75.4
77.5 77.6
6.4 8.6 12.7
5.6
21.0 24.8 29.3 37.1
26.2 26.8 26.8 27.6
4.0
4.2
4.5
4.8
12.1 12.3 17.3 33.9
17.4
47.6
31.9
5.4
54.0
21.9
53.6
,38.9
^6.2
74.7
24.7
60.7
47.6
7.2
87.7
24.9
65.2
52.9
8.3
80.1
24.6
66.9
55.1
9.6
80.7
24.2
65.3
55.9
10.7
82.1
23.5
64.7
56.8
12.2
85.4
23.5
67.3
57.2
13.7
88.2
24.4
71.9
59.3
15.8
87.7
26.1
74.0
67.8
22.2
Currency
Demand deposits
Time deposits
Savings & loan shares. ... .
LJ. S. Govt. securities . . . .
5.3
5.2
5.1
5.0
4.7
1.6
1.9
2.1
3.6
4.0
4.6
4.6
4.6
2.7
4.5
4.6
12.5 15.3 16.4 21.1 29.5 31.8 34.4 34.4 34.8 34.5 35.0 36.1 38.5 39.7 39.7 41.1
4.3
4.1
2.0
3.7
3.9
2.0
2.0
2.3
2.7
3.5
3.5
3.5
2.1
3.1
3.4
3.6
0.1
0.7 0.8
1.0
0.1
0.1
0.2 0.2 0.2 0.3
0.3
0.4 0.4 0.5
0.1
0.3
3.3 3.1
5.6 13.1 21.2 28.6 31.6 24.2 22.1 22.3 23.9 26.2 26.7 26.0 27.7 25.9
Corporations—total..
13.1 15.2 18.0 27.6 40.4 46.1 47.4 40.5 39.8 41.0 43.4 46.9 49.4
Currency
Demand deposits
Time deposits
Savings & loan shares
U. S. Govt. securities.
1
0.8
1.0
1 .1 1.4
1.9
1.9
2.0
2.0
1.9
1.9
9.4 11.5 12.2 15.4 21.4 22.5 22.7 22.5 23.0 23.4 23.8
0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7
0.1
0.1
0.1
0.1
0.1
0.1
0.1
2.2
4.0 10.1 16.4 20.9 22.0 15.3 14.1 14.8 16.8
Financial corporations—total 5 . .
1.7
Demand deposits
Time deposits
U. S. Govt. securities
Nonfinancial corporations—total.
1.1
0.1
0.5
1.2
0.1
0.5
1.3
0.1
0.8
50.7 51.9 51.0
2.0 2.1 2.3 2.3 2.3
24.4 25.9 27.5 27.6 28.3
0.7 0.7 0.7 0.7 0.7
0.1 0.2 0.3 0.3 0.4
19.7 20.5 19.9 21.0 19.3
2.5
3.2
3.7
4.8
4.4
4.3
4.5
5.3
5.5
5.8
6.0
5.9
6.2
1.2
0.1
1.2
1.4
0.1
1.7
1.4
0.1
2.0 2.1
0.1 0.1
2.7. 2.2
2.2
0.1
2.0
2.2
0.1
2.2
2.4
0.1
2.8
2.6
0.1
2.8
2.7
0.1
3.0
2.9
0.1
3.0
2.8
0.1
3.0
3.1
0.1
3.0
11.4 13.4 15.8 25.1 37.2 42.4 42.6 36.1 35.5 36.5 38.1 41.4 43.6 44.7 46.0 44.8
1.8 1.9 1.9 1.9 1.9 2.0 2.0 2.0 2.1 2.3 2.3 2.3
24.8 25.2
20.0 21.1 20.7 20.4 20.8 21.2 21.4 21.8 23.2 24.6
0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 (0.6 0.6 0.6
0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.2 0.3 0.3 0.4
14.7 18.7 19.3 13.1 12.1 12.6 14.0 16.9 17.5 16.9 18.0 16.3
Currency
Demand deposits
Time deposits
Savings & loan shares.. .
U. S. Govt. securities
0.8
8.3
0.6
1.7
1.5
Unincorporated business—total.. .
6.4
7.2
8.2 11.5 16 A 21.2 26.4 25.4 25.5 24.2 2-1.0 24.1 25.0 24.7 25.6 26.6
0.8
3.1
1.3
0.1
1.1
0.9
3.8
1.3
0.1
1.1
1.0
4.2
1.3
0.1
1.6
Currency
? .•
Demand deposits
Time deposits
Savings & loan shares
U. S. Govt. securities
Personal holdings—total. . .
Currency
Demand deposits
Time deposits
Savings & loan shares
U. S. Govt. securities
Trust funds—total6
..
Demand deposits
Time deposits
Savings & loan shares.
U. S. Govt. securities.
1.3
5.7
1.4
0.1
3.0
1.8
8.1
1.6
0.1
4.8
3.0
2.9
2.9
2.7
2.8
2.7
2.6
2.1
2.6
2.7
2.6
9.3 11.7 11.9 11.8 11.1 11.2 11.7 12.6 12.2 12.1 12.8
3.6
3.4
3.0
2.9
3.2
2.0
2.8
2.8
2.4
2.7
2.8
0.6
0.3
0.1
0.3
0.4 0.5
0.1
0.2 0.2 0.2 0.3
6.5 6.2 6.1 6.7 6.6
7.7
8.0
7.1
9.6 8.9
7.5
49.4 52.1 60.3
77.0 99.5 128.0 154.1 164.5 171.6 173.0 175.2 178.9 184 7 193.8 201.7 210.3
4.5
4.0
6.5
9.5 12.9
8.5
24.2 24.8 24.8
4.1
4.4
3.9
9.2 11.7
8.8
10.0
16.0
25.5
4.7
20.8
13.8
18.1
29.6
5.2
32.8
17.9
21.8
36.2
6.0
46.1
20.2
26.3
44.5
7.0
56.1
20.3
30.8
49.5
8.0
55.9
20.0
32.1
51.6
9.3
58.6
19.6
30.8
52.4
10.4
59.8
18.9
29.7
53.3
11.8
61.5
18.8
31.2
53.6
13.3
62.0
19.4
33.4
55.6
15.3
61.0
20.4
34.5
59.6
18.0
61.3
20.9
34.3
63.7
21.4
61.4
20.7
36.3
67.8
25.6
59.9
13.4
15.9
19.4
21.6
22.9
23.9
25.5
28.2
30..
32.2
34.8
1 .4 1.6
0.2
0.2
0.1
0.1
11.7 14.0
1.7
0.3
0.2
17.2
1.6
0.3
0.2
19.5
1.6
0.5
0.2
20.6
1.5
0.5
0.2
21.7
1.6
0.8
0.3
23.8
1.5
1.0
0.4
25.3
1.5
1.0
0.4
27.3
1.6
1.0
0.6
29.0
1 .6
1.3
0.7
31.2
4.5 4.7
5.6
6.9
10.0
1.2
0.2
1.4
0.
1.3
0.2
0.1
8.4
3.1
Other personal—total7 . .
Currency
Demand deposits
Time deposits
Savings & loan shares.
U. S. Govt. securities.
1.0
1.4
1.1
10.3 10.9 14.2
0.6
0.6
0.6
1.3
0.3
3.1
47.
4.0
7.3
24.0
3.9
5.
4.5
8.2
4.1
6.1
3.9
1.2
0.2
0.1
5.4
54.7
70.1
89.5 114.6 138.
6
11
24
4.4
7.8
10.0
14.8
25.3
4.6
15.4
13.8
16.8
29.4
5.1
24.4
1.7.9
20.4
36.0
5.9
34.4
20.2
24.7
44.3
6.9
42.1
145.1 150.0 150.1 151.3 152.4 156.5 163.6 169.5 175.5
20.3
29.1
49.2
7.8
38.
20.0
30.5
51.3
9.1
39.1
19.6 18.9
29.2 28.2
51 .9 52.8
10
11.6
39.2 39.8
18.8
29.6
52.8
13.0
38.2
19.4
31.9
54.6
14
35
20.4
33.0
58.6
17.6
34.0
20.9
32.
62.7
20.8
32.4
20.7
34.7
66.5
24.9
28.7
^Preliminary'Revised.
1
Holdings of banks, insurance companies, savings and loan associations, nonprofit associations, foreigners, and governmental bodies and
agencies are not included in the totals shown.
2
These figures are estimates of demand deposit balanc s as they might appear on the record of depositors. They differ from figures based
on bank records such as given in regular banking statistics. Depositor-record estimates are lower than bank-record estimates; for example, total
demand deposits as of Dec. 31, 1954 on a holder-record basis (see table) amounted to 77.4 billion dollars while on a bank-record basis these deposits amount to 95.0 billion. This is because checks are constantly in the mail, i.e., added to payee's deposits as per bank records and not yet
deducted from payor's deposits as per bank records.
3
Private share capital in all operating savings and loan associations including private repurchasable shares, deposits, and investment certificates.
4
Securities valued at issue price, except savings bonds, which are valued at issue price plus accrued interest.
Under flexible market conditions, the selling price of marketable issues fluctuates daily and may at times be below the issue price. Includes outstanding amounts of excess
profits tax refund bonds beginning December 1945 and armed forces leave bonds beginning December 1947.
5
Includes real estate companies, finance and credit companies, insurance agencies (not carriers), investment trusts, security brokers and
dealers, holding companies not otherwise classified, etc.
6
Includes only amounts administered by corporate trustees.
7
Includes holdings of farmers and professional persons.
750
FEDERAL RESERVE BULLETIN
PROPOSED CHANGES IN SECURITIES EXCHANGE ACT1
The Board of Governors of the Federal
Reserve System is in complete agreement
with the purposes of S. 2054.
Under the Securities Exchange Act of
1934, corporations whose securities are registered on a national securities exchange are
subject to specified requirements covering
publication of financial reports and related
information, solicitation of proxies, and socalled "insiders' profits" resulting from trading in the company's stock. With certain
exceptions, S. 2054 would apply those requirements to large corporations whether or
not their securities are registered on an
exchange.
These provisions would provide for the
security holders of large corporations whose
securities are widely distributed but not
registered on an exchange, information and
safeguards which the Securities Exchange
Act requires with respect to securities registered on an exchange. As these provisions
have been and would be administered by the
Securities and Exchange Commission, the
Commission is better able than the Federal
Reserve to express an informed opinion regarding them.
However, Section 3 of the bill directlv relates to the responsibilities of the Federal
Reserve System. Under this section any security of an issuer covered by the bill, unless
excluded by the Board as "not comprehended
within its purposes," would be subiect to the
margin requirement provisions of the Securi1
Statement by Chairman Martin of the Board of Governors of the Federal Reserve System before the subcommittee
on Securities of the Committee on Banking and Currency
of the Senate on June 27, 1955.
JULY 1955
ties Exchange Act in the same manner as if
the security were registered on a national
securities exchange.
The bill contains certain exemptions. Besides the exemption of banks, which are
specialized institutions, the bill would exempt the securities of all corporations which
have less than 5 million dollars in assets
and also the securities of all corporations
which have less than 500 security holders.
Since securities covered by the bill would
be subject to the rules that now apply to
securities registered on an exchange, let me
outline those rules and how they differ from
the rules that apply to unregistered securities.
Under present law, when brokers lend
for the purpose of purchasing or carrying
securities, they can lend on registered securities the amount specified in the Board's
margin regulations—rtoW 30 per eent-^but
they are forbidden to lend anything at all
on unregistered securities. In other words,
in a brokerage margin account registered
securities have the loan value specified in
the Board's regulations and unregistered
securities have no loan value whatever. The
rules that apply to loans made by banks
also depend on whether a security is registered or unregistered. Loans made by banks
to purchase or carry registered securities are
subject to the standard margin requirements;
loans made by banks to purchase or carry
unregistered securities are exempt from the
regulations.
Under S. 2054, securities covered bv the
bill would be entitled to loan value in brokerage margin accounts just as registered securities are, and loans by banks to purchase or
751
carry securities so covered would be subject dividual company, its conditions and prosto the usual margin requirements.
pects, and not on the basis of ready marketStated differently, securities covered by ability. By contrast, the securities of large,
Section 3 would in one respect be more widely held companies are usually more seafavored than at present—they would get the soned, more widely known, more readily
benefit of having loan value in brokerage marketable, and more likely to be traded on
margin accounts; and in another respect they margin.
would be less favored—loans by banks to
Section 3 says, in effect, that such securities
purchase or carry the securities would be- should be treated for the purposes of the
come subject to the usual margin require- margin requirements in the same way that
ments.
the law now treats securities that are regBoth S. 2054 and the present law regard- istered on an exchange. Under the exemping margin requirements recognize that tions in the bill, a security would not be
there are important differences between the covered unless the issuer of the security has
securities of small, closely held companies at least 5 million dollars in assets and also
on the one hand and large, widely owned has at least 500 security holders.
companies on the other, The securities of
The Board believes Section 3 would help
small, closely held companies usually do not to carry out the general purposes of the
enjoy a wide or ready market. They are present provisions of law relating to margin
more likely to be purchased or financed on requirements, and that enactment of such
the basis of personal knowledge of the in- a provision would be in the public interest.
752
FEDERAL RESERVE BULLETIN
BANK HOLDING COMPANY LEGISLATION1
During the past 15 years numerous bank
holding company measures have been introduced in the Congress ranging from socalled "death sentence" to "freeze" bills. One
proposal after another has bogged down in
disagreement among those who wanted no
legislation at all and those who sought to
put an end to the holding company device.
Each has been beset by intense controversy.
Past efforts of members of Congress and
those in Federal or State regulatory agencies
who have sought to reconcile sharply divergent viewpoints and at the same time devise
effective measures have not met with success.
Over the years, the Reserve Board has
changed its own views as to the nature of
legislation best adapted to meet the existing
problems in this field.
Existing provisions of law, originally enacted in the Banking Act of 1933, have
proved entirely inadequate to deal with the
special problems presented by bank holding
companies. It has been, and still is, the
Board's view that additional legislation is
essential to deal effectively with these problems.
Three years ago when asked to express its
views on a then pending bill, the Board
undertook a complete review of the bank
holding situation and of the legislation it
felt would best deal with it. After intensive study the Board reached conclusions
that were set forth in a letter and accompanying memorandum to the House Banking
and Currency Committee on April 11, 1952.
1
Statement by Chairman Martin of the Board of Governors of the Federal Reserve System regarding bank holding
company legislation before the Senate Banking and Currency Committee, July 5, 1955.
JULY 1955
In complying with your request for our
views, we must, of course, give you our best
judgment. The fact that we are not in
accord with H.R. 6227, which has been
passed by the House, cannot be ascribed to
any desire to delay further or defeat legislation on this subject, for you also have before
you a measure, S. 2350, that does accord with
our best judgment. And as I have indicated,
remedial legislation to deal with these problems is essential and is long overdue.
We believe, as we have said previously,
that the principal problems in the bank
holding company field arise from two circumstances :
1. The unrestricted ability of a bank holding company group to add to the number
of its banking units, thus making possible
the concentration of commercial banking
facilities in a particular area under single
control and management; and
2. The combination under single control
of both banking and nonbanking enterprises,
thus permitting departure from the principle
that banking institutions should not engage
in business wholly unrelated to banking,
which involves the lending of other people's
money, whereas other types of business enterprise do not involve this element of
trusteeship.
I should like to submit for the record a
memorandum of the Board's views, including comments on H.R. 6227 which you have
under consideration. This memorandum reiterates the views expressed on behalf of
the Board before the House Banking and
753
BANK HQLQING COMPANY LEGISLATION
Currency Committee on February 28, 1955.2
In bffief, the Board believes that the major
objectives of the legislation could be effectively accomplished by a bill which would—
of the bill. In addition to covering any
company which owns 25 per cent or more
of the stock of two or more banks, the
definition would cover any other company
which
might be determined by the Board
1. Define a bank holding company as a
company which controls a majority (or pos- to exercise a controlling influence over two
sibly 25 per cent) of the stock of any one or more banks. We feel that it is unnecesbank, with no exceptions from the defini- sary and undesirable to vest the administering agency with such discretionary authority.
tion;
2. Require approval by an agency of the Moreover, we believe that the definition
Federal Government, after consulting with should cover a company which controls only
the appropriate State authorities, before a a single bank, since it seems clear that the
bank holding company could acquire the potential abuses which may result from the
stock of any bank, if thereafter its stock- combination of both banking and nonbankholdings in that bank would exceed 5 per ing interests under single control could very
well exist in a case in which only one bank
cent;
is
involved as in cases in which a holding
3. Require bank holding companies within
a prescribed period to divest themselves of company controls two or more banks.
Secondly, the bill would prohibit a bank
their nonbanking interests, with a minimum
of specific exemptions, but with administra- holding company from acquiring additional
tive authority to make certain limited ex- banks outside of the State in which it has
emptions with respect to companies engaged its principal office or carries on its principal
in bank-related businesses and with respect business or in any State except in accordance
to situations in which an exemption would with the branch laws of that State. The
be desirable to prevent hardship or to protect Board believes that these provisions are unthe public interest.
necessarily severe and also that they would
The bill H.R. 6227 would go beyond these deprive the States of the right to regulate
minimum requirements in regulating bank holding company banking in a manner difholding companies. Operations under its ferent from branch banking. We feel that
provisions would be possible for the Board Federal regulation of bank holding combut would present some serious administra- panies should not be tied to the branch
banking laws of the States.
tive difficulties.
In the third place, the bill would prevent
While we would favor a number of
changes in the provisions of the bill, the the approval of the acquisition of stock of
principal provisions that concern us may a State or national bank unless the transbe briefly mentioned.
action is first approved by the appropriate
In the first place, the bill's definition of State banking authority or by the Comptrolbank holding company would not only im- ler of the Currency in the case of a national
pose an undesirable discretionary responsi- bank. We believe that this requirement
bility on the Board, but would not, we would result in an undesirable diffusion of
believe, accomplish one of the major purposes responsibility and give rise to duplication of
2
effort and administrative difficulties. ConSee Federal Reserve BULLETIN, March 1955, pp. 260-66.
754
FEDERAL RESERVE BULLETIN
BANK HOLDING COMPANY LEGISLATION
sideration should be given to the views of
the Comptroller and the State authorities,
but final responsibility should rest with a
single administering agency.
Finally, the judicial review provisions of
Section 9 of the bill would give any person
affected by any action or inaction of the
administering agency a right to institute
proceedings for judicial review, with a trial
of the facts de novo in the reviewing court.
These provisions would in the Board's opinion be at variance with the spirit of the
Administrative Procedure Act and would
possibly result in a considerable amount of
litigation. Of course, even without such
provisions, any arbitrary, capricious, or unlawful action of the administering agency
would be subject to review by the courts.
In any event, if provisions for judicial review
are to be included in the bill they should
be confined to the principal parties involved
and should not provide for a trial of the
facts de novo.
In summary, the Board recommends legislation along the lines of S. 2350 because we
feel that it would effectively and equitably
provide needed regulation of bank holding
companies.
SILVER LEGISLATION
Existing legislation fixes the price at which
silver is purchased by the Treasury, and sets
a price below which the Treasury cannot sell
silver. The market price of silver has been
such, in recent years, that this existing legislation has caused all silver domestically produced to be sold to the Treasury. To this extent, the role played by silver in our monetary system has been increased. S. 1427 proposes to stop this process by repealing those
provisions of existing legislation which fix
the price at which the Treasury must buy
silver.
The Federal Reserve System is, of course,
1
Statement by Chairman Martin of the Board of Governors of the Federal Reserve System on S. 1427, Repealing Certain Silver legislation, before the Subcommittee on
the Federal Reserve System of the Senate Committee on
Banking and Currency, July 13, 1955.
JULY 1955
concerned primarily with the effect upon
monetary policy of silver purchases under
existing legislation. We are not prepared
to say that the effect of the silver purchases
necessitated by existing legislation has seriously complicated our problems of monetary
management in recent years. It is true that
these purchases, when monetized, may increase member bank reserves. But as compared with other factors influencing member
bank reserves in recent years, their effects
on reserves have been relatively small; and
these effects can be offset, if necessary, by
other operations of the Federal Reserve System. ; Since these purchases are unnecessary
from the standpoint of monetary policy, the
Board of Governors has no interest in the
continuance of existing legislation with respect to silver purchases.
755
LAW DEPARTMENT
Administrative interpretations of banking laws, new regulations issued by the
Board of Governors, and other similar material
Federal Open Market Committee
Executive Committee Discontinued
The Federal Open Market Committee, comprising the seven members of the Board of Governors
of the Federal Reserve System and five of the
presidents of the regionally situated Federal Reserve
Banks, has simplified its structural organization,
effective June 22, 1955, by amending its regulation
relating to open market operations of Federal
Reserve Banks, so as to discontinue its Executive
Committee.
The Executive Committee was a standing subcommittee, consisting of three members of the
Board of Governors and two of the Reserve Bank
presidents. It was established following the Banking Act of 1935, under which the present Federal
Open Market Committee became a statutory body.
So long as travel facilities were less swift and certain than they are now, the Executive Committee
was an administrative convenience. More recently
its sessions have, in practice, been attended by
other members of the full committee. As all members of the full Committee may now be gathered
in Washington frequently for regular meetings, and
on less than 24 hours' notice when necessary for
special meetings, it was decided to discontinue the
Executive Committee.
In addition to amending its Regulation, which
amended Regulation is set forth below, the Federal
Open Market Committee also amended its Rules on
Organization and Information and its Rules on
Procedure, which were published in the 1946 Federal Reserve BULLETIN at page 1011, so as to eliminate references to the Executive Committee.
The amended Regulation of the Federal Open
Market Committee reads as follows:
REGULATION
FEDERAL OPEN MARKET COMMITTEE
As amended effective June 22, 1955
OPEN MARKET OPERATIONS
SECTION 1
Pursuant to the authority conferred upon it by
756
section 12 A of the Federal Reserve Act, as amended,
the Federal Open Market Committee prescribes
the following regulations relating to the openmarket transactions of the Federal Reserve banks.
The Federal Open Market Committee expressly
reserves the right to alter, amend, or repeal this
regulation in whole or in part at any time.
SECTION 2. DEFINITIONS
(a) Government securities.—The term "Government securities" shall include bonds, notes, certificates of indebtedness, Treasury bills, and other
obligations of the United States, including obligations fully guaranteed as to principal and interest
by the United States.
(b) Obligations—The term "obligations" shall
include all bankers' acceptances, bills of exchange,
cable transfers, bonds, notes, warrants, debentures,
and other obligations, including Government securities, which Federal Reserve banks are authorized
by law to purchase in the open market.
(c) System open market account The term "system open market account" applies to Government
securities and other obligations heretofore or hereafter purchased in accordance with open-market
policies adopted by the Committee and held for
the account of the Federal Reserve banks.
(d) Committee .The term "Committee" shall
mean the Federal Open Market Committee.
SECTION 3 . GOVERNING PRINCIPLES
By the terms of section 12A of the Federal Reserve Act, as amended, the time, character, and
volume of all purchases and sales in the open
market by Federal Reserve banks shall be governed
with a view to accommodating commerce and business and with regard to their bearing upon the
general credit situation of the country.
SECTION 4 . FEDERAL OPEN MARKET COMMITTEE
(a) Functions The Committee shall consider
the needs of commerce, industry and agriculture,
the general credit situation of the country, and
other matters having a bearing thereon and conFEDERAL RESERVE BULLETIN
LAW DEPARTMENT
sider, adopt, and transmit to the several Federal
Reserve banks, regulations and directions with
respect to the open-market operations of such banks
under section 14 of the Federal Reserve Act.
(£) Participation in system open market account.
—The Committee from time to time shall determine the principles which shall govern the allocation among the several Federal Reserve banks of
Government securities and other obligations held in
the system open market account, with a view to
meeting the changing needs of the Federal Reserve
banks.
SECTION 5. CONDUCT OF OPEN MARKET OPERATIONS
Each Federal Reserve bank shall engage in openmarket operations under section 14 of the Federal
Reserve Act only in accordance with this regulation
and the directions issued by the Committee from
time to time, and no Federal Reserve bank shall
decline to engage in open-market operations as
directed by the Committee.
Transactions for the system open market account
shall be executed by a Federal Reserve bank selected
by the Committee. Each Federal Reserve bank
shall make available to the Federal Reserve bank
selected by the Committee such funds as may be
necessary to conduct and effectuate such transactions.
SECTION 6. PURCHASES AND SALES OF GOVERNMENT
SECURITIES
No Federal Reserve bank shall purchase or sell
Government securities, for its own account or for
the account of any other Federal Reserve bank,
except pursuant to authority granted by the Committee or in accordance with an open-market policy
adopted by the Committee and in effect at the time.
JULY
1955
The Committee reserves the right, in its discretion,
to require the sale of any Government securities
now held or hereafter purchased by an individual
Federal Reserve bank or to require that such securities be transferred into the system open market
account in accordance with such directions as the
Committee may make.
SECTION 7. OTHER OPEN MARKET OPERATIONS
Subject to directions of the Committee and the
following conditions, each Federal Reserve bank
may engage in open market operations other than
the purchase or sale of Government securities:
(1) Each Federal Reserve bank, as may be required from time to time by the Committee, shall
report all such transactions to the Secretary of the
Committee.
(2) Only acceptances and bills of exchange which
are of the kinds made eligible for purchase under
the provisions of Regulation B of the Board of
Governors of the Federal Reserve System may be
purchased: Provided, That no obligations payable
in foreign currency shall be purchased or sold for
the account of the Federal Reserve bank except in
accordance with directions of the Committee.
(3) Only bills, notes, revenue bonds, and warrants of States, counties, districts, political subdivisions, or municipalities which are of the kinds
made eligible for purchase under the provisions of
Regulation E of the Board of Governors of the
Federal Reserve System may be purchased.
(4) No Federal Reserve bank shall engage in
the purchase or sale of cable transfers for its own
account except in accordance with the directions of
the Committee.
CURRENT EVENTS AND ANNOUNCEMENTS
Federal Reserve Meetings
A meeting of the Presidents of the Federal
Reserve Banks was held in Washington on June
20 and 21, 1955, and on June 22 the Presidents met
with the Board of Governors of the Federal Reserve
System.
On June 22 a meeting of the Federal Open
Market Committee was held.
Appointment of Branch Director
On July 15, 1955, the Board of Governors announced the appointment of Mr. Wm. Purnell
Hall, Executive Vice President, Maryland Shipbuilding and Drydock Company, Inc., Baltimore,
Maryland, as a director of the Baltimore Branch
of the Federal Reserve Bank of Richmond for the
term ending December 31, 1955. Mr. Hall succeeded Mr. Howard M. Taylor, Jr., President, International Bedding Company, Baltimore, Maryland, who resigned.
Resignation of Class C Director
Effective July 1, 1955, the Board of Governors
accepted the resignation of Mr. Cecil Puckett, Dean,
College of Business Administration, University of
Denver, Denver, Colorado, as a Class C director of
the Federal Reserve Bank of Kansas City. Mr.
Puckett resigned to accept appointment as a Vice
President of the Federal Reserve Bank of Kansas
City. He had served as a Class C director and
Deputy Chairman since March 21, 1952, and formerly had served as a director of the Denver Branch
of the Federal Reserve Bank of Kansas City from
June 6, 1950, to March 21, 1952.
Resignations of Branch Directors
Effective June 1, 1955, the Board of Governors
accepted the resignation of Mr. Paul H. Helms,
President, Helms Bakeries, Los Angeles, California,
as a director of the Los Angeles Branch of the
Federal Reserve Bank of San Francisco. Mr. Helms
had served the Branch as a director since January
1, 1950.
On June 7, 1955, the Board of Governors accepted the resignation of Mr. Howard M. Taylor,
Jr., President, International Bedding Company,
Baltimore, Maryland, as a director of the Baltimore
758
Branch of the Federal Reserve Bank of Richmond.
Mr. Taylor had served the Branch as a director
since January 1, 1953.
On June 27, 1955, the Board of Governors accepted the resignation of Mr. Bryant Essick, President, Essick Manufacturing Company, Los Angeles,
California, as a director of the Los Angeles Branch
of the Federal Reserve Bank of San Francisco.
Mr. Essick had served the Branch as a director
since January 15, 1953.
Admissions of State Banks to Membership in the
Federal Reserve System
The following State banks were admitted to
membership in the Federal Reserve System during
the period May 16, 1955 to June 15, 1955:
California
Lancaster—Antelope Valley Bank.
Indiana
Sullivan—Farmers State Bank of Sullivan.
New Foreign FinancingyCorporation Commences
Business
American Overseas Finance Corporation, 30 Pine
Street, New York, New York, was granted a final
permit by the Board of Governors of the Federal
Reserve System on June 28, 1955 to commence
business as a corporation organized and operating
under the provisions of Section 25(a) of the Federal Reserve Act and the Corporation officially
initiated operations on that date.
The following member banks are the original
shareholders of the new Corporation:
The Chase Manhattan Bank, New York
Chemical Corn Exchange Bank, New York
The First National Bank of Boston
Mellon National Bank and Trust Company,
Pittsburgh
National Bank of Detroit
Index to Statistical Tables
A short subject index to the statistical tables has
been added to the BULLETIN. This index will appear regularly just inside the back cover (pages 847FEDERAL RESERVE BULLETIN
CURRENT EVENTS AND ANNOUNCEMENTS
848 of this issue). The emphasis in the index, as
in the tables, is on banking, credit, and money and
credit markets.
This monthly index will not replace, but will be
integrated with, the annual index to the entire
BULLETIN published in the December issue.
Changes in Bulletin Tables
Several changes have been made in the table on
"Bond and Stock Yields," shown on page 787. The
series of high-grade municipal bonds has been replaced by two series on State and local obligations:
(1) Moody's Investors Service series of yields for
general obligation bonds—the average for four rating groups and for the Aaa and Baa bonds included
in that average—and (2) the Dow-Jones series of
yields on revenue bonds. The rating groups shown
for the corporate yield series are now limited to the
Aaa and Baa groups.
A new table "Stock Market Credit" (page 786)
has replaced the former table "Customers' Debit
Balances, Money Borrowed, and Principal Related
JULY
1955
Items of Stock Exchange Firms Carrying Margin
Accounts." The new table brings together important monthly series on customer credit and on
broker and dealer credit. Detailed series on customers' debit and credit balances and related items
of member firms of the New York Stock Exchange
carrying margin accounts, which are available only
for June 30 and December 31 each year, will be
published semiannually.
Tables Published Annually and Semiannually, with
Latest BULLETIN Reference
Semiannually
Banking offices:
Analysis of changes in number of...
On, and not on, Federal Reserve Par
List, number of
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
Issue
Page
Feb. 1955
208
Feb. 1955
209
Feb. 1955 206-207
May 1955 564-572
Oct. 1954
1118
May 1955
573
Apr. 1955 430-431
June 1955 712-714
{j^ | ^
574-577
NATIONAL SUMMARY OF BUSINESS CONDITIONS
[Released for publication July 14]
Industrial production increased further in June,
and construction activity was maintained at advanced levels. Employment continued to rise, and
unemployment increased less than seasonally. Retail sales were maintained at the May high. Wholesale prices of important industrial materials rose
in late June and early July, while prices of farm
products declined. Farm crop prospects improved
in June and this year's output is expected to be
above last year's ample harvest. Credit and capital
demands continued strong.
INDUSTRIAL PRODUCTION
The Board's seasonally adjusted index of industrial production increased in June to 139 per cent
of the 1947-49 average from 138 in May. Activity
in nondurable goods industries rose to a new high
and minerals production also increased. Output
of durable goods continued at the advanced May
level.
Output of most producers' durable equipment
and of household goods increased further in June,
and production of building materials was maintained in record volume. On the other hand, activity in the steel and auto industries was moderately curtailed, reflecting mainly temporary work
stoppages associated with labor contract negotiations. Steel output declined from 97 per cent of
capacity in May to 94 per cent in June, with mill
operations reduced to 71 per cent in the week beginning June 27. Following the wage settlement,
steel output recovered to about 93 per cent by midJuly.
The rise in nondurable goods output in June
reflected mainly new highs for paper, chemicals,
petroleum, and rubber products. Activity in the
textile, apparel, and shoe industries remained at
levels close to earlier peaks. Minerals output increased as coal output expanded further and production of crude oil stabilized at the May level
following some decline earlier.
CONSTRUCTION
Value of new construction put in place during
June increased slightly less than seasonally from
the May record total. The Departments of Commerce and Labor now anticipate that construction
volume in 1955 will be 11 per cent larger than
1954. Value of contracts awarded in June increased slightly as gains in nonresidential awards
more than offset a further small decline in residential contracts. The number of private housing
units started in June was maintained at a seasonally adjusted annual rate of around 1.3 million
units.
EMPLOYMENT
Seasonally adjusted employment at nonagricultural establishments increased about 100,000 further
in June to 49.3 million, reflecting moderate gains
in manufacturing and nonmanufacturing industries. Unemployment at 2.7 million was up 200,000
from May—less than the usual seasonal rise.
INDUSTRIAL PRODUCTION
AGRICULTURE
NONDURABLE
MANUFACTURES
FHeral Reserve indexes. Monthly figures, latest shown are
for June.
760
Growing conditions in June were unusually
favorable for crop and pasture development. Total
crop production this year was officially forecast as
of July 1 to be 3 per cent higher than last year,
reflecting mainly a much larger crop of corn. With
output of most other feeds expected to remain large,
total feed supplies, including the large carryover,
may exceed last year's record volume by 10 per
cent or more. Smaller harvests of wheat and cotFEDERAL RESERVE BULLETIN
NATIONAL SUMMARY OF BUSINESS CONDITIONS
ton were indicated, reflecting the influence of Fed- prices of most finished industrial products remained
eral acreage curtailments under the price support stable. In agricultural markets prices declined,
reflecting decreases in hogs and pork, which had
programs.
risen sharply by mid-June, and reductions, mainly
DISTRIBUTION
Total retail sales in June, after allowance for seasonal, in winter wheat and vegetables.
seasonal factors, were unchanged from May and
about 6 per cent above a year ago. New auto
sales were only slightly below their record level of
the preceding three months and, like used car
sales which rose further, were more than one-fifth
above their year-ago peaks. Seasonally adjusted
sales at department stores in June and early July
remained near their advanced May rate. Dealers'
stocks of new as well as used autos declined in June.
BANK CREDIT AND RESERVES
Total loans and investments at city banks
changed little between early June and early July
as loan expansion was about offset by sales of U. S.
Government securities. The increase in outstanding business loans was especially sharp but real
estate and consumer loans also continued to expand.
All business groups with the exception of commodity dealers and food processors increased their
COMMODITY PRICES
borrowing from banks in June, in part to meet
Wholesale prices of industrial materials con- quarterly tax payments. In early July business
tinued upward from mid-June to mid-July. Steel loans declined somewhat.
Free reserves of member banks averaged around
mill products were raised about 6.5 per cent in early
July following agreement on a substantial increase 175 million dollars during June, slightly below the
in wage rates. Prices of metal scrap, building May level. In early July reserve positions became
materials, paper, rubber, and some other materials somewhat tighter due largely to substantial curalso advanced. While prices of some types of pro- rency outflows around the Independence Day holiducers' equipment and of furniture were increased, day and to Treasury operations. In late June and
early July about 400 million dollars of reserves
MONEY RATES
were supplied through Federal Reserve purchases
of Treasury bills.
eenf per annu
SECURITY MARKETS
Figures except for Federal Reserve discount rate are monthlyaverage market yields. Corporate Aaa bonds, Moody's
Investors
Service; U. S. Government long-term (excludes 3lA per cent
bonds issued May 1, 1953), U. S. Treasury Department and
Federal Reserve; municipal high-grade bonds, Standard and
Poor's Corporation; Treasury bills, Federal Reserve. Latest
figures shown are for July 2.
JULY 1955
Yields on U. S. Government securities advanced
generally from mid-June to mid-July; for most
types yields in mid-July were at or near their highs
for the year. The Treasury increased by 100 million
dollars the size of each of the first three weekly bill
offerings during July, sold about 2 billion dollars
of 1% per cent tax anticipation certificates due
March 22, 1956, and reopened the 3 per cent bond
of 1995 for subscriptions of 750 million dollars.
Yields on State and local government bonds increased sharply during the last half of June and
early July, while yields on corporate bonds were
stable. Common stock prices rose sharply to new
highs in the first part of July but subsequently
declined somewhat.
761
FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS
UNITED STATES
PAGE
Member bank reserves, Reserve Bank credit, and related items
Federal Reserve Bank rates; margin requirements; reserve requirements
Reserves and deposits of member banks
Federal Reserve Bank statistics
Regulation V: guaranteed loans, fees, and rates
Bank debits and deposit turnover; Postal Savings System. .
Money in circulation
Consolidated statement of the monetary system; deposits and currency
All banks in the United States, by classes
All commercial banks in the United States, by classes
Weekly reporting member banks
Commercial paper and bankers' acceptances
Life insurance companies; savings and loan associations. .
765-766
766-767
768
769-771
771 -772
772
773
774
775-777
778-779
780-781
782
783
Government corporations and credit agencies..
784-785
Security prices and brokers' balances
786
Money market rates; bank rates on business loans; bond and stock yields
787
Treasury
finance
788-793
New security issues. .
Business
794
finance
795-796
Real estate credit statistics
797-799
Statistics on short- and intermediate-term consumer credit. .
800-802
Business indexes
803-812
Merchandise exports and imports..
812
Department store statistics
813-817
Consumer and wholesale prices
818-819
Gross national product, national income, and personal income. .
820-821
Index to Statistical Tables. . . .
847-848
....
List of tables published in BULLETIN annually or semiannually,
with references for latest data
759
Tables on the following pages include the principal statistics of current significance relating to
financial and business developments in the United States. The data relating to Federal Reserve
Banks, member banks of the Federal Reserve System, and department store trade, and the consumer
credit estimates are derived from regular reports made to the Board; index numbers of production
are compiled by the Board on the basis of material collected by other agencies; figures for gold
stock, money in circulation, Treasury finance, and operations of Government credit agencies are
obtained from statements of the Treasury; the remaining financial data and other series on business
activity are obtained largely from other sources. Back figures through 1941 for banking and
monetary tables, together with descriptive text, may be obtained from the Board's publication,
Banking and Monetary Statistics; back figures for many other tables may be obtained from earlier
BULLETINS.
JULY
1955
763
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
2
0
MONEY IN CIRCULATION
25
20
TREASURY CASH AND DEPOSITS
^ ^ ^ ^
NONMEMBER DEPOSITS
30
FEDERAL RESERVE CREDIT
U.S. GOVERNMENT SECURITIES:
25
20
HELD UNDER
REPURCHASE AGREEMENTS
-m
'
<<*->
A
• •-
DISCOUNTS AND ADVANCES
2
0
|
FEDERAL RESERVE FLOAT
1949
1950
1951
1952
1953
1954
1955
Latest averages shown are for week ending June 27. See p. 765.
764
FEDERAL RESERVE BULLETIN
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
[In millions of dollars]
Reserve Bank credit outstanding
Gold
stock
Deposits, other
Member ba n k
than member bank Other
Treasreserve bala nces
reserve
balances,
ury Money Treas- with F. R.
FedBanks
curin
ury
eral
cirrency
cash
Recula- hold- Treas- For- Oth- serve Total
outReExerury
acstand- tion
ings
eign
quired2 cess2
dededeing
counts
posits posits posits
25,426
25,379
25,542
25,512
25,642
25,802
25,764
26,134
25,901
25,829
25,691
25,673
25,277
25,154
24,925
24,933
24,690
24,699
24,759
24,939
24,908
24,687
25,338
25,465
25,699
25,360
25,436
25,701
25,708
25,900
25,918
26,080
26,172
26,612
26,433
21,969
21,970
21,971
21,972
21,966
21,924
21,925
21,926
21,926
21,927
21,929
21,931
21,924
21,908
21,901
21,858
21,858
21,837
21,809
21,809
21,810
21,810
21,810
21,810
21,788
21,759
21,759
21,752
21,709
21,709
21,710
21,710
21,711
21,712
21,712
4,950
4,952
4,955
4,957
4,958
4,958
4,957
4,955
4,956
4,959
4,958
4,958
4,959
4,960
4,959
4,960
4,961
4,962
4,965
4,967
4,967
4,968
4,971
4,972
4,973
4,973
4,976
4,977
4,978
4,980
4,982
4,982
4,982
4,982
4,982
29,738
29,810
29,769
29,707
29,874
29,928
29,870
29,793
29,813
30,066
30,099
29,932
29,815
29,890
29,932
29,919
29,850
29,887
30,046
30,073
29,969
29,888
30,010
30,143
30,125
30,028
30,088
30,206
30,262
30,318
30,466
30,623
30,755
30,885
30,828
789
17
15
15
14
14
17
17
16
16
26,176
25,792
25,482
24,942
25,042
25,212
24,964
24,932
24,892
24,873
24,809
25,327
25,028
24,918
25,159
25,175
25,031
24,971
24,924
24,908
24,834
25,001
25,044
24,956
25,055
24,815
21,712
21,713
21,714
21,714
21,714
21,715
21,715
21,716
21,716
21,717
21,717
21,718
21,719
21,719
21,669
21,670
21,671
21,671
21,671
21,672
21,673
21,674
21,675
21,676
21,676
21,677
4,984
4,984
4,985
4,985
4,988
4,988
4,989
4,990
4,995
4,995
4,995
4,995
4,997
4,997
4,996
4,997
4,998
4,999
4,999
4,999
4,999
5,001
5,002
5,001
5,001
5,001
30,501
30,361
30,079
29,866
29,767
29,794
29,782
29,771
29,796
29,819
29,833
29,793
29,716
29,831
29,940
29,793
29,686
29,767
29,859
29,877
29,826
29,961
30,059
30,058
30,035
30,021
710
695
654
725
720
769
992
805
710
804
838
798
878
25,876
25,571
24,855
24,838
25,459
25,776
26,317
25,449
25,021
24,989
16 25,070
15 24,924
16 24,958
21,927
21,926
21,871
21,809
21,787
21,724
21,711
21,714
21,715
21,718
21,680
21,673
21,676
4,956
4,959
4,960
4,967
4,973
4,979
4,982
4,985
4,990
4,996
4,997
4,999
5,001
29,856
29,968
29,896
29,991
30,078
30,287
30,749
30,110
29,784
29,790
29,807
29.861
30,049
U.S. Govt. securities
DisHeld counts
All
Bought under and Float oth- Total
Total out- repur- a d er i
right chase vances
agreement
Period
Averages
of daily
figures
Week ending:
1954
May 5
May 12
May 19. . . .
May 26
24,632
24,652
24,659
24,709
J u n e 2 . . . . 24,812
J u n e 9 . . . . 24,960
J u n e 1 6 . . . . 24,955
June 23
25,018
June 30
25,113
J u l y 7 . . . . 25,082
July 1 4 . . . . 24,912
24,765
July 21
July 28
24,517
24,325
Aug. 4
Aug. 11
24,040
Aug. 18
23,980
Aug. 25
23,813
23,938
Sept. 1
Sept. 8 . . . . 24,013
Sept. 15. . . . 24,035
Sept. 22'. '. . '.23,789
Sept. 29'. '. '. '.23,868
24,492
Oct. 6
Oct. 13
24,606
Oct. 20
24,487
Oct. 27. . . . 24,381
24,464
Nov. 3
Nov. 10. . . . 24,754
Nov. 17.
24,685
Nov. 24.'.'. '.24,553
24,722
Dec. 1
Dec. 8
24,891
Dec. 15
24,919
Dec. 22
24,928
Dec. 29
24,918
1955
Jan. 5
Jan. 12
Jan. 19
Jan. 26
Feb. 2 . . . .
Feb. 9
Feb. 16
Feb. 23
Mar. 2
Mar. 9
Mar. 16
Mar. 23
Mar. 3 0 . . . .
Apr. 6. . . .
Apr. 13
Apr. 20
Apr. 27
May 4 . . . .
May 11
May 18
May 2 5 . . . .
24,632
24,632
24,640
24,709
24,812
24,960
24,955
24,986
24,980
25,038
24,912
24,765
24,517
24,325
24,023
23,876
23,747
23,845
23,977
24,035
23,789
23,868
24,492
24,581
24,456
24,381
24,448
24,745
24,685
24,553
24,715
24,889
24,888
24,888
24,888
June
1....
June
8....
J u n e 15
June 2 2 . . . .
June 29\ .[.
24,918
24,532
24,155
23,683
23,852
24,016
23,908
23,732
23,604
23,604
23,606
23,664
23,604
23,643
23,682
23,604
23,604
23,666
23,839
23,687
23,513
23,603
23,683
23,588
23,554
23,554
24,874
24,511
24,128
23,671
23,844
23,902
23,827
23,732
23,604
23,604
23,604
23,604
23,604
23,604
23,604
23,604
23,604
23,613
23,702
23,664
23,513
23,600
23,683
23,588
23,554
23,554
Monthly:
1954-June..
July...
Aug...
Sept...
Oct...
Nov...
Dec...
1955-Jan...
Feb...
Mar...
Apr...
May. .
June. .
24,998
24,771
23,989
23,941
24,485
24,661
24,917
24,200
23,838
23,619
23,632
23,666
23,598
24,960
24,761
23,930
23,928
24,472
24,654
24,888
24,182
23,787
23,604
23,604
23,617
23,596
P Preliminary.
JULY 1955
158
184
143
164
634
541
739
638
1
1
1
1
216
170
142
194
157
613
670
665
920
630
71
68
73
168
675
710
833
590
1
1
1
1
1
1
1
1
1
175
287
229
178
653
598
723
698
185
147
189
141
191
576
598
714
977
627
1
1
1
1
1
1
1
1
1
179
259
284
257
667
599
927
721
1
1
1
1
16
9
355
277
271
300
617
669
751
1
1
1
1
7
2
31
40
30
498
465
442
311
377
1,373
1,138
1
1
1
1
1
44
21
27
12
372
504
445
453
885
756
881
806
1
1
1
1
8
114
81
524
555
387
395
666
640
668
804
1
1
1
490
479
483
630
745
613
662
521
544
544
374
317
427
•612
533
558
348
456
797
789
719
20
19
32
133
44
17
104
66
93
36
25
31
2
60
39
78
53
137
23
3
38
10
59
13
13
7
29
18
51
15
28
49
2
166
104
210
170
254
345
407
444
473
566
585
445
465
1,046
698
724
810
1,032
677
656
801
1 ,031
861
743
696
888
880
772
812
793
1,137
(8)
1
1
1
1
1
7
14
19
21
1
1
1
1
1
19,490
19,418
19,506
19,690
19,555
19,805
19,934
19.818
19,188
19,377
19,166
19,261
19,036
18,698
18,586
18,525
18,353
18,346
18,33C
18,373
18,596
18,250
18,756
18,832
19,136
18,895
18,810
19,364
19,306
19,205
19,052
19,162
19,241
19,512
19,250
18,769
721
18,708
710
721
18,785
18,924
766
18,912
643
920
18,885
19,043
891
860
18,958
839
18,349
18,419
958
762
18,404
18,356
905
689
18,347
17,666 1,032
898
17,688
863
17,662
726
17,627
17,603
743
780
17,556
779
17,594
17,691
905
17,663
587
17,894
862
631
18,201
867
18,269
671
18,224
18,233
577
18,244 1 120
883
18,423
18,524
681
18,464
588
718
18,444
686
18,555
822
18,690
620
18,630
899
895
913
959
957
955
957
964
964
976
979
978
978
923
920
924
937
936
935
940
981
981
19,263
19,130
19,176
19,074
18,952
19,000
18,806
18,716
18,642
18,596
18,779
18,804
18,408
18,611
18,868
18,895
18,877
18,659
18,920
18,853
18,673
18,496
18,648
18,678
18,998
18,653
18,580
18,436
18,383
18,429
18,361
18,272
18,236
18,108
18,089
18,018
18,149
18,123
17,918
18,055
18,214
18,253
18,260
18,201
18,176
18,207
18,192
18,063
18,036
18,099
941
973
916
929
944
883
929
903
927
960
973
928
959
19,670
19,164
18,478
18,403
18,893
19,207
19,279
19,114
18,819
18,635
18,800
18,746
18,715
826
829
838
829
586
453
551
397
503
572
532
500
351
370
411
437
850
848
862
880
827
823
813
806
812
452
342
341
757
1,010
521
549
549
547
579
458
358
227
296
384
878
877
910
998
996
821
811
807
806
464
392
499
551
588
765
651
569
986
986
983
963
802
803
805
807
742
584
558
566
526
544
579
557
413
359
428
420
455
430
452
450
808
802
795
793
795
551
479
558
446
652
465
518
559
514
511
516
428
432
435
437
926
923
925
934
933
793
790
796
801
676
594
570
567
484
466
443
442
452
472
440
411
948
950
950
949
806
796
799
800
669
362
397
576
432
423
425
409
472
394
324
399
895
886
883
882
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
804
814
818
827
449
378
275
272
431
472
399
490
575
548
356
887
823
835
832
818
814
559
325
483
541
675
280
310
437
582
440
304
213
323
413
409
413
280
419
480
458
486
481
476
358
435
490
492
553
454
438
443
442
377
421
478
416
387
278
275
916
905
902
901
834
827
824
825
527
493
516
422
441
447
486
390
324
364
422
339
338
344
349
419
367
360
363
417
394
400
387
434
408
425
815
810
806
796
797
800
805
819
826
823
816
818
825
602
498
591
541
610
492
443
341
477
690
501
421
329
553
632
536
522
455
416
439
477
420
363
370
389
412
321
409
464
431
444
393
365
383
473
442
481
432
345
827
828
817
818
826
821
812
820
813
815
811
821
818
1,000
908
905
914
927
683
694
793
645
591
728
570
608
553
578
630
681
490
556
654
642
617
P18,298
458
744
646
481
433
612
579
*>700
^18,161
P492
18,813
18,329
17,638
17,628
18,173
18,393
18,576
18,432
18,195
18,050
18,210
18,166
857
835
840
775
720
814
703
682
624
585
590
580
F o r f o o t n o t e s see following p a g e .
765
MEMBER BANK RESERVES, REVERVE BANK CREDIT, AND RELATED ITEMS—Continued
[In millions of dollars]
Reserve Bank credit <outstanding
U. S. Govt. securities
Date
or
period
Dis>HekI counts
All
under
and Float oth- Total
Bought
ader!
Total out- repurvances
right chase
agreement
Deposits, other
than member bank
reserve balances
Treasury Money Treas- with F. R. Banks
in
ury
Gold curcash
Othstock . rency cirout- cula- hold- Treas- For- er
eign deury
stand- tion
ings
dedeing
posits posits posits
Member bank
reserve balances
Other
Fed-eral
Reserve
acExRecounts Total quired2 cess2
Midyear or
year-end:
761
21
151
256
586
446
569
750
565
363
455
176
493
374
346
251
291
495
563
706
714
746
777
951
839
2,356 2,333
2,292
1,817
11,653 6,444
12,450 9,365
15,915 14,457
17,899 16,400
16,568 15,550
17,681 16,509
20,056 19,667
19,950 20,520
19,561 19,459
20,160 19,397
811
798
811
786
806
800
796
875
716
511
704
729
694
563
545 377
533 503
477 501
461 422
426 496
397 381
490 441
988
908
925
931
884
880
907
19,011 18,412
18,702 17,763
18,316 17,572
18,676 17,724
18,722 18,251
18,985 18,467
18,876 18,618
837
828
819
809
828
P816
360
564
724
812
649
380
441 419
320 433
351 448
360 490
402 413
374 448
899
957
959
923
936
972
18,918 18,337
581
471
18,562 18,091
412
18,283 17,871
334
18,495 18,161
192
18,221 18,029
18,066 ^18,136 p-70
29,900
29,841
29,714
29,657
817
826
818
820
443
365
503
623
351 445
381 410
408 422
384 411
979
979
978
978
18,791
18,841
18,810
18,654
18,200
18,230
18,258
18,280
591
611
552
374
5,000
4,999
4,999
4,999
29,782
29,842
29,826
29,789
820
819
825
824
458
383
392
415
357
388
407
406
434
420
307
414
921
920
937
937
881
501
569
477
5,002
5,001
5,002
5,001
5,000
30,042
30,044
30,033
29,983
30,128
841
842
833
820
818
543
290
358
98
344
398 414
402 393
401 263
418 246
407 408
935
935
981
981
980
19,123 18,242
18,677 18,176
18,879 18,310
18,642 18,165
18,544 18,040
18,483 18,027
19,087 18,149
19,029 P 1 8 , 2 6 8
18,595 P 1 8 , 1 6 5
967
601
935
4,037
4,031
17,644
22,737
20,065
22,754
24,427
22,706
22,695
23,187
22,463
22,030
2,019
2,286
2,963
3,247
4,339
4,562
4,598
4,636
4,709
4,812
4,854
4,894
37
184
200
132
297
398
143
567
672
473
779
721
657
808
1
1
1
1
1
1
1
25,642
25,183
24,696
25,183
25,401
25,944
25,885
21,927
21,908
21,809
21,810
21,759
21,710
21,713
4,959 29,922
4,960 29,892
4,966 29,929
4,972 29,985
4,977 30,074
4,982 30,500
4,985 30,509
475
485
391
560
460
128
600
678
659
799
643
850
1
1
4
18
15
16
24,960
24,769
24,667
24,988
24,780
24,601
21,714
21,716
21,719
21,671
21,674
?21,677
4,989
4,996
4,998
4,999
5,002
P5,003
29,789
29,817
29,800
29,769
30,009
^30,226
40
37
707
637
569
486
645
680
793
746
14
18
19
20
25,011
24,977
24,986
24,857
21,719
21,670
21,670
21,671
4,997
4,997
4,997
4,999
118
56
720
365
324
543
706
642
950
682
17
15
15
14
25,225
24,779
24,902
24,753
21,671
21,672
21,673
21,674
567
391
837
393
722
763
689
872
936
709
16
16
17
16
17
25,040
24,711
25,279
24,899
25,002
21,674
21,675
21,676
21,677
21,677
164
3
249
85
78
67
19
156
64
28
25,037
24,325
24,023
24,270
24,381
24,888
24,932
25,037
24,325
23,894
24,270
24,381
24,888
24,888
23,885
23,605
23,612
23,612
23,662
23,607
23,882
23,605
23,604
23,604
23,662
23,554
1955
Apr.
6....
Apr. 13
Apr. 20
Apr. 27
23,644
23,641
23,604
23,604
23,604
23,604
23,604
23,604
May
4....
M a y 11
M a y 18. . . .
M a y 25
23,782
23,758
23,612
23,513
23,664
23,702
23,612
23^513
148
6
15
397
774
862
392
767
895
526
550
527
423
1,400
2,220
2,593
2,361
25,091
23,181
19,499
22,216
25,009
25,825
25,414
26,880
1,037
1,998
2,484
2,254
24,262
22,559
18,885
20,725 ""' ' 53
23,605
196
663
24,034
28
24,718
25,318
598
216
36
35
634
867
977
870
821
668
247
389
132
346
95
54
11
10
2
1
2
3
5
4
3
2
68
1,998
2,484
2,254
24,262
22,559
18,885
20,778
23,801
24,697
24,746
25,916
1929—June.
1933—June.
1939—Dec.
1941—Dec.
1945—Dec.
1947—Dec.
1949—Dec.
1950—Dec.
1951—-Dec.
1952—Dec.
1953—June.
Dec.
52
4
91
94
578
535
534
1,368
1,184
4,459
5,434
7,598
11,160
28,515
28,868
27,600
27,741
29,206
30,433
30,125
30,781
204
264
2,409
2,215
2,287
1,336
1,312
1,293
1,270
1,27.0
1,259
23
475
5,209
3,085
1,458
1,499
1,018
1,172
389
-570
102
763
End of
month:
1954
June
July
Aug
Sept
Oct
Nov
Dec
1955
Jan
Feb
Mar
Apr
May. .
June.
Wednesday
June 1
23,694 23,694
June
8 . . . . 23,615 23,615
J u n e 15
23,554 23,554
23,554 23,544
23,554 23,554
June 22
June 29
129
44
3
8
8
53
599
939
744
952
471
518
258
504
456
938
P761
P430
P Preliminary.
includes industrial loans and acceptances, which are shown separately in subsequent tables.
figures are estimated.
Less than $500,000.
Back figures.—See Banking and Monetary Statistics, Tables 101-103, pp. 369-394; for description, see pp. 360-366 in the same publication."
2
These
3
MARGIN REQUIREMENTS '
[Per cent of market value]
MAXIMUM RATES ON TIME DEPOSITS
[Per cent per annum]
Nov. 1, 1933- Feb. 1, 1935- Effective
Jan. 31, 1935 Dec 31, 1935 Jan. 1, 1936
Savings deposits
Postal Savings deposits
Other deposits payable:
In 6 months or more
[n 90 days to 6 months
In less than 90 d a y s . . . . . .
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.
766
Prescribed in accordance with
Securities Exchange Act of 1934
Regulation T:
For extensions of credit by brokers
and dealers on listed securities
For short sales
Regulation U:
For loans by banks on stocks
Feb. 20, Jan. 4,
Effec1953tive
1955Jan. 4, Apr. 22, Apr. 23,
1955
1955
1955
50
50
60
60
70
70
50
60
70
1
Regulations T and U limit the amount of credit that may be extended on a security by prescribing a maximum loan value, which is a
onp.-ifio^ percentage of its market "'^• io ** «-^° tim* nf ovfano^n- +v,«
on those dates.
Backfigures.—SeeBanking and Monetary Statistics, Table 145, p. 504
and Annual Report for 1948, p. 77, and 1953. p. 76.
FEDERAL RESERVE BULLETIN
FEDERAL RESERVE BANK DISCOUNT RATES
[Per cent per annum]
Discounts for and advances to member banks
Federal Reserve Bank
Advances secured by Government
obligations and discounts of and
advances secured, by eligible paper
(Sees. 13 arid 13a) 1
Rate on
June 30
Boston
New Y o r k . . . ,
Philadelphia..
Cleveland
Richmond. . .,
Atlanta
Chicago
St Louis
Minneapolis. .
Kansas City. .
Dallas
San Francisco
Previous
rate
In effect
beginningApr.
Apr.
Apr.
Apr.
Apr.
May
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
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
June 30
15, 1955
15, 1955
22,1955
15, 1955
15.1955
2, 1955
22; 1955
15,1955
15,1955
14.1955
15, 1955
22, 1955
In effect
beginning—
Apr.
Apr.
Apr.
Apr.
Apr.
May
Apr.
Apr.
Apr.
Feb.
Apr.
Apr.
15,1955
15,1955
22,1955
15,1955
15,1955
2, 1955
22,1955
15,1955
15,1955
12.1954
15,1955
22,1955
Previous
rate
Rate on
June 30
2
2
2
2
2
2
2
2
2
In effect
beginning—
Apr. 15,1955
Jan. 16,1953
Apr. 22,1955
Aug. 17,1953
Jan. 23,1953
Feb. 9, 1954
Apr. 22,1955
M a y 18, 1953
Jan. 26,1953
Apr. 14,1955
Apr. 15,1955
Jan. 20,1953
3
3
3
3
3
I*
3
3
I*
Previous
rate
2
Rates shown also apply to advances secured by obligations of Federal intermediate credit banks maturing within 6 months.
NOTE.—Maximum maturities. Discounts for and advances to member banks: 90 days for discounts and advances under Sections 13 and 13a
of the Federal Reserve Act except that discounts of certain banke rs' acceptances and of agricultural paper may have maturities not exceeding
6 months and 9 months, respectively, and advances secured by ob ligations of Federal intermediate credit banks maturing within 6 months are
limited to maximum maturities of 15 days; 4 months for advances under Section 10(b). Advances to individuals, partnerships, or corporations
under the last paragraph of Section 13: 90 days. Back figures.—See Banking and Monetary Statistics, Tables 115-116, pp. 439-443.
1
FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS
AND COMMITMENT'S UNDER SECTION 13b
OF THE FEDERAL RESERVE ACT
Maturities not exceeding five years
[In effect June 30. Per cent per annum]
To industrial or
commercial
businesses
On
loans 1
Boston
New York... .
Philadelphia.
Cleveland....
Richmond....
Atlanta
Chicago
St. Louis
Minneapolis. .
Kansas City. .
Dallas
San Francisco.
On
commitments
To financing institutions
Portion
for which
institution is
obligated
Remaining
portion
On
commitments
3-5 H
3-53^
2>|-5
3-5
3-5 K
2M-5
Net demand deposits 1
Effective date
of change
On discounts or
purchases
Reserve
Bank
MEMBER BANK RESERVE REQUIREMENTS
[Per cent of deposits]
X-Ui
1
Including loans made in paticipation with financing
2
Rate charged borrower less commitment
rate.
3
4
institutions.
Rate charged borrower.
Rate charged borrower but not
to 6exceed 1 per cent above the discount rate.
Charge of 3^ per cent per annum is made on undisbursed portion
ofloan.
6
Charge of y± per cent per annum is made on undisbursed portion
of loan.
Back figures.—See Banking and Monetary Statistics, Table 118, pp.
446-447.
1917—June 21
1936—Aug. 16
1937—Mar. 1
May 1
1938—Apr. 16
1941—Nov. 1
1942—Aug. 20
Sept. 14
Oct. 3
1948—Feb 27
June 11
Sept. 16
Sept. 24
1949—May 1
May 5
June 30
July 1
Aug. 1
Aug. 11
Aug. 16
Aug. 1 8 . . .
Aug. 25
Sept. 1
1951—Tan. 11
Jan 16
Jan. 25
Feb. 1
1953—July 1
July 9
1954—June 16
June 24
July 29
Aug. 1
In effect July 1, 1955 4 . .
Central
reserve
city
banks
Reserve
city
banks
13
10
15
22M
26
22%
26
24
22
20
9?
20
2
20
Country
banks
Time
deposits
(all
member
banks)
7
3
10J4
12M
14
12
14
24
26
22
24
21
20
23
223^
22
23
19
24
20
22
18
19
6
5
6
16
271^
15
27
14
13
23^
5K
37
36
2
6
12
35
25
13
36
2
6
2
.........
13
25
35
21
20
18
20
18
' "u'
12
5
1
Demand deposits subject to reserve requirements, which beginning
Aug. 23, 1935, have been total demand deposits minus cash items
in process of collection and demand balances due from domestic banks
(also minus war loan and series E bond accounts during the period
Apr. 13, 1943-June 30, 1947).
2
Requirement became effective at country banks.
3
Requirement became effective at central reserve and reserve city
banks.
4
Present legal minimum and maximum requirements on net demand
deposits—central reserve cities, 13 and 26 per cent; reserve cities,
10 and 20 per per cent; country, 7 and 14 per cent, respectively; on time
deposits at all member banks, 3 and 6 per cent, respectively.
JULY 1955
767
MEMBER BANK RESERVES AND BORROWINGS
[Averages of daily figures. In millions of dollars]
Month, or
week ending Wednesday
All
mem-
Central reserve
city banks
ber
banks
New
York
Chicago
Reserve
city
banks
Month, or
week ending Wednesday
Country
banks
May
May
June
June
June
June
June
18
25
1....
8
15....
22....
29
Required reserves:
May
May
June
June
June
June
June
19,573
19,392
19,533
18.635
18,800
18,746
4,725
4,693
4,738
4,394
4,445
4,407
1,267
1.221
1,255
1,141
1,122
1,139
7,767
7,739
7,785
7,623
7,747
7,734
5,815
5,740
5,754
5,476
5.486
5,465
1954—March
April
May
1955—March. . .
April
May
18,853
18,673
18,496
18,648
18,678
18,998
18,653
4,427 1,152
4,403 1.138
4,338 1,128
4,362 1,130
4,343 1,128
4,443 1,161
4,387 -1,134
7,782
7.716
7,667
7,651
7,670
7,761
7,700
5,492
5.417
5,364
s
5,505
5,537
5,633
5,434
May
May
June
June
June
June
June
18
25
1
8
15
22
29
Chicago
Country
banks
.
18
25
1
8
15
22
29
692
765
716
585
590
580
38
66
35
21
4
23
8
11
-2
-2
83
148
124
62
74
85
563
541
560
505
513
470
647
482
436
611
578
*701
M93
50
5
-10
17
-3
19
9
7
-1
-1
2
-3
7
-6
96
61
73
98
65
70
65
494
417
374
494
519
189
139
155
464
495
368
7
18
27
4
29
9
8
132
125
26
79
71
65
213
229
213
65
59
75
101
114
125
14
28
6
7
10
20
40
32
84
16
33
130
208
322
298
244
170
217
96
125
183
119
133
91
145
P605
P425
Borrowings a t Federal
Reserve Banks:
1 2
1954—March
April
May
1955—March
April
May
New
York
Reserve
city
banks
Excess reserves: 1
Total reserves held
1954—March
April
May
1955—March
April
May
Central reserve
city banks
All
member
banks
18,881
18,627
18,817
18,050
18,210
18,166
4,687
4,627
4,704
4,373
4,442
4,384
1,259
1,210
1,257
1,143
1,122
1,138
7,684
7,591
7,661
7,561
7.673
7,649
18,207
18,192
18,063
18,036
18,099
?18,298
P18.161
4,377
4,398
4,349
4,345
4,346
4,424
4,378
1,146
1,139
1,129
1,128
1,130
1,154
1,139
7,686 4,998
7,655 5,000
7,595 4,990
7,552 5,011
7,605 5,018
7,691 P5.029
7,635 P 5 , 0 0 9
5,252
5,199
5,194
4,971
4,973
4,995
1954—March.
April. . .
May...
1955—March.
April. . .
May...
May
May
June
June
June
June
June
18.
25.
1.
8.
15.
22.
29.
236
353
545
463
489
283
402
P1 Preliminary.
Weekly figures of required and excess reserves of all member banks and of country banks are estimates.
2
See table on preceding page for changes in reserve requirements.
Backfigures.—SeeBanking and Monetary Statistics, pp. 396-399, and BULLETIN for February 1955, pp. 210-211.
DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER BANKS
[Averages of daily figures.1 In millions of dollars]
Item
All
member
banks
Central reserve
city banks
New
York
Chicago
Reserve
city
banks
Country
banks
All
member
banks
Central reserve
city banks
New
York
May 1955
Gross demand deposits:
Total
Interbank
Other
Net demand deposits2
Time deposits
Demand balances due from domestic banks.
Reserves with Federal Reserve Banks:
Total
Required3
.
Excess
Borrowings at Federal Reserve Banks
112,672
12,208
100,465
98,170
39,772
23,454
3,940
19,514
21,074
3,386
6,096
48
18,746
18,166
580
4,407
4,384
23
368
4
Chicago
Reserve
city
banks
Country
banks
May 1954
6,025 44,137
1 ,115 5,957
4,910 38,180
5,364 38,037
1,304 16,056
39,056
1,195
37,862
33,695
19,026
107,088
12,293
94,794
93,003
37,721
22 ,879
3 ,971
18 ,907
20 ,482
3 ,296
6 ,002
1 ,189
4 ,813
5 ,370
1 ,263
41,309
5,982
35,327
35,604
14,943
36,898
1,151
35,747
31,546
18,219
1,905
4,034
6,303
53
124
1,970
4,156
7,734
7,649
85
5,465
4,995
470
19,533
18,817
,738
,704
35
1 ,255
1 ,257
-2
7,785
7,661
124
5,754
5,194
560
213
125
155
7
8
65
75
110
1 ,139
1,138
1
26
716
4
4
* i Averages of daily closingfiguresfor reserves and borrowings and of daily openingfiguresfor other items, inasmuch as reserves required are
based2 on deposits at opening of business.
Demand deposits subject to reserve requirements, i. e., gross demand deposits minus cash items reported as in process of collection and
demand balances due from domestic banks.
3 See table on preceding page for changes in reserve requirements.
768
FEDERAL RESERVE BULLETIN
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS
[In thousands of dollars]
Wednesday figures
Item
End of month
1955
June 29
June 22
June 15
1955
June 8
June 1
June
May
June
Assets
Gold certificates
Redemption fund for F. R. notes..
20,156,100 20,156,102 20,150,102 20,145,103 20,142,101 20,156,101 20,143,102 20 377,101
837,567
839,481
843,192
844,752
845,788
845,754
837,567
861,406
Total gold certificate reserves.
20,993,667 20,995,583 20,993,294 20,990,891 20,987,855 20,993,668 20,987,854 21,238,507
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
Total bought outright
Held under repurchase agreement.
Total U. S. Government securities.
Total loans and securities
176,087
342,850
202,466
347,242
188,724
340,082
179,357
329,471
164,913
331,161
173,778
338,642
163,926
344,080
144,318
358,345
668,618
53,333
472
339,903
53,333
550
770,010
66,667
553
324,800
66,667
480
500,377
66,667
695
74,591
53,333
460
393,642
66,667
701
21,745
15,000
1,232
16,482
14,943
16,393
15,893
14,982
15,928
14,096
832,450
832,450
832,450
893,450
972,450
832,450
940,950 2,316,075
8,273, 775 8,273,775 8,273,775 8,273,775 8,273,775 8,273,775
11,645, 837 11,645,837 11,645,837 11,645,837 11,645,837 11,645,837
2,801, 750 2,801,750 2,801,750 2,801,750 2,801,750 2,801,750
,273,775 6,599,791
,645,837 13,029,021
,801,750 3,092,550
23,553,812 23,553,812 23,553,812 23,614,812 23,693,812 23,553,812 23,662,312 25,037,437
53,500
23,553,812 23,553,812 23,553,812 23,614,812 23,693,812 23,607,312 23,662,312 25,037,437
24,292,717 23,962,541 24,407,435 24,022,652 24,276,533 23,751,624 24,137,418 25,075,414
22
22
22
22
22
22
4,392 998 5,079,468 5,143,916 3,810,747 3,999,095 4,209,677
,146
57,106
56,941
57
56,971
56,798
56,527
141,185
134,410
127,495
170,028
139 ,964
163,710
Due from foreign banks.
Uncollected cash items..
Bank premises
Other assets
Total assets.
22
22
,453,158 3,796,835
53,551
56,467
92,139
162,621
50,395,451 50,778,673 51,257,939 49,559,966 49,979,816 49,665,702 49,305,546 50,759,131
Liabilities
Federal Reserve notes
Deposits:
Member bank—reserve accounts..
U. S. Treasurer—general account.
Foreign
Other
Total deposits.
25,780,417 25,671,252 25,710,610 25,709,271 25,690,807 25,867,600 25,655,904 25,588,132
18,594
344
407
407
588 19,029,454 19,086,769 18 ,482,748 18,544
389
542
98,431
358,439
289,566
139
397
418,071
401,025
401,572
944
413,
245,904
262,903
393,417
18,065,674 18,220,837 19 011,322
874,868
649,133
380,473
545,071
402,237
374,037
376,531
412,566
448,169
19,754,060 19,791,860 20,109,136 19,567,303 19,898,032 19,268,353 19,684,773 20,807,792
Deferred availability cash items
Other liabilities and accrued dividends.
Total liabilities.
Capital Accounts
Capital paid in
Surplus (Section 7)
Surplus (Section 13b)
Other capital accounts
3,683,
20,
Total liabilities and capital accounts.
,121,932 3,235
18
19,596
3,359,871 2,810,214
18,759
11,958
,229,831
12,630
49,238,931 49,626,970 50,111,241 48,418,102 48,843,145 48,507,782 48,169,650 49,638,385
294,612
660,901
27,543
173,464
Ratio of gold certificate reserves to deposit and
F. R. note liabilities combined (per c e n t ) . . . .
Contingent liability on acceptances purchased
for foreign correspondents
Industrial loan commitments
4,143,353 4,272,316
20,505
19,179
294,402
660,901
27,543
168,857
294,208
660,901
27,543
164,046
293,965
660,901
27,543
159,455
293,892
660,901
27,543
154,335
295,179
660,901
27,543
174,297
293,649
660,901
27,543
153,803
272,316
625,013
27,543
195,874
50,395,451 50,778,673 51,257,939 49,559,966 49,979,816 49,665,702 49,305,546 50,759,131
46.1
46.2
45.8
46.4
26,206
3,569
26,648
3,555
26,791
3,555
26,847
3,628
26,322
3,414
46.3
45.8
26,170
3,511
26,420
3,409
13,509
2,396
127,924
68,218
46,304
13,402
460
17
144
156
143
15,928
4,605
11,323
460,309
381,949
51,681
26,679
701
17
409
130
145
14,096
4,942
9,154
,745
,128
,617
Maturity Distribution of Loans and U. S. G o v e r n m e n t Securities 1
Discounts and advance; -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
721,951
662,549
45,992
13,410
472
25
147
157
143
16,482
5,695
10,787
553,812
228,900
357,249
765,699
773,493
013,614
414,857
836,677
778,259
31,739
26,679
553
269
95
45
144
16,393
6,467
9,926
391,467
326,699
38,089
26,679
480
16
193
126
145
15,893
4,652
11,241
567,044
487,984
52,381
26,679
695
17
407
126
145
14,982
4,743
10,239
23,553,812 23,553 812
273 850
248,950
6,337,199 6,312 299
10,765,699 10,765 699
3,773,493 3,773, 493
1,013,614 1,013, 614
1,414,857 1,414, 857
23,614,812
171,850
6,475,299
10,765,699
3,773,493
1,013,614
1,414,857
693,812
230,800
495,349
765,699
773,493
013,614
414,857
393,236
334,600
31,963
26,673
550
267
95
45
143
14,943
5,919
9,024
',232
4
123
,063
42
23,607,312 23,662,312 25,037,437
463,450
131,500
150,200
6,508,149 6,544,449 2,843,850
10,765,699 10,765,699 12,972,716
3,773,493 3,773,493 6,307,260
1,013,614 1,013,614 1,035,304
1,414,857 1,414,857 1,414,857
Acceptances and securities held under repurchase agreement are classified as maturing within 15 days in accordance with maximum maturity
of the agreements.
JULY
1955
769
STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON JUNE 30, 1955
[In thousands of dollars]
Item
Total
Boston
New
York
Philadelphia
Cleveland
Richmond
San
Francisco
St.
Louis
Minneapolis
Kansas
City
Dallas
746,202 3,499,392
777,767
320,229
817,411
707,943 2,413,120
149,793
45,912
24,175
40,806
823,679
Atlanta
Chicago
Assets
Gold certificates. 20,156,101
Redemption fund
forF. R. notes.
837,567
961,067 5,867,252 1,218,884 1,695,955 1,130,879
50,687
172,350
55,427
72,819
68,401
51,352
Total gold certificate reserves. . 20,993,668 1,011,754 6,039,602 1,274,311 1,768,774 1,199,280 797,554 3,649,185
F. R. notes of
8,854
8,935
other Banks...
15,929
173,778
9,842
27,876
50,517
6,761
17,505
Other cash,
40,605
57,385
338,642
14,730
56,726
24,883
31,075
Discounts and
advances:
Secured by
U. S. Govt.
securities. . .
9,600
6,125
4,125
74,522
16,745
7,518
925
3,980
Other.
3,893
4,853
7,467
53,402
15,573
2,667
3,200
2,293
Industrial loans.
376
460
Acceptances:
Bought
outright....
15,928
15,928
Held under
repurchase
agreement. .
U. S. Government
securities:
Bought
outright. . . . 23,553,812 1,300,736 5,986,084 1,433,532 2,024,285 1,387,649 1,215,801 4,108,421
Held under
repurchase
agreement. .
53,500
53,500
Total loans and
securities
23,751,624 1,307,916 6,087,830 1,447,401 2,035,263 1,397,834 1,219,019 4,120,013
Due from foreign
batiks•:
2
2
22
1
16
1
1
3
Uncollected cash
items
4,209,677 312,297
813,513 257,609 450,258 326,190 303,945 671,487
Bank premises...
5,184 • 5,366
57,106
7,102
4,557
4,229
6,168
5,797
Other assets
8,125
141,185
34,224
12,216
8,307
25,862
7,356
7,833
Total assets
27,879
77,966
344,404
858,217
7,029
20,812
5,976
9,868
5,152
13,909
735,822 2,491,086
9,340
17,671
17,567
33,473
200
2,027
10,985
1,333
84
12,319
2,027
2,000
2,576
5,493
977,436
570,779 1,024,355
944,461 2,580,273
979,663
583,181 1,038,701
949,037 2,585,766
1
1
1
1
2
160,139
2,805
6,167
112,621
1,242
3,308
194,799
3,195
6,071
225,834
1,554
6,736
380,985
9,907
14,980
49,665,702 2,676,765 13,066,879 3,018,991 4,321,419 2,960,741 2,414,173 8,546,032 2,000,295 1,060,601 2,120,045 1,945,995 5,533,766
Liabilities
F. R. notes
25,867,600 1,594,764 5,831,966 1,808,097 2,372,598 1,865,685 1,306,111 5,022,073 1,161,030
Deposits:
Member bk.—
reserve accts. 18,065,674 707,074 5,456,282 881,581 1,442,652 734,607 786,982 2,782,958 643,688
IT S Trea<?
gen. acct.. . .
380,423
672
. 598 2 373,162
568
569
524
546
566
Foreign
374,037
27,156
22,320 110,636
33,852
14,136
52,080
15,996
18,600
Other
448,169
367,359
9,750
2,132
5,256
7,485
883
1,074
1,671
Total deposits... 19,268,353
Deferred availability
cash
items
3,359,871
and accrued
dividends
11,958
732,124 6,307,439
559,809 1,029,207
710,216 2,606,044
365,089
868,994
957,062 2,438,705
523
9,300
1,915
593
14,136
4,483
595
17,484
1,473
1,557
38,341
44,688
919,159 1,482,328
755.444
804,598 2,836,445
665,878
376,827
888,206
976,614 2,523,291
279,146
599,407
207,457
360,354
277,923
249,863
521,152
127,008
93,048
156,382
204,238
283,893
782
3,211
601
1,504
508
656
2,135
456
332
419
355
999
Total liabilities. . 48,507,782 2,606,816 12,742,023 2,935,314 4,216,784 2,899,560 2,361,228 8,381,805 1,954,372 1,030,016 2,074,214 1,891,423 5,414,227
Capital
Accounts
Capital paid in. .
Surplus (Sec. 7)..
Surplus (Sec. 13b)
Other capital
accounts
Total liabilities
and capital
accounts
Reserve ratio
295,179
660,901
27,543
15,703
40,309
3,011
88,804
188,070
7,319
19,456
47,773
4,489
28,011
60,222
1,006
13,305
33,480
3,349
13,206
29,480
762
39,266
96,566
1,429
10,314
26,619
521
6,702
16,918
1,073
11,549
24,755
1,137
15,478
29,985
1,307
33,385
66,724
2,140
174,297
10,926
40,663
11,959
15,396
11,047
9,497
26,966
8,469
5,892
8,390
7,802
17,290
49,665,702 2,676,765 13,066,879 3,018,991 4,321,419 2,960,741 2,414,173 8,546,032 2,000,295 1,060,601 2,120,045 1,945,995 5,533,766
46.5%
43.5%
49.8%
26,170
1,572
3 7,620
46.7%
45.9%
45.8%
37.8%
46.4%
45.1%
36.8%
44.8%
43.6%
48.6%
1,913
2,384
1,310
1,127
3,668
995
655
996
1,231
2,699
409
627
11
90
14
Contingent liability on acceptances purchased for forspondents
Industrial loan
commitments..
3,571
2,420
1
After
2
After
8
deducting $16,000 participations of other Federal Reserve Banks.
deducting $263,376,000 participations of other Federal Reserve Banks.
After deducting $18,550,000 participations of other Federal Reserve Banks.
770
FEDERAL RESERVE BULLETIN
FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS
FEDERAL RESERVE BANKS COMBINED
[In thousands of dollars]
End of month
Wednesday figures
1955
June 29
June 22
June
15
1954
1955
June
June 8
1
June
June
May
26 607 ,218 26 570 369 26 567 912 26 ,553 514 26 ,489 ,434 26,629,031 26 ,464,705 26 ,543,175
F. R. notes outstanding (issued to Bank)
Collateral held against notes outstanding:
Gold certificates
Eligible paper
U. S. Government securities..
11 108 ,000 11 108 000 11 108 000 11 ,108 000 11 108 000 11,108,000 11 ,108,000 11 ,043,000
213,625
13,617
152 491
44,602
194 ,521
249 837
142 496
211 ,935
17 055 ,000 17 055 000 17 055 000 17 ,055 000 17 ,055 ,000 17,055,000 17 ,055,000 16 ,945,000
28 357 ,521 28 315 491 28 ,412 837 28 ,305 496 28 ,374 ,935 28,207,602 28 ,376,625 28 ,001,617
Total collateral
EACH FEDERAL RESERVE BANK ON JUNE 30, 1955
[In thousands of dollars]
Item
Total
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
Minne- Kansas
City
apolis
Dallas
San
Fran-
F. R. notes outstanding (issued
to Bank)
26,629,031 1,628,536 5,968,871 1,861,189 2,468,990 1,914,113 1,361,592 5,106,9201,204,155 595,264 1,054,785 752,297 2,712,319
Collateral held:
0,000 2,670,000 800,000 1,050,000 675,000 500,000 2,300,000 355,000 175,000 280,000 283,000 1,380,000
Gold certificates 11,108,000 640,000
12,319
9,600
200 10,985
Eligible paper. .
44,602
3,980
7,518
U. S. Govt. se17,055,000 1,200,000 3,600,0001,200,000 1,500,000 1,300,000 1,000,000 2,900,000 910,000 500,000 800,000 525,000 1,620,000
curities
Total collateral... 28,207,602 1,843,980 6,270,000 2,009,6002,550,000 1,982,518 1,500,000 5,200,000 1,265,200 685,985 1,092,319 808,000 3,000,000
INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS
[Amounts in thousands of dollars]
End of
year or
month
1945
1946
1947
1948
1949
1950
1951
1952
1953
Applications
approved
to date
Number
Amount
3.511
3,542
3,574
3,607
3,649
3,698
3,736
3,753
3,765
544,961
565,913
586,726
615,653
629,326
651,389
710,931
766,492
803,429
ApCommitproved
Loans
ments
but not
outoutcom- standing2 standing
pleted i (amount) (amount)
(amount)
320
4,577
945
335
539
4,819
3,513
1,638
1,951
1,995
554
1,387
995
2,178
2,632
4,687
3,921
1,900
1,644
8,309
7,434
1,643
2,288
3,754
6,036
3,210
3,569
Participations
of financing institutions
outstanding 3
(amount)
1,086
2,670
4,869
1,990
2,947
3,745
11,985
3,289
3,469
1954
May
June
July
August....
September.
October.. . .
November.
December..
3,767
3,768
3,768
3,768
3,769
3,769
3,770
3,771
810,779
812,433
813,465
814,765
815,449
816,582
817,605
818,224
45
195
45
45
395
395
520
520
1,298
1,247
1,130
630
991
812
652
719
2,373
2,395
2,354
2,794
1,943
1,896
1,898
1,148
1,869
1,855
1,812
1,773
1,559
1,343
1,202
1,027
1955
January. . . 3,772
February. . 3,772
March
3,775
April
3,775
May
3,775
1
821,407
822,063
823,195
823,359
823,754
170
170
315
270
170
629
542
521
675
707
3,152
3,227
3,519
3,389
3,410
1,504
1,498
1,564
1,576
1,586
Includes applications approved conditionally by the Federal Reserve
Banks and under consideration by applicant.
2
Includes industrial loans past due 3 months or more, which are not
included in industrial loans outstanding in weekly statement of condition
of Federal Reserve Banks.
3
Not covered by Federal Reserve Bank commitment to purchase or
discount.
NOTE.—The difference between amount of applications approved and
the sum of the following four columns represents repayments of advances, and applications for loans and commitments withdrawn or
expired.
JULY 1955
LOANS GUARANTEED THROUGH FEDERAL RESERVE
BANKS UNDER REGULATION V, PURSUANT TO
DEFENSE PRODUCTION ACT OF 1950
[Amounts in thousands of dollars]
End of
year or
month
1950
1951
1952
1953
Number
Amount
Total
amount
Portion
guaranteed
Additional
amount
available to
borrowers
under guarantee agreements
outstanding
62
854
1,159
1,294
31,326
1,395,444
2,124,123
2,358,387
8,017
675,459
979,428
804,686
6,265
546,597
803,132
666,205
8,299
472,827
586,303
363,667
1,324
1,331
1,342
1,350
1,355
1,357
1,361
1,367
2,408,226
2,420,326
2,443,021
2,457,689
2,477,939
2,478,939
2,481,669
2,499,634
664,122
640,636
604,750
559,859
546,930
527,074
504,708
471,947
552,738
534,695
502,902
466,089
455,618
416,713
395,388
367,694
330,408
299,465
311,191
300,676
295,805
283,510
266,798
272,903
1,370
1,375
1,380
1,384
1,388
2,501,179
2,504,169
2,511,829
2,522,864
2,530,259
454,209
437,185
442,268
425,394
398,867
347,008
333,717
333,269
320,557
298,354
264,549
263,248
254,840
255,248
272,484
Guaranteed loans
authorized
to date
Guaranteed
loans
outstanding
1954
May
June
July
August... .
September.
October. . .
November.
December.
1955
January...
February..
March....
April
May
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.
771
POSTAL SAVINGS SYSTEM
FEES AND RATES ESTABLISHED UNDER REGULATION V
ON LOANS GUARANTEED PURSUANT TO DEFENSE
PRODUCTION ACT OF 1950
[In effect June 30]
Fees Payable to Guaranteeing Agency by Financing Institution on
Guaranteed Portion of Loan
Percentage of
loan guaranteed
70 or less
75
Guarantee fee
(percentage of
interest payable
by borrower)
Percentage of
any commitment
fee charged
borrower
10
15
10
15
20
25
80
85
90
20
25
30
35
40-50
95
Over 95
30
35
40-50
Maximum Rates Financing Institution May Charge Borrower
[Per cent per annum]
Interest rate
Commitment rate.
[In millions of dollars]
Assets
Depositors'
balances 1
End of month
Total
Cash
in
depository
banks
U. S.
Government
securities
Cash
funds2
etc
1945—December
1946—December
1947—December
1948—December... .
1949—December
1950—December
1951—December
1952—December
1953—December
3,284
3,417
3,330
3,188
2,924
2,705
2,547
2,359
3,022
3,387
3,525
3,449
3,312
3,045
2,835
2,736
2,558
6
6
6
7
7
11
28
33
31
2,837
3,182
3,308
3,244
3,118
2,868
2,644
2,551
2,389
179
200
212
198
187
166
162
151
138
1954—February. . . .
Miarch
April . . . . . .
May
June
July
August
September. . .
October
November
2,326
2,309
2,290
2,271
2,251
2,230
2,208
2,189
2,171
2,154
2,136
2,505
2,470
2,434
2,416
2,399
2,379
2,360
2,339
2,304
2,287
2,292
31
31
31
31
31
31
31
31
31
31
31
2,336
2,299
2,278
2,256
2,240
2,220
2,196
2,176
2,156
2,134
2,134
139
140
125
130
128
129
133
133
118
123
127
2,933
December... .
P2,115
P2 094
P2 073
P2 051
IS^Larch
April
May
P2,029
P1 Preliminary.
Outstanding principal, represented by certificates of deposit.
2
Includes reserve and miscellaneous working funds with Treasurer
of United States, working cash with postmasters, accrued interest on
bond investments, and miscellaneous receivables.
Back figures.—See Banking and Monetary Statistics, p. 519; for
description, see p. 508 in the same publication.
BANK DEBITS AND DEPOSIT TURNOVER
[Debits in millions of dollars]
Debits to demand deposit accounts,
except interbank and
U. S. Government accounts
Annual rate of turnover of demand deposits except
interbank and U. S. Government deposits
Without seasonal adjustment
Year or month
Seasonally adjusted
Total, all
reporting
centers
New
York
City
6
other
centers 1
337 other
reporting
centers 2
New
York
City
848,561
924,464
1,017,084
1,103,720
1,227,476
1,206,293
1,380,112
1,542,554
1,642,853
1,759,069
1,887,366
327,490
382,760
406,790
398,464
443,216
446,224
509,340
544,367
597,815
632,801
738,925
194,751
200,202
218,477
246,739
270,912
260,897
298,564
336,885
349,904
385,831
390,066
326,320
341,502
391,817
458,517
513,348
499,172
572,208
661,302
695,133
740,436
758,375
22.3
24.1
25.1
23.8
26.9
27.9
31.1
31.9
34.4
36.7
42.3
18.3
17.5
18.3
19.7
21.6
20.9
22.6
24.0
24.1
25.6
25.8
14.6
13.5
14.1
15.5
16.6
15.9
17.2
18.4
18.4
18.9
19.2
1954—April
May
June
July
August
September
October. . .
November
December.
154,759
149,812
163,501
154,848
151,504
149,898
152,322
156,843
186,317
60,479
59,535
64,965
61,155
58,316
56,744
58,792
58,787
73,817
33,152
31,159
33,785
31,556
31,526
30,922
30,706
32,230
38,217
61,128
59,118
64,751
62,137
61,662
62,232
62,823
65,826
74,282
41.3
41.9
44.2
41.6
40.0
40.4
39.3
42.2
48.1
27.6
25.5
26.8
24.9
24.8
25.3
23.6
26.3
28.1
18.8
18.8
19.7
18.8
18.5
19.4
18.6
20.7
21.0
41.9
43.0
40.9
42.7
46.2
39.4
40.5
42.6
42.6
26.8
25.9
26.3
25.4
27.1
25.6
24.3
25.9
26.9
19.4
19.2
19.7
19.1
19.7
19.1
18.6
19.6
19.9
1955—January...
February..
March
April
May
June
163,388
149,738
178,917
158,289
167,710
177,908
62,642
57,091
67,242
57,634
62,211
67,634
33,531
31,595
39,908
34,494
36,570
37,569
67,215
61,052
71,767
66,161
68,928
72,706
42.0
41.9
41.7
37.3
42.7
44.7
25.4
26.4
30.2
27.1
28.4
P28.4
19.6
19.6
20.0
19.2
20.6
P20.8
41.8
43.0
40.7
37.9
43.8
41.4
25.9
27.1
27.6
26.3
28.8
P27.8
19.4
19.7
20.1
19.8
21.0
P20.8
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
6
337 other
other reporting
centers x centers 2
New
York
City
337 other
6
other reporting
2
centers 1 centers
pPreliminary.
1
Boston, Philadelphia, Chicago, Detroit, San Francisco, and Los Angeles.
2
338 centers prior to April 1955; the decrease resulted from the combination of two cities for which separate figures are no longer available
because
of centralized accounting.
3
These data are compiled by the Federal Reserve Bank of New York.
NOTE.—For description of earlier series, see Banking and Monetary Statistics, pp. 230-233; for description of revision in 1942 see BULLETIN
for August 1943, p. 717; and for description of revision in 1953 covering the period beginning 1943, see BULLETIN for April 1953, pp. 355-357.
772
FEDERAL RESERVE BULLETIN
UNITED STATES MONEY IN CIRCULATION BY DENOMINATIONS
[Outside Treasury and Federal Reserve Banks. In millions of dollars]
End of year or
month
Total
in circulation 1
Large denomination currency2
Coin and small denomination currency 2
Total
$50
$100
$500 $1,000 $5,000 $10,000
Total
Coin
,598
,732
,160
,410
,449
307
,515
,952
,868
,224
600
,741
,206
,433
,781
5,553
6,247
8,120
11,576
14,871
17,580
20,683
20,437
20,020
19,529
19,025
19,305
20,530
21,450
21,636
590
648
751
880
1,019
1,156
1,274
1,361
1,404
1,464
1,484
1,554
1,654
1,750
1,812
559
610
695
801
909
987
1,039
1,029
1,048
1,049
1,066
1,113
1,182
1,228
1,249
36
39
44
55
70
81
73
67
65
64
62
64
67
71
72
1,019
1,129
1,355
1,693
1,973
2,150
2,313
2,173
2,110
2,047
2,004
2,049
2,120
2,143
2,119
1,772
2,021
2,731
4,051
5,194
5,983
6,782
6,497
6,275
6,060
5,897
5,998
6,329
6,561
6,565
1,576
1,800
2,545
4,096
5,705
7,224
9,201
9,310
9,119
8,846
8,512
8,529
9,177
9,696
9,819
2,048
2,489
3,044
3,837
5,580
7,730
7,834
8,518
8,850
8,698
8,578
8,438
8,678
8,985
9,146
460
538
724
1,019
1,481
1,996
2,327
2,492
2,548
2,494
2,435
2,422
2,544
2,669
2,732
919
1,112
1,433
1,910
2,912
4,153
4,220
4,771
5,070
5,074
5,056
5,043
5,207
5,447
5,581
191
227
261
287
407
555
454
438
428
400
382
368
355
343
333
425
523
556
586
749
990
801
783
782
707
689
588
556
512
486
20
30
24
9
9
10
7
8
5
5
4
4
4
4
4
32
60
46
25
22
24
24
26
17
17
11
12
12
10
11
1954—May
June
July
August
September...
October
November...
December. . .
29,870
29,922
29,892
29,929
29,985
30,074
30,500
30,509
20,946
20,999
20,984
21,015
21,054
21,118
21,473
21,374
,787
,795
,793
,801
,811
,819
,836
,834
1,182
1,183
1,174
1,183
1,200
1,212
1,236
1,256
69
71
70
70
70
70
71
71
2,036
2,023
2,016
2,023
2,034
2,049
2,091
2,098
6,375
6,377
6,366
6,361
6,378
6,400
6,524
6,450
9,496
9,551
9,564
9,578
9,561
9,568
9,716
9,665
8,926
8,924
8,910
8,916
8,932
8,958
9,028
9,136
2,651
2,659
2,654
2,653
2,648
2,650
2,677
2,720
5,463
5,457
5,451
5,461
5,486
5,514
5,555
5,612
325
324
322
321
320
318
320
321
475
473
471
469
466
464
465
464
4
4
4
4
4
3
3
3
8
8
8
8
8
8
8
15
1955—January
February....
March
April
May
29,789
29,817
29,800
29,769
30,009
20,777
20,845
20,854
20,856
21,098
1,808 1,191
1,810 1,190
1,822 1,196
1,831 1,202
1,843 1,219
71
71
70
71
71
2,017
2,020
2,021
2,020
2,051
6,267
6,316
6,324
6,309
6,394
9,425
9,438
9,421
9,425
9,520
9,014
673
8,974
660
8,946
647
8,914
641
912 2,647
5,550
5,527
5,512
5,492
5,489
317
316
317
314
313
460
457
457
454
451
4
3
4
9
9
9
9
9
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
$2
$10
$20
Unassorted
I
1
2
Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks.
Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury
as destroyed.
3
Paper currency only; $1 silver coins reported under coin.
Back figures.—See Banking and Monetary Statistics, Table 112, pp. 415-416.
UNITED STATES MONEY, OUTSTANDING AND IN CIRCULATION, BY KINDS
[On basis of circulation statement of United States money. In millions of dollars]
Money held in the Treasury
Total outstanding, As security
against
May 31,
gold and
1955
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—May 31, 1955
Apr. 30, 1955 .
May 31 1954
21 674
21,022
26 465
5,002
21 022
490
2 185
2,404
1 297
220
2 185
3
^2,404
f)
2
652
18,172
72
103
23,427
23 435
23,726
46
828
809
820
2,816
973
344
45
9
3
449
347
166
68
4
Treasury
cash
Money
held by
For
Federal
Federal
Reserve
Reserve Banks and
Banks and
agents
agents
18,172
18 170
18,477
Money in circulation1
May 31,
1955
35
25 419
4,555
Apr. 30,
1955
May 31,
1954
35
36
25 220
4,515
25 338
4,497
4
221
221
210
243
60
11
2,161
1,192
2,135
1,183
2,136
1,160
430
428
417
24
2
320
164
67
4,132
4 349
4,311
30,009
316
165
67
29 769
321
182
70
29,870
1
Outside Treasury and Federal Reserve Banks. Includes any paper currency held outside the continental limits of the United States. Totals
for other
end-of-month dates are shown in table above; totals by weeks in table on p. 765.
2
Includes
$156,039,431 held as reserve against United States notes and Treasury notes of 1890.
3
To avoid duplication, amount of silver dollars and bullion held as security against silver certificates and Treasury notes of 1890 outstanding
is not4 included in total Treasury currency outstanding.
Because some, of the types of money shown are held as collateral or reserves against
other types, a grand total of all types has no special
5
significance and is not shown. See note for explanation of these duplications.
Less than $500,000.
NOTE.—There are maintained in the Treasury—(i) as a reserve for United States notes and Treasury notes of 1890—$156,039,431 in gold
bullion; (ii) as security for Treasury notes of 1890—an equal dollar amount in standard silver dollars (these notes are being canceled and retired on
receipt); (iii) as security for outstanding silver certificates—silver in bullion and standard silver dollars of a monetary value equal to the face
amount of such silver certificates; and (iv) as security for gold certificates—gold bullion of a value at the legal standard equal to the face amount
of such gold certificates. Federal Reserve notes are obligations of the United States and a first lien on all the assets of the issuing Federal Reserve
Bank. Federal Reserve notes are secured by the deposit with Federal Reserve agents of a like amount of gold certificates or of gold certificates
and such discounted or purchased paper as is eligible under the terms of the Federal Reserve Act, or of direct obligations of the United States.
Each Federal Reserve Bank must maintain a reserve in gold certificates of at least 25 per cent against its Federal Reserve notes in actual circulation. Gold certificates deposited with Federal Reserve agents as collateral, and those deposited with the Treasurer of the United States as a
redemption fund, are counted as reserve. "Gold certificates" as herein used includes credits with the Treasurer of the United States payable
in gold certificates. Federal Reserve Bank notes and national bank notes are in process of retirement.
JULY 1955
773
CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM
ALL
COMMERCIAL AND SAVINGS BANKS, FEDERAL RESERVE BANKS, POSTAL SAVINGS SYSTEM,
AND TREASURY CURRENCY F U N D S 1
-.. [Figures partly estimated except on call dates. In millions of dollars]
Liabilities
Assets
and Capital
Total
assets,
Bank credit
net—
Total
Treasliabilury
Capital
U. S. Government obligations
curities
Total
and
rency
and
deposits misc.
Other
Gold
outComand
secucapital,
acLoans,
standmercial Federal
rities
currency counts,
net
net
Total
ing
and
Reserve Other
net
Total
savings Banks
banks
29
30
30
31
31
31
30
31
30
31
30
31
4,037
4,031
17,644
22,737
20,065
22,754
22,706
22,695
23,346
23,187
22,463
22,030
2,019
2,286
2,963
3,247
4,339
4,562
4,636
4,709
4,754
4,812
4,854
4,894
58,642
42,148
54,564
64,653
167,381
160,832
171,667
181,323
182,980
192,866
190,277
199,791
41,082
21,957
22,157
26,605
30,387
43,023
60,366
67,597
69,712
75,484
77,071
80,486
5,741
10,328
23,105
29,049
128,417
107,086
96,560
97,808
96,266
100,008
95,350
100,935
5,499
8,199
19,4.17
25,511
101,288
81,199
72,894
71,343
70,783
72,740
68,108
72,610
216
1,998
2,484
2,254
24,262
22,559
20,778
23,801
22,906
24,697
24,746
25,916
26
131
1,204
1,284
2,867
3,328
2,888
2,664
2,577
2,571
2,496
2,409
11,819
9,863
9,302
8,999
8,577
10,723
14,741
15,918
17,002
17,374
17,856
18,370
•64,698 55,776
48,465 42,029
75,171 68,359
90,637 82,811
191,785 180,806
188,148 175,348
199,009 184,385
208,727 193,410
211,080 194,960
220,865 204,220
217,594 200,360
226,715 209,175
8,922
6,436
6,812
7,826
10,979
12,800
14,624
15,317
16,120
16,647
17,234
17,538
1954—May 26
June 30
July 28
Aug. 25
Sept. 29
Oct. 27
Nov. 24
Dec. 31
22,000
21,927
21,900
21,900
21,800
21,800
21,700
21,713
5,000
4,959
5,000
5,000
5,000
5,000
5,000
4,985
198,800
200,628
200,600
202,500
204,000
207,700
209,700
210,988
80,100
81,210
80,800
80,200
81,400
81,900
83,900
85,730
99,400
99,827
100,000
102,300
102,400
105,600
105,600
104,819
72,400
72,525
73,300
76,200
76,200
79,000
78,900
77,728
24,700
25,037
24,500
23,900
24,000
24,400
24,600
24,932
2,300
2,265
2,200
2,200
2,200
2,200
2,200
2,159
19,300
19,591
19,800
19,900
20,200
20,300
20,300
20,439
225,800
227,514
227,500
229,300
230,800
234,400
236,400
237,686
207,600
209,354
209,100
210,500
211,800
215,400
217,200
218,882
18,200
18,161
18,400
18,800
19,000
19,100
19,200
18,806
1955—Jan.
Feb.
Mar.
Apr.
May
21,700
21,700
21,700
21,700
21,700
5,000
5,000
5,000
5,000
5,000
209,600
208,200
207,000
209,100
209,100
85,200 103,600
85,800 101,400
87,100 98,700
87,900 100,000
89,000 99,200
77,800
75,600
73,000
74,300
73,600
23,700
23,700
23,600
23,600
23,500
2,100
100
100
100
2,000
20,900
21,000
21,200
21,200
20,900
236,300
234,900
233,700
235,700
235,800
217,500
216,000
214,500
216,900
216,700
18,800
18,900
19,100
18,800
19,100
1929—June
1933—June
1939—Dec.
1941—Dec.
1945—Dec.
1947—Dec.
1950—Dec.
1951—Dec.
1952—June
Dec.
1953—June
Dec.
26?
23*
30?
27^
25?
Details of Deposits and Currency
Foreign
bank
deposits,
net
U. S. Government
balances
At
At
Treas- commercial F. R.
ury
and
cash
Banks
hold- savings
banks
ings
1929—June 29. .
1933—June 30. .
1939—Dec. 30. .
1941—Dec. 3 1 . .
1945—Dec. 3 1 . .
1947—Dec. 3 1 . .
1950—Dec. 30. .
1951—Dec. 3 1 . .
1952—June 30. .
Dec. 31. .
1953—June 30. .
Dec. 31. .
365
50
1,217
1,498
2,141
1,682
2,518
2,279
2,319
2,501
2,467
2,694
1954—May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
26. .
30. .
28. .
25. .
29. .
27. .
24. .
31. .
3,100
3,256
3,400
3,400
3,300
3,200
3,200
3,329
800
811
800
800
800
800
800
796
1955—Jan.
Feb.
Mar.
Apr.
May
26?.
3,200
3,100
3,200
3,100
3,200
800
800
800
800
800
23P.
30P.
27P.
25 v.
Seasonally adjusted series 5
Deposits adjusted and currency
Time deposits 2
Total
Total
Demand
Com- Mutual Postal
demercial savi:ings
savings posits 4
Savings
banks banks 3 System.
Currency
outside
banks
Total
demand
deposits
adjusted
and
currency
Demand
deposits
adjusted
Currency
outside
banks
54,790
40,828
63,253
76,336
150,793
170,008
176,917
185,999
184,904
194,801
192,560
200,917
28,611
21,656
27,059
27,729
48,452
56,411
59,247
61,450
63,676
65,799
68,293
70,375
19,557
10,849
15,258
15,884
30,135
35,249
36,314
37,859
39,302
40,666
42,245
43,659
8,905
9,621
10,523
10,532
15,385
17,746
20,009
20,887
21,755
22,586
23,589
24,358
149
1,186
1,278
1,313
2,932
3,416
2,923
2,704
2,619
2,547
2,459
2,359
22,540
14,411
29,793
38,992
75,851
87,121
92,272
98,234
94,754
101,508
96,898
102,451
3,639
4,761
6,401
9,615
26,490
26,476
25,398
26,315
26,474
27,494
27,369
28,091
111,100
114,300
120,100
123,600
124,700
126,100
126,700
5,100
5,895
3,900
5,500
4,400
6,100
6,900
4,510
500 198,000
875 198,517
500 200,400
,300
800 202,500
600 204,700
500 205,800
563 209,684
72,500
73,292
73,700
74,000
74,400
74,800
74,300
75,282
45,000
45,653
46,000
46,200
46,400
46,700
46,300
46,844
25,200
25,388
25,500
25,600
25,800
25,900
25,900
26,302
2,300
2,251
2,200
2,200
2,200
2,200
2,200
2,136
98,700
98,132
100,000
99,400
101,200
103,100
104,000
106,550
26,800
27,093
26,800
26,900
26,900
26,900
27,500
27,852
127,100 100,100 27 ,000
99,700 27 ,000
126,700
128,500 101,500 2 7,000
127,800 100,900 26,900
129,200 102,400 26 ,800
128,700 101,900 26,800
129,500 102,600 26,900
129,700 102,800 26 ,900
3,800
4,600
4,400
5,000
5,500
400
600
900
600
400
75,400
75,700
76,200
76,200
76,500
46,800
47,000
47,200
47,200
47,400
26,500
26,600
26,900
26,900
27,100
2,100
2,100
2,100
2,100
2,000
107,000
104,500
102,400
104,500
103,400
26,800
26,800
26,700
26,700
26,800
131,200
131,200
131,500
132,600
131,800
381
204
852
264
2,409
846
2,215
1,895
2,287 24,608
1,336
1,452
1,293
2,989
1,270 3,615
1,283
6,121
1,270 5,259
1,259 3,942
761
4,457
36
35
634
867
977
870
668
247
333
389
132
346
209,200
206,900
205,300
207,400
206,700
85,200 25 ,900
,600
89,
94,400 25 ,700
,200
97,
,900
97,
98,800 2 7,300
7,200
99,
104,200 27,000
104,300 26 ,900
104,600 26,900
105,600 27 ,000
104,900 26 ,900
^Preliminary.
'•Revised.
1
Treasury funds included are the gold account, Treasury currency account, and Exchange Stabilization Fund.
2
Excludes interbank time deposits; United States Treasurer's time deposits, open account; and deposits of Postal Savings System in banks.
3
Prior to June 30, 1947, includes a relatively small amount of demand deposits.
4
Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
Seasonally adjusted series begin in 1947 and are available only for last Wednesday of the month. For seasonal adjustment factors used in
deriving these figures and for back figures, see BULLETIN for March 1955, pp. 252-255.
NOTE.—For description of statement and back figures, see BULLETIN for January 1948, pp. 24-32. The composition of a few items differs
slightly from the description in the BULLETIN article; stock of Federal Reserve Banks held by member banks is included in "Other securities"
and in "Capital and miscellaneous accounts, net" and balances of the Postal Savings System and the Exchange Stabilization Fund with the U. S.
Treasury are netted against "Capital and miscellaneous accounts, net" instead of against U. S. Government deposits and Treasury cash. Total
deposits and currency shown in the monthly Chart Book excludes "Foreign bank deposits, net" and "Treasury cash." Except on call dates, figures
are rounded to nearest 100 million dollars and may not add to the totals. See Banking and Monetary Statistics, Table 9, pp. 34-35, for back figures
for deposits and currency.
774
FEDERAL RESERVE BULLETIN
ALL BANKS IN THE UNITED STATES, BY CLASSES *
PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS
[Figures partly estimated except on call dates. Amounts in millions of dollars]
Loans and investments
Class of bank
and date
Total
U. S.
Government
Loans
obligations
Deposits
Other
securities
Cash
assets1
Total
assets—
Total
liabilities
and
capital
accounts2
Other
Total i
Interbank i
50,884
61,126
140,227
134,924
148,021
154,869
165,626
171,497
172,560
173,343
183,784
184,340
183,100
182,050
184,180
184,360
22,165 19,417 9,302 23,292 77,068 68,242
26,615 25,511 8,999 27,344 90,908 81,816
30,362 101,288 8,577 35,415 177,332 165,612
43,002 81,199 10,723 38,388 175,091 161,865
60,386 72,894 14,741 41,086 191,317 175,296
67,608 71,343 15,918 45,531 202,903 185,756
75,512 72,740 17,374 45,584 213,837 195,552
80,518 72,610 18,370 45,811 220,140 201,100
80,870 72,390 19,300 40,210 215,820 195,300
81,227 72,525 19,591 42,556 218,900 199,508
85,617 77,728 20,439 44,585 231,654 211,115
85,710 77,770 20,860 42,110 229,780 208,140
86,500 75,580 21,020 41,460 227,930 205,900
87,860 72,980 21,210 40,230 225.660 203,400
88,660 74,340 21,180 40,900 228,570 206,500
89,840 73,630 20,890 39,760 227,470 205,170
All commercial banks:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31»
1950—Dec. 30..
1951—Dec. 31
1952—Dec. 31
1953—Dec. 31
1954—May 26
June 30
Dec. 31.
1955—Jan. 26*>
Feb. 23P
Mar. 30P
Apr. 27*
May 25?
40,668
50,746
124,019
116,284
126,675
132,610
141,624
145,687
145,690
146,383
155,916
156,250
154,820
153,490
155,510
155,520
17,238
21,714
26,083
38,057
52,249
57,746
64,163
67,593
67,120
67,337
70,619
70,550
71,180
72,310
72,940
73,900
16,316
21,808
90,606
69,221
62,027
61,524
63,318
63,426
63,280
63,508
68,981
69,000
66,800
64,180
65,580
64,890
7,114
7,225
7,331
9,006
12,399
13,339
14,143
14,668
15,290
15,538
16,316
16,700
16,840
17.000
16,990
16,730
22,474
26,551
34,806
37,502
40,289
44,645
44,666
44,828
39,330
41,569
43,559
41,080
40,470
39,250
39,970
38,810
65,216
79,104
160,312
155,377
168,932
179,465
188,603
193,010
187,670
190,585
202,378
200,270
198,250
195,700
198,560
197,270
57,718
71,283
150,227
144,103
155,265
164,840
172,931
176,702
170,080
174,068
184,757
181,590
179,240
176,460
179,520
178,060
9,874
10,982
14,065
13,032
14,039
15,086
15,319
15,955
14,110
15,497
16,809
15,230
14,550
14,670
14,570
14,020
All member banks:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1950—Dec. 30
1951—Dec. 31
1952—Dec. 31
1953—Dec. 31
1954—Mav 26
June 30
Dec. 31
1955—Jan. 26P
Feb. 23 P
Mar. 30P
Apr. 27*
May 25P
33,941
43,521
107,183
97,846
107,424
112,247
119,547
122,422
122,602
123,185
131,602
131,809
130,468
129,298
131,191
131,035
13,962
18,021
22,775
32,628
44,705
49,561
55,034
57,762
57,205
57,197
60,250
60,138
60,690
61,766
62,329
63,111
14,328
19,539
78,338
57,914
52,365
51,621
52,763
52,603
52,726
53,111
57,809
57,788
55,785
53,410
54,767
54,083
5,651
5,961
6,070
7,304
10,355
11,065
11,751
12,057
12,671
12,876
13,543
13,883
13,993
14,122
14,095
13,841
19,782
23,123
29,845
32,845
35,524
39,252
39,255
39,381
34,545
36,722
38,076
35,990
35,404
34,344
34,979
34,074
55,361
68,121
138,304
132,060
144,660
153,439
160,826
163,983
159,478
162,203
172,242
170,404
168,495
166,256
168,891
167,702
49,340
61,717
129,670
122,528
133,089
141,015
147,527
150,164
144,513
148,252
157,252
154,421
152,201
149,750
152,638
151,282
10,216
10,379
16,208
18,641
21,346
22,259
24,003
25,810
26,870
26,959
27,868
28,090
28,280
28,560
28,670
28,840
4,927
4 901
4,279
4,944
8,137
9,862
11,349
12,925
13,750
13,890
14,998
15,160
15,320
15,550
15,720
15,940
3,101
3,704
10,682
11,978
10,868
9,819
9,422
9,184
9,110
9,017
8,748
8,770
8,780
8,800
8,760
8,740
2,188
1,774
1,246
1,718
2,342
2,579
3,231
3,701
4.010
4,052
4,123
4,160
4,180
4,210
4,190
4,160
818
793
609
886
797
886
918
983
880
987
11,852
11 804
17,020
19,714
22,385
23,439
25,233
27,130
28,150
28,315
29,276
29,510
29,680
29,960
30,010
30,200
10,524
10 533
15,385
17,763
20,031
20,915
22,621
24,398
25,220
25,440
26,359
26,550
26,660
26,940
26,980
27,110
1,026
1,030
990
980
930
950
Time
U.S.
Government
All banks:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1947—Dec. 313
1950—Dec. 30
1951—Dec. 31
1952—Dec. 31
1953—Dec. 31
1954—May 26
June 30
Dec. 31
1955—Jan. 26*>
Feb. 23P
Mar. 30P
Apr. 27P
May 25P
All m u t u a l savings
banks:
1939—Dec. 30 . . . .
1941—Dec. 31 . .
1945—Dec. 3 1 . . . . . .
1947—Dec. 31»
1950—Dec. 30
1951—Dec. 31
1952—Dec. 31
1953—Dec. 31
1954—May 26
June 30
Dec. 31
1955—Jan. 26*>
Feb. 23P
Mar. 30P
Apr. 27P
May 25z>
Total Numcapital ber
acof
counts banks
Demand
Other
32 516
44 ,355
105 935
25,852
26,479
45,613
53,105
56,513
59,025
63,598
68,354
70,560
71,371
73,510
73,680
73,920
74,460
74,530
74,820
8,194
8,414
10,542
11,948
13,837
14,623
15,367
16,118
16,550
16,664
17,270
17,340
17,440
17,410
17,490
17,620
15,035
14,826
14,553
14,714
14,650
14,618
14,575
14,509
14,465
14,468
14,367
14,360
14,351
14,330
14,314
14,312
15,331
15,952
30,241
35,360
36,503
38,137
41,012
43,997
45,380
45,983
47,209
47,180
47,310
47,570
47,600
47,760
6,885
7,173
8,950
10,059
11,590
12,216
12,888
13,559
13,930
14,038
14,576
14,650
14,730
14,680
14,770
14,880
14,484
14,278
14,011
14,181
14,121
14,089
14,046
13,981
13,940
13,937
13,840
13,833
13,824
13,803
13,786
13,784
743 27,489 11,699 5,522
9,410
1,709 37,136 12,347 5,886
10,525
13,640 22.179 69,640 24,210 7,589
1J176 80,609 28,340 8,464
12,403
2,523 87,783 29,336 9,695
13,448
3,101 92,867 30,623 10,218
14,425
4,567 95,453 32,890 10,761
14,617
3,756 96,024 35,213 11,316
15,170
4,352 90,350 36,384 11,638
13,427
5,165 91,455 36,900 11,709
14,733
3,715 99,604 37,950 12,210
15,983
3,028 99,003 37,922 12,261
14,468
3,812 96,548 38,026 12,331
13,815
3,608 93,967 38,234 12,263
13,941
13 853 4,170 96,343 38,272 12,348
4,624 94,928 38,410 12,446
13,320
6,362
6,619
6,884
6,923
6,873
6,840
6,798
6,743
6,724
6,721
6,660
6,651
6,643
6,625
6,613
6,619
9,874
10,982
14,065
13,033
14,039
15,087
15,321
15,957
14,110
15,500
16,811
15,230
14,550
14,670
14,570
14,020
1,346
2,809
3,362
4,944
4,149
4,810
5,594
4,176
3,470
4,260
4,070
4,610
5,130
94,381
101,936
108,282
111,690
112,639
105,820
107,043
116,617
115,760
113,170
110,200
112,790
111,200
32 ,513
44 ,349
105 ,921
1,343
2,806
3,359
4,941
4,146
4,810
5,591
4,172
3,470
4,260
4,070
4,610
5,130
94,367
101,917
108,259
111,659
112,604
105,780
106,996
116,567
115,710
113,120
110,150
112,740
111,150
3
ft
14
3
3
3
3
3
1
2
2
3
(4)
(4)
(4)
(4)
(4)
(4)
3
3
(4)
(4)
(4)
(4)
(4)
(4)
3
4
14
19
23
30
35
37
47
50
50
50
50
50
50
10,521
10 527
15,371
17,745
20,009
20,888
22,586
24,358
25,178
25,388
26,302
26,500
26,610
26,890
26,930
27,060
1,309
1 241
1,592
1,889
2,247
2,407
2,479
2,559
2,620
2,626
2,694
2,690
2,710
2,730
2,720
2,740
551
548
542
533
529
529
529
528
528
528
527
527
527
527
528
528
pPreliminary.
*"A11 banks" comprise "all commercial banks" and "all mutual savings banks." "All commercial banks" comprise "all nonmember commercial banks" and "all member banks" including one bank in Alaska that became a member bank on Apr. 15, 1.954, and a noninsured State
member nondeposit trust company, but excluding three mutual savings banks that became members in 1941. Stock savings banks and nondeposit trust companies are included with "commercial" banks. Number of banks includes a few noninsured banks for which asset and liability
data are not available. Comparability of figures for classes of banks is affected somewhat by changes in Federal Reserve membership, insurance
status,
and the reserve classifications of cities and individual banks, and by mergers, etc.
1
Beginning June 30, 1942, excludes reciprocal balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and 525
million
at all insured commercial banks.
2
Includes '"other" assets and liabilities not shown separately.
For other footnotes see following two pages.
JULY 1955
775
ALL BANKS IN THE UNITED STATES. BY CLASSES *—Continued
PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS—Continued
[Figures partly estimated except on call dates. Amounts in millions of dollars]
Loans and investments
Class of bank
and date
Total
Deposits
Cash
assets1
Total
assets—
Total
liabilities
and
capital
accounts2
Other
U.S.
Government
Loans
obligations
Other
securities
3,296 4,772
4,072 7,265
7,334 17,574
7,179 11,972
9,729 8,993
11,146 8,129
12,376 7,678
12,289 7,765
12,081 8,065
11,619 8,695
12,039 9,342
12,046 9,161
12,121 8,554
12,733 7,918
12,977 8,281
12,946 8,010
1,272
1,559
1,235
1,242
1,890
2,104
2,076
2,004
2,280
2,367
2,499
2,571
2,571
2,587
2,459
2,301
6,703
6,637
6,439
7,261
7,922
8,564
8,419
8,074
6,849
7,524
7,581
7,625
7,040
7,030
6,673
6,668
16,413
19,862
32,887
27,982
28,954
30,464
31,053
30,684
29,881
30,771
32,193
32,157
31,065
31,013
31,179
30,646
14,507
17,932
30,121
25,216
25,646
26,859
27,309
27.037
26,058
27,225
28,252
27,910
26,714
26,678
27,103
26,464
4,238
4,207
4,657
4,464
4,638
4,832
4,965
5,214
5,057
5,517
5,709
5,236
5,180
5,103
5,136
4,982
TotaP
Interbank 1
U. S.
Government
Central reserve city
member banks:
New York City:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1950—Dec. 30
1951—Dec. 31
1952—Dec. 31
1953—Dec. 31
1954—May 26
June 30
Dec. 31.
1955—Jan. 26*
Feb. 23*
Mar. 30*
Apr. 27*
May 25*
9,339
12,896
26,143
20,393
20,612
21,379
22,130
22,058
22,426
22,681
23,880
23,778
23,246
23,238
23,717
23,257
Chicago:
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—May 26
June 30
Dec. 31
1955—Jan. 26*
Feb. 23*
Mar. 30*
Apr. 27*
May 25*
2,105
2,760
5,931
5 088
5,569
5,731
6,240
6 204
5,924
5,975
6,518
6,490
6,364
6,056
6,194
6,170
1,333
1 801
2,083
2,468
2,748
2,776
2,567
2,589
2,784
2,610
2,656
2,647
2,645
2,698
1,203
1,430
4,213
2 890
2,911
2,711
2,912
2,856
2,774
2,825
3,120
3,218
3,044
2,734
2,861
2,807
333
376
385
397
576
552
581
572
583
561
614
662
664
675
688
665
1,446
1,566
1,489
1,739
2,034
2,196
2,010
2,115
2,013
2,036
1.954
1,931
1,952
1,656
1,894
1,836
3,595
4 363
7,459
6,866
7,649
7,972
8,297
8 366
7,995
8,064
8,520
8,481
8,369
7,761
8,144
8,055
3,330
4 057
7,046
6,402
7 109
7,402
7,686
7,724
7,286
7,419
7,845
7,693
7,573
6,773
7,374
7,321
1,035
1,312
1,217
1,229
1,307
1,350
1,387
1,219
1,339
1,321
1,214
1,171
1,328
1,155
1,126
banks:
12,272
1939—Dec. 30
1941—Dec. 31
15,347
1945—Dec. 31
40,108
1947—Dec. 31
36,040
40,685
1950—Dec. 30
1951—Dec. 31
42,694
1952—Dec. 31 . . . . 45,583
46,755
1953—Dec. 31
1954—May 26
46,836
June 30
47,056
50,738
Dec. 31
50,857
1955—Jan. 26*
Feb. 23*
50,362
Mar. 30*
49,971
Apr. 27*
50,807
May 25*
50,705
5,329
7,105
8,514
13,449
17,906
19,651
21,697
22,763
22,341
22,453
23,986
23,993
24,264
24,637
24,758
25,114
5,194
6,467
29,552
20,196
19,084
19,194
19,624
19,559
19,788
19.813
21,718
21,687
20,870
20,062
20,730
20,354
1,749
1,776
2,042
2,396
3,695
3,849
4,262
4,434
4,707
4,791
5,034
5,177
5,228
5,272
5,319
5,237
6,785
8,518
11,286
13,066
13,998
15,199
15,544
15,925
13,831
14,656
15,424
14,201
14,260
13,909
14,458
14,152
19,687
24,430
51,898
49,659
55,369
58,654
61,941
63,547
61,586
62,624
67,165
66,085
65,642
64,909
66,317
65,883
17,741
22,313
49,085
46 467
51,437
54,466
57 357
58,663
56,156
57,665
61,796
60,268
59,685
58,943
60,233
59,744
3,686
4,460
6,448
5,649
6,448
6,976
7 001
7,254
6,025
6,636
7,444
6,679
6,217
6,292
6,346
6,059
4 768
5,890
5,596
10,199
14,988
16,296
18,213
19,934
20,216
20,537
21,442
21,489
21,649
21,749
21,949
22,353
3 159
4,377
26,999
22,857
21,377
21,587
22,549
22,423
22,099
21,779
23,629
23,722
23.317
22,696
22,895
22,912
2 297
2,250
2,408
3,268
4,193
4,561
4,832
5,047
5,101
5; 158
5,395
5,473
5,530
5,588
5,629
5,638
4,848
6,402
10,632
10,778
11,571
13,292
13,281
13,268
11,852
12,506
13,117
12,233
12,152
11,749
11,954
11,418
15,666
19,466
46,059
47,553
52,689
56,349
59,535
61,385
60,016
60,745
64,364
63,681
63,419
62,573
63,251
63,118
13,762
17,415
43,418
44,443
48,897
52,288
55,175
56 740
55,013
55,943
59,360
58,550
58,229
57,356
57,928
57,753
598
822
154
225
1,223
1,073
1,133
1,309
1,301
1 315
1,126
1,241
1,508
1,339
1,247
1.218
1,216
1,153
5,465
569
954
888
Total
capital
Demand
74
866
6,940
267
451
858
1,143
778
1,109
1,378
736
489
687
657
1,160
1,178
80
127
1,552
72
174
242
343
259
311
410
251
188
263
230
256
296
Num-
ac-
ber
of
counts
banks
1,592
1,648
2,120
2,259
2,351
2,425
2,505
2,572
2,629
2,630
2,803
2,818
2,819
2,687
2,697
2,717
36
36
37
37
23
22
22
22
22
22
21
21
21
20
18
18
Time
Other
9,459
12,051
17,287
19,040
18,836
19,490
19,361
18,894
17,774
18,114
19,414
19,840
18,513
18,555
18,496
18,027
736
807
1,236
1,445
1,722
1,679
1,840
2,150
2,118
2,216
2,392
2,345
2,334
2,363
2,311
2,277
1,867
2,419
3,462
4,201
4,604
4,710
4,789
4,837
4,510
4,403
4,977
4,987
4,840
3,949
4,670
4,608
495
476
719
913
1,103
1,143
1,205
1,242
1,246
1,267
1,295
1,304
1,299
1,266
1,293
1,291
250
288
377
426
490
513
541
566
578
583
600
597
595
601
602
605
14
13
12
14
13
13
13
13
13
13
13
13
13
13
13
13
9,004
12,557
24,655
28,990
32,366
34,094
35,281
35,773
33,823
34,058
37,418
36,979
36,298
35,493
36,635
36,140
4,616
4,806
9,760
11,423
11,647
12,272
13,261
14,132
14,789
14,957
15,476
15,499
15,566
15,712
15,732
15,815
1,828
1,967
2,566
2,844
3,322
3,521
3,745
3,984
4,108
4,125
4,300
4,310
4,348
4,387
4,434
4,473
346
351
359
353
336
321
319
319
309
310
300
298
297
296
297
296
7,158
10,109
24,235
28,378
31,977
34,572
36,022
36,520
34,243
34,879
37,794
37,197
36,897
35,970
36,542
36,153
5,852
6,258
12,494
14,560
14,865
15,530
16,585
17,690
18,231
18,460
18,787
18,774
18,827
18,893
18,936
19,027
1,851
1,982
2,525
2,934
3,532
3,760
3,970
4,194
4,323
4,372
4,506
4,536
4,569
4,588
4,615
4,651
5 966
6,219
6,476
6,519
6,501
6,484
6,444
6,389
6,380
6,376
6,326
6,319
6,312
6,296
6,285
6,292
Reserve city member
Country member
banks:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1950—Dec. 30
1951—Dec. 31 . . . .
1952—Dec. 31
1953—Dec. 31
1954—May 26
June 30
Dec. 31
1955—Jan. 26*
Feb. 23*
Mar. 30*
Apr. 27*
May 25*
10 224
12,518
35,002
36,324
40,558
42,444
45,594
47 404
47,416
47,474
50,466
50,684
50,496
50,033
50,473
50,903
435
491
8,221
405
976
1,124
1,814
1,504
1,519
2,015
1,457
1,111
1,604
1,446
1,520
1,730
432
922
876
1,267
1,216
1,413
1,362
1,271
1,240
1,258
1,275
1,234
1,420
^Beginning with Dec. 31, 1947, the all bank series was revised as announced in November 1947 by the Federal bank supervisory agencies.
At that time a net of 115 noninsured nonmember commercial banks with total loans and investments of approximately 110 million dollars was
added, and 8 banks with total loans and investments of 34 million were transferred from noninsured mutual savings to nonmember commercial
banks.
4
Less than 5 million dollars.
For other footnotes see preceding and opposite pages.
776
FEDERAL RESERVE BULLETIN
ALL BANKS IN THE UNITED STATES, BY CLASSES *—Continued
PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS—Continued
[Amounts in millions of dollars]
Loans and investments
Class of bank
and date
All Insured commercial
banks:
1941—Dec. 31
1945—Dec. 31
1947—Dec. 3i
1952—Dec. 31
1953—Dec. 31
1954—j une 30
Dec. 31
Total
Loans
U. S.
Government
obligations
Deposits
Other
securities
Cash
assets1
Total
assets—
Total
liabilities
and
capital
accounts2
Other
Total i
Demand
Interbank1
21,259
25,765
37,583
63,632
67,082
66,805
70,127
21,046
88 912
67,941
62 308
62,381
62,461
68,012
6,984
7 131
8,750
13,831
14,333
15,185
15,976
25,788
34 292
36,926
44 222
44,398
41,164
43,161
76,820
157,544
152,733
186,255
190,638
188,191
200,127
National member
banks:
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1952—Dec 31
1953—Dec. 31
1954—June 30.
Dec. 31 .
27,571
69,312
65,280
80,180
81,913
82,482
88,509
11,725
13,925
21,428
36,004
37,831
37,672
39,712
12,039
51,250
38,674
35,835
35,482
35,759
39,392
3,806
4,137
5,178
8,341
8,600
9,051
9,405
14,977
20,114
22,024
26,333
26,479
24,636
25,662
43,433 39,458
90,220 84,939
88,182 82,023
107,830 98,974
109,804 100,654
108,611 99,362
115,835 105,851
State member banks:
1941—Dec. 31.
1945—Dec. 31 . .
1947—Dec. 31
1952—Dec. 31 . . .
1953—Dec. 31
1954—June 30 . . .
Dec. 31
15,950 6,295
37,871 8,850
32,566 11,200
39,367 19,030
40,509 19,931
40,704 19,525
43,093 20,538
7,500
27,089
19,240
16,928
17,121
17,353
18,417
2,155
1,933
2,125
3,409
3,457
3,826
4,138
8,145
9 731
10,822
12 922
12,903
12 086
12,414
24,688
48,084
43,879
52,996
54,179
53,593
56,407
22,259
44,730
40,505
48,553
49,510
48,890
51,401
3 ,739
A 411
269
1 ,232
1 840
1 ,207
Insured nonmember
commercial banks:
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1952—Dec. 31
1953—Dec. 31
1954—June 30.
Dec. 31 . . .
5,776
14 639
16,444
20 242
21,396
21,288
22,536
3,241 1,509
2,992 10,584
4,958 10,039
8,605 9,556
9,328 9,790
9,615 9,362
9,886 10,215
1,025
1,063
1,448
2 081
2,278
2,310
2,436
2,668
4 448
4,083
4 970
5 020
4,444
5,088
8,708
19,256
20,691
25,451
26,679
26,012
27,911
7,702
18,119
19,340
23,464
24,555
23,819
25,657
129
244
266
373
378
53
1 560
149
345
360
Noninsured nonmember commercial
banks:
1941—Dec. 31
1945—Dec. 31
1947—Dec. 313
1952—Dec. 31
1953—Dec. 31
1954—June 30
Dec. 31
1 457
2,211
2,009
1,854
1,891
1,932
1,800
576
444
1,872
2,452
2,251
1,960
2,005
2,020
1,871
329
181
457
425
629
702
69,411 10 ,654
147,775
883
141,851 12 ,670
170,971
990
174,697 15 ,548
172,048 15 .044
182,886 16 ,376
969
335
354
339
430
405
397
2,283
2,768
2,643
2,348
2,372
2,394
2,250
All nonmember commercial banks:
1941—Dec. 31
1945—Dec. 31
1947—Dec. 313
1952—Dec. 31
1953—Dec. 31
1954—June 30 .
Dec. 31
7,233 3,696 2,270
16,849 3,310 12,277
18,454 5,432 11,318
22,096 9,136 10,567
23,287 9,838 10,835
23,220 10,147 10,409
24,337 10,378 11,184
1,266
1,262
1,703
2,393
2,613
2,664
2,775
3,431
4,962
4,659
5,414
5,450
4 849
5,485
10,992
22,024
23,334
27,799
29,051
28,406
30,161
9,573
20,571
21,591
25,424
26,560
25,838
27,528
Insured mutual savings
banks:
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1952—Dec. 31 .
1953—Dec. 31
1954—j une 30
Dec. 31 .
642
1,693
10,846 3,081
12,683 3,560
17,621 8,691
19,252 10,016
20 121 10,804
20,830 11,651
629
7,160
8,165
6,593
6,476
6,309
6,117
421
606
958
2,337
2,760
3,008
3,062
151
429
675
1,958
11,424
13,499
18,612
20,334
21,237
21,981
1,789
10,363
12,207
16,785
18,383
19,195
19,885
4,259
1,198
1,384
2,658
2,910
3,086
3,346
3,075
3,522
3,813
2,829
2,707
2,708
2,630
1,353
641
760
642
895
941
187
184
180
194
9,846
5,596
6,215
6,622
6,796
7,078
7,295
8,744
5,022
5,556
5,836
6 015
6,246
6,474
Noninsured m u t u a l
savings banks:
" 1941—Dec. 31 . . .
1945—Dec 31 3
1947—Dec. 31 .
1952—Dec. 31
1953—Dec. 31
1954—June 30
Dec. 31
8 687
5,361
5 957
6,382
6 558
6,838
7,038
455
318
474
531
511
532
492
761
1,693
1,280
1,010
1,045
1,047
241
200
255
312
1,044
1,061
763
514
732
799
807
832
180
211
Other
740
1 ,325
4 912
4 ,116
5 ,562
4 ,154
41,298
80 276
92,975
110 459
111,423
105,847
115,482
15,699
29 876
34,882
40 610
43,610
45,596
46,874
6,844
8 671
9,734
12 563
13,239
13,714
14,252
13,426
13 297
13,398
13 422
13,412
13,380
13,303
6 786 1 088
9 ,229 14 ,013
795
8 ,410
9 ,918 2 ,935
10 152
,525
9 ,750 3 ,325
,508
10 714
23,262
45,473
53,541
63,427
63,819
60,827
66,426
8,322
16,224
19,278
22,694
24,160
25,459
26,202
3 640
4,644
5,409
7,042
7 391
7,686
8 085
5 117
5,017
5,005
4,909
4 856
4,835
4,789
13,874
24 168
27,068
32 026
32,206
30 627
33,177
4,025
7,986
9.062
10,196
11,054
11,441
11,748
2,246
2 945
3,055
3 719
3,925
4,023
4,125
1,502
1 R67
1,918
I 889
1,887
I 886
.871
4,162
10 635
12,366
15 006
15,398
14,392
15,879
3,360
5,680
6,558
7,740
8,419
8,718
8,947
959
1,083
1,271
1 804
1,925
2,007
2,044
6,810
6 416
6,478
6 627
6,672
6,662
6,647
1,392
1,201
1,182
1,150
1,085
253
365
478
402
386
388
335
329
279
325
326
320
325
324
852
714
783
624
569
557
536
5 ,504
14 ,101
167 13.758
374 16,206
390
16,580
426
15,542
16,964
457
3,613
6,045
7,036
8,142
8,806
9,106
9,282
1,288
1,362
1,596
2,129
2,245
2,332
2,368
7,662
7,130
7,261
7,251
7,241
7,219
7,183
1,789
10,351
52
192
194
206
219
219
218
496
350
339
323
309
309
309
n
993
4 690
5 ,019
t-
983
312
393
1 ,762
Number
of
banks
Time
U.S.
Government
49,290
121,809
114,274
139,770
143,796
144,451
154,115
Total
capital
accounts
8
621
166
381
1 632
396
439
1 ,291
1 ,905
363
329
18
29
407
453
433
30
30
18
784
764
825
1
2
2
3
3
2
12
2
2
2
3
1
1
1
1
1
28
33
45
48
16,753
18,345
19,145
19,831
164
1,034
75?
1,730
819
L,868
L.920
2
2
2
1
2
8,738
5,020
5,553
5,833
6,013
6,243
6,471
1,077
558
637
749
740
758
774
12 12,192
t
1
For footnotes see preceding two pages.
Backfigures.—SeeBanking and Monetary Statistics, Tables 1-7, pp. 16-23; for description, see pp. 5-15 in the same publication, For revisions
in series prior to June 30, 1947, see BULLETIN for July 1947, pp. 870-871.
JULY 1955
777
ALL COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES *
LOANS AND INVESTMENTS
[In millions of dollars]
Loans1
Total
loans
and
invest- Total
ments
Class of bank
and
call date
Investments
Loans for
Compurchasing
meror
carrying
Other
cial,
securities
inAgriReal loans
to
clud- culesin- Other
ing
Total
tate
To
di- loans
open turloans
brokal
vidmarTo
ers
uals
ket
and othpa*
dealper
ers
U. S. Government obligations
Total
Certificates
inBills of
debtedness
All commercial
banks:?
1947—Dec. 3 1 . .
1953 -Dec. 31. . .
1954 - J u n e 30. .
Dec. 31 . . .
Apr. 11*..
116,284
145,687
146,383
155,916
155,170
38,057 18,167 1,660 830
67,593 27,204 4,965 2 ,361
26.120 5,143 2.462
,929
7o!619 26,867
72,260 27,3704,720 2 ,830
All insured commercial b a n k s :
1941—Dec. 3 1 . .
1945—Dec. 3 1 . .
1947—Dec. 31. .
1953—Dec, 3 1 . .
1954—June 30. .
Dec. 3 1 . . .
49,290
121,809
114,274
143,796
144,451
154,115
21,259
25,765
37,583
67,082
66,805
70,12
9,214 1,450 614 662
9,461 1,3143,1643 ,606
18,012 1,610 823 1,190
27,082 4J867 2 ,344 1,181
25,976 5 ,057 2,439 1,228
26,731 5,108 2,907 1,501
Member banks,
total:
1941—Dec, 31. .
1945—Dec. 3 1 . .
1947—Dec. 31. .
1953—Dec. 31. .
1954—June 30. .
Dec. 31. . .
1955—Apr. 1 1 . .
43,521
107,183
97,846
122,422
123,185
131.602
130,903
18,021
22,775
32,628
57,762
57,197
60.250
61,73
8,671
972
594 598 3,494
8,949 855 3,133 3 ,378 3,455
16,962 1,046
811 ',065 7,130
25,519 3 263 2,321 1,060 13,020
106 13,440
24,362 3 ,402 2,411
25.007 3 529 2.881 ,363 14.433
25,491 3,025 2,780 1,342 14,949
New York City:*
1941—Dec. 3 1 . .
1945—Dec. 3 1 . .
1947—Dec. 3 1 . .
1953—Dec. 3 1 . .
1954—June 30.
Dec. 31 .
1955—Apr. 11. ..
12,896
26,143
20,393
22,058
22,681
23,880
23,578
4,072
7,334
7,179
12,289
11,619
12,039
12,819
2,807
3,044
5,361
8,218
7,447
7.231
7,433
169
412
2,453 1,172
545 • 267
320
126 1,667
364
144 1,778
204 2 ,041 432
438
127 2,145
123
80
111
383
390
467
581
Chicago:*
1941—Dec. 31. .
1945—Dec. 31..
1947—Dec. 31..
1953—Dec. 31. .
1954 —June 30. .
Dec. 31. .
1955—Apr. 11..
2,760
5,931
5,088
6,204
5,975
6,518
6,254
954
1,333
1,801
2,776
2,589
2,784
2,650
732
760
1,418
1,912
1,835
1,84
1,816
6
2
3
158
134
140
142
48
211
73
286
242
345
185
52
233
87
75
74
89
80
22
36
46
70
81
91
111
40
26
96
74
105
138
1,806
4,598
3,287
3,428
3,386
3,734
3,605
1,430
4,213
2,890
2,856
2,825
3,120
2,918
31. .
31..
31. .
31..
30. .
31. .
11. .
15,347
40,108
36,040
46,755
47,056
50,738
50,758
7,105
8,514
13,449
22,763
22,453
23.986
24,530
3,456
3,661
7,088
10,568
10,010
10.624
10,75:
300
205
225
774
953
956
789
194 1,527
1,512
114
855 404
427 1,503 1,459
366
170 484 3,147 1,969
308 456 5,453 4,942
629
326 468 5,639 4,797
407 622 6,134 4,912
602 6,339 5,130
379
8,243
31,594
22,591
23,993
24,603
26,752
26,228
6,467
29,552
20,196
19,559
19,813
21,718
20,899
295
1,034
373
1,230
1,241
1,326
894
Country banks:
1941—Dec. 31. .
1945—Dec. 31..
1947—Dec. 31..
1953—Dec. 31..
1954—June 30. .
Dec. 31. .
1955—Apr. 11. .
12,518
35,002
36.324
47,404
47,4750.466
50,313
5,890
5,596
10,199
19,934
20,53^
21.442
21,739
659
1,676
648
1,484
3,096 818
4, 822 2,204
5,071 2,170
5,306 2,229
5,490 1,967
183
471
227
210
200
220
223
1,823
1,881
3,827
7,114
7,331
7,742
7,918
1,530
707 363
1,979
229
5,441
336
5,618
345
5,760 388
5,970 403
6,628
29,407
26,125
27,470
26,937
29,024
28,574
4,377
26,999
22,857
22,423
21,779
23,629
22,939
110
630
480
1,819
1,548
1,893
1,487
18,454 5,432
23,287 9,838
23,220 10,147
24,337 10,378
1,205 614
1,685 1,702
1,758 1,741
1,859 1,671
156
142
150
161
2,266
3,681
3,795
3,993
1,061
2,551
2,622
2,623
111
148
144
143
13.021
13,449
13,073
13,959
11,318
10,835
10,409
11,184
206
909
790
991
1,220
1,202
1,256
525
1,500
9,393 5,723 1,063 78,226 69,221 2,193 7,789 6,034 53,191
16,694 14,461 1,666 78 ,094 63,426 5,004 10,237 12,439 35,713
17.227 14,462 1.657 79,047 63,508 4,704 5.572 12.376 40
".818
18.418 14,750 2.000 85,297 68,981 5.065 5,361 14.672 43 ,861
19,000 15,280 2,640 82,910 65,820 3,970 4,230 15,590 42 ,020
4,773
4,677
9,266
16,566
17,101
18,302
4, 545
2,361 1,181
5,654 1,028
14,373 1,629
14,370 1,623
14,676 1,973
28,031
96,043
76,691
76,714
77,646
83,988
21,046
88,912
67,941
62,381
62,461
68,012
988
2,455
2,124
4,895
4,575
4,901
25,500
3,692
1,900 1,104 84,408
4,662 952
" - 65,218
11,911 1,518 64,660
"'" 65,988
11,840 1,513
12.127 1,858 71,352
12,621 2,502 69,166
19,539
78,338
57,914
52,603
53 ,111
57,809
54,968
2,275
1,987
4,095
3,915
4.075
2,999
554
287
298
564 330
1,294
475
1,220
466
1,232
644
1,284 1 ,025
96
51
149
234
206
223
237
All nonmember
banks: 2
1947—Dec. 31...
1953—Dec. 31..
1954—June 30..
Dec. 31..,
19,071
7,552
10,076
5,505
5,279
14 5.276 3.729
34 10,821 3,847
11,930 3,608
12,586 3,729
13,060 4 ,030
3,159 12,797 4,102
16,045 51,321
22
14
5,918 52,334
52
12,283 35,093
33
12.
38
.121
14,,523 43 ,287
21
3,651 3,333
3,873 3,258
5,129 3 ,621
10,587 3,746
11 68? 3,502
12,352 3,624
3,007 11,729 3,832 3,090 2,871
971
16,985
5,
8,2
4,
4,
3,
8,823 7,265
311
18,809 17,574
477 3,433
13,214 11,972 1,002
640
9,769 7,765
924 1,104
711
11,062 8,695 1,014
597
11,841 9,342
785
496
10,758 8,212
481
14,271 44,792
4,815 45.286
10,300 291890
34,369
36,944
13,450 35,303
16 3,254 2,815
10 4,199 3,105
8,871 3,185
9 890
" ' " 2,987
_
1,449 3 ,094
3,363
10,834
3,652 1,679 729
10,337
1 606
9,771
638
4,605
1,365
5,510
6 1 ,851
6,026
10 1,977
5,386
6 1,990
830
629
604
639
516
523
556
182
181
213
400
387
415
450
193
204
185
172
174
199
238
751 4,248
6,982 5,653 15,878
2,358 1,901 15,560
3,357 4,201 10,746
1,590 4,183 12,773
1,695 4,954 13,736
1,303 5,558 13,142
,173 956
5 1,126
3 1,342
25 3 4 9 6
26 3 ,585
3,782
3,983
820
916
1,053
1,238
1,206
1,252
1,346
5,102
2,583
3,374
1,855
1,774
1,233
481
4,544
2,108
4,285
4,017
4,731
5,261
2,926
16,713
17,681
12,940
14,355
15,228
14,955
861 1,222
9 1,342
62 ,006
53 ,911
44 ,067
3 4,275
3 4,412
1,028
1,067
1,262
1,136
1,090
1,120
1,223
1,973
1,951
1,155
1,054
1,219
2,139
2,002
2,209
7,916
5,834
6,460
6,928
1,078
1,951
2,042
2,139
625
662
621
636
256
133 1,467
132
235
123
450
113
261
70
241
137
172
Reserve city banks:
1941—Dec.
1945—Dec.
1947—Dec.
1953—Dec.
1954—June
Dec.
1955—Apr.
Obligations
of
States Other
and
juar- polit- securities
anical
Notes Bonds teed subdivisions
Direct
1,623
3,325
558
1,130
1,454
1,924
1,843
153
749
248
684
721
855
789
903
1,864
2,274
1,598
1,731
1,953
1,820
119
e
Partly estimated. Figures have been rounded to nearest 10 million.
* These figures exclude data for banks in possessions of the United States except for one bank in Alaska that became a member bank on Apr. 15,
1954. During 1941 three mutual sayings banks became members of the Federal Reserve System; these banks are included in "member banks" but are
not included in "all insured commercial banks" or "all commercial banks." Comparability of figures for classes of banks is affected somewhat by changes
in Federal
Reserve membership, insurance status, and the reserve classifications of cities and individual banks, and by mergers, etc.
1
Beginning June 30, 1948, figures for various loan items are shown gross (i. e., before deduction of valuation reserves); they do not add to the
total and are not entirely comparable with prior figures. Total loans continue to be shown net.
For other footnotes see opposite page.
778
FEDERAL RESERVE BULLETIN
ALL COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES *—Continued
RESERVES AND LIABILITIES
[In millions of dollars]
Demand deposits
Re-
Class of bank
and
call date
Balances
with
Time deposits
De-
mand
serves
Interbank
dedepc)sits
with
Cash
doposits
Federal in
Readvault mestic4
banks justed s
serve
DoForBanks
mestic4 eign
U. S.
CertiU. S. States fied
and
and
Govern- political offiment subdi- cers'
visions checks,
etc.
Gov- States
Indiernand
viduals,
ment politpartnerical
ships, Inter- a n d
and cor- bank Postal subdiSav- visions
poraings
tions
IndiCapividuals, Bortal
partner- rowacships,
ings counts
and corporations
All commercial
banks: 2
1947—Dec. 3 1 . .
1953—Dec. 3 1 . .
1954—June 30. .
Dec. 31. .
1955—Apr. 11«.
17,796
19,995
18,924
18,734
18,580
2,216
2,512
2,660
2,469
2,790
10,216
12,103
11,033
12,202
10,960
87,123
102,452
98,117
106,540
103,870
11,362
13,444
12,470
13,511
12,020
1,430
1,344
1,328
1,539
1,540
1,343
4,146
5,591
4,172
5,150
6,799
9,546
9,925
9,902
9,420
2,581
2,996
2,789
3,199
2,700
84,987
100,062
94,282
103,466
100,310
1,167
1,699
1,759
1,700
111
338
331
365
360
866
1,944
2,319
2,402
2,450
65
34,383
41,714
62
43,334
55
44,441
31
44,880 1,140
All insured commercial banks:
1941—Dec. 31. .
1945—Dec. 3 1 . .
1947—Dec. 3 1 . .
1953—Dec. 3 1 . .
1954—June 30. .
Dec. 3 1 . .
12,396
15,810
17,796
19,995
18,924
18,734
1,358
1,829
2,145
2,482
2,627
2,444
8,570
11,075
9,736
11,724
10,688
11,854
37,845
74,722
85,751
101,289
96,983
105,471
9,823
12,566
11,236
13,221
12,252
13,392
673
1,248
1,379
1,296
1,287
1,497
1,761
23,740
1,325
4,116
5,562
4,154
3,677
5,098
6,692
9,407
9,776
9,763
1,077
2,585
2,559
2,978
2,765
3,176
158
36,544
70
72,593
54
83,723
99,038 1,031
93,306 1,506
102,543 1,487
59
103
111
338
331
365
492
496
826
1,891
2,264
2,348
15,146
29,277
33,946
41,381
43,001
44,160
Member banks,
total:
1941—Dec. 31. .
1945—Dec. 31. .
1947—Dec. 3 1 . .
1953—Dec. 3 1 . .
1954—June 30. .
Dec. 31. .
1955—Apr. 11. .
12,396
15,811
17,797
19,997
18,925
18,735
18,575
1,087
1,438
1,672
1,870
2,001
1,843
2,095
6,246
7,117
6,270
7,554
7,062
7,613
6,728
33,754
64,184
73,528
86,127
82,783
89,836
87,567
9,714
12,333
10,978
12,858
11,956
13,015
11,533
1,243
1,375
1,291
1,280
1,493
1,486
1,709
22,179
1,176
3,756
5,165
3,715
4,714
3,066
4,240
5,504
7,530
7,839
7,781
7,345
1,009
2,450
2,401
2,783
2,581
2,964
2,474
1,021
1,497
1,475
1,414
50
99
105
308
300
334
330
4
418 11,878
399 23,712
208
54
693 27,542
1,595 33,311
43
1,912 34,687
38
1,966 35,650
15
2,008 36,002 1,038
New York City:*
1941—Dec. 31. .
1945—Dec. 3 1 . .
1947—Dec. 3 1 . .
1953—Dec. 31. .
1954—June 30. .
Dec. 31. .
1955—Apr. 11. .
5,105
4,015
4,639
4,846
4,614
4,398
4,414
93
111
151
129
131
126
163
141
78
70
70
60
67
41
10,761
15,065
16,653
15,901
15,430
16,500
15,797
3,595
3,535
3,236
3,363
3,237
3,336
2,870
607
866
319
237
290
315
404
368
239
1,338
1,105
1,071
1,109
1,223
6
11,282
15,712
17
12
17,646
831
17,509
16,601 1,246
17,823 1,196
887 16,811 1,092
10
12
53
51
54
55
29
20
14
139
151
192
167
1,021
1,070
1,287
1,290
1,177
1,093
43
36
30
34
30
29
32
298
200
175
166
154
162
107
2,215
3,153
3,737
4,211
3,844
4,400
3,983
1,027
1,292
1,196
1,339
1,287
1,264
1,124
8
20
21
39
34
40
37
233
237
285
272
297
274
227
34
66
63
64
74
80
62
2,152
3,160
3,853
4,500
4,032
4,622
4,236
9
18
18
20
2
3
4
6
6
9
10
10
10
10
Reserve city banks:
1941—Dec. 31. .
1945—Dec. 3 1 . .
1947—Dec. 3 1 . .
1953—Dec. 3 1 . .
1954—June 30. .
Dec. 31. .
1955—Apr. 11. .
4,060
6,326
7,095
8,084
7,553
7,783
7,639
425
494
562
568
611
558
655
2,590
2,174
2,125
2,463
2,352
2,327
2,079
11,117
22,372
25,714
30,986
29,940
32,694
32,071
4,302
6,307
5,497
6,869
6,220
6,946
6,257
54
110
131
219
202
259
274
1,504
2,015
1,457
1,780
1,144
1,763
2,282
2,880
2,877
2,876
2,687
286
611
705
828
677
866
741
11,127
22,281
26,003
32,065
30,503
33,677
32,850
104
30
22
166
214
239
282
20
38
45
98
111
111
243
160
332
830
992
965
1,018
Country banks:
1941—Dec. 31. .
1945—Dec. 3 1 . .
1947—Dec. 3 1 . .
1953—Dec. 3 1 . .
1954—June 30. .
Dec. 31. .
1955—Apr. 11. .
2,210
4,527
4,993
5,780
5,468
5,377
5,429
526
796
929
1,140
1,230
1,129
1,245
3,216
4,665
3,900
4,855
4,496
5,057
4,502
9,661
23,595
27,424
35,029
33,569
36,242
35,716
1,199
1,049
1,288
1,211
1,469
1,282
225
2
8 5,465
432
7
12 1,216
11 1,362
17 1,271
13 1,085
1,370
2,004
2,647
4,063
4,261
4,263
4,191
239
435
528
820
720
795
785
8,500
21,797
25,203
31,636
29,898
32,736
32,177
30
17
17
15
19
22
21
31
52
45
153
148
163
158
544
642
658
627
3,947
4,550
3,972
4,590
13,595
16,325
15,534
16,704
385
586
514
496
55
52
48
46
1,295
2,016
2,085
2,121
180
213
209
235
12,284
14,351
13,248
14,608
190
14.6
202
284
6
30
30
31
671
1,105 6,940
267
1,217
778
1,021
1,033 1,378
736
1,177
1,162 1,552
33,061
62,950
72,704
85,711
81,034
88,859
86,073
240
140
64
50
450
10,059
13,559
14,038
14,576
14,710
10 6,844
215 8,671
61 9,734
54 13,239
50 13,714
21 14,252
778
1,206 " l 9 5
1,418
30
23
1,958
2,014
1
1
2,146
2,150
323
5,886
7,589
8,464
11,316
11,709
12,210
12,297
1,648
2,120
2,259
2,572
2,630
2,803
2,693
Chicago:8
1941—Dec.
1945—Dec.
1947—Dec.
1953—Dec.
1954—June
Dec.
1955—x\pr.
31. .
31..
31 . .
31..
30. .
31. .
11. .
All nonmember
banks: 2
1947—D
311 . .
ec# 3
1953—Dec.
1954—June 30..
Dec. 31. .
942
790
127
1,552
72
259
410
251
296
491
8,221
405
167
390
426
457
97
476
719
902
1,229
1,253
1,280
1,275 ' * i l 7
288
377
426
566
583
600
602
4,542
9,563 " "2
11,045
1
13,203
13,867
14,399
3
14,600
398
1,967
2,566
2,844
3,984
4,124
4,300
4,400
146
219
337
615
759
799
813
6,082
12,224
14,177
16,921
17,553
17,826
17 ,977
1,982
2,525
2,934
4,194
4,372
4,506
4,601
172
350
407
436
6,858
8,426
8,669
8,814
'' 'ii
4
11
23
20
26
11
201
12 1,596
19 2,245
17 2,332
16 2,369
2
Breakdown of loan, investment, and deposit classifications is not available prior to 1947; summary figures for earlier dates appear in the
preceding table.
3Central reserve city banks.
4
Beginning June 30, 1942, excludes reciprocal bank balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and
525 million
at all insured commerical banks.
6
Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
For other footnotes see preceding page.
Backfigures.—SeeBanking and Monetary Statistics, Tables 18-45, pp. 72-103 and 108-113.
JULY 1955
779
WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE
LOANS AND INVESTMENTS
[Monthly data are averages of Wednesday figures. In millions of dollars]
Loans 1
Month or date
ComTotal Loans
merand
loans investcial,
and
indusments
Loans
investad- 1
ad- 1 trial,
and
ments justed justed
agricultural
U. S. Government obligations
For purchasing
or carrying securities
To brokers
and dealers
To others
U.S. Other
U. S.
Govt. Other
sese- Govt.
obob- curiliga- ties liga- curities
tions
tions
Real
estate Other
Total
loans loans
CerOther Loans
tifito
secucates
2 rities banks
Bills of in- Notes Bonds
debtednesa
Total—
Leading Cities
80,241 38,516 21,784
2,109
902
6,625 7,742 33,515 2,530 2,744 6,663 21,578 8,210
586
85,763 84,869 41,695 22,517
85,378 84,409 42,140 22,677
J u n e . . . . . . 85,415 84,421 43,082 23,110
2,685
2,661
2,719
1,104
1,119
1,178
7.528 8,577 34,142 1,698 2,033 8.699 21,712 9.032
7,641 8,761 33,501 1,335 1,520 9,050 21,596 8,768
952 9,154 21,410 8,723
7,794 9,003 32,616 1,100
894
969
1954—June
80,827
1955—April
May
994
1955—Apr.
6...
Apr. 1 3 . . .
Apr. 2 0 . . .
Apr. 2 7 . . .
85,878
85,613
85,755
85,808
85,013
84,823
84,864
84,778
41,512
41,666
41,787
41,818
22,449
22,543
22,530
22,545
2,669
2,672
2,741
2,660
1,106
1,103
1,100
1,108
7,482
7,517
7,542
7,570
8,521
8,547
8,590
8,652
34,425
34,096
34,063
33,983
1,739
1,572
1,731
1,750
2,154
2,076
1,991
1,911
8,758
8,729
8,667
8,640
21,774
21,719
21,674
21,682
865
9,076
790
9,061
891
9,014
8,977 1,030
May 4. . .
May 1 1 . . .
May 18. . .
May 2 5 . . .
85,298
85,106
85,781
85,330
84,464
84,214
84,679
84,280
42,010
42,078
42,208
42,263
22,607
22,721
22,737
22,641
2,717
2,591
2,649
2,686
1,113
1,113
1,121
1,131
7,590
7,633
7,657
7,686
8,701 33,571
8,739 33,395
8,763 33,743
8,840 33,296
1,517
1,377
1,269
1,176
1,783
1,798
1,284
1,214
8,608
8,607
9,604
9,382
21,663
21,613
21,586
21,524
834
8,883
892
8,741
8,728 1,102
8,721 1,050
June
1...
June
8...
June 1 5 . . .
June 2 2 . . .
June 2 9 . . .
85,278
85,006
85,859
85,555
85,379
84,164
84,012
85,009
84,449
84,472
42,440
42,464
43,425
43,409
43,674
22,636
22,623
23,355
23,433
23,501
2,742
2,702
2,826
2,648
2,678
1,155
1,171
1,182
1,192
1,190
7,719
7,756
7,797
7,828
7,873
8,910
8,936
8,988
9,029
9,153
33,026
32,831
32,842
32,303
32,076
1,081
1,060
1,255
1,084
1,019
1,149
1,091
1,017
760
743
9,306
9,254
9,139
9,070
9,001
21,490
21,426
21,431
21,389
21,313
8,698 1,114
994
8,717
850
8,742
8,737 1,106
907
8,722
New York City
1954—June
22,551 22,151
11,316
7,630
489 1,093
28
332
383
1,552 8,467
977
696
1,378 5,416 2,368
400
1955—April
May.
June...
23,422 22,817
23,157 22,607
23,257 22,694
12,222
12,295
12,696
7,611
7,636
7,890
301 1,787
197 1,861
197 1,875
11
10
12
428
433
458
571
595
629
1,728 8,095
1,780 7,995
1,853 7,703
548
488
442
434
306
158
1,823 5,290 2,500
1,921 5,280 2,317
1,860 5,243 2,295
605
550
563
1955—Apr.
6...
Apr. 1 3 . . .
Apr. 2 0 . . .
Apr. 2 7 . . .
23,489
23,205
23,353
23,642
22,925
22,711
22,749
22,886
12,230
12,212
12,198
12,251
7,637
7,614
7,581
7,612
320
333
280
271
1,757
1,755
1,820
1,817
12
10
13
10
429
431
424
428
562
572
571
581
1,727
1,713
1,725
1,748
8,128
7,973
8,090
8,188
454
449
578
710
504
418
420
393
1,839
1,821
1,824
1,809
5,331
5,285
5,268
5,276
2,567
2,526
2,461
2,447
564
494
604
756
May 4. . .
May 11. ..
May 18. . .
May 2 5 . . .
23,115
23,018
23,300
23,196
22,707
22,505
22,646
22,572
12,275
12,235
12,301
12,371
7,639
7,644
7,637
7,626
266
183
190
148
1,803
1,815
1,870
1,955
11
10
11
10
431
429
429
444
585
594
598
603
1,757
1,777
1,783
1,802
8,062
7,962
8,044
7,912
557
465
456
474
412
360
238
214
1,813
1,838
2,073
1,958
5,280
5,299
5,277
5,266
2,370
2,308
2,301
2,289
408
513
654
624
June
1...
June
8...
June 1 5 . . .
June 2 2 . . .
June 2 9 . . .
23,231 22,553
22,998 22,425
23,369 23,038
23,460 22,728
23,231 22,727
12,433
12,396
12,922
12,830
12,898
7,624
7,617
8,048
8,074
8,085
237
180
242
149
178
1,886
1,897
1,894
1,871
1,825
11
14
12
11
12
451
455
465
457
461
618
621
631
633
643
1,824
1,830
1,848
1,853
1,912
7,827
7,729
7,814
7,607
7,540
423
392
540
425
432
219
171
169
113
118
1,950
1,906
1,853
1,799
1,790
5,235
5,260
5,252
5,270
5,200
2,293
2,300
2,302
2,291
2,289
678
573
331
732
504
Outside
New York City
1954—June
58,276
58,090
27,200
14,154
542
6,242 6,190 25,048 1,553 2,048 5,285 16,162 5,842
186
1955—April .
May
62,341 62,052
62,221 61,802
62,158 61,727
29,473
29,845
30,386
14,906
15,041
15,220
597
603
647
665
676
708
6,957 6,849 26,047 1,150 1.599 6.876 16,422 6,532
7,046 6,981 25,506 847 1,214 7,129 16,316 6,451
794 7,294 16,167 6,428
7,165 7,150 24,913 658
289
419
431
1955—Apr.
6...
Apr. 1 3 . . .
Apr. 2 0 . . .
Apr. 2 7 . . .
62,389 62,088 29,282
62,408 62,112 29,454
62,402 62,115 29,589
62,166 61,892 29,567
14,812
14,929
14,949
14,933
592
584
641
572
665
662
663
670
6,920
6,945
6,971
6,989
6,794
6,834
6,865
6,904
26,297
26,123
25,973
25,795
1,285
1,123
1,153
1,040
1,650
1,658
1,571
1,518
6,919
6,908
6,843
6,831
16,443
16,434
16,406
16,406
6,509
6,535
6,553
6,530
301
296
287
274
May
4...
May 1 1 . . .
May 18. . .
May 2 5 . . .
62,183 61,757 29,735
62,088 61,709 29,843
62,481 62,033 29,907
62,134 61,708 29,892
14,968
15,077
15,100
15,015
648
593
589
583
671
674
681
677
7,005
7,039
7,059
7,083
6,944
6,962
6,980
7,038
25,509
25,433
25,699
25,384
960
912
813
702
1,371
1,438
1,046
1,000
6,795
6,769
7,531
7,424
16,383
16,314
16,309
16,258
6,513
6,433
6,427
6,432
426
379
448
426
June 1 . . .
June 8 . . .
June 1 5 . . .
June 2 2 . . .
June 2 9 . . .
62,047
62,008
62,490
62,095
62,148
15,012
15,006
15,307
15,359
15,416
619
625
690
628
675
693
702
705
724
717
7,101
7,135
7,166
7,195
7,230
7,086
7,106
7,140
7,176
7,241
25,199
25,102
25,028
24,696
24,536
658
668
715
659
587
930
920
848
647
625
7,356
7,348
7,286
7,271
7,211
16,255
16,166
16,179
16,119
16,113
6,405
6,417
6,440
6,446
6,433
436
421
519
374
403
June
61,611
61,587
61,971
61,721
61,745
30,007
30,068
30,503
30,579
30,776
527
^Revised.
1
Exclusive
2
of loans to banks and after deduction of valuation reserves; individual loan items are shown gross.
Includes guaranteed obligations.
For other footnotes see opposite page.
780
FEDERAL RESERVE BULLETIN
WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE—Continued
RESERVES AND LIABILITIES
[Monthly data are averages of Wednesday figures. In millions of dollars]
Demand deposits,
except interbank
Month or date
ReIndiDeBalserves
with Cash ances mand vid- States Certideuals,
with
Fedand
fied
in
posits part- politdoeral vault
and
mestic ad- 8 nerReical
offibanks justed ships,
serve
subcers'
and
Banks
cor- divi- checks,
etc.
pora- sions
tions
Time deposits,
except interbank
Interbank
deposits
IndividU. S.
Demand
uals, States
Govand
U. S. part- politernGovnerical ment
ern- ships, suband
ment
and
Dodivi- Postal
Forcor- sions
Sav- meseign
poraings
tic
tions
Borrowings
Time
From
Federal
From
Reothers
serve
Banks
Capital
accounts
TotalLeading Cities
1954—June
14,386
928 2,714 54,462 55,359 4,225 1,8
1955—-April
May....
June....
13,689
13,771
13,683
2,528 56,129 57,666 3.948 1,888 3,506 18,998 1.138
932 2,463 56,237 57,320 4,349 1,837 3,496 18,991 1,132
948 2,522 56,678 58,305 4,201 2,110 2,695 19,094 1,096
1955—Apr. 6.
Apr. 13.
Apr. 20.
Apr. 27.
13,767
13.716
13,667
13,608
888
999
926
974
2,477
2,657
2,511
2,465
55,086
55,849
56,613
56,969
56,262
58,293
58,190
57,921
3,819
3,825
3,931
4,216
1,836
1 ,812
1 ,897
2,008
4,299
3,488
3,132
3,105
19,043
19,001
18,980
18,969
1 ,130
1,147
1,133
1,142
207
206
208
208
May 4.
May 11.
May 18.
May 25.
14,001
13,615
13,797
13,671
879
964
921
963
2,354 55,981
56,234
56,294
2,367 56,437
56,771
57,608
57,777
57,123
4,449
4,258
4,350
4,338
1,939
1,779
1,928
1,703
3,510
3,266
3,841
3,368
18,975
18,976
18,999
19,014
1,132
1,135
1,132
1,129
209
June 1.
June 8.
June 15.
June 22.
June 29.
13,567
13,374
13,998
13,896
13,582
916
940
925
949
1,009
56 ,011 57,624
56,374 57,242
57,726 60 ,835
57,127 58,451
56,156 57 ,376
4,361
4,162
4,062
4,162
4,258
2,130 3,148 19,037 1,113
1,702 2,209 19,070 1,122
2,530 2,211 19,082 1,099
2,233 2,681 19,108 1,085
1,956 3,224 19,173 1,059
2,468
2,408
2,631
2,521
2,582
2,907 18,159
1,140
188 10,677 1,252 1,439
207 10,643 1,436 1,388
209 10,152 1,454 1,360
215 10,267 1,477 1,411
423
'303
401
7,800
5 2
612 8.161
'700 8,228
729 8,260
10,836
11,025
10.536
10,175
1,413
1,452
1,442
1,438
1,404
1,393
1,378
1,375
531
423
390
349
591
568
605
681
8,157
8,155
8,155
8,176
10,341
10,387
210 10,254
209 9,625
1,451
1,420
1,434
1,512
1,365
1,348
1,362
1,366
547
185
159
'319
602
626
799
'774
8,207
8,219
8,233
8,252
213
213
215
216
217
1,505
1,428
1,448
1,485
1,522
1,375
1,405
1,416
1,433
1,428
388
216
632
253
514
783
737
523
909
693
8,267
8,262
8,248
8,249
8,272
10,094
10,354
10,637
10,141
10,108
New York City
1954—June
4,811
143
15,986 16,853
420
946
1,951
132
3,091
1955—April
May. . . .
June....
4,398
4,485
4,470
145
142
141
15,977 16,997
15,956 16,934
16,188 17,379
278
333
321
008
886
1,093
1,369 2,084
1,258 2,039
838 2,059
158
143
140
2.900 1,121 1.077
2,836 1,121 1,061
2,943 1,152 1,107
240
336
405
2,666
2,681
2,678
1955—Apr. 6.
Apr. 13.
Apr. 20.
Apr. 27.
4,606
4,456
4,335
4,195
143
152
136
148
15,846
15,692
16,080
16,293
16,786
16,885
17,092
17,225
253
268
270
323
948
859
861
964
1,721
1,395
1,201
1,160
2,105
2,089
2,071
2,069
168
173
145
145
2,867
2,923
2,902
2,909
1,101
1,141
1,122
1,119
1,089
1,080
1,070
1,070
2S4
252
202
222
2,670
2,666
2,666
2,662
May 4 .
May 11.
May 18.
May 25.
4,687
4,378
4,466
4,409
139
150
135
144
15,946
15,895
15,960
16,024
16,874
16,846
17,069
16,948
361
322
316
332
1,000
898
880
766
1,306
1,168
1,375
1,181
2,054
2,037
2,027
2,039
142
142
141
145
2,853
2,854
2,937
2,702
1,117
1,083
1,108
1,176
1,066
1,051
1,062
1,067
357
327
274
385
2,681
2,681
2,682
2,682
June 1.
June 8.
June 15.
June 22.
June 29.
4,479
4,350
4,583
4,485
4,450
139
144
132
137
154
15,926
16,068
16,576
16,405
58 15,964
17,209
16,953
18,144
17,518
17,073
307
299
317
311
370
1,143 1,167
741
794
601
1,354
732
1,179
951
994
2,049
2,055
2,064
2,068
2,057
142
146
150
139
123
2,930
2,866
3,037
2,931
2,949
1,168
1,108
1,137
1,148
1,197
1,073
1,102
1,111
1,124
1,124
386
365
335
527
414
2,687
2,679
2,678
2,672
2,673-
1,009 1,205
250
120
2,593
Outside
New York City
1954—June....
9,575
785
2,674 38,476 38,506 3,805
1955—April
May. . . .
June....
9,291
9,286
9,213
802
790
807
2.474 40 ,152 40,669 3,670
980 2,137 16,914
2,421 40,281 40,386 4,016
951 2,238 16,952
2.475 40,490 40 ,926 3,880 1,017 1,857 17,035
1955—Apr. 6.
Apr. 13.
Apr. 20.
Apr. 27.
9,161
9,260
9,332
9,413
745
847
790
826
2,417
2,612
2,452
2,412
May 4.
May 11.
May 18.
May 25.
9,314
9,237
9,331
9,262
740
814
786
819
June 1. . 9,088
9,024
June
9,415
June 15
9,411
June 22
9,132
June 29
1,965
16,208 1,008
302
7,586
243
234
980
989
956
7,743
153 7,316
7,324
315
333
32
311
299
304
408
'273
370
372
'364
324
5,495
5,547
5,582
16,938
16,912
16,909
16,900
962
974
988
997
152
152
153
153
7,969
8,10:
7,634
7,266
312
311
320
319
315
313
308
305
531
390
365
349
307
316
403
459
5,487
5,489
5,489
5,514
2,316 40,03. 39,897
2,507 40,339 40,762
40, 334 40,708
2,325 40,413 40,175
4,088
939 2,204 16,921
3,936
881 2,098 16,939
4,034 1,048 2,466 16 ,972
4,006
937 2,187 16,975
990
993
991
984
153
153
154
153
7,488
7,533
7,31
6,923
334
337
326
336
299
297
300
299
427
185
159
'319
245
299
525
'389
5,526
5,538
5,551
5,570
2,421 40,08. 40,41
370 40,306 40,289
589 41,150 42,691
2,472 40,722 40,933
855 2,524 40,192 40,303
4,054
987 1,981 16,988
3,863
908 1,468 17,015
3,745 1,176 1,610 17,018
3,851 1,054 1,949 17,040
3,1
962 2,273 17,116
971
976
949
946
936
158
158
159
159
159
7,164
7,488
7,600
7,210
7,159
337
320
311
337
325
302
303
305
309
304
385
206
538
253
464
397
372
188
382
279
5,580
5,583
5,570
5,577
5,599
796
79,
39,240 39,476
40 ,157 41,408
40,533 41 ,098
40,676 40,696
902
3,566
2,578
3,557
953 2,093
3,661 1,036 1,931
3,893 1,044 1,945
136
5,207
3 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
Back figures.—For description of revision beginning Mar. 4, 1953, see BULLETIN for April 1953, p. 357, and for figures on the revised basis
beginning Jan. 2, 1952, see BULLETIN for May 1953, pp. 550-555. Figures for total leading cities for full year 1954 are shown on pp. 212-213 of the
BULLETIN for February 1955 except for the December 29 revisions in commercial, industrial and agricultural loans, other loans, and loans to banks.
For description of revision beginning July 3, 1946, and for revised figures July 1946-June 1947, see BULLETINS for June and July 1947, pp. 692
and 878-883, respectively. For old series, see Banking and Monetary Statistics, pp. 127-227.
JULY 1955
781
CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS OF A SAMPLE OF WEEKLY REPORTING MEMBER BANKS
BY INDUSTRY 1
[Net declines, (—). In millions of dollars]
Business of borrower
Manufacturing and mining
Period
2
Food,
liquor,
and
tobacco
Metals
and
Petroleum,
Textiles, metal
coal,
apparel, products
Other
(incl. chemical,
and
and
leather machinery and rubber
trans,
equip.)
-91
-137
12
91
18
-23
-11
101
-536
610
-41
120
-363
539
-175
32
126
-225
71
82
106
132
-1,314
630
-1,496
539
313
153
146
-461
589
384
134
143
1,257
1,078
-43
35
70
76
6
36
16
50
44
60
54
43
-109
-31
-61
198
47
239
-8
43
243
27
39
64
18
62
52
100
197
739
-52
96
860
-21
-3
-11
-8
-9
5
12
69
9
8
-3
-3
-1
8
18
18
16
-40
-24
-28
-17
67
25
75
32
-22
15
-12
11
2
17
7
2
6
14
14
-16
-41
50
25
66
-148
94
— 13
15
6
-9
-3
3
12
18
2
41
-8
4
-32
16
8
14
12
16
25
5
8
72
1
-12
-15
8
24
-4
15
1
30
10
-2
2
17
42
1
120
91
43
-58
62
114
16
-96
-30
8
98
5
-11
-5
-21
49
9
3
3
-1
8
44
2
-5
39
-3
183
17
2
25
45
-9
6
-4
-6
y
-14
-17
-14
-12
-14
5
173
36
9
13
10
23
17
1
-12
13
6
11
34
12
-12
645
54
40
-5
-13
732
78
68
420
-326
1954—Jan.-June. . .
July-Dec
-505
498
55
-26
-577
-548
1955—Jan.-June.. .
-540
220
177
-130
-102
-29
-6
-6
40
-41
-25
-47
-17
May 4 . . . .
May 11
May 18
May 25
-35
-19
-18
-30
June 1 . . . .
June 8 . . . .
June 1 5 . . . .
June 22
June 2 9 . . . .
-10
-19
16
-14
-3
Construction
Comm'l,
ind'l,
and
Net
agr'l.
changes changeclassitotal
fied
-644
392
156
-107
Week ending:
Apr. 6
Apr. 13
Apr. 20
Apr. 27
Sales
finance
companies
All
other
types
of
business
215
-7
-657
537
June
Commodity
dealers
Public
utilities
(incl.
transportation)
90
-49
-1
-10 •
-62
88
1953—Jan.-June. . .
July-Dec
Monthly:
1955—April
May
Trade
(wholesale
and
retail)
i
7
4
20
9
-45
138
-805
795
Sample includes about 220 weekly reporting member banks reporting changes in their larger loans; these banks hold over 90 per cent of
total 2commercial and industrial loans of all weekly reporting member banks and nearly 70 per cent of those of all commercial banks.
Figures for other than weekly periods are based on weekly changes during period.
NOTE.—Monthly and weekly data for the full year 1954 are shown on p. 214 of the BULLETIN for February 1955, except for Dec. 29 revision
shown on p. 524 of the BULLETIN for April 1955.
COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES
[In millions of dollars]
Dollar acceptances outstanding
Commercial and finance
paper outstanding
End of month
Total
1949—December
1950—December..
1951—December
1952—December
1953—December
1954—May
June
July
August
September
October
November
December
1955—January
February
March
April
May
837
920
1,331
1,745
1,966
Held b y
Total
Placed
outPlaced direct- standing
through
ly
dealers 1 (finance2
paper)
270
345
449
552
564
2,168
2,150
2,208
2,228
2,192
2,048
2,032
1,924
641
2,064
2,187
2,191
2,171
2,335
713
703
681
679
747
794
803
762
769
733
623
572
567
575
882
1,193
1,402
1,527
1,471
1,461
1,434
1,389
1,286
1,263
1,191
1,351
1,484
1,510
1,548
1,763
OUTSTANDING
Accepting banks
Total
Based on
F. R.
Banks
Im-
ports
into
United
States
Bills Own ForOwn
bills bought acct.
eign
corr.
Goods stored in or
Exshipped between
ports Dollar
points in
exfrom
United change
States
United Foreign
States countries
272
394
490
492
574
128
192
197
183
172
58
114
119
126
117
70
78
79
57
55
11
21
21
20
24
133
180
272
289
378
184
245
235
232
274
49
87
133
125
154
2
23
39
29
30
28
55
64
75
9
32
44
32
43
616
227
171
56
14
374
220
205
164
164
56
41
14
9
277
143
589
589
36
355
376
115
45
60
92
198
143
136
96
91
563
155
43
43
46
178
217
241
203
360
81
55
71
86
6
14
19
19
344
402
437
565
205
134
609
687
768
873
259
271
313
289
5
246
225
75
47
207
207
248
285
139
148
164
182
101
85
72
42
17
130
205
247
300
48
55
66
89
869
831
807
282
242
236
206
182
187
77
61
49
' " '4'
23
28
29
564
561
538
273
235
227
187
178
182
767
686
206
192
164
143
42
49
17
14
17
41
56
303
283
248
28
26
517
453
229
207
189
188
90
93
93
68
53
190
150
92
88
*As reported by dealers; includes finance company paper as well as other commercial paper sold in the open market.
As reported by finance companies that place their paper directly with investors.
Back figures.—For bankers' acceptances, see Banking and Monetary Statistics, Table 127, pp. 465-467; for description see p. 427.
2
782
FEDERAL RESERVE BULLETIN
PRINCIPAL ASSETS OF SAVINGS INSTITUTIONS
UNITED STATES LIFE INSURANCE COMPANIES
[In millions of dollars]
Government securities
Date
Total
assets
Business securities
2
United State and
States
local1 Foreign
Total
Policy
loans
Mortgages
Real
estate
536
554
601
608
652
756
999
1,249
1,390
1,428
1,718
2,103
2,221
2,446
2,573
5,669
5,958
6,442
6,726
6,714
6,686
6,636
7,155
8,675
10,833
12,906
16,102
19,314
21,251
23,322
2,134
2,060
1,878
1,663
1,352
1,063
857
735
860
1,055
1,247
1,445
1,631
1,903
2,020
3,248
3,091
2,919
2,683
2,373
2,134
1,962
1,894
1,937
2,057
2,240
2,413
2 590
2,713
2,914
2,030
2,156
1,840
1,693
1,839
1,704
1,738
1,808
2,124
2,160
2,245
2,591
2 872
3,088
3,302
Total
Bonds'
Stocks
586
8,465
9,178
10,174
10,315
10,494
10,715
11,059
13,024
16,144
20,322
23,179
25,403
28,204
31,646
34,570
7,929
8,624
9,573
9,707
9,842
9,959
10,060
11,775
14,754
18,894
21,461
23,300
25,983
29,200
31,997
Other
assets
End of year: 4
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951.
1952
1953
29,243
30,802
32,731
34,931
37,766
41,054
44,797
48,191
51,743
55,512
59,630
64,020
68,278
73,375
78,533
7,697
8,359
9,478
11,851
14,994
18,752
22,545
23,575
22,003
19,085
17,813
16,066
13,667
12,774
12,405
5,373
5,857
6,796
9,295
12,537
16,531
20,583
21,629
20,021
16,746
15,290
13,459
11,009
10,252
9,829
2,253
2,387
2,286
2.045
L ,773
1,429
1,047
936
945
1,199
L,393
1,547
1,736
1,767
1,990
End of month: 5
1952—December
1953—December
73,034
78,201
12,683
12,322
10,195
9,767
1,733
1,968
755
587
31,404
34,395
29,226
32,056
2,178
2,339
21,245
23,275
1,868
1,994
2,699
2,894
3,135
3,321
80,114
80,547
80,981
81,510
81,965
82,362
82,850
83,338
84,052
12,424
12,452
12,294
12,222
12,197
12,094
12,013
11,992
12,037
9,635
9,539
9,343
9,189
9,171
9,086
9,024
8,936
9,021
> 208
2,326
2,363
2,456
2,471
2,485
2,509
2,575
2,533
581
588
577
555
523
480
481
483
35,216
35,371
35,683
35,943
36,094
36,326
36,579
36,663
36,843
32,759
32,871
33,150
33,369
33,494
33,717
33,979
34,040
34,147
2,457
2,500
2,533
2,574
2,600
2,609
2,600
2,623
2,696
24,005
24,174
24,384
24,572
24,795
25,035
25,260
25,574
25,927
2 086
2,102
2,129
2,147
2,177
2,205
2,241
2,260
2,275
2 978
3,000
3,023
3,045
3,066
3,049
3,061
3 075
3,087
3 405
3,448
3,468
3,581
3,636
3,653
3,696
3,774
3,883
84,912
85,324
85,627
86,061
12,348
12,323
12,153
12,167
9,233
9,242
9,091
9,105
2,643
2,664
2,649
2,643
472
417
413
419
37,061
37,130
37,384
37,524
34,305
34,367
34,611
34,733
2,756
2,763
2,773
2,791
26,223
26,474
26,727
26,949
2,310
2,344
2,367
2,381
3,127
3 144
3,159
3,177
3,843
3,909
3,837
3,863
1954—April
May
June
July
August
September
October
November
December
1955—January
February
March
April
71
115
396
511
684
792
915
1,010
1,037
1,140
1,130
1,060
922
755
587
1
Includes United States and foreign.
Central government only.
34 Includes International Bank for Reconstruction and Development.
These represent annual statement asset values, with bonds carried on an amortized basis and stocks at end-of-year market value.
B
These represent book value of ledger assets. Adjustments for interest due and accrued and differences between market and book values
are not made on each item separately, but are included in total in "Other assets."
Source.—Institute of Life Insurance—end-of-year figures, Life Insurance Fact Book, 1952; end-of-month figures, The Tally of Life Insurance
Statistics and Life Insurance News Data.
2
ALL SAVINGS AND LOAN ASSOCIATIONS IN THE UNITED STATES
[In millions of dollars]
Assets
Assets
End of
year
1940
1941
1942
1943 . . .
1944
1945
1946
1947
1948 . . .
1949
1950
1951 . . .
1952
1953
1954*
Total 1
Mortgages2
5,733
6,049
6,150
6,604
7,458
8,747
10,202
11,687
13,028
14,622
16,846
19,164
22,585
26,638
31,680
4,125
4,578
4,583
4,584
4,800
5,376
7,141
8,856
10,305
11,616
13,622
15,520
18,336
21,882
26,142
U.S.
Government
obligations
71
107
318
853
1,671
2,420
2.009
1,740
1,455
1,462
1,489
1,606
1,791
.923
2,026
Cash
307
344
410
465
413
450
536
560
663
880
951
1,082
1,306
1,500
1,958
Other*
940
775
612
493
391
356
381
416
501
566
692
866
1,072
1,258
1,481
Savings
capital
4,322
4,682
4,941
5,494
6,305
7,365
8,548
9,753
10,964
12,471
13,978
16,073
19,143
22,778
27,259
Total 1
Mortgages2
U. S.
Government
obligations
Cash
Other«
1952—2
20,599
3. .. . 21,295
4. .. . 22,585
16,875
17,696
18,336
1,687
1,765
1,791
1.182
1,044
1,306
1,072
770
708
17,656
18,198
19,143
23,442
24,724
25,582
26,638
19,051
20,099
21,116
21,882
1,926
1,997
1,982
1,923
1,259
1,333
1,196
1,500
1,128
1,218
1,212
1,258
20,072
21,140
21,735
22,778
1954—1 P.. . 27,667
2P...
29,105
3 > . . . 30,168
4 P . . . 31,680
22,722
23,847
25,053
26,142
1,928
1,961
1 .972
2,026
1,613
1.782
1,671
1,958
1,330
1,442
1,400
1,481
23,901
25,163
25,895
27,259
33,006
27,313
2,207
1,911
1,514
28,398
End of
quarter
1953—1....
2
3
4
1955—I?..,
Savings
capital
P1 Preliminary.
Includes gross mortgages with no deduction for mortgage pledged shares.
2
Net of mortgage pledged shares.
3 Includes other loans, stock in the Federal home loan banks and other investments, real estate owned and sold on contract, and office building
and fixtures.
Source.—Federal Savings and Loan Insurance Corporation.
JULY
1955
783
GOVERNMENT CORPORATIONS AND CREDIT AGENCIES
SELECTED ASSETS A N D L I A B I L I T I E S , BY C O R P O R A T I O N O R A G E N C Y *
[Based on compilation by United States Treasury Department.
In millions of dollars]
End of year
End of quarter
1954
Asset or liability, and agency
1947
1946
1948
1949
1950
1951
1952
1953
1
2
4
3
V
Loans, by purpose and agency:
To aid agYicultiiYe 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
ownevs
.
....
total
Reconstruction Finance Corporation 4
Veterans Administration
Other agencies 4 .. .
.
.
To raih'oads, total. .
Reconstruction Finance Corporation
Other agencies...
.
To otheY
industry,
total
..
5
5
....
.
Reconstruction Finance Corporation 5 7
Department of the Treasury
Other agencies.
. .
To financing institutions, total
Reconstruction Finance Corporation 5
Federal home loan banks
.
. . . .
. . .
....
7
. . .
. •
109
558
734
280
7
80
525
999
1 ,293
5
60
523
34
45
539
535
1 ,543 1 ,742
782
898
6
7
6
556
4
486
•1
65
768
199
369
177
22
251
,528 2 ,142 2 ,603 2 ,930 2
2 ,814 2,818 2 ,907
828 1 ,347 1 ,850 2 ,242 2 ,462 2 ,366 2 ,301 2,392 2 ,461
231
10
104
108
123
115
106
168
137
383
300
326
348
367
24
246
35
169
63
60
61
59
62
I
171
153
18
147
145
3
140
138
3
114
112
3
110
108
2
101
99
2
82
80
2
79
77
2
79
77
2
12
1C
2
12
12
"ii
192
151
41
272
241
310
272
488
415
74
516
457
58
509
294
174
40
492
270
178
44
415
191
179
45
420
38
458
400
58
413
31
462
423
38
349
64
353
67
314
14
293
7
447
7
436
4
525
6
515
4
445
8
433
4
824
8
816
814
8
806
864
952
630
678
691
870
864
952
630
675
3
689
2
868
2
623
232
278
113
478
Less: Reserve for losses
6 ,649
Total loans receivable (net)
Investments:
Investment in international institutions
Other securities, total
Production credit corporations
Other agencies
1 ,265
Commodities, supplies, a n d materials, t o t a l
Commodity Credit Corporation
..
Tennessee Valley Authority
War Shipping Administration2
Federal Maritime Board and Maritime Adm. 2
Other agencies12
...
payable
1, 729
9
6 0?,0
367
638
18
25
17
U
15
648
596
739
754
754
1 ,920 2 ,096 2 ,130 2 ,164 2,200
1 ,426 3 ,076 3 ,468 2 ,368 2,457
5
6
5
4
13
701
2 ,226
2 ,981
4
6 ,811
377
590
(
7 ,370
354
658
6
309
774
12
6, 090 6 ,078 6 ,110 7 ,736 8 ,043 7 ,987 7 ,965 7,968 8 ,001
2, 187 2 ,226 2 ,296 2 ,496 2 ,833 2 ,783 2 ,762 2,788 2 ,806
58
64
52
45
42
154
101
3, 750 3 ,750 3 ,750 3 ,667 3 ,620 3 ,620 3 ,618 3,618 3 ,570
,515 1 ,537 1 ,539 1 ,544 1,563 1 6?A
714
•340
278
96
584
190
294
100
484
88
297
99
531
59
366
105
779 1 ,095
61
50
609
919
126
109
763
57
535
171
641
29
428
184
471
32
245
195
451
438
144
307
113
325
395
368
476
185
173
140
203
181
255
276
228
9 ,714 11 , 6 9 2 1 2 , 733 13 ,228 14 ,422 17 ,826 19 ,883 19 ,877 18 ,489 18,603 19 ,348
822
448
23.S
138
627
437
15V
32
16 ,924 12 ,600
227
204
35
2 ,861
727
754
3 ,301 3 ,305
7 ,764 6 ,507
3 ,060
1 ,448
630
793
463
667
134
DeD3.rtinen.t of thp TYea^nrv
Other agencies
Land, s t r u c t u r e s , a n d e q u i p m e n t , t o t a l
Public Housing Administration11
1 ? 301
6,527
343
754
,070
424
673
1 ,873 1 ,685 1 ,854 2, 047 2 ,075 2 ,226 2 ,421 2 ,602 2 ,969 2 ,911 2,988 2 ,967
43
48
43
43
43
43
43
43
43
52
43
43
47
48
44
60
63
74
46
51
50
50
58
61
70
72
66
43
45
39
42
43
43
42
42
42
136
641
274
311
275
145
i39
387
249
687
199
706
672
172
199
184
214
208
217
193
200
222
228
222
228
17
12
12
8
122
144
316
244
285
310
324
327
319
257
132
188
8)
48
1
1 ,045 1 ioio 1 ^064 1, 205 1 ,307 1 ,353 1 ,437 1 ,526 1 ,593 1 ,609 1,610 1 ,624
1
28
1
1
9
1
1
1
1
1
1
29
3
3
3
3 ,385 3, 385 3
318 3
3 ,385
3 ,385 3 ,385
,385
,385
,385
3,385
,385
,385
107
53
230
133
40
54
44
88
78
48
154
40
108
159
98
83
71
36
35
66
35
50
22
11
3
29
8
4
46
35
5
16
5
4
43
47
11
2
1
1
24
6
4
2
1
1
{• 1
U'. S. Government securities, total
Banks for cooperatives
Federal intermediate credit banks
Production credit corporations..
Federal land bank^2
Federal home loan banks
Federal Savings and Loan Insurance Corp
Home Owners' Loan Corporation2
Federal Housing Administration
Reconstruction Finance Corporation 5 7
Federal Deposit Insurance Corporation.
Other agencies...
Bonds, n o t e s , a n d d e b e n t u r e s
guaranteed), total
Banks for cooperatives
Federal intermediate credit banks
Federal land banks 2
Federal home loan banks
,884 4 ,161
425
345
633
510
2 ,284 5 ,673 6 ,102
1 ,249 1 ,978 2 ,145
246
206
235
800 3 ,450 3 ,750
Foreign, total
Export-Import Bank
Reconstruction Finance Corporation 5 7
U. S. Treasury D e p a r t m e n t 9
All other purposes, total
Reconstruction Finance Corporation 6
Public Housing Administration 11
Other agencies
3 ,632 4 , 362
305
302
437
426
619
6
636
10
...
Federal National Mortgage Assn.
t?,9Q
276
336
,884
23?
273
986
149
590
528
120
6
(not
1, 549 1 ,774 1 ,461
1, 376 1 ,638 1 ,174
142
108
129
30
28
159
2 ,514
978 2 ,086
172
156
131
{• 272
2 ,696 3 ,369
2 ,202 2 ,802
168
91
327
476
3,709 3 ,852
3,059 3 ,302
95
556
80
470
2, 962 2 ,945 3 ,358 3 ,213 8 ,062 8 ,035 8 ,077 8,061 8 ,046
958
823
128
96
1 352 1 ,248 1 ,251 1 ,173 1 ,018
611
199
605
594
175
169
161
830
886 1 ,048 1 ,251 1 ,475 1 ,549 1 ,630 i,685 1 ,739
2 ,044
1 ,793
189
168
1 ,252
689
69
358
965
70
480
772
78
490
262
415
204
33
293
756
169
1 ,280
206
465
590
4 ,834 4 ,849 4 ,829 4,782
634 " 1 , 4 6 6
511
561
1 ,190 1 ,369 1 ,330 1 ,182
4 ,798
1 ,412
110
520
170
674
181
704
150
619
949
133
626
971! 1,072
131
120
762
736
1 ,068
156
640
560
525
445
414
190
115
179
272
For footnotes see following page.
784
FEDERAL RESERVE BULLETIN
GOVERNMENT CORPORATIONS AND CREDIT AGENCIES—Continued
PRINCIPAL ASSETS AND LIABILITIES
[Based on compilation by United States Treasury Department.
In millions of dollars]
Liabilities, other than
interagency items
Assets, other than interagency items 1
Total
Cash
Loans
receivable
InvestComments
modities,
supplies, U. S.
Other
and
mate- Govt.
securials securities rities
Date, and corporation or agency
Bonds, notes,
U. S. Priand debenGov- vately
Land,
tures payable
ern- owned
struc- Other
ment
Other
intertures,
interasliabilest
and
Fully
est
sets
ities
equipguarment
anteed Other
by
U. S.
All agencies:
1948—Dec.
1949—Dec.
1950—Dec.
1951—Dec.
1952—Dec.
1953—Dec.
31
31
31 2
31 2
31
312
21,718
23,733
24,635
26,744
29,945
38,937
630
441
642
931
944
1,190
11,692
12,733
13,228
14,422
17,826
19,883
627
1,549
1,774
1,461
1,280
2,514
1,854
2,047
2,075
2,226
2,421
2,602
3,518
3,492
3,473
3,463
3,429
3,425
337
3,060
509
2,962
499
2,945
882
3,358
832
3,213
8,062 1,261
1954—Mar.
June
Sept.
Dec.
31
30
30
31
39,313
39,602
40,443
41,403
1, 139
1,232
1, 324
1,371
19,877
18,489
18,603
19,348
2,696
3,369
3,709
3,852
2,969
2,911
2,988
2,967
3,425
3,439
3,433
3,432
8,035
8,077
8,061
8,046
Classification by agency,
Dec. 31, 1954
Farm Credit Administration:
Banks for cooperatives
Federal intermediate credit banks
Production credit corporations
Federal Farm Mortgage Corp
Department of Agriculture:
Rural Electrification Administration
Commodity Credit Corporation
Farmers Home Administration
Federal Crop Insurance Corp
Housing and Home Finance Agency:
Home Loan Bank Board:
Federal home loan banks
Federal Savings and Loan Insurance Corp..
Public Housing Administration11
Federal Housing Administration
Office of the Administrator:
Federal National Mortgage Association. •. .
Other
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
Allother
1,173
2,085
2,325
2,387
363
638
437
729
46
15
1
152
2,223
2,915 3,302
597 ()
2,337
6,731
664
24
1,561
236
338
545
47
2
18
46
2,573
930
27
2,863
1,633
1,951
5,451
464
540
8,752
1,637
921
94
71
1
8
3
171
267
868
112
47
2,462
189
25
2,826
)
327
()
631
()
1,624
26
384
124
117 3,935
12 1,624|
127
222
3,427
379
61
166
183
234
329
378
434
949
971
1,072
1,068
920 32,899
033 34,030
357 36,488
183 35,610
470
486
498
508
156
640
250
84
46
15
30
105
340
26
2
5
6
112
124
641
228
965
,663 18,886
772
720 21,030
1,190
21,995
1,369
23,842
1,330
728 26,456
1,182 3,818 33,429
18
39
2,336
2,615 4,116
8 , 657
9
15
272
33
810
10
21
174
479
226
318
339
9 2,564
922
9
27
()
2,736
127 1,543
90 1,897
53 5,295
155
451
13
533
7 8,729
23 1,630
7
884
38
8
28
6
11
339
4
26
,051
1
132
I
Loans by purpose and agency are shown on a gross basis; total loans and all other assets are shown on a net basis, i.e., after reserve for
losses.
2
Several changes in coverage have been made over the period for which data are shown. The more important are: exclusion of the following
agencies after repayment of the U. S. Government interest—Federal land banks after 1946 and the Home Owners' Loan Corporation after June
1951; exclusion of the United States Maritime Commission (including War Shipping activities) after 1947, when this agency ceased to report to
the U. S. Treasury; and inclusion of the Mutual Security Agency (superseded by the Foreign Operations Administration) beginning June 1952
and of
the Federal Maritime Board and Maritime Administration beginning June 1953.
3
Figures for this agency for the early years shown have been adjusted to include activities of its predecessor, the Farm Security Administration, 4and of the Regional Agricultural Credit Corporation and also the Emergency Crop and Feed Loans of the Farm Credit Administration.
Figures for RFC Mortgage Co., whose assets and liabilities were taken over by the Reconstruction Finance Corporation in 1947, are included
with "Other agencies" in 1945 and 1946.
5
The RFC Liquidation Act approved July 30, 1953 (67 Stat. 230) terminated the RFC's lending authority effective Sept. 28, 1953. Its lending
activities under the Federal Civil Defense Act of 1950 and the Defense Production Act of 1950 were transferred to the Treasury on that date.
When the Corporation went out of existence on June 30, 1954, certain loans, securities, and other assets were transferred to the Federal National
Mortgage Association, the Small Business Administration, and the Export-Import Bank, and the Treasury assumed responsibility for completing
liquidation
of other activities.
6
Reconstruction Finance Corporation loans to aid home owners, which increased steadily through the first three quarters of 1947 and during
1948,7 appear to have been included with "other" loans in the statement for Dec. 31, 1947.
Figures adjusted to include certain affiliates of the Reconstruction Finance Corporation. Several of these—including the Defense Plant
Corporation, Defense Supplies Corporation, Metals Reserve Company, and Rubber Reserve Company—were merged with the parent effective
July 81, 1945. Most of their activities
were reflected under "Commodities, supplies, and materials" and "Land, structures, and equipment."
9
Less than $500,000.
Figures represent largely the Treasury loan to United Kingdom and through 1952 are based in part on information
not shown
in Treasury compilation.
10
Represents lending under Mutual Security Agency (predecessor of FOA) included in the Treasury compilation beginning with balancesheetI for June 30, 1952; figure not published in Treasury compilation, but derived by Federal Reserve.
1 Reflects activities of the Federal Public Housing Authority under the U, S. Housing Act, as amended, until July 27, 1947, when these activities were transferred to the newly established Public Housing Administration. War housing and other operations of the Authority—shown on
the Treasury Statement with "other agencies" through 1947—were not transferred to the PHA until 1948. Effective July 1, 1954, the public war
housing program of the PHA (represented largely by "Land, structures, and equipment") and several small housing programs managed by the
Office of the Administrator, Housing and Home Finance Agency, were designated to be liquidated by the Office of the Administrator.
12
Beginning 1951, includes figures for Panama Canal Company, a new corporation combining the Panama Railroad Company (included in
earlier Treasury Statements) and the business activities of the Panama Canal (not reported prior to that time). See also footnote 11.
13
See footnote 11.
NOTE.—Statement includes certain business-type activities of the United States Government. Figures for some agencies—usually small
ones—may be for dates other than those indicated. Comparability of the figures with those for years prior to 1944 has been affected by (1) the
adoption of a new reporting form beginning Sept. 30, 1944, and (2) changes in activities and agencies included (see footnote 2). For back figures
see Banking and Monetary Statistics, Table 152, p. 517.
JULY 1955
785
SECURITY MARKETS3
Bond prices
Stock prices
Common
U. S. Govt.
(long-term)
CorMupoPrenicipal rate
(high- (high- ferred5
New grade)4 grade) *
series 3
Year, month,
or week
Old
series 2
Number of issues. .
1952 average
1953 average
1954 average
Volume
of
tradings
(in
Manufacturing
Trade,
thouPubfisands
Transnance, Minof
Non- porta- lic
and
ing shares)
Du- duutilTotion
servraity
tal
raice
ble
ble
Standard and Poor's series
(index, 1935-39=100)
Total
Industrial
Railroad
Securities and Exchange Commission series
(index, 1939=100)
Public
utility
Total
17
15
480
420
20
40
265
170
98
72
21
29
31
14
97.27
129.3
93.90
119.7
99.51 109^60 125.8
115.8
112.1
117.2
169.7
164.0
174.5
188
189
227
204
204
250
169
170
180
118
122
136
195
193
230
220
220
271
189
193
245
249
245
295
221
219
233
118
122
136
206
207
236
276
240
267
'•1,404
1,419
2,270
109.74
111.07
111.50
110.68
110.59
109.88
109.91
123.9
126.9
128.4
127.2
126.9
127.4
126.6
117.0
117.5
117.8
117.6
117.5
117 A
117.0
172.9
173.3
174.7
175.8
178.1
178.9
178.3
222
231
236
239
244
252
265
244
255
261
264
271
282
297
176
184
187
182
187
197
218
135
140
142
141
139
141
144
224
233
237
240
244
254
268
263
275
280
286
291
305
323
237
254
257
260
267
284
298
288
294
301
309
313
324
345
225
234
237
236
240
259
285
134
139
141
140
138
141
144
228
236
243
247
249
260
268
266
257
263
268
269
278
310
1,919
2,469
2,588
1,963
2,103
3,196
3,475
1
3-7
15
1954—Tune
July
Aug
Sept
Oct
Nov
Dec
99.49
100.36
100.28
99.92
99.69
99.27
98.97
1955—Jan
Feb
Mar
Apr
May
June
97.88
96.97
97.08
96.31
96.53
96.37
108.43 125.4
103.51 125.0
103.63 124.4
103.43 124.9
103.66 125.1
103.75 123.9
116.7
115.7
115.4
115.3
114.7
114.5
175.7
175.0
174.6
176.0
175.6
175.8
269
278
278
286
285
301
302
312
311
322
320
341
222
232
238
252
251
259
145
150
150
152
152
153
271
281
280
287
289
303
326
340
337
347
350
370
307
320
318
327
324
344
344
358
354
365
372
393
288
300
305
320
326
337
145
150
151
152
154
154
270
276
275
277
280
294
314
315
315
311
303
314
3,555
3,201
2,907
2,689
2,163
2,643
Week ending:
June 4 . . . .
June 11. . . .
June 1 8 . . . .
June 2 5 . . . .
July ^ 2 . . . .
96.78
96.64
96.51
96.16
95.76
104.12
104.20
103.90
103.40
103.11
114.4
114.5
114.5
114.4
114.6
175.4
175.5
175.1
176.6
176.2
290
298
302
307
308
325
336
342
349
350
255
259
260
263
259
153
154
154
153
154
294
300
307
311
314
357
365
376
383
388
332
340
352
354
355
379
388
397
410
418
334
336
337
339
338
155
154
154
154
154
288
291
298
301
300
305
315
318
317
323
2,428
2,902
2,678
2,705
2,308
124.4
124.4
124.1
123.8
122.6
^Revised.
1
Monthly and weekly data for U. S. Government bond prices and volume of trading are averages of daily figures; for other series monthly
and weekly data are based on figures for one day each week—Wednesday closing prices for municipal and corporate bonds, preferred stocks, and
common stocks (Standard and Poor's Corporation) and weekly closing prices for common stocks (Securities and Exchange Commission).
2
Fully taxable, marketable 23^ per cent bonds first callable after 12 years. Of these the 1967-72 bonds are the longest term issues. Prior
to Apr. 1, 1952, only bonds due or first callable after 15 years were included.
^xhe 3% per cent bonds of 1978-83 and, beginning Feb. 1,
1955, the 3 per cent bond of February 1955.
4
Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond.
5
Standard and Poor's Corporation. Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual
6
dividend.
Average daily volume of trading in stocks on the New York Stock Exchange for a five and one-half hour trading day.
Back figures.—See Banking and Monetary Statistics, Tables 130, 133, 134, and 136, pp. 475, 479, 482, and 486, respectively, and BULLETIN
for May 1945, pp. 483-490, and October 1947, pp. 1251-1253.
STOCK MARKET CREDIT
[In millions of dollars]
Customer credit
Broker and dealer credit
Excluding U. S. Government securities
End of month or
last Wednesday
of month
Total
Net debit
balances
excluding
balances
secured by U. S.
Government
obligations1
Bank loans to
others for purchasing or carrying securities
except U. S.
Government
obligations2
Net debit
balances
secured
by U. S.
Government
obligations1
Bank loans
to others
for
purchasing
or carrying
U.S.
Government
obligations2
Money
borrowed
except on
U.S.
Government
obligationsx
Money
borrowed
on
U. S.
Government
obligations1
Customers'
net free
credit
balances 1
1951—December
1952—December
1953—December
1,826
1,980
2,445
1,253
1,332
1,665
573
648
780
40
33
31
118
149
88
659
877
1,074
36
30
88
822
727
713
1954—May
2,666
2,678
2,734
2,830
2,953
3,050
3,203
3,436
1,796
1,822
1,893
1,967
2,048
2,095
2,202
2,388
870
856
841
863
905
955
1,001
1,048
45
37
33
31
34
36
40
41
68
43
34
34
36
38
31
65
1,082
1,092
1,099
1,125
1,225
1,295
1,353
1,529
103
82
70
69
66
69
63
69
836
847
877
910
924
924
972
1,019
3,537
3,643
3,732
3,785
3,787
2,517
2,590
2,652
2,704
2,684
1,020
1,053
1,080
1,081
1,103
42
63
49
48
47
35
39
33
27
28
1,620
1,666
1,861
1,988
2,047
77
113
78
74
72
1,069
1,063
1,022
973
928
June
July
August
September
October. •
November
December
1955—January
February
A!arch
April
May
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.
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. Government
securities may be included in column 3 after 1952; loans for that purpose are shown separately in column 5 for all weekly reporting member banks
in 1951 and 1952 and for New York and Chicago banks thereafter.
786
FEDERAL RESERVE BULLETIN
BANK RATES ON BUSINESS LOANS
AVERAGE RATES ON SHORT-TERM LOANS IN
SELECTED CITIES
[Per cent per annum]
MONEY MARKET RATES
[Per cent per annum)
Prince
commercial
paper,
4- to 6months1
Year,
month, or
week
Finance
company
paper
placed
directly,
3- to 6-1
months
U. S. Government
securities (taxable)
Prime
bankers'
accept- 3-month bills
ances,
3- to 590
month2
year
Rate issues
days 1 Market on
issues3
new
yield
issues
1952 average.. . .
1953 average. . . .
1954 average. . . .
2.33
2.52
1.58
2.16
2.33
1.41
1.75
1.87
1.35
1.72
1.90
.94
1.766
1.931
.953
1.81
2.07
.92
2.13
2.56
1.82
1954—June
July
Aug
Sept
Oct
Nov
Dec
1.56
1.45
1.33
1.31
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
.64
.72
.92
1.01
.98
.93
1.14
.650
.710
.892
1 007
.987
.948
1.174
.76
.65
.64
.89
1.03
.94
1.10
1.79
1.69
1.74
1.80
1.85
1.90
1.94
1.37
2^00
1.50
1.73
1.88
1.82
1.33
1.38
1.38
1.43
1.50
1.50
1.23
1.17
1.28
1.59
1.45
1.41
1.257
1.177
1.335
1.620
1.491
1.432
1.36
1.41
1.49
1.71
1.72
1.71
2.11
2.18
2.30
2.39
2.40
2.42
2.00
2.00
2.00
2.00
2.00
1.88
1.83
1.81
1.81
1.81
1.50
1.50
1.50
1.50
1.50
1.37
1.41
1.47
1.37
1.43
1.434
1.390
1.514
1.420
1.401
1.74
1.71
1.71
1.68
1.71
2.40
2.40
2.38
2.43
2.48
1955—Jan
Feb
Mar
Apr
May
June
1.31
1.31
1.31
'. .
Week ending:
June 4 . . .
June 1 1 . . .
June 18...
June 2 5 . . .
July 2 . . .
1.47
1.68
1.69
»-1.90
r
Revised.
2
Series includes
3
*Data are averages of daily prevailing rates.
certificates of indebtedness and*selected note and bond issues.
Series includes selected note and bond issues.
Back figures.—See Banking and Monetary Statistics, Tables 120-121, pp.
448-459, and BULLETIN for May 1945, pp. 483-490, October 1947, pp. 12511253, and February 1955, p. 215.
Size of loan (thous. of dol.)
Area and period
All
loans
Annual averages:
19 cities:
1948
1949
1950
1951
. . . .
1952
1953
. . .
1954
2.5
2.7
2.7
3.1
3.5
3.7
3.6
4.4
4.6
4.5
4.7
4.9
5.0
5.0
3.5
2.8
3.7
3.0
3.6
3.0
4.0
3.4
3.7
4.2
4.4 • 3.9
3.9
4.3
2.2
2.4
2.4
2.9
3.3
3.5
3.4
3.56
3.55
3.54
3.56
4.99
4.92
4.93
4.92
4.32
4.29
4.29
4.29
3.82
3.84
3.83
3.83
3.32
3.31
3.30
3.33
3.29
3.30
3.29
3.30
4.81
4.66
4.68
4.73
4.21
4.15
4.14
4.18
3.54
3.64
3.65
3.62
3.13
3.15
3.14
3.15
3.57
3.55
3.55
3.55
5.07
4.99
5.02
4.97
4.34
4.31
4.32
4.29
3.94
3.89
3.84
3.78
3.36
3.33
3.35
3.37
3.95
3.90
3.87
3.95
5.03
5.01
5.00
4.98
4.39
4.36
4.35
4.34
3.91
3.93
3.92
4.01
3.68
3.60
3.54
3.67
Quarterly:
19 cities:
1954—Sept
Dec
1955—Mar
June
New York City:
1954—Sept
Dec
1955—Mar
June
7 Northern and Eastern cities:
1954—Sept
Dec
1955—Mar
June
11 Southern and
Western cities:
1954—Sept
Dec
1955—Mar
June
110
10100
100200
200
and over
NOTE.—For description of series see BULLETIN for March
1949, pp. 228-237.
BOND AND STOCK YIELDS i
[Per cent per annum]
Bonds
Industrial stocks
Corporate 6
State and local government
U. S. Govt.
(long-term)
Year, month,
or week
Old
series2
New
series3
General obligations4
By selected
ratings
Total
Revenue
bonds 5
ings/
price
ratio
Total
Aaa
Aaa
Earn-
Dividends /
price ratio
By
groups
By selected
ratings
Baa
Baa
Industrial
Railroad
Pre- 7
Public
utility ferred
Common8
Common 9
Number of issues..
3-7
1
20
5
10
120
30
30
40
40
40
14
125
125
1952 average
1953 average
1954 average
2.68
2.93
2.53
3.16
2.70
2.22
2.82
2.46
1.80
2.31
2.04
2.70
3.41
3.09
2.45
3.02
2.81
3.19
3.43
3.16
2.96
3.20
2.90
3.52
3.74
3.51
3.00
3.30
3.09
3.36
3.55
3.25
3.20
3.45
3.15
4.13
4.27
4.02
5.55
5.51
4.70
9.49
10.14
8.75
1954—June
July
August
September..
October....
November..
December. .
2.54
2.47
2.48
2.51
2.52
2.55
2.57
2.70
2.62
2.60
2.64
2.65
2.68
2.68
2.59
2.39
2.31
2.34
2.37
2.34
2.40
2.17
1.98
1.90
1.93
1.97
1.95
2.01
3.22
3.00
2.94
2.98
3.00
2.96
2.99
2.85
2.76
2.75
2.80
2.77
2.76
2.76
3.16
3.15
3.14
3.13
3.13
3.13
3.13
2.90
2.89
2.87
2.89
2.87
2.89
2.90
3.49
3.50
3.49
3.47
3.46
3.45
3.45
3.10
3.10
3.07
3.07
3.06
3.06
3.07
3.23
3.23
3.21
3.22
3.23
3.22
3.23
3.15
3.13
3.12
3.13
3.11
3.10
3.10
4.05
4.04
4.01
3.98
3.93
3.92
3.93
4.74
4.54
4.66
4.31
4.43
4.29
4.09
1955—January.. . .
February.. .
March
April
May
June
2.65
2.72
2.71
2.77
2.75
2.76
2.76
2.92
2.92
2.92
2.91
2.91
2.48
2.49
2.49
2.50
2.48
2.49
2.09
2.10
2.09
2.08
2.06
2.09
3.04
3.05
3.07
3.08
3.07
3.08
2.77
2.79
2.80
2.79
2.77
2.80
3.15
3.18
3.20
3.21
3.23
3.23
2.93
2.99
3.02
3.01
3.04
3.05
3.45
3.47
3.48
3.49
3.50
3.51
3.08
3.12
3.14
3.14
3.17
3.18
3.25
3.28
3.31
3.30
3.32
3.31
3.12
3.15
3.17
3.17
3.19
3.21
3.98
4.00
4.01
3.98
3.99
3.98
4.10
4.14
4.18
4.03
4.05
3.71
W e e k ending:
June 4. . . .
June 11. . . .
J u n e 18
June 2 5 . . . .
July
2....
2.74
2.74
2.75
2.78
2.81
2.90
2.89
2.90
2.93
2.94
2.47
2.47
2.48
2.49
2.53
2.06
2.07
2.08
2.09
2.14
3.06
3.06
3.07
3.10
3.11
2.79
2.79
2.80
2.80
2.84
3.23
3.23
3.23
3.23
3.23
3.05
3.04
3.05
3.05
3.05
3.50
3.50
3.51
3.51
3.51
3.17
3.17
3.17
3.18
3.17
3.32
3.31
3.31
3.31
3.31
3.21
3.20
3.21
3.21
3.22
3.99
3.99
4.00
3.97
3.97
3.99
3.91
3.82
3.76
3.70
5
9.00
' "7'.42'
8.15
'
'8.16
1
Monthly and weekly yields are averages of daily figures for U. S. Government and corporate bonds. Yields of State and local government
general obligations are based on Thursday figures; of revenue bonds, on Friday figures; and of preferred stocks, on Wednesday figures. Figures
for common
stocks are as of the end of the period, except for annual averages.
2
Fully taxable, marketable 2% per cent bonds first callable after 12 years. Of these the 1967-72 bonds are the longest term issues. Prior
to Apr. 1, 1952, only bonds due or first callable after 15 years were included.
3The 3M per cent bonds of 1978-83 and, beginning Feb. 1, 1955, the 3 per cent bond of February 1995.
4
5
Moody's Investors Service. The total includes bonds rated Aa and A, data for which are not shown separately.
Dow-Jones and Co.
6
Moody's Investors Service. Because of a limited number of suitable issues, the number of bonds in some of groups has varied somewhat.
The total
includes
bonds
rated
Aa
and
A,
data
for
which
are
not
shown
separately.
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
9
Moody's Investors Service.
Computed by Federal Reserve from data published by Moody's Investors Service.
JULY 1955
787
TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS
[On basis of monthly statements of United States Treasury]
Summary
Increase or
decrease (—)
during period
Excess of receipts
or expenditures (—)
Budget receipts and
expenditures
Period
General
fund
balance
62
1, 770
— 1 , 488
603
4 . 295
6 , 064
4 , 577
5 , 180
321
389
346
563
146
176
131
111
2,693
4,368
3,358
3,461
1,134
1,132
-34
2,711
7,973
7,777
3,582
-401
-250
-303
n.a.
3,883
6,966
S,189
3,115
-388
—2 299
2, 096
6 , 969
4 , 670
6 , 766
6 , 216
333
132
875
380
355
210
274
343
5,106
3,071
4,836
4,365
1,175
1,256
-64
8,286
-1,320
9,097
-3,909
7,490
-4,376
- 1 , 394
-94
2 , 190
- 1 , 587
1, 036
064
670
577
766
180
216
389
132
346
875
563
380
176
210
131
274
111
343
4,368
3,071
3,358
4,836
3,461
4,365
1,132
1,256
6 , 766
4 , 224
5 , 457
5 , 145
6 , 663
7 , 304
5 , 180
4 , 728
5, 411
5 , 151
6 , 401
5 , 880
6 , 216
875
727
511
704
736
694
563
360
564
724
814
649
380
274
196
101
170
175
137
111
320
196
149
362
153
343
4,836
2,538
4,078
3,469
4,936
5,584
3,461
2,907
3,561
3,203
4,023
4,054
4,365
781
764
767
801
816
889
Net
receipts
Expenditures
Cal. y r . — 1 9 5 1 . . . . .
1952...,.
1953
19541....
52,979
64,840
63,841
61,171
56,337
70,682
72,997
64,854
-3,358
-5,842
-9,157
-3,683
759
49
82
812
56
-90
C
19
-73
-106
-319
-209
Fiscal yr.—1952. . .
19531..
1954...
1955 . . .
Semiannual totals:
1952—July-Dec.
1953—Jan.-June.1
July-Dec
1954—Jan.-June.
July-Dec.
1955—Jan.-June.
Monthly:
1954—j u n e
Tuly .. .
Aug.....
Sept
Oct. . .
Nov
Dec . ..
1955—Jan
Feb..,.
Mar
61,391
64,825
64,655
n.a.
65,408
74,274
67.772
n.a.
-4,017
-9,449
-3,117
n.a.
219
460
332
n.a.
-72
-25
-4
26,893
37,703
25,757
38,899
22,272
n.a.
36,186
37,801
34,484
33,288
31,566
n.a.
-9,293
121
341
'-317
648
164
n.a.
46
-71
99
—103
30
-248
'-246
«~57
n.a.
n.a.
10,644
2,827
3,911
4,951
2,639
4,201
3,742
4,655
5,427
9,741
3,732
4,438
n.a.
7,308
4,827
6,731
5,019
4,857
3,842
6,288
4,942
4,831
5,894
5,228
5,356
n.a.
3,336
-2,000
-2,820
-19
— 135
387
-283
-288
358
126
-179
26
-80
-193
-79
32
—34
-83
163
-23
33
—26
511
—37
73
29
36
Apr. .
May....
June
-98
-8,728
5,611
-9,294
n.a.
-68
-2,218
358
—2,546
-287
596
3,846
-1,496
-919
n.a.
n.a.
ii.a.
Deposits in
Balance
in
general
fund
Sales and
Trust redemptions Clearand
in market
ing
other
of Govt.
acacagency
count
counts obligations
Surplus
or
deficit
n.a.
General fund of the Treasury
(end of period)
23
146
-97
-222
21
104
-209
425
-186
354
36
309
-384
n.a.
Gross
direct
public
debt
—2,215
-276
3,971
-145
3,942
101
-103
-311
-257
-4,134
2,601
-551
-904
1 , 280
- 2 , 542
1, 233
-313
1, 518
641
- 2 , 124
-451
682
-260
1, 250
522
336
824
-3,098
6,
4,
4,
6,
5,
6,
F. R. Banks
Special
Avail- Inessprocof deposable
itaries
collecfunds
tion
Other
net
assets
742
L.045
781
L ,127
742
781
1,045
L ,127
1,045
1,142
1,089
1,074
1,201
1,023
L,127
Budget expenditures
National security
Period
Total
Total 2
InterVetSocial
nat'l Inter- erans
seaffairs
est Admin- curity
Mutual
Deon
mili- Atomic and
fense
proistrafi- 3 debt
tary
Dept.,
energy nance
tion 4 grams
promiligram
tary
Agriculture
HousTransing
fers
Post
and Public office
to
home works deftrust C)ther
fiacicit
nance
counts
Cal. yr.—1951
1952
1953
19541
56,337
70,682
72,997
64,854
33,044
47,936
49.363
42,820
1, 594
3 , 052
3 , 784
3 , 249
1, 278
1, 813
1, 889
1, 937
3,524
2,574
2,082
1,265
5,983
6,065
6,357
6,567
5,088
4,433
4,156
4,206
1,463
1,508
1,630
1,653
1,
1,
3,
3,
D10
564
238
437
1,438
1,573
- 1 5 9 1,685
—393 1,526
684
775
525
241
507
510
154
182
2,901
3,098
3,966
3,350
Fiscal yr.—1951....
1952
19531...
1954....
Semiannual totals:
1952—Jan.-June.
July-Dec. .
1953—Jan.-June.
July-Dec i .
1954—Jan.-June..
July-Dec. .
Monthly:
1954—May
June
July .
44,058
65,408
74,274
67,772
948
21,663 19,148
42,867 38,077 2 , 292
50,276 43,611 3 , 956
46,522 40,336 3 , 629
908
1, 648
1, 791
1 , 895
3,798
2,839
2,184
1,553
5,613
5,859
6,504
6,382
5,288
4,748
4,249
4,176
1,415
1,424
1,532
1,640
635
1, 219
3 , 134
2 , 841
1,458
1,515
1,660
- 6 1 5 1,519
624
740
659
312
397
567
462
164
2,706
3,015
3,229
3,277
34,496
36,186
37,801
34,484
33,288
31,566
23,444 20,652 1, 353
24,491 21,426 1, 699
25,596 22,134 2 , 113
23,750 20,819 1, 671
22,773 19,517 1, 958
20,047 17,290 1, 292
937
876
926
945
950
987
1,467
1,107
1,113
3,099
2,966
3,542
2,816
3,567
3,000
2,269
2,164
2,086
2,070
2,106
2,100
706
802
791
806
834
819
420
355
305
220
92
149
84
426
31
118
46
136
1 ,448
1 ,650
1 ,462
1 ,774
1 ,502
1 ,847
169
110
174
169
160
170
156
158
158
151
153
134
126
120
69
81
94
152
73
89
192
171
148
109
78
184
249
346
370
333
333
320
341
372
401
373
364
386
379
378
122
169
139
118
137
171
131
123
181
119
119
153
133
5
17
56
4
1
9
1
65
6
1
1
4
2
198
20
468
344
309
279
212
234
273
290
270
-59
295
Aug
Sept.
Oct
Nov
Dec
1955—Jan
Feb.
Mar
May
5,203
7,308
4,827
6,731
5,019
4,857
3,842
6,288
4,942
4,831
5,894
5,228
5,356
3,374
4,663
3,061
3,370
3,261
3,300
3,316
3,739
3,176
3,048
3,759
3,382
3,346
29,432
42,078
42,953
36,807
2,834
3,932
2,493
2,913
2,843
2,908
2,853
3,280
3,092
2,705
3,261
3,020
3,017
331
516
334
228
210
187
181
152
-113
163
63
122
99
968
585
680
1,763
213
332
541
346
368
1,200
222
396
478
355
443
2,
1,
1,
1,
679
885
178
237
604
833
694
248
270
2 , 039
144
170
- 1 , 034
244
381
269
690
781
390
694
646
460
614
385
222
424
-42
46
657
916
740
900
619
907
-14
—85
49
—39
—5
6
96
—61
35
36
-17
26
34
109
114
156
137
158
164
142
149
101
89
85
99
108
-176
-439
—40
i48
2
23
72
16
31
43
e
n.a.
Not available.
Corrected.
1
Beginning new reporting basis, described in Treasury Bulletin, April 1954, p. A2.
2
Includes
stockpiling
not
shown
separately.
3
Consists of foreign economic and technical assistance under the Mutual Security Act, net transactions of the Export-Import Bank, other
nonmilitary
foreign
aid
programs,
and
State Department.
4
Excludes transfers to trust accounts, which are shown separately.
788
FEDERAL RESERVE BULLETIN
TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS—Continued
[On basis of monthly statements of United States Treasury, unless otherwise noted.
In millions of dollars]
Budget receipts
Income and profits taxes
Period
Cal. yr.—1951
1952
1953
19542
Fiscal yr.—1951....
1952....
1953 2 ...
1954....
Semiannual totals:
1952—Jan.-June.
July-Dec.
1953—Jan.-June.2
July-Dec.
1954—Jan.-June.
July-Dec.
Monthly:
1954—May
June
July
August
September
October. ..
November,
December.
1955—January..,
February.,
March. . .,
April
May
Deduct
Corporation 1
Estate
and
gift
taxes 1
Excise1
taxes
Unemployment
insurance
taxes
Individual
Total
Other
budget
receipts receipts
Net
budget
Refunds receipts
Railroad
of
Old-age retire- receipts
trust
ment
fund
account
Withheld
Other*
16,037
20,045
22,605
20,787
13,535
18,521
21,351
21,635
10,311
11,834
11,279
10,477
9,830
11,359
11,417
10,747
16,565
22,140
19,045
19,915
14,388
21,467
21,595
21,523
801
849
923
960
730
833
891
945
8,591
9,566
10,288
9,136
8,693
8,893
9,934
10,014
235
266
269
285
234
259
277
285
2,337
2,639
2,570
2,932
2,263
2,364
2,478
2,882
58,941
71,788
71,524
70,217
53,369
67,999
72,649
73,173
3,355
3,814
3,918
5,121
3,120
3,569
4,086
4,537
509
683
628
604
575
738
620
603
2,098
2,451
3,137
3,322
2,107
2,302
3,118
3,377
52,979
64,840
63,841
61,171
47,568
61,391
64,825
64,655
10,220
9,825
11,347
11,078
10,558
10,230
9,008
2,826
8,481
2,593
8,154
2,323
14,318
7,821
13,773
5,375
16,148
3,767
459
390
502
405
540
420
4,519
5,048
4,931
5,405
4,609
4,527
224
42
234
40
245
40
1,251
1,388
1,137
1,255
1,627
1,305
42,242
29,546
42,910
28,195
44,978
25,239
1,922
1,891
2,195
1,722
2,815
2,305
373
311
311
321
282
322
2,000
339
37,947
26,893
37,703
25,757
38,899
22,272
2,601
1,272
1,035
2,578
1,422
1,077
2,759
1,359
884
2,916
1,721
967
2,991
140
1,342
252
93
1,429
199
78
272
2,239
881
745
2,190
602
358
6,956
532
300
1,104
361
290
1,181
355
274
6,812
478
377
73
103
77
64
72
65
61
82
62
67
151
77
94
804
731
713
766
767
785
781
715
649
709
841
717
843
215
17
389
1
299
4
166
16
164
1
187
4
272
168
( ) * 216
483
31
321
167
191
20
171
4
333
15
5,037
11,347
3,148
4,801
5,280
2,887
4,905
4,217
4,833
5,954
11,089
4,941
6,119
759
507
217
743
274
188
554
329
113
255
562
316
785
71
45
20
76
47
21
94
64
17
64
46
19
80
616
150
85
70
8
39
56
82
48
208
741
874
817
3,592
10,644
2,827
3,911
4,951
2,639
4,201
3,742
4,655
5,427
9,741
3,732
4,438
Period
Total*
Expenditures
759
49
82
'2812
295
219
2
460
332
7,906
8,315
8,123
9,191
7,251
8,210
8,529
8,708
3,155
3,504
2,387
1,177
3,360
3,361
3,059
1,687
4,507
4,942
5.811
7,717
3,752
4,885
5,257
6,846
271
329
153
405
196
275
242
367
786
508
310
c9i9
353
530
489
524
988
1,127
1,025
995
1,032
835
-72
121
341
'2-317
»648
164
4,242
4,073
4,458
=3,655
=5,052
4,143
2,009
1,495
1,564
823
864
313
2,486
2,456
2.802
3,003
3,843
3,874
223
106
136
37
331
74
404
105
385
— 109
263
157
328
-276
377
337
-322
391
340
-269
360
378
n.a.
271
— 19
-135
387
-283
-288
358
126
-179
26
-80
-193
-79
1,212
1,467
389
1,200
414
334
956
850
227
569
729
489
1,298
330
888
-98
281
-82
-148
111
249
-334
-126
39
-358
644
630
651
648
606
682
640
641
657
704
697
733
700
705
61
-79
7
30
34
80
-26
32
104
Tobacco
8,682
9,558
9,714
9,248
8,704
8,971
9,946
9,517
2,460
2,727
2,819
2,707
2,547
2,549
2,781
2,783
1,446
1,662
1,614
1,543
1,380
1,565
1,655
1,580
2,790
3,054
3,262
3,131
2,841
2,824
3,359
3,127
1,987
2,115
2,020
1,867
1,936
2,032
2,151
2,027
4.531
5; 027
4,919
4,795
4,722
4,527
1,245
1,482
1,299
1,521
1,262
1,445
817
845
810
804
777
766
,481
,573
,786
,476
,651
,480
130
147
123
141
137
134
124
108
131
119
139
122
n.a.
727
11
38
692
3
42
696
10
27
676
99
9
n.a.
Other *
Investments
Liquor
222
246
226
207
250
273
280
209
155
181
246
209
n.a.
Investments 6
Receipts
Total
1,343
561
713
765
766
786
778
719
654
707
844
718
n.a.
395
2,982
Other accounts 6
Social security,
retirement, and
insurance accounts
Excise and miscellaneous taxes
Manufacturers'
and retailers'
excise
451
2,700
Trust and other accounts
Internal revenue collections
(on basis of Internal Revenue Service reports)
Cal. yr.—1951
1952
1953
1954
Fiscal yr.—1951....
1952....
1953
1954
Semiannual totals:
1952—Jan.-June..
July-Dec.
1953—Jan.-June..
July-Dec...
1954—Jan.-June..
July-Dec...
Monthly:
1954—May
June
July
Aug
Sept
Oct
Nov
Dec
1955—Jan
Feb
Mar
Apr
May
Appropriations to:
Other
6
56
-58
200
47
58
-55
-62
°633
282
-63
-124
210
124
164
75
21
395
-91
c
n.a.
Not available.
Corrected.
1
Corporation and estate and gift taxes are from Internal Revenue Service reports prior to July 1953.
Excise taxes and nonwithheld individual
taxes foT that period are obtained by subtracting IRS data from appropriate
Treasury daily statement
totals.
2
3
4
Beginning
new
reporting
basis.
See
footnote
1
on
preceding
page.
Less
than
$500,000.
Excess
of receipts, or expenditures (—).
5
Consists of miscellaneous trust funds and accounts and deposit fund accounts. The latter reflect principally net transactions of Government sponsored corporations, European Payments Union deposit fund, and suspense accounts of Defense and other Government departments.
Investments of wholly owned Government corporations are included as specified in footnote 6, but their operating transactions are included in
Budget
expenditures.
e
Consists of ^a) net investments in public debt securities of Government sponsored corporations and agencies and other trust funds and
(b) beginning November 1950, net investments of wholly owned Government corporations and agencies, which prior to that date are included
with Budget expenditures.
JULY 1955
789
TREASURY CASH INCOME, OUTGO, AND BORROWING
DERIVATION OF CASH RECEIPTS FROM AND PAYMENTS TO THE PUBLIC
[On basis of monthly and daily statements of United States Treasury and Treasury Bulletin. In millions of dollars]
Cash withdrawals, other than debt
Cash deposits, other than debt
Less:
Plus:
Net
Trust
Budget acct.
rec'ts. rec'ts.
Period
Less:
IntraGovt.
trans. 1
52,979
64,840
63,841
61,171
8,582
8,707
8,596
9,571
2,221
2,150
1,989
2,086
61 391
Fiscal yr —1952
1 9 5 3 6 . . . 64,825
1954
64,655
1955
n.a.
Semiannual totals:
1952—July-Dec.. . 26,893
1953—Jan.-June. . 37,703
July-Dec. 6. 25,757
1954—Jan.-June. . 38,899
July-Dec. . 22.272
1955—Jan.-June..
n.a.
Monthly:
1954—June
10,644
July
2,827
3,911
Aug.
Sept
4,951
2,639
Oct.
Nov
4,201
Dec
3.742
1955—j an
4,655
5,427
Feb.
9,741
Mar
Apr.
3 732
May
4,438
n.a.
June
8 807
8,929
9,155
n.a.
2,104
2,194
2,097
n.a.
4,248
4,683
3,953
5,203
4,368
n.a.
1,039
1,144
849
1,248
838
n.a.
1,448
434
1,224
457
370
994
890
268
600
^78
528
1,320
n.a.
898
130
49
100
74
58
427
4-v
53
64
78
Cal. y r . — 1 9 5 1 . . . .
1952
1953
19546
Budget Plus:
Trust
exand
pendiother
tures
Plus:
Equals:
Other
Cash
addejustposits
2
ments
n.a.
n.a.
n.a.
-65
-215
101
n.a.
n.a.
n.a.
376
-242
177
n.a.
accts.
Plus:
Equals:
Cash
withdrawals
Exch. Clear- Trans,
out- Other
Accru- Stabi- ing
adlizaside
als to
ac3
tion
Treas. just- 2
public
Fund 4 count a c c t . 5 ments
IntraGovt.
trans. 1
Excess
of deposits
or
withdrawals
4,397
4,825
5,974
7,182
2,221
2,150
1,989
2,086
567
734
575
565
-26
38
-82
-188
106
319
209
34
n. a.
n. a.
n. a.
-274
-35
58,034
1,304
72,980 - 1 , 5 8 3
76,529 - 6 , 0 9 0
68,896
-301
68,093 65,408 4,952
71,345 74,274 5,169
71,815 67,772 6,769
n.a.
67,769 n.a.
2,104
2,194
2,097
n.a.
710
694
509
488
9
-28
-109
-156
401
250
303
n.a.
-170
-155 -215
-274
118
n. a..
67,786
307
76,407 - 5 , 0 6 2
71,974
-159
69,899 - 2 , 1 3 0
30,104
41,241
29,199
42,615
25,980
41,790
2,527
2,642
3,405
3,364
3,817
n.a.
1,039
1,144
849
1,248
838
n.a.
396
298
277
234
331
157
16
-44
-38
-71
-117
-39
64
248
246
C
57
-23
n.a.
374
-71
-202 -223
-94
188
n.J i .
7,308
658
4,827
660
6,731
526
5,019
788
4,857
800
3,842
469
6,288
573
4,942
581
4,831
653
5,894
761
5,228 1 134
5,356
817
n.a.
n.a.
898
130
49
100
74
58
427
42
53
64
78
n.a.
n.a.
76
70
38
57
50
45
71
51
— 18
4
31
39
51
-146
97
222
—21
— 104
209
-425
186
—354
—36
—309
384
n.a.
-25
93
—39 — 170
—28
407
—8 — 145
—7 —320
—1
—33
-11
449
—24 —582
—40
434
—63
479
584
n. a.
n a.
59,338
71,396
70,440
68,595
56,337
70,682
72,997
64,854
36,186
37,801
34,484
33,288
31,566
n.a.
104 '•11,278
-173
2,958
289
5,375
-28
5,280
-318
2,617
-14
5,122
421
4,626
—582
4,299
332
6,306
488 10,943
—532
3,651
n. a.
'5,547
n.a.
11,045
—31
16
-112
—6
—9
25
—8
—36
—6
11
n. a.
37,357 - 7 , 2 5 4
39,203
2,038
37,244 - 8 , 0 4 5
34,730
7,886
34,167 - 8 , 1 8 7
35,732
6,057
n.a.
C
r
6 894
5,144
7 788
5,364
5 096
4,374
6,401
5,009
5 481
6,932
5 355
6 278
6,677
4,384
-2,186
—2,412
-84
—2,478
748
-1,775
—710
825
4,010
— 1 704
—731
4,368
r
c
n.a. Not available.
Revised.
Corrected. l Represents principally (1) interest payments between Treasury and Government agencies
and trust funds, (2) transfers shown as Budget expenditures, and (3) payroll deductions for Federal employees retirement funds.
2
Represents principally adjustment for differences in reporting bases as between the monthly and daily Treasury statements.
3
Represents principally excess of interest accruals over payments on savings bonds and Budgetary expenditures involving issuance of Federal securities; the latter include mostly armed forces leave bonds and notes issued to the International Bank and Monetary Fund, which are
treated as noncash expenditures at the time of issuance and cash expenditures at the time of redemption.
4
Cash transactions between International Monetary Fund and Exchange Stabilization Fund. (See footnote 3).
6
To exclude net transactions not cleared through Treasurer's account in securities by Government agencies, adjusted in table below.
6
Beginning new reporting basis. See Treasury Bulletin for April 1954, p. A2. Cash withdrawals on the old daily statement basis are not
comparable to the new reporting basis, because data were not available for adjustments described in footnotes 2 and 5.
DERIVATION OF CASH BORROWING FROM OR REPAYMENT OF BORROWING TO THE PUBLIC
Plus:
Increase,
or de-
crease
(-), in
Period
gross
direct
public
debt
r^OO^l i n n
l^aSu lSSuanv.c \ji
securities of
Federal agencies
Adjustment
for
trans.
outside
Treas.
acct.*
Guaranteed
Nonguaranteed
2,711
Cal. yr.—1951
7,973
1952
7,777
1953
3,582
19547
3,883
Fiscal yr.—1952
6,966
19537....
5 189
1954
3,115
1955
Semiannual totals:
1952—July-Dec. . . 8,286
1953—Jan.-June.. . - 1 , 3 2 0
July-Dec. 7..
9,097
1954—Jan June... - 3 , 9 0 9
July-Dec. . .
7,490
1955—Jan.-June.. . - 4 , 3 7 6
18
12
22
-42
16
7
29
-37
37
-102
-3
-31
-88
-32
-33
n.a.
—266
— 170
-155
-257
n.a.
8
-2
24
6
-47
10
37
-69
76
-109
78
n.a.
n.a.
n.a.
—71
-183
-83
n.a.
-2,215
—276
3,971
-145
3,942
1
-61
6
1
5
1
31
27
—90
161
-28
32
—25
521
-40
67
24
31
n.a.
-36
—36
90
-125
-9
-20
17
—24
62
—72
n.a
n.a.
n.a.
Monthly:
1954—June
July
Aug.
Sept
Oct
Nov. . .
Dec
101
Feb
Mar.
—103
—311
—257
—4,134
2,601
June
, -3,098
1955—j an
Apr.
May.......
824
— 10
3
6
5
5
1
n.a.
n.a.
n.a.
Net
Less Noncash
debt transactions
2
inv. Accruals to public
in Fed.
sec. by
Govt.
agen.
and tr.
funds
Details of net cash borrowing" from or
,
Int. on
sav.
bonds
and
Treas.
bills
Payts.
in
form
of
Fed.
sec.
3,418
3,833
2,540
1,582
3,636
3,301
2,054
n.a.
718
770
591
577
779
719
524
497
— 125
— 74
66
176
-79
3
94
147
— 1,242
3,353
4 601
1,601
1,700
409
308
283
241
336
161
-29
34
30
64
112
35
6,351
-3,433
7,952
-5,694
6,600
-5,021
7,322
«-2,028
6,837
-4,307
7,378
P-3,121
76
71
39
58
51
45
72
51
-17
5
31
39
51
-1
30
— 17
111
5
9
-26
-3,104
—356
3,645
—229
3,996
-2,773
-77
3,680
—105
4,129
—50
— 198
—211
—241
—4,291
3 ! 144
1,778
860
1,194
387
n.a.
809
-91
311
-48
—142
167
191
— 134
-79
97
—413
582
n.a.
7
35
5
(8)
-11
/
\
_ r t_
•
J__
xi
t_ 1 • _ •
Equals: repayment ^ —; oi Dorrowmg to tne puonc°
Net
cash
borrow- Direct
Postal
Saving, or mktable. ings
SavSav.
repay t.
Other «
bonds
and
ings
Sys.
( —), of
(issue
conv.
notes
special
4
borrow- issues
price)
issues
ing
906
-695
2,763
2,255
1,579
— 107
—349
259
— 143
—4,270
2,955
209
-4,031
1,999 — 1 ,191 — 1 ,099
—406 — 1,784
5,778
248
64,829 6—344
-175 -1,469
3,071
—717 - 1 , 2 0 9
1,639
6-94 - 2 , 1 6 4
65,294
2,530
-381
628
- 1 0 -3,168
P4.258
—997
—113
— 162
-195
-155
-100
-239
-122
46
—122
—30
-326
-252
-173
-283
P959
-121
-829
618 - 1 , 3 3 5
-362
1,583
-19
-955
-514
— 156
147 - 2 , 6 5 4
-32
-68
-94
-145
11
-20
-12
-268
-58
-72
2>679
-267
-57
—137
—88
33
—64
—44
—101
—12
—64
12
—62
—9
— 136
51
—56
169
—59
— 129
94
—88
—42
—32 — 1,476
-48
-891
-16
7
_7
—8
—20
—22
9
—61
3
28
—37
15
—6
501
16
_5
—30
—36
-so
—26
—27
62
—30
—25
-26
n.a. Not available.
? Preliminary.
1
Adjustment described in footnote 5 above, plus other small adjustments for differences in reporting bases.
2
Differs from "accruals to the public" shown in preceding table, principally because adjustments to Exchange Stabilization Fund are included.
3
Includes redemptions of tax anticipation securities and savings notes used in payment of taxes.
4
Most changes in convertible Series B investment bonds, 1975-80, reflect exchanges of, or conversions into, marketable issues and thus cancel
out in this column. An exception was the sale for cash of about 300 million dollars in June 1952.
5
Includes cash issuance in the market of obligations of Government corporations and agencies and some miscellaneous debt items.
6
Excludes exchanges of savings bonds into marketable bonds, the amount of 409 million dollars.
7
8
Beginning new reporting basis. See footnote 6 above.
Less than $500,000.
790
FEDERAL RESERVE BULLETIN
TREASURY GASH INCOME, OUTGO, AND BORROWING—Continued
DETAILS OF TREASURY CASH DEPOSITS AND WITHDRAWALS *
[Classifications derived by Federal Reserve from Treasury data. In millions of dollars]
Cash deposits
Direct
taxes on
individuals 2
Period
Total
Direct Excise
taxes on and
corpo- misc.
rations taxes
Cash withdrawals
Social
ins.
receipts 3
Other Deduct.
cash Refunds
Total
inof recome 4 ceipts
Nat'l
Int'l
sec.
af- 6
programs 5 fairs
Interest on
debt
Social
Vetseerans curity
propro- 5
grams 7 grams
Other
4,137
4,230
4,589
'4,870
6,121
5,209
4,885
'4,664
4,915
5,617
6,648
8,587
6,169
7,341
8,113
'7,285
Cal.yr—1951
1952
1953
19549....
59,338
71,396
70,440
68,595
27,149
32,728
34,807
'31,785
16,565 8,591 6,362
22,140 9,566 6,589
19,045 10,288 6,693
'20,280 '8,801 '7,655
2,769
2,823
2,744
'3,433
2,098
2,451
3,137
3,358
58,034
72,980
76,529
68,896
Fiscal yr.—1952.9 . .
1953 . .
1954.. .
1955. . .
Semiannual totals:
1952—July-Dec..
1953—Jan.-June.9
July-Dec.
1954—Jan.-June.
July-Dec..
. 1955—Jan.-June.
Monthly:
1954—June
July
Aug
Sept
Oct
Nov
Dec
1955—Jan
Feb
Mar
Apr
May
June
68,093
71,345
71,815
67,769
30,713 21,467 8,893 6,521
33,370 21,595 9,978 6,849
'33,363 '21,817 ••9,679 '7,197
32,563 18,201 9,109 7,919
2,801
2,704
'3,178
3,422
2,302
3,151
3,419
3,444
67,786 42,935
76,407 50,250
71,974 46,422
69,899
n.a.
2,848 4,059
2,156 4,658
1,457 '4,838
n.a. 4,947
5,826
4,920
'4,943
4,766
5,206
6,063
7,645
n.a.
6,912
8,360
'6,669
n.a.
30,104
41,241
29,199
42,615
25,980
41,790
13,041 7,821 5,048
20,329 13,773 4,931
14,478 5,272 5,357
'18,885 '16,545 '4,322
12,899 3,734 4,479
19,663 14,466 4,630
3,202
3,656
3,031
'4,165
3,490
4,430
1,443
1,252
«1,498
'1,680
1,754
1,669
451
2,700
437
2,982
376
3,068
37,357
39,203
37,244
34,730
34,167
35,732
24,505
25,606
24,398
22,024
20,376
n.a.
1,123 2,246
1,069 2,413
930 2,334
526 '2,503
563 2,367
n.a. 2,580
2,500
2,420
2,465
'2,478
2,186
2,579
2,876
3,247
3,368
4,277
4,311
n.a.
4,107
4,448
3,748
'2,921
4,364
n.a.
'616
304
1,177
371
260
939
439
197
1,019
715
464
1,215
819
'252
365
220
204
237
296
432
350
346
241
235
221
275
150 '6,894
82 5,144
69 7,788
60 5,364
39 5,096
47 4,374
80 6,401
52 5,009
189 5,481
705 6,932
874 5,355
829 6,278
420 6,677
3,964
3,465
3,644
3,251
3,149
3,314
3,552
3,191
3,100
3,808
3,084
3,253
n.a.
'806
152
314
461
286
328
826
183
424
470
314
481
707
444
194
381
375
374
419
443
430
409
439
434
432
436
760
674
714
716
758
720
730
834
768
792
794
783
n.a.
••11,278
2,958
5,37/
5,280
2,617
5,122
4,626
4,299
6,306
10,943
3,651
5,547
11,04.
'2,691 '7,071
1,120
549
2,985
302
2,936 1,108
1,040
352
2,881
271
1,938
1,153
2,806
353
4,096
330
2,984 6,844
2,688
444
3,743
394
3,346 6,102
'797
702
760
722
768
783
744
644
703
864
694
802
922
33,194
47,971
50,294
42,400
3,498
2,612
2,000
1,089
81
50
110
40
67
80
217
171
140
73
72
184
n.a.
'838
609
2,625
521
462
-488
635
200
641
1,351
657
1,144
n.a.
n.a.
Not avilable.
'Revised.
^Corrected.
1
Beginning with July 1953, data are from the daily statement of cash deposits and withdrawals ot the U. S. Treasury where available; otherwise 2from the monthly Budget statement. For a description of classifications prior to that date, see earlier issues of the BULLETIN.
Includes estate and gift taxes.
3
Includes taxes for old-age and unemployment insurance, carriers taxes, and veterans life insurance premiums.
4
Represents mostly nontax receipts.
includes net redemptions of 7armed forces leave bonds.
includes
special International Bank and Monetary Fund notes.
Includes payments from veterans life insurance funds.
8
Includes
benefit
payments
for
old-age
and
unemployment
insurance and Government employees and railroad retirement funds.
9
Beginning new reporting basis, described in Treasury Bulletin for April 1954, p. A2.
UNITED STATES SAVINGS BONDS—SALES, REDEMPTIONS, AND AMOUNT OUTSTANDING 1
[In millions of dollars]
All series
Total
Before
maturity
Sales
Series F, G, J and K
Series A-E and H
Outstanding
(end of
period)
Redemptions
Year or
month
2
Redemptions
Sales
Total
2
Before
maturity 3
Redemptions 2
Outstanding
(end of
period)
Sales
Total
Before
maturity
Outstanding
(end of
period)
1946
1947
1948
1949
1950
7,427
6,694
7,295
5,833
6,074
6,243
4,889
4,840
4,708
5,323
5,941
4,522
4,404
4,077
4,583
49,776
52,053
55,051
56,707
58,019
4,466
4,085
4,224
4,208
3,668
5,632
4,181
4,011
3,905
4,435
5,330
3,814
3,575
3,274
3,695
33,410
33,739
34,438
35,206
34,930
2,962
2,609
3,071
1,626
2,406
611
708
888
888
1951
1952
1953
1954
3,961
4 161
4,800
6,173
5,150
4,565
5,552
6,348
4,571
3,806
3,613
3,655
57,587
57,940
57,710
57,672
3,190
3,575
4,368
4,889
4,079
3,657
3,643
3,920
* 3,500
2,896
2,629
2,784
34,728
35,324
36,663
38,233
770
586
432
1,284
1,071
908
1,909
2,428
1,071
908
464
523
459
580
261
392
169
193
59
89
235
352
308
226
306
415
367
369
384
445
255
257
224
196
232
37,392
37,482
37,597
37,714
37,808
37,930
38,069
38,233
110
130
471
290
387
339
323
293
294
348
202
303
644
58,025
58,061
58,005
58,078
58,088
58,126
58,186
57,672
354
392
508
115
298
131
97
87
82
112
174
185
175
160
218
216
-20
95
84
30
74
20,633
20,579
20,409
20,364
20,280
20,196
20,118
19,439
368
-134
161
332
255
263
57,967
58,225
58,366
58,326
58,346
58,365
573
465
518
448
419
428
337
257
336
330
343
373
190
63
176
229
236
P225
38,515
38,721
38,914
39,063
39,181
39,285
169
137
95
87
69
68
354
176
184
293
177
171
178
-197
-15
103
19
P37
19,451
19,504
19,452
19,263
19,166
19,080
1954—May
June.
July
Aug
Sept.
Oct
Nov
Dec.
1955—Jan.
Feb
Mar
Apr. . .
May
June
..
546
464
456
466
557
742
602
614
535
488
496
513
508
468
454
566
691
433
520
623
520
544
393
346
255
829
803
611
708
829
803
984
871
16,366
18,314
20,613
21,501
23,089
22,859
22,616
21,047
19,439
P2 Preliminary.
*New arrangement savings notes outstanding, previously included, are shown in table at top of p. 792.
A change in procedure for processing redeemed savings bonds, beginning in June 1954, resulted in a high level of redemptions which were not
yet classified between matured and unmatured bonds. This and the subsequent distribution of these redemptions temporarily obscured relationships3 between matured and unmatured classifications.
Redemptions of extended Series E bonds are included with matured issues. Maturities of Series E bonds in June 1955 were 723 million
dollars, bringing the total since May 1, 1951, when extensions of such bonds began, to 18,072 million, of which 5, 087 million, or 28 per cent have
been redeemed.
NOTE.—Sales and redemptions (the latter including exchanges) of bonds are shown at issue price; amounts outstanding are at current redemption value and include only interest-bearing issues. Redemptions before maturity for the years 1946-49 exclude all Series A-D bonds.
JULY 1955
791
UNITED STATES GOVERNMENT DEBT—VOLUME AND KIND OF SECURITIES
[On basis of daily statements of United States Treasury. In millions of dollars]
Public issues3
End of
month
Total
gross
debt*
Marketable
Total
gross
direct2
debt
Total
Total
Bills
Certificates of Notes
indebtedness
Nonmarketable
Bonds
Bank
eligible*
Bank
restricted
Convertible
bonds
Totals
ings
bonds
3,195
6,140
15,050
27,363
40,361
48,183
49,776
52,053
55,051
56,707
58,019
57,572
57,587
57,685
57,940
57,886
57,710
2,471
6,384
8,586
9,843
8,235
5,725
5,384
4,572
7,610
8,640
7,818
7,534
6,612
5,770
4,453
6.026
5,370
6,982
9,032
12.703
16J326
20,000
24,585
28,955
31,714
33,896
33,707
34,653
35,902
37,739
39,150
40,538
41,197
58,061
58,005
58,078
58,088
58,126
58,186
57,672
5,079
4,993
4,929
4,829
4,766
4,704
4,548
42,229
42,152
42,479
42,407
42,238
42,351
42,566
1940—Dec.
1941—Dec.
1942—-Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
1947—Dec.
1948—Dec.
1949—Dec.
1950—Dec.
1951—June
Dec.
1952—June
Dec.
1953—June
Dec.
50 942
64 262
112 ,471
170 ,108
232 144
278 682
259 487
256 981
252 854
257 160
256 731
255 251
259 461
259 151
267 445
266 ,123
275 244
45,025
57,938
108,170
165,877
230,630
278,115
259,149
256,900
252,800
257,130
256,708
255,222
259,419
259,105
267,391
266,071
275,168
39,089
50,469
98,276
151,805
212,565
255,693
233,064
225,250
218,865
221,123
220,575
218,198
221,168
219,124
226,143
223,408
231,684
35,645
41,562
76,488
115,230
161,648
198,778
176,613
165,758
157,482
155,123
152,450
137,917
142,685
140,407
148,581
147,335
154,631
1,310
2,002
6,627
13,072
16,428
17,037
17,033
15,136
12,224
12,319
13,627
13,614
18,102
17,219
21,713
19,707
19,511
10,534
22,843
30,401
38,155
29,987
21,220
26,525
29,636
5,373
9,509
29,078
28,423
16,712
15,854
26,386
6,178
5,997
9,863
11,175
23,039
22,967
10,090
11,375
7,131
8,249
39,258
35,806
18,409
18,963
30,266
30,425
31,406
28,156
33,563
44,519
55,591
66,931
68,403
69,866
68,391
61,966
55,283
44,557
42,928
41,049
48,343
58,874
64,104
63,927
4,945
12,550
24,850
52,216
49,636
49,636
49,636
49,636
49,636
36,061
36,048
27,460
21,016
17,245
13,400
13,573
12,060
13,095
12,500
12,340
11,989
3,444
8,907
21,788
36,574
50,917
56,915
56,451
59,492
61,383
66,000
68,125
66,708
66,423
65,622
65,062
63,733
65,065
1954—June
July.
Aug.
Sept.
Oct..
Nov.
Dec.
271,341
271,005
274,982
274,838
278,786
278,888
278,784
271,260
270,984
274,955
274,810
278,752
278,853
278,750
226,681
226,528
230,214
230,033
234,161
234,160
233,165
150,354
150,342
154,020
153,963
158,148
158,152
157,832
19,515
19,512
19,508
19,510
19,509
19,507
19,506
18,405
18,405
18,277
18,184
18,184
18,184
28,458
31,960
31,964
31,967
32,001
36,188
36,196
28,033
71,802
71,790
75,596
75,597
75,597
75,596
76,129
8,672
8,671
8,671
8,671
8,669
8,668
5,706
11,861
11,857
11,853
11,820
11,787
11,780
11,767
64,465
64,329
64,341
64,250
64,226
64,228
63,565
1955—Jan..
Feb..
Mar.
Apr..
May
June
278,463
278,209
274,080
276,686
277,515
274,418
278,439
278,182
274,048
276,649
277,472
274,374
233,427
233,517
229,103
232,233
232,563
228,491
157,834
157,752
153,350
156,578
158,404
155,206
19,507
19,505
19,505
19,507
19,511
19,514
28,462
21,455
17,722
20,932
17,046
13,836
Special
issues
Tax
and
savings
notes
30, 1955) and fully guariy 31, 1955.
)t shown separately.
OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED
[Par value in millions of dollars]
End of month
Held by
Total
U. S. Government
gross
agencies and1
debt
trust funds
(including guaranteed
Special Public
securiissues
issues
ties)
Held by the public
Total
Federal
Reserve
Banks
Commercial2
banks
Mutual
savings
banks
Insurance
companies
Other
corporations
State
and
local
governments
Individuals
Miscellaneous
invesSavings Other
bonds securities tors'
50,942
64,262
112,471
170,108
232,144
278,682
259,487
256,981
252,854
257,160
257,377
256,731
255,251
259,461
259,151
267,445
266,123
275,244
5,370
6,982
9,032
12,703
16,326
20,000
24,585
28,955
31,714
33,896
32,356
33,707
34,653
35,902
37,739
39,150
40,538
41,197
2,260
2,558
3,218
4,242
5,348
7,048
6,338
5,404
5,614
5,464
5,474
5,490
6,305
6,379
6,596
6,743
7,022
7,116
43,312
54,722
100,221
153,163
210,470
251,634
228,564
222,622
215,526
217,800
219,547
217,533
214,293
217,180
214,816
221,552
218,563
226,931
2,184
2.254
6,189
11,543
18,846
24,262
23,350
22,559
23,333
18,885
18,331
20,778
22,982
23,801
22,906
24,697
24,746
25,916
17,300
21,400
41.100
59,900
77,700
90,800
74,500
68,700
62,500
66,800
65,600
61,800
58,400
61,600
61,100
63,400
58,800
63,700
3,200
3,700
4,500
6,100
8,300
10,700
11,800
12,000
11,500
11,400
11,600
10,900
10,200
9,800
9,600
9,500
9,500
9,200
6,900
8.200
11,300
15,100
19,600
24,000
24,900
23,900
21,200
20,100
19,800
18,700
17,100
16,500
15,700
16,100
16,000
15,800
2,000
4,000
10,100
16,400
21,400
22,000
15,300
14,100
14,800
16,800
18,400
19,700
20,000
20,700
18,900
19,900
18,400
21,000
1,000
2,100
4,300
6,500
6,300
7,300
7,900
8,100
8,700
8,800
9,400
9,600
10,400
11,100
12,000
12,900
2,800
5,400
13,400
24,700
36,200
42,900
44,200
46,200
47,800
49,300
49,900
49,600
49,100
49,100
49,000
49,200
49,300
49,300
7,800
8,200
10,300
12,900
17,100
21,400
20,100
19,400
17,600
17,000
17,600
16,700
16,400
15,500
15,600
16,000
17,100
15,800
2,300
4,400
7,000
9,100
8,100
8,400
8,900
9,400
9,700
10,500
10,700
10,600
11,600
11,700
12,800
13,200
1954—Apr
May
June
July
Aug
Sept
Oct. ..
Nov
Dec
271,127
273,555
271,341
271,005
274,982
274,838
278,786
278,888
278,784
41,049
41,367
42,229
42,152
42.479
42,407
42,238
42,351
42,566
7,151
7,182
7,111
7,081
7,032
7,042
7,047
7,080
7,043
222,927
225,006
222,001
221,772
225,471
225,389
229,501
229,457
229,175
24,632
24,812
25,037
24,325
24,023
24,271
24,381
24,888
24,932
62,500
6-3,400
63,600
64,800
67,100
67,100
70,100
69,700
69,200
9,200
9,200
9,100
9,000
9,000
8,900
8,900
8,800
8,800
15,600
15,500
15,300
15,100
15,100
15,100
15,100
15,000
15,000
18,700
19,100
16,400
16,400
18,100
18,100
18,700
19,300
19,300
13,800
14,100
14,300
14,300
14,400
14,400
14,500
14,600
14,600
49,500
49,500
49,600
49,600
49,700
49,700
49,700
49,800
49,900
15,400
15,600
15,000
14,600
14,500
14,100
14,100
13,700
13,500
13,700
13,800
13,700
13,700
13,600
13,700
14,000
13,800
13,900
1955—Jan
Feb
Mar
Apr
278,463
278.209
274,080
276,686
42,268
42,047
42,097
41,691
7,167
7,202
7,260
7,229
229,028
228,960
224,723
227,766
23,885
23,605
23,613
23,612
68,700
66,900
64,200
65,700
8,800
8,800
8,800
8,800
15,200
15,200
15,000
15,000
20,100
21,400
19,500
20,600
15,000
15,300
15,500
15,700
50,000
50,100
50,200
50,200
13,500
13,800
13,900
13,900
13,800
13,900
14,000
14,200
1940—Dec
1941—Dec. , .
1942—Dec
1943—Dec
1944—Dec
1945—Dec
1946—Dec......
1947—Dec
1948—Dec
1949—Dec......
1950—June. . . . .
Dec
1951—June
Dec
1952—June
Dec
1953—June
Dec
500
700
700
900
1
Includes
2
Includes
3
the Postal Savings System.
holdings by banks in territories and insular possessions, which amounted to 300 million dollars on Dec. 31, 1954.
Includes savings and loan associations, dealers and brokers, foreign accounts, corporate pension funds, and nonprofit institutions.
NOTE.—Holdings of Federal Reserve Banks and U. S. Government agencies and trust funds are reported figures; holdings of other investor
groups are estimated by the Treasury Department.
792
FEDERAL RESERVE BULLETIN
UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES
Direct Public Issues Outstanding June 30, 1955
[On basis of daily statements of United States Treasury. In millions of dollars]
Issue and coupon rate
Treasury Bills
July 7, 1955
July 14, 1955
July 21, 1955
July 28, 1955
1,501
1,500
1,501
1,501
Aug. 4, 1955
Aug. 11, 1955
Aug. 18, 1955
Aug. 25, 1955
1,501
1,502
50
500
Sept. 1, 1955
Sept. 8, 1955
Sept. 15, 1955
Sept. 22, 1955
Sept. 29, 1955
1,501
1,500
1,503
1,503
1,500
500
JSold on discount basis.
Partially tax-exempt.
2
Issue and coupon rate
Amount
Certificates
Aug. 15, 1955
Dec. 15, 1955
Issue and coupon rate
Amount
W%
1M
Treasury notes
Dec. 15, 1955. . . . . . 1 %
Mar. 15, 1956
1%
Apr. 1, 1956. .
1H
Aug. 15, 1956
2
Oct. 1, 1956. „. . . AY2
Mar. 15, 1957
2%
Apr. 1, 1957
IH
May 15, 1957
\%
Aug. 15, 1957
2
Oct. 1, 1957. „
1H
Apr. 1,1958.... . . . 1 ^
Oct. 1, 1958
IH
Feb. 15, 1959
1%
Apr. 1, 1959
13^
Oct. 1,1959..
1^
Apr. 1,1960
\y2
8,477
5,359
6,854
8,472
1.007
5,706
550
2,997
531
4,155
3,792
824
383
121
5,102
139
99
17
Issue and coupon rate
Amount
Amount
Treasury bonds
bonds—Cont«
Mar. 15, 1956-58. . . 2 ^ 1,449
Sept. 15, 1956-592. .2%
982
Sept. 15, 1956-59. . . 2 ^ 3,822
Mar. 15, 1957-59. . .2%
927
June 15, 1958
2% 4,245
June 15, 1958-632 , .2%
919
Dec. 15, 1958
2% 2,368
June 15, 1959-62. . .23^ 5,276
Dec. 15, 1959-62... 2 M 3,465
Nov. 15, 1960
2y8
806
Dec. 15, 1960-652. .2%
485
Sept. 15, 1961
2% 2,239 Postal Savings
Nov. 15, 1961
2 j | 11,177 bonds
-2}i
Aug. 15, 1963
2 ^ 6,755 Panama Canai Loan. .3
June 15, 1962-67. . .2>£ 2,116
Convertible bonds
Investment Series B
Apr. 1, 1975-80... 2M
2,826
3,753
3,830
4,718
2,961
1,882
2,716
3,812
1,606
1,924
21
50
11,676
See table on Money Market Rates, p . 787.
SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES*
Marketable and Convertible Direct Public Securities
[Par value in millions of dollars]
End of month
Type of security:
Total marketable
and convertible:
1952—Dec
1953—June
Dec
1954—June
Dec
1955—Mar
Apr
Treasury bills:
1952—Dec
1953—June
Dec
1954—June
Dec
1955—Mar
Apr
Certificates:
1952—Dec
1953—June
Dec
1954—June..
Dec
1955—Mar
Apr
Treasury notes:
1952—Dec
1953—June
Dec
1954—June
Dec
1955—Mar
Apr
Marketable bonds:i
1952—Dec
1953—June
Dec
1954—June
Dec
1955—Mar
Apr
Total
outstanding
U.S.
Govt. Fed- Com- Muagen- eral
mer- tual
Recies
cial savand serve banks
ings
banks
trust Banks
funds
Insurance
companies
Other
Life i Other
24,697 55,828
24,746 51,365
25,916 55,933
25,037 56,199
24,932 61,082
23,613 56,280
23,612 57,755
8,740
8,816
8,524
8,353
8,113
8,175
8,13:
9,514
9,347
9,120
8,667
8,371
1,341
1,455
2,993
2,316
2,204
891
886
7,047
4,411
4,368
4,187
4,399
2,968
3,503
137
120
126
98
75
114
108
464
327
410
520
537
568
559
16,712
15,854
26,386
18,405
28,458
17,722
20,932
27 5,061
30 4,996
63 5,967
41 6,600
4 13, "
8 9,960
8
4,791
4,351
9,21
4,942
4,835
2,120
3,193
3'
87
184
101
5'
3!
39
56
27
37
7
4
1
26
317 6,424
310 6,052
445 10,475
202 6,511
179 9,496
85 5,516
114 7,592
30,266
30,425
31,406
31,960
28,5033
34,989
35,007
16
23
8
64
46
9!
90
13,774 10,955
13,774 10,35:
13,289 11,510
13,029 11,423
6,044 13,649
9,959 14,640
9,963 14,674
49
62
130
221
242
274
271
8
5
52
99
67
486
529
605
592
675
695
699
4,978
5,678
5,814
6,531
7,310
9,263
9,248
79,890
81,349
77,327
80,474
81,835
81,134
81,132
3,046
3,300
3,377
3,39,"
3,378
3,534
3,501
4,522 32,849 7,165
4,522 32,066 7,232
3,667 30,671 6,820
3,093 35,481 6,669
2,802 38,037 6,499
2,802 36,388 6,531
2,802 36,222 6,492
5,807
5,855
5,
5,164
4,"~
4,955
4,946
3,429
3,484
3,418
3,641
3,673
3,640
3,631
23,072
24,890
23,688
23,032
22,548
161,081
159,67f
166,619
162,216
169,599
165,060
168,270
6,613
6,899
6,989
6,985
6,918
7,131
7,103
21,713
19,707
19,511
19,51"
19,507
19,505
19,507
86
106
102
46
51
53
65
End of month
Total
outstanding
4,711
4,:"'
4,905
4,854
4,958
50,979
53,694
55,233
52,121
55,226
8,442 4,834 56,586
8,450 4,862 58,353
119
132
109
101
125
122
127
12,518
13,155
11,402
12,248
12,11,
14,789
14,260
23,284
23,539
Type of security:
lonvertible bonds
(Investment
Series B):
1952—Dec
1953—June
Dec
1954—June
Dec
1955—Mar
Apr
Marketable securrities, maturing:
Within 1 year:
1952—Dec
1953—June
Dec
1954—June
Dec
1955—Mar
Apr
1-5 years:
1952—Dec
1953—June
Dec
1954—June
Dec
1955—Mar
Apr
5-10 years:
1952—Dec
1953—June
Dec
1954—June
Dec
1955—Mar.
Apr
After 10 years:
1952—Dec
1953—June
Dec
1954—June
Dec
1955—Mar
Apr
12,500
12,340
11,989
11,861
11,767
U S.
Govt.
agencies
and
trust
funds
Federal
Reserve
Banks
Commercial
Mutual
Insurance
companies
Other
Life
3
3
3
3
3
11,710 3
11,692 3
438
439
439
439
439
439
439
185
182
168
165
163
56,953
64,589
73,235
60,123
62,827
52,573
56,792
133
163
175
107
70
77
93
14,749 16,996
15,505 19,580
16,972 25~,062
16,280 17
19,417 15 ,738
37,713
32,330
29,367
27,965
29,606
33,456
32,467
22,834
18,677
20,292
30,542
33,677
33,688
33,688
163
163
1,352
1,314
1,264
1,265
1,239
1,224
1,225
3,179
3,133
2,935
2,876
2,865
2,858
2,858
Other
360
353
328
317
305
291
291
3,987
3,919
3,854
3,800
3,756
3,734
3,715
18,097 8,507
19,096 10,076
263
476
475
294
159
171
174
532
733 23,547
390 1,082 27,393
468 1,061 29,023
537
652 24,568
546
598 26,301
581
312 24,829
599
338 26,416
31
152
192
205
137
187
171
7,146 22,:
6,452 18,344
6,155 16,056
6,30714,624
3,087:18,846
3,087 20,859
2,087 20,845
259
464
431
476
502
530
518
48
109
123
155
158
144
144
910
914
980
890
,022
,145
,153
6,938
5,895
5,430
5,308
5,855
7,503
7,548
546
422
418
494
477
499
500
1,387 11,058
1,374 8,772
1,374 10,051
1,035 18,741
1,014:21,101
1,014*21,140
1,014 21,121
1,775
1,395
1,315
1,389
1,544
1,458
1,432
885
745
725
516
439
421
419
,348
,104
,198
,655
5,835
4,865
5,211
6,711
7,439
7,525
7,558
1,415
1,415
1,415
1,415
1,415
1,415
1,415
5,091 4,870 ,361 10,673
5,167 4,'~"~ ,356 11,621
5,039 4,.
,339 11,716
4,930 4,582 ,339 11,734
4,668 4,364 ,369 11,874
4,7914,438 1,454 12,995
4,786 4,429 1,436 13,116
31,081 2 464
31,739 2 ,723
31,736 2 765
31,725 2 ,74(1
31,719 2 ,796
33,633 2 929
33,632 2 900
5,207
4,488
4,595
4,985
5,234
5,611
5,550
,632
,643
•Commercial banks, mutual savings banks, and insurance companies included in the survey account for over 90 per cent of total holdings
by these institutions. D a t a are complete for Federal agencies and trust funds and Federal Reserve banks. Figures in column headed "other"
are residuals.
1
Includes Treasury bonds and minor amounts of Panama Canal and Postal Savings bonds.
JULY
1955
793
NEW SECURITY ISSUES1
[Estimates, in millions of dollars]
Proposed uses of net proceeds,
all corporate issuers 6
Gross proceeds, all issuers 2
Noncorporate
Year or
month
Total
Corporate
State
U.S.
Fedand
Govern-8
eral
mu- Other
ment agency- nicipal
New capital
Bonds
Total
Pre- ComNew 7
mon Total money
Pri- ferred
Pubstock
stock
Total licly vately
offered placed
1939
1940
1941
1942
1943
1944
1945
5,687
6,564
2,332
2,517
13
109
1,128
1,238
50
24
2,164 1,979 1,276
2,677 2,386 1,628
15,157
35,438
44,518
56,310
54,712
11,466
33,846
42,815
52,424
47,353
38
1
2
1
506
956
524
435
661
795
30
5
97
22
47
2,667 2,389 1,578
1,062
917
506
1,170
990
621
3,202 2,670 1,892
6,011 4,855 3,851
1946
1947
1948
1949..
1950
18,685
19,941
20,250
21,110
19,893
10,217
10,589
10,327
11,804
9,687
357
1,157
2,324
2,690
2,907
3,532
56
451
156
132
282
6,900
6,577
7,078
6,052
6,361
4,881
5,035
5,973
4,890
4,920
3,019
2,888
2,963
2,434
2,360
1,862 1,126
2,147 761
3,010 492
2,455 424
2,560 631
1951
1952
1953
1954
21,265
27,209
28,824
29,765
9,778
12,577
13,957
12,532
110
459
106
3,189
4,401
5,558
6,969
446
237
306
289
7,741
9,534
8,898
9,516
5,691
7,601
7,083
7,488
2,364
3,645
3,856
4,003
3,326
3,957
3,228
3,484
838
564
489
816
1954—May.,
June..
July..
Aug..,
Sept..
Oct.. .
Nov..
Dec...
4,388
2,422
2,167
1,279
2,125
6,544
1,350
2,552
2,669
523
508
546
464
4,611
466
557
783
855
280
300
652
615
459
906
5
4
3
8
2
3
4
71
851
649
1,041
792
1,253 1,085
424
352
1,008
886
1,130
813
321
422
854
1,019
422
343
714
166
581
470
116
288
227
449
371
186
305
343
205
566
129
131
76
45
60
52
37
62
1955—Jan...
Feb...
Mar..
Apr...
May.
2,706
1,431
2.583
'1,635
4,340
742
602
614
535
3,020
541
328
540
»-429
329
35
1
9
18
672
501
1,420
654
961
252
156
524
297
465
232
208
346
155
191
53
25
37
54
93
216
30
458
80
123
184
716
30
484
364
871
451
656
703
758
811
411
369
778
1,004
420
762
Retirement
of
bank
debt,
etc.*
Miscellaneous
pur-
Retirement
of
securities
98
183
87
108
325
569
26
19
69 1,695
174 1,854
167
112
124
369
758
110 1,040
868
34
647
474
56
408
308
163
753
657
397 1,347 1,080
28
35
27
47
133
144 1,583
138
396
73
789
49 2,389
134 4,555
379 2,868
356 1,352
488
307
637
401
620 1,271
891
778
614
736
811
3,889
5,115
6,651
5,558
4,990
3,279
4,591
5,929
4,606
4,006
231
168
234
315
364
1,212
1,369
1,326
1,213
7,120
8,716
8,495
7,490
6,531
8,180
7,960
6,780
226 363
486
537
664
535
260
709
1,875
656
73
118
842
92
909
27
335
62
747
265 1,003
64
290
103
604
596
789
828
304
705
856
244
515
60
53
81
31
42
146
46
89
181
183
329
82
247
109
123
400
546
465
135
113
436
362
512 1,261 1,190
149
470
422
213
865
762
81
74
71
48
104
135
167
75
114
56
Proposed uses of n e t proceeds, by major groups of corporate issuers
Year or
month
Total
net
proceeds
New
capital
1,391
1,175
3,066
3,973
2,218
2,234
1,347
1,026
2,846
3,712
2,128
2,044
1954—May
June
July
August
September.
October...
November.
December.
205
295
525
116
149
278
108
187
1955—January...
February..
March
April
May
186
84
632
182
411
1949
1950
1951...
1952
1953
1954
Commercial and
miscellaneous
Manufacturing
Total
Retire-10 net
ments
pro-
New
capital*
Transportation
Total
Retire- net
ments10 pro-
New
capital
338
538
518
536
542
923
310
474
462
512
502
795
806
490
983
589
771
784
609
437
758
553
501
199
273
520
107
109
273
105
123
42
93
100
55
58
144
74
137
41
90
68
41
58
127
73
132
20
40
91
46
163
47
69
70
20
40
60
46
40
22
18
52
163
68
547
154
50
100
45
88
94
26
34
36
110
37
8
36
19
44
149
221
261
90
190
Communication
Public utility
Total
net
proceeds
New
capital"
11
196
53
225
36
270
2,276
2,608
2,412
2,626
2,972
3,665
2,043
1,927
2,326
2,539
2,905
2,675
233
682
85
88
67
990
567
395
605
753
874
711
517
314
600
747
871
651
123
25
51
18
502
431
321
158
247
272
61
459
330
373
188
104
174
212
46
153
173
58
132
55
74
60
15
305
40
9
2
27
329
98
74
44
40
8
2
25
326
98
20
239
108
224
187
241
198
101
196
151
225
Retirements10
43
Total
Retire- net
ments10 pro-
7
44
27
18
22
New
capital
Real estate
and financial
Total
Retire- net
ments10 proceeds
New
cap-
593
558
739
639
449
515
448
508
1,561 1,536
788
1,061
Retirements10
35
100
66
60
24
273
27
156
199
14
47
274
27
108
26
58
71
12
41
270
26
100
128
2
7
4
1
97
148
381
115
161
97
145
368
109
156
2
13
5
5
'Revised.
1
Estimates of new issues sold for cash in the United States.
2
Gross proceeds are derived by multiplying
principal amounts
8
4
or number of units by offering price.
Includes issues guaranteed.
Issues not guaranteed.
includes
foreign
government;
International
Bank;
and
domestic
eleemosynary and other nonprofit.
8
Estimated net proceeds are equal to estimated gross proceeds less cost of flotation, i.e., compensation to underwriters, agents, etc., and
expenses.
7
Includes proceeds for plant and equipment and working capital.
8
Includes proceeds for the retirement of mortgages and bank debt with original maturities of more than one year. Proceeds for retirement
of short-term bank debts are included under the uses for which the bank debt was incurred.
•Includes all issues other than those for retirement of securities.
10
Retirement of securities only.
Source.—Securities and Exchange Commission.
794
FEDERAL RESERVE BULLETIN
SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS
[In millions of dollars]
Quarterly
Annual
Industry
1949
1950
37,948
5,168
3,186
1,710
45 ,351
8,042
4,143
2,295
1951
1952
12,444
8,702
3,486
2,036
13,905
7,147
3,117
2,031
1953
1954
1953
1954
1955
Manufacturing
Total (200 corps.) :
Sales
Profits before taxes
Profits after taxes
Dividends
,.
Nondurable goods industries (94 corps.): 1
Sales
Profits before taxes
Profits after taxes
Dividends
Durable goods industries (106 corps.): 2
Sales
Profits before taxes
Profits after taxes
Dividends
Selected industries:
Foods and kindred products (28 corps.):
Sales
Profits before taxes
,
Profits after taxes
Dividends
Chemicals and allied products (26 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
Petroleum refining (14 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
Primary metals and products (39 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
Machinery (27 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
Automobiles and equipment (15 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
62,665 57
8,225
3,560
2,110
4,051 15,994 18,670 18,908 20,276
1,975 2,847 3,324 2,715
908
1,297 1,599 1,481 1,313
446
894
934
942
759
91f
23,89
3,19.
1,888
950
29,357 33,774 34,99
5,195 5,378 4,432
2,544 2,005 1,804
1,14r 1,119
1,35
390
31
11
176
,45 15,459 4,902 4,233 14,776 13,401 15,047 18,023
093 2,093 1,395 1,754 1,923 1,549 1,868 2,429
790 1,093 1,197
,750
885
892
977
891
772
495
518
545
,33
631
523
524
,19: 5,082 5,084 4,961 4,972 4,955 5,304 6,948
,658
676
783
581
637
676
669
773
,531
376
371
357
433
365
376
422
,023
222
228
230
275
229
336
248
,265 10,377 9,817 9,272 9,804 8,446 9,743 11,075
912 1,192 1,656
,435 1,309
814 1,084 1,247
433
660
,219
509
600
521
775
526
288
294
436
,31
274
297
356
296
4,223 4,402 4,909 5,042 5,411 5,46473
434
53r
446
46.
461
22
268
289
211
22.
204
159
149
161
15.
156
15
1,355 1,394 1,337 1,351 1,339 1,437
122
108
131
132
107
99
63
59
56
46
57
54
36
45
36
39
37
45
3,680 4,57
5,574 5,695 6,071 5,91
693 1,133 1,421 1,200 1,260 1,133
415
572
496
458
59
493
321
448
38
363
48C
398
1,506 1,453 1,434 1,471 1,461 1,551 1,642
271
268
322
354
330
224
272
136
132
176
124
121
190
133
110
127
98
95
91
189
98
3,907 4,260 4,966 5,290 5,757 5,883
673
869
713
552
689
796
464
532
54
495
428
571
223
247
27?
268
191
27-
1,473 1,498 1,479 1,442 1,440 1,522
165
145
189
229
214
176
138
127
128
155
157
148
67
68
73
74
69
68
1,354
100
47
36
1,531
202
142
73
8,187 10,446 12,497 11,557 13,750 11,51
3,475 3,194 2,910 3.019 2,715 2,873 3,339
359
305
405
993 1,700 2,092 1,16
295
489
1,82- 1,37
510
301
234
714
179
151
578
776
203
196
242
85575
793
150
124
40!
92
92
285
377
113
93
381
36'
37
88
100
4,363 5,071 6,183 7,082 8,009
520
850 1,003
974 1,009
32
42.
370
380
402
138
208
192
200
23'
7,74<
89'
46<
9,57 11,805 12,496 12,825 16,37 13.94C
1,473 2,305 1,913 1,945 2,048 1,74
705
82
86' 1,08'
698
479
462
52'
451
671
463
1,959 2,038 1,917 1,937 1,864 2,028 1,956
237
199
209
235
241
193
252
107
102
143
112
115
95
117
64
90
65
76
68
49
58
3,917 3,495 3,485 3,731 2,922 3,802 4,729
476
532
299
451
823
235
434
229
257
127
168
369
168
214
196
113
106
114
108
11
114
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 9,47. 10,391 10,58
700 1,385 1,260 1,45
438
693
832
78
252
338
328
312
,664 9,37
2,755 2,582 2,275 2,335 2,366 2,395 2,302
226
319
259
90(
199
,404
399
27
156
172
277
175
67
136
87
234
219
•88
136
101
375
74
73
412
79
162
96
5,069 5,528 6,058 6,54<
1,482 1.74C
l,12r 1,31
8194'
75
822
65
560
725
619
,13 7,611
,89 = 2,04<
,030 1,141
780
85'
1,721 1.826 1,984 1,819 1,831 1,976 2,171
478
513
636
487
428
460
570
264
288
341
266
231
260
321
211
224
210
194
212
225
21
2,967 3,342 3,729 4,136
691
333
580
78
341
384
20'
33
318
35
213
276
,525 4,90:
925 l,05C
52.
452
44
412
1,129 1,178 1,174 1,210 1,233
262
220
262
24:
248
141
10
116
122
125
11
104
109
108
111
1,285
284
143
116
1,298
306
152
118
1
2
Includes 26 companies in groups not shown separately, as follows: textile mill products (10); paper and allied products (15); miscellaneous (1).
Includes 25 companies in groups not shown separately, as follows: building materials (12); transportation equipment other than automobile
(6); and miscellaneous (7).
NOTE.—Manufacturing corporations. Data are from published company reports, except sales which are obtained from the Securities and
Exchange Commission.
Railroads. Figures are for Class I line-haul railroads (which account for 95 per cent of all railroad operations) and are obtained from reports
of the Interstate Commerce Commission.
Electric power. Figures are for Class A and B electric utilities (which account for about 95 per cent of all electric power operations) and are
obtained from reports of the Federal Power Commission, except that quarterly figures on operating revenue and profits before taxes are partly
estimated by the Federal Reserve to include affiliated nonelectric operations.
Telephone. Revenues and profits are for telephone operations of the Bell System Consolidated (including the 20 operating subsidiaries and
the Long Lines and General departments of American Telephone and Telegraph Company) and for two affiliated telephone companies, which
together represent about 85 per cent of all telephone operations. Dividends are for the 20 operating subsidiaries and the two affiliates. Data
are obtained from the Federal Communications Commission.
All series. Profits before taxes refer to income after all charges and before Federal income taxes and dividends. For description of series
and back figures, see pp. 662-666 of the BULLETIN for June 1949 (manufacturing); pp. 215-217 of the BULLETIN for March 1942 (public utilities);
and p. 908 of the BULLETIN for September 1944 (electric power).
JULY 1955
795
PROFITS, TAXES, AND DIVIDENDS OF
UNITED STATES CORPORATIONS
[Quarterly estimates at seasonally adjusted annual
rates. In billions of dollars]
NET CHANGE IN OUTSTANDING CORPORATE SECURITIES *
[Estimates, in millions of dollars]
All types
Profits
before
taxes
Income
taxes
6.4
19.0
1.4
10.7
5.0
8.3
3.8
4.7
1.2
3.6
29.5
32.8
26.2
40.0
11.3
12.5
10.4
17.8
18.2
20.3
15.8
22.1,
6.5
7.2
7.5
9.2
11.7
13.0
8.3
12.9
,
41.2
35.9
38.3
34.0
22.5
19.8
21.3
17.1
18.7
16.1
17.0
17.0
9.1
9.0
9.3
10.0
9.6
7.2
7.7
6.9
.
.
.
.
32.7
33.7
33.5
36.0
16.4
16.9
16.8
18.1
16.3
16.8
16.7
17.9
9.7
9.8
10.0
10.6
6.6
7.0
6.7
7.3
1955—1 . . .
21. .
40.9
42.5
20.5
21.3
20.4
21.2
10.2
10.6
10.2
10.6
Year or
quarter
1939
1945
1947
1948
1949
1950
1951
1952r
1953'"
1954r
1954—1'.
2T.
3r.
4'.
Year or
quarter
Profits Cash Undisafter
divi- tributed
taxes dends profits
Stocks
Bonds and notes
New Retire- Net
New Retire- Net
New Retire- Net
issues ments change issues ments change issues ments change
1947
1948
1949
1950
6,882
7,570
6,731
7,224
2,523
1,683
1,875
3,501
4,359
5,887
4,856
3,724
5,015
5,938
4,867
4,806
2,011
1,283
1,583
2,802
3,004
4,655
3,284
2,004
1,867
1,632
1,864
2,418
400
292
698
1951
1952
1953
1954
9,048
10,679
9,550
11,715
2,772
2,751
2,428
5,353
6,277
7,927
7,121
6,361
5,682
7,344
6,651
7,872
2,105
2,403
1,896
3,897
3,577
4,940
4,755
3,975
3,366
3,335
2,898
3,843
2,700
2,858
3,027
3,128
977
1,139
1,314
1,923
1,724
1,719
1,714
1,205
1,619
1,863
2,314
2,075
758
847
938
1,354
1955—1. . . 3,065
1,347
1,719
1,681
702
1954—1. . .
2. . .
3...
4. . .
512
1,355
1,232
1,572
1,720
348
533
1,456
666
2,700
2,987
2,366
2,386
862 1,081
1,016
995
1,377
713
721 1,053
219
292
376
569
862
703
337
484
979 1,384
645
740
1
Reflects cash transactions only. As compared with data shown on p. 794, 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. 794.
Source.—Securities and Exchange Commission.
'Revised.
1
Preliminary estimates by Council of Economic Advisers.
Source.—Department of Commerce.
CURRENT ASSETS AND LIABILITIES OF UNITED STATES CORPORATIONS *
[Estimates, in billions of dollars]
Current liabilities
Current assets
End of year
or quarter
Net
working
capital
Total
Cash
U. S.
Government
securities
Notes and accts.
receivable
U. S.
Govt.2
Other
22.1
23.2
1939
1945
24.5
51 6
54.5
97 4
10.8
21 7
2.2
21 1
.0
2.7
1948
1949
1950..
68.6
72.4
81.6
133.0
133.1
161.5
25.3
26.5
28.1
14 8
16.8
19.7
1.1
1951..
1952
1953
86.5
90 1
92.6
179.1
186 2
189.6
30.0
30 8
30.9
20.7
19 9
21 0
2.7
2 8
2.6
55.7
58.8
64 6
64.8
1954—2
94.4
95.5
95 8
179.6
183.9
187 3
29.1
30.3
31.7
16.4
18.1
19 3
2.4
2.3
2 4
98.1
187!9
30.3
19.0
2.2
3..
4
1955—1.
Inventories
Notes and accts.
payable
Other
Other
Other
Federal
income
tax
liabilities
21.9
24.8
1.2
10.4
6.9
9.7
47.9
11.5
9.3
16.7
13.5
14.0
14.9
21.3
18 1
19.2
16.5
18.7
19.3
Total
U. S.
Govt. 2
18.0
26 3
1.4
2.4
48.9
45.3
55.1
1.6
64.9
65 8
67.9
2.1
2 4
1.3
2 3
2.4
92.6
96 1
97.0
2.2
53.6
57 0
56.3
63.2
65.1
66.2
65.9
65.4
65 1
2.6
2.7
2 6
85.2
88.4
91 5
2.4
2.6
2 4
rSl 8
»-52.3
'"54 0
12.0
14.0
15 7
18.9
19.5
19.4
67.8
65.8
2.8
89.8
2.5
54.2
13.4
19.7
42 .4
43 .0
1.4
1.7
30.0
45.8
64.4
60.7
79.8
.0
.9
35 .3
.4
37 .5
r
Revised.
1
Excludes banks and insurance companies.
Receivables from and payables to U. S. Government do not include amounts offset against
each other on corporations' books.
Source.—Securities and Exchange Commission.
BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT i
[Estimates, in millions of dollars]
Transportation
other
than
rail
Public Comutili- muni- Other2
ties
cations
Total
Manufacturing
Mining
Railroads
1939
1945
5,512
8,692
1,943
3,983
326
383
365
574
520
505
302
321
1,776
2,378
1948
1949
1950
1951
22,059
19,285
20,605
25,644
9,134
7,149
7,491
10,852
882
792
707
929
280
548
L,319
1,352
1,111
L.474
1,285
887
1,212
1,490
2,543
3,125
3,309
3,664
1,742
1,320
1,104
1,319
5,154
4,660
5,671
5,916
1952
1953
1954
19554
26,493
28,322
26,827
27,063
11,632
11,908
11,038
10,704
985
986
975
896
L.396
1,311
854
763
1,500
1,565
1,512
1,495
3,887
4,552
4,219
4.384
1,537
1,690
1,717
8,
Year
5,557
6,310
6,513
319
Total
Manu- Transfactur- portation
ing
incl.
and
railminroads
ing
Public
All
utili- others
ties
1953—3
4
7,084
7,625
3,116
3,565
708
743
1,221
1,247
2,039
2,070
1954—1
2
3
4
6,266
6,932
6,640
6,988
2,788
3,120
2,896
3,209
634
620
553
559
929
1,121
1,060
1,109
1,916
2,071
2,133
2,110
1955—1 4
2
34
5,847
7,324
7,220
2,435
3,192
3,063
538
646
601
845
1,185
1,279
2,030
2,302
2,278
Quarter
1
2
Corporate and noncorporate business, excluding agriculture.
Includes trade, service, finance, and construction.
3
Includes communications and other.
Anticipated by business.
Sources.—Department of Commerce and Securities and Exchange Commission.
3
796
FEDERAL RESERVE BULLETIN
REAL ESTATE CREDIT STATISTICS
MORTGAGE DEBT OUTSTANDING, BY TYPE OF PROPERTY MORTGAGED AND TYPE OF MORTGAGE HOLDER
[In billions of dollars]
Nonfarm
All properties
End of year
or quarter
All
holders
Other
holders
Financial
insti- Selected Inditutions Federal viduals
and
agenothers
cies
1- to 4-family houses
All
holders
Farm
Multi-family and
commercial properties1
Total
Financial
institutions
Other
holders
Total
Finan- Other
cial
insti- holdtutions ers
All
holders
FinanOther
cial
insti- holders 2
tutions
37.6
36.7
35.3
34.7
35.5
41.8
48.9
56.2
62.7
72.8
82.2
91.2
101 0
113.5
20.7
20.7
20.2
20.2
21.0
26.0
31.8
37.8
42.9
51.6
59.5
66.8
75.0
85.6
2.0
1.8
1.4
1.1
.9
6
,5
.6
1.1
1.4
2.0
2.4
2.8
2.8
14.9
14.2
13.6
13.3
13.7
15.1
16.6
17.8
18.7
19.8
20.7
21.9
23.2
25.0
31.2
30.8
29.9
29.7
30.8
36.9
43.9
50.9
57.1
66.7
75.6
84.0
93.3
105.3
18.4
18.2
17.8
17.9
18.5
23.1
28.2
33.3
37.5
45.1
51.9
58.7
66.3
75.9
11.2
11.5
11.5
11.7
12.2
16.0
20.5
25.0
28.4
35.3
41.2
47.0.
53.8
62.7
7.2
6.7
6.3
6,2
6.4
7.0
7.6
8.3
9.1
9.8
10.7
11.7
12.5
13.2
12.9
12.5
12.1
11.8
12.2
13.8
15.7
17.6
19.6
21.6
23.7
25.3
27.1
29.4
8.0
7.8
7.4
7.2
7.5
8.4
9.6
10.9
12.4
14.0
15.7
17.0
18.2
19.6
4.8
4.7
4.6
4.6
4.7
5.4
6.1
6.7
7.2
7.6
8.0
8.3
8.9
9.7
6.4
6.0
5.4
4.9
4.8
4.9
5.1
5.3
S.6
6.1
6.6
7.2
7.7
8.2
L.5
L.4
1.3
.3
.3
L.5
.7
0
S.I
5.3
8.6
5.8
5.0
5.3
4.9
4.5
4.1
3.7
3.4
3.4
3.3
3.4
3.5
3.7
4.0
4.3
4.6
4.9
1953—September
December
98.7
101.0
73.0
75 0
2.8
2 8
22.9
23.2
91.2
93.3
64.6
66.3
52.1
53,8
2.7
2.7
2 7
2.8
23.6
24.0
24.6
25.0
95.2
98.2
101.6
105.3
67.8
70.0
72.8
75.9
55.3
57.4
59,9
62.7
8.7
8.9
9.0
9.2
9.5
9.7
4.6
4.6
76.8
/9 5
82.4
85 6
7.8
8.0
8.1
8.2
5.1
5.2
5.2
5.3
4.7
4.8
4.9
4.9
1955—March?
117.5 1 88.8
2.9
25.6
108.9
78.9
65.4
13.5
30.0
17.9
18.2
18.5
18.9
19.3
19.6
20.0
5.0
5.0
103.1
106.2
109.7
113.5
26.6
27.1
27.5
28.1
28.8
29.4
7.6
7.7
1954—March
June........
September....
December. . . .
12.4
12.5
12.5
12.6
12.9
13.2
9.9
8.4
5.4
5.1
1941
1942 . . ,
1943
1944 . . .
1945
1946
1947.,
1948
1949 ,
1950
1951
1952
1953....
1954
..
...
. .
P1 Preliminary.
2
Derived figures, which include negligible amount of farm loans held by savings and loan associations.
Derived figures, which include
debt held by Federal land banks and Farmers Home Administration.
NOTE.—Figures for first three quarters of each year are Federal Reserve estimates. Financial institutions include commercial banks (including nondeposit trust companies but not trust departments), mutual savings banks, life insurance companies and savings and loan associations.
Federal agencies include HOLC, FNMA, and VA (the bulk of the amounts through 1948 held by HOLC, since then by FNMA).
Other Federal
agencies (amounts small and separate data not readily available currently) are included with "Individuals and others."
Sources.—Federal Deposit Insurance Corporation, Home Loan Bank Board, Institute of Life Insurance, Departments of Agriculture and
Commerce, Federal National Mortgage Association, Veterans Administration, Comptroller of the Currency, and Federal Reserve.
MORTGAGE LOANS HELD BY BANKS »
[In millions of dollars]
End of year
or quarter
Commercial bank holdings2
Mutual savings Dank holdings 4
:Nonfarm
NTonfarm
Residential*
Total
Total
Total
4,340 3 ,292
4 ,746 4,256 3 ,332
3
4,058
4
4 ,430 3,967 3 ,218
4 ,772 4 251 3 ,395
7 ,?34 6,533 S ,146
9 ,446 8,623 6 ,933
10 ,897 10,023 8 066
11 ,644 10,736 8 ,676
13 664 12 695 10 ,431
14
13,728 11
IS 867 14,809 1? 188
16 ,850 15,768
18 ,555 17,397 14 ,137
1941.
1942.
1943.
1944.
1945
1946.
1947
1948.
1949
1950
1951.
1952.
1953
1954
Farm
FHA- VA- Conguar- veninsured anteed tional
1953—September..... 16 ,640 15,550 12 ,770
December
16 ,850 15,768 12 ,925
1954—March.
1955—March?
924
80?
749
856
1
1 ,690
1 0S7
,060
,264
566
4 81?
491 4 ,627
46.3 4 4?0
463 4 30S
521 4 ,208
70?
823
874
909
968
1 004
1 ,058
1
4 784
4 ,601
4 .30 S
4
4 ,184
4 41 *
4 ,828
S 77,3
6 ,668
8 ,218
4 441
4 ,856
S 806
6 70S
8 ,261
0 016 0 860
11 .370 11 .3?7
1 ? 043 1? 800
2 921 4 Q?Q ? 4S8
3,012 S S01
0 S 1 9 843
3,061
4 ,104 3,348 6 ,685 3 ,260 1 ,158 15 .007 14 ,951
3 421
67S
3 01?
ConFHA- VAguar- veninsured anteed tional
3,884
3,725
3,558
3,476
3,387
3,588
3,937
4,758
5,569
7,054
8,595
9,883 3
11,334 ,3
13,211 3
3 ,860 3,040 5 ,870 2 ,780 1 ,090 12 ,500 12 ,450 10.930
3 ,912 3,061 5 ,951 2 ,843 1 ,082 12 ,943 12 ,890 11,334
Other
Farm
900
28
876
837
26
25
805
797
827
891
303
1,726
2,237 4 477
70?
3,053
800 4,262 5 149
S67
168
480
3 405 2,785 4 740
3 489 3,053 4 792
1,015
L.099
L 164
1,274
1,444
1,556
L,740
24
24
26
28
34
37
44
47
53
53
56
1,520
1,556
50
53
oos 1 100 13 34S 13
11,700
S 070
.3 007 1 130 1.3 881 1.3 8?6 12,181
6 400 3 ,115 1 ,150 14 ,415 14 ,360 12,665
6 685 3 ,260 1 ,158 15 ,007 14 ,951 13,211
,3 S60 3,295
.3 6S0 3,579
3 725 3,900
3 800 4,262
4 84 S 1,592
4 04? 1,645
5 040 L, 695
5 149 1,740
53
17 ,920 16,770 13 ,655
18 ,555 17,397 14 ,137
19 ,175 17,960 14 ,600
4 175 3,465 6 960 3 ,360 1 ,215 15 ,560 15 ,504 13,675
3 850 4,610
5 215
56
16 070 15,870 1? 06 S 3 o?o 3 ,075
.3 060 3,116
4 020 3,235
4 104 3,348
17 366 16,227 13
September
December
Total
Total
1 ,048
4 ,906
Residential*
Total
Other
6 144
1,829
55
55
56
p1 Preliminary.
Includes all banks in the United States and possessions. 2 Includes loans held by nondeposit trust companies but excludes holdings of
trust departments of commercial banks. March and September figures are Federal Reserve estimates based on data from Member Bank Call
Report
and from weekly reporting member banks.
3
Data not available for all classifications prior to December 1951.
^Through 1946, figures except for the grand total are estimates based on Federal Reserve preliminary tabulation of a revised series of banking
statistics. March and September figures are Federal Reserve estimates based in part on data from National Association of Mutual Savings Banks.
Sources.—All bank series prepared by Federal Deposit Insurance Corporation from data supplied by Federal and State bank supervisory
agencies, Comptroller of the Currency, and Federal Reserve.
JULY 1955
797
REAL ESTATE CREDIT STATISTICS—Continued
MORTGAGE ACTIVITY OF ALL UNITED STATES LIFE INSURANCE COMPANIES
[In millions of dollars]
Loans outstanding (end of period)
Loans acquired
Nonfarm
Year or month
Total
Total
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
FHAinsured
Nonfarm
VAguaranteed
Farm
Farm
VAguaranteed
Other
673
600
366
131
938
1,294
429
455
1,377
1,469
1,546
1,642
2,108
2,371
2,313
2,653
2,871
413
5,972
6,442
6,726
6,714
6,686
6,636
7,155
8,675
10,833
12,906
16,102
19,314
21,251
23,322
25,927
48
60
51
53
53
56
80
62
85
100
98
133
156
148
183
208
185
250
244
249
250
242
275
318
24
41
28
29
25
25
33
43
24,174
24,384
24,572
24,795
25,035
25,260
25,574
25,927
22,212
22,403
22,575
22,786
23,019
23,235
23,540
23,881
6,088
6,091
6,095
6,100
6,098
6,103
6,133
6,122
3,804
3,886
3,951
4,048
4,187
4,302
4,451
4,636
12,320
12,426
12,529
12,638
12,734
12,830
12,956
13,123
1,962
1,981
1,997
2,009
2,016
2,025
2,034
2,046
479
443
493
431
69
66
77
71
161
118
154
128
249
259
262
232
42
52
70
49
481
76
135
270
44
26,223
26,474
26,727
26,949
27,217
24,171
24,405
24,629
24,824
25,067
6,132
6,156
6,166
6,171
6,200
4,771
4,861
4,982
5,070
5,168
13,268
13,388
13,481
13,583
13,699
2,052
2,069
2,098
2,125
2,150
935
976
1,661
2,786
3,407
3,430
4,894
5,134
3,978
4,345
5,334
1,483
2,520
3,114
3,123
4,532
4,723
3,606
3,925
4,921
451
1,202
1,350
1,486
1,058
864
817
1954—May
Jun&
July
August
September
October
November
December
342
451
421
464
484
471
571
631
318
410
393
435
459
446
538
588
1955—January
February
March
April
May
521
495
563
480
525
. .
FHAinsured
Total
898
855
.
Total
Other
178
266
293
307
362
411
372
420
5,073
5,529
5,830
5 873
5,886
5,860
6,360
7,780
9,843
11,768
14,775
17,787
19,546
21,436
23,881
1,096
1 286
1,408
1,394
1,228
1,398
2,381
3,454
4,573
5,257
5,681
6,012
6,122
844
1,106
1,224
2 026
3,131
3,347
3,560
4,636
4,405
4,714
4 734
4 587
4,478
4 466
4,876
5,538
6,356
7,090
8 176
9,399
10,518
11,864
13,123
895
990
1,138
1,327
1,527
1,705
1,886
2,046
668
815
256
899
913
896
841
800
776
795
NOTE.—For loans acquired, monthly figures may not add to annual totals, and for loans outstanding, end-of-December figures may differ
from end-of-year figures, because monthly figures represent book value of ledger assets whereas year-end figures represent annual statement asset
values, and because year-end adjustments are based on more nearly complete data. Prior to 1947, complete data are not available for all classifications shown.
Sources.—Institute of Life Insurance: end-of-year figures, Life Insurance Fact Book; end-of-month figures, the Tally of Life Insurance Statistics
and Life Insurance News Data.
MORTGAGE ACTIVITY OF ALL SAVINGS AND LOAN
ASSOCIATIONS
[In millions of dollars]
Total
New
construction
ConHome Other
FHA- VApurguar- venpur- Total 3 inchase poses l
sured anteed tional 3
1,379
1,051
1,184
1,454
1,913
3,584
3,811
3,607
3,636
5,237
5,250
6,617
7,767
8,969
437
190
106
95
181
616
894
1,046
1,083
1,767
1,657
2,105
2,475
3,076
581
574
802
1,064
1,358
2,357
2,128
1,710
1,559
2,246
2,357
2,955
3,488
3,846
361
287
276
295
374
611
789
851
994
1,224
1,236
1,557
1,804
2,047
1954-May..
June..
July..
Aug..
Sept..
Oct...
Nov..
Dec...
728
810
802
841
828
824
807
853
254
283
281
289
282
283
278
295
301
341
349
372
369
364
357
369
173
185
173
180
177
177
172
189
1955-Jan...
Feb...
Mar..
Apr...
May..
744
775
1,026
1,016
1,069
252
265
386
380
395
340
427
430
470
166
171
212
205
205
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
1
Includes loans for repair, additions and
2
Prior to 1948, data are not available for
3
2,397
2,586
2,969
3,125
3,385
3,961
4,714
23,847 1,102
4,277
25i053 1,150
4^503
26,142 i',171
4,714
27\313
4,946
Com- Mutual
mersavcial
ings
banks banks
Average
amount
reOther corded
(dollars)
404
362
280
257
250
503
847
016
046
618
615
420
480
768
1 166
886
753
878
1 097
2 712
3 004
2 664
2 446
3 365
3 370
3 600
3 680
4 239
1,064
1,013
1,137
1,327
1,501
1,454
1,359
1,439
1,746
2,069
3,343
3,631
3,828
3,940
5,072
5,112
5,409
5,895
7,154
2,906
2,918
3,031
3,186
3,448
4,241
4,570
4,688
4,755
5,335
5,701
5,950
6,241
6,644
Amount, by type of lender
Year
or
month
Num-
.S av-
Total
Ir lsur-
lc an
as sns.
;s&
ance
companies
1 ,628
1 ,351
1 ,274
1 ,446
1 ,639
2 ,497
2 ,567
2 ,535
2 ,488
3 ,032
2 ,878
3 ,028
3 ,164
3 ,458
4,732
3,943
3,861
4,606
5,650
10,589
11,729
11,882
11,828
16,179
16,405
18,018
19,747
22,974
1, 490
1, 170
1, 237
1, 560
2, 017
3, 483
3, 650
3, 629
3, 646
5, 060
5, 295
6, 452
7, 365
8, 312
1954-May.,
June.,
July..
Aug..
Sept..
19,400
Oct..,
Nov.,
Dec.
20^257
278
303
306
312
313
314
307
318
1,805
1,990
2,027
2,086
2,122
2,156
2,148
2,267
675
741
734
770
766
765
757
784
124
146
155
166
164
178
177
191
330
368
371
369
383
393
399
420
118
133
141
138
141
140
147
158
558
602
626
643
668
679
667
714
6,484
6,573
6,625
6,684
6,789
6,874
7,004
7,131
1955-Jan..,
Feb..
Mar.,
21,135
Ap
Apr.
ay..
May.
284
277
343
328
344
2,024
1,958
2,455
2,357
2,483
688
702
928
900
950
165
151
174
165
163
379
365
458
456
482
128
116
134
136
153
665
624
761
700
734
7,120
7,077
7,153
7,182
7,215
1941.
1942.
1943.
1944.
1945.
4,578
4,583
4,584
4,800
5,376
7,141
8,856
563
10,305
717
11,616
841
13,622
864
15,520
18,336
904
21,882 1,044
26,142 1,171
1947
7,345 1948
8,313 1949
9,812 1950
11,530 1951
14,047 1952.
16,877 1953
20,257 1954.
18,468
alterations, refinancing, etc.
classifications shown.
Excludes shares pledged against mortgage loans.
Source.—Home Loan Bank Board.
798
[Number in thousands; amount (except averages) in millions of dollars]'
Loans outstanding (end of period)2
Loans made, by purpose
Year or
month
NONFARM MORTGAGE RECORDINGS OF $20,000 OR LESS
1
1
1
1
1
1
1
218
166
152
165
217
548
597
745
750
Source.—Home Loan Bank Board.
FEDERAL RESERVE BULLETIN
REAL ESTATE CREDIT STATISTICS—Continued
MORTGAGE DEBT OUTSTANDING ON
NONFARM 1- TO 4-FAMILY PROPERTIES
[In billions of dollars]
GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE
[In millions of dollars]
VA-guaranteed loans 3
FHA-insured loans
Year
or
month
Home
mortgages
Total
Total
New
properties
Projecttype
Ex- mortisting gages !
properties
Property
improve- Total
ment 2
loans
New
properties
Alter
ation
Exand
isting 'epair 2
properties
991
1,152
1,121
934
877
857
3,058
5,074
5,222
5,250
7,416
6,834
5,830
6,946
7,323
991
152
121
934
877
665
756
1,788
3,341
3,826
4,343
3,220
3,113
3,882
3,066
1954—May,
June,
July.
Aug.,
Sept.
Oct..
Nov.
Dec.
512
579
531
680
679
770
760
843
243
270
238
262
269
252
266
287
74
86
75
72
77
80
91
92
72
79
79
79
59
74
92
109
25
24
14
40
33
9
7
23
71
82
70
71
101
89
76
63
269
309
293
418
410
518
494
556
171
200
178
251
252
307
304
337
98
109
115
167
157
211
189
219
1955—Jan..
Feb.
Mar.
Apr.
May
931
840
856
809
839
309
274
324
294
284
107
89
109
93
93
145
138
160
151
136
5
12
9
5
3
52
36
46
45
51
622
567
532
515
555
390
357
345
319
341
231
209
186
195
213
1940.
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
588
13
175
216
14
728
183
228
766
208
21
126
553
210
85
86
484
224
114
56
217
171
257
20
192
302
321 2,302
120
13
418
534 3,286
477
360
684
614 1,881
1,434
609
892 1,021
594 1,424
1,319
856 1,157
694 3,073
1,637
713
708 3,614
1,216
582
974
848 2,721
969
322
1,259 1,030
259 1,334 3,064
907
891 4,257
1,035
232
Home
mortgages
1948
1949
1950
1951
1952
1953
1954
June
July
August
September. .
October....
November. .
December. .
1955—January. . . .
February...
March
April
May
!
FHAinsured
VAguaranteed
528
848
227
824
199
828
188
403
169
204
320
621
802
198
672
485
239
323
638
476
1,347
1,850
2,242
2,462
2,434
11
425
918
661
1,085
550
1,178
1,646
1,922
1,841
1,632
1,044
677
538
542
614
469
111
56
221
525
560
570
540
594
631
678
791
779
737
700
654
603
547
476
2,299
2,301
2,371
2,355
2,362
2,368
2,396
2,434
680
700
724
733
745
752
773
802
1,619
1,601
1,647
1,622
1,618
1,616
1,623
1,632
38
50
120
33
38
39
50
64
30
37
37
39
19
23
11
15
0)
0)
0)
0)
0)
418
359
287
215
163
2,462
2,488
2,512
2,545
2,562
817
832
839
855
860
1,645
1,656
1,673
1,690
1,702
48
48
54
58
39
10
8
18
11
7
0)
1954—May
Total
Mortgage
Mortpurgage
chases
sales
(during (during
period) period)
0)
0)
20
N o authorization figures shown after October since under its new charter,
effective Nov. 1, 1954, FNMA maintains three separate programs, for which the
type of fund authorization varies. Other figures represent the combined programs: secondary market, special assistance, and management and liquidation.
Source.—Federal National Mortgage Association.
JULY 1955
13.9
14.3
14.6
31.1
32.3
33.3
15.0
15.3
15.8
16.1
28.8
29.7
30.5
32.1
11.1
11.4
11.7
12.0
12.2
12.4
12.6
12.8
16.6
17.3
17.9
19.3
34.3
35.8
37.1
38.2
39.0
40.3
"42.3
43.8
33.5
13.2
20.3
45.4
1952—June.
Sept.
Dec.
55.1
57.0
58.7
24.0
24.7
25.4
1953—Mar.
June.
Sept.
Dec.
64.6
66.3
26.1
26.7
27.5
28.1
1.2
1954—Mar.
June.
Sept.
Dec.
67.8
70.0
72.8
75.9
1955—Mar.
78.9
.7
.7
.6
.5
FHA, VAguarinsured anteed
.2
2.4
5.5
7.2
8.1
10.3
13.2
14.6
16.1
19.3
.3
.3
.3
.2
.5
.4
.5
.4
3
5
6
6
6
5
793
629
1,865 1,202
2,667
942
1,824
890
2,045 1,014
2,686 1,566
Conventional
15.0
15.4
14.5
13.7
13.7
14.2
17.0
18.9
20.8
22.5
26.2
29.0
33.3
38.2
43.8
2.3
3.0
3.7
4.1
4.2
4.3
6.1
9.3
12.5
15.0
18.9
22.9
25.4
28.1
32.1
2.3
3.0
3.7
4.1
4.2
4.1
3.7
3.8
5.3
6.9
8.6
9.7
10.8
12.0
12.8
10.1
10.4
10.8
"Corrected.
NOTE.—For total debt outstanding, figures for
first three quarters are Federal Reserve estimates.
For conventional, figures are derived.
Sources.—Home Loan Bank Board, Federal Housing Administration, Veterans Administration, and
Federal Reserve.
FEDERAL HOME LOAN BANK LENDING
[In millions of dollars]
FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY i
[In millions of dollars]
Mort gage holdings
Total
17.3
18.4
18.2
17.8
17.9
18.5
23.1
28.2
33.3
37.5
45.1
51.9
58.7
66.3
75.9
Monthly figures do not reflect mortgage amendments included in annual totals.
FHA-insured property improvement loans are not ordinarily secured by mortgages; VAguaranteed alteration and repair loans of $1,000 or less need not be secured, whereas those
for3 more than that amount must be.
Prior to 1949, data are not available for classifications shown.
NOTE.—FHA-insured loans represent gross amount of insurance written; VA-guaranteed loans, gross amount of loans closed. Figures do not take account of principal repayments on previously insured or guaranteed loans. For VA-guaranteed loans, amounts by
type are derived from data on number and average amount of loans closed.
Sources.—Federal Housing Administration and Veterans Administration.
Author- Commitized
ments
funds
unundiscommitted bursed
Total
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1954
1954
1
2
End of year
or month
Governmentunderwritten
End of
year or
quarter
Advances outstanding
(end of period)
Year or month
Advances
Repayments
Total
Short-1
term
Long-2
term
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
278
329
213
231
195
293
176
184
19
109
351
360
256
675
423
586
728
734
209
280
337
292
433
528
640
818
436
515
433
816
806
864
952
867
218
257
231
547
508
565
634
612
217
258
202
269
298
299
317
255
1954—June...
July
August
September..
October
November..
December. .
106
53
59
69
63
74
171
39
98
31
38
45
38
47
675
630
659
689
708
743
867
428
406
422
452
471
495
612
247
223
236
237
236
248
255
1955—January
February...
March
April
May
June
38
34
71
85
188
63
58
33
717
688
702
754
491
466
464
497
226
223
238
104
237
37
42
1,117
821
542
715
257
279
302
1
Secured or unsecured loans maturing in one year or less.
Secured loans, amortized quarterly, having maturities of
more than one year but not more than ten years.
Source.—Home Loan Bank Board.
2
799
STATISTICS ON SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT
CONSUMER CREDIT, BY MAJOR PARTS
[Estimated amounts outstanding, in millions of dollars]
Noninstalment credit
Instalment credit
E n d of year
or m o n t h
Total
Other
Automobile consumer
goods
paper i
paper 1
Total
1939
1940 .
1941
. . .
1945
1946 .
1947
1948
1949
1950
1951
1952
1953
1954
. . .
1954—May
June
July
August
September
October
November
December
1955—January
February
March
April
May
Repair
and modernization
loans 2
Personal
loans
Total
Singlepayment
loans
Charge
accounts
Service
credit
7,222
8,338
9,172
4,503
5,514
6,085
1,497
2,071
2,458
1,620
1,827
1,929
298
371
376
1,088
1,245
1,322
2,719
2,824
3,087
787
800
845
1,414
1,471
1,645
518
553
597
5,665
8,384
11,570
14,411
17,104
20,813
21,468
25,827
29,537
30,125
2,462
4,172
6,695
8,968
11,516
14,490
14,837
18,684
22,187
22,467
455
981
1,924
3 ,054
4,699
6,342
6,242
8,099
10,341
10,396
816
1,290
2,143
2,842
3,486
4,337
4,270
5,328
5,831
5,668
182
405
718
843
887
1,006
1,090
1,406
1,649
1,616
1,009
1,496
1,910
2,229
2,444
2,805
3,235
3,851
4,366
4,787
3,203
4,212
4,875
5,443
5,588
6,323
6,631
7,143
7,350
7,658
746
1,122
1,356
1,445
1,532
1,821
1,934
2,094
2,219
2,420
1,612
2,076
2,353
2,713
2,680
3,006
3,096
3,342
3,411
3,518
845
1,014
1,166
1,285
1,376
1,496
1,601
1,707
1,720
1,720
28,372
28,666
28,725
28,736
28,856
28,975
29,209
30,125
21,487
21,717
21,849
21,901
21,935
21,952
22,014
22,467
10,002
10,168
10,298
10,349
10,365
10,340
10,296
10,396
5,370
5.367
5,328
5,294
5,287
5,324
5,398
5,668
1,634
1,635
1,637
1,642
1,642
1,637
1,631
1,616
4,481
4,547
4,586
4,616
4,641
4,651
4,689
4,787
6,885
6,949
6,876
6,835
6,921
7,023
7,195
7,658
2,313
2,334
2,303
2,312
2,335
2,377
2.407
2,420
2,786
2,819
2,773
2,734
2,807
2,892
3,042
3,518
1,786
1,796
1,800
1,789
1,779
1,754
1,746
1,720
29,760
29,518
29,948
30,655
31,568
22,436
22,508
22,974
23,513
24,149
10,459
10,641
11,053
11,482
11,985
5,609
5,484
5,479
5,492
5,555
1,574
1,550
1,530
1,534
1,546
4,794
4,833
4,912
5,005
5,063
7,324
7,010
6,974
7,142
7,419
2,371
2,427
2,481
2,496
2,589
3,225
2,831
2,735
2,859
3,011
1,728
1,752
1,758
1,787
1,819
1
Includes all consumer instalment credit extended for the purpose of purchasing automobiles and other consumer goods and secured by the
items purchased, whether held by retail outlets or financial institutions. Includes credit on purchases by individuals of automobiles or other
consumer
goods that may be used in part for business.
2
Includes only repair and modernization loans held by financial institutions; such loans held by retail outlets are included in "other consumer
goods paper."
NOTE.—Monthly figures for the period December 1939 through 1951 and a general description of the series are shown on pp. 336-354 of the
BULLETIN for April 1953. Revised monthly figures are shown in later BULLETINS: 1952, November 1953, p. 1214; 1953, November 1954, p. 1212.
A detailed description of the methods used to derive the estimates may be obtained from Division of Research and Statistics.
INSTALMENT CREDIT, BY HOLDER
[Estimated amounts outstanding, in millions of dollars]
Financial institutions
Total
instalment
credit
Total
Commercial
banks
Sales
finance
companies
Credit
unions
1939..
1940..
1941. .
4,503
5,514
6,085
3,065
3,918
4,480
1,079
1,452
1,726
1,197
1,575
1,797
132
171
198
1945. .
1946. .
1947. .
1948. .
1949. .
1950. .
1951. .
1952. .
1953. .
1954. .
2,462
4,172
6,695
8,968
11,516
14,490
14,837
18,684
22,187
22,467
1,776
3,235
5,255
7,092
9,247
11,820
12,077
15,410
18,758
18,935
745
1,567
2,625
3,529
4,439
5,798
5,771
7,524
8,998
8,633
300
677
1,355
1,990
2,950
3,785
3,769
4.833
6,147
6,421
1954—May
June
July
August
September
October
November
December
21,487
21,717
21,849
21,901
21,935
21,952
22,014
22,467
18,325
18,538
18,671
18,731
18,753
18,726
18,719
18,935
8,729
8,783
8,763
8,731
8,688
8,637
8,586
8,633
1955—January
February
March
April
22,436
22,508
22,974
23,513
24,149
18,977
19,153
19,613
20,127
20.718
8,651
8,688
8,844
9,020
9,228
End of year
or month
1
2
Retail outlets
Total
Department
stores 1
Furniture
stores
Household
appliance
stores
Automobile
dealers 2
Other
657
720
759
1,438
1,596
1,605
354
394
320
439
374
496
183
196
206
123
167
188
339
365
395
102
151
235
334
438
590
635
837
1,124
1,293
629
840
1,040
1,239
1,420
1,647
1,902
2,216
2,489
2,588
686
937
1,440
1,876
2,269
2,670
2,760
3,274
3,429
3,532
131
209
379
470
595
743
920
,117
,040
1,201
240
319
474
604
724
791
760
866
903
890
17
38
79
127
168
239
207
244
291
293
28
47
101
159
239
284
255
308
380
394
270
324
407
516
543
613
618
739
815
754
5,944
6,060
6,189
6,256
6,294
6,315
6,325
6,421
175
207
228
250
267
270
1,282
1,293
2,477
2,488
2,491
2,494
2,504
2,504
526
2,588
3,162
178
170
182
226
295
3,532
1,027
1,037
1,032
1,032
1,041
1,063
1,098
1,201
821
820
818
821
822
830
846
890
271
273
277
276
278
282
283
293
371
379
386
389
390
390
390
394
672
670
665
652
651
661
678
754
6,462
6,570
6,808
7,077
7,390
1,282
1,298
1,330
1,360
1,395
2,582
2,597
2,631
2,670
2,705
3,459
3,355
3,361
3,386
3,431
,158
,108
,123
,138
1,150
862
848
838
834
842
291
286
280
278
277
397
404
420
437
457
751
709
700
699
705
Other
Includes mail-order houses.
Includes only automobile paper; other instalment credit held by automobile dealers is included with "other" retail outlets.
800
FEDERAL RESERVE BULLETIN
STATISTICS ON SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT—Continued
INSTALMENT CREDIT HELD BY COMMERCIAL BANKS,
BY TYPE OF CREDIT
NONINSTALMENT CREDIT, BY HOLDER
[Estimated amounts outstanding, in millions of dollars]
[Estimated amounts outstanding, in millions of dollars
End of year
or month
1939.
1940.
1941
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
.
.
... .
1954—May
Total
noninstalment
credit
Financial
institutions
(single-payment loans)
Retail
outlets
(charge
accounts)
Service
credit
V
Commercial
banks
Other
2,719
2,824
3,087
625
636
693
3,203
4,212
4,875
5,443
5,588
6,323
6,631
7,143
7,350
7,658
674
1,008
1,203
1,261
1,334
1,576
1,684
1,844
1,899
2,085
Department 1
stores
Other
162
164
152
236
251
275
1,178
1,220
1,370
518
553
597
72
114
153
184
198
245
250
250
320
335
290
452
532
575
584
641
685
730
748
764
1,322
1,624
1,821
2,138
2,096
2,365
2,411
2,612
2,663
2,754
845
1,014
1,166
1,285
1,376
1,496
1,601
1,707
1,720
1,720
6,885
6,949
6,876
6,835
6,921
7,023
7,195
7,658
1,918
1,977
1,989
1,985
1,997
2,067
2,049
2,085
395
357
314
327
338
310
358
335
499
497
448
446
488
517
574
764
2,287
2,322
2,325
2,288
2,319
2,375
2,468
2,754
1,786
1,796
1,800
1,789
1,779
1,754
1,746
1,720
1955—January.. . 7,324
February.. 7,010
M a r c h . . . . 6,974
April
7,142
May
7,419
2,048
2,085
2,114
2,165
2,199
323
342
367
331
390
623
535
507
526
532
2,602
2,296
2,228
2,333
2,479
1,728
1,7-52
1,758
1,787
1,819
June
July
August... .
September.
October. . .
November.
December.
1
Includes mail-order houses.
End of year
or month
Total
instalment
credit
237
339
447
178
276
338
166
232
309
135
165
161
363
440
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
745
1,567
2,625
3,529
4,439
5,798
5,771
7,524
8,998
8,633
66
169
352
575
849
1,177
1,135
1,633
2,215
2,198
143
311
539
753
946
1,294
1,311
1,629
1,867
1,645
114
299
550
794
1,016
1,456
1,315
1,751
2,078
1,839
110
242
437
568
715
834
888
1,137
1,317
1,275
312
1,037
1,122
1,374
1,521
1,676
8,729
8,783
8,763
8,731
8,688
8,637
8,586
8,633
2,195
2,237
2,240
2,230
2,224
2,207
2,188
2,198
1,735
1,729
1,720
1,707
1,686
1,663
1,636
1,645
1,925
1,913
1,880
1,857
1,835
1,822
1,822
1,839
1,293
1,293
1,297
1,299
1,299
1,296
1,287
1,275
1,581
1,611
1,626
1,638
1,644
1,649
1,653
1,676
8,651
8,688
8,844
9,020
9,228
2,208
2,241
2,309
2,371
2,466
1,656
1,680
1,751
1,818
1,880
1,859
1,845
1,846
1,842
1,865
1,241
1,219
1,201
1,205
1,211
1,687
1,703
1,737
.1,784
1,806
1954—-May
June
July
August... .
September.
October. . .
November'.
December.
1955—January...
February..
March....
April
May
Other
consumer
goods
paper
Repair
and
modernization
loans
End of year
or month
1939
1940
1941
1,197
1,575
1,797
878
1,187
1,363
115
136
167
148
190
201
56
62
66
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
300
677
1,355
1,990
2,950
3,785
3,769
4,833
6,147
6,421
164
377
802
1,378
2,425
3,257
3,183
4,072
5,306'
5,563
24
67
185
232
303
313
241
332
367
351
58
141
242
216
83
57
70
82
83
81
54
92
126
164
139
158
275
347
391
426
1954—May
June
July
August
September. . .
October
November. . .
December....
5,944
6,060
6,189
6,256
6,294
6,315
6,325
6,421
5,136
5,249
5,371
5,436
5,474
5,491
5,491
5,563
331
331
335
335
336
337
340
351
83
83
82
82
81
81
81
81
394
397
401
403
403
406
413
426
1955—'January
February. . . .
March
April
May
6,462
6,570
6,808
7,077
7,390
5,603
5,709
5,945
6,207
6,512
350
349
348
348
353
79
78
76
76
77
430
434
439
446
448
471
546
747
839
913
[Estimated amounts outstanding, in millions of dollars]
Automobile
paper
JULY 1955
Personal
loans
INSTALMENT CREDIT HELD BY FINANCIAL INSTITUTIONS OTHER THAN COMMERCIAL BANKS AND SALES
FINANCE COMPANIES, BY TYPE OF CREDIT
Total
instalment
credit
. .
Direct
Repair
and
modernization
loans
1,079
1,452
1,726
[Estimated amounts outstanding, in millions of dollars]
.. .
Purchased
Other
consumer
goods
1939
1940
1941.
INSTALMENT CREDIT HELD BY SALES FINANCE
COMPANIES, BY TYPE OF CREDIT
End of year
or month
Automobile
paper
Personal
loans
Total
instalment
credit
Automobile
paper
Other
consumer
goods
paper
Repair
and
modernization
loans
Personal
loans
1939
1940
1941
789
891
957
81
102
122
24
30
36
15
16
14
669
743
785
1945
1946
1947
1948
1949
1950
19S1
1952
1953
1954
731
991
1,275
1,573
1,858
2,237
2,537
3,053
3,613
3,881
54
77
130
189
240
330
358
457
573
596
20
34
69
99
137
182
209
279
337
340
14
22
39
59
89
115
132
187
249
260
643
858
1,037
1,226
1,392
1,610
1,838
2,130
2,454
2,685
1954—May
June
July
August
September. . .
October
November. . .
December....
3,652
3,695
3,719
3,744
3,771
3,774
3,808
3,881
565
574
581
587
591
589
591
596
323
323
321
321
324
329
331
340
258
259
258
261
262
260
263
260
2,506
2,539
2,559
2,575
2,594
2,596
2,623
2,685
1955—January
February....
March
April
May
3,864
3,895
3,961
4,030
4,100
595
607
628
649
670
338
339
344
353
363
254
253
253
253
258
2,677
2,696
2,736
2,775
2,809
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.
801
STATISTICS ON SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT—Continued
INSTALMENT CREDIT EXTENDED AND REPAID
[Estimates, in millions of dollars]
Automobile
paper
Total
Other consumer
goods paper
Year or month
Extended
Repaid
Extended
Repaid
Extended
Repaid
2,381
2,827
1,999
2,603
3,645
4,581
1940
1941
8,219
9,425
7,208
8,854
3,086
3,823
2,512
3,436
2,588
2,929
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
5,379
8,495
12,713
15,540
18,002
21,256
22,791
28,397
30,321
29,304
5,093
6,785
10,190
13,267
15,454
18,282
22,444
24,550
26,818
29,024
999
1,969
3,692
5,280
7,182
8,928
9,362
12,306
13,621
12,532
941
1,443
2,749
4,150
5,537
7,285
9,462
10,449
11,379
12,477
2,024
3,077
4,498
5,280
5,533
6,458
6,518
7,959
8,014
7,700
1954—May
June
July
August
September
October
November
December
2,397
2,703
2,549
2,477
2,441
2,454
2,554
3,046
2,336
2,473
2,417
2,425
2,407
2,437
2,492
2,593
1,047
1,244
1,163
1,114
1,062
1,031
1,040
1,184
987
1.078
1.033
1,063
1,046
1,056
1,084
1,084
1955—January
February
March
April
May
2,389
2,416
3,159
3,089
3,206
2,420
2,344
2.693
2,550
2,570
1,060
1,167
1 .569
1,512
1,616
997
985
1 .157
1954—May
June
July
August
September
October
November
December
2,321
2,495
2,455
2,409
2,474
2,461
2,612
2,762
2,392
2,413
2,364
2,480
2,404
2,424
2,500
2,488
984
,114
,060
,035
,077
,068
,109
,298
1955—January
February
March
April
May
2,823
2,898
3.035
3.017
3,091
2,496
2,521
2,562
2,552
2,634
,233
,382
,472
,404
1,517
Repair and
modernization loans
Extended
Repaid
Personal
loans
Extended
Repaid
328
312
255
307
2,217
2,361
607
585
6,901
7,511
7,863
206
423
704
702
721
826
853
1,243
1,387
1,245
143
200
391
577
677
707
769
927
1,144
1,278
2,150
3,026
3,819
4,278
,566
,044
6,058
6,889
7,299
7,827
2,060
2,284
2,010
2,539
3,405
3,959
4,351
4,683
5,628
6,273
6,784
7,406
607
659
622
607
629
687
716
936
650
662
661
641
636
650
642
666
121
109
107
112
115
106
108
95
104
108
105
107
115
111
114
110
622
691
657
644
635
630
690
831
595
625
618
614
610
620
652
733
1.083
1,113
616
529
708
703
741
675
654
713
690
678
67
72
99
106
121
109
96
119
102
109
646
648
783
768
728
639
609
704
675
670
1,010
1,056
1,006
1,067
1,014
1,039
1,098
1,083
604
649
666
613
609
633
677
679
658
658
667
678
634
652
631
643
115
95
98
100
106
92
101
99
115
108
100
105
118
106
113
108
618
637
631
661
682
668
725
686
609
591
591
630
638
627
658
654
1,020
1,071
1 .096
1,093
1,139
788
660
741
736
736
684
680
683
672
687
87
97
109
109
115
104
97
116
109
122
715
759
713
768
723
688
673
667
678
686
WITHOUT SEASONAL ADJUSTMENT
SEASONALLY ADJUSTED*
* Includes adjustment for differences in trading days.
NOTE.—Back figures by months for the period 1940-52, together with a discussion of the composition and characteristics of the data and a
description of the methods used to derive the estimates, are shown in the BULLETIN for January 1954, pp. 9-22. Monthly figures for 1953 are
shown in the BULLETIN for November 1954, p. 1212. Estimates of instalment credit extended and repaid are based on information from accounting
records of retail outlets and financial institutions and include finance, insurance, and other charges incurred under the instalment contract. Renewals and refinancing of loans, repurchases and resales of instalment paper, and certain other transactions may increase the amount of both
credit extended and credit repaid without adding to the amount of credit outstanding.
FURNITURE STORE STATISTICS
Percentage change
from preceding
month
Net sales:
Total
Cash sales
Credit sales:
Instalment
Charge account
Accounts receivable, end
of month:
Total
Instalment
Charge accounts
Inventories, end of
month, at retail value.
RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE *
Percentage change
from corresponding
month of preceding
year
May
1955
Apr.
1955
Mar.
1955
May
1955
Apr.
1955
Mar.
1955
+ 10
+ 13
+2
+ 15
+9
+10
+7
+1
+10,
+10
+9
+8
+10
+12
+5
+5
0
+16
+8
+ 10
+6
+ 13
+ 12
+2
+1
+3
0
-1
-2
-1
-4
+5
+3
+14
+4
+1
+14
+4
+1
+12
+7
0
-1
-3
2
-2
+1
+3
Instalment accounts
Year or month
Charge
accounts
Household ap- Department
pliance
stores
stores
Department
stores
Furniture
stores
1954—May
June
July
August
September
October
November
December
14
14
14
13
13
14
13
14
12
12
12
12
12
12
12
12
10
10
10
10
10
10
10
9
46
47
45
45
46
47
48
46
1955—January
February
March
April
May
14
14
15
15
15
12
11
13
12
12
9
9
9
9
9
44
43
48
44
45
1
Collections during month as percentage of accounts outstanding at
beginning of month.
802
FEDERAL RESERVE BULLETIN
BUSINESS INDEXES
[The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation]
Construction
contracts
awarded (value) 1
1947-49 = 100
Industrial production
(physical volume)*
1947-49=100
Manufactures
Year
or month
Total
Total
Durable
Nondurable
Minerals
Total
Residential
Employment and payrolls 2
1947-49 = 100
All
other
Nonagricultural
employment
DepartWholeFreight ment
Consale
sumer2 comcarload- store
Manufacturing
ings*
sales* prices modity2
production workers 1947-49 (retail 3 1947-49 prices
= 100 1947-49
= 100 value)
1947-49
= 100
Pay= 100
Employrolls
ment
AdAdAdAdAdAd- Unad- Unad- AdAdAdAd- Unad- Adjusted justed justed justed justed justed justed justed justed justed justed justed justed justed
Adjusted
1919
1920
1921
1922
1923
1924
1925
39
41
31
39
47
44
49
38
39
30
39
45
43
48
38
42
24
37
47
43
49
37
36
34
40
44
42
46
45
53
42
45
62
57
59
34
34
30
43
45
51
66
26
18
27
41
49
57
75
39
45
32
43
42
46
59
61.4
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
1926
1927
1928
1929
1930
51
51
53
50
50
52
63
64
63
68
59
73
71
76
67
68
70
63
49
52
30
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
37
37
37
58
48
48
50
51
56
51
69
69
73
59
49
52
49
53
60
45
115
99
1931
1932
1933
1934
1935
40
31
37
40
47
39
30
36
39
46
31
19
24
30
38
48
42
48
49
55
51
42
48
51
55
34
15
14
17
20
22
8
7
13
41
20
18
24
25
60.4
53.5
53.7
58.8
61.3
50.2
42.6
47.2
55.1
58 8
21.5
14.8
15.9
20.4
23 5
1936
1937
1938
1939
1940
56
61
48
58
67
55
60
46
*57
66
49
55
35
49
63
61
64
57
66
69
63
71
62
68
76
30
32
35
39
44
22
25
27
37
43
35
36
40
40
44
65.9
70.3
66.1
69.3
73.3
63 9
70.1
59.6
66.2
71.2
87
106
127
125
107
88
110
133
130
110
91
126
162
159
123
84
93
103
99
96
81
84
87
93
92
66
89
37
22
36
54
49
24
10
16
74
116
45
30
50
90
100
104
97
112
90
100
1103
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
83
105
111
142
120
124
121
125
P136
P127
128
136
PIS*
Pi 3 7
114
114
P118
P116
115
114
J»116
Pill
171
183
192
170
183
178
172
183
201
216
232
141
139
135
134
136
135
134
135
137
139
142
143
113
114
114
115
117
116
114
114
115
117
118
119
113
113
112
109
111
114
112
109
108
109
113
116
195
196
191
185
201
205
196
193
207
213
216
227
206
218
231
241
255
259
145
147
148
151
153
121
121
124
125
127
J»128
120
123
121
120
121
P122
261
261
260
253
245
1941.
1942
1943
1944
1945
. .
1946
1947
1948
1949.
1950
1951
1952
1953
1954
. .
P134
P125
Unad
justed
Unadjusted
74.0
76.4
71 6
72.9
73 1
75.0
38
35
75 6
74 2
73 3
73.3
71 4
65 0
62 0
62 9
61.9
56 1
79
59
62
67
69
32
24
24
27
29
65
58
55
57
58
0
4
3
2
7
47
42
42
48
52
4
1
8
7
0
27 2
32.6
25.3
29 9
34.0
81
84
67
76
83
33
35
32
35
37
59
61
60
59
59
3
4
3
4
9
52
55
51
50
51
5
i
1
1
1
82.8
90.9
96.3
95 0
91.5
87.9 49.3
103.9 72 2
121.4 99.0
118.1 102 8
104.0 87.8
98
104
104
106
102
44
50
56
62
70
62
69
74
75
76
9
7
0
2
9
56
64
67
67
68
8
2
0
6
8
94.4
99.4
101 6
99.0
102 3
97.9 81 2
103.4 97.7
102.8 105 1
93.8 97.2
99.6 111 7
100
108
104
88
97
90
98
104
98
105
83
95
102
101
102
4
5
8
8
8
78
96
104
99
103
7
4
4
2
1
106 4
106.3
111 8
101.8
129 8
136.6
151 4
137.7
101
95
96
109
110
112
86
111
111 0
113 5
114 4
114.8
114 8
111 6
110 1
110.3
140.4
140.0
137 9
134 5
134.6
135 8
131.9
134.8
138.0
139.1
142.2
143.1
90
88
85
107
109
105
233
244
253
263
264
277
202 111.5 105.2 104.8
192 111.1 104.2 104.0
182 110 8 103.4 103.2
184 110.3 102.4 101.4
178 110.2 J01.8 100.2
193 110 1 101 4 100 5
188 109.8 99.7 98.5
202 109.8 99.4 100.4
217 109.8 99.8 101.7
226 110.0 100.6 102.0
250 110.6 101.6 102.3
248 110.6 101.7 102.2
84
84
84
111
108
112
115.2
115.0
114 8
114 6
115 0
115 1
115.2
115.0
114.7
114.5
114.6
114.3
110.9
110.5
110 5
111 0
110 9
110 0
110.4
110.5
110.0
109.7
110.0
109.5
288
297
291
286
280
243
238
239
230
221
141.5
144.4
146.6
146.7
150.2
151.3
92
92
93
93
96
94
114.3
114.3
114.3
114.2
114.2
110.1
110.4
110.0
110.5
109.9
110.3
7
108 2
110.4
113 6
204 110.4
1954
January....
February...
March
April
May
June..
July
August
September..
October
November..
December..
125
125
123
124
126
126
123
125
124
124
124
124
123
123
124
126
128
130
116
123
126
130
130
128
127
126
125
125
126
125
124
125
126
128
130
131
132
133
135
136
138
131
135
137
138
138
?138
133
134
136
138
140
P141
82
84
84
87
89
93
111
112
108
113
114
117
1955
January
February.. .
March
April
May
June
P]39
P153
110.6
110.7
111.5
111.7
112.5
P112.8
101.8
102.5
103.5
104.6
105.8
P106.1
101.2
102.3
103.3
103.6
104.2
P105.2
118
112
113
119
*117
116
r
^Estimated.
pPreliminary.
Revised.
*Average per working day.
Three-month moving average, based on F. W. Dodge Corporation data. A description of the index may be obtained from the Division of
Research
and
Statistics.
For
monthly
data
(dollar
value)
by
groups, see p. 811.
2
The indexes of employment and payrolls, wholesale commodity prices, and consumer prices are compiled by the Bureau of Labor Statistics.
Nonagricultural employment covers employees only and excludes personnel in the armed forces. The figures on employment and payrolls incorporate revisions to first-quarter 1954 bench-mark levels. The consumer prices index is the revised series, reflecting beginning January 1953 the
inclusion of some new series and revised weights; prior to January 1953 indexes are based on the "interim adjusted" and "old" indexes converted
to the3 base 1947-49=100.
For indexes by Federal Reserve districts and for other department store data, see pp. 813-817.
Back figures in BULLETIN.—Industrial production, December 1953, pp. 1324-1328; department store sales, December 1951, pp. 1490-1515.
1
JULY 1955
803
INDUSTRIAL PRODUCTION
[Federal Reserve indexes, 1947-49 average—100]
1947-49
Annual
propor1953P 1954P
tion
Industry
1954
1955
May June July Aug. Sept. Oct. Nov. Dec.Jan. Feb. Mar. Apr. M a y
SEASONALLY ADJUSTED
100.0©
134
125
125
124
123
123
124
126
128
130
132
133
135
136
138
Manufactures—Total
90.02
136
127
126
125
124
125
126
128
130
131
133
134
136
138
140
Durable Manufactures—Total
43.17
153
137
136
133
134
135
137
139
142
143
145
147
148
151
153
6.70
132
108
106
108
103
105
111
118
121
127
131
136
138
140
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
148
121
138
124
163
178
138
147
122
139
124
170
170
135
147
122
141
125
173
170
136
148
124
144
125
181
166
135
149
122
147
125
189
167
137
150
124
147
123
194
169
137
152
125
148
122
198
175
138
154
125
145
120
193
187
140
155
125
145
124
187
191
140
157
126
146
125
187
193
142
157
129
146
126
184
195
143
160
130
149
-•131
185
'197
143
162
134
151
134
184
201
142
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
125
130
120
118
129
108
113
131
96
114
132
97
124
134
116
130
132
128
130
136
124
133
135
131
'132 '132 '135 '136
138
143 "•146
136
129
127 '127 '127
138
150
128
Furniture and misc. manufactures
Furniture and fixtures
Miscellaneous manufactures
4.04
1.64
2.40
131
117
140
121
106
131
118
102
128
120
104
131
120
106
130
123
109
133
123
109
132
123
110
132
123
108
132
122
108
131
122
109
132
12 3
109
133
125
112
135
126
113
135
131
117
140
44.85
118
116
117
116
114
114
115
117
118
119
121
121
124
125
127
11.87
6.32
5.55
107
104
110
100
95
105
101
95
107
99
93
106
98
95
102
99
94
103
98
95
101
102
101
103
103
101
105
104
101
107
106
103
108
105
103
106
109
104
115
112
113
109
117
Rubber and leather products
Rubber products
Leather and products
3.20
1.47
1.73
113
128
99
104
115
95
106
119
94
107
120
95
99
97
100
97
98
96
103
117
91
108
125
94
108
122
96
115
133
100
123
143
105
120
138
104
Paper and printing
Paper and allied products
Printing and publishing
8.93
3.46
5.47
125
132
121
125
134
120
126
137
120
126
136
121
126
133
121
126
135
121
127
137
121
127
138
121
127
137
120
127
136
121
129
140
130
143
122
133
147
124
134
151
'123
137
156
125
Chemical and petroleum products
Chemicals and allied products
Petroleum and coal products
9.34
6.84
2.50
142
147
130
142
148
125
142
148
125
142
148
124
141
148
122
141
149
121
144
150
125
143
150
124
145
152
127
148
155
129
148
154
131
151
157
134
153
160
134
155
163
136
159
167
136
11.51
10.73
.78
107
107
108
106
106
103
109 108
408 «107
107 107
105
105
101
105
105
99
105
105
102
105
105
102
106
106
100
106
106
101
107
107
107
106
106
106
108
109
107
110
110
103
109
110
Industrial Production—Total
Primary metals
Metal fabricating
Fabricated metal products
Machinery
Nonelectrical machinery
Electrical machinery
Transportation equipment
Instruments and related products. .
Nondurable
Manufactures—Total
Textiles and apparel
Textile mill products
Apparel and allied products
,
Foods, beverages, and tobacco
Food and beverage manufactures. . .
Tobacco manufactures
'122 '123
140 -144
105 '105
125
147
107
Minerals—Total
9.98
116
111
111
114
112
109
108
109
113
116
120
123
121
120
121
Mineral fuels
Coal
Anthracite
Bituminous coal
Crude oil and natural gas
8.35
2.68
.36
2.32
5.67
115
78
57
81
113
67
52
70
134
112
65
44
68
134
115
69
48
72
136
112
70
56
72
133
110
68
50
71
130
109
67
49
70
129
110
70
43
74
130
115
69
51
72
117
73
66
74
120
74
55
77
123
79
61
82
144
121
72
45
76
144
121
' 72
41
. 7y
144
81
42
87
Metal, stone, and earth minerals
Metal mining
Stone and earth minerals
1.63
.82
81
119
113
124
106
90
123
91
121
110
99
122
108
91
125
102
83
121
102
82
121
101
81
121
105
86
125
115
103
127
118
110
126
114
124
123
113
132
114
100
129
119
110
128
WITHOUT SEASONAL ADJUSTMENT
INDUSTRIAL
TOTAL
PRODUCTION100.00
134
125
124
124
116
123
126
130
130
128
131
135
137
138
138
MANUFACTURES—TOTAL
90.02
136
127
125
125
116
125
127
132
132
129
133
136
140
140
140
Durable Manufactures—Total
45.17
153
137
136
135
125
132
135
140
143
143
147
151
154
155
155
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
108
104
107
94
108
108
109
97
96
100
109
105
108
99
109
111
102
97
96
101
94
91
95
94
96
96
93
80
79
87
100
95
96
93
97
96
104
90
90
91
103
98
101
93
102
101
111
90
89
98
112
107
111
101
112
111
120
97
95
106
118
114
121
110
122
119
138
98
96
107
117
115
121
113
121
118
145
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
129
128
132
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
^Preliminary.
'Revised.
Corrected.
1
Seasonal factors for lumber revised beginning March 1955.
NOTE.—Anumber 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.
804
FEDERAL RESERVE BULLETIN
INDUSTRIAL PRODUCTION—Continued
[Federal Reserve indexes, 1947-49 average = 100]
Industry
.947-49
propor-
Annual
1954
1955
M a y June July Aug. Sept. Oct. Nov. Dec.Jan. Feb. Mar. Apr. M a y
953P
WITHOUT SEASONAL ADJUSTMENT
—Continued
Primary metals—Continued
Nonferrous metals
Primary nonferrous metals
Copper smelting
Coppe
g
C pp
Copper
refining
fii
Lad
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. . .
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
120
147
97
107
109
102
246
108
113
102
149
112
122
149
109
114
97
102
245
109
115
101
162
112
103
142
93
105
79
97
248
86
91
76
145
117
139
76
102
98
98
246
105
111
100
163
103
118
137
88
89
109
84
244
105
114
103
159
107
127
142
98
9i
114
90
246
108
124
115
160
121
129
158
124
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
145
135
182
144
149 155 148
167 169 166
140 134 133
134 133 124
99 112 115
119 122 118
253 256 257
125 133 124
146 153 144
125 133 114
196 »-202 204
155 163 168
144
166
132
133
101
118
258
28.52
167
150
148
147
138
144
145
ISO
154
1S6
159
162
165
166
165
5.73
2.68
2.12
.30
.63
136
137
138
129
93
123
126
117
131
90
121
125
116
125
88
122
126
114
143
93
116
123
106
153
75
124
125
109
196
104
124
125
111
172
109
126
127
115
142
121
125
129
122
103
99
124
130
124
102
78
124
127
124
110
87
126
129
125
107
99
130 131
131 132
129 129
111 126
108 107
134
136
130
141
103
139*
110
209
13.68
160
142
i 38 137
128
138
145
15©
15©
146
148
152
154
152
151
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
143
139
96
125
121
79
126
122
84
125
121
84
119
117
79
118
116
74
122
116
75
116
73
121
116
75
123
119
80
126
119
85
129
121
90
132
124
94
134
126
95
135
129
95
7.11
.68
.69
145
188
128
127
160
114
127
161
112
127
157
111
122
152
88
122
150
91
122
150
125
122
147
123
122
146
124
125
149
122
124
148
146
125
149
155
128
152
164
131
154
161
134
157
155
Electrical machinery
Electrical apparatus and parts.
Radio and television sets
4.64
3.23
.74
179
230
177
160
214
162
159
156
162
156
166
145
151
116
176
152
234
189
154
280
207
158
341
206
162
325
191
165
258
191
165
261
196
167
272
195
169
261
189
171
228
182
176
190
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
64
175
109
131
92
95
59
133
130
101
474
112
39
179
116
146
101
104
63
148
141
102
472
118
43
175
111
143
96
99
64
132
146
96
472
115
39
165
98
123
79
81
54
113
109
88
465
107
32
155
81
81
74
76
43
110
119
84
470
104
33
159
90
70
78
74
46
121
132
105
464
106
28
179
120
144
93
99
58
134
135
113
471
106
24
25
191
136
174
94
103
59
130
131
125
478
110
31
20
200
150
195
98
102
64
143
138
137
479
110
32
20
205
157
210
87
77
48
144
160
145
477
113
36
32
165
96
125
78
86
57
99
102
85
469
111
26
17
209 213
163 171
215 223
104 137
109 148
67
89
14-1 193
170 185
148 150
479 472
115 117
35
38
26
28
211
165
205
132
139
88
192
176
150
472
119
47
39
142
140
Machinery
I n s t r u m e n t s and related products.
Clay, Glass, and Lumber Products.
.35
1.29
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.
3.91
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
155
125
29
140
138 "135
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
126
130
117
124
126
126
87
137
111
113
112
161
135
122
131
115
123
125
127
81
138
115
124
111
164
136
3.09
2.05
.60
.39
.12
.29
118
112
149
118
199
99
115
106
161
123
222
122
117
161
119
229
91
Furniture and Misc. Manufactures
Furniture and fixtures
Household furniture
Fixtures and office furniture.
4.04
131
121
1.64
1.10
.54
117
118
116
Miscellaneous manufactures.
2.40
140
^Preliminary.
'Revised.
For other footnotes see preceding page.
JULY 1955
132
109
22
25
18
12
132
137
138
140
125 rl24
25
142
145
133
140
131
149
152
124
92
132
119
121
120
165
155
144
137
146
132
150
152
125
-94
151
121
127
120
174
160
142
139
63
150
111
116
109
170
134
118
134
116
126
127
125
80
151
116
126
112
172
140
129
136
118
134
136
112
84
155
118
128
112
169
144
136
139
125
141
144
119
92
152
115
121
113
168
146
130
137
124
144
148
105
93
145
117
124
114
166
115
106
155
128
195
92
91
91
93
90
95
85
102
98
128
116
145
83
123
110
187
157
232
87
134
119
207
164
274
91
123
107
191
139
275
88
116 rll7 -125 126 128
100 101 108 109 115
186 ••193 -206 ••210 201
137 ' 1 4 3 151 1 5 5 148
264 274 294 298 288
91
'89
114
116
112
121
125
129
128
125
121
125
227
124
126
106
106
107
98
96
103
100
98
105
99
98
100
107
108
106
111
112
108
113
116
107
112
115
107
112
115
108
109
110
106
113
115
109
114
116
109
111
113
107
131
124
127
121
130
136
140
139
134
129
134
136
133
112
114
110
136
128
107
119
134
120
148
151
93
80
131
113
112
115
162
149
132
126
148
151
114
82
119
107
101
114
155
147
129
134
129
147
150
124
89
115
111
106
115
155
151
150
133
151
152
129
91
125*
132
122
185
164
129
116
91
"Corrected.
805
INDUSTRIAL PRODUCTION—Continued
[Federal Reserve indexes, 1947-49 average = 100]
1955
947-49
Annual
1954
propor9 5 3 P 1954P May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. | M a y
tion
Industry
WITHOUT SEASONAL ADJUSTMENT
—Continued
44.85
118
116
114
115
107
117
119
123
120
115
119
122
125
124
124
11.87
107
100
98
96
86
103
99
105
104
98
108
112
115
113
110
Textile mill products
Cotton and synthetic fabrics
Cotton consumption
Synthetic fabrics
.. .
Fabric finishing
Wool textiles
Wool apparel yarns
Wool fabrics
Knit goods
Hosiery
Full-fashioned hosiery
Seamless hosiery
Knit garments
Floor coverings1
Woven carpets
6.32
3.72
2.30
.97
.45
.97
.16
.75
1.15
104
107
104
115
101
78
91
75
116
113
118
102
119
95
100
97
108
93
66
76
64
106
108
113
97
103
94
99
95
107
96
68
84
64
105
110
116
95
99
93
96
92
110
82
70
81
68
106
106
110
98
106
82
85
80
105
65
68
78
66
89
78
79
77
103
97
101
99
104
98
74
86
71
109
106
108
100
113
97
100
96
112
86
67
73
66
113
113
116
107
112
103
109
104
121
101
69
77
67
113
115
118
107
112
102
110
104
126
102
69
72
69
110
109
112
102
111
98
104
95
127
90
70
68
71
103
102
105
93
104
104
114
105
132
107
70
79
67
105
110
114
100
98
108
116
106
138
109
72
85
69
112
119
124
106
104
109
118
105
147
106
74
82
72
110
111
118
96
109
118
103
154
107
79
89
77
108
109
116
93
106
108
117
104
'146
86
71
68
66
36
70
79
82
62
71
84
83
86
85
71
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
103
108
88
84
80
121
105
80
97
99
95
81
75
87
101
104
114
98
91
80
56
52
57
94
96
127
97
110
110
98
92
98
118
114
146
105
101
95
76
73
72
106
100
130
107
106
108
82
80
72
124
102
127
110
107
108
88
88
66
121
102
130
110
99
96
87
90
52
99
93
115
106
113
115
98
102
60
126
120
152
103
116
113
97
100
59
124
125
160
109
123
113
88
91
55
130
143
165
112
116
118
'92
'90
'76
135
129
109
103
113
119
105
100
101
127
116
95
104
Rubber and Leather Products.
3.20
113
104
103
106
86
98
105
114
108
110
123
127
128
124
122
Rubber products
Tires and tubes
Auto tires
Truck and bus tires
Miscellaneous rubber products. .
1.47
.70
.40
.30
.77
128
117
117
118
133
115
105
110
99
124
118
111
122
96
125
121
119
133
100
124
85
84
94
71
86
94
75
81
69
111
118
104
107
99
132
132
116
117
114
147
124
110
111
110
137
128
116
119
113
139
145
130
136
121
158
144
134
141
125
153
146
133
145
117
'158
146
128
140
113
163
145
135
150
116
155
Leather and products
Leather
•
Cattlehide leathers
Skin leathers 2
Shoes and slippers
•Miscellaneous leather products
1.73
.44
.29
.15
.90
.39
99
91
92
89
95
87
92
75
89
90
96
79
94
89
93
81
87
71
75
65
101
87
91
78
94
83
89
70
98
88
96
72
94
88
94
75
94
88
95
73
105
94
101
80
112
98
104
86
113
94
101
80
105
95
102
101
100
90
79
84
87
94
95
97
98
94
91
100
103
'92
Paper and Printing,
8.93
125
125
126
126
116
124
128
133
131
125
127
131
136
137
137
Paper and allied products
Pulp and paper
Wood pulp
Paper and board
Printing paper
Fine paper
Coarse paper
Miscellaneous paper
Paperboard
Building paper and board
Converted paper products
Shipping containers
Sanitary paper products
3.46
1.76
.51
1.25
.22
.14
.20
.18
.41
.10
1.70
.51
.11
132
130
142
125
119
116
118
129
134
118
134
133
138
134
132
148
125
118
120
119
137
130
124
136
133
145
134
132
148
125
117
120
117
134
132
125
136
133
144
136
136
153
129
120
123
119
136
136
137
135
132
144
120
116
133
109
99
96
102
126
112
123
124
119
139
137
134
150
128
121
122
121
137
133
131
139
136
146
137
133
148
126
120
120
118
136
129
137
141
141
141
146
140
158
133
122
130
124
145
138
135
152
151
153
140
139
160
131
121
127
124
142
137
129
140
140
141
129
127
142
120
112
124
112
135
122
115
131
131
128
140
140
158
132
123
132
124
150
136
122
141
135
156
148
147
166
139
127
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
Printing and publishing
Newsprint consumption
Job printing and periodicals
5.47
1.85
3.62
121
118
122
120
119
121
121
125
119
119
119
120
113
102
119
116
107
120
122
120
123
125
129
125
130
122
123
123
124
118
114
120
121
121
121
126
132
123
126
134
122
126
135
122
Chemical and Petroleum
Products.
9.34
142
142
13?
139
133
139
143
147
149
149
150
154
157
155
156
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
145
150
159
147
179
120
149
141
104
95
132
104
116
137
144
152
155
151
183
122
157
143
96
85
127
99
117
107
137
145
148
144
149
121
148
143
91
80
126
69
117
95
144
150
151
150
170
126
152
146
96
84
129
104
117
99
149
153
155
152
195
137
148
147
109
101
131
116
115
109
155
160
161
159
197
143
165
148
138
139
134
117
115
113
156
165
171
164
200
147
174
151
140
140
137
105
117
108
156
166
170
165
196
151
173
154
130
126
139
105
118
112
157
169
175
167
206
180
172
155
127
125
135
103
116
116
162
176
181
175
231
193
181
157
128
123
145
108
116
124
165
184
184
184
243
202
196
160
117
111
136
102
119
177
164
182
180
183
246
203
191
161
108
99
134
102
122
176
164
182
185
181
Nondurable Manufactures—Total.,
Textiles and Apparel
.65
.45
.20
.50
.48
.31
'82'
'82"
108
103
108
92
113
180
167
109
98
142
99
126
154
^Preliminary.
'•Revised.
suspended pending revision of data for the period 1952 to date.
Publication suspended pending adjustment to revised Census production figures for the period 1950 to date.
NOTE.—A number of groups and subgroups include individual series not published separately. For description and back figures, see BULLETIN for December 1953, pp. 1247-1293 and pp. 1298-1328, respectively.
1
Publication
2
806
FEDERAL RESERVE
BULLETIN
INDUSTRIAL PRODUCTION—Continued
[Federal Reserve indexes, 1947-49 average = 100]
947-49
proportion
Industry
1954
Annual
953? 954? May June July Aug.
1955
Sept. Oct.
Nov. Dec. Jan.
Feb.
Mar.! Apr. May
WITHOUT SEASONAL ADJUSTMENT
—Continued
Petroleum
n d coal products
Petroleum arefining
Gasoline. ...
... .
Automotive gasoline . . .
Aviation gasoline
Fuel oil
Distillate fuel oil
Residual fuel oil
Kerosene
Lubricating oil
Coke
Asphalt roofing and siding . . .
Foods, Beverages, and
Tobacco
.98
.06
.56
13©
135
144
139
227
130
125
133
141
136
221
128
123
130
140
136
218
122
124
131
141
136
235
122
122
130
141
136
229
122
124
131
142
137
233
123
127
133
142
138
215
127
126
132
140
135
214
128
129
136
143
139
214
135
129
140
146
141
232
140
132
142
146
142
216
146
134
144
147
143
209
152
133
139
143
140
205
142
132 P 1 3 3
136 P\36
144 PU7
140
212
129 P126
.30
.26
.10
.17
155
101
117
106
158
93
110
108
145
94
99
109
148
92
100
111
150
89
97
104
154
87
99
109
161
89
98
111
164
87
101
106
172
92
116
110
177
97
125
108
184
101
134
109
196
101
123
105
181
97
117
110
163
91
102
124
.26
111
84
80
79
77
75
77
84
90
93
96
98
102
104
.15
99
103
118
135
110
127
147
133
106
62
70
75
110
131
11.51
107
106
103
110
108
114
119
116
109
99
99
97
100
101
104
101
100
118
104
102
114
138
98
140
143
164
143
122
85
101
76
118
98
2.50
1.97
1.04
105
F o o d a n d beverage manufactures... 10.73
8.49
Food manufactures
1 48
M e a t products
Beef
.46
Pork .
.83
.69
Dairy products
Butter
14
.07
Natural cheese
. .
.19
Concentrated milk
Ice cream . .
28
Canned and frozen foods
1.13
Grain-mill products
1.16
W h e a t flour
46
Cereals and feeds
.70
1 64
Bakery products . .
Sugar
.27
Cane sugar
.11
Beet sugar
.
.13
Confectionery
.71
Miscellaneous food preparations. . . 1.41
Beverages
2.24
Bottled soft drinks
54
Alcoholic beverages
1 70
Beer and ale
1.02
Liquor distilling
.17
Liquor bottling
.37
107
108
115
106
107
117
103
100
105
109
106
108
109
107
102
115
117
108
120
124
120
117
118
127
110
113
135
101
104
136
98
102
138
97
99
124
100
100
128
129
104
105
108
112
93
106
121
106
81
122
100
113
135
103
106
110
116
94
104
112
107
81
124
97
117
132
87
135
152
159
139
110
85
106
76
127
96
76
137
89
145
145
161
139
139
99
114
78
137
98
82
135
81
128
115
129
109
143
138
112
78
134
99
72
138
88
115
99
114
94
133
194
110
82
129
98
94
141
104
97
84
98
76
113
212
114
86
132
98
109
142
115
85
81
87
66
95
141
110
90
123
99
258
136
131
78
79
87
65
81
99
103
84
117
98
273
132
134
79
85
91
70
74
87
101
80
115
98
176
140
133
85
99
95
76
78
77
103
87
114
94
93
129
117
91
101
102
86
84
72
102
85
113
95
61
134 133
121 106
104 117
104 119
113 133
100 116
100 107
81
74
101 '102
79
83
113 116
95 '94
64
67
113
108
102
104
105
106
121
99
105
103
109
42
81
105
113
121
43
80
108
124
112
32
66
109
118
115
71
91
108
108
115
99
131
106
107
105
385
123
108
110
90
427
125
105
97
87
248
87
101
88
100
81
106
100
84
106
17
112
101
89
110
24
96
101
101
101
27
93
'103
107
100
103
98
99
108
117
114
128
103
122
95
112
98
93
107
84
99
79
84
83
80
85
86
84
100
101
106
113
60
107
68
102
64
104
62
104
42
85
39
85
69
115
121
142
92
139
67
90
61
76
67
93
66
109
68
104
Tobacco manufactures
Cigarettes
Cigars
.78
.46
.17
108
111
107
103
106
105
107
112
105
114
119
111
92
98
83
111
115
112
109
111
113
111
111
121
103
102
113
83
86
82
105
111
99
104
106
107
105
108
106
99
102
99
9.98
116
111
112
115
110
111
111
112
114
114
117
119
118
120
122
117 121 123 121
121
120
72
39
'77
77
43
83
MINERALS—TOTAL
110 110 113 117
Mineral Fuels
8.35
115
113
Coal
Anthracite
Bituminous coal
2 68
78
57
81
67
52
70
62
45
65
63
50
65
57
44
59
68
48
71
70
51
72
77
52
81
75
57
78
75
61
77
77
55
81
79
61
82
71
41
76
36
2.32
111 113 108
78
107
Crude oil and natural gas
Oil and gas extraction
Crude oil
Natural gas
Natural gas liquids
Oil and gas well drilling
5.67
4.82
4.12
133
134
134
136
133
130
129
130
136
138
142
144
144
144 P141
129
124
128
122
129
124
129
125
124
120
123
118
124
118
124
118
130
122
132
123
140
131
139
132
137
132
34
167
157
172
160
160
155
161
156
154
151
157
151
159
159
167
163
184
170
199
172
139
130
202
175
207
176
169
161
154
167
163
176
180
166
159
160
171
171
163
168
175
184
Metal, Stone, and Earth Minerals..
1.63
119
106
116
123
119
115
113
no
102
99
97
99
104
114
131
82
113
90
108
120
108
100
98
92
79
76
79
85
86
>100
130
.36
.85
P133
P\28
Metal mining.
Iron ore
Nonferrous metal mining
Copper mining
Lead mining
. .
Zinc mining
.33
.49
128
104
84
94
126
96
152
98
139
87
132
78
117
85
87
95
43
103
37
102
36
108
39
117
41
117
79
.24
.09
.06
114
86
87
103
80
75
106
78
78
108
80
79
95
74
72
77
83
75
92
76
67
106
78
71
118
82
74
116
83
73
124
83
80
134
89
83
133
91
85
132
'87
'83
' *84
Stone and earth minerals
.81
124
123
125
127
130
130
129
129
126
122
115
113
122
128
132
115
85
r
p Preliminary.
Revised.
For other footnotes see preceding page.
JULY
1955
807
OUTPUT OF CONSUMER DURABLE GOODS
[Federal Reserve indexes, 1947-49 average=100]
1947-49
proportion
Product
Annual
1954
1955
1953 1954 May June July Aug. Sept. Oct
Nov. Dec. Jan.
Feb. Mar. Apr. May
SEASONALLY ADJUSTED
CONSUMER DURABLES—TOTAL.. 100.00
Major Durables
69.72
Autos
32.10
Major household goods
36.13
Furniture and floor coverings
15.32
Household furniture
11.31
1
Floor coverings
4.01
Appliances and heaters
15.60
Major appliances
11.88
Ranges
..
Refrigeration appliances
Laundry appliances
2.51
Heating apparatus
3.72
Radio and television sets
5.21
Radio, sets
3.42
Television sets
1.79
Other C o n s u m e r Durables
Auto parts and tires
Misc. home and personal goods
127
116
119
118
116
115
114
112
119
125
131
135
139
138
146
132
113
118
125
131
122
101
106
130
145
119
96
100
128
136
123
96
102
126
127
127
102
104
125
121
131
106
109
121
110
132
107
111
117
104
131
106
111
128
127
130
103
111
137
149
129
105
110
145
160
133
107
110
151
172
135
107
113
156
179
138
109
114
•163
19©
2
110
115
164
189
143
113
118
118
123
90
137
141
100
230
67
541
111
115
79
124
148
97
214
52
522
116
120
83
143
124
106
196
43
487
110
111
79
131
113
107
243
45
621
114
118
83
132
136
101
241
47
611
109
113
74
125
146
98
270
56
678
112
117
80
117
169
96
267
46
687
110
114
79
110
170
97
270
62
667
114
120
77
122
174
95
259
70
620
115
119
82
117
181
100
242
70
571
128
133
79
137
190
115
225
73
515
131 137 ••145
135 139 1 5 2
97 101
96
140 152 166
181 172 199
120 -•131 ••121
226 222 226
65
68
532
527
145
153
105
169
188
123
222
68
516
30.28
14.00
16.28
102
01
111
95
01
99
93
90
96
96
96
96
93
89
96
91
85
79
98
95
101
98
96
100
97
93
101
96
94
97
98
100
97
99
97
100
100 100
96
98
102 102
103
101
105
CONSUMER DURABLES—TOTAL.. 100.00
127
116
116
116
102
113
108
109
129
132
142
151
155
156
147
Major Durables
Autos
Major household goods
Furniture and floor coverings.
Household furniture
Floor coverings*
Appliances and heaters
Major appliances
Ranges
Refrigeration appliances..
Laundry appliances
Heating apparatus
Radio and television sets
Radio sets
Television sets
69.72
21. ,0
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
126
146
110
92
96
125
143
112
93
98
107
125
92
89
98
121
123
121
102
108
111
81
139
108
112
111
70
149
111
116
142
144
142
108
115
149
174
130
109
115
163
195
137
108
110
174
210
146
111
115
179 '180
215 223
151 '145
114 111
116 113
167
205
136
109
114
118
123
90
137
141
100
230
67
541
111
115
79
124
148
97
214
52
522
112
117
80
147
111
96
155
48
360
112
114
76
141
117
104
165
44
397
53
109
90
86
116
29
281
101
96
68
99
128
116
234
51
583
122
121
87
116
181
124
279
48
722
124
121
87
104
199
133
338
64
860
116
118
83
106
192
107
324
71
806
108
116
77
112
177
84
258
67
623
124
134
81
147
177
93
260
73
618
138
149
104
152
207
102
272
74
648
151
163
110
180
201
114
260
80
604
150
162
106
187
193
113
228
74
521
145
156
100
183
181
111
189
75
408
Other Consumer Durables
Auto parts and tires
Misc. home and personal goods
30.28
14.00
16.28
102
01
111
95
91
99
92
90
94
94
96
93
90
91
89
94
90
97
101
100
102
104
101
106
100
93
105
94
89
98
95
95
95
97
93
101
99
93
105
99
96
102
102
101
102
145
WITHOUT SEASONAL ADJUSTMENT
' Revised.
1
Publication suspended pending revision of data for the period 1952 to date.
NOTE.—Individual indexes without seasonal adjustment tor woven carpets, appliances, heating apparatus, radio sets, and television sets may
be obtained from the Division of Research and Statistics. For a description of this index, see BULLETIN for May 1954, pp. 438-447.
PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES
[Compiled by Bureau of Labor Statistics. In thousands of persons]
1954
Industry group
June
July
Aug.
Sept.
1955
Oct.
N o v . Dec.
Jan.
Feb.
Mar.
Apr.
May
SEASONALLY ADJUSTED
Total
Durable goods
Ordnance and accessories
Lumber and wood products
Furniture and fixtures
Stone, clay, and glass products.
Primary metal industries..
Fabricated metal products
Machinery except electrical
Electrical machinery
Transportation equipment
Instruments and related products
Misc. manufacturing industries.
Nondurable goods
Food and kindred products... „
Tobacco manufactures
Textile-mill products
Apparel and other finished textiles
Paper and allied products
Printing, publishing and allied
industries
Chemicals and allied products..
Products of petroleum and coal
Rubber products
Leather and leather products. .
12,546 12,337 12,297 12,346 12,445 12,572 12,580 12,586 12,673 12,798 ri2,934 13,091 13,127
7,177 7,191
7,136
6,979 6,928 6,957 7,054 7,159
7,269 7,350 '7,443 7,554 7,599
107
91
104
102
100
98
97
101
91
96
94
94
91
658
572
649
678
675
674
569
'658
692
679
669
654
668
286
286
297
295
294
291
294
308
305
290
295
298
289
425
430
435
436
436
435
432
460
457
438
442
448
434
982
979
965
969
988
997
972
1,052 1,076 1,103 1,117
i,008 1,027
839
834
821
825
840
835
828
'864
886
881
836
851
826
1,123
1,143
1,122
1,125 1,115 1,103 1,095 \,093 1,108
1,127 1,147
1,161 1,163
785
782
799
793
769
778
792
T-804
817
817
795
795
792
1,183
1,334
1,375
1,328
1,279
1,238
1,249
1,462 1,458
1,447 1,462
1,400 1,426
220
379
5,410
1,114
94
978
216
373
5,369
1,089
93
989
1,037
441
218
377
5,358
1,092
95
970
1,030
442
1,033
441
1,086
92
988
1,033
447
514
529
180
197
326
513
528
179
176
333
514
528
175
177
330
518
526
174
196
329
218
377
5,389
5,403
1,094
93
968
215
216
369
371
5 ,395 5,404
t, 085 1,078
90
93
967
970
5,448
1,091
92
975
'983
212
386
5,537
1,110
91.
976
1,060
440
1,057
435
1,058
435
1,064
435
1,072 1,073
'441
437
1,096
447
220
387
5,528
1,096
93
979
1,093
453
513
528
173
199
334
511
531
173
204
337
51?
534
171
207
336
515
532
172
208
337
520
557
176
218
346
517
554
176
221
346
217
378
5,391
1,082
94
979
217
375
5,413
1,097
96
973
1,041
444
515
529
175
200
332
216
369
218
375
516
540
174
212
339
217
378
'5,491
1,113
'519
'546
175
212
'339
For footnote see following page.
FEDERAL RESERVE BULLETIN
PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES—CO
[Compiled by Bureau of Labor Statistics. In thousands of persons]
1955
1954
Industry group
June
Sept.
Aug.
July
Nov.
Oct.
Dec.
Jan.
Feb.
Mar.
1? ,649
1? ,778 ' 1 ? 816
Apr.
May
June
1?, 891
13, 016
7, •595
9QQ
WITHOUT SEASONAL ADJUSTMENT
Total
1? ,437 1? ,179
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
Klectrical machinery
Transportation equipment
Instruments and related products
Misc. manufacturing industries.
Nondurable goods
Food and kindred products
Tobacco manufactures
Textile-mill products
.
Apparel and other finished textiles
Paper and allied products
Printing, publishing and allied
products
Chemical and allied products. . .
Products of petroleum and coal.
Rubber products
Leather and leather products. . .
7 ,130
1? ,418 1? ,577
1? ,61?
1? ,657
645
7 ,081
7 J98
7, •218
7, 18?
7 ,?8?
17,
6 ,876
6 ,890
ft ,965
' 7 ,457
7, 535
109
100
Q8
97
96
94
Q4
91
661
639
296
434
1 ,032
844
1 ,125
80S
1 ,426
634
'651
297
450
n ,076
r868
r l ,164
r804
n ,462
91
682
9Q7
7
107
104
101
674
977
427
982
831
1 ,154
761
1 ,328
583
275
424
969
809
1 ,111
751
1 ,279
592
290
434
967
820
1 ,095
766
1 ,238
672
298
437
965
821
1 ,097
78S
1 ,183
692
301
438
969
829
1 ,093
800
1 ,249
685
301
438
988
844
1 ,092
811
1 ,334
437
1, 002
843
1, 106
809
1, 375
631
903
430
1, 013
834
1, 109
800
1, 400
219
371
214
358
214
373
218
386
218
393
218
390
218
373
217
360
216
371
5 ,307
5 ,303
5 ,528
5 ,612
5 ,531
5 ,459
5, 427
5, 341
.5 ,367
1 ,086
82
973
1 ,152
83
946
1 ,238
102
974
1 ,268
110
978
1 ,180
119
979
1 ,111
10S
983
1, 062
100
983
1, 007
91
977
985
89
985
991
985
8S
990
439
984
433
1 ,054
1 ,059
1 ,057
1 ,060
1, 073
1, 069
1 ,101
444
508
517
181
171
509
520
179
175
5?0
534
175
202
444
518
533
173
202
442
519
534
172
907
437
514
521
181
196
445
518
529
177
196
437
1 ,110
439
51?
535
170
909
516
548
172
212
324
328
338
331
330
332
335
51?
534
169
909
336
345
347
9Q7
°
?Q8
442
1 ,057
860
1 ,144
80S
1 ,447
219
377
5
,403
439
457
91
709
877
1, 173
809
1, 462
462
1, 117
877
1, 175
809
1, 458
218
376
211
378
219
379
'5 ,359
5 , 356
5, 421
1 ,011
1, 029
f-80
••983
80
971
1, 068
81
974
,057
r441
1, 041
1, 044
445
451
»-516
••551
173
211
••337
517
551
175
917
517
546
177
990
1, 097
332
344
'Revised.
NOTE.—Covers production and related workers only; data shown include all full- and part-time production and related workers who worked
during, or received pay for, the pay period ending nearest the 15th of the month. Figures for June 1955 are preliminary. The series for recent
years were revised by the Bureau of Labor Statistics in May 1955 to first-quarter 1954 bench-mark levels indicated by data from government
social insurance programs. Back data may be obtained from the Bureau of Labor Statistics.
HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES
[Compiled by Bureau of Labor Statistics]
Average weekly earnings
(dollars per week)
Industry group
Total
Durable goods
Ordnance and accessories
Lumber and wood products
,
Furniture and fixtures
Stone, clay, and glass products
Primary metal industries
Fabricated metal products
Machinery except electrical
Electrical machinery
Transportation equipment
Instruments and related products
Miscellaneous manufacturing industries
Nondurable goods
1955
1954
Average hours worked
(per week)
1954
June
June
76.30
76.11
39.5
'81.58
82.78
82.19
'82.42
'•67.06
64.48
••75.17
'89.40
82.82
67.89
64.71
76.91
90.91
84.05
n.a.
65.92
77.38
90.67
80.34
'85.70
'75.52
'92.62
75.76
'65.76
81.54
87.15
76.30
94.79
75.92
66.83
65.91
67.32
June
Apr.
71.50
'74.96
76.40
79.40
68.30
62.17
70.88
80.70
76.92
81.00
72.07
84.59
72.83
63.36
64.57
May
1955
Apr.
Average hourly earnings
(dollars per hour)
1954
June
June
'40.3
40.8
40.7
1.81
1.86
1.87
40.0
'41.2
41.6
41.3
1.91
'1.98
1.99
1.99
40.1
40.9
39.6
40.5
38.8
'40.6
'40.4
'40.3
'41.3
41.2
40.8
40.9
40.7
41.8
41.7
41.2
n.a.
41.2
41.6
41.4
2.08
2.03
'1.66
1.60
1.82
2.17
2.03
1.66
1.59
1.84
2.18
2.04
n.a.
1.60
1.86
2.19
80.54
87.36
75.33
89.79
78.47
66.99
40.7
40.5
39.6
39.9
39.8
39.6
'41.2
'41.6
'40.6
'42.1
40.3
'40.1
41.6
42.1
40.8
42.7
40.6
40.5
41.3
42.0
40.5
41.0
41.3
40.6
1.89
2.00
1.95
2.06
1.86
2.20
1.88
1.64
1.96
2.07
1.87
2.22.
1.87
1.65
1.95
2.08
1.86
2.19
1.90
1.65
67.83
38.9
39.0
39.6
39.9
1.66
1.69
1.70
1.70
1.74
1.39
1.37
'1.32
1.81
1.74
1.41
1.38
1.32
1.81
'2.33
'1.97
2.34
'2.07
1.40
2.34
1.97
2.35
2.08
1.41
Food and kindred products
Tobacco manufactures
Textile-mill products
Apparel and other finished products... .
Paper and allied products
69.14
51.71
51.41
46.55
74.20
70.12
'50.60
'53.02
r46.99
'76.93
71.51
54.71
54.65
48.05
77.47
71.62
56,37
55.06
48.68
78.26
41.4
38.3
37.8
35.0
42.4
40.3
'36.4
'38.7
35.6
'42.5
41.1
38.8
39.6
36.4
42.8
41.4
39.7
39.9
36.6
43.0
Printing, publishing and allied products
Chemicals and allied products
Products of petroleum and coal
Rubber products
Leather and leather products
87.32
79.10
93.98
79.60
51.01
'89.71
'81.36
'95.94
'86.53
51.24
90.79
81.36
97.29
86.94
51.75
91.18
82.39
97.47
90.74
53.44
38.3
41.2
41.4
40
36.7
'38.5
'41.3
'41.0
41.8
36.6
38.8
41.3
41.4
41.8
36.7
38.8
41.4
41.3
42.8
37.9
2.28
1.92
2.27
1.98
1.39
'Revised.
n.a. Not available.
NOTE.—Data are for production and related workers. Figures for June 1955 are preliminary.
in note to table above. Back data are available from the Bureau of Labor Statistics.
Apr.
May
1.67
1.35
1.36
1.33
1.75
JULY 1955
1955
May
June
1.87
2.35
1.99
2.36
2.12
1.41
Data for recent years revised as indicated
809
EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS BY INDUSTRY DIVISION
[Compiled by Bureau of Labor Statistics. In thousands of persons]
Contract
construction
Total
Manufacturing
44 448
43 315
44,738
47 347
48,303
49 681
48 285
15 321
14 178
14,967
16 104
16 334
17 238
15 989
982
918
889
916
885
852
770
2 169
2,165
2,333
2,603
2,634
2 622
2,527
48 170
48,048
48/029
48,020
48,129
48 386
48,380
15 942
15,733
15,688
15,739
15,835
15 972
15,992
767
768
48,398
48 440
48,766
'48,881
49 214
49 330
1954—June
July.
August.
September
October.
November
December
1955—January
February. .
March
April
May.
Year or month
1948 ..
1949
1950...
1951. .
1952
1953...
1954
Transportation and
public
utilities
Federal,
State, and
local
government
Trade
Finance
Service
4,141
3,949
3,977
4,166
4,185
4,221
4,008
9,519
9,513
9,645
10,012
10,281
10,527
10,498
1,741
1,765
1,824
1,892
1,967
2,038
2,114
4,925
4,972
5,077
5,264
5,411
5,538
5,629
5,650
5,856
6,026
6,389
6,609
6,645
6,751
743
745
743
2,528
2,534
2,532
2,521
2,502
2,522
2,476
4,001
4,000
3,989
4,007
3,995
3,976
3,986
10,455
10,480
10,475
10,447
10,443
10,496
10,575
2,107
2,118
2,119
2,141
2,147
2,145
2,147
5,631
5,670
5,665
5,634
5,660
5,650
5,644
6,739
6,745
6,806
6,791
6,804
6,880
6,817
15,993
16 091
16 229
16,380
16 540
16,588
741
741
739
743
748
753
2,458
2,410
2,478
»-2,499
2,529
2,510
3,974
3,984
3,986
r
3,946
4,000
4,061
2,145
2,154
2,161
2,161
2,171
2,180
5,646
5,649
5,656
5,674
5,679
5,693
6,867
6,870
6,884
6,878
6,892
6,879
48,200
47 866
48,123
48,490
48 580
48,808
49,463
15,835
15 584
15,822
15,972
16,007
16,057
16,050
771
760
763
744
743
749
747
2,629
2,686
2,735
2,698
2,652
2,598
2,426
4,017
4,029
4,018
4,023
4,005
3,986
3,996
10,389
10,351
10,321
10,447
10,548
10,745
11,354
2,128
2,150
2,151
2,141
2,136
2,134
2,136
5,715
5,755
5,750
5,719
5,660
5,622
5,588
6,716
6,551
6,563
6,746
6,829
6,917
7,166
47 741
47,753
48 212
»*48 643
48,922
49,336
15 925
16,060
16 201
1 6 255
16,333
16,481
741
737
739
739
741
757
2,237
2,169
2,255
r
2,399
2,529
2,610
3,927
3,937
3,966
»-3,939
3,997
4,078
10,419
10,309
10,408
10,549
10,534
10,598
2,124
2,132
2,150
2,161
2,171
2,202
5,533
5,536
5,571
5,674
5,736
5,778
6,835
6,873
6,922
6,927
6,881
6,832
Mining
SEASONALLY ADJUSTED
1954—June.
July
August
September
October
November
December....
1955—January
February
March.. .
April
May..
. . . .
June
755
740
10,574
10,541
10,633
10,600
10,655 "
10,666
WITHOUT SEASONAL ADJUSTMENT
June.
'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 June 1955 are preliminary. The series for recent years were revised by the Bureau of Labor Statistics in May 1955 to first-quarter 1954 benchmark levels indicated by data from government social insurance programs. Back data may be obtained from the Bureau of Labor Statistics.
LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT
[Bureau of the Census estimates without seasonal adjustment.
Thousands of persons 14 years of age and over]
Civilian labor force
Year or month
Total noninstitutional
population
Total
labor
force
Employed 1
Total
Total
In nonagricultural industries
In
agriculture
Unemployed
Not in the
labor force
1948
1949
1950.. . .
1951
1952
1953 2
1954
108,482
109 623
110,780
111,924
113,119
115 095
116,220
62,748
63 571
64,599
65,832
66,410
67 362
67,818
61,442
62,105
63,099
62,884
62,966
63,815
64,468
59,378
58,710
59,957
61,005
61,293
62,213
61,238
51,405
50,684
52,450
53,951
54,488
55,651
54,734
7,973
8,026
7,507
7,054
6,805
6,562
6,504
2,064
3,395
3,142
1,879
1,673
1,602
3,230
45,733
46,051
46,181
46,092
46,710
47,732
48,402
1954—May . .
116 083
116,153
116,217
116,329
116,432
116 547
116,659
116,763
* 67,786
68,788
68,824
68,856
68,566
68,190
67,909
66,811
64,425
65,445
65,494
65,522
65,244
64,882
64,624
63,526
61,119
62,098
62,148
62,277
62,145
62,141
61,732
60,688
54,297
54,470
54,661
55,349
54,618
54,902
55,577
55,363
6,822
7,628
7,486
6,928
7,527
7,239
6,154
5,325
3,305
3,347
3,347
3,245
3,100
2,741
2,893
2,838
48,297
47,365
47,393
47,473
47,865
48,357
48,750
59,952
116,855
116,901
117,051
117,130
117,236
117,318
66,700
66,550
66,840
67,784
68,256
69,692
63,497
63,321
63,654
64,647
65,192
66,696
60,150
59,938
60,477
61,685
62,703
64,016
54,853
54,854
54,785
55,470
55,740
56,335
5,297
5,084
5,692
6,215
6,963
7,681
3,347
3,383
3,176
2,962
2,489
2,679
50,156
50,352
50,212
49,346
48,979
47,626
June
July
August.
September
October
November
December
1955—January
February
March
April
May . .
June
1
2
Includes self-employed, unpaid family, and domestic service workers.
Monthly estimates of the labor force beginning 1954 are based on an improved sample covering a larger number of areas and are, therefore,
not strictly comparable with earlier data.
NOTE.—Details do not necessarily add to group totals. Information on the labor force status of the population is obtained through interviews of households on a sample basis. Data relate to the calendar week that contains the eighth day of the month. Back data may be obtained
from the Bureau of the Census.
810
FEDERAL RESERVE BULLETIN
VALUE OF NEW CONSTRUCTION ACTIVITY
[Seasonally adjusted. In millions of dollars]
Public
Private
Total
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954r
1954—JuneJuly
August r
September r
October r r
November r
December .
1955—January r r
February
March r
Aprilrr
May
June**
^Preliminary.
Other
nonresidential
Business
Total
Year or month
Residential
Total
8,682
11,957
14,075
8,301
5 259
5,633
12,000
16 689
21,678
22,789
28 454
31,182
33 008
r
35 271
37 577
5,054
6,206
3,415
1,979
2,186
3,235
9,638
13,256
16,853
16,384
21,454
21,764
22,107
23,877
25,768
885
815
759
989
1,100
4,015
6 310
8,580
8,267
12,600
10,973
11 100
11,930
13,496
1,672
4,195
4,896
5,693
5,322
5 680
7,217
7 460
8 436
8 583
3,108
3,133
3,199
3,199
3,136
3,254
3,429
2,125
2,180
2,226
2,247
2,238
2,269
2,350
1,102
1,150
1,192
1,215
1,210
1,229
1,307
3,428
3,451
3,442
3,493
3,530
3,497
2,396
2,435
2,446
2,498
2,502
2,473
1,336
1,345
1,330 1,366
1,366
1,345
^Revised.
2,985
3,510
1,715
1,561
2,082
1,287
Industrial
442
801
346
156
208
642
1,689
1,702
1,397
Military
Highway
385
3,628
5,751 1,620
10,660 5,016
6,322 2,550
837
3,073
690
2,398
188
2,362
1,428
204
2,050
3,433
158
2,580
4,825
137
2,795
6,405
177
3,174
7,000
887
3,574
9,418
3 547 10 901 1,388
3 511 11,394 1,307
3,689 11,809 1,030
1,302
1,066
Com- Public
mercial utility
348
409
155
33
56
203
1,132
771
872
786
570
725
827
Total
508
614
413
335
382
463
Conser- All
vation other
1,451
1,774
2,131
2,272
2,518
2,820
r
3,160
3,750
528
500
357
285
163
130
240
394
629
793
881
853
854
830
704
1,413
2,565
4,553
3,041
1,711
1,180
1,039
1,384
2,264
3,344
3,670
5,160
5,839
''6,097
6,325
519
502
518
734
446
362
398
895
1,062
2,117
2,320
2,229
2,030
1,253
1,027
1,288
1,371
1,137
1,791
2,212
1,374
2,338
3,043
3,323
3,330
3,729
4 003
4 416
4,341
711
713
724
724
722
724
730
168
163
161
159
165
173
180
183
189
201
202
193
186
184
360
361
362
363
364
365
366
312
317
310
308
306
316
313
983
953
973
952
898
985
1,079
87
82
82
81
87
90
97
314
309
318
314
266
320
393
63
60
55
53
51
53
55
504
494
522
534
747
776
798
810
814
815
181
183
188
188
191
197
198
222
235
246
247
242
368
371
375
376
376
376
313
314
318
322
322
313
1,032
1,016
996
995
1,028
1,024
98
103
94
105
115
112
344
341
321
319
340
337
55
51
54
57
59
56
535
521
527
514
514
519
972
856
Source.—Joint estimates of the Departments of Commerce and Labor.
CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF OWNERSHIP AND BY TYPE OF CONSTRUCTION
[Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions]
By type of
ownership
Total
Year or month
Public
1948
1949...
1950
1951..
1952
1953 .
1954
1954—j un e
July
August
September
October.. . .
November
December.. . .
1955—January
February
March
April
May
.
...
..
... .
June
9,430
10,359
14,501
15,751
16,775
17,443
19,770
3,107
3,718
4,409
6,122
6,711
6,334
6,558
1,733
1,837
1,573
1,816
1,965
1,499
1,829
625
1,504
1,581
2,135
2,322
2,185
2,255
480
472
677
676
675
681
509
589
633
475
617
757
Private
6., 323
6,641
10,092
9,629
10,064
11,109
13,212
1,108
1,156
1,064
1,227
1,332
1,024
1,212
1,024
1,109
1,458
1,646
1,510
1,498
By type of construction
Residential
building
Nonresidential building
Factories
Commercial
Public
works
and
public
utilities
Educational
Other
824
1,180
1,335
1,472
1,720
2,063
725
1,127
1,376
1,651
1,689
1,686
1,695
1,958
172
2,155
2,476
2,578
2,723
3,408
4,008
4,142
357
187
450
3,608
4,239
6,741
6,205
6,668
6,479
8,518
559
1,142
2,883
2,562
2,051
1,274
885
1,208
915
979
1,489
1,815
720
107
192
186
745
108
93
160
145
82
104
145
141
130
186
129
194
201
181
182
155
140
204
136
175
186
141
200
330
392
443
299
366
690
744
990
1,070
1,011
85
113
176
142
171
166
133
194
174
183
131
135
201
195
201
184
153
189
195
111
249
303
386
546
448
693
777
852
709
762
840
975
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]
Month
Total
(11 districts)
Federal Reserve district
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta Chicago
St.
Louis
Minneapolis
Kansas
City
Dallas
1954— March
April..
May..
1,528
1,692
1,925
116
149
117
219
282
398
120
99
119
146
185
210
130
143
171
210
154
168
245
305
324
96
95
119
51
55
85
81
98
91
113
126
122
1955—March
April..
May..
2,135
2,322
2,185
121
126
131
297
306
331
160
119
107
221
212
259
198
266
182
245
272
211
368
492
477
148
119
101
90
73
97
137
181
120
150
157
168
JULY
1955
811
PERMANENT NONFARM DWELLING UNITS STARTED
[In thousands of units]
Total
Year or month
Urban
Total
1948
1949
1950
1951..
1952
1953
1954
932
1,025
1,396
1,091
1,127
1,104
1,221
. .
117
116
114
116
111
1954—June
July
August
September
October . . .
November
December
104
91
1955—January. .
February
March
April . . .
May
88
90
114
P127
P130
June
P129
525
589
407
436
828
595
568
496
610
565
517
539
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
Government-underwritten
Private
Rural
nonfarm
914
989
1,352
1,020
1,069
1 068
1,202
113
113
113
113
111
103
90
87
88
113
P126
2>130
127
2family
1family
Public
Multifamily
Total
FHA
VA
102
105
200
149
141
155
308
46
35
104
162
18
36
393
466
291
361
42
40
159
88
44
71
686
413
486
264
46
42
34
84
94
90
58
36
19
420
407
585
279
252
277
102
102
103
104
100
93
80
3
3
3
3
3
8
8
7
6
8
4
3
1
2
(i)
56
52
60
60
59
3
8
(i)
28
25
27
26
25
3
7
78
79
100
2
3
7
6
4
10
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
763
792
1,151
892
939
933
1,077
28
27
33
34
34
36
29
26
62
51
22
0)
2
46
45
20
17
1
54
24
Pl
Pl
"61
66
26
28
3
72
32
26
28
30
35
38
40
*> Preliminary.
"Corrected.
n.a. Not available.
iLess than 500 units.
NOTE.—Government underwritten units are those started under commitments of FHA or VA to insure or guarantee the mortgage. VA
figures after June 1950 and all FHA figures are based on field office reports of first compliance inspections; VA figures prior to June 1950, estimates
based on loans closed information. Other figures are estimated by Bureau of Labor Statistics on the basis of reports of building permits issued,
reported starts of public units, and a sample of places not issuing permits.
FREIGHT CARLOADINGS, BY CLASSES
[Index numbers, 1935-39 average=100]
Monthly—without seasonal adjustment
Monthly—seasonally adjusted
Annual
Class
1954
1955
1955
1954
1953
1954
May
Dec.
Jan.
Feb.
Mar.
Apr.
Total.
127
114
112
123
121
122
123
Coal
Coke
Grain
Livestock
Forest products
Ore
Miscellaneous
Merchandise, 1. c. 1
103
171
135
63
143
215
92
105
141
62
132
144
84
94
144
58
128
136
105
119
142
62
154
184
103
121
132
64
148
210
105
124
127
56
144
198
91
133
130
62
135
204
143
43
129
40
128
39
135
41
134
39
136
40
144
40
May
May
Dec.
Jan.
Feb.
Mar.
Apr.
123
128
114
114
110
113
115
120
130
95
144
140
65
133
177
105
149
155
57
139
177
84
93
127
53
133
224
103
127
132
61
133
53
105
131
124
45
138
49
91
134
120
49
135
59
95
142
123
58
133
136
105
147
133
52
145
271
142
39
144
40
130
39
106
125
133
60
137
57
123
37
128
39
137
40
140
39
146
40
127
40
May
NOTE.—For description and back data, see BULLETIN for June 1941, pp. 529-533. Based on daily average loadings. Basic data compiled by
Association of American Railroads. Total index compiled by combining indexes for classes with weights derived from revenue data of the Interstate Commerce Commission.
MERCHANDISE EXPORTS AND IMPORTS
[In millions of dollars]
Merchandise exports 1
Month
Merchandise exports excluding
military-aid shipments 2
Merchandise imports 3
1953
1954
1955
1953
1954
1955
1953
January
February
March
April
May
June
July
August
September
October
November
December
1,293
1,200
1,390
1,394
1,453
1,385
1,165
1,233
1,342
1,263
0
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
1,024
955
960
1,162
1,164
1,220
1,080
1,138
1,250
1,169
Pl.176
922
856
1,004
1,013
902
933
908
840
926
813
849
907
833
809
862
957
829
947
822
825
780
764
839
942
870
850
1,019
871
363
1,187
1,256
1,253
1,247
1,353
1,092
1,183
1,126
1,426
1,401
1,474
1,291
1,156
1,112
1,265
1,249
1,318
January-May. .
6,730
6,228
5,134
5,239
P5,813
4,697
4,290
P4,566
1954
1955
P956
r
Revised.
^Preliminary.
1
Exports of domestic and foreign merchandise.
2
Department
of
Defense shipments of grant-aid
3
military equipment and supplies under the Mutual Security Program.
General imports including imports for immediate consumption plus entries into bonded warehouses.
Source.—Bureau of the Census, Department of Commerce.
812
FEDERAL RESERVE BULLETIN
DEPARTMENT STORE STATISTICS
[Based on retail value figures]
SALES AND STOCKS, BY FEDERAL RESERVE DISTRICTS
[Index numbers, 1947-49 average = 100]
Federal Reserve district
United
States
Year or month
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
104
98
105
109
110
112
111
102
99
103
105
104
105
107
103
98
101
105
101
102
103
104
100
106
109
109
111
109
105
98
105
111
110
113
105
103
100
105
113
118
121
121
103
101
109
115
124
126
128
104
97
104
108
106
111
109
104
98
304
107
110
112
112
104
99
105
104
104
104
103
99
108
111
113
112
115
108
112
111
112
108
113
114
117
102
106
107
104
109
110
110
111
'98
102
101
105
102
105
105
105
105
109
109
107
107
105
111
113
98
107
105
108
101
106
109
116
115
120
117
120
115
124
124
133
123
129
132
131
121
138
135
136
108
110
106
108
106
111
110
115
106
122
112
112
115
118
105
103
105
105
101
106
104
113
117
121
116
110
118
116
123
118
112
113
119
114
109
105
107
112
109
111
115
113
109
104
113
124
119
128
129
137
131
133
142
114
109
111
120
120
113
116
122
104
108
111
106
100
103
101
101
114
110
P137
116
P121
102
106
77
83
115
99
73
80
106
104
104
78
85
111
98
100
82
94
105
114
106
115
123
108
108
86
98
113
SALES i
1948.
1949
1950
1951
1952
1953
1954
. .
Minne- Kansas Dallas
apolis
City
San
Francisco
105
102
113
117
124
125
125
104
98
105
109
114
115
113
125
127
132
127
114
130
134
114
114
115
115
110
116
114
118
126
113
116
129
135
125
131
140
124
115
116
122
108
119
137
122
106
110
89
100
111
105
96
84
99
111
111
110
99
107
116
•"121
112
111
115
121
108
105
100
111
112
104*
SEASONALLY ADJUSTED
1954—Mav
June
July
August
September
October
November .
December
..
..
1955—January
February
March
April
May
no
104
111
105 •
129
WITHOUT SEASONAL ADJUSTMENT
106
114
1954—May
June.
, ....
Tuly
August ..... .
. ...
September
October
November
December
137
110
133
110
132
113
146
111
134
130
153
141
154
114
133
123
137
122
120
124
133
135
147
116
134
200
200
184
197
192
231
234
188
193
180
205
225
209
1955—January
February
Mi arch
April
91
88
100
114
90
82
90
108
111
84
81
91
97
99
85
83
101
109
113
87
84
94
113
110
91
111
125
2>129
106
108
129
141
88
84
98
114
116
93
90
101
117
80
81
88
108
108
94
89
104
123
119
107
101
120
136
133
97
93
97
112
116
107
100
109
129
118
126
105
100
109
124
111
116
105
97
105
124
113
116
107
99
108
127
113
119
107
100
106
128
111
119
107
100
117
113
116
115
110
101
112
132
126
137
122
105
101
113
133
130
143
121
120
114
116
117
137
122
124
117
116
119
118
114
117
117
116
115
117
139
139
115
115
115
117
116
115
139
141
124
120
116
113
113
116
118
121
116
115
120
147
145
137
141
144
143
122
122
122
115
116
117
139
146
118
138
•"143
142
138
146
149
118
119
145
147
120
123
125
121
106
88
98
113
118
May
STOCKSi
1948 ,,.....„. .
1949
1950
1951 , . .
1O52
1953
1954
...
113
93
102
122
138
P121
108
102
120
140
135
146
111
100
110
128
115
123
102
96
107
128
117
126
110
100
104
117
107
115
108
100
113
132
124
136
140
121
118
114
133
130
125
137
122
118
111
128
129
119
135
137
122
122
124
119
129
119
112
113
119
123
120
120
118
133
136
141
138
134
135
134
127
114
135
128
122
123
115
114
113
136
139
132
135
138
140
136
P137
129
125
128
124
124
no
131
125
133
SEASONALLY ADJUSTED
1954—May
June
July...
August. .
Seotfmber
October
November
December
124
125
124
124
124
1955—Tauuary
February
March
April
123
121
123
123
P124
May
116
118
118
119
136
143
131
133
132
134
132
129
133
122
129
129
128
128
130
129
112
118
117
119
109
110
114
114
121
111
110
115
119
112
112
111
114
115
121
110
105
114
121
131
138
111
117
107
104
111
120
130
129
103
120
109
103
110
121
132
134
107
119
109
106
112
121
128
130
105
146
133
135
139
146
158
152
120
138
128
128
136
147
154
160
126
124
116
114
118
126
136
140
111
123
119
120
116
128
129
127
103
113
107
109
114
124
128
133
107
136
129
127
132
141
145
150
118
131
121
123
129
139
144
143
121
129
122
125
122
132
144
141
107
107
100
106
114
117
113
103
112
122
124
123
102
110
118
120
117
125
132
149
153
146
133
144
155
153
149
108
114
124
125
125
107
116
126
134
127
107
111
119
118
124
133
143
148
148
115
129
144
144
117
118
129
133
135
P\22
WITHOUT SEASONAL ADJUSTMENT
1954—May
126
117
116
120
129
138
139
110
July ....
August
September
October
November
December.,
1955—January
March
May
...
111
117
128
130
111
122
125
P123
P138
r
J» Preliminary.
Revised.
figures for sales are the average per trading day, while those for stocks are as of the end of the month or the annual average.
NOTE.—For description and monthly indexes for back years, see BULLETIN for December 1951, pp. 1463-1515.
JULY 1955
813
DEPARTMENT STORE STATISTICS—Continued
[Based on retail value figures]
DEPARTMENT STORE MERCHANDISING DATA
Ratios t o sales3
Amounts (In millions of dollars)
Year or month
Sales i
(total
for
month)
345
365
381
361
376
1946 average
1947 average
1949 average.
1950 average
.
Stocks i
(end
of
month)
. .
.
.
.
.
1954—-May
June
July
August
September
October
November
. .
December
February . . .
.
. . . .
April
May**. .
for
month)
New
orders2
(total
for
month)
Stocks
Outstanding
orders
354
364
363
358
401
2.3
2.5
2.7
2.7
2.8
3 0
1.7
L.4
L.I
L.4
379
3.2
L.3
Receipts 2
(total
Stocks
plus
outstanding
orders
Receipts
L.2
1
1.0
5.3
4.3
4.1
3.8
42
4.4
4.1
4.1
4.0
1.0
0.7
1.0
3.8
3.9
1.5
4.9
4.5
4.2
0.9
'0.7
964
588
494
373
495
373
366
386
358
391
397
406
407
767
887
979
925
1,012
1,202
1,097
1,163
1,136
460
390
435
421
387
397
408
407
401
401
409
••373
378
306
350
400
437
509
766
'•1,164
1,067
1,042
1,095
1,184
1,268
1,318
1,056
^250
390
'351
'281
^320
r
421
2.9
3.0
3.0
3.1
2.8
471
465
486
281
403
489
521
559
362
397
510
512
488
3.4
3.1
3.0
2.9
2.6
1.1
0 8
4.0
3.4
1.2
1.1
301
504
399
1.4
0.4
1.8
0.7
336
307
392
413
403
1,042
1,105
1,190
1,216
1,188
385
322
391
1952 a v e r a g e . . .
1953 average
1954 average
Outstanding
orders 1
(end of
month)
477
406
414
367
439
375
308
305
1.2
L.O
0
L.O
1
1 0
L.O
0
0.9
1.2
1.2
3.6
3.0
1.1
4.2
399
430
4.9
4.0
1.0
1.3
0.9
380
372
2.9
2.9
0.7
0.8
3.7
3.7
1.1
0.9
406
370
477
1 3
L.I
3.1
1.2
1.2
^Preliminary.
'Revised.
1
These figures are not estimates for all department stores in the United States. They are the actual dollar amounts reported by a group of
department stores located in various cities throughout the country. In 1954, sales by these stores accounted for about 50 per cent of estimated
total 2department store sales.
Receipts of goods are derived from the reported figures on sales and stocks. New orders are derived from receipts and reported figures on
outstanding
orders.
3
The first three ratios are of stocks and/or orders at the end of the month to sales during the month. The final ratio is based on totals
of sales and receipts for the month.
NOTE.—For description and monthly figures for back years, see BULLETIN for October 1952, pp. 1098-1102.
WEEKLY INDEX OF SALES
[Weeks ending on dates shown.
1947-49 =100]
W i t h o u t seasonal adjustment
1951
4
11
18
25
Sept.
1
8
15
22
29
105 Sept. 6. . . .
100
13. . . .
114
20. . . .
111
27. . . .
114
Oct.
6
13
20
27
110 Oct. 4 . . . 116 Oct. 3 . . . 112 Oct.
2.
117
9.
11. . . 126
10. . . 120
116
16.
1 8 . . . 124
1 7 . . . 118
113
23.
2 5 . . . 122
2 4 . . . 113
88 Aug. 2. .
87
9..
93
16. .
97
23. .
..
..
..
..
30. . . .
.
.
.
.
118 Apr. 3 . . . .
97
10. . . .
105
17. . . .
104
24. . . .
103 Apr. 2. . . ..114
9. . . . .122
113
1 6 . . . ..103
118
2 3 . . . . .112
101
3 0 . . . ..120
111 M a y 2
117
9
99
16
105
23
97
30
114 M a y 1. . . .
128
8. . . .
105
15. . . .
112
22. . . .
97
29. . . .
112 M a y 7. . . . .134
14. . . . .108
123
21. . . .115
97
28. . . . .114
106
104
.
.
.
.
. 113
14..
21..
28..
.
.
.
.
121 Nov.
133
131
133
6.
13.
20.
27.
195 Dec. 5 . .
223
12..
237
19..
146
26..
.
.
.
.
190 Dec. 4 . . . ..192 Tune 7
11. . . . .224
14
216
1 8 . . . ..240
21
234
2 5 . . . ..190
28
163
.
.
.
.
1953
Jan.
4
11.
18.
25.
.
.
.
.
30...
6..
161 Dec.
191
13..
213
20..
228
27..
92
814
5.
12.
19.
26.
31..
78
92
90
83
109 Apr. 4
111
11
97
18
105
25
101 Sept.
102
120
114
Dec.
5
12
19
26
96
100
109
112
.
.
.
.
115 Nov.
118
130
134
138
1952
85 Mar. 7
14
88
90
21
94
28
101
..
..
..
..
.
.
.
.
.
Jan.
113 Mar. 1
8
97
15
12(
22
11?
29
. IK Apr. 5
. 118
12
. 115
19
. 123
26
. 117
86 Aug. 7. . .
14. . .
92
21. . .
95
28. . .
100
101
121 Nov. 1 . .
127
8..
130
15..
123
22..
29..
84 Feb.
7
87
14
89
21
83
28
.
.
.
.
.
100 Sept.
114
113
112
3.. . 81 Jan.
1 0 . . . 89
1 7 . . . . 92
2 4 . . . . 86
3 1 . . . . 87
7..
1954
2. .
9. .
16..
23..
30..
1955
1954
1953
92 Feb. 2
9
97
16
10C
23
102
87 Aug. 1. . .
8.. .
90
95
15. . .
100
22. . .
110
29. . .
Nov. 3
10
17
24
1
8
15
22
29
1952
1954
1953
1952
Aug.
. . ..127 M a y 3
. . ..13(
10
. . ..134
17
. . ..133
24
31
111
116
98
91
88 Feb.
92
85
93
June 6
118
112
111
94
13
20
27
6.
13.
20.
27.
. ..
.. .
.. .
. ..
86 Feb. 5. . . . . 86
12. . . . . 92
91
19
90
86
26. . . . . 93
90
Mar. 6 . . . . 85 Mar.
1 3 . . . . 92
20. . . . 95
2 7 . . . . 100
5
98
12. . . ..102
19. . . ..108
26. . . ..103
June 5. . . . 97 June 4
12. . . . I l l
19. . . . 115
26. . . . 97
..102
11. . . . .114
18. . . . .117
25. . . . .103
1955
.
.
.
..
..
81 Jan. 1 . . . 8( July 5. . . .
94
12....
8. . . . .106
1 5 . . . . . 99
85
19
2 2 . . . . . 95
26
86
2 9 . . . . . 87
85
79
83
82
79
July
4.
11
18
25
.
79
92
84
83
July
3. . .
10
93 J U ly
77
17. . . . 88
24, . . . 84
3 1 . . . . 87
2
9
97
16. . .
23. . .
30. . .
FEDERAL RESERVE BULLETIN
DEPARTMENT STORE STATISTICS—Continued
[Based on retail value figures]
SALES BY FEDERAL RESERVE DISTRICTS, METROPOLITAN AREAS, AND CITIES
(Percentage change from corresponding period of preceding year]
Federal Reserve May Apr.
Federal Reserve May Apr. 5
Federal Reserve M a y Apr.
Federal Reserve May Apr.
district,
district,
district,
district,
1955 1955 mos.
1955 1955
1955 1955 1955
1955 1955 1955
195 5
area, or city
area, or city
area, or city
area, or city1955
United States.. p+8
Boston
+8
Met. Areas1
Portland
+10
Boston
+7
Downtown
Boston 2
+6
Suburban
Boston
+ 11
Cambridge. . +9
+8
Quincy
LowellLawrence
+11
New Bedford.. . +2
+7
Worcester 2
Cities
Springfield 2
Providence ....
New York
Met, Areas1
Albany- Schenectady-Troy
Albany
Schenectady..
Binghamton... .
Buffalo 2
Buffalo
Niagara Falls..
New York-N.E.
New Jersey..
Newark 2 2
N. Y. City
...
Rochester2 2
Syracuse
Utica-Rome...
Utica
Cities
Bridgeport 2 . . .
Poughkeepsie..
City 2
York
+1 +4
+5
0
-3
+6
+4
+2
+3
0
+5
leve.-cont.
Met. Areas-cont.
WheelingSteubenville 2 ..
Zity
+6 Portsmouth 2 .
+4
Richmond
+1
1
..
Met. Areas
+ 10 Washington 2 . . .
+6 Downtown
Wash
+8
Baltimore2 2
Asheville
+ 11
0 Raleigh2
2
+5 Winston-Salem
Charleston,
S. C.2.;2
+3 Columbia 2
+6 Greenville
Norfolk2
+2 Portsmouth
..
Richmond2 2
Roanoke .. .
Charleston,
W. Va. 2 . . .
+6
+5
+3
+1
-1
+2
0 +1
Cities
5 Cumberland+5
+2 Hagerstown. .
+2 Spartanburg...
+1 +2 Lynchburg 2 . . .
+2 Newport News.
+2 Fairmont+1 -2 Morgantown.
,
2
?
+1
-1
0
-1
+4
—2
+2
+3
+1
+5
+4
+10
Philadelphia..
Met. Areas
Wilmington.
..
Trenton 2 2
L a n c a s t e r . .2. .
Philadelphia
..
Reading 2
Scranton
Wilkes-Barre—
Hazleton 2
+5 +7
—A
+;
+6
0 Huntington . .
+1 Parkersburg.. .
+3
+2 Atlanta
+6
+ 10
+ 14
+6
+9
+ 12
+1
+11
+6
+1
+4
+5 +8
r 9 +1
+ 10 + 10
+6
+7
+10
+7
+4
+4
+10
+2
+6
+8
-2
-3
+2
+4
+10
+ 10
+9
P+6
+ 11
+9
+8
+4
+4
+8
+36 +31 +35
+6
+8
+ 13 +8 +13
+9
+ 13
+6 +7
+5 +10
+6
+8
+7
+12
+15
+10
+7
+6 + 9
-6
0
+8
0
+3
+4
+9 + 11 +7
+ 10 + 11 +8
+ 14 +18 +16
+11 +8
Met. Areas 2
Birmingham ..
+2
+ 12
+11
1
0 +4 Mobile
+11 Montgomery.2 .
+6
Jacksonville
..
2
+5
+3
+15 +8 +12
+ 14
+9
+ 11 r+7 +12
+6
+24 +26 +26
+8 +10 +10
Miami
Orlando
St. Petersburg+6
Tampa
St. Petersburg
+8
Tampa22
+r
Atlanta
p+15
+ 10 +6
Augusta
+21
Columbus
+ 10
Macon 2
P
+13
Savannah
Baton Rouge22 .
+5 + 1
0
New Orleans
.
+8
Jackson 2
+5
2
—
1
Chattanooga
.
+ 10
Knoxville2
+ 12
Nashville 2
+3
+1
Cleveland
+12
+9 +10
Met. Areas
Lexington
Akron 2 2
Canton 2
Cincinnati . . .
Cleveland22 ....
Columbus 2... .
Springfield
. ..
Toledo 2
2
Youngstown
..
2
Erie
2
Pittsburgh . . .
+15 —6 - 1 Cities
+8
+4 Rome
Meridian
+3 +2
+5 +4 +4 Bristol
+5
+6
+ 12 +2 +5 Chicago
+14 + 10 +11
1
+ 11 +5 +9 Met. Areas
+ 10 Chicago2
+1
Au
+30 + 12 +21 Elgin.
+5
+9
+2
+15
+8
+25
+9
+11
•K
+7
+4
-1
+ 12
+9
+
+ +1
+4
+8
+6
+7
+7
+4
+9 + 10
+ +1
+5
+9
+9
+1 -I-
+•
K a n . City-cont.
!hicago-cont.
1
Met. Areas
-cont,
Met. Areas-cont.
+16 +33
Joliet 2
+21 +33 +22 Wichita
+
10
St. Joseph
Gary 2
+13
+10 + 2
+ 18
Decatur
Omaha
+7
+3
-1
+
1
+7
Peoria 2
Albuquerque. . . +5 + 12
+7 + 14
Rockf ord 2
Oklahoma City. + 10 +10
+5 +4
Tri-Cities
- 2 r+3
+37 +46 +27 Tulsa
(Moline,
Rockland;
Cities
Davenport)
Greeley
+14 +14
Fort Wayne 22... +15 +9 +7 Hutchinson. . . . +7 + 16
+14 +2 +5 Joplin
Indianapolis ..
-9
-3
Muncie
, + 13 +9 +8 Kansas C i t y . . . . +2 +7
South B e n d 22 . . . + 11 + 11 +9 Enid
-23 r__19
Terre Haute ..
+8 +8 +6
Cedar Rapids...
+4 +2 +5
Des Moines
* +10 +12
+4 +5 +7 Dallas
Dubuque
,
+9
0 +4
+2
Sioux City
+4 +2
Waterloo
+6 +11 +8 Met. Areas
2
Detroit
+ 9 + 10
+7 +9 +9 Shreveport. . .
2
Flint
+
11 + 12 +11 Corpus2 Christi
+12 +23
2
Dallas
Grand Rapids .
+3 +3 +2
+11 + 11
Jackson 2
+5 +3 +7 El Paso
+ 6 +11
.
Kalamazoo
+5 +8 +6 Fort Worth.
+12 +15
2
2
Lansing
+13 + 19 +15 H o u s t o n . . . .
+ 8 +11
Saginaw
+3 + 12 +8 San Antonio..
+ 13 +6
Green B a y . . . . +20
+8-i Waco
0
+14 +15
Madison 2
+4 - 1 1
-1
Milwaukee . . .
0 -2
San Francisco. P+5
+7
Cities
+11 + 18 +12
Danville
1
+28 +49 +33 Met. Areas
Battle Creek. .
2
+8 +19 + 12 Phoenix
0
Muskegon
+ 11
Fresno 2
Port Huron. . .
+9 +10
+8 +2
+8
Los Angeles2 . . . +7 +5
Appleton
-1
-9
Downtown
Sheboygan....
+11 + 1
+8
L. A . 2 . . . . . 2. +4 - 4
WestsideL.A.
St. Louis
p+12 +5
+8
+8 Long Beach 2 . . +7
+ 8 + 10
Pasadena
Met. Areas
-2
+2
+14 +13 +11 Santa Monica.. + 14 + 16
Fort Smith
Riverside
and
Little R o c k 2 . . .
2
0
+
1
San BerEvansville 2 . . .
+15 +6 +3
nardino 2
Louisville2....
+5 +30
+9 +5 +7
—3
Sacramento
. ..
Springfield....
+41
+3"
+53
+4
2
St. L o u i s 2 . . . . .
San
Diego
P+2
+8
+1
+3
+5
Memphis2....
+2 +6 San FranciscoP+7
2
Oakland
P+5
+8
Oakland- 2
Cities
Berkeley
+6 +5
Quincy
+11 +4
Downtown2
Paducah
+1 - 6
Oakland . 2. + 1
0
Minneapolis. .
San Francisco . - 2
+6
+5
Vallejo
4
+1
Met. Areas1
San Jose 22
+ 11 + 4
Mpls.-St. Paul22
+2 +3 +4 Stockton2
+
7 -1
Minneapolis .
Portland
+5 +4
2
St. Paul 2
+4 +2 Salt Lake
City
.
+5 + 11
Sioux Falls
+3 +2 Seattle 2 2
0
+4
Spokane2
+ 1 +7
Cities
Tacoma
+10 +22
Mankato
+3 + 1
Duluth- 2
Cities
0 Tucson
Superior ....
+ 15 + 10
+5 +3
Great Falls
+6 + 12 +11 Bakersfield2
+ 12 + 6
0
Boise
and
Grand Forks. .
+8
Nampa
LaCrosse
+ 6 + 18
+4 +5
—2
Idaho Falls
+5
Kansas C i t y . . .
+6 +11
Twin Falls
-1
+4
Bellingham
-9
+8
2
Everett
Met. Areas
+7 + 16
2
Denver
...
4
+16 + 18 +15 Walla Walla
+8
2
9
Topeka
+1
+6 +6 +6 Yakima ..
+24
+6
+2
+12
+15
+3
+12
+6
0
+5
-9
+12
+7
+18
+13
+ 10
+ 11
+9
+10
+12
+8
+6
+5
+8
+2
+9
+9
+3
+ 16
+ 16
+6
+3
+9
+8
+2
+4
+3
+ 12
+5
+4
+9
+6
+7
+ 13
+13
+ 11
+ 12
+3
+6
+2
+ 13
+ 10
r
^Preliminary.
Revised.
1
Breakdowns shown under various metropolitan areas do not necessarily include all portions of such areas.
2
Indexes showing longer term comparisons are also available for these areas and cities and may be obtained upon request from the Federal
Reserve Bank in the district in which the area or city is located.
JULY 1955
815
DEPARTMENT STORE STATISTICS—Continued
[Based on retail value figures]
SALES AND STOCKS BY MAJOR DEPARTMENTS
Department
Apr.
1955
GRAND TOTAL—entire store3
MAIN STORE — total
Piece goods and household textiles
Piece goods
Silks, velvets, and synthetics
Woolen yard goods
Cotton yard goods
Household textiles
Linens and towels
Domestics—muslins, sheetings
Blankets, comforters, and spreads
Small wares
Stocks
(end of
month)
Sales
during
period
+1
+1
+1
-5
-11
-24
0
+6
+5
+5
+10
+2
Four
months
1955
+4
+5
Sales during
period
1955
Apr.
1955
1955
3.1
1954
1955
1954
1954
Apr.
+1
+1
+2
+1
+2
Stocks at end
of month
Mar.
Apr.
Apr.
Mar.
Apr.
3.2
3.4
ICO
98
99
122
122
121
4.4
4.4
75
78
74
109
107
107
-6
+4
3.5
3.7
8.8
2.6
3.3
3.2
7.2
2.6
72
61
21
119
88
78
56
122
76
69
28
118
91
82
74
120
94
81
77
123
89
80
78
116
+2
+3
+4 • -+2
2
+5
+8
4.9
5.4
4.6
4.4
5.2
5.7
5.1
4.7
77.
73
74
88
71
69
69
76
72
69
70
81
119
109
136
119
113
103
128
114
117
107
139
113
+5
+3
4.1
4.1
93
89
92
122
117
118
+1
+2
+2
3.8
3.4
3.5
3.6
3.6
3.6
104
114
103
99
94
98
109
108
100
130
137
111
133
133
109
129
134
109
+7
+8
+9
+6
5.2
7.4
3.0
9.7
4.9
7.2
2.9
8.2
88
74
102
98
79
75
86
72
89
72
101
107
132
143
127
155
126
134
123
128
124
133
116
147
0
-6
-11
0
-5
2
+6
+3
Silverware and jewelry
Silverware and clocks
Costume jewelry
Fine jewelry and watches
+2
+1
-8
+5
+5
+10
+17
+8
+13
Art needlework
April
3.4
Laces, trimmings, embroideries, and ribbons
Notions
Toilet articles, drug sundries
-1
Federal Reserve index number 3
without seasonal adjustment,
1947-49 average =1002
Ratio of
stocks to
sales1
Percentage change
from a year ago
0
-3
0
6.3
6.3
64
78
64
110
107
110
+4
+9
+2
+4
+4
+5
+2
+2
+2
4.0
3.2
4.4
4.2
3.5
4.5
85
90
84
90
99
85
81
83
82
122
110
129
117
107
120
120
108
126
Women's and misses' apparel and accessories
-3
+2
+2
2.5
2.4
110
107
114
128
131
125
Women's and misses' ready-to-wear accessories..
Neckwear and scarfs
Handkerchiefs
,•
Millinery
Women's and children's gloves
Corsets and brassieres
Women's and children's hosiery,
-4
-3
-9
-15
-5
+1
+3
+3
-8
-3
+5
+3
+3
+4
+3
+2
3.0
2.2
4.1
0.7
2.9
2.9
2.6
2.9
2.1
3.9
0.7
2.9
2.8
2.5
110
120
52
130
107
138
88
103
105
47
135
87
128
85
114
125
57
152
113
136
89
133
144
70
89
90
154
131
135
150
74
136
97
150
129
130
140
72
97
93
146
127
3.3
3.5
3.3
2.6
3.2
3.5
3.1
2.6
86
101
80
82
75
92
67
75
86
98
82
81
125
158
115
108
120
154
109
98
122
152
111
106
Books and stationery
Books and magazines
Stationery
+1
-7
A
+3
+3
+1
Underwear, slips, and negligees
Knit underwear
Silk and muslin underwear, and slips
Negligees, robes, and lounging apparel
0
+4
+1
0
+3
-1
0
Infants' wear
t
Handbags, and small leather goods
Women's and children's shoes
Children's shoes
Women's shoes
-7
-4
+1
+7
+5
+6
2.9
2.3
2.6
2.1
110
121
116
104
118
126
128
135
130
137
122
127
-3
-11
-1
+3
+2
+4
+2
+3
+2
4.2
3.6
4.3
4.1
3.3
4.2
134
135
137
127
127
128
139
152
138
153
150
157
156
154
158
150
145
154
2.0
1.7
1.5
1.9
1.9
1.5
1.3
1.7
111
88
86
105
111
113
103
140
114
99
92
127
121
90
83
110
127
114
102
141
118
92
78
119
Women's and misses' dresses
Inexpensive dresses
Better dresses
Blouses, skirts, and sportswear
Aprons, housedresses, and uniforms
Furs
Men's and boys' wear
Men's clothing
Men's furnishings and hats.. •.
Boys' wear
Men's and boys' shoes and slippers
+2
-17
1 1+
Juniors' and girls' wear
Juniors' coats, suits, and dresses
Girls' wear
-3
-10
00 O CM CM
Women's and misses' ready-to-wear apparel....
Women's and misses' coats and suits
Coats
Suits
-2
-7
-3
-11
+2
0
+3
+4
+1
+7
1.8
1.4
2.3
1.6
1.4
1.9
120
116
125
131
117
148
129
119
141
125
111
136
134
120
145
120
110
127
XI
+4
+3
+5
+2
+3
+3
1.5
1.2
1.8
1.5
1.2
1.8
124
127
123
111
107
113
122
125
120
126
125
127
129
124
131
123
121
124
+2
+4
+4
-18
+5
+4
+19
+1
+6
+3
2.6
1.9
5.3
2.8
1.9
4.2
118
127
59
101
104
76
113
122
72
158
135
84
148
124
91
157
128
82
0
+4
0
4.4
4.4
95
83
95
130
127
131
§
+3
+5
+4
+5
-4
+1
+5
5.0
4.5
3.2
5.3
5.3
4.6
2.9
5.6
98
81
122
114
85
68
115
95
97
79
131
111
141
125
117
140
136
120
121
139
147
124
112
141
+3
-1
+7
For footnotes see following page.
816
FEDERAL RESERVE BULLETIN
DEPARTMENT STORE STATISTICS—Continued
[Based on retail value figures]
SALES AND STOCKS BY MAJOR DEPARTMENTS—Continued
Ratio of
stocks l to
sales
Percentage change
from a year ago
Department
Apr.
1955
Homef urnishlngs
Furniture and bedding
Mattresses, springs, and studio beds
Upholstered and other furniture
Domestic floor coverings
Rugs and carpets
Linoleum
Draperies, curtains, and upholstery
Lamps and shades
China and glassware
Major household appliances
Housewares (including small appliances)
Gift shop
Radios, phonographs, television, records, etc.
Radios, phonographs, television
Records, sheet music, and instruments
Miscellaneous m e r c h a n d i s e d e p a r t m e n t s . .
Toys, games, sporting goods, cameras
Toys and games
Sporting goods and cameras
Luggage
Candy
BASEMENT STORE—total
Domestics a n d b l a n k e t s
W o m e n ' s a n d misses' ready-to-wear
Intimate apparel
Hosiery
Underwear, corsets and brassieres
Coats and suits
Dresses
Blouses, skirts, and sportswear
Girls' wear
Infants' wear
Aprons, hous'edresses, uniforms
M e n ' s a n d boys' wear
Men's wear
Men's clothing
Men's furnishings
Boys' wear
Stocks
(end of
month)
Sales
during
period
+11
+12
+7
+13
+11
+11
+13
+2
+6
+5
+32
+12
+3
+6
+4
+9
+4
+9
+3
+19
+3
-3
-2
+3
-5
0
0
-2
-14
-1
+4
-8
-3
-4
+2
-1
+4
-6
Homefurnishings
+8
Shoes
-3
NONMERGHANDISE—total
+2
Barber and beauty shop
-5
Four
months
1955
+11
+11
+9
+12
+14
+14
+6
+4
+6
+4
+32
+11
+3
+3
+2
+1
+6
+10
+7
+15
+16
+5
+1
+1
-1
0
+1
-6
-1
+2
+4
+3
+4
+4
+3
+4
+6
+8
+1
+2
0
Apr.
1955
Federal Reserve index numbers
without seasonal adjustment,
1947-49 average =100 2
Sales during
period
April
1955
1955
4.2
Stocks at end
of month
1954
1955
1954
1954
Apr.
Mar.
4.8
97
5.0
2.6
5.8
106
116
102
Apr.
Apr.
Mar.
Apr.
101
87
119
116
120
115
129
108
94
109
90
120
149
117
120
146
114
126
149
124
-4
0
-6
-2
-1
-9
2.3
4.7
4.7
4.8
3.6
5.5
5.6
4.5
77
80
64
86
84
65
70
72
57
99
106
64
102
99
60
102
107
70
+2
+1
+2
+4
+1
+3
4.2
4.6
8.0
2.7
3.6
6.4
4.2
5.0
8.3
3.5
4.1
6.5
107
104
84
92
91
110
84
105
75
85
62
105
86
123
120
130
106
135
142
120
114
125
97
129
133
120
119
128
103
134
138
+2
+6
3.6
3.3
4.7
3.9
3.3
5.6
81
77
84
103
100
100
76
74
77
105
103
102
104
97
99
103
98
103
3.1
3.1
89
81
86
110
111
106
5.1
5.1
5.1
5.4
74
58
102
61
47
79
68
56
86
121
116
126
118
109
116
116
110
122
4.7
0.7
78
138
71
99
76
142
123
92
115
140
116
0.7
-t
+4
+4
+5
+3
+6
+5
+1
+1
+1
+3
XI
-4
q
j
+5
+1
-4
+2
0
2
+2
+10
+1
2
117
2.2
2.1
107
101
110
116
116
115
3.5
3.6
117
87
114
167
116
165
1.6
1.6
109
102
115
111
114
110
2.3
1.9
2.5
1.1
1.0
1.9
1.5
2.1
2.0
2.2
1.8
2 4
1.0
1.0
2.0
1.3
2.0
2.1
110
97
110
127
120
123
()
95
111
111
()
112
()
()
98
94
()
138
123
89
95
140
122
()
111
113
2.5
2.5
114
2.7
2.5
2.9
2.8
2.5
2.9
107
128
95
1.9
1.7
143
3.1
3.3
100
3.1
3.1
124
110
155
107
150
127
79
105
130
121
119
106
114
96
117
105
129
91
82
144
100
110
113
138
127
135
126
82
107
131
115
117
125
125
122
127
131
125
121
128
117
127
134
122
151
118
135
107
93
121
111
121
128
126
127
128
108
163
J
The ratio of stocks to sales is obtained by dividing stocks at the end of the month by sales during the month and hence indicates the number
of months'
supply on hand at the end of the month in terms of sales for that month.
2
The 1947-49 average of monthly sales and of end-qf-month stocks for each department is used as a base in computing the sales and stocks
indexes,
respectively, for that department. For description of indexes, see BULLETIN for November 1953, pp. 1146-1149.
3
For movements of total department store sales and stocks, see the indexes for the United States on p. 813.
4
Data not available.
NOTE.—Based on reports from a group of large department stores located in various cities throughout the country. In 1954, sales and stocks
at these stores accounted for almost 50 per cent of estimated total department store sales and stocks. Not all stores report data for all of the
departments shown; consequently, the sample for the individual departments is not so comprehensive as that for the total.
JULY 1955
817
PRICES
CONSUMER PRICES
[Bureau of Labor Statistics index for city wage-earner and clerical-worker families.
1947-49=100]
Housing
Year or month
All
items
Foods
Total
Gas
Solid House- Household
furand
fuels
nish- operaelecand
tion
ings
tricity fuel oil
Rent
Apparel
Transportation
Medical
care
Personal
care
Reading
and
recreation
Other
goods
and
services
1929
73.3
65.6
117 4
60 3
1933
55.3
41.6
83 6
45 9
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950 .
1951
1952
1953
1954
62.9
69.7
74.0
75.2
76.9
83.4
95.5
102.8
101.8
102.8
111.0
113.5
114.4
114.8
52.2
61.3
68.3
67.4
68.9
79.0
95.9
104.1
100.0
101.2
112.6
114.6
112.8
112.6
95.0
101.7
103.3
106.1
112.4
114.6
117.7
119.1
88 4
90.4
90 3
90.6
90.9
91 4
94.4
100.7
105.0
108.8
113.1
117.9
124.1
128.5
97.6
100.0
102.5
102.7
103.1
104.5
106.6
107.9
88.8
104.4
106.8
110.5
116.4
118.7
123.9
123.5
97.2
103.2
99.6
100.3
111.2
108.5
107.9
106 1
97.2
102.6
100.1
101.2
109.0
111.8
115.3
117.4
55 6
64.9
67 8
72.6
76 3
83 7
97.1
103.5
99.4
98.1
106.9
105.8
104.8
104.3
90.6
100.9
108.5
111.3
118.4
126.2
129.7
128.0
94.9
100.9
104.1
106.0
111.1
117.3
121.3
125.2
97.6
101.3
101.1
101.1
110.5
111.8
112.8
113.4
95.5
100.4
104.1
103.4
106.5
107.0
108.0
107.1
96.1
100.5
103.4
105.2
109.7
115.4
118.2
120.2
1954—May
June
July
August
September
October
November
December
115.0
115.1
115.2
115.0
114.7
114.5
114.6
114.3
113.3
113.8
114.6
113.9
112.4
111.8
111.1
110.4
118.9
118.9
119.0
119.2
119.5
119.5
119.5
119.7
128.3
128.3
128.5"
128.6
128.8
129.0
129.2
129.4
107.7
107.6
107.8
107.8
107.9
108.5
108.7
109.1
120.9
120.9
121.1
121.9
122.4
123.8
124.2
125.5
105.9
105.8
105.7
105.4
106.0
105.6
105.4
105.4
117.2
117.2
117.2
117.3
117.4
117.6
117.8
117.7
104.2
104.2
104.0
103.7
104.3
104.6
104.6
104.3
129.1
128.9
126.7
126.6
126.4
125.0
127.6
127.3
125.1
125.1
125.2
125.5
125.7
125.9
126.1
126.3
113.0
112.7
113.3
113.4
113.5
113.4
113.8
113.6
106.4
106.4
107.0
106.6
106.5
106.9
106.8
106.6
120.3
120.1
120.3
120.2
120.1
120.1
120.0
119.9
1955—January
February
March
April
May
114.3
114.3
114.3
114.2
114.2
110.6
110.8
110.8
111.2
111.1
119.6
119.6
119.6
119.5
119.4
129.5
129.7
130.0
129.9
130.3
109.4
109.9
110.3
110.3
110.9
126.1
126.2
126.2
125.7
122.5
104.6
104.8
104.6
104.5
103.7
117.7
117.7
117.9
118.1
119.0
103.3
103.4
103.2
103.1
103.3
127.6
127.4
127.3
125.3
125.5
126.5
126.8
127.0
127.3
127.5
113.7
113.5
113.5
113.7
113.9
106.9
106.4
106.6
106.6
106.5
119.9
119.8
119.8
119.8
119.9
NOTE.—Revised indexes, reflecting beginning January 1953 the inclusion ofnew series (i. e. home purchases and used automobiles) and revised
weights. Prior to January 1953 indexes are based on the "interim adjusted" and "old" indexes, converted to the base 1947-49=100.
Source.—Bureau of Labor Statistics, Department of Labor.
WHOLESALE PRICES, BY GROUPS OF COMMODITIES
[Index numbers of the Bureau of Labor Statistics, 1947-49=100]
Other commodities
All
com- Farm Processed
modi- products foods
ties
Total
Tex- Hides, Fuel, Chempower, icals
tile
and
prod- skins,
and lightand
ucts leather
and prod- ing allied
prodmaapparel ucts terials ucts
Ma- FurniToPulp, Metals chin- ture Non-.
me- bacco
Rub- Lumber
and
paper,
ery
mfrs.
tallic
ber
Misand
and
and
and other minand
cellaand
allied metal
mo- house- erals— bottled
prod- wood
neous
prodprod- ucts
tive
hold
ucts prodbevucts
ucts
prod- dura- strucucts
bles tural erages
1948..
1949
1950
1951
1952
1953
1954
104.4
99.2
103.1
114.8
111.6
110.1
110.3
107.3
92.8
97.5
113.4
107.0
97.0
95.6
106.1
95.7
99.8
111.4
108.8
104.6
105.3
103.4
101.3
105.0
115.9
113.2
114.0
114.5
104.4
95.5
99.2
110.6
99.8
97.3
95.2
102.1
96.9
104.6
120.3
97.2
98.5
94.2
107.1
101.9
103.0
106.7
106.6
109.5
108.1
103.8
94.8
96.3
110.0
104.5
105.7
107.0
102.1
98.9
120.5
148.0
134.0
125.0
126.9
107.2
99.2
113.9
123.9
120.3
120.2
118.0
102.9
98.5
100.9
119.6
116.5
116.1
116.3
103.9
104.8
110.3
122.8
123.0
126.9
128.0
100.9
106.6
108.6
119.0
121.5
123.0
124.6
101.4
103.1
105.3
114.1
112.0
114.2
115.4
101.7
104.4
106.9
113.6
113.6
118.2
120.9
100.4
101.6
102.4
108.1
110.6
115.7
120.6
103.1
96.1
96.6
104.9
108.3
97.8
102.5
1954
May
June
July
August
September
October
November
December. . . . . . .
110.9
110.0
110.4
110.5
110.0
109.7
110.0
109.5
97.9
94.8
96.2
95.8
93.6
93.1
93.2
89.9
106.8
105.0
106.5
106.4
105.5
103.7
103.8
103.5
114.2
114.3
114.4
114.4
114.5
114.8
114.9
94.8
94.9
95.1
95.3
95.3
95.4
95.2
95.2
96.0
95.6
94.9
94.0
93.0
92.4
92.8
91.8
108.2
107.8
106.2
106.9
106.9
106.9
107.4
107.5
107.1
106.8
106.7
106.8
106.8
106.9
107.0
107.0
125.1
126.1
126.8
126.4
126.9
128.5
131.4
132.0
116.1
116.3
119.1
119.1
119.3
119.8
119.9
120.0
115.8
115.8
116.2
116.3
116.3
116.3
116.0
115.9
127.1
127.1
128.0
128.6
129.1
129.7
129.9
129.8
124.4
124.3
124.3
124.3
124.4
124.3
125.3
125.7
115.5
115.4
115.3
115.3
115.3
115.6
115.6
115.7
119.3
119.1
120.4
120.5
121.7
121.9
121.8
121.8
121 A
121.4
121.4
121.5
121.5
121.5
121.4
121.4
109.2
105.1
103.9
102.3
99.1
96.7
97.0
98.0
1955
January
February
March
April
May
110.1
110.4
110.0
110.5
109.9
92.5
93.1
92.1
94.2
91.3
103.8
103.2
101.6
102.5
102.1
115.2
115.7
115.6
115
115.5
95.2
95.2
95.3
95.0
95.0
91.9 108.
92.3 108.
92.2 108
93.2 '107
93.2 107.2
107.1
107.1
106.8
107.1
106.8
136.8 120.3 116.3 130.1 125.8 115.5 122.0
140.6 121.2 116.6 131.5 126.1 115.4 121.8
138.0 121.4 116.8 131.9 126.1 115.1 121.9
138.3 -•122.4 117.4 132.9 126.3 115.1 122.3
138.0 123.2 117.7 132.5 126.6 115.1 123.2
121
121.6
121.6
121.6
121.6
97.0
•97.1
95.6
94.0
91.3
Year or
month
r
^Revised.
Source.—Bureau of Labor Statistics, Department of Labor.
Back figures.—See BULLETIN for March 1952, pp. 311-313.
818
FEDERAL RESERVE
BULLETIN
PRICES—Continued
WHOLESALE PRICES, BY GROUPS OF COMMODITIES—Continued
[Index numbers of the Bureau of Labor Statistics, 1947-49=100]
1954
1954
1955
Other farm oroducts
124.4
111.5
127.9
125.7
111.5
129.7
126.0
111.5
129.7
126.0
111.7
129.7
131 8
123.6
130.0
137 9
118.2
113.9
136.2 '•136.4
134.3 138.3
131.6 131.6
144 4 144.4
123.0 123.3
113.6 113.6
135.6
137.8
131.4
144.4
123.3
113.5
116.5
117.9
'118.5
118.6
125.3
125.9
125.8
125.8
122.6
121.5
121.5
121.5
131.5
132.6
133.8
136.9
134.1
137.1
134.3
139.1
128.2
125.2
130.4
126.8
131.0
126.8
131.1
126.9
126.0
118 9
126.4
121.5
126.4
'•121.9
126.5
122.0
113.5
126.2
122.6
109.9
95.7
Radio
73.8
Television
Other household durable goods.... 130.4
112.7
128.6
124.4
107.2
94.7
68.8
132.0
112.8
128.6
125.0
107.3
94.7
68.8
131.9
113.1
128.6
125.1
106.6
94.7
69.0
131.9
124.7
120.0
117.3
132.0
122.1
96.3
120.2
123.9
124.1
118.2
136.5
122.1
98.8
119.2
124.9
124.8
118.2
136.8
122.1
98.5
119.2
124.9
124.7
118.2
137.0
122.1
105.8
121.0
124.0
103.5
120.7
114.3
147.9
124.0
103.7
121.4
114.7
148.1
124.0
103.7
121 A
114.7
148.1
124.0
103.7
121.4
114.7
148.1
Toys, sporting goods, small arms.. 113.6
109.1
93.5
Notions and accessories
Jewelry, watches, photo equipment. 102.3
121.3
113.2
83.0
92.3
103.1
120.6
113.2
80.1
92.3
103.0
121.0
113.2
75.0
92.9
103.0
120.8
104
91
93
107
84
69
95
181
4
2
0
0
1
0
3
2
104 4
92 2
79 9
102 9
90 5
82 2
93.1
143 0
120
91
84
102
r
90
77
89
142
113.3
98 3
101.7
116.5
83 3
107.2
116.8
86 0
106.9
104 5
113 1
229.6
101.3
104 8 104 7
110 8 110 8
180.4 180.2
100.8 100.9
104.1
110 3
179.8
101.2 Machinery and Motive Products:
88.3
109 5
85.2
131 6
98 2
78.8
90.8
106 1
87.5
121 1
98 3
76.6
90.4
106 0
87.2
122
8
r
98 0
•76.3
90.3
106 1
86.9
123 2
98 0
76.4
56.9
83.6
111.5
95 9
53.4
85.0
111.4
96.4
9
0
0
7
3
9
9
3
Pulp, Paper and Allied Products—
Continued
118.7
92 4
Paperboard
Converted paper and paperboard..
78.4
Building paper and board
103.4
87 5
71.5 Metals and Metal Products:
88.7
138 3
Iron and steel . . . .
Nonferrous metals
118.3
85 7
104.0
62.5
87.6
111.9
97.5
50.7
82.1
111.5
95.7
Fuel, Power, and Lighting Materials:
Coal
Coke
Gas
Electricity
Petroleum and products
May
May
Hides, Skins, and Leather Products:
Hides and skins
Leather
Footwear
Other leather products . .
Apr.
Apr.
Textile Products and Apparel:
Cotton products
^^ool products
Synthetic textiles .
Silk products
Apparel
Other textile products
Mar.
Mar.
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
May
May
Farm Products:
Fresh and dried produce
Grains
Livestock and poultry
Plant and animal fibers
Fluid milk
.
Eggs
Hardware
Plumbing equipment
Heating equipment
Fabricated structural metal products
Fabricated nonstructural metal
products
....
Agricultural machinery and equipment
Construction machinery and equipment
Metal working machinery
General purpose machinery and
Miscellaneous machinery
Electrical machinery and equipMotor vehicles
Furniture and Other Household Durables:
Commercial furniture
Floor covering
105.1 '•102.3
132.4 r 133.4
116 6 113 1
99.5
»-97 8
111.7 111.5
100.5
133.4
113 1
97.8
111.5
117.5
114 0
95 9
93.1
55 4
108.9
113.6
107.6
118.0
114
8
r
96 2
93.2
55 2
108 8
113.5
107.6
117.6
Concrete ingredients
114 8
Concrete products
97 0
Structural clay products
Gypsum products
93.2
53.2
108.8
Other nonmetallic minerals
113.1
107.6 Tobacco Manufactures and Bottled
Beverages:
117 5
129 3
123 7
142 8
142.3
130 3
143 8
142 3
r
130 3
142.4
142.3
130 4
115.0
130.8
101.4
121.8
128.7
104.8
'•122.9
129.3
104.8
123.9
129.3
105.6
109.7
67.2
126.5
110.0
89.4
128.0
113.8
89.4
128.0
113.8
92.7
128.8
104.6
132.4
109 0
101.8
111.7
Nonmetallic Minerals—Structural:
Chemicals and Allied Products:
117.3
112 8
95 3
Drugs, Pharmaceuticals, cosmetics. 94.0
59 3
Fats and oils, inedible
Mixed fertilizers
109.9
114.0
108.1
Other chemicals and products
Industrial chemicals
Prepared paint
Rubber and Products:
Crude rubber . . . .
....
Tires and tubes
Other rubber products
Lumber and Wood Products:
Lumber
JMfllwork
Plywood
Pulp, Paper, and Allied Products:
Woodpulp
Paper
1955
Subgroup
Subgroup
Cigarettes
Cigars
Other tobacco products
Alcoholic bevera&es
Nonalcoholic beverages
Miscellaneous:
'Revised.
Source.—Bureau of Labor Statistics, Department of Labor.
Back figures.—See BULLETIN for March 1952, pp. 131-313.
JOLT 1955
819
GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME
[Estimates of the Department of Commerce, in billions of dollars]
RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING
Seasonally adjusted annual rates
by quarters
Annual totals
1955 r
1954 r
1929
Gross n a t i o n a l p r o d u c t
104.4
Less: Capital consumption allowances. .
Indirect business tax and related
liabilities
Business transfer payments
Statistical discrepancy
Plus: Subsidies less current surplus of
government enterprises
— .1
E q u a l s : N a t i o n a l income
87.8
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
Busness transfer payments
E q u a l s : Personal income
Less: Personal tax and related payments. .
Federal
State and local
Equals: Disposable personal income.
Less: Personal consumption expenditures
1933
1941
1949
1950
1951
1 O^O rr
WfOL
1953 T 1954 r
3
2
1
4
1
56.0 125.8 257.3 285.1 328.2 345.2 364.5 360.5 358.3 357.6 358.8 367.1 375.3
8.6
7.2
9.0
18.4
20.5
23.5
25.5
27.8
30.0
29.2
29.6
30.4
30.9
31.2
7.0
.6
.3
7.1
.7
.9
11.3
.5
.4
21.6
.8
.1
23.7
.8
.2
25.6
1.0
1.3
28.1
1.2
.7
30.2
1.2
1.3
30.3
1.2
-.8
29.9
1,2
30.4
1.2
-2.3
30.0
1.2
-1.5
30.7
1.2
.7
31.1
1.2
7
.0
.1
— .2
.2
.2
-.1
— .4
-.1
-.4
.3
.0
i
3
-.3
40.2 104.7 216.2 240.0 277.0 289.5 303.6 299.7 297.7 298.9 298.7 303.2 311.4
10.1
.2
-2.0
.3
14.5
2.8
28.1
5.7
35.1
6.9
39.9
8.2
36.9
8.6
37.2
8.7
33.8
9.6
32.6
9.7
34.0
9.6
33.1
9.6
35.5
9.6
39.6
10.5
.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
.8
.0
14.3
4.7
9.2
.8
.1
11.6
4.8
9.1
1.0
.0
12.0
4.9
9.0
1.2
-.1
12.8
5.0
9.3
1.2
.0
15.0
5.2
10.0
1.2
.0
14.3
5.1
9.7
1.2
.0
15.1
5.2
9.8
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
85.8
47.2
2.6
1.3
1.4
1.5
.5
1.0
83.1
45.7
93.0 188.2 206.1 226.1 236.7 250.4 254.8 253.1 253.9 254.5 257.8 261.0
79.0
46.4
81.9 180.6 194.0 208.3 218.3 230.6 236.5 232.2 235.1 237.9 241.0 245.8
4.2
-.6
11.1
.7
E q u a l s : Personal saving
96.3 206.8 227.1 255.3 271.1 286.2 287.6 285.8 286.6 287.3 290.8 293.6
18.7
16.2
2.5
3.3
2.0
1.3
7.6
20.9
18.2
2.7
12.1
29.3
26.3
3.0
17.7
34.4
31.2
3.2
18.4
35.8
32.4
3.4
19.8
32.7
29.1
3.6
32.8
29.1
3.7
18.3
21.0
32.7
29.1
3.6
18.8
32.8
29.1
3.7
16.6
33.1
29.3
3.8
16.8
32.6
28.8
3.8
15.3
NATIONAL INCOME, BY DISTRIBUTIVE SHARES
Seasonally adjusted annual rates
by quarters
Annual totals
1955 r
1954 >*
1929
1933
1941
1949
1950
1951
1952'
1953'
1954'
National i n c o m e
87.8
40.2 104.7 216.2 240.0 277.0 289.5 303.6 299.7 297.7 298.9 298.7 303.2 311.4
Compensation of employees
Wages and salaries1
Private
Military
Government civilian
Supplements to wages and salaries..
51.1
50.4
45.5
.3
4.6
.7
29.5
29.0
23.9
.3
4.9
.5
Proprietors' and rental i n c o m e 2 . . .
Business and professional
Farm
Rental income of persons
20.2
8.8
6.0
5.4
7.6
3.2
2.4
2.0
20.9
10.9
6.5
3.5
42.0
21.4
12.7
7.9
44.6
22.9
13.3
8.5
49.9
24.8
16.0
9.1
49.9
25.7
14.3
9.9
48.4
25.9
12.3
10.3
48.4
25.9
12.0
10.5
49.0
25.3
13.2
10.4
48.2
25.9
11.9
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
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
-2.1
14.5
17.0
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
41.2
22.5
18.7
-1.3
36.9
35.9
19.8
16.1
1.0
37.2
38.3
21.3
17.0
-1.1
33.8
34.0
17.1
17.0
-.2
32.6
32.7
16.4
16.3
-.2
34.0
33.7
16.9
16.8
.2
33.1
33.5
16.8
16.7
-.5
35.5
36.0
18.1
17.9
-.5
39.6
40.9
20.5
20.4
— 1.3
6.4
5.0
4.5
5.2
5.9
6.8
7.4
8.8
9.5
9.4
9.5
9.5
9.7
9.9
Net Interest
64.8 140.9 154.3 180.4 195.3 209.2 207.9 206.7 207.2 207.8 209.8 213.1
62.1 134.3 146.5 170.9 185.1 198.5 196.2 195.2 195.6 196.1 198.1 200.8
51.9 113.9 124.3 142.1 152.2 164.7 162 A 161.7 162,0 162.1 163.8 166.5
9.1
9.3
4.2
5.0
8.7 10.5 10.3
9.7
9.5
1.9
9.4
9.5
8.3 16.2 17,2 20.1 22.5 23.5 24.4 23.9 24.1 24.5 25.0 25.3
6.5
2.7
7.8
9.5 10.2 10.8 11.7 11.5 11.6 11.7 11.8 12.2
'•Revised.
Includes employee contributions to social insurance funds.
Includes noncorporate inventory valuation adjustment.
NOTE.—Details may not add to totals because of rounding.
Source.—Department of Commerce.
1
2
820
FEDERAL RESERVE
BULLETIN
GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME—Continued
[Estimates of the Department of Commerce, in billions ' f lollars]
GROSS NATIONAL PRODUCT OR EXPENDITURE
Seasonally adjusted annual rates
by quarters
Annual totals
1954 r
1929
1933
1941
1949
1950
1951
1952
1953
1
Gross national product
104.4
Personal consumption
expenditures
Durable goods
Nondurable goods
Services
79.0
9.2
37.7
32.1
Gross private domestic
investment
New construction*
Residential, nonfarm
Other
Producers' durable equipment
Change in business inventories
Nonfarm only
Net foreign investment
Government purchases of
goods and services
Federal
National security
Other
Less: Government sales 2
State and local
.0
7.2
3
2
4
56.0 125.8 257.3 285.1 328.2 345.2 364.5 360.5 358.3 357.6 358.8 367.1 375.3
46.4
3.5
22.3
20.7
16.2
1.4
8.7
1.4
3.6
.5
5.1
1.0
5.9
1.6
1.7 - 1 . 6
1.8 - 1 . 4
.8
.2
8.5
1.3
1.3
1955 '
1954'
8.0
2.0
2.0
.0
6.0
81.9 180.6 194.0 208.3 218.3 230.6 236.5 232.2 235.1 237.9 241.0 245.8
9.7 23.6 28.6 27.1 26.6 29.8 29.3 28.3 29.0 29.4 30.4 34.4
43.2 96.9 100.4 111.1 116.0 118.9 120.9 119.2 120.4 121.5 122.5 122.4
29.0 60.1 65,0 70 i 75.7 81.8 86.4 84.7 85.7 87.0 88.1 89.0
18.1
6.6
3.5
3.1
6.9
4.5
4.0
32.5
17.5
8,3
9.2
17 8
-2 7
—1 9
1.1
24.8
16.9
J13.8
(3.2
7.
51.2
2Z.7
12 6
10 1
21 1
7.4
6.4
-2.?
43.6
iSA
19.3
6.6
.4
18.2
42.0
22.1
18.5
3.9
.3
19.9
56.9
23.3
11.0
12.4
23.2
10.4
9.0
49.6
23.7
11.1
12.6
23.1
2.8
2.1
51.4
25.8
11.9
13.8
24.4
1.2
1.9
.2
-.2
-2.0
62 8
41.0
37.3
4.2
.4
21.8
77.5
54.3
84
59
51.4
8.5
.4
25.0
48.8
5.8
.4
23.2
47.2
27.8
13.5
14.3
22.3
-2.9
-3.2
77.0
49.2
43.2
6.3
.4
27.8
45.5
25.9
11.8
14.1
22.9
-3.2
-3.4
46.9
27.3
13.0
14.3
22.4
-2.7
-3.2
45.9
28.5
14.2
14.3
22.2
-4.9
-5.4
-1.1
-.3
-.7
81.7
54.7
46.8
75.9
48.6
43.6
27.0
27.3
8.3
.4
5.4
.4
50.7
29.4
15.0
14.4
21.9
-1.0
54.1
31.2
16.0
15.1
21.5
1.5
1.5
.9
-.4
75.8
47.7
42.1
74.5
45.7
40.5
28.1
28.7
75.8
46.4
41.2
5.5
.3
29.4
-.6
6.1
.4
5.5
.3
PERSONAL INCOME
[Seasonally adjusted monthly totals at annual rates]
Wage and salary disbursements
Personal
income
Year or month
Total
Commodity Distributive
produc- indusing intries
dustries
85.8
47.2
96 3
208.7
206.8
227.1
255.3
271 1
286.2
287.6
50.4
29.0
62.1
135.1
134.4
146.5
170.8
185 2
198.6
196.2
21.5
9 8
27.5
60.2
56.9
63.5
74.9
80 6
88.2
84.2
1954—May
J u n err
July r
August
September r
October r. .r
November r
December
286 7
286 7
287.1
286 7
287.9
288.4
290 8
293.4
195 7
195 8
196.6
195 8
195.8
196.8
198 6
198.8
84 5
84 2
83.8
83.1
82.8
83.4
85 2
84.8
1955—January r r
February
March r
April r
Mayp
292 2
293.2
295 7
298.9
301.1
199 3
200.3
202 6
204.6
207.1
85 4
86.3
87 8
88.9
90.6
1929
1933
1941
1948
1949
1950
1951
1952 r*
1953
1954 r
*.
15.6
8.8
16.3
38.8
39.0
41.3
45.8
48.7
51.8
52.3
52 1
52.1
52.8
52.5
52.5
52.7
52 5
53.1
52 9
53.0
53 6
53.6
54.5
Service
industries
8.4
5.2
8.1
17.4
18.0
19.5
21 .3
23 0
24.8
25.9
Government
4.9
5.1
10 2
18.7
20.5
22.1
DiviProdends
Other
prietors'
and
and
perlabor
sonal
income* rental 4
income interest
income
.6
.4
.7
2.7
3.0
32 9
33.8
33.8
4 8
5 3
6.0
6.6
25 5
25 8
26.2
26 3
26.3
26.5
26 6
26.6
33 6
33 7
33.8
33 9
34.2
34.2
34 3
34.3
6 5
6 6
6.6
6.6
6.6
6.7
6 7
26 8
26.7
27 0
27.2
27.3
34 2
34.3
34.2
34.9
34.7
6.8
6.7
6.8
6.8
6.9
6.9
20.2
13.2
Less
personal
NonTrans- contributions agriculfer
for
tural
pay- 8
social income 7
ments
insur-6
ance
1.5
2.1
7.6
8.3
20.9
45.6
42.0
44.6
49.9
49 9
48.4
48.4
31
11.3
12.4
15.1
n 6
13 2
14.0
48 0
48 2
47.6
48 1
49.0
47.5
48 3
48.9
• 10 3
16.2
17.2
19 8
?0 7
21 3
23.1
24.7
24 5
24 6
24.6
24 7
24.7
24.9
24 9
26.5
49 1
48.8
48 5
49.0
48.5
25 0
25.3
25 5
25.9
26.2
17 0
17.0
17.4
17.6
17.6
16.2
16 5
16 0
16.1
16 1
16.3
17.0
16 8
17.1
.1
.2
8
2.2
2.2
2.9
3.4
33.98
4.5
45
45
4.4
46
4.5
4.5
45
4.6
50
5.0
5.1
5.1
5.2
77.2
43.4
88 0
188.5
190.8
210 5
235 7
253 1
270.2
271.9
271 0
272 1
272.1
271 5
272.1
273.8
275 9
278.1
276 5
277.7
280 9
283.7
286.6
r
P1 Preliminary.
Revised.
Includes construction expenditures for crude petroleum and natural gas drilling.
2
Consists
of
sales
abroad
and domestic sales of surplus consumption goods and materials.
3
Includes compensation for injuries, employer contributions to private pension and welfare funds, and other payments.
4
Includes business and professional income, farm income, and rental income of unincorporated enterprise: a 1st •> noncorporate inventory
valuation
adjustment.
5
Includes government social insurance benefits, direct relief, mustering out pay, veterans' readjustmeni allowances and other payments, as
well as
consumer
bad debts and other business transfers.
6
Prior to 1952 includes employee contributions only; beginning January 1952, includes also contributions to the old-age and survivors' insurance
program of the self-employed to whom coverage was extended under the Social Security Act Amendments of 1950 Personal contributions aie
not included
in personal income.
7
Includes personal income exclusive of net income of unincorporated farm enterprise, farm wages, agricultural net interest, and net dividends
paid by agricultural corporations.
NOTE.—Details may not add to totals because of rounding.
Source.—Department of Commerce,
JULY 1955
821
PAGE
International capital transactions of the United States. .
824-828
Gold production
828
Estimated foreign gold reserves and dollar holdings. .
829
Reported gold reserves of central banks and governments.
830
Net gold purchases and gold stock of the United States.
831
International Bank and Monetary Fund.
832
Central banks .
832-836
Money rates in foreign countries.
837
Commercial banks
838
Foreign exchange rates. .
839
Price movements in principal countries:
Wholesale prices..
840
Consumers' price indexes. .
841
Security prices
841
Index to Statistical Tables. .
847-848
Tables on the following pages include the principal available statistics of current significance relating
to gold, international capital transactions of the United States, and financial developments abroad.
The data are compiled for the most part from regularly published sources such as central and commercial bank statements and official statistical bulletins, some data are reported to the Board directly.
Figures on international capital transactions of the United States are collected by the Federal Reserve
Banks from banks, bankers, brokers, and dealers in the United States in accordance with the Treasury
Regulation of November 12, 1934. Back figures for all except price tables, together with descriptive
text, may be obtained from the Board's publication, Banking and Monetary Statistics.
JULY 1955
823
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES
TABLE 1.—SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES,
BY COUNTRIES1
[Amounts outstanding, in millions of dollars]
International
institutions2
Date
1951—Dec. 31.
1952—Dec. 31.
1953—Dec. 31.
Total foreign
countries
Official
and
private
France
Officials
1,641.1 7,661.1 3,547.6
1,584.9 8,961.2 4,654.2
1,629.4 10,019.0 5,666.9
289.4
342.6
428.5
Germany,
Fed.
Rep.
of
Switz- United
Kingerdom
land
Italy
405.6 300.5 521.3
551.1 308.9 641.8
898.8 465.7 674.2
Other
Europe
Canada
Total
Europe
Latin
America
Asia
All
other
846.6 3,005.9 1,307.1 1,455.2 1,595.5 297.4
642.6
817.9 1,093.3 3,755.5 1,420.7 1,612.9 1,836.5 335.6
708.9 1,557.5 4,733.6 1,295.5 1,768.4 1,895.5 326.1
1954—May
June
Julv
Aug.
Sept.
Oct.
Nov.
Dec.
31. 1,679.0 10,576.3
30. 1,637.0 10,561.9
31. 1,656.5 10,771.0
31. 1,751.0 10,686.6
30. t,801.9 10,730.6
31. 1 ,773.9 10,752.2
30. 1 ,792.8 10,781.8
31. 1,769.9 11,155.4
6,265.0
6,307.0
6,438.6
6,287.3
6,319.2
6,404.2
6,379.3
6,774.0
387.0
441.4
376.5
418.9
474.2
495.8
502.1
715.4
1,051.2
1,084.9
1,222.1
1,225.1
1,247.6
1,257.2
1,287.2
1,372.5
483.0
455.6
468.8
510.7
528.4
553.9
563.0
578.6
651.8
636.0
680.5
680.8
668.5
645.5
623.7
672.4
952.2
986 1
942.2
851.9
837.9
842.8
829.7
639.5
1,750.2
1,701.3
1,722.7
1,676.7
1,673.3
1,690.1
1,673.7
1,642.1
5,275.4
5,305.4
5,412.8
5,364.0
5,430.0
5,485.3
5,479.2
5,620.5
1,286.6
1,320.6
1,342.0
1,380.4
1,384.1
1,372.8
1,377.8
1,538.5
1,994.5
1,954.9
2,037.4
1,918.7
1,889.6
1,839.5
1,848.1
1,905.9
1,711.0 308.7
1,682.5 298.5
1,693.2 285.6
1,748.2 275.2
1,764.1 262.9
1,782.5 272.1
1,811.8 264.9
1,825.4 265.1
1955—Jan.
Feb.
Mar.
Apr.
May
31. 1 ,752.2 11,101.4
28 ] ,793.4 10,926.0
31 P 1 ,818.2 10,896.5
30P 1 ,820.7 11,068.1
3\v 1 ,881.9 11,183.3
6,749.5
6,536.0
6,466.3
6,606.8
6,701.1
706.5
725.1
749.6
670.7
766.1
1,368.9
1,406.9
1,411.1
1,404.5
1,407.6
591.5
610.2
611.2
639.3
637.7
624.2
634.5
649.3
657.6
672.4
656.8
598.9
637.8
681.0
663.6
1,675.1
1,626.7
1,591.4
1,661.5
1,578.4
5,623.1
5,602.4
5,650.5
5,714.7
5,725.8
1,532.1
1,366.9
1,320.9
1,320.9
1,274.7
1,836.6
1,811.6
1,786.9
1,886.3
1,991.0
1,842.1 267.4
1,860.8 284.3
1,848.3 289.8
1,848.3 297.8
1,886.4 305.4
Table la.—Other Europe
Other
Europe
Date
Austria
Belgium
Neth- Nor- Po- Por- RuAll
Swe- TurDen- Finerway land tugal mania Spain den key U.S.S.R. Yugomark land Greece lands
slavia other
1951—Dec. 31
1952—Dec. 31
1953—Dec. 31
846 6 57.1 134.7
1,093.3 91.1 123.9
1,557.5 190.9 130.3
45.3 27.0 45.8 148.8 99.7
70.4 28.5 47.3 203.1 110.3
95.7 37.9 100.9 242.9 118.5
1954—May 31
June 30
July 31.
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
1,750 2
1,701.3
1,722 7
1,676.7
1,673.3
L,690 1
I,673 7
1,642.1
234 3
238.5
260 5
275 6
281.9
283 6
272 4
273.2
122 9
111.6
118 0
99.3
104.0
104 6
103 2
99.8
92 4
92.7
80 7
79.5
76.4
68 8
69 2
71.1
41.6
42.4
42.4
41.0
37.7
40.6
39 8
41.3
116.0
114.0
112.1
104.5
94.3
93.8
110.2
112.5
250.4
272.3
305.7
252.9
247.6
248.7
241.4
249.3
130.6
131.2
127.2
129.1
132.3
125.8
115.8
103.4
1955—Jan. 31
Feb. 28
Mar. 31 P
Apr. 30P
May 31 P
L 675 1
1,626.7
1.591 4
1 661 5
1,578.4
272 8 98 1
276.6 92.7
274 7 98 9
272 3 105 5
271.7 104.5
76 2
70.3
69 3
69 7
64.3
39 7
41.6
37.8
37 2
40.4
129 2
134.2
130.5
134.5
131.0
256 3
219.2
222.1
218.2
194.6
88 8
66.2
64.3
76.8
67.8
2 . 8 40.7
3.4 57.4
2.2 72.4
2.2 83.5
86.3
88.5
83.8
1.8 83.5
1.9 85.0
2 . 2 88.9
2.1 91.3
2.2
2.2
1.7
17.1 71.7 14.1
6.1 19.2 91.0 8.4
116.7 14.2
36.0
5.8
7.8 22.1 120.4 7.9
7.4
7 . 9 26.2 123.1
6.4
7 . 9 37.5 157.0
6.2
7 . 9 46.0 173.6
7.9 58.3 180.5 6.4
8.1 66.1 179.4 8.2
8.1
8 . 0 70.9 159.0
7.8 71.3 141.0 8.2
6.1
2 0 92.6 8.0
1.7 98.1 8.0
2.4 91.9 8.2
4 . 4 94.6
8.3
1.9 94.1 11.4
78 4
84.7
92.6
99.2
100.6
130.5 9.5
129.7 9.2
121.3 9.8
118.2 11.1
113.9 10.3
2.5
7 . 1 125.9
1.7 12.0 219.3
2.0 6.9 384.1
2.2 6.2 509.6
3.1
5 . 9 436.5
2.8
6 . 8 367.1
6 . 4 366.1
3.0
2.1 6.9 351.7
2.0 6.8 366.7
5.2
9 . 0 370.3
1.8 8.6 359.5
1.8
1.7
1.5
1.8
2.0
9.4 381.9
9.8 382.9
8.0 358.0
8 . 9 400.9
6 . 2 364.0
Table lb.—Latin America
Date
Latin
America
Argen- Bo- Brazil Chile
tina livia
Colombia
Cuba
NetherDolands Panminican Guate- Mex- West ama,
ReIndies pubReico
mala
and lic of
pubSurilic
nam
27.8 100.3
24.5 72.5
19.1 101.7
54.0 106.4
79.3 118.2
78.8 150.2
1954—May 3 1 .
June 30.
July 31.
Aug. 31.
Sept. 30.
Oct. 31.
Nov. 30.
Dec. 31.
1,994.5
1,954.9
2,037.4
1,918.7
1,889.6
1,839.5
1,848.1
1,905.9
173.8
176.7
181.8
191.1
204.8
190.7
175.3
160.4
28.5
31.4
28.0
27.3
30.2
31.9
32.3
29.2
92.6
96.1
167.4
102.6
91.3
139.1
160.3
119.6
55.8
61.2
73.9
78.9
74.7
72.8
73.2
69.6
190.5
230.6
236.2
215.0
168.2
147.7
168.6
222.2
377.1
346.5
328.8
309.6
291.2
269.0
243.7
236.7
1955—Jan. 31.
Feb. 28.
Mar. 31 P
Apr. 30P
May 31 P
1,836.6
1,811.6
1,786.9
1,886.3
1,991.0
143.3
144.2
151.7
155.9
167 A
30.8
27.2
26.3
26.5
28.3
100.4
104.8
95.1
110.7
129.3
73.3 189.5
67.3 138.7
73.4 97.6
75.8 89.4
94.8 90.7
234.2
228.1
232.3
251.7
254.0
Other
El
Uru- Vene- Latin
Sal- guay
zuela
Amervador
ica
27.3 158.2
34.3 231.2
37.9 183.2
34.9
44.3
51.5
67.7
80.8
89.9
47.2
60.9
68.0
27.8 84.7 71.9
25.6 94.1 145.5
26.8 109.6 222.4
87.8
117.4
119.2
53.4
55.8
61.1
60.9
60.7
59.9
59.6
60.4
54.1
48.0
44.9
40.4
37.1
34.1
31.5
34.5
203.5
201.3
210.0
236.8
254.7
265.4
265.5
328.9
49.1
51.5
50.9
50.1
50.1
46.3
46.9
48.7
88.9
87.8
92.3
86.7
76.9
77.4
75.6
73.8
67.2
66.6
66.6
69.2
76.4
79.2
79.6
83.4
44.9
41.6
36.3
30.5
25.0
23.0
20.4
30.4
105.2
107.7
112.8
104.1
101.6
98.5
91.7
90.3
269.8
218.0
207.7
179.1
210.5
183.0
202.2
193.6
140.3
134.0
138.7
136.6
136.1
121.7
121.9
124.1
68.2
65.4
63.1
67.8
67.3
37.5
42.6
44.5
48.2
51.1
335.8
357.7
363.3
376.0
371.7
42.7
44.7
44.8
43.6
45.2
73 A
75.1
82.4
80.7
73.3
81.0
79.0
82.1
84.6
81.8
39.6
46.6
42.6
46.3
48.4
86.8
83.3
85.4
74.1
67.5
177.7
176.8
176.2
223.2
287.1
122.4
130.1
126.1
131.6
133.2
263.6 45.8
301.2 44.2
340.8 39.3
1951—Dec. 3 1 . 1,455.2 249.7
1952—Dec. 3 1 . 1,612.9 138.8
1953—Dec. 3 1 . 1,768.4 130.0
Peru
^Preliminary.
For footnotes see following page.
824
FEDERAL RESERVE BULLETIN
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
TABLE 1.—SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES,
BY COUNTRIES—Continued
[Amounts outstanding, in millions of dollars]
Table lo.—Asia and All Other
Date
Asia
ForKomosa
rea,
All
and Hong India Indo- Iran Isn iel Japan Re- Phil- Thai- Other
China Kong
nesia
pub- ippines land
Asia other
Mainlic
land
of4
Egypt
and Union
Aus- 13 ei- Anglo- of
tralia gian Egyp- South Other
Congo tian Africa
Sudan
X 951 —Dec. 3 1 .
1952 - D e c . 3 1 .
1953 - D e c . 3 1 .
1,595.5
1,836.5
1,895.5
87.4 62 .4 62 .1 140. 6 25 . 5 26 . 6 596 0 26.2 329.7 9 6 . 7 142.2 297.4 38.5 54.5 110.7
76.4 70 .9 64 .6 6 1 . 0 19 .2 18.8 808 .0 54.4 315.1 181. 0 167.1 335.6 47.2 118.6 59.7
73.6 68 . 0 99 . 0 3 9 . 3 4 3 6 18 . 0 827 9 91.5 295.5 167. 9 171.2 326.1 59.2 89.6 43.3
1954-May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
31.
30.
31.
31.
30.
31.
30.
31.
1,711.0
[,682.5
1,693.2
1.748.2
1,764.1
1,782.5
1,811.8
1,825.4
76.7
75.8
75.1
74.2
69.6
71.1
71.3
69.9
66 . 8
65 .1
64 .6
64 .2
64 .3
64 .7
64 .6
60 . 8
1955—Jan. 3 1 .
Feb. 28
Mar. 3 1 *
Apr. 30P
,842.1
,860.8
,848.3
L.848.3
1,886.4
69 ?
70.3
70.0
69.1
70.4
60 8 95 0 109. 3
60 .1 101 .5 112. 3
61 .2 71 .5 9 7 . 7
59 . 0 83 .5 9 6 . 1
61 .0 93 . 4 9 9 . 9
M a y 31P
86 .7
91 .3
63.
59.
60.
81.
87.
95.
8 3 9 .4 27 .4
2 34 0 28 .9
5 28 6 25 .1
9 23 3 36 . 0
3 26.1 33 .1
4 24 7 24 .7
82 .1 100. 6 28.2 26 . 0
86 .9 100. 3 31 4 41 . 0
79.2
75 .5
73 .4
77 .7
44
47
40
47
51
s
0
1
0
6
38
40
45
44
42
Q
.4
.0
.5
.9
7.0
23.6
38.2
86.8
86.5
95.7
9 104.7 303.1
4 105.9 298.9
0 101.2 308.2
4 98.2 314.2
5 94.9 308.5
8 93.8 289.7
139. 3
130. 1
127. 1
126. 2
125. 0
117. 8
712.6 88.7 276.8 124. 2
724.9 95.6 257.4 123. 1
186.3
177.8
207.6
211.2
213.3
227.0
236.6
234.1
308.7 49.6
298.5 48.0
285.6 42.8
275.2 41.3
262.9 35.4
272.1 41.6
264.9 37.3
265.1 47.7
74.1
63.6
51.3
45.5
44.2
47.0
44.4
43.6
51.3
51.7
51.5
47.7
45.1
45.2
47.6
47.1
34.2 99.5
37.8 97.4
38.6 101.3
37.9 102.8
38.5 99.7
39.4 99.0
38.1 97.5
32.7 94.0
707 3 98.9 264.9
700 1 100.2 263.2
221.9
232.6
261.9
257.5
261.1
267.4 44.4
284.3 58.6
289.8 56.8
297.8 60.4
305.4 70.2
45.9
42.7
44.3
44.4
42.9
48.6
52.0
53.6
53.9
48.3
31.4 97.1
36.2 94.8
33.4 101.8
35.9 103.3
33.8 110.2
616
615
616
643
668
695
131. 6
133. 1
715.5 99.9 253.6 132. 0
711 8 100.3 249.3 130. 2
720 1 107.7 249.3 128. 8
Table Id.—Supplementary Areas and Countries 5
End of year
End of year
Area or country
Area or country
Other Europe:
Albania
Azores
British dependencies
Bulgaria
Czechoslovakia
Eastern Germany
Estonia.
Hungary
Iceland
.
Ireland, Republic of
Latvia
Lithuania
Luxembourg
Monaco
Trieste
O t h e r L a t i n America:
British dependencies
Costa Rica
Ecuador
French West Indies
Guiana
Haiti
Honduras
Nicaragua
Paraguay
1951
1952
1953
1954
.1
,3
.6
.6
1.3
.2
.3
.4
.6
.6
.2
.4
.4
.6
.6
.2
n.a.
2.7
n.a.
1.9
1.0
3.7
12.6
1.3
.6
5.0
2.6
4.1
n.a.
1.0
3.5
15.9
1.3
.6
11.8
3.2
5.6
14.6
8.7
and
French
11.4
.8
10.3
17.2
8.3
5.4
n.a.
.6
.6
.7
1.2
1.9
1.0
7.5
n.a.
14.1
n.a.
1.3
.4
4.0
3.0
2.5
1.0
.5
4.5
5.3
2.2
14.6
12.1
23.7
18.0
13.4
17.7
19.0
15.3
21.2
2.2
11.6
15.4
13.4
18.7
16.0
5.0
.6
9.3
6.0
1.0
8.9
.4
12.7
n.a.
10.3
O t h e r Asia:
Afghanistan. .
British dependencies
Burma
Ceylon
Iraq
Jordan
Lebanon
Pakistan
Palestine
Portuguese dependencies.
Saudi Arabia
Syria
Viet-Nam
All o t h e r :
British dependencies
Ethiopia and E r i t r e a . . . .
French dependencies
Italian Somaliland
Liberia
Libya
New Zealand
Portuguese dependencies .
Spanish dependencies
Tangier
1951
1952
1953
1954
10.6
21.0
9.5
19.2
12.9
.5
15.3
13.1
2.7
13.2
5.4
n.a.
4.0
25.5
16.9
13.9
14.1
.6
19.3
14.4
.1
2.8
15.9
11.4
n.a.
2.7
19.8
23.0
17.1
13.8
.9
23.9
9.7
.1
5.3
18.5
20.5
n.a.
n.a.
21.1
29.7
n.a.
10.0
.8
16.5
3.8
.1
1.8
1.2
6.9
36.5
.1
6.1
.5
5.2
4.3
.2
21.5
1.6
3.5
27.0
1.1
10.3
2.3
3.5
6.3
.2
26.7
1.6
9.1
22.3
.3
11.8
3.0
2.1
5.0
.2
36.1
8.1
1.4
n.a.
16.8
n.a.
5.6
n.a.
2.3
n.a.
.5
35.7
3.6
^Preliminary.
n.a. Not available.
j
1
"Short-term liabilities" reported in these statistics represent principally deposits and U. S. Government obligations maturing in not more
than one year from their date of issue, held by banking institutions in the United States; small amounts of bankers' acceptances and commercial
paper2 and of liabilities payable in foreign currencies are also included.
Includes International Bank for Reconstruction and Development, International Monetary Fund, and United Nations and other international
organizations. Excludes Bank for International Settlements, reported under "Other Europe."
3 Represents funds held with banks and bankers in the United States (and in accounts with the U. S. Treasury) by foreign central banks
and by foreign central governments and their agencies (including official purchasing missions, trade and shipping missions, diplomatic and consular
establishments,
etc.).
4
Through 1952, reported by banks in the Second (New York) Federal Reserve District only.
5
These data are based on reports by banks in the Second (New York) Federal Reserve District only and represent a partial breakdown of
the amounts shown in the "other" categories in Tables l a - l c . For each date the Second District reported at least 90 per cent of the total amount
in the "other" categories.
NOTE.—The statistics in this section are based on reports by banks, bankers, brokers, and dealers. Certain changes in. the reporting forms
and instructions were made as of Mar. 31, 1954, and there were also changes, beginning with the BULLETIN for June 1954, in the content, order,
and selection of the material published, as explained on p. 591 of that issue. For discontinued tables and data reported under previous instructions, see BULLETIN for May 1954, pp. 540-545.
JULY 1955
825
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
TABLE 2.—SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES,
BY COUNTRIES^
[Amounts outstanding, in millions of dollars]
GerFrance many,
Fed.
Rep. of
Total
Date
1951—Dec. 31
1952—Dec. 31
1953—Dec. 31
968.4
1,048.7
904.5
1954—-Apr. 30
May 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
879.9
915.4
971.1
1,109.6
1,108.6
1,187.4
1,290.6
1,315.5
1,384.2
1955—Jan. 31 .
Feb. 28
Mar. 31P
A.pr. 30P
1,378 1
1,366.2
1,346.9
1,374.3
Italy
Switz- United Other Total
erKing- Europe Europe
dom
land
Canada
Latin
America
Asia
All
other
161.8
89.8
114.8
101.9
114.6
113.3
117.5
41.9
22.4
24.9
10.1
31.9
10.6
28.3
26.8
30.5
10.3
17.8
18.8
11.2
17.9
35.0
30.3
70.5
88.5
98.2
87.S
183.4
212.2
235.9
92.0
62.3
56.4
489.3
662.0
472.7
9.2
7.5
14.1
71
10.3
14.2
58.9
57.0
53.7
52 5
51.9
48.4
47 3
56 1
67 8
14.4
14.4
15.3
16 7
13.4
12.9
15 8
19.3
19 7
12.5
10.7
12.1
14 6
16.1
17.4
16 4
12.6
16 2
87.0
79.7
77.0
85.1
94.4
128.7
126.2
128.2
173.5
87.2
101.1
89.7
85.2
87.4
87.7
107.5
114.4
108.6
269.2
271.7
258.0
263.6
270.7
309.2
320.4
340.7
400.1
47.5
52.6
65.2
66.4
65.6
70.9
68.0
66.2
75.6
433.3
447.9
499.3
625.8
613.9
646.5
740.3
750.2
728 1
125.7
125.6
128 1
125.9
143.3
12 5
12.0
7.5
8.7
78.5
61.3
81.5
70 5
20 2
21.9
22.6
24.1
18 5
21.9
18.3
20.3
145.9
115.9
111.9
88.0
137.5
142.6
140.0
127.6
405.1
392.8
361.7
350.1
103.6
105.3
91.0
103.2
677 2
670 6
690.6
705.0
152.3
160.0
167.1
177.5
39 8
Norway
Portugal
Spain
Sweden
Turnkey
Yugoslavia
All
other
.8
.5
.6
18.8
11.2
24.3
5.4
2.5
2.7
38.8
15.7
.6
3.9
8.6
4.8
4.0
5.4
6.8
.6
.6
.6
.7
.5
.5
.7
10.6
5.7
3.5
2.1
3.5
4.0
4.0
5.5
4.0
2.2
1.9
2.4
2.7
2.6
2.4
2.8
3.0
4.1
29.8
49.2
35.9
32.7
37.0
33.3
55.0
52.4
40.7
5.2
5.1
5 3
6.6
6.1
6.2
6.5
6.3
5.3
5.6
5.3
3.1
3.6
2.7
3.9
4.2
3.4
4.1
3.0
66.4
67.5
68.4
62.1
8.9
10.2
9.5
7.1
27.9
28.6
35.3
36 2
32.8
35.2
33 9
32.5
37 0
37.6
36.5
38.5
Table 2a.—Other Europe
Netherlands
Date
Other
Europe
Austria
Belgium
Denmark
Finland
1951—Dec. 31
1952—Dec 31
1953—Dec. 31
88.5
98 2
87.5
(2)
8
.8
39.6
16 2
13.0
4.8
3.1
5.6
1.9
.2
.2
1.3
5.0
4.4
8.6
2.5
6.2
1954—Apr. 30..
May 31
June 30 . .
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
87 2
101.1
89 7
85.2
87.4
87.7
107.5
114.4
108.6
.2
.1
2
.1
.2
.2
.2
.3
.4
14.9
15.2
14 8
15.3
14.7
16.0
14.2
17.0
19.6
4.3
3.5
1.6
1.6
2.0
1.9
7.9
8.8
14
3
1955—Jan.
Feb.
Mar.
Apr.
137.5
142 6
140.0
127.6
.7
19.3
19 1
18.9
17.8
31
28
31 P
30P
1 2
.7
.4
2 1
4 1
Greece
1 9
1 8
11.9
10.9
11.2
14.6
15.9
4.2
3.5
4.8
6.0
7.5
9.7
1.8
1.4
2.0
2.3
2.1
2.5
2.6
2.6
3.6
3.6
3.4
3.3
9.1
2.2
3.4
7.3
2.9
2.2
3.7
3.6
9 1
2 0
7.0
3 3
Q
0
5
4
7
4
7
9.3
9.4
18.3
18 0
18.8
14.8
2.1
.6
.5
2.3
.6
1.0
2 9
.7
.8
2.8
2.7
5.7
4.2
3.0
.6
1.0
1.3
4.6
2.9
5.1
4.4
4.3
4.6
5.0
6 2
5 3
Table 2b.—Latin America
Date
Latin
BoAmer- Argentina livia
ica
Brazil Chile
Colombia
Cuba
185.0 24.8
356.4 26.4
125.1 22.6
43.7
41.7
56.9
32.3
32.5
51.2
1951—Dec. 3 1 . . 489.3
1952—Dec. 3 1 . . 662.0
1953—Dec. 31... 472.7
7.6
8.2
7.1
7.5
5.8
10.8
433.3
447.9
499.3
625.8
613.9
646.5
740.3
750.2
728.1
6.2
5.6
5.7
5.8
5.8
5.8
6.1
5.8
5.6
1.7
2.3
2.0
2.9
1.7
2.5
2.2
2.2
2.5
117.4
129.1
167.4
276.6
269.6
288.0
360.5
321.6
273.5
19.6
18.5
12.2
21.0
14.9
11.3
31. . 677.2
28. . 670.6
3 1 P . 690.6
3 0 P . 705.0
5.8
5.8
5.5
5.5
2.1
2.2
3.0
3.1
252.0
249.3
225.5
226.8
15.2
11.9
18.5
13.2
1954—Apr. 3 0 . .
May 3 1 . .
June 3 0 . .
July 3 1 . .
Aug. 3 1 . .
Sept. 3 0 . .
Oct. 31. .
Nov. 3 0 . .
Dec. 31. .
1955—Jan.
Feb.
Mar.
Apr.
54.4
59.1
66.4
64.6
64.0
74.2
6.8
78.9
11.8 91.8
14.1 107.0
97.0
89.5
87.6
99.9
NetherDolands Panminican Guate- Mex- West ama,
Reico Indies pubRemala
and
pubSuri- lic of
lic
nam
Peru
Other
El
Uru- Vene- Latin
Sal- guay
Amerzuela
vador
ica
1.8
1.6
1.9
3.8
4.2
4.1
90.6
88.6
92.9
1.2
1.3
2.6
3.0
6.5
4.6
11.8
14.8
20.2
9.5
9.1
8.2
10.5
14.3
3.7
41.7
36.7
41.6
14.S
13.7
19.3
55.2
2.2
2.4
55.9
2.5
59.2
2.4
56.9
59.7 j 2 . 4
2.4
63.7
2.2
64.9
2.5
63.1
2.6
70.7
3.2
3.0
2.9
3.0
3.2
3.6
3.3
4.9
3.9
77.3
76.6
81.7
85.5
91.7
94.7
99.2
114.7
115.7
1.5
1.8
2.5
2.1
2.0
1.8
1.3
1.3
1.4
7.4
6.2
7.7
8.5
5.4
6.4
7.7
12.0
8.8
16.4
15.2
16.0
15.7
14.2
13.9
14.2
14.6
16.2
5.0
4.1
4.6
5.4
5.1
7.1
9.5
12.7
10.0
2.7
3.2
4.4
3.9
3.3
3.2
3.7
5.8
6.9
45.7
47.7
46.4
51.6
50.4
52.7
57.3
61.4
62.7
17.3
17.1
17.6
20.1
20.4
20.2
22.3
23.8
26.5
52.7
47.6
64.5
69.2
3.8
3.8
4.0
4.4
111.4
111.0
127.7
124.9
1.9
1.9
1.4
1.4
12.8
14.6
17.7
17.9
15.2
14.7
15.1
16.1
8.6
7.2
5.8
6.4
6.7
6.5
7.7
6.6
62.9
76.3
78.7
80.1
25.5
24.5
23.6
25.0
3.6
3.8
4.4
4.4
^Preliminary.
1
"Short-term claims" reported in these statistics represent principally the following items payable on demand or with a contractual maturity
of not more than one year: loans made to and acceptances made for foreigners; drafts drawn against foreigners that are being collected by banking institutions on behalf of their customers in the United States; and foreign currency balances held abroad by banking institutions and their
customers in the United States. Claims on foreigners with a contractual maturity of more than one year reported by U. S. banking institutions
(excluded from these statistics) amounted to 422 million dollars on Apr. 30, 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 Statas, including U. S,
citizens domiciled abroad and the foreign subsidiaries and offices of U. S. banks and commercial firms.
2Less than $50,000.
826
FEDERAL RESERVE BULLETIN
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
TABLE 2.—SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS I N T H E UNITED STATES,
BY COUNTRIES—Continued
[Amounts outstanding, in millions of dollars]
Table 2c.—Asia and AH Other
Formosa
Korea,
Phil- Thai- Other
and Hong
ReIndoippines land Asia
China Kong India nesia Iran Israel Japan
ScoV
Mainland
Asia
Date
1951—Dec. 3 1 . . 161.8
1952—Dec. 3 1 . . 89.8
1953—Dec. 3 1 . . 114.8
10.1
10.1
8.1
3.1
1.2
3.1
13.4
4.3
3.7
.5
1.4
.6
6
9
1.4
.5
4
1954—Apr. 3 0 . .
May 31 . .
June 3 0 . .
July 3 1 . .
Aug. 3 1 . .
Sept. 3 0 . .
Oct. 3 1 . .
Nov. 3 0 . .
Dec. 31. .
101.9
114.6
113.3
117.5
125.7
125.6
128.1
125.9
143.3
8.1
8.2
8.1
8 1
3.2
3.4
3.1
3.6
8.2
2.8
8.i
8.1
8.1
8.1
2.4
2.6
3.3
3.4
3.9
5.1
3.5
4 2
3 9
4.5
4.8
4.4
4.9
1955—j an# 3i #
Feb. 28. .
Mar. 31 P.
Apr. 3QP
152 3
160.0
167.1
177 5
8 1
8.1
8.0
8 1
3 4
3.3
4.0
4 7
3 6
4.4
4.9
4 7
.3 9.3 30.0 12.2
.9 10.2 15.1 12.5
.8 13.8 22.9 25.6
15.1 16.2 30.6
15.3 8.8 36.7
16.0 8.0 38.6
17.5 8 4 33.3
20.3 9 . 3 30.9
16.9 9.3 30.0
17.7 8.2 33.3
16.7 9.4 29.9
15.8 10.7 50.0
.4
.6
.6
.8
.7
18 2 10 8
18.7 8.3
16.4 7.5
18 8 8 3
29.3
7.6
5.8
2.5
3.3
6.1
51.6
24.6
24.7
41.9
22.4
24.9
22.8
10,1
8.0
5.7
6.0
6.3
.2
.5
.5
.2
.4
.3
.2
6.4
10.5
8.7
9 7
12.0
12.3
10.8
10.7
7.3
4.9
5.7
6.2
56
6.2
6.7
6.9
7.1
6.3
13.0
19.5
20.1
26.3
31.3
34.5
34.8
35.3
36.0
27.9
28.6
35.3
36.2
32.8
35.2
33.9
32.5
37.0
8.7
7.7
10.2
12.1
10.1
10.5
10.9
10.4
14.1
6.4
7.1
7.8
7.9
7.5
6.9
6.8
6.6
6.3
.3
.5
.3
.2
A
.5
.5
.4
1.0
7.0
5.5
7.6
5.8
5.9 11.1
5.3 10.7
9.5
5.2
5.3 12.1
5.2 10.4
5.8 9.4
5.9 9.6
4
.5
.5
3
9 6
8.7
9.8
12 6
13.5
11.2
11.9
15 3
35.9
35.2
46.0
47.7
39.8
37.6
36.5
38.5
13.4
11.7
10.9
10.5
6.2
6.0
5.6
5.5
1.1
.9
1.0
1.3
7.5
8.3
6.8
6.4
.2
2
.5
48.1
60.3
57.6
56 7
Egypt
and Union
Bel- AngloAus- gian
of
tralia Congo Egyp- South Other
tian Africa
Sudan
All
other
6.5
3.8
7.8
6.7
2.0
2.4
11.7
10.8
12.3
14.9
TABLE 3.—PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPES 8
[In millions of dollars]
U. S. Government bonds
and notes
Year or month
Purchases
Net
purchases
or sales
(-)
Sales
1951
1952
1953
1954
673.6 1,356.6
533.7
231.4
646.0
728.0
800.9
792.7
1954—April
May
June
July
August......
65.2
87.3
49 2
33.4
86.9
38.6
48.0
115 1
101.3
30.0
88.4
27.7
24.3
33.9
39 2
25.9
101 8
261.3
120.8
352.3
84.8
48.4
81.1
216.0
90.4
48.8
October
November
December
1955—January
February
March P
April P
.
U. S. corporate bonds
and stocks
Purchases
Sales
-683.0
761.0
859.8
302.3
837.7
850.3
-82.0
731.4
801.9
8.2 1,404.8 1,263.7
35.2
-1.2
21 4
9.1
53.0
-.6
22.1
13 3
-160.0
39.7
136.3
-5.6
-.4
112.1
110.8
107.2
133.2
110.6
103.8
117.2
168.9
197.4
96.5
96.4
99 9
100.5
108.5
86.6
111.4
130 2
180.5
177.0
159.5
178 3
136.4
148.7
161.2
160 8
131.6
Foreign bonds
Foreign stocke
Net
purchases
or sales
(-)
Purchases
Sales
Net
purchases
or sales
(-)
Purchases
Sales
Net
purchases
or sales
(-)
98.7
12.6
70.5
141.1
500.4
495.3
542.5
792.4
801.0
677.4
621.5
841.3
-300.6
-182.1
-79.0
-48.8
272.3
293.9
310.1
393.3
348.7
329.6
303.4
644.9
-76.4
-35.8
6.8
-251.6
15.6
14.4
7.3
32.7
2.1
17.2
49.7
37.3
57 8
57.3
70.7
126.0
103.5
48 2
75.9
75.4
34.3
48 9
49.0
37.5
78.7
53.4
46.3
69.3
—25.7
3.0
8 9
1.9
6.6
31 3
29.5
29 7
34 8
37.5
30 5
35.7
38 0
38 6
46 5
56.1
79 6
39.6
101.4
41 0
49.5
62 5
61.2
— 15 2
-26.6
—49 9
—4 8
-63.9
— 10 5
-13 8
—24 6
—22 6
75.7
130.9
56.2
49.2
62.7
70.3
35.7
32.2
13.0
60.7
20.5
17.0
42.3
43.3
54 2
49.0
87.7
70.3
74 7
56.2
-45 4
-27.0
—20 5
—7.2
5.7
38.7
16.9
28.2
-1.7
17.5
4.7
8.3
33.2
47.3
50.1
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
19S3
1954
International
institutions
Total
foreign
countries
—15.9 —568.4
300.2
14.7
22.7
—34.3
77.7
71.6
France
6.0
5.5
—41.7
17.0
36.1
Germany,
Federal
Republic of
(2)
.2
.2
— .1
(2)
(2)
(2)
(2)
(2)
.1
-.4
.2
(2)
.6
.1
.6
21.8
.5
-4.4
41.2
2.0
25.6
50.1
-8.6
28.1
46.2
13.8
14.6
-11.2
52.6
-132.0
-27.9
(2)
1955—Jan... .
Feb....
Mar.P. .
Apr.P. .
2.0
1.6
.3
.4
66.0
133.0
11.6
2.4
.7
1.3
2.1
(2)
-.6
2.2
4.0
1.9
.5
— .5
— .6
1954—Apr....
May...
June...
July...
Aug....
Sept....
Oct....
Nov....
Dec...
2.2
1.5
3.0
.1
.2
.9
3.0
Italy
— .1
(2)
.1
(2)
.1
.1
United
Kingdom
Other
Europe
Total
Europe
45.9
50.7
57.1
73.4
21 A
70.4
71.3
69.8
—66.0
—15.9
—24 0
-20.5
111.4
62.4
138.9
10.5
5.4
-.2
24.8
.5
-2.0
Switzerland
.3
.2
13.0
10.2
5.0
3.4
3.5
5.7
6.5
.7
5.9
8.0
6.8
.5
20.1
15.1
19.9
17.9
22.0
2g
-1.2
-5.0
-16.7
-6.4
1.2
4.5
2.5
4.0
.2
-.4
-.6
-2.4
5.3
-1.7
-6.4
-8.3
3.8
20.3
-4.0
1.4
9.2
49.7
10.8
4.6
32.8
5.2
7.3
8.6
17.9
-19.1
44.7
53.2
-2.3
3.6
Canada
—595.5
191.6
—120.6
-187.2
-5.2
-34.3
-8.7
-3.5
-1.7
-4.5
-5.2
-2.3
-108.0
-7.9
76.3
-8.1
-5.5
Latin
America
All
other
Asia
13.9
4.8
4.7
—9.5
24.9
113.2
3.3
14.8
31.2
15.8
10.5
11.2
.1
36.3
-6.9
29.1
3.3
6.0
4.4
(2)
— .7
1.9
— .9
3.5
3^2
.8
-.2
.4
1.1
-.3
.5
.1
.1
1.4
1.4
.4
.7
.1
.1
.1
.3
.2
14.6
1.2
-1.4
.6
.6
-.2
(2)
1.3
.4
p Preliminary.
*Not
reported separately until
Mar. 31, 1954.
2
3
Less than $50,000.
Includes transactions of international institutions.
JULY 1955
827
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
TABLE 6.—DEPOSITS AND OTHER DOLLAR ASSETS HELD
AT FEDERAL RESERVE BANKS FOR FOREIGN
CORRESPONDENTS i
TABLE 5.—NET PURCHASES BY FOREIGNERS OF LONGTERM FOREIGN SECURITIES OWNED IN THE
UNITED STATES, BY AREAS
[Net sales, (—).
Year or
month
1951
1952
1953 .
1954
Inter- Total
national foreign Total
insticoun- Europe
tutions tries
-152.7
— 118.1
—61.2
-163.9
1954—Apr...
May. .
June..
.7
-4.7
-.7
July...
-1.1
Aug.. .
-6.0
Sept.. . - 5 4 . 6
Oct....
-2.9
Nov.. .
-1.9
Dec. . . - 2 . 6
1955—Jan....
Feb....
Mar.p.
Apr.P .
-2.6
10.9
.3
-2.4
—224.3
—99 8
-11.0
-136.5
28.5
19.9
96.3
-9.1
-41.6 -10.5
-18.8 -18.6
-40.3 -9.9
4.7
[In millions of dollars]
In millions of dollars]
.2
-.7
-24.7
91.4 25.9
39.2 - 4 . 1
-20.8 -11.7
-13.4 -3.4
-29.9 -22.7
22.8 - 8 . 4
-.2
-3.7
7.6
12.3
Canada
Assets in custody
Latin
Amer- Asia
All
ica
-258.6
—141.0
— 137.8
-133.2
33.8
25 3
34.6
32.8
-36.0
— 10.0
-29.9
-34.2
-31.3
1.7
3.9
2.4
1.4
1.8
8.6
7.7
-.3
-2.5
-3.6
-3.9
-2.6
-1.4
-.9
-29.3
-2.3
-28.2
52.7
38.6
-.8
4.7
-14.6
34.6
3.8
6.8
7.9
6.0
25.8
7.2
.9
.4
.3
8.0
4.0
2.3
-.2
1.9
-1.4
3.6
2.0
.1
.4
-2.8
-6.4
-3.3
-1.6
-9.8
-5.3
-3.7
-1.8
-2.4
0)
-.9
Deposits
Date
other
9.2
.6
^Preliminary.
!Less than $50,000.
U. S. Govt.
Miscelsecurities2 laneous3
1953—Dec. 3 1 . .
423
2,586
106
1954—June 3 0 . .
July 31. .
Aug. 3 1 . .
Sept. 30. .
Oct. 31. .
Nov. 30..
Dec. 3 1 . .
545
533
477
461
426
397
490
2,900
3,033
2,989
3,013
3,050
3,002
2,908
87
85
82
101
99
104
105
1955—Jan. 31. .
Feb. 2 8 . .
Mar. 3 1 . .
Apr. 30. .
May 31. .
June 30. .
441
320
351
360
402
374
3,000
2,966
3,062
3,137
3,264
3,295
117
128
131
137
141
139
1955—June
June
June
June
June
398
402
401
418
407
3,270
3,309
3,324
3,339
3,321
140
139
138
137
139
1. .
8. .
15. .
22. .
29. .
1
Excludes assets held for Int'l. Bank and Monetary Fund and earmarked gold. See footnote 4, p. 831, for total gold under earmark
at 2Federal Reserve Banks for foreign and international accounts.
U. S. Treasury bills, certificates of indebtedness, notes and/or bonds.
3
Includes bankers' acceptances, commercial paper, foreign and
international bonds.
NOTE.—For explanation of table and for back figures see BULLETIN
for May 1953, p. 474.
GOLD PRODUCTION
OUTSIDE U. S. S. R.
[In millions of dollars]
Production reported monthly
Year or
month
Estimated
world
production Total
outside 1 reported
U.S.S.R.
monthly
Africa
South
Africa
Rhodesia
North and South America
West Belgian United
Africa2 Congo2 States 3
Canada
Mexico
Colombia
Other
Chile
Nica- Austra- India 2
ragua 4
lia
$1= 15 Y21 grain.
- of gold Ao fine: i e., an 01mce of fitle gold = $35.
1951
1952
1953
1954
840 0
864 5
857.5
1954—April. . . .
May
June
JulyAugust . . .
September.
October
November.
December.
j 955—January
February..
March....
April
758.3
780 9
776.5
403.1
413 7
417.9
462.4
17.0
17 4
17.5
18 8
22.9
23.8
25.4
27.6
12.3
12 9
13.0
13.0
66.3
67 4
69.0
65.4
153.7
156 5
142 .4
152.8
66.0
68 9
70.0
71 1
71.4
70.2
71.3
72.0
37.0
38 3
38.3
39 4
1.6
6
2.2
2.3
2.3
2.3
2.4
1.1
1.0
1.0
4.9
12.5
13.4
13.2
13.3
12.9
13.1
13.3
13.5
13.5
39.8
7
6
6
39.9
40.5
40.7
40.8
1.5
7
40.7
38.8
42.3
41 7
1.4
1 6
1.6
2.4
2.3
2.3
2.3
2.2
2.2
2.2
2.2
1 0
1.4
5 0
6.1
6 1
5.8
1.1
.9
.9
.9
5.1
5.6
5.6
5.8
1.5
1.2
5.0
4.8
1.2
1.3
5.4
5.0
1.2.8
12.3
13.0
12.9
13.8
16 1
16.9
.8
15 1
14 8
15.3
13 2
.9
1 3
1 0
1.2
1.2
1 0
1 0
1.4
1.2
1.2
1.1
1.1
1.2
8
1 6
.9
1.4
1.1
1.2
6 1
6 2
4.6
.3
5
.3
4
.3
.4
.3
.4
8
8
9
8
8
9
1
2
.7
7
.7
8
.7
.7
6
.6
.7
.6
6
.6
7
31
34
37
39
3
3
7
1
3 2
3 3
3 3
3 4
3 2
3.4
3 1
3.3
3.4
2.8
2 7
7
8
7
7
9
9
8
7
7
6
7
7
7
.6
6
.6
.6
.5
5
.6
.5
Gold production in U.S.S.R.: No regular government statistics on gold production in U.S.S.R. are available, but data of percentage changes
irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual
production
as follows: 1934, 135 million dollars; 1935, 158 million; 1936, 187 million; 1937, 185 million; and 1938, 180 million.
1
Estimates of United States Bureau of Mines.
2
Reported by American Bureau of Metal Statistics.
3Yearly figures through 1953 are estimates of United States Mint. Figures for 1954 and 1955 are estimates of American Bureau of Metal
Statistics.
4
Gold exports reported by the National Bank of Nicaragua, which states that they represent approximately 90 per cent of total production.
NOTE.—For explanation of table and sources, see BULLETIN for June 1948, p. 731, and Banking and Monetary Statistics, p. 524. For annual
estimates compiled by the United States Mint for these and other countries in the period 1910-1941, see Banking and Monetary Statistics, pp.
542-543; for figures subsequent to 1941 see BULLETIN for April 1953, p. 427.
828
FEDERAL RESERVE BULLETIN
ESTIMATED GOLD RESERVES AND DOLLAR HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL INSTITUTIONS
[Amounts outstanding, in millions of dollars]
1951
1952
1953
Dec. 31
Dec. 31
Mar. 31 June 30 Sept. 30 Dec. 31
1954
1955
Area and country
Continental Western Europe:
Belgium-Luxembourg (and Belgian
Congo)
.
. . .
Denmark
Finland
France (and dependencies) *
Germany (Federal Republic o f ) . . .
Greece
Italy
Netherlands (and Netherlands
West Indies and Surinam)
Norway
Portugal (and dependencies)
Spain (and dependencies)
Sweden
Switzerland
Turkey
Other 2
Total
Sterling Area:
United Kingdom
United Kingdom dependencies....
India
Union of South Africa
Other
Total
Canada
Latin America:
Argentina
Bolivia
Brazil
Chile
Cuba
Dominican Republic
Guatemala
Mexico
Panama Republic of
Peru
El Salvador.
Urusuav
Venezuela
. . . .
Other
Total
Asia:
Indonesia
Iran
Japan
Philippines
Thailand
Other
Mar. 31 June 30 Sept. 30 Dec. 31 Mar. 31 P
1 035
1,052
1,044
1,081
1,098
1,124
1,055
1 024
101
93
102
113
127
133
124
52
883
770
67
651
60
926
893
82
660
57
1,003
1,053
89
714
107
64
1,049
1,225
112
812
71
1,060
1,381
123
841
102
55
967
691
57
655
73
1,092
1,503
125
802
69
1,124
1,822
105
874
72
1,358
1,999
124
925
69
1,417
2,125
141
957
524
150
331
128
224
1 973
165
580
815
160
374
130
275
2,053
151
849
905
171
391
130
283
2,051
153
922
953
164
412
134
280
2,091
152
954
1,022
169
437
138
309
2,120
157
1,040
1,055
171
469
150
335
2,133
157
1,118
1,064
169
499
136
337
2,134
153
1,232
1,125
178
516
142
342
2,105
151
1,285
1,118
177
537
174
399
2,172
150
1,255
1,118
148
560
188
406
2,185
152
1,268
1 109
109
570
209
386
2 148
154
1,338
7,114
8,368
8,574
8,907
9,502
10,075
10,457
10,618
11,107
11,644
11,919
2,843
99
309
197
2,318
113
312
194
2,627
113
323
207
2,886
109
334
212
3,051
111
340
214
3,009
108
346
214
3,198
105
329
221
3,536
105
338
225
3,388
104
320
234
3,190
103
334
232
3,138
103
318
236
898
76
53
896
434
49
633
1 039
1 087
100
326
347
356
369
354
373
371
373
371
381
401
3 774
3,284
3,626
3,910
4,070
4,050
4,224
4,577
4,417
4,240
4 196
2 157
2 492
2,435
2,238
2,292
2,417
2,487
2,463
2,543
2,619
2 493
518
51
427
45
485
41
519
47
518
41
501
40
541
35
548
36
576
35
531
32
390
121
515
393
128
527
451
129
579
481
134
587
423
121
531
431
102
548
523
26
417
99
575
417
103
532
413
117
477
442
112
423
417
116
418
57
63
51
65
61
80
73
64
72
62
393
339
325
341
329
90
104
391
91
113
102
106
315
81
107
97
109
258
93
109
87
103
76
110
74
118
55
301
519
326
84
309
490
351
74
311
530
356
63
311
571
347
56
337
595
366
80
329
562
410
75
72
3426
82
117
74
335
621
463
58
329
614
401
59
317
597
441
72
312
579
322
3 360
3,379
3,537
3,672
3,706
3,621
3,710
3,720
3,658
3,671
3,557
421
163
729
296
157
929
184
181
951
166
185
800
140
172
740
168
164
794
319
268
308
243
194
178
843
337
210
318
238
266
236
325
304
281
181
169
851
401
451
444
465
520
264
245
58
54
56
61
59
73
366
375
68
93
54
306
445
256
59
72
68
75
275
156
246
155
198
168
324
294
1,019
334
306
1,015
316
311
1,055
318
304
360
401
363
374
2,185
2,360
2,491
2,406
2,417
2,302
2,189
2,047
2,147
2,223
2,278
Eastern Europe^
309
307
307
306
314
306
308
309
308
309
310
All other:
Egypt
Other
285
234
227
229
218
217
224
226
219
221
228
42
49
57
61
63
67
74
67
70
68
71
327
283
284
290
281
284
298
293
289
289
299
19,226
20,473
21,254
21,729
22,582
23,055
23,673
24,027
24,469
24,995
25,052
3,171
3,287
3,249
3,272
3,212
3,331
3,401
3,364
3,536
3,560
3,562
22,397
23,760
24,503
25,001
25,794
26,386
27,074
27,391
28,005
28,555
28,614
Total
Total
Total foreign countries
International 5
Grand total
554
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 for Mexican gold reserves (February 28).
4
Excludes
gold reserves of the U. S. S. R.
5
Includes holdings of International Bank for Reconstruction and Development, International Monetary Fund, and United Nations and other
international organizations.
NOTE.—Includes reported and estimated gold reserves of central banks, governments, and international institutions, and official and private
dollar holdings as shown in Tables 1 and l a - I d of the preceding section, as well as certain longer term U. S. Government securities reported a s
purchased within 20 months of maturity. For back figures see BULLETIN for March 1954, p. 245.
JULY 1955
829
REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]
End of
month
United States
Estimated
total world
(excl.
U.S.S.R.)i Treasury Total2
Argentina
Belgium
24,427
22,706
22,695
23,187
22,030
24,563
22,820
22,873
23,252
22,091
216
216
268
37l'
698
587
621
706
776
37,340
21,973
21,927
21,908
21,809
21,810
21,759
21,710
21,713
22,039
22,027
21,960
21,897
21,863
21,827
21,791
21,793
371
371
371
371
371
371
371
371
779
765
765
756
760
760
767
778
Mar.. . . P37,500
Apr
IVlay
21,714
21,716
21,719
21,671
21,674
21,786
21,788
21,763
21,724
21,727
371
371
371
371
781
797
824
839
848
1949—Dec
1950—Dec
1951—Dec
1952—Dec
1953—Dec
35,410
35,820
35,970
36,280
36,700
1954—May. . .
June.. . "37,090"
July
Aug
Sept
Oct
Nov.. .
Dec
1955—j a n
37,200
Feb
Germany,
Federal GuateRepublic mala
of
End of
month
Egypt
France 4
1949—Dec
1950—Dec
1951—Dec
1952—Dec
1953—Dec
53
97
174
174
174
523
523
548
573
576
28
140
326
27
27
27
27
27
247
247
247
247
247
1954—May
June
July....
Aug
Sept
Oct.....
Nov.. . .
Dec... .
174
174
174
174
174
174
174
174
576
576
576
576
576
576
576
576
406
418
478
544
574
599
612
626
27
27
27
27
27
27
27
27
1955—Jan
Feb.....
Mar
Apr. . . .
May....
174
174
174
174
174
576
576
576
576
576
650
700
714
722
740
27
27
27
27
Portugal
El Salvador
End of
month
South
Africa
Spain
India
Bolivia
Brazil
Canada
23
23
23
21
21
317
317
317
317
321
496
590
850
896
996
40
40
45
42
42
5
5
5
5
5
5
3
3
321
321
322
322
322
322
322
322
1,034
1,042
1,050
1,052
1,059
1,065
1,071
L,080
322
322
322
322
322
L,083
L.086
1,097
1,103
1,111
(3)
Indonesia
Italy
Colombia
52
74
Cuba
Denmark
Ecuador
299
271
311
214
186
32
31
31
31
31
21
19
22
23
23
42
42
42
42
42
42
42
42
186
186
186
186
186
186
186
186
31
31
31
31
31
31
31
31
23
23
23
23
23
23
23
23
43
43
43
43
43
186
186
186
186
186
31
31
31
31
31
23
23
23
23
23
86
Mexico
Netherlands
Norway
Pakistan
Peru
140
140
138
138
137
256
256
333
346
346
52
208
208
144
158
195
311
316
544
737
51
50
50
50
52
27
27
27
38
38
28
31
46
46
36
247
247
247
247
247
247
247
247
138
138
138
138
138
138
138
138
346
346
346
346
346
346
346
346
87
57
58
59
60
61
62
62
772
777
794
796
796
796
796
796
47
47
45
45
45
45
45
45
38
38
38
38
38
38
38
38
36
36
34
34
34
34
34
35
247
247
247
247
138
138
138
138
138
346
63
63
796
796
798
800
804
45
45
45
45
45
38
38
38
38
38
35
35
35
Turkey
United
Kingdom
Sweden
178
209
280
235
145
Iran
Chile
Switzerland
Thailand
Uruguay
Venezuela
Inter- Bank for
national InterMone- national
tary
Settle-
Fund
ments
1949—Dec.....
1950—Dec
1951—Dec
1952—Dec
1953—Dec
178
192
265
286
361
17
23
26
29
29
128
197
190
170
176
85
61
51
51
54
70
90
152
184
218
1,504
1,470
1,452
1,411
1,459
118
118
113
113
113
154
150
151
143
143
51,688
5$,300
s>,335
5
L,846
5
>,518
178
236
221
207
227
373
373
373
373
373
: ,451
,495
,530
1,692
,702
68
167
115
196
193
1954—May....
June
July....
Aug
Sept
Oct
Nov.. . .
Dec
393
393
403
410
416
422
427
429
29
29
29
29
29
29
29
29
180
187
188
193
195
199
194
199
55
56
56
56
56
56
56
56
218
219
219
219
219
224
246
265
1,450
1,469
1,485
1,490
1,503
1,513
1,513
1,513
113
113
113
113
113
113
113
113
144
144
144
144
144
144
144
144
52,985
55.017
5*,013
5?,918
5
>.9O1
5
>,936
5>,925
52,762
227
227
227
227
227
227
227
227
373
403
403
403
403
403
403
403
,727
,727
,733
L,734
,734
,734
,736
1,740
186
182
186
193
195
193
193
196
1955—Jan
Feb
Mar
Apr
M!ay
431
431
438
29
29
29
29
29
195
201
203
208
56
56
56
56
56
265
265
265
258
263
1,512
1,501
1,499
1,493
1,473
113
113
113
144
144
144
144
144
52,763
52,681
52,667
52,686
52,686
227
227
227
227
403
403
403
403
403
L.744
,744
L.744
198
209
204
204
207
*>2O7
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, Reserve Bank Credit, and Related Items" or in the Treasury statement
"United States Money, Outstanding and in Circulation, by Kinds."
34 Less than $500,000.
Represents gold holdings of Bank of France (holdings of French Exchange Stabilization Fund are not included).
5
Exchange Equalization Account holdings of gold, U. S. and Canadian dollars, as reported by British Government. (Gold reserves of Bank
of England have remained unchanged at 1 million dollars since 1939, when Bank's holdings were transferred to Exchange Equalization Account.)
NOTE.—For description of figures, including details regarding special internal gold transfers affecting the reported data, see Banking and
Monetary Statistics, pp. 524-535; for back figures through 1941 see p. 526 and Table 160, pp. 544-555, in the same publication and for those subsequent to 1941 see BULLETIN for January 1953, p. 74; April 1951, p. 464; February 1950, p. 252; and November 1947, p. 1433. For revised back
figures for Argentina and Canada, see BULLETIN for January 1949, p. 86, and February 1949, p. 196, respectively.
830
FEDERAL RESERVE BULLETIN
NET GOLD PURCHASES BY THE UNITED STATES, BY COUNTRIES
(Negative figures indicate net sales by the United States)
[In millions of dollars at $35 per fine troy ounce]
Year or
quarter
United
Kingdom
Total
—452 9
1945..
721 3
1946
2,864.4
1947
1,510.0
1948
193.3
1949
1950...... -1,725.2
75.2
1951
393 7
1952
-1,164.3
1953
—326 6
1954
— .2
406.9
734.3
446.3
-1,020.0
469.9
440.0
-480.0
—50 0
Belgium
France
31.1 278.5
14.2
222.8 264.6
69.8
15.8
-41.0
-55.0 - 8 4 . 8 '
-10.3 - 2 0 . 0
—3.8
-84.9
Germany,
Fed.
Rep. of
Netherlands
130.8
40.7
-23.5
-79.8
-4.5
—10.0 —100.0
-130.0 - 6 5 . 0
—225 6
Portugal
-47.9
-10.0
116.0
63.0
14.0
-15.0
-34.9
—5.0
-59.9
-54.9
Sweden
Switzerland
Other
Europe1
—7.4
—86.8
—29 9
27.3
10.0
86.6
-5.6
5.8
- 4 0 . 0 a-159.9
-22.9' -38.0
-68.0
- 3 2 . 0 — 15.0
—60.1
22.5
—17.3
-20.0 -65.0
-111.8
—15 0 - 1 5 5
—17 4
80.2
238.0
3.0
Argentina
Cuba
Mexico
36.8 —224.9
337 9
153 2
311.2
727.5
114.1
3.4
-49.9
-100.0
-10.0
-49!9'
7.2
—20.0
-84.8
—85.0
—30 0
-65.0
-10.0
-10.0
28.2
-20.0
—23.8
36 9
45.4
61.6
-16.1
-118.2
-60.2
87.7
-28.1
80 3
Canada
1953
Jan.-Mar..
Apr.-June.
July-Sept.
Oct.-Dec..
-599.1
-128.2
—306 6
-130.3
-320.0
-40.0
—120.0
—63.0
-19.6
-171.8
-72.3
—50.0
-36.5
-3.4
-12.4
-32.6
-15.0 - 1 0 . 0 - 2 0 . 0
-15.0
-25.0
—15.0 —16! 6 —15.0
-15.0
-5.0
-45.0
-8.8
—42.8
-15.3
—40.0
—15 6
-140.0
-30.0
—20.0
-5.0
-20.0
-10.0
—2.4
—1.1
-2.5
-11.3
-10.0
-5.0
-30.0 - 2 5 . 0
-10.0
—40.0
-50.0
—46.6
-54.9
-20.0
—10.0
-28.1
1954
Apr.-June.
July-Sept..
Oct.-Dec. .
-is !6'
-8.0
-7.5
80.3
•
1955
Jan.-Mar.
-22.5
-36 9
NET GOLD PURCHASES BY THE UNITED STATES,
BY COUNTRIES—Continued
ANALYSIS OF CHANGES I N GOLD STOCK OF
UNITED STATES
(Negative figures indicate net sales by the United States)
[In millions of dollars]
[In millions of dollars at $35 per fine troy ounce]
Year or
quarter
Uruguay
Venezuela
-37.9 - 7 3 . 1
-4.9
—9.2
-3.7
25.1
10.7 -108.0
-14.4 - 5 0 . 0
-64.8
22.2
— .9
14.9
-15.0
- 5 . 0 -30.0
1945
1946
1947
1948
1949
1950
1951.
1952
1953
1954
Other
Latin
America
Asia
and
Oceania
--27.8
2 7 . 3 - 188.3
25.0
13.7
1.0
79.1
4.1
13.4
-7.5 -52.1
-35.4
-17.2
- 1 7 . 2 «-50.1
-7.0
-25.1
-6.1
-3 8
1
0.4
17.2
Union
of
South
Africa
94.3
256.0
498.6
195.
13.
52.
11.
Gold stock at
end of period
All
other
3.7
22.9
11.9
6.9
-1.6
-47.2
-84.0
-2.0
-9.9
-.4
1953
Jan.-Mar
Apr .-June...
July-Sept...
Oct.-Dec
-10.0
-5.0
-3.6
-1.1
-1.2
-1.4
-2
-9.9
1954
Jan.-Mar....
Apr.-June...
July-Sept.. .
Oct.-Dec...
-5.0
-30.0
13.2
2.0
1.9
-8.9
-.1
—1.2
— .1
1955
Jan-Mar..
3.4
-2.7
1 Includes Bank for International Settlements.
Includes sale of 114.3 million dollars of gold to Italy.
* Includes sales of 185.3 million dollars of gold to China.
* Includes sales of gold to Egypt as follows: 1950, 44.8 million
dollars; and 1951, 76.0 million.
^Includes sales of 45.0 million dollars of gold to Indonesia.
2
JULY 1955
Period
Earmarked
Net
Increase gold
gold:
de- Domesimin total port or crease
tic gold
gold
producor
inexport
stock
tion
crease
Treasury
TotaP
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
21,938
20,619
20,065
20,529
22,754
24,244
24,427
22,706
22,695
23,187
22,030
21,713
-757.9
21,981
68.9 -803.6
20,631 - 1 , 3 4 9 . 8 - 8 4 5 . 4 -459.8
- 5 4 7 . 8 - 1 0 6 . 3 -356.7
20,083
20,706 2 623.1 311.5
465.4
22,868 2,162.1 1,866.3
210.0
24,399 1,530.4 1,680.4 -159.2
164.6 686.5 -495.7
24,563
22,820 - 1 , 7 4 3 . 3 - 3 7 1 . 3 -1,352.4
52.7 —549.0
22,873
617.6
379.8 684.3 -304.8
23,252
22,091 —1,161.9
2.2 -1,170.8
-297.2
21,793
16.6 -325.2
1954—June..
July..
Aug...
Sept...
Oct....
Nov...
Dec. .
21,927
21,908
21,809
21,810
21,759
21,710
21,713
22,027
21,960
21,897
21,863
21,827
21,791
21,793
-11.6
-66.5
-63.6
-33.6
-36.7
-35.9
2.6
3.3
1.5
1.7
1.1
1.6
1.5
.7
-16.9
-72.7
-65.4
-34.6
-34.6
-36.7
1.8
6.1
6.1
5.8
5.1
5.6
5.6
5.8
1955—Jan. .
Feb...
Mar...
Apr...
May. .
June. .
21,714
21,716
21,719
21,671
21,674
P21.677
21,786
21,788
21,763
21,724
21,727
P21.730
-7.3
1.6
-24.7
-39.4
2.9
P3.0
2.2
3.2
2.7
2.5
4.5
-9.7
-.8
-27.7
-41.8
-1.0
4
-.9
5.0
4.8
5.4
5.0
5.3
48.3
35.8
32.0
51.2
75.8
70.9
67.3
80.1
66.3
67.4
69.0
65.4
^Preliminary.
x
See footnote 2 on opposite page.
2
Change includes transfer of 687.5 million dollars gold subscription
to International Monetary Fund.
3
Not yet available.
4
Gold held under earmark at the Federal Reserve Banks for foreign
account, including gold held for the account of international institutions, amounted to 6,890.9 million dollars on June 30, 1955. Gold
under earmark is not included in the gold stock of the United States.
NOTE.—For back figures and description of statistics, see Banking
and Monetary Statistics, Table 156, pp. 536-538, and pp. 522-523.
831
INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT
AND INTERNATIONAL MONETARY FUND
[End-of-month figures. In millions of dollars]
1954
1955
1955
Dec.
Mar.
485
Dollar deposits and U. S. securities
Other currencies
and securities 1 . 1,001
2
1,694
Effective loans
35
Other assets3
838
IBRD bonds outstanding
386
Undisbursed loans
11
Other liabilities
174
Reserves
1,806
Capitals
Sept.
June
Mar.
478
415
468
466
990
,010 1,049 1,034
,738 1,620 1,663 1,562
33
31
37
33
850
849
777
742
336
357
420
380
7
11
9
10
165
154
146
137
,806 1,831 1,830 1,808
Jan.
Gold
Currencies:1
United States
Other
...
Unpaid member subscriptions...
Member subscriptions
Accumulated net income
Loans as of May 31, 1955
Country 9
Principal
Disbursed
258.5
106.0
194.1
37.3
78.8
40.0
50.1
257.5
126.0
40.2
141.3
221.5
50.0
44.5
31.0
25.4
61.0
110.0
66.0
33.0
60.7
131.4
6
Total
Quota
Outstanding
Country 4
Australia
Belgium
Brazil
Chile
.
Colombia
Denmark
Finland
France
India
Japan
Mexico
Netherlands
Norway
Pakistan
Peru
Thailand
Turkey
Union of S. Africa.
United Kingdom...
Uruguay
Yugoslavia
Other
1954
Monetary Fund
International Bank
Undisbursed
61.5
17.5
53.7
19.0
32.8
197.0
88.5
140.4
18.3
46.0
40.0
34.6
252.2
58.4
23.9
85.6
221.5
30.0
29.3
4.6
23.8
34.0
107.2
40.9
31.2
54.2
74.4
Repaid
2.5
3.1
3.9
6.2
1.5
15.5 5.2
5.3 8.3
67.6 15.1
16.3
.55.8 *3.8
132.6
20.0
15.2 2.3
.4
26.4
.7
1.6
27.0
.3
2.8 1.9
25.1
1.8
6.5 3.1
57.0 9.3
2,164.3 1,635.9
Sold
to
others1
Total
197.0
86.0
137.3
14.3
39.8
38.5
29.4
243.9
43.3
23.9
81.7
88.8
30.0
26.9
4.2
23.1
33.8
105.3
40.9
30.3
51.2
65.1
11.2
17.4
4.0
.5
1.3
2.3
21.6
5.7
6.1
2.6
10.0
2.0
2.1
2.1
13.0
6.5
.5
2.5
528.3 201.3 1,434.7
Brazil
Colombia
France
Germany
India
Indonesia
Japan
Mexico
Turkey
United States.
150
50
525
330
400
110
250
90
43
2,750
Oct.
July
Apr.
Jan.
1,744 1,734 1,733 1,719 1,702
1,567 1,574 1,472 1,408 1,386
4,734 4,738 4,746 4,824 4,847
798
798
892
889
796
88,853 8,853 8,853 8,849 8,739
-10
-9
-9
-8
-8
Cumulative net drawings
on the Fund1©
Subscription
paid
in
gold
1955
Apr.
37.5
12.5
108.1
33.0
27.5
15.5
62.5
22.5
10.8
687.5
Mar.
1954
Apr.
Feb.
65.5
65.5
65.5
65 . 5
25.0
25.0
25.0
105.0 105.0 105.0 125 .0
- 4 9 . 5 —49.5 - 4 9 . 5
-4 A
27.6
27.6
53.3
63 . 8
15.0
15.0
15.0
62.4
62.4
62.4
62.4
22.5
22.5
22.5
22.5
20.0
20.0
27.0
20.0
-418.5 -419.0 -450.7 -623.9
1
2
Currencies include demand obligations held in lieu of deposits.
Represents total principal of authorized loans, less loans not yet
effective, repayments, the net amount outstanding on loans sold or
agreed
to be sold to others, and exchange adjustment.
3
Excludes uncalled portions of capital subscriptions.
4
Loans to dependencies are included with member.
^Includes also effective loans agreed to be sold but not yet disbursed.
©Includes
129 million dollars in loans not yet effective.
7
Includes 93 million dollars not guaranteed by the Bank.
8
Includes 125 million dollar subscription of withdrawing member
(Czechoslovakia).
9
Includes countries having cumulative net drawings of 10 million
dollars
( + or —) on the latest date.
10
Represents for each country purchases of other currencies from
Fund less purchases of own currency by it or other countries.
CENTRAL BANKS
Assets of issue
department
Bank of England
(Figures in millions of
pounds sterling)
1948—Dec.
1949—Dec.
1950—Dec.
1951—Dec.
1952—Dec.
1953—Dec.
29
28
27
26
31
30
1954—June
July
Aug.
Sept.
Oct.
Nov.
Dec.
30
28
25
29
27
24
29
1955—Jan.
Feb.
Mar.
Apr.
May
26
23
30
27...
25
Other
assets
Notes
and
coin
Discounts
and advances
Securities
1,325.0
1,350.0
1,375.0
1,450.0
1,575.0
1,675.0
36.1
33.7
19.2
14.1
51.3
57.8
16.7
14.8
29.2
18.2
11.2
4.9
401.1
489.6
384.0
389.2
371.2
338.1
1,675.0
1,750.0
1,700.0
1,675.0
1,675.0
1,675.0
1,775.0
30.2
36.8
48.7
42.3
41.7
25.9
26.0
11.7
8.2
7.0
6.5
2.1
4.5
8.9
21,725.0
1,725.0
1,725.0
2
1,750.0
21,775.0
62.8
68.8
31.5
21.3
25.6
16.4
52.4
16.1
18.0
11.8
Gold*
I
i
,
>
iI
#
iI
m
iI
I
^ iI
I
I
_ iI
_ /I
Assets of banking
department
Liabilities of banking department
Note
circulation
Bankers'
Public
EGA
Other
Other
liabilities and
capital
1,293.1
1,321.9
1,357.7
1,437.9
1,525.5
1,619.9
314.5
299.2
313.5
299.8
302.8
290.2
11.7
11.6
15.4
13.4
10.0
14.9
17.4
97.9
.4
.6
24.3
7.2
92.1
111.2
85.0
89.8
78.5
70.4
18.1
18.1
18.1
18.1
18.1
18.2
374.6
338.7
310.1
337.6
351.1
374.9
350.7
1,647.4
1,715.8
1,654.0
1,635.4
1,635.9
1,651.9
1,751.7
307.7
269.1
267.2
276.1
295.6
293.7
276.1
10.6
14.8
14.6
16.4
9.8
11.7
15.4
8.7
10.2
1.7
6.3
6.3
9.6
9.6
71.3
71.3
63.8
69.0
65.4
72.3
66.3
18.2
18.3
18.4
18.5
17.8
17.9
18.1
298.0
248.1
328.8
319.2
307.2
1,664.9
1,658.9
1,696.3
1,731.5
1,752.2
251.9
271.1
275.7
253.9
240.5
16.3
11.3
11.7
18.6
13.7
4.7
4.7
4.1
4.6
6.9
85.9
63.7
66.4
63.6
65.6
18.3
18.4
18.5
17.8
18.0
Deposits
x
On Sept. 19, 1949, the official buying price of the Bank of England for gold was increased from 172 shillings and threepence to 248 shillings
per fine ounce. For details regarding previous changes in the buying price of gold and for internal gold transfers during 1939, see BULLETIN for
March
1950, p. 388, footnotes 1 and 4.
2
Fiduciary issue decreased by 50 million pounds on Jan. 20 and increased by 25 million on Apr. 6 and May 4. For details on previous changes,
see BULLETIN for February 1955, p. 226.
NOTE.—For back figures, see Banking and Monetary Statistics, Table 164, pp. 638-640; for description of statistics, see pp. 560-561 in same
publication. For details relating to individual items, see BULLETIN for April 1955, p. 442.
832
FEDERAL RESERVE BULLETIN
CENTRAL BANKS—Continued
Assets
Bank of Canada
(Figures in millions of
Canadian dollars)
Gold*
Sterling
and United
States
dollars
Liabilities
Dominion and provincial government
securities
Deposits
Other
assets
Shortterm
Other
Other
liabilities
and
capital
Note
circulation
Chartered
banks
Dominion
government
Other
31.
31.
31.
31.
31.
30.
31.
31.
31.
156.8
1.0
2.0
.4
74.1
111.4
117.8
77.1
54.9
,157.3
,197.4
,022.0
,233.7
,781.4
,229.3
,141.8
,459.8
,376.6
688.3
708.2
858.5
779.1
227.8
712.5
,049.3
767.2
893.7
29.5
42.1
43.7
45.4
42.5
297.1
135.2
77.3
112.0
1,129.1
1,186.2
1,211
1,289.1
1,307.4
1,367.4
1,464.2
1,561.2
1,599.1
521.2
565.5
536.2
547.3
541.7
578.6
619.0
626.6
623.9
153.3
60.5
68.8
98.1
30.7
24.7
94.9
16.2
51.5
29.8
93.8
67.5
81.0
126.9
207.1
66.1
44.5
29.5
198.5
42.7
42.4
43.1
119.2
172.6
200.0
132.9
133.1
1954—June 30.
July 31.
Aug. 31.
Sept. 30.
Oct. 30.
Nov. 30.
Dec. 31.
54.2
53.6
56.9
57.9
52.3
57.7
54.2
,568.5
,651.2
,669.9
,660.8
,438.2
,444.3
,361.5
702.0
502.3
502.4
545.6
809.9
837.5
871.1
112.9
109.9
77.2
73.3
105.5
85,
114.
1,553.5
1,572.1
1,573.0
1,585.3
1,579.8
1,587.1
1,623.5
624.4
543.9
531.0
521.4
595.2
528.8
529.6
99.0
50.5
49.6
81.8
49.8
141.1
56.3
41.4
30.9
31.5
25.8
31.4
36.0
30.5
119.2
119.5
121.3
123.2
149.5
131.5
161,0
1955—Jan. 31.
Feb. 28.
Mar. 31.
Apr. 30.
M a y 31.
51.5
52.4
50.8
59.0
52.3
,249.8
,320.6
,325.6
,385.5
1,357.6
876.0
815.1
821.6
808.4
817.5
87.7
82.
101.4
123.6
87.1
1,545.9
1,541.7
1,552.9
1,579.3
1,597.7
528.7
503.8
541.9
570.7
516.9
56.5
63.2
57.5
50.8
50.6
38.6
47.3
42.7
40.5
35.6
95.4
114.1
104.3
135.2
113.7
1945—Dec.
1946—Dec.
1947—Dec.
1948—Dec.
1949—Dec.
1950—Dec.
1951—Dec.
1952—Dec.
1953—Dec.
Liabilities
Assets
Bank of France
Domestic bills
(Figures in
millions of francs)
Golds
Foreign
exchange
Advances to
Government
Deposits
Other
assets
Open
market
Special
Other
Note
circulation
Government
Current
Other
67,900
147,400
150,900
157,900
158,900
160,000
172,000
200,000
445,447
480,447
558,039
558,039
560,990
481,039
481,039
479,982
679,849
24,734 570,006 12,048
33,133 721,865
765
59,024 920,831
733
57,622 987,621
806
112,658 ,278,211
1,168
212,822 ,560,561
70
190,830 ,841,608
29
159,727 2 ,123,514
27
169,964 2,310,452
21
Other
liabilities
and
capital
EGA
Other
15,058
10,587
897
2,061
57,755
63,468
82,479
171,783
158,973
161,720
166,226
137,727
142,823
4,087
7,213
10,942
16,206
19,377
24,234
41,332
49,305
56,292
1945—Dec.
1946—Dec.
1947—Dec.
1948—Dec.
1949—Dec.
1950—Dec.
1951—Dec.
1952—Dec.
1953—Dec.
27.
26.
31.
30.
29.
28.
27.
31.
31.
129,817
94,817
65,225
65,225
62,274
182,785
191,447
200,187
201,282
68
7
12
30
61,943
162,017
28,320
31,068
15,421
17,980
37,618
67,395
97,447
137,689
136,947
234,923
274,003
292,465
303
3,135
64
8,577
28,548
34,081
31,956
57,042
61,108
1954—June
July
Aug.
Sept.
Oct.
Nov.
Dec.
24.
29.
26.
30.
28.
25.
30.
201,282
201,282
201,282
201,282
201,282
201,282
201,282
34,133
37,884
41,059
45,117
48,971
51,939
57,291
217,399
264,197
265,330
262,922
264,861
224,487
236,765
18,317
12,206
5,129
15,058
32,697
44,593
48,925
946,002 195,000
1,018,726 195,000
980,146 195,000
1,030,309 195,000
1,027,934 195,000
1,013,121 195,000
1,130,183 195,000
656,749
652,449
648,049
634,749
626,249
619,549
617,649
185,,682 2,270,081
196,,282 2,386,357
191,874 2,333,133
224,089 2 ,443,797
218,288 2 ,428,122
218,584 ,386,103
277,215 2,538,455
84
70
100
6
93
65
76
202
348
83
90
98
3,304
3,744
119,155
132,203
128,178
105,192
119,406
106,920
154,100
65,043
59,047
66,377
59,441
67,563
72,162
67,935
1955—Jan.
Feb.
Mar.
Apr.
May
27.
24.
31..
28.
26.
201,282 60,482 226,244
66,689 172,750
201,282
201,282 86,467 160,613
201,282 121,962 200,233
201,282 153,030 210,448
46,054
40,224
32,564
28,526
26,545
1,063,937 190,000
1,062,552 190,000
,138,808 190,000
1,113,385 190,000
1,028,496 190,000
592,249 286,200 2 ,472,650
617,649 306,480 2 ,482,667
597,449 353,285 2,583,654
546,749 336,294 2,544,115
584,949 3334,"-:,389 2,523,444
97
61
24
51
20
3,733
137
7,351
11,302
11,120
125,962
121,699
115,374
128,552
129,730
64,006
53,062
54,064
54,410
64,823
25,548
76,254
117,826
238,576
335,727
393,054
741,267
937,459
891,560
*On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term Government securities (see BULLETIN for
July 1940, pp. 677-678).
2
For details on devaluations and other changes in the gold holdings of the Bank of France, see BULLETIN for September 1951, p. 1211; September 1950, pp. 1132 and 1261; June 1949, p. 747; May 1948, p. 601; May 1940, pp. 406-407; January 1939, p. 29; September 1937, p. 853; and
November 1936, pp. 878-880.
3i nc i u des advance to Stabilization Fund, amounting to 198.0 billion francs on May 26.
NOTE.—For details relating to individual items, see BULLETIN for April 1955, p. 443. For back figures on Bank of Canada and Bank of France,
see Banking and Monetary Statistics, Tables 166 and 165, pp. 644-645 and pp. 641-643, respectively; for description of statistics, see pp. 562-564
in same publication. For last available report from the Reichsbank (February 1945), see BULLETIN for December 1946, p. 1424.
JULY 1955
833
CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)
Central Bank of the Argentine
Republic (millions of pesos):
Gold reported separately
Other gold and foreign exchange.
Government securities
Rediscounts and loans to banks..
Other assets
Currency circulation
Deposits—Nationalized
Other sight obligations
Other liabilities and capital
Commonwealth Bank of Australia (thousands of pounds):
Gold and foreign exchange
Checks and bills of other banks..
Securities (incl. Government and
Treasury bills)
Other assets
Note circulation
Deposits of Trading Banks:
Special
Other
Other liabilities and capital
Austrian N a t i o n a l Bank (millions
of schillings):
Gold
Foreign exchange (net)
Loans and discounts
Claim against Government
Other assets
Note circulation
Deposits—Banks
Other
Blocked
National Bank of Belgium
(millions of francs):
Gold
Foreign claims and balances (net).
Loans and discounts
Consolidated Government debt..
Government securities
Other assets
Note circulation
Deposits—Demand
ECA
....
Other liabilities and capital
Central Bank of Bolivia—Monetary dept. (millions of bolivianos):
Gold at home and abroad
Foreign exchange (net)
Loans and discounts
Government securities
Other assets
Note circulation
Deposits
Other liabilities and capital
Central Bank of Ceylon (thousands
of rupees):
Foreign exchange
Advances to Government
Government securities
Other assets
Currency in circulation
Deposits—Government
Banks
Other liabilities and capital
Central Bank of Chile (millions
of pesos):
Gold
Foreign exchange (net)
Discounts for member b a n k s . . . .
Loans to Government
Other loans and discounts
Other assets
Note circulation
Deposits—Bank
Other
Other liabilities and capital. i . . .
Bank of the Republic of Colombia
(thousands of pesos):
Gold and foreign exchange
Net claim on Int'l. Fund 2
1955
May
Apr.
1,623
1,133
4,067
74,129
381
31,302
44,394
635
5,004
1954
Mar.
May
1,623
1,195
4,265
72,770
440
31,489
43,340
543
4,921
1,623
1,798
3,808
62,000
247
26,003
38,626
553
4,295
374,565 378,687 394,539 539,847
6,687 8,684 7,990
9,061
455,273 454,166 442 ,554. 403,738
86,090 91,810 100,164 70,438
362,577 367,327 360,077 344,113
295,644 295,670 295 ,670 353,920
24,938
37,202 48,750
239,456 243,634 252 ,298 276,301
556
556
556
7,955 8,116
8,352
5,263 5,208
5,170
1,811
1,762
1,774
375
377
378
12,226 12,145 12,062
1,537
1,690
1,860
538
501
613
1,660
1,683
1,695
42,390
11,666
7,395
34,660
6,657
4,873
103,096
1,378
76
3,092
41,938
12,180
5,890
34,660
8,823
5,004
103,811
1,600
96
2,988
41,203
12,535
7,920
34,660
7,994
4,935
104,039
2,176
96
2,937
(Dec.
1954)*
1,134
1,469
26,076
2,505
802
21,120
7,096
3,769
186
8,556
5,436
1,780
36
10,633
2,861
729
1,770
38,972
11,702
6,622
34,660
7,286
4,575
98,188
1,272
113
4,245
1,515
113,250
7,292
2,505
248
14,492
3,840
6,477
587,555 580,525 565,657 416,911
23,050 22,918 18,043
61,311
4,945
8,634 4,501
4,311
379,421 385,261 379,679 354,968
82,338 75,034 61,279
6,261
101,834 100,833 97,525
75,403
51,956 50,949 49,719
45,901
5,750 5,747 5,746
1,708
504
1,694
3,716 4,238 4,047
15,885 15,885 15,885
13,462 13,444 11,724
5,007 3,784 3,665
33,365 32,239 30,550
5,520 4,272 3,568
1,570
2,322
2,246
5,073 4,846
6,320
5,664
855
2,634
11,509
8,713
3,563
'21,102
4,731
817
243,077 248,058 248,834 424,075
24,380 24,380 24,380 24,377
Central Bank
(Figures as of last report
date of month)
1955
May
Apr.
1954
Mar.
Bank of the Republic of Colombia—-Cont.
Loans and discounts
595,271 596,232 644,,520
Government loans and securities. 473,269 456 ,051 333,685
;
Other assets
125,711 135,185 !148,620
Note circulation
613,053 617,254 624 ,736
Deposits
657,950 666,333 602,952
Other liabilities and capital
. 190,705 176,320 172,350
Central Bank of Costa Rica
(thousands of colones):
Gold
11,503
503 11,503
Foreign exchange.
134,741
010 118,046
Net claim on Int'l. Fund 2
7,032
032
7,032
Loans and discounts
66,981
418 78,215
Securities
828
6,328
4,828
Other assets
778 25,864
27,247
Note circulation
943 159,300
153,662
Demand deposits
148 55,859
65,598
Other liabilities and capital
478 31,829
33,072
National Bank of Cuba
(thousands of pesos):
185,875 185,875 185,875
Gold
113,912 112,226 105,000
Foreign exchange (net)
Foreign exchange (Stabilization
Fund)
208,720 208,348 196,603
Silver
12,512
12,512
Net claim on Int'l. Fund 2
67,022
59,842
Loans and discounts
71,892
56,476
Credits to Government
78,158
84,510
Other assets
Note circulation
430, 188 434,448 431,279
Deposits
270,665 280 458 265,,894
20,996 20 478 19,890
Other liabilities and capital
National Bank of Czechoslovakia 3
National Bank of Denmark
(millions of kroner):
68
68
68
Gold
705
693
661
Foreign exchange
241
239
208
Loans and discounts
474
473
475
Securities
3,144 3,144 3,144
Govt. compensation account
831
588
480
Other assets
1,973
1,973
1,986
Note circulation
1,314
1,300
1,298
Deposits—Government
1,732
1,630
Other
1,856
202
198
Other liabilities and capital
243
Central Bank of the Dominican
Republic (thousands of pesos):
Gold
12,076 12,076 12,076
Foreign exchange (net)
12,762 11,815 12,818
1,250
1,250
Net claim on Int'l. Fund*
1,250
Loans and discounts
3,975
3,999 3,957
8,890 8,890 8,890
Government securities
14,597 14,574 14,448
Other assets
41,172 41,391 41,002
Note circulation
Demand deposits
9,803 8,706 10,004
2,434
2,575
2,508
Other liabilities and capital
Central Bank of Ecuador
(thousands of sucres):
343,334 343.
343,229
Gold
82,894
44,751 94,
Foreign exchange (net) 2
18,757
18,757
18,
Net claim on Int'l. Fund
395,438 364,358 403 ,125
Credits—Government
207,689
219,924
193
Other.
256,707
315 211 ,565
Other assets
647,984 634 ,668 628,647
Note circulation
Demand deposits—Private banks. 218,847 219 ,845 205,597
159,575 168 ,358 201,286
Other
252,506 242 467 231,729
Other liabilities and capital
National Bank of Egypt (thousands of pounds):
60,553 60,553 60,553
Gold
177,741 180,795 179,292
Foreign assets 4
71,555 74,499 105,155
Egyptian Govt. securities
Clearing and other accounts (net) -12,177 -11,323 -8,375
18,215 20,661 22,242!
Loans and discounts
Advances to Government
2,210 2,389 1,641
Other assets
*
173,903 172,920 173,133
Note circulation
46,387 58,360 94,358
Deposits—Government
78,576 78,521 75,028
Other
19,229 17,773 17,990
Other liabilities and capital
May
350,917
258,966
126,349
634,734
438,008
111,943
11,503
91,719
7,032
103,086
500
25,154
138,299
70,706
29,989
185,748
36,039
296,181
12,512
41,288
40,075
75,640
427,304
242,954
17,225
69
995
125
503
3,232
170
1,954
1,253
1,660
227
12,076
25,087
1,250
2,106
9,420
6,988
35,749
19,106
2,072
342,455
94,397
18,757
375,033
178,910
197,513
608,692
188,239
158,433
251,702
60,553
22,708
250,060
"i3,596
2,365
171,482
59,053
110,118
8,628
r
*Latest
month available.
Revised.
1
Represents chiefly bills secured by stocks of mined tin not yet sold in world markets.
2
This figure represents the amount of the country's subscription to the Fund less the bank's local currency liability to the Fund.
3For last available report (March 1950), see BULLETIN for September 1950, p. 1262.
4
Beginning December 1954, includes foreign government securities formerly shown with Egyptian Government securities.
834
FEDERAL RESERVE
BULLETIN
CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)
C e n t r a l Reserve Bank of El Salvador (thousands of colones):
Gold
Foreign exchange ( n e t ) .1. . . . . . . .
Net claim on Int'l. Fund
Loans and discounts
Government debt and securities..
Other assets
Note circulation
Deposits
Other liabilities and capital
Bank of Finland (millions of markkaa):
Gold
Foreign assets (net)
Clearings (net)
Loans and discounts
Securities
Other assets
Note circulation
,
Deposits..
Other liabilities and capital
Bank of G e r m a n S t a t e s 2
(millions of German marks):
Gold
Foreign exchange
Loans and discounts
Loans to Government
Other assets.
Note circulation
Deposits—Government
Banks
Other
Other liabilities and c a p i t a l . . . .
Bank of Greece 3 (millions of drachmae):
Gold and foreign exchange (net).
Loans and discounts
Advances—Government
Other. . . :
Other assets
Note circulation
Deposits—Government
Reconstruction and
relief accts
Other
Other liabilities and c a p i t a l . . . .
Bank of G u a t e m a l a (thousands of
quetzales):
Gold
Foreign exchange (net)
Gold contribution to Int'l. Fund.
Rediscounts and advances
Other assets
Circulation—Notes
Coin
Deposits—Government
Banks
Other liabilities and capital
National Bank of H u n g a r y 4
Reserve Bank of India (millions of
rupees):
Issue department:
Gold at home and abroad
Foreign securities
Indian Govt. securities
Rupee coin
Note circulation
Banking department:
Notes of issue department. . . .
Balances abroad
Bills discounted
Loans to Government
Other assets
Deposits
Other liabilities and capital. . .
Bank Indonesia (millions of rupiahs)
Gold and foreign exchange (net)..
Loans and discounts
Advances to Government
Other assets
1955
1954
May
Apr.
Mar,
71,431
68,398
1,567
35,443
13,205
7,179
93,927
94,111
9,187
71,507
64,511
1,569
34,158
15,297
7,075
98,095
87,003
9,019
71,568
65,839
1,569
30,462
15,939
6,686
99,861
83,319
8,882
6,882
6,891
27,820 29,771
4,526 3,653
41,117 39,100
2,102
2,096
1,983
1,984
51,344 49,713
16,807 18,782
16,279 15,000
6,909
30,260
4,734
35,787
2,157
2,010
48,746
20,209
12,902
3,033
8,606
1,581
4,524
2,998
8,610
2,192
4,385
897
955
12,642 12,477
1,072
1,225
2,890 3,094
277
537
1,760
1,807
5,341
119
8,470
4,688
1,436
3,866
1,022
5,363
130
8,745
4,568
1,363
4,04.
1,107
5,295
180
8,577
4,435
1,317
3,773
1,154
7,296
3,592
4,277
7,296
3,580
4,140
7,054
3,745
4,077
27,227
22,596
1,250
8,632
34,825
49,212
3,739
9,838
16,521
15,220
27,227
17,306
1,250
10,317
36,395
49,773
3,772
9,279
13,920
15,752
400
400
6,620 6,468
5,338 5,039
1,062
1,022
13,108 12,771
1,36
298
9,689
312
312
532
120
9
1,026
1,57."
424
159
831
104
1,399
337
9,085
308
1,406
314
314
May
Central Bank
(Figures as of last report
date of month)
Bank Indonesia—Cont.
Note circulation
Deposits— ECA
Other
Other liabilities and capital
Central Bank of Ireland (thousands
of pounds):
Gold
Sterling funds
Note circulation
Bank of Italy (billions of lire):
Gold
Foreign exchange
5,862
Advances to Treasury
13,289
Loans and discounts
9,678
Government securities
38,031
Other assets
2,220
Note circulation
2,061
Deposits—Government
47,169
Demand
9,23'
Other
14,734
Other liabilities and capital
Bank of J a p a n (millions of yen):
Bullion
1,707
Advances to Government
7,961
Loans and discounts
1,907
Government securities.
4,902
Other assets
881
Note circulation
11,498
Deposits—Government
1,139
Other..
2,686
Other liabilities
of pesos) :
272 Bank of Mexico (millions
Monetary reserve5
1,762
"Authorized" holdings of securities, etc
Bills and discounts
5,252
Other assets
130
Note circulation
8,416
Demand liabilities
3,924
1,!
Other liabilities and capital
.
3,266 N e t h e r l a n d s Bank
(millions of
1,371
guilders):
Gold...
Silver (including subsidiary coin).
6,697
Foreign assets (net)
2,826
Loans and discounts
5,445
Govt. debt and securities
Other assets
Note circulation—Old
27,228
New
18,716
Deposits—Government
1,250
ECA
14,367
Other
29,424
Other liabilities and capital
51,684
3,687 Reserve Bank of New Zealand
1,897
(thousands of pounds):
16,480
Gold
17,238
Foreign exchange reserve
Loans and discounts
Advances to State or State undertakings
Investments
400
Other assets
6,882
Note circulation
4,21
Demand deposits
968
Other liabilities and capital
12,029 Bank of Norway (millions of kroner):
Gold
433
Foreign assets (net)
630
Clearing accounts (net)
90
Loans and discounts
9
Securities
1,337
Occupation account (net)
2,116
Other assets
38:
Note circulation
Deposits—Government
619
Banks
616
FOA—MSA
6,628
Other liabilities and capital
72,295
71,502
1,568
13,349
13,649
5,924
95,623
74,032
8,631
1955
May
8,075
495
2,272
822
Apr.
7,614
495
2,211
809
1954
Mar.
May
7,428
495
2,184
813
5,736
495
1,258
609
2,646
2,646
2,646
69,032 69,952 71,339
71,678 72,598 73,985
2,646
64,685
67,331
4
69
567
367
362
805
1,420
50
64
503
135
4
66
567
393
350
765
1,422
50
61
483
129
448
1,250
224,165
408,378
104,270 110
522,202
63,411
69,837
83,062
798
920
534
018
142
641
4
69
567
378
362
802
1,434
48
61
502
137
4
69
567
328
290
726
1,348
21
59
438
120
448
448
2,050
1,400
272,450 412,471
482,238 228,997
117,161
95,696
530,703 522,604
180,816
65,664
71,355
69,951
91,474
80,792
1,513
1,524
1,539
1,277
4,178
565
502
4,160
1,893
706
4,129
620
526
4,167
1,928
703
3,763
779
785
4,153
2,002
710
3,285
922
1,067
3,608
1,500
1,444
3,046
22
1,477
65
801
432
28
3,720
647
612
605
230
3,030
19
1,481
45
800
437
28
3,552
735
610
644
244
3,023
16
1,489
28
800
443
28
3,527
583
653
766
243
2,924
15
1,539
30
875
426
29
3,367
751
797
651
213
6,161
47,919
31,257
6,161
44,614
32,355
6,161
45,128
31,358
6,169
89,983
13,937
16,548
33,265
1,439
69,944
56,757
9,1
45,531
33,262
1,568
70,693
83,124
9,674
50,536
33,479
1.755
69,865
88,963
9,588
40,986
23,924
1,283
68,143
98,139
10,001
203
-181
-33
102
83
5,546
73
3,070
1,367
449
551
354
203
-251
-42
68
72
5,546
63
3,099
1,216
454
520
371
203
-398
-51
61
82
5,546
58
3,130
952
628
165
625
218
99
-37
70
30
5,546
60
2,939
1,857
542
163
486
235
!This figure represents the amount of the country's subscription to the Fund less the bank's local currency liability to the Fund.
for the Bank of German States and the nine Land Central Banks.
a new drachma equal to 1,000 old drachmae was introduced, changing the ratio from 30,000 to 30 drachmae per U. S. dollar.
report (February 1950), see BULLETIN for September 1950, p. 1263.
Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities.
2
Combined figures
3
On May 1, 1954,
4
For
last available
6
JULY 1955
835
CENTRAL BANKS—Continued
1955
Central Bank
(Figures as of last report
date of month)
May
State Bank of Pakistan (millions of
rupees):
Issue department:
Gold at home and abroad...
Sterling securities
Pakistan Goyt. securities.. .
Govt. of India securities....
India currency
Rupee coin
.
Notes in circulation
Banking department:
Notes of issue department..
Bills discounted
Loans to Government
Other assets
Deposits
Other liabilities and capital.
Central Bank of Paraguay
(thousands of guaranies):
Gold*
Foreign exchange (net) 2
Net claim on Int'l. Fund
Loans and discounts
Government loans and securities.
Other assets
Note and coin issue
Deposits—Government
Other
Other liabilities and capital
Central Reserve Bank of Peru
(millions of soles):
Gold and foreign exchange
Net claim on Int'l. Fund 2
Loans and discounts to banks.. .
Loans to Government
Other assets
Note circulation
Deposits
Other liabilities and capital
Central Bank of the Philippines
(thousands of pesos):
Gold
Foreign exchange
Net claim on Int'l. Fund 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
(thousands of pounds):
Gold
Foreign bills
Other bills and loans
Other assets
Note circulation
Deposits
Other liabilities and capital
Bank of Spain (millions of pesetas):
Gold
Silver
Government loans and securities
Other loans and discounts
Other assets..
Note circulation
Deposits—Government
Other
Other liabilities and capital
Apr.
81
432
1,455
221
300
45
2,441
81
432
,455
221
300
48
,426
92
111
1
64
329
403
102
50
312
347
108
628
67
1954
Mar.
May
81
428
1,459
221
300
47
2,440
81
463
1,318
146
300
55
2,266
95
98
43
396
434
100
(Sept.
1954)*
3,984
58,730
40
469,142
489,182
368,608
604,602
152,644
159,663
472,778
44
311
334
119
2,846
91,307
28
450,566
537,452
229,189
625,964
138,965
155,762
390,697
617
67
508
1,108
. 64
1,726
500
138
328
67
614
,128
91
,671
356
201
21,860 20 393 20,116
336,848 338,593 343,172
29,504 29 504 29,504
28,343 21 789 31,420
301,929 293 782 289,900
130 150,096
162,936
597,111
856 615,219
86,548
018 85,761
151,702
145 117,383
46,059
173 45,846
18,813
443,429
29,504
3,574
248,449
162,623
603,572
84,654
167,783
50,383
5,584
13,238
853
1,398
1,086
10,068
1,655
26
8,220
2,189
5,312
13,070
654
1,418
939
9,265
1,939
6
8,065
2,117
485
,103
77
,744
465
152
73,473
41,542
25,257
53,906
103,236
73,197
17,745
,699
,299
,045
,051
,759
,559
,775
71,855
60,539
28,131
59,117
101,706
100,027
17,909
63,934
42,707
18,256
45,101
98,522
51,515
19,961
615
323
14,735
27,414
37,153
42,093
3,403
3,610
31,135
615
323
,916
,652
,530
,297
,947
,562
,230
615
323
15,929
27,332
36,004
41,986
4,392
3,308
30,515
605
328
16,191
23,642
34,467
37,827
3,233
3,744
30,430
1955
Central Bank
(Figures as of last report
date of month)
May
Bank of Sweden (millions of kronor):
Gold
Foreign assets (net)
Net claim on Int'l. Fund 3
Swedish Govt. securities and ad- 8
vances to National Debt Office
Other domestic bills and advances
Other assets. ;
Note circulation
Demand deposits—Government.
Other
Other liabilities and capital
.
Swiss National Bank (millions of
francs):
Gold
Foreign exchange
Loans and discounts
,
Other assets. :
Note circulation
Other sight liabilities
Other liabilities and capital . ,
Central Bank of the Republic of
Turkey (millions of pounds):
Gold
Foreign exchange and foreign
clearings
Loans and discounts
Securities
Other assets.
Note circulation
Deposits—Gold
Other
Other liabilities and capital
Bank of the Republic of Uruguay
(thousands of pesos):
Gold
Silver
Advances to State and Government bodies
Other loans and discounts
Other assets
Note circulation
Deposits—Government
Other
Other liabilities and capital
Central Bank of Venezuela (millions of bolivares):
Gold
Foreign exchange (net)
Other assets
Note circulation
Deposits
Other liabilities and capital.
National Bank of Federal People's
Republic of Yugoslavia (millions
of dinars):
Gold
Gold contribution to Int'l. Fund.
Foreign assets
Loans (short-term)
Government debt (net)
Other assets
Notes and coin in circulation....
Demand deposits
Foreign liabilities
Long-term liabilities (net)
Other liabilities and capital
Bank for International Settlements (millions of Swiss gold
francs):
Gold in bars
Cash on hand and with bankf
Rediscountable bills and accept*
ances (at cost)
Time funds at interest
Sundry bills and investments..,
Funds invested in Germany....
Other assets
Demand deposits (gold)
Short-term deposits:
Central banks—Own account
Other
Long-term deposits: Special....
Other liabilities and capital
1954
Apr.
Mar,
May
580
849
129
569
860
129
584
924
129
481
1,367
129
2,783
327
1,015
4,792
105
102
2,939
252
996
4,857
100
105
683
2,777
203
1,055
4,756
129
96
691
2,300
525
844
4,433
514
25
675
5,073
1,680
199
86
6,235
564
110
90
5,084
1,719
196
6,259
561
112
95
5,105
1,727
196
6,047
499
151
88
4,915
1,668
203
402
402
402
402
179
2,918
29
96
1,602
154
1,391
478
184
2,964
30
99
1,608
154
1,373
543
198
2,898
30
96
1,575
154
1,401
494
224
2,162
27
96
1,451
154
830
477
684
6,150
604
113
(Feb.)*
344,167 344,167
8,479
8,672
139,426
424,548
655,194
484,828
162,396
325,630
598,958
123,343
375,715
609,949
456,400
148,591
333,215
523,640
1,233
331
131
1,051
268
376
1,233
170
137
1,054
282
204
1,141
485
104
996
267
467
4,470
2,369
43,071
697,239
3,920
38,840
90,084
174,945
97,285
363,194
64,401
4,426
2,369
43,839
701,094
-11,431
32,988
85,742
164,079
94,527
366,101
633
91
626
64
626
73
569
167
384
209
382
297
1
453
503
188
409
297
1
453
333
225
392
297
1
453
297
311
415
297
5
437
1,002
1,081
37
229
287
942
37
229
1,082
30
229
283
1,233
478
138
1,040
271
538
26
229
288
4,054
2,369
39,640
637,200
-11,630
29,027
67,289
150,566
110,419
315,867
56,519
62,836
286
r
* Latest month available. Revised.
iOn Aug. 19, 1954, gold revalued from 0.0592447 to 0.0423177 grams of fine gold per guarani.
2
This figure represents the amount of the country's subscription to the Fund less the bank's local currency liability to the Fund.
3
Includes small amount of non-Government bonds.
836
FEDERAL RESERVE BULLETIN
MONEY RATES IN FOREIGN COUNTRIES
DISCOUNT RATES OF CENTRAL BANKS
[Per cent per annum]
Central bank of—
Date
effective
Ineff ect Dec,31,
194 9 . .
June
8 1950
Sept. 11
Sept. 26
Oct. 17
Oct. 27
1
Dec.
Apr. 17, 1951..
5
July
Sept. 13
11
Oct
Nov. 8
Nov. 9
Jan. 22 1952
Mar. 12
May 29
1
Aug.
Aug. 21
Dec. 18
Jan.
8, 1953.
7
Apr.
June 11
17
Sept.
Oct. 29
Nov. 20
4 1954
Feb.
May 13
May 20
2
Dec
Jan. 27 1955
Feb. 15
Feb. 24
Apr. 19
In et feet May
31, 1955
IX
3
2X
2
4
Central
bank of—
Mar. 1, 1936
May 20,1955
2M Oct. 29,1953
6
Sept. 30, 1950
Canada
Ceylon
Chile
Colombia
Costa Rica
IX Feb.
June
June
4
July
4
Feb
2X Austria
3
Date
effective
Belgium
Bolivia
Argentina
3M
3%
Rate
May
31
Central
bank of—•
Ger-1 Bel- NethCan- United
France many
er- Swegium lands
den
ada Kingdom
Rate
May
31
Date
effective
Ireland
Italy
Japan
Mexico
Mar.
4 2 Apr.
5.84 Oct.
June
25, 1952
6, 1950
1, 1951
4, 1942
1955
1954
1935
1933
1950
Netherlands .
New Zealand.
Norway. . .
Pakistan....
4
Apr.
Nov.
Feb.
July
7, 1953
26, 1954
14 1955
1, 1948
June 23,1954
May 13, 1948
Nov. 15, 1952
Mar. 22, 1950
Dec/ 1, 1954
Peru
Portugal....
South Africa.
Spain
Sweden
I*
Nov.
Jan.
Mar.
July
Apr.
13, 1947
12, 1944
27, 1952
1, 1954
19, 1955
Dec. 2, 1954
May 20, 1954
Jan. 1, 1955
Switzerland..
Turkey
United King-
IX
Nov. 26, 1936
Feb. 26, 1951
2
6
3
3X
4
3
2X
3
4
3X
4
Denmark
Ecuador
Egypt
El Salvador. . .
Finland
5
3
4^
4
3
2%
2%
3H
3
3
3
3X
*X
3
3
IX
io
3
3
5
2
2X
3X
3X
3X
IX
15,
11,
13,
18,
1
2H
z
France 1
Germany
Greece
3
3
9
Indonesia
3
2
Nov. 15, 1951
Apr. 1, 1946
6
3%
3H
3
dom
U.S.S R.
4
2
Feb. 24, 1955
July 1, 1936
1
Rates established for the Land Central banks.
NOTE.—Changes since May 31: New Zealand—July 1 , from £ to 5 per cent;
Turkey—June 28, from 3 to 4 ^ per cent.
OPEN MARKET RATES
[Per cent per annum]
United Kingdom
Canada
Month
1945—April.
1946—April.
1947—April.
1948—April.
1949—April.
1950—April.
1951—April.
1952—April.
1953—April.
1954—April.
1954—May
June
July
August
September.
October...
November.
December.
1955—January..
February.
March...
April
Treasury Day-today
bills
3 months1 money2
Bankers' Treasury
acceptbills
ances
3 months 3 months
Day-today
money
France
Bankers'
allowance Day-today
on
money
deposits
Netherlands
Loans
Private
up to discount
3 months
rate
Treasury
bills
3 months
Day-today
.50
1.11
.93
1.24
1.25
1.24
1.00
.71
.50
1.25
1.25
1.25
1.50
1.63
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
money
.37
.41
.41
.49
.51
.76
.98
1.53
1.58
1.03
.53
.53
.56
.58
.69
.69
3.00
3.00
2.17
1.01
.51
.51
.51
.51
.51
.51
2.35
2.41
2.09
1.00
.63
.63
.63
.63
.63
.63
2.25
2.25
1.94
.50
.50
.50
.50
.50
.50
.50
00
00
1.75
1.47
1.25
1.41
2.00
2.12
2.64
2.60
3.65
4.05
3.55
.90
1.59
1.38
1.29
1.44
1.55
1.40
.93
.41
1.60
1.57
1.38
1.32
1.21
1.18
1.17
1.08
1.43
16
1.06
.95
.96
.78
.76
1.89
1.66
1.60
1.61
1.64
1.62
1.62
1.78
79
61
57
60
63
59
1.60
1.78
1.63
1.44
1.44
1.44
1.44
1.44
1.44
1.45
1.44
1.25
1.25
1.25
1.25
1.25
1.25
1.25
3.54
3.57
3.79
3.82
3.77
3.65
3.51
3.29
.38
.38
.40
.75
.88
.88
.87
.77
.50
.50
.50
.53
.51
.63
.50
.57
.99
.90
1.13
1.23
.69
.69
.98
.97
2.02
2.58
3.81
3.83
2.05
2.68
3.80
3.81
1.55
2.15
3.29
3.17
1.29
1.67
2.50
2.50
3.27
.79
.79
1.16
1.04
.58
.53
.71
.58
3.25
3.28
Sweden Switzerland
2%-S
1.50
1.50
1.50
1.50
i Beginning January 1953, these figures have been revised to show average rate at tenders. Figures prior to that date represent tender rates
made2 nearest to the 15th of each month.
Represents an average of closing rates.
NOTE.—For monthly figures on money rates in these and other foreign countries through 1941, see Banking and Monetary Statistics, Table 172,
pp. 656-661, and for description of statistics see pp. 571-572 in same publication.
JULY 1955
837
COMMERCIAL BANKS
(11 London clearing
banks. Figures in
millions of pounds
sterling)
Cash
reserves
Money at
Loans to
call and Bills dis- Treasurydeposit2 Securities
short
counted receipts
notice
Other
assets
Deposits
Total
Demand
Time
Otherliabilities
and
capital
1,512
1,528
1,965
2,148
2,275
1,534
1,660
1,950
1,764
1,725
579
735
867
748
729
6,202
6,368
6,333
6,460
6,694
4,161
4,262
4,290
4,232
4,327
2,041
2,106
2,042
2,228
2,368
427
550
651
528
495
170
185
209
262
296
1,300
1,313
2,311
2,351
2,348
2,360
2,364
2,364
2,353
1,856
1,836
1,840
1,828
1,836
1,871
1,920
711
643
656
670
691
725
881
6,533
6,466
6,519
6,539
6,609
6,684
6,941
4,193
4,121
4,173
4,171
4,214
4,244
4,485
2,340
2,345
2,346
2,367
2,396
2,440
2,456
501
510
505
520
545
562
595
1,283
1,072
966
973
1,011
2,351
2,298
2,281
2,217
2,141
1,904
2,013
2,037
2,080
2,116
759
810
843
811
829
6,718
6,525
6,402
6,381
6,361
4,303
4,112
4,017
4,033
4,040
2,415
2,413
2,384
2,348
2,321
611
637
677
673
668
1949—December.
1950—-December.
1951—December.
1952—December.
1953—December.
532
540
531
549
542
571
592
598
529
501
1,109
1,408
972
248
417
1954—June
July
August. . .
September
October...
November
December.
1955—January..
February.
March....
April
May
531
534
534
521
532
534
571
455
428
438
418
437
452
498
546
525
514
539
515
486
445
438
434
417
Canada
Liabilities
Assets
United Kingdom 1
793
456
102
Assets
Liabilities
Security
loans
abroad
and net Securities
Other
due from
Security loans
and foreign
loans
discounts
banks
Deposits payable in Canada
excluding interbank deposits
3
(10 chartered banks,
End of month figures
in millions of
Canadian dollars)
Entirely in Canada
Cash
reserves
Other
assets
Notes 4
Other
liabilities
and
capital
Total
Demand
Time
7,227
7,828
7,896
8,421
8,881
2,794
3,270
3S284
3,497
3t847
4,433
4,558
4,612
4,924
5,034
1,477
1,667
1,714
1,736
1,841
1949—December.
1950—December.
1951—December.
1952—December.
1953—December.
765
824
907
916
906
133
134
107
155
154
2,271
2,776
3,028
3,289
3,897
146
171
227
326
424
4,345
4,286
3,876
3,955
3,831
,058
,304
,464
,516
,510
1954—May
June
July
August. . .
September
October...
November.
December.
866
872
780
809
802
833
810
810
215
238
211
174
175
293
297
211
3,925
3,943
3,924
3,917
3,890
3,892
3,984
3,952
382
360
352
312
322
330
334
325
3,780
3,806
4,096
4,220
4,337
4,442
4,473
4,429
,481
,540
,266
,280
,396
,454
,428
,706
8,818
8,929
8,946
9,022
9,226
9,469
9,462
9,579
3,441
3,506
3,474
3,487
3,641
3,781
3,930
3,964
5,378
5,423
5,473
5,535
5,585
5,687
5,532
5,615
1,830
1,829
1,683
1,690
1,695
1,777
1,864
1,854
1955—January-•
February.
March....
April
806
760
791
802
176
214
197
230
3,876
3,857
3,873
3,954
288
285
252
255
4,625
4,707
4,795
4,812
,488
,663
1,619
1,618
9,402
9,608
9,650
9,788
3,656
3,728
3,678
3,667
5,746
5,880
5,972
6,120
1,857
1,879
1,877
1,883
14
Assets
France
(4 large banks. End
of month figures in
millions of francs)
(4)
Cash
reserves
Due from
banks
Bills discounted
Liabilities
Loans
Other
assets
Time
Own
acceptances
Other
liabilities
and
capital
Deposits
Total
Demand
1949—December
1950—December
1951—December
1952—December
1953—December
40,937
48,131
60,215
51,155
50,746
42,311
52,933
72,559
68,243
86,273
426,690
527,525
627,648
636,624
744,076
129,501
135,289
165,696
170,298
184,930
29,843
31,614
38,114
29,734
35,673
627,266
749,928
906,911
902.547
1,037,169
619,204
731,310
879,767
870,504
994,620
8,062
18,618
27,145
32,043
42,549
26,355
28,248
33,774
24,957
30,308
15,662
17,316
23,547
28,551
34,222
1954—April
May
June
July
August
September
October
November
December*
43,467
49,186
45,701
51,277
47,292
46,676
51,991
47,696
53,348
78,411
79,438
85,313
90,693
84,294
87,028
83,631
82,270
84,898
710,596
719,284
721,240
787,897
719,014
730,466
820,800
797,574
848,539
206,008
213,557
214,988
208,091
227,750
223,746
214,681
229,729
223,692
45,340
46,594
48,348
49,709
49,845
52,147
56,909
63,785
72,762
,007,632
,030,758
,034,079
,103,289
,043,036
,052,196
,133,087
,119,354
,176,111
967,024
989,474
993,533
1,061,250
999,131
1,007,956
1,087,933
1,071,500
1,130,026
40,608
41,284
40,546
42,039
43,905
44,241
45,154
47,854
46,085
31,538
29,721
28,422
26,945
24,248
23,179
25,355
28,515
31,372
44,652
47,580
53,090
57,432
60,910
64,688
69,570
73,185
75,757
1955—January
February
March
46,988
44,424
44,381
84,521
79,631
78,810
823,669
815,141
833,482
231,670
241,070
234,246
39,982
45,850
48,261
1,158,280 1,113,206
1,155,013 1,111,675
1,164,788 1,122,034
45,074
43,338
42,754
32,205
33,543
32,406
36,344
37,559
41,986
P Preliminary.
!This table represents aggregates of figures reported by individual banks. Data are compiled on the third Wednesday of each month, except
in June
and December when the statements give end-of-month data.
2
Represent six-month loans to the Treasury with a yield of % per cent.
3
In accordance with the Bank Act of 1954, the form of presentation of the banks' statement was revised beginning July 1954, and figures
shown
may not be strictly comparable with those for earlier dates. Beginning February 1955, when two banks merged, figures are for 10 banks.
4
In January 1950, the Bank of Canada assumed responsibility for these notes.
NOTE.—For details concerning data in earlier years, see BULLETIN for April 1952, p. 466; for back figures and figures on German commercial banks, see Banking and Monetary Statistics, Tables 168-171, pp. 648-655, and for description of statistics, see pp. 566-571 in same publication.
838
FEDERAL RESERVE BULLETIN
FOREIGN EXCHANGE RATES
[Average of certified noon buying rates in New York for cable transfers.
Vrgentina
(peso)
Australia
Year or month
Basic
1949
1950
1951
1952
1953
1954
1954—j u iy
August
..
October
November
December
1955—January
February
March
April
June
.
293.80
223.15
223 07
222.63
224.12
223.80
3.8580
3.8580
2.2009
1.9908
1 9859
1.9878
2.0009
1.9976
20 000
20 000
20.000
20 000
20 000
20.000
13 333
13 333
13.333
13 333
13 333
13.333
7 198
7 198
7.198
7 198
7 198
7.198
224 51
224 13
223.18
222 89
222 67
222.10
3 8580
3 8580
3.8580
3 8580
3 8580
3.8580
2 0009
1 9994
2.0007
1 9977
1 9982
1.9954
20.000
20.000
20 000
20.000
20 000
20.000
13.333
13.333
13.333
13.333
13 333
13.333
7.198
7.198
7 198
7.198
7 168
7.175
221.92
221.80
222 42
222.83
222 78
222.29
3.8580
3.8580
3 8580
3.8580
3 8580
3.8580
1.9959
1.9938
1.9856
1.9890
1 9896
1,9871
. .
1954—j u iy
September . . . .
October
November . .
December
1955—January
February
March
April
May
June.
..
. .
France
(franc)
Canada
(dollar)
Official
3 5261
3 5261
32 689
32 644
32.558
32 634
32 625
32.544
102 611
103 060
103.112
103 094
103 160
103.292
32.538
32.535
32 608
32.675
32 686
32.614
103 498
102.384
101 587
101.404
101 405
101.568
4 2808
4 2808
X
1
.3017
.2858
23.838
23 838
.2856
.2856
23.838
.2856
.2856 ' 223'.838'
21.094
21.059
20 968
20.935
20.920
20.863
.4354
.4354
4354
.4354
.4354
.4354
.2856
.2856
.2856
.2856
.2856
.2856
20 843
20.834
20 892
20.930
20.927
20.877
4354
.4354
4354
.4354
.4354
.4354
New
Zealand
(pound)
Norway
(krone)
PhilipPortupine
gal
Republic (escudo)
(peso)
365.07
277.28
277.19
276.49
278.48
278.09
18.481
14.015
14.015
14.015
14.015
14.008
49.723
49.621
49.639
49.675
49.676
49.677
278 97
278.50
277.31
276.95
276 68
275.98
14 008
14.008
14.008
14.008
14 008
14.008
275 76
275 60
276.38
276.88
276.82
276.22
14 008
14 008
14.008
14.008
14.008
14.008
97.491
90.909
Free
42.973
32.788
32 849
32.601
32.595
32.641
.4354
.4354
.4354
4354
27.839
20.850
20.849
20.903
21.046
21 017
British
Malaysia
(dollar)
5.4406
5.4406
5 4406
5.4406
5 4420
14.2808 J 3.5261
India
(rupee)
. .
1949..
1950
1951
1952
1953
1954
Denmark
Brazil
(cruzeiro)
Germany
(deutsche
mark)
Ceylon
(rupee)
1954—juiyAugust
September
October
November
December
Year or month
(pound)
Belgium
(schilling) (franc)
7 067
7.163
7.198
7.198
. .
1955—January
February
March .
April
May
June
Free
Austria
29.774
26.571 "i.31333'
20 000
13 333
20.000
13.333
20.000
13.333
20.000
13.333
Year or month
1949
1950
1951
1952
1953
1954
Preferential
In cents per unit of foreign currency]
92.881
91.474
94 939
102.149
101.650
102.724
(pound)
Mexico
(peio)
Netherlands
(guilder)
27.706
20.870
20 869
20.922
21.049
21.020
280 38
279.68
281.27
280.87
12.620
11.570
11 564
11.588
11.607
39.052
34.528
26.252
26 264
26.315
26.340
26.381
23.838
23.838
23.838
23.838
23.838
23.838
21.094
21.061
20.970
20.938
20.922
20.863
281.76
281.29
280.08
279.72
279.45
-278.74
8.000
8.005
8.005
8.005
8.005
8.006
26.415
26.396
26.364
26.267
26.290
26.346
.2856
.2856
.2856
.2856
.2856
.2856
23.838
23.838
23.838
23.834
23.744
23.733
20.843
20.834
20.892
20.930
20.927
20.877
278.52
278.36
279.14
279.65
279.59
278.98
8.006
8.006
8.006
8.006
8.006
8.006
26.349
26.290
26.297
26.307
26.302
26.228
South
Africa
(pound)
Sweden
(krona)
Switzerland
(franc)
United
Kingdom
(pound)
3.8800
3.4704
3.4739
3.4853
3.4887
3.4900
366.62
278.38
278.33
278.20
280.2J
279.82
25.480
19.332
19.327
19.326
19.323
19.333
23.314
23.136
23.060
23.148
23.316
23.322
368.72
280.07
279.96
279.26
281.27
280.87
49 677
49.677
49.677
49.677
49 677
49.677
3.4900
3.4900
3.4900
3.4900
3 4900
3.4900
280 71
280.24
279.04
278.68
278 40
277.69
19 333
19.333
19.333
19.333
19.333
19.333
23 320
23 322
23.325
23.320
23 328
23.335
281 76
281.29
280.08
279.72
279 45
278.74
49 677
49 677
49.677
49.677
49.677
49.677
3 4900
3 4900
3 4900
3.4900
3.4900
3.4900
277 48
277 32
278 10
278.61
278.54
277.94
19.333
19 333
19.333
19.333
19.333
19.333
23 326
23 319
23 329
23.330
23.333
23.335
278 52
278 36
279 14
279.65
279.59
278.98
(krone)
19.117
14.494
14.491
14.492
Finland
(markka)
Official
.4671
Free
Ireland
Uruguay4
(peso)
65 830
65.833
65.833
65.833
65.833
56.180
56.180
56.180
56.180
56.180
42 553
42.553
42.553
42.553
42.553
1
Based on quotations through Aug. 13, 1954.
2
Based on quotations beginning Apr. 1, 1954.
8
The Mexican peso was devalued, effective Apr.
4
19, 1954, from a par value of 8.65 to 12.50 pesos per U. S. dollar.
For figures on free rate for the period Feb". 10-Dec. 4, 1953, inclusive, see BULLETIN for December 1954, p. 1333. The average for this
period was 34.217.
NOTE.—For back figures, see Banking and Monetary Statistics, Table 173, pp. 662-682. For description of statistics, see pp. 572-573 in same
publication, and for further information concerning rates and averages for previous years, see BULLETIN for December 1954, p. 1333.
JULY 1955
839
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
WHOLESALE PRICES—ALL COMMODITIES
[Index numbers]
Year or month
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
1954—May
July
September
October
November
December
1955—January
February
March
April
]V£g.y
....
United
States
(1947-49
-100)
Canada
(1935-39
-100)
Mexico
(1939100)
United
Kingdom
(1930=100)
France
(1949 =
100)
69
79
96
104
99
103
115
112
110
110
132
139
163
193
198
211
240
226
221
217
199
229
242
260
285
311
386
400
393
429
169
175
192
219
230
262
320
328
328
330
20
34
52
89
100
108
138
145
138
136
5 159
5,443
5,169
4,897
5,581
5,270
5,250
5,293
111
110
110
111
110
110
110
110
218
218
217
216
215
214
215
215
431
437
437
441
331
332
333
329
329
329
331
336
139
135
134
136
135
134
135
135
110
110
110
111
110
216
217
217
219
218
463
468
478
483
482
337
338
335
P334
136
135
135
P135
P333
P137
439
450
454
460
Italy
(1938100)
Japan
(1934-36
average
4
16
48
128
209
246
343
349
352
349
5,292
5,256
5,251
5,261
5,267
5,276
5,320
5,350
348
342
341
342
5,353
5,322
5,317
345
346
348
344
Netherlands
(1948 =
100)
344
343
346
344
Sweden
(1935 =
100)
Switzerland
(Aug. 1939
100
104
117
143
140
134
136
194
186
199
214
216
227
299
317
298
297
205
200
208
217
206
203
227
220
213
214
137
137
134
134
296
298
297
296
214
215
214
214
215
215
216
217
134
136
136
136
295
296
298
299
138
137
136
136
300
302
304
P305
215
210
215
214
p Preliminary.
NOTE.—For sources and references concerning changes in the structure of price indexes for various countries, see BULLETIN for December
1952, p. 1356.
WHOLESALE PRICES—GROUPS OF COMMODITIES
[Indexes for groups included in total index above]
Canada
(1935-39 = 100)
United States
(1947-49 = 100)
Year or month
1945
1946 . . .
1947
1948
1949
1950
1951
1952
1953
1954
1954—May
June
J U ly
SeDtember
October
November •
December
19 "55 Tanuarv
Februarv
Anarch
April
May
Other
Farm
Farm
Processed commodproducts
products
foods
ities
72
83
100
107
93
98
113
107
97
96
n.a.
n.a.
98
106
96
100
111
109
105
105
98
95
107
105
96
96
94
107
106
106
93
93
90
93
93
92
94
91
104
104
104
104
103
102
103
102
71
78
95
103
101
105
116
113
114
115
115
114
114
114
114
115
115
United Kingdom
(1930 = 100)
Raw and Fully and
partly
chiefly
manumanufactured factured
goods
goods
Foods
Industrial
products
175
184
207
242
249
286
Netherlands
(1948 = 100)
Foods
166
180
192
232
229
237
269
250
»-222
'210
136
140
164
196
197
213
238
219
207
205
130
138
162
192
199
211
242
231
229
224
158
158
165
181
197
221
247
284
307
308
r215
215
»"22O
208
205
202
'207
207
*224
'224
310
311
129
131
313
304
302
118
116
116
r
115
204
205
115
116
116
116
116
207
207
204
213
213
207
205
203
r
224
222
223
201
202
204
222
222
205
208
206
210
210
222
223
224
224
223
222
P364
P352
100
101
"112
122
129
123
124
IndusIndustrial
trial raw finished
products products
100
108
128
171
166
156
155
100
104
116
143
135
132
134
133
134
133
135
135
135
135
136
139
139
138
138
301
305
315
122
124
123
155
155
155
156
156
156
156
156
315
311
303
301
123
120
117
116
158
158
158
159
P298
n.a. Not available.
»Preliminary.
'Revised.
NOTE.—For sources and references concerning changes in the structure of price indexes for various countries, see BULLETIN for December
1952, p. 1356.
840
FEDERAL RESERVE BULLETIN
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued
CONSUMERS' PRICE INDEXES
All items
United
States
(1947-49
100) i
Year or month
Canada
(1949
= 100)
Food
SwitzUnited
erKing- France Netherdom
lands
land
(1949
(1951
(Aug.
(Jan.
15,1952 = 100) =100) 2 1939 =
= 100)
100)
SwitzUnited
erKing- France Netherlands
land
dom
(1949
(1951
(Aug.
(Jan.
15,1952 = 100) = 100)2 1939 =
= 100)
100)
United
States
(1947-49
=100)i
Canada
(1949
= 100)
96
104
100
101
113
115
113
113
100
103
117
117
113
112
67
72
76
82
91
105
112
114
57
92
100
111
128
141
137
135
100
103
104
108
170
176
174
176
181
184
184
188
1947
1948
1949
1950
1951
1952
1953
1954
96
103
102
103
111
114
114
115
85
97
100
103
114
116
115
116
77
82
84
86
95
103
106
108
57
90
100
111
130
145
144
143
100
101
101
105
158
163
162
159
167
171
170
171
1954—May
June
July
August
September
October
November
December
115
115
115
115
115
115
115
114
116
116
116
117
117
117
117
117
107
107
109
108
108
109
109
110
144
144
142
142
143
143
144
145
104
106
105
105
106
105
106
106
170
171
171
172
172
173
173
173
113
114
115
114
112
112
111
110
110
112
112
114
114
114
113
113
112
114
118
116
115
116
117
118
137
136
133
132
134
134
135
136
108
111
109
108
109
108
108
109
186
187
188
190
191
192
192
192
1955—January
February
March
April
May
114
114
114
114
114
116
116
116
116
116
110
110
110
111
111
145
145
145
145
107
107
107
106
P106
172
172
172
172
172
111
111
111
111
111
112
112
111
Hi
112
119
119
119
120
120
137
136
136
136
112
111
111
111
190
189
189
189
189
^Preliminary.
1
These series are the revised indexes, reflecting, beginning January 1953, the inclusion of some new series and revised weights. Prior to January 1953 indexes are based on the "interim adjusted" and "old" indexes, converted to the base 1947-49 = 100.
2
In February 1955 the base period for this index was changed from 1949 = 100 to 1951 = 100.
NOTE.—For sources and references concerning changes in the structure of price indexes for various countries (except the United States), see
BULLETIN for December 1952, p. 1357.
SECURITY PRICES
[Index numbers except as otherwise specified]
Common stocks
Bonds
Year or month
United
States
(high
grade)*
Canada
(1935-39
= 100)
United
Kingdom
(December
1921 = 100)
87
France
(1949
= 100)
60
Netherlands2
14
United
States
(1935-39
= 100)
480
Canada
(1935-39
= 100)
295
26
105.0
107.6
109.6
95.7
86.1
83.6
98.6
129.9
126.5
121.2
117.6
108.3
112.0
117.4
106.4
100.0
99.8
101.4
111.1
113.5
116.4
107.1
106.8
106.7
86.9
85.6
100.2
103.2
124.4
121.4
146.4
176.5
187.7
189.0
226.7
112.5
109.4
131.6
168.3
173.1
160.3
181.2
92.0
87.6
90.0
97.1
91.1
92.2
99.8
. . . •• — • • •
90
112
143
159
214
113
102
102
101
91
100
125
1954—May
June
July
August
September. . .
October
November. . .
December....
117.5
117.0
117.5
117.8
117.6
117.5
117.4
117.0
100.3
100.3
102.1
102.8
102.1
101.9
101.2
101.1
117.3
116.0
118.5
119.7
118.9
119.4
119.7
118.1
115.4
114.9
114.9
116.6
116.4
117.6
119.6
120.1
101.8
105.0
103.7
102.7
103.4
104.3
106.3
108.3
219.8
221.8
231.1
236.4
238.5
243.5
252.2
264.5
179.5
180.5
182.3
187.0
189.5
190.2
199.5
206.8
97.8
98.5
100.0
101.7
102.1
103.8
105.3
106.1
199
194
198
221
234
240
260
271
118
121
128
128
130
134
141
141
1955—January
February....
March
April
May
116.7
115.7
115.4
115.3
114.7
100.3
103.3
104.3
105.0
104.0
117.7
114.9
112.5
114.7
111.2
121.0
122.4
124.3
126.6
105.9
105.0
106.9
106.6
107.6
268.8
278.1
277.5
286.2
285.0
207.3
214.7
213.7
216.5
222.1
109.1
110.0
106.7
108.6
109.5
282
290
308
337
141
142
147
150
152
1948
1949
1950
1951
1952
1953
1954
. ...
17
278
Netherlands
(1953
= 100)3
118.3
121.0
121.9
117.7
115.8
112.1
117.2
Number of issues. . .
99
United
France
Kingdom
(1926 = 100) (1949 = 100)
1
Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond.
Represents the reciprocals of average yields. The average yield in the base period (January-March 1937) was 3.39 per cent.
3 For a detailed description of this weighted index, which replaces the series of monthly averages, see Maandstatistiek van het financiewezen
for April 1955, p. 115.
NOTE.—For sources and references concerning changes in the structure of price series for various countries, see BULLETIN for December
1952, p. 1357.
2
JULY 1955
841
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
W M . MCC. MARTIN, JR., Chairman
C. CANBY BALDERSTON, Vice Chairman
M . S . SZYMCZAK
JAMES K. VARDAMAN, JR.
ELLIOTT THURSTON, Assistant to the Board
WOODLIEF THOMAS, Economic Adviser to the
WINFIELD W. RIEFLER, Assistant to the Chairman
Board ALFRED K. CHERRY, Legislative Counsel
DIVISION OF EXAMINATIONS
OFFICE OF THE SECRETARY
S. R. CARPENTER, Secretary
MERRITT SHERMAN, Assistant Secretary
KENNETH A. KEN YON, Assistant Secretary
LEGAL DIVISION
GEORGE B. VEST, General Counsel
FREDERIC SOLOMON, Assistant General Counsel
HOWARD H. HACKLEY, Assistant General Counsel
DAVID B. HEXTER, Assistant General Counsel
G. HOWLAND CHASE, Assistant General Counsel
DIVISION OF RESEARCH AND STATISTICS
RALPH A. YOUNG, Director
FRANK R. GARFIELD, Adviser on Economic
KENNETH B. WILLIAMS, Assistant Director
SUSAN S. BURR, Assistant Director
CHAS. N. SHEPARDSON
A. L. MILLS, JR.
J. L. ROBERTSON
GEORGE S. SLOAN, Director
C. C. HOSTRUP, Assistant Director
FRED A. NELSON, Assistant Director
ARTHUR H. LANG, Chief Federal Reserve
ROBERT C. MASTERS, Assistant Director
GLENN M. GOODMAN, Assistant Director
HENRY BENNER, Assistant Director
Examiner
DIVISION OF PERSONNEL ADMINISTRATION
EDWIN J. JOHNSON, Director
H. FRANKLIN SPRECHER, JR., Assistant
Director
Research
GUY E. NOYES, Assistant Director
ALBERT R. KOCH, Assistant Director
DIVISION OF INTERNATIONAL FINANCE
ARTHUR W. MARGET, Director
LEWIS N. DEMBITZ, Assistant Director
DIVISION OF BANK OPERATIONS
ROBERT F. LEONARD, Director
J. E. HORBETT, Assistant Director
LOWELL MYRICK, Assistant Director
DIVISION OF ADMINISTRATIVE SERVICES
LISTON P. BETHEA, Director
JOSEPH E. KELLEHER, Assistant
Director
OFFICE OF DEFENSE LOANS
GARDNER L. BOOTHE, II, Administrator
OFFICE OF THE CONTROLLER
EDWIN J. JOHNSON, Controller
M. B. DANIELS, Assistant Controller
Special Assistants to the Board—CHARLES MOLONY AND CLARKE L. FAUVER
FEDERAL OPEN
MARKET COMMITTEE
W M . M C C . MARTIN, JR., Chairman^
ALLAN SPROUL, Vice Chairman
C. CANBY BALDERSTON
C. E. EARHART
W. D. FULTON
W. H. IRONS
HUGH LEACH
A. L. MILLS, JR.
J. L. ROBERTSON
CHAS. N. SHEPARDSON
M. S. SZYMCZAK
JAMES K. VARDAMAN, JR.
WINFIELD W. RIEFLER, Secretary
ELLIOTT THURSTON, Assistant Secretary
GEORGE B. VEST, General Counsel
FREDERIC SOLOMON, Assistant General Counsel
WOODLIEF THOMAS, Economist
J. DEWEY DAANE, Associate Economist
L. MERLE HOSTETLER, Associate Economist
MORGAN H. RICE, Associate Economist
H. V. ROELSE, Associate Economist
O. P. WHEELER, Associate Economist
RALPH A. YOUNG, Associate Economist
ROBERT G. ROUSE, Manager of System Open
Market Account
842
FEDERAL
WILLIAM D. IRELAND,
BOSTON DISTRICT
HENRY C. ALEXANDER,
N E W YORK DISTRICT
WILLIAM R. K. MITCHELL, PHILADELPHIA DISTRICT
FRANK R. DENTON,
CLEVELAND DISTRICT
ROBERT V. FLEMING,
RICHMOND DISTRICT
Vice President
WALLACE M. DAVIS,
ATLANTA DISTRICT
EDWARD E. BROWN,
CHICAGO DISTRICT
President
W. W. CAMPBELL,
ST. LOUIS DISTRICT
JOSEPH F. RINGLAND,
MINNEAPOLIS DISTRICT
CHARLES J. CHANDLER,
KANSAS CITY DISTRICT
GEO. G. MATKIN,
DALLAS DISTRICT
JOHN M. WALLACE,
SAN FRANCISCO DISTRICT
HERBERT
V. PROCHNOW, Secretary
FEDERAL RESERVE BULLETIN
CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS
Federal Reserve
Bank of
Chairman l
Deputy Chairman
President
First Vice President
Boston
Harold D. Hodgkinson
Robert C. Sprague
J. A. Erickson
Alfred C. Neal
Robert B. Harvey 3 Carl B. Pitman
E. O. Latham
O. A. Schlaikjer
R. F. Van Amringe
New York.
Jay E. Crane
Forrest F. Hill
Allan Sproul
William F. Treiber
H. A. Bilby
John Exter
H. H. Kimball
A. Phelan
H. V. Roelse
Robert G. Rouse
T. G. Tiebout
V. Willis
R. B. Wiltse
J. H. Wurts
Philadelphia..
William J. Meinel
Henderson Supplee, Jr.
Alfred H. Williams
W. J. Davis
Karl R. Bopp
Robert N. Hilkert
E. C. Hill
Wm. G. McCreedy
P. M. Poorman
J. V. Vergari
Richard G. Wilgus 2
Cleveland.
John C. Virden
Sidney A. Swensrud
W. D. Fulton
Donald S. Thompson
Dwight L. Allen
Roger R. Clouse
G. H. Emde 2
A. H. Laning
Martin Morrison
H. E. J. Smith
Paul C. Stetzelberger
Richmond.
John B. Woodward, Jr.
Hugh Leach
Alonzo G. Decker, Jr.
Edw. A. Wayne
N. L. Armistead
Aubrey N. Heflin
Upton S. Martin
J. M. Nowlan 2
James M. Slay
C. B. Strathy
Chas. W. Williams
Atlanta.
Rufus C. Harris
Harllee Branch, Jr.
Malcolm Bryan
Lewis M. Clark
V. K. Bowman
L. B. Raisty
J. E. Denmark 3
Earle L. Rauber
John L. Liles, Jr.
S. P. Schuessler
Harold T. Patterson
Chicago
John S. Coleman
Bert R. Prall
C. S. Young
E. C. Harris
Neil B. Dawes
W. R. Diercks
L. H. Jones 2
St. Louis
M. Moss Alexander
Caffey Robertson
Minneapolis. .
Leslie N. Perrin
O. B. Jesness
Delos C. Johns
Dale M. Lewis
Frederick L. Deming Wm. E. Peterson
O. S. Powell
E. B. Larson
A. W. Mills
H. G< McConnell
Kansas City..
Raymond W. Hall
H. G. Leedy
Henry O. Koppang
John T. Boysen 3
Cecil Puckett
Clarence W. Tow
E. D. Vanderhoof
D. W. Woolley
Dallas
Robert J. Smith
Hal Bogle
Watrous H. Irons
W. D. Gentry
San Francisco.
A. H. Brawner
Y. Frank Freeman
C. E. Earhart
H. N. Mangels
E. B. Austin
W. H. Holloway8
T. W. Plant
E. R. Millard
H. F. Slade
L. G. Pondrom
Morgan H. Rice
Harry A. Shuford
Eliot J. Swan 3
O. P. Wheeler
Vice Presidents
(Vice Presidents in charge of branches are listed in
lower section of this page)
L. G. Meyer
George W. Mitchel1
A. L. Olson
Alfred T. Sihler
W. W. Turner
H. H. Weigel
J. C. Wotawa
Otis R. Preston
M. H. Strothman, Jr.
Sigurd Ueland
VICE PRESIDENTS IN CHARGE OF BRANCHES OF FEDERAL RESERVE BANKS
Federal Reserve
Bank of
New York
Cleveland
Richmond
Atlanta
Chicago
St. Louis.
1
JULY
Branch
Buffalo
Cincinnati
Pittsburgh
Baltimore
Charlotte
Birmingham
Jacksonville
Nashville
New Orleans
Detroit
Little Rock
Louisville
Memphis
Also Federal Reserve Agent.
1955
Vice Presidents
I. B. Smith
R. G. Johnson
J. W. Kossin
D. F. Hagner
R. L. Cherry
H. C. Frazer
T. A. Lanford
J. E. McCorvey4
M. L. Shaw
R. A. Swaney
Fred Burton
V. M. Longstreet
Darryl R. Francis
2
Cashier.
3
Federal Reserve
Bank of
Branch
Vice Presidents
Minneapolis
Helena
C. W. Groth
Kansas City
Denver
Oklahoma City
Omaha
G. A. Gregory
R. L. Mathes
P. A. Debus
Dallas
El Paso
Houston
San Antonio
C. M. Rowland
J. L. Cook
W. E. Eagle
San Francisco
Los Angeles
Portland
Salt Lake City
Seattle
W. F. Volberg
J. A. Randall
W. L. Partner
J. M. Leisner
Also Cashisr.
4
Acting Manager.
843
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w
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1
DECEMBER I, 1954
SYSTEM
INDEX TO STATISTICAL TABLES
Acceptances, bankers', 782, 787
Agricultural loans of commercial banks, 778
Agriculture, Govt. agency loans, 784, 785
Assets and liabilities (See also Foreign liabilities and
claims reported by banks) :
Banks and the monetary system, consolidated, 774
Corporate, current, 796
Domestic banks, by classes, 775, 778, 780
Federal Reserve Banks, 769, 770, 771
Foreign banks, 832, 838
Govt. corporations and credit agencies, by type and
agency, 784, 785
Automobiles:
Consumer instalment credit, 800, 801, 802
Production index, 805, 808
Bankers' balances, 779, 781
(See also Foreign liabilities and claims reported by banks)
Banks and the monetary system, consolidated statement, 774
Bonds (See also U. S. Govt. securities):
New issues, 794, 796
Prices and yields, 786, 787, 841
Brokers and dealers in securities, bank loans to, 778, 780
Business expenditures on new plant and equipment, 796
Business indexes, 803
Business loans (See Commercial and industrial loans)
Capital accounts:
Banks, by classes, 775, 779, 781
Federal Reserve Banks, 769, 770
Carloadings, 803, 812
Central banks, foreign, 830, 832, 837
Coins, circulation of, 773
Commercial banks:
Assets and liabilities, 775, 778, 838
Consumer loans held, by type, 801
Number, by classes, 775
Real estate mortgages held, by type, 797
Commercial and industrial loans:
Commercial banks, 778
Weekly reporting member banks, 780, 782
Commercial paper, 782, 787
Commodity Credit Corporation, loans, etc., 784, 785
Condition statements (See Assets and liabilities)
Construction, 803, 811, 812
Consumer credit:
Instalment credit, 800, 801, 802
Major parts, 800
Noninstalment credit, by holder, 801
Ratio of collections to accounts receivable, 802
Consumer durable goods output indexes, 808
Consumer price indexes, 803, 818, 841
Consumption expenditures, 820, 821
Corporate sales, profits, taxes, and dividends, 795, 796
Corporate security issues, 794, 796
Corporate security prices and yields, 786, 787, 841
Cost of living (See Consumer price indexes)
Customer credit, stock market, 786
Debits to deposit accounts, 772
Demand deposits:
Adjusted, banks and the monetary system, 774
Adjusted, commercial banks, by classes, 779
Banks, by classes, 775, 781
Type of holder, at commercial banks, 779
JULY
1955
Department stores:
Merchandising data, 814
Sales, 803, 813, 814, 815, 816
Stocks, 813, 816
Deposits (See also Specific types of deposits):
Adjusted, and currency, 774
Banks, by classes, 775, 779, 781
Federal Reserve Banks, 769, 770, 828
Postal savings, 766, 772, 774
Turnover of, 772
Deposits, reserves, and borrowings, by class of member
bank, 768
Discount rates, 767, 837
Discounts and advances by Federal Reserve Banks, 765, 769
Dividends, corporate, 795, 796
Dollar assets, foreign, 828, 829
Dwelling units started, 812
Earnings and hours, manufacturing industries, 803, 809
Employment, 803, 808, 810
Export-Import Bank, loans, etc., 784, 785
Farm mortgage loans, 784, 797, 798
Federal Deposit Insurance Corporation, assets, etc., 784, 785
Federal home loan banks, loans, etc., 784, 785, 799
Federal Housing Administration,
loans, etc., 784, 785, 797, 798, 799
Federal National Mortgage Association,
loans, etc., 784, 785, 799
Federal Reserve Banks:
Condition statement, 769, 770
U. S. Govt. securities held by, 765, 769, 770, 792, 793
Federal Reserve credit, 765, 769, 770
Federal Reserve notes, 769, 770, 771, 773
Finance company paper, 782, 787
Foreign central banks, 830, 832, 837
Foreign commercial banks, 838
Foreign deposits in U. S.
banks, 765, 769, 770, 774, 779, 781
Foreign exchange rates, 839
Foreign liabilities and claims reported by banks, 824, 826, 828
Foreign trade, 812
General fund balance, 788
Gold:
Earmarked, 831
Net purchases by U. S., 831
Production, 828, 831
Reserves of central banks and governments, 830
Reserves of foreign countries and international
institutions, 829
Stock, 765, 774, 831
Gold certificates, 769, 770, 771, 773
Govt. agencies, assets and liabilities, by type
and agency, 784, 785
Govt. debt (See U. S. Govt. securities)
Gross national product, 820, 821
Home owners, Govt. agency loans, 784, 785
Hours and earnings, manufacturing industries, 803, 809
Industrial advances by Federal Reserve
Banks, 767, 769, 770, 771
Industrial production indexes, 803, 804, 808
Instalment loans, 800, 801, 802
847
INDEX TO STATISTICAL TABLES—Continued
Insurance companies, 783, 792, 793, 798
Insured commercial banks, 777, 778
Interbank deposits, 775, 779, 781
Interest rates:
Bond yields, 787
Business loans by banks, 787
Federal Reserve rates, 767
Foreign countries, 837
Open market, 787, 837
Regulation V loans, 772
Stock yields, 787
Time deposits, maximum rates, 766
Internal revenue collections, 789
International capital transactions of the U. S., 824
International financial institutions, 829, 830, 832
Inventories, 821
Investments (See also Specific types of investments):
Banks, by classes, 775, 778, 780
Federal Reserve Banks, 769, 770
Govt. agencies, etc., 784, 785
Life insurance companies, 783
Savings and loan associations, 7S3
Labor force, 810
Loans (See also Specific types of loans):
Banks, by classes, 775, 778, 780
Federal Reserve Banks, 765, 767, 768, 769, 770, 771
Govt. agencies, etc., 784, 785
Insurance companies, 783, 798
Savings and loan associations, 783, 798
Loans insured or guaranteed, 771, 797, 798, 799
Manufacturers, production indexes, 803, 804, 808
Margin requirements, 766
Member banks:
Assets and liabilities, by classes, 775, 778
Borrowings at Federal Reserve Banks, 765, 768
Deposits and reserves, by classes, 768
Number, by classes, 775
Reserve requirements, by classes, 767
Reserves and related items, 765
Weekly reporting series, 780
Minerals, production indexes, 803, 804
Money in circulation, 765, 773
Money rates (See Interest rates)
Mortgages (See Real estate loans)
Mutual savings banks, 774, 775, 777, 792, 793, 797
National banks, 777
National income, 820
National security expendituers, 788, 821
Nonmember banks, 769, 777, 778
Payrolls, manufacturing, index, 803
Personal income, 821
Postal Savings System, 766, 772, 774
Prices:
Consumer, 803, 818
Foreign, 840, 841
Security, 786
Wholesale commodity, 803, 818
Production, 803, 804, 808
Profits, corporate, 795, 796
Real estate loans:
Commercial banks, 778, 780, 797
Type of mortgage holder, 797, 798, 799
Type of property mortgaged, 797, 798, 799
Regulation V, loan guarantees, 771, 772
Reserve requirements, member banks, 767
Reserves:
Commercial banks, 779
Federal Reserve Banks, 769, 770
Foreign central banks and governments, 830
Foreign countries and international institutions, 829
Member banks, 765, 768, 769, 770, 779, 781
Residential mortgage loans, 797, 798, 799
Sales finance companies, consumer loans of, 800, 801
Savings, 820
Savings bonds, sales and redemptions, 791
Savings deposits (See Time deposits)
Savings institutions, principal assets, 783
Savings and loan associations, 783, 798
Securities, international transactions, 827, 828
Security issues, 794, 796
Silver coin and silver certificates, 773
State member banks, 777
State and municipal securities:
New issues, 794
Prices and yields, 786, 787
States and political subdivisions:
Deposits of, 779, 781
Holdings of U. S. Govt. securities, 792
Ownership of obligations of, 778, 783
Stock market credit, 786
Stocks:
New issues, 794
Prices and yields, 786, 787, 841
Tax receipts, Federal, 789
Time deposits, 766, 768, 774, 775, 779, 781, 838
Treasury cash, 765, 774
Treasury currency, 765, 773, 774
Treasury deposits, 765, 769, 770, 788
Treasury finance:
Cash income, outgo, and borrowing, 790
General fund balance, 788
Receipts and expenditures, 788
Unemployment, 810
U. S. Govt. balances:
Consolidated monetary statement, 774
Commercial bank holdings, by classes, 779, 781
Treasury deposits at Federal Reserve Banks, 765, 769,
770, 788
U. S. Govt. securities:
Bank holdings, 774, 775, 778, 780, 792, 793
Federal Reserve Bank holdings, 765, 769, 771, 792, 793
International transactions, 827
New issues, gross proceeds, 794
Ownership of, 792, 793
Prices and yields, 786, 787
Volume and kind outstanding, 791, 792, 793
United States notes, outstanding and in circulation, 773
Veterans Administration, loans, etc., 784, 785, 797, 798, 799
Yields (See Interest rates)
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