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AL

ESERVE

BULLETIN
JUNE 1955

BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM

EDITORIAL COMMITTEE
ELLIOTT THURSTON

WOODLIEF THOMAS
WINFIELD W. RIEFLER
SUSAN S. BURR

RALPH A. YOUNG

The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorial
committee. This committee is responsible for opinions expressed, except in official statements
and signed articles.

CONTENTS
PAGE

Business Financing in Early 1955. .

603-608

1955 Survey of Consumer Finances: The Financial Position of Consumers.

609-622

Financing of Large Corporations in 1954.

623-630

Estimates of Consumer Instalment Credit Extended and Repaid, 1929-1939. .

631-638

Ownership of Demand Deposits. .,

639-641

Bank Mergers and Consolidations. .

642-647

Law Department . .

648

Current Events and Announcements

649

National Summary of Business Conditions...

650-651

Financial, Industrial, Commercial Statistics, U. S. (See p. 653 for list of tables) .

653-714

International Financial Statistics (See p. 715 for list of tables).

715-733

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

:

734

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

Federal Reserve Board Publications...

735

736-739

Map of Federal Reserve Districts...




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740

FEDERAL
VOLUME 41

RESERVE

BULLETIN

June 1955

NUMBER 6

BUSINESS FINANCING IN EARLY 1955
Expansion of business investment accompanied the upturn in economic activity in
the latter part of 1954 and has accelerated
in 1955. Larger earnings and increased
borrowing have provided ample funds, and
business liquidity has apparently increased.
While business outlays for new plant and
equipment in the first quarter of 1955 were
smaller than in the same period of 1954,
expenditures in the second quarter are estimated to be 6 per cent larger than a year
ago and a sharper rise is anticipated for the
third quarter. There has been some accumulation of inventories since the end of 1954,
especially by retailers, and probably an increase in financing of customers, both consumers and other businesses.
An increase in the volume of funds retained from current operations has facilitated
the financing of outlays in 1955. Corporate
profits before taxes have apparently been
substantially larger than in the first half of
1954, and depreciation allowances have
reached a new peak. Income tax payments,
though high in the first half of the year for
seasonal reasons, have been smaller than in
early 1954, both in dollar volume and in
relation to current income.
Business demands for both long- and shortterm credit have also risen in recent months.
Corporate security offerings for new capital
were larger during the first three months of
1955 than in any previous first quarter, and
the volume has also been large in the second
JUNE




1955

quarter. Business borrowing at commercial
banks, which usually declines in the first
half of the year, has increased sharply during
1955. The expansion in external financing
has reflected to a considerable extent the
needs of those concerns, such as durable
goods manufacturers and consumer finance
companies, that have been most affected by
the increased business and consumer demand
for durable goods.
BUSINESS INVESTMENT

The increased business investment in 1955
has differed in several important respects
from early 1954, when businesses were adjusting their outlays and financing to reduced levels of activity and sales. Plant and
equipment outlays have expanded in the
second quarter of 1955 in contrast to a downward movement a year ago. Inventories
and accounts receivable of nonfinancial corporations have increased moderately this
year, whereas together they declined nearly
4 billion dollars in the first half of 1954.
Vlant and equipment. Business expenditures on new plant and equipment may total
7.3 billion dollars during the second quarter
of 1955, according to estimates of the Department of Commerce and the Securities
and Exchange Commission. In the second
quarter of 1954, such expenditures amounted
to 6.9 billion. Outlays of manufacturers as
a group have been only slightly above their
year-ago level, although expenditures in the
603

BUSINESS FINANCING IN EARLY 195 5

nonelectric machinery and petroleum industries have increased sharply. Outlays by
concerns in the commercial and miscellaneous group—communications, trade, service, finance, and construction—have risen
about 10 per cent.
The most recent Commerce-SEC survey
of expenditure plans indicates that businesses
as a group expect to spend 9 per cent more
on new plant and equipment in the third
quarter of 1955 than they spent in the same
period last year. If these plans are realized,
capital outlays will be at a seasonally adjusted annual rate of 28.8 billion dollars—
equal to the record third quarter of 1953.
Another indication of an optimistic outlook toward investment in plant and equipment is the increase since mid-1954 in new
orders received by manufacturers of durable
goods. By March 1955 such orders were
approaching the high levels reached soon
after the Korean outbreak, and in April they
remained close to the advanced March level.
The expected expansion of plant and
equipment expenditures this year compares
PLANT AND EQUIPMENT OUTLAYS
Billions of dollars

COMMERCIAL
ANO OTHER

TRANSPORTATION
ELECTRIC ANO GAS

MANUFACTURING

1
1
1
II

•
1952

* Anticipated by business.
for first nine months.
iicss, cx-ciuumg agiicuiiuic.

1953

1954

1955^

Seasonally adjusted annual rate

v^uinuiciciai auu inner unjiimes mi

ing, communications, trade, service, finance, and construction.

604




with a moderate decline from 1953 to 1954,
shown in the chart. Reflecting in part a
lower level of expenditures on defense projects undertaken under certificates of necessity, capital outlays by manufacturing businesses were 7 per cent smaller in 1954 than
in 1953, with the sharpest declines occurring
in the primary metals groups. Outlays in
most other manufacturing groups were moderately below 1953 levels but at or above
those of 1952. Producers of transportation
equipment, particularly of automobiles, increased their expenditures substantially.
Large manufacturing corporations increased
their capital outlays slightly, as noted in
the article on pages 623-630 of this BULLETIN.
Outlays in the commercial and miscellaneous group increased slightly in 1954 to a new
peak level. In most other major industrial
groups, expenditures declined somewhat.
Inventories. The book value of manufacturing and trade inventories (unadjusted for
seasonal) increased 2.8 billion dollars in the
first quarter of 1955 compared with an increase of 1.2 billion in the first quarter of
1954, as shown in the table. Most of the
expansion this year represented seasonal
additions to retailers' stocks. After allowance for seasonal influences, accumulation
was approximately 500 million dollars; holdings of retail automobile dealers rose by
about the same amount. Inventories of
manufacturers showed virtually no change,
a marked shift relative to the first quarter
of 1954 when such inventories declined
roughly one billion dollars.
The total dollar value of manufacturing
and trade inventories at the end of March
1955 was 1.7 billion dollars less than that a
year earlier and slightly less than in March
1953, while the dollar volume of sales reached
a new peak for the first quarter in 1955.
Inventories showed little change in April
—declining less than seasonally—in contrast
FEDERAL RESERVE BULLETIN

BUSINESS FINANCING IN EARLY 195 5
CHANGes :N MANUFACTURIXG

AND TRADE

INVENTORIES

[Book value, in billions of dollars]
Increase, or decrease ( —)

1955
lstQ

On
hand,
Mar.
31.
1955

- 1 .1

2.8

78.6

- 1 .3
-0.3

0.6
0.3

0.2
-0.2

24.2
19.3

-0.2
-0.2

-0.2
0.5

-0.2

0.5
-0.4

5.9
5.7

-0.4
-0.8

-0.6
1 .0

-0.6
-1.2

1.7
1.1

11.0
12.5

Industry ana type
of inventory

1954
lstQ

Total

1 .2

Manufacturing:
Durable good?;.... - 0 . 6
Nondurable goods-. - 0 . 4
Wholesale trade:
Durable g o o d s . . . .
0.4
Nondurable goods. - 0 . 2
Retail trade:
Durable g o o d s . . . .
1.0
Nondurable goods.
1.1

2nd Q 3rdQ

4th Q

-2.5

-0.9

-1.0

0)

0)

iLess than $50,000.
NOTE.—Department of Commerce data, without adjustment for
seasonal variation or for inventory revaluation arising out of price
changes. Retail? may not add to totals because of rounding.

to substantial liquidation in April, as well
as May and June, of 1954. The ratio of
inventories to sales was lower in March and
April 1955 than at any time since early 1951.
Although investment in additional inventories appears to have been on a moderate
scale in 1955. cessation of inventory liquidation in some lines and greater accumulation
in others, relative to a year ago, has altered
the character of business financial needs and
increased the demand for credit.
Customer -financing. Accounts receivable
of nonfinancial corporations, which reflect
financing by these businesses of their corporate and unincorporated business customers as well as credit granted to consumers
by retail stores and consumer finance companies, probably expanded somewhat in early
1955. These accounts tend to level off in
the first part of the year as consumers reduce
their instalment and charge-account indebtedness, but the strength in the markets
for consumer as well as industrial goods in
early 1955 suggests an increase this year.
During the first half of 1954 curtailment
of purchases by customers was accompanied
by a 1.8 billion dollar reduction in corporate
JUNE 1955




receivables. In the second half of the year
notes and accounts receivable increased 3.0
billion dollars, reflecting in part the usual
seasonal expansion in such accounts and in
part an improvement in sales to other businesses and to consumers.
FINANCING FROM INTERNAL SOURCES

Funds available from current operations
have continued to represent the major source
of business financing. For nonfinancial corporations these funds—that is, profits after
income tax and dividend payments, plus depreciation allowances—are currently slightly
larger than they were in the first half of
1953 and are well above the level of early
1954, as may be seen from the chart. Depreciation allowances have continued to grow,
and profits before taxes have increased
sharply; although dividend payments have
been somewhat larger, income tax payments
have been smaller than a year ago.
Funds from asset liquidation—another
source of internal financing—have been relatively unimportant thus far in 1955 for corFUNDS FROM OPERATIONS
Billions of dollars
30

PROFITS BEFORE TAX,
PLUS DEPRECIATION

20

INCOME TAX
AND
DIVIDEND
PAYMENTS

10

FUNDS FROM
OPERATIONS
1st 2nd

lsr 2nd

1st 2nd

1st

1952

1953

1954

1955

NOTE.—Semiannual totals based on data from Department of
Commerce and Treasury Department.
Figures for banks and
insurance companies, partly estimated by Federal Reserve, are
excluded. All figures shown for first half of 1955 include Federal Reserve estimates for second quarter based largely on data
for first quarter.

605

BUSINESS FINANCING IN EARLY 195 5

porations in the aggregate. Such liquidation appears to have been confined to liquid
assets, which have shown an unusually small
decline for this time of year.
Corporate profits. A major determinant
of the volume of funds from operations is
corporate profits before taxes. These are
estimated to have been at a seasonally adjusted annual rate of 40.0 billion dollars in
the first quarter of 1955, as compared with
34.5 billion a year earlier. Profits of large
manufacturing companies, as shown by Federal Reserve tabulations, were 40 per cent
above those of the first three months of last
year. Earnings of the larger railroads were
substantially above the low levels of a year
earlier, and those of other public utilities
reached new highs. Business developments
suggest that aggregate corporate profits have
continued to rise in the second quarter.
The recent improvement in earnings began in the fourth quarter of 1954. Despite
their increase near the year-end, corporate
profits before taxes for 1954 as a whole were
lower than in any other year since 1949 and
were 11 per cent below the 1953 level, according to Department of Commerce estimates. Public utilities other than railroads
appear to have been the only major industrial group to show a significant increase in
profits from 1953 to 1954.
Manufacturing industries as a group experienced a decline of 14 per cent in profits
before taxes from 1953 to 1954, according
to the Quarterly Financial Report, United
States Manufacturing Corporations published
jointly by the Federal Trade Commission
and the Securities and Exchange Commission. Profits declined in every industrial
category shown in this report, with the
sharpest declines being concentrated in durable goods groups. In most nondurable
goods groups—including food, tobacco,
606




paper, printing, chemicals, petroleum refining, and leather—declines did not exceed
5 per cent. Recovery in manufacturing
profits in the fourth quarter of the year
was general and for this period all but three
of the 23 groups listed separately showed
year-to-year increases in profits before taxes.
Liquidation of assets. In recent years
some reduction in corporate holdings of
cash and United States Government securities has normally taken place in the first
part of the year. This has reflected the large
cash drain on corporate funds resulting from
the concentration of Federal income tax payments in the first half of the year.
The reduction in liquid assets in 1955 has
probably been small relative to earlier years.
In the first half of 1954, on the other hand,
when income tax payments were the largest
on record and pretax current earnings were
the lowest since the first half of 1950, nonfinancial corporations reduced their holdings
of liquid assets by nearly 6.5 billion dollars.
The 1954 reduction—the largest for any firsthalf-year period since adoption of the Mills
Plan for accelerating corporate income tax
payments—is the more striking since it occurred at a time when corporations were
also obtaining a substantial volume of funds
from liquidation of inventories and reduction of customer financing.
In the last half of 1954, with income tax
payments seasonally low, profits beginning
to rise, and short-term debt expanding, corporations added substantially to their liquid
assets.
EXTERNAL FINANCING

For many businesses, financing needs associated with increased capital outlays, inventory accumulation, or the expansion in customer financing—largely related to the increase in consumer credit—have been too
large in 1955 to be met with internal funds.
FEDERAL RESERVE BULLETIN

BUSINESS FINANCING IN EARLY 195 5

As a result, business demands for long- and
short-term credit have been heavy despite
the marked increase in aggregate funds retained from operations.
These developments differ greatly from
those during the first half of 1954, when
corporations floated the smallest volume of
security issues since the first half of 1950
and also repaid more than 4.5 billion dollars
of short-term debt, including bank loans and
debt owed to suppliers. A large part of this
repayment was undoubtedly associated with
the voluntary liquidation of manufacturers'
inventories during the period. Corporate
notes and accounts payable increased moderately in the closing months of 1954, but new
capital issues remained below the fourth
quarter level of the three preceding years.
Security issues. Corporate security offerings for new capital in the first quarter of
1955 were almost 40 per cent larger than in
the corresponding period of 1954 and about
15 per cent above the previous JanuaryMarch peak reached in 1952. Offerings by
sales finance and personal loan companies
CORPORATE NEW CAPITAL ISSUES
Billions of dollars

2.5
CONSUMER

FINANCE

OTHER

2.0

MANUFACTURING

1.5

1.0

PUBLIC UTILITY

.5

1952

1953
Quarterly

1954

1955

Averages

NOTE.—Securities and Exchange Commission estimates of net
proceeds from public offerings and private placements of all
issues except those for retirement of securities. Public utility
comprises electric and gas, railroad and other transportation,
and communication. Consumerfinancefigures, compiled by Federal Reserve, include sales finance and personal loan companies.

JUNE 1955




were larger than in any quarter on record
with the exception of April-June 1953.
Manufacturing companies as a group also
offered an unusually large volume of security
issues for new capital in the first three
months of 1955. About two-fifths of the
total represented the 325 million dollar common stock issue of General Motors Corporation. Trade, service, and construction companies as a group sold a substantially larger
volume of securities than in the corresponding period of the two previous years, but
offerings by electric, gas, and water utilities
were appreciably smaller.
The volume of corporate securities issued
for refunding purposes in the first quarter
of 1955, while much larger than in the first
quarter of last year, was only half as large
as in each of the final two quarters of 1954.
With bond yields lower than in 1953 and
with corporate needs for new funds lessened,
refinancing increased sharply in 1954 and
for the year was the largest since 1946.
The proportion of total security issues
represented by preferred and common stocks
increased slightly in 1954 and rather sharply
in 1955, reflecting in part the higher price
levels prevailing on the stock market. Despite this increase, external equity financing
is still relatively small, and debt issues accounted for two-thirds of total security offerings in the first quarter. The proportion of
debt issues that are convertible into stock
was small in the early months of 1955 but
has increased sharply in the second quarter.
Ban\ loans. Business loans at commercial
banks increased about one billion dollars in
the first five months of 1955. Some borrowers, mainly food processors and commodity
dealers, made large seasonal repayments during this period, but other industries increased
their bank loans. Sales finance companies
were particularly heavy borrowers.
607

BUSINESS FINANCING IN EARLY 195 5

of cash and United States Government securities have declined somewhat from their
level at the end of 1954, but the reduction
has been small both in relation to the decline
in the first half of other recent years and in
relation to the substantial decline in accrued
tax liabilities. Even though some other types
of short-term corporate debt have increased,
the ratio of liquid assets to current liabilities
appears to have risen somewhat. The ratio
of net worth to total corporate debt has probably also risen this year, reflecting primarily
the high level of earnings.

BUSINESS LOANS AT COMMERCIAL BANKS
Billions of dollars

SELECTED FINANCIAL RATIOS OF BUSINESS CORPORATIONS X

[End of year]
25

1950

1952

1953

1954

Current assets to current liabilities.. 2.02
.60
Liquid assets to current liabilities...
.30
Liquid assets to current assets
1.41
Equity to debt 2

1.94
.53
.27
1.3 9

1.95
.54
.27
1 .21

2.05
.56
.27
1.27

Ratio

D

NOTE.—Figures for June 30 and December 31 are reported:
other figures are for last Wednesday in month and are partly
estimated. Latest figure shown is for May.

The increase in outstanding business loans
in 1955, shown in the chart, contrasts sharply
with the first five months of 1954, when
businesses repaid on balance 1.2 billion dollars of their indebtedness to banks. Heavy
borrowing, associated largely with seasonal
credit demands of trade concerns, food
processors, and commodity dealers, was resumed late in 1954, but business loans showed
a moderate decline for the year. This reflected to a large extent very heavy repayments of bank debt by metals and metal
products manufacturers. Sales finance companies and public utilities also repaid more
bank debt than they incurred.
FINANCIAL POSITION

The over-all financial position of business,
which has been relatively strong throughout
the postwar period, appears to have continued
to strengthen in 1955. Corporate holdings

608




1
Excludes
2

banks and insurance companies.
Ratio of capital stock and surplus to long- and short-term
debt.
NOTE.—Based primarily on data from the Treasury Department,
the Securities and Exchange Commission, and the Department
of Commerce.

The financial position of corporations had
improved slightly during 1954, as may be
seen from the table. Outstanding debt was
reduced on balance, and the equity-to-debt
ratio increased for nonfinancial corporations
as a group, and especially for manufacturing
companies. Liquid assets at the end of the
year were still somewhat smaller relative to
total current assets and to short-term debt
than they had been in the postwar period
through 1950. In the past few years corporate holdings of both cash and United
States Government securities have fluctuated
within a narrow range except for seasonal
changes associated with income tax payments. Most of the increase in current assets
since 1950 has reflected additions to inventories and expansion of customer financing.

FEDERAL RESERVE BULLETIN

1955 SURVEY OF CONSUMER FINANCES
THE FINANCIAL POSITION OF CONSUMERS1

The business readjustment during 1954
brought little change in the financial position of consumers. According to the Survey,
average income before taxes declined slightly
from 1953 to 1954 but, since tax payments
also declined, average disposable income was
unchanged. With consumer prices virtually
stable, real income was about the same in
1954 as in 1953. Consumers began and ended
the year with about the same amount of
short-term personal debt. A decline was reported in the proportion of consumers having some liquid assets and in the median
amount of consumer holdings.
Survey data on stock ownership in publicly held corporations in early 1955 indicated
little change from early 1953, when similar
information was obtained by the Survey.
Eight per cent of the consumer spending
units reported stock ownership. As in previous years, the majority of shareholders

owned relatively small amounts. Nearly twothirds held stock valued at less than $5,000,
The one-fourth of the shareholders that held
stock valued at $10,000 or more accounted for
most of the total value of reported holdings.
INCOME

The level and distribution of income were
about the same in 1954 as in 1953 (see Table
1). In both years nearly one-third of the
spending units reported incomes of $5,000 or
more. Average money income before taxes
declined slightly from $4,570 in 1953 to
$4,420 in 1954 but remained well above the
1952 average. Because of a decline in average income tax payments, average disposable
income was the same in both years ($3,920),
A majority of spending units reported
TABLE 1
IXCOMK GKOUPJN'G OF SPENDING UNITS AND TOTAL MONEY
INCOME BEFORE

TAXES1

1

This is the third of a series of articles presenting the
results of the 1955 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
second article, published in the May BULLETIN, dealt with
purchases of durable goods in 1954. The final article,
to be published in a subsequent issue of the BULLETIN,
will analyze the ownership of houses, purchases during
1954, and factors influencing the demand for houses. The
sampling procedure of the Survey and the limitations of
the data are discussed in a technical appendix to the May
article.
This article was prepared by 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 author has had the benefit of suggestions from the Center's staff, particular!)'
E. Scott Maynes and Mordechai Kreinin.
JUNE 1955




[Percentage distribution]
1954
Money income
before taxes

Under SI,000
SI, 000 -SI. 999
:
<$2,000-$2,999
S3.OOO-S3.999
S4.000-S4.999
S5,000-87,499
S7.500-S9.999
$10,000 and over. . . .
All cases
Median income 2
Mean income 3

1953

1947

Total
Total
Spend- money- Spend- money Spend- Total
ing
ing- money
ing
inininunits come units come units come
10
13
14
17
14
21
6
5

1
5
8
13
14
28
11
20

100

100

S3,700
$4,420

10
13
14
16
16
20
6
5

1
4
8
12
15
27
10
23

100

100

$3,780
§4,570

14
22
23
17
10
9
2
3

2
10
17
18
13
17
5
18

100

100

S2,53O
$3,290

1
Income data for each year are based on interviews early in
following year.
2
Median income is that of the middle spending unit in a ranking
of all units by size of money income before taxes.
3Mean income is the average obtained by dividing aggregate
money income before taxes by number of spending units.

609

195 5 SURVEY OF CONSUMER FINANCES

changes in their incomes* as in other years.
Two-fifths reported higher incomes for 1954
than for 1953, one-fourth lower, and onethird no substantial change. This pattern
was similar for most occupational groups.
Farm operators were the only group to report more decreases (43 per cent) than increases (30 per cent).
Postwar trend. There has been a general
movement of spending units into higher income groups during the postwar period, as
shown in the accompanying chart. The proportion of consumer spending units with incomes before taxes of less than $3,000 has
declined from 59 per cent in 1947 to 37 per
cent in 1954, while the proportion with incomes of $5,000 or more has increased from
14 per cent to 32 per cent. Over the last seven
years average money income has increased
35 per cent.
While the shift of spending units has been
toward higher income groups, the increase
in amount of individual incomes has been
relatively less for the top tenth of income
receivers than for other groups. Average
money income before taxes for the top tenth
increased only 17 per cent (from $11,020 to
$12,940) over the past seven years as compared with an increase of about 40 per cent
(from $2,430 to $3,470) for the other groups.
As a result, the share of total money income
of the top tenth has declined from 33 per
cent in 1947 to 29 per cent in 1954. Since
the distribution of income tax payments has
changed little over the past seven years,
shares of income after taxes, that is, disposable income, have followed a similar trend.
The increase in income since 1947 has been
accompanied by an increase in prices so that
average real income has increased much less
than average money income. After deflation by the consumers' price index, average
income shows an increase of 12 per cent over
610




INCOME GROUPING OF CONSUMERS
Per cent of spending units

60

195419501947

40

20

UNDER $3,000

$3,000 - $4,999

$5,000 OR MORE

MONEY INCOME BEFORE TAXES

the past seven years. Average income of the
top tenth increased somewhat less than consumer prices over this period while average
income of the remaining nine-tenths of the
population rose about 20 per cent more than
the prices they paid for consumer goods and
services.
Sources of income. One-fifth of the
spending units had no income from wages
and salaries, which are of course the most
common source of income. Most of those
with no wage and salary income in 1954 were
in the lower income groups where insurance
benefits, pensions, and other transfer payments were reported most frequently. Onefifth of the spending units in the top tenth
of the income scale also had no wage and
salary income, but income from interest,
dividends, and rent was reported more frequently by this group than by other income
groups.
Working wives contributed to the income
of one-fourth of the spending units in 1954.
The wage or salary receipts in about one-half
of these cases amounted to less than $1,000,
suggesting occasional or part-time work.
Very few of the working wives earned as
FEDERAL RESERVE BULLETIN

195 5 SURVEY OF CONSUMER FINANCES

much as $5,000. Among young married holdings of those that held some liquid assets
couples without children about three-fifths remained almost unchanged (see Table 2).
of the wives worked, at least part time. The
About one-third of the spending units reproportion of working wives was lowest— ported increases in liquid asset holdings from
one-fifth—among families with young chil- early 1954 to early 1955 and one-fourth redren but was two-fifths among young cou- ported decreases. Increases were reported
ples with children over 5 years of age. more frequently than decreases by all groups
Among older married couples (45 years or with income of $2,000 or more and by occuolder) the proportion of working wives was pational groups other than farm operators
about one-fourth.
and skilled and semiskilled workers. The
majority of the increases were small (less
LIQUID ASSETS
than $500) while nearly half of the decreases
The proportion of spending units holding were large ($500 or more). The small insome liquid assets declined from early 1954 creases were largely the result of interest acto early 1955. Liquid assets, as measured by cruals on savings bond holdings while most
the Survey, include deposits in checking and of the large decreases were due to withsavings accounts at banks, shares in savings drawals from savings and checking accounts.
and loan associations, and United States GovIn early 1955 the proportion holding liquid
ernment securities. It has not been possible assets varied from 40 per cent of spending
to obtain adequate information about pocket units with incomes of less than $1,000 to
cash or other holdings of currency, which are nearly 100 per cent of those with incomes of
probably substantial in individual cases. The $10,000 or more. Since the higher income
decline in the proportion holding liquid as- groups also tend to hold larger amounts
sets was general, occurring in each income of liquid assets than do the lower income
group and most occupational groups. This groups, the amount held is largely concenresulted in a decline in the median amount trated among the high income groups. In
held by all spending units, but the median early 1955 the tenth of the spending units
with incomes of less than $1,000 held 4 per
TABLE 2
cent of total liquid assets while the tenth
SIZE OF LIQUID ASSET HOLDINGS
with incomes of $7,500 or more held 38 per
[Percentage distribution, of spending units]
cent of the total.
About 30 per cent of the spending units
1951
1952
1954
1953
1946
1955
Liquid assets
held United States savings bonds, 50 per cent
29
24
28
31
26
29
Zero
had savings accounts, and 45 per cent had
16
15
16
17
15
17
S1-S199
12
14
14
13
13
12
S2OO-S499
checking accounts in early 1955. The pro11
14
11
13
9
10
SS00-vS999
12
10
12
14
1.1
10
SI,000-SI,999
11
13
11
13
12
12
portions having savings and checking acS2,000-84,999
5
5
5
4
5
6
S5.OOO-S9.999
4
2
3
4
3
4
SI0,000 and over. . . .
counts have increased since early 1950 while
100
100
100
300
100
100
All cases
the proportion holding savings bonds has
Median holding:
declined, as shown in the chart on the follow3400
S300
S230
S25O S350
S300
All unit
S710
All units with assets $760
$750
S79O 3720
$770
ing page. The decline over the last five years
in the proportion holding savings bonds has
early in other years.
occurred among all income and occupational
groups.
is excluded.
X

2

53

JUNE 1955




611

195 5 SURVEY OF CONSUMER FINANCES
UQUED ASSET HOLDINGS

some tendency for the person interviewed to
forget small shareholdings, particularly if
60
they are owned by other members of the
_
1955 1950
spending unit.
50
As in previous years, ownership of corpo40
rate stock early this year increased sharply
from the lower to the upper income groups.
30
h
Of the spending units with incomes of less
than $3,000, only 4 per cent reported stock
20
ownership as compared with 35 per cent
among those with incomes of $10,000 or
10
more. Among the different occupational
groups, stock ownership was found most freCHECKING
SAVINGS
U.S. SAVINGS
quently in the professional and managerial
ACCOUNTS
ACCOUNTS
BONDS
groups. In these groups one-fifth of the
TYPE OF LIQUID ASSETS
spending units reported owning corporate
Savings bonds were held less frequently stock.
than other types of liquid assets in each inRegardless of income, stock ownership was
come group. Savings accounts were gener- much more common among spending units
ally the most common type of liquid asset headed by persons with some college educaholding among the lower income groups tion than among other spending units. To
while checking accounts were most frequent some extent this difference reflects a difin the group having incomes of $5,000 or ference in occupation and business associamore. A larger proportion of the profes- tions, but it probably also reflects more insional, managerial, self-employed, and farm- formation concerning corporate financing
operator groups had checking accounts than and the operation of stock markets. Simihad other types of liquid assets, while other larly, familiarity with corporate stocks and
occupational groups reported savings acTABLE 3
counts most frequently.
Per cent of spending units

SIZE OF

CORPORATE STOCK

Ownership of stock in publicly held corporations was reported by 8 per cent of the
spending units in early 1955. This is the
same proportion as in 1953 and earlier postwar years (see Table 3). Previous Surveys
have indicated that on the average there are
four individual stockholders for every three
spending units that report owning stock. On
this basis the Survey reports imply ownership by approximately 5.5 million individuals
in early 1955. This must be regarded as a
minimum estimate since there is probably
612




STOCKHOLDINGS 1

[Percentage distribution of spending imitsj
Amount of stock held
None 2
Some
Under $500
$500-$999
$l,000-$4,999
$5,000-$9,999
S10,000-$24,999
$25,000 and over
Not ascertained
All cases
Number of cases

Early
1955

Early Early
1953 1952

92
8
2
1
2
1
1
1
3
()

92
8
2
1
2
1
1
1
3
()

100

100

93
7

Early
1950

Early
1949

93
7
2
1
2

92
8

2
1
2
1
i
1 }
(3)
1
3
3
()
()

()

100

100

100

3
1
2
1
1
8

3,119 3,097 2,820 3,512 3,510

1
Includes common and preferred stock of corporations open to
investment by general public; excludes stock of privately held
corporations.
2
Includes the less than 1 per cent of all spending units for which
stock ownership was not ascertained.
3
No cases reported or less than one-half of 1 per cent.

FEDERAL RESERVE BULLETIN

195 S SURVEY OF CONSUMER FINANCES

ready availability of brokerage offices are reflected in the larger proportion of spending
units owning stock in metropolitan areas
than in smaller cities and rural areas at each
income level.
The majority of the spending units owning corporate stock held relatively small
amounts. One-fourth of them held stock
valued at less than $500 while one-half owned
stock valued at from $500 to $105000. Large
holdings account for most of the value of
shares held. Since few very large holders
are included in the Survey sample, an accurate estimate of the total value of stock held
cannot be obtained. If very large holdings
are excluded, the Survey indicates an increase of nearly 40 per cent in the value of
stock held by individuals from early 1953
to early 1955. This is consistent with the
rise in stock prices.

TABLE
SHORT-TERM

4

CONSUMER D E B T W I T H I N INCOME

GROUPS

[Percentage distribution of nonbusiness spending units]
Consumer debt early in year 1
Money income before All
taxes in preceding
cases
year

Zero

SI-$499

$500 and
over

1955 1954 1955 1954 1955 1954
All nonbusiness
spending units

100

43

45

34

32

23

23

Money income:
Under $1,000....
$l,000-$l,999.. .
S2,000-S2,999. . .
S3.000-S3.999.. .
S4,000-S4,999. . .
S5,000-$ 7,499.. .
$7,500 and over.

100
100
100
100
100
100
100

68
52
46
37
36
33
48

67
56
47
42
36
37
46

28
38
38
38
34
32
19

29
37
33
38
34
29
16

4
10
16
25
30
35
33

4
7
20
20
30
34
38

1
Consumer debt includes all personal debt except business debt,
mortgage debt, and charge accounts. Figures are presented only
for nonbusiness spending units, excluding vspending units headed
by farm operators and owners of part or all of an unincorporated
business or privately held corporation.
These debt figures cannot be compared directly with the shortand intermediate-term consumer debt statistics regularly published
by the Board of Governors because of differences in universe and
definition necessitated by Survey methodology.

directly associated with purchases were reported by 8 per cent, and 7 per cent owed
SHORT-TERM DEBT
money to a loan company. Debts were owed
More than half of the spending units owed to other individuals by 6 per cent.
Instalment debt. Most of the debt outsome short-term consumer debt in early 1955,
the same proportion as a year earlier. The standing on various purchases as well as most
amounts owed were also similar to those of the personal debt owed to banks and loan
in early 1954, with three-fifths of the debtors companies is on an instalment basis. Nearly
owing less than $500 and two-fifths owing one-half of the spending units reported owing
some instalment debt in early 1955. Somelarger amounts (see Table 4).
what more than one-half of those with inAs in previous years, liquid asset holdings
exceeded the short-term debts of nearly one- comes between $3,000 and $7,500 had such
third of the indebted consumers. Another debt while the proportions were smaller
third had some liquid assets but smaller in above and below this income range.
Of those with instalment debt in early
amount than their debts, while the remaining third of the debtor group reported no 1955, two-thirds had scheduled repayments
equal to less than 20 per cent of their disposliquid asset holdings.
Debt arising from the purchase of automo- able income and most of the remaining onebiles, other durable goods, and housing main- third were obligated to make repayments
tenance and improvement was the most com- amounting to 20-40 per cent of their disposmon type of personal debt and was reported able income. These proportions were about
by one-fourth of the spending units in early the same as in early 1954. In general, the
1955. One-fifth reported amounts owed on rate of repayment in relation to disposable
medical bills. Amounts owed to banks not income tended to be higher for instalment
JUNE 1955




613

195 5 SURVEY OF CONSUMER FINANCES

debtors in the lower income groups than comparable decline in total instalment credit
for those in the middle and upper income since new debts will undoubtedly be incurred
groups.
as the existing debts are paid.
Most instalment debts are scheduled to be
TABLE 5
repaid in a relatively short time. Of the
spending units owing instalment debt at the
SCHEDULED REPAYMENT OF INSTALMENT DEBT
WITHIN INCOME GROUPS, 1955
time of interview, about one-fourth were
[Percentage distribution of spending units]
scheduled to pay off the debt within six
months and an additional two-fifths within
1954 money income
before "taxes
the following six months (see Table 5). Instalment debt status at All
time of interview
groups
Debtors with incomes of less than $5,000
Under S3.000S55,OOO
S3,000
$4,999 and over
were scheduled to complete payment more
68
48
53
rapidly than those with incomes of $5,000 Without instalment debt... 57
32
With instalment debt
43
52
47
or more. This reflected the smaller average
credit purchases of durable goods by lower Scheduled to be repaid in
full within:
3 months
3
3
3
3
income groups and also the shorter maturities
3-6 months
7
8
5
8
17
13
6 months-1 year
23
17
customary for these purchasers. These sched9
1 -2 years
.
13
15
15
2 years and over
2
3
4
3
uled repayments do not necessarily imply a
S

SUPPLEMENTARY

TABLE

1

INCOME DISTRIBUTION OF SPENDING U N I T S WITHIN SPECIFIED GROUPS,

1954

[Percentage distribution of spending units within specified groups]
1954 money income before taxes

Number of
cases

All
income
groups

All spending units

3,119

100

Number of income receivers in unit:
One
Two or more

=2,165
"939

100
100

12
3

15
10

16
10

18
13

Age of head of spending unit:
18-24
25-34
35-44
45-54
55-64
65 and over

228
709
718
556
447
394

100
100
100
100
100
100

9
3
4
7
14
35

23
8
9
9
16
29

30
13
10
12
13
15

23
21
16
16
16

Family status of spending unit:
Single person:
Age 18-44
Age 45 and over

313
394

100
100

9
34

19
23

29
16

24
11

11
7

220
991
612
320

100
100
100
100

5
6

15
9

9
9
14
10

14
20
14
15

897

100
100
100
100

9
15
17
11

17
12
14
11

18
15
15
21

Group characteristic

Married: 1
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 1 8 . . .
Region: 2
North East
North Central
South
West

1,037
781
404

Under S1,000- S2,000- 83,000- $4,000- $5,000- $7,500
$1,000 $1,999 $2,999 $3,999 $4,999 $7,499 and over

5
9
19
4

13
16

17
31

9
17

18
16
17
12
4

4
27
30
23
16
6

3
10
15
16
13
3

14
18
15
14

39
31
18
26

14
14
16
18

15
14
12
15

25
22
15
25

11
13
13

"Estimated.
*Age refers to head of spending unit. Includes only spending units in which both husband and wife are present.
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 the Mountain and Pacific Coast States.
2

614




FEDERAL RESERVE BULLETIN

195 5 SURVEY OF CONSUMER FINANCES
SUPPLEMENTARY TABLE 2
INCOME DISTRIBUTION OF SPENDING UNITS WITHIN OCCUPATIONAL GROUPS 1

[Per cent]
Professional
and semiprofessional

1954

1953

1
6
8
7
15
36
27

1
3
3
12
12
38
31

()
2
9
15
34
40

100

All cases

1953

()
4
5
13
12
32
34

Under $ 1 , 0 0 0 . . .
SI,000-$1,999. .
$2,000-$2,999. .
«3,000-$3,999. .
$4,000-!ii;4,999. .
$5,000-$7,499..
$7,500 and over.

Managerial

1954

Money income
before taxes

100

100

100

Selfemployed

Clerical
and sales

Skilled
and semiskilled

Unskilled
and
service

Farm
operator 2

1954

1953

1954

1953

1954

1953

1954

1953

1954

1953

2
7
10
15
22
37

4
9
8
14
13
19
33

2
9
19
18
22
20
10

1
9
16
21
18

1
6
12
21
24
30

1

24
24
16
11
7
11
7

23
22
21
15
4

6

11
22
22
21
10
12
2

11
24
28
15

9

2
4
12
23
21
32
6

100

100

100

100

100

100

100

100

100

100

7

26

14
7

,020 S5 ,540 $5 ,860 $6,610 §5 ,710 $5,000 S3 , 980 $4,100 S4 ,390 $4,400 $2,
,380 $6,790 $7 ,480 $8,920 $8 ,360v$8,S30$4 ,420 $4,480 $4 ,500 $4,550 $2,

Median income.,
Mean income. . .
Number of cases

290

281

222

179

273

278

378

392

817

850

273

i Income data for each year are based on interviews early in the following year. Occupational groupings are in terms of occupation
of head of spending unit.
2
Income for farm operators is not directly comparable with income for other groups because of the large amount of nonmoney income
that 3
farmers produce for their own consumption.
No cases reported or less than one-half of 1 per cent.

SUPPLEMENTARY T A B L E

3

INCOME DISTRIBUTION BY A G E GROUPS WITHIN EDUCATIONAL GROUPS,

1954

[Percentage distribution of spending units within groups]

Number of
cases

Education and Age 1

Grade school:
All ages

18-24
25-34
35-44
45-54
.
55-64
65 and over
College:
All ages
18-24
25-34
35-44
45-54
55-64
65 and over
1

1954 money income before taxes
Under
$1,000

$1,000 - $2,000- $3,000- 84,000- $5,000- $7,500- $10,000
$1,999 $2,999 $3,999 $4,999 $7,499 $9,999 and over

936

.
.

.

100

18

21

16

16

11

14

106
172
208
216

18-24
25-34
.
35-44
45-54
55-64
6 5 and over
High school:
All ages .

All
income
groups

100
100
100
100

12
6
17

21
17
11
21

15
17
18
15

18
14
15
11

214

100

42

31

16

17
21
20
16

14
22
20
15

1,427

100

6

10

157

100

6

21

404
379
221
154

100
100
100
100

2
2
4
10

5
6
8
11

112

100

30

26

11

5

3

15

19

16

24

36

21

8

15
9
12
13

8

26
17
13
14

15

14

17
18
22
12

28
35
23
20

4




2

3

(3)

(3)

3
2
3

3
2

3
6

2
4
8
9

6

1

4

642

100

2

6

7

13

14

28

14

50

100

17

17

19

27

12

2

197
163
120
65

100
100
100
100

(3)
1

6

2
4
4
2

6
4
1
6

13
5
10
21

18
11
11
13

37
33
30
14

16
19
16
14

5

4
(3)

5
9
10
11

16
(3)

8
23
28
25

0)

Education and age refer to head of spending unit. Educational classifications do not necessarily denote graduation.
spending units for which educational or age status was not ascertained.
2
Insufficient number of cases for computation.
3 No cases reported or less than one-half of 1 per cent.

JUNE 1955

2

Data exclude

615

195 5 SURVEY OF CONSUMER FINANCES
SUPPLEMENTARY TABLE 4
INCOME CHANGE WITHIN SPECIFIED GROUPS

[Percentage distribution of spending units]
Change from previous year in money income before taxes
Number
of cases

Group characteristic

All
cases

1953
All spending units

Income
larger

No substantial change

Income
smaller

1954

1953

1953

1954

30

Not
ascertained

23

1953

3,119

3,000

100

42

46

Money income before taxes:
Under $1,000
$1,000-$! ,999
$2,000-82,999
S3.000-S3.999
$4,000-$4,999
S5.000-S7.499
$7,500 and over

240
363
385
484
439
730
478

239
351
381
447
465
670
447

100
100
100
100
100
100
100

25
32
42
40
41
50
60

19
33
44
44
56
58
56

43
35
31
35
36
31
29

•"47
32
26
31
27
27
28

30
32
26
25
24
18
10

••31

Occupation of head of spending unit:
Professional and semiprofessional.
Managerial
Self-employed
Clerical and sales
Skilled and semiskilled
Unskilled and service
Farm operator

290
222
273
378
817
272
213

281
179
278
392
850
273
227

100
100
100
100
100
100
100

58
52
45
57
42

65
54
38
60
53
41
31

28
34
30
28
35
36
26

23
38
29
25
26
33
24

14
14
23
15
23
22
43

10
6
28
13
18
24
41

Age of head of spending unit:
18-24
25-34
35-44
45-54
55-64
65 and over

228
709
718
556
447
394

221
633
705
569
476
389

100
100
100
100
100
100

67
52
41
38
33
26

70
56
47
43
40
27

18
27
33
36
38
51

13
23
29
31
33
51

14
20
25
25
28
22

1954

1953

13
18
22
23
24
20

31
28
23
14
13
11

2
1
1

0)
C1)
1

0)
0)
0)
0)
1

••Revised.
1
N o cases reported or less than one-half of 1 per cent.

SUPPLEMENTARY TABLE 5
PERCENTAGE DISTRIBUTION OF TOTAL MONEY INCOME BEFORE TAXES BY INCOME TENTHS X
Lowest income within tenth

Percentage of total money income
Income tenth 2
1954 1953 1952 1951 1950 1949 1948 1947
Highest tenth.. .
Second
Third
Fourth
Fifth
Sixth
Seventh
Eighth
Ninth
Lowest t e n t h . . . .

30
15

31
15

5
3

5
3

5
3

1

1

31
15

30
15

31
15

29
15

12
11
9
8
6

12
10
9
8
6

5
3

5
3

5
3

5
3

13
11
9
8
6

1

1

1

1

29
15
13
11
9
8
6

12
10
9
8
6

12
11
9
8
6

12
10
9
8
6

1

1954

1953

1952

1951

1950

1949

1948

1947

33 $7,720 §7,680 $7,090 S6,600 $6,210 $5,800 $6,000 $5,700
15 6,000 6,000 5,500 5,060 4,950 4,500 4,500 4,200
12
5,060 5,000 4,650 4,330 4,080 3.760 3 750 3 500
4,350 4,400 4,000 3,700 3,550 3,200 3,200 3,000
10
9
3,700 3,780 3.440 3,200 3,000 2,700 2,840 2,550
7
3,120 3,150 2,900 2,660 2,510 2,290 2 400 2 100
2,500 2,500 2,340 2,090
6
1,990
1,810
2 000 1 700
4 1,760
1 ,'800 1,600
1,450
1,430
1,280
1,500
1,200
3 1,000
940
850
1,000
830
710
860
750
3
1
()
(3)
(3)
(3)
(3)
(3)
(3)
(3)

1
Income data for each year are based on interviews early in the following year. The proportion of income received by the highest
tenth may be underestimated by several percentage points in all years because the samples of approximately 3,000 to 3,500 spending
units2 used in the surveys cannot be expected to provide a completely representative sample of the highest dollar incomes.
Tentks were obtained by ranking spending units according to money income before taxes
3
Data not available.

616




FEDERAL RESERVE BULLETIN

195 5 SURVEY OF CONSUMER FINANCES
SUPPLEMENTARY TABLE 6
PERCENTAGE DISTRIBUTION OF CONSUMER INCOME AND INCOME TAX BY INCOME FIFTHS
Estimated Federal personal
income tax liability 2

Money income before taxes
Income fifth1

Disposable income 3

1954

1951

1950

1954

1953

1952

1951

1950

1954

1953

1952

1951

1950

46
22
17
11
4

45
23
17
11
4

46
22
17
11
4

44
24
17
11
4

64
19
11
5
1

68
17
10
4
1

64
19
11
5
1

* 68
17
10
5
(*)

65
19
10
5
1

42
23
18
12
5

42
23
18
12
5

42
24
17
12
5

42
24
18
12
4

42
24
18
12
4

100

All cases

1952

44
24
17
11
4

Highest fifth
Second
Third
Fourth
Lowest fifth

1953

100

100

100

100

100

100

100

100

100

100

100

100

100

100

1
Fifths were obtained by ranking spending units according to money income before taxes.
2
Without adjustment for capital gains or losses, which are excluded from money income.
3
Money income less estimated Federal personal income tax.
4

Less than one-half of 1 per cent.

SUPPLEMENTARY TABLE 7
INCOME DISTRIBUTION OF FAMILY UNITS AND TOTAL MONEY INCOME BEFORE TAXES 1

[Per cent]
1954
Money income before taxes

1953

1952

Total
Total
Family money Family money
units income units income

1951

1950

1949

Total
Family money
units income

Total
Family money
units income

Total
Family money
units income

Total
Family money
units income

9
12
11
15
14
24
8
7

All cases

1
4
6
11
12
29
13
24

9
10
11
15
16
23
8
8

1
3
5
10
14
27
13
27

10
12
14
16
15
21
6
6

1
4
7
12
15
28
11
22

11
13
16
17
15
17
6
5

1
4
9
14
16
24

11
15
16
18
13
18
5
4

100

Under $1 000
<U 000-$1 999
$2 000-82,999
S3- 000-83 999
$4 000-S4,999
$5 000-87 499
$7 500-89,999
$10 000 and over

100

100

100

100

100

100

100

100

1
6
10
16
14
26

13
15
18
19
12
15
4
4

> 25

100

100

100

I 27

..

Number of cases

$4,100
$4,900

84,170
$5,080

S3,850
$4,560

S3,530
$4,320

S3.400
S3,990

$3,100
S3,750

2,805

Median income
M!ean income

2,688

2,756

2,501

3,029

2
6
12
18
14
23

3,069

1

Income data for each year are based on interviews early in the following year. A family unit includes all persons living in the
same dwelling who are related by blood, marriage, or adoption; single-person families are included.

SUPPLEMENTARY TABLE 8
WAGE OR SALARY INCOME OF WIFE, BY TYPE OF SPENDING UNIT, 1954

[Percentage distribution of spending units within groups)
Wages or salary income of wife
Type of spending unit

Number of
cases

All
cases

Zero

3,119

100

988
923
961
247

100
100
100
100

92
80
63
81

Age of husband and children: 2
18-44, no children under 18
18-44, youngest child under 5 . . .
18-44, youngest child over 5
45 and over, no children under 18
45 and over, children under 1 8 . . .

220
705
286
612
320

100
100
100
100
100

43
79
60
78
73

$500- $1,000 $3,000- $5,000 Amount
and
not as$999 $2,999 $4,999
over certained

80

Money income before taxes:
Under S3,000
$3,000-$4,999
$5,000-$9,999
$10,000 and over

Sl$499

All spending units

0)

20
2
12
7
10
5
9

28
8
16
12
10

0)
0)

0)
0)

0)
0)
I
0)

11
2
6
2
2

0)
0)
1
1

1
0
0
0)
o

0)
1
2

Less than one-half of 1 per cent.
Includes only spending units in which both husband and wife are present.

JUNE 1955




617

195 5 SURVEY OF CONSUMER FINANCES
SUPPLEMENTARY TABLE 9
TYPE AND SIZE OF LIQUID ASSET HOLDINGS WITHIN INCOME GROUPS *

[Percentage distribution of spending units]
All spending
units

Type and size of holding

Money income before taxes in ]^receding year
Under $1,000

$3,000-$4,999

$l,000-$2,999

$5,000 and over

1955

1954

1955

1954

1955

1954

1955

1954

26
28
24
13
9

61
21
8
5
5

59
18
12
6
5

46
24
17
8
5

41
28
19
8
4

26
37
20
10
7

23
33
26
12
6

8
28
29
18
17

6
27
29
20
18

100

100

100

100

100

100

100

100

100

100

69
17

All cases
U. S. savings bonds (series A-F): 3
Zero
S1-S499
$500-$l,999
$2,000 and over

1955

29
29
21
11
10

All types: 2
Zero
$l-$499
$500-31,999
$2,000-$4,999
$5,000 and over

1954

63
20

85
9

83
12

80
12

3
2

5
3

76
16

70
18

62
24

54
24

47
23

11
6

9
5

All cases

3
3

6
2

9
3

10
4

13
9

17
13

100

100

100

100

100

100

100

100

100

100

52
20

Savings accounts: 4
Zero
Sl-$499
$500-$l,999
$2,000 and over

50
21

82
10

79
7

65
15

63
17

51
23

49
25

33
25

32
24

14
14

100

All cases

100

100

100

100

100

100

100

100

100

54
31
11
4

All cases
Checking accounts:
Zero
S1-S499
S500-S1 999
$2,000 and over

16
13

2
6

55
29
12
4

76
16
6
2

76
16
6
2

71
20
8
1

69
21
9
1

56
33
9
2

59
29
10
2

30
44
17
9

32
39
20
9

8
6

12
8

12
8

15
11

15
11

20
22

22
22

100

100

100

100

100

100

100

100

100

100

3,119

Number of cases

3,000

240

239

748

732

923

912

1,208

1,117

1
Liquid
2

asset data refer to holdings at time of interview early in year indicated.
Liquid assets include all types of U. S. Government bonds, checking accounts, savings accounts in banks, postal savings, and shares
in savings and loan associations and credit unions; currency is excluded.
3
Amounts are shown as 88 per cent of maturity value in 1955 and 87 per cent in 1954.
4
Includes postal savings and shares in savings and loan associations and credit unions.

SUPPLEMENTARY TABLE 10

SUPPLEMENTARY TABLE 11

PERCENTAGE DISTRIBUTION OF TOTAL LIQUID ASSETS BY

PERCENTAGE DISTRIBUTION OF TOTAL LIQUID ASSETS BY

INCOME TENTHS 1

LIQUID ASSET TENTHS X

Income tenth 2 1955 1954 1953 1952 1951 1950 1949 1948
Highest tenth..
Second .
Third
Fourth
Fifth
..
Sixth
Seventh..
Eighth
Ninth
Lowest tenth...

36
11

39
12

37
12

39
11

9
8
8

9
8

10
5
8

9
8
7

6
6
5
6

6
6
7
5

7
6
5
5
5

4

4

5

All cases... 100

100

100

36
15

35
13

44
11

43
14

10
6
7

10
8
8

9
8
6

8
7
5

5
6
5
5

6
6
5
4

6
7
5
4

5

5

4

100

100

100

6
6
3
4

6
4

3

4
4
5

100

100

J
As of Jan. 1, 1952 and at time of interview early in other years.
For types of liquid assets included, see Supplementary Table 9,
note 2.
2
Tenths were obtained by ranking spending units according to
money income before taxes in preceding year.

618




Liquid asset tenth 2
Highest tenth
Second
Third
Fourth
...
Fifth
Sixth...
Seventh
Eighth
Ninth
Lowest tenth
All cases

1955 1954 1953 1952 1951 1950 1949
65
18
9
5
2
1

64
17
9
5
3
1
1

66
17
9
5
2
1

0
0

o
0

0
0

100

100

100

65
18
9
5
2
1
0

o
0
100

65
17
9
5
3

o

64
19
9
5
2
1
0

66
17
9
5.
2
/3\

0

o
0

o

100

100

100

0

1
As of Jan. 1, 1952 and at time of interview early in other years.
For types of liquid assets included, see Supplementary Table 9,
note 2.
2
Tenths were obtained by ranking spending units according to
size of liquid asset holdings at time of interview.
3
Less than one-half of 1 per cent.

FEDERAL RESERVE BULLETIN

195 5 SURVEY OF CONSUMER

FINANCES

SUPPLEMENTARY T A B L E 12
LIQUID ASSET HOLDINGS WITHIN OCCUPATIONAL AND A G E GROUPS *
[Percentage distribution, of spending units within groups 1
Amount of liquid asset holdings
Number
of cases

All
cases

Occupation and age

1955

1954

290
222
273
378
817
272
213

281
179
278
392
850
273
227

.100
100
100
100
100
100
100

228
709
718
556
447
394

221
633
705
569
476
389

Occupation of head of spending unit:
Professional a n d semiprofessional.
Managerial
Self-emploved
Clerical and sales
Skilled and semiskilled
Unskilled and service
. . .
F a r m operator
Age of head of spending unit:
18-24
25-34
35-44
55-64
65 and over

.

Zero

SI-$499

$2,000$4,999

$500-$1,999

$5,000
and over

1955

1954

1955

1954

1955

1954

1955

1954

1955

1954

6
7
11
30
51
31

8
5
13
10
28
39
32

25
27
24
41
35
27
26

28
24
21
36
33
33
19

31
25
29
27
21
11
20

33
29
29
29
25
15
25

18
22
17
11
9
8

17
19
16
15
10
19
14

20
19
19
8
5
3
10

14
23
21
10
4
1
10

100
38
29
100
22
100
100 ! 29
100 j 97
100
36

32
26
25
22
22
32

42
39
35
22
17
16

45
43
30
18
19
18

16
22
25
22
18
17

19
21
28
29
21
19

3
7
12
14
19
12

4
8
10
17
20
18

1
3
6
13
19
19

C2)

1
Liquid asset data refer to holdings at time of interview early in year indicated.
Table 9, note 2.
2
No cases reported or less than one-half of 1 per cent.

SUPPLEMENTARY T A B L E

7

7
\/L

18
13

For types of liquid assets included, see Supplementary

13

LIQUID ASSET HOLDINGS OF FAMILY U N I T S

1

[Percentage distribution of family units]
1955

Amount of liquid asset holdings
Zero
SI-S499
$500 -SI,999
$2 0Q0--S4 999
S5 ,000 and over

.

.

1954

1953

1952

1-951

1950

28
28
21
13
10

25
27
24
13
11

28
26
23
12
11

29
29
20
13
9

27
29
23
12
9

29
27
20
14
10

.

.

100

100

100

100

100

100

2,805

All cases
N u m b e r of cases

2,688

2,756

2,501

3,029

3,069

1
Liquid asset d a t a refer to holdings as of J a n . 1, 1952 and at time of interview early in other years.
included, see supplementary Table 9, note 2.

For types of liquid assets

SUPPLEMENTARY TABLE 14
PERSONAL DEBT BY LIQUID ASSET GROUPS WITHIN INCOME GROUPS, EARLY 1955

X

[Percentage distribution of spending units within groups]
Amount of personal debt
Income and liquid assets 2

Number
of
cases

All
cases

No
debt

Some
debt

3,119

100

Income under $3,000 and liquid assets of:
Zero
SI-$499
$500 and over

441
243
304

100
100
100

4.2
41
79

Income of $3,000-$4,999 and liquid assets of:
Zero
S1-S499
$500 and over

216
331
376

100
100
100

18
28
62

Income of $5,000 and over and liquid assets of:
Zero
S1-S499
S500 and over

79
307
822

.100 I
100 I

25
16
57

All spending units

I
$l-$99

.$100- $200$199
$499

55

S500- $1,000
$999 and over

15

12

58
59
21

j

18
10
6

11
10
3

17
19
6

9
12
2

72
38

6
7
10

16
10
6

26
18
7

20
21
6

14
16
9

75
84
4.3

2
6
7

9
6
4

23
21
9

17

25
9

24
26
14

I
ioo !

I

J

Debt as of date of interview. Personal debt excludes business debt, mortgage debt, and charge accounts; it includes non-mortgage
debt on additions and repairs.
2
1954 money income before taxes.
Liquid asset holdings at time of interview. For types of liquid assets included, see Supplementary
Table 9, note 2."

JUNE 1955




619

1955 SURVEY OF CONSUMER FINANCES
SUPPLEMENTARY TABLE 15
INSTALMENT DEBT PAYMENTS IN RELATION TO DISPOSABLE INCOME WITHIN SPECIFIED GROUPS, EARLY 1955

a

[Percentage distribution of spending units]

Number
of cases

Group characteristic

Payments as a percentage of
disposable income 2
All

Zeros
All spending units

1-9

10-19

40 and
over

20-39

3,119

100

57

15

16

10

1954 money income before taxes:
Under $1,000
$l,000--$l,999
$2,000-$2,999
$3,000-$3,999
$4,000-S4,999
$5,000-$7,499
$7,500-$9,999
$10,000 and over

240
363
385
484
439
730
231
247

100
100
100
100
100
100
100
100

81
67
58
48
47
47
56
74

1
6
11
20
21
19
20
14

5
14
15
15
17
23
19
10

4
10
12
16
14
10
5
2

Occupation of head of spending unit:
Professional and semiprofessional
Managerial
Self-employed
Clerical and sales
Skilled and semiskilled
Unskilled and service
Farm operator
Retired
Others

290
222
273
378
817
272
213
212
403

100
100
100
100
100
100
100
100
100

54
58
69
57
41
48
76
89
65

18
14
12
14
21
17
6
3
10

17
20
6

8
7
11
12
14
17
5
2
8

313
394

100
100

67
86

8
4

220
991
612
320
106

100
100
100
100
100

44
37
74
49
51

21
9
20
21

9
5
21
24
9
20
17

Family status:
Single:
Age 18-44
Age 45 and over
Married: a
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 1 8 . . .
Other 7

16
23
13
9
5
15

18

9
3
4
1
1
1
0

(0

13
3
14
16
7
9
6

1
2

Excludes payments on charge accounts, single-payment loans, and debts incurred for business purposes.
Annual rate of instalment debt payments early in 1955 as a percentage of disposable income in 1954.
3Includes the less than 1 per cent of all spending units for which indebtedness was not ascertained.
4
No cases reported or less than one-half of 1 per cent.
5
Includes spending units headed by housewives, protective service workers, unemployed persons, and students.
6
Age refers to head of spending unit. Includes only spending units in which both husband and wife are present.
"Includes spending units from which husband or wife is absent and those for which family status was not ascertained.
SUPPLEMENTARY TABLE

16

D E B T S TO DOCTORS, DENTISTS, AND HOSPITALS FOR MEDICAL SERVICES X

[Percentage distribution of spending units within groups]
Amount of debt
Grou p characteristic

Number
of cases

All
cases

No debt

Some debt
$l-$99

Money income before
preceding year:
Under $1 000
$1,000-&1,999
$2 000-&2 999
$3 000-S3,999
$4 000-$4 999
$5 000-$7 499
$7,500 and over

§200 and
over

Not
ascertained

1955 1954 1955 1954 1955 1954 1955 1954 1955 1954 1955 1954

1955

1954

3,119

All spending units

SI00-$199

3,000

100

80

81

20

19

13

240

239

100

80

80

20

20

363

351

100

77

80

20

100
100
100
100
100

81
76
76
79
90

79
78
83
82
89

23

19
24
24
21
10

21
22
17
18
11

13
15
16
14
5

81
72

14
27

19
28

13

4

3

12

15

3

14

13

4

17
15
11
13
6

3
5
4
4
3

10
16

14
19

16
14
9
9

16
12
6
5

3
5

3

3

3

5

2

2

4

5

3
2
2
3
3

3
4
4
3
2

1
5
4
2
2

taxes in

Age of head of spending unit:
18-24
25-34
.. .
35-44
45-54
55-64
65 and over

385
484
439
730
478

381
447
465
670
447

228
709

221
633

100
100

86
73

718
556
447
394

705
569
476
389

100
100
100
100

77
76
86
88

78
82
90
92

23
24
14
12

22
18
10
8

4
6
3
1

1
5

3
2
2
2

1
(2)
(2)

W\
(2)
(2)

1
6

4
A.

(2)

3
4
2
2

3
4
2
1

(2)
(2)
(2)

(i)
/2\

C
O

1
Includes debt at the beginning of each year. Excludes debts to other individuals and financial institutions which were incurred to
pay for medical services.
2
No cases reported or less than one-half of 1 per cent.

620




FEDERAL RESERVE BULLETIN

195 5 SURVEY OF CONSUMER FINANCES
SUPPLEMENTARY T A B L E

17

A M O U N T OF INSTALMENT D E B T , EARLY 1955

1

[Percentage distribution of spending units]

I
; Number
• of cases

1954 money income before taxes

Amount of instalment debt
All
cases

No
Some
debt* debt

All income groups

j 3,119

100

56

Under $1,000
$1,000-81,999....
$2,000-$2,999....
S3,000-$3,999....
S4,000-$4,999....
S5,000-$7,499....
$7,500-89,999....
$10,000 and over.

240
363
385
484
439
730
231
247

100
100
100
100
100
100
100
100

81
67
56
48
45
45
57
74

$l-$99 $100- $200- $500- $1,000 Amount not
$199 $499 $999 and over ascertained
13
4
7
9
12
8
6
5
3

19
33
44
52
55
55
43
26

5
10
15
15
18
17
10
4

1
4
6
11
13
15
9

1
2
5
7
10
12
14
9

1
T)ebt as
2
Includes
3

of date of interview. Excludes charge accounts, single-payment loans, and debt incurred for business purposes.
the less than one-half of 1 per cent of all spending units for which personal instalment indebtedness was not ascertained.
No cases reported or less than one-half of 1 per cent.

SUPPLEMENTARY T A B L E

18

STOCK OWNERSHIP BY PLACE-OF-RESIDENCE GROUPS WITHIN INCOME GROUPS, EARLY

1955

1

[Percentage distribution of spending units within groups]
Amount of stock held
All
cases

No
stock
owned 3

Some
stock
owned

All incomes:
Metropolitan areas
Other cities
Small towns and open country

100
100
100

90
92
96

10
8
4

Under $3,000:
Metropolitan areas
Other cities
Small towns and open country

100
100
100

94
96
97

$3,000-$4,999:
Metropolitan areas
Other cities
Small towns and open country

100
100
100

94
94
98

$5,000 and over:
Metropolitan areas
Other cities
Small towns and open country

100
100
100

83
85
90

Income and place of residence

2

Under
$500

$500$999

SI,000- $10,000 Amount
not as$9,999 and over certained

17
15
10

1
Stock ownership as of date of interview. Includes common and preferred stock of corporations open to investment by general
public; excludes stock of privately held corporations.
2
1954 money income before taxes. Metropolitan areas include the 12 largest cities and the immediately adjacent areas, "other"
cities include all other cities of 2,500 inhabitants or more, and small towns and open country include towns of less than 2,500 inhabitants
and open country areas.
3
Includes the less than 1 per cent of all spending units for which ownership of stock was not ascertained.
4
No cases reported or less than one-half of 1 per cent.

JUNE 1955




621

195 5 SURVEY OF CONSUMER
SUPPLEMENTARY T A B L E

FINANCES

19

STOCK OWNERSHIP WITHIN IN-COME AND OCCUPATIONAL GROUPS, EARLY 1955

x

[Percentage distribution of spending units within groups]
Amount of stock held

All spending units
1954 money income before taxes:
Un.der"S3,()00
S3.OOO-S4.999
S5.000-S7.499
S7,500-89,999

SI0,000 and over
Occupation of head of spending unit:
Professional and semiprofessional.
Managerial
S,elf-employcd
Clerical and sales
Skilled and semiskilled
Unskilled and service
Farm operator
Retired

All
cases

No
stock
owned2

3,119

Income and occupation

Number of
cases

100

92

923
730
231
247

100
100
100
100
100

96
95
91
84
65

4
5
9
16
35

200
222
273
378
817
272
213
212

100
100
100
100
100
100
100
100

79
81
90
91
97
97
92
89

21
19
10
9
3
3

Some
stock
owned

Under
$500

$500- $1,000- $5,000- $10,000- $25,000 Amount
not asand
$999 S4,999 $9,999 $24,999 over certained

00

(

1
1
1
11

1
1
5

1
Stock ownership as of date of interview. Includes common and preferred stock of corporations open to investment by general
public; excludes stock of privately held corporations.
2
Includes the less than 1 per cent of all spending units for which ownership of stock was not ascertained.
3
No cases reported or less than one-half of 1 per cent.

SUPPLEMENTARY T A B L E

20

STOCK OWNERSHIP BY EDUCATIONAL GROUPS WITHIN INCOME GROUPS, EARLY 1955

x

[Percentage distribution of spending units within groups]
Number of
cases

All
cases

No
stock
owned 3

Some
stock
owned

All incomes:
Grade school
High school.
College

988
1,458
659

100
100
100

97
93
81

Under $3,000:
Grade school.
High school.
College

510
388
81

100
100
100

98
95
91

$3,000-$4.999:
Grade school,
High school. ,
College

270
496
154

100
100
100

97
95
92

$5,000 and over:
Grade school.
High school. ,
College

208
574
424

100
100
100

94
90
73

Amount of stock held

3
7
19

Income and education 2

6
10
27

Under
$500

$500$999

$1,000- $10,000 Amount not
$9,999 and over ascertained
C1)
l

1
6
10

1
2
10

(

C1)

1
Stock ownership as of date of interview. Includes common and preferred stock of corporations open to investment by general
public; excludes stock of privately held corporations.
2
1954 money income before taxes of the spending unit and education of the head of the spending unit. Educational classifications
do not necessarily denote graduation. Data exclude spending units for which educational status was not ascertained.
a
Includes the less than 1 per cent of ail spending units for which ownership or stock was not ascertained.
4
Xo cases reported or less than one-half of 1 per cent.

622




FEDERAL RESERVE BULLETIN

FINANCING OF LARGE CORPORATIONS IN 1954
Outstanding developments in large corporation financing in 1954 were substantial
liquidation of inventories, large use o£ funds
for payment of Federal income taxes incurred on 1953 profits, and sizable reduction
in bank debt.2 Net funds from operations
rose slightly, as did security sales. Plant and
equipment expenditures declined somewhat.
Inventory declines were largely associated
with lowered levels of national defense expenditures. Reductions in Federal income
tax liabilities resulted from the expiration
of the excess profits tax and reduced levels
of profits before taxes.
With increased funds from operations and
security sales and with reduced expenditures upon inventories and fixed assets, large
corporations were able to reduce short-term
debt substantially while maintaining liquid
assets at high levels. One result of these
developments was that net working capital
rose by a near-record amount. Large corporation liquidity as measured by the ratio
of liquid assets to current liabilities rose to
76 per cent, the highest level since 1950.
The sharp reversals in accrued Federal
income tax liabilities and inventories were

the most pronounced shifts in large corporation financing in 1954 as compared with
1953, as may be seen from the table. Sizable
amounts were obtained from all long-term
sources except banks. Bank term loans were
reduced as in 1953. Net funds from operations increased as a result of higher depreciation charges. Increased funds were also
obtained by sales of securities, as the rise in
net capital stock issues exceeded the decline
in net flotation of debt securities. All shortterm liabilities were reduced.
CHIEF SOURCES AND USES OF LARGE CORPORATION FUNDS
1954 AND 1953
[In millions of dollars]
Account

1954

Sources
Net funds from operations:
3.313
Retained earnings
6,074
Depreciation and other nonfund charges. . . .
Net new issues:
1.566
Capital stock
Bonds
1 ,426
Bank borrowing:
-148
Long-term
-777
Short-term
-1,523
Accrued Federal income taxes
-43
Trade payables
-307
Other current liabilities

3.316

5,607
1 .087
1 ,801

-229
—50
934
-159

280

Uses
Plant and equipment expenditures.
Inventories
Receivables
Liquid assets
Other assets

10,667
- 1 ,251
215
-228
314

10,918
928
—290
1,054
132

1

This article was prepared by Paul S. Anderson of the
Business Finance and Capital Markets Section of the Board's
Division of Research and Statistics.
2
The group of large corporations for which the Board of
Governors regularly compiles financial data includes 200
companies in 10 manufacturing industries, 42 in retail trade,
20 railroads, 35 electric utilities, and one communications
company. The previous total number of 300 corporations
has been reduced to 298 by mergers within the group.
Composite balance sheet, selected income statement, and
sources and uses of funds data for large corporations have
been compiled for each year since 1939. Data arc available
upon request to the Board's Division of Research and Statistics. Previous articles discussing financial developments
for this group have appeared in the June 1949, June 1950,
August 1951, June 1952, July 1953. and August 1954 issues
of the Federal Reserve BULLETIN.

JUNE 1955




NOTE.—Bonds include a small amount of miscellaneous long-term
debt. Funds from operations include earnings after tax accruals
and dividends plus capital allowances. In the leading article of this
BULLETIN, funds from operations are defined as profits before taxes
less dividends and tax payments, plus depreciation allowances, in
order to indicate effects of the concentration of Federal income tax
payments in the first half of the year.

Amounts applied to all conventional uses
except receivables and other assets were
smaller in 1954 than in 1953. A rise in receivables reflected a sales upturn at the end
of the year. Other assets consist mainly of
patent expenses and other intangibles, and
of investments other than United States Gov623

FINANCING OF LARGE CORPORATIONS IN 1954
eminent securities. The increase in this category probably resulted in large part from
rising expenditures on research and from
larger acquisitions of subsidiaries for the purpose of product diversification.
Plant and equipment expenditures fell 2
per cent from the record level in 1953
whereas sales dropped 6 per cent. Capital
outlays generally decline when business
activity falls off. The 1954 experience
compares favorably with that of 1949 when
capital outlays declined 14 per cent and
sales 3 per cent. Apparently longer run
growth considerations were important to investment decisions in 1954.
Heavy reliance on long-term borrowing
from the capital market in spite of reduced
needs for all major uses indicates that large
corporations were influenced by the favorable rates and terms on such borrowing that
prevailed during 1954. The fact that bank
rates remained much closer to 1953 levels
probably accounted in part for the dollar
as well as relative decline in the use of bank
term credit by large corporations.
Termination of the excess profits tax at
the end of 1953 had several effects on large
corporation financing. Accrued Federal income tax liabilities fell 1.5 billion dollars,
about 20 per cent. Retained profits remained
practically unchanged in spite of higher
dividend payments and a lower level of
profits before taxes. Termination of this
tax apparently also encouraged some repayment of short-term bank loans since borrowed capital was no longer a part of the
capital base used for the computation of
income exempt from excess profits taxation.
Sales of preferred and common stock combined were at a record level in 1954, almost
50 per cent higher than in the preceding
year. This supply of equity funds, together
with the high level of retained earnings,
624




raised large corporation net worth at the
same time that aggregate debt was being reduced. The equity-debt ratio at the end of
1954 was the highest since 1949.
COMPARISON OF LARGE CORPORATIONS
WITH A L L

BUSINESSES

Because of their size and industrial composition, large corporations often have financing patterns that differ from those of the
business universe as a whole. These differences were especially marked in 1954 and
included divergencies in profitability, in capital expenditures, and in external financing.
It is important to bear in mind in considering these differences that large corporations are much more important in some industries than in others, and that some of the
differences noted here may be unrelated to
size. For example, figures for all corporations include finance companies while tabulations for large corporations do not. Also,
retail trade and services are much more important for business as a whole than for large
corporations.
Profits after taxes of large corporations
increased by 5 per cent over 1953, while
after-tax profits of all corporations fell somewhat. Profits before taxes declined in both
cases, however. Federal income taxes of the
large corporations declined relatively more
than those of all corporations, primarily because termination of the excess profits tax
affected the large corporations more than
other corporations.
Plant and equipment expenditures of large
corporations declined only 2 per cent from
1953, while those of all corporate and noncorporate businesses declined considerably
more. The divergence was most striking
in manufacturing. Capital expenditures of
large manufacturing corporations changed
FEDERAL RESERVE BULLETIN

FINANCING OF LARGE CORPORATIONS IN 1954
little, while those of all manufacturing businesses fell 7 per cent.
Net amounts obtained through sales of
debt securities declined about the same relative amount for large as for all corporations.
In the case of capital stock issues, however,
the experiences were quite different. Large
corporations obtained a half billion dollars
more by equity issues than in 1953. All
corporations, however, obtained about the
same amount of funds through capital stock
sales as in the previous year.
The most marked financing divergence
between large corporations and all businesses
occurred in the field of bank credit. Large
corporations reduced their outstanding bank
loans by 900 million dollars, or over a fourth.
Total business loans of banks, however, decreased only 300 million dollars, about one
per cent. A sharp contrast also occurred in
1950, when large corporations repaid bank
loans on balance while total business loans
of banks rose by a record amount.
Other financing experiences were similar
for large corporations and all businesses.
Both had inventory reductions amounting
to about 5 per cent, and both had small declines in liquid assets.
INDUSTRIAL DIFFERENCES

Financing differences among the industrial groups represented by the large corporations were less marked than usual. Divergencies were restricted mainly to railroads and defense goods manufacturers.
Net funds from operations. Amounts
supplied by retained earnings and depreciation allowances remained virtually unchanged or increased appreciably in 1954
for all of the 14 industrial, groups except
railroads. For the latter, net profits declined about a fourth and, although dividends were decreased slightly and depreciaJUNE




1955

tion allowances increased about 5 per cent,
net funds from operations declined materially. The largest increases in funds from
operations were those of machinery manufacturing companies. Although sales of the
machinery group declined about 7 per cent,
lowered taxes and increased operating efficiency made possible a 10 per cent gain in
net profits. Depreciation allowances increased also, with the result that funds from
operations increased about 16 per cent. A
similar pattern of developments took place
in nonferrous metals, automobile, and other
transportation equipment manufacturing
companies. The iron and steel group differed in that profits fell considerably, but
net funds from operations declined little.
Electric power and communication companies showed large gains in funds from
operations, primarily because of depreciation
allowances resulting from large recent investment in new plant and equipment. Substantial increases in funds from operations
were also registered by petroleum, chemical,
and tobacco companies.
Security sales. The largest users of the
securities market wrere electric utilities and
communications corporations, which financed
roughly one-half of their needs for funds by
security sales. Nevertheless, these concerns
raised relatively less in this manner in 1954
than in 1953. Manufacturing concerns, especially in the iron and steel and automobile
industries, increased flotations markedly, although they usually obtain only a minor part
of their funds from security sales.
As in 1953, almost all groups increased
outstanding capital stock by outright sales,
by conversions of debt issues, or through
employees' stock plans. The amount of
funds obtained was moderate in most groups,
though higher than in 1953. The one communications company secured a total of 900
625

FINANCING OF LARGE CORPORATIONS IN 1954
million dollars through issuance of equity
securities, a record amount. Electric power
companies secured a large portion of funds
in this form, as in previous years.
B a n k credit. Tobacco and rubber manufacturing companies obtained short-term
funds from banks in 1954 but all other
groups of large corporations reduced this
type of bank debt. T h e most substantial
declines were among iron and steel, machinery, and other transportation equipment
manufacturers.

CHANGE IN PLANT AND EQUIPMENT EXPENDITURES
1953 TO 1954
PERCENTAGE INCREASE
1

Railroads and primary metals manufacturers have been reducing plant and equipment outlays since 1952. These declines
have reflected in large part completion of
626




1

1

RETAIL TRADE

'•''; ';VS'-.'"'^!^/J

TOBACCO
FOOD

•••::••

PETROLEUM

:

;

: . ^ > £ 1

- - • - " • • • 1

RUBBER

1

COMMUNICATIONS

PERCENTAGE DECREASE
fl

rrri

OTHER TRANS. EQUIP.

MACHINERY
ELECTRIC UTILITIES

• - • • - - • • • ;

T e r m loans from banks were repaid by
7 of the 10 groups using this source of funds.
Only chemicals and machinery manufacturers and electric power companies secured
funds on balance through bank loans with
intermediate maturities.
P l a n t a n d equipment
expenditures.
Capital expenditures of large corporations
as a whole fell 2 per cent from the 1953
level. Seven of the 14 industrial groups
increased these outlays, however, the increases having been most marked a m o n g
automobile and retail trade concerns, as
shown in the chart. Sharp declines occurred
in the cases of primary metals and railroads.
Both the automobile manufacturing and
retail trade groups spent record amounts on
capital assets. Erection of new stores in
suburban areas was an important factor in
increasing the plant and equipment expenditures by retail trade companies. Extensive
model changes as well as expansion of capacity accounted for the high level of these
outlays by automobile producers. This group
has increased capital expenditures each year
since 1949.

1

AUTOMOBILES

l k i t i ^ ; i ; , ; ^ M - , ' : - ; v - : - : - •••"
1

^

a

.50

i

/

^

-

^

a

;

.

^

:

.

^

;

^

- , . -

-30

-

:

.

••••'•••.•.••-.

:

, : • • : , •

.

:

-

-,:••

/

;

.

• - • • • • • • • • ,

-10

-

^

•

CHEMICALS
RAILROADS
IRON AND STEEL
NONFERROUS METALS

+20

+40

post-Korean expansion projects. In addition, dieselization has been virtually completed by the railroads.
Inventories and other current liabilities.
Large inventory liquidations took place in
the defense goods manufacturing industries
—machinery, automobile, and other transportation equipment—and in the railroad
group. The decline among the railroads was
associated with a 12 per cent decline in operating revenues. Smaller declines occurred in
7 of the remaining 10 industrial groups included in this study.
Reduction of inventories in the three industrial groups most heavily engaged in defense work was matched by reductions in
other current liabilities, which include prepayments and contract advances by the Federal Government. As defense work-inprocess inventories were completed and
shipped, these liabilities were extinguished.
Among other industrial groups, other current liabilities generally increased moderately.
Other sources and uses of funds. Tax
payments were larger than accruals in all
FEDERAL RESERVE BULLETIN

FINANCING OF LARGE CORPORATIONS IN 1954
groups except the electric power and communications industries. Receivables due from
customers absorbed funds in 10 of the 14
groups and were exceptionally large in the
retail trade group, where consumer credit is
important. They declined significantly in
the machinery and other transportation
equipment manufacturing groups. A decline in accounts receivable from the United
States Government was responsible for about
two-thirds of the decline in the case of other
transportation equipment producers.
Cash levels increased generally by moderate amounts. Government security holdings,
however, were reduced substantially in most
groups, with the largest dollar declines in
petroleum, chemicals, and automobile manufacturing. Increases in Government security
holdings occurred in five groups, with the
largest in primary metals manufacturing.
Liquidity positions. Aggregate liquidity
of large corporations, as measured by the
ratio of liquid assets to current liabilities,
rose 10 per cent in 1954, primarily because
of 30 per cent increases in the two primary
metals manufacturing groups. These groups
obtained sizable amounts of funds from all
long-term sources and also reduced their
expenditures on plant and equipment. Large
rubber corporations, on the other hand, had
a 20 per cent reduction in liquidity. These
concerns increased plant and equipment expenditures and also retired debt securities
and capital stock.
Liquidity changes in most other groups
were moderate in 1954 and year-end levels
compared favorably with those of the postwar period. Electric power companies were
an exception, however. Their liquidity ratio
at 37 per cent was substantially lower than it
had been in any postwar year prior to 1953.

JUNE 1955




BANK TERM CREDIT TO RAILROADS

For the first time the current compilations
include a separate listing of bank term credit
extended to railroads. This credit is in the
form of conditional sales contracts, where
the seller of railroad equipment has assigned
the obligation to banks. The contracts generally provide for instalment repayment over
a five-year period.
BANK T E R M

LOANS TO LARGE RAILROADS.

1938-54

[In millions of dollars]
Year

Amount

1938
1939

21
28

1944

78

38
55
57
71

1945
1946
1947
1948
1949

71
103
174
210
177

1940
1941
1942
1943

Year

Amount

Year
1950
1951
1952
1953
1954

Amount
187
444
613
640
584

Most railroad conditional sales contracts
are financed through banks, although in
some cases the equipment manufacturers
have retained the contracts and in a few
instances other credit institutions such as
insurance companies have accepted them.
Rates on conditional sales contracts do not
vary appreciably from rates on publicly offered equipment trusts, but the convenience
of conditional sales financing has increased
its importance in the postwar period.
Most of the growth in bank credit extensions to railroads occurred after World War
II—particularly in 1951 when railroad capital
outlays were large. Capital expenditures
have declined since 1951 but bank term loans
to railroads have continued to rise until 1954,
as shown in the table. Since external debt
was repaid on balance in 1952 and 1953, bank
credit increased in relative importance as a
source of railroad funds. At the present time
bank term debt amounts to almost 8 per cent
of the total debt of large railroads, as compared with less than one per cent in 1939.

627

FINANCING OF LARGE CORPORATIONS IN 1 9 5 4
COMPOSITE SOURCES AND USES OF FUNDS STATEMENT, 1954 AND 1953
298 LARGE CORPORATIONS IN SELECTED INDUSTRIES

[In millions of dollars]
Manufacturing

Sources of funds
Net from operations l
Trade payables
Bank loans, short-term
Bank loans, long-term
Accrued Fed. income taxes
Other current liabilities
Mortgages, bonds, other liab
Capital stock 3
Other sources

Total
(200 corps.)

Food
(30 corps.)

1954

Account

All
selected
industries
(298 corps.)

1954

1954 1953 1954 1953 1954 1953

1953

1953

9, 718 12,742 5,987 8 ,334
7,150 6 ,765
9,387 8,923
- 4 3 -159
47 -146
-777
-50
- 6 9 6 -121
-229
- 8 3 -252
-163
934 -1,421 852
-1,523
-307
280
- 3 7 5 261
1,441 1,801
995 792
1,566 1,087
276 102
81
137
94
156

5,987 8,334
Uses of funds
9,718 12,742
Plant and equipment expenditures 10,667 10,918
6,"
832 6,805
-1,251
928 -1,166 967
Inventories
215 -290
Receivables
97 -199
-4
168
93
195
Cash
-396
961
- 2 6 6 738
Government securities
27
314
132
295
Other assets
0
0
0
0
Other uses 5
Gross uses (sources)

14,178 13,470

9,994 9,056

208
261
5
-1
-5
-51
-1
-7

262
273
17
-89

-5
37
17
-7
19

208 262
248 218
-50 -64
11
-4
7
26
-33
87
12
-2
12
2
356

433

Tobacco
(4 corps.)

12
47
1
14
0
-30
(2)

56
37
-1
-27
0
31

-18
-1

12
20

Rubber
(4 corps.)

1
71

300

i

Chemicals
(32 corps.)

1954

1954 1953 1954 1953

1953

104 159 2,907 2,985
181 182 2 , 7 5 7 2,629
22 - 2 2
94
76
1
-4
-52
-16
0
0
-29
-81
o
-50
-128
51
4
54
-5
13
-14
82
14
275
-40
72:
1
6
0
1
76
14
104
148
4
43
-12
-73
-7
0

-6
1
-3
0

Machinery,
inch
electrical
(46 corps.)

1954
Sources of funds
Net from operations 1
Trade payables
Bank loans, short-term
Bank loans, long-term
Accrued Fed. income taxes
Other current liabilities
Mortgages, bonds, other liab
Capital stock
Other sources 3

Nonferrous
metals
(14 corps.)

1954

358
351
-9
-68
-61
12
116
12
7

Uses of funds
Plant and equipment expenditures
Inventories
Receivables
Cash
Government securities
Other assets
Other uses5

358
222
-68

Gross uses (sources).

566

51

55
91
8
0

1953
453
299
-10
12
13
43
2
19
12
67
453
422
171
-28
-39
-71
-2
0
605

142
643
-33

9
-230
-253
56

78
0

1,062
1,412
-328
59
53
-152
18

-101
249
-41
-203
-11
-84
-34
11

12
0

1,150 -101
1,080 141
229 - 9 6
-162 -198
-57 -11
137
46
10
-78
0

1,308 1,087 2,038 1,542

956
691
57

79(1

640
-74
-15 -12
-40
29
243
169
19
38
1
0

1,310
897
213
-91
2
267
15
6

Utilities

1953 1954 1953 1954 1953 1954 1953

700
618
214
-71 -73
-4
—6
7 -97
62
43
6
0

142
588
-444

956
790 1,310
599 1,004 1,012
-28 -42 -153
-64 -13 -206
11
28 - 1 6
-7
-26
-223
77 - 2 6 6
477
-21
7
6 -15
104 305 222
-3
64
25
76
7
0
13
3
0

219 3,350 3,082 1,035 1,068 1,397 1,598

Retail
Other transtrade
Autoportation (42 corps.)
mobile
equipment
(9 corps.) (19 corps.)

700 1,062 1 ,150
552 1,021
981
-15
73 - 8 6
-26 -53
31
0
-134
—1
- 3 7 -299
79
175 -140
126
157 443
-2
-4
27
-6
22
1
28

532
635
-4

159 2,907 4 2,985 532
144 *2,819 2,576 593
—67
-21
96 - 3 6
3
173
171
41
1
46
40
36
80 - 1 5 5
31 -167
1
102
22
52
0
0
0
0

Manufacturing, cont.

Account

Iron and
steel
(18 corps.)

Petroleum
(24 corps.)

577

334
202
57

392

288
18
-45
-37
101 - 1 8
-56
5
29
118
3
32
31
392

392

571

Electric
power
(35 corps.)

1954

1954 1953 1954 1953

305
320
622
268
-31
-56
- 5 (fi)
-11
-61
-14 -150
3
10
60
-78
5 (2)
31
33

305
263 208
50 - 6 8
130 - 9 3
1
188
66 - 7 9
64
19
63
5 • 9
5
0
19
0

334
143
36

Railroads
(20 corps.)

527

320
576
-104
-50
17
-84
-35
0
938

1953

Communications
(1 corp.)

690 1,630 1,684 1,413 1,738
71.4

659
o

-26

-25
-18
-67
7

51

18
713
24
589

362
0

579 670
5 -44
8 -10
3
0
53
738
29
18
618 -184414 896
0
3

598
15
68
0
83
15
399
560
0

690 1,630 1,684 1,413 1,738
804 1,591 1,713 1,406 1 .388
7
1
2 -31
20

-39
-74
-7
4
0

25
40
-27
8
23

13
10
-5
-16
-70 -38
36
20
0
7

31
CO
236
76

924 1,723 1770 1,694 1,738

x
Net profit after taxes plus current depreciation accruals and minus cash dividends paid; noncurrent and nonrecurring charges and credits to
income have been eliminated from net profit.
2
Less than 0.5 million dollars.
3
Proceeds from sale of fixed assets and investments, tax refunds, and extraordinary sources of funds.
4
Company figures which in some cases include, and in others exclude, dry hole costs.
5
Prior years' tax payments, charges resulting from devaluation of foreign currencies, and extraordinary uses of funds.
6
Included with trade payables. Amount is less than 1 million dollars.
7
Includes State income and property taxes.
NOTE.—Figures were derived from income data and year-to-year changes in balance sheet accounts, as shown in the Composite Balance
Sheet and Income Statement. Asset write-ups and write-downs, stock dividends, and other nonfund bookkeeping transfers are not shown separately, but are eliminated from the income data and changes in balance sheet accounts in the Sources and Uses of Funds Statement. Negative
figures in the Sources of Funds section represent uses of funds, while negative figures in the Uses of Funds section represent sources of hinds.
Gross uses include negative sources; gross sources, negative uses. Details may not add to totals because of rounding.

628




FEDERAL RESERVE BULLETIN

FINANCING OF LARGE CORPORATIONS IN 1954
COMPOSITE BALANCE SHEET AND INCOME STATEMENT, 1954,
298

1953

AND 1952 *

LARGE CORPORATIONS IN SELECTED INDUSTRIES

[In millions of dollars]
Manuf icturing
All selected industries
(298 corps.)
Account
1954

1953

1952

Total
(200 corp 3.)
1954

1953

1952

Food
(30 corps0
2

1954

1953

1952

Fobacco
(4 corps.)
1954

1953

1952

Total assets (end of year)

129,007 125,141 118,169
7,242 7,059 6,974
9,029 9,4.14 8,456
10,808 10,548 10,866
19,393 20,658 19,718
73,578 68,972 63,819
8,959 8,490 8,336

Total liabilities and equity

129,007 125,141 118,169 74,806 72,995 68,919 4 ,465 4 436 4,362 2,069 2,071 2,024
995 1,785 1,599
709 1,418 1,305
137
137
230
285
271
298
6,207 6,245 6,398 4,793 4,734 4,873
281
275
256
18
18
18
7,295 8,936 8,042 5,395 6,891 6,060
306
380
342
146
175
145
6,973 7,024 6,706 5,404 5,643 5,341
226
213
199
32
30
27
1,579 1,726 2,186
698
765 1,247
10
16
21
0
0
0
26,800 25,398 23,673 9,004 7,991 7,245
519
527
536
503
523
520

Cash
Government securities
Receivables, net
Inventories
Plant and equipment3
Other assets4

Notes payable to banks, short-term
Trade notes and accounts payable
Accrued Fed. income taxes
Other current liabilities5
Notes payable to banks, long-term6
Mortgages, bonds, other liabilities

Surplus reserves7
Capital stock
Surplus

74,806 72,995 68,919 4 ,465 4 436 4,362 2,069 2,071 2,024
5,367 5,155 5,167
437
429
403
69
72
73
6,937 7,186 6,451
311
344
257
0
0
0
8,450 8,308 8,536
572
561
566
107
105
104
16,553 17,731 16,752 1,230 1 280 1,355 1,723 1,729 1,694
32,883 30,401 27,859 1,688 1 609 1,559
135
126
119
4,615 4,214 4,155
227
214
222
34
38
34

2,357 2,288 2,305
841
834
132
748
131
134
34,334 32,275 31,333 17,197 16,171 16,011 1,149 1 152 1,134
42,467 39,464 35,927 30,764 28,634 26,001 1,704 1 606 1,510

Income statement:

Sales
Depreciation8
Profit before income taxes9
Net profit 9
Dividends

120,270 127,304 115,572 90,936 97,710 87,014 13,121 13
5,123 4,731 3,927 3,780 3,488 2,763
145
13,833 15,184 13,645 10,274 11,501 10,171
542
8,050 7,688 6,922 6,028 5,711 5,112
275
4,737 4,371 4,159 3,378 3,103 2,986
179

0
546
539

0
548
507

0
542
473

134 13,135 2 ,663 2,805 2 ,765
140
134
10
9
9
590
517
250
261
222
284
245
121
104
92
175
168
85
78
75

Manufacturing, cont.
Rubber
(4 corps.)

Account

Petroleum
(24 corps.)

Chemicals
(32 corps.)

Iron and steel
(18 corps.)

1954

1953

1952

Total assets (end of year)
Cash
Government securities
Receivables, net
Inventories
Plant and equipment3
Other assets4

2,262
159
160
514
760
637
31

2,262
171
232
473
759
588
38

2,214
178
201
478
786
533
39

Total liabilities and equity

2,262
9
153
159
174
0
503

2,214 20,370 19,124 17,766 8,200 7,866 7,255 10,704 10,586 9,886
12
79
52
24
91
59
230
89
109
23
151 1,365 1,289 1,195
317
302
842
689
290
647
228
834
692
988
849
679
904
940
890 1,160
174
265
271
465
534
497
492
274
443
555
0
104
68
427
379
224
58
38
506
51
509 2,060 1,931 1,666 1,256 1,094
790 1,316 1,127 1,145

137
282
845

2,262
8
131
217
168
0
520
146
276
797

3,418
95
276
148
62

3,753
84
340
161
58

3,578
72
352
157
57

Notes payable to banks, short-term
Trade notes and accounts payable..
Accrued Fed. income taxes
Other current liabilities5
Notes payable to banks, long-term.
Mortgages, bonds, other liabilities6.

Surplus reserves7
Capital stock
Surplus

Income statement:

Sales
Depreciation8
Profit before income taxes9
Net profit9
Dividends

1954

1953

1952

1954

1953

1952

1954

1953

1952

20,370
1,147
1,145
2,009
2,131
12,749
1,189

19,124
1,100
1,313
1,836
2,198
11,613
1,063

17,766
1,061
1,236
1,664
2,104
10,649
1,052

8,200
653
1,038
773
1,378
3,351
1,007

7,866 7,255 10,704 10,586 9,886
596
763
636
792
759
1,175
765
932 1,200 1,032
721
965
877
737
867
1,357 1,300 1,998 2,073 1,852
3,129 2,824 5,392 5,426 5,145
400
887
825
454
416

74
172
74
66
60
60
90
93
108
110
278 5,626 5,090 4,940 1,623 1,572 1,574 2,920 2,881 2,905
690 9,425 8,782 7,906 3,898 3,530 3,207 4,192 3,856 3,425
16,976
1,175
2,541
1,966
914

16,702 15,628 7,308 7,386 6,896 LI,099 13,125 10,898
364
971
410
432
291
1,068
643
592
942
2,611 2,382 1,335 1,448 1,365 1,252 1,630
465
644
599
663
743
1,912 1,730
709
309
437
350
433
847
529
881
321

A
Data for 1953 and 1952 may differ from those published previously, reflecting revisions made to take account of consolidations and mergers
with other corporations, inclusions or exclusions of domestic and foreign subsidiaries, and changes in the classification of accounts of the individual
corporations.
2
Data for one company in food manufacturing and two companies in retail trade estimated.
3
Net of reserve for depreciation.
4
Includes relatively small amounts of intangibles and current assets not shown separately.
B
Includes current instalments of principal repayments on mortgages and bonds, accrued interest and charges, dividends payable, operating
reserves, etc.
includes pension reserves and minority interest in capital stock and surplus.
7
Includes reserves for self-insurance, contingencies, plant replacement, and possible future declines in value of inventories.
For continuation of footnotes, see next page.

JUNE 1955




629

FINANCING OF LARGE CORPORATIONS IN 1954
COMPOSITE BALANCE S H E E T AND INCOME S T A T E M E N T — C o n t .
298

LARGE CORPORATIONS IN SELECTED INDUSTRIES

[In millions of dollars]
Manufacturing, cont.
Nonferrous metals
(14 corps.)

Account

1954

1953 1952

Machinery, inc.
electrical
(46 corps.)
1954

1953 1952

9,539
661
1,134
1,634
2,828
2,611
670

9,746
666
1,126
1,705
3,265
2,384
599

Other transportation
equipment
(19 corps.)

Automobile
(9 corps.)
1954

1953

1952

1954

1953 1952

Total assets (end of year).
Cash
Government securities.. . .
Receivables, net
Inventories
Plant and equipment 3 ....
Other assets 4

5,050 4,892 4,645
362
307
345
586
495
566
358
308
335
875
944
772
2,500 2,477 2,261
369
362
365

9,244
670
1,224
1,777
2,947
2,080
546

8,352
689
1,182
948
1,933
3,053
547

7,970
636
1,333
860
2,285
2,335
521

7,615 3,798 4,042 3,908
693
399
348
413
1,196
182
73
136
1,016
668
894
862
2,075 1,696 1,840 1,867
2,034
766
714
656
602
87
70
78

Total liabilities an
Notes payable to banks, short-term.
Trade notes and accounts payable.
Accrued Fed. income taxes
Other current liabilities5
Notes payable to banks, long-term.
Mortgages, bonds, other liabilities6

5,050 4,892 4,645 9,539 9,746 9,244
21
54
179
191
240
506
538
553
356
666
897
940
141 1,502 1,733 1,445
194
17
157
10
513 1,378 1,311 1,157

8,352
34
937
1,036
767
0
665

7,970
86
864
1,352
908
0
221

7,615 3,798 4,042 3,908
56
74
276
258
948
365
352
412
1,274
326
421
321
781 1,141 1,215 1,369
14
1
27
39
206
227
211
183

80
47
59
49
45
44
1,253 1,230 1,210 2,177 1,860 1,842
2,203 2,066 1,921 3,193 3,174 2,912

183
1,117
3,614

130
1,089
3,320

14
155
1,107
504
3,067 1,153

4,248 4,244 3,926 11,466 12,353 11,269
184
150
113
342
295
250
638
654
627 1,253 1,420 1,460
398
361
364
653
590
592
248
234
240
374
354
313

13,834
697
1,637
788
526

16,776
707
1,975
739
472

10
219
324
202
159
597

Surplus reserves 7 .
Capital stock
Surplus
Income statement:
Sales
Depreciation 8
Profit before income taxes 9 .
Net profit9
Dividends

51
228
398
145
189
526

11
473
996

17
479
891

13,108 6,803 7,431 5,812
427
78
64
78
1,867
550
437
572
706
275
160
207
470
111
75
91

Utilities
Retail trade
(42 corps.)

2

1954

1953 1952

Electric power
(35 corps.)

Railroads
(20 corps.)

Account
1954

1953 1952

1954

1953

Com mu nications
(1 corp.)
1952

1954

1953 1952

Total assets (end of year)
Cash
Government securities...
Receivables, net
Inventories
Plant and equipment 3
Other assets 4

5,835 5,612 5,489 19,296 19,430 19,162 16,221 15,131
814
345 • 308
600
674
892
617
705
165
131
702
708
617
455
437
373
329
349
536
575
489
1,012
880
973
481
447
570
569
466
1,791 1,741 1,809
10
1,522 1,423 1,398 14,075 13,953 13,569 i° 14,628 13,595
253
320
241
238
233 3,032 3,070 3,067

13,865 12,850 11,973 10,734
325
104
104
99
235
690
925
888
320
463
494
507
461
128
134
135
l0
12,282 10,470 9,600 8,712
243
638
715
751

Total liabilities and equity
Notes payable to banks, short-term
Trade notes and accounts payable.
Accrued Fed. income taxes
Other current liabilities5
Notes payable to banks, iong-term.
Mortgages, bonds, other liabilities6 .

5,835 5,612 5,489 19,296 19,430 19,162
76
120
124
394
527
375
524
407
463
425
416
456
383
470
222
420
451
400
431
394
534
237
613
275
645
287
584
415
305
248 5,995 6,063 6,152

16,221
115
206
i2619
332
59
7,353

15,131
141
219
12621
294
41
6,822

13,865 12,850 11,973 10,734
105
95
133
37
394
350
213
379
634
12590
507
585
281
254
283
239
0
0
38
0
6,199 4,033 4,217 3,829

1,486 1,434
5,062 5,082
4,835 4,487

76
5,745
1,716

33
5,413
1,551

7
13
15
6
5,023 5,221 4,538 4,103
1,372 2,220 1,873 1,634

4,322
41.8
1,170
679
472

4,117
377
1,086
593
431

3,782 4,785 4,417 4,040
349
411
448
382
979 1,059
926
798
519
467
550
407
406
368
415
320

Surplus reserves 7
Capital stock
Surplus
Income statement:
Sales
Depreciation 8
Profit before income taxes 9
Netprofit 9
Dividends

13
15 1,420
1,110 1,092 1,113 5,062
2,751 2,576 2,432 5,016

13,953 13,900 13,631 6,274 7,160
348
131
123
120
333
567
763
782
774
889
404
389
364
344
552
230
233
230
236
242

7,105
313
923
541
217

8
Includes depletion and, when reported, amortization of tools and dies and accelerated, amortization of defense facilities.
9
Excludes nonrecurring charges and credits to income, tax refunds, payments of prior years' taxes, gains on sales of assets, and charges and
credits to and from surplus reserves.
10
Includes intangibles.
"A small amount of short-term bank loans may be included in trade notes and accounts payable, and an unknown amount of current instalments of long-term bank loans is included in long-term bank loans.
12
Includes State income and property taxes.
NOTE.—Includes most of the largest companies in each industry group having fiscal years that end on or around December 31 and for which
data are available in investment manuals and company reports to stockholders. Manufacturing and trade groups include companies with end-oiyear 1954 total assets of 10 million dollars and over; railroads, companies with total assets of 270 million and over; utilities, Class A and B electric
companies with total assets of 102 million and over; communications, American Telephone and Telegraph Company and principal subsidiaries
comprising the Bell System. Details may not add to totals because of rounding.

630




FEDERAL RESERVE

BULLETIN

ESTIMATES OF CONSUMER INSTALMENT CREDIT
EXTENDED AND REPAID, 1929-1939 *

Monthly estimates of consumer instalment
credit extended and repaid for the period
January 1929 through December 1939 are
presented in this article to supplement the
estimates for the period January 1940 to date
published in the January 1954 issue and subsequent issues of the Federal Reserve BULLETIN. These estimates make available comprehensive data on the flow of instalment
credit to and from the consumer for the
entire period for which estimates of outstanding instalment credit have been compiled.
From information available for years prior
to 1940, it was not feasible to obtain estimates
for all major types of credit, but separate estimates could be prepared for automobile paper, one of the most important and sensitive
types. All other major types of instalment
credit were combined into a single series.
The series for automobile paper and for
other instalment paper have been adjusted
for seasonal variation and for differences in
the number of trading days in order to increase their usefulness for analytical purposes.
The adjustments were similar to those made
in the estimates for 1940 and later years described in the BULLETIN for January 1954.
Tables 1 and 2 show estimates by months
for the period January 1929 through December 1939 for automobile and other instalment credit extended and repaid, adjusted
for seasonal variation and without seasonal
adjustment. Table 3 shows end-of-month
amounts outstanding for both types of credit.
1

This article was prepared by Katharyne Reil and Alfred P.
Johnson of the Consumer Credit and Finances Section of
the Board's Division of Research and Statistics.
JUNE 1955




These estimates supplement the monthly
series on total consumer instalment credit
outstanding for the years 1929-39 published
in the BULLETIN for April 1953.
INSTALMENT CREDIT EXTENDED AND REPAID

From information compiled by the National Bureau of Economic Research and the
Russell Sage Foundation, monthly estimates
for the earlier years were available for direct
loans of industrial banking companies and
personal finance companies and for instalment credit extended (including paper sold)
by automobile dealers, department stores, furniture stores, household appliance stores, and
jewelry stores.2 The same source contained
monthly estimates from 1934 for direct loans
of commercial banks and for repair and modernization loans insured by the Federal Housing Administration. The Board's staff revised these estimates to incorporate later and
more comprehensive data and to include, in
addition, monthly estimates of instalment
credit extended by "all other" retailers.
These revised estimates covered all except
three comparatively small segments of consumer instalment credit: miscellaneous lenders, credit unions, and direct loans of commercial banks. These three constituted a
very small proportion of the total in 1940
(less than 5 per cent), and only one of them,
miscellaneous lenders, had to be estimated
for the entire period 1929-39. Credit union
2
See Duncan McC. Hoithausen, Malcolm L. Merriam, and
Rolf Nugent, The Volume of Consumer Instalment Credit,
1929-3 8 (National Bureau of Economic Research, Studies in
Consumer Instalment Financing, Number 7), 1940.

631

ESTIMATES OF CONSUMER INSTALMENT CREDIT

and commercial bank data were available annually for the entire period and monthly
from the beginning of 1939 and 1934, respectively. Annual estimates for miscellaneous lenders were derived by assuming a
constant relationship between loans by this
group and other direct loans prior to 1940.
Data for the three missing segments were
assumed to fluctuate monthly in the same
manner as similar types of credit extended by
other lenders. In order to obtain monthly
estimates for total direct loans including the
missing segments, the annual ratios between
such loans and those for which monthly data
were already available were computed.
These ratios were used to obtain monthly
adjustment factors. The monthly adjustment
factors were then applied to the existing
monthly aggregates to give an estimated
series for total direct loans. The sum of this
series and those covering all dealer credit
granted (including paper sold to financial institutions) gave monthly estimates of total
instalment credit extended which were conceptually the same as the series currently in
use. The estimates were adjusted to the level
of those for later years on the basis of the
1940 relationship between the new and the
old totals. Differences in level resulting from
the modification of estimating techniques
and the use of new and improved data after
1939 were minor and it was assumed that
these differences were approximately the
same in earlier years.
Repayments were then computed from the
revised estimates of instalment credit extended and the figures for end-of-month instalment credit outstanding as follows:
Outstanding amount at end of previous
month plus amount extended during month
minus outstanding amount at end of current
month equals credit repaid.
632




AUTOMOBILE CREDIT

The only major type of instalment credit
for which data were available to permit separate estimates was automobile credit. In
addition to a monthly series beginning in
1926 on credit extended by automobile dealers for the purchase of cars, including paper
sold to banks or other financial institutions,
and the amount outstanding thereon, annual
series on direct automobile loans of industrial banks and industrial loan companies
were available from 1929 and of commercial
banks from 1935. These segments accounted
for more than 95 per cent of total automobile
paper in 1940 and an even larger percentage
in earlier years when direct automobile loans
made by financial institutions were less prevalent.
Data were available for 1935 to permit calculation of the ratio of direct automobile
credit of commercial banks to total automobile credit for both the amount extended and
the amount outstanding. Available evidence
indicated that in 1926 the amount of credit
of this type at commercial banks was negligible. Annual totals for direct automobile
loans of commercial banks and the year-end
amounts outstanding were estimated by assuming a straight-line growth in the ratio
from 1926 to 1935.
Annual totals for direct automobile loans
of commercial and industrial banks and industrial loan companies were combined with
those for automobile dealer credit extended.
The ratios of these totals to automobile dealer
credit were applied to the monthly series
for dealer credit granted to give monthly estimates of total automobile credit extended.
A similar procedure was followed in obtaining year-end estimates of automobile
credit outstanding for the years 1929-39. The
ratios to automobile dealer credit outstanding
were adjusted by the straight-line method
FEDERAL RESERVE BULLETIN

ESTIMATES OF CONSUMER INSTALMENT CREDIT

between year-end points to give end-of-month
estimates of total automobile credit outstanding. The difference in 1940 between the
derived series and the recently published
series for automobile paper extended and
outstanding was due principally to the absence of estimates for credit unions, small
loan companies, and miscellaneous lenders
in the old series. It was assumed that these
missing segments, which constituted a very
small part of the total, would not affect the
monthly movements of the series. Conse-

quently, the 1940 relationships between the
new and the old series were used to adjust
estimates for earlier months to the level of the
revised automobile paper extended.
A separate seasonal adjustment was made
for both credit extended and repaid in this
segment since the pattern does not conform
with that shown by the remainder of the instalment credit components. Seasonal adjustment factors were determined also for
all other instalment credit extended and
repaid.

NOTE.—The tables on the following pages contain the estimates
of consumer instalment credit extended, repaid, and outstanding
for the years 1929-39.

JUNE 1955




633

ESTIMATES OF CONSUMER INSTALMENT CREDIT
TABLE 1
ESTIMATES OV CONSUMER INSTALMENT CREDIT EXTENDED AND REPAID, AND CHANGES IN CREDIT

OUTSTANDING

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

Total

All other

Automobile paper

Month and year
Repaid

Change

1929.

5,799

5 ,350

-+-449

1930.
1931
1932.
1933
1934.

4
^
?
9
3

814
866
'1-35
4S0
125

5,278
4 346
3.121
9 413

1935
1936
1937.
1938
1939.

4 189
5 617
6 308

3 366

-464
—480
-686 !
+ 67 I
+283
I
+823
+929
+392
—324
+812

9

4 688
5 ,916
s 730
6 ,060

5 406
6,872

19?9- -Tanuarv
Februarv
Mar-li
April
Mav.
June

,842

423

391
3 54

473

398
418

553
590

431.
449

577
547

. . .

4? 7

461

December .

488

477

+
+
—
+

640
817

968
680
918

:
1
!
I
!

- 66
-178
-358
- 70
+ 162

1,252
1 .846
2.271.
1 989
1,940

+378
+380
+ 122
-395
+398

9 . 559
3 ,391
3 ,915
3 ,812
4 , 534

? .114
? ,842
3 ,645
3 .741
4 ,120

- ! +445
' +549

1,584

1,039
1 630
9 ,226
? .393
,

1 594
2 ,338

172
.172

176

—
+
+

51
28
47
90

274
293

287
288
261
201
207
154
131

4
21
34
11

184
100
196
200
206
207
210
212
209

+ 01
4- 88
+ 55

— 97
- 79
— ?0

-|-103

- 6
— 3
— 58
— 78

-139

\\3

210

131
191
226
178

210
211
210
?04

+ 16

475

464

210

194

+ 16

416
391

434
424
412
411
397

-114
- 40
+ 26
— 9
+ 1
1
- 18
- 33
- 43
- 33
— 67
- 5

185
160
1.43
129
97

106

189
182
171
168
161
157

—
—
-

-110
- 93
— 55

85
90
123
151
147
..1
14
128
107
92
83
66
69

155
153
148
145
140
136
130
123
120
115
111
108

- 70
— 63
- 25

53
53
61

104
101.
100
96
88
83
78
70
66
63
62
57

465

369
378
^30
433

438

284
277

394
370

389
383

Tune
Tulv
August
September
October
November.
December

379
338
31 3
292
294
9 SO
320

379
361
3 5'l
338
335
328
338

190
104

297
294

99{
9 3O

907
290
272
270
248
241
230
229
?14
239




+ 199

3 .011
? , 762
,
? , 153
.
1. 733
1, 924

444
463
468

May.

634

3 ,016 1

2 , 945
? ,584
,
1, 795
1,663
2 ,086

458

393
383
373

338
.

.

. .

1933 -January
Februarv ..
March
April . .
Mav
Tune
Tuly
August
September
October
November
December

3 ,215

-398
-302
-328
+137
+121

319

1931—January
Februarv .
March
April

Fobruarv
March
April
May
Tune. .
Tulv
August
September
October
November
December

+250

2,267

330
493
494
4^r>

1930 — Tannarv
February
March.. . .
April
May...
Tune..
....
Tuly.
August
September
October
November
December

1932 —Tfiniiarv

2,334

1, 869
1,282

121

+ 126
+ 89
+ 60

575
456
488

Extended

144
223

+11
4

451
458
465
452
467

Change

Extended

-102
- 44
+ 55
+ 122

Tuly..
August...
September
October....
November

!
i

231
933
176
191
188
187

!
i

1 70
215
1.47
137
152
196
229
241
217
249
2?/>
232
904

j
|
1
1

201
186
191
190
194
1.99
195
200
200
211

21?

247 i

i

234

+ 6
+ 10
—
—
—
-

0
23
41
46
41
69
18

— 107
-100
— 76
- 51
- 41

—
—
—
-

37
72
50
42
42
44
24

I

i

- 54
- 49
- 39

+
+
+
+
+
+
+
—
+

6
35
42
22
49
29
21
8
13

Change

Repaid

Repaid

2 ,584

'Extended

68
70
77
53
53
45
40
34
33
43
40
47
62
80
89
88
97
85
79
61

i|
!

!

46 j

57
53
55
52
51
51
53
57
57
63
65
66

- 26

4
22
28
39
64
51

+ 6
+ 7
+ 5
—
—
-

2
16
28
32
45
39

—
—
—
—
—
—
-

51
48
39
78
18
6
25
17 I
21 I
23
28 I
24

- 14
- 13
.
- 8

+ 10
+ 29
+ 38
+ 35
+ 40
+ 28
+ 16
A

- 20

:

!
;

+270
+ 71
+414

- 51
- 16

200

251

210
250

226
242

279
297

247
259

290
259
264
255
281
273
357

255
258
259
245
257
249
268

206

248

199
232
268
278

234
252
258
261

265

270

231
231
226
249
233

245
242
241
243
236

+

14
11
15
6

-

3

327

281

+ 46

199
187

239
217

- 40
- 30
- 30
0

215
238
236

245
238
233

238
210

243
231

206

231

200
211
193
251

218
220
21.7
230

137
141
160

193
193
197

171

194

161
156
123
138
143
147
136
182

184
187
170
171
164
166
152
182

104
97
105
134
149
152
129
152
144
153
143

1.44
133
136
138
143
148
142
143
143
148
147

201

+
+
+
+
+
+
+
+

8
32
38
35
I
5
10
24

+ 24
+ 89

- 42
- 35
- 20

+ 10
+ 17

+ 3
- 5
- 21
- 25
- 18
Q

- 24
+ 21
—
-

56
52
37
23
23
31
47
33
21
19
16
0

- 40
- 36
- 31
4

+ 6
+ 4
- 13

+ 9
+ 1

+ 4
168 1 ± 33
1

FEDERAL RESERVE BULLETIN

ESTIMATES OF CONSUMER. INSTALMENT CREDIT
TABLE 1—Cont.
ESTIMATES OF CONSUMER INSTALMENT CKKDIT EXTENDED AND REPAID, AND CHANGES IN CREDIT OUTSTANDING—Cont.

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

In millions of dollars]

Automobile paper

Total

All other

Month and year
j [extended
170

1934—January
February
March
April
May
June
July
August
September
October
November
December

Repaid ! Change \,Extended
- 42
- 20

183
246
289
312
307
276
278
242
277
246
299

212
203
224
230
243
251
243
245
234
247
243
267

217
240
327
383
384
383
379
375
335
354
367
445

236
236
260
269
275
280
283
291
284
307
308
337

- 19
-- 4
f
+ 67
+ 114
+ 109
+ 103
+ 96
+ 84

1936—January
February
March
April
May
June
July
August.
September
October
November
December. .

311
329
466
524
542
547
502
470
451
446
437
592

319
325
355
370
383
416
400
404
405
418
422
471

+ 4

1937—January
February
March
April. .
May
June
July
August
September
October
November
December

375
398
577
617
642
647
557
538
504
485

-

518

423
427
484
490
510
524
503
495
504
510
51 1
535

1938—January
February
March
April
May
Tune
July
August
September
October
November
December

337
340
440
475
470
464
424
463
438
455
483
617

447
475
495
498
489
484
474
469
457
467
464
511

1939—January

408
412
549
577
630
635
573
587
560
603
600
738

4-52
440
482
484
491
517
510
520
512
516
535
60 i

1935—'January

February
March
April
May
June
July
August
September
October
November
December

I
|

|
I
!
|
;
'

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

A 4.0

+ 22
+ 59
+ 69
+ 56
+ 33
+ 33
+ 8
+ 30
+ 3
+ 32

+ 51
+ 47
+ 59
+108

- 8

+ 111
+ 154
+ .5
19
+131
+102

+ 66
+ 46
+ 28
+ 15
+121
48
29

+ 93
+ 127
+132
+ 123
+ 51
+ 43
0
- 24
— 62
- 17

-no '
!
-135 i
j
- 55 j|

= S 'i
-

20 i
j

= S 2 'i
-

1.9 !
l
1 2 jj

+ 1 ,
9 |
+ 106
- 44
.
- 28
+ 67
+ 93.
4-139

+ 118

-\-H
i + 87
I + 65
I +137

Change j Extended ' Repaid ' Change
;
- 23
6

43
62
84
106
120
120
11
.4
106
76
83
68
57

66
68
68
71
75
79
79
83
82
83
81
83

83
98
140
167
159
1:57
169
151
117
111
133
145

86
87
91
96
101
103
107
110
114
116
117
124

+
+
+
+
+
+
+
+
-

122
120
195
233
239
252
228
191
166
140
148
192

131
133
137
142
148
154
159
164
165
168
173
172

- 9
- 13
+ 58

150
14-6
240
252
264
269
242
227
181
152
144
126

179
179
187
.187
191
191
193
193
J91
193
194
193

+
+
+
+
+
+

108
110
152
148
150
147
131
137
106
107
143
155

19
.1
187
192
186
179
170
165
154
146
11!
140
140

-

83
77
40
38
29
23
32
17
40
34

-

3
6

+ 16
.
+ 35
+ 45
+ 4
1
+ 35
+ 23
-

6
0
- 13
- 26
3
1
1
49
7.
1
58
54
62
4.
1
3
5

+ 16
+ 21

+
+
+
+
+

91
91
98
69
27

- 28
- 25
+ 20
29
33
53
65
73
78
49
34

- 10
- 41
- 50
- 67

+ 3
+ 15

127
121
162
183
192
187
162
172
166
194
178
242

146
135
156
159
168
172
164
162

+
+
+
+

6
24
24
15

-

2

164
162
184

+ 30
+ 16
+ 58

150
149
!69
}73
174
177
176
181
170

+
+
+
+
+
+
+
+
+
+

16
7
18
43
5
1
49
34
43
48
52
43
87

\88
192
218
228
235
262
241
240
240
250
249
299

+
+
+
+
+
+
+
+
+
+
+

1
17
53
63
68
33
33
39
45
56
40

i
|
i
i
!
;
!
I
;
i
!

244
248
297
303 j
319
333
310
302
313
317
317
342

- 19
4 4
+ 40
+ 62
+ 59
+ 45
+ 5
+ 9
+ 10
+ 17

229 !
230
288
327
320
317
293
326
332
348
340
462

256
288
303
312
310
314
311
315
311
326 i
324 i
371 |

- 27
- 58
- 15

268
270
341

304:
292
325
328
331
35-i
347
356
348
3A8
363
42-1

134
142
187
216
225
226
210
224
218
243
234
300
189
209
271
29!
303
295
274
279
285
306
289
400

!
,
;
'
j

'
i
j
i
!
j
;
i
;
!
!
!

!

!

j
i
i
|
j
|
i
i
I
,
•
i
i
i
i
!

225 j
252
337
365
378
378
315
311
323
334
305
392

- .19
- 14

+ 10
+ 14

191
213

+11
0

-

12

+ 50

+ 15
+ 10
.
+ 3
- 18

+H
+
+
+
+

2
1
22
16
91

I
140
142
208
210
242
236
208
200
163
189
!v5
205

|
:
I
j
|
i
i
I
j

1.48
148
157
156
1C0
163
163
164
164
168

+ 5
1
+ 54
- - 82
!

t i:t
-j~ 4 "
.5

+ 36
+ 23
+ 28

388
399
365
387
397
4 14
405

I
j
!
|
;
•
|
;
I
I
!
!

- 36
- 22

+
+
+
+

16
39
45
18

+
+
+
+
+

31
.
49
66
42
109

NOTE.—See note to Table 2, p. 637.

JUNE 1955




635

ESTIMATES OF CONSUMER INSTALMENT

CREDIT

TABLE 2
ADJUSTED ESTIMATES OF CONSUMER INSTALMENT CREDIT EXTENDED AND REPAID, AND CHANGES IN CREDIT OUTSTANDING

[Adjusted for seasonal variation and differences in trading days. In millions of dollars]
Total

Automobile paper

All other

M o n t h and year
Extended

636




390
396
378
374

361
360
364
344
332

288
271

337
313

254

1932—Tanuary
February....
March
April...
May....
Tune...
Tulv
August
September
October....
November
December...

397

362
347
340
334

321
325
315
299
290

.

408

374

.

407
410

372

1931—Tanuary....
February
March..
April
May.
Tu ne
July
August ...
September
October.. .
November
December

432
436
419

378
374

..

462
467
468
462
450
457

395
395
387

...

427
420
422
426
434
447
455
458
477
462
456
466

432
435
429
426
384
407

. .

1930—Tanuarv
February
March
April ..
IVIay
June.
Julv
An fust
September
October
November
December..

1934—Tanuary
February
March..
April
May...
June
July..
August...
September
October
November
December

4- 15
4- 49

442

Mav

1933—Tanuary
February....
March. .
April
Mav
Tune..
July
August
September ..
October
November
December

Change

469
481
477
489
493
511
514
502
497
479
445

1929—Tanuary
February
March
April .
Tune
July
August
September
October
November
December

Repaid

311
299
289

241
213
205
200
185
187
189
185
180
176

.

.

.

285
277
259
258
243
235
234
216
215

194
184
157
177
193
202
210
231
232
236
233
231

211
198
187
193
189
191
200
199
203

212
212
218

Extended

4 59
4 51

4- 55
-j- 46
4- 56

4 56

4- 25
4 35
4 23
— 21

—
—
—
-

30
32
39
36
66
50
37
41
32
29
36
36

-

23
28
49
38
40
40

-

35 i

-

49 ,
45 !
42
49 i
42

—
-

57
58
69 1
72
72
59
73
56
46
49
36
39

- 17
- 14
- 30
- 16
4- 4
4 11

4 1
0
4 32
4 29
4- 24

4 2
1
+ 13
- 2

217

219

247
245

221
219

. 4 26
4- 26

260
261
257

233
238
237

4 27

268
265

246
242

267
276
278
284

247
243
246
251

4- 23
4- 20
4- 22
4- 23
4- 20
4 33

+ 32
4 33

Repaid

189

172

202
210
214
221
220
243
245
221
231
211
177

174
177
183
184
196
197
201
217
208
208
217

173
184
178
173
133
158

210
213
2T2
208
198
194
186

154
154
149

185
172

142
136

167
165

135

157

124
116
117
114

154
149
144
141

102
107
103
96
92

131
128
125
121
115

92
88

113
108

78
68
55
52
55
56
46
49
47
45
46
43

108
98

59

59
54
54
52
49
50
54
57
57
63
63
68

155

54
44
49
59
64
70
83
88
89
81
77
57
84
73
84
89
88

92
93
92
96
93
98

97
94
89
80
80

71
67
65
62
57

66
69
66
72
73
76
79
81
85
83
82
86

Change Extended
4- 17
4- 28
4 33
4- 37
-j- 24
4- 46

4- 44

4 4
-

4- 23
4- 3
- 40

—
—
—
—
—
—

37
29
34
35
65
36
32
31
23
25
29
22

—
—
—
—
—
—
—
—
—
-

24
30
33
27
27
99
21
2?
25
23
21
20

—
—
—
—
—
—
—
—
—
-

30
30
4?
42
34
24
34
22
20
20
16
14
0
0

- 10
— 3

4 1
4

4- 16
+ 26

4
4
4
4
4

3
1
26
1
8
9
9
1
5

•4- 12
4- 7

4 1
6

4- 12

4 1
3
4 12
+ 7
4 1
3
4 1
1
4 1
2

Repaid

253

255

267
271
263
268
273
268
269
281
266
268
268

246
245
243
250
251
258
257
260
254
248
249

259
251
251
253
251
249

252
254
256
254
252
263

241
241
238

246
251
247

236
238

237

240
245

251

243

242

238
231
223
220

236
247
234
233

219
218
212
203
198

230
232
239
223

196
183
176
173

165
161
150
144
139
138
142
140
134
133
135
130
113
128
134
138

140
148
144
147
152
154
160
163
172

176
172
169
176
172

175
180
185
186

217
224
205
203
201
192
191
188
179

178
172
168
169
154
158
152
144
133
141
140
141
146
142
146
149
149
150
153
152
153
161
165
161
167
161
162
160
164
165

Change

—
4444-

4
4
4
4
4
4

2
21
26
20
18

22
1
0
1
2
2
1
1
2
20

4- 19

4- 7
- 5
- 1
- 1
— 14
- 5
— 10
- 9
- 4
- 14
4 1
4 2
- 1
6
-1
1
- 1
3
-1
1
- 14
-

27
20
19
28
22

—
—
-

27
28
27
30
38
35
39
34
26
29
20
25

- 17
- 14
- 20
- 13
- 6
- 3
- 6
4- 6
- 2
- 2

+
444-

3
4
7
n

4- 19
4- 15
4- 7

4- 8
4- 9
4- 11
4444-

13
20
21
21

FEDERAL RESERVE BULLETIN

ESTIMATES OF CONSUMER INSTALMENT CREDIT
TABLE 2—Cont.
ADJUSTED ESTIMATES OF CONSUMER INSTALMENT CREDIT EXTENDED AND REPAID, AND CHANGES IN CREDIT OUTSTANDING—Cont.

[Adjusted for seasonal variation and differences in trading days.

In millions of dollars!

Automobile paper

Total

All other

Month and year
Extended

Repaid

Change

Extended

Repaid

1935 —January
February
March
April
May
June
July
August
September. . .
October
November
December

288
322
322
329
319
336
352
358
363
370
400
430

247
256
260
262
269
274
277
284
300
304
309
324

+ 41
+ 66
+ 62
+ 67
+ 50
+ 62
+ 75
+ 74
+ 63
+ 66
+ 91
+106

110
130
125
126
116
122
134
137
138
140
164
188

86
89
92
94
98
102
104
107
118
116
119
127

1936—January
February
March
April
May
June
July
August
September. .
October
November...
December.. .

416
426
459
452
465
460
466
470
479
473
498
553

330
342
355
364
383
395
396
410
414
416
438
445

+
+
+1
+
+
+
+
+
+
+
+
+1

86
84
04
88
82
65
70
60
65
57
60
08

162
160
173
180
186
192
184
183
191
180
193
242

1937—January
February...
March
April
May
June
July
August....
September.
October
November..
December..

520
533
545
544
554
548
526
538
536
512
489
463

453
462
469
481
508
496
496
504
510
519
511
507

+
+
+
+
+
+
+
+
+

67
71
76
63
46
52
30
34
26

1938—January
February...
March
April
May
June
July
August. . . .
September.
October
November.
December..

450
436
426
433
434
417
442
452
450
468
490
508

479
508
477
485
487
471
480
464
467
474
464
474

+
+

44
29
72
51
52
53
54
38
12
17
6
26
34

1939—January....
February..,
March
April
May
June
July
August
September.
October
November.
December..

535
528
526
544
555
562
591
583
579
623
609
637

477
474
464
491
477
502
515
515
519
521
536
569

+
+
+
+
+
+
+
+
+
+
+
+

58
54
62
53
78
60
76
68
60
102
73
68

- 22

Change

+ 24

Extended

Repaid
161
167
168
168
171
172
173
177
182
188
190
197

+
+
+
+
+
+

30
30
20
24
45
61

178
192
197
203
203
214
218
221
225
230
236
242

128
132
138
141
146
150
157
165
167
167
179
176

+
+
+
+
+
+
+
+
+
+
+
+

34
28
35
39
40
42
27
18
24
1
3
14
66

254
266
286
272
279
268
282
287
288
293
305
311

202
21.0
217
223
237
245
239
245
247
249
259
269

209
205
205
204
207
206
199
216
210
193
180
159

181
184
182
186
188
186
190
197
192
193
195
197

+
+
+
+
+
+
+
+
+

28
21
23
18
19
20
9
1
9
18

311
328
340
340
347
342
327
322
326
319
309
304

272
278
287
295
320
310
306
307
318
326
316
310

149
135
130
124
124
118
124
125
121
134
153
157

194
192
184
181
176
165
165
154
151
142
141
144

-

301
301
296
309
310
299
318
327
329
334
337
351

285
316
293
304
311
306
315
310
316
332
323
330

183
176
178
186
194
188
196
197
187
226
209
218

151
151
151
159
155
158
164
164
167
168
172
180

352
352
348
358
361
374
395
386
392
397
400
419

326
323
313
332
322
344
351
351
352
353
364
389

-- 41
-- 33
-- 32
-- 18
-- 20

0
- 15
- 38
45
57
54
57
52
47

~ 41
- 29
- 30
- 8

+ 12
+ 13
+ 32
+ 25
+ 27
+ 27
+ 39
+ 30
+ 32
+ 33
+ 20
+ 58
+ 37
+ 38

Change

+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+

17
25
29
35
32
42
45
44
43
42
46
45
52
56
69
49
42
23
43
42
41
44
46
42

+
+
+
+
+
+
+
+
+
+
-

39
50
53
45
27
32
21
1
5
8
7
7
6
1
6
1
5

+ 3
+ 5
i

-

7

+
+
+
+

3
1
7
1
3
2
14
21
26
29
35
26
39
30
44
35
40
44
36
30

i

+
+
+
+
+
+
+
+
+
+
+
+

NOTE.—Estimates of instalment credit extended and repaid are based on information from accounting records of retail outlets and
financial institutions and include finance, insurance, and other charges incurred under the instalment contract. Renewals and refinancing of loans, repurchases and resales of instalment paper, and certain other transactions may increase the amount of both credit extended
and credit repaid without adding to the amount of credit outstanding. Estimates for later years are shown in the BULLETIN for January
1954 and subsequent months.

JUNE 1955




637

ESTIMATES OF CONSUMER INSTALMENT CREDIT
TABLE 3
ESTIMATES OF CONSUMER INSTALMENT CREDIT OUTSTANDING

[In millions of dollars]
Total
instalment
credit

Automobile
paper

1935—January.. . ,
February..
March
April
May......
June
July
August.
September.
October
November.,
December. ,

1,852
1,856
1,923
2,037
2,146
2,249
2,345
2,429
2,480
2,527
2,586
2,694

611
622
671
742
800
854
916
957
960
955
971
992

1,241
1,234
1,252
295
346
395
429
472
520
572
615
.,702

,725
,690
,670
,680
,697
,692
,678
,667
,652
,658
,655
,701

1936—January...
February..
March....
April
May
June
July
August....
September.
October. . .
November.
December.

2,686
,690
2,801
2,955
3.114
3! 245
3.347
3.413
3,459
3,487
3,502
3,623

983
970
1,028
1,11.9
1,210
1,308
1,377
1,404
1,405
1,377
1,352
1,372

.,703
1,720
1,773
1,836
1,904
1,937
1,970
2,009
2,054
2,110
2,150
2,251

,575
,546
,639
,766
,898
,021
,075
,118
,1.18
,094
.032
,015

1,343
1,310
1,363
1,428
,501
1,579
1,628
1,662
1,652
1,611
1,561
1,494

2.232
2,236
2,276
2,338
2,397
2,442
2,447
2,456
2 ,466
2,483
2,471
2,521

Total
instalment
credit

Automobile
paper

All
other

1929—January. . .
February. .
March. . . .
April
May
June
July
August
September.
October
November.
December..

2,600
2,556
2,611
2,733
2,874
3,000
3,089
3,149
3,153
3,174
3,140
3,151

1,083
1,055
1,102
1,192
1,295
1,386
1,474
1,529
1,523
1,520
1,462
1,384

1 ,157
1,501
1,509
1,541
1,579
1,614
1,615
1,620
1,630
1,654
1,678
1,767

1930—January. . .
February. .
March
April
May
June
July
August....
September.
October
November.
December..

3,012
2,898
2,858
2,884
2,875
2,886
2,868
2,835
2,792
2,759
2,692
2,687

1,287
,208
,188
,204
,178
,194
,190
,168
,140
,101
,037
986

End of month

End of month

All
other

1931—January
February
March
April
May
June
July
August
September
October
November
December

,577
,484
,429
,435
,445
,445
,422
,381
, 335
,294
,225
,207

916
853
828
834
841
846
844
828
800
768
723
684

,661
,631
,601
,601
,604
599
578
553
535
526
502
1,523

1937—January.. .
February..
March
April
May.
June
July
August
September.
October. . .
November.
December.

1932—January. . .
February..
March
April
May
June
July
August....
September.
October. . .
November.
December..

,100
,000
,924
,873
,832
,795
,723
,673
,631
, 589
,545
,521

633
585
546
518
500
494
469
452
431
408
380
356

1 ,467
1,415
1,378
1,355
1,332
1,301
1,254
1,221
1,200
1,181
1 ,165
1,165

1938—January
February
March
April
May
June
July
August
September
October
November
December

3.905
3,770
3 r 715
3,692
3,673
3,653
3,603
3,597
3,578
3,566
3,585
3,691

1,411
1,334
1,294
1,256
l r 227
1,204
1,172
1,155
1,115
1,081
1,084
1,099

2 ,494
2,436
2,421
2 ,436
2,446
2,449
2,431
2., 442
2,463
2,485
2,501
2,592

1933—January. . .
February. .
March
April
May
June
July
August
September.
October
November.
December.

,467
,418
,379
,385
,420
,462
,484
,533
,562
,583
,575
,588

342
329
321
331
360
398
433
473
501
517
513
493

1,125
1,089
1,058
1,054
1,060
1,064
1,051
1 ,060
1 ,061
1,066
1,062
1,095

1939—January...
February..
March....
April
May
June
July
August....
September.
October...
November.
December.

3,647
3,619
3,686
3,779
3,918
4,036
4,099
4,166
4,214
4,301
4,366
4,503

1,091
1,085
1,136
1,190
1,272
1,345
1 r 390
1,426
1,425
1,446
1 ,469
1,497

2,556
2,534
2,550
2 ,589
2,646
2,691
2.709
2,740
2,789
2,855
2,897
3,006

1934—January. . .
February. ..
March
April
May
June
July
August....
September.
October....
November.
December..

1,546
1,526
1,548
1,607
1,676
1,732
1,765
1,798
1,806
1,836
1,839
1,871

470
464
480
515
560
601
636
659
653
653
640
614

1 ,076
1,062
1,068
1,092
116
131
129
139
153
183
1,199
1,257

NOTE.—The estimates of automobile paper and all other instalment credit outstanding shown above supplement the data for
total instalment credit published in the BULLETIN for April 1953, p. 354.

638




FEDERAL RESERVE BULLETIN

OWNERSHIP OF .DEMAND DEPOSITS1
Demand deposits of individuals, partner- OWNERSHIP OF DEMAND DEPOSITS
Billions of d o l l a r s
ships, and corporations at all commercial
i
I i
120
banks rose 4.6 per cent in the year ending
January 31,1955, according to estimates based
100
on the Federal Reserve System's latest survey
of demand deposit ownership. The increase,
80
amounting to 4.5 billion dollars, was substantially greater than in either of the two
preceding years and reflected the marked ex60
pansion of bank credit during the last half of
1954.
40
Historical comparisons are shown in the
accompanying chart. Breaks in the series
20
in 1953 and 1954 reflect the effect of changes
in estimating techniques. While the estimates for some categories of ownership since
1952 are not fully comparable with the earlier
1945
1950
1955
t Change in series.
estimates, it is believed that the year-to-year
* Includes deposits of trust funds and foreigners.
changes shown are reasonably accurate.
All major holders except farm enterprises Cleveland District to a high of 10 per cent
participated in the over-all increase in de- in the rapidly expanding San Francisco Dismand deposits last year. The largest increase, trict.
Business deposits. Demand deposits of
both in dollar amount and percentage terms,
all domestic businesses rose 3 per cent in the
was in personal accounts, which were up 2.6
billion dollars or 9 per cent. Total business year ending January 31, 1955, nearly twice
deposits rose 3 per cent, with those of non- the increase in the preceding year and about
financial businesses up 2 per cent and those the same as that in the year ending January
of financial businesses up 8 per cent. In 31, 1953. For the second consecutive year
most business categories, increases were about one-half of the total dollar increase in
greater on a percentage basis for noncorporate business deposits was accounted for by addithan for corporate enterprises. Deposits of tions to balances of financial businesses.
farmers and corporate farming enterprises These rose 8 per cent this year as against 5
declined 2 per cent, as shown in Table 1. per cent last year. Balances of nonfinancial
The rate of deposit growth varied consider- businesses rose 2 per cent, while last year
ably over the country. Although some ex- they rose one per cent.
Within the nonfinancial business group,
pansion occurred in all Federal Reserve districts, as is shown in Table 2, the increases the largest percentage increase occurred in
varied from a low of one per cent in the deposits classified in the "all other nonfinancial business" category, which includes pri1
This article was prepared by Edward P. Snyder of the
marily the service industries and the profesBoard's Division of Research and Statistics.
JUNE 1955




639

OWNERSHIP OF DEMAND DEPOSITS
TABLE 1
OWNERSHIP OF DEMAND DEPOSITS OF INDIVIDUALS, PARTNERSHIPS, AND CORPORATIONS

[Estimates, dollar amounts in billions]
Dollar amounts
outstanding

Change since
Jan. 30, 1954

Type of holder
Jan.31,
1955

All holders.
Business—total
Corporate
Noncorporate.

Jan. 30,
1954
(revised)

amount

102.3

97.9

+4.5

58.9
45.2
13.7

57.1
44.1
13.0

+1.8
+ 1.0
+0.7

+4.6
+3.1
+2.3
+5.5

48.4

Dollar

Percentage

Nonfinancial business .
Corporate
Noncorporate

37.2
11.2

47.4
36.7
10.7

+ 1.0
+0.5
+0.5

+2.0
+1.3
+4.6

Manufacturing and
mining
Public utility
Trade
Construction
Other

21 .6
4.7
14.6
2.4
5.1

21 .6
4.5
14.2
2.4
4.7

(0
+0.2
+0.4
0)
+0.4

Financial business. .
Corporate
Noncorporate. .

10.5
8.0
2.6

9.7
7.4
2.3

+0.8
+0.6
+0.2

()
+3.4
+3.0
+0.6
+7.6
+8.2
+ 7.6
+9.9

Farming
Personal
Nonprofit associations.
All other

5.4
3\ .2
4.3
2.5

5.5
28.6
4.1
2.5

-0.1
+2.6
+0.3
0)

-2.3
+9.1
+6.7
-0.6

iLess than 50 million dollars.
2
Less than 0.05 per cent.
NOTE.—Detailed figures may not add to totals because of rounding. Data are not fully comparable with figures published earlier.

sions. Deposits in this category have risen
steadily in recent years, irrespective of the
level of economic activity. Accounts of
manufacturing and mining firms were almost unchanged from a year ago, although
industrial output was up 5 per cent. This
may reflect a lag in making necessary financial adjustments to a higher level of activity,
since business borrowing has been substantial
recently, after having shown no marked
growth through the end of 1954. It may
also indicate somewhat more efficient utilization of balances, since the rate of turnover
of demand deposits rose moderately over the
past year. Deposits of construction firms, for
which separate reporting was instituted a
year ago, increased only nominally, notwithstanding a substantial expansion in the level
of construction activity. Retail and wholesale trade deposits were up 3 per cent, per640




haps reflecting the higher level of sales in
early 1955 as compared with early 1954. A
3.4 per cent increase in public utility deposits
nearly offset a 3.8 per cent decline during the
preceding year.
Noncorporate business deposits rose more
rapidly than corporate, in contrast with
former years when corporate deposits generally grew more rapidly. In the case of nonfinancial businesses, this rate of increase was
3% times as great for noncorporate deposits
as for corporate deposits, but for financial
businesses the two rates did not differ substantially.
Deposits of individuals. Demand deposits
of individuals rose sharply over the past year,
whereas in the previous year they had declined slightly. The largest increases occurred in the financial and heavily industrialized districts, particularly New York and
Philadelphia. Growth in personal accounts,
which amount to less than one-third of total
demand deposits of individuals, partnerships,
and corporations, accounted for more than
one-half of the total dollar increase in these
deposits during the year. Individuals also
apparently added substantial amounts to
their holdings of liquid assets in other forms.
While currency outside banks remained about
unchanged, the aggregate volume of time deposits, savings and loan shares, and United
States Government savings bonds, forms of
liquid assets held mostly by individuals, rose
9.5 billion dollars in 1954.
A decline of 2.3 per cent in the deposits
of farmers, including a small volume of balances held by corporate farming enterprises,
was the only significant decline for an ownership category. Substantial declines were reported in the Philadelphia, Atlanta, and Chicago districts and sharp increases in the New
York and San Francisco districts. Estimates
of changes in deposit holdings within disFEDERAL RESERVE BULLETIN

OWNERSHIP OF DEMAND DEPOSITS
TABLE 2
PERCENTAGE CHANGES IN D E M A N D DEPOSITS OF SELECTED
HOLDERS, BY FEDERAL RESERVE DISTRICT

JANUARY 30, 1954 TO JANUARY 31,

Federal Reserve
district
All districts

Nonfinancial
All
busiholders
ness

1955

Farming

Personal

-

+ 9.1
+ 10.4
+ 17.2
+ 14.3

Boston
New York
Philadelphia

+4.6
+6.1
+4.0
+5.3

+2.0
+3.6
+0.3
-0.2

~ 2.2
+ 10.7
-13.2

Cleveland
Richmond
Atlanta

+ 1.1
+5.0
+4.6

-4.2
+4.2
+1.5

- 2.3
- 0.8
-14.3

+ 9.3
+ 6.6
+ 8.5

Chicago
St. Louis
Minneapolis

+3.3
+ 1.7
+4.1

+

- 1 1 .7

+ 6.2
+ 2.4
+ 4.4

Kansas City
Dallas
"
San Francisco

+3.8
+6.4
+9.9

JUNE 1955




+0.5
+ 18
+5.2
+7.6
+9.7

2.3

+ 0.9
-

2.2

-

2.1

+ 2.7
+ 8.8

4.7
5.3

t 9.9
+

tricts, even for major ownership categories,
however, should be interpreted with caution,
since the margin of error of these estimates
is significantly greater than is that of the
national estimates.
Other accounts. Demand deposits of nonprofit associations rose nearly 7 per cent in
the year ending January 31, 1955. As has
been the case in other postwar years, the rate
of growth in these accounts was above the
average for all deposit ownership groups.
Aggregate demand deposits of trust funds
of banks declined slightly. Foreign accounts
in the New York District, an estimated 90
per cent of these deposits, were unchanged.

641

BANK MERGERS AND CONSOLIDATIONS1

It is our understanding that one of the
purposes of these hearings is to explore possible legislative measures for restricting the
development of monopolistic tendencies in
the banking field.
According to our information, a total of
100 bank mergers, consolidations, and absorptions took place in 1952, the largest
yearly number since 1939. The number
grew to 116 in 1953 and 207 in 1954. For
the first four months of 1955, the figure was
81, indicating that, if growth continues at
the same rate, this year's total may reach
around 240. Since 1933, the merger movement has been the major factor in the gradual decline in the total number of banks.
This is in contrast with the 10-year period
just prior to 1933 when bank suspensions
were more numerous than mergers and were
the major factor in reducing the number of
commercial banks by about one-half.
In general, consolidations have taken place
between relatively small banks or through
the absorption of small banks by much larger
banks. In the five-year period from 1950 to
1954, both inclusive, there was a decrease of
598 banks as the result of mergers, consolidations, and absorptions. Of this number 274 were absorbed by large banks having
total assets of 100 million dollars or more;
and of the banks so absorbed 153 had total
assets of less than 10 million, 88 had assets
of from 10 million to 50 million, and 33 had
assets of more than 50 million.
The reasons for which banks in recent
1
Statement by Chairman Martin of the Board of Governors
of the Federal Reserve System before the Antitrust Subcommittee of the Committee on the Judiciary of the House
of Representatives on June 13, 1955.

642




years have decided to merge or consolidate
have varied widely. However, we understand that frequently the reasons have been
the favorable prices at which the smaller
banks may be purchased, the desire by large
city banks for banking outlets in suburban
areas, and the need for stronger successor
management in the case of many relatively
small banks.
Whatever the cause, the current trend in
bank mergers and consolidations is a matter
which deserves careful consideration and one
to which the Board of Governors has given
a great deal of thought in recent months.
Before indicating the views of the Board regarding this problem, it may be helpful to
describe briefly the nature of the Board's responsibilities and experience in this general
field under existing provisions of law.
PRESENT RESPONSIBILITIES OF THE
FEDERAL RESERVE

At present the Board is vested with
authority to enforce the provisions of the
Clayton Antitrust Act where applicable to
banks. Section 7 of that Act prohibits any
corporation from acquiring the stock of
other corporations engaged in commerce
where, in any line of commerce in any section of the country, the effect may be substantially to lessen competition or tend to
create a monopoly. However, as far as
banks are concerned, this section applies only
to acquisitions of stock. It does not apply to
acquisitions of bank assets and does not
cover bank mergers and consolidations.
National banks and State banks which are
members of the Federal Reserve System are
FEDERAL RESERVE BULLETIN

BANK MERGERS AND

prohibited from purchasing corporate stocks
and many States similarly prohibit stock purchases by State banks. Consequently, this
provision of the Clayton Act as presently in
force is of little significance as applied to
banks. As a practical matter, it applies only
where a nonbanking corporation—a bank
holding company—acquires the stock of
banks.
In only one case has the Board instituted
proceedings under the Clayton Act. This
proceeding was brought because of the acquisition over the years of numerous banks
by Transamerica Corporation in the States
of California, Oregon, Washington, Arizona
and Nevada. After extensive hearings, in
which it was shown that Transamerica banks
had 40 per cent of all bank offices in the fiveState area and held 40 per cent of all deposits
in that area, the Board entered an order requiring Transamerica to dispose of its stock
holdings in all but one of these banks. Upon
review of this matter, the United States
Court of Appeals for the Third Circuit set
aside the Board's order, holding that there
had not been a determination of the fiveState area as the effective area of competition
and that there was insufficient evidence of
competition or lessening of competition between the banks which had been acquired
by Transamerica. Petition for certiorari was
denied by the United States Supreme Court.
Apart from the Clayton Act, the Board
has other functions under present law which
involve consideration of the competitive
aspects of banking and possible tendencies
toward monopoly in the banking field, although such considerations are not specifically mentioned in the law itself.
In the first place, under legislation enacted
in 1933, the Board exercises some, although
not extensive, functions with respect to bank
holding companies. If a bank holding comJUNE 1955




CONSOLIDATIONS

pany controls a bank which is a member of
the Federal Reserve System and wishes to
vote its stock in that bank, it must first obtain from the Board a voting permit and
comply with certain requirements and conditions. However, this lav/ does not prevent
or limit the acquisition of bank stocks by
holding companies and does not effectively
restrict the ability of such companies to expand the number of banks controlled by
them. Bills to provide more effective regulation of bank holding companies have been
under consideration for some years and the
latest such bill has recently been reported
by the House Banking and Currency Committee. Under that bill, a bank holding
company would be required to obtain the
prior consent of the Board of Governors before acquiring additional bank stocks and,
in determining whether to give its consent,
the Board would be required to consider
certain factors including the effect of the
proposed acquisition upon the preservation
of competition in the field of banking.
Other provisions of existing law which
vest limited authority in this general field in
the bank supervisory agencies are those of
Section 18(c) of the Federal Deposit Insurance Act. Under that section, the Board,
the Comptroller of the Currency, and the
Federal Deposit Insurance Corporation, in
their respective areas of authority, are required to pass in advance upon mergers and
consolidations of banks, but only in cases in
which the capital stock or surplus of the
resulting bank will be less than the aggregate
capital stock or aggregate surplus, respectively, of the banks involved. It should be
emphasized that, in view of the limited nature of this authority, many mergers and
consolidations do not have to be passed upon
in advance by any Federal bank supervisory
agency. Of course, there are other statutes
643

BANK MERGERS AND CONSOLIDATIONS

which require the Comptroller to act in the
case of national banks. A notable recent
example was the merger of The Chase National Bank and the Bank of the Manhattan
Company of New York City where the
capital and surplus of the resulting bank
were such that prior approval of the merger
was not required under Section 18 (c).
Still other provisions of existing law require the advance approval of the establishment of branches by national banks, State
member banks, and nonmember insured
banks by the Comptroller of the Currency,
the Board of Governors, and the Federal
Deposit Insurance Corporation, respectively.
Although many mergers and consolidations
do not as such require prior approval, it is
frequently the case that a merger or consolidation involves the acquisition of one or
more branches by the resulting bank; and
in cases where the resulting bank is a State
member bank, the acquisition of such
branches must be approved by the Board.
The Chase-Manhattan merger was a situation of this kind. While the merger itself
was not required to be approved by the
Board, it was necessary for the Board to pass
upon the establishment as branches of the
resulting institution of the offices previously
operated as branches of The Chase National
Bank.
Having in mind the policy of Congress as
evidenced in the antitrust laws, the Board of
Governors, in passing on the types of transactions above mentioned, considers the possible existence of any undue lessening of
competition among banks. In transmitting
to the Board applications for branches of
State member banks, the Federal Reserve
Banks are expected to consider whether the
establishment of a particular branch will
tend to create a monopoly or an undesirable
644




competitive advantage in relation to other
banks in the area involved. The Federal
Reserve Banks likewise consider the competitive factors in transmitting to the Board
applications for approval of mergers and
consolidations and for voting permits of
bank holding companies.
At the same time, it is important to bear
in mind that lessening of competition and
tendency toward monopoly are not the only
factors which must be considered in connection with various banking transactions including mergers and consolidations. There
are other factors which also have an important bearing upon the public interest and
which must be taken into account in such
cases, such as the adequacy of a bank's capital
structure, the competency of its management, its future earnings prospects, and the
needs of the community. The Board must,
of course, give proper weight to these factors in discharging its functions under the
law; and it is understood that similar factors are considered by the Comptroller of
the Currency and the Federal Deposit Insurance Corporation in performing their
respective statutory responsibilities. There
have been in the past and there can well be
in the future instances in which the over-all
public interest would clearly be served by a
merger or consolidation even though it may
incidentally tend to lessen competition.
It should also be borne in mind that,
in the light of existing provisions of Federal lav/ relating to bank mergers and consolidations, Congress has apparently contemplated that not all such mergers and
consolidations are objectionable but, on the
contrary, that there may be many such transactions which, subject to supervisory approval, are justified and desirable in the
public interest.
FEDERAL RESERVE BULLETIN

BANK MERGERS AND
PENDING PROPOSALS

Various proposals have recently been made
in Congress for the purpose of providing
such measures of restraint as may be necessary to prevent monopolistic tendencies as
the result of bank mergers and consolidations.
One of these proposals is represented by
the bill H.R. 5948 which is pending before
this Committee. That bill would amend
Section 7 of the Clayton Act to make it applicable, not only to acquisitions of bank
stocks, but also to the acquisition of bank
assets where the effect of such acquisition
may be substantially to lessen competition
or to tend to create a monopoly. Another
proposal now pending in the Senate along
the same lines, although in somewhat different form, would amend Section 7 of the
Clayton Act to cover acquisitions of bank
assets but would farther provide that, if any
of the banks involved have capital, surplus,
and undivided profits aggregating more
than 1 million dollars, the transaction could
not be consummated until 90 days after advance notice to the Attorney General and the
Federal Trade Commission. Under this proposal the failure of the Attorney General or
the Trade Commission to interpose objection
to the proposed transaction within the 90day period would not constitute a bar to the
subsequent initiation of any proceedings
with respect to the transaction under any
provisions of law.
Other proposals on this subject would follow the approach of amending Section 18 (c)
of the Federal Deposit Insurance Act so as
to make the prior consent of the bank supervisory agencies necessary in all cases of bank
mergers and consolidations, whether or not
the capital or surplus of the resulting bank
is less than the capital or surplus, respectively, of the banks involved. One of
JUNE 1955




CONSOLIDATIONS

these proposals would require the banking
agencies to consider, among other factors,
whether the proposed transaction would unduly lessen competition or tend unduly to
create a monopoly. Another such proposal
would make it mandatory upon the appropriate bank supervisory agency to refuse its
consent to any proposed bank merger or
consolidation if its effect would be substantially to lessen competition or tend to create
a monopoly.
ENFORCEMENT AUTHORITY UNDER THE
CLAYTON ACT

The Board feels that Section 7 of the
Clayton Antitrust Act in its present form is
not an appropriate and practical means of
controlling or restricting monopolistic tendencies in the banking field. This view is
based not only on the result of the Transamerica proceeding but more particularly on
the fact that the present law applies only
to acquisitions of bank stocks and not to
mergers and consolidations and upon the
fact that more effective control in this matter, the Board believes, can be obtained
through a requirement of advance approval
by some Government agency of all mergers
and consolidations of banks.
The Board favors the general objective of
recent proposals to amend Section 7 of the
Clayton Act to make it applicable to acquisitions of bank assets. However, these
proposals would leave unchanged those provisions of the Clayton Act which now vest
in the Board of Governors authority to
enforce the provisions of Section 7 where
applicable to banks, banking associations,
and trust companies. As previously indicated, that authority is now limited by
reason of the law's applicability only to
acquisitions of stock. Under the present proposals to amend the Clayton Act, the Board's
645

BANK MERGERS AND

responsibilities would extend to all types of
bank mergers and consolidations, whether
carried out under Federal or State statutes
or effectuated through purchases of assets or
assumption of liabilities. This would result
in a substantial enlargement of the Board's
responsibilities in the antitrust field; and the
Board would be called upon to consider the
competitive or monopolistic aspects of all
such transactions, even though they had previously been approved by the other bank
supervisory agencies, the Comptroller of the
Currency and the Federal Deposit Insurance
Corporation, after consideration by those
agencies of other aspects of the particular
transactions.
The principal responsibilities and functions
of the System lie in the fields of monetary
and credit regulation and bank supervision.
The prosecuting and adiudicatory functions
incident to the enforcement of the antitrust
laws are only indirectly related to the Board's
principal responsibilities. Such functions are
of a character quite different from the administrative functions normally exercised by
the Board in passing in advance upon particular transactions in the bank supervisory
field. In other words, the enforcement of
the antitrust laws and the function of bank
supervision represent, we believe, different
spheres of governmental operation.
In the circumstances, the Board recommends that the enforcement of the provisions
of Section 7 of the Clayton Act relating to
the acquisition either of the stocks or assets
of banks should not be vested in the Board.
At present the Attorney General, under Section 15 of the Clayton Act, has a concurrent
jurisdiction with the Board in the enforcement of the provisions of that Act insofar
as they relate to banks. He is vested with
authority to direct the various United States
District Attorneys to institute proceedings in
646




CONSOLIDATIONS

the courts to prevent and restrain any violations of that Act. It would be the Board's
proposal to vest in the Attorney General exclusive authority for the enforcement of all
aspects of Section 7 of the Clayton Act relating to banks.
ADVANCE CONSIDERATION OF MERGERS
AND CONSOLIDATIONS

At the same time, the Board believes that
the possible competitive and monopolistic
effects of bank mergers and consolidations
should not be left solely for after-the-fact
consideration, but that there should be an
opportunity to consider this matter in advance in each particular case.
As previously indicated, the three Federal
bank supervisory agencies under Section
18(c) of the Federal Deposit Insurance Act
are now required to pass in advance upon
mergers and consolidations of banks where
the capital or surplus of the resulting bank
will be less than the aggregate capital or
surplus of the merging banks. It is the
Board's opinion that the objectives of legislation on this subject would be more effectively accomplished if this requirement were
extended to apply to all bank mergers and
consolidations, whether or not they result in
a diminution of capital or surplus. This
might be done either by amending the provisions of the Federal Deposit Insurance Act
or by an appropriate amendment to the
Clayton Act, which would require the prior
approval of any bank merger or consolidation by the Comptroller of the Currency, the
Board of Governors of the Federal Reserve
System, or the Federal Deposit Insurance
Corporation, depending upon whether the
resulting bank will be a national bank, a
State member bank, or a nonmember insured
bank.
FEDERAL RESERVE BULLETIN

BANK MERGERS AND

In addition, however, the Board would
recommend a further provision in order to
require due consideration of the possible
monopolistic effects of bank mergers and
consolidations. Each of the bank supervisory agencies should be authorized in its
discretion to request the views of the Attorney General in any particular case coming
before it, if the banking agency feels that
there is a substantial question as to whether
the proposed merger or consolidation would
bring about an undue lessening of competition or tendency to monopoly. If the Attorney General should then indicate his view
that the proposed transaction would have
such a monopolistic effect, the Bank supervisory agency would be precluded from
giving its consent to the merger or consolidation in question. However, it should be
clearly provided that, if the Attorney General has not been previously consulted by the
appropriate bank supervisory agency and has
not indicated an absence of objection on his
part, he would continue to have full authority to institute proceedings under the Clayton Act, if he should deem it desirable, with
respect to any situation resulting from the
particular merger or consolidation.
There is one other point we would like to
mention. Existing law as well as some of
the proposals under consideration use the

JUNE 1955




CONSOLIDATIONS

phrase "substantially to lessen competition
or to tend tp create a monopoly." The Board
would suggest that in any bill relating to
bank mergers or consolidations the test
should be whether the transaction would
"unduly" lessen competition or "unduly"
tend to create a monopoly. If there were a
town in which there were only three or four
banks and there were a merger between two
of them, it seems possible or likely that there
would be a substantial lessening of bank competition, but it might well be that the merger
was desirable or necessary in the public interest because of other reasons. The use of
the word "unduly" instead of "substantially"
would permit such a desirable merger to take
place.
It is the Board's belief that legislation along"
the lines here suggested—transfer to the Attorney General of exclusive jurisdiction for
enforcement of Section 7 of the Clayton Act
with respect to banks and provision for prior
approval by the banking agencies of all bank
mergers and consolidations as outlined above
—would provide effective safeguards against
the development of undue monopolistic
tendencies in the banking field and, at the
same time, continue in the bank supervisory
agencies, in accordance with the pattern of
present law, responsibility for consideration
of all the ordinary banking aspects of
mergers and consolidations.

647

LAW DEPARTMENT
Administrative interpretations of banking laws, new'regulations issued by the
Board of Governors, and other similar material

Withdrawal from "Savings Deposit"
Not Evidenced by a Pass Book
The Board recently received an inquiry concerning the recent identical amendments to the definitions of "savings deposit" in section 1 (e) of
Regulation D and section l(e) of Regulation Q,
effective May 16, 1955 (20 Federal Register 3305).
The question was whether such amendments
would permit a bank that maintained for its customer a "savings deposit5' evidenced by a written
receipt or agreement although not by a pass book,
to pay a check against such a deposit drawn by
the depositor payable to a third party, where the
depositor was required by the deposit agreement to
give 30 days' advance written notice of withdrawal. The Board replied that it would not be
permissible for the bank to pay the check and continue to classify the account as a "savings deposit."
The amendments in question require that withdrawals may be made "only through payment
to the depositor himself but not to any other person whether or not acting for the depositor."

648




Although the footnotes to the amendments state
that "Payment may be made to the depositor
over the counter, through the mails or otherwise,"
in the situation presented by the inquiry payment
would not be made "to the depositor," but rather
to a third party. The footnotes merely explain
that the depositor would not necessarily have to go
to the bank in person to make a withdrawal. For
example, it would be permissible for the bank to
make payment to the depositor by mailing him a
check, or it would be permissible for the depositor
to send a messenger to the bank and for the bank
to deliver to the messenger a check payable to the
depositor.
Whether the particular deposit agreement is
one with respect to which the bank merely reserves the right to require 30 days' advance written
notice of withdrawal or is one which specifically
requires 30 days' advance written notice of withdrawal, payment in the manner contemplated by
the inquiry would not be in conformity with the.-,
amendments in question.

FEDERAL RESERVE BULLETIN;

CURRENT EVENTS AND ANNOUNCEMENTS
Appointment of Class G Director

On May 25, 1955, the Board of Governors announced the appointment of Mr. Philip I. Welk,
President, Preston-Shafier Milling Company, Waila
Walla, Washington, as a Class C director of the
Federal Reserve Bank of San Francisco for the
term ending December 31, 1957. Mr. Welk had
been serving as a Board appointed director of the
Portland Branch of the Federal Reserve Bank of
San Francisco since January 1, 1954. He succeeded
Mr. Harry R. Well man, Vice President, Agricultural Sciences, University of California, Berkeley,
California, whose term expired.
Appointments of Branch Directors
On May 24, 1955, the Board of Governors announced the appointment of Mr. Ray Reynolds,
who is engaged in cattle feeding and farming at
Longmont, Colorado, as a director of the Denver
Branch of the Federal Reserve Bank of Kansas City
for the term ending December 31, 1956. Mr.
Reynolds succeeded Mr. G. Norman Winder, a
rancher at Craig, Colorado, whose term expired.
On May 27, 1955, the Board of Governors announced the appointment of Mr. G. Ted Cameron,
President, Cameron Feed Mills, North Little Rock,
Arkansas, as a director of the Little Rock Branch
of the Federal Reserve Bank of St. Louis for the
term ending December 31, 1956. Mr. Cameron
succeeded Mr. Sam B. Strauss, President, Pfeifers
of Arkansas, Little Rock, Arkansas, who resigned.

JUNE 1955




Admissions of State Banks to Membership in the
Federal Reserve System

The following State banks v/ere admitted to membership in the Federal Reserve System during the
period April 16, 1955 to May 15, 1955:
California

East Los Angeles, Garneld Commercial & Savings
Bank.
Illinois
Cerro Gordo, State Bank of Ccrro Gordo.
Virginia
Cambria, Cambria Bank, Incorporated.
Tables Published Annually and Semiannually, with
Latest BULETIN Reference
Semiannually
Banking offices:
Analysis of changes in number of.,.
On, and not on, Federal Reserve Par
List, number of
Annually
Earnings and expenses:
Federal Reserve Banks
Member banks :
Calendar year
First half of year
Insured commercial banks
Banks and branches, number of,
by class and State
Operating ratios, member banks
Hanking and monetary statistics, 1954

Issue

Page

Fcb, 1955

20S

Feb. 1955

209.

Feb. 1955 2G6--207
May 1955
Oct. 1954
May 1955

564-572:
Ills
573

Apr. 1955 430-431
Jim. 1955 712-714
| ^ e b - |£5j! 574I577

649

NATIONAL SUMMARY OF BUSINESS CONDITIONS
[Released for publication June 1 5 ]

Industrial production and construction activity
reached new record levels in May, and retail sales
continued at their April high. Employment and
incomes expanded further, and unemployment declined. Average prices continued to change little
in both wholesale and retail markets. Bank loans
and other types of private credit increased further.
INDUSTRIAL PRODUCTION

The Board's seasonally adjusted index of industrial production rose twro points further in May to
a new record of 138 per cent of the 1947-49 average, one point above the previous peak reached in
May and July 1953. Activity in durable goods
industries in May was only moderately below mid1953 despite sharply lower defense production.
Output of nondurable goods was at a new high,
about 2 per cent above the level of two years ago.
Further increase in. durable goods output reflected continued gains in producers' equipment,
household goods, metals and building materials.
Auto assembly held steady in May at record levels,
after seasonal allowances; in early June output by
two major auto producers was curtailed owing to
sporadic work stoppages. Steel production reached
a new high in May, with operations at almost 97
per cent of January 1, 1955 rated capacity, and
changed little in early June.
INDUSTRIAL PRODUCTION

Nondurable goods production increased in May
to 126 per cent of the 1947-49 average. Output of
textiles and apparel advanced somewhat further
following substantial gains in March and April,
and steady expansion continued in the chemical
and paper industries. Minerals output was maintained at high levels, with crude oil output down
moderately from earlier peaks and bituminous coal
production up further.
CONSTRUCTION

Value of new construction in May increased
slightly further to a record seasonally adjusted annual rate of more than 42 billion dollars—oneeighth larger than a year earlier. Value of contract awards declined slightly from the record April
total but was more than one-eighth larger than in
May 1954. The seasonally adjusted annual rate of
nonfarm housing starts was 1.3 million, about the
same as in April but lower than in the first quarter.
EMPLOYMENT

Employment (seasonally adjusted) in nonagricultural establishments in May increased 300,000
to 49.2 million, about 1 million above a year ago.
Both manufacturing and nonmanufacturing employment showed important gains. The average
work-week at factories in May increased to 40.7
CONSTRUCTION CONTRACTS AWARDED
Millions of dollars

I,:/,..', — . L :__!.:_ - ^,._,:j.i - i ! . _ ! . . _. •_•_: ,v,~: 100

MINfcKALJ)

I 1."

,
rV

••~W

L"
U(jAi.LLJ_- :-J-!-L LL LJ.,

1952

1953

j
1954

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

650




0

1955

F. W. Dodge Corporation data for 37 Eastern States.
Monthly figures, latest shown are for May.
FEDERAL RESERVE BULLETIN

NATIONAL SUMMARY OF BUSINESS CONDITIONS
hours—1.4 hours above a year ago. Average hourly
earnings continued to edge up and average weekly
earnings reached a new high of $76.11, which was
aboul; $5.00 or 7 per cent above the level of a year
ago. Unemployment declined 500,000—much more
than seasonally—and at 2.5 million was 800,000
below the level of a year ago.
DISTRIBUTION

Department: store sales in May and early June
were near their advanced April rate, alter allowance for the usual seasonal changes. Total retail
sales in May were maintained at their April peak—
about 8 per cent above a year ago. New car sales
continued at very high levels, 38 per cent above a
year ago, and used car sales advanced further.
Dealers' stocks of new autos rose somewhat turther in May.
COMMODITY PRICES

The general level OL wholesale commodity prices
continued to change little from mid-May to midJune. Hog and pork prices advanced considerably as marketings declined more than seasonally.
Cattle marketings continued large and steer prices
remained at the reduced levels reached in May.
Winter wheat prices dropped to the lowest level
since last summer, as the new crop approached
harvesting. Prices of coflee advanced, reflecting
reduced domestic stocks and improved prospects
for the pending price stabilization agreement among
producing countries.
Prices o(: industrial materials generally continued
firm. Rubber prices advanced, influenced in part
by the outlook for uninterrupted operations in the
auto industry. Scrap metals strengthened, following some decline earlier, and some cotton textiles
and paper products increased. Wool tops declined,
however. While prices of most finished goods
were unchanged, woven carpets were raised.

cultural loans declined, largely reflecting reduced
bank holdings of CCC certificates. Bank acquisitions of new Treasury notes in mid-May were
less than reductions in holdings of other U. S.
Government issues including exchanges and cash
redemptions of maturing certificates.
In late May and early June, member bank borrowings from the Federal Reserve averaged around
450 million dollars and were about 50 million less
than excess reserves. Reserve positions had eased
temporarily in mid-May but subsequently tightened due largely to holiday and month-end currency outflows and to increases in Treasury deposits
at the Reserve Banks. The Federal Reserve made
some purchases and sales of U. S. Government
securities, both outright and under repurchase
agreement, during May but at the month-end System holdings approximated their March and April
level.
SECURITY MARKETS

Yields on intermediate Treasury issues were generally stable to slightly higher between mid-May
and mid-June. Yields on the two longest Government bond maturities edged slightly lower, however, and the bid yield on 90-day Treasury bills,
after declining 10 basis points to 1.32 per cent in
early June, subsequently recovered and in mid-June
was near its mid-May level. Common stock prices
increased to new record levels in the first part of
June.

BANK CREDIT AND RESERVES

Total loans and investments at banks in leading
cities changed little between early May and early
June. Continued expansion in loans about offset
further reductions in bank holdings ol: U. S. Government and other securities. Business, real estate,
consumer, and security loans increased, while agri-

JUNE




1955

Federal Reserve data.
June 1.

Weekly figures, latest shown are for

651

FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS
UNITED STATES
PAGE

Member bank reserves, Reserve Bank credit, and related kerns
Federal Reserve Bank rates; margin requirements; reserve requirements
Reserves and deposits of member banks
Federal Reserve Bank statistics
Regulation V: guaranteed loans, fees, and rates
Bank debits and deposit turnover; Postal Savings System
Money in circulation
Consolidated statement of the monetary system; deposits and currency
All banks in the United States, by classes
All commercial banks in the United States, by classes. ..
Weekly reporting member banks
Commercial paper and bankers' acceptances
Life insurance companies; savings and loan associations. .
Government corporations and credit agencies
Security prices and brokers' balances .<••
Money market rates; bank rates on business loans; bond and stock yields
Treasury
finance
New security issues. .
Business
finance
.
Real estate credit statistics
Statistics on short- and intermediate-term consumer credit. .
Business indexes
Merchandise exports and imports. .
Department store statistics
Consumer and wholesale prices
Gross national product, national income, and personal income. .
Member bank operating ratios, 1954.
List of tables published in BULLETIN annually or semiannual!?,
with references for latest data

655-656
656-657
658
659-661
661-662
662
663
664
665-667
668-669
670-671
672
673
674-675
676
677
678-683
684
685-686
687-689
690-692
693-702
702
703-707
708-709
710-711
712-714
649

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




1955

653

BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
Wednesday

figures, 1 9 4 9 - 1 9 5 0 , weekly averages of daily figures, 1 9 5 1 -

Billions of dollars

MEMBER BANK
RESERVE BALANCES
20

15
I

7

r—

,

EXCESS RESERVES

1

1

2
0

MONEY SN CIRCULATION

TREASURY CASH AND DEPOSITS
LMONMEMBER DEPOSITSJ

1

30

FEDERAL RISERVg CREDIT
U.S. GOVERNMENT SECURITIES:

25

20

HELD UNDER
REPURCHASE AGREEMENTS

-

J*

2

1

A

^~. -_A. r

. _

0

DISCOUNTS AND ADVANCES

2
0

FEDERAL RESERVE FLOAT

;V
1949

1950

1951

^J{
1952

1953

1954

1955

Latest averages shown are for week ending May 25. See p. 655.

654




FEDERAL RESERVE BULLETIN.

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

DisHeld counts
Bought under a n d Float
Total out- repur- adright agree- vances
ment

All
oth- Total
er i

Gold
stock

Deposits, other
M e m b e r ba nk
than member bank Other
Treasreserve balaiices
reserve balances,
ury Money Treas- with F . R. Banks Fedury
curin
eral
circash
rency
Recula- hold- Treas- For- Oth- serve Total
outReExerury
acstand- tion
ings
eign
quired 2 cess2
de- counts
dedeing
posits posits posits

Averages
of daily
figures
Week ending:
1954
Apr.
Apr.
Apr.
Apr.
May
May
May
May
June
June
June
June
June
July
July
July
July
Aug.
Aug.
Aug.
Aug.

7 . . . . 24,632
14
24,643
21
24,632
28
24,632
24,632
5
12
24,652
1 9 . . . . 24,659
26
24,709
2 . . . . 24,812
9
24,960
1 6 . . . . 24,955
2 3 . . . . 25,018
30
25,113
7 . . . . 25,082
14
24,912
21
24,765
2 8 . . . . 24,517
24,325
4
11
24,040
1 8 . . . . 23,980
2 5 . , . . 23,813

23,938
24,013
24,035
23,789
23,868
24,492
24,606
74,487
24,381
74,464
24,754
24,685
Nov! 24'.'.'.'. 24,553
24,722
Dec. 1
Dec. 8
24,891
Dec. 15
24,919
Dec. 22
24,928
Dec. 29
24,918
1955
Jan. 5 . . . . 24,918
fan. 12
24,532
Jan. 19
24,155
Jan. 26
23,683
23,852
Feb. 2
Feb. 9 . . . . 24,016
Feb. 16
23,908
Feb. 2 3 . . . . 23,732
23,604
Mar. 2
Mar. 9
23,604
Mar. 16
23,606
Mar. 23
23,664
Mar. 30
23,604
Apr. 6 . . . . 23,643
Apr. 13
23,682
Apr. 20
23,604
23,604
Apr. 27
May 4 . . . . 23,666
May 11
23,839
May 18
23,687
May 25
23,513
Monthly:
1954-May. . 24,689
J u n e . . 24,998
July... 24,771
Aug... 23,989
Sept... 23,941
O c t . . . 24,485
Nov... 24,661
D e c . . . 24,917
1955-Jan... 24,200
F e b . . . 23,838
Mar.. . 23,619
Apr. . . 23,632
May. . 23,666

Sept.
Sept.
Sept.
Sept.
Sept.
Oct.
Oct.
Oct.
Oct.
Nov.
Nov.
Nov.

1
8
15
22
29
6
13....
20
27
3....
10
17....

^Preliminary.

JUNE 1955




24,632
24,632
ii
24,632
24,632
24,632
20
24,632
19
24,640
24,709
24,812
24,960
24,955
32
24,986
133
24,980
25,038
44
24,912
24,765
24,517
24,325
24,023 ' " ' 1 7
104
23,876
66
23,747
23,845
93
36
23,977
24,035
23,789
23,868
24,492
25
24,581
31
24,456
24,381
24,448
16
9
24,745
24,685
24,553
24,715
7
2
24,889
31
24,888
40
24,888
30
24,888

153
156
141
148
158
184
143
164
216
170
142
194
157
71
68
73
168
175
287
229
178
185
147
189
141
191
179
259
284
257
355
277
271
300
498
465
442
311
377

24,874
24,511
24,128
23,671
23,844
23,902
23,827
23,732
23,604
23,604
23,604
23,604
23,604
23,604
23,604
23,604
23,604
23,613
23,702
23,664
23,513

44
21
27
12
8
114
81

372
504
445
453
524
555
387
395
490
479
483
630
745
613
662
521
544
544
374
317
427

24,680
24,960
24,761
23,930
23,928
24,472
24,654
24,888
24,182
23,787
23,604
23,604
23,617

9
38
10
59

2
60
39
78

53
137
23

13
13
7

29
18
51
15
28
49

172
166
104
210
170
254
345
407
444
473
566
585
445

583
597
955
672
634
541
739
638
613
670
665
920
630
675
710
833
590
653
598
723
698
576
598
714
977
627
667
599
927
721
617
669
751
1,046
698
724
810
1,373
1,138
885

756
881
806

2
1
1
1
1
1
1
1

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

666
640
668
804 (3)
797
1
789
1
719
1
1,032
1
677
1
7
656
14
801
1,031
19
21
86.1
17
743
15
696
888
1.5
14
880
640

710
695
654
725
720
769
992
805
710
804
838
798

1
1
1
1
1
1
1
1
1
1
1
16
15

25,370
25,397
25,730
25,453
25,426
25,379
25,542
25,512
25,642
25,802
25,764
26,134
25,901
25,829
25,691
25,673
25,277
25,154
24,925
24,933
24,690
24,699
24,759
24,939
24,908
24,687
25,338
25,465
25,699
25,360
25,436
25,701
25,708
25,900
25,918
26,080
26,172
26,612
26,433

21,965
21,966
21,967
21,968
21,969
21,970
21,971
21,972
21,966
21,924
21,925
21,926
21,926
21,927
21,929
21,931
21,924
21,908
21,901
21,858
21,858
21,837
21,809
21,809
21,810
21,810
21,810
21,810
21,788
21,759
21,759
21,752
21,709
21,709
21,710
21,710
21,711
21,712
21,712

4,933
4,938
4,945
4,946
4,950
4,952
4,955
4,957
4,958
4,958
4,957
4,955
4,956
4,959
4,958
4,958
4,959
4,960
4,959
4,960
4,961
4,962
4,965
4,967
4,967
4,968
4,971
4,972
4,973
4,973
4,976
4,977
4,978
4,980
4,982
4,982
4,982
4,982
4,982

29,780
29,817
29,780
29,652
29,738
29,810
29,769
29,707
29,874
29,928
29,870
29,793
29,813
30,066
30,099
29,932
29,815
29,890
29,932
29,919
29,850
29,887
30,046
30,073
29,969
29,888
30,010
30,143
30,125
30,028
30,088
30,206
30 262
30]318
30,466
30,623
30,755
30,885
30,828

26,176
25,792
25,482
24,942
25,04-2
25,212
24,964
24,932
24,892
24,873
24,809
25,327
25,028
24,918
25.159
25 1 75
25!OS!
24,971
24,924
24,908
24,834

21,712
21,713
21,714
21,714
21,714
21,715
21,715
21,716
21,716
21,717
21,717
21,718
21,719
21,719
21,669
21 670
21',671
21,671
21,671
'21,672
21,673

4,9S4
4,984
4,985
4,985
4,988
4,988
4,989
4,990
4,995
4,995
4,995
4,995
4,997
4,997
4.996
4 997
4',998
4,999
4,999
4,999
4,999

30,501
30,361
30,079
29,866
29,767
29,794
29,782
29,771
29,796
29,819
29,833
29,793
29,716
29,831
29,940
29 793
29!686
29,767
29,859
29,877
29,826

818
827
834
827
824
825
827
828
817
818
826
821
812
820
813
815
811
821
818

25,503
25,876
25,571
24,855
24,838
25,459
25,776
26,317
25,449
25,021
24,989
25,070
24,924

21,971
21,927
21,926
21,871
21,809
21,787
21,724
21,711
21,714
21,715
21,718
21,680
21,673

4,954
4,956
4,959
4,960
4,967
4,973
4,979
4,982
4,985
4,990
4,996
4,997
4,999

29,773
29,856
29,968
29,896
29,991
30,078
30,287
30,749
30,110
29,784
29,790
29,807
29,861

830
815
810
806
796
797
800
805
819
826
823
816
818

819
823
831
827
826

82*;
838
829
827
823
813
806
812
821
811
807
806
802
803
805
807
808
802
795
793
795
793
790
796
801

806
796
799
800
806
806
812
800
801
804

81.4

526
650
680
495
586
453
551
397
452
342
341
757

507
503
461
456

399
379
574
388
351
370
411
437
458
358
227
296
384

464
392
499
551
742
584
558
566

503
572
532
500
521
549
549
547
579
588
765
651
569
526
544
579
557

551
479
558
446
652
676
594
570
567
669
362
397
576
605
535
363
315
453

465
518
559
514
511
484
466
443
442
432
423
425
409
396
361
405
443
523

449
378
275
272
431
472
399
490
575
548
356
887

541
675
280

527
493
516
422
441
447
486
390
324
364
422
339
338
344
349
419
367
360
363

3.10

4.17

1,010

1,000
550
325

4 83

437

486
602
498
591
541
610
492
443
341
477
690
501
421

413
359
428
420
455
430
452
450
516
428
432
435
437
452
472
440
411

936
935
933
920
850
848
862
880
878
877
910
998
996
986
986
983
963
908
905
914
927
926
923
925
934
933
948
950
950
949

19,300
1.9.194
19,384
19,630
19,490
19,418
19,506
19,690
19,555
19.805
19,934
19,818
19,188
19,377
19,166
19,261
19,036
18,698
18,586
18,525
18,353
18,346
18,336
18,373
18,596
18,250
18,756
18,832
19,136
18,895
18,810
19,364
19,306
19,205
19,052
19,162
19,241
19,512
19,250

18,595
705
18,595
599
18,612
772
18,654
976
18,769
721
18,708
710
18,785
721
18,924
766
18,912
643
18,885
920
19,043
891
18,958
860
18,349
839
18,419
958
18.404
762
18,356
905
18,347
689
17,666 1,032
17,688
898
17,662
863
17,627
726
17,603
743
17,556
780
17,594
779
17,691
905
17,663
587
17,894
862
18,201
631
18,269
867
18,224
671
18,233
577
18,244 1,120
883
18,423
18!524
681
18,464
588
18,444
718
18,555
686
18.690
822
18,630
620

472
394
324
399
405
408
398
346
295

895
886
883
882

394

413
409
413
280
419
480
458
486
481
476
358
435
490
492
553
454
438
443
442
377
421

916 19,263 18,580
905 19,130 18,436
902 19,176 18,383
901 19,074 18,429
899 18.952 18,361
895 19,000 18,272
913 18,806 18,236
959 18,716 18,108
957 !8,642 18,089
955 18,596 18,018
957 18,779 18,149
964 18,804 18,123
964 18,408 17,918
97 (: 18,611 18,055
97<; 18,868 18,214
978 1 8 , 8<>5 18,253
978 18,877 18,260
923 1.8,659 18,201
920 18.920 18,176
924 18,853 P 18,1.99
937 18,673 r'l 8,173

531
553
632
536
522
455
416
439
477
420
363
370
389

412
321
409
464
431
444
393
365
383
473
442
481
432

864
941
973
916
929
944
883
929
903
927
960
973
928

881
877
891
975
976

19,533
19,670
19,164
18,478
18,403
18,893
19,207
19,279
19,114
18,819
18,635
18,800
18,746

18,817
18,813
18,329
17.638
17,628
18,173
18,393
18,576
18,432
18,195
18,050
18,210

683
694
793
645
591
728
570
608
553
578
630
681
490
556
654
642
617
458
744

P654
*>500
716
857
835
840
775
720
814
703
682
624
585
590

For footnotes see following page.

655

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS—Con tinned
[In millions of dollars]
Deposits, other
than member bank
reserve balances,
TreasU. S. Govt. securities
ury Money Treas- with F. R. Banks
in
ury
curDisGold rency
circash
All
stock outHeld counts
cula- hold- Treas- For- Othings
Bought under and Float oth- Total
er
stand- tion
eign
ury
addeing
Total out- repur- vances
dedechase
right agreeposits posits
its
ment
Reserve Bank credit outstanding

Date
or
period

Member bank
reserve balances

Other
Federal
Reserve
accounts

Total

ReExquired2 cess*

Midyear or
year-end:
216
1929—June.
1933—June. 1,998
1939—Dec. 2,484
1941—Dec. 2,254
1945—Dec. 24,262
1947—Dec. 22,559
1949—Dec. 18,885
1950—Dec. 20,778
1951—Dec. 23,801
1952—Dec. 24,697
1953—June. 24,746
Dec. 25,916

148
1,998
2,484
2,254
24,262
22,559
18,885
20,725
23,605
24,034
24,718
25,318

53
196
663
28
598

52
164
4
7
91
3
94
249
578
85
535
78
534
67 1,368
19 1.184
156
967
64
601
28
935

1,400
,037
2,220
,031
2,593
,644
,737
2,361
,065
25,091
,754
23,181
19,499 24 427
22,216 22 1706
25,009 22 ,695
25,825 23 ,187
25,414 22 ,463
26,880 22 ,030

2,019 4,459
2,286 5,434
2,963 7,598
3,247 11,160
4,339 28
28,515
4,562 28,868
4,598 27 ,600
4,636 27 ,741
4,709 29 ,206
4,812 30,433
4,854 30 .125
—
4,894 30 ,781

204
264
2,409
2,215
2,287
1,336
1,312
1,293
1,270
1,270
1,259
761

36
35
634
867
977
870
821
668
247
389
132
346

6
15
397
774
862
392
767
895
526
550
527
423

21
151
256
586
446
569
750
565
363
455
176
493

374 2,356
2,333
346 2,292
1,817
251 11,653
6,444
291 12,450
9,365
495 15,915 14,457
563 17,899 16,400
706 16,568 15.550J
714 17,681 16,509
746 20,056 19,667
777 19,950 20,520
951 19,561 19,459
839 20,160 19,397

245
37
184
200
132
297
398
143

723
567
672
473
779
721
657
808

25,781 21,973
25,642 21,927
25| 183 21,908
24,696 21,809
25,183 21,810
25,401 21,759
25,944 21,710
25,885 21,713

4,957 29,870
4.959 29 ,922
4.960 29 ,892
4,966 29 ,929
4,972 29.985
4,977 30,074
4,982 30,500
4,985 30 ,509

820
811
798
811
786
806
800
796

408
875
716
511
704
729
694
563

527
545
533
477
461
426
397
490

645
377
503
501
422
496
381
441

878
988
908
925
931
884
880
907

19,563
19,011
18,702
18,316
18,676
18,722
18,985
18,876

18,891
18,412
17,763
17,572
17,724
18,251
18,467
18,618

672
599
939

475
485
391
560
460

68

600
678
659
799
643

24,960 21,714 4,989 29 ,789
24,769 21,716 4,996 29,817
,800
24,667 21,719 4,
24,988 21.671 4,999 29.769
30,008
24,780 P21,674

837
828

441
320 433
351 448
360
402 413

899
957
959
923
936

18,918
18,562
18,283
18,495
18,221

18,337
18,091
17,871
18,161

581
471
412
334

P828

360
564
724
812
649

4,995 29,776
4,995 29,816
4,995 29,801
4,995 29,719
4,997 29,738

835
827
822
833
829

589
500
185
755
851

329
392
336
351
356

486
417
246
406
437

955
953
965
964
964

18,555
18,521
19,360
18,588
18,388

442
18,113
519
18,002
18,313 1,047
503
18,085
512
17,876

21,719 4,997 29,900
21,670 4,997 29,841
21.670 4,997 29,714
21,671
,657

817
826
818
820

443
365
503
623

351 445
381 410
408 422
384

979
979
978
978

18,791
18,841
18,8.10
18,654

18,200
18,230
18,258
18,280

591
611
552
374

000 29,782
,842
999 29,826
999 29,789

820
819
825
824

458
383
392
415

357
388
407
406

921
920
937
937

19,123 18,242
18,677 18,176
18,879 ^18,291
18,642 P18.146

P588
P496

1,037

23
475
5,209
3,085
1,458
1,499
1,018
1,172
389
-570
102
763

End of
month:
1954
May
June
July
Aug...
Sept
Oct
Nov
Dec

24,812
25,037
24,325
24,023
24,270
24,381
24,888
24,932

24,812
25,037
24,325
23,894
24,270
24,381
24,888
24,888

1955
Jan
Feb
Mar
Apr
May

23,885
23,605
23,612
23.612
23,662

23,882
23,605
23,604
23,604
23,662

129

809

744
952
471
518
258

P18,010

Wednesday
1M55
23,604 23,604
Mar. 2
23,604 23,604
Mar. 9
Mar. 16. . . . 23,604 23,604
23,604 23,604
Mar. 23
23,604 23,604
Mar. 30
Apr. 6 . . . .
Apr. 13
Apr. 2 0 . . . .
Apr. 27

23,644
23,641
23,604
23,604
23,782
23.758
23.612
23.51.3

23,664
23,702
23.612
23,513

118
56

24,813 21,716
24,714 21,717
21,717
24,904 21,718
24,848 21,719

707
637
569
486

23,604
23,604
23,604
23,604

May 4
May 11
May 1.8
May 2 5 . . . .

385
823
488
621
369 1,028
535
763
691
552
645
680
793
746

25,011
24,977
24,986
24,857

720
365
324
543

706
642
950
682

25,225 21,671
24,779 2.1,672

24,902 21,673
24,753 21,674

434
420
307

881
501

'Preliminary.
1
Includes industrial loans and acceptances, which are shown separately in subsequent tables.
2
These figures are estimated.
3 Less than $500,000.
Back figures.—See Banking and Monetary Statistics, Tables 101-103, pp. 369-394; for description, see pp. 360-366 in the same publication.

MARGIN REQUIREMENTS
[Per cent of market value]

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

656




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

1

EffecFeb. 20, Jan. 4,
tive
19531955Jan. 4, Apr. 22, Apr. 23,
1955
1955
1955

50
50

60
60

70
70

50

60

70

1

Regulations T and U limit the amount of credit that may be extended on a security by prescribing a maximum loan value, which is a
specified percentage of its market value at the time of extension; the
"margin requirements" shown in this table are the difference between
the market value (100%) and the maximum loan value. Changes on
Feb. 20, 1953, and Jan. 4, 1955, were effective after the close of business
on those dates.
Back figures.—See Banking and Monetary Statistics, Table 145, p, 504
and Annual Report for 1948, p. 77, and 1953, p. 76.
FEDERAL RESERVE BULLETIN.

FEDERAL RESERVE BANK DISCOUNT RATES
[Per cent per annum]
Discounts for and advances to member banks

Federal Reserve Bank

Advances secured by Government
obligations and discounts of and
advances secured by eligible paper
(Sees. 13 and 13a) 1
Rate on
May 31

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

In effect
beginningApr.
Apr.
Apr.
Apr.
Apr.
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 advances
[Sec. 10(b)J

Rate on
May 31

In effect
beginning—
Apr.
Apr.
Apr.
Apr.
Apr.
May
Apr.
Apr.
Apr.
Feb.
Apr.
Apr.

15,
1955
15,
1955
22,
1955
15,
1955
15,
1955
2, 1955
22,
1955
15,
1955
15,
1955
14,
1955
15,
1955
22,
1955

1955
15,
1955
15,
1955
22,
1955
15,
1955
15,
2, 1955
1955
22,
1955
15,
1955
15,
1954
12,
1955
15,
1955
22,

Previous
rate

Rate on
May 31

In effect
beginning—

2
2
2
2
2
2
2
2
2
2V*

Apr. 15,
Jan. 16,
Apr. 22,
Aug. 17,
Ian. 23,
Feb. 9,
Apr. 22,
May 18,
Jan. 26,
Apr. 14,
Apr. 15,
Jan. 20,

2

Previous
rate

1955
1953
.1955
1953

1953
1954
1955
1953
1953
1955
1955
1953

1

Rates shown also apply to advances secured by obligations of Federal intermediate credit banks maturing within 6 months.
NOTE.—Maximum maturities. Discounts for and advances to member banks: 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 RATES ON INDUSTRIAL LOANS
AND COMMITMENTS UNDER SECTION 13b
OF THE FEDERAL RESERVE ACT
Maturities not exceeding five years

MEMBER BANK RESERVE REQUIREMENTS
[Per cent of depot-its]
Net demand deposits 1

[In effect May 31. Per cent per annum]
To industrial or
commercial
businesses
Federal
Reserve
Bank

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

Effective date
of change
To financing institutions

On discounts or
purchases
On
loans l

On
commitments

Portion
for which
institution is
obligated

Remaining
portion

On
commitments

09
09
09
09
09
09
09
09
09
09

1
Including loans made in participation with financing
2
Rate charged borrower less commitment rate.
3
4

institutions.

Rate charged borrower.
Rate charged borrower but not
to 5
exceed 1 per cent above the discount rate.
Charge of ^ per cent per annum is made on undisbursed portion
of 6loan.
Charge of 34 per cent per annum is made on undisbursed portion
of loan.
Back figures.—See Banking and Monetary Statistics, Table 118, pp.
446-447.

1917—June 2 1 .
1936—Aug. 16.
1937—Mar. 1.
May 1.
1938—Apr. 16.
1941—Nov. 1.
1942—Aug. 20.
Sept. 14.
Oct. 3 .
1948—Feb. 27.
June 1 1 .
Sept. 16.
Sept. 24.
1949—May 1.
May 5 .
June 30.
July 1.
Aug. 1.
Aug. 11.
Aug. 16.
Aug. 18.
Aug. 25.
Sept. 1.
1951—Jan. 11.
Jan. 16.
Jan. 25.
Feb. 1.
1953—July 1
July 9
1954—June 16
June 24
July 29
Aug. 1
In effect June 1, 1955*.

Central
reserve
city
banks

Reserve
city
banks

13
19^
22%
26
22M
26
24
22
20

10
15

a*
20

Country
banks

Time
deposits
(all
member
banks)

toy
ny,
14
12
14

22
24

16
26

22

24

21
20

15
14
13

373,
371,
27
37
a6
26

12
23
22
22
23
24

35
25

13

36
2
6

19
18
18
19
'26'

14
13

19
25
35

21
20

18

20

18

12
12

1
Demand deposits subject to reserve requirements, which beginning
Aug. 23, 1935, have been total demand deposits minus cash items
in process of collection and demand balances due from domestic banks
(also minus war loan and series E bond accounts during the period
Apr. 13, 1943-June 30, 1947).
2
Requirement became effective at country banks.
3
Requirement became effective at central reserve and reserve city
banks.
* 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.

JUNE 1955




657

MEMBER BANK RESERVES AND BORROWINGS
[Averages of daily figures. In millions of dollars]

Month, or
week ending Wednesday

All
member
banks

Central reserve
city banks
New
York

Chicago

Reserve
city
banks

Country
banks

20
27
4
11
18
25

4,652
4,725
4,693
4,380
4,394
4,445

1,269
1,267
1,221
,183
,141
,122

7,825
7,767
7,739
7,726
7,623
7,747

5,811
5,815
5,740
.5,531
5,476
5,486

Country
banks

83
83
148
79
62
74

548
563
541
516
505
513

7
-1

68
65
70
102
96
61

563
510
419
589
*>502
P433

46
29
9
38
132
125

148
79
71
189
213
229

63
65
59
77
101
114

53
93
52
18
10
20

233
239
280
160
130
208

111
114
114
111
96
125

New
York

Chicago

632
692
765
625
585
590

8
38
66
30
21
4

11

4,425
4,489
4,402
4,436
4,427
4,403

,145
,137
,138
,142
,152
1,138

7,776
7,751
7,724
7,754
7,782
7,716

5,549
5,500
5,394
5,588
5,492
5,417

642
617
460
746
P655

11
43
-29
50
50
5

293
189
139
354
464
495

36
16

1954—February
March
April
1955—February
March
April
Apr.
Apr.
May
May
May
May

18,925
18,881
18,627
18,195
18,050
18,210

4,645
4,687
4,627
4,350
4,373
4,442

1,276
1,259
1,210
1,183
1,143
1,122

7,742
7,684
7,591
7,646
7,561
7,673

18,253
18,260
18,201
18,176
^18.199
PIS,173

20
27
4
11
18
25

20
27
4
11
18
25

'-2

-1

Borrowings at Federal
Reserve Banks:

2

1954—February
March
April
1955—February
March
April
Apr.
Apr.
May
May
May
May

19,557
19,573
19,392
18,819
18,635
18,800
18.895
18,877
18,659
18,920
18,853
18,673

1954—February
March
April
1955—February... .
March
April

Required reserves:1

Reserve
city
banks

Excess reserves:1

Total reserves held:

Apr.
Apr.
May
May
May
May

Central reserve
city banks

All
member
banks

Month, or
week ending Wednesday

5,262
5,252
5,199
5,015
4,971
4,973

4,415
4,446
4,432
4,387
4,377
4,398

1,145
1 ,138
1,139
1,137
1,146
1,139

7,707 4,986
7,686 4,990
7,655 4,975
7,653 4,999
7,686 i>4,990
7,655 P4.981

1954—February
March
April
1955—February
March
April
Apr.
Apr.
May
May
May
May

20
27
4
11
18
25

50
18
27
29
16
18

426
462
464
289
236
353

P Preliminary.
1
Weekly figures of required and excess reserves of all member banks and of country banks are estimates.
2
See table on preceding page for changes in reserve requirements.
Back figures.—See Banking and Monetary Statistics, pp. 396-399, and BULLETIN for February 1955, pp. 210-211.

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

Item

All
member
banks

Central reserve
city banks
New
York

Chicago

In millions of dollars]
Reserve
city
banks

Country
banks

All
member
banks

Central reserve
city banks
New
York

April 1955
Gross demand deposits:
Total
Interbank
Other
Net demand deposits2
Time deposits
Demand balances due from domestic banks...

113,261
12,820
100,441
98,358
39,713

23 ,759
3 ,996
19 , 763
21 ,346
3 ,453

Chicago

Reserve
city
banks

Country
banks

April 1954
22,326
3,973
18,353
20,152
3,220

5,779
1,225
4,554
5,161
1,245

40,966
5,933
35,032
35,283
14,789

36,890
1,163
35,727
31,640
18,101

6,270

67

113

2,016

4,074

4,693
4,627
66

1,221
1,210
11

739
591
148

740
199
541

71

59

39,162 105,961
1,262 12,294
37,900 93,667
33,544 92,235
18,949 37,354

5 ,920
1,228
4 , 693
5 ,282
1,307

44,419
6,334
38,085
38,185
16,003
2,051

4,284

6,527

95

97

Reserves with Federal Reserve Banks:
Total
Required3
Excess
•

18,800
18,210
590

4 ,445
4 ,442
4

1,122
1,122

7,747
7,673
74

5,486
4,973
513

19,392
18,627
765

Borrowings at Federal Reserve Banks

495

27

125

229

114

139

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

658




FEDERAL RESERVE BULLETIN

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

May 25 j May 18

May 11

Assets
Gold certificates
Redemption fund for F. R. notes
Total gold certificate reserves
F. R. notes of other Banks
Other cash
Discounts and advances:
For member banks
For nonmember banks, etc,
Industrial loans
Acceptances:
Bought outright
Held under repurchase agreement.
U. S. Government securities:
Bought outright:
Bills
Certificates:
Special
Other
Notes
Bonds
Total bought outright
Held under repurchase agreement
Total U. S. Government securities
Total loans and securities
Due from foreign banks
Uncollected cash items
Bank premises
Other assets
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
Total liabilities and capital accounts
Ratio of gold certificate reserves to deposit and
F. R. note liabilities combined (per cent)
Contingent liability on acceptances purchased
for foreign correspondents
Industrial loan commitments

45.6
27,716i
3,388|

14,330
2,374

559,963
447,433
72,530
40,000

244,511
209,309
35,202

Maturity Distribution of Loans a n d 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
Within 15 days
16 days to 90 days
91 days to 1 year
Over 1 year to 5 years
Acceptances—total
Within 15 days
16 days to 90 days
91 days to 1 year
U. S. Government securities—total
Within 15 days
16 days to 90 days
91 days to 1 year
Over 1 year to 5 years
Over 5 years to 10 years
Over 10 years

543.246
464,970
51,597
26,679
599
i5
312
126
146
13,433
5,194
8,239

324,181
247,259
36,922
40,000

633
15
338
134
146

13,894
5,553
8,341

364,959
285,307
39,652
40,000
642
17
345

133
147
14,205
5,465
8,740

719,880
627,190

52,690
40,000
644
17
343
136

148
16,131
6,061

10,070

23 513,712 23,612,4.12 23,757,584 23,782,606

125,700
420,349
765,699
773,493
013,614
414,857

201,900 1,934.138
788,450
10,765,699 16,519,398
3,773,493 2,087,127
1,013,614 1,013,614
1,414.857 1,414,857
6.439,849

2 , .102 ,960
644.650
16,519.398
2,087,127
1,013,614
1,414.857

486,194
393,224
52,970
40,000
662
15
364

.135
148
19,200
9,151
10,049

460,3091

381,949
51,681
26,679

701
17
409
130
145
14,096
4,942
9,154

670
\7
362

.143
148

17,352
6,504
10,818

1,282
4
222
1.013
43

604,606 23 ,662,312 23,6.11.906 24.812,337
.187,794
150,200
316,000
388,49-1181,116 6.544,449 2,389,116 1 ,925,375
519,398 10,765,699 16,519,398 13,813,541
087,127 3,773,493 2,087,127 6,307,260
013,614 1,013,614 1,013,614 1,035,304
1
414,857 1,414,857 1,414,857 . ,414,857

1
Acceptances and securities held under repurchase agreement are classified as maturing within 15 days in accordance with maximum maturity
of the agreements.

JUNE 1955




659

STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON MAY 31, 1955
flu thousands of dollars]
Ttern

Total

Boston

New
York

Philadelphia

Cleveland

Richmond

Atlanta

Chicago

St.
Louis

Minneapolis

Kansas
City

Dallas

San
Francisco

Assets
Gold certificates. 20,143,102
Redemption fund
for F. R. notes.
844,752

960,711 5,548,921 1,206,297 1,773,284 1,104,797 821,668 3,532,367
51,230

174,5841

54,402

73,620

70,661

51,815

150,593

788,640

389,297

807,459

46,134

24,257

40,989

728,461 2,481,200
28,053

78,414

Total gold certificate reserves. . ?0,987.854 1,011,941 5,723,505 1,260,699 1,846,904 1,175,458 873,483 3.682,960 834,774 413,554 848,448 756,514 |2,559,614
F. R. notes of
14,804
8,339
other Banks...
5,226
4,475
163,926
6,595
3,348
9,567
5,538
31,998
15,080
7,439
51.517
12,645
16,216] 28,035
Other cash
18,519
344,080
15,080
10,1491
26,201
36,638
81,191
16,616] * 31,145 51,645
Discounts and
advances:
Secured by
U. S. Govt.
11,300
12,300
securities. . .
393,529
29,681
26,900| 54,582 20,935 34,037 45,739 62,800 22,110 53,285
19,860
6,867
3,133
Other
2,533
2,533
66,780
4,867
1,667
6,067
19,467
4,000
9,376]
3,403
2,867
Industrial loans..
701
615
86]
Acceptances:
Bought
outright. . . .
14,096
14,096!
Held under
repurchase
agreement. .
U. S. Government
securities:
Bought
outright. . . . 23,662,312 1,306,728 6,013,658 1,440,136 2,033,610 1,394,041 1,221,401 4,127,346 981,939 573,409 1,029,074] 948,811 2,592,159
Held under
repurchase
agreement. .
Total loans and
securities
24,137,4181 1,330,583 6,074,121 1,500,200 2,060,612 1,431,481 1,270,007|4,l99,522 1,006,582 628,447 1,061,288 964,244 2,610,326
Due from foreign
banks
1
1
1
1
1
22
1
1
Uncollected cash,
items
3,453,158] 271,820
679,865 230,253 351,900 241,919 211,969 576,251 130,239 85,488 171,681 166,695 335,078
l,420|
9,591
2,810
Bank premises. ..
3,155
1,199
5,206]
7,125
5,789
5,318
6,187
4,170
4,497
56,467
7,534
17,504
7,020]
Other assets
7,129
3,909
9,571
39,480
8,633
13,900
29,577
8,891
9,473
162,621
Total assets
49,305,546 2,660,511 12,637,291 3,027,606 4,324,841 2,886,884 2,451.183 8,561,225 2,005,171 1,146,095 2,108,822 ,920,963 5,574,954
Liabilities
F. R. notes
25,655,904 1,563,205 5,784,191 1,795,681 2,355,236 1,840,697 1,285,033 5,000,169 1,157,103 565,491 1,027,552 705,544 2,576,002
Deposits:
Member bk.—
reserve accts. 18,220,837 705,904 5,459,116) 821,980 1,359,751 741,568 870,501 2,869,075 654,442 432,151 858,950 971,437 2,475,962
U. S. Treas.—
52,220
55,685
38,901
40,550
gen. acct.. . .
649,133
32,995
86,259
56,836
33,443
73,465
89.580
44.021
45.178
38.753
17,672
14,288
9,400
Foreign
402,237
14,288
27,448
22.560 2136,004
34,216
18.800] 16,168. 52,640
34,967
1,235
3,159
Other
412,566
8,984
883
337,767
11,823
1,639
7,607
1,874
2,005
623
Total deposits.. . 19,684,773j 763,546 6,006,352 918,087 1,491,154 806,394 932,470 3,009,848 710,709 482,984 915,298 1,046,0291 2,601,902
Deferred availability
cash
items
91,507
66,928 120,539 114,870 278,061
2,810,214 263,964
522,613 230,371 373,368 178,878 181,064 388,051
Other liabilities
and accrued
1.778
dividends
693
627
760
18,759
739
1,047
2,224
3,041
4,885
1,158
858
949
Total liabilities. . 48,169,650 2,591,873 12,318,041 2,945,186 4,221,982 2,826,827 2,399,516 8,401,109 1,960,012 1,116,030 2,064,128 1,867,203 5,457,743
Capital
Accounts
Capital paid in . .
Surplus (Sec. 7)..
Surplus (Sec. 13b)
Other capital
accounts

293,649
660,901
27,543

15,328
40,309!
3,011

88,722
188,070
7,319

19,447
47,773
4,489

27,967
60,222
1,006

13,275
33.480
3,349

12,903
29,480
762

39,026
96,566
1,429

10,243
26,619
521

153,803

9,990|

35,139

10,711

13,664

9,953

8,522

23,095

7,776

6,690
16,918
1,073
5,384]

11,306
24,755
1,137

15,432
29,985
1,307

33,310
66,724
2,140

7,496

7,036

15,037

Total liabilities
and capital
accounts
49,305,5461 2,660,511 12,637,291 3,027,606 4,324,841 2,886,884|2.451,183 8,561,225 2,005,171 1,146,095 2,108,822 1,920,963 5,574,954
Reserve ratio... .

46.3%

43.5%

48.5%

46\5%

48.0%.

"44.4% |

Contingent liability on acceptances purchased for foreign
correspondents

26,420

1,590

37,658

1,935

2,412

1,325

Industrial loans
commitments..

3,409

245

627

11

39.4%

46.0%

44.7%

39.4%

43.7%

43.2%

49.4%

1,139

3,710

1,007

663

1,007

1,24;

2,729

2,420]

1
After
2
After
3

deducting $16,000 participations of other Federal Reserve Banks.
deducting $266,208,000 participations of other Federal Reserve Banks.
After deducting $18,762,000 participations of other Federal Reserve Banks.

660




FEDERAL RESERVE BULLETIN

FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS
FEDERAL RESERVE BANKS COMBINED
[In thousands of dollars]
I Ind of month

Wednesday figures
1955
May 25
F. R. notes outstanding (issued to Bank)
Collateral held against notes outstanding:
Gold certificates
Eligible paper
U. S. Government securities

M a y 18

May 11

1954

19 55

April 27

May 4

April

May

May

26 426 901 26 443 ,991 26,443,902 26 ,416,470 26 436,534 26 ,464 , 705 26 ,426 ,938 26 ,547,653
11 008 000 11 008 ,000 11,008,000 n ,008,000 11 008,000 11 ,108 000 11 008 000 11 ,043,000
143.534
157,365
174,104
123,933
213 715
153 ,981
213 , 625
188 523
17 155 000 17 155 ,000 17,155,000 17 ,155,000 17 155,000 17 ,055 ,000 17 155 ,000 16 ,945,000

Total collateral

28 376 715 28 316 ,981 28,306,534 28 ,320,365 28 337,104 28 ,376 ,625 28 ,351 ,523 28 .111,933

EACH FEDERAL RESERVE BANK ON MAY 31, 1955
[In thousands of dollars]

Item

Total

Boston

New
York

Philadelphia

Cleveland

Richmond

Atlanta

Chicago

St.
Louis

Minne- Kansas
City
apolis

Dallas

San
Francisco

F. R. notes outstanding (issued
to Bank)
26,464,705 1,612,822 5,921,526 1,862,888 2,472,1 12 1,891,518 1,35-1,046 5,077,583! 1,205,453 598,39<) 1,051,668 749.439 2,667,251
Collateral hold:
Gold certificates 11,108,000 640,000! 2,670,000 800,000 1,050,000 675,000 500,000 2.300.000J 355.000 175.000 280,000 283,000 ! ,380,000
Eligible pa per. .
19,860
22,110 53,285
213,62 =
29,681
54,582
34, ur
U. S. Govl. securities
17,055,000 1,200,000 3,600,000
500,000 1,300,000 1,000,000 2,900,000 910,000 500,000 800,000 525,000 1,620,000
Total collate? a I . . . 28,376,625 1,859,860 6,270,000 2,054

2,550,000 2,009,107 1,500,000 5,200,000 1,287,110 728,285 1,109,081 808,000 3,000,000

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

Number

Participations
ApLoans Commit- of financproved
out- 2 ments ing instibut not
outcom- standing
tutions
pleted 1 (amount) standing
out(amount) standing 3
Amount (amount)
(amount)

3,511
3,542
3.574
3,607
3,649
3,698
3,736
3 753
3,765

544,961
565,913
586,726
615,653
629,326
651,389
73 0,931
766,492
803,429

320
4,577
945
335
539
4,819
3,513
1,638
1,951

1,995
554
1,387
995
2,178
2,632
4,687
3,921
1,900

1,644
8,309
7.434
1,643
2,288
3,754
6,036
3,2iO
3,569

1,086
2,670
4,869
1,990
2,947
3,745
11,985
3,289
3,469

1954
April
May
June
July
August....
September.
October. . .
November.
December .

3,767
3,767
3,768
3,768
3,768
3,769
3,769
3,770
3,771

810,051
810,779
812,433
813,465
814,765
815,449
816,582
817,605
818,224

405
45
195
45
45
395
395
520
520

1,302
1,298
1,247
1,130
630
991
812
652
719

2,891
2,373
2,395
2,354
2,794
1,943
1,896
1,898
1,148

2,412
1,869
1,855
1,812
1,773
1,559
1,343
1,202
1,027

1955
January. . .
February..
March
April

3,772
3,772
3,775
3,775

1

821,407
822,063
823,195
823,359

170
170
315
270

629
542
521
675

3,152
3,227
3,519
3,389

1,504
1,498
1 ,564
1,576

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 1955




[Amounts in thousands of dollars]

Applications
approved
to date

End of
year or
month

1945
1946
1947
1948
1949
1950
1951
1952
1953

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

Guaranteed loans
authorized
to date
End of
year or
month

1950
1951
1952
1953

Guaranteed
loans
outstanding

Additional
amount
available to
borrowers
under guarantee agreements
outstanding

Amount

Total
amount

Portion
guaranteed

1,159
1,294

31,326
1,395,444
2,124,123
2,358,387

8,017
675,459
979,428
804,686

6,265
546,597
803,132
666,205

8,299
472,827
586,303
363,667

1,322
1,324
1,331
1,342
1,350
1,355
1,357
1,361
1,367

2,406,651
2,408,226
2,420,326
2,443,021
2,457,689
2,477,939
2,478,939
2,481,669
2,499,634

684,631
664,122
640.636
604,750
559,859
546,930
527,074
504,708
471,947

569,551
552,738
534,695
502,902
466,089
455,618
416,713
395,388
367,694

347,823
330,403
299,465
311,191
300,676
295,805
283,510
266,798
272,903

1,370
1.375
1,380
1 .384

2.501,179
2,504,169
2,511,829
2,522.864

454,209
437,185
442,268
425,394

347,008
333,717
333,269
320,557

264,549
263,248
254,840
255,218

Number
62
854

1954
April
May
June
July
August....
September.
October.. .
November.
December.
1955
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 not completed, and authorizations
expired or withdrawn.

661

POSTAL SAVINGS SYSTEM
i In millions of dollars]

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
Guarantee fee
(percentage of
interest payable
by borrower)

Percentage of
loan guaranteed
70 or lc^s
75
80

j Percentage of
! any commitment
1 fee charged
,
[
borrower

90
95
Over 95

!

15

i

i"

....

85

io

!

30
35
40-50

1
I

10
15

20

30
35
40 50

Maximum Rates Financing Institution May Charge Borrower
[Per cent per annum]
Interest, rate
Commitment rate

Assets
Depositors'
balances 1

End of month

1945—December... .
1946—December.. . .
1947—December.. . .
1948—December
1949—December.. . .
1950—December.. . .
1951—December.. . .
1952—December
1953—December.. . .

2,933
3.284
3,417
3.330
3.1SS
2,924
2,705
2,547
2,359

3,022
3.387
3,525
3,449
3,312
3.045
2.835
2.736
2,558

1954—Tanuarv
February. . . .
March
April
MaxTune
JUly
August
September. . .
October
November....
December... .

2.343
2,326.
2,309
2,290
2,271
2,251
2,230
2.208
2,189
2,171
2,154
2,136

2.540
2 .505
2,470
2,434
2,416
2,399
2 379
2.360
2,339
2.304
2.287
2,292

1955—Tanuarv
February
March
April

Cash
in
depositorv
banks

Total

U. S.
Government
securities

«
6
6
7
7
11

2.837
3,182
3,308
3,244
3J18
2.8SS
2,644
2 , r o1
2,389

1 79
200
212
198
187
166
162
151
138

2.373
2.336
2.209
2,278
2,25*
2 .240
2.220
?,196
2,1 "6
2.15'
?. \ 34
2.1.34

136
139
140
125
130
128
129
133
133
118
1 23
127

i
!
!
!
I;
;!
!i

28
33
31

'1

31

i
!
!

31
31

i

31
31
3\
31
31
31
31
3\

!

31

i
!

1

Cc'«n
re-erve
funds.
Qfr- 2

. . vl, 115
P2 094
P7.073
P2.051

BANK DEBITS AND DEPOSIT TURNOVER
[Debits in millions of dollars]
to demand deposit accounts,
except interbank and
. S. Government accounts

Without seasonal adjustment. |

Year or month
Total, all
reporting
centers

33 7 other
reporting
centers
| 327,490
M 382,760
II 406,790
!! 398,464
443,2.16
446,224
509.340
544,367

326.320
341,502
391. .817
458,517
513.348

499.172
j 572.208

Seasonally adjusted 2
337 other
reporting
centers

6
other
centers 1

New
York
City

14.6
13.5
14.1
15.5
1 f>. 6
15 9
17.2
18.4
18.4

i

i
|

•

67.913
60.479
59,535
64.965
61,155
58,316
56.744
58,792
58.787
73,817

1954—March
April.
May
Tu ne
July....
August
September...
October
November
December
1955—January
February
March
April
May

Annual rate of turnover of demand deposits except
interbank and U. S. Government deposits

163,388
149,738
178,917
158,289
167,710

62,642
57,091
67,242
57.634
62.211

67.215
61.052
71.767 j
66,161
68.928

^Preliminary.
1
Boston, Philadelphia, Chicago, Detroit, San Francisco, and Los Angeles.
2
Thesc data are compiled by the Federal Reserve Rank of New York.
NOTE.—For description of earlier series, see Banking and Monetary Statistics, pp. 230-233; for description of revision in 1942 see BULLETIN
for August 1943, p. 717; and for description of revision in 1953 covering the period beginning 1943, see BULLETIN for April 1953, pp. 355-357.

662




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

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
30,781

5,553
6,247
8,120
11,576
14,871
17,580
20,683
20,437
20,020
19,529
19,025
19,305
20,530
21,450
21,636

29,735
29,870
29.922
29,892
July
29,929
August
September... 29,985
30,074
October
November.. . 30,500
December. . . 30,509

End of year or
month

1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954—April
May

June

1955—January
February....
March
April

29,789
29,817
29.800
29,769

3

Large denomination currency 2

$1

$2

$5

$10

$20

Total

$50

$100

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

590
648
751
880
1,019
1,156
1,274
1,361
1 ,404
1,464
1,484
1,554
1,654
1,750
1,812

559
610
695
801
909
987
1,039
1,029
1,048
1,049
1,066
1,113
1,182
1,228
1,249

36
39
44
55
70
81
73
67
65
64
62
64
67
71
72

1,019
1,129
1,355
1,69*
1,973
2,150
2,313
2,173
2,110
2,047
2,004
2,049
2,120
2,143
2,119

1,772
2,021
2,731
4,051
5,194
5,983
6,782
6,497
6,275
6,060
5,897
5,998
6,329
6,561
6,565

1,576
1,800
2,545
4,096
5,705
7,224
9,201
9,310
9,119
8,846
8,512
8,529
9,177
9,696
9,819

2,048
2,489
3,044
3,837
5,580
7,730
7,834
8,518
8,850
8,698
8,578
8.438
8,678
8.985
9,146

460
538
724
1,019
1,481
1,996
2,327
2,492
2,548
2,494
2,435
2,422
2,544
2,669
2,732

919
1,112
1,433
1,910
2,912
4,153
4,220
4,771
5,070
5.074
5,056
5,043
5,207
5,447
5,581

191
227
261
287
407
555
454
438
428
400
382
368
355
343
333

425
523
556
586
749
990
801
783
782
707
689
588
556
512
486

20
30
24
9
9
10
7
8
5
5
4
4
4
4
4

32
60
46
25
22
24
24
26
17
17
11
12
12
10
11

20,799
20,946
20,999
20,984
21,015
21,054
21,118
21,473
21,374

1,783
1,787
1,795
1,793
1,801
1,811
1 ,819
1,836
1,834

1,173
1,182
1,183
1,174
1,183
1, 2C0
1,212
1,236
1,256

70
69
71
70
70
70
70
71
71

2,006
2,036
2,023
2,016
2,023
2,034
2,049
2,091
2,098

6,325
6,375
6,377
6,366
361
6,378
6,400
6,524
6,450

9,443
9,496
9,5.51
9,564
9,578
9,561
9,568
9,716
9,665

,936
8,926
8,924
8,910
8,916
8,932
8,958
9,028
9,136

2,651
2,651
2,659
2,654
2,653
2,648
2,650
2,677
2,720

5,470
5,463
5,457
5,451
5,461
5,486
5,514
5.555
5,612

327
325
324
322
321
320
318
320
321

478
475
473
471
469
466
464
465
464

4
4
4
4
4
4
3
3
3

8
8

8
8
8
15

20.777 !
20,845 !
20.854 I
120,856

1.808
1 .810
I .822
1,831

1,191
1 ,190
1.196
1,202

71
71
70
71

2,017
2,020
2.021
2,020

6,267
6,316
6.324
6,309

9,425
9,438
9.421
9,425

9,014
8,974
8,946
8.914

2,673 5,550
2.660 ,527
2,647 5.512
2.641 5.492

317
316
317
3.14

460
457
457
454

4
3
4
4

Unassorted

9
9
9
9

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; S1 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 held in the Treasury
Total outstanding, As security
against
Apr. 30,
gold and
1955
silver
certificates
Go'd
Gold certificates
Federal Reserve note.-*
Treasurv currencv—total
Standard silver dollar?
Silver bullion
Silver certificates and Treasurv note-; of 1890
Sub.sidiarv silver coin
Minor coin
United States notes
Federal Reserve Banlc note^
National bank nol.<»s
Total—Apr. 30, l')55 .
Alar. 31, 1955
Apr. 30, 1954

Treasury
cash

2

21 671
21,020
26.427
4,999

?1 020
32,416

66
92

490

234
2,182

Money
held by
For
Federal
Federal
Reserve
Reserve Banks and
Banks and
agents
agents

31

2,182
32 4/6
1 297

(')
(l)

CO

i 8,170

2,816
1,141
393

Apr. 30,
1954

35

25,269
4,495

36

25,239
4,460

5

221

219

209

2 135
1 183
428
316
165

2 126
I 177
426
313
167

2,109
1 158
417
315
183

67

68

70

12
29
2
(5)

(•>)

809
819
819

35

25,220
4,515

280
65

(5)

23.435
23,479
23,726

Mar. 31,
1955

651

49
9
2

4-1-3
347
167
68

Apr. 30,
1955

18.170
18,211
18,468

4,349
4,314
4,419

29,769

29,800

29,735

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. 655.
?
Includes $156,039,431 held as reserve against United States notes and Treasury notes of 1890.
3
To avoid duplication, amount of silver dollars and bullion held as security against silver certificates and Treasury notes of 1890 outstanding
is not included in total Treasury currency outstanding,
"-Because some of the types of money shown are held as collateral or reserves against other types, a grand total of all types has no special
3
significance and is not shown. See note for explanation of these duplications.
Less than ,9500,000.
NOTE.—There are maintained in the Treasury—(i) as a reserve for United States notes and Treasury notes of 1890—$156,039,431 in gold
bullion; (ii) as security for Treasury notes of 1890—an equal dollar amount in standard silver dollars (these notes are being canceled and retired on
receipt); (iii) as security for outstanding silver certificates—silver in bullion and standard silver dollars of a monetary value equal to the face
amount of such silver certificates; and (iv) as security for gold certificates—gold bullion of a value at the legal standard equal to the face amount
of such gold certificates. Federal Reserve notes are obligations of the United States and a first lien on all the assets of the issuing Federal Reserve
Bank, Federal Reserve notes are secured by the deposit with Federal Reserve agents of a like amount of gold certificates or of gold certificates
and such discounted or purchased paper as is eligible under the terms of the Federal Reserve Act, or of direct obligations of the United States.
Each Federal Reserve Bank must maintain a reserve in gold certificates of at least 25 per cent against its Federal Reserve notes in actual circulation. Gold certificates deposited with Federal Reserve agents as collateral, and those deposited with the Treasurer of the United States as a
redemption fund, are counted as reserve. "Gold certificates" as herein used includes credits with the Treasurer of the United States payable
in gold certificates. Federal Reserve Bank notes and national bank notes are in process of retirement.

JUNE 1955




663

CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM
ALL COMMERCIAL AND SAVINGS BANKS, FEDERAL RESERVE BANKS, POSTAL SAVINGS SYSTEM,
AND TREASURY CURRENCY FUNDS l
[Figures partly estimated except on call dates. In millions of dollars]
Assets

Liabilities
! and Capital
Total j
assets,
netTotal
Capital
liabiland
Total
ities
deposits misc.
and
and
accapital, currency counts,
net
net

Bank credit

Date

1929—June
1933—June
1939—Dec.
1941—Dec.
1945—Dec.
1947—Dec.
1950—Dec.
1951—Dec.
1952—June
Dec
1953—j un e
Dec

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

Gold

.

1954—Apr 28
May 26

Jure 30

July 28
Aug. 25
Sept. 29
Oct. 27
Nov. 24
Dec. 31
1955—Tan.
Feb.
Mar.
Aor.

26P.
23*
30P

27P

Treasury
currency
outstanding

U. S. Government obligations
Total

Loans,
net

Total

Commercial
and
savings
banks

Federal
Reserve
Banks

Other
securities

Other

4 037
4,031
17 644
22,737
20 065
22,754
22 706
22,695
23,346
23 137
22,463
22,030

2,019
2,286
2,963
3,247
4,339
4,562
4 636
4,709
4,754
4,812
4,854
4,894

58,642
42,148
54,564
64,653
167,381
160,832
171,667
181,323
182,980
192,866
190,277
199,791

41,082
21,957
22,157
26,605
30,387
43,023
60,366
67,597
69,712
75,484
77,071
80,486

5,741
10,328
23,105
29,049
128,417
107,086
96,560
97,808
96,266
100,008
95,350
100,935

5,499
8,199
19,417
25,511
101,288
81,199
72,894
71,343
70,783
72,740
68.108
72,610

1,998
2.484
2.254
24,262
22,559
20,778
23,801
22,906
24,697
24,746
25,916

131
1,204
1,284
2,867
3,328
2,888
2,664
2,577
2,571
2,496
2,409

11,819
9,863
9,302
8,999
8,577
10,723
14,74-1
15,918
17,002
17,374
17,856
18,370

64,698 55,776
48,465 42,029
75,171 68,359
90,637
82,811
191,785 180,806
188,148 175,348
199,009 184 385
208,727 193,410
211,080 194,960
220,865 204,220
217,594 200,360
226,715 209,175

8,922
6,436
6,812
7,826
10.979
12.800
14,624
15,317
16,120
16,647
17,234
17,538

22,000
22 000
21.927
21,900
21,900
21 800
21,800
21,700
21 ,713

4,900
5,000
4,959
5,000
5,000
5,000
5,000
5,000
4,985

197,200
198,800
200,628
200,600
202,500
204,000
207,700
209,700
210,988

79,900
80,100
81,210
80,800
80,200
81,400
81,900
83,900
85,730

98,200
99,400
99,827
100,000
102,300
102,400
105,600
105,600
104,819

71,200
72,400
72,525
73,300
76,200
76,200
79,000
78,900
77,728

24,600
24,700
25,037
24,500
23,900
24,000
24,400
24,600
24,932

2.300
2,300
2,265
2,200
2,200
2,200
2,200
2,200
2,159

19,200
19,300
19,591
19,800
19,900
20,200
20,300
20,300
20,439

224,100
225,800
227,514
227,500
229,300
230 800
234,400
236,400
237,686

206,200
207,600
209,354
209,100
210,500
211,800
215,400
217,200
218,882

17,900
18,200
18,161
18,400
18,800
19,000
19,100
19,200
18,806

21,700
21,700
21,700
21,700

5.000
5.000
5.000
5,000

209.600
208,200
207,000
209,100

85,200 103,600
85,800 101,400
87,100 98,700
87,900 100,000

77,800
75.600
73.000
74,300

23,700
23,700
23,600
23,600

2,100
2,100
2,100
2,100

20,900
21,000
21.200
21,200

236,300 217,500
234,900 216.000
233,700 214,500
235,700 216,900

18,800
18,900
19,100
18,800

216

26

Deposits and Currency

Date

Total

U. S. Government
balances
For- j
eign
At
bank Treascomdeury
posits, cash mercial F.At
R.
and
net
hold- savings Banks
ings
banks

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

55,776
42,029
68,359
82,811
180,806
175,348
184.385
193,410
194,960
204,220
200,360
209,175

365
50
1,217
1,498
2,141
1,682
2,518
2,279
2,319
2,501
2,467
2,694

1954—Apr. 28
May 26
June 30
July 28
Aug. 25
Sept. 29
Oct. 27
Nov. 24
Dec. 31

206,200
207,600
209,354
209,100
210,500
211,800
215,400
217,200
218,882

3,100
3,100
3,256
3,400
3,400
3,300
3,200
3,200
3,329

800
800
811
800
800
800
800
800
796

1955—Jan.
Feb.
Mar.
Apr.

217,500
216,000
214,500
216,900

3,200
3,100
3,200
3,100

800
800
800
800

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

26P
23P
30P

27?

Seasonally
adjusted 5

Deposits adjusted and currency

Total

Demand
deposits 2

Time deposits 3

Total

Currency
outCom- Mutual Postal
mercial savings Savings side
banks banks* System banks

Demand
deposits
adjusted

Currency
outside
banks

54,790 22,540 28,611
40,828 14,411 21,656
63,253 29,793 27,059
76,336 38,992 27,72'
150,793 75,851 48,452
170,008 87,121 56,411
176,917 92,272 59,247
185,999 98,234 61,450
184,904 94,754 63,676
194,801 101,508 65,799
192,560 96,898 68,293
346 200,917 102,451 70,375

19.557
10,849
15,258
15,884
30,135
35,249
36,314
37,859
39,302
40,666
42,245
43,659

8,905
9,621
10,523
10,532
15,385
17,746
20,009
20,887
21,755
22,586
23,589
24,358

149
1,186
1,278
1,313
2,932
3,416
2,923
2,704
2,619
2,547
2,459
2,359

3,639
4,761
6,401
9,615
26,490
26,476
25,398
26,315
26,474
27,494
27,369
28,091

4,500
5,100
5,895
3,900
5,500
4,400
6,100
6,900
4,510

500
500
87
500
600
800
600
500
563

197,300
198,000
198,517
200,400
200,300
202,500
204,700
205,800
209,684

98,600
98,700
98,132
100,000
99,400
101,200
103,100
104,000
106,550

72,000
72,500
73,292
73,700
74,000
74,400
74,800
74,300
75,282

44,700
45,000
45,653
46,000
46,200
46,400
46,700
46,300
46,844

25,000
25,200
25,388
25,500
25,600
25,800
25,900
25,900
26,302

2,300
2,300
2,251
2,200
2,200
2,200
2,200
2,200
2,136

26,700 99,600 27,100
26,800 100,100 27,000
27,093 99,700 27,000
26,800 101,500 27,000
26,900 100,900 26,900
26,900 102,400 26,800
26,900 101,900 26,800
27,500 102,600 26,900
27,852 6103,000 626,900

3,800
4,600
4,400
5,000

400
600
900
600

209,200
206,900
205,300
207,400

107,000
104,500
102,400
104,500

75,400 46,800 26,500
75,700 47,000 26,600
76,200 47,200 26,900
76,200 47,200 26,900

204
381
264
852
2,409
846
2,215
1,895
2,287 24,608
1,336
1,452
1,293
2,989
1,270 3,615
1,283
6,121
1,270 5,259
i.259 3,942
761
4,457

36
35
634
867
977
870
668
247
333
389

26,800
26,800
26,700
2,100 26,700

104.200
104,300
104,600
105,600

27,000
26,900
26,900
27,000

^Preliminary.

1
Treasury funds included are the gold account, Treasury currency account, and Exchange Stabilization Fund.
2
Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
3
Excludes interbank time deposits; United States Treasurer's time deposits, open account; and deposits of Postal Savings
4
Prior to June 30, 1947, includes a relatively small amount of demand deposits.
5

System in banks

For seasonal adjustment factors used in deriving these figures and for back figures, see BULLETIN for March 1955, pp. 252-255.
6
Figure is for last Wednesday of month.
NOTE.—For description of statement and back figures, see BULLETIN for January 194S, pp. 24-32. The composition of a few items differs
slightly from the description in the BULLETIN article; stock of Federal Reserve Banks held by member banks is included in "Other securities"
and in "Capital and miscellaneous accounts, net" and balances of the Postal Savings System and the Exchange Stabilization Fund with the U. S.
Treasury are netted against "Capital and miscellaneous accounts, net" instead of against U. S. Government deposits and Treasury cash. Total
deposits and currency shown in the monthly Chart Book excludes "Foreign bank deposits, net" and "Treasury cash." Except on call dates, figures
are rounded to nearest 100 million dollars and may not add to the totals. See Banking and Monetary Statistics, Table 9, pp. 34-35, for back figures
for deposits and currency.

664




FEDERAL RESERVE BULLETIN

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

Loans and investments

Class of bank
and date

Total

U. S.
Government
Loans
obligations

Other
securities

Cash
assets1

iotal
assets—
Total
liabilities
and
capital
accounts2

Other
Interbank^

Total 1

AM banks:
1939—Dec. 30
194!— Dec. 31
1945—Dec. 31
1947—Dec. 31»
1950—Dec. 30
1951—Dec. 31
1952—Dec. 31
1953—Dec. 31
2954—Apr. 28
June 30
Nov. 24
Dec. 31
1955—Jan. 26?
Feb. 23 P
Mar. 30P
Apr. 27P

50,884
61,126
140,227
134,924
148,021
154,869
165,626
171.497
170,710
173,343
183,370
183,784
184,340
183,100
182,050
184,180

22,165 19,417 9.302 23,292 77,068 68,242
26,615 25,511 8,999 27,344 90,908 81,816
30,362 101,288 8,577 35,415 177,332 165,612
43,002 81,199 10,723 38,388 175,091 161,865
60,386 72,894 14.741 41,086 191,317 175.296
67,608 71,343 15,918 45,53] 202,903 185,756
75,512 72,740 17,374 45,584 213,837 195,552
80,518 72,610 18,370 45,811 220,140 201.100
80,280 71,240 19,190 40,780 214,450 194,450
81,227 72,525 19,591 42,556 218,900 199,503
84,230 78,860 20,280 42,180 228.690 207,260
85,617 77,728 20,439 44,585 231,654 211,115
85,710 77,770 20,860 42,110 229.780 208.140
86,500 75,580 21.020 41,460 227,930 205,900
87,860 72.980 21.210 40.230 225,660 203.400
88,660 74,340 21,3 80 40,900 228,570 206,500

9,874
10,982
14,065
13,033
14,039
15.087
15,321
15,957
14.260
15,500
15,570
16,811
15,230
14,550
14,670
14,570

AM commercial banks:
1939—Dec. 30
1941— Dec. 31
1945—Dec. 3!
1947—Dec. 31»
2950—Dec. 30
1951—Dec. 31
1952—Dec. 31
1953—Dec. 31
1954—Apr. 28
June 30
Nov. 24
Dec. 31
1955—Jan. 26P
Feb. 23P
Mar. 30P
Apr. 27P

40,668
50,746
124,019
116,284
126,675
132,610
141,624
145,687
144,110
146,383
155,710
155,916
156,250
154,820
153,490
155,510

17,238
21,714
26,083
38,057
52,249
57,746
64,163
67,593
66,750
67,337
69,450
70,619
70,550
71,180
72,310
72,940

16,316
21,808
90,606
69,221
62,027
61,524
63,318
63,426
62,130
63,508
70,1!0
68,981
69,000
66.800
64,180
65,580

7,114
7,225
7,331
9,006
12,399
13,339
14,143
14,668
15.230
15,538
16,150
16,316
16.700
16,840
17,000
16,990

22,474
26,551
34,806
37.502
40;289
44,645
44,666
44,828
39.830
41,569
41.260
43,550
41,080
40,470
30,250
39,970

65,216
79,104
160,312
155,377
168,932
179,465
188,603
193,010
186,520
190,585
199,720
202,378
200,270
198,250
195.700
198,560

57,718
71,283
150,227
144,103
155,265
164,840
172,931
176,702
169,400
174,068
181,280
184.757
181,590
179,240
176,460
179,520

9,874
10,982
14,065
13.032
14.039
15)086
15,319
15,955
14,260
15,497
15,570
16,800
15.230
14.550
14,670
14,570

1.343
2,806
3,359
4,941
4,146
4.190
5,591
6,620
4.172
3.470
4,260
4.070
4,610

AH member banks:
1939—Dec. 3 0 . . . . . . 33,941 13,962
!94i— Dec. 31
43,521 18,021
1945—Dec. 31
107,183 22,775
1947—Dec. 31
97,846 32,628
1950—Dec. 30
107,424 44,705
1951—Dec. 31
112,247 49,561
1952—Dec. 31
119,547 55,034
1953—Dec. 31
122,422 57,762
1954—Apr. 28
121,125 56,804
June 30
123,185 57,197
Nov. 24
131,548 59,251
Dec. 31
131,602 60,250
1955—Jan. 26?
131.809 60,138
Feb. 23P
130,468 60,690
Mar. 30P
129,298 61,766
Apr. 27?
131,191 62,329

14,328
19,539
78,338
57,914
52,365
51,621
52,763
52,603
51,690
53 ,111
58,869
57,809
57,788
55,785
53,410
54,767

5,651
5,961
6,070
7,304
10,355
11,065
11,751
12,057
12,631
12,876
13,428
13,543
13,883
13,993
14.122
3 4,095

19,782
23,123
29,845
32,845
35,524
39,252
39,255
39,381
35,043
36.722
36,205
38,076
35,990
35,404
34,344
34,979

55,361
68,121
138,304
132,060
144,660
153,439
160,826
163,983
158,438
162.203
170,177
172,242
170,404
168,495
.166,256
168,891

49,340
61,717
129,670
122,528
133,089
141,015
147,527
150,164
143,913
148,252
154,420
157,252
154,421
152,201
149.750
152,638

9,410
10.525
13.640
12,403
13,448
14,425
14,617
15,170
13,575
14,733
14.854
15,983
14,468
13,815
13.941
13,853

3,101
3,704
10,682
11,978
10,868
9,819
9,422
9.184
9,110
9,017
8,750
8,748
8.770
8.780
8,800
8,760

2,188
1,774
1,246
1,718
2.342
2,579
3,231
3,701
3,960
4,052
4,130
4,123
4,160
4,180
4,210
4,190

818
793
609
886
797
886
918
983
950
987
920

11,852
11,804
17,020
19,714
22,385
23,439
25,233
27,130
27,930
28,315
28.970
29,276
29,510
29,680
29,960
30,010

tO.524
10.533
15,385
17,763
20,031
20,915
22,621
24,398
25,050
25,440
25,980
26,359
26,550
26,660
26,940
26,980

10,216
10,379
16,208
18,641
21,346
22,259
24,003
25,810
26,600
26,959
27,660
27,868
28,090
28,280
28,560
28,670

4,927
4,901
4,279
4,944
8,137
9,862
11,349
12,925
13,530
13,890
14,780
14,998
15,160
15,320
15,550
15,720

1,026
1,030

990
980
930

25,852
26,479
45,613
53,105
56,513
59,025
63,598
68,354
70.010
71,371
72.530
73,510
73.680
73,920
74.460
74,530

8,194
8,414
10,542
11,948
13,837
14,623
15,367
16,118
16,480
16,664
17,320
17,270
17,340
17,440
17,410
17,490

15,035
14,826
14,553
14,714
14,650
14,618
14,575
14,509
14,472
14,465
14,406
14,367
14,360
14,351
14,330
14,314

32 ,513
44 ,349
105 ,921

15,331
15,952
30,241
35,360
36,503
38,137
41,012
43,997
45,000
45,983
46,600
47.209
47,180
47,310
47,570
47,600

6,885
7.173
8,950
10,059
11,590
12,216
12,888
13,559
13,870
14,038
14,640
14,576
14,650
14,730
14.680
14,770

14,484
14,278
14,011
14,181
14,121
14,089
14,046
13,981
13,944
13,937
13.879
13,840
13,833
13.824
13,803
13,786

743 27,489 11,699

1,346
2,809
3,362
4,944
4,149
4.190
5.594
6,620
4.176
3,470
4,260
4,070
4,610

2
3
3
3

(*)
(4)
(*)
(<)

94,381
101,936
108,282
111,690
112,639
105,990
107,043
112,540
116,617
115.760
113,170
110.200
112,790

94,367
101,917
108.259
111i 659
112.604
105,950
106.996
112,400
116.567
115,710
113,120
110.150
112,740

3
6
14
3
3
3
3
3

1

(4)

banks

32 ,516
44 ,355
105 ,935

2
(!)

ber
of

counts

Other

1,709
22,179
1,176
2,523
3,101
4,567
3,756
3,775
5,165
6,041
3,715
3,028
3,812
3,608
4,170

AM m u t u a l savings
banks:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1947—Dec. 313
1950—Dec. 30
1951—Dec. 31
1952—Dec. 31
1953—Dec. 31
1954—Apr. 28
June 30
Nov. 24
Dec. 31
1955—Tan. 26P
Feb. 23P
Mar. 30P
Apr. 27?

Num-

ac-

Time

U. S.
Government

I

Total
capital

Demand

(4)
(<)
(4)

(0
(0
(<)

3
4

37,136
69,640
80,609
87,783
92,867
95,453
96,024
90,502
91.455
95,981
99,604
99,003
96,548
93,967
96,343

12,347
24,210
28,340
29,336
30,623
32,890
35,213
36.061
36,900
37,544
37,950
37,922
38,026
38.234
38,272

5t522
5,886
7,589
8,464
9,695
10,218
10,761
11,316
11,585
11,709
12,250
12,210
12,261
12,331
12,263
12,348

6,362
6,619
6,884
6,923
6,873
6,840
6,798
6,743
6,729
6,721
6,687
6,660
6,651
6,643
6,625
6,613

!4
19
23
30
35
37
47
50
50
50
50
50
50

10,52.1
10,527
15,371
17,745
20,009
20,888
22,586
24,358
25,008
25.388
25,930
26,302
26,500
26,610
26,890
26,930

1,309
1,241
1,592
1,889
2,247
2,407
2,479
2.559
2,610
2,626
2,680
2,694
2,690
2,710
2,730
2,720

551
548
542
533
529
529
529
528
528
528
527
527
527
527
527
528

p Preliminary.
*"Ali banks" comprise "all commercial banks" and "all mutual savings banks." "All commercial banks" comprise "all nonmember commercial banks" and "all member banks" including one bank in Alaska that became a member bank on Apr. 15, 1954, and a noninsured State
member nondeposit trust company, but excluding three mutual savings banks that became members in 1941. Stock savings banks and nondeposit trust companies are included with "commercial" banks. Number of banks includes a few noninsured banks for which asset and liability
data are not available. Comparability of figures for classes of banks is affected somewhat by changes in Federal Reserve membership, insurance
status, and the reserve classifications of cities and individual banks, and by mergers, etc.
i Beginning June 30, 1942, excludes reciprocal balances, which on Dec. 31, 1942, aggregated 513 million dollars at ail member banks and 525
million at all insured commercial banks.
' 2Includes "other" assets and liabilities not shown separately.
For other footnotes see following two pages.

JUNE 1955




665

ALL BANKS IN THE UNITED STATES, BY GLASSES *-- 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

Class of bank
and date

Total

Central reserve city
member banks:
New York City:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1950—Dec. 30
1951—Dec. 31
1952—Dec. 31
1953—Dec. 31
1954—Apr. 28
June 30
Nov. 24
Dec. 3i
1955—Jan. 26P
Feb. 23P
Mar. 30?
Apr. 27P

9,339
12,896
26,143
20,393
20,612
21,379
22,130
22,058
21.680
22,681
23,933
23,880
23,778
23,246
23,238
23,717

Chicago:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1950—Dec. 30
1951—Dec. 31
1952—Dec. 31
1953—Dec. 31
1954—Apr. 28
June 30
Nov. 24
Dec. 31
1955—Jan. 26P
Feb. 23*
Mar. 3QP
Apr. 2 7 v

2,105
2,760
5,931
5,088
5,569
5,731
6,240
6,204
5, S50
5,975
6,422
6,518
6,490
6,364
6,056
6,194

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—Dec. 31
1954—Apr. 28
June 30
Nov. 24
Dec. 31
1955—Tan. 26*>
Feb. 23v
Mar. 30P
Apr. 27P
Country member
banks:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1950—Dec. 30
1951—Dec. 31
1952—Dec. 31.
1953—Dec. 31
1954—Apr. 28
June 30
Nov. 24
Dec. 31
1955—Jan. 26»
Feb. 23?
Mar. 30P
Apr. 27P

Loans

U. S.
Government
obligations

Other
securities

Cash
assetsl

Total
assets—
Total
liabilities
and
capital
accounts2

Other
Total i

U.S.
Government

6,703
6,637
6,439
7,261
7,922
8,564
8,419
8,074
7,305
7,524
7,349
7,581
7,625
7,040
7,030
6,673

16,413
19,862
32,887
27,982
28,954
30,464
31,053
30,684
29,564
30,771
31,932
32,193
32,157
31,065
31,013
31,179

14,507
17,932
30,121
25,216
25,646
26,859
27,309
27,037
25,874
27,225
27,666
28,252
27,910
26,714
26,678
27.103

333
376
385
397
576
552
581
572
586
561
592
614
662
664
675
688

1,446
1,566
1,489
1,739
2,034
2,196
2,010
2,115
2,017
2,036
1,866
1 ,954
1,931
1,952
1 ,656
1,894

3,595
4,363
7,459
6,866
7,649
7,972
8,297
8,366
7,920
8,064
8,341
8,520
8,481
8,369
7,761
8,144

5,194
6,467
29,552
20,196
19,084
19,194
19,624
19,559
19,409
19.813
21,986
21,718
21,687
20,870
20,062
20,730

1,749
1,776
2,042
2,396
3,695
3,849
4,262
4,434
4,627
4,791
5,046
5,034
5,177
5,228
5,272
5,319

6,785
8,518
11,286
13,066
13,998
15,199
15,544
15,925
13,928
14,656
14,485
15,424
14,201
14,260
13,<><)9
14,458

3,159
4,377
26,999
22,857
21,377
21,587
22,549
22,423
21,855
21,779
24,001
23,629
23,722
23,317
22,696
22,895

2,297
2,250
2,408
3,268
4,193
4,561
4,832
5,047
5,074
5,158
5,386
5,395
5,473
5,530
5,588
5,629

4,848
6,402
10,632
10,778
11,571
13,292
13,281
13,268
11,793
12,506
12,505
33,117
12,233
12,152
11,749
11,954

3,296 4,772
4,072 7,265
7,334 17,574
7,179 11,972
9,729 8,993
11,146 8,129
12,376 7,678
12,289 7,765
7,701
11.635
11,619 8,695
11,897 9,632
12,039 9,342
12,046 9,161
8,554
12,121
7,918
12,733
12,977 8,281

1,272
1,559
1,235
1,242
1,890
2,104
2,076
2,004
2,344
2,367
2,404
2,499
2,571
2,571
2,587
2,459

569
954
1,333
1,801
2,083
2,468
2,748
2,776
2,539
589
580
784
610
2,656
2,647
2,645

1,203
1,430
4,213
2,890
2,911
2,711
2,912
2,856
2,725
2,825
3,250
3,120
3,218
3,044
2.734
2,861

12,272
15,347
40,108
36,040
40,685
42,694
45,583
46,755
46,353
47,056
50,612
50,738
50,857
50,362
49,971
50,807

5,329
7,105
8,514
13,449
17,906
19,651
21,697
22,763
22,317
22,453
23,580
23,986
23,993
24,264
24,637
24,758

,224
,518
,002
,324
,558
,444
,594
,404
,242
,474
581
|466
,684
,496
,033
,473

4,768
5,890
5,596
10,199
14,988
16,296
18,213
19,934
20,313
20,537
21,194
21,442
21,489
21,649
21,749
21,949

Interbank

4,238
4,207
4,657
,464
,638
,832
,965
,214
5,247
5,517

Total
capital
accounts

Demand

Number
of
bank3

Time
Other

5,180
5,103
5,136

74
866
6,940
267
451
858
1,143
778
707
1,378
1,355
736
489
687
657
1,160

9,459
12,051
17,287
19,040
18,836
19,490
19,361
18,894
17,822
18,114
18,569
19,414
19,840
18,513
18,555
18,496

736
807
236
445
722
679
840
2,150
2,098
2,216
2,338
2,392
2,345
2,334
2,363
2,311

1,592
1,648
2,120
2,259
2,351
2,425
2,505
2,572
2,619
2,630
2,811
2,803
2,818
2,819
2,687
2,697

36
36
37
37
23
22
22
22
22
22
21
21
21
21
20
18

3,330
4,057
7,046
6,402
7,109
7,402
7,686
7,724
7,261
7,419
7,651
7,845
7,693
7,573
6,773
7,374

1,035
1,312
1,217
1,229
1,307
1,350
1,387
1,200
1,339
1,306
1,321
1,214
1,171
1,328
1,155

80
127
1,552
72
174
242
343
259
331
410
452
251
188
263
230
256

1,867
2,419
3,462
4,201
4,604
4,710
4,789
4,837
4,495
4,403
4,627
4,977
4,987
4,840
3,949
4,670

495
476
719
913
1,103
1,143
1,205
1,242
1,235
1,267
1,266
1,295
1,304
1,299
1,266
1,293

250
288
377
426
490
513
541
566
571
583
592
600
597
595
601
602

14
13
12
14
13
13
13
13
13
13
13
13
13
13
13
13

19,687
24,430
51,898
49,659
55,369
58,654
61,941
63,547
61,177
62,624
66,063
67,165
66,085
65,642
64,909
66,317

17,741
22,313
49,085
46,467
51,437
54,466
57,357
58,663
55,902
57,665
60,391
61,796
60,268
59,685
58,943
60,233

3,686
4,460
6,448
5,649
6,448
6,976
7,001
7,254
6.007
6,636
6,807
7,444
6,679
6,217
6,292
6,346

435
491
8,221
405
976
1,124
1,814
1,504
1,447
2,015
2.357
1,457
1,111
1,604
1 ,446
1,520

9,004
12,557
24,655
28,990
32,366
34,094
35,281
35,773
33,839
34,058
35,981
37,418
36,979
36,298
35,493
36,635

4,616
4,806
9,760
11,423
11,647
12,272
13,261
14,132
14,609
14,957
15,246
15,476
15,499
15,566
15,712
15,732

1,828
1,967
2,566
2,844
3,322
3,521
3,745
3,984
4,089
4,124
4,281
4,300
4,310
4,348
4,387
4,434

346
351
359
353
336
321
319
319
309
310
303
300
298
297
296
297

15,666
19,466
46,059
47,553
52,689
56,349
59,535
61,385
59,777
60,745
63,841
64,364
63,681
63,419
62,573
63,251

13,762
17,415
43,418
44,443
48,897
52,288
55,175
56,740
54,876
55,943
58,712
59,360
58,550
58,229
57,356
57,928

598
822
1,223
1,073
1,133
1,309
1,301
1,315
1,121
1,241
1,337
1,508
1,339
1,247
1,218
1,216

154
225
5,465
432
922
876
1,267
1,216
1 ,290
1,362
1,877
1,271
1,240
1,258
1,275
1,234

7,158
10,109
24,235
28,378
31,977
34,572
36,022
36,520
34,346
34,879
36,804
37,794
37,197
36,897
35,970
36,542

5,852
6,258
12,494
14,560
14,865
15,530
16,585
17,690
18,119
18.460
18,694
18,787
18,774
18,827
18,893
18,936

1,851
1 ,982
2,525
2,934
3,532
3,760
3,970
4,194
4,306
4,372
4,566
4,506
4,536
4,569
4,588
4,615

5,966
6,219
6,476
6,519
6,501
6,484
6,444
6,389
6,385
6,376
6,350
6,326
6,319
6,312
6,296
6,285

,404
,709
,236

'Beginning with Dec. 31, 1947, the all bank series was revised as announced in November 1947 by the Federal bank supervisory agencies.
At that time a net of 115 noninsured nonmember commercial banks with total loans and investments of approximately 110 million dollars was
added, and 8 banks with total loans and investments of 34 million were transferred from noninsured mutual savings to nonmember commercial
banks.
4
Less than 5 million dollars.
For other footnotes see preceding and opposite pages.

666




FEDERAL RESERVE BULLETIN

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

Loans and investments

Class of bank
and date

Total

Loans

U. S.
Government
obligations

Other
securities

Cash
assets l

Total
assets—
Total
liabilities
and
capital
accounts 2

Other
Total 1

49,290
121,809
114,274
139,770
143,796
144,451
154,115

21,259
25,765
37,583
63,632
67 082
66,805
70,127

21,046
88,912
67,941
62,308
62,381
62,461
68,012

6,984
7,131
8,750
13,831
14 333
15,185
15,976

25,788
34,292
36,926
44,222
44 398
41,164
43,161

76,820
157,544
152,733
186,255
190,638
188,191
200,127

National member
banks:
1941—Dec, 3i
1945—Dec. 31 . . . .
1947—Dec 31
1952—D^c, 31
1953— Dec. 31
1954—Tune 30
Dec. 31. .

27,571
69,312
65,280
80,180
81,913
82,482
88,509

11,725
13,925
21,428
36,004
37,831
37,672
39,712

12,039
51,250
38,674
35,835
35,482
35 759
39,392

3,806
4,137
5,178
8 341
8,600
9 051
9,405

14,977
20,114
22,024
26 333
26,479
24 636
25,662

43,433 39,458
90,220 84,939
88,182 82,023
107,830 98,974
109,804 100,654
108,611 99,362
115,835 105,851

State member banks:
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1952—Dec. 31
1953—Dec. 31
1954—Tune 30
Dec. 31

15,950 6,295 7,500
37,871 8,850 27,089
32,566 11,200 19,240
39,367 19,030 16,928
40,509 19,931 17,121
40,704 19,525 17,353
43,093 20,538 18,417

2,155
1,933
2,125
3 409
3,457
3,826
4,138

8,145
9,731
10,822
12 922
12,903
12,086
12,414

24,688
48,084
43,879
52,996
54,179
53,593
56,407

22,259
44,730
40,505
48,553
49,510
48,890
51,401

Insured nonmember
commercial banks:
1941—Dec. 31
1945—Dec, 31
1947—Dec. 31.
1952—Dec. 31
1953—Dec. 31
1954—June 30.
Dec. 31

5,776
14,639
16,444
20,242
21,396
21,288
22,536

1,025
1,063
1,448
2,081
2,278
2,310
2,436

2,668
4,448
4.083
4', 970
5 020
4,444
5,088

8,708
19,256
20,691
25,451
26,679
26,012
27,911

7,702
18,119
19,340
23,464
24,555
23,819
25,657

1,872
2,452
2,251
1,960
2,005
2,020
1,871

Nonlnsured n o n m e m ber commercial
banks:
1943—i>c. 31
1945—Dec. 31.
1947—Dec. 313
1952—Dec. 31 . . .
1953—Dec. 3 1 . .
1954—7une 30
Dec. 31.

761

241

763

200
255
312

514
576
444

335
354

430
405

492

339

397

2,283
2,768
2,643
2,348
2,372
2,394
2,250

3,696
3,310
5,432
9,136
9,838
10,147
10,378

2,270
12,277
11,318
10,567
10,835
10,409
11,184

1,266
1,262
1,703
2,393
2,613
2,664
2,775

3,431
4,962
4,659
5,414
5,450
4,849
5,485

10,992
22,024
23,334
27,799
29,051
28,406
30,161

9,573
20,571
21,591
25,424
26,560
25,838
27,528

642
1,693
10,846 3,081
12,683 3,560
17,621 8,691
19,252 10,016
20,121 10,804
20,830 11,651

629

7,160
8,165
6,593
6,476
6,309
6,117

421
606
958

151
429
675
732

1,958
11,424
13,499
18,612
20,334
21,237
21,981

1,789
10,363
12,207
16,785
18,383
19,195
19,885

4,259
1,198
1,384
2,658
2,910
3,086
3,346

3,075
3 522
3,813
2,829
2,707
2,708
2,630

9,846
5,596
6,215
6,622
6,796
7,078
7,295

8,744
5 022
5,556
5,836
6,015
6 246
6,474

All nonmember commercial banks:
1941—Dec. 3?
1945—Dec. 31 . . .
1947—Dec, 313
1952—Dec. 31
1953—Dec. 31.
1954—June 30
Dec. 31

7,233
16.849
18,454
22,096
23,287
23,220
24,337

Insured mutual savings
banks:
194{—Dec. 31 .
1945—Dec. 31
1947—Dec. 31 . , .
1952—Dec. 31
1953—Dec. 31
1954—Tune 30 .
Dec. 31
Noninsured m u t u a l
savings banks:
1941—Dec. 31
1945—Dec. 31
1947—Dec. 313 . . . .
1952—Dec. 31
1953—Dec 31
1954—Tune 30 . . .
Dec. 31

69.411
147,775
141.851
170,971
174,697
172,048
182,886

1,693
1,280
1,010
1,045
1,047
969

1 457
2,211
2,009
1,854
1,891
1,932
1,800

8,687
5,361
5,957
6,382
6,558
6,838
7,038

455

318
474
531
511
532

2,337
2,760
3,008
3,062

1,353

799
807
832

641
760
895

642
180
211
187

941
1,044
1,061

194

184
180

Total
capital
accounts

Demand

10 ,654 1 ,762 41,298 15,699 6,844 13,426
13 ,883 23 ,740 80,276 29,876 8,671 13,297
12 ,670 1 ,325 92,975 34,882 9,734 13,398
14 ,990 4 ,912 110,459 40,610 12,563 13,422
is 548 4 116 111 423 43,610 13 239 13 412
15 ,044 5 ,562 105,847 45,596 13,714 13,380
16 ,376 4 ,154 115,482 46,874 14,252 13,303
6 ,786 1 ,088
9 ,229 14 013
795
8 ,410
9 ,918 ? 935
•? ,525
10 ,1S9
9 750
3 325
10 ,714
,508

23,262
45,473
53,541
63,427
63,819
60,827
66,426

8,322
16,224
19,278
22,694
24,160
25,459
26,202

3,640
4,644
5,409
7,042
7,391
7 686
8,085

5,117
5 017
5,005
4 909
4,856
4 835
4,789

621

13,874
24,168
27,068
32,026
32,206
30,627
33,177

4,025
7,986
9.062
10,196
11,054
11,441
11,748

2,246
2,945
3,055
3,719
3,925
4,023
4,125

1,502
1,867
1,918
1 889
1,887
1,886
1,371

4,162
10,635
12,366
15,006
15,398
14,392
15,879

3,360
5,680
6,558
7,740
8,419
8,718
8,947

959
1,083
1,271
1,804
1,925
2,007
2,044

6,810
6,416
6,478
6,627
6 672
6,662
6,647

253

329

365
478
402

279
325
326

852

714
783
624

386
388

320
325

335

324

569
557

3,613
6,045
7,036
8,142
8,806
9,106
9,282

1,288
1,362
1,596
2,129
2,245
2,332
2,368

7*. 662
7,130
7,261
7,251
7,241
7,219
7,183

1,789
10,351
12,192
16,753
33 18,345
45 19,145
48 19,831

164

1,034
1,252
1,730
1,819
1,868
1,920

52
192
194
206

3 , 739
4 ,411
3 ,993
4 699

5 ,019
4 ,983
5 ,269

129
244

266
373
378
312
393

329

8 ,166
381
1 632

1 ,232
1 ,840
1 ,207

53

1 ,560

149
345
360
396
439

1 ,291

433

1 905
1,392
1,201
30
1,182
30
1,150
1,085
18

457
425
629
70^
784
764
825

5 ,504
14 ,101
167 13.758
374 16,206
390 16,580
426 15,542
457 16,964

181
363
329
407
453

18
29

12
2

12
28

2
2

2
3

2
2

3

3

t
2
1
1

2
2

1
1

2
1

1

2

8,738
5,020
5,553
5,833
6,013
6,243
6,471

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 1955




Number
of
banks

Time

U.S.
Govern- Other
ment

AH insured commercial
banks:
1941—Dec. 31.
1945—Dec, 3{
1947—Dec. 3i
195^>—Dec 31
1953—Dec. 31
1954—Tune 30
Dec. 3i

3,241 1,509
2,992 10,584
4,958 10,039
8,605 9,556
9,328 9,790
9,615 9,362
9,886 10,215

Interbank 1

1,077
558
637
749

740
758
774

536

219
219
218

496
350
339
323

309
309
309

For revisions

667

ALL COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES •
LOANS AND INVESTMENTS
[In millions of dollars]
Loans l

Class of bank
and
call date

Total
loans
and
invest- Total
ments

Investments

Loans for
Compurchasing
meror carrying
cial,
Other
securities
inReal ioans
clud- Agrito
culing
in- Other Total
To
tate
open tur- brokdi- loans
al
marTo loans viders
ket
uals
and othpadeal- ers
per
ers

U. S. Government obligations

Total

Obligations
Direct
i of
I States Other
and
CertifiGuar- polit- secucates
an- ical rities
Bills of in- Notes Bonds teed subdebtdivied! sions
ness

All commercial
banks: 2
1947—Dec. 3 1 . , 116,284
1948—Dec. 31 .. 114,298
1949—Dec. 31 .. 120,197
1950—Dec. 30 . . 126,675
1951—Dec. 31 .. 132,610
1952—Dec. 31. . 141,624
1953—Dec. 31. . 145,687
1954—June 30. . 146,383
Dec. 31... 155,916

38,057
42,488
42,965
52,249
57,746
64,163
67,593
67,33"
70,619

18,167 ,660 830 1 ,220
18,923 2 ,860 ,344 963
17,060 3 ,051 , 763 874
21,927 ,905 ,802 1,057
25,879 3 ,408 ,581 980
27,871 3 ,919 2.060 103
27,204 4 ,965 2 361 202
26,120 5 ,143 2 462 1|256
26,867 5 ,200 2,929 1,525

,393
10,804
11,542
13,541
14,580
15,712
16,694
17,227
18,418

723 1 063 78,226
87811 126 71.
070ll 155 7 232
120! 1 573
,451 il 681 74,863
684|1 718 77,461
461 Jl 666 78,094
462 1 657 79,047
750' 2 000 85,29:

69,221
62,622
67 ,005
62 ,027
,524
,318
,426
,508
,981

034 53,191
789
2,193
2.898 10,.
,321
462 45,931
3 750 12,722
943 44,583
1
4
,033 38,778
7,
657 ,408 35,101
5, 580
878 38,077
1OJ237 12,439 35,713
5.572 ,376 40,818
5,361 14 ,672 43,861

A H insured commercial banks:
1941—Dec. 31. .
1945—Dec. 31..
1947—Dec. 31..
1952—Dec. 31..
1953—Dec. 31..
1954—June 30. .
Dec. 31. .

49,290
121,809
114,274
139,770
143,796
144,451
154,1 LI

21,259
25,765
37,583
63,632
67,082
66,805
70,127

9,214 1,450 614 662 4,773
9,461 1,314 3 164 3,606 4,677
18,012 1,610 823 1,190 9,266
3
27, 739 3,805 2 ,050 1,082 15,572
2
27, 082 4,867 2,344 1,181 16,566
25, 976 5,057 2 439 1,228 17,101
26,731 5,108 2 907 1,501 18,302

4, 545
28,031
2,361 ,181 96,043
5,654 ,028 76,691
12,603 ,683 76,138
14,373 629 76,714
14,370
77,646
14,676 973 83,988

21,046
88,912
67,941
62,308
62,381
62,461
68,012

988
3,159 12,797 4,
2,455 19,071 16,045 51,321
2,124 7,552 5,918 52 ,334
7,622 5,494 11,714 37,456
4,895 10,076 12,
,093
4,575 5,505 12,223 40,123
4,901 5,279 14,
,523 43,287

Member banks,
total:
1941— Dec. 31.. 43,521
1945—Dec. 31. . 107,183
1947-Dec. 31... 97,846
1952—Dec. 31.. 119,547
1953—Dec. 31.. 122,422
1954—June 30.. 123,185
Dec. 31... 131,602

18,021
22,775
32,628
55,034
57,762
57,197
60,250

8,671 972 594 598
8,949 855 3 133 3,378
16,962 1,046 811 1,065
26, ~" ,416 2 032 966
25,519 3 ,263 2,321 1,060
24,362 3 ,402 2,411 1,106
25,007 3,529 2,881 1,363

25,500
3,692
1,900 1,104 84,408
4,662 952 65,218
10,396 1,577 64,514
11,911 1,518 64,660
11,840 1,513 65,988
- -—
12,127 1,858 71,352

19,539
78,338
57,914
52,763
52,603
53,111
57,809

971
2,275
,987
6,565
4,095
3,915
4,075

3,494
3,455
7,130
12,214
13,020
13,440
14,433

16,985
5,816
4,255
8,287
4,417
4,307

14 5.276 3,729
9 5,661 3,528
716,548 3,679
I l l s , 118|4,281
2119.19814,141
22 10,18813,955
10,821 3,847
11,930 3,608
22; 12,586 3,729

3,007 11,729 3 ,832 3,090 2 ,871
14,271 44,792
163,
,815
4,815 45,286
10 4,199 3 ,105
9,835 32,087
19 8,409 3,342
10,300 29,890
31 8,871 3,185
10,374 34,369
36 9, 890 2,987
12,464 36,944
20 10,449 3 ,094

New York City:*
1941—Dec. 31...
1945—Dec. 31..
1947—Dec. 31..
1952—Dec. 31..
1953—Dec. 31..
1954—June 30. .
Dec. 31..

12,896
26,143
20,393
22,130
22,058
22,681
23,880

4,072
7,334
7,179
12,376
12,289
11,619
12,039

2,807
3,044
5,361
8,680
8,218
7,447
7,231

412 169
2,453 1,172
545 267
1,531 .286
126 1,667 320
144 1,778 364
204 2,041 432

Chicago:*
1941— Dec. 31 .
1945—Dec. 31
1947—Dec. 31
1952--Dec. 31
1953—Dec. 31
1954—June 30
Dec. 31..

2,760
5,931
5,088
6,240
6,204
5,975
6,518

954
1,333
1,801
2,748;
2.776
2,589
2,784

732
760
1,418
2,080
1,912
1.835
1,847

6
2
3
14
158
134
140

48
211
73
239
286
242
345

1,806
4,598
3,287
3,493
3,428
3,386
3,734

1,430
4,213
2,890
2,912
2,856
2,825
3,120

31. .
31..
31. .
31..
31. .
30. .
31 . .

15,347
40,108
36,040
45,583
46,755
47,056
50,738

7,105
8,514
13,449
21,697
22,763
22,453
23,986

3,456
3,661
7,088
10,842
10,568
10,010
10,624

300
205
225
501
774
953
956

194 1,527!
8,243
1.512
427 1,503 1,459
855 4041J1 ,594
170 484 3,147! 1,969 366122,591
218 422 5,099| 4.347 595123,886
308 456 5,453! 4,942 611i23,993
326 468 5,639| 4 T 797 629124,603
622 6,134 4.912 720126,752
40

6,467
29,552
20,196
19,624
19,559
19,813
21,718

295
1,034
373
2,387
1,230
1,241
1,326

Country banks:
1941—-Dec. 31. .
1945—Dec. 31. .
1947—Dec. 31. .
1952-Dec. 31. .
1953 -Dec. 31. .
1954—June 30. .
Dec. 31. .

12,518
35,002
36,324
45,594
47,404
47,474
50,466

5,890
5,596
10,199
18,213
19,934
20,537
21,442

1,676 659
i, 484 648
3,096 818
4,630 i,901
4,822 2,204
5.071 2,170
5,306 2,229

183
471
227
191
210
200
220

530
6,628
1,5
1,823
707 363 29,407
1,881
3,827 1,979 229 26.125
6,662 4,702 322 27,381
7,114 5,441 336 27,470
7,33J| 5,618 345 26,937
7,742 5,760 388 29,024

4,377
26,999
22,857
22,549
22,423
21,779
23,629

110
630
480
2,692
1,819
1,548
1 ,893

18,454
22,096
23,287
23,220
24,337

5,432
9,136
9,838
10,147
10,378

1,205
1,639
1,685
1,758
1,859

156
137
142
150
161

2,266 1,061 111 13,021 11,318 206 1,973 1,219 7,916
3,505 2,288 141 12,960 10,567 1,196 1,325 2,043 6,000
3,681| 2,551 148 13,4491 10,835 909 1,951 2,139 5,834
13,0731 10.400 790 1,155 2,002 6,460
3,7951 2,622
13,959! 11,184 991 1,054 2,209 6,928
3,9931 2,623

Reserve city banks:
1941—Dec.
1945—Dec.
1947—Dec.
1952—Dec.
1953—Dec.
1954—June
Dec.

52
233
87
66
75
74
89

123
80
111
386
383
390
467

554
287
564
1,136
1,294
1,220
1,232

298
330
539
475
466
644

96
51
14.9
211
234
206
223

40
26
120
96
74
105

3,651 3,333
3,873 3,258
5,1293,621
9,977 3,854
10,587 3,746
11.682 3,502
12,352 3,624

1,623 3,652 1,679 729
8,823 7,265 311
18,809 17,574 477 3,433 3,325 10,337
1 606
558 9,771
640
13,214! 11,972 1,002
638
1 1,453
233 1,170 5,195
9,754| 7,678 1,079
1 1,365
9,769| 7,765 924 1,104 1,130 4,605
711 1,454 5,510
11,062 8,695 1,014
6 1.851
597 1,924 6,026
11,8411 9,342 785
10 1,977

830
629
604
623
639
516
523

182
181
213
384
400
387
415

193
204
185
197
172
174
199

6,982
2,358
1,774
3,357
1,590
1,695

751 4,248 1,173 956
5,653 15,878
5 1,126
1,901 15,560
3 1,342
3,854 11,594
14 2 ,934
4,201 10,746
25 3,196
4,183 12,773
',585
26 3
4,954 13,736
7 3,782

820
916
1,053
1,328
1 ,238
1,206
1,252

5,102
2,583
2,024
3,374
1,855
1,774

481 2,926
4,544 16,713
2,108 17,681
4,204 13,625
4,285 12,940
4,017 14,355
4,731 15,228

1,342
62, 006
43, 639
3,911
4 4,067
3 4,275

1,067
1,262
1,194
1,136
1,090
1,120

1,078
1,781
1,951
2,04?
2,139

625
613
662
621
636

256
133 1,467
132
235
407
224
123
450
113
261
70
241

153
749
248
607
684
721
855

903
1,864
2,274
1,674
1,598
1,731
1,953

119

861 1,222 1,028

All nonmember
2

banks:
1947—Dec. 31 . .
1952—Dec. 31. .
1953—Dec. 31 ,
1954—June 30
Dec. 31 ..

614
1,503
1,702
1,741
1,671

* These figures exclude data for banks in possessions of the United States except for one bank in Alaska that became a member bank on Apr. 15,
1954. During 1941 three mutual savings banks became members of the Federal Reserve System; these banks are included in "member banks" but are
not included in "all insured commercial banks" or "all commercial banks." Comparability of figures for classes of banks is affected somewhat by changes
in Federal Reserve membership, insurance status, and the reserve classifications of cities and individual banks, and by mergers, etc.
1
Beginning June 30, 1948, figures for various loan items are shown gross (i. e., before deduction of valuation reserves); they do not add to the
total and are not entirely comparable, with prior figures. Total loans continue to be shown net.
For other footnotes see opposite page.

668




FEDERAL RESERVE

BULLETIN

ALL COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES *—Continued
RESERVES AND LIABILITIES
fin millions of dollars]
Demand deposits

Class of bank
and
call date

Reserves
with
Cash
Federal
in
Revault
serve
Banks

Balances
with
domestic
banks 1

Demand
deposits
adjusted 6

Interbank
deposits

Domestic4

Foreign

1.430
1,521
,343
,476
,413
.,465
1,344
L.328
1,539

Time c eposits

CertiIT. S. States
lied
and
Govand
ern- political offiment subdicers'
visions checks,
etc.

Individuals,
partnerships, Interand cor- bank
porations

U. S.
Government
and
Postal
Savings

States IndiCapiand
viduals, Bortal
polit- partner- rowacical
ships, ings counts
subdi- and corvisions porations

All commerical
banks: 2
1947—Dec. 31
1948 - Dec. 31 . .
1949—Dee. 31 . .
1950 Dec. 30. .
1951- -Dec. 31. .
1952—Dec. 31
1953—Dec. 31.
1954—June 30. .
Dec. 31. .

17 796
20,404
16,428
17,458
19,911
19,809
19,995
18,924
18,734

2,216
1 ,978
2,015
2,1 74
2,697
2,753
2 t 512
2,660
2,469

10.216
9,385
9,849
10,863
11,969
11,875
12,103
11,033
12,202

87,123
85,526
85,757
92,282
98,243
101,506
102,452
98,117
106,540

11,362
10,476
11,045
12,102
13,123
13,109
13,444
12,470
13,511

1,343
2,338
3,071
2,806
3,359
4,941
4,146
5,591
4,172

6,799
7,299
7,543
8,012
8,426
8,910
9,546
9.925
9,902

2,581
2,135
2,354
2,918
3,166
2,956
2,996
2.789
3,199

84,987
82,882
83,168
90,986
96,666
99,793
100,062
94,282
103,466

240
272
321
462
550
744
1,167
1.699
1,759

111
866
117 1,136
182 1 ,286
189 1 ,384
278 1,536
346 1,620
338 1,944
331 2,319
365 2,402

34.383
34,668
34,860
34,930
36,323
39,046
41,714
43,334
44,441

65
56
20
90
34
188
62
55
31

10,059
10,480
10,967
11,590
12,216
12.888
13.559
14,038
14,576

\11 insured commercial b a n k s :
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1952—Dec. 31
1953—Dec. 31.
1954—June 3 0 . .
Dec. 31. .

12,396
15,810
17,796
19,809
19,995
18,924
18,734

1,358
1,829
2,145
2,720
2,482
2,627
2,444

8,570
11,075
9,736
11,489
11,724
10,688
11,854

37,845
74,722
85,751
100,329
101,289
96.983
105,471

673 1,761
9,823
12,566 1,248 23,740
11,236 1,379 1,325
12,948 1,437 4,912
13,221 1,296 4,116
12,252 1,287 5,562
13,392 L ,497 4,154

3,677
5,098
6,692
8,776
9,407
9,776
9,763

1,077
2,585
2,559
2,938
i2,978
'2,765
A
3,176

36,544
72,593
83,723
98,746
99,038
93,306
102,543

158
70
54
605
1,031
1.506
1,487

59
103
111
346
338
331
365

492
496
826
1,564
1,891
2,264
2,348

15,146
29,277
33,946
38,700
41,381
43,001
44,160

10
215
61
181
54
50
21

6,844
8,671
9,734
12,563
13,239
13.714
14,252

Member banks,
total:
1941—Dec. 31. .
1945—Dec. 3 1 . .
1947—Dec. 31. .
1952—Dec. 31
1953—Dec. 3 1 . .
1954—June 30. .
Dec. 31. .

12,396
15,811
17,797
19,810
19,997
18,925
18,735

1,087
1,438
1,672
2,081
1,870
2,001
1,843

6,246
7,117
6,270
7,378
7.554
7,062
7,613

33,754
64,184
73,528
85,543
86,127
82,783
89,836

9,714
671 1,709
12,333 1,243 22,179
10,978 1,375 1,176
12,594 1
1,431 4,567
12,858 1,291 3,756
11,956 1,280 5,165
13,015 1,493 3,715

3,066
4,240
5,504
7,029
7,530
7,839
7,781

1,009
2,450
2,401
2,744
2,783
2.581
-2,964

33,061
62,950
72,704
85,680
85,711
81,034
88,859

140
64
50
592
1,021
1,497
1,475

50
99
105
321
308
300
334

418 11,878
399 23,712
693 27,542
1,303 31,266
1,595 33,311
1,912 34,687
1,966 35,650

4
208
54
165
43
38
15

5,886
7,589
8,464
10,761
11,316
11,709
12,210

New York City:*
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1952—Dec. 31
1953—Dec. 31
1954—June 30
Dec. 3 1 . .

5,105
4,015
4,639
5,059
4,846
4,614
4,398

93
111
151
148
129
131
126

141
78
70
84
70
60
67

10,761
15,065
16,653
16,288
15,901
15,430
16,500

3,595
3,535
3,236
3,346
3,363
3,237
3,336

319
237
290
322
315
404
368

4S0
1,338
1,105
1,120
1,071
1,109
1,223

11,282
15,712
17,646
17,919
17,509
16,601
17,823

6
17
12
465
831
1,246
1,196

10
12
59
53
51
54

29
20
14
29
139
151
192

778
1,206
1,418
1,752
1,958
2,014
2,146

195
30
132
23
1
1

1,648
2,120
2,259
2,505
2,572
2,630
2,803

Chicago:*
1941—Dec. 3 1 . .
1945—Dec. 31
1947—Dec. 31
1952— Dec. 3 1 . .
1953—Dec. 3 1 . .
1954—June 3 0 . .
Dec. 3 1 . .

1,021
942
1,070
1,144
i,287
1,290
1,177

43
36
30
32
34
30
29

298
200
175
169
166
154
162

2,215
3,153
3,737
4.126
4,211
3,844
4,400

L,O27
.,292
1,196

233
237
285
242
272
297
274

34
66
63
56
64
74
80

2,152
3.160
3,853
4,491
4,500
4,032
4,622

5
9
18
18

2
4
3
4
6

9
11
10
10
10

476
719
902
1,190
1,229
1,253
1,280

28S
377
426
541
566
583
600

Reserve city banks:
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1952—Dec. 31
1953—Dec. 31
1954—June 30. .
Dec. 3 1 . .

4,060
6,326
7,095
7,788
8,084
7V553
7,783

425
494
562
651
568
611
558

2,590
2,174
2.125
2,419
2,463
2.352
2,327

11,117 4,302
22,372 6,307
25,714 5,497
30,609 6,662
30,986 6,869
29,940 6,220
32,694 6,946

104
30
22
109
166
214
239

20
38
45
105
98
97
111

243
160
332
739
830
992
965

4,542
9,563
11,045
12,417
13,203
13,867
14,399

1,967
2 2,566
1 2,844
8 3.745
3,984
11 4,124
3 4,300

Country banks:
1.941— Dec. 31
1945—Dec. 31
1947—Dec. 31
1952—Dec. 31
1953—Dec. 31
1954—June 30. .
Dec. 3 1 . .

2,210
4,527
4,993
5,820
5,780
5,468
5,377

526
796
929
1.250
1,140
1,230
1,129

3,216
4,665
3,900
4.706
4,855
4,496
5,057

9,661
23,595
27,424
34,519
35,029
33,569
36,242

790
1,199
1,049
1,278
1,288
L .211
1,469

544
672
642
658
627

3,947
4,498
4,550
3,972
4,590

13,595
15,964
16,325
15,334
16,704

385
516
586
514
496

L.308

1,339
1,287
1,264

607
866
,105 6,940
267
1,217
i,154 1,143
,021
778
.033 1,378
L i 177
736
8
20
21
37
39
34
40

127
1,552
72
343
259
410
251

54
491
110 8,221
131
405
230 1 : 814
219 1,504
202 2,015
259 1 ,457

1,144
1,763
2,282
2,693
2,880
2,877
2,876

286 11,127
611 22,281
705 26,003
791 31,798
828 32,065
677 30,503
866 33,677

2
225
8 5 r 465
7
432
11 1,267
12 1,216
11 1,362
17 1,271

1,370
2,004
2,647
3,772
4,063
4,261
4,263

239
435
528
777
820
720
795

8,500
21,797
25,203
31,473
31.636
29,898
32,736

30
17
17
13
15
19
22

31
52
45
152
153
148
163

146
219
337
525
615
759
799

6,082
12,224
14,177
15,908
16,921
17,553
17,826

4 1,982
11 2,525
23 2,934
25 3,970
20 4,194
26 4,372
11 4,506

55
34
52
48
46

1,295
1,881
2,016
2.085
2,121

180
212
213
209
235

12,284
14,113
14,351
13,248
14,608

190
152
146
202
284

6
25
30
30
31

172
317
350
407
436

6,858
7,800
8,426
8,669
8.814

12 1,590
23 2,12VV
19 2,245
17 2.33';
16 2,369

All oonmember
2
banks:
1947—Dec.
1952—Dec.
1953—Dec.
1954—June
Dec.

31
31
31
30 .
31

167
374
390
426
457

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 commerical banks.
5
Demand deposits other than interbank and 13. 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 1955




669

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE
LOANS AND INVESTMENTS
[Monthly data are averages of Wednesday figures. In millions of dollars]
Loans1

Month or date

Total Loans
and
loans investand
invest- ments Loans
adadments justed 1 justed'

U. S. Government obligations

For purchasing
or carrying securities
Commercial,
To brokers
indus- and dealers To others Real Other
trial,
estate loans Total
and
loans
agri- U. S. Other U.S. Other
cul- Govt. se- Govt. setural
obobliga- curi- liga- curitions ties tions ties

Bills

CerOther Loans
tifito
secu
cates
banks
of in- Notes Bonds' rities
debted-

TotalrLeading Cities
80,149 79,334 38,729 22,005

2,178

1955—March. . . 85,124 84,130 41,185 22,465
85,763 84,869 41,695 22,517
April
85,378 84,409 42,140 22,677
May

2,504
2,685
2,661

1,090
1 ,104
1,119

1955 -Mar.
Mar.
Mar.
Mar.
Mar.

1954—May

898

6,568 7,720 32,592 2,536 3,008 5,48.1 21,563 8,013

815

1,404 8,883 21,936 9,037
2,033 8,699 21.712 9.032
1,520 9,050 21,596 8,768

994
894
969

85,267
85,152
85,890
84,883
84,432

84,341
84,167
84,843
83,921
83,380

40,751
40,898
41,444
41,382
41,448

22,241
22,265
22,584
22,637
22,597

2,374
2,452
2,718
2,491
2,483

1,080
1,075
1,081
1,100
1,113

7,408 8, 429 33 ,908 1,685
7,528 8.577 34.142 1,698
7,641 8,761 33,501 1,335
7,359 8,408 34,599 1,816
7,373 8,444 34,177 1,677
7,402 8,372 34,374 1,949
7,432 8,435 33,509 1,696
7,474 8,488 32,885 1,286

Apr. 6. . 85,878
Apr. 13. . 85,613
Apr. 20. . 85,755
Apr. 2 7 . . 85,808

85,013
84,823
84,864
84,778

41,512
41,666
41,787
41,818

22,449
22,543
22,530
22,545

2,669
2,672
2,741
2,660

1,106
1,103
1,100
1,108

7,482
7,517
7,542
7,570

8,,521 34 ,425
8,547 34 ,096
8,590 34 ,063
8,652 33,983

May
May
May
May

84,464
84,214
84,679
84,280

42,010
4.2,078
42,208
42,263

22,607
22,721
22,737
22,641

2,717
2,591
2,649
2,686

1.113
1,113
1,121
1,131

7,590
7,633
7,657
7,686

8,701 33,571
8,739 33
33,395
8,763 33,743
8,840 33
33,296

2. .
9. .
16..
23. .
30. .

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

85,298
85,106
85,781
85,330

076
003
954
842
806

926
8,991
985
9,092
9,025 1,047
962
9,030
9,047 1,052

1,633
1,535
1,542
1,197
1,117

9,074 22
8,962 22
8,929 21
8,774 21
8,676 21

1,739
1,572
1,731
1,750

2,154
2,076
1,991
1,911

865
8,758 21,774 9,076
790
8,729 21,7199 ,061
891
8,667 21, 674 9,014
1,030
8,640 21 ,682 8,977

1,517
1,377
1,269
1,176

1,783
1,798
1,284
1,214

834
8,608 21,663 8,883
892
8,607 21,613 8.741
1,102
9,604 21 . 586 8,728
9,382 21,524 8,721 1,050

New York City
1954—May

22,159 21,643 11,623

7,859

584 1,056

320

382 1,569 7,750

744

661

934 5,411 2,270

516

1955—March
April
May
1955—Mar. 2 . .
Mar. 9. .
Mar. 16. .
Mar. 23. .
Mar. 30. .

23,369 22,806 12,047
23,422 22,817 12,222
23,157 22,607 12,295

7,642
7,611
7,636

1,654
301 1,787
197 1,861

412
428
433

549 1,727 8,172
571 1,728 8,095
595 1,780 7,995

583
548
488

240 1,915 5,434 2,587
434 1,823 5,290 2,500
306 1,921 5,280 2,317

563
605
550

23,372
23,320
23,741
23,252
23,164

22,837
22,793
23,161
22,696
22,543

11,771
11,910
12,256
12,147
12,151

7,508
7,535
7,717

201
217
383
258
257

1,585
1,662
1,717
1,652
1,656

397
403
409
421
429

535
542
548
554
565

1,745
1,752
1,695
1,721
1,722

8,477
8,268
8,320
7,979
7,817

684
601
705
540
386

259 2,019 5,515 2,589
246 ,958 5, 463 2,615
263 ,920 5,432 2,585
220 ,827 5,"392 2,570
211 ,851 5,369 2,575

535
527
580
556
621

Apr. 6. . 23,489
Apr. 13. . 23,205
Apr. 20. . 23,353
Apr. 27. . 23,642

22,925
22,711
22,749
22,886

12,230
12,212
12,198
12,251

7,637
7,614
7,581
7,612

320 1,757
333 1,755
280 1,820
1,817

429
431
424
428

562
572
571
581

1,727
1,713
1,725
1,748

8,128
7,973
8,090
8,188

454
449
578
710

504
418
420
393

May
May
May
May

22,707
22,505
22,646
22,572

12,275
12,235
12,301
12,371

7,639
7,644
7,637
7,626

266 1,803
183 1,815
190 1,870
1,955

431
429
429
4.44

585
594
598
603

1,757
1,777
1.783
1.802

8,062
7,962
8,044
7,912

557
465
456
474

412 1,813
1 ,838
2,073
214 1,958

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

23,115
23,018
23,300
23,196

5,331
5,285
5,268
5,276

,839
,821
,824
,809

2,567
2,526
2,461
2,447

564
494
604
756

5,280
5,299
5,277
5,266

2,370
2,308
2,301
2,289

408
513
654
624

Outside
New York City
27,106 14,146

538

535

6,186 6,151 24,842 1,792 2,347 4,551 16,152 5,743

299

1955—March. . . 61,755 61,324 29,138 14,823
62,341 62,052 29,473 14,906
April
62,221 61,802 29,845 15,041
May

587
597
603

665
665
676

6,859 6,702 25,736 1,102 1,164 6,968 16,502 6,450
6,957 6,849 26,047 1,150 1,599 6,876 16,422 6,532
7,046 6,981 25,506 847 1,214 7,129 16,316 6,451

431
289
419

1954—May

57,990 57,691

61,895
61,832
62,149
61,631
61,268

61,504
61,3?4
61,682
61,225
60,837

28.980
28,988
29,188
29,235
29,297

14,733
14,730
14,878
14,892
14,880

588
573
618
581
570

668
658
659
668
672

6,824
6,831
6,854
6,878
6,909

6,663
6,692
6,677
6,714
6,766

26,122
25,909
26,054
25,530
25,068

1,132 1,374 7,055 16,561 6,402
1,076 1,289 7,004 16,540 6,477
1,244 1,279 7,009 16 ,522 6,440
1,156
977 6,947 16,450|6 ,460
900
906 6,825 16,437 6,472

391
458
467
406
431

Apr. 6. ., 62,389
Apr. 13. . 62,408
Apr. 20. . 62,402
Apr. 27. . 62,166

62,088
62,112
62,115
61,892

29,282
29,454
29,589
29,567

14,812
14,929
14,949
14,933

592
584
641
572

665
662
663
670

6,920
6,945
6,971
6,989

6,794
6,834
6,865
6,904

16,297
26,123
25,973
25 ,795

1,285
1,123
1,153
1,040

1,650
1,658
1,571
1,518

6,919
6,908
6,843
6,831

16,443 6,509
16,434 6,535
16,406 6,553
16,406 6,530

301
296
287
274

May
May
May
May

61,757
61,709
62,033
61,708

29,735
29,843
29,907
29,892

14,968
15,077
15,100
15,015

648
593
589
583

671
674
681
677

7,005
7,039
7,059
7,083

6,944
6,962
6,980
7,C

25,509
25,433
25,699
!5,384

960
912
813
702

1,371
1,438
1 ,046
1,000

6,795
6,769
7,531
7,424

16,383 6 ,513
16,314 6,433
16,309 6,427
16,2518 6 ,432

426
379
448
426

1955—Mar. 2. .
Mar. 9 . .
Mar. 16. .
Mar. 2 3 . .
Mar. 30. .,

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

62,183
62,088
62,481
62,134

1
2

Exclusive of loans to banks and after deduction of valuation reserves; individual loan items are shown gross.
Includes guaranteed obligations.
For other footnotes see opposite page.

670




FEDERAL RESERVE BULLETIN

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE— Continued
RESERVES AND LIABILITIES
[Monthly data are averages of Wednesday figures. In millions of dollars]
Demand deposits,
except interbank

Month or date

Reserves
BalDeIndiwith Cash ances mand vid- States CertiFedwith
deuals,
fied
in
eral vault
posits part- and
doand
Remestic ad- 3 ner- polit- offiical
serve
banks justed ships, subcers'
Banks
and
divicor- sions checks,
etc.
porations

Time deposits,
except interbank

Interbank
deposits

IndividU. S.
Demand
uals, States Govand
U. S. part- polit- ernGov- nerical ment
ern- ships, sub- j and
ment and
Dodivi- Postal mesForcorSaveign
pora- sions ings
tic
tions

Borrowings

Time

CapFrom
ital
Fedaceral From counts
Reothers
serve
Banks

TotalLeading Cities
1954

May. . . . 14,231

930 2,590 54,068 54,646 4,346 1,758 2,588 17,939 1,137

190 10,483 1 ,253 1,390

2,471 18,969 1,140
3.506 18,998 1.138
3,496 18,991 1,132

206 10,408 1,393 1,421
207 10,643 1,436 1 ,388
209 10,152 1,454 1,360

300
423
300

726 8,214
612 8,161
703 8,228

13,511
13,535
14,177
13,521
13,399

923 2,508 56,554 57,852 3,898 1,887
947 2,528 56,129 57,666 3.948 l.S
932 2,463 56,237 57,320 4,349
1,837
893 2,488 56,270 57,762 3,960 1,865
925 2,358 56,769 57,795 3,781 1,760
905 2,652 57,861 60,070 3,722 2,251
927 2,463 56,282 57,158 3,966 1,756
965 2,579 55,590 -",474 4,062 1,805
56

2,633
2,078
2,497
2,615
2,534

18,930
18,971
18,957
18,996
18,990

1,145
1,152
1,140
1,132
1,132

205 10,610
205 10,312
206 10,755
206 10,127
207 10,235

,377
,364
,376
,418
,430

1,415
1,414
1,428
1,425
1,420

212
287
173
357
468

663
712
744
705
806

8,244
8,239
8,231
8,239
8,118

Apr. 6.
Apr. 13.
Apr. 20.
Apr. 27.

13,767
13,716
13,667
13,608

2,477 55,086 56,262
999 2,657 55,849 58,293
926 2,511 56,613 58,190
974 2,465 56,969 57,921

,413
,452
,442
,438

1,404
1,393
1,378
1,375

531
423
390
349

591
568
605
681

8,157
8,155
8,155
8,176

May 4.
May 11.
May 18.

14,001
13,615
13,797
13,671

879
964
921
963

547
185
159
310

602
626
799
783

8,207
8,219
8,233
8,252

1955—March...
April....
May

13,629
13,689
13,771

1955—Mar. 2 .
Mar. 9.
Mar. 16.
Mar. 23.
Mar. 30.

May 25.

2,35<
14
2,552
2,577
2 367

5
55 ,981
56,234
56,294
56,437

3,819
3,825
3,931
4,216

1,836
1,812
1,897
2,008

4,299
3,488
3,132
3,105

19,043
19,001
18,980
18,969

1,130
1,147
1,133
1,142

207
206
208
208

10,836
11,025
10,536
10,175

56,771
57,608
57,777
57,123

4,449
4,258
4,350
4,338

1 ,939
1,779
1,928
1 ,703

3,510
3,266
3,841
3,368

18,975
18,976
18,999
19,014

1 ,132
1,135
1,132
1,129

209
209
210
209

10,341
,451 1,365
10,387 ,420 1,348
10,254 1,434 1,362
9,625 1,512 1 ,366

7,781.

757

New York City
1954—May. . . .
1955—March...
April....
May....

4,768

145

41 15,782 16,568

415

857 1,865

127

2,981 1 ,012 1,167

4,444
4,398
4,485

139
145
142

16,442 17,485
54 15.977 16,997
15,956 16,934

273
278
333

668 2,072
907
908 1.369 2.084
886 1,258 2,039

176
158
143

2,962 1,079 1,107
2,900 1 ,121 1,077
2,836 1,121 1,061

3
15
30

1955- - M a r . 2.
Mar. 9.
Mar. 16.
Mar. 23.
Mar. 30.

4,224
4,503
4,598
4,403
4,489

138
143
133
135
148

41 16,209 17,250
39 16,551 17,456
57 16,921 18,161
50 16 ,192 17,162
115 16,338 17,394
'

2,066
2,079
2,054
2,066
2,096

178
179
180
173
172

3,009
2,920
3.100
2,937
2,846

1,061
1,056
1,064
1,100
1,114

1,103
1,103
1,112
1,111
1,105

2
4
1
4
2

Apr. 6.
Apr. 13.
Apr. 20.
Apr. 27.

4,606
4,456
4,335
4,195

143
152
136
148

15,846 16,786
15,692 16,885
16,080 17,092
16,293 17,225

253
268
270
323

948 1,721 2,105
859 1,395 2,089
861 ,201 2,071
964 ,160 2,069

168
173
145
145

2,867
2,923
2,902
2,909

1 ,101
1,141
1,122
1,119

1,089
1,080
1,070
1,070

May 4. 4,68
May 1 1 . 4,378
4,466
May 18.
May 25. 4,409

139
.150
135
144

15,946 16,874
15,895 16.846
15,960 17,069
16,024 16,948

361 1,000 ,306
898 ,168
322
316
880 ,375
332
766 1,181

2,054
2,037
2,027
2,039

142
142
141
145

2,853
2,854
2,937
2,702

1,117
1 ,083
1,108
1,176

1 ,066
1 .051
1 .062
1,067

276
898
258
862
243 1,145
286
768
304
865

Outside
Sew York City
1954 — M a y . . . .

9,46.1

2,549 38,286 38,078 3,931

19 ss—March...
April....
May

9,185
9.291
9,286

784 2,447 40,112 40,367 3,625
802 2,474 40,152 40,669 3,670
790 2,421 40,281 40,386 4,016

1955- Mar. 2.
9,287
9,032
Mar. 9.
Mar. 16. , 9,579
Mar. 23. 9,118
Mar. 30. 8,910

711
569
641
760
659

1 ,731 16,074 1,010
980 1,803 16,897
980 2.137 16,914
951 2,238 16,952

964
980
989

2,594

349

306 2,761
240 2,666
336 2,68.1
2,789
2,785
2,788
2,789
2,651

284
252
202
222
120

215
305
301
328
383

2,670
2,666
2,666
2,662

357
327
274
385

2,681
2,681
2,682
2,682

5,187

137 7,502

241

223

314
315
333

314
311
299

297
408
270

420 5,453
372 5,495
367 5,547

316
308
312
318
316

312
311
316
314
315

210
283
172
353
466

448
407
443
377
423

5,455
5,454
5.443
5,450
5,467

755
782
772
792
817

2,447 40,061 40,512
.
2,319 40,218 40,339
2,595 40,940 41,909
2,413 40,090 39,996
2,464 39,252 39,080

3,684
967 1,922 16,864
3,523
898 1,509 16,892
3,479 1,106 1,856 16,903
3,680
988 1,855 16,930
3,758
940 1,875 16,894

967
973
960
959
960

151 7,446
152
153
151 7,601
151 7,392
151 7,655
151 7,190
151 7,389

4(8

Apr. 6.
Apr. 13.
Apr. 20.
Apr. 27.

9,161
9,260
9,332
9,413

745
847
790
826

2,417 39,240 39,476
2,612 40,157 41,408
2,452 40,533 41,098
2,412 40 676 40,696

3,566
2,578
3,557
953 2,093
3,661 1,036 1,931
3,893 1,044 1,945

16,938
16,912
16,909
16,900

962
974
988
997

7,969
152 8,102
153 7,634
153 7,266

312
311
320
319

315
313
308
305

531
390
365
349

307
316
403
459

5,487
5,489
5,489
5.514

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

9,314
9,237
9,331
9,262

740
814
786
819

2,316 40 ,035 39,897
2.507 40,339 40,762
2,533 40 ,334:40, 708
2,325 40 ,413140,175

939
4,088
3.936
881
4.034 1 .048
4,006
937

2,204
2,098
2,466
2,187

16,921
16,939
16,972
16,975

990
993
991
984

153
153
154
153

7,488
7,533
7,317
6,923

334
337
326
336

299
297
300
299

427
185
159
310

245
299
525
398

5,526
5,538
5,551
5,570

3
Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
Back figures.—For description of revision beginning Mar. 4, 1953, see BULLETIN for April 1953, p. 357, and for figures on the revised basis
beginning Jan. 2, 1952, see BULLETIN for May 1953, pp. 550-555. Figures for total leading cities for full year 1954 are shown on pp. 212-213 of the
BULLETIN for February 1955 except for the December 29 revisions in commercial, industrial and agricultural loans, other loans, and loans to banks
For description of revision beginning July 3, 1946, and for revised figures July 1946-June 1947, see BULLETINS for June and July 1947, pp. 692
and 878-883, respectively. For old series, see Banking and Monetary Statistics, pp. 127-227.

JUNE

1955




671

CHANGES

IN

COMMERCIAL

AND INDUSTRIAL LOANS OF A SAMPLE OF WEEKLY
BY I N D U S T R Y 1
[Xet declines, (—). In millions of dollars|

REPORTING

MEMBER

BANKS

Business of borrower
Manufacturing and mining

Period

i
Pctro- j
leum,

2

Food,
liquor,
and
tobacco

Public
utilities
(incl.
transportation)

All
Conother
structypes
j changes
tion ;
of
I classiI business ' ficd

Comrn'l,
ind'l,
and
agr'l,
change
total

Trade
(wholesale*
and
retail)

coal, j
Other
chemical,!
and
j
rubber j

Commodity
dealers

Sales
finance
companies

215

-614
392

-91
-137

12
91

18
-23

-11
101

-536
610

-805
795

71

106

1-1,314

-1,496
539

i

i
1953 — Tan.-fune.
July-Dec.
1954—Jan.-June.
July-Dec..

i
!

Monthly:
1955—January..
February.
March....
April
May

90 i

—057
537

-45
138

-49

-505
498

-10
88

-1
-62

-41
120

-363
539

-175
32

126
-225

82

-10
4
49
16
50

-116
13
91
60
54

-82
-47
-132
-109
-31

5
3
98
198
47

-9
-It
126
-8
43
.

4
9
—9
27
39

-80
42
49

-371
124
470
100
197

-429
114
489
—52
96

5
3
30
4

19
11
41
17
4

-29
-31
-40
-11
-20

95
28
-47
3
18

10
-11
99
5
23

-11
5
11
-14
1

6
14
14
24
-9

122
18
281
40

133
24
319
53
-40

18
18
16

-40
-24
-28
-17

67
25
75
32

-22
15
-12
11

2
17
7
2

6
14
14
-16

-41
50
25
66

-148
94
— 13
15

16
25
5
8

-4
-6
—7
-1.4

72
1
-12
-15

8
24
-4
15

1
30
10
2

2
17
42
1

120
91
43
-58

62
114
16
-96

-119
-118
-42
-130
-102

28
90
73
-6
-6

7
29
80
-43
35

109
87
76
6

.
.
.
.
.

-10
-26
43
-18
-32

21
12
27
1
11

14
15
63
-18
7

3
-2
40
47
-2

Apr. 6. .
Apr. 13. .
Apr. 20. .
Apr. 27. .

-41
-25
-47
-17

1
-3

-21
-3
-11

-9
5
12
69

May 4. .
May 1 1 . .
May 1.8. .
May 2 5 . .

-35
-19
-18
-30

6
-9
-3

Week ending:
Mar. 2.
Mar. 9.
Mar. 16.
Mar. 2 3 .
Mar. 30.

-i

3
12
18
2

41
V

4
-32

16
8
14
12

S a m p l e includes about 220 weekly reporting member banks reporting changes in their larger loans; these banks hold over 90 per cent of
total commercial and industrial loans of all weekly reporting member banks and nearly 70 per cent of those of all commercial banks.
2
Figures for other than weekly periods are based on weekly changes during period.
NOTE.—Monthly and weekly data for the full year 1954 are shown on p. 214 of the BULLETIN for February 1955, except for Dec. 29 revision
shown on p. 524 of the BULLETIN for April 1955.

COMMERCIAL

AND

FINANCE

COMPANY PAPER AND BANKERS'
[In millions of dollars]

paper outstanding

Total

OUTSTANDING

Dollar acceptances outstanding

Commercial and finance

End of month

ACCEPTANCES

Held by

Total
Placed
outPlaced direct- standthrough
ing
ly
dealers 1 (finance
paper) 2

Accepting banks

Total

Own
bills

Based on

F. R.
Baiiks
Oth-

Bills
bought

Own
acct.

Foreign
corr.

Imports
into
United
States

Exports
from
United
States

Dollar
exchange

Goods stored in or
shipped between
points in
United
States

Foreign
countries

1949—December .
1950—December
1951—December
1952—December .
1953—December....

837
920
1 331
1,745
1,966

270
345
449
552
564

567
575
882
1,193
1,402

272
394
490
492
574

128
192
197
183
172

58
114
119
126
117

70
78
79
57
55

11
21
21
20
24

133
180
272
289
378

184
245
235
232
274

49
87
133
125
154

2
23
39
29

30
28
55
64
75

9
32
44
3?
43

1954—April
May

2,215
2,168
2,150
2,208
2,228
2,192
2,048
2,032
1,924

694
641
679
747
794
803
762
769
733

1,521
1,527
1 ,471
1,461
1,434
1,389
1,286
1 ,263
1 ,191

623
616
589
589
563
609
687
768
873

228
227
220
205
198
259
271
313
289

165
171
164
164
155
178
217
241
203

63
56
56
41
43
81
55
71
86

17
14
14
9
5
6
14
19
19

379
374
355
376
360
344
402
437
565

270
277
246
225
205
207
207
248
285

142
143
143
136
134
139
148
164
182

38
36
60
92
75
85
72
42
17

127
115
96
91
101
130
205
247
300

46
45

2,064
2,187
2,191
2.171

713
703
681
623

1,351
1,484
1 .510
1,548

869
831
807
767

282
242
236
206

206
182
187
164

77
61
49
42

23
28
29
28

564
561
538
517

273
235
227
229

187
178
182
189

17
41
56
68

303
283
248
190

90
93
93
92

June
July
August
September
October
November
December
1955—Tanuary
February
March..
April

17

46
47
48
55
66
89

2

As reported by dealers; includes finance company paper as well as other commercial paper sold in the open market.
2
As reported by finance companies that place their paper directly with investors.
Back figures.—For bankers' acceptances, see Banking and Monetary Statistics, Table 127, pp. 465-467; for description see p. 427.

672




FEDERAL RESERVE BULLETIN

PRINCIPAL ASSETS OF SAVINGS INSTITUTIONS
UNITED STATES LIFE INSURANCE COMPANIES
[In millions of dollars]
Government securities
Date

Total
assets

Business securities

United State and Foreign2
States
local i

Total

Mortgages

Real
estate

Policy
loans

Other
assets

536
554

601
608
652
756
999
1,249
1,390
1,428
1,718
2,103
2,221
2,446
2,573

5,669
5,958
6,442
6,726
6,714
6,686
6,636
7,155
8,675
10,833
12,906
16,102
19,314
21,251
23,322

2,134
2,060
1,878
1,663
1,352
1,063
857
735
860
1,055
1,247
1,445
1,631
1,903
2,020

3 248
3,091
2,919
2,683
2,373
2,134
1,962
1,894
1,937
2,057
2,240
2,413
2,590
2,713
2,914

2 030
2,156
1,840
1,693
1,839
1,704
1,738
1,808
2 124
2,160
2,245
2,591
2,872
3 088
3,302

Total

Bonds 3

Stocks

586

8,465
9,178
10,174
10,315
10,494
10,715
11,059
13,024
16,144
20,322
23,179
25,403
28,204
31,646
34,570

7,929
8,624
9,573
9,707
9,842
9,959
10,060
11,775
14,754
18,894
21,461
23,300
25,983
29,200
31,997

End of year: 4
1939
1940
1941
1942
1943
1044
1945
1946
1947
1948
1949
1950
1951
1952
1953

29,243
30,802
32,731
34,931
37,766
41,054
44,797
48,191
51,743
55,512
59,630
64,020
68,278
73,375
78,533

7,697
8,359
9,478
11,851
14,994
18,752
22,545
23,575
22,003
19,085
17,813
16,066
13,667
12,774
12,405

5,373
5,857
6,796
9,295
12,537
16,531
20,583
21,629
20,021
16,746
15,290
13,459
11,009
10,252
9,829

2,253
2,387
2,286
2 045
1,773
1,429
[,047
936
945
,199
,393
,547
,736
,767
.990

End of month:«
1952—December . . .
1953—December

73,034
78,201

12,683
12,322

10,195
9,767

1,733
1 ,968

755
587

31,404
34,395

29,226
32,056

2,178
2,339

21,245
23,275

1,868
1,994

2,699
2,894

3,135
3,321

79,649
80,114
80,547
80,981
81,510
81,965
82,362
82,850
83.338
84.052

12,4lo
12,424
12,452
12,294
12,222
12,197
12,094
12,013
11 ,992
12.037

9,661
9,635
9,539
9,343
9,189
9,171
9,086
9,024
8,936
9,021

2,170
2,208
2,326
2 363
2,456
2,471
2,485
2,509
2,575
2,533

585
581
587
588
577
480
481
483

35,053
35,216
35,371
35,683
35,943
36,094
36,326
36,579
36,663
36,843

32,635
32,759
32,871
33,150
33,369
33,494
33,717
33,979
34,040
34,147

2,418
2,457
2,500
2,533
2,574
2,600
2,609
2,600
2,623
2,696

23,769
24,005
24,174
24,384
24,572
24,795
25,035
25,260
25,574
25,927

2,066
2,086
2,102
2,129
2,147
2,177
2,205
2,241
2,260
2.275

2,956
2,978
3,000
3,023
3,045
3,066
3,049
3,061
3,075
3,087

3,389
3,405
3,448
3,468
3,581
3,636
3,653
3,696
3,774
3,883

84,912
85,324
85,627

12,348
12,323
12.153

9,233
9,242
9.091

2,643
2,664
2,649

472
417
413

37,061
37,130
37,384

34,305
34,367
34.611

2,756
2,763
2,773

26,223
26,474
26.727

2,310
2.344
2,367

3,127
3,144
3,1.59

3,843
3,909
3,837

1954—March
April
Tune . . . .
July
August
September
October
November
December
1955—January
February
March

71
115

396
511
684
792
915
1,010
1,037
1,140
1.130
1,060
922
755

555
523

1

Includes United States and foreign.
government only.
Includes International Bank for Reconstruction and Development.
*These represent annual statement asset values, with bonds carried on an amortized basis and stocks at end-of-year market value.
*These represent book value of ledger assets. Adjustments for interest due and accrued and differences between market and book values
are not made on each item separately, but are included in total in "Other assets."
Source.—Institute of Life Insurance—end-of-year figures, Life Insurance Fact Book, 1952; end-of-month figures, The Tally of Life Insurance
Statistics and Life Insurance News Data.
2
Central
3

ALL SAVINGS AND LOAN ASSOCIATIONS IN THE UNITED STATES
[In millions of dollars]
Assets

Assets
End of
year

1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954*

Total 1

Mortgages2

U. S.
Government
obligations

5,733
6.049
6,150
6,604
7,458
8,747
10,202
11,687
13,028
14,622
16,846
19,164
22,585
26.638
31,680

4,125
4,578
4,583
4,584
4,800
5.376
7,141
8,856
10,305
11,616
13,622
15,520
18,336
21,882
26.142

71
107
318
853
1,671
2,420
2,009
1.740
1,455
1,462
1,489
1,606
1,791
1 ,923
2.026

Cash

307
344
410
465
413
450
536
560
663
880
951
1,082
1,306
1,500
1,958

Other 3

940
775
612
493
391
356
381
416
501
566
692
866
1,072
1.258
1,481

Savings
capital

4,322
4,682
4,941
5,494
6,305
7,365
8,548
9,753
10,964
12,471
13,978
16,073
19,143
22,778
27,259

Savings
capital

Total*

Mortgages2

U.S.
Government
obligations

Cash

20,599
21,295
22,585

16,875
17,696
18,336

1,687
1,765
1,791

1,182
1,044
1,306

770
708
1,072

17,656
18,198
19,143

1953—1
2....
3
4....

23,442
24,724
25,582
26,638

19,051
20,099
21,116
21,882

1,926
1,997
1,982
1,923

1,259
1,333
1,196
1,500

1,128
1,218
1,212
1,258

20,072
21,140
21,735
22,778

1954—1 P . . .
2/>...
3*...
4P. . .

27,667
29,105
30,168
31,680

22,722
23,847
25,053
26,142

1,928
1,961
1,972
2,026

1,613
1,782
1 ,671
1,958

1,330
1,442
1,400
1,481

23,901
25,163
25,895
27,259

195.v - I - " . . .

33.006

27,313

2,207

1,911

1 ,514

28,398

End of
quarter

1952—2
3.
4

...

Other 3

P Preliminary.
gross mortgages with no deduction for mortgage pledged shares.
Net of mortgage pledged shares.
3Includes 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,
1
Includes
2

JUNE 1955




673

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 o : year

End of quarter

Asset or liability, and agency

1954
1947

1946

1948

1950

1949

1952

1951

1953
1

Loans, by purpose and agency:
To did dgriculture totdl
Banks for cooperatives
Federal intermediate credit banks.
Federal land banks 3
Federal Farm ^Mortgage Corporation
Farmers Home Administration*
Rural Electrification Administration
Commodity Credit Corporation
•
Other agencies

2,884

3,632

4,362

3,884

4,161

276
336

305
426

302
437

345
510

425
633

528

120
6

To did home owners totdl
Home Owners' Loan Corporation 2
Reconstruction Finance Corporation* *
Veterans Administration

2,299

232

273
986
149
590

659
6
636
10

60
34
80
45
109
523
535
539
525
558
734
999 1,301 1,543 1,742
782
280 1,293 1,729
898
5
6
9
7
7
768 1,251 1,528 2,142
556
4
199
828 1,347 1,850

5,070 6,811
424
673

377
590

2

7,370

6 381>

354
658

3m

25
18
17
596
648
739
1,920 2,096 2,130
1,426 3,076 3,468
6
5
5
2,603 2,930 2,858
2,242 2,462 2,366

486
•1

369
177

231
168

10
137

123

115

6

65

22

24

35

169

246 / 300
1 60

171
153
18

147
145
3

140
138
3

114
112
3

no
108
2

101
99
2

82
80
2

To other industry, totdl
Reconstruction Finance Corporation * '
Department of the Treasury
Other agencies .
.

192

272

310

462

458

488

151

241

272

423

400

415

41

31

38

38

58

74

7 > financing institutions, totdl
Y
Reconstruction Finance Corporation *
Federal home loan banks
Other agencies

314

447

525

445

824

814

864

952

178
44
630

14
293

7
436

6
515

8
433

8
816

8
806

864

952

630

To rdilrodds totdl
Reconstruction Finance Corporation*
Other agencies

...

..

. .

7

4

4

4

108

106

774

343
754

367
638

ie
15
13
701
754
754
2,164 2,200 2,226
2,368 2,457 2,981
4
4
4
2,814 2 818 2 907
2,301 2,392 2,461
104

348
62

367
59

383
63

79
77
2

79
77
2

12
1
G
2

12

12

12

12

516

509

492

415

457

420

294

413

270

349
64

353
67

691

870

689

868

58 { 174
\ 40

191

179
45
678
(8)

675

3

7,965
2,762
42
3,618
1,544

2

2

7,968 8,001
2,788 2,806
3,618 3,570
1,563 1,624

Less: Reserve for losses.

714
•340
278

584
190
294

484
88
297

531
59
366

779 1,095
61
50
609
919

763
57
535

641
29
428

471
32
245

451

438

144

96

100

99

105

109

126

171

184

195

307

113
325

478

Other agencies

623
232
278
113

All other purposes totdl
Reconstruction Finance Corporation * ' . . . .

395

368

476

185

173

140

203

181

255

276

228

6,649 9,714 11,692 12,733 13,228 14,422 17,826 19,883 19,877 18,489 18,603 19,348

Total loans receivable (net)
Investments:
U. S Government securities, totdl
Banks for cooperatives
Federal intermediate credit banks
Production credit corporations
Federal land banks *
. . . .
Federal home loan banks
,
Federal Savings and Loan Insurance Corp.
Home Owners* Loan Corporation^
Federal Housing Administration
Reconstruction Finance Corporation* *
Federal Deposit Insurance Corporation
Other agencies

1,854

2,047

2,075

2,226

43

43

43

43

46
42

51
43

139

274

275

199
12

214
8

199
193

249
200

132

144

188

244

285
1

1,873

1,685

43

48

48
72

44
66

136
145

122
48

47
70
172
17

184
12

74
39

2,602

43

2,969

43

2,421

2,911

63
45

43

50
43

52
5C
42

311
208

387
217

706
222

672
228

316

319

310

257

60
43

1,045 1,020 1,064 1,205 1,307 1,353 1,437 1,526 1,593 1,609
1

28

29

9

1

1

1

Investment in interndtiondl institutions

318

3,385

3,385

3,385

3,385

3,385

3,385

3,385

3,385

3,385

Other securities, totdl
Reconstruction Finance Corporation*

230
159

154
108

133
98

107
83

88
71

78
66

44
36

40
35

40
35

54

46

35

29

22

16

11

8

5

5

4

24

11

6

2

1

1

1

1

1,265
463

822
448

134

138

Department of the Treasury
Other agencies....
Commodities, supplies, and materials, total . . .
Commodity Credit Corporation
Reconstruction Finance Corporation * ^ . . . .
Department of the Treasury
Other agencies
Land, structures, and equipment, total
Public Housing Administration 11 ..
Reconstruction Finance Corporation * 7
Tennessee Valley Authority
Federal Maritime Board and Maritime Adm
Other agencies 12

6 527 6 929

326
61

2,284 5,673 6,102 6,090 6,078 6,110 7,736 8,043 7,987
1,249 1,978 2,145 2,187 2,226 2,296 2,496 2,833 2,783
64
154
101
206
58
52
235
246
45
800 3,450 3,750 3,750 3,750 3,750 3,667 3,620 3,620
«»1,515 1,537 1,539

Foreign, totdl
Kxport-Import Bank
Reconstruction Finance Corporation* 1. .
U. S. Treasury Department9

4

3

2

Bonds, notes, and debentures payable (not
guaranteed), total
Banks for cooperatives
Federal intermediate credit banks. . . ,
Federal land banks2
Federal home loan banks

667

235

1

/
\

1

1

2,988

2,967

43

58
42

43
61
42

687
222

641
228

324

327

1,610 1,624
1

1

3,385

3,385

48

53

5C

4

43
2

3

47
4

1
627 1,549 1,774 1,461 1,280 2,514 2,696 3,369 3,709 3,852
978 2,086 2,202 2,802 3,059 3,302
437 1,376 1,638 1,174
172
142
129
157
108
156
168
91
95
80
159
131 ( 272
32
30
28
327
556
476
470

16,924 12,600 3,060 2,962 2,945 3,358 3,213 8,062 8,035 8,077 8,061 8,046
958
823
128
227
204 1,448 1,352 1,248 1,251 1,173 1,018
96
594
605
199
630
611
175
169
2,861
35
161
830
886 1,048 1,251 1,475 1,549 1,630 1,685 1 ,739
793
754
727
3 301 3,305
7,764 6,507
4,834 4,849 4,829 4,782 4,798
206
465
590
168
561
2,044 1,793
189
511
634 "1,466 1,412
1,252

689

965

772 1,190 1,369 1,330 1,182

70
480

78
490

170
674

181
704

150
619

971 1,072 1 068

69
358

110
520

949

33
293
756
169

133
626

120

131
762

156
640

262

415

204

560

525

445

414

190

115

179

272

For footnotes see following page.

674




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

Date, and corporation or agency
Total

All agencies:
1948—Dec.
1949—Dec.
1950—-Dec.
1951—Dec.
1952—Dec.
1953—Dec.

31
31
31
312
312
312

1954—Mar. 3 1 .
June 30.
Sept. 30.
Dec. 3 1 .
Classification by agency,
Dec. 31, 1954
Farm Credit Administration:
Banks for cooperatives
Federal intermediate credit banks
Production credit corporations
Federal Farm Mortgage Corp
Department of Agriculture:
Rural Electrification Administration
Commodity Credit Corporation
Farmers Home Administration
Federal Crop Insurance Corp
Housing and Home Finance Agency:
Home Loan Bank Board:
Federal home loan banks
Federal Savings and Loan Insurance Corp.
Public Housing Administration 11
Federal Housing Administration
Office of the Administrator:
Federal National Mortgage Association.
Other
Small Business Administration
Export-Import Bank
Federal Deposit Insurance Corp
Tennessee Valley Authority
Federal Maritime Board and Maritime Adm..
Panama Canal Company
Veterans Administration
Department of the Treasury
Foreign Operations Administration
All other

InvestComments
modiLoans ties,
supreCash ceiv- plies,
U. S. Other
and
able
mate- Govt. secusecurials rities rities

Bonds, notes,
U. S. Priand debenGov- vately
Land,
tures payable
ernstruc- Other
ment owned
Other inter- intertures,
asliabil- est
est
and
Fully
ities
equip- sets guarment
anteed Other
by
U. S.

11,692
627
12,733 ,549
13,228 ,774
14,422 ,461
17,826
,280
19,883 2,514

1,854
2,047
2.075
2,226
2,421
2,602

3,518
3,492
3,473
3,463
3,429
3,425

3,060
337
2,962
509
2,945
499
3,358
882
3,213
832
8,062 1,261

1,190
1,369
1,330
1,182

39,313 1,139 19,877 2,696
39,602 1,232 18,489 3,369
40,443 1,324 18,603 3,709
41,403 1.371 19,348 3,852

2,969
2,911
2,988
2,967

3,425
3,439
3,433
3,432

8,035
8,077
8,061
8,046

1,173
2,085
2,325
2,387

949
971
1,072
1,068

21,718
630
23,733
441
24,635
642
26,744
931
29,945
944
38,937 1,190

437
729
46
15

363
638

965 1,663 18,886
772 1, 720 21,030
1,193 21,995
1,161 23,842
1,728 26,456
3 , 818 33,429

156
640

2,223
2,915 3,302
597 (8)

1,561
236
338
545

47
2
18
46

868

2,573
930
27
2,863
1 ,633
1 ,951
5,451
464
540
8,752
1 ,637
921

94
71
1
8
3
171
267
26
124
117
12
222

2,462
189
25
2,826

327

1,624

()

3,427
379

()
, 739
,798
421
3
142
61

18
39
8
()
28
6
11
339
4
26
1,051
132

470
486
498
508

30

2,336
2,615 4,116
8
657
9
15

105
340
26
2
5
6
112
124

641
228

112
47

384
3,935
1 ,624
127

1
152

32 ,899
34,030
36,488
35,610

250
84
46
15

4,920
4,033
2,357
4,183

13

2,337
6,731
664
24

166
183
234
329
378
434

272

810
10
21
174

479

226
318
339
2,564
922
27

127

2,736

90
53
155
13
7
23
7
38

1,543
1,897
5,295
451
533
8,729
1,630
884

1

Loans by purpose and agency are shown on a gross basis; total loans and all other assets are shown on a net basis, i.e., after reserve for
losses.
2
Several changes in coverage have been made over the period for which data are shown. The more important are: exclusion of the following
agencies after repayment, of the U. S. Government interest—Federal land banks after 1946 and the Home Owners' Loan Corporation after
June 1951; exclusion of the United States Maritime Commission (including War Shipping activities) after 1947, when this agency ceased to report
to the U. S. Treasury; and inclusion of the Mutual Security Agency (superseded by the Foreign Operations Administration) beginning June 1952
and of the Federal Maritime Board and Maritime Administration beginning June 1953.
sFigures for this agency for the early years shown have been adjusted to include activities of its predecessor, the Farm Security Administration, and of the Regional Agricultural Credit Corporation and also the Emergency Crop and Feed Loans of the Farm Credit Administration.
^Figures for RFC Mortgage Co., whose assets and liabilities were taken over by the Reconstruction Finance Corporation in 1947, are included with "Other agencies" in 1945 and 1946.
5
The RFC Liquidation Act approved July 30, 1953 (67 Stat. 230) terminated the RFC's lending authority effective Sept. 28, 1953. Its lending
activities under the Federal Civil Defense Act of 1950 and the Defense Production Act of 1950 were transferred to the Treasury on that date.
When the Corporation went out of existence on June 30, 1954, certain loans, securities, and other assets were transferred to the Federal National
Mortgage Association, the Small Business Administration, and the Export-Import Bank, and the Treasury assumed responsibility for completing
liquidation of other activities.
Reconstruction Finance Corporation loans to aid home owners, which increased steadily through the first three quarters of 1947 and during
1948,T appear to have been included with "other" loans in the statement for Dec. 31, 1947.
Figures adjusted to include certain affiliates of the Reconstruction Finance Corporation. Several of these—including the Defense Plant
Corporation, Defense Supplies Corporation, Metals Reserve Company, and Rubber Reserve Company—were merged with the parent effective
July 81, 1945. Most of their activities were reflected under "Commodities, supplies, and materials" and "Land, structures, and equipment."
9
Less than $500,000.
Figures represent largely the Treasury loan to United Kingdom and through 1952 are based in part on information
not shown in Treasury compilation.
10
Represents lending under Mutual Security Agency (predecessor of FOA) included in the Treasury compilation beginning with balance
sheet for June 30, 1952; figure not published in Treasury compilation, but. derived by Federal Reserve.
11Reflects activities of the Federal Public Housing Authority under the U. S. Housing Act, as amended, until July 27, 1947, when these activities were transferred to the newly established Public Housing Administration. War housing and other operations of the Authority—shown on
the Treasury Statement, with "other agencies" through 1947—were not transferred to the PHA until 1948. Effective July 1, 1954, the public war
housing program of the PHA (represented largely by "Land, structures, and equipment") and several small housing programs managed by the
Office 2of the Administrator, Housing and Home Finance Agency, were designated to be liquidated by the Office of the Administrator^
1
Beginning 1951, includes figures for Panama Canal Company, a new corporation combining the Panama Railroad Company (included in
earlier Treasury Statements) and the business activities of the Panama Canal (not reported prior to that time). See also footnote 11.
1
3 See footnote 11.
NOTE.—Statement includes certain business-type activities of the United States Government. Figures for some agencies—usually small
ones—may be for dates other than those indicated. Comparability of the figures with those for years prior to 1944 has been affected by (1) the
adoption of a new reporting form beginning Sept. 30, 1944, and (2) changes in activities and agencies included (see footnote 2).. For back figures
see Banking and Monetary Statistics, Table 152, p. 517.

JUNE 1955




675

SECURITY MARKETS
Bond prices

Stock prices

Common

U. S. Govt.
(long-term)
Year, month,
or week
Old
series 2

Number of issues.
1952 average
1953 average
1954 average
1954—May
June
July
Aug
Sept. . .
Oct
Nov
Dec.

Standard and Poor's series
(index, 1935-39—100)

CorMupoPrenicipal rate
(high- (high- ferred «
New grade)4 grade)4
seTories 3
tal

3-7

1

97.27
93.90 ioiiic
99.51
109.60
99.68
109 74
99 49 109.39
100 36 111.07
100.28 111.50
99 92 110 68
99.69 110.59
99.27 109.88
98 97 109 91

I

Industrial

Railroad

Public
utility

Volume
of
trading 6
(in
Manufacturing
Trade,
thoufinTrans- Pub- ance, Min- sands
lic
of
Du- Non- porta- util- and
ing shares)
Todu- tion
raity servratal
ice
ble
ble

Securities and Exchange Commission series
(index, 1939=100)

Total

480

420

20

40

265

170

98

72

21

29

31

14

129.3 115.8 169.7 188
119.7 112.1 164.0 189
125.8 117.2 174.5 227

204
204
250

169
170
180

118
122
136

195
193
230

220
220
271

189
193
245

249
245
295

221
219
233

118
122
136

206
207
236

276
240
267

1,313
1.419
2.270

173
176
184
187
182
187
197
218

135
135
140
142
141
139
141
144

223
224
233
237
240
244
254
268

2,096
1 919
2,469
2,588
1 963
2,103
3,196
3,475

145
150
150
152
152
152
152
152
152
153

15

17

15

123.6
123.9
126.9
128.4
127.2
126.9
127.4
126.6

117.5
117 0
117.5
117.8
117 6
117.5
117.4
117.0

173.8
172 9
173.3
174.7
175.8
178.1
178.9
178.3

220

242

222
231

244
255

244
252
265

271
282
297

269
278

302
312

285

320

222
232
238
252
251

288
286
285
283
287

324
320
319
318
322

255
252
252
2-49
251

1955—Tan
Feb
Mar.
'\pr.
May

97.88 108.43
96.97 103.51
97 08 103 63
96 31 103 43
96.53 103.66

125.4
125.0
124.4
124.9
125.1

116.7
115.7
115 4
115.3
114.7

175.7
1 75.0
1 74.6
176.0
1 75.6

Week ending:
Apr. 30
Mav 7
Mav 1 4 . . . .
May 21 . . . .
Mav 28

96.21
96.27
96.56
96.70
96.56

103.47
103.56
103.65
103.66
103.70

125.1
125.1
125.1
125.3
124.9

115.2
114.9
114.7
114.6
114.5

175.9
1 75.7
175.6
1 75.7
175.2

236
239

278
286

261
264

311
322

263

232

291

221

134

226

270

263
275

237
254

288
294

225
234

301
309

237
236

134
139

228
236

266
257

291
305
323

267
284
298

313
324
345

240
259
285

138
141
144

249
260
268

269
278
310

271
281
280
287
289

326
340

307
320

344
358

288
300

145
150

318
327

354
365

305
320

151
152

270
276

314
315

337
347

350

324

372

326

154

280

303

3,555
3,201
2 907
2 ,680
2,163

290
290
286
289
291

351
351
346
350
352

329
327
319
324
327

370
372
371
373
374

329
330
322
324
327

153
154
153
153
154

276
279
277
283
284

305 1
305
298
304
305 :

2,5 76
2,313
2,208
2,138
2,028

280
286

257
260

141
140

243
247

275
277

263
268

315
311

1
Monthly and weekly data for U. S. Government bond prices and volume of trading are averages of daily figures; for other series monthly
and weekly data are based on figures for one day each week—Wednesday closing prices for municipal and corporate bonds, preferred stocks, and
common stocks (Standard and Poor's Corporation) and weekly closing prices for common stocks (Securities and Exchange Commission).
2
Fully taxable, marketable 2}4 per cent bonds first callable after 12 years. Of these the 1967-72 bonds are the longest term issues. Prior
3
to Apr. 1, 1952, only bonds due or first callable after 15 years were included.
The 3 ^ per cent bonds of 1978-83 and, beginning Feb. 1,
1955,' the 3 per cent bond of February 1955.
* Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond.
5
Standard and Poor's Corporation. Prices derived from averages of median yields on noncaliable high-grade stocks on basis of a $7 annual
8
dividend.
Average daily volume of trading in stocks on the New York Stock Exchange.
Back figures.—See Banking and Monetary Statistics, Tables 130, 133, 134, and 136, pp. 475, 479, 482, and 486, respectively, and BULLETIN
for May 1945, pp. 483-490, and October 1947, pp. 1251-1253.

CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE
FIRMS CARRYING MARGIN ACCOUNTS
[Member firms of New York Stock Exchange. Ledger balances in millions of dollars]
Debit balances
End of month

1951—June
December. .
1952—June
December.
1953—June
December.,.

Debit
Debit
Customers' balances in balances in
partners'
firm
debit
balances investment investment
and trading and trading
(net)i
accounts
accounts
1.275
1,292
1,327
1,362
1 ,684
1,694

81,786
1954—April
81,841
May
1.857
June
31.926
July
31,998
August
September.. 32,081
O c t o b e r . . . . 32,131
November. . 82,242
December... 2.443
1955—January
February .
March
April

32 558
32,653
32,701
3
2 752

Credit balances
Customers'
credit balances 1

Cash on
hand
and in
banks

Money
borrowed 2

10
12
9
8
7

8

375
392
427
406
347
404

364
378
365
343
282
297

10

492

309

11

626

348

Other credit balances
In firm
In partners'
investment investment In capital
and trading and trading accounts
(net)
accounts
accounts

Free

Other
(net)

680
695
912
920
1,216
1,170

834
816
708
724
653
709

225
259
219
200
163
208

26
42
23
35
23
28

13
11
16
9
16
31

319
314
324
315
319
313

31,094
31,186
1,173
31,169
31,194
31,291
31,364
31.416
1,616

3819
3836
838
3877
3910
3924
3924
3972
1,023

248

23

45

372

287

53

65

401

31,696
31,779
31,939
«2\062

31,069
3 1,063
31.022
3973

1
Excludes balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2)
of firms' own partners.
2
Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges).
8
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, 63; March, 49; April, 48.
NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the
method by which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last
column is not to be taken as representing the actual net capital of the reporting firms.
Back figures.—See Banking and Monetary Statistics, Tables 143 and 144, pp. 501-503,

676




FEDERAL RESERVE BULLETIN

MONEY MARKET RATES
[Per cent per annum]

Year,
month, or
week

Prime
commercial
paper,
4- to 6months 1

Finance
company
paper
placed
directly,
3- to 6-1
months

BANK RATES ON BUSINESS LOANS
AVERAGE RATES ON SHORT-TERM LOANS IN
SELECTED CITIES
[Per cent per annum]
Size of loan 'thous. of dol.)
All
Area and period
110100200
loans
100
10
200 and over

U. S. Government
securities (taxable)
Prime
bankers'
accept- 3-month bills
ances,
9-to 12- 3- to 590
year
Rate month
days 1 Market on new issues2 issues8
yield
issues

1952 a v e r a g e . . . .
1953 a v e r a g e . . . .
1954 a v e r a g e . . . .

2.33
2.52
1.58

2.16
1.33
1.41

L75
L .87
1.35

1.72
1.90
.94

1.766
1.931
.953

1954—May
July
Aug
Sept
Oct
Nov
Dec.

1.58
1.56
1.45
1.33
1.31
1.31
1.31
1.31

L .38
1.31
[ .25
t .25
1.25
1.25
1.25
1.25

1.25
L .25
L.25
1.25
1.25
1.25
1.25
1.25

.76
.64
.72
.92
1.01
.98
.93
1.14

.782
.76
.650
.76
.710
.65
.892 . .64
1.007
.89
.987
1.03
.948
.94
1.174
1.10

L .78
1.79
L.69
1.74
.80
L .85
1.90
L.94

1955—Jan
Feb
Mar
Apr
May

1.47
1.68
1.69
2.00
2.19

L .37
1.50
L.50
.73
1.88

L .33
L .38
1.38
1.43
1.50

1.23
1.17
1.28
1 .59
1.45

1.257
1.177
1.335
1.620
1.491

1.36
1.41
1.49
1 .71
1.72

2.11
2.18
2.30
2.39
2.40

Week ending:
Apr. 3 0 . . .
Mav 7 . . .
May 1 4 . . .
Mav 2 1 . . .
May 2 8 . . .

2.16
2.19
2.19
2.19
2.19

.85
..88
.. 88
.88
t.88

L.50
.50
.50
. 50
1.50

1.62
1.55
1.42
1.41
1.44

1.697
1.627
1.440
1 .427
1.47.1

1.79
1.75
1.71
1.70
1.70

Annual averages:
19 cities:
1946
1947
1948 . . .
1949
1950
1951 . . .
1952
1953
1954

2.43
2.41
2.39
2.38
2.41

June

1.81
2.07
.92

J.13
£.56
.82

Quarterly:
19 cities:
1954—June
Sept
Dec...
1955—Mar
New York City:
1954—June
Sept.
Dec
1955—Mar
7 Northern and Eastern cities:
1954—j u n e
Sept
Dec .
1955—Mar
11 Southern and
Western cities:
1954—June
Sept
Dec...
1955—Mar

••Revised.
*Data are averages of daily prevailing rates.
includes certificates of indebtedness and selected note and bond issues.
Series includes selected note and bond issues.
Back figur*.;;.—See Banking and Monetary Statistics, Tables 120-121, pp.
448-459, and BULLETIN for May 1945, pp. 483-490, October 1947, pp. 12511253, and February 1955, p, 215.
2
Series
8

2
2
2
2
2
3
3

1
1
5
7
7
1
5

1.7
1.8
2.2
2.4
2.4
2.9
3.3
3.5
3.4

2.2
2.5
2.8
3.0

3.7
3.6

4.7
4.9
5.0
5.0

3.1
3.1
3.5
3.7
3.6
4.0
4.2
4.4
4.3

3 60
3.56
3 55
3.54

4.97
4.99
4.92
4.93

4.35
4.32
4.29
4.29

3.89
3.82
3.84
3.83

3
3
3
3

34
29
30
29

4.75
4 81
4.66
4 68

4.24
4.21
4.15
4.14

3.71
3.54
3.64
3.65

3.37
3.32
3.31
3.30
3.19
3.13
3.15
3.14

3 61
3.57
3 55
3 55

5 04
5.07
4 99
5.02

4.31
4.34
4.31
4.32

3.83
3.94
3.89
3.84

3.42
3.36
3.33
3.35

3.98
3.95
3 90
3.87

5.05
5.03
5 01
5.00

4.43
4.39
4.36
4.35

4.05
3.91
3.93
3.92

3.67
3.68
3.60
3.54

4.2
4.2
4.4
4.6

4 5

3 0
3.4
3.7
3.9
3.9

NOTE.—For description of series see BULLETIN for March

1949, 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
seriess

Corporate (Moody's)
Municipal
(highgrade) 4

Aaa

A

30
3.23
3.47
3.18
3.15
3.18
3.17
3.15
3.13
3.14
3.13
3.14

30
3.52
3 74
3 51
3 4^
3 i9
3.50
3 49
3.47
3 46
3.45
3.45

3.15
3.17
3.18
3.19
3.21

3.45
3.47
3.48
3.49
3.50

40
3.00
^.30
3 09
3.06
3.10
3 10
3.07
3.07
3.06
3.06
3.07
3.08
3.12
3.14
3.14
3.17

3.19
3.20
3.21
3.22
3.23

3.49
3.49
3.50
3.49
3.50

3.15
3.16
3.16
3.17
3.17

120

30

30

2.70

319
3.43
3.16

2.72
2.70
2 62
2 60
2.64
2 65
2.68
2 68

2.49
2.48
2.31
2.23
2.29
2.32
2.29
2.33

3.13
3.16
3.15
3.14
3.13
3.13
3.13
3.13

2.96
3.20
2.90
2.88
? 90
2.89
2.87
2.89
2.87
2.89
2.90

2.65
2.72
2.71
2.77
2.75

2.76
2 92
2.92
2.92
2.91

2.39
2.42
2.45
2.43
2.41

3.15
3.18
3.20
3.21
3.23

2.93
2.99
3.02
3.10
3.04

3.04
3.31
3.06
3 03
3 06
3.04
3.03
3.04
3.04
3.04
3.04
3 06
3.10
3.13
3.13
3.15

2.77
2.77
2.75
2.74
2.75

2.92
2.92
2.92
2.91
2.91

2.41
2.41
2.41
2.40
2.42

3.21
3.21
3.23
3.23
3.23

3.01
3.02
3.04
3.04
3.05

3.14
3.14
3.15
3.15
3.15

3.16

1954 average
1954—May
June
July
August
September,..
October
November.. .
December...

2.52
2.54
2.47
2.4S
2.51
2.52
2.55
2.57

1955—January
February....
March
April
....
May
Week ending:
Apr. "30
May 7
Mav 14
May 21
May 28

Industrial

Aa

15

1

Dividends/
price ratio

By groups

By ratings
Total

2 19
2 72
2.37

3-7
2.68
2.93
2.53

1952 average

Industrial stocks
3

Baa

Railroad

40

ComPublic Pre7
utility ferred « mon

3.25
3.28
3.31
3.30
3.32

40
3.20
3.45
3.15
3.13
3.15
3.13
3.12
3.13
3.U
3.10
3.10
3.12
3.15
3.17
3.17
3.19

3.31
3.31
3.32
3.32
3.33

3.17
3.18
3.20
3.20
3.20

3.36
3.55
3.25
3.21
3.23
3.23
3 21
3.22
3.23
3.22
3.23

Earnings/
price
ratio
Com- 8
mon

3.98
4.00
4.01
3.98
3.99

125
125
5.55
9.49
5.51 10.14
'4.70
8.75
4 81
9.00
4.74
4.54
4.66
7.42
4.31
4.43
4.29
8.15
4.09
4.10
4.14
4.18 '8.16
4.03
4.05

3.98
3.99
3.99
3.98
4.00

4.03
4.04
4.09
4.08
4.03

15

4.13
4.27
4.02
4.03
4.05
4.04
4.01
3.98
3.93
3.92
3.93

'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 of earnings/price ratio).
2
Fully taxable, marketable 2 ^ per cent bonds first callable after 12 years. Of these the 1967-72 bonds are the longest term issues. Prior to
Apr. 3 1, 1952, only bonds due or first callable after 15 years were included.
The 3J4 per cent bonds of 1978-83 and, beginning Feb. 1, 1955, the 3 per cent bond of February 1995.
4
Standard and Poor's Corporation.
5
Moody's Investors Service, week ending Friday. Because of a limited number of suitable issues, there has been some variation in the number of bonds included in some of the groups.
6
Standard and Poor's Corporation. Ratio is based on 9 median yields in a sample of noncallable issues, 12 industrial and 3 public utility.
7
8
Moody's Investors Service.
Computed by Federal Reserve from data published by Moody's Investors Service.
Back figures.—See Banking and Monetary Statistics, Tables 128-129, pp. 468-474, and BULLETIN for May 1945, pp. 483-490, October 1947,
pp. 1251-1253, and February 1955, p. 216.

JUNE 1955




677

TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS
[On basis of monthly statements of United States Treasury]
Summary
Budget receipts and
expenditures

Excess of receipts
or expenditures ( —)

Period

Sales and
Trust redemptions Clearand
in market
ing
other
of Govt.
acacagency
count
counts obligations

Increase or
decrease (—)
during period

General fund of the Treasury
(end of period)
Deposits in

General
fund
balance

Balance
in
general
fund

2,711
7,973
7,777
3,582

62
1,770
-1,488
603

4,295
6,064
4,577
5,180

321
389
346
563

146
176
131
111

2,693
4,368
3,358
3,461

1,134
1,132
742
1,045

-214
-401
-250
-303

-2,135
3,883
6,966
5,189

1,839
-388
—2,299
2,096

7,357
6,969
4,670
6,766

338
333
132
875

250
355
210
274

5,680
5,106
3,071
4,836

1,089
1,175
1,256
781

-136
46
-71
99
-103
30

-255
-64
-248
-250
-58
23

-313
8,286
-1,320
9,097
-3,909
7,490

2,674
-904
-1,394
-94
2,190
-1,587

6,969
6,064
4,670
4,577
6,766
5,180

333
389
132
346
875
563

355
176
210
131
274
111

5,106
4,368
3,071
3,358
4,836
3,461

1,175
1,132
1,256
742
781
1,045

123
32
-34
-83
163
-23
33
-26
511
-37
73
29
n.a.

-511
146
-97
-222
21
104
—209
425
-186
354
36
309
n.a.

2,428
-2,215
-276
3,971
-145
3,942
101
-103
-311
-257
-4,134
2.601
824

700
1,280
-2,542
1,233
-313
1,518
641
-2,124
-451
682
-260
1,250
-522

5,487
6,766
4,224
5,457
5,145
6,663
7,304
5,180
4,728
5,411
5,151
6.401
5,880

422
875
727
511
704
736
694
563
360
564
724
814
649

146
274
196
101
170
175
137
111
320
196
149
362
153

4,095
4,836
2,538
4,078
3,469
4,936
5,584
3,461
2,907
3,561
3,203
4.023
4,054

824
781
764
767
801
816
889
1,045
1,142
1,089
1 .074
1,201
1,023

Net
receipts

Expenditures

Surplus
or
deficit
(->

Cal. yr.—1951 , ,
1952
1953
19541....

52,979
64,840
63,841
61,171

56,337
70,682
72,997
64,854

-3,358
-5,842
-9,157
-3,683

759
49
82
812

56
-90
25
-73

-106
-319
-209
-34

Fiscal yr.—1951. . .
1952. . .
19531..
1954...
Semiannual totals:
1952—Jan.-June.
July-Dec..
1953—Jan.-June.
July-Dec. 1
1954—Jan.-June.
July-Dec.
Monthly:
1954—May
June
July
Aug
Sept
Oct
Nov
Dec
1955—Jan
Feb .,
Mar
Apr
May

47,568
61,391
64,825
64,655

44,058
65,408
74,274
67,772

3,510
-4,017
-9,449
-3,117

295
219
460
332

384
-72
-25
-4

37,947
26,893
37,703
25,757
38,899
22,272

34,496
36,186
37,801
34,484
33,288
31,566

3,451
—9,293
-98
-8,728
5,611
-9,294

-72
121
341
-312
648
164

3,592
10,644
2,827
3,911
4,951
2,639
4,201
3,742
4,655
5,427
9,741
3,732
n.a.

5,203
7,308
4,827
6,731
5,019
4,857
3,842
6,288
4,942
4,831
5,804
5,228
n.a.

-1,611
3,336
-2,000
-2,820
-68
-2,218
358
-2,546
-287
596
3,846
-1,496
n.a.

271
-19
-135
387
-283
-288
358
126
-179
26
-80
-193
n.a.

Gross
direct
public
debt

F. R. Banks
Special
Avail- In proc- deposess of itaries
able
funds collection

Other
net
assets

Budget expenditures
National security
Period
Total

Total2

InterVetnat'l Inter- erans Social
seaffairs
est Admin- curity
DeMutual
on
mili- Atomic and
fense
profitary
4
debt istra- grams
Dept.,
energy nances
tion
promiligram
tary

Transfers
Post
to
and Public office
trust Other
home works defacicit
ficounts
nance

HousAgriculture

Cal. yr.—1951
1952
1953
19541

56,337
70,682
72,997
64,854

33.044
47,936
49.363
42,820

1 .594
3,052
3,784
3,249

1,278
1,813
1,889
1,937

3,524
2,574
2,082
1,265

5,983
6,065
6,357
6,567

5,088
4,433
4,156
4,206

1,463
1,508
1,630
1,653

694
1 ,010
1,564
646
3,238 - 1 5 9
3,437 - 3 9 3

1,438
1,573
1,685
1,526

684
775
525
241

507
510
154
182

2,901
$,098
5,966
5,350

Fiscal yr.—1951
1952....
19531...
1954
Semiannual totals:
1952—Jan.-June..
July-Dec. .
1953—Jan.-June..
July-Dec i .
1954—Jan.-June..
July-Dec. .
Monthly:
1954—Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1955—Jan
Feb
Mar
Apr

44,058
65,408
74,274
67,772

948
21,663 19,148
42,867 38,077 2,292
50,276 43,611 3,956
46,522 40,336 3,629

908
1,648
1,791
1,895

3,798
2,839
2,184
1,553

5,613
5,859
6,504
6,382

5,288
4,748
4,249
4,176

1,415
1,424
1,532
1,640

635
1,219
3,134
2,841

460
614
385
-615

L.458
1,515
1,660
1,519

624
740
659
312

397
567
462
164

2,706
5,015
5,229
5,277

34,496
36,186
37,801
34,484
33,288
31,566

23,444
24,491
25,596
23,750
22,773
20,047

20,652
21,426
22,134
20,819
19,517
17,290

1,353
1,699
2,113
1,671
1,958
1,292

937
876
926
945
950
987

1,467
1,107
1,113
968
585
680

3,099
2,966
3,542
2,816
3,567
3,000

2,269
2,164
2,086
2,070
2,106
2,100

706
802
791
806
834
819

679
885
2,178
1,237
1,604
1,833

222
424
-42
-176
-439
46

657
916
740
900
619
907

420
355
305
220
92
149

84
426
31
118
46
136

L.448
:1,650
L.462
1,774
1,502
1,847

5,296
5,203
7,308
4,827
6,731
5,019
4,857
3,842
6,288
4,942
4,831
5,894
5,228

3,691
3,374
4,663
3,061
3,370
3,261
3,300
3,316
3,739
3,176
3,048
3,759
3,382

3,137
2,834
3,932
2,493
2,913
2,843
2,908
2,853
3,280
3,092
2,705
3,261
3,020

343
331
516
334
228
210
187
181
152
-113
163
63
122

164
169
110
174
169
160
170
156
158
158
151
153
134

105
120
69
81
94
152
73
89
192
171
148
109
78

350
249
1,763
213
332
541
346
368
1,200
222
396
478
355

375
346
370
333
333
320
341
372
401
373
364
386
379

9
5
17
56
4
1
9
1
65
6
1
1
4

259
198
20
468
344
309
279
212
234
273
290
270
-59

29.432
42,078
42,953
36,807

118
468 - 1 9 5
122
694
-14
169
248
-85
139
270
49
118
2,039
-39
137
144
-5
171
170
6
131 - 1 , 0 3 4
96
123
244
-61
181
381
35
119
269
36
119
690
-17
153
781
26

116
109
114 - 4 0
156
137
158
164
142 '148*
149
2
101
23
89
72
85
16
99
31

n.a. Not available.
1
Beginning new reporting basis, described in Treasury Bulletin, April 1954, p. A2.
2
Includes stockpiling not shown separately.
'Consists of foreign economic and technical assistance under the Mutual Security Act, net transactions of the Export-Import Bank, other
nonmilitary foreign aid programs, and State Department.
•Excludes transfers to trust accounts, which are shown separately.

678




FEDERAL RESERVE BULLETIN

TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS—Continued
[On basis of monthly statements of United States Treasury, unless otherwise noted.

In millions of dollars]

Budget receipts
Deduct

Income and profits taxes
Period

Corporation1

Estate
and
gift
taxes1

Excise
taxes1

Unemployment
insurance
taxes

Individual

Total
Other
budget
receipts receipts

Appropriations to:

Net
budget
Refunds receipts
Railroad
of
Old-age retire- receipts
trust
ment
fund
account

Withheld

16,037
20.045
22', 605
20,787
13,535
18,521
21,351
21,635

16,565
22,140
19,045
19,915
14,388
21,467
21,595
21,523

801
849
923
960
730
833
891
945

8,591
9,566
10,288
9,136
8,693
8,893
9,934
10,014

235
266
269
285
234
259
277
285

2,337
2,639
2,570
2,932
2,263
2,364
2,478
2,882

58,941
71,788
71,524
70,217
53,369
67,999
72,649
73,173

3,355
3,814
3,918
5,121
3,120
3,569
4,086
4,537

509
683
628
604
575
738
620
603

2,098
2,451
3,137
3,322
2,107
2,302
3,118
3,377

52,979
64,840
63,841
61,171
47,568
61,391
64,825
64,655

9,008
2,826
8,481
2,593
8,154
2,323

14,318
7,821
13,773
5,375
16,148
3,767

459
390
502
405
540
420

4,519
5,048
4,931
5,405
4,609
4,527

224
42
234
40
245
40

,251
,388
,137
,255
,627
1,305

42,242
29,546
42,910
28,195
44,978
25,239

1 ,922
1,891
2,195
1,722
2,8.15
2,305

373
311
311
321
282
322

2,000
2,700
339

37,947
26,893
37,703
25,757
38,899
22,272

1,108
2,601
1,272
1,035
2,578
1,422
1,077
2,759
1,359

1954

Fiscal yr.—1951
1952 2
1953 .,.
1954
Semiannual totals:
1952—Jan.-June.
July-Dec..
1953—Jan. -June.
July-Dec.2
1954—Jan.-June.
July-Dec.
Monthly:
1954—April
May
June
July
August...,
September
October. . .
November.
December.
1955—January...
February..
March
April

10,311
11,834
11,279
10,477
9,830
11,359
11,417
10,747

10,220
9,825
11,347
11,078
10,558
10,230

Cal. yr.—1951
1952
1953 2

Other1

808
140
1,342
252
93
1,429
199
78
272
2,239
881
745
2,190

645
358
6,956
532
300
1,104
361
290
1,181
355
274
6,812
478

94
73
103
77
64
72
65
61
82
62
67
151
77

763
804
731
713
766
767
785
781
715
649
709
841
717

5
17
1
4
16
1
4
16
(8)
31
167
20
4

234
215
389
299
166
164
187
272
216
483
321
191
171

3,956
5,037
11,347
3,148
4,801
5,280
2,887
4,905
4,217
4,833
5,954
11,089
4,941

906
616
150
85
70
8
39
56
82
48
208
741
874

2,751
3,592
10,644
2,827
3,911
4,951
2,639
4,201
3,742
4,655
5,427
9,741
3,732

884
2,916
1,721
967

Total 4

Cal. yr.—1951
1952
1953
1954
Fiscal yr.—1951....
1952....
1953
1954
Semiannual totals:
1952—Jan.-June..
July-Dec..
1953—Jan.-June..
July-Dec...
1954—Jan.-June..
July-Dec...
Monthly:
1954—Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1955—Tan
Feb
Mar
Apr

Other accounts5

Investments8

Other4

Receipts

Investments

Expenditures

759
49
82
2807
295
219
2460
332

7,906
8,315
8,123
9,191
7,251
8,210
8,529
8,708

3,155
3,504
2,387
1,177
3,360
3,361
3,059
1,687

4,507
4.942
5,811
7,717
3,752
4,885
5,257
6,846

271
329
153
405
196
275
242
367

786
508
310
915
353
530
489
524

988
1,127
1,025
995
1,032
835

-72
121
341
2-312
644
164

4,242
4,073
4,458
3,660
5,048
4,143

2,009
1,495
1,564
823
864
313

2,486
2,456
2,802
3,003
3,843
3,874

223
106
136
37
331
74

404
105
385
-109
633
282

74
263
157
7328
-276
377
337
-322
391
340
-269
360
n.a.

-375
271
-19
— 135
387
-283
-288
358
126
-179
26
-80
-193

436
1,212
1,467
389
1,200
414
334
956
850
227
569
729
489

25
330
888
-98
281
-82
-148
111
249
-334
-126
39
-358

665
630
651
648
606
682
640
641
657
704
697
733
700

13
61
-79
7
30
34
6
56
-58
200
47
58
-55

-102
80
-26
32
104
-63
— 124
210
124
164
75
21
395

Total

Liquor

8,682
9,558
9,714
9,248
8,704
8,971
9,946
9,517

2,460
2,727
2,819
2,707
2,547
2,549
2,781
2,783

,446
,662
,614
,543
,380
,565
,655
,580

2,790
3,054
3,262
3,131
2,841
2,824
3,359
3,127

1,987
2,115
2,020
1,867
1,936
2,032
2,151
2,027

4,531
5,027
4,919
4,795
4,722
4,527

1,245
1,482
1,299
1,521
1,262
1,445

817
845
810
804
777
766

1,481
1,573
1,786
1,476
1,651
1,480

477
1,343
561
713
765
766
786
778
719
654
707
844
n.a.

223
222
246
226
207
250
273
280
209
155
181
246
n.a.

130
130
147
123
141
137
134
124
108
131
119
139
n.a.

50
727
11
38
692
3
42
696
10
27
676
99
n.a.

Tobacco

21
71
45
20
76
47
21
94
64
17
64
46
19

Social security,
retirement, and
insurance accounts

Excise and miscellaneous taxes
Manufacturers'
and retailers'
excise

395

2,982

Trust and other accounts

Internal revenue collections
(on basis of Internal Revenue Service reports)
Period

278
759
507
217
743
274
188
554
329
113
255
562
316

451

Other

n.a. Not available.
1
Corporation and estate and gift taxes are from Internal Revenue Service reports prior to July 1953.
Excise taxes and nonwithheld individual taxes for that period are obtained by subtracting IRS data from appropriate Treasury daily statement totals.
2
3
4
Beginning new reporting basis. See footnote 1 on preceding page.
Less than $500,000.
Excess of receipts, or expenditures (—).
5
Consists of miscellaneous trust funds and accounts and deposit fund accounts. The latter reflect principally net transactions of Government sponsored corporations, European Payments Union deposit fund, and suspense accounts of Defense and other Government departments.
Investments of wholly owned Government corporations are included as specified in footnote 6, but their operating transactions are included in
Budget expenditures.
6
Consists of fa) net investments in public debt securities of Government sponsored corporations and agencies and other trust funds and
(b) beginning November 1950,7 net investments of wholly owned Government corporations and agencies, which prior to that date are included
with Budget expenditures.
Beginning July, includes undistributed depositary receipts.

JUNE 1955




679

TREASURY CASH INCOME, OUTGO, AND BORROWING
DERIVATION OF CASH RECEIPTS FROM A N D PAYMENTS TO THE PUBLIC
[On basis of monthly and daily statements of United States Treasury and Treasury Bulletin. In millions of dollars]
Cash withdrawals, other than debt

Cash deposits, other than debt

Less:

Plus:

Equals.
Plus:
Plus:
Less: Plus: Equals: Budget Trust
Exch. Clear- Trans, Other
Cash
Net
exTrust Intra- Other Cash
outwithand Intra- Accru- Stabi- ing
adBudget acct.
deadpendiGovt.1
lizaside
drawjustrec'ts. rec'ts. trans.
acposits
tures other Govt. als to3 tion
Treas. just- 2
als
accts. trans.1 public
ments 2
Fund 4 count acct. 5 ments

Period

59,338
71,396
70,440
68,595

56,337
70,682
72,997
64,854

4,397
4,825
5,974
7,182

2,221
2,150
1,989
2,086

567
734
575
565

-26
38
-82
-188

106
319
209
34

58,034
n.a.
1,304
n.a.
72,980 -1,583
76,529 -6,090
n.a.
-274
- 3 5 68,896
-301

53,439
68,093
- 2 1 5 71,345
101 71,815

44,058
65,408
74,274
67,772

3,945
4,952
5,169
6,769

1,923
2,104
2,194
2,097

477
710
694
509

-13
9
-28
-109

214
401
250
303

-79
-170
-155
-274

34,496
36,186
37,801
34,484
33,288
31,566

2,298
2,527
2,642
3,405
3,364
3,817

1,110
1,039
1,144
849
1,248
838

338
396
298
277
234
331

22
16
-44
-38
-71
-117

255
64
248
250
53
-23

n.a.
n.a.
n.a.
374
-71
-202 -223
-94
188

45
898
130
49
100
74
58
427
42
5?.
64
n.a.
n.a.

43
76
70
38
57
50
45
71
51
-18
4
31
39

-33

511
-146
97
222
-21
-104
209
-425
186
-354
-36
-309

Cal. yr.—1951
1952
1953
19546

52,979
64,840
63,841
61,171

8,582
8,707
8,596
9,571

2,221 n.a.
2,150 n.a.
1,989 n.a.
2,086
-65

Fiscal yr.—1951
1952
19536.. m
1954
Semiannual totals:
1952—Jan.-June. .
July-Dec.. .
1953—Jan.-June. .
July-Dec. 6.
1954—Jan-June. .
July-Dec. .
Monthly:
1954—May
June
July
Aug
Sept
Oct
Nov
Dec
1955-—Tan
Feb
Mar
Apr
May

47,568
61,391
64,825
64,655

7,796
8,807
8,929
9,155

1,923
2,104
2,194
2,097

37,947
26,893
37,703
25,757
38,899
22.272

4,458
4,248
4,683
3,953
5,203
4,368

1,110 n.a.
1,039 n.a.
1,144 n.a.

3,592
10,644
2,827
3,911
4,951
2,639
4,201
3,742
4,655
5,427
9,741
3,732
n.a.

1,230
1,448
434
1,224
457
370
994
890
268
600
778
528

n.a.

849

1,248
838

Excess
of deposits
or
withdrawals
)

41,293
30,104
41,241
376 29,199
- 2 4 2 42,615
177 25,980

104
4,882
104 11,298
130 - 1 7 3
2,958
5,375
289
49
5,280
100
-28
2,617
74 - 3 1 8
5,122
-14
58
427
421 4,626
4,299
\'K - 5 8 2
332 6,306
53
64
488 10,943
3,651
n .a.
5,547
n.a.

45
898

5,203
568
7,308
658
4,827
660
6,731
526
5,019
788
4,857
800
3,842
469
6,288
573
4,942
581
4,831
653
5, 8<>4
761
5,228 1,134
n.a.
n.a.

-31
16
-112
—6
-9
25
"-8
-36
-6

45,726
67,786

7,714
307

- 2 1 5 76,407 -5,062
118 71,974
-159
5,671
35,622
37,357 -7,254
2,038
39,203
37,244 -8,045
7,886
34,730
34,167 -8,187

-38
-25
-39
-28

105
93
-170
407
Q
-145
-7
-320
-1
-33
— 11
449
- 2 4 -582
-40
434
-63
479
n.a.
n.a.

6,228
6,915
5,144
7,788
5,364
5,096
4,374
6,401
5,009
5,481
6,932
5,355
6,278

-1,347
4,384
-2,186
-2,412
-84
-2,478
748
-1,775
-710
825
4,010
-1,704
-731

n.a. Not available.
^Represents principally (1) interest payments between Treasury and Government agencies and trust funds, (2) transfers
shown as Budget expenditures, and (3) payroll deductions for Federal employees retirement funds.
2
Represents principally adjustment for differences in reporting bases as between the monthly and daily Treasury statements.
3
Represents principally excess of interest accruals over payments on savings bonds and Budgetary expenditures involving issuance of Federal securities; the latter include mostly armed forces leave bonds and notes issued to the International Bank and Monetary Fund, which are
treated as noncash expenditures at the time of issuance and cash expenditures at the time of redemption.
4
Cash transactions between International Monetary Fund and Exchange Stabilization Fund. (See footnote 3).
6
To exclude net transactions not cleared through Treasurer's account in securities by Government agencies, adjusted in table below.
6
Beginning new reporting basis. See Treasury Bulletin for April 1954, p. A2. Cash withdrawals on the old daily statement basis are not
comparable to the new reporting basis, because data were not available for adjustments described in footnotes 2 and 5.

DERIVATION OF CASH BORROWING FROM OR REPAYMENT OF BORROWING TO THE PUBLIC

Period

Cal. yr.—1951
1952
1953
19547
Fiscal yr.—1951
1952 7
1953
1954
Semiannu a 1 totals:
1952— Jan.-June.. .
July-Dec. . .
1953—Jan.-June.. .
July D e c . 7 . .
1954—Jan J u n e . . .
July-Dec. . .
Monthly1954—Mav
June
July
Aug
Sept
Oct
Nov
Dec
1955—Jan
Feb
Mar
Apr
May

Plus:

Less: Noncash
debt transactions

Details of net cash borrowing from or
Equals: repayment ( —) of borrowing to the public*
Met
cash
borrowSavDirect
Postal
ing, or
ings
Sav.
Savrepay t. mktable. bonds
and
Sys. Other «
ings
( - ) , of
(issue notes special
COnv.
borrowissues
ing
issues 4 nrice)

Increase,
or decrease
( - ) , in
gross
direct
public
debt

Guaranteed

Nonguaranteed

Adjustment
for
trans,
outside
Treas.
acct. l

2,711
7,973
7,777
3,582
-2,135
3,883
6,966
5 189

18
12
22
-42
10
16
7
29

37
-102
-3
-31
374
-88
-32
-33

n.a.
n.a.
n.a.
-266
-79
-170
-155
-257

3,418
3,$33
2,540
1,582
3,557
3,636
3,301
2,054

718
770
591
577
638
779
718
524

-125
-74
66
176
-149
-79
3
94

-1,242
3,353
4,601
906
-5,874
-695
2,763
2,255

1 ,999
5,778
64,829
3,071
-3,943
1,639
«5,294
2,530

-313
8,286
-1,320
9,097
-3,909
7,490

3
8
-2
24
6
-47

-139
37
-69
76
-109
78

n.a.
n.a.
n.a.
-71
-183
-83

2,232
1,601
1,700
860
1,194
387

361
409
308
283
241
336

-45
-29
34
30
64
112

-2,998
6,351
-3,433
7,952
-5,694
6,600

-1,544
7,322
6-2,028
6,837
-4,307
7,378

-285
-955
-121
-829
618 - 1 , 3 3 5
-362
1,583
-19
-955
-156
—514

-81
-32
-68
-94
-145
-SO

2,428
-2,215
-276
3,971
-145
3,942
101
-103
-311
-257
-4,134
2,601.
824

1
1
-61
6
1
5
1
8
()
-10
3
6
5
5

122
31
27
-90
161
-28
32
-25
521
-40
67
24
n.a.

-37
-36
-36
90
-125
-9
-20
17
-24
62
-72
n.a
n.a.

391
809
-91
311
-48
-142
167
191
-134
-79
97
-413
n.a.

44
76
71
39
58
51
45
72
51
-17
5
31
39

32
-1
30
-17
111
5
9
-26
-1
7
35

2,046
-3,104
-356
3,645
-229
3,996
-107
-349
259
-143
-4,270
2,955
209

2,133
-2,773
-77
3,680
-105
4,129
-50
-198
-211
-241
-4,291
3.144
Pi,780

5 -152
-267
-57
-88
-137
-64
33
-101
-44
-64
-12
—62
12
-136
-9
-56
51
-59
169
-129
94
-42
—88
-32 -1,476

—22
-16
7
-7
-8
-20
-22

Cash issuance of
securities of
Federal agencies

2
Net inv. Accruals to public
in Fed.
Int. on Payts.
sec. by
sav.
in
Govt.
bonds
form
agen.
of
and
and tr.
Fed.
Treas.
funds
sec.
bills

- 1 ,H>i

-406
6 -344
-175
-467
-717
6-94
-381

46
- 1 ,099
-997
-1,784
-113 -122
-30
-162
248
-195 - 3 2 6
-1,469
286
-657 -1.093
-155 - 2 5 2
-1,209
-100 " - 1 7 3
-2,164
628 - 2 3 9 - 2 8 3
-134
11
-20
-12
-268
-58

82
9
-61
3
28
-37
15
-6
501
-26
16
-27
-5
62
-30
-30
-25 P-38

n.a. Not available.
vPreliminary.
1
Adjustment described in footnote 5 above, plus other small adjustmerts for differences in reporting bases.
2
Differs from "accruals to the public" shown in preceding table, principally because adjustments to Exchange Stabilization Fund are included.
3Includes redemptions of tax anticipation securities and savings notes used in payment of taxes.
4
Most changes in convertible Series B investment bonds, 1975-80, reflect exchanges of, or conversions into, marketable issues and thus cancel
out in this column. An exception was the sale for cash of about 300 million dollars in June 1952.
includes cash issuance in the market of obligations of Government corporarions and agencies and some miscellaneous debt items.
•Excludes exchanges of savings bonds into marketable bonds, the amount of 409 million dollars.
7
8
Beginning new reporting basis. See footnote 6 above.
Less than $500,000.
FEDERAL RESERVE BULLETIN
680




TREASURY GASH INCOME, OUTGO, AND BORROWING—Continued
DETAILS OF TREASURY CASH DEPOSITS AND WITHDRAWALS 1
[Classifications derived by Federal Reserve from Treasury data. In millions of dollars]
Cash.,withdrawals

Cash deposits
Period

Total

Direct
taxes on
individuals 2

Direct Excise Social
taxes on and
ins.
corpo- misc.
rerations taxes ceipts 3

Other Deduct:
cash Refunds Total
inof recome* ceipts

Nat'l
Int'l
sec.
afpro- 5 fairs 8
grams

Interest on
debt

Social
Vetseerans curity
pro- 7 programs grams 8

Other

Cal. yr.—1951
1952
1953
1954®

59,338
71,396
70,440
68,595

27,149
32,728
34,807
31,936

16,565 8,591
22,140 9,566
19,045 10,288
20,112 8,817

6,362
6,589
6,693
7,654

2,769
2,823
2,744
3,435

2,098
2,451
3,137
3,358

58,034
72,980
76,529
68,896

33,194
47,971
50,294
42,400

3,498
2,612
2,000
1,089

4,137
4,230
4,589
4,666

6,121
5,209
4,885
4,668

4,915
5,617
6,648
8,587

6,169
7,341
8,113
7,485

Fiscal yr.—1951
1952.
19539
1954
Semiannual totals:
1952—Jan.-June
July-Dec,
1953—Jan.-Tune. . . .
July-Dec. 9. . .
1954—Jan.-June
July-Dec
Monthly:
1954_May

53,439
68,093
71,345
71,815

24,095
30,713
33,370
33,514

14,388
21,467
21,595
21,650

8,693
8,893
9,978
9,694

5,839
6,521
6,849
7,196

2,531
2 801
2,704
3,180

2,107 45,726
2,302 67,786
3,151 76,407
3,419 71,974

21,823
42,935
50,250
46,422

3,785
2,848
2,156
1,457

4,052
4,059
4,658
4,633

5,980
5,826
4,920
4,947

4,458
5,206
6,063
7,645

5,628
6,912
8,360
6,870

41,293
30,104
41,241
29,199
42,615
25,980

19,687 14,318
13,041 7,821
20,329 13,773
14,478 5,272
19,036 16,378
12,899 3,734

4,519
5,048
4,931
5,357
4,338
4,479

3,386
3,202
3,656
3,031
4,165
3,490

1,383
1,443
1,252
1,507
1,681
1,754

2,000
451
2,700
437
2,982
376

35,622
37,357
39,203
37,244
34,730
34,167

23,466
24,505
25,606
24,398
22,024
20,376

1,489
1,123
1,069
930
526
563

1,984
2,246
2,413
2,334
2,299
2,367

2,709
2,500
2,420
2,465
2,482
2,186

2,741
2,876
3,247
3,368
4,277
4,311

3,233
4,107
4,448
3,748
3,121
4,364

787

1,188

251

616

392

689

1,480

273
365
220
204
237
296
432
350
346
241
235
221

150
82
69
60
39
47
80
52
189
705
874
829

3,384
3,964
3,465
3,644
3,251
3,149
3,314
3,552
3,191
3,100
'3,808
3,084
n.a.

196

616
304

6,228
6,915
5,144
7,788
5,364
5,096
4,374
6,401
5,009
5,481
6,932
5,355
6,278

87

797
702
760
722
768
783
744
644
703
864
694
802

81
50
110
40
67
80
217
171
140
'73
72

877
152
314
461
286
328
826
183
424
470
314
481

444
194
381
375
374
419
443
430
409
439
434
432

760
674
714
716
758
720
730
834
768
792
794

June
July

AUK.

Sept
Oct
Nov
Dec
1955—j a r u >
Feb
Mar

t

May

4,882
11,298
2,958
5,375
5,280
2,617
5,122
4,626
4,299
6,306
10,943
3,651
5,547

2,875
2,859
1
,120
2,985
2,936
1 ,040
2,881
1,938
2,806
4,096
2,984
2,688
3,743

397
6,903
549
302

1,108
352
271

1,153
353
330

6,844
444
394

1,177
371
260
939
439
197

1,019
715
464

1,215

n.a.

788
609

2,625
521
462

-488
635
200
641

1,351
657

n.a.

n.a.

n.a. Not available.
^Revised.
1
Beginning with July 1953, data are from the daily statement of cash deposits and withdrawals of the U. S. Treasury where available; otherwise 2
from the monthly Budget statement. For a description of classifications prior to that date, see earlier issues of the BULLETIN.
Includes estate and gift taxes.
3
Includes taxes for old-age and unemployment insurance, carriers taxes, and veterans life insurance premiums.
4
Represents mostly nontax receipts.
5
Ircludes net redemptions of armed forces leave bonds.
6
Includes special International Bank and Monetary Fund notes.
7
Includes payments from veterans life insurance funds.
8
Includes benefit payments for old-age and unemployment insurance and Government employees and railroad retirement funds.
9
Beginning new reporting basis, described in Treasury Bulletin for April 1954, p. A2.
UNITED STATES SAVINGS BONDS AND NOTES—SALES, REDEMPTIONS, AND AMOUNT OUTSTANDING
[In millions of dollars]
Savings bonds

Sales

1946
1947
1948
1949
1950
1951
1952
1953
1954

.

1954—Apr.
May..
June.
July
Aug...
Sept
Oct,
Nov
Dec.
1955—Jan.
Feb.. .
Alar
Apr.. .

Series A-E and H

All series

Year or
month

Redemp- Outstandtions and ing (end of
period)
maturities

Sales

Redemp- Outstandtions and ing (end of
maturities
period)

Series F, G. J and K

Sale3

Redemp
Outstandtions and ing (end of
ma .urities
period)

7,427
6,694
7,295
5,833
6,074
3,961
4,161
4,800
6,173

6,278
4.915
4,858
4,751
5,343
5,093
4,530
5,661
6,773

49,776
52,053
55,051
56,707
58,019
57,587
57.940
57,710
57,672

4.466
4,085
4,224
4,208
3,668
3,190
3,575
4,368
4,889

5,667
4,207
4,029
3,948
4,455
4", 022
3,622
3,625
••3,909

33,410
33,739
34,438
35,206
34,930
34,728
35,324
36,663
38,233

2,962
2,609
3,071
1,626
2,406
770
586
432
1,284

611
70S
829
803
8S8
1,071
908
2,035
2,863

16,366
18,314
20,613
21,501
23,089
22,859
22,616
21,047
19,439

511
464
523

473
453
1575

390
354
392

310
289
1386

163
164
*189

641

37,279
37,393
37,482
37 597
37,714
37,808
37,930
38 069
38,233

122
110
130

508

57,967
58.025
58,061
58 005
58.078
58,088
58,126
58,186
2
57,672

115

295

20,687
20,633
20,579
20,409
20,364
20 280
20,196
20,118
2
19,439

511
505

546
464
456
466
557
742

602
614
535

2

466
451

l,089
2
506
••2333
r247Q

600

57,967
58,225
58,366
58,326

393

415
367

346

339
322

369
384
445

293
293
347

573

336

465
518

256
334

448

329

38,515
38,721
38,914
39,063

172
183

131
97
87
82
112
169

137
95
87

2

173
158

747

2

170
'277
144

2

272

19,451
19,504
19.452
19,263

Tax and savings notes

Sales

2,789
2,925
3,032
5,971
3,613
5,823
3,726
5,730

Redemp- Outstandtions and ing (end of
maturities
period)
5,300
3.266
3,843
2 934
2,583
6,929
5,491
5,475
1,469

5,725
5,384
4,572
7 610
8,640
7 534
5,770
6,026
4,548

81
156
265

5,500
5,344
5,079
4 993
4,929
4 829
4,766
4 704
4 548

86

64
100
63
62
156
50

55
125
39

4 498
4,443
4 318
4,279

•"Revised.
*Due to a June 1954 change in the Treasury procedure for classifying paid savings bonds, unusually large amounts of Series E and F bonds
redeemed between June and October were not broken down as to issue price and accrued discount. Redemption figures in that period therefore
include rather large amounts of accrued discount, which are deducted in subsequent months.
2
Figures for December 1954 include 526 million dollars of unredeemed Series 1954 F and G bonds. In accordance with Treasury practice all
unredeemed bonds of these series were carried as outstanding interest-bearing debt until the entire series matured. Redemptions of matured bonds
in January, February, March, and April 1955, not included in current redemption figures, totaled 185, 100, 41, and 22 million dollars, respectively.
NOTE.—Sales, redemptions, and maturities of bonds are shown at issue price; amount outstanding at current redemption value. Maturities
of notes and of series A-D and F and G bonds are included as of maturity date (end-of-calendar year) and only interest-bearing debt is included
in amount outstanding.

JUNE 1955




681

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
direct
debt 2

1940—Dec
1941—Dec
1942—Dec
1943—Dec
1944—Dec.......
1945—Dec
1946—Dec
1947—Dec.
1948—Dec
1949—Dec
1950—Dec
1951—June
Dec
1952—Tune
Dec
1953—June.
Dec

50 ,942
64 ,262
112 ,471
170 ,108
232 ,144
278 ,682
259 ,487
256 ,981
252 ,854
257 ,160
256 ,731
255 ,251
259 ,461
259 ,151
267 ,445
266 ,123
275 ,244

45,025
57,938
108.170
165.877
230,630
278,115
259,149
256,900
252,800
257,130
256,708
255,222
259,419
259,105
267,391
266,071
275,1.68

39.089
50,469
98,276
151.805
212,565
255,693
233,064
225,250
218,865
221,123
220,575
218,198
221,168
219,124
226,143
223,408
231,684

35,645
41,562
76,488
115,230
161,648
198,778
176,613
165,758
157,482
155,123
152,450
137,917
142.685
140,407
148,58!
147,335
154,631

1,310
2,002
6,627
13,072
16,428
17,037
17,033
15,136
12,224
12,319
13,627
13,614
18,102
17,21.9
21,713
19,707
19,511

10,534
22.843
30,401
38,155
29,987
21,220
26.525
29,636
5,373
9,509
29,078
28,423
16,712
15,854
26,386

39,258
35,806
18,409
18,963
30,266
30,425
31,406

28,156
33,563
44,519
55,591
66,931
68,403
69,866
68,391
61,966
55,283
44,557
42,928
41,049
48,343
58,874
64,104
63,927

1954—May
June
July
Aug..,....,
Sept
Oct
Nov
Dec

273,555
271,341
271,005
274,982
274,838
278,786
278,888
278,784

273,475
271,260
270,984
274,955
274,810
278,752
278.853
278,750

229.913
226,681
226,528
230,214
230.033
234,161
234.160
233,165

153,325
150,354
150,34.2
154,020
153,963
158,148
158,152
157,832

22.019
19,515
19,512
19.508
19,510
19,509
19,507
19,506

18,577
18,405
18,405
1.8.277
18,184
18,184
18,184
28,458

31,923 72.133
31,960 71,802
31,964 71,790
31,967 75,596
32,001 75,597
36.188 75,597
36,1
75.596
28,033 76,129

1955—Jan
Feb
Mar
Apr
May

278,463
278,209
274,080
276,686
277,515

278,439 233,427
278.182 233 ,51"
274.048 229,103
276,6-19 232,233
277,47 232,563

157,834
157,752
153.350
156,578
158.404

19,507
19.505
19,505
19.507
19,511

28,462 28,037 . 81.828
21,455 35,280 81,512
17,722 34,989 81,134
20.932 35,00
81 ,132
17,046 40,718 81,130

End of
month

Total

Total

Bills

Certificates of Notes
indebtedness

Bank
eligible*

6,178
5,997
9,863
11,175
23,039
22,967
10,090
11,375
7.131
8J249

Special
issues

Convertible
bonds

Total«

Savings
bonds

4,945
12,550
24,850
52,216
49,636
49,636
49,636
49,636
49,636
36,061
36,048
27,460
21,016
17,24.5
13,400

13.573
12,060
13,095
12,500
12,340
11,989

3,444
8,907
2!, 788
36,574
50.917
56,915
56,451
59,492
61,383
66,000
68,125
66,708
66,423
65,622
65,062
63,733
65,065

3,195
6,140
15,050
27,363
40,361
48,183
49,776
52,053
55,051
56,707
58,019
57,572
57,587
57.685
57.940
57,886
57,710

2,471
6,384
8,586
9,843
8,235
5.725
5^384
45572
7,610
8,640
7,818
7,534
6,612
5,770
4,453
6.026

5,370
6,982
9,032
12,703
16,326
20,000
24,585
28,955
31,714
33,896
33,707
34,653
35,902
37,739
39,150
40,538
41,197

8.674
8,672
8,671
8,671
8,671
8,669
8,668
5,706

11,899
11.861
11,857
11,853
11,820
11,787
11,780
1i,767

64,690 58,025
64,465 58,061
64,329 58,005
64,341 58,078
64,250 58,088
64,226 58,126
64,228 58,186
63,565 57,672

5,344
5,079
4,993
4,929
4.829
4,766
4,704
4,548

41,367
42,229
42,152
42,479
42,407
42,238
42,351
42,566

11,764
11 ,738
11 ,710
11.692
11,687

63.830
64,027
64,043
63.963
62,473

57,967
58,225
58,366
58,326
58,346

4,498
4,443
4,318
4.279
2.804

42,268
42,047
42,097
41,691
42,240

Bonds
Bank
restricted

Tax
and
savings
notes

i
1

Includes some debt not subject to statutory debt limitation (such debt amounted to 506 million dollars on May 31, 1955) and fully guar2
anteed securities, not shown separately.
Includes noninterest-bearing debt, not shown separately.
3
[ndudcs amounts held by Government agencies and trust funds, which aggregated 7,229 million dollars on Apr. 30, 1955.
4
Includes Treasury bonds and minor amounts of Panama Canal and Postal Savings bonds.
5
Incltides Series A investment bonds, depositary bonds, armed forces leave bonds, and adjusted service bonds, not shown separately.
OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED
[Par value in millions of dollars]

End of month

Total
Held by
gross
U. S. Government
debt
agencies and
(includtrust funds 1
ing guaranteed
Special Public
securities)
issues
issues

Held by the public
State
and
local
governments

Individuals

Total

Federal
Reserve
Banks

Commercial.
banks 2

Mutual
savings
banks

Insurance
companies

2.000
6,900
8,200
4,000
11,300' 10,100
15,100 16,400
19,600 21,400
24,000 22,000
24,900 15,300
23,900 14,100
21.200 14,800
20,100 16,800
19.800 18,400
18,700 19,700
17,100 20,000
16,500 20.700
15,700 ••18,900
16,J00 'r 19,900
16,000 r 18,400
15,800 21 ,000

1,000
2,100
4,300
6,500
6,300
7.300
7,900
8,100
8,700
8,800
9.400
9,600
10,400
11,100
12,000
12,900

2,800
5,400
13,400
24,700
36,200
42,900
44,200
46,200
47,800
49,300
49,900
49,600
49,100
49,100
49,000
49,200
49,300
49.300

7,800
8,200
10,300
12,900
17,100
21,400
20,100
19,400
17,600
17,000
17.600
16.700
16,400
15,500
'15.600
'16.000
'17.100
'15,800

Other
corporations

Savings Other
bonds securities

Miscellaneous
investors 8

1940—Dec
1941--Dec
1942—Dec
1943—Dec
1944—Dec
1945—Dec
1946—Dec
1947—Dec
1948—Dec
1949—Dec
1950—June
Dec
1951—June
Dec
1952—June
Dec
1953—June
Dec

50.942
64,262
112,471
170,108
232.144
278,682
259.487
256,98!
252,854
257,160
257,377
256,731
255,251
259,461
259,151
267,445
266,123
275,244

5.370
6.982
9,032
12,703
16.326
20,000
24,585
28,955
31 .714
33,896
32,356
33.707
34,653
35,902
37,739
39,150
40.538
41,197

2,260
2,558
3.218
4,242
5,348
7,048
6.338
5,404
5,614
5,464
5,474
5,490
6.305
6.379
6,596
6,743
7,022
7,116

43,312
54,722
100.22!
153,163
210.470
251,634
228,564
222,622
215,526
217,800
219,547
217,533
214,293
217,180
214,816
221,552
218,563
226,931

2,184
2,254
6,189
11,543
18,846
24,262
23,350
22,559
23.333
18,885
18,331
20,778
22.982
23.801
22,906
24,697
24.746
25,916

17,300
21.400
41,100
59,900
77,700
90,800
74.500
68,700
62,500
66.800
65,600
61,800
58,400
61,600
61.100
63.400
58.800
63,700

3,200
3,700
4,500
6,100
8,300
10,700
11,800
12,000
11,500
11,400
11,600
10,900
10,200
9,800
9,600
9.500
9,500
9,200

1954—Mar
Apr
May

270,312
271,127
273,555
271,341
271.005
274,982
274,838
278,786
278,888
278,784

41,002
41,049
41,367
42,229
42,152
42.479
42,407
42,238
42,351
42,566

7,203
7,151
7,182
7,111
7,081
7,032
7.042
7,047
7,080
7,043

222,107
222,927
225,006
222,001
221,772
225,471
225,389
229,501
229,457
229,175

24,632
24.632
24,812
25,037
24,325
24,023
24,271
24,381
24,888
24,932

60.900
62,500
63,400
63,600
64,800
'67,100
67,100
'70.100
'69,700
'•69,200

9,200
9,200
9,200
9.100
9,000
9,000
8,900
8,900
8.800
8,800

15,600
15.600
15,500
15,300
15,100
15,100
15,100
15,100
15,000
15,000

'19,200
'18,700
'19,100
'16.400
'16,400
'18,100
'18.100
'18.700
'19.300
'19,300

13,600
13,800
14,100
14,300
14,300
14,400
14,400
14,500
14,600
14,600

49,400
49,500
49,500
49,600
49,600
49.700
49;700
49,700
49,800
49,900

'15,800 '13,800
'15,400 '13.700
'1.5.600 '13,800
'•15.000 '13,700
'14,600 '13.700
'14.500 '13,600
'14,100 '13,700
.14,100 '14,000
'13,700 '13,800
'13,500 '13,900

278,463 42,268
278,209 42.047
274.080 42.097

7,167
7 ,202
7,260

229.028 23,885
228,960 23,605
224,723 23,613

'68,700
'66,900
64,200

8,800
8.800
8,800

15,200
15,200
15,000

'20,100 15,000
'21 ,400 15,300
19,500 ' 15,500

50.000
50.100
50.200

'13,500
'1.3,800
13,900

June.
July
Aug
Sept

Oct

Nov
Dec
1955—Tan
Feb
Mar

500
700

700
900

2,300
4,400
7.000
9,100
8,100
8,400
8,900
9,400
9,700
10.500
10,700
10 600
11.600
11.700
1? 800
'13.200

'13.800
'13,900
14,000

'Revised.

1
Includes
2
Includes
3

the Postal Savings System.
holdings by banks in territories and insular possessions, which amounted to 300 million dollars on Dec. 31, 1954.
Includes savings and loan associations, dealers and brokers, foreign accounts, corporate pension funds, and nonprofit institutions.
NOTE.— Holdings of Federal Reserve Banks and U. S. Government agencies and trust funds are reported figures; holdings of other investor
groups are estimated by the Treasury Department.

682




FEDERAL RESERVE

BULLETIN

UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES
Direct Public Issues Outstanding May 31, 1955
[On basis of daily statements of United States Treasury, In millions of dollars]
Issue and coupon rate
Treasury bills 1
June 2, .1955.
June 9,1955.
June 16, 1955.
June 23, 1955.
June 30. 1955.

Issue arid coupon rate

Amount

1,501
1,500
1,501
1.502
1,500

Certificates
June 22, 19552
Aug. 15, 1955
Dec. 15, 1955

Aug. 4, 1955
Aug. 11, 1955
Aug. 18, 1955
Aug. 25, 1955

Treasury bonds
Mar. 15, 1956-58. . . 2 ^
Sept. 15, 1956-593. .2%
Sept. 15, 1956-59. . .2\i
Mar. 15, 1957-59. . .2%
Jane 15, 1958
2%
6,854
June 15, 1958-633. .2%
8,472
Dec. 15, 1958
2%
1 007
J u n e 15, 1959-62. . .2H
5,706
Dec. 15. 1959-62. ..2*4
550
Nov. 15, 1960
2^
2,997
Dec. 15. 1960-653. ,2%
531
Sept. 15, 1061
2%
4,155
Nov. 15, 1961
2H
3,792
Aug. 15, 196?
2H
824
June 15, 1962-67. . . 2 ^
383
121
J5,102
110
99
6

3,210
8,477
5,359

Treasury n o t e s
Dec. IS, 1955
Mar. 15, 1956
1,501
Apr. 1, 1956
Aug. 15, 1956
1,500
Oct.
1, 1956
1,501
Mar. 15, 1957
1,501
Apr. 1,1957
1 ,501 May 15, 1957
1 ,502 Aug. 15, 1957
1,500
Oct.
1, 1957
1,500
Apr. l,1958..o
Oct.
1, 1958
Feb. 15, 1959
Apr. 1, 1959
Oct. lv 1959
Apr. 1,1960

July 7, 1955
July 14, 1955
July 21. 1.955
July 28, 1955

Issue and coupon rate

Amount

1%
1%
2
1%
..2%
1)4
\%
2
\YA
\y%
VA
\%
13^
1H
VA

Issue and coupon rate

Amount

1.449
982
3,822
927
4,245
919
2,368
5,276
3,465
806
485
2.239
11,177
6,755
2,116

Treasury
Dec. 15,
June 15,
Dec. 15,
Mar. 15,
Mar. 15,
June 15,
Sept, 15,
Dec. 15,
Fune 15,
Feb. 15,

Amount

bonds—Cont.
1963-68 . . 2 "
1964-69...2
1964-69... 21965-70.
1966-71.
1967-72.
1967-72.
1967-72.
1978-83.
1995
3

2,826
3,753
3,830
4,718
2,961
1,883
2,716
3,813
1,606
1,924

Postal Savings
bonds
2M
P a n a m a Canal Loan. .3

21
50

Convertible bonds
Investment Series B
Apr. 1, 1975-80. ..2%

11,687

JSold on discount basis. See table on Money Market Rates, p. 677.
Tax anticipation series.
•'* Partially tax-exempt.

2

SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES •
Marketable and Convertible Direct Public Securities
[Par value in millions of dollars]

Total
outstanding

End of month

Type of security:
Total marketable
and convertible:
1952—Dee
1953—June
Dec
1954—June
Dec
1955—Fob
Mar
Treasury bills:
1952—Dec.
1953—June
Dec
1954—June
Dec
1955—Fob
Mar
Certificates:
1952—Dec
1953—June
Dec
1954—June... .
Dec
1955—Fob
Mar

U.S.
Govt.
agencies
and
trust
funds

Fed- Comeral
merRecial
serve banks
Banks

161,081 6,613 24,697 55,828
159,675 6,899 24,748 51,365
166,619 6,989 25,916 55,933
162,216 6 985 25 037 56 199
169,599 6,918 24,932 61,082
169,490 7.077 23,605 58,897
165,060 7,131 23,613 56,280

Mutual
savings
oa 1K.B

8, 740
8, 816
8, 5S4
8 353
8, 113
8, 161
8, 175

Insurance
companies
Other
Life

Other

514
347
120
667
371
576
442

4 ,711
4 ,808
4 ,905
4 ,854
4 ,958
4 ,940
4 ,834

50 ,979
53 ,694
55 .233
52 ,121
55 ,226
58 .23o
06 ,586

137
120
126
9S
75
95
114

464
327
410
520
537
675
568

119
132
100
101
125
124
122

12 ,518
13 , 155
,402
12 ,248
12 ,115
13 . 858
14 ,789

9
9
9
8
8
8
8

21,713
19,707
19,511
19,515
19,507
19.505
19,505

86
106
102
46
51

16,712
15,854
28386
18,405
28,458
21,45o
17,722

27
30

4,791
4,351
9,215
4,94?
4,835
2,988
2,120

37
87
184
101
57
39
32

56
27
37
7
4
2
1

317 8,424
310 6,052
445 10 ,475
202 6 ,511
179 9 ,496
141 8 .316
85 5 ,516

Treasury notes:
1952—Dec
1953—June....
Dec
1954—June
Dec
1955—Fob
Mar

30,266
30.425
31,406
31,060
28,033
35,280
34,989

13,774 10,955
13,774 10,355
8 13,289 11,510
64 13.020 11,423
46 6,044 13,640
83
9.950 15,237
97
9,959 14,640

49
62
130
221
242
274
274

8
5
52
99
67
73
60

486
529
605
592
675
701
695

M arketabl e bonds: *
1952—Dec
1953—June
Dec
1954—June
Dec
1955—Fob
Mar

79,890
81,349
77,327
80,474
81,835
81,512
18,134

7 165
7, 232
6 820
6 669
6 499
(5 526
6 531

5 ,807
5 ,855
5 ,686
5 .164
4 ,898
4 ,971
4 ,955

3 ,429
3 ,484
3 ,418
3 ,641
3 ,673
3 ,672
3 ,640

P.3
53

7,047
4,411
4,368
4,187
4,399
3.807
891 2,908

1,341
1.455
2; 003
2.316
2,204

5,061
4,996
63 5,067
41 6.600
4 13,882
9
9,960
8
9,960
16
23

3,046
3,300
3,377
3.395
3,378
3.482
3,534

4,522
4,522
3,667
3,093
2,802
2,802
2,802

32,849
32,066
30,671
35,481
38,037
36.651
36,388

End of month

Total
outstanding

n

4 ,978
5 ,678
5 ,814
6 ,531
7 ,310
8 ,902
9 ,263

Type of security:
Convertible bonds
(Investment
Series B):
1P52—Doc
1953—June
Dec.
1954—June
Doc
1955—Fob
Mar
Marketable securities, maturingWithin 1 year:
1952—Dec...
1953—June....
Dec
1954-June
Dec
1955—Fob
Mar
1-5 years:
1952—Dec
1053-June....
Dec
1954—June....
Dec
1955—Fob
Mar
5-10 years:
1952—Dec
1953—June....
Dec
1954—June
Dec
1955—Fob
Mar

23 ,072
24 ,890
23 ,688 After 10 vears:
23.032
1952—Dec
1953—June....
22 ,548
Dec
23 ,408
1954—June
23 ,284
Dec
1955—Fob
Mar

U. S.
Gcvt. Fedageneral
cies
Reand
serve
trust Banks
funds

12
12
11
11
11
11
11

500
340
^89
861j
767
73S
710

3,438
3,439
3,439
3,439
3,439
3,439
3,439

56
64
73
60
62
48
52

953
589
235
123
827
570
573

133
163
175
107
70
S2
77

37
32
29
27
29
41
33

713
330
367
965
606
880
456

22
18
20
30
33
33
33

Commercial
banks

Mutual,
savings
banks

[nsurance
sompanies
Other
Life

Other

185
182
168
165
163
103
163

1 ,352
1 ,314
1 ,264
1 ,265
1 ,239
1 ,227
1 ,224

U ,749
If ,505
16 ,972
If .280
If ,417
14 .077
lb ,097

16 ,996
19 ,580
25 ,062
17 .684
15 ,738
8 ,792
8 ,507

263
476
475
294
159
147
171

532
733 23,547
300 1,082 27,393
468 1,061 29.023
652 24,568
537
598 26,301
546
380 24,414
679
312 24,829
581

31
152
192
205
137
183
187

'',146
1,452
6,155
6,307
3,087
7.099
3,087

22 .381
18 ,344
16 ,056
14 ,624
18 ,846
23 ,045
20 ,859

259
464
431
476
502
538
530

48
910
109
914
123
9S0
890
155
158 1,022
167 1,160
144 1,145

6,938
5,895
5,430
5,308
5,855
9,693
7,503

834
677
292
542
677
687
688

546
422
418
494
477
497
499

L.387
1,374
1,374
L.035
,014
,014
,014

11 ,058
8 ,772
10 ,051
18 ,741
21 ,101
21 ,159
21 ,140

1 ,775
1 ,395
1 ,315
1 ,389
1 ,544
1 ,450
1 ,458

885
745
725
516
439
424
421

1,348
1,104
1,198
1,655
1,664
1,631
1,632

5,835
4,865
5,211
6,711
7,439
7,505
7,525

31 081
31 739
31 ,736
31 ,725
31 ,719
33 609
33 ,633

2,464
2.723
2; 765
2,740
2,796
2,877
2,929

1,415
1,415
[.415
1,415
1,415
,415
1,415

5 ,207
4 ,488
4 ,595
4 ,985
5 ,234
5 .738
5 ,611

5 ,091
5 ,167
5 .039
4 .930
4 ,668
4 ,7<H)
4 ,791

4 ,870
4 ,969
4 ,868
4 ,582
4 ,364
4 ,450
4 ,438

1,361
1,356
1,339
1,339
1,369
1,467
1,454

10,673
11,621
11,716
11,734
11,874
12,872
12,995

e

3 ,179
3 ,133
2 ,935
2 ,876
2 ,865
2 ,856
2 ,858

360
353
300

317
305
302
291

3,987
3,919
3,854
3,800
3,756
3,750
3,734

*Commercial banks, mutual savings banks, and insurance companies included in the survey account for over 90 per cent of total holdings
by these institutions. Data are complete for Federal agencies and trust funds and Federal Reserve banks. Figures in column headed "other"
are residuals.
1
Includes Treasury bonds and minor amounts of Panama Canal and Postal Savings bonds.

JUNE 1955




683

NEW SECURITY ISSUES *
[Estimates, in millions of dollars]
Proposed uses of net proceeds,
all corporate issuers6

Gross proceeds, all issuers2
Noncorporate
Year or
month

Corporate

State
U.S.
Fedand
Govern- eral
mu- Others Total
ment3 agency- nicipal

Total

New capital

Bonds
Pre- ComNew
mon
Pub- Pri- ferred stock Total money 7
stock
Total licly vately
offered placed
87
108

325
569

26
19

69 1,695
174 1,854

167
112
124
369
758

868
110 1,040
34
647
474
56
408
308
163
753
657
397 1,347 1,080

28
35
27
47
133

144 1,583
138
396
73
789
49 2,389
134 4,555
379 2,868
356 1,352
488
307
637
401
620 1,271

5,687
6,564

2,332
2,517

13
109

1,128
1,238

50
24

2,164 1,979
2,677 2,386

1941
1942
1943
1944
1945

15.157
35,438
44,518
56,310
54,712

11,466
33,846
42,815
52,424
47,353

38
1
2
1
506

956
524
435
661
795

30
5
97
22
47

2,667 2,389 1,578
1,062
917
506
1,170
990
621
3,202 2,670 1 ,892
6,011 4,855 3,851

703
758
811
411
369
778
1,004

1946..
1947..
1948..
1949..
1950..

18,685
19,941
20.250
21 ,110
19,893

10,217
10,589
10,327
11,804
9,687

357
216
30

1,157
2.324
2,690
2,907
3,532

56
451
156
132
282

6.900
6,577
7,078
6,052
6,361

4,881
5,035
5,973
4,890
4,920

3,019
2,888
2,963
2.434
2,360

1,862 1,126
2,147 761
3,010 492
2,455 424
2,560 631

1951..
1952..
1953..
1954..

21,265
27,209
28,824
29,765

9,778
12,577
13,957
12,532

110
459
106
458

3,189
4,401
5,558
6,969

446
237
306
289

7,741
9,534
8.898
9,516

5,691
7,601
7,083
7,488

2,364
3,645
3,856
4,003

3,326
3,957
3,228
3,484

838
564
489
816

1 ,958
4,388
2,422
2,167
1,279
2,125
6,544
1.350
2,552

511
2,669
523
508
546
464
4,611
466
557

71
80

735
783
855
280
300
652
615
459
906

1
5
4
3
8
2
3
4
71

639
419
851
649
1,041
792
1,253 1 ,085
352
424
886
1 ,008
813
1,130
321
422
854
1.019

216
422
343
714
166
581
470
116
288

203
227
449
371
186
305
343
205
566

109
129
131
76
45
60
52
37
62

541
328
'540
415

35
1
9
18

672
501
1,420
654

252
156
524
297

232
208
346
155

53
25
37
54

1954—Apr...
May.
June.
July..
Aug..
Sept..
Oct.. .
Nov..
Dec...
1955—Jan...
Feb...
Mar..
Apr...

"l23
184

742
602
614
535

2,706
1,431
'2.583
1,621

716

484
364
871
451

ReRetiretire- ment
ment
of
secuof
bank rities
debt,
etc. 8

98
183

1939.
1940.

1,276
1,628

Miscellaneous
pur-

420
762

891
778
614
736
811

3,889
5,115
6,651
5.558
4,990

3,279
4,591.
5,929
4,606
4,006

231
168
234
315
364

1,212
1,369
1,326
1,213

7,120
8,716
8,495
7,490

6,531
8,180
7,960
6,780

226 363
537
535
709
1

497
111
73
656
118
842
92
909
27
335
62
747
265 1 .003
64
200
103
604

483
596
789
828
304
705
856
244
515

14
60
53
81
31
42
146
46
89

130
181
183
329
82
24 7
109
123
400

546
465
135
113
436
362
512 1.261 1,190
149
470
422

81
74
71
48

114
56
135
167

486
664
260
,875

Proposed uses of n e t proceeds, by major groups of corporate issuers

Year or
month

Commercial and
miscellaneous

Manufacturing

Public utility

Transportation

Total
not
proceeds

New
capital9

1,391
1,175
3,066
3,973
2,218
2,234

1,347
1,026
2,846
3,712
2,128
2,044

44
149
22.1
261
90
190

538
518
536
542
923

310
474
462
512
502
831

795
806
490
983
589
771

784
609
437
758
553
501

1954—April
May
Juno
July
August....
September.
October...
November.
December.

84
205
295
525
116
149
278
108
187

199
273
520
107
109
273
105
123

8
6
23
5
10
40
5
3
64

75
42
93
100
55
58
144
74
137

63
41
90
68
41
58
127
73
132

70
20
40
91
46
163
47
69
70

58
20
40
60
46
40
22
IS
52

123
25
51
18

1955—January...
February..
March....
April

186
84
632
182

163
68
547
154

23
16
85
29

50
100
96
26

45
88
94
20

37

43

19

90

1949
1950
1951
1952
1953
1954

Total
Retire- net
ments10 proceeds

New Retire- Total
netcap- ments10 proital*
ceeds

110

New
capital

Total
Retire- net
ments10 proceeds

New
capitals

233
6S2
85
88
67
990

567
395
605
753
874
711

517
314
600
747
871
651

237
330
373
188
104
174
212
46
153

72
173
58
132
55
74
60
15
305

26
40
9
2
27
329
98
74
44

26
40
8
2
25
326
98
20

198
101
196
151

41
8
27
36

7
44
27
18

Total
net
proceeds

New
capitals

11
196
53
225
36
270

2,276
2,608
2,412
2,626
2,972
3,665

2,043
1,927
2,326
2,539
2,905
2,675

12

309
502
431
321
158
247
272
61
459
239
108
224
187

Retirements10

31

Communication

Real estate
and financial

Total
Retire- net
ments10 proceeds

New
capitals

593
55S
639
739
449
515
44.8
508
1,561 1,536
788
1,061
63
27
156
199
14
47
274
27
108

38
26
58
71
12
41
270
26
100

97
148
381
.115

97
145
368
109

Retirements10

35
100
66
60
24
273
25
1
98
128
2
7
4
1

2
13
5

r

Revised.
Estimates of new issues sold for cash in the United States.
Gross proceeds are derived by multiplying principal amounts or number of units by offering price.
3
4
Includes issues guaranteed.
Issues not guaranteed.
5
Includes foreign government; International Bank; and domestic eleemosynary and other nonprofit.
8
Estimated net proceeds are equal to estimated gross proceeds less cost of flotation, i.e., compensation to underwriters, agents, etc., and
expenses.
7
Includes proceeds for plant and equipment and working capital.
8
Tnchides proceeds for the retirement of mortgages and bank 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
lncludes all issues other t h a n those for retirement of securities.
"Retirement of securities only.
1

2

Source.—Securities and Exchange Commission.

684




FEDERAL RESERVE BULLETIN

SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS
[In millions of dollars]
Annu al

Industry

1949

1950

1951

Quarterly

1952

1953

1953

1954
3

1954
1

4

1955

2

i

3

1

Manufacturing
Total (200 corps.) :
Sales
Profits before taxes
Profits after taxes
Dividends
Nondurable goods industries (94 corps.): 1
Sales
Profits before *axes
. .
Profits alter taxes
Dividends
Durable goods industries (106 corps.): 2
S'lles
Profits before taxes
Profits afte r taxes
Dividends

37,948 45,351
5 168 8 042
3,186 4 143
1,710 2,295

14,051 15,994 18,670 18,908 20,276 20 ,192 5,082 5 ,084 4 ,961 4 .972 4 ,955 5 ,304 6,048
783
637
1 975 2 847 3 324 2 715 2 908 7 658
676
581
6)76
773
669
433
1,297 1,599 1,481 1,313 1,446 1 S31
36 S
371
3S7
376
376
422
759

.

.

Profits before taxes
Profits after taxes

894

912

934 M 073
42,390
5 317
2,114
1,176

4,223 4,402 4,909 5,042 5,411
434
532
473
446
465
268
289
227
204
211
149

161

15<

3,680 4,577 5,574
693 1,133 1,421
415
321

572

44 f

496
363

154

154

5.695 6,071
1 200 1,26(
458
493
39P
381

770

?7S

222

37 .265 10,377 9 ,817 9 ,272
814 1 084
4 435 1 309
?
591
509
526
3S6
274
"•1 V*
706

s ,464
46

c

l 5C

5 ,91"
1 ,133
r

480

9 ,804
1 947
600
904

1,355 1 , 304 1 ,337 1
99
132
107
131
46
54
57
45

37

36

36

248

930

8 , 446 9 ,743 11,075
912 1 109 1 .656
660
775
433
M36
788
297

1

122

1 4 37
108

SO
45

30

1,506 1 ,453 i .434 1 .471 1 ,461 1 ,551
968
Ml
971
330
272
274
1Of>
1?t

124
91

127

1 479
214
UP
68

! 36
08

98

498

3,907 4,26f 4 966 5 200 5 757 5 883 1 473
552
869
713
673
796
229
428
571
495
53?
155
S41
464

1

442
189
138

13?
OS

1 , 440
165
177
60

1 354
100
47
36
. ,64.2
1
354
176
110

522
.145
178
73

1 531
202
142
73

8,18/ 10,446 12,497 11,557 13,75( 11
3,476 3 ,194 2 ,910 3 .019 2 ,715 2 ,873
405
29S
30 S
993 1 700 7 092 1 161 1 821 1 370
301
510
350

3.339
489
242
93

191

57*
285

223

85-1
377

247

57!"
36'

4,363 5 071 6.183

7,081

520

850
425
20f

1,003
370

278

268

11 (
381

138

Automobiles and equipment (15 corps.):
Sales
Profits before taxes

38(
20(

1,087
671

705
479

698
462

176
157

67

714

8,009 7 746
80
l,00<

1,959

74

203
88

793
377

402

?3"'

46 l
26.

241
95
49

9,57" ii,sor 12,496 12,825 16,377 13 ,040 3,917
l , 47; 2,305 1,91;
2,048 1 74
451
861
451

Dividends

942

23 897 29 357 33,774 34,997
3 193 5 195 5 378 4 432
1,888 2,544 2,005 1,804
95( 1,352 1,142 1,119

Selected industries:
Foods and kindred products (28 corps.):
Sale?
Profits before taxes
profits pfter 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
Dividends
Machinery (27 corps.):

52,444 53,905 62,665 57 ,457 15.459 14 ,902 14 ,233 14 ,776 13 ,401 15 .017 18,023
8 702 7 147 8 225 7 , 003 2,093 1 , 395 f 754 1 923 1 , 549 1 .868 2,420
7 SO
700 1 0 0 3
1,197
3,486 3 117 3,560
885
891
977
524
'772
,337
495
545
2,036 2,031 2,110
523
518
631

747
463

8?

168
114

734
r|94

1S0
100

179
92

151

,038

i 917
7S?

1 ,9^7

1 864
1 0C)

900

115
90

117
58

10?
64

102
65

143
76

3 ,495
?3S
168
117

3 4SS
434

3 ,731

113
7

114

757
113

0?

7 ,099
700

177
106

9

3 80?
476
??0

106

i ,956
235
112
68
4,729
823
369
108

Public Utility
Railroad:
Operating revenue
Profits before taxes
Profits after t?xes
Dividends
Electric power:
Operating revenue
Profits before taxes
Profits after taxes
Dividends
Telephone: t
Operating revenue
Profits after taxes
Dividends

8.580
' 700
438
252
5,069
1,129
757
560

9.473 10,391 10,581 10,664 9 ,37
000
1 ,385 1,260 1 ,451 1 ,40*
674
784
871
603
83?
37<
412
3J2
328
338

2,755 2 ,582 2 ,275 2 ,335 2 ,366 2 ,395
979
399
226
156
234
88
172
277
219
136
79
136
74
73

2,302

7,136 7 ,610
1 ,895 ? 04<
1,030 1

1 ,721 1 .826 1 ,984 1 ,819 1 ,831 1 .976
428
460
570
478
513
487

2,171
636

5,528
1,313
822
619

6,058
1,482
814
651

6,549
1.74C
947
725

78(

85"

. . . 2,967 3,342 3,729 4,136 4,525 4 ,902
691
333
787
925 1 OSO
58(
207
213

331
276

341
318

384
35b

452
412

5?

448

231

321
212

266

26^
211

2SS
224

1,129 1 ,178 1 ,174
748
220

1 ,210
969
125
111

I , 233
267
141
112

1 ,285
284
143
116

194

107
104

260

127
108

116
109

175
101

22')
1,298
306
1 52
118

r
'Corrected.
Revised.
includes 26 companies in groups not shown separately, as follows: textile mill products (10); paper and allied products (15); miscellaneous (1).
Includes 25 companies in groups not shown separately, as follows: building materials (12); transportation equipment other than automobile
(6); and miscellaneous (7).
NOTE.—Manufacturing corporations. Data are from published company reports, except sales which are obtained from the Securities and
Exchange Commission.
Railroads. Figures are for Class I line-haul railroads (which account for 95 per cent of all railroad operations) and are obtained from reports
of the Interstate Commerce Commission.
Electric power. Figures are for Class A and B electric utilities (which account for about 95 per cent of all electric power operations) and are
obtained from reports of the Federal Power Commission, except that quarterly figures on operating revenue and profits before taxes are partly
estimated by the Federal Reserve, to include affiliated nonelectric operations.
Telephone. Revenues and profits are for telephone operations of the Bell System Consolidated (including the 20 operating subsidiaries and
the Long Lines and General departments of American Telephone and Telegraph Company) and for two affiliated telephone companies, which
together represent about 85 per cent of all telephone operations. Dividends are for the 20 operating subsidiaries and the two affiliates. Data
are obtained from the Federal Communications Commission.
All series. Profits before taxes refer to income after all charges and before Federal income taxes and dividends. For description of series
and back figures, see pp. 662-666 of the BULLETIN for June 1949 (manufacturing); pp. 215-217 of the BULLETIN for March 1942 (public utilities);
and p. 908 of the BULLETIN for September 1944 (electric power).
2

JUNE 1955




685

PROFITS, TAXES, AND DIVIDENDS OF
UNITED STATES CORPORATIONS
[Quarterly estimates at seasonally adjusted annual
rates. In billions of dollars]

NET CHANGE IN OUTSTANDING CORPORATE SECURITIES *
[Estimates, in millions of dollars]
All types

Profits
before
taxes

Income
taxes

1939
1945

64
19.0

14
10.7

50
8.3

38
4.7

1947
1948...
1949
1950 .

29.5
32.8
26 2
40.0

11.3
12.5
10 4
17.8

18.2
20.3
15 8
22.1

6.5
7.2
75
9.2

11.7
13.0
8 3
12.9

195i
1952
1953
1954

41.2
37.2
39 4
35.0

22.5
20.0
21 1
17.2

18.7
17.2
18 3
17.8

9.1
9.1
94
9.9

Year or
quarter

12
3.6

9.6
8.1
89
7.9

Year or
quarter

.
.

Profits Cash Undisafter
divi- tributed
taxes dends profits

•1953—4

32.5

17.4

15.1

9.6

34.5
34.5
34.2
36.8

17.0
17.0
16.8
18.1

17.5
17.5
17.4
18.7

9.6
9.6
9.8
10.4

40.0

19.7

20.3

10.0

New Retire- Net
New Retire- Net
New Retire- Net
issues ments change issues ments change issues ments change
6,882
7,570
6,731
7,224

2,523
1,683
1,875
3,501

4,359
5,887
4,856
3,724

5,015
5,938
4,867
4,806

2,011
1,283
1,583
2,802

3,004
4,655
3,284
2,004

1,867
1,632
1,864
2,418

512
400
292
698

1,355
1,232
1,572
1,720

1951
1952
1953
1954

9,048
10,679
9,550
11,715

2,772
2,751
2,428
5,353

6,277
7,927
7,121
6,361

5,682
7,344
6,651
7,872

2,105
2,403
1,896
3,897

3,577
4,940
4,755
3,975

3,366
3,335
2,898
3,843

666
348
533
1,456

2,700
2,987
2,366
2,386

1953—4. . . 2,455

639

1,816

1,785

508

1,277

670

131

539

977
1,139
1,314
1,923

1,724
1,719
1,714
1,205

1,619
1,863
2,314
2,075

758
847
938
1,354

862 1,081
1,016
995
1,377
713
721 1,053

219
292
376
569

862
703
337
484

1954—1.
2.
3.
4.

7.9
7.9
7.6
8.3

1955—11. . .

Stocks

1947
1948
1949
1950

5.5

H.954—1
2
3
4

Bonds and notes

10.3

..
..
..
..

2,700
2,858
3,027
3,128

1
Reflects cash transactions only. As compared with data shown on p. 684, new
issues exclude foreign and include investment company offerings, sales of securities
held by affiliated companies or RFC, special offerings to employees, and also new
stock issues and cash proceeds connected with conversions of bonds into stocks. Retirements include the same types of issues, and also securities retired with internal
funds or with proceeds of issues for that purpose shown on p. 684.
Source.—Securities and Exchange Commission.

1
Preliminary estimates by Council of Economic Advisers.
Source.—Department of Commerce.

CURRENT ASSETS AND LIABILITIES OF UNITED STATES CORPORATIONS 1
[Estimates, in billions of dollars]
Current liabilities

Current assets
End of year
or quarter

Net
working
capital

Total

U. S.
Government
securities

Cash

Notes and accts.
receivable

Inventories

Notes and accts.
payable
Other

Total

U. S.
Govt.2

Other

.0
2.7

22.1
23.2

18.0
26.3

1.4
2.4

30.0
45.8

U. S.
Govt. 2

1939 .
1945

24 5
51 6

54 5
97 4

10.8
21.7

21.1

1947
1948
1949
1950

62 1
68 6
72 4
81.6

123.6
133 0
133.1
161.5

25.0
25.3
26.5
28.1

14.1
14.8
16.8
19.7

42 .4
43.0
55.7
1.1

44.6
48.9
45.3
55.1

1.6
1.6
1.4
1.7

61.5
64.4
60.7
79.8

1951. .
1952
1953 .
H954—i
2 ..

86 5
90 1
92 6

179.1
186.2
189.6

30.0
30.8
30.9

20.7
19.9
21.0

2.7
2.8
2.6

58.8
64.6
64.8

64.9
65.8
67.9

2.1
2.4
2.4

92.6
96.1
97.0

93,1
94 4
95 5
95.8

183.3
179.6
183.9
187.3

28.1
29.1
30.3
31.7

19.2
16.4
18.1
19.3

2.8
2.4
2.3
2.4

63.0
63.2
65.1
66.2

67.7
65.9
65.4
65.1

2.5
2.6
2.7
2.6

90.2
85.2
88.4
91.5

2.5
2.4
2.6
2.4

3

4
1

2.2

31 . 3

Other

Federal
income
tax
liabilities

Other

21.9
24.8

1.2
10.4

6 9
9.7

.4

47.9

10.7
11.5
9.3
16.7

13.2
13.5
14.0
14.9

1.3
2.3
2.2

53.6
57.0
56.3

21.3
18.1
19.2

16.5
18.7
19.3

52.9
51.6
52.0
53.7

15.3
12.0
14.0
15.7

19.5
19.2
19.8
19.7

.0
.9
37 . 6
39.3
37.5

2
Receivables from and payables to U. S. Government do not include amounts offset against
Source.- -Securities and Exchange Commission.

Excludes banks and insurance companies,

each other on corporations' books.

BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT 1
[Estimates, in millions of dollars]

Total

Manufacturing

Mining

Railroads

Transportation
other
than
rail

1939
1945

5,512
8,692

1,943
3,983

326
383

280
548

365
574

520
505

302
321

1,776
2,378

1948
1949
1950
1951

22,059
19,285
20,605
25,644

9,134
7,149
7,491
10,852

882
792
707
929

1.319
,352
1,111
1,474

1,285
1,212
1,490

887

2,543
3,125
3,309
3,664

1,742
1,320
1,104
1,319

. . . . 26,493
28,322
26,827
27,063

11,632
11,908
11,038
10,704

985
986
975
896

1,396 1,500
L .311 1,565
854
1,512
763
1,495

3,887
4,552
4,219
4,384

1,537
1,690
1,717

Year

19S2
1953
1954
19554

Total

Manu- Transfactur- portaing
tion
and
incl.
minrailing
roads

Public
All
utili- others
ties

1953—3
4

7,084
7,625

3,116
3,565

708
743

1,221
1,247

2,039
2,070

5,154
4,660
5,671
5,916

1954—1
2
3
4

6,266
6,932
6,640
6,988

2,788
3,120
2,896
3,209

634
620
553
559

1,121
1,060
1,109

929

1,916
2,071
2,133
2,110

5,557
6,310
6,513

1955— l r
24»34

5,847
7,324
7,220

2,435
3,192
3,063

538
646
601

1,185
1,279

845

2,030
2,302
2,278

Public Comutili- muni- Other 2
cations
ties

8 , 319

Quarter

1

2
Corporate and noncorporate business, excluding agriculture.
Includes trade, service, finance, and construction.
4
3 Includes communications and other.
Anticipated by business.
Sources.—Department of Commerce and Securities and Exchange Commission.

,686




FEDERAL RESERVE BULLETIN

REAL ESTATE CREDIT STATISTICS
M O R T G A G E DEBT O U T S T A N D I N G , BY T Y P E O F P R O P E R T Y M O R T G A G E D A N D T Y P E O F M O R T G A G E

HOLDER

[In. billions of dollars]

All properties

i
End of year
or quarter

All
ere

Otller
holeicrs

1- to 4 -family !louses

Financial
insti- Selected Indi| tutions Federal viduals
i
and
agencies
others

All
holders

Total

|i

!94i
1942 .
1943. ,
1944
1945
1946
1947
1948
1949
1Q50
1951 . .
1952
1953
1954

37.6
36.7 ii
35.3 !
34 7
35 5
41 S
48 9
56 2
62 7
72.8
,

91.2
101 0
113 5
1

31.2
i i 30.8
29.9
29.7
1 30.8
1 36.9
i 43.9
50.9
57.i
66.7
75.6
84,0
93.3
105.3

73.0
75 0

2.8
2.8

22.9
23.2

Financial
institutions

18.4
IS. 2
17.8
17.9
18. S
23.1
28.2
33.3
37.5
45.1

2 8

14.9
14.2
13,6
13.3
13,7
15.1
16 6
17.8
18.7
19.8
20.7
21.9
23.2
r
25.O

20.7
20.7
20.2
20 2
21.0
26 0
3? .8
37 8
42 9
51.6
59.5
66.8
75.0
85 6

2,0
i.8
1.4

1 .1
.9
.6

..5
6

1.4
2.0
2.4.
2.8

Farm

]STonfarm

j
Other
hold-

Fi.nan,cial
institutions

12,9
12.5
12.1
11.8
12.2
13.8
15.7
17.6
19,6
21,6
23.7 i
25.3
27. i
29.4

58.7
66.3
75.9

10.7
11.7
12.5
13.2

91 .2
93.3

64.6
66.3

52.1
53. S

12 A
12.5

266

5 A. 9

1953—September....
December

98.7
101.0

1954—March
June
September....
December. , . .-

103.1
106.2
109.7
113.5

76.8
/9.5
82.4
85.6

2,7
2.7
2.7
2.8

23.6
24.0
24,6
'•25.0

95.2
98.2
101.6
105.3

67.8
70,0
72.8
75.9

55.3
57.4
59.9
62.7

12.5
12.6
12.9
13.2

27.5
28 1
28.8
29.4

1955—March P

117.3

88.8

2.9

25.6

108.9

78.9

65.4

13.5

30.0

Other
hold-

8 0
7..8

Total

11.2
11.5
11.5
11.7
12,2
16.0
20.5
25.0
28.4
35.3
41.2
47.0
53.8
62.7

7.2
6.?
6.3
6.2
6.4
7,0
7,6
8.3
9,1
9.8

|

Mul ti-family and
comme rcial prcu verties"1
All
hold-

4.8
4 .7
4.6

! Financial
Other
insti- holders 2
tutions

10.9
12.4
14,0
15.7
17.0
18.2
19.6

4 6
4. V
b, 4
6.1
6.7
7 2
7 6
8.0
8.3
8 9
9.7

6.4
6.C
5.4
4.9
4.8
4.9
S.I
5.3
5.6
6.1 1
6.6
7.2 !
7.7
8.2

1.3
1.3
1.3
1.5
1.7
1.9
2.1
2.3
2.6
2.8

3.3

4.9
4.5
4.3
3.7
3.4
3.4
3.3
3.4
3.5
3.7
4.0
4.3
4.6
r,\. 9

17 9
18 2

8.7
8.9

7.6
7.7

3.0
3.0

4.6
4.6

IS 5
18 9
19 3
19 .6

9,0
9 2
9.5
9.7

7.8
8.0
8.1
8.2

3.1
3.2
3.2
3.3

4.7
4.8

••4.9

20.0

9.9

8.4

3.4

5.1

7.4
7.2
7,5
8.4
9.6

27.1
!

1.5

1 4

3 0

A Q

p P re 1! 1 1 i n ar y.
1
Re v i sed.
1
2
Derived figures, which include negligible a m o u n t of farm loans held b y savings a n d loan associations.
D e r i v e d figures, which include
debt held by Federal land banks a n d Farmers Home Administration.
N O T E . — F i g u r e s for first three a n rters of each year arc Federal Reserve estimates.
Financial institutions include commercial b a n k s (including nondeposit trust companies but not trust, d e p a r t m e n t s ) , m u t u a l savings banks, life insurance companies and savings a n d loan associations.
Federal agencies include H O L C , F X M A , and VA (the bulk of t h e a m o u n t s through 1948 held by 11OLC, since then by F N M A ) .
Other Federal
agencies (amounts small and separate d a t a not readily available currently) arc included with "Individuals and others."
Sources.—Federal
Deposit Insurance Corporation, H o m e Loan Bank Board, I n s t i t u t e of Life Insurance, D e p a r t m e n t s of Agriculture a n d
Commerce, Federal National Mortgage Association, Veterans Administration, Comptroller of the Currency, and Federal Reserve.

MORTGAGE LOANS HELD BY BANKS *
fin millions of dollars]
Commercial bank holdings2

Mutual Savings bank holdings4

Nonfarm
End of year
or quarter

Residential3

Total

Total

1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954

4 906
4 746
4 571

.430
,777
7 ,234

4

0 446
10 897
11 644
13 ,664

73?
15 ,867
16 ,850
IS S.SS

]Vonfarm

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
17,397

FHA- VA- ConTotal in- guar- vensured anteeci tional
3,292
3,332
3,256
3,218
3,395
5,146
6,933
8,066
8,676
10,431
11,270
,471 'i',92i
12,188 3 ,675 3,012
12.925 3 ,912 3,061
14,137 4 ,104 3,348

R esidential8

Farm Total

1 ,048
974
802
740
856
1 ^87
1 ,690
1 ,957
7 , 060

,979
5 ,501
5 ,951
6 ,685

"4

Total

Other

4,812
4,627
4,420
4,305
521 4,208

566
491
463
707
874
909

968
2 ,264
7 ,458 1 ,004
2 .621 1 ,058
2 ,843 ,082
3 , 260 1 ,158

4,441

4,856
5,806
6,705
8,261
9,916
11,379
12,943
15,007

4,784
4,60?
4,395
4,281
4,184
4,415
4,828
5,773
6,668
8,218
9,869
11,327
12,890
14,951

FHA- VA- ConTotal in- guar- vensured anteed tional
3,884
3,725
3,55?
3,47f:
3,387
3,58?
3,937
4,758
5,569
7,054
8,595 7
9,883 3
11,334 3
13,21.1 3

1953—September
December

16 ,640 15,550 12,770 3 ,860 3,040 5 ,870 2 ,780 1 , 090 12,500 12.450 10,930
16 ,850 15,768 12,925 3 ,912 3,061 5 ,951 2 ,843 1 ,082 12,943 12,890 11,334

1954—March
June
September
December

17

1955—March*

19 ,175 17,960 14,600

16 , 970 15,870
16,227
17 ,920 16,770
18 ,555 17,397

970 3.075
970 7 90S
12,965
13,220 3 960 3,116 6 ,144 3 ,007
13,655 4 ,020 3.235 6 ,400 3 ,115
14,1.37 4 ,104 3,348 6 . 685 3 , 260

1 ,100 13,345 (3,292 11,70C
1 ,139 13,881 13,8261 '12.181
1 , 150 14,415 14.36O\\12,66F
1 ,158 15,007 1.4,951| 13,211
l
4 ,175 3,465 6 , 960 3 ,360 1 ,215 15,560 15,504 jl3,675

Other

900
876
837
SOS
797
827
891
1,015
,099
,164
1,274
,444

Faim

"74O

28
26
25
24
24
26
28
34
37
44
47
53
53
56

3 405 2,785 4 740
3 489 3,053 4 792

,520
1,556

50
53

4 84 S
5 040
5 149

,592
1,645
, 695
, 740

53
55
55
56

3 850 4,610 5 ,215

1,829

56

i',726 4 ^ B
168 2,237 4 477
489 3,053 4 792
800 4,262 s 149
567

3 S60 3,295
3,579
3 725 3.900
3 800 4,262
3 6 SO

4 947

v Preliminary.
1
Includes all banks in the United States and possessions. 2 Includes loans held by nondeposit trust companies but excludes holdings of
trust departments of commercial banks. March and September figures are Federal Reserve estimates based on data from Member Bank Call
Report and from weekly reporting member banks.
3
Data not available for ail 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 1955




687

REAL ESTATE CREDIT STATISTICS—Continued
MORTGAGE ACTIVITY OF ALL UNITED STATES LIFE INSURANCE COMPANIES
[In millions of dollars]
Loans acquired
Nonfarm

Year or month

Nonfarm

i

Total
Total
1940
1941
1942
194'5
1944
1945
1946
1947
1<)48 .
1949
1950
1951
1952
1953
19S4

Loans outstanding (end of period)

FHAinsured

VAguaranteed

Farm

898 ;
855
178
266

3 661
2.786
3,407
3 430
4,894
5,134
3,978
4,345
5,334

1 483
2,520
3,114
3,123
4,532
4,723
3,606
3,925
4,921

1,202
1,350
1,486
1,058
864

1054—\pril.
May.
[line
July
August
September
October
November
December

443

403

47

318

410
393
435
459
446
538
588

48

451
•'-21
464
484
471
571
631

60
51
53
53
56
80
62

100
98
133
156
148
183
208

250
244
249
250
242
275
318

4.1
28
29
25
25
33
43

1955—[anuarv
February
"March
April

521
495
563

479
443
493

161
11.8
154

249
259
262

42
52
70

480

431

69
66
77

128

232

49

.

342

817

455

673

1,377

1,469
1 ,546
1 ,642
2,108
2.371
2,313
2,653
2,871

86

270

451

71

600
366
131

938
1,294
429

293
307

362
411
372
420

413
40

185

85

FHAinsured

Total

. . . .

935 i
976 i

Total

Other

24

5,972
6,442
6,726
6 714
6,686
6 636
7,155
8,675
10,833
12,906
16,102
19,314
21,251
23,322
25,927

5,073
5 529
5,830
5 873
5,886
5 860
6,360
7,780
9,843
11,768
14,775
17,787
19,546
21,436
23,881

1,096
1 286
1,408
1 394
1,228
1 398
2,381
3 454
4,573
5,257
5 681
6,012
6,122

24,005
24,174
24,384
24.572
24,795
25,035
25,260
25.574
25,927

22,060
22,212
22,403
22,575
22,786
23.019
23,235
23,540
23,881

26,223
26,474
26,72 7
26,949

24,171
24,405
24,629
24,824

Farm

VAguaranteed

Other

256
844
1,106
1 2H
2,026
3,131
3 347
3.560
4,636

4 405
4 714
4,734
4 587
4,478
4 466
4,876
5 S38
6 356
7 090
8,176
9,399
10 Si8
11 864
13,123

1 138
1 ,327
1 ,527
1 705
1,886
2,046

6 081
6,088
6,091
6,095
6,100
6.098
6,103
6,1.33
6,122

3 746
3 804
3,886
3 951
4,048
4,187
4,303
4.451
4,636

12 ^ 3
1? ;P0
12,426
12 529
12,638
12,734
1.2,830
12,956
13,1.23

1 945
1 962
1,981
1 997
2,009
2,016
2,025
2.034
2,046

6,132
6,156
6,166
6,J7!

4,771
4,861
4,982
5,070

13,268
13.388
13 481
13,583

2,052
2,069
2 098
2,125

668
815

899
913

896
841
800
776
795
895
990

i
NOTJ.-;. —For loans acquired, monthly figure- may not add to annual totals, and for loans outstanding, eud-of-December figures may differ
from end-oJ"-year figures, be-, aii.se rnonihly figures represent book value of ledger assets whereas year-end figures represent annual statement asset
values, and because year-end adjustments are based on more nearly complete data. Prior to 1947, complete data are not available for all classifications shown.
Sources.—institute of Life Insurance-—end-of-year figures, Life Insurance Fact Book; end-of-rnonth figures, the Tally of Life Insurance Statistics
and Life Insurance KeiJS Data.
MORTGAGE ACTIVITY OF ALL SAVINGS AND LOAN
ASSOCIATIONS
[In millions of dollars]

New

Insurance
companies

Mutual
savings
banks

1,628
1,351
1,274
1,446
1,639
2,497
2,567
2,535
2,488
3,032
2,878
3,028
3,164
3,458

4,732
3,943
3,861
4,606
5,650
10,589
11,729
11,882
11,828
16,179
16,405
18,018
19,747
22,974

1,490
1,170
1,237
1,560
2,017
3,483
3,650
3,629
3,646
5,060
5,295
6,452
7,365
8,312

404
362
280
257
250
503
847
1,016
1.046
1J618
1,615
1,420
1,480
1,768

218
166
152
165
217
548
597
745
750
1,064
1,013
1,137
1,327
1,501

1,454
1,359
1,439
1,746
2,069
3,343
3,631
3,828
3,940
5,072
5,112
5,409
5,895
7,154

2,906
2,918
3,031
3,186
3,448
4,241
4,570
4,688
4,755
5,335
5,701
5,950
6,241
6,644

i',7U

1954-Apr..
May.,
June
July.
Aus;
Sept.
19,400
Oct..
Nov.
Dec.
20^257

280
278
303
306
312
313
314
307
318

1,793
1,805
1,990
2,027
2,086
2 122
2,156
2,148
2,267

669
675
741
734
770
766
765
757
784

130
124
146
155
166
164
178
177
191

112
118
133
141
138
141
140
147
158

550
558
602
626
643
668
679
667
714

6,411
6,484
6,573
6,625
6,684
6,789
6,874
7,004
7,131

4^946

21,135

1955-Jan..
Feb..
Mar.
Apr..

284
277
343

2,024
1,958
2,455
2,357

702
928
900

165
151
174
165

128
.116
134
136

665
624
761
700

7,120
7,077
7,153
7,182

Home
purchase

Other
purposes 1

Total ;i

1 379
1,051
1 184
1,454
1 913
8 584
3,811
3 607
3 636
5,237
5 250
6 617
7,767
8 969

437
190
106
95
181
616
S94
1 046
1,083
1,767
1 657
2,105
2,475
3 076

581
574
802
1,064
1,35-3
2,357
2J2S
1 710
1,559
2,246
2 357
2,955
3,488
3 846

361
287
276
295
374
611
789
851
994
1,224
1 236
] 557
1,804
2 047

4,578!
4,583:1
4,5S4|i
4,800
5.376
7,141
8,856|
563
10,305!
717
11,616!
13,622!
84.1
15,520!
864
18,336!i|
904
21,882! 1,044
26,142 1,171

2,397
2,586
2,969
3,125
3,385
3,961
4,714

1954-Apr....
May...
June...
July...
Aug...
Sept...
Oct....
Nov...
Dec...

732
728
810
802
841
828
824
807
853

257
254
283
281
289
282
283
278
295

29S
301
341
349
372
369
364
357
369

177
173
185
173
180
177
177
172
189

23,847

1,102

4,277

25,053 1,150

4,503

26J42

iil71

1955-Jan....
Feb....
Mar...
Apr....

744
775
1,026
1,016

252
265
386
380

326
340
427
430

166
171
212
205

27,313

1 ^ 232

. ..

. .

1
Includes
a
Prior to
3

7.345
8,313
9,812
11,530
14,047
16,877
20,257




1941
1942
1943
1944
1945
194(5
1947
1948
1949
1950
1951
1952
1953
1954

18,468

loans for repair, additions and alterations, refinancing, etc.
1948, data are not available for classifications shown.
Excludes shares pledged against mortgage loans.
Source.—Home Loan Bank Board.

688

Number

Average
amount
recorded
Other
(dollars)

Savings &
loan.

struction

FIIAinsured

Amount, by typo of lender
Year
or
month

Total

ConVAvenguaranteed tional ;

Total

1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954

[Number of thousands; amounts (except averages) in millions of dollars]

Loans outstanding (end of period)'-1

Loans made, by purpose
Year or
month

NONFARM MORTGAGE RECORDINGS OF $20,000 OR LESS

Source.—Home Loan Bank Board.

FEDERAL RESERVE BULLETIN

REAL ESTATE CREDIT STATISTICS—Continued
MORTGAGE DEBT OUTSTANDING O N
NONFARM 1- TO 4-FAMILY PROPERTIES
[In billions of dollars]

GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE
[In

millions of dollars]
VA-guaranteed loans 3

FIIA-insured loans

Year
or
month

j

Total
Total

New
properties

1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1 ''54

Home

Home
mortgages

991
1 152
1 ,121
934
877
857
3.058
5,074
5,222
5,250
7.416
6.834
5.830
6,946
7,323

Proj- Property
ectimtype proveExisting mort-1 ment 2
prop-' gages loans
erties

175
588
728
183
766
208
553
210
484
224
217
257
120
302
477
418
684
i , 434
1,319
892
856
1,637
1 ,216
713
974
969
1.259 1,030
1,035
907

991
1 ,152
1,121
934
877
665
756
1,788
3,34.1.
* 826
4,343
3.220
3,113
3,882
3,066

13
216
14
228
21
126
85
86
56
114
20
171
13
321
360
609
6i4
1 021
594
1,157
694
582
708
322
848
259 1,334
232
89.1.

mortgages

Total
New
properties

192
2.302
3,286
1.881
1 .424
3,073
3,614
2.721
3,064
4,257

Alter
ation
Exand
isting repair 2
properties

629
793
1 ,865 1 ,202
2,667
942
1.824
890
2.045 1,014
2,686 1 ,566

3
5
6
6
6
5

512
579
531
680
679
770
760
843

243
2 70
238
262
269
252
266 j
287

1955— Tan
Feb...
Mar...
Apr...

931
840
856
809

309
274
324
294

1940
1941
1942
1943
1944
1945
1.946
1947
194-8
1949
1950
1951
1952
1954
1954

17.3
18 4
18.2
17 8
17.9
.18.5
23.1
28 2
33.3
37.5
45.1
51.9
58.7
66.3
75.9

12.5
15.0
18.9
22.9
25.4
28.1
32.1

1955—January....
February...
March
April

0)
0)
C1)
0)
0)
(1)




2
2^4
5.5
7.2
8.1

10.8
12.0
12.8

10.3
13.2
1.4.6
16.1
19.3

22! 5
26.2
29 0
33.3
38.2
43.8

171
200
178
251
252
307
304
337

98
.109
115
167
157
211
189
219

.3
.3
.3
.2
.5
.4
.5
.4

1952—June.. .
Sept...
Dec... .

55.1
57.0
58.7

24.0
24.7
25.4

10.1
10.4
10.8

13.9
14.3
11.6

31 .1
32.3
33.3

1953 - M a r . . .
.Hine.. .
Sept...
Dec... .

60.4
62.5
64.6
66.3

26. .
1
26.7
27.5

11.1
11.4
11.7

15.0
15.3
15.8
16.1

34.3

145
138
160
151

5
12
9
5

52
36
46
45

622
567
532
515

390
357
345
319

231
209
186
195

1.2
.7
r
.7
.6

1954—-Mar. . .
June...
Sept...
Dec... .

67.8
70.0
72.8
75.9

28.8
29.7
30.5
32.1

12.2 16.6
12.4 17.3
I 12.6 17.9
12.8 1.9.3

39.0
40.3
42.1
43.8

1955--Alar. . .

78.9

33.5

Mortgage holdings

Total

28.1 |j 12.0

13.2

35.8
37.1

38.2

20.3

45.4

N O T E . — F o r total debt outstanding, figures for
first three qin tiers are Federal Reserve estimates.
For conventional, figures are derived.
Sources.—-Ilome Loan Bank Board, Federal Housing Administration, Veterans Ad mil u'straik n, and
Federal Reserve.

FEDERAL H O M E LOAN BANK L E N D I N G
[In millions of dollars]

FIIAinsured

VAguaranteed

227
824
485
239
323
638
476

199
828
1,347
1 ,850
2,242
2,462
2,434

.188
403
169
204
320
621
802

11
425
1 ,178
1,646
1 ,922
1 ,841
1 ,632

812
791
779
737
700
654
603
547
476

2,299
2,299
2,301
2,371
2,355
2,362
2,368
2,396
2,434

667
680
700
724
733
745
752
773
802

41.8
359
287
215

2,462
2,488
2,512
2,545

817
832
839
855

Mortgage
Mortpurgage
chases
sales
(during (during
period) period)
198
672
1,044
677
538
542
614

20
469
111
56
221
525

1,632
1,619
1,601
1,647
1,622
1,618
1,616
1,623
1,632

50
38
50
120
33
38
39
50
64

108
30
37
37
39
19
23
11
15

1,645
1,656
1,673
1,690

48
48

10
8
18
11

54
58

' I^o authorization figures shown after October since nnripr its np\v chnrter.
effective Nov. 1, 1954, F N M A maintedns three separate programs, for which the
type of fund authorization varies. Other figures represent the combined programs: secondary market, special assistance, and management and liquidation.
National Mortgage Association.
Source.—Federal

JUNE 1955

4 2

269
309
293
418
410
518
494
556

Author- Comized
mitfunds
ments
un1111comdismitted bursed

0)

4.1
3.7
3.8
5.3
6.9
8.6
9.7

4 2

.14 ^ 5
13.7
13.7
14.2
17.0
1S. 9
20. S

71
82
70
71
101
89
76
63

[In millions of dollars)

539
560
570
540
594
63.1
678

4.3
6.1
9.3

1.5.0
15 4

2.3
3.0
3.7
4.1

25
24
14
40
33
9
7
23

FEDERAL NATIONAL MORTGAGE ,ASSOCIATION A C T I V I T Y 1

1954—April
M.ay
Tune
Fury
August
September. .
October....
November. .
December. .

2.3
3.0
3.7
4.1

72
79
79
79
59
74
92
1.09

'Revised.
Monthly figures do not reiieet mortgage amendments included in. annual totals.
FHA-in>ure( prop M-(:y im rovemeni. loans are not o r d i n a r i l y secured b y m o r t g a g e s ; VAguaranteed alteration and repair loan; of SI ,000 or les.s need not be secured, whereas those
for more than that amount m ist be.
;!
Prior to 1949, daU are not available for classifications shown.
NOTI-:.-- -Fll A-insured loan.-, re pros Jin gross amount of insurance written; V \-guaran teed loans, gross am ouut of loans closed. F igures c o n o t t: ke account of principal repaymen is on previously i isirred or guaranteed k aus. F >r V A - g u a r a n l e e d loans, a m o u n t s b y
typo are derived from data o number and average amount oi loans closed.
Sources. —Federal Housing . \dmini> trat ion and Veterans Administration.

528
848
918
661
1,085
550

FI-IA- VAguarinsured anteed

Total

74
86
75
72
77
80
9.1
92

1
2

1948
194c)
1950
1951
1952
1953
1954

Conventional

Total

107
89
109
93

1954-May. .
June..
July...
A.ug.. .
Sent...
Oct....
Nov.. .
Dec.. .

I.uui of year
or month

Governmentunderwritten

End of
year or
quarter

Advanc.es outstanding
(en of period)
Year or month

Advances

Repayments
Shortterm '

Long-

term 2

.1945
1946
1947
1948
1949
1950
1951
1952
1953
1954

278
329
351
360
256
675
423
586
728
734

213
231
209
280
337
292
433
528
640
818

195
293
436
515
433
816
806
864
952
867

176
184
218
257
231
547
508
565
634
612

19
109
21 7
258
202
269
298
299
317
255

1954—Mav . .
Tune
July
August
September..
October....
November..
December. .

28
106
53
59
69
63
74
171

33
39
98
31
38
45
38
47

608
675
630
659
689
708
743
867

377
428
406
422
452
471
495
612

231
247
223
236
237
236
248
255

1955—January
February...
March
April
May

38
34
71
85
104

188
63
58
33
37

717
688
702
754
821

491
466
464
497
542

226
223
238
257
279

1
Secured or unsecured loans maturing in one year or less.
2
Secured loans, amortized quarterly, having maturities of
more t h a n one yeai but not more than ten years.
Source.—Home Loan Bank Board

689

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

Total

Other
Automobile consumer
1
goods
paper
paper1

Total

Noninstalment credit

Repair
and modernization
loans2

Personal
loans

Total

J fiSR
1,245
1,322

2,719
2,824
3,087
3,203
4,212
4,875
5,443
5,588
6,323
6,631
7,143
7,350
7,658

1939
1940
1941

7,222
8,338
9,172

4,503
5,514
6,085

1,497
2,071
2,458

1945
1946
1947
1948
1949
1950
1951
1952
1953
1954

5,665
8,384
11,570
14,411
17,104
20,813
21,468
25,827
29,537
30,125

2,462
4,172
6,695
8,968
11,516
14,490
14,837
18,684
22,187
22,467

981
1,924
3,054
4,699
6,342
6,242
8,099
10,341
10,396

1,290
2,143
2,842
3,486
4,337
4,270
5,328
5,831
5,668

.,006
,090
,406
L.649
1,616

[,009
1,496
[.910
2,229
2,444
2,805
3,235
3,851
4,366
4,787

1954—April
May
June
July
August
September
October
November.
December

28,095
28,372
28,666
28,725
28,736
28,856
28,975
29,209
30,125

21,426
21,487
21.717
21,849
21,901
21,935
21,952
22,014
22,467

9,942
10,002
10,168
10,298
10,349
10,365
10,340
10,296
10,396

5,413
5,370
5,367
5,328
5,294
5,287
5,324
5,398
5,668

1,617
1,634
1,635
1,637
1,642
1,642
1,637
1,631
1,616

4,454
4.4R1
1,547
1,586
1,616
1,641
1,651
i.689
4,787

29,760
29,518
29,948
30,655

22,436
22,508
22,974
23,513

10,459
H),641
11,053
11,482

5,609
5,484
5,479
5,492

1,574
1,550

4,794
4,833
4,912
5,005

1955—January
February
Miarch
April

...

1,620
1,827
1,929

455

298
371
376
182

816

405
718
843
8R7

530

1,534

Singlepayment
loans

Charge
accounts

787
800

Service
credit

1,414
1,471
1,645

518
553
597

1,122
1,356
1,445
1,532
1,821
1,934
2,094
2,219
2,420

1,612
2,076
2,353
2,713
2,680
3,006
3,096
3,342
3,411
3,518

1,014
1,166
1
1,285
1
L,376
1,496
1
1,601
U7O7
1,720
L.720

6,669
6,885
6,949
6,876
6,835
6,921
7,023
7,195
7,658

2,181
2,313
2,334
2,303
2,312
2,335
2,377
2,407
2,420

2,723
2,786
2,819
2,773
2,734
2,807
2,892
3,042
3,518

1,765
1,786
1,796
1,800
1,789
1,779
1,754
[,746
7?n

7,324
7,010
6.974
7,142

2,371
2,427
2,481
2,496

3,225
2,831
2,735
2,859

1,728
1,752
1,758
1,787

845
746

845

1
Includes all consumer instalment credit extended for the purpose of purchasing automobiles and other consumer goods and secured by the
items purchased, whether held by retail outlets or financial institutions. Includes credit on purchases by individuals of automobiles or other
consumer goods that may be used in part for business.
2
Includes only repair and modernization loans held by financial institutions; such loans held by retail outlets are included in "other consumer
goods paper."
NOTE.—Monthly figures for the period December 1939 through 1951 and a general description of the series are shown on pp. 336-354 of the
BULLETIN for April 1953. Revised monthly figures are shown in later BULLETINS: 1952, November 1953, p. 1214; 1953, November 1954, p. 1212.
A detailed description of the methods used to derive the estimates may be obtained from Division of Research and Statistics.

INSTALMENT CREDIT, BY HOLDER
[Estimated amounts outstanding, in millions of dollars]
Financial institutions
Total
instalment
credit

Total

Commercial
banks

Sales
finance
companies

1939
1940
1941

4,503
5,514
6,085

3,065
3,918
4,480

1,079
1,452
1,726

1945
1946
1947
1948
1949
1950
1951
1952
1953
1954

2,462
4,172
6,695
8,968
11,516
14,490
14,837
18,684
22,187
22,467

1,776
3,235
5,255
7,092
9,247
11,820
12,077
15,410
18,758
18,935

1,567
2,625
3,529
4,439
5,798
5,771
7,524
8,998
8,633

1,355
1,990
2,950
3,785
3,769
4,833
6,147
6,421

1954—April
May

21,426
21,487
21,717
21,849
21,901
21,935
21,952
22,014
22,467

18,245
18,325
18,538
18,671
18,731
18,753
18,726
18.719
18,935

8,722
8,729
8,783
8,763
8,731
8,688
8,637
8,586
8,633

22,436
22,508
22,974
23,513

18,977
19,153
19,613
20,127

8,651
8,688
8,844
9,020

End of year
or month

July
August
October
November
1955—January
February
April
1
2

745

Retail outlets
Department
stores1

Furniture
stores

Household
Autoapplimobile
ance
dealers2
stores

Credit
unions

Other

Total

1,197
1,575
1,797

132
171
198

657
720
759

1,438
1,596
1,605

354
394
320

439
474
496

183
196
206

123
167
188

339
365
395

300
677

102
151
235
334
438
590
635
837

686
937

131
209
379
470
595
743
920

240
319
474
604
724
791
760
866
903
890

17
38
79
127
168
239
207
244
291
293

28
47
101
159
239
284
255
308
380
394

270
324
407
516
543
613
618
739
815
754

823
821
820

274
271
273

368
371
379

684
672
670

629
840

,124
,293

1,040
1,239
1,420
1,647
1,902
2,216
2,489
2,588

1,440
1,876
2,269
2,670
2,760
3,274
3,429
3,532

1,117
1,040
1,201

5,901
5,944
6,060
6,189
6,256
6,294
6,315
6,325
6,421

,157
,175
L,207
L,228
L.250
,267
,270
L ,282
1,293

2,465
2,477
2,488
2,491
2,494
2,504
2,504
2,526
2,588

3,181
3,162
3,179
3,178
3,170
3,182
3,226
3,295
3,532

1,032
1,027
1,037
1,032
1,032
1,041
1,063
1,098
1,201

6,462
6,570
6,808
7,077

,282
1,298
1,330
1,360

2,582
2,597
2,631
2,670

3,459
3,355
3,361
3,386

1,158
1,108
1,123
1,138

818
821

Other

277
276

386
389

665
652

822
830
846
890

278
282
283
293

390
390
390
394

651
661
678
754

862
848

291
286

397
404

751
709

838
834

280
278

420
437

700
699

Includes mail-order houses.
Includes only automobile paper; other instalment credit held by automobile dealers is included with "other" retail outlets.

690




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]

End of year
or month

Total
noninstalment
credit

Financial
institutions
(single-payment loans)
Commercial
banks

Other

Retail
outlets
(charge
accounts)
Department 1
stores

Service
credit

2,719
2,824
3,087

625
636
693

162
164
152

236
251
275

1,178
1,220
1,370

518
553
597

1945
1946
1947
1948.
1949
1950
1951
1952
1953
1954

3,203
4,212
4,875
5,443
5,588
6,323
6,631
7,143
7,350
7,658

674
.,008
1,261
1,334
1,576
1,684
1,844
1,899
2,085

72
114
153
134
198
245
250
250
320
335

290
452
532
575
584
641
685
730
748
764

1,322
1,624
1,821
2,138
2,096
2,365
2,411
2,612
2,663
2,754

845
,014
,166
,285
,376
,496
,601
,707
,720
L,720

6,669
6,885
6,949
July
6,876
August.... 6,835
September. 6,921
October. . . 7,023
November. 7,195
December. 7,658

1,883
1,918
1,977
L,989
1,985
1,997
2,067
2,049
2,085

298
395
357
314
327
338
310
358
335

502
499
497
448
446
488
517
374
764

2,221
2,287
2,322
2,325
2,288
2,319
2,375
2,468
2,754

1,765
,786
L.796
,800
,789
,779
,754
: ,746
L
1 ,720

1955—January.. . 7,324
February.. 7,010
M a r c h . . . . 6,974
April
7,142

2,048
2,085
2,114
2,165

323
342
367
331

623
535
507
526

2,602
2,296
2,228
2,333

1 ,728
1 ,752
1 ,758
,787

1954—Anril
May

June

1

Total
instalment
credit

Other

1939
1940
1941

L,203

End of year
or month

Automobile
paper
Purchased

Direct

Repair
and
modernization
loans

Other
consumer
goods
paper

Persona!
loans

1939
1940
1941

1,079
1,452
1,726

237
339
447

178
276
338

166
232
309

135
165
161

363
440
471

1945
1946
1947
1948
1949
1950
1951
1952
1953
1954.

745
1,567
2,625
3,529
4,439
5,798
5,771
7,524
8,998
8,633

66
169
352
575
849
1,177
1,135
1,633
2,215
2,198

143
311
539
753
946
1,294
1,311
1,629
1,867
1,645

114
299
550
794
1,016
1,456
1,315
1,751
2,078
1,839

110
242
437
568
715
834
888
1,137
1,317

312
546
747
839
913
1,037
1,122
1,374
1,521

J 97"?

1 f>7A

1954—April
May
June
July. . .
August....
September.
October...
November.
December.

8,722
8,729
8,783
8,763
8,731
8,688
8,637
8,586
8,633

2,180
2,195
2,237
2,240
2,230
2,224
2,207
2,188
2,198

1,745
1,735
1,729
1,720
1,707
1,686
1,663
1,636
1,645

1,939
1,925
1,913
1,880
1,857
1,835
1,822
1,822
1,839

1,281
1,293
1,293
1,297
1,299
1,299
1,296
1,287
,275

1,577
1,581
1,611
1,626
1,638
1,644
1,649
1,653
1,676

1955—January.. .
February..
March....
April

8,651
8,688
8,844
9,020

2,208
2,241
2.309
2,371

1,656
1 ,680
1 .751
1 .818

1
1
1
1

,24i
1,219
,201
, 205

,687
,703
,737
,784

,859
,845
,846
,842

Includes mail-order houses.
INSTALMENT CREDIT HELD BY FINANCIAL INSTITUTIONS OTHER THAN COMMERCIAL BANKS AND SALES
FINANCE COMPANIES, BY TYPE OF CREDIT

INSTALMENT CREDIT HELD BY SALES FINANCE
COMPANIES, BY TYPE OF CREDIT

[Estimated amounts outstanding, in millions of dollars]

[Estimated amounts outstanding, in millions of dollars]
Other
consumer
goods
paper

Repair
and
modernization
loans

Total
instalment
credit

Automobile
paper

1939
1940
1941

1,197
1,575
1,797

878
1,187
1,363

115
136

148
190

56
62

167

201

66

1945
1946
1947
1948
1949
1950
1951
1952
1953
1954

300
677

164
377

24
67

58
141

185
232

242
216

54
92

. 241
332

70
82

275
347

367
351

83
81

391
426

336
331

84
83

392
394

End of year
or month

1,355
1,990
2,950
3,785
3,769
4,833
6,147
6,421

802
1,378
2,425
3,257
3,183
4,072
5,306
5,563

1954—April
5,901
5,944
May
6,060
Tune
J U ly
6,189
6,256
August
6,294
September. . .
6,315
October
November. . . 6,325
6,421
December

5,089
5,136
5,249
5,371
5,436
5,474
5.491
5,491
5,563

6,462
6,570
6 808
7,077

5,603
5,709
5,945
6,207

. ...

1955—January
February....
IVlarch
April

303
313

331
335
335
336
337
340
351
350
349
348
348

83
57

139
158

83
82
82
81
81
81
81

397
401
403
403
406
413
426

79
78
76

430
434
439

76

Other
consumer
goods
paper

Repair
and
modernization
loans

credit

1939
1940
1941

789
891
957

81
102
122

24
30
36

15
16
14

669
743
785

1945
1946
1947
1948
1949
1950
1951
1952
1953
1954

731
991

1,275
1,573
1,858
2,237
2,537
3,053
3,613
3,881

54
77
130
189
240
330
358
457
573
596

20
34
69
99
137
182
209
279
337
340

14
22
39
59
89
115
132
187
249
260

643
858
1,037
1,226
1,392
1,610
1,838
2,130
2,454
2,685

1954—April
May
June
July
August. . .
September.
October...
November
December.

3,622
3,652
3,695
3,719
3,744
3,771
3,774
3,808
3,881

560
565
574
581
587
591
589
591
596

325
323
323
321
321
324
329
331
340

252
258
259
258
261
262
260
263
260

2,485
2,506
2,539
2,559
2,575
2,594
2,596
2,623
2,685

1955- - J a n u a r y . . .
February..
March
April

3,864
3,895
3,961
4,030

595
607
628
649

338
339
344
353

254
253
253
253

2,677
2,696
2,736
2,775

Personal
loans

126
164

Total

Automobile
paper

End of year
or month

instal-

Personal
loans

446

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.

JUNE 1955




691

STATISTICS ON SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT—Continued
INSTALMENT CREDIT EXTENDED AND REPAID
[Estimates, in millions of dollars]
Other consumer
goods paper

Automobile
paper

Total
Year or month

Repair and
modernization loans

Extended

Repaid

Extended

Repaid

Extended

Repaid

1940
1941

8,219
9,425

7,208
8,854

3,086
3,823

2,512
3,436

2,588
2,929

2,381
2,827

328
312

1945
1946
1947
1948
1949
1950
1951
1952
1953
1954

5,379
8,495
12,713
15,540
18,002
21,256
22,791
28,397
30,321
29,304

5,093
6,785
10,190
13,267
15,454
18,282
22,444
24,550
26,818
29,024

999

941

1,969
3,692
5,280
7,182
8,928
9,362
12,306
13,621
12,532

1,443
2,749
4,150
5,537
7,285
9,462
10,449
11,379
12,477

2,024
3,077
4,498
5,280
5,533
6,458
6,518
7,959
8,014
7,700

1,999
2,603
3,645
4,581
4,889
5,607
6,585
6,901
7,511
7,863

1954—April
May
Tune
July
August
September..
October
November
December

2,400
2,397
2,703
2,549
2,477
2,441
2,454
2,554
3,046

2,355
2,336
2,473
2,417
2,425
2,407
2,437
2,492
2,593

J .038
1,047
1,244
L, 163
1,114
1,052
1,031
1,040
L ,184

1,015
987
1,078
1,033
1,063
1,046
1,056
1,084
1,084

615

645

607
659
622
607
629

650
662
661
641
636

121
109
107
112
115

687

650

1955—Tftnuary
February
March
April

2,389
2,416
3,159
3,089

2,420
2,344
2,693
2,550

[,060
I ,167
1,569
.512

997
985

1,157
1,083

616
529
708

2,358
2,321
2,495
2,455
2,409
2,474
2,461
2,612
2,762

2,358
2,392
2,413
2,364
2,480
2,404
2,424
2,500
2,488

1,114
1,060
1,035
1,077
1,068
1 ,109
1,298

2,823
2,898
3 035
3,017

2,496
2,521
2,562
2,552

1,233
1,382
1,472
1,404

Extended

Repaid

Personal
loans
Extended

Repaid

255
307

2,217
2,361

206
423

143
200

704
702
721
826
853
1,243
1,387
1,245

391
577
677
707
769
927
1,144
1,278

2,150
3,026
3,819
4,278
4,566
5,044
6,058
6,889
7,299
7,827

2,060
2,284
2,010
2,539
3,405
3,959
4,351
4,683
5,628
6,273
6 784
7,406

105

102

642

104
108
105
107
115

622
691
657
644
635

593

106

111

630

620

675
654
713

67
72
99

639
609
704

690

106

646
648
783

703

109
96
119

768

675

1.025
1,010
1,056
1,006
1,067
1,014
,039
1,098
L.083

644

629

108

109

642

595

604
649

658
658

115
95

115
108

618
637

609
591

100
105

631
661

591
630

92
101

118

682

106
113

668
725

638

1,020
1,071
1,096
1,093

WITHOUT SEASONAL ADJUSTMENT

716
936

642
666

108
95

114
110

102

690
831

595
625
618
614
610
652
733

SEASONALLY ADJUSTED*

1954—April
May .
June
July
August
October
November
December
1955—January
February
M,arch
April. ..

964
984

666
613

667
678

609

634

98
100
106

633
677

652
631

679

643

99

108

788
660

684
680

87
97

741
736

683
672

109
109

627
658

686

654

104
97

715
759

688
673

116
109

713
768

667
678

* Includes adjustment for differences in trading days.
NOTE.—Back figures by months for the period 1940-52, together with a discussion of the composition and characteristics of the data and a
description of the methods used to derive the estimates, are shown in the BULLETIN for January 1954, pp. 9-22. Monthly figures for 1953 are
shown in the BULLETIN for November 1954, p. 1212. Estimates of instalment credit extended and repaid are based on information from accounting
records of retail outlets and financial institutions and include finance, insurance, and other charges incurred under the instalment contract. Renewals and refinancing of loans, repurchases and resales of instalment paper, and certain other transactions may increase the amount of both
credit extended and credit repaid without adding to the amount of credit outstanding.

RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE *

FURNITURE STORE STATISTICS
Percentage change
from preceding
month
Apr.
1955
Net sales:
Total
Cash sales
Credit sales:
Instalment
Charge account

Percentage change
from corresponding
month of preceding
year

Mar.
1955

Feb.
1955

Apr.
1955

Mar.
1955

Feb.
1955

+2

+ 15
+9

i

-9

0

+ 16
+8

+1
+2

+9
+8
+10
+12

+2

+5

+7
+1
+ 10
+10

0
-1

-2
-2

+4
+1
+ 14

+4
+1
+ 12

+14

+5

-1

-3

-6

-2

Accounts receivable, end
of month:
Total ..
Instalment
Charge accounts

+1

-2
-1
-4

Inventories, end of
month, at retail value.

+3

+7

-1

+4
+8
+3

0

Instalment accounts
Year or month

Charge
accounts

Household ap- Department
pliance
stores
stores

Department
stores

Furniture
stores

1954—April
May
June
July
August
September
October
November
December

14
14
14
14
13
13
14
13
14

12
12
12
12
12
12
12
12
12

9
10
10
10
10
10
10
10
9

45
46
47
45
45
46
47
48
46

1955—January
February
March
April

14
14
15
15

12
11
13
12

9
9
9
9

44
43
48
44

1
Collections during month as percentage of accounts outstanding at
beginning of month.

692




FEDERAL RESERVE BULLETIN

BUSINESS INDEXES
[The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation]
Construction
contracts
awarded (value) 1
1947-49=100

Industrial production
(physical volume)*
1947-49=100

Year
or month

Employment and payrolls 2
1947-49 = 100

Manufactures

Total
Total

Durable

Nondurable

Minerals

Total

Residential

All
other

Nonagricultural
employment

Freight
carloadManufacturing
ings*
production workers 1947-49
= 100
Employment

Payrolls

AdAdAdAdAdAdAd- Unad- Unad- AdAdAd- U n a d - Adjusted j u s t e d justed justed justed justed justed justed justed justed justed justed justed justed

Department
store
sales*
(retail 3
value)
1947-49
= 100

Wholesale
comprices modity
1947-49 prices3
= 100 1947-49

Adjusted

Unad- Unadjusted justed

Consumer2

100

. .

39
41
31
39
47
44
49

38
39
30
39
45
43
48

38
42
24
37
47
43
49

37
36
34
40
44
42
46

45
53
42
45
62
57
59

34
34
30
43
45
51
66

26
18
27
41
49
57
75

39
45
32
43
42
46
59

61.4
62.0
55.2
58.5

64.4
63.5
65.2

68.7
69 0
52.8
58 4
66 9
62.1
64.2

31.1
37 1
24.0
25.7
32.6
30 4
32.1

90
98
83
92
107
105
110

27
32
30
30
34
34
36

74 0
85.7
76.4
71 6
12 9
73 1
75 0

1926
1927
1928
1929
1930 . . . .

51
51
53
59
49

50
50
52
58
48

52
49
53
60
45

48
50
51
56
51

63
64
63
68
59

69
69
73
63
49

73
71
76
52
30

67
68
70
70
62

67 6
67 9
68 0
71 0
66.7

65 5
64.1
64 2
68.3
59.5

33 0
32 4
3? 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
62
62
61
56

1931 . . . .
1932
1933 . . . .
1934
1935

40
31
37
40
47

39
30
36
39
46

31
19
24
30
38

48
42
48
49
55

51
42
48
51
55

34
15
14
17
20

22
8
7
7
13

41
20
18
24
25

60.4
53.5
53.7
58 8
61.3

50.2
42.6
47.2
55 1
58.8

21 5
14.8
15.9
20 4
23.5

79
59
62
67

32
24
24
27

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

55
60
46
57
66

49
55
35
49
63

61
64
57
66
69

63
71
62
68
76

30
32
35
39
44

22
25
27
37
43

35
36
40
40
44

65.9
70.3
66 1
69.3
73.3

63.9
70.1
59.6
66.2
71.2

27.2
32.6
25 3
29.9
34 0

81

33

84
67
76
83

35
32
35
37

52 5
56 1
51 1
50 1
51 1

1941
1942
1943
1944
1945.

87
106
127
125
107

88
110
133
130
110

91
126
162
159
123

84
93
103
99
96

81
84
87
93
92

66
89
37
22
36

54
49
24
10
16

74
116
45
30
50

82.8
90.9
96.3
95.0
91.5

87.9
103.9
121.4
118.1
104.0

49.3
72 2
99.0
102 8
87.8

98
104
104
106
102

44
50
56
62
70

59 3
61.4
60 3
59 4
59 9
62.9
69 7
74 0
75 2
76 9

1946
1947
1948
1949. . . .
1950

90
100
104
97
112

90
100
103
97
113

86
101
104
95
116

95
99
102
99
111

91
100
106
94
105

82
84
102
113
159

87
86
98
116
1.85

79
83
105
111
142

94.4
99.4
101.6
9Q.0
102.3

97.9
103.4
102.8
93.8
99.6

81.2
97.7
105.1
97.2
111.7

100
108
104
88

90
98
104
98

83 4
95.5
102 8
101 8
102.8

78 7
96 4
104 4
99 2
103.1

120
124
s'134
Pi 25

121
125
P136
P127

128
136
Pi 53
Pl3.

ii4
114
P118
P116

115
114
P116
Pill

171
183
192
216

170
183
178
232

172
183
201
204

108.2
110.4
113.6
110.4

106.4
106.3
111 .8
101 .8

129 8
136.6
151.4
137.7

101

109

95
96
86

110
112
111

111 0
113 5
114 4
114 8

114 8
111 6
110 ?
110 3

126

124

127

142

112

113

208

177

229

112.2

106.8

107.3

146.7

88

112

114.9

110.1

125
125
123
123

127
126
125
125
126
125
124
125
126
128
130
131

141
139
135
134
136
135
134
135
137
139
142
143

113
114
114
115
117
116
114
114
115
117
118
119

113
113
112
109
111
114
112
109
108
109
113
116

195
196
191
196
193
207
206
218
231
241
255
259

185
201
205
213
216
227
233
244
253
263
264
277

202
192
182
184
178
193
188
202
217
226
250
248

111.5
111.1
110.8
110.3
110.2
110 1
109.8
109.8
109.8
110.0
110.6
110.6

105.2
104.2
103.4
102.4
101.8
101 4
99.7
99.4
99.8
100.6
101 .6
101.7

104.8
104.0
103.2
101 .4
100.2
J 00.5
98.5
100.4
101 .7
102.0
102.3
102.2

140.4
140.0
137.9
134.5
134.6
135 8
131 .9
134.8
138.0
139.1
142.2
143.1

90
88
85
84

107
109
105
111

123
123
124
126
128
130

124
126
126
124
124
124
116
123
126
130
130
128

84
84

108
112

115.2
115.0
114.8
114.6
115 0
115 1
115.2
115.0
114.7
114.5
114.6
114.3

110.9
110.5
110.5
111 0
110 9
110 0
110.4
110.5
110.0
109.7
110.0
109.5

132
133
135
136
P\3S

131
135
137
138
*>137

133
134
136
138
Pi 40

145
147
148
150

121
121
'124
125
Pi 26

120
123
'121
120
P120

261
261
260
253

288
297
291
286

243
238
239
230

110.6
110.7
111.5
111.7
P112.4

101.8
102.5
M03.5
104.7
^105.7

101.2
102.3
••103.3
103.7
P104.1

141.5
144.4
146.6
146.5
"149.7

92
92
93
93
96

114.3
114.3
114.3
114.2

110.1
110.4
110.0
110.5

1919
1920
1921
1922.
1923
1924
1925

1951
1952
1953
1954

69

97

29

105

0
0
9
9
1

56 8
64 2
67 0
67 6
68 8

1953
December. .
1954
January....
February...
March
April
May

June

July
August
September..
October
November..
December..

125
1?4

82
84
84
87
89
93

111
112
108
113
114
117

1955
January
February.. .
March
Anril
May

P.153

118
112
113
P119
«117

"Estimated,
ppreliminary.
'Revised.
^Average por working day.
1
Three-month moving average, based on F. \Y. 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. 701.
2
The indexes of employment and payrolls, wholesale commodity prices, and consumer prices arc compiled by the Bureau of Labor Statistics.
Nonagricultural employment covers employees only and excludes personnel in the armed forces. The figures on employment and payrolls incorporate revisions to first-quarter 1954 bench-mark levels. The consumer prices index is the revised series, reflecting beginning January 1953 the
inclusion of some new series and revised weights; prior to January 1953 indexes are based on the "interim adjusted" and "old" indexes converted
to the base 1947-49=100.
3
For indexes by Federal Reserve districts and for other department store data, see pp. 703-707.
Backfiguresin BULLETIN.—Industrial production, December 1953, pp. 1324-1328; department store sales, December 1951, pp. 1490-1515.

JUNE

1955




693

INDUSTRIAL PRODUCTION
[Federal Reserve indexes, 1947-49 average =100]
1947-49
1954
1955
Annual
proportion 1953P1954P Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr.

Industry

SEASONALLY ADJUSTED

Industrial Production—Total

100.00

134

125

123

125

124

123

123

124

126

128

130

132

133

135

125

126

128

130

131

133

134

136

138

139

142

143

145

147

148

150

136

Manufactures—Total

90.02

136

127

125

126

125

124

Durable Manufactures—Total

45.17

153

137

134

136

135

134

235

137

6.70

132

108

103

106

108

103

105

105

111

118

127

131

28.52
5.73
13.68
9 04
4.64
7.54
1.29

167
136
160
143
194
189
155

150
123
142
125
177
175
140

147
119
138
125
163
174
139

121
138
124
163
178
138

147
122
139
124
170
170
135

147
122
141
125
173
170
136

148
124
144
125
181
166
135

149
122
147
125
189
167
137

150
124
147
123
194
169
137

152
125
148
122
198
175
138

154
125
145
120
193
187
140

155
125
145
124
187
191
140

157
126
146
125
1.87
193
142

rl57
M29
146
126
r!84
rl95
'143

160
130
149
130
185
198
143

Stone, clay, and glass products
Lumber and products

5.91
2.82
3.09

125
133
118

123
131
115

121
128
114

125
130
120

118
129
108

113
131
96

114
132
97

124
134
116

130
132
128

130
136
124

133
135
131

133
136
129

133
138
127

134
rl43
-•126

133
144
123

Furniture and misc. manufactures
Furniture and fixtures
Miscellaneous manufactures

4.04
1.64
2.40

131
117
140

121
106
131

117
103
127

118
102
128

120
104
131

120
106
130

123
109
133

123
109
132

123
110
132

123
108
132

122
108
131

122
109
132

123
109
133

rl25
n 12
rl35

126
113
135

44.85

118

116

115

117

116

114

114

115

117

118

119

121

121

11.87
6.32
5.55

107
104

100
95
105

101
94
109

101
95
107

99
93
106

98
95
102

99
94
103

98
95
101

102
101
103

103
101
105

104
101
107

106
103
108

105
103
106

109
104
115

112
109
115

Rubber and leather products
Rubber products
Leather and products

3.20
1.47
1.73

113
128
99

104
115
95

103
113
94

106
119
94

107
120
95

99
97
100

97
98
96

103
117
91

108
125
94

108
122
96

115
133
100

123
143
105

120
138
104

140
rl05

121
142
103

Paper and printing
Paper and allied products
Printing and publishing

8.93
3.46
5.47

132
121

125
134
120

125
133
120

126
137
120

126
136
121

126
133
121

126
135
121

127
137
121

127
138
121

727
137
120

127
136
121

129
140
122

130
143
122

<-133
147
124

134
151
124

Chemical and petroleum products
Chemicals and allied products
Petroleum and coal products

9.34
6.84
2.50

142
147
130

142
148
125

140
146
124

142
148
125

142
148
124

141
148
122

141
149
121

144
150
125

143
150
124

145
152
127

148
155
129

148
154
131

151
157
134

153

155

11.51
10.73
.78

107
107
108

106
106

106
107
=104

"109
110
'107

108
108
107

105
105
101

105
105
99

105
105
102

105
105
102

106
106
100

106
106
101

107
107
107

106
106
106

Primary metals
Metal fabricating
Fabricated metal products
Machinery
Nonelectrical machinery
Electrical machinery
Transportation equipment
Instruments and related products...
Clay,

glass,

and lumber

Nondurable

products.......

Manufactures—Total.

Textiles and apparel
Textile mill products
Apparel and allied products

Foods, beverages, and tobacco
Food and beverage manufactures. . .
Tobacco manufactures

138

125

160 163
134 P134
108
rlO9
107

110
110

Minerals—Total

9.98

116

111

109

111

114

112

109

108

109

113

116

120

123

121

120

Mineral fuels
Coal
Anthracite
Bituminous coal
Crude oil and natural gas

8.35
2.68
.36
2.32
5.67

115
78
57
81
133

113
67
52
70
134

111
58
46
60
137

112
65
44
68
134

115
69
48
72
136

112
70
56
72
133

110
68
50
71
130

109
67
49
70
129

110
70
43
74
130

115
69
51
72
136

117
73
66
74
138

120
74
55
77
142

•123
79
61
82
f
l 44

'121
72
45
76
144

121
73
41
78

Metal, stone, and earth minerals
Metal mining
Stone and earth minerals

1.63
.82
.81

119
113
124

106
90
123

99
78
120

106
91
121

110
99
122

108
91
125

102
83
121

102
82
121

101
81
121

105
86
125

115
103
127

118
110
126

'119
'114
124

123
113
'132

1.15
pi oo

WITHOUT SEASONAL ADJUSTMENT

INDUSTRIAL PRODUCTIONTOTAL

100.00

134

125

124

124

124

116

123

126

130

130

128

131

135

137

138

MANUFACTURES—TOTAL

90.02

136

127

125

125

125

116

125

127

132

132

129

133

136

140

140

Durable Manufactures—Total

45.17

153

137

137

136

135

125

132

135

140

143

143

147

151

154

155

6.70
5.03
3.51
.37
3.05
2.62
.43
1.52
1.29
.23

132
133
138
130
139
135
165
121
115
154

108
105
108
101
109
108
115
97
95
106

107
102
104
93
105
103
113
98
98
104

108
104
107
94
108
108
109
97
96
100

109
105
108
99
109
111
102
97
96
101

94
91
95
94
96
96
93
80
79
87

100
95
96
93
97
96
104
90
90
91

103
98
101
93
102
101
111
90
89
98

112
107
111
101
112
111
120
97
95
106

118
114
121
110
122
119
138
98
96
107

117
115
121
113
121
118
145
101
99
110

129
124
128
117
130
125
155
113
111
127

136
132
136
122
138
134
165
121
119
133

142
138
144
131
146
143
165
124
123
132

144
142
147
134
148
145
171.
131
129
140

Primary metals
Ferrous metals
Pig iron and steel
Pig iron
Steel
Carbon steel
Alloy steel
Ferrous castings and forgings
Iron and steel castings
Steel forgings
:

v Preliminary.
* Revised.
" Corrected.
*??, '»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.

694




FEDERAL RESERVE BULLETIN

INDUSTRIAL PRODUCTION—Continued
[Federal Reserve indexes, 1947-49 average - 100]

Industry

1954
1947-49
Annual
proportion 1953? 1954?' Apr. M a y June July Aug. Sept. Oct.

1955
Nov. Dec. Jan. Feb.

Mar. Apr.

WITHOUT SEASONAL ADJUSTMENT

—Continued
Primary metals—Continued
Noffprrous metals
.
. . *«»,
Primary nonferrous rnetala

1,67
.38

129
144

122
149

103
142

117
139

.09
.06
.04
.10
.09
.13

112
116
101
113
209
114

101
109
105
101
244
105

97
107
109
102
246
108

109
114
97
102
245
109

93
105
79
97
248
86

76
102
98
98
246
105

1.16
.63

126
112

99
114
107
100
245
115

113
100

114
101

113
102

.20

168

115
101

154

154

149

162

Copper reining
Lead
Zinc
Aluminum. .
Nonferrous shapes and castings.,.,
Copper mill shapes

Fabricated metal products . . . . . . .
Structural metal parts
Stampings and misc. metal products-.
Tin cans
Furnaces, gas ranges, and heaters
Machinery
Fa r m and industrial machinery
Farm machinery
Industrial and commercial machinery
Machine tools and presses
Laundry and refrigeration appliances.
Electrical apparatus and parts
Radio and television sets
Transportation equipment
Autos
Trucks
Medium trucks
Heavy trucks
Auto and truck parts
Aircraft and parts
Railroad equipment
Instruments and related products..

122
1*7

120
147

111
100

145

163

118
137
88
89
109
84
244
105

127
14?

98
91
i?4
90
246
108

114
103

124
115

159

160

124
160

146
159

'149
167

246
107

121
131
103
116
250
107

123
ill

114
90

118
122
99
118
252
114

140
134
99
119
253
125

162

168

129
158
124
118
107
112

145
135

146
125

182

196

149
166

rl55
169
'134
133
112
122
256
133

132
124
115
P

118

257

.33

130

114

116

112

112

91
76
88

107

121

122

128

144

155

163

28.52

167

15Q

ISO

148

147

135

144

145

150

154

156

159

162

165

166

5.73
2.68
2.12
.30
,63

136
137
138
S29
93

123

120

121

122

126

130

132

126

129

130

127

122
103
99

124
102
78

129

114
143
93

126
127
115
142
121

124

125

124
125
111
172
109

124

123

124
125
109
196
104

125

126

116
123
106
153
75

124
110
87

131

133

13.68

160

9.04
8.13
1.02

143
139
96

7.11
.68
.69

145
188

128

4.64
3.23
.74

179

230
189
126

175
109

Nonferrous castings . . . . . .

Metal Fabricating

120
147

194

117
131
90

103

'153
133
199

144
114
"202

117
122
84

116
125
88

142

141

138

137

128

138

145

150

150

146

148

152

154

152

125
121
79

128
124
85

126
122
84

119
117
79

122
116
75
122
150
125

121
116
75
122

123
119
80
125

126
119
85
124

129
121
90

132
124
94

133
126
95

125

'128

146

149

148

149

152

131

160

118
116
74
122
150
91

121
116
73

127

125
121
84
127
157
111

122

146

155

164

154

196

••195
••169
261

228

129

127

167

161

114

120

112

177

166

162

160

159

172

156

162
156
166

145

160

214

116

176
152
234

189
154
280

207
158
341

181
117

179
116

175
111

165
96

165
98

155
81

144
93
99
58
134
135
113
471
106
24
12

174
94
103
59
130
131
125
478
110
31
20

195
98
102
64
143
138
137
479
110
32
20

140

142

140

7.54
4.80
1.50
.66
.22
.19
.14
.07
2.58
1.30
.81
.53
.35

146
118
112
58
183
229
117
465
135
72
64

131
92
95
59
133
130
101
474
112
39
29

151
101
104
68
150
132
101
475
119
49
39

146
101
104
63
148
141
102
472
118
43
32

143
96
99
64
132
146
96
472
115
39
25

1.29

155

140

140

138

136

122
152

88
151

122
147
123

57
99
102
85
469
111
26
17

123
79
81
54
113
109
88
465
107
32
22

119
84
470
104
33
25

159
90
70
78
74
46
121
132
105
464
106
28
18

132

132

137

138

125
78
86

81
74
76
43

110

124
206

191

191

125
107
99

162

165

165

167

325

258

261

272

179
120

191
136

200
150

205
157

210
87
77
48
144
160
145
477

129
111
108

r209
'163
215
104
109
67

'•141
170
148

••479

'113

'115

36
25

'35
26

129
126
110

154

188
171

213
171

223
137
148
89
193
185

472
115
38
28

142

145

144
135

Clay, Glass, and Lumber Products.

S.91

125

123

124

126

122

109

118

129

136

130

125

125

-129

133

Stone, clay, and glass products
Glass and pottery products
Flat glass and vitreous products. . .

2.82
1.09
.60
.47

133
123
136
139

131
118
131
333

128
117
124
126

130
117
124
126

131
115
123
125

128
107
119
119

134
116
126
127

134
120
148
151

127
81
138
115
124
111

118
63
150
111
116
109

125
80
151
116
126
112

112
84
155
118
128
112

119
92
152
115
121
113

105
93
145
117
124
114

rQ2

125
89

168
146

166
146

93
80
131
113
112
115

140
'131
'149
'152

121
93
132
111
115

126
87
137
111
113
112

134
129
147
150

117
85
135
111
113
111

132
126
148
151

144
130
149
151

120
91
132
110
106
115

139
125
141
144

137
124
144
148

.26
.23
.32
.35
.12
.20

136
118
134
136

123

116

118

107
191
139

101
195
145
274
88

Glass containers
Home glassware and pottery
Cement
Structural clay products . .
Brick
Clay firebrick, nipe, and tile
....
Concrete and plaster products
Misc. stone and earth manufactures..

.48
.58

163
143

161
140

no
157

135

161
135

118

115

119

122

.60
.39
.12
.29

112
149
118
199
99

106
161
123
222

88

113
163
111
248
90

117
161
119
229
91

Furniture and Misc. Manufactures

4.04

131

121

115

Furniture and fixtures

1.64
i.io
.54

117
118
116

106
106
107

2.40

140

131

Lumber and products
Lumber
.
.
Millwork and plywood
Alillwork
..
Softwood plywood

Household furniture

3.09
2.05

164
136

170
134

172
140

169
144

162
149

115

91

102

91
93
90
95

123

106
155
128
195
92

134

85

98
128
116
145
83

110
187
157
232

87

119
207
164
274
91

275
88

100
186
137
264
88

114

116

112

121

125

129

128

125

101
100
103

98
96
103

100
98
105

99
98
100

107
108
106

111
112
108

113
116
107

112
115
107

125

124

127

121

130

136

140

139

114
82
119
107
101
114

155
147

124
80
115
111
106
115

155
151

124

132

1 19
1?1

'120
1 65
'155

rJ24 '126
108
109
?05

'149
29-t

122
127
120

172
161

128
115

209

'154

143

88

298
91

88

121

125

127

124

112
115
108

109
110
106

113
115
109

114
116
109

111
113
107

134

129

134 '136

133

IP Preliminary.
' Revised.
For other footnotes see preceding page.

JUNE 1955




695

INDUSTRIAL PRODUCTION—Continued
[Federal Reserve indexes, 1947-49 average = 100]
1947-49
Annual
propor1 9 5 3 P 1954P Apr.
tion

Industry

1954
May

June

July

Aug.

1955
Sept. Oct.

Nov. Dec.

Jan.

Feb.

119

Mar. Apr.

WITHOUT SEASONAL ADJUSTMENT
—Continued
44.85

118

116

114

114

115

107

117

119

123

120

115

11.87

107

100

100

98

96

86

103

99

105

104

98

6.32
3.72
2.30
.97
.45
.97
.16
.75
1.15
.65
.45
.20
.50
.48
.31

104
107
104
115
101
78
91
75
116
113
118
102
119

95
100
97
108
93
66
76
64
106
108
113
97
103

94
99
97
102
97
63
80
59
103
111
119
91
93

94
99
95
107
96
68
84
64
105
110
116
95
99

93
96
92
110
82
70
81
68
106
106
110
98
106

82
85
80
105
65
68
78
66
89
78
79
77
103

97
101
99
104
98
74
86
71
109
106
108
100
113

97
100
96
112
86
67
73
66
113
113
116
107
112

103
109
104
121
101
69
77
67
113
115
118
107
112

102
110
104
126
102
69
72
69
110
109
112
102
111

98
104
95
127
90
70
68
71
103
102
105
93
104

86

71

77

68

66

36

70

79

82

62

71

84

83

86

85

5.55
1.78
.73
.50
.13
.99
1.85
.76
1.92

110
113
96
92
89
124
103
117
112

105
103
83
82
67
116
109
129
103

1@8
111
79
78
65
132
116
102
96

103
108
88
84
80
121
105
80
97

99
95
81
75
87
101
104
114
98

91
80
56
52
57
94
96
127
97

110
110
98
92
98
118
114
146
105

101
95
76
73
72
106
100
130
107

106
108
82
80
72
124
102
127
110

107
108
88
88
66
121
102
130
110

99
96
87
90
52
99
93
115
106

113
115
98
.102
60
126
120
152
103

116
\\3
97
100
59
124
1?5
160
109

123
113
88
91
55
130
143
165
112

117
119
93
91
78
135
130
109
103

3.20

113

104

104

103

106

86

98

105

114

108

110

123

127

128

122

1.47
.70
.40
.30
.77

128
117
117
118
133

115
105
110
99
124

116
111
120
99
120

118
111
122
96
125

121
119
133
100
124

85
84
94
7
1
86

94
75
81
69
111

118
104
107
99
132

132
116
117
114
147

124
110
111
110
137

128
116
119
113
139

145
130
136
121
158

144
134
141
125
153

146
133
U5
117
157

145
128
140
113
160

1.73
.44
.29
.15
.90
.39

99
91
92
89

95
87
92
75

94
86
93
73

89
90
96
79

94
89
93
81

87
71
75
65

101
87
91
78

94
83
89
70

98
88
96
72

94
88
94
75

94
88
95
73

105
94
101
80

112

113
94
101
80

103

98
104
86

100

90

82

79

84

87

94

95

97

98

94

91

100

103

91
.

Paper and Printing

8.93

125

125

128

126

126

116

124

128

133

131

125

127

131

136

137

Paper a n d sillied products

3.46
1.76
.51
1.25
.22
.14
.20
.18
.41
.10
1.70
.51
.11

132
130
142
125
119
116
118
129
134
118
134
133
138

134
132
148
125
118
120
119
137
130
124
136
133
145

136
131
146
125
121
121
116
137
128
124
141
135
158

134
132
148
125
117
120
117
134
132
125
136
133
144

136
136
153
129
120
123
119
136
136
137
135
132
144

120
116
133
109
99
96
102
126
112
123
124
119
139

137
134
150
128
121
122
121
137
133
131
139
136
146

137
133
148
1?6
1.20
120
118
136
129
137
141
141
141

146
140
158
133
122
130
124
145
138
135
152
1 "1
5
153

140
139
160
131
121
127
124
142
137
129
140
140
141

J29
127
142
120
112
124
112
\35
122
115
131
131
128

140
140
158
132
123
132
124
150
136
122
141
135
156

148
147
166
139
127
138
132
154
145
126
149
146
156

152
150
170
i -1-2
133
134
134
153
149
141
1 S3
1 S3
152

154
148
169
140
127
131
130
160
147
139
159
156
166

5.47
1.85
3.62

121
118
122

120
119
121

122
129
119

121
125
119

119
119
120

113

116
107
120

122
120
123

125
129
122

125
130
122

123
123
124

118

121

102
119

114
120

1?1
121

126
132
123

126
134
122

Chemical and Petroleum Products. 9.34

142

142

140

139

139

133

139

143

147

149

149

150

154

'157

155

6.84
2.54
.57
1.97
.24
.11
.59
1.03
.64
.48
.16
.71
.66
.23

147
154
149
155
183
186
156
144
116
112
131
113
118
124

148
153
157
152
184
136
152
146
118
113
133
108
116
122

147
150
157
148
190
127
145
141
114
109
131
111
116
173

145
150
159
147
179
120
149
141
104
95
132
104
116
137

144
152
155
151
183
122
157
143
96
85
127
99
117
107

137
145
148
144
149
121
148
143
91
80
126
69
117
95

144
150
151
150
170
126
152
146
96
84
129
104
117
99

149
153
155
152
195
137
148
147
109
101
131
116
115
109

155
160
161
159
197
143
165
148
138
139
134
117
115
113

156
165
171
164
200
147
174
151
140
140
137
105
117
108

156
166
170
165
196
151
173
154
130
126
139
105
118
112

157
169
175
167
206
180
171
155
127
125
135
103
116
116

'162
176
181
'175
'231
193
M81
157
128
123
145
108
116
124

165
183
183
184
243
202
M96
160
117
111
136
10
.2
119
177

165
183
179
184

Nondurable Manufactures—Total...
Textiles and Apparel
Textile mill products
Cotton and synthetic fabrics
Synthetic fabrics •
Fabric finishing
W o o l textiles
W o o l apparel yarns
ICnit goods..

.

Seamless hosiery...

lien's outerwear
Men's suits and coats

.

.

IVJen's outcrcoats
Shirts and work clothing
W o m e n ' s outerwear
..
W o m e n ' s suits and coa^s •. -.
Rubber

and Leather Products

Auto tires
Truck and bus tires ..... *
Miscellaneous rubber products «
L e a t h e r a n d products
Leather
Cattlehide leathers
Skin leathers
Miscellaneous leather products ....

W o o d pulp
Paper and board
Printing paper

..

Coarse paper
Mj^cellaneous paper
Building paper and board!
Converted paper products
•.
Shipping containers
Printing a n d publishing
Job printing and periodicals .

C h e m i c a l s a n d allied p r o d u c t s
Basic inorganic chemicals
Industrial organic chemicals
Synthetic fibers
Miscellaneous organic chemicals..
Vegetable and animal oils
Vegetable oils
Grease and tallow .
Paints
Fertilizers

122

125

124

108 r!12

115

113

104
114
105
132
107
70
79
67
105
110
114
100
98

109
118
105
147
106
74
82
72
110
111
118
96
108

109
118
103
153
107
79
89
77
108
109
116
93
106

108
116
106
138
M09
72
85
69
112
119
124
106
104

191
161
108
99
134
102
122
176

r
p Preliminary.
Revised.
Publication suspended pending revision of data for the period 1952 to date.
Publication suspended pending adjustment to revised Census production figures for the period 1950 to date.
NOTE.—A number of groups and subgroups include individual series not published separately. For description ami back figures, see BULLETIN for December 1953, pp. 1247-1293 and pp. 1298-1328, respectively.
1

2

696




FEDERAL RESERVE BULLETIN

INDUSTRIAL PRODUCTION—Continued
[Federal Reserve indexes, 1947-49 average = 100]
1947-49
proportion

Industry

Annual
1953P

1955

1954

1954P A p r .

May

June July Aug.

Sept. Oct.

Nov. Dec. Jan. Feb.

Mar. Apr.

WITHOUT SEASONAL ADJUSTMENT

—Continued
122
130
141
136
229
122
150
89
97
104
77
110

124
131
142
137
233
123
154
87
99
109
75
127

127
133
142
138
215
127
161
89
98
111
77
147

126
132
140
135
214
128
164

129
136
143
139
214
135
172

129
140
146
141
232
140
177

132
142
146
142
216
146
184

134
144
147
143
209
152
196

133
139 P\33
143 P141
140
205
142 P129
181

87
101
106
84

92
116
110
90

97

101
134
109
96

101
123
105
98

97
117
110
102

133

106

108
93

118

124
131
141
136
235
122
148
92
100
111
79
135

62

70

75

110

98

103

110

108

114

119

116

109

99

99

97

100

101

98
97
106

103
100
105
13?

120
124
120
141
104
97
84
98
76
113
212
114
86
132
98
109

110
113
135
136

101
104
136
132

98
102
138
140

97 100
99 100
124 128
129 134

87
135
152
159
139
110
85
106
76
127
96
76
109
42
81

135
117
108
138
88
115
99
114
94
133
194
110
82
129
98
94
115
71
91
108
108

117
118
127
142

91
119
128
133
115
107
75

109
106
108
137
89
145
145
161
139
139
99
114.
78
i37
98

109
107
102
135
81
128
115
129
109
143
138
112
78
134
99
72
11?
32
66
1.09
118

115
85
81
87
66
95
141
110
90
173
99
258
105
385
123

131
78
79
87
65
81
99
103
84
117
98
273
90
427
125

108
110

134
79
85
91
70
74
87
101
80
115
98
176
87
248
87

133
85
99
95
76
78
77
103
87
114
94
93
100
81
106

105
97

101
88

100
84

117
91
• 01
102
86
84
72
102
85
113
95
61
106
17
112
101
89

101
100
118
133
106
117
119
133
116
107
81
10 i
79
116
95

103
1 ?2
4?
85

96
11?
39
85

98
93
69
115

107
84
121

99
79
92

84
83
67

'142

139

80
85
61

90

76

109
111
113

103

83

102

86

111

111
115
112

in

119

92
98
S3

105
111
99

112

115

110

111

111

112

114

111

111

113

108

110

110

113

67
52
70

58
44
60

62
45
65

63
50
65

57
44
59

68
48
71

70
51
72

133
129
124
167
157
154

134
1.28
122
172
160
167

137
132

134
129

136
129

125
161
156
176

133
124
120
1 54
151
180

130
123
118
157
151
166

1.63

119

106

99

116

123

119

.82
.33
.49
.24
.09
.06

113
128
104
114
86
87

90
84
94
103
80
75

79
58
93
102
82
78

108
126
96
106
78
78

120
152
98
108
80
79

108
139
87
95
74
72

.81

124

123

119

125

127

130

2.50
1.97
1.04
.98
.06
.56
.30

125
133
141
136
221
128
158
93
110
108
84
103

120
128
137
132
215
121
146
93
106
103
80
103

123
130
140
136
218
122
145

.15

130
135
144
139
227
130
155
101
117
106
111
99

11.51

107

106

Food a n d beverage m a n u f a c t u r e s . . 10.73
Food manufactures
8.49
1.48
IVfe&t products
.46
Beef
.83
Pork

107
108
115
129
104
105
108
112
93
106
121
106
81
122
100
113
113
108
102
104
105

106
107
117
135
103
106
110
116
94
104
112
107
81
124
97
117
106
121
99
105
103

ioo
103
60
107

98
99
68
102

100
106
64
98

64

62

104

104

103
106
105

100

107

114

.17

108
111
107

112

MINERALS—TOTAL
Mineral Fuels

9.98

116

111

109

8.35

115

113

Goal
Anthracite

2.68
2.32

78
57
81

Crude oil a n d n a t u r a l gas
Oil and gas extraction
Crude oil
Natural gas
.

5.67
4.82
4.12
34
.36
.85

Petroleum and coal products
Petroleum refining
Automotive gasoline
Aviation gasoline
Fuel oil
Distillate fuel oil
Residual fuel oil . .
Kerosene
Lubricating oil
Coke
Asphalt roofing and siding
Foods, Beverages, and Tobacco

.26
.10
.17
.26

.69
.14
.07
.19
.28

Butter
Concentrated milk
Grain-mill products
Wheat flour a
Cereals and fe« ds
B?ke r y products

1.13
1.16
. .

.46
.70

1.64
.27
.11
.13
.71

Cane supar
Confectionery
Miscellaneous food preparations . . .
Beverages
Bottled soft drinks . . . .
Alcoholi^ beverages
Beer ond ale
Liquor distilHno"

1.41
2.24

Metal, Stone, and Earth Minerals .

.17

.37
.78
.46

.36

M-Mtal m i n i n g
?rop ore
N mferrous metal mining
Copoer mining
Zinc mining

9 Preliminary.
' Revised.
For other footnotes see preceding page.

JUNE 1955




103
24
89
103
102

.54

1 70
1.02

Cigarettes
Cigars

Oil and gas well drilling

09

75
114
96

c

c

94
99
109
80

105
113

43
80
108
124

10&

1 14

1 17

t-99

127
167
156
163

8?
1?1

124
160
155
163

99
131
106
107

in
121

86
84
67
93

121
104
104
113
100
100
101
83
113
'95
67
110
24
96

101
101

104

"3
102

100
101
66

109
105

106
107

108

114

117 ' 1 1 9

118

120

117

117

121

121

121

77
52
81

75
57
78

75
61
77

77
55
81

79
61
82

71
41
76

72
39
78

129
124
118
1 59
159
159

130
124

136
130

122
184
170
171

138
132

142
139

144
140

118
167
163
160

144
139
132

P137
P131

207
176
168

169
175

115

113

110

100
132
78
77
83
75

98
117
85
92
76
67

92
87
95
106
78
71

130

129

129

113

82

106

123
199
172
171

130
202
175
163

102

99

97

99

104

114

79
43
103
118
82
74

76
37
102
116
83
73

79
85
39
36
108 1 1 7
124 134
83
89
80
83

86
41

101

126

122

115

117

116

133
'91
85

88
82

113 1 2 2

128

Corrected.

697

OUTPUT OF CONSUMER DURABLE GOODS
[Federal Reserve indexes, 1947-49 average-—100]
1954
Annual
1955
1947-49
proportion 1953 1954 Apr. M a y June July Aug. Sept. Oct. Xov. Dec. i Jan.
Feb.

Product

. Apr.
i

SEASONALLY ADJUSTED

CONSUMER DURABLES—TOTAL. . Iio».
!
i 69.
' 32".
' 36.
I 15.
• n.
, 4.
! 15.
I 11.
j 2!
I 4.
| 2.
i 3[
I 5.
3.
j \'
I

127

116

116

119

118

116

115

114

112

119

125

131

135

139

143

138
146
132
113
118

125
131
122
101
106

126
139
115
97
102

130
145
119
96
100

128
136
123
96
102

126
127
127
102
104

125
121
131
106
109

121
110
132
107
111

117
104
131
106
.1
11

128
127
130
103
111

137
149
129
105
110

145
160
133
107
1.10

151
172
135
107
113

156
179
'138
109
114

162
190
140
110
115

118
123
90
137
141
100
230
67
541

111
11
.5
79
1.24
148
97
21.4
52
522

112
116
76
135
134
98
178
43
436

116
120
83
143
124
106
196
43
487

110
111
79
131
11
.3
107
243
45
621.

114
118
83
132
136
101
241
47
611

109
113
74
1.25
146
98
270
56
678

112
117
80
..7
11
169
96
267
46
687

110 114
..
114 120
79
77
110 122
170 174
97
95
270 259
62
70
667 620

131
1.35
96
140
181
120
226
68
527

1.37
1.39
97
152
172
132
222
71
512

141
146
101
166

102
01
111

Major Durables
Autos
Major household goods
Furniture and floor coverings
Household furniture
Floor coverings 1
Appliances and heaters
Major appliances
Ranges
Refrigeration appliances
Laundry appliances
Heating apparatus
Radio and television sets
Radio sets
Television sets

95
01
99

93
89
96

93
90
96

96
96
96

93
89
96

91
85
79

98
95
101

98
96
100

97
93
101

115 i 128
119 i 133
82 i 79
117 I 137
181! 1.90
100 I 115
242 i 225
70 | 73
571 1 515

96 I 98
'100
94 ! 100 97
96
97
97 '100 102

125'
226
65
532
100
98
101

WITHOUT SEASONAL ADJUSTMENT

CONSUMER DURABLES—TOTAL.. 100.GO

127

116

119

116

116

102

113

108

109

129

132 i 142 151

155

155

69.72
21.,0
36.13
15.32
11.31
_ 4.01
j 15.60
11.88
2.60
4.98
2.5.1
3.72
5.21
3.42
1.79

138
146
132
113
118

125
131
122
101
106

131
151
116
97
100

126
146
110
92
96

125
143
112
93
98

107
125
92
89
98

121
123
121
102
108

111
81
139
108
112

111
70
149
111
116

142
144
142
108
115

149 i 163 174
174 i 195 210
130 137 146
109 108 111
115 110 115

179
215
151

179
223
143
111
113

118
123
90
137
141.
100
230
67
541

111
115
79
124
148
97
214
52
522

116
124
79
153
130
91
172
49
406

11.2
117
80
147
111
96
155
48
360

112
114
76
141
117
104
165
44
397

88
88
53
109
90
86
116
29
281

101
96
68
99
128
116
234
51
583

122
121
87
116
181
124
279
48
722

124
121
87
104
199
133
338
64
860

116
118
83
106
192
107
324
71
806

108 ! 124
116 134
81
77
112 147
177 177
84
93
258 260
67
623

30.28
14.00
16.28

Major Durables
Autos
Major household goods
Furniture and floor coverings
Household furniture
Floor coverings 1
Appliances and heaters
Major appliances
Ranges
Refrigeration appliances
Laundry appliances
Heating apparatus
Radio and television sets
Radio sets
Television sets

102
01
111

95
91
99

92
87
96

92
90
94

94
96
93

90
91
89

94
90
97

101
100
102

104
101
106

100
93
105

Other Consumer Durables
Auto parts and tires
Misc. home and personal goods

94
89
98

95
95
95

138
149
104
152
207
102
272
74
648

'•114

116
151
163
110
180
201
114
260
80
604

228
74
521

97
99
93
93
'101 -•105

99
96
101

146
156
106
187

r

Revised.
Publication suspended pending revision of data for the period 1952 to date.
NOTE.—Individual indexes without seasonal adjustment tor woven carpets, appliances, heating apparatus, radio sets, and television sets m a y
be obtained from the Division of Research and Statistics. For a description of this index, see B U L L E T I N for M a y 1954, pp. 438-447.
PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES
[Compiled by Bureau of Labor Statistics. In thousands of persons]
1

1954
Industry group

May

June

July

Aug.

1955

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

SEASONALLY ADJUSTED

Total
Durable goods
Ordnance and accessories
Lumber and wood products
Furniture and fixtures
Stone, clay, and glass products.
Primary metal industries
Fabricated metal products
Machinery except electrical
Electrical machinery
Transportation equipment
Instruments and related products
Misc. manufacturing industries.
Nondurable goods
Food and kindred products....
Tobacco manufactures
Textile-mill products
Apparel and other finished textiles
Paper and allied products
Printing, publishing and allied
industries
Chemicals and allied products..
Products of petroleum and coal
Rubber products
Leather and leather products. .

12,590 12,546 12,337 12,297 12,346 12,445 12,572 12,580 12,586 12,673 •12,798 12,948 13,078
7,182 7,136 6,979 6,928 6,957 7,054 7,159 7,177 7,191 7,269 '7,350 7,455 7,557
107
100
98
104
101
102
97
96
94
112
94
91.
90
658
678
675
572
569
649
674
668
669
651
656
674
»-654
286
295
294
286
294
297
291
289
286
290
298
303
295
425
436
436
430
432
435
435
434
427
438
448!
459
442
982
969
988
979
972
965
997 1,008 1,027 rl ,052 1 ,080 1,105
979
839
825
840
834
828
821
835
836
826
836
867
'851
880
1,158 1,143 1,122 1,123 1,125 1,115 1,103 1,095 1,093 1,1081 '1,127
1,148
1,159
799
769
778
782
785
792
793
792
784
795!
806
'795
820
1,346 1,328 1,279 1,238 1,183 1,249 1,334 1,375 1,400 1,4261 '1,447
1,466
1 ,466
225
378
5,408
1,119
94
966

220
379
5,410
1,114
94
978

218
377
5,358
1,092
95
970

216
373
5,369
1,089
93
989

1,040
437

1,037
441

514
534
180
195
329

514
529
180
197
326

1,030
442
513
528
1.79
176
333

1,033
441
514
528
175
177
330

218
377
5,389
1,086
92
988
1,033
447
518
526
174
196
329

217
378
5,391
1,082
94
979

217
375
5,413
1,097
96
973

216
369
5,403
1,094
93
968

216
369
5,395
1,085
90
967

1,041
444
515
529
175
200
332

1,060
440

1,057
435

1,058
435

513
528
173
199
334

511
531
173
204
337

512
534
171
207
336

218
21.5
371
375
5,404 '•5,448
1,078 '1,091
93
'92
970
'975
1,064 1,072
'437
435

378
5,493
1 ,113
89
982
1,074
440

'516
540
'174
'212
'339

520
548
175
212
340

515
532
172
208
337

217

217
384
5,521
1,110
90
971
1,099
444
519
553
175
215
345

For footnote see following page.

698




FEDERAL RESERVE BULLETIN

PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES—Continued
[Compiled by Bureau of Labor Statistics. In thousands of persons]
1955
Industry group
May

June

July

Aug.

Sept.

Oct.

, Nov.

Dec,

Jan.

Feb.

Mar.

Apr.

May

WITHOUT SEASONAL ADJUSTMENT

Total

12,394 12,437 12,179 12,418 12,577 12,612 12,657 12,645 12,523 12,649 12,778 12,828 12,879

Durable goods
Ordnance and accessories
Lumber and wood products
Furniture and fixtures
Stone, clay, and glass products. .
Primary metal products
Fabricated metal products
Machinery except electrical
Electrical machinery
Transportation equipment
Instruments and related products
Misc. manufacturing industries.
Nondurable goods
Food and kindred products
Tobacco manufactures
Textile-mill products
Apparel and other finished textiles
Paper and allied products
Printing, publishing and allied
products
Chemical and allied products. . .
Products of petroleum and coal.
Rubber products
Leather and leather products. . .

7,163

7,130

6,876

6,890

6,965

7,198

7,081

7,218

7,182

7,282

'7,375

7,467

7,537

96
631
293
430
1,013
834
1,109
800
1,400

94
639
296
434
1,032
844
1,125
803

91

91
649
297
450
1,080
871
1,165
806
1,466

90
677
295
459
1,099
876
1,171
812
1 ,466

101
592
290
434
967
820
1,095
766
1,238

102
672
298
437
965
821
1,097
785
1,183

100
692
301
438
969
829
1,093
800
1,249

98
685
301
438
988
844
1,092
811
1,334

97
661
297
437
1,002
843
1,106
809
1,375

1,426

"•634
298
442
'1,057
'860
••1,144
'803
"•1,447

214
358

21.4
373

218
386

218
393

218
390

218
373

217
360

216
371

219
377

218
376

216
376

5,307

5,303

5,528

5,612

5,531

5,459

5,427

5,341

5,367

'5,403

5,361

5,342

1,086
82
973

1,152
83
946

1,238
102
974

1,268
110
978

1,180
112
979

1,111
103
983

1,062
100
983

1,007
9.1
977

985
89
985

'991
r83
'985

1,011

982

79

1,030
79
966

988
435

990
439

984
433

1,054
439

1,059
445

1,057
444

1,060
444

1,073
442

1,069
437

1,101
437

1,110
'439

1,058
440

1,044
442

511
529
179
194
316

514
521
181
196
324

508
517
181
171
328

509
520
179
175
338

518
529
177
196
331

520
534
175
202
330

518
533
173
202
332

519
534
172
207
335

512
534
169
209
336

512
535
170
209
345

'516
548
'172
'•2.12
'347

517
553
173
211
338

516
547
174
214
331

112
654
279
427
974
832
1,170
776
1,346
224
370

219
371

5,231
1,037
82
961

104
583
275
424
969
809
1,111
751
1 ,279

107
674
277
427
982
831
1,154
761
1,328

'Revised.
NOTK.—Covers production and related workers only; data shown include all full- and part-time production and related workers who worked
during, or received pay for, the pay period ending nearest the 15th of the month. Figures for May 1955 are preliminary. The series for recent
years were revised by the Bureau of Labor Statistics in May 1955 to first-quarter 1954 bench-mark levels indicated by data from government
social insurance programs. Back data may be obtained from the Bureau of Labor Statistics.

HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES
[Compiled by Bureau of Labor Statistics]
Average weekly earnings
(dollars per week)

Average hours worked
(per week)

Average hourly earnings
(dollars per hour)

Industry group
1955

1954

1955

1954
Mar.

Apr.

1.81

'1.85

1.86

1.91

1.97

1.97

1.99

40.7
41.4
41.1
41.5
41.6

1.97
1.67
1 .56
1 .76
2.07

2.03
1.62
1.59
1.81
2.16

2.03
1.65
1.60
1.82
2.17

2.03
1.65
1.59
1.84
2.18

41-.2
41.5
40.5
41.8
40.3
40.2

41.7

42.0
40.9
42.7
40.5
40.6

1.89
2.01
1.81
2.11
1.82
1.61

1.95
2.05
'1.86
2.21
'1.88
1.64

1.95
2.06
1.86
2.20
1.88
1 .64

1.96
2.07
1.87
2.22
1.88
1.65

May

Mar.

Apr.

May-

May

Mar.

Apr.

May

71.13

'75.11

74.77

76.11

39.3

40.6

40.2

40.7

76.21

81.56

80.97

82.98

39.9

41.4

41.1

41.7

Ordnance and accessories
Lumber and wood products. . . .
Furniture and fixtures
Stone, clay, and glass products.
Primary metal industries

78.80
66.63
60.53
71.10
79.49

'82.42
'66.10
65.67
74.75
'88.34

82.22
66.66
64.48
74.80
89.19

82.62
68.31
65.35
76.36
90.69

40.0
39.9
38.8
40.4
38.4

10.5
40.4
40.3
41.1
41.1

Fabricated metal products
Machinery except electrical
Electrical machinery
Transportation equipment
Instruments and related products
Miscellaneous manufacturing industries.

76.92
8\ .61
71.50
85.67
72.07
63.43

80.73
84.87
'75.33
'94.37
'76.14
'66.58

80.34
85.49
75.33
91.96
75.76
65.93

8.1.73
86.94
76.48
94.79
76.14
66.99

40.7
40.6
39.5
40.6
39.6
39.4

-40.6
^•40.8
41.3
41.2
'40.9
41.4
41.4
'40.5
'42.7
40.5
'40.6

Total
Durable goods.

1955

May

May

1.87

63.91

66.70

65.91

66.98

38.5

39.7

39.0

39.4

1.66

1.68

1.69

1.70

Food and kindred products
Tobacco manufactures
Textile-mill products
Apparel and other finished products.. . .
Paper and allied products

68.54
49.98
5.1.10
46.07
72.83

'70.07
'51.51
'54.80
'49.71
'77.04

70.12
51.57
53.16
46.64
76.74

71 .34
52.78
54.23
47.92
76.86

40.8
37.3
37.3
34.9
42.1

'40.5
'37.6
'40.0
'37.1
'42.8

40.3
37.1
38.8
35.6
42.4

41.0
37.7
39.3
36.3
42.7

1 .68
1.34
1.37
1.32
1.73

1.73
1.37
1.37
1.34
'1.80

1.74
1.39
1.37
1 .31
1.81

1.74
1 .40
1.38
1.32
1.80

Printing, publishing and allied products.
Chemicals and allied products
Products of petroleum and coal
Rubber products
Leather and leather products

86.7.1 90.79
77. 71 80.32
93.52 '93.61
77.81 '83.64
49.21 '53.52

90.32
81.58
95.47
86.11
51.24

91.42
81.79
95.76
84.26
50.96

38.2
40.9
41.2
39.7
35.4

38.8
41.4
'40.7
'41.0
'38.5

38.6
41.2
40.8
41.8
36.6

38.9
41.1
41.1
41.1
36.4

2.27
1.90
2.27
1.96
1.39

2.34
1.94
'2.30
2.04
'1.39

2.34
1.98
2.34
2.06
1.40

2.35
1.99
2.33
2.05
1.40

Nondurable goods.

'Revised.
NOTE.—Data are for production and related workers. Figures for May 1955 are preliminary.
in note to table above. Back data are available from the Bureau of Labor Statistics.

JUNE

1955




Data for recent years revised as indicated

699

EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS BY INDUSTRY DIVISION
[Compiled by Bureau of Labor Statistics. In thousands of persons]

1948...
1949
1950
1951. .
1952
1953
1954

Manufacturing

Mining

44,448
43,315
44,738
47,347
48,303
49,681
48,285

15,321

14,178
14,967
16,104
16,334
17,238
15,989

982
918
889
916
885
852
770

2,169
2,165
2,333
2,603
2,634
2,622
2,527

48,183
48,170
48,048
48,029
48,020
48,129
48,386
48,380

15,985
15 942
15,733
15,688
15,739
15,835
15,972
15,992

769
767
768
755
740
743
745
743

48,398
48,440
48,878
49 184

15,993
16,091
16,229
1.6,384
16 531

741
741
»739
743
747

47,939
48,200
47,866
48,123
48,490
48,580
48,808
49,463

15 781
15,835
.15,584
15,822
15,972
16,007
16,057
16,050

47,741
47,753
'48,21 2
48,641
48,889

. ..
.

Contract
construction

Total

15,925
16,060
16,201
16,260
16,321

Year or month

.

Transportation and
public
utilities

Federal,
State, and
local
government

Trade

Finance

Service

4,141
3,949
3,977
4,166
4,185
4,221
4,008

9,519
9,513
9,645
10,012
10,281
10,527
10,498

1,741
1,765
1 ,824
1,892
1,967
2,038
2,114

4,925
4,972
5,077
5,264
5,411
5,538
5,629

5,650
5,856
6,026
6,389
6,609
6,645
6,751

2,542
2,528
2,534
2,532
2,521
2,502
2,522
2,476

3,996
4,001
4,000
3,989
4,007
3,995
3,976
3,986

10,470
10,455
10,480
10,475
10,447
10,443
10,496
10,575

2,103
2,107
2,118
2,119
2,141
2,147
2,145
2,147

5,616
5,631
5,670
5,665
5,634
5,660
5,650
5,644

6,702
6,739
6,745
6,806
6,791
6,804
6.880
6,817

2,458
2,410
2,478
2,496
2,537

3,974
3,984
'3,986
3,948
3,990

10,574
10,541
10,633
10,594
10,640

2,145
2,154
2,l61
2,161
2,172

5,646
5,649
'5,656
5,674
5,675

6.867
6,870
6,884
6,878
6,892

761
771
760
763
744
743
749
747

2,542
2,629
2,686
2,735
2,698
2,652
2,598
2,426

3,993
4,017
4,029
4,018
4,023
4,005
3,986
3,996

10,351
10,389
10,351
10,321
10,447
10,548
10,745
11,354

2,103
2,128
2,150
2,151
2,141
2,136
2,134
2,136

5,672
5,715
5,755
5,750
5,719
5,660
5,622
5,588

6,736
6,716
6,551
6,563
6,746
6,829
6,917
7,166

741
737
•739
739
740

2,237
2,169
••2,255
2,396
2,537

3,927
3,937
'3,966
3,941
3,987

10,419
10,309
10,408
10,543
10,51.9

2,124
2,132
2,15O
2,161
2,172

5,533
5,536
'•5,571
5,674
5,732

6,835
6,873
6,922
6,927
6,881

SEASONALLY ADJUSTED
1954—T\i ay

June
July . . . .
August
September
October
November
December
1955—January
Febmarv
March
April
Mav

r

4$, 766

r

r

WITHOUT SEASONAL ADJUSTMENT

1954—\i av
[line....

. .

. . .

Fulv

August
September
October
November
I )ecernber
1955—January
February
March
April
May

r

••Revised.
NOTE.—Data include all full- and part-time employees who. worked during, or received pay for, the pay period ending nearest the 15th of the
month. Proprietors, self-employed persons, domestic servants, unpaid family workers, and members of the armed forces are excluded. Figures
for May 1955 are preliminary. The series for recent years were revised by the Bureau of Labor Statistics in May 1955 to first-quarter 1954 benchmark levels indicated by data from government social insurance programs. Back data may be obtained from the Bureau of Labor Statistics.

LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT
[Bureau of the Census estimates without seasonal adjustment.

Thousands of persons 14 years of age and overj
Civilian labor force

Total noninstitutional
population

Year or month

Total
labor
force

Employed1
Total
Total

1948
1949
1950
1951
1952
.
1953 2
1954

.

.

.

.

.

1954—April
May
July .
August
September
October
November
December
1955—January
February
March
Aoril
Alay

In nonagricultural industries

Not in the
labor force
In
agriculture

ployed

108,482
109,623
110,780
111,924
113,119
115,095
116,220

62,748
63,571
64,599
65,832
66,410
67,362
67,818

61,442
62,105
63,099
62,884
62,966
63,815
64,468

59,378
58,710
59,957
61,005
61,293
62,213
61,238

51,405
50,684
52,450
53,951
54,488
55,651
54,734

7,973
8,026
7,507
7,054
6,805
6,562
6,504

2,064
3,395
3,142
1,879
1,673
1,602
3,230

45,733
46,051
46,181
46,092
46.710
47,732
48,402

115,987
116,083
116,153
116,217
116,329
116,432
116,547
116,659
116,763

67,438
67,786
68,788
68,824
68,856
68,566
68,190
67,909
66,811

64,063
64,425
65,445
65,494
65,522
65,244
64,882
64,624
63,526

60,598
61,119
62,098
62,148
62,277
62,145
62,141
61,732
60,688

54,522
54,297
54,470
54,661
55,349
54,618
54,902
55,577
55,363

6,076
6,822
7,628
7,486
6,928
7,527
7,239
6,154
5,325

3,465
3,305
3,347
3,347
3,245
3,100
2,741
2,893
2,838

48,549
48,297
47,365
47 393
47,473
47,865
48 357
48,750
49,952

116,855
116,901
117,051
117,130
117,236

66,700
66,550
66,840
'67,784
68,256

63,497
63,321
63,654
64,647
65,192

60,150
59,938
60,477
61,685
62,703

54,853
54.854
54,785
55,470
55,740

5,297
5,084
5,692

3,347
3,383
3,176
2,962
2,489

50,156
50,352
50,212
49,346
48,979

6,215

6,963

c
Corrected.
1
Includes self-employed,
2

unpaid family, and domestic service workers.
Monthly estimates of the labor force beginning 1954 are based on an improved sample covering a larger number of areas and are, therefore,
not strictly comparable with earlier data.
NOTE.—Details do not necessarily add to group totals. Information on the labor force status of the population is obtained through interviews of households on a sample basis. Data relate to the calendar week that contains the eighth day of the month. Back data may be obtained
from the Bureau of the Census.

700




FEDERAL RESERVE BULLETIN

VALUE OF NEW CONSTRUCTION ACTIVITY
[Seasonally adjusted. In millions of dollars]
Private
Year or month

Business

Total

Residential

Total

1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954

1955—Taruarv
February
March P. . . .
April**
ppreliminary.

885
815

759
989

1,100
4,015
6,310
8,580
8,267
12,600
10,973
11,100
11,930
13,450

1,672
4,195
4,896
5.693
5,322
5,680
7,217
7,460
8,436
8,593

2,131
2,122
2,173
2,219
2,234
2.221
2.259
2,292

1.105
1,102
1,150
1,192
1,214
1,210
1,228
L, 262

3,379
3,426
3,431
3,470

Tilly
August
September
October
November
December

5,054
6,206
3,415
1.979
2,186
3,235
9,638
13,256
16,853
16,384
21,454
21,764
22,107
23,877
25,720

3,089
3,078
3,094
3,145
3,157
3,105
3,192
3,262

June

2.985
3,510
1.715

Total

8,682
11,957
14,075
8,301
5,259
5,633
12,000
16,689
21,678
22,789
28,454
31,182
33,008
35,256
37,170

1954—May

Public

2,398
2,433
2,448
2,492

,323
.326
1,326
1,362

1,561
2,082
1,287

Indus- Com- Public
trial mercial utility

Other
nonresidential

Military

Total

Highway

385

Conser- All
vation other

1 302
1,066

1,062
2,117
2,320
2,229
2,011

1.253
1,027
1,288
1,371
1,137
1,791
2,182

i,374
2,338
3,043
3,323
3,330
3,729
4,003
4,416
4,400

1,428
2,050
2,580
2.795
3,174
3,574
3,547
3,511
3,677

3 628
5,751
10 660
6,322
3,073
2,398
2,362
3,433
4,825
6,405
7,000
9,418
10,901
It,379
11,450

713
710
708
718
714
707
717
716

175
171
167
164
156
152
156
159

171
172
174
187
191
188
193
189

367
367
367
367
367
367
368
368

313
310
315
309
306
304
314
314

958
956
921
926
923
884
933
970

83
91
80
77
75
75
80
90

297
292
292
288
299
274
288
305

66
63
59
56
53
53
54
59

512
510
490
505
496
482
511
516

760
791
803
804

176
187
196
201

216
236
239
234

368
368
368
369

315
316
319
326

981
993
983
978

101
104
102
97

302
329
321
314

57
53
55
58

521
507
505
509

442
801
346
156
208
642

1,689
1,702
1,397
972

348
409
155
S3
56
203

J ,132
856

771
872
786
570
725
827

508
614
413
335
382
463

1,388
1.307
1,010

1,451
1,774
2,131
2,272
2,518
2,820
3,165
3,525

528
500
357
285
163
130
240
394
629
793
881
853
854
830
710

1,413
2,565
4 553
3,041
1,711
1,180
1,039
1.384
2,264
3,344
3,670
5,160
5,839
6,077
6,205

1,620
5 016
2,550
837
690
188
204
158
137
177
887

734
446
362
39%
895

Source.—Joint estimates of the Departments of Commerce and Labor.

CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF OWNERSHIP AND BY TYPE OF CONSTRUCTION
[Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions]
By type of
ownership
Year or month

Total
Public

1948
1949
1950
1951
1952
1953
1954

.

.

.

.

Residential
building

Nonresidential building
Factories

Commercial

Educational

Other

Public
works
and
public
utilities

June

July
August
September
October
November. ..
December
.

3,107
3,718
4,409
6,122
6,711
6,334
6,558

6,323
6,641
10,092
9,629
10,064
11,109
13,212

3,608
4,239
6,741
6,205
6,668
6,479
8,518

840
559
1,142
2,883
2,562
2,051
1,274

975
885
1,208
915
979
1,489
1,815

725
824
1,180
1,335
1,472
1,720
2,063

1,127
1,376
1,651
1,689
1,686
1,695
L.958

2,155
2,476
2,578
2,723
3,408
4,008
4,142

669
625
681
509
589
633
475
617

1,256
1,108
1,156
1,064
1,227
1,332
1,024
1,212

825
720
745
693
777
852
709
762

86
107
108
93
160
145
82
104

179
192
145
141
130
186
129
194

189
186
201
181
182
155
140
204

218
172
187
136
175
186
141
200

428
357
450
330
392
443
299
366

1,504
1,581
2,135
2,322

1954—May

9,430
10,359
14,501
15,751
16,775
17,443
19,770
1,925
1,733
1,837
1,573
1,816
1,965
1,499
1,829

'

1955—January
February
March .
April
Mav .

Private

By type of construction

480
472

1,024
1,109
1 ,458
1 ,646

690
744
1,011
1 ,070

85
113

166
133

131
135

184
153

249
303

176

194

201

189

171
142

183
174

386

677
676

990

201
195

171
195

448
546

CONSTRUCTION CONTRACTS AWARDED, BY FEDERAL RESERVE DISTRICTS
[Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts, in millions of dollars]
Federal Reserve district

Total
(11 districts)

Boston

New
York

1954—February

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

1955—February
March
April

1,581
2,135
2,322

140
121
126

216
207
306

112
160
119

163
221
212

177
108
266

172
245
272

217
368
402

93
148
119

46
00
73

116
137
181

131
150
157

Month

JUNE 1955




Philadelphia

Cleveland

Richmond

Atlanta

Chicago

St.
Louis

Minneapolis

Kansas
City

Dallas

701

PERMANENT NONFARM DWELLING UNITS STARTED
[In thousands of units

Year or month

Total

1family

Total
1948
1949
1950
1951
1952
1953
1954

1,025
1,396
1,091
. . . 1,127
1,104
1,221

525
589
828

407
436
568

595
610
565
n.a.

109
117
116
114
116
111
104
91
88
90
P117

932

.

. . . .

1954—May..

June

July
August
September
October .
November
December

. . . .

1955—Tanuary
February
March
April
Mav

P\27

Pi 30

Government-underwritten

Private

Rural
nonfarm

Urban

2family

Public

Multifamily

Total

FHA

VA

914
989

763
792

1,151
892
939
933
1,077

46
35
42

104
162
159

18
36
44

393
466
686

291
361
486

102
105
200

496
517
539
n.a.

1,352
1,020
1,069
1,068
1,202

40
46
42
34

88
84
94
90

71
58
36
19

413
420
407
585

264
279
252
277

149
141
155
308

n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.

107
113
113
113
113
111
103
90

98
102
102
103
104
100
93
80

3
3
3
3
3
3
3
3

7
8
8
7
6
8
8
7

1
4
3
1
2
(i)

49
56
52
60
60
59
62
51

24
28
25
27
26
25
26
22

25
28
27
33
34
34
36
29

n.a.
n.a.
n.a.
ri.a.
n.a.

n.a.
n.a.
n.a.
n.a.
n.a.

87
88

78
79
n.a.
n.a.
n.a.

2
3
n.a.
n.a.
n.a.

7
6
n.a.
n.a.
n.a.

0)
2
Pi
Pi

46
45
54
64

Pi

66

20
17
24
Of)

26
28
30
35

P116
2>] 26

P130

0)

38

28

1

PPreliminary.
"Corrected.
n.a. Not available.
Less than 500 units.
NOTE.—Government underwritten units are those started under commitments of FHA or VA to insure or guarantee the mortgage. VA
figures after June 1950 and all FHA figures are based on field office reports of first compliance inspections; VA figures prior to June 1950, estimates
based on loans closed information. Other figures are estimated by Bureau of Labor Statistics on the basis of reports of building permits issued,
reported starts of public units, and a sample of places not issuing permits.
FREIGHT CARLOADINGS, BY CLASSES
[Index numbers, 1935-39 average=100]
Monthly—without seas onal adjustment

Monthly—seasonally adjusted
Annual

Class

1954

1954

1955

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

Apr.

Ill

118

123

121

122

123

123

108

121

79
98
134
62
127

106
116
163
68
146

105
119
142
62
154

103
121
132
64
148

105
124
127
56
144

91
133
130
62
135

95
144
140
65
133

79
96
118
55
127

106
116
159
85
143

136
130
39

109
129
40

184
135
41

210
134
39

198
136
40

204
144
40

177
142
39

88
128
40

98
134
41

57
127
40

1953

1954

Apr.

Total

127

114

Coal
Coke
Grain
Livestock
Forest products
Ore
Miscellaneous....
Merchandise, 1. c 1.

103
171
135
63
143

92
105
141
62
132

215
143
43

144
129
40

.

1955

Nov.

Jan.

Feb.

Mar.

Apr.

114

no

•113

115

120

106
125
133
60
137

103
127
132
61
133

105
131
124
45
138

91
134
120
49
135

95
142
123
58
133

53
123
37

49
128
39

59
J37
40

136
140
39

Dec.

NOTE.—For description and back data, see BULLETIN for June 1941, pp. 529-533. Based on daily average loadings. Basic data compiled by
Association of American Railroads. Total index compiled by combining indexes for classes with weights derived from revenue data of the Interstate Commerce Commission.
MERCHANDISE EXPORTS AND IMPORTS
[In millions of dollars]
Merchandise exports 1

Merchandise exports excluding
military-aid shipments 2

Merchandise imports 3

Month
1953
January
February
March
April

.
...

..

...
. .

Mav

June

July
August
September....
October
November
December
January-April . . .
••Revised.

.

1.293
., 200
,390
,394
,453
,385
1.363
.187
1 ,256
.253
1,247
1,353
5,277

1954

1955

1953

1 ,092
1 ,183

n ,165
1,233
1,342
Pi,262

1,016
927
1 .052
1,054
1 085
1,013

»•] . 1 2 6

,426
I 401
,474
1,291
,156
,112
. 265
1., 249
1,318
4,827

1954
923

911
1,052
1,019
1 ,031
1,138

998
923
1,258
1 137
1,115
'I.024
955
960
1,162
1,164
1,220

4,049

4,102

965

i»5,002

r

1955

1953

1954

••1,080
1 ,138
1 250
Pl.168

922

833

870

856
1 004
1 ,013

809
862

850
1 019
^871

902
933
908

957
829
947
822

840
926

825
780

813

764

849
907
24,636

1955

839
942

3,795

3,461

P3.610

^Preliminary.

1
Exports of domestic and foreign merchandise.
2
Department of Defense shipments of grant-aid
3

military equipment and supplies under the Mutual Security Program.
General imports including imports for immediate consumption plus entries into bonded warehouses.
Source.—Bureau of the Census, Department of Commerce.

702




FEDERAL RESERVE BULLETIN

DEPARTMENT STORE STATISTICS
[Based on retail value figures]
SALES AND STOCKS, BY FEDERAL RESERVE DISTRICTS
[Index numbers, 1947-49 average = 100]
Federal Reserve district
United
States

Year or month

Boston

New
York

Philadelphia

Cleveland

Richmond

Atlanta

Chicago

St.
Louis

104
98
105
109
110
112
111

102
99
103
105
104
105
107

103
98
101
105
101
102
103

104
100
106
109
109
111
109

105
98
105
ill
110
113
105

103
105
113
118
121
121

103
101
S09
115
124
126
128

104
97
J04
108
106
111
109

104
98
104
107
110
112
112

104
99
105
104
104
104
104

103
99
108
111
113
112
115

105
102
113
117
124
125
125

104
98
105
109
114
115
113

111
108
112
111
112
108
113
114
117

105
A02
106
i07
104
109
110
110
111

100
100
102
101
105
102
105
105
105

rllO
105
109
109
107
107
105
111
113

104
98
107
105
108
101
106
109
116

122
215
120
117
120
115
J24
124
133

••128
122
129

111
108
110
106
108
106
ttl

101
104
103
105
105
101
106
104
113

115
1.
10
117
121
116

no
115

rH5
106
122
112
110
104
112
115
118

118
116
123

123
123
127
132
127
114
129
130
134

111
114
114
115
115
110
116
114
118

118
112
113
Pi 19

114
109
105
107

106
100
103
101

112
109
111
115

113
109
104
113

124
119
128
P129

137
131
133
P142

114
109
111
120

120
113
116
P122

111
105
'104
108

126
113
116
129

135
125
131
140

124
115
116
122

110
106
106
88
98
113
118
137
200

103
102
106
77
83
115
110
133
200

r99
98
99
73
80
106

••104
98
100
82
94

••130
120
114
106
115
123
141
154
234

109
108
108
86
98
113
114
133
188

112
106
110
89
100
111
123
137
193

112
110

134
192

124
tl4
113
93
102
122
130
153
231

'•102

no
132
184

109
104
104
78
85
111
113
146
197

99
107
116
124
133
205

122
119
112
131
115
121.
135
147
225

107
107
!05
100
111
112
116
134
209

91
88
100
M14

90
82
00
108

84
81
91
97

85
83
101
109

87
84
94
113

91
90
111
P125

106
108
129

88
84
98
114

93
90
101

80
81
88
108

94
89
104
123

107
101
120
136

97
93
97
112

107
100
109
129
118
126
122

105
100
109
124
11
1
16
1
117

105
97
105
124
113
116
113

107
99
108
127

105
101
113
133
130
143
138

108
102
120
140
135
146
140

111
100
110
128
115
123
121

102
96
107
128
117
126
118

110

116

107
100
106
128
11
1
19
1
115

100
104
117
107
115
114

108
100
113
132
124
136
133

110
101
112
132
126
137
130

107
100
110
131
125
133
125

120
121
122
124
124
125
124
124
124

117
120
117
116
119
118
116
118
118

'112
115
114
117
115
115
116
113
113

114
116
117
116
115
117
116
118
121

113
117
115
117
116
115
116
115
120

136
137
139
139
139
141
147
145
137

135
137
135
137
136
143
141
144
143

122
122
122
122
124
124
122
122
122

116
118
119
129
119
120
115
116
117

111
111
112
113
119
123
120
120
118

128
128
133
136
141
138
134
135
134

130
128
131
133
132
134
132
129
133

116
119
122
129
129
128
128
130
129

123
121
123
Pi 23

11
.9
117
119
P121

112
109
110
111

118
114
114
117

112
112
111
114

139
138
142
142

146
146
149
145

118
118
119
120

127
122
123
125

114
115
114
P113

135
136
139
139

128
132
135
P135

129
125
128
124

127
126
117
116
120
129
138
139
110

122
121
110
105
114
121
131
138
111

117
118
107
104
111
120
130
129
103

••124
119

120
119
109
106
112
121
128
130
105

'147
146
133
135
139
146
158
152
120

143
138
128
128
136
147
154
160
126

'127
124
116
114
118
126
136
140
111

124
123
119
120
116
128
129
127
103

116
113
107
109
114
124
128
133
107

137
136
129

150
118

137
130
121
123
129
139
144
143
121

125
129
122
125
122
132
144
141
107

111
117
128
P130

107
111
122
P126

100
106
114
117

102
110
118
120

125
132
149
153

133
144
155
153

108
114
124
125

107
116
126
134

107
111
119
Pl 18

124
133
143
148

115
129
144
J»143

117
118
129
133

Minne- Kansas
Dallas
City
apolis

San
Francso
ic

SALES*
1948
1949
1950.
1951
1952
1953
1954

to
o

SEASONALLY ADJUSTED
1954—April
May
July . .
August
September
October .
November
December
1955—Tanuary
February
March
April

, ..

..

.

132
131
121
138
135
136

no

WITHOUT SEASONAL ADJUSTMENT
1954—April
May
June
July
September
October
November
December .
1955—Tanuary
February
March.. .
Anril

105
til

P141

P117

104
96
84
99
111
122
120
180

no

STOCKSi
1948
1949
1950
1951
1952
1953
1954

....
. . .

113
119

SEASONALLY ADJUSTED
1954—April. .
May
July ..
August
.
September . .
October
November
December
1955—January
February
March
April. .
WITHOUT SEASONAL ADJUSTMENT
1954—April
May
July
August . .
September
October
November
December
1955—Tanuary
February
March
April

r

.

109
103

no
121
132
134
107
103
112
122
127

.127
.132
141
145

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 1955




703

DEPARTMENT STORE STATISTICS—Continued
[Based on retail value figures]
DEPARTMENT STORE MERCHANDISING

of dollars)

average
average
average
average.
average
average

.

.

. . .

1954—April
Ml ay

.

February
March
April P

.

.

336
307
392
413

. . .
..

Outstanding
orders 1
(end of
month)

Outstanding
orders

964
588

New
orders 2
(total
for
month)

471
465
486
477
406
301

,042
.105
1,190
1,210

385
414
367
308

1 l

2.7
2.7
2.8
3.2
2.9
3.0
3.0

3.0
1.7
1.4
1.1
L.4
1.3
L.2
l.l
L.O

5.3
4.3
4.1

1.0

3.8
4.2
4.4
4.1
4.1
4.0

1.0
1.0
1.1
1.0
1.0
1.0
1.0

••350
'315
425
362
397
510
512
488
399

"•347
284
281
403
489
521
559
504
322
'370
477
433

r

Receipts

2.3
2.5

2.9
3.1
2.8
3.4
31
30
29
26
14

).7
).7
L.O
1.5
3
L.2
1
) 8
).4

3.6
3.8
3.9

1.0
0.9
0.8

4.9

0.9

1.8

1.1
0.7

406
399
430
374

3.1

L.I
3
0 9
0.7

4.2

1.0

36
30

386
358
391
390
397
408
407

281
249
390

Stocks

Stocks
plus
outstanding
orders

354
364
363
358
401
379
401
401
409

373
366

494
373
495
460
435
421
387

rl.186
1,161
1,067
L.042
1,095
1,184
L 2^8
1,318
1,056

»-404
372
378
306
350
400
437
509
766

June

July
August .
September
October
November

767
887
979
925
1,012
1,202
1,097
1,163
1,136

345
365
381
361
376
391
397
406
407

1946 average
1948
1949
1950
1951
1952
1953

Stocks i
(end
of
month)

Sales i
(total
for
month)

Ratios to saless

Receipts 2
(total
for
month)

A m o u n t s (In millions

Year or month

DATA

'413

r

2.9

45

12

4.2

1.2

40
34

12

49
40

12
12

3.7

1.0

r

P Preliminary.
Revised.
1
These figures are not estimates for all department stores in the United States. They are the actual dollar amounts reported by a group of
department stores located in various cities throughout the country. In 1954, sales by these stores accounted for about 50 per cent of estimated
total 2department store sales.
Receipts of goods are derived from the reported figures on sales and stocks. New orders are derived from receipts and reportedfigureson
outstanding orders.
3
The first three ratios are of stocks and/or orders at the end of the month to sales during the month. The final ratio is based on totals
of sales and receipts for the month.
NOTE.—For description and monthlyfiguresfor back years, see BULLETIN for October 1952, pp. 1098-1102.
WEEKLY INDEX OF SALES
[Weeks ending on dates shown. 1947-49 =100!
Without seasonal adjustment
1951

1953

1952

7
14....
21
28!. . .

75 July
5
83
12....
81
19....
80
26. . . .

Aug.

4
11
18
25

87 Aug. 1
86 Aug. 7 . . .
88 Aug. 2
87
9
90
8 . . . . 92
14. . .
95
15
95
21. . .
93
16
97
23 . . . . 100
22
100
28. . .
30
110
2 9 . . . . 101

Sept.

1
8
15
22
29

4
79 July
83
11. . . .
82
18
79
25

105 Sept. 6
13
100
114
20....
111
27
114

100 Sept. 5 . . .
12
114
113
19. . . .
112
26....

6
13
20
27

110 Oct. 4
117
11
116
18
113
25....

116 Oct. 3
126
10
124
17
122
24
31

Nov.

3
10
17
24

121
127
130
123

Nov.

1
8
15
22
29

115
118
130
134
138

Nov.

Dec.

1
8
15
22
29

161
191
213
228
92

Dec.

6
13
20
27

195
223
237
146

Dec.

Oct.

..

1952

1954

July

3.. .
79 July
92
10 . .
17
84
24. . .
83
31. . .

.
.
.
.
.

93
77
Sb
84
87

Jan.

5
12
19
26

. 91' Feb. 2
9
.
9/
16
. lOf
23
. 102

1
. 113 Vfar
101 vSept 4
8
102
11 . . . .
9'
15
120
18. . . . 12(
114
2 5 . . . . 11*
22
29

Jan.

3 ...
10....
17
.
24
31

84 Feb.
7
14
87
21
89
28
83

as Mar.

88
90
94
101

7....
14
21
28

81
89
92
86
87

Jan.

2
9
16....
23
30

88 Feb. 6
92
13
85
20....
93
27

1955
81
94
85
86
85

Jan.

1 . . . .. . 8 0
8
106
15
99
22
. 95
29
. 87

86 Feb. 5
. 86
12. . . . . 92
91
86
19
. 90
26
. 93
90

96 Mar. 6 . . . .
100
13....
109
20
112
27

85 Mar. 5
92
12
95
19
100
26

98
.102
.108
.103

5
12
19....
26

109 Apr. 4
111
11
97
18
105
25

118 Apr. 3
97
10
105
17
104
24....

103 Apr. 2
9
113
118
16
23
101
30

.114
.122
.103
.112
.120

7
14
21
28

121 Nov. 6 . . . .127 M a y 3
133
10....
13. . . .130
131
2 0 . . . .134
17
133
24
27. . . .133
31

111 M a y 2
117
9
99
16
105
23
97
30

114 M a y 1
128
8
105
15
112
22
97
29

112 M a y 7
123
14
97
21
106
28
104

.134
.108
.115
.114

5
12
19
26

190 Dec. 4
216
11
234
18. . .
163
25...

i n June

118
112
111
94

June

97 Tune 4
11
111
18
115
25
97

.102

112 Oct.
. . . 120
118
113
113

2. . . .
9. . .
16. . . .
23. . . .
30... .

11C Apr.

1954

1953
78
92
90
83

. us
119
123
117

.192
.224
.240
.190

une

7
14....
21
28

116
98
91

6
13....
20. .
27

5
12
19 . .
26

N O T E . — F o r description and weekly indexes for back years, see BULLETIN for April 1952, pp. 359-362.

704




FEDERAL RESERVE

BULLETIN

DEPARTMENT STORE STATISTICS—Continued
[Based on retail value figures)
SALES BY FEDERAL RESERVE DISTRICTS, METROPOLITAN AREAS, AND CITIES
(Percentage change from corresponding period of preceding year]
Federal Reserve Apr. M a r .
Federal Reserve! Apr. ! Mar.i
Federal Reserve Apr. Mar.'
Federal Reserve I A „„ M a r J
district,
r
district,
district,
d iofrir-tI/ ^ " r '
1955 1955 i 1955
1955 j 1955. 1955
1955 1 9 5 5 1955
area, or city
area, or city
ISCllCtj
I <Q?C
area, or city
area, or city j
" i
I
j
Kan. City-cont.
Chicago-cont.
United States. p + 5 +12| + 7 Cleve.-cont.
I
Met. Areas-cont. j
Met. Areas1-cont.
Met. Areas1-cont.
+33: + 3 2 ! + 2 3 Wichita
Wheelingi
Joliet 2
+33 +32i +26
2
Boston
+ 1 9 i ! + 1 1 . St. Joseph
+2| +25 +4
,
+3 Steubenville ..! +12 +7 +7 Gary 2
Decatur
+3
+ 3 Omaha
+71 +7 +3
2
1
?Aty
Peoria
Met. Areas
+ 2 0 ; + 1 2 Albuquerque. . . + 12! +12! + 1 4
+4; +5 Portsmouth 2 . . . +7 +9 +3 Rockford 2
Portland
+6|
+ 4 Oklahoma City. -+-10! + 1 8 1 + 1 7
+2; +3
+46! + 3 2 + 2 4 Tulsa
Boston
+ 1 +6! + 4
Tri-Cities
P + 4 + 13
Richmond
+7 (Moline,
Downtown
!
0
Cities
Boston2
Rockland;
Met. Areas1 2
Greeley
+ 141 +19J + 1 2
Suburban
Davenport)
2
+ 10 Washington . . . +2 +6 +4 Fort Wayne 2...
Boston
+ 5 Hutchinson. . . + 161 +11' + 6
+9
0 + 5
Downtown
Cambridge. . +j
-3i
- 1 ! +2
Indianapolis ...
+ 3 Joplin
+ 29 !
Wash 2
— 2'
+2! +3\ + 7
Quinc.y
+5i
Muncie
+ 6 Kansas City. . . + 7: +12i + 7
+!
2
Baltimore
-3; + I O :
Lowell+ 8 Enid
—14; + 1 ; - 2
+4 South Bend .2 . .
2
+4; + 2 f I
Lawrence
+5
+3!! +8! + 1 1 Asheville
+10 Terre Haute. .. .
- 1 Raleigh2
New Bedford...
Cedar Rapids..
+6
2
0'
Worcester2
+ ?2i'"+17i + 1 2
+ 12| + 8 Dallas. .
+8 Des Moines. . . .
+4 Winston-Salem p-'h
—3!
Charleston,
0
Dubuque
+3
2
1 + 14;
+9 Sioux City
S. C.
-4-311
Cities
+2
+2
+34 Waterloo
!
!
+2 Columbia22
Springfield 2
+ 9 Met. Areas
+ 11.
+9 Detroit 2
+ 101 +9!
+7
Providence ....
+8:
+91 + 18; + U Shreveport....
+ 18; +6 Greenville
+ 1 3 Flint 2
Corpus2 Christi. + 2 3 ; + 2 2 ; + 1 9
Norfolk+12: + 12! + 1 1
2
-3!
New York
+ 11: +18> + 1 3
+ 7 Grand Rapids 2 . +3: +r>! + 2 Dallas
+7; +2 Portsmouth . . +6;
2
Richmond2
+ 7 El Paso
+ 11! +17! + 1 1
1
+3! + 1 1 !
+5: +9 + +60 Jackson
Roanoke 2
Met. Areas'1
+ 6 Fort Worth. . . + 1 5 " + 9 '
+11
Kalamazoo
+82
Charleston,
Albany-Sche+ 11! +11!
+9
T vans ing2
, + 1 9 ! + 12 + 1 6 Houston
o;
2
3
nectady-Troy
+ 9 San Antonio...
+7 Saginaw
o W. Va.
+ 12'
+4;
+fi; ( ) ! +8
+2! + 1 5 ;
+ 5 Waco
Albany
Green Bay. . . .
0
•A +9; +«; Cities
-2
+ 15, +171
+12
Schenectady...
Madison 2
-Hi
Binghamton... .
-2
2'
Milwaukee . . .
—6 CumberlandBuffalo 2
San Francisco.
+3 I lagers town. . .
+9
+8
-6'
Buffalo
\Cities
-2! +11"; +2 Spartanburg2
0: +7; - 4 Danville
+ 18, +19". + 13
Niagara Falls. .
+2 Lynchburg ....
1
New" York-N.E.
Battle Creek. . . + 4 9 1 + 5 3 ! + 3 4 Met. Areas
+3 Newport News..
FairmontPhoenix2
New Tersey..
+ 14 +5
+19: +181:
+ 4 ; +4 Muskegon
2
2
+1 Morgan town. .
Fresno
Newark 2
Port Huron
+6i +5
+10; +i^ +
2
Los Angeles2 . . .
N. Y. City . . . - 6 |
,
+ 12! +6 Appleton
-9| +4j
+ 11! +8
+ 5 . - 1 Huntington . .
P+4!
Downtown
Rochester2
Sheboygan
+1; +ii! +6
0 Parkersburg. . .
+ 111
2
2
+ 10! + 7
L. A.
-4!
+4; +2
Syracuse
+3j +
+1
WestsideL.A.2 + 8 ! + 14; +9
Utica-Rome. . . . +31 +3' +2 A t l a n t a
+9! +6
+ 17 + 16 St. Louis
+ 18! +11
i
Long Beach 2 . . +101 + 10: +9
Utica
+6] +
+2
j
Pasadena
\Met. Areas
+6 Met. Areas1 2
2' +8! +3
Birmingham ... P + 8 i +12 +11 Fort Smith 2
Santa Monica.. + 16! + 16J +17
Cities
+11
2
+4| +24
Bridgeport ....
+ 8 Little R o c 2 . . .
k
0 : + 1 5 ! +4 Mobile
0 Riverside and
+ l! +4i
+12 Montgomery 2 . . + 8 i1 + 15| + 12i Evansville . . . +6i 0!
.
Poughkeepsie.. .
San Ber0
Jacksonville ...
+8
nardino
+30i + 15! + 1 9
+ 6 Louisville 2
+7
CJ +10J + 4 Miami 2
Philadelphia...
+ 2 6 ; 1 +s; +26 I Springfield.... + +5! + 30 i: +44 Sacramento 2 . . . +4i + 13!
53; +5
2
Orlando
+ 10 +28'< + 11 St. Louis 2 2
+51 +5j + 4
P + 3 ; + 1 0 > +6 San Diego
St. PetersburgMet. Areas
\ + 18|
Memphis ....
p+z
+ 6 ; +5 San Francisco-. .
Tampa
+ +9' + 5
Wilmington. . . . +2 1 +13-1
Oakland 2 . .
+8J +12] + 1 0
2
- 5 ; + 14
St. Petersburg. +6- + 12: + 9 Cities
Trenton
Oakland- 2
1:
+ 10
o! + 6 : + 1 Quincy. .
Tampa 2
Lancaster 2 2
Berkeley
+6
+8
Atlanta 2
r»+9,
+ 15 Paducah.
Downtown
Philadelphia ...
—4
+8
1
+ 16;
+6 + 2 0 - + 7
Augusta
Oakland 2 . 2.
Reading 2
+6; +2
+ 2 9 : + \(v + 2 6 Minneapolis. .
Columbus
Scranton
+5 San Francisco .
+ 7! +6
+6
+ 10;
+6' +34. + 8
Macon2
Wilkes-Barre —
Vallejo
+ 7: +3
+ 4 + 10; +10|ll/<?/. Areas1 2
Hazleton 2
| +10; +21'
San Jose 2
+ 9 Savannah
+241: +12
2
+ 2 0 : +511 Mpis.-St. Paul
+4
Baton Rouge 2 . . +l[
+ 3 ; + 1 3 1 +4 Stockton2
2
2
+ H ' +71! Minneapolis .
+4
City
i
New Orleans . .
+ 3 , + 1 4 ! +4 Portland
-li
+3|i St. Paul 2
_. . . - 2 + 2 2 |
+ 15J + 10
0 Jackson 2
+ 4 ' + 1 0 ; +4 Salt Lake City
York 2
2
+2! +7
0 I Sioux Falls.. . . + 3 . + 1 1 ; +2 Seattle 2 2
Chattanooga . . —4' + 8 .
2
Cleveland
+ 1 0 '+\V. + 13II
+9
+ 15, +9 Knoxville2 '.
S p o k a n2e . . . .
+ 9 ! +14
+ 7 ; + 12. + 8 Cities
Nashville
Tacoma
Met. Areas
Mankato
+3; +17; + 1
—61
Cities
:
'
Lexington
Cities
Duliith+4,
+8! +
Akron 2 2
+4 Superior2 . . . .
+3'
- 5 ! -2 T u c s o n
; P + 1 0 + 14! + 1 2
+?! + 6 ; +3 Rome
+ 1 Meridian
• +11- +23; +10 Great Falls
Canton
+ 1 2 ; + 1 4 + 1 3 Bakersfield2,
+6 +18; + 1 1
+4 Bristol
- 9 Grand Forks. .
; -14;
C i n c i n n a2 i 2 . . . .
t
+8: - 2 ; +1 Boise and
Cleveland 2
LaCrosse
+ 5 ; + 1 1 ; +6 Nampa
-4-13; +4
+i?| +8! + +1 43
Columbus
J
Idaho Falls.
+J3l+ 7
+7!
+9: +4 (Chicago
11 Kansas City... + 1 1 : + 1 4 :
Springfield2.
+10- + 8
+ 1 C Twin Falls
+KV
Toledo2
1 + | + 15\ , - Met. Areas1
Bellingham
. i +8' +2; +6
2
2
2
i P + 4 ! + 13- +6\\Met. Areas
Everett
+14
Youngs town ... +5! + 13: + 8 i j C h i c a g o
:
2 • I +16| + 7.
+7; +5 — I j A u r o r a
+ 1 0 + 1.2; +8|j Denver...
Erie 2 .
+ 18. +18'+ 1 5 Walla Walla ...! +8: +7; +14
i
' +li; +8< +811 Topeka
Pittsburgh2....
j *0l - 5 : + 2
+ 6 Yakima2
+24; M 9 n E l g i n

i

r

+2

I til!

()•

1*
-

1

/"• _ 1

- o
I

1

s

+6- +8!

^Preliminary.
""Revised.
1
Breakdowns shown under various metropolitan areas do not necessarily include all portions of such areas.
2
Indexes showing longer term comparisons are also available for these areas and cities and may be obtained upon request from the Federal
Reserve Bank in the district in which the area or city is located.
3
Data not available.

JUNE 1955




705

DEPARTMENT STORE STATISTICS—Continued
[Based on retail value figures]
SALES AND STOCKS BY MAJOR DEPARTMENTS

Department

Sales
during
period

Mar.
1955

+9

Stocks
(end of
month)

Three
months
1955

Federal Reserve index numbers
without seasonal adjustment,
1947-49 average = 1002

Ratio of
stocks to
sales1

Percentage change
from a year ago

March

1954

1955
Mar.
1955

1955

Stocks at end
of month

Sales during
period

1954

1955

1954
Mar.

Feb.

Mar.

Mar.

Feb.

Mar.

+6
+6

0

3.2

3.6

+10

0

3.5

3.8

98

76

89

122

112

121

Piece goods and household textiles

0

0

+3

4.1

4.0

78

68

79

107

105

104

Piece goods
Silks, velvets, and synthetics
Woolen yard goods
Cotton yard goods
Household textiles
Linens and towels
Domestics—muslins, sheetings
Blankets, comforters, and spreads

-1
-1
-13

+2

3.0
2.9
4.1
2.7

2.9
2.8
3.8
2.7

88
78
56
122

66
58
54
89

89
80
65
116

94
81
77
123

95
84
88
123

92
80
83
116

5.0
5.3
4.5
4.9

71
69
69
76

68
66
70
72

71
67
73
73

113
103
128
114

110
99
161
112

110
100
126
109

GRAND TOTAL—entire stores
MAIN STORE — total

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
Women's and misses' apparel and accessories
Women's and misses' ready-to-wear accessories..
Neckwear and scarfs
Handkerchiefs
Millinery
Women's and children's gloves
Corsets and brassieres
Women's and children's hosiery
Underwear, slips, and negligees
Knit underwear
Silk and muslin underwear, and slips
Negligees, robes, and lounging apparel
Infants' wear
Handbags, and small leather goods
Women's and children's shoes
Children's shoes
Women's shoes

-5
-8
0

+1

0
+2

+2
*+4

—5

2

+3

+7

5.1
5.4
4.7
5.0

+8

+6

+3
+3
+1
+5
+2

4.2

4.5

89

81

82

117

109

115

+1
+5
+7

0
+5
+6.

0
+4
+2

4.0
4.0
3.7

4.1
4.1
3.9

99
94
98

69
74
89

98
89
92

133
133
109

113
122
101

134
128
107

+3
+3
+5
+6

5.5
6.9
3.5
10.3

6.6
8.7
3.8
15.2

79
75
86
72

71
71
74
64

65
58
76
46

126
134
123
128

11
.7
126
105
122

1.22
130
117
121

+1
+2
+4
+1

5.0

4.7

78

82

82

107

102

105

3.7
2.9
4.1

3.9
2.8
4.4

90
99
85

91
93
89

86
96
80

117
107
120

108
96
113

116
103
119

+ 5

+22
+29
+ \3
+55
5

+1.5
+24
+ 11
+25

+5
+3
+7

+4
+3
+5

+11
-HO
+5
+ Y1

+5
+4

+ ..
17
+7
+4
+1
+4
+2

0

-3

j

+2
+8
+4
+2
0
+3
0

+6

+1

2.6

2.9

107

74

97

131

121

131

+1
+4

3.2
2.6
4.7
1.0
4.0
3.1
2.7

3.6
2.7
4.8
1.3
4.8
3.2
2.7

103
105
47
1.35
87
128
85

74
79
52
68
58
101
73

94
.100
49
121
74
119
81

135
150
74
136
97
150
129

122
133
70
108
85
141
116

133
145
77
148
101
142
123

3.6
3.7
3.7
2.7

3.6
3.7
3.8
2.6

75
92
67
75

63
80
55
64

74
88
66
76

120
154
109
98

104
135
95
84

117
145
107
95

-8
^
+5
+5
+2
+6
+2
+3

+\3
+24
+15
+23
+12

+ 5
+ 13

+1
+4

2.8
2.7

3.2
3.2

116
104

77
72

102
84

130
137

122
117

128
132

+ 10
+6

+ 7

0
-1
0

4.5
4.0
4.7

5.3
5.3
5.3

127
127
128

82
66
84

111
103
114

156
154
158

146
143
143

156
156
158

+12
+5
+7
+3

+5
0
+3
-4

0
-5
+1
-11

2.1
1.7
1 .5
1.8

2.4
1.9
1.6
2.1

111
113
103
140

75
71
69
82

100
108
97
136

127
114
102
141

119
114
102
144

127
121
102
159

Juniors' and girls' wear
Juniors' coats, suits, and dresses
Girls' wear

+1
6
+9
+23

2.2
1.7
2.6

.3
11
117
148

69
66
73

113
107
120

134
120
145

128
116
138

134
124
143

+1
1
+ 10
+11
+1
0
+8
+85

0
-4
+2
0
+1
+1

1.8
1.5
2.1

Women's and misses' dresses
Inexpensive dresses
Better dresses

+6
+2
+1
1
+5
+3
+6

1.7
1.4
2.1

1.9
1.6
2.3

111
107
113

75
72
82

100
97
102

129
124
131

121
118
127

129
123
129

+5
+4
+32

+1
+4
+1

2.9
2.2
4.5

3.2
2.3
8.3

101
104
76

79
84
73

92
96
41

148
124
91

131
114
82

147
119
90

+6

-i

5.0

5.7

83

65

74

127

115

129

+3
+6
+11
..
+6

-6
+2
+1

5.7
5.1
3.5
6.4

6.5
5.5
4.4
7.5

85
68
115
95

67
63
62
75

79
64
94
83

136
120
121
139

125
107
110
122

145
118
120
141

Women's and misses' ready-to-wear apparel. . . .
Women's and misses' coats and suits
Coats
Suits

Blouses, skirts, and sportswear
Aprons, housedresses, and uniforms
Furs
Men's and boys' wear
Men's clothing
Men's furnishings and hats
Boys' wear
Men's and boys' shoes and slippers

+11
+8
+7
+22
+ 14

For footnotes see following page.

706




FEDERAL RESERVE BULLETIN

DEPARTMENT STORE STATISTICS—Continued
[Based on retail value figures]
SALES AND STOCKS BY MAJOR DEPARTMENTS—Continued

Department

Sales
during
period

Mar.
1955

Homef urnishingts.
Furniture and bedding
Mattresses, springs, and studio beds
Upholstered and other furniture
Domestic floor coverings
Rugs and carpets
Linoleum
Draperies, curtains, and upholstery
Lamps and shades
China and glassware
Major household appliances
Housewares (including small appliances).
Gift shop
Radios, phonographs, television, records, etc.. .
Radios, phonographs, television
Records, sheet music, and instruments
Miscellaneous merchandise d e p a r t m e n t s .
Toys, games, sporting goods, cameras.
Toys and games
Sporting goods and cameras
Luggage.
Candy.. .
BASEMENT STORE—total

Stocks
(end of
month)

Three
months
1955

Mar.
1955

1955

Stocks at end
of month

1954

1955

1954

1955
Mar.

Feb.

Mar.

Mar.

Feb.

Mar.

4.5

101

88

92

116

106

117

2.1
4.4

2.3
5.4

1.15
129
108

114
131
111

105
119
98

120
146
114

107
139
104

1.27
143
123

4.4
4.5
3.3

5.2
5.2
3.8

86
84
65

81
87
42

76
74
62

102
99
60

95
102
56

100
62

+2
0
+2
+1
+1

4.3
4.2
7.5
2.2
3.7
6.3

4.4
4.5
7.7
3.1
4.1
6.6

104
84
92
9.1

78
76
87
69

110
84

87
75

98
81
90
66
102
81

120
114
125
97
129
133

111.
103
121.
92
117
125

118
114
123
96
128
132

+2
+2

+4
+9

2.9
2.6
3.7

2.8
2.3
4.1

103
100
100

93
85
95

107
107
97

104
97
99

94
85
95

100
90
101

+7

3.4

3.7

81

65

71

111

100

107

+ 11
+9
+ 13

+3
+4
+4
+2

6.1
6.0
6.1

6.8
6.5
7.1

61

47
79

44
36
58

54
43
66

118
109
116

109
104
109

114
105
114

+22
+10

0

+2

5.1
1.6

6.9
1.9

7.1
99

60
92

53
82

115
140

103
103

115
138

116

107

117

115

112

+11

-1

3.9

+10

+8
+ 11
+13
+ 13

+11
+ 10
+11
+15
+ 15

-6

3.9

+3

-I
-4

+6
+4
+3
+37
+8
+3

+5
+6
+4
+32

—3

+35
+21
+6

Sales during
period

March

+10

+4
+ 13
+.14
+ ]()
+20

Federal Reserve index numbers
without seasonal adjustment,
1947-49 average =100 2

Ratio of
stocks 1to
sales

Percentage change
from a year ago

+ 11
+3

+2
-3

0

+2

105

2.4

2.5

101

69

95

Domestics a n d blankets

-2

+3

3.3

3.1

87

75

89

W o m e n ' s a n d misses' ready-to-wear.

+6

+1

-1

1.8

2.0

102

67

97

114

105

116

Intimate apparel
Hosiery
Underwear, corsets and brassieres.
Coats and suits
Dresses
Blouses, skirts, and sportswear
Girls' wear
Infants' wear
Aprons, liousedresses, uniforms

-1-1

0

2.5
2.0
2.6
1.3
1.3
2.4
2.0
2.5
2.0

97
(4)

79
CO
(0
57
62
74
65

96
(')

120
(0

119

+1

2.5
2.0
2.7
1.2
1.2
2.3
1 .6
2.2
2.2

11
.4

+3

+1
+2
+1

0

+5
+3
-1-4

+21
+13

M e n ' s a n d boys' wear.

+11

Men's wear
Men's clothing... .
Men's furnishings.

+6
+7
+6

Boys' wear
Homef urnishings
Shoes
NONMERCHANDISE—total.
Barber and beauty shop

+24
+9
+11
+3
+7

-2

+2
+12
+7
+7
+5
+5
+5
+ 14

+8
+3
+1
+1

-3
-1

+1
0
-1

2.8
—1
-3

+1
+2
-3
-1
CO

3.1

2.9
2.7
3.1

3.1
2.9
3.3

2.2

2.7

2.9

3.2

3.6

4.0

CO

CO
112
89
95
140
122

()

107

98
94
127
135
126

95
93
103
117
115

105
98
127
133
126

CO
106

72

96

125

111

125

96
117

75
89
66

90
110

121
128
117

109
116
105

122
131
116

66

115

135

121

132

79

92

111

107

114]

71

100

127

119

128

91

110

CO

m

112

130

CO
CO

82
144
100
110
113

C
O

(o
•
(4)

106
86
90
116

co

(0

138

CO

!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 eiui-qf-month stocks for each department is used as a base in computing the sales and stocks
indexes, respectively, for that department. For description of indexes, see BULLETIN for November 1953, pp. 1146-1149.
3
For movements of total department store sales and stocks, see the indexes for the United States on p. 703.
4
Data not available.
NOTE.—Based on reports from a group of large department stores located in various cities throughout the country. In 1954, sales and stocks
at these stores accounted for almost 50 per cent of estimated total department store sales and stocks. Not all stores report data for all of the
departments shown; consequently, the sample for the individual departments is not so comprehensive as that for the total.

JUNE 1955




707

PRICES
CONSUMER PRICES
[Bureau of Labor Statistics index for city wage-earner and clerical-worker families.

1947-49=1.00]

Housing
All
items

Year or month

Foods
Total

Rent

Gas
and
electricity

Solid House- Housefuels
furhold
and
nish- operafuel oil ing3
tion

Transportation

Apparel

Medical
care

Personal
care

Reading
and
recreation

Other
goods
and
services

1929

73.3

65.6

117.4

60.3

1933

55.3

41 6

83.6

45.9

1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952 ..
1953
1954 .

62 9
69 7
74 0
75 2
76 9
83 4
95.5
102 8
101.8
102 8
111.0
113 5
114.4
114.8

52 2
61 3
68 3
67 4
68 9
79 0
95.9
104.1
100.0
10t 2
112 6
114 6
112 8
112.6

95.0
101 7
103.3
106 1
112 4
114 6
117.7
119.1

88 4
90 4
90 3
90 6
90 9
91.4
94.4
100.7
105.0
108 8
113.1
117 9
124 1
128.5

97.6
100 0
102.5
102 7
103 1
104 5
106.6
107.9

88.8
104.4
106.8
110 5
116.4
118 7
123.9
123.5

97.2
103.2
99.6
100 3
111.2
108 5
107.9
106.1

97.2
102.6
100.1
101 2
109.0
111 8
115.3
117.4

55.6
64.9
67.8
72 6
76.3
83.7
97.1
103.5
99.4
98.1
106.9
105.8
104.8
104.3

90.6
100.9
108.5
111.3
118.4
126.2
129.7
128.0

94.9
100.9
104.1
106.0
111.1
117.3
121.3
125.2

97.6
101.3
101.1
101.1
110.5
111.8
112.8
113.4

95.5
100.4
104.1
103.4
106.5
107.0
108.0
107.1

96.1
100.5
103.4
105.2
109.7
115.4
118.2
120.2

1954—April
May
June
July..
.
August
September
October
November
December

114 6
115 0
115.1
115 2
115.0
114 7
114.5
114 6
114.3

112 4
113 3
113.8
114 6
113.9
112.4
111.8
111 1
110.4

118 5
118 9
118.9
119 0
119.2
119 5
119.5
119 5
119.7

128 2
128 3
128.3
128 5
128.6
128 8
129.0
129 2
129 4

107 6
107 7
107.6
107 8
107.8
107 9
108.5
108 7
109.1

123 9
120 9
120.9
121 1
121.9
122 4
123.8
124 2
125.5

106 1
105.9
105.8
105.7
105.4
106.0
105.6
105 4
105.4

116 9
117.2
117.2
117.2
117.3
117.4
117.6
117.8
117.7

104 1
104.2
104.2
104.0
103.7
104.3
104.6
104.6
104.3

129 1
129.1
128.9
126.7
126.6
126.4
125.0
127.6
127.3

124.9
125.1
125.1
125.2
125.5
125.7
125.9
126.1
126.3

112.9
113.0
112.7
113.3
113.4
113.5
113.4
113.8
113.6

106.5
106.4
106.4
107.0
106.6
106.5
106.9
106.8
106.6

120.2
120.3
120.1
120.3
120.2
120.1
120.1
120.0
119.9

114.3
114.3
114.3
114.2

110.6
110.8
110 8
111.2

119.6
119.6
119 6
119.5

129.5
129.7
130 0
129.9

109 4
109.9
110 3
110.3

126.1
126.2
126 2
125.7

104.6
104.8
104.6
104.5

117.7
117.7
117.9
118.1

103.3
103.4
103.2
103.1

127.6
127.4
127.3
125.3

126.5
126.8
127.0
127.3

113.7
113.5
113.5
113.7

106.9
106.4
106.6
106.6

119.9
119.8
119.8
119.8

.

1955—January
February
March
April

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
Ma- FurniTex- Hides, Fuel, ChemNon- T o Pulp,
tile skins, power, icals Rub- Lum- paper, Metals chin- ture
mebacco
ber
and
ery
and
prod- and
ber
and
tallic mfrs. Misand.
and
and
ucts leather light- allied and wood allied metal and other mincellaand
mo- houseing
and prodprodprod- tive
erals— bottled neous
ma- prod- ucts prod- prod- ucts prod- hold struc- bevapucts
ucts
duraparel ucts terials ucts
ucts
bles tural erages

All
com- Farm
modi- products
ties

Processed
foods Total

1.953
1954

104.4
99.2
103.1
114.8
111.6
110.1
110.3

107.3
92.8
97.5
113.4
107.0
97.0
95.6

106.1
95.7
99.8
111.4
108.8
104.6
105.3

103.4
101.3
105.0
115.9
113.2
114.0
114.5

1954
April
May
June
July
August
September..
October
November..
December. .

111.0
110.9
110.0
110.4
110.5
110.0
109.7
110.0
109.5

99.4
97.9
94.8
96.2
95.8
93.6
93. .
1
93.2
89.9

105.9
106.8
105.0
106.5
106.4
105.5
103.7
103.8
103.5

114.5
114.5
114.2
114.3
114.4
114.4
114.5
114.8
114.9

94.7
94.8
94.9
95.1
95.3
95.3
95.4
95.2
95.2

94.6
96.0
95.6
94.9
94.0
93.0
92.4
92.8
91.8

108.6
108.2
107.8
106.2
106.9
106.9
106.9
107.4
107.5

107.2
107.1
106.8
.106.7
.106.8
106.
106.9
107.0
107.0

125.0
125.1
126.1
126.8
126.4
126.9
128.5
131.4
132.0

116.2
116.1
116.3
119.1
119.1
119.3
119.8
119.9
120.0

1955
January
February...
March
April

110.1
110.4
110.0
110.5

92.5
93.1
92.1
94.2

103.8
103.2
101.6
102.5

115.2
115.7
115.6
115.7

95.2
95.2
95.3
95.1

91.9
92.3
92.2
93.2

108.5
108.7
'108.5
108.2

107.1
107.1
'106.8
107.1

136.8
140.6
138.0
138.3

120.3
121.2
'121.4
122.2

Year or
month

1948
1949
1950
1951
1952

104.4 102.1 107.1 103.8 102.1 107.2 102.9
95.5 96.9 101.9 94.8 98.9 99.2 98.5
99.2 104.6 103.0 96.3 120.5 113.9 100.9
110.6 120.3 106.7 110.0 148.0 123.9 119.6
99.8 97.2 106.6 104.5 134.0 120.3 116.5
97.3 98.5 109.5 105.7 125.0 120.2 116.1
95.2 94.2 108.1 107.0 126.9 118.0 116.3

103.9
104.8
110.3
122.8
123.0
126.9
128.0

100.9
106.6
108.6
119.0
121.5
123.0
124.6

101.4
103.1
105.3
114.1
112.0
114.2
115.4

101.7
104.4
106.9
113.6
113.6
118.2
120.9

100.4
101.6
102.4
108.1
110.6
115.7
120.6

103.1
96.1
96.6
104.9
108.3
97.8
102.5

116.3
115.8
115.8
116.2
116.3
116.3
116.3
116.0
115.9

1.26.8
127.1
127.1
128.0
128.6
129.1
129.7
129.9
129.8

124.4
124.4
124.3
124.3
124.3
124.4
124.3
125.3
125.7

115.6
115.5
115.4
115.3
115.3
115.3
115.6
115.6
115.7

120.8
119.3
119.1
120.4
120.5
121.7
121.9
121.8
121.8

121.5
121.4
121.4
121.4
121.5
121.5
121.5
121.4
121.4

110.3
109.2
105.1
103.9
102.3
99.1
96.7
97.0
98.0

116.3
116.6
116.8
117.4

130.1
131.5
131.9
132.8

125.8
126.1
-126.1
126.2

115.5
115.4
115.1
115.1

122.0
121.8
121.9
122.2

121.4
121.6
121.6
121.6

97.0
97.1
95.6
94.0

r
Revised.
Source.—Bureau of Labor Statistics, Department of Labor.
Back figures.—See BULLETIN for March 1952, pp. 311-313.

708




FEDERAL RESERVE BULLETIN

PRICES—Continued
WHOLESALE PRICES, BY GROUPS OF COMMODITIES—Continued
[Index numbers of the Bureau of Labor Statistics, 1947-49=100]

Subgroup
Apr.

Mar.

Feb.

Pulp, Paper and Allied
Continued
97.4
9? 9
94 9
105.5
88.3
77.9
96.5
18? ?

103.8
93 1
80'. 7
104.3
92.0
90.1
93.2
139 4

104.4
0? ?
79 9
102.9
90.5
82 2
93.1
143 0

120.9
91 0
84.0
102.7
90.5
77.9
89.9
142 3

113.2
94.3
103.0

1 ! 6. 3 116.5
86.9
83.3
107.2
107.2

116 .8
86.0
106.9

103 3
112.6
229.6
102 9

104.4
112.6
186.4
100.7

M04 8
110.8
180.4
100.8

104.5
110.8
180.2
100.9

88 "
5
109 2
84 6
132 3
98 ?
78 9

90.6
106 3
86. 7
122.4
98 2
78.0

90 8
106 1
r87.5
12! .1
r
98 3
76.6

90.4
106.0
87.2
122.8
'98.2
76.4

?i6 5 51 .6
82.2
86 0
111 .9 111.5
95 .8
97 4

Fresh and dried produce
Grains
Livestock and pouHry
Plant and animal fibers
Fluid milk
Kpgs
Hay and seeds
Other farm nrodncts

50 7
82.1
111.5
r
95 7

56.9
83.6
111.5
95.9

105 1
13? 4
l16 6
r
99 5
111.7

102.2
133.4
116.6
99 5
.111 .5

Processed Foods:
Cereal and bakery products
Meats, poultry, and fish
Dairy products and ice cream
Canned, frozen fruits, and vegetables
Sugar and confectionery
Packager! beverage materials
Other processed foods. .
Textile Products and A pparel:
CoHon prodnc<s
Wool products
Synthetic textiles
Silk products
Other textile products
Bides, Skins, and Leather Products:
Hides and skins
Leather
Footwear
Other leather products
Fuel, Power, and Lighting Materials:
Coal
Coke

104 1
1 3? 4
112 3
101 8
112.1

Gas

Electricity
Petroleum and products

105.2
132 4
116 3
100.1
111.7

r

Chemicals and Allied Products:
117 •* 117 5
113 1 114 0
96.1
95.9
93.3
93.1.
61.0
'5.S.4
109.0
108.9
11.3.5 113.6
108.0 MO7.6

118 0
114.8
96.1.
93.2
55.2
108.8
.113.5
107.6

11*7 0
129 3
1 ?3 7

1 SI 3
142.4
13? ()

14? 8
142.3
130 3

143 8
142 .3
130 A

115.3
130 8
100 7

Prepared paint
Paint materials
Drugs, Pharmaceuticals, cosmetics
Fats and oils, inedible
Mixed fertilizers
Fertilizer materials
Other chemicals and products

117 4
\ 11 g
94 7
94.0
59 8
109 9
114 1
108.1

121 .4 n?A .8
129 0 128.7
104.8 104.8

122.7
129.3
101.8

109 7
83.2
126.8

110.0
90.2
128.0

113.8
89.4
128.0

Rubber and Products:
Tires and tubes
Other rubber •oroduct^
Lumber and Wood Products:
Lumber
Mill work..
Pulp, Paper, and Allied Products:
..

...

110.0
89.4
128.0

Feb.

Mar.

Apr.

124.0
111.5
129.4

1 25.7
111.5
129.7

126.0
111.5
129.7

131 1
123.4
130.0
138.5
118.2
114.5

135.8
133.7
131.6
143.3
118.7
113.7

136.2
.134.3
131.6
n 44.4
123.0
113.6

136.3
138.2
131.6
144.4
123.3
113.6

116.6

11.8.0

117.9

118.2

125 3

1?S 8

1 25.9

125.9

1?2 3

121 6 121 5

121 .5

131.6
132.6

133.8
136.6

M33.8
'136.9

134.1
137.0

128 ?
125.2

130.3
126.4

'•130.4
126.8

131 .0
126.8

126.5
118 9

126.7
121 .5

126.4
121.5

126.4
121.7

113 6
126.2
122.6
109.9
95.7
73.8
130.4

112.6
112.7
128.6
128.6
124.4
124.4
108.5 107.2
94. 7
94.7
68.8
68.8
132.0
1.32.0

112.8
128.6
125.0
107.3
94.7
68.8
131.9

1 '?4 7
119 8
11.7.3
132.0
122.1
108.4
120.2

123 9
123.9
117.0
136.1
122.1
100.4
119.2

123.9
124.1
118.2
M36.5
122.1
r
98.8
119.2

124.9
124.6
118.2
136.8
122.1
98 5
119.2

124.0
103.7
121.4
114.6
1 -! 7 . 9 148.1

124.0
103. 7
121.4
114.7
148.1

124.0
103.7
121 .4
11.4.7
148.1

113.6
111.1
93 .5
102 . 7
121.3

113.2
-83.0
92.3
103.1
120.6

113.2
80.1
92.3
102.9
12.1.3

Apr.

Apr.

Farm Products:

Woodpulp...
Wastepaper
Paper

1955

1954

1955

1954
Subgroup

Products—

Paperboard
124 8
Converted paper and Daoerboard.. 111.8
127.9
Building paper and board
Metals and Metal Products:
Iron and steel
Nonferrous metals
Metal containers..
Hardware
Plumbing equipment
Heating eriuioment
Fabricated structural metal products
Fabricated nonstructural metal
products
Machinery and Motive Products:
Agricultural machinery and equipment
Construction machinery and equipment
Metal working machinery . . . .
General purpose machinery and
equipment
Miscellaneous machinery
Electrical machinery and equipment
Motor vehicles
Furniture and Other Household Durables:
Household furniture
Commercial furniture . .
Floor covering
Household appliances
Radio
Television
Other household durable goods
Nonmetallic

Minerals—Structural:

Flat glass
Concrete ingredients
Concrete products
Structural clay nroducts
Gypsum products
Prepared asphalt roofing
Other nonmetallic minerals
Tobacco Manufactures
Beverages:

and Bottled

Cigarettes

Cigars
Other tobacco oroducts
Alcoholic beverages
Nonalcoholic beverages

124.0
103 5
1 20.7
111. 6

Miscellaneous:
Toys, sporting goods, small arms..
Manufactured animal feeds
Notions and accessories
Jewelry, watches, photo equipment.
Other miscellaneous
.. .

1.13.1
85.8
92.3
103.2
120.6

'Revised.
Source.—Bureau of Labor Statistics, Department of Labor.
Back figures.—See BULLETIN for March 1952, pp. 131-313,

JUNE 1955




709

GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME
[Estimates of the Department of Commerce, in billions of dollars]
RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING
Seasonally adjusted annual rates
by quarters

Annual totals

1954
1929

1933

1941

1949

1950

1951

1952

1953

1955

1954
1

Gross national product

Equals: National income

370.0

7.2

9.0

18.4

20.5

23.5

25.3

27.2

29.3

28.2

29.0

30.2

30.6

7.0
.6
.3

7.1
,7
.9

11.3
.5
,4

21.6
.8
.1

23 .,7
.8
.2

25.6
1.0
1.3

28.0
i.O

30.0
1.0
1.0

30.3
1.0

30.2
1.0
-3.8

30.4
1.0
-2.7

30.7
1.0
n.a.

-.1

.0

.1

-.2

,2

.2

30.3
1.0
-3.7

-.4

.2

299.6

302.6

n.a.

56.0 125.8 257.3 285.1 328.2 346.1 364.9 357.2 355.8 356.0

,6
-.2

•-.5

-3.0
— .4

87.8

Less; Corporate profits and inventory
valuation adjustment
Contributions for social insurance..
Excess of wage accruals over disbursements
Plus: Government transfer payments...
Net interest paid by government. .
Dividends
Business transfer payments
Equals: Personal income
Less: Personal tax and related
Federal

362.0

8.6

104.4

Leas: Capital consumption allowances..
Indirect business tax and related
liabilities
Business transfer payments
Statistical discrepancy
Plus: Subsidies less current surplus of
government enterprises

40.2

10.1
.2

-2.0
.3

14.5
2.8

28.1
5.7

35.1
6.9

39.9
8.2

38.2
8.7

38,5
8.8

34.9
9.7

298.9
34.1
9.8

34.9
9.7

33.9
9.6

36.4
9.7

n.a.
11.0

.0
.9
1.0
5.8

.0
1.5
1.2
2.1

.0
2.6
1.3
4.5
.5

.0
11.6
4.6
7.5
.8

.0
14.3
4.7
9.2
.8

.1
11.6
4.8
9.1
1.0

.0
12.1
4,9
9.1
1.0

~- 1
12^8
5.0
9.4
1.0

.0
14.8
5.3
9.9
1.0

.0
14.2
5.2
9.6
1.0

.0
14.8
5.3
9.6
1.0

.0
14.7
5.4
9.S
1.0

.0
15.5
5.4
10.4
1.0

.0
15.6
5.4
10.0
1.0

State and local

.6

2,6
1.3
1.4

Equals: Disposable personal income.

.7
47.2

96.3 206.8 227,1 255.3 271.2 286.1 286.5 285.1 285.7 286.2 289.0 292.7

1.5
.5

3.3
2.0
1.3

1.0

93.0

188.2 206.1

79.0

45.7

81.9

180.6

194.0

4.2

46.4

11.1

7.6

12.1

83.1

Lew: Personal consumption expenditures

305.0 300.0

291.0

85.8
payments..

104.7 216.2 240.0 277.0

Equals: Personal saving

18.7
16.2
2.5

20.9
18.2
2.7

26.3

34.4
31.1

3.0

3.2

29.3

226.1 236.9

208.3 218.4
17.7

36.0
32.5
3.5

32.9
29.2
3.7

32.8
29.1
3.7

250.1 253.5 252.3 252.9
230.1
20.0

32.9

32.9
29.2
3.7

29.2
3.7

33.1
29.3
3.8

253.2 255.9

234.0 230.5 233.1 234.8 237.7
19.5

21.8

19.7

18.4

18.2

18.4

32.1
28.3
3.8
260.6

242.0
18.7

-.6

NATIONAL INCOME, BY DISTRIBUTIVE SHARES
Seasonally adjusted annual rates
by quarters

Annual totals

1955

1954
1929

1933

1941

1949

1950

1951

1952

1953

1954
1

Wages and salaries1...
Private
Military
Government civilian
Supplements to wages and salaries...
Proprietors' and rental i n c o m e 2 . . . .
Business and professional

. .

Corporate profits and inventory
valuation adjustment
Corporate profits before tax
Corporate profits tax liability
Inventory valuation adjustment
Ket Interest

3

4

87.8

National income

• Farm
Rental income of persons

2

40.2 104.7 216.2 240.0 277.0 291.0 305.0 300.0 298.9 299.6 298.8 302.6

51.1
50,4
45.5
.3
4.6
.7

29.5
29.0
23.9
.3
4.9
.5

20.2
8.8
6.0
5.4

7.6
3.2
2.4
2.0

10.1

- 2,0
.2
.5

9.6

1.4
8.3
.5
6.4

1

n.a.

64.8 140.9 154.3 180.4 195.4 209.1 207.3 206.4 206.6 207.2 208.9 212.7
62.1 134.3 146.5 170.9 185 .0 198.0 195.7 194.6 194.9 195.6 197.2 200.2
51.9 113.9 124.3 142.1 152.2 164.5 161.9 161.2 161.5 161.6 163.0 166.0
9.3
8.7
9.6
9.5
10.5 10.2
4.2
9.7
9.5
9.6
1.9
5.0
24.4
22.4 23.3 24.1
24.9
20.1
23.7
17.2
16.2
23.8
24.7
8.3
11.7
9.5
11.7
6.5
12.5
11.7
11.6
7.8
2.7
11.8
10.4 11.1
20.9
10.9
6.5
3.5

42.0
21.4
12.7
7.9

44.6
22.9
13.3
8.5

49.9
24.8
16.0
9.1

49.9
25,7
14.2
10.0

49.0
26.2
12.2
10.6

48.7
25.9
11.9
10.9

49.4
25.6
13.0
10.8

49.0
25.9
12.2
10.9

48.5
25.9
11.6
10.9

48.1
26.3
11 .0
10.9

49.7
26.4
12.2
11.0

14.5
17.0
7.6
9.4
•—.4
-2.1 -2.5

28.1

35.1

39.9
41.2
22.5
18.7
-1.3

38.2
37.2

38.5

20.0
17.2
1.0

39.4
21.1
18.3
-1.0

34.9
35.0
17.2
17.8
-.2

34 1
34.5
17.0
17.5
-.4

34 9
34.5
17.0
17.5
.4

33 9
34.2
16.8
17 4
-.3

36 4

26.2 40.0
10.4 17.8
15.8 22.1
1.9 ~4.9

36.8
18.1
18 7
-.4

n.a.
n.a.
n.a.
n.a.
-1.3

5.9

6.8

7.4

8.4

9.1

9.0

9.1

9.2

9.2

9.4

5.0

4.5

5.2

n.a. Not available.
1
Includes employee contributions to social insurance funds.
a
Includes noncorporate inventory valuation adjustment.
NOTE.—Details may not add to totals because of rounding.
Source.—Department of Commerce.

710




FEDERAL RESERVE BULLETIN

GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME—Continued
[Estimates of the Department of Commerce, in billions of dollars]
GROSS NATIONAL PRODUCT OR EXPENDITURE
Seasonally adjusted annual rates
by quarters

Annual totals

1955

1954
1929

1933

1941

1949

1950

1951

1952

1954

1953

1

^s"OS8 national product

Persona?, consumption
expenditures
Durable goods
Nondurable goods
Services

194.4

.

...

.....,.,.

Gross private domestic
In.vesttn&nt
Ne'iv construction^Residential ^OTI^S.'^UI
Otbe v
Producers' durable equipment.
Change in business inventories....

79.©

46.4

9.2

3.5

22.3
20.7

16.2

1.4
1.4

K

1,0

5.9
1.7
1.8

2.6
-1.6
-1,4

,8

,2

Kk?t foreign ipypstTWHt1

G o v e r n m e n t purchases of
^oods aisd services
........
8.5
Federal
1.3
National security
\ * *
JL.3
Other
2
Less: Government t s a l p s . . . . .
7.2
State and local

3

1

4

56.0 125.8 257.3 285.1 328.2 346.1 364.9 357.2 355.8 356. G 355,5 362.0 370.0

37.7
32 J

8.7
3.6
5.1

2

8,9
2.0
2.0
.0
6.0

81.9 180.6 194. G 208.3 218.4 230, t 234.0 230 5 233.1 234.8 237.7 242.0
9.7
23.6 28.6 27,, 1 26.8 29,7 28.9 28.0 28.8 28.9 29.9 33 A
43.2 96.9 100.4 111.1 116.0 118.9 120.5 118.8 120.0 121,1 122.1 122.1
29.0 60.! 65 ,.0 70.1 75,6 81.4 84.6 83.6 84.3 84,8 £5.7 86.5
32,5
17.5

1S.1
6.6
3,5
3.1

6.9
4.5
4.0

8.3
9.2

17.8
-2.7
~1.9

.5 -•3.2

1.1
24.8
16.9
113.8
1 3.2
1

n

7.8

51.2
22.7
12,6
10.1
21.1
7.4
6.4

44 5 45,6 45,3
26.0
27 .G 28.3
11 7 12 8 14.0
14.2
14 3 14.2
22.7 22.4 21.8
-4.2 -3.8 -4.8
-4.2 -4.0 -5.0

49,5
29.1
14.8
14.3
21.7
-1.3
-1.6

53.3
30.8
15.9
14.9
21.1
1.3
i.2

-1.0

-».2

.8

.0

23//
11.1
12.6
23 .,3
3.6
3.0

51.4
Z5.5
11.9
13.6
24.4
1.5
2.2

46.1
27.6
13.3
14.3
22.2
-3.7
-3.8

,2

-.2

-1.9

- A

-1.1

56,9
23.3
11.9
12.4
23,2
10.4
9.0

507

*3.6
25.4
19.3

42.0
22.1
18.5

41.0
37.3

62.8

77.2
54.0
48.5

85.2
60.1
52.0

77.5
50.0
43.6

81 9
55.0
46.9

78 3
51.3
44.7

75.6
47.9
42.1

74.1
45.9
40,5

74.7
45.9
40.7

6.6
A

3.9
.3

4.2
.4

8.5
.4

6.7
.3

8.4
.3

5.6
.2

5.5
.2

21.8

25.1

27.5

6.9
.3

6.1
.2

19,9

5.8
A

26.9

27.0

27.7

28.2

28.8

18.2

23.2

PERSONAL INCOME
[Seasonally adjusted monthly totals at annual rates]
Wage and salary disbursements
Personal
income

Total

1929
1933
1941.
1948
194Q
1950
1951
1952
1953
1954

85.8
47.2
96 3
208.7
206 8
227.1
255.3
271.2
286.1
286.5

50.4
29.0
62 1
135.1
134 4
146.5
170.8
185 I
198 1
195.7

9.8

8.8

27.5
60.2
56.9
63.5
74.9
80.6
88.1
S3.8

16.3
38.8
39.0
41 ,3
45,8
48.7
51.7
52.6

17.4
1S.0
19.5
21,3
23.0
24.8
25.5

10.2
18.7
20.5
22.2
28.8
32.8
33.6
33.7

1954—April
May
June
July
August
September
October

284.4
286.2
286.5
285.7
285 4
286.6
286 3
289.3
291.4

194 3
X95.0
195.5
195.7
195 5
195.4
196 1
198.1
197 S

83.7
84.2
84.0
83.4
82.7
82.4
82.9
84.6
84,4

52.0
52.3
52.5
53.1
52.8
52.9
52.9
53.0
53.1

25.2
25.2
25.5
25.4
25.8
25.9
26.1
26.2
26.1

33.4
33.3
33.5
33.8
34.2
34.2
34.2
34.3
34.2

291 4
202.4
294 6
295.6

199 3
199 8
201 7
202.2

85 2
8.S.9
87.4
88.2

53 5
53.4
53.7
53.5

26.4
26.3
26.5
26.4

34.2
34.2
34.1
34.1

Year or month

December
1955—January
February
March
April*

Commodity Distributive
produc- indusing intries
dustries
21.5

15.6

Service
industries

8,4
5.2
8.1

Government

4.9
5.1

Other
labor
income3

DiviProdends
prietors'
and
and
perrental 4
sonal
income interest
income

Transfer
payments 3

Less
persona]
contriNonbutions agriculfor
tura!
social incomeT
insurance 6
77.2
43.4
88.0
188.5
190.S
210.5
235.7
253.3
270.0
270.7

.6
.4
.7
2.7
3.0
3.8
4.8
5.5
6.3
6.6

20.2
7,6

8.3

20.9
45.6
42.0
44.6
49,9
49.9
49.0
43.7

10.3
16.2
17.2
19.8
20.7
21.4
22.8
24.3

11.3
12.4
15.1
17.6
13,1
13.8
15.9

6.6
6.6

24,0
24.0
24.1
24.2
24.3
24.4
24.5
24.6
26.2

15.9
13.8
15.8
1S.S
15.5
16.0
16.5
16.4
16.7

4.6
4.6

6.6
6.6
6.6
6.6

48.2
49.4
49.2
47.9
48.2
48.8
47.2
48.3
48.8

4.6
4.6
4.7
4.7

269. t
269.7
2 70.1
270.6
270.2
271 .i
272.3
274.6
276.5

6.6
6.6
6.6
6.6

49.5
49.8
49.8
50.0

24.7
24.8
24.8
25.0

16.5
16.5
16.9
1.6.9

5.2
5.1
5.2
5.1

275.5
276.2
278.9
279.9

6.6
6.6
6.6

13.2

1.5
2.1
3.1

.,1
.2
.8

2,.2
2,2

2,.9
3.4
3.8
4.0
4.7

4.7
4.5
4.7

'Preliminary.
1
Includes construction expenditures for crude petroleum and natural gas drilling.
2
Consists of sales abroad and domestic sales of surplus consumption goods and materials.
* Includes compensation for injuries, employer contributions to private pension and welfare funds, and other payments.
4
Includes business and professional income, farm income, and rental income of unincorporated enterprise; also a noncorporate inventory
valuation adjustment.
s
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,
6
Prior to 1952 includes employee contributions only; beginning January 1952, includes also contributions to the old-age and survivors insurance
program of the self-employed to whom coverage was extended under the Social Security Act Amendments of 1950. Personal contributions ara
not included in personal income.
7
Includes personal income exclusive of net income of unincorporated farm enterprise, farm wages, agricultural net interest, and net dividends
paid by agricultural corporations.
NOTE.—Details may not add to totals because of rounding.
Source.—Department of Commerce,

JUNE 1955




711

MEMBER BANK OPERATING RATIOS, 1954
AVERAGES OF INDIVIDUAL BANK RATIOS, BY FEDERAL RESERVE DISTRICTS
[Expressed in percentages]
Federal Reserve district
Item

All
districts

Summary ratios
Percentage of total capital accounts:
Net current earnings before income taxes.. 14.3
14.1
Profits before income taxes
9.4
Net profits
3.0
Cash dividends declared
Percentage of total assets:
Total earnings
Net current earnings before income taxes. .
Net profits
Sources and disposition of earnings
Percentage of total earnings:
Interest and dividends on:
U. S. Government securities
Other securities
Earnings on loans
;
Service charges on deposit accounts
Other current earnings
Total earnings
Salaries and wages
Interest on time deposits
Other current expenses
Total expenses

3.18
1.09
.71

25.1
5.7
57.3
6.0
5.9

Phila- Cleve- Richdelphia land mond

Atlanta

Chicago

MinSt.
Louis neapolis

KanSan
sas Dallas FranCity
cisco

11.8
11.5
7.3
2.9

12.1
12.3
8.2
2.7

11.3
11.0
7.6
2.6

13.5
13.7

15.5
15.1
9.9
3.1

15.4
16.7
11.6
2.8

14.7
14.7
10.2
3.0

15.8
15.0
10.2
3.3

3.44
1.07
.67

20.2
4.9
57.2
9.9
7.8

3.33
.98
.67

23.4
6.9
57.4
7.2
5.1

3.21
1.10
.73

25.8
7.0
58.5
3.6
5.1

13.0
12.6
8.3
2.8
3.08
1.07
.69

26.9
6.1
57.0
4.7
5.3

2.9

3.24
1.10
.72

23.0
5.1
61.5
4.8
5.6

3.26
1.10
.71

22.4
5.9
58.8
6.7
6.2

2.94
1.01
.75

2.95
1.11
.76

28.7
6.1
55.8
4.0
5.4

31.4
5.5
51.4
6.1
5.6

31.5
11.7
22.5

32.7
10.9
25.3

31.2
16.1
23.0

27.2
16.3
22.2

27.8
14.3
23.3

29.0
15.0
21.7

32.3
10.2
23.7

31.7
12.1
21.6

65.7

68.9

70.3

65.7

65.4

65.7

66.2

65.4

Net losses (or recoveries and profits, + ) 1 • • +
1.4
Net increase in valuation reserves
11.0
Taxes on net income
22.7
Net profits

Return on loans:
Earnings on loans
Net losses1

New
York

17.2
16.1
10.5
3.7
3.41
1.16
.72

25.0
5.1
54.1
6.4
9.4

3.17
1.19
.76

23.8
5.2
58.6
7.1
5.3

15.3
13.0
8.8
3.6
3.17
1.13
.65

20.2
5.6
63.1
5.9
5.2

16.5
15.9
9.8
3.0
3.59
1.06
.63

20.8
3.8
60.1
8.1
7.2

100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0

Net current earnings before income taxes. 34.3

Rates of return on securities and loans
Return on securities:
Interest on U. S. Government securities...
Interest and dividends on other securities..
Net losses (or recoveries and profits, + ) l . . .

Boston

31.1

29.7

+1.3 +2.3
2.0
10.9
19.5

1.8
9.8
20.4

34.3

34.6

34.3

33.8

31.0
8.7
22.9
62.6

34.6

+ .5 +1.0 +1.7

37.4

+4.2

1.9
11.2
22.5

1.7
11.3
25.8

1.3
10.4
23.1

1.3
12.3
22.4

11.4
22.0

+1.5
1.4
11.4
26.1

31.1
13.8
21.0
65.9
34.1
.5
1.4
11.0
21.2

34.6
6.8

35.9
3.6

21.0

24.7

62.4

64.2

37.6
1.1
.7
11.5
24.3

35.8
3.9
1.2
9.8
20.9

33.4
16.1
20.3
69.8
30.2

+ .3
1.1
11.2
18.2

2.09
2.52

2.02
2.52

2.09
2.28

2.17
2.71

2.09
2.54

2.13
2.55

2.06
2.60

2.08
2.27

2.08
2.60

2.15
2.32

2.09
2.54

2.07
2.83

1.96
2.87

5.71
.15

5.43
.08

5.38
.09

5.44
.07

5.37
.12

5.80
.05

6.19
.17

5.28
.07

5.71
.10

5.70
.15

6.10
.26

6.49
.47

6.13
.18

+ .21 + .26 + .28 + .14 + .19 + .23 + .27 + .32 + .21 + .12 + .13 + .13 + .23

Distribution of assets
Percentage of total assets:
U. S. Government securities
Other securities
Loans
Cash assets... .•
Real estate assets

36.0
7.9
32.7
22.5
.8

Other ratios
Total capital accounts to:
Total assets
Total assets less Government securities
and cash assets
Total deposits

8.0

9.6

8.5

10.2

8.6

8.4

7.7

20.7
8.8

21.9
10.8

19.1
9.5

23.7
11.5

21.8
9.5

20.4
9.3

19.6
8.4

6,609

311

678

578

633

474

32.5
7.7
36.8
21.5
1.2

35.3
9.9
36.2
17.4
1.0

36.6
9.1
34.9
18.3
1.0

38.2
8.2
33.3
19.4
.8

33.5
7.1
34.9
23.2
1.1

33.4
8.1
31.5
25.8
1.0

41.9
7.9
29.1
20.4
.6

6.8

38.2
7.5
29.6
24.0
.6

38.1
7.6
32.9
20.6
.6

34.1
7.2
31.5
26.6
.5

28.8
6.9
31.9
31.3
1.0

35.1
5.6
35.6
22.4
1.0

7.8

7.1

7.8

7.7

6.9

18.3 21.2 20.7 17.2
8.4
8.5
7.5
7.7
31.5 30.0 44.3 48.7 42.3 35.5 24.5 35.1 22.3 37.5 14.5
Time to total deposits 2
8.2 36.2
1.20 1.29
1.19
1.11 1.45
1.28
1.36 1.07
1.19 1.34
Interest on time deposits
1.48
1.43 1.65
4.5
3.0
3.2
4.1
2.5
3.5
2.6
Trust department earnings to total earnings2 . 3.1
2.7
1.9
4.2
2.7
2.4

Number of banks 3

19.8
7.3

23.1
8.5

362 1,012

489

470

748

628

226

1
"Net losses" is the excess of (a) actual losses charged against net profits plus losses charged against valuation reserves over (b) actual recoveries and profits credited to net profits plus recoveries credited to valuation reserves; "net recoveries and profits" is the reverse. Transfers to
and from reserves are excluded.
2
Banks with no time deposits, or no trust department earnings, as the case may be, were excluded in computing this average.
3
The ratios for 50 member banks in operation at the end of 1954 were excluded from the compilations because of unavailability of data covering
the complete year's operations, certain accounting adjustments, lack of comparability, etc. One member bank in Alaska also excluded.
NOTE.—These ratios, being arithmetic averages of the operating ratios of individual member banks, differ in many cases from corresponding
ratios computed from aggregate dollar amounts shown in the May 1955 issue of the BULLETIN. Such differences result from the fact that each
bank's figures have an equal weight in calculation of the averages whereas the figures of the many small and medium-sized banks have but little
influence on the aggregate dollar amounts. Averages of individual ratios are useful primarily to those interested in studying the financial results
of operations of individual banks, while ratios based on aggregates show combined results for the banking system as a whole and, broadly speaking,
are the more significant for purposes of general analyses of credit and monetary problems.
Figures of earnings, expenses, etc., used in the calculations were taken from the annual earnings and dividends reports for 1954. Balance
sheet figures used in the compilations were obtained by averaging the amounts shown in each bank's official condition reports submitted for Dec.
31, 1953, and June 30 and Oct. 7, 1954, (and Dec. 31, 1954, for the New York District) except for a limited number of banks for which all reports
were not available; such reports as were available were used in those instances. Savings deposits are included in the time deposit figures used in
these tables. Banks with no time deposits (263 in number) are included with the banks having ratios of time to total deposits of less than 25 per
cent.

712




FEDERAL RESERVE BULLETIN

MEMBER BANK OPERATING RATIOS, 1954—Continued
AVERAGES OF INDIVIDUAL BANK RATIOS, BY SIZE OF BANK AND BY RATIO OF TIME TO TOTAL DEPOSITS
[Expressed in percentages]
Ratio of time deposits to
total deposits (per cent)

Size group—total deposits (in thousands of dollars)

Item

All
groups

1 ,000 1.000and
under 2,000

5,000

12.5
11 .7
8.5
2.8

14.0
13.1
9.1
3.0

5.000- 10,000- 25,000- 50.000-i Over Under
10,000 25,000 50,000 100,000 100,000
25

25-50

50
and
over

Summary ratios

Percentage of total capital accounts:
Net current earnings before income
taxes
Profits before income taxes
Net profits
Cash dividends declared
Percentage of total assets:
Total earnings
Net current earnings before income
taxes
Net profits

Sources a n d disposition of earnings
Percentage of total earnings:
Interest and dividends on:
U. S. Government securities
Other securities
Earnings on loans
Service charges on deposit accounts. .
Other current earnings

14.3
14.1
9.4
3.0

10.5
9.2
6.7
2.7

H5.1
15.0

15.7
16.5

16.5
18.4

9.9
3.0

10.4
3.1

11 .3
3.3

3.18

3.44

3.28

3.18

3.16

3.16

3.09

1.13
.72

1.13

1.10
.72

1.07
.70

1.04
.68

1.03
.69

1 .03
.63

.71

100.0

100.0

100.0

100.0

100.0

100.0

31.7
11.1
23.8

31 .9
9.8
24.0

30.7
8.3
22.5

34.4
4.5
23.3

30.7
14.0
22.6

27.2
21.3
20.9

65.9

67.0

66.6

65.7

61.5

62.2

67.3

69.4

34.9

34.1

33.0

33.4

34.3

38.5

37.8

32.7

30.6

.9
9

+ 1.3

+4.4

+6.8

+6.4

+6.2

+ 1.2

3.8

4.4

+2.0

2.6
12.8
22.0

14.5

15.6
21.3

18.3
22.0

100.0

100.0

100.0

35.6
8.8
23.0

32.4
11.1
22.0

31.0
12.1
22.0

30.7
12.5
22.7

Total expenses

65.7

67.4

65.5

65.1

Net current earnings before income taxes

34.3

32.6

34.5

+ .8

3.1
.6
7.9
21.0

1.5
.5
8.9

+)

Return on loans:
Earnings on loans
Net losses1

2.14

1.01
.70

31*. 3
12.4
23.3

100.0

31.5
11 .7
22.5

2.09

3.29

1.06
.70

100.0

100.0

Rates of r e t u r n on securities a n d
loans
Return on securities:
Interest on U. S. Government securities
Interest and dividends on other securities
,
Net losses (or recoveries and profits,
1

3.25

1.15
.73

26.1
6.3
58.5
4.4
4.7

53.7
7.3
7.2

23.6

3.06

1.08
.62

25.1
5.8
56.9
6.2
6.0

25.6
6.5
55.9
6.6
5.4

1.4
11.0
22.7

2.6

24.6
5.4
57.2
6.6
6.2

25.8
5.8
57.9
5.7
4.8

+)

12.5

12.6
8.8

24.0
5.1
54.1
4.4
12.4

24.5
4.9
60.5
5.2
4.9

Net increase in valuation reserves . . .
Taxes on net income
Net profits

1.4.2

14.3
9.5
2.9

23.9
5.2
55.1
6.0
9.8

65.9
5.0
4.9

Net losses (or recoveries and profits,
1

15.4
14.6
9.9
3.3

24.7
5.7
53.7
7.1

20.1
4.1

Total earnings.

17.1
18.0
9.8
3.8

3.02

1.09

25.1
5.7
57.3
6.0
5.9

Salaries and wages
Interest on time deposits
Other current expenses

17.0
18.3
10.5
3.3

10.0
23.1

2.17

2.13

2.97

2.55

2.52

3.30

+ .21

+ .04

+ .06

+ .11

5.71
.15

6.49
.31

5.95
.18

5.80
.17

1.5
11.4
22.5

25.6
6.2

2.8

22.9

2.04

1 .96

2.33

2.17

2.10

+ .25

+ .40

+ .52

5.68
.15

5.49
.08

5.24
.07

2.08

. .93
1

1.89

2.19

2.32

+ .60

+ .54

5.05
.10

4.58
.02

1.3
11 .9
24.1

1 .7
10.9
22.1

1 .2

9.2
21.4

2.16

2.07

2.08

2.64

2.41

2.50

+ .17

+ .26

5.87
.22

5.62
.11

+ .20
5.51
.10

Distribution of assets

Percentage of total assets:
U. S. Government securities.
Other securities
,
Loans
Cash assets
Real estate assets
,

Other ratios
Total capital accounts to:
Total assets
Total assets less Government securities and cash assets
Total deposits
Time to total deposits 2
Interest on time deposits
Trust department earnings to total
earnings J
Number of b a n k s 3 .

36.0
7.9
32.7
22.5

30.2
5.3

35.0

36.2
27.7
.6

23.9

6.1
34.2

36.3
7.8

32.5
22.4

36.7

9.3
31.7
21.3
.9

37.3
9.1
31.6
20.8
1.0

36.7
8.5
32.1
21 .4

1.0

35.6
7.6
33.1
22.4
1.0

34.3
6.5
34.1
23.7
.9

34.2
7.2
30.7
27.1
.7

36.9
8.2
33.3
20.5
.9

37.6
8.7

35.5
17.2
.8

8.0

11.1

9.3

8.2

7.4

7.0

6.4

6.2

6.6

7.9

7.9

8.6

20.7

28.4
12.7

24.7
10.4

21. .5
9.1

18.8
8.1

17.6
7.6

16.2
7.0

15.4
6.7

22.0
8.7

19.8
8.7

20.1
9.5

29.5
1.37

32.1
1 .31

34.3
1.25

34.9
1.17

30.4
1.20

26.0
1.18

16.0
7.2
21 .5
1.19

11 .6
1.25

37.6
1.30

58.5
1.30

1.7

2.1

3.2

3.8

4.6

6.2

3.9

3.0

1.9

2,340

1,325

881

326

158

204

2,602

2,696

1,311

23.5
31.5
1 .28 1.44

1 .5

3.1

6,609

308

1,067

For footnotes see p. 712.

JUNE 1955




713

MEMBER BANK OPERATING RATIOS, 1954—Continued
AVERAGES OF INDIVIDUAL BANK RATIOS, BY RATIO OF TIME TO TOTAL DEPOSITS, BY SIZE OF BANK
[Expressed in percentages]
Banks with ratios of time
to total deposits of
under 25 per cent
Item

All
groups

Percentage of total assets:
Total earnings
Net current earnings before income taxes
Net profits
Sources and disposition of earnings
Percentage of total earnings:
Interest and dividends on:
U. S. Government securities . .
Other securities
Earnings on loans
Service charges on deposit accounts
Other current earnings

12.9
11.6
8.5
3.2

2,000- 5.000- Over
5,000 25,000 25,000

2,000
and
under

17.1
18.0
10.1
3.5

11.6
11.1
8.0
2.5

15.3
14.0
9.7
3.4

17.1
16.6
10.7
3.3

2,000- 5,000- Over 2,000 2,000-15,000- Over
and
5,000 25,000 25,000 under 5,000 25,000 25,000

\3.5
12.8
8.9
2.8

15.2
15.6
10.0
3.0

3.05

2.81

3.40

3.26

3.20

3.17

3.38

3.29

3.23

3.31

1.16
.74

1.14
.72

1.08
.64

1.09
.75

1 .08
.72

1.04
.68

1.02
.68

1.03
.72

1.03
.71

.97
.68

.97
.66

24.1
4.9
60.9

25.3
5.7
58.3

25.5
6.2
55.0

6.0
5.9

6.0
4.9

6.8
5.0

7.8
6.6

5.4
11.1

4.9
5.2

5.6
5.1

7.1
6.2

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

31.5
11.7
22.5

36.4
3.7
23.0

34.5
4.3
22.9

33.4
5.1
23.8

31.7
5.6
24.0

31.5
14.1
22.2

30.1
14.6
22.0

Total expenses

65.7

63.1

61.7

61.3

67.8

Net current earnings before
income taxes

34.3

36.9

38.3

37.7

38.7

Net losses (or recoveries and
profits, +) i
Net increase in valuation reserves
Taxes on net income
Net profits

+1.2

+5.7

1.4
11.0
22.7

1.8
13.1
24.0

3.5
18.0
22.9

Other ratios
Total capital accounts to:
Total assets
Total assets less Government
securities and cash assets....
Total deposits
Time to total deposits 2
Interest on time deposits
Trust department earnings to total
earnings2
Number of banks 5 .

16.8
18.8
11.9
3.6

3.04

23.9
5.1
54.5

Distribution of assets
Percentage of total assets:
U. S. Government securities. . .
Other securities
Loans
Cash assets
Real estate assets

13.2
14.1
9 5
2.7

1.19
.77

25.3
6.3
54.0

Return on loans:
Earnings on loans.
Net losses1

12.4
12.0
8.5
2.7

3.24

26.0
5.7
56.5

Rates of return on securities and
loans
Return on securities:
Interest on U. S, Government
securities
Interest and dividends on other
securities
Net losses (or recoveries and
profits, + ) 1

10.8
10.3
7.6
2.2

1.09
.71

22.2
4.3
62.6

Total earnings.

16.5
1.8.5
11.2
3.3

3.18

25.1
5.7
57.3

Salaries and wages
Interest on time deposits.
Other current expenses...

Banks with ratios of time
to total deposits of
50 per cent and over

Size group—total deposits (in thousands of dollars)
2,000
and
under

Summary ratios
Percentage of total capital accounts:
Net current earnings before income taxes
14.3
Profits before income taxes
14.1
Net profits
9.4
Cash dividends declared
3.0

Banks with ratios of time
to total deposits of
25-50 per cent

3.2
.5
9.0
24.2

.7
10.9
24.6

24.5
5.6
53.8

25.7
5.2
60.9

26.2
6.1
59.5

26.2
7.2
56.2

26.2
6.4
53.5

4.0
5.2
7.1
5.2
6.8
4.2
100.0 100.0 100.0 100.0 100.0
6.6
9.5

3.6
4.6

30.7
13.7
22.9

31 .5
13.4
23.1

27.9
21 A
20.6

26.5
21.8
20.3

27.4
20.8
21.7

29.7
19.9
21.5

66.7

67.3

68.0

69.9

68.6

69.9

71,1

32.2

33.3

32.7

32.0

30.1

31.4

30.1

28.9

+3.0

+7.4

.6
8.7
22.3

1.1

2.1
11 .9
21.7

3.5
14.2
21.7

.5
7.8
21.2

.8
8.8
21.7

9.7
22.5

+3.4 +7.2
1.9
10.3
21.3

4.0
11 .4
20.7

I
2.09

2.11

2.09

2.06

1.9:

2.19

2.1

2.05

1.93

2.24

2.19

2.11

2.02

2.52

3.24

2.65

2.22

2.2:

2.85

2.49

2.26

2.11

2.88

2.47

2.32

2.20

+ .21

+ .05

+ .07

+ .25

+ .5:

+ .08

5.71
.15

6.30
.32

5.96
.25

5.86
.17

4.81
.06

5.98
.13

36.0
7.9
32.7
22.5

31.7
5.3
33.3
29.2
.5

35.5
7.5
29.6
26.7
.7

35.3
8.8
28.8
26.0
.9

33.4
6.6
32.3
26.3
.9

35.4
6.5
35.3
22.0

+ .1
5.7
.13
36.6
7.8
33.5
21.1
.9

+ .33
5.53
.10
37.5
9.0
32.3
20.0
1.0

+ .58 + .06 + .12 + .34 + .51
5.17
.06

5.67
.09

37.9
8.6
33.4
18.8
1.0

36.9
6.7
36.9
18.7
.7

23.8
11.1

5.55
.11

5.40
.09

5.29
.09

37.5
8.4
35.9
17.2

38.0
10.2
34.2
16.5
.9

7.8

5.9

20.5
9.6

17.9
8.6

13.4
6.4

9.9

38.4
10.0
34.4
15.8
1.1

8.0

9.6

7.9

7.0

6.5

9.9

8.4

7.2

20.7

26.5
10.7

22.6
8.6

19.3
7.6

16.8
7.1

25.3
11.1

21.0
9.2

17.8
7.8

15.4
6.9

10.7
1.2!

14.1
1.1

14.4
1.1'

37.4
1.41

38.2
1.3.

37.6
1.23

36.3 58.9 59.2 57.8 55.0
1.32
1.26 1.24
1.24 1.3;
2.3
4.4
1.9
1 .3 1.6

3.1.5
1.28

8.9
1.38

3.1

1.7

1.6

3.2

5.3

1.2

1.9

6,609

660

933

669

340

434

864

1,097

301

281

543

440

47

For footnotes see p. 712.

714




FEDERAL RESERVE BULLETIN

PAGE

international capital transactions of the United S t a t e s . . . .

716-720

Gold production

720

Estimated foreign gold reserves and dollar holdings

721

Reported gold reserves of central banks and governments...

722

Net gold purchases and gold stock of the United States...

723

International Bank and Monetary Fund. .

724

Central banks

.

724-728

Money rates in foreign countries...

729

Commercial banks

730

Foreign exchange rates

731

Price movements in principal countries:
Wholesale prices .

732

Consumers' price indexes...

733

Security prices .

733

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 arc reported to the Board directly.
Figures on international capital transactions of the United States are collected by the Federal Reserve
Banks from banks, bankers, brokers, and dealers in the United States in accordance with the Treasury
Regulation of November 12, 1934. Back figures for all except price tables, together with descriptive
text, may be obtained from the Board's publication, Banking and Monetary Statistics.

JUNE 1955




715

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES
TABLE 1.—SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES,
BY COUNTRIES i
[Amounts outstanding, in millions of dollars]

International
institutions 2

Date

Total foreign
countries
Official
and
private

France
Officials

Germany,
Fed.
Rep.
of

Switz- United
Kingerdom
land

Italy

Other
'Europe

Canada

Total
Europe

1951—Dec. 31. 1,641. .1 7.661.1 3,547.6
1952—Dec. 31. 1,584.9 8.961 .2 4,654.2
1953—Dec. 31 . 1,629.4 10,019.0 5,666.9

289.4
342.6
428.5

405.6 300.5 521.3
551 .1 308.9 641 .8
898.8 465.7 674.2

1954—Apr. 304 1,678.0 10,461.2 6.062.9
May 31. 1,679.0 10,576.3 6,265.0
June 30. 1,637.0 10.561 .9 6,307.0
July 31. 1,656.5 10,771.0 6,438.6
Aug. 31. 1,751.0 10,686.6 6,287.3
Sept. 30. 1,801.9 10.730.6 6,319.2
Oct. 31. 1,773.9 10,752.2 .,404.2
Nov. 30. .,792.8 10.781.8 r6.379.3
Dec. 31. . , 7 6 9 . 9 •11. ,155.4 6,774.0

285.9
387.0
441.4
376.5
418.9
474.2
495.8
502.1
715.4

1,039.3 51.9.2 664.8
1.051.2 483.0 651 .8
084.9 455.6 636.0
222.1 468.8 680.5
225.1 510.7 680.8
247.6 528.4 668.5
257.2 553.9 64 S. 5
1.287.2 563.0 623. 7
1,372.5 578.6 672.4

899.5
952.2
986.1.
942.2
851. .9
837.9
842.8
829.7
639.5

1,689.0
.,750.2
.,701.3
1,722.7
1,676.7
1,673.3
1 ,690.1
1,673.7
1,642.1

5,097.7
5,275.4
5,305.4
5,412.8
5,364.0
5,430.0
5,485.3
5,479.2
5,620.5

706.5
71.6.6
749.6
670.7

1,368.9
I,405.9
1 ,411 .1
.
1,404.5

656.8
599.4
637.8
681.0

1,675.1
1,629.0
1,591.4
1,661 .5

Latin
America

Asia

5,623.1

1955—Tan.
Feb.
Mar.
Apr.

31.

1,752.2 .1,101.4
10,912.6
10.896.5
11,068.1

28P 1,781.9
31 P 1.818.2
30 P 1,820.7

6,749.5
6,519.7
.,466.3
6,606.8

591 .5
610.2
611.2
639.3

All
other

642.6
846.6 3 ,005 .9 1,307.1 1,455.2 1,595.5 297.4
817.9 1 ,093.3 3,755.5
,420.7 1,612.9 1,836.= 33:
5 5.6
708.9 1,557.5 4,733.6
,295.5 1,768.4 1,895.5 326.1

624.2
634.5
649.3
657.6

,282.3
286.6
,320.6
1,342.0
1,380.4
1,384.1
1. ,372.8
1,377.8
1,538.5

1,999.2
1,994.5
1,954.9
2,037.4
1,918.7
1,889.6
1,839.5
1,848.1
1,905.9

1.762 .1 319.9
1,711 .0 308.7
1,682.5 298.5
1,693.2 285.6
1,748.2 275.2
1,764.1 262.9
1,782 .5 272.1
1,811 .8 264.9
1,825.4 265.1

1,532.1 1,836.6 1,842.1
5,595.7 1,365.3 1,806.2 1,860.8
5,650.5 1,320.9 1.786.9 1,848.3
5,714.7 1,320.9 1,886.3 1,848.3

267.4
284.6

289.8
297.8

Table la.—Other Europe
Other
Europe

Austria

1951—Dec. 31
1952—Dec. 31
1953—Dec. 31

846.6
1,093.3
1,557.5

57.1 134.7
91.1 123.9
190.9 130.3

1954—Apr.
Mav
June
Tulv
Aug.
Sept.
Oct.
Nov.
Dec.

30'
31
30
31
31
30
31
30
31

1,689.0
1,750.2
1,701.3
1,722.7
1,676.7
1.673.3
1.690.1
1,673.7
1,642.1

227.6
234.3
238.5
260.5
275.6
281.9
283.6
272.4
273.2

1955—Tan.
Feb.
Mar.
Apr.

31
31 P

1,675.1. 272.8 98.1
1.629.0 276.6 93.0
1.591.4 274.7 98.9
1,661.5 272.3 105.5

Date

28P

30P

Belgium

Denmark

NethFinerland Greece lands

Nor- Po- Por- Ru- Spain Swe- Tur- U.S.S.R. Yugo- All
den key
way land tugal mania
slavia other
2.8 40.7
3.4 57.4
2.2 72.4

45.3 27.0 45.8 1-18.8 99.7
70.4 28.5 47.3 203.1 110.3
95.7 37.9 100.9 242.9 118.5

6.1 17.1 71.7 14.1
6.1 19.2 91.0 8.4
5.8 36.0 116.7 14.2
9.2
7.9
7.4
6.4
6.2
6.4
8.2
8.1
8.2

2.5
2.2
3.1
2.8
3.0
2.1
2.0
5.2
1.8

4.8
6.2
5.9
6.8
6.4
6.9
6.8
9.0
8.6

487.3
509.6
436.5
367.1
366.1
351. .7
366.7
370.3
359.5

130.5 9.5
1.29.7 9.2
121.3 9.8
118.2 11.1

1.8
1 .7
1 .5
1.8

9.4
9.8
8.0
8.9

381 .9
382.9
358.0
400.9

121 .2 102.0 39.1 109.3 226.9
122.9 92.4 41 .6 11.6.0 250.4
111.6 92.7 42.4 114.0 272.3
118.0 80.7 42.4 112.1 305.7
99.3 79.5 41 .0 104.5 252.9
104.0 76.4 37.7 94.3 247.6
104.6 68.8 40.6 93.8 248.7
103.2 69.2 39.8 110.2 241.4
99.8 71.1 41.3 112.5 249.3

130.1
130.6
131.2
127.2
1.29.1
132.3
125.8
115.8
103.4

2.8
2.2
2.2
2.2
1 .7
1 .8
1 .9
2.2
2.1

77.0
83.5
86.3
88.5
83.8
83.5
85.0
88.9
91.3

7.8
7.8
7.9
7.9
7.9
7.9
8.1
8.0
7.8

20.5 121 .0
22.1 120.4
26.2 123.1
37 5 157 0
46.0 1.73.6
58.3 180.5
66.1 179.4
70.9 159.0
71 .3 141 .0

256.3
221.2
222.1
218.2

88.8
66.2
64.3
76.8

2.0
1 .7
2.4
4.4

92.6
98.1
91.9
91.6

8.0
8.0
8.2
8.3

78.4
84.7
92.6
99.2

76.2
70.3
69.3
69.7

39.7
41.6
37.8
37.2

129.2
134.2
130.5
134.5

2.5 7.1. 125.9
1 .7 12.0 219.3
2.0 6.9 384.1

Table lb.—Latin America

Date

Latin
America

Argen- Bo- Brazil Chile
tina livia

Colombia

Cuba

Dominican Guate- MexReico
mala
pub-

Netherlands
West
Indies
and

Panama,
Republic of

Peru

El
Salvador

Uruguay

Other
Vene- Latin
zuela America

nam

1951—Dec. 31 . 1,455.2 249.7
1952—Dec. 31 . 1,612.9 138.8
1953—Dec. 3 1 . 1,768.4 130.0

27.8 100.3
24.5 72.5
19.1 101.7

54.0 106.4
79.3 118.2
78.8 150.2

1954—Apr. 301
May 3 1 .
Tune 30.
July 3 1 .
Aug. 3 1 .
Sept. 30.
Oct. 3 1 .
Nov. 30.
Dec. 3 1 .

1,999.2
1,994.5
1,954.9
2,037.4
1,918.7
1,889.6
1,839.5
1,848.1
1,905.9

1.75.4
173.8
176.7
181.8
191.1
204.8
190.7
175.3
160.4

26.5
28.5
31.4
28.0
27.3
30.2
31.9
32.3
29.2

100.7
92.6
96.1
167.4
102.6
91.3
139.1
160.3
119.6

56.4
55.8
61.2
73.9
78.9
74.7
72.8
73.2
69.6

170.5
190.5
230.6
236.2
215.0
168.2
147.7
168.6
222.2

376.0
377.1
346.5
328.8
309.6
291.2
269.0
243.7
'236.7

1955—Jan. 3 1 .
Feb. 28P
Mar. 3 1 P
Apr. 30P

1,836.6
1,806.2
1,786.9
1,886.3

143.3
14.4.2
15.1.7
155.9

30.8
27.2
26.3
26.5

100.4
104.8
95.1
110.7

73.3 189.5
65.1 138.7
73.4 97.6
75.8 89.4

234.2
228.1.
232.3
251.7

27.3 158.2
34.3 231.2
37.9 183.2

34.9
44.3
51.5

67.7
80.8
89.9

47.2
60.9
68.0

27.8 84.7 71.9
25.6 94.1 145.5
26.8 109.6 222.4

87.8
117.4
119.2

52.7
53.4
55.8
61.1
60.9
60.7
59.9
59.6
60.4

53.5
54.1
48.0
44.9
40.4
37.1
34.1
31.5
34.5

233.5
203.5
201.3
210.0
236.8
254.7
265.4
265.5
328.9

52.8
49.1
51.5
50.9
50.1
50.1
46.3
46.9
48.7

94.9
88.9
87.8
92.3
86.7
76.9
77 A
75.6
73.8

68.9
67.2
66.6
66.6
69.2
76.4
79.2
79.6
83.4

50.2
44.9
41.6
36.3
30.5
25.0
23.0
20.4
30.4

104.9
105.2
107.7
112.8
104.1
101.6
98.5
91.7
90.3

241.0
269 8
218.0
207.7
179.1
210.5
183.0
202.2
193.6

141.1
140.3
134.0
138.7
136.6
136.1
121.7
121.9
124.1

68.2
65.4
63.1
67.8

37.5
42.6
44.5
48.2

335.8
357.7
363.3
376.0

42.7
44.4
44.8
43.6

73.4
75.1
82.4
80.7

81.0
79.0
82.1
84.6

39.6
46.6
42.6
46.3

86.8
83.1
85.4
74.1

177.7
176.8
176.2
223.2

122.4
127.5
126.1
131.6

263.6 45.8
301.2 44.2
340... 39.3

'Preliminary.
'Revised.
For footnotes see following page.

716




FEDERAL RESERVE BULLETIN

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
TABLE 1.—SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES,
BY COUNTRIES—Continued
[Amounts outstanding, in millions of dollars]
Table lc—Asia and All Other
For-

Kornossi
rea
and Hong
Re- PhilIndo- 'Iran s i;ir:
.el Japan pub- ippines ThaiChina Kong India nesia
land
lic
Mainland
of'

Oats

1951 Dec. 3 1 .
S.952- -'Dsc. 31
5953- -Dec. 3 1 .

1 . 595,5
1 .836 ,5
1 895 .5

87 4 62 4
76 4 70 9
73 6 68 0

30* i -762 1
31 . 1 711 0
30. 1 .682
31 . 1 ,693 .2
31 . 1 ,748 .2

62 1 140.6 25 .5
64 6 61 0 19 2
99 0 39 3 43 6

66.3
66 8
65 1
64 6
64 2
64
64 7
64 6
60 8

85 .1
86 .7
91.3
79 2
75 5
73 4
77 7
82 1
86 9

60 8 95 0 109 3
60 1 101 5 110 "
.>
61 9 71 S 9 7 7
59 0 83 5 96 1

;954 Apr.
May
Tune
July
Aug.
Sept.
Oct.
Nov.
Dec.

1 764 1
31 . 1 ., 782 .5
3 0 . 1 ,811 .8
1 8?S 4
31

79 rs
76 7
75 8
75 1
74 2
69 6
71. 1
71. 3
69 9

1955— Jan.
Feb.
Mar.
Apr.

31 . 1 ,842 .1
28^ 1 ,860 8
31 v 1 848
30 P 1 ,848 .3

69. 2
70. 3
70 Q
69. 1

v

V)

• ^

2 45 .4
8 39 .4
2 34 .0
5 28 ,6
9 23 .3
87
26 1
95 4 24 .7
100 6 28 .2
100 3 31 4
65
63
59
60
81

44
47
40
47

.5
.0
1
.0

Other
Asia

AH
other

Egypt
and
Union
Aus- gian Anglo- of
tralia Congo Egyp- South Other
tian Africa
Sudan

26 6 596 0 26 2 329.7
96 7 142 2 297.4 38 5
18 8 808 0 54 4 315 1 181 0 167 1 335 6 47 2
18 0 827 9 91 5 295 5 167.9 171.2 326 I 59 2
31 .0
27 4
28 .9
25 .1
36 0
33 1
24 .7
26 .0
41 0

639.7
616.9
615.4
616.0
643.4
668 5
695 8
712.6
724.9

38
40
4S
44

707.3 98. 9 264
700.1 100. 2 263 2
715.5 9 9 9 253 6
711.8 100. 3 249 3

.9
.4
0
.5

103
104
105
101
98
94
93.
88
95.

7
7
9
2
2

317
303
298
308
314
9 308
8 289
7 276
6 257

144 6
139.3
130.1
127.1
126.2
e;
125 0
7 117.8
8 124.2
4 123.1
7
1
9
2
2

131.6
133.1
132 0
130.2

54.5
118.6
89.6

no

43 3

70
23 6
38.2

7

81.1
74.1
63.6
51.3
45.5
44.2
47.0
44.4
43.6

51. 8
51. 3
51 .7
51 .5
47. 7
45 1
45. 2
47 6
47 1

32.8 104.8
34.2 99.5
37.8 97.4
38.6 101.3
37.9 102.8
38 5 99 7
39 4 99.0
38.1 97.5
32 7 94 0

221.9 267.4 44 4
234.4 284.6 58 6
261 9 289.8 56 8
257.5 297.8 60 4

45.9
42.7
44 3
44.4

48
52
53
53.

31.4 97.1
36.2 95.1
33 a 101 8
35.9 103.3

184.3
186.3
177.8
207.6
211.2
213 3
227.0
236.6
234.1

319.9
308.7
298.5
285.6
275.2
262 9
272.1
264.9
265.1

49 c
49 6

48.0

42
41
35
41
37
47

8
3
4
6
3

7
V

so

6
0
6
9

86.8
86.5
95.7

Table Id.—Supplementary Areas and Countries °
End of year

End of year

Area or country

Area or country
1951

,
,
,

Other Latin America:
British dependencies. . .
Costa Rica
Ecuador
French • West Indies and
Guiana
Haiti
Honduras
Nicaragua
Paraguay

*"!

ICllllllUclI y .

Jl.il.

iMU

1
3
6
6
1.3
n.a.
2.7
1.0
3.5
15.9
1.3
6
11.8
3.2
5.6

.2
A
4
6
.6
n.a.
1 9
1.0
i o
7.5
3 7
14 .1
12.6
1 .3
1.3
.4
6
5.0
4.0
2.6
3.0
4.1
2,5

14 6
8 7
11.4

Other Europe:
Albania
Azores
British dependencies
Bulgaria
Czechoslovakia
Eastern Germany
Estonia
Hungary
Iceland
Ireland, Republic of
Latvia
Lithuania
Luxembourg
Monaco
Trieste

1952

14 &

8
10 3
17 2

6
2.2
11 6 9 3
15 4 18.7
13 4 16 0
6.0
5.0

French

5.4

1953 1954

2
3
4
6
.6
n.a.
i.9

18.0
13.4
17.7

1951

Other Asia:
Afghanistan
British dependencies
Burma
Ceylon
.6
Iraq
.7
Jordan
1.2
Lebanon
n.a.
Pakistan
1 .0
Palestine
8.9
n.a.
Portuguese dependencies
'1.0
Saudi Arabia
Syria
»\5
Viet-Nam
4.5
.2
n.a.
.6

5.3
2.2
19.0

\5.3
21.2

.4
12.7
n.a.
10.3
3.6

All other:
British dependencies.
Ethiopia and E r i t r e a . . . .
French dependencies
Italian Somaliland
Liberia
Libya
New Zealand
Portuguese dependencies .
Spanish dependencies
Tangier

clVcLllclUlC.

^'Short-term liabilities" reported in these statistics represent principally deposits and U.
an one year from their date of issue, held by banking institutions in the United States; small
iper and of liabilities payable in foreign currencies are also included.

,

1952

1953 1954

10.6
21.0
9.5
19.2
12.9
.5
15.3
13.1

4.0
25.5
16,9
13.9
14,1
6
19.3
14.4
.1
2.8
15.9
It 4
n.a.

2.7
19.8
23.0
17.1
13.8
.9
23.9
9.7
.1
5.3
18.5
20.5
n.a.

n.a.
21.1
29.7
n.a.
10.0
.8
16.5
3.8
.1
1.8
61.5
21.5
8.1

1.6
3.5
27 ..0
1.1
10.3
2,3
3.5
6.3
.2

1.6
9.1
22.3
.3
11.8
3.0
2.1
5.0
.2
36.1

1.4
n.a.
16.8
n.a.
5.6
n.a.
2.3
n.a.
.5
35.7

2.7
13.2
5 4

n.a.
1.2
6.9

36.5
.1
6 1
.5
5.2
4.3
.2
21.5

26 7

S. Government obligations maturing in not more
amounts of bankers' acceptances and commercial

vt J J U U I U wnj..y aud represent a partial breakdown of

istrict reported at least 90 per cent of the total amount

JUNE 1955




717

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

GerFrance many,
Fed.
Rep. of

Total

Italy

Switz- United Other
Total
erKing- Europe Europe
dom
land

Canada

Latin
America

Asia

All
other

1951—Dec. 3 1 . .
1952—Dec. 3 ! . ,
1953— Dec. 3 1 . .

968.4
1,048.7
904.5

10.1
31.9
10.6

28.3
26 8
30.5

10.3
17.8
18.8

11.2
7.1
17.9

35.0
30.3
70.5

88.5
98.2
87.5

183.4
212,2
235.9

92.0
62.3

56.4

489.3
662 0
472.7

161.8
89 8
114.S

41.9
22.4
24.9

1954—Mar. 3 1 2 .
Apr. 3 0 . .
May 3 1 . .
June 3 0 . .
July 3 1 . .
Aug. 3 1 . .
Sept. 3 0 . .
Oct. 3 1 . .
Nov. 3 0 . .
Dec. 3 1 . .

867.1
879.9
915.4
971.1
1,109.6
1,108.6
,187.4
,290.6
,315.5
,384.2

9.6
9.2
8.9
10.2
9.5
7.5
14.1
7.1
10.3
14.2

53,4
58.9
57.0
53.7
52.5
51.9
48.4
47.3
56.1
67.8

13.7
14.4
14.4
15.3
16.7
13.4
12.9
15.8
19.3
19.7

128
12.5
10,7
12.1
14.6
16.1
17.4
16.4
12.6
16.2

59.5
87.0
79.7
77.0
85.1
94.4
128.7
126.2
128.2
173.5

94.5
87.2
101
89.7
85.2
87.4
87.7
107.5
114.4
108.6

243.5
269.2
271.7
258.0
263.6
270.7
309.2
320.4
340.7
400.1

60.0
47.5
52.6
65.2
66.4
65.6
70.9
68.0
66.2
75.6

426.4
433.3
447,9
499.3
625.8
613.9
646.5
740.3
750.2
728.1

111.4
101.9
114.6
113.3
117.5
125.7
125.6
128.1
125.9
143.3

25.8
279
28.6
35.3
36.2
32.8
35.2
33.9
32.5
37.0

1955—Tan. 3 1 . . . .
'Feb. 28 P.. .

,378.1
366.5
1,346.9

12.5
12.0

70.5
78.5
61.3

20.2
21.9
22.6

18.5
21 .9
18.3

145.9
116.2
111.9

137.5
144.1
140.0

405.1
394.5
361.7

103.6
105.3
91.0

677.2
669 2
690.6

152.3
160.0
167.1

39.8
37 6
36.5

Norway

Portugal

Spain

Sweden

Turkey

Yugoslavia

All
oth&r

8
.5
.6

18.8
11 2
24.3

5.4
2.5
2.7

.6
38 8
15.7

3,9
8 i;
4,8

4.0
5 4
6 b

,4
,6
.6
6
.7
.5
.5
.7
.6
.5

12.2
10,6
5.7
3 5
2.1
3.5
4.0
4.0
5.5
4.0

1.4
2 2
1.9
2 4
2.7
2,6
2.4
2.8
3.0
4.1

35.4
29 8
49.2
35 9
32.7
37.0
33.3
55.0
52.4
40 7

5,9
5 2
5.1
5 3
5,7
4.2
3.0
.6
1.0
1 3

5 6
66
6.1
6 ?
6.5
6.3
5.3
5.6
5.3
46

66 4
67 S
6S. 4

2 9
6 2

5 1
6 8

4.4

4.6

Mar. 3 1 P . . .

7.5

Table 2a.—Other Europe
Other
Europe

Dats

1951—j3eCe 31
1952—Dec 31
1953—n e c 31

Austria

Belgium

Denmark

Finland

Greece

Netherlands

88.5
98.2
87.5

(*>
8
,8

39.6
16 2
13.0

4.8
2 i
6.2

3.1
5«
i Q

.2
2
13

5.0
4,4
8.6

2.S
9

J954—Mar 3 1 2
Aor. 30. . . . 0
May 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 3 1 . . . . .

94.5
87 2
101.1
89 7
85.2
87.4
87.7
107.5
114.4
108.6

.2
.2
.1
2
.1
.2
.2
.2
.3
4

13.2
14 9
15.2
14 8
15.3
14.7
16.0
14.2
17.0
19 6

2.9
4 3
3.5
4 1
4.2
3.5
4.8
6.0
7.5
9:7

1.3
6
1.6

13.1
79
8.8
11.9
9.3
9.4
10 9
11.2
14.6
15.9

1.3
4

1.8
4
2.0
2.3
2.1
2.5

1.5
2.0
1.9
1.8
2.6
2.6
3.6
3.6
3.4
3.3

1955—Jan. 31
Feb 28 P
Mar. 31 P

137.5
144 1
140.0

.7

19.3
19 i
18.9

9.1

2.2

20

3.4

3 3

7.3

2.9

3.7

18.3
18 0
18.8

,.

12
.7

Q

9 1

L0

.3

.5
L.4
1.7
1.4
7
2.1
2.3

.6

3.1

20

1 0

4.2

3 6

3 4

2.8

.7

2.7

4.1

Table 2b.—Latin America

Date

Latin
BoAmer- Argen- livia
tina
ica

Peru

El
Salvador

Brazil Chile

Colombia

Cuba

185.0 24.8
356.4 26.4
125.1 22.6

43,7
41.7
56.9

32.3
32.5
51.2

1.8
1.6
1.9

3.8
4.2
4.1

90.6
88.6
92.9

1.2
1.3
2.6

3,0
6.5
4.6

11.8
14.8
20.2

47.8
54.4
59.1
66.4
64.6
64.0
74.2
6.8
78.9
11.8 91.8
14.1 107.0

58.4
55.2
55.9
59.2
56.9
59.7
63.7
64.9
63.1
70.7

1.6
2.2
2.4
2.5
2.4
2.4
2.4
2.2
2.5
2.6

2.6
3.2
3.0
2.9
3.0
3.2
3.6
3.3
4.9
3.9

85.3
77.3
76.6
81.7
85.5
91.7
94.7
99.2
114.7
115.7

1.1
1.5
1.8
2.5
2.1
2.0
1.8
1.3
1.3
1.4

7.1
7.4
6.2
7.7
8.5
5.4
6.4
7.7
8.8

14.7
16.4
15,2
16.0
1.5.7
14.2
13.9
14.2
14.6
16.2

52.7
47.6
64.5

3.6
3.8
4.4

3.8
3.8
4.0

111.4
111 .0
127.7

1.9
4.7
1.4

12.8
11.7
17.7

15.2
14.7
15.1

1951—Dec. 3 1 . . 489.3
1952—Dec. 31.. 662.0
1953—Dec. 3 1 . . 472.7

7.6
8.2
7.1

10.8

1954—Mar. 3 1 2 .
Apr. 30. .
May 3 1 . .
June 3 0 . .
July 3 1 . .
Aug. 31. .
Sept. 30. .
Oct. 31. .
Nov. 30..
Dec. 3 1 . .

426.4
433.3
447.9
499.3
625.8
613.9
646.5
740.3
750.2
•728.1

5.4
6.2
5.6
5.7
5.8
5.8
5.8
6.1
5.8
5.6

1.9
1.7
2.3
2.0
2.9
i.7
2.5
2.2
2.2
2.5

117.3
117.4
129.1
167.4
276.6
269.6
288.0
360.5
321.6
273.5

1955—Tan. 3 1 . . 677.2
Feb. 28P. 669.2
Mar. 31 P. 690.6

5.8
5.8
5.5

2.1
2.2
3.0

252.0 15.2
249.3 11.9
225.5 18.5

7.5
5.8

NetherDolands Panminican Guate- Mex- West ama,
ReRemala
ico Indies puband lic of
pubSurilic
nam

19.9
19.6
18.5
12.2
21.0
14.9
11.3

97.0
89.5
87.6

12.0

Uruguay

Other
Vene- Lathi
zuela Amer
ica

9.5
9.1
8.2

10.5
14.3
3.7

41.7
36.7
41,6

14.5
13.7
19.3

5.5
5.0
4.1
4.6
5.4
5.1
7.1
9.5

12.7
10.0

2.1
2.7
3.2
4.4
3.9
3.3
3.2
3.7
5.8
6.9

38.9
45.7
47.7
46.4
51.6
50.4
52.7
57.3
61.4
62.7

16.9
17.3
17.1
17.6
20.1
20.4
20.2
22.3
23.8
26.5

8.6
7.2
5.8

6.7
6.5
7.7

62.9
75.9
78.7

25.5
23 4
23.6

^Preliminary.
1
"Short-term claims" reported in these statistics represent principally the following items payable on demand or with a contractual maturity
of not more than one year: loans made to and acceptances made for foreigners; drafts drawn against foreigners that are being collected by banking institutions on behalf of their customers in the United States; and foreign currency balances held abroad by banking institutions and their
customers in the United States. Claims on foreigners with a contractual maturity of more than one year reported by U. S. banking institutions
(excluded from these statistics) amounted to 481 million dollars on Jan. 31, 1955. The term "foreigner" is used to designate foreign governments,
central banks, and other official institutions as well as banks, organizations, and individuals domiciled outside the United States, including U. S,
citizens domiciled abroad and the foreign subsidiaries and offices of U. S. banks and commercial firms.
2
Beginning Mar. 31, 1954, banks whose total claims on foreigners are less than $500,000 are excluded. Banks claiming this exemption reported
3
a total of 9.6 million dollars of such claims on that date.
Less than $50,000.

718




FEDERAL RESERVE BULLETIN

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
TABLE 2.—SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES,
BY COUNTRIES—Continued
[Amounts outstanding, in millions of dollars]
Table 2c.—Asia and All Other

Date

Asia

Formosa
Korea,
and Hong
RePhil- Thai- Other
IndoAll
China Kong India nesia Iran Israel Japan pub- 1 ippines land Asia other
lic of
Mainland
.3 9.3 30.0 12.2
,9 10.2 15.1 12.5
.8 13.8 22.9 25.6

J.951--Dec. 31. . 161.8
1952—Dec. 3 1 . . 89.8
1953—Dec. 3 1 . . 114.8

10.1
10.1
8.1

111.4
101.9
114.6
113.3
117.5
125.7
125.6
128.1
125.9
143.3

8.4
8.1
8.2
8 1
8.1
8.2
8.1
8.1
8.1
8.1

2.2
3.2
3.4
3 1
3.6
2.8
2.4
2.6
3.3
3.4

4.1
3.9
5.1
3 5
4.2
3.9
4.5
4.8
4.4
4.9

.7
.5
1.4
.6
.6
.4
.6
.6
.8
.7

1955—Tan. 31 . . 152.3
Feb. 28P 160 0
Mar. 31 P 167 1

8.1
8 1
8 0

3.4
3 3
4 0

3.6
4 4
4 9

.9 18.2 10.8 48.1
1 4 18 7 8 3 60 3
5 16 4
7 . 5 57 6

1954—Mar. 31»,
Apr. 30. .
May 31 . .
June 30 .
July 3 1 . .
Aug. 3 1 . .
Sept. 30..
Oct. 3 1 . .
Nov. 30..
Dec. 31 . .

3.1 13.4
4.3
1.2
3.1 3.7

Egypt
and
Bel- Anglo- Union
of
Ausgian
tralia Congo Egyp- South Other
tian Africa
Sudan

29.3
7.6
5.8

14.3 22.1 32.8
15.1 16.2 30.6
15.3 8.8 36.7
16 0 8.0 38.6
17.5 8.4 33.3
20.3 9.3 30.9
16.9 9.3 30.0
17.7 8.2 33.3
16.7 9.4 29.9
15.8 10.7 50.0

.1

(S)
*2
2
',5
,2
.4
.3
.2
A
5
5

2.5
3.3
6.1

51.6
24.6
24.7

41.9
22.4
24.9

22.8
10,1
8.0

5.7
6.0
6.3

.2
.5
.5

6.7
2 0
2.4

6.5
3.8
7.8

4.9
6.4
10.5
8 7
9.7
12.0
12.3
10.8
10.7
7.3

4.3
4.9
5.7
6 2
5.6
6.2
6.7
6.9
7.1
6.3

17.5
13.0
19.5
20.1
26.3
31.3
34.5
34.8
35.3
36.0

25.8
27.9
28.6
35.3
36.2
32.8
35.2
33.9
32.5
37.0

7.6
8.7
7.7
10.2
12.1
10.1
10.5
10.9
10.4
14.3

6.7
6.4
7.1
7.8
7,9
7.5
6.9
6.8
6.6
6.3

i.3
.3
.5
.3
,2
A
.5
.5
.4
1.0

4.5
5.5
5.8
5.9
5.3
5.2
5.3
5.2
5.8
5.9

5.7
7.0
7.6
11.1
10.7
9.5
12.1
10.4
9.4
9.6

9.6 13.5
8 7 11 2
9 8 11 9

35.9
35 2
46.0

39.8
37.6
36.5

13.4
11.7
10.9

6.2
6.0
5.6

1.1
.9
1.0

7.5
8.3
6.8

11.7
10.8
12.3

TABLE 3.—PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPES*
[In millions of dollars]
U. S. Government bonds
and notes
Year or month
Purchases

Net
purchases
or sales
<-)

Sales

673.6 1,356.6
533 7
231 4
646.0
728.0
792.7
800.9

1951
1952
1953
1954
!s>54—March. . .
April

U. S. corporate ^onds
and stocks

Purchases

Sales

-683 0
859. S
761.0
850.3
302 3
837.7
—82.0
801.9
731.4
8.2 1,404.8 1,263.7

Foreign bonds

Foreign stocks

Net
purchases
or sales
(-)

Purchases

Sales

Net
purchases
or sales
(-)

Purchases

Sales

Net
purchases
or sales
(-)

98.7
12.6
70.5
141.1

500.4
495 3
542.5
792.4

801.0
677.4
621.5
841.3

-300.6
-182 1
—79.0
-48.8

272.3
293 9
310.1
393.3

348.7
329 6
303.4
644.9

-76.4
—35 8
6 8
-251.6

June
July
August
September
October
November....
December
195 5— Januar v
FebruaryP
TvicircliP

55.0
65 ?
87.3
49,2
33 4
86.9
38 6
48,0
115 1
101.3

22.1
30.0
88.4
27.7
24.3
33.9
39.2
25.9
101.8
261.3

32.9
35.2
-1.2
21.4
9 1
53.0
— .6
22.1
13 3
-160.0

98.0
112.1
110.8
107.2
133.2
110.6
103.8
117.2
168.9
197.4

95.8
96.5
96.4
99.9
100.5
108.5
86.6
111.4
130.2
180.5

2.2
15.6
14.4
7.3
32.7
2.1
17.2
5.7
38.7
16.9

46.8
49 7
37.3
57.8
57 3
70.7
126 0
103.5
48 2
75.9

82.6
75 4
34.3
48.9
49.0
37.5
78 7
53.4
46 3
69.3

-35.8
—25 7
3.0
8.9
8 3
33.2
47 3
50.1
1 9
6.6

32.6
31 3
29.5
29.7
34 8
37.5
30 5
35.7
38 0
38.6

41.6
46 5
56.1
79.6
39 6
101.4
41 0
49.5
62 5
61.2

-9.0
— 15 2
-26.6
-49.9
—4 8
-63.9
— 10 5
-13.8
—24 6
-22.6

120.8
347 3
84.8

....

81.1
216 0
90. 4

39.7
131 2
-5.6

177.0
] 58.2
178.3

148.7
] 60.1
160.8

28.2
—1 9

75.7
132 2
56.2

62.7
65 6
35.7

13.0
66 7
20.5

42.3
42 7
54.2

87.7
69 4
74.7

— 26 7

17.5

-45.4
-20.5

TABLE 4- NET PURCHASES BY FOREIGNERS OF LONG-TERM UNITED STATES SECURITIES, BY COUNTRIES
[Net sales, (—). In millions of dollars]
International
institutions

Total
foreign
countries

—15,9
14,.7
22.7
77.7

—568 4
300.2
—34.3
71.6

.5
£954—Mar....
.6
Apr....
May...
21.8
.5
June,..
July. . . - 4 . 4
Aug
41.2
2.0
Sept... .
Oct....
25.6
-.6
Nov....
Dec.... - 1 1 . 2

34.5
50.1
-8.6
28.1
46.2
13.8
14.6

Year or
month

1951
1952
1953
1954

1955—Jan.. . .
Feb.P. .
Mar*. .

2.0
1.6
.3

2.2

52.6
-132.0
66.0
127.7
11.6

France

6.0
5.5

-41.7
17.0
21.4
36.1

2.2
1.5
3.0
.1
.2
.9
3.0

Germany,
Federal
Republic of
(3)

.2
.2

— .1

.1
(3)

2.4

(3)

.7

1.3

1.9
.5

— .6

Switzerland

United
Kingdom

—66.0
— 15.9
-24-. 0
-20.5

i l l .4
62.4
138.9

2.3

-2.1
-2.0

30.2
49.7
10.8

.1
.1

.3
.2

13.0
10.2
20.1
13.0
19.9

17.9
22.0
-2.8

— 1.2

-5.0
-16.7

Total
Europe

21 .4
70.4
71.3
69.8
9.2
5.0
3.4
3.5
5.7
6.5
.7
5.9
8.0
6.8

-.4
.1
-.4
.2
(3)
.6
,1

Other
Europe

45.9
50.7
57.1
73.4-

.5

-.1
(3)
(3)
(3)
(")
(3) i

-27.9

Italy

10.5
5.4
-.2

24.8
.5
1.2
4.5

.2
-.4
-.6

-2.4

5.3

-1.7
-6.4
-8.3
3.8

17.2
-4.0

9.2

Canada

—595.5
191.6
-120.6
-187.2
-.3

17.9
-19.1

-5.2
-34.3
-8.7
-3.5
-1.7
-4.5
-5.2
-2.3
-108.0

44.7
48.0
-2.3

-7.9
76.3
-8.1

4.6

32.8
5.2
7.3
8.6

Latin
America
13.9
4.7

24.9
113.2
3.2
3.3

14.8
31.2
15.8
JO.5
11.2
.1

36.3
-6.9
29.1
3.3
6.0

Asia

4 8
—9.5
(8)

3.5
(s)
.8

— 2
A
1.1

„. 3

All
other
_ 7
1 .9
— .9
3.2
1.4
1.4
.4
.7
.1
.1
.1

'.5
.1
.1
1.4

-1.4

.3
.2

-.2

14.6

1.3

.6
.6

ppreliminary.
1
2
Not reported separately until Mar. 31, 1954.
See footnote 2 on opposite page.
3
Less than $50,000.
* Includes transactions of international institutions.

JUNE 1955




719

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
TABLE 6.—DEPOSITS AND OTHER DOLLAR ASSETS HELD
AT FEDERAL RESERVE BANKS FOR FOREIGN
CORRESPONDENTS x

TABLE 5.—NET PURCHASES BY FOREIGNERS OF LONGTERM FOREIGN SECURITIES OWNED IN THE
UNITED STATES, BY AREAS
[Net sales, ( —).

Year or
month

Inter- Total
national foreign Total
insticoun- Europe
tutions tries
— 152.7 —224.3 28.5
19.9
— 118.1 - 9 9 . 8
—61 .2 — 11.0 96.3
— 163.9 —136.5 —9.1

1951
1952
1953
1954

Canada

—258 6
-141.0
— 137 8
-133.2

8.3
.1 - 4 4 . 8
. 7 -41.6 -10.5
-4.7 -18.8 -18.6
-.7
-40.3 -9.9
June..
4.7
.2
July.. . - 1 . 1
-.7
Aug.. .
- 6 . 0 -24.7
Sept.. . - 5 4 . 6
91.4
25.9
Oct....
-2.9
39.2 - 4 . 1
Nov.. .
— 1.9 - 2 0 . 8 - 1 1 . 7
Dec. . . - 2 . 6 - 1 3 . 4 - 3 . 4

-53.2
-31.3

-29.9 -22.7
30.6 - 8 . 4
-.2
-3.7

-14.6
42.5

1954—Mar.. .
Apr. . .
May. .

1955—Jan....
Feb. P..
Mar.P.

-2.6
9.3
.3

[In millions of dollars]

In millions of dollars]

-.9

-29.3
-2.3
-28.2
52.7
38.6
-.8
4.7

3.8

Assets in custody

Latin
Amer- Asia

33 8
25.3
34 6
32.8

All

7 9

—36 0
-10.0
—29 9
-34.2

-1.8

9.2

-.9

.6

^Preliminary.

2,586

106

527
545
533
477
461
426
397
490

2,969
2,900
3,033
2,989
3,013
3,050
3,002
2,908

93
87
85
82
101
99
104
105

31
28
31
30
31

441
320
351
360
402

3,000
2,966
3,062
3,137
3,264

117
128
131
137
141

1955—May 4
May 11
May 18
May 25

-5.3
-3.7

3.6
2.0
.1

- 1 .6
-9.8

423

31
30
31
31
30
31
30
31

1955—Tan.
Feb.
Mar.
Apr.
May

1.0
.9
.4
.3
8.0
4.0
2.3
-.2

-2.8
-6.4
-3.3

-1.4

1953—Dec. 31

7.2

1.9

U. S. Govt. Miscel-3
securities2 laneous

1954—May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

6.0

25 8

1 .3 - 2 . 2
-2.5
-3.6
-3.9
-2.6
-1.4

1.7
3.9
2.4
1.4
1.8
8.6
7.7
-.3

Deposits

Date

other

357
388
407
406

3,141
3,168
3.207
3,220

136
138
137
137

Excludes assets held for Int'l. Bank and Monetary Fund and earmarked gold. See footnote 4, p. 723, for total gold under earmark
at 2Federal Reserve Banks for foreign and international accounts.
U. S. Treasury bills, certificates of indebtedness, notes and/or bonds.
3
Includes bankers' acceptances, commercial paper, foreign and
international bonds.
NOTE.—For explanation of table and for back figures see BULLETIN
for May 1953, p. 474.

GOLD PRODUCTION
OUTSIDE U. S. S. R.
[In millions of dollars]
Production reported monthly
Year or
month

Estimated
world
production
U.S.S.R.

1

Total
reported
monthly

South
Africa

Rhodesia

Other

North and South America

Africa
West Belgian United
Africa2 Congo2 States 3

Canada

Mexico

Colombia

Chile

Nica- Austra- India 2
lia
ragua 4

$1= 15 5Ai grain.- of gold Ho fine: i e., an o mce of fitte gold = $35.
1951
1952
1953
1954
1954—March. .
April
jVIay
Tune
July .
August
September.
October .
November.
December
1955—Tanuary ..
February
March

840 0
864 5
857 5

758.3
780 9
776.5

403.1
413 7
417.9
462 4

17.0
17 4
17.5
18 8

22.9
23.8
25.4
27.6

12.3
12 9
13.0
13 0

66.3
67 4
69.0
65 4

153.7
156.5
142.4
152.8

13.8
16 1
16.9

15.1
14 8
15.3
13 2

68.7
66 0
68.9
70 0
71 .1
71.4
70.2
71.3
72.0

37.5
37 0
38.3
38 3
39.4
39.8
39.9
40.5
40.7
40 8

1.5

2.2
2.2

1.2

5.4
4.9

12.9
12.5
13.4
13 2
13.3
12.9
13.1
13.3
1.3.5
13.5

1 .6

1.1
9

1.0
1 2
1 0
1.2
1.1
1.1
1.2
8

40 7
38 8
42 3

1 .6
1.6
1 7
1.6
1.6
1.5
1.7
1 .6
1 5
1 .4

2.3
2 3

1 .1
1.0
1 0

2.3

1.0

2.4
2.4
2.3
2.3
2 3
2.2

2 2
2 2

1 .4
1.1
.9
.9
.9
1.5

5.0
6 1
6.1

5.8
5.1
5.6
5.6
5 8
5.0

4 8
5 4

12.8
12 3
13.0

8

1.3
1 2
1 0
1.4
.9
1.4
1.2

1 6
1 i

6.1
6 2

8
9
1
2

31 3
34 3
37 7

.4
3

7
7

.5
3

.7
7

3 5
3 2
3.3
3 3
3 4
3.2
3.4
3.1
3.3

4.6

.4

.3
.4
.3
.4

8
8
9
8

8

.7
.7
.6
.6
7
6
6
6

7.9

8 9
7.8

7 7
.7
7

.6
7
7
.7
.6
.6
.6
6
5
.6

Gold-productionin U.S.S.R.: No regular government statistics on gold production in U.S.S.R. are available, but data of percentage changes
irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual
production as follows: 1934, 135 million dollars; 1935, 158 million; 1936, 187 million; 1937, 185 million; and 1938, 180 million.
1
Estimates of United States Bureau of Mines.
2
Reported by American Bureau of Metal Statistics.
3
Yearly figures through 1953 are estimates of United States Mint. Figures for 1954 and 1955 are estimates of American Bureau of Meta
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 1.948, 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.

720




FEDERAL RESERVE BULLETIN

ESTIMATED GOLD RESERVES AND DOLLAR HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL INSTITUTIONS
[Amounts outstanding, in millions of dollars]
1951

1952

1953

Dec. 31

Dec. 31

Mar. 31 June 30 Sept. 30 Dec. 31

1955

1954

Area and country

Continental Western Europe:
Belgium-Luxembourg (and Belgian
Congo)
Denmark
Finland
France (and dependencies)1
Germany (Federal Republic of). . .
Greece
Italy
Netherlands (and Netherlands
West Indies and Surinam)
Norway
Portugal (and dependencies)
Spain (and dependencies)
Sweden
Switzerland
Turkey
Other2"
Total
Sterling Area:
United Kingdom
United Kingdom dependencies. . . .
India
Union of South Africa
Other
Total
Canada
Latin America:
Argentina
Bolivia
Brazil
Chile
Cuba
Dominican Republic
Guatemala
Mexico
Panama, Republic of
Peru
El Salvador
Uruguay
Venezuela
Other
Total
Asia:
Indonesia
Iran
Japan
Philippines
Thailand
Other
Total

Mar. 31 June 30 Sept. 30 Dec. 31Mar. 31 P

633

1,052
93
52
883
770
67
651

1,044
102
60
926
893
82
660

1,081
113
57
1,003
1,053
89
714

1,098
127
64
1,049
1,225
112
812

1,124
133
71
1,060
1,381
123
841

1,055
124
73
1 ,092
1,503
125
802

1,024
107
69
1,124
1,822
105
874

1,039
102
72
1,358
1,999
124
925

1,087
100
69
1,417
2,125
141
957

524
150
331
128
224
1,973
165
580

905
171
391
130
283
2,051
153
922

953
164
412
134
280
2,091
152
954

1,022
169
437
138
309
2,120
157
1,040

1,055
171
469
150
335
2,133
157
1,118

1,064
169
499
136
337
2,134
153
1,232

1,125
178
516
142
342
2,105
151
1,285

1,118
177
537
174
399
2,172
150
1,255

1,118
148
188
406
2,185
152
1,268

1,109
109
570
209
386
2,148
154
1,338

898
76
53
896
434
49

7,114

8,368

8,574

8,907

9,502

10,075

10,457

10,618

11,107

11,644

11,919

2,843
99
309
197
326

2,318
113
312
194
347

2,627
113
323
207
356

2,886
109
334
212
369

3,051
111
340
214
354

3,009
108
346
214
373

3,198
105
329
221
371

3,536
105
338
225
373

3,388
J04
320
234
371

3,190
103
334
232
381

3,138
103
318
236
401

3,774

3,284

3,626

3,910

4,070

4,050

4,224

4,577

4,417

4,240

4,196

2,157

2,492

2,435

2,238

2,292

2,417

2,487

2,463

2,543

2,619

2,493

518
51
417
99
575
58
54
366
68
93
54
306
445
256

427
45
390
121
56
61
375
81
107
55
301
519
326

485
41
393
128
527
59
73
393
91
113
84
309
490
351

519
47
451
129
579
59
72
339
97
109
74
311
530
356

'518
41
481
134
587
57
63
325
102
106
63
311
571
347

'501
40
423
121
531
51
65
341
90
104
56
337
595
366

'541
35
431
102
548
61
80
329
93
109
80
329
562
410

'548
36
417
103
532
68
75
258
87
103
74
335
621
463

'576
35
413
117
477
73
64
315
76
110
58
329
614
401

'531
32
442
112
'423
72
62
391
74
118
59
317
597
'441

3,360

3,379

3,537

3,672

'3,706

'3,621

'3,710

'3,720

'3,658

'3,671

3,557

421
163
729
337
210
325

296
157
••929
324
294
360

275
156
'1,019
334
306
401

246
155
1,015
316
311
363

198
168
'1,055
318
304
374

184
181
'951
304
281
401

166
185
'800
319
268
451

140
172
'740
308
243
444

168
164
'794
318
238
465

181
169
'851
266
236
520

194
178
843
264
245
554

2,185

'2,360

'2,491

'2,406

'2,417

'2,302

'2,189

'2,047

'2,223

2,278

306

314

306

308

309

309

310

224
74

226
67

219
70

221
68

228
71

298

293

289

289

299

'24,469

'24,995

25,052

5.1.5

Eastern Europe'

309

307

307

All other:
Egypt

285
42

234
49

227
57

229
61

218
63

217
67

327

283

284

290

281

284

19,226

'20,473

Other
Total
Total foreign countries
International 5

••560

'•21,254

'21,729

•22,582

'23,055

r

23,673

•24,027

523
26

417
116
418
75
72
3426
82
117
72
312

579
322

3,171

3,287

3,249

3,272

3,212

3,331

3,401

3,364

3,536

3,560

3,562

22,397

'23,760

'24,503

'25,001

'25,794

'26,386

'27,074

•27,391

'28,005

'28,555

28,614

I
Grand total
p Preliminary.
'Revised.
1
Includes gold reserves of Bank of France and French dependencies only.
'-Includes holdings of other Continental OEEC countries, Yugoslavia, Bank for International Settlements (both for its own and European
Payments Union account), gold to be distributed by the Tripartite Commission for Restitution of Monetary Gold, and unpublished gold reserves
of certain Western European countries.
51
Includes latest available figure for Mexican gold reserves (January 31).
4
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
international organizations.
NOTIS.—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 1955




721

REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]
End of
month

United States
Estimated
total world
(excl. 1
U.S.S.R.) Treasury Total*

Argentina

Belgium

35,410
35,820
35.970
'•36,280
»-36,700

24,427
22,706
22,695
23,187
22,030

24,563
22,820
22,873
23,252
22.091

216
216
268
371*

698
587
621
706
776

1954—Apr
May...
J u n e . . . '•37,090
July....
Aug.. . .
Sept
37.200
Oct
Nov.
37,340
Dec

21,969
21,973
21,927
21,908
21.809
21.810
21.759
21,710
21,713

22,083
22,039
22,027
21,960
21,897
21.863
21,827
21,791
21,793

371
371
371
371
371
371
371.
371
371

788
779
765
765
756
760
760
767
778

1955—Jan
Feb....
Mar.. . . "P37',S66"
Apr

21,714
21 ,716
21 ,719
21,671

21,786
21,788
21,763
21,724

371
371
371

Bolivia

Brazil

Canada

23
23
23
21
21

317
317
317
317
321

496
590
850
896
996

40
40
45
42
42

8
5
5
5
5
5
5
3
3

321
321
321
322
322
322
322
322
322

1
L.030

322
322
322
322

781
797
824
839

1949—Dec
1950—Dec
1951—Dec
1952— Dec
1953—Dec

Germany,
France3 Federal GuateRepublic mala
of

Indonesia

End of
month

Egypt

1949—Dec
1950—Dec
1951—Dec
1952—Dec
1953—Dec

53
97
174
174
174

523
523
548
573
576

28
140
326

27
27
27
27
27

247
247
247
247
247

1954—Apr
May
June
July....
Aug
Sept.. . .
Oct
Nov.. . .
Dec.. . .

174
174
174
174
174
174
174
174
174

576
576
576
576
576
576
576
576
576

414
406
418
478
544
574
599
612
626

27
27
27
27
27
27
27
27
27

i 955—Tan
Feb
Mar
Apr....

174
174
174
174

576
576
576
576

650
700
71.4
722

27
27

End of
month

Portugal

El Salvador

1949 - D e c
1950 - D e c
1951 -Dec
1952 - D e c
1953—Dec

178
192
265
286
361

17
23
26
29
29

128
197
190
170
176

85
61
51
51
54

70
90
152
184
218

L,504
1,470
1,452
1,411
1,459

1954— Apr
May....
June
July....
Aug
Sept
Oct
Nov.. . .
Dec.. . .

391
393
393
403
410
416
422
427
429

29
29
29
29
29
29
29
29
29

180
180
187
188
193
195
199
194
199

54
55
56
56
56
56
56
56
56

218
218
219
219
219
219
224
246
265

1955—Jan
Feb
Mar.. . .
Apr. .

431
431
438

29
29
29
29

195
201
203
208

56
56
56
56

265
265
265
258

South
Africa

Spain

India

Iran

Chile

Colombia

Cuba

Denmark

Ecuador

299
271
311
214
186

32
31
31
31
31

21
19
22
23
23

1,034
1,042
L.050
1,052
1,059
i .065
L071
1,080

42
42
42
42
42
42
42
42
42

186
186
186
186
186
186
186
186
186

31
31
31
31
31
31
31
31
31

23
23
23
23
23
23
23
23
23

1,083
1,086
,007
. 103

43
43
43
43

186
186
186

31
31
31
31

23
23
23
23

Italy

52
74
86

Mexico

Netherlands

Norway

Pakistan

Peru

140
140
138
138
137

256
256
333
346
346

52
208
208
144
158

195
311
316
544
737

51
50
50
50
52

27
27
27
38
38

28
31
46
46
36

247
247
247
247
247
247
247
247
247

137
138
138
138
138
138
138
138
138

346
346
346
346
346
346
346
346
346

86
87
57
58
59
60
61
62
62

772
772
777
794
796
796
796
796
796

47
47
47
45
45
45
45
45
45

38
38
38
38
38
38
38
38
38

36
36
36
34
34
34
34
34
35

247
247
247

138
138
138
138

63

796
796
70S
800

45
45
45
45

38
38
38
38

35
35
35

Sweden

178
209
280
235
145

Inter- Bank for
national InterMone- national
tary
SettleFund
ments

Turkey

United
Kingdom

118
118
113
113
113

154
150
151
143
143

41,688
43.300
42,335
41,846
42,518

178
236
221
207
227

373
373
373
373
373

1.451
1.495
1,530
\ 692
1,702

68
167
115
196
193

1,471
1,450
1,469
.,485
L.490
L.503
1,513
1,513
1,513

113
113
113
113
113
113
113
113
1.13

144
144
144
144
144
144
144
144
144

42,820
42,985
43,017
43,013
42,918
42,901
42,936
42,925
42.762

227
227
227
227
227
227
227
227
227

373
373
403
403
403
403
403
403
403

1,729
1,727
L ,727
1,733
L, 734
, 734
,734
1,736
1,740

197
186
182
186
193
195
193
193
196

1,512
,501
,409
1.493

113
113

144
144
144
144

42,763
42,681
4 2.667
4
2,686

227

403
403
403
403

1,744
, ,744
1,744

198
209
204
204

Switzerland

Thailand

Uruguay

Venezuela

r
* Preliminary.
Revised.
1
Includes reported gold holdings of central banks and governments and international institutions, unpublished holdings of various central
banks and governments, estimated holdings of British Exchange Equalization Account based on figures shown below under United Kingdom,
and estimated official holdings of countries from which no reports are received.
2
Includes gold in Exchange Stabilization Fund. Gold in active portion of this Fund is not included in regular statistics on gold stock (Treasury
gold) used in the Federal Reserve statement "Member Bank Reserves, Reserve Bank Credit, and Related Items" or in the Treasury statement
"United States Money, Outstanding and in Circulation, by Kinds."
8
Represents gold holdings of Bank of France (holdings of French Exchange Stabilization Fund are not included).
4Exchange Equalization Account holdings of gold, U. S. and Canadian dollars, as reported by British Government. (Gold reserves of Bank
of England have remained unchanged at 1 million dollars since 1939, when Bank's holdings were transferred to Exchange Equalization Account.)
NOTE.—For description of figures, including details regarding special internal gold transfers affecting the reported data, see Banking and
Monetary Statistics, pp. 524-535; for back figures through 1941 see p. 526 and Table 160, pp. 544-555, in the same publication and for those subsequent to 1941 see BULLETIN for January 1953, p. 74; April 1951, p. 464; February 1950, p. 252; and November 1947, p. 1433. For revised back
figures for Argentina and Canada, see BULLETIN for January 1949. p. 86, and February 1949, p. 196, respectively.

722




FEDERAL RESERVE BULLETIN

NET GOLD PURCHASES BY THE UNITED STATES, BY COUNTRIES
(Negative figures indicate net sales by the United States)
•

Total

United
Kingdom

-452.9
721.3
2,864 4
1,510.0
193.3
— 1,725.2
75.2
393 7
-1,164 3
-326.6

-.2
406.9
734.3
446.3
—1,020.0
469 9
440 0
—480.0
—50.0

Year or
quarter

1945 . . .
1946
1947
1948 , . .
1949
1950
1951
1952
1953
1954..
.

[In millions of dollars at $35 per fine troy ounce]

Belgium

31.1
14.2
222 8
69.8
-41,0
—55.0
— 10.3
—3 8
-84.9

Germany,
Fed.
Rep. of

France

278

Netherlands

s

264 6
15 8

130
40.
—23
-79
-4.
— 10 0 —100
—130 0 - 6 5 .
-225.6

-84 8
—20 0

Portugal

-47.9
-10.0
8 116.0
7
63.0
5
14 0
8 -15.0
S -34.9
0 -5 0
0 -59.9
-54.9

Switzerland

Sweden

80.2
238.0
3.0
—22.9
—32.0
—20.0
-15.0

Other
Europe 1

—86.8
-29.9
10 0
—5.6
-40.0
-38 0
-15.0
22 5
-65.0
-15.5

—7.4
27.3
86 6
5.8
2
-159.9
-68 0
—60 1
-17 3
— 111 8
— 17.4

-20.0
—25 0
— 15.0
-5.0

-45.0
-8 8
—42 8
-15.3

Canada

Argentina

36 8
337 . 9
311

—224 9
153.2
727 5
114 1
-49.9

3 .4
-too 0
— to 0
7

-49 9
—20 0
—84 8

Cuba

Mexico

0
0
0
0
0

—23 8
36. 9
45 4
61. 6
-16. 1
—118 9
—60
87 7
—28 1
80

—85
-30.
—65
— 10
-10.
28
--20

9

0

1953
-599.1
— 128 2
-306 6
-130.3

Jan.-Mar..
Apr -June
July-Sept.
Oct.-Dec.

-320.0
—40 0
—120.0

-30.0
— 10 0
—40 0
-50.0

-25. 0 -15,0
— 15 0
—40. 0 - 1 5 . 0
-15.0

—40.0
— 15 6
— 140.0
—30 0

-36.5
-3 4
— 12 4
-32.6

-20.0
-5.0
-20.0
— 10 0

-10.0
••-i6.6

-54.9
—20 0
— 10 0

-28.

1954
-63.0
— 19 6
— 171 8
— 72 3

A.pr -June
July-Sept.
Oct -Dec

—50 6

—2.4
80 3
— 15 0

-8 0
-7 5

-2.5
— 11 3

1955
-22.5

-36 9

Jan -Alar.

— 10.0

—5.0

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]

[In millions of dollars at $35 per fine troy ounce]

Year or
quarter

1945
1946
1947
1948
1949
1950
1951
1952
1953
1954

Uruguay

Venezuela

-37.9 -73.1
-4.9
—9 2
25.1
-3.7
10.7 -1C8.0
- 1 4 . 4 —50.0
—64 8
22.2
-.9
. . ..

14 Q

-15.0
-5.0

-30'. 6

Other
Latin
America

Asia
and
Oceania

- 2 7 . 8 3-188.3
25.0
13.7
79.1
1.0
13.4
-4.1
-7.5
-52.1
-17.2
-35.4
•--17.2
6-50.1
-25.1
-7.0
-3 8
-6.1
17.2
-10.4

Union
of
South
Africa

Gold stock at
end of period
All
other

Period
Treasury

3.7
22.9
94.3
11.9
256.0
6.9
498.6
-1.6
195,7
4
13.1 - 4 7 . 2
52.1 4 - 8 4 . 0
-2.0
11.5
-9.9
.
-.4

1953
Jan.-Mar
Apr -June
]uIy-Sept
Oct -Dec

-3.6

-10.0
—5 0

i

— .1

-1.1
— 1 .2
—1.4
—2.4

—5 0
-30.0

33 2
2.0

-8.9

j

1.9

-.1

-.4

1955
3.4

Jan -"Var
1

Includes
Includes
»Includes
* Includes
dollars; and
'Includes

1

-2.7

Bank for International Settlements.
sale of 114.3 million dollars of gold to Italy.
sales of 185.3 million dollars of gold to China.
sales of gold to Egypt as follows: 1950, 44.8 million
1951, 76.0 million.
sale3 of 45.0 million dollars of gold to Indonesia.

JUNE 1955




-757.9
21,981
68.9 - 8 0 3 . 6
20.631 - 1 , 3 4 9 . 8 -845.4 - 4 5 9 . 8
- 5 4 7 . 8 -106.3 -356.7
20,083
623.1
20,706
311.5
465.4
22,868 2 2,162.1 1,866.3
210.0
1,530.4 1,680.4 -159.2
24,399
164.6
24,563
686.5 -495.7
22,820 - 1 , 7 4 3 . 3 -371.3 -1,352.4
52.7 -549.0
22,873
617.6
379.8
23,252
684.3 - 3 0 4 . 8
22,091 - 1 , 1 6 1 . 9
2.2 -1,170.8
-297.2
21,793
16.6 -325.2

48.3
35.8
32.0
51.2
75.8
70.9
67.3
80.1
66.3
67.4
69.0
65.4

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

21,973 22,039
21,927 22,027
21,908 21,960
21,809 21,897
21,810 21,863
21,759 21,827
21.710 23,791
21,713 21,793

—44.1
- 1 1 .6
-66.5
--63.6
-33.6
—36.7
-35.9
2.6

1.2
3,3
1.5
1.7
1.1
1.6
1.5
.7

-48.4
-16.9
-72.7
—65.4
-34.6
-34.6
-36.7
1.8

5.0
6.1
6,1
5.8
5.1
5.6
5.6
5.8

1955—Tan. .
Feb...
Mar...
Apr. . .
May..

21,714 21,786
21,716 21,788
21,719 21,763
21,671 21,724
»21,674 P21,726

-7.3
1.6
-24.7
—39.4
J»2.7

2.2
3.2
2.7
2.5

-9.7
-.8
-27.7
-41.8
4-1.0

5.0
4.8
5.4
5.0

June..

—1 2

Tulv-SeDt
Oct -Dec.

2

21,938
20,619
20,065
20,529
22,754
24,244
24,427
22,706
22,695
23,187
, . 22,030
21,713

1954—May..
-9.9

1954
Tan -Mar

1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954.

TotaP

Earmarked
Net
Increase
gold im- gold: de- Domesin total
tic gold
crease
port or
gold
producor inexport
stock
tion
crease

^Preliminary.
l
See footnote 2 on opposite page.
2
Change includes transfer of 687.5 million dollars gold subscription to International Monetary Fund.
3
Not yet available.
4
Gold held under earmark at the Federal Reserve Banks for foreign
account, including gold held for the account of international institutions, amounted to 6,890.0 million dollars on May 31, 1955. Gold
under earmark is not included in the gold stock of the United States.
NOTE.—For back figures and description of statistics, see Banking
and Monetary Statistics, Table 156, pp. 536-538, and pp. 522-523.

723

INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT
AND INTERNATIONAL MONETARY FUND
[End-of-month figures.

In millions of dollars]

1954

1955

1955

Mar.

Dec.

Sept.

June

Mar.

415
485
478
468
466
Dollar deposits and U. S. securities
990
Other currencies and securities 1 . 1,001 1,010 1,049 1,034
1,694 1,738 1,620 1,663 1,562
Effective loans2
33
35
37
31
33
Other assets 3
850
838
849
777
742
IBRD bonds outstanding
420
380
386
336
357
Undisbursed loans
11
10
11
9
7
Other liabilities
165
174
154
146
137
Reserves
3
1,806 1,806 1,831 1,830 1,808
Capital

Jan.

Country®

Principal

Total

Quota

Outstanding

Country*
Disbursed

258.5
106.0
194.1
37.3
78.8
40.0
50.1
257.5
126.0
40.2
141.3
221.5
50.0
44.5
31.0
25.4
61.0
110.0
66.0
33.0
60.7
131.4

195.3
88.0
139.8
.18.1
45.4
40.0
33.9
251.0
56.7
21.7
84.5
221.5
25.0
28.6
4.5
23.5
32.5
] 05.9
40.5
30.9
54.0
73.4

62,164.3 1,614.6

Undisbursed

Repaid

63.2
18.0
54.3
19.2
33.4

2.0
3.1
3.9
4.6
1.5
16.1 5.2
6.5 6.8
69.3 14.5
18.5
56.8 *3.8
132.6
15.9 2^3
.4
26.5
.7
. .9
1
.3
28.6
4.1 1.3
25
2.1
6.7

58.0

Sold
to
others5

Total

3.1
9.2

195.3
86.0
136.7
14.1
40.8
38.5
28.8
244.2
42.2
21.7
80.7
88.8
25.0
26.3
4.0
22.8
32.2
104.6
40.5
30.0
50.9
64.2

11.2
17.9
4.0
.5
1.3

23.2
5.7
6.1
2.6
8.8
2.0
2.1
1.6
8.6
6.5
2.5

7
549.7 196.3 1,418.4 105.2

Oct.

July

Gold
1,744 1,734 1,733
Currencies:1
1,567 1,574 1,472
United States
4,734 4,738 4,746
Other
798
798
892
Unpaid member subscriptions...
58,853 8,853 8,853
Member subscriptions
-10
Accumulated net income
-9
-9

Loans as of April 30, 1955

Australia
Belgium
Brazil
Chile
Colombia
..
Denmark
Finland
France
India
Japan
Mexico
Netherlands
Norway
Pakistan
Peru
Thailand
Turkey
Union of S. Africa.
United Kingdom. ..
Uruguay
Yugoslavia
Other

1954

Monetary Fund

International Bank

Brazil
Colombia
France
Germany
India
Indonesia
Japan
Mexico
Turkey
United States

150
50
525
330
400
110
250
90
43
2,750

Subscription
paid
in
gold
37.5
12.5
108.1
33.0
27.5
15.5
62.5
22.5
10.8
687.5

Apr.

Jan,

1,719 1,702
1.408 1,386
4,824 4,847
889
796
8,849 8,739
—8
-8

Cumulative net drawings
on the Fund x 0
1955
Mar.

Feb.

1954

Jan.

Mar.

65.5
65.5
65.5
65.5
25.0
25.0
25.0
105.0 105.0 105.0 125 . 0
-49.5 -49.5 -49.5
- 4 ,4
27.6
63 . 8
53.3
53.3
15.0
15.0
15.0
62.4
62.4
62.4
62 . 4
22.5
22.5
22.5
20.0
20.0
20.0
27.0
-419.0 -450.7 -461.6 -605.9

1
2

Currencies include demand obligations held in lieu of deposits.
Represents total principal of authorized loans, less loans not yet
effective, repayments, the net amount outstanding on loans sold or
agreed to be sold to others, and exchange adjustment.
3 Excludes uncalled portions of capital subscriptions.
4
Loans to dependencies are included with member.
"Includes also effective loans agreed to be sold but not yet disbursed.
s
Includes 159 million dollars in loans not yet effective.
7
Includes 84 million dollars not guaranteed by the Bank.
8
Includes 125 million dollar subscription of withdrawing member
(Czechoslovakia).
^Includes countries having cumulative net drawings of 10 million
dollars ( + or —) on the latest date.
10
Represents for each country purchases of other currencies from
Fund less purchases of own currency by it or other countries.

CENTRAL BANKS

Bank of England

29
28
27
26
31
30

1954—May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

26
30
28
25
29
27
24
29

1955—Jan.
Feb.
Mar.
Apr.

26
23
30
27

Assets of banking
department

....

Other
assets

Notes
and
coin

Discounts
and advances

Securities

.2
.4
.4
4
4
4

(Figures in millions of
pounds sterling)

1948—Dec.
1949—Dec.
1950—Dec.
1951—Dec.
1952—Dec.
1953—Dec.

Assets of issue
department

1,325.0
1,350.0
1,375.0
1,450.0
1,575.0
1,675.0

36.1
33.7
19.2
14.1
51.3
57.8

16.7
14.8
29.2
18.2
11.2
4.9

401.1
489.6
384.0
389.2
371.2
338 1

.4
.4
.4
.4
.4
.4
.4
.4

1,625.0
1,675.0
1,750.0
1,700.0
1,675.0
1,675.0
1,675.0
1,775.0

14.7
30.2
36.8
48.7
42.3
41.7
25.9
26.0

7.0
11.7
8.2
7.0
6.5
2.1
4.5
8.9

.4
.4
.4
.4

21,725.0
1,725.0
1,725.0
21,750.0

62.8
68.8
31.5
21.3

16.4
52.4
16.1
18.0

Gold*

Liabilities of banking department
Note
circulation

Deposits
Bankers'

Public

EGA

Other

Other
liabilities and
capital

1,293.1
1,321.9
1,357.7
1,437.9
1,525,5
1,619.9

314.5
299.2
313.5
299.8
302.8
290.2

11.7
11.6
15,4
13.4
10.0
14.9

17,*
97.9
4
6
24.3
7.2

92.1
111.2
85.0
89.8
78.5
70.4

18.1
18.1
18.1
18 .1
18 1
18.2

352.5
374,6
338.7
310.1
337.6
351.1
374.9
350.7

1,613.4
1,647.4
1,715.8
1,654.0
,635.4
,635.9
,651.9
[,751.7

267.8
307.7
269.1
267.2
276.1
295.6
293.7
276.1

14.0
10.6
14.8
14.6*
16.4
9.8
11.7
15.4

4.6
8.7
10.2
1.7
6.3
6.3
9.6
9.6

69.8
71,3
71.3
63.8
69.0
65.4
72.3
66.3

18.0
18,2
18.3
18.4
18.5
17.8
17.9
18.1

298.0
248.1
328.8
319.2

,664.9
,658.9
,696.3
,731.5

251.9
271.1
275.7
253.9

16.3
11.3
11.7
18.6

4.7
4.7
4.1
4.6

85.9
63.7
66.4
63.6

18.3
18.4
18.5
17.8

*On Sept. 19, 1949, the official buying price of the Bank of England for gold was increased from 172 shillings and threepence to 248 shillings
per fine ounce. For details regarding previous changes in the buying price of gold and for internal gold transfers during 1939, see BULLETIN for
March 1950, p. 388, footnotes 1 and 4.
2
Fiduciary issue decreased by 50 million pounds on Jan. 20 and increased by 25 million on Apr. 6. For details on previous changes, see
BULLETIN for February 1955, p. 226.

NOTE.—For back figures, see Banking and Monetary Statistics, Table 164, pp. 638-640; for description of statistics, see pp. 560-561 in same
publication. For details relating to individual items, see BULLETIN for April 1955, p. 442.

724




FEDERAL RESERVE BULLETIN

CENTRAL BANKS—Continued
Assets
Bank of Canada
(Figures in millions of
Canadian dollars)

Goldi

Sterling
and United
States
dollars

Liabilities

Dominion and provincial government
securities

Deposits
Other
assets

Chartered
banks

Shortterm
1,157.3
1,197.4
,022.0
,233.7
,781.4
,229.3
,141.8
,459.8
,376.6

688.3
708.2
858.5
779.1
227.8
712.5
,049.3
767.2
893.7

29.5
42.1
43.7
45.4
42.5
297.1
135.2
77.3
112.0

Dominion
government

1,129.1
1,186.2
1,211.4
1,289.1
1,307.4
1,367.4
1,464.2
1,561.2
1,599.1

521.2
565.5
536.2
547.3
541.7
578.6
619.0
626.6
623.9

153.3
60.5
68.8
98.
30.
24.
94.9
16.2
51.5

29.8
93.8
67.5
81.0
126.9
207.1
66.1
44.5
29.5

198.5
42.7
42.4
43.1
119.2
172.6
200.0
132.9
133.1

Other

156.8
1.0
2.0
.4
74.1
111.4
117.8
77.1
54.9

1945—Dec. 31.
1946—Dec. 31.
1947—Dec. 31.
1948—Dec. 31.
1949—Dec. 31.
1950—Dec. 30.
1951—Dec. 31.
1952—Dec. 31.
1953—Dec. 31.

Other
liabilities
and
capital

Note
circulation
Other

1954—May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

31.
30.
31.
31.
30.
30.
30.
31.

61.5
54.2
53.6
56.9
57.9
52.3
57.7
54.2

,740.4
,568.5
,651.2
,669.9
,660,8
",438.2
,444.3
,361.5

520.5
702.0
502
502
545.6
809.9
837.5
871.1

103.2
112,9
109.9
77.2
73.3
105.5
85.1
114.1

1,546.6
1,553.5
1,572.1
1,573.0
1,585.3
1,579.8
1,587.1
1,623.5

589.3
624.4
543.9
531.0
521.4
595.2
528.8
529.6

143.8
99,0
50.5
49.6
81.8
49.8
141.1
56,3

30.3
41.4
30.9
31.5
25.8
31.4
36.0
30.5

115.7
119.2
119.5
121.3
123.2
149.5
131.5
161.0

1955—Jan.
Feb.
Mar.
Apr.

31.
28.
31 .
30.

51.5
52.4
50.8
59.0

,249.8
,320.6
,325.6
,385.5

876.0
815.1
821.6
808.4

87.7
82.1
101.4
123.6

1,545.9
1,541.7
1,552.9
1,579.3

528.7
503.8
541.9
570.7

56.5
63.2
57.5
50.8

38.6
47.3
42.7
40.5

95.4
114.1
104.3
135.2

Assets
Bank of France
(Figures in
millions of francs)

Gold*

Foreign
exchange

Domestic bills

Liabilities
Advances to
Government

Open
market

Special

Other

Current

Other
assets

Note
circulation

Other

Deposits
Government

1945—Dec.
1946—Dec.
1947—Dec.
1948—Dec.
1949—Dec.
1950—Dec.
195I—Dec.
1952—Dec.
1953—Dec.

27.
26.
31.
30.
29.
28.
27.
31.
31.

129,817
94,817
65,225
65,225
62,274
182,785
191,447
200,187
201,282

68
7
12
30
61,943
162,017
28,320
31,068
15,421

17,980
37,618
67,395
97,447
137,689
136,947
234,923
274,003
292,465

303
3.135
64
8,577
28,548
34,081
31,956
57,042
61,108

25,548
76,254
117,826
238,576
335,727
393,054
741,267
937,459
891,560

67.900
1471400
150,900
157,900
158,900
160,000
172,000
200 ,000

445,447
480,447
558,039
558,039
560,990
481,039
481,039
479,982
679,849

24,734
570,006 12,048
721,865
765
33,133
920,831
733
59,024
987,621
806
57,622
1,168
112,658 ,278,211
70
212,822 ,560,561
29
190,830 ,841,608
27
159,727 ,123,514
169,964 2,310,452
21

1954—May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

26.
24.
29.
26.
30.
28.
25.
30.

201,282
201,282
201,282
201,282
201,282
201,282
201,282
201,282

31,344
34,133
37,884
41,059
45,117
48,971
51,939
57,291

208,288
217,399
264,197
265,330
262,922
264,861
224,487
236,765

26,612
18,317
12,206
5,129
15,058
32,697
44,593
48,925

934,538
946,002
1,018,726
980,146
1,030,309
1,027,934
1,013,121
1,130,183

195,000
195,000
195,000
195,000
195,000
195,000
195,000
195,000

651,849
656,749
652,449
648,049
634,749
626,249
619,549
617,649

210,331 ,272,409
185,682 ,270,081
196,282 ,386,357
191,874 2 ,333,133
224,089 2 ,443,797
218,288 2 ,428,122
218,584 " ,386,103
277,215 ,538,455

1955—Jan.
Feb.
Mar.
Apr.

27.
24.
31.
28.

201,282
201,282
201,282
201,282

60,482 226,244
66,689 172,750
86,467 160,613
121,962 200,233

46,054 1,063,937 190,000 592,249
40,224 1,062,552 190,000 617,649
32,564 1,138,808 190,000 597,449
28.526 1,113,385 190,000 546,749

286,200
306,480
353,285
^336,294

2 ,472,650
2 ,482,667
2,583,654
2,544,115

17
84
70
100
6
93
65
76
97
61
24
51

Other
liabilities
and
capital

ECA

Other

15,058
10,587
897
2,061

57,755
63,468
82,479
171,783
158,973
161,720
166,226
137,727
142,823

4,087
7,213
10,942
16,206
19,377
24,234
41,332
49,305
56,292

134
202
348
83
90
98
3,304
3,744

128,816
119,155
132,203
128,178
105,192
119,406
106,920
154,100

57,869
65,043
59,047
66,377
59,441
67,56?
72,162
67,935

3,733 125,962
137 121,699
7,351 115,374
11,302 128,552

64,006
53,062
54,064
54,410

!On May i, 1940, gold transferred to Foreign Exchange Control Board in return for short-term Government securities (see BULLETIN for
July 1940, pp. 677-678).
2

For details on d e v a l u a t i o n s a n d other changes in t h e gold holdings of t h e B a n k of F r a n c e , see B U L L E T I N for S e p t e m b e r 1951, p. 1211; Sep-

tember 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.
;i
includes advance to Stabilization Fund, amounting to 198.0 billion francs on Apr. 28.
NOTE.—For details relating to individual items, see BULLETIN for April 1955, p. 443. For back figures on Bank of Canada and Bank of France,
see Banking and Monetary Statistics, Tables 166 and 165, pp. 644-645 and pp. 641-643, respectively; for description of statistics, see pp. 562-564
in same publication. For last available report from the Reichsbank (February 1.945), see BULLETIN for December 1946, p. 1424.

JUNE 1955




725

CENTRAL BANKS—Continued
•Central Bank
(Figures as of last report
date of month)
Central Bank of t h e Argentine
Republic (millions of pesos):
Gold reported separately
Other gold and foreign exchange.
Government securities
Rediscounts and loans to banks..
Other assets
Currency circulation
Deposits—Nationalized
Other sight obligations
Other liabilities and capital. . . .
C o m m o n w e a l t h Bank of Australia (thousands of pounds):
Gold and foreign exchange
Checks and bills of other banks..
Securities (incl. Government and
Treasury bills)
Other assets
Note circulation
Deposits of Trading Banks:
Special
Other
Other liabilities and capital
Austrian National Bank (millions
of schillings):
Gold
Foreign exchange (net)
Loans and discounts
Claim against Government
Other assets
Note circulation
Deposits—Banks
Other
Blocked
National Bank of Belgium
(millions of francs):
Gold
Foreign claims and balances (net)
Loans and discounts
Consolidated Government debt
Government securities
Other assets
Note circulation
Deposits—Demand
KCA
Other liabilities and capital
C e n t r a l Bank of Bolivia—Mone
tary dept. (millions of bolivianos):
Gold at home and abroad
Foreign exchange (net)
Loans and discounts
Government securities
Other assets
Note circulation
Deposits
Other liabilities and capital
Central Bank of Ceylon (thousands
of rupees):
Foreign exchange
Advances to G o v e r n m e n t . . . . . . .
Government securities
Other assets.
Currency in circulation
Deposits—Government
Banks
Other liabilities and c a p i t a l . . . .
Gentral Bank of Chile (millions
of pesos):
Gold
Foreign exchange (net)
Discounts for member b a n k s . . . .
Loans to Government
Other loans and d i s c o u n t s . . . . . .
Other assets
Note circulation
Deposits—Bank
Other
Other liabilities and capital
Bank of t h e Republic of Colombia
(thousands of pesos):
Gold and foreign exchange
Net claim on Int'l. Fund 2

1954
Apr.

Mar.

Feb.

1,623
1 ,623 1,623
1,197
1,195
1,133
4,067 4,265 4,235
74,129 72,770 71,123
386
440
381
31,302 31,489 31,526
44,394 43,340 41,836
443
543
635
5,004 4,921 4,761
378,687 394,539 405,585
8,684 7,990 5,783
454, 166 442.554 432,914
95,958
91 ,810 100
367, 327 360,077 353,827
295,670 295,670 295,670
26,716 37,202 34,930
243,634 252,298 255,813
556
556
8,11.6 8,352
5,170
5.208
1,774
1,762
377
378
12,145 12,062
1,860
1,690
613
501
1,695
1,683
41,938
12,180
5,890
34,660
8,823
5,004
103,811
1,600
96
2,988

41,203
1.2.535
7,920
34,660
7,994
4.935
104,039
2,1 76
96
2,937

556
8,545
5,137
1,774
376
12,028
2,044
595
1,723
39,834
12,419
5,815
34,660
8,722
4,666
101,265
1,745
96
3.009
(Dec.
1954)*
1,134
1,469
26,076
2,505
802
21,120
7,096
3,769

580,525 565,657 577,008
22.918 18
8,634 4
385,261 379
75,034 61
100,833 97
50,949 49,
5,747
504
4,238
15,885
13,444
3,784
32,239
4,272
2,246
4,846

043 24,016
3,251
501
679 368 ,179
279 52,805
525 134,450
719 48,842

5 ,746
r\ ,694
4.047
15,885
11,724
'3.665
30,550
3,568
2,322
6,320

5,744
n , 569
4,602
15,885
10,160
'3,209
28,192
4,824
1,668
6,485

248,058 248,834 324,826
24,380 24,380 24,380

Apr.

1955

Central Bank
(Figures as of last report
date of month)

Apr.

Bank of t h e Republic of Colombia—Cont.
Loans and discounts
1 ,623
1,853
Government loans and securities
3,834
Other assets
61,532
Note circulation
Deposits
249
Other liabilities and capital. , , ,
26,051
38,302 Central Bank of Costa Rica
(thousands of colones):
565
Gold
4,173
Foreign exchange
Net claim on Int'l. Fund 2
Loans and discounts
539,055
Securities
10,050
Other assets
Note circulation
402,491
Demand deposits
79,360
Other liabilities and capital
349,613
National Bank of Cuba
373,920
(thousands of pesos):
34.364
Gold
273,059
Foreign exchange (net)
Foreign exchange (Stabilization
Fund)
186
Silver
8,1.64
Net claim on Int'l. Fund 2
5,459
Loans and discounts
1,780
Credits to Government
35
Other assets
10,544
Note circulation
2,562
Deposits
, .
757
Other liabilities and capital. . 3
1,761 National Bank of Czechoslovakia
National Bank of D e n m a r k
(millions of kroner):
39,380
Gold
12,335
Foreign exchange
5 ,655
Loans and discounts
34,660
Securities
7,812
Govt. compensation account. ..
4.450
Other assets
,.
98,157
Note circulation
1,989
Deposits—Government
115
Other
4,031
Other liabilities and capital. . .
Central Bank of t h e Dominican
Republic (thousands of pesos).;
1 ,903
M2, 745
Foreign exchange (net). 3
6,411
Net claim on Int'l. Fund
2,505
Loans and discounts
235
Government securities
13,779
Other assets
3,309
Note circulation
6,710
Demand deposits
Other liabilities and capital. . .
Central Bank of Ecuador
391,747
(thousands of sucres):
100
Gold
79.327
Foreign exchange ( n e t ) . 2 . . . . . .
.
3,820
Net claim on Int'L Fund
355,713
Credits—Government........
700
Other
73,283
Other assets
,. .
45,298
Note circulation
Demand deposits—Private banks.
Other
5,661
Other liabilities and capital
538 National Bank of Egypt (thou2,490 sands of pounds):
11.509
Gold
7,543
Foreign assets 4
3,590
Egyptian Govt. securities
r
20,519
Clearing and other accounts (net)
5,016
Loans and discounts
621
Advances to Government
••5,176
Other assets
Note circulation
Deposits—Government
Other
373,216
Other liabilities and capital
24,377

1954

Mar.

Feb.

Apr.

596,232 644 ,520 552,944
456,051 333,685 311,817
135,185 148,620 106,419
617,254 624 ,736 651,156
666, ,333 602 ,952 522,256
176.320 172,350 146,974

330,917
257,504124,724
595,177
413,041
102,519

11,503
118,046
7.032
78,215
6,328
25,864
159,300
55.859
31,829

11,503
113,008
7.032
90,041
4.786
25,072
1.64,829
55.480
31,133

11,503
105,349
7,032
91,625

185,875 185,875
105,000 93,309

185,748
37,989

196,603 198,629
12,512 12,512
67,022 55,212
71,892 69,380
78,158 78,154
431,27 121,291
265,894 252 ,593
19,890 19.188

286,782
7.616
12,512
45,922
36,162
68,656
426,498
238,079
16,810

68
693
173
475
3,147
638
1 ,983
1,297
1,645
269

69
1,010
193
503
3,233
121
1,981
1 ,374
1,548
226

11,503
129,010
7.032
70,418
5,828
25,778
157,943
59,148
32,47

68
705
241
473
3,144
588
1,986
1.300
1,732
202

68
693
239
474
3,144
480
1,973
1,298
1,630
198

12,076
11,815
1 .250
3,999
8.890
14.574
41,391
8. 706
2,508

12,076
12,818
1,250
3,95
8.890
14,448
41,002
10,004
2,434

12,076
.14,137
1 ,250
3,422
8.890
14,247
40.575
11.089
2,358

'27',324
135,930
77,424
29,479

12,076
25,358
1,250
1,661
9,420
6,807
35,703
18,842
2,028

343,321 343 ,229 342,954
94,393 82 . 894138,186
18.757 18 , 757 18,757
,125 370,478
364,358 03 ,
221,193 207., 689168,370
223,315 211 .565 219,352
,647 646,437
634,668
,597 204,907
219,845
,286 172,195
168.358
,729 234,558
242,467

342,395
59,353
18,757
372,967
173,355
193,856
593,720
179,392
167,736
219,834

60,553 60,553 60,553
180,795 179,292 179,400

60,553
24,301
247,804

74, 499 105,155 105,151
-11,323 -8,375 -7,286:
20.661 22,242 25,284

2,389
172,920
58,360
78,521
17,773

1,641
173,133
94,358
75,028
17,990

13!656

1,562
1,617
179,195 169,070
94,079 61,109
74,289 108,579
9,172
17,099

r
•Latest month available.
Revised.
1
Represents chiefly bills secured by stocks of mined tin not yet sold in world markets.
2
This figure represents the amount of the country's subscription to the Fund less the bank's local currency liability to the Fund.
3
For last available report (March 1950), see BULLETIN for September 1950, p. 1262.
4
Beginning December 1954, includes foreign government securities formerly shown with Egyptian Government securities.

726




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 c a p i t a l . . . .
Bank of Finland (millions of markkaa):
Gold
Foreign assets (net)
Clearings (net)
Loans and discounts
Securities
Other assets.
Note circulation
Deposits
Other liabilities and c2a p i t a l . . . . .
Bank of G e r m a n S t a t e s
(millions of German marks):
Gold
Foreign exchange
Loans and discounts
Loans to Government
Other assets
Note circulation
Deposits—Government
Banks
Other
Other liabilities and capital. . .
Bank of Greece^ (millions of drachmae):
Gold and foreign exchange (net)
Loans and discounts
Advances—Government
Other
Other assets
Note circulation
Deposits—Government
Reconstruction and
relief accts
Other
Other liabilities and capital . .
Bank of G u a t e m a l a (thousands of
quetzaies):
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 5
Reserve Bank of India (millions of
rupees):
Issue department:
Gold at home and abroad..
Foreign securities
Indian Govt. securities
Rupee coin
Note circulation
Banking department:
Notes of issue department. .
Balances abroad
Bills discounted
Loans to Government
Other assets
Deposits
Other liabilities and capital.
Bank Indonesia (millions of rupiah)
Gold and foreign exchange (net)..
Loans and discounts
Advances to Government
Other assets

1955
Apr.

Mar.

1954
Feb.

Apr.

Central Bank
(Figures as of last report
date of month)
Bank Indonesia—Cont.
Note circulation

71,507
64,511
1 ,569
34,158
15,297
7,075
98,095
87,003
9,019

71 ,568 71,653
65,839 68,563
1 ,569 1 ,569
30,462 36.974
15,939
9,214
6,686
6,879
99,861 104,033
83,319 82,104
8,882
8,714

72,358
Deposits—EGA
75,731
Other
1,567
Other liabilities and c a p i t a l . . . . .
7,551 Central Bank of Ireland (thousands
14.425
of pounds):
5.544
Gold
97,576
Sterling funds
7 1 .068
.
Note circulation
8,533 Bank of Italy (billions of lire):

6.891
29,771
3,653
39,100
2,096
1,984
49,713
18,782
15,000

6,909
6,909
30,260 29,416
4,734
4,437
35,787 33,974
2,184
2,157
2,010
2,108
48,746 48,151
20,209 18,979
12,902 11,899

5.862
13,739
9,940
36,309
2.192
2,354
45,508
10,268
14,620

2,898
2.998
3,033
8,6.1.0 8,599
8,606
1,638
1 ,581. 2,192
3, .138
4,385
4,524
1 ,128|
.
897
955
12,642 12,477 10,738
1 ,060
1,072
1,225
3,445
2,890
3,094
336
537
277
1,822
1.807
1,760
5,295
180
8.577
4,435
1.317
3,773
1 ,1 54
7,054
3.745
4,077
27,227
22.596
1 ,250
8,632
34,825
49,212
3. 739
9.838
16,521
15,220

27,227
17,306
1 ,250
10,317
36.395
49,773
3,772
9,279
13,920
15,752

27,227
14,505
1,250
11,456
37,374
51 ,136
3,767
9,095
12,443
15,371

400
40C
6.632j
6,468
4,4771
5,03'
1 ,022 1,037
12,771 12,420

1 ,189
1,890
399

126
655
45
9
3.117J
1,572'
380

1 ,406
314
8,885
314

1,267
393
8,558
361

159
831
104

1,399
337
9,085
308

Gold
•
Foreign exchange
Advances to Treasury
Loans and discounts
Government securities
Other assets
Note circulation
Deposits—Government
Demand
Other
Other liabilities and c a p i t a l . . . .
Bank of J a p a n (millions of yen):
Bullion
1.738
Advances to Government
7,800
Loans and discounts
1 ,781
Government securities
5, .134
Other assets
786
Note circulation
11,588
Deposits—Government
1,180
Other
2,438
Other liabilities
276 Bank of Mexico (millions of pesos) :
1,758
Monetary reserve 0
"Authorized" holdings of securities, etc
4
5,171
Bills and discounts
'136
Other assets
4
8.535
Note circulation
•Ki, 7S0
Demand liabilities
*1,857
Other liabilities and c a p i t a l . . . .
4
3.443 Netherlands Bank
(millions of
4
1,509
guilders):
Gold. . ;
4
6,564
Silver (including subsidiary coin)
4
2.800
Foreign assets (net)
±5.163
Loans and discounts
Govt. debt and securities
Other assets
27,228
Note circulation—Old
23,311
New
1,250
Deposits—Government
16,558
EGA
35,56
Other
53,315
Other liabilities and c a p i t a l . . . .
3,674 Reserve Bank of New Zealand
3,061
(thousands of pounds);
1.9,178
Gold
24,687
Foreign exchange reserve
Loans and discounts
Advances to State or State undertakings
Investments
400
Other assets
6,78:
Note circulation
4,21.
Demand deposits
981
Other liabilities and c a p i t a l . . . .
12,172 Bank of Norway (millions of kroner) :
Gold
201
Foreign assets (net)
741
Clearing accounts (net)
1.12
Loans and discounts
8
Securities
1 ,303
Occupation account (net)
2,00
Other assets
366
Note circulation
Deposits—Government
656
Banks
581
FOA—MSA
6,374
235

Other liabilities and capital

1955
Apr.

1954

Mar.

Feb.

Apr.

7.464
495
1 ,951
669

5,331.
495
1,429
590

2,646
2.64.6 2.616
69,952 71 ,339 70,946
72,598 73,985 73,592

2,646
65,574
68,220

4
74
567
435
348
764
1 ,435
43
56
514
143

4
67
567
343
290
713
1,343
47
54
421
119

448
448
448
1 ,283
1 .250
050
224,919 2 72,450 283 ,1.15
429.798 482.238 399.133
92,694
110.920
550.53
703 546,922
46,018
,816 56,546
78,142 71.355 77,976
4.74 95.228
92.641

448
1,400
438,937
209.937
103.270
543,973
42,200
77,223
90,537

7,614
495
2.21.1
809

4
66
567
393
350
765
.422
50
61
483
129

1,524

7,428
495
2,184
813

567
378
362
802
1,434
48
611
502
137

i
539

1,229

4.1531
2.002
7:0

1.520
3.777
715
771
4.205
i ,876
702

3,335
857
933
3,605
1 ,311
1 ,438

3.023
16
1 ,480
2S
v
800
443
28
3.52 7
583
653
766
243

5,015
16
I .465
.
51
685
434
28
5,583
616
653
533
253

2,924
13
1 ,410
29
914
459
30
3,267
618
856
761
217

4.129
'620
52f
4.16/
1 ,928
703

3.763
779!

3.030
19
1 .481
45
800
437
28
3,552
735
610
644
244

78SJ

6.171
6,161
45 ,128 45.551
31 .358 30,440

6,168
83.648
12,442

50.503
33.446
1,276
68,671
89,305
9,110

'55,589
23,902
1,569
69,145
104,545
9,627

50,536
33. 179
1 ,755
69.865
88.963
9.588
203
— 251
—42
68
5.546
63
3.099
1.2.1.6
454
520
371

203
-308
61
82
5 ,54-C
58
3 .130
952
628
165
625

203
-340
—57
,546
53
, 090
999
639
165
61.2

218
26

-39
67
30
5,546
65
2,968
1 ,699
655
146
447

r
Revised.
1
This figure
2

represents the amount of the country's subscription to the Fund less the bank's local currency liability to the Fund.
Combined figures for the Bank of German States and the nine Land Central Banks.
»On May 1, i954, a new drachma equal to 1,000 old drachmae was introduced, changing the ratio from 30,000 to 30 drachmae per U. S. dollar.
4
Figure expressed in billions of drachmae.
fiFor last available report (February 1950), see BULLETIN for September 1950, p. 1263.
6
Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities.

JUNE

1955




727

CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)
State Bank of P a k i s t a n (millions of
rupees):
Issue department:
Gold at home and abroad...
Sterling securities
Pakistan Goyt. securities. . .
Govt. of India securities
India currency
Rupee coin
Notes in circulation
Banking department:
Notes of issue department..
Bills discounted
Loans to Government
Other assets
Deposits
Other liabilities and capital.
Central Bank of Paraguay
(thousands of guaranies):
Gold 1
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 B a n k 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 B a n k of t h e Philippines
i thousands of pesos) :
Gold
Foreign exchange
Net claim on Int'l. Fund 2
Loans
Domestic securities
Other assets
Circulation—Notes
Coin
Demand deposits
Other liabilities and capital
Bank of Portugal (millions of
escudos):
Gold....
Foreign exchange (net)
Loans and discounts
Advances to Government
Other assets
Note circulation
Demand deposits—Government..
RCA
Other
Other liabilities and capital
S o u t h African Reserve Bank
vthousands of pounds):
Gold
Foreign bills
Other bills and loans
Other assets
Note circulation
Deposits
Other liabilities and capital. . .
Bank of Spain (millions of pesetas):
Gold
Silver
Government loans and securities
Other loans and discounts
Other assets
Note circulation
Deposits—Government
Other
Other liabilities and capital

1955
Apr.

81
432
1,455

Mar.

1954
Apr.

Feb.

81
428
1,459
221
300
48
2,445

48
2,426

81
428
1,459
221
300
47
2,440

111
1
64
329
403
102

95

92

43
396
434
100

69

221
300

392
447
107

(Sept.
1954)*
3,984
58,730
40
469,142
489.182
368,608
604,602
152.644
159,663
472,778
628
67

485
1,103
77
1,744
465
152

6.17
67
508
1,108
64
1,726
500
138

567
67
546
1,091
93

1 .737
440
187

20.116 20,071
343,172 343,169
29,504 29,504
31,420 41,706
289,900 282 ,260
150,096 151,694
615,219 621,208
761 85,448
117.383 11.5.718
45,846 46,031

5,551
13,214
856
1.398
1 ,064
10.000
1.832
26
8.053
2,172
73.699
51,299
27.045
51,051
102,759

71.855
60.539
28,131
59,117
101,706
82.559 100,027
17,775 17,909

71.094
67,384
22,11.5
46,185
100,951
88.618
17,209

61.5
323
15,929
27,332
36.001
41,986
4.392
3,308
30.515

613
323
15,781.
27,638
36,232
41. ,591
4,859
3.353
30,785

615
323
15,916
27,652
37.530
42.297
3,947
3.562
32,230

1954

1955

Central Bank
(Figures as of last report
date of month)

Apr.

Sank of Sweden (millions of kronor):
Gold
Foreign assets (net)
Net claim on Int'l. Fund 2
81
Swedish Govt. securities and ad- 3
, 499
vances to National Debt Office
1,283
Other domestic bills and advances
146
Other assets
300
Note circulation
55
Demand deposits—Government.
2,296
Other
Other liabilities and c a p i t a l . . .
68
Swiss National Bank (millions of
38 francs):
Gold
337
Foreign exchange
332
Loans and discounts
112
Other assets
Note circulation
Other sight liabilities
2.846
Other liabilities and capital
78,846
28 Central Bank of t h e Republic of
Turkey (millions of pounds):
458,941
Gold
541,764
Foreign exchange and foreign
165,819
clearings
606,447
Loans and discounts
136,544
Securities
159,723
Other assets
345,532
Note circulation
Deposits—Gold
Other
413
Other liabilities and capital. .
67
Bank of t h e Republic of Uruguay
598
(thousands of pesos):
1,107
Gold
114
Silver
1,645
Advances to State and Govern432
ment bodies
222
Other loans and discounts
Other assets
Note circulation
18,813
Deposits—Government
426,797
Other
29,504
Other liabilities and c a p i t a l . . . .
8,524
Central Bank of Venezuela (mil262,640
164.397 lions of bolivares):
Gold
606,266
Foreign exchange (net)
84.405
Other assets
166,621
Note circulation
53,382
Deposits
Other liabilities and capital. .
5,282 National Bank of Federal People's
13,018 Republic of Yugoslavia (millions
630 of dinars):
Gold
1,4.18
Gold contribution to Int'l. Fund.
987
Foreign assets
9,473
Loans (short-term)
1,890
Government debt (net)
6
Other assets
7,792
Notes and coin in circulation. . . .
2,176
Demand deposits
Foreign liabilities
Long-term liabilities (net)
63,896
38,177
Other liabilities and capital
31,005 Bank for I n t e r n a t i o n a l Settle45.666 m e n t s (millions of Swiss gold
97.766: francs):
60.881
Gold in bars
20,097
Cash on hand and with banks
Rediscountable bills and accept596
ances (at cost)
336
Time funds at interest
15,931
Sundry bills and< investment!., .
Funds invested in Germany....
23,885
Other assets
33,709
Demand deposits (gold)
37,738
Short-term deposits:
3,865
Central banks—Own account.
3.389
Other
29.465
Long-term deposits: Special.
Other liabilities and capital

Mar.

Feb.

Apr.

584
973
129

4.81
1,357
129

,939
252
996
,857
100
105
683

2,777 2,953
59
203
1 .055 1 ,028
4.756 4,793
144
129
103
96
685
691

2,331
471
845
4.575
321
33
686

,235
564
110
90
.084
,719
196

6,259 6,269
576
561
103
112
84
95
5,105 5,045
1,788
1 ,727
200
196

6,139
484
149
75
4.926
1,722
200

402

402

569
860
129

402
184
,964
30
99
,608
154
,373
543

584
924
129

402

201
199
198
2,124
2,898 2,841
25
30
30
120
102
96
1,432
1 ,566
1,575
154
154
154
836
1 ,401 1,360
451
493
494
(Nov.
1.954)*
344,167 344,167
8,647
8,560
147,866
381,889
559,726
464,796
146,586
315,871
51.4,956

112,591
372,846
580.626
451,808
147,605
316,662
502,803

, 233 1,233
170
331
137
131
,051 1,054
282
268
204
376

1,233
133
134
1,031
278
192

1,141
381
98
1,000
270
351

426
470
369
369
071
839
094
,239
431
920
988
840
742
084
079
945
527
285
194 366,101
401 62 836

4,400
2,369
44,978
699,565
22,667
27,108
86,781
175,389
114.464
366.074
58.379

4,062
2,369
37,931
618,128
29,181
30,686
69,521
147,942
108,897
335,551
60,446

626
64

626
73

641.
60

602
'97

503
188
409
297
1
453

333
225
392
297
1
453

351
265
389
297
3
453

433
200
362
297
8
320

,081
37
229
287

942
37
229
286

1,000
37
229
287

1,131
37
229
282

• Latest month available. r Revised.
*On Aug. 19, 1954, gold revalued from 0.0592447 to 0.0423177 grams of fine gold per guarani.
2
This figure represents the amount of the country's subscription to the Fund less the bank's local currency liability to the Fund.
3 Includes small amount of non-Government bonds.

728




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,
1949
June 8 1950
Sent. 11
Sept. 26
Oct. 17
Oct. 27
Dec.
1
Apr. 17 1951
Tuly
5 .
Sept 13
Oct. 11.
Nov. 8
Nov
9
Jan. 22,1952..
Mar. 12
May 29
Aug. 1
Aug. 2 1 . .
Dec. 18
Jar
8 1953
Apr. 7
June 11
Sept. 17
Oct. 2 9 . .
Nov. 20
Feb.
4, 1954
May 13
May 20
Dec. 2
Jan. 27, 1955..
Feb. 15
Feb. 24
Apr. 1 9 . . .
In effect Apr.
30, 1955

4

3

2

3M

2M

3%
3

Rate
Apr.
30

Central
bank of—

Can- United France Ger-1 Bel- Neth- Sweermany gium lands den
ada Kingdom

Argentina
Austria
Belgium
Bolivia....

6

Date
effective

4

Central
bank of—

Mar.
June
Oct.
Sept.

1. 1936
3, 1954
29, 1953
30, 1950

Ireland......
Italy
Japan
Mexico

15, 1955
11, 1954
13, 1935
18, 1933
1, 1950

Netherlands
New Zealand,.
Norway
Pakistan. ,

Rate
Apr.
30

Date
effective

Mar.
4 A Apr.
5.84 Oct.
June

25, 1952
6, 1950
1, 1951
4, 1942

2

6
3

Canada
Cevlon........
Chile
Colombia
Costa Rica. . . .

3
2X

4
5

3
4^
4

3

June
May
Nov.
Mar.
Dec.

23, 1954
13, 1948
15, 1952
22. 1950
1, 1954

Peru
Portugal. . ,
South Africa?
Spain
Sweden

France 1
Germany
Greece........
India
Indonesia.....

3
3
9

Dec.
May
Jan.
Nov.
Apr.

2, 1954
20, 1954
1, 1955
15, 1951
1, 1946

Switzerland..
Turkey
United Kingdom
U.S.S.R

2%
2%

3M
3
3

3X

2X
3X

Apr. 7, 1953
Nov. 26, 1954
Feb. 14, 1955
July 1, 1948

6
2H
3M
3%

Nov.
Jan.
Mar.
July
Apr.

13, 1947
12, 1944
27, 1952
1, 1954
19, 1955

VA
3

Nov. 26, 1936
Feb. 26, 1951

4

Feb. 24, 1955
July 1, 1936

2X

3%
3X

3

5X
10
3
3
5

IX

•2 1 /

4

sy2

4
4

Feb.
June
June
July
Feb.

Denmark
Ecuador
Egypt
El Salvador. . .
Finland

4

I"

1
Rates established for the Land Central banks.
NOTE.—Changes since Apr. 30: Austria—May 20, from 3}4 to 4J/£ per cent.

4^

3%
3

3

4^

2M

2%

OPEN MARKET RATES
[Per cent per annum]
United Kingdom

Canada
Month

1945—March
1946—March
1947—March
1948—March
1949- March
3 950—March
1951—March
1952—March
1953—Ma'-ch
1954—March
1954—,\p r ii
May

June
July
AuCTust
September . . .
October
November
December
1955—January
February
March

Treasury D a y - t o day
bills
3 months 1 money 2

Bankers' Treasury
acceptbills
ances
3 months 3 months
1.03
53

1 .00
.51
.51

Day-today
money

France

Bankers'
allowance
on
deposits

.45

.50

2 09
L.79
L .61
L.57
.60
L.63
L.59
.60
L.78

L.94
.63
1.44

3.55
3.54
3.57
3.79
3.82
3.77
3.65
3.51
3.29

.41
,38
.38
,40
.75
.88
.88
.87

50
.50

.45

L.75
L.44
L.25
L.25
L.25
L.25
L.25
L.25
L.25

2.05
2.68
3.80

1.55
2.15
3.29

1.29
1.67
2.50

3.27
3.25
3.28

.79

63

50

.63
63

. 50
50

63

50

2.48
3 00
2.16

.52
.52
51
2.01
2 40
2.10

.78
.76

2.17
1.89
1 66
1.60
1.61
1.64
1.62
1.62
1.78

.69
.69
.98

2.02
2.58
3.81

1 43
1.16
1.06
.95
.96

.99
.90
1.13

Day-today
money

1 .57
2 00
1.75

51

L 58
L.60
57
L.38
L.32
L.21
L.18
L 17
L.08

Treasury
bills
3 months

1 .82
2 25
1.94

.50
.50
.50

.53
56
56
69
69

day
money

1.60
1 .34
1 .41
2 09
2.10
2 70
2 45
3.51
3 93
3.42

1.00
.63
.63

37
36
40
4!
42
51
76
94
r 51
L.62

Day-to-

Netherlands

.44

.44
.44
.44
L.44

1 .00
1 19

1.05
1 65
1 45
1.38
I 45
1 46
1.38

1.01
1 13
1 ?3
1 00

90

51

.77

.79
1.16

99

50
.50

.53
.51
.63
.50
.57
.58
.53
.71

Sweden

Switzerland

Loans
Private
up to
discount
3 months
rate
2J4--5

1 r
.25
1

9 1^_4 W

2X-4X
3-5
3-5
3-5

2M-5
2^-5
2%~s-

2M-5
2M-5
2^-5
2M-5

)>

2%
50

.63

L 50

50
50
=0

L.50
L.50
L 50
L 50
L.50

1 50
1.50
1 50
1.50
1.50
1.50
1.50

r
Revised.
1

Beginning January 1953, these figures have been revised to show average rate at tenders. Figures prior to that date represent tender rates
made nearest to the 15th of each month.
2
Represents an average of closing rates.
NOTE.—For monthly figures on money rates in these and other foreign countries through 1941, see Banking and Monetary Statistics, Table 172,
pp. 656-661, and for description of statistics see pp. 571-572 in same publication.

JUNE 1955




729

COMMERCIAL BANKS
Assets

United Kingdom1
(11 London clearing
banks. Figures in
millions of pounds
sterling)

Cash
reserves

Liabilities

Money at
call and Bills dis- Treasury Securities Loans to
deposit
short
counted receipts 2
customers
notice

Deposits

Other
assets

Total

Demand

Time

1,512
1,528
1,965
2,148
2,275

1,534
,660
,950
,764
,725

579
735
867
748
729

6,202
6,368
6,333
6,460
6,694

4,161
4,262
4,290
4,232
4,327

2,041
2,106
2,042
2,228
2,363

427
550
651
528
495

1,122
1,170
1,185
1,209
1,262
1,296
1,300
1,313

2s305
2,311
2,351
2,348
2,360
2,364
2,364
2,353

,804
,856

,836
,840
,828
1,836
1.871
1,920

643
711
643
656
670
691
725
881

6,335
6,533
6,466
6,519
6,539
6,609
6,684
6f94i

4,005
4,193
4,121
4,173
4,171
4,214
4,244
4,485

2,330
2,340
2,345
2,346
2,367
2,396
2.440
2,456

502
501
510
505
520
545
562
595

1,283
1,072
966
973

2,351
2,298
2,281
2,217

1.904
2,013
2.037
2,080

759
810
843
811

6,718
6,525
6,402
6,381

4,303
4,112
4.017
4,033

2,415
2,41.3
2,384
2,3-18

611
637

1949—December.
1950—December.
1951 -December.
1952—December.
1953—December.

532
540
531
549
542

571
592
598
529
501

1,109
1,408
972
1,248
1,417

1954—May
June
July
August. . .
September
October...
November
December.

501
531
534
534
521
532
534
571

463
455
428
438
418
437
452
498

1955—January..
February.
March....
April

546
525
514
539

486
445
438
434

793
456
102

Assets
Canada8
(10 chartered banks.
End of month figures
in millions of
Canadian dollars)

Security
loans

677
673

Liabilities

Security
loans
abroad
and net Securities
Other
due from
loans and foreign
discounts
banks

Deposits payable it?. Canada
excluding interbank deposits

Entirely in Canada
Cash
reserves

Other
liabilities
and
capital

Other
asset3

Notes*

Other
liabilities
and
capital

Total

Demand

Time

7,227
7,828
7,896
8,421
8,881

2,794
3,270
3,284
3,497
3,847

4,433
4,558
4,612
4,924
5,034

,477
,667
,714

1949—December.
1950—December.
1951—December.
1952—December.
1953—December,

765
824
907
916
906

133
134
107
155
154

2.271
2,776
3,028
3,289
3,897

146
171
227
326
424

4,345
4,286
3,876
3,955
3,831

1.058
1J304
1,464
1.516
1,510

1954—April
May
June
July
August. . .
September
October...
November.
December.

892
866
872
780
809
802
833
810
810

144
215
238
211
174
175
293
297
211

3,925
3,925
3,943
3,924
3.917
3,890
3,892
3,984
3,952

398
382
360
352
312
322
330
334
325

3,780
3,780
3,806
4,096
4,220
4,337
4,442
4,473
4,429

1,408
1,481
1,540
1,266
1,280
1,396
1 ,454
1,428
1,706

8,708
8,818
8,929
8,946
9,022
9,226
9,469
9,462
9,579

3,397
3,441
3,506
3,474
3,487
3.641
3,781
3,930
3,964

5,312
5,378
5,423
5,473
5,535
5,585
5,687
5,532
5,615

,839
,830
,829
,683
,690
, 695
,777
,864
,854

1955—January. .
February.
March

806
760
791

214
197

176

3,876
3,857
3.873

288
285
252

4,625
4,707
4,795

1,488
1 ,663
1,6.19

402
608
9,650

3,656
3,728
3.678

5.746
5,880
5,972

1,857
1,879
1 ,877

14

Liabilities

France
(4 large banks. End
of month figures in
millions of francs)

Deposits

Own
acceptances

Other
liabilities
and
capital

8,062
18,618
27,145
32,043
42,549

26.355
28,248
33,774
24.957
30.308

15,662
17,316
23,547
28.551
34,222

963,648
967,024
989,474
993,533
1.061,250
999,131
1,007,956
1,087,933
1,071,500
1,130,026

42,444
40,608
41,284
40,546
42,039
43,905
44,241
45.154
47,854
46,085

34,322
31,538
29,721
28,422
26,945
24,248
23.179
25,355
28,515
31.372

40,416
44,652
47,580
53,090
57,432
60.910
64,688
69,570
73,185
75,757

1,113,206
1,111,675

45,074
43,338

32.205
33,543

36,344
37,559

Cash
reserves

Due from
banks

Bills discounted

Loans

? 949—December.
£950—December.
1951—December.
1952—December.
1953—December.

40,937
48,131
60,215
51,155
50,746

42,311
52,933
72,559
68,243
86,273

426,690
527,525
627,648
636,624
744,076

129,501
135,289
165,696
170,298
184,930

29,843
31,614
38,114
29,734
35,673

627,266
749,928
906,911
902,547
l:037,169

619,204
731,310
879,767
870,504
994,620

1954—March
April
May
June
July
August
September
October
November
December P

43,889
43,467
49,186
45,701
51,277
47,292
46,676
51,991
47,696
53,348

80,266
78,411
79.438
85,313
90,693
84,294
87,028
83,631
82,270
84,898

714,717
710.596
719,284
721,240
787,897
719,014
730,466
820,800
797,574
848,539

201,349
206,008
213,557
214,988
208,091
227,750
223,746
214,681
229,729
223,692

45,611
45,340
46,594
48,348
49,709
49,845
52,147
56,909
63,785
72,762

1,011,093
1,007,632
1,030,758
1,034,079
1,103,289
1,043,036
1,052,196
1,133,087
1.119,354
1,176,111

1955—January

46,988
44,424

84,521
79,631

823,669
815,141

231,670
241,070

39,982
45,850

1,158,280
1,155,013

February

= 736
,841

Other
assets

Total

Demand

Time

^Preliminary.
1
This table represents aggregates of figures reported by individual banks. Data are compiled on the third Wednesday of each month, except
in June and December when the statements give end-of-month data.
2
Represent six-month loans to the Treasury with a yield of % per cent.
3
In accordance with the Bank Act of 1954, the form of presentation of the banks' statement was revised beginning July 1954, and figures
shown may not be strictly comparable with those for earlier dates. Beginning February 1955, when two banks merged, figures are for 10 banks.
4
In January 1950, the Bank of Canada assumed responsibility for these notes.
NOTE.—For details concerning data in earlier years, see BULLETIN for April 1952, p. 466; for back figures and figures on German commercial banks, see Banking and Monetary Statistics, Tables 168-171, pp. 648-655, and for description of statistics, see pp. 566-571 in same publication.

730




FEDERAL RESERVE BULLETIN

FOREIGN EXCHANGE RATES
[Average of certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency]
Argentina
(peso)
Year or month

Australia*
(pound)

Basic

Preferential

Free

29.774
26.571
20 000
20 000
20 000
20.000

13,333
13 333
13 333
13 333
13.333

8.289
7 067
7 163
'i 198
7.198

293.80
223.15
273.07
272 63
224. 12
223.80

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 S93
7 198
7.198
7 198
7 198
7.198

! 9 * S—Jam' arv
5
February.
March
April
Mav .

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
7.168

Ceylon
(rupee)

Denmark
(krone)

1949
1^50
1951

.

195?
19^4
19«54—June.
Julv

..

Alif llSt

Year or month

A u s t r i a Belgium
(schilling) (franc)

Brazil
(cruzeiro)

British
Malaysia
(dollar)

Canada
(dollar)
Official

Free

97.491
90.909

92.881
91.474
94.939
102 149
101.650
102.724

3 8580
3.8580

2.2009
1.9908
1.9859
1 9878
2 0000
1.9976

5.4406
5.4406
5 4406
5 4406
5 4420
13.5261
H.2808

42.973
32.788
32 849
3? 601
32 595
32.641

224.56
224 51
224.i3
223.18
222 89
222.67
222.10

3 8580
3 8580
3 8.S80
3.8580
3 8580
3 8580
3.8580

2,0032
2 0009
1.9994
2.0007
1 9977
1 9082
1.9954

4.2808
4 2808
*4 2808

32 666
32 689
32 644
32.558
32 634
32 625
32.544

101.882
102 611
103.060
103.112
103 094
103.160
103.292

221.92
221.80
222.42
222.83
222.78

3.8580
3.8580
3.8580
3 8580
3.8580

1.9959
1.9938
1.9856
1.9890
1.9896

32.538
32 535
32.608
32 675
32 686

103.498
102.384
101.587
101 404
.101.405

Finland
(markka)

France
(franc)
Official

Germany
(deutsche
mark)

3.5261
3 5261
13 5261

Netherlands

India
(rupee)

Ireland
(pound)

Mexico
(peso)

280 38
279.68
281 27
280.87

12.620
11.570
11,564
11.588
H 607
39.052

34.528
26.252
26.264
26.315
26 340
26.381

Free

(guilder)

. 4354
. 4354
,4354
.4354

3017
.2858
.2856
,2856
. 2856
.2856

23.838

27.706
20.870
20.869
20.922
21 0*9
21.020

21.077
21 094
21.059
20.968
20 935
20.920
20.863

.4354
4354
4354
. 4354
4354
.4354
.4354

.2856
,2856
. 2856
.2856
.2856
.2856
,2856

23.838
23.838
23 838
23.838
23 838
23 838
23.838

21.085
21 094
21 061
20.970
20 938
20 022
20.863

281.82
281.76
281 29
280.08
279 72
279 45
278.74

7.995
8.000
8 005
8.005
8 005
8 005
8.006

26.426
26.415
26 396
26.364
26 267
26 290
26.346

20.843
20 834
20 80?
20 030
20.927

.4,154
.4354
43 5 't
4354
4354

.2856
.2856
.2856
.2856
. 2856

23.838
23 838
23.838
23 834
23.744

20.843
20 834
20.8')2
20 030
20.927

278.52
278 36
270.14
270 65
279.59

8.006
8 006
8.006
8 006
8.006

26.340
26 200
26.207
26 307
26.302

New
Zealand
(pound)

Norway
(krone)

PhilipPortupine
gal
Republic (escudo)
(peso)

365.07
277.28
277,19
276,49
278.48
278 09

18 4S1
14.015
14 015
14,015
14.015
14.008

49.723
49 621
49.639
*9.675
49.676
49.677

3.8800
3 „ /i.704
3.4739
3.4853
3.4887
3.4900

1954—June
July
August .
September
October
November
December

279 03
278.9?
278 50
277.31
276 95
276.68
275.98

14 008
14.00S
14 008
14.008
14.008
14.008
14.008

49 677
49.677
49 677
49.677
49 677
49.677
49 677

1955— T? nu arv
February
March
April

275 76
275 60
276.38
276 88
276.82

14 008
14 008
14 008
14 008
14.008

49 677
49 677
49.677
49 677
49.677

27.839
20.850
20.849
20.903
21.04-6
21.017

1949
1.950
1951
1952
19*53
1954
1954—June
July
September
October
November
December

...

1955—januarv

February
Mprch
April

Year or month

1949
1950
1Q52
1954

,

Mav

19.117
14,494
14.491
14.492

.4671

23.838
23.838
23.838
2

Sooth
Africa
(pound)

Sweden
(krona)

Switzerland
(franc)

United
Kingdom
(pound)

25.480
19.332
19.327
19.326
19.323
19.333

23.314
'23 136
23.060
23,148
23.316
23.322

368,72
280 07
279.96
279.26
281.27
280,87

3 4900
3.4900
3 4900
3.4900
3.4900
3.4000
3.49C0

366.62
278.38
278.33
278.20
280.21.
279.82
280 76
280.71
280.24
279.04
278.68
278.40
277.69

19 333
19.333
19.333
19.333
19.333
19.333
19.333

23 334
23.320
23 322
23.325
23 320
23.328
23 335

281 82
281.76
281 29
280.08
270 72
270.45
278 74

3 4900
3.4900
3.4900
3 4000
3.4900

277 48
277 32
278.10
278 61
278.54

19 333
19.333
19.333
19 333
19.333

23 326
23 319
23 320
23 330
23.333

278 52
278 36
279 14
270 65
279.50

Uruguay 4
(peso)
65.830
65 833
65.833
65 833
65.833

56.180
56 180
56,180
56.180
56.180

42.553
42 553
42.553
42 553
42.553

1
Based on quotations through Aug. 13, 1954.
2
Based on quotations beginning Apr. 1, 1954.
3
The Mexican peso was devalued, effective Apr.
4

19, 1954, from a par value of 8.65 to 12.50 pesos per U. S. dollar.
For figures on free rate for the period Feb.lO-Dec. 4, 1953, inclusive, see BULLETIN for December 1954, p. 1333. The average for this
period was 34.217.
NOTE.—For back figures, see Banking and Monetary Statistics, Table 173, pp. 662-682. For description of statistics, see pp. 572-573 in same
publication, and for further information concerning rates and averages for previous years, see BULLETIN for December 1954, p. 1333.

JUNE 1955




731

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
WHOLESALE PRICES—ALL COMMODITIES
[Index numbers]
United
States
(1947-49
«-100)

United
Kingdom
(1930»
100)

France
(1949 =
100)

Mexico
(1939«
100)

132
139

199
229

169
175

20
34

96
104
99

1945
1946
1947
1948
1949
1950
1951
1952
1953
1954

Canada
(1935-39
-100)

69
79

Year or month

163
193
198

242
260
285

192
219
230

52
89
100

103
115
112
110

311
386
400
393

211
240
226
221

262
320
328
328

110

August
September
October
November
December

, .. .

1955—January .
February
March
April

429

330

136

218
218

218
217
216
215
214
215
215

411
431

437
437
441
439
450
454
460

330
331

137
139

110
110
110
111

June
July

217

216
217
217
219

463
468
478
483

110
110
111
110
110
110
110

332
333
329
329
329
331
336
»-337

136
135
135

338

P334

Netherlands
(1948 =
100)

Sweden
(1935 =
100)

Switzerland
(Aug. 1939
= 100)

4
16

194
186

205
200

48
128
209

100
104

246
343
349
352

117
143
140
134

199
214
216

227
299
317
298

208
217
206

203
227
220
213

349

136

297

214

354
348

5,295
5,292
5,256
5,251
5,261
5,267
5,276
5,320
5,350

135
134
136
135
134
135
135

P33S

Japan
(1934-36
average
-1)

5,159
5,443
5,169
4,897
5,581
5,270
5,250
5,293

108
138
145
138

111
111

1954—April
May

Italy
(1938 =
100)

136
137

297
296

215
214

342
341
342
344
343
346
344

298
297
296
295
296
298
299

215
214
214
215
215
216
217

345
346
347

5,353
5,323

137
134
134
134
136
136
136
138
137
136
136

300
302

P304

216
215
215
215

P135

pPreliminary.
""Revised.
NOTE.—For sources and references concerning changes in the structure of price indexes for various countries, see BULLETIN for December
1952, p.1356.

WHOLESALE PRICES—GROUPS OF COMMODITIES
[Indexes for groups included in total index above]
Canada
(1935-39 = 100)

United States
(1947-49 = 100)
Year or month
Farm
products

Raw and Fully and
partly
chiefly
manumanufactured factured
goods
goods

Foods

n.a.
n.a.
98

78
95

71

166

136

130

138
162

158
165

106
96
100

103
101
105

116
113

232
229
237

269
250

196
197
213

192
199
211

242
231

181
197
221

247
284

242
249
286

97

105

114

221

207

229

307

99

106

98
95
96

113
107

1954—April
May .

June

July
August
September
Oc tobe r
November
December
Tanuarv
February
March
\pril

. .

Industrial raw
products

Industrial
finished
products

100
101
112

122
129

100
108
128

171
166

100
104
116

156

155

132

184
207

107
93
98

Foods

124

72

. . .

Netherlands
(1948 = 100)

123

Industrial
products

83
100

1945
1946
1947
1948
1949
1950
1951
1952
1953
1954

1955

Other
Farm
Processed commodproducts
foods
ities

United Kingdom
(1930 = 100)

111
109

140
164
238
219

*352

143
135

115

209

206

225

310

127

153

107
105
107

115
114
114

213
213
218

208
207
207

225
225
224

310
311
313

133

129
131
118

155
155
155

133
134
133

93
93
90

104
104
104

115
115
115

202
204
205

201
202
203

222
222
222

301
305
315

122
124
123

156
156
156

135
135
136

93
93
92
94

104
103
102
103

115
116
116
116

207
207
204
213

205
208
206
210

222
223
224
224

315
311
303

123
120
117
116

158
158

139
139
138
138

96
94

106
106

114
114

208
205

205
203

222
223

308

175

205

105

224

158

209

96

115

180
192

304
302

116
116

156
156

159

134

135
135

n.a. Not available.
PPreliminary.
NOTE.—-For sources and references concerning changes in the structure of price indexes for various countries, see BULLETIN for December
1952, p. 1356.

732




FEDERAL RESERVE BULLETIN

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued
CONSUMERS' PRICE INDEXES
All items

Food

United
King- France Netherdom
lands
(1949
(Jan.
(1951
15,1952 .= 100) = 100)2
•=100)

United
States
(1947-49
= 100)1

Canada
(1949
= 100)

1947
1948
1949
1950.
1951
1952
1953
1954

96
103
102
103
111
114
114
115

85
97
100
103
114
116
115
136

77
82
84
86
95
103
106
108

111
130
145
144
143

f.954—April
May . . . .
June
July . . . .
August. . .
September
October. .
November
December.

115
115
115
115
115
115
115
115
114

116
116
116
116
117
117
117
117
117

107
107
107
100108
108
109
109
110

1955—January. .
February.
March. . .
April

114
114
114
114

116
116
116
116

HO
110
110
111

Vear or month

Switzerland
(Aug.
1939 100)

57
90

United
States
(1947-49
-100)1

100
101
101
105

158
163
162
159
167
171
170
171

96
104
100
101
113
115
113
113

142
144
144
142
142
143
143
144
145

104
104
106
105
105
106
105
106
106

17G
170
17!
171
172
172
173
173
173

112
113
114
115
114
112
112
111

145
145
145
145

107
107
107
106

172
172
1.72
172

111
111
111
111

too

no

Canada
(1949

United
SwitzKing- France Nethererdom
lands
land

(Jan.
15, 1952
-100)

(1949
«=100)

117
117
113
112

67
72
76
82
91
105
112
114

57
92
100
ill
128
141
137
135

100
103
104
108

170
176
174
176
181
184
184
188

110
110
112
112
114
114
114
113
113

113
112
114
11?
116
115
116
117
118

134
137
136
133
132
134
134
135
136

107
108
111
109
108
109
108
108
109

183
186
18?
183
190
191
192
192
192

112
112
111
111

119
119
119
120

137
136
136
136

112
111
111
111

190
189
189
189

ioo
103

(1951
= 100)2

(Aug.
1939 100)

P Preliminary.
H'hevse series are the revised indexes, reflecting, beginning January 1953, the inclusion of some new series and revised weights. Prior to January 21953 indexes are based on the "interim adjusted" and "old" indexes, converted to the base 1947-49=100.
In February 1955 the base period for this index was changed from 1949=100 to 1951=100.
NOTE.—For sources and references concerning change;- in the structure of price indexes for various countries (except the United States), see
BULLETIN for December 1952, p. 1357.

SECURITY PRICES
[Index numbers except as otherwise specified]
Common stocks

Bonds
Year or month

United
States
(high
grade) 1

Number of issues. , .
1948
1949.
1950
1951
1952
1953
1954

.

United
Kingdom
(December
1921=100)

60

14

105
107
109
95
86
83
98

0
6
6
7
1
6
6

129 9
126 5
t?l 2
117.6
JOS 3
112 0
117.4

106.4
100.0
99.8
101.4
111.1
113.5
116.4

107.1
106.8
106.7
86.9
85.6
100.2
103.2

124.4
121.4
146.4
176.5
187.7
189.0
226.7

112.5
109,4
131.6
168.3
173.1
160.3
181.2

92.0
87,6
90,0
97.1
9i,l
92.2
99.8

87

17

118
121
1?1
117
115
112
117

3
0
9
7
8
1
2

United
States
(1935-39
=100)

Canada
(1935-39
=100)

France
(1949
=100)

Netherlands 2

480

Canada
(1935-39
=100)
99

United
France
Kingdom
(1926—100) (1949=100)
278

Nether
landss

295

27

100
90
112
143
159
214

240
219
217
215
192
212
277

194
199
194
198
22*

256
261
269
282
285

June
July... .
August
September. . .
October
November. . .
December....

118 1
117 5
117 0
117 5
117 8
117.6
117.5
117.4
117.0

99 8
100 3
100 3
J02 1
102 8
102.1
101.9
101.2
101.1

116,6
117 3
116.0
118 5
119.7
118.9
119.4
119.7
118.1

115.7
115.4
- 114.9
114.9
116.6
116.4
117.6
119.6
120.1

100.0
101.8
105.0
103.7
102.7
103.4
104.3
106.3
108.3

212.7
219.8
221.8
231.1
236.4
238.5
243.5
252.2
264.5

173 6
179.5
180.5
182.3
187.0
189.5
190.2
199.5
206.8

97.0
97.8
98.5
100.0
101.7
102.1
103.8
105.3
106.1

234
240
260
271

289
300
322
325

1955—January
February....
March
April

116.7
115.7
115.4
115.3

100.3
103.3
••104.3
105.0

117.7
114.9
112.5
114.7

121.0
122.4
124.3
126.6

105.9
105.0
106.9

268.8
278.1
277.5
286.2

207.3
214.7
213.7
216.5

109.1
110.0
106.7
108.6

282
290
308
337

327
329
342

j| 954—April
May

"•Revised.
Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond.
Rej>resents the reciprocals of"average yields. The "average yield in the base period (January-March 1937) was 3.39 per cent.
3Average of the ratios of current prices to nominal values, expressed as a percentage.
NOTK.—For sources and references concerning changes in the structure of price series for various countries, see BULLETIN for December
1952, p. 1357.
1
2

JUNE 1955




733

BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
W M . MCC. MARTIN, JR., Chairman

C. CANBY BALDERSTON, Vice Chairman
M. S. SZYMCZAK
JAMES K. VARDAMAN, JR.
ELLIOTT THURSTON,
WOODLIEF THOMAS,

A. L. MILLS, JR.
J. L. ROBERTSON

CHAS. N. SHEPARDSON

WINFIELD W. RIEFLER, Assistant to the Chairman
Assistant to the Board
Economic Adviser to the Board ALFRED K. CHERRY, Legislative Counsel

DIVISION OF EXAMINATIONS

OFFICE OF THE SECRETARY
S. R. CARPENTER, Secretary
MERRITT SHERMAN, Assistant Secretary
KENNETH A. KENYON, Assistant Secretary

LEGAL DIVISION
GEORGE B. VEST, General Counsel
FREDERIC SOLOMON, Assistant General Counsel
HOWARD H. HACKLEY, Assistant General Counsel
DAVID B. HEXTER, Assistant General Counsel
G. HOWLAND CHASE, Assistant General Counsel
DIVISION OF RESEARCH AND STATISTICS
RALPH A. YOUNG, Director
FRANK R. GARFIELD, Adviser on Economic
KENNETH B. WILLIAMS, Assistant Director
SUSAN S. BURR, Assistant Director

GEORGE S. SLOAN, Director
C. C. HOSTRUP, Assistant Director
FRED A. NELSON, Assistant Director
ARTHUR H. LANG, Chief Federal Reserve
ROBERT C. MASTERS, Assistant Director
GLENN M. GOODMAN, Assistant Director
HENRY BENNER, Assistant Director

Examiner

DIVISION OF PERSONNEL ADMINISTRATION
EDWIN J. JOHNSON, Director
H. FRANKLIN SPRECHER, JR.,

Assistant Director

Research

GUY E. NO YES, Assistant Director
ALBERT R. KOCH, Assistant Director

DIVISION OF INTERNATIONAL FINANCE
ARTHUR W. MARGET, Director
LEWIS N. DEMBITZ, Assistant Director

DIVISION OF BANK OPERATIONS
ROBERT F. LEONARD, Director
J. E. HORBETT, Assistant Director
LOWELL MYRICK, Assistant Director

DIVISION OF ADMINISTRATIVE SERVICES
LISTON P. BETHEA, Director
JOSEPH E. KELLEHER, Assistant

Director

OFFICE OF DEFENSE LOANS
GARDNER L. BOOTHE, II, Administrator
OFFICE OF THE CONTROLLER
EDWIN J. JOHNSON, Controller
M. B. DANIELS, Assistant Controller

Special Assistants to the Board—CHARLES MOLONY AND CLARKE L. FAUVER

FEDERAL OPEN
MARKET COMMITTEE
W M . M C C . MARTIN, JR., Chairman
ALLAN SPROUL, Vice Chairman
C. CANBY BALDERSTON
C. E. EARHART
W. D. FULTON
W. H. IRONS
HUGH LEACH

A. L. MILLS, JR.
J. L. ROBERTSON
CHAS. N. SHEPARDSON
M. S. SZYMCZAK
JAMES K. VARDAMAN, JR.

WINFIELD W. RIEFLER, Secretary
ELLIOTT THURSTON, Assistant Secretary
GEORGE B. VEST, General Counsel
FREDERIC SOLOMON, Assistant General Counsel
WOODLIEF THOMAS, Economist
J. DEWEY DAANE, Associate Economist
L. MERLE HOSTETLER, Associate Economist
MORGAN H. RICE, Associate Economist
H. V. ROELSE, Associate Economist
O. P. WHEELER, Associate Economist
RALPH A. YOUNG, Associate Economist
ROBERT G. ROUSE, Manager of System Open

Market Account

734




FEDERAL
ADVISORY COUNCIL
WILLIAM D. IRELAND,

BOSTON DISTRICT

HENRY C. ALEXANDER,

N E W YORK DISTRICT

WILLIAM R. K. MITCHELL, PHILADELPHIA DISTRICT
FRANK R. DENTON,

CLEVELAND DISTRICT

ROBERT V. FLEMING,

RICHMOND DISTRICT

Vice President
WALLACE M. DAVIS,

ATLANTA DISTRICT

EDWARD E. BROWN,

CHICAGO DISTRICT

President
W. W. CAMPBELL,

ST. LOUIS DISTRICT

JOSEPH F. RINGLAND,

MINNEAPOLIS DISTRICT

CHARLES J. CHANDLER,

KANSAS CITY DISTRICT

GEO. G. MATKIN,

DALLAS DISTRICT

JOHN M. WALLACE,

SAN FRANCISCO DISTRICT

HERBERT

V. PROCHNOW, Secretary
FEDERAL RESERVE BULLETIN

CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS
Vice Presidents

Federal Reserve
Bank of

Chairman *
Deputy Chairman

President
First Vice President

Boston.

Harold D. Hodgkinson
Robert C. Sprague

J. A. Erickson
Alfred C. Neal

Robert B. Harvey 3 Carl B. Pitman
O. A. Schlaikjer
E. O. Latham
R. F. Van Amringe

New York.

Jay E. Crane
Forrest F Hill

Allan Sproul
William F. Treiber

H. A. Bilby
John Exter
H. H. Kimball
A. Phelan
H. V. Roelse

Robert G. Rouse
T. G. Tiebout
V. Willis
R. B. Wiltse
J. H. Wurts

Philadelphia

William J. Meinel
Hencieison Supplee, Jr.

Alfred H. Williams
W. J. Davis

Karl R. Bopp
Robert N. Hilkert
E. C. Hill
Wm. G. McCreedy

P. M. Poor man
J. V. Vergari T
Richard G. W ilgus 2

Cleveland.

John C. Virden
Sidney A Swensrud

W. D. Fulton
Donald S. Thompson

Dwight L. Allen
Roger R. Clouse
A. H. Laning 3

Martin Morrison
H. E. J. Smith
Paul C. Stetzelberger

Richmond

John B. Woodward, Jr,
Hugh Leach
Alonzo G. Decker, Jr.
Edw. A. Wayne

N. L. Armistead
Aubrey N. Heflin
Upton S. Martin
J. M. Nowlan 2

James M. Slay
C. B. Strathy
Chas. W. Williams

Atlanta.

Rufus C. Harris
Harllee Branch, Jr.

Malcolm Bryan
Lewis M. Clark

V. K. Bowman
L. B. Raisty
J. E. Denmark 3
Earle L. Rauber
John L. Liles, Jr.
S. P. Schuessler
Harold T. Patterson

Chicago.

John S. Colernan
Bert R. Prall

C. S. Young
E. C. Harris

Neil B. Dawes
W. R. Diercks
W. A. Hopkins
L. H. Jones 2

St. Louis

M. Moss Alexander
Caffey Robertson

Delos C. Johns
Dale M. Lewis
Frederick L. Deming Wm. E. Peterson

H. H. Weigel
J. C. Wotawa

Minneapolis. . ,

Leslie N. Perrin
O. B. Jesness

O. S. Powell
A. W. Mills

E. B. Larson
H. G, McConnell

Otis R. Preston
M. H. Strothman, Jr.
Sigurd Ueland

Kansas City. ..

Raymond W. Hall
Cecil Puckett

H. G. Leedy
Henry O. Koppang

John T. Boy sen 3
Clarence W". Tow

E. D. Vanderhoof
D. W. Woolley

Dallas

Robert J. Smith
Hai Bogle

Watrous H. Irons
W. D. Gentry

E. B. Austin
W. H. Holloway 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 3
O. P. Wheeler

(Vice Presidents in charge of branches are listed in
lower section of this Page)

L. G. Meyer
George W. Mitchell
A. L. Olson
Alfred T. Sihler
W. W. Turner

VICE PRESIDENTS IN CHARGE OF BRANCHES OF FEDERAL RESERVE BANKS
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.
1955




Vice Presidents
I. B. Smith
R. G. Johnson
J. W. Kossin
D. F. Hagner
R. L. Cherry
H. C. Frazer
T. A. Lanford
J. E. McCorvey4
M. L. Shaw
R. A. Swaney
Fred Burton
V. M. Longstreet
Darryl R. Francis
2

Cashier.

3

Federal Reserve
Bank of

Branch

Vice Presidents

Minneapolis

Helena

C. W. Groth

Kansas City

Denver
Oklahoma City
Omaha

G. A. Gregory
R. L. Mathes
P. A. Debus

Dallas

El Paso
Houston
San Antonio

C. M. Rowland
J. L. Cook
W. E. Eagle

San Francisco.... Los Angeles
Portland
Salt Lake City
Seattle

Also Cashier.

4

W. F. Volberg
J. A. Randall
W. L. Partner
J. M. Leisner

Acting Manager.

735

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.
THE

FEDERAL

FUNCTIONS.
pages.

RESERVE

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)
BANKING AND MONETARY STATISTICS.

SYSTEM—PURPOSES AND

Revised edition.

July 1954. 224
A

ANNUAL REPORT of the Board of Governors of the

Federal Reserve System. Issued each year.

Statistics of

banking, monetary, and other financial developments. November 1943. 979 pages. $1.50 per
copy. No charge for individual sections (unbound).
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.

FEDERAL RESERVE BULLETIN. Issued monthly. Sub-

scription price in the United States and its pos- THE DEVELOPMENT OF BANK DEBITS AND CLEARINGS AND THEIR USE IN ECONOMIC ANALYSIS.
sessions, Bolivia, Canada, Chile, Colombia, Costa
January 1952. 175 pages. 25 cents per copy; in
Rica, Cuba, Dominican Republic, Ecuador,
quantities of 10 or more copies for single shipGuatemala, Haiti, Republic of Honduras, Mexico,
ment, 15 cents each.
Nicaragua, Panama, Paraguay, Peru, El Salvador,
Uruguay, and Venezuela is $2.00 per annum or
20 cents per copy; elsewhere $2.60 per annum or T H E FEDERAL RESERVE ACT, as amended to November 1, 1946, with an Appendix containing pro25 cents per copy. Group subscriptions in the
visions of certain other statutes affecting the
United States for 10 or more copies to one ad
Federal Reserve System. 372 pages. §1.00 per
dress, 15 cents per copy per month, or $1.50
copy.
for 12 months.
FEDERAL RESERVE CHARTS ON BANK CREDIT, MONEY

RATES, AND BUSINESS. Issued monthly. $6.00
per annum including one issue of historical supplement (listed below). 60 cents per copy; in
quantities of 10 or more copies of a particular
issue for single shipment, 50 cents each. (Domestic rates)
HISTORICAL

SUPPLEMENT

TO FEDERAL

RESERVE

COMPILATION OF FEDERAL AND STATE LAWS RELATING TO BRANCH BANKING W I T H I N THE UNITED

STATES (July 1, 1951). December 1951. 33 pages.
RULES OF ORGANIZATION AND RULES OF PROCEDURE

—Board of Governors of the Federal Reserve
System (with Amendments). September 1946.
31 pages.
REGULATIONS OF THE BOARD OF GOVERNORS OF THE

CHARTS ON BANK CREDIT, MONEY RATES, AND

FEDERAL RESERVE SYSTEM. Individual regulations

BUSINESS. Issued annually in September. Annual

with amendments and supplements thereto.

736




FEDERAL RESERVE BULLETIN

FEDERAL RESERVE BOARD PUBLICATIONS
PERIODIC RELEASES
WEEKLY

EMPLOYMENT
MENTS

IN

NONAGRICULTURAL

ESTABLISH-

FEDERAL RESERVE PAR LIST (Also annual list. Both

AVERAGES OF MEMBER BANK RESERVES, RESERVE
BANK CREDIT, AND RELATED ITEMS AND STATEMENT OF CONDITION OF THE FEDERAL RESERVE
BANKS
CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS,
BY INDUSTRY
CHANGES IN STATE BANK MEMBERSHIP
CONDITION OF WEEKLY REPORTING MEMBER BANKS
IN LEADING CITIES

available at Federal Reserve Banks only).
INTERDISTRICT SETTLEMENT FUND
INDEX NUMBERS OF WHOLESALE PRICES
MONTHLY DEPARTMENT STORE SALES
MONTHLY DEPARTMENT STORE SALES AND STOCKS,
BY MAJOR DEPARTMENTS
MONTHLY DEPARTMENT STORE STOCKS
MONTHLY FOREIGN EXCHANGE RATES

CONDITION OF WEEKLY REPORTING MEMBER BANKS
NATIONAL SUMMARY OF BUSINESS CONDITIONS

IN CENTRAL RESERVE CITIES
WEEKLY DEPARTMENT STORE SALES

OPEN-MARKET MONEY RATES AND BOND PRICES

WEEKLY DEPARTMENT
CITIES AND AREAS

RETAIL FURNITURE REPORT

STORE

SALES—SELECTED

WEEKLY FOREIGN EXCHANGE RATES

WEEKLY REVIEW OF PERIODICALS (Available only

for domestic distribution)

SALES FINANCE COMPANIES
STATE MEMBER BANKS OF THE FEDERAL RESERVE SYS-

TEM AND NONMEMBER BANKS THAT MAINTAIN
CLEARING

SEMIMONTHLY

WITH

FEDERAL

RESERVE

SEMIANNUAL-QUARTERLY

DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER
BANKS

ALL BANKS IN THE UNITED STATES AND POSSESSIONS—
PRINCIPAL ASSETS AND LIABILITIES

MONTHLY
ASSETS AND LIABILITIES

ACCOUNTS

BANKS (Also annual list)

OF A L L BANKS IN THE

UNITED STATES. (Including Consolidated Statement for Banks and the Monetary System).

MEMBER BANK CALL REPORT
MEMBER BANK EARNINGS

ASSETS 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

and Consumer Instalment Credit Extended and

Repaid)

DEPARTMENT STORE SALES AND STOCKS, BY MAJOR

CONSUMER FINANCE COMPANIES—LOANS OUTSTANDING AND VOLUME OF LOANS MADE
CONSUMER

INSTALMENT

CREDIT

AT COMMERCIAL

BANKS
DEPARTMENT STORE CREDIT
DEPARTMENT STORE MERCHANDISING DATA

JUNE 1955




BANKS DEBITS TO DEMAND DEPOSIT ACCOUNTS

DEPARTMENTS

IRREGULAR
DISTRIBUTION OF BANK DEPOSITS BY COUNTIES AND
STANDARD METROPOLITAN AREAS ( N O W biennial)
SELECTED LIST OF ADDITIONS

TO THE RESEARCH

LIBRARY

737

FEDERAL RESERVE BOARD PUBLICATIONS
REPRINTS

NOTES ON FOREIGN CURRENCY ADJUSTMENTS. N O -

(Frcm Federal Reserve Bulletin unless preceded by an asterisk)
T H E HISTORY OF RESERVE REQUIREMENTS FOR BANKS

IN THE UNITED STATES.

November 1938. 20

vember 1949. 14 pages.

A STUDY OF INSTALMENT CREDIT TERMS.

Decem-

ber 1949. 8 pages.

pages.
MEASUREMENT OF CONSUMER CREDIT.
T H E PAR COLLECTION SYSTEM OF THE FEDERAL R E -

1950.

November

9 pages.

SERVE BANKS. February 1940. 8 pages.
* T H E TREASURY—CENTRAL BANK RELATIONSHIP IN
HISTORICAL REVIEW OF OBJECTIVES OF FEDERAL R E -

SERVE POLICY.

April 1940.

FOREIGN

COUNTRIES—PROCEDURES

AND TECH-

NIQUES. November 1950. April 1951. 19 pages.

11 pages.

GENERAL INDEXES OF BUSINESS ACTIVITY.
7 pages.

June 1940.

HOUSE PURCHASES IN THE FIVE MONTHS FOLLOWING
T H E
INTRODUCTION OF REAL ESTATE CREDIT REGU-

LATION. July 1951. 23 pages.
MEASUREMENT OF PRODUCTION.

September 1940.
REVISED INDEXES OF DEPARTMENT STORE SALES AND

16 pages.

STOCKS. December 1951. 53 pages.

FEDERAL RESERVE BANK LENDING POWER NOT D E PENDENT ON MEMBER BANK RESERVE BALANCES.

February 1941. 2 pages.

RECENT CHANGES IN GERMANY'S FOREIGN TRADE

BALANCE. March 1952. 7 pages.
BANKING IN THE SOVIET UNION.

ADJUSTMENT FOR SEASONAL VARIATION.

Descrip-

tion of method used by Board in adjusting economic data for seasonal variation.

SALES.

ESTIMATES OF GROSS NATIONAL PRODUCT, 1919-28.

September 1945. 2 pages.

April 1952. 4 pages.

REAL ESTATE LOANS OF REGISTRANTS UNDER REGU-

LATION X. June 1952. 18 pages.

BUSINESS LOANS OF MEMBER BANKS.

March, May,

June, July, and August 1947. 80 pages.

SURVEYS FOR ECONOMIC RESEARCH.

REVISED

SERIES

ON DEPARTMENT

STORE

SALES,

STOCKS, AND ORDERS. October 1952. 5 pages.

VALUES AND LIMITATIONS OF CONSUMER FINANCIAL

March 1947.

9 pages.

T H E

MONETARY SYSTEM OF THE UNITED STATES.

February 1953. 16 pages.
INFLUENCE OF CREDIT AND MONETARY MEASURES ON

,

\s

o

e

ECONOMIC STABILITY. March 1953. 16 pages.
r

BANKING ASSETS AND THE MONEY SUPPLY SINCE

1929.

8

June 1941. REVISED WEEKLY INDEX OF DEPARTMENT STORE

11 pages.

«

April 1952.

pages.

January 1948. 9 pages.

&

FEDERAL FINANCIAL MEASURES FOR ECONOMIC STA-

BILITY. May 1953. 7 pages.
SALES FINANCE

COMPANY

OPERATIONS

IN 1947,

July 1948. 6 pages.

REVISION OF CONSUMER CREDIT STATISTICS.

April

1953. 19 pages.
T H E PHILIPPINE CENTRAL BANK ACT and Text of

the Act.

In part a reprint from the August

1948 BULLETIN.

36 pages.

•DETAILED DESCRIPTION OF SOURCES AND METHODS
USED IN REVISION OF SHORT- AND INTERMEDIATETERM CONSUMER CREDIT STATISTICS (supplcmcn-

N E W STATISTICS OF INTEREST RATES ON BUSINESS
LOANS. March 1949. 10 pages.

738




tary details for item listed above), April 1953.
25 pages.
FEDERAL RESERVE BULLETIN

FEDERAL RESERVE BOARD PUBLICATIONS
FEDERAL

RESERVE

BANK

RESPONSIBILITIES.

May

UNITED

DIRECTLY PLACED FINANCE COMPANY PAPER.

De-

cember 1954. 8 pages.

1953. 5 pages.
STATES POSTWAR

INVESTMENT

IN LATIN

CREDIT AND MONETARY EXPANSION IN 1954.

WARTIME AND POSTWAR CREDIT DEMANDS OF LARGE

CORPORATIONS. July 1953. 12 pages.

T H E FEDERAL BUDGET FOR 1956.

February 1955.

11 pages.
BANKING AND MONETARY STATISTICS, 1954.

DEPARTMENT STORE SALES AND STOCKS, BY MAJOR

DEPARTMENTS (Revised
1953. 65 pages.

Indexes)

Feb-

ruary 1955. 8 pages.

AMERICA. May 1953. 6 pages.

November

FEDERAL RESERVE MONTHLY INDEX OF INDUSTRIAL

PRODUCTION, 1953 Revision. December 1953. 96
pages.

(Se-

lected series of banking and monetary statistics
for 1954 only) February and May 1955. 12
pages.
DOLLAR

FLOWS

AND INTERNATIONAL

FINANCING.

March 1955. 8 pages.
SEASONAL ADJUSTMENT FACTORS FOR DEMAND D E -

EXTENSIONS AND REPAYMENTS OF CONSUMER IN-

STALMENT CREDIT. January 1954. 14 pages.

POSITS ADJUSTED AND CURRENCY OUTSIDE BANKS.

March 1955. 4 pages.
UNITED STATES BANKS AND FOREIGN TRADE FINANC-

INTERNATIONAL

GOLD

AND DOLLAR

MOVEMENTS.

March 1954. 9 pages. (Also, similar article from
March 1953 BULLETIN)

ING. April 1955. 11 pages.
BANKERS' ACCEPTANCE FINANCING IN THE UNITED

STATES.

May 1955. 13 pages.

N E W INDEXES OF OUTPUT OF CONSUMER DURABLE

GOODS. May 1954. 15 pages. (Also, similar reprint from October 1951 BULLETIN)
ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS

AND BUSINESSES. July 1954. 2 pages. (Also,
similar article from July 1953 BULLETIN)
T H E PRIVATE DEMAND FOR GOLD, 1931-53.

Sep-

tember 1954. 10 pages.
RECENT

MANY.

FINANCIAL

CHANGES IN WESTERN GER-

October 1954. 10 pages.

USE OF MONETARY INSTRUMENTS SINCE MID-1952.

December 1954. 8 pages.

JUNE 1955




1955 SURVEY OF CONSUMER FINANCES—PRELIMINARY
FINDINGS OF THE 1955 SURVEY OF CONSUMER F I -

NANCES. March 1955. 3 pages. Purchases of
Durable Goods in 1954. May 1955. 17 pages.
The Financial Position of Consumers. June
1955. 14 pages. (Other articles on the 1955
Survey will appear in later issues of the BULLETIN). Similar Surveys are available for most
earlier years from 1947, 1949, 1950, 1951, 1952,
1953, and 1954 BULLETINS.
ESTIMATES OF CONSUMER INSTALMENT CREDIT EX-

TENDED AND REPAID, 1929-1939.

June 1955. 8

pages.
FINANCING OF LARGE CORPORATIONS IN 1954.

1955.

June

8 pages.

739

FEDERAL RESERVE SYSTEM
BOUNDARIES OF FEDERAL RESERVE DISTRICTS
AND THEIR BRANCH TERRITORIES

= .

BOUNDARIES OF FEDERAL RESERVE DISTRICTS
BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES

w
w

I
H




^

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

©

FEDERAL RESERVE BANK CITIES

•

FEDERAL RESERVE BRANCH CITIES


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102