Full text of Federal Reserve Bulletin : March 1954

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FEDERAL

E S E RVE

BULLETIN
MARCH 1954

BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM

FEDERAL
VOLUME 40

RESERVE
March

BULLETIN
NUMBER 3

1954

INTERNATIONAL GOLD AND DOLLAR MOVEMENTS
The rebuilding of foreign gold and dollar
reserves to more adequate levels continued
in 1953, especially in Continental Western
Europe and the Sterling Area. Foreign holdings of gold and dollars, after a substantial
growth in the last nine months of 1952, increased 2.6 billion dollars in 1953 to a record
total of 23 billion. Practically all of the
additions in 1953 went to Continental Western Europe and the Sterling Area. The upward movement in reserves has continued
in 1954.
The increase in foreign monetary reserves
in 1953 reflected the recent tendency toward
balance in the current account position of
the United States (excluding military supplies and services granted to foreign countries) and a continued—though reduced—
net flow of private capital and United States
Government loans and grants to the rest
of the world.
Nearly half the 1953 increase in foreign
monetary reserves took the form of gold
purchases from the United States. Foreign
countries also acquired more than 400 million dollars of gold from new production
and other sources. Foreign dollar holdings
rose almost 1 billion dollars, about half of
which was invested in United States Government securities.
The current contraction in the United
States economy finds foreign countries in a
more comfortable position than in past years
with respect to both the balance of payments
MARCH 1954




FOREIGN GOLD RESERVES AND DOLLAR HOLDINGS
Billions of

dollars

U. S. G O V T .
SECURITIES, ETC.

20

DEPOSITS

10
GOLD
RESERVES

1928

1938

1945

1948

1952

1953

NOTE.—Year-end data. Gold reserves valued at $20.67 per
fine ounce in 1928 and at $35 thereafter. Gold reserves of the
U.S.S.R. are excluded. Top section of bar includes a substantial amount of short-term private paper in 1928 and small
amounts in other years.

and the level of monetary reserves. The
question of adequacy of foreign monetary
reserves takes on increased interest as the
approach to over-all balance in international
payments permits relaxation of direct restrictions on trade and payments among
nations.
FOREIGN TRANSACTIONS WITH THE
UNITED STATES

Net transfers of gold and dollars from the
United States to foreign countries and international institutions reflect the United States
balance of payments with the rest of the
world in goods, services, gifts, and capital
transactions. Such net transfers rose from
about 1 billion dollars in 1952 to 2.2 billion
237

INTERNATIONAL GOLD AND DOLLAR MOVEMENTS

in 1953. The United States balance on current account—which covers all transactions
in goods and services, including Government
purchases of goods and services for use
abroad, and also private remittances, but excludes military supplies and services furnished under Government aid—changed
from a surplus of 1.8 billion dollars in 1952
to a small deficit in 1953. This change was
sufficient to offset declines in the net outflow
of private capital and in disbursements of
Government nonmilitary grants and loans,
and also to permit a substantial increase in
gold and dollar transfers to foreign countries.
Payments to foreign countries on account
of United States Government economic
grants and loans declined about 400 million
dollars from 1952 to 1953, resulting primarily from smaller appropriations for European aid under the Mutual Security Program.
The net outflow of United States private
capital declined about 700 million dollars
in 1953, reflecting special factors in the
movements of both long- and short-term
private funds. In the second and third quarters of the year, when bond prices in this
country were below earlier levels, there were
large repurchases, particularly by Canadians,
of outstanding long-term foreign securities
in the United States market. Largely as a
result of these transactions, the net outflow
of United States portfolio capital was reversed, the net inflow for 1953 amounting
to about 180 million dollars. The flow of
direct investment abroad—the major element in United States long-term private capital movements—declined moderately during
the year.
A net inflow of United States private shortterm capital, in contrast to the net outflow
of most previous years, reflected payments
by Brazil on an accumulation of claims held
238




by American banks and exporters. Brazil
drew on an Export-Import Bank loan for
this purpose. Short-term credits to other
foreign countries rose somewhat.
UNITED STATES

BALANCE OF PAYMENTS

SELECTED COMPONENTS
Billions of dollars

U. S. GOVT.
GRANTS and LOANS

1.0

OUTFLOW of U.S. PRIVATE CAPITAL
NET TRANSFERS of GOLD and DOLLARS
to FOREIGN COUNTRIES

1.0

-.5

1952

1953

NOTE.—Quarterly data; figures for fourth quarter of 1953
are preliminary. Net transfers of gold and dollars, computed
by Federal Reserve, include net foreign purchases of gold from
United States plus net increase in foreign dollar holdings.
Other data are derived from U. S. Department of Commerce
statistics. Balance on current account represents the balance
of goods, services, and unilateral transfers other than Government grants; exports of grant-financed military supplies and
services are excluded. Outflow of U. S. private capital and U. S.
Government nonmilitary grants and loans are on a net basis.

The change in 1953 in the current account
balance of the United States with foreign
countries reflected a level of United States
merchandise exports (excluding those covered by military aid) about 1 billion dollars below the 1952 total. After declining
in the course of 1952, exports in 1953 were
maintained at about the same level as in the
third and fourth quarters of 1952. Merchandise imports rose to a peak in the spring
of 1953, but for the year as a whole were only
slightly larger than in the preceding year.
FEDERAL RESERVE

BULLETIN

INTERNATIONAL GOLD AND DOLLAR MOVEMENTS

United States purchases abroad of goods
and services for use abroad, including payments for the maintenance of United States
military installations and troops and for offshore procurement of military equipment
for the use of foreign countries, were an
important factor enabling foreign countries
to show a current account surplus with this
country. These payments amounted to 2.6
billion dollars in 1953 compared with 1.9
billion in 1952.
Exports and offshore transfers of military
supplies and services under United States
Government grants, which increased about
1.7 billion dollars to 4.3 billion in 1953, are
excluded from the calculation of the balance
on current account. These grant-aid military
supplies, while providing net additions to
foreign military strength, have for the most
part not altered the supply of or demand for
goods and services in commercial trade.

United States domestic production and industrial consumption of gold were in near
balance during 1953, the monetary gold
N E T FOREIGN PURCHASES OF GOLD FROM THE U N I T E D STATES

19531
[In millions of dollars]
Area and countryContinental Western Europe:
Belgium and Belgian Congo
Denmark
Germany (Federal Republic of).
Netherlands
Portugal .
Sweden
Switzerland
Other Continental Western
Europe . .
Bank for International Settlements
Total
United Kingdom
Latin America:
Argentina
Mexico.. . .
Uruguay
Other Latin America
Total
Asia and all other
Grand total

COMPOSITION OF GOLD
AND DOLLAR MOVEMENTS

Changes in total foreign and international
gold and dollar holdings reflect the balance
of payments of the United States and the addition of newly produced gold to foreign
monetary reserves. When total payments
from the United States are in excess of receipts, foreign countries may use their net
dollar receipts to purchase gold from the
United States or to add to their assets in the
United States. To the extent that such assets
include bank deposits or securities with maturities up to 20 months at the time of purchase, they are included in the concept of
dollar holdings as used in this article.
United States gold sales. Foreign countries purchased about 1.2 billion dollars of
gold from the United States during 1953.
About half the purchases were made in the
first quarter, as shown in the table. Since
MARCH 1954




Jan.- Apr.- July- Oct- Year
Mar. June Sept. Dec.
36
13
30
25
15
10
20

3

12

40
40
15
10

50

' 15'
25

15

8
23

95
13
130
65
60
20
65

43

10

' 15'
5
—4

4
94

9

43

19
128

181

62

175

320

40

120

480

55
28
10
4

20

10

97
1
599

546

(2)

(2)

85
28
15
4

25

10

(2)

132

1

1

2

6

130

1,164

5

128

307

1

Minus sign indicates sale to the United States.
Purchase of less than $500,000.
NOTE.—Details may not add to totals because of rounding.
2

stock of the United States declined about
1.2 billion during the year as a result of its
sales. At the year-end this country had a
gold stock of 22.1 billion dollars. This was
60 per cent of world gold reserves, the same
relative share as at the end of 1945. The
corresponding ratios in the predepression
year of 1928 and the prewar year of 1938
were 38 and 56 per cent. All gold figures
in this article exclude the U.S.S.R.
Other gold transactions. Since the total
gold reserves of foreign countries and international institutions rose by 1,590 million
dollars in 1953 and net foreign purchases of
gold from the United States accounted for
1,164 million, about 425 million of the total
was acquired from new foreign production
or other sources. There were reports of sales
239

INTERNATIONAL GOLD AND DOLLAR MOVEMENTS

ESTIMATED CHANGES IN FOREIGN AND INTERNATIONAL GOLD RESERVES AND DOLLAR HOLDINGS DURING

1953

[In millions of dollars]

Increase or decrease (—), 1953
Holdings at

Holdings at

end of 1952

end of 1 9 5 3 P

Jan.-Mar.

Area and country
Gold
reserves
Continental Western Europe:
Austria
Belgium-Luxembourg (and Belgian Conco)
France (and dependencies)
Germany (Federal Republic of).
Italy
Netherlands (and Netherlands
West Indies and S u r i n a m ) . . .
Portugal( and dependencies)...
Sweden
Switzerland
Other *
Total

52

247
374
551
309

568
307
184
1,411
872

247
67
91
642
488

Gold
reserves

91

788
1593
140
346

5,261

Sterling area:
United Kingdom
U. K. dependencies
Union of South Africa
Other.

Dollar
holdings

3 1,500

3,107

Dollar
holdings

Gold
reserves

-5

17

-6

44

15
—83
35

26

-2
42
97
9

27
3
49

61
20
10
7
55

29
-3
-2
-9
19

10
19
-1
23
-34

37
3
-3
17
82

108
15
13
15
-5

199

8

32

299

225

100

159
—6

175

818
113
24
193

375

2,135

U48

379

-37

101

896

1,596

15

-72

33

288
317
214
144
207
373
274

139
73
301
231
94
146
668

55

20

""J-Y

8

3
3
SO
-17
-2
—29
90

1,817

1,552

90

78

18

Asia:
Indonesia
Japan
Philippine Republic
Other

235
128
9
384

61
808
315
427

-27
1

Total

756

1,611

-24

290
178

17
105

468

122

Canada .
Latin America:
Argentina
Brazil
Cuba
Mexico
Uruguay
Venezuela

Other

Total

All other:
Eastern Europe 4

Other

Total

Total foreign c o u n t r i e s . 1 1 , 3 3 3 9,136
International

s

.

...

Grand total

4

' —is
35
10

2

-66
1
9
19

1

5

165

-2

184

175

1,595

1

-39

13,025 10,731

660

93

Gold
reserves

Dollar
holdings

so

-5

100

47

191

63

-46
48
105
81

86
3
186

-23
82
348
140

874
1596
326
346

224
456
899
449

U

47
16
26
32
272

761
386
218
1,459
900

294
83
117
674
760

67

10
93

371

196

362

652

1,040

5,913

4,147

15(5

-192
—3
—1
22

800

-109
—5

3 2,300

6

U

176
465

709
108
38
250

-174

806

-43

2,941

1,105

-176

996

1,4*0

-10

-16

1
151

U

98

100

4
-10
3
5

85
4
-28
14
20

-9

-17
-62
-46
13
21
24
-10

-7

-77

117

5

32

-29
—5
-18
-31

-45

-S
40

-18

-83

-41

IS
62

i'
-17

-61

18

2

311

392

405

150

1,923

1,702

-90
2

—22
20
-20
48

145
130
9
388

39
828
295
475

26

672

1,637

—1
-1

290
178

16
104

468

120

4'
-84

1

—1
466

-98

373
321
186
158
227
373
285

106

-104
-14
16

11

-9
29
44
-48
16
76
42

-8

8
—9

390

67

26

41
-41

5

Dollar
holdings

193
79
34
48
28

-9
SO
8
S

187

Gold
reserves

20
7

10
14
58
52
-17
-47
-3
40
3 ""12

293

Dollar
holdings

14
25
12
3
12

28

i'

Gold
reserves

9
17
14
78

-39

26

-230

6
182

10
75
111

2
2
—10

—1
7

132

Dollar
holdings

42

26

6
i'
89
10
50 ' " - 3

659

1,692

Gold
reserves

11
2

170
465

Total

Dollar
holdings

Year?

Oct.-Dec.p

July-Sept.

Apr.-June

-2

—7
349

104

1,580

995

2

127

10

45

351

231

1,590

1,040

ISO
10%
345
183
110
222
610

12,913 10,131

1,702

1,640

14,615 11,771

P Preliminary.
1
Represents gold reserves of Bank of France and French dependencies only.
2
Includes holdings of other Continental OEEC countries, Finland, Spain, Yugoslavia, Bank for International Settlements (both for
Its own and European Payments Union account), gold to be distributed by the Tripartite Commission for Restitution of Monetary Gold,
and unpublished gold reserves of certain Western European countries.
3 Estimated gold holdings of British Exchange Equalization Account, based on holdings of gold, U. S. and Canadian dollars as reported by British Government.
* Excludes gold reserves of, but includes dollar balances held by, the U.S.S.R.
"Includes holdings of International Bank for Reconstruction and Development, International Monetary Fund, and United Nations
and other international organizations. Excludes holdings of Bank for International Settlements, which are included under "Continental
Western Europe."
NOTE.—Includes reported and estimated gold reserves of central banks, governments, and international institutions, and official
and private dollar holdings reported by banks in the United States. Dollar holdings include principally deposits and U. S. Government
securities (Treasury bills, certificates of indebtedness, and notes and bonds reported as purchased within 20 months of maturity). The
total referred to most frequently in the text is that for "total foreign countries," shown in bold-face type. International institutions
are shown separately for the purpose of providing more complete coverage of the movement of gold and dollar holdings.

240




FEDERAL RESERVE BULLETIN

INTERNATIONAL GOLD AND DOLLAR MOVEMENTS

of gold by the U.S.S.R. to the United King- million dollars while those at Federal Redom and other European countries in the serve Banks declined 127 million during the
latter part of the year. It would appear that year.
somewhat less than 350 million dollars of
Impact on commercial ban\ reserves. The
gold from new production was added to the net movement of funds between the United
gold reserves of foreign countries last year. States and foreign countries had a moderTotal foreign gold production amounted ately restraining effect on commercial bank
to an estimated 795 million dollars for the reserves in the United States during the early
year. If the addition to reserves from newly part of 1953. As measured by the differmined gold was less than 350 million, some- ence between the gold outflow and the partly
thing more than 450 million dollars of gold offsetting decline in foreign deposits at Fedwent into industrial uses, private holdings, or eral Reserve Banks, the drain on commercial
was otherwise not accounted for. This non- bank reserves due to foreign factors was
monetary residual was slightly less than in around 1 billion dollars for the year. The
1952 and substantially less than in 1951. In drain was heaviest—about 600 million dollars
the fourth quarter of 1953 there was appar- —in the first quarter.
ently a significant further reduction in the
Federal Reserve operations to adjust the
flow of gold to nonmonetary uses.
supply of bank reserves to the needs of the
The price of gold on the various free mar- economy took into consideration the effect of
kets of the world continued to decline during these foreign transactions. During the early
1953 and in terms of dollars is now very months of the year, when there was a seaclose to the United States official gold price sonal decline in reserve needs and the Federal
of $35 per fine ounce. For example, the Reserve was following a policy of restraint,
price in Zurich, Switzerland, which was as the decline in reserves due to foreign gold
high as $44 per fine ounce in the early part and dollar movements was permitted to
of 1951, fell to $37.25 in December 1952 and occur. During the remainder of the year
$35.25 at the end of 1953.
the effect of foreign factors was more than
Changes in dollar holdings. Foreign dol- offset by Federal Reserve measures to supply
lar holdings—official reserves of foreign cen- additional bank reserves needed to meet seatral banks and governments plus dollar hold- sonal credit and currency growth and to ease
ings on private foreign account as reported bank reserve positions.
by banks in the United States—rose 995 milREGIONAL CHANGES IN HOLDINGS
lion dollars during 1953. Practically all of
this increase was in official holdings.
Continental We?1:ern Europe and Sterling
Foreign monetary authorities continued to Area countries together accounted for nearly
invest an increasing proportion of their addi- 2.5 billion dollars, or practically all, of the
tional dollar holdings in securities in 1953. net increase in foreign countries' gold and
Net foreign purchases, official and private, dollar holdings during 1953. At the yearof United States G o v e r n m e n t securities end these groups of countries held about 60
amounted to 542 million dollars, and net pur- per cent of total foreign gold and dollars.
chases of other short-term assets, mainly Latin American countries as a group inbankers' acceptances, were 147 million. For- creased their holdings about 250 million doleign deposits at commercial banks rose 434 lars, after little change in 1952. Holdings of
MARCH

1954




241

INTERNATIONAL GOLD AND DOLLAR MOVEMENTS

Canada and of the Asian countries not in
the Sterling Area each declined slightly.
These changes may be seen in the accompanying chart. A table presenting figures
FOREIGN GOLD RESERVES AND DOLLAR HOLDINGS
BY AREA OR COUNTRY
Billions of dollars
-/

10

CONTINENTAL
WESTERN EUROPE

S

UNITED KINGDOM and
OTHER STERLING AREA_

\
~\
ASIA and
OTHER COUNTRIES
1947

1949

1951

1953

NOTE.—End-of-quarter data.

on foreign gold and dollar holdings for selected prewar and for postwar years will be
found at the end of this article.
European and Sterling Area countries. The
distribution of gold and dollar reserves
among European and Sterling Area countries is affected by the settlement of intragroup trade through the European Payments
Union as well as by transactions with the
rest of the world and purchases of newly
mined gold. The EPU settlements of the
net deficits and surpluses that remain after
clearing are made partly in credit and partly
in gold and dollar payments to and from
the Union. The United Kingdom and the
rest, of the Sterling Area earned a net surplus
242




over the entire year, in spite of small net
deficits during the second half, and received
115 million dollars from the Union. The
only country earning larger amounts of gold
and dollars was Germany, which received
over 170 million dollars, spread fairly evenly
throughout the year. Switzerland, Netherlands, and Austria earned moderate surpluses. France continued to be a large net
debtor to EPU, paying 255 million dollars.
The countries of the Sterling Area increased their gold and dollar holdings about
760 million dollars or 23 per cent in 1953.
The major portion of this gain was in the
official and private holdings of the United
Kingdom, which holds the central monetary
reserves for the Sterling Area. The official
reserves of gold and United States and Canadian dollars, as announced by the British
Government, rose from 1,846 million dollars
at the end of 1952 to 2,518 million on December 31, 1953.
The gold and dollar holdings of Continental Western Europe increased 1.7 billion
dollars or 20 per cent in 1953. This large
expansion continued the steady upward trend
that began in 1948. All countries in the area
improved their reserve positions. Germany
and the Netherlands, as in 1952, experienced
the largest over-all increases in gold and
dollar holdings. Reflecting its earnings from
intra-European trade as well as large United
States military expenditures, Germany's holdings rose 535 million dollars during 1953,
more than doubling the preceding year's
growth. The Netherlands received substantial amounts of gold and dollars from Indonesia and increased its holdings 240 million
dollars, slightly less than during 1952.
France's experience was also similar to that
of 1952. Despite its continued deficit with
the EPU, it was able to add about 90 million
dollars to its gold and dollar holdings,
FEDERAL RESERVE BULLETIN

INTERNATIONAL GOLD AND DOLLAR MOVEMENTS

largely because of dollar receipts from grant times as large as in 1928, as may be seen in
aid and United States military expenditures the table at the end of this article. Furtherin France and its overseas territories.
more, the international financial institutions
Other countries. The slight decline in the organized after World War II—the Intergold and dollar holdings of Asian countries national Monetary Fund and the Internaoutside the Sterling Area was mainly attrib- tional Bank for Reconstruction and Develutable to Indonesia. Japan continued to earn opment—had gold and dollar holdings of
large amounts of dollars from United States more than 3 billion dollars. Whether the
military expenditures, but since imports rose monetary reserves of individual countries are
substantially over 1952 levels, gold and dollar adequate to meet the needs of a freer system
reserves increased only slightly during the of trade and payments among nations is not
year. In order to settle its deficit with the indicated by these statistics. The adequacy
Sterling Area, Japan found it necessary to of reserves depends upon a number of factors,
borrow sterling in London and to draw ster- existing and prospective, which vary greatly
ling from the International Monetary Fund. in relative importance from country to counLatin American countries generally im- try and are not subject to precise measureproved their gold and dollar positions. Ar- ment.
gentina and Venezuela each added about 75
An important function of the monetary
million dollars to their holdings. After a reserves of nations—like the cash reserves of
decline of about 30 million dollars in 1952, individuals or business firms—is to permit the
Brazil's holdings rose last year by a similar financing of temporary differences between
amount, as imports receded from their 1952 income and expenditures. Some working ballevels. The fourth quarter decline in Bra- ances are needed to finance day-to-day interzil's dollar holdings reflected increased pay- national transactions. Reserves are also
ments, largely out of funds previously dis- needed for occasional differences between
bursed to Brazil by the Export-Import Bank, receipts and payments such as might reon its short-term dollar debt to creditors in sult from a decline in the foreign demand
the United States. Short-term claims on for a country's exports or an increase in
Brazil reported by banks in the United States, its purchases from abroad. The availabilwhich had reached a peak of almost 385 ity of adequate reserves may enable a counmillion dollars at the end of February, de- try, whenever a temporary balance of payclined to about 130 million by the end of ments deficit develops, to avoid such measthe year.
ures of adjustment as currency devaluation,
Canadian holdings of gold and dollars the imposition of trade and exchange restricdeclined 76 million in 1953, largely because tions, or domestic deflation. Unless the existof security repurchases in the United States ing level of reserves is generally regarded as
market in the second and third quarters. adequate in relation to potential drains,
minor fluctuations in the balance of payments
ADEQUACY OF FOREIGN
may be accentuated by speculative moveMONETARY RESERVES
ments.
Consideration of the adequacy of reserves
At the end of 1953 the total of foreign gold
and dollar holdings was more than 60 per abroad has recently focused not only on
cent above that of 1938 and nearly three their possible use as a buffer in case of tempoMARCH 1954




243

INTERNATIONAL GOLD AND DOLLAR MOVEMENTS

rary reductions in demand in major trading lars have risen somewhat more than world
countries but also on the problem of pro- trade. However, many other considerations
viding a support for moves to relax direct must be taken into account in judging the
restrictions on trade and the transferabil- adequacy of monetary reserves of particular
ity of currencies. The need for reserves countries.
for these purposes varies greatly from counA revival of the international flow of pritry to country depending, in the one case, on vate short-term commercial credit in response
the size of exports and their sensitivity to to financial incentives might strengthen conreductions in income elsewhere and, in the vertibility efforts and lessen somewhat the
other case, on the nature and timing of the need for monetary reserves by substituting
measures to relax trade and exchange re- private for official financing of temporary
strictions.
payments imbalances. Such a development
In many countries legal requirements and would be facilitated by a broadening of the
traditions regarding the relation of monetary market for instruments of short-term interreserves to the domestic liabilities of central national credit.
banks and commercial banks also have an
The past two years have witnessed an apimportant bearing on views as to the ade- proach to a balance in international accounts
quacy of reserves.
which might be sustained without direct
The adequacy of the monetary reserves of restrictions on trade and payments among
countries, either individually or in groups, nations. Furthermore, a considerable relaxacannot be measured on the basis of simple tion of trade restrictions, including those
comparisons with past years. For example, against the dollar area, has been undertaken
it is frequently noted that in relation to the by a number of European countries and has
growth in the value of world trade the re- not resulted in a reversal of the movement
serves of most countries have declined con- toward international balance. The rebuildsiderably since the late thirties. But the de- ing of foreign monetary reserves, although
pressed conditions of prices and trade in that only one of the conditions for the achieveperiod limit the value of such a comparison. ment of currency convertibility and nonA comparison with the late twenties would discriminatory trade, is a further step toward
show that foreign holdings of gold and dol- the attainment of these objectives.

244*




FEDERAL RESERVE BULLETIN

INTERNATIONAL GOLD AND DOLLAR MOVEMENTS
ESTIMATED GOLD RESERVES AND DOLLAR HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL INSTITUTIONS,

1928, 1938, AND 1945-53
[End of year, except 1928.
Area and country

1928

Continental Western Europe:
Austria
Belgium-Luxembourg (and Belgian Congo)
France (and dependencies)2
Germany (Federal Republic of)
Italy
Netherlands (and Netherlands West Indies and
Surinam)
»
«...
Portugal (and dependencies)
Sweden
,.
.
.
Switzerland
Others
Total

.

.

.

15

.

5

10

798
776
90
204

415
234
160

276

415
1607
1149
(i)

»

16

.

.

.

,....,..

66

Total
All other:
Eastern Europe4
Other
Total
Total foreign countries
International 5
Grand total

168
1541

70
199

520

498

1,475

449

1,274

1,185

SS8

3S7

44
46
7S

549
319
410

528
379
333

4S9
S14
?39

441
S08

208
252

217
289

208
?Q3

766

725

610

203
44 S

169
63

0)

517

, 346
58
813

395 1,726

211

1,125

450

92

848
834
222
573

1951

107

1952

143

1953

238

898 1,035 1,098
903
967 1,052
434
691 1,225
633
655
795

524
815 1,055
331
374
469
224
205
275
335
,093 1,973 2,053 2,133
1 ,216 1,087 1,360 1,660
559

1 ,924 3
2,843 2,318 3,009
100
103
120
113
108
197
194
941
214
134
562

533

634

658

715

3 ,900 4,086 4,460 3 ,737 2 ,918 2 ,723 4 ,451 3,774 3,283 4,046

168
121

.

Total
Asia:
Indonesia
.
Japan
Philippine Republic
Other

305

907

1950

7,268 5 ,580 5 ,826 6 ,186 6 ,829 7,114 8,368 10,060

3 ,313 2,684 2,890
62
32
67
920
986

274

.

92

262 1 ,100
597
523
406
331
186
484
373
19
480
291
420
695
164
163
554
130
990 1,641 1,797 1 ,799 1 ,886
197
702 1,469 1,407
967
902
891

139

.

62

1949

912
740
149
556

0)

Canada

•

5

1948

838
794
179
424

1,085

Total

1947

1946

1127
841 1,011
977
2,037 2 ,966 2,131 1,229
813
7
7
47
416
91
289
213

1,400

.

1945

4,850 7 ,300 8,131

Sterling Area:
United Kingdom
United Kingdom dependencies
Union of South Africa .. .»
Other

Latin America:
Argentina
Brazil
Cuba
..
Mexico
Uruguay
Venezuela
Other

1938

In millions of dollars]

718 1 ,221 1 ,365 1 ,988 2,157 2,492

601

417

sin

463
?67
236
647

2,416

S18

518

427

503

S43
S30

All

41 S
311
4SR

366

390
515
375

423
531
341

306
445

301
519

337
595

842

895

68O

575

733

950 3,778 3,656 2 ,881 2 ,744 3 ,056 3 ,455 3,360 3,369 3,625
180

314

316

129

142

184
630
180 1,344

327
448
937

2,417

1,854

249

219

421

296

?06

333

489
801

S87

729

490
698

936

958

298
684

377
582

337
698

324
811

304
863

t , S93 1 , 71 S 1 509

1 ,869

194

323

184

2,185 2,367 2,309

675

....

760

225
60

49 5
95

515
111

586
111

568
117

442
123

378
140

344
201

309
328

3O7
283

306
282

285

520

626

697

685

565

518

545

637

590

588

8,750 13 ,825 20,764 19,410 15 ,194 14 ,989 15 ,357 19 ,137 19,227 20,469 23,044
489 3 ,693 3 ,375 3 ,109 3 ,090 3,171 3,287 3,342
8,750 13 ,825 20,764 19,899 18 ,887 18 ,364 18 ,466 22 ,227 22,398 23,756 26,386

x
Gold reserves only. Dollar holdings are not reported separately and are included in the appropriate "Other" category,
2
For years 1938, 1945, 1946, and 1947 includes gold reserves of Bank of France, French Exchange Stabilization Fund, and French
dependencies; for subsequent years excludes the Stabilization Fund.
3
Includes holdings of other Continental OEEC countries, Finland, Spain, 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.
4
Excludes gold reserves of, but includes dollar balances held by, the U.S.S.R.
5
Includes holdings of International Bank for Reconstruction and Development, International Monetary Fund, and United Nations
and other international organizations. Excludes holdings of Bank for International Settlements, which are included under "Continental
Western Europe."
NOTE.—Includes reported and estimated gold reserves of central banks, governments, and international institutions, and official and
private dollar holdings reported by banks m the United States, Gold reserves valued at $20.67 per fine ounce in 1928 and at $35 per fine
ounce for other years shown. Dollar holdings include principally deposits and U. S. Government securities (Treasury bills, certificates of
indebtedness, and notes and bonds reported as purchased within 20 months of maturity). Figures for 1928 are estimated on the basis of
gold reserves at the end of that year plus dollar holdings reported by 15 New York City banks as of May 31, 1929, the first date on which.
such holdings were reported. Estimates for 1953 are preliminary.

MARCH

1954




245

PRELIMINARY FINDINGS OF THE 1954
SURVEY OF CONSUMER FINANCES
This article presents preliminary findings
of the Ninth Annual Survey of Consumer
Finances.1 These Surveys are conducted by
the Board of Governors of the Federal Reserve System in cooperation with the Survey
Research Center of the University of Michigan for the purpose of obtaining information
on consumer financial positions, consumer
views about their economic prospects, and
some indications of consumer plans for purchasing durable goods and houses. The Surveys are based on field interviews in January
and February of each year and cover a representative sample of the consumer population.
In interpreting Survey findings, it is essential to keep in mind that there is no necessary
relationship between consumer plans at the
beginning of the year and consumer buying
behavior during the year. Consumer behavior is influenced by a variety of factors,
some of a transient nature and some of a
longer run nature. Although the sample is
selected on the basis of established scientific
principles, the results obtained are subject to
sampling and response variation.2 For these
reasons, the Board continues to emphasize the
experimental nature of this method of eco1
These preliminary findings are based on simplified tabulations of approximately 2,800 interviews taken in January
and February 1954 in 66 sampling areas throughout the
country, including the 12 largest metropolitan areas. An
additional 200 interviews as well as an allowance for differential response rates in the various strata of the sample will
be included in the figures that will be published in later
articles in this series in the Federal Reserve BULLETIN. It
is believed that results derived from final figures will not
differ substantially from present indications.
The later
BULLETIN articles will contain information about past purchases and financing of durable goods and housing, and distributions of income, liquid assets, and contractual commitments.
s
See "Technical Note on the Sampling Limitations of the
Survey," Federal Reserve BULLETIN, July 1952, pp. 749-50.

246




nomic research. Considerable further testing
of results is needed, especially in view of
limited experience in periods of receding
general economic activity.
Preliminary findings of the 1954 Survey
show that increases in income were frequent
in 1953 at all income levels but not as frequent as in 1952. Liquid asset holdings also
increased and were again shown to be widely
distributed. A majority of those expressing
an opinion felt that economic prospects for
the country for this year were generally good
but a sizable number felt that prospects were
unfavorable. Consumers generally expected
prices either to remain stable or to decline
during the year. The Survey findings as a
whole leave the impression that consumers
were somewhat less confident about their
personal financial prospects than they were
a year ago.
Reflecting the economic climate early in
the year as well as their own financial positions, consumers less frequently reported
plans to purchase new houses, cars, and other
durable goods than a year ago. Plans of
nonfarm consumers to make expenditures
for home improvements and maintenance appeared to be a little more numerous than last
year but the average amount of planned expenditure was a little smaller.
Consumer attitudes as to whether it was a
good or a bad time to buy durable goods
showed little change from a year ago. There
appeared to be some tendency for consumers
to time their plans to buy more heavily in
the latter part of the year than was the case
a year ago. This tendency may indicate that
consumer buying interest will be more active
later in the year, or it may indicate that conFEDERAL RESERVE BULLETIN'

PRELIMINARY FINDINGS OF THE 1954 SURVEY OF CONSUMER FINANCES

sumer plans are more tentative than in other
recent years.
About two-fifths of the nonfarm consumers
reported receiving more income while about
one-fourth reported receiving less. The proportion reporting more income was smaller
than in early 1953 and the proportion receiving less was larger. Both proportions
were about the same as in early 1948 and
early 1949 and were more favorable than in
early 1950, when unemployment was at a
postwar high. In evaluating their current
financial positions, a slightly larger percentage of consumers felt worse off and a slightly
smaller percentage felt better off than a year
ago. The proportion feeling better off was
nevertheless larger than in earlier Survey
years, probably reflecting the widespread increases in income and the general stability of
consumer prices last year.
With regard to personal financial prospects,
the proportion of nonf arm consumers expecting to be making more at the end of the
year was a little smaller in early 1954 than in
early 1953, but about the same as in each of
the three years preceding the Korean outbreak. About one-seventh expected income
declines during 1954; a year ago only onetenth of such consumers expected their incomes to decline during the year.
Liquid asset holdings were widely distributed among income classes. The proportion in each income group reporting some
liquid assets was similar to that in other recent years. The proportion of consumers
who reported owning more than $500 of
liquid assets in early 1954 was larger than
that shown by any Survey in several years.
With respect to prices, more than a third
of the consumers interviewed in early 1954
expected declines during the year. This proportion was somewhat larger than in early
1953 and was very much larger than in early
MARCH 1954




1952 or early 1951, when very few consumers
expected prices to fall, but it was considerably
smaller than in early 1949. Only a sixth of
the consumers interviewed early this year expected price increases, about tlie same proportion as a year ago and in early 1950, but a
larger proportion than in early 1949.
Between last year and this year, there was
no over-all change in the proportions of consumers who thought that it was a good or
a bad time to make major durable goods purchases. Reasons expressed for their views had
changed considerably, however. The most
frequent reasons given this year for believing
this is a good time to buy are that prices are
lower, stable, or "not too high." A year
earlier, the most frequent reason given was
good incomes. The feeling that "prices are
too high" continued to be the most frequent
reason for believing it to be an unfavorable
time for major purchases, although fewer
consumers expressed such a view this year.
More people gave such reasons as "prices will
be lower" or "people can't afford to buy" as
explanations for saying this was a bad time to
buy durable goods.
The proportion of consumers planning to
buy new automobiles within the year was
smaller in early 1954 than in early 1953 or
early 1950 but larger than in early 1952 or
early 1951. There was no change from last
year in the proportion planning to buy used
cars but prices consumers expected to pay for
them were lower. There also appeared to be
some tendency on the part of those planning
to buy new cars in 1954 to defer their purchases until the latter part of the year. It
may be worthy of note that plans to buy new
and used cars in 1954 and 1955 combined
were as frequent in early 1954 as a year ago
for the comparable two-year period.
Plans to buy furniture and major household appliances were less numerous early this
247

PRELIMINARY FINDINGS OF THE 1954 SURVEY OF CONSUMER FINANCES

year than in early 1953 but changes were not
uniform for all items covered by the Survey.
Intentions to purchase refrigerators and television sets appeared to be considerably fewer
than in 1953 wliile plans to buy washing machines appeared to be well maintained. For
household durable goods as a whole, the
frequency of plans to purchase one or more
durable items was smaller than in early 1953
but greater than in early 1952.
Fewer consumers planned to buy new and
existing nonfarm homes in 1954 than in 1953
but about the same number as in 1952. As in
the case of automobiles, if plans for house
purchases in 1955 are added to those for
1954, the total is about equal to comparable
two-year plans as of early 1953 and early 1952.
It should be noted that the number of potential home buyers interviewed in a sample of
this size is necessarily very small and that
too much significance should not be attributed to minor changes in the proportion planning to buy. For example, although the
proportion of consumers reporting plans to
buy homes in 1951, 1952, and 1953 varied

248




somewhat, the volume of homebuilding was
about the same in all three years.
As in several other years, the 1954 Survey
of Consumer Finances inquired into investment preferences of consumers with incomes
of $3,000 or more in the preceding year.
Each of these consumers was asked the wisest
thing to do with money not needed for expenses, whether to put it in a savings account,
to buy Government savings bonds, to invest
in real estate, or to buy common stock. Answers obtained suggest that the shift in preference toward risk type assets that had gone
on from early 1949 to early 1952 was reversed
during 1953. Both Government savings
bonds and savings accounts were more popular at the beginning of 1954 than a year
earlier among all income groups asked this
question. This was the first rise in consumer
preference for savings bonds reported in these
postwar Surveys. Some decline in preference
for both types of risk assets (real estate and
common stock) appears to have taken place
during 1953, but it was much greater for real
estate than for common stock.

FEDERAL RESERVE BULLETIN

PRELIMINARY

RESULTS OF THE FEDERAL RESERVE SURVEY OF CONSUMER

IN EARLY 1954,

W I T H F I N A L RESULTS FOR EARLY 1948-53

FINANCES

x

[Percentage distribution of spending units]
Consumer financial
positions

1949 1948

1954 1953 1952 1951

Consumer attitudes
and plans

1954

1950

Expected price movements
Money income in prior year, before taxes 2

Under $1,000. . .
$1,000-$ 1,999...
$2,000-$2,999...
$3,000-$3,999...
$4,000-$4,999...
$5.000-$7,499...
$7,500-$9,999...
$10,000 and over

10
13
14
16
16
20
6
5
100

All cases

11
14
16
18
15
17
5
4
100

13
13
15
17
18
19
18
19
15
12
14
14
4 \ /;
=
3 /
100 100

14
19
21
19
11
11

Increase during year...
No change
Decrease during year..
Uncertain and not ascertained

12
18
23
20
12
10

Making more a year
from now
No change
Making less a year
from now
Uncertain and not ascertained

47
33

30
41

42
35

23
2

16
4

17
4

18
2

27
2

21
2

100

All cases

46
33

100

100

100

100

100

100

38
33

33
29

32
29

32
32

30
2

26
3

35
3

37
2

34
2

30
2

100

100

100

100

House 7
Home improvement 8
and maintenance 7 .
New automobile
Used automobile
Furniture and major
household appliances.

33
35

100

100

MARCH

1954




9

10

4

8

17

15

100

100

100

100

100

100

29
35

34
33

36
30

39
35

30
43

27
46

28
47
13

15

10

8

13

16

17

21

23

26

13

11

10

12

100

100

100

100

100

100

(5)

35
25
40

34
28
38

22
26
52

33
18
49

()

(5)
(«)
(5)

100

100

100

(5)

(5)

6.4

8 .5

8.4

7.0

7.5

6.8
6.0

(
6 .6 10.6 11 .8
5 .5 6.9 6 .8

<)
9.7
4.1

26.8 31.9 23.2 27 .4 28.4 30 .9

27.4

6.8

8.8

19.2 16.9
7.8 9.0
6.2 6.2

73

65

3

26
15
13
13
11
13
5
4

29
16
12
11
12
11
5
4

31
17
13
9
10
12
5
3

28
16
14
11
12
11
5
3

31
16
11
10
10
13
6
3

5

100

100

100

100

100

Common stock
Real estate
Common stock
real estate

100

Other ii
Not ascertained
All cases

65

0)

9

69

79

16
43
6

18
54
7

26

Savings accounts....
Savings bonds
Accounts or bonds...
Lssets of fluctuating
money value

29
16
13
11
11
12
5
3

100
100

All cases

7

Investment preferences
Assets of fixed money
value

Zero
$1-$199
$200-$499
$500-$999
$l,000-$l,999
$2,000-$4,999
$5,000-$9,999
$10,000 and over

33
24
28

Plans to purchase 6

36
32

Liquid asset holdings

8
20
55

100

Good time to buy
Pro or con, uncertain. .
Bad time to buy

Evaluation of own financial situation

All cases

15
36
41

Evaluation of durable goods markets

All cases

Better off than a year
ago
No change
Worse off than a year
ago
Not ascertained

77
16
3

100

All cases
48
32

53
30
7

Expected change in income 4

"
\
/
100 100

41
34

17
43
31

100

All cases

Past change in income rate 2

Making more than a
year ago
No change
Making less than a
year ago
Not ascertained

16
41
36

11

or

100

100

249

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

Reserves
Classification of Reserve Cities
The rule adopted by the Board of Governors on
December 19, 1947, with respect to the classification
of central reserve and reserve cities, provides for a
triennial designation of reserve cities. Acting pursuant to that rule, the Board took action, effective
March 1, 1954, for the continuance of the reserve
city classification of all presently existing reserve
cities except Dubuque, Iowa, Lincoln, Nebraska,
and St. Joseph, Missouri, which ceased to be reserve
cities on that date. The Board's action is as follows:
CLASSIFICATION OF RESERVE CITIES
Acting in accordance with the rule regarding classification of central reserve and reserve cities which
was adopted by the Board on December 19, 1947,
and became effective March 1, 1948 (hereafter referred to as the Board's rule), and pursuant to authority conferred upon it by section l l ( e ) of the
Federal Reserve Act and other provisions of that
Act, the Board of Governors has taken the following
actions for the continuance of the classification of
certain cities as reserve cities and the termination of
the reserve city designations of certain other cities,
all such actions to become effective March 1, 1954:
(1) The City of Washington, D. C , and every
city except New York and Chicago in which there
is situated a Federal Reserve Bank or a branch of
a Federal Reserve Bank are hereby continued as
reserve cities.
(2) The following cities fall within the scope
of paragraph (2) of subsection (b) of the Board's
rule based upon official call reports of condition in
the two-year period ending on June 30, 1953, and
therefore, such cities, in addition to the reserve cities
classified as such under paragraph (1) above, are
hereby continued as reserve cities:

250




Columbus, Ohio; Des Moines, Iowa; Indianapolis, Indiana; Milwaukee, Wisconsin; National City (National Stock Yards), Illinois;
St. Paul, Minnesota; Tulsa, Oklahoma;
Wichita, Kansas; and Fort Worth, Texas.
(3) The following cities do not fall within the
scope of paragraph (2) of subsection (b) of the
Board's rule based upon official call reports of condition in the two-year period ending June 30, 1953,
but a written request for the continuance of each
such city as a reserve city was received by the Federal Reserve Bank of the District in which the city
is located on or before February 15, 1954, from every
member bank having its head office or a branch in
such city (exclusive of any member bank in an
outlying district in such city permitted by the
Board to maintain reduced reserves), together with
a certified copy of a resolution of the board of
directors of such member bank duly authorizing
such request; and, accordingly, in accordance with
paragraph (3) of subsection (b) of the Board's
rule, the following cities, in addition to the reserve
cities classified as such under paragraphs (1) and
(2) above, are hereby continued as reserve cities:
Toledo, Ohio; Cedar Rapids, Iowa; Sioux
City, Iowa; Kansas City, Kansas; Pueblo,
Colorado; and Topeka, Kansas.
(4) The following cities do not fall within the
scope of paragraph (2) of subsection (b) of the
Board's rule based upon official call reports of condition in the two-year period ending June 30, 1953,
and written requests for their continuance as reserve cities were not received from all member
banks in such cities; and, accordingly, the designation of such cities as reserve cities is hereby
terminated:
Dubuque, Iowa; Lincoln, Nebraska; and St.
Joseph, Missouri.

FEDERAL RESERVE BULLETIN

CURRENT EVENTS AND ANNOUNCEMENTS
Federal Reserve Meetings
The Federal Advisory Council met in Washington on February 14-16, 1954. The annual organization meeting of the Council was held on February
14, at which Edward E. Brown, Chairman of the
First National Bank of Chicago, was reelected
President; Robert V. Fleming, President and Chairman of The Riggs National Bank, was reelected
- Vice President; and Herbert V. Prochnow was
reappointed Secretary. The Council met with the
Board of Governors of the Federal Reserve System
on February 16.
A meeting of the Presidents of the Federal Reserve Banks was held in Washington on March 1
and 2, and on March 3 the Presidents met with
the Board of Governors.
On March 3 a meeting of the Federal Open
Market Committee was held, at which William
McC. Martin, Jr., was reelected Chairman and
Allan Sproul, Vice Chairman. The representative
members of the Committee elected by the Federal
Reserve Banks for the period of one year beginning
March 1, 1954, are Allan Sproul, Alfred H. Williams, C. S. Young, and H. G. Leedy, Presidents
of the Federal Reserve Banks of New York, Philadelphia, Chicago, and Kansas City, respectively.
Change in Board's Staff
On February 16 the Board designated Charles
Molony and Clarke L. Fauver as Special Assistants
to the Board.
Appointment of Mr. Watrous H. Irons as President
of the Federal Reserve Bank of Dallas
Mr. Watrous H. Irons, who had been serving as
Vice President of the Federal Reserve Bank of
Dallas since April 19, 1946, was appointed President, effective February 15, 1954. Mr. Irons became associated with the Federal Reserve Bank of
Dallas as Director of Research on July 1, 1945, prior
to which he had been serving for about eight years
as Professor of Banking and Finance at the University of Texas. As President of the Federal
Reserve Bank of Dallas, Mr. Irons succeeded Mr.
R. R. Gilbert who retired effective September 1,
1953.
MARCH

1954




Election of Glass B Directors
The Federal Reserve Bank of Kansas City on
March 11, 1954, announced the election of Mr. K. S.
Adams, Chairman of the Board, Phillips Petroleum
Company, Bartlesville, Oklahoma, as a Class B director of the Bank for the term ending December
31, 1956, to succeed Mr. L. C. Hutson, deceased.
Mr. Hutson was a director of the Chickasha Cotton
Oil Company, Chickasha, Oklahoma.
The Federal Reserve Bank of Dallas on March 16,
1954, announced the election of John R. Alford, Industrialist and Farmer, Henderson, Texas, as a
Class B director of the Bank for the term ending
December 31, 1956, to succeed Mr. W. F. Beall, deceased. Mr. Beall was President and General Manager, 3 Beall Brothers 3, Department Stores, Jacksonville, Texas.
Appointment of Branch Directors
On February 23, 1954, the Board of Governors
announced the appointment of Mr. Clarence E.
Ayres, Professor of Economics, The University of
Texas, Austin, Texas, as a director of the San
Antonio Branch of the Federal Reserve Bank of
Dallas for the term ending December 31, 1956. Mr.
Ayres succeeeded Mr. Edward E. Hale, Chairman
of the Department and Professor of Economics, The
University of Texas, Austin, Texas, whose term expired.
On March 11, 1954, the Federal Reserve Bank of
Chicago appointed Mr. Ira A. Moore, President,
Peoples National Bank of Grand Rapids, Grand
Rapids, Michigan, as a director of the Detroit
Branch for the term ending December 31, 1956.
Mr. Moore's appointment was occasioned by the
recent change in the bylaws of the Detroit Branch
providing for an increase from five to seven in the
number of directors on the Board of Directors.
Deaths of Directors
Mr. Ray M. Keck, President, Stockmens National
Bank, Cotulla, Texas, who had served as a director
of the San Antonio Branch of the Federal Reserve
Bank of Dallas since January 1, 1953, died on
February 18, 1954.
Mr. C. W. Burges, Vice President and Cashier,

251

CURRENT EVENTS AND ANNOUNCEMENTS
Security National Bank, Edgeley, North Dakota,
who had served as a Class A director of the Federal Reserve Bank of Minneapolis since January 1,
1949, died on February 28, 1954.
Admissions of State Banks to Membership in the
Federal Reserve System
The following State banks were admitted to
membership in the Federal Reserve System during
the period January 16, 1954 to February 15, 1954:
California
Los Angeles—Occidental Savings & Commercial
Bank (North Hollywood).
Nevada
Las Vegas—Bank of Las Vegas.

New Yor\
Alden—Alden State Bank.
Texas
Kountze—Peoples State Bank of Kountze.
Tables Published Annually and Semiannually, with
Latest BULLETIN Reference
Semiannually
Banking offices:
Analysis of changes in number o f . . .
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

Issue

Page

Feb. 1954

210

Feb. 1954

211

Feb. 1954

208-209

May 1953
Oct. 1953
May 1953

536-546
1114
547

May 1953
Aug. 1953

548-549
904-906

REVISED EDITION OF BOOK ON FEDERAL RESERVE SYSTEM
A second complete revision of The Federal Reserve System—Its Purposes and Functions
will be available for distribution by the Board of Governors about mid-April. The period
formerly covered by the text has been extended into 1953, and new material on credit
markets, interest rates, and reserve banking influence on economic stability has been included.
The new edition, like the first edition in 1939 and the revised edition in 1947, is intended
to provide a better public understanding of the organization and range of operations of the
Federal Reserve System, of its trusteeship for the nation's credit and monetary machinery,
and of its function in helping to further stable economic progress. The text has been written
primarily for students, bankers, businessmen, and others who need a broad statement of the
services rendered by the Federal Reserve System to the economy of the United States, and
does not purport to be an exhaustive account of Federal Reserve activities.
The book is being made available without charge. Requests for delivery upon publication should be addressed to the Division of Administrative Services, Board of Governors
of the Federal Reserve System, Washington 25, D. C.

252




FEDERAL RESERVE BULLETIN

NATIONAL SUMMARY OF BUSINESS CONDITIONS
[ C o m p i l e d March

12 and released

for publication

March

15]

Industrial output and employment declined further in February, while construction activity continued at unusually high levels for this season. Retail sales rose somewhat reflecting mainly an increase
in auto sales. Prices of industrial materials weakened somewhat further in February but in early
March some materials strengthened. Average wholesale commodity prices continued to change little
throughout the period. Money rates generally eased
further.

showed a small further decline last month. Producers' and military equipment output generally
declined somewhat further.
Output of nondurable goods was maintained in
February, as textiles, apparel, and leather products
apparently showed about the usual large seasonal
pick-up. Activity in the petroleum and chemical
industries was maintained. Paper output also continued strong, while paperboard production declined moderately.

INDUSTRIAL PRODUCTION

CONSTRUCTION

Industrial production failed to show the usual
seasonal pick-up in February, and the Board's preliminary seasonally adjusted index declined 2 points
further to 123 per cent of the 1947-49 average.
In February a year ago, the index was 134.
Activity in durable goods industry declined further in February, after allowance for usual seasonal
changes, reflecting mainly continued moderate reductions in primary metals and over-all metal fabricating activity. Steel output, which had been around
75 per cent of capacity in January and February,
declined to about 70 per cent in early March. Accompanying a pick-up in sales, auto output rose
after early February; in the first two weeks of
March, however, auto output declined moderately.
Output of household durable goods apparently

A sharp increase in construction contracts
awarded in the last week of February resulted
in a monthly total moderately larger than in January and substantially larger than a year earlier. The
February rise reflected chiefly increased awards for
most types of public construction. Expenditures
for new work put in place in February, seasonally
adjusted, advanced slightly further as all major
categories of construction, except military, increased
or continued at a high level. New housing starts
in February are estimated to have increased more
than seasonally to a seasonally adjusted annual rate
of nearly 1.2 million units, slightly below a year ago.

INDUSTRIAL

PRODUCTION

EMPLOYMENT

Seasonally adjusted employment in nonagricultural establishments continued to decline in February, reflecting further reductions in manufacturing
industries accompanied by continued over-all stability in nonmanufacturing lines. The average
workweek at factories, at 39/4. hours, was virtually
unchanged from January, following earlier substantial declines. Unemployment increased considerably further in February.
DISTRIBUTION

1

1

l.nmmjil

80

UjJUl

1 1 1 1 1 • 11 • 1 1 1 1 1 i 1 1 1 1 1 • 1 1 1 1 1 1 1 1 1

1

Federal Reserve indexes. Monthly figures, latest shown are
for February.
MARCH

1954




Seasonally adjusted sales at department stores,
which had declined further in January, rose somewhat in February and were near the level of a
year ago. Total sales at retail stores also rose somewhat in February, after allowance for seasonal and
trading day differences, reflecting mainly substantially increased sales of both new and used cars.

253

NATIONAL SUMMARY OF BUSINESS CONDITIONS
Stocks at department stores declined further in cities declined somewhat in late February and early
January and were below the year-ago level for the March. Business loans were reduced further and
bank holdings of U. S. Government securities also
first time since late in 1952.
declined. In mid-February, commercial banks
COMMODITY PRICES
lengthened considerably their Government secuThe average level of wholesale commodity prices rity portfolios by exchanging maturing or called
continued to change little in February and early securities for 7% year, 2J/2 per cent bonds. Bank
March. Farm products increased slightly. Wheat holdings of corporate and State and local governprices rose further, and feed grains and livestock ment securities have increased in recent weeks.
Bank reserve positions continued relatively easy
were well maintained. Prices of coffee and cocoa
advanced considerably further. Prices of industrial in late February and early March. On the average,
materials showed some weakness in February, with member bank excess reserves exceeded borrowings
steel scrap, lead, zinc, textiles, hides, and petroleum from the Federal Reserve by about 350 million
products declining. In early March, however, tex- dollars.
tiles, hides, and lumber firmed and nonferrous
1
SECURITY MARKETS
metals generally advanced.
Consumer prices advanced slightly in January.
Yields on most Government bonds declined furWhile prices of foods and transportation increased
ther in the last half of February and the first few
somewhat, apparel and housefurnishings declined.
days of March, but subsequently leveled off. CorAverage retail food prices changed little in Februporate and municipal bond yields have declined
ary.
further since mid-February. In early March the
BANK CREDIT AND RESERVES
Treasury announced for payment on March 22 an
Total loans and investments at banks in leading offering of 1.5 billion dollars of tax anticipation
bills maturing in June.
PRICES AND TRADE
Per cen , 1947-49 - 100
WHOLESALE PRICES

MONEY
-

120

-

100

yi

r

ALL
\
lOMMODITIES u / , y / ,

,,,,!,,,,

RATES

-

sf'

PRODUCTS
1
In.,

/""CONSUMER
PRICES

,

,

- loo —

,

,

DEPARTMENT STORE TRADE

INCOME/.^

w

*"*
1

/ V

TOTAL
RETAIL SALES
100

1,1.1,

\ STOCKS

— 120

.minm.!

.nMlin.n.,.,,1,.,

IIU,.

'* $
.jjpn.n.l

SALES
....I......

LiHM.ml

iy,

Seasonally adjusted, except for price indexes. Prices, Bureau
of Labor Statistics; disposable personal income and total retail
sales, based on Department of Commerce data; department store
trade, Federal Reserve. "Other" wholesale prices exclude
processed foods, included in total but not shown sparately.
Monthly figures, latest shown: January for income and department store stocks; February for other series. February consumer prices estimated by Federal Reserve.

254




Figures except for Federal Reserve discount rate are weekly
average market yields. Treasury bill rates are for longest bills.
"U. S. Govt. long-term" excludes 3J4 per cent bonds issued
May 1, 1953. Corporate Aaa bonds, Moody's Investors Service;
high-grade municipal bonds, Standard and Poor's Corporation.
Latest figures shown are for week ending March 6.

FEDERAL RESERVE BULLETIN

FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS
UNITED STATES
PAGE

Member bank reserves, Reserve Bank credit, and related items
Federal Reserve Bank rates; margin requirements; reserve requirements
Reserves and deposits of member banks
Federal Reserve Bank statistics
Regulation V: guaranteed loans, fees, and rates
Bank debits and deposit turnover; Postal Savings System
Money in circulation
Consolidated statement of the monetary system; deposits and currency. .
All banks in the United States, by classes
All commercial banks in the United States, by classes
Weekly reporting member banks
Commercial paper and bankers' acceptances
Life insurance companies; savings and loan associations
Government corporations and credit agencies
Security prices and brokers' balances
Money 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
List of tables published in BULLETIN annually or
semiannually, with references for latest data

257-258
258-259
260
261-263
263-264
264
265
266
267-269
270-271
272-273
274
275
276-277
278
279
280-285
286
287-288
289-291
292-294
295-304
304
305-309
310-311
312-313
252

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
arc 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 arc
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.

MARCH

1954




255

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
Wednesdoy Figures, 1946-1950, Weekly Averages of Daily figures, 1951-

Billions of Dollars

25

.

EAV.K3J KOEKVE3

J^fJ^^
1946

1947

1948

1949

1950

1951

1952

1953

1954

Latest averages shown are for week ending Feb. 24. See p. 258.

256




FEDERAL RESERVE BULLETIN

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

Bought
Total outright

Held DisAll
under counts Float oth- Total
repur- and
adchase vances
agreement

Deposits, other
than member bank
Member bank
Treasreserve balances, Other
reserve balances
Fedury Money Treas- with F. R. Banks
in
eral
curury
Gold
cirRecash
stock rency cula- hold- Treas- For- Oth- serve
outer
tion
Restandings
Exacury
eign deTotal quired2 cess 2
ing
dedepos- counts
posits posits its

Wednesday
24,391
24,205
24,034
23,970
23,989
23,929
23,890
23,853
23,853
23,853
23,963
23,869
Apr. 1 . . . 23,806
Apr. 8 . . . 23,806
Apr. 15. . . 23,821
Apr. 2 2 . . . 23,806
Apr. 29. . . 23,806
May 6 . . . 23,860
May 1 3 . . . 23,879
May 2 0 . . . 23,922
May 2 7 . . . 24,088
June 3 . . . 24,121
June 1 0 . . . 24,637
June 1 7 . . . 25,154
June 2 4 . . . 24,837
July 1. . . 24,766
July 8 . . . 24,964
July 1 5 . . . 24,964
July 2 2 . . . 24,964
July 29. . . 24,964
Aug. 5 . . . 24,964
Aug. 12 . . . 24,964
Aug. 19. . . 25,008
Aug. 26. . . 25,017
25,067
Sept. 2 . . .
Sept. 9. . . 25,126
Sept. 16... 25,207
25,185
Sept. 23 . . .
•Sept. 30. . .25,235
Oct. 7... 25,348
Oct. 14... 25,363
Oct. 21. .. 25,348
Oct. 28... 25,348
25,447
25,123
24,958
25,022
25,081
25,345
25,457
25,886
25,902

24,034
24,034
24,034
23,970
23,888
23,888
23,888
23,853
23,853
23,853
23,963
23,869
23,806
23,806
23,806
23,806
23,806
23,806
23,851
23,891
23,963
24,071
24,632
25,154
24,837
24.766
24,964
24,964
24,964
24,964
24,964
24,964
24,989
24,989
25,014
25,034
25,084
25,185
25,235
25,348
25,348
25,348
25,348
25,398
24,958
24,958
24,993
25,043
25,143
25,243
25,318
25,318

25,384
25,318
25,364
24,661
24,774
24,863
24,S06
24,559

25,318
25,318
25,364
24,661
24,717
!4,806
24,806
24,559

23,876
23,806
23,880
24,246
24,746
24,964
25,063
25,235
25,348
25,095
25,916

23,853
23,806
23,806
24,031
24,718
24,964
24,989
25,235
25,348
24,993
25,318

66

23

102
598

24,640 24,640
24,509 24,509

4,890
4,890
4,890
4,890
4,899
4,902
4,905
4,906

30,591
30,284
30,083
29,900
29,930
29,923
29,821
29,838

770
775
782
795
807
818
820
824

222
86
5
236
457
638
533
509

440
500
443
493
477
473
482
461

397
441
286
278
345
338
346
359

836 20,184 19,390
836 20,228 19,250

22,662
22,563
22,562
22,537
22,463
22,277
22,178
22,128
22,077
22,028
22,030

4,824
4,829
4,841
4,849
4,854
4,859
4,867
4,872
4,879
4,885
4,894

29,793
29,754
29,842
29,951
30,125
30,120
30,248
30.275
30,398
30,807
30,781

1,284
1,293
1,269
1,272
1,259
1,263
1,269
1,283
1,275
766
761

336
222
393
221
132
548
496
642
654
451
346

511
536
506
515
527
566
524
512
448
417
423

412
342
416
171
176
346
325
352
468
367
493

833 20,511
850 19,322
783 19,740
775 20,069
951 19,561
862 19,607
862 19,278

19,796
19,607
19,389
19,263
19,459
19,017
18,802
880 19,309 18,816
802 19,460 18.826
804 19,434 19,087
839 20,160 19,397

715
-285
351
806
102
590
476
493
634
347
763

25,437 21,956 4,899 29,981
25,688 21,958 ?4,910 ^29,897

793

405
542

440
490

459
491

830 19,384 19,016
909 19,412 P18.941

P471

281
271
260
359
822
365
594
768
427
727
268
435
100
170
156
70
110
515
440
291
249

963
754
977
722
569
509
798
503

26,519
26,230
26,412
25,495
25,860
25,815
25,897
25,312

1,309 1,006
632
485
649
607
601
565
644
549
343
685
329
787
413
667
369
935
28

26,194
24,927
25,546
25,589
25,414
26,176
25,958
26,252
26,550
26,133
26,880

" 7 4 1,014
731
215
64
28
"74

22,029
22,030
22,006
22,006
21,956
21,957
21,957
21,958

4,814
4,814
4,814
4,815
4,820
4,820
4,821
4,821
4,824
4,824
4,826
4,826
4,827
4,828
4,833
4,834
4,836
4,840
4,841
4,844
4.845
4,849
4,850
4,851
4,851

228
329

' *29
38
202
214
568
584

343
364
348
337
326
340
244
211
240
345
381
351
344
343
200
356
401
374
366
286
238
253
173
252
158
174
176
179
323
343
332
329
390
354
333
363
381
259
352
370
375
358
366
376
534
398
335
339
331
259
427
380

23,137
23,137
23,088
23,036
22,935
22,832
22,722
22,662
22,662
22,611
22,612
22,562
22,563
22,562
22,562
22,562
22,562
22,561
22,561
22,562
22,536
22,536
22,537
22,513
22,487
22,463
22,438
22,374
22,276
22,277
22,227
22,228
22,228
22,228
22,178
22,178
22,178
22,179
22,128
22,128
22,128
22,077
22,077
22,076
22,077
22,076
22,027
22,028
22,028
22,028
22,029
22,029

1,307
101 1,385
41 1,329
732
806
824
1,315
1,009
705
465
908
868
15
842
837
933
54
28 1,264
530
31
125
571
507
50
454
286
317
245
341
200
521
747
561
776
815
19
524
28
391
53
491
92
311
123

49
165

570
699
622
612
562
558
458
454
512
581
496
511
550
568
574
585
518
517
618
584
504
520
587
598
615
521
488
561
525
547
557
551
610
518
538
569
507
543
512
484
461
461
471
453
449
419
429
431
491
464
461
474

26,695
26,166
25,904
26,009
26,148
25,912
25,648
25,406
25,742
25,941
26,178
25,387
25,023
25,427
25,549
25,395
25,227
25,443
25,831
25,288
25,308
25,418
25,741
26,656
25,776
25,752
25,984
25,923
26,265
26,301
26,153
26,352
26,577
26,131
26,071
26,179
26,464
26,228
26,252
26,238
26,322
26,437
26,309
26,830
26,111
26,487
26,428
26,302
26,681
26,921
27,692
26,977

862

15

622
455
343
745
672
431
395
389
488
331
8
7
286
329
341
509
367
214
428
145
355
137
6
8
8
176
431
640
539
841
460
675
738
669
541
574
356
619
642
524
348
530
644
664
322
503
522
526
488
224
799
377

776 20,902
776 20,660
774 20,741
775 20,502
770 20,584
770 20,376
835 20,318
834 19,975
830 20,090
829 20,212
852 20,865
852 20,148
869 19,305
868 19,629
865 19,932
864 19,476
784 19,489
780 19,811
780 19,912
777 19,824
777 19,706
902 19,729
902 20,168
958 20,958
960 20,173
949 19,828
948 19,690
947 19,397
19,742
863 19,529
860 19,614
859 19,593
862 19,641
862 19,440
859 19,325
859 19,104
882 19,771
881 19,486

4,872
4,872
4,873
4,874
4,874
4,877
4,878
4,878
4,879
,882
,883
,884
,886
4,889

30,153
,280
29,884
,280
29,687
,291
29,592
,298
29,657
,331
29,776
,312
29,654
,288
29,735
,291
29,772
,295
29,780
,299
29,708
,305
29,600
,306
29,754
,304
29,780
,300
29,753
,278
29,722
,279
29,787
,278
29,863
,285
29,845
,285
29,795
,282
29,825
,284
29,980
,282
30,003
,289
29,970
,276
29,929
,272
30,152
,269
30,279
,266
30,163
,264
30,051
,267
30,044
,264
30,139
,276
30,158
,275
30,145
,280
30,105
,273
30,240
,278
30,479
,274
30,335
,278
30,210
,277
30,275
,283
30,374
,284
30,412
,271
30,305
,270
30,268
,282
30,428 1,283
30,540
784
30,487
786
30,691
777
30,791
774
30,904
778
30,953
769
31,156
763
30,890
773

965
881
1,005
728
770
649
1,023
743
1,062
770
1,202
810
748
709
856
743
581
647
684
832
645
785
646
1,213
619
737
677
756
777
588
625
609
751
587
610
559
943
813
685
606
685
826
599
559
622
933
636
792
606
1,193
1,369
973

357 1,336
171 1,076

156
350

640
827

4,853
4,858
4,859
4,861
4,862

869

880 19,309
19,303
19,557
19,567
19,334
19,779
19,630
20,044
19,775
19,474
19,720
936 20,229
937 20,064
936 20,066

899
899
897
895
801
808
805
805
878
880

831
829
828
912

20,309
593
20,274
386
20,255
486
20,095
407
19,956
628
19,894
482
19,979
339
19,791
184
19,840
250
19,821
391
20,002
863
19,854
294
19,518 -213
19,472
157
19,560
372
19,481
-5
19,395
94
19,386
425
19,282
630
19,312
512
19,298
408
520
19,209
719
19,449
19,778 1,180
19,594
579
715
19,113
19,002
688
18,253 1,144
19,098
644
19,014
515
18,959
655
18,942
651
18,865
776
18,860
580
18,884
441
18,731
373
18,885
886
18,868
618
18,816
493
18,757
546
18,728
829
18,817
750
538
18,796
18.845
934
19,026
604
19,187
857
19,150
625
19,161
313
19 ,053
667
19,309
920
19,297
767
19,364
702

794
978
874 19,335 1,539
859 19,217
642
19,870 19,089
781
19,654 18,937
717
19,845 ^18,946 ?899
19,273 P18.869 P404

368

P Preliminary.
For footnotes see following page.

MARCH

1954




257

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

DisAll
Held counts
under and Float oth- Total
Bought
eri
adTotal out- repur- vances
right chase
agreement

Gold
stock

Deposits, other
Member bank
than member bank
reserve balances, Other
reserve balances
Treasury Money Treas- with F. R. Banks Fedin
erai
curury
or i
cirRerency
cash
out- cula- hold- Treas- For- Oth- serve
er
acstand- tion
ings
Exeign deReury
ing
de- pos- counts Total quired 2 cess*
deposits posits its

End of
month:
1929—June.
1933—June.
1939—Dec>
1941—Dec.
1945—Dec..
1947—Dec..
1948—Dec..
1949—Dec..
1950—Dec..
1951—Dec.
1952—June.
Dec.
1953—June.

216

148

1,998
2,484
2,254
24,262
22,559
23,333
18,885
20,778
23,801
22,906
24,697
24,746

1,998
2,484
2,254
24,262
22,559
23,333
18,885
20,725
23,605
22,764
24,034
24,718

68

53
196
142
663
28

1,037
164
7
3
249
85
223
78
67
19
59
156
64

52
4
91
94
578
535
541
534

1,368
1,184

581
967
601

95
54
11
10
2
1
1
2
3
5
5
4
3

1,400
2,220
2,593
2,361
25,091
23,181
24,097
19,499
22,216
25,009
23,551
25,825
25,414

4,037
4,031
17,644
22,737
20,065
22,754
24,244
24,427
22,706
22,695
23,346
23,187
22,463

2,019
2,286
2,963
3,247
4,339
4,562
4,589
4,598
4,636
4,709
4,754
4,812
4,854

4,459
204
36
264
35
5,434
634
7,598 2,409
11,160 2,215
867
28,515 2,287
977
870
28,868 1,336
28,224 1,325 1.123
821
27,600 1,312
668
27,741 L,293
247
29,206 1,270
333
29,026 L.283
389
30,433 1,270
132
30,125 1,259

21
6
15 151
397 256
774 586
862 446
392 569
642 547
767 750
895 565
526 363
548 298
550 455
527 176

374
346
251
291
495
563
590
706
714
746
783
777
951

2,356 2,333
1,817
2,292
6,444
11,653
12,450 9,365
15,915 14,457
17,899 16,400
20,479 19,277
16,568 15,550
17,681 16.509
20,056 19,667
19,381 19,573
19,950 20,520
19,561 19,459

23
475

5,209
3,085
1,458
1,499
1,202
1,018
1,172
389

-192
-570

102

•

Averages
of daily
figures
Monthly:
1953—Feb..
Mar.
Apr..
May.
June.
July.
Aug..
Sept.
Oct..
Nov.
Dec.
1954—Tan. .
Feb..

4
4
4
4
3
3
3
3
3
3
2
2
2

26,080
26,025
25,892
25,682
25,960
26,123
26,322
26,410
26,514
26,413
27,107
26,243
25,746

22,797
22,606
22,562
22,557
22,514
22,366
22,226
22,176
22,102
22,057
22,028
22,015
21,957

4,821
4,825
4,832
4,843
4,851
4,853
4,860
4,867
4,873
4,878
4,885
4.891
4,903

29,718 1,299
29,752 1,296
29,782 1,281
29,869 1,279
30,011 L.273
30,165 1,264
30,167
,273
30,328 1,273
30,366 1,274
915
30,555
767
30,967
778
30,282
811
29,903

500
244
395
356
52
545
656
537
557
497
602
201
568

526 336
530 378
563 397
552 350
566 203
537 239
548 376
538 354
463 406
434 424
466 390
453 422
470 429

800
841
861
779
933
939
861
871
889
805
908
834
870

20,520
20,416
20,007
19,897
20,287
19,653
19,526
19,552
19,536
19,718
19,920
20,179
19,557

19,882
19,828
19,472
19,306
19,499
18,869
18,882
18,834
18.784
19,035
19,227
19,243

638
588
535
591
788
784
644
718
752
683
693
936

1,377
1,206

3
2
2
2
2

26,393
26,647
26.848
27,721
27,486

22,027
22,027
22,028
22,028
22,029

4,881
4,883
4,884
4,885
4,887

30,759
30,872
30,942
31,086
31.051

775
775
770
758
763

491
521
381
921
652

436
450
501
462
471

378
369
343
438
406

826
879
896
937
938

19,637
19,691
19,926
20,032
20,121

19,100
19,081
19,232
19,284
19,308

537
610
694
748
813

111
155
87
91

987
775
940
880

2
2
2
2

26,886
26,370
26,344
25,930

22,029
22,030
22,023
22,006

4,891
4,890
4,890
4,890

30,721
30,457
30,199
29,999

769
771
773
788

328
334
12
46

431
469
449
466

525
444
425
322

838
837
834
832

20,194
19,978
20,566
20,374

827
19,367
779
19,199
19,292 1,274
19,236 1.138

226
375
316
215

558
552
702
796

2
2
2
2

25,447
25,798
25,916
25,735

21,963
21,956
21,957
21,957

4,898
4,900
4,904
4,905

29,965
29,941
29,915
29,836

799
807
811
815

405
589
627
558

450
458
488
461

372
371
503
448

830
829
864
912

19,487 19,059
19,659 18,986
19,569 P18.923
19,569 P18.892

23,918
23,892
23,861
23,973
24,748
24,955
25,000
25,168
25,344
25,172
25,639
25,263
24,770

23,875
23,878
23,806
23,881
24,729
24,943
24,974
25,097
25,341
25,078
25,218
25,149
24,729

43
14
55
92
19
12
26
71
3
94
421
114
41

1,336
1,220
1,184

Dec. 2
Dec. 9
Dec 1 6 . . . .
Dec. 2 3 . . . .
Dec. 30

25,054
25,252
25,553
25,823
26,052

25,003
25,084
25,207
25,303
25,318

51
168
346

612
678
449
518
226

1954
Jan. 6
Jan. 13
Jan. 2 0 . . . .
Jan. 2 7 . . . .

25,786
25,438
25,316
24,958

25,318
25,318
25,316
24,958

468
120

Feb. 3 . . . .
Feb. 1 0 . . . .
Feb. 1 7 . . .
Feb. 24

24,662
24,869
24,895
24,723

24,654
24,803
24,806
24,723

8
66
89

955
433
428
658
468
367
494
448
118
308

822
909
843
750
776
737
660
771
800
744

1,018

861
667

Weekending:
1953

520
734

725
714
844

428
673

P646
P677

1

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

MAXIMUM RATES ON TIME DEPOSITS
[Per cent per annum]

MARGIN REQUIREMENTS *
[Per cent of market value]

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 months. . .
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.

258




Prescribed in accordance with
Securities Exchange Act of 1934

Regulation T:
For extensions of credit by brokers
and dealers on listed securities
For short sales
Regulation U:
For loans by banks on stocks

Mar. 30, Jan. 17, Effec19511949tive
Jan. 16, Feb. 19, Feb. 20.
1953
1951
1953

50
50

75
75

50
50

50

75

50

1

Regulations T and U limit the amount of credit that may be extended on a security by prescribing a maximum loan value, which is a,
specified percentage of its market value at the time of the extension; the
"margin requirements" shown in this table are the difference between
the market value (100%) and the maximum loan value.
Backfigures.—SeeBanking and Monetary Statistics, Table 145, p. 504,
and BULLETIN for March 1946, p. 295, February 1947, p. 162, and
February 1953, p. 130.
FEDERAL RESERVE BULLETIN;

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

Federal Reserve Bank

Advances secured by Government
obligations and discounts of and
advances secured by eligible paper
(Sees. 13 and 13a)*
Rate on
Feb. 28

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

In effect
beginning—
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.

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)]
Rate on
Feb. 28

5, 1954
5, 1954
5, 1954
1954
15,
1954
12,
9, 1954
1954
11,
5, 1954
5, 1954
1954
12,
1954
15,
5, 1954

In effect
beginning—
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.

5, 1954
5, 1954
5, 1954
15, 1954
12, 1954
9, 1954
11, 1954
5, 1954
5, 1954
12, 1954
15, 1954
5, 1954

Previous
rate

Rate on
Feb. 28

V2
2Y2
2V2
2Y

2%
3

Feb. 5,
Jan. 16,
Jan. 16,
Aug. 17,
Jan. 23,
Feb. 9,
Aug. 13,
May 18,
Jan. 26,
Jan. 16,
Jan. 23,
Jan. 20,

V
3

¥

y2
2)4
2V2
2%
2U

In effect
beginning-

3
2 5i
3

Previous
rate

1954
1953
1953
1953
1953
1954
1948
1953
1953
1953
1953
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 corporation!
under the last paragraph of Section 13: 90 days. Back figures.—See Banking and Monetary Statistics, Tables 115-116, pp. 439-443.
MEMBER BANK RESERVE REQUIREMENTS

FEDERAL RESERVE BANK BUYING RATES ON
ACCEPTANCES
[Per cent per annum]
Rate on
Feb. 28

Maturity
1- 90 days
91-120 days
121-180 days

1K
2

In effect beginning—

Feb. 5, 1954
Feb. 5, 1954
Feb. 5, 1954

[Per cent of deposits]

rate

2Vs
2\i
2%

NOTE.—Effective minimum buying rates on prime bankers' accept-

ances payable in dollars. Back figures.—See Banking and Monetary
Statistics, Table 117, pp. 443-445.
FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS
AND COMMITMENTS UNDER SECTION 13B
OF THE FEDERAL RESERVE ACT
Maturities not exceeding five years
[In effect February 28. Per cent per annum]
To industrial or
commercial
businesses

To financing institutions
On discounts or
purchases

Federal
Reserve
Bank

On
loans i

Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas C i t y . . . .
Dallas
San Francisco...
1
2

On
commitments

Portion
for which
Reinstitu- maining
tion is
portion
obligated

On
commitments

(2)

8

1954




Effective date
of change

1H-2H
2

()

Central
reserve
city
banks

Reserve
city
banks

Country
banks

1917—June 2 1 .

13
19H
22 %
26

15
17
20

1938—Apr. 16.

22M
26
24
22
20

17

12

20

Time
deposit!
(all
member
banks)

10

1936—Aug. 16.
1937—Mar. 1.
May 1.

14

1941—Nov.
1942—Aug.
Sept.
Oct.

1.
20.
14.
3.

1948—Feb.
June
Sept.
Sept.

27.
11.
16.
24.

1949—May
May
June
July
Aug.
Aug.
Aug.
Aug.
Aug.
Sept.

1.
5.
30.
1.
1.
11.
16.
18.
25.
1.

1951—Jan. 11.
Jan. 16.
Jan. 25.
Feb. 1.
1953—July
July

Including loans made in participation with financing institutions.
Rate charged borrower less commitment rate.
4
• Rate charged borrower.
Rate charged borrower but
not to exceed 1 per cent above the discount rate.
'Charge of ^ per cent per annum is made on undisbursed portion
of loan.
•Charge of \i per cent per annum is made on undisbursed portion
of loan.
Back figures.—See Banking and Monetary Statistics, Table 118, pp.
446-447.

MARCH

Net demand deposits *

Previous

1.
9.

In effect Mar. 1, 19544

14

22
24

26

22

24

21
20

23
22J
22

19
18>
18

23

19

24

16
15
14
13

27
»7
«6
26

12

85
25

13

*6
2
6

14*
22

19

22

19

13
13

d e m a n d deposits subject to reserve requirements, which beginning
Aug. 23, 1935, have been total demand deposits minus cash items
in process of collection and demand balances due from domestic banks
(also minus war loan and series E bond accounts during the period
Apr. 13, 1943-June 30, 1947).
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.

259

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

Month, or
week ending Wednesday

All

member
banks i

Central reserve
city banks
New
York

Chicago

Reserve Country
city
banks banksi

All
member 1
banks

Month, or
week ending Wednesday

Total reserves held:

Central reserve
city banks
New
York

Reserve
city
banks

banki*

102
120
119
87
85

Chicago

547
576
589
579
594

Coun-

Excess reserves:

1952—November
December
1953—January
No vem ber
December

20,744
21,180
20,958
19 718
19,920

5,201
5,357
5,184
4 730
4,762

1,367
1,406
1,379
1 288
1,295

8,172
8,323
8,277
7 849
7,962

6,004
6,094
6,118
5 852
5,901

1952—November . .
December
1953—January
November
December

657
723
707
684
693

8
30
5
19
14

1954—January

20,179

4,863

1,320

8,065

5,932

1954—January

936

146

7

162

621

20,566
20,374
19,487
19,659
19,569
19,569

4,946
5,048
4,691
4,664
4,630
4,701

1,335
1,320
1,289
1,295
1,259
1,268

8,216
8,078
7,802
7,865
7,817
7,799

6,069
5,929
5,705
5,835
5,863
5,802

1,274
1,138
428
673
P646
P677

259
331
-11
9
7
76

22
13
-13
10
-12
2

246
175
14
97
67
73

747
619
438 '
557 1
*526

1,532
1,593
1,347
487
441

198
486
320
78
115

266
232
335
24
37

862
639
529
270
184

206
236
163
US
105

1

59

41

31
39
120
153
131
122

40
36
47
49
87
58

Jan
Jan.
Feb
Feb.
Feb.
Feb.

20
27
3
10
17
24

Jan.
Jan.
Feb
Feb.
Feb.
Feb.

1952—November
December
1953—January
November
December

20,087
20,457
20,251
19,034
19,227

1954—January
J a n . 27
Feb
3
F e b . 10
Feb. 17
F e b 24

. . .

5,193
5,328
5,180
4,711
4,748

1,367
1,409
1,385
1,288
1,295

8,070
8,203
8,157
7,762
7,877

5,458
5,518
5,529
5,272
5,307

195 2—November
December
1953—January
November. . .
December

19,243

20

1

Borrowings a t Federal
Reserve Banks:

Required reserves: 2

Jan

20
27
3
10...
17
24

—4
-6

4,717

1,313

7,903

5,311

1954—January

19,291
19,237
19,059
18,987
P18.923
P18.892

4,687
4,717
4,702
4,656
4,623
4,624

1,313
1,307
1,302
1,285
1,271
1,266

7,969 5,322
7,903 5,310
7,788 5,267
7,768 5,278
7,750 P5.279
7,726 P 5 , 2 7 6

Jan.
Jan.
Feb
Feb.
Feb.
Feb.

20
27
3
10
17
24

101
71
76
211
360
301
200

.

1

34
53
56
18

10
105
27
2

v Preliminary.
1
Weekly figures of excess reserves of all member banks and of country banks are estimates. Weekly figures of borrowings of all member
banks and of country banks may include small amounts of Federal Reserve Bank discounts and advances for nonmember banks, etc.
2
Reserve requirements were reduced in July 1953; see table on preceding page.
Back figures.—See Banking and Monetary Statistics, pp. 396-399.

DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER BANKS
[Averages of daily figures.1 In millions of dollars]

Item

All
member
banks

Central reserve
city banks
New
York

Reserve
city
banks

Chicago

Country
banks

All
member
banks

January 1954
Gross demand deposits:
Total
Interbank
Other
Net demand deposits2
Time deposits
Demand balances due from domestic banks...
Reserves with Federal Reserve Banks:
Total
Required3
Excess
Borrowings at Federal Reserve Banks

Central reserve
city banks

Reserve
city
banks

Chicago

New
York

Country
banks

January 1953

111,052
13,461
97,591
96,003
36,247

23,121
4,171
18,950
20,639
2,944

6,278
1,328
4,950
5,626
1,246

43,201
6,688
36,512
37,072
14,320

38,453
1,274
37,178
32,667
17,737

109,906
13,153
96,753
95,627
33,452

23,174
4,097
19,078
21,021
2,243

6,108
1,263
4,844
5,475
1,187

42,662
6,537
36,126
36,773
13,380

37,962
1,256
36,706
32,357
16,642

6,890

51

129

2,153

4,556

6,551

46

118

1,987

4,401

20,179
19,243
936

4,863
4,717
146

1,320
1,313
7

8,065
7,903
162

5,932
5,311
621

20,958
20,251
707

5,184
5,180
5

1,379
1,385
-6

8,277
8,157
119

6,118
5,529
589

59

41

1,347

320

335

529

163

101

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.
3
Reserve requirements were reduced in July 1953; see table on preceding page.

260




FEDERAL RESERVE BULLETIN

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

End of month

1954
Feb. 24

Assets
Gold certificates
Redemption fund for F . R. notes. .

Feb. 17

Feb.10

1954
Feb. 3

Jan. 27

Feb.

1953
Jan.

Feb.

20,389,100 20,384,101 20,384,105 20,384,102 20,429,102 20,389,102 20,384,1
886,746
880,653
890,116
890,003
890,118
883,228
880,654

Total gold certificate reserves.

21,269,754 21,267,329 21 ,270,851 21,274,105 21,319,220 21 ,269,755 21,274,219 21

Other cash
Discounts and advances:
For member banks
For nonmember banks, etc..
Industrial loans
U. S. Government securities:
Bought outright:
Bills
Certificates:
Special
Other
Notes
Bonds

447,338

453,541

449,684

462,871

467,496

459,656

472,786

233,547
15,000
1,593

276,231
15,000
1,846

425,451
15,000
1,848

500,245
15,000
1,942

95,466
15,000
1,895

335,277
15,000
1,772

140,676
15,000
1,865

1,837,775 2,084,575 2,084,575 1,995,575 1,939,000 1,787,775 1,918,000
6,051,191 6,051,191 5,816,541 5,816 ,541
,816,541 6,051,
13,029,021 13,029,021 13,263,671 13,263 ,671 13 ,263,671 13,029
3,641,150 3,641,150 3,641,150 3,641 ,150
,641,150 3,641.

Total bought outright
Held under repurchase agreement.

5,816,541
13,263,671
3,641,150

560,954
,995,716
,773,671
,521,975

24,559,137 24,805,937 24,805,937 24,716 ,937 24,660,362 24,509,137 24,639,362 23, 852,316
56,900
56 ,900
23,000

Total U. S. Government securities

24,559,137 24,805,937 24,862,837 24,773
3,837

Total loans and securities

24,809,277 25,099,014 25,305,136 25,291,024 24,772,723 24,861,186 24,796,903 25,188,293
22
22
22
22
168,057
181,625
182,430
206 ,050
3,796,975 4,698,580 3,498,669 3,541 ,629
52,932
52.817
52 ,800
52,875
205,441
129,083
195 ,627
137,657

Due from foreign b a n k s . . . .
F. R. notes of other Banks.
Uncollected cash items. . . .
Bank premises
Other assets

24,509,137 24,639,362 23,875,316
22
22
22
182 ,856
219,444
218 ,954
,892,209 3,723
3,501,445
52
52 815
52,890
191
142 139
187,299

50,696,328 51,882,126 50,950,677 51,024,128 50,911,303

Total assets.

Liabilities

Federal Reserve notes
Deposits:
Member bank—reserve accounts
U. S. Treasurer—general account
Foreign
Other

23
184,032
,996,508
49,163
170,231

50,509,029 51,493,329

25,697,813 25,681,823 25,771,591 25,824,633 25,805,092 25,756,835 25,885,171 25,680,584
19,273,253 19,844,867 19,654,262 19,869,521 19,858,992 19 ,412,387 19,384,065 20 510,720
533,458
637,720
457,203
541,544
405,287
336,300
508,919
235,729
482,090
473,406
476,996
489,792
439,753
510,967
461,191
492,600
345,606
337,946
345,037
490,653
458,834
411,591
359,365
277,903

Total deposits.

20,602,728 21,206,021 21,103,334

Deferred availability cash items
Other liabilities and accrued dividends.
Total liabilities.
Capital Accounts
Capital paid in
Surplus (Section 7)
Surplus (Section 13b)
Other capital accounts

3,294,082 3,900,380 2,989,301
16,390
16,515
17,581

Total liabilities and capital accounts

,990,811
17,001

49,612,204 50,804,614 49,880,741 49,961,323 49,856,961 49,603,977 49,450,128 50,457,974
269,573
625,013
27,543
161,995

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

148,757 20,865,224 20,934,376 20,687,939 21,769,578
972,836 3,169,923 2,896,772 2,861,024
15,994
15,994
15,097
16,722

269,315
625,013
27,543
155,641

268,666
625,013
27,543
148,714

268,419
625,013
27,543
141,830

267,183
625,013
27,543
134,603

269,656
625,013
27,543
165,766

267,301
625,012
27,543
139,045

256,543
584,676
27,543
166,593

50,696,328 51,882,126 50,950,677 51,024,128 50,911,303 50,691,955 50,509,029 51,493,329
45.4
10,283
3,315

45.4

12,751
3,135

14,498
3,126

16,332
3,425

18,267
3,513

9,741
3,146

17,393
3,533

350,277
329,012
21,265

155,676
134,101
21,575

27,518
2,817

Maturity Distribution of Loans and U. S. Government 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
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
,

248,547
232,557
15,990
1,593
254
394
871
74
24,559,137
432,700
,405,075
874,141
057,964
374,400
414,857

291,231
265,231
26,000

440,451
414,501
25,950

515,245
491,130
24,115

110,466
89,641
20,825

,308,951
,076,142
232,801
8
1,846
1,848
1,942
1,772
1,865
1,895
4,026
291
268
307
266
320
331
628
403
391
643
391
552
588
718
1,078
1,114
914
1,041
914
898
2,315
74
75
78
74
79
78
365
24,805,937 24,862,837 24,773,837 24,660,362 24,509,137 24,639,362 23 ,875,316
262,700
,979,550
483,700 4,219,950
23,000
,185,950
482,000
,525,075
,860,650
560,954
,600,875 1,843,725
,788,725
,379,200
,855,241
,207,691
,874,141 9,855,241
,855,241
855,241 13 ,874,141
,154,664
,655,200
,057,964 6,154,664
,154,664
154,664 6,057,964
,374,400
,070,224
,374,400 1 374,400
,374,400
374,400
,374,400
,414,857
,358,247
,414,857
,414,857 1 414,857
414,857
,414,857

^Beginning Apr. 15, 1953, U. S. Government securities classified according to maturity date. During the period Jan. 3, 1951-Apr. 8, 1953,
callable issues classified according to nearest call date. Securities held under repurchase agreement are classified as maturing within 15 days in accordance with maximum maturity of the agreements.

MARCH 1954




261

STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON FEBRUARY 28, 1954
[In thoiisands of dollars]
Item

Total

Boston

New
York

Philadelphia

Cleveland

Richmond

Atlanta

Chicago

St.
Louis

Minneapolis

845,956

486,128

866,223

49,018

25,383

41,141

Kansas
City

San
Francisco

Dallas

Assets
Gold certificates. 20,389,102 1,031,827 5,530,260 1,273,421 1,744,345 1,039,743
Redemption fund
68,705
53,944
180,106
59,248
81,056
for F. R. notes.
880,653

935,720 3,691,555
57,908

150,223

764,300 2,179,624
30,105

83,816

Total gold certificate reserves. . 21,269,755 1,085,771 5,710,366 1,332,669 1,825,401 1,108,448 993,628 3,841,778 894,974 511,511 907,364 794,405 2,263,440
26,115
93,251
30,970
35,182
38,607
39,430
Other cash
459,656
77,931
47,694
8,611
16,798
17,606
27,461
Discounts and
advances:
Secured by
U. S. Govt.
19,925
5,590
7,102
securities. . .
330,802
13,595
11,955
34,750
73,080
20,050 112,335
5,245
17,225
9,950
765
1,110
Other
19,475
4,350
1,680
915
2,645
2,880
2,085
1,530
375
570
570
30
1,376
Industrial loans
1 772
250
116
U. S. Government
securities:
Bought out24,509 137 1,349 571 6,309,338 1,476,774 2,080 556 1,453,392 1 253 618 4 235 963 1 031 124 604 910 1 068 182 973 576 2 672 133
right
Held under
repurchase
agreement...
Total loans and
24,861,186 1,364,081 6,325,643 1,484,850 2,089,338 1,474,112 1,291,263 4,311,128 1,041,644
securities
Due from foreign
1
1
1
1
2
22
16
2
banks
3
F. R. notes of
30,221
20,782
9,729
8,903
182,856
3,289
40,120
other Banks...
18,910
9,314
Uncollected cash
641,131 222,094 324,485 332,459 289,795 636,436 179,808
3,723,526 259,266
items
4,796
4,681
7,438
5,187
52,815
6,165
Bank premises...
3,958
6,410
2,887
8,433
8,471
35,150
12,475
142,139
7,693
Other assets
7,951
24,093
5,875
Total assets

610,646 1,085,977

996,506 2,785,998

1

1

1

2

9,874

4,508

9,657

17,549

98,944
1,019
3,469

198,506
2,221
6,815

210,573
581
6,159

330,029
7,472
15,555

50,691,955 2,761,448 12,833,767 3,093,543 4,304,398 2,984,508 2,666,146 8,916,689 2,161,964 1,244,075 2,222,190 2,035,488 5,467,739

Liabilities
25,756,835 1,583,460 5,727,996 1,839,745 2,381,067 1,773,815 1,370,304 4,989,599 1,171,383
F. R. notes
Deposits:
Member bk.—
reserve accts. 19,412,387 810,528 5,724,220 920,294 1,490,165 828,840 910,665 3,181,263 732,604
U. S. Treas.—
35,840
34,070
541,544
28,681
35,055 2100,036
46,635
gen. acct
71,766
46,958
33,063
22,787
489,792
172,546
41,106
27,255
19,212
Foreign
62,105
16,978
1,567
12,693
490,653
296,059
5,400
2,529
49,965
Other
824
28,617
Total deposits... 20,934,376
Deferred availability cash
items
2,896,772
Other liabilities
and accrued
15,994
dividends

875,367 6,292,861

990,764 1,565,352

898,390 1,026,477 3,315,958

825,157

633,711 1,002,254
451,940
27,358
11,170
6,417

716,038 2,567,463

951,699 1,012,525 2,397,644
38,899
16,978
1,134

34,286
21,000
49,308

41,960
45,592
36,140

496,885 1,008,710 1,117,119 2,521,336

234,766

502,678

182,068

257,107

253,798

219,091

455,822

121,276

84,177

167,769

151,317

266,903

851

4,477

909

1,791

789

693

2,775

581

454

625

555

1,494

Total liabilities.. 49,603,977 2,694,444 12,528,012 3,013,486 4,205,317 2,926,792 2,616,565 8,764,154 2,118,397 1,215,227 2,179,358 1,985,029 5,357,196
Capital
Accounts
Capital paid in. .
Surplus (Sec. 7)..
Surplus (Sec. 13b)
Other capital
accounts

269,656
625,013
27,543

14,612
38,779
3,011

83,200
176,633
7,319

18,271
45,909
4,489

25,765
57,648
1,006

11,899
31,750
3,349

11,575
28,034
762

35,515
90,792
1,429

9,300
25,465
521

6,031
16,219
1,073

10,239
23,456
1,137

13,442
28,146
1,307

29,807
62,182
2,140

165,766

10,602

38,603

11,388

14,662

10,718

9,210

24,799

8,281

5,525

8,000

7,564

16,414

Total liabilities
and capital
50,691,955 2,761,448 12,833,767 3,093,543 4,304,398 2,984,508 2,666,146 8,916,689 2,161,964 1,244,075 2,222,190 2,035,488 5,467,739
accounts
45.6%

44.2%

47.5%

47.1%

46.3%

41.5%

41.5%

46.3%

44.8%

45.2%

45.1%

43.3%

44.5%

Contingent liability on acceptances purchased for foreign
correspondents

9,741

628

32,428

762

948

525

443

1,432

391

258

391

484

1,051

Industrial loan
commitments..

3,146

1,325

748

47

127

26

Reserve ratio

873

1
After
2
After
3

deducting $16,000 participations of other Federal Reserve Banks.
deducting $317,228,000 participations of other Federal Reserve Banks.
After deducting $7,313,000 participations of other Federal Reserve Banks.

262




FEDERAL RESERVE BULLETIN

FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS
FEDERAL RESERVE BANKS COMBINED
In thoLisancLs of dollars
Wednesday figures

Item

End of month

1954

Feb.
F. R. notes outstanding (issued to Bank)
Collateral held against notes outstanding:
Gold certificates
Eligible paper
...

24

Feb. 17

1954

Feb. 10

Feb. 3

Ja n .

27

1953

Jan.

Feb

Feb

26,940 ,235 26,987 253 27,094 567 27 ,202 ,817 27, 300 ,847 26 ,938 131 27 ,246, 470 26 ,678 507
11,093 ,000 11,093 000 11,093 000 11 ,093 ,000 11, 093 ,000 11 ,093 000 11 ,093, 000 12 ,744 000
90S . 895
844
208 P S
192 640
142 QM)
123 665
300
74, 080
17,305 ,000 17,305 000 17,305 000 17 ,305 ,000 17, 320 ,000 17 ,255 000 17 ,305, 000 14 ,660 000

Total collateral

28,521 ,665 28,540 ,930 28,606 125 28 ,603 ,895 2 8 , 464 ,300 28 ,540 640 28 ,472, 980 28 ,248 621

EACH FEDERAL RESERVE BANK ON FEBRUARY 28, 1954
[In thousands of dollars]
Item

Total

F. R. notes outstanding (issued
to Bank)
Collateral held:
Gold certificates
Eligible paper..
U. S. Govt. securities

Boston

New
York

Philadelphia

Cleveland

Richmond

Atlanta

Chicago

St.
Louis

Minne- Kansas
apolis
City

San

Dallas

Francisco

26,938,131 1,665,483 5,937,667 1,952,999 2,506,938 1,868,860 1,452,828 5,153,190 1,233,498 651,353 1,033,785 753,162 2,728,368
355,000 175,000
9,950 5,245

280,000 283,000 1,380,000
112,335
17,225

17,255,000 1,200,000 3,600,000 1,200,000 1,550,000 1,300,000 1,100,000 2,900,000 960,000 500,000

800,000 525,000 1,620,000

11,093,000
192,640

640,000 2,670,000
13,595
8,775

800,000 1,050,000
5,590

625,000
19,925

435,000 2,400,000

Total collateral.. 28,540,640 1,853,595 6,278,775 2,005,590 2,600,000 1,944,925 1,535,000 5,300,000 1,324,950 680,245 1,097,225 808,000 3,112,335

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

End of
year or
month

3,511
3,542
3,574
3,607
3,649
3,698
3,736
3,753

544,961
565,913
586,726
615,653
629,326
651,389
710,931
766,492

i

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

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

1,644
8,309
7,434
1,643
2,288
3,754
6,036
3,210

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

1953

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

3,754
3,755
3,756
3,757
3,758
3,758
3,759
3,760
3,760
3,762
3,764
3,765

770,541
773,013
776,461
780,468
784,246
788,058
790,798
793,196
795,496
797,656
800,420
803,429

2,513
1,185
1,188
1,751
1,698
1,646
1,162
1,492
997
1,242
1,682
1,951

3,895
4,054
3,678
3,485
3,706
3,223
3,292
2,801
2,993
2,685
2,546
1,900

3,176
2,816
2,756
2,866
2,671
3,142
3,304
3,355
3,341
3,381
3,097
3,569

3,236
3,234
3,193
3,131
3,141
3,141
3,129
2,955
3,134
2,970
3,640
3,469

End of
year or
month

1950
1951
1952

Guaranteed loans
authorized
to date

January. .. 3,765

805,115

1

1,234

1,885

3,532

3,414

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.

1954




Guaranteed
loans
outstanding

Additional
amount
available to
borrowers
under guarantee agreements
outstanding

Number

Amount

Total
amount

Portion
guaranteed

62
854
1,159

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

8,017
675,459
979,428

6,265
546,597
803,132

8,299
472,827
586,303

1,173
1,188
1,204
1,212
1,221
1,237
L,244
L,259
1,269
1,279
1,284
,294

2,147,953 984,295
2,170,443 999,794
2,190,643 1,023,666
2,211,201 972,193
2,258,011 957,541
2,283,755 906,584
2,292,777 891,865
2,301,987 868,274
2,310,182 860,874
2,320,187 842,529
2,324,612 837,238
2,358,387 804,686

808,986
822,257
838,704
801,945
792,015
748,691
736,723
716,618
709,488
695,550
691,727
666,205

578,061
548,916
520,517
469,324
469,048
487,928
482,394
444,265
438,091
416,690
375,977
363,667

788,320

652,706

347,969

1953
January...
February..
March. . . .
April
May
June
July
August... .
September
October. . .
November
December.
1954
January... 1 ,304

1954

MARCH

[Amounts in thousands of dollars]

Applications
approved
to date
Number

1945
1946
1947
1948
1949
1950
1951
1952

ParticiAppations
proved Loans Commit- of financments ing instibut not
outcom- standing2 outtutions
pleted i (amount) standing
out(amount) standing'
Amount (amount)
(amount)

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

2,377,628

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.

263

FEES AND RATES ESTABLISHED UNDER REGULATION V
ON LOANS GUARANTEED PURSUANT TO DEFENSE
PRODUCTION ACT OF 1950
[In effect February 28]

POSTAL SAVINGS SYSTEM
[In millions of dollars]
Assets

Fees Payable to Guaranteeing Agency by Financing Institution on
Guaranteed Portion of Loan
Percentage of
loan guaranteed
70 or less
75
80
. . .
85
90
95

.

Over 95

Guarantee fee
Percentage of
(percentage of any commitment
interest payable
fee charged
by borrower)
borrower
10
15
20
25
30
35
40-50

10
15
20
25
30
35
40-50

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

End of month

Depositors'
balances1

2,933
1945—December
3,284
1946—December
3,417
1947—December
3,330
1948—December
3,188
1949—December
2,924
1950—December
2,705
1951—December
2,555
1952—November
December... . 2,547
2,536
1953—January
2,523
February
2,510
March
2,495
April
2,477
May.
2,457
June
2,438
July
August
. . . 2,419
September. . . 2,401
2,387
October
November. . . 2,373
v2 359
December
P2.341
1954—January

Cash
U. S.
Govern- reserve
deposi- ment
funds,
tory
securietc.2
banks
ties
Cash
in

Total

3,022
3,387
3,525
3,449
3,312
3,045
2,835
2,749
2,736
2,724
2,715
2,708
2,697
2,665
2,653
2,648
2,635
2,618
2,596
2,577

6
6
6
7

7

11
28
33
33

33
33
33
33
33
33
33
33
33
33
31

2,837
3,182
3,308
3,244
3,118
2,868
2,644
2,553
2,551
2,538
2,524
2,520
2,520
2,488
2,477
2,469
2,452
2,435
2,428
2,407

179
200
212
198
187
166
162
162
151
152
158
155
144
144
143
146
151
150
135
139

P Preliminary.
Outstanding principal, represented by certificates of deposit.
Includes reserve and miscellaneous working funds with Treasurer
of United States, working cash with postmasters, accrued interest on
bond investments, and miscellaneous receivables.
Back figures.—See Banking and Monetary Statistics, p. 519; for
description, see p. 508 in the same publication.
2

BANK DEBITS AND DEPOSIT TURNOVER
[Debits in millions of dollars]
Annual rate of turnover of
demand deposits except interbank
and U. S. Government deposits

Debits to demand deposit accounts,
except interbank and
U. S. Government accounts
Year or month
Total, all
reporting
centers

New
York
City

6
other
centersJ

338 other
reporting
centers

New
York
City

6
other
centers *
•

338 other
reporting
centers

757,356
848,561
924,464
,017,084
,103,720
,227,476
,206,293
,380,112
,542,554
,642,853
,759,069

281,080
327,490
382,760
406,790
398,464
443,216
446,224
509,340
544,367
597,815
632,801

175,499
194,751
200,202
218,477
246,739
270,912
260,897
298,564
336,885
349,904
385,831

300,777
326,320
341,502
391,817
458,517
513,348
499,172
572,208
661,302
695.133
'740,436

20.4
22.3
24.1
25.1
23.8
26.9
27.9
31.1
31.9
34.4
36.7

18.0
18.3
17.5
18.3
19.7
21.6
20.9
22.6
24.0
24.1
25.6

15.3
14.6
13.5
14.1
15.5
16.6
15.9
17.2
18.4
18.4
18.9

1952—November.
December.

127,647
165,115

44,209
63,091

27,064
35,179

56,374
66,845

34.1
41.8

24.1
26.9

19.3
19.8

1953—January...
February..
March
April
May
June
July
August
September
October...
November,
December.

145,919
129,163
153,356
145,567
141,981
153,846
147,957
134,386
147,699
149,606
140,992
••168,596

52,048
45,749
53,898
52,038
50,255
56,623
51,799
45,516
54,888
54,152
50,470
65,367

31,660
28,126
35,339
32,742
32,283
33,807
32,683
29,958
31,422
31,778
30,477
35,557

62,212
55,287
64,119
60,788
59,443
63,416
63,476
58,913
61,390

'63,676
60,046
'67,672

34.3
35.1
37.1
35.4
35.6
38.9
36.0
32.2
40.2
35.8
38.4
43.1

23.9
24.4
28.7
26.7
26.2
26.5
25.7
23.6
25.9
23.9
26.4
26.8

18.4
18.9
19.4
18.4
18.8
19.2
19.2
17.8
19.3
18.4
20.2
19.7

1954—January...

154,294

62,306

30,806

61,183

42.7

24.1

18.5

1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953

p

Revised.
Boston, Philadelphia, Chicago, Detroit, San Francisco, and Los Angeles.
NOTE.—For description of earlier series, see Banking and Monetary Statistics, pp. 230-233; for description of revision in 1942 see BULLETIN
for August 1943, p. 717; and for description of revision in 1953 covering the period beginning 1943 see BULLE
LETIN for April 1953, pp. 355-357.
1

264




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 a

Total
in circulation 1

Total

Coin

»$1

$2

$5

1939..
1940..
1941..
1942..
1943. .
1944..
1945..
1946..
1947..
1948..
1949..
1950..
1951..
1952.

7,598
8,732
11,160
15,410
20,449
25,307
28,515
28,952
28,868
28,224
27,600
27,741
29.206
30,433

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

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

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

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

1953—February
March
April
May
June
July
August
September...
October
November.. .
December. . .

29,793
29,754
29,843
29,951
30,125
30,120
30,248
30,275
30,398
30,807
30,781

20,918
20,896
20,979
21,085
21,243
21,237
21,331
21,321
21,414
21,771
21,636

1,725
1,737
1,747
755
766
769
1,778
1,792
1,802
1,816
,812

1,158
1,165
1,163
1,172
1,176
1,171
1,182
1,207
1,214
1,232
1,249

1954—January

29,981

20,939

1,775

1,180

End of year or
month

Large denomination currency 2

$10

$20

Total

$50

$100

,019
,129
,355
,693
,973
2,150
2,313
2,173
2,110
2,047
2,004
2,049
2.120
2,143

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

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

2,048
2,489
3,044
3,837
580
730
7; 834
8,518
8,850
8,698
8,578
8,438
8,678
8,985

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

919
1,112
1,433
1,910
2,912
4,153
220
4,771
070
074
056
5,043
5,207
5,447

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

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

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

68
67
68
69
69
70
70
69
70
71
72

2,052
2,048
2,056
2,065
2,071
2,055
2,061
2,060
2,071
2,123
2,119

6,432
6,418
6,448
6,482
6,527
6,511
6,531
6,499
6,524
6.659
6,565

9,483
9,462
9,497
9,542
9,635
9,660
9,709
9,694
9,734
9,871
9,819

8,877
8,859
8,865
8,867
8,883
8,885
8,918
8,956
8,986
9,038
9,146

2,629
2,621
2,623
2,627
2,645
2,646
2,655
2,659
2,665
2,689
2,732

5,390
5,383
5,388
5,388
5,391
5,396
5,423
5,458
5,488
5,519
5,581

340
339
339
338
337
335
334
334
333
332
333

507
505
503
502
499
496
494
493
489
487
486

4
3
4
4
4
4
4
4
4
4
4

8
8
8
8
8
8
8
8
8
8
11

70

2,031 6,351 9,531 9,045 2,693 5,526

331

Unassorted

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

484

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

1
Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks.
2
Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury
as destroyed.
3
Paper currency only; $1 silver coins reported under coin.
Back figures.—See Banking and Monetary Statistics, Table 112, pp. 415-416.

UNITED STATES MONEY, OUTSTANDING AND IN CIRCULATION, BY KINDS
[On basis of circulation statement of United States money.

In millions of dollars]

Money held in the Treasury
Total outstanding, As security
against
Jan. 31,
gold and Treasury
1954
cash
silver
certificates
Gold
Gold certificates
Federal Reserve notes
Treasury currency—total
Standard silver dollars
Silver bullion
Silver certificates and Treasury notes of 1890
Subsidiary silver coin
Minor coin
United States notes
Federal Reserve Bank notes
National Bank notes
Total—Tan 31 1954
Dec. 31, 1953
j a n 31 1953

21,956

21,310

2

646

21,310

27 246
4,899

32,371
227
2,144

51

(0

23,681
23,789
24,168

18,459

80
68

491
2 144
32 371
1,223
432
347
191
72

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

(4)
4

( )

473

Dec. 31,
1953

Jan. 31,
1953

36
25,587
4,359

36
26,253
4,491

37
25,337
4,317

5

3
2
1

793
761
1,308

Jan. 31,
1954

18,459
18,538
18,975

208

210

198

352
65
10
38
2
1

10

(5)

2,816
1,580

Money in circulation 1

2,018
1,149
418
306
187
71

2,101
1,179
424
316
190
72

2,007
1,116
406
305
208
75

4,869
4,614
4,713

29,981

30,781

29,691

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. 257.
2
Includes $156,039,431 held as reserve against United States notes and Treasury notes of 1890.
3To avoid duplication, amount of silver dollars and bullion held as security against silver certificates and Treasury notes of 1890 outstanding
is not included in total Treasury currency outstanding.
4
Because some of the types of money shown are held as collateral or reserves against other types, a grand total of all types has no special
5
significance and is not shown. See note for explanation of these duplications.
Less than $500,000.
NOTE.—There are maintained in the Treasury—(i) as a reserve for United States notes and Treasury notes of 1890—$156,039,431 in gold
bullion; (ii) as security for Treasury notes of 1890—an equal dollar amount in standard silver dollars (these notes are being canceled and retired on
receipt); (iii) as security for outstanding silver certificates—silver in bullion and standard silver dollars of a monetary value equal to the face
amount of such silver certificates; and (iv) as security for gold certificates—gold bullion of a value at the legal standard equal to the face amount
of such gold certificates. Federal Reserve notes are obligations of the United States and a first lien on all the assets of the issuing Federal Reserve
Bank. Federal Reserve notes are secured by the deposit with Federal Reserve agents of a like amount of gold certificates or of gold certificates
and such discounted or purchased paper as is eligible under the terms of the Federal Reserve Act, or of direct obligations of the United States.
Each Federal Reserve Bank must maintain a reserve in gold certificates of at least 25 per cent against its Federal Reserve notes in actual circulation. Gold certificates deposited with Federal Reserve agents as collateral, and those deposited with the Treasurer of the United States as a
redemption fund, are counted as reserve. "Gold certificates" as herein used includes credits with the Treasurer of the United States payable
in gold certificates. Federal Reserve Bank notes and national bank notes are in process of retirement.

MARCH

1954




265

CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM
ALL COMMERCIAL AND SAVINGS BANKS, FEDERAL RESERVE BANKS, POSTAL SAVINGS SYSTEM,
AND TREASURY CURRENCY FUNDS 1
[Figures partly estimated except on call dates. En millions of dollar s
Assets

Liabilities
and Capital

Bank credii
D ate
Gold

1929—June
1933—June
1939—Dec.
1941—Dec.
1945—Dec.
1947_Dec.
1948—Dec.
1949_Dec.
1950—Dec.
1951—Dec.
1952—June
Dec.

29
30
30
31
31
31
31
31
30
31
30

U. S. Government obligations

Total

Loans,
net

900 98 ,800
000 07 ,800
000 06 ,400
500 04 ,700
600 94 ,400
071 OS ,350
400 100 ,200
700 00 ,600
400 00 ,300
100 00 ,500
500 100 ,400
700 101 ,100

72,300
71,400
70,000
68,400
67,800
68,108
72,700
72,100
71,600
71,700
73,000
72,800

79, 100 100 ,300

73,300

23, 187

1953—Jan. 28
Feb. 25
Mar. 25
Apr. 29
May 27 .
June 30
July 2 0 P
Aug.
Sept. 30P
Oct.
Nov. 25P
Dec. 3 0 P

23, 000
700
22 600
600
2 2 , 500
463
22, 300
22 200
100
22 100
22 000
22, 000

4,800
4,800
4,800
4,800
4,800
4,854
4,000
4,000
4,000
4,000
4,000
4,000

191 ,200
100 ,300
100 ,200
180 ,000
188 ,900
100 ,277
105 ,500
105 ,400
10S ,900
106 ,600
108 ,100
200 ,000

74,
75
76,
76
76,
77
77,
77
78
70
70
80,

1954—Jan. 27P

22, 000

4,900 107 ,000

346

Other

24, 607

41,
21,
22,
?6
30,
43,
48,
40
60,
67

082
057
157
605
387
023
341
604
366
597

Commercial Federal
and
Reserve
savings Banks
banks
5,499
8,199
19,417
25,511
101,288
81,190
74,097
78,433
72,894
71,343
70.783
72,740

58 ,642
42 ,148
54 ,564
64 ,653
167 ,381
160 ,832
160 ,457
16? ,681
171 ,667
181 ,323
18? ,080
192 ,866

2?

Total

5 ,741
10 ,328
23 ,105
?0 ,049
128 ,417
107 ,086
100 ,694
100 ,456
06 ,560
07 ,808
60 712
06 ,266
75, 484 100 ,008

2,019
2,286
2,963
3,247
4,339
4,562
4,580
4,508
4,636
4,706
4,754
4,812

31

4, 037
4, 031
17, 644
737
20, 065
754
2 4 , 244
427
2 2 , 706
605

Treasury
currency
outstanding

216
1, 008
2, 484
254
24, 262
550
23, 333
18 885
20, 778
801

26
131
1, 204
1 284
2 , 867
328
3 , 264
138
2 , 888
664

22 006

2 577

Other
securities

Total
assets,
net—
Capital
Total
Total
and
liabildeposits misc.
ities
and
acand
capital, currency counts,
net
net

776
029
359
811
806
348
121
313
385
404

8, 922
6 436
6, 812
7 826
10 979
1? 800
13 168
14 392
14 624
is 320

2, 571

55
11,819
64,608
42
9,863
48,465
68
9,302
75,171
8?
8,909
90 637
8.577 191.785 180
10,723 188 148 17S
11,422 180,200 176
12 621 101 706 177
14,741 109,009 184
15 918 208 724
17 002 211 080 104
17,374 220,865 204

24, 000
000
2 3 , 000
800
24, 100
?4 746
25, 000
25, 000
?S 200
25, 300
25, 000
25, 000

2, 600
500
2 500
500
2 , 500
406
2 500
2 500
500
2 400
2 400
2 400

17,500
17 500
17,800
17 800
17,800
17 8S6
18,000
18,200
18 200
18,100
18,200
18,200

219,000
217 800
217,600
216 400
216,200
217 594
222,700
222,500
222 000
223,600
225,000
226,900

202 100
000
200 600
100 100
100 100
200 360
205 100
204 800
000
205 400
206 ,800
200 000

16
16
17
17
17
17
17
17
18
18
18
18

24, 700

2 400

18,400

224,800

206 700

18 000

060

220

16 120

16 647
900
800
000
300
200
234
600
700
000
200
200
000

Deposits and Currency
U. S. Government baLances
I )ate

Total

1929—June
1933—June
1939—Dec.
1941—Dec
1945—Dec.
1947—Dec.
1948—Dec.
1949—Dec.
1950—Dec.
1951—Dec.
1952 ..Tune
Dec.

29

30
30
31

31
31
31

31
30
31

30 . .
31

1953—Jan. 28
Feb. 25
Mar. 25

Apr. 29
M a y 27

June
July

30

1954—Jan.

27P

Deposits adjusted and currency
Time deposits 3
Total

Demand
deposits2

Total

54,700
40,828
63,253
76 336
150,793
170,008
160,110
169,781
176,017
185,084
184 004
104,801

22 540
14 411
?0 703

28 611
21 656
?7 059

0? 272

08 234
04 754

57 520
58 616
SO ,247
61 ,447
,676

101 ,508

Commercial
banks

Mutual
savings
banks*

Postal
Savings
System

Currency
outside
banks

8,005
0,621
10,523
10,532
15,385
17,746
18,387
10,273
20,000
20,887
21,755
22,586

149
1 186
1 278

3 639
4 761
401

65 700

19,557
10,849
15,258
15,884
30,135
35,240
35,804
36,146
36,314
37.850
30,302
40,666

,300
I ,300
1,300
L 300
1,300
1,250
1,300
1,300
1,300
1,300
800
800

4 ,200
s ,400
,800
s ,000
2 ,000
3 ,042
7 ,500
7 ,000
6 ,200
,800
5 ,700
4 ,100

700 103,300
400 101.600
(i)
191,000
400 192,200
400 102,100
132 102,560
800 103,000
700 103,400
600 104,300
600 107,300
500 107,400
400 201,300

100 ,500
08 ,300
07 ,400
08 ,000
07 ,500
06 ,808
07 ,400
07 ,500
07 ,700
100 ,300
100 .200
103 ,300

66 ,100
66 ,400
66 ,800
67 ,200
67 ,600
68 ,203
68 ,400
68 ,700
60 ,100
60 ,600
60 ,300
70 ,100

40,700
41,000
41,200
41,500
41,700
42,245
42,300
42,500
42,800
43,200
42,000
43,400

22,800
22,000
23,100
23,300
23,400
23,580
23,700
23,800
24,000
24,100
24,000
24,400

2 ,500

26 ,800

7 ,500

?6 ,900
?7 ,000
?7 ,000
27 ,369

,400
206 .800
200 ,000

2,500
2,300
2,400
2,400
2,400
2,467
2,500
2,400
2,500
2,400
2,400
2,400

206 ,700

2,400

800

3 ,400

200 109,900

102 ,400

70 ,500

43,700

24,500

2 ,300

55 776
42 029
68 359
82 811
180 806
17S 348

176 121
177 313
181 385
193 404
060
204 220
202 ,100

,000

?00 ,600
100 ,100
100 ,100
200 ,360

,100

Aug. 26P
Sept 3 0 P
Oct. 28P
Nov. 25P
Dec. 3 0 P

Foreign
bank
At comAt
deposits, Treas- mercial Federal
ury
and
net
cash
Reserve
holdings savings Banks
bank?

204 ,800
204 ,900

365
50
1 217
1 408
2,141
1,682
2.103
2.150
2,518
2,270
2,310
2,501

204
264

7 400
7 215
7 ,287
1 336

,325
.312

203

.270
283
,270

1
?4
1
2

381
852
846

36
35
634

895
608
452

867
077
870

451
240

2 080
3 615

121
s ,250

1 ,123

821
668

247
333
380

002
7S 851
87 121

85 520
8S 750

?7 729
48 457
S6 411

1 313
2 037

,416
3 ,320
3 107
,023
2 ,701
,610
2 547

,500

,500
2 ,500
2 ,459
,400
2 ,400
2 ,400
,400
2 ,400
2 ,400

0 615
?6 490
476

26 079
?S ,415
?S 398
26 ,303
474
?7 494

,000

,200
?7 ,300
27 ,500
?7 ,400
27 ,900
27 ,800
27 ,000

* Preliminary.
*Treasury funds included are the gold account, Treasury currency account, and Exchange Stabilization Fund.
2
Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
'Excludes interbank time deposits; United States Treasurer's time deposits, open account; and deposits of Postal Savings System in banks.
8
*Prior to June 30, 1947, includes a relatively small amount of demand deposits.
Less than 50 million dollars.
NOTE.—For description of statement and back figures, see BULLETIN for January 1948, pp. 24-32. The composition of a few items differs
slightly from the description in the BULLETIN article; stock of Federal Reserve Banks held by member banks is included in "Other securities"
and in "Capital and miscellaneous accounts, net" and balances of the Postal Savings System and the Exchange Stabilization Fund with the U. S.
Treasury are netted against the same item instead of against U. S. Government deposits and Treasury cash. Total deposits and currency shown
in the monthly Chart Book excludes "Foreign bank deposits, net" and "Treasury cash." Except on call dates, figures are rounded to nearest 100
million dollars and may not add to the totals. See Banking and Monetary Statistics, Table 9, pp. 34-35, for back figures for deposits and currency.

266



FEDERAL RESERVE BULLETIN

ALL BANKS IN THE UNITED STATES, BY CLASSES *
PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS
[Figures partly estimated except on call dates. Amounts in millions of dollars]
Loans and investments

Deposits
Other

Investments

Class of bank
and date

Cash
assets 1

Total

Total

U. S.
Government
obligations

Other
securities

Loans

Total i

All banks:
1939—Dec. 30
1941—Dec. 3 1 .
1945—Dec. 31
1947—Dec. 3 1 2 . . . . .
1949—Dec. 31
1950—Dec. 3 0 .
1951—Dec. 31
1952—jUne 30
Dec. 31
1953—Jan. 28
June 30
July 2 9 P
Aug. 26P
Sept. 3 0 P
Oct. 28P
Nov. 25P
Dec. 30P
1954—Jan. 27P

50 884
61,126
140,227
134.924
140,598
148,021
154,869
157,528
165,626
165,030
163,082
168,500
168,590
168,560
169,520
171,170
172,220
171,220

9 ? 165
,615
30 ,362
43 ,002
49 ,544
60 ,386
67 ,608
69 ,742
,512
75 ,330
77 ,117
77 ,850
78 ,370
78 ,730
79 ,720
80 ,010
81 ,200
79 ,540

28 719
34,511
109,865
91,923
91,054
87,635
87,261
87,786
90,114
89,700
85,965
90 650
90,220
89,830
89,800
91,160
91,020
91,680

19 417
95 ,511
101 ,288
81 ,199
78 ,433
79 ,894
71 ,343
70 ,783
77 ,740
79 ,250
68 ,108
79 ,700
79 ,070
71 ,620
71 ,660
7? ,990
72 ,780
73 ,260

9,302
8,999
8,577
10,723
12,621
14,741
15,918
17,002
17,374
17,450
17,856
17,950
18,150
18,210
18,140
18,170
18,240
18,420

23,292
27,344
35,415
38,388
36,522
41,086
45,531
41,667
45,584
40,800
42,023
39,230
39,060
41,480
41,040
41,550
44,290
41,450

68 242
81,816
165,612
161,865
164,467
175,296
185,756
184,130
195,552
188,590
189,159
190,620
190,350
193,080
193,140
194,950
199,540
195,880

All commercial banks:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1947—Dec. 312
1949—Dec. 31
1950—Dec. 30
1951—Dec. 31
1952—June 30
Dec. 31
1953—Jan. 28. . .
June 30
July 2 9 P .
Aug. 26P
Sept. 3 0 P .
Oct. 28P
Nov. 2 5 P
Dec. 30P
1954—Jan. 27*

40,668
50,746
124,019
116,284
120,197
126,675
132,610
134,437
141,624
140,780
137,957
143,190
143,130
142,990
143,910
145,460
146,400
145,170

17 ,238
71 ,714
?6 ,083
38 ,057
49 ,965
57 ,249
57 ,746
59 ,233
64 ,163
,860
65 ,025
65 ,630
66 ,040
66 ,260
67 ,120
67 ,250
68 ,260
66 ,490

23,430
29,032
97,936
78,226
77,232
74,426
74,863
75,204
77,461
76,920
72,932
77,560
77,090
76,730
76,790
78,210
78,140
78,680

16 ,316
,808
90 ,606
69 ,221
67 ,005
67 ,027
61 ,524
61 ,178
,318
69 ,760
58 ,644
63 ,220
67 ,590
6? ,200
67 ,340
63 ,720
63 ,590
64 ,070

7,114
7,225
7,331
9,006
10,227
12,399
13,339
14,026
14,143
14,160
14,287
14,340
14,500
14,530
14,450
14,490
14,550
14,610

22,474
26,551
34,806
37,502
35,650
40,289
44,645
40,702
44,666
39,920
41,156
38,420
38,260
40,640
40,160
40,740
43,310
40,500

57,718
71,283
150,227
144,103
145,174
155,265
164,840
162,348
172.931
165;780
165,531
166,880
166,520
169,090
169,050
170,880
175,140
171,300

All member banks:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 3 1 .
1947—Dec. 31
1949—Dec. 31
1950—Dec. 30
1951—Dec. 3 1 .
1952—June 30
Dec. 31
1953—Jan. 28.
June 30
July 29P
Aug. 2 6 P
Sept. 30
Oct. 28P
Nov. 25P
Dec. 30P
1954—Jan. 27P

33,941
43,521
107,183
97,846
101,528
107,424
112,247
113,502
119,547
118,625
115,789
120,546
120,398
120,185
121,050
122,299
123,256
122,102

n ,962

18 ,021
,775
3? ,628
,230
44 ,705
49 ,561
50 ,526.
55 ,034
54 ,698
55 ,613
56 ,128
56 ,491
56 ,633
57 ,415
57 ,465
58 ,416
56 ,657

19,979
25,500
84,408
65,218
65,297
62,719
62,687
62,976
64,514
63,927
60,176
64,418
63,907
63,552
63,635
64,834
'64,840
65,445

14 ,328
19 ,539
78 ,338
57 ,914
56 ,883
5? ,365
51 ,621
51 ,261
,763
52 ,137
48 ,318
57 ,500
,859
51 ,506
51 ,663
5? ,845
52 ,788
,330

5,651
5,961
6,070
7,304
8,414
10,355
11,065
11,715
11,751
11,790
11,858
11,918
12,048
12,047
11,972
11,989
12,052
12,115

19,782
23,123
29,845
32,845
31,317
35,524
39,252
36,046
39,255
35,053
36,467
33,883
33,730
35,919
35,168
35,775
37,931
35,379

49,340
61,717
129,670
122,528
123,885
133,089
141,015
138,769
147,527
140,913
140,830
141,914
141,507
143,803
143,453
145,028
148,873
145,358

10,216
10 379
16,208
18,641
20 400
21,346
22 259
23,091
24,003
24,250
25,124
25,310
25,460
25,570
25,610
25,710
25,820
26,050

4 ,927
4 ,901
4 ,279
4 ,944
6 ,578
8 ,137
9 ,862
10 ,509
11 .349
11 ,470
12 ,091
12 ,220
12 ,330
12 ,470
12 ,600
12 ,760
12 ,940
13 ,050

5,289
5 478
11,928
13,696
13,822
13,209
12,398
12,582
12,654
12,780
13,033
13,090
13,130
13,100
13,010
12,950
12,880
13,000

,101
704
10 ,682
11 ,978
11 ,428
10 ,868
9 ,819
9 ,606
9 ,422
9 ,490
9 ,464
9 ,480
9 ,480
9 ,420
9 ,320
9 ,270
9 ,190
9 ,190

2,188
1,774
1,246
1,718
2,394
2,342
2,579
2,976
3,231
3,290
3,569
3,610
3,650
3,680
3,690
3,680
3,690
3,810

818
793
609
886
873
797
886
966
918
880
867
810
800
840
880
810
980
950

10,524
10 533
15,385

All m u t u a l savings
banks:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1947—Dec. 312
1949—Dec. 31. . .
1950—Dec. 30
1951—Dec. 31
1952—June 30
Dec. 31
1953—Jan. 28
June 30
July 29P
Aug. 26P
Sept. 30P
Oct. 28P
Nov. 25P
Dec. 30P
1954—Jan. 27P

17,763
19,293
20,031
20,915
21,782
22,621
22,810
23,628"
23,740
23,830
23,990
24,090
24,070
24,400
24,580

Interbank i

Total Number
capital
of
accounts banks

Demand

Time

9 874
10 ,982
14 ,065

32 516
44,355
105,935
95,727
96,156
104,744
111,644
109,247
116,633
111 ,210
109,389
111,320
110,850
112,100
111,260
113,480
115,910
112,650

25 852
26,479
45,613
53,105
55,601
56,513
59,025
61,369
63,598
63,860
66,170
66,340
66,580
67,080
67,580
67,240
68,130
68,530

8,194
8,414
10,542
11,948
13,088
13,837
14,623
15,039
15,367
15,370
15,791
15,810
15,890
16,070
16,120
16,200
16,190
16,240

15,035
14,826
14,553
14,714
14,687
14,650
14,618
14,599
14,575
14,571
14,537
14,534
14,532
14,525
14,518
14,510
14,511
14,510

9 ,874

32,513
44,349
105,921
95,711
96,136
104,723
111,618
109,222
116 600
111,180
109 352
111,290
110,810
112,060
111,220
113,440
115,870
112,610

15,331
15,952
30,241
35,360
36,328
36,503
38,137
39,614
41,012
41,080
42,581
42,630
42,790
43,130
43,530
43,210
43,770
43,990

6,885
7,173
8,950
10,059
10,967
11,590
12,216
12,601
12,888
12,890
13,275
13,290
13,350
13,520
13,570
13,630
13,630
13,660

14,484
14,278
14,011
14,181
14,156
14,121
14,089
14,070
14,046
14,042
14,009
14,006
14,004
13,997
13,990
13,982
13,983
13,982

28,231
38,846
91,820
81,785
82,628
90,306
95,968
94,169
100,020
95,116
93,780
95,474
94 995
96,051
95.022
96,896
99,030
96,116

11,699
12,347
24,210
28,340
29,160
29,336
30,623
31,788
32,890
32,921
34,117
34,122
34,234
34,514
34,821
34,612
35,091
35,270

5,522
5,886
7,589
8,464
9,174
9,695
10,218
10,526
10,761
10,763
11,070
11,077
11,116
11,251
11,299
11,344
11,345
11,386

6,362
6,619
6,884
6,923
6,892
6,873
6,840
6,815
6,798
6,791
6,765
6,762
6,759
6,753
6,752
6,747
6,745
6,747

3
6
14
17
20
22
26
26

10,521
10 527
15,371
17,745
19,273
20,009
20,888
21,755
22.586
22,780
23,589
23,710
23,790
23,950
24,050
24,030
24,360
24,540

1,309
1,241
1,592
1,889
2,122
2,247
2,407
2,438
2.479
2,480
2,516
2,520
2,540
2,550
2,550
2,570
2,560
2,580

551
548
542
533
531
529
529
529

13 ,033
1? ,710
14 ,039
15 ,087
IS ,513
15 ,321
,520
13 ,600
12 ,960
17 ,920
13 ,900
14 ,300
14 ,230
15 ,500
14 ,700
10 ,982
14 ,065
13 ,032
19 ,709
14 ,039
15 ,086

n ,512
15 ,319

,520

13 598
19 ,960
17 ,920
H ,900
14 ,300
14 ,230
15 ,500
14 ,700
9 410
10 ,525
13 640
17 ,403
19 097
13 ,447
14 425
17 ,812
14 617

12 ,876
1? ,933
19 ,318

19 278
H ,238

13 ,610
n ,520
14 ,752
,972

j

2
2

2
2
3
3
3
3
3
3
3
3

33
30
37
30
40
40
40
40
40
40

529
529
528
528
528
528
528
528
528
528

P Preliminary.
* "All banks" comprise "all commercial banks" and "all mutual savings banks." "All commercial banks" comprise "all nonmember commercial banks" and "all member banks" with exception of three mutual savings banks that became members in 1941. Stock savings banks and
nondeposit trust companies are included with "commercial" banks. Number of banks includes a few noninsured banks for which asset and liability data are not available. Comparability of figures for classes of banks is affected somewhat by changes in Federal Reserve membership,
insurance status, and the reserve classifications of cities and individual banks, and by mergers, etc.
1
Beginning June 30, 1942, excludes reciprocal balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and 525
million at all insured commercial banks.
For other footnotes see following two pages.
MARCH 1954
267




ALL BANKS IN THE UNITED STATES, BY CLASSES •—Continued
PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS—Continued
[Figures partly estimated except on call dates. Amounts in millions of dollars]
Deposits

Loans and investments

Other

Investments
Class of bank
and date

Total

Central reserve city
member banks:
New York City:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1947—Dec 31
1949—Dec. 31
1950—Dec. 30
1951—Dec. 31 . .
1952—June 30
Dec. 31
1953—j arL 28. .
June 30
July 29*
Aug. 26*
Sept. 30
Oct. 2 8 P
Nov. 2 5 P
Dec. 3 0 P
1954—Jan. 2 7 P
Chicago:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 3 1 . .
1947—Dec. 31
1949—Dec. 3 1 . .
1950—Dec. 30
1951—Dec. 3 1 . . .
1952—June 30
Dec. 3 1 . .
1953—Tan. 28. .
June 30
July 29i»
Aug. 2 6 P
Sept 30
Oct. 2 8 P .
Nov. 2 5 P .
Dec. 3 0 P
1954—Jan. 2 7 P
Reserve city member
banks:
1939—Dec. 30
1941—Dec. 31 .
1945—Dec. 31
1947—Dec. 3 1 . ; . . .
1949—Dec. 31
1950—Dec. 30
1951—Dec. 3 1 . .
1952—June 30
Dec. 31
1953—Jan. 28 .
June 30
July 2 9 P . . .
Aug. 26*. .
Sept. 30
Oct. 2 8 P
Nov. 25P
Dec. 3 0 P . . . .
1954—Jan. 27?
Country member
banks:
1939—Dec. 30 .
1941—Dec. 31
1945—Dec. 31
1947—Dec 3 1 . .
1949—Dec. 31
1950—Dec. 30 .
1951—Dec. 31
1952—June 30
Dec. 31
1953—Jan. 28
June 30 .
July 2 9 P
Aug. 26*
Sept. 30
Oct. 2 8 P
Nov. 2 5 P
Dec. 3 0 P
1954—Jan. 2 7 P

Total

9 339
17, 896
143

20 393
19 583
612
2 1 ' 379
2 1 ' 710
2 2 , 130

233
742
21 407
568

20 452

21 901

3 , 296
4, 072
7, 334
7, 179
7, 550
9 , 729
11 ,146
1 1 , 268

12.376
12,127
11, 883
11 914
12, 003
17 114
1? 487

12 290
1? 867

105
2 760
931
s

569
954
1 333
1 801
1 618
083
2 468
2 380
748
2 594
2 552
712
2 670
2 609
597
2 607
7 7.5.5
2 516

6 240
< 037
S

5
6
5
5

627
116
984
973
s 984

6 093
6 189

6 078
1? 272

i s 347
40 108
36 040
38 301
40 685
4? 694
43 ,091
45 .583
45 ,533
44 ,352
46 ,252

46
45
46
46

397

,906
,221
,825
46 996
46 897
10 224
1? ,518
35 ,002
36 324
38 ,219
40
4?
43
45

558

,444
,037
,594
45 ,822
45 359
46 ,436
46 ,610
46 ,739
46 ,944
47 ,455
47 ,462
47 ,418

6, 043
8 823
18 809

4 , 772
7, 765
17, 574

10 883
10 233
10 442

8 993
8 129
8 212

Loans

21 926
?? 609
21 709

s 088
s 424
s 569
s 731
5 664

U.S.
Government
obligations

1 1 , 741

s

7
8
13
14
17
19
19
21
22
7?
77
7?
22
22
22

329
105
514
449
370
906
651
745
697
680
,150
,339
,552
,493
,712
,801
890
516

4 ,768
s ,890
5 ,596
10 ,199
1? ,692
14 988
16 ,296
17 ,133
18 ,213
18 ,297
19 028
19 ,163
19 ,266
19 ,417
19 ,619
19 ,767
19 ,904
19 ,884

Cash
assets 1
Other
securities

Total i

754
106
569
828
404
454
414
636
742
968

7, 678
7 012
6 639
7 838
7 380
7 436
7 704
7 740
7 909

1,272
1,559
1,235
1,242
1,287
1,890
2,104
2,231
2,076
2,094
1,930
1,990
2,024
2,018
1,932
1,932
2,002
2,059

1 536
1 806
4 598

1 203
1 430
4 213

333
376
385

.3
3
.3
3

287
806
487
264

890
3 324
911
2 711
2 721

397
482
576
552

1 739
1 850
034
2 196
1 899

6
6
7
7

,3 443

2 862
2 529

581

7 186

816
2 758
2 804
824

546
588
556
560
563

2 083

2 918
7 861

568
573

1 994
7 123

2 988

574

2 011

s 194

19 669
19 933

1,749
1,776
2,042
2,396
2,980
3,695
3,849
4,223
4,262
4,310
4,446
4,432
4,506
4,453
4,460
4,432
4,437
4,448

3 ,159
4 ,377
26 ,999
7? ,857
71 ,862
71 ,377
71 ,587
71 ,206
77 ,549
22 ,720
,394
22 ,365
22 ,382
22 ,306
22 ,308
22 ,631
22 ,518
22 ,500

2,297
2,250
2,408
3,268
3,665
4,193
4,561
4,698
4,832
4,805
4,936
4,908
4,962
5,016
5,017
5,057
5,040
5,034

13, 214
17 033
9
9
8
9
9
9
9

9
9
9

3 284
3 493
3
.3
3
3
3

075
404
314
364
387

3 486
3 434

3 562
6 944

8 243
.31 594
7? 591
73 931
7? ,779
73 ,043
7,3 ,346
73 ,886
73 ,853

22 ,201
73 ,913
73 ,845
73 ,413
73 ,509
74 ,024
24 ,106
24 ,381

s ,456
6 ,628
29 ,407
76 ,125
75 ,527
75 ,570
76 ,148
7.5 ,904
77 ,381
27 ,525
76 ,330
27 ,273
27 ,344
27 ,322
27 ,325
27 ,688
27 ,558
27 ,534

11, 972
10, 746

7 482

912

6 467
79 552
70 196
70 9.51
19 084
19 194
19 ,123
19 624
19 543

17 ,756
19 ,481
19 ,339
18 ,959
19 ,049
19 592

563
581

6, 703
6 637
6, 439

1 446
1 566
1 489

7, 261
6, 985
7, 922
8, 564
8 135

8, 419
6 994
7, 879
6 751
6, 655
7 598
6 932
7 085
7 731
7, 088

010

2
1
2
2
1

058
992
006
083
972

6 785

8
11
13
17
13
IS
1.3
IS
13

518
286
066
168
998
199
925
544
898

14 447
13 575
13 546
14 ,196
14 ,179
14 444

Interbank i

Demand

14, 509
17, 932
30, 121

4 238
4 207
4 657

9 , 533
17 917
74, 227

7 5 , 646
76, 859
76, 745

4 638
4 ,832
4 ,639

19 287
70, 348
70, 311

25, 216
73, 983
27, 309
74 817
2 5 , 244
205
24, 706
75, 996
75 505
25, 462
?7 019
25, 612
3, 330
4, 057
7 046
402
810
109
402

7 027
7 686
7
7
7
7
7

119
.397
357
338
323

7 448
7 6,37

7 492

17 741
77
49
46
47
51
54
5.3
57
54

4 464
4 ,192
4 ,965
4 437
4 ,578
4 ,336
4 ,267
4 ,645
4 ,719
4 ,713
S ,223
4 ,994
888
1 ,035
1 ,312
1 ,217
1 ,191
1 ,228
1 ,307
1 ,182
1 ,350
1 ,171
1 ,216
1 ,201
1 ,224
1 ,278
1 ,315
1 ,269
1 ,359
1 ,308
3 ,686

313
085
467

4 ,460
6 ,448

437
466

6 ,448
6 ,976
.5 ,908
7 ,001
6 ,104

5.59

47.5
357
893

54 861
S5 299
S5 338
S5 ,713
ss ,710
56 541

15 263
14 062

58 004
56 640

4 ,848
6 ,402
10 ,632
10 ,778
10 ,314
11 ,571
13 ,292
1? ,087
13 ,281
12 ,078
1? 083
11 ,565
11 ,523
12 ,041
12 ,085
12 ,252
12 ,814
12 ,218

13 ,762
17 ,415
43 ,418
44 ,443
45 ,534
48 897
57 ,288
51 ,571
SS ,175

54 ,017
53 ,606
54 ,013
54 ,106
54 ,756
54 ,915
55 ,577
56 ,218
55 ,614

s ,649
5 ,713

6 ,066
S ,756
s ,760
6 ,233
6 ,443
6 ,378
6 ,924
6 ,464
598
822

1 ,223
1 ,073
1 ,001
1 ,133
1 ,309
1 ,083
1 ,301
1 ,164
1 073
1 ,025
1 ,027
1 ,081
1 ,133
1 ,160
1 ,246
1 ,206

19, 307
18, 139

20, 504
18 601
18, 736
18, 994
18, 605
19, 420
18 780

18 723
19 646
18, 524
1 947
2, 546
5 015
4 77.3
4 535
4 778
4 952

4
5
4
.5
4
4
4

681
132

4 843

696
000
943
855
804

4 963
5 040

4 950
9 439

13
.37
79
.30
.33
35
34
.37
35

047
877
395
182
342
218
764
095
499

35 052
,35 819
35 798
.35 ,621
35 ,320
36 290

36 985
35 994
7 ,312
10 ,335
29 ,700
78 ,810

79 771
3? 899
35 ,449
.34 ,414
37 ,289

36 ,173
35 295
35 ,661
35 ,649
36 ,155
36 ,118
36 ,920
37 ,359
36 ,648

Total
Number
capital
of
accounts banks

Time

1.236
,445
,651
,722
,679
,795
,840
,779
,930
,875
,834
.931
2,006
2,026
2,150
2,094

1,592
1,648
2,120
2,259
2,312
2,351
2,425
2,460
2,505
2,508
2,544
2,546
2,550
2,563
2,566
2,573
2,562
2,585

36
36
37

495
476
719

250
288
377

14
13
12

913

426
470
490
513

14
13
13
13

736
807

1.083
L.103
L ,143
L.164
1,205
1,172
1,207
L ,196
1,190
1,204
1,204
1,216
1,233
1,234

37
25

23
22
22

22
22
22
22
22
22
22

22
22
22

530
541

13
13

537

13

551
547
552
557
558

13
13
13
13
13

559
563

13
13

563

13

1.616
4,806
9,760
11,423
11,664
11,647
12,272
12,754
13,261
13,290
13,743
13,724
13,780
13,859
13,947
13,873
14,095
14,182

1,828
1,967
2,566
2,844
3,087
3,322
3,521
3,663
3,745
3,742
3,874
3,871
3,881
3,917
3,953
3,970
3,983
4,000

346

5,852
6,258
12,494
14,560
14,762
14 865
15,530
16,075
16,585
16,680
17 237
17,327
17,430
17,521
17,664
17,497
17,613
17,760

1,851
1,982
2,525
2,934
3,305
3 532
3,760
3,873
3,970
3,976
4,101
4,113
4,133
4,213
4,222
4,242
4,237
4,238

5,966
6,219
6,476
6,519
6,513
6 501
6,484
6,461
6,444
6,436
6 409
6,406
6,405
6,399
6,398
6,393
6,391
6,393

351
359
353
341
336
321
319
319
320

321
321
319
319
319
319

319
319

2
Beginning with December 31, 1947, the all bank series was revised as announced in November 1947 by the Federal bank supervisory agencies.
At that time a net of 115 noninsured nonmember commercial banks with total loans and investments of approximately 110 million dollars was
added, and 8 banks with total loans and investments of 34 million were transferred from noninsured mutual savings to nonmember commercial
banks.
For other footnotes see preceding and opposite pages.

268




FEDERAL RESERVE BULLETIN

ALL BANKS IN THE UNITED STATES, BY CLASSES *—Continued
PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS—Continued
[Amounts in millions of dollars]
Deposits

Loans and investments
Class of bank
and date

Investments

Cash
assetsl

Total

Total

U. S.
Government
obligations

Other
securities

Loans

Other
Total 1

Interbank*

Total
Number
capital
of
accounts banks

Demand

Time

All Insured commercial
banks:
1941—Dec. 3i
1945—Dec 31
1947—Dec. 31
1950—Dec. 30
1951—Dec. 31
1952—Dec. 31
1953—j un e 30

49,290
121,809
114,274
124,822
130,820
139,770
136,144

21,259
25,765
37,583
51,723
57,256
63,632
64,522

28,031
96,043
76,691
73,099
73,564
76,138
71,622

21,046
88,912
67,941
60,986
60,533
62,308
57,667

6,984
7,131
8,750
12,113
13,031
13,831
13,955

25,788
34,292
36,926
39,821
44,176
44,222
40,756

69,411
147,775
141,851
153,288
162,908
170,971
163,650

10,654
13,883
12,670
13,744
14,777
14,990
13,242

43,059
104,015
94,300
103,499
110,382
115,371
108,222

15,699
29,876
34,882
36,045
37,749
40,610
42,186

6,844
8,671
9,734
11,263
11,902
12,563
12,950

13,426
13,297
13,398
13,432
13,439
13,422
13,417

National member
banks:
1941—Dec. 31
I945—D ec . 31
1947—Dec. 31
1950—Dec. 30
1951—Dec. 31
1952—Dec. 31
1953—June 30 . . . .

27,571
69,312
65,280
72,090
75,255
80,180
77,848

11,725
13,925
21,428
29,184
32,317
36,004
36,420

15,845
55,387
43,852
42,906
42,938
44,176
41,428

12,039
51,250
38,674
35,587
35,063
35,835
32,958

3,806
4,137
5,178
7,320
7,875
8,341
8,471

14,977
20,114
22,024
23,763
25,951
26,333
24,279

39,458
84,939
82,023
89,281
94,173
98,974
94,475

6,786
9,229
8,410
9,133
9,788
9,918
8,594

24,350
59,486
54,335
60,251
63,477
66,362
62,364

8,322
16,224
19,278
19,897
20,908
22,694
23,516

3,640
4,644
5,409
6,313
6,653
7,042
7,221

5,117
5,017
5,005
4,958
4,939
4,909
4,874

State member banks:
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1950—Dec. 30
1951—Dec. 31
1952—Dec. 31
1953—June 30 . .

15,950
37,871
32,566
35,334
36,992
39,367
37,941

6,295
8,850
11,200
15,521
17,243
19,030
19,194

9,654
29,021
21,365
19,813
19,748
20,337
18,748

7,500
27,089
19,240
16,778
16,558
16,928
15,361

2,155
1,933
2,125
3,035
3,191
3,409
3,387

8,145
9,731
10,822
11,762
13,301
12,922
12,188

22,259
44,730
40,505
43,808
46,843
48,553
46,355

3,739
4,411
3,993
4,315
4,637
4,699
4,339

14,495
32,334
27,449
30,055
32,491
33,658
31,415

4,025
7,986
9,062
9,438
9,715
10,196
10,601

2,246
2,945
3,055
3,381
3,565
3,719
3,850

1,502
1 867
1,918
1 915
1,901
1,889
1,891

Insured nonmember
commercial banks:
1941—Dec. 31
1945_Dec. 31
I947—Dec. 31.
1950—Dec. 30
1951—Dec. 31
1952—Dec. 31
1953—June 30

5,776
14,639
16,444
17,414
18,591
20,242
20,375

3,241
2,992
4,958
7,023
7,701
8,605
8,915

2,535
11.647
11,486
10,391
10,890
11,638
11,460

1,509
10.584
10,039
8,632
8,923
9,556
9,361

1,025
1,063
1,448
1,759
1,967
2,081
2,099

2,668
4,448
4,083
4,299
4,926
4,970
4,292

7,702
18,119
19,340
20,216
21,912
23,464
22,841

129
244
266
297
353
373

4,213
12,196
12,515
13,194
14,415
15,351
14,443

3,360
5,680
6,558
6,726
7,144
7,740
8,090

959
1,083
1,271
1,570
1,686
1,804

6 810
6,416
6 478
6,562
6 602
6,627
6,655

Noninsured n o n m e m ber commercial
banks:
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31*
1950—Dec. 30 . . . .
1951—Dec. 31
1952—Dec. 31
1953—June 30

1,457
2,211
2,009
1,853
1,789
1,854
1,813

455

761
1,693
1,280
1,040

241

763
576
468

478
458

329
279

325
327

469
444

783
689

308
312

1.291
L.905
1,411
1,224
1,235
1,229
1.130

852

200

514

255
286

388
402

314
326

504

1,002
1,893
1,535
1,327
1,299
1,322
1,310

395

325

650
624

All nonmember commercial banks:
1941—Dec. 31
I945—Dec. 31
1947—Dec. 31 »
1950—Dec. 30
1951—Dec. 31
1952—Dec. 31
1953—June 30 . . .

7,233
16,849
18,454
19,267
20,380
22,096
22,188

3,696
3,310
5,432
7,550
8,192
9,136
9,419

3,536
13,539
13,021
11,718
12,189
12,960
12,769

2,270
12,277
11,318
9,672
9,914
10,567
10,339

5,504
14,101
13,926
14,417
15,650
16,580
15,572

3,613
6,045
7,036
7,184
7,533
8,142
8,485

1,288
1,362
1,596
1,897
1,999
2,129
2,207

Insured mutual savings
banks:
1941—Dec 31
1945—Dec. 31.
1947—Dec. 31
1950—Dec. 30
1951—Dec. 31
1952—Dec. 31
1953—j u n e 30

1 693
10,846
12,683
15,101
16,190
17,621
18,610

642
3,081
3,560
6,086
7,523
8,691
9,325

1 050
7,765
9,123
9,015
8,668
8,930
9,284

629
7,160
8,165
7,487
6,921
6,593
6,642

12
14
19
23
30
35

1,789
10,351
12,192
14,301
15,343
16,753
17,657

1,034
1,252
1,513
1,678
1,730
L.771

8 687
5.361
5,957
6,245
6,069
6,382
6,515

4,259
1,198
1,384
2,050
2,339
2,658
2,766

4,428
4,163
4,573
4,194
3,730
3,724
3,749

3,075
3,522
3,813
3,380
2,897
2,829
2,822

Noninsured mutual
savings banks:
1941—Dec 31
I945—Dec.
1947—Dec.
1950—Dec.
1951—Dec.
1952—Dec.
1953—June

31.
31 *
30
31
31
30

318

474
527
490
531

991

1,010
977

332

400

1,872
2.452
2,251
1,976
1,932
1,960
1,880

1,266
1,262
1,703
2,040
2,275
2,393
2,431

3,431
4.962
4,659
4,767
5,395
5,414
4,691

9,574
20,571
21,591
22,193
23,843
25,424
24,722

421

151

606
958

429
675
617
695
732
692

1,789
10,363
12,207
14,320
15,368
16,785
17,695

1,528
1,746
2,337
2,642
1,353
641

760
814

833
895
927

642
180

211
180
191
187
175

8,744
5,022
5,556
5,711
5,547
5,836
5,933

309

329
181

363
294
308
329

356
457
425

629
591
661
702
665

1
2
2
2

6
2

3
3
3
3
2

1 SS?

253
365

8,738
5,020
5,553
5,708
5,544
5,833
5,931

1fi4

1954




592
7,662
7,130
7,261
7.251
7,252
7 251
7,247
52
192
194
194
202
206
213

1,077

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.

MARCH

714

558

350

637
734

339
335

729
749
745

327
323
315

For revisions

269

ALL COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES *
LOANS AND INVESTMENTS
[In millions of dollars]
Loans l

Class of bank
and
call date

All commercial
banks: 2
1947—Dec.
1950—Dec.
1951—Dec.
1952—Dec.
1953—June

31...
30...
31...
31...
30. ..

Investments

Loans for
Compurchasing
merTotal
or carrying
Other
cial,
loans
securities
inand
Real loans
to
clud- Agriinvest- Total 1 ing
esculin- Other Total
ments
tate
To
di- loans
open tur- brokal
marTo loans viders othuals
ket
and ers
padealper
ers

U. S. Government obligations

Total

Obligations
Direct
States LJtner
__ and
CertifiGuf" polit- secucates
ai "A ical rities
Bills of in- Notes Bonds t e e d subdebtdiviedsions
ness

116,284
126,675
132,610
141,624
137,957

38,057
52,249
57,746
64,163
65,025

18,167
21,927
25,879
27,871
27,418

1,660
2,905
3,408
3,919
3,675

830 1,220 9,393 5,723 1,063
1,802 1,057 13,541 10,120 1,573
1,581 980 14,580 10,451 1,681
2,060 1,103 15,712 12,684 1,718
1,719 1,074 16,231 14,111 1,737

49,290
121,809
114,274
124,822
130,820
139,770
136,144

21,259
25,765
37,583
51,723
57,256
63,632
64,522

9,214
9,461
18,012
21,776
25,744
27,739
27,282

1,450
1,314
1,610
2,823
3,321
3,805
3,594

3,164 3,606
823 1,190
1,789 1,036
1,571 960
2,050 1,082
1,704 1,051

662

4,773
4,677
9,266
13,389
14,450
15,572
16,100

2,361
5,654
10,049
10,378
12,603
14,025

43,521
107,183
97,846
107,424
112,247
119,547
115,789
120,185

18,021
22,775
32,628
44,705
49,561
55,034
55,613
56,633

8,671
8,949
16,962
20,521
24,347
26,232
25,763
26,025

598
594
972
855 3,133 3,378
1,046 811 1,065
1,808 1,770 927
2,140 1,551 851
2,416 2,032 966
2,234 1,687 933
2,368 1,783 898

3,494
3,455
7,130
10,522
11,334
12,214
12,628
12,840

1,900
4,662
8,314
8,524
10,396
11,612
11,819

31...
31...
31...
30...
31...
31...
30...
30...

12,896
26,143
20,393
20,612
21,379
22,130
20,452
21,568

4,072
7,334
7,179
9,729
11,146
12,376
11,883
12,114

2,807
3,044
5,361
6,328
7,852
8,680
8,345
8,475

412

169

545

267
285
262
286
237
211

123
80
111
442
514
386
406
395

31...
31...
31...
30...
31...
31...
30...
30...

2,760
5,931
5,088
5,569
5,731
6,240
5,627
5,973

954

1,333
1,801
2,083
2,468
2,748
2,552
2,609

732
760

1,418
1,567
1,977
2,080
1,992
2,041

6
2
3
9
16
14
7
6

52
233
87
69
63
66
71
71

22
36
46
65
70
67
70
68

<6
51
40
149
26
207
87
180
109
120
211
235
90
242
89

1,806
4,598
3,287
3,487
3,264
3,493
3,075
3,364

1,430
4,213
2,890
2,911
2,711
2,912
2,529
2,804

15,347
40,108
36,040
40,685
42,694
45,583
44,352
45,906

7,105
8,514
13,449
17,906
19,651
21,697
22,150
22,493

3,456
3,661
7,088
8,646
10,140
10,842
10,609
10,718

300
205
225
392
513
501
469
477

194
114
427 1,503
170
484
386
207
347
203
422
218
424
229
409
203

1,527
1,459
3,147
4,423
4,651
5,099
5,270
5,358

1 , ' 12
855
404
1,969 366
3,498 603
3,518 572
4,347 595
4,849 645
4,922 751

8,243
31,594
22,591
22,779
23,043
23,886
22,201
23,413

6,467
29,552
20,196
19,084
19,194
19,624
17,756
18,959

12,518
35,002
36,324
40,558
42,444
45,594
45,359
46,739

5,890
5,596
10,199
14,988
16,296
18,213
19,028
19,417

1,676
1,484
3,096
3,980
4,377
4,630
4,817
4,790

659
648
818

183
471
227
187
178
191
201
206

1,823
1,881
3,827
5,591
6,099
6,662
6,883
7,018

1,5^0

1,407
1,610
1,901
1,757
1,883

20
42
23
33
35
43
41
52

1,979
3,679
3,906
4,702
5,243
5,379

363
229
288
303
322
334
334

6,628
29,407
26,125
25,570
26,148
27,381
26,330
27,322

4,377
26,999
22,857
21,377
21.587
22,549
21,394
22,306

18,454
19,267
20,380
22,096
22,188

5,432
7,550
8,192
9,136
9,419

1,205
1,405
1,533
1,639
1,655

1,096
1,268
1,503
1,441

20
31
30
29
32

156
130
130
137
141

2,266
3,024
3,252
3,505
3,610

1,061
1,807
1,927
2,288
2,499

111
134
146
141
151

13,021
11,718
12,189
12,960
12,769

206
11,318
571
9,672
939
9,914
10,567 1,196
987
10,339

78,226
74,426
74,863
77,461
72,932

69,221
62,027
61,524
63,318
58,644

2,193
4,236
7,337
7,761
5,050

28,031
96,043
76,691
73,099
73,564
76,138
71,622

21,046
88,912
67,941
60,986
60,533
62,308
57,667

2,455
2,124
4,118
7,219
7,622
4,927

25,500
1,104 84,408
952 65,218
1,438 62,719
1,535 62,687
1,577 64,514
1,585 60,176
1,732 63,552

19,539
78,338
57,914
52,365
51,621
52,763
48,318
51,506

2,275
1,987
3,665
6,399
6,565
4,064
4,171

7,789
1,969
7,657
5,580
5,092

6,034
17,033
11,408
11,878
11,259

53,191
38,778
35,101
38,077
37,212

19,071
7,552
1,932
7,526
5,494
5,000

3,159
16,045
5,918
16,756
11,256
11,714
11,119

12,797 4 1 02 3,651 3,333
51,321
22 3,873 3,258
52,334
14 5,129 3,621
38,168
11 7,933 4,179
34,511
21 8,989 4,042
37,456
22 9,977 3,854
36,589
32 10,302 3,653

16,985
5,816
1,468
6,010
4,255
3,807
8,602

3,007
14,271
4,815
14,054
9,596
9,835
9,242
10,909

11,729 3 S 32 3,090 2,871
44,792
16 3,254 2,815
45,286
10 4,199 3,105
33,170
8 6,640 3,714
29,601
15 7,528 3,538
32,087
19 8,409 3,342
31,176
29 8,680 3,178
27,793
30 8,902 3,145

14 5,276 3,729
11 8,118 4,281
21 9,198 4,141
22 10,188 3,955
32 10,533 3,754

All insured commercial banks:
1941—Dec. 3 1 . . .
1945—Dec. 3 1 . . .
1947—Dec. 3 1 . . .
1950—Dec. 3 0 . . .
1951—Dec. 3 1 . . .
1952—Dec. 3 1 . . .
1953—June 3 0 . . .

Member banks,
total:
1941—Dec.
1945—Dec.
1947—Dec.
1950—Dec.
1951—Dec.
1952—Dec.
1953—June
Sept.

31...
31...
31...
30...
31...
31...
30...
30...

614

4 , i 45

1,181
1,028
1,534
1,645
1,683
1,702

3,< 92

988

971

New York City:*
1941—Dec.
1945—Dec.
1947—Dec.
1950—Dec.
1951—Dec.
1952—Dec.
1953—June
Sept.

Chicago:*
1941—Dec.
1945—Dec.
1947—Dec.
1950—Dec.
1951—Dec.
1952—Dec.
1953—June
Sept.

Reserve city banks:
1941—Dec.
1945—Dec.
1947—Dec.
1950—Dec.
1951—Dec.
1952—Dec.
1953—June
Sept.

31...
31...
31...
30...
31...
31...
30...
30...

2,453 1,172
1,421
1,219

. 1,531

1,274

1 1,383
48
211
73
110
94
239
142
145

5f 4
311
8,823 7,265
287
298 18,809 17,574
477
564
330 13,214 11,972 1,002
930
460 10,883 8,993
824
920
551 10,233 8,129 1,122
1,136 539 9,754 7,678 1,079
789
1,285 517 8,569 6,639
828
1,275 558 9,454 7,436
256
133
132
232
334
407
147
119

1 623 3,652 1 6 79
3,433 3,325 10,337
1
558 9,771 . . , . ,
640
250 1,711 6,206
2
616 1,428 4,960
2
233 1,170 5,195
1
203 1,035 4,611
2
1,132 1,143 4,331
1

729
606
638
1,123
1,385
1,453
1,318
1,422

830
629
604
767
719
623
612
596

1 19
. . . ..
. . . ..
. . . ..
. . . ..
. . . ..
. . . ..
. . . ..

182
181
213
335
351
384
375
384

193
204
185
242
201
197
170
176

235
131
332
224
235
541

153
749
248
700
520
607
551
686

1,034 6,982
373 2,358
499
1,218
2,524 2,493
2,387 1,774
1,344 1,453
1,167 3,494

5,653
1,901
5,536
3,640
3,854
3,542
4,335

1,467

295

751

903
1,864
2,274
1,847
1,526
1,674
1,596
1,458

4,248 1,1 73 956 820
15,878
5 1,126 916
15,560
3 1,342 1,053
11,830
1 2,184 1,511
10,528
8 2,458 1,390
11,594
14 2,934 1,328
11,393
23 3,184 1,262
9,939
24 3,220 1,233

Country banks:
1941—Dec.
1945—Dec.
1947—Dec.
1950—Dec.
1951—Dec.
1952—Dec.
1953—June
Sept.

31...
31...
31...
30...
31...
31...
30.,.
30..

707

110
630
480

1,390
2,418
2,692
1,784
2,056

481 2,926
5,102 4,544 16,713
2,583 2,108 17,681
588 6,107 13,287
2,568 4,008 12,587
2,024 4,204 13,625
1,916 4,114 13,576
3,436 4,745 12,065

8 61
9
6
5
5
4
4
5

1,222
1,342
2,006
2,998
3,334
3,639
3,802
3,876

1,028
1,067
1,262
1,194
1,227
1,194
1,134
1,141

4
3
6
3
3

1,078
1,478
1,671
1,781
1,855

625
567
604
613
576

All nonmember
banks: 2
1947—Dec.
1950—Dec.
1951—Dec.
1952—Dec.
1953—June

31...
30...
31...
31...
30. ..

614

1,973

1,-219 7,916
501 2,979 5,618
1,647 1,812 5,510
1,325 2,043 6,000
1,285 2,017 6,047

* These figures do not include data for banks in possessions of the United States. 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.

270




FEDERAL RESERVE BULLETIN

ALL COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES *—Continued
RESERVES AND LIABILITIES
[In millions of dollars]
Demand deposits
Class of bank
and
call date

ReBalDeserves
with
Cash ances mand
with
deFederal
in
doRevault mestic posits
ad- 5
serve
banks 4 justed
Banks

Interbank
deposits

deposits
Time <

ForDomestic4 eign

Certified
U. S. States and
and
Gov- political offiern- subdi- cers'
ment visions checks,
etc.

U. S.
IndiGov- States
viduals,
and
ernpartner- Inter- ment politships, bank and
ical
and corPostal subdiporaSav- visions
tions
ings

All commercial
banks: 2
1947—Dec. 3 1 . .
1950—Dec. 30. .
1951—Dec. 3 1 . .
1952—Dec. 3 1 . .
1953—June 30. .

17,796
17,458
19,911
19,809
19,446

2,216
2,174
2,697
2,753
2,590

10,216
10,863
11,969
11,875
10,233

87,123
92,282
98.243
101,506
96,892

11,362
12,102
13.123
13,109
11,409

1,430
1,476
1,413
1,465
1,343

1,343
2,806
3,359
4,941
3,634

6,799
8,012
8,426
8,910
9,350

2,581
2,918
3,166
2,956
2,449

84,987
90,986
96,666
99,793
93,918

240
462
550
744
846

111
189
278
346
336

All insured commercial banks:
1941—Dec. 3 1 . .
1945—Dec. 31. .
1947—Dec. 3 1 . .
1950—Dec. 30. .
1951—Dec. 3 1 . .
1952—Dec. 3 1 . .
1953—June 30. .

12,396
15,810
17,796
17,458
19,911
19,809
19,446

1,358
1,829
2,145
2,145
2.665
2,720
2,559

8,570
11,075
9,736
10,463
11,561
11,489
9,885

37,845
74,722
85,751
91,099
97,048
100,329
95,795

9,823
12,566
11,236
11,955
12,969
12,948
11,241

673

,248
1,379
L.442
1,381
1,437
,305

1,761
23,740
1,325
2,788
3,344
4,912
3,620

3,677
5,098
6,692
7,892
8,288
8,776
9,211

1,077
2,585
2,559
2,898
3,147
2,938
2,431

36,544
72,593
83,723
89,922
95,604
98,746
92,961

158
70
54
347
427
605
696

59
103
111
189
278
346
336

Member banks,
total:
1941—Dec. 31. .
1945—Dec. 3 1 . .
1947—Dec. 31. .
1950—Dec. 30. .
1951—Dec. 31. .
1952—Dec. 31. .
1953—June 30. .
Sept. 30..

12,396
15,811
17,797
17,459
19,912
19,810
19,448
19,215

1,087
1.438
1,672
1,643
2,062
2,081
1,956
2,010

6,246
7,117
6,270
6,868
7,463
7,378
6.378
6,323

33,754
64,184
73,528
78,370
83,100
85,543
81,774
82,177

9,714
12,333
10,978
11,669
12,634
12,594
10,947
11,153

1,243
,375
1,437
1,369
1,431
1,300
1,341

1,709
22,179
1.176
2,523
3.101
4,567
3,378
5,555

3,066
4,240
5,504
6,400
6,666
7,029
7,403
6,989

1,009
2,450
2,401
2,724
2,961
2,744
2,256
2,375

33,061
62,950
72,704
78,659
83,240
85,680
80,741
81,132

140
64
50
341
422
592
686
744

50
99
105
183
257
321
310
310

New York City:*
1941—Dec. 31 .
1945—Dec. 31
1947—Dec. 31. .
1950—Dec. 30. .
1951—Dec. 31. .
1952—Dec. 31. .
1953—June 30..
Sept. 30. .

5,105
4,015
4,639
4,693
5,246
5.059
5,204
4,885

93
111
151
118
159
148
127
135

141
78
70
78
79
84
49
49

10,761
15,065
16,653
15,898
16,439
16,288
15,384
15,221

607
866
3,595
3,535 1,105 6,940
267
3,236 1,217
451
3,207 1,162
858
3,385 1,128
3,346 1,154 1,143
887
2,979 1,059
2,969 1,089 1,694

319
237
290
258
321
322
333
332

1,338
1,105
1,087
1,289
1,120

11,282
15,712
17,646
17,490
17,880
17,919
899 16,617
1,012 16,381

6
17
12
268
318
465
540
587

Chicago:3
1941—Dec. 3i
1945—Dec. 31
1947—Dec. 31
1950—Dec. 30
1951—Dec. 31
1952—Dec. 31
1953—June 30. .
Sept. 30. .

1,021

1,070
1,216
1,407
1,144
1.318
1,367

43
36
30
30
32
32
31
28

298
200
175
133
165
169
123
113

2,215
3,153
3,737
3,954
4,121
4,126
3,913
3,914

1,027
,292
1,196
1,177
1,269
1,308
1,175
1,233

233
237
285
284
240
242
320
301

34
66
63
70
66
56
53
61

2.152
3.160
3,853
4,250
4,404
4,491
4,123
4,125

Reserve city banks:
1941—Dec. 31
1945—Dec. 31!!
1947—Dec. 31
1950—Dec. 30
1951—Dec. 31
1952—Dec. 31
1953—June 30. .
Sept. 30. .

4,060
6! 326
7,095
6,806
7,582
7,788
7,420
7,499

425
494
562
519
639
651
609
626

2,590
2^174
2,125
2,206
2,356
2,419
2,150
2,071

11,117
22,372
25,714
27,938
29,489
30,609
29.444
29,578

4,302
6,307
5,497
6,174
6,695
6,662
5,744
5,895

1,124
1,814
1,358
2,063

1.144
1,763
2,282
2,575
2,550
2,693
2,866
2,489

286
611
705
852
822
791
636
638

Country banks:
1941—Dec. 31.
1945—Dec. 31
1947—Dec. 31. .
1950—Dec. 30.
1951—Dec. 31.
1952—Dec. 31. .
1953—June 30. .
Sept. 30. .

2,210
4,527
4,993
4,745
5,676
5,820
5,505
5,465

225
2
8 5,465
7
432
10
922
11
876
11 1,267
11
932
12 1,429

55
38
44
34
43

942

3.216
4,665
3.900
4,450
1.231 4,862
1.250 4,706
1 ,180 4.057
1.221 4,090
526
796
929
976

9,661
790
23,595 1,199
27,424
,049
30,581
,111
33.051
,285
34,519
,278
33.033
,040
33,463
,055

671

8
20
21
48
38

37
33
37
54
110
131
217
192
230
197
202

127

1,552

72
174
242
343
201
368
491

8,221

405
976

450

866

1,384
1,536
1,620
1.731

492
496
826

1,331
1,485
1,564
1,675
418
399
693

1,121
1,238
1,303
1,395
1,380

IndiCapividuals, Bortal
partner- row- acings counts
ships,
and corporations

34,383
34,930
36,323
39,046
40,514

65
90
34
188
113

10,059
11,590
12,216
12,888
13,275

15.146
29.277
33,946
34,525
35,986
38,700
40,176

10
215
61
82
30
181
103

6,844
8,671
9,734
11,263
11,902
12,563
12,950

11,878
23,712
27,542
28,032
29,128
31,266
32,412
32,825

4
208
54
79
26
165
75
591

5,886
7,589
8,464
9,695
10,218
10,761
11,070
11,251

195
30
70
5
132
8
2

1,648
2,120
2,259
2,351
2,425
2,505
2,544
2,563

1,089
1,128
1,190
1,194
1,191 " 1 3 3

288
377
426
490
513
541
551
557

37
43
59
50
49

29
20
14
37
22
29
30
37

3
1
5
8
8

2
3
5
4
3
3

9
10
11
11
10
10

11 127
22,281
26,003
28,938
30,722
31,798
30,192
30,432

104
30
22
57
90
109
124
136

20
38
45
60
85
105
103
103

243
160
332
631
714
739
794
775

4 542
9,563
11,045
10,956
11,473
12,417
12,847
12,980

8
17
354

3,322
3,521
3,745
3,874
3,917

1,370
2,004
2,647
3,282
3,554
3,772
3.885
3,868

8,500
21,797
25,203
27,980
30,234
777 31,473
668 29,810
664 30,193

30
17
17
12
13
13
14
14

31
52
45
82
125
152
154
154

146
219
337
443
491
525
553
557

6,082
12,224
14,177
14,339
14,914
15,908
16.531
16,810

4
11
23
9
16
25
40
103

1,982
2,525
2,934
3,532
3,760
3,970
4,101
4,213

1,295
1,612
1,761
1,881
1,946

180
195
205
212
193

190
120
128
152
160

6
7
22
25
27

172
263
298
317
335

6,858
6,915
7,213
7,800
8,123

12
11
8
23
38

1.596
1,897
1,999
2,129
2,207

239
435
528
715
783

" i 12
o

778

1,206
1,418
1,647
1,614
1,752
L ,841
1,844
476
719
902

1,967

2 2,566
1 2,844

4

All nonmember
banks:?
1947—Dec.
1950—Dec.
1951—Dec
1952—Dec
1953—June

31. .
30
31
31
30

544
532
635
672
635

3,947
3.996
4,507
4,498
3,856

13,595
13,912
15,144
15,964
15,118

385
432
489
516
462

167
283
258
374
256

12,284
12,326
13,426
14,113
13,177

2
Breakdown of loan, investment, and deposit classifications is not available prior to 1947; summary figures for earlier dates appear in the
preceding table.
3
Central reserve city banks.
4
Beginning June 30, 1942, excludes reciprocal bank balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and
525 million at all insured commercial banks.
^Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
For other footnotes see preceding page.
Back figures.—See Banking and Monetary Statistics, Tables 18-45, pp. 72-103 and 108-113.

MARCH

1954




271

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE
LOANS AND INVESTMENTS
[Monthly data are averages of Wednesday figures. In millions of dollars]
Loans x

Date or month

Total
loans
and
nvestments Total i

Investments

For purchasing
or carrying securities
CommerT o brokers
cial,
indus- and dealers T o others Real Loans
Other
estate
to
trial,
loans banks loans
and
agriU. S. Other U.S. Other
culGovt. se- Govt. setural
obcuri- ob- curiliga- ties liga- ties
tions
tions

U. S. Government obligations

Total
Total

Bills

Ot her
CerS(;cutifir:ties
cates
of in- Notes Bonds 2
debtedness

TotalLeading Cities
1953—February. .77,890

38,738 22 923

801

6,131

December.. 80,832

40,573 23 217

2,045

791

6 464

550 7 387 39,152 31,656 3 ,281 2,408 5,929 20,038 7,496
691 7 987 40,259 32 798 2 ,509 5,351 6,424 18,514 7,461

1,551

2 ,740 5,089 6,503 18, 669 7,516
731
2 ,210 4 401 5,829 20 115

1954—January. . . 275
80,
February.. 80 036

39, 758
39 750

22 744
22 549

1,812
1,968

859
823

6,483
6 493

540 7,957 40, 517 33, 001
727 7 823 40, 286 32 555

1953—Dec.
Dec.
Dec.
Dec.
Dec.

2... 80 522
9... 80 386
16. ..81,058
23... 80, 896
30...81, 302

40 268
40, 311
40, 560
40, 707
41,020

23
23
23
23
23

134
081
130
361
380

1,877
1,947
2,135
2,016
2,248

748
753
757
827
868

6 449
6,458
6,473
6,461
6 481

703
724
714
670
646

7 978
7 970
7,973
7 995
8 019

40, 254
40, 075
40, 498
40, 189
40, 282

32, 792
32 668
33, 036
32 696
32, 800

2 ,394
2 ,350
2 ,745
2 ,489
2 ,569

5,399
5,363
5,348
5,344
5 303

6,458
6,430
6,439
6,380
6,411

18, 541
18, 525
18, 504
18,483
18, 517

1954—Jan.
6... 80 819
Jan. 13... 80,376
Jan. 20. .. 79,838
Jan. 27. .. 80,070

40,446
40, 030
39,320
39, 239

22
22
22
22

942
846
686
502

2,119
1,913
1,633
1,583

862
856
859
858

6
6
6
6

479
490
484
480

680
598
360
525

8
7
7
7

001
964
936
927

40, 373
40, 346
40, 518
40, 831

32, 861
32, 870
32, 987
33, 287

2 ,594
2 ,581
2 ,735
3 ,048

5 202
5 138
5 076
4,942

6,482
6,525
6,462
6,543

18, 583
18, 626
18, 714
18, 754

Feb. 3... 80, 660
Feb. 10... 79 868
Feb. 17... 79, 872
Feb. 24... 79 744

39, 963
39, 785
39, 796
39 457

22
22
22
22

638
556
555
446

2,180
2,031
1,977
1,682

826
818
830
819

6,486
6 485
6 500
6 501

541
717
789
861

7
7
7
7

924
810
777
782

40, 697
40, 083
40, 076
40, 287

32, 989
32, 409
32, 346
32 476

2 ,517
2 ,034
2 ,074
2 ,216

4, 764
4 639
4 110
4 091

6,756
6,714
4, 974
4, 871

18, 952
9,022
21 188
21 298

New

j

j'

\\

462
407
462
493
482
512
476
531
544
708
674
730
811

York City

1953—February. .20 996

12 065

8 552

195

912

40

236

378

336 1 602 8,931 6 834

544

December.. 22 182

12 569

8 468

450 1,117

49

215

392

423 1 642 9,613 7 641

865 1 137 1,136 4 503 L,972

1954—January... 21 678
February.. 21 776

12 064
12 057

8 209
8 066

257 1,069
490 954

49
43

258
263

381
380

390 1 646 9,614
458 1 594 9 719

7 569
7 513

889
658

1953—Dec.
Dec.
Dec.
Dec.
Dec.

965
940
411
010
584

12
12
12
12
12

381
386
717
448
914

8
8
8
8
8

447
423
465
473
530

394
462
431
409
554

1,033
1,034
1,281
1,095
1,142

45
48
47
48
59

191
191
195
246
253

390
395
397
391
385

437
382
448
322
527

631
638
640
651
653

9,584
9 554
9 694
9 562
9 670

7
7
7
7
7

641
630
708
561
663

829
817
950
800
928

1954—Jan.
6... 22 Oil
Jan. 13... 21 667
Jan. 20... 21 351
Jan. 27. .. 21 684

12
12
11
11

477
231
762
785

8
8
8
8

299
267
181
090

389 1,170
295 1,120
156 1,030
189 957

55
50
45
44

253
254
260
263

382
388
380
373

467
406
266
423

657
646
639
641

9
9
9
9

534
436
589
899

7
7
7
7

513
403
527
834

8 ,126
8 ,067
8 ,063
8 ,010

618 1,020
913
557
997
483

41
37
47

261
264
266

376
377
383

342
416
517

886

46

261

385

558

641
585
571
,578

2... 21
9... 21
16. ..22
23...22
30... 22

Feb. 3... 22
Feb. 10. ..21
Feb. 17
21
Feb. 24... 21
New

148
623
709

12 234
12 025
12 136

626 11 834

301

253 1,077 4 960 2,097

982 1, 120 4, 578 045
727 1,046 5 082 2*206
1
1
1
1
1

136
146
164
162
129 \>152
154
111
101
108

1,943
1 924
1 986
2 001
2 007

815 1 038 1 111 4 549 021
983 1 116 4 566 2 033
738
980 1 100 4 602 2 062
845
926 1 155 4 595 2 065
1 ,158

7 751
7 402
7 364

862
509
552

809
766
663

9 792 7 535

708

671

9 914
9 598
9 573

4, 530
4 487
4 477
4 496
4 526

1 309 4 771 2 163
1 295 4 832 2 196
810 5 339 2 209

771 5 385 2 257

Outside
York City

1953—February. .56 ,894

26 673 14 ,371

444

525

5 753

214 5 ,785 30 221 24 822 1 ,737 2 155 4 852 15 078 5 399

December.. 58 ,650

28 ,004 14 ,749

478

527

6 ,072

268 6 ,345 30 646 25 157 \,644 4 214 5 288 14 011 5 489

1954—January. . . ,597
58
February.. 58 ,260

27 694
27 ,693

14 ,535
14 ,483

486
524

552
517

6 102
6 ,113

150 6 ,311 30 903 25 432
269 6 ,229 30 ,567 25 ,042

\,851 4 107 5 383 14 091 5 471

1953—Dec. 2 ... 58 ,557
Dec. 9... 58 ,446
Dec. 16. .. 58 ,647
Dec. 23...58 ,886
Dec. 30...58 ,718

27 ,887
27 ,925
27 ,843
28 ,259
28 ,106

14 ,687
14 ,658
14 ,665
14 ,888
14 ,850

450
451
423
512
552

512
514
515
533
556

6 ,059
6 ,063
6 ,076
6 ,070
6 ,096

266
342
266
348
119

6 ,347 30
6 ,332 30
6 ,333 30
6 ,344 30
6 ,366 30

670
521
804
627
612

25 151
25 038
25 ,328
25 ,135
25 ,137

1 ,565
1 ,533
,795
,689
1,641

4 263
4 ,199
4 ,219
4 ,190
4 ,202

5 312
5 268
5 287
5 269
5 ,303

14 011 5 519
14 038 5 ,483
14 ,027 5 ,476
13 ,987 5 ,492
13 ,991 5 ,475

1954—Jan. 6... 58 ,808
Jan. 13... 58 ,709
Jan. 20. .. 58 ,487
Jan. 27. .. 58 ,386

27 ,969
27 ,799
27 ,558
27 ,454

14 ,643
14 ,579
14 ,505
14 ,412

560
498
447
437

554
552
554
551

6 ,097
6 ,102
6 ,104
6 ,107

213
192
94
102

6 ,344 30 ,839
6 ,318 30 ,910
6 ,297 30 ,929
6 ,286 30 ,932

25 ,348
25 ,467
25 ,460
25 ,453

1,779
1,843
1,890
L.890

4 ,164
4 ,155
4 ,096
4 ,016

5 ,371
5 ,409
5 ,362
5 ,388

14 ,034 5 ,491
14 ,060 5 ,443
14 ,112 5 ,469
14 ,159 5 ,479

Feb. 3... 58 ,512
Feb. 10. .. 58 ,245
Feb. 17...58 ,163
Feb. 24...58 ,118

27 ,729
27 ,760
27 ,660
27 ,623

14 ,512
14 ,489
14 ,492
14 ,436

542
561
497
495

524
517
517
512

6 ,110
6 ,108
6 ,117
6 ,116

199
301
272
303

6 ,283 30 ,783
6 ,225 30 ,485
6 ,206 30 ,503
6 ,204 30 ,495

25 ,238
25 ,007
24 ,982
24 ,94

1,655 3 ,955 5 ,447 14 ,181 5 ,545
1,525 3 ,873 5 ,419 14 ,190 5 ,478
1,522 3 ,447 4 ,164 15 ,849 5 ,521
1,508 3 ,420 4 ,100 15 ,913 5 ,554

L ,552 3 ,674 4 783 15 033 5 525

1
Figures for various loan items are shown gross (i. e., before deduction of valuation reserves); they do not add to the total, which is shown net.
3
Includes guaranteed obligations.
For other footnotes see opposite page.

272




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

Date or month

ReBalDeserves
with Cash ances mand
Fedwith
dein
eral vault do- posits
Remestic ad- 8
serve
banks justed
Banks

Individuals, States Certiand
part- polit- fied
and
nerical
offiships, sub- cers'
and
divi- checks,
coretc.
porations

Time deposits,
except interbank

Interbank
deposits

IndiDemand
vidU. S.
uals, States Govand
U. S. part- polit- ernGov- nerical ment
ern- ships, suband
ment and
divi- Postal Docor- sions Sav- mes- Foreign
tic
poraings
tions

Time

Bor- Caprow-, ital
acings counts

TotalLeading Cities
1953—February
December

14,911

945 2,381 54,130 55 269

3,861 1,520 3,088 16,594

779

199 10,214

1,281

571

1,351

7,287

14,583

1,048 2,691 55,503 57 022

3,778 1,802 2,683 17,438

919

190 11,128

1,289

987

872

7,566

14,796
14,386

991 2,781 55,880 57,112
,
946 2,485 54,639 55,528

3,932 1,826 1,956 17,564
4,006 1,947 2,511 17,640

949
967

190 11,437
190 10,482

1,258 1,025
1,284 1,096

1954—January
February
1953—Dec. 2
Dec. 9
Dec. 16
Dec. 23
Dec. 30

982 2,568 54 376 55,727
14,235
14,494 1,089 2,424 55,159 56 ,236
14,821 1,067 2,779 56 ,085 58,121
14,665 1,034 2,709 55,679 57 ,210
,679
14,701 1,066 2,972 56,217 57,817

3,685
3,607
3,731
3,902
3,963

1,733
1,700
1,803
1,604
2,170

3,410
2,406
2,412
2,595
2,594

17,311
17,366
17,431
17,486
17,596

882
918
923
940
932

190
189
190
191
190

10,792
10,680
11,475
11,124
11,568

1954—Jan. 6
Jan. 13
Jan. 20
Jan. 27

14,713
14,786
15,159
14,525

1,002
1,022
961
979

2,700
2,721
3,003
2,699

55,272
56,044
56,090
56 115

56,436
57,637
57 ,591
56,782

3,973
3,843
3,905
4.009

2,028
1,974
1,751
1,553

2,313
1,745
1,928
1,839

17,580
17,562
17,540
17,574

945
943
950
959

190
189
190
192

11,743
11,560
11,677
10,766

1,310
960
916 7,577
1,300
980 1,235 7,573
1,286
754 7,557
990
1,259 1,003
887 7,550
1,292 1,000
567 7,572
1,260
857 7,600
997
1,253
571 7,578
995
1,246 1,045
242 7,579
1,271 1,062
453 7,608

Feb. 3
Feb. 10
Feb. 17
Feb. 24

14,598
14,362
14,487
14,096

912
960
923
990

2,421
2,413
2,559
2,547

55,,588 55 ,831
54,789 55 ,230
54,143 55,739
54,038 55 .313

4,093
4,049
3,953
3,930

2,378
1,742
1,979
1,690

2,275
2,107
2,862
2,798

17,619
17,635
17,642
17,663

970
961
967
972

190
191
192
188

10,619
10,477
10,600
10,230

1,260
1,260
1,299
1,318

1,069
1,080
1,104
1,129

895
1,027
899
895

4,981

147

15,807 16,777

298

710

792

1,654

31

2,889 1,037

444

381

4,778

183

16,026 17,116

267

864

800

1,862

126

3,098 1,033

1954—January
February
1953—Dec. 2
Dec. 9
Dec. 16
Dec. 23
Dec. 30

4,876
4,777

153
151

15,923 16,972
15,792 16,717

284
951
274 1,116

525
659

1,846
1,832

139
149

3,217 1,000
2,974 1,033

4,719
4,794
4,903
4,752
4,722

165
197
194
184
175

15,682 16,719
40 15,934 16,880
16,310 17 ,436
15,929 16 ,956
16,273 17,588

267
246
267
275
279

764 1,141
857
762
804
673
746
717
1,149
707

1,795
1,838
1,871
1,891
1,913

121
126
126
129
129

2,948
2,856
3,217
3,106
3,363

1954—Jan. 6
Jan. 13
Jan. 20
Jan. 27

4,767
4,761
5,044
4,932

159
157
143
153

15,825
15,874
15,803
16,193

16,891
16,896
17,011
17,091

262
281
295
300

1,071
1,135
865
734

639
474
510
475

1,874
1,847
1,818
1,843

Feb. 3
Feb. 10
Feb. 17
Feb. 24
Outside
New York City
1953—February

4,813
4,784
4,779
4,730

139
165
141
158

16,192
15,767
15,636
15,573

16,930
16,512
16,774
16,652

273
282
259
281

1,503
946
1,120
895

626
564
736
711

531 7,591
929 7,639

7,630*
7,629
7,640
7,656

New York City
1953—February
December

2,489

355

2,532

837
904

202
334

1,056
1,043
1,029
1,004
1,033

778
800
808
817
814

268
515
425
328
241

2,546
2,573
2,542
2,534
2,530
2,527
2,528

136
135
140
144

3,179 1,011
992
3,199
986
3,388
3,101 1,010

812
809
860
868

433
218
27
132

2,544
2,545
2,547
2,549

1,848
1,839
1,821
1,820

144
147
156
147

3,022
2,935
3,002
2,936

1,014
1,017
1,041
1,061

875
887
916
939

338
399
303
296

2,567
2,573
2,575
2,575

9,930

798 2,344 38,323 38,492 3,563

810 2,296 14,940

748

142

7,325

244

127

970

4,798

9,805

865 2,643 39,477 39,906 3,511

938

1,883 15,576

793

137

8,030

256

184

517

5,034

1954—January
February
1953—Dec. 2
Dec. 9
Dec. 16
Dec. 23
Dec. 30

9,920
9,609

838 2,736 39,957 40,140 3,648
795 2,442 38,847 38,811 3,732

875
831

1,431 15,718
1,852 15,808

810
818

136
136

8,220
7,508

258
251

188
192

329
595

5,045
5,066

9,516
9,700
9,918
9,913
9,979

817
892
873
850
891

2, 519
2, 384
2,731
2,662
2, 916

3,418
969
3,361
843
3,464
999
3,627
858
3,684 1,021

2,269
1,644
1,739
1,878
1,887

15,516
15,528
15,560
15,595
15,683

761
792
797
811
803

138
137
137
138
137

7,844
7,824
8,258
8,018
8,205

254
257
257
255
259

182
180
182
186
186

648
720
329
559
326

5,035
5,039
5,027
5,023
5,044

1954—Jan. 6
Jan. 13
Jan. 20
Jan. 27

9,946
10,025
10,115
9,593

843
865
818
826

2,651 39,447 39,545
2 ,680 40,170 40 ,741
2,957 40 ,287 40,580
2,656 39,922 39,691

3,711
3,562
3,610
3,709

957
839
886
819

1,674
1,271
1,418
1,364

15,706
15,715
15,722
15,731

809
808
810
815

137
136
136
138

8,564
8,361
8,289
7,665

249
261
260
261

185
186
185
194

424
353
215
321

5,056
5,033
5,032
5,059

Feb.
3
Feb. 10
Feb. 17
Feb. 24

9,785
9,578
9,708
9,366

773
795
782
832

2,385 39,396 38,901
2,370
,022 38,718
2,506 38,507 38,965
2,509 38,465 38,661

3,820
3,767
3,694
3,649

875
796
859
795

1,649
1,543
2,126
2,087

15,771
15,796
15,821
15,843

826
814
811
825

136
137
138
134

7,597
7,542
7,598
7,294

246
243
258
257

194
193
188
190

557
628
596

5,063
5,056
5,065
5,081

December

38,694
39,225
775
39,7
750
39,7
39,944

39,008
39,356
40,685
40,254
40,229

I
3

Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
Back figures.—For description of revision beginning Mar. 4, 1953, see BULLETIN for April 1953, p. 357 and for figures on the revised basis
beginning Jan. 2, 1952, see BULLETIN for May 1953, pp. 550-555. For description of revision beginning July 3, 1946, and for revised figures
July 1946-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.

MARCH

1954




273

CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS OF A SAMPLE OF WEEKLY REPORTING MEMBER BANKS
BY INDUSTRY *
[Net declines, (—). In millions of dollars]
Business of borrower
Manufacturing and mining

Period*

1951—April-June..
July-Dec
1952—Jan.-June...
July-Dec
1953—Jan.-June...

Metals
and
PetroFood, Textiles, metal
leum,
liquor, apparel, products coal,
(incl. chemical, Other
and
and
and
tobacco leather machinery and rubber
trans.
equip.)
-243

116

932

—361

-868

-73
-40

754

62
16

—421

63
30

175
351

44
-98

8
37

186

18

722

2,769

2,372

1,111

176
250

76
36

-105
141

-634

-217

662

544

-2
-57

18
13

-28
191

-546
2,494

-637
2,435

-10
102

95
-54

208
1

-632

-90

18
-23

-8
98

-593

-138

84
18

—360

380

433

583

21

-21

151

446

-351

86

-35
14
46

Week ending:
1953—Dec. 2
Dec. 9
Dec. 16. . . .
Dec. 23
Dec. 30

27
23
53
-3
-14

-12
-4
-11
-4
-4

-85

— 152

46

— 104

-38

-185
— 108
—32

53

170

— 153

32

45

175

3

—43
—2

—737
-237

—878

-71
-53
49
231
19

6

8

—31
—3

—21
14
-5
-37
-36

13
-1
9
-5
31

-13
3
-12
-4
-11

-27
-21
-25
-28
-85

14
18
13
1

7

22
-25
-1
45
130

-22
-21
38
12
14

-13
-7
6
-6
-2

-4
-2
9
11
18

-43
-26
78
-6
43

-22

—51
-14
-25
-17

-10
-26
3
-5

-10
-79
-4
-60

8
-8
-9

-5
4
-9

-3
1
-30
-11

-118
-179

-160
-184

-31
— 19
15
3

1
—28
-6
-20

8
—30
-9
-52

-2
3
5
-2

-16
6
3
6

-35
—83
2

136
—82
-1

-121

-109

-7
7
4
10

-152

-4

Jan. 27

-95
9
5
-16

22
-18
-4

-48
-51

Feb. 3
Feb. 10
Feb. 17
Feb. 24

-14
—28
-24
-29

13
9
17

11

1954—Jan. 6 . . . .
Jan. 13
Jan. 2 0 . . . .

Construction

Comm'l.
ind'l,
and
Net
agr'l.
changes change—
classitotal 3
fied

60
141

-101

—98
—94

Sales
finance
companies

All
other
types
of
business

48
125

501

Monthly:
1953—Dec
1954—j a n
Feb

Commodity
dealers

Public
utilities
(incl.
transportation)

275
873

-621

July-Dec

Trade
(wholesale
and
retail)

—1
-1
3
2
4

16
-22

7

-io
-4
5
-4

—37
—52

— 11

-83

— 16
-34

-7

' ' "J.4
-14
-16

-352
-88

-56

-438
-96

1
Sample includes about 220 weekly reporting member banks reporting changes in their larger loans; these banks hold over 90 per cent of
total 2commercial and industrial loans of all weekly reporting member banks and nearly 70 per cent of those of all commercial banks.
Figures for other than weekly periods are based on weekly changes during period.
8
Net change at all banks in weekly reporting series, according to the old series in 1951 and the revised series thereafter. For description of
revisions in the weekly reporting series see BULLETIN for April 1953, p. 357.

COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
Dollar acceptances outstanding
Held by

Commer-

End of month

cial
paper
Total
out- 1
outstanding standing

Accepting banks

Total

1948—December. . . .
1949—December
1950—December
1951—December
1952—December . . .
1953—January
February
March
April
May

June
July
August . .
September
October
November .
December
1954—January

Based on

Own
bills

Bills
bought

Others

Imports
into
United
States

Exports
from
United
States

Dollar
exchange

Goods stc?red in or
shipped between
poin ts in
United
States

Foreign
countries

269
257

259
272

146
128

71
58

76
70

112
144

164
184

57
49

1

25
30

12
9

394
490

192
197

114
119

78
79

202
293

245
235

87
133

2
23

28
55

32
44

539

492

183

126

57

309

232

125

39

64

32

504
511
507

487
490
468

159
158
149

111
110
105

48
48
44

328
331
319

225
234
237

120
114
110

43
57
39

65
53
49

34
32
32

464

455

36

340

229

115

43

198
214

111
112

39
32

31

306
306

37
35

37

26
30

304
329
356
357
364

213
211
237
227
246

115
128
135
145
139

40
64
66
56
49

32
36
40
56
59

35
38
38
34
41

157

333
434

441
408
429
451
475
535
582

115

78

417
428

111
123

85
92

435
478
515
517
534

131
148
159
160
170

108
108
110
122
125

23
40
49
38
45

552

574

172

117

55

402

274

620

586

195

144

51

391

266

154

32
35

29

75

43

45

73

46

1

As reported by dealers; includes somefinancecompany paper sold in open market.
Backfigures.—SeeBanking and Monetary Statistics, Table 127, pp. 465-467; for description, see p. 427.

274




FEDERAL RESERVE BULLETIN

PRINCIPAL ASSETS OF SAVINGS INSTITUTIONS
U N I T E D STATES L I F E INSURANCE COMPANIES
[In millions of dollars]
Business securities

Government securities
Total
assets

Date

Total
End of year:*
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
19S1
1952
..

1953—January
'February
March
May

June
July
August
September
October
November
December
1954—January

7,697
8,359
9,478
11,851
14 994
18,752
22,545
23,575
22,003
19,085
17,813
16,066
13,667
12,774

5,373
5,857
6,796
9,295
12,537
16,531
20,583
21,629
20,021
16,746
15,290
13,459
11,009
10,252

2,253
2,387
2,286
? 045
1,773
1,429
1,047
936
945
1,199
1,393
1,547
1,736
1,767

13,579
12,683

10 958
10,195

73,621
73,943
74,295
74,686
75,063
75,403
75,855
76,244
76,612
77,121
77,552
78,201

12,862
12,844
12,630
12,666
12,543
12,456
12,429
12,436
12,397
12,395
12,365
12,322

10,329
10,287
10,063
10,089
10,082
10,030
9,991
9,994
9,930
9,913
9,830
9,767

78,866

. . .

End of month: 5
1951—December
1952—December

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
67,983
73,034

. . . .

United
States

12,470

9,779

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

5,669
5,958
6,442
6,726
6,714
6,686
6,636
7,155
8,675
10,833
12,906
16,102
19,314
21,251

2,134
2,060
1,878
1,663
1,352
1,063
857
735
860
1,055
1,247
1,445
1,631
1,903

3,248
3,091
2,919
2,683
2,373
2,134
1,962
1,894
1,937
2,057
2,240
2,413
2,590
2,713

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

25,975
29,226

2,067
2,178

19,291
21,245

A,617
1 ,868

2,575
2,699

2,879
3,135

31,690
31,878
32,243
32,472
32,732
33,021
33,247
33,349
33,614
33,887
34,096
34,395

29,471
29,644
30,005
30,218
30,462
30,752
30,977
31,079
31,319
31,585
31,781
32,056

2,219
2,234
2,238
2,254
2,270
2,269
2,270
2,270
2,295
2,302
2,315
2,339

21,396
21,547
21,725
21,897
22,055
22,221
22,429
22,552
22,698
22,842
23,017
23,275

1 880
1 887
1,897
1,918
1,924
1,935
1,943
1,967
1,972
1,990
2,000
1,994

2,718
2,727
2,742
2,756
2,770
2,789
2,808
2,819
2,831
2,851
2,873
2,894

3,075
3,060
3,058
2,977
3,039
2,981
2,999
3,121
3,100
3,156
3,201
3,321

34,639

State and Foreign 2
local1

32,267

2,372

23,435

2,039

2,905

3,378

Total

Bonds8

Stocks

71
115
396
511
684
792
915
1,010
1,037
1,140
1,130
1,060
922
755

8,465
9,178
10,174
10,315
10,494
10,715
11,059
13,024
16,144
20,322
23,179
25,403
28,204
31,646

7,929
8,624
9,573
9,707
9,842
9,959
10,060
11,775
14,754
18,894
21,461
23,300
25,983
29,200

1,702
1,733

919
755

28,042
31,404

1,774
1,300
1
L.820
1,837
1,835
L,840
1,857
1,861
L.880
1,897
1,945
1,968

759
757
747
740
626
586
581
581
587
585
590
587

n.a.

n.a.

n.a. Not available.
1
Includes United States and foreign.
2
Central government only.
3
Includes International Bank for Reconstruction and Development.
4
These represent annual statement asset values, with bonds carried on an amortized basis and stocks at end-of-year market value.
6
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.

ALL SAVINGS AND LOAN ASSOCIATIONS IN THE UNITED STATES
[In millions of dollars]
Assets

Total i

Mortgages 2

U.S.
Government
obligations

5,597
5,733
6,049
6,150
6,604
7,458
8,747
10,202
11,687
13,028
14,622
16,846
19,164
22,585
26,726

3,806
4,125
4,578
4,583
4,584
4,800
5,376
7,141
8,856
10,305
11,616
13,622
15,520
18,336
21,929

73
71
107
318
853
1,671
2,420
2,009
1,740
1,455
1,462
1,489
1,606
1,791
1,931

End of
year

1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953*

Assets

Cash

274
307
344
410
465
413
450
536
560
663
880
951
1,082
1,306
1,481

Other 8

1,124
940
775
612
493
391
356
381
416
501
566
692
866
1,072
1,307

Savings
capital

End of
quarter
Total i

4,118
4,322
4,682
4,941
5,494
6,305
7,365
8,548
9,753
10,964
12,471
13,978
16,073
19,140
22,823

Mortgages 2

U. S.
Government
obligations

1951—1... .
2
3... .
4

17,232
17,977
18,429
19,164

13,999
14,539
15,058
15,520

1,547
1,558
L ,577
1,606

844
940
852
1,082

751
849
852
866

14,286
14,910
15,317
16,073

1952—1
2. . . .
3... .
4. . . .

19,688
20,599
21,295
22,585

16,057
16,875
17,696
18,336

L,690
1,687
L ,765
L ,791

1 ,080
1,182
1,044
1,306

774
770
708
1,072

16,811
17,656
18,198
19,140

1953—1P...
2P.. .
3P. . .
4P.. .

23,506
24,772
25,633
26,726

19,105
20,133
21,145
21,929

1 ,931
',003
L.990
1,923

1,263
1,337
1,200
1,481

1,121
1,216
1,215
1,315

20,105
21,154
21,742
22,823

Cash

Other 8

Savings
capital

p Preliminary.
includes gross mortgages with no deduction for mortgage pledged shares.
2
Net of mortgage pledged shares.
8
Includes other loans, stock in the Federal home loan banks and other investments, real estate owned and sold on contract, and office building
and fixtures.
Source.—Federal Savings and Loan Insurance Corporation.

MARCH 1954




275

GOVERNMENT CORPORATIONS AND CREDIT AGENCIES
SELECTED ASSETS AND LIABILITIES, BY CORPORATION OR AGENCY *
[Based on compilation by United States Treasury Department. In millions of dollars]
End of year

End of quarter

Asset or liability, and agency

1952
1944

Loans, by purpose and agency:
To aid agriculture, total
Banks for cooperatives
Federal intermediate credit banks
Federal land banks 2
Federal Farm Mortgage Corporation.
Farmers Home Administration 8
Rural Electrification Administration.
Commodity Credit Corporation
Other agencies

1945

1946

1947

1948

1949

1950

1953

1951

3,385 2,878 2,884 2,299 3,632 4,362 3,884 4,161 5,070 5,671 4,997 5,512
197
345
189
232
276
305
302
425
324
336
424
367
510
257
231
273
336
426
437
633
824
781
673
728
1,220 1,088
986
351
242
149
109
45
34
80
60
20
25
23
22
643
604
590
535
558
525
523
539
658
596
653
646
361
407
528
734
999 1,301 1,543 1,742 1,920 1,966 2,014 2,062
353
120
99
280 1,293 1,729
898
782 1,426 1,927 1,163 1,651
10
6
9
7
7
5
9
6
5
5
6
5

To aid home owners, total
Federal National Mortgage Assn
RFC Mortgage Corporation*
Home Owners' Loan Corporation 2 . . .
Reconstruction Finance Corporation.
Other agencies

1,237
52
81
1,091
12
1

896
7
24
852
12
1

659
6
6
636
10
1

556
4
486
« 1
65

768 1,251 1,528 2,142 2,603 2,777 2,914 2,986
199
828 1,347 1,850 2,242 2,394 2,498 2,540
10
369
231
177
168
137
123
110
115
113
111
24
22
35
169
270
337
246
305

To railroads, total
Reconstruction Finance Corporation.
Other agencies

343
321
21

223
205
18

171
153
18

147
145
3

140
138
3

114
112
3

110
108
2

To other industry, total
Reconstruction Finance Corporation 6 ,
Other agencies
,

191
118
73

232
149
83

192
151
41

272
241
31

310
272
38

462
423
38

458
400
58

To financing institutions, total
Reconstruction Finance Corporation.
Federal home loan banks
Other agencies

216
66
131
20

267
60
195
12

314
14
293

447
7

525

445
8
433
4

824
8
816

Foreign, total
Export-Import Bank
Reconstruction Finance Corporation •.
Other agencies 9

225
225
8
()

707
309
286
112

623
232
278
113

531
59

438

478

All other purposes, total
,
Reconstruction Finance Corporation 8 .
Public Housing Administration 10
Other agencies
Less: Reserve for losses.
Total loans receivable (net).
Investments:
U. S. Government securities, total
Banks for cooperatives
Federal intermediate credit banks..
Production credit corporations
Federal land banks a
Federal home loan banks.
Federal Savings and Loan Insurance Corp.
Home Owners' Loan Corporation 2
Federal Housing Administration.
Public Housing Administration 10
Reconstruction Finance Corporation 6 . .
Federal Deposit Insurance Corporation.
Other agencies
Investment in international institutions.
Other securities, total
Reconstruction Finance Corporation.
Production credit corporations
Other agencies
Commodities, supplies, and materials, t o t a l . . . .
Commodity Credit Corporation
Reconstruction Finance Corporation 6
Other agencies
Land, structures, and equipment, total
Public Housing Administration 10
Reconstruction Finance Corporation 6
Tennessee Valley Authority 2
U. S. Maritime Commission 2
War Shipping Administration
Federal Maritime Board and Maritime Adm. 2
Other agencies u
Bonds, notes, and debentures payable (not
guaranteed), total
Banks for cooperatives
Federal intermediate credit banks
Federal land banks 2
Commodity Credit Corporation
Federal home loan banks

(•>
1,237

8 827
305
8 106
448
6,387

6

436
4

515

714
«340
278

584
190
294
100

484
88
297
99

368

476

101
99
2
488
415
74
814
8
806

82
80
2

79
77
2

79
• 77
2

79
77
2

516
457

526
468

59

536
478
58

536
473
63

611
(7)
611

718

802
(7)
801

58
864

7
864
526 2,284 5,673 6,102 6,090 6,078 6,110 7,736 7,713 7,798 8,010
252 1,249 1,978 2,145 2,187 2,226 2,296 2,496 2,466 2,547 2,758
274
154
101
235
246
206
64
52
55
58
55
800 3,450 3,750 3,750 3,750 3,750 5,182 5,191 5,196 5,199

5,290 6,649

96
395
9,714

11,692 12,733

688

105

779 1,095
61
50
609
919
109
126

133

142

160

185

173

159

226

252

366

140

872
51

821
54
626

830
57
612

13,228 14,422 17,826 18,089 17,637 18,502

1,630 1,683 1,873 1,685 1,854 2,047 2,075 2,226 2,421 2,645 2,588 2,586
43
48
43
43
43
43
43
43
43
43
43
43
46
48
44
74
51
39
43
47
62
60
53
52
42
72
66
39
43
60
67
70
43
44
45
45
220
145
136
27.
199
139
274
249
144
118
145
460
397
311
378
184
199
214
193
151
161
200
172
212
208
211
218
12
1
15
15
8
17
87
106
132
144
188
122
244
285
330
316
318
344
7
8
8
8
8
1
75
49
48
()
760
89 1,045 1,020 1,064 1,205 1,307 1,353 1,437 1,500 1,508 1,509
30
20
28
21
1
1
1
1
1
1
318 3,385 3,385 3,385 3,385 3,385 3,385 3,385 3,385 3,385
424
289

230
159
46
24

154
108
35
11

133
98
29
6

2,942 2,288 1,265
1,450 1,034
463
1,053 1,131
667
134
438
12:

822
448
235
138

627 1,549 1,774 1,461 1,280 1,259 2,201 2,259
43 1,376 1,638 1,174
978 1,013 1,876 1,884
14:
108
129
15
172
134
119
114
30
28
159
131
241
3:
128
211

63

71

325
244
55
26

262

88
71
16
1

78
66

11
1

44
36
8

42
35

45
39

6

6

1

44
38
5
1

12,600 3,060 2,962 2,945 3,358 3,213 3,240 7,86' 7,911
204 1,448 1,352 1,248 1,251 1,173 1,149 1,029 1,030
227
2,861
35
630
611
605
594
199
197
185
181
754
793
830
886 1,048 1,251 1,299 1,360 1,405
72
3,301 3.30J
7,764 6,507
P 4 , 8 0 2 M.802
189
168
206
465
1,948 2,044 1,793
590
595
493

21,017
222
6,919
710
721
3,113 3,39.
5,427 7,813

16,237
200
6,526

107
83
22

16,924

1,395 1,113 1,25:
8
24
33
274
245
293
818
792
756
21
69

169

689
69
358

965
70
480

772 1,190 1,369 1,330 1,10' 1,131 1,243
110
78
170
181
14:
11
119
520
490
67
704
710
788
776

26:

415

20-

560

525

44

25:

231

349

For footnotes see following page.

276




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 x

Date, and corporation or agency
Total

All agencies:
1944_Dec.
1945—Dec.
1946—Dec.
1947—Dec.
1948—Dec.
1949—Dec.
1950—Dec.
1951—Dec.

31
31
31
31 2
31 2
31
31
312

1952—Dec. 31 2
1953—Mar. 31
June 302
Sept. 30
Classification by agency,
Sept. 30, 1953
Department of Agriculture:
Farm Credit Administration:
Banks for cooperatives
Federal intermediate credit banks
Production credit corporations
Agricultural Marketing Act
Federal Farm Mortgage Corp
Rural Electrification Administration
Commodity Credit Corporation
Farmers Home Administration3
Federal Crop Insurance Corp

Cash

CommodiLoans ties,
resupceiv- plies,
able
and
materials

Bonds, notes,
and debentures payable
Land,
struc- Other
Other
tures,
liabilasFully
and
ities
guarOther equip- sets
anteed Other
secu- ment
rities
by
U. S.

Investments

U. S.
Govt.
securities

31,488
33,844
30,409
30,966
21,718
23,733
24,635
26,744

756
925
1,398
1,481
630
441
642
931

6,387 2,942
5,290
288
6,649
,265
9,714
822
11,692
627
12,733
,549
13,228
,774
14,422
,461

1,632
1,683
1,873
1,685
1,854
2,047
2,075
2,226

424
325
547
3,539
3,518
3,492
3,473
3,463

29,945
30,564
36,153
37,141

944
936
1,063
1,096

17,826
,280
18,089
,259
17,637 2,201
18,502 2,259

2,421
2 ,645
2,588
2,586

3,429 3,213
832
3,427 3,240
968
3,430 7,867 1,367
3,429 7,911 1,357

405
886
51
)
22
,182
,932
639
42

16,237
21,017
16,924
12,600
3,060
2,962
2,945
3,358

3,111 1,537 1,395 4,196 23 ,857
555 1,113 4,212 27,492
2,317
261 1,252 3,588 24,810
1,753
82
689 2,037 28 015
1,125
965 1,663 18,886
337
38
772 1,720 21,030
509
28
499
23 1,190 1,193 21,995
43 1,369 1,161 23,842
53 1,330 1,728 26,456
48 1,107 2,069 26 938
51 1,131 1,979 32 ,576
63 1,243 2,075 33 335

119
776

1
108

1,233
217
1,842
528

30
1
108
51

2,551
127

1,030
1

84
120

)
25

10
4

180
1

2,540
)
28
71

Reconstruction Finance Corporation:
Assets held for U. S. Treasury 12
Other is
Export-Import Bank
Federal Deposit Insurance Corp
Tennessee Valley Authority
Federal Maritime Board and Maritime Adm.P.
All other

353
815
2,781
1,529
1,787
5,390
9,831

1
3
24
726
3 2,760
6
350
141
163 5,641

801

34
28
18
15
10
396
115

4
5

397
211

620
37

318

134
•(7)"
(7)

22
51
168

1,509

()
1,405
3,385 4,802
358

()

485
6
37
228

()
87
371
27
12

()
20
2,060 1,884
1,561
549

259
99
51
7
()
21
2,182
738 3,193
7
631
13
29

349

333
781

Housing and Home Finance Agency:
Home Loan Bank Board:
Federal home loan banks
Federal Savings and Loan Insurance Corp..
Public Housing Administration
Federal Housing Administration
Office of the Administrator:
Federal National Mortgage Association.. .
Other

U. S.
Government
interest

62

()
211

Privately
owned
interest

504
472
498
143
166
183
234
329
378
401
415
424

25

399

1,805
238
11 2,540
126

36
34
100
46
249
70

353
779
2,747
1,429
1,741
5,140
9,761

pPreliminary.
1
Loans by purpose and agency are shown on a gross basis; total loans and all other assets are shown on a net basis, i. e., after reserve for
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 following repayment of the U. S. Government interest—Federal land banks after 1946 and the Home Owners' Loan Corporation after
June 1951; exclusion of the United States Maritime Commission (including War Shipping activities) after 1947, when this agency ceased to report
to the U. S. Treasury; and inclusion of the Mutual Security Agency beginning June 1952 and of the Federal Maritime Board and Maritime Administration beginning June 1953.
8
This agency, successor to the Farm Security Administration, took over the continuing functions of the latter agency in 1946. Earlier figures
have been adjusted to include the FSA. Figures for 1944 and 1945 also include Emergency Crop and Feed Loans of the Farm Credit Administration, transferred to the FSA in 1946. Figures through 1948 include the Regional Agricultural Credit Corporation, the assets and liabilities of
which have been administered by the Farmers Home Administration since dissolution of the RACC in 1949. These activities are reported currently in the Treasury Compilation as "Disaster Loans, etc., Revolving Fund."
* Assets and liabilities transferred to the Reconstruction Finance Corporation on June 30, 1947.
* Reconstruction Finance Corporation loans to aid home owners, which increased steadily through the first three quarters of 1947 and during
1948, appear to have been included with "other" loans in the statement for Dec. 31, 1947.
6
Figures have been adjusted to include certain affiliates of the Reconstruction Finance Corporation. Several of these—including the Defense
Plant Corporation, Defense Supplies Corporation, Metals Reserve Company, and Rubber Reserve Company—were merged with the parent
effective July 1, 1945. Most of their activities were reflected under "Commodities, supplies, and materials" and "Land, structures, and equipment."
7 Less than $500,000.
8
Foreign loans, except for the Export-Import Bank, are included with "all other purposes" until 1945.
* Treasury loan to the United Kingdom (total authorized amount of which was 3,750 million dollars) and, beginning with the balance sheet
for June 30, 1952, outstanding loans of the Mutual Security Agency (totaling about 1,500 million on that date).
10
Reflects activities of the Federal Public Housing Authority under the U. S. Housing Act, as amended, until July 27, 1947, when these activities were transferred to the newly established Public Housing Administration. War housing and other operations of the Authority—shown on
the Treasury Statement with "other agencies" through 1947—were not transferred to the PHA until 1948.
11
Beginning 1951, includes figures for Panama Canal Company, a new corporation combining the Panama Railroad Company (included in
earlier Treasury Statements) and the business activities of the Panama Canal (not reported prior to that time). See also footnote 10.
1 Assets representing unrecovered costs to the Corporation in its national defense, war, and reconversion activities, which are held for the
2
Treasury for liquidation purposes in accordance with provisions of Public Law 860, 80th Congress.
u
Includes figures for Smaller War Plants Corporation, which is being liquidated by the Reconstruction Finance Corporation.
NOTE.—Statement includes certain business-type activities of the United States Government. Figures for some agencies—usually small
ones—may be for dates other than those indicated. Comparability of the figures with those for years prior to 1944 has been affected by (1) the
adoption of a new reporting form beginning Sept. 30, 1944, and (2) changes in activities and agencies included (see footnote 2). For back figures
see Banking and Monetary Statistics, Table 152, p. 517.

MARCH 1954




277

SECURITY MARKETS
Bond prices

Stock prices

Common

U. S. Govt.
(long-term)

Standard and Poor's series
(index, 1935-39=100)

CorpoMunicipal rate
Pre(high- 4 (high- 4 ferred *
New grade) grade)
Tosetal
ries'

Year, month,
or week
Old
series 2

1

3-7

i

Industrial

Railroad

Volume
of

Securities and Exchange Commission series
(index, 1939—100)

Public
utility

trading 6
(in
Manufacturing
Trade,
thoufinPubsands
TransNon- porta- lic ance, Min- of
and
To- Du- du- tion util- serv- ing shares)
ity
tal ra- rable
ice
ble

Total

480

420

20

40

265

170

98

72

1951 average
1952 average
1953 average

133.0 117.7 170.4 177
98.85
129.3 115.8 169.7 188
97.27
93.90 101.46 119.7 112.1 164.0 189

192
204
204

149
169
170

112
118
122

185
195
193

207 1 7 9
220 189
220 1 9 3

233
249
245

199 113
221 118
219 122

208 205
206 ••256
207 241

L.684
1,313
L,419

1953—Feb
Mar
Apr
May

212
215
206
205

181
185
173
174

124
125
122
121

202
204
194
194

229
232
220
221

204
207
194
196

252
256
245
244

235
238
223
226

124
124
120
120

'211
r

169

117

187

213

187

219

117

1,678
L 931
1,637
1,227
L ,185
967
1,138
L.294

191

206

1954—Tan
Feb

95.28
94.31
93.25
91 59
91.56
92.98
92.89
93.40
95.28
94.98
95.85
97.42
98.62

106.16 123.6 114.5 168.7 195
107.04 125.5 116.5 171.8 200

Week ending:
Jan. 30. . . .
Feb. 6
Feb. 13
Feb. 20
Feb. 27

98.27
98.26
98.68
98.59
99.04

106.68
106.66
106.84
106.81
108.02

199
200
201
199
199

Number of issues. .

June

July . .
Aug
Sept.
Oct
Dec

99! 75
99.16
100.03
100.44
101.00
103.30
103.67
104.93

15

122.7
121.6
121.3
119.4
115.2
115.1
116.8
116.9
119.7
121.4
122.3

124.8
124.9
125.5
125.5
125.9

17

114.0
113.4
111.7
109.8
108.8
110.7
111.4
110.9
112 6
113.6
113.5

115.1
115.9
116.6
116.5
117.0

15

166.3
165.7
161.7
160.0
156.8
160.1
163.1
162.8
167.3
168.8
166.5

196
198
190
190
183

186
187
179
183
188

170.5
171.8
172.2
171.4
171.6

198

200
202
193
197

174
170
156
157

202

159

119
121
120
122
124

190
190
181
187
191

157

125

193

211
217

160
166

127
129

217
217
218
216
216

163
165
167
167
165

128
128
129
129
129

217
217
205
214
r

219

236

188
186
175
184

243
245
232
240

190

245

222

192

198
203

228
234

202
204
203
202
204

233
235
234
232
234

21

223
217
199
202
204

32

28

2l3
207
209
204
206
206
198
201
207
209

123

200

125

199
204

256
261

206
215

126
128

203
205
204
203
205

261
263
261
259
261

214
216
217
214
213

127
128
128
128
129

r

256
263
252
247
237
237
236
219
219
'231
230

1,482
1,644

213
216

239
250

1,669
1,752

215
216
217
215
215

119
121
119
121

249

14

243
246
247
254
254

1 ,937
1,787
1,888
1,742
1,551

r
1

Revised.
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
to Apr. 1, 1952, only bonds due or first callable after 15 years were included. j
3Xhe 3M per cent bonds of 1978-83, issued May 1, 1953.
4
Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond.
6
Standard and Poor's Corporation. Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual
6
dividend.
Average daily volume of trading in stocks on the New York Stock Exchange.
Back figures.—See Banking and Monetary Statistics, Tables 130, 133, 134, and 136, pp. 475, 479, 482, and 486, respectively, and BULLETIN
for May 1945, pp. 483-490, and October 1947, pp. 1251-1253.
CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS O F STOCK EXCHANGE
FIRMS CARRYING MARGIN ACCOUNTS
[Member firms of New York Stock Exchange. Ledger balances in millions of dollars!
Debit balances
End of month

Credit balances

Debit
Debit
Customers' balances in balances in
firm
partners'
debit
balances investment investment
and trading and trading
(net)i
accounts
accounts

1950—December...
1951—June
December...
1952—June
December...

1,356
1,275
1,292
1,327
1,362

1953—January....
February...
March
April
May
June
July
August
September. .
October
November. .
December...
1954—January... .

31,345
31,350
31,513
31,594
31,671
1,684
31,664
31,682
31,624
31,641
31,654
1,694
31,690

9
10
12
9
8

Cash on
hand
and in
banks
397
364
378
365
343

399
375
392
427
406
i

7

347

282

8

404

297

Customers'
credit balances*
Money
borrowed 2

Other credit balances
In partners'
In firm
investment investment In capital
and trading and trading accounts
(net)
accounts
accounts

Free

Other
(net)

745
680
695
912
920

890
834
816
708
724

230
225
259
219
200

36
26
42
23
35

12
13
11
16
9

317
319
314
324
315

8908
8871
8
966
81,068
81,193
1,216
31,161
31,182
31,070
«31,098
'31,127
1,170
31,108

3732
3 730
3744
8738
3673
653
3651
3641
3674
3672
3682
709
3741

163

23

16

319

208

28

31

313

^Corrected.
1
Excludes balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2)
firms' own partners.
2
Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges).
3
As reported to the New York Stock Exchange. According to these reports, the part of total customers' debit balances represented by balances
secured by U. S. Government securities was (in millions of dollars): November, 31; January, 34.
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.

278




FEDERAL RESERVE

BULLETIN

OPEN MARKET MONEY RATES IN NEW YORK CITY
[Per cent per annum]

Year,
month, or
week

Prime
commercial
paper,
4- to 6months1

BANK RATES ON BUSINESS LOANS
AVERAGE OF RATES CHARGED ON SHORT-TERM LOANS
TO BUSINESS BY BANKS IN SELECTED CITIES
[Per cent per annum]

U. S. Government
securities (taxable)
Prime
bankers'
accept- 3-month bills
ances,
9-to 12- 3- to 590
month
year
days 1 Market Rate issues 2 issues8
yield on new
issues

1951 average
1952 average
1953 average

2.17
2.33
2.52

.60
.75
.88

1.52
1.72
1.90

1.552
1.766
1.931

1.73
1.81
2.07

2.31
2.36
2.44
2.68
2.75
2.75
2.75
2.74
2.55
2.32
2.25

1.88
L.88
1.88
L.88
1.88
L.88
1.88
L.88
L.88
L.88
L.88

1.97
2.01
2.19
2.16
2.11
2.04
2.04
1.79
1.38
1.44
1.60

2.018
2.082
2.177
2.200
2.231
2.101
2.088
1.876
1,402
1.427
1.630

1.97
2.04
2.27
2.41
2.46
2.36
2.33
2.17
1.72
1.53
1.61

2.42
2.46
2.61
2.86
2.92
2.72
2.77
2.69
2.36
2.36
2.20

1954—January.. .
February..

2.13
2.00

.88
L.69

1.18
.97

1.214
.984

1.33
1.01

1.97
1.84

Week ending:
Tan. 30. . .
Feb.
6...
Feb. 13. . .
Feb. 20. . .
Feb. 27. . .

2.00
2.00
2.00
2.00
2.00

1 .88
] . 88

1.01
,99
.91
.98
.98

.998
1.031
.893
1.024
.986

1.09
1.04
.99
1.03
.96

Annual averages:
19 cities:
1945
1946
1947
1948 ..
1949
1950
1951
1952
1953
Quarterly:
19 cities:
1953—Mar
June
Sept
Dec
New York City:
1953—Mar
June
Sept
Dec
7 Northern and Eastern cities:
1953—Mar
June
Sept.
Dec.
11 Southern and
Western cities:
1953—Mar
June
Sept

1.93
2.13
2.57

1953—February. .
March
April
May
June
July
August....
September.
October. . .
November.
December..

Size of loan

1.88
1.93
1.87
1.82
1.74

1 .63
1 .63
1 .63

All
loans

Area and period

1
Monthly figures are averages of weekly prevailing rates.
2
Series includes certificates of indebtedness and selected note and
bond issues.
3
Series includes selected note and bond issues.
Back figures.—See Banking and Monetary Statistics, Tables 120-121,
pp. 448-459, and BULLETIN for May 1945, pp. 483-490, and October
1947, pp. 1251-1253.

Dec

$1,000- $10,000- $100,000- $200,000
$10,000 $100,000 $200,000 and over

2.2
2.1

4.3

3.2

2.3

2.0

4 2
4.2
4 4
4.6
4 5

3 1
3.1
3 5
3.7
3 6

1 7
1.8
2 2
2.4
2 4
3 3
3 5

4.7

4.0

3 5

4 9

3.7

5.0

4 2
4 4

2 2
2.5
2 8
3.0
3 0
3 4
3 7
3 9

3.54
3.73
3.74
3.76

4.89
4.98
5 01
4.98

4.25
4.38
4.40
4.39

3.75
3.91
3.93
3.96

3.32
3.53
3 54
3.57

3.31
3.52
3.52
3.51

4.55
4.63
4.76
4.70

4.13
4.25
4.25
4.25

3.55
3.79
3.76
3.77

3.17
3.39
3.40
3.38

3.50
3.71
3.71
3 79

4 95
5.07
5.08
5 07

4.24
4.38
4.45
4.40

3.74
3.87
3.91
3.96

3.30
3.54
3.52
3.63

3.90
4.05
4.10
4.10

5.02
5.09
5.10
5.06

4.31
4.46
4.46
4.46

3.91
4.02
4.06
4.09

3.62
3.79
3.86
3.86

2.1
2.5
2.7
2 7
3.1

NOTE.—For description of series see BULLETIN for March 1949,
pp. 228-237.

BOND AND STOCK YIELDS
[Per cent per annum]

1

Industrial stocks
Earnings/
Dividends/
price
price ratio
ratio

Bonds
U. S. Govt.
(long-term)

Year, month,
or week

Old
series2

New
series 3

Corporate (Moody's) 8
Municipal
(highgrade) *

By groups

By ratings
Total
Aaa

2.9

Aa

A

Baa

Industrial

Railroad

Public
Preutility ferred «

Common 7

Common8

15

120

30

30

30

30

40

40

40

15

125

125

3.08
3.19
3.43

2.86
2.96
3.20

2.91
3.04
3.31

3.15
3.23
3.47

3.41
3.52
3.74

2.89
3.00
3.30

3.26
3.36
3.55

3.09
3.20
3.45

4.11
4.13
4.27

6.29
5.55
5.51

10.42
9.49

3.16

2.00
2.19
2.72

2.83
2.89
2.97
3.09
3.09
2.99
3.00
2.97
2.83
2.85
2.79

3.26
3.29
3.25
3.22
3.19
3.06
3.04
2.96

2.54
2.61
2.63
2.73
2.99
2.99
2.88
2.88
2.72
2.62
2.59

3.26
3.31
3.40
3.53
3.61
3.55
3.51
3.54
3.45
3.38
3.39

3.07
3.12
3.23
3.34
3.40
3.28
3.24
3.29
3.16
3.11
3.13

3.14
3.18
3.29
3.41
3.49
3.42
3.39
3.43
3.33
3.26
3.28

3.30
3.36
3.44
3.58
3.67
3.62
3.56
3.56
3.47
3.40
3.40

3.53
3.57
3.65
3.78
3.86
3.86
3.85
3.88
3.82
3.75
3.74

3.11
3.16
3.27
3.39
3.48
3.42
3.37
3.40
3.33
3.27
3.28

3.39
3.43
3.51
3.63
3.73
3.67
3.61
3.65
3.56
3.51
3.52

3.29
3.33
3.44
3.57
3.62
3.56
3.54
3.58
3.46
3.38
3.37

4.21
4.23
4.33
4.38
4.47
4.37
4.29
4.30
4.19
4.15
4.21

1954—January
February....

2.68
2.60

2.90
2.85

2.50
2.39

3.34
3.23

3.06
2.95

3.22
3.12

3.35
3.25

3.71
3.61

3.23
3.12

3.47
3.35

3.31
3.23

4.15
4.08

5.26 P I O . 1 9
5.36
5.52
9.39
5.53
5.60
5.44
10.47
5.79
5.76
5.60
l6!89'
5.53
5.54
5.28 P10.51
5.29

Week ending:
Jan. 30
Feb.
6
Feb. 13
Feb. 20
Feb. 27

2.63
2.62
2.59
2.60
2.57

2.87
2.87
2.86
2.86
2.79

2.43
2.42
2.39
2.39
2.37

3.30
3.27
3.23
3.22
3.21

3.03
2.99
2.94
2.93
2.92

3.18
3.16
3.12
3.11
3.10

3.31
3.29
3.26
3.24
3.23

3.67
3.65
3.62
3.60
3.58

3.18
3.16
3.13
3.11
3.10

3.43
3.40
3.34
3.34
3.33

3.28
3.27
3.23
3.22
3.20

4.11
4.08
4.07
4.08
4.08

5.28
5.24
5.26
5.34
5.29

Number of issues...

3-7

1951 average
1952 average
1953 average

2.57
2.68
2.93

1953—February
March
April
May
June
July
August
September...
October
November...
December. . .

1

^Preliminary.
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. 1, 1952, only bonds due or first callable after 15 years were included.
3The 3% per cent bonds of 1978-83, issued May 1, 1953.
^Standard and Poor's Corporation.
5
Moody's Investors Service, week ending Friday. Because of a limited number of suitable issues, the industrial Aaa and Aa groups have
been 6reduced from 10 to 6 issues, and the railroad Aaa and Aa groups from 10 to 5 and 4 issues, respectively.
Standard and Poor's Corporation. Ratio is based on 9 median yields in a sample of noncallable issues, 12 industrial and 3 public utility.
7
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, and October
1947, pp. 1251-1253.
MARCH

1954




279

TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS
[On basis of daily statements of United States Treasury unless otherwise noted.

In millions of dollarsl

Summary
Excess of receipts
or expenditures ( —)

Budget receipts and
t expenditures
Period

General fund of the Treasury
(end of period)

i

Expenditures

Net
receipts

Cal. yr.—1950
1951
1952
1953
Fiscal yr.—1950
1951
1952
1953

Increase or
decrease (—
during period

.
.
.
.

..
..
. .
. .

Semiannual totals:
1950—July-Dec.
1951—Jan.-June.
July-Dec..
1952—Jan.-June.
July-Dec..
1953—Jan.-June.
July-Dec. .
Monthly:
1953—Feb
Mar
Apr .
May
June
July
Aug
Sept.
Oct
Nov.
Dec
1954—Jan
Feb.3

37,834 l 3 g 2 5 5
53,488 56^846
65,523 71,366
64,469 73,626
37,045 40,167
48,143 *44,633
62,129 66,145
65,218 74,607
18,464
29,679
23,809
38,320
27,204
38,014
26,454
5,479
10,502
2,849
4,380
9,744
3,308
4,568
6,041
2,659
4,695
5,183
2
4,471
n.a.

Surplus
or
deficit

Trust Sales ana Clearand redemptions ing
in market
other
acof Govt.
account
agency
counts
obligations

Deposits in

r>_i

r>ai-

Gross
direct
public
debt

General
fund
balance

ance
in
general
fund

F. R. Banks

Other
net
assets
itaries

Special
Avail- In proc- deposess of
able
funds

collection

1-38
759
49
82
121
1295
219
462

349
56
-90
19
-22
384
-72
-25

87
-106
-319
-209
483
-214
-401
-312

-423
2,711
7,973
7,777
4,587
-2,135
3,883
6,966

-447
62
1, 770
- 1 , 488
2 , 047
1, 839
-388
- 2 , 299

4 ,232
4 ,295
6 ,064
4 ,577
5 ,517
7 ,357
6 ,969
4 ,670

690
321
389
346
950
338
333
132

129
146
176
131
143
250
355
210

2,344
2,693
4,368
3,358
3,268
5,680
5,106
3,071

19,063
25,570
31,276
34,869
36,497
38,110
35,515

1-599
4,109
-7,467
3,451
-9,293
-96
-9,061

1-173
468
291
-72
121
341
-259

392
-8
64

-136

46
-71
90

-254
40
-146
-255
-64
-248
40

-650
-1,486
4,197
-313
8,286
-1,320
9,097

- 1 , 285
3 , 124
- 3 , 062
2 , 674
-904
- 1 , 394
-94

4 ,232
7 ,357
4 ,295
6 ,969
6 ,064
4 .670
4 ,577

690
338
321
333
389
132
346

129
250
146
355
176
210
131

2,344
5,680
2,693
5,106
4,368
3.071
3,358

1,069
1,089
1,134
1,175
1,132
1,256

5,595
6,187
6,362
6,241
7,988
6,068
6,042
6,119
5,477
5,423
6,387
2
5,O71
n.a.

1

1-422
-3,358
-5,842
-9,157
-3,122
13,510
-4,017
-9,389

-116
4,315
-3,513
-1,862
1,756
-2,759
-1,473
-79
-2,818
— 728
-1,204
-600
n.a.

404
-209
—157
377
65
-260
299
-40
-149
—37
-72
-144
n.a.

—133
12
—50
38
32
26
1
75
-70
116
-59
-28
-124

—2
-135
289
-428
-373
466
-430
117
235
-376
29
559
-156

182
-3,099
105
1,930
-449
6,598
536
-269
449
1,822
-40
-320
-67

335
884
- 3 , 326
57
1, 032
4 , 071
- 1 , 067
196
- 2 , 352
797
- 1 , 346
-533
944

6 ,024
6 ,908
3 ,582
3 ,639
4 ,670
8 ,741
7 ,674
7 ,478
5 ,126
5 ,923
4 ,577
4 ,044
4 ,988

351
222
393
221
132
548
496
642
662
451
346
404
548

174
448
180
108
210
181
96
183
185
81
131
363
167

4,376
4,983
1,859
2,109
3,071
6,690
5,825
5,255
2,892
4,545
3,358
2,406
3,458

1,123
1,255
1,151
1,201
1,256
1,322
1,257
1,398
L.387

1.069

1,134

1
L,132
742

L.156
1,089
1,175
1,256

742

'847
742
871
816

Budget expenditures
Major national security programs
Period

Total

Military
assistance
abroad

Social
VetseInter- Atomic Inter- erans
est Admin- curity
naon
protional Energy debt istraComtions grams 6
ecomisnomic
sion
5
aid

Agriculture 7

Housing
and
home
finance

Public office
works def-

Transfers
to
trust Other
accounts

Post

Total 4

Cal. yr.—1950
1951
1952
1953
Fiscal yr.—1950
1951 . . . .
1952 . . . .
1953

Semiannual totals:
1950—July-Dec. .
1951—Jan.-June..
July-Dec..
1952—Jan.-June..
July-Dec..
1953—Jan.-June..
July-Dec..

National
defense

38,255
56,846
71,366
73,626
40,167
44,633
66,145
74,607

18,509
37,154
51,121
52,817
17,950
25,891
46,319
52,847

291
13,476
30,275 1, 559
43,176 2 . 975
44,465 3 , 810
12,346
44
19,955
884
39,033 2 , 228
44,584 3 , 760

4
3
2
2
4
3
2
2

012
560
652
190
941
863
904
272

611 5,580
1,278 5,983
1,813 6,065
1,889 6,357
524 5,750
908 5,613
1,648 5,859
1,802 6,508

5,714
5,088
4,433
4,157
6,043
5,288
4,748
4,250

1.351
,463
,508
,630
,375
,415
,424
,593

1,499
1,010
1,564
3,238
2,986
635
1,219
3,063

— 17
694
646
-159
-270
460
614
382

1.551
1,438
1,573
1,685
1,575
1,458
L.515
L.655

643
684
775
525
593
624
740
660

961
1,016
1,193
783
1,383
972
1,305
1,079

19,063
25,570
31,276
34,869
36,497
38,110
35,515

9,850
16,041
21,113
25,206
25,915
26,932
25,885

7,505
247
12,450
637
17,825
921
21,208 1, 306
21,968 1, 669
22,616 2 , 092
21,848 1, 718

1 692
2 170
389
I 514
137
134
056

341 2,390
567 3,223
711 2,761
937 3,099
876 2,966
926 3,542
963 2,816

2,678
2,610
2,479
2,269
2,164
2,086
2,072

670
745
718
706
802
791
839

164
470
540
679
885
2,178
1,059

158
302
392
222
424
-42
- 1 1 *1

878
580
858
657
916
740
945

260
364
320
420
355
305
220

804
168
848
457
737
342
441

5,737
5,595
6,187
6,362
6,241
7,988
6,068
6,042
6,119
5,477
5,423
6,387
2
5,O71

4,216
4,168
4,670
4,582
4,481
4,815
4,645
4,172
4,392
4 266
4,034
4,377
P3.681

348
339
358
350
348
343
369
330
323
336
343
371
P340

180
109
10
239
125
128
177
120
101
211
123
108
172

357
285
281
293
581
382
254
377
275
— 12
302
-137
309

—80
19
—3
-35
66
— 10
—78
95
34
—46
-89
- 3 :I
-3 I

89
70
88
193
155
145
174
155
158
161
157
140
97

160

20
101
58
13
92
59
53
157
60
18
95

icit

2,464
2,315
2,487
2,593
2,781
2,276
2,402
2,570
1,210
1,066

1
1,249

1,153
1,333
L.236
1^357

Monthly;

1953—Jan.
Feb
Mar
Apr
May
June.
July
Aug.
Sept
Oct.
Nov..
Dec
1954—Jan

3,632

3,501
3,789
3,891
3,746
4,056
3,890
3,519
3,787
3,647
3,540
3,465
3,001

277
316
523
366
285
325
451
197
232
155
198
484
385

138
171
181
120
278
246
151
258
169
175
162
141
P104

158
151
157
167
153
140
117
157
155
208
95
231
142

235
311
563
372
179

1,882

237
206
560
354
164

1,294
245

—30
125
50
160
60

57

213
192
193
232
213
194
237
270
217
189
234
209

P241

p Preliminary.
n.a. Not available.
1
Beginning November 1950, investments of wholly owned Government corporations in public debt securities are excluded from Budget expenditures, and included with other such investments under "Trust and other2 accounts." Adjustments for July-October 1950 investments were
made by the Treasury in the November 1950 and January 1951 figures. Not adjusted for Treasury's revised treatment of carriers' taxes.
3On basis of revised Treasury daily statement.
4
Includes the following not shown separately: Maritime activities, special defense production expansion programs, Economic Stabilization
Agency, and Federal Civil Defense Administration.
^Consists of foreign economic and technical assistance under the Mutual Security Act, net transactions of the Export-Import Bank, and other
6
nonmilitary foreign aid programs, as well as State Department expenditures.
Excludes transfers to trust accounts, which are shown separately.
includes Farm Credit Administration and Agriculture Department, except expenditures for forest development of roads and trails which are
included with public works.

280




FEDERAL RESERVE BULLETIN

TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS—Continued
[On basis of daily statements of United States Treasury, unless otherwise noted.

In millions of dollars]

Treasury receipts
Internal revenue collections
(on basis of Internal Revenue
Service)

Budget receipts, by principal sources

Period

Income
and old-age
insurance taxes
Withheld
by
employers

Cal. yr.—IQ50
1951
1952
1953
Fiscal yr.—1950
1951
1952....
1953....
Semiannual totals:
1950—July-Dec...
1951—Jan.-June..
July-Dec...
1952—Jan.-June...
July-Dec...
1953—Jan.-June...
July-Dec.. .
Monthly:
1953—Feb
Mar
Apr
May

June

July
Aug
Sept
Oct
Nov
Dec
1954—Jan
Feb.2

Other
Individual

Corporation

Miscellaneous
internal
revenue

Taxes
on
carriers
and on
employers
of 8 or
more

Deduct
Other
receipts

Total
budget
receipts

AppropriaRetions
funds
to oldof
age
retrust
ceipts
fund

Other

Corporation
income
and
profits
taxes

Estate
and
gift
taxes

13,775
19,392
23,658
26,323
12,180
16,654
21,889
25,058

17,361
26,876
34,174
30,524
18,189
24,218
33,026
33,101

8,771
9,392
10,416
11,211
8,303
9,423
9,726
10,870

770
944
902
896
776
811
994
902

1,980
2,337
2,630
2,570
1,862
2,263
2,364
2,525

42,657
58,941
71,788
71,524
41,311
53,369
67,999
72,455

2,667
3,355
3.814
3,918
2,106
3,120
3,569
4,086

2,156
2,098
2,451
3,137
2,160
2,107
302
3,151

37,834
53,488
65,523
64,469
37,045
48,143
62,129
65,218

12,963
18,840
23,090
26,162
11,762
15,901
21,313
24,750

7,384
10,362
11,980
11,401
7,264
9,908
11,545
11,604

9,937
16,565
22,140
19,195
10,854
14,388
21,467
21,595

658
801
849
923
706
730
833
891

7,209
9,445
9,947
11,942
11,716
13.342
12,981

6,841
17,376
9,499
23,526
10,647
22.454
2,799 | 5,272

4,779
4,644
4,748
4,978
5,438
5.432
5,779

317
494
449
545
357
545
352

1,039
1,223
1,114
1,251
1,388
1.137
1,433

20,185
33,184
25,757
42,242
29,546
42,910
28,614

1,411
1,709
1,646
1.922
1,891
2.195
1,723

311
1,796
302
2,000
451
2,700
437

18,464
29,679
23,809
38,320
27,204
38,014
26,454

6,858
9,043
9,798
11,515
11,574
13,176
12,986

1,881
8,027
2,335
9,210
2,770
8,834
2,567

4,971
9,416
7,149
14,318
7,821
13,773
5,422

303
427
374
459
390
502
422

3,544
2,102
1,170
3,399
2,138
1,252
3,500
1,837
1,138
3,416
1,838
904
P3,744

1,479
8,551
1,837
490
6,986
474
651
79
326
1,689
1,636
159
385
89
336
309 1 ,938
2,122
490
1,118
469

856
993
880
922
939
937
955
981
1,019
968
919
749

271
66
14
109
54
19
106
55
16
107
48
21
274

150 6,300
158 11,870
144 4,044
220 5,140
206 10,323
286 3,619
187 5,153
203 6,402
176 2,894
229 5,144
351
5,403
332 4,619
n.a.
n.a.

486
425
232
516
420
206
519
299
160
388
151
84
n.a.

336 5,479
944 10,502
963 2,849
244 4,380
159 9,744
105 3,308
65 4,568
63 6,041
75 2,659
60 4,695
69 1 5,183
64 4,471
n.a.
306

4,990
328
1,667
4,520
527
1,792
4,434
313
1,934
4,398
115
n.a.
n.a.

839
2,698
855
151
1,437
324
91
1,631
79
77
364
n.a.
n.a.

404
6,171
654
359
5,683
651
326
1,767
478
318
1,882
n.a.
n.a.

65
154
84
62
60
83
60
64
96
56
63
n.a.
n.a.

Trust and other accounts

Treasury receipts—Continued
Internal revenue collections—cont.
(on basis of Internal Revenue Service)
Period

Excise and miscellaneous taxes

Total 4

Total
Cal. yr.—1950
1951
1952
1953
Fiscal yr.—1950
1951
1952
1953
Semiannual totals:
1950—July-Dec...
1951—Jan.-June. .
July-Dec.. .
1952—Jan.-June..
July-Dec . .
1953—Jan.-June. .
July-Dec...
Monthly:
1953—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1954—Jan

Individual income and oldage insurance
taxes
Withheld

Net
budget
receipts

Liquor

Tobacco

Manufacturers'
and retailers'
excise

8,150
8,682
9,558
9,714
7,599
8,704
8,971
9,946

2,419
2,460
2.727
2,819
2,219
2,547
2,549
2,781

1,348
1,446
1,662
1,614
1,328
1,380
1,565
1,655

2,519
2,790
3,054
3,262
2,245
2,841
2,824
3,359

1,864
1,987
2,115
2,020
1,806
1,936
2,032
2,152

4,462
4,241
4,440
4,531
5,027
4.919
4,795

1,391
1,156
1,304
1,245
1,482
1,299
1,521

683
697
748
817
845
810
804

,394
,446
,343
,481
,573
,786
,476

760
782
825
848
851
854
895
793
3472
608
1,442
587
n.a.

188
186
229
230
229
237
244
225
266
294
276
216
n.a.

136
133
144
133
129
136
125
145
140
147
126
120
n.a.

283
308
276
292
320
307
312
267
4
74
773
46
n.a.

Social security,
retirement, and
insurance accounts

Other accounts 5

Investments 6

Other*

Receipts

Investments

Expenditures

-38
759
40
82
121
295
219
462

6,543
7,906
8.315
8,123
6,266
7,251
8,210
8,531

56
3,155
3.504
2,387
-402
3,360
3,361
3,059

6,214
4,507
4.942
5,811
6,484
3,752
4,885
5,257

-22
271

196
275
242

-333
786
508
310
-62
353
530
489

994
942
1,045
988
1,127
1,025
995

-173
468
291
-72
121
341
-259

3,312
3,939
3,967
4,242
4,073
4.458
3,665

1,557
1,803
1,352
2,009
1,495
1,564
823

1,644
2,108
2,398
2,486
2,456
2.802
3,009

-22
219
52
223
106
136
17

-307
660
126
404
105
385
-74

154
155
176
193
173
174
213
156
61
94
267
204
n.a.

-140
404
-209
-157
377
65
-260
299
-40
-149
-37
-72
-144

248
869
596
405
1,020
1,319
405
1,070
449
328
817
597
207

-103
223
61
128
412
843
90
409
16
-80
199
188
-334

447
449
488
478
463
476
470
462
506
537
502
533
581

233
-54
38
-17
42
-107
-29
-14
55
4
40
-39
288

188
154
-217
27
274
-42
-134
86
87
-16
-113
14
184

Other

153

!
2
P Preliminary, 3 n.a. Not available.
Not adjusted for Treasury's revised treatment of carriers' taxes.
On basis of revised Treasury
daily 5statement.
Reporting of some excises changed to quarterly basis.
* Excess of receipts, or expenditures ( —).
Consists of miscellaneous trust funds and accounts and deposit fund accounts. The latter reflect principally net transactions of quasi Government corporations, European Payments Union deposit fund, and suspense accounts of Defense and other Government departments. Investments
of wholly owned Government corporations are included as specified in footnote 6, but their operating transactions are included in Budget expenditures.
6
Consists of net investments in public debt securities of quasi Government corporations and agencies and other trust funds beginning with
July 1950, which prior to that date are not separable from the next column; and, in addition, of net investments of wholly owned Government
corporations and agencies beginning with November 1950, which prior to that date are included with Budget expenditures (for exceptions see
footnote 1 on previous page).

MARCH

1954




281

TREASURY GASH INCOME, OUTGO, AND BORROWING
DERIVATION OF CASH RECEIPTS FROM AND PAYMENTS TO THE PUBLIC
[On basis of daily statements of United States Treasury and Treasury Bulletin. In millions of dollars]
Cash operating income, other than debt
Plus: Trust
acct. receipts

Net Budget
receipts

Period

Total

Less:
Non-

Equals:
Cash
operating
income

120
256
138
210

7,001
8,582
8,707
8,596
6,669
7,796
8,807
8,932

2,211
2,508
2,649
2,347
2,623
2,244
2,705
2,595

42,451
59,338
71,396
70,440
40,970
53,439
68,093
71,344

38,255
56,846
71,366
73,626
40,167
44,633
66,145
74,607

436
477
710
694

2,307
2,625
2,807
2,585
2,754
2,360
2,837
2,774

91
164
58
77
107
104
171

3,562
4,234
4,349
4,458
4,248
4,683
3,913

1,033
1,210
1,298
1,406
1,243
1,351
996

20,900
32,537
26,799
41,293
30,104
41,241
29,199

19,063
25,570
31,276
34,869
36,497
38,110
35,515

281
196
371
338
396
298
277

1.075
1,279
1,346
1,488
1,319
1,456
1,129

3
2

920
649

128
106
75

6,267
11,042
3,214
5,294
10,185
3,615
5,526
6,373
2,950
5,396
5,339
4,602
6,530

5,595
6,187
6,362
6,241
7,988
6,068
6,042
6,119
5,477
5,423
6,387
7
5,O71
n.a.

38
21

Total
net
receipts
Cal. yr.— 1950
1951
1952
1953 . . .
Fiscal yr.—1950
1951
1952....
1953....
Semiannual totals:
1950— iilv-Dpr
1951— an.-June..
uly-Dec...
1952—' an.-June..
uly-Dec.. .
1953—] an.-June..
uly-Dec...
Monthly:' 7
1953—1 eb.
1
Vfar
Apr
May
June
July
Aug
Sept
Got
1
F>pr..
L
1954—Jan
Feb.s

Less:
Noncash 1

37,834
53,488
65,523
64,469
37,045
48,143
62,129
65,218

171
222

18,464
29,679
23,809
38,320
27,204
38,014
26,454
5,479
10,502
2,849
4,380
9,744
3,308
4,568
6,041
2,659
4,695
5,183
7
4,471
n.a.

Cash operating outgo, other than debt
Budget expenditures

184
275

3
4
49
31
3
43
10

443

1,047
1,338
429

1,158
482
378

129
848
91
196
107
78

Total

Less: Noncash
Accru- Intraals to Govt.
publics trans.4
503
567
734
575

Equals:
Cash
operating
outgo

operating income
or
outgo

6,923
4,397
4,825
5,974
6,881
3,945
4,952
5,169

482
1,304
— 1,583
—6,090
-2,185
7,635
137
-5,217

2,201
1,744
2,653
2,298
2,527
2,642
3,332

129

40
47
70
108
27
21

Net

Plus: Tr. acct.
Plus:
expenditures Exch.
Stabi- Clearliza- ing acLess:
tion
Total Noncount
cash » Fund e

107
82
131
907
120
194
108
91

346
758

488
217
537
629
464
451
604

65
90

-262
—26

-87
106

28
34

38
—82

319
209

13
138
5
31

-207
-13
9
-28

-483
214
401
312

41,969
58,034
72,980
76,529
43,155
45,804
67,956
76,561

55
82
8
-4
32
-2
36

-13
-13
22
16
-44
-38

254
-40
146
255
64
248
-40

20,105
25,700
32,334
35,622
37,357
39,203
37,326

796
6,839
-5,534
5,671
-7,254
2,038
-8,128

2
1

-19
19

2
135
—289

5,754
6,970
6,443
6,662
7,932
6,001
6,720
6,294
5,759
6,258
6,294
4,749
5,302

513
4,072
—3,229
-1,368
2,253
—2,386
— 1,193

—3
1
—11
2
5
41
-3

—44
11
11

428
373

—466
430

— 117
—235
376
-29
-559
156

78

-2,809
4
839
133
-862
133
636
3
391
80
627
-12
-956
549
—60
483
797
51
237
755
-147
427
-12
8
n.a.
n.a.
1,228
n.a.
n.a.
n.a.
n.a.
x
n.a. Not available.
Represents principally interest paid to Treasury by Government agencies and repayment of capital stock and paid-in
2
surplus by quasi Government corporations.
Represents principally interest on investments in U. S. Government securities, payroll deductions for Government employees' retirement accounts, and transfers shown as Budget expenditures.
3 Represents principally excess of interest accruals over payments on savings bonds and Budgetary expenditures involving issuance of Federal
securities; the latter include mostly armed forces leave bonds and notes issued to the International Bank and Monetary Fund, which are treated
as noncash expenditures at the time of issuance and cash expenditures at the time of redemption.
Represents principally noncash items shown under trust account receipts (described in footnote 2); also includes small adjustments for
noncash interest reflected in noncash Budget receipts (see footnote 1) and in noncash trust account expenditures ("see footnote 5).
Represents principally repayments of capital stock and paid-in surplus by6 quasi Government corporations, as well as interest receipts by
such corporations on their investments in the public debt (negative entry).
Cash transactions between Intl. Monetary Fund and Exchange
7
Stabilization Fund. (See footnote 3.)
Not adjusted for Treasury's revised treatment of carrier's taxes.
8
On basis'of revised Treasury daily statement.
—1
40
82
72
16

DERIVATION OF CASH BORROWING FROM OR REPAYMENT OF BORROWING TO THE PUBLIC

Period

Cal. yr.—1950
1951
1952
1953
Fiscal yr.—1950....
1951
1952....
1953....
Semiannual totals:
1950—July-Dec..
1951—Jan.-June.
July-Dec..
1952—J an.-June.
July-Dec..
1953—Jan.-June.
July-Dec..
Monthly:
1953—Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1954—Jan
Feb.?

Equals:
In
Plus: Cash
Details of net cash borrowing from or
Less: Noncash debt transactions
Net cash repayment (—) of borrowing to the public2
crease,
issuance of
borrowor desecurities of
1
inv.
Accruals to public
ing, or
crease Federal agencies NetFed.
in
Postal
Direct Savings
repayt.
( - ) , in
sec. by
Non- Govt. agen. Int. on sav. Payts. in ( - ) of mktable. bonds Savings Sav. Sys. Other*
gross
Guarspecial
& conv. (issue
notes
borrow- issues3
bonds and form of
guardir. pub. anteed
price)
issues
ing
anteed & tr. funds Treas. bills Fed. sec.
debt
-423
2,711
7,973
7,777
4,587
-2,135
3,883
6,966

-6
18
12
22
-8
10
16
7

355
37
-102
-3
-14
374
-88
-32

94
3,418
3,833
2,540
-308
3,557
3,636
3,301

602
718
770
591
574
638
779
719

163
-125
-74
68
-149
-79
3

-929
-1,242
3,353
4,601
4,231
-5,795
-525
2,918

-650
-1,486
4,197
-313
8,286
-1,320
9,097

4
5
13
3
8
-2
24

388
-13
51
-139
37
-69
66

1,544
2,014
1,404
2,232
1,601
1,700
840

337
301
417
361
409
308
283

-56
-92
-33
-45
-29
34
32

-2,081
-3,714
2,472
-2,998
6,351
-3,433
8,034

182
-3,099
105
1,930
-449
6,598
536
-269
449
1,822
-40
-320
-67

2
1
1

-134
11
-51
38
33
15
1
75
-72
108
-61
-27
-126

170
100
112
453
735
61
395
71
-76
240
150
-46
77

40
23
42
48
71
•109
«28
22

17
-21
—2
43
-1
-1
-12
— 12
-1
—1
59
11
-1

-178
-3,188
-97
1,425
-1,222
6,456
127
—274
457
1,659
-391
-386
-284

11

2
—1
2

41
83
73
17

66

-2,649
751
1,999 -1,191
5,778
-406
64,829 • - 3 4 4
211
728
-467
-3,943
1,639 8 -717
«5,294
-103
-2,761
-1,184
3,183
-1,544
7,322
6
-2 t 028
6,857

292
-758
-432
-285
-121
«18
-362

-81
93
-2,503
58
47
1
«1,571 8-147
-862
-98
6,333 «-122
-72
e-51
-931
-90
-51
-36
1,647
-22
-70
-41
-178
—92
-74
18

1,021
-1,099
-1,784
248

3,601
-657
-1,209
-2,164

-250
-997
-113
-162
-150
-1,093
-155
—100

198
46

-122
30
-158
365
-82

-9

-170
-923
-74
-81
-32
-68
-94

371
-5
51
-134
11
-20
50

-768

-13
-4

-139
29

—341

-32
-11

187

-845
-255
-955
-829
-1,335
1,583
-38
—83
-6
252
271
662
618
-53

-167
-73
-71

-62

-17
-16
-7
-36
-18
-12
-37

39
90
-7
-4
101
-67
123
-95
-31
-12o

1
Differs from "accruals to the public" shown in preceding table, principally because
2
Includes redemptions of tax anticipation bills and savings notes used in payment
8

adjustments to Exchange Stabilization Fund are included.
of taxes.
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.
4
Includes cash issuance in the market of obligations of Government corporations and agencies and some miscellaneous debt items.
5
6
Excludes exchanges of savings bonds into marketable bonds.
See footnote 2 at bottom of following page.
7
On basis of revised Treasury daily statement.

282




FEDERAL RESERVE BULLETIN

TREASURY CASH INCOME, OUTGO, AND BORROWING—Continued
DETAILS OF TREASURY CASH RECEIPTS FROM AND PAYMENTS TO THE PUBLIC
[Classifications derived by Federal Reserve from Treasury data. In millions of dollars]
Cash operating income
Period
Total
Cal. yr.—1950
1951
1952
1953 . . . .
Fiscal yr —1950
1951
1952
1953... .
Semiannual totals:
1950—July-Dec
1951—Jan.-June
July-Dec
1952—Jan.-June
July-Dec
1953—Jan.-June
July-Dec
Monthly:
1953—Feb.
Mar
Apr.
May

June

July
Aug
Sept
Oct
Nov.
Dec
1954—Tan
Feb. 8

Direct
Direct
taxes on taxes on
individ- corpor1
uals
ations 1

Cashi operating outgo

Excise
and
misc.
taxes

Social
ins. receipts 2

Other
cash
income 3

Deduct:
Refunds
of receipts

Total

Major
Social
VetInternatl. sec. est on erans security Other
pro- 4 debt 5
propro- 6
grams
grams grams 7

42,451
59,338
71,396
70,440
40,970
53,439
68,093
71,344

19,191
27,149
32,728
34,807
18,115
24,095
30,713
33,370

9,937 8,113
16,565 8,591
22,140 9,567
19,045 10,288
10,854 7,597
14,388 8,693
21,467 8,893
21,595 9.978

5,121
6,362
6,589
6,693
4,438
5,839
6,521
6,858

2,245
2,769
2,823
2,744
2,126
2,531
2,801
2.694

2,156
2,098
2,451
3,137
2,160
2,107
2,302
3,151

41,969
58,034
72,980
76,529
43,155
45,804
67,956
76,561

18,347
37,279
51,195
'52,753
17,879
26,038
46,396
52,843

4,072
4,137
4,230
4,589
4,264
4,052
4,059
4,658

8,864
6,121
5,209
4,885
9 146
5,980
5,826
4,920

4,400
4,915
5,617
6,648
4,740
4,458
5,206
6,124

6,286
5,582
6,729
C
7,654
7,126
5,276
6,469
8,016

20,900
32,537
26,799
41,293
30,104
41,241
29,199

7,971
16,124
11,025
19,687
13,041
20,329
14,478

4,971
9,416
7,149
14,318
7,821
13,773
5,272

4,476
4,217
4,374
4,519
5,048
4,931
5,357

2,611
3,228
3,135
3,386
3,202
3,656
3,037

1,182
1,348
1,418
1,383
1,443
1,252
1,492

311
1,796
302
2,000
451
2,700
437

20,105
25,700
32,334
35,622
37,357
39,203
37,326

9,905
16,133
21,146
25,250
25,944
26,898
'25,854

1,997
2,058
2,079
1,984
2,246
2,413
2,176

2,977
3,003
3,117
2,709
2,500
2,420
2,465

2,007
2,450
2,465
2,741
2,876
3,247
3,401

3,219
2,056
3,527
2,938
3,791
4,225
c
3,430

6,267
11,042
3,214
5,294
10,185
3,615
5,526
6,373
2,950
5,396
5,339
4,602
6,530

4,198
4,211
2,204
3,076
3,081
1,603
3,119
3,292
1,233
3,172
2,059
P3.012
4,355

404
6,171

791

1,013

197

336

438

944
963
244
159
105
65
63
75
60
69
64
306

506

207
180
243
173
278
260
192
218
245
299
322

4,151
4,691
4,583
4,438
4,817
4,647
4,184
4,404
4,268
4,034
C
4,318
P3.670
n.a.

390

557
344

5,754
6,970
6,443
6,662
7,932
6,001
6,720
6,294
5,759
6,258
6,294
4,749
5,302

269

840
795
860
879
854
894
917
923
912
856

526
297
127

418
408
406
401
428
386
378
456
393
423

436
658
529
543
586
522
509
625
572
586
697

654
359

5,683
651
326

1,636
385
336

1,938
490
469

P672
741

1,000
528
333
991
399
266
791
256

P170
Pl.090

P181

1,045
128
178
525
322
122
901
170
352

P393

n.a.

411

899
497

1,162
1,126
212

1,450

478
88

1,137

*66

p-181
n.a.

pPreliminary.
"Corrected.
n.a. Not available.
1
Income taxes include current and back taxes; individual taxes also include estate and gift taxes and, prior to July 1953, adjustment to
Treasury daily statement. Income taxes through June 1953 are from internal revenue service reports, thereafter from Treasury daily statement.
2
Includes taxes for old-age and unemployment insurance, carriers taxes, and veterans life insurance premiums.
8
4
Represents mostly nontax receipts.
Represents Budget expenditures adjusted for net redemptions of armed forces leave bonds
and special International Bank and Monetary Fund notes.
Represents Budget expenditures less the excess of interest accruals over payments on savings bonds and Treasury bills and less interest
paid 6 the Treasury to (1) trust funds and accounts and (2) Government corporations not wholly owned.
by
Represents Budget outlays plus payments to the public from veterans life insurance funds and redemptions of adjusted service bonds.
7
Represents Budget outlays plus benefit payments and administrative expenses of trust funds for old-age and unemployment insurance, and
8
Government employees and Railroad retirement funds.
On basis of revised Treasury daily statement.
UNITED STATES SAVINGS BONDS AND NOTES—SALES, REDEMPTIONS, AND AMOUNT OUTSTANDING
[In millions of dollars]
Savings bonds
Series A-E and H

All series

Year or
month
Sales

Redemp- Outstandtions and ing (end of
maturities
period)

Sales

Redemp- Outstandtions and ing (end of
period)
maturities

Series F, G, J and K
Sales

13,729
16,044
12,937
7,427
6,694
7,295
5,833
6,074
3,961
4,161
4,800

1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953

1,576
3,321
5,503
6,278
4,915
4,858
4,751
5,343
5,093
4,530
5,661

27,363
40,361
48,183
49,776
52,053
55,051
56,707
58,019
57,587
57,940
57,710

10,344
12,380
9,822
4,466
4,085
4,224
4,208
3,668
3,190
3,575
4,368

1,452
3,063
5,135
5,667
4,207
4,029
3,948
4,455
4,022
3,622
3,625

19,573
29,153
34,204
33,410
33,739
34,438
35,206
34,930
34,728
35,324
36,663

3,385
3,664
3,115
2,962
2,609
3,071
1,626
2,406

504
414
440
383
371
370
402
371
368
384
369
423
561

390
319
380
380

58,134
58,268
58,371
58,413
57,920
57,886
57,871
57,851
57,795
57,775
57,806
357,710
57,736

441
362
397
351
340
340
370
346
343
357
339
381
485

320
251
308
318
300
308

35,511
35,657
35,784
35,852
35,939
36,048
36,168
36,264
36,311
36,391
36,509
36,663
36,887

64
52
43
31
31
30
33
25
25
27
29
42
77

1953—Jan. . .
Feb...
Mar...
Apr...
May..

June..
July..

Aug...
Sept...
Oct.. .
Nov. .
Dec. ..
1954—Jan. . .

1906
1485
2524
421
457
419
390

3590
652

2343
280
331
289
270
309

P330

770
586
432

Redemp- Outstandtions and ing (end of
period)
maturities
124
258
368
611
708
829
803
888

1,071
908

2,035
70
68
72
62

1606
1178

••182
141
125
129
120
3281
P322

Tax ana saving 3 notes
Sales

Redemp- Outstandtions and ing (end of
period)
maturities

7,790
11,208
13,979
16,366
18,314
20,613
21,501
23,089
22,859
22,616
21,047

8,055
8,533
5,504
2,789
2,925
3,032
5,971
3,613
5,823
3,726
5,730

5,853
7,276
7,111
5,300
3,266
3,843
2,934
2,583
6,929
5,491
5,475

8,586
9,843
8,235
5,725
5,384
4,572
7,610
8,640
7,534
5,770
6,026

22,623
22,611
22,587
22,561
21,981
21,837
21,703
21,587
21,484
21,385
21,297
321,047
20,848

107
80
63
109

200
114
826
190

1,714
1,068

1,719
1,408

5,676
5,642
4,879
4,798
4,793
4,453
4,706
4,977
5,639
6,258
6,204
6,026
5,956

472
479
952
687
2

219
208
290
68
55
178
70

r

p Preliminary.
Revised.
1
Figures for May include 390 million dollars and those for June include 18 million of reported exchanges of F and G bonds maturing in 1953,
for marketable bonds of June 1978-83. An additional 8 million dollars of exchanges represented accrued discount of F bonds and is not included
above.
2
Due to a change in Treasury processing, a large amount of redemptions of E bonds in July was not broken down as to issue price and accrued
discount. Hence, the redemptions figure shown includes some accrued discount. This situation is being reversed in subsequent months.
3
Figures include as maturities 126 million dollars of unredeemed Series 1953 F and G bonds. In accordance with Treasury practice all unredeemed bonds of this series were carried as outstanding interest-bearing debt until the entire series matured.
NOTE.—Sales, redemptions, and maturities of bonds are shown at issue price; amount outstanding at current redemption value. Maturities
of notes and 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.
MARCH

1954




283

UNITED STATES GOVERNMENT DEBT—VOLUME AND KIND OF SECURITIES
[On basis of daily statments of United States Treasury. In millions of dollars]
Public issues«
Total
gross
debt1

Total
gross
direct
debt 2

1940—Dec
1941—Dec
1942—Dec
1943—Dec
1944—Dec
1945—Dec
1946—Dec
1947—Dec
1948—June
Dec
1949—June
Dec
1950—June
Dec
1951—June
Dec.
1952—June
Dec. . . .

5 0 , 94?
64 76?
112, 471
170 108
232, 144
278 68?
259 487
256, 981
252 366
252 8S4

4 5 , 0?S
5 7 , 938
108, 170
165, 877
230 630
278, 11S
259 149
256 900

255 251
259 461
259 1S1

255
259 419
259 10S

3 9 , 089
5 0 , 469
9 8 , ?76
151, 80S
212, S6S
255, 693
233 064
225, ?S0
219, 8S?
218, 86 S
217, 986
221
222 853
220 S7S
218 198
221 168
219
226 143

3 5 , 64 S
4 1 , S6?
7 6 , 488
115 ?30
161 648
198 778
176 613
165 7S8
160 346
157 48?
155 147
155
155 310
152 4S0
137 917
142 68S
140 407
148 581

1953_Feb
Mar. .
Apr

267 634 267 S84 226 187
264 S36 264 48 S 223 0?S

148 445
145 988
146 133
148 3?4
147 33S
1S3 757
153 694
152 804
152 977
154 776
154 ,631
154 ,631
154 ,500

End of
month

May

June
July
Aug..
Sept

....

Oct

Nov.
Dec
1954—Tan
Feb

252,

252 800

252 798 252 770
257 160 257 130
257 377 257 357
256, 708
256
267 445 267 391

264
266
266
272
273
273
273
275

64?
S7?
73?
?69
001
4S?

275 ,244
274 ,924
274 ,859

264
266
266
272
273
272
273
275

Nonmarketable

Marketable

Total

S90

223
S ? 0 224
071 223
669 230
?06 230
937 229
386 230
232
275 ,168 231
274 ,849 231
274 ,782 231

077
73S
408
009
78S
403
11
,684
,623
,466

Total

Bills

Certificates of Notes
indebtedness

1 310
00?
6
13,
16
17
17
IS
13
1?

11
1?
13
13

6? 7 10
07?
4?8
037
033
136
7S7

30
38
?9
22
?6

536 29
319 ?9
533 18
6? 7 s

9
13 614
18 10? ?9
17
?8
21 713 16

<> 178
•
s ,997
9 863
S34
843 11 ,175
401 ?3 039
1 SS
,967
987 10 090
11 37 S
S88 11 37S
S7S
7 131
427
3 ,596
636
8 ?49
418 20 ,404
373 39 7S8
S09 3S 806
078 18 ,409
4? 3 18 963
712 30 ,266

710 1S 9S8 30
19
19
19
19
70
?0
19
19
19

31?
913
707
707
708
S08
S09
S09

IS
IS
IS
1S
21
?6
76

19 ,511 26
19 ,512 26
19 ,510 25

9S9
9S9
9S9
8S4
7S6
6SS
369
38S
386
,386
,386
,278

30 ,3?7
30 37S
30 ,411
30 47S
30 4SS
30 49?
33 S78
33 736
33 ?49
31 ,406
31 ,419
26 ,866

Bonds
Bank
restricted

Bank
eligible*
?8
33
44
SS
66
68
69
68
6?
61
60
SS
53
44
4?
41
48
58

1S6
S63
S19
S91
931
403
866
391
990
966

4 94 S
1? ,sso
?4 8S0
S? ,216
49 ,636
49 636
49 ,636
49 636

951
?83
319
SS7

49 ,636
49 ,636
49 ,636
49 ,636

978
049
343

874

36 061
36 ,048
?7 ,460
21 ,016

59 483
017
59 48? 21 ,009
63 ?38 17 ,?49
64 79S 17 ,248
64 104 17 74S
64 096 17 743
64 099 17 740
S9 944 13 406
S9 94? 13 ,404
6? 181 13 40?
63 ,927 13 ,400
63 ,916 13 ,398
74 ,171
8 ,675

ConvertSavible
ings
bonds Total* bonds

Tax
and
savings
notes

3 444
3 19S
6 ,140
8 ,907
788 i s ,0S0
36 ,574 ?7 363
SO 917 40 ,361
S6 ,915 48 ,183
S6 ,4S1 49 ,776
S9 49? S? 0S3
59 ,506 S3 ,774
61 383 SS ,0S1
62 ,839 56 ,260
66 ,000 S6 ,707
67 ,544 57 ,536
68 ,125 S8 ,019
13 S73 66 708 S7 ,S7?
060 66 ,423 S7 ,S87
13 09 S 6S ,622 S7 ,68S
12 500 65 ,062 57 ,940

471
384
S86
843
?3S
7?S
384
394
S7?
860
610
472
640
818
S34
61?
770

5 370
98?
9 03?
1? 703
16 3?6
?o 000
?4 S8S
?8 9SS
30
31 714
32 776
33 896
32 356
33 707
34 6S3
3S 90?
37 739
39 150

64?
879
798
793
4S3
706
977
639
s ,?S8
,?04
6 ,026
5 ,956
5 ,887

39 30?
39 3S4
39 474
39 710
40 S3*
40 S94
4 0 988
40 9S8
40 888
41 013
41 ,197
41 ,009
41 ,070

2
6
8
9
8

s
s

4
4
4
7
8
8
7
7
6
5

1? 484 65 ?S8 58 ,?68
1? 438 64 ,599 S8 ,371
1? 391 64 ,SS3 S8 ,413
1? 3SS 64 ,056 S7 ,920
1? 340 63 ,733 S7 ,886
1? 310 63 94? S7 871
1? ?73 64 ,190 S7 ,8S1
1? 168 64 814 S7 79 S
1? 0?S 6S ,402 S7 ,77S
1? ,01? 6S ,377 S7 ,806
11 ,989 65 ,065 57 ,710
11 ,976 65 ,017 57 ,736
11 ,957 65 ,009 57 ,797

Spe cia
issi

5
4
4
4
4
4
4

includes some debt not subject to statutory debt limitation (such debt amounted to 559 million dollars on Feb. 28, 1954) and fully guar2
anteed securities, not shown separately.
Includes noninterest-bearing debt, not shown separately.
3
Includes amounts held by Government agencies and trust funds, which aggregated 7,245 million dollars on Jan. 31, 1954.
4
Includes Treasury bonds and minor amounts of Panama Canal and Postal Savings bonds.
s
Includes Series A investment bonds, depositary bonds, armed forces leave bonds, and adjusted service bonds, not shown separately.
OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED
[Par value in millions of dollars]
Held by
U. S. Government
agencies and
trust fundsx
(includTotal
gross
debt

End of month

anteed
securities)
1940—Dec
1941—Dec
1942—Dec
1943—Dec
1944—Dec.
1945—Dec
1946—Dec
1947—Dec
1948—June
Dec
1949—j u n e
Dec.
1950—June
Dec
1951—June
Dec
1952—June
Dec
1953—Jan
Feb

Mar
Apr
May

June
July
Aug
Sept
Oct.
Nov
Dec
1

2

Special
issues

Public
issues

50 942
64,262
112,471
170,108
. . . 232,144
278,682
259,487
256,981
252,366
252,854
252,798
257,160
257,377
256,731
255,251
259,461
259,151
267,445

s ,370
6 ,982
9 ,032
1? ,703
16 ,326
? 0 ,000
24 ,585
?8 ,955
30 ,211
31 ,714
32 ,776
33 ,896
32 ,356
33 ,707
34 ,653
35 ,902
37 ,739
39 ,150

?

267,450
267,634
264,536
264,642
266,572
266,123
272,732
273,269
273,001
273,452
275,282
275,244

39 ,097
39 ,302
39 ,354
39 ,474
39 ,710
40 ,538
40 ,594
40 ,988
40 ,958
40 ,888
41 ,013
41 ,197

6 89.S
6 ,869
6 ,908
6 ,866
7 ,057
7 ,022
7 ,007
6 ,986
7 ,076
7 ,078
7 ,156
7 ,116

,260
2 ,558
3 ,218
4 ,242
S ,348
7 ,048
6 ,338
S ,404
5 ,549
5 ,614
5 ,512
S ,464
5 ,474
5 ,490
6 ,305
6 ,379
6 ,596
6 ,743

]Held

by the public

Inaur-

Federal ComReserve mercial
Banks banks3

Mutual
savings
banks

companies

Other
corporations

,184
2 ,254
6 ,189
11 ,543
18 ,846
?4 ,262
23 ,350
?? ,559
21 ,366
23 ,333
19 ,343
18 ,885
18 ,331
20 ,778
22 ,982
23 ,801
22 ,906
24 ,697

17 ,300
21 ,400
41 ,100
59 ,900
77 ,700
90 ,800
74 ,500
68 ,700
64 ,600
62 ,500
63 ,000
66 ,800
65 ,600
61 ,800
58 ,400
61 ,600
61 ,100
63 ,400

3 ,200
3 ,700
4 ,500
6 ,100
8 ,300
10 ,700
11 ,800
1? ,000
12 ,000
11 ,500
11 ,600
11 ,400
11 ,600
10 ,900
10 ,200
9 ,800
9 ,600
9 ,500

6
8
11
15
19
?4
24
7.3
22
21
20
?0
19
18
17
16
15
16

900
200
300
100
600
000
900
900
800
200
500
100
800
700
100
500
700
100

? ,000
4 ,000
10 ,100
16 ,400
?1 ,400
? ? ,000
15 ,300
14 ,100
13 ,600
14 ,800
15 ,600
16 ,800
18 ,800
20 ,500
20 ,800
21 ,300
19 ,700
21 ,000

??1 ,458 73 ,944
??1 463 ?3 ,875
218 ,274 23 ,806
218 30? ?3 ,880
219 ,805 24 ,246
218 ,563 24 ,746
225 ,131 24 ,964
??S ?9S ?S ,063
224 ,967 25 ,235
??s 486 ?S ,348
227 ,113 25 ,095
226 ,931 25 ,916

6? ,800
61 ,900
59 ,500
S9 ,100
58 ,600
58 ,800
63 ,500
6? ,700
62 ,500
6? ,700
63 ,800
63 ,600

9 ,500
9 ,600
9 ,600
9 ,500
9 ,600
9 ,500
9 ,500
9 ,500
9 ,500
9 ,300
9 ,300
9 ,200

16 700
16 ,200
16 ,000
16 ,000
16 ,000
16 ,000
16 ,000
16 ,000
15 ,900
1S ,900
15 ,900
15 ,800

71 ,400
71 ,800
20 ,700
?0 ,500
21 ,500
19 ,400
20 ,700
?1 ,400
21 ,100
71 ,300
21 ,800
21 ,100

Total

43 31?

54 ,722
100 ??1
1S3 163
?10 470
?S1 634

228 ,564
??? 6??
216 ,606
215 ,526
214 ,510
?17 800
219 ,547
217 ,533
214 ,293
217 ,180
214 ,816
221 ,552

?

State
and
local
governments
500

700

1 000
7 100
4 300
6 500

6
7
7
7
8
8
8
8
9
9
10
11

300
300
800
900
000
100
700
800
400
600
400
100

11 200
11 300

11 ,400
11 ,500
11 ,900
12 ,000
12 ,200
1? ,200
12 ,200
1? ,200
12 ,300
12 ,400

Individuals

Miscel-

Savings Other
bonds securities

investors3

5 ,400
13 ,400
74 ,700
36 ,200
4? ,900
44 ,200
46 ,200
47 ,100
47 ,800
48 ,800
49 ,300
49 ,900
49 ,600
49 ,100
49 ,100
49 ,000
49 ,200

7 ,800
8 ,200
10 ,300
1? ,900
17 ,100
?1 ,400
20 ,100
19 ,400
18 ,600
17 ,600
18 ,000
17 ,000
17 ,200
15 ,900
15 ,600
15 ,000
14 ,800
14 ,900

8 ,100
8 ,400
8 ,700
8 ,900
9 ,600
9 ,400
9 ,700
10 ,500
10 ,700
10 ,600
11 ,600
11 ,700

49 ,300
49 ,400
49 ,500
49 ,600
49 ,300
49 ,300
49 ,300
49 ,300
49 ,300
49 ,200
49 ,300
49 ,300

14 ,800
1S
,000
15 ,200
1S ,200
15 ,900
16 ,100
15 ,800
1S ,600
15 ,800
1S ,700
15 ,800
15 ,800

1? ,300
1? ,500
12 ,500
13 000
12 ,800
12 ,800
13 ,300
13 ,500
13 ,400
13 ,700
13 ,900
13 ,600

? 800

700

900

? 300
4 ,400
7 ,000
9 ,100

Includes the Postal Savings System.

Includes holdings by banks in territories and insular possessions, which amounted to 300 million dollars on June 30, 1953.
•Includes savings and loan associations, dealers and brokers, foreign accounts, corporate pension funds, and nonprofit institutions.
NOTE.—Holdings of Federal Reserve Banks and U. S. Government agencies and trust funds are reported figures; holdings of other investor
groups are estimated by the Treasury Department.

284




FEDERAL RESERVE BULLETIN

UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES
Direct Public Issues Outstanding February 28, 1954
[On basis of daily statements of United States Treasury. In millions of dollars]
Issue and coupon rate

Amount

Treasury bills1
Mar.
Mar.
Mar.
Mar.

4, 1954. .
11, 1954. .
18, 1954. .
25, 1954. .

Apr.
Apr.
Apr.
Apr.
Apr.

1,1954..
8, 1954. .
15, 1954. .
22, 1954. .
29, 1954. .

M a y 6, 1954. .
M a y 13, 1954. .
M a y 20, 1954. .
M a y 27, 1954. .

Issue and coupon rate

Amount

Certificates
June 1,1954
Mar. 22, 1954 2
Aug. 15, 1954
Sept. 15, 1954
Feb. 15, 1955

2%
23^
2%
2%
\%

4,858
5,902
2,788
4,724
7,006

,502
,500 Treasury notes
,500
Mar. 15. 1954
,502
Dec. 15, 1954
,500
Mar. 15, 1955
Dec. 15, 1955
1,500
Apr. 1, 1956
1,501
Oct. 1, 1956
1,500
Mar. 15, 1957
1,501
Apr. 1, 1957
Oct. 1, 1957
Apr. 1,1958
Oct. 1, 1958

1H
\%
\y2
1%
\y2
\y2
2^
\y2
\y2
\y2
\y2

8,175
5,365
6,854
1,007
550
2,997
531
824
383
77

,500
,501
,501
,501

103

Issue and coupon rate
Treasury bonds
June 15, 19543. . .
June 15, 1954
June 15, 1954-55.
June 15, 1954*. . .
June 15, 1954-56«
Mar. 15, 1955-60 6
Mar. 15, 1956-58.
Sept. 15, 1956-59 6
Sept. 15, 1956-59.
Mar. 15, 1957-59.
June 15, 1958
June 15, 1958-636
Dec. 15, 1958
June 15, 1959-62.
Dec. 15, 1959-62.
Dec. 15, 1960-656
Sept. 15, 1961....
Nov. 15. 1961
June 15, 1962-67. .

1
Sold on discount basis. See table on Open Market Money Rates, p. 2 79.
5
SMaturity Dec. 15, 1955.
^Maturity Dec. 15, 1954.
p a r t j a ii y t a x exempt.

Amount

Issue and coupon rate

Amount

Treasury bonds—Cont.
510 Dec. 15, 1963-68. . . 2 H
1,903 June 15, 1964-69. . . 2 ^
392 Dec. 15, 1 9 6 4 - 6 9 . . . 2 V4
8,662 Mar. 15, 1965-70 «.
318 Mar. 15, 1966-71«.
2,611 June 15, 1967-72 «.
1,449 Sept. 15, 1967-72. . . 2
982 Dec. 15, 1967-72«.. 2
3,822 June 15, 1 9 7 8 - 8 3 . . . 3 }
927
4,245 Postal Savings
919 bonds
2H
2,368 Panama Canal Loan. .3
5,277
3,466
1,485
2,239 Convertible bonds
10,930 Investment Series B
2,116 Apr. 1, 1975-80. . .2%

2,827
3,754
3,831
4,719
2,961
1,890
2,716
3,824
1,606
46
50

11,957

2

Tax anticipation series.
SRestricted.

SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES •
Marketable and Convertible Direct Public Securities
[Par values in millions of dollars]

End of month

Type of security:
Total marketable
and convertible:
1951—June
Dec
1952—June
Dec.
1953—June
Nov
Dec
Treasury bills:
1951—June
Dec
1952-June
Dec
1953—June
Nov
Dec
Certificates:
1951—June
Dec
1952—June
Dec
1953—June
Nov
Dec
Treasury notes:
1951—June
Dec
1952—June
Dec
1953-June
Nov
Dec
Marketable bonds:i
1951—June
Dec
1952—June
Dec
1953—June

U.S.
Total Govt. Fed- Com- Muagen- eral
mer- tual
outsavRecies
stand- and serve cial ings
ing
trust Banks banks banks
funds

151,490
154,745
153,502
161,081
159,675

6,177
6,251
6,467
6,613
6,899

9,504
9,123
8,843
8,740
8,816

Other
Life

11,138
10,289
9,613
9,514
9,347

4,161
4,301
4,246
4,711
4,808

45,855
46,679
47,391
50,979
53,694

13,614
18,102
17,219
21,713
19,707

26
50
41
86
106

527 3,750
596 6,773
381 5,828

1,341 7,047
1,455 4,411

122
71
103
137
120

756
428
504
464
327

72
104
92
119
132

19,509
19,511

101
102

2,319 4,298
2,993 4,368

95
126

337
410

109 12,250
109 11,402

9,509
29,078
28,423
16,712
15,854

17 3,194 2,753
49 12,793 6,773
60 11,821 6,877
27 5,061 4,791
30 4,996 4,351

41
120
37
87

217
76
56
27

26,386
26,386

66
63

5,847 9,310
5,967 9,215

189
184

46
37

35,806
18,409
18,963
30,266
30,425

14 12,439 13,704
3 5,068 10,465
2 5,568 10,431
16 13,774 10,955
23 13,774 10,355

120
67
42
49
62

208
1
5
8
5

33,249
31,406
78,989
77,097
75,802
79,890
81,349

37

113

End of month

Other

166,738 7,029 25,095 56,002 8,609 9,174 4,916 55,913
166,619 6,989 25,916 55,933 8,524 9,120 4,905 55,233

174

445
378
317
310

8,360
10,080
10,268
12,518
13,155

3,221
8,761
9,692
6,424
6,052

461 10,467
445 10,475
478
315
327
486
529

8,841
2,489
2,587
4,978
5,678

657 6,530
147
73
20 13,274 12,548
605 5,814
52
130
8 13,289 11,510
3,215 4,108 31,298 7,974 7,139 3,125 22,129
3,243 4,130 30,119 7,697 6,720 3,120 22,068
2,928 4,422 30,710 7,221 5,855 3,087 21,580
3,046 4,522 32,849 7,165 5,807 3,429 23,072
3,300 4,522 32,066 7,232 5,855 3,484 24,890

75,582 3,403
77,327 3,377

Nov
Dec

22,982 51,671
23,801 54,302
22,906 54,038
24,697 55,828
24,746 51,365

Insurance
companies

3,656 29,675 6,902 5,768 3,360 22,818
3,667 30,671 6,820 5,686 3,418 23,688

Type of security:
Convertible bonds
(Investment
Series B):
1951—June
Dec
1952—June
Dec
1953—June
Nov
Dec
Marketable securities, maturing:
Within 1 year:
1951—June
Dec
1952—June
Dec
1953—June
Nov
Dec
1 5 years:
—
1951—June
Dec
1952—June
Dec
1953—June
Nov
Dec
5-10 years:
1951—June
Dec
1952—June
Dec
1953—June
Nov
Dec
After 10 years:
1951—June
Dec
1952—June
Dec
1953—June
Nov
Dec

U.S.
Insurance
Total Govt. Fed- Com- Mucompanies
agen- eral mer- tual
outRecies
Other
stand- and serve cial savings
ing
trust Banks banks banks Life Other
funds

2,714
1,214
714

1,252
1,246
1,356
1,352
1,314
171 1,276
168 1,264
166
172
191
185
182

13,573
12,060
13,095
12,500
12,340
12,012
11,989

2,905
2,905
3,437
3,438
3,439
3,439
3,439

42,789
48,204
45,642
56,953
64,589
66,437
73,235

55
112
101
133
163
187
175

12,592 10,234
13,437 14,081
12,202 12,705
14,749 16,996
15,505 19,580
15,864 20,509
16,972 25,062

45,033
44,401
44,945
37,713
32,330
35,637
29,367

77
45
46
31

5,235 29,272
6,688 27,991
7,188 27,858
7,146 22,381
6,452 18,344
6,442 20,284
6,155 16,056

8,914
8,914
15,122
22,834
18,677
20,913
20,292
41,181
41,168
34,698
31,081
31,739
31,739
31,736

152
149
192
194
152
387
546
422

2,921
2,923
3,172
3,179
3,133
2,951
2,935

312
318
362
360
353
329
328

3,304
3,281
3,864
3,987
3,919
3,847
3,854

201 1,077
451 18,180
576 19,167
182
648
223
470 19,360
581
733 23,547
263
532
476
390 1,082 27,393
394
913 28,184
387
475
468 1,061 29,023

613
419
370
259

218 1,035
132
992
63
996
48
910

464
462
431

109
914
161 1,114
123
980

31 6,790
86
34 6,881
73
693 7,740 1,357

131
202
118
201
497
765
885 1,348
745 1,104

489
418

1,387
1,374
1,374
1,374

11,058
8,772
10,488
10,051

1,775
1,395
1,406
1,315

2,947
3,036
2,496
2,464
2,723
2,764
2,765

2,410
2,428
2,109
1,415
1,415
1,415
1,415

5,210
5,177
5,544
5,207
4,488
4,550
4,595

7,353
7,202
5,537
5,091
5,167
5,078
5,039

738 1,217
725 1,198
6,791
6,470
5,301
4,870
4,969
4,931
4,868

2,161
2,213
1,652
1,361
1,356
1,343
1,339

8,583
8,133
8,424
6,938
5,895
7,024
5,430
1,480
1,454
3,684
5,835
4,865
5,200
5,211
14,309
14,643
12,059
10,673
11,621
11,658
11,716

* 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.

MARCH

1954




285

NEW SECURITY ISSUES1
[Estimates, in millions of dollars]
Proposed u s e s of n e t proceeds,
all c o r p o r a t e i s s u e r s 0

Gross proceeds, all issuers'5
Noncorporate
Year or
month

Total

FedU. S.
eral
Government 3 agency 4

Corporate

State
and
mu- Other* Total
nicipal

New capital

Bonds
Total

Pre- ComNew
Pri- ferred mon Total money7 lanePubous
licly vately stock stock
puroffeied placed
poses

2, 480
2, 332
2, S17

115
13
109

1,108
1,128
1,238

69
50
24

2,155
2,164
2,677

2,044
1,979
2,386

1,353
1,276
1,628

691
703
758

86
98
183

25
87
108

903

466
R46
815
4?4
353

38
1
2
1

1,578

917
990

506
621

811
411
369
778

2,670 1,892
4,855 3,851 1 004

167
112
124
369

110
34
56
163

1 ,040

97
22

2,667
1,062
1,170
3,202
6,011

2,389

506

956
524
435
661

30

33,
42,
52,
47,

18,685
19,941
20 250
21,110
19,893

10,
10,
10
11,
9,

217
589
327
804
(S87

357 1,157
2,324
2 690
216 2,907
30 3,532

56
451
156

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
^,360

891
778
614
736
811

21,265
26,961
28,799

9 , 778
1 2 , 577
1 3 , 957

110
459

3,189
4,105
1C6 5,502

446
237

7,741
9, £82
8,945

5,691
7,649
7,121

2,364 3,326
3,645 4,005
3,841 3,280

1,783
1 592
1,604
1,667
4,630
3,053
1,928
1,430
2,576
2,278
3,508
2,751

611
494
503
491
244
454
884
853
320
070
610
423

30

392
390
405
349
650
416
522
260
454
483
411
771

86
2

380

119

1938
1939
1940

5,926
5,687
6,564

1941
1942
1943
1944
1945

15,157
35,438
44,518
56,310
54,712

1946
1947
1948
1949
1950
1951
1952
1953

1953—Jan.
Feb
Mar
Apr
May
June
July

.

Aug

Sept.
Oct
Nov
Dec

lit

3,
1,
1,
1,
2,

1,629

1954—Jan

76

561

795

5

47

132
282

290

9

5
3
1
2
36
60
29
57

664
497
186
307
706
536
517
696
153
659
818
375
484
287
731
988
575
1,179
407
106
521
315
243
110
766
675
439
590
357
151
354
459
95
1,500 1,405 1,057
569

Re.
Retire
tire- ment
of
ment
secuof
bank rities
debt,
etc. 8

Mis_
i

283

461

838
564

310
229
364
284
197
413
301
133
235
206
259
349

26
19

215
69
174

1,206
1,695
1,854

868
474
308
657

133

144
138
73
49

1,583

1,080

28
35
27
47

3 , 889 3,279
115
s, 6S1 4,591
5,929
5, 558 4,606
4, 990 4,006

231
168

647
408
7S3

397 1, 347

758

1,862 1,126
2,147 761
3 010 492
2,455 424
2,560 631

491

681
325
569

76?

ne

634
666
123
672
116
124
789
165
696
159 1, 134
SOI
82
65
307
47
570
215
68
51 1,461

19

89

379 2,868
356 1,352
488

307

315
364

401
637
620 1,271
363
371

486
660

234

305

528

6
8
17
18
35
24
9
9
38
7
5
14

189

25
23
24
13
49
64
13
19
20
20
19
17

189

603
635
630
757
612
1,046
479
278
695
543
409
1,431

545

396
789

2,389
134 4,555

226
174

6,531
1,212 7,
1,369 8 769 8,223
1,332 8 , 615 8,120

51
47
62
35
82
33
31
7
44
18
37
43

178

7

21
28
12
17
19
27
9
2
3
7
19
25

17

15

Proposed uses of n e t proceedsi, by m a j o r groups of corporate issuers
Commercial and
miscellaneous

Manufacturing

Year or
month

Total
net
proceeds

New Retire- Total
net
cap- ments i° proital*
ceeds

2,180
1,391
1,175
3,066
4,022
2,241

2,126
1,347
1,026
2,846
3,765
2,185

1953—January...
February...
March
April. ..
May
JuneJuly
August
September
October
November .
December.

283
148
203
312
114
285
145
55
122
62
94
420

276
144
194
309
97
278
141
54
122
62
93
415

17
7
4
1

1954—January..

169

154

1948
1949
1950
1951
1952
1953

. .

t>4

New Retire- Total
net
cap- ments^ ° proital"
ceeds

403
338
538
518
536
560

382
310
474
462
512
533

6

24
92
31
31
57
41
55
22
19
48
31
109

24
89
30
25
56
41
51
21
18
46
28
105

15

27

26

4.
U

149
221
257
>7
7
3
9

1

Transportation

21
28
63
56
24
26
3

2
3
4

New

itaT"

748
795
806
490
983
578

691
784
609

51
51
81
66
40
42
46
15
32
25
32
96
60

Retirements 10

Total
net
proceeds
?

Total
Retire- net
ments i° protal«
ceeds

1*ew
<
;ap-

,150
< ,276
>
< ,608
>
5 .412
,'626
3 ,022

?, 005
?, 043
1 <)?7

531

56
11
196
53
225
47

38
33

14
18

245
257

?4f>
7154
210
915

437
758

212
223

81
66

2
?

326
53P

?, 970

40
42

397
334

397
317

46
15

210
97

144
689

85
88

a?,
3
2
8

210

32
25
32
81
60

15

243
358
245
201
265

°>7
242
353
??q
?01

265

Real estate
and financial

Communication

Public utility

17
1
5
16

New Retire- Total
net
x0
capproital* ments ceeds

891
567
395
605
753
848

890
517
314
600
747
848

4
7
15
13
7
43
15
29
89
13
5
608

4
7
15
13
7
43
15
29
89
13
5
608

25

25

2
49
81
5
6

New Retirecap- ments 10
ital"

587
557
593
558
739
639
515
449
508
448
1,554 1,547

30
35
100
66
60
7

47
140
142
162
99
415
39
91
251
71
45
52

47
140
141
161
99
412
38
91
250
71
45
52

1

14

14

1
1
3
1
1

1
2
8
5
6

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.
Includes issues guaranteed.
* Issues not guaranteed.
Includes foreign government; International Bank; and domestic eleemosynary and other nonprofit.
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 and1 equipment and working capital.
8
Includes proceeds for the retirement of mortgages and bank debt with original maturities of more than one year. Proceeds for retirement
of short-term bank debt are included under the uses for which the bank debt was incurred.
9
Includes all issues other than those for retirement of securities.
10
Retirement of securities only.
Source.—Securities and Exchange Commission.

286



FEDERAL RESERVE BULLETIN

SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS
[In millions of dollars]
Annual

Quarterly

Industry

1952

1947

1948

1949

1950

1951

1953

1952
1

2

3

4

1

2

3

Manufacturing
Total (200 corps.):
Sales
Profits before taxes
. .
Profits after taxes
Dividends
Nondurable goods industries (94 corps.): 1
Sales
Profits before taxes
Profits after taxes
Dividends
Durable goods industries (106 corps.):2
Sales
.
Profits before taxes
Profits after taxes
Dividtnds
Selected industries:
Foods and kindred products (28 corps.):
Sales
Profits after taxes . .
Dividends
Chemicals and allied products (26 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
Petroleum refining (14 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
Primary metals and products (39 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
Machinery (27 corps.):
Sales
Profits before taxes
Dividends
Automobiles and equipment (15 corps.):
Sales
... .
Profits before taxes
Profits after taxes
..
Dividends

31,967 38 190 37 803 45,204 5? 33?
4,178 5 ,390 5 ,122 7,993 8 ,668
2,569 3 ,356 3 ,151 4,106 3 ,456
1 ,429 1 ,686 2,272 2 ,015
1,193

53,810 13 066 1? ,914 12 543 15,287 15 709 16 519 15 424
7,125 1 ,957 1 ,643 1,525 2,000 2,241 2,471 2,083
3,096
839
926
643
688
848
920
879
2,010
489
482
556
483
491
485
487

12,438 14 ,588 13 ,906 15,847 18 ,558 18,813 4 ,638 4 ,525 4,692 4,958 4,964 5,068 5,035
1 930 2,798 3 ?90 2,693
1,860
7?4
628
669
672
748
768
769
1 ,263 1,562 1 ,451 1,291
1,210
326
347
1 ,520
300
318
368
338
346
736
682
919
872
891
213
212
251
213
216
213
575
60? 73 897 29,357 33 774 34,997 8 ,4?8 8 ,389 7 851 10 329 10 745 11 450 10 390
19,529
1 ,015
2,319 3 108 3 193 5,195 S 17X 4,432 1
857 1,328 1,493 1,702 1 315
1 ,837
1 ,888 2,544 2 ,005 1,804
1,359
513
342
370
579
510
511
573
9 S 1,352 1 14? 1,119
O
748
618
?70
270
305
274
773
275
272

4,238
466
287

4 , 5?8
4SS
285

142

148

3,193
563
346

3 ,674

674
4?0

222

263

2,906

3 ,945

456

4
434
?68
149

4,402 4 909 5,042
473
532
446
289
204
227
154
161
159

3 ,680 4,577
693 1,133
415
572
448
3 ,865
575
406
17?

1
100
46
36

1 ,220
116
52
38

1 280 1,315
104
127
50
57
37
43

5 ,574
1 ,421
496
363

5,695
1,200
458
381

1 ,406
322
11?
89

1 ,369
286
108
89

1,401
289
109
90

1,520
304
128
114

1,545
357
123
90

4,234 4 999
650
863
442
515
205

5,319
686
485
252

1 318
704
130
64

1 ,274
147
111
60

1,325
165
115
60

1,402
171
129
69

1 381 1 396 1 460
194
189
225
150
127
124
61
65
61

350
127

548
17?

7,545

9 ,066
1 174
7?0
270

8 187 10,446 1? 497 11,557 3 074
993 1,700 7 09? 1,161
475
578
854
776
575
285
377
381
367
88

4

4 363 5,071
5?0
850
371
425
138
208

891
545

247
3,658

6 ,183
1 003
370
192

7,082
974
380
200

449
274
116

570
334

6,692

8 ,093
1 131
639
78?

9 ,577 11,805 1? 496 12,825
1 473 2,305 1 913 1,945
861 1,087
70S
698
479
451
671
462

9 ,67?
1 148
699
289

4,291
954

4 ,830

643
494

657
493

2,283
215

2 ,694

138
131

186
178

809
445
195

1 316 1 346 1 354
99
128
131
57
54
46
35
37
37

1 ,594
83
49
^

?

1,568
346
125
90

1,506
327
124
91

,385 2,605 3,494 3,428 3,653 3 491
98
431
457
560
512
208
31
217
203
100
183
212
87
106
88
88
88
86

1 ,7? 5 1 697 2 066
218
290
80
89
128
49
49
53

1 967 2 045
276
298
89
103
50
49

1 957
245
97
49

501
171
117

4? 7 2,681
596
345
194
143
114
114

3,684
503
190
117

4,308
648
200
117

4,657
714
211
114

3 917
452
168
114

8 ,580 9,473 10 391 10,580
700 1,384 1 760 1,436
438
693
783
816
3?8
312
336

587
795
141
80

53?
761
149
74

2,633
368
208
66

2,828
512
318
116

2,596
336
186
97

2,732
397
231
73

2,755
399
234
79

5 ,055 5,431 5 ,867 6,224
1 ,179 1,303 1 ,480 1,718

1 ,603
498
757
17?

1 ,491
400
214
173

1,513
382
207
177

1,618
439
244
186

1,710
545
288
182

1,625
454
246
189

1,643
426
233
194

993
194
93
85

1 ,023
705
98
87

1,037
182
88
91

1,084
206
104
93

1,092
223
109
100

1,126
234
114
101

1,129
220
107
104

Public Utility
Railroad:
Operating revenue
Profits after taxes .
Dividends
Electric power:
Ooeratinc revenue
Profits before taxes
Profits after taxes
Telephone:
Operating revenue
Profits after taxes
Dividends

8,685
777
479
236

983

757
553

824
619

818
661

922
709

2 ,967 3,342 3 ,729 4,136
333
707
213

580
331
276

691
341
318

787
384
355

includes 26 companies in groups not shown separately, as follows: textile mill products (10); paper and allied products (15); miscellaneous (1).
2
Includes 25 companies in groups not shown separately, as follows: building materials (12); transportation equipment other than automobile
(6); and miscellaneous (7).
NOTE.—Manufacturing corporations. 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).

MARCH

1954




287

PROFITS, TAXES, AND DIVIDENDS OF
UNITED STATES CORPORATIONS
[Quarterly estimates at seasonally adjusted annual
rates. In billions of dollars]
Year or
quarter

Profits
before
taxes

NET CHANGE IN OUTSTANDING CORPORATE SECURITIES *
[Estimates, in millions of dollars]

1939
1941
1943
1945

6.5
17.2
25.1
19.7

1.5
7.8
14.4
11.2

5.0
9.4
10.6
8.5

3.8
4.5
4.5
4.7

1.2
4.9
6.2
3.8

1946
1947
1948
1949
1950

23.5
30.5
33.8
27.1
41.0

9.6
11.9
13.0
10.8
18.2

13.9
18.5
20.7
16.3
22.7

5.8
6.6
7.3
7.5
9.1

8.1
12.0
13.5
8.8
13.6

1951
1952
1953

23.6
20.6
23.6

20.1
18.6
19.6

9.2
9 1
9.3

10.9
9.5
10.3

1952—2
3
4

43.7
39.2
43.2
38.2
37.0
40.3

20.1
19.4
21.2

18.0
17.5
19.1

9.1
9.1
9.1

8.9
8.4
10.0

1953—1
2
3

44.6
45.9
43.3

24.4
25.0
23.6

20.3
20.8
19.6

9.2
9.4
9.6

Bonds and notes

All types
Year or
quarter

In- Profits Cash Undiscome after
divi- tributed
taxes taxes dends profits

11.1
11.4
10.0

New
issues

Retirements

Net
change

Stocks

Net
New RetireNew Retire- Net
issues ments change issues ments change
1 ,533

851

682

? 802

1, 096 2 ,459
3 , 004 1 ,867
4, 654 1 ,632
3 , 284 1 ,865
2 004 ? ,418

1,173
512
400
292
698

1 ,286
1 ,355
1 ,232
1 ,572
1 ,7?0

2 ,107
2 ,403
1 ,820

3 , 577 3 ,365
4, 940 3 ,335
5, 186 2 ,889

665
348
514

2 ,701
2 ,987
2 ,375

1945

6,457

6 ,846

—389

4,924

1946
1947
1948
1949
1950

7,180
6,882
7,570
6,732
7,224

4 ,798
2 ,523
1 ,684
1 ,875
^ ,500

2,382
4,359
5,886
4,856
3 724

4,721
5,015
5,938
4,867
4 806

3 ,625
2 ,011
1 ,284
1 ,583

1951
1952'
1953

9,048
10,679
9,895

2 ,772
2 ,751
2 ,335

6,277
7,927
7,561

5,683
7,344
7,006

1952-4....

'•2,872

'851

'2,021 '1,880

'761

1953—1 . . .
2. . .
3. . .
4. . .

r2,329
'2,932
1,867
2,767

'614
607
'530
584

'1,715
'2,325
'1,337
2,183

1,492
2,096
1,327
2,091

481
458
417
464

995 —1 071

r

l , 119

992

90

902

1, 012
1, 638
910
1, 626

'836
'836
540
676

'133
'148
'113
119

'703
'687
'427
557

' Revised.
1
Reflects cash transactions only. As compared with data shown on p. 286, 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. 286.
Source.—Securities and Exchange Commission.

Source.—Department of Commerce.

CURRENT ASSETS AND LIABILITIES OF UNITED STATES CORPORATIONS *
[Estimates, in billions of dollars]
Current liabilities

Current assets
End of year
or quarter

Net
working
capital

Total

Cash

U. S.
Government
securities

Notes and accts.
receivable
U. S.
Govt. 2

Inventories

Notes and accts.
payable
U. S.
Govt.2

Other

Other

Federal
income
tax
liabilities

21.9
25.6
24.1
24.8

1.2
7.1
16.6
10.4

6.9
7.2
8.7
9.7

31

11.8
13.2
13.5
14.0
15.7
16.7

Total

Other

Other

22.1
27.4
21.9
23.2

18.0
25.6
27.6
26.3

1.4
L.4
1.3
1.4

30.0
40.7
51.6
45.8

.0
.8
2.2
.9

3D 0

1.7
1.6
L.6
1.4
2.1

51.9
61.5
64.4
60.7
77.7
91.9

1

52.8
56.1

37.6
44.6
48.9
45.3
52.6
62.6

.4
1.3

46.8
54.2

8.5
10.7
11.5
9.3
14.8
19.7

2.5
2.8

61.0
61.8

62.0
62.9

2.3
2.4

92.6
95.5

2.1
2.2

55.4
58.6

16.2
16.4

18.9
18.4

2.9
2.7
2.7

62.4
62.7
64.1

64.3
64.5
65.4

2.4
2.4
2.4

93.7
92.9
96.8

2.5
2.2
2.1

57.5
57.0
58.1

15.2
14.5
16.8

18.6
19.2
19.8

1939
1941
1943
1945

24.5
32.3
42.1
51.6

54.5
72.9
93.8
97.4

10.8
13.9
21.6
21.7

2.2
4.0
16.4
21.1

.0
.6
5.0
2.7

1946
1947
1948
1949
1950
1951

56.2
62.1
68.6
72.4
78.4
82.5

108.1
123.6
133.0
133.1
156.1
174.4

22.8
25.0
25.3
26.5
27.4
29.6

15.3
14.1
14.8
16.8
20.5
21.3

7

1.1
2.7

1952—3
4

85.4
85.6

178.0
181.1

30.0
30.2

20.2
21.0

1953—1
2
3

86.7
87.9
88.5

180.4
180.9
185.4

27.6
29.2
29.6

20.7
19.4
21.1

38.3
42 4.
43 .0

7

37.6
39 *
37 .5

«;

1
2
Excludes banks and insurance companies.
Receivables from and payables to U. S. Government do not include amounts offset against
each other on corporations' books.
Source.—Securities and Exchange Commission.

BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT *
[Estimates, in millions of dollars]

Year

Total

Manufacturing

Mining

Railroads

Transportation
other
than
rail

Public
utilities

Communi- Other *
cations

Quarter

Total

Manu- Transfactur- portation
ing
incl.
and
railminroads
ing

All
Public
utili- others
ties

1939
1945

5,512
8,692

1,943
3,983

326
383

280
548

365
574

520
505

302
321

1,776
2,378

1952—3'
4'

6,242
7,206

2,936
3,490

624
728

963
1,150

1,719
1,839

1946
1947
1948
1949
1950

14,848
20,612
22,059
19 285
20,605

6,790
8 703
9,134
7 149
7 491

427
691
882
792
707

583
889
1,319
1,352
1,111

923
1,298
1,285
887
1,212

792
1,539
2,543
3,125
3,309

817
1,399
1,742
1,320
1,104

4,516
6,093
5,154
4,660
5,671

1953—1'
2'. . .
3'
4'. . .

6,339
7,289
7,098
7,666

2,972
3 426
3,210
3,680

650
725
686
717

925
1,158
1,219
1,246

1,792
1 ,979
1,984
2,023

1951
1952'
1953'
19544

25,644
26,493
28,391
27,230

10 852
11,632
12,276
11,410

929
985
1,011
1,040

1,474
1,396
1,312
940

1,490
1,500
1,464
1,400

3,664
3,887
4,548
4,430

1,319
5,916
7. 094
7, 778
8, 010

1954—I 4 '
24

6,808
6,932

3,155
3,176

653
597

1,026
1,170

1,975
1,989

l
' Revised.
Corporate and noncorporate business, excluding agriculture.
4
Includes communications and other.
Anticipated by business.
Sources.—Department of Commerce and Securities and Exchange Commission.

2

Includes trade, service, finance, and construction.

3

288




FEDERAL RESERVE BULLETIN

REAL ESTATE CREDIT STATISTICS
MORTGAGE DEBT OUTSTANDING, BY TYPE OF PROPERTY MORTGAGED AND TYPE OF MORTGAGE HOLDER
[In billions of dollars]
All properties

I£nd of year

or quarter

All
holders

1940
36 5
1941.
37.6
1942
36 7
35.3
1943.
1944.
34.7
1945
35.5
1946.
41.8
1947
48 9
1948.
56.2
1949
62 7
1950.
72.8
1951.
82.1
1952
90 9
1953?
100.5
1952- —March
84.0
Tune
86 3
September
88.7
December....
90.9
1953—MarrhP
93.0
95.7
June?
September?. . . 98.2
December?. . . 100.5

Nonfarm

Other
holders
Financial
insti- Selected Inditutions Federal viduals
agenand
cies
others

All
holders

14.8
14.9
14.2
13.6
13.3
13.7
15.1
16.6
17.8
18 7
19.7
20.7
21.5
22.7
20.8
21.1
21.3
21.5
21.8
22.1
22.4
22.7

30.0
31.2
30.8
29.9
29.7
30.8
36.9
43.9
50.9
57.1
66.7
75.6
83.8
92.8
77.3
79.3
81.6
83.8
85.7
88.2
90.5
92.8

19.5
20.7
20 7
20.2
20.2
21.0
26.0
31.8
37.8
42.9
51.6
59.5
66.9
75.1
61.0
63.0
65.1
66.9
68.6
70.9
73.0
75.1

2.1
2.0
1.8
1.4

1.1
.9
.6
.5
.6
1.1
1.4
2.0
2.4
2.8
2.2
2.2
2.3
2.4
2.6
2.7
2.8
2.8

Farm

1- to 4-family houses

Multi-family and
commercial properties J

Total

Financial
institutions

Other
holders

Financial
institutions

17.3
18.4
18.2
17.8
17.9
18.5
23.1
28.2
33.3
37.5
45.1
51.9
58.2
65.0
53.2
54.8
56.5
58.2
59.6
61.5
63.3
65.0

10.2
11.2
11.5
11.5
11.7
12.2
16.0
20.5
25.0
28.4
35.3
41.2
46.8
53.1
42.3
43.8
45.4
46.8
48.0
49.8
51.4
53.1

7.1
7.2
6.7
6.3

6.2
6.4
7.0
7.6
8.3
9.1
9.8
10.7
11.3
11.9
10.9
11.0
11.1
11.3
11.6
11.7
11.9
11.9

Total

12.6
12.9
12 5
12.1
11.8
12.2
13.8
15.7
17.6
19.6
21.6
23.7
25.6
27.8
24.1
24.6
25.1
25.6
26.1
26.7
27.2
27.8

Other
holders

All
holders

Financial
Other
insti- holders2
tutions

7.8
8.0

4 8

6 5

4.8

6.4

4 7

1.5

7 8

6 0

J 4

7.4

4.6

7.2
7.5
8.4
9.6
10.9
12.4
14.0
15.7
17.3
19.0
16.0
16.4
16.9
17.3
17.7
18.1
18.5
19.0

4.6
4.7
5.4
6 1
6.7
72
7.6
8.0
8.3
8.9
8.1
8.1
8.2
8.3
8.4
8.5
8.7
8.9

1 5

5.4

1 3

4.9
4 8
4.9
5 1
5.3
5 6
6.1
6.6
71
7.7
6.7
7 0
7.1
7.1
7.3
7.5
7.6
7.7

1.3
3
L.5
7
o
2 1
2.3
2.6
2.8
3.0
2.6
2.7
2.8
2.8
2.9
3.0
3.0
3.0

5.0
4.9

4 5
4.1

3.7
3 4
3.4
3 3
3.4
3 5
3.7
4.0
4 3
4.7
4.1
4 2
4.3
4.3
4.4
4.6
4.6
4.7

? Preliminary.
1
2
Derived figures, which include negligible amount of farm loans held by savings and loan associations.
Derived figures, which include
debt held by Federal land banks and Farmers Home Administration.
NOTE.—Figures for first three quarters of each year, and all figures for December 1953 except those on 1- to 4-family houses and total farm
(preliminary estimates from HLBB and Dept. of Agriculture, respectively), are Federal Reserve estimates. Financial institutions include commercial banks (including nondeposit trust companies but not trust departments), mutual savings banks, life insurance companies, and savings and
loan associations. Federal agencies include HOLC, FNMA, and VA (the bulk of the amounts through 1948 held by HOLC, since then by FNMA).
Other Federal agencies (amounts small and separate data not readily available currently) are included with "Individuals and others."
Sources.—Federal Deposit Insurance Corporation, Home Loan Bank Board, Institute of Life Insurance, Departments of Agriculture and
Commerce, Federal National Mortgage Association, Veterans Administration, Comptroller of the Currency, and Federal Reserve.

MORTGAGE LOANS HELD BY BANKS *
[In millions of dollars]
Commercial bank holdings2

Mutual savings bank holdings t

Nonfarm
End of year
or quarter

Nonfarm

Residential8

Farm

Total

Total
Total

Residential 3

Total

Con- Other
FHA- VAguar- veninsured anteed tional

1940
1941
1942
1943
1944
1945
1946
1947
1948.
1949
1950
1951.
1952
1953?

4,578 4,003
4,906 4,340
4 746 4,256
4,521 4,058
4,430 3,967
4 772 4,251
7,234 6,533
9,446 8,623
10,897 10,023
11,644 10,736
13 664 12,695
14,732 13,728
15 867 14,809
16,875 15,785

2,963
3,292
3,332
3,256
3,218
3,395
5,146
6,933
8,066
8,676
10,431
11,270
12,188
12,935

1,040
1,048
924
802
749
856
1,387
1,690
1,957
2,060
2,264
3 421 2 921 4 9?9 2,458
3 67 S 3,012 5 SOI 2,621
3 9S0 3,055 S 9S0 2,850

1952—Mnrrh .
Tune
September
December

14,860
15,176
15,590
15,867

13,830
14,113
14,530
14,809

11,350
11,602
11,970
12,188

3
2,928 4
3 441 2,952 5
3 580 3,000 5
3 675 3,012 5

1953—MarrhP
June?
September?
December?....

16,080
16,387
16,640
16,875

15,000
15,283
15,530
15,785

12,320
12,545
12,765
12,935

3
3
3
3

719
798
867
930

3,010
3,013
3,038
3,055

Total

57 S
566
491
46S
46S
521
70?

Farm

Total

4,859
4,812
4,627
4,420
4,305
4,208
4,441
4,856
5,806
6,705

4 8?9
4 784
4 ,601
4 S9S
4 ,281
4 ,184
4 41 S
4 878

FHA- VACon- Other
inguar- vensured anteed tional

3,914
3,884
3,725
3,558
3,476
3 387
3,588
3,937
4,758
5,569
7,054
8,595
'9,883
11,320

1,015
1,099
1,164
? S67 1 7?6 4,303 1,274
168 9 131 '4,477 '1,444
s S?0 ? Q1S 4,885 1,600
3

44
47
'53
50

'50
'53

915
900
876
837
805
797
827
891

874
909
968
1 ,004
1 0S8
1 090

5 ,773
6 668
8,261 8
9,916 9 869
11,379 'li.327
12,970 1? 9 ? 0

2,480
2,512
2,560
2,621

1 030
1 ,063
1 ,060
1 ,058

10,203
10,554
10,940
11,379

10 1S6
10 ,506

8,843
9,145
'10,890 '9,490
'11,327 '9,883

? 7?0 1 81 S 4,308 1,313
? 898 1 917 4,330 1,361
3 025 2 069 '4,396 '1,400
3 168 2 237 '4,477 '1,444

5 591 2,680
5 734 2,738
5 ,860 2,765
5 ,950 2,850

1 080
1 ,104
1 ,110
1 ,090

11,680
12,112
12,500
12,970

11.630
1? ,06?
12 ,450
12 ,920

}
3
3
3

990
?09
390
501

10,165
10,574
10,925
11,320

?*n ? S9S
3?S ? S90
414 2 759
520 2 915

4,540
4,658
4,752
4,885

1,465
1,488
1,525
1,600

30
28
26
25
24
24
26
28

34
37

47
48

50
50

50
50

? Preliminary.
' Revised.
1
2
Includes all banks in the United States and possessions.
Includes loans held by nondeposit trust companies but excludes holdings of
trust departments of commercial banks. March and September figures are Federal Reserve estimates based on data from Member Bank Call
Report and from weekly reporting member banks. For 1940, figures except for the grand total are Federal Reserve estimates based on data for
insured commercial banks.
3 Data not available for all classifications prior to December 1951.
4
Through 1946, figures except for the grand total are estimates based on Federal Reserve preliminary tabulation of a revised series of banking
statistics. March and September figures are Federal Reserve estimates based in part on data from National Association of Mutual Savings Banks.
Sources.—AH 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.

MARCH

1954




289

REAL ESTATE CREDIT STATISTICS—Continued
MORTGAGE ACTIVITY OF ALL UNITED STATES LIFE INSURANCE COMPANIES
[In millions of dollars]
Loans acquired
Nonfarm

Year or month
Total
Total
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953?

Loans outstanding (end of period)

FHAinsured

Nonfarm

VAguaranteed

Farm

1,202
1,350
1,572
1,051
864
819

600
366
131
930

1,268
429
457

1,469
1,546
1,642
2,119
2,385
2,313
2,642

347
327

309
289

80
69

25
25

204
195

38
38

403
364
344
359
405
305

1953—January
February
March
April
May
June
July
August
September
October
November
December

1,483
2,520
3,114
3,123
4,621
4,704
3,606
3,918

353
321
308
330
371
279

88
77
62
67
71
62

29
27
30
34
36
32

236
217
216
229
264
185

50
43
36
29
34
26

451

313
338

57
60

327

433

60

478
318

1954—January. . .

289
309

352

66

282

51

178
266
293
307
359

407
372
417

FHAinsured

5,972
6,442
6,726
6,714
6,686
6,636
7,155
8,675
10,833
12,906
16,102
19,314
21,251
23,275

5,073
5,529
5,830
5,873
5,886
5,860
6,360
7,780
9,843
11,768
14,775
17,787
19,546
21,403

1,096
1,286
1,408
1,394
1,228
1,398
2,381
3,454
4,573
5,257
5.681
6,015

1,106
1,224
2,026
3,131
3,347
3,563

4 876
5,538
6,356
7,090
8,176
9,399
10,518
11,825

1,138
1.327
1,527
L,7O5
L.872

19,701
19,834
19,992
20,139
20,277
20,425
20,614
20,722
20,860
20,993
21,161
21,403

5,725
5,751
5,804
5,820
5,854
5,884
5,905
5,924
5,943
5,963
5,983
6,015

3,358
3,367
3,370
3,388
3,390
3,396
3,412
3,430
3,448
3,473
3,511
3,563

10,618
10,716
10,818
10,931
11,033
11,145
11,297
11,368
11,469
11,557
11,667
11,825

1,695
1,713
1,733
1,758
1,778
1,796
1,815
1,830
,838
.849
1,856
1,872

21,538

6,027

3,599

11,912

1,897

286

45

21,396
21,547
21,725
21,897
22,055
22,221
22,429
22,552
22,698
22,842
23,017
23,275

174

36

23,435

192
207

40
42
56
81
57

Farm

VAguaranteed

Total

Other

898
855
935
976
1,661
2,786
3,407
3,430
4,980
5,111
3,978
4,335

. .

Total

24
29

211

25

Other

899
913

668
815

256
844

896
841
800
776
795
895
990

P Preliminary.
NOTE.—For loans acquired, monthly figures may not add to annual totals, and for loans outstanding, end-of-December figures may differ
from end-of-year figures, because monthly figures represent book value of ledger assets whereas year-end figures represent annual statement asset
values, and because year-end adjustments are based on more nearly complete data. Prior to 1947, complete data are not available for all classifications shown.
Sources.—Institute of Life Insurance—end-of-year figures, Life Insurance Fact Book; end-of-month figures, the Tally of Life Insurance Statistics
and Life Insurance News Data.
MORTGAGE iACTIVITY OF ALL SAVINGS AND LOAN
ASSOCIATIONS
[In millions of dollars]

[Number in thousands; amounts (except averages) in millions of dollars]

Loans outstanding (end of period)2

Loans made, by purpose
Year or
month

NONFARM MORTGAGE RECORDINGS OF $20,000 OR LESS

Amount, by type of lender
Year
or
month

Number

Total

Savings &
loan
assns.

Insurance
companies

Com- Mutual
savmerings
cial
banks banks

Other

1,456
1,628
1,351
1,274
1,446
1,639
2,497
2,567
2,535
2,488
3,032
2,878
3,028
3,164

4,031
4,732
3,943
3,861
4,606
5,650
10,589
11,729
11,882
11,828
16,179
16,405
18,018
19,747

1,283
1,490
1,170
1,237
1,560
2,017
3,483
3,650
3,629
3,646
5,060
5,295
6,452
7,365

334
404
362
280
257
250
503
847
1,016
1,046
1,618
1,615
1,420
1,480

1,006
1,166
886
753
878
1,097
2,712
3,004
2,664
2,446
3,365
3,370
3,600
3,680

170
218
166
152
165
217
548
597
745
750
1,064
1,013
1,137
1,327

1,238
1,454
1,359
1,439
1,746
2,069
3,343
3,631
3,828
3,940
5,072
5,112
5,409
5,895

2,769
2,906
2,918
3,031
3,186
3,448
4,241
4,570
4,688
4,755
5,335
5,701
5.950
6,241

May.'.'.'
June . .
July...
Aug...
Sept...
Oct....
Nov...
Dec...

228
229
264
275
273
282
286
273
275
278
245
255

1,401
1.3Q1
1,627
1,709
1,699
1,769
1,798
L,709
,729
1,746
1,622

477
503
605
642
641
682
699
671
654
658
564
569

111
110
126
127
133
131
132
122
125
123
114
126

278
269
316
325
317
325
323
310
315
320
290
291

93
84
92
102
111
120
127
111
123
123
113
128

442
425
488
513
497
511
517
495
512
522
468
508

6,136
6,068
6,153
6,206
6,221
6,282
6,282
6,270
6,276
6,283
6,311
6,372

1954-Jan....

218

1,372

467

108

263

85

449

6,292

Total

New
construction

Home
purchase

Other
purposes x

Total'

1,200
1,379
1,051
1,184
1,454
1,913
3,584
3,811
3,607
3,636
5,237
5,250
6,617
7,767

399
437
190
106
95
181
616
894
1,046
1,083
1,767
1,657
2,105
2,475

426
581
574
802
1,064
1,358
2,357
2,128
1,710
1,559
2,246
2,357
2.955
3,488

375
361
287
276
295
374
611
789
851
994
1,224
1,236
1,557
1,804

4,125
4,578
4,583
4,584
4,800
5,376
7,141
8,856
10,305
11,616
13,622
15,520
18,444
21,929

563
717
841
864
906
1,049

2,397
2,586
2,969
3,125
3,398
3,972

7,345
8,313
9,812
11,530
14,140
16,908

1940
1941
1942
1943
1944
1945 . .
1946
1947
1948
1949
1950
1951
1952
1953

147
164
206
226
232
241
237
218
208
219
190
187

222
222
266
288
295
327
355
340
328
318
265
259

128
137
167
164
163
165
166
149
148
151
131
138

19,105

924

3,492

14,689

1953-Jan....
Feb....
Mar...

May'.'.!
June..
July...
Aug...
Sept...
Oct....
Nov...
Dec....

497
523
639
678
690
733
758
707
684
688
586
584

20,133

962

3,593

15,578

21,145

1,015

3,745

16,385

21,929

1,049

3,972

16,908

1954-Jan....

495

152

217

126

1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1953-Jan....
Feb....
Mar...

1
a

FHAinsured

VAguaranteed

Conventional8

Includes loans for repair, additions and alterations, refinancing, etc.
Prior to 1948, data are not available for classifications shown.
'Excludes shares pledged against mortgage loans.
Source.—Home Loan Bank Board.

290




Average
amount
recorded
(dollars)

Source.—Home Loan Bank Board.

FEDERAL RESERVE

BULLETIN

REAL ESTATE CREDIT STATISTICS—Continued
MORTGAGE DEBT OUTSTANDING ON
NONFARM 1- TO 4-FAMILY PROPERTIES

GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE
[In millions of dollars]

[In billions of dollars]

VA-guaranteed loans

FHA-insured loans
Home
mortgages

Year
or
month

Total

Total

1939
925
1940
991
1941
1,152
1942
1,121
1943
934
1944
877
1945 .
857
1946
3,058
1947
5,074
1948
5^222
1949
5,250
1950
7,416
1951
6,834
1952
5,830
1953
6,946
1953—Jan
539
539
Feb... .
Mar. . . 504
Apr
577
May. . . 530

June...
July. . .

Aug... .
Sept
Oct. . . .
Nov....
Dec.. . ,
1954—Jan

925
991

1,152
1,121
934
877
665
756

1,788
3^341
3,826
4,343
3,220
3,113
3,882

New
properties

Projecttype
Ex- mortisting gages1
properties

969

208
175
183
208
210
224
217
302
418
684
892
856
713
974

1,259

1,030

486
588
728
766
553
484
257
120
477

1,434
1,319
1,637
1,216

52
13
14
21
85
56
20
13
360
609

1,021
1,157

Property
im- Total
provement2
loans

Home
mortgages

Alteration
Exand
New isting repair2
prop- properties erties

179
216
228
126
86
114
192
171
321 2,302
534 3,286
614 1,881
594 1,424
694 3,073
707 3,614
848 2,721

584
322
259
18

1,334

793

67

243

82

161

108

103

103
103
109

86
89
92

15
20
22

61
64
119

274
228
235

184
152
157

90
75
78

314
274
363
349
320
368
408
304
265

97
91
109
106
106
113
105
110
117

90
95
94
87
80
80
68
63
66

25
19
40
23
12
23
25
15
12

102
69
120
133
122
151
210
116
69

216
242
239
248
309
293
286
252
247

149
164
160
166
197
193
192
170
174

66
78
79
82
112
99
93
82
73

.5
.4
.4
.3
.4
.5
.5
.4
4

1
Monthly
2

figures do not reflect mortgage amendments included in annual totals.
FHA-insured property improvement loans ire not ordinarily secured by mortgages ; VAguaranteed alteration and repair loans of $1,000 or les s need not be secured, whereas those
for more than that amount must be.
"Prior to 1949, data are not available for classifications shown.
NOTE.—FHA-insured loans represent gross amount of insurance written; VA-guaranteed loans, gross amount of loans closed. Figures do not take account of principal repayments on previously in 3ured or guaranteed loans. For VA-guaranteed loans , amounts by
type are derived from data on number and average amount of loans closed.
Sources.—Federal Housing Administration and Veterans Administration.
FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY
[In millions of dollars]

End of year
or month

Author- Comized
mitfunds ments
un-

un-

committed

disbursed

528
848
918
661

227
824
485
239
323
638

Mortgage holdings

1948
1949
1950
1951
1952
1953

1,085

550

Total

FHAin-

VA-

guaranteed

188
403
169
204
320
621

11
425

198
672

1,347
1,850
2,242
2,462

1,178
1,646
L.922
1,841

1,044

199
828

677
538
542

1953—February.
March
April
May
June
July
August...
September
October. .
November
December.

1,008
934
876
816
610
597
586
566
556
552
550

313
322
326
357
542
526
523
544
568
608
638

2,329
2,394
2,448
2,477
2,498
2,527
2,541
2,540
2,526
2,490
2,462

358
395
429
457
477
508
536
556
585
594
621

1,971
1,999
2,019
2,020
2,020
2,019
2,005
1,984
1,941
1,896
1,841

53
81
68
40
31
39
33
26
39
30
42

1954—January..
February.

550
542

666
685

2,434
2,424

625
641

1,809
1,783

37
47

iLess than $500,000.
Source.—Federal National Mortgage Association.

Total

1.8
2.3
3.0
3.7
4.1
4.2
4.3
6.1
9.3

12.5
15.0
18.9
22.9
25.4
28.1

FHA- VAinguarsured anteed
1.8
2.3
3.0
3.7
4.1
4.2
4.1
3.7
3.8
5.3
6.9
8.6
9.7

22.0
22.9

10.8
12.0
9.5
9.7
9.9

10.3
13.2
14.6
16.1
12.5
13.2

14.5
15.0
15.4
14.5
13.7
13.7
14.2
17.0
18.9
20.8
22.5
26.2
29.0
32.8
36.9
28.4
29.0

.2
2.4
5.5
7.2
8.1

1952—Mar. P..
JuneP. .
Sept. P . .
Dec.P. .

53.2
54.8
56.5
58.2

23.5
24.0
24.7
25.4

10.1
10.4
10.8

13.6
13.9
14.3
14.6

29.7
30.8
31.7
32.8

1953—Mar. P..
JuneP..
Sept.P..
Dec.p..

59.6
61.5
63.3
65.0

26 1
26.7
27.5
28.1

11.1
11.4
11.7
12.0

15 0
15.3
15.8
16.1

33 5
34.8
35.8
36.9

p Preliminary.
NOTE.—For total debt outstanding, figures for
first three quarters are Federal Reserve estimates.
For conventional, figures are derived.
Sources.—Home Loan Bank Board. Federal Housing Administration, 1Veterans Administration, and
Federal Reserve.

FEDERAL HOME LOAN BANK LENDING
[In millions of dollars]

Mort- Mortgage
gage
pursales
chases (during
(during period)
period)

sured

Con-

ventional

Total

16.3
17.3
18.4
18.2
17.8
17.9
18.5
23.1
28.2
3
33.3
5
37.5
6
45.1
6
51.9
6
58.2
1953P
65.0
.6
.6 1951—Sept... 50.4
.5
D e c . . . 51.9
.4

629

296

Governmentunderwritten

End of
year or
quarter

1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951

1,865 1,202
2,667
942
890
1,824
3,064 2,045 1,014

265
276
342

516
602
597
629
661
694
556
512

8

20
469
111
56
221

Year or month

Advances

Repayments

Advances outstanding
(end of period)
Total

1945
1946
1947
1948
1949
1950
1951
1952
1953

3
7
3
3 1953—February..
1
March
April
0)
May
11
June
19
July
44
August
59
September.
61
October...
57
November.
50
December.
1954—January...
February..

Shortterm 1

Longterm 2

278
329
351
360
256
675
423
586
674

213
231
209
280
337
292
433
528
611

195
293
436
515
433
816
806
864
952

176
184
218
257
231
547
508
565
634

19
109
217
258
202
269
298
299
317

14
30
47
44
97
61
70
83
62
71
79

71
46
32
26
23
79
25
28
45
25
14

627
610
626
645
718
700
746
801
819
865
952

401
391
406
416
471
469
510
557
564
589
634

226
219
220
229
248
231
236
244
255
276
317

26
15

226

751
677

496
438

255
239

1

Secured or unsecured loans maturing in one year or less.
Secured loans, amortized quarterly, having maturities of
more than one year but not more than ten years.
Source.—Home Loan Bank Board.
2

MARCH

1954




291

STATISTICS ON SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT
CONSUMER CREDIT, BY MAJOR PARTS
[Estimated amounts outstanding, in millions of dollars]
Instalment credit
End of year
or month

Other
Automobile consumer
goods
paper 1
paper i

Total
Total

Noninstalment credit

Repair
and modernization
loans 2

Personal
loans

Total

Singlepayment
loans

Service
credit

Charge
accounts

1939
1940
1941
1942

7,222
8,338
9,172
5,983

4,503
5,514
6,085
3,166

1,497
2,071
2,458
742

1,620
1,827
1,929
1,195

298
371
376
255

1,088
1,245
1,322
974

2,719
2,824
3,087
2,817

787
800
845
713

1,414
1,471
1,645
1,444

518
553
597
660

1945
1946
1947
1948
1949
1950
1951
1952
1953

5,665
8,384
11,570
14,411
17,104
20,813
21,468
25,827
28,896

2,462
4,172
6,695
8,968
11,516
14,490
14,837
18,684
21,807

455
981
1,924
3,054
4,699
6,342
6,242
8,099
10,289

816
1,290
2,143
2,842
3,486
4,337
4,270
5,328
5,605

182
405
718
843
RR7
,006
,090
,406
,606

1,009
1,496
1,910
2,229
2,444
2,805
3,235
3,851
4,307

3,203
4,212
4,875
5,443
5,588
6,323
6,631
7,143
7,089

746
1,122
1,356
1,445
1,532
1,821
1,934
2,094
2,127

1,612
2,076
2,353
2,713
2,680
3,006
3,096
3,342
3,249

845
1 014
: ,166
,285
,376
,496
,601
,707
,713

1953—January
February
March
April
May
June
July
August
September
October
November
December

25,674
25,504
25,946
26,455
27,056
27,411
27,581
27,810
27,979
28,166
28,252
28,896

18,851
18,982
19,391
19,767
20,213
20,635
21,004
21,218
21,347
21,486
21,586
21,807

8,273
8,480
8,799
9,111
9,432
9,692
9,973
10,136
10,232
10,337
10,358
10,289

5,288
5,208
5,217
5,217
5,272
5,333
5,351
5,362
5,352
5,366
5,406
5,605

,403
L.404
1,416
1,435
1,462
1,493
1,516
1,534
1,562
1,585
1,604
1,606

3,887
3,890
3,959
4,004
4,047
4,117
4,164
4,186
4,201
4,198
4,218
4,307

6,823
6,522
6,555
6,688
6,843
6,776
6,577
6,592
6,632
6,680
6,666
7,089

2,143
2,118
2,211
2,246
2,294
2,197
2,079
2,131
2,130
2,131
2,100
2,127

2,975
2,678
2,613
2,682
2,763
2,781
2,705
2,668
2,716
2,811
2,840
3,249

,705
,726
,731
,760
,786
L.798
L.793
L.793
L.786
1,738
1,726
1,713

1954—January

28,125

21,444

10,084

5,495

1,587

4,278

6,681

2,083

2,893

1,705

1
Includes all consumer instalment credit extended for the purpose of purchasing automobiles and other consumer goods and secured by the
items purchased, whether held by retail outlets or financial institutions. Includes credit on purchases by individuals of automobiles or other
consumer goods that may be used in part for business.
2
Includes only repair and modernization loans held by financial institutions; such loans held by retail outlets are included in "other consumer
goods paper."
NOTE.—Monthly figures for the period December 1939 through 1951 and a general description of the series are shown on pp. 336-354 of the
BULLETIN for April 1953. Revised monthly figures for 1952 are shown on p. 1214 of the BULLETIN for November 1953. A detailed description
of the methods used to derive the estimates may be obtained from Division of Research and Statistics.

INSTALMENT CREDIT, BY HOLDER
[Estimated amounts outstanding, in millions of dollars]
Financial institutions
Total
instalment
credit

Total

4,503
5,514
6,085
3,166

1945
1946 . . •
1947
1948
1949
1950
1951
1952
1953

End of year
or month

Retail outlets
Department
stores i

Furniture
stores

Household
appliance
stores

Automobile
dealersJ

1,438
1,596
1,605
990

354
394
320
181

439
474
496
331

183
196
206
111

123
167
188
53

339
365
395
314

629
840
1,040
1,239
1,420
1,647
1,902
2,216
2,467

686
937
1,440
,876
,269
2,670
2,760
3,274
3,273

131
209
379
470
595
743
920
1,117
1,068

240
319
474
604
724
791
760
866
866

17
38
79
127
168
239
207
244
276

28
47
101
159
239
284
255
308
407

270
324
407
516
543
613
618
739
656

842
851
880
906
928
962
988
1,009
1,029
1,041
1,050
1,064

2,241
2,231
2,267
2,296
2,323
2,351
2,378
2,393
2,401
2,397
2,417
2,467

3,173
3,072
3,011
2,967
2,991
3,014
3,004
3,013
3,019
3,047
3,091
3,273

1,084
1,023
974
925
933
937
923
931
943
957
983
1,068

832
822
812
807
809
812
812
813
811
812
826
866

237
236
236
242
248
256
260
263
265
266
270
276

315
324
336
348
362
373
386
396
399
406
408
407

705
667
653
645
639
636
623
610
601
606
604
656

1,043

2,448

3,168

1,031

836

270

400

631

Commercial
banks

Sales
finance
companies

Credit
unions

3,065
3,918
4,480
2,176

1,079
1,452
1,726
862

1,197
1,575
1,797
588

132
171
198
128

657
720
759
598

2,462
4,172
6,695
8,968
11,516
14,490
14,837
18,684
21,807

1,776
3,235
5,255
7,092
9,247
11,820
12,077
15,410
18,534

745
1,567
2,625
3,529
4,439
5,798
5,771
7,524
8,856

300
677
1,355
1,990
2,950
3,785
3,769
4,833
6,147

102
151
235
334
438
590
635
837
1,064

1953—January..
February.
March....
April
May
June
July
August. . .
September
October. .
November
December.

18,851
18,982
19,391
19,767
20,213
20,635
21,004
21,218
21,347
21,486
21,586
21,807

15,678
15,910
16,380
16,800
17,222
17,621
18,000
18,205
18,328
18,439
18,495
18,534

7,665
7,797
8,059
8,286
8,491
8,675
8,818
8,879
8,893
8,908
8,881
8,856

4,930
5,031
5,174
5,312
5,480
5,633
5,816
5,924
6,005
6.093
6,147
6,147

1954—January..

21,444

18,276

8,723

6,062

1939
1940
1941
1942

Other

Total

Other

1
a

Includes mail-order houses.
Includes only automobile paper; other instalment credit held by automobile dealers is included with "other" retail outlets.

292




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

Retail
outlets
(charge
accounts)

Financial
institutions
(single-payment loans)
Commercial
banks

Other

DepartOther
ment
stores »

Service
credit

1939. .
1940
1941
1942

2,719
2,824
3,087
2,817

625

636
693
593

162
164
152
120

236
251
275
217

1,178
1,220
1,370
1,227

553
597
660

1945
1946
1947
1948
1949. .
1950
1951
1952
1953

3,203
4,212
4,875
5,443
5,588
6,323
6,631
7,143
7,089

674
1 ,008
,203
,261
,334
,576
,684
,844
,848

72
114
153
184
198
245
250
250
279

290
452
532
575
584
641
685
730
769

1,322
1,624
1,821
2,138
2,096
2,365
2,411
2,612
2,480

845
1 ,014
1 ,166
,285
,376
,496
,601
,707
L ,713

1953—January...
February..
March
April
May
June
July
August....
September.
October. . .
November.
December.

6,823
6,522
6,555
6,688
6,843
6,776
6,577
6,592
6,632
6,680
6,666
7,089

1,878
1,887
1,960
1,984
L ,985
1,922
1,830
1,870
1,857
1,867
1,798
L,848

265
231
251
262
309
275
249
261
273
264
302
279

587
504
492
487
498
492
457
453
500
524
578
769

2,388
2,174
2,121
2,195
2,265
2,289
2,248
2,215
2,216
2,287
2,262
2,480

L.7O5
1,726
L ,731
1,760
1,786
1,798
L ,793
1,793
L ,786
1,738
1,726
1,713

631

2,262

End of year
or month

Total
instalment
credit

Automobile
paper

Repair
and
modernization
loans

Personal
loans

Purchased

Direct

Other
consumer
goods
paper

178
276
338
134

166
232
309
153

135
165
161
124

363
440
471
302

110
242
437
568
715
834
888
1,137
J 301

312
546
747
839
913
) 037
1,122
1,374
1,498

1939
1940...
1941
1942

1,079
1,452
1,726
862

237
339
447
149

1945
1946
1947
1948
1949
1950
1951
1952
1953

745
1,567
2,625
3,529
4,439
5,798
5,771
7,524
8,856

66
169
352
575
849
1,177
1,135
1,633
2.135

114
143
311
299
539
550
753
794
946 1,016
1,294
1,311
,315
1,629
,751
J 884. .,038

1953—January...
February..
March....
April
May
June
July
August....
September.
October. . .
November.
December.

7,665
7,797
8,059
8,286
8,491
8,675
8,818
8,879
8,893
8,908
8,881
8,856

1,685
1,733
1,814
1,902
1,989
2,043
2,095
2,123
2,141
2,157
2,150
>,135

1,652
1,695
1,761
1,821
1,869
1,906
1,941
1,957
1,948
1,939
L,920
1,884

1,809
L ,835
1,909
:1,956
1,990
2,029
2,055
2,056
',036
2,032
',027
2,038

1,133
L.136
1,144
1,160
1,184
1,212
L,234
1,251
1,273
1,291
L,303
1,301

1,386
1,398
1,431
1,447
1,459
1,485
L.493
1,492
1,495
1,489
1,481
1,498

1954—January...

8,723

',079

,834

2,037

1 ,283

L.490

1 ,705

1954—January.. . 6,681
1

1 ,824

259

518

. .

INSTALMENT CREDIT HELD BY FINANCIAL INSTITUTIONS OTHER THAN COMMERCIAL BANKS AND SALES
FINANCE COMPANIES, BY TYPE OF CREDIT

Includes mail-order houses.
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]

1939
1940
1941
1942

Total
instalment
credit

Automobile
paper

1,197
1,575
1,797
588

End of year
or month

878
1,187
1,363
341

Other
consumer
goods
paper
115
136
167
78

Repair
and
modernization
loans
148
190
201
117

Personal
loans

56
62
66
52

1945
1946
1947
1948
1949
1950
1951
1952
1953

300
677
1,355
1,990
2,950
3,785
3,769
4,833
6,147

164
377
802
1,378
2,425
3,257
3,183
4,072
5,306

24
67
185
232
303
313
241
332
367

58
141
242
216
83
57
70
82
83

54
92
126
164
139
158
275
347
391

1953—January
February
March
April
May
June
July
August
September. . .
October
November. . .
December... .

4,930
5,031
5,174
5,312
5,480
5,633
5,816
5,924
6,005
6,093
6,147
6,147

4,159
4,260
4,402
4,536
4,694
4,836
5,007
5,108
5,186
5,272
5,321
5,306

337
339
342
345
351
356
367
374
375
372
368
367

81
80
79
80
78
76
75
72
74
76
79
83

353
352
351
351
357
365
367
370
370
373
379
391

1954—January

6,062

5,228

359

86

389

MARCH

1954




Other
consumer
goods
paper

Repair
and
modernization
loans

Total
instalment
credit

Automobile
paper

1939
1940
1941
1942

789
891
957
726

81
102
122
65

24
30
36
27

15
16
14
14

669
743
785
620

1945
1946
1947
1948
1949
1950
1951
1952
1953

731
991

1,275
1,573
1,858
2,237
2,537
3,053
3,531

54
77
130
189
240
330
358
457
557

20
34
69
99
137
182
209
279
334

14
22
39
59
89
115
132
187
222

643
858
1,037
1,226
1,392
1,610
1,838
2,130
2,418

1953—January
February
March
April
May
June
July
August
September. . .
October
November. . .
December....

3,083
3,082
3,147
3,202
3,251
3,313
3,366
3,402
3,430
3,438
3,467
3,531

462
468
486
504
518
534
544
552
558
563
559
557

284
286
291
297
302
307
311
315
321
321
328
334

189
188
193
195
200
205
207
211
215
218
222
222

148
140
177
206
2,231
2,267
2,304
2,324
2,336
2,336
2,358
2,418

1954—January

3,491

543

331

218

2,399

End of year
or month

Personal
loans

NOTE.—Institutions included are consumer finance companies (operating primarily under State small-loan laws), credit unions, industrial
loan companies, mutual savings banks, savings and loan associations,
and other lending institutions holding consumer instalment loans.

293

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

5,379
8,495
12,713
15,540
18,002
21,256
22,791
28,397
29,812

5,093
6,785
10,190
13,267
15,454
18,282
22,444
24,550
26,689

1,969
3,692
5,280
7,182
8,928
9,362
12,306
13,553

1,443
2,749
4,150
5,537
7,285
9,462
10,449
11,363

941

2,024
3,077
4,498
5,280
5,533
6,458
6,518
7,959
7,741

1,999
2,603
3,645
4,581
4,889
5,607
6,585
6,901
7,464

206
423

1,243
1,340

2,282
2,154
2,713
2,605
2,580
2,670
2,602
2,436
2,389
2,486
2,297
2,598

2,115
2,023
2,304
2,229
2 134
2,248
2,233
2,222
2,260
2,347
2,197
2,377

J . 050
,044
1,281
,258
1,218
,219
L ,226
1,126
1,089
1.121

876
837
962

580
507
657

620
587
648

946
897
959
945
963

648
658
687
622
619

947

953

1,016

1,869

2,232

750

955

1953—January
February,
March....
April
May
June
July....
August
September.
October
November.
December

2,595
2 585
2,713
2,546
2,485
2 458
2,498
2,358
2,409
2,393
2,441
2,331

2,095
2,173
2,276
2,232
2,184
2,195
2,183
2,273
2,252
2,249
2,294
2,283

1.174
,236
,248
,168
,142
,090
.117
1,044
1,102
1,117
1,080
1,035

1954—January

2,211

2,301

872

.
.

999

Personal
loans
Extended

Repaid

255
307

2,217
2,361

2,060
2,284

143
200

1,140

2,150
3,026
3,819
4,278
4,566
5,044
6,058
6,889
7,178

2,010
2,539
3,405
3,959
4,351
4,683
5,628
6,273
6,722

95
80
111

98
79
99

557
523
664

521
520
595

648
603
626
604
608

109
115
129
124
120

90
88
98
101
102

590
589
635
630
571

646

606

108

89

569

545
546
565
583
549
540
569
549

96

729

640

517

627

67

86

535

564

862

711

604

118

89

592

540

909
947

628
710

611
644

108
127

80
100

613
628

573
585

108
112

99
96

584
605

585
595

535
557

100
94

576
624
601

553
577
570

Extended

Repaid

704
702
721
826

391
577
677
707

853

769
927

UNADJUSTED

1953—January
February
March
April
May

June
July
August.. .
September
October .
November
December
1954—January

993
1,016

974

635
654

625
668

824

625

120
131

555
566

92
108

98

SEASONALLY ADJUSTED*

955
917

632
610

675
649

939
921

672
662

622
609

113
109

590
585

98
98

112
114

967
962

621
600

963

589
631
593

633
619
604

111
106
102

100
92
94

661

636

87

81

1,006
1,015
977

643
633

547
559
563
563

591

607

* Includes adjustment for differences in trading days,

RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE *

FURNITURE STORE STATISTICS
Percentage change
from preceding
month
Item
Jan.
1954
Net sales:
Total
Cash sales
Credit sales:
Instalment
Charge account

,
,

Dec.
1953

Nov.
1953

-43
-47

+25
+38

-43
-34

Accounts receivable, end
of month:
Total
Instalment
Charge accounts

-11

Inventories, end of
month, at retail value.

-2

n.a. Not available.

294




-6
-4

Percentage change
from corresponding
month of preceding
year
Tan.
1954

Dec.
1953

-14
-15

-15
-14

-6
-2

+20
+27

-4
-3

-18
-6

-20
-6

-9
-3

+5
+5

+2
+2
n.a.

+71
-

-2

-5

Year or month

Nov.
1953

-2
0

Instalment accounts

n.a.

0

+1
0

n.a
-1

+5
+2
-4

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

1953

1954—January

Department
stores 2

13
13
15
14
14
14
13
14
14
14
14
14
13

Charge
accounts

HouseFurni- hold ap- Departture 2 pliance
ment
stores
stores
stores

12
11
12
12
12
13
12
12
12
12
11
11

11
10
11
10
10
10
10
10
10
10
9
9

47
44
49
46
46
47
46
45
46
48
47
46
45

1
Collections during month as percentage of accounts outstanding at
beginning of month.
2
Data for 1953 have been revised and are not comparable with
collection ratios for earlier dates.

FEDERAL RESERVE BULLETIN

BUSINESS INDEXES
[The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation]
Construction
contracts
awarded (value) 2
1947-49=100

Industrial production
(physical volume)*1
(1947-49 = 100)

Employment and payrolls 8
1947-49=100

Manufactures

Year
or month

Total
Total

Durable

Nondurable

Minerals

Total

Residential

All
other

Nonagricultural
employment

Freight
carloadManufacturing
ings*
production workers 1947-49
= 100
Employment

Payrolls

AdAdAdAd- Unad- Unad- AdAdAdU n a d - AdAdAdAdjusted justed justed justed justed justed justed justed justed justed justed justed justed justed

Department
sales*
(retail
value) 4
1947-49
= 100

Adjusted

WholeConsale
sumer3 comprices modity
3
1947-49 prices
= 100 1947-49
= 100

Unadjusted

Unadjusted

1919 .
1920
1921
1922
1923
1924
1925

39
41
31
39
47
44
49

38
39
30
39
45
43
48

38
42
24
37
47
43
49

37
36
34
40
44
42
46

45
53
42
45
62
57
59

34
34
30
43
45
51
66

26
18
27
41
49
57
75

39
45
32
43
42
46
59

61.6
62.2
55.4
58.7
64.6
63.8
65.5

68.7
69.0
52.8
58.4
66.9
62.1
64.2

31.1
37.1
24.0
25.7
32.6
30.4
32.1

90
98
83
92
107
105
110

27
32
30
30
34
34
36

74 0
85.7
76 4
71.6
72 9
73.1
75 0

1926
1927
1928
1929
1930

51
51
53
59
49

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

67.9
68.2
68.3
71.3
67.0

65.5
64.1
64.2
68.3
59.5

33.0
32 4
32.8
35.0
28.3

115
111
112
115
99

37
37
37
38
35

75 6
74 2
73 3
73.3
71 4

65 0
62 0
62 9
61.9
56 1

1931 .
1932
1933
1934
1935

40
31
37
40
47

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

60.6
53.7
53.9
59.0
61.6

50.2
42.6
47.2
55.1
58.8

21.5
14.8
15.9
20.4
23.5

79
59
62
67
69

32
24
24
27
29

65 0
58 4
55 3
57.2
58 7

47 4
42 1
42 8
48.7
52 0

1936
1937
1938
1939
1940

56
61
48
58
67

55
60
46
57

49
55
35
49

63
71
62
68

30
32
35
39

22
25
27
37

35
36
40
40

66

63

61
64
57
66

76

44

43

44

66.2
70.6
66.4
69.6
73.6

63.9
70.1
59.6
66.2
71.2

27.2
32.6
25.3
29.9
34.0

81
84
67
76

33
35
32
35

83

37

59 3
61.4
60 3
59.4
59.9

52 5
56.1
51 1
50.1
51.1

1941
1942
1943
1944
1945

87
106
127
125
107

88

91

84

81

66

54

74

44

126
162
159
123

93
103
99
96

84
87
93
92

89
37
22
36

49
24
10
16

116
45
30
50

87.9 49.3
103.9 72.2
121.4 99.0
118.1 102.8
104.0 87.8

98

110
133
130
110

83.1
91.2
96.6
95.3
92.1

104
104
106
102

50
56
62
70

62 9
69 7
74 0
75 2
76.9

56 8
64 2
67 0
67 6
68.8

90
100
104
97
112

90
100
103
97
113

86
101
104
95
116

95
99
102
99
111

91
100
106
94
105

82
84
102
113
159

87
86
98
116
185

79
83
105
111
142

95.1
99.4
101.5
99.1
102.3

97.9 81.2
103.4 97.7
102.8 105.1
93.8 97.2
99.6 111.7

100
108
104
88
97

90
98
104
98
105

83 4
95 5
102.8
101.8
102.8

78 7
96 4
104.4
99 2
103.1

120
124
P134

P136

171
183
192

170
183
178

172
183
201

108.0
109.8
P112.5

106.2 129.6
105.5 135.3
P110.4 P149.2

101
95
96

109
110
112

111.0
113.5
114.4

114.8
111 6

207

193

217

109.9
110.8
111.3
111.8
112.0

104.7
106.8
107.8
109.2
110.0

105.7
109.0
109.6
110.2
110.8

134.2
143.3
145.7
146.3
150.9

112.1
112.4
112.5
112.5
112.8
113.2
113.2
112 8
112.6
112.6
111.8
111.1

110.6
111.2
112.0
112.4
112.6
112.7
112.4
111.0
109.8
108.4
106.7
105.2

110.1
111.0
111.8
111.2
110.8
111.5
110.5
112.0
111.8
110.2
107.7
106.0

1946
1947
1948
1949
1950

.

.. .

1951
1952
1953

121
125

128
136

P153

69

114
114

115
114

P118

P116

111

1952
August
September..
October
November..
December. .

101
97
101
99

108
115
111
115

113

114 3
114.1
114.2
114.3
114.1

112 2
111.8
111.1
110.7
109.6

101
98
99
97

111
112
115
110

180
183
176
177

243
262
255
229

148.4
149.3
151.9
150.0
149.9
150.8
148.9
151 6
150.9
149.3
145.6
144.0

98
97
93
98

117
115
113
112

96
95
92
88

107
110
113
112

113.9
113.4
113.6
113.7
114 0
114.5
114 7
115 0
115.2
115.4
115.0
114.9

109.9
109.6
110.0
109 4
109 8
109.5
110 9
110 6
111.0
110.2
109.8
110.1

185

202 110.7 104.1 103.7 138.9
nio.3 P102.7 P102.5 136.9

90
88

P108
«110

115.2

110.9
110.5

125

135

114

130
132
135
135

144
147
151
152

116
117
118
118

119
111
118
117

207
210
196
205

191
185
178
183

218
227
207
219

136
136
137
138

154
155
155
155

117
118
119
121

116
116
115
115

190
173
177
179

173
182
176
179

201
167
178
179

139
138
139
138

156
154
157
157

123
121
121
119

117
119
120
119

161
169
172
205

164
174
175
184

159
166
170
220

152
151
146
'142

117
117
115
112

118
114
112
112

218
230
224
208

140
P137

112
P112

114
P114

195

123
129
130
133
133

123
131
134
134
131

134
134
135
136
137
136
137
136
133
132
129
'126

132
136
138
136
136
136
129
136
135
136
130
••124

134
134
131
'127

125
P123

124
P125

126
P125

95

1953
January....
February.. .
March
April .. .
Illay
June
July . . . .
August
September..
October
November. .
December. .
1954
January....
February...

r
• Estimated.
P Preliminary.
Revised.
* Average per working day.
1
Revised index; for description see BULLETIN for December 1953.
2
Three-month moving average, based on F. W. Dodge Corporation data. A description of the index may be obtained from the Division
of Research and Statistics. For monthly data (dollar value) by groups, see p. 303.
3
The unadjusted indexes of employment and payrolls, wholesale commodity prices, and consumer prices are compiled by or based on data of
the Bureau of Labor Statistics. Nonagricultural employment covers employees only and excludes personnel in the armed forces. The consumer
prices index is the revised series, reflecting beginning January 1953 the inclusion of some new series and revised weights. Prior to January 1953
indexes are based on the "interim adjusted" and "old" indexes converted to the base 1947-49 = 100.
4
For indexes by Federal Reserve districts and for other department store data, see pp. 305-309.
Back figures in BULLETIN.—For industrial production, December 1953, pp. 1324-1328; for department store sales, December 1951, pp. 14901515.

MARCH

1954




295

INDUSTRIAL PRODUCTION
[Federal Reserve indexes, 1947-49 average =100]

Industry

Annual
947-49
propor1951 1952
tion

1954

1953

Jan. Feb.

Mar. Apr.

May

June July Aug. Sept. Oct.

Nov

Dec.

Jan.

SEASONALLY ADJUSTED

126 P125

100.00

120

124

134

134

135

136

137

136

137

136

133

132

129

Manufactures—Total

90.02

121

125

136

136

137

138

139

138

139

138

••134

134

131

127 PI 26

Durable

45.17

128

136

154

155

155

155

156

154

157

157

152

151

146

142 PI 40

Industrial Production—Total
Manufactures—Total....

6.70

126

116

135

137

136

136

139

137

136

137

130

128

122

113 P110

28 52
5.73
13 68
9 04
4 64
7.54
Instruments and related p r o d u c t s . . . . 1.29

131

146

168

168

168

169

169

168

171

171

166

159

156 P!55

122
130
126
138
135

121
147
136
167
154

135
164
144
203
191

136
163
145
200
191

137
163
147
195
190

138
164
147
195
190

139
162
146
194
192

139
161
144
194
188

142
164
145
200
196

140
165
145
203
191

134
159
141
193
189

130
153
137
184
178

128

142

153

153

155

153

156

157

156

156

166
135
161
141
200
186
155

154

155

P184*
154 P149

Clay, glass, and lumber products
Stone, clay, and glass products
Lumber and products

5.91
2.82
3.09

121
131
113

118
125
111

126
129
122

128
133
124

127
135
121

127
134
120

127
135
119

124
134
114

127
135
119

121
132
115

118 P!20
129 P126
110 P115

Furniture and misc. manufactures
Furniture and fixtures
Miscellaneous manufactures

4.04
1 64
2 40

116

118

129

128

131

134

135

135

134

125 rl22 rl23
135 134 133
116 1 1 4 1 1 7
135 129 129

113
122

120
135

119
135

121
138

124
141

123
143

122
145

121
143

119
146

114
140

113
140

127
109

124 P121

111
120

Nondurable Manufactures— Total.. 44.85

114

114

117

118

119

121

123

121

121

119

117

117

11 87
6.32
5.55

106

105

107

108

110

113

115

113

111

106

102

102

107

103

106

109

113

111

108

104

100

98

95

108

103

108

105

110

112

116

117

115

114

109

104

"107

101

101 P100

3 20
1.47
1.73

105

107

117

118

119

116

131

Paper and printing
Paper and allied products
Printing and publishing

8 93
3 46
5.47

118
125

Chemical and petroleum products
Chemicals and allied products
Petroleum and coal products

9 34
6 84
2.50

11 51
Foods beverages and tobacco
Food and beverage manufactures.... 10.73
Tobacco manufactures
78
9 98
Minerals—Total

105
105
107
115

114

116

116

115

115

117

119

120

119

118

114

112

113 P 1 1 4

Mineral fuels
Coal
Anthracite
Bituminous coal
Crude oil and natural gas

8.35
2 68

114
94

113
83

112 P114
70
69

2.32
5.67

62
89

119
86

111
70

65
88

120
87

113
76

56
77

116
85

118
81

59
80

114
75

119
86

78
84

115
77

113
74

82
96

116
77

59
90

57
84

54
80

50
73

123

128

134

134

132

133

131

134

135

135

136

131 1 3 1

133 P 1 3 5

Metal, stone, and earth minerals

1.63

121

114

82

124

114 PIIO
101 P100
128

Primary metals
Metal fabricating
Fabricated metal products
Machinery
Nonelectrical machinery
Klectrical machinery

Textiles and apparel
Textile mill products
Apparel and allied products
Rubber and leather products

Rubber products
Leather and products

Metal mining
Stone and earth minerals

36

94
113

112

r

r

138

rll5
98

106
136

P124

P143
P131
P168

P105

P132

113 P112
95

P95

89

P90

119

120

122

113

116

111

105

105

103

104 P102

134

138

137

139

130

130

120

104

103

104

104

91

93

118

116

108

99

127

121

104

118

121

123

125

125

126

126

126

126

126 '126

120

125

130

133

134

134

134

134

120

121

121

121

133

135

119

120

99

97

125

122 P122

132

123

121

125

133

138

139

140

144

146

145

146

143

143

142

r

136

137

142

143

145

148

151

150

152

128

131

131

132

147

145

131

148

146

128

108
107
120

108
107
116

108
108
108

109
109
107

106
106
103

107
108
103

123
106
105
110

106
106
106

60
80

47
79

68
89

108
108
104

131

129

108 108
109 ••108
104 106

108
108
108

115

116

118

121

121

120

121

121

120

120

116

116

108

111

113

116

118

127

126

124

118

117

116

117

117

108

123

121

122

125

125

124

141

129

.81

123

P115
P91

132

132

132

93

121

116

128

121

r9l

119

122

126
146
133
172
182

123 1 2 4

r

103

P125

120 P 1 2 0

140 P139
145

P144

128 P126
103 P104
103 P104
112 P107

55
71

62
72

WITHOUT SEASONAL ADJUSTMENT

INDUSTRIAL PRODUCTIONTOTAL

100 00

120

124

132

136

138

136

136

136

129

136

135

136

130

124 P124

MANUFACTURES—TOTAL

90.02

121

125

135

139

140

139

138

138

130

137

136

138

132

125

P125

Durable Manufactures—Total

45.17

128

136

154

158

160

159

157

155

147

153

151

154

146

140

P140

6.70

126

137

142

.37

142
145
132
146
139

142
143
147
133
148
140

138
138
142
133
143
137

124
127
136
132
137
131

127
127
134
130
134
131

129
130
136
132
136
138

122
122
128
127
129
131

196
133
125

130
131
138
131
138
133

183
127
120

170
106
101

169
116
112

152
113
109

126
117
113

113
108
103

110
111
114
117
114
116

P112

139
145
133
146
139

143
145
149
135
150
143

141

129
131
123
131
128

116
115
115
107
117
112

179

166

133

141

137

139

Ferrous metals
Pig iron and steel
Pig iron
Steel
.. . .
Carbon steel
Alloy steel
Ferrous castings and forgings
Iron and steel castings
Steel forgings

5 03
3 51
3 05
2 62
.43
1.52
1.29
.23

153
127
124

144
114
109

140

143

189
125
118

192
136
128

194
136
128

164

181

179

142
144
130
146
139

191
136
129
176

134

105
101
98

115
113
115
115
115

123

r
P Preliminary.
Revised.
NOTE.—A number of groups and subgroups include individual series not published separately, and metal fabricating contains the ordnance
group in addition to the groups shown. Certain types of combat materiel are included in major group totals but not in individual indexes for
autos, farm machinery, and some other products, as discussed in the BULLETIN for December 1953, pp. 1269-1271.
For description and back figures, see BULLETIN for December 1953, pp. 1247-1293 and pp. 1298-1328, respectively.

296




FEDERAL RESERVE BULLETIN

INDUSTRIAL PRODUCTION—Continued
[Federal Reserve indexes, 1947-49 average = 100]
Annual
1947-49
proportion
1951 1952

Industry

1953

1954

Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan.

WITHOUT SEASONAL ADJUSTMENT
—Continued
Primary metals—Continued
1.67
Nonferrous metals
.38
Primary nonferrous metals
.09
Copper smelting .
.06
Copper refining
.04
Lead
.10
Zinc
.09
Aluminum
.13
Secondarv nonferrous metals
Nonferrous shapes and castings.. . . 1.16
.63
Copper mill shapes
.20
Aluminum mill shapes
.33
Nonferrous castings

116
114
107
102
92
109
140
120
116
108
128
124

119
123
106
99
100
112
156
114
119
113
140
115

132
131
101
106
105
112
177
115

132

145

144

146

28.52

131

146

169

172

175

173

5.73
Fabricated metal products
2.68
Structural metal parts
Stampings and misc. metal products. . 2.12
.30
Tin cans
.63
Furnaces, gas ranges, and heaters. .. .

122
122
128
120
98

121
121
121
122
89

134

136

138

136

137

141
101
86

142
104
91

13.68

130

147

167

170

Nonelectrical machinery
Farm and industrial machinery
Farm machinery
Industrial and commercial machinery
IV^achine tools and presses
Laundry and refrigeration appliances.

9.04
8.13
1.02

126
126
114

136
135
103

147

149

143
107

143
110

7.11

140
179
108

148
192

148
190

151
193

.69

128
144
124

142

163

186

163

Electrical machinery
Electrical apparatus and parts
Radio and television sets

4.64
3.23
.74

138
127
178

167
162
184

207
178
288

210
179
294

206
183
266

199
184
237

7.54
4.80
1.50

135
120
127
125
120
93
180
161
114
211
121
89
77

154
102
103
111
105
69
194
137
98
368
136
74
62

189
126
132
119
126
61
195
163
124
455
142
79
76

195
134
151
121
118
55
214
184
127
461
138
83
82

199
142
161
144
144
87
233
187
131
461
138
76
64

198
143
170
142
138
80
218
246
127
452
139
78
65

Metal Fabricating

Machinery

Transportation equipment
Autos, trucks, and parts
Autos
Trucks
Light trucks
M e d i u m trucks
Heavy trucks
Truck trailers
....
Auto and truck parts
Aircraft and parts
...

. . .

...
.

Railroad equipment
Railroad cars

.68

.66
.22
.19
.14
.07
2.58
1.30

.81
.53
.35

142
143
114
110
111
116
202
126

139
146
126
110
106
115
205
122

138
147
122
115
107
114
207
133

139
143
115
116
96
113
207
118

115
143
109
120
89
111
215
101
107
85
174
109

128
141
105
107
84
115
217
110
125
112
169
124

126
147
111
116
97
115
222
107

128
147
114
124
99
115
213

121
146
109
121
120
107
215

121
108

123
110

114
103

163

158 "136

138

139
144
108
129
84
116
212
121
139
128
183
135

135
128

143
131

138
119

136
113

160

178

190

195

139
125

122

127

121

114

170

168

161

166

164

167

15«

155

P!55

139

139

"130

126

139

139

135

136

134

144
120
102

133
182
106

"133
139
113

130
124
"82

134
132

P122
P127

145
114
99

140
137
136
199
108

"137

145
105
92

135
135
137
160
83

137

139

139
140
143
134
86

172

167

163

159

148

157

158

161

"154

154

150

148

137
136
93

135

137

P133

142
105

138
137
98

138

144
109

146
142
102

137

146
112

135
86

135 "133
79
73

134
74

P76

149
192

148
191

143
184
101

142
183
96

142 143
187 "188

148

148
189
137

107

192
182
208

184
182
180

168
176
136

197
178
242

200
179
249

194
137
162
124
107
53
201
285
125
452
136
76
66

193
136
166
106
76
37
198
270
126
452
135
74
62

190
131
161
118
113
57
175
247
116
461
133
62
58

189
126
153
127
118
62
186
282
110
473
130
66
56

182 189 "173
114 122 103
134 151 107
115 106
95
114 106
85
54
50
47
151 146 134
275 232 229
102 109 102
480 "481 "456
127 125 123
64
83
67
55
83
61

186

108
146
109
121
108
108
21?

104
110
108

96
78

126

63
149 P 1 4 6

142
187

143
188

116

102

113

205
178
276

"191
"176
230

172
175
157

P172

173

174 P 1 8 3
101
107 135
98 P120
100
56
150
149
99
470
125
54 P 6 0
41
49

1.29

128

142

153

153

157

155

156

157

151

153

155

156

"156

155 P 1 4 9

Clay, Glass, and Lumber Products 5.91

121

118

117

124

127

130

128

129

122

129

127

129

rl21

112 P112

2.82
Stone, clay, and glass products
1.09
Glass and pottery products
.60
Flat glass and vitreous products. . .
.47
Flat and other glass
.26
Glass containers

125
114
122
124
112
94
124
112
108
116
155
131

125
120
134
139

129
125
136
141

132
128
139
143

134
126
138
142

135
125
137
139

128 P 1 2 2
115
136
140 P 1 3 7

123
107
119
106
97

122
99
132
111
108

126
93
137
110
108

121
84
144
116
118

127
93
145
116
116

114
86
137
112
109

102
76
119
106
97

113
149
137

113
153
139

114
155
142

114
162
142

114
164
143

137
123
134
135
132
86
143
114
114
117
175
143

134
122
139
143

114
110
113
103
90

132
113
128
128
122
65
142
114
113
117
172
141

139
'128
"141
145

107
100
111
100
84

136
123
135
137
129
86
138
117
119
118
168
142

136
122
136
139

.20
.48
.58

131
120
130
131
113
103
123
122
121
123
151
143

115
169
145

118
"170
146

116
"163
144

L u m b e r and products
Lumber
Millwork and plywood
Millwork
Softwood plywood

3.09
2.05
.60
.39
.12
.29

113
107
136
116
159
105

111
105
138
118
167
99

110

119

122

126

122

112
172
143
218
103

120
164
125
226
103

114
159
124
215
103

112
109
128
98
174
101

122 rl2l rl23 "114
123 118 120 110
135 "131 "134 120
115 117 116 101
164
98
94 "96
94

P104

110
170
142
211
102

122
117
152
109
222
104

99

101
153
136
177
101

93
115
87

98

94

P90

Furniture and Misc. Manufactures

4.04

116

118

128

131

133

132

130

131

125

132

132

127 P120

Furniture and fixtures
Household furniture .
Fixtures and office furniture

1.64
1.10
.54

111
109
114

113
113
112

121

122

123

121

118

126

127

123

119

117

116

116

118

115

117
117
117

113
112
114

116
116
117

115

123

118

"117

2.40

120

122

132

136

140

140

139

140

133

143

144

148

145

138 P 1 3 0

Instruments and related products..

Cement
Structural clav oroducts
Brick
Clay firebrick, pipe, and tile
Concrete and plaster products
Misc. stone and earth manufactures..

.. .

.23
.32
.35
.12

135
116

114 "116

rl33

115
104

114 P104
158 P140
146 P139

114

112

114

111 P103

"115

118 P112

p Preliminary.
" Revised.
For other footnote see preceding page.

MARCH

1954




297

INDUSTRIAL PRODUCTION—Continued
[Federal Reserve indexes, 1947-49 average = 100]

Industry

1947-49
Annual
propor1951 1952
tion

1954

1953
Jan. Feb.

Mar. Apr. May

June July Aug. Sept. Oct.

Nov. Dec. Jan.

WITHOUT SEASONAL ADJUSTMENT
—Continued
110 Pill

44.85

114

114

115

119

121

118

119

121

113

121

122

'122

118

11.87

106

105

108

117

116

108

HI

114

97

HI

104

103

98

93

6.32
3.72
2.30
.97
.45
.97
.16
.75
1.15
.65
.45
.20
.50
.48
.31

107
112
114
122
100
97
99
97
110
113
119
98
106
90
78

103
105
104
112
102
85
96
83
115
116
121
105
113
95
80

104
106
106
111
100
79
90
78
119
120
124
110
117
109
100

112
114
113
116
119
83
98
80
125
128
134
116
120
118
110

113
117
114
120
124
82
99
79
123
122
128
108
124
117
110

109
111
107
125
106
'80
93
123
123
130
105
124
114
106

112
115
110
129
112
'87
103
'83
123
121
128
103
125
100
87

111
114
110
130
108
'87
110
'87
117
111
116
100
125
98
82

93
95
87
124
74
'78
90
'75
102
88
89
87
121
67
45

107
110
107
119
100
'82
102
'77
118
114
117
105
125
94
80

102
105
104
109
100
'73
93
'68
116
115
119
104
117
97
83

100
101
103
102
87
'74
82
'73
115
114
118
104
116
101
89

96
102
101
105
96
'64
'68
'63
108
109
114
98
108
88
69

87
90
89
95
83
'59
59
60
98
94
97
87
'102
'90
72

Women's outerwear
Women's suits and coats
Misc. apparel and allied mfrs

5.55
1.78
.73
.50
.13
.99
1.85
.76
1.92

105
103
88
84
86
104
106
120
108

108
105
87
83
83
114
108
123
111

113
110
92
94
65
121
115
147
114

123
128
107
109
69
142
123
160
118

120
134
109
112
71
151
106
109
119

107
123
100
98
85
138
86
53
112

110
128
110
102
114
141
94
67
110

117
124
109
98
125
133
119
142
110

102
83
63
57
74
94
116
150
107

115
117
107
94
133
122
116
156
112

106
113
94
83
115
125
98
115
108

'107
105
90
83
94
114
100
123
114

100
104
88
'86
71
113
87
95
'110

Rubber and Leather Products

3.20

105

107

117

125

125

121

118

113

101

112

107

111

103

Rubber products
Tires and tubes
Auto tires
Truck and bus tires
I^Iiscellaneous rubber products

1.47
.70
.40
.30
.77

119
115
94
144
123

116
115
106
128
117

132 140
122
114
132
142

135
128
145
144

143
138
136
142
148

140
135
134
137
145

137
132
134
130
142

131
123
125
121
138

114
109
117
97
119

122
106
112
99
137

122
103
104
102

127
108
109
106

120
101
99
103

Leather and products
Leather
Cattlehide leathers
Skin leathers
Shoes and slippers
Miscellaneous leather products

1.73
.44
.29
.15
.90
.39

94
84
87
77
97
99

99
87
87
86
104
101

104
94
97
89
110
103

112
100
100
98
120
108

110
94
92
96
118
109

104
96
97
94
109
104

102
101
101
100
106
95

97
93
91
97
99
98

91
80
79
81
93
98

103
93
94
90
109
102

94
85
86
83
97
96

97
91
94
87
97
'101

'89
87
91
79
85
99

88
81
86
72
88
94

Paper and Printing

8.93

118

118

119

124

128

128

126

125

116

123

127

132

129

121

Paper and allied products
Pulp and paper
W o o d pulp
Paper and b o a r d . . . .
...
Printing paper
Fine paper
Coarse paper
.
....
^iiscellaneous paper
.
Pa perboard
Building paper and board
Converted paper products
Shipping containers
Sanitary paper products

3.46
1.76
.51
1.25
.22
.14
.20
.18
.41
.10
1.70
.51
.11

125
126
132
123
115
123
125
130
126
115
125
124
131

120
120
132
116
111
117
112
123
117
112
120
120
126

125
127
141
121
118
109
117
129
130
105
123
120
137

133
131
142
127
121
118
120
131
136
117
136
136
141

136
132
144
127
120
118
120
130
138
119
141
143
141

136
134
146
129
122
122
120
132
138
128
139
138
146

132
131
144
126
119
122
120
126
135
126
132
133
131

134
133
146
128
119
118
117
129
140
132
136
137
132

120
117
130
112
108
96
104
118
118
116
124
122
131

135
133
146
127
121
118
118
127
141
121
137
138
134

135
130
141
126
118
118
118
128
137
122
140
141
139

140
138
151
132
124
121
127
136
143
123
143
140
151

135
133
147
127
120
120
124
131
137
108
136
135
139

119 P125
117
128
113
112
109
113
124
115
92
121
118
132

Printing and publishing
Newsprint consumption
Job printing and periodicals

5.47
1.85
3.62

113
115
113

116
115
117

116
106
121

118
115
120

123
125
122

123
127
120

122
127
120

120
118
121

114
102
119

116
106
121

122
119
123

'126
129
'125

126
131
'123

'122 P117
117
125 P121

Chemical and Petroleum Products.

9.34

132

133

140

142

143

144

143

142

139

141

142

145

'144

141 P141

Chemicals and allied products
Industrial chemicals
Basic inorganic chemicals
Industrial organic chemicals
Plastics materials
Synthetic rubber
Synthetic fibers ..
Miscellaneous organic chemicals..
Vegetable and animal oils.
Vegetable oils
Grease and tallow
Soap and allied products
Paints
Fertilizers

6.84
2.54
.57
1.97
.24
.11
.59
1.03
.64
.48
.16
.71
.66
.23

136
146
135
149
163
184
148
143
112
112
111
107
108
112

137
140
137
141
157
175
141
133
112
110
119
110
112
122

144
149
149
149
178
179
156
135
134
134
137
112
116
119

147
150
153
149
190
191
149
135
131
127
143
126
116
139

149
154
152
155
200
210
157
138
119
115
130
121
118
168

150
159
154
161
199
221
170
140
112
105
135
112
119
177

148
159
152
161
191
220
168
143
104
93
136
112
122
139

146
161
149
164
194
214
174
146
95
83
131
100
121
112

141
157
146
160
163
205
171
148
84
70
124
76
122
101

143
157
147
160
175
176
167
150
94
83
125
97
119
104

145
151
138
154
181
162
148
150
109
106
120
116
118
112

Nondurable Manufactures—Total...
Textiles and Apparel
Textile mill products
Cotton and synthetic fabrics
Cotton consumption
Synthetic fabrics
Fabric finishing
Wool textiles
Wool apparel yarns
Wool fabrics. ..
Knit goods
Hosiery
Full-fashioned hosiery
Seamless hosiery.
Knit garments
Floor coverings
W o v e n carpets
Apparel and allied products
Men's outerwear
Men's suits and coats
lien's suits
Men's outercoats

P Preliminary.
' Revised.
NOTE.—A number of groups and subgroups include individual series not published separately.
TIN for December 1953, pp. 1247-1293 and pp. 1298-1328, respectively.

298




151 '150
149
151
153
153
150
148
179 '173
147
152
143
135
'148 150
140 141
144 141
129 140
134
128
117
117
'108 100

P96

P91
100
94

104
113
120
96
P93

98 P102
87
78
81
46
90
101
126
107 P99
99

P103

111 P117
93
96
89
92
99
102

,9!
P99
P87
P120

146
146
145
165
153
124
150 P146
135
137
127
117
116 P114
104 P115

For description and back figures, see BULLE-

FEDERAL RESERVE BULLETIN

INDUSTRIAL PRODUCTION—Continued
[Federal Reserve indexes, 1947-49 average = 100]
1947-49
Annual
proportion
1951 1952

Industry

1953
Jan.

Feb.

Mar. Apr. May June

July Aug. Sept. Oct

Nov. Dec. Jan.

WITHOUT SEASONAL ADJUSTMENT

—Continued
Petroleum and coal products
Petroleum refining
Gasoline
Automotive gasoline
Aviation gasoline
Fuel oil
Distillate fuel oil
Residual fuel oil
Kerosene
Lubricating oil
Coke
Asphalt roofing and siding
Foods, Beverages,

125
126
123
174
123
138
105
122
124
112
103

123
128
132
128
194
128
151
102
119
112
97
102

129
136
140
136
204
136
162
107
142
100
113
66

128
134
141
136
223
134
160
104
132
95
113
72

127
132
137
133
216
132
158
103
118
103
114
80

127
131
137
132
227
127
151
100
118
105
113
108

129
132
140
135
235
125
148
98
107
109
114
118

131
136
145
140
241
130
155
101
107
106
114
109

132
137
149
144
234
128
153
100
105
103
113
111

135
138
150
144
243
128
152
100
105
110
112
139

133
136
147
141
247
128
153
98
108
112
111
123

131
135
143
138
220
128
155
97
116
111
110
121

131
137
147
143
211
130
155
100
116
112
107
90

128
137
146
141
228
129
153
102
124
109
102
53

11.51

105

106

98

98

100

100

103

108

111

118

123

120

111

98

10.73
8.49
1.48
.46
.83
.69
.14
.07
.19
.28
1.13
1.16
.46
.70
1.64
.27
.11
.13
71
1. 41
2.24
.54
1.70
1.02
.17
.37

105
105
110
92
117
96
91
100
91
98
121
104
84
117
101
100
102
101
102
97
105
107
104
100
120
107

105
106
114
100
119
98
92
103
91
102
117
108
84
124
101
104
109
94
102
100
102
116
98
102
54
99

98
102
134
117
139
81
94
88
73
74
82
108
86
122
98
68
106
30
110
95
84

97
99
118
119
114
89
102
96
78
86
79
102
81
116
99
55
105
8
110
98
91

99
99
117
120
112
100
111
107
91
95
75
102
81
116
100
67
128
8
101
99
99

99
98
111
127
98
112
122
124
111
100
80
99
75
114
98
67
105
30
98
97
105

102
101
103
126
87
136
145
151
137
121
90
104
81
120
100
57
116
1
89
101
110

108
105
105
128
89
146
143
159
140
144
103
110
78
131
103
80
123
39
74
107
119

112
110
98
127
79
132
120
130
110
149
162
108
78
128
102
73
129
20
64
109
121

118
118
102
132
82
118
111
116
94
135
209
109
83
126
101
75
124
27
92
108
118

124
127
111
139
92
99
88
102
72
118
233
111
84
128
102
106
121
89
135
113
113

120
••121
123
144
107
85
82
89
67
94
'154
111
90
125
'11
•0
250
105
370
135
110
116

111
'114
135
139
128
'80
86
86
68
80
rlO6
103
82
117
99
277
97
429
128
106
99

98
102
125
134
116
81
94
93
74
73
88
101
76
117
97
177
96
242
88
101
84

82
87
45
80

90
46
97

100
103
54
110

102
109
53
105

102
106
55
110

107
117
51
104

107
127
41
90

108
129
33
92

108
111
67
115

118
100
122
148

100
79
88
146

80
76
65
89

107
110
101

110
114
105

104
109
101

117
119
122

113
119
109

104
107
106

107
109
112

110
114
108

94
99

117
123
110

111
115
110

116
118
120

111
110
122

92
96
90

9.98

...

Food and beverage manufactures.
Food manufactures
Meat products
Beef
Pork
Dairy products
Butter
Natural cheese
Concentrated milk
Ice cream
Canned and frozen foods
Grain-mill products
Wheat flour
Cereals and feeds
Bakery products
Sugar
Cane sugar
Beet sugar
Confectionery
Miscellaneous food preparations . .
Beverages
Bottled soft drinks
Alcoholic beverages
Beer and ale
Liquor distilling
Liquor bottling

122

.78
.46
.17

and Tobacco.

2.50
1.97
1.04
.98
.06
.56
.30
.26
.10
.17
.26
.15

115

114

113

113

111

115

118

120

Tobacco manufactures
Cigarettes
Cigars

P127

v96
P95

126*
141
114
86
110
100
78
72

P95

88

MINERALS—TOTAL

122

122

118

•113

111

Pill

119

119

116

113

113

P115

84
60
88

84
66
87

76
55
79

71
51
74

74
62
75

134
130
126
152
154
157

69
54
71
135
130
127
154
154
163

85
56
90
135
131
126
156
158
160

136
130
126
150
160
167

131
126
120
164
159
158

131
rl28
120

133
127
120

P135

162
147

166
'163

132

136

134

137

135

127

110

99

P91

119
131
111
118
95
100

139
184
109
120
89
93

142
201
102
109
87
90

138
199
98
109
78
79

140
199
100
112
80
80

139
198
100
112
81
76

122
155
100
114
79
72

95
85
•11
•0
116
78
74

75
40
99
110
74
71

P72

123

125

130

130

133

131

132

125

123

117

Mineral Fuels

8.35

114

113

117

115

113

114

115

117

Coal
Anthracite
Bituminous coal
Crude oil and natural gas
Oil and gas extraction
Crude oil
Natural gas
Natural gas liquids
Oil and gas well drilling

2.68
.36
2.32
5.67
4.82
4.12
.34
.36
.85

94

82
96

83
78
84

81
60
84

77
59
80

74
52
77

74
45
79

81
66
84

81
65
83

123
121
118
148
136
133

128
125
120
159
145
144

134
132
126
180
158
147

134
132
126
187
156
140

132
131
125
172
155
140

133
129
124
164
155
157

131
127
122
152
151
154

1.63

121

115

95

98

102

121

Metal mining
Iron ore
Nonferrous metal mining
Copper mining
Lead mining
Zinc mining

.82
.33
.49
.24
.09
.06

116
124
111
114
99
109

108
104
110
114
97
107

43
105
111
90
101

85
45
111
116
97
104

88
53
112
120
94
101

Stone and earth minerals

.81

127

123

110

112

116

114

Metal, Stone, and Earth

Minerals

P121

P174

72

P Preliminary.
' Revised.
For other footnote see preceding page.

MARCH 1954




299

OUTPUT OF MAJOR CONSUMER DURABLE GOODS
(Adjusted for Seasonal Variation)
[Federal Reserve index numbers, 1947-49 average =-100]
1954

1953
Product group
Nov.

Dec.

Jan.

132

121

115

P121

142

0)
0)

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

148

146

148

144

142

144

138

131

146

151

159

155

158

159

149

139

149

150

131
07

125

128

127

122

121

10d.
122
126
273

141
1m

135

1CW

122
108
204

117
100
217

112
94
221

110
93
217

Jan.
141

134

Total
Household goods, total
Furniture
Mai or aoDliances

Feb.

121
123
279

123
125
226

QO

126
121
201

126
122
182

/i\

123
109
182

(1)

f1)

0)

p Preliminary.
1
Publication has been discontinued pending a general revision of the major consumer durable goods index.
PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES
[Unadjusted, estimates of Bureau of Labor Statistics; adjusted, Federal Reserve. In thousands of persons]
1953

1954

Industry group or industry
Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

ADJUSTED FOR SEASONAL
VARIATION
13 ,757 13,857 13 ,906 13 ,930 13 ,943 13 ,904 13 ,733 13, 577 13 ,409
Total
8,175 8 ,218 8 ,220 8 ,228 8 ,202 8 ,099 7 , 998 7 ,891
8 ,089
Durable ftoods . .
1S9
16?
ISO
1S6
1S8
14?
147
1S8
1S9
Ordnance and accessories...
712
713
694
698
718
724
699
695
704
Lumber and wood products
325
330
306
313
320
Furniture and fixtures
455
462
461
459
463
461
465
463
461
Stone, clay, and glass products..
1 ,136
1,139 1 ,144 1 ,149 1 ,149 1 ,151 1 ,134 1, 117 1 ,094
Primary metal industries.
933
9?4
947
943
967
9S7
966
944
960
Fabricated metal products
1 ,316
1,322 1 ,314 1 ,300 1 ,294 1 ,277 1 ,247 1, 234 1 ,225
Machinery except electrical
9?6
9?8
970
913
907
916
974
896
Klectrical machinery
1 ,543
1,574 1 ,576 1 ,556 1 ,548 1 ,533 1 ,521 1, 493 1 .479
Transportation equipment
Instruments and related prod740
743
74S
748
744
741
740
243
741
404
413
422
398
426
432
431
413
429
Misc. manufacturing industries..
,668 5,682 5 ,688 5 ,710 5 ,715 5 ,702 5 ,634 5 , 579 5 ,518
5
Nondurable goods
1 ,144 1,138 1 ,132 1 ,138 1 ,124
1 ,121 1 ,103 1, 110 1 ,108
Food and kindred products....
96
97
95
98
97
98
94
97
1 ,117 1,123 1 ,119 1 ,123 1 ,122
1 ,128 1 ,119 1, 108 1 ,076
Textile-mill products
Apparel and other finished tex1 ,104 1,106 1 ,103 1 ,111 1
1
1 ,093 1 ,OSS 1 ,053
tiles
. .
440
43 S
437
4S1
44?
448
4S?
4S6
4S?
Paper and allied products
Printing, publishing and allied
S09
S01
SO?
SO?
S01
502
497
508
504
industries
. . .
526
511
518
512
528
529
526
503
521
Chemicals and allied products...
190
188
189
189
188
188
185
186
187
Products of petroleum and coal.
221
222
222
220
207
216
Rubber products
359
357
354
358
349
358
336
332
342
Leather and leather products. . .

,194 ' 1 3 ,015 1? ,879 1? ,70?
,587 7 ,483 7 ,349
'150
153
146
131
'681
'653
633
633
'300
'295
291
285
454
'442
430
423
1 ,032
1 ,012
' 1 ,071 ' 1 ,050
902
'866
871
856
1 ,194
1 ,186
' 1 ,211 ' 1 ,196
872
822
'839
806
1 ,437
1 ,395
' 1 ,423 ' t ,460
' 7 ,712

'404
'5 ,482
,113
96
r l ,044

'398
'5 ,428
'1 ,100
'103
'1 ,021

235
392
5 ,396
1 ,099
99
995

232
390
5 ,353
1 ,106
93
986

060
446

'1 055
'439

1 053
439

\ 035
436

'505
'498
184
200
336

'504
'491
'182
198
'335

495
182
197
334

503

499

489
182
195
332

WITHOUT SEASONAL ADJUSTMENT
13 ,733 13,831 13 ,758 13 ,699 13 ,787 13 ,666 13
13, 83?
Total
8,211 8 ,215 8 ,179 8 ,190 8 ,056 8 ,054 8 , 016
8 ,115
Durable goods
147
150
162
156
142
158
159
159
Ordnance and A ccessories
688
677
701
713
718
731
713
Lumber and Wood Products
722
404
422
408
416
432
426
479
Sawmills and planing mills..
473
329
333
332
315
322
317
315
315
Furniture
and Fixtures
....
Household furniture
242
247
246
228
237
232
228
228
Stone, Clay, and Glass Products..
462
459
453
456
461
465
465
463
1,145 1 ,144 / ,138 1 ,143 1 ,134 1 ,128 1, 117
1 ,142
Primary Metal Industries
Blast furnaces, steel works
564
563
56?
56?
S67
S71
S7?
S61
952
952
956
942
952
938
946
Fabricated Metal Products . .
944
1,335 1 ,321 1 ,307 1 ,300 1 ,264 1 ,235 1 228
1 ,323
Machinery except Electrical
228
227
227
227
228
222
224
221
Metalworking machinery...
926
925
919
911
916
892
Electrical Machinery ...
913
905
Electrical apparatus (gen787
788
?88
285
781
783
281
415
399
407
418
418
388
410
405
Communication equipment.
1 ,543
1,574 1 ,576 1 ,556 1 ,548 1 ,533 1 ,521 1 493
Transportation Equipment
Motor vehicles and equip798
831
816
803
821
796
77S
ment
738
533
537
535
538
S4S
542
Aircraft and parts
537
sss
244
244
244
Instruments and Related Products.
241
245
241
239
241
413
410
404
Misc. Manufacturing Industries..
411
415
403
420
428

,6?7

,317

7 ,941

' 7 ,767

158
705
419
312
226
463
1 ,099

153
'688
407
'308
'223
456
n ,076

555
929
1 ,219
223
905

'542
907
,205
222
885

'534
'879
'1 ,202
'220
'856

522
880
1 ,194
219
830

278

'27'4

274

267

407
1 ,479

394

368

,423

,460

356
1 ,437

703
'528
242
'424

'726
'54 S
240
'4C6

732
551

241
432

,107 1? ,821 1? ,677
7 ,493
7 ,371
146
'150
131
620
'650
617
370
'388
'301
295
291
'216
210
421
'446
426
1 ,037
'1 ,061
1 ,017
' 7 ,651

865
1 ,192

814

1 ,395

691
560

236
392

233
396

For footnotes see following page.

300




FEDERAL RESERVE BULLETIN

PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES—Continued
[Unadjusted, estimates of Bureau of Labor Statistics; adjusted, Federal Reserve.

In thousands of persons]
1954

1953
Industry group or industry
Feb.

Food and Kindred Products
Meat products
Canning and p r e s e r v i n g . . . .
Bakerv Droducts
Tobacco M.anufactures
.
Textile-mill Products
Broad-woven fabric mills...
Knitting mills
Apparel and Other Finished Textiles
Men's and boys' furnishings.
Women's and misses' outerwear
Paper and Allied Products
Pulp, paper and paperboard
mills
Printing, Publishing and Allied
Industries
Newspapers
Commercial printing
Chemicals and Allied Products...
Industrial organic chemicals.
Products of Petroleum and Coal..
Petroleum refining
Rubber Products
Leather and Leather Products
Footwear (except rubber)...

Mar.

Apr.

June

May

July

Aug.

5 ,797
1 ,264

Oct.

Sept.

5 ,543
1 ,027

5,520
1,051

r , rro

146
181
85
1,117

494

494

497

490

486

484

235

233

232

232

226

231

229

1,137
284

l ,139
?89

l ,086

1,061
288

1 ,072

1,053
277

l ,/0P

1 ,0<?7
?90

360
437

356
439

318
440

298
440

309
446

314

335
450

5,618
1,033
241
129
180
94
1,134

5 ,620
1 ,025
?38
123
180
87

502

499

232

?33
134
179
85

r

5 ,597
/ ,097
?37
165
184
85
1 , 1??

?88

5,610
1,184
240
244
184

240
316
182
/07
r, to?

1,094

442

5 ,816
/
342
183
1 ,007

Nov.

Dec.

Jan.

Feb.

5,686 '5,550 '5,456
1,202
'1,068
249
'258
232
'136
'168
183
'181
'177
111
103
rlO6
1,076 rl 054 r1,036

5 ,328
1 ,0/5
244
121
174
99
r 005

475

467

459

448

224

'217

'211
'7,07/

I ,053
265

90
1 001

203

1,090 r1,071
288
282

5,306
1,001

454

317
452

1,066

'335
r446

450

337
441

438

r512
150
163
'50/
'185

'316

*0?

499

225
497

499

498

499

50?

496

400

too

513

144
159
519
189
186
144
219
364
238

146
159
526
190
186
144
221
363
238

146
158
526
191
188
144
221
355
232

148
158
517
192
188
143
220
344
226

148
159
513
195
/P0
145

146
157
508
195
190
145
213
344
224

146
156
511
196

149
159
515
193

150
161

146
214
351
228

144

351
231

190
186
143
209
335
214

341
221

'149
'160
r508
'187
184
142
204
334
216

'141
202
r333
'220

146
161
500
182
180
140
199
334
225

496
180

196
339

' Revised.
NOTE.—Covers production and related workers only; data shown include all full- and part-time production and related workers who worked
during, or received pay for, the pay period ending nearest the 15th of the month. Figures for February 1954 are preliminary. Back data and
data for industries not shown, without seasonal adjustment, may be obtained from the Bureau of Labor Statistics. Seasonally adjusted data
beginning January 1939, for groups and the total, may be obtained from the Division of Research and Statistics.

HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES
[Compiled by Bureau of Labor Statistics]
Average weekly earnings
(dollars per week)
Industry group

1953

1954

1953

Average hours worked
(per week)

1954
Jan.

Dec.

Jan.

Feb.

Feb.

Dec.

71.17

71. ?6

70.92

70.71

40.9

40.2

77.15

77.52

76.40

76.00

41.7

40.8

'78.94
'64.08
'63.74
71.63
'82.78

77.41
61.70
61.62
69.70
81.54

78.78
63.99
62.24
70.53
78.28

41.6
41.0
41.5
41.0
41.4

r

,
,

77.38
63.96
62.67
69.29
83.21

40.9
'40.3
'40.6
40.7
'39.8

Fabricated metal products
Machinery except electrical
Electrical machinery
Transportation equipment
Instruments and related products
Miscellaneous manufacturing industries

76.80
83.03
71.28
85.69
73.39
64.12

78.02
83.80
'72.36
85.88
'74.75
'65.53

76.92
82.40
70.74
85.44
72.62
63.43

76.14
83.21
72.22
83.13
73.89
64.40

42.2
42.8
41.2
41.8
41.7
41.1

41.5
41.9
40.2
40.7
r
41.3
'40.7

62.88

'64.45

63.53

63.80

39.8

39.3

64.71
45.39
54.94
49.98
71.81

68.15
'49.00
'52.61
'48.82
73.62

68.71
45.97
51.10
47.81
72.07

67.64
46.70
51.92
49.32
71.82

40.7
36.9
40.1
37.3
43.0

41.3
39.2
'38.4
'35.9
42.8

83.76
73.10
87.45
79.30
53.19

'88.82
77.19
'91.98
'75.66
'52.03

86.40
76.86
91.53
74.88
51.79

85.57
77.42
91.53
77.6i
52.58

38.6
41.3
40.3
41.3
39.4

'39.3
41.5
'40.7
'39.2
37.7

38.4
41.1
40.5
38.8
37.8

Feb.

Total
Durable goods
Ordnance and accessories
Lumber and wood products
Furniture and fixtures
Stone, clay, and glass products
Primary metal industries

Nondurable goods
Food and kindred products
Tobacco manufactures
Textile-mill products
Apparel and other finished products
Paper and allied products

,

Printing, publishing and allied products
Chemicals and allied products
Products of petroleum and coal
,
Rubber products
,
Leather and leather products

' Revised.
NOTE.—Data are for production and related workers,
of Labor Statistics.

MARCH

1954




Average hourly earnings
(dollars per hour)
1953

1954

Feb.

Feb.

Dec.

Jan.

39.4

39.5

1.74

1.79

1.80

1.79

40.0

40.0

1.85

1.90

1.91

1.90

39.9
39.3
39.5
39.6
39.2

40.4
40.5
39.9
40.3
38.0

1.86
1.56
1.51
1.69
2.01

1.93
'1.59
1.57
1.76
'2.08

1.94
1.57
1.56
1.76
2.08

1.95
1.58
1.56
1.75
2.06

40.7
41.2
39.3
40.3
39.9
39.4

40.5
41.4
39.9
39.4
40.6
40.0

1.82
1.94
1.73
2.05
1.76
1.56

1.88
2.00
'1.80
2.11
'1.81
1.61

1.89
2.00

1.88
2.01
1.81
2.11

38.5

38.9

1.58

1.64

1.65

1.64

40.9
36.2
37.3
34.9
41.9

40.5
36.2
37.9
36.0
42.0

1.59
1.23
1.37
1.34
1.67

1.65
'1.25
1.37
1.36
1.72

38.2
41.4
40.5
39.8
38.1

2.17
1.77
2.17
1.92
1.35

'2.26
1.86
2.26
1.93
'1.38

2.25
87
2.26
1.93
1.37

2.24
1.87
2.26
1.95
1.38

Figures for February 1954 are preliminary.

Feb.

Back data are available from the Bureau

301

EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS BY INDUSTRY DIVISION
[Unadjusted, estimates of Bureau of Labor Statistics; adjusted, Federal Reserve.

Year or month

Total

1945
1946
1947
1948
1949
1950
1951
1952
1953

Manufacturing

40,069
41,412
43,438
44,382
43,295
44,696
47,202
47,993
49,151

15,302
14,461
15,290
15,321
14,178
14,967
16,082
16,209
17,006

49,113
49,148
49,154
49,297
49,486
49,511
49,302
49,216
49,229
r
48,877
'48,560

17,039
17,168
17,229
17,276
17.319
17,303
17,126
16,959
16,790
'16,587
'16,404

48,388
48,213

16,234
16,055

1953—February
March
April
May
June
July
August
September
October
November
December

48,369
48,685
48,860
49,058
49,416
49,215
49,409
49,695
49,663
'49,340
'49,722

17,013
17,135
17,077
17,040
17,162
17,069
17,258
17,221
17,017
'16,706
'16,488

1954—January..
February

47,770
47,476

16,177
16,027

Mining

Contract
construction

Transportation and
public
utilities

In thousands of persons]

Trade

Finance

Service

Federal,
State, and
local
government

1,132
1,661
1,982
2,169
2,165
2,333
2,588
2,572
2,543

3,872
4,023
4,122
4,141
3,949
3,977
4,166
4,220
4,276

7,522
8,602
9,196
9,519
9,513
9,645
10,013
10,251
10,475

1,394
1,586
1,641
1,711
1,736
1,796
1,861
1,957
2,034

4,055
4,621
4,807
4,925
5,000
5,098
5,207
5,280
5,317

5,967
5,607
5,456
5,614
5,837
5,992
6,373
6,633
6,669

810

2,562
2,529
2,517
2,484
2,508
2,511
2,514
2,571
2,615
'2,596
'2,572

4,261
4,272
4,266
4,282
4,282
4,293
4,287
4,301
4,317
'4.280
'4,228

10,445
10,390
10,402
10,466
10,521
10,524
10,489
10,503
10,558
'10,485
'10,480

1,987
1,993
2,004
2,015
2,026
2,044
2,055
2.064
2,076
2,077
2,074

5,300
5,305
5,307
5,304
5,317
5,333
5,329
5,313
5,336
5,330
'5,325

6,652
6,637
6,591
6,637
6,682
6,687
6,681
6,685
6,727
6,707
6,667

799
793

2,474
2,517

4,173
4,168

10,542
10,530

2,075
2,072

5,334
5,332

6,757
6,746

856

2,280
2,301
2,416
2,509
2,608
2,662
2,715
2,751
2,772
'2,674
'2,521

4,210
4,235
4,244
4,279
4,315
4,340
4,337
4,323
4,310
'4,273
'4,240

10,214
10,284
10,314
10,348
10,415
10,355
10,334
10,464
10,611
'10,772
'11,310

1,977
1,993
2,014
2,025
2,046
2,075
2,076
2,054
2,055
2.056
2,064

5,194
5,225
5,307
5,357
5,397
5,413
5,409
5,393
5,336
5,303
'5,272

6,625
6,666
6,653
6,669
6,638
6,478
6,449
6,663
6,749
6,740
7,018

2,251
2,240

4,137
4,118

10,386
10,297

2,054
2,062

5,227
5,225

6,746
6,725

826

852
943
982
918
889
913
872
832

SEASONALLY ADJUSTED

1953—February....
March
April
..
May
June
July
August
September
October
November . . .
December
1954—Tanuarv
February

867
854
838
833
831

816
821
820
810
'815

UNADJUSTED

846
835
831

835
823
831
826
813
'816
809
792
782

' 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. February
1954 figures and 1953 annual averages are preliminary. Back unadjusted data are available from the Bureau of Labor Statistics; seasonally adjusted figures beginning January 1939 may be obtained from the Division of Research and Statistics.
LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT
[Bureau of the Census estimates without seasonal adjustment. Thousands of persons 14 years of age and over]
Civilian labor force
Total noninstitutional
population

Year or month

Total
labor
force

Employed >
Total
Total

In nonagricultural industries

In
agriculture

Unemployed

Not in the
labor force

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

105,370
106,370
107,458
108,482
109,623
110,780
111,924
113,119
115,046

65,140
60,820
61,608
62,748
63,571
64,599
65,832
66,410
66,965

53,860
57,520
60,168
61,442
62,105
63,099
62,884
62,966
63,417

52,820
55,250
58,027
59,378
58,710
59,957
61,005
61,293
61,894

44,240
46,930
49,761
51,405
50,684
52,450
53,951
54,488
55,366

8,580
8,320
8,266
7,973
8,026
7,507
7,054
6,805
6,528

1,040
2,270
2,142
2,064
3,395
,879
,673
,523

40,230
45,550
45,850
45,733
46,051
46,181
46,092
46,710
48,081

1953—January
Fehrnarv
March
April
May
June
July
August
September
October
November
December

114,191
114,479
114,755
114,828
114,931
115,032
115,132
115,232
115,342
115,449
115,544
115,634

65,959
66,255
66,679
66,338
66,497
68,290
68,258
68,238
67,127
66,954
66,873
66,106

62,416
62,712
63,134
62,810
62,964
64,734
64,668
64,648
63,552
63,404
63,353
62,614

60,524
60,924
61,460
61,228
61,658
63,172
63,120
63,408
62,306
62,242
61,925
60,764

55,072
55,558
55,740
55,158
55,268
55,246
55,492
56,134
55,044
55,083
55,274
55,326

5,452
5,366
5,720
6,070
6,390
7,926
7,628
7,274
7,262
7,159
6,651
5,438

,892
,788
,674
,582
,306
,562
,548
,240
,246
1,162
1,428
1
L,850

48,232
48,224
48,076
48,490
48,434
46,742
46,874
46,994
48,215
48,495
48,671
49,528

115,738
115,819

66,292
67,139

62,840
63,725

59,753
60,051

54,469
54,349

5,284
5,697

5,087
5,671

49,447
48,679

1954—Januarys
February

.

3.142

includes self-employed, unpaid family, and domestic service workers.
2
Monthly estimates of the labor force beginning 1954 are based on an improved sample covering a larger number of areas and are, therefore,
not strictly comparable with earlier data.
NOTE.—Details do not necessarily add to group totals. Information on the labor force status of the population is obtained through interviews of households on a sample basis. Data relate to the calendar week that contains the eighth day of the month. Back data are available
from the Bureau of the Census.

302




FEDERAL RESERVE BULLETIN

VALUE OF NEW CONSTRUCTION ACTIVITY
[Adjusted for seasonal variation. In millions of dollars]
Private
Year or month

Public
Business

Total
Total

Residential

Total

Indus- Comtrial mercial

4,389
5,054
6,206
3,415
1,979
2,186
3,235
9,638
13,256
16,853
16,384
21,454
21,564
21,812
23,615

2,680
2,985
3,510
1,715
885
815
1,100
4,015
6,310
8,580
8,267
12,600
10,973
11,100
11,905

1,229
1,561
2,082
1,287
759
989
1,672
4,195
4,896
5,693
5,322
5,680
7,217
7,460
8,456

1,689
1,702
1,397
972
1,062
2,117
2,320
2,226

July
August
September
October
November
December,

8,198
8,682
11,957
14,075
8,301
5,259
5,633
12,000
16,689
21,678
22,789
28,454
30,895
32,638
34,843
2,987
3,050
3,025
2,910
2,922
2,849
2,811
2,824
2,841
2,900
2,900

1,953
2,055
2.050
L.980
1,986
1,955
L,937
L.928
1,945
L,969
.985

1,007
1,089
1,080
989
1,008
979
956
942
957
963
989

681
700
706
711
707
702
712
717
717
728
723

203
208
208
202
191
182
178
173
165
163
162

1,253
1,027
1,288
1,371
1,137
1,791
133
131
126
132
139
143
154
163
172
186
187

1954—JanuaryP
Februarys

2,915
3,031

1,971
2,043

1,028

965

734
740

170
177

Public
utility

189
188

1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950 .
1951
1952
1953.
1953—February
]VIarch
April .
May

June

Preliminary.

254
442

801
346
156
208
642

292
348

683
771

409
155
33
56

872
786
570
725

203

827

1,132

1,374
2,338
3,043
3,323
3,330
3,729
4,003
4,439

856

345
361
372
377
377
377
380
381
380
379
374

Other
nonresidential

Total

3,809
3,628
614 5,751
413 10,660
335 6,322
382 3,073
463
2,398
1,428 2,362
2,050 3,433
2,580 4,825
2,795 6,405
3,174
7,000
3,374 9,331
3,252 10,826
3,254 11,228
265 1,034
266
995
273
966
280
930
271
936
274
894
269
874
269
896
271
896
278
931
273
915
480
508

375
375

272
275

High- Conser- All
vation other
way

Military

1,381
1,302
1,066
734
446
362

125
385

1,620
5,016
2,550
837
690
188
204

398
895

570
528

500
357
285
163
130
240
394

158
137
177
887
1,388
1,323

1,451
1,774
2,131
2,272
2,518
2,860
3,150

138
134
123
121
122
105
96
89
80
88
98

290
265
257
244
253
267
267
271
278
273
244

629
793
881
853
854
822
74
77
80
77
74
70
64
60
57
56
59

94
83

260
289

1,733
1,413
2,565
4,553
3,041
1,711
1,180
1,039
1,384
2,264
3,344
3,670
5,073
5,724
5,933

62
60

944
988

532
519
506
488
487
452
447
476
481
514
514
528
556

Source.—Joint estimates of the Departments of Commerce and Labor.

CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF OWNERSHIP AND BY TYPE OF CONSTRUCTION
[Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions]
By type of
ownership

Total

Year or month

Public

1947
1948
1949
1950
1951
1952
1953

..

June
July

August
September
October
November
December

Nonresidential building

Resi-

Private dential

building

Factories

Commercial

Educational

7,760
9,430
10,359
14,501
15,751
16,775
17,443

..
..

1954— Tanuary
February

.

.

,

5,464
6,323
6,641
10,092
9,629
10,064
11,109

3,154
3,608
4,239
6,741
6,205
6,668
6,479

941
840
559

785
975
885

392
725
824

1,142
2,883
2,562
2,051

1,208

351
417
673

419
605
674

89
105
262

554
372
610
532
725
689
483
479

671
931
1,069
1,052

638
463
653
508
507
635
484
434

1,152
1,221

.

2,296
3,107
3,718
4,409
6,122
6,711
6,334

J .021
L,348
1,742
1,606
,116
L,793
1,414
,742
,892
,394
.300

.

1953—February
March
April
May

By type of construction

363
436

462

744

1,183

882

1,017
1,203

911
821

789
785

Other

Public
works
and
public
utilitie*

597

1,489

1,180
1,335
1,472
1,720

1,127
1,376
1,651
1,689
1,686
1,695

1,890
2,155
2,476
2,578
2,723
3,408
4,008

100
101
120

102
124
147

83
120
151

228
293
387

132
85
207
110
383
235
232
136

156
99
200
111
145
171
101
97

163
148
176
146
138
153
140
176

131
127
181
179
116
200
138
131

386
193
376
361
451
500
298
326

111

114

132

117

216

915
979

CONSTRUCTION CONTRACTS AWARDED, BY DISTRICTS
[Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts, in millions of doUars]
Federal Reserve district
Month

Total
(11 districts)

Boston

New
York

Philadelphia

Cleveland

Richmond

Atlanta

Chicago

St.
Louis

Minneapolis

Kansas
City

Dallas

1952—November
December
1953—January

1,249
1,467
1,076

84
41
101

262
221
154

76
120
91

107
144
97

110
162
110

127
269
117

193
182
154

94
79
53

36
22
21

61
54
79

100
173
99

November
December
1954—January

1 ,394
1,300
1,152

76
90
61

196
262
212

95
63
92

221
145
143

168
110
101

154
167
158

201
159
166

78
88
58

51
55
23

42
49
45

112
114
92

MARCH

1954




303

PERMANENT NONFARM DWELLING UNITS STARTED
[In thousands of units]

Year or month

Total

1939
1941
1945
1946
1947
1948
1949
1950
1951
1952
1953*

515

Urban

359

434
134
404
480
525

620
208
663
846

407

1,025
1,396
1,091
1,127
1,106

589
828
595
610
n.a.

79

43

36

59
57
55

914

436
568
496
517
n.a.

106
111
108

47
54
53

105
97
93
95

989
1,352
1,020
1,069
1,070

2family

family
373

20

533
185
590
740

28
9
24
34

763

Multifamily

46

66

FHA

158

158
220
41
69
229
291
361
486
264
279
252

6
83
211
102
105
200
149
141
155
10
10
13
12
14
15
18
14
15
13
12
12
14

57

220
47
152
440

87
1
8
3

58
15
48
72
104

18

74

64

3

96
107
106

84
94
93

4
4
4

90
84
82
81

3
4
3
3

9
8
8
8

79
70

4
3

7
7

n.a.

n.a.

n.a.

n.a.
n.a.

n.a.
n.a.

n.a.
n.a.

393

(i)

53
48
46
47

51
49
47
48

102
96
92
92

43
39

47
43

n.a.

n.a.

90
80
P67

n.a.
n.a.

n.a.
n.a.

*>72

P65

VA

Total

35
42
40
46
n.a.

P66
P73

. .

Government-underwritten
Public

792
1,151
892
939
n.a.

90
82
P68

. ..

\954—January.
February

458

272
75
267
369

932

. ..

Total

156

706
209
671
849

1953—February
March
April
May
June . .
July
August
September
October
November
December

Private

Rural
nonfarm

162
159
88
84
n.a.

36
44
71
58
36

466
686
413
420
407

7

5

27

9
9
8

10
4
3

32
36
34

2
Pi

37
33
••27

17
22
23
22
24
24
23
22
22
20
'15

Pl

'25
30

'13
16

3

38
39
41
36

3
(i)

p Preliminary.
' Revised.
n.a. N o t available.
JLess t h a n 500 units.
N O T E . — G o v e r n m e n t u n d e r w r i t t e n units are those s t a r t e d under c o m m i t m e n t s of F H A or VA to insure or g u a r a n t e e t h e mortgage. VA
figures after J u n e 1950 a n d all F H A figures are based on field office reports of first compliance inspections; VA figures prior t o J u n e 1950, estimates
based on loans closed information. Other figures are estimated b y Bureau of Labor Statistics on t h e basis of reports of building permits issued,
reported s t a r t s of public units, and a sample of places not issuing permits.
F R E I G H T C A R L O A D I N G S , B Y CLASSES
[Index numbers, 1935-39 average — 100]

Monthly—seasonally adjusted

Monthly—unad j usted

Annual
1953

Class

1954

1954

1953

1952

Coal
Coke
Grain
Livestock
Forest products
Ore

Jan.

Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

Jan.

Aug.

Sept.

Oct.

Nov.

Dec.

126

Total

1953
127

134

130

126

126

122

117

120

121

134

137

135

124

108

108

112
169

114
164

110
163

104
155

97
135

100
120

108
193

128
59
139
70

112
162

142
55
153
331

114
162

147
78
148
324

110
160

157
Ip8
144
263

104
155

137
86
142
160

97
142

100
126

138
42

146
44

150
45

149
45

140
43

124
38

122
38

109
168

103
171

108
184

142
69
144
181

128
62
154
278

131
58
145
221

131
59
137
216

140
46

Merchandise, 1. c. 1

135
63
143
215
143
43

151
44

145
44

139
43

157
70
136
172

140
69
145
172

119
58
135
201

124
58
136
231

137
44

134
42

132
40

133
39

112
56
120
62

Jan.

124
56
122
58

N O T E . — F o r description and back data, see BULLETIN for June 1941, p p . 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.
M E R C H A N D I S E E X P O R T S A N D IMPORTS
[In millions of dollars]

Merchandise exports1

Merchandise imports 2

Excess of exports

Month
1952

1953

1954

1952

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

1,2M
1,344
1,447
1,355
1,480
1,171
1,030
1,087
1,229
1,216
1,190
1,391

1,293
1,199
1,389
1,394
1,451
1,383
1,357
1,184
1,254
1,251
1,244
p 1,349

"1,075

922
893
964
933
835
861
839
818
877
918
805

January . .

1,254

1,293

"1,075

1,053
922

1953

1954

922
856

"825

'1,005
1,013
902
933
908
841
925

'813
849

P908
e

825

1952

1953

332
451
'482
'422
'644
'310
'191
269
'352
'298
386
338

370
'343
'385
'381
'550
450
'450
'343
'329
'438
395
P441

332

370

1954
«25O

«25O

r
f Preliminary.
Revised.
• Estimated.
1
Exports of domestic and foreign merchandise. Includes exports under foreign aid programs, including Department of Defense shipments
under2 the Mutual Security Program as follows (in millions of dollars): 1952, 1,988; 1953, 3,504; January 1954, 170.
General imports including imports for immediate consumption plus entries into bonded warehouses.
Source.—Department of Commerce.

304




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

1947
1948
1949
1950
1951
1952
1953

New
York

Philadelphia

Cleveland

Richmond

98
104
98
105
109
110
112

99
102
99
103
105
104
105

99
103
98
101
105
101
102

96
104
100
106
109
109
110

97
105
98
105
111
110
113

111
112
115
110
117
115
113
112
107
110
113
112

105
106
105
106
106
103
106
99
105
107
107
108

100
100
103
102
104
102
104
99
98
104
102
101

108
112
112
113
119
110
117
116
104
106
108
108

P108

105

101

•8
•6
88
103
104
115
108
89
98
112
115
136
192

83
80
95
101
106
103
76
79
112
107
129
194

P83

Minne- Kansas
Dallas
apolis
City

San
Francisco

98
104
99
105
104
104
104

98
103
99
108
111
113
112

94
105
102
113
117
124
125

99
104
98
105
109
114
115

108
113
118
111
118
122
107
110
102
108
114
113

103
105
108
99
107
106
105
102
100
103
105
107

114
115
114
112
115
118
111
112
103
108
112
114

127
125
126
124
131
134
124
127
112
122
127
125

117
116
119
116
124
121
117
113
110
111
112
109

106

108

104

P110

119

108

'96
102
124
117
131
114
102
114
122
130
146
219

83
85
101
104
114
110
89
98
113
112
137
188

83
89
104
105
118
110
86
100
109
119
136
185

74
80
92
97
107
98
84
97
110
118
121
171

86
91
103
106
115
111
91
104
109
114
129
189

100
101
117
117
127
118
104
116
119
128
144
209

'92
94
102
105
117
112
101
109
111
111
131
195

80

P94

82

83

75

P82

94

85

93
107
100
106
128
111
119

94
105
101
113
133
130
141

90
108
102
120
140
135
146

89
111
100
110
128
115
123

93
102
96
107
128
117
126

91
110
100
104
117
107
115

93
108
100
113
132
124
136

89
110
101
112
132
126
138

93
107
100
110
131
125
133

116
115
112
117
121
122
122
122
122
122
120
117

114
115
113
114
117
122
124
124
121
124
121
121

142
137
138
140
142
146
145
148
139
143
144
132

144
146
145
145
145
147
148
141
148
148
149
142

119
119
118
123
123
123
125
128
127
126
124
122

125
119
122
128
131
132
131
134
129
124
121
118

111
113
111
114
115
114
117
120
122
118
115
111

129
129
129
131
136
140
146
145
141
138
137
133

135
134
133
138
139
141
140
142
141
139
136
131

132
133
133
132
135
135
138
135
132
132
133
129

111

113

P114

P142

117

117

105

P130

P129

123

Chicago

St.
Louis

103
100
105
113
118
119

96
103
101
109
115
124
126

99
104
97
104
108
106
111

97
104
98
104
107
110
112

113
115
116
105
115
118
114
120
109
110
115
112

116
117
124
117
128
119
120
114
114
117
118
121

125
124
128
118
134
128
127
130
119
128
128
127

107
110
114
110
114
112
110
109
106
109
113
115

106

106

109

P122

80
81
93
95
101
99
75
75
102
110
129
178

82
85
106
103
118
105
83
92
108
114
142
188

87
89
107
103
115
111
89
104
114
115
142
187

89
110
111
127
112
96
97
121
122
144
211

83

81

80

81

93
107
100
109
129
118
126

95
105
100
109
124
111
116

98
105
97
105
124
113
116

93
107
99
108
127
113
119

124
123
122
125
127
128
130
131
128
128
127
123

SALESi
. .

Atlanta

115
114
116
119
120
117
117
119
117
117
115
112

115
111
112
116
118
118
121
122
117
116
115
113

97

SEASONALLY ADJUSTED
1953—January
February
March
April
May
June
July
August
September
October
November
December

..

1954—January
UNADJUSTED
1953—January
February
March
April
May
June
July
August
October
November
December
1954—January
STOCKS i
1947
1948
1949
1950
1951
1952
1953

. .
SEASONALLY ADJUSTED

1953—January
February
March
April
May
June
July
August
September
October
November
December
1954—January

.

..

P120

P114

UNADJUSTED
1953—January
February
1VI arch
April

May
June
July
August
September
October
December
1954—January

. ...

112
119
127
132
132
123
121
126
132
141
142
109

103
108
118
124
121
110
106
114
120
132
134
105

102
108
117
122
121
111
107
118
123
130
132
104

101
112
120
126
124
113
108
116
127
139
137
103

104
113
119
121
119
115
112
119
127
137
136
106

127
132
144
151
150
139
141
147
143
154
151
115

131
144
151
153
147
139
137
141
152
161
165
125

109
116
122
128
125
117
117
121
129
139
143
111

105
113
125
137
138
132
122
130
138
138
132
104

105
109
115
119
117
109
114
115
123
126
128
101

119
127
133
140
144
136
137
137
144
149
152
117

121
132
142
146
141
130
131
140
147
152
151
120

119
125
134
141
147
136
133
128
137
148
144
108

P108

P102

98

98

P104

P120

P130

108

99

99

P120

P116

111

r
p Preliminary.
Revised.
1
Figures for sales are the average per trading day, while those for stocks are as of the end of the month or the annual average.
NOTE.—For description and monthly indexes for back years, see BULLETIN for December 1951, pp. 1463-1515.

MARCH

1954




305

DEPARTMENT STORE STATISTICS—Continued
[Based on retail value figures]
DEPARTMENT STORE MERCHANDISING DATA
Ratios to sales1

Amounts (In millions of dollars)
OutSales* Stocks 2 stand(total
(end
ing
for
of
orders2
month) month) (end of
month)

Receipts »
(total
for
month)

New
orders8
(total
for
month)

Stocks

246
276
345
365
381
361
376
391
397
402

574
604
767
887
979
925
1,012
1,202
1,097
1,157

596
775
964
588
494
373
495
460
435
421

244
277
373
366
386
358
391
390
397
403

256
291
354
364
363
358
401
379
401
397

2.4
2.3
2.3
2.5
2.7
2.7
2.8
3.2
2.9
3.0

2.5
3.0
3.0
L.7
L.4
L.4
L.3
.2
.1

5.0
5.3
5.3
4.3
4.1
3.8
4.2
4.4
4.1
4.2

1953—January...
February..
March....
April
May
June
July
August
September.
October
November.
December.

"326
301
381
373
387
375
305
343
388
440
477
725

1,031
1,100
1,169
1,213
1,184
1,103
1,081
1,135
1,206
1,297
1,327
1,042

'455
455
401
324
321
461
525
491
492
462
371
288

'334
'370
450
417
358
294
283
397
459
531
507
440

'424
'370
396
340
355
434
347
363
460
501
416
357

3.2
3.7
3.1
3.3
3.1
2.9
3.5
3.3
3.1
2.9
2.8
1.4

1
L.4
L.5
L.I
(.
)9
(
3.8
L.2
L.7
L.4
L.3
L.I
0.8
0.4

4.6
5.2
4.1
4.1
3.9
4.2
5.3
4.7
4.4
4.0
3.6
1.8

0.9
0.8
.9
.2
.2
.2
.1
0.6

1954—January P ..

312

1,012

373

282

367

3.2

L.2

4.4

0.9

Year or month

1944 average
1945 average
1946 average
1947 average
1948 average
1949 average
1950 average
1951 average
1952 average
1953 average

Outstanding
orders

LI
.

Stocks
plus
outstanding
orders

Receipts

.0
.0
.1
.0
.0
.0
.1
.0
.0
.0
.0
.2
.2
.1

P Preliminary.
* Revised.
•
1
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 8and receipts for the month.
Thesefiguresare 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 1953, sales by these stores accounted for about 50 per cent of estimated
total department store sales.
• Receipts of goods are derived from the reported figures on sales and stocks. New orders are derived from receipts and reported figures on
outstanding orders.
NOTE.—For description and 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

1950

1952

1950

1953

1951

1952

1953

Apr. 1
8
15
22
29

104 Apr. 7
14
110
21
88
28
96
98

101 Apr. 5
12
100
19
97
26
101

109 Apr. 4
11
111
18
97
25
105

118 Oct. 7
14
97
21
105
28
104

112 Oct. 6
13
111
20
105
27
108

110 Oct. 4
11
117
18
116
25
113

116 Oct. 3. . . 112
10. . . 120
126
17
124
118
24
122
113
31
113

May

104 May 5
12
106
19
95
26
97

113 May 3
111 May 2
9
10.... 117
110
16
17
99
99
24
23
100
105
30
31
97

114 Nov. 4
11
128
18
105
25
112
97

109 Nov.
118
127
110

3
10
17
24

121 Nov. 1
8
127
15
130
22
123

121
115 Nov. 7
14
118
133
130
131
21. . . .
28
134
133
138

90 June
104
104
86

95 June
108
106
92
89

111 June 6
13
116
20
98
27
91

118 Dec. 2
9
112
16
111
23
94

153 Dec. 1
8
191
15
220
22
221
29
82

161 Dec. 6
13
191
213
20
27
228
92

6
13
20
27

June 3
10
17
24

July 1
8
15
22
29

2
9
16
23
30

7
14
21
28

30

91 July 7
14
75
21
91
28
104
102

75 July 5
12
83
19
81
26
80

4
11
18
25

88 Aug. 2
9
87
16
93
23
97

107 Sept. 1
102
8
127
15
22
111
29
110

79 July 4
11
83
18....
82
25
79

79
1951
92
Jan. 6
84
13
83
20
27

29

1952

98 Jan.

1953

5
12
19
26

78 Jan. 3
10
92
17
90
24
83

81 Feb. 2
9
94
94
16
23
95

84 Feb. 7
14
87
89
21
83
28

105
104
96

31

30

Aug.

5
12
19
26

Sept. 2
9
16
23
30

102 Aug.
94
97
99

87 Aug. 1
8
90
15
95
100
22
29
110

86
92 Feb. 3
10
95
100
17
24
101

105
100 Sept. 6
13
114
20
111
114
27

100 Sept. 5
114
12
19
113
112
26

101
102
120
114

Mar. 3
10
17
24
31

99 Mar.
105
101
105
89

1. ... 85 Mar. 7
8
14
88
15
90
21
22
94
28
29
101

195 Dec. 5. . .
12. ..
223
19. . .
237
26. ..
146

190
216
234
163

1954

81 Jan. 2. . .
9. . .
89
92
16. . .
23. ..
86
30. ...
87

81
94
85
86
85

88 Feb. 6. . . . '86
92
13
91
85
20. .. . .86
93
27
90
96 Mar. 6
100
13
20
109
112
27

85

' Revised.
NOTE.—For description and weekly indexes for back years, see BULLETIN for April 1952, pp. 359-362.

306




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 district,
area, or city
United States

Jan. Dec. Year
1954 1953 1953
P-7

Boston District
Metropolitan Areas
Portland, Maine
Boston, Mass
Downtown Boston 2
Cambridge, Mass
Lowell-Lawrence, Mass...
New Bedford, Mass
Worcester, Mass. 2
Cities
Springfield, Mass 2
Providence, R. I.
New York District
Metropolitan Areas3
New York-Northeastern
New Jersey, N.Y. & N J
New York City, N. Y. 2
Newark, N. J. 2
Buffalo, N. Y
Buffalo City, N. Y . 2 . . . .
Niagara Falls, N. Y
Binghamton, N. Y
Rochester, N. Y. 2
Syracuse, N. Y. 2
Cities
Bridgeport, Conn
Albany, N. Y
Elmira, N. Y
Poughkeepsie, N. Y
Schenectady, N. Y
Utica, N. Y
Philadelphia District
Metropolitan Areas
2
Trenton, N. J. 2
Lancaster, Pa. 2
Philadelphia, 2 Pa.
Reading, Pa.
Wilkes-Barre-Hazleton,
Pa. 2
Wilmington, Del
City
York, Pa. 2
Cleveland District
Metropolitan Areas
Akron, Ohio 2 2
Canton, Ohio 2
Cincinnati, Ohio
Cleveland, Ohio 2
Columbus, Ohio 2
Springfield, Ohio 2
Toledo, Ohio 2
Youngstown, Ohio 2
Erie, Pa. 2
Pittsburgh, Pa. 2
Wheeling, W. Va. 2
City
Portsmouth, Ohio 2
Richmond District

-4

Jan. Dec. Year
1954 1953 1953

-2 r+l Richmond Dist. (Gont.)
3
+1 +1 Metropolitan Areas -Cont.
Norfolk-Portsmouth, Va..
Richmond, Va. 2
+2 +4 Roanoke, Va. 2
2
0) Charleston, W. Va.
0
0 Cities
0) 0) Spartanburg, S. 2 C
+2 +5 Lynchburg, Va.
+2 Newport News, Va
0 + 1 Huntington, W. Va. 2 . . . .
Parkersburg, W. Va

Federal Reserve district,
area, or city

-6

-3

-13
-2
-2
-8

-9

+2

+3

-4
-2

+2

-17

-4

-9

+4

+2
9
-3
-2
-13
-4
-10
-3
-6
-3
-2
-2
y

-4
-4
-5
-6
0
-3

+2
0
-1
-1
3
0
0
0
-3
0

+3
-1

-9
-8
-11
-2
—9
-8

0)

-1

p-10
y

-11
—5
-6

-4
-2

+3
+3

0

0
0

+4 +9
^ +3
-4
-1
-3
-1

+ 1 +6

— 14
-11
-11
-9

+ 1 Chicago District
-

-3

-4
-2
-4

+1
+3
+5
+1
+6
-3
+4
+9
+3
4

-16

0)

0) ( )+l
3 +2

0

+5 + 17

-9

-2

o

-11
-7
-6
-12
-9
-4
-3
-11

+1
-1
-4

+1

-3
0

+4
+4
-3

0

Jan. Dec. Year
1954 1953 1953

Minneapolis Dist. (Cont.)

-12 -1 '+1 Cities
-6
-1
0 Mankato, Minn
-20 -13
0 Great Falls, Mont
-10 -4 +2 Grand Forks, N. D
Duluth-Superior,
Minn.-Wisc. 2
_3
£.
-13
La Crosse, Wise
-10 +2 +3
-13
Kansas City District
3
-13 -4
-14 0) 0) Metropolitan Areas
+3
Denver, Colo
P-7
-1 +2 Pueblo, Colo
0 Atlanta District
Topeka, Kans
Metropolitan Areas3
0 Birmingham, Ala. 2
-14 -2
-1 Wichita, Kans
Mobile, Ala
-1 +2 +7 St. Joseph, Mo
P-4
Montgomery, Ala2
-5
0 Omaha, Nebr
-6
0 -2 Albuquerque, N. Mex.. . .
-1 Jacksonville, Fla.
2
p-5
-1 +5 Oklahoma City, Okla
3 Miami, Fla.
-4
0 +5 Tulsa, Okla
+ 1 Orlando, Fla
+4 St. Ptrsbg.-Tampa, Fla.. . -3 -1 +3 Cities
St. Petersburg, Fla
-9
-2 +3
Colo
+4 Tampa, Fla. 2
+2 + 1 +4 Greeley, City, Mo
Kansas
+4 Atlanta, Ga. 2
P-7
+2 +2 Joplin, Mo
0 Augusta, Ga
—5
-9 -10 Hutchinson, Kans
+5 Columbus, Ga
p-8
2
—1
+4 Macon, Ga. 2
-13 -4
0 Enid, Okla
P-14
Savannah, Ga
-3
0
0)
-7 +2 +7 Dallas District
Baton Rouge, La. 2
-2 New Orleans, La. 2
P-5
+1 +4 Metropolitan Areas
2
+ 1 Jackson, Miss.
-8
j
-2
-3
Chattanooga, Tenn. 2
+6 + 7 Shreveport, La Tex
Corpus Christi,
-3
V3 Knoxville, Tenn.22
+8 Dallas, Tex. 2
+1
P-4
+3 Nashville, Tenn.
-2 +3 El Paso, Tex
Fort Worth, Tex
+1 Cities Ga
-9
-4 +2 Houston, Tex. 2
Rome,
2
Meridian, Miss
-7
+2 San Antonio, Tex
-1
Bristol, Tenn
-11
-8
-4 Waco, Tex

3

Metropolitan Areas 2
Washington, D. C.
Downtown Wash., D. C .
Baltimore, Md. 2
Asheville, N. C. 2
Raleigh, N. C. 2
Winston-Salem, N. C . 2 . . .
Charleston, S. C. 2
Columbia, S. C. 22
Greenville, S. C.

Federal Reserve district,
area, or city

P-5

+1

+4 San

Metropolitan Areas
2
p-3
Chicago, 111.2
+1
Peoria, 111.2
-8
-7 +2
2
Fort Wayne, Ind. 2
+4 + 12 + 13
Indianapolis, Ind.
-3 + 1 +4
Terre Haute, Ind. 2
-7
-2 +1
Des Moines, Iowa
-13 +2
0
P-8
Detroit, Mich. 2
-2 +6
2
Flint, Mich.
-5 +4 + 18
Grand Rapids, Mich. 2 . . .
-8 +2 +8
P+3
Lansing, Mich. 2 2
+ 1 +8
Milwaukee, Wis.2
-3
-1 +1
Green Bay, Wis.
+6 +1 +7
Madison, Wis
-11 + 1
P-4
-2 +1
St. Louis District
Metropolitan Areas2
j
-2 +2
Little Rock, Ark.
P-9
Fort Smith, Ark
-3
P-13
Evansville, Ind2
-5 +6
2
p-6
Louisville, Ky.
0
P-1
St. Louis, Mo
-2 +2
P-14
Springfield, Mo 2
-2
-2
P-6
Memphis, Tenn.
-1
0
Cities
Quincy, 111
-3 + 1
P+3
Paducah, Ky
-35 0) 0)

-2
-5
P-3
-2 Minneapolis District
'0
3
-1 Metropolitan Areas
+3 Mpls.-St. Paul, Minn. 2 ... +2
Minneapolis City, Minn. 2 + 1
+2
St. Paul City, Minn. 2 ...
+4
+2
Sioux Falls, S. D
0
+2

-2

0

-2
-2
-2

+1
+1
+1

+1

0

+3
1

C)
-15

C

+1
-l
-5

5
—7

-4
-1

+1

P-7

-4

-1

5

-3
—5
-3
>-i

+1
+1

0)
-9
-12
-5

+1

-12
-16
-10

-6
—\

-7
-8
-4

-3

-1

0
-2

+2
l

()

-4

+1

1
C) 0)
o
-2
+4 +4
+ 1 -4 +1

-19
-4
-4

-19 -10

+1

-10

-3

-8
-14
-9
-12
-15
-9
-10
-14

-3 + 1
+ 1 +3
-2 +2
3 +1
-5
-4 +3

Francisco District. . . P-U

Metropolitan Areas3
Phoenix, Ariz.2
Fresno, Calif.2
Los Angeles. Calif.2
Downtown, L. A., Calif.2
WestsideL. A., Calif.2.
Long Beach, Calif.2
Pasadena, Calif
Santa Monica, Calif
Riverside and San Bernardino, Calif
Sacramento, Calif.2
San Diego, Calif.2
SanFran.-Oakland, Calif.2
San Francisco, Calif. 2 ...
Oakland-Berkeley, Calif.2
Downtown Oakland,
Calif.2
Vallejo, Calif 2
San Jose, Calif. 2
Stockton, Calif.
Portland, Ore. 2
Salt Lake City, Utah 2 . . .
Seattle, Wash. 2 2
Spokane, Wash.2
Tacoma, Wash.
Cities
Tucson, Ariz
Bakersfield, Calif.2
Boise and Nampa, Idaho.
Twin Falls, Idaho
Idaho Falls, Idaho
Everett, Wash. 2
Walla Walla, W a s h . 2 . . . .
Yakima, Wash. 2

r

r

-4
-2

-5

-6

P-16
0)
P-6
P-6
P-8

-9

-3
o

0)
-9
P-7

-12
-1
-5
-7
-4
-4

-4
-8

-6
-4

+1
-1
+2
-1
+2
3

+ 1 +6

-8
-8
-10

-3
-7
-5
-5
-7

-6
0
-1
-1

-8
-4
-4
1

-4
0
-2

+3

C)

-10
-li
-19
-12

-17
y

-6

2

-2
3

0
-1

-3
i

-1

+1
+2
+1

-19 -16 -5
-5 + 1 -1
-5
-14 -7
-4
7 -3
-12 -4
7
-25 -7
2
-19 -14
P-15
-4 -10

p Preliminary.
r Revised.
1
Data not available.
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 Breakdowns shown under various metropolitan areas do not necessarily include all portions of such areas.
4
Ten months 1953.

MARCH

1954




307

DEPARTMENT STORE STATISTICS—Continued
SALES AND STOCKS BY MAJOR DEPARTMENTS
[Based on retail value figures]
Percentage
change from a
year ago

Department

Number of
stores
reporting

Stocks
(end of
month)

Sales
during
period

Federal Reserve index numbers
without seasonal adjustment,
1947-49 average =100 2

Ratio of
stocks 1to
sales

December

1952

1953
Dec.
1953

Year
1953

Dec.
1953

1953

Stocks at end
of month

Sales during
period

1952

1953

1952
Nov.

Dec.

Dec.

Nov.

Dec.

GRAND TOTAL—entire store3

364

-2

- 1
f

+2

1.5

MAIN STORE—total

364

-2

+1

+3

1.6

1.5

189

123

194

108

138

105

Piece goods and household textiles

328

-3

0

-1

2.9

2.9

116

93

120

111

114

112

Piece goods
Silks, velvets, and synthetics
Woolen yard goods
Cotton yard goods
Household textiles
Linens and towels
Domestics—muslins, sheetings
Blankets, comforters, and spreads

304
216
181
201

-3
-7

+3

-2
-7

+4
+1

-5
-8
-6
-1

3.8
3.6
3.7
4.2

3.9
3.6
4.1
4.3

62
58
69
63

73
67
93
67

64
63
67
63

84
77
90
98

87
81
94
94

88
83
95
100

320
294
271
258

+1
-6

+1
+1
+2
+1

+1
0
+1
+2

2.6
2.2
3.7
2.6

2.5
2.1
3.7
2.4

154
189
109
156

107
118
79
123

160
199
108
166

126
110
159
119

129
122
145
129

125
111
157
116

351

-2

+1

+2

1.4

1.4

248

129

252

111

146

108

Laces, trimmings, embroideries, and ribbons...
Notions
Toilet articles, drug sundries

204
251
335

0
-4
-1

-2
-1

0
+1
0

2.3
2.2
1.4

2.3
2.1
1.4

131
153
265

96
104
115

130
159
267

98
117
108

118
142
146

99
117
108

Silverware and jewelry
Silverware and clocks
Costume jewelry
Fine jewelry and watches

329
227
295
93

-4
-8

+4
0
+ 10
+5

1.6
2.5
0.9
2.3

1.4
2.3
0.8
2.1

253
196
277
303

126
112
129
130

264
213
284
313

114
127
102
121

149
154
154
138

110
127
93
116

Art needlework

243

-2

-1

-1

2.9

2.9

141

120

143

110

118

111

Books and stationery
Books and magazines
Stationery

290
139
252

+2
+3

+5
+3
+6

+7
+5
+9

0.9
1.0
0.9

0.9
0.9
0.8

343
285
366

186
150
201

337
292
356

110
108
108

165
148
168

103
104
99

Women's and misses' apparel and accessories

361

-1

+1

+4

1.3

1.3

177

117

179

107

144

103

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

361
317
290
169
337
350
352

-2

+1
+9

+4
+ 13
-2
+3

1.4
0.7
0.7
0.8
1.1
2.6
1.0

1.3
0.7
0.7
0.7
1.0
2.5
1.0

206
295
295
96
277
138
182

121
152
104
101
144
109
102

211
276
312
105
289
133
193

109
109
71
73
83
133
104

150
183
127
99
138
139
149

105
97
72
71
84
124
105

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

346
270
303
278

+1

344
346
261
232
243

1 1 1

Dec.

Women's and misses' ready-to-wear apparel...
Women's and misses' coats and suits
Coats
Suits

359
353
245
237

Juniors' and girls' wear
Juniors' coats, suits, and dresses
Girls' wear

-4
-5

3

-3

-2

+7
-5
-9
-4

+4

+1
+1
-1
+4
-1

-3
-4
-5

+7
-4

+7

-5

0
+1
0
+1

+6
+6
+6
+5

0.9
1.0
0.9
0.5

0.8
1.0
0.8
0.4

266
288
244
314

123
146
104
138

274
287
255
331

100
131
97
81

167
205
143
173

95
123
91
77

-1
-2

+1
0

+4
+4

1 .4
0.8

1.3
0.8

214
259

151
126

216
264

111
104

149
164

107
99

+3
+2
+3

+3
+5
+3

3.4
2.6
3.7

3.3
2.4
3.5

138
156
133

106
111
105

141
161
136

126
116
127

145
143
146

121
110
124

0
-8
-7
-11

+2

+5
+1
+2

1.3
1.8
1.4
2.9

1.3
1.6
1.4
2.6

147
93
103
57

112
112
130
59

147
102
111
65

104
101
100
89

135
118
131
83

100
100
98
91

335
291
334

+3
+2
+4

+4
+3
+5

+5
+3
+7

1.0
1.1
0.9

1.0
1.1
0.9

177
128
237

130
102
165

172
125
227

98
96
99

145
125
160

93
94
93

Women's and misses' dresses
Inexpensive dresses
Better dresses

354
281
292

1 1 1

Small wares

0

1.4

+2
+3
+1

+6
+5
+5

1.4
1.1
1.8

1.3
1.0
1.7

108
111
107

88
87
91

110
112
111

104
97
108

117
120

98
93
102

Blouses, skirts, and sportswear
Aprons, housedresses, and uniforms
Furs

355
304
270

-4
-11

+6
+3

+ 13
+2

1.1
1.3
2.3

1.0
1.2
2.2

222
145
163

130
90
121

210
152
184

116
103
98

172
122
126

103
101
105

Men's and boys' wear
Men's clothing
Men's furnishings and hats
Boys' wear
Men's and boys' shoes and slippers

-6

Oo >-»• to

tOOJOJ

-3

+6

-5
-6
-2

-12

no

346

-1

+1

+6

1.4

1.3

266

140

270

111

157

105

283
329
326
209

-4
0
0
-5

0
+2
+3
+1

+7
+7
+3
+6

2.6
0.9
1.3
2.3

2.4
0.8
1.3
2.1

171
336
253
228

128
144
154
123

178
337
254
239

126
104
94
119

158
166
139
143

117
98
91
112

For footnotes see following page.

308




FEDERAL RESERVE BULLETIN

DEPARTMENT STORE STATISTICS—Continued
SALES AND STOCKS BY MAJOR DEPARTMENTS—Continued
[Based on retail value figures]
Percentage
change from a
year ago

Department

Number of
stores
reporting

Ratio of
stocks 1to
sales

Sales
during
period

December

Stocks
(end of
month)

Federal Reserve index numbers
without seasonal adjustment,
1947-49 average =100 2

1953
Dec.
1953

Year
1953

Dec.
1953

1953

Stocks at end
of month

Sales during
period
1952

1953

1952

1952
Dec.

Nov.

Dec.

Dec.

Nov.

Dec.

329

-6

0

0

2.8

2.7

134

118

142

109

120

109

259
187
194

-8
-12
-8

+2
+4
+1

+5
+3
+4

4.4
3.6
4.5

3.8
3.0
4.0

103
81
108

121
118
121

112
93
117

119
149
114

120
141
117

114
144
109

Domestic floor coverings
Rugs and carpets
Linoleum

285
164
86

-12
-12
-18

-2
-2
-13

-3
—3
-14

4.9
5.0
5.0

4.5
4.6
4.8

81
80
45

109
111
61

91
91
55

106
106
63

109
107
70

110
110
74

Draperies, curtains, and upholstery
Lamps and shades
China and glassware
Major household appliances
Housewares (including small appliances)
Gift shop

311
265
266
242
275
194

-6
-5
-3
-13
-2

-1
-3
0
-4

0
-2
-1
-11

+3
+3

+4
+6

3.4
2.0
2.9
2.9
2.1
1.4

3.1
1.9
2.8
2.8
2.0
1.3

120
177
232
57
173
369

135
133
142
65
115
192

128
186
239
66
176
367

108
111
119
82
113
127

117
132
138
86
135
177

108
112
120
92
109
120

Radios, phonographs, television, records, etc
Radios, phonographs, television
Records, sheet music, and instruments

236
180
127

-8
-14

-8
-12

+8

-5
-11

1.2
1.1

+9

+ 16

14
.

11
.
10
.
14
.

225
231
284

157
199
138

244
268
260

89
94
98

116
141
122

94
105
84

Miscellaneous merchandise departments. . . .

335

-3

0

+7

0.7

0.7

325

170

335

94

165

88

+1
1
+ 14
+7
+8
+9

0.7
0.4
1.4

0.6
0.4
1.3

488
577
303

255
317
136

504
600
309

103
97
111

205
251
150

92
85
103

1.6
0.3

1.3
0.3

231
292

97
112

255
287

155
151

Homef urnishings
Furniture and bedding
Mattresses, springs, and studio beds
Upholstered and other furniture

+1

Toys, games, sporting goods, cameras
Toys and games
Sporting goods and cameras

317
260
161

Luggage
Candy

290
192

+2

200

-1

0

-1

1.2

1.2

171

123

173

116
85
98

130

108
78
99

138

0

+2

—1

2.1

2.1

143

118

143

124

131

125

190

-1

0

0

0.9

0.9

162

117

164

92

129

92

166
123
121
174
175
157
124
125
117

-2
-4
Q
-5
-5

+1

+1

1.0
1.0

1.0
1.0
1.0
1.3
0.8
0.8
0.7
1.0
1.1

197

121

200

100

140

99

83
114
193
223
219

108
82
129
162
166

87
120
186
216
218

82
88
90
92
102

101
102
144
143
149

BASEMENT STORE—total
Domestics and blankets
1

Women's and misses ready-to-wear
Intimate apparel
Hosiery
Underwear, corsets and brassieres
Coats and suits
Dresses
Blouses, skirts, and sportswear
Girls' wear
Infants' wear
Aprons, housedresses, uniforms
Men's and boys' wear
Men's wear
Men's clothing
Men's furnishings

—4
-2
—9

+3
+2
+4
-5

+2

-3

-3

+2

+3

-6
-1

-1

+6
+5
+3
-7

+2
+4
+2
0
-11

+2

+1

157
107
124

+1
+1
+1
+2

121

0

Homef urnishings

106

-6

-2

Shoes

117

-5

NONMERCHANDISE—total

184

+2

78

+ 13

+6

Boys' wear

Barber and beauty shop

169

-10

0^8
0.8
0.7
1.0
1.1

82
86
86
90
102

0.9

0.9

251

151

249

97

151

96

Co O to

+4
+3
+1

v4)

+3

0.9
1.6
0.7

0.9
1.6
0.7

249
168
297

146
141
148

246
167
292

99
106
92

152
144
155

98
107
89

+4

+2

0.9

0.9

240

161

240

90

147

88

-2

2.3

2.2

117

131

125

107

117

110

0

-3

2.2

2.1

148

111

157

106

124

108

+3

(4)

(4)

(4)

149

140

145

(4)

(4)

(4)

(4)

(4)

(4)

114

100

101

(4)

(4)

(4)

0

iThe ratio of stocks to sales is obtained by dividing stocks at the end of the month by sales during the month and hence indicates the number
of months' supply on hand at the end of the month in terms of sales for that month.
2
The 1947-49 average of monthly sales and of end-of-month stocks for each department is used as a base in computing the sales and stocks
indexes, respectively, for that department. For description of indexes, see BULLETIN for November 1953, pp. 1146-1149.
3For movements of total department store sales and stocks, see the indexes for the United States on p. 305.
4
Data not available.
NOTE.—Based on reports from a group of large department stores located in various cities throughout the country. In 1953, sales and stocks
at these stores accounted for almost 50 per cent of estimated total department store sales and stocks. Not all stores report data for all of the
departments shown; consequently, the sample for the individual departments is not so comprehensive as that for the total.

MARCH

1954




309

PRICES
CONSUMER PRICES
[Bureau of Labor Statistics index for city wage-earner and clerical-worker families.

1947-49 =100]

Housing
Year or
month

All
items

Foods

Total

Rent

Gas
Other
and
shelter* electricity

Solid House- Housefuels
furnhold
and
ishoperafuel oil ings
tion

Transportation

Appar el

Medical
care

Personal
care

and
recreation

Other
goods
and
services

Read-

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.

62.9
69.7
74.0
75.2
76.9
83.4
95.5
102.8
101.8
102.8
111.0
113.5
114.4

52.2
61.3
68.3
67.4
68.9
79.0
95.9
104.1
100.0
101.2
112.6
114.6
112.8

95.0
101.7
103.3
106.1
112.4
114.6
117.7

88.4
90.4
90 3
90.6
90 9
91.4
94.4
100.7
105.0
108.8
113.1
117.9
124.1

97.6
100.0
102.5
102.7
103.1
104.5
106.6

88.8
104.4
106.8
110.5
116.4
118.7
123.9

97.2
103.2
99.6
100.3
111.2
108.5
107.9

97.2
102.6
100.1
101.2
109.0
111.8
115.3

55.6
64.9
67.8
72.6
76.3
83.7
97.1
103.5
99.4
98.1
106.9
105.8
104.8

90.6
100.9
108.5
111.3
118.4
126.2
129.7

94.9
100.9
104.1
106.0
111.1
117.3
121.3

97.6
101.3
101.1
101.1
110.5
111.8
112.8

95.5
100.4
104.1
103.4
106.5
107.0
108.0

96.1
100.5
103.4
105.2
109.7
115.4
118.2

1953—Jan...
Feb..
Mar..
Apr...
May.
June.
July.
Aug..
Sept.
Oct.. .
Nov.
Dec.

113.9
113.4
113.6
113.7
114.0
114.5
114.7
115.0
115.2
115.4
115.0
114.9

113.1
111.5
111.7
111.5
112.1
113.7
113.8
114.1
113.8
113.6
112.0
112.3

116.4
116.6
116.8
117.0
117.1
117.4
117.8
118.0
118.4
118.7
118.9
118.9

121.1
121.5
121.7
122.1
123.0
123.3
123.8
125.1
126.0
126.8
127.3
127.6

105.9
106.1
106.5
106.5
106.6
106.4
106.4
106.9
106.9
107.0
107.3
107.2

123.3
123.3
124.4
123.6
121.8
121.8
123.7
123.9
124.6
125.7
125.9
125.3

107.7
108.0
108.0
107.8
107.6
108.0
108.1
107.4
108.1
108.1
108.3
108.1

113.4
113.5
114.0
114.3
114.7
115.4
115.7
115.8
116.0
116.6
116.9
117.0

104.6
104.6
104.7
104.6
104.7
104.6
104.4
104.3
105.3
105.5
105.5
105.3

129.3
129.1
129.3
129.4
129.4
129.4
129.7
130.6
130.7
130.7
130.1
128.9

119.4
119.3
119.5
120.2
120.7
121.1
121.5
121.8
122.6
122.8
123.3
123.6

112.4
112.5
112.4
112.5
112.8
112.6
112.6
112.7
112.9
113.2
113.4
113.6

107.8
107.5
107.7
107.9
108.0
107.8
107.4
107.6
107.8
108.6
108.9
108.9

115.9
115.8
117.5
117.9
118.0
118.2
118.3
118.4
118.5
119.7
120.2
120.3

1954—Jan.. .

115.2

113.1

118.8

127.8

107.1

125.7

107.2

117.2

104.9

130.5

123.7

113.7

108.7

120.3

1
Indexes for this subgroup are not yet available.
NOTE.—Revised indexes, reflecting beginning January 1953 the inclusion of new series (i. e. home purchases and used automobiles) and revised
weights. Prior to January 1953 indexes are based on the "interim adjusted" and "old" indexes, converted to the base 1947-49 = 100.
Source.—Bureau of Labor Statistics, Department of Labor.

WHOLESALE PRICES, BY GROUPS OF COMMODITIES
[Index numbers of the Bureau of Labor Statistics, 1947-49 = 100]
Other commodities
Year or
month

All
commodities

96.4
104.4
99.2
103.1
114.8
111.6

1947
1948
1949
1950
1951
1952

1953
January
February . . .
March
April
May
June
July
August
September..
October
November..
December..
1954
January....

109.9
109.6
110.0
109.4
109.8
109.5
110.9
110.6
111.
110.2
109.8
110
110.

Farm Procprod- essed
ucts foods

95.3
103.4
101.3
105.0
115.9
113.2

100.1
104.4
95.5
99.2
110.6
99.8

Hides,
skins,
and
leather
products

Fuel,
power,
and
lighting
materials

101.0
102.1
96.9
104.6
120.3
97.2

90.9
107.1
101.9
103.0
106.7
106.6

NonToMaChem- Rub- Lum- Pulp, Metals chin- Furni- me- bacco
ture tallic mfrs. Misicals
ber paper, and
ber
other minery
and
and
and
and
cellaand
and
allied prod- wood allied metal mo- house- erals— bottled neous
hold struc- bevprodprod- ucts prod- prod- ucts
tive duraucts
ucts
ucts
prod. bles tural erages
101.4
103.8
94.8
96.3
110.0
104.5

99.0
102.1
98.9
120.5
148.0
134.0

93.7
107
99.2
113.9
123.9
120.3

98.6
102.9
98.5
100.9
119.6
116.5

91.3
103.9
104.8
110.3
122.8
123.0

92.5
100.9
106.6
108.6
119.0
121.5

95.6
101.4
103.1
105.3
114.1
112.0

93.9
101.7
104.4
106.9
113.6
113.6

98.0
100.4
101.6
102.4
108.1
110.6

100.8
103.1
96.1
96.6
104.9
108.3

105.5
105.2
104.1
103.2
104.3
103.3
105.5
104.8
106

113.1
113.1
113.4
113.2
113.6
113.9
114.8
114
114
104.7 114.6
103.8 114.5
104.3 114.6

98.8 97.3 107.8 103.6 127.3
98.5 98.0 108.1 103.6 126.2
97.5 98.1 108.4 104.2 125.7
97.4 97.9 107.4 105.5 124.8
97.6 100.4 107.1 105.5 125.4
97.4 101.0 108.3 105.6 125
97.5 100.0 111.1 106.2 124.6
97.5 99.9 111.0 106.3 123
96
110.9 106.7 124
99
96.5 97.1 111.2 106.7 124.2
107.2 124
96.2 97.
111.
107.1 124
95.8 95.6

120.5
121.1
121.7
122.2
121.8
121.5
121.1
120.4
119.2
118.1
117.3
117.4

115.8
115.3
115.1
115.3
115.4
115.8
115.8
116.2
116.9
117.5
117.
117.1

124.0
124.6
125.5
125.0
125
126.9
129.3
129.4
128.5
127.9
127.9
'127.5

121.5
121.6
121.8
122.0
122.4
122.9
123.4
123.7
124.0
124.1
124.2
124.3

112.7
112.9
113.1
113.9
114.1
114.3
114.7
114.8
114.9
114.8
114.9
••115.0

114.6
114.6
115.1
116.9
117.2
118.1
119.4
119.6
120.7
120.7
120.8
120.8

112.2
111.9
114.8
114.8
114.8
114.9
115.6
115.6
116.2
118.1
118.1
118.1

103.0
101.2
101.7
98.5
99.7
95.8
95.3
96.4
94.7
94.4
93.2
100.1

106.2 114.6

96.1

100.0
98.2
107.3 106.1
92.8
95.
97.5
99.8
113.4 111.4
107.0 108.8
99.6
97.
99.
97,
97
95
97
96
98
95.2
93.
r
94.4

Total

Textile
products
and
apparel

95.3 110.8 107.2

117.0 127.2 124.4

120.9

101.1

r

Revised.
Source.—Bureau of Labor Statistics, Department of Labor.
Back figures.—See BULLETIN for March 1952, pp. 311-313.

310




FEDERAL RESERVE BULLETIN

PRICES—Continued
WHOLESALE PRICES, BY GROUPS OF COMMODITIES—Continued
[Index numbers of the Bureau of Labor Statistics, 1947-49 = 100]

Subgroup
Jan.

Jan.

Nov.

Dec.

107.3
94.6
92.7
100.9
105.3
93.9
97 2
133 3

94.2
89.3
78.4
103.5
101.9
111.6
88 0
145 9

'89.8
90.6
83.9
103.2
'99.5
97.2
89 7
148 1

106.8
99.3
111.9

112.6
86.2
113.9

112.2
'89.7
111.3

105 4
108.0
161.9
112.8

104 7
108.7
171.0
110.2

103 9
108.9
171.6
113.9

97 0
113.0
88 1
141 4
100 0
83.1

91 6
111.5
85.2
136 5
98.7
83.5

90 9
112.1
85.5
139 3
'97 9
'82.4

62.1
92.0
112.0
99.2

64.3
90.4
111.8
98.8

57.7
'88.7
111.8
98.2

116 3
131 8
108.0
99.6
107.9

112 5 112 S
132 5 132 5
106 3 1 0 9 . 6
99.6 1 0 0 . 7
116.3 114.9

111 9
132 5
111.8
100.7
114.2 Nonmetallicf Minerals—Structural:

112 8
106.2
91.5
53.5
111 2
112.9
103.1

119 2
108.2
93.5
58.0
111 5
112.9
105.0

118 6
107.9
93.8
'58.6
111 4
113.9
105.2

118 4
93.9
61.2
111 1
114.0
105.3

135 5
126 3
124 3

112 0
130 1
123 2

114 5
130 1
123 2

113 4
130 3
123 7

120 1
129 3
108 5

116 3 116 4
131 2 131 3
103 1 103 9

115 9
131.1
103 5

108.8
87 0
124.9
124.2

109.7
90 8
126.8
126.0

109.7
79.1
126.8
125.9

109.7
79.1
126.8
125.5

Farm Products:
Fresh and dried produce
Grains
Livestock and poultry
Plant and animal fibers
Fluid milk
Eggs
Other farm products
Processed Foods:
Cereal and bakery products
Meats poultry and fish
Dairy products and ice cream
Canned, frozen fruits, and vegetables
Sugar and confectionery
Packaged beverage materials
Other processed foods
Textile Products and Apparel:
Cotton oroducts
Wool products
Synthetic textiles
Silk products
Apparel
Other textile products
Hides, Skins, and Leather Products:
Hides and skins
Leather
Footwear
Other leather nroducts

Jan.
Pulp, Paper and Allied Products—
Continued
91.2
91.3
Converted paper and paperboard. .
91.8
Building paper and board
104.2
97.5 Metals and Metal Products:
92.7
90 5
Iron and steel
Nonferrous metals
161 0
Metal containers
.. .
Hardware
Plumbing equipment
...
Heating equipment
112.4
Fabricated structural metal prod96.4
109.4
ucts
Fabricated nonstructural metal
products
103 8
110.1
182.1 Machinery and Motive Products:
111.5
Agricultural machinery and equipment
Construction machinery and equipment
90 4
Metal working machinery
111.0
85.4
General purpose machinery and
142 1
equipment
Miscellaneous machinery
99 1
Electrical machinery and equip82.7
ment
Motor vehicles... .
56.8
88.1
111.9
98.1

Fuel, Power, and Lighting Materials:
Coal
Coke
Gas

Electricity
Petroleum and products
Chemicals and Allied Products:
Industrial chemicals
Paint and paint materials
Drugs, Pharmaceuticals, cosmetics.
Fats and oils, inedible
Mixed fertilizers
Fertilizer materials
Other chemicals and products
Rubber and Products:
Crude rubber
Tires and tubes
Other rubber Droducts
Lumber and Wood Products:
Lumber
Millwork
Plywood
Pulp, Paper, and Allied Products:
^Voodpulp
Wastepaper
Paper
Paperboard

1954

1953

1954

1953
Subgroup

Nov.

Dec.

Jan.

112.3
118.2

113.4
123.0

113.4
123.0

113.2
127.9

127.1
122.5
125.3
125.9
113.6
113.8

133.6
122.3
128.7
137.2
118.2
115.8

132.8
122.1
128.7
137.2
118.2
115.5

132.0
121.5
130.0
137.5
118.2
115.3

113.9

117.5

117.3

117.6

126.5

127.2

127.2

127.2

121.8

122.5

122.5

122.7

126.2
129.0

131.1
132.8

131.1
132.8

131.2
132.8

121.9
119.7

128.5
124.4

128.6
124.5

128.2
124.7

119 6
119.8

126.6
118.5

126.8
118.5

126.8
118.9

Household furniture
Commercial furniture
Floor covering
Household appliances
Radio
Television
Other household durable goods....

113.2
123.0
124.1
107.4
95.0
74.5
121.2

114.1
126.2
125.0
109.0
94.3
74.2
127.6

114.1
126.2
124.8
109.1
'94.3
'74.0
127.7

114.2
126.2
122.5
109.6
96.1
73.5
128.1

Flat glass
Concrete ingredients
Concrete products
Structural clay products
Gypsum products
Prepared asphalt roofing
Other nonmetallic minerals

114.4
113 1
112.8
124.0
117.7
106.0
115.3

124.7
119.4
117 A
132.1
122.1
109.9
118.9

124.7
119.6
117.2
132.1
122.1
109.9
118.9

124.7
119.9
117.2
131.9
122.1
109.9
119.8

112.0
102.9
120.3
110.7
119.7

124.0
103.5
120.7
114.9
125.1

124.0
103.5
120.7
114.9
125.1

124.0
103.5
120.7
115.0
125.1

Toys, sporting goods, small arms. . 112.8
97.9
Manufactured animal feeds
92.9
Notions and accessories
Jewelry, watches, photo equipment. 101.0
120.8
Other miscellaneous
....

114.0
78.7
93.5
101.9
119.5

113.2
92.2
93.5
101.9
119.7

113.1
94.0
93.5
102.1
119.8

Furniture and Other Household Durables:

Tobacco Manufactures
Beverages:

and Bottled

Cigarettes
Cigars
Other tobacco products
Alcoholic beverages..
Nonalcoholic beverages
Miscellaneous:

r
c
Revised.
Corrected.
Source.—Bureau of Labor Statistics, Department of Labor.
Back figures.—See BULLETIN for March 1952, pp. 311-313.

MARCH

1954




311

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

1953

1952
1929

1933

1941

1948

1949

1950

1951

1952

1953
4

Gross national product

103.8

3

2

1

55.8 126.4 259.0 258.2 286.8 329.8 348.0 367.2 361.1 363.9

4

371.4 369.5 363.5

Less: Capital consumption allowances..
Indirect business tax and related
liabilities
Business transfer payments
Statistical discrepancy
Plus: Subsidies less current surplus of
government enterprises

8.8

7.2

9.3

17.6

19.4

21.6

24.2

27.0

29.3

28.2

28.2

29.2

29.6

30.0

7.0
6
-.1

7.1
1.2

11.3
5
1.6

20.4
.7
-3.2

21.6
8
.2

23.7
.8
.4

25.7
9
1.1

28.1
.9
.5

30.0
.9
-.7

28.9
9
1.6

29.3
9
-1.2

30.1
.9
.7

30.2
.9
.4

30.4
.9
n.a.

0)

.1

.0

.0

.4

.4

.1

-.1

— .2

.0

.2

— .3

Equals* National income

87.4

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

— .1

39.6 103.8 223.5 216.3 240.6 278.4 291.6 307.7 301.4 306.7 310.7 308.1

42.4
8.9
.0
12.8
5.1
9.3
.9

-.2
n.a.

41.7
8.8

43.8
9.0

45.2
9.0

40.7
8.8

n.a.
8.7

.0
12.4
4.9
9.1
.9

.0
12.6
4.9
9.2
.9

.0
12.6
5.0
9.4
.9

.0
12.6
5.1
9.6
.9

.0
13.3
5.2
9.4
.9

10.3
.2

-2.0
.3

14.6
2.8

31.7
5.2

29.2
5.7

36.0
6.9

42.4
8.2

40.2
8.6

.0
.9
.1.0
5.8
.6

.0
1.5
1.2
2.1
.7

.0
2.6
1.3
4.5
.5

.0
10.5
4.5
7.2
.7

.0
11.6
4.6
7.5
.8

.0
14.3
4.7
9.1
.8

.0
11.6
4.8
9.2
.9

-.1
12.0
4.9
9.1
.9

85.1

46.6

State and local
Equals: Disposable personal income.

2.6
1.3
1.4

1.5
.5
1.0

82.5

45.2

92.0 188.4 187.2 205.8 225.0 235.0 247.9 243.0 245.4 247.7 249.8 249.3

Less: Personal consumption expenditures

78.8

46.3

82.3 177.9 180.6 194.6 208.1 218.1 229.8 224.4 227.7 230.4 231.0 230.0

3.7

-1.2

Equals: Personal income
Less: Personal tax and related payments..
Federal

Equals: Personal saving

95.3 209.5 205.9 226.7 254.3 269.7 284.5 278.3 281.6 284.4 286.8 285.9
21.1
19.0
2.1

3.3
2.0
1.3

10.5

9.8

18.6
16.2
2.5

6.7

20.9
18.1
2.8

11.3

29.3
26.2
3.2

16.9

34.6
31.1
3.6

16.9

36.6
32.7
3.9

35.3
31 6
3.7

18.1

18.6

36.2
32.3
3.8

17.7

36.7
32.8
3.9

37.0
33 1
3.9

17.2

18.8

36.6
32.7
4.0

19.3

NATIONAL INCOME, BY DISTRIBUTIVE SHARES
Seasonally adjusted annual rates
by quarters

An aual totals

1953

1952
1929

1933

1941

1948

1949

1950

1951

1952

1953
4

National income

87.4

Compensation of employees
Wages and salaries*
Private
Military
Government civilian
Supplements to wages and salaries...

50.8
50.2
45.2
.3

Proprietors' a n d rental

3

income ....

Business and professional
Farm
Rental income of persons

Corporate profits and inventory
valuation adjustment
Corporate Profits before tax
Corporate profits tax liability
Corporate profits after tax
Inventory valuation adjustment

Net interest

4.6

.6
19.7
8.3
5.7
5.8
10.3
9.8
1.4
8.4

39.6 103.8 223.5 216.3 240.6 278.4 291.6 307.7 301.4
29.3 64.3 140.2 139.9 153.4 178.9 193.2 207.6 201.3
28.8
61.7 134.4 133.4 145.6 169.8 183.6 197.6 191 3
23.7 51.5 115.7 113.0 123.4 141.2 151.1 164.1 158.3
4.0
4.2
.3
1.9
5.0
8.6
10.4 10.4
10.4
4.9
8.3
14.7
16.1
17.1 20.0 22.2 23.1 22 6
5.8
.5
6.6
2.6
7.9
9.6
9.1
9.9
10.0
7.2 20.8 47.3 42.1 45.4 50.7 51.2 49.9 51.1
2.9
9.6 22.1 21.6 23.6 26.1 26.3 27.0 26.7
6.9
17.7
2.3
12.8
13.3
12.4
15.5 14.8
14 0
2.0
7.5
7.7
4.3
8.5
9.1 10.0 10.6
10.3
-2.0
.2
-!4

.5 - 2 . 1
6.5
5.0

14.6
17.2
7.8
9.4
-2.6

31.7
33.8
13.0
20.7
-2.1

29.2
27.1
10.8
16.3
2.1

36.0
41.0
18.2
22.7
-5.0

42.4
43.7
23.6
20.1
-1.3

40.2
39.2
20.6
18.6
1.0

42.4
43.2
23.6
19.6
-.8

4.1

4.3

5.0

5.7

6.4

7.0

7.8

1

2

3

306.7 310.7 308.1

4

n.a.

204.5 208.0 210.4 207.7
194 5 198.0 200 6 198 0
161.3 164.5 166.9 164.4
10.4 10.6 10.5 10.3
22 8 22.9 23 1 23 3
10.0 10.0
9.8
9.8

50.8

49.7
27.0
12.3
10.4

49.1
26.9
11 6
10.6

41.7 43.8
40 3 44 6
21.2 24.4
19.1
1.4

20.3
-.8

45.2
45.9
25.0
20.8
-.6

40.7
43 3
23.6
19.6
-2.6

7.4

7.6

7.7

7.9

27.0
13 4
10.4

50.0
26.9
12 2
10.8
n.a.
n a.
n.a.
n.a.
1.0
8.1

n.a. Not available.
1
Less than 50 million dollars.
2
Includes employee contributions to social insurance funds.
3
Includes noncorporate inventory valuation adjustment.
NOTE.—Details may not add to totals because of rounding.
Source.—Department of Commerce.

312




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

1952
1933

1929

103.8

Gross national product
Personal consumption
expenditures
Durable goods
Nondurable goods
Services

Net foreign investment
Government purchases of
goods and services
Federal
National security
Other
Less: Government sales •
State and local

1948

1949

1950

1951

1952

46.3
3.5
22.3
20.6

1.3
15.8
7.8 1.1
3.6
.5
4.2
.7
6.4
1.8
1.6 - 1
1.8 - 1
.8
8.5
1.3

8.0
2.0

1.3

2.0

(«)
7.2

(«)

5.9

1953

1953

55.8 126.4 259.0 258.2 286.8 329.8 348.0 367.2 361.]

78.8
9.4
37.7
31.7

Gross private domestic
investment
New construction 1
Residential, nonf arm
Other
Producers' durable equipment
Change in business inventories....
Nonfarm only

1941

363.9 371.4 369.5 363.5

82.3 177.9 180.6 194.6 208.1 218.1 229.8 224.4 227.7 230.4 231.0 230.0
9.8 22.9 23.8 29.2 27.3 26.7 30.1 28.2 30.2 30.7 30.4 29.1
44.0 100.9 99.2 102.6 113.4 118.8 121.2 121.1 121.2 122. 121.3 120.4
28.5 54.1 57.5 62.7 67.4 72.7 78.4 75.1 76.3 77.6 79.2 80.5
18.3
6.8
3.5
3.3
7.7
3.9
3.4
1.1

24.7
16.9
13.8
3.2
($)
7.8

33.5 52.5
17.2 22.7
8.3 12.6
9.0 10.1
18.7 22.3
-2.5
7.5
-1.6
6.6
1.9
.5 - 2 . 3

42.7
17.7
8.6
9.1
19.9
5.0
3.7

36.6
21.0
16
5.6
.6
15.6

43.6

25.4
19.3
6.6
.4
18.2

42.0
22.1
18.5
3.9
.2
19.9

58.6
23
11.0
12.2
24.6
10.9
9.6

52.5
23.4
11.1
12.3
25.4
3.7
3.1

54.4
25.1
11.8
13.3
26.7
2.5
3.2

57.9
23.9
11.6
12
25.5
8.5
8.1

.3

-.2

-1.9

-1.6

62.9
41.1
37.4
4.1
.4
21.8

77.5
54.2
48.9
5.8
.5
23.4

84.9
59.7
51.8
8.5
.6
25.2

80.4
56.4
50.5
6.3
.5
24.0

54.9
25.0
12.2
12.8
26.2
3.7
4.0
-2.]
83.4
58.5
51.6
7.6
.7
24.9

58.5
25.3
12.0
13.4
26.9
6.3
7.0

55.2
24.9
11.5
13.4
27.1
3.1
4.2

48.8
25.3
11.6
13.6
26.5
-3.0
-2.3

-2.5

-2.1

-1.0

85.5

85.7
59.5
50.0
10.0
.5
26.3

85.0
60.5
53.5
7.6
.7
24.6

60.4
52.1

8 8
.5
25.2

PERSONAL INCOME
[Seasonally adjusted monthly totals at annual rates]
Wages and salaries

Year or month

Personal
income

Wage and salary disbursements
Total
receipts4

Total
disbursements

Commodity
producing industries

50.2
28.8
61.7
122.0
134.3
133.4
145.5
169.8
183 7
C
197 6

21.5
9.8
27.5
54.3
60.2
56.9
63.5
74.9
80.6
88.5

.5
.4
.6
2.4
2.8
3.1
3.9
4.3

22.6

32.8

5. I

22.7
22.8
23.2
23.4
23.5
23.9
24.2
24.1
24.1
24.2
24.1
24.2

33.1
33.2
33.3
33.4
33.5
33.6
33.5
33.8
33.8
33.7
33.6
33.5

5.
5.
5.
5.
5.
5.
5.
5.
5.
5.
5.
5.1

24.0

33.5

5.1

50.0

8.2
5.1
7.8
15.3
16.6
17.2
18.6
20.3
21.8
23.7

87.0

50.1

86.8
88.0
88.8
88.8
89.3
89.8
90.6
90.2
89.3
88.7
87.7
86.4

50.2
50.6
50.9
51.0
51.7
52.2
52.9
52.9
52.7
52.7
52.9
52.2
52.2

85.1
46.6
95.3
191.0
209.5
205.9
226.7
254.3
269 7
284.5

1952—December

280.6

188.7

192.5

1953—January
February
March....
April
May
June
July
August
September. . . .
October.
November. . . .
December

280.5
281.0
283.6
282.7
284.7
286.3
287.5
287.0
286.3
287.2
285.9
284.6

188.8
190.9
192.4
192.8
194.2
195.6
197.3
197.1
196.0
195.6
194.5
192.5

192.8
194.6
196.2
196.6
198.0
199.5
201.2
201 0
199.9
199 3
198.3
196.3

1954—JanuaryP

282.5

190.5

194.9

85.2

Government

5.0
5.2
10.2
17.2
18.7
20.4
22.1
28.7
32.5
33.5

15.5
8.8
16.3
35.1
38.8
38.9
41.3
45.9
48 7
51.9

1929
1933
1941
1947
1948
1949
1950.
1951
1952
1953

50.0
28.7
60.9
119.9
132.1
131.2
142.6
166.4
180.1
193.8

Distrib- Service
utive
indus- industries
tries

Other
labor
ncome 5

DiviProdends
prieton*
and
and
perrental 6 sonal
income interest
income

4.7
5.1

Less
personal
Trans- contriNonfer
butions agriculpay- 7
for
tural
ments
social
income °
insurance8

13.3
8.2

1.5
2 1

.1
2

9.9

3.1

14.5
16.0
17.1
19.6
20 5
21 0
22.2

.8

11 8
11.3
12 4
15.1
12 5
12 9
13 7

2 1
2 2
2 2
2.9
3 4
3 8
4 1

51.8

21.5

13.6

3.9

261.6

51.6
50.2
50.7
49.4
50.0
50.1
49.5
48.9
49.0
49.5
50.0
50.3

21.6
21.7
21.9
22.0
22.1
22.3
22.4
22.5
22.7
22.8
22.7
22.7

13.5
13.3
13.7
13.6
13 5
13.5
13.5
13 6
13.6
14 5
13.8
14.3

4.1
3.9
4.0
4.0
4 0
4.2
4.2
4 1
4.0
4 0
4.0
4.1

261.1
263.3
265.4
265.5
267 2
268.8
270 6
270 7
270.0
270 5
269.0
267.2

22.8

14.5

4.8

265.2

19.7
7.2
20.8
42.4
47.3
42.1
45.4
50.7
51.2
49.9

76.8
43 0
86 1
170 8
187 1
188 7
209.0
234 0
249 9
267 4

^Preliminary.
"Corrected.
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.
3
Less than 50 million dollars.
*Total wage and salary receipts, as included in "Personal income," is equal to total disbursements less employee contributions to social insurance. Such contributions are not available by industries.
includes compensation for injuries, employer contributions to private pension and welfare funds, and other payments.
•Includes business and professional income, farm income, and rental income of unincorporated enterprise; also a noncorporate inventory
valuation adjustment.
7
Includes government social insurance benefits, direct relief, mustering out pay, veterans' readjustment allowances and other payments, as
well as consumer bad debts and other business transfers.
8
Prior to 1952 includes employee contributions only; beginning January 1952, includes also contributions to the old-age and survivors' insurance
program of the self-employed to whom coverage was extended under the Social Security Act Amendments of 1950. Personal contributions are
not included in personal income.
•Includes personal income exclusive of net income of unincorporated farm enterprise, farm wages, agricultural net rents, agricultural net
interest, and net dividends paid by agricultural corporations.
NOTE.—Details may not add to totals because of rounding.
Source.—Department of Commerce.
MARCH

1954




313

INTERNATIONAL FINANCIAL STATISTICS

PAGE

International capital transactions of the United States

316-321

Gold production

321

Reported gold reserves of central banks and governments

322

Net gold purchases and gold stock of the United States

323

International Monetary Fund and Bank

324

Central banks

324-328

Money rates in foreign countries

329

Commercial banks

330

Foreign exchange rates

331

Price movements in principal countries:
Wholesale prices

332

Consumers' price indexes

333

Security prices

333

Tables on the following pages include the principal available statistics of current significance relating
to gold, international capital transactions of the United States, and financial developments abroad.
The data are compiled for the most part from regularly published sources such as central and commercial bank statements and official statistical bulletins, some data are reported to the Board directly.
Figures on international capital transactions of the United States are collected by the Federal Reserve
Banks from banks, bankers, brokers, and dealers in the United States in accordance with the Treasury
Regulation of November 12, 1934. Back figures for all except price tables, together with descriptive
text, may be obtained from the Board's publication, Banking and Monetary Statistics.

MARCH 1954




315

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES
TABLE 1.—NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935, BY TYPES
[Net movement from United States, (—). In millions of dollars]

Increase in banking funds in U. S.

1949—Dec.
1950—Dec.
1951—Dec.
1952—Dec.

1953—Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30*
Dec. 31P

Foreign
other

International3

6,863.9
7,890.7
8,548.1
9,792.0

2,197.8
2,715.6
2,770.2
3,770.4

3,028.2
3,472.8
4,089.6
4,283.1

L,637.8
1,702.3
L.688.3
1,738.5

307.6
231.4
160.9
80.6

258.5
1,202.9
618.6
933.5

1,209.9
1,064.5
687.5
469.6

123.7
131.7
125.6
123.8

11,385.4
11,245.3
11,424.9
11,683.2
11,869.8
11,945.6
12,021.5
12,221.6
12,407.3
12,483.0
12,604.4
12,537.2

31
31
31
31

Total

Foreign
official1

Decrease
in U. S.
banking
funds
abroad

8,763.5
10,521.1
10,140.7
11,399.5

From Jan. 2, 1935,
through—

9,746.9
9,646.2
9,849.7
10,125.8
10,185.7
10,160.5
10,247.4
10,443.0
10,649.7
10,767.8
10,948.4
10,887.4

3,691.8
3,641.4
3,866.7
4,043.8
4,103.5
4,147.6
4,112.0
4,248.8
4,449.1
4,488.7
4,627.6
4,606.5

4,308.0
4,279.6
4,298.4
4,340.9
4,318.6
4,255.7
4,366.6
4,420.0
4,424.5
4,410.6
4,459.8
4,333.2

L,747.1
1,725.2
1,684.7
L,741.1
1,763.5
1,757.2
1,768.7
1,774.1
1,776.1
1,868.5
1,861.0
,947.8

93.4
95.3
88.8
99.4
152.5
181.7
208.9
211.5
226.5
221.9
218.4
226.2

967.4
968.9
976.6
977.3
983.5
1,003.5
965.8
968.9
918.7
916.8
907.2
909.9

450.4
412.5
389.0
361.1
428.9
481.2
479.0
481.2
495.2
463.2
418.4
396.0

127.3
122.4
120.7
119.5
119.3
118.7
120.5
117.0
117.2
113.3
112.0
117.6

Total

Domestic
securities:
Inflow of
foreign
funds3

Foreign
securities:
Return
of U. 3
S.
funds

Inflow in
brokerage
balances

TABLE 2.—SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES,
BY COUNTRIES *
[Amounts outstanding, in millions of dollars]

Date

International
institutions 8

Total foreign
countries

Official
and
private

Official *

NethUnited
King- France erdom
lands

Switzerland*

Italy

Other
Europe

Total
Europe

Canada

Latin
America

Asia

All
other

1949—Dec. 31...
1950—Dec. 31...
1951—Dec. 31...
1952—Dec. 31 . .

1,657.8 5,960.2 2,908.1
1,722.2 •6,922.6 3,425.9
L.7O8.2 7,594.0 3,480.5
1,758.4 8,787.6 4,480.7

574.4
•656.6
642.6
817.9

171.6
260.7
289.4
342.6

170.5
193.6
148.8
203.1

576.9
553.0
521.3
641.8

961.0 179.5
869.1 L.436.7
303.6 717.0 2,513.9
899.0 1,612.9 1,378.5 254.5
314.7 799.2 82,777.7
300.5 1,022.2 2,924.7 1,307.1 1,455.2 1,609.6 297.4
308.9 1,259.3 3,573.5 1,420.7 1,612.9 1,845.0 335.6

1953—Jan. 3 1 . .
Feb. 28. .
Mar. 31. .
Apr. 30. .
May 31. .
June 30..
July 31. .
Aug. 31. .
Sept. 30. .
Oct. 31. .
Nov. 30*.
Dec. 31 P.

1,767.1
1,745.2
1,704.6
1,761.0
1,783.5
L,777.1
1,788.7
1,794.0
L,796.0
1,888.4
L, 880.9
,967.7

4,402.1
4,351.7
4,577.0
4,754.1
4,813.8
4,857.9
4,822.3
4,959.1
5,159.4
5,199.0
5,337.9
5,316.8

887.8
754.4
751.6
837.3
900.0
911.2
887.6
890.0
900.8
916.3
907.7
708.8

249.5
253.5
259.1
233.3
255.0
301.8
334.0
362.6
375.8
425.6
423.8
430.7

210.4
221.1
230.7
231.5
245.0
268.6
227.5
243.1
230.7
241.2
252.8
242.9

610.5
608.6
632.6
657.8
624.1
650.1
659.9
663.7
664.4
661.2
653.7
674.1

308 3
286.6
304.9
312.1
314.4
313.6
336.0
353.9
368.2
390.8
432.1
449.3

8,734.0
8,655.1
8,899.2
9,118.9
9,156.3
9,137.5
9,212.8
9,403.0
9,607.8
9,633 .5
9,821.6
9,673.8

1,225 0
1,273.7
1,307.1
1,370.8
1,411.0
1,444.5
1,537.8
1,619.5
1,676.8
1,707.8
1,789.4
1,868.5

3,491.5
3,397.8
3,485.9
3,642.7
3,749.6
3,889.8
3,982.9
4,132.9
4,216.7
4,343.0
4,459.4
4,374.2

J.442 0
,387.5
1,349.1
L,365.0
,231.4
1,119.4
,142.1
L,147.5
L,197.1
1,205.7
L.260.3
,295.5

1,591 4
1,610.0
1,692.5
1,744.0
1,829.9
1,808.9
1,785.5
1,815.4
1,839.7
1,734.9
L,770.2
1,768.3

1,855 3 353.7
1,901.5 358.4
2,012.6 359.1
2,005.6 361.5
1,966.7 378.7
1,935.3 384.1
1,948.2 354.1
1,963.4 343.9
2,001.1 353.2
2,000.9 349.0
2,007.9 323.8
1,909.7 326.1

P Preliminary.
1
Represents funds held with banks and bankers in the United States by foreign central banks and by foreign central governments and their
agencies (including official purchasing missions, trade and shipping missions, diplomatic and consular establishments, etc.), and also funds held in
accounts with the U. S. Treasury.
2
Includes Bank for International Settlements, International Bank for Reconstruction and Development, International Monetary Fund, and
United Nations and other international organizations.
8
Figures include transactions of international institutions, which are shown separately in Tables 6 and 7. Securities of such institutions are
included in foreign securities.
4
"Short-term liabilities" reported in these statistics represent principally demand deposits and U. S. Government obligations maturing in
not more than one year from their date of issue, held by banking institutions in the United States. The term "foreigner" is used to designate
foreign governments, central banks, and other official institutions (see footnote 1 above) as well as other 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.
•Beginning January 1950, excludes Bank for International Settlements, included in "International institutions" as of that date.
•Data for August 1950 include, for the first time, certain deposit balances and other items which have been held in specific trust accounts,
but which have been excluded in the past from reported liabilities.
NOTE.—These statistics are based on reports by banks, bankers, brokers, and dealers. Beginning with the BULLETIN for September 1951,
•certain changes were made in the order and selection of the material published. An explanation of the changes appears on p. 1202 of that issue.
For further explanation and information on back figures see BULLETIN for August 1951, p. lt)30.

316




FEDERAL RESERVE BULLETIN

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
TABLE 2.—SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES,
BY COUNTRIES—Continued
[Amounts outstanding, in millions of dollars]
Table 2a.—Other Europe
Other AusEurope tria

Date

Bel- Czech- Denoslogium vakia mark

119.9
1949—Dec. 3 1 . . 717.0
1950—Dec. 3 1 . . 799.2 ii'.9 128.2
1951—Dec. 3 1 . . 1,022.2 57.1 134.7
1952—Dec. 31. . 1,259.3 91.1 123.9
1953—Jan. 3 1 . . 1,225.0
Feb. 28. . 1,273.7
Mar. 31. . 1,307.1
Apr. 30.. 1,370.8
May 31. . 1,411.0
June 30. . 1,444.5
July 31. . 1,537.8
Aug. 3 1 . . 1,619.5
Sept. 30 1,676.8
Oct. 31. . 1,707.8
Nov. 3 0 P . 1,789.4
Dec. 31 P. 1,868.5

94.9
96.3
102.3
108.2
115.1
118.7
129.9
144.4
161.1
169.9
183.5
190.9

121.3
131.2
130.8
133.9
129.1
128.4
132.9
139.8
148.0
118.2
126.9
130.3

5L6
1.3
.6
.6
.5
.6
.6
.6
.7

.7

.6
.5
.5
.6
.6

Finland

GerNormany Greece way

38.0
45.5
45.3
70.4

25.1
18.3
27.0
28.5

149.4
221 6
405.6
551.1

63.7
60.7
62.3
70.0
69.4
71.0
72.6
77.2
81.7
88.1
92.8
95.7

32.9
28.6
26.1
26.9
29.7
34.3
35.7
32.8
30.7
33.5
35.7
37.9

531.5
552.2
585.7
626.8
645.7
682.8
739.5
773.3
793.7
827.2
851 .7
898.8

Poland

A.2
2.8
3.4

50.7
53.8
57.1
62.0
66.5
70.7
69.5
73.3
77.9
85.1
92.0
100.9

106.8
116.9
115.9
116.6
119.2
109.1
108.4
110.3
113.7
115.7
117.6
118.5

38.1
45.7
40.7
57.4

6.7
6.1
6.1
6.1

15.7
21.3
17.1
19.2

90.1 10.2
115.3 4 . 0
71.7 2 . 5
91.0 1.7

2.3
2.3
2.4
2.1
2.2
2.0
2.4
2.9
3.4
2.2
2.9
2.2

29.6 69.4
32.3 43.6
45.8 99.7
47.3 110.3

Portugal

47.8
54.6
54.9
55.1
57.8
57.2
62.9
70.3
66.7
70.0
73.1
72.4

6.1
6.1
5.8
5.8
5.8
5.8
5.8
5.8
5.8
5.8
6.0
5.8

20.2
19.0
17.6
18.2
22.7
19.3
19.9
22.1
23.4
32.7
35.9
36.0

86.6
93.0
89.2
88.7
88.5
86.7
87.9
94.3
103.5
96.0
105.2
116.7

Rumania Spain

Swe- USSR Yugo- All 1
den
slavia other

3.5
3.4
2.8
1.6
1.3
2.2
6.5
8.0

8 3

2.0
2.8
2.0

7.6

13.2
7.1

12.0
12.1
9.7
9.3
9.8

10.8
7.9

10.5
13.2
7.4
9.0
7.7
6.9

117.4
52.4
57.6
45.2
44.2
45.3
44.3
44.7
46.6
47.8
52.6
51.2
51.0
52.0
54.9
52.9

Table 2b.--Latin America

Latin
America

Date

Argen- Bo- Brazil Chile
tina livia

Colombia

Dominican Guate- MexRemala
ico
public

Cuba

Netherlands
West Peru
Indies
and
Suri-

ReEl
public of SalPan- vador
ama

Uruguay

74.3
59.2
67.7
80.8

143.2
75.1 85.2
84.7 71.9
94.1 145.5

Other
Vene- Latin
zuela America"

nam

1949—Dec. 31. 1 436 7
1950—Dec. 31. 1,612.9
1951—Dec. 31. 1,455.2
1952—Dec. 31. 1,612.9

201.1
301.8
249.7
138.8

13.5
20.4
27.8
24.5

192.8
226.0
100.3
72.5

60.9 85.9
79.5 53.4
54.0 106.4
79.3 118.2

1,591.4
1,610 0
1,692 5
1,744.0
1,829.9
1,808.9
1,785.5
1,815.4
1,839.7
1,734.9
1.770.2
1,768.3

131.7
142 6
142.5
152.4
153.1
155.6
151.3
145.9
146.6
143.1
137.1
130.0

18.9
20.2
20.1
19.6
27.4
25.6
22.9
20.6
20.3
19.9
28.1
19.1

71.9
83.4
75.7
81.2
119.7
133.6
83.5
132.5
164.4
110.0
149.2
101.7

75.7
82.4
86.2
89.1
93.1
88.1
89.1
84.1
92.1
86.0
81.5
78.8

1953—Jan. 31.
Feb. 28.
Mar. 31
Apr. 30'.
May 31.
June 30.
July 31 .
Aug. 31 .
Sept. 30
Oct. 31.
Nov. 30 P
Dec. 31 P

113.4
126.5
123.9
125.4
122.0
121.6
130.4
129.9
115.6
116.2
132.0
150.2

164.2
259.1 42.7
263.6 45.8
301.2 44.2
275.9
278 3
331 ^
356.9
372.5
383.0
390.0
402.1
391.0
385.0
350.7
340.8

44.9
45.3
47 0
48.3
48.0
47.5
50.2
48.9
45.0
41.9
42.4
39.3

214.6
25.4 207.1
27.3 158.2
34.3 231.2

25.9
30.2
34.9
44.3

52.8
60.2
47.2
60.9

38.5
41.2
45.6
49.1
47.2
45.2
43.2
40.3
36.4
32.7
32.1
37.9

44.5
45.4
45.3
41.2
42.3
44.8
45.6
45.1
43.6
49.0
52.2
51.5

61.5 87.7
61.9 90.4
67.5 91.1
63.8 90.4
62.5 95.2
63.4 97.1
61.2 103.8
62.0 108.1
60.0 101.9
68.2 82.8
73.5 79.9
68.0 89.9

239.3
213.3
213 9
199.4
181.7
167.5
168.7
160.5
170.3
180.2
189.4
183.2

16.1
27 8
25.6

40.1 94.2
44.2 97.3
54.8 91 7
52.2 94.1
48.9 90.2
44.7 88.5
42.1 91.3
39.2 89.6
33.7 89.0
28.7 93.5
24.9 89.4
26.8 109.6

124.3
\0t 9
117 3
143.2
186.4
156.8
166.5
165.2
197.8
173.1
184.1
222.4

207 4
71.3
87.8
117.4
128.8
133.6
138 6
137.8
139.6
145.9
145.7
141.2
131.7
124.6
123.6
119.2

Table 2c.—Asia and All Other

Asia

Date

1949—Dec.
1950—Dec.
1951—Dec.
1952—Dec.

961.0
31.
31. 1,378.5
31. 1,609.6
31. 1,845.0

110.6
81.7
87.4
76.4

83.9
86.1
62.4
70.9

63.3
55.7
62.1
64.6

1,855.3
1,901.5
2,012.6
2,005.6
1,966.7
1,935.3
1,948.2
1,963.4
2,001.1
2,000.9
2,007.9
1,909.7

73.5
72.8
70.7
72.1
72.1
71.3
71.6
73.3
75.9
77.1
77.2
73.6

72.0
71.4
71.4
70.1
67.3
67.2
68.2
68.5
68.8
67.9
68.7
68.0

70.2
75.1
76.3
85.3
92.3
87.4
89.1
93.5
92.7
95.3
100.0
99.0

1953—Jan. 31.
Feb. 28.
Mar. 31.
Apr. 30.
May 31 .
June 30.
July 31.
Aug. 31.
Sept. 30.
Oct. 31.
Nov. 30P
Dec. 31 P

P Preliminary.
1
Beginning January
8
Beginning January
•Beginning January
•Beginning January

MARCH

ForPhilmosa
Indoippine Thai- Tur- Other All
and Hong
land key Asia* other
China Kong India nesia Iran Israel Japan Republic
Mainland

1954




1950, excludes
1950, excludes
1950, excludes
1950, excludes

214.6
15.7
114.7 ioii 12 6 458.5
140 6 25.5 26 6 596 0
61.0 19.2 18.8 808.0
58.0
60.7
67.3
64.3
58.9
38.4
39.6
33.6
35.1
34.7
34.0
39.3

16.5
16.4
19.3
19.5
17.1
17.8
20.3
22.9
31.0
47.4
42.6
43.6

26.2 821.6
22.7 862.8
15.4 897.1
15.3 892.6
16.4 882.9
16.5 891.7
14.2 910.2
19.6 919.4
19.5 932.2
18.3 912.0
13.6 915.2
18.0 827.9

297.3
9 . 8 165.7
374.4 "48!2 14.3 111.9
329.7 96.7 14.1 168.4
315.1 181.0 8 . 4 221.5
309.6 186.7 10.2 210.7
313.7 190.4 8 . 6 206.9
324.8 193.0 8 . 8 268.4
327.9 194.8 8 . 4 255.3
326.1 192.1 7 . 4 234.2
307.4 197.5 8 . 0 232.2
303.0 191.9 6 . 3 233.9
309.8 188.2 8 . 4 226.4
308.8 191.3 14.2 231.6
303.3 187.1 16.7 241.0
299.2 177.0 22.6 257.8
295 5 167.9 14.2 262.8

•ssr

Union
BelAus- gian Anglo- of
tralia Congo Egyp- South Other*
tian Africa
Sudan

179.5 32.4
61.6
254.5 19.1 •"58.1 75.6
297.4 38.5 54.5 110.7
335.6 47.2 118.6 59.7
353.7 51.1 117.8 58.4
358.4 52.3 119.5 55.1
359.1 54.8 125.9 53.4
361.5 57.9 124.9 54.1
378.7 66.5 130.5 54.4
384.1 67.3 126.3 55.2
358.2 54.6 119.4 45.3
343.9 53.9 112.5 44.5
353.2 54.0 116.8 43.9
349.0 58.9 110.6 44.7
323.8 58.5 94.0 40.0
326.1 59.2 89.6 43.3

6.0

44.0
7.0

23.6

79.5
57.7
86.8
86.5

36.3 90.1
38.1 93.5
33.2 91.9
36.0 88.7
33.3 94.0
37.4 97.8
37.2 101.7
39.6 93.4
38.9 99.4
44.7 90.1
38.0 92.4
38.2 95.7

Austria, Czechoslovakia, and Poland, reported separately as of that date.
Dominican Republic, Guatemala, El Salvador, and Uruguay, reported separately as of that date.
Iran, Israel, and Thailand, reported separately as of that date.
Belgian Congo, reported separately as of that date.

317

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
TABLE 3.—SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES,
BY COUNTRIES
[Amounts outstanding, in millions of dollars]
United
King- France
dom

Total

Date

Netherlands

Switzerland

Italy

98.5
67.1
111.2
81.9

Canada

Latin
America

Asia

All
other

219.2
237.0
182.8
173 4

37.6
125.8
92.0
62.3

411.1
378.8
489.3
662 0

139.7
96 3
162.4
128 6

20.4
60 0
41.9
22.4

Other
Total
Europe Europe

827.9 37.2
898.0 105.7
968.4 35.0
1,048.7 30.3

1949—Dec. 31
1950—Dec. 31
1951—Dec. 31
1952—Dec. 31
1953—j an . 3i
Feb. 28
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug 31
Sept. 30
Oct. 31
Nov. 30P
Dec. 3 1 P

51.8
31.4
10.1
31.9

5.2
3.4
5.0
4.4

3.8
8.7
11.2
7.1

22.6
20.7
10.3
17.8

32.5
35.4
35.8
23.4
27.3
28.7
28.5
26.6
33.9
39.5
48.1
66.3

28.6
8.8

6.4
6.2

8.2
8.8
9.5

6.9
5.9
5.6

13.5
13.2
14.2
13.9
12.8
15.2
14.0
13.4
14 7
15.4
16.8
17.9

22.9
20.2
25.3
25.6
25.5
24.8
22 1
22.2
21 7
20.0
20.3
18.8

78.4
72.9
70.9
74.8
71.3
70.0
75 4
84.1
90 7
95.4
89.9
93.9

182.4
156.7
161 5
152.4
151 9
151.7
155 7
161.7
178 1
189.1
189.5
216.0

56.3
57.8
61.3
60.6
57 4
58.3
49 6
42.0
56 7
80 7
67.1
56.4

647.5
676.9
672 7
663.0
636 1
603.9
591 2
594.2
541 5
503 4
507.4
476.3

125.9
124.0
125.5
132.0
110 3
112.1
103 6
100.2
106 3
112 0
125.4
129.6

24.1
18.7
19.6
21.9
21 1
21.6
20 4
19.8
20 3
22 3
21.6
24.9

All
other1

1,036.0
1,034.1
1,040 6
1,029.9
976 8
947.7
920.5
917.9
902 9
907.5
910.9
903.2

7.8
10.5
9.7
9 9
9.8

8.2
10.6

5.1
5.2
5.7
7.2
9.1

6.3
8.6

Table 3a.—Other Europe

1949—Dec.
1950—Dec.
1951—Dec.
1952—Dec.
1953

Other
Europe

31... .
31
31
31

98 5
67.1
111.2
81.9

Tan. 31
Feb. 28
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept. 30
Oct 31
Nov. 30P
Dec. 31 P

Austria

Belgium

Denmark

Finland

Germany

Greece

Norway

Portugal

Spain

Sweden

Yugoslavia

.2
(*)
.8

Date

19.3
21.5
39.6
16.2

.4
3.2
4.8
2.1

8.2
2.2
3.1
5.6

30.0
25.4
28.3
26.8

.7
.2
.2
.2

7.4
1.4
2.5
1.9

.5
.5
8
.5

7.0
1.6
18 8
11.2

2.3
6.9
5.4
2.5

3 9
8.6

22.6
4.0
4 0
5.4

16.2
15.8
14.8
14.1
12.4
11 6
12.2
10.3
11.1
11.0
12 3
13.0

3.5
4.3
5.1
3.6
1.5
1 3

5.1
4.4
5.1
4.1
2.9
3 8

.2
.1
.3
.1
.2

1.7
1.7
1.5
1.1
1.3
1 l

2.3

3.5

1.9

.2
.4
.5
.7

.8
1.0
.9
8

.5
.6
.5
.5
.5
5
.5
.4
.5
.4
6
.6

9.4
5.7
5.9
7.5
6.7
6 9
14 4
20.3
24 1
22.6
22 8
24.3

2.6
2.2
2.4
3.2
2 9
2 4
2 6
1.8
2 2
1.7
2 4

7.8
3.9
1.5
3.5
4 5
4 7
5 3
5.8
4 2
5.3
4 3

6.2

24.1
27.3
27.2
30.2
31.0
30 9
27.0
30.3
33.6
37.3
31 3
30.5

7.0
6.6
6.5
6.7
7 3
6 5
6 4
6.9
6 7
7.1
7S

78.4
72.9
70.9
74.8
71.3
70 0
75.4
84.1
90.7
95.4
89 9
93.9

.3
.2
.2
.1
.1
.1
.2

.4
.3
.1
.2
.8

3.5
4.3
5.7
5 3

3.4
2.3
2.7
1 8

.1
.1

1.3

.8

1.0

2.7

(»)

4.8

6.8

Table 3b.—Latin America

Latin
BoAmer- Argen- livia
tina
ica

Date

1949—Dec.
1950—Dec.
1951—Dec.
1952—Dec.

31..
31..
31..
31..

1953—Jan. 3 1 . .
Feb. 2 8 . .
Mar. 31. .
Apr. 3 0 . .
May 3 1 . .
June 3 0 . .
July 3 1 . .
Aug. 3 1 . .
Sept. 3 0 . .
Oct. 31. .
Nov. 3 0 P .
Dec. 31 P.

411.1
378.8
489.3
662.0

53.6
45.9
7.6
8.2

647.5
676.9
672.7
663.0
636.1
603.9
591.2
594.2
541.5
503.4
507.4
476.3

7.4
7.2
7.1
7.7
10.2
9.0
8.0
7.6
7.5
7.0
6.7
7.1

pPreliminary.

1
Beginning January
2
Less than $50,000.
3

Brazil Chile

2.3 136.9
8.7 78.0
7.5 185.0
5.8 356.4
6.5
10.7
13.4
14.6
15.4
14.7
14.3
13.4
13.2
11.9
9.7
10.8

353.2
383.3
370.7
382.7
367.4
325.1
317.2
319.7
274.7
204.6
187.4
128.8

15.5
6.8

24.8
26.4
23.4
19.4
19.0
9.6
9.0
7.5

7.7
7.5
7.5
6.1
7.1
22.6

Colombia

Cuba

NetherDolands
minican Guate- Mex- West
Re- mala
ico Indies
and
pubSurilic
nam

21.1
42.5
43.7
41.7

27.5
27.6
32.3
32.5

*i!9'

36.4
36.8
37.8
38.9
39.8
47.7
44.4
48.9
47.4
47.1
52.0
56.9

26.5
30.7
37.8
34.9
27.2

27.0
28.8
24.0
21.6
41.7

49.4
51.2

Peru

Republic of
Panama

18
1.6

3.8
4.2

73.0
70.6
90.6
88.6

1.3
L.3
L.2
L.3

5.8
11.0
11.8
14.8

5.3
3.1
3.0
6.5

1.8
2.3
2.9
2.8
2.7
2.9
1.9
1.9
1.7
1.7
1.7
1.9

4.4
4.9
4.4
4.5
3.1
3.2
3.2
3.0
3.6
4.2
4.7
4.1

94.2
94.5
96.1
86.9
83.0
88.3
86.4
89.0
79.3
86.3
90.1
92.9

L.4
L.9
2.1
2.2
2.5
2.1
2.4
2.2
1.8
3.0
1.6
2.6

15.7
17.2
14.7
12.5
13.7
14.3
13.7
15.1
16.8
17.7
18.5
20.2

5.7
5.0
4.2
5.4
4.9
5.4
5.6
5.4
5.8
4.9
7.4
4.6

El
Salvador

*6°.&

Uruguay

Other
Vene- Latin
zuela America »

*8!6

25.6
49.4
41.7
36.7

43.1
14.6
14.5
13.7

34.2
33.0
35.7
33.4
35.1
35.2
35.6
35.4
36.3
39.2
40.3
41.6

14.3
14.1
14.8
14.5
14.0
13.9
15.5
14.2
16.1
18.2
18.6
19.3

9.5
9.1

10.5
14.3

8.5
6.8
4.9
5.0
3.4
4.0
3.3
3.7
4.8
6.0
7.9
8.2

14.0
9.2
7.3
7.4
4.6
3.6
3.3
3.2
3.4
3.8
4.4
3.7

1950, excludes Austria, reported separately as of that date.

Beginning January 1950, excludes Dominican Republic, Guatemala, El Salvador, and Uruguay, reported separately as of that date.

318




FEDERAL RESERVE BULLETIN

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
TABLE 3.—SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES,
BY COUNTRIES—Continued
[Amounts outstanding, in millions of dollars]
Table 3c—Asia and All Other

Asia

Date

1949—Dec. 31
1950—Dec. 31
1951—Oec. 31
1952—Dec. 3 1 . .
1953—Jan. 3 1 . .
Feb. 28. .
Mar. 31. .
Apr. 30. .
May 3 1 . .
June 30..
July 3 1 . .
Aug. 31. .
Sept. 30..
Oct. 31 . .
Nov. 3 0 P .
Dec. 31 P.

139.7
96 3
162.4
128.6
125.9
124.0
125.5
132.0
110.3
112.1
103.6
100.2
106.3
112.0
125.4
129.6

Formosa
PhilIndoippine Thai- Tur- Other All
and Hong
China Kong India nesia Iran Israel Japan Reland key Asia 1 other
public
Mainland
16.6
18.2
10.1
10.1
10.4
9.8
9.4
8.8
8.4
8.1
8.2
7.9
8.5
8.5
8.5
7.3

3.7
3.0
3.1
1.2

17.4
16.2
13.4

1.9
2.4
2.0
2.7
2.1
2.3
2.3
2.9
2.9
2.6
4.3
3.1

.2

3.6
3.3
4.0
3.9
3.1
2.9
2.5
2.7
2.9
3.4
4.1
3.7

.2 " o \ 6
.3
9.3
. 9 10.2
. 8 10.2
. 6 10.2
. 6 10.9
. 6 11.7
. 8 12.6
1.1 12.8
1.2 13.3
1.6 13.9
1.1 13.0
. 6 14.2
.6 13.3
. 8 13.8

4.3

18.9
30.0
15.1
25.9
25.1
25.2
24.2
20.5
19.4
17.8
18.8
24.4
25.9
23.4
22.9

14.1
12.1
12.2
12.5
11.5
15.6
17.0
20.0
14.2
16.6
18.8
17.1
20.5
17.7
26.6
25.6

23.2
4.9

29.3
7.6

10.7
11.6
10.0
14.2
13.6
11.8
10.8
10.1
9.4
5.5
5.2
5.8

14.3

"i!s'
2.5
3.3
2.6
3.0
6.1
4.8
4.3
5.3
4.5
5.2
5.9
6.2
6.8
6.1

.9
.6

38.8
26.7
21.2
18.6
17.4
10.5
11.3
8.7
4.5
1.0
7.7
7.7

15.7

50.3
13.9
51.6
24,6
21.6
21.3
21.6
23.8
20.2
20.4
15.5
15.5
16.7
19.7
24.9
24.7

20.4
60.0
41.9
22.4
24.1
18.7
19.6
21.9
21.1
21.6
20.4
19.8
20.3
22.3
21.6
24.9

Australia

Egypt
and
Union
.Bel- Anglo- of Other 2
gian Egyp- South
Congo tian Africa
Sudan

7.9

40.8
22.8
10.1
9.2
6.4
7.0
7.6
7.2
7.2
6.3
6.3
7.0
5.8
5.7
8.0

4!4
5.7
6.0
7.0
6.6
6.5
7.1
6.7
6.6
7.1
5.9
5.7
5.7
5.8
6.3

.2
.3
.2
.5
1.0
.8
.3
.9
1.0
.3
.2
.2
.1
.2
.4
.5

TABLE 4.—PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM DOMESTIC SECURITIES, BY TYPES
(Inflow of Foreign Funds)
fin millions of dollars]
U. S. Government bonds and notes4
Year or month

Corporate bonds and stocks •

Purchases
1949
1950
1951
1952
1952—December
1953—January
February
!March
April
May
June
July
August
September
October
November^
December P

Sales

Net
purchases

Purchases

Sales

Net
purchases

430.0
1,236.4
673.6
533.7
45.0
42.6
27.6
26.3
12.9
145.5
28.8
36.6
30.1
43.1
24.4
32.0
186.8

333.6
294.3
1,356.6
231.4
17.0
14.9
37.5
18.6
9.6
136.7
22.7
82.3
29.3
116.4
28.8
38.6
195.6

96.4
942 1
-683.0
302.3
27.9
27.7
-9.8
7.7
3.3
8.8

354.1
774 7
859.8
850.3
93.7
81.8
76.2
85.8
71.3
61.7
65.0
56.2
49.7
68.2
53.3
57.3
75.4

375.3
772 3
761.0
837.7
89.4
75.6
64.9
85.8
73.9
64.3
51.1
48.3
47.3
45.1
50.8
60.4
63.8

—21.2
24
98.7
12.6
4.3
6.2
11.3

6.1

-45.7
.8
-73.3
-4.4
-6.6
-8.8

-2.6
-2.7
14.0
7.9

2.4
23.1
2.5
-3.1
11.5

4.5
7.3
6.7
2.0
2.5
2.1
2.7
2.8
2.8
2.9
2.9
2.9
2.3
2.7
2.3
2.4

7.7

72
6.5
3.8
4.4
2.8
3.1
3.5
3.4
4.6
3.9
4.6
5.1
7.8
7.4
7.8

s

Total
purchases

Total
sales

Net
purchases
of
domestic
securities

784.1
2,011 1
1,533.3
1,384.0
138.6
124.4
103.8
112.1
84.2
207.2
93.8
92.8
79.7
111.3
77.7
89.3
262.2

708.9
1,066 6
2,117.6
1,069.0
106.5
90.5
102.3
104.4
83.5
201.0
73.8
130 5
76.5
161 .5
79.5
99.0
259.5

75 2
944 4
—584 3
314 9
32.2
33 9
1.4
7.7
.7
62
20 0
—37 8
3.2
-50.2
-1.9
-9.7
2.8

TABLE 5.—PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM FOREIGN SECURITIES OWNED
IN THE UNITED STATES, BY TYPES 8
(Return of U. S. Funds)
[In millions of dollars]
Foreign stocks
Year or month

Foreign bonds

Purchases
1949
1950
1951 .
1952
1952—December
February
March
April
May
JUly
August
September
October,
November?
December?

Sales

Net
purchases

Purchases

Sales

88.8
173.8
272.3
293.9
26.8
25.4
24.7
27.5
21.8
16.9
44.9
23.1
18.6
23.9
23.1
25.6
32.0

70.8
198.2
348.7
329.6
20.9
26.1
24.3
37.6
20.8
41.8
21.9
21.2
18.5
16.3
18.4
25.6
30.2

18.0
-24.4
-76.4
-35.8

321.2
589.2
500.4
495.3
25.7
33.0
29.4
29.7
29.2
111.7
62.1
46.2
20.0
23.2
83.9
32.3
37.9

311.5
710.2
801.0
677.4
75.7
51.5
67.8
43.0
58.2
19.0
32.8
50.3
17.9
16.9
120.6
77.2
62.1

5.9

-.7
.4

-10.1
1.0

-24.9
23.0
2.0
.1
7.7
4.7
(6)
1.8

Net
purchases
9.8

-121.0
-300.6
-182.1
-49.9
-18.4
-38.4
-13.3
-29.0
92.7
29.3
-4.1
2.1
6.3

-36.7
-44.9
-24.2

Total
purchases

Total
sales

410.1
763.0
772.7
789.1
52.6
58.4
54.1
57.2
51.1
128.6
107.1
69.3
38.6
47.1
106.9
57.9
69.9

382.3
908.4
1,149.7
1,007.0
96.6
77.6
92.1
80.6
79.0
60.8
54.7
71.5
36.4
33.1
139.0
102.8
92.3

Net
purchases
of
foreign
securities
27.8
-145.4
-377.0
-217.9
-44.0
-19.2
-38.0
-23.4
-28.0
67.8
52.3
-2.2
2.2

14.0
-32.0
-44.8
-22.3

P Preliminary.
1 Beginning January 1950, excludes Iran, Israel, and Thailand, reported separately as of that date.
2
Beginning January 1950, excludes Belgian Congo, reported separately as 4 that date.
of
3 Includes transactions of international institutions.
Through 1949 includes transactions in corporate bonds,
8
8
Through 1949 represents transactions in corporate stocks only.
Less than $50,000.

MARCH

1954




319

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
TABLE 6.—DOMESTIC SECURITIES: NET PURCHASES BY FOREIGNERS OF LONG-TERM UNITED STATES SECURITIES,
BY COUNTRIES
(Inflow of Foreign Funds)
[Net sales, ( - ) . In millions of dollars]
International
institutions

Year or
month

1949
1950
1951
1952

87.
121
—15
14.

.

1952—Dec....

0
2
.9
7

United
Kingdom

Total

—11.
823.
—568.
300.

2
6
2
7

31.3

.9

1953—Jan
25.5
Feb....
10.5
1.0
Mar....
Apr
- 1 . 2
5.2
May...
June...
1.3
.5
July. . .
Aug.. . .
- 4 . 2
Sept
-14.1
Oct....
- 8 . 2
3.4
Nov. P..
Dec.P. . - 4 . 4

9
0
4
4

—6.8
197.8

11.4

8
2
4
2

0
4
1
0

.
.
.
.

France

1.2

6.0
5.5

5.8
2.1

8.4

- 9 . 1

6.8
-.5
1.0

2.5
-.6
5.4
9.0
6.8
2.6
4.2

7.4

- 3 6 . 2

6.3

-13.1

44.2
19.0
45.9
50.7

- 2 . 2

4.5

5
6
2
1

-

2
1
3
5

.
.
.
.

.
.
.
.

1.0
.7
.3
.2
1.1

-.5
-.8

- 2 . 8

-.1

- 1 . 1

Other
Europe

Total
Europe

Canada

Latin
America

2.2

36.5
347.5
9.2
111.4

—49.0
458.2
—595.5
191.6

30.1
13.9
4.7

—2.1
—15.3
4.8
-9.5

13.4

16.3

.1

1.0

.5

20.4
-.5
10.0
0)

-10.3
-8.8
-3.8
-1.0
—.4

- 1 . 1
—.4

.3
.1
-.5
0)

-.9
.6
.2

73.8
—43.8

-.3

- 1 . 2

6.2

2.0

0)

6.7
4.4
2.7
2.5
5.2
2.5
5.5
9.6
1.3
2.1
1.2

-.9

Italy

1.5
— .7
1.9
.5

13.4

1
3
4
4

- 1 . 1
- 1 . 9

- 4 9 . 0

- 2 . 5
19.5

7.2

5
3
2
9

—2
—
—2
—2

1.3
-.4
.6
.1
.4
2.0

10.0

18.7
- 3 8 . 3

Nether- Switzerlands
land

-.2
-.1

A
A
.1

- 7 . 7
- 1 . 4

.1

.8

0)
- 1 . 5

.5
1.6

0)
0)

-.5
.1

0)

- 3 . 1
- 6 . 5
-50.5
-9.9
-15.0
-17.4

4.7

o

.8

.8
1.4
.8
.8
1.5
2.3
.3

6.0

11.4
- 3 6 . 3
11.4
12.7

2^6

2.5

2l!5

All
other

Asia

.2
.1

— .2

.5
.4
.1
-.5
-.5

11.8

3.9
2.7

.2
2.7
-.7
1.9

- 1 . 0

-.5
.4
-.1
-.3
1.0
-.3
-.8
.9

TABLE 6a.—DOMESTIC SECURITIES: 1MET PURCHASES BY FOREIGNERS OF LONG-TERM UNITED STATES SECURITIES
Other Europe; Latin America; and Asia

1952—Dec.

..

Austria 2

Belgium

Norway

2.2
73.8
- 4 3 . 8
6.2

1949
1950
1951
1952

Colombia

Cuba

Mexico

2.5
30.1
13.9
4.7

1.2
- 1 . 2
.5
- . 8

- 1 . 0
24.6
6.1
.2

.3
.5
2.5
2.6

.1

- . 1

- 1 . 6

1.1

0)

.4
- . 2
- . 3
.3
0)

Latin
All
other America

Other
Europe

Year or
month

18.4
- 1 1 . 9
.4

1.6
12.6
5.7
- . 5

- . 9
36.7
-38.1
6.0

1.4
6.0

- 1 . 2

0)

- 1 . 5

- . 1

5

2.0
1 9 5 3 — J a n . . ..
Feb....
- 7 . 7
Mar....
- 1 . 4
Apr
.1
M a y . . .
0)
June...
July...
2^6
A u g . . .. - 1 . 5
e
S e p t . ..
O c t . . ..
N o v . P . . 0)"
D e c . P. .

.9
- . 1
.2
.2
^

0)
(")'
0)
0)
0)
0)
0)
2.0
0)
0)

3

.9
- 6 . 8
- . 1
.2
c

'.1
.1

2.2
- 2 . 8

0)
- . 1
.1
.6

— .1
q

.2
—.6
- 1 . 5
(")"
- . 6
l!'
l.(

- 1 . 3
- 1 . 1
— 4 - . 3
- . 1
!8
.5
1.4
.8
—.1
.8
- . 1
1.5
2.3
11.8
3.9
2.7

0)
0)'

0)

.8

'.5
.3
.5
.6
.1
11.7
2.6
2.4

Republic Uru- Other
Latin
of
Pan- guay* America
ama
4.2
.1
.8
- 6 . 5
.4

!i
-.1
.5
-.7
-.6
-.4

- 2 . 1
11.1
1.5
6.6

- 2 . 1
- 1 5 . 3
4.8
- 9 . 5

.4

-5.0
2.6
2.7

1.0

0)
.4
- . 3
.2
0)
—.4
2.0
- . 3
.6
0)
.1
5
.6

- . 6
.3
.7
.1
—.5
- 2 . 6
.3
.7
- . 1
- . 1
- . 2
- . 4

Asia

0)
- . 6
.3
.2
1.2
1.0
1.0
.6
- . 2
.9
1.6
.4

.3
.1
- . 5
0)
.1
- . 2
.5
.4
.1
— .5
— .5

Formosa
Philipand
Hong p i n e
China Kong R e Mainpubland
lic
- 7 .
- 3 .
- .
- .

2
0
2
3

- 1 . 0
2.3
7.0
1.3

Other
Asia

.5
5.5
. 9 -15.6
- 2 . 1
0)
- 1 1 . 4
.9

—.1

1.1

0)

.1

.2

.3
.1
- . 5
- . 2
.2
0)

0)

- . 1
.1
.1
.2
0)

0)
0)
!i
0)
0)
.6
0)
- . 2
0)

8
0)
0)

— .2
— .1
- . 2

8

0)
- . 3
- . 4

0)
- . 1
0)
0)

TABLE 7.—FOREIGN SECURITIES: NET PURCHASES BY FOREIGNERS OF LONG-TERM FOREIGN SECURITIES OWNED
IN THE UNITED STATES, BY COUNTRIES
(Return of U. S. Funds)
[Net sales, (—). In millions of dollars]

1949
1950
1951
1952
1952—Dec...

International
institutions

Total

—16.0
—3.6
-152.7
— 118.1

Year or
month

43.8
—141.8
—224.3
- 9 9 . 8

-.7

1953—Jan... .
0)
9.5
Feb.. . .
-.1
Mar....
3.4
Apr... .
-.5
M a y . . .
2.1
June...
July...
- 2 . 2
Aug
—3
S e p t . ..
0)'
O c t . ... - 7 3 . 1
Nov.P..
__ 3
Dec.P. .
-.'5
P Preliminary.
*Less than $50,000.

320




United
Kingdom
—13.
—6.
- 2 .
- 4 .

1
4
2
3

9
7
3
1

.
.
.
.

2
5
3
3
68.3
50.3

5
1
0
4

-.4

-.3
.3
2.9

0)
- 1 . 1
21.7

-.1
-.2
-.2
5.8
3.7
4.0

.1
2.5

14.0
41.1
- 4 4 . 5
- 2 1 . 8
2

Nether- Switzerlands
land

—1.3
—4.1

- 1 . 1

- 4 3 . 3
-

France

.4

4.9

.3
.3
.6
1.2
.4
.9

0)

-.1
1.9
-.1
-.4
.3

N o t available until

—.1
—4.7
2.8

- 8 . 7
3.9

- 1 . 5
1.4
.1
-.3

0)

-.4

- 2 . 8
- 2 . 3

-.7
5.2

- 2 . 7
- 2 . 0

19.1
17.2
14.2

Italy

Other
Europe

Total
Europe

Canada

Latin
America

24.6

30.
13.
28!
19.

—10.6
—190.0
—258^6
—141.0

20.2
2918
33*8
25!3

.8
1 !o
—36 !o
—10.0

2 6
3 9
7 9
.7

Asia

8.7

.4
.5
1.2
1.2

.7

.2

.3

3.5

- 4 6 . 0

2.3

- 3 . 9

2.1
1.1
.5
.5
2.2
2.3
2.1
1.9
5.2

.4
.1
.1

.7
.5
5.2
1.7
.7
1.6
.8
.4
1.2
4.9
1.8

1.7
3.8
9.4
3.1
2.1

- 1 8 . 3
- 4 7 . 9
—32.6
- 3 3 . 8
67.2
22.9
- 1 8 . 0

1.1
1.9
1.3
3.1
.9
7.3
2.1
1.4
2.4
9.3
2.2
1.6

- 4 . 1
- 2 . 6
—1.7
- 3 . 8
- 2 . 1
- 2 . 2
- 2 . 7

15.8
2.3
1.4

0)
0)

.2
.6
.1
-.9
1.9
.1
.6

7.8

16.4
18.2

0)

8
4
5
9

26.3

.5
-.2
6.5

33.7

4.8
4.2

.3
5.1

- 9 . 8
- 4 9 . 4
- 2 4 . 6

-.4
-.7
-.8

- 2 . 7
- 5 . 1

All
other

6.0

.4

- 2 . 6

3
.1
.2

- 4 . 1
18.1
1.4
.7
8.8
.5
2.1

1950.

FEDERAL RESERVE BULLETIN

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES— Continued
TABLE 8.—INFLOW IN BROKERAGE BALANCES, BY
COUNTRIES
(The Net Effect of Increases in Foreign Brokerage Balances in U. S.
and of Decreases in Balances Held by Brokers and Dealers in
U. S. with Brokers and Dealers Abroad)

TABLE 9.—DEPOSITS AND OTHER DOLLAR ASSETS HELD
AT FEDERAL RESERVE BANKS FOR FOREIGN
CORRESPONDENTS *
[In millions of dollars]
Assets in custody

[In millions of dollars]

Europe

Canada

Latin
America

Asia
and all
other

.6
8.0
-6.1
-1.8

1.0
3.0
-3.3
-1.6

.9
-3.0
2.8
-1.0

-1.3
4.4
-5.0
1.0

<3.S
-.6

3.7

1.5

3.5
-4.8
-1.7
— 1.2
-.2
-.6
1.8
-3.5
.2
-3.9
-1.3
2
5.6

.3
-4.7
-1.3
4.7
-.5
-4.9
2.6
-2.9
-.8
2.0
-3.0
3.1

Total

Year or month

1949 . . .
1950
1951.. . .
1952
1952—December....
1953—January
February....
March
April
May
June
July
August
September. . .
October
November?...
Decembers. . .

Date

0)
2.0
1.1
1.6
-4.4
.8
6.7
-1.7
-.5
-.1
-6.1
1.1
1.3

-.2

2.1

.1

.7
-1.0
-1.1
-2.2
-.6
-1.7
.2
.6
1.0
1.4
-2.1
2.0

.4
-.2
-.9
.6
.1
-.8
.7
-.6
.2
-1.2
2.8
-.8

» Preliminary.
» Less than $50,000.
1
Amounts outstanding (in millions of dollars): foreign brokerage
balances in U. S., 76.1; U. S. brokerage balances abroad, 35.4.

Deposits

U. S. Government
securities J

Miscellaneous 3

1952—Dec. 31

550

2,156

86

1953_Feb. 28
Mar. 3 1 . . . .
Apr. 30
May 3 1 . . .
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31

511

2,170
2,246
2,425
2,455
2,449
2,378
2,588

89
90
97
95
101

536
506
515
527
566

524
512

95

95
94

2,641

417
423

2,674
2,694
2,586

99
106

1954—yan# 3i
Feb. 28

440
490

2,632
2,716

99
88

1954—Feb. 3
Feb. 10
Feb. 17
Feb. 24

477
473
482
461

2,632
2,677
2,690
2,691

97
93
91
88

448

97

Represents dollar assets belonging to foreign monetary authorities
and the Bank for International Settlements. Excludes assets held for
the International Bank for Reconstruction and Development and
International Monetary Fund and earmarked gold. See footnote 4,
p. 323, for total gold under earmark at Federal Reserve Banks for
foreign and international accounts.
2
U. S. Treasury bills, certificates of indebtedness, notes and/or bonds.
8
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 USSR
[In millions of dollars]

Year or
month

Estimated
world
production
Total
outside
reported
USSR*
monthly

Production reported monthly
North and South America

Africa
South
Africa

Rhodesia

West Belgian United
Africa1 Congo 2 States 8
grains of gold 9/1 0
10.8
19.3
23.4
11.1
12.9
23.1
12.0
24.1
12.3
22.9
12.9
23.8

705.5
728.1
753.2
777 1
758.3
780.9

$1
392.0
405.5
409.7
408.2
403.1
413.7

195 2—December

66.7

34.6

L.4

2.1

1953^— Tanuarv
February..
March
April

64.0
60.9
65 2
64.2
65.5
64 7
67.0
66 0

34.7
32.4
34.7
34.3
34.9
34.1
35.9
35 6
35.0
35 6
35 1
35 7

L.4
4
4
4
4
1 s
.5

766 5
805.0
840.0
864 5
840.0
864 5

1947
1948
1949
1950
1951
1952

June
July
August
September
October
November
December. .

18.3
18.0
18.5
17 9
rT 0
rJ 4

s
S
s

Canada

Mexico

161

5.7
6.3
6.7
6.1
6.2

7.4
7.8
7.7
8.0
8.8
8.9

32.8
31.2
31.3
30.4
31.3
34.3

6.1
6.5
5.7
6.7
7.9
8.9

L.I

1.8

.4

.8

3.3

.7

L.I
7

1.4
1.2

.6
.3

.7
.7

S
7
1

.6
.6

1.2
1.2
1.1
1.0
1.1
1.1
1.9

.4
.4
.3
.4
.3
.3

.7
.7
.9
.8
.9
.8
.7
.8
7

2.9
2.8

16.3
12.9
14.2
14.3
13.8

5.9

13.7

2 1
21

4.5
4.3

2.1

5.2
5.2
6.1
6.0
6.8
6.2
6.2
6.8
6.2
6.1

13.0
12.4
13.3
12.9
12.9
12.7
12.9
11.5
11.7
10 0

2.1
2.1
2.1
2.1
2.1

2 2
2.2
2.2

)

L 2
L 2
L 2
1
.9

Chile

13.4
11.7
12.6
13.3
15.1
14.8

107.5
123.5
144.2
155.4
153.7
156.5

21

Other
Nica- Austra- India »
ragua 4
lia

fine: i. e., an ou nee of fine gold = $35.

75.8
70.9
67.3
80.1
66.3
67.4

.9

Colombia

9.5

1
4
3

1 3
1.6

5.9

7

3.1
2.9
3.0
3.4
2.8
3.7
3.0

.6

,7
.7
.5
.7
.6
.7
.6
.6
.5

Gold production in USSR: No regular government statistics on gold production in USSR 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 are estimates of United States Mint. Monthly figures are estimates of American Bureau of Metal Statistics.
4
Gold exports reported by the National Bank of Nicaragua, which states that they represent approximately 90 per cent of total production.
NOTE.—For explanation of table and sources, see BULLETIN for June 1948, p. 731, and Banking and Monetary Statistics, p. 524. For annual
estimates compiled by the United States Mint for these and other countries in the period 1910-1941, see Banking and Monetary Statistics, pp.
542-543; for figures subsequent to 1941 see BULLETIN for April 1953, p. 427.

MARCH

1954




321

REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]
End of
month
1949—Dec
1950—Dec.. . .
1951—Dec.
1952—Dec.
1953—j a n
Feb
Mar.
Apr. . . .
May

United States
Estimated
otal world
(excl.
USSR) i Treasury Total 2

Argentina

24,427
22,706
22,695
23,186

24,563
22,820
22,873
23,252

216
216
268

22,986
22,662
22,563
22,562
22,537
22 463
22,277
22,178
22,128
22,077
22,028
22,030
21,956

35,410
35,820
r 35 970
36,280
36,330

June...

36 390

Aug..
Sept
Oct

36,480

July
Nov
Dec

P36.710

1954—Jan

Belgium

Bolivia

Brazil

Canada

698
587
621
706

23
23
23
21

317
317
317
317

496
590
850
896

40
40
45
42

23,079
22,751
22,649
22,639
22,590
22 521
22,353
22,275
22,220
22,146
22,112
22,091

709
701
702
690
695
696
701
715
721
754
766
776

21
21
21
21
21
21
21
21
21

317
317
317
317
317
317
317
317
317
317
317
321

900
904
911
924
934
944
951
960
970
976
984
996

22,044

779

Germany,
GuateFederal
mala
Republic
of

Indonesia

1949—rj ec
1950—D ec
1951—Dec
1952—Dec

53
97
174
174

523
523
548
573

1953—Jan
Feb
Mar
Apr
May....
June....
July....
Aug....
Sept
Oct
Nov
Dec

174
174
174
174
174
174
174
174
174
174
174
174

573
573
573
573
573
573
573
576
576
576
576
576

1954—Jan

174

576

End of
month

Portugal

El Salvador

South
Africa

Spain

Sweden

Switzerland

Thailand

Turkey

United
Kingdom

1949—Dec
1950—Dec
1951—Dec
1952—Dec

178
192
265
286

17
23
26
29

128
197
190
170

85
61
51
51

70
90
152
184

1,504
1,470
1,452
1,411

118
118
113
113

154
150
151
143

41,688
4
3,300
4
2,335
4
1,846

1953—Jan. .
Feb

297
298
305
311
318
324
330
331
337
348
350
361

29
29
29
29
29
29
29
29
29
29
29
29

165
173
174
173
175
175
175
176
175
175
175
176

51
52
52
53
53
54
54
54
54
54
54
54

195
194
194
194
194
193
203
204
206
219
219
218

1,417
1,417
1,418
1,418
1,432
1,441
1,450
1,452
1,456
1,460
1,460
1,459

113
113
113
113
113
113
113
113
113
113
113

143
144
144
144
144
144
144
143
143
143
143
143

29

176

54

218

Mar....

Apr
May....

June

July....
Aug
Sept
Oct
Nov. . . .
Dec

1954—Jan.

Iran

Italy

Denmark

Ecuador

Mexico

Nether-

lands

299
271
311
214

32
31
31
31

21
19
22
23

31
31
31
31
31
31
31
31
31
31
31
31

23
23
23
23
23
23
23
23
23
23
23
23

186

Egypt

India

Cuba

214
214
196
196
196
196
196
196
196
186
186
186

52
74

1,005

End of
month

France 3

Colombia

42
42
42
41
41
41
41
41
42
42
42
42

Chile

31

23

Norway

Pakistan

Peru

28
140

27
27
27
27

247
247
247
247

178
209
280
235

140
140
138
138

256
256
333
346

52
208
208
144

195
311
316
544

51
50
50
50

27
27
27
38

28
31
46
46

165
184
184
185
210
210
224
247
259
282
303
326

27
27
27
27
27
27
27
27
27
27
27
27

247
247
247
247
247
247
247
247
247
247
247
247

218
208
208
208
208
208
177
168
163
150
150
145

138
138
137
137
137
137
137
137
137
137
137
137

346
346
346
346
346
346
346
346
346

149
178
179
180
181
172
173
174
155
156

567
597
605
605
605
615
662
683
723
733
733
737

55
55
55
55
55
55
55
55
55
55
55
52

38
38
38
38
38
38
38
38
38
38
38
38

46
46
46
46
46
46
46
46

247

787

137

144

4
1,978
4

2,103

4
2,166
4
2,273
4
2,321
4
2,367
4
2,456
4
2,469
4
2,486
4
2,520
4
2,561
4

2,518

4

2,543

Uruguay

38

Venezuela

Inter- Bank for
national InterMone- national
Settletary
ments
Fund

178
236
221
207

373
373
373
373

1,451
,495
1,530
L,692

68
167
115
196

207
207
217
217
222
222
222
222
222
222
222
227

373
373
373
373
373
373
373
373
373
373
373
373

L ,692
1,692
,693
L.693
1,693
L,698
1,699
1,700
1,700
1,700
1,701
1 702

215
214
233
242
211
193
195
188
198
195
190
193

1,702

194

r
p 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 Stablization Fund. Gold in active portion of this Fund is not included in regular statistics on gold stock (Treasury
gold) used in the Federal Reserve statement "Member Bank Reserves, Reserve Bank Credit, and Related Items" or in the Treasury statement
"United States Money, Outstanding and in Circulation, by Kinds."
3Represents gold holdings of Bank of France (holdings of French Exchange Stabilization Fund are not included).
4
Exchange Equalization Account holdings of gold, U. S. and Canadian dollars, as reported by British Government. (Gold reserves of Bank
of England have remained unchanged at 1 million dollars since 1939, when Bank's holdings were transferred to Exchange Equalization Account.)
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.

322




FEDERAL RESERVE BULLETIN

NET GOLD PURCHASES BY THE UNITED STATES, BY COUNTRIES
(Negative figures indicate net sales by the United States)
[In millions of dollars at $35 per fine troy ounce]

Year or quarter

1945
1946
1947
1948
1949
1950
1951
1952
1953

. .

Total

United
Kingdom

Belgium

-452.9
721.3
— .2
2,864.4
406.9
1,510.0
734.3
193 3
446 3
— 1,725 2 — 1 020 0
75.2
469.9
393 7
440 0
-1,164.3
-480.0

France

31.1 278.5
14.2
222.8 264.6
69.8
15.8
—41 0
—55 0 —84 8
-10.3 -20.0
—3 8
-84.9

Netherlands

Portugal

Sweden

—47 9
-10.0
80.2
130.8 116.0 238.0
3.0
40.7
63.0
—23 5 14 0
— 79 8 — 15 0 —22 9
-4.5 -34.9 -32.0
— 100 0 —5 0
-65.0 -59.9 -20.0

Switzerland

Other
Europe 1

Canada

Argentina

—86 8
—7 4
36 8 —224 9
-29.9
27.3
153.2
337.9
10.0
86.6
311.2
727 5
—5.6
5 8
114 1
—40 0 2 —159 9
—49 9
3 4
—38 0
—68 0 — 100 0
-15.0
-49.9
-60.1
-10.0
—29 3
—20 0
22 5
72
- 6 5 . 0 3-238.5
-84.8

Cuba

Mexico

—23 8
—85 0
-30.0
36.9
45 4
—65 0
— 10 0
61 6
— 10 0 — 16 1
28 2 — 118 2
-60.2
-20.0
87 7
-28.1

1951
-876.3
-55.6
291 4
715.7

Jan.-Mar
Apr.-June
July-Sept
Oct -Dec

-400.0 - 1 2 . 3
2.0
—80.0
320 0
629.9

-4.5 -10.0
-15.0
—5 0
-5.0

-91.7
71.7

-15.0

-15.0

-17 0

-44.3
-11 2
—3 5
-1.1

-io!6

-49.9
—20 0

-124.4
64 1

1952
557.3
105.7
—1 3
-268.0

Jan -IVIar
Apr -June
Tulv-SeDt
Oct -Dec

520.0

22.5

20.2

— 10 1

11.3
101.4

6.9
3

-80.0

-24.0

— 100 0 —5 0

-320.0
-40.0
-120.0

-36.5
-3.4
-12.4
-32 6

-25.0 -15.0
-15.0
' -40'. 6 - 1 5 . 0
-15.0

-19.3

—20 0

-25.0

-71.7
-18.8
-82.8
-65.3

-54.9
-20.0
— 10 0

-28.1

1953
-599.1
-128.2
-306.6
-130.3

Jan.-Mar
Apr.-June
July-Sept
Oct -Dec

-10.0

—io!6"

-20.0
-25.0
-15.0
-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

Uruguay

Venezuela

Other
Latin
America

Asia
and
Oceania

Union
of
South
Africa

Gold stock at
end of period
All
other

Treasury

3.7
- 2 7 . 8 4-188.3
22.9
13.7 ' ' ' 94'. 3
25.0
1.0
256.0
11.9
79.1
6.9
- 4 . 1 498.6
13.4
-52.1 195.7 5 - 1 . 6
-7.5
13.1 - 4 7 . 2
-35.4
-17.2
52.1 5-84.0
- 1 7 . 2 6-50.1
11.5
-4.8
-2.0
-25.1
-9.4
-9.9
-3.8

-50.9
15.0
28.0
30 1

-11.7
-5.0
3.5
—4 0

-18.8
-2.4
-3.9
-25.0

-17.6
-7.4
-2.0
2.0

-3.2
-2.4
.4
.3

-3.6

-4.3
— 1.2
-1 4
-2.4

1951
Jan -Mar
Apr.-June
July-Sept
Oct -Dec

-.9

12.7
20.3
19.2

-28.0
-25.0
-31.0

1952
Jan.-Mar
Apr - J u n e . . .
July-Sept
Oct -Dec

10.0
4 8

4.3
7.2

-.1

-1.9

1953
-10.0
-5.0

Jan.-Mar
Tulv-Seot
Oct -Dec

— 1
-.1

1
Includes
2
Includes
3

1954




1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953

22,726
21,938
20,619
20,065
20,529
22,754
24,244
24,427
22,706
22,695
23,186
22,030

22,739
—23.0 315.7 —458.4 125.4
21,981
—757 9
68.9 —803 .6 48 3
20,631 - 1 , 3 4 9 . 8 - 8 4 5 . 4 -459'. 8 35^8
32.0
20,083
-547.8 -106.3 -356.7
456 4 51 2
20,706 2 623 1 311 5
22,868 2,162.1 1,866.3
210.0 75.8
24,399 1,530.4 1,680.4 — 159.2 70.9
24,563
164.6 686.5 —495.7 67.3
22,820 —1,743 3 —371 3 -1,352 4 80.1
22,873
52.7 - 5 4 9 . 0
617.6 66.3
67.4
23,252
378.9 684.3 - 3 0 4 . 8
2 . 2 -1,170.8
69.7
22,091 - 1 , 1 6 1 . 0

1953—Feb.. .
Mar.. .
Apr. . .
May. .
June..
July...
Aug.. .
Sept...
Oct....
Nov.. .
Dec...

22,662
22,563
22,562
22,537
22,463
22,277
22,178
22,128
22,077
22,028
22,030

22,751
22,649
22,639
22,590
22,521
22,353
22,275
22,220
22,146
22,112
22,091

-327.5
-102.5
-10.0
-48.7
-69.4
-168.0
-77.4
-55.6
-73.3
-34.0
-21.9

-2.0

-46.6

-5.5

P-7.7

-324.1
-106.5
-16.8
-48.9
-2.0
-68.5
-.5
-171.7
-.1
-78.8
-.1
-55.0
.6
-72.5
— .6 - 3 5 . 1
-1.4
-21.2
3.5
7.0
.1

(3)

-43.3
-9.9

4

4.3
5.2
5.2
6.1
6.0
6.8
6.2
6.2
6.8
6.2
6.1
5.1
(3)

-9.9

Bank for International Settlements.
sales of 114.3 million dollars of gold to Italy.
Includes sales of 130.0 million dollars of gold to Federal Republic
of 4Germany.
Includes sales of 185.3 million dollars of gold to China.
6
Includes sales of gold to Egypt as follows: 1950, 44.8 million
dollars; and 1951, 76.0 million.
6
Includes sales of 45.0 million dollars of gold to Indonesia.

MARCH

Total i

1954—Jan.... 21,956 22,044
F e b . . . P2 1,958 P 2 2 , 0 3 6

-37.9 -73.1
—9.2
—4.9
-3.7
25.1
10.7 —108.0
-14.4 -50.0
—64 8
22.2
-.9
14.9
-15.0

1945
1946
1947
1948
1949
1950
1951
1952
1953

Period

Earmarked
Increase gold im- gold: de- Domesin total port or crease tic gold
export
or inproducgold
(-)
crease
tion
stock
Net

p Preliminary.
J
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 6,537.0 million dollars on Feb. 28, 1954. Gold
under earmark is not included in the gold stock of the United States.
NOTE.—For back figures and description of statistics, see Banking
and Monetary Statistics, Table 156, pp. 536-538, and pp. 522-523.

323

INTERNATIONAL MONETARY FUND AND INTERNATIONAL BANK
FOR RECONSTRUCTION AND DEVELOPMENT
[End-of-month figures. In millions of dollars]
1954

1953

1953

1952

International Bank

International Fund
Jan.
Gold
Currencies (balances with depositories
and securities payable on demand):
United States
Other
Unpaid balance of member subscriptions.
Other assets
Member subscriptions
Accumulated net income

Net currency purchased2
(Cumulative—millions of dollars)

Oct.

July

1,7C2 1,700 1,699 1,692
1,386 1,310 1,332 1,288
14,847 4,920 14,885 4,395
812 1,354
796
799
1
1
1
1
8,739 8,739 8,737 8,737

1954

Jan.

1953
Dec.

Nov.

38.0 38.0 50.0
11.4 11.4 11.4
2.5
2.5
2.5
65.5
65.5 65.5
10.7 10.7 10.7
6.0
6.0
6.0
10.2 10.2 10.2
-5.5 -5.5 -5.5
4.5
4.5
4.5
125.0 125.0 125.0
100.0 100.0 100.0
8.8
8.8
8.8
62.4
50.4
62.4

Australian pounds
Belgian francs
Bolivian bolivianos
Brazilian cruzeiros
Chilean pesos
Czechoslovakian koruny.
Danish kroner
Egyptian pounds
Finnish markkaa
French francs
Indian rupees
Iranian rials
Japanese yen
Netherlands guilders
Turkish liras
Pounds sterling
Yugoslav dinars
Allother

Jan.
50.0
11.4
'37^5
1.8
6.0
10.2
-5.5
4.5
125.0
100.0

48.1
30.0 30.0 30.0 10.0
300.0 300.0 300.0 300.0
9.0
9.0
9.0
9.0
-1.6 -1.6 -1.6 -1.6

Total.

Dec.

Jan,

776.9 776.9 776.8 715.0

Sept.

June

Dec.

Gold
Currencies (balances with depositories
and securities payable on demand):
7
5
8
10
United States
1,004 1,008 1,022 1,040
Other
Investment securities (U. S. Govt. obli430
385
423
495
gations)
3
3
4
4
Calls on subscriptions to capital stock*.
Loans (incl. undisbursed portions and
ind. obligations sold under Bank's
1,619 1,484 1,487 1,409
guarantee)
21
18
14
13
Other assets
653
567
556
Bonds outstanding
568
Liability on obligations sold under guar84
70
antee.
76
66
401
325
398
Loans—undisbursed
423
10
9
Other liabilities
8
9
87
77
General reserve
82
66
43
37
Special 3
reserve
40
32
1,808 1,808 1,807 1,807
Capital
i Includes amounts receivable from member countries for currency
adjustments: July 1953, $5,000,000; January 1954, $2,000,000.
2
As of Jan. 31, 1954, the Fund had sold 914.0 million U. S. dollars.
In addition, other sales have included the following: to the Netherlands, 1.5 million pounds sterling (May 1947) and 300.0 million Belgian
francs (May 1948); to Norway, 200.0 million Belgian francs (June and
July 1948); to Brazil, 10.0 million pounds sterling (January 1951 and
October 1953); to Turkey, 2.0 million pounds sterling and 18.5 million
Deutsche marks (August 1953); to Japan, 5.0 million pounds sterling
(September 1953), 13.0 million pounds sterling (November 1953)
and 26.3 million pounds sterling (December 1953). Repurchases
amounted to 344.6 million dollars. Currencies the net transactions in
which amount to less than one million are reported under "All other."
3Excludes uncalled portions of capital subscriptions, amounting to
7,231 million dollars as of December 31, 1953, of which 2,540 million
represents the subscription of the United States.

CENTRAL BANKS

Bank of England
(Figures in millions of
pounds sterling)

Assets of banking
department

Assets of issue
department

Gold*

Other
assets2

Notes
and
coin

Discounts
and advances

Securities

Liabilities of banking department
Note
circulation 8

ECA

Other

Other
liabilities and
capital
17.8
17.8
18.1
18.1
18.1
18.1
18.1
18.1
18.1

Deposits
Bankers'

Public

27
26
25
31
29
28
27
26
31

.2
.2
.2
.2
.2
.4
.4
.4
.4

L,250.0
L,400.0
L,450.0
1,450.0
1,325.0
1,350.0
1,375.0
1,450.0
1,575.0

13.5
20.7
23.4
100.8
36.1
33.7
19.2
14.1
51.3

5.1
8.4
13.6
15.2
16.7
14.8
29.2
18.2
11.2

317.4
327.0
327.6
331.3
401.1
489.6
384.0
389.2
371.2

1,238.6
1,379.9
1,428.2
1,349.7
1,293.1
L.321.9
1,357.7
1,437.9
1,525.5

260.7
274.5
278.9
315.1
314.5
299.2
313.5
299.8
302.8

5.2
5.3
10.3
18.6
11.7
11.6
15.4
13.4
10.0

17.4
97.9
.4
.6
24.3

52.3
58.5
57.3
95.5
92.1
111.2
85.0
89.8
78.5

1953—Feb. 25
Mar. 25
Apr. 29
May 27
June 24
July 29
Aug. 26
Sept. 30
Oct. 28
Nov. 25
Dec. 30

.4
.4
.4
.4
.4
.4
.4
.4
.4
.4
.4

1,500.0
1,550.0
1,550.0
1,550.0
1,600.0
1,625.0
1,575.0
1,575.0
L,575.0
1,575.0
1,675.0

37.3
63.3
38.2
19.8
62.2
29.0
32.2
45.2
45.5
27.9
57.8

7.1
6.2
13.8
6.0
8.1
10.7
3.6
5.2
12.9
7.6
4.9

389.9
359.0
354.8
384.9
346.9
369.1
367.8
356.6
343.2
362.9
338.1

1,464.7
L.488.8
1,514.0
1,532.4
1,540.2
1,598.8
1,545.7
1,532.7
1,532.4
1,549.9
,619.9

292.6
288.3
261.8
260.3
276.7
274.8
277.5
287.3
287.3
288.8
290.2

9.8
14.6
13.8
15.7
9.8
9.8
8.8
10.7
9.9
10.4
14.9

44.6
32.0
39.5
45.7
44.5
38.4
31.6
19.9
17.6
11.5
7.2

68.8
75.0
73.9
71.0
68.2
67.5
67.3
70.6
68.9
69.9
70.4

18.4
18.5
17.8
18.0
18.1
18.3
18.4
18.6
17.8
17.9
18.2

1954—Jan. 27

.4

,575.0

42.6

15.4

330.2

1 ,535.2

278.6

10.7

12.5

68.1

18.3

1944—Dec.
1945—Dec.
1946—Dec.
1947—Dec.
1948—Dec.
1949—Dec.
1950—Dec.
1951—Dec.
1952—Dec.

*On June 9, 1945, the official buying price of the Bank of England for gold was increased from 168 shillings to 172 shillings and threepence
per fine ounce, and on Sept. 19, 1949, it was raised to 248 shillings. 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
Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure.
3
Notes issued less amounts held in banking department.
4
Fiduciary issue decreased by 50 million pounds on Jan. 6, by 25 million on Jan. 13 and Jan. 27. For details on previous changes, see BULLETIN for February 1954, p. 222.
NOTE.—For back figures, see Banking and Monetary Statistics, Table 164, pp. 638-640; for description of statistics, see pp. 560-561 in same
publication.

324




FEDERAL RESERVE BULLETIN

CENTRAL BANKS—Continued
Assets
Bank of Canada
(Figures in millions of
Canadian dollars)

1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
1947—Dec.
1948—Dec.
1949—Dec.
1950—Dec.
1951—Dec.
1952—Dec.

Gold*

Sterling
and United
States |
dollars

Dominion and provincial government
securities

Deposits
Other
assets

Note
circulation1

Chartered Dominion
governbanks
ment

74.1
111.4
117.8
77.1

Other

391.8
807.2
787.6
906.9
,157.3
,197.4
,022.0
,233.7
,781.4
,229.3
,141.8
,459.8

1.0
2.0
.4

216.7
209.2
472.8
573.9
688.3
708.2
858.5
779.1
227.8
712.5
1.049.3
767.2

33.5
31.3
47.3
34.3
29.5
42.1
43.7
45.4
42.5
297.1
135.2
77.3

496.0
693.6
874.4
,036.0
,129.1
,186.2
,211.4
,289.1
,307.4
,367.4
,464.2
,561.2

232.0
259.9
340.2
401.7
521.2
565.5
536.2
547.3
541.7
578.6
619.0
626.6

73.8
51.6
20.5
12.9
153.3
60.5
68.8
98.1
30.7
24.7
94.9
16.2

6.0
19.1
17.8
27.7
29 8
93.8
67.5
81.0
126.9
207.1
66.1
44.5

35.1
24.0
55.4
209.1
198.5
42.7
42.4
43.1
119.2
172.6
200.0
132.9

817.5
810.9
796.0
821.4
852.0
838.5
830.9
824.9
812.1
894.9
893.7

88.8
79.4
86.5
99.9
100.2
87.5
83.0
81.0
118.6
89.7
112.0

,472.8
,493.4
,504.8
,517.9
,529.0
,547.2
,549.7
,552.5
,555.9
,559.3
.,599.1

668.0
601.1
646.7
594.9
647.6
646.6
617.8
616.9
733.6
625.6
623.9

88.6
60.6
48.3
45.6
47.9
43.8
66.4
15.4
3.8
50.3
51.5

51.4
66.5
76.8
72.1
82.6
68.7
35.2
37.8
37.2
43.4
29.5

109.3
105.1
110 6
114 8
116.9
146.3
126.4
138.0
140.8
145.7
133.1

880.6

103.1

.,519.2

634.4

48.8

29.5

141.6

1953—Feb. 28.
Mar. 31.
Apr. 30.
May 30 .
June 30.
July 31.
Aug. 31.
Sept. 30.
Oct. 31.
Nov. 30.
Dec. 31.

72.0
65.5
68.0
59.3
66.4
74.9
67.4
69.0
70.5
61.2
54.9

,411.9
,371.0
,436.6
,364.8
,405.5
,451.6
,414.0
,385.7
1,469.9
1,378.6
1,376.6

1954—Jan. 30.

61 .6

1,328.3
Assets

Bank of France
(Figures in
millions of francs) Gold*

1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
1947—Dec.
1948—Dec.
1949—Dec.
1950—Dec.
1951—Dec.
1952—Dec.

Foreign
exchange

Domestic bills
Open
market8 Special

6,812
38
31... 84,598
8,420
37
31... 84,598
37
9,518
30.. 84,598
42 12,170
28.. 75,151
68
17,980
27...129,817
7 37,618
26... 94,817
12 67,395
31... 65,225
30 97,447
30.. 65,225
29... 62,274 61,943 137,689
28...182,785 162,017 136,947
27...191,447 28,320 234,923
31...200,187 31.068 274,003

1953—Feb. 2 6 . . .
Mar. 2 6 . . .
Apr. 3 0 . . .
May 28..
June 2 5 . . .
July 3 0 . . ,
Aug. 2 7 . . .
Sept. 2 4 . .
Oct. 2 9 . .
Nov. 2 6 . .
Dec. 3 1 . . .

200,187
200,187
200,187
200,187
200,187
200,187
201,282
201,282
201,282
201,282
201,282

1954—Jan. 28... 201,282

16,502
16,734
14,700
14,896
15,088
2,275
2,870
4,803
9,319
12,444
15,421

263,286
252,386
281,119
291,555
281,415
262,811
276.048
260,777
272,559
255,680
292,465

18,596 262,211

Other
liabilities
and
capital*

Shortterm2

200.9
.5
.6
172.3
156.8

31.
31.
31.
30.
31.
31.
31.
31.
31.
30.
31.
31.

Liabilities

Other

Liabilities
Advances to
Government8

Other
assets6

Note
circulation

Other

Current

Other

12
169
29
48
303
3,135
64
8,577
28,548
34,081
31,956
57,042

4,517
5,368
7,543
18,592
25,548
76,254
117,826
238,576
335,727
393,054
741,267
937,459

69,500
68,250
64,400
15,850
67!900
147,400
150,900
157,900
158,900
160,000
172,000

182,507
250,965
366,973
475,447
445,447
480,447
558,039
558,039
560,990
481,039
481,039
479,982

17,424
16,990
16,601
20,892
24,734
33,133
59,024
57,622
112,658
212,822
190,830
159,727

48,658
41,544
32,627
28,494
20,630
15,341
4,877
23,441
49,968
59,533
61,108

929,291
911,458
923,968
926,296
926,024
960,622
953,856
905,862
877,283
836.117
891,560

185,300
199,400
199,400
199,600
199,700
200,000
200,000
200,000
200,000
200,000
200,000

504,982
504,982
546,482
534,982
554,982
650,482
668,349
617,049
632,149
654,949
679,849

121,445 : 067,257
,
122,995 2
1,051,991
153,101 !,127,140
129,412 1,065,483
118,309 21,054,347
139,754 : 163,216
,
144,154 1,176,277
133,385 1,141,807
152,085 21,193,383
150,222 1,168,977
169,964 ,310,452

56,988 895,508 195,000 657,549

270,144
382,774
500,386
572,510
570,006
721,865
920,831
.987,621
,278,211
,560,561
,841,608
,123,514

9162,772 2,253,485

Deposits7
Government

ECA

1,517
770
578
748

12,048
765
733
806

1,168
70
29
27

15,058
10,587

55

3,479

10
60
64
46
70
41
73
96
78
21
72

897

498
312

18,525
16,838
18,883
397
394
479
458

2,061
628

Other

Other
liabilities
and
capital

25,272 868,474
29,935 •21,318
33,137 "15,596
37,855
7,078
4,087
57,755
63,468
7,213
82,479 10,942
171 783 16,206
158,973 19,377
161,720 24,234
166,226 41,332
137,727 49,305
146,509 52,350
128,788 68,399
165,572 58,500
182,849 58,501
182,828 62,276
193,516 55,788
188,594 86,126
139,313 65,011
139,662 61,023
131,490 69,224
142,823 56,292
133,398 62,323

!On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term Government securities (see BULLETIN for
July 21940, pp. 677-678).
Securities maturing in two years or less.
3Includes notes held by the chartered banks, which constitute an important part of their reserves.
4
Beginning November 1944, includes a certain amount of sterling and United States dollars.
*For details on devaluations and other changes in the gold holdings of the Bank of France, see BULLETIN for September 1951, p. 1211; September 1950, pp. 1132 and 1261; June 1949, p. 747; May 1948, p. 601; May 1940, pp. 406-407; January 1939, p. 29; September 1937, p. 853;
and November 1936, pp. 878-880.
«For explanation of these items, see BULLETIN for January 1950, p. 117, footnote 6.
7
Beginning January 1950, when the Bank of France modified the form of presentation of its statement, the figures under this heading are
not strictly comparable with those shown for earlier dates.
8
Includes the following amounts (in millions of francs) for account of the Central Administration of the Reichskreditkassen: 1940, 41,400;
1941, 64,580; 1942, 16,857; 1943, 10,724.
^Includes advance to Stabilization Fund, amounting to 27.8 billion francs on Jan. 28.
NOTE.—For back figures on Bank of Canada and Bank of France, see Banking and Monetary Statistics, Tables 166 and 165, pp. 644-645
and pp. 641-643, respectively; for description of statistics, see pp. 562-564 in same publication.
For last available report from the Reichsbank
(February 1945), see BULLETIN for December 1946, p. 1424.

MARCH

1954




325

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
Commonwealth Bank of Australia (thousands of pounds):
Gold and foreign exchange
Checks and bills of other banks..
Securities (incl. Government and
Treasury bills)
Other assets
Note circulation
Deposits of Trading Banks:
Special
Other
Other liabilities and capital
Austrian National Bank (millions
of schillings):
Gold
Foreign exchange
Loans and discounts
Claim against Government
Other assets
Note circulation
Deposits—Banks
Other
Blocked
National Bank of Belgium
(millions of francs):
Gold
Foreign claims and balances (net)
Loans and discounts
Consolidated Government debt
Government securities
Other assets
Note circulation
Deposits—Demand
ECA
Other liabilities and capital. . .
Central B a n k of Bolivia—Monetary dept. (millions of bolivianos):
Gold at home and abroad 1
Foreign exchange (net)
Loans and discounts
Government securities
Other assets
Note circulation
Deposits
Other liabilities and capital* . . . .
Central Bank of Ceylon (thousands
of rupees):
Foreign exchange
Advances to Government
Government securities
Other assets
Currency in circulation
Deposits—Government
Banks
Other liabilities and capital
Central Bank of Chile (millions
of pesos):
Golds
Foreign exchange (net) 4
Net claim on Int'l. Fund
Discounts for member b a n k s . . . .
Loans to Government
Other loans and discounts
Other assets
Note circulation
Deposits—Bank
Other
Other liabilities and capital
Bank of the Republic of Colombia
(thousands of pesos):
Gold and foreign exchange
Net claim on Int'l. Fund 4

1954

Jan.

1953
Dec.

Nov.

1,623
1,623
1,459
1,461
3,907 3,665
57,845 55,978
199
290
26,496 24,344
34,304 34,218
456
451
3,780 4,002

Jan.

1,117
138
2,123
48,913
201
21,009
27,547
774
3,162

520,530 492,055 381,576
6,275
5,732 5,928
445, 329 413,808 411,530
21,187 29,090 61,637
613
363,6 335,113 321,168
283,765 251,,530 187,595
59,855 33,849 56,715
285,545 320,388 295,541
157
101
7,349 6,956
5,629 5,847
1,858
1,858
35
29
10,258 10,474
1,870
1,496
994
816
1,905 2,004
38,787
13,986
6,147
34,660
8,873
4,499
100,976
1,688
193
4,095

284,401
12,300
150,134
4,401
347,340 367
581
60,552
42,763
5,649
533

100
2,239
6,325
2,405
41
8,777
385
259
1,689

38,290
13,812
6,096
34,660
6,566
4,567
98,103
1,542
192
4,154

35,448
16,272
6,823
34,723
6,386
3,806
96,301
2,111
1,319
3,729

(Oct.)*
4,418
2
7,910
3,573
2 ,505
576
10,874
1,533
6,576

38,962
13,910
6,169
34,660
6,935
4,063
99,080
1,769
198
3,652

101
6,395
5,742
1,852
33
9,883
1,424
873
1,943

1,396
2,855
1,853
2,196
596
6.584
1,523
789

074 259,680 405,352
100 81,400 89,000
349 121,543 80,745
797 9,942
3,349
091 363,752 385,598
771
974
7,013
759 61,986 147,997
699 45,853 37,838

5,647
557

5,639
648

2,842 Y,36i '2,763
7,860 7,995 5,435
7,361 8,091 6,691
2,575 2,559 2,711
18,525 18,879 15,876
3,906 3,461 3,308
587 1,182
622
3,804 3,689 4,081

1,247
84
277
2,136
4,059
7,447
2,827
12,219
2,409
542
2,906

369,123 370,666 338,733 299,185
24,376 24,376 24,376 24,373

1954

Central Bank
(Figures as of last report
date of month)

1953

Jan.

Bank of the Republic of Colombia—Cont.
Loans and discounts
Government loans and securities.
Other assets
Note circulation
Deposits
Other liabilities and capital
C e n t r a l Bank of Costa Rica
(thousands of colones):
Gold
Foreign exchange
Net claim on Int'l. Fund 4
Loans and discounts
Securities
Other assets
Note circulation
Demand deposits
Other liabilities and capital
National Bank of C u b a
(thousands of pesos):
Gold
Foreign exchange (net)
Foreign exchange (Stabilization
Fund)
Silver
Net claim on Int'l. Fund 4
Loans and discounts
Credits to Government
Other assets
Note circulation
Deposits
Other liabilities and capital
National Bank of Czechoslovakia 6
National Bank of D e n m a r k
(millions of kroner):
Gold
Foreign exchange
Loans and discounts
Securities
Govt. compensation account. . . .
Other assets
Note circulation
Deposits—Government
Other
Other liabilities and capital
Central Bank of t h e D o m i n i c a n
Republic (thousands of pesos):
Foreign exchange (net) 4
Net claim on Int'l. Fund
Loans and discounts
Government securities
Other assets
Note circulation
Demand deposits
Other liabilities and capital
Central Bank of Ecuador
(thousands of sucres):
Gold
Foreign exchange (net) 4
Net claim on Int'l. Fund
Credits—Government
Other
Other assets
Note circulation
Demand deposits—Private banks
Other
Other liabilities and capital
National Bank of Egypt (thousands of pounds):
Gold
Foreign exchange
Foreign and Egyptian
Government securities
Loans and discounts
Advances to Government
Other assets
Note circulation
Deposits—Government
Other
Other liabilities and capital

Dec.

282,987
249,987
94,924
608,057
315,674
97,666

331 ,972
251,602
92,923
688,088
294,428
89,022

Nov.

Jan.

323,749 365,286
238,663 174,759
90,321 '101,559
580 ,018 538,879
337 ,976 344,151
97,847 '•82,133

11,503 11,503 11,511
89,241 87,377 86,111
7,032
7,032
7,032
103,233 109,469 100,527
23,352 22,337 25,394
141,729 150,602 135,968
64,225 58,839 65,308
28,407 28,277 29,299

11,511
87,009
7,031
84,051
7,125
23,360
132,547
67,086
20,454

185,748 185,748 185,748
25,468 29,516 51,025

213,748
58,276

260,243
7,616
12,512
31,175
28,238
69,513
401,572
203,529
15,409

69
891
166
482
3,235
146
1,991
1,451
1,323
225

251
254,547 135,471
7
8,275
33,380
12
12,512
12,511
28,909
28
50,489
31,375
28
46,918
71,290
70
43,248
416 448 402,474 411,899
225,197 170,866
182
16,010
14
11,275

69
945
132
476
3,251
192
1,933
1,398
1,526
207

69
780
98
443
3,347
178
1,863
1,522
1,344
186

12,076 12,076 12,076
17,790 16,162 14,251
1,250
1,250
1,250
2,175
1,647
1,896
9,420
9,950
9,750
3,724
4,723
3,841
35,182 37,060 33,646
9,350
8,427
5,562
1,903
2,104 2,073

12,076
18,874
1,250
1,217
7,154
'2,636
33,955
7,423
r
l,829

342,287
95,479
18,757
324,557
196,193
168,714
570,419
204,747
169,755
201,067

60,553
18,302

69
937
199
482
3,245
189
2,118
1,317
1,474
212

341
125
18
290
230
170
601
209
155
212

925
019
757
989
906
609
041
138
561
463

341,536
138,082
18,757
310,722
241,862
188,595
597,948
176,815
171,040
293,752

338,818
230,231
18,757
224,333
153,079
155,425
544,911
189,847
180,013
205,873

60,553
18,283

60,553
18,425

60,553
20,817

262,472 272,440 281,172 299,012
14,900 16,408 18,136
19,092
3,361
1,815
3,159
5,803
4,118
180,833 184,382 186,323 200,574
66,080 67,875 78,506
80,510
102,131 105,645 105,885 107,562
8,999 12,941 11,690
19,993

•Latest month available.
'Revised.
*On May 14, 1953, gold reserve revalued from 0.0148112 to 0.00467722 grams of fine gold per boliviano.
2
Represents chiefly bills secured by stocks of mined tin not yet sold in world markets.
3On Oct. 5, 1953, gold revalued from 0.0286668 to 0.00807883 grams of fine gold per peso.
4
This figure represents the amount of the country's subscription to the Fund less the bank's local currency liability to the Fund.
*For last available report (March 1950), see BULLETIN for September 1950, p. 1262.

326




FEDERAL RESERVE

BULLETIN

CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)
Central Reserve Bank of El Salvador (thousands of colones):
Gold
Foreign exchange (net) 1
Net claim on Int'l. Fund
Loans and discounts
Government debt and securities..
Other assets
Note circulation
Deposits
Other liabilities and capital
Bank of Finland (millions of markkaa):
Gold
Foreign assets (net)
Clearings (net)
Loans and discounts
Securities
Other assets
Note circulation
Deposits
Other liabilities and capital
Bank of German States 2
(millions of German marks):
Gold
Foreign exchange
Loans and discounts
Loans to Government
Other assets
Note circulation
Deposits—Government
Banks
Other
Other liabilities and capital
Bank of Greece (billions of drachmae):
Gold and foreign exchange (net) 3
Loans and discounts
Advances—Government
Other
Other assets
Note circulation
Deposits—Government
Reconstruction and
relief accts
Other
Other liabilities and capital
Bank of Guatemala (thousands of
quetzales):
Gold
Foreign exchange (net)
Gold contribution to Int'l Fund
Rediscounts and advances
Other assets
Circulation—Notes
Coin
Deposits—Government
Banks
Other liabilities and canital
National Bank of Hungary*
Reserve Bank of India (millions of
rupees):
Issue department:

1954

Jan.

79

,593
53 ,216
1 ,567
18 ,755
14 ,149
9 ,894
101 ,010
53 ,457
8 ,708

Advances to Government

Dec.

Nov.

,673
28 ,672
1 ,567
29 ,026
13 ,221
467
95 ,490
43 ,645
8 ,485

72,745
31,635
1,566
22,734
8,528
3,019
85,847
45,965
8,415

77

5 867

5 867

17 430
8 ,840
857

11 536
9 597
43 180

5,862
11,667
8,925
39,576
9 ,241
9 ,231
2,261
1 994
1 903
2,020
0 1 9 45,590
4 7 7 30
Q ,973
11 7 7 0
6,391
16 ,011 17 ,569 18,332
1 368
6 964
3 ,226
5 887
825
11 547

1 ,290
3 311
241
1 881

1,273
6,547
2,129
6,153
889

11,403
1,214
2,424
259

1,691
4,898
221
8,441
3,558
2,152
3,173
1,280
6 857
2,741
5,219

27,228
12 ,633 9,086
1
1,250
19 ,125 17,436
78 508 26,422
51 8 7 6 48,056
3 630
3,622
2,083
411
13 ,371 12,161
17 506 15 499
97 998

400

400
782
214
963
11 7 S S

10,969

104
1 ,445
114
18

302
1,416
50
14

r

Foreign securities
Tndian Govt securities
Rupee coin
Note circulation
Banking department:
Notes of issue department
Balances abroad
Loans to Government
Other assets
Deposits
Other liabilities and caoital
Bank Indonesia 5 (millions of rupiah):
Gold 5
Foreign excha.ni?e (net)

1953

944

5 682
4 214
975

995

2 ,320
305

2,492
285

-399

1 651
-336

5 ,550

5

1,701
-306
544
5,035

1 S53
4.4.7

4-3.3

,272

Jan.

Central Bank
(Figures as of last report
date of month)

Bank Indonesia—Cont.
Other assets
73,404
Note circulation
56,589
Deposits—ECA
1,566
Other
19,434
Other liabilities and capital
6,409 Central Bank of Ireland (thousands
1,747
of pounds):
96,691
Gold
54,659
Sterling funds
7,800
Note circulation
Bank of Italy (billions of lire):
Gold
5,863
Foreign exchange
11 ,313
Advances to Treasury
1,679
Loans and discounts
39,965
Government securities
1,139
Other assets
Note circulation
2,009
41,104
Deposits—Government
4,145
Demand
16,719
Other
Other liabilities and capital
Bank of Japan (millions of yen):
Bullion
695
4,280
Advances to Government
2,920
Loans and discounts
7,026
Government securities
948
Other assets
10,342
Note circulation
1,580
Deposits—Government
1,972
Other
249
Other liabilities
1,726 Bank of Mexico (millions of pesos):
Monetary reserve ^
"Authorized" holdings of secu1,739
rities, etc
137
Bills and discounts
9,025
Other assets
." .
Note circulation
3,428
1,507
Demand liabilities
2,366
Other liabilities and capital. .
819 Netherlands Bank (millions of
guilders):
Gold
7 403
1,957
Silver (including subsidiary coin).
3,292
Foreign assets (net)
Loans and discounts
Govt. debt and securities
Other assets
27,228
Note circulation—Old . .
18,410
1,250
New
8,415
Deposits—Government
ECA
21,897
Other
43,956
3,505
Other liabilities and capital
3,056 Reserve Bank of New Zealand
11,637
(thousands of pounds):
15 047
Gold
Foreign exchange reserve
Loans and discounts
Advances to State or State undertakings
. . . .
Investments
400
5 582
Other assets
4 501
Note circulation
838
Demand deposits
11,064
Other liabilities and capital
Bank of Norway (millions of kroner):
257
Gold
1,600
Foreign assets (net)
116
Clearing accounts (net)
34
Loans and discounts
1,200
Securities
2,848
Occupation account (net)
358
Other assets
Note circulation
826
Deposits—Government
21
Banks
739
FOA—MSA
5,193
Other liabilities and capital

1954

1953

Jan.

Dec.

Nov.

284
5 030
495
1,429
480

287
4 920
495
1,383
509

278
4 853
495
1,357
548

2,646 2 ,646 2,646
63,989 68,181 66,205
66,635 70,827 68,851

Jan.
344
182
496
1 ,429
,015

4

2 ,646
60 ,237
62 ,883

4
65

4
63

4
61

4
45

567
327
288
740

567
376
283
760

567
319
261
730

574
299
249
738
1 299
65

1,376

1,449

14
57

7
72

433
111

390
135

1 317
23
53

57
390
98

427
123

448
448
448
11,513 11,513 11 513
439,190 391 107 410 776
261,886 314,380 234,816
95 993 114 392 95 236
566,168 629,892 547 2 53
103 353 59,869 75,906
78,356 88,168 79 783
61 154 53 911 49 846

448
37
329
233
107
519

931
845
240
274
765

80 ,475
63 026
45 472

1,262

1,290

1,165

1 ,213

2,988
600
736
3,491
1 ,556

3,163
704
534
3.603
1,557

2,820
644
532
3,299
1 ,360

3 ,361
462
328
3 332
1 ,521

539

531

2 982
15
1,407
31
1,217
409
30
3,177
875
1,002

2 792
16
1,509
35
1,217
428
31
3,330
736
1,002

740
236

679
220

502

2 775
16
1 ,496
40
1,217
437
31
3,253
681
999

511
2 149

14
,416
33
1 ,451
595
38
2 966
930
1 ,155
1

802
215

341
227

6,054 6,052 6,028
61,819 60,826 61,971
6,019 6,019 6,019

39 ,239
6 ,019

55,607
57 083
1,467
69 984
109,305
8,760

54,071
57 081
1,700
76 612
100,462
8,675

6 015

55,168
52 049
1 488
65 800
108,249
8,674

58 ,377
58 132

281
39
-32
71

279
331
40
50

38

1
63
97
7

440
626
772
877

44

5,546
63
2,938
1,788
641
182

5 ,546
48
2 ,740
2 020
784
299

456

496

x
This
2

figure 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.
3The official exchange rate was adjusted from 15,000 to 30,000 drachmae per dollar, effective Apr. 9, 1953.
4
For last available report (February 1950), see BULLETIN for September 1950, p. 1263.
8
As of July 1, 1953, the Java Bank became the Bank Indonesia and established an Issue and a Banking Department. Figures shown represent
Issue and Banking Departments combined.
•Gold revalued in May 1953 from 4,265.35 rupiah to 12,796.05 rupiah per kilogram of fine gold.
7
Indudes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities.

MARCH

1954




327

CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)
State Bank of Pakistan (millions of
rupees):
Issue department:
Gold at home and abroad.. .
Sterling securities
Pakistan 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 Paraguay1
(thousands of guaranies):
Gold
Foreign exchange (net) 2
Net claim on Int'l. Fund
Loans and discounts
Government loans and securities.
Other assets
Note and coin issue
Deposits—Government
Other
Other liabilities and capital
Central Reserve Bank of Peru
(millions of soles):
Gold and foreign exchange
Net claim on Int'l. Fund 2
Loans and discounts to banks. . .
Loans to Government
Other assets
Note circulation
Deposits
Other liabilities and capital
Central Bank of the Philippines
(thousands of pesos):
Gold
Foreign exchange
Net claim on Int'l. Fund 2
Loans
Domestic securities
Other assets
Circulation—Notes
Coin
Demand deposits
Other liabilities and capital
Bank of Portugal (millions of
escudos):
Gold
Foreign exchange (net)
Loans and discounts
Advances to Government
Other assets
Note circulation
Demand deposits—Government..
ECA
Other
Other liabilities and capital
South African Reserve Bank
(thousands of pounds):
Gold
Foreign bills
Other bills and loans
Other assets
Note circulation
Deposits
Other liabilities and capital
Bank of Spain (millions of pesetas):
Gold
Silver
Government loans and securities
Other loans and discounts

1953

1954
Jan.

81
475
1,276
146
300
60
2,274
65
5
30
369
362
108

Dec.

81
425
1,247
126
300
62

2,198
42

422
371
102

Nov.

Jan.

81
425
1,187
126
300
65
2,097

81
416
1,146
126
300
66
2,038

86
40
30
457
506
106

98
518
505
112

1 ,138
1,138
43,465
66,765
11
11
268,661
90,176
400,293 316,535
581,894 '165,516
495,008 366,296
148,704 58,997
230,143 123,123
421,608 '91,727

451
67
619
1,003
119
1,602
426

231

434
67
523
1,006
128
1,557
380
221

563
67
314
912
'170
1,353
421
253

18,813 18.813 18,813 18,552
432,320 441,718 430 ,198 432,807
29,504 29 504 29,504 29,504
33,324 27, 334
233,127 230, 518
154,899 151.
605,205 619
84,498
163,998
48,285

4,553
11,583
928
1,425
499
9,106
1,690
9
6,163
2,020

62,445
36,211
28,331
46,117
99,539
54,652
18,911

596

54,140
235,233
148,279
561,631
89,434
219,305
'48,145

5,030 4,906
12,579 12,304
751
704
1,422
1,432
816
756
9,788 9,260
1,334
1,558
6
6
7,304 7,137
2,166 2,140

336

16,767
227,696
161,233
586,080
84,931
169,896
43,304

61,924
27,896
32,849
43,644
96,679
49,412
20,221

58,437
62,888
14,804
37.998
87,498
66,639
19,991

596
336

596
336

563
369
15,576
24,762

15,534 15,096 16,157
24,181 26,185 23,663

Central Bank
(Figures as of last report
date of month)

1954
Jan.

Dec.

Nov.

Bank of Spain—Cont.
Other assets
,657 34,926 31,555
Note circulation
,441 38,758 37,069
3,880
,710 2,1
Deposits—Government
,394 4,113 3,522
Other
Other liabilities and capital
,760 31,462 27,835
Bank of Sweden (millions of kronor):
Gold
482
482
481
Foreign assets (net)
1,49:
1.416
,511
Net claim on Int'l. Fund 2
129
129
129
Swedish Govt. securities and ad- 8
vances to National Debt Office
,284 2,786 2,326
291
Other domestic bills and advances
325
357
879
Other assets
854
906
Note circulation
,610 4,835 4,511
Demand deposits—Government..
205
177
363
Other
82
105
182
Other liabilities and capital
734
683
771
Swiss National Bank (millions of
francs):
Gold
,084 6,086
6,092
Foreign exchange
524
504
522
216
Loans and discounts
207
272
64
Other assets
99
73
Note circulation
,904 5,228 4,993
,783
Other sight liabilities
1,541
1,676
Other liabilities and capital
202
210
207
Central Bank of the Republic of
Turkey (millions of pounds):
Gold
402
402
402
Foreign exchange and foreign
clearings
197
202
207
Loans and discounts
,033 2,042 2,047
Securities
25
25
26
Other assets
116
150
159
Note circulation
,414
1,414
1,439
Deposits—Gold
154
153
153
Other
812
846
853
Other liabilities and capital
403
402
389
Bank of the Republic of Uruguay
(thousands of pesos):
(Sept.)1
Gold
336,572
Silver
,
9,278
Advances to State and Government bodies
116,340
Other loans and discounts
342,367
616,920
Other assets
Note circulation
399,119
130,378
Deposits—Government
Other
370,518
Other liabilities and capital
521,462
Central Bank of Venezuela (millions of bolivares):
141
1 ,141
1,141
Gold
279
2 76
322
Foreign exchange (net)
106
129
109
Other assets
012
933
Note circulation
1,041
282
261
Deposits
257
231
269
357
Other liabilities and capital
Bank for International Settlements (thousands of Swiss gold
francs):
595 019 592,158 583,070
Gold in bars
Cash on hand and with banks. . 51 229 44,558 62,374
1 232
Sight funds at interest
,
1,374
1,310
Rediscountable bills and acceptances (at cost)
338 051 316,1
94,938
Time funds at interest
108 855 107,791 88,521
Sundry bills and investments.... 274 950 276,779 290, 7
,82
297 201 297,201 297,201
Funds invested in Germany
1 786
2,594 2,072
Other assets
435 480 431,715 448,968
,71
Demand deposits (gold)
Short-term deposits:
Central banks—Own account.. 673 687 652,065 603,508
Other
50 000 46,378 59,864
Long-term deposits: Special
228 909 228,909 28,909
280 245 279,515 279,064
Other liabilities and capital

Jan.

31,720
37,140
2,254
4,546
29,069
429
1,313
129
2,666
301
'833
4,350
525
192
'605
5,907
469
224
67
4,784
1,686
197
402
151
1,760
26
136
1 ,240
172
801
262
313,786
9,273
132,328
350,236
'513,702
390,148
100,675
339,560
'488,943
1,141
132
92
976
274
115

657,029
62,167
7,480
267,015
78,467
290,229
297,201
1,386
501,011
612,112
45,506
228,909
273,436

r
* Latest month available.
Revised.
iThe new Central Bank of Paraguay began operations on July 1, 1952. Central banking functions previously performed by the Monetary Department of the Bank of Paraguay were transferred to the new institution.
2
This figure represents the amount of the country's subscription to the Fund less the bank's local currency liability to the Fund.
8
Includes small amount of non-Government bonds.

328




FEDERAL RESERVE BULLETIN

MONEY RATES IN FOREIGN COUNTRIES
DISCOUNT RATES OF CENTRAL BANKS
[Per cent per annum]
Central bank of—
Date
effective

In effect Dec. 31,
1948
May 27 1949
July 14
Oct
6
June 8, 1950
Sept 11
Sept. 26
Oct. 27
Dec 1
Apr. 17, 1951
July 5
Sept. 13 . . .
Oct 11
Nov. 8
Nov. 9
Jan. 22 1952
Mar. 12
May 29
Aug. 1
Aug 21
Dec. 18
Jan. 8 1953
Apr. 7
June 11
Sept. 17
Oct. 29
Nov. 20
In effect Jan.
31, 1954

Central
bank of—

SwitzUnited
Ger- Bel- NethKing- France many gium er- Sweerdom
lands den land

2

3

15
14^

Rate
Jan.
31

Mar.
Sept.
Oct.
Sept.

1, 1936
24, 1953
29, 1953
30, 1950

Ireland
Italy
Japan
Mexico

Oct.
July
June
July
Feb.

17, 1950
23, 1953
13, 1935
18, 1933
1, 1950

Netherlands .
New Zealand.
Norway
Pakistan....

Sept. 23, 1953
10 2 May 13, 1948
Nov. 15, 1952
3
Mar. 22, 1950
3
5% Dec. 16, 1951

Peru
Portugal....
South Africa.
Spain
Sweden

France
Germany
Greece
India
Indonesia

IK

14

10

4
2%
6

3H

2H

3%

Canada
Ceylon
Chile
Colombia
Costa Rica

3

16

3
31/

Central
bank of—

Denmark
Ecuador
Egypt
El Salvador. . .
Finland

2H

3 *

Argentina
Austria
Belgium
Bolivia

Date
effective

4

•31/

2
3
4

Rate
Jan.
31

Date
effective

Mar.
Apr.
5.84 Oct.
434 June

3

25, 1952
6, 1950
1, 1951
4, 1942

Apr. 7, 1953
July 26, 1941
Jan. 9, 1946
July 1, 1948

2

3
4
4

15
3

14.1/

6
4 2
4
2%

Nov.
Jan.
Mar.
Mar.
Nov.

13,
12,
27,
18,
20,

1947
1944
1952
1949
1953

3

Nov. 26, 1936
Feb. 26, 1951

3
14

3Y2

3y2

2Y2

i3V^
2%
2%

2^

\y2

2^

3Y2 Sept.
June
Jan.
Nov.
Apr.
3

17, 1953
11, 1953
1,1954
15, 1951
1, 1946

Switzerland..
Turkey
United Kingdom
USSR

4

2

Sept. 17, 1953
July 1, 1936

1 Rates established for the Land Central banks.
NOTE.—Changes since Jan. 31: France—Feb. 4 from 3% to 3M per cent.

OPEN MARKET RATES
[Per cent per annum]

Month

France

United Kingdom

Canada

Netherlands

Sweden

Switzerland

Treasury
bills
3 months

Bankers'
acceptances
3 months

Treasury
bills
3 months

Day-today
money

Bankers'
allowance
on deposits

Day-today
money

Treasury
bills
3 months

Day-today
money

Loans
up to
3 months

Private
discount
rate

1944—December
1945—December
1946—December
1947—December
1948—December
1949—December
1950—December
1951—December
1952—December

.37
.36
.40
.41
.41
.51
.63
.89
1.35

1.03
.53
.53
.53
.56
.69
.69
1.50
3.00

1.00
.50
.50
.51
.52
.52
.51
.98
2.41

1.02
.63
.63
.63
.63
.63
.63
1.00
2.25

.50
.50
.50
.50
.50
.50
.50
.75
2.00

1.53
1.33
1.19
2.04
2.00
?2 .55
2.41
3.50
3.93

1.21
1.13
1.25
1.32
1.40
1.21
.92

.78
.53
.96
1.03
1.09
1.00
.58

3-5^
23^-5
2^-43^
2^-4^
2^-4^
2K-4^
3-5
3-5
3-5

.25
.25
.25
.38
.63
.50
.50
.50
L .50

1953—January
February
March
April
May
June
July
August
September. . . .
October
November....
December

1.35
1.47
1.50
1.53
1.53
1.70
1.76
1.80
1.91
1.93
1 .90
1.88

3.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
2.67
2.19
2.19
2.19

2.39
2.42
2.40
2.41
2.38
2.37
2.35
2.36
2.27
2.11
2.10
2.11

2.25
2.25
2.25
2.25
2.25
2.25
2.25
2.25
2.09
1.94
1.94
1.94

2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
1.88
1.75
1.75
1.75

3.97
4.10
3.93
4.05
4.22
3.94
4.13
4.18
4.34
3.91
4.00
3.75

.83
.81
.90
.93
.64
.57
.50
.50
.43
.38
.28
.03

.54
.50
.51
.71
.52
.50
.50
.50
.50
.50
.50
.50

3-5
3-5
3-5
3-5
3-5
3-5
3-5
3-5
3-5
3-5
3-5
3-5

L.50
L.50
L.50
L.50
L.50
L.50
L.50
L.50
L.50
L.50
.50
.50

P Preliminary.
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.

MARCH

1954




329

COMMERCIAL BANKS
Assets

United Kingdom 1
(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 *
notice

Deposits

Other
Total

Demand

Time

1,478
1,512
1,528
1.965
2,148

,396
,534
,660
,950
,764

621
579
735
867
748

6,200
6,202
6,368
6,333
6,460

4,159
4,161
4,262
4,290
4,232

2,041
2,041
2,106
2.042
2,228

420
427
550
651
528

,046
,024
,010
,080
,209
,244
,331
,376
,340
,354
,417

2,130
2,122
2,119
2,123
2,136
2,140
2,140
2,137
2,238
2,245
2,275

,783
,811
,825
,784
,778
,742
,688
,675
,666
,687
,725

649
641
664
654
673
633
595
623
607
626
729

6,029
6,053
6,060
6,083
6,299
6,247
6,240
6,320
6,373
6,419
6,694

3,836
3,873
3,860
3,896
4,040
3,990
3,971
4,004
4,041
4,080
4,327

2,192
2,179
200
2,187
2,259
2,257
2,269
2,316
2,332
2,339
2,368

525
515
511
520
481
483
480
482
472
483
495

1,330

2,277

1,706

633

6,457

4,124

2,333

499

1948—December.
1949—December.
1950—December.
1951—December.
1952—December.

502
532
540
531
549

485
571
592
598
529

741
,109
,408
972
,248

1953—February..
March....
April
May
June
July
August. . .
September
October...
November
December.

491
497
498
498
514
510
511
515
518
520
542

456
472
454
464
469
460
456
476
476
469
501

1954—January..

526

483

1,397
793
456
102

Assets
Canada3
(11 chartered banks.
End of month figures
in millions of
Canadian dollars)

Liabilities

Security
loans
abroad
and net Securities
Other
due from
loans and foreign
discounts banks

Deposits payable in Canada
excluding interbank deposits

Entirely in Canada
Cash
reserves

Security
loans

Total

Other
assets

1948—December.
1949—December.
1950—December.
1951—December.
1952—December.

749
765
824
907
916

101
133
134
107
155

2,148
2,271
2,776
3,028
3,289

144
146
171
227
326

4,268
4,345
4,286
3,876
3,955

1953—January.. .
February..
March
April
May
June
July
August
September.
October
November..
December..

835
877
851
897
822
903
877
883
897
962
899
906

135
141
140
152
138
123
125
135
110
144
152
154

3,293
3,301
3,394
3,508
3,526
3,576
3,649
3,732
3,772
3,838
3,977
3,897

308
330
322
345
331
331
328
353
330
342
390
424

3,981
4,042
4,082
4,135
4,024
3,956
3,872
3,886
3,918
3,789
3,789
3,831

Time

7,027
7,227
7,828
7,896
8,421

2,970
2,794
3,270
3,284
3,497

4,057
4,433
4,558
4,612
4,924

,537
,477
,667
,714
,736

8,188
8,310
8,458
8,642
8,486
8,634
8,496
8,651
8,692
8,744
8,918
8,881

,321
,342
,394
,380
,402
,509
,359
,329
,372
,432
,512
,510

(4 large banks. End
of month figures in
millions of francs)

Demand

Other
liabilities
and
capital

3,244
3,301
3,391
3,535
3,386
3,508
3,344
3,445
3,466
3,596
3,851
3,847

4,945
5,008
5,067
5,107
5,100
5,126
,152
5,206
5,226
5,148
5,068
5,034

,684
,724
,724
,774
,755
,764
,713
,667
,706
,763
1,801
1,841

Notes <

1,169
1,058
1,304
,464
,516

16
14

Assets

France
Cash
reserves

Other
liabilities
and
capital

Liabilities

Due from
banks

Bills discounted

Loans

Other
assets

Deposits
Total

Demand

Time

Own
acceptances

Other
liabilities
and
capital

1947—December.
1948—December.
1949—December.
1950—December.
1951—December.
1952—December.

22,590
45,397
40,937
48,131
60,215
51,155

19,378
35,633
42,311
52,933
72.559
68,243

219,386
354,245
426,690
527,525
627,648
636,624

86,875
126,246
129,501
135,289
165,696
170,298

27,409
34,030
29,843
31,614
38,114
29,734

341,547
552,221
627,266
749,928
906,911
902,547

338,090
545,538
619,204
731,310
879,767
870,504

3,457
6,683
8,062
18,618
27,145
32,043

25,175
30,638
26,355
28,248
33,774
24,957

8,916
12,691
15,662
17,316
23,547
28,551

1953—January..
February..
March...,
April
May
June
July
August
September
October...
November.

47,150
46,436
46,064
48,314
48,079
47,394
47,903
50,451
47,177
46,003
47,103

69,200
68,971
75,743
83,702
84,973
85,411
85,806
89,197
81,649
74,964
78,797

642,991
638,377
630,601
634,643
690,729
643,804
661,082
651,314
644,000
694,021
696,942

174,912
174,329
175,934
174,379
166,926
184,584
189,591
198,784
199,498
185,109
189,753

33,586
34,793
37,896
41,925
44,885
46,676
49,269
49,226
50,250
54,393
60,636

907,691
900,626
900,928
910,867
962,225
930,986
952,454
956,528
939,282
965,798
978,019

873,232
864,734
864,528
873,209
924,151
892,185
913,188
917,027
900,010
924,602
935,267

34,459
35,892
36,400
37,658
38,074
38,801
39,265
39,501
39,272
41,196
42,752

27,216
27,960
27,291
29,219
29,618
28,728
27,446
25,209
22,928
24,355
28,142

32,932
34,321
38,019
42,878
43,750
48,155
53,751
57,234
60,364
64,338
67,070

iThis 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 Y% per cent after October 1945.
3Beginning December 1953, when a new bank was added, figures are for 11 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.

330




FEDERAL RESERVE BULLETIN

FOREIGN EXCHANGE RATES
[Averages of certified noon buying rates in New York for cable transfers.
Argentina
(peso)

Australia

Year or month
Basic

Preferential

(pound)

29.773
29.774
26.571 "13*333' "'8*289'
13 333
20 000
7 067
13.333
20.000
7.163
13.333
7.198
20.000

321.22
293.80
223.15
223 07
222.63
224.12

1953—March . .
April
May
June
Tuly
August . .
September
October
November
December

20.000
20.000
20.000
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
13.333
13 333
13 333

7.198
7.198
7.198
7.198
7 198
7.197
7 198
7.198
7 198
7 198

224.35
224.43
224.25
224.19
224 32
224.30
223 33
223.57
223 97
223.93

1954—Tanuary
February

20 000
20.000

13 333
13.333

7 198
7.198

224.01
224.13

Year or month

Ceylon
(rupee)

(krone)

Brazil^
(cruzeiro)

3.8580

2.2816
2.2009
1.9908
1.9859
1.9878
2.0009

5.4406
5.4406
5 44Ofi
5 ^1406
UO(S
5 ^
35.4420

42.973
32.788
32 849
32.601
32.595

3 8580
3.8580

1.9976
1.9971
2.0019
2.0007
2 0011
2.0006
2 0050
2.0063
2 0062
2.0053

5.4406
5.4406
5.4406
5.4406
5 4406
5.4455
5 4466
35.4466
4.2808
3.5261
4.2808
3.5261

32.586
32.589
32.585
32.579
32 582
32.610
32 569
32.596
32 641
32 635

101.666
101 655
100.559
100 546
100 782
101 180
101 580
101 762
102 266
102 754

3.8580
3.8580

2 0023
2.0036

4.2808
4.2808

3.5261
3.5261

32 646
32.656

102 781
103.439

Ireland
(pound)

Mexico
(peso)

(guilder)

(pound)

37.668
34.528
26 252
26.264
26 315
26.340

350.48
365 07
277 28
277.19
276 49
278.48

Austria Belgium
(schilling) (franc)

2

2

France
Finland

(franc)

(markka)
Official

Free

Germany
(deutsche
mark)

India
(rupee)

23.838
23.838
23.838

30.169
27.706
20.870
20.869
20.922
21.049

280.38
279.68
281.27

18.860
12.620
11.570
11.564
11.588
11.607

Official

Free

100.000
97.491
90.909

91.691
92.881
91 474
94 939
102.149
101.650

NethNew
erlands Zealand

.4354
.4354
.4354

.3240
.3017
.2858
.2856
.2856
.2856

21.061
21.067
21.046
21.041
21.047
21.067
20.990
21.004
21.041
21 037

.4354
.4354
.4354
.4354
.4354
.4354
.4354
.4354
.4354
.4354

.2856
.2856
.2856
.2856
.2855
.2855
.2855
.2856
.2856
.2856

21.061
21.069
21.049
21.044
21.051
21.073
20.995
21.005
21.044
21.039

281.56
281.66
281.43
281.35
281.53
281.50
280.29
280.58
281.09
281.03

11.614
11.608
11.564
11.561
11.589
11.620
11.615
11.624
11.627
11.626

26.321
26.335
26.340
26.334
26.321
26.322
26.338
26.400
26.410
26.410

278.78
278.87
278.65
278.57
278.74
278.71
277.51
277.80
278.30
278.25

21 038
21.044

.4354
.4354

.2856
.2856

21.039
21.047

281.14
281.29

11 619
11.614

26 405
26.408

278 35
278.50

Norway
(krone)

PhilipPortupine
gal
Republic (escudo)
(peso)

South
Africa
(pound)

(krona)

Sweden

Switzerland
(franc)

United
Kingdom
(pound)

1948
1949
1950.
1951
1952
1953

27.839
20 850
20.849
20 903
21.046

1953—March
April
May
June
July
August
September
October
November
December
1954—January
February

Year or month

Denmark

Canada
(dollar)

British
Malaysia
(dollar)

Free

1948
1949
1950
1951 . . .
1952
1953

In cents per unit of foreign currency]

20.857
19.117
14 494
14.491
14 492

.4929
.4671

Uruguay 4
(peso)

1948
1949. .
1950
1951
1952 . .
1953

20.159
18 481
14.015
14.015
14 015
14 015

49.723
49.621
49.639
49 675
49.676

4.0183
3 8800
3.4704
3.4739
3 4853
3.4887

400.75
366.62
278.38
278.33
278.20
280.21

27.824
25.480
19.332
19.327
19.326
19.323

23.363
23.314
23.136
23.060
23.148
23.316

403.13
368.72
280.07
279.96
279.26
281.27

65.830
65.830
65.833
65.833
65.833
6
65.833

56.182
56.180
56.180
56.180
56.180
6
56.180

42.553
42.553
42.553
42.553
5
42.553

1953—March
April
May .
June
July
August
September
October
November . . .
December

14.015
14.015
14 015
14.015
14 015
14.015
14.015
14.015
14.015
14.015

49.677
49.677
49.677
49.676
49.677
49.676
49.677
49.677
49.677
49.677

3.4842
3.4882
3.4903
3.4897
3.4896
3.4897
3.4896
3.4896
3.4899
3.4900

280.51
280.61
280.38
280.30
280.47
280.45
279.24
279.53
280.04
279.98

19.323
19.323
19.323
19.323
19.323
19.323
19.323
19.323
19.323
19.323

23.317
23.329
23.329
23.331
23.333
23.334
23.332
23.310
23.255
23.289

281.56
281.66
281.43
281.35
281.53
281.50
280.28
280.58
281.09
281.03

65.833
65.833
65.833
65.833
65.833
65.833
65.833
65.833
65.833
5
65.833

56.180
56.180
56.180
56.180
56.180
56.180
56.180
56.180
56.180
556.180

42.553
42.553
42 553
42.553
42 553
42.553
42.553
42.553
42.553
5
42.553

14 008
14.008

49 677
49.677

3 4900
3.4900

280 09
280.23

19 333
19.333

23 308
23.315

281 14
281.29

6

34 217

35.547
34 205
33 633
33.270
32 994
34.001
35.228
34.791
33.567
»32.573

x
For figures on free rate for the period Feb. 25-Oct. 9, 1953, see BULLETIN for November 1953, p. 1231. The average for this period was
2.3274.
3
Based on quotations beginning Nov. 30, 1953.
3
Official rate, based on quotations through Oct. 9, 1953. Effective Oct. 12, 1953, the Brazilian authorities introduced new exchange ratios
for Brazilian exports. Under the new system premiums of 5 and 10 cruzeiros, depending upon type of merchandise, were added to the former
rate of 5.4466 cents, thus establishing two rates—4.2808 and 3.5261 cents, respectively. For the period Oct. 13-Oct. 30 the averages of these
two rates were 4.2808 and 3.5261, respectively.
"*Rate applied (except free rate) depends upon type of merchandise. In addition to the rates shown, a fifth rate was certified May 8-Dec. 4;
the average for this period was 53.1914.
6
Based on quotations through Dec. 4, 1953.
e Free rate, based on quotations Feb. 10-Dec. 4, 1953.
NOTE.—For back figures, see Banking and Monetary Statistics, Table 173, pp. 662-682. For description of statistics, see pp. 572-573 in same
publication, and for further information concerning rates and averages for previous years, see BULLETIN for December 1953, p. 1409.

MARCH

1954




331

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
WHOLESALE PRICES—ALL COMMODITIES

[Index numbers]

Year or month

United
States
(1947-49
= 100)

1944
1945
1946
1947
1948
1949
1950
1951
1952
1953

68
69
79
96
104
99
103
115
112

1953—January
February
March

110

Mexico
(1939 =
100)

Canada
(1935-39
= 100)

179
199
229
242
260
285
311
386

131
132
139
163
193
198
211
240

United
Kingdom
(1930 =
100)

400
393

328
P328

145
P138

387
384
386

328
324
328

141
139
140
139
139
139
137
137

109
110
110
111
111

387
393
391
397
395

333
331
330
329
327

222
221

398
401

326
326

219

396

396

328

111

August
September .
October
November
December

220
220
222
221
222

110

July

226
221
222
221
222

220

396

111
110
110

1954—January

219

Sweden
(1935 =
100)

Switzerland
(Aug. 1939
= 100)

196
194
186
199
214
216
227
299

207
205
200
208
217
206
203
227

140
134
137
136
136

317
P298
303
302
301

220
213

351
351

215
214
214

350
350
352
353
355

Italy
(1938 =
100)

14
20
34
52
89
100
108
138

166
169
175
192
219
230
262
320

110
110

April
May

France
U949 =
100)

134
135
134
133
133

300
299
299
298
296

212
214
213
213
212
212
212
212

Japan
(1934-36
average

Netherlands
(1948 =
100)

2
4
16
48
128
209
246
343
349

5,159
5,443
5,169
4,897
5,581
5,270

100
104
117
143

P5,251

*326

137

5,264
5,243
5,264
5,234
5,250
5,250
5,258
5,270
r
5,246
5,237
5,236

P138

P5,259

P326

P139

137
136

349

357
359
P360

133
133
134
134

295
295
P296
297

211
P213

v Preliminary.
r 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]
United States
(1947-49=100)

Year or month

Canada
(1935-39=100)

Other
Farm
Farm
Processed commodproducts
products
foods
ities

Netherlands
(1948=100)

United Kingdom
(1930=100)

Raw and Fully and
partly
chiefly
manumanufactured factured
goods
goods

Foods

Industrial
products

1944
1945
1946
1947
1948
1949
1950
1951
1952
1953

69
72
83
100
107
93
98
113
107

n.a.
n.a.
n.a.
98
106
96
100
111
109

70
71
78
95
103
101
105
116
113

155
165
177
190
230
226
237
269
249
218

134
136
140
164
196
197
213
238
219
207

129
130
138
162
192
199
211
242
231
229

158
158
158
165
181
197
221
247
284
P308

170
175
184
207
242
249
286
»364
»352

1953—January
February
March
April
May

100
98
100
97
98
95
98
96
98
95
94
94

106
105
104
103
104
103
106
105
107
105
104
104

113
113
113
113
114
114
115
115
115
115
115
115

231
227
225
219
221
224
224
214
209
209
205
207

209
208
210
206
206
207
207
210
207
205
203
204

229
229
229
228
228
230
230
230
230
230
228
228

297
300
302
318
317
316
315
309
307
304
306
P303

»341
»337
»337

98

106

115

209

207

228

Foods

Industrial raw
products

Industrial
finished
products

100
101
112
122
129
123

100
108
128
171
166
156

100
104
116
143
135
132

128
127
124
122
124
124
118
119
121
120
122
122

160
159
159
157
157
155
155
155
155
154
153
153

132
132
132
131
131
131
131
131
132
132
132
132

P305

June
July
August

September
October
November
December

1954—January

n.a. Not available.
P Preliminary.
NOTE.—For sources and references concerning changes in the structure of price indexes for various countries, see BULLETIN for December
1952, p. 1356.

332




FEDERAL RESERVE BULLETIN

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued
CONSUMERS' PRICE INDEXES
All items

Year or month

United
States
(1947-49
= 100)1

Canada
(1949
= 100)

Food

United
King- France
dom
(1949
(Jan.
15, 1952 = 100)
= 100)

1946
1947
1948
1949
1950
1951
1952
1953

83
96
103
102
103
111
114
114

78
85
97
100
103
114
116
115

77
82
84
86
95
103
106

35
57
90
100
111
130
145
144

1953—January..
February.
March
April
May
June
July
August. . .
September
October. .
November
December.

114
113
114
114
114
115
115
115
115
115
115
115

116
116
115
115
114
115
115
116
116
117
116
116

104
105
105
106
106
107
107
106
106
106
106
106

146
146
145
145
146
145
144
143
141
141
141
142

116

106

1954—January..

Netherlands
(1949
= 100)

Switzerland
(Aug.
1939 =
100)

United
States
(1947-49
= 100)

100
109
119
120
120

152
158
163
162
159
167
171
170

79
96
104
100
101
113
115
113

120
120
120
120
121
121
121
120
121
121
120
120

170
170
169
169
170
170
170
170
170
170
170
170

123

P170

Canada
(1949
= 100)

United
Kingdom
(Jan.
15, 1952
= 100)

Nether
lands
(1949
= 100)

France
(1949
= 100)

100
103
117
117
113

67
72
76
82
91
105
112

36
57
92
100
111
128
141
137

113
112
112
112
112
114
114
114
114
114
112
112

114
113
112
111
110
111
113
113
114
116
113
112

109
110
111
113
113
114
114
112
111
111
111
110

141
142
141
140
141
141
137
136
132
132
132
134

113

112

110

100
111
121
123
123
124
123
124
125
127
127
123
126
125
124

Switzerland
(Aug.
1939 =
100)
160
170
176
174
176
181
184
184
184
183
183
182
183
184
184
185
186
187
187
186
P185

P Preliminary.
1
These series are the revised indexes, reflecting, beginning January 1953, the inclusion of some new series and revised weights. Prior to January 1953 indexes are based on the "interim adjusted" and "old" indexes, converted to the base 1947-49=100.
NOTE.—For sources and references concerning changes in the structure of price indexes for various countries (except the United States), see
BULLETIN for December 1952, p. 1357.

SECURITY PRICES
[Index numbers except as otherwise specified]
Common stocks

Bonds
Year or month

Number of issues. . .

United
States*
(high
grade)

Canada
(1935-39
= 100)

United
Kingdom
(December
1921 =100)

France
(1949
= 100)

Netherlands 2

14

United
States
(1935-39
= 100)

Canada
(1935-39
= 100)

United
France
Kingdom
(1926=100) (1949=100)
295

Netherlands a

27

480

101

278

1947
1948
1949
1950
1951
1952
1953

122.1
118.3
121.0
122.0
117.7
115.8
112.1

118.5
105.0
107.6
109.6
95.7
86.1
83.6

130.8
129.9
126.5
121.2
117.6
108.3
112.0

120.0
106.4
100.0
99.8
101.4
111.1
113.5

105.6
107.1
106.8
106.7
87.0
85.6
100.2

123.0
124.4
121.4
146.4
176.5
187.7
189.0

106.0
112.5
109.4
131.6
168.3
173.1
160.3

94.6
92.0
87.6
90.0
97.1
91.1
92.2

100
90
112
143
158

233
240
219
217
215
192
212

1953—January
February....
March
April
May
June
July
August
September. . .
October
November. . .
December....

114.5
114.0
113.4
111.7
109.8
108.8
110.7
111.4
110.9
112.6
113.6
113.5

84.5
84.2
84.1
84.1
83.6
82.9
82.9
82.6
82.3
82.8
84.2
85.3

109.1
109.7
110.5
111.3
111.4
112.2
111.5
112.0
112.8
114.2
114.9
114.2

114.3
112.7
111.9
112.6
113.2
112.9
112.9
114.1
115.0
114.7
114.4
113.8

93.6
96.3
95.8
98.0
99.7
101.2
102.7
101.8
102.1
104.0
104.0
103.4

197.6
195.9
198.0
190.0
189.6
182.8
185.5
187.3
179.2
183.4
187.5
190.7

172.3
169.0
170.0
160.8
159.8
156.8
160.7
161.2
152.9
151.9
154.2
153.6

92.0
92.0
93.2
92.3
91.1
91.1
91.6
92.5
91.4
92.1
93.7
93.5

151
153
150
150
153
153
157
161
165
167
168
169

201
207
206
203
206
207
214
218
215
217
223
230

1954—January

114.5

87.0

114.3

110.9

195.4

157.4

94.1

17

87

60

239

Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond.
the reciprocals of average yields. The average yield in the base period (January-March 1937) was 3.39 per cent.
Average of the ratios of current prices to nominal values, expressed as a percentage.
NOTE.—For sources and references concerning changes in the structure of price series for various countries, see BULLETIN for December
1952, p. 1357.
2
Represents
3

MARCH

1954




333

BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
W M . M C C . MARTIN, JR., Chairman
JAMES K. VARDAMAN, JR.
A. L. MILLS, JR.

M . S. SZYMCZAK
R. M. EVANS
J. L. ROBERTSON
ELLIOTT THURSTON, Assistant to the Board
WOODLIEF THOMAS, Economic Adviser to the Board

WINFIELD W. RIEFLER, Assistant

OFFICE OF THE SECRETARY
S. R. CARPENTER, Secretary

DIVISION OF EXAMINATIONS

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 Research
KENNETH B. WILLIAMS, Assistant Director
SUSAN S. BURR, Assistant Director
GUY E. NOYES, Assistant Director
C. RICHARD YOUNGDAHL, Assistant Director

DIVISION O F INTERNATIONAL

FINANCE

ARTHUR W . MARGET, Director
LEWIS N . DEMBITZ, Assistant Director

ALFRED K. CHERRY, Legislative

to the

Chairman

Counsel

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

DIVISION OF BANK

Examiner

OPERATIONS

ROBERT F . LEONARD, Director
J. E. HORBETT, Assistant Director
LOWELL MYRICK, Assistant Director

DIVISION OF PERSONNEL ADMINISTRATION
DWIGHT L. ALLEN, Director
H. FRANKLIN SPRECHER, JR., 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

Special Assistants to the Board—CHARLES MOLONY AND CLARKE L. FAUVER

FEDERAL OPEN
MARKET COMMITTEE
W M . MCC. MARTIN, JR., Chairman
ALLAN SPROUL, Vice Chairman
R. M. EVANS
H. G. LEEDY
A. L. MILLS, JR.
J. L. ROBERTSON

M. S. SZYMCZAK
JAMES K. VARDAMAN, JR.
ALFRED H. WILLIAMS
C. S. YOUNG

FEDERAL
ADVISORY COUNCIL
WILLIAM D. IRELAND,

BOSTON DISTRICT

HENRY C. ALEXANDER,

N E W YORK DISTRICT

GEOFFREY S. SMITH,

PHILADELPHIA DISTRICT

GEORGE GUND,

CLEVELAND DISTRICT

ROBERT V. FLEMING,

RICHMOND DISTRICT

Vice President
WALLACE M. DAVIS,

WINFIELD W. RIEFLER, Secretary
ELLIOTT THURSTON, Assistant Secretary
GEORGE B. VEST, General Counsel
FREDERIC SOLOMON, Assistant General Counsel
WOODLIEF THOMAS, Economist
KARL R. BOPP, Associate Economist
GEORGE W. MITCHELL, Associate Economist
H . V. ROELSE, Associate Economist
CLARENCE W. T O W , Associate Economist
RALPH A. YOUNG, Associate Economist
ROBERT G. ROUSE, Manager of System Open

Market

Account

334




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 Chairman 1
Bank of
Deputy Chairman

President
First Vice President

Boston.

Harold D. Hodgkinson
Ames Stevens

J. A. Erickson
Alfred C. Neal

Robert B. Harvey 8 Carl B. Pitman
E. O. Latham
O. A. Schlaikjer
R. F. Van Amringe

New York.

Jay E. Crane
William I. Myers

Allan Sproul
William F. Treiber

H. A. Bilby
H. H. Kimball
L. W. Knoke
A. Phelan
H. V. Roelse

Philadelphia...

William J. Meinel
Henderson Supplee, Jr.

Alfred H. Williams
W. J. Davis

Karl R. Bopp
P. M. Poor man
Robert N. Hilkert J. V. Vergari4
E. C. Hill
Richard G. Wilgus 2
Wm. G. McCreedy

Cleveland

John C. Virden
Leo L. Rummell

Roger R. Clouse
W. D. Fulton
3
Donald S. Thompson A. H. Laning
Martin Morrison

Richmond

John B. Woodward, Jr.
W. G. Wysor

Hugh Leach
Edw. A. Wayne

N. L. Armistead
Aubrey N. Heflin
Upton S. Martin

Atlanta

Rufus C. Harris
Paul E. Reinhold

Malcolm Bryan
Lewis M. Clark

Chicago

John S. Coleman
Bert R. Prall

C. S. Young
E. C. Harris

St. Louis

M. Moss Alexander
Caffey Robertson

Delos C. Johns
Frederick L. Deming

V. K. Bowman
L. B. Raisty
J. E. Denmark 3 Earle L. Rauber
John L. Liles, Jr.
S. P. Schuessler
Harold T. Patterson
Neil B. Dawes
L. G. Meyer
W. R. Diercks
George W. Mitchell
W. A. Hopkins
A. L. Olson
L. H. Jones 2
Alfred T. Sihler
W. W. Turner
Dale M. Lewis
H. H. Weigel
Wm. E. Peterson J. C. Wotawa

Minneapolis. . .

Paul E. Miller
Leslie N. Perrin

O. S. Powell
A. W. Mills

H. C. Core
E. B. Larson
H. G. McConnell

J. Marvin Peterson
Otis R. Preston
M. H. Strothman, Jr.
Sigurd Ueland

Kansas C i t y . . .

Raymond W. Hall
Cecil Puckett

H. G. Leedy
Henry O. Koppang

John T. Boysen 2
Clarence W. Tow

E. D. Vanderhoof
D. W. Woolley

Dallas

J. R. Parten
Robert J. Smith

Watrous H. Irons
W. D. Gentry

E. B. Austin
J. L. Cook 3

L. G. Pondrom
Harry A. Shuford

C. E. Earhart
H. N. Mangels

E. R. Millard
H. F. Slade

Eliot J. Swan
Ronald T. Symms 3
O. P. Wheeler

San Francisco... A. H. Brawner
Y. Frank Freeman

(Vice Presidents in charge of branches are listed in
lower section of this page)

Robert G. Rouse
T. G. Tiebout
V. Willis
R. B. Wiltse
J. H. Wurts

H. E. J. Smith
Paul C. Stetzelberger
C. B. Strathy
K. Brantley Watson
Chas. W. Williams

VICE PRESIDENTS IN CHARGE OF BRANCHES OF FEDERAL RESERVE BANKS
Federal Reserve
Bank of
New York
Cleveland
Richmond
Atlanta

Chicago
St. Louis

1

Branch
Buffalo
Cincinnati
Pittsburgh
Baltimore
Charlotte
Birmingham
Jacksonville
Nashville
New Orleans
Detroit
Little Rock
Louisville
Memphis

Also Federal Reserve Agent.

MARCH

1954




Vice Presidents
I. B. Smith
R. G. Johnson
J. W. Kossin
D. F. Hagner
R. L. Cherry
H. C. Frazer
T. A. Lanford
R. E. Moody, Jr.
M. L. Shaw
R. A. Swaney
C. M. Stewart
Darryl R. Francis
' Cashier.

Federal Reserve
Bank of

Branch

Vice Presidents

Minneapolis.... Helena

C. W. Groth

Kansas C i t y . . . . Denver
Oklahoma City
Omaha

G. A. Gregory
R. L. Mathes
P. A. Debus

El Paso
Houston
San Antonio

Dallas

San Francisco... Los Angeles
Portland
Salt Lake City
Seattle

* Also Cashier.

4

C. M. Rowland
W. H. Holloway
W. E. Eagle
W. F. Volberg
J. A. Randall
W. L. Partner
J. M. Leisner

Counsel.

335

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.
ANNUAL REPORT of the Board of Governors of the

Federal Reserve System. Issued each
Available without charge upon request.

year.

FEDERAL RESERVE BULLETIN. Issued monthly. Sub-

T H E FEDERAL RESERVE S Y S T E M — P U R P O S E S AND

FUNCTIONS. 224 pages. Will be available in
April 1954, without charge.
BANKING STUDIES. Comprising 17 papers on banking and monetary subjects by members of the
Board's staff. August 1941; reprinted October
1952. 496 pages. Paper cover. $1.00 per copy;
in quantities of 10 or more copies for single
shipment, 75 cents each.
BANKING AND MONETARY STATISTICS.

Statistics of

banking, monetary, and other financial developscription price in the United States and its posments. November 1943. 979 pages, f 1.50 per
sessions, Bolivia, Canada, Chile, Colombia, Costa
copy. No charge for individual sections (unRica, Cuba, Dominican Republic, Ecuador,
bound).
Guatemala, Haiti, Republic of Honduras, Mexico,
Nicaragua, Panama, Paraguay, Peru, El Salvador,
Uruguay, and Venezuela is $2.00 per annum or A STATISTICAL STUDY OF REGULATION V LOANS.
September 1950. 74 pages. 25 cents per copy;
20 cents per copy; elsewhere $2.60 per annum or
in quantities of 10 or more copies for single
25 cents per copy. Group subscriptions in the
shipment, 15 cents each.
United States for 10 or more copies to one address, 15 cents per copy per month, or $1.50
T H E DEVELOPMENT OF BANK DEBITS AND CLEARfor 12 months.
INGS AND THEIR

FEDERAL RESERVE CHARTS ON BANK CREDIT, MONEY

RATES, AND BUSINESS. Issued monthly. $6.00
per annum including edition of historical supplement (listed below) available when subscription
is entered or renewed. 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

U S E IN ECONOMIC ANALYSIS.

January 1952. 175 pages. 25 cents per copy; in
quantities of 10 or more copies for single shipment, 15 cents each.
T H E FEDERAL RESERVE ACT, as amended to Novem-

ber 1, 1946, with an Appendix containing provisions of certain other statutes affecting the
Federal Reserve System. 372 pages. 50 cents per
paper-bound copy; $1.00 per cloth-bound copy.

CHARTS ON BANK CREDIT, MONEY RATES, AND

BUSINESS. Issued annually in September. Annual subscription to monthly chart book includes
one issue of supplement. Single copies, 60 cents
each; in quantities of 10 or more copies for single
shipment, 50 cents each. (Domestic rates)

RULES OF ORGANIZATION AND RULES OF PROCEDURE

1

REGULATIONS OF THE BOARD OF GOVERNORS OF THE

A more complete list, including periodic releases and
reprints, appeared on pp. 1414-17 of the December 1953
BULLETIN.

336




—Board of Governors of the Federal Reserve
System (with Amendments). September 1946.
31 pages.

FEDERAL RESERVE SYSTEM. Individual regulations

with amendments.

FEDERAL RESERVE BULLETIN

FEDERAL RESERVE BOARD
REPRINTS

PUBLICATIONS

FEDERAL

1953.

(From Federal Reserve Bulletin unless preceded by an asterisk)

BANKING IN THE SOVIET UNION.

April 1952.

8

pages.

UNITED

RESERVE BANK

SALES.

April 1952. 4 pages.

STATEMENT BY CHAIRMAN OF THE BOARD OF GOVERNORS

BEFORE

SUBCOMMITTEE

ON GENERAL

CREDIT CONTROL AND DEBT MANAGEMENT, MARCH

May

STATES POSTWAR INVESTMENT IN LATIN

AMERICA.

REVISED WEEKLY INDEX OF DEPARTMENT STORE

RESPONSIBILITIES.

5 pages.

May 1953. 6 pages.

1953 SURVEY OF CONSUMER FINANCES—From March,

June, July, and September issues of BULLETIN.
62 pages. (Also, similar surveys for earlier years
from 1946, 1947, 1948, 1949, 1950, 1951, and 1952
BULLETINS.)

11, 1952. April 1952. 4 pages.
WARTIME AND POSTWAR CREDIT DEMANDS OF LARGE
CHANGES IN INSTALMENT CREDIT TERMS.

May 1952.

CORPORATIONS. July 1953. 12 pages.

6 pages.
ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS
EXCESS PROFITS

TAXES OF COMMERCIAL

BANKS.

June 1952. 18 pages.

AND BUSINESSES. July 1953. 2 pages. (Also
similar article from July 1952 BULLETIN.)

REAL ESTATE LOANS OF REGISTRANTS UNDER REGURECENT

LATION X. June 1952. 18 pages.
PROBLEMS OF TRADE EQUILIBRIUM.

CREDIT

AND MONETARY

DEVELOPMENTS.

July 1953. 8 pages.
October 1952.
THE

9 pages.

BALANCE

SHEET

OF AGRICULTURE,

1953.

August 1953. 13 pages.
REVISED

SERIES

ON DEPARTMENT

STOCKS, AND ORDERS.

STORE

SALES,

October 1952. 5 pages.

UNITED STATES BALANCE OF PAYMENTS IN 1952-53.

October 1953. 9 pages.
RECENT CREDIT EXPANSION.

December

1952.

7

pages.

REVISED INDEXES OF DEPARTMENT STORES SALES AND

CREDIT AND MONETARY REVIEW FOR 1952.

1953.
THE

February

7 pages.

MONETARY SYSTEM OF THE UNITED STATES.

February 1953. 16 pages.
INFLUENCE OF CREDIT AND MONETARY MEASURES ON

ECONOMIC STABILITY.

March 1953. 16 pages.

STOCKS, BY MAJOR DEPARTMENTS.

1953.

November

65 pages.

FEDERAL RESERVE MONTHLY INDEX OF INDUSTRIAL

PRODUCTION, 1953 Revision. December 1953. %
pages. (Also, similar index from August 1940,
September 1941, and October 1943 issues of
BULLETIN with supplementary data. October
1943. 120 pages.)

FEDERAL FINANCIAL MEASURES FOR ECONOMIC STA-

BILITY.

May 1953. 7 pages.

EXTENSIONS AND REPAYMENTS OF CONSUMER I N -

REVISION OF CONSUMER CREDIT STATISTICS.

1953.

April

19 pages.

STALMENT CREDIT.

January 1954.

14 pages.

BANK CREDIT AND MONEY IN 1953. February 1954.

*DETAILED DESCRIPTION OF SOURCES AND METHODS

6 pages.

USED IN REVISION OF SHORT- AND INTERMEDIATETERM CONSUMER CREDIT STATISTICS (supplemen-

tary details for item listed above), April 1953.
25 pages.
THE

TRANSITION TO FREE MARKETS.

6 pages.
MARCH 1954




April 1953.

INTERNATIONAL

GOLD

AND DOLLAR

MOVEMENTS.

March 1954. 9 pages. (Also, similar article from
March 1953 BULLETIN.)
PRELIMINARY FINDINGS OF THE 1954 SURVEY OF CON-

SUMER FINANCES. March 1954. 4 pages.

337

FEDERAL RESERVE SYSTEM
BOUNDARIES OF FEDERAL RESERVE

DISTRICTS

AND THEIR BRANCH TERRITORIES

f

5==

BOUNDARIES OF FEDERAL RESERVE DISTRICTS
BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES

1



BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

®

I

^

FEDERAL RESERVE BANK CITIES

•

FEDERAL RESERVE BRANCH CITIES