Full text of Federal Reserve Bulletin : June 1954
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FEDERAL
ESERVE
BULLETIN
JUNE 1954
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
FEDERAL
VOLUME 40
RESERVE
BULLETIN
June 1954
NUMBER 6
REAL ESTATE IN MID-1954
This year construction has expanded to a
new record level and real estate markets
have been quite active. Prices of building
materials have changed little, while wage
rates in the building trades have risen slightly
further. Construction costs have been stable
or, in some lines, have declined as competitive pressures have increased and efficiency
has improved. Sales of both new and old
houses have remained numerous at stable
or slightly lower prices, the advance in rents
has slowed down, and vacancies in some
areas have increased slightly.
Saving has continued in large volume this
year and monetary and credit policy has contributed to easier conditions in money markets. Partly as a result, funds for construction and mortgage loans, after a short period
of tightness last year, have been generally
available on terms attractive to borrowers.
Modifications in housing legislation now under consideration in Congress would permit
further liberalization of terms.
Mortgage lending on small residential
properties, after declining somewhat more
than seasonally in the second half of 1953,
has risen sharply from the very high yearend level, as can be seen from the chart. Repayments on outstanding loans have continued the steady rise of recent years, and
in the first few months of 1954 the growth
in residential mortgage debt outstanding
slowed down.
JUNE 1954
KONFARM MORTGAGE LENDING
M i l l i o n s of
dollars
2000
1800
1600
1400
SEASONAL V A R I A T I O N
1200
1000
800
1950
1952
1954
NOTE.—Data represent mortgage recordings of $20,000 or less
on nonfarm properties and are from the Home Loan Bank
Board. Adjustment for seasonal variation is by Federal Reserve
and is based on 3-month moving averages of unadjusted data
centered at the middle month. Latest figures shown for unadjusted series are for April; for adjusted, March.
CONSTRUCTION OUTLAYS
Outlays for new construction have set a
new record this spring, and in May were at
a seasonally adjusted annual rate of close to
37 billion dollars. The rise, amounting to
3 per cent since last spring and 5 per cent
since autumn, has reflected different movements in private business, private residential,
and public construction, which are shown in
the chart on page 564. While the behavior
of these major types will probably continue
to differ, the high and rising volume of construction contracts awarded and of work
563
REAL ESTATE IN MID-1954
planned and started in recent months suggests that total construction activity will remain large in the immediate future.
Public construction. An important part of
the movement in total construction outlays
during the past year is attributable to changes
in publicly financed construction. Outlays
by State and local governments have been increased more than Federal spending for
public housing, military and other defense
installations, and conservation work has been
reduced. As a result, total public expenditures, seasonally adjusted, have risen since
autumn after declining moderately last
spring and summer. Outlays in May were
slightly larger than a year earlier, and in the
first five months of 1954 were about as large
as in the corresponding period of last year.
Construction of military facilities has declined almost steadily from the peak reached
early in 1953, and has been more than onethird smaller this year than a year ago.
Public housing construction has declined substantially since last summer as the maximum
number of units authorized for the year ending in June 1954 was reduced to 20,000 from
35,000 in the preceding year.
State and local expenditures so far this year
for highways, schools, and sewer and water
works have been considerably larger than in
the corresponding 1953 period. The large
and rapidly increasing population of school
age, the rising number of motor vehicles in
use, and the extensive private building in
previously undeveloped areas indicate that
the need for State and local construction will
continue large for some time.
Private nonresidential. Private nonresidential building rose markedly in the first
half of 1953 and, after showing little change
in the second half, has increased further this
year to a new record level. Construction for
business purposes, shown in the chart, ac564
counted for most of the change in 1953. In
the first five months of 1954 outlays for business construction were relatively stable, as
were those for farm construction, but other
private nonresidential building—principally
work on private schools and colleges,
churches, and hospitals—rose appreciably.
CONSTRUCTION OUTLAYS
adjusted, millions ol do liars
S e a s o n a lly
--
PRIVATE
RESIDENTIAL
1- /*
k
— 1000
^ / ' T O T A L
/
/
/
1200
—
-
800
-
600
PUBLIC
/
^^TRIVATE
BUSINESS
_
1
1
'Vv
1950
1952
1
400
1954
NOTE.—Joint estimates of Departments of Commerce and Labor, adjusted for seasonal variation by Department of Commerce, except private business, which is adjusted by Federal
Reserve. Components shown do not add to total construction,
which includes miscellaneous types such as farm, religious, and
recreational. Private business includes commercial, industrial, and
public utility construction. Latest figures shown are for May.
The high-level stability of private business
construction in recent months, some 6 per
cent higher than a year earlier, has reflected
a general leveling off in all major types of
such construction. Commercial has been
two-fifths higher than last year, industrial
an eighth lower, and public utility about the
same. The rapid rise during 1953 in commercial construction, including retail stores,
warehouses, and office buildings, followed
removal of emergency building limitations
and credit restrictions in force during most
of the two preceding years. Judging from
the recent level of contract awards, such conFEDERAL RESERVE BULLETIN
REAL ESTATE IN MID-1954
struction in the immediate future is likely to
remain close to the record volume of recent
months.
Construction of industrial plant, in contrast to commercial building, was encouraged
after Korea. It remained high in 1952 and
the first half of 1953, then declined steadily
until the end of the year. Since then it has
shown little change. The expectation of
concerns in most manufacturing industries
that they will spend somewhat less this year
than last for plant and equipment, together
with the recent volume of contract awards,
suggests that industrial building may remain
close to the current reduced level for some
months.
Public utilities, whose capital outlays have
increased substantially each year since the
war, are continuing to expand at about the
same rate as in 1953. For some time expenditures for public utility facilities have exceeded the combined outlays for commercial
and industrial construction. The bulk of
public utility expenditures has been to provide electric power, gas, and telephones, and
demand for such services is apparently still
strong. Construction expenditures by other
public utilities (including railroads and local
transit companies), which are relatively
small, are markedly lower than a year ago.
Private residential. Unlike private business
construction, which was strong throughout
all of 1953, private residential work, seasonally adjusted, declined somewhat after the
spring. Since midwinter, such construction
has risen almost 9 per cent to exceed the
advanced level of a year ago.
In the first five months of 1954, 447,000
private dwelling units were started, compared with 451,000 in the corresponding
months of 1953 and a record 553,000 in the
same period of 1950. The proportion of
private units started with Federally aided
JUNE 1954
NONFARM HOUSING U N I T S STARTED
[Numbers in thousands]
Percentage distribution ol
privately financed units
Period
Total
Private
Public
Federally
underwritten
FHAinsured
Annually:
1949
1950.
1951
1952
1953
1,025
1,396
1,091
1,127
1,104
989
1,352
1,020
1,069
1,068
Jan.-May:
1950
561
1953
1954?
477
452
VAguaranteed
Conventional
36
44
71
59
36
36
35
26
26
24
11
15
15
13
15
53
50
60
61
62
553
8
31
13
56
451
447
26
5
23
22
12
19
65
59
P Preliminary.
NOTE.—Data are from the Bureau of Labor Statistics, Federal
Housing Administration, and Veterans Administration.
Federally
underwritten units are those started under commitments of
FHA or VA to insure or guarantee the mortgages.
financing, which declined fairly steadily
after 1950, has been somewhat larger this
year, as can be seen from the table, reflecting
a sharp increase in units started under mortguarantee commitments of the VetREQUESTS FOR FEDERALLY AIDED FINANCING
Thousands of new homes
60
-
REQUESTS /
TO V A 1
J
I
/A
—
— 40
—
20
APPLICATIONS
TO F H A
1
1953
1954
1952
1951
NOTE.—Data represent the number of new 1- to 4-family units
included in requests to VA and in applications to F H A for mortgage guarantee and insurance, as reported by these agencies.
Latest figures shown are for May.
565
REAL ESTATE IN MID-1954
erans Administration. In recent months the
exceptional rise in appraisal requests to the
VA, together with the more moderate increase in loan applications to the Federal
Housing Administration, shown in the chart
on the preceding page, suggests that the relative importance of new units started with
Federally aided financing may continue to
increase for some months.
RESIDENTIAL SALES AND FINANCING
For almost three years markets for residential real estate have been characterized
generally by high levels of activity and little
change in prices. At times during this period, sales have slowed down and prices
have appeared to weaken, especially for
older properties. For the most part, however, demands for additional housing space
have continued large as population has continued to increase rapidly and to change residence frequently, as families have increased
in number and size, and as incomes have remained high. Further information on some
of these developments is available in the findings of the Survey of Consumer Finances
reported in the article on pages 570 to 586
of this BULLETIN.
An important element of change in the
current market for houses stems from the
fact that consumers generally are much better housed than in earlier postwar years.
Consequently, purchasers now are more selective and both new and old houses frequently take longer to sell than formerly.
Builders and contractors, competing more
vigorously, are devoting more attention to
design, location, extras, quality, and price.
These efforts, together with renewed availability of financing, have been important
elements sustaining new house sales.
About one million new private 1- and
2-family houses were completed and sold in
566
1953, or slightly more than in 1952. In the
first five months of this year sales of new
houses continued numerous, and purchases
of existing houses remained close to earlier
record levels.
The steady trend toward home ownership,
which has been in process for several years,
has influenced the market for rental housing.
Vacancies in rental units have apparently
increased in recent months, although they
are still relatively low, and rents, which rose
5 per cent in 1953, have been practically unchanged this year. Building of apartmenttype structures, which declined sharply after
1950, has continued small.
Mortgage lending. The sustained high
level of activity in the market for both new
and old houses has been accompanied by
record demands for credit by builders and
purchasers. In the summer of 1953 these
demands exceeded the large supply of funds
available at interest rates and other terms
then prevailing. Despite the difficulty in obtaining credit experienced for a time by some
borrowers, the 19.7 billion dollars of new
mortgage credit extended during 1953,
shown in the table, was substantially more
than in any other year. About 6.6 billion
dollars of this was borrowed in connection
MORTGAGE LENDING ON 1- TO 4-FAMILY NONFARM HOUSES
[In billions of dollars]
Period
Annually:
1949
1950
1951
1952
1953
January-March:
1952
1953
1954P
Increase Outstandings
in
(end of
outstandperiod)
ings
New
loans
made
Apparent
retire*
ments
11.8
16.2
16.4
18.0
19.7
7.6
8.6
9.6
11.2
12.5
4.2
7.6
6.8
6.8
7.2
37.5
45.1
51.9
58.7
65.9
4.0
4.4
4.6
2.5
2.8
3.1
1.5
1.6
1.5
53.3
60.3
67.4
p Preliminary.
NOTE.—Annual figures on new loans made, which represent
nonfarm mortgage recordings of $20,000 or less, and on outstandings are from Home Loan Bank Board. Apparent retirements
are derived from these figures. All first quarter figures are Federal
Reserve estimates.
FEDERAL RESERVE BULLETIN
REAL ESTATE IN
with the purchase of new houses and 9.2
billion for the purchase of old houses, both
record amounts. The remaining 3.9 billion
was for a variety of purposes, including
refinancing, repairs, and financing expenditures not directly associated with the properties.
About half of all mortgage credit used to
finance the purchase of new houses during
1953 was Federally underwritten. This was
a larger proportion than in 1952 but substantially smaller than in 1950 and 1951.
Federally underwritten credit is of much
less importance in the market for old houses
than for new, accounting in recent years for
one-fifth to one-fourth of total lending on
old houses. As capital markets have eased
and yields on other investments have declined in recent months, lenders have found
FHA and VA mortgages increasingly attractive and have made funds readily available
for advance commitments as well as for completed mortgages.
In the first four months of 1954, 6.4 billion dollars of mortgage credit was extended,
4 per cent more than in the corresponding
months a year earlier. The average size of
new mortgage in early 1954 continued the
upward trend of recent years, reflecting
larger loans relative to value of properties
and some tendency toward purchase of more
expensive houses. Both Federally underwritten and conventional loans, whether on new
or on old houses, have increased in size.
Rising prices for real estate, an important
element in the increase in loan size before
1952, have not been an appreciable factor
recently.
MID-1954
each year since 1945. This has occurred
notwithstanding large and increasing debt
repayments each year, including payments
in full (largely in connection with sales
of existing houses), partial prepayments, and
regular amortization. Debt on such properties, which has more than tripled since
1945, has risen much more than all other
kinds of mortgage debt, as shown in the
chart. Currently, debt on 1- to 4-family
houses accounts for two-thirds of the total
mortgage debt outstanding, as compared with
one-half at the end of the war.
REAL ESTATE MORTGAGE DEBT
Billions
of
do
100
80
60
40
20
MULTI-FAMILY AND
COMMERCIAL
,
1940
FARM
I
1945
1950
'54
NOTE.—Data are from Home Loan Bank Board, Department
of Commerce, Department of Agriculture, and Federal Reserve.
Latest figures shown are Federal Reserve estimates for Mar.
31, 1954.
About half of all owner-occupied nonfarm
houses in the United States are mortgaged.
On many of those purchased in recent years
the mortgages are quite large, partly because of the high prices at which purchases
REAL ESTATE MORTGAGE DEBT
were made and partly because of the high
Reflecting the record volume of postwar ratios of loan to value that have been availmortgage financing, debt secured by 1- to 4- able.
family nonfarm houses has risen markedly
In the first quarter of 1954 home mortgage
JUNE 1954
567
REAL ESTATE IN MID-1954
debt rose about 1.5 billion dollars or slightly
less than in the corresponding quarter of
1953, as can be seen from the table on page
566. The smaller growth in outstandings
resulted from a larger increase in repayments
than in new loans. The increase in Federally
underwritten debt relative to conventional
mortgage debt has been smaller this year
than in corresponding periods of the two preceding years, and the proportion of total
home mortgage debt that is Federally underwritten has declined slightly. The Federal
Government is now contingently liable for
about 42 per cent of all home mortgage debt,
not far from double the proportion at the
end of the war.
Institutional mortgage portfolios. Participation by major types of lenders in the residential mortgage market, shown in the table,
has been influenced in recent years by changes
in capital markets generally and in monetary
and debt management policies. Rising interest rates during the period from early 1951
to mid-1953 made home mortgages, parCHANGES IN RESIDENTIAL MORTGAGE D E B T H E L D BY SELECTED
TYPES OF FINANCIAL INSTITUTIONS
[In billions of dollars]
Private institutions
Period
Annually:
1949
1950
1951
1952
1953
Total,
seSavLife
lected
ings
insurinstiand
ance
tutions loan ascomsociapanies
tions
Mutual
savings
banks
Commercial
banks
Federal
National
Mortgage
Association
4.8
8.5
7.4
6.8
7.1
1.3
2.0
1.7
2.8
3.5
1.5
2.8
2.8
1.4
1.3
.8
1.5
1.5
1.3
1.5
6
1 8
8
9
7
.6
.5
.5
.4
.2
1.5
1.7
1.5
.5
.7
.7
.4
.3
A
.3
.3
.4
1
1
1
.2
.2
-.1
Jan.-Mar.:
1952.
1953
1954?
P Preliminary.
NOTE.—Data are from Home Loan Bank Board, Federal
Deposit Insurance Corporation, Federal National Mortgage Association, and Federal Reserve. Data for savings and loan associations represent loans on 1- to 4-family nonfarm houses, which
include more than 95 per cent of their residential loan holdings.
All first quarter figures are Federal Reserve estimates except those
for sayings and loan associations and Federal National Mortgage
Association, which are from Home Loan Bank Board and Federal
National Mortgage Association, respectively.
568
ticularly Federally underwritten mortgages
whose rates were fixed, less attractive to investors than other types of securities. The
higher rates established for FHA and VA
mortgages in early May 1953 and the easing
in money conditions and decline in yields on
other investments have encouraged larger institutional investments in these mortgages
since late 1953.
Commercial banks and life insurance companies ordinarily invest a large portion of
their funds in assets other than mortgages;
since 1950 and 1951, respectively, additions
to their mortgage portfolios have been substantially less than in those years. In recent
months, however, life insurance companies
have become more active in the market for
Federally underwritten loans, and have increased their acquisitions of VA-guaranteed
mortgages sharply. At commercial banks,
where total loans have been declining this
year, mortgage holdings have increased moderately.
Savings and loan associations, which invest their funds largely in conventional mortgages, expanded their mortgage portfolios
as much in the first quarter of this year as
a year earlier. The growth in mortgage
holdings of these associations in recent years
has been considerably larger than that of
other lenders. In 1953 and early 1954 the
expansion in their portfolios amounted to
almost half the increase in all private institutional holdings compared with two-fifths
in 1952 and about one-fourth in the two preceding years.
Mutual savings banks also invest most of
their funds in mortgages but, unlike savings
and loan associations, they invest heavily in
Government-underwritten mortgages. As
mortgage markets eased during the latter
part of 1953, these banks increased their portfolios substantially more than in the preFEDERAL RESERVE BULLETIN
REAL ESTATE IN MID-1954
PENDING LEGISLATION
ceding year. As credit has eased further in
1954, mutual savings banks have continued
The proposed Housing Act of 1954 would
to expand their holdings and during the first make appreciable changes in the statutes unquarter added more to their home mortgage der which the major Federal housing and
portfolios than in the corresponding quarter real estate programs are carried on. The
of most postwar years.
bills passed by the House and Senate differ
Federal National Mortgage Association. substantially in their treatment of public
In view of the improved market for home housing, the Federal National Mortgage Asmortgages the Federal National Mortgage sociation, and home modernization loans
Association on February 1, 1954, announced insured by the Federal Housing Administraan increase in the sale price of its holdings of tion. On June 21 these bills were under
VA-guaranteed 4 per cent mortgages from consideration by a conference committee.
96 to 98 per cent of par, and of its FHAThe bills are broadly similar in that they
insured 4% per cent mortgages from 97% would consolidate many different provisions
to 99%. The Association continued prices governing terms available for financing new
for all 41>4 per cent mortgages at par.
houses with FHA insurance and in many
Sales of mortgages by FNMA increased cases permit larger loans and longer matusharply in March and rose further in April rities for both new and old houses. They
to reach a postwar record of 108 million dol- would also permit somewhat larger insured
lars. A sharp decline in May, to the smallest loans on rental and cooperative properties;
volume since last August, reflected the fact make mortgage insurance available for rethat FNMA had practically completed the habilitation of existing dwellings and consale of 500 million dollars of mortgages au- struction of new units in urban renewal
thorized under the "one-for-one" program. areas; and make particularly easy terms
Under this program FNMA contracted to available to families displaced because of
buy from the purchasers of its mortgages an urban renewal and other public improveequal amount of eligible mortgages at a ment programs.
later time.
The bills also agree on a number of proceAlmost from the beginning of the one-for- dural and technical changes in the operations
one program last summer, the Association of the Federal Home Loan Bank System and
sold more mortgages than it purchased, with the Federal Savings and Loan Insurance
the result that its mortgage holdings de- Corporation. They would increase the maxclined steadily from 2.5 billion dollars on imum home mortgage loan that a Federal
August 31, 1953, to 2.3 billion on May 31, savings and loan association may make from
1954. Obligations to buy mortgages under $20,000 to $35,000, and the maximum unone-for-one contracts amounted to 424 mil- secured property improvement loan from
$1,500 to $2,500.
lion dollars at the end of May.
JUNE
1954
569
1954 SURVEY OF CONSUMER FINANCES
PURCHASES OF DURABLE GOODS AND HOUSES IN 1953
Consumer purchases of new cars and major
household durable goods increased substantially last year while purchases of used cars
and houses continued at high levels. Outlays for home repairs and improvements
were also maintained in large volume. Increased buying of new cars and other durable
goods was reported by nearly all income and
occupational groups and in most parts of the
country. Prices paid by consumers differed
little from those paid in 1952, when prices
of durable goods and houses were at or close
to their postwar highs.
Reflecting in part the further expansion
in consumer buying last year, ownership of
automobiles, major household durable goods,
and homes established record levels in terms
of both total numbers and proportions of
consumers owning such goods. In early
1954, nearly two-thirds of all spending units
owned one or more automobiles and about
half owned television sets. Well over half
of all nonfarm families owned their homes
and about half of these families owned their
homes free of mortgage debt.
1
This is the second of a series of three articles presenting
the results of the 1954 Survey of Consumer Finances conducted by the Federal Reserve System in cooperation with
the Survey Research Center of the University of Michigan.
The first article, presenting information on the economic
outlook of consumers and their plans for purchasing durable
goods and houses, was published in the March BULLETIN.
The final article, to be published in a subsequent issue of
the BULLETIN, will analyze the financial position of consumers and related materials. The sampling procedure of
the Survey and the limitations of the data are discussed in a
technical note at the end of this article.
This article was prepared by John Frechtling and Tynan
Smith of the Consumer Credit and Finances Section of the
Board's Division of Research and Statistics. A close working relationship is maintained with the staff of the Survey
Research Center at all stages of the work, and the authors
have had the benefit of suggestions from the Center's staff,
particularly Peter de Janosi, Stanley Steinkamp, and Kent
Winter.
570
As in other recent years, consumers used
credit freely in connection with the purchase of cars, major household goods, and
homes. About three-fifths of all automobile buyers and somewhat more than half
of the purchasers of major household durable
goods utilized credit last year. More than
four-fifths of the home buyers financed their
purchases with credit.
AUTOMOBILES
Consumer purchases of new automobiles,
which had declined in 1951 and 1952 from
the peak reached in 1950, increased sharply
in 1953. The number of spending units buying new cars (5.0 million) was more than
one-third larger than in 1952 (3.6 million)
and only moderately smaller than in 1950
(5.3 million).
TABLE 1
CONSUMER PURCHASES OF AUTOMOBILES
Estimated
number of
spending units
purchasing
(In millions)
Median
expenditure 1
Median
net
outlay2
New automobile:
1953
1952
1951
1950
5.0
3.6
4 4
»"5.3
$2,500
2,500
2,200
2,110
$1,590
1,430
1,400
1,590
Used automobile:
1953
1952
1951
1950
8.0
'8.0
'7.3
*7.6
900
850
600
550
600
600
450
490
Type of purchase
r
r
Revised. See technical note, p. 576.
Before deduction for trade-in or sale of automobile.
After deduction for trade-in or sale of automobile.
1
2
The steady postwar rise in the median
amount consumers paid for new automobiles
came to a halt in 1953, although the median
net outlay after trade-in or sale of previously
owned cars increased (See Table 1). The
median net outlay for used cars was unFEDERAL RESERVE BULLETIN
1954 SURVEY OF CONSUMER FINANCES
PURCHASERS OF AUTOMOBILES WITHIN REGIONS
Per c e n t
of
spending
units
30
20
USED
CARS
10
NEW
•52 '53
NORTH
EAST
'52 '53
NORTH
CENTRAL
'52'53
'52 '53
SOUTH
WEST
CARS
changed. The rise in net outlay for new cars
reflected in part a reduction in the proportion
of late model trade-ins as only about onefourth of the cars traded in on new cars in
1953 were one- or two-year old models as
compared with nearly one-half in 1952.
Marked increases in new car purchases
were reported in 1953 by skilled and semiskilled workers, unskilled and service workers, and farm operators; for other occupational groups, frequency of purchase was
little changed. Purchases by these three
occupational groups accounted for nearly
one-half of all new car purchases last year
as compared with only about one-third in
1952.
Significant increases in frequency of automobile purchases were reported for the South
and North East, where car ownership has
been and remains less common than in other
regions. Increases were substantial for both
new and used cars in the South, as shown in
the accompanying chart, while they were
limited to new cars in the North East.
About three in five automobile buyers
used credit in connection with their purchases last year, about the same proportion as
JUNE
1954
in 1952. Buyers of new cars utilized credit
almost as frequently as buyers of used cars
(see Table 2).
The proportion of consumers owning cars
rose last year after changing little in 1951
and 1952. The increase in ownership reflected mainly the large volume of purchases
of new cars. The number of cars scrapped
during the year appears to have been close to
the number for 1952. By early 1954, 58 per
cent of all spending units reported owning
one car and an additional 8 per cent reported
owning two or more cars.
Ownership of cars is primarily related to
level of income, with the proportion of
ownership rising steadily from about 25 per
cent for spending units with incomes of less
than $1,000 to nearly 95 per cent for spending units with incomes of $7,500 or more.
For those with two or more cars, concentration of ownership among the higher income
TABLE 2
METHOD OF FINANCING AUTOMOBILES
[Percentage distribution of purchasers]
Method of financing
1953 1952 1951 1950
1
Automobile:
Full cash (including trade-in allowInstalment credit and/or other borMethod not ascertained
38
35
44
47
61
1
63
2
55
1
52
1
100
100
100
100
714
650
635
859
40
41
52
54
59
1
57
2
47
1
46
(2)
New automobile:
Full cash (including trade-in allowInstalment credit and/or other borMethod not ascertained
100
100
100
100
305
245
295
400
37
33
39
41
62
1
65
2
60
1
57
2
Used automobile:
Full cash (including trade-in allowInstalment credit and/or other borMethod not ascertained
1
2
100
100
100
100
409
405
338
458
Includes both new and used automobiles.
No cases reported or less than one-half of 1 per cent.
571
1954 SURVEY OF CONSUMER FINANCES
TABLE 3
AGE OF AUTOMOBILES OWNED
[Percentage distribution of automobiles]
Age of automobile 1
3 years or less
1 year or less
2 to 3 years
More than 3 years
4 to 7 years
More than 7 years
All cases
1954
1953
1952
1951
1950
36
42
44
39
36
13
23
64
11
31
14
30
17
22
17
19
58
56
61
64
40
24
30
28
20
36
14
47
6
58
100
100
100
100
100
iAutomobiles owned on January 1, 1954, were classified for
age as follows: 1 year or less—1953 and 1954 models; 2 to 3 years—
1951 and 1952 models; 4 to 7 years—1947, 1948, 1949, and 1950
models; more than 7 years—1946 models and earlier. Similar
classifications were used in previous Surveys.
groups is even greater. Location, as well as
income, appears to be a significant factor in
car ownership. A larger proportion of each
income group owns one or more cars in the
West than in other parts of the country, and
the proportion of spending units owning two
or more cars is more than twice as large there
as in other regions.
The postwar decline in average age of automobiles owned by consumers continued
during 1953 as the percentage of cars more
than seven years old reached its lowest level
in the postwar period. The proportion
three years old or less declined, however,
reflecting mainly the relatively low level
of production of cars in 1951 and 1952 (see
Table 3).
Nearly one-half of the automobiles owned
by consumers with incomes of $5,000 or more
were 1951 or later models at the beginning
of the year and only one-tenth were prewar
models. Most of the cars owned by consumers with incomes of less than $3,000 were
1950 or earlier models and about one-third
were prewar cars.
FURNITURE AND MAJOR HOUSEHOLD
APPLIANCES
The number of spending units purchasing
furniture or major household appliances rose
572
from 21.4 million in 1952 to 23.5 million in
1953. After a decline in 1952, the proportion
of spending units buying returned in 1953
to approximately the same level as in 1951
and 1950 (see Table 4).
A large part of the increase during 1953
in the proportion of spending units purchasing major household items was accounted for
by an increase in purchases of television sets.
The proportion buying television sets rose
from 11 per cent in 1952 to 14 per cent in
1953, but there was considerably less rise in
the proportion buying washing machines,
refrigerators, and furniture. Purchases of
some of the newer appliances—dish washers,
clothes dryers, and air conditioners—increased, but these items were not bought in
sufficient numbers to be measured accurately
by the Survey.
TABLE 4
CONSUMER PURCHASES OF FURNITURE AND MAJOR
HOUSEHOLD APPLIANCES
Item
1953
Percentage of spending units purchasing
Estimated number of spending units
(in millions)
Median expenditure 1
Average expenditure 1
1952
1951
1950
42.8
39.3
42.1
41.8
23.5
$300
410
••21.4
$300
400
••22.5
$280
380
-22.0
$280
350
•"Revised. See technical note, p. 576.
Before deduction for trade-in.
1
The further spread of television transmission service was a factor in 1953 in the increased purchases of television sets. Substantial increases in the proportion of spending
units purchasing sets were reported in all
regions except the North East, where television transmission has been available to the
majority of the population for a longer
period. In previous years the North East had
reported the highest rate of purchase, but in
1953 higher rates were reported in both the
West and North Central regions. In early
FEDERAL RESERVE BULLETIN
1954 SURVEY OF CONSUMER FINANCES
1954 nearly one-half of all spending units
owned television sets. Frequency of ownership remained greater in the North East than
in other parts of the country notwithstanding more rapid gains in ownership in other
regions during the past year.
The median amount consumers spent on
all items of furniture and major household
appliances has changed little since 1950 after
rising substantially during the earlier postwar period. Median amounts spent for most
of the individual items for which separate
information is obtained have followed similar
patterns. For washing machines, however,
the median expenditure has shown a steady
upward trend throughout the postwar period, probably reflecting in part an increasing proportion of automatic washing machines. Amounts spent for television sets
declined sharply after 1948 as volume production was achieved, but since 1950 they
have been relatively constant.
Credit was used by about 55 per cent of
the spending units that reported buying furniture and major household appliances in
1953. This was a larger proportion than in
1951, the last previous year for which similar data were obtained (see Table 5). Survey
data show little change in the use of credit
for buying furniture from 1951 to 1953 but
a substantial rise in credit for television sets,
refrigerators, and washing machines.
TABLE 5
PURCHASERS OF FURNITURE AND SPECIFIED HOUSEHOLD
APPLIANCES ON INSTALMENT CREDIT *
[Percentage of purchasers using credit]
Type of purchase
All items
Furniture
Television set
Refrigerator
Washing machine.
1953
1951
1950
55
50
55
63
58
52
51
43
43
45
49
47
44
54
42
1
Purchasers who bought two items of t h e same type, one for
credit and one for cash, were classified as credit purchasers. 1952
d a t a not available.
JUNE 1954
TABLE 6
PURCHASES OF FURNITURE AND M A J O R HOUSEHOLD
APPLIANCES IN RELATION TO INCOME AND
FAMILY STATUS,
1953
[Purchasers as percentage of all spending units within groupsl
1953 money income before taxes
Family status of
spending unit
All
Under $3,000- $5,000
income $3,000
and
4,999
groups
over
All family status groups'
43
30
48
53
Single:
Age 18-44
Age 45 and over
22
22
18
16
24
33
(2)
Married: 3
Age 18-44, no children under 18
Age 18-44, children under 18.
Age 45 and over, no children
under 18
Age 45 and over, children
under 18
58
50
47
33
38
47
59
44
46
39
48
(')
56
62
40
55
i n c l u d e s spending units for which family s t a t u s was not ascertained.
2
T o o few cases to be c o m p u t e d .
3
Age refers to head of spending unit. Includes only spending
units in which b o t h husband and wife are present.
In 1953, as in previous years covered by
the Survey, young married people, particularly those with children, purchased furniture and major household appliances more
frequently at each income level than other
family status groups (see Table 6). Large
expenditures ($500 or more) on furniture
and major household appliances were twice
as frequent at each income level among married groups under 45 years of age as among
older married groups.
Movement to a different dwelling appears
to be a factor influencing the frequency and
amount of expenditures for furniture and
household equipment. Spending units that
had resided at a given address, whether
rented or owned, for less than two years
bought household durable goods much more
frequently than those in residence for longer
periods, as shown in the chart on page 574.
While this finding reflects in part the basic
requirements for furniture and equipment
of recently established households, it also reflects outlays for furniture and equipment
573
1954 SURVEY OF CONSUMER FINANCES
PURCHASES OF FURNITURE AND HOUSEHOLD GOODS
RELATED TO LENGTH OF RESIDENCE, 1953
Per
cent
of
spending
TABLE
7
HOUSING STATUS OF N O N F A R M FAMILIES
units
[Percentage distribution]
30
20
Year
Estimated
number of nonfarm families
(In millions)
1954
1953
1952
1951
1950
45.6
'44.3
'43.0
'41.9
'41.2
cases
Owns
home
Rents
home
Other i
100
100
100
100
100
56
54
54
55
51
40
43
42
41
44
4
3
4
4
5
All
r
Revised. See technical note, p. 576.
families that receive housing as part of compensation, that
are temporarily living in houses they have sold, etc.
10
TELEVISION
REFRIGERATOR
by established families that had recently
moved. Large expenditures for furniture
and equipment were particularly frequent
among spending units that had recently
bought houses. In 1953 nearly one-third of
the home owners that had acquired their
homes within the past year spent $500 or
more on such purchases.
HOUSING
Consumer purchases of houses continued
large in 1953 and outlays for home repairs
and improvements were maintained at the
high level reached in 1952. As has been the
case in other recent years, veterans constituted a larger proportion of the market than
nonveterans. The median expenditure for
houses last year was about the same as in
1952 and larger than in other postwar years.
The proportion of consumers owning their
homes has increased significantly in recent
years. About 56 per cent of all nonfarm
families owned their own homes in early
1954 as compared with 51 per cent in early
1950 (see Table 7). A striking change during this period was the substantial increase
574
in the proportion of home ownership among
veterans. Families of veterans of World War
II now own their homes about as frequently
as other families.
A large proportion of home owners have
lived in their present houses for a relatively
short period of time. At the beginning of
1954, more than one-third of all home owners had occupied their homes for less than
five years (see Table 8). Of this group
about two-thirds were younger families,
many of them headed by veterans.
The average value placed on their homes
by owner-occupants in early 1954 was about
$10,700, the same as a year earlier. The
average value, however, has increased substantially from early 1950 when it was approximately $8,600. Slightly over half of
the home owners in 1954 reported having
a mortgage on their property and the average
mortgage amounted to about $4,800 (see
TABLE
8
YEARS IN PRESENT RESIDENCE, EARLY
1954
[Percentage distribution of nonfarm families]
Years in residence
Under 2 years
2 to 5 years
5 years and over
Not ascertained
All cases
All nonfarm
families1
Owns
home
Rents
home
28
22
48
2
15
21
63
1
46
23
29
2
100
100
100
1
Includes 4 per cent of nonfarm families that neither own nor
rent their homes.
FEDERAL RESERVE BULLETIN
1954 SURVEY OF CONSUMER FINANCES
TABLE 9
MORTGAGE
DEBT
ON O W N E R - O C C U P I E D
NONFARM
HOUSES
Per c e n t
[Percentage distribution of houses]
1954
Zero
Under $5,000
$5,000-$7,499
$7,500-$9,999
$10,000 and over
Not ascertained
All cases
Average (thousands of dollars) 3
1
2
of houses
MORTGAGE DEBT AS PER CENT OF HOUSE VALUE
Amount 1
3
MORTGAGE STATUS RELATED TO
LENGTH OF HOUSE OWNERSHIP, EARLY 1954
1953
1951
1950
49
28
12
7
4
C2)
53
27
12
5
3
(2)
53
30
8
5
2
2
54
28
12
3
1
2
100
100
100
100
4.8
4.5
3.8
3.9
80
60
40
Early in year specified. 1952 data not available.
No cases reported or less than one-half of 1 per cent.
Average for mortgaged houses only.
Table 9). Four years earlier about 45 per
cent of the owner-occupied homes were mortgaged and the average mortgage was approximately $3,900.
Nearly four-fifths of the owner-occupied
homes purchased within the past five years
are mortgaged. Mortgages amount to a
much larger proportion of the value of recently acquired homes than of homes owned
for longer periods, as shown in the accompanying chart. The liberal mortgage terms
in recent years, particularly those extended
to veterans of World War II, and the large
proportion of recent purchasers who are veterans, account in part for the relatively large
proportion of mortgages equal to 70 per cent
or more of the value of houses acquired
within the past five years. Home owners
TABLE 10
EXPENDITURES ON H O M E IMPROVEMENT AND MAINTENANCE
[Percentage distribution of home-owning nonfarm families]
Amount 1
None. . .
Some. . .
Under $100
$100-$299
$300-$499
$500-$999
$1,000 and over.
Not ascertained.
All cases.
!1951 data not available.
1953
1952
1950
42
58
40
60
38
62
15
16
8
9
8
2
14
18
9
11
7
1
14
20
9
12
6
1
100
100
100
20
10 AND OVER
LESS THAN 5
YEARS
OF OWNERSHIP
NOTE.—The chart shows the relationship of size of mortgage
to house value for owner-occupied nonfarm houses grouped by
the length of occupancy of present owners.
who acquired their houses 10 or more years
ago have generally reduced or paid off their
mortgages and the ratio of mortgage debt to
value is relatively low.
Nonfarm home owners are estimated to
have spent about 6.5 billion dollars in 1952
and again in 1953 on repairs and improvements as compared with an annual expenditure of about 6 billion in each of the previous
five years. Although the number of home
owners making such expenditures has remained relatively constant at about 14 million since 1950, it has become a smaller proportion of all home owners because of the
increase in home ownership (see Table 10).
The proportion of renters that repaired
and improved rented dwellings was surprisingly large—about one-fifth in 1953 and
in 1952. The average expenditure, however,
was much smaller than that of home owners
because most of the projects involved redecoration rather than major change.
(For technical note and supplementary tables, see following pages.)
JUNE 1954
575
1954 SURVEY OF CONSUMER FINANCES
TECHNICAL NOTE
Interviews during January, February, and
the first week of March with 3,000 consumer
spending units provided the information on
which this series of Consumer Finance articles is based.2 The spending units interviewed were those living in a sample of
dwelling units located in the 12 largest
metropolitan areas in the country and in 54
additional sampling areas chosen as a representative cross section of the population of
the United States residing in private households.
The consumer spending unit, which has
been the interview unit and the basic tabulation unit of all the Surveys of Consumer
Finances, is defined as all persons living in
the same dwelling and related by blood, marriage, or adoption, who pool their incomes
for their major expenses. A husband and
wife living together are always treated as
one spending unit even though they may
have separate incomes which are not pooled.
All children under 18 years of age, irrespective of their incomes, are included in the same
spending unit with their closest relatives.
Children over 18 years of age and other rela1
From the Board of Governors, general supervision of the
Survey was under the direction of Ralph A. Young, Director,
and Kenneth B. Williams, Assistant Director, of the Division
of Research and Statistics, and of Homer Jones, Chief of
the Consumer Credit and Finances Section of the Division.
The Division of Research and Statistics has responsibility
for planning the over-all content of the Survey, analyzing
Survey results, and preparing the special articles reporting
Survey findings that appear in the BULLETIN.
From the University of Michigan, Rensis Likert, Director
of the Institute for Social Research, and Angus Campbell,
Director of the Survey Research Center, were in general
charge of the Survey. The Survey Research Center is a
division of the Institute for Social Research of the University
of Michigan. Responsibility for detailed planning and supervision of the Survey, including interviewing, editing, tabulation of Survey results, and preparation of Survey Research
Center studies was carried by George Katona in collaboration with James N. Morgan and John B. Lansing of the
Survey Research Center staff. Charles F. Cannell served as
head of the field staff and Leslie Kish as head of the sampling section of the Center.
576
tives who earn more than $15 a week but
who do not pool their incomes are treated as
related secondary spending units. Persons
in the dwelling not related to members of
the primary spending unit are designated as
unrelated secondary spending units. Secondary spending units, either related or unrelated, may include more than one person,
as in the case of a married couple living with
relatives but not pooling their incomes.
Some Survey information is also presented
on a family unit basis. A family unit is
defined as all persons living in the same
dwelling who are related by blood, marriage,
or adoption. Information for the primary
spending unit is combined with that for its
related secondary spending units to obtain
family data. The number of family units is
equal to the number of primary spending
units plus the number of unrelated secondary
spending units.
Estimated numbers of spending units and
family units covered by the Surveys in the
years 1950-54 are included in the accompanying table. These estimates were derived by
multiplying the number of dwelling units
estimated from Census data by the average
SPENDING U N I T S AND FAMILY U N I T S IN SURVEY POPULATION
[Estimated number, in millions]
Year of Survey
Type of unit
1954
1953
1952
1951
1950
a. Primary spending unit
(equals occupied dwelling unit)
47.6
46.7
45.7
44.7
43.7
b. Related secondary spending unit
5.6
6.0
5.9
6.2
7.0
c. Unrelated secondary
spending unit
1.8
1.8
1.8
1.7
2.3
Family (a plus c)
49.4
48.5
47.5
46.4
46.0
Spending unit (a plus b
plus c)
55.0
54.5
53.5
52.6
53.0
NOTE.—Estimates for 1950-53 have been revised on the basis of
the revised data on occupied dwelling units prepared recently
by the Bureau of the Census.
FEDERAL RESERVE
BULLETIN
1954 SURVEY OF CONSUMER FINANCES
numbers of spending and family units per
dwelling unit included in the Survey samples.
Revision of Census estimates of occupied
dwelling units for the period 1950-53 has resulted in revisions of the estimated numbers
of spending and family units covered by
Surveys for these years.
Survey data in the form of percentage
distributions, medians, or averages are independent of the estimated number of dwelling units and so have not required adjustment as a result of the revision in estimates of
occupied dwelling units. Estimated numbers
of spending or family units purchasing or
owning various items and aggregate dollar
estimates for the population covered by the
Survey are dependent on the estimate of
occupied dwelling units and, consequently,
estimates for the years 1950-53 have been
revised.
All Survey findings are subject to sampling, processing, and response errors. For
more extensive discussion of these limitations
and of the methods of the Survey, see "Methods of the Survey of Consumer Finances,"
Federal Reserve BULLETIN, July 1950, as well
as tables of sampling error in the BULLETIN
for July 1952, page 750.
SUPPLEMENTARY
TABLE
1
P R I C E PAID AND N E T O U T L A Y BY AUTOMOBILE PURCHASERS
[Percentage distribution of purchasers]
Price
New automobile:
Under $1,500
$l,50O-$l,999
$2,000-$2,499
$2,500-$2,999
$3,000 and over
Not ascertained
1953
1952
1951
1950
(2)
1
5
40
26
26
2
2
26
32
24
14
2
1
38
33
21
7
(2)
39
30
23
1
100
Average
Number of cases
$2,500
$2 ,650
100
$2,500
$2,680
100
$2,200
$2,390
Net outlay 1
New automobile:
Under $500
$500-$899
$900-$l,299
$l,300-$l,799
$l,800-$2,299
$2,300 and over
Not ascertained
All cases
305
245
295
415
29
25
25
18
3
33
24
20
21
2
41
22
21
15
1
43
24
17
12
4
All cases
Median
100
100
100
100
$900
$920
$850
$950
$600
$790
$550
$730
409
405
338
458
Used automobile:
Under $500
$5OO-$899
$900-$l,299
$1,300 and over
Not ascertained
All cases
Median
Average
Number of cases
Median
Average
Number of cases
1
2
1952
1951
1950
1
9
15
35
22
16
2
1
13
24
28
20
12
2
5
15
23
24
21
9
3
3
14
15
34
22
11
1
100
$2,110
$2,220
Number of cases
Used automobile:
Under $500
$500-$999
$l,000-$l,499
$1,500 and over
Not ascertained
1953
100
100
100
100
$1 ,590
$1,660
$1,430
$1,560
$1,400
$1,440
$1,590
$1,540
305
244
294
400
38
32
17
10
3
39
29
15
15
2
50
24
16
8
2
54
23
15
7
1
100
100
100
100
$600
$640
$600
$700
$450
$570
$490
$550
400
390
328
458
After deduction for trade-in or sale of automobile.
No cases reported or less than one-half of 1 per cent.
JUNE 1954
577
1954 SURVEY OF CONSUMER FINANCES
SUPPLEMENTARY
TABLE
2
TRADE-INS AND SALES IN CONNECTION W I T H AUTOMOBILE
PURCHASES
[Percentage distribution of purchasers]
Buyers of new
used cars
Type of transaction
Number of cases
Buyers of usec cars
Buyers of new cars
1953
1952
1951
1953
1952
1951
1953
1952
1951
63
6
30
1
57
8
32
3
57
10
30
3
82
4
14
0)
74
8
15
3
67
14
15
4
51
7
41
1
49
8
40
3
52
7
39
2
100
100
100
100
100
100
100
100
100
714
650
635
305
245
295
409
405
338
Traded in a car
Sold a car
Neither
Not ascertained
All cases
and
*No cases reported or less than one-half of 1 per cent.
SUPPLEMENTARY
A G E OF AUTOMOBILES
TABLE
3
SUPPLEMENTARY
O W N E D BY URBAN FAMILIES
INCOME Q U I N T I L E S
WITHIN
X
AND REGIONAL GROUPS, EARLY
Age of automobile
Fourth fifth:
1954
1953
1941
Lowest fifth:
1954
1953
1941
40
29
40
19
25
18
29
25
36
30
40
32
34
26
25
7
9
7
16
16
15
30
35
29
42
26
46
12
23
10
7
9
12
24
28
17
49
36
52
20
27
19
9
5
4
20
24
15
42
32
45
29
39
36
2
5
9
11
14
0
29
29
24
58
52
67
ooo
ooo
ooo
ooo
26
32
23
ooo
ooo
Third fifth:
1954
1953
1941
15
14
19
ooo
ooo
Second fifth:
1954
1953
1941
1 year 2 to 3 4 to 7 More than
7 years
or less years years
ooo
ooo
Highest fifth:
1954
1953
1941
2
ooo
ooo
All income quintiles:
1954
1953
1941
All
cases
*Data for early 1954 and 1953 (obtained from the Survey of
Consumer Finances) relate to latest model automobile owned at
time of interview and to income in the previous year; they differ
somewhat from data for 1941 (estimated from information obtained
in Family Spending and Saving in Wartime, Bureau of Labor
Statistics Bulletin No. 822, April 1945) in definition of automobile
ownership and the family unit, in the universe covered, and in
sampling methods.
Data in this table cannot be used to measure precise changes in
automobile ownership, but are believed to show with reasonable
accuracy the nature of certain broad changes in the pattern of
ownership.
578
4
OCCUPATIONAL,
1954
[Percentage distribution of spending units]
[Percentage distribution of newest cars owned]
Income quintile
and year
TABLE
AUTOMOBILE O W N E R S H I P W I T H I N I N C O M E ,
Group characteristic
Num- All
ber of
cases cases
Owns
1 auto- 2 or
mobile more
Does
not
own
3,000
100
58
8
34
1953 money income before
taxes:
Under $1,000
$l,000-$l,999
$2,000-$2,999
$3,000-$3,999
$4,000-$4,999
$5,000-$7,499
$7,500 and over
239
351
381
447
465
670
447
100
100
100
100
100
100
100
23
36
51
60
70
77
68
3
1
6
4
8
9
26
74
63
43
36
22
14
6
Occupation of head of
spending unit:
Professional and semiprofessional
Managerial
Self-employed
Clerical and sales
Skilled and semiskilled. .
Unskilled and service....
Farm operator
Retired
281
179
278
392
850
273
227
203
100
100
100
100
100
100
100
100
74
76
60
58
65
47
63
41
10
13
21
4
7
3
12
4
16
11
19
38
28
50
25
55
879
100
100
100
100
51
65
56
60
6
6
7
16
43
29
37
24
All spending units
Region: 1
North East
North Central
South
West
1,053
686
382
1
Survey regions are defined as follows: North East includes
New England, the Middle Atlantic States, and Delaware; North
Central includes West North Central and East North Central
States; South includes East South Central, West South Central,
and South Atlantic States other than Delaware; West includes
Mountain and Pacific Coast States.
Continuation of footnotes to Table 8.
2
For derivation of age of automobile from model year information, see text Table 3.
FEDERAL RESERVE
BULLETIN
1954 SURVEY OF CONSUMER FINANCES
SUPPLEMENTARY T A B L E
5
AUTOMOBILE OWNERSHIP WITHIN RURAL AND URBAN FAMILY INCOME QUINTILES *
[Automobile owners as a percentage of all families in group]
Families ranked by annual
income before taxes
Urban fami
All families
31941
2
1954
2
Rural families
ies
1953
2
31941
1954
2
21954
21953
All cases
70
65
58
66
62
54
78
71
65
Highest fifth
Second
Third
Fourth
Lowest fifth
91
87
74
63
35
88
82
70
55
32
85
70
59
50
27
91
85
74
55
27
86
81
67
51
23
84
72
59
40
17
97
91
85
74
44
94
86
79
60
39
90
83
73
55
23
1953
31941
r Finances) relate to ownership of automobile at time of inter
year than in later years.
)f a:
annual money income before taxes in 1953 and_ 1952, and then
All families (including single-person families) were ranked by size of
classified in fifths (quintiles). For 1941 the rankings were derived from "an- open-end distribution of families among various income size
i:^_:u....-.•
Urban
similarly
groups by a process of freehand graphic interpolation of cumulative frequency distributions.
^jiuau. and
amu rural
imai families
lamuia were
wc±c ouniianv
ranked and classified. It is believed that the data show with reasonable accuracy the nature of certain changes in the pattern of ownership 2during this period.
Ownership of an automobile by some member of the family at time of interview.
3
Ownership in some period during 1941 of an automobile used wholly or partly as a family car. Excludes cars used exclusively for
business purposes.
SUPPLEMENTARY T A B L E
6
PURCHASES OF CONSUMER DURABLE GOODS 1
Type of purchase
Percentage of
spending
units
purchasing 2
Estimated
number
of
spending
units (In
millions)
Expenditure 3
Median
4
Average
4
Estimated
total (In
billions)
Type of purchase 5
Percentage of
spending
units
purchasing
Estimated
number
of
spending
units (In
millions)
Median
expenditure 8
Automobile: 7
1953
1952
1951
1950
23.6
21.3
21.9
24.5
13.0
'11.6
'11.7
'11.9
$1,500
1,380
1,300
1,420
$1,600
1,490
1,380
1,340
20.7
'17.3
'16.2
'17.3
Furniture:
1953
1952
1951
1950
16.4
15.4
14.3
12.6
9.0
'8.4
'7.7
'6.6
$200
220
200
215
New automobile:
1953
1952
1951
1950
9.1
6.7
8.2
10.1
5.0
3.6
'•4.4
'5.3
2 ,500
2,500
2,200
2,110
2,650
2 ,680
2,390
2,220
13.3
9.7
'10.5
'11.8
Television set:
1953
1952
1951
1950
14.2
11.3
12.0
11.8
7.8
'6.2
'6.4
'6.2
300
300
300
300
Used automobile:
1953
1952
1951
1950
14.5
14.6
13.7
14.4
8.0
'8.0
'7.3
'7.6 .
900
850
600
550
920
950
790
730
7.4
'7.6
'5.8
5.5
Refrigerator: 8
1953
1952
1951
1950
8.7
8.2
11.7
13.4
4.8
'4.5
'6.3
'7.1
280
270
255
270
6.5
5.5
5.7
6.4
3.6
3.0
'3.1
'3.4
200
190
180
175
Washing machine:
1953
1952
1951
1950
r
Revised. See technical note, p. 7.
Purchases for given years were ascertained from interviews in January, February, and early March of following year.
of all spending units that bought cars during the given year and still owned them at the time of interview.
Refers (1) only to the most recent car purchase during the given year in the case of spending units that bought more than one car
but owned only one at the time of interview, and (2) only to the more expensive car purchased during the given year in the case of spending units
that bought more than one car and owned more than one at the time of interview.
4
Before deduction for trade-in or sale of automobile.
6
Includes
both new and used items.
6
Before deduction for trade-in.
7
Includes
both new and used automobiles.
8
Includes home freezers in 1950 and 1951 but not in 1952 and 1953. An estimated 1.9 per cent of the population bought home freezers
in 1953 and 1.6 per cent in 1952.
2
Proportion
3
JUNE
1954
579
1954 SURVEY OF CONSUMER FINANCES
SUPPLEMENTARY T A B L E 7
PURCHASERS OF CONSUMER DURABLE GOODS WITHIN VARIOUS GROUPS
[Purchasers as a percentage of spending units within groups]
New automobile
Furniture and major
household appliances
Used automobile
Group characteristic
1953
1952
1951
1953
All spending units
Money income before taxes:
Under $1,000
$l,000-$l,999
$2,000-$2,999
n
0)
$3,000-$3,999
6
7
6
14
29
16
17
16
8
$4,000-$4,999
$5,000-$7,499
$7,500 and over
Occupation of head of spending unit:
Professional and semiprofessional
Managerial
Self-employed
Clerical and sales
Skilled and semiskilled
Unskilled and service
Farm operator
All other 2
9
4
13
4
1951
15
14
1953
1952
39
42
13
25
1
3
4
7
10
15
30
7
12
17
16
20
15
10
4
10
16
23
21
14
6
10
14
20
17
16
22
30
34
43
52
52
56
15
27
36
41
47
52
52
21
25
38
47
49
59
67
15
17
14
8
6
1
5
3
15
14
16
9
8
3
11
3
10
7
16
10
20
17
14
10
9
11
16
15
22
17
10
3
10
16
11
12
19
15
12
7
41
52
43
46
51
38
42
28
47
42
46
36
45
40
36
26
45
61
52
42
50
33
41
25
11
4
14
5
13
4
22
22
22
17
23
19
23
21
11
14
18
21
21
23
6
16
52
58
39
48
63
53
34
42
57
55
39
48
0)
2
2
5
6
Family status:
Single:
Age 18-44
Age 45 and over
Married: 3
Age 18-44, no children under 18
Age 18-44, children under 18
Age 45 and over, no children under 18
Age 45 and over, children under 18. . .
1952
11
14
9
11
13
10
9
11
5
17
' N o cases reported or less than one-half of 1 per cent.
2
Includes spending units headed by retired and unemployed persons and by students, housewives, and persons whose occupations
were 3not ascertained.
Age refers to head of spending unit. Includes only spending units in which both husband and wife are present.
SUPPLEMENTARY T A B L E 8
OCCUPATION AND FAMILY STATUS OF PURCHASERS OF CONSUMER DURABLE GOODS
[Percentage distribution of spending units]
All spending
units
Group characteristic
Occupation of head of spending unit:
Professional and semiprofessional
Managerial and self-employed
Clerical and sales
Skilled and semiskilled
Unskilled and service
Farm operator
All other 1 . . .
..
.
All cases . . .
.
Family status:
Single:
Age 18-44
Age 45 and over
Married: 2
Age 18-44, no children under 18
Age 18-44, children under 18
Age 45 and over, no children under 18
Age 45 and3 over, children under 18
All others
All cases
Number of cases
Purchasers of
used automobiles
Purchasers of
furniture and
major household appliances
1953
1952
1953
1952
1953
1952
1953
1952
. .
7
12
12
31
11
8
19
8
12
12
29
13
8
18
13
22
11
31
5
10
8
18
28
15
23
3
6
7
5
11
8
43
13
7
13
5
12
12
43
15
6
7
7
14
12
37
10
7
13
9
14
11
33
13
8
...
100
100
100
100
100
100
100
100
11
14
12
12
7
30
20
10
9
6
2
9
49
20
12
2
11
3
8
4
12
46
15
10
5
6
7
9
43
19
11
5
7
5
14
36
21
8
7
12
4
9
46
6
12
11
12
40
17
10
9
100
100
100
100
100
100
100
100
3,000
3,097
1,307
1,232
....
..
Purchasers of
new automobiles
7
32
21
10
5
305
245
409
405
12
includes spending units headed by retired and unemployed persons and by students, housewives, and persons whose occupations
were 2not ascertained.
Age refers to head of spending unit. Includes only spending units in which both husband and w;fe are present.
8
Includes spending units with or without children from which husband or wife is absent, and those for which family status was not
ascertained.
580
FEDERAL RESERVE
BULLETIN
1954 SURVEY OF CONSUMER FINANCES
SUPPLEMENTARY T A B L E 9
INCOMES OF PURCHASERS OF CONSUMER DURABLE GOODS
[Percentage distribution of spending units]
Number
of cases
Type of purchase
714
650
635
New automobile:
1953
19 52
1951
305
245
295
Used automobile:
1953
1952
1951
Under
$1,000
$1,000$1,999
$2,000$2,999
$3,000$3,999
$4,000$4,999
$5,000
and over
3
2
4
7
7
9
13
13
14
16
23
22
17
19
18
44
36
33
100
1
1
3
6
8
4
8
12
12
14
11
13
18
68
68
53
409
405
338
100
100
100
5
3
6
11
9
11
16
18
18
18
28
27
21
21
18
29
21
20
1,307
1,232
1,216
100
100
100
5
4
6
9
9
9
11
15
16
16
19
20
20
18
17
39
35
32
430
355
376
100
100
100
1
1
2
5
4
5
9
16
12
21
20
20
21
22
17
43
37
44
13
14
15
14
16
18
16
18
18
16
15
14
26
22
Television set:
1953
1952
1951
OO
CO
Furniture and major household appliances: 4
1953
1952
1951
OOO
OOO
Automobile: 2
1953
1957
1951
All
cases l
Distribution of spending units
100
100
100
3,000
3,097
2,820
1953
1952
1951
1
Refers to buyers only in distribution of purchasers and
2
Includes both new and used automobiles.
3
No
cases reported or less than one-half of 1 per cent.
4
10
11
13
31
to all spending units in distribution of spending units.
Includes television sets.
SUPPLEMENTARY T A B L E
SUPPLEMENTARY TABLE 11
10
E F F E C T OF FAMILY STATUS ON PURCHASES OF FURNITURE AND
PURCHASES OF TELEVISION SETS WITHIN INCOME GROUPS AND
M A J O R HOUSEHOLD APPLIANCES
REGIONS
[Purchasers as percentage of all spending units within groups]
[Purchasers as a percentage of spending units within groups]
Family status of
spending unit
Teevision
set
Purchasers
Washing
machine
Refrigerator 1
Furniture
1953 1952 1953 1952 1953 1952 1953 1952
Single:
Age 18-44
Age 45 and over
5
7
6
4
Married: 2
Age 18-44, no children
14
under 18
Age 18-44, children
21
under 18
Age 45 and over, no
children under 18. . 13
Age 45 and over, chil16
dren under 18
19
16
10
11
1
1
1
1
1
5
10
8
14
11
9
10
4
4
7
8
7
8
3
5
10
5
12
4
16
26
33
10
24
21
7
11
12
8
16
12
Income and region
1953
1952
1951
All spending units
14
11
12
Money income before taxes:
Under $1,000
$l,000-$l,999
$2,000-$2,999
$3,000-$3,999
$4,000-$4,999
$5,000-$7,499
$7,500 and over
1
5
9
18
19
19
21
2
3
11
13
17
16
16
2
4
8
14
14
24
26
Region:
North East
North Central
South
West
14
16
11
17
13
12
9
12
17
14
7
9
1
2
Excludes home freezers.
Age refers to head of spending unit. Includes only spending
units in which both husband and wife are present.
JUNE 1954
581
1954 SURVEY OF CONSUMER FINANCES
SUPPLEMENTARY T A B L E
12
OWNERSHIP OF TELEVISION SETS WITHIN VARIOUS GROUPS, EARLY 1952
AND
1954
[Owners as a percentage of spending units within groups]
Group characteristic
1954
1952
All spending units
49
30
Money income in preceding year (before taxes):
Under $1,000
$l,000-$l,999
$2,000-$2,999
$3,000-$3,999
$4,000-$4,999
$5,000-$7,499
$7,500 and over
12
18
28
52
62
75
75
4
10
17
32
48
54
60
67
53
40
46
26
51
27
23
22
8
Size of community: 1
Metropolitan area
Other city, 50,000 and over
Town or city, 2,500 to 50,000
Town under 2,500
Open country
J
2
Group characteristic
1954
1952
Region:
North East
North Central
South
West
63
51
33
50
49
30
13
29
Family status:
Single:
Age 18-44
Age 45 and over
19
28
11
13
52
65
53
59
31
40
33
Married: 2
Age 18-44, no children under 18
Age 18-44. children under 18
Age 45 and over, no children under 18
Age 45 and over, children under 18. .
37
The 12 largest cities in the United States and their suburbs.
Age refers to head of spending unit. Includes only spending units in which both husband and wife are present.
SUPPLEMENTARY TABLE
13
HOUSING STATUS OF NONFARM FAMILIES
[Percentage distribution of nonfarm families within specified groups]
Number of cases
Group characteristic
1954
All nonfarm families2
1953
Owns home
All
cases
1950
Other i
Rents home
1954
1953
1950
1954
1953
1950
1954
1953
1950
15
6
3
2
1
1
16
9
4
2
2
2
2
2,478 2,540
2,670
100
56
54
51
40
43
154
209
222
340
395
637
515
178
247
292
382
382
602
450
268
372
472
538
363
392
233
100
100
100
100
100
100
100
44
45
47
45
52
65
72
50
49
38
45
52
64
70
43
35
47
50
55
65
71
37
46
47
52
45
33
27
35
45
59
53
47
35
30
41
56
49
48
43
33
27
19
9
6
3
3
2
1
Occupation of head of family:
Professional and semiprofessional
Managerial and self-employed . . .
Clerical and sales
Skilled and semiskilled
Unskilled and service
Retired
249
443
296
773
239
190
275
432
313
752
287
180
254
441
349
765
294
176
100
100
100
100
100
100
58
69
56
54
41
65
48
67
46
53
38
75
41
66
44
55
36
69
38
29
42
43
46
25
48
31
52
46
53
19
52
31
54
43
49
25
4
2
2
3
13
10
Age of head of family:
18-24
25-34
35-44
45-54
55-64
65 and over
92
527
614
490
410
339
«598
«568
«491
•352
"368
120
585
626
555
402
354
100
100
100
100
100
100
18
42
57
63
66
63
14
41
54
60
64
69
18
33
51
60
65
65
77
55
39
33
30
27
57
43
38
32
25
76
62
45
35
28
30
5
3
4
4
4
1C
Veteran status:
No veteran of World War II in
1,534 1,762
family
One or more veterans of World
740
War II in family
911
1,957
100
57
56
54
38
40
694
100
54
46
959
433
100
100
100
100
100
46
51
57
70
68
43
46
57
68
69
100
100
100
100
50
61
56
55
44
64
50
57
Family income in preceding year (before taxes):
Under $1,000
$l,000-$l,999
$2,000-$2,999
$3,000-$3,999
$4,000-$4,999
$5,OOO-$7,499
$7,500 and over
Size of community:
Metropolitan area
,
Other city, 50,000 and over
Town or city, 2,500 to 50,000...
Town under 2,500
Open country
885
428
542
397
226
875
470
515
462
218
Region:
North East
North Central
South
West
747
824
578
323
761
815
620
337
«Estimated.
1,278
1
Families that receive housing as part of compensation,
2
Includes single-person units.
3
No
cases reported or less than one-half of 1 per cent.
4
43
45
43
57
7
3
2
2
15
6
54
52
46
39
23
20
55
51
41
29
23
47
35
39
38
53
34
45
40
52
54
36
2
3
4
7
12
that are temporarily living in houses they have so!d, etc.
Data not available.
582
FEDERAL RESERVE BULLETIN
1954 SURVEY OF CONSUMER FINANCES
SUPPLEMENTARY T A B L E
14
HOUSING STATUS AND YEARS IN PRESENT RESIDENCE IN RELATION TO FAMILY STATUS, EARLY
1954
[Percentage distribution of nonfarm families]
Number of
cases
Family status of spending unit 1
All nonfarm families3
Years in present
residence
All
cases
Owns
home
Under
2
2 to 5
5 and
over
Years in present
residence
Rents
home
Other 2
Under
2
2 to 5
5 and
over
2,478
100
56
8
12
36
40
19
9
12
4
Single4
478
100
43
2
4
37
48
23
10
15
9
Married: 5
Age 18-44, no children under 18. . .
Age 18-44, children under 18
Age 45 and over, no children under 18.
Age 45 and over, children under 18..
190
854
592
258
100
100
100
100
41
54
71
69
15
14
4
7
14
19
11
11
12
21
56
51
55
43
25
27
38
23
7
6
10
11
6
8
7
9
12
13
4
3
4
4
1
Family status refers to primary spending unit in those families (about 9 per cent of all families) which include two or more related
spending
units.
2
Families
that receive housing as part of compensation, that are temporarily living in houses they have sold, etc.
3
Includes
cases in which family status was not ascertained.
4
For family units consisting of a single person or two or more single persons with head of unit whose age is 18-44, 19 per cent own
their homes. 74 per cent rent, and 7 per cent have other arrangements. For similar units with head aged 45 and over, the corresponding
data 5were 51, 40, and 9 per cent.
Age refers to head of spending unit. Includes only spending units in which both husband and wife are present.
SUPPLEMENTARY T A B L E
SUPPLEMENTARY T A B L E
15
NONFARM HOUSES CLASSIFIED BY V A L U E , MORTGAGE
AND
DEBT,
MORTGAGE D E B T IN RELATION TO HOUSE VALUE AND T E R M
OF
OWNER'S EQUITY
[Percentage distribution of owner-occupied nonfarm houses]
O W N E R OCCUPANCY, EARLY
Term of owner occupancy
Amount
Mortgage debt
1954 1953 1950 1954 1953 1950 1954 1953 1950
Zero
$l-$2,499
$2,500-$4,999
$5,000-$7,499
$7,500-$9,999
$10,000-$12,499. . .
$12,500-$19,999. . .
$20,000 and over.. .
Not ascertained . . .
All cases
18
16
18
19
9
1
18
17
15
17
19
9
5
24
21
18
15
11
4
7
100
100
100
49
28
12
i
100
of dollars)
l
1
12
11
6
1
13
19
20
12
10
13
5
8
17
21
21
14
10
7
3
7
(*) 2
100 100 100 100 100
Average
verage (thousands
(th
10.7 10.7
54
28 [15
\19
12 23
3 13
53
27
12
5
3
8.6 H.8 54.5
5
3.9 8.2 8 . 6 6.8
As estimated by respondents early in year indicated, except
that houses purchased during preceding year were valued at purchase
price.
2
Early in year specified.
3
Estimated value of house minus mortgage and, in 1953 only,
a few
cases of repair and modernization debt.
4
No cases reported or less than one-half of 1 per cent.
5
Average mortgage pertains to mortgaged houses only and cannot be subtracted from average value to obtain average equity.
JUNE 1954
1954
[Percentage distribution of owner-occupied nonfarm houses]
Owner's3
equity
Mortgage
debt*
Value1
16
All
terms
Under
2
5
7
10
16
to
to
to
to
years
2
5
7
10
and
16
years years years years years over
No debt 1
Some debt
49
51
17
83
25
75
37
63
51
49
67
33
88
12
Debt as a percentage
of house value:
Less than 20
20-39
40-59
60-79
80 and over
9
14
14
10
4
3
9
24
27
20
5
19
28
19
4
8
25
21
8
1
17
19
10
2
1
16
12
4
1
(2)
8
3
(2)
100
100
100
100
100
100
100
Number of cases... . 1,466
225
328
159
197
219
321
All cases
(2)
1
Includes a few cases where the existence of a mortgage was not
ascertained.
2
N o cases reported or less t h a n one-half of 1 per cent.
583
1954 SURVEY OF CONSUMER FINANCES
SUPPLEMENTARY TABLE
SUPPLEMENTARY T A B L E
17
PURCHASES OF NONFARM HOUSES
Type of house
Percentage
of
nonfarm
spending
units
1
18
PURCHASERS OF NONFARM HOUSES
EstiEstimated
mated
number Median Average
total
of pur- expendiexpendiexpendichasers
ture 2
ture 2
ture
(In
(In
millions)
billions)
1953- New
Existing. . .
1.4
2.9
.7
1.5
}$10,500 $11,600
$25.5
1952: New
Existing. . .
0.6
1.1
J 10,800 11,800
20.7
1951: New
Existing. . .
1.3
2.3
1.4
3.5
0.7
1.7
}
8,500
9,300
22.3
1950: New
Existing. . .
1.7
2.9
0.8
1.4
J
8,500
9,400
20.7
1949: New
Existing. . .
1.3
2.2
0.6
1.0
\
5,900
7,000
11.2
1
Purchases in each year were ascertained from interviews early
in 2the following year.
Data regarding median and average expenditures are based on a
relatively small number of cases and should be used with caution.
[Purchasers as a percentage of all nonfarm spending units
within groups]
Group characteristic
1953
All nonfarm spending units
Money income before taxes:
Under $1,000
$l,000-$l,999
$2,000-$2,999
$3,000-$3,999
$4,000-$4,999
$5,000 and over
Family status of spending unit:
Single:
Age 18-44
Age 45 and over
Married: 2
Age 18-44, no children under 18
Age 18-44, children under 18
Age 45 and over, no children under 18..
Age 45 and over, children under 18. ..
Veteran status:
Veteran of World War II in spending unit.
No veteran of World War II in spending
unit
1951
0)
1
4
3
5
8
O)
0)
6
8
3
4
1
1
11
9
3
3
:
No
2
cases reported or less than one-half of 1 per cent.
Age refers to head of spending unit. Includes only spending
units in which both husband and wife are present.
SUPPLEMENTARY TABLE
19
CHARACTERISTICS OF PURCHASERS OF NONFARM
HOUSES 1
[Percentage distribution of nonfarm spending units]
All nonfarm spending units
Purchasers
Group characteristic
Money income before taxes:
Under $1,000
$l,000-$l,999
$2,000-$2,999
$3,000-$3,999
$4,000-$4,999
$5,000 and over
All cases
Family status of spending units:
Single person:
Age 18-44
Age 45 and over
Married-.3
Age 18-44, no children under 18
Age 18-44, children under 18
Age 45 and over, no children under 18. . . .
Age 45 and over, children under 18
Other and not ascertained
All cases
Veteran status:
Veteran of World War II in spending unit
No veteran of World War II in spending unit..
Not ascertained
All cases
Number of cases
1953
1952
1951
1953
1952
1951
8
13
13
16
17
33
9
13
16
19
15
28
11
15
18
18
15
23
()
3
11
9
19
58
2
3
12
12
17
54
3
5
15
18
27
32
100
100
100
100
100
100
11
15
13
12
12
12
1
1
3
6
3
3
32
20
9
5
7
30
19
9
10
7
30
20
10
9
10
60
12
9
7
10
41
21
13
6
16
53
14
7
4
100
100
100
100
100
100
35
64
1
28
70
2
28
70
2
52
45
3
34
64
2
50
50
100
100
100
100
100
2,865
2,604
133
108
1
Includes
2
No cases
3
new and existing nonfarm houses.
reported or less than one-half of 1 per cent.
Age refers to head of spending unit. Includes only spending units in which both husband and wife are present.
584
FEDERAL RESERVE BULLETIN
1 9 5 4 SURVEY OF CONSUMER FINANCES
SUPPLEMENTARY TABLE 20
EXPENDITURES BY N O N F A R M H O M E OWNERS FOR H O M E IMPROVEMENT AND MAINTENANCE, 1953
[Percentage distribution of home-owning families within specified groups]
Number of
cases
Group characteristic
All
cases
Not
$100- $300- $500- $1,000
and ascerNone Under
$100 $299 $499 $999 over
tained
1,468
100
42
15
16
8
9
8
1953 family income before taxes:
Under $1,000
$l,000-$l,999
$2,000-$2,999
$3,000-$3,999
$4,000-$4,999
$5,000-$7,499
$7,500 and over
67
98
104
164
224
428
379
100
100
100
100
100
100
100
55
45
47
52
40
38
38
26
27
6
14
18
14
9
10
11
25
7
18
20
15
2
9
4
9
7
10
8
3
6
9
8
10
9
14
1
2
5
9
5
7
15
Length of ownership:
Less than 1 year
1 to 3 years
3 to 5 years
5 to 10 years
10 to 21 years
21 years and over
126
206
221
356
314
226
100
100
100
100
100
100
64
40
39
40
36
48
14
15
14
14
18
14
9
16
20
20
14
15
2
8
11
10
7
5
6
11
7
7
13
11
3
6
7
7
11
7
Value of house: 2
Under $5,000
$5,000-$7,499
$7,500-$9,999
$10,000-$12,499
$12,500-$19,999
$20,000 and over
188
222
231
274
347
195
100
100
100
100
100
100
49
46
39
38
42
38
18
19
14
12
12
7
10
12
23
20
16
19
7
8
6
10
9
9
8
10
7
13
10
9
5
4
10
6
10
15
182
(4)
100
(*)
36
(4)
23
(«)
14
(*)
6
(*)
12
(*)
7
84
504
427
194
100
100
100
100
44
42
46
39
16
16
11
12
16
17
14
20
5
9
10
7
7
8
9
13
8
6
9
7
Nonfarm home owner
Family status: 3
Single:
Age 18-44
Age 45 and over
Married: 5
Age 18-44, no children under 18
Age 18-44, 1 or more children under 18
Age 45 and over, no children under 18
Age 45 and over, 1 or more children under 18
3
0)
1
2
2
1
2
4
2
2
1
0)
(*)
2
1
No cases reported or less than one-half of 1 per cent.
Refers only to owner-occupied nonfarm houses.
Refers only to primary spending unit in home-owning nonfarm families.
4
Too few cases to be computed.
s
Age refers to head of family unit. Includes only spending units in which both husband and wife are present.
2
3
SUPPLEMENTARY T A B L E
21
CONSUMER PLANS TO PURCHASE DURABLE
Prospective purchasers
as a percentage of
all spending units
Type of purchase
Median
anticipated
expenditure 1
Definite,
probable
Uncertain
New automobile:
1954
1953
1952 . .
1951
5.1
5.8
4.3
4.0
2.8
3.3
2.5
2.6
$2,500
2,500
2,300
1,970
Used automobile:
1954
1953
1952
1951
4.3
4.2
4.2
3.1
2.1
1.9
1.8
2.3
750
900
600
590
23.0
26.4
19.6
21.7
3.9
5.5
3.5
5.7
300
300
290
300
Furniture and
appliances: 2
1954
1953
1952
1951
major
household
GOODS
Percentage of all
spending units with
plans to buy
Type of purchase
Definite,
probable
Uncertain
10.4
11.5
8.7
8.2
1.5
1.7
0.9
2.2
6.7
8.1
5.6
5.1
1.0
2.7
1.2
1.3
Refrigerator: 3
1954
1953
1952
1951
3.7
4.4
4.6
5.1
0.4
1.0
0.9
1.5
Washing machine:
1954
1953
1952
1951
3.2
3.2
1.8
2.7
0.4
0.5
0.1
0.8
Furniture:
1954
1953
1952
1951
Television set:
1954
1953
1952
1951
. . . .
1
Based on planned expenditures of spending units definitely or probably going to buy.
Includes all spending units planning to buy one or more of specified items,
i n c l u d e s home freezers in 1951 and 1952 but not in 1953 and 1954.
3
JUNE 1954
585
1954 SURVEY OF CONSUMER FINANCES
SUPPLEMENTARY T A B L E 22
PROSPECTIVE PURCHASERS OF CONSUMER DURABLE GOODS AND N O N F A R M HOUSES WITHIN INCOME GROUPS *
[Prospective purchasers as a percentage of spending units within groups]
Consumer durable goods
Money income before taxes in
preceding year
New automobiles
1953
All spending units 2
Under $1,000
$l,000-$l,999
$2,000-$2,999
$3,000-$3,999
$4,000-$4,999
$5,000-$7,499
$7,500 and over....
1
2
3
2
1
3
3
5
6
18
1
1
4
4
5
10
17
Used automobiles
1954
1953
Furniture and major
household appliances
1954
1953
23
26
7
13
20
19
29
32
33
9
17
17
30
30
40
40
Nonfarm houses,
new and used
1954
1953
(•)
3
3
4
7
9
12
Includes units definitely or probably going to buy, b u t excludes the undecided.
D a t a for consumer durable goods refer to all spending units and those for nonfarm houses to nonfarm spending units only.
Less t h a n one-half of 1 per cent.
586
FEDERAL RESERVE BULLETIN
EL R. BILL 7602 :
I am here in response to a request from
Chairman Hoffman to appear and testify on
the bill H. R. 7602, which would direct the
Comptroller General to make an audit for
the year ending December 31, 1953, of the
Board of Governors of the Federal Reserve
System, the Federal Open Market Committee, and the Federal Reserve Banks and their
branches.
The Board of Governors recognizes the
importance of budgetary and accounting procedures that will make for effective and efficient operations throughout the Federal Reserve System and is entirely in sympathy
with the objectives sought in various proposals on the subject that have been advanced
in the Congress. Fully effective procedures
are already provided, however, and to superimpose a further budgetary and auditing review upon the existing procedures is neither
necessary nor advisable.
The functions and responsibilities of the
Board of Governors and the Federal Reserve
Banks are such that Congress has provided
that they be carried out with independent
discretion and judgment. Accordingly, the
expenses of the Board and of the Federal
Reserve Banks are not subject to the budgetary and auditing control of any other
agency of Government. The Board of Governors is the governmental supervisory
agency of the reserve banking system and as
such has responsibility for general supervision over expenditures at the Reserve Banks
(which include the great bulk of System expenditures). It also has direct responsibility
for expenditures at the Board.
1
Statement of Wm. McC. Martin, Jr., Chairman, Board of
Governors of the Federal Reserve System, before the House
Committee on Government Operations, June 2, 1954.
JUNE
1954
For many years the Board had its own accounts audited by representatives of the auditing departments of the seven nearest Federal
Reserve Banks on a rotating basis. However,
in order to avoid any question as to the impartiality of these audits, in 1952 the Board
engaged the firm of Arthur Andersen & Co.
to audit its accounts. The certificate of the
audit for 1952 was included in the Board's
Annual Report for that year. The firm has
completed an audit of the Board's records for
the year 1953 and a copy of its report has
been sent to the Congressional Banking and
Currency Committees.
Manifestly, Federal Reserve operations
should be conducted with maximum efficiency and economy. To that end Congress
placed upon the Board of Governors, which
is a part of the Government, direct responsibility for general supervision and periodic
examination of the Federal Reserve Banks.
The Federal Reserve Act also provides that
each Federal Reserve Bank shall have a
board of directors of nine men chosen from
their respective districts. They are outstanding men in their communities, prominently
identified with industry, commerce, agriculture, banking, and professional life, who
bring to the Reserve Banks their personal experience in applying high standards of efficiency in their fields of private enterprise.
It has thus been aptly said that the Federal
Reserve combines advantages of governmental control with advantages of private
business management.
The Board believes that the Congress has
provided a sound, prudent, and adequate
means of achieving efficiency and economy
in Federal Reserve operations by combining
in one agency, which of necessity is thor587
H. R. BILL 7602
oughly informed concerning Federal Reserve
Bank operations, not only the authority to
examine and audit, but also the power to put
into effect through its supervisory authority any improvements the need for which
is thus disclosed. Legislation to superimpose
a further audit of these operations by another Government agency would make for
duplication and needless expense. Moreover,
the audit might constitute an entering wedge
in encroaching upon that independence of
judgment which Congress has sought to
safeguard. Such independence of judgment
is indispensable in the determination and
execution of impartial credit and monetary
policy. If through some measure of control
over the finances of the reserve banking system, another agency of Government could
restrict operations which the System deemed
necessary in performing its statutory functions, the resulting substitution of judgment
could only result in a growing loss of effectiveness of the Federal Reserve System.
In meeting its statutory responsibility of
exercising general supervision over the Reserve Banks, the Board constantly strives
through budgetary measures, comparative
cost studies, and similar methods to increase
economy and efficiency of operations. In
588
addition, its staff of examiners conducts a
thorough and effective annual examination
of each Federal Reserve Bank and branch.
In order to be assured that its examination
procedures meet the highest standards of
commercial auditing procedures and techniques, the Board has adopted the policy of
engaging a nationally recognized public accounting firm to accompany the examiners
on one Federal Reserve Bank examination
each year for the purpose of reviewing and
observing the procedures in actual use.
The Federal Open Market Committee by
statute is exclusively a policy making body
and, therefore, does not handle any funds.
However, the annual examination of the
Federal Reserve Bank of New York, which is
the bank designated to carry out System open
market transactions for the twelve Federal
Reserve Banks, as directed by the Federal
Open Market Committee, includes a comprehensive examination of the accounts relating to these transactions.
The Board believes enactment of the bill,
H. R. 7602, would conflict with the fundamental purposes which Congress has sought
to achieve in the Federal Reserve Act and,
therefore, would be contrary to the public
interest.
FEDERAL RESERVE BULLETIN
Administrative interpretations of banking laws, new regulations issued by the
Board of Governors, and other similar material
Interest on Deposits
Adjustment of Interest on Loan
In two recent cases, the Board was presented with
questions as to whether an adjustment in the interest rate charged by a member bank on a loan to
its customer involved a payment of interest on a
demand deposit in violation of section 19 of the
Federal Reserve Act and section 2(a) of the Board's
Regulation Q. Although somewhat similar superficially, the two cases differed factually and the
Board reached different conclusions. The two cases
are as follows:
Interest charged borrower on net withdrawable
credit. In the first case considered by the Board,
it appeared to be contemplated that a member
bank would extend credit to a certain Corporation
on the basis of certain instalment paper received
by the bank from the Corporation and that, in
calculating the amount of interest payable by the
Corporation to the bank, there would first be deducted from the principal amount of the credit
the amount of a cash margin or reserve which
would be set aside in a demand deposit account
with the bank by the Corporation but which apparently would not be subject to withdrawal. For
example, if the credit amounted to $100,000, and
a cash margin or reserve of $7,500 were set aside,
interest at the rate of 4*4 per cent would be computed on the basis of $92,500.
In its reply, the Board referred to the fact that
it has been the Board's general policy for many
years not to pass upon the question whether particular practices involve a payment of interest in
violation of Regulation Q, except after consideration
of all the facts and circumstances of a specific case
as developed by examinations of the member bank
involved, but to rely instead upon the cooperation
and good faith of member banks in adapting their
practices to conform to the spirit and purpose of
the law and the Board's regulation. This policy
has proved to be the most feasible basis for dealing
with questions of this kind. However, the Board
stated that, as it understood the facts in this case,
JUNE
1954
interest is charged by the bank at the agreed rate
on the net amount of the credit available for withdrawal, and no interest is charged on that part
of the proceeds which is retained by the bank as
a "reserve" and set up as a nonwithdrawable
deposit. The Board stated, therefore, that this view
of the matter, if factually correct, suggested that
the proposed arrangement would involve no question as to a payment of interest on the deposit.
Amount paid to borrower for account of depositor. In the other case recently considered by
the Board, it appeared that a certain Mortgage
Company on the West Coast is engaged in originating and servicing real estate mortgage loans in a
given area. After the mortgage loans are in "final
form", they are sold by the Mortgage Company
to insurance companies, including a certain Life
Insurance Company. In most cases, the loans arc
held by the Mortgage Company from two months
to twelve months before they are sold to an insurance company. In order to provide this interim
financing, the Mortgage Company borrows continuously from a local national bank through
demand notes secured by the real estate loans "in
process of completion." The amount of such
borrowing was in excess of $1,000,000 from September 1950 to August 1953, and at times has
been in the neighborhood of $3,000,000.
The Mortgage Company also services real estate
loans for the aforementioned Life Insurance Company. This arrangement involves the collection of
interest and principal payments from mortgagors
and the accumulation of such collections for periodic
transfer to the Life Insurance Company. Prior to
1953, the Mortgage Company from time to time
would transfer the balances in its several collection
accounts to the Life Insurance Company in New
York. Early in 1953, pursuant to its policy of
leaving funds on deposit in the localities in which
they originate, the Life Insurance Company instructed the Mortgage Company to make the transfers from the collection accounts into a demand
account in the above-mentioned national bank in
the name of the Life Insurance Company, and this
589
LAW DEPARTMENT
procedure has been followed for the past year or
more. A memorandum in the credit files of the
national bank dated February 9, 1953, mentions
that, under the new arrangement just described,
the balance in the Life Insurance Company's
account with the bank "will be allowed to build
up; and for this reason . . . it has been agreed that
we will continue to charge the [Mortgage Company] . . . an interest rate of 4% per cent, but
that twice each year—probably July and in January
—we will compute the increase in average balance
maintained with us by the [Life Insurance Company] and adjust the interest rate paid by the
[Mortgage Company] . . . by making rebate to
the latter." A notation in the national bank's credit
files dated August 3, 1953, refers to the memorandum just quoted and reiterates that the bank had
"agreed to make to the [Mortgage Company] . . .
a V2 of 1 per cent interest adjustment upon net
loanable funds derived from additional balances
placed with us by the . . . Life Insurance Company."
This notation, which is followed by a computation
by which the national bank ascertained that the
average "Additional Loanable Funds" in the Life
Insurance Company's account during the first six
months of 1953 amounted to $82,930.67, also stated
that "Based upon the above, adjustment of !/2 of
1 per cent for the six-month period would amount
to $207.33, which amount was remitted to the
[Mortgage Company] . . . August 11, 1953." The
information submitted also showed that in all
probability the "refund" for the last six months of
1953 would exceed the amount for the first six
months in that year. Although the national bank
makes the payment to the Mortgage Company,
the Life Insurance Company benefits from the
arrangement to the extent that it permits the Mortgage Company, which is producing real estate
loans on behalf of the Life Insurance Company,
"to continue to function profitably and obtain the
required bank credit."
Summarizing the foregoing facts, it appears that
the national bank, in consideration of the Life
Insurance Company's maintaining an increased
demand deposit balance with the bank, has paid
to the Mortgage Company !/2 per cent per annum
of the average "Additional Loanable Funds" so
maintained on deposit by the Life Insurance Company. In August 1953 such payment was made
by the national bank through an actual remittance
to the Mortgage Company.
Based on these facts, the Board of Governors
expressed the view that the arrangement involves
a payment by the national bank for the account
of its depositor, the Life Insurance Company, as
compensation for the use of funds constituting a
demand deposit, and therefore constitutes the payment of interest on a demand deposit by a member
bank in violation of section 19 of the Federal Reserve Act and section 2{a) of Regulation Q.
CURRENT EVENTS AND ANNOUNCEMENTS
Change in Board's Staff
Mr. Dwight L. Allen, who for the past ten years
has been a member of the Board's staff and has
served as Director of the Division of Personnel
Administration since June 1, 1951, is resigning
effective June 30, 1954, to accept a position as Vice
President of the Federal Reserve Bank of Cleveland.
Appointments of Branch Directors
On June 2, 1954, the Federal Reserve Bank of
San Francisco appointed Mr. S. B. Lafromboise,
President, The First National Bank of Enumclaw,
Enumclaw, Washington, as a director of the Seattle
Branch for the term ending December 31, 1954.
Mr. Lafromboise succeeded Mr. W. M. Jenkins,
President, First National Bank of Everett, Everett,
Washington, deceased.
590
On June 4, 1954, the Board of Governors announced the appointment of Mr. Theodore E.
Fletcher, Sr., Senior Partner, Albert W. Sisk & Son,
Preston, Maryland, as a director of the Baltimore
Branch of the Federal Reserve Bank of Richmond
for the term ending December 31, 1956. Mr.
Fletcher succeeded Mr. James M. Shriver, President, The B. F. Shriver Company, Westminster,
Maryland, wrhose term expired.
On June 10, 1954, the Federal Reserve Bank of
Cleveland appointed Mr. John Christian Warner,
President, Carnegie Institute of Technology, Pittsburgh, Pennsylvania, as a director of the Pittsburgh
Branch of the Federal Reserve Bank of Cleveland
for the term ending December 31, 1954. Mr.
Warner succeeded Mr. Montfort Jones, Professor of
Finance, The University of Pittsburgh, Pittsburgh,
Pennsylvania, deceased.
FEDERAL RESERVE BULLETIN
LAW DEPARTMENT
Appointment of Class C Director
small amounts; the totals excluded for March 31,
On June 10, 1954, the Board of Governors an- 1954, are shown in footnotes to the appropriate
nounced the appointment of Mr. J. Stuart Russell, tables.
Changes in the geographical classification of
Farm Editor, Des Moines Register and Tribune,
certain
countries or accounts are as follows: The
Des Moines, Iowa, as a Class C director of the
Bank
for
International Settlements, previously inFederal Reserve Bank of Chicago for the term
cluded
in
international
institutions, is now included
ending December 31, 1956. Mr. Russell succeeded
in
foreign
countries
under
"Europe—all other."
Mr. Allan B. Kline, President, American Farm
Bureau Federation, Chicago, Illinois, whose term The accounts of East Germany and the Soviet
Sector of Berlin, previously included with Gerexpired.
many, are also included under "Europe—all other."
Turkey is included in Europe, rather than in Asia,
Changes in Bulletin Tables
and the Republic of Korea is now reported sepaA number of changes have been made in the rately from "Other Asia." In order to present concontent and arrangement of the BULLETIN tables sistent series of data, the published material for
dealing with international capital transactions of previous dates has been revised, insofar as posthe United States and foreign gold reserves and sible, in accordance with the new classifications.
dollar holdings, which appear on pages 656-661 of
A new table "Estimated Gold Reserves and
this issue.
Dollar Holdings of Foreign Countries and InterThe material now published in the section "In- national institutions" is published on page 661.
ternational Capital Transactions of the United The table shows end-of-quarter data on gold reStates" excludes the tables on cumulative net capital serves of central banks, governments, and intermovement to the United States since 1935, sup- national institutions, plus official and private dollar
plementary country data on securities transactions, holdings reported by banks in the United States.
and brokerage balances (formerly tables 1, 6(a),
and 8). Transactions in domestic and foreign
Admission of State Bank to Membership in the
securities are now shown in one table, and country
Federal Reserve System
data on foreign securities have been condensed. A
The following State bank was admitted to memtable showing supplementary country data on shortterm liabilities to foreigners for end-of-year dates, bership in the Federal Reserve System during the
1950-53, (table l(d) on page 657) has been added. period April 16, 1954 to May 15, 1954:
Some of the changes in the tables have been
Florida
necessitated by a recent revision of the Treasury
Foreign Exchange Forms, from which most of the
Miami—Metropolitan Bank of Miami
data in this section are compiled, and by revised
instructions to the financial institutions that report Tables Published Annually and Semiannually, with
on such forms. The main features of the revision
Latest BULLETIN Reference
of the reporting forms are (1) an increase in the
Semiannually
Issue
Page
amount of liabilities to or claims on foreigners that
offices:
is exempt from reporting; (2) changes in the Banking
Analysis of changes in number o f . . .
Feb. 1954
210
On, and not on, Federal Reserve Par
geographical classification of certain countries and
List, number of
Feb. 1954
211
accounts; and (3) discontinuance of a monthly
Annually
series on brokerage balances.
and expenses:
Reporting institutions having total liabilities to Earnings
Federal Reserve Banks
Feb. 1954 208-209
Member banks:
or claims on foreigners of less than $500,000 are
Calendar year
May 1954 524-534
First half of year
Oct. 1953
1114
now generally exempt from monthly reporting.
Insured commercial banks
May 1954
535
The previous exemption was $100,000. This Banks and branches, number of, by class
and State
May 1954 536-537
change has resulted in the exclusion of relatively Operating ratios, member banks
Aug. 1953 904-906
JUNE 1954
591
NATIONAL SUMMARY OF BUSINESS CONDITIONS
[Compiled ]une 11 and released for publication June 14]
Industrial production rose somewhat in May
after leveling off in April. Construction activity
reached a new high. Unemployment continued to
decline. Sales at department stores were close to
their improved April level, and auto sales continued in large volume. Prices of agricultural products eased after mid-May, while prices of most other
commodities changed little.
cember. Activity in equipment industries generally changed little while output of ordnance declined considerably further.
Output of nondurable goods in May, after allowance for seasonal changes, continued to recover
from earlier reduced levels. Activity in the textile
and apparel industries showed much less than the
usual seasonal decline in April and preliminary
data indicate a moderate rise in May. Production
INDUSTRIAL PRODUCTION
of manufactured foods also increased in May reThe Board's preliminary seasonally adjusted in- flecting partly a substantial rise in meat production
dex of industrial production in May was up 2 points to a seasonally adjusted rate about 5 per cent
from the March-April level of 123 per cent of the higher than in the first quarter. Activity at paper
1947-49 average as output of durable goods, non- mills generally was maintained at advanced levels
durable goods, and minerals showed small gains. in May and output of paperboard rose contraseasonSteel mill operations in May and early June rose ally. Production of most other nondurable goods
to about 71 per cent of rated capacity, from a low changed little.
of 68 per cent in April, and in the second week
Minerals production was up slightly in May, as
of June were scheduled at 73 per cent. Output of reduced output of crude petroleum was more than
lumber and most other building materials has con- offset by a moderate recovery in coal production
tinued to show little change in recent months. and a pickup in iron ore mining from earlier reProduction of autos, after allowance for seasonal duced levels. Output of coal and iron ore this
variation, increased further in May but declined year through early June, however, has been conmoderately in the first half of June. Reflecting siderably below the corresponding period in 1953.
mainly a continued gain in television set producCONSTRUCTION
tion, seasonally adjusted output of major houseValue of new construction put in place, seasonhold goods recovered further in May, to a rate
about 13 per cent above the low reached last De- ally adjusted, rose slightly further in May to a new
CONSTRUCTION CONTRACTS AWARDED
INDUSTRIAL PRODUCTION
140
- f-
120
DURABLE
/
MANUFACTURES/
TOTAL
J
w
-
1...
'
100
^
-
\
\
-
\
'
RESIDENTIAL
r
120
/^\ AN*
lr
0
/
800
NONDURABLE
MANUFACTURES
. <Y-
W
-
100
MINERALS
»
PRIVATE
NONRESIDENTIAL
H
.(J
(
U 1 M 1 1 1 11 1 1
1950
(
1952
80
1954
ii ]j i M j
1111
1950
1) 11 | 1
J11
: ] l l
!11
1 1 1 1 i ! 1 1 1 11 1 . ! ] j j 1
i 1|11[ MjJ
1952
i
,
1
I,,
1954
Federal Reserve indexes. Monthly figures, latest shown are
for May.
592
,,,1
F. W. Dodge Corporation data for 37 Eastern
Monthly figures, latest shown are for April.
States.
FEDERAL RESERVE BULLETIN
NATIONAL SUMMARY OF BUSINESS CONDITIONS
record, reflecting continued gains in private construction work. Value of contract awards in the
first three weeks of May was at a monthly rate
sharply higher than in April, with large gains
in all major categories of awards. The number
of private housing starts did not show the usual
rise in May, but continued about as large as a year
earlier.
EMPLOYMENT
Unemployment declined further in May to 3.3
million, reflecting continued seasonal expansion in
agriculture, construction, and other outdoor activities. After allowance for seasonal changes, employment in nonagricultural establishments was
down somewhat further to 48.2 million, as manufacturing employment continued to decline; employment in nonmanufacturing lines generally was
maintained. The average workweek at factories
rose three-tenths of an hour to 39.3.
DISTRIBUTION
Seasonally adjusted sales at department stores
in May and early June continued at about their
improved April rate. With auto sales in May
near the high April level and output below sales,
dealers' stocks of new cars apparently declined
for the first time this year. Seasonally adjusted
stocks held by department stores declined slightly
in April to a level 4 per cent below a year ago.
BANK CREDIT AND RESERVES
U. S. Government security holdings of banks
in leading cities increased substantially during the
last half of May and early June, largely as a result
of acquisitions of the new 1% per cent Treasury
notes. Business loans declined further as is usual
at this time of year.
Member bank reserve positions continued generally easy during late May and early June. Excess
reserves of member banks averaged close to 800
million dollars and borrowings with the Federal
Reserve averaged less than 200 million. Federal
Reserve purchases of Treasury bills supplied reserves to banks during the period while reserves
were absorbed through increases in required reserves and outflow of currency into circulation.
SECURITY MARKETS
Yields on Government and high-grade corporate
and municipal bonds rose during the last half
of May. In early June yields on Government
bonds declined again. Yields on three-month
Treasury bills, which rose moderately around the
middle of May, declined in late May and early
June to the lowest level since mid-1947. Stock
prices continued to rise during late May and the
first week of June, but declined sharply in the second week of June.
MONEY RATES
COMMODITY PRICES
The average level of wholesale commodity prices
eased slightly after mid-May, reflecting chiefly decreases in agricultural commodities. Declines in
livestock prices reflected the expansion of marketings in May, and wheat prices decreased as crop
prospects improved further. Buying of zinc and
lead expanded in May and early June, partly under
the stimulus of stockpiling activities, and prices
were raised; steel scrap prices increased slightly
further; and wool textiles advanced. Petroleum
products declined, however, and some new models
of television were introduced at lower prices.
The consumer price index declined slightly
further in April as increases in foods and rents were
more than offset by reductions resulting from the
April 1 cut in excise taxes. Retail food prices
increased further in May.
JUNE
1954
COR
PORATE A
^
J
/
^
^
u. s GOVT.1
g-term
SCOUNT
RATE'
V
ii
S*
HIGH-GRADE
MUNICIPAL
r
V
1 i i i i i i i u<AJ^
Figures except for Federal Reserve discount rate are monthly
average market yields. Corporate Aaa bonds, Moody's Investors
Service; U. S. Government long-term (excludes 3]4- 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 June 12.
593
FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS
UNITED STATES
PAGE
Member bank reserves, Reserve Bank credit, and related items
597-598
Federal Reserve Bank rates; margin requirements; reserve requirements
598-599
Reserves and deposits of member banks
600
Federal Reserve Bank statistics
601-603
Regulation V: guaranteed loans, fees, and rates
603-604
Bank debits and deposit turnover; Postal Savings System
604
Money in circulation
605
Consolidated statement of the monetary system; deposits and currency. .
606
All banks in the United States, by classes
607-609
All commercial banks in the United States, by classes
610-611
Weekly reporting member banks
612-613
Commercial paper and bankers' acceptances
Life insurance companies; savings and loan associations
Government corporations and credit agencies
614
615
616-617
Security prices and brokers' balances
618
Money rates; bank rates on business loans; bond and stock yields
619
Treasury
finance
New security issues
Business
620-625
626
finance
Real estate credit statistics
627-628
629-631
Statistics on short- and intermediate-term consumer credit
632-634
Business indexes
635-644
Merchandise exports and imports
Department store statistics
644
645-649
Consumer and wholesale prices
650-651
Gross national product, national income, and personal income
652-653
List of tables published in BULLETIN annually or
semiannually, with references for latest data
591
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.
JUNE
1954
595
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
Wednesday Figures, 1946-1950, Weekly Averages of Daily Figures, 1951 -
Billions of Dollars
25
15
EXCESS RESERVES
[SvW
-,
r**^A**^^
«VU*WJ*
-|
2
0
£2£^£jA£^
CREDIT
RESERVE
FEDERAI
u
S. GOVERNME
NT
25
SECURITIES
J
V
-
BOUGHT OUTRIGHT
20
*
-
15
f
HELD UNDER
REPURCHASE AGREEMENTS
, , __i
i
—t
^v
i
,..J
.
jy-fmrr
3
0
5
DISCOUNTS AND ADVANCES
FEDERAL RESERVE FLOAT
^
1946
1947
1948
1949
1950
1951
1952
1953
1954
Latest averages shown are for week ending May 26. See p. 598.
596
FEDERAL RESERVE BULLETIN
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
[In millions of dollars]
Reserve Bank credit outstanding
Deposits, o t h e r
AT
Mtmuci ud nk
than member
Other
Treasreserve
bala ices,
reserve bala aces
ury
Money TreasFedanks
with F . R. B
curin
ury
eral
rency
cash
cirReouthold- Treas- For- Oth- serve
culaeign
standury
acReExtion
ings
deTotal
2
dedeing
luiied 2 cess
pos- counts
posits posits
its
UcllJK.
U.S. Govt. securities
D iHe
Total
DisHeld
counts
Bought under
and
Float
ou t- repur- adright chase vances
agreement
All
other1
Total
Gold
stock
Wednesday
, 3 8or
^3 , 8 0 ' ! M 80'>
S06
M
21
M 806
21
80< M so<
29
M 86' ' 1 8fV
Mav 6
"'I 87<'
851
M a \ 13
? 3 92"» > <, 891
M w ?0
71 08>- 2 3 Of
Miv
2\ 1 ' M r<<
JtV "
rs
74 6 3
'4 6 >
Jj - ,-\»
*
i7
2S | 51 >5 1*4
jh< * • M
24 fir »4 8^"
24 7<,< 24 76f
1
"4 °64 2\ 9<>4
8
Jiil*
7
4 9 6 -4 964
July IS
74 ,961 24 964
July 2 ?
24 9 6 4 74 ,964
July 2 9
Aug. 5 . . . . 24 ,964 24 , 964
Aug. 12 . , 24 ,964 24 ,964
Aug. 19 . . 25 ,008 24 ,989
Aug. 26. . . . 25 ,017 24 ,989
25 ,067 25 .014
Sept. 2
Sept. 9. . . . 25 ,126 25 ,034
Sept. 16 . . . 25 ,207 25 ,084
Sept. 23 . . . 25 ,185 25 ,185
Sept. 30 . . . 25 ,235 25 ,235
25 ,348 25 ,348
Oct. 7
Oct. 14. . . , 25 .363 25 ,348
Oct. 21 . . . . 25 ,348 25 ,348
Oct. 28. . . . 25 ,348 25 ,348
25 ,447 25 ,398
Nov. 4
Nov. 11. . . . 25 ,123 24 ,958
24 ,958 24 ,958
Nov. 18
25 ,022 24 ,993
Nov, 25
2 . . . 25 ,081 25 ,043
Dec.
9
25 .345 25 ,143
Dec.
Dec. 16 . . . 25.457 25 ,243
D e c 23
2 5 886 25 ,318
2S 902 25 ,318
Dec 30
I
8
ADI
Apr
Apr
Apr
Api
h
n
'
1954
6 . . . 25 ,384
13 . . . 25 ,318
20 . . . 25 ,364
24 661
27
Feb. 3 . . . 24 .774
Feb. 1 0 . . . . 24 ,863
Feb. 17. . . . 24 , 806
24 ,559
Feb. 24
Mar. 3. . . . 24 ,559
24 ,682
Mar. 10
Mar. 17. . . . 24 ,582
Mar. 24. . . . 24 , 705
Alar. 31 . . . . 24 ,632
24 ,632
Apr. 7
24 632
Apr. 14
Apr. 21 . . . . 24 ,632
Apr. 28. . . . 24 ,632
M a y 5. . . . 24 ,632
M a y 12. . . . 24 ,632
24 ,687
M a y 19
24 ,737
M!av 7 6
25
25
25
24
24
24
24
24
24
24
24
24
24
24
24
24
24
24
24
24
24
318
318
364
661
,717
24 ,246
24 ,746
24 ,964
25 063
25 235
25 348
25 095
25 916
24
24
24
24
25
25
24
25
031
718
964
989
24
24
24
24
24
24
24
24
24
24,
Jan.
Jan.
Jan.
Jan.
End of
month
1953
May
June
July
Aug.
Sept
Oct..
Nov
Dec.
1954
Jan.
Feb..
Mar.
Apr
May.
640
509
632
632
812
,806
, 806
5 59
559
682
582
632
632
632
632
632
632
632
632
687
737
348
993
318
54
2ir
31
125
S(
' 19
28
53
9?
123
15
49
165
29
38
202
214
568
584
66
57
57
73
215
28
74
102
598
640
509
632
63?
812
465
748
908
709
863
856
S\2
743
837
581
647
9,3,'
1 .264
684
53*
83:
57:
645
507
785
45*
646
28^ 1 ,213
31"
61'
24 r
737
341
677
20(
75(
521
777
747
588
561
625
776
609
815
751
524
587
391
610
491
559
311
943
228
813
329
685
281
606
271
685
260
826
359
599
559
822
365
622
594
933
768
636
427
792
727
606
268 1,193
435 1,369
100
973
4 25,023
4 25.427
.i .25.549
4 25,395
25,227
25.443
; 25.831
3 25,28?
3 25,308
4 25,418
i
25,741
;
26,656
|25,77f
3 |25,752
25 984
; 25,923
26.265
26,301
3 26,153
26.352
26,577
3 26,131
3 26,071
26,179
26,464
26,228
26,252
26,238
26,322
26,437
26,309
26,830
26,111
26,487
26,428
26,302
26,681
26,921
27.692
26,977
22 563
22 ,562
22 562
22 ,562
22 ,562
22 .561
22 .561
22 , 56?
22 ,536
22 . 536
22 ,537
22 ,513
22 ,487
22 . 463
22 ,438
22 ,374
22 ,276
22 ,277
22 ,227
22 ,228
22 ,228
22 ,228
22 ,178
22 ,178
22 ,178
22 ,179
22 ,128
22 ,128
22 ,128
22 .077
22 ,077
22 ,076
22 ,077
22 ,076
22 ,027
22 ,028
22 ,028
22 ,028
22 ,029
22 ,029
26,519
26,230
26,412
029
030
006
, 006
,956
,957
,957
,958
958
963
964
964
965
966
966
967
968
969
970
971
972
4,935
4,943
4,945
4,947
4,951
4,952
4,956
4,957
30,591
30,284
30,083
29,900
29,930
29,923
29,821
29,838
29,885
29,870
29,769
29,632
29,707
29,795
29,793
29,673
29,645
29,756
29,759
29,707
29,697
4,849
4,854
4,859
4,867
4,872
4,879
4,885
4,894
29,951
30,125
30,120
30,248
30,275
30,398
30,807
30,781
170
156
70
110
515
440
291
249
267
411
265
349
147
177
171
155
217
140
268
177
202
963
754
977
722
569
798
503
861
543
855
569
535
546
599
704
533
501
582
662
550
2
2
2
2
2
1
2
1
1
1
1
1
1
1
22
22
22
?5 495 22
25,860 21
25,815 21
25,897 21
25,312 21
25,689 21
25,638 21
25,704 21
25,625 21
25,316 21
25,357 21
25,404 21
25,493 21
25,383 21
25,274 21
25,484 21
25,528 21
25,490 21
731
64
644
343
329
413
369
28
607
601
565
549
685
787
667
935
4
3
3
3
3
3
3
2
25,589 22 537
25,414 22 463
26,176 22 277
25,958 22 178
26,252 22 128
26,550 22 077
26,133 22 028
26,880 22 030
156
350
147
172
245
640
827
535
576
723
2
2
1
1
1
25,437 21
25,688 2 1 ,
25,316 21
25,382 21,
25,781 P21,
500
4,827 29,754
4,828 29.78C
4,833 29.753
4,834 29,72?
4,836 29,787
4.84C 29.863
4,842 29,845
4,844 29.795
4,845 29,825
4 ,849 29,98r
4 85( 30,003
4.851 29,97*
4.851 29,929
4.854 30,152
4 .854 30,279
4,853 30,163
4.85? 30,051
4,853 30,044
4,858 30,139
4,859 30,158
4,861 30,145
4,862 30,105
4.865 30,240
4,865 30,479
4,868 30,335
4,869 30,210
4,872 30,275
4,872 30,374
4,873 30,412
4,874 30,305
4,874 30.268
4,877 30,428
4,878 30.540
4,878 30,487
4,879 30,691
4,882 30,791
4,883 30,904
4,884 30,953
4,886 31 ,156
4,889 30,890
4,890
4.890
4,890
4,890
4,899
4 .902
4 ,905
4,906
4,912
4,917
4,920
4,025
4,935
956 4,899 29,981
958 4,913 29,904
965 4,935 29,707
969 r 4,951 r 29,735
973 P4.959 ^29,866
1 ,304
1 , 300
1 ,278
1 ,279
1 ,278
i ,285
1 ,285
1 ,282
1 ,284
i ,282
1 ,289
1 ,276
l ,272
l ,269
i ,26C
1 ,264
1 ,267
l ,264
l ,276
l ,275
1 ,280
l ,273
1 .278
1 ,274
1 ,278
1 ,277
1 ,283
l ,284
l ,271
l ,270
l ,282
i ,283
784
786
777
774
778
769
763
773
286
329
341
509
367
214
428
145
355
137
6
8
8
176
431
640
539
841
460
675
738
669
541
574
356
619
642
524
348
530
644
664
322
503
522
526
488
224
799
377
550
568
574
585
518
517
618
584
504
520
587
598
6.15
521
488
561
525
547
557
551
610
518
538
569
507
543
512
484
461
461
471
453
449
419
429
770
775
782
795
807
818
820
824
820
820
823
810
819
823
831
839
829
837
840
841
834
l
i
l
l
1
l
869
868
865
864
784
78(
78f
711
777
902
902
958
960
949
948
947
947
863
860
859
862
862
859
859
882
881
880
899
899
897
895
801
808
805
805
878
880
936
937
936
19 ,305 19.518
19 ,629 i 19,472
19 ,932 19,560
19 ,476 19,481
19 ,489 19,395
19 ,811 19,386
19 ,912 19,282
19 ,824 19,312
19 ,706 19,298
19 ,729 19,209
20 ,168 19,449
20 ,958 19,778
20,173 19,594
94
425
630
512
408
520
719
1,180
579
431
491
464
461
474
344
343
200
356
401
374
366
286
238
253
173
252
158
174
176
179
323
343
332
329
390
354
333
363
381
259
352
370
375
358
366
376
534
398
335
339
331
259
427
380
19 ,828
19 , 690
19 ,397
19 ,742
19 ,529
19 ,614
19 ,593
19 ,641
19 ,440
19 ,325
19 ,104
19 ,771
19 , 486
19 ,309
19 ,303
19 ,557
19 ,567
19 ,334
19 ,779
19 , 630
20 ,044
19 ,775
19 .474
19 .720
20 ,229
20 , 064
20 ,066
19,113
19,002
18,253
19,098
19,014
18,959
18,942
18,865
18,860
18,884
18,731
18,885
18,868
18,816
18,757
18,728
18,817
18,796
18,845
19,026
19,187
19,150
19,161
19,053
19,309
19,297
19,364
715
688
1,144
644
515
655
651
776
580
441
373
886
618
493
546
829
750
538
934
604
857
625
313
667
920
767
702
222
86
5
236
457
638
533
509
528
447
51
539
722
570
639
565
499
617
542
418
505
440
500
443
493
477
473
482
461
476
487
528
517
494
491
469
443
469
601
579
533
502
397
441
286
278
345
338
346
359
402
346
191
358
363
371
353
388
305
328
357
390
383
836
836
833
831
829
828
912
911
908
907
919
919
917
936
935
931
852
849
848
880
881
20 ,184 19,390
20 ,228 19,250
20 ,874 19,335
19 ,859 19,217
19 ,870 19,089
19 ,654 18.937
19 ,845 18,921
19 ,273 18,853
19 ,540 18,827
19 , 640 18,792
20 ,307 19,224
19 , 739 18,869
19 ,194 18,689
19 ,272 18,651
19 ,293 18,585
19 ,566 18,648
19 ,699 18,759
19 ,207 18,837
19 ,481 18,717
19 ,686 P 1 8 , 9 4 0
19 ,617 M8.937
794
978
1,539
642
781
717
924
420
713
848
1,083
870
505
621
708
918
940
?37O
764
272
259
263
269
283
275
766
761
221
132
548
496
642
654
451
346
515
527
566
524
512
448
417
423
171
176
346
325
352
468
367
493
775
951
862
862
880
802
804
839
20 ,069
19 561
19 ,607
19 278
19 309
9 460
19 434
20 160
19,263
19,459
19,017
18,802
18,816
18,826
19,087
19^397
806
102
590
476
493
634
347
763
793
811
819
405
542
722
579
408
440
490
494
471
527
459
491
363
321
645
830 9 384 19,016
909 9 412 18.821
917 9 194 18,689
850 19 528 18,844
878 19 563 P 1 8 , 9 0 3
368
591
505
684
K1Q
*>826
-213
157
372
pAQf)
r
^Preliminary.
Revised.
For footnotes see following page.
JUNE 1954
597
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS—Continued
[In millions of dc liars]
Reserve Bank credit outstanding
U. S. Govt. securities
Date
or
period
DisAll
Held counts
Float othTotal
under
Bought repur- and
er 1
adTotal out- chase
vances
right agreement
Gold
stock
Deposits, other
than member bank
reserve balances,
Treasury Money Treas- with F. R. Banks
in
curury
cirrency culacash
outholdTreas- For- Other
stand- tion
ings
eign deury
ing
dedeposposits posits its
Member bank
reserve balances
Other
Federal
Reserve
acReExcounts Total quired 2 cess2
End of
month:
1929—June.
1933—June.
1939—Dec.
1941—Dec.
1945—Dec
1947—Dec.
1948—Dec
1949—Dec.
1950—Dec
1951—Dec.
1952—June.
Dec.
1953—June.
95
54
11
10
2
1
1
2
3
5
5
4
3
1,400
2,220
2,593
2,361
25,091
23,181
24,097
19,499
22,216
25,009
23,551
25,825
25,414
4,037
4,031
17,644
22,737
20,065
22,754
24,244
24,427
22,706
22,695
23,346
23,187
22,463
2,019
2,286
2,963
3,247
4,339
4,562
4,589
4,598
4,636
4,709
4,754
4,812
4,854
4,459
5,434
7,598
11,160
28,515
28,868
28,224
27,600
27,741
29,206
29,026
30,433
30,125
25,682
25,960
26,123
26,322
26,410
26,514
26,413
27,107
26,243
25,746
25,553
25,483
25,503
22,557
22,514
22,366
22,226
22,176
22,102
22,057
22,028
22,015
21,957
21,963
21,966
21,971
4,843
4,851
4,853
4,860
4,867
4,873
4,878
4,885
4,891
4,904
4,920
4,941
4,954
29,869
30,011
30,165
30,167
30,328
30,366
30,555
30,967
30,282
29,903
29.800
29.755
29,773
1,279
1,273
1,264
1,273
1,273
1,274
861
667
712
696
640
4
3
3
3
3
3
3
2
2
2
2
1
1
282
256
186
177
190
738
684
689
766
703
2
2
2
2
2
25,545
25,617
25,509
25,565
25,544
21,958
21,960
21,963
21,964
21,965
4,911
4,916
4,919
4,923
4,928
ii
153
156
141
148
583
597
955
672
2
1
1
1
25,370
25,397
25,730
25,453
21,965
21,966
21,967
21,968
20
19
158
184
143
164
634
541
739
638
1
1
1
1
25,426
25,379
25,542
25,512
21,969
21,970
21,971
21,972
1,037
1,998
2,484
2,254
24,262
22,559
23,333
18,885
20,725 " " 5 3
196
23,605
142
22,764
663
24,034
28
24,718
52
164
4
7
91
94
3
578
249
85
535
223
541
78
534
67 1,368
19 1,184
59
581
156
967
64
601
23,881
24,729
24,943
24,974
25,097
25,341
25,078
25,218
25,149
24,729
24,620
24,632
24,680
92
19
12
26
71
3
94
421
114
41
13
3
9
955
433
428
658
468
367
494
448
118
308
205
151
172
24,523
24,676
24,633
24,621
24,649
24,523
24,662
24,629
24,597
24,636
14
4
24
13
Apr. 7
Apr. 14
Apr. 21
Apr. 28
24,632
24,643
24,632
24,632
24,632
24,632
24,632
24,632
May 5
May 12
May 19. . . .
May 26
24,632
24,652
24,659
24,709
24,632
24,632
24,640
24,709
216
1,998
2,484
2,254
24,262
22,559
23,333
18,885
20,778
23,801
22,906
24,697
24,746
Averages
of dally
figures
Monthly:
1953—May. 23,973
June. 24,748
July. 24,955
Aug.. 25,000
Sept. 25,168
Oct.. 25,344
Nov. 25,172
D e c . 25,639
1954—Jan.. 25,263
Feb.. 24,770
Mar. 24,633
Apr.. 24,635
May. 24,689
148
68
750
776
737
660
771
800
744
1 ,018
6
15
397
774
862
392
642
767
895
526
548
550
527
21
151
256
586
446
569
547
750
565
363
298
455
176
374
346
251
291
495
563
590
706
714
746
783
777
951
2,356
2,292
11,653
12,450
15,915
17,899
20,479
16,568
17,681
20,056
19,381
19,950
19,561
2,333
1,817
6,444
9,365
14,457
16,400
19,277
15,550
16,509
19,667
19,573
20,520
19,459
915
767
778
811
813
825
830
356
52
545
656
537
557
497
602
201
568
490
584
486
552
566
537
548
538
463
434
466
453
470
494
481
531
350
203
239
376
354
406
424
390
422
429
352
427
412
779
933
939
861
871
889
805
908
834
870
913
926
863
19,897
20,287
19,653
19,526
19,552
19,536
19,718
19,920
20,179
19,557
19.573
19,392
19,533
19,306
19,499
18,869
18,882
18,834
18,784
19,035
19,227
19,243
18,925
18,881
18,627
591
788
784
644
718
752
683
693
936
632
692
765
29,895
29,916
29,859
29,722
29,663
817
818
816
806
809
517
566
242
487
670
481
460
530
505
486
413
385
289
317
399
909
908
912
918
918
19,382
19,441
19,744
19,697
19,492
18,831
18,765
19,018
19,017
18,759
551
676
726
680
4,933
4,938
4,945
4,946
29,780
29,817
29,780
29,652
819
823
831
827
526
650
680
495
507
503
461
456
399
379
574
388
936
935
933
920
4,950
4,952
4,955
4,957
29,738
29,810
29,769
29,707
826
829
838
829
586
453
551
397
503
572
532
500
351
370
411
437
850
848
862
880
19,300 18,595
19,194 18,595
19,384 18,612
19,630 18,654
19,490 18,769
19,418 18,708
19,506 P18,763
19,690 *>18,886
204
264
36
35
634
2,409
867
2,215
2,287
977
870
1,336
1,325 1,123
821
1,312
668
1,293
247
1,270
333
1,283
389
1,270
132
1,259
23
475
5,209
3 085
1,458
1,499
1,202
1,018
1,172
389
-192
-570
102
Week ending:
1954
Mar.
Mar.
Mar.
Mar.
Mar.
3....
10
17
24
31
-733
705
599
^772
>-976
r721
'710
P743
P804
r
P1 Preliminary.
Revised.
Includes
industrial
loans
and acceptances purchased, which are shown separately in subsequent tables.
2
These figures are estimated.
Back figures.—See Banking and Monetary Statistics, Tables 101-103, pp. 369-394; for description, see pp. 360-366 in the same publication.
MARGIN REQUIREMENTS '
[Per cent of market value]
MAXIMUM RATES ON TIME DEPOSITS
[Per cent per annum]
Nov. 1, 1933- Feb. 1, 1935- Effective
J a n . 31, 1935 Dec. 31, 1935 J a n . 1, 1936
Savings deposits
Postal Savings deposits
Other deposits p a y a b l e :
In 6 m o n t h s or more
In 90 days to 6 m o n t h s . . .
In less t h a n 90 days
2V2
2H
1
NOTE.—Maximum rates that may be paid by member banks as
established by the Board of Governors under provisions of Regulation Q. Under this Regulation the rate payable by a member bank
may not in any event exceed the maximum rate payable by State
banks or trust companies on like deposits under the laws of the State
in which the member bank is located. Maximum rates that may be
paid by insured nonmember banks as established by the F.D.I.C.,
effective Feb. 1, 1936, are the same as those in effect for member banks.
598
Prescribed in accordance with
Securities Exchange Act of 1934
Regulation T:
For extensions of credit by brokers
and dealers on listed securities
For short sales
Regulation U:
For loans by banks on stocks
Mar. 30, Jan. 17, Effec19491951tive
Jan. 16, Feb. 19, Feb. 20,
1951
1953
1953
50
50
75
75
50
50
50
75
50
1
Regulations T and U limit the amount of credit that may be extended on a security by prescribing a maximum loan value, which is a
specified percentage of its market value at the time of the extension; the
"margin requirements" shown in this table are the difference between
the market value (100%) and the maximum loan value.
Back figures.—See Banking and Monetary Statistics, Table 145, p. 504,
and BULLETIN for March 1946, p. 295, February 1947, p. 162, and
February 1953, p. 130.
FEDERAL RESERVE BULLETIN
FEDERAL RESERVE BANK DISCOUNT RATES
[Per cent per annum]
Discounts for and advances to member banks
Advances secured by Government
obligations and discounts of and
advances secured by eligible
paper
(Sees. 13 and 13a)1
Federal Reserve Bank
Rate on
May 31
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco.. . .
IX
IX
\X
\XA
1 >'2
\X
\X
IX
\XA
In effect
beginning—•
Apr.
Apr.
May
Apr.
May
May
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Previous
rate
Advances to individuals,
partnerships, or corporations other than member
banks secured by direct
obligations of the U. S.
(last par. Sec. 13)
Other secured advance
[Sec. 10(b)]
Rate on
May 31
In effect
beginning—
Apr.
Apr.
May
Apr.
May
May
Feb.
Apr.
Apr.
Feb.
Apr.
Apr.
27, 1954
16, 1954
21, 1954
23, 1954
15, 1954
15, 1954
14, 1954
23, 1954
29, 1954
23. 1954
23, 1954
16, 1954
2 7, 1954
16, 1954
21, 1954
23, 1954
15, 1954
15, 1954
11, 1954
23. 1954
29, 1 954
12, 1 954
23. 1 954
16, 1954
Previous
rate
In effect
Rate on
May 31
begi
Feb.
Jan.
Jan.
Aug.
fan.
Feb.
2%
3
2%
3
3
2H
2H
2*4
2H
2H
2
2)4
IX
3M
2%
Aug
Mav
3
3
2%
3
Ian.
fan.
Tan.
Jan.
ining—•
5, 1954
16, 1953
16, 1953
17, 1953
23,1953
9, 1954
13,1948
18,1953
2 6, 1953
16, 1953
73,1953
20, 1953
Previous
rate
3
23^
2lA
2%
2X
3X
2V2
2X
2%
2V2
2X
2X
' Rates skown also apply to advances secured by obligations of Federal intermediate credit banks maturing within 6 months.
NOTE.—Maximum maturities. Discounts for and advances to member banks: 90 days for discounts and advances under Sections 13 and 13a
of the Federal Reserve Act except that discounts of certain bankers' acceptances and of agricultural paper may have maturities not exceeding
6 months and 9 months, respectively, and advances secured by obligations of Federal intermediate credit banks maturing within 6 months are
limited to maximum maturities of 15 days; 4 months for advances under Section 10(b). Advances to individuals, partnerships, or corporations
under the last paragraph of Section 13: 90 days. Back figures.—See Banking and Monetary Statistics, Tables 115-116, pp. 439-443.
FEDERAL RESERVE BANK BUYING RATES ON
ACCEPTANCES
[Per cent per annum]
Rate on
May 31
Maturity
1- 90 days.
91-120 days.
121-180 days.
Wz
In effect beginning—-
MEMBER BANK RESERVE REQUIREMENTS
[Per cent of deposits]
Net demand deposits 1
Previous
rate
Apr. 16, 1954
Apr. 16, 1954
Apr. 16, 1954
Effective date
of change
Central
reserve
city
banks
Reserve
city
banks
Country
banks
Time
deposits
(all
member
banks)
I
NOTE.—Effective minimum buying rates on prime bankers' acceptnces payable in dollars. Bark figures.—See Banking and Monetary
tatislics, Table 117, pp. 443-445.
FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS
AND COMMITMENTS UNDER SECTION 13B
OF THE FEDERAL RESERVE ACT
Maturities not exceeding five years
[In effect May 3\. Per cent per annum]
1917-— June 21 .
1936 - A u g . 16.
1937 - M a r . 1 .
May 1 .
1938—Apr, 16.
13
X
22%
26
22%
10
7
15
20
10V
12^
14
17H
12
20
14
24
20
22
24
26
15
24
21
20
37
14
13
12
23
22 \
22
19
1 8 1<18
24
20
2
3
19
13 '
6
•35"
2 s;
2
6
6
14
13
1
2
IPC lu iri'T l'M'i-i iji tde in p a i u u> i'u n w i t h f i n a n c i n g i n s t i t u t i o n s .
R ite i h ir Af'i borrowci 1«* -> comnii'ineut rate.
U-i.ite ' l i i i ^ n l boimv.fr
' R i t e charged borrower but not
to e v eed 1 in i cent a b o \ e the l w o u u t rate.
'( h u g e ot 3-i pet cetxt- pel I'ji.im is made on undisbursed portion
of loan
6
Charge of )4 per cent per antium is made on undisbursed portion
of loan.
Back figures.—See Banking and Monetary Statistics, Table 118, pp.
446-447.
JUNE
1954
22
19
12
19
13
'Demand de])osits subject to reserve requirements, which beginnirg
Aug. 23, 1935, have been total demand deposits minus cash items
iu 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--.]une 30, 1947).
-Requirement became effective at country banks.
3
Requirement became effective at central reserve and reserve city
banks.
4
Present legal minimum and maximum requirements on net demand
deposits—central reserve cities, 13 and 26 per cent: reserve cities,
10 and 20 per cent; country, 7 and 14 per cent, respectively; on time
deposits at all member banks, 3 and 6 per cent, respectively.
599
MEMBER BANK RESERVES AND BORROWINGS
[Averages of daily figures. In millions of dollars]
Month, or
week ending Wednesday
All
member 1
banks
Central reserve
city banks
Reserve
city
banks
Country
banks 1
York
Chicago
20,520
20,416
20,007
19,557
19,573
19,392
5,050
5,089
4,947
4,652
4,725
4,693
1,356
1,366
1,291
1,269
1,267
1,221
8,082
8,014
7,872
7,825
7,767
7,739
6,031
5,947
5,896
5,811
5,815
5,740
19,384
19,630
19,490
19,418
19,506
19,690
4,665
4,824
4,760
4,636
4,686
4,806
1,218
1,240
1,260
1,237
1,281
1,269
7,715
7,830
7,779
7,727
7,759
7,865
5,787
5,735
5,691
5,817
5,779
5,750
New
Month, or
week ending Wednesday
1953—February
March
April
1954—February
March
April
Apr.
Apr.
May
May
May
May
21
28
5
12
19
26
Apr.
Apr.
May
May
May
May
21
28
5
12
19
26
1
New
York
Chicago
Re-
serve
city
banks
Country
banks 1
Excess reserves:
1953—February
March
April
1954—February
March
April
Apr.
Apr.
May
May
May
May
8
38
66
-3
3
—6
-7
8
11
95
87
70
83
83
148
531
482
471
548
563
541
771
977
722
709
P744
P804
57
186
45
-19
33
68
5
25
11
-8
8
8
126
231
145
102
100
153
583
535
521
634
P603
P575
1,310
1,202
1,166
255
211
278
36
16
277
277
113
46
29
9
624
559
584
148
79
71
155
154
190
63
65
59
7
3
7
15
8
3
82
65
62
64
46
62
44
72
81
67
66
75
21
28
5
12
19
26
638
588
535
632
692
765
14
16
Borrowings at Federal
Reserve Banks:
Required reserves: 2
1953—February
March
April
1954—February
March
April
ber
banks
Total reserves held:
Central reserve
city banks
All
mem-
19,882
19,828
19,472
18,925
18,881
18,627
5,036
5,073
4,947
4,645
4,687
4,627
1,359
1,362
1,297
1,276
1,259
1,210
7,986
7,926
7,802
7,742
7,684
7,591
18,612
18,654
18,769
18,708
P18.763
4,607
4,638
4,716
4,655
4,654
4,738
1,212
1,216
1,249
1,245
1,274
1,261
7,589 5,204
7,600 5,200
7,634 5,170
7,625 5,183
7,659 P5,176
7,712 P 5 , 1 7 5
P18,886
5,500
5,466
5,425
5,262
5,252
5,199
1953—February
March
April
1954—February
March
April
Apr.
Apr.
May
May
May
May
293
189
139
21
28
5
12
19
26
133
140
150
174
120
141
28'
i
p
1
Preliminary.
Weekly figures of excess reserves of all member banks and of country banks are estimates. Weekly figures of borrowings of all member
banks2 and of country banks may include small amounts of Federal Reserve Bank discounts and advances for nonmember banks, etc.
Reserve requirements were reduced in July 1953; see table on preceding page.
Back figures.—See Banking and Monetary Statistics, pp. 396-399.
DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER BANKS
[Averages of daily figures.1 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
April 1954
Gross demand deposits:
Total
Interbank
Other
Net demand deposits 2
Time deposits
Demand balances due from domestic banks...
Reserves with Federal Reserve Banks:
Total
Required 3
Excess
Borrowings at Federal Reserve Banks
105,961
12,294
93,667
92,235
37,354
22
3
18
20
3
6,270
19,392
18,627
765
139
4
4
Country
banks
April 1953
,326
,973
,353
,152
,220
5,779
1,225
4,554
5,161
1,245
40,966
5,933
35,032
35,283
14,789
67
113
2,016
4,074
5,854
,693
,627
1,221
1,210
11
7,739
7,591
148
5,740
5,199
541
20,007
19,472
59
1,166
66
Chicago
Reserve
city
banks
36,890 104,774
1,163
11,777
35,727 92,997
31,640 91,574
18,101 34,017
22
3
18
20
2
4
4
,532
,744
,789
,940
,575
36,486
1,062
35,424
31,493
16,932
103
1 ,845
3,838
,947
,947
1 ,291
1 ,297
-6
7 ,872
7 ,802
70
5,896
5,425
471
278
113
584
190
,025
,806
,219
,030
,334
5 ,730
1 ,166
4 ,565
5 ,111
1 ,175
68
535
40
5
34
34
13
1
Averages of daily closing figures for reserves and borrowings and of daily opening figures for other items, inasmuch as reserves required are
based2 on deposits at opening of business.
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
Reserve requirements were reduced in July 1953; see table on preceding page.
600
FEDERAL RESERVE BULLETIN
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS
[In thousands of dollars]
Wednesday figures
Item
End of month
1954
May 19
May 26
Assets
Gold certificates
Redemption fund for F. R. notes
M a y 12
1954
May 5
Apr. 28
May
1953
Apr.
May
,417,099 10,417,100 20,412,102 20,412.100 20,432,102 20,412,101 20,607,602
866,239
863,856
871,224
871,225
748,473
870,887
20,427,101
860,530
860,529
21,287,631 ! 1,280,955 21,283,339 21,282,989 21 ,283,324
Total gold certificate reserves
Other cash
Discounts and advances:
For member banks
For nonmember banks, etc..
Industrial loans
U. S. Government securities:
Bought outright:
Bills
Certificates:
Special
Other
Notes
Bonds
366,253
369,750
367,277
381,079
395,921
178,800
23,000
1,341
154,396
23,000
1,356
245,029
23,000
1,249
131,680
8,000
1 ,269
208.723
8,000
1 ,221
21,356,075
21 ,292,631
326,847
359,291
221 ,511
23,000
1,282
164,055
8,000
1 ,286
1,965,975 1,910,975 1,910,975 1,910,975 2,090,975 1,910,975
599,791 6 599,791 6,051,191
029,021 13 029,021 13,029,021
092,550 3. 092.550 3,641,150
Total bought outright
6,051.19]
13,029,021
3,641,150
029,021
722,122
9,500
3,674
739,754
,051.191 4, Q95 ,716
,020,021 13 ,773 .671
,641,150 ' ,521 ,975
24,737,337 24,687,33 24,632,337 24,632,337 24,632,337 24,812,337 24,(532,337 24,031 ,116
215 ,260
Held under repurchase agreement
Total U. S. Government securities, .
Total loans and securities
Due from foreign banks.
F. R. notes of other b a n k s . . . . . .
Uncollected cash items
Bank premises
Other assets
24,737,337 24,687,337
24,632,337 24,632,337 24,SI2,33
24,246 ,376
24,940,478 24,866,089
'4,773,286 24,850,281 25,058,130
24,981 ,672
22
22
155,06
145,043
3,531,277 3,552,230 3,414,147
53,264
53,374
53.385
178,750
187,252
183,913
150,097
149 , 945
,210,851 3 , 2 7 8 ,976
53,213
49 ,763
181,151
245 .450
22
135.892
,495,015
53,362
178,232
22
140,579
,057,045
53,473
170,224
23
50,456,885 50,938,137 50,807,979 50,354,322 50,468,859 50,493,893 50,089,228
Total assets
Liabilities
Federal Reserve notes
Deposits:
Member bank—reserve accounts
U. S. Treasurer—general account
Foreign
Other
Total deposits.
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
25,392,122
411,886 25,467,067 25,481,606 25,393,812 25,544,362 25,472,276 25,670,567
19,617,046
505,278
501,942
382,987
19,481,196 19,206,591 19,698,915 19,563,359 19,52 7,642 20,068,897
542,030
617,075
499,243
407,672
221,345
578,611
579,025
600,895
469,059
514,653
527,021
470,624
357,148
328,482
304,704
170,963
645,193
321,138
21,007,253
20,959,399 20,753,043 20,971,921 21,143,245 20,898,015 20,975,858
49,366,815
Total liabilities and capital accounts
2,634.402 2,671,839
21,497
18,050
854,386 49,730,530 49,283,425 49,404,151 49,399,064 49,022,743 49,339,761
271,553!
625,013j
27,543'
165,96l|
Ratio of gold certificate reserves to deposit and
F. R. note liabilities combined (per cent)
Contingent liability on acceptances purchased
for foreign correspondents
Industrial loan commitments
3,285,009 3,030,489 3,019,059
19,055
19,359
18,287
2,945,416
22,024
271,499
625,013
27,543
159,696
271,329
625,013
27,543
153,564
I
13,672
2,305
271,203
625,013
2 7,543
140.949
271,583
625,013
27,543
170,690
50,354,322
50,456,885150,938,137
13,7111
2 ,3151
271,251
625,013
27,543
147,090
45.8
46.0
13,302
2,413
16,405
2,899
271 ,216
625.013
27,543
142,713
257,777
584,676
27.543
178,994
50,089,228
45.91
16,455
2,958
14,330
2,374
16,595
2,892
20,231
2,670
172,O55|
149,464
22,591
731 ,622
660,498
70,948
176
Maturity Distribution of Loans and U. S. G o v e r n m e n t Securities 1
Discounts and advances—total
Within 15 days
16 days to 90 days
91 days to 1 year
Industrial
loans—total
W7ithin 15 days
16 days to 90 days
91 days to 1 year
Over 1 year to 5 years
U. S. Government securities—total
Within 15 days
16 days to 90 days
91 days to 1 year
Over 1 year to 5 years
Over 5 years to 10 years
Over 10 years
201,800
163,807
37,993
177,396
143,655
33,741
1,341
4
256
1,038
43
24,737,337
522,500
,643,875
,813,541
,307,260
,035,304
,414,857
1,356
4
274
1,035
43
,687,337
579,300
,537,075
,813,541
,307,260
,035,304
,414,857
268,029
234,270
18,759
15,000
1,249
4
194
1,007
44
24,632,337
495,100
3,102,241
12,277,575
307,260
035,304
414,857
139,680
121,464
18,216
216,723
195,877
20,846
" ' l',269
6
1^221
260
959
44
,632,337
440,100
,157,241
,277,575
,307,260
,035,304
,414,857
171
998
45
24,632,337
492,675
3,104,666
12,277,575
6,307,260
1,035,304
1,414,857
244,511
209,309
35,202
'{',282
' i',286
4
222
270
1,013
964
43
45
,812,337
,632,337
316,000
320,000
,925,375
,277,341
,813,541
,277,575
,307,260 6,307,260
,035,304
035,304
,414,857
414,857
3,674
442
1,260
1,823
149
,246,376
,368,026
895,154
,279,775
,914,164
,374,400
,414.857
1
Beginning Apr. 15, 1953, U. S. Government securities classified according to maturity date. During the period Jan. 3, 1951-Apr. 8, 1953,
callable issues classified according to nearest call date. Securities held under repurchase agreement are classified as maturing within 15 days in accordance with maximum maturity of the agreements.
JUNE 1954
601
STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON MAY 31, 1954
[In thousands of dollars]
Item
Total
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
Minneapolis
Kansas
City
Dallas
San
Francisco
Assets
Gold certificates 20,432,102
Redemption fund
for F. R. notes.
860,529
5,736,072 1,207,613 1,695,385 1,010,818
174,307
58,274
79,102
938,985 3,623,933
65,329
56,519
148,125
764,931
476,711
859,575
48,421
25,117
40,685
501,828
9,846
900,260
10,111
8,100
575
106
18,525
874
Total gold certificate reserves. . 21,292,631 1,058,863 5,910,379 1,265,887 1,774,487 1,076,147 995,504 3,772,058 813,352
33,889
359,291
34,939
Other cash. . . .
22,476
20,950
66,291
23,993
61,451
24,291
Discounts and
advances:
Secured by
U. S. Govt.
9,950
20,261
30,975
221,060
8,455
31,959
securities
24,160
30,325
24,450
23,451
989
2,002
2,116
1,173
6,670
Other. .
3,197
874
1,485
1,282
1,176
Industrial loans.
U. S. Government
securities:
Bought outright
24,812,337 1,369,095 6,337,865 1,510,029 2,126,591 1,461,397 1,263,717 4,337,643 1,038,272
Held under
repurchase
agreement.. .
609,317 1,070,504
801,413 2,310,134
29,677
82,642
831,090 2,392,776
16,812
34,242
12,800
1,150
1,100
2,346
974,976 2,712,931
Total loans and
1,296,665 4,371,165 1,063,596 618,098 1,089,903 988,926 2,716,377
securities. . 25,058,130 1,394,740 6,375,510 1,521,662 2,138,657
Due from foreign
1
3
1
banks
1
1
1
22
2
2
1
F. R. notes of
20,506
3,912
13,233
7,745
5,639
6,434
other Banks.
3,566
132,374
8,213
10,139
14,408
Uncollected cash
580,434 213,653 325,200 305,338 284,779 560,915 151,890
96,020 192,225 168,375 305,167
3,414,147 230,151
items
4,618
7,572
3,965
6,386
2,871
1,012
2,458
Bank premises.. .
7,726
6,064
571
53,385
5,111
5,031
10,822
45,437
10,024
31,531
8,023
4,495
8,248
Other assets
20,112
10,008
8,093
183,913
16,077
11,043
8,816,742 2,071,769 1,234,866 2,208,845 2,020,302 5,493,348
Total assets
50,493,893 2,727,732 13,007,262 3,049,893 4,301,636 2,915,115
Liabilities
25,544,362 1,571,831 5,720,947 1,817,426 2,356,107 1,717,220 1,361,255 4,938,207 1,148,368
F. R. notes
Deposits:
Member bk.—
857,777 3,150,887 694,328
reserve accts. 19,563,359 811,030 5,986,251 904,23911,492,014
1U. S. Treas.—
38,241
29,643
30,335
55,402
54,965
24,863
25,042
25,786
gen. acct.. . . 407,672
25,495
21,496
36,993
45,991
69,486
18,996
527,021
30,494 2172,O73
foreign
57,780 127,514
33,456
4,751
10,568
9,393
300,302
645,193
1,896
Other
Total deposits. .. 21,143,245
Deferred availability
cash
items
Other liabilities 2,690,811
and accrued
20,646
dividends
869,206 6,513,591
218,176
459,166
1,211
6,497
976,842 1,577,041 922,741 1,037,122 3,280,526
I
1 73,972 ! 266,461 216,080 197,176 441,071
l,090|
2,266
896
990
Total liabilities. . 49,399,064 2,660,424 12,700,201 2,969,3304,201,875 2,856,937
3,063
771,643
723,961 2,563,416
627,946
997,678
456,461
963,201 1,013,666 2,432,280
22,148
12,498
4,793
17,874
18,996
5,985
32,373
23,495
49,518
51,000
51,008
39,237
495,900 1,006,056 1,119,052 2,573,525
107,195
81,471
161.184
125,839
243,020
729
548
746
751
1,859
8,662,867 2,02 7,935 ,205,865 2,165,664 1,969,603 5,381,820
Capital
Accounts
Capital paid in. .
Surplus (Sec. 7) .
Surplus (Sec. 13b)
Other capital
accounts
271,583
625,013
27,543
14,630
38,779
3,011
83,393
176,633
7,319
18,435!
45,909!
4,489
26,045
57,648
1,006
12,071
31,750
3,349
11,709
28,034
762
35,649
90,792
1,429
9,379
25,465
521
6,062
16,219
1,073
10,449
23,456
1,137
13,565
28,146
1,307
30,196
62,182
2,140
170,690
10,888
39,716
11,730
15,062
11,008
9,335
26,005
8,469
5,647
8,139
7,681
17,010
Total liabilities
and capital
50,493,893 2,727,732 13,007,262 3,049,893 4,301,636 2,915,115 2,646,383 8,816,742 2,071,769
accounts
Reserve ratio. .. .
45.6%
Contingent liability on acceptances purchased for foreign
correspondents
14,330
Industrial loan
commitments..
2,374
43.4%
2,208,845 2,020,302 5,493,348
T&\3%
45.3%
45.1%
40.8%y
41.5%
34,603
1,014
1,260
699
589
1,904
521
589
747
45
120
23
850
45.9%
42.4%,
44.7%
44.9%
45.1%
46.6
1
After
2
After
3
deducting $16,000 participations of other Federal Reserve Banks.
deducting $354,929,000 participations of other Federal Reserve Banks.
After deducting $9,727,000 participations of other Federal Reserve Banks.
602
FEDERAL RESERVE BULLETIN
FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS
FEDERAL RESERVE BANKS COMBINED
[In thousands of dollars]
Wednesday figures
End of month
1953
Item
May 26
F. R. notes outstanding (issued to Bank) .
Collateral held against notes outstanding:
Gold certificates
Eligible paper
U. S. Government securities
May 19
May 12
Apr. 28
May 5
May
May
Apr.
26,498,934 26,520,220 26,565,626 26,529,194 26,551,454 26,547,653 26,520,909 26,575,818
11,043,000 11,043,000
65,950
91,893
16,945,000 16,955,000
11,043,000 11,043,000
101,547
85,208i
16,945,000 16,945,000
11,043,000 12,464,000
97,655
416,256
16,955,000 14,800,000
28,089,547 28,073,208 28,113,286 28,053,950 28,089,893 28,111,933 ! 8,095,655 27,680,256
Total collateral
EACH FEDERAL RESERVE BANK ON MAY 31, 1954
[In thousands of dollars]
Total
Item
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
Minne- Kansas
apolis
City
Dalla
San
Francisco
F. R. notes outstanding (issued
to Bank)
1,929,261 2,474,375 1,821,612 j 1,440,534 5,029,448 1,195,998 641,587 1,019,175 755,961 2,705,326
26,547,653 1,632,664
Collateral held:
Gold certificates 11,043,000 640,000 2,670.000 800,000 950,000 62 5,0001 485,000 2,400,000 355,000 1 75,000, 280,000 283,000 1,380,000
20,261
123,933
Eligible paper. .
24,450 8,100:
1,100
18,525
24,242
18,800
8,455
V. S. Govt. seI
curities
1,200,000 3,600,000 1,200,000 1,550,000 1,300,000 l.OOO.OOC 2,700,000
500,000 800,000 525,000 1,620,000
Total ( llateral.. 28,111,933 1,864,242
6,288,800 2,008,455 2,500,000 1,945,261 j 1,485,00015,100,000! 1,329,450 683,100 1,098,5251808,000 3,001,100
I
INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS
[Amounts in thousands of dollars]
End of
year or
month
1945
1946
1947
1948
1949
1950......
1951
1952'. .....
Applications
approved
to date
Number
Amount
3,511
3,542
3,574
3,607
3 ,649
3 ,698
3 736
3,753
544,961
565,913
586,726
615,653
029,326
651.389
710 931
766,492
Participations
Apof
financLoans Commitproved
ing
instiout- 2 ments
but not
outtutions
com- 1 standing standing
pleted (amount) (amount)
out(amount)
standing-'
(amount)
320
4,577
945
335
539
4,819
3 513
1 ,638
1 ,995
554
1 ,387
995
2,178
2,632
4.687
3,921
1,644
8,309
7,434
1,643
2,288
3,754
6,036
3,210
1 ,086
2,670
4,869
1 ,990
2,947
3,745
11 ,985
3,289
1953
April
May
June
July
August....
September.
October. . .
November.
December..
3,757
3,758
3,758
3,759
3 ,760
3,760
3 ,762
3.764
3,765
780,468
784,246
788,058
790,798
793,196
795,496
797,656
800,420
803,429
1,751
1,698
1 ,646
1,162
1 ,492
997
1 ,242
1 ,682
1 ,951
3 ,485
3 ,706
3,223
3,292
2.801
2 ,993
2 ,685
2 ,546
1 ,900
2,866
2,671
3,142
3,304
3,355
3,341
3,381
3,097
3,569
3,131
3,141
3,141
3,129
2,955
3,134
2,970
3,640
3,469
1954
January. . .
February. .
March
April
3,765
3,765
3,766
3,767
805,115
806,648
808,505
810,051
1
1 ,234
1 ,345
1,720
405
1,885
1,792
1,487
1,302
3,532
3,145
2,957
2,891
3,414
3,344
2,666
2,412
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.
JUNE 1954
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
Guarai Heed loans
a u t lorized
to date
Guaranteed
loans
outsta riding
Additional"
amount
available t o
borrowers
under guarantee agreements
outstanding
\T umber
Amount
Total
amount
Portion
guaranteed
62
854
I ,159
31 ,326
1 ,395,444
2 ,124,123
8 ,017
675 ,459
9 79 .428
6.265
546,597
803.132
8,299
472,827
586,303
1 ,212
,221
I ,237
1,244
,259
L ,269
,279
1,284
1,294
2 ,211,201
2 ,258,011
2 ,283,755
2 ,292,777
2 ,301,987
2 ,310,182
2 320,187
2 ,324,612
2 358,387
972 ,193
957 ,541
906 .584
891 , 865
868 ,274
860 ,874
842 ,529
837 ,238
804 ,686
801,945
792,015
748,691
736,723
716,618
709,488
695,550
691,727
666,205
469,324
469,048
487,928
482,394
444,265
438,091
416,690
375,977
363,667
,304
,310
,316
1 ,322
2
2
2
2
377,628
380,186
399,321
406,651
788 ,320
772 ,647
737 ,605
684 ,631
652,706
640,121
612,265
569,551
347,969
355,056
321,619
347,823
1953
April
May
June
July
August... .
September
October. . .
November.
December.
1954
January. . .
February. .
March....
April
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 rot completed, and authorizations
expired or withdrawn.
603
POSTAL SAVINGS SYSTEM
FEES AND RATES ESTABLISHED UNDER REGULATION V
ON LOANS GUARANTEED PURSUANT TO DEFENSE
PRODUCTION ACT OF 1950
[In effect May 31]
Fees Payable to Guaranteeing Agency by Financing Institution on
Guaranteed Portion of Loan
Percentage of
loan guaranteed
70 or less
75
80
85
90
95
Over 95
Guarantee fee
(percentage of
interest payable
by borrower)
Percentage of
any commitment
fee charged
borrower
10
15
20
25
30
35
40-50
10
15
20
25
30
35
40-50
Maximum Rates Financing Institutions May Charge Borrower
[Per cent per annum]
I n t e n d rate
Commitment rate.
[In millions of dollars]
Assets
Depositors'
balances 1
Total
1945—December
1946—December... .
1947—December... .
1948—December... .
1949—December
1950—December
1951—December
1952 —December
2,933
3,284
3,417
3,330
3,188
2,924
2,705
2,547
1953—February
March.
April
May
June
July
August
September. . .
October
November. . .
December... .
End of month
1954—January
February
March
April
Cash
in
depository
banks
U. S.
Government
securities
Cash
reserve
funds,
etc.2
3,022
3,387
3,525
3,449
3,312
3,045
2,835
2,736
6
6
6
7
7
11
28
33
2,837
3,182
3,308
3,244
3,118
2,868
2,644
2,551
179
200
212
198
187
166
162
151
2,523
2,510
2,495
2,477
2,457
2,438
2,419
2,401
2,387
2,373
2,359
2,715
2,708
2,697
2,665
2,653
2,648
2,635
2,618
2,596
2,577
2,558
33
33
33
33
33
33
33
33
33
31
31
2,524
2,520
2,520
2,488
2,477
2,469
2,452
2,435
2,428
2,407
2,389
158
155
144
144
143
146
151
150
135
139
138
2,343
P2.326
P2 311
^2,290
2,540
31
2,373
136
P Preliminary.
Outstanding principal, represented by certificates of deposit.
Includes reserve and miscellaneous working funds with Treasurer
of United States, working cash with postmasters, accrued interest on
bond investments, and miscellaneous receivables.
Back figures.—See Banking and Monetary Statistics, p. 519; for
description, see p. 508 in the same publication.
1
2
BANK DEBITS AND DEPOSIT TURNOVER
[Debits in millions of dollars]
Annual rate of turnover of
demand deposits except interbank
and U. S. Government deposits
Debits to demand deposit account;
except interbank and
U. S. Government accounts
Year or month
Total, all
reporting
centers
New
York
City
other
centers1
6
338 other
reporting
centers
New
York
City
6
other
centers*
338 other
reporting
centers
757,356
848,561
924,464
1,017,084
1,103,720
1,227,476
1 ,206,293
1,380,112
1,542,554
1,642,853
1,759,069
281,080
327,490
382,760
406,790
398,464
443,216
446,224
509,340
544,367
597,815
632,801
175,499
194,751
200,202
218,477
246,739
270,912
260,897
298,564
336,885
349,904
385,831
300,777
326,320
341,502
391,817
458,517
513,348
499,172
572,208
661,302
695,133
740,436
20.4
22.3
24.1
25.1
23.8
26.9
27.9
31.1
31.9
34.4
36.7
18.0
18.3
17.5
18.3
19.7
21.6
20.9
22.6
24.0
24.1
25.6
15.3
14.6
13.5
14.1
15.5
16.6
15.9
17.2
18.4
18.4
18.9
1953—February...
March
April
May
June
July
August
September
October
November
December
129,163
153,356
145,567
141,981
153,846
147,957
134,386
147,699
149,606
140,992
168,596
45,749
53,898
52,038
50,255
56,623
51,799
45,516
54,888
54,152
50,470
65,367
28,126
35,339
32,742
32,283
33,807
32,683
29,958
31,422
31,778
30,477
35,557
55,287
64,119
60,788
59,443
63,416
63,476
58,913
61,390
63,676
60,046
67,672
35.1
37.1
35.4
35.6
38,9
36.0
32.2
40.2
35.8
38.4
43.1
24.4
28.7
26.7
26.2
26.5
25.7
23.6
25.9
23.9
26.4
26.8
18.9
19.4
18.4
18.8
19.2
19.2
17.8
19.3
18.4
20.2
19.7
1954—January..
February.
March. . .
April. . . .
154,289
141,933
171,260
154,666
62,306
56,115
67,913
60,479
30,806
29,341
36,666
33,152
61,178
56,477
66,681
61,035
42.7
42.7
44.6
41.3
24.1
25.5
29.2
27.6
18.6
'•19.2
'19.7
18.8
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
r
Revised.
Boston, Philadelphia, Chicago, Detroit, San Francisco, and Los Angeles.
NOTE.—For description of earlier series, see Banking and Monetary Statistics, pp. 230-233; for description of revision in 1942 see BULLETIN
for August 1943, p. 717; and for description of revision in 1953 covering the period beginning 1943, see BULLETIN for April 1953, pp. 355-357.
1
604
FEDERAL RESERVE
BULLETIN
UNITED STATES MONEY IN CIRCULATION, BY DENOMINATIONS
[Outside Treasury and Federal Reserve Banks. In millions of dollars]
Coin and small denomination currency 2
Total
in circulation 1
Total
Coin
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
7,598
8,732
11,160
15,410
20,449
25,307
28,515
28,952
28,868
28,224
27,600
27,741
29,206
30,433
,553
,247
,120
,576
,871
,580
,683
,437
,020
,529
,025
,305
,530
,450
590
648
751
880
1,019
1,156
1,274
1,361
1,404
1,464
1,484
1,554
1 ,654
1,750
559
610
695
801
909
987
1 ,039
1,029
1 ,048
1,049
1,066
1,113
1,182
1,228
36
39
44
55
70
81
73
67
65
64
62
64
67
71
1953—April
May
June
July
August... .
September.
October. . .
November.
December.
29,843
29,951
30,125
30,120
30,248
30,275
30,398
30,807
30,781
20,979
21,085
21,243
21,237
21,331
21,321
21,414
21,771
21,636
1,747
1,755
1,766
1,769
1,778
1,792
1,802
1 ,816
1,812
1,163
1,172
1,176
1,171
1,182
1,207
1,214
1,232
1,249
1954—January.. .
February..
March....
April
29,981
29,904
29,707
29,735
20,939
20,908
20,757
20,799
1,775
1,770
1,776
1,783
1,180
1,170
1,166
1,173
End of year or
month
$2
$5
Large denomination currency 2
Unassorted
$10
$20
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
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
576
800
545
096
705
224
201
9,310
9,119
8,846
8,512
8,529
177
9,696
2,048
460
919
2,489
538 1,112
3,044
724 1,433
3,837 1,019 1,910
5,580 1,481 2,912
7,730 1,996 4,153
7,834 2,327 4,220
518
492 4,771
8,850
548
070
8,698
494
074
8,578
435
056
,438
422
043
,678
544
207
,985 2,669 5,447
191
227
261
287
407
555
454
438
428
400
382
368
355
343
425
523
556
586
749
990
801
783
782
707
689
588
556
512
20
30
24
9
9
10
7
8
5
5
4
4
4
4
32
60
46
25
22
24
24
26
17
17
11
12
12
10
68
69
69
70
70
69
70
71
72
2,056
2,065
2,071
2,055
2,061
2,060
2,071
2,123
2,119
6,448
6,482
6,527
6,511
6,531
499
6,524
6,659
6,565
9,497
9,542
9,635
9,660
9,709
9,694
9,734
9,871
9,819
8,865
,867
8,883
8,885
8,918
8.956
,986
9,038
9,146
2,623
2,627
2 ,645
2,646
2,655
2,659
2,665
2,689
2 ,732
5,388
5,388
5,391
5,396
5,423
5,458
5,488
5,519
5,581
339
338
337
335
334
334
333
332
333
503
502
499
496
494
493
489
487
486
4
4
4
4
4
4
4
4
4
8
8
8
8
8
8
8
8
11
70
70
70
70
2,031
2,021
2,010
2,006
6,351
6,365
6.304
6,325
9,531
9,512
9,431
9,443
9,045
8,999
8,952
8,936
2,693
2,674
2 ,654
2,651
5,526
5 ,502
5,473
5,470
331
330
328
327
484
482
481
478
4
4
4
4
Total
$50
$100
$500 $1,000 $5,000 $10,000
12
1
Total
2
of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks.
Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury
as destroyed.
3
Paper currency only; $1 silver coins reported under coin.
Back figures.—See Banking and Monetary Statistics, Table 112, pp. 415-416.
UNITED STATES MONEY, OUTSTANDING AND IN CIRCULATION, BY KINDS
[On basis of circulation statement of United States money. In millions of dollars]
Money in circulation 1
Money leld in the Treasury
Total outstanding, As security
Apr. 30,
against
Treasury
1954
gold and
cash
silver
certificates
Gold
Gold certificates
Federal Reserve notes
Treasury currency—total
Standard silver dollars
Silver bullion
Silver certificates and Treasury notes of 1890. .
Subsidiary silver coin
M[inor coin
United States notes
Federal Reserve Bank notes
National Bank notes
Total—Apr. 30 1954
Mar 31 1954 .
Apr. 30, 1953
21 969
21,319
26 521
4,951
21,319
491
2,151
32,407
1,270
434
347
186
71
256
2,151
(4)
n
2
For
Federal
Reserve
Banks and
agents
Apr. 30,
1954
Mar. 31,
1954
Apr. 30,
1953
36
25,239
4,460
36
25 257
4,414
37
25,376
4,429
650
18,468
83
86
3 2,407
22
(5)
23,726
23,699
23,796
Money
held by
Federal
Reserve
Banks and
agents
56* '
5
2
1
819
819
1 ,269
18 468
18,463
18,568
2,816
1 199
405
5
209
209
200
299
57
12
30
2
1
2,109
1,158
417
315
183
70
2,071
1,152
416
312
185
71
2,090
1,138
409
314
204
74
4 419
4,626
4,256
29 735
29,707
29,843
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. 597.
2
Includes $156,039,431 held as reserve against United States notes and Treasury notes of 1890.
3
T o avoid duplication, amount of silver dollars and bullion held as security against silver certificates and Treasury notes of 1890 outstanding
is not included in total Treasury currency outstanding.
4
Because some of the types of money shown are held as collateral or reserves against other types, a grand total of all types has no special
6
significance and is not shown. See note for explanation of these duplications.
Less than $500,000.
JUNE 1954
605
CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM
ALL COMMERCIAL AND SAVINGS BANKS, FEDERAL RESERVE BANKS. POSTAL SAVINGS SYSTEM,
AND TREASURY CURRENCY FUNDS *
[Figures partly estimated except on call dates. In millions of dollars]
Liabilities
and Capital
Assets
Commercial
and
savings
banks
Federal
Reserve
Banks
Other
Other
securities
Total
assets,
net—
Total
liabilities
and
capital,
net
5,741
5,499
8,199
10,328
19,417
23,105
29,049 25,511
128,417 101,288
107,086 81,199
100,694 74,097
100,456 78,433
96,560 72,894
71,343
97,808
70,783
96,266
72,740
100,008
216
1,998
2,484
2,254
24,262
22,559
23,333
18,885
20,778
23,801
22,906
24,697
26
131
1,204
1,284
2,867
3,328
3,264
3,138
2,888
2,664
2,577
2,571
11,819
9,863
9,302
8,999
8,577
10,723
11,422
12,621
14,741
15,918
17,002
17,374
64,698
48,465
75,171
90,637
191,785
188,148
189,290
191,706
199,009
208,727
211,080
220,865
55,776
42,029
68,359
82,811
180,806
175,348
176,121
177,313
184,385
193,410
194,960
204,220
8,922
6,436
6,812
7,826
10,979
12,800
13,168
14,392
14,624
15,317
16,120
16,647
Bank credit
Date
Gold
Treasury
currency
outstanding
U. S. Government obligations
Total
Loans,
net
Total
Capital
and
Total
deposits misc.
acand
currency counts,
net
1929—June
1933—June
1939—Dec.
1941—Dec.
1945—Dec.
1947—Dec.
1948—Dec.
1949—Dec.
1950—Dec.
1951—Dec.
1952—June
Dec.
29
30
30
31
31
31
31
31
30
31
30
31
4,037
4,031
17,644
22,737
20,065
22,754
24,244
24,427
22,706
22,695
23,346
23,187
2,019
2,286
2,963
3,247
4,339
4,562
4,589
4,598
4,636
4,709
4,754
4,812
58,642
42,148
54,564
64,653
167,381
160,832
160,457
162,681
171,667
181,323
182,980
192,866
41,082
21,957
22,157
26,605
30,387
43,023
48,341
49,604
60,366
67,597
69,712
75,484
1953—Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
29
27
30
29
26
30
28
25
31
22,600
22,500
22,463
22,300
22,200
22,100
22,100
22,000
22,030
4,800
4,800
4,854
4,900
4,900
4,900
4,900
4,900
4,894
189,000
188,900
190,277
195,500
195,400
195,900
196,700
198,200
199,791
76,500 94,700
76,600 94,400
77,071 95,350
77,400 100,200
77,700 99,600
78,400 99,300
79,100 99,500
79,500 100,400
80,486 100,935
68,400
67,800
68,108
72,700
72,100
71,600
71,700
73,000
72,610
23,800
24,100
24,746
25,000
25,000
25,200
25,300
25,000
25,916
500
500
2,496
500
500
2,500
2 ,400
2 ,400
2 ,409
17,800
17,800
17,856
18,000
18,200
18,200
18,200
18,200
18,370
216,400
216,200
217,594
222,700
222,500
222,900
223,700
225,100
226,715
199,100
199,100
200,360
205,100
204,800
204,900
205,500
207,100
209,175
17,300
17,200
17,234
17,600
17,700
18,000
18,100
18,000
17,538
1954—Tan.
Feb.
Mar.
Apr.
27?
22,000
22,000
22 .000
22,000
4,900
4,900
4,900
4,900
198,000
197,300
196,100
197,200
79,100 100,400
79,300 99,100
80,300 96,800
79,900 98,200
73,400
72,000
69,800
71,200
24,700
24,600
24,600
24,600
2,400
2,400
2.300
2,300
18,500
18,900
19,000
19,200
224,900
224,100
223,000
224,100
207,100
206,200
205,100
206,200
17,800
17,900
17,800
17,900
24P
31 P
28P
Deposits and Currency
Deposits adjusted and currency
U. S. Government balances
Date
1929—June
1933—June
1939—Dec.
1941—Dec.
1945—Dec.
1947—Dec.
1948—Dec.
1949—Dec.
1950—Dec.
1951—Dec.
1952—June
Dec.
29
30
30
31
31
31
31
31
30
31
30
31
Total
Foreign
Treasbank
ury
deposits,
cash
net
holdings
At comAt
mercial Federal
and
Reserve
savings Banks
banks
Time deposits 3
Total
Commercial
banks
Mutual
savings
banks 4
Postal
Savings
System
Currency
outside
banks
54,790 22,540
40,828
14,411
63,253 29,793
76,336 38,992
75,851
150,793
170,008 87,121
169,119 85,520
169,781 85,750
176,917 92,272
185,999 98,234
184,904 94,754
194,801 101,508
28,611
21,656
2 7,059
2 7,729
48,452
56,411
57,520
58,616
59,247
61,450
63,676
65,799
19,557
10,849
15,258
15,884
30,135
35,249
35,804
36,146
36,314
37,859
39,302
40,666
8,905
9,621
10,523
10,532
15,385
17,746
18,387
19,273
20,009
20,887
21,755
22,586
149
1,186
1,278
1,313
2,932
3,416
3,329
3,197
2,923
2,704
2,619
2,547
3,639
4,761
6,401
9,615
26,490
26,476
26,079
25,415
25,398
26,315
26,474
27,494
Total
Demand
deposits2
55,776
42,029
68,359
82,811
180,806
175,348
176,121
177,313
184,385
193,410
194,960
204,220
365
50
1 ,217
1 ,498
2,141
1 ,682
2,103
2,150
2,518
2,279
2,319
2,501
204
264
2,409
2,215
2,287
1,336
1,325
1,312
1,293
1,270
1,283
1,270
381
852
846
1,895
24,608
1,452
2,451
3,249
2,989
3,615
6,121
5,259
36
35
634
867
977
870
1,123
821
668
247
333
389
1953—Apr. 29. .
May 27. .
June 30. .
July 29..
Aug. 26. .
Sept. 30. .
Oct. 28..
Nov. 25..
Dec. 3 1 . .
199,100
199,100
200,360
205,100
204,800
204,900
205,500
207,100
209,175
,400
,400
2,467
,500
,400
.500
2,600
2 ,700
2,694
1,300
1,300
1,259
1,300
1,300
1,300
1,300
800
761
2,900
2,900
3,942
500
000
200
800
700
4,457
400
400
132
800
700
600
600
500
346
192,200
192,100
192,560
193,000
193,400
194,300
197,300
197,400
200,917
98,000
97,500
96,898
97,400
97,500
97,700
100,390
100,200
102,451
67,200
67,600
68,293
68,400
68,700
69,100
69,600
69,300
70,375
41,500
41,700
42,245
42,300
42,500
42,800
43,200
42,900
43,659
23,300
23,400
23,589
23,700
23,800
24,000
24,100
24,000
24,358
2,500
2,500
2,459
2,400
2,400
2,400
2,400
2,400
2,359
27,000
27,000
27,369
27,200
27,300
27,500
27,400
27,900
28,091
1954—Jan.
Feb.
Mar.
Apr.
207,100
206,200
205,100
206,200
2,800
2,900
3,000
3,100
800
800
800
800
3,400
4,500
5,400
4,500
200
500
700
500
199,800
197,400
195,200
197,300
102,300
99,600
96,700
98,600
70,600
71,000
71,700
72,000
43,700
44,000
44,500
44,700
24,600
24,700
24.900
25,000
2,300
2,300
2 ,300
2,300
26,900
26,900
26,900
26,700
27?
24P
31 v
2SP
I
v1 Preliminary.
Treasury funds included are the gold account, Treasury currency account, and Exchange Stabilization Fund.
2
Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
3
Excludes interbank time deposits; United States Treasurer's time deposits, open account; and deposits of Postal Savings System in banks.
4
Prior to June 30, 1947, includes a relatively small amount of demand deposits.
NOTE.—For description of statement and back figures, see BULLETIN for January 1948, pp. 24-32. The composition of a few items differs
slightly from the description in the BULLETIN article; stock of Federal Reserve Banks held by member banks is included in "Other securities"
and in "Capital and miscellaneous accounts, net" and balances of the Postal Savings System and the Exchange Stabilization Fund with the U. S.
Treasury are netted against the same item instead of against U. S. Government deposits and Treasury cash. Total deposits and currency shown
in the monthly Chart Book excludes "Foreign bank deposits, net" and "Treasury cash." Except on call dates, figures are rounded to nearest; 100
million dollars and may not add to the totals. See Banking and Monetary Statistics, Table 9, pp. 34-35, for back figures for deposits and currency.
606
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
Deposits
Investments
Class of bank
and date
Loans
Total
Total
Other
Cash
assets 1
Other
securities
19,417
25,511
101,288
81,199
72,894
71,343
72,740
68,400
68,108
71,660
72,990
72,610
73,350
72,220
69,800
71,240
9,302
8,999
8,577
10,723
14,741
15,918
17,374
17,800
17,856
18,200
18,240
18,370
18,530
18,860
19,010
19,190
23,292
27,344
35,415
38,388
41,086
45,531
45,584
39,410
42,023
40,980
41,520
45,811
41,280
41,250
41,500
40,780
68,242
81,816
165,612
161,865
175,296
185,756
195,552
185,460
189,159
193,140
194,990
201,100
195,950
194,970
194,160
194,450
9,874
10,982
14,065
13,033
14,039
15,087
15,321
12,690
13,600
14,300
14,230
15,957
14,710
14,210
14,490
14,260
32,516
44,355
105,935
95,727
104,744
111,644
116,633
107,740
109,389
111,260
113,480
116,788
112,620
111,760
109,960
110,180
25,852
26,479
45,613
53,105
56,513
59.025
63,598
65,030
66,170
67,580
67,280
68,355
68,620
69,000
69,710
70,010
8,194
8,414
10,542
11,948
13,837
14,623
15.367
15,570
15,791
16,120
16,200
16,118
16,170
16,290
16,350
16,480
15,035
14,826
14,553
14,714
14,650
14,618
14,575
14,546
14,537
14,518
14,510
14,509
14,510
14,488
14,482
14,472
57,718
71,283
150,227
144,103
155,265
164,840
172.931
162,180
165,531
169,050
170,920
176,702
171,360
170,270
169,220
169,400
9,874
10,982
14,065
13,032
14,039
15,086
15,319
12,690
13,598
14,300
14,230
15,955
14,710
14,210
14,490
14,260
32,513
44,349
105,921
95,711
104,723
111,618
116,600
107,710
109,352
111,220
113,440
116,750
112,580
111, 720
109,920
110,140
15,331
15,952
30,241
35,360
36,503
38,137
41,012
41,780
42.581
43,530
43,250
43,997
44,070
44,340
44.810
45,000
6,885
7,173
8,950
10,059
11,590
12,216
12,888
13,070
13,275
13,570
13,630
13,559
13,600
13,700
13,750
13,870
14,484
14,278
14,011
14,181
14,121
14,089
14,046
14,018
14,009
13,990
13,982
13,981
13,982
13,960
13 ,954
13,944
9,410 28,231
10,525 38,846
13,640 91,820
12,403 81,785
13,447 90,306
14,425 95,968
14,617 100,020
12,116 92,148
12,933 93,780
13,610 95,022
13,520 96.896
15,170 99,780
13,978 96.116
13,509 95.421
13,801
93 905
13,575 94 277
11,699
12,347
24,210
28,340
29,336
30,623
32,890
33,474
34,117
34,821
34,612
35,213
35.264
35,510
35.902
36,061
5,522
5,886
7,589
8,464
9,695
10,218
10,761
10,906
11,070
11,299
11,344
11,316
11,356
11,440
11 ,484
11,585
6,362
6,619
6,884
6,923
6,873
6,840
6,798
6,769
6.765
6,752
6,747
6,743
6,747
6,737
3
10,521
10,527
15,371
17,745
20,009
20,888
22.586
23,250
23.589
24,050
24,030
24,358
24,550
24,660
24,900
25,010
1,309
1,241
1,592
1,889
2/247
2,407
2.479
2 ,500
2,516
2,550
2,570
2,559
2,570
2,590
2,600
2,610
551
548
542
533
529
529
529
528
528
528
528
528
528
528
528
528
22,165 28,719
26,615 34,511
30,362 109,865
43,002 91,923
60,386 87,635
67,608 87,261
75,512 90,114
77,110 86,200
77.117 85,965
79,720 89,860
80,010 91,230
80,518 90,980
79,500 91,880
80,020 91,080
80,380 88,810
80,280 90,430
All commercial b a n k s :
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1947—Dec. 3 1 2
1950—Dec. 30
1951—Dec. 31
1952—Dec. 31
1953—Apr. 29
June 30
Oct. 28
Nov. 25
Dec. 31
1954—Tan. 2 7 P
Feb. 24P
Mar. 31 v
Apr. 2 8 P
40,668
50,746
124,019
116,284
126,675
132,610
141,624
138,520
137.957
143,970
145,530
145,687
145,330
144,900
142,790
144,110
17,238
21,714
26,083
38,057
52,249
57,746
64,163
65,280
65,025
67,120
67,250
67,593
66,460
66,870
67,050
66,750
23,430
29,032
97,936
78,226
74,426
74,863
77,461
73,240
72,932
76,850
78,280
78,094
78,870
78.030
75.740
77,360
16,316
21,808
90,606
69,221
62,027
61,524
63,318
58,890
58,644
62,340
63,720
63,426
64,160
63,030
60,650
62,130
7,114
7,225
7,331
9,006
12,399
13,339
14,143
14,350
14,287
14,510
14,560
14,668
14,710
15,000
15,090
15,230
22,474
26,551
34,806
37,502
40,289
44,645
44,666
38,560
41,156
40,100
40,710
44,828
40,330
40,290
40,490
39,830
33,941
43,521
107,183
97,846
107,424
112,247
119,547
116,377
13,962
18,021
22,775
32,628
44,705
49,561
55,034
55,868
55,613
57,415
57,465
57,762
56,657
57,035
19,979
25,500
84,408
65,218
62,719
62,687
64,514
60,509
60,176
63.635
64.834
64,660
65.445
64,737
5,651
5,961
6,070
7,304
10,355
11,065
11.751
11,960
11,858
11,972
11,989
19,782
23,123
29,845
32,845
35,524
39,252
39,255
34,017
36,467
35,168
35,775
39,381
35,349
35,365
64,321
14,328
19,539
78,338
57,914
52,365
51,621
52,763
48,549
48,318
51,663
52,845
52,603
53,330
52,330
50,241
51,690
5,289
5,478
11,928
13,696
13,209
12,398
12,654
12,960
13,033
13.010
12,950
12,885
13,010
13,050
13,070
13,070
3,101
3,704
10,682
11,978
10,868
9,819
9,422
9,510
9,464
9,320
9,270
9,184
9,190
9,190
9,150
9,110
2,188
1,774
1,246
1,718
2,342
2,579
3,231
3,450
3.569
3,690
3,680
3,701
3,820
3,860
3.920
3,960
Mar.
Apr.
3\P
28P
119,840 5 7 , 1 0 9
121,125 56,804
62,731
12,057
12,115
12,407
12,400
12,631
Interbank 1
De-
50,884
61,126
140,227
134.924
148,021
154,869
165,626
163,310
163,082
169,580
171,240
171,497
171,380
171,100
169,190
170,710
115,789
121,050
122,299
122,422
122,102
121,772
Total
1
mand
All b a n k s :
1939—Dec. 30
1941—Dec. 3 1 .
1945—Dec. 31
1947—Dec. 312. . . .
1950—Dec. 30
1951—Dec. 31
1952—Dec. 31
1953—Apr. 29
June 30
Oct. 28
Nov. 25
Dec. 31
1954—Tan. 2 7 P . . . .
Feb. 2 4 P
Mar. 31 P
Apr. 2 8 P
All m e m b e r b a n k s :
1939—Dec, 30
1941—Dec. 31 . .
1945—Dec. 31
1947—Dec. 31
1950—Dec. 30
1951—Dec. 3 1 . . . .
1952—Dec. 31
1953—Apr. 29.
June 30
Oct. 28
Nov. 25
Dec. 31
1954—Tan. 2 7 P
Feb. 24P
Total Number
of
capital
accounts banka
U. S.
Government
obligations
49,340
61,717
129,670
122,528
133,089
141,015
147,527
137,738
140.830
1431453
145,028
150.164
145,358
144,440
3 5 640 143,608
35,043 143,913
Time
6,733
6,729
All m u t u a l savings
1939—Dec.
1941—Dec.
1945—Dec.
1947—Dec.
1950—Dec.
1951—Dec.
195^—Dec
1953—Apr.
June
Oct.
Nov.
Dec.
1954— Tan.
Feb.
Mar.
Apr.
30.
31
31 2
31 . . . . .
30
31
31
29. . . . . .
30
28
25
31
2 7P
24 P
31 P
28P
10,216
10,379
16,208
18,641
21,346
22,259
24 003
24,790
25.124
25,610
25,710
25,810
26,050
26,200
26,400
26,600
|
4,927
4,901
4,279
4,944
8,137
9,862
11,349
11,830
12,091
12,600
12,760
12,925
13,040
13,150
13,330
13,530
818
793
609
886
797
886
918
850
867
880
810
983
950
960
1,010
950
10,524
10,533
15,385
17,763
20,031
20,915
22,621
23,280
23,628
24,090
24,070
24,398
24,590
24,700
24,940
25,050
6
1
14
17
22
2
2
2
3
3
3
2
2
2
2
2
26
33
30
37
40
40
38
40
40
40
40
P Preliminary.
* "All banks" comprise "all commercial banks" and "all mutual savings banks." "All commercial banks" comprise "all nonmember commercial banks" and "all member banks" with exception of three mutual savings banks that became members in 1941. Stock savings banks and
nondeposit trust companies are included with "commercial" banks. Number of banks includes a few noninsured banks for which asset and liability data are not available. Comparability of figures for classes of banks is affected somewhat by changes in Federal Reserve membership,
insurance
status, and the reserve classifications of cities and individual banks, and by mergers, etc.
1
Beginning June 30, 1942, excludes reciprocal balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and 525
million at all insured commercial banks.
For other footnotes see following two pages
JUNE 1954
607
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]
Deposits
Loans and investments
Other
Investments
Class of bank
and date
Central reserve city
member banks:
New York City:
1939—Dec. 30.
1941—Dec. 31
1945—Dec. 31
1947—Dec. 3i
1950—Dec. 30
1951—Dec. 31
1952—Dec. 31
1953—Apr. 29
June 30
Sept 30
Oct. 28
Nov. 25.
Dec. 31
1954—Tan. 27?
Feb. 24P
Mar. 31 P
Apr. 28P
Total
Cash
assets1
Total
U.S.
Government
obligations
Other
securities
Loans
Total i
Interbank i
Total
Number
capital
of
accounts banks
Demand
Time
9,339
12,896
26,143
20,393
20,612
21,379
22,130
20,637
20,452
21,568
21,901
21,926
22,058
21,709
21,665
21,392
21,680
3,296
4,072
7,334
7,179
9,729
11,146
12,376
12,305
11,883
12,114
12,487
12,290
12,289
11,741
11,791
11,726
11,635
6,043
8,823
18,809
13,214
10,883
10,233
9,754
8,332
8,569
9 454
9,414
9,636
9,769
9,968
9,874
9,666
10,045
4,772
7,265
17,574
11 972
8,993
8,129
7,678
6,229
6,639
7 436
7,482
7,704
7,765
7,909
7,621
7.350
7,701
1,272
1,559
1,235
1 242
1,890
2 104
2,076
2,103
1,930
2 018
1,932
1,932
2,004
2,059
2,253
2,316
2,344
6,703
6 637
6,439
7 261
7 922
8 564
8,419
7,008
7 879
7 S98
6 932
7.085
8,074
7,088
7,214
8,028
7,305
14,509
17,932
30,121
25,216
25,646
26,859
27,309
24,286
25,244
25,996
25,505
25,462
27,037
25,612
25,509
26,382
25,874
4,238
4,207
4,657
4,464
4,638
4,832
4,965
4,345
4,578
4,645
4,719
4.713
5,214
5,001
4,956
5,019
5,247
9,533
12,917
24,227
19,307
19,287
20,348
20,504
18,088
18,736
19,420
18,780
18,723
19,673
18,524
18,482
19,237
18,529
736
807
1,236
1,445
1,722
1,679
1,840
1,853
1,930
1,931
2,006
2,026
2,150
2,087
2,071
2,126
2,098
1,592
1,648
2,120
2,259
2,351
2,425
2,505
2,528
2,544
2,563
2,566
2,573
2,572
2,585
2,611
2,614
2,619
2,105
2,760
5,931
5,088
5,569
5,731
6,240
5,588
5,627
5,973
5,984
6,093
6,204
6,078
6,007
5,568
5,850
569
954
1,333
1,801
2,083
2,468
2,748
2,547
2,552
2,609
2,597
2,607
2,776
2,516
2,570
2,638
2,539
1,536
1,806
4,598
3,287
3,487
3,264
3,493
3,041
3,075
3,364
3,387
3,486
3,428
3,562
3,437
2 ,930
3,311
1,203
1,430
4,213
2 890
2,911
2 711
2,912
2,455
2,529
2,804
2,824
2,918
2,856
2,988
2,854
2,339
2,725
333
376
3,330
4,057
7,046
6,402
7,109
7,402
7,686
7,006
7,119
7,338
7,323
7,448
7,724
7,492
7,304
6,602
7,261
888
1,035
1,312
1,217
1,228
1,307
1,350
1,144
1,216
1,278
1,315
L.269
1,387
1,308
1,240
1,703
1,200
1,947
2,546
5,015
4,273
4,778
4,952
5,132
4,688
4,696
4,855
4,804
4,963
5,095
4,950
4,840
3,695
4,826
495
476
250
288
576
552
581
586
546
560
563
568
572
574
583
591
586
1,446
1 566
1 489
1 739
2,034
2 196
2,010
2,051
2,058
2,083
1,972
1,994
2,115
2,011
1,989
1 ,650
2,017
Reserve city member
banks:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1950—Dec. 30
1951—Dec. 31
1952—Dec. 31
1953—Apr. 29
June 30
Sept. 30
Oct. 28
Nov. 25
Dec. 31.
1954—Tan. 27P
Feb. 24P
Mar. 31 P
Apr. 28P
12,272
15,347
40,108
36,040
40,685
42,694
45,583
44,591
44,352
45,906
46,221
46,825
46,755
46,897
46,885
45,802
46,353
5,329
7,105
8,514
13,449
17,906
19,651
21,697
22,162
22,150
22,493
22,712
22,801
22,763
22,516
22,706
22,485
22,317
6,944
8,243
31,594
22,591
22,779
23,043
23,886
22,429
22,201
23,413
23,509
24,024
23,993
24,381
24,179
23,317
24,036
5 194
6,467
29 552
20 196
19,084
19,194
19 624
18,006
17,756
18,959
19,049
19,592
19,559
19,933
19,639
18,783
19,409
1,749
1,776
2,042
2,396
3,695
3,849
4,262
4,423
4,446
4,453
4,460
4,432
4,434
4,448
4,540
4,534
4,627
6 785
8 518
11 286
13 066
13,998
15 199
15 544
13,447
14 447
14,196
14,179
14,444
15,925
14,062
14,088
13,993
13,928
17,741
22,313
49,085
46,467
51,437
54,466
57,357
53,419
54,861
55,713
55,710
56,541
58,663
56,640
56,362
55,614
55,902
\. 686
4,460
6,448
5,649
6,448
6,976
7,001
5,613
6,066
6,233
6,443
6,378
7,254
6,462
6,172
5,960
6,007
9,439
13,047
32,877
29,395
33,342
35,218
37,095
34,334
35,052
35,621
35,320
36,290
37,277
35,994
35,798
35,120
35,286
4,616
4,806
9,760
11,423
11,647
12,272
13,261
13,472
13,743
13,859
13,947
13,873
14,132
14,184
14,392
14,533
14,609
1,828
1,967
2 ,566
2,844
3,322
3,521
3,745
3,803
3,874
3,917
3,953
3,970
3,984
4,000
4,031
4,037
4,089
321
321
319
319
319
319
319
319
319
319
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—Apr. 29
June 30
Sept. 30
Oct. 28
Nov. 25
Dec. 31
1954—Jan. 27P
Feb. 24P
Mar. 31 P
Apr. 28?
10,224
12,518
35,002
36,324
40,558
42,444
45,594
45,561
45,359
46 739
46,944
47,455
47,404
47,418
47,215
47,078
47,242
4,768
5,890
5 596
10,199
14,988
16,296
18,213
18,854
19,028
19,417
19,619
19,767
19,934
19,884
19,968
20,260
20,313
5,456
6,628
29 407
26,125
25,570
26,148
27,381
26,707
26,330
27,322
27,325
27,688
27,470
27,534
27,247
26,818
26,929
3,159
4,377
26 999
22,857
21,377
21,587
22,549
21,859
21,394
22 306
22,308
22,631
22,423
22,500
22,216
21,769
21,855
2 297
2,250
2 408
3,268
4,193
4,561
4,832
4,848
4,936
5 016
5 017
5,057
5 047
5,034
5,031
5,049
5,074
4 848
6 402
10 632
10 778
11,571
13,292
13,281
11,511
12 083
12 041
12 085
12,252
13 268
12,188
12,074
11,969
11,793
13,762
17,415
43,418
44,443
48,897
52,288
55,175
53,027
53,606
54,756
54,915
55,577
56,740
55,614
55,265
55,010
54,876
7,312
10,335
1,223 29,700
1,073 28,810
L, 133 32,899
L,309 35,449
1,301 37,289
L,014 35,038
1,073 35,295
L,081 36,155
1,133 36,118
L.160 36,920
L ,315 37,735
1,207 36,648
1,141 36,301
1,119 35,853
L.121 35,636
5,852
6,258
12,494
14,560
14,865
15,530
16,585
16,975
17,237
17,521
17,664
17,497
17,689
17,759
17,823
18,038
18,119
1,851
1,982
2,525
2,934
3,532
3,760
3,970
4,034
4,101
4 213
4,222
4,242
4,194
4,208
4,233
4,263
4,306
5,966
6,219
6 476
6,519
6,501
6,484
6,444
6,413
6,409
6 399
6,398
6,393
6 389
6,393
6,383
6,379
6,375
Chicago:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1950—Dec. 30.
1951—Dec. 31
1952—Dec. 31.
1953—Apr. 29
June 30
Sept. 30
Oct. 28.
Nov. 25
Dec. 31 . . .
1954—Jan. 27*
Feb. 24*
Mar. 31 P
Apr. 28P
385
397
598
822
719
913
1,103
1,143
1,205
1,174
1,207
1,204
1,204
1.216
1,242
1,234
1,224
1 ,204
1,235
377
426
490
513
541
541
551
557
558
559
566
563
565
570
571
36
36
37
37
23
22
22
22
22
22
22
22
22
22
22
22
22
14
13
12
14
13
13
13
13
13
13
13
13
13
13
13
13
13
346
351
359
353
336
321
319
2
Beginning with December 31, 1947, the all bank series was revised as announced in November 1947 by the Federal bank supervisory agencies
At that time a net of 115 noninsured nonmember commercial banks with total loans and investments of approximately 110 million dollars was
added, and 8 banks with total loans and investments of 34 million were transferred from noninsured mutual savings to nonmember commercial
banks.
For other footnotes see preceding and opposite pages.
608
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
Deposits
Investments
Class of bank
and date
AH insured commercial
banks:
1941—Dec 3i
1945—Dec. 31
1947—Dec. 31
1951— Dec. 31
1952—Dec. 31
1953—Time 30
Dec. 31 ,
Total
Other
Cash
assets l
Total
U. S.
Government
obligations
Other
securities
Loans
Total
Number
capital
of
accounts banks
Demand
Time
10,654
13,883
12,670
14,777
14,990
13,242
15,548
43,059
104,015
94,300
110,382
115,371
108,222
115,538
15 699
29,876
34,882
37,749
40,610
42,186
43,610
6 844
8,671
9,734
11,902
12,563
12,950
13,239
13 426
13,297
13,398
13,439
13,422
13,417
13,412
3,806
4,137
5,178
7,875
8,341
8,471
8,600
14.977 39,458
20,114 84,939
22,024 82,023
25,951 94,173
26,333 98,974
24,279 94,475
26,479 100,654
6,786
9,229
8,410
9,788
9,918
8,594
10,152
24,350
59,486
54,335
63,477
66,362
62,364
66,343
8.322
16,224
19,278
20,908
22,694
23,516
24,160
3,640
4 644
5,409
6,653
7,042
7,221
7,391
5,117
5 017
5,005
4,939
4,909
4,874
4,856
7,500
27,089
19,240
16,558
16,928
15,361
17,121
2,155
1,933
2,125
3,191
3,409
3,387
3,457
8,145
9,731
10,822
13,301
12,922
12,188
12,903
22,259
44,730
40,505
46,843
48,553
46,355
49,510
3,739
4,411
3,993
4,637
4,699
4,339
5,019
14,495
32,334
27,449
32,491
33,658
31,415
33,437
4,025
7,986
9,062
9,715
10,196
10,601
11,054
2,246
2,945
3,055
3 565
3,719
3,850
3,925
1,502
1,867
1,918
1 901
1,889
1,891
1,887
2,535
11 647
11,486
10,890
11,638
11,460
12,069
1,509
10,584
10,039
8,923
9,556
9,361
9,790
1,025
1,063
1,448
1,967
2,081
2,099
2,278
2,668
4,448
4,083
4,926
4,970
4,292
5,020
7,702
18,119
19,340
21,912
23,464
22,841
24,555
129
244
266
353
373
309
378
4,213
12,196
12,515
14,415
15,351
14,443
15,758
3,360
5,680
6,558
7,144
7,740
8,090
8,419
959
1,083
1,271
1,686
1,804
1,882
1,925
6,810
6 416
6,478
6,602
6,627
6,655
6,672
1,002
1,893
1,535
1 ,299
1,322
1,310
1,380
761
1,693
1,280
991
1,010
977
1,045
241
763
329
852
363
308
329
356
407
1.291
1,905
1,411
1,235
1,229
1,130
1,212
253
514
576
469
444
400
430
1,872
2,452
2,251
1,932
1,960
1,880
2,005
329
200
255
308
312
332
335
478
388
402
395
386
325
314
326
325
320
783
650
624
592
569
3,536
13.539
13,021
12,189
12,960
12,769
13,449
2,270
12,277
11,318
9,914
10,567
10,339
10,835
1,266
1,262
1,703
2,275
2,393
2,431
2,613
3,431
4,962
4,659
5,395
5,414
4,691
5,450
9,573
20,571
21,591
23,843
25,424
24,722
26,560
457
425
629
661
702
665
784
5.504
14,101
13,926
15,650
16,580
15,572
16,970
3,613
6,045
7,036
7,533
8,142
8,485
8,806
1,288
1,362
1,596
1,999
2,129
2,207
2,245
7,662
7,130
7,261
7,252
7,251
7,247
7,241
642
3,081
3,560
7,523
8,691
9,325
10,016
1 050
7,765
9,123
8,668
8,930
9,284
9,236
629
7,160
8,165
6,921
6,593
6,642
6,476
421
606
958
1,746
2,337
2,642
2,760
151
429
675
695
732
692
799
1 ,789
10,363
12,207
15,368
16,785
17,695
18,383
1
2
2
2
12
14
23
30
35
35
1,789
10,351
12,192
15,343
16,753
17,657
18,345
164
1,034
1,252
1,678
1,730
1,771
1,819
52
192
194
202
206
213
4 259
1 198
1,384
2,339
2 658
2,766
2,910
4 428
4 163
4,573
3,730
3 724
3,749
3,649
3,075
3 522
3,813
2,897
2 829
2 822
2,707
1,353
642
8,744
5,022
5,556
5,547
5,836
5,933
6,015
8,738
5 020
5,553
5,544
5 833
5,931
6,013
1,077
21,259
25,765
37,583
57,256
63,632
64,522
67,082
28,031
96,043
76,691
73,564
76,138
71,622
76,714
21 046
88,912
67,941
60,533
62,308
57,667
62,381
6,984
7,131
8,750
13,031
13,831
13,955
14,333
National m e m b e r
banks:
1941— Dec. 31
1945—Dec 31
1947—Dec. 31
1951—Dec. 31
1952—Dec. 31
1953—June 30
Dec. 31
27,571
69 312
65,280
75,255
80 180
77,848
SI,913
11,725
13,925
21,428
32,317
36 004
36,420
37,831
15,845
55,387
43,852
42,938
44,176
41,428
44,082
12,039
51,250
38,674
35,063
35,835
32,958
35,482
State m e m b e r
1941—Dec.
1945—Dec.
1947—Dec.
195 {—Dec
1952—Dec.
1953—June
Dec.
banks:
31
31
31 .
3i
31
30.
31
15,950
37,871
32,566
36 992
39,367
37,941
40,509
6,295
8,850
11,200
17,243
19,030
19,194
19,931
9,654
29,021
21,365
19 748
20,337
18,748
20,578
Insured n o n m e m b e r
commercial b a n k s :
1941—Dec. 31
1945—Dec 3i
1947—Dec. 31 .
1951—Dec. 31
1952—Dec. 31
1953—June 30
Dec. 31 .
5,776
14 639
16,444
18,591
20,242
20,375
21 ,396
3,241
2,992
4,958
7,701
8,605
8,915
9,328
Noninsured n o n m e m ber commercial
banks:
1941—-Dec. 31
1945—Dec. 31 2
1947—Dec. 31
1951—Dec. 31
1952—Dec. 31 .
1953—June 30
Dec. 31
1 457
2 211
2,009
1 789
1,854
1,813
1,891
455
All nonmember commercial b a n k s :
1941—13 e c 3i
1945—Dec. 31 2
1947—Dec. 31
1951— Dec. 3]
1952—Dec. 31
1953—June 30.
Dec. 31
7 233
16,849
18,454
20,380
22,096
22 188
23,287
3 ,696
3,310
5,432
8,192
9,136
9,419
9,838
[nsured mutual savings
banks:
1941—Dec 31
1945—Dec. 31
1947—Dec. 31
1951—Dec. 31
1952—Dec. 31
1953—j u n e 3o
Dec. 31
1 693
10,846
12,683
16 190
17,621
18 610
19,252
8 687
5 361
5,957
6 069
6 382
6 515
6,558
Noninsured mutual
savings banks:
1941—Dec 31
1945 Dec 31 2
1947—Dec. 31
1951—Dec. 31
1952 Dec 31
1953—June 30
Dec. 31
Interbank i
69,411
147,775
141,851
162.908
170,971
163,650
174,697
49 290
121,809
114,274
130,820
139,770
136,144
143,796
318
474
490
531
504
511
25,788
34,292
36,926
44,176
44,222
40,756
44,398
Total
1
641
180
760
833
211
191
895
927
941
187
175
184
181
2
6
2
3
3
2
2
2
365
279
For footnotes see preceding two pages.
Back figures.—See Banking and Monetary Statistics, Tables 1-7, pp. 16-23; for description, see pp. 5-15 in the same publication.
in series prior to June 30, 1947, see BULLETIN for July 1947, pp. 870-871.
JUNE
1954
558
637
729
749
745
740
714
219
350
339
327
323
315
309
For revisions
609
ALL COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES *
LOANS AND INVESTMENTS
[In millions of dollars]
Loans 1
Class of bank
and
call date
Investments
Loans for
Compurchasing
or carrying
Total
cial,
Other
loans
in- Agri- securities
and
Real loans
cludto
culinvest- Total i ing
esin- Other
ments
To
tate
oans Total
open turdial brok- T o loans vidmarket
ci s othuals
paand ers
per
dealers
u. S.
Governmen . obligations
Obligations
of
States Other
CertifiGuar- and secucates
an- polit- rities
ical
Bills of in- Notes Bonds teed subdebtdiviedsions
ness
Direct
Total
All commercial
banks: 2
1947—Dec. 3 1 . . . 116.284
1951—Dec. 3 1 . . . 132,610
1952—Dec. 3 1 . . . 141,624
1953—June 30. . . 137,957
Dec, 31. . . 145,687
38,057
57,746
64,163
65,025
67,593
18,167
25,879
27,871
27,418
27,204
1 ,660
3 ,408
3 ,919
3 ,675
4 ,965
830
1 ,581
2 ,060
1 ,719
2 ,361
1 ,220
980
1 ,103
1 ,074
1 ,202
9 ,393
14 .580
15 ,712
16 .231
16 ,694
5,723
10,451
12,684
14,111
14,461
1.063
1,681
1,718
1,737
1,666
78,226
74,863
77,461
72,932
78,094
69 ,221
61 ,524
63 ,318
58 ,644
63 ,426
2 ,193 7 ,789 6 .034
7 ,337 7 ,657 11 ,408
7 ,761 5 ,580 11 ,878
5 ,050 5 ,092 11 ,259
5 ,004 10 ,237 12 ,439
53 ,191
35 ,101
38 ,077
37 ,212
35 ,713
All insured commercial banks:
1941—Dec. 3 1 . . .
1945—Dec. 3 1 . . .
1947—Dec. 3 1 . . .
1951—Dec. 3 1 . . .
1952—Dec. 3 1 . . .
1953—June 30. . .
Dec. 31. ..
49,290
121,809
114,274
130,820
139,770
136.144
143,796
21,259
25,765
37,583
57,256
63,632
64,522
67,082
9,214
9,461
18,012
25,744
27,739
27.282
27,082
1 ,450
I ,314
1 ,610
3 ,321
3 ,805
3 .594
4 ,867
614
3 ,164
823
1 ,571
2 ,050
1 ,704
2 ,344
662
3 ,606
1 ,190
960
1 ,082
1 ,051
1 ,181
4 ,773
4 ,677
9 ,266
14 ,450
15 ,572
16 .100
16 ,566
4,.! 45
2,361 1,181
5,654 1,028
10,378 1,645
12,603 1,683
14,025 1,702
14,373 1,629
28,031
96,043
76,691
73,564
76,138
71,622
76,714
21 ,046
88 ,912
67 ,941
60 ,533
62 ,308
57 ,667
62 ,381
988
2 ,455
2 ,124
7 ,219
7 ,622
4 ,927
4 ,895
19 ,071
7 ,552
7 526
5 494
5 000
10 ,076
12 ,797 4,102 3,651 3 ,333
51 ,321
22 3,873 3 ,258
52 ,334
14 5,129 3 ,621
34 ,511
21 8,989 4 ,042
37 ,456
22 9,977 3 ,854
36 589
32 10,302 3 ,653
35 ,093
33 10,587 3 ,746
Member banks,
total:
43,521
31
1941
Dec 3 1 ! ! ! 107,183
1945—Dec!
1947—Dec. 3 1 . . . 97,846
1951—Dec. 3 1 . . . 112,247
1952—Dec. 3 1 . . . 119,547
1953—June 30. . . 115,789
Dec. 31. . . 122,422
18 021
22! 775
32,628
49,561
55,034
55,613
57,762
8,671
8,949
16,962
24,347
26,232
25,763
25,519
972
855
1 ,046
2 .140
2 ,416
2 .234
3 ,263
598 3 494
25,500
3.t 92
594
3 ,133 3 .378 3 .455 1,900 1,104 84,408
952 65.218
811 1 .065 7 .130 4,662
851 11 ,334 8,524 1,535 62,687
1 ,551
966 12 .214 10,396 1,577 64,514
2 ,032
I .687
933 12 .628 11,612 1,585 60,176
2 ,321 1 ,060 13 ,020 11,911 1,518 64,660
19 539
78 ,338
57 ,914
51 ,621
52 ,763
48 ,318
52 ,603
971
2 ,275
1 ,987
6 ,399
6 ,565
4 ,064
4 ,095
16
5
6
4
3
8
4 072
7! 334
7,179
11,146
12,376
11,883
12,289
2,807
3! 044
5,361
7,852
8,680
8,345
8,218
954
732
New York Citv:*
1941 Dec 31
1945—Dec! 3 1 ! ! !
1947—Dec. 3 1 . . .
1951—Dec. 3 1 . . .
1952—Dec. 3 1 . . .
1953—June 3 0 . . .
Dec. 31. ..
Chicago:8
1941—Dec.
1945—Dec.
1947—Dec.
1951—Dec.
1952—Dec.
1953—June
Dec.
12,896
26!143
20,393
21,379
22,130
20,452
22,058
412
169
I .453 I ,172
545
267
t ,219 262
I ,531
286
1 .274
237
320
126 I ,667
123
80
111
514
386
406
383
22
36
46
70
67
70
70
8
554
311
8,823 7 265
298 18,809 17 ,574
287
477
330 13,214 11 ,972 1 ,002
564
551 10,233 8 ,129 1 ,122
920
1,136 539 9,754 7 ,678 1 ,079
1 ,285 517 8,569 6 , 639 789
1,294 475 9,769 7 ,765 924
96
40
51
26
149
109
180
120
211
90
235
96
234
1,806
4,598
3,287
3,264
3,493
3,075
3,428
1 ,430
4 ,213
2 ,890
2 ,711
2 ,912
2 ,529
2 ,856
31. ..
2,760
5,931
5,088
5,731
6,240
5,627
6,204
760
1,333
1,801 1,418
2,468 1,977
2,748 2,080
2,552 1,992
2,776 1,912
6
2
3
16
14
7
158
48
211
73
94
239
142
286
Reserve city banks:
1941 Dec ' 1
1945—Dec! 3 1 . . .
1947—Dec. 3 1 . . .
1951—Dec. 3 1 . . .
1952—Dec. 3 1 . . .
1953—June 30. ..
Dec. 31
15 347
40!108
36,040
42,694
45,583
44,352
46 ,755
7 105 3,456
3!661
13 .'449 7,088
19,651 10,140
21,697 10,842
22,150 10,609
22,763 10,568
300
205
225
513
501
469
774
194
114
427 I ,503
170
484
203
347
422
218
229
424
308
456
1
1
3
4
5
5
5
527
8,243 6 ,467
295
1,1 12
404 31,594 29 ,552 1 ,034
459
855
147 1.969
366 22,591 20 ,196
373
651 3,518
572 23,043 19 ,194 2 ,524
099 4,347
595 23,886 19 ,624 2 ,387
270 4,849
645 22,201 17 ,756 1 ,344
9 -^Q
453 4,942
611 23,993 19 ,559
Country banks:
1941—Dec. 3 1 . . .
1945—Dec. 3 1 . . .
1947—Dec. 3 1 . . .
1951—Dec. 3 1 . . .
1952—Dec. 3 1 . . .
1953—June 3 0 . . .
Dec. 3 1 . . .
12,518
35,002
36,324
42,444
45,594
45,359
47,404
5,890
5,596
10,199
16,296
18,213
19,028
19,934
All nonmember
banks: "
1947—Dec. 3 1 . . .
1951—Dec. 3 1 . . .
1952—Dec. 3 1 . . .
1953—June 30. . .
Dec. 3 1 . . .
18,454
20,380
22,096
22,188
23,287
5,432
8,192
9,136
9,419
9,838
31...
31...
31...
31...
31
3o!!!
52
233
87
63
66
71
75
256
133
132
334
407
147
123
3 ,159
16 ,045
5 ,918
11 ,256
11 ,714
11 ,119
12 ,283
14
21
22
32
34
5,276 3 ,729
9,198 4 ,141
10,188 3 ,955
10.533 3 ,754
10,821 3 ,847
3 ,007 11 ,729 3,832 3 09C
985 14 ,271 44 '792
16 3! 254
816 4 ,815 45 286
10 4,199
010 9 ,596 29 601
15 7,528
255 9 835 32 087
19 8,409
807 9 242 31 176
29 8,680
287 10 300 29 890
31 8,871
3 433
640
616
233
203
1 104
1 ,623
3 ,325
558
1 428
1 170
1 035
1 130
i
467
235
332
224
235
450
153
749
248
520
607
551
684
6
2
2
1
1
3
982
358
493
774
453
357
5
1
3
3
3
4
751
653
901
640
854
542
201
4
15
15
10
11
11
10
3
10
9
4
5
4
4
652 1,679
729
337
606
771
638
960
2 1,385
195
1 1,453
611
2 1,318
605
1 1,365
903
864
274
526
674
596
1 598
119
1
2
1
1
183
471
227
178
191
201
210
1
1
3
6
6
6
7
823
881
827
099
662
883
114
1,979
3,906
4,702
5,243
5,441
363
229
303
322
334
336
6,628
29,407
26,125
26,148
27,381
26,330
27,470
110
4 ,377
630 5 102
26 ,999
480 2 583
22 ,857
21 .587 2 ,418 2 , 568
22 ,549 2 ,692 2 , 024
21 ,394 ,784 1, 916
22 ,423 ,819 3 , 374
4
2
4
4
4
4
481
544
108
008
204
114
285
2 926
16 713
17 681
12 587
1 3 , 625
13 576
12, 940
861
9
6
5
4
4
5
1,222
1,342
2,006
3,334
3,639
3,802
3,911
1,205
1,533
1,639
1,655
1,685
20
30
29
32
40
156
130
137
141
142
2
3
3
3
3
266
252
505
610
681
1.061
1,927
2,288
2.499
2,551
111
146
141
151
148
13,021
12,189
12,960
12,769
13,449
11 .318
9 ,914
10 ,567
10 ,339
10 835
1, 219
1, 812
2 , 043
2 017
2 139
7 , 916
510
6 , 000
6 , 047
5 , 834
4
6
3
3
2
1,078
1,671
1,781
1,855
1,951
614
268
503
441
702
206
939
,196
987
909
973
1 1 647
325
1 f285
951
s,
193
204
185
201
197
170
172
248 I 173 956
820
878
5 1,126
916
560
3 1,342 1 053
528
8 2,458
390
594
14 2,934 1 328
393
23 3,184 1 262
746
25 3,196
238
20
42
23
35
43
41
59
1,530
830
629
604
719
623
612
639
182
181
213
351
384
375
400
1,676 659
1,484 648
3,096 818
4,377 1 610
4,630 [ 901
4,817 [ 757
4,822 2 204
707
2 871
2 ,'815
3 105
3 538
3 342
3 178
3 185
1
1
1
I
L
028
067
262
227
194
134
136
625
604
613
576
662
For other footnotes see opposite page
610
FEDERAL RESERVE BULLETIN
ALL COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES*—Continued
RESERVES A N D LIABILITIES
[In millions of dollars]
Demand deposits
Class of bank
and
call date
Reserves
with
Cash
Federal
in
Revault
serve
Banks
Balances
with
domestic
banks 4
Demand
deposits
ad- •
justed 5
Interbank
deposits
ForDomestic4 eign
CertiIndified viduals,
U. S. States
and partnerand
Gov- political
offiships, Intererncers' and cor- bank
subdiment visions
checks, poraetc.
tions
1,343
3,359
4,941
3,634
4,146
All commercial
banks:2
1947—Dec. 3 1 . .
1951—Dec. 3 1 . .
1952—Dec. 3 1 . .
1953—June 3 0 . .
Dec. 3 1 . .
17,796
19,911
19,809
19,446
19,995
2,216
2,697
2,753
2,590
2,512
10,216
11,969
11,875
10,233
12,103
87,123
98,243
101,506
96,892
102,452
11,362
13,123
13,109
11,409
13,444
1,430
1,413
1,465
1,343
1,344
All insured commercial banks:
1941—Dec. 3 1 . .
1945—Dec. 3 1 . .
1947—Dec. 3 1 . .
1951—Dec. 3 1 . .
1952—Dec. 3 1 . .
1953—June 30. .
Dec. 31. .
12,396
15,810
17,796
19,911
19,809
19,446
19,995
1,358
1,829
2,145
2,665
2,720
2,559
2,482
8,570
11,075
9,736
11,561
11,489
9,885
11,724
37,845
74,722
85,751
97,048
100.329
95,795
101,289
9,823
12,566
11,236
12,969
12,948
11,241
13,221
Member b a n k s ,
total:
1941—Dec. 3 1 . .
1945—Dec. 3 1 . .
1947—Dec. 3 1 . .
1951—Dec. 31. .
1952—Dec. 3 1 . .
1953—June 30. .
Dec. 31. .
12,396 1,087
15,811 1,438
17,797 1,672
19,912 2,062
19,810 2,081
19,448 1,956
19,997 1,870
6,246
7,117
6,270
7,463
7,378
6,378
7,554
33,754
64,184
73,528
83,100
85,543
81,774
86,127
9,714
12,333
10,978
12,634
12,594
10,947
12,858
671
1,243
1,375
1,369
1,431
1,300
1,291
U. S.
Gov- States IndiBorernand viduals, rowment polit- partner- ings
ships,
and
ical
Postal subdi- and corSav- visions porations
ings
Capital
accounts
6,799 2,581 84,987
8,426 3,166 96,666
8,910 2,956 99,793
9,350 2,449 93,918
9,546 2,996 100,062
240
550
744
846
1,167
111
278
346
336
338
866
1,536
1,620
1,731
1,944
34,383
36,323
39,046
40,514
41,714
65
34
188
113
62
10,059
12,216
12,888
13,275
13,559
673 1,761
1,248 23,740
1,379 1,325
1,381 3,344
1,437 4,912
1,305 3,620
1S296 4,116
3,677
5,098
6,692
8,288
8,776
9,211
9,407
1,077 36,544
2,585 72,593
2,559 83,723
3,147 95,604
2,938 98,746
2,431 92,961
2,978 99,038
158
70
54
427
605
696
1,031
59
103
111
278
346
336
338
492
496
826
1,485
1,564
1,675
1,891
15,146
29,277
33,946
35,986
38,700
40,176
41,381
10
215
61
30
181
103
54
6,844
8,671
9,734
11,902
12,563
12,950
13,239
1,709
22,179
1,176
3,101
4,567
3,378
3,756
3,066
4,240
5,504
6,666
7,029
7,403
7,530
1,009
2,450
2,401
2,961
2,744
2,256
2,783
33,061
62,950
72,704
83,240
85,680
80,741
85,711
140
64
50
422
592
686
1,021
50
99
105
257
321
310
308
418
399
693
1,238
1,303
1,395
1,595
11,878
23,712
27,542
29,128
31,266
32,412
33,311
4
208
54
26
165
75
43
5,886
7,589
8,464
10,218
10,761
11,070
11,316
3,595
607
866
3 535 1,105 6,940
3,236 1,217
267
3,385 1,128
858
3,346 1,154 1,143
2,979 1,059
887
3,363 1,021
778
319
237
290
321
322
333
315
450
1,338
1,105
1,289
1,120
899
1,071
11,282
15,712
17,646
17,880
17,919
16,617
17,509
6
17
12
318
465
540
831
43
59
50
53
29
20
14
22
29
39
139
778
I 206
1,418
1,614
L,752
,841
1,958
195
30
5
132
8
23
1,648
2 120
2^259
2,425
2.505
2,544
2,572
233
237
285
240
242
320
2 72
34
66
63
66
56
53
64
2,152
3,160
3,853
4,404
4,491
4,123
4 ,500
0
2
5
4
3
3
9
11
11
10
10
476
719
902
] , 128
1 ,190
1 ,194
] ,229
1 .1 41
1,763
2,2S2
2,550
2 693
2 ,866
2,880
786
611
705
822
791
636
828
11,127
22,281
26,003
30,722
31,708
30 192
32,065
104
30
22
90
100
124
166
20
38
45
85
105
103
98
243
160
332
714
730
794
830
AL542
9.563
11 ,045
11 ,473
i: ,417
i:.,847
13,203
2
1
4
8
17
1,967
2,566
2,844
3,521
3,745
3,874
3,984
2
225
8 5,465
7
432
11
876
11 1,267
11
932
12 1,216
1 ,3 70
2,004
2,647
3 ,554
3,772
3,885
4,063
239
8,500
435 21,797
528 25,203
783 30,234
777 31,473
668 29,810
820 31.63^
30
17
17
13
13
14
15
31
52
45
125
152
154
153
146
219
337
491
525
553
615
6.082
12 ,224
14,177
14,914
15,908
16,531
16,921
4
11
23
16
25
49
20
1,982
2,525
2,934
3,760
3,970
4,101
4,194
55
44
34
43
52
1,295
1.761
1,881
1,946
2.016
180
205
212
193
213
190
128
152
160
146
6
22
25
27
30
172
298
317
33 S
350
6,858
7,213
7,800
8.123
$,426
12
8
23
38
19
1,596
1,999
2,129
? 207
2 245
New York City:3
1941—Dec. 3 1 . .
1945—j-) ec- 3 i
1947— Dec. 3 1 . .
1951—Dec. 3 1 , .
1952—Dec. 31 . .
1953—June 3 0 . .
Dec. 31 . .
5,105
4 015
4,639
5,246
5,059
5,204
4,846
93
111
151
159
148
127
129
141
78
70
79
84
49
70
10,761
15,065
16,653
16,439
16,288
15,384
15,901
Chicago:3
1941—Dec. 3 1 . .
1945—rj e c 3 i
1947—Dec. 3 1 . .
1951—Dec. 31 . .
1952—Dec. 31 . .
1953—Tune 30. .
Dec. 3 1 . .
1,021
942
1,070
1,407
1.144
1.318
1,287
43
36
30
32
32
31
34
298
200
175
165
169
123
166
2,215
3,153
3,737
4,121
4,126
3,913
4,211
1.027
,292
,196
,269
,308
,175
.339
8
20
21
38
37
33
39
Reserve city banks:
1941—Dec. 31 . .
1915—Dec. 31 . .
1947—Dec. 3\ . .
1951—Dec. 31 . .
1952—Dec. 31 . .
1953—Tune 30. .
Dec. 3! . .
4,060
6,326
7,095
7,582
7,788
7,420
8,084
425
494
562
639
651
609
568
2,500
2,174
2,125
2,356
2,419
2,150
2 ,463
11,117
22,372
25,714
29,489
30,609
29,444
30,986
4,302
6.307
5,497
6,695
6,662
5 , 744
6,869
54
110
131
192
230
197
219
Country banks.
1941—Dec. 31 . .
1045—Dec. 3 1 . .
1947—Dec. 31 . .
1951 —Dec. 31 . .
1952—Dec. 31 . .
1953—June 30. .
Dec. 31. .
2,210
4,527
4,993
5,676
5.820
5,505
5,780
526
796
929
1,231
1,250
1,189
1,140
3,216
4,665
3,900
4,862
4,706
4,057
4,855
9,661
23,595
27,424
33,051
34,519
33,033
35,029
790
1,199
1 ,040
1,285
1,2 78
1 ,049
1,288
544
635
672
635
642
3,947
4,507
4,498
3,856
4,550
13,595
15,144
15,964
15,118
16.325
All n o n t n e m b e r
banks:2
1947—Dec. 31 . .
1951—Dec. 31 . .
1952—Dec. 31 . .
1953—June 30. .
Dec. 31 . . . . . . . . .
Time deposits
385
489
516
462
586
127
1,552
72
242
34.*
201
259
491
8,22!
405
1 , 1 24
1,314
1,358
1 ,504
167
258
374
256
390
12,284
13,426
14,113
13,177
14,351
1
5
8
io
12
288
377
426
513
541
551
566
2
Breakdown of loan, investment, and deposit classifications is not available prior to 1947; summary figures for earlier dates appear in the
preceding table.
3
Central reserve city banks.
4
Beginning June 30, 1942, excludes reciprocal bank balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and
525 million at all insured commercial banks.
5
Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
For other footnotes see preceding page.
Back figures.—See Banking and Monetary Statistics, Tables 18-45, pp. 72-103 and 108-113.
JUNE 1954
611
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
Total
loans
and
invest- Total 1
ments
Date or m onth
Commercial,
industrial,
and
agricultural
Investments
For purchasing
or carrying securitie s
To brokers
and dealers
To others
U.S. Other
U. S.
Govt. Other
sese- Govt.
obob- curiliga- ties liga- curities
tions
tions
U. S. Government obligations
Real Loans Other Total
estate
to
loans
loans banks
Total
Bills
CerOther
tifisecucates
rities
of in- Notes Bonds2
debtedness
1 ,479
1 978
TotalLeading Cities
1953—May
75,985
39,499
23,006
1,599
793
6 ,237
669
1954—March
April
May . .
79,460 39,591
78,949 39,310
80,149 39,544
22,682
22,451
22,005
1,887
1,786
2,178
821
836
898
6 ,503
6 ,543
6 ,568
557 7 ,779 39,869 31 ,978 2 ,316 3 574 4 ,731 21, 357 7,891
584 7 ,750 39,639 31 .607 2 ,540 2 936 4 ,592 21, 539 8,032
815 7 ,720 40,605 32 ,592 2 ,536 3 008 5 ,485 21, 563 8,013
39,401
39,452
40,021
39,766
39,317
22,407
22,481
22,939
22,821
22,763
1,907
2,005
1 ,931
1,834
1,758
811
811
814
820
847
6 ,478
6 ,489
6 ,509
6 ,517
6 ,522
679
550
7C1
613
241
7 ,754
7 ,752
7 ,767
7 ,800
7 ,825
40, 133
40, 248
40, 744
39, 481
38, 738
32 ,292 2 ,084 4 097 4 ,798 2 1 , 313
32 ,292 2 ,162 4 067 4 ,770
293
32 ,848 2 ,591 4 121 4 ,744
392
31 ,609 2 ,669 2 848 4 ,695
397
30 ,850 2 ,076 2 737 4 ,649
388
7,841
7,956
7,896
7,872
7,888
Apr. 7. . . 79,078 39,530
Apr. 14. . . 78,742 39,406
Apr. 21 . . . 78,858 39,364
Apr. 28. . . 79,118 38,941
22,714
22,558
22,348
22,183
1,676
1,799
1,925
1,744
828
828
840
849
6 ,532
6 ,542
6 ,544
6 ,553
672
567
597
500
7 ,747
7 ,751
7 ,750
7 ,753
39 548
39, 336
39 494
40, 177
31 ,518 2 ,486 2 867
31 ,298 2 ,296 2 908
31 ,452 2 ,392 2 925
32 ,160 2 ,987 3 045
4 ,641
4 ,608
4 ,587
4 ,530
524
486
548
598
8,030
8,038
8,042
8,017
39,434 22,145
39,729 22,045
39,589 21,975
39,422 21,854
2,014
2,314
2,275
2,108
866
866
922
938
6 ,541
6 ,559
6 ,582
6 ,590
765
876
766
853
7 ,743
7 ,710
7 ,709
7 ,719
40, 459
39 941
40 941
41 080
32 ,377
31 ,994
32 ,958
33 ,041
2 ,985
2 ,383
2 ,400
2 ,377
285
408
660
680
4 ,455
652
4 ,442
761
6 ,513 2 l ] 385
6 ,531 2 1 , 453
8,082
7,947
7,983
8,039
1 ,061
8 123
1 ,041 4 , 655 2,020
1954—Mar.
Mar.
Mar.
Mar.
Mar.
3. . . 79,534
10. . . 79,700
17. . . 80,765
24. .. 79,247
31... 78,055
May 5. .. 79,893
May 1 2 . . . 79,670
May 19. . . 80,530
May 26. .. 80,502
7 ,805 3 6 , 486 28 ,955
3
3
2
2
5 ,692 1 9 , 806 7,531
New York City
20,454
12,331
8,507
127 1,107
43
217
388
466
6 ,103
237
170
1 9 5 4 — M a r c h . . . . 21,724
21,603
April
May
22,159
11,913
11,805
12,139
8,101
8,033
7,859
487
352
41
41
260
276
385
391
692
803
641
527
1954—Mar.
Mar.
Mar.
Mar.
Mar.
. . 21,681
. . 21,785
. . 22,166
.. 21,635
. . 21,355
11,844
11,833
12,140
11,971
11,778
7,974
7,988
8,213
8,182
8,147
508
593
490
445
402
Apr. 7. . . 21,601
Apr. 14. . . 21,513
Apr. 21. .. 21,648
Apr. 28. . . 21,648
11,826
11,835
11,870
11,688
May 5. . . 22,148
May 12. .. 21,912
May 19. .. 22,196
May 26. . . 22,381
1953—May
3.
10.
17.
24.
31.
919
988
584 1,056
43
320
382
324 1 ,587 9 811 7 ,489
347 1 ,567 9 798 7 ,432
516 1 ,569 10 020 7 ,750
889
923
937
901
943
41
41
42
42
40
261
257
255
257
269
377
382
389
389
391
429
259
425
341
165
1 ,556
1 ,581
1 ,581
1 ,606
1 ,611
9
9
10
9
9
8,126
8,086
7,996
7,922
353 929
356 972
387 1,059
313 993
40
41
41
41
266
272
280
287
393
392
391
389
337
335
346
368
1 ,572
1 ,571
1 ,560
1 ,565
9
9
9
9
12,078
12,172
12,176
12,129
7,948
7,864
7,841
7,781
466
685
657
528
1,044
1,076
1,037
1,067
41
38
47
46
301
301
333
346
378
381
387
382
521
450
495
598
1 ,569
1 ,567
1 ,570
1 ,571
10
9
10
10
55,531 27,168
769 5 , 387 2,322
695 5 , 407 2,366
5 , 411 2,270
744
661
934
837 7 ,546
952 7 ,591
026 7 ,695
664 7 ,347
577 7 ,265
649
677
720
754
662
752
756
822
434
438
784
792
775
760
736
5,
5,
5,
5,
5,
361
366
378
399
429
2,291
2,361
2,331
2,317
2,312
775 7 ,411
678 7 ,301
778 7 ,396
960 7 ,619
780
695
764
974
471
515
531
591
715
709
710
644
5,
5,
5,
5,
445
382
391
410
2,364
2,377
2,382
2,341
070
740
020
252
7 ,771
7 ,491
7 ,763
7 ,977
997
598
624
759
696
618
769
627
572 1 ,233
609 1 ,257
5 , 460
5 , 497
5 , 334
5 , 352
2,299
2,249
2,257
2,275
6 ,144 28 363 22 ,852
1 ,242
Outside
New York City
14,499
365
533
5 ,849
203
1954—March. . . . 57,736 27,678 14,581
April
57,346 27,505 14,418
Alay
57,990 2 7,405 14,146
481
446
520
519
233 6 ,192 30 058 24 ,489
237 6 ,183 29 841 24 ,175
299 6 ,151 30 585 24 ,842
1 ,624 2 ,933 3 ,962 15, 970 5,569
1 ,737 2 ,409 3 ,897 16, 132 5,666
1 ,792 2 ,347 4 ,551 16, 152 5,743
1954—Mar.
Mar.
Mar.
Mar.
Mar.
1 ,435
1 ,485
1 ,871
1 ,915
1 ,414
3 ,345
3 ,311
3 ,299
2 ,414
2 ,299
4 ,014
3 ,978
3 ,969
3 ,935
3 ,913
15, 952
15 927
16 014
15 998
15 959
773 24 ,107 1 ,706
658 23 ,997 1 ,601
716 24 ,056 1 ,628
217 24 ,541 2 ,013
2 ,396
2 ,393
2 ,394
2 ,454
3 ,926
3 ,899
3 ,877
3 ,886
16
16
16
16
079 5,666
104 5,661
1 S7 S 660
188 5,676
1 ,988
1 ,785
1 ,776
1 ,618
2 ,589
2 ,639
2 ,088
2 ,071
3 ,837
3 ,815
5 ,280
5 ,274
16
16
16
16
192
264
051
101
1953—May
538
535
6 ,118
6 ,152
6 ,186
. . 57,853 27,557
. . 57,915 27,619
. . 58,599 27,881
. . 57,612 27,795
. . 56,700 27,539
14,433
14,493
14,726
14,639
14,616
510
489
504
488
413
509
513
517
521
538
6 ,101
6 ,107
6 ,120
6 ,128
6 ,131
250
291
276
272
76
Apr. 7. . . 57,477
Apr. 14. . . 57,229
Apr. 21
57,210
Apr. 28. .. 57,470
27,704
27,571
27,494
27,253
14,588
14,472
14,352
14,261
394
471
479
522
515
519
438
521
6 ,139
6 ,150
6 ,153
6 ,104
335 6 ,175 29
232 6 ,180 29
251 6 ,190 29
132 6 ,188 30
May 5. .. 57,745
May 12. .. 57,758
May 19. .. 58,334
May 26. .. 58,121
27,356
27,557
27,413
27,293
14,197
14,181
14,134
14,073
504
553
581
513
524
527
542
546
6 ,163
6 ,178
6 ,195
6 ,208
244
426
271
255
3.
10.
17.
24.
31.
6 ,198
6 ,171
6 ,186
6 ,194
6 ,214
6 ,174
6 ,143
6 ,139
6 ,148
30
30
30
29
29
296
296
718
817
161
30 389
30 201
30 ,921
30 ,828
24 ,746
24 ,701
25 ,153
24 .262
23 ,585
24 ,606
24 ,503
25 ,195
25 ,064
1 ,808 4 ,651 1 5 , 151 5,511
5,550
5,595
5,565
5,555
5,576
5,783
5,698
5,726
5,764
1
Figures
3
for various loan items are shown gross (i. e., before deduction of valuation reserves); they do not add to the total, which is shown net.
Includes guaranteed obligations.
For other footnotes see opposite page.
612
FEDERAL RESERVE BULLETIN
WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE—Continued
RESERVES AND LIABILITIES
[Monthly data are averages of Wednesday figures.
Demand deposits,
except interbank
Date or month
Reserves
with Cash
Fedin
eral vault
Reserve
Bank:
DeBalances mand
with
dedo- posits
mestic ad- 3
banks justed
Individuals,
partnerships,
and
corporations
In millions of dollars]
Time deposits,
except interbank
IndividStates Certiuals,
and
fied
partU.
S.
polit- and
Gov- nerical
offiern- ships,
sub- cers'
and
divi- checks, ment
corsions etc.
porations
States
and
political
subdivisions
U. S.
Government
and
Postal
Savings
Interbank
deposits
Demand
Borrowings
Time
Domestic
Foreign
Capital
accounta
Total—
Leading Cities
1953—May.. . .
14,506
942
2,345 53,417 54,117
1954—March. . .
April. . .
May....
14,381
14,192
14,231
916
936
930
,595 53,740 54,767
.635 53,288 54,135
,590 54,068 54,646
1954—Mar.
Mar.
Mar.
Mar.
Mar.
14,263
14,304
14,863
14.483
13,990
900
939
925
933
,477
,459
,608
,442
,992
53.913
54,753
54,897
13,325
51,812
Apr. 7
Apr. 14
Apr. 21
Apr. 28
14,006
14,041
14,299
14,423
886
965
922
970
,547
,670
,613
,710
May 5
May 12
May 19
13,954
14,168
14,433
14,370
874
963
918
965
,662
,665
,545
,486
4,909
143
4,956
4,800
4,768
139
145
145
4,781
4,965
5,149
5,029
4,854
141
148
136
140
130
39
38
43
37
301
15,721
16,073
15,975
15,382
15,412
4,727
4,644
4,876
4,950
140
152
139
150
55
43
49
50
May 5
May 12
May 19
May 26
Outside
New York City
1953—May
4,668
4,812
4,918
4,674
139
150
140
152
37
41
44
42
9,597
799 2,306 37,873 37,757 3,794
822
1,183
1954—Mamh. .
Anril. ..
May.. . ,
9,425
9,392
9,463
777 2,503 38,028 38,053
791 2,586 37,773
785 2,549 38,286 38,078
3,604
3,737
3,931
896
852
826
2,061 15,908
865
947
1,957 15,979
1,731 16,074 1,010
136
138
137
1954—Mar.
Mar.
Mar.
Mar.
Mar.
9,482
9,339
9,714
9,454
9,136
759
791
789
793
754
2,438
2,421
2,565
2,405
2,691
38 ,192
38, 680
38,922
37,943
36, 400
38,264
38,719
39,430
37,701
36,146
3,623
3,534
3,430
3,573
3,861
831
827
1,027
864
928
1,761
1,390
2,170
2,322
2,665
Apr. 7
Apr. 14
Apr. 21
Apr. 28
9,279
9,397
9,423
9,473
746
813
783
820
2,492
2,627
2,564
2,660
37,074 36 ,749
,256
37,
38,030 38 ,084
38,358 37 ,827
May 5
May 12
May 19
May 26
9,286
9,356
9,515
9,69 b
735
813
778
813
2,625 38,132 37 ,549
2,624
,440 38,699
2,501 38,100 38,039
2,444 38,471 38,024
3.
10.
17.
24.
31.
May 26
4,164
828
9,702
1,318
1,111
7,400
3,895 1,776 2,905 17,750 1,047
4.098 1 .747 2,687 17,835 1 ,095
4,346 1,758 2,588 17,939 1,137
1,470
190 10,505
192 10,400
190 10,483
1,257
1,272
1,253
,213
,317
,390
663
537
757
7,674
7,731
7,781
54,791
55,689
56,535
53,994
52,824
3,908
3,803
3,675
3,858
4,232
1,543
1,594
1,981
1,774
1,987
2,424
1,891
3,011
3,362
3,838
17,734
17,763
17,713
17,767
17,771
994
997
1,049
1,109
1,087
189
189
190
190
192
10,517
10,495
10,949
10,028
10,538
1,303
1,279
1,248
1,229
1,227
,163
,198
,219
,235
,252
796
725
845
786
161
7.667
7,669
7,663
7,679
7,692
52,376
52,933
53,736
54,108
52,764
54,572
54,714
54,488
3,996
3,971
4,119
4,308
1 ,595
1,813
1 ,860
1,720
3,347
2,498
2,232
2,671
17,818
17,817
17,851
17,854
1,101
1,120
1,079
1,078
192
192
193
192
10,403
10,669
10,354
10,171
1,269
1,285
1,255
1 ,279
,282
,314
,330
,344
647
505
568
429
7,723
7,722
7,725
7,755
54,047
54,153
53,715
54,358
54,159
55,321
54,485
54,619
4,467 2,016 2,056 17,895 1,147
4,332 1,655 1,601 17,916 1,123
4,221 1,810 3,545 17,949 1,142
191
190
190
190
10,731
10,838
10,367
9,995
1,268
1,251
1,269
1,223
,364
,364
,406
,427
647
943
720
718
,778
,794
2,771
1,737 16,839
4,362
1,552
3,149 17,996
15,544 16,360
370
648
554
1,702
43
1,078
498
259
2,511
92 15,712 16,714
49 15,515 16,405
41 15,782 16,568
291
36\
415
880
895
932
844
730
857
1,842
1,856
1,865
182
148
127
2,979 1,008
3.011 1.026
2,981 1,012
1,013
1,101
1,167
349
2,574
2.582
2,594
16,527
16,970
17,105
16,293
16,678
285
269
245
285
371
712
767
954
910
1,059
663
501
841
1,040
1,173
1,828
1,847
1,824
1 ,856
1,857
169
166
205
204
165
2 ,939 1,047
2,945 1,031
3,164 1,001
2,873
985
2,973
977
970
999
1,018
1,030
1,048
253
33(
443
447
21
2.574
2,573
2.573
2.570
2,579
15,302
15,303
15,706
15,750
16,015
16,316
16,630
16,661
374
359
346
365
787
976
965
851
961
664
582
711
1,846
1,845
1 ,863
1,870
167
172
127
126
2,927
3,017
3,024
3,073
1,070
1,098
1,113
1,123
211
206
266
101
2.583
2.581
2,582
2,583
15,915
15,713
15,615
15,887
16,610
16,622
16,446
16,595
416
383
387
473
1,144
604
847
454
978 1,257
760 1,115
1,862
1,854
1,854
1 ,890
144
120
123
119
3,097 1,027 1,144
3,059 1,007 1,142
2,918 1,026 1,181
989 1,201
2 ,848
254
595
589
597
339
592
213 2,593
15,137
785
6,931
852
1,136
New York City
1953—May
1954—March
Anril
May 3 .
1954—Mar.
Mar. 10.
Mar. 17.
Mar. 24.
Mar. 31 .
Apr. 7
Apr. 14
Apr. 21
Apr. 28
3.
10.
17.
24.
31.
1,028
1,033
1,012
1,031
4,889
249
246
241
20C
216
223
363 5 100
341 5,149
408 5,187
15,906
15,916
15,889
15,911
15,914
825
831
844
905
922
135
135
136
136
138
7,578
7,550
7,785
7,155
7,565
256
248
247
244
250
193
199
201
205
204
543
389
402
339
140
5,093
5,096
5,090
5,109
5,113
3,622
3,612
3,773
3,943
808 2,386 15,972
837
,834 15,972
89b
650 15,988
869
,960 15,984
934
948
952
952
138
138
139
138
7,476
7,652
7,330
7,098
241
252
243
248
212
216
217
221
436
299
302
328
5,140
5,141
5,143
5,172
4,051
3,949
3,834
3,889
872
,452
808
,147
832 2,2,
792 2,034
1,003
1,003
1,019
1 ,017
138
137
137
138
7,634
7,779
7,449
7,147
241
244
243
234
220
222
225
226
393
354
381
505
5,180
5,181
5,186
5,201
16,033
16,062
16,095
16,106
3
Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
Back figures.—For description of revision beginning Mar. 4, 1953, see BULLETIN for April 1953, p. 357 and for figures on the revised basis
beginning Jan. 2, 1952, see BULLETIN for May 1953, pp. 550-555. For description of revision beginning July 3, 1946, and for revised figures
July 1946-Tune 1947, see BULLETINS for June and July 1947, pp. 692 and 878-883, respectively. For old series, see Banking and Monetary Statistics,
pp. 127-227.
JUNE 1954
613
CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS OF A SAMPLE OF WEEKLY REPORTING MEMBER BANKS
BY INDUSTRY *
[Net declines, (—). In millions of dollars]
Business of borrower
Manufacturing and mining
Period
2
Food,
liquor,
and
tobacco
Metals
and
Textiles, m e t a l
apparel, p r o d u c t s
(incl.
and
leather machin-
Petroleum,
coal,
chemical, Other
and
ery and rubber
trans.
equip.)
Trade
(wholesale
and
retail)
Commodity
dealers
Sales
finance
companies
Public
utilities
(incl.
transportation)
struction
Con-
All
other
types
of
business
Comm'l.
ind'l,
and
Net
agr'l.
changes change—
classitotal 3
fied
1951—April-June. .
July-Dec
-243
932
116
-361
275
873
48
125
60
141
62
16
-421
63
30
175
351
44
-98
8
37
186
18
722
2,769
2,372
1952—Jan.-June. . .
July-Dec.
-868
754
-73
-40
1,111
176
250
76
36
-105
-634
-217
141
662
544
-2
—57
18
13
-28
191
-546
2,494
-637
2,435
1953—Jan.-June. . . - 6 2 1
501
July-Dec
151
— 101
-10
102
95
-54
208
1
-632
-90
-138
18
-23
-8
98
-593
380
84
18
—360
-351
433
583
-152
-104
-88
-25
-83
16
-11
-12
-11
3
17
15
28
-43
-2
50
34
5
-737
-237
-125
— 16
-34
105
-75
-39
—878
-32
72
7
18
-37
-52
-153
8
21
23
60
-31
-3
36
-9
-16
-108
6
133
-1
10
39
-6
-6
13
14
27
10
8
-16
-12
-20
-30
-47
6
-42
57
-17
12
-6
6
109
5
-9
—1
1
8
4
5
16
17
-5
30
22
-4
11
-40
-39
-24
-26
14
5
8
3
-1
32
23
-20
-1
-47
-49
-107
-139
-122
-156
-210
-165
45
-50
-2
-6
1
8
-32
-15
10
10
8
12
7
-3
-12
-17
-46
-31
-98
-100
Monthly:
1954—Jan
Feb
Mar
446
—98
-94
-58
-147
-78
14
46
29
-29
-10
-135
-124
Week e n d i n g :
1954—Mar. 3 . . . .
M a r . 10. . . .
M a r . 17
Mar. 2 4 . . . .
Mar. 3 1 . . . .
-24
-29
34
-30
-10
-1
10
23
^1
-2
-4
57
102
-13
-9
9
15
10
-10
Apr.
7
Apr. 14. . . .
Apr. 2 1 . . . .
Apr. 2 8 . . . .
-33
-29
-34
— 51
3
1
-18
— 15
-11
-58
-40
-26
-4
3
4
20
1
-9
2
-4
-1
18
2
-12
-22
-36
-23
May
5....
M a y 12 . . . .
M a y 19. . . .
May 26. . . .
-19
-20
-10
-29
7
-1
2
-20
-33
-26
-46
18
7
33
-27
7
-4
8
_2
18
-29
Q
-3
Apr
May
A
2
-7
-8
7
>7
297
-56
317
-415
-193
-580
-329
-31
46
407
-93
-32
-39
74
458
-118
-58
-38
-70
-121
1
Sample includes about 220 weekly reporting member banks reporting changes in their larger loans; these banks hold over 90 per cent of
total 2 commercial and industrial loans of all weekly reporting member banks and nearly 70 per cent of those of all commercial banks.
Figures for other than weekly periods are based on weekly changes during period.
3
Net change at all banks in weekly reporting series, according to the old series in 1951 and the revised series thereafter. For description of
revisions in the weekly reporting series see BULLETIN for April 1953, p. 357.
COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
Dollar acceptances outstanding
End of month
Commercial
paper
Total
out- 1
outstanding standing
Based on
Held by
Accepting banks
Total
Own
bills
1948—December
1949—December
1950—December
1951—December
1952—December
269
257
333
434
539
259
272
394
490
492
146
128
192
197
183
71
58
114
119
126
1953—April
May
June
July
August
September. . . .
October
November
December
464
441
408
429
451
475
535
582
552
455
417
428
435
478
515
517
534
574
115
111
123
131
148
159
160
170
172
78
85
92
108
108
110
122
125
117
1954—January
February
March
April
620
701
720
672
586
545
580
623
195
185
198
228
144
149
149
165
Federal
Reserve
Banks (for
account
Others
Bills
of foreign
correbought
spondents)
Imports
into
United
States
Exports
from
United
States
Dollar
exchange
Goods stored in or
shipped between
points in
United
States
Foreign
countries
57
3
11
21
21
20
109
133
180
272
289
164
184
245
235
232
57
49
87
133
125
2
23
39
25
30
28
55
64
12
9
32
44
32
36
26
30
23
40
49
38
45
55
32
29
30
25
25
26
23
20
24
309
277
276
279
304
329
334
344
378
229
198
214
213
211
237
227
246
274
115
111
112
115
128
135
145
139
154
43
37
35
40
64
66
56
49
29
37
39
32
32
36
40
56
59
75
31
32
35
35
38
38
34
41
43
51
36
50
63
17
10
13
373
350
369
379
266
238
247
270
157
151
139
142
45
44
47
38
73
71
107
127
46
41
39
46
76
70
78
79
17
1
>any paper sold in open market.
*As reported by dealers; includes some finance com pa
Back figures.—See Banking and Monetary Statistics, T
Table 127, pp. 465-467; for description see p. 427.
614
FEDERAL RESERVE BULLETIN
PRINCIPAL ASSETS OF SAVINGS INSTITUTIONS
UNITED STATES LIFE INSURANCE COMPANIES
tin millions of dollars]
Government securities
Total
assets
Datr
Total
United
States
Business securities
State and
:
local 1 Foreign
Mortgages
Total
Bonds
3
Stocks
Real
estate
Policy
loans
Other
assets
End of year:*
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
29,243
30,802
32,731
34,931
37,766
41,054
44,797
48,191
51,743
55.512
59,630
64,020
68,278
73,375
7,697
8,359
9,478
11,851
14,994
18,752
22,545
23,575
22,003
19,085
17,813
16.066
13,667
12,774
5,373
5,857
6,796
9,295
12,537
16,531
20,583
21,629
20,021
16,746
15,290
13,459
11,009
10,252
2,253
2,387
2,286
2,045
,773
,429
,047
936
945
,199
,393
,547
,736
,767
71
115
396
511
684
792
915
1,010
1,037
1,140
1,130
1,060
922
755
8,465
9,178
10,174
10,315
10,494
10,715
11,059
13,024
16,144
20,322
23,179
25,403
28,204
31,646
7,929
8,624
9,573
9,707
9,842
9,959
10,060
11,775
14,754
18,894
21,461
23,300
25,983
29,200
536
554
601
608
652
756
999
1,249
1,390
1,428
1,718
2,103
2,221
2,446
5,669
5,958
6,442
6,726
6,714
6,686
6,636
7,155
8,675
10,833
12,906
16,102
19,314
21,251
2,134
2,060
1,878
1,663
1,352
1,063
857
735
860
1,055
1,247
1,445
1,631
1,903
3,248
3,091
2,919
2,683
2,373
2,134
1,962
1,894
1,937
2,057
2,240
2,413
2,590
2,713
030
156
840
693
839
704
738
808
2,124
2,160
2,245
2,591
2,872
3,088
End of month: 8
1951—December. . .
1952—December . . .
67,983
73,034
13,579
12,683
10 958
10,195
,702
,733
919
755
28,042
31,404
25,975
29,226
2,067
2,178
19,291
21,245
i.617
1 ,868
2,575
2,699
2,879
3,135
1953—March
April
May
June
July
August
September. . .
October
November. . .
December . . .
74,295
74,686
75,063
75,403
75,855
76,244
76,612
77,121
77,552
78,201
12,630
12,666
12,543
12,456
12,429
12,436
12,397
12,395
12,365
12,322
10,063
10,089
10,082
10,030
9,991
9,994
9,930
9,913
9,830
9,767
,820
,837
,835
,840
,857
,861
,880
,897
,945
1,968
747
740
626
586
581
581
587
585
590
587
32,243
32,472
32,732
33,021
33,247
33,349
33,614
33,887
34,096
34,395
30.005
30,218
30,462
30,752
30,977
31,079
31,319
31,585
31,781
32,056
2,238
2,254
2,270
2,269
2,270
2,270
2,295
302
2,315
2,339
21,725
21,897
22,055
22,221
22,429
22,552
22,698
22,842
23,017
23,275
1,897
1,918
1,924
1,935
1,943
1,967
1,972
1,990
2,000
1,994
2,742
2,756
2,770
2,789
2,808
2,819
2,831
2,851
2,873
2,894
3.058
2,977
3,039
2,981
2,999
3,121
3,100
3,156
3,201
3,321
1954—January
February
March
78,866
79,251
79,649
12,470
12,498
12,416
9,779
9,781
9,661
2,105
2,122
2,170
586
595
585
34,639
34,816
35,053
32,266
32,430
32,635
2,373
2,386
2,418
23,435
23,570
23,769
2,039
2 ,053
2,066
2,905
2,923
2,956
3,378
3,391
3,389
includes United States and foreign.
2
Central government only.
'Includes
International Bank for Reconstruction and Development.
4
These represent annual statement asset values, with bonds carried on an amortized basis and stocks at end-of-year market value.
s
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 cf Life Insurance—end-of-year figures, Life Insurance Fact Book, 1952; end-of-month figures, The Tally of Life Insurance
Statistics and Life Insurance News Data.
ALL SAVINGS AND LOAN ASSOCIATIONS IN THE UNITED STATES
[In millions of dollars]
Assets
Total 1
Mortgages 2
U. S.
Government
obligations
5,597
5,733
6,049
6,150
6,604
7,458
8,747
10,202
11,687
. . . 13,028
14,622
16,846
19,164
22,585
26,726
3,806
4,125
4,578
4,583
4,584
4,800
5,376
7,141
8,856
10,305
11,616
13,622
15,520
18,336
21,929
73
71
107
318
853
1,671
2,420
',009
1,740
1,455
1,462
1,489
1,606
,791
,923
End of
year
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953P
Assets
Cash
274
307
344
410
465
413
450
536
560
663
880
951
1,082
1,306
1,481
Other 8
1.124
940
775
612
493
391
356
381
416
501
566
692
866
1,072
1,315
Savings
capital
4.118
4,322
4,682
4,941
5,494
6,305
7,365
8,548
9,753
10,964
12,471
13,978
16,073
19,143
22,823
End of
quarter
Savings
capital
Total 1
Mortgages a
U. S.
Government
obligations
17,977
18,429
19,164
14,539
15,058
15,520
1,558
1,577
1,606
940
852
1.082
849
852
866
14,910
15,317
16,073
1952 — 1
19,688
2
20,599
3 . . . . 21,295
4
22,585
16,057
16,875
17,696
18,336
1,690
1,687
1,765
1,791
1,080
1,182
1,044
1,306
774
770
708
1,072
16,811
17,656
18,198
19,143
1953—1 P.. .
2P.. .
3P. . .
4P. . .
23,506
24,772
25,633
26,726
19,105
20,133
21,145
21,929
1,931
2.003
1,990
1,923
1,263
1,337
1,200
1 ,481
1,121
1,216
1,215
1,315
20,105
21 ,154
21,742
22,823
1954—1P. ..
27,659
22,684
1,942
1,616
1,341
23,880
1951—2 . .
3. . . .
4... .
Cash
Other 8
v1 Preliminary.
Includes gross mortgages with no deduction for mortgage pledged shares.
2
Net of mortgage pledged shares.
r
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.
JUNE 1954
615
GOVERNMENT CORPORATIONS AND CREDIT AGENCIES
SELECTED ASSETS AND LIABILITIES, BY CORPORATION OR AGENCY *
[Based on compilation by United States Treasury Department. In millions of dollars]
End of year
End of quarter
Asset or liability, and agency
1952
1945
Loans, by purpose and agency:
To aid agriculture, total
Banks for cooperatives
Federal intermediate credit b a n k s . . . .
Federal land banks *
Federal Farm Mortgage Corporation.
Farmers Home Administration *
Rural Electrification Administration.
Commodity Credit Corporation
Other agencies
3,385 2,878
197
189
257
1,220 1,088
242
351
604
643
407
361
99
353
10
9
To aid hotne owners, total
,
Federal National Mortgage Assn
,
RFC Mortgage Corporation*
,
!
Home Owners' Loan Corporation . . .,
Reconstruction Finance Corporation. .
Other agencies
1,237
52
81
1,001
12
1
896
7
24
To railroads, total
Reconstruction Finance Corporation. .
Other agencies
,
1946
1947
1948
1949
1950
1953
1951
,884 2,299 ,632 4,362 3,884 4,161 5,070 5,671
5,512
232
276
305
302
345
425
367
324
424
336
273
336
426
437
510
633
673
728
824
781
986
149
109
80
60
45
34
23
25
22
20
590
558
525
523
539
535
653
596
658
646
734
999 1,301 1,543 1,742 1,920 1,966 2,014 2,062
280 1,293 1,729
898
782 1,426 1,927 1,163 1,651
7
5
9
7
6
5
6
5
5
556
4
768 1,251 1,528 2,142 2,603 2,777 2,914 2,986
199
828 1,347 1,850 2,242 2,394 2,498 2,540
12
1
659
6
6
636
10
1
486
* 1
65
369
177
22
231
168
24
10
137
35
123
169
115
246
113
270
111
305
110
337
343
321
21
223
205
18
171
153
18
147
145
3
140
138
3
114
112
3
110
108
2
101
99
2
82
80
2
79
77
2
79
77
2
79
77
2
To other industry, total
Reconstruction Finance Corporation 8 .
Other agencies
191
118
73
232
149
83
192
151
41
272
241
31
310
272
38
462
423
38
458
400
58
488
415
74
516
457
58
526
468
536
478
536
473
59
58
63
To financing institutions, total
Reconstruction Finance Corporation.
Federal home loan banks
Other agencies
216
66
131
20
267
60
195
12
314
14
293
7
447
7
436
4
6
515
4
445
8
433
4
824
8
S16
814
8
806
864
(7)
864
611
718
802
611
718
801
Foreign, total
Export-Import Bank
Reconstruction Finance Corporation •.
Other agencies9
225
526 2,284 5,673 6,102 6,090 6,078 6,110 7,736 7,713 7,798 8,010
252 1,249 1,978 2,145 2,187 2,226 2,296 2,496 2,466 2,547 2,758
154
274
101
206
64
235
246
55
52
55
58
800 3,450 3,750 3,750 3,750 3,750 5,182 5,191 5,196 5,199
(8)
All other purposes, total
Reconstruction Finance Corporation* .
Public Housing Administration 10
Other agencies
1,237
«827
305
8
Less: Reserve for losses.
Total loans receivable (net).
6,387
Investment in international institutions.
Other securities, total
Reconstruction Finance Corporation.
Production credit corporations
Other agencies
Commodities, supplies, and materials, total. .
Commodity Credit Corporation
Reconstruction Finance Corporation 6
Other agencies
Land, structures, and equipment,
total
Public Housing Administration 10
Reconstruction Finance Corporation 6
Tennessee Valley Authority 2
U. S. Maritime Commission
War Shipping Administration 2
Federal Maritime
Board and Maritime Adm. 2 .
Other agencies u
Bonds, notes, a n d debentures
guaranteed), total
Banks for cooperatives
Federal intermediate credit banks
Federal land banks 2
Commodity Credit Corporation
Federal home loan banks
payable
(not
623
438
478
106
448
investments:
U. S. Government securities, total
Banks for cooperatives
Federal intermediate credit banks
Production credit corporations
Federal land banks 2
Federal home loan banks
Federal Savings and Loan Insurance
Corp..
Home Owners' Loan Corporation 2
Federal Housing Administration10
Public Housing Administration
Reconstruction Finance Corporation*
Federal Deposit Insurance Corporation.. . .
Other agencies
707
309
286
112
278
113
5,290 6,649
714
«340
278
584
190
294
100
484
88
297
99
368
476
96
395
11,692 12,733
9,714
531
59
366
779 1,095
61
50
609
919
872
51
688
821
54
626
830
57
612
105
109
126
133
142
160
185
173
140
159
226
252
13,228 14,422 17,826 18,089 17,637 18,502
1,630 1,683 1,873 1,685 1,854 2,047 2,075 2,226 2,421 2,645 2,588 2,586
43
43
43
43
48
43
43
43
43
43
43
43
44
74
46
51
48
39
53
62
43
47
60
52
66
39
43
72
60
42
44
45
67
70
43
45
145
136
139
274
275
199
249
144
118
145
460
397
311
378
199
214
184
200
193
151
161
172
212
211
208
218
12
12
8
15
17
144
188
132
87
106
122
244
285
316
330
318
8
8
7
8
8
1
49
48
75
897 1,045 1,020 1,064 1,205 1,307 1,353 1,437 1,500 1,508 1,509
760
1
1
1
21
20
1
30
28
1
1
1
318 3,385 3,385 3,385 3,385 3,385 3,385 3,385 3,385
3,385
133
107
154
88
78
325
230
424
44
42
45
44
108
98
83
71
244
159
289
66
36
35
39
29
22
46
63
35
16
55
11
38
8
6
6
6
2
24
11
1
71
26
1
5
1
1
627 1,549 1,774 1,461 1,286 1,259 2,201 2,259
822
2,942 2,288 1,265
437 1,376 1,638 1,174
1,450 1,034
448
463
978 1,013 1,876 1,884
157
142
108
235
129
667
1,053 1,131
172
134
119
114
32
30
28
122
138
159
134
438
131
241
128
211
16,237 21,017
200
6,526 6,919
721
710
3,113 3,395
5,427 7,813
16,924 12,600 3,060 2,962 2,945 3,358 3,213 3,240
204 1,448 1,352 1,248 1,251 1,173 1,149
35
630
611
605
2,861
594
199
197
793
754
886 1,048 1,251 1,299
830
727
3,301 3,305
7,764 6,507
189
168
590
595
?4,802
491
1,802
493
689
69
358
965
70
480
772 1,190 1,369 1,330
78
110
170
181
490
520
674
704
1,107
145
710
1.1
112
788
1,243
119
776
262
415
204
252
231
262 1,948 2,044 1,793
1,395 1,113 1,252
8
24
33
274
245
293
818
792
756
67
69
169
7,867 7,911
1,029 1,030
185
181
1,360 1,405
206
560
465
525
445
For footnotes see following page.
616
FEDERAL RESERVE
BULLETIN
GOVERNMENT CORPORATIONS AND CREDIT AGENCIES—Continued
PRINCIPAL ASSETS AND LIABILITIES
[Based on compilation by United States Treasury Department.
In millions of dollars]
Liabilities, other than
interagency items
Assets, other than interagency items 1
Cash
31,488
33,844
30 409
30,966
21,718
23,733
24,635
26 744
7S6
99 S
1 S98
1 481
630
441
642
9^1
6 387
5,290
6 649
9,714
11,692
12,733
13,228
14 422
996
424
325
547
3,539
3,518
3,492
3,473
3,463
29 945
30,564
36 153
37,141
17 826 1,280 9 4 9 1
18,089 1,259 9 64 5
1 ,063 17,637 2,201 2 588
1 096 18,502 2,259 9 S86
3,429
3,427
3,430
3,429
Date, and corporation or agency
Total
All agencies:
1944—Dec.
1945—Dec.
1946—Dec
1947—Dec.
1948—Dec
1949—Dec.
1950—Dec
1951—Dec.
31
31
31
31 2
31 2
31
31
31 2
1952—Dec 3 1 2 .
1953—Mar. 31
June 30 2
Sept 30
Classification by agency,
Sept. 30, 1953
Department of Agriculture:
Farm Credit Administration:
Banks for cooperatives
.
Federal intermediate credit banks
Production credit corporations
Agricultural Marketing Act
Federal Farm Mortgage Corp
Rural Electrification Administration
Commodity Credit Corporation
Farmers Home Administration 3
Federal Crop Insurance Corp.
Housing and Home Finance Agency:
Home Loan Bank Board:
Federal home loan banks .
. .
Federal Savings and Loan Insurance Corp..
Public Housing Administration
Federal Housing Administration
Office of the Administrator:
Federal National Mortgage Association.. .
Other
Reconstruction Finance Corporation:
Assets held for U S Treasury 12
Other 13
Export-Import Bank
Federal Deposit Insurance Corp
Tennessee Valley Authority
Federal Maritime Board and Maritime Adm.P.
All other
24
32
353
815
2,781
1 "529
1,787
5,390
9,831
1 6S9
1
1
1
2
2
9
68S
87S
68S
854
047
075
SO
1
108
51
( 7)
?8
i',884
801
620
37
2,540
71
1
3
24
726
3 2,760
6
SSO
141
163
43
69
45
333
781
(7)
20
1
35 2,060
7 1,561
549
62
30
22
2,182
3,932
639
42
2,551
127
Land,
structures,
and
U. S. Other equipGovt. secu- ment
secu- rities
rities
944
QS6
405
886
51
1,233
217
1 ,842
528
2 942
2,288
1 265
822
627
1,549
1,774
1,461
5,641
2
318
22
51
168
5
11
(
( 7)
1 OSO
1
1
1
37
"(7 ) "
53
48
51
63
8S9
Q68
1 367
1 SS7
(
(
()
i son
?
9H
^ 940
7 867
7 911
1
108
(7)
Fully
guaranteed Other
by
U. S.
111 1,537
S17
555
1 75S
261
1 1?S
82
3 060
337
38
SOP
28
9 Q69
2 945
499
23
43
SS8
889
7
134
1
assets
(
S97
()
16 9 ^ 7
91 017
16 9 9 4
19 6 0 0
5
i
211
7
Bonds, notes,
and debentures payable
Investments
CommodiLoans ties,
supreceiv- plies,
and
able
materials
9S
180
1
(7
()
1 40 5
4 802
3,385
358
87
371
27
12
4
5
84
120
U. S. PriGov- vately
ern- owned
ii
liabil- inter- interest
ities
est
1,395
1,113
1 252
689
965
772
1,190
1,369
4 ,196
4 ?19
,588
9 0S7
1 ,663
1 7?0
1 ,193
1 ,161
23,857
27,492
24 810
28,015
18,886
21,030
21,995
23,842
504
472
498
143
1,330
1,107
1,131
1,243
1 ,798
? 069
119
776
(7)
26,456
26,938
378
401
1 ,979 32,576
9 07S 33,335
415
424
259
99
51
25
1
11
1 2,182
738 3,193
7
631
13
29
349
62
48 S
11 2,540
1
126
34
28
18
353
36
779
34 2,747
100 1 429
46 1,741
249 5,140
70 9,761
1S
10
399
6
211
M 1,805
228
238
10
4
396
115
166
183
234
329
pPreliminary.
1
Loans by purpose and agency are shown on a gross basis; total loans and all other assets are shown on a net basis, i. e., after reserve for
losses2
Several changes in coverage have been made over the period for which data are shown. The more important are: exclusion of the following
agencies following repayment of the U. S. Government interest—Federal land banks after 1946 and the Home Owners' Loan Corporation after
June 1951; exclusion of the United States Maritime Commission (including War Shipping activities) after 1947, when this agency ceased to report
to the U. S. Treasury; and inclusion of the Mutual Security Agency beginning June 1952 and of the Federal Maritime Board and Maritime Administration
beginning June 1953.
3
This agency, successor to the Farm Security Administration, took over the continuing functions of the latter agency in 1946. Earlier figurea
have been adjusted to include the FSA. Figures for 1944 and 1945 also include Emergency Crop and Feed Loans of the Farm Credit Administration, transferred to the FSA in 1946. Figures through 1948 include the Regional Agricultural Credit Corporation, the assets and liabilities of
which have been administered by the Farmers Home Administration since dissolution of the RACC in 1949. These activities are reported currently in the Treasury Compilation as "Disaster Loans, etc., Revolving Fund."
*5 Assets and liabilities transferred to the Reconstruction Finance Corporation on June 30, 1947.
Reconstruction Finance Corporation loans to aid home owners, which increased steadily through the first three quarters of 1947 and during
1948,6 appear to have been included with "other" loans in the statement for Dec. 31, 1947.
Figures have been adjusted to include certain affiliates of the Reconstruction Finance Corporation. Several of these—including the Defense
Plant Corporation, Defense Supplies Corporation, Metals Reserve Company, and Rubber Reserve Company—were merged with the parent
effective July 1, 1945. Most of their activities were reflected under "Commodities, supplies, and materials" and "Land, structures, and equipment."
78 Less than $500,000.
Foreign loans, except for the Export-Import Bank, are included with "all other purposes" until 1945.
9
Treasury loan to the United Kingdom (total authorized amount of which was 3,750 million dollars) and, beginning with the balance sheet
for June
30, 1952, outstanding loans of the Mutual Security Agency (totaling about 1,500 million on that date).
10
Reflects activities of the Federal Public Housing Authority under the U. S. Housing Act, as amended, until July 27, 1947, when these activities were transferred to the newly established Public Housing Administration. War housing and other operations of the Authority—shown on
the Treasury
Statement with "other agencies" through 1947—were not transferred to the PHA until 1948.
11
Beginning 1951, includes figures for Panama Canal Company, a new corporation combining the Panama Railroad Company (included in
earlier
Treasury Statements) and the business activities of the Panama Canal (not reported prior to that time). See also footnote 10.
12
Assets representing unrecovered costs to the Corporation in its national defense, war, and reconversion activities, which are held for the
Treasury
for liquidation purposes in accordance with provisions of Public Law 860, 80th Congress.
13
Include* figures for Smaller War Plants Corporation, which is being liquidated by the Reconstruction Finance Corporation.
NOTE.—Statement includes certain business-type activities of the United States Government. Figures for some agencies—usually small
ones—may be for dates other than those indicated. Comparability of the figures with those for years prior to 1944 has been affected by (1) the
adoption of a new reporting form beginning Sept. 30, 1944, and (2) changes in activities and agencies included (see footnote 2). For back figures
see Banking and Monetary Statistics, Table 152, p. 517.
JUNE 1954
617
SECURITY MARKETS *
Stock prices
Bond prices
Common
U. S. Govt.
(long-term)
Year, month,
or week
Old
series*
Number of issues. .
1951 average.
1952 average.
1953 average.
New
series'
Corponicipal rate
Pre.high- (high- ferred*
grade)4 grade)4
3-7
17
Standard and Poor's series
(index, 1935-39=100)
Securities and Exchange Commission series
(index, 1939=100)
Manufacturing
Total
Industrial
Railroad
15
Public
utility
Total
20
40
265
170
112
118
122
185
195
193
207
220
220
Total
Durable
PubTranslic
Non- portautildution
ity
rable
Trade,
finance,
and
service
Volume
of
trading^
(in
thousands
Min
of
ing shares)
72
29
31
14
179
189
193
233
249
245
199
221
219
113
118
122
208
206
207
205
276
241
,684
,313
,419
98.85
97.27
93.90 101.46
133.0
129.3
11Q.7
117.7
115.8
112.1
170.4
169.7
164.0
177
188
189
192
204
204
149
169
170
91 SO
119.4
115.2
115.1
116.8
116.9
119.7
121.4
122.3
109.8
108.8
110.7
111.4
110.9
112.6
113.6
113.5
160.0
156.8
160 1
163.1
162.8
167.3
168.
166.5
190
183
186
187
179
183
188
191
205
198
200
202
193
197
202
206
174
169
174
170
156
157
159
157
121
117
119
121
120
122
124
125
194
187
190
190
181
187
191
193
221
213
217
217
205
214
219
222
196
187
188
186
175
184
190
192
244
236
243
245
232
240
245
249
226
219
223
217
199
202
204
200
120
117
119
121
119
121
123
125
209
204
206
206
198
201
207
209
247
237
237
236
219
219
231
230
,227
,185
967
,138
,294
,225
,482
,644
,669
,752
1,919
2,089
1953-May
June
July
Aug
Sept
Oct
Nov
Dec
92 .98
92 .89
93 .40
95.28
94 98
95.85
99.75
99 16
100 03
100.44
101.00
103.30
103.67
104.93
1954—Tan
Feb
Mar
Apr
May
97 42
98 62
99.87
100.36
99.68
106 16
107 04
1 09 11
109.65
109.39
123.6
125.5
125.6
123.9
123.6
114.5
116.5
117.9
118.1
117.5
168.7
171 8
173 .3
174.3
173
195
200
205
213
220
211
217
223
233
242
150
166
165
164
173
127
129
131
133
135
198
203
207
216
223
228
234
240
253
263
199
204
210
223
233
256
261
268
280
291
206
215
212
212
221
126
128
130
132
134
213
216
215
220
226
239
250
259
266
270
2,096
Week ending:
100.45
May 1
100.32
May 8
99.80
May 15
May 22 . . . . 99 46
May 29
99.15
109.86!
109.86
109.581
109.251
108.89
123.8
123.9
123.9
123.5
123.0
117.7
117.8
117.7
117.4
117.2
174.2! 215
173.8
236
238
241
242
245
165
171
172
173
175
133
134
135
135
136
220
222
222
224
225
259
261
262
264
265
230
231
231
233
235
287
288
291
292
293
213
218
219
223
222
133
134
134
135
135
221
223
226
227
227
267
265
268
2 74
272
2,240
1,987
2,020
2,230
2,146
91
.$(•
220
1 73. 7
'Monthly and weekly data for U. S. Government bond prices and volume of trading are averages of daily figures; for other series monthly
and weekly data are based on figures for one day each week—Wednesday closing prices for municipal and corporate bonds, preferred stocks, and
common stocks (Standard and Poor's Corporation) and weekly closing prices for common stocks (Securities and Exchange Commission).
2
Fully taxable, marketable 2 ^ per cent bonds first callable after 12 years. Of these the 1967-72 bonds are the longest term issues. Prior
3
to Apr. 1, 1952, only bonds due or first callable after 15 years were included.
The 334 T>^r cent bonds of 1978-83, issued May 1, 1953.
4
Priees derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond.
^Standard and Poor's Corporation. Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual
6
dividend.
Average daily volume of trading in stocks on the New York Stock Exchange.
Back figures.—See Banking and Monetary Statistics, Tables 130, 133 134, and 136, pp. 475, 479, 482, and 486, respectively, and BULLETIN
for May 1945, pp. 483-490, and October 1947, pp. 1251-1253.
CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, A N D PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE
FIRMS CARRYING MARGIN ACCOUNTS
[Member firms of New York Stock Exchange. Ledger balances in millions of dollarsl
Debit balances
End of month
Debit
Customers' balances in
debit
partners'
balances
investment
(net) i
and trading
accounts
1950—December...
1951—June
December...
1952—June
December. .
1,356
1,275
1,292
1,327
1,362
1953—April
May
June
July
August . . .
September. .
October
November. .
December...
1954—January....
February . . .
March
April
81,594
81,671
1 ,684
3
1,664
31,682
3
1 ,624
3 1,641
3 1,654
1 ,694
8
1 ,600
3
1,688
31,716
3
1,786
9
10
12
o
8
7
Credit balances
Debit
balances in
firm
investment
and trading
accounts
Cash on
hand
and in
banks
399
375
392
i?7
406
397
364
378
365
343
'347'
282 '
1
1
8
404
297
Customers'
credit balances l
Money
borrowed 2
745
680
695
912
920
»1 068
M 193
! 216
«1.161
3 1.182
3 1.070
3
1,098
31 ,127
1 ,170
31.108
3 1.06?
r?
>\ .054
3
1,094
Other credit balances
In firm
In partners'
investment investment
and trading and trading
accounts
accounts
In capital
accounts
(net)
Free
Other
(net)
390
834
816
708
724
230
225
259
219
200
36
26
42
23
35
12
13
11
16
9
317
319
314
324
315
163
23
16
319
20S
28
31
313
*'M8
' 6 73
ft 5 3
*651
3641
»674
3 672
3682
709
3 741
3 768
3787
«819
1
r
Revised.
Excludes balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2)
firms' own partners.
2
Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges).
3
As reported to the New York Stock Exchange. According to these reports, the part of total customers' debit balances represented by balances
secured by U. S. Government securities was (in millions of dollars): February, 35; March, 39; April, 38.
NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN f >r September 1936. The article describes the
method by which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last
column is not to be taken as representing the actual net capital of the reporting firms.
Back figures.—See Banking and Monetary Statistics, Tables 143 and 144, pp. 501-503.
1
618
FEDERAL RESERVE BULLETIN
BANK RATES ON BUSINESS LOANS
AVERAGE OF RATES CHARGED ON SHORT-TERM LOANS
TO BUSINESS BY BANKS IN SELECTED CITIES
[Per cent per annum]
Size 0 f loan
All
Area and period
loans $1,000- $10,000- $100,000- $200,000
$10,000 $100,000 $200,000 and over
OPEN MARKET MONEY RATES IN NEW YORK CITY
[Per cent per annum]
IT. S. Governmen t
securities (taxable
Year,
month, or
week
Prime
commercial
paper,
4- to 6months 1
L951 average
1952 average
1953 average
2.17
2.33
2.52
Prime
bankers'
acceptances,
90
days 1
3-month bills
9-to 12- 3- to 5Rate
month
year
Market on new issues 2 issues 3
yield
issues
1 .60
1 .75
1.88
1.52
1.72
1.90
1.552
1.766
1.931
1.73
1.81
2.07
1 .93
2.13
2.57
1953—May
June
July
August....
September.
October.. . .
November.
December..
2.68
2 75
2.75
2.75
2.74
2.55
2.32
2.25
1.88
1.88
1.88
1.88
1 .88
1.88
1.88
1.88
2.16
2.11
2.04
2.04
1.79
1.38
1.44
1.60
2.200
2.231
2.101
2.088
1.876
1.402
1.427
1.630
2.41
2 .46
2.36
2.33
2.17
1.72
1.53
1.61
2.86
2 92
2^72
2.77
2.69
2.36
2 .36
2.22
1954 - J a n u a r y . . .
February..
March
April
May
2.13
2.00
2.00
1 .77
1 .59
1.88
1.69
1.48
1.25
1 .25
1.18
1.33
1.01
1.02
.96
.76
1.214
.984
1.053
1.011
.782
.90
.76
2.04
1.84
1.80
1.71
1.78
Week ending:
May 1 . . .
May 8 . . .
May 15. . .
May 22
May 29 . . .
1.69
1.69
1.56
1 .56
1.56
1 .25
1.25
1.25
1 .25
1.25
.82
.75
.80
.79
.7,
.886
.773
.825
.813
.718
.78
.69
.74
.82
.79
1.66
1.70
1.77
1.81
1.86
.97
1 .03
Annual averages:
19 cities:
1945
1946
1947
1948
1949
1950
1951
1952
1953
3.1
3.5
3.7
3.6
4.0
4.2
4.4
2.8
3.0
3.0
3.4
3.7
3.9
2.4
2.9
3.3
3.5
3.73
3.74
3.76
3.72
4.98
5.01
4.98
4.99
4.38
4.40
4.39
4.37
3.91
3.93
3.96
3.94
3.53
3.54
3.57
3.52
New York City:
1953—June
Sept
Dec
1954—Mar
3.52 1
3.52
3.51
3.50
4.63
4.76
4.70
4.79
4.25
4.25
4.25
4.27
3.79
3.76
3.77
3.75
3.39
3.40
3.38
3.37
7 Northern and Eastern cities:
1953—June
Sept
Dec
1954—Mar
3.71 1
3.71
3.79
3.74
5.07
5.08
5.07
5.06
4.38
4.45
4.40
4.36
3.87
3.91
3.96
3.97
3.54
3.52
3.63
3.57
11 Southern and
Western cities:
1953—June
Sept
Dec
1954—Mar
4.05
4.10
4.10
4.03 |
5.09
5.10
5 .06
5.05
4.46
4.46
4.46
4.43
4.02
4.06
4.09
4.03
3.79
3.86
3.86
3.76
2A
2.1
2.5
2 7
2'. 7
Quarterly:
19 cities:
1953—June
Sept
Dec
1954—Mar
1
Monthly figures are averages of weekly prevailing rates.
2
Series includes certificates of indebtedness and selected note and
bond
issues.
3
Series includes selected note and bond issues.
Back figures.—See Banking and Monetary Statistics, Tables 120-121,
pp. 448-459, and BULLETIN for May 1945, pp. 483-490, and October
1947, pp. 1251-1253.
2.3
2.2
4.3
4.2
4.2
4.4
4.6
4.5
4.7
4.9
5.0
2 ^
3.2
3.1
3.1
3.5
2 .5
3 7
2.0
1.7
1.8
2.2
2 4
NOTE.—For description of series see BULLETIN for March 1949,
I pp. 228-237.
BOND AND STOCK YIELDS *
[Per cent per annum]
Bonds
Year, month,
or week
U. S. Govt.
(long-term)
Old
series 2
Number of issues.. .
New
series 3
Industrial stocks
Corporate (Moody's) 5
Municipal
(highgrade) 4
Dividends/
price ratio
By ratings
By groups
Total
Aaa
Aa
Baa
nd ustrial
Railroad
Common 7
PrePublic
utility ferred 0
3-7
15
120
30
30
30
30
40
40
40
15
125
1951 average
1952 average
1953 average
2.57
2.68
2.93
3.16
2.00
2.19
2.72
3.08
3.19
3.43
2.86
2.96
3.20
2.91
3.04
3.31
3.13
3.23
3.47
3.41
3.52
3.74
2.89
3.00
3.30
3.26
3.36
3.55
3.09
3.20
3.45
4.11
4.13
4.27
6.29
5.55
5.51
1953—May
June
July
August
September...
October
November. . .
December. . .
3.09
3.09
2.99
3.00
2.97
2.83
2.85
2.79
3.26
3.29
3.25
3.22
3.19
3.06
3 04
2.96
2.73
2.99
2.99
3.34
3.40
3.28
3.24
3.29
3.16
3.11
3.13
3.41
3.49
3.42
3.26
3.28
3.58
3.67
3.62
3.56
3.56
3.47
3.40
3.40
3.78
3.86
3.86
3 .85
3.88
3.82
3.75
3.74
3.39
3.48
3.42
3.37
3.40
3.33
3.27
3.28
3.63
3.73
3.67
3.61
3.65
3.56
3.51
3.52
3.57
2.59
3.53
3.61
3.55
3.51
3.54
3.45
3.38 I
3.39 '
3.62
3.56
3.54
3 .58
3 .46
3.3S
3.37
4.38
4.47
4.37
4.29
4.30
4.19
4.15
4.21
5.53
5.60
5.44
5.79
5.76
5 .60
5.53
5.54
1954—January
February.. . .
March
April
May
2.68
2.60
2.51
2.47
2.90
2.85
2.73
2.70
2.50
2.39
2.38
2.47
2.49
3.34
3.23
3.14
3 12
3.13
3.06
2.95
2 86
3.22
3.12
3.03
3 00
3 .03
3.35
3.25
3.16
3.1S
3.15
3.71
3.61
3.51
3.47
3.47
3.23
3.12
3.05
3 04
3.06
3.47
3.35
3.24
3,15
3.21
3.31
3.23
3.14
3.13
3 .13
4.15
4.08
4.04
4.02
4.03
5.28
5.29
5.07
4 .86
4.81
2 .46
2 .69
2 .69
2.71
2.48
2.47
2 .47
2 .50
2.53
3.13
3 . 13
3.12
3.13
3.14
2.87
2.87
2.87
2.87
2.89
3 .01
3 .02
3 .01
3 .03
3 .04
3.15 i
3.15
3.47
3.47
3.47
3 .05
3 05
3 .05
3 .05
3 .08
3.2C
3 20
3.20
3.21
3.21
3.13 !
4.02 I
4.03 I
4.02
4.04
4.03 I
Week ending:
May 1 . . .
May 8
May 15
May 22
May 29
2.48
2 .52
2 .54
2 . 56
2 . 74
88
3.39
3.43
3.33
3.14 I
3.15 I
3.16 I
3.48
3.13
3.12
3.13
3.14
j
Earnings/
price
ratio
Com-8
mon
10.42
9.49
10.14
10.45
10.76
10.49
'9.06
4.86
4.82
4.84
4.82
4.81
'•Revised
1
Monthly and weekly data are averages of daily figures, except for municipal bonds and for preferred stocks, which are based on figures for
Wednesday.
Figures for common stocks, except for annual averages, are as of the end of the period (quarterly in the case o^ earnings/price ratio).
2
Fully taxable, marketable 21^ per cent bonds first callable after 12 years. Of these the 1957-72 bonds are the longest term issues. Prior to
Apr. 1, 1952, only bonds due or first callable after 15 years were included.
-The
3\i per cent bonds of 1978-83, issued May 1, 1953. ^Standard and Poor's Corporation.
5
Moody's Investors Service, week ending Fridiy. Because of a limited number of suitable issue;, the industrial Aaa and Aa groups have
been 6reduced from 10 to 6 issues, and the railroad Aaa and Aa groups from 10 to 5 and 4 issues, respectively.
Standard and Poor's Corporation. Ratio is based on 9 median yields in a sample of noncallable issues, 12 industrial and 3 public utility.
7
Moody's Investors Service. 8 Computed by Federal Reserve from data published by Moody's Investors Service.
Back figures.—See Banking ani Mynetary Statistics, Tables 128-129, pp. 468-474. an 1 BULLETIN for May 1945, pp. 483-490, and October
1947, pp. 1251-1253.
JUNE 1954
619
TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS
[On bas s of daily statements }f United States Treasury unless otherwise note 1.
In iTrillions of dollars
Summary
Cener-1 fund of t h e
" ( e m o period)
TV{*-} on
Deposits i
Period
Cal. yr.—1950
1951
1952
1953
Fiscal vr.—1950. . .
1951. . .
1952. . .
1953. . .
Semiannual totals:
1950—Julv-Dec.
1951—Jan.-June.
July-Dec.
1952—Jan.-June.
July-Dec..
1953—-Jan.-June.
July-Dec.
Monthly:
1953—May
June
July
Aug
Sept
Oct.
Nov
Dec
1954—Jan
Feb.3
Mar
Apr
May
Increase or
decrease ( —)
during period
Ex
or expenc itures (
Budget receip ts and
expenditu es
Surplus
or
deficit
Trust
anc
other
accounts
Sales and
redemptions
in market
of Govt.
agency
obligations
r- \
1
•
-JcU.-
Clearing
account
Gross
direct
public
debt
F . R. B a n k s
General
fund
balance
ance
in
general
fund
Available
funds
Other
net
assets
Net
receipts
Expenditures
37,834
53,488
65,523
64,469
37,045
48,143
62,129
65,218
138,255
56,846
71,366
73,626
40,167
H4,633
66,145
74,607
1
-422
-3,358
-5,842
-9,157
-3,122
13,510
-4,017
-9,389
i -38
759
49
82
121
1295
219
462
349
56
—90
19
— 22
384
-72
-25
87
-106
-319
-209
483
-214
-401
-312
-423
2,711
7,973
7,777
4,587
-2,135
3,883
6,966
-447
62
1,770
-1,488
2,047
1 ,839
-388
-2,299
4 ,232
4 ,295
6 ,064
4 ,577
5 ,517
7 ,357
6 ,969
4 ,670
690
321
389
346
950
338
333
132
129
146
176
131
143
250
355
210
2,344
2 ,693
4,368
3,358
3,268
5,680
5,106
3,071
1,069
1 ,134
1,132
742
1,156
1 ,089
1 ,175
1,256
18,464
29,679
23,809
38,320
27,204
38,014
26,454
119,063
25 570
31,276
34,869
36,497
38,110
35,515
i —599
4,109
-7,467
3,451
-9,293
-96
-9,061
i -173
468
291
— 72
121
341
-259
392
-8
64
-136
46
-71
90
-254
40
-146
-255
-64
-248
40
-650
-1,486
4,197
-313
8,286
-1,320
9,097
-1,285
3 , 24
-3,062
2,674
-904
-1,394
-94
4 ,232
7 ,357
4 ,295
6 , 969
6 ,064
4 ,670
4 ,577
690
338
321
333
389
132
346
129
250
146
355
176
210
131
2,344
5 ,680
2 ,693
5,106
4,368
3,071
3,358
1,069
1,089
1,134
1,175
1,132
1,256
742
4,380
9,744
3,308
4,568
6,041
2 659
4,695
5,183
24,471
5,444
11,434
2,751
n.a.
6,241
7,988
6,068
6,042
6,119
5 477
5,423
6,387
2
5,07l
4,707
5,555
5,296
n.a.
-1,862
1,756
-2,759
-1,473
-79
—2 818
-728
-1,204
-600
737
5,879
-2,545
n.a.
377
65
-260
299
-40
— 149
-37
-72
-144
527
253
-375
n.a.
38
32
26
1
75
— 70
116
-59
-28
-117
-60
-53
n.a.
-428
-373
466
-430
117
235
-376
29
559
-135
-160
593
n.a.
1,930
-449
6,598
536
-269
449
1,822
-40
-320
-67
-4,546
811
2,428
57
1,032
4,071
-1,067
-196
—2 352
797
-1,346
-533
944
1,366
-1,567
700
3 ,639
4 ,670
8 ,741
7 ,674
7 ,478
5 126
5 ,923
4 ,577
4 ,044
4 ,988
6 ,355
4 ,787
5 ,487
221
132
548
496
642
662
451
346
404
548
722
579
422
108
210
181
96
183
185
81
131
363
167
462
180
146
2,109
3,071
6,690
5,825
5,255
2,892
4,545
3,358
2,406
3,458
4,379
3,273
4,095
1,201
1,256
1,322
1,257
1,398
1 387
847
742
871
816
792
756
824
In proc- Special
deposess of
collec- itaries
tion
Budget expenditures
Major national security p r o g r a m s
Period
Total
Cal yr —1950
1951
1952
1953
Fiscal yr.—1950
1951
1952
1953
Semiannual totals:
1950—July-Dec. .
1951—Jan.-June..
July-Dec. .
1952—Jan.-June..
July-Dec. .
1953—Jan.-June..
July-Dec. .
Monthly:
1953—Apr
May
June . . ..
July
Aug
Sept
Oct
Nov
Dec
1954—Tan
Feb.3
Mar
Apr
Military
assistance
abroad
International
economic
aids
Atomic
Energy
Commission
VetIntererans
est
Adminon
istradebt
tion 6
Social
security
programs 6
Agriculture7
Housing
and
home
finance
Post
Public office
defworks
icit
Transfers
to
trust
accounts
Other
Total*
National
defense
38 255
56,846
71,366
73,626
40.167
44,633
66,145
74,607
18,509
37,154
51,121
52,817
17,950
25 891
46,319
52,847
291
13 476
30,275 1 559
43,176 2 975
44,465 3 810
44
12,346
19,955
884
39,033 2 228
44,584 3 760
4
3
2
2
4
3
2
2
012
560
652
190
941
863
904
272
611
1 ,278
1,813
1 889
524
908
1,648
1,802
5,580
5,983
6,065
6,357
5,750
5,613
5,859
6,508
5 714
5,088
4,433
4,157
6,043
5,288
4,748
4,250
1 351
1,463
1,508
1,630
1,375
1,415
1,424
1,593
1 499
1,010
1,564
3,238
2,986
635
1,219
3,063
— 17
694
646
-159
-270
460
614
382
1 551
1,438
1,573
1,685
1,575
1,458
1,515
1,655
643
684
775
525
593
624
740
660
961
1,016
1,193
783
1,383
972
1,305
1,079
2 464
2,315
2,487
2,593
2,781
2,276
2,402
2,570
19,063
25,570
31,276
34,869
36,497
38,110
35,515
9,850
16,041
21,113
25,206
25,915
26,932
25,885
7,505
12,450
17,825
21,208
21,968
22,616
21,848
1
2
1
1
1
1
1
692
170
389
514
137
134
056
341
567
711
937
876
926
963
2,390
3,223
2,761
3,099
2,966
3,542
2,816
2,678
2,610
2,479
2,269
2,164
2,086
2,072
670
745
718
706
802
791
839
164
470
540
679
885
2,178
1,059
158
302
392
222
424
-42
-117
878
580
858
657
916
740
945
260
364
320
420
355
305
220
804
168
848
457
737
342
441
1,210
1,066
1,249
1,153
1,333
1,236
1,357
6,362
6,241
7,988
6,068
6 042
6,119
5,477
5,423
6,387
2
5,O71
4,707
5,555
5,296
4,582
4,481
4,815
4,645
4 172
4,392
4,266
4,034
4,377
P3,681
P3,809
3,891
3,746
4,056
3,890
3,519
3,787
3,647
3,540
3,465
3,001
P3.225
P3 ,339
P3,195
120
278
246
151
258
169
175
162
141
P104
P121
167
153
140
117
157
155
208
95
231
142
160
181
164
372
179
1,882
237
206
560
354
164
1,294
245
372
588
350
350
348
343
369
330
323
336
343
371
340
340
334
P3 75
239
125
128
177
120
101
211
123
108
172
P128
293
581
382
254
377
275
— 12
302
-137
309
P-135
P194
P468
-35
66
— 10
-78
95
34
—46
-89
-32
-31
-104
-54
-195
193
155
145
174
155
158
161
157
140
97
125
13
92
59
53
157
60
18
95
57
P216
P3,916
P3,847
1
1
2
1
247
637
921
306
669
092
718
366
285
325
451
197
232
155
198
484
385
256
321
343
P54
P117
P114
P120
P90
P102
P116
50
160
"60
42
91
P5
P6
P8
232
213
194
237
270
217
189
234
209
P241
P161
P263
P206
P Preliminary.
n.a. Not available.
1
Beginning November 1950, investments of wholly owned Government corporations in public debt securities are excluded from Budget expenditures, and included with other such investments under "Trust and other accounts." Adjustments for July-October 1950 investments were
2
made by the Treasury in the November 1950 and January 1951 figures.
Not adjusted for Treasury's revised treatment of carriers' taxes.
3
Beginning February, figures are on basis of revised Treasury monthly statement and not necessarily comparable with back data.
4
Includes the following not shown separately: Maritime activities, special defense production expansion programs, Economic Stabilization
Agency, and Federal Civil Defense Administration.
^Consists of foreign economic and technical assistance under the Mutual Security Act, net transactions of the Export-Import Bank, and other
6
nonmilitary foreign aid programs, as well as State Department expenditures.
Excludes transfers to trust accounts, which are shown separately,
7
Includes Farm Credit Administration and Agriculture Department, except expenditures for forest development of roads and trails which are
included with public works.
620
FEDERAL RESERVE BULLETIN
TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS—Con tinned
[On basis o daily statements of United States Ireasury unless otherwise noted.
In millions of dollars
Treasury receipts
Internal revenue collections
(on basis of Internal Revenue
Budget receipts, by )rineipa . sources
Service)
Period
Income
and old-age
insurance taxes
i
j
Withheld
|
by
1 em| ployers
I 13 775
19 50
1951 . . . . . . ! 19^392
1952
23,658
1953 . . . . . . 26,323
Fiscal yr.—1950. . . . . 1 12,180
1951
1 16,654
1 9 5 2 . . . . . | 21,889
1953
25,058
Semiannual totals:
1950—Tulv-Dec. . .
7,209
1951 —Tan.-June.. . 1 9,445
July-Dec. . .
9,947
1952—Jan.-June.. . 11,942
Tuly-Dec. . . 11,716
1953—Jan.-June.. . 13,342
July-Dec. . . 12,981
Monthly:
1953—Apr
1,170
May
3,399
Cal yr
2,138
1 252
3,500
Aug
Sept
i 1,837
Oct
1,138
Nov........
3,416
Dec
1,838
904
1954—Jan
Feb. 2 .
3,664
Mar
2,002
Apr
1,387
June
Julv
O t her
Individual
Corporation
Miscellaneous
ternal
revenue
Deduct
Taxes
on
carriers
and on
Other
em-
re-
ployers
of 8 or
more
ceipts
Total
budget
re-
ceipts
Appropriations
to oldti ust
fund
17, 36 J
26', 876
3 4 , 174
3 0 , 524
18, 189
2 4 , 218
3 3 , 026
33, 101
8,771
9 ' 392
10,416
11,211
8,303
9,423
9,726
|1O,87O
770
944
902
896
776
811
994
902
1 ,980
2^337
2,639
2,570
1 .862
2,263
2,364
2,525
42,657
58\941
71.788
71,524
41,311
53,369
67,999
72,455
2,657
3',355
3,814
3,918
2,106
3 ,1 20
3,569
4,086
6 , 841
17, 376
9 , 499
2 3 , 526
10, 647
2 2 , 454
2,799 5,272
4,779
4,644
4,748
4,978
5,438
5,432
5,779
317
494
449
545
357
545
352
,039
,223
,114
1,251
1,388
1,137
,433
20,185
33,184
25,757
42,242
29,546
42,910
28,614
1,411
1,709
1,646
1,922
1,891
2,195
1,723
2,000
1, 837
490
6 , 986
651
474
326
79
1,636
1,689
385
159
336
89
1,938
309
*490
2,122
396
1,044
2 ,454 7,353
645
808
880
922
939
937
955
981
1,019
968
919
749
860
954
860
14
109
54
19
106
55
16
107
48
21
304
56
26
144
220
206
286
187
203
176
229
351
332
199
193
231
4,044
5,140
10,323
3,619
5,153
6,402
2,894
5,144
5 403
4^619
6,468
13,013
3,956
232
516
420
206
519
299
160
388
151
84
598
589
278
963
244
159
105
65
63
75
60
69
64
306
940
906
Treasury receipts—Continued
2 . 1 56
2 ,0<>8
2,451
3,137
2 , 160
2,107
2,302
3,151
311
1,796
302
451
2,700
437
Net
budget
re-
ceipts
37 ,834
53! 483
65,523
64,469
37,045
48,143
62,129
65,218
12,963
18[840
23,090
26,162
11,762
15,901
21,313
24,750
18,464
29,679
23,809
38,320
27,204
38,014
26,454
6.858
9.043
9,798
11,515
11,574
13,176
12,986
2 ,849
4,380
9,744
3,308
4,'568
6,041
2,659
4,695
5,183
1,667
4,520
527
1,792
H',471
5,444
11,434
2,751
3
0 0^7
384
362 ; 16,'565
22,140
11. 401
19,195
7 164
10,854
9,' 908
14,388
21,467
1 1 , 545
21,595
1 1 , 604
11 ,)R0
4] 434
313
1,934
4,398
115
1,115
n.a.
Oct
Nov
Dec
1954—Jan
Feb
Mar
Apr
Total
Liquor
Tobacco
Manu f acturers'
and retailers'
excise
Other
8,150
8,682
9,558
9,714
7,599
8,704
8,971
9,946
2,419
2.46C
2,727
2,819
2,219
2,547
2,549
2,781
1,348
1,446
1,662
1,614
1,328
1,380
1,565
1,655
2,519
2,790
3,054
3,262
2,245
2,841
2,824
3,359
1,864
1,987
2,115
2,020
1,806
1 ,936
2,032
2,152
4,462
4,241
4,440
4,531
5,027
4,919
4,795
1,391
1,156
1,304
1,245
1,482
1,299
1,521
683
697
748
817
845
810
804
1,394
1,446
1,343
1,481
1,573
1,786
1,476
848
851
854
895
793
230
229
237
244
225
266
294
276
216
166
181
224
223
133
129
136
125
145
140
147
126
120
123
111
135
130
292
320
307
312
267
4
74
773
46
45
757
60
50
5472
608
587
395
1,316
629
477
gift
taxes
658
801
849
923
706
730
833
891
303
427
374
459
390
502
422
855
654
151
359
437
5,683
324
651
91
326
1,767
1, 631
79
478
77
318
364 I 1,882
'445
2 , 372
„
84
62
60
83
60
64
96
56
63
65
86
119
96
Social security,
retirement, and
insurance accounts
Excise and miscellaneous taxes
1,442
and
4,971
9,416
7,149
14,318
7,821
13,773
5,422
1 ,S81
8,
2,
9,
2,
8,
2,
Totals
Cal. yr.—1950
1951
1952
1953
Fiscal yr.—-1950. . . .
1951
1952
1953....
Semiannual totals:
1950—Tulv-Dec. .
1951—Jan.-June..
July-Dec..
1952—Jan.-June..
July-Dec...
1953—}an.-June..
July-Dec...
Monthly:
1953—Apr.
May
June . . .
July
Aug.......
Sept
Es-
tate
027
335
210
770
S34
567
n.a.
(4)
Trust and other a c c o u n t s
Internal revenue collections—cont.
(on basis of Internal Revenue Service)
Period
Refunds
of
receipts
Individual in- i
come and c>ld- Corpoage insurance
ration
intaxes
come
and
profits
Withtaxes
Other
held
994
942
1,045
988
1,127
1,025
Investments 8
Other 6
6,214
4,507
4,942
5,811
6 484
3,752
4,885
5,257
-22
271
329
153
-333
196
275
242
786
508
310
— 62
353
530
489
1,557
1,803
1,352
2,009
1,495
1,564
823
1,644
2,108
2,398
2,486
2,456
2,802
3,009
-22
219
52
223
106
136
17
-307
660
126
404
105
385
-74
128
412
843
90
409
16
—80
199
188
-334
28
-74
25
478
463
476
470
462
506
537
502
533
581
627
689
665
— 17
42
— 107
-29
-14
55
4
40
—39
288
27
44
18
27
274
—42
-134
86
87
— 16
-113
14
184
244
144
-102
Receipts
Investments
Expenditures
-38
759
49
82
121
295
219
462
6,543
7,906
8,315
8,123
6 266
7,251
8,210
8,531
56
3,15.5
3,504
2,387
— 40?
3,360
3,361
3,059
-173
3,312
3,939
3,967
4,242
4,073
4,458
3,665
405
468
291
-72
121
341
995
-259
193
173
174
213
156
61
94
267
204
61
267
211
74
— 157
377
65
-260
299
—40
— 149
-37
— 72
-144
2
527
253
-375
1,020
1,319
'405
1,070
449
328
817
597
207
965
768
436
Other accounts 7
x
2
n.a. Not available.
Not adjusted for Treasury's revised treatment
of carriers' taxes.
Beginning February, on basis of revised Treas3
4
ury monthly statement and not comparable with5 back data.
Carriers' taxes deducted.
Beginning
March, income and profits taxes an6
nounced
in
the
Treasury's
Monthly
Statement.
Reporting
of
some
excises
changed
to
quarterly
basis.
Excess of receipts, or expenditures ( —).
7
Consists of miscellaneous trust funds and accounts and deposit fund accounts. The latter reflect principally net transactions of quasi Government corporations, European Payments Union deposit fund, and suspense accounts of Defense and other Government departments. Investments
of wholly owned Government corporations are included as specified in footnote 8, but their operating transactions are included in Budget expenditures.
8
Consists of net investments in public debt securities of quasi Government corporations and agencies and other trust funds beginning with
July 1950, which prior to that date are not separable from the next column; and, in addition, of net investments of wholly owned Government
corporations and agencies beginning with November 1950, which prior to that date are included with Budget expenditures (for exceptions see
footnote 1 on previous page).
JUNE 1954
621
TREASURY CASH INCOME, OUTGO, AND BORROWING
DERIVATION OF CASH RECEIPTS FROM AND PAYMENTS TO THE PUBLIC
On basis cjf daily s t a t e m e n t s of l"i ited States Treasury and Tr 'usury Bulletin.
Cash operating income, other th an debt
Net Budget
receipts
Period
Cal. yr.—1950
1951
1952
1953
Fiscal yr.—1950
1951
1952
1953
Semiannual totals:
1950—July-Dec..
1951—Jan.-June.
July-Dec..
1952—Jan.-June.
July-Dec..
1953—Jan.-June.
July-Dec..
Monthly:
1953—May.
June .
July
Aug.
Sept
Oct
Nov
Dec. .
1954—Tan
Feb. s
Mar.
Apr
May
.
.
.
.
.
.
.
Plus: Trust
acct. receipts
Budge t expenditures
tLXCh.
Stabilization
Fund 6
Clearing account
503
567
734
575
436
477
710
694
2,307
2 ,625
2^807
2,585
2,754
2,360
2,837
2,774
6,923
4,397
4! 825
5,974
6,881
3,945
4,952
5,169
65
90
28
34
13
138
5
31
-262
—26
38
-82
-207
-13
9
-28
-87
106
319
209
-483
214
401
312
41.969
58,034
72,980
76,529
43,155
45,804
67,956
76,561
482
1 304
-1,583
-6,090
-2,185
7,635
137
-5,217
19,063
25,570
31,276
34,869
36,497
38,110
35,515
281
196
371
338
396
298
277
1,075
1,279
1,346
1,488
1,319
1,456
1,129
2,201
1,744
2,653
2,298
2,527
2,642
3,332
55
82
8
-4
32
-2
36
-13
-13
22
16
-44
-38
254
-40
146
255
64
248
-40
20,105
25,700
32,334
35,622
37,357
39,203
37,326
796
6,839
-5,534
5,671
-7,254
2,038
-8,128
6,241
7,988
6,068
6,042
6,119
5,477
5,423
6,387
75,071
4,707
5,555
5,296
n.a.
47
70
108
27
21
I
40
82
72
16
8
19
43
131
907
120
194
108
91
133
483
217
537
629
464
451
604
636
549
427
411
601
810
n.a.
1
— 11
2
5
41
-3
3
— 12
8
n.a.
n.a.
n.a.
n.a.
428
373
-466
430
-117
-235
376
— 29
-559
156
43
-314
271
6,662
7,932
6,001
6,720
6,294
5,759
6,258
6,294
4,749
5,302
6,231
5 ,303
6,228
-1,368
2,253
-2,386
-1,193
78
-2,809
-862
-956
-147
1,228
6,028
-2,267
-1,347
2,211
2,508
2,649
2,347
2,623
2,244
2 ,705
2,595
42,451
59,338
71,396
70,440
40,970
53,439
68,093
71,344
38,255
56,846
71,366
73,626
40,167
44,633
66,145
74,607
18,464
29,679
23,809
38,320
27,204
38,014
26,454
91
164
58
77
107
104
171
3,562
4,234
4,349
4,458
4,248
4,683
3,913
1,033
1,210
1 ,298
1 ,406
1,243
1,351
996
20,900
32,537
26,799
41,293
30,104
41,241
29,199
4,380
9,744
3,308
4,568
6,041
2,659
4,695
5,183
M.471
5 ,444
11,434
2,751
n.a.
4
49
31
3
43
10
4
80
51
1,047
1,338
429
1,158
482
378
839
627
237
993
824
479
n.a.
5 ,294
10,185
3,615
5,526
6,373
2 ,950
5,396
5,339
4,602
6,530
12,260
3,036
4,882
n.a.
n.a.
n.a.
n.a.
Net
cash
operating income
or
outgo
(-)
Less:
Noncash 5
7,001
8,582
8,707
8,596
6,669
7,796
8,807
8,932
129
848
91
196
107
78
133
391
7
55
n.a.
n.a.
n.a.
n.a.
is:
Total
171
222
184
275
120
256
138
210
37,834
53,488
65,523
64,469
37,045
48,143
62,129
65,218
PI
Less: Noncasn
Accru- Intraals to
Govt.public*5 trans.4
Total
Equals:
Cash
operating
income
Less:
Noncash1
Plus: Tr. acct.
expenditures
Equals:
Cash
operating
outgo
Less:
Noncash 2
Total
net
receipts
In mill ons of dc)llars!
Ca * \ operating outgo, other than debt
Total
797
n.a.
n.a.
n.a.
n.a.
-44
ii
11
—60
-12
-39
13
—33
J
n.a. Not available.
Represents principally interest paid to Treasury by Government agencies and repayment of capital stock and paid-in
2
surplus by quasi Government corporations.
Represents principally interest on investments in U. S. Government securities, payroll deductions for Government employees' retirement accounts, and transfers shown as Budget expenditures.
3
Represents principally excess of interest accruals over payments on savings bonds and Budgetary expenditures involving issuance of Federal
securities; the latter include mostly armed forces leave bonds and notes issued to the International Bank and Monetary Fund, which are treated
as noncash expenditures at the time of issuance and cash expenditures at the time of redemption.
4
Represents principally noncash items shown under trust account receipts (described in footnote 2); also includes small adjustments for
noncash interest reflected in noncash Budget receipts (see footnote 1) and in noncash tmst account expenditures (see footnote 5).
5
Represents principally repayments of capital stock and paid-in surplus by quasi Government corporations, as well as interest receipts by
c
such corporations on their investments in the public debt (negative entry).
Cash transactions between Intl. Monetary Fund and Exchange
7
Stabilization Fund. (See footnote 3.)
Not adjusted for Treasury's revised treatment of carriers' taxes.
8
Beginning February, data are on basis of revised Treasury daily and monthly statement and not necessarily comparable with back data.
DERIVATION OF CASH BORROWING FROM OR REPAYMENT OF BORROWING TO THE PUBLIC
InDetai s of net cash borrowing
Equals:
Less: N o n c a s h d e b t t r a n s a c t i o n s
Plus: Cash
crease,
or de-
Period
(
\ in
v. —) 1 i n
gross
dir. pub.
debt
Cal. yr.—1950
1951
1952
1953
Fiscal yr.—-1950
1951
1952
1953
Semiannual totals:
1950— Tuly-Dec..
1951— jan.-Tune.
July-Dec
1952—Jan.-June.
July-Dec
1953—Jan.-June.
July-Dec..
Monthly:
1953—May
June
July
Aug
Sept
Oct..
Nov
Dec.
1954—Jan
Feb.7
Mar
Apr
May
issuance of
securi
Federal agencies
NonGuarguaranteed
anteed
1
N e t inv.
A c c r u a l s t o PU.IJ.IKJin Fed.
sec. b y
Int. on sav. Payts. in
form of
G o v t . agen. bonds and
& tr. funds Treas. bills Fed. sec.
Net cash
borrowing, or
repayt.
( —) of
borrowing
-423
2,711
7,973
7,777
4,587
-2,135
3 ,883
6,966
-6
18
12
22
—8
10
16
7
355
37
102
-3
-14
374
-88
-32
94
3,418
3 ,833
2 ,540
-308
3,557
3,636
3,301
602
718
770
591
574
638
779
719
163
-125
-74
66
68
-149
-79
3
-929
-1,242
3,353
4,601
4,231
-5,795
-525
2,918
..
-650
. . -1,486
4,197
-313
..
8,286
. . - 1 ,320
..
9,097
4
5
13
3
8
2
24
388
-13
51
-139
37
-69
66
1 ,544
2,014
1 ,404
2,232
1 ,601
1 ,700
840
337
301
417
361
409
308
283
-56
-92
-33
-45
-29
34
32
-2,081
-3,714
2,472
— 2,998
6,351
-3,433
8,034
11
38
33
15
1
75
453
735
61
395
71
— 76
240
150
-46
77
— 20
35
380
48
71
6! 09
43
-1
-1
-12
1,930
-449
6,598
536
— 269
449
1,822
— 40
-320
-67
-4,546
811
2,428
2
8
2
-1
2
3"
1
108
—61
-27
-126
— 89
-74
74
628
22
41 "
83
73
17
9
20
44
— 12
—1
-1
59
11
—1
38
— 14
32
from or
repayment ( —) of borrowing to the public2
Direct
Savings
mktable. bonds
& conv.
(issue
price)
issues3
-2,649
751
1 ,999 - 1 , 1 9 1
5,778
-406
54,829 5 -344
211
728
-3,943
467
1,639
-717
5
5,294 5-103
-2,761
-1,184
3,183
- 1 ,544
7,322
5-2,028
6,857
292
-758
-432
-285
-121
518
-362
•H,571 5-147
1,425
-862
-98
- 1 ,222
6,333 6 —122
6,456
-72
127
6-51
—90
—931
i —274
— 36
457
— 51
22
1 ,659 I 1,647
I -391 1
—70
—41
—92
-178
-386
-284 :
-74
18
-4,304
-4,662
75
699
32
838
5
2 ,144
2 ,046
Postal
Savings Sav. Sys. Other^
special
notes
issues
1,021
- 1 ,099
-1,784
248
3 ,601
-657
-1,209
-2,164
-250
-997
-113
-162
-150
-1,093
-155
-100
198
46
-122
30
-158
365
-82
-9
187
-845
-255
-955
-829
-1,335
1,583
-170
-923
-74
-81
-32
-68
-94
371
-5
51
-134
11
-20
50
-32
-11
39
90
-7
-4
101
-67
123
-95
-31
-120
-86
-67
71
—6
-341
252
271
662
618
-53
— 167
-73
— 71
-310
-82
-152
' ' " '_ 17 '
— 16
—7
-36
— 18
-12
-37
-37
-21
-22
FEDERAL RESERVE BULLETIN
TREASURY CASH INCOME, OUTGO, AND BORROWING—Continued
DETAILS OF TREASURY GASH RECEIPTS FROM AND PAYMENTS TO THE PUBLIC
[Classifications derived by Federal Reserve from Treasury data. In millions of dollars]
Cash operating income
PeriodTotal
Cal. yr.—1950.
1951
1952
1953
Fiscal yr.—1950
1951
1952.. . .
1953
Semiannual totals:
1950—Tuly-Dec. . . .
1951—Jan.-Tune... .
Tuly-Dec.
1952 —Tan.-Tune....
July-Dec
1953—Tan.-Tune. . . .
July-Dec
Monthly:
1953—May
Tune
July
Aug
Sept
Oct
Nov
Dec.
1954— Tan.
Feb. 8
Mar..
|
Apr
i
May.
I
Direct
Direct
taxes on taxes oi
individ- corpor-1
uals i
ations
595
8 ,113
8 ,591
9 ,567
10 ,288
7 ,597
8 . 693
8 , S93
9 ,978
5,121
6,362
6,589
6,693
4,438
5,839
6,521
6,858
971
416
149
318
821
773
272
4 ,476
4 ,217
4 ,374
4 ,519
5 , 048
4 , 931
5 ,357
2,611
3,228
3,135
3,386
3 ,202
3 ,656
3,037
1 ,182
1 ,348
1,418
1 ,383
1,443
1 ,252
1 ,492
1 000
243
173
278
260
192
218
245
299
19,191
27,149
32,728
34,807
18,115
24,095
30,713
33,370
9
16
22
19
10
14
21
21
,937
,565
,140
,045
,854
20,900
7,971
16,124
11,025
19.687
13,041
20,329
14,478
4
9
7
14
7
13
5
5 ,294
10,185
3,615
5,526 j
6,373
2,950 j
5,396 j
5,339 |
4,602 I
6,530 I
12,260
3 036
4,882
3,076
3,081
1 ,603
3,119
3,292
1,233
3,172
2 ,059
3', 008
4,355
4,328
1 ,791
2,875
Cash operating outgo
Other
cash
income 3
2,245
2,769
2,823
2,744
2,126
2,531
2,801
2 ,694
42,451
59,338
71,396
70,440
40,970
53,439
68,093
71,344
32,537
26,799
41,293
30,104
41,241
29,199
Excise
338
,467
359
5 683
Social
ins. receipts 2
and
misc.
taxes
860
879
854
894
917
923
912
856
683
741
789
735
787
651
326
1 636
385
336
1 938
490
469
7 097
763
397
528
333
991
399
266
791
256
170
31 5
177
1 ,093
P718
P267
P378
Wil
P\,188
P251
,980
,529
,155
, 804
,956
,561
18,347
37,279
51,195
52,753
17,879
26,038
46,396
52,843
4 ,072
4 ,137
4 , 230
4 ,589
4 ,264
4 ,052
4 ,059
4 ,658
vSocial
Veterans security
proprograms 6 grams 7
4 400
8,864
4 915
6,121
5 617
5 ,209
6 648
4,885
4 740
9,146
4 458
5,980
5 206
5,826
6 124
4,920
20 , 105
25 ,700
32 , 334
35 ,622
3 7 ,35 7
39 ,203
3 7 ,326
9,905
16,133
21,146
25,250
25,944
26 898
25; 854
1 ,997
2 ,058
2 ,079
1 ,984
2 ,246
2 ,413
2 ,176
2,977
3 ,003
3,117
2 ,709
2 ,500
2,420
2,465
4,438
4,817
4,64 7
4,1 84
4,404
4,268
4,034
4 ,318
P3.670
*>3,810
J'3,878
P3,862
n.a.
127
1 ,045
U8
178
525
322
122
901
170
352
563
299
196
De luct:
Refunds
Total
OJ
rece ipts
2
2
2
3
2
2
2
3
41 ,969
58 ,034
,156
,098
, 451
,137
,160
107
302
151
311
1 796
302
2 000
451
2 700
43 7
79
76
43
45
67
76
6 , 662
7 ,932
6 ,001
6 ,720
6 ,294
5 ' 759
6 ,258
6 ,294
4 ,749 j
5 ,302 j
6 ,231
5 ,303 I
244
159
105
65
63
75
60
69
64
306
940
907
616
6
,228
Major
natl. sec. est on
prod ebt5
grams 4
2
2
2
2
2
3
3
Other
6 ,286
5 ,582
6 ,729
7 ,654
7 ,126
5 ,276
6 ,469
8 ,016
3 ,219
2 ,056
3 ,527
2 938
3 ,791
4 225
3 430
007
450
465
741
876
247
401
1 162
1 126
212
1 450
478
88
572 i 1 137
66
586
697 v — 181
406
401
428
386
378
456
593
423
393
411
428
414
392
529
543
586
522
509
625
P674
P55
%729
2 718
n. a.
'634
1
P9
n.a.
Preliminary.
n.a. Not available.
1
Income taxes include current and back taxes; individual taxes also include estate and gift taxes and, prior to July 1953, adjustment to
Treasury daily statement. Income taxes through June 1953 are from internal revenue service reports, thereafter from Treasury daily statement.
" Includes taxes lor old-age and unemployment 1insurance, carriers t:»xes, and veterans life insurance premiums.
3
Represents mostly nontax receipts.
Represents Budget expenditures adjusted for net redemptions of armed forces leave bonds
ma special
special International
International Bank
Bank and
and Monetary
Monetary Fund
Fund notes.
notes.
ana
_ -^'Represents
Budget
expenditures
less
the
excess
•'Represents Budget expenditures less the excess of
of interest
interest accruals
accruals over
over payments
payments on
on savings
savings bonds
bonds and
and Treasury
Treasury bills
bills and
and less
less interest
interest
oaid by
by the
corporations not wholly owned.
paid
the Treasury
Treasury to
to (1)
(1) trust
trust funds
fu: " and accounts and (2) Government
"
^Represents Budget outlays plus payments to i\i:i public from veterans life insurance funds and redemptions of adjusted service bonds.
' Represents Budget outlays plus benefit payments and administrative expenses of trust funds for old-age and unemployment insurance and
Government employees and Railroad retirement funds.
^Beginning February, data are on basis of'revised Treasury daily and monthly
statement and not necessarily comparable with back data.
UNITED STATES SAVINGS BONDS AND NOTES—SALES, REDEMPTIONS, AND AMOUNT OUTSTANDING
o\ dc!!ar:d
Savings bonds
\ 1
K
1
v
~
111
'
t
i
1
1
(1
L
'
7
)
li 5
1
s
l>
)<
4
If
4.
<s
1
)
1 1
1'
to
'
{>
1
1
1
•>
P
t
) 1
0 *>
')
c 1
J
6
l\
n1o
lud^
^6-5
-iO }()!
4S l f -5
t ) / 76
=; > 0^ }
0S1
s (/ 3' /
T / r< J
1
i »
"10
S( 1 S
) -,
S
J-
f )l t
1 1
/
\i
f
\K
sc
1
4
4.
1
4
s
>
,
)
(
r
5
7
7
5
3
3
2
2
6
5
5
1
)-
I
(
>
>
1
)(
1 ,
, 0 s
1 1
1 0 ')
1
?
J"
Rec emptions and
maturities
i i
J
1 *
O il t md
udo
H
r
0
s
sa\'ings notes
T
11
1
]
G
Out t i
n
u
1 1
10
1
)
s
>
7
^1
M
S
1S1
1. °
]
i
->" )(>7
J
T>
1
(M
1
to
mu (
i '
l u d i " ' »> n il i o n d< 1 11
T u n e 1 ( / S <• '
\ n 1 '(Ml
853
2 76
111
300
266
843
934
583
029
491
475
190
1 719
1 408
219
•> 0
2 0 ()<• /
the r
n f u n 11 hi h 1 S m l' < 1 c 1 1 \ ( r t ( ' '
' c m llio i r < ' 1
lc elm
1 1 t e itf 1 L
(i
9 > I
( S
Outstanding fend of
period)
208
290
68
55
178
70
68
306
81
9 ,843
8 .235
5,725
5,384
4.572
7,610
8,640
7,534
5,770
6 ,026
4.798
4,793
4.4 S3
4,706
4,977
5.639
6.258
6,204
6.026
5!9S6
5^887
5.581
5,500
>f T \n(] G l>onds maturing in 1953,
< 11 i* Oi I [ ends and is not included
h i m n l i c i
1
p i o f 1 ^ 1] ugc nn m t f c 1 mi * O I M I I b n K n l i !
^ - I t 1) ) t L '' ran i s h issue price and accrued
n n t
<-fIf m n l K 11s fi u i 1 s h o v i M I h
s s< u
T I L 1h ount
I li •> M t 1 i t i o n i s b < - m * u v e i d in subsequent months,
u i c l u c ' c i i r u m i t 1 1 2 > m I h o n d ) l l i ' s )t i n 1 c m c 1 Sc r ( s 1 9 - . M
G bo ids
n ic ) ' ( h i t \ith Treasury practice all unm r
'-> o t t h
seiuswtir
a r r i e d a s o u t - . t m d t t, n t t i e
x 1 1 it, ( e b t u t i M ' u c itirt s t n s m i t u i 1
\ vn
de
u jemptions a i d m t t i n t e s o f bonn
r e s h o \ 1 i t 1-. u 1 > n 6 i m t i n i ' o u t L i i d i i " u t i n r e n t i e c ^ m p t i o n v a l u e .
Maturities
Of 11 >t
HI l
es \ I ) a n 1 F a i 1 G b o n d - c t r t
i l ]^d a o ^ m i d n t
\ s
a ' >r
i l i r \ i u > « n 1 >nK m t e t c t b e a r i n g d e b t is i n c l u d e d i n
II
it
It 1 1 n h 1
JUNE
1954
623
UNITED STATES GOVERNMENT DEBT—VOLUME AND KIND OF SECURITIES
[On basis of daily statements of United States Treasury. In millions of dollars]
Public issues3
Nonmarketable
Marketable
Total
gross
debt 1
Total
gross
direct2
debt
Total
1940—Dec
1941—Dec
1942—Dec
1943—Dec
1944—Dec
1945—Dec
1946—Dec
1947—Dec
1948—Dec
1949—June
Dec
1950—June
Dec
1951—June
Dec.
1952—June
Dec
50,942
64,262
112,471
170,108
232,144
278,682
259,487
256,981
252,854
252,798
257,160
257,377
256,731
255,251
259,461
259,151
267,445
45,025
57,938
108,170
165,877
230,630
278,115
259,149
256,900
252,800
252,770
257,130
257,357
256,708
255,222
259,419
259,105
267,391
39,089
50,469
98,276
151,805
212,565
255,693
233,064
225,250
218,865
217,986
221,123
222,853
220,575
218,198
221,168
219,124
226,143
35,645
1,310
41,562
2,002
76,488 6,627
115,230 13,072
161,648 16,428
198,778 17,037
176,613 17,033
165,758 15,136
157,482 12,224
155,147 11,536
155,123 12,319
155,310 13,533
152,450 13,627
137,917 13,614
142,685 18,102
140,407 17,219
148,581 21,713
10,534
22,843
30,401
38,155
29,987
21,220
26,525
29,427
29,636
18,418
5,373
9,509
29,078
28,423
16,712
1953—May
June
July
Aug
Sept..
Oct
Nov
Dec
1954—Tan
Feb
Mar
Apr
May
266,572
266,123
272,732
273,269
273,001
273,452
275,282
275,244
274,924
274,859
270,312
271,127
273,555
266,520
266,071
272,669
273,206
272,937
2 73,386
275,209
275,168
274,849
274,782
270,235
271,047
273,475
224,735
223,408
230,009
230,157
229,785
230,403
232,115
231,684
231,623
231,466
226,821
227,806
229,913
148,324
147,335
153,757
153,694
152,804
152,977
154,726
154,631
154,631
154,500
150,081
151,104
153,325
15,959
15,854
21,756
21,655
26,369
26,385
26,386
26,386
26,386
25,278
19,377
19,377
18,577
End of
month
Total
Bills
19,913
19,707
20,207
20,208
19,508
19,509
19,509
19,511
19,512
19,510
21,013
22,014
22,019
Certificates of
indebt- Notes
edness
Bonds
Special
issues
Convertible
bonds
Totals
Savings
bonds
5,370
3,195
6,140 ' "2',471 6,982
15,050 6,384 9,032
27,363 8,586 12,703
40,361 9,843 16,326
48,183 8,235 20,000
49,776 5,725 24,585
52,053 5,384 28,955
55,051 4,572 31,714
56,260 4,860 32,776
56,707 7,610 33,896
57,536 8,472 32,356
58,019 8,640 33,707
57,572 7,818 34,653
57,587 7,534 35,902
57,685 6,612 37,739
57,940 5,770 39,150
57,920
57,886
57,871
57,851
57,795
57,775
57,806
57,710
57,736
57,797
57,902
57,967
58,025
Bank
eligible*
Bank
restricted
6,178
5,997
9,863
11,175
23,039
22,967
10,090
11,375
7,131
3,596
8,249
20,404
39,258
35,806
18,409
18,963
30,266
28,156
33,563
44,519
55,591
66,931
68,403
69,866
68,391
61,966
60,951
55,283
53,319
44,557
42,928
41,049
48,343
58,874
4,945
12,550
24,850
52,216
49,636
49,636
49,636
49,636
49,636
49,636
49,636
36,061
36,048
27,460
21,016
13,573
12,060
13,095
12,500
3,444
8,907
21,788
36,574
50,917
56,915
56,451
59,492
61,383
62,839
66,000
67,544
68,125
66,708
66,423
65,622
65,062
30,411
30,425
30,455
30,492
33,578
33,736
33,249
31,406
31,419
26,866
26,787
26,809
31,923
64,795
64,104
64,096
64,099
59,944
59,942
62.181
63,927
63,916
74,171
74,134
74,230
72,133
17,248
17,245
17,243
17,240
13,406
13,404
13,402
13,400
13,398
8,675
8,674
8,674
8,674
12,355
12,340
12,310
12,273
12,168
12,025
12,012
11,989
11,976
11,957
11,932
11,910
11,899
64,056
63,733
63,942
64,190
64,814
65,402
65,377
65,065
65,017
65,009
64,807
64,792
64,690
Tax
and
savings
notes
4,793
4,453
4,706
4,977
5,639
6,258
6,204
6,026
5,956
5,887
5,581
5,500
5,344
39,710
40,538
40,594
40,988
40,958
40,888
41,013
41,197
41,009
41,070
41,002
41,049
41,367
1
Includes some debt not subject to statutory
debt limitation (such debt amounted to 553 million dollars on May 31, 1954) and fully guar2
anteed
securities, not shown separately.
Includes noninterest-bearing debt, not shown separately.
3
Includes amounts held by Government agencies and trust funds, which aggregated 7,151 million dollars on Apr. 30, 1954.
4
Includes Treasury bonds and minor amounts of Panama Canal and Postal Savings bonds.
5
Includes Series A investment bonds, depositary bonds, armed forces leave bonds, and adjusted service bonds, not shown separately.
OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED
[Par value in millions of dollars]
End of month
Total
HelcI by
gross
U. S. Government
debt
agencies and1
(includtrust funds
ing guaranteed
Special Public
securiissues
issues
ties)
Held by the public
Total
Federal
Reserve
Banks
Commercial2
banks
Mutual
savings
banks
Insurance
companies
Other
corporations
6,900
8,200
11,300
15,100
19,600
24,000
24,900
23,900
21.200
20,500
20,100
19,800
18,700
17,100
16,500
15,700
16,100
2,000
4,000
10,100
16,400
21,400
22,000
15,300
14,100
14,800
15,600
16,800
••18,400
'•19,700
'20,000
n0,500
'18,900
'20,200
1940—Dec
1941—Dec
1942—Dec
1943—Dec
1944—Dec
1945—Dec
1946—Dec
1947—Dec
1948—Dec
1949—June
Dec
1950—Tune
Dec
1951—June
Dec
1952—Tune
Dec
50,942
64,262
112,471
170,108
232,144
278,682
259,487
256,981
252,854
252,798
257,160
2i>7,377
256,731
255,251
259,461
259,151
267,445
5,370
6,982
9,032
12,703
16,326
20,000
24,585
28,955
31,714
32,776
33,896
32,356
33,707
34,653
35,902
37,739
39,150
2,260
2,558
3,218
4,242
5,348
7,048
6,338
5,404
5,614
5,512
5 ,464
5,474
5,490
6,305
6,379
6,596
6,743
43,312
54,722
100,221
153,163
210,470
251,634
228,564
222,622
215,526
214,510
217,800
219,547
217,533
214,293
217,180
214,816
221,552
2,184
2,254
6,189
11,543
18,846
24,262
23,350
22,559
23,333
19,343
18,885
18,331
20,778
22,982
23,801
22,906
24,697
17,300
21,400
41,100
59,900
77,700
90,800
74,500
68,700
62,500
63,000
66,800
65,600
61,800
58,400
61,600
61,100
63,400
3,200
3,700
4,500
6,100
8,300
10,700
11,800
12,000
11,500
11.6C0
11,400
11,600
10,900
10,200
9,800
9,600
9,500
1953—Mar
Apr
May
June
July
Aug
Sept
Oct
Nov...
Dec
264,536
264,642
266,572
266,123
272,732
273,269
273,001
273,452
275,282
275,244
39,354
39,474
39,710
40,538
40,594
40,988
40,958
40,888
41,013
41,197
6,908
6,866
7,057
7,022
7,007
6,986
7,076
7,078
7 156
7,116
218,274 23,806
218,302 23,880
219,805 24,246
218,563 24,746
225,131 24,964
225,295 25,063
224,967 25,235
225,486 25,348
227,113 25,095
226,931 25,916
59,500
59,100
58,600
58,800
63,500
62,700
62,500
62,700
63,800
63,600
9,600
9,500
9,600
9,500
9,500
9,500
9,500
9,300
9,300
9,200
1954—Jan
Feb
Mar
274,924 41,009
274,859 41,070
270,312 41,002
7,245
7,223
7,203
226,670
226,566
222,107
24,639
24,509
24,632
64,000
63,000
n.a.
9,200
9,200
n.a.
15,700
15,700
n.a.
State
and
local
governments
Individuals
Miscellaneous
invesSavings Other
3
bonds securities tors
1,000
2,100
4,300
6,500
6,300
7,300
7,900
8,000
8,100
8,700
8,800
9,400
9,600
10,400
11,100
2,800
5,400
13,400
24,700
36,200
42,900
44,200
46,200
47,800
48,800
49,300
49,900
49,600
49,100
49,100
49,000
49,200
7,800
8,200
10,300
12,900
17,100
21,400
20,100
19,400
17,600
18,000
17,000
'17,600
'16,700
'16,400
'15,700
'15,600
'15,700
2,300
4,400
7,000
9,100
8,100
8,400
8,900
9,600
9,400
9,700
10,500
10,700
10,600
11,600
11,700
16,000 '20,000
16.000 '19,800
16,000 '20,800
16,000 '18,700
16,000 '20.000
16,000 '20,700
15,900 '20,400
15,900 '20,900
15,900 '21 ,700
15,800 '21,500
11,400
11,500
11 ,900
12 ,000
12,200
'12,300
'12,400
'12,400
'12,500
'12,500
49,500
49,600
49,300
49,300
49,300
49,300
49,300
49,200
49,300
49,300
'15,900
'15,900
'16,600
'16,800
'16,600
'16,300
'16,500
-"16,200
'16,100
'16,200
12,500
13,000
12,800
12,800
'13,200
'13,400
'13,300
'13,500
'13,500
'12,900
'21.700
22.400
n.a.
12,600
12,600
n.a.
49,400
49,400
n.a.
'16,100
16,100
n.a.
'13,300
13,600
n.a.
500
700
700
900
'Revised.
n.a. Not available.
the Postal Savings System.
holdings by banks in territories and insular possessions, which amounted to 300 million dollars on June 30, 1953.
Includes savings and loan associations, dealers and brokers, foreign accounts, corporate pension funds, and nonprofit institutions.
NOTE.—Holdings of Federal Reserve Banks and U. S. Government agencies and trust funds are reported figures; holdings of other investor
groups are estimated by the Treasury Department.
1
Includes
2
Includes
3
624
FEDERAL RESERVE BULLETIN
UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES
Direct Public Issues Outstanding May 31, 1954
[On basis of daily statements of United States Treasury. In millions of dollars]
Issue and coupon rate
Treasury bills 1
June
June
Tune
June
June
June
3,
10,
17,
18,
24,
24,
Certificates
June 1, 1954.
Aug. 15, 1954.
Sept. 15, 1954 .
Feb. 15, 1955
M a y 17, 1955.
1954.
1954.
1954.
19542
19542
1954.
Aug. 5, 1954.
Aug. 12, 1954.
Aug. 19, 1954.
Aug. 26, 1954.
Sold on discount basis.
Called for redemption.
3
Amount
2%
2H
2%
2V8
2%
2)4
2M
2%
2M
See table on Open Market Money Rates, p. 619.
4
Partially tax-exempt; called for redemption.
5
Issue and coupon rate
Amount
Treasury bonds—Cont.
239
Dec. 15, 1963-68
.2^
52
J u n e 15, 1964-69
2%
Dec. 15, 1964 6 9 . , 2 ^
39
8,662
Mar. 15, 1965 7 0 . . 2 ^
510
Mar. 15, 1966-71 «. 2}4
2,611
J u n e 15, 1967-72« . 2 ^
Sept. 15, 1967-72. .2%
1,449
982
Dec. 15, 1967-72*
2H
3,822
J u n e 15, 1 9 7 8 - 8 3 . . .3H
927
4,245 Postal Savings
919
bonds
2H
2,368 P a n a m a Canal Loan 3
5,277
3 ,466
1 ,485
2,239 Convertible bonds
11 ,177
Investment Series B
2,116
Apr. 1, 1975-80. . .2%
2
2M
2H
. .2
2
2%
Treasury notes
Dec. 15, 1954..
Mar. 15, 1955
Dec. 15,1955 .
Apr.
1956.
Oct.
1956
Mar. 1 1957
Apr.
1957
Oct.
1957.
Apr.
1958..
Oct.
195
1 1959
1959.
July
1, 1954.
July 8, 1954.
Tuly 15, 1954.
Tuly 22, 1954.
July 29, 1954.
l
Issue and coupon rate
ite
Issue and coupon rate
2,826
3,754
3,831
4,719
2,961
1,889
2,716
3,823
1,606
46
50
11,899
2
Tax anticipation series.
6
Partially tax-exempt.
Restricted.
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:
1951—Dec
1952-June...
Dec
1953-June
Dec
Total
outstanding
U. S.
Govt. Fed- Com- Muageneral
tual
mercies
Resavcial
and
serve banks ings
trust Banks
banks
funds
154,745 6 251 23,801 54,302 9, 123
153,502 6 467 22,906 54,038 8, 843
161,081 6 613 24,697 55,828 8, 740
159,675 6 899 24,746 51,365 8, 816
166,619 6 989 25,916 55,933 8, 524
Insurance
companies
Life
10, 289
9, 613
9, 514
9, 347
9, 120
Other
End of month
Other
4,301
4,246
4,711
4,808
4,905
46,679
47,391
50,979
53,694
55,233
Type of security:
Convertible bonds
(Investment
Series B):
1951—Dec
1952—June
Dec
1953—June
Dec
1954- Feb
Mar
Treasury bills:
1951—Dec
1952—June....
Dec
1953—June
Dec
166,457
162,013
18.102
17.219
21,713
19,707
19,511
50
41
86
106
102
596
381
1,341
1,455
2,993
6,773
5,828
7,047
4,411
4,368
71
103
137
120
126
428
504
464
327
410
1954—Feb
Mar
Certificates:
1951—Dec
1952—June....
Dec
1953—June
Dec
19,510
21,013
149
89
1,788 3,920
1,911 3,858
133
154
456
476
29,078
28,423
16,712
15,854
26,386
49 12,793 6,773
60 11,821 6,877
27 5,061 4,791
30 4,996 4,351
63 5,967 9,215
41
120
37
87
184
217
76
56
27
37
1954— Feb
Mar
Treasury notes:
1951— Dec
1952—June
Dec
1953—June
Dec
25,278
19,377
79
63
6,051 7,377
6,051 5,425
169
137
60
6
1954—Feb
445 8,761
Mar
378 9,092
317 6,424 1-5 years:
1951—Dec
310 6,052
1952—June..
445 10,475
Dec
389 11,153
1953—June...
Dec
315 7,380
18,409
18,963
30,266
30,425
31,406
3 5,068 10,465
2 5,568 10,431
16 13,774 10,955
23 13,774 10,355
8 13,289 11,510
67
42
49
62
130
1
5
8
5
52
315
327
486
529
605
1954-Feb
Mar
Marketable bonds:1
1951—Dec
1952—June
Dec
1953—June
Dec
26,866
26,787
9 13,029 8,813
8 13,029 8,458
104
104
54
54
499
499
1954-Feb
Mar
7 095 24,509 55,450 8, 526 9, 097 4,870 56,910
7 076 24,632 53,327 8, 481 8, 983 4,866 54,648
77,097
75,802
79,890
81,349
77,327
3 ,243
2 928
3 046
3 300
3 377
82,846
82,904
3 418
3 477
30,119
30.710
32;849
32,066
30,671
7
7
7
7
6
697
221
165
232
820
1954—Feb
Mar
10,080 Marketable securities, maturing:
10,268
12,518 Within 1 year:
1951—Dec
13,155
1952—June...
11,402
Dec
1953—June...
106 12,958
Dec
142 14,383
104
92
119
132
109
1954—Feb.
2,489
Mar
2,587
4,978 5-10 years:
5,678 1 1951— Dec
5,814
1952—June
Dec
4,358
1953—June
4,635
Dec...
22,068
1954—Feb... .
21,580
Mar
23,072 After 10 years:
1951—Dec
24,890
23,688
1952—June..
Dec
1953—June...
3,641 35,173 6 949 5. 605 3,557 24,604
Dec
3,64! 35,419 6 817 5 539 3,591 24,421
4,130
4,422
4,522
4,522
3,667
6
5
5
5
5
720
855
807
855
686
Total
outstanding
3,120
3,087
3,429
3,484
3,418
1954—Feb.
Mar
U. S.
Govt. Fedageneral
cies
Reand
serve
trust Banks
funds
172
191
185
182
16S
12,060
13,095
12,500
12,340
11,989
2
3
3
3
3
11,957
11,932
3 439
439
48,204
45,642
56,953
64,589
73,235
112
101
133
163
175
14,081
12,705
16,996
19,580
25,062
63,632
64,335
44,401
44,945
37,713
32,330
29,367
45
46
31
152
192
C,68^
,18S
' ,146
t ,452
t ,155
27,917
23,477
905
437
438
439
439
1 214
714
Commercial
banks
Mutual
savings
banks
1
1
1
1
1
246
356
352
314
264
Insurance
companies
Life
2
3
3
3
2
Other
Other
923
172
179
133
935
318
362
360
353
328
3,281
3,864
3,987
3,919
3,854
167 1 271 2 921
167 1 270 2 907
320
320
3,838
3,829
182
223
263
476
475
648
576
581
470
532
733
390 1,082
468 1,061
19,167
19,360
23,547
27,393
29,023
241 U ,565 17,505
165 11 ,778 18,489
404
405
533
499
783 28,601
905 28,095
27,991
27,858
22,381
18,344
16,056
419
370
259
464
431
132
63
48
109
123
992
996
910
914
980
8,133
8,424
6,938
5,895
5,430
189
171
14,704
e,155
c,404 11,670
372
371
111
114
922
772
5,464
3,976
8,914
15,122
22,834
18,677
20,292
152
387
546
422
418
34 6,881
693 7,740 1
i ,387 11,058 1
i ,374 8,772 1
i ,374 10,051 1
73
357
775
395
315
118
201
497
765
885 1,348
745 1,104
725 1,198
1,454
3,684
5,835
4,865
5,211
31,222
30,541
450
534
i ,374 18,355 1 456
i ,035 18,207 1 453
777 1,505
707 1,528
7,304
7,077
41,168
34,698
31,081
31,739
31,736
3
2
2
2
2
036
496
464
723
765
31,730
31,728
2 776
2 766
13 ,437
12 ,202
14 ,749
IE ,505
It ,972
,428
,109
,415
,415
,415
5,177
5,544
5,207
4,488
4,595
7
5
5
5
5
202
537
091
167
039
6 ,470
5 ,301
4 ,870
4 ,969
4 ,868
2,213
1,652
1,361
1,356
1,339
14,643
12,059
10,673
11,621
11,716
,415 4,718 5 023 4 ,755 1,340
,415 4,795 4 983 4 ,756 1,341
11,703
11,672
* Commercial banks, mutual savings banks, and insurance companies included in the survey account for over 90 per cent of total holdings
by these institutions. Data are complete for Federal agencies and trust funds and Federal Reserve Banks. Figures in column headed "other"
are residuals.
includes Treasury bonds and minor amounts of Panama Canal and Postal Savings bonds.
JUNE 1954
625
NEW SECURITY ISSUES J
[Estimates, in millions of dollars]
Proposed uses of n e t proceeds,
all c o r p o r a t e i s s u e r s 8
Gross proceeds, all i s s u e r s 3
Corporate
Noncorporate
Year or
month
Total
U.S.
ment
Govern-8
federal
igeripv4
State
and
mu- Other*
nicipal
25
87
108
903
420
762
681
325
569
30
5
97
22
47
2.380
917
990
2,670
4,855
1,578
506
621
1,807
3,851 1
811
41i
369
778
, )04
167
112
124
369
758
110 1 ,040
647
34
408
56
753
163
397 1,347
868
474
308
657
1,080
28
35
27
47
133
144 1,583
138
396
73
789
49 2,389
134 4,555
216
30
2.324
2,690
2,907
3,532
56
451
156
132
282
4,881
5,035
5,973
4,890
4,920
3,019
2,888
2,963
2,434
2,360
1 , 6621.126
2,147
761
3,010
492
2,455
424
2,560
631
891 3,889
778 5.115
614 6,651
736 5,558
811 4,990
3,279
4,591
5,929
4,606
4,006
231
168
234
315
364
379 2,868
356 1,352
488
307
637
401
620 1,271
110
459
106
3,189
121
,558
446
237
306
5,691
7,601
7,083
2,364 3,326
3 ,645 3,957
3,856 3,228
340
650
443
522
260
476
483
411
777
21
5
3
2
4
36
60
27
57
656
468
977
407
263
676
375
353
1,385
375
287
575
106
110
449
153
95
1,057
399
414
522
726
123
1
63
462
366
513
428
284
178
226
216
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
1946.
1947.
1948
1949
1.950
18,685
19,941
20,250
21 ,110
19,893
10,217
10 589
10 327
11 804
9.687
357
1,15/
21,265
26,929
28,824
9,778
12,577
13,957
1954—Jan..
Feb..
Mar..
Apr..
1,655
1 ,386
1 ,913
1,954
561
515
602
511
New
money 7
Total
86
98
183
1941.
1942.
1943.
1944.
1945.
491
3,244
1,454
884
853
1.320
1 ,070
2,610
423
Common
stock
691
/03
758
115
13
$09
1 ,676
4,613
3,066
1,928
1 ,453
2 ,599
2,291
3,506
2,736
Total
Preferred
stock
PriPublicly vately
offered placed
1,353
1,276
1.628
2 480
2 332
2 517
1953—Apr..
May.
June.
Tuly..
Aug..
Sept..
Oct..
Nov..
Dec .
Total
ReRetiretire- ment
ment
of
of
secubank rities
debt,
etc.*
Miscellaneous
purposes
2 044
1 979
2,386
5,926
5,687
6,564
,
Bonds
69
50
24
1938
1930
1940
'051
1952
1953
New capital
76
1 . 10S
1 128
1 ,238
9 5 ft
524
435
661
795
7
215 1,206
26
69 1,695
19 I 174 1,854
838
564
480
1,212
1,360
1,326
7,120
8,716
8,495
6,531
8,180
7,560
226
363
537
535
280
181
402
301
IS 3
226
222
258
327
35
82
33
31
7
44
18
37
43
125
164
156
82
65
48
210
60
51
770
675
1,123
483
325
753
577
429
1,438
748
591
1,034
459
270
691
550
406
1,413
32
85
89
24
55
62
28
23
25
23
22
24
27
5
4
12
22
26
178
188
286
212
20
27
69
108
90
63
144
110
544
430
660
496
531
410
500
480
13
29
70
15
18
9
53
139
486
664
260
Proposed uses of n e t proceeds, by m a j o r g r o u p s of c o r p o r a t e i s s u e r s
Commercial and
miscellaneous
Manufacturing
Year or
month
Total
net
proceeds
Retirements 10
Total
net
pro-
Transportation
Total
New Retire- net
cap- ments10 proital"
ceeds
748
795
806
490
983
589
Public utility
New Retirecap- ments 10
ital"
Total
net
proceeds
New Retirecap- ments l0
ital"
2,150
2,276
2,608
2.412
2,626
2,972
2,005
2,043
1,927
2.326
2,539
2,905
2,180
1,391
1,175
3,066
3,973
2,218
2,126
1,347
1,026
2,846
3,712
2,128
54
44
149
221
261
90
403
338
538
518
536
542
382
310
474
462
512
502
1953—April
May
June
July
An^ust
September.
October. ..
November.
December.
309
109
283
133
'46
132
56
99
418
302
r
89
276
116
44
131
53
93
409
7
19
7
17
2
1
2
6
29
57
38
59
19
19
49
25
104
23
55
38
55
17
18
47
25
100
66
40
45
46
15
32
36
32
84
223
391
331
209
97
242
356
245
200
215
391
314
207
97
241
350
229
191
1954—January...
February..
March
April . . . .
134
52
107
117
118
51
107
101
50
26
68
63
48
25
62
51
65
36
57
3S
276
269
362
328
275
269
316
254
1948
1949
1950
1951
1952
1953
15
691
784
609
437
758
553
56
11
196
53
225
36
Communication
144
233
682
85
88
67
Total
net
pro-
Real estate
and financial
New Retire- Total
net
cap10
proital" ments
ceeds
891
567
395
605
753
874
517
314
600
747
871
13
7
37
20
30
89
13
5
13
7
37
18
30
88
13
5
New Retirecapital" ments io
587
593
739
515
508
1,561
557
558
639
449
448
1,536
162
94
412
43
123
243
80
45
47
160
93
412
40
122
242
77
45
46
12
51
88
53
12
51
88
28
30
35
100
66
60
24
25
E s t i m a t e s of new issues sold for cash in the United States.
Gross proceeds are derived by multiplying principal a m o u n t s or number of units by offering price.
4
Includes issues guaranteed.
Issues not guaranteed.
5
Includes foreign government; International Bank; and domestic eleemosynary and other nonprofit.
6
E s t i m a t e d net proceeds are equal to estimated gross proceeds less cost of flotation, i. e., compensation to underwriters, agents, etc., a n d
expenses.
7
Includes proceeds for plant a n d equipment and working capital.
8
Includes proceeds for the retirement of mortgages a n d b a n k debt with original maturities of more t h a n one year. Proceeds for retirement
of short-term bank debts are included under the uses for which the bank debt was incurred.
9
Includes all issues other t h a n those for retirement of securities.
10
Retirernent of securities only.
Source.—Securities
and Exchange Commission.
2
3
626
FEDERAL RESERVE BULLETIN
SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS
[In millions of dollars]
Quarterly
Industry
1953
1948
1949
1950
1953
1951
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
38,190
5.390
3,356
1,429
5.204 52,332 53,810 •62,485 12,543 15,287 15,709 16,519 15,413 •14,845 14,140
37,803 45
,668 7,125 '8,183 1,525 2 ,000 2,244 2.471 2,082 ••1,384 1,744
5,122 7,993
3,151 4.106 3,456 3,096 '3,527
926
688
848
920
'885
870
875
1 ,686 2,272 2,015 2,010 2,087
556
482
491
625
485
521
487
14,588 13,906 15,847 18,558 18,813 '20,095 4,692 4,958 4,964 5,068 5 ,035 ••5,028 4,884
2,282 1,930 2 ,798 3.290 2,693 '2,866
669
672
752
773
656
769
'570
1,520 1 ,263 1,562 1,451 1,291 ••1,413
318
347
338
367
352
346
'363
682
891
911
919
872
736
212
251
216
213
213
225
270
23,602 23,897 29,357 33,774 34,997 r42.390 7,851 10.329 10,745 11,450 10,378
3,108 3,193 5,195 5,378 4.432 '5,317
857
,328 1,493 1,702 1,309
1,837 1,888 2,544 2 ,005 1,804 ••2,114
370
579
511
573
509
748
270
305
950 1,352 1,142 1 ,119 1,176
275
272
274
4,528 4,223 4,402 4,909 5,042
434
455
473
446
532
268
285
227
204
289
149
148
159
154
161
5,411 1,280 1,315 1,316
'465
104
127
99
'211
50
57
46
154
43
37
35
3,674 3,680 4,577 5,574 5,695
674
693 1,133 i ,421 1 ,200
420
415
458
572
496
263
321
381
363
448
6,071 1,401
1,260
289
493
109
398
90
3,945 3,865 4,234 4,999 5,319
721
650
525
863
686
548
442
406
515
485
172
205
172
231
252
'5,715 1,325
r779
165
••551
115
60
257
1,346 1,355
131
128
54
57
37
37
1,520 1,545 1,568 1,506
304
360
346
330
128
123
125
124
114
90
90
91
1 ,402 1,381
171
194
129
127
69
65
1,396 1,460
225
189
149
124
61
61
9,066 8,187 10,446 12,497 11,557 •13,750 2,605 3,494 3,428 3,653 3,476
1 ,174
993 1,700 2,092 1 ,161 ••1,824
431
208
457
560
510
720
575
578
854
776
217
'793
212
203
183
100
270
367
285
381
377
106
86
377
'9,817 9,256
'814 1,088
••521
356
517
296
1 ,394 1,320
'107
99
'54
46
45
36
1,453
224
121
127
1,434
271
133
97
'1,478
'170
'152
70
1 ,455
207
139
66
'3,194 2 ,893
'295
303
'196
151
113
100
8,009 1,697 2 ,066 1,967 2,045 1,959
1,009
241
276
298
218
290
402
89
103
95
89
128
239
50
49
49
49
53
2,038 1,917
193
252
115
115
90
58
8,093 9,577 11,805 12,496 12,825 16,377 2,681 3,684 4,308 4,657 3,918
1,131 1,473 2,305 1,913 1,945
2,048
503
648
714
451
345
639
698
861 1,087
705
747
200
168
143
190
211
462
282
479
451
671
463
117
114
114
117
114
3,495 3,485
235
435
168
204
117
114
9,672 8,580 9,473 10,391 10,580 10,664 2,633 2,828 2,596 2,732 2,755
700 1,384 1,260 1,436
1,148
512
1,404
399
336
397
368
438
783
699
693
816
318
234
871
186
2 OS
231
252
312
289
328
116
336
79
412
97
66
73
2,582 2,275
272
156
219
88
162
96
4,563 4,363 5,071 6,183 7 ,082
570
974
520
850 1,003
334
370
380
321
425
127
200
138
208
192
Public Utility
Railroad:
Operating revenue
Profits before taxes
Profits after taxes
Dividends.
Electric power:
Operating revenue
Profits before taxes
Profits after t a x e s . . . . . . .
Dividends.
Telephone:
Operating revenue
Profits before taxes
Profits after t a x e s . . . . . .
Dividends.
4,830 5,055 5,431 5,867 6,224
983 1,129 1,303 1,480 1 ,718
657
757
824
818
922
493
553
619
661
709
6,683 1,513 1,618 1,710 1,625
1 ,880
439
454
382
545
1 ,032
246
207
244
288
771
189
177
182
186
2,694 2,967 3,342 3,729 4.136
292
691
333
580
787
186
341
207
384
331
178
318
213
355
276
4,525
92
452
412
1.650
426
233
194
1,699 1,797
456
571
266
324
206
212
,037 1,084 1,092 1,126 1,129
223
220
182
206
234
109
114
107
88
104
100
101
104
911
93
1,178 1,174
248
242
122
116
108
109
I
' Revised.
Includes 26 compa.nies in groups not shown separately, as follows: textile mill products (10); paper and allied products (15); miscellaneous (1).
Includes 25 company
mies 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.
for about 95 per cent of all electric power operations) and are
1
2
JUNE 1954
627
PROFITS, TAXES, AND DIVIDENDS OF
UNITED STATES CORPORATIONS
[Quarterly estimates at seasonally adjusted annual
rates. In billions of dollars]
Profits
before
taxes
Income
taxes
1939
1941 .
1943
1945
6.5
17 2
25.1
19.7
1.5
7 8
14 4
11.2
5.0
9 4
10 6
8 5
3.8
4 5
45
47
1946
1947
1948
1949
1950
23.5
30.5
33.8
27.1
41.0
9.6
11 9
13 0
10.8
18.2
5
6
7
7
9
1951
1952
1953
1952—4
43.7
39.2
41.9
40.3
23.6
20.6
22.9
21.2
13 9
18.5
20.7
16.3
22.7
20.1
18 6
19.0
1953—1 . . . .
2
3. . . .
4. . .
44.6
45.9
43.3
34.0
24 A
25.0
23.6
18.6
Year or
quarter
NET CHANGE IN OUTSTANDING CORPORATE SECURITIES
[Estimates, in millions of dollars]
All types
Year or
quarter
Profits Cash Undisdivi- tributed
after
taxes dends profits
1.2
4.9
6 2
3.8
8
6
3
5
1
8 1
12.0
13 5
8.8
13 6
19.1
9.2
9 1
9.3
9 1
10 9
9.5
9.7
10 0
20.3
20.8
19.6
15.4
9.2
9.4
9 6
9.4
11.1
11 4
10.0
6.0
Stocks
Bonds and notes
New Retire- Net
issues ments change
]
Net
New Retire- Net
New Retireissues ments change issues ments change
1945 ..
6 457
6 846
—389 4 924
1946
1947
1948
1949
1950
7,180
6,882
7,570
6,732
7,224
4,798
2,523
1,684
1,875
3,500
2,382
4,359
5,886
4,856
3,724
1951
1952
1953
9,048
10,679
'9,594
2,772
2,751
2,335
5 995 — 1 071 1 533
1,096 2,459
3,004 1,867
4,654 1,632
3,284 1,865
2,004 2,418
851
682
1,173
512
400
292
698
1,286
1,355
1,232
1,572
1,720
3,577 3,365
4,940 3,335
'4,885 2,889
665
348
514
2,701
2,987
2,375
1,012
1,638
910
'1,325
836
836
540
676
133
148
113
119
703
687
427
557
862
1,081
219
862
4,721
5,015
5,938
4,867
4,806
3,625
2,011
1,284
1,583
2,802
6,277 5,683
7,927 7,344
'7,259 '6,705
2,107
2,403
1,820
1953—1 . . . 2,329
2,932
2. .
1 ,867
3. .
4. . . '2,465
614 1,715 1,492
607 2,325 2,096
530 1,337 1,327
584 '•1,882 1,789
481
458
417
464
1954—1 . . . 2,700
977
1,619
758
1,724
'Revised.
1
Reflects cash transactions only. As compared with data shown on p. 496, new
issues
exclude foreign and include investment company offerings, sales of securities
1954—1 i . . . 36.5 18.5
8.4
9.6
18.0
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. Re1
tirements include the same types of issues, and also securities retired with internal
Preliminary estimates by Council of Economic Adfunds or with proceeds of issues for that purpose shown on p. 626.
visers.
Source.—Securities and Exchange Commission.
Source.— Department of Commerce.
CURRENT ASSETS AND LIABILITIES OF UNITED STATES CORPORATIONS 1
[Estimates , in billions of dollars]
Current assets
End of year
or quarter
Net
working
capital
1939
1941
1943
1945
24.5
32.3
42.1
51 6
1946
1947
1948
1949
1950
Total
Cash
U. S.
Government
securities
Notes and accts.
receivable
U. S.
Govt. 2
U. S.
Govt. 2
Other
Federal
income
tax
liabilities
Total
Other
Other
1.4
.4
.3
.0
.8
2.2
.9
21.9
25.6
24.1
24 8
1.2
7.1
16.6
10.4
6.9
7.2
8.7
2.7
30.0
40.7
51.6
45.8
.7
30.0
1.7
L.6
31 .5
8.5
1.6
L.4
L.7
51.9
61.5
64.4
60.7
79.8
.1
55.7
37.6
44.6
48.9
45.3
55.1
47.9
10.7
11.5
9.3
16.7
11.8
13.2
13.5
14.0
14.9
59.2
65.2
65.3
65.7
2.1
2.4
94.2
97.4
1.3
2.2
55 0
59.4
22 0
18.2
15 9
17.6
65.7
66.0
67.4
65.3
67.2
67.4
68.4
67.3
2.5
2.4
2.4
95.5
94.4
98.5
97.8
2.5
2.2
2.1
58.2
57.8
59.0
58.6
16.8
16.1
18.5
19.5
17.9
18.4
18.9
18.1
16.4
21 1
5 0
56.2
62.1
68.6
72.4
81.6
108 1
123.6
133.0
133.1
161.5
22 8
25.0
25.3
26.5
28.1
15.3
14.1
14 8
16.8
19.7
1.1
1951
1952
86 1
89.9
180 2
187.3
30 4
31.0
20 5
20.2
2.7
2.8
1953—1
2
3
4
91.2
92.7
93.3
92.7
186.6
187.1
191 8
190.6
28.4
29.9
30 4
31.4
20.0
18.7
20.4
21.5
2.9
2.7
2.7
2.6
1
Notes and accts.
payable
Other
18.0
25.6
27.6
26.3
10.8
13 9
21 6
21 7
.0
.6
2.2
4.0
Inventories
22.1
27.4
21.9
23.2
5
9
8
4
54
72
93
97
Current liabilities
38.3
42 .4
43 .0
> 4
2.4
.4
1.7
37.6
39 .3
37 .5
9 7
2
Excludes banks and insurance companies.
Receivables from and payables to U. S. Government do not include amounts offset against
each other on corporations' books.
Source.—Securities and Exchange Commission.
BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT *
^Estimates, in millions of dollars]
Year
1939
1945
1946
1947
1948
1949
1950
....
1951
1952
1953 4
1954
. ..
Transportation
other
than
rail
Total
Manufacturing
Mining
Railroads
5,512
8,692
1,943
3,983
326
280
383
548
574
14,848
20,612
22.059
19 285
20,605
6,790
8,703
9,134
7,149
7,491
427
691
583
889
1,319
1,352
1,111
923
1,298
1,285
25 644
26,493
28,391
27,230
10 852
11,632
12,276
11.410
929
985
1,474
1,396
1,312
940
882
792
707
1,011
1,040
Public Communi- Other i
utilications
ties
Total
Manu- Transfactur- portaing
tion
and
incl.
minrailing
roads
All
Public
utili- others
ties
6,242
7,206
2 936
3,490
624
728
1,150
963
1 719
1,839
6,339
7,289
7 098
7,666
2,972
3,426
3 210
3,680
650
725
925
1,158
1 219
1,246
1,792
1,979
1 984
2,023
6,240
1954—I'
2 4 ' . . . 7,034
3-*
6,686
2,864
3 263
3,031
608
591
910
1,167
1,178
1,859
2,014
1,982
Quarter
321
1,776
2,378
1952—3
1,212
792
1,539
2,543
3,125
3,309
817
1,399
1,742
1,320
1,104
4,516
6.093
5.154
4,660
5,671
1953—1
2
3. .
4
1,490
1 ,500
1,464
1 ,400
3,664
3,887
4.548
4,430
1,319
5,916
365
887
520
505
302
7, 094
7, 778
8, 010
4
686
717
495
'Revised.
2
Corporate and noncorporate business, excluding
agriculture.
Includes trade, service, finance, and construction.
4
Includes communications and other.
Anticipated by business.
Sources.— Department of Commerce and Securities and Exchange Commission.
1
3
628
FEDERAL RESERVE
BULLETIN
REAL ESTATE CREDIT STATISTICS
MORTGAGE DEBT OUTSTANDING. BY TYPE OF PROPERTY MORTGAGED AND TYPE OF MORTGAGE HOLDER
[In billions of dollars]
All properties
End of year
or quarter
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
All
holders
Nonfarm
Other
holders
Financial
insti- Selected Inditutions Federal viduals
agenand
cies
others
All
holders
1- to 4-family 1houses
Multi-family and
commercial properties '
Financial
institutions
Financial
institutions
Total
2.0
2.4
2.8
14.9
14.2
13.6
13.3
13.7
15.1
16.6
17.8
18.7
19.7
20.7
21 .8
23.1
31 .2
30.8
29.9
29.7
30.8
36 9
43.9
50.9
57.1
66. 7
75 .6
84.0
93.2
18.4
18.2
17.8
17.9
18.5
23 .1
28.2
33 .3
37.5
45.1
51.9
58.7
65.9
11 .2
11.5
11.5
11.7
12.2
16.0
20.5
25.0
28.4
35 .3
41 .2
47.0
53.4
63.0
65 0
66.8
2.2
2.3
2.4
21.3
21.6
21.8
79.5
81 8
84.0
55.1
57 0
58.7
93.4
96.1
98.7
100.9
68 6
70.9
73.0
75.0
2.6
2.7
2.8
2.8
22.2
22.5
22.9
23.1
86.0
88.6
91.1
93.2
102.9
76.8
2.7
23.4
95.1
37.6
36.7
35.3
34.7
35.5
41.8
48.9
56.2
62.7
72.8
82.1
91.1
100.9
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
1952—Tune
September....
December
86.4
88.9
91.1
1953—March
June
September. . . .
December. . . .
1954—March*
2.0
1.8
1 .4
1.1
.9
.6
.5
.6
1.1
1 .4
Farm
Other
hold-
Total
ers
Other
hold-
All
holders
FinanOther
cial
insti- holders2
tutions
ers
10.7
11.7
12.5
12.9
12.5
12.1
11.8
12.2
13.8
15.7
17.6
19.6
21 .6
23.7
25.3
27.3
10.9
12.4
14.0
15.7
17.0
18.6
4.8
4.7
4.6
4.6
4.7
5.4
6.1
6.7
7.2
7.6
8.0
8.3
8.8
43.9
45 .6
47.0
11.1
11.4
11.7
24.4
24.9
25.3
16.3
16.6
17.0
7.1
2 8
60.3
62.4
64.3
65.9
48.4
50.2
51 .9
53.4
11.9
12.2
12.4
12.5
25.7
26.2
26.7
27.3
17.3
17.7
18 1
18.6
8.4
8.5
8.6
8.8
73
7.5
7.6
7.7
2 9
67.4
54.8
12.6
27.7
18.9
8.8
7.8
3.1
7.2
6.7
6.3
6.2
6.4
7.0
7.6
8.3
9.1
9.8
8.0
7.8
7.4
7.2
7.5
8.4
9.6
6.4
6.0
5.4
4.9
4.8
4.9
5.1
5.3
5.6
6.1
6.6
7.1
7.7
1.5
1.4
1.3
1.3
1.3
1.5
1.7
1.9
2.1
2.3
2.6
2.8
3.0
4.9
4.5
4.1
3.7
3.4
3.4
3.3
3.4
3.5
3.7
4.0
4.3
4.7
8 1
7.0
8.2
8.3
7 1
2.7
2.8
4.2
4.3
4.3
3.0
3.0
3.0
4.4
4.6
4 6
4.7
4.8
pPreliminary.
1
2
Derived figures, which include negligible amount of farm loans held by savings and loan associations.
Derived figures, which include
debt held by Federal land banks and Farmers Home Administration.
NOTE.—Figures for first three quarters of each year, and all figures for December 1953 except those on total farm (preliminary estimate from
Dept. of Agriculture), are Federal Reserve estimates. Financial institutions include commercial banks (including nondeposit trust companies
but not trust departments), mutual savings banks, life insurance companies and savings and loan associations. Federal agencies include HOLC,
FNMA, and VA (the bulk of the amounts through 1948 held by HOLC, since then by FNMA). Other Federal agencies (amounts small and
separate data not readily available currently) are included with "Individuals and others."
Sources.—Federal Deposit Insurance Corporation, Home Loan Bank Board, Institute of Life Insurance, Departments of Agriculture and
Commerce, Federal National Mortgage Association, Veterans Administration, Comptroller of the Currency, and Federal Reserve.
MORTGAGE LOANS HELD BY BANKS 1
[In millions of dollars]
Mutual savings bank holdings i
Commercial bank holdin
Nonfarm
Nonfarm
End of year
or quarter
Residential 3
Residential 3
Farm
Total
Total
Total
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
4,340
4,256
4,058
3,967
4,251
6,533
8 623
10,023
10,736
12,695
13,728
14,809
15,768
FHA- VAConveninguarsured anteed tional
3 292
3,332
3,256
3 218
3,395
5,146
6,933
8,066
8,676
10,431
11,270
12,188
12,925
3,421
3,675
3,912
15,176 14,113 11,602
September
. 15,590 14,530 11,970
D e c e m b e r . . . . 15,867 14,809 12,188
3,441
3,580
3,675
12,320
12,545
12,770
12,925
16,960 15,865 13,000
4 906
4,746
4,521
4 430
4,772
7,234
9 446
10,897
11,644
13,664
14,732
15,867
16,850
1952— Time
Tune
September
December
1954—March*
16,080
16,387
16,640
16,850
15,000
15,283
15,550
15,768
2921
3,012
3,061
4 9?9
S S01
s 9S1
Other
Total
Total
1,048
566 4,812 4,784 3,884
924
491 4,627 4,601 3,725
802
463 4,420 4.395 3.558
749
463 4,305 4,281 3,476
856
4,208 4,184 3,387
70? 4,441 4,415 3,588
1,387
1,690
823 4,856 4,828 3,937
874 5,806 5,773 4,758
1,957
2,060
909 6,705 6,668 5,569
968 8.261 8,218 7,054
2 ,264
2,458 1 004 9,916 9,869 8,595
2,621 1 ,058 11.379 11 ,327 9,883
2,843 1 ,087 12,943 12,890 11,334
s
3,000
3,012
?09 2,512
5, 390 2,560
5, 501 2,621
1 , 063 10,554 10,506
1 ,060 10,940 10,890
1 ,058 11,379 11,327
3,719
3.798
3,860
3,912
3,010
3,013
3,040
3,061
5 S91
5, 734
5, 870
5, 951
1 080
1 104
1 ,090
1 ,082
3,940
3,100
5, 960 2 ,865
2,680
2,738
2,780
2,843
Farm
Total
11,680
12,112
12 ,500
12,943
11,630
12,062
12,450
12,890
9,145
9,490
9,883
10,165
10,574
10,930
11,334
1 ,095 13,355 13,300 11,710
FHAVAConinguar- vensured anteed tional
? S67
3 168
3 489
1 776
737
3 053
4
4 477
4 ,797
Other
900
876
837
805
797
877
891
01 S
1 ,099
1 ,164
1 774
1 444
,556
7. 898 1 917 4 , 330 1 .361
3 025 2 069 4 ,396 1,400
3 ,168 2 ,237 4 ,477 1,444
28
26
25
24
24
26
28
34
37
44
47
53
53
48
50
53
730
395 4 540
325 7 590 4 ,658
405 2 785 4 ,740
489 3 053 4 ,792
1.465
1 ,488
,520
1 ,556
50
53
3 ,590 3 290 4 ,830
1 ,390
55
3
3
3
3
50
50
P Preliminary.
2
includes ali banks in the United States and possessions.
Includes loans held by nondeposit trust companies but excludes holdings of
trust departments of commercial banks. March and September figures are Federal Reserve estimates based on data from Member Bank Call
Report and from weekly reporting member banks. For 1940, figures except for the grand total are Federal Reserve estimates based on data for
insured
commercial banks.
3
Data not available for all classifications prior to December 1951.
4
Through 1946, figures except for the grand total are estimates based on Federal Reserve preliminary tabulation of a revised series of banking
statistics. March and September figures are Federal Reserve estimates based in part on data from National Association of Mutual Savings Banks.
Sources.—All bank series prepared by Federal Deposit Insurance Corporation from data supplied by Federal and State bank supervisory
agencies; Comptroller of the Currency; and Federal Reserve.
JUNE 1954
629
REAL ESTATE CREDIT STATISTICS—Continued
MORTGAGE ACTIVITY OF ALL UNITED STATES LIFE INSURANCE COMPANIES
[In millions of dollars]
Loans acquired
Loans outstanding (end of period)
Nonfarm
Year or month
Total
FHAinsured
Total
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
898
855
935
976
1953—April
May
June
July
August
September
October
November
December
1954^—January
February
March
April
Nonfarm
VAguaranteed
1 661
2,786
3,407
3,430
4,980
5,111
3,978
4,335
1 483
2,520
3,114
3,123
4,621
4,704
3,606
3,918
1,202
1,350
1,572
1,051
1,268
864
819
364
344
321
308
359
405
305
313
338
352
330
371
279
289
309
327
478
433
66
318
282
319
419
443
277
372
403
Sources.—Institute of Life Insuran
and Life Insurance News Data.
Farm
Other
429
457
178
266
293
307
359
407
372
417
77
62
27
30
217
216
43
36
67
71
62
57
60
60
34
36
32
40
42
56
229
264
185
192
207
211
29
34
26
24
29
25
81
286
45
51
57
174
36
44
68
47
46
77
86
187
227
270
42
47
40
600
366
131
930
Year or
month
1 096
1,286
1,408
1,394
1 228
1,398
2,381
3,454
4,573
5,257
5.681
6,015
1,106
1,224
2,026
3 131
3,347
3,563
4 876
5,538
6,356
7 090
8,176
9 399
10,518
11,825
1,138
1,327
1,527
1,705
1,872
21,897
22,055
22.221
22,429
22,552
22,698
22,842
23,017
23,275
20,139
20,277
20,425
20,614
20,722
20 860
20,993
21.161
21,403
5,820
5.854
5,884
5,905
5,924
5,943
5,963
5,983
6,015
3,388
3,390
3,396
3 412
3,430
3,4-48
3,473
3,511
3,563
10,931
11,033
11,145
11,297
11,368
11 469
11,557
11,667
11,825
1,758
1,778
1,796
1,815
1,830
1 838
1,849
1,856
1,872
23,435
23,570
23,769
24,005
21,538
21,660
21,845
22,060
6,027
6,037
6,066
6,081
3,599
3,626
3,683
3,746
11,912
11,997
12,096
12,233
1,897
1,910
1,924
1,945
668
815
256
844
899
913
896
841
800
776
795
895
990
N O N F A R M M O R T G A G E R E C O R D I N G S O F $20,000 OR LESS
[Number in thousands; amounts (except averages) in millions of dollars
Com- Mutual
mersavcial
ings
banks banks
Other
1,456
1,628
1,351
1,274
1,446
1,639
2,497
2,567
2,535
2,488
3,032
2,878
3,028
3,164
4,031
4,732
3,943
3,861
4,606
5,650
10,589
11,729
11,882
11,828
16,179
16,405
18,018
19,747
1,283
1,490
1,170
1,237
1,560
2,017
3,483
3,650
3,629
3,646
5,060
5,295
6,452
7,365
334
404
362
280
257
250
503
847
1,016
1,046
1,618
1,615
1,420
1,480
1,006
1,166
886
753
878
1,097
2,712
3,004
2,664
2,446
3,365
3,370
3,600
3,680
170
218
166
152
165
217
548
597
745
750
1,064
1,013
1,137
1,327
1,238
1,454
1,359
1,439
1,746
2,069
3,343
3,631
3,828
3,940
5,072
5,112
5,409
5,895
2,769
2,906
2,918
3,031
3,186
3,448
4,241
4,570
4,688
4,755
5,335
5,701
5.950
6,241
275
273
282
286
273
275
278
245
255
1,709
1,699
1,769
1,798
1,709
1,729
1,746
1,549
1,622
642
641
682
699
671
654
658
564
569
127
133
131
132
122
125
123
114
126
325
317
325
323
310
315
320
290
291
102
111
120
127
111
123
123
113
128
513
497
511
517
495
512
522
468
508
6,206
6,221
6,282
6,282
6,270
6,276
6,283
3,973'
1953-Apr....
May...
June . .
July.. .
Aug ..
Sept.,. .
16,385
Oct....
Nov...
Dec...
16^908
4,106
17,495
1954-Jan.. . .
Feb....
Mar. .
Apr. . .
218
229
281
280
1,372
1,425
1,784
1,793
467
517
666
669
108
105
124
130
263
274
335
333
85
85
103
112
449
444
556
550
6,292
6,223
6,339
6,411
Total'
1,200
1,379
1,051
1,184
1,454
1,913
3,584
3,811
3,607
3,636
5,237
5,250
6,617
7,767
399
437
190
106
95
181
616
894
1,046
1,083
1,767
1,657
2,105
2,475
426
581
574
802
1,064
1,358
2,357
2,128
1,710
1,559
2,246
2,357
2.955
3,488
375
361
287
276
295
374
611
789
851
994
1,224
1,236
1,557
1,804
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
21,929
"'563
717
841
864
904
1,048
2,586
2,969
3,125
3,385
3,973
1953-Apr....
May...
June..
July...
Aug...
Sept...
Oct....
Nov...
Dec....
678
690
733
758
707
684
688
586
584
226
232
241
237
218
208
219
190
187
288
295
327
355
340
328
318
265
259
164
163
165
166
149
148
151
131
138
20,133
962
3,593
21,145
1,015
3,745
2i,929 1,048
1954-Jan....
Feb....
Mar. .
Apr.. .
495
539
710
732
152
176
246
257
217
220
288
298
126
143
176
177
22,684
1,083
Number
Average
amount
recorded
(dollars)
Insurance
companies
Other
purposes l
FHAinsured
Amount, by type of lender
Year
or
month
Savings &
loan
assns.
Home
purchase
VAguaranteed
!U97
Conventional*
"7^345
8,313
9,812
11,530
14,047
16,908
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
15,578
1
Includes loans for repair, addit ions and alterations, refinancing, etc.
2Prior to 1948, d a t a are not avai able for classifications shown,
3 Excludes shares pledged againsi mortgage loans,
Source.—Home Loan Bank Boar d.
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
21.403
Total
New
construction
630
Other
5,972
6,442
6 726
6,714
6,686
6,636
7 155
8,675
10,833
12,906
16,102
19,314
21,251
23,275
Loans outstanding (end of period)2
Total
1940.
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
Farm
VAguaranteed
:nd-of-year figures, Life Insurance Fact Book; end-of-month figures, the Tally of Life Insurance Statistics
MORTGAGE *ACTIVITY OF ALL SAVINGS AND LOAN
ASSOCIATIONS
[In millions of dollars]
Loans made, by purpose
FHAinsured
Total
1,469
1,546
1,642
2,119
2,385
2,313
2,642
451
Total
Source.—Home
6,311
6,372
Loan Bank Board.
FEDERAL RESERVE BULLETIN
REAL, ESTATE CREDIT STATISTICS—Continued
MORTGAGE DEBT OUTSTANDING ON
NONE ARM 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
Home
mortgages
Year
or
month
New
properties
Pro- Property
imjectTotal
type prove'Existing mort
ment2
prop- gages' loans
erties
208
175
183
208
210
224
217
302
418
684
892
856
713
974
52
13
14
21
85
56
20
13
360
609
179
216
228
126
86
114
171
321
534
614
1,434
594
1 ,319
1 02 i
694
1 637
1 157
584
707
i ,216
848
969
322
259 1 ,334
1,259 1 .030
92
22
109
119
97
90
25
91
95
19
109
94
40
120
87
23
106
133
106
80
12
122
)i
80
151
113
210
105
68
25
1 I6
110
63
15
69
117
66
12
54
i (>4
60
13
69
95
67
16
76
70
17
83
486
588
728
766
553
484
257
120
477
192
2,302
3,286
1.881
1,424
3,073
3,614
2,721
3,064
235
216
242
239
248
309
293
286
252
247
267
225
248
Home
mortgages
New
properties
Alteration
and
repair5
FHA-
629
793
1,865 1 ,202
942
2,667
890
1,824
2 ,045 1 ,014
157
78
149
66
164
78
160
79
166
82
197
112
193
90
192
9.3
82
170
174
188
160
163
1952P.
1953P.
1948
1949
1950..
1951
1952.
1953
. ........
1953—May
June
July...
August
September, .
October
November . ..
December
1954—January
February....
March
April
May
uncommitted
Mortgage holdings
Total
FHAinsured
VAguaranteed
199
828
1 .347
1,850
2,242
2 .462
188
403
169
204
320
621
11
425
1,178
1 ,646
1.922
1 ,841
198
672
1,044
677
538
542
816
610
597
586
566
556
552
550
357
542
526
523
544
568
608
638
2,477
2 ,498
2,527
2,541
2.540
2,526
2 ,490
2,462
457
477
508
536
556
585
594
621
2 020
2,020
2,019
2 .005
1,984
1,941
1.896
1 841
40
31
39
33
26
39
30
42
550
542
666
685
745
812
791
2,434
2,424
2,366
2,299
2,299
625
641
653
667
680
1 ,809
1 ,783
1,713
1 .632
1,619
37
47
49
50
.-8
5'-$9
539
560
iLess than $500,000.
Source.—Federal National Mortgage Association.
3.7
4.1
4,2
4.3
6 1
9.3
12.5
15.0
18 9
22.9
254
28.1
guar-
1
2
3
3
4
4
4
3
3
5
6
8
9
10
12
8
3
0
7
1
2
1
7
8
3
9
6
7
8
0
50.4
51.9
22 0
22 9
1952—Mar. .
June. .
Sept..
Dec.. .
53.3
55.1
5 7.0
58.7
23 .5
24.0
24.7
25.4
9
10
10
10
9
1
4
8
1953—Mar. .
Tune. .
Sept..
Dec.. .
60.3
62.4
64.3
6.5 .9
26.1
26.7
27.5
28.1
11
11
11
12
1
4
7
0
1954—Mar. P.
67.4
28.6
12 2
9 5
9 7
14.5
15.0
15.4
14.5
13.7
13.7
2 14.2
2.4 17.0
5.5 18 9
7 2 20.8
8.1 22.5
10.3 26.2
13,2 29.0
14 6 33.3
16.1 37.8
12 5 28.4
13 2 29.0
13.6 29.8
13.9 31.1
14.3 32.3
14.6 33.3
15.0
15.3
15.8
16.1
16.4
34.2
35.7
36.8
37.8
38.8
P Preliminary.
NOTE.—For total debt outstanding, figures for
first three quarters are Federal Reserve estimates.
For conventional, figures are derived.
Sources.—Home Loan Bank Board, Federal Housing Administration, Veterans Administration, and
Federal Reserve.
FEDERAL HOME LOAN BANK LENDING
[In millions of dollars]
Mort- Mortgage
gage
pursales
chases (during
(during period)
period)
227
82 4
485
239
323
638
528
848
918
661
1 ,085
550
1.8
2.3
3.0
in
Conventional
sured anteed
Dec ..
1951—Sept
FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY
[In millions of dollarsl
Commitments
undisbursed
16.3
17.3
18 4
18 2
17.8
17.9
18 5
23.1
28 2
33 3
37.5
45 1
51 .9
58.7
65.9
1939.
1940.
1941
1942.
1943..
1944..
1945..
1946..
1947..
1948..
1949..
1950..
1951..
figures do not reflect mortgage amendments included in annual totals.
FHA-insured property improvement loans are not ordinarily secured by mortgages; VAguaranteed alteration and repair loans of $1,000 or less need not be secured, whereas those
for more than that amount must be,
* Prior to 1949, data are not available for classifications shown,
NOTE.—FHA-insured loans represent grosj* amount of insurance written; VA-guaranteed loans, gross amount of loans dosed 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.
Authot
ized
Total
Total
1
Monthly
3
End of year
or month
Governmentunderwritten
End of
year or
quarter
20
469
111
56
221
3
C1)
Year or month
1945
1946
1947
1948
1949
1950
1951,
1952
1953.
. .
11 1953—May...
19
June
44
July
59
AugU3t . . . .
61
September..
October....
57
November..
50
December. .
98
108 1954—January... .
30
February.. .
March
April
May
Advances
Repayments
Advances outstanding
(end of period)
Total
Short-1
term
Long-s
term
278
329
351
360
256
675
423
586
674
213
231
209
280
337
292
433
528
611
195
293
436
515
433
816
806
864
952
176
184
218
257
231
547
508
565
634
19
109
217
258
202
269
298
299
317
44
97
61
70
83
62
71
79
26
23
79
25
28
45
25
14
645
718
700
746
801
819
865
952
416
471
469
510
557
564
589
634
229
248
231
236
244
255
276
317
26
15
36
35
28
226
88
84
51
33
751
677
630
613
608
496
438
396
382
377
255
239
233
231
231
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
JUNE 1954
631
STATISTICS ON SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT
CONSUMER CREDIT, BY MAJOR PARTS
[Estimated amounts outstanding, in millions of dollars]
Instalment credit
End of year
or month
Other
consumer
Automobile
goods
paper 1
paper 1
Total
Total
Noninstalment credit
Repair
and modernization
loans 2
Total
Charge
accounts
298
371
376
255
1,088
1,245
1,322
974
2,719
2,824
3,087
2,817
787
800
845
713
1,414
1,471
1,645
1,444
518
553
597
660
182
3,203
4,212
4,875
5,443
5,588
6,323
6,631
7,143
7,089
1,122
1 356
1,445
1,532
1,821
1,934
2,094
2,127
746
1,612
2,076
2,353
2,713
2,680
3,006
3,096
3 342
3,249
845
1,014
1,166
1,285
1,376
1,496
1,601
1,707
1,713
Service
credit
1939
1940
1941
1942
7,222
8,338
9,172
5 983
4,503
5,514
6,085
3,166
1,497
2,071
2,458
742
1945
1946
1947
1948
1949
1950
1951
1952
1953
5,665
8,384
11 570
14,411
17,104
20,813
21,468
25,827
28,896
2,462
4,172
6,695
8,968
11,516
14,490
14,837
18,684
21,807
981
1,924
3,054
4,699
6,342
6,242
8,099
10,289
1,290
2,143
2,842
3,486
4,337
4,270
5,328
5,605
887
1,006
1,090
1,406
1,606
1,009
1,496
1,910
2,229
2,444
2,805
3,235
3,851
4,307
1953—April
May
June
JulyAugust
September
October . . . .
November
December...
26,455
27,056
27,411
27 581
27,810
27.979
28,166
28,252
28,896
19,767
20,213
20,635
21,004
21,218
21,347
21.486
21,586
21,807
9,111
9,432
9,692
9,973
10,136
10,232
10,337
10,358
10,289
5,217
5,272
5,333
5,351
5,362
5,352
5,366
5,406
5,605
1,435
1,462
1,493
1 516
1,534
1,562
1,585
1,604
1 ,606
4,004
4,047
4,117
4 164
4,186
4 201
4.198
4,218
4,307
6,688
6,843
6,776
6,577
6,592
6,632
6,680
6,666
7,089
2,246
2,294
2,197
2,079
2,131
2,130
2,131
2,100
2,127
2,682
2,763
2,781
2,705
2,668
2,716
2,811
2,840
3,249
1,760
1,786
1,798
1.793
1,793
1 786
1,738
1,726
1,713
1954—January
February
March
April
28,125
27.478
27,151
27,330
21,444
21 ,151
20,900
20,909
10,084
9,915
9,800
9,798
5,495
5,377
5,220
5,188
1,587
1,570
1,554
1,554
4,278
4,289
4,326
4,369
6,681
6,327
6,251
6,421
2,083
2,054
2,073
2,105
2,893
2,550
2,438
1,705
1.723
1,740
1,750
....
455
1,620
1,827
1 ,929
1,195
Singlepayment
loans
Personal
loans
816
405
718
843
2,566
1
Includes all consumer instalment credit extended for the purpose of purchasing automobiles and other consumer goods and secured by the
items purchased, whether held by retail outlets or financial institutions. Includes credit on purchases by individuals of automobiles or other
consumer
goods that may be used in part for business.
2
Includes only repair and modernization loans held by financial institutions; such loans held by retail outlets are included in "other consumer
goods paper."
NOTE.—Monthly figures for the period December 1939 through 1951 and a general description of the series are shown on pp. 336-354 of the
BULLETIN for April 1953. Revised monthly figures for 1952 are shown on p. 1214 of the BULLETIN for November 1953. A detailed description
of the methods used to derive the estimates may be obtained from Division of Research and Statistics.
INSTALMENT CREDIT, BY HOLDER
[Estimated amounts outstanding, in millions of dollars]
Financial institutions
Total
instalment
credit
Total
Commercial
banks
Sales
finance
companies
1939
1940
1941
1942
4,503
5,514
6,085
3,166
3,065
3,918
4,480
2,176
1,079
1,452
1,726
862
1,197
1 ,575
1,797
588
1945
1946
1947
1948
1949
1950
1951
1952
1953
2,462
4,172
6,695
8,968
11,516
14,490
14,837
18,684
21,807
1,776
3,235
5,255
7,092
9,247
11,820
12,077
15,410
18,534
745
1,567
2,625
3,529
4,439
5,798
5,771
7,524
8,856
300
677
1,355
1,990
2,950
3,785
3,769
4,833
6,147
19,767
20.213
20,635
21.004
21,218
21 ,347
21,486
21,586
21,807
16,800
17,222
17,621
18,000
18,205
18,328
18,439
18,495
18,534
8,286
8,491
8,675
8,818
8,879
8,893
8,908
8,881
8,856
21,444
21 ,151
20,900
20,909
18,276
17,900
17,845
17,859
8,723
8.534
8,452
8,417
End of year
or month
1953—April
May
June
July
August
September
October
November
December
1954—'January
February
March
April
Retail outlets
Credit
unions
Other
132
171
657
720
Total
Department
stores 1
Furniture
354
394
439
474
stores
759
598
1,438
1,596
1,605
990
334
438
590
635
837
1,064
629
840
1,040
1,239
1,420
1,647
1,902
2,216
2,467
686
937
1,440
1,876
2,269
2,670
2,760
3,274
3,273
470
595
743
920
1,117
1,068
604
724
791
760
866
866
5,312
5,480
5,633
5,816
5,924
6,005
6,093
6,147
6,147
906
928
962
988
1,009
1,029
1,041
1,050
1,064
2,296
2,323
2,351
2,378
2,393
2,401
2,397
2,417
2,467
2,967
2,991
3,014
3,004
3,013
3.019
3,047
3,091
3,273
925
933
937
923
931
943
957
983
1,068
6,062
5,074
5,892
5,901
1 ,043
1,055
1,074
1,096
2,448
2,436
2,427
2 ,445
3,168
3,152
3,055
3,050
1,031
1,094
1,056
1 ,058
198
128
102
151
235
Household
appliance
stores
Automobile
dealers 2
Other
339
365
496
331
206
111
183
196
123
167
131
209
240
319
17
38
379
474
79
127
168
239
207
244
276
28
47
159
239
284
255
308
407
807
809
812
812
813
811
812
826
866
242
248
256
260
263
265
266
270
276
348
362
373
386
396
399
406
408
407
645
639
636
623
610
601
606
604
656
836
814
795
789
270
265
261
260
400
393
388
388
631
586
555
555
320
181
188
53
101
395
314
270
324
407
516
543
613
618
739
656
includes mail-order houses.
Includes only automobile paper; other instalment credit held by automobile dealers is included with "other" retail outlets.
2
632
FEDERAL RESERVE BULLETIN
STATISTICS ON SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT— Continued
NONINSTALMENT CREDIT, BY HOLDER
INSTALMENT CREDIT HELD BY COMMERCIAL BANKS,
BY TYPE OF CREDIT
[Estimated amounts outstanding, in millions of dollars]
[Estimated amounts outstanding, in millions of dollars]
Financial
institutions
(single-payment oans)
Total
End of year
or month
, riOIl-
instalment
credit
Commercial
banks
Other
Retail
outlets
(charge
accounts)
DepartOther
ment
stores *
Service
credit
1939
1940
1941
1942.
2,719
2,824
3,087
2,817
625
636
693
593
162
164
152
120
236
251
275
217
1,178
1,220
1,370
1,227
518
553
597
660
1945 .
1946.
1947.
1948
1949.
1950.
1951.
1952
1953
3,203
4,212
4,875
5,443
5,588
6,323
6,631
7,143
7,089
674
1,008
1,203
L ,261
1,334
1,576
L.684
L ,844
1,848
72
114
153
184
198
245
250
250
279
290
452
532
575
584
641
685
730
769
1,322
1,624
1,821
2,138
2,096
2,365
2,411
2,612
2,480
1,014
1,166
1,285
1,376
1,496
1,601
1,707
1,713
1953—April
May
June
July
August... .
September.
October. . .
November.
December.
6,688
6,843
6,776
6,577
6,592
6,632
6,680
6,666
7,089
1,984
1 ,985
.922
l!830
1,870
1,857
1,867
1,798
1,848
262
309
275
249
261
273
264
302
279
487
498
492
457
453
500
524
578
769
2,195
2,265
2,289
2,248
2,215
2,216
2,287
2,262
2,480
1,760
1,786
1,798
1,793
1,793
1,786
1,738
1,726
1,713
1954—January.. .
February..
March. . . .
April
6,681
6,327
6,251
6,421
1,824
1,782
1,780
1,812
259
272
293
293
631
541
497
515
2,262
2,009
1.941
2,051
1,705
1,723
1,740
1,750
1
845
End of year
or month
Total
instalment
credit
237
339
447
149
178
276
338
134
166
232
309
153
135
165
161
124
363
440
471
302
1945
1946
1947
1948
1949
1950
1951
1952
1953
745
1,567
2,625
3,529
4,439
5,798
5,771
7,524
8,856
66
169
352
575
849
1,177
1,135
1,633
2,135
143
311
539
753
946
,294
,311
,629
,884
114
299
550
794
1,016
1,456
1,315
1,751
2,038
110
242
437
568
715
834
888
1,137
1,301
312
546
747
839
913
1,037
1,122
1,374
1,498
1953—April
May
June
July
August...
September
October. .
November
December
8,286
8,491
8,675
8,818
8,879
8,893
8,908
8,881
8,856
1,902
,989
,043
,095
2,123
2,141
,157
2,150
2,135
,821
,869
,906
,941
,957
,948
,939
1 ,920
1,884
1,956
1,990
2,029
2,055
2,056
2,036
2,032
2,027
2,038
1,160
1,184
1,212
1,234
1,251
1,273
1,291
1,303
1,301
1,447
459
1,485
1,493
1,492
1 ,495
1,489
1,481
1,498
1954—January..
February.
March. . .
April
8,723
8,534
8,452
8,417
2,079
2,024
1,994
1,980
1,834
1 ,809
1,799
1,794
2,037
1 ,937
1,887
1,862
1,283
1,267
1,253
1,252
1,490
1,497
1,519
1,529
[Estimated amounts outstanding, in millions of dollars]
Other
consumer
goods
paper
Repair
and
modernization
loans
Automobile
paper
1939
1940
1941
1942
1,197
1,575
1,797
588
878
115
148
56
1,187
1,363
341
136
167
78
190
201
117
62
66
52
1945
1946
1947
1948
1949
1950
1951
1952
1953
677
1,355
1,990
2,950
3,785
3,769
4,833
6,147
377
802
1,378
2,425
3,257
3,183
4,072
5,306
67
185
232
303
313
241
332
1953—April
May
June
July
August
September. . .
October
November. . .
December.. . .
5,312
5,480
5,633
5,816
5,924
6,005
6,093
6,147
6,147
4,536
4,694
4,836
5,007
5,108
5,186
5,272
5,321
5,306
345
351
356
367
1954—January
February
March . . . .
April
6,062
5,974
5,892
5,901
5,228
5 ,150
5,079
5,089
164
24
367
374
375
372
368
367
359
351
340
336
58
141
242
216
83
57
70
82
Personal
loans
54
92
126
164
139
158
275
347
83
391
80
78
76
75
72
74
76
79
83
351
357
86
85
84
84
365
367
370
370
373
379
391
389
388
389
392
Other
consumer
goods
paper
Repair
and
modernization
loans
Total
instalment
credit
Automobile
paper
1939
1940
1941
1942
789
891
957
726
81
102
122
65
24
30
36
27
15
16
14
14
669
743
785
620
1945
1946
1947
1948
1949
1950
1951
1952
1953
731
991
1,275
1 573
1,858
2,237
2,537
3 ,053
3,531
54
77
130
189
240
330
358
457
557
20
34
69
99
137
182
209
279
334
14
22
39
59
89
115
132
187
222
643
858
1,037
1,226
1,392
1,610
1,838
2,130
2,418
1953—April
May
June
July
August
September. . .
October
November. . .
December... .
3,202
3,251
3,313
3,366
3,402
3,430
3,438
3,467
3,531
504
518
534
544
552
558
563
559
557
297
302
307
311
315
321
321
328
334
195
200
205
207
211
215
218
222
222
2,206
2,231
2,267
2,304
2,324
2,336
2,336
2,358
2,418
1954—January
February....
March
April
3,491
3,491
3,501
3,541
543
539
540
547
331
330
326
328
218
218
217
218
2,399
2,404
2,418
2,448
End of year
or month
Total
instalment
credit
Personal
loans
1,079
1,452
1,726
862
[Estimated amounts outstanding, in millions of dollars]
JUNE 1954
Direct
Repair
and
modernization
loans
1939
1940
1941
1942
INSTALMENT CREDIT HELD BY SALES FINANCE
COMPANIES, BY TYPE OF CREDIT
300
Purchased
Other
consumer
goods
paper
INSTALMENT CREDIT HELD BY FINANCIAL INSTITUTIONS OTHER THAN COMMERCIAL BANKS AND SALES
FINANCE COMPANIES, BY TYPE OF CREDIT
Includes mail-order houses.
End of year
or month
Automobile
paper
Personal
loans
NOTE.—Institutions included are consumer finance companies (operating primarily under State small-loan laws), credit unions, industrial
loan companies, mutual savings banks, savings and loan associations,
and other lending institutions holding consumer instalment loans.
633
STATISTICS ON SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT—Continued
INSTALMENT CREDIT EXTENDED AND REPAID
[Estimates, in millions of dollars]
Automobile
paper
T o t al
Year or month
Other consumer
goods paper
Repair and
modernization loans
Extended
Repaid
Extended
Repaid
Extended
Repaid
8,219
9,425
7.208
8,854
3,086
3,823
2,512
3.436
2,588
2,929
2,381
2,827
5,379
8,495
12,713
15,540
18,002
21,256
22,791
28,397
29,812
5,093
6,785
10,190
13.267
15,454
18.282
22.444
24,550
26.689
1 .969
3.692
5,280
7,182
8.928
9,362
12.306
13,553
941
2,024
3.077
4,498
5,280
5,533
6,458
6,518
7,959
7,741
1,999
2,603
3,645
4,581
4,889
5,607
6,585
6,901
7,464
1,243
1,340
July
August
September
October
November
December
2,605
2,580
2.670
2,602
2,436
2,389
2,486
2,297
2,598
2,229
2,134
2,248
2,233
2,222
2,260
2,347
2,197
2,377
648
658
687
622
648
603
626
604
109
115
129
124
1954—January .
February.
March
April
1,869
1 ,864
2.285
2,315
2,232
2.157
2,536
2,306
2,546
2,485
2,458
2,498
2,358
2,409
2,393
2,441
2,331
2,211
2,243
2,200
2,272
1940
1941.
.
1945
1946
1947
1948
1949
1950
1951
1952
1953
. . . .
999
1 ,443
2,749
4,150
5,537
7,285
9,462
10,449
11,363
Extended
Repaid
Personal
loans
Extended
Repaid
255
307
2,217
2,361
2,060
2,284
143
1,140
2,150
3,026
3,819
4,278
4,566
5,044
6,058
6,889
7,178
2,010
2.539
3,405
3,959
4,351
4,683
5,628
6,273
6,722
90
88
98
101
590
589
635
630
545
546
565
583
328
312
206
423
704
702
721
200
391
577
677
826
853
707
769
927
UNADJUSTED
1953—April
May
June
1 .258
,218
L,219
1,226
,126
1,089
1.121
946
897
959
945
947
963
993
1,016
953
1,016
619
625
668
646
824
608
635
654
606
625
120
120
131
108
98
750
776
998
955
945
1,100
1,000
517
470
594
627
588
697
626
2.232
2,184
2,195
2,183
2,273
2,252
2,249
2,294
2,283
1,168
1,142
1,090
1.117
1,044
1,102
L,117
1,080
L.O35
955
675
632
962
963
1,006
1,015
610
622
609
643
2,301
2,320
2,412
2,308
872
919
924
926
1,028
1,042
1,009
974
985
540
102
92
108
89
96
571
555
566
569
729
549
540
569
549
640
67
81
86
98
110
98
535
537
666
625
564
526
94
113
98
590
547
109
112
114
108
112
111
106
102
98
99
96
100
94
100
92
94
585
584
605
585
559
535
557
563
87
109
103
101
81
99
107
104
591
629
607
624
607
581
596
585
98
629
582
SEASONALLY ADJUSTED*
1953—April
May
June
....
July
August
September
October
November
December
1954—January
February
March
April
917
939
921
967
649
672
662
621
600
589
631
593
977
633
633
619
604
661
586
566
621
636
612
667
610
595
576
624
601
563
553
577
570
* Includes adjustment for differences in trading days.
NOTE.—Back figures by months beginning January 1940, together with a discussion of the composition and characteristics of the
data and a description of the methods used to derive the estimates, are shown in the BULLETIN for January 1954, pp. 9-22. Estimates
of instalment credit extended and repaid are based on information from accounting records of retail outlets and financial institutions
and include finance, insurance, and other charges incurred under the instalment contract. Renewals and refinancing of loans, repurchases
and resales of instalment paper, and certain other transactions may increase the amount of both credit extended and credit repaid without
adding to the amount of credit outstanding.
RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE *
FURNITURE STORE STATISTICS
Item
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.
Percentage change
from preceding
month
Percentage change
from corresponding
month of preceding
year
Instalment accounts
Year or month
Apr.
1954
Mar.
1954
Feb.
1954
Apr.
1954
Mar.
1954
Feb.
1954
0
-3
+9
+8
+ 11
+8
+4
+2
+9
+3
-11
-11
-10
-6
April
May
-12
-5
-10
-5
-12
-1
-11
-7
-2
2
-1
-4
-3
-8
-4
-2
-10
-4
-2
-8
-3
-1
-10
July
August
September
October
November
December
+1
-4
-1
-1
+2
+5
+2
-9
-6
-7
1953
June
Charge
accounts
Household ap- Department
pliance
stores
stores
Department
stores
Furniture
stores
14
14
14
13
14
14
14
14
14
12
12
13
12
12
12
12
11
11
10
10
10
10
10
10
10
9
9
46
46
47
46
45
46
48
47
46
13
14
15
14
12
11
13
12
9
9
10
9
45
43
48
45
1954
January
February
March
April
Collections during month as percentage of accounts outstanding at
beginning of month.
634
FEDERAL RESERVE BULLETIN
BUSINESS INDEXES
[The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation]
Construction
contracts
awarded (value)2
1947-49=100
Industrial production
(physical volume)*1
(1947-49 = 100)
Year
or month
Employment and payrolls8
1947-49=100
Manufactures
Total
Total
Durable
Nondurable
Minerals
Total
Residential
All
other
Nonagricultural
employment
Freight
carloadManufacturing
ings1
production workers 1947-49
= 100
Employment
Payrolls
AdAdAdAdUnad- AdAdAdAdAdAdUnad- Unad- Adjusted justed justed justed justed justed justed justed justed justed justed justed justed justed
DepartWholement
Consale
store sumer
com
8
sales* prices modity
8
(retail
value) 1947-49 prices
1947-49 - 1 0 0 1947-49
-100
-100
Adjusted
Unadjusted
Unadjusted
1919.
1920.
1921.
1922.
1923.
1924.
1925.
39
41
31
39
47
44
49
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
39
45
32
43
42
46
59
61.6
62.2
55.4
58.7
64.6
63.8
65.5
68.7
69.0
52.8
58.4
66.9
62.1
64.2
31.1
37.1
24.0
25.7
32.6
30.4
32.1
90
98
83
92
107
105
110
27
32
30
30
34
34
36
74.0
85.7
76.4
71.6
72.9
73.1
75.0
1926.
1927.
1928.
1929.
1930.
51
51
53
59
49
52
49
53
60
45
48
50
51
56
51
63
64
63
68
59
69
69
73
63
49
67
68
70
70
62
67.9
68.2
68.3
71.3
67.0
65.5
64.1
64.2
68.3
59.5
33.0
32.4
32.8
35.0
28.3
115
111
112
115
99
37
37
37
38
35
75.6
74.2
73.3
73.3
71.4
65.0
62.0
62.9
61.9
56.1
1931.
1932.
1933.
1934.
1935.
40
31
37
40
47
31
19
24
30
38
48
42
48
49
55
51
42
48
51
55
34
15
14
17
20
7
13
41
20
18
24
25
60.6
53.7
53.9
59.0
61.6
50.2
42.6
47.2
55.1
58.8
21.5
14.8
15.9
20.4
23.5
79
59
62
67
69
32
24
24
27
29
65.0
58.4
55.3
57.2
58.7
47.4
42.1
42.8
48.7
52.0
1936
1937
1938
1939
1940
56
61
48,
58
67
49
55
35
49
63
61
64
57
66
69
63
71
62
68
76
30
32
35
39
44
22
25
27
37
43
35
36
40
40
44
66.2
70.6
66.4
69.6
73.6
63.9
70.1
59.6
66.2
71.2
27.2
32.6
25.3
29.9
34.0
81
84
67
76
83
33
35
32
35
37
59.3
61.4
60.3
59.4
59.9
52.5
56.1
51.1
50.1
51.1
110
133
130
110
91
126
162
159
123
84
93
103
99
96
81
84
87
93
92
66
89
37
22
36
54
49
24
10
16
74
116
45
30
50
83.1
91.2
96.6
95.3
92.1
87.9
103.9
121 A
118.1
104.0
49.3
72.2
99.0
102.8
87.8
98
104
104
106
102
44
50
56
62
70
62.9
69.7
74.0
75.2
76.9
56.8
64.2
67.0
67.6
68.8
90
100
103
97
113
86
101
104
95
116
95
99
102
99
111
91
100
106
94
105
82
84
102
113
159
87
86
98
116
185
79
83
105
111
142
95.1
99.4
101.5
99.1
102.3
97.9
103.4
102.8
93.8
99.6
81.2
97.7
105.1
97.2
111.7
100
108
104
90
98
104
98
105
83.4
95.5
102.
101.8
102.8
104.4
99.2
103.1
120
124
»134
121
125
P136
128
136
P153
114
114
P118
115
114
171
183
192
170
183
178
172
183
201
108.2
110.5
113.6
106.4 129.8
106.3 136.6
112.0 151.6
101
95
96
109
110
112
111.0
113.5
114.4
114.8
111.6
110.1
133
133
134
131
135
135
151
152
118
118
118
117
196
205
178
183
207
219
112.7 110.4 111.4 149.1
113.1
152.5
101
99
111
115
114.3
114.1
110.7
109.6
134
134
135
136
137
136
137
136
133
132
129
126
132
136'
138,
136
136
136i
129j
136
135
136
130
124
136
136
137
138
139
138
139
138
135
134
131
127
154
155
155
155
156
154
157
157
152
151
146
142
117
118
119
121
123
121
121
119
117
117
115
112
116
116
115
115
117
119
120
119
118
114
111
113
190
173
177
179
161
169
172
205
218
230,
224
208
173
182
176
179
164
174
175
184
180
183
176
177
201
167
178
179
159
166
170
220
243
262
255
229
113.2
113.6
113.8
113.8
113.9
114.3
114.4
114.0
113.7
113.8
113.0
112.2
101
98
99
97
98
97
93
98
96
95
92
88
111
112
115
113.9
113.4
113.6
113.7
114.0
114.5
114.7
115.0
115.2
115.4
115.0
114.9
109.9
109.6
110.0
109.4
109.8
109.5
110.9
110.6
111.0
110.2
109.8
110.1
124!
126
125
123
127
126
124
125
P126
140
139
135
134
113
113
'114
115
P117
113
113
195
196
191
196
185
201
205
213
202
115.2
115.0
114.8
114.6
110.9
110.5
110.5
1941
1942
1943
1944
1945
87
106
127
125
107
1946
1947
1948....
1949
1950
90
ioo:
104
97
112
1951
1952
1953
78.7
96.4
1952
November.
December.
1953
January.. .
February..
March....
April
May
June
July
August.. . .
September.
October. . .
November.
December.
111.9
112.6
113.5
113.9
114.2
114.3
114.1
112.7
111.5
110.2
108.4
107.0
111.4
112.4
113.2
112.7
112.3
113.1
112.2
113.8
113.7
112.0
109.4
107.7
150.1
151.4
153.8
152.0
151.9
153.9
151.1
154.0
153.4
152.6
148.0
147.2
105.6 105.1
104.6 104.3
103.9 103.6
103.0 101.8
P102.1 P100.4
140.8
140.5
138.4
135.0
'134.9
nn
117
115
113
112
107
110
113
112
1954
January. . .
February..
March. . . .
April
May
123
123
P125
P135
111
112
110.4
107
109
105
P110
e
109
mi .o
110.9
r
Revised.
• Estimated.
* Preliminary.
• Average per working day.
i2 Revised index; for description see BULLETIN for December 1953.
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. 643.
3
The unadjusted indexes of employment and payrolls, wholesale commodity prices, and consumer prices are compiled by or based on data of
the Bureau of Labor Statistics. Nonagricultural employment covers employees only and excludes personnel in the armed forces. The consumer
prices index is the revised series, reflecting beginning January 1953 the inclusion of some new series and revised weights. Prior to January 1953
indexes
are based on the "interim adjusted" and "old" indexes converted to the base 1947-49=100.
4
For indexes by Federal Reserve districts and for other department store data, see pp. 645-649.
Back figures in BULLETIN.—For industrial production, December 1953, pp. 1324-1328; for department store sales, December 1951, pp. 14901515.
JUNE 1954
635
INDUSTRIAL PRODUCTION
[Federal Reserve indexes, 1947-49 average = 100]
Industry
1947-49
proportion
1953
Annual
1954
Apr. May June July Aug. Sept. Oct.
Nov. Dec, Jan. Feb. Mar. Apr,
SEASONALLY ADJUSTED
Industrial Production—Total
100.00
124
134
136
137
136
137
136
133
132
129
126
125
125
123
Manufactures—Total
90.02
125
136
138
139
138
139
138
135
134
131
127
127
126
124
123
125
Durable Manufactures—Total
45.17
136
153
155
156
154
157
157
152
151
146
142
140
139
135
134
6.70
116
132
136
139
137
136
137
130
128
122
113
111
109
103
104
28.52
Metal fabricating
5.73
Fabricated metal products
13.68
Machinery
9.04
Nonelectrical machinery
4.64
Electrical machinery
7.54
Transportation equipment
Instruments and related p r o d u c t s . . . . 1.29
5.91
Clay, glass, and lumber products
2.82
Stone, clay, and glass products
3.09
Lumber and products
146
121
147
136
167
154
142
167
136
160
143
194
189
155
169
138
164
147
195
190
153
169
139
162
146
194
192
156
168
139
161
144
194
188
157
171
142
164
145
200
196
156
171
140
165
145
203
191
156
166
135
161
141
200
186
155
166
134
159
141
193
189
154
159
130
152
136
184
180
155
156
126
146
133
172
182
154
154
126
143
130
169
183
148
151
123
141
130
163
178
147
147
120
138
125
163
171
144
146
118
138
126
163
172
139
118
125
111
125
133
118
127
134
120
127
135
119
124
134
114
127
135
119
125
135
116
124
134
114
124
133
117
123
132
115
119
129
110
120
125
115
125
130
120
123
131
116
120
128
113
4.04
1.64
2.40
118
113
122
131
117
140
134
124
141
135
123
143
135
122
145
134
121
143
135
119
146
129
114
140
129
113
140
126
109
138
124
106
136
120
105
130
120
103
132
119
104
130
117
104
126
Manufactures—Total.. 44.85
114
118
111
123
121
121
119
117
117
115
112
113
113
rll4
115
11.87
6.32
5.55
105
103
108
107
104
110
113
109
116
115
113
117
113
111
115
111
108
114
106
104
109
102
100
104
102
98
107
98
95
101
95
90
101
96
90
103
95
90
100
r97
91
103
101
93
111
Rubber and leather products
Rubber products
Leather and products
3.20
1.47
1.73
107
116
99
113
128
99
120
137
104
122
139
108
113
130
99
116
130
104
111
127
97
105
121
91
105
120
93
103
118
91
104
116
93
103
112
94
102
110
94
113
93
102
113
94
Paper and Printing
Paper and allied products
Printing and publishing
8.93
3.46
5.47
118
120
116
125
132
121
125
134
120
126
134
121
126
134
121
126
134
121
126
133
121
126
135
121
126
132
123
125
132
121
122
125
120
122
126
120
123
129
119
123
131
119
125
133
120
Chemical and petroleum products
Chemicals and allied products
Petroleum and coal products
9.34
6.84
2.50
133
137
123
142
147
130
144
148
131
146
151
131
145
150
131
146
152
132
143
148
132
143
147
131
142
146
129
141
145
129
140
145
128
138
143
124
141
146
126
139
146
122
139
146
122
11.51
10.73
.78
106
105
110
107
107
108
108
108
108
109
109
107
106
106
103
107
108
103
108
108
104
108
109
104
108
108
106
108
108
108
103
103
112
105
105
100
105
106
98
106
107
103
106
106
Primary metals
Furniture and misc. manufactures
Furniture and fixtures
Miscellaneous manufactures
Nondurable
Textiles^ and apparel
Textile mill products
Apparel and allied products
Foods, beverages, and tobacco
Food and beverage manufactures
Tobacco manufactures
Minerals—Total
9.98
114
116
115
117
119
120
119
118
114
111
113
113
113
112
Mineral fuels
Coal
Anthracite
Bituminous coal
Crude oil and natural gas
8.35
2.68
.36
2.32
5.67
113
83
78
84
128
115
78
57
81
133
114
75
47
79
133
116
85
65
119
86
62
89
134
120
87
68
89
135
119
86
59
90
135
118
81
57
84
136
113
76
54
80
131
111
70
50
73
131
112
69
55
71
133
113
70
62
72
134
113
68
59
69
135
112
62
52
63
136
vll3
58
46
60
Metal, stone, and earth minerals
Metal mining
Stone and earth minerals
1.63
.82
.81
115
108
123
119
113
124
121
118
124
120
118
122
121
117
125
121
116
125
120
117
124
120
117
123
116
108
124
114
103
125
114
101
127
111
103
119
112
101
124
110
96
124
P100
100.00
124
134
136
136
136
129
136
135
136
130
124
124
126
125
123
MANUFACTURES—TOTAL
90.02
125
136
139
138
138
130
137
137
138
132
125
126
128
127
125
Durable Manufactures—Total..
45.17
136
153
159
157
155
147
153
151
154
146
140
140
141
139
137
Primary metals
Ferrous metals
Pig iron and steel
Pig iron
Steel
Carbon steel
Alloy steel
Ferrous castings and f orgings.,
Iron and steel castings
Steel forgings
6.70
5.03
3.51
.37
3.05
2.62
.43
1.52
1.29
.23
116
115
115
107
117
112
144
114
109
143
132
133
138
130
139
135
165
121
115
154
141
142
144
130
146
139
191
136
129
176
142
143
147
133
148
140
196
133
125
179
138
138
142
133
143
137
183
127
120
166
124
127
136
132
137
131
170
106
101
133
130
131
138
131
138
133
169
116
112
141
127
127
134
130
134
131
152
113
109
137
129
130
136
132
136
138
126
117
113
139
122
122
128
127
129
131
113
108
103
134
110
110
114
117
114
116
105
101
98
122
113
111
115
113
115
115
115
103
98
130
113
111
113
108
114
113
119
106
103
125
108
104
105
100
106
105
114
102
100
111
108
103
104
93
105
103
113
P82
118
WITHOUT SEASONAL ADJUSTMENT
INDUSTRIAL PRODUCTIONTOTAL
p
Preliminary.
Revised.
NOTE.—A number of groups and subgroups include individual series not published separately, and metal fabricating contains the ordnance
group in addition to the groups shown. Certain types of combat materiel are included in major group totals but not in individual indexes for
autos, farm machinery, and some other products, as discussed in the BULLETIN for December 1953, pp. 1269-1271.
For description and back figures, see BULLETIN for December 1953, pp. 1247-1293 and pp. 1298-1328, respectively.
636
FEDERAL RESERVE BULLETIN
INDUSTRIAL PRODUCTION—Continued
[Federal Reserve indexes, 1947-49 average = 100]
1947-49
proportion
Industry
1954
1953
Ann ual
1952 1953? Apr.
May
June
July
Aug.
Sept. Oct.
Nov. Dec.
Jan.
Feb.
Mar. A p r .
WITHOUT SEASONAL ADJUSTMENT
—Continued
Primary metals—Continued
Nonferrous metals
Primary nonferrous metals
Copper smelting
Copper refining .
.
...
Lead .
Zinc
Aluminum
Secondary nonferrous metals
Nonferrous shapes and castings.. . .
Copper mill shapes
Aluminum mill shapes .
Nonferrous castings
Metal
Fabricating
Fabricated metal
1.67
.38
.09
.06
.04
.10
.09
.13
1.16
.63
.20
.33
119
123
106
99
100
112
156
114
119
113
140
115
129
144
112
116
101
113
209
114
126
112
168
130
138
147
122
115
107
114
207
133
136
113
195
146
139
143
115
116
96
113
207
118
139
125
186
138
139
144
108
129
84
116
212
121
139
128
183
135
115
143
109
120
89
111
215
101
107
85
174
109
128
141
105
107
84
115
217
110
125
112
169
124
126
147
111
116
97
115
222
107
121
108
163
122
128
147
114
124
99
115
213
111
123
110
158
127
121
146
109
121
120
107
215
106
114
103
136
121
108
145
109
121
108
108
217
101
96
78
126
114
118
145
104
110
108
107
228
96
112
100
136
120
120
147
102
113
103
102
240
104
113
100
139
122
119
147
101
115
113
97
240
107
110
96
143
118
P123
PUS
28.52
146
167
173
170
168
161
166
164
167
158
155
155
155
153
150
5.73
2.68
2.12
.30
.63
121
121
121
122
89
136
137
138
129
93
139
139
145
114
99
139
139
144
120
102
139
140
143
134
92
135
135
137
160
83
140
137
136
199
108
137
135
133
182
106
137
136
133
139
113
130
134
130
124
82
126
135
131
69
63
124
129
127
104
74
123
127
124
107
'73
121
125
121
105
79
119
123
117
products.........
Structural metal parts
Stampings and misc. metal products. .
Tin cans
Furnaces, gas ranges, and heaters. . . .
98
114
P99
245
ioi
13.68
147
160
167
163
159
148
157
158
161
154
149
146
147
-145
141
Nonelectrical machinery
Farm and industrial machinery
Farm machinery
Industrial and commercial machinerv
IVIachine tools and presses
Laundry and refrigeration appliances.
9.04
8.13
1.02
136
135
103
143
139
96
150
144
109
148
142
105
146
142
102
138
137
98
137
136
93
137
135
86
138
135
79
135
133
73
137
134
74
132
130
76
134
129
80
132
••127
84
128
124
85
7.11
.68
.69
140
179
108
145
188
128
149
192
157
148
191
144
148
189
133
143
184
98
142
183
94
142
187
104
143
188
112
141
185
99
142
186
110
138
181
106
136
181
129
134
177
122
129
167
120
Electrical machinery
„
Electrical apparatus and parts
Radio and television sets
4.64
3.23
.74
167
162
184
194
179
230
199
184
237
192
182
208
184
182
180
168
176
136
197
178
242
200
170
249
205
178
276
191
176
230
172
176
157
172
169
173
172
167
170
172
••164
182
166
160
172
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
.35
154
102
103
111
105
69
194
137
98
368
136
74
62
189
126
146
118
112
58
183
229
117
465
135
72
64
198
143
170
142
138
80
218
246
127
452
143
78
65
194
137
162
124
107
53
201
285
125
452
141
76
66
193
136
166
106
76
37
198
270
126
452
141
7*
62
190
131
161
118
113
57
175
247
116
461
139
62
58
189
126
153
127
118
62
186
282
110
473
135
66
56
182
114
134
115
114
5-1
151
275
102
480
130
64
55
189
122
151
106
106
50
146
232
109
481
127
83
83
174
173
101
103
107
107
98
95
100
85
56
47
150
134
149
229
99
102
463 T483
127
124
53
67
41
61
181
112
135
103
112
67
145
137
101
483
rl24
59
49
181
112
138
103
103
62
164
143
99
489
124
54
42
180
111
142
rlOl
104
66
152
133
95
485
124
54
44
179
113
151
101
104
68
150
94
478
P121
49
39
Machinery
I n s t r u m e n t s and related products. .
1.29
142
155
155
156
157
151
153
155
156
156
155
148
147
145
140
Clay, Glass, and Lumber
5 91
118
125
130
128
129
122
129
128
131
123
113
112
120
122
123
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..
2.82
1 09
.60
.47
.26
.23
.32
.35
.12
.20
.48
.58
125
114
122
124
112
94
124
112
108
116
155
131
133
123
136
139
120
91
132
110
106
115
163
143
134
126
138
142
122
99
132
111
108
114
162
142
135
125
137
139
126
93
137
110
108
114
164
143
136
123
135
137
129
86
138
117
119
118
168
142
132
113
128
128
122
65
142
114
113
117
172
141
137
123
134
135
132
86
143
114
114
117
175
143
136
122
136
139
121
84
144
116
118
115
169
145
139
128
141
145
127
93
145
116
116
118
170
146
134
122
139
143
114
86
137
112
109
116
163
143
128
116
136
140
102
77
119
106
97
113
157
146
122
115
130
132
115
79
104
97
81
110
143
140
126
121
130
133
124
92
110
101
90
110
148
141
128
122
'130
131
129
93
118
107
102
111
152
139
128
118
124
126
124
94
132
108
L u m b e r and products
Lumber
Millwork and plywood
M^illwork
Softwood plywood
Wood containers
3.09
2.05
.60
.39
.12
.29
111
105
138
118
167
99
118
112
149
118
199
99
126
120
164
125
226
103
122
114
159
124
215
103
122
117
152
109
222
104
112
109
128
98
174
101
122
123
135
115
164
98
121
118
147
117
194
94
123
120
148
116
198
96
114
110
141
101
206
94
99
93
124
87
184
94
104
98
140
96
212
88
116
109
160
110
241
90
117
109
164
109
253
90
119
113
163
111
248
91
4.04
118
131
132
130
131
125
132
132
135
132
127
119
122
121
115
1 64
1.10
.54
113
113
112
117
118
116
121
123
118
118
119
115
117
117
117
113
112
114
116
116
117
115
114
118
116
116
117
114
113
115
112
109
117
106
103
113
107
105
110
106
105
107
102
101
104
2.40
122
140
140
139
140
133
143
144
148
145
138
128
133
131
125
Furniture
and Misc.
Products
.. .
Manufactures
Furniture and fixtures
H o u s e h o l d furniture
F i x t u r e s a n d office furniture
....
Miscellaneous manufactures
110
156
135
r
P Preliminary.
Revised.
For other footnote see preceding page.
JUNE 1954
637
INDUSTRIAL PRODUCTION—Continued
[Federal Reserve indexes, 1947-49 average =
1947-49
Annual
propor1952 1 9 5 3 P
tion
Industry
100]
1954
1953
Apr.
May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr.
WITHOUT SEASONAL ADJUSTMENT
—Continued
44.85
114
118
118
119
121
113
121
122
122
118
110
Ill
114
'115
113
11.87
705
107
108
111
114
97
111
104
103
98
92
97
102
702
97
6 32
3.72
2.30
103
105
104
104
107
104
109
111
107
112
115
110
111
114
110
93
95
87
107
110
107
87
90
89
.97
45
.97
.16
.75
115
101
78
91
75
129
112
87
103
83
123
121
128
103
125
100
130
108
91
110
87
117
111
116
100
125
98
124
74
78
90
75
102
88
89
87
121
67
119
100
82
102
77
118
114
117
105
125
94
105
96
64
68
63
108
109
114
95
83
61
59
62
97
94
97
87
101
88
91
97
100
89
91
58
68
56
103
113
120
96
90
89
76
95
100
101
98
97
58
72
54
109
119
94
100
100
'100
97
61
73
'58
105
112
120
93
96
'92
'83
93
125
106
80
93
78
123
123
130
105
124
114
100
101
103
96
102
101
112
102
85
96
83
115
116
121
105
113
95
102
105
104
111
92
96
56
133
112
135
104
80
48
'118
122
145
107
Nondurable Manufactures—Total...
Textiles and Apparel
Textile mill products
Cotton and synthetic fabrics
Cotton consumption
Synthetic fabrics
W o o l textiles
^^ool apparel yarns
W o o l fabrics
Knit goods .
Hosiery
Full-fashioned hosiery
Seamless hosiery
Knit garments
Floor coverings.
.
^Voven carpets
1.15
...
.65
.45
.20
.50
.48
.31
80
Apparel and allied products
Men's outerwear
Men's suits and coats
Men's suits
Men's outercoats
Shirts and work clothing
W o m e n ' s outerwear
W o m e n ' s suits and coats
M^isc apparel and allied mfrs
5.55
1.78
108
Rubber and
.73
.50
.13
.99
1.85
.76
1.92
116
113
118
102
119
99
86
123
111
110
113
96
92
89
124
103
117
112
105
87
83
83
114
108
109
100
73
93
68
116
115
119
104
117
97
102
87
74
82
73
115
114
118
104
116
101
98
107
87
106
87
82
45
80
83
89
69
72
107
110
117
102
115
128
110
102
114
141
94
124
109
98
125
133
119
107
83
63
57
74
94
111
117
107
94
133
122
111
100
98
123
100
98
85
138
86
106
104
88
86
71
113
83
87
78
81
46
90
98
67
110
142
110
141
107
105
90
83
94
114
96
53
112
113
94
83
115
125
92
145
112
106
108
118
114
90
109
122
105
104
111
96
102
52
120
104
123
98
127
102
95
96
85
117
110
102
'77
99
97
101
59
103
lit
119
91
92
90
102
111
79
78
65
132
99
84
96
3 20
707
113
727
118
113
101
112
107
111
103
98
103
108
rlO8
104
R u b b e r products
Tires and tubes
Auto tires.
Truck and bus tires
Aliscellaneous rubber products
1 47
116
115
106
128
117
128
140
135
134
137
145
137
132
134
130
142
131
123
125
121
138
114
109
117
97
119
122
106
112
99
137
122
103
104
102
127
108
109
106
120
101
99
103
111
93
89
99
114
96
92
102
114 '118
112 108
111 113
114 101
115
111
120
99
Leather and products
Leather
Cattlehide leathers
Skin leathers
Shoes and slippers
Miscellaneous leather products
1 73
.44
.29
.15
.90
99
87
87
86
104
104
96
97
94
109
102
101
101
100
106
97
93
91
97
99
91
80
79
81
93
103
93
94
90
109
89
87
91
79
85
102
94
85
95
98
98
102
96
101
99
92
85
'95
101
82
110
91
100
89
92
82
109
104
97
91
94
87
97
94
87
93
74
102
101
94
85
86
83
97
87
81
86
72
88
.39
99
91
92
89
103
100
Paper and Printing,
8 93
118
125
128
126
125
116
123
127
132
129
121
120
124
126
Paper a n d allied products
Pulp and paper
W o o d 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
120
120
132
116
111
117
112
123
117
112
120
120
126
132
130
142
125
119
116
118
129
134
118
134
133
138
136
134
146
129
122
122
120
132
138
128
139
138
146
132
134
120
135
131
144
126
119
122
133
146
128
119
118
117
130
112
108
96
133
146
127
121
118
135
140
130
141
126
118
118
138
151
132
124
121
135
133
147
120
126
117
129
104
118
118
127
140
118
141
118
128
127
136
124
131
135
143
137
126
132
132
136
116
124
121
137
133
137
122
138
122
140
123
143
108
136
141
140
135
131
132
131
134
139
151
Printing and publishing
Newsprint consumption
Job printing and periodicals
5 47
1.85
3.62
116
115
117
121
118
122
123
127
120
122
127
120
120
118
121
114
102
119
116
106
121
122
119
123
Chemical
Products.
9 34
133
142
144
143
142
139
141
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
137
140
137
141
157
175
141
133
112
110
119
110
112
122
147
154
149
155
183
186
156
144
116
112
131
113
118
124
150
159
154
161
199
221
170
140
112
105
135
112
119
177
148
159
152
161
191
220
168
143
104
93
136
112
122
139
146
161
149
164
194
214
174
146
95
83
131
100
121
112
141
157
146
160
163
205
171
148
84
70
124
76
122
101
143
157
147
160
175
176
167
150
94
83
125
97
119
104
Leather Products
and Petroleum
.70
.40
.30
.77
. .
117
117
118
126
128
142
122
120
112
122
135
139
119
117
129
113
112
109
113
123
115
92
121
118
131
96
123
115
147
133
132
145
127
122
121
125
139
130
113
134
126
155
126
129
125
126
131
123
122
117
125
116
108
121
118
114
120
142
145
145
141
rl41
145
151
138
154
181
162
148
150
109
106
120
116
118
112
151
151
153
150
179
147
143
148
140
144
129
134
117
108
150
149
153
148
173
152
135
149
141
141
140
128
117
101
146
147
148
147
166
153
136
149
135
137
127
117
116
106
146
145
141
'146
168
148
'134
147
138
138
138
118
114
112
137
r
Preliminary.
Revised.
NOTE.—A number of groups and subgroups include individual series not published separately.
TIN for December 1953, pp. 1247-1293 and pp. 1298-1328, respectively.
638
135
133
147
127
120
120
'91
103
82
727
35
P133
PI
127
124
121
122
137
131
115
137
133
138
135
149
121
120
121
122
'144
142
139
150
'150
'147
148
'192
152
'135
144
138
138
140
124
115
136
'150
'150
159
'148
193
144
'140
'141
122
122
122
127
115
'170
147
P150
129
119
P147
127
141
141
114
109
131
111
116
173
For description and back figures, see BULLF-
FEDERAL RESERVE BULLETIN
INDUSTRIAL PRODUCTION—Continued
[Federal Reserve indexes, 1947-49 average = 100]
Industry
1954
1953
1947-49
Annual
proportion
1952 1 9 5 3 P Apr. May June
July
Aug. Sept. Oct.
Nov. Dec. Jan. Feb. Mar. Apr.
WITHOUT SEASONAL ADJUSTMENT
—Continued
.98
06
.56
.30
.26
.10
.17
.26
123
128
132
128
194
128
151
102
119
112
97
130
135
144
139
227
130
155
101
117
106
111
127
131
137
132
227
127
151
100
118
105
113
129
132
140
135
235
125
148
98
107
109
114
131
136
145
140
241
130
155
101
107
106
114
132
137
149
144
234
128
153
100
105
103
113
135
138
150
144
243
128
152
100
105
110
112
133
136
147
141
247
128
153
98
108
112
110
131
135
143
138
220
128
155
97
116
111
109
131
137
147
143
211
130
155
100
116
112
107
128
137
146
141
228
129
153
102
124
109
102
125
134
140
136
214
131
156
104
128
105
97
.15
102
99
108
118
109
111
139
123
121
90
53
57
126
136
141
136
227
135
164
102
135
111
90
67
Foods, Beverages, and Tobacco
11.51
106
107
100
103
108
111
118
123
120
HI
98
97
96
Food and beverage manufactures..
Food manufactures
.
..
Meat products
Beef
Pork
Dairy products
Butter
Natural cheese
Concentrated milk
Ice cream
Canned and frozen foods
. ...
Grain-mill products
.
Wheat flour
Cereals and feeds
Bakery products . .
Sugar
Cane sugar
Beet sugar
Confectionerv
Miscellaneous food preparations . ..
Beverages
Bottled soft drinks
Alcoholic beverages
Beer and ale
. .
Liquor distilling
Liquor bottling
10.73
8.49
1.48
105
106
107
108
99
98
102
101
108
105
112
110
118
118
124
127
120
121
111
114
99
102
97
101
96
98
112
129
99
96
115
109
84
Petroleum
coal products
Petroleum and
refining
Gasoline
Automotive gasoline
Aviation gasoline
Fuel oil
Distillate fuel oil
Residual fuel oil
Kerosene
Lubricating oil
Coke
Asphalt roofing and siding
2 50
1.97
1 04
..
.
Tobacco manufactures
Cigarettes
Cigars
.13
.71
114
100
119
98
92
103
91
102
117
108
84
124
101
104
109
94
102
115
129
104
105
108
112
93
106
121
106
81
122
100
113
113
108
102
111
127
98
112
122
124
111
100
80
99
75
114
98
67
105
30
98
103
126
87
136
145
151
137
121
90
104
81
120
100
57
116
1
89
1.41
2.24
100
102
104
105
97
105
101
110
100
103
102
109
102
106
.46
.83
.69
14
.07
.19
.28
1.13
1.16
.46
.70
1.64
.27
. 11
.54
116
1.70
1.02
98
102
105
128
89
146
143
159
140
144
103
110
78
131
103
80
123
39
74
102
132
82
118
111
116
94
135
209
109
83
126
101
75
124
27
92
111
139
92
99
88
102
72
118
233
111
84
128
102
106
121
89
135
123
144
107
85
82
89
67
94
154
111
90
125
101
250
105
370
135
277
97
429
128
107
119
109
121
108
118
113
113
110
116
107
99
96
242
88
102
84
107
117
107
127
108
129
108
111
118
100
100
79
80
76
78
79
111
100
82
83
118 '116
97 '96
58
63
104 116
2
24
99
110
105
99
89
103
103
86
86
99
102
69
101
100
106
64
98
60
53
55
51
41
33
67
122
88
65
61
71
105
110
104
90
92
115
148
146
89
79
88
.78
110
114
105
108
104
94
117
111
116
111
114
108
99
88
123
110
115
110
118
120
110
122
92
96
98
107
106
107
109
112
110
111
108
116
115
118
120
117
122
122
118
113
114
113 115
Coal
. . .
Anthracite
Bituminous coal
2.32
114 115 117
114 119
119 116
111
110
109
P110
112
P113
75
68
59
69
61
48
63
136 131
130 126
126 120
150 •165
160 159
131
133
134
135
128
120
188
166
163
127
120
130
122
136
131
125
158
128
120
179
162
147
163
170
167
163
165
127
110
98
91
94
93
139
198
100
122
155
100
95
85
101
74
40
97
'76
42
98
112
81
114
79
116
78
110
80
74
39
98
111
76
72
74
71
75
'80
73
39
95
102
86
76
131
132
126
122
108
113
114
81
65
83
69
54
71
85
56
90
128
133
.34
.36
124
167
157
133
129
124
164
155
131
127
122
152
151
134
130
126
152
154
135
130
127
154
154
135
125
120
159
145
144
154
157
154
157
163
131
126
156
158
160
167
1.63
115
119
121
132
136
134
137
135
Metal mining
. .
Iron ore
Nonferrous metal mining
Copper mining
Lead mining
Zinc mining
82
.33
.49
108
104
110
113
128
104
.24
.09
114
97
114
86
107
87
139
184
109
120
89
93
142
201
102
109
87
90
138
199
98
109
.06
119
131
111
118
95
100
79
140
199
100
112
80
80
Stone and earth minerals
.81
123
124
123
125
130
130
133
78
111
113 113 114 113
106
97
62
81
66
84
....
96
100
96
71
51
74
74
45
79
5.67
4.82
4.12
105
90
76
55
79
78
57
81
.36
101
90
84
66
87
83
78
84
2 68
84
60
88
114
96
103
89
107
8.35
81
98
96
106
127
91
119
128
133
115
107
76
99
54
9.98
P\20
98
99
Mineral Fuels
Minerals
99
126
141
114
86
110
100
78
72
76
106
86
119
95
89
97
77
131
212
'127
155
96
116
104
86
78
98
98
115
132
102
104
124
117
95
92
87
71
72
104 '101
.37
MINERALS—TOTAL
Metal, Stone, and Earth
135
139
128
80
86
86
68
80
104
103
82
117
118
98
.17
.46
.17
Crude ol! and natural gas
Oil and gas extraction
Crude oil
Natural gas
Natural gas liquids
Oil and gas well drilling .
125
134
116
81
94
93
74
73
86
101
76
117
97
177
98
127
79
132
120
130
110
149
162
108
78
128
102
73
129
20
64
121
'129 P126
135 v\33
74
75
105
r
91
58
44
60
P134
127
161
vlOO
117
f
* Preliminary.
Revised.
For other footnote see preceding page.
JUNE
1954
639
OUTPUT OF CONSUMER DURABLE GOODS
[Federal Reserve index numbers, 1947-49 average=100]
1953
1947-49 Annual
proportion 1952 1953 Apr. M a y June July Aug. Sept. Oct.
Product
1954
Nov. Dec.
Jan. Feb.
Mar. Apr.
112
SEASONALLY ADJUSTED
CONSUMER DURABLES—TOTAL.. 100.00
105
127
135
138
134
137
129
121
118
112
109
Ill
116
IVlajor Durables
Autos
Major household goods
Furniture and floor coverings
Household furniture
Floor coverings
Appliances and heaters . . . .
Miajor appliances
Ranges
Refrigeration appliances
Laundry appliances . .
Heating apparatus
Radio and television sets
Radio sets
Television sets
69.72
32.10
36.13
15.32
11 31
4.01
15.60
11.88
2 60
4.98
2.51
3.72
5.21
3 42
1.79
109
103
115
109
113
95
99
100
75
106
115
94
184
53
436
138
146
132
113
118
99
118
123
90
137
141
100
230
67
541
149
157
144
120
125
105
134
140
100
162
148
115
244
67
583
153
160
148
119
124
103
138
144
110
165
150
119
262
67
635
147
158
139
115
122
96
121
127
102
138
142
103
262
63
642
152
164
143
115
120
102
123
127
113
138
135
111
285
73
689
142
150
136
115
118
104
109
111
89
113
143
101
279
72
676
130
137
125
109
113
98
99
101
85
96
136
91
248
60
606
126
132
121
107
112
93
101
104
77
105
137
92
221
65
518
117
127
110
102
109
84
93
98
68
98
136
79
185
66
413
114 119 121 119
127 1 3 3 1 3 4 1 3 3
104 108 110 108
99
99
••98
98
104 102 103 1 0 3
87
87
87
'84
95 104 111 105
100 108 117 109
67
70
85
'84
108 114 131 118
125 145 140 129
'92
79
90
89
145 148 142 150
43
59
58
47
307 321 325 -•353
126
139
117
97
103
83
113
118
83
137
134
96
187
43
461
Other Consumer Durables
Auto parts and tires
,Misc. home and personal goods
30.28
14.00
16.28
95
90
100
102
91
111
103
92
113
104
94
112
103
91
113
102
90
112
101
89
111
101
89
111
101
88
112
101
89
110
97
88
106
95
88
101
96
90
102
'94
r
88
100
93
89
96
CONSUMER DURABLES—TOTAL. . 100.00
105
127
139
133
131
120
127
122
131
110
103
112
117 1 1 9
119
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
32 10
36.13
15.32
11.31
4.01
15.60
11 88
2.60
4.98
2.51
3 72
5 21
3 42
1 79
109
103
115
109
113
95
99
100
75
106
115
94
138
146
132
113
118
99
118
123
90
137
141
100
156
170
145
121
123
114
138
149
105
182
144
101
147
162
136
114
119
100
132
140
106
168
135
107
144
166
126
112
117
98
123
130
96
149
146
100
130
161
103
101
112
67
94
93
72
112
89
95
138
153
125
110
116
94
101
95
83
89
126
120
130
134
129
110
114
97
108
105
92
95
145
117
142
151
137
112
116
102
114
110
86
100
160
127
113
107
120
106
113
87
96
98
75
86
149
90
106
107
106
104
109
88
92
100
66
111
122
68
121
135
109
99
103
89
98
106
71
114
135
73
127
138
119
103
105
96
117
130
91
145
159
76
129
142
120
102
105
'92
118
129
'93
145
151
'80
131
151
184
53
436
230
67
541
236
76
542
208
74
464
179
61
404
136
45
310
242
65
581
249
62
606
276
68
673
230
68
541
156
57
347
173
58
391
170
51
397
182
49
435
172
49
406
Other Consumer Durables
Auto parts and tires.
Misc. home and personal goods
30.28
14 00
16.28
100
95
90
102
91
102
90
102
94
101
91
99
92
104
95
103
93
106
93
103
89
96
84
92
84
'94
'85
92
87
113
WITHOUT SEASONAL ADJUSTMENT
111
113
110
110
105
111
112
115
117
107
99
95
87
103
102
116
98
101
90
116
126
87
153
130
84
96
'Revised.
NOTE.—Individual indexes without seasonal adjustment for woven carpets, appliances, heatin g apparatus, radio sets, anH television sets are
vailable on request 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
[Unadjusted, estimates of Bureau of Labor Statistics; adjusted, Federal Reserve. In thousands of persons]
1953
1954
Industry group or industry
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
SEASONALLY ADJUSTED
Total
...
14,123 14,143 14,115 13,944 13,792
Durable goods . .
8,351 8,364 8,341 8,243 8,142
194
194
199
194
Ordnance and accessories
191
707
713
727
733
Lumber and wood products
721
327
320
313
327
Furniture and fixtures
330
464
465
467
465
Stone, clay, and glass products. .
462
1,144
1,129
1,160
Primary metal industries
1,159
1,158
956
939
963
Fabricated metal products
954
963
1,281
1,268
1,308
Machinery except electrical
1,328
1,323
951
941
951
Electrical machinery
956
946
1,520
Transportation equipment
1,573
1,559
1,547
1,580
Instruments and related prod242
ucts
245
249
242
244
424
431
434
433
427
Misc. manufacturing industries..
5,650
5,701
5,779
5,774
5,772
Nondurable goods
1,117
1,124
1,136
Food and kindred products
1,137
1,153
93
95
97
Tobacco manufactures
95
94
1,099
1,119
1,110
Textile-mill products
1,113
1,114
Apparel and other finished textiles
1 124 1 136 1 134 1 104 1 067
452
449
Paper and allied products
445
'448
439
Printing, publishing and allied
521
515
512
industries
512
512
552
561
567
566
Chemicals and allied products. . .
564
185
187
188
188
Products of petroleum and coal.
188
221
223
229
226
Rubber products
228
336
340
357
348
Leather and leather products. . .
356
r
13,626 13,414 13,231 13,067 12,937 12,852 12,734 12,632
8,037 7,855 7,728 7,606 7,499 '7,397 7,305 7,223
187
193
184
177
165
127
150
137
702
688
643
663
657
630
652
'653
307
286
285
300
285
295
289
287
463
457
429
427
426
444
429
432
1,106
1 ,083 1,063
1,022 1,005
992
987
1,044
919
898
855
835
828
862
844
865
1,260
1,246
1,214
1,181
1,160
1,232
1,190
1,230
924
900
831
811
796
866
'819
847
1,507
1,449
1,487
1,470
1,435
1,409
1,381
1,352
242
405
5,559
1,133
94
1,036
239
399
5,503
1,119
101
1,013
236
386
5,461
1,114
97
987
232
387
5,438
1,118
93
980
'228
'383
5,455
1,123
91
'979
223
381
5,429
1,114
92
982
218
381
5,409
1,117
93
976
1 066 1 074
1 056 '1 069
241
415
5,589
1,125
92
1,067
1 068
1 062
1,050
1,035
448
442
435
436
435
434
434
435
520
517
517
514
514
'520
'531
179
199
330
520
521
541
185
214
331
537
184
206
336
529
182
205
334
535
180
204
332
528
180
202
332
533
178
198
328
530
178
199
325
Revised.
640
FEDERAL RESERVE BULLETIN
PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES—Continued
[Unadjusted, estimates of Bureau of Labor Statistics; adjusted, Federal Reserve. In thousands of persons]
1954
1953
Industry group or industry
May
June
July
Aug.
Sept.
Nov.
Oct.
Dec.
Jan.
Feb.
Mar.
Apr.
May
WITHOUT SEASONAL ADJUSTMENT
Total
13,890 13,985 13,875 14,070 14,061 13,852 13,534 13,319 13,002 12,906 ri2,818 12,592 12,415
Durable goods
Ordnance and accessories
Lumber and wood products
Furniture and fixtures
Stone, clay, and glass products. .
Primary metal industries
Fabricated metal products
Machinery except electrical
Electrical machinery
Transportation equipment
Instruments and related products
Misc. manufacturing industries..
Nondurable goods
Food and kindred products. . . . .
Tobacco manufactures
Textile-mill products
Apparel and other finished textiles
Paper and allied products
Printing, publishing and allied
industries
Chemical and allied products.. .
Produces of petroleum and coal.
Rubber products
Leather and leather products. . .
8,311
8,326
8,194
8,195
8,161
8,088
7,910
7,791
7,616
7,520
'7,430
7,303
7,188
191
721
322
462
194
740
317
467
199
727
314
458
194
731
315
466
194
721
315
467
193
713
313
465
187
695
308
459
184
654
301
448
177
617
293
428
165
627
292
427
150
••643
137
642
284
1,146
1,153
1,143
1,138
1,129
1,112
1,088
1,074
1,049
1,027
••1,010
852
992
839
127
663
278
426
977
824
1 ,335
1.330
1,295
1,268
1.262
1,254
1,240
1,238
1,230
1,220
'1,202
1,187
811
1,166
••827
1.580
1,573
1,559
1,547
1,520
1,507
1,449
1,487
1,470
1,435
1,409
1,381
1,352
244
414
245
417
242
405
240
422
242
430
242
434
243
425
241
407
237
386
233
393
'229
'389
224
379
218
370
5,579
5,659
5,681
5,875
5,900
5,764
5,624
5,528
5,386
5,386
-5,388
5,289
5,227
1,060
1,108
1,202
1,289
1,326
1,224
1,149
1,083
1,024
1.009
'I,009
1,009
1,030
'989
82
982
82
971
l , 101
'436
1 034
'434
988
433
'517
517
533
176
197
325
518
519
177
197
312
949
934
953
946
937
918
939
942
924
941
932
902
933
913
875
883
874
855
864
839
83
83
84
105
112
109
101
104
1,108
1,113
1,085
1,093
1,088
1,067
1,046
1,028
97
997
90
995
1 073
1,085
1,066
439
1,121
'447
1 099
'450
1 103
'448
1,085
'446
1 084
'442
1 062
'438
1 088
'437
509
553
187
226
342
512
550
189
227
350
507
546
190
219
343
510
550
191
221
349
521
555
188
221
341
525
552
185
216
334
522
548
184
210
334
525
540
181
209
332
514
540
178
206
332
514
536
178
203
339
437
443
290
429
84
r
••539
177
'199
338
42 7
788
r
Revised.
NOTR.—Cover? 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 May 1954 are preliminary. The series without
seasonal adjustment for recent years were revised by the Bureau of Labor Statistics in May 1954 to first-quarter 1953 benchmark levels indicated
by data from government social insurance programs, and the Federal Reserve is reviewing seasonal factors. Back data and data for industries
not shown, without seasonal adjustment, may be obtained from the Bureau of Labor Statistics. Seasonally adjusted data beginning January
1939, for groups and the total, may be obtained from the Division of Research and Statistics.
HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES
[Compiled by Bureau of Labor Statistics]
Average weekly earnings
(dollars per week)
Industry group
1953
May
Apr.
Average hourly earnings
(dollars per hour)
1954
1953
1954
Mar.
Average hours worked
(per week)
May
May
Mar.
Apr.
May
May
Mar.
Apr.
May
Total
71.63
40.7
39.5
39.0
39.3
1.76
1.79
1.80
Durable goods.
77.19
76.00
75.43
76.40
41.5
40.0
39.7
40.0
1.86
1.90
1.90
1.91
Ordnance and accessories
Lumber and wood products
Furniture and fixtures
Stone, clay, and glass products. . . .
Primary metal industries
78.25
66.50
62.73
70.45
83.43
'79.19
'64.40
'62.56
'70.30
'78.28
78.41
66.00
61.15
60.35
78.49
78.00
67.26
61.54
70.93
80.11
41.4
40.8
41.0
41.2
41.3
40.2
40.0
'40.1
'40.4
'38.0
39.8
40.0
39.2
40.2
38.1
40.0
39.8
39.2
40.3
38.7
1.89
1.63
1.53
1.71
2.02
'1.97
'1.61
1.56
1.74
'2.06
1.97
1.65
1.56
1.75
2.06
1.95
1.69
1.57
1.76
2.07
Fabricated metal products
Machinery except electrical
Electrical machinery
Transportation equipment
Instruments and related products
Miscellaneous manufacturing industries.
77.04
83.07
70.99
84.67
73.63
64.21
75.95
'82.20
'71.28
'84.21
'72.76
'64.00
75.39
81.00
70.56
85.24
72.25
62.72
76.73
80.80
71.68
86.28
72.25
63.68
42.1
42.6
40.8
41.3
41.6
40.9
40.4
'41.1
'39.6
'40.1
'40.2
'40.0
40.1
40.5
39.2
40.4
37.9
39.2
40.6
40.4
39.6
40.7
39.7
39.8
1.83
1.95
1.74
2.05
1.77
1.57
1.88
2.00
1.80
2.10
'1.81
'1.60
1.88
2.00
1.80
2.11
1.82
1.60
1.89
2.00
1.81
2.12
1.82
1.60
63.20
64.02
62.70
63.74
39.5
38.8
38.0
38.4
1.60
1.65
1.65
1.66
Food and kindred products
Tobacco manufactures
Textile-mill products
Apparel and other finished products... .
Paper and allied products
66.01
47.23
53.98
47.09
71.81
'67.87
'47.52
'51.68
49.59
'72.83
67.54
48.74
50.32
45.49
71.55
68.61
50.09
50.59
46.42
72.83
41.0
36.9
39.4
36.5
43.0
'40.4
'36.0
38.0
36.2
'42.1
40.2
36.1
37.0
34.2
41.6
40.6
1.61
1.28
1.37
1 29
1.67
1.68
1.32
'1.36
1.37
1.73
1.68
1.35
1.36
1.33
1.72
1.69
1.35
1.36
1.33
1.73
Printing, publishing and allied products.
Chemicals and allied products
Products of petroleum and coal
Rubber products
Leather and leather products
85.41
75.35
89.60
78.59
51.61
86.85
76.86
90.45
74.31
'52.40
86.11
77.27
91.30
74.88
49.13
86.71
78.09
93.11
76.05
49.42
39.0
41.4
41.1
40.3
37.4
38.6
41.1
40.2
38.5
'37.7
38.1
41.1
40.4
38.6
35.6
38.2
41.1
41.2
39.0
35.3
2.19
1.82
2.18
1.95
1.38
2.25
1.87
2.25
1.93
'1.39
2.26
1.88
2.26
1.94
1.38
2.27
1.90
2.26
1.95
1.40
Nondurable goods
70.20
'Revised.
NOTE.—Data are for production and related workers. Figures for May 1954 are preliminary. Data for recent years revised as indicated in
note to table above. Back data are available from the Bureau of Laoor Statistics.
JUNE 1954
641
EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS BY INDUSTRY DIVISION
[Unadjusted, estimates of Bureau of Labor Statistics; adjusted, Federal Reserve. In thousands of persons]
Year or month
Manufacturing
Total
1945
1946
1947
1948
1949
1950
1951
1952
1953
Mining
Contract
construction
Transportation and
public
utilities
Federal,
State, and
local
government
Trade
Finance
Service
1,394
1,586
1,641
1,711
1,736
1,796
1,862
1,957
2,025
4,055
4,621
4,807
4,925
5,000
5,098
5,278
5,423
5,486
5,967
5,607
5,456
5,614
5,837
5,992
6,348
6,609
6,645
40,069
41,412
43,438
44,382
43,295
44,696
47,289
48,306
49,660
15,302
14,461
15,290
15,321
14,178
14,967
16,104
16,334
17,259
826
852
943
982
918
889
916
885
844
1,132
1,661
1,982
2,169
2,165
2,333
2,603
2,634
2,644
3,872
023
122
141
949
3,977
4,166
4,185
4,224
7,522
8,602
9,196
9,519
9,513
9,645
10,012
10,281
10,533
1953—May
June
July
August
September
October
November
December
49,781
49,970
49,999
49,837
49,699
49,729
49,385
49,047
17,531
17,575
17,569
17,397
17,235
17,064
16,870
16,686
844
842
828
834
832
822
828
823
2,581
2,607
2,611
2,616
2,679
2,725
2,708
2,686
4,236
4,228
4,237
4,225
4,243
4,264
4,223
4,176
10,524
10,579
10,584
10,548
10,562
10,616
10,539
10,530
2,004
2,017
2,036
2,047
2,051
2,061
2,055
2,050
5,479
5,494
5,524
5,518
5,484
5,506
5,494
5,490
6,582
6,628
6,610
6,652
6,613
6,671
6,668
6,606
1954—January. . .
February...
March
April
May
48,787
48,632
•"48,427
48,247
48,162
16,501
16,349
'16,276
16,145
16,034
812
801
'780
753
745
2,581
2,647
'2,654
2,642
2,587
4,104
4,087
'4,026
4,026
4,023
10,577
10,543
'10,512
10,475
10,530
2,054
2,054
2,057
2,068
2,074
5,487
5,490
'5,488
5,507
5,500
6,671
6,661
6,634
6,631
6,669
49,531
49,904
49,716
49,962
50,200
50,180
49,851
50,197
17,283
17,416
17,336
17,537
17,510
17,301
16,988
16,765
842
846
836
844
839
826
829
822
2,607
2,711
2,768
2,825
2,866
2,889
2,789
2,632
4,233
4,260
4,283
4,274
4,265
4,257
4,216
4,187
10,405
10,473
10,414
10,392
10,523
10,669
10,828
11,361
2,014
2,037
2,067
2,067
2,041
2,040
2,034
2,040
5,534
5,576
5,607
5,601
5,566
5,506
5,467
5,435
6,613
6,585
6,405
6,422
6,590
6,692
6,700
6,955
48,147
47,880
-•47,848
48,056
47,932
16,434
16,322
'16,234
15,996
15,803
805
790
'772
750
743
2,349
2,356
'2,415
2,536
2,613
4,069
4,039
'3,992
4,006
4,020
10,421
10,310
10,305
10.485
10,411
2,033
2,044
2,057
2,078
2,084
5,377
5,380
'5,406
5,507
6,659
6,639
6,667
6,698
6,703
SEASONALLY ADJUSTED
WITHOUT SEASONAL ADJUSTMENT
1953—May
June
July
August
September
Ocotber
November
December
1954—January... .
February. . .
March
April
May
r
5,555
' 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. The
series without seasonal adjustment for recent years were revised by the Bureau of Labor Statistics in May 1954 to first-quarter 1953 benchmark
levels indicated by data from government social insurance programs, and the Federal Reserve is reviewing seasonal factors. May 1954 figures
are preliminary. Back unadjusted data are available from the Bureau of Labor Statistics; seasonally adjusted figures beginning January 1939
may be obtained from the Division of Research and Statistics.
LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT
[Bureau of the Census estimates without seasonal adjustment. Thousands of persons 14 years of age and over]
Civilian labor force
Year or month
Total noninstitutional
population
Total
labor
force
Employed 1
Total
Total
In nonagricultural industries
In
agriculture
Unemployed
Not in the
labor force
1945
1946
1947
1948
1949
1950
1951
1952
1953
105,370
106,370
107,458
108.482
109,623
110,780
111,924
113,119
115.046
65,140
60,820
61,608
62,748
63,571
64,599
65,832
66,410
66,965
53,860
57,520
60,168
61,442
62,105
63,099
62,884
62,966
63,417
52,820
55,250
58,027
59,378
58,710
59,957
61,005
61,293
61,894
44,240
46,930
49,761
51,405
50,684
52,450
53,951
54,488
55,366
8,580
8,320
8,266
7,973
8,026
7,507
7,054
6,805
6,528
1,040
2,270
2,142
2,064
3,395
3,142
,879
,673
,523
40,230
45,550
45,850
45,733
46,051
46,181
46,092
46,710
48,081
1953—April
May
June
July
August
September...
October
November.. .
December. . .
114,828
114,931
115,032
115,132
115,232
115,342
115,449
115,544
115.634
66,338
66,497
68,290
68,258
68,238
67,127
66,954
66,873
66,106
62,810
62,964
64,734
64,668
64,648
63,552
63,404
63,353
62,614
61,228
61,658
63,172
63,120
63,408
62,306
62,242
61,925
60,764
55,158
55,268
55,246
55,492
56,134
55,044
55,083
55,274
55,326
6,070
6,390
7,926
7,628
7,274
7,262
7,159
6,651
5,438
,582
,306
,562
,548
,240
,246
,162
,428
,850
48,490
48,434
46,742
46,874
46,994
48,215
48,495
48,671
49,528
1954—January 3
February
March
April
May
115,738
115,819
115,914
115,987
116,083
66,292
67,139
67,218
67,438
67,786
62,840
63.725
63,825
64,063
64,425
59,753
60,051
60,100
60,598
61 ,119
54,469
54,349
54,225
54,522
54,297
5 284
5,697
5,875
6,076
6,822
3,087
3,671
3,725
3,465
3,305
49,447
48,679
48,696
48,549
48,297
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 are available
from the Bureau of the Census.
642
FEDERAL RESERVE BULLETIN
VALUE OF NEW CONSTRUCTION ACTIVITY
[Adjusted for seasonal variation. In millions of dollars]
Private
Year or month
Business
Total
Residential
Total
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
Public
Total
Industrial
Com- Public
mercial utility
Other
nonresidential
Conser- All
vation other
Military
High-
125
385
1,620
5,016
2,550
837
690
188
204
158
137
177
887
1,388
1,323
1,381
1,302
1,066
734
446
362
398
895
1,451
1,774
2,131
2,272
2,518
2,860
3,150
570
528
500
357
285
163
130
240
394
629
793
881
853
854
822
1,733
1,413
2,565
4,553
3,041
1,711
1,180
1,039
1,384
2,264
3,344
3,670
5,073
5,724
5,933
Total
8,198
8,682
11,957
14,075
8,301
5,259
5,633
12,000
16,689
21,678
22,789
28,454
30,895
32,638
34,843
4,389
5,054
6,206
3,415
1,979
2,186
3,235
9,638
13,256
16,853
16,384
21,454
21,564
21,812
23,615
2,680
2,985
3,510
1,715
885
815
1,100
4,015
6,310
8,580
8,267
12,600
10,973
11,100
11,905
1,229
1,561
2,082
1,287
759
989
1,672
4,195
4,896
5,693
5,322
5,680
7,217
7,460
8,456
254
442
801
346
156
208
642
1,689
1,702
1,397
972
1,062
2,117
2,320
2,226
292
348
409
155
33
56
203
1,132
856
1,253
,027
,288
,371
,137
,791
683
771
872
786
570
725
827
1,374
2,338
3,043
3,323
3,330
3,729
4,003
4,439
1953—May
June
July
August
September
October
November
December.
2,910
2,922
2,849
2,811
2,824
2,841
2,900
2,900
1,980
1,986
1,955
1,937
1,928
1 ,945
1,969
1,985
989
1,008
979
956
942
957
963
989
711
707
702
712
717
717
728
723
202
191
182
178
173
165
163
162
132
139
143
154
163
172
186
187
377
377
377
380
381
380
379
374
280
271
274
269
269
271
278
273
930
936
894
874
896
896
931
915
121
122
105
96
89
80
88
98
244
253
267
267
271
278
273
244
77
74
70
64
60
57
56
59
488
487
452
447
476
481
514
514
1954—January r r
February
March
April P
Mayp.
2 ,956
3,050
3,001
3,018
3,052
1 ,992
2,004
2,017
2.055
2,091
971
972
981
1,023
1,053
729
736
738
727
725
170
176
182
184
176
189
187
176
166
174
370
373
380
377
375
292
296
298
305
313
964
1,046
984
963
961
80
81
75
74
80
271
329
302
295
287
62
61
64
66
66
551
575
543
528
528
f Preliminary.
480 3,809
508 3,628
614 5,751
413 10,660
335
6,322
382
3,073
463
2,398
1,428
2,362
2,050 3,433
2,580 4,825
2,795 6,405
3,174
7,000
3,374 9,331
3,252 10,826
3,254 11,228
Source.—Joint estimates of the Departments of Commerce and Labor.
• Revised.
CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF OWNERSHIP AND BY TYPE OF CONSTRUCTION
[Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions]
By type of
ownership
Year or month
Total
Public
1947
1948
1949
1950
1951
1952
1953
1953—May
[une
July
August
September
October
November
December
. .
1954—Tanuary
February
March
April
Mav
By type of construction
ResiPrivate dential
building
Nonresidential building
Factories
Commercial
Educational
Other
Public
works
and
public
utilities
7,760
9 430
10,359
14 501
15,751
16 775
17 443
2,296
3 107
3,718
4,409
6,122
6,711
6,334
5,464
6,323
6,641
10 092
9,629
10 064
11,109
3,154
3,608
4,239
6,741
6,205
6,668
6,479
941
840
559
1,142
2,883
2,562
2,051
785
975
885
1,208
915
979
1,489
392
725
824
1,180
1,335
1,472
1,720
597
1,127
1,376
1,651
1,689
1,686
1,695
1,890
2,155
2,476
2,578
2,723
3,408
4,008
,606
I 116
1,793
1,414
,742
,892
394
,300
554
372
610
532
725
689
483
479
1,052
744
1,183
882
1,017
1,203
911
821
638
463
653
508
507
635
484
434
132
85
207
110
383
235
232
136
156
99
200
111
145
171
101
97
163
148
176
146
138
153
140
176
131
127
181
179
116
200
138
131
386
193
376
361
451
500
298
326
,152
,221
,528
,692
363
436
484
477
462
509
668
796
111
106
80
94
114
93
134
178
132
144
179
171
117
125
140
163
216
244
328
290
9?S
669
789
785
1.043
1,215
1,256
CONSTRUCTION CONTRACTS AWARDED, BY DISTRICTS
[Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts, in millions of dollars]
Month
Total
(11 districts)
Federal Reserve district
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
Minneapolis
Kansas
City
Dallas
1953—February
Marrh
April
1,021
1 .348
1,742
51
71
91
182
246
254
61
73
84
101
159
336
106
110
154
160
127
144
137
272
262
57
80
135
19
47
100
43
73
60
106
88
121
1954—February
March
April
1,221
1,528
1,692
58
116
149
192
219
282
103
120
99
110
146
185
100
130
143
156
210
154
218
245
305
74
96
95
60
51
55
53
81
98
95
113
126
JUNE 1954
643
PERMANENT NONFARM DWELLING UNITS STARTED
[In thousands of units]
Private
Year or month
Total
1939.
1941
1945.
1946
1947.
1948
1949.
1950
1951
1952
1953
Total
1family
2family
Public
Multifamily
FHA
158
220
47
152
158
220
41
69
6
83
440
393
229
291
211
102
359
434
134
404
156
272
75
267
458
620
208
663
373
533
185
590
20
28
9
24
66
58
15
48
849
932
480
525
369
407
846
914
589
828
595
610
565
436
568
496
517
539
35
42
40
46
42
3
18
1,025
1 396
1,091
1 127
1,104
792
1,151
892
939
933
34
46
72
104
989
1,352
1,020
1 ,069
1,068
740
763
162
159
88
84
94
36
44
71
58
36
466
686
413
420
407
361
486
264
279
252
105
200
149
141
155
111
108
105
97
93
95
90
82
66
57
55
53
48
46
47
43
39
35
54
53
51
49
47
48
47
43
31
107
106
102
96
92
92
90
80
65
94
93
90
84
82
81
79
70
54
4
4
3
4
3
3
4
3
3
9
8
9
8
8
8
7
7
8
4
3
3
1
36
34
38
39
41
36
37
33
27
23
22
24
24
23
22
22
20
15
13
12
14
15
18
14
15
13
12
P66
n.a.
n.a.
n.a.
na
n.a.
n.a.
n.a.
n.a.
n a.
n.a.
P65
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.
Pi
Pl
Pl
Pl
25
30
37
r44
13
16
21
'24
12
14
16
20
June
July
August .
September
October
November
December
..
P73
P97
PIIQ
P106
P72
P96
P109
P106
57
87
1
8
VA
Total
515
706
209
671
1953—April
May
1954—January
February.
March
April...
May
Urban
Government-underwritten
Rural
nonfarm
0)
1
3
(i)
Pl
24
49
25
J
pPreliminary.
'Revised.
n.a. Not available.
Less than 500 units.
NOTE.—Government underwritten units are those started under commitments of FHA or VA to insure or guarantee the mortgage. VA
figures after June 1950 and all FHA figures are based on field office reports of first compliance inspections; VA figures prior to June 1950, estimates
based on loans closed information. Other figures are estimated by Bureau of Labor Statistics on the basis of reports of building permits issued,
reported starts of public units, and a sample of places not issuing permits.
FREIGHT CARLOADINGS, BY CLASSES
[Index numbers, 1935-39 average=100]
Monthly—unadj usted
Monthly—seasonally adjusted
Annual
Class
Mar.
Apr.
Apr.
117
120
117
112
Ill
97
135
100
120
87
109
78
104
79
98
119
124
124
134
58
135
58
136
54
133
127
64
126
201
231
222
177
129
122
104
155
140
63
143
96
178
133
66
144
215
237
172
Apr.
Total
126
127
Coal
Coke
Grain
Livestock
Forest products
Ore
Miscellaneous .
. .
Merchandise, 1. c. 1
109
168
103
171
142
135
181
140
46
Feb.
Dec.
1953
69
144
Jan.
Nov.
1952
143
43
148
44
69
145
134
42
132
40
134
41
133
39
1954
1953
1954
1953
Feb.
Mar.
Apr.
108
108
107
105
108
97
142
100
126
87
116
78
105
137
112
124
122
117
86
142
56
120
56
122
43
128
160
62
58
55
Dec.
127
124
104
155
62
127
96
175
117
58
144
136
231
130
39
132
41
Jan.
Nov.
146
44
124
38
140
43
122
38
126
40
79
96
118
55
127
88
128
40
51
126
51
125
41
NOTE.—For description and back data, see BULLETIN for June 1941, pp. 529-533. Based on daily average loadings. Basic data compiled by
Association of American Railroads. Total index compiled by combining indexes for classes with weights derived from revenue data of the Interstate Commerce Commission.
MERCHANDISE EXPORTS AND IMPORTS
[In millions of dollars]
Merchandise exports 1
Merchandise imports 2
Excess of exports
Month
1952
1953
1,293
August..
September
October
November
December
1 254
1,344
1 447
1 355
1,480
1 171
1,030
1 087
1 229
1 216
1 ,190
1 391
1 245
1 349
January-April
5,400
5,276
January....
February
March
April
May
June
July
1 . 199
L 390
I 394
1,453
L 384
,358
L 186
,255
1954
1952
1953
1 .091
1.181
122
'1 ,404
922
893
964
933
835
861
839
818
877
918
805
1,053
922
856
1,005
1,013
902
933
908
841
925
813
849
907
4,798
3,712
3,796
P1
?S3
1954
S33
809
P858
*948
3,448
1952
1953
332
451
482
422
644
310
191
269
352
298
386
338
370
343
386
381
551
451
451
345
330
440
396
441
1 ,687
1 ,480
1954
258
372
P264
C
456
1 ,350
e
pPreliminary.
Estimated.
E x p o r t s of domestic a n d foreign merchandise. Includes exports u n d e r foreign aid p r o g r a m s , including D e p a r t m e n t of Defense s h i p m e n t s
u n d e r t h e M u t u a l Security P r o g r a m as follows (in millions of dollars) 1952, 1,988; 1953, 3,504; J a n u a r y - A p r i l 1954, 726.
2
G e n e r a l i m p o r t s including i m p o r t s for i m m e d i a t e c o n s u m p t i o n plus entries into b o n d e d warehouses.
Source.—Department
of C o m m e r c e .
644
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
Chi
cago
St.
Louis
98
104
98
105
109
110
112
99
102
99
103
105
104
105
99
103
98
101
105
101
102
96
104
100
106
109
109
110
97
105
98
105
111
110
113
97
103
H)0
105
113
118
119
96
L03
101
109
115
124
126
99
104
97
104
108
106
111
97
104
98
104
107
110
112
1953—April
May
... ......
June
.
July
.
August
September
October
. ....
November
December
'111
117
115
113
112
107
110
113
112
106
106
103
106
99
105
107
107
108
102
104
102
104
99
98
104
102
101
'112
119
116
104
106
108
108
105
115
118
114
120
109
110
115
112
'120
128
119
120
114
114
117
118
121
118
134
128
127
130
119
128
128
127
110
114
112
110
109
106
109
113
115
1QS4—Tanuary
February
March
April
107
109
105
P110
105
109
102
105
101
102
99
102
106
111
106
109
104
104
92
104
109
117
'1 18
P122
122
123
117
'105
115
108
89
98
112
115
136
192
101
106
103
76
79
112
107
129
194
95
101
99
75
75
102
110
129
178
103
118
105
83
92
108
114
142
188
103
115
111
89
104
114
115
142
187
'114
127
112
96
97
121
122
144
211
83
86
80
83
81
86
108
81
83
85
101
80
84
01
109
80
80
S2
105
93
107
100
109
129
118
126
95
105
100
109
124
111
116
98
105
97
105
124
113
116
93
107
99
108
127
113
119
125
127
128
130
131
128
128
127
123
119
120
117
117
119
117
117
115
112
'114
118
118
121
122
117
116
115
113
120
110
121
P120
114
112
118
117
132
132
123
121
126
132
141
142
109
108
114
126
P127
Minne- Kansas Dallas
apolis
City
San
Francisco
98
104
99
105
104
104
104
98
103
99
108
111
113
112
94
105
102
113
117
124
125
99
104
98
105
109
114
115
111
118
122
107
110
102
108
114
113
99
107
106
105
102
100
103
105
107
112
115
118
111
112
103
108
112
114
124
131
134
124
127
112
122
127
125
116
124
121
117
113
110
111
112
109
106
107
101
111
108
112
108
114
104
108
95
100
110
109
103
P113
119
121
11 5
120
108
107
111
111
117
131
114
102
114
122
130
146
219
104
114
110
89
98
113
112
137
188
105
118
110
86
100
109
119
136
185
97
107
98
84
97
110
118
121
171
106
115
111
91
104
109
114
129
189
117
127
118
104
116
119
128
144
209
105
117
112
101
109
111
111
131
195
80
89
07
P123
94
101
110
P129
82
83
86
109
83
88
92
112
75
83
79
101
83
86
90
P110
94
98
102
119
85
86
88
107
93
107
100
106
128
111
119
94
105
101
113
133
130
141
90
108
102
120
140
135
146
89
111
100
110
128
115
123
93
102
96
107
128
117
126
91
110
100
104
117
107
115
93
108
100
113
132
124
136
89
110
101
112
132
126
138
93
107
100
110
131
125
133
117
121
122
122
122
122
122
120
117
114
117
122
124
124
121
124
121
121
'142
142
146
145
148
139
143
144
132
145
145
147
148
141
148
148
149
142
123
123
123
125
128
127
126
124
122
128
131
132
131
134
129
124
121
118
114
115
114
117
120
122
118
115
111
131
136
140
146
145
141
138
137
133
138
139
141
140
142
141
139
136
131
132
135
135
138
135
132
132
133
129
111
107
111
113
114
113
'112
115
115
113
112
113
134
132
136
P135
142
141
141
P135
117
117
121
122
117
127
120
116
106
110
111
111
128
128
129
P127
128
130
127
P130
123
121
124
116
124
121
110
106
114
120
132
134
105
'120
121
111
107
118
123
130
132
104
'127
124
113
108
116
127
139
137
103
121
119
115
112
119
127
137
136
106
'153
150
139
141
147
143
154
151
115
153
147
139
137
141
152
161
165
125
128
125
117
117
121
129
139
143
111
137
138
132
122
130
138
138
132
104
119
117
109
114
115
123
126
128
101
140
144
136
137
137
144
149
152
117
146
141
130
131
140
147
152
151
120
141
147
136
133
128
137
148
144
108
102
106
120
122
98
104
116
118
99
111
'120
124
104
111
110
120
120
127
142
P146
130
139
147
P143
108
114
126
126
90
108
100
106
115
116
118
125
133
P136
115
127
136
Pi 38
111
113
125
125
SALES i
1947
1948
1949
1950
1951
1952
1953
SEASONALLY ADJUSTED
.
....
no
117
UNADJUSTED
1953—April
May
June
July
August
September
October
November
December
.
19^4—January
February .
March
April
1947
1948
1949
1950
1951
1952
1953
.
STOCKS i
. .
SEASONALLY ADJUSTED
1953—April
May
June
July
August
September
October
November
December
1954—January
February
March
April
UNADJUSTED
1953—April
May
.
June
July .
August
September
October
November
December
. . . .
..
.
1954—January
February
March
April
...
.. .
124
r
P Preliminary.
Revised.
1
Figures for sales are the average per trading day, while those for stocks are as of the end of the month or the annual average.
NOTE.—For description and monthly indexes for back years, see BULLETIN for December 1951, pp. 1463-1515.
JUNE 1954
645
DEPARTMENT STORE STATISTICS—Continued
[Based on retail value figures]
DEPARTMENT STORE MERCHANDISING DATA
Ratios to sales1
A m o u n t s (In millions of dollars)
Year or month
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
Sales 2
(total
average....
average....
average... .
average....
average
average....
average
average....
average
average
for
of
month)
month)
246
276
345
365
381
361
376
391
307
402
1953—Anril
May
June
July
August...
September
October. .
November
December.
1954—January..
February.
March. . .
April?. . .
Stocks2
(end
•"377
387
orders2
(end of
month)
574
767
887
979
925
1,012
L,2O2
1.097
L, 157
310
299
351
402
1,010
1,075
1 ,176
,182
New
ceipts 3
(total
orders3
(total
for
for
month)
month)
596
775
244
256
277
964
588
494
373
495
460
373
366
386
358
391
390
397
403
291
354
364
435
OutstandStocks
2.4
2.3
2.3
2.5
2.7
2.7
2.8
363
358
401
379
397
3.0
'3.2
3.1
2.9
3.5
3.3
3.1
2.9
288
357
2.8
1.4
370
278
403
343
279
364
452
408
360
397
392
344
3 3
3.6
3.4
2.9
371
434
347
363
460
501
416
Stocks
plus
outstanding
orders
Receipts
1.0
1.0
1.1
5.0
2.5
3.0
3.0
1.7
3.2
2.9
401
'344
'347
'326
321
461
525
491
492
462
ing
orders
'420
'352
294
283
397
459
531
507
440
421
r 1,219
477
725
305
343
388
440
Re-
ing
604
1,184
1,103
L .081
1,135
L.206
1,297
L .327
L.042
375
Outstand-
5.3
5.3
4.3
L.O
1.0
1.0
11
10
0
1.0
1.4
1.1
1.4
1.3
1.2
1.1
4.1
3.8
0.9
0.8
4.1
3.9
4.2
.1
).9
5.3
4.7
4.4
i).9
1.4
1.3
11
0 8
4.0
3.6
.2
1.1
0.6
4.2
4.4
4.1
4.2
1.2
1.7
)8
0.4
1.8
1.2
1.3
4.5
1 0
0.7
.2
L.2
0.9
1.2
1 3
.0
4.9
4.3
3.6
^Preliminary.
'Revised.
x
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 2and receipts for the month.
These figures are not estimates for all department stores in the United State3. They are the actual dollar amounts reported by a group of
department stores located in various cities throughout the country. In 1953, sales by these stores accounted for about 50 per cent of estimated
total 3department store sales.
Receipts of goods are derived from the reported figures on sales and stocks. New orders are derived from receipts and reported figures on
outstanding orders.
NOTE.—For description and monthly figures for back years, see BULLETIN for October 1952, pp. 1098-1102.
WEEKLY INDEX OF SALES
[Weeks ending on dates shown.
1947-49 =100]
Without seasonal adjustment
1950
1
8
15
22
29
July
Aug.
7
14
21
28
Oct.
Nov. 4
11
18
25
Dec.
75
91
104
102
7
14
21
28
5
102 Aug. 4
11
12.... 94
19
97
18
99
26
25
Sept. 2
9
16
23
30
2
9
16
23....
30
1952
1951
91 July
75 July
83
81
80
5
12
19
26
1953
79 July 4
11
83
82
18....
25
79
1951
79 Jan. 6
92
13
84
20
83
27
86 Feb. 3. ...
88 Aug. 2. ... 87 Aug. 1
10
90
87
8. ... 92
9
17....
95
15.... 95
93
16
100
24
23
22. ... 100
97
110
101
30
29
1952
1954
1953
98 Jan.
5
105
12. ...
104
19....
96
26....
78 Jan. 3
92
10....
90
17
83
24....
31
81 Jan.
2. . . . 81
89
9. . . . 94
92
85
16
86
86
23
87
3 0 . . . . 85
81 Feb. 2. ...
94
9. ...
94
16
23
95
84 Feb. 7 ...
87
14....
89
21 ....
83
28
88 Feb. 6. . . . 86
92
13.... 91
85
86
20
93
90
27
107 Sept. 1
102
8
15
127
111
22
110
29
105 Sept. 6
100
13
114
20
111
27
114
101 Mar. 3
100 Sept. 5
99 Mar. 1
85 Mar. 7. ... 96 Mar. 6. . . . 85
114
12. ... 102
8
88
14
100
13
92
10.... 105
113
120
17
19
101
15
90
20... . 95
21. ... 109
112
114
24
105
94
26
22
100
27
28. ... 112
89
31
29.... 101
112 Oct. 6
111
13
105
20
108
27. ...
110 Oct.
112 Apr. 7
116 Oct. 3
101 Apr. 5
109 Apr. 4
103
118 Apr. 3
126
120
14
100
12
111
10
11 .... 97
10. . . 113
124
17. ... 118
19.... 97
10S
118
17
21. ... 97
18
122
24
113
28
101
104
24. . . .101
26.... 105
25
31
113
117
116
113
4
11
18
25
109 Nov. 3
121 Nov. 1
118
10.... 127
8. ...
127
17
130
15
110
22. ...
2 4 . . . . 123
29
115 Nov. 7. ... 121 May 5
113 May 3
111 May 2
118
14.... 133
12. ... 110
10
9. ...
117
130
21
131
19
99
99
17
16
134
133
26.... 100
2 4 . . . . 105
28
23. ...
138
31
97
30
161 Dec. 6
153 Dec. 1
191
8'. . '.1('.
)1
13. ...
220
20....
15. ... 213
27....
221
22. ... 228
82
92
29
195 Dec. 5
190 June 2
95 June 7. ... 111 June 6. ... 118 June 5
97
223
12. ... 216
9. . . .108
14
116
12. . . .
13.... 112
237
19. ... 234
16.... 106
21
98
19
20.
111
146
163
26
23
92
28
91
27 .... 94
26. ..
30
89
114 May 1 ... '112
8. . . 123
128
97
105
15. ..
22. .. 106
112
29. .. 105
97
' Revised.
NOTE.—For description and weekly indexes for back years, see BULLETIN for April 1952, pp. 359-362.
646
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]
4
Federal Reserve Apr.
Mar. mos.
district,
1954
1954
area, or city
Federal Reserve Apr. Mar.
district,
1954 1954
area, or city
United States.. p+4 - 1 1
- 4 Cleve.-cont.
Met. Areas-cont.
WheelingSteubenville 2 ..
+7
Boston
Met. Areas1
Portland
Boston
Downtown
Boston
Cambridge. . . .
LowellLawrence
New Bedford.. .
Worcester2
+8
+5
+7
+ 11
+4
-13
Cities
Springfield 2
Providence .. . .
New York
1
Met. Areas
Albany-Schenectady-Troy +2
Albany
Schenectady. . . H
Binghamton. . . . + 7
Buffalo 2
+4
Buffalo
Niagara Falls.. +4
New York-N. E.| +8
New Jersey.. . +6
0
Newark2 2
N. Y. City
. . . +5
+ 14
Rochester2 2
Syracuse
Utica-Rome. . . .
Utica
Cities
Bridgeport 2 . . . .
Elmira
Poughkeepsie...
+6!
Philadelphia . .
+6
Met. Areas
Wilmington....
+ 10
Trenton 2 2
+5
Lancaster 2
+ 10
Philadelphia
.
.
.
+7
Reading 2
+3
+ 17
Scranton
Wilkes-BarreHazleton 2
+4
City 2
York
Cleveland
Met. Areas
Lexington
Akron2 2
Canton
Cincinnati22 . . .
Cleveland 2 . . . .
Columbus 2
Springfield
. ..
Toledo2
2
Youngstown
..
Erie2
2
Pittsburgh . . .
+0|
+7
+5
+ 12!
2
+3
-2
+3
-6
-5
- 6
0 City
Portsmouth 2 . . . + 19
P+8
0 Richmond
+1
+2
+4 \Met. Areas1
-9
- 3 Washington 2 . . .
^ - 2 I Downtown
Wash
-10 -10
Baltimore2 2
Asheville
2
— 1 +2 Raleigh
Winston-Salem 22
-2
-14
Charleston, S.C.
, Columbia 22
Greenville
I Norfolk2
Portsmouth
. .
2
-4
-2
Richmond
2
-3
-6
Roanoke
— 1 _ 2 Charleston,
—9 - 2
W. Va. 2
-4
-14
^ Cities
+ 1 CumberlandHagerstown. . .
.. .
| + 1 Spartanburg.
2
Lynchburg
. ..
2
-4
0 Newport News.
-3
2
—6 +4 Huntington . .
-12
- 1 Parkersburg. . .
-13
Atlanta
-10
Met. Areas1 2
Birmingham ..
— 7 Mobile
-6
Montgomery.
.
2
Jacksonville
..
2
I
Miami
_3
j Orlando
I St. PetersburgTampa
St. Petersburg
2
-19
Tampa
2
-13
- 1 .j Atlanta
-6
Augusta
- 6 Columbus
-13
0 Macon 2
— 11
Savannah
-18
I Baton Rouge22 .
I New Orleans
.
jJackson 2
2
! Chattanooga
.
2
- 2 0 - 1 0 Knoxville2
Nashville . . . .
Cities
0 Rome
-5
Meridian
-19
- 8 Bristol
-19
-6
- 8 Chicago. . . .
-23
-11
+1
1
- 1 9 -12 Met. Areas
-19
- 8 Chicago 2 . . . .
- 2 2 - 1 0 Aurora
-14
Elgin
Joliet 2
+7
+4
+ 13
+7
+8
+20
+ 13
+r
+9
+11
+4
Chicago-cont.
Met. Areas-cont.
Gary 2
Decatur
Peoria2
Rockford 2
-7
+5 Tri-Cities
(Moline,
Rockland;
-11
- 3
Davenport)
Fort Wayne 22. . .
-4
Indianapolis . . .
South Bend 2 . .
2 Terre Haute 2 . . .
-4
-10
6 Cedar Rapids.. .
-15
Des Moines. . . .
- 4
_ 5 Dubuque
-9
— 1 Sioux City
-15
+ 1 Waterloo
-8
2
—6 +3 Detroit
-i
-6
Flint 2
Grand Rapids 2 .
-12
Jackson2
-6
^
-12
Kalamazoo
- 1 2 - 1 0 Lansing2
Saginaw
Green Bay
Madison
Milwaukee2
-21
+6 - 2 0
+ 14 - 1 2
+ 1 -20
+ 13 - 1 6
- 2 -23
- 3
p+10
+6
+ 15
+ 16
+7
+4
P+6
- 9
-14
-17
-9
—7
-3
-3
+1 - 3
-2
_5
+3 - 2
+20 —5
+4 - 7
+ 10 - 8
+9 - 1 5
-7
P+5
+7 - 1 0
P+13 - 1 0
+ 12 — 11
+ 19 - 1 6
+ 16 - 6
+3 -11
+ 11
+10
+5
-23
-10
r_4
-12
p+2
+3
+9
-14
Federal Reserve
district,
area, or city
-9
|| - 1 9
- 6
-22
Mar.
1954
-7. - 2 1
+1
-1
+3
-2
+ 12
+6
-9
P0
+ 16
+(
+ 15
+4
+1
+7
-8
-17
Federal Reserve Apr. Mar. 4
district,
1954 1954 mos.
area, or city
1954
1954
Kan. City-cont
Met. Areas-cont.
Wichita
-3
0 -6
St.
Joseph. . .
-4
+ 1 Omaha.
+ 10
+3
0 - 1 52 - 1 1
Albuquerque. . .
-2
Oklahoma City. + 16| - 4
Tulsa
+9! - 9 - 3
-1
+6
-12
-3
- 2 6 — 16
-13
-7
— 1 +3
-4
-11
0
-11
-2
-12
-6
|n
-7
-19
—6
-10
-3
-18
-8
-\3.
0
Cities
Greeley
Hutchinson
Joplin
Kansas City. .. .
Enid
Dallas
-19
-9
-5
0! - 8
+ 11 - 1 1
+1
Met. Areas
Shreveport
Corpus Christi..
Dallas 2
El Paso
Fort W o2r t h . . . .
Houston
San Antonio. .. .
Waco
+3
+
+5
+21
+3
+4
+ 14 — A +5
-3
-8
+5 - 1 9
-7
+ 16 - 1 3 +4
+8
-1
+ 16
-1
+2
San Francisco.. P+2
- 1 3 Cities
—1
- 8 Danville
- 2 Battle Creek. . .
—9
Q
Muskegon
-8
- 6 Port Huron. . . . +5
- 1 3 Sheboygan
+ 18
j St. Louis
+7
1
-20
- 9 Met. Areas
2
- 1 9 - 1 7 Phoenix
-6
2
- 2 6 - 1 8 Fresno
2
4
— 1 - 1 0 Los Angeles . . .
P+6
-11
0 Downtown
2
L. A.
+
2
+6
- 1 Westside L. A.
-8
Long Beach 2 .. +4
Pasadena
+ 11
Met. Areas
- 6
+3
— 1 Santa Monica..
Smith 2
+ 10 - 1 0
- 1 Fort
Riverside
and
Rock
.. . . + 10 —3 +2
- 4 Little
2
?
San Ber1
9
Evansville
1
1
0 Louisville2
nardino 2
+4
+2 - 1 0 - 4
- 1 Springfield
+2 — 8 — 7 Sacramento2 . . . + 1
- 1 St. Louis2
San
Diego
P-4
+9 -81
0
Memphis2
+5 - 5 - 1 San FranciscoOakland 2 . . . . +2
Oakland- 2
Cities
—7
+ 1 Quincy
+9
+ 1 Berkeley
Downtown2
-24
-26
+2 Paducah
Oakland . 2.
0
j
San Francisco
Minneapolis. .
+4
—7
+
12
Vallej o 2
- 4
San Jose 2
Met. Areas1
2
-1
Paul
+6
0 Stockton2
2
+2 Mpls.-St.
Portland
Minneapolis
.
+8
+
1
—1
City 2 .
— 1 Salt Lake
St. Paul 2 . . . .
+2
— 1 Sioux Falls. . . .
Seattle 2 2
+3
+
11
+4
Spokane2
Tacoma
Cities
Mankato
+23
+4
- 6
Duluth- 2
Cities
0 -9
-2
Superior .. . .
Tucson
-1
Great Falls. . . .
Bakersfield2
+9 - 1 0
Grand Forks. .
-15
Boise and
+
10
LaCrosse
-18
Nampa
Idaho Falls
+6
Kansas City.. .
Twin
Falls
-4j
+4
Bellingham
Everett 2
-io'
- 1 3 Met. Areas
2
Denver
Walla Walla . . . - 1 2
+5
+ 1 Topeka
- 4
Yakima2
p_i_7i
-13
-15
-1
0
-5
-6
- 9
—9
-20
-9
-13
-10
-8
-10
-15
-4
-11
-2
-8
-6
-6
-10
-10
-7
-21
-13
-9
-14
Q
-3
- 4
-2
- 4
0
-5
-3
-6
-9
-9
-6
-15
-10
-15
-8
-6
- 8
- 6
-4
-4
-2
-15
-8
-10
—5
-9
—5
-13
c
4
-S
-9
-16; - 1 0
-13
-19i - 1 8
_7!
_7
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 ia located.
3 Data not available.
JUNE 1954
647
DEPARTMENT STORE STATISTICS—Continued
SALES AND STOCKS BY MAJOR DEPARTMENTS
[Based on retail value figures]
Percentage
change from a
year ago
Department
Sales
during
period
Mar.
1954
<JRAND TOTAL—entire stores
-10
Federal Reserve index numbers
without seasonal adjustment,
1947-49 average=100 2
Ratio of
stocks to
sales1
Stocks
(end of
month)
March
1954
Three
months
1954
Mar.
1954
-6
_j
3.6
3.2
1954
Stocks at end
of month
Sales during
period
1953
1954
1953
1953
Mar.
Feb.
Mar.
Mar.
Feb.
Mar.
MAIN STORE—total
-9
-6
-1
3.8
3.5
89
75
98
121
110
122
Piece goods and household textiles
+2
0
-5
4.1
4.4
79
70
78
104
100
110
Piece goods
Silks, velvets, and synthetics
Woolen yard goods
Cotton yard goods
Household textiles
Linens and towels
Domestics—muslins, sheetings
Blankets, comforters, and spreads
0
-2
-13
-1
-4
-11
-6
Q
-3
3.1
3.0
3.5
3.0
89
80
65
116
73
65
61
95
89
81
74
106
92
80
83
116
91
82
92
110
99
88
86
121
69
68
68
69
110
100
126
109
104
95
149
108
115
108
130
114
5.0
5.5
4.5
5.0
5.5
5.8
5.0
5.6
71
67
73
73
68
66
72
67
-5
-5
-1
4.5
4.3
82
78
86
115
107
115
-9
-1
-1
-7
0
-4
-2
4.1
4.1
3.9
3.8
4.3
3.9
98
89
92
72
73
86
108
89
93
134
128
107
111
117
100
134
133
109
-11
—9
-8
-24
-7
-8
-6
-16
6.6
8.7
3.8
15.2
5.7
8.1
3.3
11.2
65
58
76
46
66
57
71
58
73
64
83
61
122
130
117
121
114
125
98
115
119
132
111
118
+2
-3
-6
4.7
5.1
82
83
80
105
99
112
-2
-4
-2
+2
3.9
2.8
4.4
3.6
2.9
4.0
86
96
80
88
89
87
89
98
85
116
103
119
106
94
109
113
108
114
Women's and misses' apparel and accessories
-4
2
-6
-14
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
-14
-16
-16
-26
-28
—3
-8
-6
-9
-17
-15
0
-3
-3
-3
-3
-3
—4
— 15
-23
-8
-13
-17
-30
-13
-15
-22
-20
-24
Small wares
Laces, trimmings, embroideries, and ribbons
Notions
Toilet articles, drug sundries
Silverware and jewelry
Silverware and clocks
Costume jewelry
Fine jewelry and watches
Art needlework
Books and stationery
Books and magazines
Stationery
Underwear, slips, and negligees
Knit underwear
Silk and muslin underwear, and slips
Negligees, robes, and lounging apparel
Infants' wear
Handbags, and small leather goods
Women's and children's shoes
Children's shoes
Women's shoes
Women's and misses' ready-to-wear apparel. . . .
Women's and misses' coats and suits
Coats
Suits
Juniors' and girls' wear
Juniors' coats, suits, and dresses
Girls' wear
Women's and misses' dresses
Inexpensive dresses
Better dresses
Blouses, skirts, and sportswear
Aprons, housedresses, and uniforms
Fur3
Men's and boys' wear
Men's clothing
Men's furnishings and hats
Boys' wear
Men's and boys' shoes and slippers
-2
-4
"7
+5
+3
2.9
2.4
97
77
113
131
116
127
3.6
2.7
4.8
1.3
4.8
3.2
2.7
3.0
2.2
4.4
0.9
3.5
3.0
2.6
94
100
49
121
74
119
81
76
86
59
77
58
102
74
109
119
58
163
103
123
89
133
145
77
148
101
142
123
118
123
71
110
86
130
110
130
137
84
138
103
138
126
-3
2
-3
-4
3.6
3.7
3.8
2.6
3.6
3.7
3.7
2.8
74
88
66
76
65
79
57
66
76
90
68
75
117
145
107
95
102
129
95
81
120
149
110
100
3.2
3.2
2.6
2.4
102
84
79
71
121
109
128
132
115
110
124
130
-8
-16
-7
+4
+2
+5
+ 11
+4
5.3
5.3
5.3
4.2
3.3
4.4
111
103
114
83
67
85
134
146
131
156
156
158
143
140
141
148
141
152
-8
-15
-12
-20
+5
+6
+2
+ 10
2.4
1.9
1.6
2.1
1.9
1.4
1.3
1.4
100
108
97
136
77
77
74
92
117
138
120
179
127
121
102
159
114
117
98
157
122
114
99
145
-11
-10
-12
+ 11
+9
+ 13
+2
+4
0
2.2
1.7
2.6
1.6
1.3
1.8
113
107
120
72
70
74
141
129
155
134
124
143
121
114
126
121
114
127
1.9
1.6
2.3
1.8
1.4
2.1
100
97
102
78
76
83
108
104
110
129
123
129
114
106
122
127
119
128
-8
-7
+2
+6
-8
+7
+3
c
+1
-20
-17
-23
Co Cn to to
-5
-7
-3
-4
+ 10
++ 1 +
A
+3
+7
+6
+9
+1
+4
+3
2.9
2.8
3.8
2.7
-6
-8
-4
-3
-5
-8
_2
-40
-2
-1
-18
+7
-6
-5
3.2
2.3
8.3
2.8
2.4
5.3
92
96
41
80
89
64
99
98
68
147
119
90
126
105
83
138
126
95
-14
-6
+3
5.7
4.7
74
64
87
129
115
125
-14
-6
-27
-14
-7
-2
-15
-6
+6
6.5
5.5
4.4
7.5
5.3
5.2
3.1
6.1
79
64
94
83
67
61
62
72
91
67
129
97
145
118
120
141
130
104
106
120
136
119
115
135
+4
+5
For footnotes see following page.
648
FEDERAL RESERVE
BULLETIN
DEPARTMENT STORE STATISTICS—Continued
SALES AND STOCKS BY MAJOR DEPARTMENTS—Continued
[Based on retail value figures]
Department
Stocks
(end of
month)
Sales
during
period
Three
months
1954
Mar.
1954
Federal Reserve index numbers
without seasonal adjustment,
1947-49 average=100 2
Ratio of
stocks 1to
sales
Percentage
change from a
year ago
March
period
1954
Mar.
1954
Furniture and bedding
Mattresses, springs, and studio beds
Upholstered and other furniture
Radios, phonographs, television, records, etc
Radios, phonographs, television
Records, sheet music, and instruments
4 6
92
82
93
117
108
124
4.6
2.3
5 .4
4.7
2.5
5.5
105
119
98
109
126
106
105
119
99
127
143
123
117
140
116
131
154
126
5.5
5.7
4. 1
76
74
62
72
74
45
82
80
68
105
100
62
99
105
65
119
118
75
98
81
90
66
102
81
76
74
86
54
77
76
100
80
93
72
99
84
118
114
123
96
128
132
109
104
120
95
115
121
126
121
131
104
128
132
107
107
97
90
82
103
101
105
80
100
90
101
93
82
97
116
113
96
—8
—4
-4
-4
—8
-3
-3
+6
+2
+21
+20
+2
4.4
4.5
—7
0
3.1
4. 1
6.6
4.7
4.8
8.0
3.0
4.2
6.4
2.8
2.3
4.1
3.4
3 .0
4.7
71
63
78
107
97
106
6.8
6.5
6.2
5.8
6.7
54
43
66
41
33
55
57
47
69
114
105
114
106
100
110
111
101
114
0.9
53
82
54
88
66
114
115
138
106
98
119
96
2 2
95
71
108
117
103
118
3.4
89
77
88
112
106
121
1.6
97
70
115
116
100
114
2.4
1 .9
2.6
0.9
1 . 1
96
0)
(A
)
81
C)
(4)
98
(-0
110
f44)
()
+)
65
68
74
64
75
(4)
153
99
95
2 .5
2.0
2.2
\ A
2. 1
2.3
106
86
90
116
107
(4)
157
125
(4)
119
i1)
0)
105
98
127
133
126
(A)
93
89
101
107
109
(4)
(-0
3.1
2.8
96
71
104
125
106
123
3.1
2.9
3.3
90
110
91
116
3.5
78
73
87
65
122
131
116
107
117
100
124
130
118
1.9
115
65
152
132
107
119
3.2
3.2
92
76
95
114
106
117
4.0
3.5
100
71
118
128
117
132
110
92
108
(4)
(4)
(4)
130
113
122
01)
(4)
(4)
-5
0
=8'
—5
+2 I
—3 |
|
—3
+2
- 3 I
—1 |
—20 ;
-10 |
o I
-15
-10
j
- 1
7. 1
6.9
1 .9
2.5
+2
-26
-14
-2
-8
0
-7
—9
-16
_2
-4
—1
-31
-13
+4
+ 43
-2
+1
j
j
0
+2
+1
+8
+4
-12
+1
3.1
2.0
2.5
2.0
2 6
1 .3
1 .3
2.4
2.0
+2
0
-24 |
Homefurnishings
Barber and beauty shop
—6
—6
—4
-7
NONMERCHANDISE—total
*
-11
-15
-17
-11
-12
-10
-12
Shoes
Mar.
4.5
-28
Boys' wear
Feb.
-3
Candy
Intimate apparel
Hosiery
Underwear, corsets and brassieres
Coats and suits
Dresses
Blouses, skirts, and sportswear
Girls' wear
Infants' wear
Aprons, housedresses, uniforms
Men's and boys' wear
Men's wear
Men's clothing
Men's furnishings
Mar.
-5
— 16
-11
Women's and misses' ready-to-wear
Mar.
-5 |
-20
Domestics and blankets
Feb.
I
—6 j
—5 i
Luggage
BASEMENT STORE—total
1953
-1
0
Miscellaneous merchandise departments
Toys, games, sporting goods, cameras
Toys and games
Sporting goods and cameras
1954
-1
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
1953
1953
Mar.
Homefurnishings
Stocks at end
of month
Sales during
-13
-4
+1
_2
+ 11
-3
-15 |
0
+9
-3
0)
(0
0)
74
117
0)
99
99
127
123
121
x
The ratio of stocks to sales is obtained by dividing stocks at the end of the month by sales during the month and hence indicates the number
of months'
supply on hand at the end of the month in terms of sales for that month.
2
The 1947-49 average of monthly sales and of end-of-month stocks for each department is used as a base in computing the sales and stocks
indexes, respectively, for that department. For description of indexes, see BULLETIN for November 1953, pp. 1146-1149.
3For movements of total department store sales and stocks, see the indexes for the United States on p. 645.
4
Data not available.
NOTE.—Based on reports from a group of large department stores located in various cities throughout the country. In 1953, 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.
JUNE 1954
649
PRICES
CONSUMER PRICES
[Bureau of Labor Statistics index for city wage-earner and clerical-worker families.
1947-49 =100]
Housing
Year or
month
1929
All
items
Foods
73.3
65.6
117 4
60.3
45 9
Total
Rent
Other
shelter1
Gas
and
electricity
Solid House- Housefuels
furhold
and
nish- operafuel oil
ings
tion
Apparel
Transportation
Medical
care
Personal
care
Reading
and
recreation
Other
goods
and
services
90.6
100.9
108.5
111.3
118.4
126.2
129.7
94.9
100.9
104.1
106.0
111.1
117.3
121.3
97.6
101.3
101.1
101.1
110.5
111.8
112.8
95.5
100.4
104.1
103.4
106.5
107.0
108.0
96.1
100.5
103.4
105.2
109.7
115.4
118.2
1933
55.3
41.6
83 6
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
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
52.2
61.3
68.3
67.4
68.9
79.0
95.9
104.1
100.0
101.2
112.6
114.6
112.8
95.0
101.7
103.3
106.1
112.4
114.6
117.7
88 4
90.4
90.3
90.6
90 9
91 4
94.4
100.7
105.0
108.8
113.1
117.9
124.1
97.6
100.0
102.5
102.7
103.1
104.5
106.6
88.8
104.4
106.8
110.5
116.4
118.7
123.9
97.2
103.2
99.6
100.3
111.2
108.5
107.9
97.2
102.6
100.1
101.2
109.0
111.8
115.3
55 6
64.9
67 8
72.6
76 3
83 7
97.1
103.5
99.4
98.1
106.9
105.8
104.8
1953—Feb.. . .
Mar....
Apr.. . .
May.. .
Tune.. .
July...
Aug... .
Sept...
Oct
Nov....
Dec.. . .
113.4
113.6
113.7
114.0
114.5
114.7
115.0
115.2
115.4
115.0
114.9
111.5
111.7
111.5
112.1
113.7
113.8
114.1
113.8
113.6
112.0
112.3
116.6
116.8
117.0
117.1
117.4
117.8
118.0
118.4
118.7
118.9
118.9
121.5
121.7
122.1
123.0
123.3
123.8
125.1
126.0
126.8
127.3
127.6
106.1
106.5
106.5
106.6
106.4
106.4
106.9
106.9
107.0
107.3
107.2
123.3
124.4
123.6
121.8
121.8
123.7
123.9
124.6
125.7
125.9
125.3
108.0
108.0
107.8
107.6
108.0
108.1
107.4
108.1
108.1
108.3
108.1
113.5
114.0
114.3
114.7
115.4
115.7
115.8
116.0
116.6
116.9
117.0
104.6
104.7
104.6
104.7
104.6
104.4
104.3
105.3
105.5
105.5
105.3
129.1
129.3
129.4
129.4
129.4
129.7
130.6
130.7
130.7
130.1
128.9
119.3
119.5
120.2
120.7
121.1
121.5
121.8
122.6
122.8
123.3
123.6
112.5
112.4
112.5
112.8
112.6
112.6
112.7
112.9
113.2
113.4
113.6
107.5
107.7
107.9
108.0
107.8
107.4
107.6
107.8
108.6
108.9
108.9
115.8
117.5
117.9
118.0
118.2
118.3
118.4
118.5
119.7
120.2
120.3
1954—Tan
Feb.. . .
Mar....
Apr.. . .
115.2
115.0
114.8
114.6
113.1
112.6
112.1
112.4
118.8
118.9
119.0
118.5
127.8
127.9
128.0
128.2
107.1
107.5
107.6
107.6
125.7
126.2
125.8
123.9
107.2
107.2
107.2
106.1
117.2
117.3
117.5
116.9
104.9
104.7
104.3
104.1
130.5
129.4
129.0
129.1
123.7
124.1
124.4
124.9
113.7
113.9
114.1
112.9
108.7
108.0
108.2
106.5
120.3
120.2
120.1
120.2
indexes for this subgroup are not yet available.
NOTE.—Revised indexes, reflecting beginning January 1953 the inclusion of new series (i. e. home purchases and used automobiles) and revised
weights. Prior to January 1953 indexes are based on the "interim adjusted" and "old" indexes, converted to the base 1947-49=100.
Source.—Bureau of Labor Statistics, Department of Labor.
WHOLESALE PRICES, BY GROUPS OF COMMODITIES
[Index numbers of the Bureau of Labor Statistics, 1947-49 = 100]
Other commodities
Year or
month
All
com- Farm
modi- products
ties
Processed
foods
Total
1947
1948
1949
1950
1951.
1952
1953
96
104
99
103
114.8
111.6
110.1
100.0
107.3
92.8
97.5
113.4
107.0
97.0
98.2
106.1
95.7
99.8
111.4
108.8
104.6
1953
May
June
July
August
September
October
November
December
109.8
109.5
110.9
110.6
111.0
110
109.8
110.1
97.8
95.4
97.9
96.4
98.1
95.3
93.7
94.4
104.3
103.3
105.5
104.8
113.6
113.9
114.8
114.9
106
114.
104
114.6
103
114.5
104.3 114.6
1954
January
February
March
April
110.9
110
'110.5
111.1
97.8
97.7
'98.4
99.8
106.2
104.8
105.3
105.8
95.3
103.4
101.3
105.0
115.9
113
114.0
114.6
114.4
114.2
114.6
Tex- Hides, Fuel,
tile
power,
prod- skins,
and
and lightucts leather
and proding
apmaparel ucts terials
101.0
102.1
96.9
104.6
120.3
97.2
98.5
90.9
107.1
101.9
103.0
106.7
106.6
109.5
ToMa- FurniChem- Rub- Lum- Pulp, Metals chinture Nonme- bacco
icals
ber
and
paper,
mfrs.
ber
ery
tallic
Misand
and
and
and
other minand
and houseand cellaallied prodwood allied metal
moerals—
prodbottled
neous
prod- ucts prod- prod- ucts
hold struc- bevtive
ucts
ucts
ucts
prod. duratural erages
bles
101.4
103.8
94.8
96.3
110.0
104.5
105.7
99.0
102.1
98.9
120.5
148.0
134.0
125.0
93.7
107.2
99.2
113.9
123.9
120.3
120.2
98.6
102.9
98
100.9
119.6
116.5
116.1
91.3
103.9
104.8
110.3
122.8
123.0
126.9
92.5
100.9
106.6
108.6
119.0
121.5
123.0
95.6
101.4
103.1
105.3
114.1
112.0
114.2
93.9
101.7
104.4
106.9
113.6
113.6
118.2
98.0
100.4
101.6
102.4
108.1
110.6
115.7
97.6 100.4 107.1 105.
97.4 101.0 108.3 105.
97.5 100.0 111.1 106.
97.5 99.9 111.0 106
96.9 99.7 110.9 106
96.5 97.1 111.2 106
96.2 97.1 111.2 107
95.8 95.6 111.1 107
125.4
125.0
124.6
123.5
124.0
124.2
124.3
124.
121.8
121.5
121.1
120.4
119.2
118.1
117.3
117.4
115.4
115.8
115.8
116.2
116.9
117.5
117.3
117.1
125.7
126.9
129.3
129.4
128.5
127.9
127.9
127.5
122.4
122.9
123.4
123.7
124.0
124.1
124.2
124.3
114.1
114.3
114.7
114.8
114.9
114.8
114.9
115.0
117.2
118.1
119.4
119.6
120.7
120.7
120.8
120.
114.8 99.7
114.9 95.8
115.6 95.3
115.6 96.4
116.2 94.7
118.1 94.4
118.1 93.2
118.1 100.1
96.1
95.3
124.8
124.6
124.9
125.0
117.0
116.8
116.7
116.2
117.0
117.1
116.6
116.3
127.2
126.2
126.3
126.9
124.4
124.5
'124.5
124.4
115.2
115.1
'115.0
115.5
120.9
121.0
121.0
121.0
118.2
118.0
"117.9
121.5
100.1
104.4
95.5
99.2
110.6
99.8
97.3
95.3
94.9
'94.7
94.6
110.8
110.5
"109.2
108.8
107.2
107.
107.4
107.2
100.8
103.1
96.1
96.6
104.9
108.3
97.8
101.1
102.8
104.9
110.2
r
Revised.
Source.—Bureau of Labor Statistics, Department of Labor.
Back figures.—See BULLETIN for March 1952, pp. 311-313.
650
FEDERAL RESERVE BULLETIN
PRICES—Continued
WHOLESALE PRICES, BY GROUPS OF COMMODITIES—Continued
[Index numbers of the Bureau of Labor Statistics, 1947-49 = 100]
1954
1953
Subgroup
Apr.
Feb.
Mar.
i\pr.
106.9
93 8
87.5
103.4
96.7
102 5
95.3
137 1
89.7
91 6
91.3
106.5
95.0
89 6
91 .6
168 0
89.6
93 0
92.4
105.9
'93.4
80 1
93.4
181 2
97.4
92 9
94.9
105.5
91.7
77 9
96.5
182 2
109.2
89.2
108.5
112.7
92.9
107.4
112.6
92.8
'•106.1
112.5
94.3
103.0
104 4
109.7
168.1
120.5
103 0
110.2
191.4
108.9
••112.8
92.9
111 3
88.0
131 .6
99 9
82.5
88.8
88.5
109 0 106 4
85.4
84.9
135.8 135 .1
98.8
'98. 6
83.1
80.6
66.4
92.7
111.5
99.3
55.4
87.4
111 9
98.0
Farm Products:
Fresh and dried produce
Grains
Livestock and poultry
Plant and animal fibers
Fluid milk
Eggs..
Hay and seeds
Other farm products
Processed Foods:
Cereal and bakery products
Meats, poultry, and fish
Dairy products and ice cream
Canned, frozen fruits, and vegetables
Sugar and confectionery
Packaged beverage materials
Other processed foods . . .
103 0
209.1
106.5
88.5
106 3
84.6
132.3
98.7
78.9
Hides, Skins, and Leather Products:
Hides and skins
Leather
Footwear
Other leather products
r
56.0
86.3
111 9
••97.6
Fuel, Power, and Lighting Materials:
Coal
Coke
Gas
Electricity .
Petroleum and products
111 2
131 .8
109 5
98.0
109.3
110 9 107 9
132 5 132 5
113 5 1 11 5
101.3 "•102.9
113.5 111.5
Paperboard . . .
Converted paper and paperboard. .
Building paper and board
104 1
132 4
111 5
102.9
112.1
Feb.
Mar.
Apr.
123 1
H I .4
118.2
125.1
113.2
127.9
124.6
112.3
127.9
124.8
111.8
127.9
127 7
128.2
126 5
127.9
131.0
119.8
130.0
137.9
118.2
114.8
130.6
121.2
130 0
138.0
118.2
114.4
131.1
123.6
130.0
138.3
118.2
114.5
Metals and Metal Products'
Iron and steel.
Nonferrous metals
Metal containers
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
equipment
Miscellaneous machinery
Electrical machinery and equipment
Motor vehicles
56 5
85.8 Furniture and Other Household Dura111 .9
97.3
Apr.
Pulp, Paper and Allied Products—
Continued
103 4
112.6
229.6
102.9 Machinery and Motive Products:
Textile Products and Apparel:
Cotton products
Wool products
Synthetic textiles
Silk products.
Apparel
Other textile products
1954
1953
Subgroup
113.8
113 8
113.6
116.8
116.8
116.6
122 8
126.5
126.3
125.3
122 3
123 0 122 3
122 4
128 6
129.8
131 .5 131 7
133.0 133.0
131.8
132.6
123.6
120.6
128.2
124.9
128.5
125.1
128.2
125.2
121.3
118.9
126.8
118.9
126.8
118.9
126.5
118.9
113 8
123.2
124.2
108 0
94 9
74 9
125.4
113.9 113.7
126.2 126.2
122.3 122.6
109.7 109 5
95 7
96.1
73 8
73 8
128.1 128.2
113.6
126.2
122.6
109.7
95.7
73 8
130.3
116 4
117.6
114.2
124 6
122.1
106.0
115 3
124.7 124.7
119.8 1 1 9 . 9
117.6 1 1 7 . 3
131 9 132 0
122.1 122.1
109.9 109.9
119.8 119.8
124.7
119.8
117.3
132 0
122.1
109.9
120.2
124.0
102 9
121 5
110.0
119.8
124.0
103.5
120 7
114.6
125.1
124.0
103.5
120 7
114.6
125.1
124.0
103.5
120.7
114.6
147.9
113.7
88.7
93.2
101.8
121 1
113.0
97.2
93.5
102.0
120.4
113.0
101.1
93.5
102.0
121.2
113.0
111.1
93.5
102.5
121.3
bles:
Household furniture
Commercial furniture.
Floor covering
Household appliances
Radio
Television
Other household durable g o o d s . . . .
Nonmetallic M inerals—Structural:
Chemicals and Allied Products:
Industrial chemicals
Prepared paint
Paint materials. .
Drugs, Pharmaceuticals, cosmetics.
Fats and oils, inedible
Mixed fertilizers
Fertilizer materials
Other chemicals and products
117.0
110.5
95 4
93.0
55.9
110.7
113 2
103.1
118.4
112.8
95 2
93.9
63.5
110 0
114 0
106.8
117.9
112.8
95 2
93.9
60.5
110 0
114 0
108.1
117.4
112.8
94 7
94.0
59.9
109 9
114 1
108.1
122.3
126 3
124.2
112.9 113 8
130 3 130 3
123.3 123.7
117 0
129 3
123 7
121.5
132.0
112.0
115.5
131.1
105.0
115.6
131.1
102.9
115.3
130.8
100.7
108.8
88.3
124.9
109.7
85.7
126.8
109.7
84.1
126.8
109.7
83.2
126.8
Rubber and Products:
Crude rubber
Tires and tubes . .
Other rubber products
Lumber and Wood Products:
Lumber
Millwork
Plywood
Tobacco Manufactures
Beverages:
and Bottled
Cigarettes
Cigars
Other tobacco products
Alcoholic beverages
Nonalcoholic beverages
Miscellaneous:
Pulp, Paper, and Allied Products:
Woodpulp
Wastepaper
Paper
Flat glass
Concrete ingredients
Concrete products
Structural clay products
Gypsum products
Prepared asphalt roofing
Other nonmetallic minerals
Toys, sporting goods, small arms. .
Manufactured animal feeds
Notions and accessories
Jewelry, watches, photo equipment.
Other miscellaneous
r
Revised.
Source.—Bureau of Labor Statistics, Department of Labor.
Back figures.—See BULLETIN for March 1952, pp. 311-313.
JUNE 1954
651
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, A N D SAVING
Seasonallv ac justed annual rates
' b\ quarters
Annual tota Is
1954
1953
1929
1933
1941
1948
1949
1950
1951
1952
1953
2
1
Gross n a t i o n a l p r o d u c t
Less: Capital consumption allowances. .
Indirect business tax and related
liabilities
Business transfer payments
Statistical discrepancy
Plus: subsidies less current surplus of
government enterprises
Equals: National i n c o m e
Less: Corporate profits and inventory
valuation adjustment
Contributions for social insurance. .
Excess of wage accruals over disbursements
Plus: Government transfer payments. . .
Net interest paid by government. .
Dividends
Business transfer payments
103 8
55.8
126.4
259.0
258.2
286.8
329.8
348. 0
367.2
363.9
8 8
7.2
9.3
17.6
19.4
21.6
24.2
27. 0
29 3
28.2
7 .0
.6
.1
7.1
.7
1 .2
11.3
.5
1.6
20.4
21.6
.8
.2
23.7
.8
.4
25.7
.9
1.1
28. 1
9
5
30.0
.9
.5
29.3
.9
-1.2
-3.2
|
371 4
3
!
4
1
369.5
363.5
29.6:
30.0
30 3
30.2
.9:
.4;
30.4
.9
1.1
30.4
.9
n.a.
29. 2\
I
30.1
_ 2
357.8
1
0)
.1
.0
.0
.4
.4
1
-.1
.0
?
87 . 4
39.6
103.8
223.5
216.3
240.6
278.4
291. 6
306.4
306.7
310.7
3C8.1
300.8
10 .3
.2
-2.0
.3
14.6
2.8
31.7
5.2
29.2
5.7
36.0
6.9
42.4
8.2
40. 2
8. 6
41.1
8.9
43.8
9.0
4.J
9.0
40.7
8.8
35.0
8.7
n.a.
10.0
.0
10.5
4.5
7.2
.7
.0
11.6
4.6
7.5
.8
.0
14.3
4.7
9.1
.8
.0
11.6
4.8
9.2
.9
12.
4.
9.
1
0
9
1
9
.0
12.8
5.1
9.3
.9
.0
12.6
4.9
9.2
.9
O1
12.6!
5.0
9.4'
.9
i
.0
12.6
5. l!
9.6!
.9:
.0
13.3
5.2
9.4
.9
.0
14.2
5.2
9.6
.9
.0
.9
1 .0
5 .8
.6
.0
1.5
1 .2
2.1
.7
.0
2.6
1 .3
4.5
.5
— 3!
-.3
n.a.
j
85 .1
46.6
95.3
209.5
205.9
226.7
254.3
269. 7
284.5
281.6
284.4
286.8; 285.9
283.2
Less: Personal tax and related payments. .
Federal
State and local
.6
"l .3
1 .4
1.5
5
1.0
3.3
2.0
1.3
21.1
19.0
2.1
18.6
16.2
2.5
20.9
18.1
2.8
29 .3
26.2
3.2
34. 6
31. 1
3. 6
36.6
32.7
3.9
36.2
32 .3
3.8
36.7"
32.8
3.9
33.4
29 A
4.0
Equals: Disposable personal i n c o m e .
82 .5
45.2
92.0
188.4
187.2
205.8
225.0
235. 0
247.9
245.4
247.7
37 .0\ 36.6
33 . 11 32.7
3.9!
4.0
j
249.8 249.3
249.8
Less: Personal consumption expenditures
78 .8
46.3
82.3
177.9
180.6
194.6
208.1
218. 1
229.8
227.7
230.4
231.0
230.0
229.8
3 .7
-1.2
9.8
10.5
6.7
11.3
16. 9
18.1
17.7
17.2
18.8
19.3
20.0
Equals: Personal i n c o m e
Equals: Personal saving
16.9
NATIONAL INCOME, BY DISTRIBUTIVE SHARES
Seasonally adjusted annual rates
by quarters
Annual totals
1953
1954
1933 I 1941
National i n c o m e
87.4
39.6 103
C o m p e n s a t i o n of e m p l o y e e s
Wages and salaries2
Private
Military
Government civilian
Supplements to wages and salaries. . .
50.8
50.2
45.2
3
4.6
.6
29.3
28.8
23.7
.3
4.9
.5
Proprietors' a n d rental i n c o m e 3 . . .
Business and professional
Farm
Rental income of persons
19.7
8.3
5.7
5.8
7.2
2.9
2.3
2.0
Corporate profits a n d inventory
valuation adjustment
Corporate profits br.fore tax
Corporate profits tax liability
Corporate profits after tax
Inventory valuation adjustment
10.3
9.8
1.4
8.4
.5
-2.0
6.5
5.0
Net i n t e r e s t
64
61
51
1
223.5 216.3 240.6 278.4 291.6 306.4 306.7 310.7! 308. lj 300.8 n.a.
140.2 139.9 153.4 178.9 193.2 207.6 204.5 208.0i 210.4 207.7 205.1
134.4
115.7
4.0
14.7
5.8
133.4
113.0
4.2
16.1
6.6
145 .6
123.4
5.0
17.1
7.9
169.8
141 .2
8.6
20.0
9.1
183.6
151.1
10.4
22.2
9.6
47.3
22.1
17.7
7.5
42.1
21.6
12.8
7.
45.4
23.6
13.3
8.5
50.7
26.1
15.5
9.1
51.2
26.3
14
10.0
14.6
17 .2
31.7
33 81
13.Oi
20. 7|
-2.1
29.2
36.0
27 1
10.8
16.3
2.1
41.0
18.2
22.7
-5.0
42.4
43.7
23.6
20.1
-1.3
40.2
39.2
20.6
18.6
1.0
41 1
41.9
22.9
19.0
43.8
44.6
24.4
20.3
-.8
45.2'
45 .91
25.0!
20.8
40.7
43.3'
23.61
19.6!
-2.6!
35.0
34.0
18.6
15.4
1.0
4.1
4.3
5.0
5.7
6.4
7.0
7.8
7.6
7.7i
7.9J
8.1
20
— .4
-2.1
197 .6 194.5
198.0\ 200.6\ 198.0
164.1 161.3 164.51 166.9! 164.4
10.4
10.4
10.6!
10.3
10.5|
23.1
22.81 22.91 2 3 . l i
23.3
9.9
10.0|
10.0)
9.8
9.8;
I
49.9 50.8j 49.7!
50.0
49.1!
27.0
27.0
26.9
2 7.0
;
12 .4
13.4
12.2
12.31 26.9
10.6
10.4
10.8
11.6
10.4!
10.6
194.7
161.2
10.0
23.5
10.4
49.9
26.7
12.3
10.9
n.a.
n.a.
n.a.
n.a.
8.1
n.a. Not available.
x
Less than 50 million dollars.
-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.
3
652
FEDERAL RESERVE
BULLETIN
GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME—Con tinned
[Estimates of the Department of Commerce, in billions of dollars]
GROSS NATIONAL PRODUCT OR EXPENDITURE
Seasonally adjusted annual rate
by quarters
Annual totals
1953 ! —
329.8
Gross national product
Personal consumption
expenditures
Durable goods
Nondurable goods
Services
78.8
9.4
3 7.7
31.7
Gross private domestic
investment
Xe?v construction !
Residential, nonfarm
Other
Producers' durable equipment. . . .
Change in business inventories . . .
Nonfarm only
1.3
15.8
7.8
1.1
3.6
.5J
4.2i
• 7|
6.4j
1 .8.
1 .6 — 1.6
1.8 - 1 . 3
46.3|
3.5
22.3
20.6
III
Net foreign i n v e s t m e n t
1
G o v e r n m e n t p u r c h a s e s of
goods a n d services
Federal
National security
Other.
Less: Government sales- . . . .
State and local
8. 0
2.
8 .5
1 .3
j
22.9
100.9
54.1
3 - 31
3.4-1
42.7
17 .7
8.6
9. 1
19.9
5.0
3. 7
1
30.2
2 6 . 71 3 0 . 1
1 1 8 . 8 | 1 2 1 . 2 121.2
72.7:
7 8 . 4 76.3
52.5
54.4
25. 1
11.8
13.3
26.7
2.5
3 2
33.5!
17 ,2\
8.3|
9.01
18.7
— 2.5
- 1 .6
43.6!
25 .4\
19.3j
6.6J
.4!
18.2|
2
0
5. 9
7. 8
.6
(3)
58.61 52.5
23. l\ 2J.-7-I
11.0
12.2
12l3|
24. 6i 25.4!
10 . 91
3.71
9.6j
3. i;
-.21
21 .0
16 . 1
5 .6
(3 )
7 2
12.6
10.1
.9
36 . 6
1 .3
367. 2j 363.9 371.4 369.5! 363.5 357.8
348.0
23.8 [ 29.2
2 7.3
99.2 102.61 1 3 . 4
57.51 62.7 6 7 . 4 j
24 7
13. 8
3. 2
—
177.9 180.6 194.6208.1 218.11 229.8 227.7 230.41 231.0 230.0 229.8
82.3
9.8
44.0
28.5
18.3
6.8
3.5
1
15 . 6
42.0
22. 1
18.5
62.9
41 . 1
37.4
4.1
.4
21.8
54.9
25.0
12.2
12.8
26.2
3.7
4.0
30.7!
30.4 29.1
28.2
122.1J 121.3! 120.4 120.4
77.6!
79.21 80.5 81.3
58.5
25. 3\
12 01
13.4!
26.9
6.3
7.0
48.8
.91 -2.11 - 2 . 5 ! - 2 . 1
77.5i
54.2\
48. 9 j
5.8|
84 9
7
51 8
8 5
83 . 4
51 .6
7 .6
23^41
85.0!
rf0. M
53.51
7.6;
. 7;
24" 6i
46.8
25 .3 26 4
11 .6 12.3
13.6 14.1
26.5 25 2
-3.0 - 4 . 8
-2.3 - 4 . 4
- 1 . 0- 1 . 0
85.
60
52
g
5; 85.7
-f\ 59.5
1
50.0
8j 10.0
5!
.5
25.
26.3
82. 2
55 . 7
46. 9
8. 7
5
27. 1
PERSONAL INCOME
[Seasonally adjusted monthly totals at annual rates!
Wages anc salaries
W age and salary disbursements
Year or month
Personal
income
Total
receipts 4
Total
disbursements
Commodity
producing industries
Distn'b-
Other
labor
income 5
industries
Service
industries
Government
Proprietors'
and
rental
income6
Dividends
and
personal
interest
income
Transfer
payments 7
Less
personal
contriNonbutions agriculfor
tural
social
income 9
ance 8
1929..
1933
1941
1947
1948 .
1949
1950
1951
1952
1953
85.1
46.6
95.3
191.0
209.5
205.9
226.7
254.3
269.7
284.5
50.0
28.7
60.9
119.9
132.1
131.2
142.6
166.4
180.1
193.8
50 2
28.8
61.7
122.0
134.3
133.4
145.5
169.8
183.7
197.6
21 5
9.8
27.5
54.3
60.2
56.9
63.5
74.9
80.6
88.5
15 5
8.8
16,3
35.1
38 8
38.9
41.3
45.9
48.7
51.9
8.2
5.1
7.8
15.3
16.6
17.2
18.6
20.3
21 .8
23.7
5 0
5.2
10.2
17.2
18.7
20.4
22.1
28.7
32.5
33.5
.5
.4
.6
2.4
2 8
3.1
3.9
4.3
4.7
5.1
19 7
7.2
20.8
42.4
47 3
42.1
45.4
50.7
51 .2
49.9
13 3
8.2
9.9
14.5
16 0
17.1
19.6
20.5
21.0
22.2
1 5
2.1
3.1
11.8
11 3
12.4
15.1
12.5
12.9
13.7
1
.2
.8
2.1
2 2
2.2
2.9
3.4
3.8
4.1
76 8
43.0
86.1
170.8
187 1
188.7
209 0
234.0
249.9
267.4
1953—March...
April
May
June
July
August
September....
October
November....
December
283.6
282.7
284.7
286 3
287.5
287.0
286.3
287.2
285.9
284.6
192.4
192.8
194.2
195 6
197.3
197.1
196.0
195.6
194.5
192.5
196.2
196.6
198.0
199 5
201.2
201.0
199.9
199.3
198.3
196.3
88 8
88.8
89.3
89 8
90.6
90.2
89.3
88.7
87.7
86.4
50.9
51.0
51.7
52.2
52.9
52.9
52.7
52.7
52.9
52.2
23.2
23.4
23.5
23 9
24.2
24.1
24.1
24.2
24.1
24.2
33 .3
33.4
33.5
33.6
33.5
33.8
33.8
33.7
33.6
33.5
5.1
5.1
5.1
5.1
5.1
5.1
5.1
5.1
5.1
5.1
50.7
49.4
50.0
50.1
49.5
48.9
49.0
49.5
50.0
50.3
21.9
22.0
22 1
22.3
22.4
22.5
22.7
22.8
22.7
22.7
13.7
13.6
13.5
13.5
13.5
13.6
13.6
14.5
13.8
14.3
4.0
4.0
4.0
4.2
4.2
4.1
4.0
4.0
4.0
4.1
265.4
265.5
267.2
268.8
270.6
270.7
270.0
270.5
269.0
267.2
1954—January
February. , . . .
March
April*"
283.7
283.0
282.9
282.0
191.2
190.2
189.6
189.1
195.7
194.7
194.1
193.4
85.4
84.9
84.4
83.8
52.6
52.2
52 1
51.9
24.1
24.1
24 3
24.4
33.6
33.5
33 3
33.3
5.1
5.1
5.2
5.2
50.0
50.0
49.5
49.1
23.0
23.0
23.1
23.1
14.7
15.0
15.7
15.8
4.8
4.8
4.7
4.6
266.4
266.0
266.2
266.1
pPreliminary.
i n c l u d e s construction expenditures for crude petroleum and natural gas drilling.
3
Consists of sales abroad and domestic sales of surplus consumption goods and materials.
3
Less than 50 million dollars.
4
Total wage and salary receipts, as included in "Personal income," is equal to total disbursements less employee contributions to social insurance. Such contributions are not available by industries.
6
Includes compensation for injuries, employer contributions to private pension and welfare funds, and other payments.
includes business and professional income, farm income, and rental income of unincorporated enterprise; also a noncorporate inventory
valuation adjustment.
7
Includes government social insurance benefits, direct relief, mustering out pay, veterans' readjustment allowances and other payments, as
well as consumer bad debts and other business transfers.
8
Prior to 1952 includes employee contributions only; beginning January 1952, includes also contributions to the old-age and survivors' insurance
program of the self-employed to whom coverage was extended under the Social Security Act Amendments of 1950. Personal contributions are
not included in personal income.
•Includes personal income exclusive of net income of unincorporated farm enterprise, farm wages, agricultural net rents, agricultural net
interest, and net dividends paid by agricultural corporations.
NOTE.—Details may not add to totals because of rounding.
Source.—Department of Commerce.
JUNE 1954
653
INTERNATIONAL FINANCIAL STATISTICS
PACE
International capital transactions of the United States
656-660
Gold production
660
Estimated foreign gold reserves and dollar holdings
661
Reported gold reserves of central banks and governments
662
Net gold purchases and gold stock of the United States
663
International Monetary Fund and Bank
664
Central banks
664-668
Money rates in foreign countries
669
Commercial banks
670
Foreign exchange rates
671
Price movements in principal countries:
Wholesale prices
672
Consumers' price indexes
673
Security prices
673
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, Ban/{ing and Monetary Statistics.
JUNE 1954
655
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES
TABLE 1.—SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES,
BY COUNTRIES *
[Amounts outstanding, in millions of dollars]
Total :oreign
countries
In-
ternational
institutions 2
Date
Official
and
private
1950—Dec. 31. . 1,527.8
1951—Dec. 31 . 1,64 1 .1
1952—Dec. 31 . . 1,584.9
1953—Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
31
30.
31
30
31 .
31. .
30. .
31..
30. .
31. .
3
NethUnited
erKing- France
dom
lands
Switzerland
Italy
656.6 260.7 193 6
642.6 289.4 148.8
817.9 342.6 203 1
553 0
521.3
641.8
899 0 1,612.9
314.7 1,007.8 2,986.3
300.5 1,103.4 3,005.9 1.307.1 1,455.2
308.9 1,441 .3 3,755.5 1,420.7 1,612.9
259 1
233.3
255 0
301.8
334.0
362.6
375.8
425.6
423.4
430.7
230.7
231.5
245 .0
268.6
227.5
243.1
230.7
241 .2
252.8
242.9
632 6
657.8
624 1
650 1
659 9
663.7
664 4
661.2
653 .7
674.2
304.9
312.1
314.4
313 6
336.0
353.9
368.2
390.8
430.1
r
465 .7
714.0 414.3 211.6
734.4 437.8 215.6
797.9 423.6 215.4
670 4
669.3
666.5
Official
7,116.9 3,620.3
7,661.1 3,547.6
8,961 .2 4,654.2
1,511.1 9,092.7 4,770.5
1,562.1 9,317.8 4,953.0
1,544.5 9,395 2 5 052 8
1,528.4 9,386.2 5,106.6
1.533.9 9,467.5 5,077.0
1 ,511 .2 9,685 .9 5,242.0
1,501.8 9,902.0 5,453.6
1.575.6 9 ,946 . 3 5,511.9
1,563.9 10,127.5 5,651 . 9
1,629.4 10,019.0 5,664.7
751.6
837.3
900.0
911.2
887.6
890.0
900.8
916.3
907.8
708.9
1954—Jan. 3 1 . . 1,702.1 10,126.8 5,738.6
Feb. 28 P.
1,677.6 10,292.1 5,891 .4
Mar. 31* 4 . 1,698.5 10,350.2 5,918.7
Other
Europe
1,509.4
1,578.1
1,657 .3
1,701.2
1,798 . 8
1,910.7
1,985.3
2,037.3
2,127.7
2,211 .2
474.5 2,313.4
489.8 2,391.7
495 .6 2,415.0
Total
Europe
3,688.3
3,850.0
3,995.9
4,146.5
4,243.8
4,424.1
4,525.2
4,672.5
4,795 .3
4,733.6
Latin
America
Canada
1,349.1
1,365.0
1,231.4
1,119.4
1,142.1
1,147.5
1,197.1
1,205.7
1,260.3
1,295.5
Asia
All
other
,364.2 254.5
,595.5 297.4
,836.5 335.6
1,692.5 2,003.8 359.1
1,744.0 L,997.2 361.5
1,829 9 L,959.3 378.7
1,808.9 L,927.3 384.1
1,785 .5
,941.9 354 1
1,815.4
,955.0 343.9
1,839.7
,986.9 353.2
1,734.9 1,984.2 349.0
1,762.4 L,985 . 7 323.8
1,768.4 L,895.5 326.1
1,901 .9 319.
1,893 . 0 330.
1,801.7 328.
4,798.1 1,334.9 1,772.5
4,938.5 1,348.4 1,781.4
5,014.1 1,339.3 1,866.8
Table la.—Other Europe
Date
Other
Europe
Austria
Bel- Czech- Dengium oslo- mark
vakia
41 .9 128. 2
5 7 . 1 134. 7
91 .1 123. 9
1950—Dec. 31 . . 1 007 8
1951—Dec. 31 . . 1 103 4
1952—Dec. 31. . 1 441 3
1953—Mar. 31 . . 1 509 4
Apr. 30. . 1 578 1
M a y 31 . . \ 657 3
June 30. . 1 701 2
July 31. . 1 798 8
Aug. 31 . . 1 910 .7
Sept. 30. . 1 985 3
Oct. 31 .. 77 037 3
Nov. 30. . ,127 . 7
Dec. 31 . . 2 ,211 .2
102. 3
108. 2
115. 1
118. 7
5 6
1.3
.6
130. 8
133. 9
129. 1
128. 4
132. 9
139. 8
148. 0
118. 2
126. 9
130. 3
.6
.6
.6
1954—Jan. 31 . . 2 ,313 .4 199 7 135. 1
Feb. 2 8 P . 2 391 7 208 4 133 Q
2 ,415.0 217 4 142. 1
Mar.
.6
6
.6
129 9
144. 4
161 1
169 9
182 2
190 9
.7
.7
.6
.5
.5
.6
.6
Germ a n v,
NorFecL Greece w a y
Rep.
of
Finland
45 . 5
45 .3
70 .4
18. 3 2 2 1 . 6
27 0 4 0 5 . 6
28*. 5 5 5 1 . 1
62 .3
70 .0
69 .4
71 .0
72 .6
77 7
81 . 7
88 . 1
92 .8
95 .7
26.
26.
29.
34.
35
32
30
33
35
37
104 2
99 4
102 .4
1
9
7
3
7
8
7
5
7
9
13.2 246.8
7 . 1 124.7
12.0 218.8
2 8 9 . 3 237.9
1.6
9 . 8 243.6
1 .3 10.8 285.6
2.2
7 . 9 296.4
6 . 5 10.5 307.3
8 . 0 13.2 334.0
S.3
7.4 345 .3
2.0
9 . 0 364.8
2.8
7.7 373.6
2.0
6 . 9 381.3
6 . 1 408.0
3.1
2.3
6 . 3 450.9
5 . 8 432.0
1.8
4 2
2 .8
3A
45.7
40.7
57.4
6 1 21 .3 115.3
6 1 17 .1 71.7
6 1 19 .2 91.0
115 9
116 6
119 2
109 1
108 4
110 3
113 7
115 7
1 1 76
118 5
2 .4
2 .1
2 2
2 !o
2 .4
2 .9
3 .4
2 .2
2 .9
2 .2
54.9
55 .1
57.8
57.2
62.9
70.3
66.7
70.0
73.1
72.4
5
5
5
5
5
5
5
5
6
5
106 5 118 5
110 8 118 7
112 4 122 .0
2 .9
3 8
2 .4
71.9
74 2
76.1
5 7 32 .6 124.7
7 8 22 0 129 4
7 9 21 .9 119.2
Netherlands
West
Indies
and
Suri-
Panama,
Republic of
Peru
El
Salvador
Uruguay
Other
Vene- Latin
zuela America
32 3 43 6
45 8 99 7
47 3 110 3
585 . 7
57
626. 8
62
645 . 7
66
682. 8
70
739. 5
69
773. 3
73
793. 7
77
827. 2
85
850 o 92
8 9 8 . 8 100
39 7 9 4 3 . 1
42 e; 971 7
47 2 994 3
Yugo- All
Swe- TurPor- RuPoland tugal mania Spain den key U.S.S.R. slavia other
1
0
5
7
5
3
9
1
0
9
8 17 .6 89.2
8 18 .2 88.7
8 22 .7 88.5
8 19 .3 86.7
8 19 .9 87.9
8 22 .1 94.3
8 23 .4 103.5
8 32 . 7 96.0
0 35 .9 105.2
8 36 .0 116.7
14 3
14 1
8 4
8
8
7
8
6
8
14
16
22
14
4.0
2.5
1.7
8
4
4
0
3
4
2
7
6
2
10 9
8 8
9 «
Table lb.—Latin America
Date
Latin
America
Argen- Bo- Brazil Chile
tina livia
Colombia
Cuba
Dominican Guate- MexRemala
ico
public
nam
1950—Dec. 3 1 .
1951—Dec. 3 1 .
1952—Dec. 3 1 .
L,612.9 301.8
,455.2 49.7
1,612.9 138.8
1953—Mar. 3 1 . 1,692.5 142.5
^pr. 3 0 . 1,744.0 152.4
M a y 31 . 1,829.9 153.1
June 3 0 . I,808.9 155.6
July 31 . 1,785.5 151.3
Aug. 31 . 1,815.4 145.9
Sept. 3 0 . 1,839.7 146.6
Oct. 3 1 . 1,734.9 143.1
Nov. 3 0 . L,762 4 137.1
Dec. 3 1 . 1,768.4 130.0
1954—Jan. 31 . t,772.5 139.2
Feb. 28? 1,781.4 160.8
Mar.31? 4 1,866.8 170.4
20.4 226 . 0
27.8 100 . 3
24.5 72 .5
79.5 53.4
54.0 106.4
79.3 118.2
259.1 42.7
263.6 45.8
301.2 44.2
2 5 . 4 207.1
27.3 158.2
34.3 231.2
30.2
34.9
44.3
59 .2
67 .7
80 . 8
60 .2
47 .2
60 . 9
16. 1
27. 8
25. 6
75 1
84 7
94 1
85.2
71.9
145.5
71.3
87.8
117.4
20.1
19.6
27.4
25.6
22.9
20.6
20.3
19.9
18.8
19.1
86.2
89.1
93.1
88.1
89.1
84.1
92.1
86.0
81.5
78.8
331.3
356.9
372.5
383.0
390.0
402.1
391 .0
385.0
352.6
340.8
45.6
49.1
47.2
45.2
43.2
40.3
36.4
32.7
32.1
37.9
45.3
91 . 1
41.2 90 . 4
42.3 95 .2
44.8 97 . 1
45.6 103 . 8
45.1 108 . 1
43.6 101 .9
49.0 82 . 8
52.2 79 .9
51.5 89 .9
67 . 5
91
94
90
88
68 .2
73 .5
68 . 0
54. 8
52. 2
48. 9
44. 7
42. 1
39. 2
33. 7
28. 7
24. 9
26. 8
117.3
143.2
186.4
156.8
166.5
165.2
197.8
173.1
184.1
222.4
138.6
137.8
139.6
145.9
145.7
141.2
131.7
124.6
123.5
119.2
53.3
49.0
52.4
73 .7
69 .9
73 . 0
38. 0
42. 5
47. 2
99 5 201 .4
99 1 179.2
120.8
126.0
150.2
75 .7
81 .2
119 .7
133.6
83 .5
132 .5
164 .4
110 .0
148 .9
101 .7
18.8 101 .4
20.3 90 .1
27.1 110 .1
123.9
125.4
122.0
121.6
130.4
129.9
115.6
116.2
132.0
150.2
68.6 152.5
65.7 151.2
60.5 160.6
47.0
48.3
48.0
47.5
50.2
48.9
45.0
41.9
42.4
39.3
345.1 42.8
353.5 45.4
362.2 49.2
213.9
199.4
181.7
167.5
168.7
160.5
170.3
180.2
189.3
183.2
44.7 184.9
52.0 187.4
53.1 167.1
87 . 8
89 . 3
92 .8
63 . 8
62 .5
63 . 4
61 .2
62 . 0
60.0
7
1
2
5
91.3
89
89
93
89
109
6
0
5
4
6
102.3 188.7
P Preliminary.
»• Revised.
For footnotes see following page.
656
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
COH/»;H^
[Amounts outstanding, in millions of dollars]
Table lc—Asia and All Other
Formosa
Indoand Hong
Israe 1 Japan
China Kong India nesia Iran
Mainland
Asia
Date
I
Ko-
rea,
Phil- Thai- Other
Repub- ippines land
Asia
lic
All
other
Of 5
81 .7
87 4
76 .4
86.1 55 7 114 .7 20 .3 12. 6 458 5 19.5 374 4 48 2 9 2 . 4 254. 5
62.4 62 1 140 .6 25 .5 26. 6 596 0 26.2 329.7 96 7 142. 2 297. 4
70.9 64 6 61 . 0 19 .2 18. 8 808 0 54.4 315.1 181 0 167. 1 335. 6
70 .7
72 .1
72 .1
71 .3
71 .6
73 .3
75 .9
77 .1
77 .2
73 .6
71.4
70.1
67.3
67.2
68.2
68.5
68.8
67.9
68.7
68.0
Egypt
and
Union
Bel- Angloof
gian
tralia Congo Egyp- South Other
tian Africa
Sudan
Aus-
19.1
38.5
47.2
58.1
54.5
118.6
75.6
110.7
59.7
359. j
361. 5
378. 7
384. 1
358. 2
343. 9
353. 2
349. 0
323. 8
326. 1
54.8
57.9
66.5
67.3
54.6
53.9
54.0
58.9
58.5
59.2
125.9
124.9
130.5
126.3
119.4
112.5
116.8
110.6
94.0
89.6
53.4
54.1
54.4
55.2
45.3
44.5
43.9
44.7
40.9
43.3
33.2 91.9
36.0 88.7
33.3 94.0
37.4 97.8
37.2 101.7
39.6 93.4
38.9 99.4
44.7 90.1
38.0 92.4
38.2 95.7
1 ,901 .9 i 77 .0 68.0 97 .5 75 7 41 .5 2 6 . 0 795 4 98.7 298.1 153 3 170. 7 319. 3
1954—Jan. 31
Feb. 2 8 P 1 ,893 .0 i 79 .2 65.8 120 .2 74 .6 40 '.5 2 0 . 0 737 .7 95 .5 313.0 157 5 189. 0 330. 8
31
pi
1 ,801 .7
79 .6
2 68
47
33. 7 675 8 102 .8 309.9 155 1 181. 2 328. 4
Mar.
82
51.5
53.4
49.6
91.1
87.7
80.8
44.0
45.9
49.7
34.5
44.8
43.9
1950—Dec. 3 1 .
1951—-Dec. 3 1 .
1952—Dec. 3 1 .
1
1 364.2
595 .5
1 836.5
1953 —Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
2 ,003.8
1 ,997 2
1 ,959.3
1 ,92 7.3
1 ,941.9
1 ,955.0
1 ,986.9
1 ,984.2
1 .985.7
1 ,895 .5
31.
30.
31 .
30.
31.
31.
30.
31.
30.
31.
67 .3
64 .3
58 .9
38 .4
39 .6
33 .6
35 .1
34 .7
34 .0
39 .3
76 3
85.3
92 3
87 4
89 1
93 5
92 7
95 .3
100 0
99 0
19 .3
19 .5
17 .1
17 .8
20 .3
22 .9
31 .0
47 .4
42 .6
43 .6
•
15. 4
15. 3
16. 4
16. 5
14. 2
19. 6
19. 5
18. 3
14. 4
18. 0
897
892
882
891
910
919
932
1 54.4 324.8
6 102 . 1 327.9
9 92.0 326.1
7 82.8
84.9
76.2
76.5
912.0 76.8
914 .9 88.2
827 .9 91 .5
2
4
2
193
194
192
197
191
188
191
187
177
0
8
1
5
9
2
3
1
0
307.4
303.0
309 .8
308.8
303.3
299.2
295.5 167.9
214. 0
153. 3
142. 1
149. 4
149. 0
150. 2
1 55 .1
164. 2
169. 6
171. 2
'
44.0
7.0
23.6
57.7
86.8
86.5
98.1
99.0
104.3
Table Id.—Supplementary Areas and Countries 6
End of year
End 0 f year
Area or country
Area or country
1950
Other Europe:
Albania
Azores
British dependencies
Bulgaria
Estonia
Hungary
Iceland
Ireland, Republic of
Latvia
Lithuania
Luxembourg
Monaco
Trieste
Other Latin America :
British dependencies
Costa Rica
Ecuador
French West Indies
Guiana
Haiti
Honduras
Nicaragua
Paraguay
.6
.1
.5
.6
2.9
1.1
2.1
9.2
6.4
1 .0
11.9
2.9
4.1
8.7
6 5
19.3
and
French
1951
.1
.6
.6
2.7
i !o
3.5
15.9
1 .3
.6
11 .8
3.2
5.6
14.6
8.7
11 .4
.2
.8
7. 7
10.3
14.5
9.8
5.7
4 1
8.3
5 4
1952
1953
.2
.3
.4
.6
1 .9
1.0
3. 7
12.6
1.3
.6
5.0
2.6
4. 1
n.a.
n.a.
.4
.6
n.a.
1 .0
7.5
n.a.
1.3
.4
4.0
3.0
2 .5
14.6
12. 1
23.7
18.2
13.4
17.7
2.2
U.(,
14.1
9.4
5.0
.6
9.3
n.a.
16.0
6.0
Other Asia:
Afghanistan
British dependencies
Burma
Ceylon
French India
Indochina
Iraq
Jordan
Lebanon
Pakistan
Portuguese Asia
Saudi Arabia
Syria
All other:
British Africa
Ethiopia
French Africa
Italian Somaliland
Liberia
Libya
New Zealand
Portuguese Africa
Spanish Africa
Tangier
1950
1951
1952
1953
8.3
10.6
21.0
9.5
19.2
1 .3
7.3
12.9
.5
15.3
13.1
1. 7
13! 2
5.4
4.0
25.5
16.9
n.a.
19.8
n.a.
n.a.
n.a.
23.7
.4
3.4
.8
3. 1
2.9
5
12! 3
13.0
.7
7.9
6.8
0
3^3
26.5
.2
1 .6
.3
2 7
3!o
2
1 6! 9
1.2
6.9
36.5
. 1
6.1
.5
5^2
4.3
2
21 '5
13.9
1.8
7.7
6.9
14 1
13.8
19.3
14.4
23.9
.6
.9
2.8
9.7
5.3
15.9
11.4
18.5
20.5
1.6
3.0
27.0
1.1
10.3
2.3
3.5
6.3
2
26.7
1.6
n.a.
22.2
.3
11.8
n.a.
2.1
5.0
?
36.1
^Preliminary.
n.a. Not available.
^'Short-term liabilities" reported in these statistics represent principally demand deposits and U. S. Government obligations maturing in
not more than one year from their date of issue, held by banking institutions in the United States; small amounts of bankers' acceptances and
commercial
paper and of liabilities payable in foreign currencies are also included.
2
Includes International Bank for Reconstruction and Development, International Monetary Fund, and United Nations and other international
organizations.
Excludes Bank for International Settlements, reported under "Other Europe."
3
Represents funds held with banks and bankers in the United States (and in accounts with the U. S. Treasury) by foreign central banks
and bv foreign central governments and their agencies (including official purchasing missions, trade and shipping missions, diplomatic and consular
establishments,
etc.).
4
Beginning Mar. 31, 1954, banks whose total liabilities to foreigners are less than $500,000 are excluded. Banks claiming this exemption
reported
a
total
of 15.8 million dollars of such liabilities on that date.
5
Through March 1953, reported by banks in the Second (New York) Federal Reserve District only.
6
These data are based on reports by banks in the Second (New York) Federal Reserve District only and represent a partial breakdown of
the amounts shown in the "other" categories in Tables la-lc. For each date the Second District reported at least 90 per cent of the total amount
in the "other" categories.
NOTE.—The statistics in this section are based on reports by banks, bankers, brokers, and dealers. Certain changes in the reporting forms
and instructions were made as of Mar. 31, 1954, and there have also been changes, beginning with this issue, in the content, order, and selection
of the material published, as explained on p. 591. For discontinued tables and data reported under previous instructions, see BULLETIN for May
1954, pp. 540-545.
JUNE 1954
657
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
TABLE 2.—SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES,
BY COUNTRIES 1
[Amounts outstanding, in millions of dollars]
Date
Total
United
Kingdom
France
Netherlands
Switzerland
Italy
Other
Europe
Total
Europe
Canada
Latin
America
Asia
All
other
1950—Dec. 31
1951—Dec. 31
1952—Dec. 31
898.0
968.4
1,048.7
105.7
35.0
30.3
31.4
10.1
31.9
3.4
5.0
4.4
8.7
11.2
7.1
20.7
10.3
17.8
68.0
111.8
120.7
237.9
183.4
212.2
125.8
92.0
62.3
378.8
489.3
662.0
95.4
161.8
89.8
60.0
41.9
22.4
1953—Mar 31.
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept 30
Oct. 31
Nov. 30
Dec. 31
1 040 6
1,029.3
975 9
946.7
919 5
917.8
901 8
906.5
910 0
904 5
35 8
23.4
27 3
28.7
28 5
26.6
33 9
39.5
48 1
70 5
8 2
8.8
9 5
7.8
10 5
9.7
9 9
9.8
8 2
10 6
6 9
5.9
5 6
5.1
5 2
5.7
7 2
9.1
6 3
8.6
14 2
13.9
12 8
15.2
14 0
13.4
14 7
15.4
16 8
17 9
25 3
25.6
25 5
24.8
22 1
22.2
21 7
20.0
20 3
18 8
89 5
92.2
81 8
81.3
84 1
88.5
91 7
103.1
97 6
109.5
180.1
169.9
162 5
163.0
164 3
166.2
179 1
196.8
197 2
235.9
61 3
60.6
57 4
58.3
49 6
42.0
56 7
80.7
67 1
56 4
672 7
662 .4
635 2
602.9
590 2
594.1
540 4
502.4
506 5
472.7
106 9
114.6
99 8
100.8
94 9
95.7
105 3
104.3
117 7
114.8
19 6
21.9
21 1
21.6
20 4
19.8
20 3
22.3
21 6
24 9
924 0
901.5
868.8
66 9
59.9
59.6
7 4
7.1
9.6
6.2
9.4
13.2
18 1
16.1
12.9
16.7
17.5
13.7
132.3
131.1
134.7
247.6
241.2
243.6
51.7
59.2
60.0
473.3
450.4
424.3
125.7
126.6
115.0
25.7
24.0
25.9
Turkey
Yugoslavia
All
other
1954—j an> 3i
Feb. 2 8 P
Mar. 3 1 P 2
Table 2a.—Other Europe
Other
Europe
Date
Austria
Belgium
Denmark
Finland
Germany,
Fed.
Rep. of
Greece
Norway
Portugal
Spain
Sweden
1950—Dec. 31
1951—Dec. 31
1952—Dec. 31
68.0
111.8
120.7
.2
(3)
.8
21.5
39.6
16.2
3.2
4.8
2.1
2.2
3.1
5.6
25.4
28.3
26.8
.2
.2
.2
1.4
2.5
1.9
.5
.8
.5
1.6
18.8
11.2
6.9
5.4
2.5
.9
.6
38.8
3*9
8.6
4.0
4.0
5.4
1953—Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
89.5
92.2
81.8
81.3
84.1
88.5
91.7
103.1
97.6
109.5
.2
.1
.1
.1
.2
.4
.3
.1
.2
.8
14.8
14.1
12.4
11.6
12.2
10.3
11.1
11.0
12.3
13.0
5.1
3.6
1.5
1.3
2.3
3.5
4.3
5.7
5.3
6.2
5.1
4.1
2.9
3.8
3.5
3.4
2.3
2.7
1.8
1.9
27.2
30.2
31.0
30.9
27.0
30.3
33.6
37.3
31 .3
30.5
.3
.1
.2
.1
.1
.2
.4
.5
.7
1.3
1.5
1.1
1.3
1.1
.8
.8
1.0
.9
.8
1.0
.5
.5
.5
.5
.5
.4
.5
.4
.6
.6
5.9
7.5
6.7
6.9
14.4
20.3
24.1
22.6
22.8
24.3
2.4
3.2
2.9
2.4
2.6
1.8
2.2
1.7
2.4
2.7
18.6
17.4
10.5
11.3
8.7
4.5
1.0
7.7
7.7
15.7
1.5
3.5
4.5
4.7
5.3
5.8
4.2
5.3
4.3
4.8
6.5
6.7
7.3
6.5
6.4
6.9
6.7
7.1
7.5
6.8
132.3
131.1
134.7
.2
2
'.2
13.4
14.3
13.2
6.0
4.1
2.9
1 .5
1.3
1.3
40.1
43.6
53.4
1 .4
1 .4
1.5
1.2
1.6
1.3
.4
.5
.4
24.4
19.8
12.2
2.1
1.7
1.4
29.2
31.0
35.4
4.5
5.4
5.9
7.9
6.2
5.6
31
30
31
30
31
31
30
31
30
31
1954—Jan. 31
Feb. 2 8 P
Mar. 31P2
Table 2b.—Latin America
Latin
Amer- Argentina
ica
Date
Bolivia
1950—Dec. 31 . . 378.8
1951—Dec. 3 1 . . 489.3
1952—Dec. 3 1 . . 662.0
45.9
7.6
8.2
8.7
7.5
5.8
1953—Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
672.7
662.4
635.2
602.9
590.2
594.1
540.4
502.4
506.5
472.7
7.1
7.7
10.2
9.0
8.0
7.6
7.5
7.0
6.7
7.1
13.4
14.6
15.4
14.7
14.3
13.4
13.2
11.9
9.7
10.8
473.3
450.4
424.3
7.3
7.2
5.4
9.2
8.7
1.9
31 . .
30. .
31 . .
30..
31. .
31. .
30. .
31. .
30. .
31. .
1954—Jan. 31 . .
Feb. 2 8 P .
Mar. 31 P2
Netherlands
Guate- Mex- West
mala
ico Indies
and
Surinam
Panama,
Republic of
Peru
El
Salvador
Uruguay
Venezuela
Other
Latin
America
Chile
Colombia
Cuba
Dominican
Republic
78.0
6.8
185.0 24.8
356.4 26.4
42.5
43.7
41.7
27.6
32.3
32.5
1.9
1.8
1.6
2.6
3.8
4.2
70.6
90.6
88.6
1 .3
1.2
1.3
3.1
3.0
6.5
11.0
11.8
14.8
6.8
9.5
9.1
8.0
10.5
14.3
49.4
41.7
36.7
14.6
14.5
13.7
37.8
19.0
38.9
9.6
9.0
39.8
7.5
47.7
7.7
44.4
7.5
48.9
7 . 5 • 47.4
6.1
47.1
7.1
52.0
56.9
22.6
37.8
34.9
27.2
27.0
28.8
24.0
21.6
41 .7
49.4
51.2
2.9
2.8
2.7
2.9
1.9
1.9
1.7
1.7
1.7
1.9
4.4
4.5
3.1
3.2
3.2
3.0
3.6
4.2
4.7
4.1
96.1
86.9
83.0
88.3
86.4
89.0
79.3
86.3
90.1
92.9
2.1
2.2
2.5
2.1
2.4
2.2
1.8
3.0
1.6
2.6
4.2
5.4
4.9
5.4
5.6
5.4
5.8
4.9
7.4
4.6
14.7
12.5
13.7
14.3
13.7
15.1
16.8
17.7
18.5
20.2
4.9
5.0
3.4
4.0
3.3
3.7
4.8
6.0
7.9
8.2
7.3
7.4
4.6
3.6
3.3
3.2
3.4
3.8
4.4
3.7
35.7
33.4
35.1
35.2
35.6
35.4
36.3
39.2
40.3
41.6
14.8
14.5
14.0
13.9
15.5
14.2
16.1
18.2
18.6
19.3
60.0
62.2
57.7
2.0
1 .8
1.6
3.4
3.4
2.6
98.1
87.2
85.3
2.6
1.8
1.1
5.7
6.2
7.1
18.8
17.2
14.7
8.9
7.4
5.5
2.8
3.3
2.1
40.8
38.8
38.9
17.8
17.8
16.9
Brazil
370.7
382.0
366.5
324.1
316.2
319.6
273.7
203.6
186.5
125.1
121.9 20.9
116.7 20.1
116.0 19.9
53.1
50.6
47.8
pPreliminary.
^'Short-term claims" reported in these statistics represent principally the following items payable on demand or with a contractual maturity
of not more than one year: loans made to and acceptances made for foreigners; drafts drawn against foreigners that are being collected by banking institutions on behalf of their customers in the United States; and foreign currency balances held abroad by banking institutions and their
customers in the United States. The term "foreigner" is used to designate foreign governments, central banks, and other official institutions,
as well as banks, organizations, and individuals domiciled outside the United States, including U. S. citizens domiciled abroad and the foreign
subsidiaries and offices of U. S. banks and commercial firms.
2
Beginning Mar. 31, 1954, banks whose total claims on foreigners are less than $500,000 are excluded. Banks claiming this exemption reported
a total of 9.3 million dollars of such claims on that date.
3 Less than $50,000.
658
FEDERAL RESERVE BULLETIN
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
TABLE 2.—SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES,
BY COUNTRIES— Continued
[Amounts outstanding, in millions of dollars]
Table 2c—Asia and All Other
Formosa
Korea,
RePhil- Thai- Other
and Hong
IndoAsia China Kong India nesia Iran Israel Japan pub- 1 ippines land
Asia
Mainlic of
land
Date
1950—Dec. 31. . 95.4
1951—Dec. 31. . 161.8
1952—Dec. 31. . 89.8
18.2
10.1
10.1
3.0
3.1
1.2
16.2
13.4
4.3
.2
.3
.9
6 . 6 18.9 12.1
9 . 3 30.0 12.2
10.2 15.1 12.5
1953—Mar. 31. . 106.9
Apr. 30. . 114.6
May 31. . 99.8
June 30. . 100.8
July 3 1 . . 94.9
Aug. 31. . 95.7
Sept. 30. . 105.3
Oct. 3 1 . . 104.3
Nov. 30. . 117.7
Dec. 3 1 . . 114.8
9.4
8.8
8.4
8.1
8.2
7.9
8.5
8.5
8.5
8.1
2.0
2.7
2.1
2.3
2.3
2.9
2.9
2.6
4.3
3.1
4.0
3.9
3.1
2.9
2.5
2.7
2.9
3.4
4.1
3.7
.6
.6
.8
1.1
1.2
1.6
1.1
.6
.6
.8
10.9
11.7
12.6
12.8
13.3
13.9
13.0
14.2
13.3
13.8
1954—Jan. 3 1 . . 125.7
Feb. 2 8 P .2 126.6
Mar. 3 1 P 115.0
8.1
8.1
7.6
2.3
2.2
3.0
2.9
3.2
4.1
1.0
.9
•7
14.7 32.7 28.7
15.8 26.4 32.8
14.3 22.1 36.4
25.2
24.2
20,5
19.4
17.8
18.8
24.4
25.9
23.4
22.9
Egypt
Union
and
Bel- Anglo- of
Other
gian Egyp- South
Congo tian Africa
Sudan
13.9
51.6
24.6
60.0
41.9
22.4
40.8
22.8
10.1
4.4
5.7
6.0
.3
.2
.5
7.3
6.7
2.0
7.2
6.5
3.8
10.0
14.2
13.6
11.8
10.8
10.1
9.4
5.5
5.2
5.8
6.1
4.8
4.3
5.3
4.5
5.2
5.9
6.2
6.8
6.1
21.6
23.8
20.2
20.4
15.5
15.5
16.7
19.7
24.9
24.7
19.6
21.9
21.1
21.6
20.4
19.8
20.3
22.3
21.6
24.9
7.0
7.6
7.2
7.2
6.3
6.3
7.0
5.8
5.7
8.0
6.5
7.1
6.7
6.6
7.1
5.9
5.7
5.7
5.8
6.3
.3
.9
1.0
.3
.2
.2
.1
.2
.4
.5
2.7
2.8
2.8
2.9
2.9
2.9
2.3
2.7
2.3
2.4
3.1
3.5
3.4
4.6
3.9
4.6
5.1
7.8
7.4
7.8
6.0
8.0
4.9
5.5
4.2
4.3
23.9
25.0
17.5
25.7
24.0
25.9
6.9
7.2
7.7
6.5
6.5
6.7
.7
.5
1.3
4.7
5.1
4.5
6.8
4.6
5.7
7.6
.1
Australia
1.5
2.5
3.3
4.9
29.3
17.0
20.0
14.2
16.6
18.8
17.1
20.5
17.7
26.6
25.6
All
other
TABLE 3.—PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPES
[In millions of dollars]
U. S. Government bonds
and notes
U. S. corporate bonds
and stocks
Foreign bonds
3
Foreign stocks
Year or month
Purchases
1950
1951
1952
1953
589.2
500.4
495 .3
542 .5
1953—March. . . .
April
May
June
July
August. . . .
September.
October. . .
November.
December.
29.7
29.2
111.7
62.1
46.2
20.0
23.2
83 .9
34.6
39.5
1954—January...
February?.
March?5. . . .
58.6
44.7
47.0
TABLE 4.
Year or
month
1950
1951
1952...
1953
1953—Mar....
Apr.. ..
May...
June...
July. . .
Aug.. . .
Sept....
Oct....
Nov.. ..
Dec.. . .
1954—Tan.. . .
Feb.P. .
Mar.P..
Net
purchases
or sales
Purchases
Sales
173.8
272.3
293.9
310.1
198.2
348.7
329.6
303.4
-24.4
-76.4
-35.8
79.6
64.0
27.5
21.8
16.9
44.9
23.1
18.6
23.9
23.1
25.6
34.5
37.6
20.8
41.8
21.9
21.2
18.5
16.3
18.4
25.6
30.9
234.4
34.5
88.1
28.1
26.9
32.6
26.9
38.9
41 .6
-10.1
1.0
-24.9
23.0
2.0
.1
7.7
4.7
(4)
3.6
1.2
-12.0
-9.0
710.2
801 .0
677.4
621 .5
43.0
58.2
19.0
32.8
50.3
17.9
16.9
120.6
6.8
NET PURCHASES BY FOREIGNERS OF LONG-TERM UNITED STATES SECURITIES, BY COUNTRIES
INet sales, (—). In millions of dollars]
International
institutions
Total
foreign
countries
United
Kingdom
121.2
823.2
— 15.9 —568.4
14.7
300.2
22 7
-34.3
64.0
21.4
70.4
71.3
6.8
10.0
-.5
1.0
1.2
5.2
1.3
.5
-4.2
-14.1
-8.2
-36.2
6.3
2.5
-.6
5.4
9.0
6.8
2.6
4.2
-4.4
-13.0
14.2
-2.5
25.7
9
.7
.5
-8.1
-21.8
34.2
6.1
9.1
8.5
1.0
18.7
-38.3
7.4
9 0
France
197.8
6.0
5.5
-41.7
Nether- Switzerlands
land
73.8
—43.8
347 5
458.2
— 595 5
191.6
-120.6
30.1
13.9
-3.8
-1.0
.8
1.4
.8
.8
1.5
2.3
.3
-3.4
-5.4
-.2
-.1
-.7
.1
.4
.1
(4)
4
()
.1
.5
1.6
(4)
1.6
(4)
-.1
-.4
1.0
1.9
1.5
-1.1
-7.1
-16.2
21.3
-2.0
-2.9
-3.6
1.1
.1
2.2
1.0
.7
.3
2
Canada
— .7
l'.l
-49.0
Total
Europe
19.0
45.9
50.7
57.1
-.9
-1.1
-1.9
-.5
Q
-2'.8
-.1
1.9
.5
-.5
— .5
Latin
America
Other
Europe
-6.3
-22.2
-21.9
-21.3
4.4
2.7
2.5
5.2
2.5
5.5
9.6
1.3
2.1
1.2
.6
.1
.4
2.0
Italy
9.2
-2.5
111 .4
62.4
-1.4
10.0
6.2
1
(4)
-.2
2 6
-1.5
(4)
.8
11.4
-36.3
11 .4
12.7
4.7
7
28^5
2,1
-11.1
30.1
-.4
6.0
4.7
24.9
-3.1
-6.5
-50.5
-9.9
-14.9
-17.4
11.8
-6.8
-6.7
-3.3
-2.9
-.3
3.9
2.7
3.2
Asia
-15.3
4 8
-9 5
(4)
-.5
(4)
.2
.1
-.2
.5
.4
.1
-.5
-.5
-.3
-.1
-.2
All
other
2 7
— .7
1 9
-.9
.2
-1.0
-.5
.4
— 1
-.3
1.0
-.3
-.8
.9
.3
-1.0
1.4
P Preliminary.
*Not reported separately until Mar. 31, 1954.
2
See footnote 2 on opposite page.
3Includes
transactions of international institutions
4
Less than $50,000.
JUNE 1954
659
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
TABLE 5.—NET PURCHASES BY FOREIGNERS OF LONGTERM FOREIGN SECURITIES OWNED IN THE
' UNITED STATES, BY AREAS
[Net sales, (—).
Year or
month
[In millions of dollars]
In millions of dollars]
Inter- Total
national foreign Total
insticoun- Europe
tutions tries
- 3 . 6 -141.8
-152.7 - 2 2 4 . 3
-118.1 — 99.8
- 6 1 .2 - 1 1 .0
1950
1951
1952
1953
13
28
19
96
4
5
9
3
9
3
2
26
Assets in custody
Latin
Can-
Deposits
other
ada
-190.
-258.
-141.
-137.
Date
All
0
6
0
8
-32. 6
-33 . 8
29
33
25
34
1 .0
8
8 - 3 6 .0
3 - 1 0 .0
6 — 2 9 .9
3
7
6
25
9
9
0
8
-.1
-23.3
1953—Mar.. .
3.4
Apr... .
- 3 1 .3
—
.
5
May. .
68.3
2.1
June..
50.3
_7 2
.1
July...
- .3
2.5
Aug. . .
Sept.. .
14.0
Oct.... - 7 3 . 1
41 .1
.6 - 4 5 . 5
Nov.. .
-.5
Dec...
-20.3
—
6
33
4
4
4
1
1
3
5
2
5
7
8
7
67. 2
22 9
-is! 0
3
5! 1
—9 8
-49. 6
-23. 3
1 3
3 1
0
7 3
2 1
1 4
2 4
9 3
2 9
1 6
-1
3
- 3 .8
1
— 2 .1
2
-2 2 -4 1
_ 2 !7
18 1
— .4
1 4
—. 7
7
— .8
8 8
?
.5
5
- 5 .4
2 1
1954—Jan.. .. -100.6
.8
Feb.? .
.1
Mar. P.
8 9
10 7
8 7
— 95.3
-1 .3
-58. 9
5 6
1
1 3
_ 2 .6
- 4 .8
_ 2 .2
-74.0
-2.6
-50.1
TABLE 6.—DEPOSITS AND OTHER DOLLAR ASSETS HELD
AT FEDERAL RESERVE BANKS FOR FOREIGN
CORRESPONDENTS *
9 4
-7 4
1 0
U. S. Govt.
securities2
Miscellaneous3
1952—Dec. 31
550
2,156
86
1953—May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
1954—Jan.
Feb.
Mar.
Apr.
May
1954—May
May
May
May
515
527
566
524
512
448
417
423
440
490
494
471
527
2,455
2,449
2,378
2,588
2,641
2,674
2,694
2,586
2,632
2,716
2,784
2,840
2,969
95
101
95
95
94
97
99
106
99
88
92
96
93
601
579
533
502
2,846
2,934
2,963
2,980
95
92
91
93
31
30
31
31
30
31
30
31
31
28
31
30
31
5
12
19
26
,
,.
1
Excludes assets held for Intl. Bank and Monetary Fund and earmarked gold. See footnote 4, p. 663, 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.
P Preliminary.
iLess than $50,000.
GOLD PRODUCTION
OUTSIDE U. S. S. R.
[In millions of dollars]
D
1
Year or
month
Estimated
world
production
U.S.S.R.
1
Total
reported
monthly
roduction reported monthly
North and South America
Africa
South
Africa
Rhodesia
West Belgian2 United3
Africa2 Congo States
Canada
Mexico
Colombia
Other
Nica- Austra- India 2
lia
ragua4
Chile
$1=1 56/21 gra ins of gol d 9/io fin e: i. e., an ounce of fine gol d=$35.
1947
1948
1949
1950.
1951
1952..
1953
766.5
805 0
840.0
864.5
840 0
864.5
1953—March
April
May
June
July
August
September.
October. . .
November
December
1954—Tanuary
February
March. . . .
705.5
728 1
753.2
777.1
758.3
780.9
392.0
405 5
409.7
408.2
403.1
413.7
417 9
18.3
18 0
18 5
17.9
17.0
17.4
17 5
19.3
23 4
23 1
24.1
22 9
23.8
25 4
65 2
64.2
65.5
64.7
67.0
66.0
65.7
34 7
34 3
34 9
34.1
35.9
35.6
35.0
35 6
35 1
35.7
1 4
1 4
1 4
1 5
1 5
1 5
1 5
15
1 5
2 1
2.
2.
2
2
2
2
2 2
2 2
1.5
2.2
35.7
34 5
37.5
1.5
2.1
75.8
70 9
67 3
80.1
66.3
67.4
69.7
107.5
123.5
144 2
155.4
153 7
156.5
142.4
16.3
12 9
14 2
14 3
13 8
16.1
13.4
11.7
12 6
13.3
15 1
14 8
15 3
1
5.2
1
0
1
1
5.2
6.1
6.0
6.8
6.2
6.2
6.8
6.2
13.3
12.9
12.9
12.7
12.9
11.5
11.7
10.0
9.5
1 5
1.2
1 1
1.2
1 .1
1.4
1.3
1.4
2 0
1 2
1.2
l.l
L0
l.l
.1
1.9
L.3
6
1.1
10.8
11 1
12 9
12.0
12 3
12.9
13 0
1
1
!2
.2
1
9
6.1
9.6
5
1
.2
5.1
4.9
5.4
10.3
10 9
L.4
I 2
5.9
5 7
6 3
6 7
6 1
6.2
4
4
.3 ,
.4
.3
.3
.4
7.4
7 8
7 7
8 0
8.8
8.9
9 1
32.8
31 2
31.3
30.4
31 .3
34 3
7
.7
9
.8
9
.8
.7
.8
7
3 1
2 9
3.0
3.4
2.8
3 7
3 0
3.1
6.1
6 5
5.7
6.7
7.9
8.9
7 4
6
.7
.7
.5
.7
.6
.7
.6
6
7
5
7
7
.7
6
6
.7
Gold production in U.S.S.R.: No regular government s tatistics 3n gold production in U.S.S.R. are ava Liable, but data of percentage changes
irregularly given out by officials of the gold mining industry togethe - with certain direct figures for past yea rs, afford a basis for estimating annual
production
as follows: 1934, 135 million dollars; 1935, 158 million; 1936, 187 million; 1937, 185 million; and 1938, 180 million.
1
Estimates of United States Bureau of Mines.
2
Reported by American Bureau of Metal Statistics.
3
Yearly figures through 1952 are estimates of United States Mint. Figures for 1953 and 1954 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.
660
FEDERAL RESERVE BULLETIN
ESTIMATED GOLD RESERVES AND DOLLAR HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL INSTITUTIONS
[Amounts outstanding, in millions of dollars]
Continental Western Europe:
Austria
Belgium-Luxembourg (and Belgian
Congo)
France (and dependencies)1
Germany (Federal Republic of) . . .
Italy
Netherlands i and
Netherlands
West Indies and Surinam)
Norway
Portugal (and dependencies)
Spain (and dependencies)
Sweden
Switzerland.
.
. .
Turkey
Other-
1950
1951
Dec. 31
Dec. 31
Mar. 31 Ju ne 30 Sep t. 30
Dec. 31
Mar. 31 June 30 Sept. 30
208
238
267
1 ,098
1 ,052
1 ,225
812
1 ,122
1 ,064
1 ,381
842
1,032
1 ,022
169
437
138
309
2 ,120
157
1 ,091
1 ,055
171
469
150
335
2 ,133
157
1 ,182
1 ,064
169
499
136
337
2 ,135
153
1 289
8,574
8,907
9 ,502
10 ,077
10 458
2,62 7
2,886
3 ,051
111
340
214
354
3 ,009
108
346
214
370
3 198
105
329
219
360
3 ,284
3,626
3,910
4 ,070
4 ,047
4 211
2 ,492
2,435
2,238
2 292
2 ,417
2 486
427
390
121
515
375
301
519
721
485
393
128
527
393
309
490
812
519
451
129
579
339
311
530
814
520
481
134
587
325
311
571
779
503
423
121
531
341
337
595
772
543
431
102
548
329
329
562
867
3 , 337
3 ,369
3,537
3,672
3 708
3 ,623
3 711
159
849
341
240
766
156
898
329
271
722
157
936
324
294
656
181
958
304
281
585
185
807
319
268
617
2 280
2 ,355
2 376
2 ,367
308
307
310
307
301
50
292
38
266
44
234
49
107
106
102
126
143
898
896
434
633
901
858
390
638
969
906
545
613
1 036
1 022
604
638
1 ,035
967
691
655
1 ,052
559
94
257
132
205
524
150
331
128
224
542
154
343
129
276
603
145
342
129
281
815
160
374
130
275
905
171
391
130
283
953
164
412
134
280
2 ,023
164
828
1 ,973
165
651
1 ,977
161
769
2 ,009
171
822
734
154
356
131
280
2 010
155
947
2 ,053
151
919
2,051
2,091
6 ,829
7 ,114
7 ,244
7 ,637
8 193
8 ,368
3 ,557
120
303
241
232
2 843
99
309
197
326
2 ,284
105
293
178
337
2 ,218
103
306
159
348
2 241
109
302
170
353
2 ,318
113
312
194
347
4 ,453
3 774
3 ,197
3 ,134
3 175
1 ,988
2 157
2 ,214
2 ,396
2 437
518
543
120
530
415
311
458
560
518
417
99
575
366
306
445
634
457
417
102
609
357
294
440
689
415
398
96
635
266
309
503
679
398
406
100
601
320
302
527
683
Total. .
3 ,455
3 360
3 365
3 ,301
Asia:
Iran
Japan
Philippines
Thailand . . .
Other
160
587
377
166
579
163
729
337
210
746
164
815
339
234
728
1 ,869
2 185
Eastern Europe'*
344
309
All other:
Egypt
Other
173
28
285
42
Total
Total
Canada
Latin America:
Argentina . . Brazil
Chile
Cuba
Mexico
Uruguay
Venezuela
Other
Total
Total
Total foreign countries
International 4
Grand total
Dec. 31 Mar. 31 P
1 ,081
1 ,003
1 ,053
714
92
848
834
222
571
Sterling Area:
United Kingdom
United Kingdom dependencies. . . .
India
U/nion of South Africa
Other
1954
1953
19 52
154
883
770
651
153
980
113
323
207
356
166
1 ,044
926
893
660
152
109
334
212
369
156
155
1,026
1,022
316
311
609
168
1 062
318
304
572
2,498
2,413
2 424
2 ,309
2 196
307
306
314
306
308
227
57
229
61
218
63
217
64
224
75
334
306
676
201
327
351
330
310
283
284
290
281
281
299
19 ,139
19 226
18 959
19 ,460
2 0 , 138
20 ,470
21,261
21,736
22 591
23 ,060
23 669
3 ,090
3 171
3 094
3 ,150
3 , 266
3 ,287
3,249
3,272
3 212
3 ,331
3 401
22 ,229
22 397
22 053
22 ,610
2 3 , 404
23 ,757
24,510
25,008
25 803
26 ,391
27 070
^Preliminary.
1
Includes gold reserves of Bank of France and French dependencies only.
2
Includes holdings of other Continental OEEC countries, Finland. Yugoslavia, Bank for International Settlements, (both for its own and
European Payments Union account), gold to be distributed by the Tripartite Commission for Restitution of Monetary Gold, and unpublished
gold reserves of certain Western European countries.
34 Excludes gold reserves of the U. S. S. R.
Includes holdings of International Bank for Reconstruction and Development, International Monetary Fund, and United Nations and other
i nternational organizations.
NOTE.—Includes reported and estimated gold reserves of central banks, governments, and international institutions, and official and private
dollar holdings as shown in Tables 1 and l a - I d of the preceding Section, as well as certain longer term U. S. Government securities reported as
purchased within 20 months of maturity. For back figures see BULLETIN for March 1954, p. 245.
JUNE 1954
661
REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]
United States
Estimated
total world
(excl.
U.S.S.R.)i Treasury Total 2
End of
month
1949—Dec
1950—Dec.. . .
1951—Dec.. . .
1952—Dec. . .
35,410
35,820
35,970
36,280
1953—Apr
May. . .
June
36,390
July....
AUK
•£T.Ug. . . .
Sept... .
Oct
Nov.
Dec.. . .
1954—Jan
Feb
Mar.. . .
Apr....
36,480
36,710
P36,910
Argentina
216
216
268
Belgium
Bolivia
Brazil
Canada
698
587
621
706
23
23
23
21
317
317
317
317
496
590
850
896
40
40
45
42
21
21
21
21
21
21
21
21
21
317
317
317
317
317
317
317
317
321
924
934
944
951
960
970
976
984
996
24,427
22,706
22,695
23,186
24,563
22,820
22,873
23,252
22,562
22,537
22,463
22,277
22,178
22,128
22,077
22,028
22,030
22,639
22,590
22,521
22,353
22,275
22,220
22,146
22,112
22,091
690
695
696
701
715
721
754
766
776
21,956
21 ,958
21,965
21,969
22,044
22,036
22,035
22,083
779
787
787
788
France 3
Germany,
Federal
Republic
of
Guatemala
321
321
321
321
Indonesia
Chile
1,005
1,017
1,022
1 ,030
Colombia
Cuba
Denmark
Ecuador
299
271
311
214
32
31
31
31
21
19
22
23
41
41
41
41
41
42
42
42
42
196
196
196
196
196
196
186
186
186
31
31
31
31
31
31
31
31
31
23
23
23
23
23
23
23
23
23
42
42
42
186
186
186
31
31
31
31
23
23
23
23
52
74
Netherlands
Norway
End of
month
Egypt
1949—D C C
1950—Dec
1951—Dec
1952—Dec
53
97
174
174
523
523
548
573
28
140
27
27
27
27
247
247
247
247
178
209
280
235
140
140
138
138
256
256
333
346
52
208
208
144
195
311
316
544
51
50
50
50
27
27
27
38
28
31
46
46
1953—Apr
May....
June....
July....
Aug....
Sept
Oct
Nov. . . .
Dec
174
174
174
174
174
174
174
174
174
573
573
573
573
576
576
576
576
576
185
210
210
224
247
259
282
303
326
27
27
27
27
27
27
27
27
27
247
247
247
247
247
247
247
247
247
208
208
208
177
168
163
150
150
145
137
137
137
137
137
137
137
137
137
346
346
346
346
346
346
346
346
346
180
181
172
173
174
155
156
158
158
605
605
615
662
683
723
733
733
737
55
55
55
55
55
55
55
55
52
38
38
38
38
38
38
38
38
38
46
46
46
46
46
46
36
36
36
1954—Jan
Feb..
Mar.
Apr
174
174
174
174
576
576
576
576
340
369
387
414
27
27
247
247
247
137
137
137
137
346
160
787
772
772
772
48
47
47
47
38
38
38
38
36
36
36
36
End of
month
Portugal
El Salvador
South
Africa
Turkey
United
Kingdom
1949—Dec
1950—Dec
1951—Dec
1952—Dec
178
192
265
286
17
23
26
29
128
197
190
170
1953—Apr
May....
June....
July....
Aug
Sept
Oct
Nov. . . .
Dec...
311
318
324
330
331
337
348
350
361
29
29
29
29
29
29
29
29
29
1954—Jan
Feb
Mar
Apr
373
379
386
391
29
29
29
29
.
India
Iran
Italy
Mexico
Pakistan
International
Monetary
Fund
Peru
Bank for
International
Settlements
Sweden
Switzerland
85
61
51
51
70
90
152
184
1,504
1,470
1,452
1,411
118
118
113
113
154
150
151
143
41,688
43,300
42,335
41,846
178
236
221
207
373
373
373
373
1,451
1,495
1,530
1,692
68
167
115
196
173
175
175
175
176
175
175
175
176
53
53
54
54
54
54
54
54
54
194
194
193
203
204
206
219
219
218
1,418
1,432
1,441
1,450
1,452
1,456
1,460
1,460
1,459
113
113
113
113
113
113
113
113
113
144
144
144
144
143
143
143
143
143
42,273
42,321
42,367
42,456
42,469
42,486
42,520
42,561
42,518
217
222
222
222
222
222
222
222
227
373
373
373
373
373
373
373
373
373
1,693
1,693
1,698
1,699
1,700
1,700
1,700
1,701
1,702
242
211
193
195
188
198
195
190.
193
176
177
177
180
54
54
54
218
218
218
218
1,458
1,469
1,469
113
113
113
144
144
144
144
4
42,543
4 2,583
2,685
42,820
22 7
227
227
373
373
373
373
1,702
1,702
L.7O3
194
190
199
197
Spain
Thailand
Uruguay
Venezuela
p Preliminary.
1
Includes reported gold holdings of central banks and governments and international institutions, unpublished holdings of various central
banks and governments, estimated holdings of British Exchange Equalization Account based on figures shown below under United Kingdom,
and estimated official holdings of countries from which no reports are received.
2
Includes gold in Exchange Stablization Fund. Gold in active portion of this Fund is not included in regular statistics on gold stock (Treasury
gold) used in the Federal Reserve statement "Member Bank Reserves, Reserve Bank Credit, and Related Items" or in the Treasury statement
"United States Money, Outstanding and in Circulation, by Kinds."
3
Represents gold holdings of Bank of France (holdings of French Exchange Stabilization Fund are not included).
4
Exchange Equalization Account holdings of gold, U. S. and Canadian dollars, as reported by British Government. (Gold reserves of Bank
of England have remained unchanged at 1 million dollars since 1939, when Bank's holdings were transferred to Exchange Equalization Account.)
N O T E . — F o r 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.
662
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
j
1945
1946
1947
1948
1949
1950
1951
1952
1953
Total
United
Kingdom
Belgium
Netherlands
France
Portugal
31
14
222
69
-41
1
278.5
—47 Q
-10 0
8
8
0
264.6
15.8
—55
-10
—3
-84
0
1
8
9
-84.8
-20.0
130 8 116 0
40 7 63 0
- 2 3 S 14 0
-400.0
-80.0
320 0
629 9
-12.3
2.0
-91.7
520.0
20 2
-80.0
-24 0
—452 9
721.3
— .2
2,864.4
406.9
1,510.0
734.3
446.3
193.3
—1,725 2 — 1,020 0
75.2
469.9
393 7
440 0
—480 0
— 1,164 3
?
—79
-4
— 100
—65
8 — 15 0
S -34 9
0 —5 0
0 —59 9
Sweden
80.2
238.0
3.0
Switzerland
Other
Europe 1
Canada
Argentina
-7.4
27 3
86.6
0
5.8
6
0 2 _159.9
0
—68 0
0
-60.1
r
36 .8
337 9
-224.9
153 2
727.5
114.1
—49 9
-86 8
-20.0
—29
10
—5
-40
—38
— 15
22
—65
-15.0
-15 0
—22.9
-32.0
Q
—21
0
311 .2
3 4
— 100 0
-10 0
7
3
1
^-241.8
-49 9
—20 0
—84 8
Cuba
Mexico
-85.0
- 2 3 .8
—30 0
36 Q
-65.0
45 .4
-10.0
61 .6
— 10 0 — 16 t
28 2 — 118 ?
—60 ?
—20 0
87 7
—28 1
1951
-876.3
-55.6
291.4
715 7
Jan -Mar
Apr.-June
July-Sept
Oct -Dec
-4 5 -10
— 15
-5
—5
71.7
0
0
0
0
-17.0
-44.3
-11.2
-3.5
—1 1
- 1 2 4 .4
64 .1
-49.9
- 1 0 .0
—20 6
1952
557.3
105.7
—1 3
-268.0
Jan -Mar
Apr.-June
July-Sept
Oct.-Dec
22
-100 0
s
— 10 1
'-17.2
-5 0
11 .3
101 .4
6 9
.3
-20.0
- 2 5 .0
-54 9
-20.0
— 10 0
—28 |
1953
Jan -Mar
Apr.-June
July-Sept
Oct -Dec.
. . .
!
-599 1
-128.2
—306 6
— 130 3
-320.0 -36 S
-40.0
-3 4
— 120 0 - 1 2 4
-25 0 -IS
-15
-40 0 -IS
-1S
-32 6
0
0
0
0
-10.0
-10.0
-20 0
-25 0
-15 0
0
r-75.0
-18.8
—82.8
-65 3
1954
-20 0
-63.0 |
Tan -Mar.
3 -42.3
NET GOLD PURCHASES BY THE UNITED STATES,
BY COUNTRIES—Continued
ANALYSIS OF CHANGES IN GOLD STOCK OF
UNITED STATES
(Negative figures indicate net sales by the United States)
[In millions of dollars at §35 per fine troy ounce]
[In millions of dollars]
Year or
quarter
Venezuela
Uruguay
Other
Latin
America
Asia
and
Oceania
Union
of
South
Africa
Gold stock at
end of period
All
other
Period
Treasury
1945.
1946.
1947.
1948.
1949.
1950.
1951 .
1952 .
1953
I
!
;
I
!
-37.9 -73.1
-4.9 -9.2
-3.7
25.1
1 0 . 7 -108.0
-14.4 -50.0
-64.8
;
-.9
22.2
! 14.9
-15.0;
- 2 7 . 8 -188.3
13.7
25.0
1.0
79.1
-4.1
13.4
-52.1
-7.5
-35.4
-17.2
-17.2 « - 5 0
-25.1
»•—7.0
-3.8
-50.9
15.0
i 28.0
30.1
-11.7
-5.0
3.5
-4.0
94.3
256.0
498.6
195.7
13.1
52.1
11.5
3.7
22.9
11.9
6.9
-1.6
«-47.2
5-84.0
-2.0
-9.9
1951
Jan.-Mar....
Apr.-June
July-Sept
Oct.-Dec
12.7
20.3
19.2
-28.0
-25.0
-31.0
I
1952
Jan.-Mar
Apr.-June
July-Sept
Oct.-Dec
-18.8
-2.4
-3.9
-25.0
10.0
4.8
-17.6
-7.4
-2.0
2.0
-3.2
-2.4
.4
4.3
7.2
-.1
-1.9
1953
Jan.-Mar
Apr.-June
July-Sept
Oct.-Dec
-10.0
-5.0
-3.6
-.1
-.1
1.2
1.4
2.4
JUNE 1954
1942.
1943.
1944.
1945.
1946.
1947.
1948
1949.
1950.
1951 .
1952.
1953.
22 ,726
21 ,938
20 ,619
20 ,065
20 ,529
22 ,754
24 ,244
24 ,427
22 ,706
22 ,695
23 ,186
22 ,030
22,739
—23 0
21,981
-757.9
20,631 - 1 , 3 4 9 . 8
20,083
-547 8
623.1
20,706
22,868 2 2,162.1
24,399 1,530.4
24,563
164.6
22,820 - 1 , 7 4 3 . 3
22,873
52 7
378.9
23,252
22,091 - 1 , 1 6 1 . 0
1953—May. .
June..
July...
Aug.. .
Sept...
Oct....
Nov.. .
Dec. .
22 ,537
22 ,463
22 ,277
22 ,178
22 ,128
22 ,077
22 ,028
22 ,030
22,590
22,521
22,353
22,275
22,220
22,146
22,112
22,091
-48.7
-69.4
-168.0
-77 A
-55.6
-73.3
-34.0
-21.9
-48.9
-68.5
-171.7
—. 1 - 7 8 . 8
— .1 - 5 5 . 0
.6
-72.5
-.6
-35.1
-1.4
-21.2
6.1
6.0
6.8
6.2
6.2
6.8
6.2
6.1
1954—Jan.... 21 ,956
F e b . . . 21 ,958
Mar.. . 21 ,965
Apr. . . 21 ,969
May. . P 2 1 ,973
22,044
22,036
22,035
22,083
?22,038
-46.6
-7.7
-1.5
47.9
p-44.3
-5.5
5.1
4.9
5.4
(3)
(»)
315 7 —458.4 125 4
68.9 -803.6 48^3
-845.4 -459.8 35.8
-106.3 —356.7 32 0
311.5
456.4 51.2
1,866.3
210.0 75.8
1 680 4 — 159.2 70 9
686.5 -495^7
67^3
-371.3 -1,352.4
80.1
—549 0
617.6 66 3
684.3 - 3 0 4 . 8
67.4
2 . 2 -1,170.8
69.7
.1
-2.0
-.5
-43.3
-9.9
-2.0
? 4 4 37.5
-48.4
(3)'
1.6
9.0
P Preliminary.
footnote 2 on opposite page.
Change includes transfer of 687.5 million dollars gold subscription to International Monetary Fund.
3Not
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 6,549.8 million dollars on May 31, 1954. 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.
1
See
2
13.2
-8.9
r
Revised.
includes Bank for International Settlements.
sale of 114.3 million dollars of gold to Italy.
Includes sales of gold to Federal Republic of Germany as follows:
1953,
130.0 million dollars; 1954, Jan.-Mar., 40.0 million.
4
Includes sales of 185.3 million dollars of gold to China.
5
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
Includes
3
(-)
-9.9
1954
Jan.-Mar. . .
Total 1
EarNet
marked
Increase gold im- gold: de- Domesin total port or crease tic gold
or ingold
export
produc(-)
crease
stock
tion
663
INTERNATIONAL MONETARY FUND AND INTERNATIONAL BANK
FOR RECONSTRUCTION AND DEVELOPMENT
[End-of-month figures. In millions of dollars]
1953
1954
1954
1953
Mar. ! Dec.
Sept.
International Bank
International Fund
Jan.
Gold
Currencies (balances with depositories
and securities payable on demand):
United States
Other
Unpaid balance of member subscriptions.
Other assets
Member subscriptions
Accumulated net income
Oct.
July
1,702 1,700 1,699 1,692
1,386 1,310 1,332 1,288
14,847 4,920 H.885 4,395
799
812 1,354
796
1
1
1
1
8,739 8,739 8,737 8,737
1953
2
Net currency purchased
(Cumulative—millions of dollars)
Jan.
Apr.
Mar.
Feb.
Apr.
32.0 32.0 38.0 50.0
11.4 11.4 11.4 11.4
2.5
2.5
2.5
65.5 65.5 65.5 '37.'5
10.7 10.7 10.7 - 1 . 8
6.0
6.0
6.0
6.0
10.2 10.2 10.2 10.2
- 5 . 5 - 5 . 5 -5.5 - 5 . 5
4.5
4.5
4.5
4.5
125.0 125.0 125.0 125.0
100.0 100.0
63.8 63.
8.8
8.8
8.8
62.4
62.4 62.4
Australian pounds
Belgian francs
Bolivian bolivianos
Brazilian cruzeiros
Chilean pesos
Czechoslovakian koruny.
Danish kroner
Egyptian pounds
Finnish markkaa
French francs
Indian rupees
Iranian rials
Japanese yen
Netherlands guilders
Turkish liras
Pounds sterling
Yugoslav dinars
All other
27.0 27.0 27.0 10.0
300.0 300.0 300.0 300.0
9.0
9.0
9.0
9.0
-1.6 -1.6 -1.6 -1.6
731.6 731.6 773.9 663.4
Total.
Gold. .
Currencies (balances with depositories
and securities payable on demand):
United States
Other
Investment securities (U. S. Govt. obligations)
Calls on subscriptions to capital stock 3 .
Loans (incl. undisbursed portions and
incl. obligations sold under Bank's
guarantee)
Other assets
Bonds outstanding
Liability on obligations sold under guarantee
Loans—undisbursed
Other liabilities
General reserve
Special 3reserve
Capital
987
473
3
Mar.
7
3
1,004 1,008 1,033
430
3
385
3
446
3
1,653 1,619 1,484 1,445
21
17
27
18
742
556
653
567
92
84
76
66
357
401
325
404
10
10
9
8
87
92
71
82
46
43
35
40
1,808 1,808 1,808 1,807
includes amounts receivable from member countries for currency
adjustments:
July 1953, 5 million dollars; January 1954, 2 million.
2
As of_Apr. 30, 1954, the Fund had sold 914.0 million U. S. dollars.
In addition, other sales have included the following: to the Netherlands, 1.5 million pounds sterling (May 1947) and 300.0 million Belgian
francs (May 1948); to Norway, 200.0 million Belgian francs (June and
July 1948); to Brazil, 10.0 million pounds sterling (January 1951 and
October 1953); to Turkey, 2.0 million pounds sterling and 18.5 million
Deutsche marks (August 1953); to Japan, 5.0 million pounds sterling
(September 1953), 13.0 million pounds sterling (November 1953)
and 26.3 million pounds sterling (December 1953). Repurchases
amounted to 389.8 million dollars. Currencies the net transactions in
which amount to less than one million are reported under "All other."
3
Excludes uncalled portions of capital subscriptions, amounting to
7,231 million dollars as of March 31, 1954, of which 2,540 million
represents the subscription of the United States
CENTRAL BANKS
Bank of England
Assets of issue
department
Assets of banking
department
Other
assets2
Notes
and
coin
Discounts
and advances
Securities
.2
.4
.4
.4
.4
1,250.0
1,400.0
1,450 0
1,450.0
1,325.0
1,350.0
1,375.0
1,450.0
1,575.0
13.5
20.7
23.4
100.8
36.1
33.7
19.2
14.1
51.3
5.1
8.4
13.6
15.2
16.7
14.8
29.2
18.2
11.2
317.4
327.0
327.6
331.3
401.1
489.6
384.0
389.2
371.2
1953—May 27
June 24 .
. . .
July 29
Aug. 26
Sept. 30 . .
Oct. 28
Nov. 25
Dec. 30 ..
.4
.4
.4
.4
.4
.4
4
.4
1,550.0
1,600.0
1,625.0
1,575.0
1,575.0
1,575.0
1,575 0
1,675.0
19.8
62.2
29.0
32.2
45.2
45.5
27 9
57.8
6.0
8.1
10.7
3.6
5.2
12.9
7 6
4.9
I954—j a n
Feb.
Mar
Apr.
.4
.4
4
41,575.0
1,575.0
M,625 0
1 ,625.0
42.6
29.9
51 .3
15.5
15.4
14.0
15 2
(Figures in millions of
pounds sterling)
1944—Dec.
1945—Dec.
1945—Dec.
1947—Dec<
1948—Dec.
1949—Dec.
1950—Dec.
1951—Dec.
1952—Dec.
27
26
25
31
29
28
27
26
31
27
24
31
28
Gold1
.2
.2
2
.2
.4
7.5
Liabilities of banking department
Note
circulation 3
Deposits
Bankers'
Public
1,238.6
1,379.9
1,428.2
1,349.7
1,293.1
1,321.9
1,357.7
1,437.9
1,525.5
260.7
274.5
278.9
315.1
314.5
299.2
313.5
299.8
302.8
384.9
346.9
369.1
367.8
356.6
343.2
362.9
338.1
1,532.4
1,540.2
1,598.8
1,545.7
1,532.7
1,532.4
1,549 9
1,619.9
330.2
340.1
319.3
369.5
1,535.2
1,547.9
1,576 9
1,612.6
Other
liabilities and
capital
ECA
Other
5.2
5.3
10.3
18.6
11.7
11.6
15.4
13.4
10.0
17.4
97.9
.4
.6
24.3
52.3
58.5
57 3
95.5
92.1
111.2
85.0
89.8
78.5
260.3
276.7
274.8
277.5
287.3
287.3
288 8
290.2
15.7
9.8
9.8
8.8
10.7
9.9
10 4
14.9
45.7
44.5
38.4
31.6
19.9
17.6
11 5
7.2
71.0
68.2
67.5
67.3
70.6
68.9
69 9
70.4
18.0
18.1
18.3
18.4
18.6
17.8
17 9
18.2
278.6
284.0
262 7
289.3
10.7
10.9
30 6
11.7
12.5
4.7
1 0
68.1
65.9
72 9
67.1
18.3
18.4
18 6
17.8
6.6
17.8
17.8
18
18.
18.
18.
18.
18.
18.
3
Notes issued less amounts held in banking department.
^Fiduciary issue decreased by 50 million pounds on Jan. 6, by 25 million on Jan. 13 and Jan. 27 and increased by 50 million on Mar. 17.
For details on previous changes, see BULLETIN for February 1954, p. 222.
NOTE.—For back figures, see Banking and Monetary Statistics, Table 164, pp. 638-640; for description of statistics, see pp. 560-561 in same
publication.
664
FEDERAL RESERVE BULLETIN
CENTRAL BANKS—Continued
Liabilities
Bank of C a n a d a
(Figures in millions of
Canadian dollars)
Gold*
Sterling
and United
States
dollars
Dominion and provincial government
securities
Deposits
Other
assets
Shortterm 2
Other
Other
! liabilities
and
capital*
Note
circulation
Chartered
banks
Dominion
government
Other
1941- -Dec.
1942- -Dec.
1943- -Dec.
1944- -Dec.
1945- -Dec.
1946- -Dec.
1947- -Dec.
1948- -Dec.
1949 - -Dec.
1950- -Dec.
1951- -Dec.
1952- -Dec.
31.
31.
31.
30.
31.
31 .
31
31 .
31 .
30.
31.
31 .
200.9
.5
.6
172.3
156.8
1.0
2.0
.4
74.1
111.4
117.8
77.1
391.8
807.2
787.6
906.9
1,157.3
1,197.4
1,022.0
1,233.7
1,781.4
1,229.3
1,141.8
1,459.8
216.7
209.2
472.8
573.9
688.3
708.2
858.5
779.1
227.8
712.5
1,049.3
767.2
33.5
31.3
47.3
34.3
29.5
42.1
43.7
45.4
42.5
297.1
135.2
77.3
496.0
693.6
874.4
,036.0
,129.1
,186.2
,211.4
,289.1
,307.4
,367.4
,464.2
,561.2
232.0
259.9
340.2
401.7
521.2
565.5
536.2
547.3
541.7
578.6
619.0
626.6
73.8
51.6
20.5
12.9
153.3
60.5
68.8
98.1
30.7
24.7
94.9
16.2
6.0
19.1
17.8
27.7
29.8
93.8
67.5
81.0
126.9
207.1
66.1
44.5
35.1
24.0
55.4
209.1
198.5
42.7
42.4
43.1
119.2
172.6
200.0
132.9
1953—May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
30.
30.
31.
31 .
30.
31.
30.
31.
59.3
66.4
74.9
67.4
69.0
70.5
61.2
54.9
1,364.8
1,405.5
1,451.6
1,414.0
1,385.7
1,469.9
1,378.6
1,376.6
821.4
852.0
838.5
830.9
824.9
812.1
894.9
893.7
99.9
100.2
87.5
83.0
81.0
118.6
89.7
112.0
,517.9
,529.0
,547.2
,549.7
,552.5
,555.9
,559.3
,599.1
594.9
647.6
646.6
617.8
616.9
733.6
625.6
623.9
45.6
47.9
43.8
66.4
15.4
3.8
50.3
51.5
72.1
82.6
68.7
35.2
37.8
37.2
43.4
29.5
114.8
116.9
146.3
126.4
138.0
140.8
145.7
133.1
1954—Jan.
Feb.
Mar.
Apr.
30.
27.
31 .
30.
61.6
53.0
50.0
58.3
1,328.3
1,374.8
1,552.8
1,703.8
880.6
900.8
636.3
568.0
103.1
116.7
146.2
101.2
,519.2
,506.2
,512.6
1,535.7
634.4
676.6
660.0
661.7
29.5
34.4
28.9
27.3
141.6
102.0
102.0
120.6
Liabilities
Assets
Bank of France
(Figures in
millions of francs)
Golds
Foreign
exchange
Domestic bills
Open
market 6 Special
Other
Current
69,500
68,250
64,400
15,850
1941—Dec. 31.
1942—Dec. 31.
1943—Dec. 30.
1944—Dec. 28.
1945—Dec. 27.
1946—Dec. 26.
1947—Dec. 31.
1948—Dec. 30.
1949_Dec. 29.
1950—Dec. 28.
1951—Dec. 27.
1952—Dec. 31.
6,812
38
84,598
8,420
37
84,598
9,518
37
84,598
12,170
42
75,151
17,980
68
129,817
7
37,618
94,817
67,395
12
65,225
97,447
30
65,225
62.2 74 61,943 137,689
182,785 162,017 136,947
191,447 28,320 234,923
200,187 31,068 274,003
12
169
29
48
303
3,135
64
8,577
28,548
34,081
31,956
57,042
4,517
5,368
7,543
18,592
25,548
76,254
117,826
238,576
335,727
393,054
741,267
937,459
1953—May 28.
June 25.
July 30.
Aug. 27.
Sept. 24.
Oct. 29.
Nov. 26.
Dec. 31.
200,187
200,187
200,187
201,282
201,282
201.282
201,282
201,282
14,896
15,088
2,275
2,870
4,803
9,319
12,444
15,421
291,555
281,415
262,811
276,048
260,777
272,559
255,680
292,465
28,494
20,630
15,341
4,877
23,441
49,968
59,533
61,108
1954—Jan.
Feb.
Mar.
Apr.
201,282
201,282
201'.282
201,282
18,596
20,807
23,646
2 7,862
262,211
272,186
227,003
218,436
56,988
51,577
40,319
33,162
28.
25.,
25.
29.
Advances to
Government 6
Other
assets 6
Note
circulation
Other
EGA
Other
Other
liabilities
and
capital
368,474
*21,318
*15,596
7,078
4,087
7,213
10,942
16,206
19,377
24,234
41,332
49,305
Deposits 7
Government
67^900
147,400
150,900
157,900
158,900
160,000
172,000
182,507
250,965
366,973
475,447
445t447
480,447
558,039
558,039
560,990
481,039
481,039
479,982
17,424
16,990
16,601
20,892
24,734
33,133
59,024
57,622
112,658
212,822
190,830
159,727
270,144
382,774
500,386
572,510
570,006
721,865
920,831
987,621
,278,211
,560,561
,841,608
,123,514
1,517
770
578
748
12,048
765
733
806
1, 168
70
29
27
15,058
10,587
897
25,272
29,935
33,137
37,855
57,755
63,468
82,479
171,783
158,973
161,720
166,226
137,727
926,296
926,024
960,622
953,856
905,862
877,283
836,117
891,560
199,600
199,700
200,000
200,000
200,000
200,000
200,000
200,000
534,982
554,982
650,482
668,349
617,049
632,149
654,949
679,849
129,412
118,309
139,754
144,154
133,385
152,085
150,222
169,964
,065,483
,054,347
,163,216
,176,277
,141,807
,193,383
,168,977
,310,452
64
46
70
41
73
96
78
21
18,525
16,838
18,883
397
394
479
458
2,061
182,849
182,828
193,516
188,594
139,313
139,662
131,490
142,823
58,501
62,276
55,788
86,126
65,011
61,023
69,224
56,292
895,508
870,066
905,854
982,829
195,000
195,000
195,000
195,000
657,549
667,549
672,949
663,349
162,772 2,253,485
159,027 2,257,405
146,195 2,235,417
9
192,424 2,322,140
72
42
70
15
628 133,398
627 1131,996
79 114,617
98 |132,387
62,323
47,425
62,064
59,704
x
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
Securities maturing in two years or less.
3
Includes notes held by the chartered banks, which constitute an important part of their reserves.
4
Beginning November 1944, includes a certain amount of sterling and United States dollars.
5
For details on devaluations and other changes in the gold holdings of the Bank of France, see BULLETIN for September 1951. p. 1211; September 1950, pp. 1132 and 1261; June 1949, p. 747; May 1948, p. 601; May 1940, pp. 406-407; January 1939, p. 29; September 1937, p. 853;
and November
1936, pp. 878-880.
6
For explanation of these items, see BULLETIN for January 1950, p. 117, footnote 6.
7 Beginning January 1950, when the Bank of France modified the form of presentation of its statement, the figures under this heading are
not strictly comparable with those shown for earlier dates.
^Includes the following amounts (in millions of francs) for account of the Central Administration of the Reichskreditkassen: 1941, 64,580;
1942, 9 16.857; 1943, 10,724.
Includes advance to Stabilization Fund, amounting to 54.1 billion francs on Apr. 29.
NOTE.—For back figures on Bank of Canada and Bank of France, see Banking and Monetary Statistics, Tables 166 and 165, pp. 644-645
and pp. 641-643, respectively; for description of statistics, see pp. 562-564 in same publication. For last available report from the Reichsbank
(February 1945), see BULLETIN for December 1946, p. 1424.
JUNE 1954
665
CENTRAL BANKS—Continued
1954
Central Bank
(Figures as of last report
date of month)
Apr.
Mar.
Feb.
Central Bank of the Argentine
Republic (millions of pesos):
1 ,623 1,623
Gold reported separately
1 ,765 1,635
Other gold and foreign exchange.
3,855 3,879
Government securities
60,563 58,465
Rediscounts and loans to banks..
254
306
Other assets
25,862 25,820
Currency circulation
37,548 35,530
Deposits—Nationalized
606
620
Other sight obligations
4,044 3,939
Other liabilities and capital
Commonwealth Bank of Australia (thousands of pounds):
539,055 538,989 534,536
Gold and foreign exchange
Checks and bills of other banks.. 10,050 11,479 5,259
Securities (incl. Government and
402,491 381,314 373,246
Treasury bills)
79,360 87,365 64,324
Other assets
349,613
341,113 336,863
Note circulation
Deposits of Trading Banks:
373,920
373,920 323,720
Special
34,364 33,226 45 ,950
Other
273,059
270
Other liabilities and capital
,888 270,833
Austrian National Bank (millions
of schillings):
186
186
157
Gold
8,164
7,899 7,607
Foreign exchange
5,459 5,376 5,565
Loans and discounts
1,780
1,780
1,855
Claim against Government
35
35
38
Other assets
10,544
10,423
10,404
Note circulation
2,562 2,284 2,109
Deposits—Banks
757
699
830
Other
1,761
1 ,868 1,879
Blocked
National Bank of Belgium
(millions of francs):
39,380 39,354 39,356
Gold
Foreign claims and balances (net). 12,335 13,247 13,2 73
5,655 5,384 5,172
Loans and discounts
Consolidated Government debt.. 34,660 34,660 34,660
7,812
5,393
7,417
Government securities
4,450 4,216
4,021
Other assets
98,157
97,274
98,234
Note circulation
1,989
1,504
2,068
Deposits—Demand
115
119
105
EC A
4,031
3,359 3,492
Other liabilities and capital
(Dec.
Central Bank of Bolivia—Mone1953)*
tary dept. (millions of bolivianos):
4,418
Gold at home and abroad1
28,636
Foreign exchange (net)
5,945
Loans and discounts
2 ,505
Government securities
186
Other assets
12,389
Note circulation
2 ,983
Deposits
6,318
Other liabilities and capital . . . .
Central Bank of Ceylon (thousands
of rupees):
391,747 329. 305,314,036
Foreign exchange
200 20,100
100 35 "
Advances to Government
79,327 91 021 124,619
Government securities
3,820 3 911
4,457
Other assets
355,713 348, 101 348,291
Currency in circulation
440
700
1,472
Deposits—Government
73,283 66 280 70,513
Banks
45,298 44, 615 42,935
Other liabilities and capital
Central Bank of Chile (millions
of pesos):
5,655 5,649
5,661
Golds
215
503
538
Foreign exchange (net) 4
Net claim on Int'l. Fund
2,490 1,801 '2^124
Discounts for member banks.... 11,509 11,509 10,495
Loans to Government
7,543 7,392 7,428
Other loans and discounts
3,590 2,737 2,660
Other assets
20,514 19,369 19,481
Note circulation
5,016 4,693 4,826
Deposits—Bank
621
722
819
Other
4,525 3,733
5,181
Other liabilities and capital
Bank of the Republic of Colombia
(thousands of pesos):
373,216 367,355 371,802
Gold and foreign exchange4
24,377 24,377 24,376
Net claim on Int'l. Fund
Apr.
1953
1954
1953
Central Bank
(Figures as of last report
date of month)
Apr.
Mar.
Feb.
Bank of the Republic of Colombia— Cont.
330,91 306,968 269,466
Loans and discounts
Government loans and securities. 257,504 258 ,418 254,083
124,724 125,800 124,534
Other assets
595,17 580,923 597,11
Note circulation
400,44 348,200
413,041
Deposits
Other liabilities and capital.... 102,519 101,551 98,945
Central Bank of Costa Rica
(thousands of colones):
11,503 11,503 11,503
Gold
105,349 104,291 96,85:
Foreign exchange
7,032
7,03:
7,032
Net claim on Int'l. Fund4
445,413
91,625 93,596 97,575
Loans and discounts
6,406
Securities
27,324 26,462 24,122
Other assets
441,850
135,930 137,548 140,523
Note circulation
98,531
77,424 76,290 67,956
Demand deposits
327,418
29,479 29,046 28,605
Other liabilities and capital
National Bank of Cuba
301,870
(thousands of pesos):
34,105
185,748 185,748
Gold
328,808
36,509 27,767
Foreign exchange (net)
Foreign exchange (Stabilization
276,383 267,950
Fund)
100
7,616
7,616
Silver
2,450
12,512 12,512
Net claim on Int'l. Fund4
6,424
34,073
43,641
Loans and discounts
2,492
33,196 28,854
Credits to Government
43
68,856 69,220
Other
assets
8,859
09,930
421,t
Note
circulation
305
226,475 208,037
Deposits
402
16,313 15,772
Other
liabilities
and
capital
1,943
National Bank of Czechoslovakia 0
National Bank of Denmark
(millions of kroner) :
34,492
69
69
69
Gold
14,488
1,008
931
1,010
Foreign exchange
5,618
210
121
193
Loans
and
discounts
34,660
502
481
503
Securities
9,272
Govt. compensation account. . . . 3,233 3,233 3,234
3 ,939
146
128
121
Other
assets
97,242
1,951
1,972
1,981
Note circulation
1,532
1,370
1,477
1,374
Deposits—Government
221
1,478
1,431
1,548
Other
3,475
222
229
226
Other liabilities and capital
Central Bank of the Dominican
Republic
(thousands
of
pesos):
1,396
12,076 12,076 12,076
Gold
2 ,986
25,358 23,867 18,802
Foreign exchange (net)
2,325
1 ,250
1,250
1,250
Net claim on Int'l. Fund4
2,192
1 ,860
1,661
1,766
Loans and discounts
527
9,420 9,420 9,420
Government securities
7,537
6,807 3,720 3,722
Other assets
1,073
35,703 36,796 36,096
Note circulation
816
18,842 13,318 9,089
Demand deposits
1,945
2,028
1,984
Other liabilities and capital
341,690 Central Bank of Ecuador
(thousands of sucres):
86,400
342,395 342 368 342,349
Gold
124,087
59,353 80 679 77,233
Foreign exchange (net) 4
2,523
18,757 18 757 18,757
393,459
Net claim on Int'l. Fund
372,967 369 369 334,770
2 ,305
Credits—Government
173,355 175 135 188,052
120,565
Other
193,856 176 849 170,125
38,371
Other assets
593,720 74 832 71,377
Note circulation
Demand deposits—Private banks 179,392 174 055 77,258
167,736 192 556 187,976
1 ,352
,
Other
219,834 221 716 194,675
198
Other liabilities and capital
387 National Bank of Egypt (thou1 ,889 sands of pounds):
4,059
60,553 60,553 60,553
Gold
9,880
24,301 22,617 19,475
Foreign exchange
2,766
Foreign and Egyptian
13,951
247,804 251,445 258,975
Government securities
3,172
13,656 15,070 19,036
Loans and discounts
376
Advances to Government
3,033
1,617
1,580
1,954
Other assets
69,070 172,118 179,110
Note circulation
61,109
69,678 71,071
Deposits—Government
338,103
08,579 101,717 99,179
Other
24,373
9,172 8,125 10,259
Other liabilities and capital....
1,358
634
2,850
52,227
268
21,68.
31,676
593
3,385
Apr.
330,884
181,388
'97,655
521,011
365,877
'85,516
11,511
116,271
7,031
63,100
3,760
25,017
139,074
66,002
21,614
195,748
79,933
199,514
18,590
12,511
47,552
39,928
61,582
437,288
205,349
12,723
69
784
114
450
3,310
174
1,887
1,451
1,389
175
12,076
17,010
1,250
639
8,940
'2,165
32,429
7,779
r
l,873
339,002
220,445
18,757
294,455
161,507
168,785
562,685
181,392
229,149
229,725
60,553
23,348
307,015
9,989
i ,971
186,876
77,931
128,426
9,642
•Latest month available.
'Revised.
*On May 14, 1953, gold reserve revalued from 0.0148112 to 0.00467722 grams of fine gold per boliviano.
3
Represents chiefly bills secured by stocks of mined tin not yet sold in world markets.
3On
Oct. 5f 1953, gold revalued from 0.0286668 to 0.00807883 grams of fine gold per peso.
4
This figure represents the amount of the country's subscription to the Fund less the bank's local currency liability to the Fund.
*For last available report (March 1950), see BULLETIN for September 1950, p. 1262.
666
FEDERAL RESERVE BULLETIN
CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)
Central Reserve Bank of El Salvador (thousands of colones):
Gold
Foreign exchange (net) 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 German States 2
(millions of German marks):
Gold
Foreign exchange
Loans and discounts
Loans to Government
Other assets
Note circulation
Deposits—Government
Banks
Other
Other liabilities and capital
Bank of Greece (billions of drachmae):
Gold and foreign exchange (net)
Loans and discounts
Advances—Government
Other
Other assets
Note circulation
Deposits—Government
Reconstruction and
relief accts
Other
Other liabilities and capital
Bank of Guatemala (thousands of
quetzales):
Gold
Foreign exchange (net)
Gold contribution to Int'l. Fund. .
Rediscounts and advances
Other assets
Circulation—Notes
Coin
Deposits—Government
Banks
Other liabilities and capital
National Bank of Hungary^
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 4 (millions of rupiah):
Gold and foreign exchange (net) 5 .
Loans and discounts
Advances to Government
Apr.
1954
1953
Mar. Feb.
Apr.
72,358 72,435
75,731 75,243
1 ,567 1 ,567
551 11 ,229
14,425 14,454
5 ,544
2,361
97,576 101,591
71,068 66,114
8,533
9,583
5 ,862
13,739
9,940
36,309
2,192
2,354
45,508
10,268
14,620
5 ,862
14,429
10,029
36,645
2.222
2,046
44.658
11 .917
14,659
, 51 .c
.38^
,567
,288
,104
,663
,412
,716
,392
5 ,862
13,439
9,628
34,816
2 ,236
2 ,048
46,225
7.221
14,583
1 ,738 1 ,627 1 ,551
7,800
7,673
7,423
1 ,781 2 ,305
2.179
5,134
4.801
5,146
786
926
843
11 ,588 11,403 11.457
1 ,1 80 1 ,221 1 ,116
2 .618 2,483
2,438
240
276
225
1 ,758 1 .849 1 ,862
(Jan.)
5,164
150
8,357
3,584
1 ,841
3,325
1,303
6,871
2,680
4,916
27,228
23,727
1,250
23,675
29,592
53,169
3 ,649
3,268
24,517
20,869
400
6,482
4.213
937
11,859
656
581
6,374
400
6,382
4,213
942
11 ,714
172
1 ,048
107
5
1 ,1 63
2,145
351
223
1 ,068
107
11
1,123
2,198
335
838
542
6,126
991
522
5,731
193
016
566
230
355
385
041
775
929
Central Bank
(Figures as of last report
date of month)
Bank Indonesia—Cont.
Other assets
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
Advances to Treasury
Loans and discounts
Government securities
Other assets
Note circulation
Deposits—Government
Demand
Other
Other liabilities and capital
Bank of Japan (millions of yen):
Bullion
775
Advances to Government
,931
Loans and discounts
,226
Government securities
,499
Other assets
961
Note circulation
,773
Deposits—Government
,484
Other
,142
Other liabilities
284
of pesos):
,709 Bank of Mexico (millions
Monetary reserve 6
"Authorized" holdings of securities, etc
,144
Bills and discounts
129
Other
assets
,745
Note circulation
,424
Demand
liabilities
,973
Other liabilities and capital
,476
Netherlands
Bank
(millions of
847
guilders):
Gold
,661
Silver (including subsidiary coin)
,000
Foreign assets (net)
,432
Loans and discounts
Govt. debt and securities
Other assets
.228
Note circulation—Old
.453
^
New
• 250
Deposits—Government
ECA
• 35/1
Other
361
Other liabilities and capital
530 Reserve Bank of New Zealand
721
(thousands of pounds):
472
Gold
974
Foreign exchange reserve. .
Loans and discounts
Advances to State or State undertakings
Investments
400
Other assets
.982
Note circulation
, 499
Demand deposits
876
Other liabilities and capital
596 Bank of Norway (millions of kroner):
Gold
159
Foreign assets (net)
183
Clearing accounts (net)
127
Loans and discounts
40
Securities
146
Occupation account (net)
,218
Other assets
436
Note circulation
Deposits—Government
100
Banks
604
FOA—MSA
264
Other liabilities and capital
1954
Apr.
49.
1,429
590
Mar.
5.105
495
1 .544
614
Feb.
278
5.121
495
1 ,426
479
2 .646
2.646
65,574 64.832 64.486
68.220 67,4
67,132
67
567
343
290
713
1,343
4
54
421
119
56
331
291
721
1.332
651
4061
121|
4
63
567
351
289
723
1 .339
51
416
115
Apr.
227
4,506
496
1,579
614
2,646
61,500
64,146
4
49
571
312
262
705
1 ,263
131
57
350
101
44S
448j
448
448
1 .400 12.3OOJ 11.513
37,424
438,93 7 485. 764j464.149 364,171
209.937 17S.802
_.
,..
.
177.880
200,200
1O3.27OJ111.472 99.751 106,756
543 . 973 '534 . 625 j549 . 569
517,710
42,2OO!lO7.667 64.482
78,934
77.223 1 67.110 71.089
65,626
90.537! 79.383 68.601
46,728
1,2291
1.
1 .272
1 ,199
3,335
2.S86
857.
658
933 i
801
3,605| 3 .463
1 .311
1.651
1.438;
500
2.047
619
750
3,517
1,570
501
3.120
598
362
3,235
1,559
484
2.924J
131
1.410
^91
2.924
13
1 .403
31
1.217
412
30
3.192
959
1 .016
570
231
2,291
16
1 ,700
36
1 ,300
525
34
3,051
1 ,125
1,177
276
205
459
30
3,267
618
856
761
217
6.168
83,648
6,019
2.924
12
1.419
33
1 .217
404
30
3.290
854
1 .027
588
219
6.095
71.793
6.019i 6.019
6,017
59,446
6,019
62,012 57,3501 55.667
23.9021 33.902 53.062
1.569|
1.671
1 .510
69.14511 68.004
104.545|l06.1S0j 116.815
9.677
57,753
34,882
2,861
62,886
95,579
8,512
21S
26
— 39
67|
30j
=5.5461
65
2 ,968
1 .699
655
146 j
44"
218
30
66
32 i
>.546j
46
2.954!
1 .756)
607i
137|
4431
218
—8
-41
67
32
5 , 546
52
,928
,647
664
172
454
280
221
19
61
44
,546
57
,756
.080
608
311
473
•Latest month available.
^ h i s figure represents the amount of the country's subscription to the Fund less the bank's local currency liability to the Fund.
2
Combined figures for the Bank of German States and the nine Land Central Banks.
3
For last available report (February 1950), see BULLETIN for September 1950, p. 1263.
4
As of July 1, 1953, the Java Bank became the Bank Indonesia and established an Issue and a Banking Department. Figures shown represent
Issue 5 and Banking Departments combined.
Gold not reported separately beginning January 1954.
6
Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities.
JUNE 1954
667
CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)
State Bank of Pakistan (millions of
rupees):
Issue department:
Gold at home and abroad. . .
Sterling securities.
Pakistan Govt. securities. . .
Govt. of India securities. . . .
India currencv
Rupee coin
Notes in circulation
Banking department:
Notes of issue department. .
Bills discounted
Loans to Government
Other assets
Deposits
Other liabilities and capital..
Central Bank of Paraguay 1
(thousands of guaranies):
Gold
Foreign exchange (net) 2
Net claim on Int'l. Fund
Loans and discounts
Government loans and securities.
Other assets
Note and coin issue
Deposits—Government
Other
Other liabilities and capital
Central Reserve Bank of Peru
(millions of soles):
Gold and foreign exchange
Net claim on Int'l. Fund 2
Loans and discounts to banks
Loans to Government
Other assets
Note circulation
Deposits
Other liabilities and capital
Central Bank of the Philippines
(thousands of pesos) :
Gold
Foreign exchange
Net claim on Int'l. Fund 2
Loans
Domestic securities
Other assets
Circulation—Notes
Coin
Demand deposits
Other liabilities and canital
Bank of Portugal (millions of
eseudos):
Gold
Foreign exchange Cnet)
Loans and discounts
Advances to Government
Other assets
Note circulation
Demand deposits—Government..
FCA
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
1953
1954
Apr.
Mar.
Apr.
Feb.
1953
1954
Central Bank
(Figures as of last report
date of month)
Apr.
Mar.
Feb.
Apr.
Bank of Spain—Cont.
34,157
81
499
81
535
81
505
1,286
1 276
146
300
55
146
300
\58
2,315
2,307
68
90
30
115
379
477
107
60
2
48
342
340
113
1,283
146
300
55
2,296
337
33?
112
(Nov.
1953)*
1,138
43 465
11
268,661
400 293
581[8Q4
495,008
148,704
230,143
421,608
419
67
606
1,093
1,004
543
67
414
853
1,627
1,597
146
r
204
1,440
451
241
388
253
354
288
135
18 813 18 813
436'112 447,149
29,504 29,504
19,724 18,524
239,887 241,094
160 303 153 3?4
612^202 611 ',333
84,376 84,385
156 290 163]507
51,476 49,183
18,813
460,228
29,504
44,380
234,515
153,653
579,629
'88,255
221,649
••51,561
5 2 5? 5 169
12,980 12i83O
4 646
11,899
647
737
650
1,427
1,418
1,419
884
840
596
9,579
1,845
9,480
1,616
8,853
1,865
7,658
2,097
7,701
2,103
6,544
2,038
62,660
34,023
41,690
52,940
96,754
72,952
21,607
62,771
26,887
38,000
48,975
95,498
58,521
22,615
61,241
49,298
13,951
43,538
90,252
57,584
20,192
596
336
596
336
6
63,896
38,177
31,005
45,666
97,766
60,881
20,097
413
67
609
6
15,913 15,782
24,200 24,054
32,276
Note circulation
37^675 37,712
3,471
3,173
Deposits—Government
3,851
3,775
Other
. . . . . . . 30,205 28,386
1,183
Other liabilities and capital
126 Bank of Sweden (millions of kronor):
300
481
481
481
Gold
1,419
66
Foreign assets (net)
1,329
1,357
129
129
129
2,100
Net claim on Int'l. Fund 2
Swedish Govt. securities and ad-3
65
2,299
2,342
2,331
vances to National Debt Office
384
407
471
Other domestic bills and advances
80
883
885
845
Other assets
4,584
440
Note circulation
4,459
4,575
357
468
309
Demand deposits—Government-.
321
31
117
21
Other
33
690
716
Other liabilities and capital
686
Swiss National Bank (millions of
1 ,138 francs):
6,131
6,131
59,353
Gold
6 139
?
11
495
Foreign exchange
496
484
151
189
149
180,666
Loans and discounts
72
67
75
349,662
Other assets
4,911
4,921
'200,296
Note circulation
4,926
1,767
1 ,722 1,732
402,968
Other sight liabilities
203
197
67,875
Other liabilities and capital
200
121,779 Central Bank of the Republic of
' 198,505 Turkey (millions of pounds):
81
409
6
581
344
16,020
22,116
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
Bank of International Settlem e n t s (thousands of Swiss gold
francs):
Gold in bars
Cash on hand and with banks. . .
Sight funds at interest
Rediscountable bills and acceptances (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
30,629
36,704
2,243
3,962
26,780
497
1,152
129
2 ,605
295
r
832
4,365
300
69
r
7O5
5 909
554
217
80
4,796
1,763
200
402
402
402
201
2,124
25
120
1,432
'l54
836
451
192
2,069
25
95
1 412
154
772
446
189
2,077
25
109
1,447
154
763
439
(Nov.
1953)*
336,572
9,044
328,977
9,308
110,086
347,741
608,991
414,329
129,081
333,184
535,840
137,378
333,646
527,483
400,943
106,206
362,349
467,294
1,141
278
134
1,009
299
246
1,141
173
92
938
272
196
602,127 609,059 582,752
95,718 59,160 99,965
1,574
1,233
1,490
742,019
42,094
5,079
315,431
182,777
272,764
297,201
2,710
439,056
345,443
163,480
265,927
297,201
2,486
435,484
239,319
40,882
166,466
297,201
1,468
482,616
1,131,253 745,193 753,715
36,848 46,000 59,379
228,909 228,909 228,909
282,254 281,517 280,999
490,635
57,512
228,909
274,855
1 141
'381
98
1,000
270
351
433,177
199,514
362,197
297,201
7,859
320,018
1,141
246
101
1,011
275
201
402
213
1 ,656
26
114
1,229
153
754
275
*Latest
month available.
^Revised.
!
The new Central Bank of Paraguay began operations on July 1, 1952. Central banking functions previously performed by the Monetary Department
of
the
Bank
of
Paraguay
were
transferred to the new institution.
2
This figure represents the amount of the country's subscription to the Fund less the bank's local currency liability to the Fund.
3
Includes small amount of non-Government bonds.
FEDERAL RESERVE BULLETIN
MONEY RATES IN FOREIGN COUNTRIES
DISCOUNT RATES OF CENTRAL BANKS
[Per cent per annum]
Central bank of—
Date
effective
In effect Dec. 31,
1948
May 27, 1949. .
July 14
Oct
6
June 8, 1950. .
Sept. 11
Sept. 26
Oct 27
Dec. 1..
Apr. 17, 1951. .
Central
bank of—
SwitzUnited
Ger- Bel- NetherKing- France many
er- Swegium lands
den land
dom
3
2
\¥*
IK
2Y2
Rate
Apr.
30
Date
effective
3ya
Argentina
Austria
Belgium
Bolivia
Central
bank of—
Rate
Apr.
30
Date
effective
Mar.
Sept.
Oct.
Sept.
1, 1936
24, 1953
29, 1953
30, 1950
Ireland
Italy
Japan
Mexico......
3H
4
5.84
4X
Mar.
Apr.
Oct.
June
*y2
4
4
Oct.
July
June
July
Feb.
17, 1950
23, 1953
13, 1935
18, 1933
1, 1950
Netherlands .
New Zealand.
Norway
Pakistan....
2H
2j|
3
Apr. 7, 1953
Apr. 12, 1954
Jan. 9, 1946
July 1, 1948
Denmark . . .
Ecuador
Egypt
El Salvador. . .
Finland
4^
10
3
3
5%
Sept.
May
Nov.
Mar.
Dec.
23, 1953
13, 1948
15, 1952
22, 1950
16, 1951
Peru
Portugal....
South Africa,
Spain
Sweden
6
Nov.
Jan.
Mar.
Mar.
Nov.
France
Germany
Greece
India
Indonesia
10
2%
6
3%
25, 1952
6, 1950
1, 1951
4, 1942
2y2
3%
3
"4
July 5
Sept. 13
Oct. 11
"3" '
2 y2'
Nov. 8
4
Nov. 9
Jan. 22, 1952...
"4"'
Mar. 12
May 29 .
Aug 1
Aug 21
Dec. 18..
Jan. 8, 1953 . .
Apr. 7. . . .
June 11
Sept. 17
"*K
Oct 29
Nov. 20
Feb. 4,1954...
3M
In effect Apr.
30, 1954
2
3
Canada
Ceylon
Chile
Colombia
Costa Rica
3
3M
3M
sy2
15
3
3
14
2y2
'sy2
2M
J
3^
2%
2%
2H
IK
2%
3M Feb. 4, 1954 Switzerland..
*3K June 11, 1953 Turkey
Jan. 1,1954
Nov. 15, 1951
Apr. 1, 1946
United Kingdom
U.S.S.R
I*
4
2M
13,
12,
27,
18,
20,
1947
1944
1952
1949
1953
IK
Nov. 26, 1936
Feb. 26, 1951
I*
Sept. 17, 1953
July 1, 1936
1
Rates established for the Land Central banks.
NOTE.—'Changes since Apr. 30: Austria—June 3, from 4 to 3 H per cent;
Germany—May 20, from 3}4 to 3 per cent; United Kingdom—May 13. from
3}4 to 3 Tier cent.
OPEN MARKET RATES
[Per cent per annum]
United Kingdom
Canada
Month
T r easurv
bills
3 months
1944—March
1945—March
1946—March
1947—March
1948—March
1949—March
1950—March
1951—March
1052—March
1053—March
.39
.37
.36
.40
.41
42
.51
.76
.94
Bankers'
acceptances
3 months
Treasury
bills
3 months
Day-toclay
money
1.03
1.03
1.00
1.00
1.13
1.00
.53
.53
.56
.56
.69
.69
.51
.51
.51
.52
.52
.51
France
Bankers'
allowance
on deposits
.63
.63
.63
.63
.63
.63
.50
.50
.50
.50
.50
.50
.50
.50
1.50
2.48
3.00
2.01
2.40
1.82
2.25
1.57
2.00
1953—April
May
Tune
July
August
September. . .
October
November...
December. . .
t . 53
1.53
1.70
1 76
1.80
1.91
1.93
1.90
1 .88
3.00
3.00
3.00
3.00
3.00
2.67
2.19
2.19
2.19
2.41
2.38
2.37
2.35
2.36
2.27
2.11
2.10
2.11
2.25
2.25
2.25
2.25
2.25
2.09
1.94
1.94
1.94
2.00
2.00
2.00
2.00
2.00
1.88
1.75
1.75
1.75
1954—January
February
Marcli
1.88
1.74
1.61
2.19
2.15
2.16
2.12
2.07
2.10
1.94
1.94
1.94
1.75
1.75
1.75
Day-today
money
1.65
1.60
1 .34
1.41
2.09
2.10
2.70
2.45
3.51
3.93
Netherlands
Treasury
bills
3 months
Day-today
money
Sweden
Switzerland
Loans
up to
3 months
Private
discount
rate
3-5 y2
1'. 05 " ' "
1.65
1.45
1.38
1.45
1.46
1.38
i.00'''
1.19
.99
1.01
1.13
1.23
1.00
2 $4-5
21^-4 y%
2K2-414
2 H - 4 XA
2 3/2-4 y2
2H-4H
.51
3-5
3-5
3-5
4.18
4.34
3.91
4.00
3.75
.93
.64
.57
.50
.50
.43
.38
.28
.03
.71
.52
.50
.50
.50
.50
.50
.50
.50
3-5
3-5
3-5
3-5
3-5
3-5
3-5
3-5
3-5
3.66
>\3.55
3.42
.23
.25
.45
.50
.50
.50
2 %-5
2%-S
4.05
4.22
3.94
4.13
.90
2KS
1.25
L .25
1.25
1.25
1.50
1.63
L.50
.50
L.50
.50
.50
.50
.50
.50
.50
.50
.50
.50
1.50
1.50
1.50
1.50
r
Revised.
NOTE.—For monthly figures on money rates in these and other foreign countries through 1941, see Banking and Monetary Statistics, Table 1 72,
pp. 656-661, and for description of statistics see pp. 571-572 in same publication.
JUNE 1954
669
COMMERCIAL BANKS
Assets
United Kingdom i
(11 London clearing
banks. Figures in
millions of pounds
sterling)
Cash
reserves
Liabilities
Money at
call and Bills dis- Treasury
Loans to
deposit
counted receipts * Securities customers
short
notice
1948—December
1949—December
1950—December
1951—December
1952—December
502
532
540
531
549
485
571
592
598
529
741
I ,109
1,408
972
1,248
1953—May
Tune
July
August
September
October
November
December
498
514
510
511
515
518
520
542
464
469
460
456
476
476
469
501
1954—January
February
March
April
526
504
512
535
483
454
468
489
Deposits
Other
assets
Total
Demand
Time
1,478
1,512
1,528
1 ,965
2,148
1,396
1,534
1,660
I ,950
I ,764
621
579
735
867
748
6,200
6,202
6,368
6,333
6,460
4,159
4,161
4,262
4,290
4,232
2,041
2,041
2,106
2.042
2,228
420
42 7
550
651
528
1,080
I ,209
L,244
1 ,331
L ,376
, 340
,354
,417
2,123
2,136
2,140
2,140
2,137
2,238
2,245
2,275
I ,784
I ,778
L ,742
,688
I ,675
I ,666
1,687
I ,725
654
673
633
595
623
607
626
729
6,083
6,299
6,247
6,240
6,320
6,373
6,419
6,694
3,896
4,040
3,990
3,971
4.004
4,041
4,080
4,327
2,187
2,259
2,257
2,269
2.316
2.332
2,339
2,368
520
481
483
480
482
472
483
495
,330
,113
1,078
1,088
2,277
2,275
2,269
2,280
L, 706
I , 754
1,773
1,786
633
638
632
699
6,457
6,237
6,243
6,378
4.124
3,954
3,957
4,056
2,333
2.283
2,286
2,321
499
501
489
499
1 ,397
793
456
102
Assets
Canada 3
(11 chartered banks.
End of month figures
in millions of
Canadian dollars)
Entirely in Canada
Cash
reserves
Security
loans
Other
liabilities
and
capital
Other
loans and
discounts
Liabilities
Security
loans
abroad
and net
due from
foreign
banks
Deposits payable in Canada
excluding interbank deposits
Other
assets
Securities
Total
Demand
Time
Other
liabilities
and
capital
7,02 7
7,227
7,828
7,896
8,421
2,970
2.794
3,270
3,284
3.497
4,057
4,433
4.558
4,612
4.924
1 ,537
1.477
1,667
1,714
1,736
Notes*
1948—December
1949—December
1950—December
1951—December
1952—December
749
765
824
907
916
101
133
134
107
155
2,148
2,271
2,776
3,028
3,289
144
146
171
227
326
4,268
4,345
4,286
3,876
3,955
,169
,058
,304
,464
1,516
1953—April
May
June
July
August
September
October
November
December
897
822
903
877
883
897
962
899
906
152
138
123
125
135
110
144
152
154
3,508
3,526
3,576
3 ,649
3, 732
3,772
3,838
3,977
3,897
345
331
331
328
353
330
342
390
424
4,135
4,024
3,956
3,872
3 886
3,918
3,789
3 ,789
3,831
L,380
1,402
L , 509
L,359
I .329
I ,372
L ,432
,512
1,510
8,642
8,486
8,634
8,496
8,651
8,692
8,744
8,918
8,881
3,535
3,386
3,508
3,344
3 ,445
3,466
3,596
3,851
3,847
5,107
5,100
5,126
5,152
5 ,206
5,226
5.148
5,068
5,034
1,774
1,755
1,764
1 ,713
1 ,667
1,706
1,763
1,801
1,841
1954—January
February
March. . .
881
898
923
143
197
167
3,929
3 ,951
3 ,899
370
370
421
3 ,944
3,885
3,775
I ,337
L ,332
,426
8,772
8,843
8,780
3.679
3,681
3,535
5,093
5 ,162
5.245
1,832
1 ,791
1,830
16
14
(4)
Liabilities
Assets
France
(4 large banks. End
of month figures in
millions of francs)
Deposits
Cash
reserves
Due from
banks
Bills discounted
Loans
Other
assets
Total
Demand
Time
vjwn
acceptances
Other
liabilities
and
capital
1948—December
1949—December
1950—December
1951—December
1952—December
45,397
40.937
48,131
60,2 15
51,155
35,633
42,311
52,933
72,559
68,243
354,245
426,69(
527,525
627,64?
636,624
126,246
129,501
135,289
165,696
170,298
34,030
29,843
31,614
38,114
29,734
552 ,221
62 7 ,266
749 .928
906 ,911
902 ,547
545,538
619.204
731,310
879.767
870,504
6,683
8,062
18,618
27,145
32,043
30.638
26,355
28,248
33,774
24,957
12,691
15,662
17,316
23,547
28,551
1953—March
April
May
June
Tuly
August
September
October
November
December?
46,064
48,314
48,079
47,394
47,903
50,451
47,177
46,003
47,103
50,763
75,743
83,702
84,973
85,411
85,806
89,197
81,649
74,964
78,797
85 ,739
630,601
634,64;
690,72^
643,804
661,08^
651,314I
644,000
694,021
696,94^
743,686
175,934
174,379
166,926
184,584
189,591
198,784
199,498
185,109
189,753
183,302
37,896
41,925
44,885
46,676
49,269
49,226
50,250
54,393
60,636
68,819
90C ,928
910 ,867
962 ,225
930 ,986
952 ,454
956 ,528
939 ,282
965 ,798
97? ,019
1 ,029 ,660
864,528
873,209
924,151
892,185
913,188
917,027
900,010
924,602
935,267
987,111
36,400
37,658
38.074
38,801
39,265
39,501
39,272
41,196
42,752
42,549
27,291
29,219
29,618
28.728
27,446
25,209
22,928
24,355
28,142
30,308
38,019
42,878
43,750
48,155
53,751
57,234
60,364
64,338
67,070
72,341
1954—January
February
46,077
44,083
76,601
75,183
782,29."
770,445
180,524
193,050
37,840
40,242
1 ,05f ,908
1,054 ,531
1,013,546
1,010,245
43,363
44,286
31,301
32,539
35,126
35,933
pPreliminary.
!This table represents aggregates of figures reported by individual banks.
in June and December when the statements give end-of-month data.
Data are compiled on the third Wednesday of each month, except
NOTE.—For details concerning data in earlier years, see BULLETIN for April 1952, p. 466; for back figures and figuires on German commerrial banks, see Banking and Monetary Statistics, Tables 168-171, pp. 648-655, and for description of statistics, see pp. 566-571 in same publication.
670
FEDERAL RESERVE BULLETIN
FOREIGN EXCHANGE RATES
[Average of certified noon buying rates in New York for cable transfers.
Argentina
(peso)
Australia
(pound)
Year or month
Basic
Preferential
Belgium
Austria
(schilling) (franc)
In cents per unit of foreign currency]
Brazil 1
(cruzeiro)
Free
British
Malaysia
(dollar)
Canada
(dollar)
Official
Free
100.000
97.491
90.909
91.691
92.881
91.474
94.939
102.149
101.650
29.773
29 774
26.571
20.000
20.000
20.000
13.333
13.333
13.333
13.333
8.289
7.067
7.163
7.198
321.22
293.80
223.15
223.07
222.63
224.12
23.8580
2.2816
2.2009
1.9908
1.9859
1.9878
2.0009
1953—June
July
August
September
October
November
December
20.000
20.000
20.000
20.000
20.000
20.000
20.000
13.333
13.333
13.333
13.333
13.333
13.333
13.333
7.198
7.198
7.197
7.198
7.198
7.198
7.198
224.19
224.32
224.30
223.33
223.57
223.97
223.93
' 23'. 8580'
3.8580
2.0007
2.0011
2.0006
2.0050
2.0063
2.0062
2.0053
5.41406
t406
5.^ t455
5.4t466
35.^ L466
3.5261
4.2808
3.5261
4.2808
32.579
32.582
32.610
32.569
32.596
32.641
32.635
100.546
100.782
101.180
101.580
101.762
102.266
102.754
1954—January
February
March
April
May
20.000
20.000
20.000
20.000
20.000
13.333
13.333
13.333
13.333
13.333
7.198
7.198
7.198
7.198
7.198
224.01
224.13
224.27
224.55
224.58
3.8580
3.8580
3.8580
3.8580
3.8580
2.0023
2.0036
1.9152
1.9868
1.9909
4.2808
4.2808
4.2808
4.2808
4.2808
3.5261
3.5261
3.5261
3.5261
3.5261
32.646
32.656
32.668
32.689
32.681
102.781
103.439
102.996
101.786
101.575
Ireland
(pound)
Mexico
(peso)
Netherlands
(guilder)
New
Zealand
(pound)
30.169
27.706
20.870
20.869
20.922
21.049
280.38
279.68
281.27
18.860
12.620
11.570
11.564
11.588
11.607
37.668
34.528
26.252
26.264
26.315
26.340
350.48
365.07
277.28
277.19
276.49
278.48
1948
1949
1950
1951
1952
1953
.
Ceylon
(rupee)
Year or month
Denmark
(krone)
Finland
(markka)
France
(franc)
Official
1948
1949
1950
1951
1952
1953
. .
27.839
20.850
20.849
20.903
21.046
20.857
19.117
14.494
14.491
14.492
.4929
.4671
Germany
(deutsche
mark)
India
(rupee)
'421973
32.788
32.849
32.601
32.595
Free
.4354
.4354
.3240
.3017
.2858
.2856
.2856
.2856
" '14354'
5.4406
5.4406
5.4406
5.4406
5.4406
35 4420
"23!838'
23.838
23.838
1953—June
July
August
September
October
November
December
21.041
21 047
21.067
20 990
21.004
21.041
21.037
.4354
.4354
.4354
4354
.4354
4354
.4354
.2856
.2855
.2855
.2855
.2856
2856
.2856
21.044
21.051
21.073
20.995
21.005
21.044
21.039
281.35
281.53
281.50
280.29
280.58
281.09
281.03
11.561
11.589
11.620
11.615
11.624
11.627
11.626
26.334
26.321
26.322
26.338
26.400
26.410
26.410
278.57
278.74
278.71
277.51
277.80
278.30
278.25
1954—January
February
March
April
May
21.038
21 044
21.052
21 079
21.078
.4354
4354
.4354
4354
.4354
.2856
.2856
.2856
.2856
.2856
21.039
21.047
21.056
21.084
21.084
281.14
281.29
281.45
281.81
281.85
11.619
11.614
11.608
59.965
7.995
26.405
26.408
26.408
26.413
26.418
278.35
278.50
278.67
279.02
279.06
Year or month
Norway
(krone)
Philippine
Republic
(peso)
423.838
23.838
Portugal
(escudo)
South
Africa
(pound)
Sweden
(krona)
Switzerland
(franc)
United
Kingdom
(pound)
Uruguay 8
(peso)
1948
1949
1950
1951
1952
1953
20 159
18.481
14.015
14.015
14.015
14.015
49.723
49.621
49.639
49.675
49.676
4.0183
3.8800
3.4704
3.4739
3.4853
3.4887
400.75
366.62
278.38
278.33
278.20
280.21
27.824
25.480
19.332
19.327
19.326
19.323
23.363
23.314
23.136
23.060
23.148
23.316
403.13
368.72
280.07
279.96
279.26
281.27
65.830
65.830
65.833
65.833
65.833
765.833
56.182
56.180
56.180
56.180
56.180
756.180
42.553
42.553
42.553
42.553
742.553
'8341217"
1953—June
July
August
September
October
November
December
14.015
14.015
14.015
14.015
14.015
14.015
14.015
49.676
49.677
49.676
49.677
49.677
49.677
49.677
3.4897
3.4896
3.4897
3.4896
3.4896
3.4899
3.4900
280.30
280.47
280.45
279.24
279.53
280.04
279.98
19.323
19.323
19.323
19.323
19.323
19.323
19.323
23.331
23.333
23.334
23.332
23.310
23.255
23.289
281.35
281.53
281.50
280.28
280.58
281.09
281.03
65.833
65.833
65.833
65.833
65.833
65.833
765.833
56.180
56.180
56.180
56.180
56.180
56.180
756.180
42.553
42.553
42.553
42.553
42.553
42.553
742.553
33.270
32.994
34.001
35.228
34.791
33.567
732.573
1954—January
February
March
April
Mav
14.008
14.008
14.008
14.008
14.008
49.677
49.677
49.677
49.677
49.677
3.4900
3.4900
3.4900
3.4900
3.4900
280.09
280.23
280.40
280.76
280.80
19.333
19.333
19.333
19.333
19.333
23.308
23.315
23.308
23.313
23.333
281.14
281.29
281.45
281.81
281.85
*For figures on free rate for the period Feb. 25-Oct. 9, 1953, see BULLETIN for November 1953, p. 1231. The average for this period was
2.3274.
2
Based on quotations beginning Nov. 30, 1953.
3
Official rate, based on quotations through Oct. 9, 1953. Effective Oct. 12, 1953, the Brazilian authorities introduced new exchange ratios
for Brazilian exports. Under the new system premiums of 5 and 10 cruzeiros, depending upon type of merchandise, were added to the former
rate of 5.4466 cents, thus establishing two rates—4.2808 and 3.5261 cents, respectively. For the period Oct. 13-Oct. 30 the averages of these
two rates were 4.2808 and 3.5261, respectively.
4
Based on quotations beginning Apr. 1, 1954.
6
The Mexican peso was devalued, effective Apr. 19, 1954, from a par value of 8.65 to 12.50 pesos per U. S. dollar.
*Rate applied (except free rate) depends upon type of merchandise. In addition to the rates shown, a fifth rate was certified May 8-Dec. 4;
the average for this period was 53.1914.
7
Based on quotations through Dec. 4, 1953.
8
Free rate, based on quotations Feb. 10-Dec. 4, 1953.
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 1953, p. 1409.
JUNE 1954
671
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
WHOLESALE PRICES—ALL COMMODITIES
[Index numbers]
United
States
(I947-49
=100)
Italy
(1938=
100)
Japan
(1934-36
average
=1)
14
20
34
52
89
100
108
138
145
138
5,159
5 ,443
5,169
4,897
5,581
5 270
5,250
2
4
16
48
128
209
246
343
349
?354
139
139
139
137
137
137
136
137
138
5,234
5,250
5,250
5,258
5,270
5,246
5,237
5,222
5,256
326
326
138
138
5,286
5,328
P329
P330
P136
United
Kingdom
(1930=
100)
Canada
(1935-39
=100)
Mexico
(1939=
100)
68
69
79
96
104
99
103
115
112
110
131
132
139
163
193
198
211
240
226
221
179
199
229
242
260
285
311
386
400
393
166
169
175
192
219
230
262
320
328
328
1953—April
May
Tune
July
August
September
October
November
December
109
110
110
111
111
111
110
110
110
220
220
222
221
222
222
221
219
219
387
393
391
397
395
398
401
396
396
333
331
330
329
327
326
326
328
326
1954—-January
February
March
April. .'.'
111
111
1 11
111
220
219
219
218
396
397
401
411
Year or month
1Q44
1945'.. '.'. . .
1946
1947' '. .'.
1948
1949
1950
1951
1952
1953
'.
'. . .
France
(1949=
100)
Netherlands
('1948=
100)
Sweden
(1935 =
100)
Switzerland
(Aug. 1939
=100)
100
104
117
143
140
134
196
194
186
199
214
216
227
299
317
298
207
205
200
208
217
206
203
227
220
213
350
350
352
353
355
357
359
360
361
134
135
134
133
133
133
133
134
134
300
299
299
298
296
295
295
297
296
212
214
213
213
212
212
212
212
211
368
369
135
136
135
296
296
P296
213
213
214
P215
P137
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 S t a t e s
(1947-49=100)
Year or month
Farm
products
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1953—April
May
June
July
August
September
October
November
December
1954—-January
February
March
April
Other
Processed commodfoods
ities
Netherlands
(1948=100)
United K i n g d o m
(1930=100)
Farm
products
Raw and
partly
manufactured
goods
Fully and
chiefly
manufactured
goods
Foods
Industrial raw
products
Industrial
finished
products
101
112
122
129
123
'l00
108
128
171
166
156
100
104
116
143
135
132
Industrial
products
Foods
170
175
184
207
242
249
286
P364
P352
ioo
69
72
83
100
107
93
98
113
107
97
n.a.
n.a.
n.a.
98
106
96
100
111
109
105
70
71
78
95
103
101
105
116
113
114
155
165
177
190
230
226
237
269
250
220
134
136
140
164
196
197
213
238
219
207
129
130
138
162
192
199
211
242
231
229
158
158
158
165
181
197
221
247
284
307
97
98
95
98
96
98
95
94
94
103
1^4
103
106
105
107
105
104
104
113
114
114
115
115
115
115
115
115
222
224
227
227
214
209
209
205
207
206
206
207
207
210
207
205
203
204
228
228
230
230
230
230
230
228
228
318
317
316
315
309
307
304
305
302
122
124
124
118
119
121
120
122
122
157
157
"•156
155
155
155
154
153
153
131
131
131
131
131
132
132
132
132
98
98
'98
100
106
105
105
106
115
114
114
115
209
209
207
206
207
205
204
206
228
227
227
225
302
305
311
125
128
126
153
153
154
133
133
133
P310
r
n.a. Not available.
P Preliminary.
Revised,
NOTE.—For sources and reference; concerning changes in the structure of price indexes for various countries, see BULLETIN for December
1952^ p. 1356.
672
FEDERAL RESERVE BULLETIN
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued
CONSUMERS' PRICE INDEXES
All items
Year or month
Food
SwitzUnited
erKing- France Netherland
lands
dom
(1949
(1949
(Aug,
(Jan.
= 100)
= 100)
1939 =
15, 1952
100)
= 100)
United
States
(1947-49
= 100)1
Canada
(1949
= 100)
1946
1947..
1948
1949 .
1950
1951
1952
1953
83
96
103
102
103
111
114
114
78
85
97
100
103
114
116
115
77
82
84
86
95
103
106
35
57
90
100
111
130
145
144
1953—April
May
Tune
July
August
September
October
November
December
114
114
115
115
115
115
115
115
115
115
114
115
115
116
116
117
116
116
106
106
107
107
106
106
106
106
106
115
115
115
115
116
116
116
116
106
106
107
-
1954—Tanuarv
February
March
April
United
States
(1947-49
= 100) i
100
109
119
120
120
152
158
163
162
159
167
171
170
79
96
104
100
101
113
115
113
145
146
145
144
143
141
141
141
142
120
121
121
121
120
121
121
120
120
169
170
170
170
170
170
170
170
170
143
144
144
^142
123
124
124
125
170
170
169
P170
Canada
(1949
= 100)
United
Kingdom
(Jan.
15, 1952
= 100)
SwitzerFrance Netherlands
land
(1949
(1949
(Aug.
= 100)
= 100)
1939 =
100)
103
117
117
113
67
72
76
82
91
105
112
36
57
92
100
111
128
141
137
111
121
123
124
160
170
176
174
176
181
184
184
112
112
114
114
114
114
114
112
112
111
110
111
113
113
114
116
113
112
113
113
114
114
112
111
111
111
110
140
141
141
137
136
132
132
132
134
124
125
127
127
123
126
125
124
122
182
183
184
184
185
186
187
187
186
113
113
112
112
112
112
111
110
110
110
112
136
137
136
rl34
124
126
127
185
185
184
P185
ioo
ioo
SECURITY PRICES
[Index numbers except as otherwise specified]
Common stocks
Bonds
Year or month
United
Statesi
(high
grade)
Number of issues. . .
17
United
Canada Kingdom
(1935-39 (December
= 100)
1921 =100)
France
(1949
= 100)
Nether-2
lands
United
States
(1935-39
= 100)
Canada
(1935-39
= 100)
United
France
Kingdom
(1926 = 100) (1949=100)
Nether
lands 3
480
101
278
130.8
129.9
126.5
121.2
117.6
108.3
112.0
120.0
106.4
100.0
99.8
101.4
111.1
113.5
105.6
107.1
106.8
106.7
87.0
85.6
100.2
123.0
124.4
121.4
146.4
176.5
187.7
189.0
106.0
112.5
109.4
131.6
168.3
173.1
160.3
94.6
92.0
87.6
90.0
97.1
91.1
92.2
ioo
90
112
143
159
233
240
219
217
215
192
212
84.1
83.6
82.9
82.9
82.6
82.3
82.8
84.2
85.3
111.3
111.4
112.2
111.5
112.0
112.8
114.2
114.9
114.2
112.6
113.2
112.9
112.9
114.1
115.0
114.7
114.4
113.8
98.0
99.7
101.2
102.7
101.8
102.1
104.0
104.0
103.4
190.0
189.6
182.8
185.5
187.3
179.2
183.4
187.5
190.7
160.8
159.8
156.8
160.7
161.2
152.9
151.9
154.2
153.6
92.3
91.1
91.1
91.6
92.5
91.4
92.1
93.7
93.5
151
153
154
157
162
165
167
169
170
203
206
207
214
218
215
217
223
230
87 0
88.7
95.5
99.8
114.3
114.8
115.3
116.6
114.6
114.9
116.0
103.7
101.8
100.0
100.6
195.4
199.6
204.9
212.7
157.4
163.2
165.0
M73.6
94.1
95.8
95.6
97.0
180
184
187
239
245
250
256
87
1947
1948
1949
1950..
1951
1952
1953 .
122.1
118.3
121.0
122.0
117.7
115.8
112.1
118.5
105.0
107.6
109.6
95.7
86.1
83.6
1953—April
Mav
June
July
August
September. . .
October
November. . .
December... .
111.7
109.8
108.8
110.7
111.4
110.9
112.6
113.6
113.5
1954—January
February. . . .
March
April
114.5
116.5
117.9
118.1
60
14
295
27
r
Revised.
Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond.
the reciprocals of average yields. The average yield in the base period (January-March 1937) was 3.39 per cent.
Average of the ratios of current prices to nominal values, expressed as a percentage.
NOTE.—For sources and references concerning changes in the structure of price series for various countries, see BULLETIN for December
1952. p. 1357.
2
Represents
3
JUNE l ( b4
673
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
M . S. SZYMCZAK
R. M. EVANS
ELLIOTT THURSTON,
WOODLIEF THOMAS,
W M . MCC. MARTIN, JR., Chairman
JAMES K. VARDAMAN, JR.
A. L. MILLS, JR.
J. L. ROBERTSON
Assistant to the Board
Economic Adviser to the Board
OFFICE OF THE SECRETARY
WINFIELD W. RIEFLER, Assistant to the
ALFRED K. CHERRY, Legislative Counsel
Chairman
DIVISION OF EXAMINATIONS
S. R. CARPENTER, Secretary
MERRITT SHERMAN, Assistant Secretary
KENNETH A. KENYON, Assistant Secretary
GEORGE S. SLOAN, Director
C. C. HOSTRUP, Assistant Director
FRED A. NELSON, Assistant Director
ARTHUR H. LANG, Chief Federal Reserve Examiner
ROBERT C. MASTERS, Assistant Director
GLENN M. GOODMAN, Assistant Director
HENRY BENNER, Assistant Director
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 BANK OPERATIONS
DIVISION OF RESEARCH AND STATISTICS
DIVISION OF PERSONNEL ADMINISTRATION
RALPH A. YOUNG, Director
FRANK R. GARFIELD, Adviser on Economic Research
KENNETH B. WILLIAMS, Assistant Director
SUSAN S. BURR, Assistant Director
ROBERT F. LEONARD, Director
J. E. HORBETT, Assistant Director
LOWELL MYRICK, Assistant Director
DWIGHT L. ALLEN, Director
H. FRANKLIN SPRECHER, JR., Assistant Director
DIVISION OF ADMINISTRATIVE SERVICES
LISTON P. BETHEA, Director
JOSEPH E. KELLEHER, Assistant
GUY E. NOYES, Assistant Director
C. RICHARD YOUNGDAHL, Assistant Director
Director
OFFICE OF DEFENSE LOANS
GARDNER L. BOOTHE, II, Administrator
OFFICE OF THE CONTROLLER
EDWIN J. JOHNSON, Controller
DIVISION OF INTERNATIONAL FINANCE
ARTHUR W. MARGET, Director
LEWIS N. DEMBITZ, Assistant Director
Special Assistants to the Board—CHARLES MOLONY AND CLARKE L. FAUVER
FEDERAL OPEN
MARKET COMMITTEE
~
FEDERAL
ADVISORY COUNCIL
W M . M C C . MARTIN, JR., Chairman
ALLAN SPROUL, Vice Chairman
MALCOLM BRYAN
J. L. ROBERTSON
R. M. EVANS
M. S. SZYMCZAK
WILLIAM D. IRELAND,
BOSTON DISTRICT
HENRY C. ALEXANDER,
N E W YORK DISTRICT
GEOFFREY S. SMITH,
PHILADELPHIA DISTRICT
H. G. LEEDY
A. L. MILLS, JR.
GEORGE GUND,
CLEVELAND DISTRICT
ROBERT V. FLEMING,
RICHMOND DISTRICT
JAMES K. VARDAMAN, JR.
ALFRED H. WILLIAMS
C. S. YOUNG
WINFIELD W. RIEFLER, Secretary
ELLIOTT THURSTON, Assistant Secretary
GEORGE B. VEST, General Counsel
FREDERIC SOLOMON, Assistant General Counsel
WOODLIEF THOMAS, Economist
KARL R. BOPP, Associate Economist
GEORGE W. MITCHELL, Associate Economist
H. V. ROELSE, Associate Economist
CLARENCE W. TOW, Associate Economist
RALPH A. YOUNG, Associate Economist
G. ROUSE, Manager of System Open
Market Account
ROBERT
674
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
Vice Presidents
Federal Reserve
Bank of
Chairman 1
Deputy Chairman
President
First Vice President
Boston....
Harold D. Hodgkinson
Ames Stevens
J. A. Erickson
Alfred C. Neal
Robert B. Harvey
E. O. Latham
New York.
Jay E. Crane
William I. Myers
Allan Sproul
William F. Treiber
H. A. Bilby
H. H. Kimball
L. W. Knoke
A. Phelan
H. V. Roelse
Philadelphia...
William J. Meinel
Henderson Supplee, Jr.
Alfred H. Williams
P. M. Poorman
Karl R. Bopp
Robert N. Hilkert J. V. Vergari 4
Richard G. Wilgus
E. C. Hill
Wm. G. McCreedy
Cleveland
John C. Virden
Leo L. Rummell
Roger R. Clouse
W. D. Fulton
Donald S. Thompson A. H. Laning *
Martin Morrison
Richmond
John B. Woodward, Jr.
W. G. Wysor
Hugh Leach
Edw. A. Wayne
N. L. Armistead
Aubrey N. Heflin
Upton S. Martin
J. M. Nowlan 2
Atlanta
Rufus C. Harris
Paul E. Reinhold
Malcolm Bryan
Lewis M. Clark
Chicago
John S. Coleman
Bert R. Prall
C. S. Young
E. C. Harris
St. Louis
M. Moss Alexander
Caffey Robertson
Delos C. Johns
Frederick L. Deming
V. K. Bowman
L. B. Raisty
J. E. Denmark
Earle L. Rauber
1
John L. Liles, Jr.
S. P. Schuessler
Harold T. Patterson
Neil B. Dawes
L. G. Meyer
W. R. Diercks
George W. Mitchell
W. A. Hopkins
A. L. Olson
L. H. Jones«
Alfred T. Sihler
W. W. Turner
Dale M. Lewis
H. H. Weigel
J. C. Wotawa
Wm. E. Peterson
Minneapolis. . .
Paul E. Miller
Leslie N. Perrin
O. S. Powell
A. W. Mills
H. C. Core
E. B. Larson
H. G. McConnell
Otis R. Preston
M. H. Strothman, Jr.
Sigurd Ueland
Kansas C i t y . . .
Raymond W. Hall
Cecil Puckett
H. G. Leedy
Henry O. Koppang
John T. Boysen *
Clarence W. Tow
E. D. Vanderhoof
D. Wo Woolley
Dallas
J. R. Parten
Robert J. Smith
Watrous H. Irons
W. D. Gentry
E. B. Austin
J. L. Cook 3
T. W. Plant
L. G. Pondrom
Morgan H. Rice
Harry A. Shuford
San Francisco..,
A. H. Brawner
Y. Frank Freeman
C. E. Earhart
H. N. Mangels
E. R. Millard
H. F. Slade
Eliot J. Swan s
O. P. Wheeler
(Vice Presidents in charge of branches are listed in
lower section of this page)
W. J. Davis
8
Carl B. Pitman
O. A. Schlaikjer
R. F. Van Amringe
Robert G. Rouse
T. G. Tiebout
V. Willis
R. B. Wiltse
J. H. Wurts
2
H. E. J. Smith
Paul C. Stetzelberger
C. B. Strathy
K. Brantley Watson
Chas. W. Williams
VICE PRESIDENTS IN CHARGE OF BRANCHES OF FEDERAL RESERVEt B A N K S
Federal Reserve
Bank of
New York
Cleveland
Richmond
Atlanta
Chicago
St. Louis
1
JUNE
Branch
Buffalo
Cincinnati
Pittsburgh
Baltimore
Charlotte
Birmingham
Jacksonville
Nashville
New Orleans
Detroit
Little Rock
Louisville
Memphis
Also Federal Reserve Agent.
1954
2
Vice Presidents
Federal Reserve
Bank of
I. B. Smith
R. G. Johnson
J. W. Kossin
D. F. Hagner
R. L. Cherry
H. C. Frazer
T. A. Lanford
R. E. Moody, Jr.
M. L. Shaw
R. A. Swaney
C. M. Stewart
V. M. Longstreet
Darryl R. Francis
Minneapolis....
Helena
C. W. Groth
Kansas C i t y . . . .
Denver
Oklahoma City
Omaha
G. A. Gregory
R. L. Mathes
P. A. Debus
Dallas
El Paso
Houston
San Antonio
C. M. Rowland
W. H. Holloway
W. E. Eagle
Cashier.
3
Branch
San Francisco... Los Angeles
Portland
Salt Lake City
Seattle
Also Cashier.
4
Vice Presidents
W. F. Volberg
J. A. Randall
W. L. Partner
J. M. Leisner
Counsel.
675
FEDERAL RESERVE BOARD PUBLICATIONS
The material listed below may be obtained from
the Division of Administrative Services, Board of
Governors of the Federal Reserve System, Washington 25, D. C. Where a charge is indicated,
remittance should be made payable to the order
of the Board of Governors of the Federal Reserve
System.
BANKING STUDIES. Comprising 17 papers on banking and monetary subjects by members of the
Board's staff. August 1941; reprinted October
1952. 496 pages. Paper cover. $1.00 per copy;
in quantities of 10 or more copies for single
shipment, 75 cents each.
BANKING AND MONETARY STATISTICS.
THE
FEDERAL
FUNCTIONS.
pages.
RESERVE
SYSTEM—PURPOSES AND
Revised edition.
April 1954. 224
ANNUAL REPORT of the Board of Governors of the
Federal
Reserve
System.
FEDERAL RESERVE BULLETIN.
Issued
each
year.
Issued monthly. Sub-
Statistics of
banking, monetary, and other financial developments. November 1943. 979 pages. $1.50 per
copy. No charge for individual sections (unbound).
A
STATISTICAL STUDY OF REGULATION
V
LOANS.
September 1950. 74 pages. 25 cents per copy;
in quantities of 10 or more copies for single
shipment, 15 cents each.
scription price in the United States and its possessions, Bolivia, Canada, Chile, Colombia, Costa
Rica, Cuba, Dominican Republic, Ecuador,
Guatemala, Haiti, Republic of Honduras, Mexico, T H E DEVELOPMENT OF BANK DEBITS AND CLEARINGS AND THEIR USE IN ECONOMIC ANALYSIS.
Nicaragua, Panama, Paraguay, Peru, El Salvador,
January 1952. 175 pages. 25 cents per copy; in
Uruguay, and Venezuela is $2.00 per annum or
quantities of 10 or more copies for single ship20 cents per copy; elsewhere $2.60 per annum or
ment,
15 cents each.
25 cents per copy. Group subscriptions in the
United States for 10 or more copies to one address, 15 cents per copy per month, or $1.50 T H E FEDERAL RESERVE ACT, as amended to November 1, 1946, with an Appendix containing profor 12 months.
visions of certain other statutes affecting the
Federal Reserve System. 372 pages. 50 cents per
FEDERAL RESERVE CHARTS ON BANK CREDIT, MONEY
paper-bound copy; $1.00 per cloth-bound copy.
RATES, AND BUSINESS. Issued monthly. $6.00
per annum including edition of historical supplement (listed below) available when subscription COMPILATION OF FEDERAL AND STATE LAWS RELATING TO BRANCH BANKING W I T H I N THE UNITED
is entered or renewed. 60 cents per copy; in
STATES. (July 1, 1951.) December 1951. 33
quantities of 10 or more copies of a particular
pages.
issue for single shipment, 50 cents each. (Domestic rates)
RULES OF ORGANIZATION AND RULES OF PROCEDURE
HISTORICAL
SUPPLEMENT
TO
FEDERAL
RESERVE
CHARTS ON BANK CREDIT, MONEY RATES, AND
BUSINESS. Issued annually in September. Annual
subscription to monthly chart book includes one
issue of supplement. Single copies, 60 cents each;
in quantities of 10 or more copies for single
shipment, 50 cents each. (Domestic rates)
676
—Board of Governors of the Federal Reserve
System (with Amendments). September 1946.
31 pages.
REGULATIONS OF THE BOARD OF GOVERNORS OF THE
FEDERAL RESERVE SYSTEM. Individual regulations
with amendments and supplements thereto.
FEDERAL RESERVE BULLETIN
FEDERAL RESERVE BOARD PUBLICATIONS
PERIODIC RELEASES
EMPLOYMENT
MENTS
WEEKLY
IN
NONAGRICULTURAL
ESTABLISH-
FEDERAL RESERVE PAR LIST (Also annual list. Both
CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS BY
INDUSTRY
available at Federal Reserve Banks only)
INTERDISTRICT SETTLEMENT FUND
INDEX NUMBERS OF WHOLESALE PRICES
CHANGES IN STATE BANK MEMBERSHIP
CONDITION OF THE FEDERAL RESERVE BANKS
CONDITION OF WEEKLY REPORTING MEMBER BANKS
IN LEADING CITIES
MONTHLY DEPARTMENT STORE SALES
MONTHLY DEPARTMENT STORE SALES AND STOCKS,
BY MAJOR DEPARTMENTS
MONTHLY DEPARTMENT STORE STOCKS
CONDITION OF WEEKLY REPORTING MEMBER BANKS
MONTHLY FOREIGN EXCHANGE RATES
IN CENTRAL RESERVE CITIES
NATIONAL SUMMARY OF BUSINESS CONDITIONS
WEEKLY DEPARTMENT STORE SALES
WEEKLY
DEPARTMENT
STORE
SALES—SELECTED
CITIES AND AREAS
OPEN-MARKET MONEY RATES IN N E W YORK CITY
RETAIL FURNITURE REPORT
WEEKLY FOREIGN EXCHANGE RATES
SALES FINANCE COMPANIES
WEEKLY REVIEW OF PERIODICALS
STATE MEMBER BANKS OF THE FEDERAL RESERVE SYS-
TEM AND NONMEMBER BANKS THAT MAINTAIN
CLEARING
SEMIMONTHLY
BANKS
DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER
BANKS
MONTHLY
ASSETS AND LIABILITIES
UNITED STATES.
ACCOUNTS
WITH
FEDERAL
RESERVE
(Also a n n u a l list)
SEMIANNUAL-QUARTERLY
A L L BANKS IN THE UNITED STATES AND POSSESSIONS—
OF A L L BANKS
IN THE
(Including Consolidated State-
PRINCIPAL ASSETS AND LIABILITIES
MEMBER BANK CALL REPORT
merit for Banks and the Monetary System)
MEMBER BANK EARNINGS
AS'ETS AND LIABILITIES OF A L L MEMBER BANKS BY
DISTRICTS
MEMBER BANK LOANS
BANK DEBITS TO DEMAND DEPOSIT ACCOUNTS
SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS
BUSINESS INDEXES
ANNUAL
CONSUMER CREDIT (Short- and Intermediate-Term)
CONSUMER FINANCE COMPANIES—LOANS OUTSTANDING AND VOLUME OF LOANS MADE
CONSUMER
INSTALMENT
CREDIT
AT COMMERCIAL
BANK DEBITS TO DEMAND DEPOSIT ACCOUNTS
DEPARTMENT STORE SALES AND STOCKS, BY MAJOR
DEPARTMENTS
BANKS
CONSUMER INSTALMENT CREDIT EXTENDED AND R E PAID
DEPARTMENT STORE CREDIT
DEPARTMENT STORE MERCHANDISING DATA
JUNE 1954
IRREGULAR
DISTRIBUTION OF BANK DEPOSITS BY COUNTIES AND
STANDARD METROPOLITAN AREAS ( N O W biennial)
SELECTED
LIST
OF ADDITIONS
TO THE RESEARCH
LIBRARY
677
FEDERAL RESERVE BOARD PUBLICATIONS
REPRINTS
T H E PHILIPPINE CENTRAL BANK ACT and Text of
(From Federal Reserve Bulletin unless preceded by an asterisk)
T H E HISTORY OF RESERVE REQUIREMENTS FOR BANKS
IN THE UNITED STATES.
November 1938. 20
a es
P g -
the Act. In part a reprint from the xAugust
1948 BULLETIN.
AMERICA'S POSTWAR INFLATION AND BALANCE
L A T I N
OF
36 pages.
p A Y M E N T S PROBLEMS.
November 1948. 11
pages.
T H E PAR COLLECTION SYSTEM OF THE FEDERAL RE-
SERVE BANKS. February 1940. 8 pages.
LOANS.
HISTORICAL REVIEW OF OBJECTIVES OF FEDERAL R E -
SERVE POLICY.
April 1940.
N E W STATISTICS OF INTEREST RATES ON BUSINESS
N O T E S
March 1949.
ON FOREIGN
10 pages.
CURRENCY ADJUSTMENTS. N O -
vember 1949. 14 pages.
11 pages.
A STUDY OF INSTALMENT CREDIT TERMS.
GENERAL INDEXES OF BUSINESS ACTIVITY.
June 1940.
b e r 1949.
Decem-
8 pages.
7 pages.
FRENCH EXCHANGE STABILIZATION FUND.
MEASUREMENT
OF PRODUCTION.
September
1940.
16 pages.
•n
January
5 pages.
REVISED ESTIMATES OF CONSUMER CREDIT.
r>
r>
T
™
r^
FEDERAL RESERVE BANK LENDING POWER NOT D E PENDENT ON MEMBER BANK RESERVE BALANCES.
February 1941. 2 pages.
ADJUSTMENT
1950.
ber 1950. 2 pages.
r
&
MEASUREMENT OF CONSUMER CREDIT.
1950.
FOR SEASONAL VARIATION.
Novem-
November
9 pages.
Descrip-
* x H E TREASURY—CENTRAL BANK RELATIONSHIP IN
tion of method used by Board in adjusting economic data for seasonal variation. June 1941.
11 pages.
FOREIGN COUNTRIES—PROCEDURES AND TECHNIQUES. November 1950. April 1951. 19 pages.
TRENDS IN INTERNATIONAL TRADE AND PAYMENTS.
ESTIMATES OF GROSS NATIONAL PRODUCT, 1919-28.
A
Pr'd
195
1 . 14 pages.
September 1945. 2 pages.
HOUSE PURCHASES IN THE FIVE MONTHS FOLLOWING
BUSINESS LOANS OF MEMBER BANKS.
March, May,
June, July, and August 1947. 80 pages.
THE INTRODUCTION OF REAL ESTATE CREDIT REGU-
LATION. July 1951. 23 pages.
SAVING
VALUES AND LIMITATIONS OF CONSUMER FINANCIAL
SURVEYS FOR ECONOMIC RESEARCH.
1951.
IN THE DEFENSE
N E W INDEX
OF OUTPUT
DURABLE GOODS.
REVISION OF NATIONAL INCOME AND PRODUCT STATISTICS. September 1947. 12 pages.
BANKING ASSETS AND THE MONEY SUPPLY
SINCE
January 1948. 9 pages.
FINANCE
COMPANY
July 1948. 6 pages.
678
OF MAJOR
CONSUMER
OPERATIONS
October 1951.
6 pages.
CREDIT AND SALES REPORTED BY REGULATION
REGISTRANTS.
SALES
September
March 1947.
9 pages.
1929.
ECONOMY.
5 pages.
VOLUNTARY
W
October 1951. 12 pages.
ACTION
TO H E L P
CURB
INFLATION.
November 1951. 9 pages.
IN 1947.
REVISED INDEXES OF DEPARTMENT STORE SALES AND
STOCKS. December 1951. 53 pages.
FEDERAL RESERVE BULLETIN
FEDERAL RESERVE BOARD PUBLICATIONS
RECENT CHANGES IN GERMANY'S FOREIGN TRADE
BALANCE. March 1952. 7 pages.
BANKING IN THE SOVIET UNION.
UNITED
STATES POSTWAR
AMERICA.
April 1952.
8
pages.
INVESTMENT
IN LATIN
May 1953. 6 pages.
WARTIME AND POSTWAR CREDIT DEMANDS OF LARGE
CORPORATIONS. July 1953. 12 pages.
REVISED
WEEKLY
SALES.
INDEX
OF DEPARTMENT
STORE
April 1952. 4 pages.
ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS
STATEMENT BY CHAIRMAN OF THE BOARD OF GOVERNORS
BEFORE
SUBCOMMITTEE
ON
GENERAL
AND BUSINESSES. July 1953. 2 pages. (Also
similar article from July 1952 BULLETIN.)
CREDIT CONTROL AND DEBT MANAGEMENT, MARCH
RECENT
11, 1952. April 1952. 4 pages.
CREDIT
AND MONETARY
DEVELOPMENTS.
July 1953. 8 pages.
CHANGES IN INSTALMENT CREDIT TERMS.
May 1952.
6 pages.
EXCESS
UNITED STATES BALANCE OF PAYMENTS IN 1952-53.
PROFITS
TAXES
OF COMMERCIAL
BANKS.
June 1952. 18 pages.
REVISED INDEXES OF DEPARTMENT STORES SALES AND
REAL ESTATE LOANS OF REGISTRANTS UNDER REGU-
PROBLEMS OF TRADE EQUILIBRIUM.
November
FEDERAL RESERVE MONTHLY INDEX OF INDUSTRIAL
SERIES
ON DEPARTMENT
STOCKS, AND ORDERS.
STORE
SALES,
October 1952. 5 pages.
RECENT CREDIT EXPANSION.
December
1952.
7
pages.
CREDIT AND MONETARY REVIEW FOR 1952.
THE
DEPARTMENTS.
65 pages.
October 1952.
9 pages.
1953.
STOCKS, BY MAJOR
1953.
LATION X. June 1952. 18 pages.
REVISED
October 1953. 9 pages.
February
PRODUCTION, 1953 Revision. December 1953. 96
pages. (Also, similar index from August 1940,
September 1941, and October 1943 issues of
BULLETIN with supplementary data. October
1943. 120 pages.)
EXTENSIONS AND REPAYMENTS OF CONSUMER IN-
STALMENT CREDIT.
7 pages.
MONETARY SYSTEM OF THE UNITED STATES.
February 1953. 16 pages.
January 1954. 14 pages.
BANK CREDIT AND MONEY IN 1953. February 1954.
6 pages.
INFLUENCE OF CREDIT AND MONETARY MEASURES ON
ECONOMIC STABILITY.
March 1953.
16 pages.
FEDERAL FINANCIAL MEASURES FOR ECONOMIC STA-
BILITY.
May 1953. 7 pages.
REVISION OF CONSUMER CREDIT STATISTICS.
1953.
April
19 pages.
INTERNATIONAL
GOLD
AND DOLLAR
MOVEMENTS.
March 1954. 9 pages. (Also, similar article from
March 1953 BULLETIN.)
1954 SURVEY OF CONSUMER FINANCES—PRELIMINARY
FINDINGS OF THE 1954 SURVEY OF CONSUMER F I -
^DETAILED DESCRIPTION OF SOURCES AND METHODS
USED IN REVISION OF SHORT- AND INTERMEDIATETERM CONSUMER CREDIT STATISTICS (supplemen-
tary details for item listed above), April 1953.
25 pages.
T H E TRANSITION TO FREE MARKETS.
April 1953.
NANCES.
March 1954. 4 pages.
PURCHASES OF
DURABLE GOODS AND HOUSES IN 1953. June 1954.
17 pages. (Another article on the 1954 Survey
will appear in a later issue of the BULLETIN. Also,
similar surveys for earlier years from 1946,
1947, 1948, 1949, 1950, 1951, 1952, and 1953
BULLETINS.)
6 pages.
FEDERAL
1953.
RESERVE
5 pages.
JUNE 1954
BANK
RESPONSIBILITIES.
May
N E W INDEXES OF OUTPUT OF CONSUMER DURABLE
GOODS.
May 1954.
15 pages.
679
FEDERAL RESERVE SYSTEM
BOUNDARIES OF FEDERAL RESERVE DISTRICTS
AND THEIR BRANCH TERRITORIES
= =
BOUNDARIES OF FEDERAL RESERVE DISTRICTS
BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES
^
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
(•>
FEDERAL RESERVE BANK CITIES
•
FEDERAL RESERVE BRANCH CITIES
@FedFRASER