Full text of Federal Reserve Bulletin : June 1955
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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... Subscription Price of Bulletin A copy of the Federal Reserve BULLETIN is sent to each member bank without charge. The subscription price in the United States and its possessions, Bolivia, Canada, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, and Venezuela is $2.00 per annum or 20 cents per copy; elsewhere, $2.60 per annum or 25 cents per copy. Group subscriptions in the United States for 10 or more copies to one address, 15 cents per copy per month, or $1.50 for 12 months. 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