Full text of Federal Reserve Bulletin : March 1955
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FEDERAL
ESERV
IN
MARCH 1955
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
WASHINGTON
EDITORIAL COMMITTEE
ELLIOTT THURSTON
WOODLIEF THOMAS
WINFIELD W. RIEFLER
SUSAN S. BURR
RALPH A. YOUNG
The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorial
committee. This committee is responsible for opinions expressed, except in official statements
and signed articles.
CONTENTS
PAGE
Dollar Flows and International Financing
241-248
Preliminary Findings of the 1955 Survey of Consumer Finances.
249-251
Seasonal Adjustment Factors for Demand Deposits Adjusted and Currency Outside Banks
252-255
Statement on Stock Market Credit.
256-259
Bank Holding Company Legislation. .
260-266
Law Department
267
Current Events and Announcements. .
268-269
National Summary of Business Conditions. .
270-271
Financial, Industrial, Commercial Statistics, U. S. (See p. 273 for list of tables) .
273-331
International Financial Statistics (See p. 333 for list of tables) .
333-351
Board of Governors and Staff; Open Market Committee and Staff; Federal
Advisory Council
352
Senior Officers of Federal Reserve Banks; Managing Officers of Branches. .
Federal Reserve Board Publications. .
353
354-355
Map of Federal Reserve Districts. .
Subscription Price of Bulletin
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356
FEDERAL
VOLUME
41
RESERVE
March 195 5
BULLETIN
NUMBER 3
DOLLAR FLOWS AND INTERNATIONAL FINANCING
Foreign gold reserves and dollar holdings FOREIGN GOLD RESERVES AND DOLLAR HOLDINGS
continued to grow in 1954 as the balance of Billions of dollars
30
payments position of many nations of the
free world remained favorable. Foreign
countries and international institutions
20
added 2.2 billion dollars to holdings, compared to additions of 2.6 billion in 1953.
Since March 1952, when the recent sustained movement began, these holdings have
increased about 6.5 billion dollars, and about
four-fifths of this amount has represented
gold and dollars acquired through transactions with the United States. Over the threeyear period, however, there has been a deSept. 30 Mar. 31
1945 1949 1952 1953 1954
cline in the extent to which transactions
NOTE.-—Year-end data, except when ol.herwi.se specified.
with this country contributed to the growth
in gold and dollar holdings. In 1954 such
Reflecting in part these trends, United
transactions accounted for L6 billion dollars States commercial banks have increased their
of the increase in holdings, 600 million dol- lending abroad. These credits supplement
lars less than in 1953, but the effect of this the dollar resources of foreign governments,
decline was offset in part by an increase in banks, and businesses. More active interest
net purchases of gold from new production. cf commercial banks in foreign financing is
In early 1955 transactions of foreign coun- one aspect of a gradual revival of institutional
tries with the United States did not result arrangements that contribute to effective opin additions to foreign monetary reserves.
eration of international money markets.
The gold and dollar holdings of foreign
countries have grown more rapidly than
FOREIGN TRANSACTIONS WITH THE
their imports in recent years, facilitating a
UNITED STATES
gradual relaxation of trade and exchange
restrictions. Greater freedom in internaNet transfers of gold and dollars from
tional currency transactions, in turn, has the United States to foreigners declined
helped to create an environment favorable to 1.6 billion dollars in 1954, from 2.2 billion
to an international flow of short-term funds. in 1953, primarily as a result of a larger
MARCH
1955
241
DOLLAR FLOWS AND INTERNATIONAL FINANCING
United States trade surplus. Merchandise
exports (exclusive of grant-financed military
supplies) increased to 12.7 billion dollars in
1954, as foreign demand was sustained by
the continued rise in production abroad.
United States imports, on the other hand,
declined to 10.3 billion.
The United States balance on current account showed a surplus of more than one
billion dollars in 1954, as indicated in the
accompanying table. This surplus contrasts
with a small deficit in 1953, the only postwar year when there was a net transfer of
dollars to foreigners as a result of current
transactions.
The current account surplus in 1954 was
more than offset by payments to foreigners
through capital and aid transactions. These
payments showed a net increase in 1954,
reflecting a rise of 1.1 billion dollars in the
net outflow of United States private capital
and a decline of 600 million dollars in
Government nonmilitary grants and loans.
A substantial portion of the increase in the
outflow of private capital was attributable
INTERXATIOVAI,
TRANSACTIONS OF THE U N I T E D
STATF.S
[Tn billions of dollars]
Transaction
Current receipts from foreigners. . .
Merchandise exports.
Services
Current payments to foreigners...
Merchandise imports
Services and remittances
Military expenditures
Balance on current account
Net payments (—) to foreigners through capital and aid
U. S. Government grants and loans
U. S. private capital
1954
1953
17.6
17.0
12.7
12.4
4.9
4.6
16.4
17. 1
10.3
3.6
2.5
11 .0
3.6
2.5
1.2
-3.0
- 1 .4
-1.5
-0.1
-2.4
-2.0
-0.4
Net transfers of gold and dollars to foreigners
1.6
2.2
Other (net) 1
0.2
0.3
1
Includes other recorded transactions, primarily foreign longterm investments in the United States, and errors and omissions.
NOTE.—Department of Commerce data, except transfers of gold
and dollars to foreigners, which are Federal Reserve data. Grantfinanced military supplies and services are not included. Data for
1954 are preliminary. Details raav not add to totals because of
rounding.
242
to an expansion in foreign lending by United
States commercial banks, whose claims on
foreigners rose 460 million dollars during
1954, compared to a decline of 245 million
in the preceding year. These claims represent primarily advances to foreign borrowers
and placement of funds abroad in bank deposits and short-term securities. About 360
million dollars of last year's increase represented short-term financing, and the remaining 100 million medium-term credits fully
secured by gold or equivalent collateral.
The growth of short-term claims reflected
varied transactions with a large number of
countries. The largest was in claims on
the United Kingdom, which rose almost
100 million dollars, representing primarily
an increase in deposits held by United States
banks with their British correspondents.
Short-term loans to foreign banks and commercial firms were widespread. The net
rise in longer term claims of commercial
banks included disbursements to Japan of
about 75 million dollars on cotton credits
guaranteed by the Export-Import Bank and
payments of about 65 million on gold collateral loans to Brazil.
Apart from activities of commercial banks,
there were also net disbursements of about
120 million dollars on Federal Reserve loans
on gold collateral to foreign central banks.
There was some recovery last year in
the outflow of United States long-term portfolio capital; during 1953 there had been a
moderate net return flow of United States
capital. In the fourth auarter Belgium and
Australia issued 55 million of dollar bonds
in the United States market, the first issues
of dollar bonds—other than by Canada and
Israel—since the early postwar years. The
movement of direct investment funds abroad
amounted to 670 million dollars in 1954,
somewhat less than in 1953.
FEDERAL RESERVE BULLETIN
DOLLAR FLOWS AND INTERNATIONAL FINANCING
PURCHASES OF N E W L Y PRODUCED GOLD
Foreign countries (excluding the U.S.S.R.)
added more than 600 million dollars to their
reserves in 1954 through purchases of gold
abroad. Most of this represented new gold
production, but a small amount represented
purchases by foreign monetary authorities
from private holders and perhaps some acquisition of Russian gold. During 1953 foreign countries had added more than 400
million dollars to gold reserves from new
production and other foreign sources.
Reflecting largely an increase in South
African output, foreign gold production (excluding the U.S.S.R.) rose 60 million dollars
in 1954 to an estimated 850 million, the highest level since 1942. After taking into account
net additions to official monetary reserves,
about 250 million dollars of new production
went into private uses last year. This amount
appears to be close to normal requirements
for gold in the arts and industry.
The flow of gold into private channels
was substantially below 1953. With abatement of private demand, the premium on
gold in most of the free markets of the
world has virtually disappeared.
gold stock declined by about the amount of
net purchases by foreign monetary authorities
and at the year-end amounted to 21.8 billion
dollars, or 58 per cent of world gold reserves
(excluding the U.S.S.R.).
Dollar holdings of foreigners rose more
than 1.2 billion dollars in 1954, almost all
of which was in holdings of foreign central
banks and governments. About two-thirds
of this rise was in foreign deposits at commercial banks; in 1953, by contrast, more
than half of the net increase in dollar holdings was invested in short-term United States
Government securities.
Preferences of foreigners as to the alternative forms in which dollars may be held
changed during 1954, as may be seen in the
accompanying table. In the first half of
the year, with short-term market rates declining, time deposits continued to rise as
they had in late 1953. In the second half
of the year most funds were placed in demand deposits, but the firming of short-term
NET
TRWSFFKS
OT;
GOLD
AND
DOLLARS
FROM
THE
UNITED
STATES TO FOREICNKHS, B Y F O R M OF H O L D I N G
[In millions of dollars]
1954
1 953
Item
Jan.June
JulyDec.
Jan.J11 ne
JulyDec.
Net transfers of gold and dollars
to foreigners, total
1 ,131
1 ,079
638
920
Net gold sales to f o r e i g n e r s . . . .
727
437
83
244
Net increase in dollar holdings,
total
404
642
555
676
-28
-42
-88
42
118
-29
-59
93
330
460
COMPOSITION OF GOLD AND DOLLAR
MOVEMENTS
About 40 per cent of the over-all increase
in foreign gold and dollar holdings in 1954
took the form of additions to gold reserves,
compared to 60 per cent in 1953. The relative decline reflected a reduction in net
foreign purchases of gold from the United
States to 327 million dollars from 1.2 billion
dollars in 1953. Germany purchased the
largest amount—226 million dollars; Mexico
was the only large seller—80 million in the
second quarter. Small net purchases over the
year were made by Portugal, the United
Kingdom, and Venezuela. The United States
MARCH
1955
Demand deposits:
Federal Reserve Banks.. . .
Commercial banks
Time deposits
U. S. Govt. securities
Other
346
247
90
35
111
-84
404
-3t
285
77
NOTE.—Figures for time deposits represent changes in time deposits of foreign banks at Federal Reserve member banks, as reported in member bank call reports. Time deposits of other
"foreigners" and any time deposits held in nonmember banks are
included in "Demand deposits—commercial banks." I.'. S. Government securities include primarily reported obligations maturing
in not more than one year; a small amount of longer term obligations reported as purchased within 20 months of maturity is also
included. Other dollar holdings represent principally bankers'
acceptances and short-term commercial paper.
243
DOLLAR FLOWS AND INTERNATIONAL
FINANCING
about 100 million dollars and repaid almost
110 million dollars to the International
Monetary Fund; in addition, it made annual
year-end principal and interest payments of
140 million dollars on debts to the United
REGIONAL CHANGES IN HOLDINGS
States.
Gold and dollar positions of individual
Other countries. Largely because of
countries and areas are affected by gold and smaller accumulations in 1954 by Argentina
dollar transfers among foreign countries as and Venezuela and a decline in Cuba's dolwell as by foreign transactions with this lar balances, Latin American gold and dollar
country and purchases out of new gold pro- holdings increased only 60 million dollars
duction. As the table on page 248 shows, compared to more than 250 million in 1953.
Continental Western European countries Mexico's holdings rose somewhat over the
added 1.6 billion dollars to their holdings year; accumulations were substantial in the
last year, about the same increase as in 1953. second half of the year, after devaluation
The rise in Sterling Area holdings during of the peso in April.
1954, however, was considerably less than
Japan's holdings, which showed a subin the preceding year. Changes for other stantial decline in the fourth quarter of 1953,
countries and areas were relatively small.
continued to decline in the first half of 1954.
European and Sterling Area countries. This reduction was partly offset in the second
Germany added more than 770 million dollars to its holdings, reflecting largely con- FOREIGN GOLD RESERVES AND DOLLAR HOLDINGS
AREA OR COUNTRY
tinued United States military expenditures BY
Billions of dollars
there and a trade surplus with other European countries. France, which during the
fourth quarter received large aid payments
related to military expenditures in francs
in Indochina, increased its reserves 305 million dollars, compared to an addition of 80
million during 1953. With the exception of
Belgium, Norway, and Turkey, all other
Continental Western European countries
added to their gold and dollar holdings over
UNITED KINGDOM and
2
OTHER STERLING AREA
the past year.
An increase of about 525 million dollars
_J 0
in Sterling Area holdings in the first half of
1954—including about 220 million of gold
purchased from new production—was followed by a decrease of 330 million in the
second half. During the latter period the
United Kingdom reduced outstanding in- 1946
1948
1950
1952
1954
debtedness to the European Payments Union
NOTE.—End-of-quarter data.
market rates led to increased investment in
short-term United States Government securities and, to a minor extent, in bankers' acceptances.
244
FEDERAL RESERVE BULLETIN
DOLLAR FLOWS AND INTERNATIONAL
half, however, as exports rose and imports
were cut back.
Canada continued to add to its gold reserves in 1954 through acquisitions from
domestic gold production. In contrast with
1953, Canadian balances in the United States
also rose over the year.
An increase of 230 million dollars during
1954 in the gold and dollar holdings of international institutions reflected in part certain unusual transactions. In addition to
the United Kingdom's voluntary repayment,
other Sterling Area countries repaid 70 million dollars over the year to the International
Monetary Fund, and the Netherlands prepaid 52 million dollars on an International
Bank dollar loan.
MONETARY RESERVES AND INTERNATIONAL
FINANCING
The gold and dollar holdings of foreign
countries include official gold and dollar
reserves held by monetary authorities as well
as private dollar holdings of banks, business
concerns, and individuals. At the end of
1954 official reserves constituted almost 85
per cent of total foreign gold and dollar
holdings.
Both official reserves and private holdings
provide financing for international transactions, but there are significant differences
in their respective roles. The day-to-day
requirements of trade are financed directly
through private institutions, whose own dollar holdings are, in effect, working balances
for such transactions. Foreign exchange
reserves of monetary authorities, on the
other hand, do not provide direct financing
for foreign trade or other international transactions. Rather, these reserves are an ultimate source of exchange to private financial
institutions; they may be called upon when
MARCH 1955
FINANCING
private holdings are inadequate, and they
are replenished as private holdings rise in
response to favorable balance of payments
developments.
Commercial banks, under conditions of
relative freedom in foreign exchange markets, obtain foreign funds primarily by making purchases in these markets or by borrowing from foreign banks. Monetary authorities provide supplementary amounts of exchange as may be required to cover the excess
of demand over the supply in the market
and to maintain stable exchange rates. Under such conditions, a bank selects its source
of funds on the basis of comparative cost;
that is, the cost of using domestic funds to
purchase foreign exchange is compared to
the cost of borrowing from foreign banks.
Under conditions of exchange restrictions,
however, such as have prevailed throughout
the world during most of the postwar period,
commercial banks have been limited in their
exchange holdings and in their borrowings
from abroad. By and large, private institutions in foreign countries have had to sell
newly acquired foreign exchange to monetary authorities and, in turn, have had to
purchase foreign exchange from the authorities when needed. As a result, shifts in payments positions have been reflected largely
in movements of official monetary reserves.
Progressive strengthening of monetary reserves since early 1952, however, has contributed to the gradual relaxation of exchange restrictions and to greater freedom
for banks to acquire or borrow foreign
currencies and to dispose of exchange holdings. Thus, an environment has been gradually evolving in which funds may move in
response to availability of credit and to interest rate differentials in the various markets of the world.
245
DOLLAR FLOWS AND INTERNATIONAL
FOREIGN LENDING BY UNITED STATES BANKS
Partly reflecting this trend toward greater
freedom in financing abroad, United States
commercial banks in the past year have become more actively interested in the international financial field. Last year's growth
in claims on foreigners reported by United
States commercial banks was the largest of
the postwar period and brought the outstanding amount of such claims to 1.7 billion dollars.
Expansion of foreign financing by United
States commercial banks in 1954 was occasioned in part by the need of United States
exporters to offer competitive credit terms
to foreign customers and in part by more
attractive opportunities for placing funds
in foreign money markets. Of particular
interest in this respect was the somewhat
greater activity of domestic banks in the
exchange market during late 1954 and early
1955, when funds were placed in London
at a higher yield than was obtainable in
New York.
The availability of credit from United
States banks contributes to maintenance of
United States foreign trade and supplements
the financial reserves of foreign banks for
financing world trade. From a long-run
point of view, the international flow of credit
may contribute to growth of world trade
and to economic progress; from a short-run
point of view, availability of credit for seasonal or other contingencies that require
temporary financing of trade may be an
important stabilizing factor in the international economy.
To the extent that credit is available for
these purposes, foreign countries are enabled
to finance international transactions without
drawing upon official reserves or private holdings. Thus, dollar financing from United
246
FINANCING
States sources may alleviate pressures on international reserves and on exchange rates.
RESERVES AND TRADE
Growth in foreign gold reserves and dollar holdings over recent years has proceeded
at a faster rate than expansion of trade. In
general, as international monetary reserves
grow relative to trade, countries are in a
better position—should they face temporary
declines in export earnings or temporary
adverse capital movements—to maintain purchases from abroad without resorting to
exchange and trade restrictions or other
measures for curtailing foreign payments.
Since September 1949, when gold and dollar holdings of foreign countries were near
their postwar low, the ratio of aggregate
holdings to aggregate annual imports has
risen from 37 to 48 per cent. Most of this
improvement occurred over the past two
years; during the period 1949-52 imports and
reserves had expanded at roughly the same
rate.
Stabilization of foreign imports since 1952,
reflecting in part reduced inflationary tendencies as instruments of monetary policy
have been more widely used, has been accompanied by further increases in gold and
dollar holdings in many areas of the world,
as the accompanying chart shows. Sterling
Area gold and dollar holdings rose from
30 per cent of imports from countries outside
the Sterling Area in 1952 to more than 45
per cent in 1954; an increase in holdings
during this period was accompanied by a
decline in imports.
The monetary reserves of Continental
Western European countries as a group also
rose markedly in relation to imports. Both
France, whose imports declined from 1952
levels, and Germany, whose imports rose,
FEDERAL RESERVE BULLETIN
DOLLAR FLOWS AND INTERNATIONAL
FINANCING
FOREIGN IMPORTS AND GOLD RESERVES AND DOLLAR HOLDINGS, BY AREA
Billions of dollars
CONTINENTAL
WESTERN EUROPE
STERLING AREA
WESTERN HEMISPHERE
OTHER FOREIGN
COUNTRIES
25
20
GOLD RESERVES AND
^ D O L L A R HOLDINGS
10
1949 1952 1954
1949
1952 1954
1949 1952 1954
1949
1952 1954
NOTE.—Excludes imports and gold and dollar holdings of U.S.S.R., Eastern European countries, and Mainland China. Gold
the February 1955 issues of these two publications, are annual rates of imports based on the most recent data available,
usually 10 or 11 months.
experienced significant increases in the ratio
of gold and dollar holdings to imports. The
ratio for France rose from about 20 per cent
in 1952 to more than 35 per cent in 1954,
while Germany's ratio rose from the same
low level to 45 per cent. Italy, the Netherlands, and Sweden showed moderate increases in their ratios over the two-year
period.
Ratios for Canada and the Latin-American group also rose. Japan, largely because
of expanded imports since 1952, was one of
the few countries to experience a decline in
gold and dollar holdings relative to trade.
Improvement in foreign countries' gold
and dollar positions has been accompanied by
relaxation of exchange and trade restrictions.
MARCH 1955
In addition, in the past year there has been
some revival of institutional arrangements
and instruments which may contribute to
the effective operation of an international
money market in which funds are permitted
to flow freely and borrowers and lenders adjust their positions on the basis of profit-cost
considerations. The reopening of arbitrage
operations between London and other important exchange markets, the promotion of
acceptance financing for world trade and,
in general, the development of a well functioning international banking system are
aspects of this process of institutional reconstruction. Such facilities in the past have
been part of the market organization sustaining currency convertibility.
247
DOLLAR FLOWS AND INTERNATIONAL FINANCING
ESTIMATED CHANGES IN FOREIGN AND INTERNATIONAL GOLD RESERVES AND DOLLAR HOLDINGS D U R I N G
1954
[In millions of dollars]
Increase or decrease ( —), 1954
Holdings at
end 0f 1954P
Foldings at
end of 1953
Jan.-Mar.
Apr.-June
July-Sept.
Oot.-Dee.p
Ye
Area and country
Gold
reserves
Continental Western Europe:
Belgium-Luxembourg (and Belgian Con^o)
France (and dependencies)
Germany (Federal Republic of).
Italy
Netherlands (and Netherlands
West Indies and Surinam)...
Norway
Portugal (and dependencies)...
Spain (and dependencies)
Sweden
Switzerland
Turkey
Other2 .
Total
. . . .
Sterling Area:
United Kingdom
United Kingdom dependencies
IndiaUnion of South Africa
Other
874
1596
326
346
Dollar
holdings
Gold
reserves
21
224
453
899 " " 6 1
466
Gold
reserves
Dollar
holdings
-19
5
11
95 " " 3 1 '
29
-50
32
91
-39
5
56
9
10
4
19
-2
24
—m
34
Dollar
holdings
783
10
1
32
-26
3
4
-14
2
-9
-5
106
""39'
9
5,913
4,162
181
201
66
95
32,300
709
108
99
38
150
100
188
7
89
-3
-17
6
-9
150
247
176
223
761
52
386
114
218
1,459
143
638
294
119
83
36
117
674
U
—5
26
i'
7'
2
1
'"'io'
4
2,946
1,104
108
66
164
996
1,421
26
44
20
Latin America:
Argentina
Brazil
Chile
Cuba
Mexico
Uruguay
Venezuela
Other
373
321
42
186
158
227
373
241
Total
Asia:
Indonesia
Iran
Japan
Philippines
Thailand
Other
Total
All other:
Eastern Europe 1
Other
Total
. .
130
102
79
345
4"
183
110
222
531 " - 1 3 -
Grand total
-14
1
3'
""30
-3
98
-78
88
145
137
130
9
113
138
39
44
.828
295
168
263
-47
29
4
-152
15
—13
-17
1
1
-9
-14
-61
-11
—25
-8
1,637
290
178
16
106
468
122
7
-39
43
-74
1
-14
351
•
•
_
196
-61
1,629
1
69
24
268
420
182
253
160
373
135
46
10
-199
Gold
reserves
Dollar
holdings
17
"'366'
-76
305
4-73
113
891
1596
626
346
148
75H
1,372
579
59
-7
71
2
47
54
1
99
4
-16
19
36
2k
-2
-6
48
820
45
457
116
265
1,513
144
737
298
103
102
77
111
672
613
922
6,556
250
-70
-5
-12
—5
-12
""247
199
249
1
1
4'
5
63
21
9
28
—5
14
—55
54
-6
14
-6
11
-181
299
84
-46
36
1
-87
-64
25
rv
•
•
•
_
-
28
-8
54
10
i
21
14
13
5
56
-52
—2
37
100
15
57
/
""23
26
49
-49
74
-12
-17
44
2
•
2
"-29
""19'
-
-128
158
14,618 11,777
1,702
•
"-96
"30
-20
-85
-64
1
3
22
-38
169
324
7
165
6
18
38
334
211
342
941
639
103
87
33
138
1,533
29
25
-9
-103
146
-20
-28
107
373
322
42
IS«
62
227
403
221
147
1,836
1,849
61
-13
— 103
-38
— 'to
93
81
138
133
9
113
160
100
31
725
257
123
350
-45
634
8
280
5,084
1,000
3
5
903
s
831
1,080
1
205
*2,550
Dollar
holdings
3,245
1
-5
273
Gold
reserves
112
-104
-4
-4
16
267
•
1
—5
2
14
.......
32
57
33
-1
-80
-178
17
-4
230
124
51
8
14
—39
3
2
13
18
-9
672
1
189
-44
Dollar
holdings
-26
-12
-38
109
19
"••52'
-148
-1
-18
7
"-ios
-27
32
163
72
8
10
1,702
i"
236
Gold
reserves
Dollar
holdings
-6
-2
-16
34
6
29
41
0
9'
9
1,921
Total foreign countries.. 12,916 10,148
International 5
40
8
-19
17
-16
-4
"156
-2
Canada
Total
Gold
reserves
1,040
191
1,231
159
127
70
242
329
90
19 A
638
1,592
290
178
19
111
468
130
13,819 11,188
1,740
1,820
15,559 13,008
P1 Preliminary.
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.
:J
Estimated gold holdings of British Exchange Equalization Account, based on the figure for total holdings of gold, U.S.and Canadian
dollars
as
reported
by British Government.
4
Excludes gold reserves of the U.S.S.R.
5
Includes holdings of International Bank for Reconstruction and Development, International Monetary Fund, and United Nations
and other international organizations.
NOTI<:.—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).
248
FEDERAL RESERVE BULLETIN
PRELIMINARY FINDINGS OF THE 1955
SURVEY OF CONSUMER FINANCES
Preliminary findings of the tenth annual
Survey of Consumer Finances are presented
in this article.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. Field interviews taken in January and
February covering a representative sample
of the consumer population obtain information on consumers' financial positions, views
about their own and general economic prospects, and their current plans for purchasing
durable goods and houses during the year.
In interpreting Survey findings, allowance needs to be made for sampling and response variations which are inherent in this
type of sample survey.2 Generally speaking,
this means that undue importance should
not be attached to small changes in the
figures or to data which relate to only small
proportions of the population. Account also
should be taken of the fact that consumer
spending and saving during any year are
affected by many influences and economic
developments, as well as by consumers'
financial positions, outlook, and buying
1
These findings are based on preliminary tabulations of
approximately 2,950 interviews taken in January and February 1955 in the 12 largest metropolitan areas and 54 other
sampling areas throughout the country. Additional interviews and adjustments for differential response rates in
various strata of the sample will be reflected in the data
which will be published later in the Federal Reserve BULLKTINT. In past years, results based on the preliminary tabulations have not differed substantially from the final figures.
The later BULLETIN articles will contain information on past
purchases and financing of durable goods, the distribution of
income, liquid assets, and debts, and the past purchases and
financing of houses.
2
For a Technical Note on the sampling limitations of the
Survey, see the Federal Reserve BULLKTIN, July 1952, pp.
749-50.
MARCH
1955
plans at the beginning of the year. For
example, actual purchases are conditioned
by changes in prices, product design, credit
availability, employment, and incomes.
Preliminary results of the 1955 Survey indicate that consumers view their current
financial situation a little more favorably
than a year ago, and about as favorably as
in early 1953. They appear to be more optimistic than a year ago about their own income prospects and the general business outlook. Consumer plans to buy automobiles
within the year are not greatly different
from those in early 1954. Plans to buy furniture and appliances and to make home
improvements this year are reported by
somewhat larger proportions of consumers
than a year ago. Consumer plans to buy
new and existing houses are reported more
frequently than a year ago and slightly more
frequently than in early 1953.
The proportion of consumers feeling financially better off than a year ago is slightly
larger now than it was in early 1954; the
proportion feeling worse off is slightly
smaller. The pattern of income distribution was virtually the same in 1954 as in
1953. The proportion of consumers reporting larger incomes currently than a year
ago is slightly smaller this year, while the
proportion making less is the same as in
early 1954. The distribution of liquid asset
holdings is about the same as a year ago,,
although there is some increase in the proportion of consumers reporting little or noliquid assets.
Consumers are more optimistic concerning their prospective incomes than they were
249'
PRELIMINARY FINDINGS OF THE 1955 SURVEY OF CONSUMER FINANCES
in early 1954 when industrial activity was
close to its recession low. The percentage
of spending units expecting increases in income is much larger than it was a year ago
or two years ago, and the percentage expecting decreases is much smaller. These favorable income expectations appear to be shared
by all income and occupational groups.
Consumer expectations regarding general
business prospects also are much more favorable than they were at this time last year.
Three-fifths of the consumers expect good
times during the year as compared with
two-fifths in early 1954.
Consumers apparently plan to spend somewhat more for automobiles this year than
they planned to spend a year ago. The proportion of consumers planning to buy new
cars is about the same as it was early last
year, but the median amount of expenditure
indicated is larger. The proportion of consumers planning to buy used cars is slightly
larger than reported a year ago and the
median planned expenditure is also larger.
Prospective buyers of new cars are inclined
to time more of their purchases in the first
half of the year than was the case a year ago.
250
More consumers are planning to buy furniture and appliances than a year ago, but
fewer than in early 1953. The median
planned expenditure on all major household
durable goods is about the same as in each
of the past two years. Consumer plans for
home improvements and maintenance are
reported somewhat more frequently than
in the past two years. As in early 1954, about
one-third of the consumers planning such
expenditures expect to spend $500 or more.
Plans to buy or build nonfarm houses are
more numerous this year than they were
in early 1954 and slightly more numerous
than in early 1953. The increase from early
1954 is almost entirely accounted for by
veterans. Increased availability of mortgage
credit to veterans and other buyers on attractive terms is apparently an important
factor in the increased interest expressed in
home buying. The number of consumers
who are giving some consideration to buying
or building a house in 1956 is about the same
as the number with longer range plans in
the three preceding Surveys. This finding provides some indication of continued
strength in housing demand beyond 1955.
FEDERAL RESERVE BULLETIN
PRELIMINARY FINDINGS OF THE 1955 SURVEY OF CONSUMER FINANCES
PRELIMINARY RESULTS OF T H E FEDERAL RESERVE SURVEY OF CONSUMER FINANCKS
IN EARLY 1955,
WITH FINAL RESULTS FOR EARLY 1948-54 X
[Percentage distribution of spending units]
Consumer financial
positions
1955 1954 1953 1952 1951 1950 1949 1948 Consumer expectations
and plans
1955
1954
1953
1952
1951
1950
1949
1948
40
15
17
19
9
47
14
25
10
4
47
6
26
13
8
100
100
100
Money income in prior year, before taxes
Expected general business conditions-1
10
13
14
16
15
21
6
5
Under SI,000
$1,000-51.999
82,000-52.999
83,000-83,999
54,000-54.999
85,000-87,499
57,500-89,999
$ 10,000 and over
All cases....
100
10
13
14
16
16
21
5
5
100
11
14
16
1H
15
17
5
4
100
13
15
18
18
15
14
4
3
100
14
19
21
19
11
11
S6
12
18
23
20
12
10
14
22
23
17
10
9
5
5
5
100
100
13
17
19
19
12
14
100
100
Good times
Fair times
Bad times
Uncertain
Not ascertained
'Vll cases
2
:Past change in income rate
Making more than year
ago.
No change
Making less than year
ago
Not ascertained
All eases.
All cases
38
37
41
34
48
32
46
33
47
33
30
41
42
35
43
33
23
2
23
2
16
4
17
4
18
2
27
2
21
2
21
3
100
100
100
100
100
100
100
100
38
32
36
31
38
33
33
29
32
29
32
32
33
35
29
28
2-^
2
31
2
26
3
35
3
37
2
34
2
30
2
39
4
100
100
100
100
100
100
100
100
Liq lid a.sf- et hoi lings
All cases
29
16
12
11
12
11
5
4
31
17
13
9
10
12
5
3
28
HI
14
11
12
11
5
3
31
16
11
10
10
13
6
3
29
16
13
11
11
l
6
3
26
15
13
13
11
13
5
4
3
27
15
13
12
12
12
5
4
100
100
100
100
100
100
100
100
31
12
10
10
Making more year
from now
No chance
Making less year
from now
Uncertain, not ascertained
All cases
;{
Zero
51-9199
S200-S499
S500-S999
81,000-81,999
82,000-84,999
$5,000-89,999
$10,000 and over
17
43
8
25
6
18
100
100
«)
( r> )
I
_
Expected change in income 6
Evaluation of own financial situation
Better off than year
ago
No chance
Worse off than year
acro
Not ascertained
59
5
12
?
0
39
36
29
35
34
33
36
30
39
35
30
43
27
46
28
47
13
6
15
10
8
13
16
17
19
21
23
26
13
11
10
12
100
100
100
100
100
100
100
100
Plans to purchase 7
House 8
Home improv. and
maint.s 9 . .
New automobile
Used automobile
Furniture and appliances
9.6
6.6
8.8
6.4
8.5
8.4
7.0
7.5
21.4
7.7
7.1
19.6
7.9
6.5
16.9
9.0
6.2
6.8
6.0
6.6
5.5
10.6
6.9
11.8
9.7
4.1
28.7
26.9
31.9
23.2
27.4
28.4
30.9
27.4
Median planned expenditure 10
New automobile
52.80G 82,500 82,500 S2.30C 81,970 Sl,92(. SI,990 $1,800
540
Used automobile
600
590
630
600
860
750
900
Furniture and appli250
240
290
300
290
ances
280
300
300
1
Preliminary data for early 1955 arc based on the first 2,950 spending units interviewed and have not been adjusted for nonresponse.
Data2 for 1954 and previous years are based on complete surveys and adjusted for nonresponsc.
Excludes
farm units, except in 1951.
3
As of Jan. 1, 1952 and at time of interview in January, February, and early March of other years; liquid assets include all types of
U. S. Government bonds, checking accounts, savings accounts in banks, postal savings, and shares in savings and loan associations and
credit4 unions; currency is excluded.
Data are based on question: "Now considering the country as a whole, do you think that during the next 12 months we will have
good times or bad times, or what?"
"Data
not available.
6
Data for 1952-55 exclude farm urits and are based on the question: "How about a year from now, do you think you people will be
making more money or less money than you are now, or what do you expect?" Data for 1951 are based on the question: "Now for the
•current
year do you think your income will be larger, the same, or smaller than in 1950?" Similar questions were used in earlier years.
7
Percentage of spending units that reported they would, probably would, or possibly would buy.
8
Excludes farm units.
includes only planned expenditure of S50 or more for improvement and maintenance of home.
10
Based on planned expenditures of spending units that reported they would or probably would buy.
MARCH
1955
251
SEASONAL ADJUSTMENT FACTORS FOR DEMAND DEPOSITS ADJUSTED
AND CURRENCY OUTSIDE BANKS
Demand deposits adjusted and currency
outside banks, which together constitute the
active privately held money supply, have
been subject to fairly marked seasonal movements in the postwar period.1 Although
there are important variations in the two
series, generally speaking both begin to expand in the summer and fall, reach a peak
in December, and then contract during the
first part of the following year.
In order to provide useful indicators of
underlying trends in these important ecoNotc.—This article and the seasonal adjustment factors presented in it were prepared by Caroline H. Cagle of
the Hanking Section of the Board's Division of Research and
Statistics.
1
For definitions of demand deposits adjusted and currency outside banks, see footnotes to Tables 1 and 2, respectively
nomic variables, the figures have been adjusted for customary seasonal variations, and
the computations are being published. Seasonally adjusted current figures for both series
will be published each month in the Federal
Reserve BULLETIN beginning in April, and
also in the monthly release "Assets and
Liabilities of All Banks in the United States."
Seasonal adjustment factors for demand
deposits adjusted and currency outside banks
are shown in Tables 1 and 2, respectively,
together with the unadjusted data and the
seasonally adjusted figures for each of the
series. The seasonal adjustment factors are
on a monthly basis and are applicable to the
last Wednesday of the month. Since the
factors are based on data for the relatively
few years since World War II, they should
DEMAND DEPOSITS ADJUSTED AND CURRENCY OUTSIDE BANKS
of Dc
110
DEMAND
DEPOSITS
ADJUSTED
100
90
80
70
30
CURRENCY OUTSIDE BANKS
ADJUSTED FOR SEASONAL VARIATION
1
1946
252
1948
1950
|
I
1952
I
I
20
1954
FEDERAL RESERVE BULLETIN
SEASONAL ADJUSTMENT FACTORS FOR DEMAND DEPOSITS ADJUSTED
be considered preliminary.
Demand deposits adjusted. The seasonal
adjustment factors for demand deposits adjusted shown in Table 1 were derived according to the method generally used by the
Board and described in detail in the Federal
Reserve BULLETIN for June 1941. The adjusted series begins with 1946, the first year
for which satisfactory monthly figures are
available.
As the figures indicate, the seasonal pattern
has changed somewhat during the postwar
period. One important consideration in this
connection has been the provision made for
TABLE
1—DF.MAND
speeding up Federal corporate income tax
payments. The so-called "Mills Plan," which
went into effect in 1951, resulted in a progressively greater concentration of corporate income tax payments in the first half of each
calendar year. The full effect of this plan
is being reached this year, when corporations
will make their entire income tax payments
for 1954 operations in March and June. The
seasonal pattern for these deposits probably
will be further modified as a result of additional gradual acceleration of corporation
tax payments provided for in the Internal
Revenue Code of 1954.
DEPOSITS ADJUSTF.D—HKFORF. AND A F T E R A D J U S T M E N T FOR SEASONAL VARIATION 1
[Figures arc as of last Wednesday of month and are partly estimated j
Year
Jan.
Feb.
j Mar.
Apr.
I May
|
June
Jiily
Ang.
Sept.
Oct.
Dec.
Unadjusted &eries (in billions oi dollars)
1 946
1947
1948
1949
1950
76.8
82.5
86.6
85 4
86.4
76.4
80.6
84.6
83 4
84.5
75.0
80.4
81 .5
81 1
83.2
77.5
81 .3
82.7
82 4
84.3
78.6
81 .5
82.8
82 5
85.0
79.5
82.5
82.7
8? 2
85.4
80.3
83.0
83.3
83 1
86.5
80.6
83.3
83.8
S3 4
87.4
81 .4
84 .1.
83 .9
83 1
88.0
82.4
85.4
85.1
84 3
89.2
83.0
85.9
85.2
85 0
90.3
83.3
87.1
85.8
86 7
93.2
1 <>S 1
1952
19 S3
1954
195 5
91.6
97.9
100 5
102.3
107 2
90.6
95.7
98 3
99.6
89.0
94.8
97 4
96.7
89.5
95.1
98 0
98.6
89.5
95.3
97 5
98.7
89.5
95.8
97 2
98.1
90.7
95. 7
97 4
91 .4
95.8
97 5
"99.4
92.0
96.4
97 7
"101.2
95.0
98.6
100 3
"103.1
96.3
99.4
100 2
P104.1
98.1
101.5
103 3
"106.9
101 .3
101.3
101
.3
101 .3
I 101.3
101 .6
101 .6
10.1. .6
101 .6
101.6
102.3
102.3
102.8
102 8
103.9
101
101
101
101
101
.3
.2
.2
.2
.2
101.6
101 .4
101 .4
101.4
101 .4
103 .9
.103.8
103 .8
103 .8
103.8
n oo.o
Seasonal adjustment factors (per cent) 2
1946
1917
.1948
1.9-19
1950
100.3
100.3
102.3
102.3
102.3
98.5
98.5
99.8
99.8
99.8
a 96.2
97.8
396.5
•"597.1
»97.6
98.7
98.7
98.3
98.3
98.3
99.0
99.0
98.6
98.6
98.6
99.8
99.8
98.4
98.4
98.4
100.1
100. 1
99.2
99.2
98.9
100.1
100.1
99.8
99.8
99.4
100.5
100.5
99.8
99.8
99.4
1951 ...
1952...
1953...
1954. . .
1955 . . .
102 .3
102. 7
102.7
102.7
102.7
100.2
100.2
100.2
100.2
100.2
98.9
98.9
98.9
3 97.3
397.9
99.0
99.0
99.0
99.0
99.0
98.6
98.6
98.6
98.6
98.6
98.4
98.4
98.4
98.4
98.4
98.5
98.5
98.5
98.5
98.5
98.5
98.5
98.5
98.5
98.5
98 .8
98.8
98.8
98.8
98.8
r
A d j listed series (in billions of dollars)
194')
1947
1 948
194')
1950
76.6
82.3
84.7
83.5
84 5
77.6
81 .8
84.8
83 .6
84.7
78.0
82.2
81.5
83.5
85.2
78.5
82 .4
84.1
83.8
85 8
79.4
82.3
84.0
83.7
86 2
79.6
82.7
84.0
83 .5
86 8
80.2
82.9
84.0
83.8
87 5
80.5
83.2
81 .0
83 .6
87.9
81 .0
83.7
84.1
83.3
88.5
81 .3
84.3
84.0
83.2
88 1
81 .7
84.5
83.9
83.7
88 9
81 .4
85.2
83.5
84.3
89 7
1951
1952
1953
1954
1955
89.5
95.3
97 9
99.6
104 4
90.4
95.5
98 1
99.4
90.0
95.9
98 5
99.4
90.4
96.1
99 0
99 6
90.8
9'».7
98 9
100 1
91 .0
97.4
98 8
99 7
92.1
97.2
98 9
101 5
92 .8
97.3
99 0
100.9
93.1
97.6
98 9
102.4
93.8
97.4
99 1
101.9
94.8
98.0
98 8
102 7
94.4
97.8
99 5
103 0
^Preliminary.
1
Demand deposits adjusted are total demand deposits, other than interbank and U. S. Government, less cash items reported as in
process
of collection.
2
To adjust for seasonal movements the unadjusted figure should be divided by the appropriate seasonal adjustment factor.
3The seasonal adjustment factor for March is affected by the date on which the last Wednesday of the month falls, as indicated
in the accompanying text.
MARCH
1955
253
SEASONAL ADJUSTMENT FACTORS FOR DEMAND DEPOSITS ADJUSTED
For the month of March the seasonal adjustment factor for demand deposits adjusted is affected by the date on which the
last Wednesday of the month falls.2 This
is due in large part to the effect of the April
1 property tax assessment date in Cook
County, Illinois, which causes many individuals and businesses in this area to reduce
their bank deposits and purchase short-term
United States Government securities a few
days prior to the tax assessment date. The
reduction in demand deposits associated with
this tax occurs principally on the last three
2
The seasonal adjustment factors for other months may
also be affected but to a much smaller extent than March.
days of March. When the last Wednesday
falls on March 29, the decline in demand
deposits adjusted for the country as a whole
is about 0.5 percentage point larger than the
normal seasonal decline. When the last
Wednesday is on March 30, the decline is
about 1.0 percentage point greater, and when
the date is March 31, about 1.6 percentage
points greater.
Currency outside banks.-5 The seasonal
adjustment factors for currency outside
8
Currency outside banks is smaller than currency in circulation by the amount of vault cash held by all banks.
Daily figures for currency in circulation arc available, but
the amount of vault cash held by banks is available only as
of the last Wedncsdav of the month and on call dates.
T A B L E 2 — C U R R E N C Y OUTSIDE BANKS—BKPORF. AND AVTFR A D J U S T M E N T FOR SEASONAL VARIATION
1
[Figures are as of last Wednesday of the month and are partly estimated]
Jan.
Year
Feb.
Mar.
Apr.
May
June
Julv
Aug.
Oct.
! Nov.
Dec.
Unadjusted series (in billions of dollars)
1947
1948
1949
1950
1951
195?
1953
1954
1955
. .
. .
. .
26.1
25.8
25.2
24.5
26.2
25.7
25 .1
24.7
26.1
25.6
25.1
24.6
26.1
25.4
24.9
24.6
26.1
25.4
25.0
24. 7
26.0
25.6
25.0
24.6
26.0
25.5
24.9
24.4
26 1
25.6
25.1
24.5
26 3
25 .7
24.9
24.5
26.2
25.7
24.9
24.6
26.5
25.9
25.1
24.9
26 5
25.7
25.0
25.0
24 .6
25 6
26.8
26.9
26.8
24.6
25 6
26.9
26.9
24.4
25 7
26.9
26.9
24.6
25 9
27.0
26.7
24.9
26 0
27.0
26.8
25.0
26 0
27.1
27.1
25.1
?6 ?
27.2
#•26.8
25 .3
?6 3
27.3
"26.9
25.4
26 6
27.6
P26.9
25.7
26 7
27.4
i>26.9
25.8
27 4
27.9
P27.5
26.3
27 5
27.8
P27.4
easonal adjustinent factors (per cent) 2
194^
1948
1919
1950
99.4
99.3
99.4
99.5
99.4
99.3
99. 7
100.0
99 0
99. 2
99 1
99.0
99 4
98.6
98 8
99.0
99 .5
99. 1
90 4
100. 2
99. 1
100 4
100 2
99.8
99.5
99.5
99 5
99.4
99. 7
99.9
100 6
100.2
100.3
100.5
100 2
99 .8
100.3
100. 2
100 3
100.3
102.1
102.3
101 4
101 .1
102 3
101 .7
101 4
101.7
1951
195^
1953
1054
1955
99.6
99 5
99.3
99.3
99.4
99.6
99 5
99.3
99.5
99. 7
98.8
99 0
99.2
99 2
99 . 1
99.2
99 4
99.0
98 6
98.8
100.0
99 5
99.2
99 1
99.5
99.6
99 1
99 .3
100 3
100.2
99.5
99 5
09 . .5
99 1
99.5
100.0
99 6
99.8
99 9
100.5
100 .0
100 3
100.9
100 5
100.2
100.5
100 3
100.2
100 2
100.3
1.00.9
102 0
102.2
102 3
101 .4
102 .3
10? 3
102.1
101 7
101 .4
Adjusted series (in billions of dollars)
1947
1943
194r)
1950
26.3
26.0
25.4
24.6
26.4
25.9
25.2
24.7
26.4
25.8
25.3
24 8
26.3
25.8
25.2
24.8
26.2
25.6
2".2
24 7
26.2
25.5
25.0
24 6
26.1
25.6
2.5.0
24 5
26.2
25.6
25.0
24 5
26.2
25.6
24.9
24 5
26. 1
25.6
24.8
24 5
26.0
2.5.3
24.8
24 6
25.9
2.5.3
24.7
24 6
1951
1952
1953
1954
1955
24.7
25.7
27.0
27.1
27.0
24.7
25.7
27.1
27.0
24.7
26 0
27.1
27.1
24.8
26.1
27.3
27.1
2A .9
26.1
27.2
27.0
25.1
26.2
27.3
27.0
25.2
26.3
27.3
27.0
25.3
26.4
27.4
26.9
25.4
26.5
27.4
26.8
25.6
26.6
27.3
26.8
25.6
26.9
27.3
26.9
25.7
26.9
27.2
26.9
v Preliminary.
1
Currency outside banks is total currency outstanding less the amounts held by the Treasury, the Federal Reserve Banks, and vault
cash at all banks.
2
The amount of currency outside banks varies with the date on which the last Wednesday of the month falls as indicated in the
accompanying text. To adjust for seasonal movements the unadjusted figure should be divide..! by the appropriate seasonal adjustment
factor.
254
FEDERAL RESERVE BULLETIN
SEASONAL ADJUSTMENT FACTORS FOR DEMAND DEPOSITS ADJUSTED
banks shown in Table 2 were derived by falls within the last few days of the month,
the link relative method with some modifi- currency outside banks is generally larger
cations to fit this particular series. Link than if the last Wednesday is on the 24th or
relatives were computed for each month 25th, when currency held by the public is at
beginning in 1947, the first full year for or near the low point for the month. Morewhich last Wednesday of the month data over, the amount of currency outside banks
were reported.1 These link relatives were is influenced by holidays which occur near
then adjusted for trend and plotted by the end of the month, such as Washington's
months according to the date of the last Birthday, Memorial Day, Thanksgiving, and
Christmas. At such times the public inWednesday. The seasonal adjustment faccreases its holdings of currency to meet holitors for each month were determined on the
day needs. The seasonal factors shown in
basis of the prevailing pattern of these adTable 2 make allowance for these day-to-day
justed relatives.
variations.
This method of seasonal adjustment was
Data for all the possible dates on which the
used because currency outside banks varies last Wednesday of the month may fall will
not only with the month of the year but also not be available until 1961. Until a sufficient
with the date on which the last Wednesday number of additional observations is availof the month falls. If the last Wednesday able, the seasonal adjustment factors for currency outside banks must be considered
1
A link relative is derived by dividing the Figure for the
tentative.
current month by that for the preceding month.
MARCH
1955
255
STATEMENT ON STOCK MARKET CREDIT1
Mr. Chairman and Members of the Committee, as you are aware the Federal Reserve
System has responsibility for regulating the
general flow of credit and money with the objective of contributing to a healthy growing
economy. In the Securities Exchange Act of
1934, the Board of Governors of the Federal
Reserve System was given special responsibility for preventing the excessive use of credit
for the purchase or carrying of securities.
Let me say at the outset that this responsibility of the Board of Governors relates to
stock market credit and not to the price
of stocks. The Congress rightly, in my judgment, did not place on the Board responsibility for trying to determine the level at
which stocks should sell. Even if all credit
were eliminated from the stock market, cash
purchases could bid up the prices of stocks
to high levels. Regulation can restrain the
use of credit for stock market purposes, but
it cannot serve as a guarantee against all
speculative excesses.
When Congress was considering the Securities Exchange Act in 1934 the country
was concerned with two major problems.
One was to foster economic recovery and get
the millions of unemployed reemployed.
The other was to prevent recurrence of the
situation which brought about the unemployment. An important factor in that situation was that stock purchases were pyramided on the basis of credit extended on very
thin margins. As a result, a break in stock
market prices, that in any event would have
3
Statement of Chairman Martin of the Board of Governors
of the Federal Reserve System at hearings on the study of the
stock market before the Senate Committee on Banking and
Currency, Mar. 14, 1955.
256
been severe, was magnified into a disastrous
financial crash for the whole country.
The Securities Exchange Act was not
formulated to restrict the natural operation
of the stock market, but to rid the market of
such evils as manipulative practices and inadequate disclosure of information vital to
investors. Thus the market could better
perform its basic investment functions. The
margin requirement provision of the Act
was not designed to deny the use of credit
to the stock market; its explicit objective was
to prevent the excessive use of credit. This
legislation was designed to help create a
healthier securities market as part of a strong,
vigorous free enterprise economy.
Organized stock exchanges are designed
to function so as to encourage growth in
equity ownership rather than debt, with resulting benefit to the economy. For business to raise equity capital through the issuance of common stock, it is important to have
active and orderly markets for stocks.
The exchanges serve the economy by providing continuous, ready markets for securities that constitute an important proportion
of the assets of many individuals and businesses. Individuals, to make purchases of
goods or services, frequently have to sell or
borrow on their securities to obtain the
necessary cash. Furthermore, businessmen
often sell their securities or pledge them as
a basis for loans to meet payrolls or to obtain
other capital. Sales or borrowing transactions of these kinds would be far more difficult without market centers where investors,
traders, brokers, and dealers are brought together. Sales of new security issues by business corporations would also be more difficult
FEDERAL RESERVE BULLETIN
STATEMENT ON STOCK MARKET CREDIT
if buyers did not know they could later dispose of such assets readily.
In my judgment, a properly functioning
stock market is important to the attainment
of a high standard of living and steady
growth of employment opportunities for all
the people. We could not today have our
system of mass production and distribution
if it were not possible for corporate enterprises to assemble through the securities
markets varying amounts of individual savings into large aggregates of capital. A
major distinction between highly developed
and industrialized economies and underdeveloped economies is the lack in the latter
of effective markets for mobilizing the individual savings of their people.
The task of the Board, as I see it, is to
formulate regulations with two principal objectives. One is to permit adequate access
to credit facilities for security markets to perform their basic economic functions. The
other is to prevent the use of stock market
credit from becoming excessive. The latter
helps to minimize the danger of pyramiding
credit in a rising market and also reduces
the danger of forced sales of securities from
undermargined accounts in a falling market.
Regulation T applies to loans made by
brokers and dealers in securities to their
customers. It prescribes loan values—that
is, sets margin requirements—on securities
that are registered on a stock exchange. Except for specific exemptions, it altogether
forbids brokers to make loans to customers
to purchase or carry securities where no collateral is offered, or where the collateral offered consists of securities unregistered on a
stock exchange. The securities exempted
from this prohibition are obligations of the
Federal, State, or local governments and
some instrumentalities thereof. Only on
MARCH
1955
these exempted securities are brokers permitted to establish their own loan values.
The loan values for the purchase or carrying of registered securities which have been
imposed by this regulation have been consistently small by historical standards, i.e.,
margin requirements have been high. Most
of the time under the regulation, margin requirements have ranged between 40 per cent
and 75 per cent, with one brief period of 100
per cent. During the twenties, margin requirements imposed by individual brokers
were customarily 25 per cent or less, with
10 per cent margins not uncommon.
Over the life of Regulation T, loans on
securities by brokers to their customers, as
measured by customers' debit balances, have
been as low as 500 million dollars and as
high as the present figure of 2.6 billion.
From the autumn of 1953 through February
of this year, they rose from 1.6 billion dollars to 2.6 billion, which is the highest figure
since 1931 when the statistical series on customer borrowings from brokers began. Comparable figures for the twenties are not available, but borrowings by brokers and dealers,
which are generally smaller than brokers'
loans to customers, ranged from 1.5 billion
dollars to 8.5 billion between 1923 and 1930.
It is estimated that borrowings by brokers
and dealers currently do not exceed 2.5 billion dollars, excluding those against U. S.
Government securities.
In Regulation U, relating to security loans
made by banks, the Board is faced with a
different problem. First, the law reaches
only to bank loans for the purpose of purchasing or carrying registered stocks. It
exempts loans which are secured by bonds
and those which are not for the purpose of
purchasing or carrying registered securities.
Second, the nature of the banking business
itself makes the problem different.
257
STATEMENT ON STOCK MARKET CREDIT
Whereas brokers confine themselves
largely to making loans for the purpose of
purchasing or carrying securities, banks
make loans against security collateral for a
wide variety of purposes, personal as well
as business. Banks also make loans on a
wide variety of other collateral and on the
general creditworthiness or financial standing and established character of borrowers,
and the funds made available from these
loans may, without knowledge of the banks,
be used by customers for various purposes.
In view of this wide diversity of bank
lending operations, the Board, in formulating
Regulation U, has sought to avoid the effect
of unduly burdening the extension of credit
through the banks for all of these purposes.
It is' chiefly for these reasons of law and
practice that the Board's margin regulations
applicable to banks relate only to loans which
are secured by registered or unregistered
stocks and are used for the purpose of purchasing or carrying registered stocks.
From the beginning, the Board has realized that regulations applicable to this intricate lending process ran the risk of leaving loopholes through which bank credit
might leak into stock market speculation.
This was a calculated risk which was believed to be preferable to detailed rules that
would impose a greater impediment to constructive financing than could be justified
by avoidance of any leakage that could result from the existing regulation.
The amount of credit extended by banks
to customers other than brokers and dealers
for the stated purpose of purchasing or carrying securities (excluding U. S. Governments)
is estimated to be about 1.5 billion dollars today, around three-fourths larger than in the
late thirties and no doubt much smaller
than in the late twenties. The amount of
bank loans to brokers and dealers on such
securities is estimated currently not to ex258
ceed 2.5 billion dollars. This amount is
roughly three times as large as that in the
late thirties and about the same as that in
the late twenties, when brokers were obtaining a large part of their borrowing from
nonbank sources. The volume of bank
credit extended to brokers and dealers over
much of the period of the regulation has
fluctuated within a relatively narrow range,
although it has generally followed an upward path since the end of 1948. From the
autumn of 1953 to early this year, bank
credit to brokers and dealers, which includes
underwriting credit, rose about 1 billion
dollars. At no time since the regulations
were adopted in the mid-thirties has the total
amount of bank credit for the purpose of
purchasing or carrying securities been a
large proportion of commercial bank loans
and investments.2
On the basis of a recent survey requested
by this Committee and covering 271 banks
in selected large cities which make most of
the loans collateraled by securities, we estimate that early in February all member
banks had outstanding 7.2 billion dollars of
loans on securities, including loans against
U. S. Government securities. About 4.2 billions of this total were estimated to be loans
made for the purpose of purchasing or carrying securities. Of purpose loans, almost 2.9
billion were to brokers and dealers and about
1.3 billion were to others. The remaining
3 billion dollars represented all security loans
made by banks to individuals and businesses
for other purposes than the purchase or carrying of securities. Even though some leakage
of bank credit into stock market uses may
occur through the avenue of loans not designated for the purpose of purchasing or
carrying securities, the relative amount of
2
Currently total loans and investments of all commercial
banks amount to 156 billion dollars, of which 70 billion
represents loans and 86 billion investments.
FEDERAL RESERVE BULLETIN
STATEMENT ON STOCK MARKET CREDIT
such leakage cannot be large in the aggregate.
A more likely and less easily discovered
avenue of leakage of bank credit into stock
market uses is through loans secured by collateral other than stocks or unsecured. This
is a type of credit that could be used speculatively by "empire builders" in their attempts to acquire financial control of corporations. This kind of credit may not be
large in relation to total bank credit, but it
certainly could be important in individual
cases. However, the problem of preventing
an excessive flow of credit into the stock
market through this avenue is an extremely
difficult one with which to deal from a
regulatory standpoint without interfering
unduly with normal banking activities.
Although the volume of stock market
credit since Regulations T and U were imposed has not been large by historical
standards, a considerable percentage of total
trading by the public has been based in part
on credit. This does not mean that borrowed funds have financed a corresponding
portion of stock trading. Margin customers
have had to observe the margin requirements and to use their own funds for a large
part of the financing. There is little doubt
that the use of credit in stock transactions
adds to total demand for securities but this
is true of all use of credit. For example,
use of instalment credit, which today totals
in excess of 22 billion dollars, has added to
the demand for consumer durable goods.
Similarly, residential mortgage credit, currently aggregating more than 75 billion dollars, has added to the demand for housing.
It is important to look at the whole picture of credit outstanding in the economy
in order to see in correct perspective the over
4 billion dollars of direct stock market credit
and the 3 billion of other security loans by
banks. Total credit in the economy since
MARCH 1955
the end of 1946 has increased from about
490 billion dollars to around 600 billions.
Of the increase of nearly 200 billion dollars,
about 80 billion was in corporate long-term
and short-term credit, over 60 billion was in
urban mortgage credit, 20 billion was in consumer credit, 20 billion in State and local
government debt, and the balance was distributed among other sectors. The increase
in loans for purchasing or carrying securities probably did not exceed 2 billion dollars over this period.
As I have emphasized, the statute enjoins
"excessive use of credit" in stock markets. It
is difficult to define what constitutes "excessive use of credit" in stock markets, or for
that matter in any field. It is largely a question of judgment and not merely a statistical
computation. So far as stock markets are
concerned, however, it seems to me that
there are certain signs or symptoms of unhealthy tendencies when businessmen or the
public generally become unduly preoccupied
with stock markets and stock prices. An
unsound speculative psychology may then
develop that can have adverse effects
throughout the economy.
Margin requirements are a comparatively
new device in the arsenal of central banking.
As I indicated at the outset, they are not
and cannot be cure-alls for stock market excesses or abuses.
An inquiry such as this Committee is conducting is useful and constructive. It sheds
light on important aspects of the economy
and its functioning. It enables the Congress
to ascertain how regulatory measures are
operating and whether they are adequate
or need modification. Finally, it seems to
me, it serves to remind us all that the underlying strength of the nation depends not only
on wise laws and regulations but upon
enlightened leadership and good morals in
the market place.
259
BANK HOLDING COMPANY LEGISLATION
At the outset I should like to emphasize
that the Board of Governors believes that
bank holding company legislation is desirable. The Board's general views on this
subject have been stated several times in
recent years. They were set forth in my
letter to you, Mr. Chairman, in April 1952,
and in a statement made by Governor
Robertson before your Committee in June
of that year. They were stated again when
Governor Robertson and I appeared before
the Senate Banking and Currency Committee in June 1953. The Board continues to adhere to these views, although, as indicated
in my recent letter to the Committee, dated
February 21, 1955, the Board has modified
or refined its opinions in certain particulars which I shall mention later. Accordingly, the remarks I am about to make will
in large measure be a restatement in substance of what we have said on previous
occasions.
The essence of our position is that further
regulation of bank holding companies
should be kept to a minimum necessary to
meet whatever problems may exist in this
field which are not met by present law and
cannot effectively be dealt with by the States
alone.
There are now on the statute books certain provisions enacted in 1933, regulating
affiliates and holding company affiliates of
banks which are members of the Federal
Reserve System. Affiliates of member banks
are made subject to reports and examinations. Limitations are placed upon the
1
Statement by Chairman Martin of the Board of Governors of the Federal Reserve System before the House
Banking and Currency Committee on Feb. 28, 1955.
260
amount which a member bank may loan
to any of its affiliates, including any holding company affiliate. Finally, any holding
company affiliate which desires to vote stock
owned by it in any member bank must first
obtain from the Board of Governors a voting
permit and, as a condition to the permit,
the company must agree to submit itself
and its controlled banks to examination, to
establish certain reserve funds, to dispose
of any interest in securities companies, and
to declare dividends only out of actual net
earnings.
These provisions of existing law regulate
the activities of a bank holding company
only if it happens to control a member bank
and only if it desires to vote the stock of
that bank. In effect, therefore, regulation
is largely voluntary on the part of the holding company. Even if a voting permit is
obtained, the regulation to which a holding
company is subject is aimed mostly at protecting the soundness of the member banks
in the group.
These provisions, therefore, do not deal
at all with two apparent problems in the
bank holding company field. In the first
place, there is nothing in present law which
restricts the ability of a bank holding company to add to the number of its controlled
banks. Consequently, there can well be
situations in which a large part of the commercial banking facilities in a large area of
the country may be concentrated under the
management and control of a single corporation.
In the second place, there is nothing in
existing law which prevents the combination under the same control, through the
FEDERAL RESERVE BULLETIN
BANK HOLDING COMPANY LEGISLATION
holding company device, of both banking
and nonbanking enterprises. Obviously, this
makes it possible for the credit facilities of
a controlled bank to be used for the benefit
of the nonbanking enterprises controlled by
the holding company. Moreover, the ordinary nonbanking business requires a managerial attitude and involves business risks
of a kind entirely different from those involved in the banking business. Banks operate largely on their depositors' funds.
These funds should be used by banks to
finance business enterprises within the limitations imposed by the banking laws and
should not be used directly or indirectly
for the purpose of engaging in other businesses which are not subject to the safeguards imposed by the banking laws.
These two existing problems in the bank
holding company field could be met, we
believe, by legislation which would need to
cover only four essential features:
(1) The term "bank holding company"
should be defined in language generally
adequate to cover all known bank holding
company groups which need to be covered, without attempting at this time to
cover all situations that might possibly arise.
(2) Bank holding companies should be
required to obtain the prior approval of a
Federal agency before acquiring additional
bank stocks; and in granting such approval
the administering agency should give consideration to relevant standards stated in the
lav/ and to the views of the appropriate
State and Federal authorities.
(3) Bank holding companies should be
required within a reasonable time to divest
themselves of ownership of stock and similar
equity interests in nonbanking enterprises
with a minimum of specific exceptions. The
bill might give statutory exemption to bank
holding companies operated principally for
MARCH 1955
charitable, religious, and similar purposes.
In addition, it should permit the administering agency to exempt bank holding companies from the divestment requirements in
exceptional cases in which control of a bank
may actually be necessary in the public interest. Furthermore, the administering
agency should be given a limited authority
to exempt shares of stock in businesses closely
related to the business of banking.
(4) Finally, there should be a few administrative provisions requiring the registration
of bank holding companies, authorizing the
administering agency to obtain information
necessary to pass judgment on proposed
acquisitions of bank stocks, and providing
criminal penalties for violations of the statute.
It is with these four essential features in
mind—coverage, expansion, nonbanking interests, and administration—that I should
like to state briefly our principal comments
with respect to the bill H. R. 2674.
1. COVERAGE
One of the most basic and at the same
time most controversial aspects of bank
holding company legislation has always been
the matter of coverage or definition.
The present bill would define a "bank
holding company" as any company which
owns 25 per cent or more of the voting
shares of two or more banks or any company which might be determined by the
Board of Governors to exercise a controlling
influence over two or more banks.
We believe that this definition goes further
than necessary in certain respects. In the
first place, we think it unnecessary and undesirable to vest the administering agency
with discretionary power to bring under
coverage of the bill companies not meeting
261
BANK HOLDING COMPANY LEGISLATION
the stated definition. In the second place,
we think that a definition based primarily
upon majority stock control of a bank is
probably adequate to cover all companies
which would need to be regulated in order
to accomplish the objectives of the legislation. However, if in the judgment of Congress such a definition would not be adequate
for this purpose, it would not appear objectionable to base the definition upon some
lower percentage test, even down to 25 per
cent as provided by the pending bill.
In one respect we believe that the definition in this bill would not be adequate to
effectuate one of the two main objectives
of the legislation. It would not apply to a
company which controls only one bank
and would not, therefore, require such a
company to divest itself of its nonbanking
interests. Yet, it seems clear that the potential abuses resulting from combination under
single control of both banking and nonbanking interests could easily exist in a case
in which only one bank is involved. In
fact, if the one controlled bank were a large
bank, the holding company's interests in
extensive nonbanking businesses might very
well lead to abuses even more serious than
if the company controlled two or more very
small banks. For these reasons, the Board
would continue to urge that, whatever the
percentage test may be, the definition should
be related to control of a single bank.
The pending bill would exempt from the
definition of "bank holding company" any
mutual savings bank and any organization
operated exclusively for charitable, religious,
and similar purposes where the organization
would otherwise be a bank holding company
by reason of its ownership of bank stocks
on the effective date of the Act.
In the Board's opinion, it is questionable
whether any company which meets the
262
stated definition of a "bank holding company" should be exempted from the necessity
of obtaining the prior approval of the administering agency if it should decide to
acquire additional banks. In this respect
the Board has somewhat modified the views
heretofore expressed by it. It would not
now recommend the inclusion of even discretionary authority in the administering
agency to exempt companies from the expansion requirements of the bill. We cannot
believe that any hardship would result from
requiring even a charitable institution to
comply with these requirements.
On the other hand, it is recognized that
there may well be cases in which the exemption of certain companies from the divestment requirements of the bill would be
desirable in order to prevent hardship and
to protect the public interest, as, for example,
charitable, religious, and similar organizations. However, we question the necessity
for exempting mutual savings banks from
the divestment requirements.
In order to cover unforeseeable emergency
situations, it might be desirable to give the
administering agency a limited authority to
exempt from the divestment requirements
any bank holding company if the administering agency determines that the company's control of a bank is necessary in order
to provide needed banking facilities or to
assure the sound financial condition of the
bank involved, subject to revocation of the
exemption when the need disappears.
Before leaving the matter of coverage, it
should be noted that the provision of the
pending bill defining the term "company"
would include not only corporations and
business trusts, but also any partnership and
"any similar organized group of persons."
The meaning of the phrase "organized group
of persons" is not clear. In any event, howFEDERAL RESERVE BULLETIN
BANK HOLDING COMPANY
ever, the Board feels that such a broad
definition goes beyond the necessities of the
situation. By including partnerships and
groups of individuals, the definition might
be interpreted as being intended to cover
chain banking, that is, control of banks by
individuals or by testamentary or other
personal trusts.
2. LIMITATIONS ON EXPANSION OF BANK
HOLDING COMPANIES
The second requisite feature of the legislation—restrictions on the expansion of bank
holding company groups—would be dealt
with in the pending bill by provisions requiring the Board's prior approval for any
action which would result in a company
becoming a bank holding company or for
any acquisition of bank stocks by a bank
holding company or its subsidiary or for
the acquisition of substantially all of the
assets of a bank by a holding company
which is not a bank or by a nonbanking
subsidiary.
We think that these provisions should
be expanded to require prior approval before any bank holding company may merge
or consolidate with another bank holding
company. On the other hand, it would seem
unnecessary to include any provision with
respect to acquisitions of bank assets by a
holding company or subsidiary which is not
itself a bank.
In the interest of minimum control, we
suggest that it would be sufficient to require
prior approval for the acquisition of bank
stocks only if, after the acquisition of the
stock of a bank, the holding company will
own a substantial percentage of the outstanding stock of that bank, say 5 per cent.
Such a modification of the requirements of
the bill would permit properly diversified
MARCH
1955
LEGISLATION
investments in bank stocks where control is
not the motive.
Our principal comments, however, with
respect to the expansion features of the
bill relate to those provisions of section 5
which are apparently aimed at protecting
the rights of the States in this field.
In the first place, the bill would make
it impossible for a bank holding company to
acquire any bank stocks if "any bank affected" is a State bank, unless the appropriate
State banking authorities also approve the
application within 30 days. Similarly, if
"any bank affected" is a national bank, the
application could not be approved unless
also approved by the Comptroller of the
Currency. These provisions would have the
effect of diffusing responsibility for administration of the legislation. They would involve duplication of effort and give rise to
administrative difficulties. We think it
would be desirable to require the administering agency to give due regard to the
views of the State authorities and the Comptroller of the Currency but that the final
responsibility for approving or disapproving
any application should rest with the administering agency alone.
The bill would further prohibit a bank
holding company or any of its subsidiaries
from acquiring the stock of a bank or substantially all the assets of a bank outside
of the State in which the holding company
or the subsidiary involved has its principal
office or conducts its principal operations.
In addition, a bank holding company or any
of its subsidiaries would be prohibited from
acquiring bank stocks or assets in any State
except within the geographical limitations
applicable to the establishment of branches
under the laws of such State, or unless the
acquisition is specifically and affirmatively
authorized by State statute.
263
BANK HOLDING COMPANY LEGISLATION
These severe provisions would in effect
"freeze" the existing status of most bank
holding companies and would go beyond
what we conceive to be the necessities of the
situation.
As the Board has previously indicated, it
believes that regulation of bank holding company groups should not be related to the
branch banking laws of the States and that
the States should be left free to deal differently, if they desire, with these two types of
multiple-office banking. The pending bill
includes a new provision which would permit expansion of bank holding companies
in nonbranch States if such expansion is
affirmatively authorized by the statutes of
the State in question. However, there are,
of course, no States which have affirmative
legislation of this kind.
This new provision of the bill follows almost literally a provision of the national
banking laws which permits a national bank
to establish out-of-town branches only if
affirmatively authorized by State law with
respect to State banks. However, before the
enactment of that provision national banks
had no authority at all for the establishment
of branches. The situation is quite different
with respect to bank holding companies
whose existence has been legislatively recognized for many years. We feel, therefore,
that it is inappropriate to apply to bank
holding companies exactly the same principles which were applied to branches of
national banks. If any analogous provision
is necessary here, it should make the expansion of bank holding companies dependent,
not upon affirmative authorization by the
States, but upon the absence of express prohibition by the States.
In our judgment the rights of the States
in this field can be effectively protected by
provisions which would require the adminis264
tering agency to obtain and consider the
views of the State authorities before passing
upon any application for the acquisition by
a bank holding company of control of additional banks. In any event, we think that
provisions for this purpose should not go
further than a prohibition against the acquisition of the stock of any State or national
bank in any State in which the statutes
of such State would prohibit such acquisition
in the case of a State bank.
3. DIVESTMENT OF NONBANKING INTERESTS
In order to meet the third requisite of the
legislation, the bill would require bank holding companies within two years to divest
themselves of any shares or other securities
or obligations of any company other than
a bank and to cease engaging in any business
other than that of banking.
To the extent that this requirement relates to obligations, as distinguished from
shares of stock, of nonbanking enterprises,
we believe that it goes further than necessary.
Single control of both a bank and a nonbanking business is usually made possible
by control of stock rather than by ownership of obligations.
The bill would provide a number of
specific exemptions from the divestment requirements. While some such specific exemptions may be appropriate, they should
be kept to a minimum and be explicit. It
may be desirable, for example, to exempt
shares of a company engaged solely in holding or operating properties used by a subsidiary bank or engaged solely in conducting a safe deposit business. Also, it may
be appropriate to include the exemption provided in paragraph (6) of section 6(c) of
the bill with respect to the ownership of not
more than 5 per cent of the outstanding
FEDERAL RESERVE BULLETIN
BANK HOLDING COMPANY
LEGISLATION
voting securities of a nonbanking company. pricious, or unlawful action on the part of
It is questionable, however, whether some the administering agency would be, and
of the exemptions provided are necessary or should be, subject to review by the courts.
desirable. For example, exception (5) on However, if any provisions on this subject are
page 9 of the bill would seem to permit a included in the bill, we feel that a provision
bank holding company which is itself a for trial of the facts de novo would be at
bank to own any shares of nonbanking com- variance with the spirit and intent of the
panies which it would be permitted to own Administrative Procedure Act which exunder State law. We see no logical reason empts from judicial review any action comfor such an exemption. In fact, this exemp- mitted to agency discretion. We also think
tion might operate to defeat the purposes that, instead of the vague provision for review at the instance of any person "affected,"
of the legislation in some situations.
In any event, as against numerous specific the right to review should be limited to the
exemptions, it would seem preferable to vest principals in the proceedings involved.
the administering agency with a limited authority to exempt ownership of shares of
OTHER PROVISIONS OF THE BILL
companies which are determined to be
Certain provisions of the pending bill have
closely related to the business of banking or
of managing or controlling banks. Such a no direct connection with the two main obprovision should, we believe, be coupled with jectives of the legislation.
Under section 7 of the bill, subsidiary
the new provisions which I have already
proposed for the exemption of certain bank banks would be absolutely prohibited from
holding companies from the divestment re- making loans to, or investing in the stock
quirements in a very limited class of cases. or securities of, their bank holding company or any other subsidiary of the bank
holding
company. We feel that these pro4. ADMINISTRATION
visions are unnecessarily restrictive. MoreThe administrative provisions of the bill over, if any provisions on this subject are
are contained in sections 4, 9, and 10, which deemed to be necessary, we believe that they
relate, respectively, to registration, reports should be enacted in the form of amendand examinations of bank holding com- ments to section 23A of the Federal Reserve
panies, hearings, and judicial review of ad- Act, which now places certain limitations
ministrative action, and criminal penalties upon loans by member banks to their holding company affiliates or other affiliates. As
for violations of the Act.
Our only comment on these provisions re- to nonmember banks, the States should be
lates to section 9 which would give to any left free to determine what restrictions they
person in any way affected by the Board's may wish to impose upon loans by State
action or omission to act under the bill a banks to their affiliated organizations.
Section 11 of the bill would make a numright to judicial review, with a trial of the
facts de novo by the reviewing court. It is ber of technical amendments to provisions
questionable whether any specific provisions of existing law. Insofar as these provisions
for judicial review are necessary, since, even would amend the Internal Revenue Code to
without such provisions, any arbitrary, ca- afford appropriate tax relief to bank holding
MARCH 1955
265
BANK HOLDING COMPANY LEGISLATION
companies complying with the divestment
requirements of the bill, we think that they
are desirable, although we do not feel specially qualified to comment on their adequacy. However, the amendments proposed
to be made to existing provisions of law
relating to holding company affiliates of
member banks have no apparent relation
to the principal objectives of the bill. The
existing provisions are aimed primarily at
maintaining the soundness of member banks
in holding company groups. It may be that
in some respects they should eventually be
modified, but there appears to be no reason
why they should not be continued in force
for the present.
CONCLUSION
These comments on the pending bill have
been made for the purpose of helping, as far
as we can, in the working out of reason-
266
able and effective legislation on this subject.
By way of summary, we think that the principal objectives of the legislation could be
accomplished by a bill which, in addition
to certain administrative provisions, would
include only—
(1) a definition of "bank holding company" as a company controlling a majority
of the stock of any one bank, with no exceptions ;
(2) a requirement that every bank holding company obtain prior approval before
acquiring the stock of any bank if thereafter
its holdings of the stock of that bank will
exceed 5 per cent, with provision for obtaining the views of State and Federal authorities; and
(3) a requirement that bank holding companies divest themselves of their nonbanking interests, with a minimum of specific
exemptions, but with administrative authority to make the limited exemptions which
I have mentioned.
FEDERAL RESERVE BULLETIN
LAW DEPARTMENT
Administrative interpretations of banking laws, new regulations issued by the
Board of Governors, and other similar material
Regulations T and U Interpretation
carrying redeemable shares of open-end investment
companies, whose assets customarily include regisArranging Loan to Purchase Open-end Investment tered securities, shall be deemed to be loans for the
Company Shares
purpose of purchasing or carrying registered stocks.
The Board was recently asked whether a creditor Therefore, any such loan, if secured directly or
subject to Regulation T may arrange for a cus- indirectly by any stock, is subject to Regulation U
tomer a loan from a bank subject to Regulation U although the shares of the company are not themon unregistered, redeemable shares of an open-end selves registered shares.
investment company for the purpose of purchasing
In announcing the above amendment in its press
such shares.
statement of June 9, 1953, and at page 599 of the
This matter was the subject of the Board's inter- June 1953 Federal Reserve BULLETIN, the Board
pretation published at page 1105 of the October stated, among other things, that such amendment
1952 Federal. Reserve BULLETIN which stated, in "does not affect Regulation T." In addition, the
substance, that a creditor subject to Regulation T Board's interpretation published at page 950 of the
may not arrange for the extension or maintenance September 1953 BULLETIN stated that a creditor
of credit on unregistered, redeemable shares of an subject to Regulation T may not arrange extensions
open-end investment company in view of the of credit on unregistered securities for the purpose
provisions of section 7(c) of the Securities Exchange of purchasing or carrying either registered or unAct of 1934 and section 7(a) of Regulation T. The registered securities.
shares of most open-end investment companies, of
Accordingly, the Board stated that its interprecourse, are not registered on any national securities tation at page 1105 of the October 1952 Federal
exchange.
Reserve BULLETIN, referred to above, is still effecIt was suggested, however, that the interpreta- tive, and that a creditor subject to Regulation T
tion just referred to might now be inapplicable may not arrange for a customer a bank loan on
because of Amendment No. 12 to Regulation U, unregistered, redeemable shares of an open-end
effective August 1, 1953. Under that amendment, investment company for the purpose of purchasing
loans by banks for the purpose of purchasing or or carrying such shares.
MARCH 1955
267
CURRENT EVENTS AND ANNOUNCEMENTS
Redesignation of Mr. Martin as Chairman of the Board
of Governors and the Designation of Mr. Balderston
as Vies Chairman
The President of the United States on March 11,
1955, issued an Order redesignating Mr. Wm. McC.
Martin, Jr., as Chairman of the Board of Governors
of the Federal Reserve System, to serve as such for
a term of four years from April 1, 1955, unless and
until his services as a Member of the Board of
Governors shall have sooner terminated.
The President on the same day issued an Order
designating Mr. C. Canby Balderston as Vice Chairman of the Board of Governors of the Federal
Reserve System, to serve as such for a term of four
years, unless and until his services as a Member
of the Board of Governors shall have sooner terminated.
Appointment of Mr. Shepardson as a Member of the
Board of Governors
The President, on February 18, 1955, sent to the
Senate the nomination of Mr. Charles N. Shepardson as a Member of the Board of Governors. The
nomination was confirmed by the Senate without
objection on March 8, and Mr. Shepardson took his
oath of office on March 17, at Houston, Texas. He
was appointed for the unexpired portion of the term
of fourteen years from February 1, 1954, to succeed
Mr. Paul E. Miller who died on October 21, 1954.
Mr. Shepardson served as a director of the Houston Branch of the Federal Reserve Bank of Dallas
from January 1, 1950, and as Chairman of the Board
of Directors at the Branch from January 1, 1955,
until he resigned to become a Member of the Board
of Governors.
Mr. Shepardson was born at Littleton, Colorado
on January 7, 1896, the son of Noah and Mary
Margaret (Chatiield) S. He married Florence
Redifer in 1924, his first wife having died shortly
after their marriage in 1917. Fie has no children.
He has spent his entire career in the field of
agriculture. A graduate of Colorado A & M College in 1917, he also received an M.S. degree
from Iowa State College in 1924. He served as a
Captain in the Infantry, U. S. Army, from 1917
to 1919. Returning to civilian life, he served as
Extension Animal Husbandman at the University
268
of Wyoming for a year and then became an associate professor at Colorado State College, where he
stayed until 1928. Moving to Texas A & M College
that same year, he became head of the Dairy Husbandry Department and in 1944, he was appointed
Dean of Agriculture, which position he was holding
at the time of his appointment to the Board of
Governors.
He has been active in a number of agricultural
organizations, including serving as United States
Delegate to the World's Dairy Congress (Berlin)
in 1937; American Jersey Cattle Club (director,
1940-43); Texas Dairy Products Association (president, 1942-44); as a member of the Inter-American
Committee for the Dairy Industry, and as chairman
of the Resident Instruction Section, Association of
Land Grant Colleges and Universities in 1947. He
is also a member of the American Dairy Science
Association, the National Education Association,
the American Association for the Advancement of
Science, the Texas State Board of Examiners for
Teacher Education, and is a past president of the
Association of Southern Agricultural Workers.
Federal Reserve Meetings
A meeting of the Presidents of the Federal Reserve Banks was held in Washington on February
28 and March 1, and on March 3 the Presidents
met with the Board of Governors.
On March 2 a meeting of the Federal Open
Market Committee was held, at which Wm. McC.
Martin, Jr., was re-elected 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, 1955, are Allan Sproul, W. D. Fulton,
Hugh Leach, Watrous H. Irons, and C. E. Earhart,
Presidents of the Federal Reserve Banks of NewYork, Cleveland, Richmond, Dallas, and San Francisco, respectively.
Publication of the Annual Report of the
Board of Governors
The Forty-first Annual Report of the Board of
Governors of the Federal Reserve System, covering
operations for the calendar year 1954, is available
for distribution. Copies may be obtained upon reFEDERAL RESERVE BULLETIN
CURRENT EVENTS AND ANNOUNCEMENTS
quest from the Division of Administrative Services,
Board of Governors, Washington 25, D. C.
of Boston for the term ending December 31, 3957,
and Deputy Chairman at che Bank for the unexpired portion of the year 1955. As a Class C
director and Deputy Chairman, Mr. Sprague succeeded Mr. Ames Stevens, President, Ames Worsted
Company, Lowell, Massachusetts, whose term expired.
Banks in United States Territories
on Federal Reserve Par List
The table published on page 209 of the February
1955 BULLETIN, "Number of Banking Offices on
Federal Reserve Par List and Not on Far List,"
excluded, as indicated in a footnote appended
Admission of State Barsk to Membership in the
thereto, banks in United States territories and
Federal Reserve System
possessions except one national bank in Alaska
The following State Bank was admitted to
that became a member of the Federal Reserve
membership
in the Federal Reserve System during
System on April 15, 1954. On December 31, 1954,
the
period
January
16, 1955 to February 15, 1955:
however, there were also on the Par List two nonmember national banks, one nonmember territorial
Indiana
bank, and eight branches in Alaska, and ail banks
Jasper—The German American Bank.
(nonmember) and branches in Hawaii. These
banks came on the Par List following the amend- Tables Published Annually and Semiannually, with
ment, effective July 15, 1954, of Regulation J, and
Latest BULLETIN Reference
Semiannually
Issue
Page
the designation of Alaska and Hawaii as being in
offices:
the Twelfth Federal Reserve District for the pur- Banking
Analysis of changes in number o f . . .
Feb. 1955
208
On, and not on, Federal Reserve Par
poses of the Regulation.
List, number of
Feb. 1955
209
Appointment of Class C Director
On February 24, 1955, the Board of Governors
announced the appointment of Mr. Robert C.
Sprague, Chairman and Treasurer, Sprague Electric Company, North Adams, Massachusetts, as
a Class C director of the Federal Reserve Bank
MARCH
1955
Annually
Earnings and expenses:
Federal Reserve Banks
Member banks:
Calendar year
First half "of year
Insured commercial banks
Banks and branches, number of,
by class and State
Operating ratios, member banks
Banking and monetary statistics, 1954
Feb. 1955 206-207
May 1954
Oct. 1954
May 1954
524-534
1118
535
May 1954 536-537
Aug. 1954 900-902
Feb. 1955 210-216
269
NATIONAL SUMMARY OF BUSINESS CONDITIONS
[Released
for publication
Industrial production increased further in February and early March. Construction activity in
February was at a record for the season, and retail
sales were maintained at advanced levels. Unemployment continued to show a less than seasonal rise.
Average wholesale prices declined slightly in February and early March reflecting decreases for farm
products, foods, and a few industrial materials.
Demand for bank credit continued strong.
INDUSTRIAL PRODUCTION
The Board's seasonally adjusted index of industrial production rose 2 points in February to 133
per cent of the 1947-49 average, reflecting further
gains in durable and nondurable manufacturing
industries and in minerals. This level compares
with 125 in February a year ago and with the mid1953 high of 137.
Output of primary metals and autos continued
to advance in February. Steel production has increased further in March to about 92 per cent of
current, capacity and to a tonnage rate close to the
record of early 1953. Auto assembly in early March
continued at the record weekly rate of about 170,000 reached in February. Output of household
durable goods increased somewhat in January and
February reflecting gains in appliances and furniture and more recently a small rise in television
March
15]
production. Partly reflecting gains in consumer
lines, activity in nonelectrical machinery industries
has increased considerably since December. Truck
output, which was curtailed by extensive model
changeovers in February, recovered in early March.
The Board's production index for nondurable
goods industries in February rose to about its earlier
peak as output of rubber, paper, chemical, and
petroleum products continued to increase. Reflecting recent expansion in crude petroleum as well
as gains in other lines, minerals output in February
and early March slightly exceeded mid-1953 levels.
CONSTRUCTION
Value of new construction put in place in February advanced slightly further to a record seasonally adjusted annual rate of almost 41 billion
dollars, reflecting entirely increased private building activity. Value of contract awards also rose
and was at a record for the month, 30 per cent
larger than a year earlier. Housing starts increased
slightly from the high January total and were at
a seasonally adjusted annual rate of: about 1.4 million units.
EMPLOYMENT
Seasonally adjusted employment in nonagricultural industries rose further in February and at
EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS
Seasonally adjusted, millions of persons
INDUSTRIAL PRODUCTION
:ent. physical volume, seasonally adjusted. 1947-49 • 100
140
_
Federal Reserve indexes.
for February.
270
Monthly figures, latest shown are
j
NONMANUFACTURING
_| 3
Bureau of Labor Statistics data. Proprietors, self-employed
persons and domestic servants are not included. Midmonth
figures, latest shown are for February.
FEDERAL RESERVE BULLETIN
NATIONAL SUMMARY OF BUSINESS CONDITIONS
48.5 million was close to the year-ago level. At
factories, employment and average hours of work
increased. Average weekly earnings reached a newhigh of $74.93, reflecting a rise in average hourly
earnings to $1.85, as well as the longer workweek.
Unemployment continued to rise less than seasonally in February and, at 3.4 million, was below
a year ago but weli above the low levels prevailing
during most of 1953.
DISTRIBUTION
Retail sales in February were little changed from
their advanced January rate after seasonal adjustment and were 6 per cent above a year ago. Dealers' sales of autos reached new highs for February.
Dealers' stocks of new autos increased less than
in January and were still below a year ago. Seasonally adjusted department store sales declined
in February, owing in part to adverse weather conditions, but picked up again in the Erst half of
March.
COMMODITY PEICES
The general level of wholesale commodity prices
declined slightly from early February through midMarch, reflecting chiefly decreases in average prices
of farm products and foods. Marketings of livestock—particularly hogs—have been large for this
time of year. Hog prices declined to about the
lows of late 1949, and prices of meats and lard
declined. Feed grains also declined. Coffee and
PRICES
1UM
cocoa prices dropped further, returning to levels
prevailing before the sharp advances in the first
half of 1954. Partly offsetting these decreases,
prices of poultry and eggs advanced considerably
from reduced levels.
Average prices of industrial materials and
finished products changed little from early February to mid-March. Prices of a few industrial
materials declined, including rubber and tallow,
which had previously risen quite rapidly. Some
cotton and synthetic textiles weakened. Scrap
metals and copper and aluminum products rose
further, iron ore prices advanced, and increases in
cement and some woodpulp prices are to become
effective April 1.
BANK CKEDIT AND RESERVES
Total loans and investments at banks in leading
cities declined further between early February and
early March. Reductions in bank holdings of U. S.
Government securities were offset in part by expansion in bank loans, as demand for bank credit
continued strong. Outstanding business loans increased and real estate mortgages continued to
show substantial expansion. Security loans were
reduced.
Free reserves of member banks continued to
decline, averaging about 200 million dollars in late
February and early March. A somewhat larger
volume of reserves was absorbed through System
sales and redemptions of Treasury bills along with
increases in Treasury deposits at the Reserve Banks
than was supplied through reductions in required
reserves and in foreign deposits at the Reserve
Banks.
SECURITY MAUKI-TS
j
1950
1952
1954
1950
J..LHL U!. a i.;.li.LLiii:iJ.iiLjj L.i 1.^:1
3952
3954
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 separately.
Monthly figures, latest shown: January for income and department store stocks; February for other series. February consumer prices estimated by Federal Reserve.
MARCH
1955
Yields on all U. S. Government securities, except the longest term bond, rose sharply in the
latter half of February, but then turned down in
the first week of March, erasing a large part of
the preceding advance. The yield on the new
forty-year bond remained generally steady, whereas
the rate in the weekly Treasury bill auction advanced from 1.13 per cent around mid-February
to 1.42 per cent at the month-end, and then declined to 1.29 per cent on March 14. Yields on
corporate and municipal bonds increased further
during late February and early March. Common
stock prices reached new highs in early March,
but declined sharply subsequently.
271
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 market rates; bank rates on business loans; bond and stock yields
Treasury finance . .
New security issues..
Business
finance
Real estate credit statistics
Statistics on short- and intermediate-term consumer credit
Business indexes
Merchandise exports and imports
Department store statistics
275-276
276-277
278
279-281
281-282
282
283
284
285-287
288-289
290-291
292
293
294-295
296
297
298-303
304
305-306
307-309
310-312
313-322
322
323-327
Consumer and wholesale prices
328-329
Gross national product, national income, and personal income. . . .
330-331
List of tables published in BULLETIN annually or semiannually,
with references for latest data
269
Tables on the following pages include the principal statistics of current significance relating to
financial and business developments in the United States. The data relating to Federal Reserve
Banks, member banks of the Federal Reserve System, and department store trade, and the consumer
credit estimates are derived from regular reports made to the Board; index numbers of production
are compiled by the Board on the basis of material collected by other agencies; figures for gold
stock, money in circulation, Treasury finance, and operations of Government credit agencies are
obtained from statements of the Treasury; the remaining financial data and other series on business
activity are obtained largely from other sources. Back figures through 1941 for banking and
monetary tables, together with descriptive text, may be obtained from the Board's publication,
Banking and Monetary Statistics; back figures for many other tables may be obtained from earlier
BULLETINS.
MARCH
1955
273
M I S I I IANK
tssiifis,
RESEIVE BAKI CREDIT, AND RELATES- STIIS
Wednesday Figures, 1946-1950, Weekly Averaess of Daily Figures, 1951-
Billions of Dollars
25
RESERVES
2
35
DISCOUNTS A5^D ADVANCES
^
^^fMSHMfcW^fg^^m «sia«ifi£,'«
FCD2RAL RESERVE E'lOAT
1947
1948
1949
1950
1951
1952
1953
1954
Latest averages shown are for week ending Feb. 23. See p. 275.
274
FEDERAL RESERVE BULLETIN
MEMBER BANK. RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
[In millions of dollars]
Total
Gold
stock
Deposits, other
Member ba n k
than member bank Other
Treasreserve balaiices
reserve
ury Money Treas- with F. balances,
FedR.
Banks
curin
ury
eral
rency
cash
cirReoutcula- hold- Treas- For- Oth- serve Total
ExReer
acury
ings
eign
stand- tion
quired 2 cess2
de- counts1
dedeing
posits posits posits
26,886
26,370
26,344
25,930
25,447
25,798
25,916
25,735
25,545
25,617
25,509
25,565
25,544
25,370
25,397
25,730
25,453
25,426
25,379
25,542
25,512
25,642
25 80?
25,764
26,134
25,901
25,829
25,691.
25,673
25,277
25,154
24,925
24,933
24,690
24,699
24,759
24,939
24,908
24^687
25,338
25,465
25,699
25,360
25,436
25,701
25,708
25,900
25,918
26,080
26,172
26,612
26,433
22,029
22,030
22,023
22,006
21,963
2.1,956
21,957
21,957
21,958
21,960
21,963
21,964
21,965
21,965
21,966
21,967
21,968
21,969
21,970
21,971
21,972
21,966
21,924
21,925
21.926
21,926
21,927
21,929
21,931
21,924
21,908
21,901
21,858
21,858
21,837
21,809
21,809
21,810
21,810
21,810
21 810
21.'788
21,759
21,759
21,752
21,709
21,709
21,710
21,710
23 711
21 >12
21,712
4,891
4,890
4,890
4,890
4,898
4,900
4,904
4,905
4,911
4,916
4,919
4,923
4,928
4,933
4,938
4,945
4,946
4,950
4,952
4,955
4,957
4,958
4,958
4,957
4,955
4,956
4,959
4,958
4,958
4,959
4,960
4,959
4,960
4,96!
4,962
4,965
4,967
4,967
4', 968
4,971
4 972
4 ,'973
4,973
4,976
4,977
4,978
4,980
4,982
4,982
4,982
4,982
4 ; 982
30,721
30,457
30,199
29,999
29,965
29,941
29,915
29,836
29,895
29,916
29,859
29,722
29,663
29,780
29,817
29,780
29,652
29,738
29,810
29,769
29,707
29,874
29,928
29,870
29,793
29,813
30,066
30,099
29,932
29,815
29,890
29,932
29,919
29,850
29,887
30,046
30,073
29.969
29j888
30,010
30,143
30,125
30,028
30,088
30,206
30,262
30,318
30,466
30,623
30 755
30!885
30,828
26,176
25,792
25,482
24,942
25,042
25,212
24,964
24,932
21,712
21,713
21,714
21,714
21 ,714
21,715
21.715
21,716
4,984
4,984
4,985
4,985
4.988
4; 988
4,989
4,990
30,501
30,361
30,079
29,866
29,767
29,794
29,782
29,771
25,746
25,553
25,483
25,503
25,876
25,571
24,855
24,838
25,459
25,776
26,317
25,449
25,021
21,957
21,963
21,966
21,975
21,927
21,926
21,871
21,809
21,787
21,724
21,711
21,714
21,715
4,904
4,920
4.941
4,954
4,956
4,959
4.960
4,967
4,973
4,979
4,982
4,985
4,990
29,903
29,800
29,755
29,773
29,856
29,968
29,896
29,991
30,078
30,287
30,749
30,110
29,784
Reserve Bank credit outstanding
U.S. Govt. securities
DisHeld counts
Ali
Bought under and Float other*
Total out- repur- adright chase vances
agreement
Period
Averages
of daily
figures
Week ending:
1954
468
Jan. 6 . . . . 25,786 25,318
120
Jan. 13 . . . ?S 438 25,318
25,316 25,316
Jan. 20
24,958 24,958
Jan. 27
24.662 24,654
8
Feb. 3
66
Feb. 1 0 . . . . 24,869 24,803
89
24,895 24,806
Feb. 17
Feb. 2 4 . . . . 24,723 24,723
24,523 24,523
Mar. 3
14
24,676 2.4,662
Mar. 10
4
24.633 24,629
Mar. 17
24
Mar. 2 4 . . . . 24,621 24,597
13
24,649 24,636
Mar. 31
24,632 24,632
Apr. 7
Apr. 14. . . . 24,643 24,632
Apr. 2 1 . . . . 24,632 24,632 ""ii
Apr. 2 8 . . . . 24,632 24,632
May 5 . . . . 24,632 24,632
24,652 24,632 " " 2 6
May 12
19
24,659 24,640
May 19
May 2 6 . . . . 24,709 24,709
June 2 . . . . 24,812 24,812
June 9 . . . . 24,960 24,960
June 16. . . . 24,955 24,955
25,018 24,986 " " 3 2
June 23
133
June 3 0 . . . . 25,113 24,980
44
July 7 . . . . 25,082 25,038
24,912 24,9.12
Julv 14
July 21
24,765 24,765
July 28
24,517 24,517
24,325 24,325
AUR. 4
24,040 24,023 " " * • j 7
Aug. 11
104
23,980 23,876
Aug. 18
66
23,813 23,747
Aug. 25
93
23.938 23,845
Sept. 1
36
Sept. 8 . . . . 24.013 23,977
24,035 24,035
Sept. 15
Sept. 2 2 . . . . 23,789 23,789
Sept. 29'. '. . '.23,868 23|868
Oct. 6 . . . . 24,492 24,492
25
Oct. 13
24,606 24,581
24,487 24,456
Oct. 20
31
24,381 24,381
Oct. 27
Nov. 3
16
24,464 24,448
9
24,754 24,745
Nov. 10
24,685 24.685
Nov. 17
Nov. 2 4 . . . . 24,553 24,553
Dec. 1
24,722 24,715
7
2
Dec. 8 . . . . 24,891 24.889
31
24,919 24,888
Dec. 15
Dec. 22
24.928 24,888
40
30
24,918 24,888
Dec. 29
1955
44
24,918 24,874
Jan. 5
21
24,532 24,511
Jan. 12
27
24,155 24,128
Jan. 19
12
23,683 23,671
Jan. 26
8
?1 852 23,844
Feb. 2.
Feb. 9
24,016 23,902
1J 4
81
Feb. 1 6 . . . . 23.908 23,827
Feb. 23
23,732 23,732
Monthly:
1954-Feb... 24,770 24,729
41
13
Mar.. . 24,633 24,620
3
Apr. .. 24,635 24,632
9
May. . 24,689 24,680
J u n e . . 24,998 24,960
38
10
July... 24,771 24,761
59
Aug... 23,989 23,930
13
Sept... 23,941 23,928
13
O c t . . . 24,485 24,472
7
Nov... 24,661 24,654
29
D e c . . . 24,917 24,888
18
1955-Jan... 24,200 24,182
51
F e b . . . 23,838 23,787
^Preliminary.
MARCH
1955
111
155
87
91
987
775
940
880
2
2
2
2
226
375
316
215
558
552
702
796
2
2
2
2
282
256
186
177
190
738
684
689
766
703
2
2
2
2
2
153
156
141
148
583
597
955
672
2
1
1
1
158
184
143
164
634
541
739
638
1
1
1
1
216
170
142
194
157
613
670
665
920
630
1
j
i
i
I
71
68
73
168
675
710
833
590
1
1
1
1
175
287
229
178
653
598
723
698
1
1
1
1
185
147
189
141
191
576
598
714
977
627
1
i
1
l
1
179
259
284
257
667
599
927
721
l
1
1
i
355
277
271
300
617
669
751
1
1
3
1
1,046
498
465
442
3J1
377
698
724
810
1,373
1,138
1
1
1
1
i
372
504
445
453
885
756
881
806
1
1
1
1
524
555
387
395
666
640
668
804
1
1
1
308
205
151
172
166
104
210
170
254
345
407
444
473
667
712
696
640
710
695
654
725
720
769
992
805
710
(3)
2
2
1
1
1
1
1
1
405
408
398
346
295
20,194
19,978
20,566
20,374
830 19,487
829 19,659
864 19,569
912 19,569
909 19,382
908 19,441
912 19,744
918 19,697
918 19,492
936 19,300
935 19,194
933 19,384
920 19,630
850 19,490
848 19,418
862 19,506
880 19,690
878 19,555
877 19,805
910 19,934
998 19,818
996 19,188
986 19,377
986 19,166
983 19,261
963 19,036
908 18,698
905 18,586
914 18,525
927 18,353
926 18,346
923 18,336
925 18,373
93 i 18,596
933 18,250
948 18,756
950 18,832
950 19,136
949 18,895
895 18,810
886 19,364
883 19,306
882 19,205
881 19,052
877 19,162
891 19,241
975 19,512
976 19,250
19,367
19,199
19,292
19,236
19,059
18,986
18,916
18,867
18,831
18,765
19,018
19,017
18,759
18,595
18,595
18,612
18,654
18,769
13,708
18,785
18,924
18,912
18,885
19,043
18,958
18,349
18,419
18,404
18,356
18,347
17,666
17,688
17,662
17,627
17,603
17,556
17,591
17,691
17,663
17,894
18.201
18J269
18,224
18,233
18,244
18,423
18,524
18,464
18,444
18,555
18,690
18,630
527
493
516
422
413
409
413
280
916
905
902
901
441
419
480
458
486
899
895
913
959
19,263
19,130
19,176
19,074
18,952
19,000
18,806
18,716
18,580
18,436
18,383
18,429
18,361
18,272
Pi8.239
P18.124
429
352
427
412
321
409
464
433
444
393
870
913
926
864
941
973
916
929
944
883
929
903
927
19,557
19,573
19,392
19,533
19,670
19,164
18,478
18,403
18,893
19,207
19.279
19,114
18,819
18,925
18,881
18,627
18,817
18,813
18,329
17,638
17,628
18,173
18,393
18,576
18,432
769
771
773
788
328
334
12
46
431
469
449
466
525
444
425
322
799
807
811
815
405
589
627
558
450
458
488
461
372
371
503
448
817
818
816
806
809
517
566
242
487
670
481
460
530
505
486
413
385
289
317
399
819
823
831
827
526
650
680
495
507
503
461
456
399
379
574
388
826
829
838
829
586
453
551
397
503
572
532
500
351
370
411
437
827
8/3
813
806
812
452
342
341
757
1,010
521
549
549
547
579
458
358
227
296
384
821
811
807
806
464
392
499
551
588
765
651
569
413
359
428
420
802
803
805
807
742
584
558
566
526
544
579
557
455
430
452
450
808
802
795
793
795
551
479
558
446
652
465
518
559
514
511
516
428
432
435
437
793
790
796
801
676
594
570
567
484
466
443
442
452
472
440
411
806
796
799
800
669
362
397
576
432
423
425
409
472
394
324
399
806
806
812
800
801
605
535
363
345
453
396
361
405
443
523
804
83 4
818
827
449
378
275
272
834
827
824
825
431
472
399
490
447
486
390
811
813
825
830
815
810
806
796
797
800
805
819
826
568
490
584
486
602
498
591
541
610
492
443
341
477
470
494
481
531
553
632
536
522
455
416
439
477
420
365
383
473
838
837
834
832
827
779
1,274
1,138
428
673
653
702
551
676
726
680
733
705
599
772
976
721
710
721
766
643
920
891
860
839
958
762
905
689
1,032
898
863
726
743
780
779
905
587
862
631
867
671
577
1,120
883
681
588
71S
686
822
620
683
694
793
645
591
728
P567
P592
632
692
765
716
857
835
840
775
720
814
703
682
For footnotes see following page.
275
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
Float oth- Total
Bought repur- and
adTotal out- chase vances
right agreement
Deposits, other
than member bank
Member bank
reserve
balances, Other
reserve balances
Treaswith
F.
R.
Banks
Fedury Money Treaseral
ury
in
ReGold curcash
cirserve
stock rency
out- cula- hold- Treas- For- Oth- acings
stand- tion
er
ury
eign
Ex-2
Reing
de- counts Total
dedequired 2 cess
posits posits posits
Midyear or
year-end:
1929—June.
1933—June.
1939—Dec.
1941—Dec.
1945—Dec.
1947—Dec.
1949—Dec.
1950—Dec.
1951—Dec.
1952—Dec.
1953—June.
Dec.
216
1,998
2,484
2,254
24,262
22,559
18,885
20,778
23,801
24,697
24,746
25,916
148
1,998
2,484
2,254
24,262
22,559
18,885
20,725
23,605
24,034
24,718
25,318
52
68 1,037
164
4
7
91
94
3
578
249
535
85
534
78
53
67 1,368
196
19 1,184
663
156
967
64
601
28
28
598
935
1,400 4,037
2,220 4,031
2,593 17,644
2,361 22,737
25,091 20,065
23,181 22,754
19,499 24,427
22,216 22,706
25,009 22,695
25,825 23,187
25,414 22,463
26,880 22,030
2,019 4,459
2,286 5,434
2,963 7,598
3,247 11,160
4,339 28,515
4,562 28,868
4,598 27,600
4,636 27,741
4,709 29,206
4,812 30,433
4,854 30,125
4,894 30,781
204
264
2,409
2,215
2,287
1,336
1,312
1,293
1,270
1,270
1,259
761
36
35
634
867
977
870
821
668
247
389
132
346
6
15
397
774
862
392
767
895
526
550
527
423
151
256
586
446
569
750
565
363
455
176
493
374 2,356
346 2,292
251 11,653
291 12,450
495 15,915
563 17,899
706 16,568
714 17,681
746 20,056
777 19,950
951 19,561
839 20,160
23
2 , 333
1, 817
475
6 , 444 5,209
9 , 365 3,085
14, 457 1,458
16, 400 1,499
1 5 , 550 1,018
16, 509 1,172
389
19, 667
2 0 , 520 -570
102
19, 459
763
19, 397
24,509
24,632
24,632
24,812
25,037
24,325
24,023
24,270
24,381
24,888
24,932
24,509
24,632
24,632
24,81.2
25,037
24,325
23,894
24,270
24,381
24,888
24,888
350
147
172
245
37
184
200
132
297
398
143
827
535
576
723
567
672
473
779
721
657
808
25,688 21,958
25,316 21,965
25,382 21,969
25,781 21,973
25,642 21,927
25,183 21,908
24,696 21,809
25,183 21,810
25,401 21,759
25,944 21,710
25,885 21,713
4,913 29,904
4,935 29,707
4,951 29,735
4,957 29,870
4,959 29,922
4,960 29,892
4,966 29,929
4,972 29,985
4,977 30,074
4,982 30,500
4,985 "",509
30
811
819
819
820
811
798
811
786
806
800
796
542
722
579
408
875
716
511
704
729
694
563
490
494
471
527
545
533
477
461
426
397
490
491
363
321
645
377
503
501
422
496
381
441
909 19,412
917 19,194
850 19,528
878 19,563
988 19,011
908 18,702
925 18,316
931 18,676
884 18,722
880 18,985
907 18,876
18,
18,
18,
18,
18,
17,
17,
17,
18,
18,
18,
821
689
844
891
412
763
572
724
251
467
618
591
505
684
672
599
939
744
952
471
518
258
475
485
600
678
24,960 21,714 4,989 29,789
24,769 P21.716 P4.995 P29.812
837
360
564
441
320
419
433
899 18,918 1 8 , 337
957 18,562 P18, 152
581
P410
End of
month:
1954
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
Jan
Feb
129
1955
23,885 23,882
23,605 23,605
Wednesday
24,{
24,888
24,932
24,888
24,951
24,888
24,888
24,£ "
24,888
24,£~
24,838
24,524
23,909
23,674
24,838
24,497
23,899
23,671
23,926
24,016
23,732
23,732
23,902
23,902
23,732
23,732
27
10
3
24
114
377
699
345
624
364 1,191
264 1,328
565
854
25,965 21 ,710
25,858 21,711
26,487 21,711
26,481 21,712
26,371 21,712
4, 982 30,504
4,982 30,697
4,981 30,773
4,982 30,946
4,984 30,638
813
818
807
80S
809
742
350
333
310
465
386
358
405
450
577
390
380
324
319
370
879
876
975
975
975
18,944
19,073
19,562
19,367
19,233
18
18
18
18
18
452
472
611
699
639
492
601
951
668
594
358 1,010
537
678
298
875
446
607
26,207 21,712
25,739 21,713
25,082 21,714
728 21,714
24,^""
4,984 30,434
4,984 30,196
4,985 29,959
4,985 29,752
813
821
827
834
222
457
160
396
564
503
475
434
401
387
391
220
905
904
902
901
19,566
19,170
19,066
18,890
18
18
18
18
565
389
415
440
1,001
781
651
450
680
335
535
392
25,262 21,714
24,873 21,715
25,071 21,715
24,668 21,716
4,988
4,989
4,989
4,99:
834
830
830
828
503
307
495
554
419
471
428
329
455
457
419
432
898
895
958
960
19,099 18 369
18.838 18 233
18,903 P 1 8 220
18,479 P18
P 091
730
605
P683
P388
655
522
803
544
29,758
29,779
29,743
29,793
J1» Preliminary.
Includes industrial loans and acceptances purchased, which are shown separately in subsequent tables.
2
These figures are estimated.
3
Less than $500,000.
Back figures.—See Banking and Monetary Statistics, Tables 101-103, pp. 369-394; for description, see pp. 360-366 in the same publication.
MARGIN REQUIREMENTS ]
[Per cent of market value]
MAXIMUM RATES ON TIME DEPOSITS
[Per cent per annum]
Nov. 1, 1933- Feb. 1, 1935- Effective
Jan. 31, 1935 Dec. 31, 1935 Jan. 1, 1936
Savings deposits
Postal Savings deposits
Other deposits payable:
In 6 months or more
In 90 days to 6 months... .
In less than 90 clays
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.
276
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
Tan. 17, Feb. 20,
19531951Feb. 20, Jan. 4,
1955
1953
Effective
Jan. 4,
1955
75
75
50
50
60
60
75
50
60
1
Regulations T and U limit the amount of credit that may be extended on a security by prescribing a maximum loan value, which is a
specified percentage of its market value at the time of extension; the
"margin requirements" shown in this table are the difference between
the market value (100%) and the maximum loan value. Changes on
Feb. 20, 1953, and Jan. 4, 1955, were effective after the close of business
on those dates.
Back figures.—See Banking and Monetary Statistics, Table 145, p. 504,
and Annual Report for 1948, p. 77, and 1953, p. 76.
FEDERAL RESERVE BULLETIN
FEDERAL RESERVE BANK DISCOUNT RATES
[Per cent per annum]
Discounts for and advances to member banks
Federal Reserve Bank
Advances secured by Government
obligations and discounts of and
advances secured by eligible paper
(Sees. 13 and 13a)*
Rate on
Feb. 28
Boston
New York., .,
Philadelohia. .
Cleveland
Richmond.. ..
Atlanta
Chicago
St. Louis
Minneapolis. .
Kansas City. .
Dallas
San Francisco
Previous
rate
In effect
beginning—
Aor.
Apr.
May
Apr.
May
May
Apr.
Apr,
Apr,
Apr.
Apr.
Apr.
Advances to individuals,
partnerships, or corporations other than member
banks secured by direct
obligations of the U. S.
(last par. Sec. 13)
Other secured advances
[Sec. 10(b)]
Rate on
Feb. 28
27, 1954
16, 1954
21, 1954
23, 1954
15, 1954
15, 1954
14. 1954
23, 1954
29, 1954
23, 1954
23, 1934
16, 1954
2
2
2
2
2
2
2
2
hi
2
In effect
beginning—
Rate on
Feb. 28
Previous
rate
Apr. 27, 1954
Apr. 16, 1954
May 21, 1954
Apr. 23, 1954
May 15, 1954
May 15, 1954
Sept. 13, 1954
Anr. 23, 1954
Apr. 29, 1954
Feb. 12, 1954
Apr, 23, 1954
Apr. 16, 1954
In effect
beginning—
Previous
rate
2M
2M
3
3
3 "
hi
3
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 day3 for discounts and advances under Sections 13 and. *3a.
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 ate
limited to maximum maturities of 15 days; 4 months for advances under Section 10(b). Advances to individuals, Darinersbips, or corporations
tinder the last paragraph of Section 13: 90 days. Back figures.—See Banking and Monetary Statistics, Tables 115-116, pp. 439-443.
FEDERAL RESERVE BANK BUYING RATES ON
ACCEPTANCES
[Per cent per annum 1
Rate on
Fob. 28
Maturity
1- 90 davs
91-120 davs
121-180 days
I Vs.
\K
In effect beginning—
Tan. 13, 1955
Jan. 13, 1955
Jan. 13, 1955
VA
IK
IK
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 financing institutions
On discounts or
Federal
Reserve
Bank
purchases
On
loans 1
On
commit- Portion
ments for which
institution is
obligated
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis....
Kansas City
Dallas
San Francisco...
3-5 J*
3-5>£
23J-5
2H-s
2M-5
2H-5
3-5
3-5M
2H-5
3-5K
Remaining
portion
On
commitments
2
()
§
2^-5
(8)
(8)
(8)
(8)
institutions.
Rate charged borrower.
Rate charged borrower but not
to Bexceed 1 per cent above the discount rate.
Charge of 3^ per cent per annum is made on undisbursed portion
of 6loan.
Charge of 34 P e r cent per annum is made on undisbursed portion
of loan.
Back figures.—See Banking and Monetary Statistics, Table 118, pp.
446-447.
1955
Effective date
of change
1917 - J u n e
1936—AUR.
1937—Mar.
May
1938—Apr.
1941— Nov.
1942—An c;.
Sept.
Oct.
1948—Feb.
June
Sept.
Sept.
1949—May
May
June
July
Aug.
21
16
1
1
16
1
20
14
3
27
11
16
24
1
5
30
\
1
AUK. 1.1
Aug. 16
AUK. ?8
AIIR. 25
Sept.
1951—Jan.
Jan.
Tan.
Feb.
1953—July
July
1954—June
1.
11
16
25
1
1
9
16
JUDO 24
(•)
#
1
Including loans made in participation with financing
3
Rate charged borrower less commitment
rate.
8
4
MARCH
Xet demand deposits 1
Previous
rate
NOTE.—Effective minimum buying rates on prime bankers' acceptances payable in dollars. Back figures.—See Banking and Monetary
Statistics, Table 117, pp. 443-445.
To industrial or
commercial
businesses
MEMBER BANK RESERVE REQUIREMENTS
Per cent of deposits!
July 29
Aug. 1
In effect Mar. I, 19551.
Central
reserve
city
banks
13
22 K
26
22K
26
24
22
20
Reserve
city
banks
Country
banks
10
15
17
20
Time
deposits
(all
member
banks)
14
12
14
20
16
26
24
21
20
- i""'ii'
23
22
23
»6
2
6
18
19
-"'6
13
'24'''
2
6
' i -i
21
20
12
20
18
.1
12
1
Demand deposits subject to reserve requirements, which beginning
Aug. 23, 1935, have been total demand deposits minus cash items
in process of collection and demand balances due from domestic banks
(also minus war loan and series E bond accounts during the period
Apr.
13, 1943-June 30, 1947).
2
Requirement became effective at country banks.
3
Requirement became effective at central reserve and reserve city
banks.
4
Present legal minimum and maximum requirements on net demand
deposits—central reserve cities, 13 and 26 per cent; reserve cities,
10 and 20 per cent; country, 7 and 14 per cent, respectively; on time
deposits at all member banks, 3 and 6 per cent, respectively.
277
MEMBER BANK RESERVES AND BORROWINGS
"Averages of daily figures.
Month, or
week ending Wednesday
All
member
banks
Central reserve
city banks
New
York
Chicago
Reserve
city
banks
In millions of dollars]
Month, or
week ending YVednesday
Country
banks
Central reserve
city banks
All
member
banks
New
York
Country
banks
87
85
162
110
91
87
579
594
621
633
602
584
7
2
-4
104
71
83
105
66
64
667
577
491
578
273
178
58
84
!17
124
111
104
'42
43
52
55
82
149
197
210
137
180
59
5.1
75
56
76
67
Chicago
Excess reserves: 1
Total reserves held:
1953—November
December
1954—Tanuarv
November
December
1955—Januarv
19,718
19,920
20,179
19,207
19,279
19,114
4,730
4,762
4,863
4,507
4,508
4,410
1,288
1,295
,320
1,212
1,210
1,203
7,849
7,962
8,065
7,852
7,927
7,881
5,852
5,901
5,932
5,636
5,634
5,619
1953—November
December
1954—Tanuarv
November
December
1955—Tanuarv
684
693
936
814
704
682
19
14
146
59
12
8
Tan.
Jan.
Feb.
Feb.
Feb.
Feb.
19,176
19,074
18,952
19.000
18,806
18,716
4,372
4,393
4,415
4,418
4 373
4,347
1,202
1,188
. 900
1 ,200
1,182
1,177
7,895
7,869
7,817
7 ,773
7,739
7,685
5,707
5,(525
5,520
5,608
5.51.1
5,506
Jan.
Tan.
Feb.
Feb.
Feb.
Feb.
793
646
591
727
P591
18
3
17
37
8
45
19
26
2
9
16
23
Required reserves:'
Reserve
city
banks
P566
7
11
-1
3
4
r
P490
P486
Borrowings at Federal
Reserve Banks:
2
1953—November
December
1954—January
November
December
1955—Januarv
19,034
19,227
Jan.
Jan.
Feb.
Feb.
Feb.
Feb
18,393
13,576
18,432
4,711
4,748
4, 7! 7
4,447
4,497
4,402
1,288
1,295
1 ,313
1,200
1,210
1 ,200
7,762
7,877
7.903
7,742
7,836
7,794
18,383
18,429
18,361
18,272
•"1.8.239
PI 8.124
4,354
4.390
4,398
4.381
4,364
4.302
1 ,198
1,193
1 ,200
1,193
1,180
1 ,181
7.791 5.040
7,798 5,048
7,734 5,029
7,668 5,030
7,673 P.5,022
7,621 P5.020
10.243
19
26....
2
9
.16
?3
19
26
2
9
16
23
i
5,272
5,307
5,311
5,003
5,032
5,036
1953—November
December
1954—Tanuarv
November
December
1955—January
486
434
78
115
MOO
164
246
313
32
62
77
24
37
1
7
15
57
Jan.
Tan.
Feb.
Feb.
Feb.
Feb.
312
325
401
435
267
273
90
76
84
118
24
16
81
49
45
51
30
10
19. .
26
2
9
16
23
r
P1 Prel iminary.
Revised.
Weekly figures of required and excess reserves of all member banks and of country banks are estimates.
2
See table on preceding page for changes in reserve requirements.
NOTE.—Monthly and weekly data for the full year 1954 are shown on pp. 210-211 of the BULLETIN for February 1955.
Back figures.—See Banking and Monetary Statistics, pp. 396-399.
DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER BANKS
[Averages of daily figures.1 Iu millions of dollars]
Item
All
member
banks
Central reserve
city banks
New
York
Reserve
city
banks
Chicago
Country
banks
All
member
banks
Demand balances due from domestic banks.. .
Reserves with Federal Reserve Banks:
Total
Required 3
Kxcess
Borrowings at Federal Reserve Banks
Chicago
New
York
Reserve
city
banks
Country
banks
January 1954
January 1955
Gross demand deposits:
Total
Interbank
Other
Netdemand deposits 2
Time^deposits
Central reserve
city banks
40,152 111,052
13,461
1,421
38,731 97,591
3 A,1*4 96 003
18,770 36,247
23,121
4.1.71
18,950
20.639
2,944
6,278 43.201
1 ,328
6,688
A . 950 36,512
5 ,626 37,072
1,246
14,320
38.453
1 ,274
37,178
32.667
17,737
115,]63
13,638
101,525
99,851
39,416
23,587
4,185
19,403
21 , H 9
3,565
6,316
1 ,245
5.071
5,672
1,317
45,108
6,788
38,320
38,919
15,764
6,937
51
119
2,086
4,681
6,890
51
129
2,153
4,556
19,114
18,432
682
4,410
4,402
8
1 ,203
1,200
3
7,881
7,794
87
5,619
5,036
584
20,179
19,243
936
4,863
4,717
1 ,320
1,313
7
8.065
7,903
162
5,932
5,311
621
3.13
77
124
55
'100
1
58
'42
57
146
•"Revised.
1
Averages of daily closing figures for reserves and borrowings and of daily opening figures for other items, inasmuch as reserves required are
based2 on deposits at opening of business.
Demand deposits subject to reserve requirements, i. e., gross demand deposits minus cash items reported as in process of collection and.
demand
balances due from domestic banks.
3
See table on preceding page for changes in reserve requirements.
278
FEDERAL RESERVE BULLETIN
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS
[In thousands of dollars]
Wednesday figures
Item
End of month
1955
Feb. 23
Assets
Feb.16
Feb. 9
1955
Feb. 2
Jan. 26
Feb.
1954
Jan.
Feb.
Gold certificates
Redemption fund for F. R. notes. .
20,174,102 20,174,102 20,174,103 20,174,102 20,174,101 20,174,101 20,174,103 20,389,102
860,937
861,272
857,766
863,797
863,798
863,796
880,653
857,767
Total gold certificate reserves.
21,031,869 21,035,039 21,035,375 21,037,899 21 ,037,899 21 ,031,867 21,037,899 21,269,755
F. R. notes of other Banks...
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
215.032
455,093
212,840
459,676
212,679
470,363
237,798
461,798
199,146
445,127
211,568
467,535
182,856
459,656
415,214
120,000
517
215,055
120,000
521
560,229
120,000
577
321,004
125,000
482
378,743
354,621
335,277
15,000
1,010,644 1,010,644 1,180,644 1,180,644
949,744
883,244 1,160,144 1,787,775
9,960,141 9,960,141 13,882,341 13,882,341
9,959,471 9.959,471 6,037,271 6,037,271
2,801,750 2,801,750 2,801,750 2,801,750
882,34.1 9,960,
037,271 9,959,
801,750 2,801,750
882,341 6,051,191
037,271 13,029,021
801,750 3,641,150
671 ,106 23,604,606
3,000
881.506 24,509,137
3,000
196,297
439,748
274,871
116.667
430
Total bought outright
Held under repurchase agreement.
Total U. S. Government securities.
Total loans and securities
23,732,006 23,732,006 23,902,006
114.000
106.667
534
120,000
619
1 ,772
23,732,006 23,732 ,006 24,016,006 23,926,006 23,674,106 23.604, 606 23,884,506 24,509,137
24,123,974 24,267,737 24,35.1 ,582 24,606,812 24,130,592 24,090, 50 24,359,746 24,861,186
22
22
22
22
3,870,950 4,750,621 3,634,689 3,889.315
Due from foreign banks.
Uncollected cash items. .
Bank premises
Other assets
55,500
125,336
Total assets
Liabilities
Federal Reserve notes
Deposits:
Member bank—reserve accounts..
U. S. Treasurer—general account.
Foreign
Other
55,546
119,436
55,406
176,934
7
169,965
22
22
22
22
,977.898 3,489 , 899 ,326,401 3,723,526
54.981
55 .432
54,915
52,815
163,159
129 ,925
167,560
142,139
49,843,696 50,898,526 49,926,524 50,442,372 50,054,147 49,441.968
50,691,955
25,581,868 25,573,564 25,613,682 25 ,609,959 25,623 ,998 25 ,608,616
,639,658125,756,835
18.479,458 18,903,039 18,838,
306,
553,863
494,625
470,
328,979
427,600
431,748
418,603
457,
19,099.110 18,890,240 18, 561,754 .18 91.8,221 19..412,387
395,657
502,858
564,049
359,803
541,544
418,887
434.195
319,784
44.1 .059
489.792
454,641
220,294
433,30S
419,370
490,653
19,794,048 20,243,867 20,072,739 20,475 ,496 19,940.386 19,878,895 20,138,453 20,934,376
Total deposits.
Deferred availability cash items
,
Other liabilities and accrued dividends.
3,327,199 3,947,722 3,112
15,891
14,04
13
48,719,006 49,779,200 48,813,054
Total liabilities.
Capital Accounts
Capital paid in
Surplus ("Section 7)
Surplus (Section 13b)
Other capital accounts
293.202
060,901
27,543
143,044
Total liabilities and capital accounts.
Ratio of gold certificate reserves to deposit and
F. R, note liabilities combined (per cent)
Contingent liability on acceptances purchased
for foreign correspondents
Industrial loan commitments
292 ,117
660,901
27,543
138,765
291,001
660,90!
27,543
134,025
3,234,083 3,370,989
14,418
15,475
811,959 2.726,078
14,369
14,683
896.772
15,994
,333,956 48, 950,848 48,314,15348,518,558 49,603 ,9 7 7
290,534
660,901
27,543
129,438
290.166
660,901
27,543
124,689
293,065
660,90!
27,543
146,306
290,314
660,901
27,543
128,330
269,656
625,013
27,543
165,766
49,843,696 50.898,526 49,926,524 50,442,372 50,054.147 49,441, 968 49 ,625 , 646 50,691,955
25,901
3,330
45.9
46.0
45.6
46.2
25,095
3,245
23,842
3,242
23,388
3,193
21,455
3,288
46.0
28,154
3,191
22,989
3,151
9.741
3,146
Maturity Distribution ol Loans and U. S. Government Securities1
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 i year
Over I 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
391.538
265,255
59,596
535.214
378,268
76,926
80,0201
5171
335,055
220,414
680,229
446,004
301,100
64,864
80,040
66,687
482
521.
430
85
16
i5\
15
99
93
93
96
99
394
334
339
225
244
73
73
72
73
72
23,732,006 23,732,006 24 ,016,006 23 926,006 23,674,106 23
320,100
274,794
337,694
173,000
286,800
986,544
941,850 4,627,050
524,010 2,410,210
507,398 11,507,398 13,193,764 13,193,764 13,193,764
087,127
087,127
099,127 ,099,127 ,087,127
013,614
013,614
013,614 ,013,614 ,013,614
414,857
414,857 ,414,857 ,414,857
414,857
34,621
80,020
481,660
118,529
80,040
577
17
,410
474.621
350,277
315 ,890
329,067
329,012
102 ,792
65.514
21,265
66 ,728
80.040
534
619
17
17
266
102
100
391
343
429
1,041
72
73
74
604 , 60623,884,506 24 ,509,137
9? , 600 115,694
262,700
477 ,010
059,450
,525,075
507 ,398 13,193,764
,874,141
099 ,127
087,127
,057,964
013 ,614
013,614
,374,400
414 ,857
414,857
,414,857
1
Securities held under repurchase agreement are classified as maturing within 15 days in accordance with maximum maturity of the agreements.
MARCH
1955
279
STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON FEBRUARY 28, 1955
[In thousands of dollars]
Item
Total
Xe-.v
York
Boston
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.#
Louis
Kansas
City
Minneapolis
San
Francisco
Dallas
Assets
Gold certificates. 20,174,101
Redemption fund
857,766
for K. R. not<»s.
988,010
5,350,239 1,236,961 1,750,700 1,149,896
53,216
182,050
58,042
76,277
866,456 3,618,082
783,884
407,719
793,329
143,243
46,900
24,533
39,569
432,252
832,898
3,097
9,296
4,181
14.746
8,694
15.700
11,975
48,235
1 7,995
2,667
93
43,825
4,087
13,700
5,013
18,475
10,987
72,034
53,423
Total gold certificate reserves. . .''.1,031,867 1,041,226 5,532,289 1,295,003 1,826,977 1,221,930 919,879 3,761,325 830,784
F. R. notes or
199,146
8,735
34,456
11,742
9,685
71,997
12,850
6,508
15,226
other Ranks...
4-1-5.J 27
34,903
98,751
17,286
47,725
22,789
40,83-1
69,991
24,871
Other cash
Discounts and
advances:
Secured bv
U. S. Govt.
378,245
15,680
66,010
28.620
16,580
13,885
26,375 105,050
12,050
securities. . .
107,165
6,456
31,14-7
7,787
9,707
5,333
4,587
15,341
4 053
Other
441
534
Industrial loans .
U. S. Government
securities:
Bought out23,604,606 1,302,455 6,029,372 1,436,529 2,023,080 1,390,264 1,202,206 4,126,510 987,735
right
Held under
repurchase
agreement...
1
Total loans and
24,090,550
1,324,591 6,126,529 1,473,377 2,049,367 1,409,482 1,233,168 4,216,901 1,003.838
securities
Due from foreign
banks
22
1
16
2
2
1
1
3
1
Uncollected cash
814,963 2,413,862
28,593
79,886
843,556 2,493,748
579,658 1,018,397
927,519 2,580,881
600,413 1,066,309
946,232 2,610,343
•
Bank premises.. .
Other assets
Total assets
3 489 899
55,432
1.29,925
290 569
5,868
6,772
688 870
7,121
31,481
228 651
5,304
7,457
312 90S
5,244
11,099
244,016
4,458
7,545
254 474
3,852
7,263
573 501
6,245
23,936
131 983
2,822
5,659
1
1
1
2
83 320
998
3,046
182,440
2,986
5,481
169,577
1,262
6,077
329,590
9,272
14,109
19,4+1,968 2,712,665 12,519,503 3,038,822 4,266,172 2,919,906 2,531,468 8,697,128 2,006,466 1,132,423 2,109,042 1,991,099 5,517,274
Liabilities
25,608,616 1,556,736 5,773,323 1,802,268 2,352,170 1,826,540 1,336,021 4,972,160 1,154,405
F. R. notes
Deposits:
Member bk.—
reserve accts. 18,561,754 743,042 5,412,361 845,783 1,396,365 768,313 906,081 3,059,526 667,629
U. S. Treas,—
564,049
47,759
50,260
46,008
92,768
25,894
47.388
46,417
47,499
gen. acct.. . .
2
319,784
18,960
96,03 8
23,068
28,756
15,800
13,588
44,240
12,008
Foreign
433,308
3,228
351,980
9,719
6,365
2,237
1,386
3,1.41
6,848
Other
568,334 1,017,315
Total deposits. . . 19,878,895
Deferred availabilitv
cash
2,811,959
items
Other liabilities
and accrued
14,683
dividends
812,989
5,907,767
274,123
514,798
736
4,030
424,522
33,723
7,900
1,937
720,667 2,528,677
863,832 1,026,988 2,447,312
42,354
12,008
4,007
31,498
14,852
1,414
52,481
32,566
A1,046
922,201 1,074,752 2,573,405
928,830 1,477,494
832,767
968,554 3,199,675
712,379
468,082
224,978
332,628
200,556
175,228
364,120
94,4-85
65,951
124,687
142,166
298,239
822
1,761
598
610
2,724
489
562
544
506
1,301
Total liabilities. . •18,314,153 2,644,584 12,199,918 2,956,898 4,164,053 2,860,461 2,480,413 8,538,679 1,961,758 1,102,929 2,064,747 1,938,091 5,401,622
Capital
Accounts
Capital paid in . .
Surplus (Sec. 7). .
Surplus (Sec. 13b)
Other capital
accounts
Total
293,065
660,90!
2 7,543
15,159
40,309
3,011
90,858
188,070
7,319
19,345
47,773
4,489
27,824
60,222
1,006
13.074
33,480
3,349
12,625
29,480
762
38,860
95,566
1,429
10,100
26,619
521
6,482
16,918
1,073
1.1,208
24,755
1,137
14,970
29,985
1,307
32,560
66,724
2,140
.146,306
9,602
33,338
10,317
13,067
9,542
8,188
21,594
7,4(18
5,02.1
7,195
6,746
14,228
liabilities
49,441,968 2,712,665 12,519,503 3,038,822 •4,266,172 2,919,906 2,531,468 8,697,128 2,006,466 1,132,423 2,109,042 1,991,099 5,517,274
accounts
Reserve r a t i o . . . .
Contingent
bilitv on
ceptances
chased for
46.2%
43.9%
47.4%
47.4%
47.7%
45.9%
39.9%
46.0%
44.5%
41.7%.
42.9%
47.0%
984
647
984
1,217
48.9%
liaacpurfor-
spondents
Industrial loan
commitments..
28,154
3,226
1,554
39,81.7
1,891
2,357
1,295
1,114
3,626
299
598
35
99
15
2,668
2,180
1
Alter deducting $16,000 participations of other Federal Reserve Banks.
-After deducting $223,728,000 participations of other Federal Reserve Banks.
3
After deducting $18,337,000 participations of other Federal Reserve Banks.
280
FEDERAL RESERVE BULLETIN
FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS
F E D E R A L RESERVE BANKS C O M B I N E D
[In thousands of dollars]
Wednesday figures
End of month
1955
Feb. 23
F. R. notes outstanding (issued to Bank)
Collateral held against notes outstanding:
Gold certificates
Eligible paper
U. S. Government: securities
Feb. 16
Feb. 9
1954
1955
Feb. 2
Jan. 26
Jan.
Feb.
Feb.
26,603,738 26,633,280 26,675,052 26,784,965 26,902,252 26,589,577 26,821,154 26,938,131
1.1 ,208,000
139.139
17,065,000
Total collateral
11,208,000 11,208,000 11.208.000 1.1 .208.000 11,208,000
137.307
80.303
1.62.407
150.586
120.644
17,065,000 17,115,000 17,115,000 17,055,000 17.115,000
28,412,139 28,459,923 28,353,803 28,485,40i 28,460,307 28,423,586 28,443,644 28,540,640
EACH F E D E R A L RESERVE BANK ON FEBRUARY 28, 1955
[In thousands of dollars]
Item
Total
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
Minne- Kansas
apolis
City
Dallas
San
Francisco
F. R. notes outstanding (issued
26,589,577 1,639,833 5,949,731 1,875,642 2,491,974 1,890,515 1,393,658 5,082,991 1,204,486 613,621 ,0-14,938 765,248 2,636,940
to Rank)
Collateral held:
Gold certificates 11,208,000 640,000 2,670,000 800,000 1,050,000 675,000 500,000 2,400,001 355,000 1 75,000 280,000 283,000 1,380,000
.150,586
Eligible paper..
15,736
13,885
28,620
18,475
12,050 1 7,995 43,825,
U. S. Govt. se17,065,000 1,200,000 3,600,000 1,200,000 1,500,000 1,300,000 1,000,000 2,900,000 920,000 500,000 800,000 525,000 1,620,000
curities
Total collateral.. . 28,423,586
6,2 70,000 2fO28,62OJ2,55O,OOO 1,988,885 1,500,000 5,300,000 1,287,050 692,995 1,123,825 808,000 3,01.8,475
INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS
[Amounts in thousands of dollars]
End of
year or
month
1945
1946
1947
1948
1949
1950
195 i
1952
1953
Number
Participations
Apof financLoans Commitproved
ments
ing
instiout- 2
but not
outcom- standing
tutions
pleted J (amount) standing
out(amount) standing 3
(amount)
Amount
(am on ni)
3,511
3,542
3,574
3,607
3,649
3.698
3,736
3,753
3,765
544,961
565,913
586,726
615,653
629,326
651,389
710,931
766,492
803,429
February.. 3,765
3,766
March
3,767
April
3,767
Mav
3,768
June
3,768
July
3,768
August
September. 3,769
October. . . 3,769
November. 3,770
December . 3,771
320
4,577
945
335
539
4,819
3,513
1,638
1,951
1,995
554
1,387
995
2,178
2,632
4,687
3,921.
1,900
1,644
8,309
7,434
1,643
2,288
3,754
6,036
3,2.10
3,569
1,086
2,670
4,869
1,990
2,947
3,745
11,985
3,289
3,469
806,648
808,505
810.051
810.779
812,433
813,465
814,765
815,449
816,582
817,605
818,224
1,345
1,720
405
45
195
45
45
395
395
520
520
1,792
1,487
1,302
1,298
1 .247
1 i 130
630
991
812
652
719
3,145
2,957
2,891
2,373
2,395
2,354
2,794
1,943
1,896
1,898
1,148
3,344
2,666
2,412
1,869
1,855
1,812
1,773
1,559
1,343
1,202
1,027
End of
year or
month
1950
1951.
1952
1953
3,772
821,407
170
629
3,152
1955
Guaranteed
lot IIS
outstanding
Additional
amount
available to
borrowers
under guarantee agreements
outstanding
Amount
Total
amount
Portion
guaranteed
1, i 59
.1 ,294
31,326
1,395,444
2,i 24,123
2,358,387
8,017
675,459
979,428
804,686
6,265
546.597
803,132
666,205
8.299
472,827
586,303
363,667
1,304
1,310
1,316
1,322
1,324
1,331
1,342
1,350
1,355
1,357
1,361
1,367
2,377,628
2,380.186
2,399,321
2,406,651
2,408,226
2,420,326
2,443,021
2,457,689
2,477,939
2,478,939
2,481,669
2,499,634
788,320
772,647
737,605
684,631
664,122
640,636
604,750
559,859
546.930
527,074
504,708
471,947
652,706
640,121
612,265
569,551
552,738
534,695
502,902
466,039
455,618
416,713
395,388
367,694
347.969
355.056
321..619
347,823
330,408
299.465
311,191
300,676
295,805
283,510
266,798
272,903
1,370
2,501,179
454,209
347,008
264,549
Num.ber
62
854
1954
January...
February..
March....
Anril
May
June
July
August... .
September.
October. . .
November.
December.
January...
1,504
1
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.
Guaranteed loaus
authorized
to date
1955
1955
MARCH
[Amounts in thousands of dollars]
Applications
approved.
to date
1954
January...
LOANS GUARANTEED THROUGH FEDERAL RESERVE
BANKS UNDER REGULATION V, PURSUANT TO
DEFENSE PRODUCTION ACT OF 1950
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.
281
POSTAL SAVINGS SYSTEM
[In millions of dollars]
FEES AND RATES ESTABLISHED UNDER REGULATION V
ON LOANS GUARANTEED PURSUANT TO DEFENSE
PRODUCTION ACT OF 1950
[In effect February 28j
Assets
Depositors'
balances 1
Total
i 945—December.
1946--December,
i 947—December.
1948—December,
1949—December..
1950—December.
1951—December.
1952—December.
2,933
3,284
3,417
3,330
3,188
2,924
2.705
2,547
3,022
3,387
3,525
3,449
3,312
3,045
2,835
2,736
1953—October...
November.
December.
2,387
2,373
2,359
2,596
2,577
2,558
28
33
33
31
31
2,343
2,326
2,309
2,290
2,271
2,251
2,230
2,208
v>., 189
2,540
2,505
2,470
2,434
2,416
2,399
2,379
2,360
31
31
31
31
31
31
31
31
Fees Payable to Guaranteeing Agency by Financing Institution on
Guaranteed Portion of Loan
Percentage of
loan guaranteed
70 or less
75
Guarantee fee
(percentage of
interest payable
by borrower)
Percentage of
any commitment
fee charged
borrower
10
15
20
25
30
35
10
15
20
25
30
35
e.
80 . „ , „
85
90
95
Over 95
.
40-50
40-50
Maximum Rates Financing Institution May Charge Borrower
[Per cent per annum]
End of month
February..
March
April
May......
June
July
August. . .
September.
October...
November
December.
Interest rate
Commitment rate.
Cash
in
depository
banks
U. S.
Government
securities
Cash
reserve
funds,
etc.2
6
6
6
7
7
2,837
3.182
3.30S
3,244
3,118
2,868
2,644
2,551
179
200
212
198
187
166
n
1614
151
2,428
2,407
2,389
133
2,373
2,336
2,299
2,278
2,256
2,240
2,220
2,196
136
139
140
125
130
128
129
133
133
139
J»2,171
*2,154
P2.136
1955—January
P2.115
9 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 OH
bond investments, and miscellaneous receivables.
Back figures.—See Banking and Monetary Statistics, p. 519; for
description, see p, 508 in the same publication.
1
2
BANK DEBITS AND DEPOSIT TURNOVER
[Debits in millions of dollars]
Debits to demand deposit accounts,
except interbank and
U. S. Government accounts
Year or month
Annual rate of turnover of demand deposits except
interbank and U. S. Government deposits
Without seasonal adjustment
Seasonally adjusted2
New
York
City
6
other
centers 1
338 other
reporting
centers
New
York
City
1,103,720
1,227.476
1,206,293
1,380.112
1,54-2,554
1,642.853
1,759,069
1,887,366
327,490
382.760
406,790
398,464
443,216
446,224
509,340
544,367
597,815
632.801
738,925
194,751
200,202
218,477
246,739
270,912
260,897
298,564
336,885
349,904
385,831
390,066
326,320
341 502
391,817
458,517
513,348
499,172
572 208
661,302
695 133
740,436
758,375
22 3
24 1
25 1
23.8
26 9
27 9
31 1
31 9
34 4.
36 7
42.3
18
17
18
19
21
20
25 8
14
13
14
15
16
15
17
18
18
18
19
1953—December
168,596
65,367
35,557
67,672
43.1
26.8
19.7
38.1
25.6
18.7
1954—January
154,281
141,926
171,354
154,759
149,812
163,501
154,848
151,504
149,898
152,322
156,843
186,317
62,306
56,115
67,913
60,479
59,535
64,965
61,155
58,316
56,744
58,792
58,787
73,817
30,806
29,341
36,666
33,152
31,159
33,785
31,556
31,526
30,922
30,706
32,230
38,217
42.7
42.7
44.6
41.3
41.9
44 2
41.6
40.0
40.4
39 3
42.2
48.1
24.1
25.5
29.2
27.6
25.5
26 8
24.9
24.8
25.3
23 6
26.3
28.1
18.6
19.2
19.7
18.8
18.8
19 7
18.8
18.5
19.4
18 6
20.7
21.0
42.5
43.8
43.5
41.9
43.0
40 9
42.7
46.2
39.4
40 5
42.6
42.6
24.6
26.2
26.7
26.8
25.9
26 3
25.4
27.1
25.6
24 3
25.9
26.9
18.4
19.3
19.S
19.4
19.2
19 7
19,1
19.7
19.1
18 6
19.6
19.9
'•163,388
149,718
62,642
57,091
33,531
31,595
61,170
56,470
66,776
61,128
59,118
64,751
62,137
61,662
62,232
62,823
65,826
74,282
••67,215
61,032
42.0
41.9
25.4
P26.2
19.6
P19.5
41.8
43.0
25.9
P26.9
19.4
Total, all
reporting
centers
1944
1945 . . .
1946
1947
1948
1949
19*50
1951
1952 .
1953
1954
.
848.561
l, or/! 084
.
.
April
Mav
July
August
October
November
December
19SS—Tanuary
Februarv
. .
6
338 other
other reporting
centers 1 centers
3
5
3
7
6
9
?4 0
24 1
New
York
City
6
338 other
other reporting
centers1 centers
6
5
1
5
6
9
2
4
4
9
2
••Revised.
^Preliminary.
1
Boston, Philadelphia, Chicago, Detroit, San Francisco, and Los Angeles.
2
These data are compiled by the Federal Reserve Bank of New York.
NOTE.—For description of earlier series,, see Banking and Monetary Statistics, pp. 230-233; for description of reyision in 1942 see BULLETIN
for August 1943, p. 717; and for description of revision in 1953 covering the period beginning: 11943, see BULLETIN for April 1953, pp. 355-357.
282
FEDERAL RESERVE BULLETIN
U N I T E D STATES MONEY IN CIRCULATION BY DENOMINATIONS
[Outside Treasury and Federal Reserve Banks. In millions of dollars]
1939..
1940..
1941..
1942..
1943..
1944..
1945..
1946..
1947..
1943..
1949..
1950..
1951..
1952..
1953..
598
732
,160
,410
,449
,307
515
,952
,868
,224
,600
, 741
,206
433
781.
1954—February....
March
April
May
June
July
August
September...
October
November.. .
December. . .
29,904
29,707
29,735
29,870
29,922
29.892
29,929
29.985
30.074
30,500
30,509
1955—"January
29,789
Large denomination currency 2
Coin and small denomination currency 2
Total
in circulation l
End of year or
month
Unassorted
$20
Total
$50
$i.00
1,772
2,021
2,731
4,051
5,194
5,983
6,782
6,497
6,275
6,060
5.897
5,998
6,329
6,561
6,565
1,576
1,800
2;545
4; 096
5,705
7,224
9,201
9,310
9,119
8,846
8,512
8,529
9,177
9.696
9,819
2,048
2.489
3,044
3,837
5,580
7,730
7,834
8,518
8,850
8,698
8,578
8,438
8,678
8,985
9,146
460
538
724
1,019
1,481
1,996
327
492
548
494
435
422
544
669
2,732
919
1.112
1,433
1,910
2,912
4.153
4,220
4,771
5,070
5,074
5,056
5,043
5,207
5,447
5,531
191
227
261
287
407
555
454
438
428
400
382
368
355
343
333
425
523
5E6
586
749
990
801
783
782
707
689
5S8
556
512
486
2,021
2,010
2,006
2,036
2,023
2,016
2,023
2,034
2,049
2,091
2,098
6,363
6,304
6,325
6,375
6,377
6,366
6,361
6,378
6.400
6,524
6,450
9,512
9,431
9,443
9.496
9,551
9,364
9,578
9,561
9,56S
9,716
9,665
,999
.952
,936
,926
8,924
8,910
18,93.6
8,932
8,958
0.028
9,136
2,674 5.5G2
2,654 5,473
, 65 i 5,470
2,651 5,453
2,659 5,457
2,654 5,451
2 .653 .5,461
18 5,486
2,650 5,514
2,677 5,555
2,720 5,612
330
328
327
325
324
322
321
320
318
320
321
482
481
478
475
473
47.1
469
466
464
465
464
2,017
6,267
9,425
9,0! 4 2,673 5,550
317
460
Total
Coin
5,553
6,247
8,120
11.576
14,871
17,580
20,683
120.437
20,020
19,529
19,025
j19,305
J20.530
121,450
|2i .636
590
648
751
8S0
1,019
1,156
1,274
1,361
1 ,404
1,464
1,484
1,554
1,654
1,750
1,812
559
610
695
801
909
987
1,039
1,029
1,048
1 ,049
1,066
1,113
1,182
1,228
1,249
36
39
44
55
70
81
73
67
65
64
62
64
67
71
72
1,019
i , 129
1,355
1,69?
1,973
2,150
2,313
2,173
2,130
2,047
2,004
2.049
2,120
2,143
2,119
,908
.757
.799
,946
. 999
,984
,025
,054
,118
,473
,374
1,770
.1.776
i . 7S3
1,787
i , 795
1 793
1,801
1.811
1,819
1,836
1,834
1,170
1,166
1,173
1,182
1,183
1,174
1,183
1,200
1,212
1,236
1,256
70
70
70
69
71
70
70
70
70
71
71
1,808
1,191
71
20,777
$2
$10
$500 $ 1,000 $5,000 $10,000
20
30
24
9
9
10
7
8
5
5
4
4
4
4
4
32
60
46
25
22
24
24
26
.17
17
11
12
12
10
11
12
S
I
1
Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Fedora! Reserve Banks.
Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by tiie Treasury
as destroyed.
3
Paper currency only; $1 silver coins reported under coin.
Back figures.—See Banking and Monetary Statistics, Table 112, pp. 415-416.
3
UNITED STATES MONEY, OUTSTANDING AND IN CIRCULATION, BY KINDS
[On basis of circulation statement of United States money. In millions of dollars]
Ivloney in circulation 1
Money icld in the Treasury
Total outstanding. As,security
Jan.31/
against
1955
gold arid
silver
certificates
Gold
9'
Federal Reserve uoi.0"^
Treasury currency—tola'
2; 07'*
26 S ' i
4,989
7 -' A.
i\
Q73
For
Federal
Reserve
Banks and
agents
Treasury
cash
•A 9 i
2 . 1 74
;.s ? ?,?.?
1 /v-'
4-I4
1
* 2,3118
Subsidiary silver coin
\ l i n o r coi n
United States note?
National bank notes
'!'•')tal-- T;MI 3i i y ^ r .
Dec. 31, 1954
Inn. 31, 19">4
!
> f. ! 6
i 3<>3
8 2/2
78
1;7
—
•
—
-
•
•
c. 31.
954
•5 ~i
25 350
4,401
218
? 0r>6
.SO
7
1
".'•$ 4<i)
8 V7
] <>>
/3.483
23,681
796
793
18.217
18,459
> > )
'•> •%
,529
-
54
2, i 74
". '; >
69
(')
Jan. ?A,
1955
Jan. 31.
1954
:-'.')/!•;
•
Standard silver d o l l a r s . . . .
Silver bullion . .
Monev
held bv
Federal
Reserve
Banks a n d
agents
38
?
3(M
10 9
63
4. 676
4.523
4,869
?<) 7?j9
218
144
, 1 86
429
3! 1
"• 7 !
68
"
36
25 587
4.359
208
') 0'8
.1,' 149
418
306
1 37
71
, 509
29,981
1
Outside Treasury and Federal Reserve Banks. Includes any paper currency hold outside the conL.iuen.tal limits of the United .States. Totals
for other end-of-month dates are shown in table above: totals by weeks in table on p. 2 75.
2
Includes $156,039,431 held as reserve against United States notes and Treasury notes of 1890.
3
To avoid duplication, amount of silver dollars and bullion held as security against silver certificates and Treasury notes oi 1890 outstanding
s 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 nc special
5
significance and is not shown. See note for explanation of these duplications.
Less than 8500,000.
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 RevServe notes are obligations of the United States and a first lien on all the assets of the issuinss 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 ircludes 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.
M Alien 1955
2S3
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. In millions of dollars]
Asssets
Liabilities
&n& Capital
Other
securities
Total
assets,
Total
liabilities
and
capital,
net
Bank credit
E)ate
Gold
Treasury
currency
outstanding
U.S. Government obligations
Total
Loans,
net
29 ,049
25 ,5.11
128 ,4.17 101 ,288
107 ,086
81 ,199
96 ,560
72 ,894
97 , 808 71 ,343
06 ,266
70 ,783
100 ,008
72 ,740
OS 350 68 108
100 ,935
72 ,610
82 ,811
180 ,806
175 ,348
18-1 ,385
193 ,410
, 960
204 ,220
9 00 360
209 ,175
8 999
6,436
6 812
7,826
10,979
12,800
14,624
1.5,317
16,120
.16,647
17 234
17,538
100 ,400
99 ,100
96 ,800
98 ,200
99 ,400
99 ,827
ino ,000
102 ,300
, 400
105 ,600
10S 600
105 ,300
72 ,000
69 ,800
71 , 200
72 ,400
72 ,525
73 ,300
76 ,200
76 , 200
79 ,000
78 900
78 ,200
,400
24,700
24,600
24,600
24,600
24,700
25,037
24,500
23,900
24 000
24,400
24 600
25,000
2,400
2,400
2,300
2,300
2,300
2,265
2,200
2,200
2,200
2,200
2,200
2,200
18,500
18,900
19,000
19,200
19,300
19,591
19,800
19,900
20,200
20,300
20,300
20,400
224,900
224,100
223,000
224,100
225,800
227,514
227,500
229,300
230 800
234,500
236 600
237,900
907 ,100
206 ,200
205 ,100
206 , 200
207 ,600
209 ,354
,100
210 ,500
91 1 , 800
215 ,400
9 1 7, 300
218 , 700
17,800
17,900
17,800
17,900
18,200
18,161
18,400
18,800
19 000
19,100
19 300
19,200
85,400 103 ,700
77 ,900
23,700
2,100
20,800 236,500 217 ,600
Oct. 27^
Nov.
Dec. 29 P
1955—Jan. 26*
21,700
5 ,000 209 ,800
31
31
30
31
30
31
30
31
27
94
31 . .
28
26
June 30 . . .
Julv
28?'
Aug.
Sf^pt.
99. 463
9 019
|286
SS 649
4 9 ,148
54 564
108 ,000
197 ,300
196 ,100
197 ,200
198 , 800
200 ,628
, 600
202 , 500
, 000
207 , 800
900 , 900
211 ,200
5 499
,199
64 698
48)465
75 171
90,637
191,785
188,148
199,009
208,727
211,080
220,865
917 594
226,715
4 900
4 , 900
4 , 900
4 ,900
5 ,000
4 , 959
S ,000
5 ,000
, 000
5 ,000
,
000
5s ,000
. . . .
4 037
A, 033
17 644
22,737
20,065
22,754
22,706
22,695
23,346
23,187
,.
11 819
9,863
9,302
8,999
8,577
10,723
14,741
15.918
17,002
17,374
17,856
18,370
22,000
22,000
22,000
22,000
22,000
21,927
21,900
21,900
21,800
21,800
21,700
21,700
30
30
Other
1 ,204
1,284
2,867
3,328
2,888
2,664
2,577
2,571
2 496
2,409
22,030
1933—j- une
1939—r> c
1941— Dec.
1945—Dec.
1947—Dec.
1950—Dec.
1951—Dec.
1952—June
Dec.
1953—June
Dec.
I954—j a r u
Feb.
Mar.
Apr.
May
Federal
Reserve
Banks
1,998
2 484
2,254
24,262
22,559
20,778
23,801
22,906
24,697
24 746
25,916
41 ()82
21J957
9 963
"22 157
3 ,24 7 64 , 653 26,605
4 ,339 167 ,381 30,387
4 ,562 160 ,832 43,023
4 ,636 171 ,667 60,366
4 ,709 181 ,323 67,597
4 , 754 1R? , 980 69,712
4 ,812 192 , 866 75,484
4 854 1 CO 277 77,071
4 ,894 199 ,791 80,486
1999—Tune 29
Total
Comjnercial
and
savings
banks
Capital
Total
and
deposits misc.
and
accurrency counts,
net
79,100
79,300
80,300
79,900
80,100
81,210
80,800
80,200
8I,400
81,900
84 000
85,600
741
1 0 ,328
9 3 105
10 4-17
26
131
216
776
4 9 ,029
6 8 359
18,900
Deposits and Currency
U.
Total
1929—June
1933—June
1939—Dec.
1941—Dec.
1945—Dec.
1947—Dec.
1950—Dec.
1951—Dec.
1952—June
Dec
1953—June
Dec.
29
30
30
31
31
31
30
31
30
31
30
31
1954—Jan. 27
Feb. 24
Mar. 31
Apr. 28
Mav 26
June 30
July
Aug.
Sept.
Oct.
Nov.
Dec.
1955—Jan.
28P
25P
24-P'
S. Government balances
Foreign
bank
Treasdeposits,
ury
net
cash
holdings
At commercial
At
and
Federal
savings Reserve
banks
Banks
Demand
deposits 2
Total
Commercial
banks
Mutual
savings1
banks
Postal
Savings
System
54 790
1 ,186
1 ,278
1 ,313
2 ,932
3 ,416
2 ,923
9 ,704
2 ,619
9 547
2 ,459
2 ,359
149
3,639
4,761.
6,401
9,615
26,490
26,476
25,398
26,315
26,474
27 494
27,369
28,091
22,540
14,411
29,793
38,992
75,851
87,121
92,272
98,234
94,754
101.508
96,898
102,451
28,611
21,656
27,059
27,729
48,452
56,411
59,247
61,450
63,676
65 799
68,293
70,375
19,557
10,849
15,258
15,884
30,135
35,249
36,314
37,859'
39,302
40 666
42,245
43,659
8,905
9,621
10,523
10,532
15,385
17,746
20,009
20,887
21,755
22 586
23,589
24,358
199
197
105
197
108
198
200
900
202
204
209
800
400
200
300
000
517
400
300
500
800
800
400
102,300
99,600
96,700
98,600
98,700
98,132
100,000
99,400
101,200
103,100
104,100
106,900
70,600
71,000
71,700
72,000
72,500
73,292
73,700
74,000
74,400
74,700
74,300
75,100
43,700
44,000
44,500
44,700
45,000
45,653
46,000
46,200
46,400
46,700
46,200
46,700
24,600
24,700
24,900
25,000
25,200
25,388
25,500
25,600
25,800
25,900
25,900
26,300
2 ,300
2 ,300
9 ,300
2 ,300
9 300
2 ,251
2 ,200
9 200
2 ,200
2 ,200
9 ,200
2 ,100
26,900
26,900
26,900
26,700
26,800
27,093
26,800
26,900
26,900
26,900
27,500
27,400
400 209 400
107,200
75,400
46,800
26,500
2 ,100
26,800
264
2 ,409
2 ,215
2 ,287
1 ,336
1 ,293
1 ,270
1 ,283
270
1 ,259
761
852
846
1,895
24,608
1,452
2,989
3,615
6,121
5,259
3,942
4,457
2 ,800
2 , 900
3 ,000
, 100
,100
3 ,256
3 ,400
3 ,400
3 ,300
3 ,200
, 200
3 ,400
800
800
800
800
800
811
800
800
800
800
800
800
3,400
4,500
5,400
4,500
5,100
5,895
3,900
5,500
4,400
6,100
6,900
4,600
35
634
867
977
870
668
247
333
389
132
346
200
500
700
500
500
875
500
600
800
600
500
500
217,600
3 ,200
800
3,800
381
Cur
rency
outside
banks
Total
828
253
336
793
008
917
999
904
801
560
917
50
1 ,217
i ,498
2 ,141
1 ,682
2 ,51.8
9 ,279
2 ,319
9 ,501
2 ,467
2 , 694
204
Time deposits 3
40
63
76
150
170
176
185
184
104
192
200
55,776
42,029
68,359
82,811
. . . . 180,806
175,348
184,385
193,410
191,960
204 220
200.360
209,1.75
207,100
206,200
205,100
206,200
207,600
209,354
. . 209,100
210,500
211,800
215,400
217,300
218,700
365
Deposits adjusted and currency
36
P1 Preliminary.
Treasury funds included are the gold account, Treasury currency account, and Exchange Stabilization Fund.
2
Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
3
Excludes interbank time deposits; United States Treasurer's time deposits, open account; and deposits of Postal Savings System in banks.
4
Prior to June 30, 1947, includes a relatively small amount of demand deposits.
NOTE.—For description of statement and back figures, see BULLETIN for January 1948, pp. 24-32. The composition of a few items'differs
slightly from the description in the BULLETIN article; stock of Federal Reserve Banks held by member banks is included in "Other securities"
and in "Capital and miscellaneous accounts, net" and balances of the Postal Savings System and the Exchange Stabilization Fund with the U. S.
Treasury are netted against "Capital and miscellaneous accounts, net" instead of against U. S. Government deposits and Treasury cash. Total
deposits and currency shown in the monthly Chart Book excludes "Foreign bank deposits, net" and "Treasury cash." Except on call dates, figures
are rounded to nearest 100 million dollars and may not add to the totals. See Banking and Monetary Statistics, Table 9, pp. 34-35, for back figures
for deposits and currency.
"
284
FEDERAL RESERVE BULLETIN
ALL BANKS IN THE UNITED STATES, BY GLASSES *
PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS
[Figures partly estimated except on call dates. Amounts in millions of dollars]
Loan and investments
Class of bank
and date
Total
Loans
U. S.
Government
obligations
deposits
Other
securities
Cash
assets 1
Total
assets—
Total
liabilities
and
capital
accounts 2
Other
TotaP
Total
capital
Num-
ac-
ber
of
counts
banks
25,852
26,479
45,613
53,105
56,513
59,025
63,598
68,351
68,620
71,371
72, M0
72,540
72,9:0
72,490
73 ,300
73,650
8,194
8,414
10,542
11,948
13,837
l'i-,623
j5,367
16,118
16,170
16,664
16,770
16,860
17,080
17,320
1.7,370
17,350
15,035
14,826
14,553
14,714
14,650
14 618
14,575
14,509
14,510
14,465
14.4-46
14.436
14J422
14,406
14,370
14,372
]5,331
6,885
7,173
8,950
10,059
ii 590
12,216
12,888
13,559
13,600
14,038
14,120
14,200
14,420
14,640
14,690
14,660
14,484
14,278
94.367
101.917
108,259
111,659
112,604
109.470
106'996
106,240
108,970
110,920
112,580
115,590
115,810
15.952
30,241
35,3607
36, SO .
38,137
4.1 ,012
43,997
44,070
45.983
46,540
46,740
47,010
46,560
47,010
47,150
27,489
37,136
69,640
80,609
87,783
92,867
95,453
96.024
93,354
91,455
90,663
93,016
94,558
95,981
98,708
98,959
11,699
12,347
24,210
28,340
29,336
30,623
32,890
35,213
35,264
36,900
37,380
37,542
37,849
37,544
37,807
37,922
5,522
5,886
7,589
8,464
9,695
10,218
10,761
! 1,31.6
11,356
11,709
11,794
11,868
12,035
12,250
12,280
12,261
6,362
6,619
6,884
6,923
6,873
6,840
6,798
6,743
6,747
6,721
6,713
6,707
6,701
6,687
6,662
6,664
14
19
23
30
35
40
47
50
50
50
50
50
50
10,521
10,527
15,371
17,745
20,009
20,888
22,586
24,358
24,550
25,388
25,600
25,800
25,900
25,930
26,290
26.500
1,309
1,241
1 ,592
1,889
2,247
2,407
2,479
2,559
2,570
2,626
2,650
2,660
2,660
2,680
2,680
2,690
551
548
542
533
529
529
529
528
528
528
527
527
527
527
527
527
Demand
Interbank*
Time
U. S.
Government
Other
All" b a n k s :
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1947—Dec. 313
1950—Dec. 30
1951—j} oc# 3i
1952—Dec. 3 1 .
1953—Dec. 31
1954—Jan. 27
June 30
Aug. 25P
Sept. 29P
Oct. 2 7 P .
Nov. 24?'
Dec. 29 P
1955—Jan. 2 6 P
50,884
61,126
140,227
1.34,924
148,021
154,869
165,626
17.1,497
171,380
173,343
176,790
178,040
181,680
183,510
184,690
184,550
22,165 1.9,417 9,302 23,292 77,068 68,242
26,615 25,511 8.999 27,344 90,908 81,816
30,362 101,288 8,577 35,415 177,332 165.612
43,002 81,199 10,723 38,388 175,091. 161,865
60,386 72,894 14,741 41,086 191,317 175,296
67,608 71,343 15,918 45,531 202,903 185,75f:
75,51.2 72,740 17,374 45,584 213,837 195,552
80,518 72,610 18,370 45,811 220,140 201,100
79,500 73,350 18,530 41,280 215,51.0 5 95,950
81,227 72.525 19,591 42,556 218,900 199,508
80,690 76,210 19,890 39,480 219,300 198,780
81,680 76,200 20,160 40,620 221,710 203.150
82,380 79,030 20,270 41,630 226,440 205,330
84,320 78.910 20,280 42,180 228,830 207,400
86,150 78,190 20,350 43,210 23.1 ,140 209,280
85,880 77,860 20,810 42,040 229,920 208,260
9,874
.1.0,982
14,065
13,033
14,039
15,087
15,321
15,957
14,710
15,500
15,21.0
15,470
15,720
15,660
16,050
15,280
All c o m m e r c i a l b a n k s :
1939—Dec. 30
.1941—Dec. 31
1945—Dec. 31
1947—Dec. 3\1950—Dec 30
1951—Dec. 31
1952—Dec. 31
1953—j} ec< 3 j m t
1954—Jan. 27
June 30
Anj>\ 25P . . . .
Sept. 29P
Oct. 2 7 P
Nov. 24/'
Dec. 29/'
1955—Jan. 26P
40,668
50,746
124,019
116,284
126,675
132,610
.141,624
145 687
145,330
146,383
149 490
150,580
154,090
155,850
156,850
156,460
17,238
21,714
26,083
38,057
52,249
57,746
64,163
67,593
66,460
67,337
66,450
67,250
67,790
69,540
71,150
70,720
16,316
21,808
90,606
69,221
62,027
61,524
63,318
63,426
64,160
63,508
67.300
67,330
70,190
70,160
69,460
69,090
7,114
7,225
7,331
9,006
12,399
1.3,339
14,143
14,668
14,710
15,538
15,740
16,000
16,110
16,150
16,240
16,650
22,474
26,551
34,806
37,502
40,289
44,645
44,666
44,828
40,330
41,569
38,540
39,670
40,720
4.1,260
42,180
41,010
65,216
79,104
160,312
155,377
168,932
179,465
188,603
193,010
188,150
190,585
190,670
192,900
197,560
199,860
201,890
200,410
57,718
71,283
150.22 7
144,103
155.265
164,840
172,931
\ 76,702
171,360
174,068
173,130
175.300
179,380
181,420
182,940
181,710
9,874
10,982
14,065
13,032
14,039
15,086
15,319
15,955
14,710
15,4-97
15,210
15,470
15,720
15,660
16,050
15,280
2,806
3,359
4,941
4,146
3,110
5,591
5,140
4,120
5,730
6,620
4,290
3,470
All m e m b e r b a n k s :
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1950—Dec. 30
1951—Dec. 31
1952—Dec. 31
1953—Dec. 3 1 . . . . . .
1954—Jan. 27
June 30
Aug. 25 P
Sept. 29"
Oct. 27"
Nov. 2 4 P
Dec. 29P
1.955-Jan. 26*
33,941
43,521
107,183
97,846
107,424
112,247
119,547
122,422
122,102
123,185
126,001
126,851
.129,973
131,548
132,270
131,809
13,962
18,021
22,775
32,628
44,705
49,561
55,034
57,762
56,657
57,197
56,453
57,164
57,662
59,251
60,612
60,138
14,328
19,539
78,338
57,914
52,365
51,621
52,763
52,603
53.330
53 ,111
56,476
56,373
58,906
58,869
58,151
57,788
5,651
5,961
6,070
7,304
10,355
11,065
11,751
12,057
12,115
12,876
13,072
13,314
13,405
13,428
13,507
13,883
19,782
23,123
29,845
32,845
35,524
39,252
39,255
39,381
35,349
36,722
33,819
34,796
35,607
36,205
37,028
35,990
55,361
68,121
138,304
132,060
144,660
153,439
160,826
163,983
159,651
162,203
162,136
163,964
167,991
170,177
171,823
170,404
49,340 9,410
61,717 10,525
129,670 13,640
122,528 12,403
133,089 13,448
141,015 14,425
147,527 14,617
150,164 3 5,170
145,358 13,978
148,252 14,733
147,179 14,437
148,964 14,692
152,537 14,924
154,420 14,854
155,581 15,228
154,42? 14,468
1,709
22,179
1 ,176
2,523
3,101
4,567
3,756
2,762
5,165
4,699
3,714
5,206
6,041
3,838
3,072
4,927
3,101
4,901
3,704
4,279 10,682
4,944 11,978
8,137 10,868
9,862
9,819
•. 1 ,349 9,422
12,925
9,184
13,040
9,190
1.3,890
9,017
14,240
8,910
14,430
8,870
14,590
8,840
14,780
8,750
15,000
8,730
15,160
8,770
2,188
1,774
1,246
1,718
2,342
2,579
3,231
3,701
3,820
4,052
4,150
4,160
4,160
4,130
4,110
4,1.60
818
793
609
886
797
886
918
983
950
987
940
950
910
920
11,852
11,804
17,020
19.714
22,385
23,439
25,233
27,130
2 7,360
28,315
28,630
28,810
28,880
28,970
29,250
29,510
32 516
44 355
105 935
1,346 94,381
2,809 101,936
3 362 08,282
4,944 111,690
4,149 112,639
3,110 109,510
5,594 107.043
5,140 106,290
4 .120 109,020
5.730 110,970
6; 620 ! 12,630
•i.290 !. 15,640
3.; 4 70 115,860
32 ,513
44 ,349
105 , 92 J
1 ,3-1-3
743
14,on
14,181
14,121
14,089
1.4,046
13 981
13,982
13,937
13 919
13,909
13,895
13,879
13,843
13,845
All m u t u a l savings
* 1939—Dec. 30
1941— Dec. 31
1945—Dec. 31 3
1947—Dec. 3 1
1950—Dec. 30
1951—Dec. 31
1952— Dec. 31
1953—Dec. 3 !
1954—Jan. 27
June 30
Aug. 25"
Sept. 29P
Oct. 27/'
Xov. 2 4 P
Dec. 29*
1955—Jan. 26P
10,216
10,379
16,208
18,641
21,346
22,259
24,003
25,810
26.050
26,959
27,300
27,460
27,590
27,660
27,840
28,090
1,030
1,030
10.524
10,533
15,385
17,763
20,031
20,915
22,621
24,398
24,590
25,440
25,650
25,850
25,950
25,980
26,340
26,550
?
14
1
3
3
3
3
2
2
(4)
01)
(;)
(4)
(*)
(*)
3
3
(•i)
(•')
CO
('')
(4)
p Preliminary.
* "All banks" comprise "all commercial banks" and "all mutual savings banks." "Ali commercial banks" comprise "all nonmember commercial banks" and "all member banks" including one bank in Alaska (total deposits of approximately 4 million dollars) that became a member
bank on Apr. 15, 1954, but excluding three mutual savings banks that became members in 1941. Stock savings banks and nomleposit trust
companies are included with "commercial" banks. Number of banks includes^ few noninsured banks for which asset and liability data are not
available. Comparability of figures for classes of banks is affected somewhat by changes in Federal Reserve membership, insurance status, and
the reserve
classifications of cities and individual banks, and by mergers, etc.
1
Beginning June 30, 1942, excludes reciprocal balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and 525
million
at
all
insured commercial banks.
2
Includes "other" assets and liabilities, not shown separately.
For other footnotes see following two pages.
MARCH 1955
285
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]
Loan and investments
Class of bank
and date
Total
Loans
U.S.
Government
obligations
Deposits
Other
securities
Central reserve city
member banks:
New York City:
I939—Dec 30
1941—Dec 31
1945—Dec. 31
1947—Dec 31
1950—Dec. 30
1951—Dec 31
1952—Dec. 31
1953—Dec. 31
1954—Jan. 27
June 30 . . . .
Aug. 25P
Sept. 29P
Oct. 27P
Nov. 24?
Dec. 29*>
1955—Jan. 26P
9,339
12,896
26,143
20,393
20,612
21,379
22,130
22,058
21,709
22,681
22,966
22,949
23,877
23,933
24,160
23,778
Chicago:
1939:—Dec 30 .
1941—Dec. 31
1945—Dec 31
1947—Dec. 31 .
1950—Dec. 30
1951—Dec 31 .
1952—bee. 31
1953—Dec. 31
1954—Jan. 27
June 30
Aug. 25P
Sei)t. 29"
Oct. 27"
Nov. 24/'
Dec. 2 9 P
.1955—Jan. 26"
2,105
2,760
5,931
5,088
5,569
5,731
6,240
6,204
6,078
5,975
6,124
6,189
6,287
6,422
6,492
0,490
Reserve city member
banks:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31.
1947—Doc. 31
] 950—Dec. 30.
1951—Dec. 31
1952—Dec. 31
1953—Dor 31
1954—Jan. 27.
June 30
Aug. 2 5 P
Sept. 29»-'
Oct. 2 7P
Nov. 24?'
Doc. 29?'
1955—Jan. 26?'
12,272
15.347
40,108
36,040
40,685
42,694
45.583
46,755
46,897
47,056
48,586
48,779
49,933
50,612
51,079
50,857
5,329
7.105
8,514
13,449
17,906
19,651
21,697
22,763
22,516
22,453
22,268
22,605
22,745
23,580
24.110
23,993
5,194
6,467
29,552
20,196
19,084
19,194
19,624
19,559
19,933
19,813
21,398
21,187
22,128
21., 986
21,924
21,687
1 ,749
1,776
2,042
2,396
3,695
3,849
4,262
4,434
4,448
4,791
4,920
4,987
5,060
5,046
5,045
5,177
Country member
banks:
1939— Dec. 30
10,224
1941—Dec. 31
12,518
1945—Doc. 31
35,002
36,324
1947—Dec. 31
1950—DeC. 30
. . 40,558
42,444
1951—Dec. 31
45,594
1952—Dec. 3',
1953—Dec. 31
47,404
1954—j.»n •}'•,
47 418
47,474
June 30
Aug. 25 P
48,325
Sept. 29P
48,934
Oct. 2 7 P
49,876
Nov. 2 4 P
50,581
Dec. 29P
50,539
1955— fan. 26"
50,684
4,768
5,890
5,596
10,199
14,988
16.296
18J213
19,934
19,884
20,537
20,328
20,558
20,722
21,194
21,444
21,489
3,159
4,377
26,999
22,857
21 ,377
21,587
22,549
22,423
22,500
21,779
22,768
23,100
23,832
24,001
23,731
23,722
2,297
2,250
2,408
3,268
4,193
4,561
4,832
5,047
5,034
5,158
5,229
5,276
5,322
5,386
5,364
5,473
3,296 4,772
4,072 7,265
7,334 17,574
7,179 11,972
9,729 8,993
11 146 8,129
12,376 7,678
12,289 7,765
11,741 7,909
11,619 8,695
11,380 9,233
11,504 8,976
11,741 9,687
11,897 9,632
1.2,278 9,386
12,046 9,161
569
954
1,333
1 ,801
2,083
2,468
2,748
2,776
2,516
2,589
2,477
2,497
2,454
2,580
2,780
2.6J0
1 ,203
1,430
4,213
2,890
2,911
2,711
2,912
2,856
2,988
2,825
3.077
3,110
3,259
3,250
3,110
3,218
1,272
1 ,559
1,235
1,242
1 ,890
2,104
2,076
2,004
2,059
2,367
2,353
2,469
2,449
2,404
2,496
2,571
333
376
385
397
576
552
581
572
574
561
570
582
574
592
602
662
Cash
assets 1
Total
assets—
Total
liabilities
and
capital
accounts 2
Other
Total 1
Interbank 1
U.S.
Government
6,703
6,637
6,439
7,261
7,922
8,564
8,419
8,074
7,088
7,524
6,654
7,296
6,984
',349
' , 786
•,625
16,413
19,862
32,887
27 982
28,954
30,464
31,053
30,684
29,374
30,771
30,220
30,830
31,463
31,932
32,667
32,157
14,507
17,932
30,121
25,216
25,646
26,859
27,309
27,037
25,612
27 225
26,151
26,938
27,406
27,666
28,233
27,910
4,238
4,207
4,657
4,464
4,638
4 832
4,965
5.214
5,001
5,517
5,241
5,338
5,410
5,404
5,643
5,236
,446
. 566
1 ' 489
1 ,739
2,034
2,196
2,010
2,115
2,011
2,036
1,902
1,835
1,951
1,866
2,034
1,931
3,595
4,363
7,459
6,866
7,649
7,972
8,297
8,366
8,140
8,064
8,077
8,070
8,290
8,341
8,570
8,481
3 330
4,057
7,046
6,402
7,109
7,402
7,686
7,724
7,492
7,419
7,395
7,343
7,619
7,651
7,742
7,693
,035
,312
,217
1,229
1,307
,350
,387
1,308
,339
,339
1,310
1,352
1,306
1,279
1,214
6,785
8,518
11,286
13,066
13,998
15,199
15,544
15,925
14,062
14,656
13,354
13,566
14,175
14,485
14,678
14,201
19,687
24,430
51,898
49,659
55,369
58,654
61,941
63,547
61 ,851
62,624
62,858
63,276
65,086
66,063
66,759
66,085
17,741
22,313
49,085
46,467
51,437
54,466
57,357
58 663
56,640
57,665
57,523
57,835
59.544
60,391
60,889
60,268
3,686
4,460
6,448
5,649
6,448
6,976
7,001
7,254
6,462
6,636
6,614
6,772
6,852
6,807
6,939
6,679
4,848
6,402
]0,632
10,778
11 ,571
13,292
13,281.
13,268
12,188
12,506
11,909
12,099
12,497
12,505
12,530
12,233
15,666
19,466
46,059
47,553
52,689
56,349
59,535
61,385
60,286
60,745
60,981
61,788
63,152
63,841
63,827
63,681
13,762
17,415
43,418
44,443
48,897
52,288
55,175
56,740
55 614
55,943
56,110
56,848
57,968
58,712
58,717
58,550
1,223
1,073
1 ,133
1,309
1.301
,315
,207
,241
,243
,272
,310
,337
,367
1,339
888
598
822
Total
capital
accounts
Number
of
banks
1,592
1,648
2,120
2,259
2,351
2] 505
2,572
2,585
2,630
2,646
2,644
2,657
2,811
2,805
2,818
36
36
37
37
23
22
22
22
22
22
22
22
21
21
21
21
495
476
719
913
250
288
377
426
490
513
541
566
563
583
587
590
590
592
597
597
14
13
12
14
13
13
13
13
13
13
13
13
13
13
13
13
4.616
4.806
9,760
11,423
11,647
12,272
13,261
14,132
14,184
14,957
15,087
15,178
15,331
15,246
15,436
15,499
1,828
1,967
2,566
2,844
3,322
3,521
3,74.5
3,984
4,000
4,124
4,168
4,205
4,247
4,281.
4,321
4,310
346
351
359
353
336
321
319
319
310
307
306
303
303
301
299
5,852
6,258
12,494
14,560
14,865
15,530
16,585
17,690
17,759
18,460
18,687
18,775
18,870
18,694
18,716
18,774
1,851
.1,982
2,525
2,934
3.532
3,760
3,970
4,194
4 208
4,372
4,393
4,429
4,541
4,566
4,557
4,536
5.966
6,219
6,476
6,519
6,501
6,484
6,444
6,389
6,393
6.376
6,371
6,366
6,364
6,350
6,327
6,331
Demand
Time
Other
74
866
9,459
12,051
17,287
19,040
267
18,836
451
19,490
858
1 ,143 19,361
778
18,894
18,050
474
1 ,378 18,114
1 ,167 17,391
724
18,545
1,395 18,227
1,355 18,569
692
19,527
489
19,840
6,940
80
127
1,552
72
174
242
343
259
178
410
365
266
344
452
254
188
1 ,867
2,419
3,462
4,201
4,604
4,710
4,789
4,837
4,772
4,403
4,437
4,509
4,649
4,627
4.925
4,987
9,004
12,557
8,221 24,655
405
28,990
976
32,366
1,124 34,094
1 ,814 35,281
1 504 35,773
1,027 34,967
2,015 34.058
1 ,753 34,069
1,418 34,467
1 ,804 35,557
2,357 35,98.1.
1,446 37,068
1,111 36,979
435
491
154
7,158
10,109
24,235
432
28,378
922
31,977
34,572
876
1 ,267 36,022
1,216 36,520
1 083 35 565
1,362 34,879
1,41.4 34,766
1 ,306 35,495
1,663 36,125
1,877 36,804
1,446 37,188
1,284 37,153
225
5,465
736
807
1,236
1 ,445
1,722
1,679
1,840
2,150
2,087
2,216
2,352
2,331
2,374
2,338
2,371
2,345
1,103
1,143
1 ,205
1,242
,234
,267
,254
,258
L ,274
,266
1,284
1,304
319
8
Beginning with Dec. 31, 1947, the all bank series was revised as announced in November 1947 by the Federal bank supervisory agencies.
At that time a net of 115 noninsured nonmember commercial banks with total loans and investments of approximately 110 million dollars was
added, and 8 banks with total loans and investments of 34 million were transferred from noninsured mutual savings to nonmember commercial
banks.
4
Less than 5 million dollars.
For other footnotes see preceding and opposite pages.
286
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
Loan and investments
Class of ban k
and date
Total
All insured commercial
banks:
1941—f)ec# 31
1945—Dec. 31
1947—D ec 31 . . . .
195.1—Dec. 31
195?—Dec 31
1953—Dec. 3\
1954—June *0
National meml >er
banks:
1941—Dfic. 31
1945—j)PC 31
1.947—Dec. 31
1951—Dec. 31
1952—Dec. 31
1953—J3ec> 31
1954—June 30
State member
1941—r>ec
1945—Dec.
1947—n ec
1951—p)eo
1952—Dec.
1953—Dec
1954—June
.
hanks:
31
31
31
31 . . .
31
31
30
Insured non m e m b e r
commercial b a n k s :
1941—Dec 31
1945—j} ec- 31
1947—Dec. 31
1951—Dec. 31
1952—Dec. 31
1953—TJQC 31
1954—[une 3 0
Noninsured n o n m e r a her commercial
banks:
1941—7)er.4 31
1945—Dec. 31
1947—Dec. 313
1951—Dec. 31
1957—Dec 3 1
1953—Dec. 31
1954—June 30
49, 790
121, 809
114, ?74
130, 820
139 770
143, 796
144, 451
Loans
U.S.
Government
obligations
Other
securities
71 ?-,9
2 5 , 765
37, S83
5 7 , 256
63 637
67, 082
66, 805
21,046
88,912
67,941
60,533
62,308
62,381
62,461
6 984
7 ,131
8 ,7S0
13 ,031
,831
14 ,333
15 ,185
n
95, 788
34, 292
36, 976
44, 176
44, 77?
44, 398
4 1 , 164
7 6 , 870
157, 544
152, 733
177, 151
186, 7SS
190, 638
188, 191
27
69
65
75
80
81
82
571
31?
280
255
180
913
482
11
13
21
32
36
37
37
725
07S
428
317
004
831
672
12,039
51 250
38,674
35,063
35,835
35,482
35,759
3 ,806
4 ,H7
5 ,178
7 ,875
8 ,341
8 600
9 ,051
43 433
14, 977
20, 114 90 770
88 182
22, 024
25, 951 102 462
26, 333 107 830
96, 479 109 804
24, 636 108 611
15
37
32
36
39
40
40
9 SO
871
566
6
8
11
17
19
19
19
795
7,500
850 27,089
700 19 240
743 16,558
030 16,928
931 17,121
s?s 17,353
7 J5S
1 ,933
7 ,175
3 191
3 409
3 ,4S7
3 , 876
8, 14S
9, 731
10, S?7
H , 301
17 977
1 ? , 90S
17, 086
24
48
43
50
52
54
53
5
14
16
18
20
21
21
776
639
444
591
242
S96
788
?
4
7
8
0
941
1,509
09 7 10,584
958 10,039
701 8,923
605 9,556
378 9,790
615
9,362
1 ,075
1 063
1 448
1 ,967
2 ,081
9 ,9 7?
7 ,310
? 66R
4 448
4 083
4 , 926
4 970
s 0?0
4 444
1
2
2
1
1
1
1
457
211
009
78'-)
8*4
891
932
761
1,693
1,280
991
1 ,010
1,045
1,047
741
200
255
308
317
335
354
00?
367
S09
704
0
455
318
474
490
*S1
511
532
All n o n m e m b e r c o m mercial b a n k s :
11>41—Dec. 31
1945—Dec. 31
1947—T.Dec. 313
1951—f) ec 31
1952— Dor. 3 J
1953—Dec. 31
19=4—jUne 30
7 7*3
16 849
18 454
20 V<si)
22 096
23 ,287
23 770
696
310
432
1 97
9 136
9 , 838
10 147
2,2 70
12,277
11,318
9,914
10,567
10,835
10,409
1 76*
1 ,262
1 , 703
? 7 75
? 393
2 ,613
? , 664
I n s u r e d m u t u a l savings
banks:
1941 De<* ^ !
1945—Dec. 31
1947—Dec. 31
195.1—Dec. 3!
1952—Dec. 31
1953—Dec. 31
1954—June 30
1 69 S
10 ,846
12 6H3 I
16 ,190
17 ,621
19 ,252
20 ,121
64?
3 ,08.1
3 56V
7 ,523
8 ,691
10 ,016
10 ,804
629
7,160
8,165
6,921
6,593
6,476
6,309
60(
958
1 , 74f
2 ,337
2 ,760
3 ,008
Noninsured m u t u a l
savings b a n k s :
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31 3
1951 Dec ^ 1
1952—Dec. 31
1953—Dec. 31
1954—Tune 30
Cash
assets 1
Total
assets—
Total
liabilities
and
capital
accounts 2
3
3
5
8
471
3
4
4
S
5
5
4
Other
Total i
Other
6 ,844
8 ,671
9 ,734
11 ,902
1 ' ,563
13 ,239
13 ,714
476
13 ,297
,398
13 ,439
13 422
13 ,412
13 ,380
262
473
541
490
427
819
827
8, 322
16 774
19 278
20, 908
22, 694
74 160
25 459
3 ,640
4 , 64 4
5 , 409
6 , 653
7 ,042
7 ,391
7 ,686
5 ,117
s 017
5 ,005
4 ,939
4 , 909
4 ,856
4 ,835
874
168
068
377
076
3 7 706
30 677
4 075
7 986
9 067
9 715
10 196
11 054
11 441
? ,246
2 ,945
,055
^ ,565
3 ,719
,925
4 ,023
1 ,507
1 ,867
1 918
1 ,901
1 889
1 ,887
1 ,886
360
680
558
144
740
419
718
959
1 083
1 771
1 ,686
1 ,804
1 ,925
,007
6 810
6 ,416
6 478
6 ,602
6 ,627
6 677
6 ,66?
1 ,791
1 , 905
1 392
1 ?,?0
1 701
1 182
1 150
753
365
478
388
85?
714
783
650
386
388
379
279
325
314
326
320
325
5 , 504
14 ,101
167
13 758
15 392
258
374
16 , 206
390
16 580
15 54?
426
3 613
6 045
7 036
7 533
8 142
8 , 806
9 106
1 , 7,88
: ,362
,596
1 , 999
,129
2,245
2.332
7 66?
7 , 130
7 ,261
7 75?
7 ,751
7 ,241
7 919
12
21
78
33
45
1 78<;
10 ,351
12 , 19?
15 ,343
16 , 753
18 .345
19 ,145
, 034
,252
.678
, 730
.819
;868
1
8 ,738
5 , 020
5 . 553
5 I 544
5 , 833
6 ,013
6 ,243
,077
558
637
729
749
740
758
458
930
023
173
974
654
362
8 ,410
9 ,788
9 ,918
10 15?
9 ,750
1 ,088
14 013
795
1 ,987
2 ,935
7 ,525
3 ,325
23
45
53
61
63
63
60
688
084
879
977
996
179
593
22
44
40
46
48
49
48
759
730
SOS
843
553
510
890
3 ,739
4 ,411
3 , 993
4 637
4 699
S 019
4 983
621
8 , 166
381
1 ,114
1 ,632
1 ,232
1 ,840
13
24
?7
31
37
8
19
70
23
25
26
26
708
756
691
732
451
679
017
7
18
19
21
23
24
23
707
119
340
912
464
«v55
819
179
744
766
353
373
378
317
53
1 ,560
149
243
345
360
396
4
10
12
14
15
15
14
763
514
576
469
4-44
430
405
2
2
2
7,
2
2
2
783
768
643
313
348
372
394
1
2
2
1
1
2
2
872
452
251
937
960
005
020
379
181
363
308
3 99
407
453
18
15
29
30
30
431
962
659
395
414
450
849
10
22
23
26
27
29
28
992
024
334
046
799
051
40C
9 573
20 57!
21 ,59.1
73 $13
25 424
26 ,560
75 83?
457
425
629
661
702
784
764
151
429
675
695
732
799
807
1 OSS
11 ,424
13 ,499
17 ,129
18 ,612
20 ,334
21 ,237
1 780
10 ,363
12 ,207
15 ,368
16 ,785
18 ,383
19 ,195
. .
167
635
366
172
006
398
39?
2
2
2
2
2
2
3
5
6
7
7
8
8
40?
1955
16i
n
674
569
557
5>
192
194
202
206
219
21.9
1
8 ,687
5 ,361
5 ,957
(j 06<
6 ,382
6 ,558
6 ,83?
4 ,259
1 ,198
1 ,384
7 339
2 ,658
2 ,9!C
3 ,086
3,075
3,522
3,8.13
2 897
2,829
2,707
2,708
1 ,353
6-11
760
833
895
941
1 , 044
642
18(
21.1
191
187
184
180
9 ,84f
5 ,59(
6 ,215
6 310
6 ,622
6 ,79C
7 ,078
8 ,744
5 ,022
5 ,556
5 S47
5 , 836
6 ,015
6 ,246
6
2
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
n
1.5 699
29, 876
34 887
37, 749
40 610
43, 610
45, 596
39
84
82
94
98
100
99
6 ,786
b er
c>f
ba iks
41 798
80, 276
9? 97S
107, 039
110 4S9
111 ,423
105, 847
1 ,762
10 654
13 ,883 23 ,740
1 ,325
17 ,670
14 ,777
3 ,344
14 ,990
4 912
15 ,548
4 ,116
15 ,044
5 ,562
Q ,?7Q
Ni im-
Time
U.S.
Government
6 9 , 411
147, 775
141, 8S1
162, 908
170, 971
174 697
172 048
Total
capital
accounts
Demand
Interbank^
496
350
339
3">1
323
309
309
For revisions
287
ALL COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES *
LOANS AND INVESTMENTS
[In millions of dollars]
Loans 1
Total
loans
and
invest- Total
ments
Class of bank
and
call date
Investments
Loans for
Compurchasing
meror
carrying
cial,
Other
in- Agri- securities
Real loans
clud- culto
esing
in- Other
tate
loans Total
To
open tur- brokdiloans vidal
marTo
ers
ket
uals
and othpadeal- ers
per
ers
U. S. Government obligations
Total
Obligations
Direct
of
States Other
and secuCertifiGuar- politcates
an- ical rities
in- Notes Bonds teed subBills of
debtdiviedsions
ness
All c o m2m e r c i a l
banks:
1947—Dec. 3 1 . .
1952—Dec, 3 1 . .
1953—Dec. 3 1 . .
1954—June 30. .
116,284
141,624
145,687
146,383
38,057
64,163
67,593
67,337
18,167 1,660 830
27,871 3,919 2,060
27,204 4,965 2 ,361
26,120 5,143 2,462
All insured c o m mercial b a n k s :
1941—Dec. 3 1 . .
1945—Dec. 3 1 . .
1947—Dec. 3 1 . .
1952—Dec. 3 1 . .
1953—Dec, 3 1 . .
1954—June 30. .
49,290
121,809
114,274
139,770
143,796
144,451
21,259
25,765
37,583
63,632
67,082
66,805
9,214
9,461
18,012
27,739
27,082
25,976
4, 545
1,450 614 662 4.773
28,031 21,046
1,3143,164 3 ,606 4,677 2,361 1,181 96,043 88,912
028 76,691 67,941
1,610 823 1,190 9,266 5,654 1,028
3;805 2 ,050 1,082 15,572 12,603 1,683 76,138 62,308
4,867 2 ,344 1,181 16,566 14,373 1,629 76,714 62,381
5,057 2,439 1,228 17,101 14,370 1,623 77,646 62,461
988
2,455
2,124
7,622
4,895
4,575
19,071
7,552
5,494
10,076
5,505
3,159 12,797 4, 102 3,651 3,333
16,045 51,321
22 3;873 3,258
5,918 52 ,334
14 5 129 3.621
11,71437 ,456
22 9 977 3,854
12,283 35,093
33 10,587 3,746
12,223 40",121
38 11,682 3,502
Member banks,
total,1941—Dec. 31.
1945—Dec. 31.
1947—Dec. 31.
1952—Dec. 31.
1953—Dec. 31.
1954—June 30.
Oct. 7.
43,521
107,183
97,846
119,547
122,422
123,185
129,519
18,021
22,775
32,628
55,034
57,762
57,197
57,233
8,671 972 594 598 3,494
25,500 19,539
3,692
8,949 855 3 ,133 3 ,378 3,455 1,900 1,104 84,408 78,338
57,914
16,962 1,046 811 ,065 7,130 4,662 952 65,
52,763
966 12,214 10,396 1,577 64,
26,232 2,416
.
2 ,032
52,603
25,519 3,263 2,321 1,060 13,020 11,911 1,518 64,
53,111
13,440 11,840 1,513 65,
24,362 3,402
3,402 2,411
24,357 2,391 2,451 1,168 13,913 11,915 1,926 72.286 58,757
971
2,275
1,987
6,565
4,095
3,915
4,531
16,985
5,816
4,255
8,287
4,417
3,740
3,007 11,7293, 832 3 090 2,871
14,271 44,792
16 3 254 2,815
4,815 45
",286
10 4 199 3,105
9,835 32 ,087
19 81409 3,342
10,300 29 ,890
3,185
10,374 34 ,369
36 9,890 2,987
13,012 37 ,460
13 10,490 3,839
12,896
26,143
20,393
22,130
22,058
22,681
23,794
4,072
7,334
7,179
12,376
12,289
11,619
11,633
.
.
.
.
.
.
.
New York City:*
1941—Dec. 31..
1945—Dec. 31..
1947—Dec. 31. .
1952—Dec. 31. .
1953—Dec. 31..
1954—June 30. .
Oct. 7. .
Chicago:*
954
732
1,333
760
1,801 1,418
2,748 2,080
2,776 1,912
2,589 1,835
2,473 1,833
1941—Dec. 31..
1945—Dec. 31. .
1947—Dec. 31..
1952—Dec. 31. .
1953—Dec. 31..
1954—June 30. .
Oct. 7. .
2,760
5,931
5,088
6,240
6,204
5,975
6,343
Reserve city banks:
1941—Dec. 31. .
1945—Dec. 31..
1947—Dec. 31..
1952—Dec. 31. .
1953—Dec. 31..
1954—June 30. .
Oct. 7. .
15,347
40,108
36,040
45,583
46,755
47,056
49,676
7,105
8,514
13,449
21,697
22,763
22,453
22,531
Country hanks:
1941—Dec. 31. .
1945—Dec. 31. .
1947—Dec. 31. . ,
1952—Dec. 31. . ,
1953—Dec. 31. .
1954—June 30. .
Oct. 7. .
12,518
35,002
36.324
45;594
47,404
47,474
49,706
5,890
5,596
10,199
18,213
19,934
20,537
20,596
All n o n m
ember
banks:2
1947—Dec. 3 1 . . .
1952—Dec. 3 1 . . .
1953—Dec. 3 1 . . .
1954—June 30. . ,
2,807
3,044
5,361
8,680
8,218
7,447
7,304
1,220
1,103
1,202
1,256
412 169
2,453 1,172
545 267
1,531 286
320
126 1,667
364
144 1,778
364
2 1,792
9,393
15,712
16,694
17,227
5,723
12,684
14,461
14,462
1,063
1,718
1,666
i,657
123
554
80
287
564
111
,136
386
,294
383
,220
390
418 1,216
8,823
298 18,809
330 13,214
539 9,754
475 9,769
466 11,062
730 12,161
96
52
233
87
66
75
74
73
78,226
77,461
78,094
79,047
1,806
4,598
3,287
3,493
3,428
3,386
3,870
69,221 2,193 7,789 6,034 53 ,191
63,318 7,761 5,580 11,878 38 ,077
63,426 5,004 10,237 12,439 35 ,713
63,508 4,704 5,572 12,376 40 ,818
1,623 3,652 1,679
7,265
311
729
17,574
477 3,433 3,325 10,337
1 606
558 9,771
640
11,972 1,002
. 638
233 1,170 5,195
7,678 1,079
1,453
924 1,104 1,130 4,605
7,765
1 1,365
711 1,454 5,510
8,695 1,014
6 1,851
552 2,179 6,064
844
9,643
5 2,016
1,430
4,213
2,890
2,912
2,856
2,825
3,302
48
211
73
239
286
242
238
3,456
3,661
7,088
10,842
10,568
10,010
10,128
300
205
225
501
774
953
497
114 194 1,527
427 1,503 1,459
170 484 3,147
218 422 5,099
308 456 5,453
326 468 5,639
346 523 5,860
8,243 6,467
1,512
855 404 31,594 29,552
',591 20,196
366
22
1,969
4,347 595 23,886 19,624
19,559
23,993
611
4,942
4,797 629 24,603 19,813
22,042
27,145
726
4,825
295
1,034
373
2,387
1,230
1,241
1,381
1,676
1,484
3,096
4,630
4,822
5,071
5,092
659
648
818
1,901
2,204
2,170
1,885
183
471
227
191
210
200
208
1,823
1,881
3,827
6,662
7.114
7,331
7,555
1,530
6,628 4,377
707 363 29,407 26,999
1,979 229 26,125 22,857
4,702 322 27,381 22,549
5,441 336 27,470 22,423
5,618 345 26,937 21,779
5,662 383 29 ,110 23,770
110
630
480
2,692
1,819
1,548
2,062
18,454 5,432 1,205 614
22,096 9,136 1,639 1,503
23,287 9,838 1,685 1,702
23,220 10,147 1,758 1,741
156
137
142
150
2,266
3,505
3,681
3,795
1,061
2,288
2,551
2,622
40
26
120
96
74
88
111
141
148
144
13,021
12,960
13,449
13,073
830
629
604
623
639
516
501
153
749
248
607
684
721
864
903
1,864
2,274
1,674
1,598
1,731
1,970
6,982
2,358
1,774
3,357
1,590
1,474
751
5,653
1,901
3,854
4,201
4,183
5,122
4,248
15,878
15,560
11,594
10,746
12,773
14,060
,173 956 820
5 1,126 916
3 1,342 1,053
14 2 ,934 1,328
5,102
2,583
2,024
3,374
1,855
1,492
481 2,926
4,544 16,713
2,108 17,681
4,204 13 ,625
4,285 12,940
4,017 14,355
4,847 15,366
861 1,222 1,028
9 1,342 1,067
62 ,006 1,262
43 ,639 1,194
53 ,911 1,136
44 .067 1,090
34 ,221 1,119
256
133 1,467
132
235
407
224
123
450
113
261
244
223
6
2
3
14
158
134
6
51
149
211
234
206
211
14 5 276 3.729
,955
3,847
38 11,930 3,608
11,318
206 1,973 1,219
10,567 1,196 1,325 2,043
909 1,951 2,139
10,835
790 1,155 2,002
10,409
7,916
6,000
5,834
6,460
119
182
181
213
384
400
387
378
193
204
185
197
172
174
191
25 3,196 1,238
26 3,585 1,206
6 3,875 1,228
4
3
2
2
1,078
1,781
1,951
2 ,042
625
613
662
621
* These figures exclude data for banks in. possessions of the United States except for one bank in Alaska (with total deposits of approximately 4
million dollars) that became a member bank on Apr. 15, 1954. During 1941 three mutual savings banks became members of the Federal Reserve
System; these banks are included in "member banks" but are not included in "all insured commercial banks" or "all commercial banks." Comparability of figures for classes of banks is affected somewhat by changes in Federal Reserve membership, insurance status, and the reserve classifications1 of cities and individual banks, and by mergers, etc.
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. Totai loans continue to be shown net.
For other footnotes see opposite page.
288
FEDERAL RESERVE BULLETIN
ALL COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES*—Co**fiifs«f
RESERVES AND LIABILITIES
[In millions of dollars]
Demand deposits
ReBalDeserves
mand
with
Cash ances
with
deFederal in
dooosits
Revault mestic
adserve
banks4 justed 5
Banks
Class of bank
and
call date
Interbank
deposits
Time deposits
ForDomestic 4 eign
Certified
IL S. States
and
and
Gov- political offiern- subdi- cers'
ment visions
checks,
etc.
U. S.
IndiGov- States
viduals,
and
ernpartner- Inter- ment
ships, bank and political
and corPostal subdiporavisions
Savtions
ings
IndiCapividuals, Bor- tal
partner- rowacships, ings counts
and corporations
All commerical
banks; 2
1947—Dec. 3 1 . .
1952—Dec. 3 1 . .
1953—Dec. 3 1 . .
1954—June 30. .
17,796
19,809
19,995
18,924
2,216
2,753
2,512
2,660
10,216
11,875
12,103
11,033
87,123
101,506
102,452
98,117
11,362
13,109
13,444
12,470
L,430
1,465
1,344
1,328
1,343
4,941
4,146
5,59.1
6,799
8,910
9,546
9,925
2,581
2,956
2,996
2,789
240
84.987
744
99,793
100,062 1,167
94,282 1,699
111
346
338
331
866 34,383
1,620 39,046
1,944 41,714
2,319 43,334
65
18S
62
55
10,059
12,888
13.559
14,038
All insured commercial banks:
1941—Dec. 3 1 . .
1945—Dec. 3 1 . .
1947—Dec. 3 1 . .
1952—Dec. 3 1 . .
1953—Dec. 31. .
1954—June 30..
12.396
15,810
17,796
19,809
19,995
18,924
1,358
1,829
2,145
2,720
2.,482
2,627
8,570
11,075
9,736
11,489
11,724
10,688
37,845
74,722
85,751
100,329
101,289
96,983
9,823
12,566
11,236
12,948
13,221
12,252
673 1,761
1,248 23,740
1,379 1,325
[,437 4.912
L,296 4,116
L.287 5,562
3,677
5,098
6,692
8,776
9,407
9,776
1,077
2,585
2,559
2,938
2,978
2,765
158
36,544
70
72,593
54
83,723
605
98,746
99,038 1,031
93,306 1,506
59
103
111
346
338
331
15,146
29,277
33,946
1.564 38,700
1,891 41,381
2,264 43,001
10
215
61
181
54
50
6.844
8,671
9,734
12,563
13,239
13,714
1941—Dec. 3 1 . .
1945—Dec. 3 1 . .
1947—Dec. 3 1 . .
1952—Dec. 3 1 . .
1953—Dec. 3 1 . .
1954—June 30. .
Oct. 7 . .
12,396
15,811
17,797
19,810
19,997
18,925
18,908
1,087
1,438
1,672
2,081
1,870
2,001
1,930
6,246
7,117
6,270
7,373
7,554
7,062
6,896
33,754
64,184
73,528
85,543
86,127
82,783
85,341
9,714
12,333
10,978
12,594
.12,858
11,956
12,280
.,243
t,375
[,43!
[,291
1,280
1,352
1,709
22,179
1.176
4,567
3,756
5,165
6,546
3,066
4,240
5,504
7,029
7,530
7,839
7,058
1,009
2,450
2,401
2,744
2,783
2,581
2,435
140
33,061
64
62,950
50
72,704
592
85,680
85,711 1,021
81,034 1,497
82,775 1,560
50
99
105
321
308
300
324
1,303
1,595
1,912
2,017
11,878
23,712
27,542
31,266
33,311
34,687
35,370
4
208
54
165
43
38
409
5,886
7,589
8,464
10,761
11,316
11.709
12,012
New York City*
1941—Oec. 3 ! . .
1945—Dec. 3 1 , .
1947—Dec. 3 1 . .
1952—Dec. 3 1 . .
1953—Dec. 3 1 . .
1954—June 3 0 . .
Oct. 7. .
5,105
4,015
4,639
5,059
4,846
4,614
4,636
93
111
151
148
129
131
154
141
78
70
84
70
60
39
10,761
15,065
16,653
16,288
15,901
15,430
15,693
3,595
3,535
3,236
3,346
3,363
3,237
3,076
607
866
L,217
267
319
237
290
322
315
404
333
450 11,282
6
1,338 15,712
17
12
1,105 17,646
465
1,120 17,919
831
1,071 17,509
1,109 16.601 1,246
1,098 16,240 1,276
10
12
59
53
51
54
29
20
14
29
139
151
216
1,206
1,418
1,752
1,958
2,014
2,090
195
30
132
23
1
147
1,648
2,120
2,259
2,505
2,572
2,630
2,654
1,021
1,070
1,144
1,287
i,290
1,136
43
36
30
32
34
30
26
298
200
175
169
166
154
119
2,215
3,153
3,737
4,126
4,211
3,844
3,933
3 .027
1,292
1,196
1,308
1,339
1,287
1,276
9
11
10
10
10
4,060
6,326
7,095
7,788
8,084
7,553
7,724
425
494
562
651
568
611
598
2,590
2,174
2,125
2,419
2.463
2; 352
2,048
11,117
22,372
25,714
30,609
30,986
29,940
30,812
4,302
6,307
5,497
6,662
6,869
6,220
6,616
54
110
131
230
219
202
216
2,210
4,527
4,993
5,820
5,780
5,468
5,411
526
796
929
9,661
23,595
27,424
34,519
35,029
33,569
34,903
790
1,250
1,140
1,230
1,152
3,216
4,665
3,900
4,706
4,855
4,496
4,690
1,199
1,049
1,278
.,288
1,211
L.311
2
8
7
11
12
11
11
544
672
642
658
3 947
4J498
4,550
3,972
13,595
15,964
16,325
15,334
385
516
586
514
55
34
52
48
Member banks,
total:
Chicago:*
1941—Dec. 3 1 . .
1945—]3 ec# 3 i mm
19*7—Dec. 3 1 . .
1952—Dec. 31..
1953—Dec. 3 1 . .
1954—Tune 3 0 . .
Oct.
7..
Reserve city banks:
1941—Dec. 3 1 . .
1945—Dec. 3 1 . .
1947—Dec. 3 1 . .
1952—Dec. 3 1 . .
1953—Dec. 3 1 . .
1954—June 3 0 . .
Oct.
7..
Country banks:
1941—Dec. 31 ..
1945—Dec. 31. .
1947—Dec. 31. .
1952—Dec. 3 1 . .
1953—Dec. 31. .
1954—June 30..
Oct. 7..
AH sionmember
banks: 2
1947—T)ec. 31
1952—Dec 31
1953—Dec. 31
1954—June 30
942
671
[, 105 6,940
1,154 1,143
778
[,021
[,033 1,378
[,083 1.994
8
20
21
37
39
34
41
127
1,552
72
343
259
410
465
491
8,221
405
1,814
1,504
2,015
2,453
225
5,465
432
1.267
1,216
1.362
1,635
$.67
374
390
426
492
496
826
418
399
693
778
233
237
285
242
272
297
265
34
66
63
56
64
74
58
2,152
3,160
3,853
4,49i
4,500
4.032
4,074
5
9
18
24
2
4
3
4
4
1,144
1,763
2,282
2,693
2,880
2,877
2,392
286
611
705
791
828
677
625
11,127
22,281
26,003
31,798
32,065
30,503
31,217
104
30
22
109
166
214
239
20
38
45
105
98
97
103
4,542
9,563
11,045
12,417
13,203
13,867
977 14,186
'"it
204
1,967
2,566
2,844
3.745
3,984
4,124
4,226
1,370
2,004
2,647
3,772
4,063
4,.261
4,068
239
435
528
777
820
720
654
8,500
21,797
25,203
31,473
31,636
29,898
31,244
30
17
17
13
15
19
20
31
52
45
152
153
148
162
337
525
615
759
815
146
6,082
23 9 12,224
14,177
15,903
16,921
17,553
17,850
4
11
23
25
20
26
43
1,982
2,525
2,934
3,970
4,194
4,372
4,540
1,295
1,881
2,016
2,085
180
212
213
209
12,284
14,133
14,351
13,248
190
152
146
202
6
25
30
30
172
317
350
407
6,858
7,800
8,426
8,669
12
23
19
17
1,596
2,129
2,245
2,332
476
719
902
1,190
1,229
1,253
1,245
243
160
332
739
830
992
"{5
2
1
8
288
377
426
541
566
583
592
8
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, p p . 72-103 and 108-113.
MARCH
1955
289
WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE
LOANS AND INVESTMENTS
[Monthly data are averages of Wednesday figures.
In millions of dollars]
Loans 1
Month cr date
ComTotal Loans
merand
loans investcial,
and
Loans indusinvest- ments
trial,
adadments justed 1 justed 1 and
agricultural
U. S. Government obligations
For purchasing
or carrying securities
To brokers
and dealers
To other3
U.S. Other
U. S.
Govt. Other
se- Govt.
obobliga- curi- liga- cuntions ties tions ties
Real
estate Other
Total
loans loans
CerOther Loans
tifisecuf,o
cate3
2 rities banks
of in- Notes Bonds
debtedness
Bills
Total—
Leading Cities
5,829 20,115 7,731
8,377 23,613 8,610
727
778
8,158 23,315 8,645
3,627 22,598 8,944
778
806
8,552 23,95
936 8,563
8,650
8,'488 231889
23,
,606
8,357 23,
8J286 23,
23i410 8,608
8,200 23,391 8,624
770
793
730
884
715
23,355 3,615
23,'319 8,517
233,295 8,538
233,293 8,911
832
809
703
766
35.799 2,065 2,551 8,081 23,102 8,984
35,280 1,747 2,412 8,121 23, 000 8,926
35.057 1,881 1,832 9,162 22,182 8.894
34,750 1,821 1,676 9,146 22 ,107 8,971
770
775
738
940
79,309 39,023 22,549
86,187 40,549 22,347
1,968
2,538
823
1,062
1955—January..
February.
86,398 85,620 40,443 22,202
85,612 84,806 40,641 22,159
2,434
2,488
1,079
1,073
1954—Dec.
Dec.
Dec.
Dec.
Dec.
86,553
86,376
87,200
87,448
87,249
85,783
85,583
86,470
86,564
86,534
40,114
40,181
40,690
40,751
41,008
22,214
22,255
22,359
22,423
22,486
2,367
2,390
2,679
2,567
2,688
,037
,034
,049
,077
,113
6,493 7,823 32,555 2,210 4,401
7,128 8,13437,028 2,491 2,547
7,225 •8,207 36,532 2,378 2,681
7,311 8,31.6 35,221 1,878 2,118
7,083 8,075 37,106 2,378 2,240
3 , 7 5 2 2,225 2,150
7,088 8,078 36
7,136 8,125 37,174 2,615 2,763
7,156 8,187 37,205 2,693 2,816
7,176 8,205 36,902 2,543 2,768
1955—Jan. 5 . . 86,656
Jan. 12. . , 86,290
Tan. 1 9 . . . 86,152
Jan. 26. . 86,495
85.824
85,481
85,449
85,729
40,636
40,45.1
40,309
40,377
22,334
22,237
22,163
22,074
2,541
2,419
2,324
2,449
,101
,082
,080
,055
7,182
7,217
7,238
7,263
8,181
8,200
8,208
8,240
36,573
36,513
36,602
36 ,441
85,359
84,859
84,673
84,334
40,576
40.653
40,722
40,613
22.054
22,096
22,251
22,236
2,582
2,590
2,454
2,326
1,056
1,062
1,083
1,092
7.279
7; 294
7,326
7,342
8,311
8,314
8,315
8,325
1954—February. , 21,776 21,318 11,599
December. 24,081 23,623 11,788
8,066
7,563
490 954
479 1,371
1955—January.., 23,630 23,172 11,629
February., 23,410 22,956 11,70/
332 1,488
380 1 ,500
456
422
588
420
508
1954—February. 80,036
December. 86,965
1...
8. .
15. .,
22. .
29. .
Feb. 2.
Feb. 9.
Feb. 16.
Feb. 23.
86,129
85,634
85,411
85,274
2,279
2,301
2,497
2,434
2,729
2.714
2,644
2,638
8,210
8, 179
8,166
8,076
New York City
263
387
380 1 ,594 7,513
458 1,707 9,382
658
840
727 1,046 5,082 2,206
497 2,002 6,043 2,453
458
458
387
393
491 1,724 9,050
1,731 8,705
689
624
1,302
1,337
1,413
1,398
1,407
389
376
386
395
391
451 1,697 9,474
448 1,699 9,297
1.700 9,479
465 1,714 9.369
467 1,724 9^294
821
761
890
874
853
535 1,884 5,942 2,493
360 1,986 5,735 2,544
447 2,090 6,11 2,397
409 2,026 6,101 2,453,
558 2,006 6, 025 2,466
541 1,968 5,986 2,460
531 1,921 5,989 2,488
458
454
463
411
421
547
448
24,022
23,828
24.290
24,134
24,134
23,559
23,417
23,869
23,587
23,686
11,688
11,667
11,924
11,758
11,904
7,404
7,381
7,575
7,567
7,558
7,547
7,568
1955—Tan. 5 . . . 23.800
Tan. 1 2 . . , 23,512
[an. ! 9. . , 23,446
Jan. 2 6 . . . 23,761
23,340
23,064
23,020
23,263
11,727
11,636
11,549
11,603
7,454
422
381
358
1,447
1,464
286 1,479
280 1,561
390
390
382
388
469
489
497
508
1 ,726 9,136
S , 732 8,977
1.724 8,994
1,712 9,094
709
620
679
747
588
554
495
503
1,891 5,948 2,477
.451
1,878 5,
935 2,477
1,885
1,883 5,961 2,566
448
426
498
23,23-!
23,004
22,861
22,725
11,683
11,707
11,768
11,672
7,322
7,347
7,420
7 ,436
1,507
1,490
1 ,491
254 1,513
389
391
393
401
512
513
526
528
1 ,724
1.723
1,737
1,739
8,966
8,776
8,591
8,4S5|
661
501
712
621
501
398
271
268
1 ,882
1,963
2,052
2,048
2.585,
2,521
2,502
2,568
452
450
390
522
1954—Dec.
Dec.
Dec.
Dec.
Dec.
1...
8. . ,
15. . .
22 . . .
29. . ,
Feb. 2. .
Feb. 9. .
Feb. 1 6 . .
Feb. 23. .
23,686
23,454
23,251
23,247
16
5,922
5.914
5,556
5,548
460
Outside
New York City
1954—Febr u ary.
.260 57,991 27,424 14,483
December. 62,884 62,564 28,761 14,784
524
688
517
659
6,113 6,229 25.042
6,670 6,427 27,645
1 ,552 3,674 4,783 15,033 5,525
1,651 2,050 6,375 17,5706,157
269
320
1955—January..
February.
62,768 62,448 28,814 14,798
62,202 61,850 28,934 14,778
62,531 62,224 28,426 14,639
62,548 62,166 28,514 14,688
62,910 62,601 28,766 14,801
63,314 62,977 28,993 14,876
63,115 62,848 29,104 14, v'18
614
60S
609
631
678
749
773
676
664
637
647
651
669
688
6,734 6,483 27,482
6,791 6,585 26,516
1,689 2,146 6,274 17,373 6,152
1,254 1,758 6,641 16,863 6,400
6,632
6,640
6,675
6,691
6,709
6.378 27 ,632
6.379 27,455
6,425 27,695
6,473 27,836
6,481 27,608
1,557
1,464
1,725
1,819
1,690
1,793
1,741
2,205
2,275
2,237
6,462
6,462
6,351
6,318
6,279
17,820
17,788
17,414
17,424
17,402
6 ,166
6,197
6,140
6 ,148
6 ,136
320
352
307
382
309
337
267
Dec. 1. .
Dec. 8. . ,
Dec. 1 5 . . ,
Dec. 2 2 . .
Dec. 29. .
1955 —Tan. 5.
Jan. 12.
Tan. 19.
Jan. 26.
62,856
62,778
62,706
62,734
62,484
62,417
62,429
62,466
28,909 14,880
28,815 14,815
28,760 14,782
28,774 14,716
668
617
559
608
683
678
684
657
6,713
6,728
6,741
6,755
6,455 27,437
6,468 27 ,536
6,4-84 27,608
6,528 27• ,347
1,570
1,681
1,818
1,687
2,141
2,160
2,149
2,135
6,319
6,301
6,281
6,193
17,407
17,394
17,360
17,332
6,138
6 ,066
6 ,061
6 ,345
372
361
277
268
Feb. 2.
Feb. 9.
Feb. 16.
Feb. 23.
62,443
62,180
62,160
62,027
62,125
61,855
61 ,812
61,609
28,893
28,946
28,954
28,941
645
655
570
559
654
658
667
675
6,767
6,781
6,800
6,8.14
6,587 26,833
6,591 26,504
6,578 26,466
6,586!26,265:
1,404
1 ,246
1.169
1,200
2,050
2,014
1,561
1,408
6,199 17,180
6,158 17,086
7,11.0 16,626
7,098 16, ,559
6 ,399
318
325
348
418
14,732
14,749
14,831
14,800
6,405
6 ,392
6 ,403
r
Re vised.
Exclusive of loans to banks and after deduction of valuation reserves; individual loan items are shown gross.
Includes guaranteed obligations.
For other footnotes see opposite page.
1
2
290
FEDERAL RESERVE BULLETIN
WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE—Continued
RESERVES AND LIABILITIES
[Monthly data are averages of Wednesday figures.
D e m a n d deposits
except interbank
Date or m enth
Reserves
BalDewith Cash ances maud
Fedwith
dein
eral vault
do- posits
Remestic ad- 3
serve
banks usted
Banks
Individuals,
partnerships,
and
corporations
States
and
political
subdivisions
Certified
and
officers'
-hecks,
etc.
In millions of dollars]
T i m e deposits,
except interbank
Interbank
deposits
IndiU. S.
Demand
vidGovuals, States
and
U. S. part- politernGov- nerical ment
ern- ships, suband
ment and
Dodivi- Postal
ForSav- mescor- sions
eign
ings
tic
porations
Borrowings
ip-
Time
From
ital
Feda ceral From COlmts
Re- others
serve
Banks
Total—
Leading Cities
1954 —February.. 4, 386
946 2. 485 U, 639 55, 528 4. 006 1 947 2,511
December. 14, 107 1,052 2, 706 57,478 59,275 3, 876 2 289 3,387
978
980 2, 613 S8. 230 59,598 4, 032 2 077 1,792
1955—January..
February.. 13*,727
938 2, 524 57,093 58, 297 4 098 1 968 2,548
967 2. 642 56,414 57, 876 3, 956 2 426 4,223
1954—Dec. 1. .13,891
Dec. 8. .13, 980 1 ,059 2, 569 56,583 57, 648 3, 754 1 849 3,706
Dec. 15. . 14,355 1 ,065 2 830 57, 926 61, 036 3 816 2 793 3,226
Dec. 22. . 14 167 1 ,084 2 794 58,025 59,697 3 917 2 249 3,184
Dec. 29. . 14, 141 1 ,084 2 693 58,445 60, 117 3 939 2 129 2,597
958 2
1955—Jan. 5. .14 329
Jan. 12. . 'i3 946 1.031 2
Jan. 19. .13 869
964 2
Jan. 26. .13 766
968 2
Feb. 2. .13 947
Feb. 9. . 13 651
Feb. 16. .\3 829
Feb. 23. . 13 483
898
938
925
993
2
2
2
2
7,640
967
18, 674 1,182
190 0 482 1 ,284 1 .096
206 11.556 1 ,404 1 ,448
18, 856 1,141
18, 876 1,131
18, 555
18 621
-8,655
18 732
18 806
1,183
1,180
1,195
1,198
1,154
482 1 ,386 1 ,464
211
207 0 566 1 ,363 1 ,458
203 11 303 1 ,354 1 ,456
203 11 426 1 ,380 1 ,458
209 11 953 1 ,393 1 ,443
209 11 737 1 .425 1 ,440
209 11 359 1 ,470 1 ,444
7,639
8,156
238
627 8,160
298
651 8.205
70 6
8,162
929
816
1
109
128
78
373
691 57, 857 59,012
627 57 981 60, 113
630 58 368 59, 884
504 58 716 59 383
3
3
3
4
958
841
981
348
2
1
1
2
021
793
806
689
2,242
1,502
1 477
1 948
18
18
18
18
845
865
857
856
1,158
1,157
1.122
1|126
213
210
210
211
12
11
11
10
012
717
502
695
1 ,420
1 ,403
1 ,372
1 ,347
1 ,440
1 ,464
1 ,473
1 ,481
197
355
136
263
652
152
596 s,146
746 8.144
632 8,174
8,
713 8,176
669 8,154
563 8 138
563 8,172
493
483
57.1
548
4
4
3
4
232
148
984
027
2
1
2
1
226
595
164
889
2
2
2
2
320
330
779
764
18
18
18
18
864
874
875
890
1,126
1,127
1,132
1,138
208
210
207
205
10
10
10
10
821
633
701
110
1 ,352
1 ,326
1 .376
1 ,396
1 ,478
1 ,460
1 ,454
1 ,439
506
155
338
193
616
622
640
727
57
57
56
56
639
394
598
744
58
57
58
58
317
889
672
311
8
8
8
8
194
209
202
214
New York City
1954—February.. 4 777
December 4 498
151
181
43 15 792 16 717
54 16 415 17 630
274 1 ,116
310 1 304
659 1 832
967 2 060
149
220
904
54 2 974 1 ,033
54 3 211 1 ,133 1,185
3-4
31 9
1955—January.. 4 424
February.. 4 382
1951— Dec. 1, , 4 354
Dec. 8. . 4 490
Dec. 15.. 4 553
Dec. 22. . 4 513
Dec. 29. . 4 58?
154
145
191
182
220
215
222
240
204
54 3 167 1 ,084 1 ,174
54 3 008 1 ,053 1 , 147
54 3 126 1 ,080 1 ,198
54 3 106 1 ,114 1 ,199
54 3 368 1 ,132 1 ,185
54 3 208 1 ,157 1 ,169
54 3 249 1 ,184 1 ,173
39
44
162
193
188
189
175
43 16 517
51 16 264
78 16 184
41 16 118
48 16 624
52 16 470
51 16 681
1955—j a n #
5. . 4 55 f
4 53 5
Jan. 19. . 4 367
Ian. 26. . 4 25y
155
163
146
151
36 16
42 16
49 16
45 16
4 ,540
4 ,288
4 41 f
4 ,28^
138
148
139
15f
53
41
63
48
1.954 -February.
December
9 , 609
9 ,609
1955—January. .
February.
1954—Dec. L. .
Dec. 8. .
Dec. 15..
Dec. 22. .
Dec. 29. .
9 , 554
9 .345
795 2 ,442 38 ,847 38
3 ,732
871 2 ,652 41 063 41 645 3 ,566
82 f 2 ,570 41 ,713 42 06r 3 . 673
793 2 .473 40 ,829 40 ,99: 3 ,790
9 .537
9 ,490
9 .802
9 654
9 ,560
805
86f
877
895
909
2 ,564 40 ,230 40
2 ,528 40 ,465 40 68-'
2 ,782 41 ,302 42 ,78(
2 ,742 41 ,555 42 .16f
2 ,642 41 ,764 42 ,027
803
868
818
8.17
2 ,655
2 ,585
2 ,581
2 ,459
76(
79(
78f
837
2 ,440 41 ,104 40 ,95"
2 ,442 41 ,061 40 ,721
2 , 50840 ,493 41 ,269
2 ,500 40 ,659 41 ,03"
12. .
ten.
Feb. 2. .
Fob. 9. .
Feb. 16. .
Feb. 23. .
2 573
2 770
17
16
18
17
18
310
964
256
531
090
359 1 124
471 2 079
308 1 ,077
669 2 074
312 1 ,405 1 279 2 019
277
917 1 096 2 037
336 1 ,752
898 2 069
299 1 ,269
862 2 097
698 2 078
328 1 ,175
483 17
320 17
466 17
799 17
456
467
586
620
303
979
289
884
319
860
525 i,770
620
403
372
491
2 076
2 074
22 080
085
199
208
177
181
54
54
55
54
3 289
3 ,186
3 211
2 ,983
1,122 1,170
1 ,108 1,170
1 ,066 , 176
1 ,038 I,179
362
168
403
274
373 1 ,32f
287
743
262 1 ,22C
312 1 ,014
644 2 ,079
639 2 .071
703
,072
691 2 ,075
2
175
180
186
185
54
53
53
54
3 ,076
3 ,016
3 ,010
2 ,931
1 ,036
1 ,026
i .063
l ,085
1 ,167
1 ,149
1 ,143
1 ,128
831 1,852 15 . 808
985 2 420 16 ,614
818
962
7 ,508
8 ,345
251
271
192
263
595
427
5 ,066
5 386
953 .1 321 16 ,777
891 1,879 16 ,802
950
949
13f
152
157
153
302
310
290
311
963
965
973
958
95C
149
149
155
155
155
274
26*
261
268
286
258
259
258
271
271
199
254
4. 0
109
128
78
373
272 5 380
29* 5 ,415
3 ,644 i ,021 2 ,944 16 ,53f
932 2 ,61C 16 ,584
3 ,477
3 .480 1 ,041 2 ,328 16 ,58f
980 2 ,322 16 ,635
3 ,618
954 1, 89916 ,728
3 ,611
8 ,315
7 ,558
8 ,177
8 ,320
8 ,58.=8 , 529
8 ,110
23?
265
302
194
5 .382
5 ,384
5 ,382
5 .378
5 ,404
3 .65" 1,042 1 ,622
3 ,552
90S- 1,099
3 ,662
94f 1,105
3 ,823
919 1,457
16 ,76<
16 ,791
16 ,777
16 ,771
959
949
945
945
159 8 ,723
8 ,531
155 8 ,291
157 7 ,712
298
295
30f
309
270
294
297
302
197
200
J36
263
28f
24<
282
269
5 ,397
5 ,375
5 ,358
5 ,390
3 ,859
3 ,861
3 ,722
3 ,715
16 , 785
16 , 803
16 ,803
16 ,815
951
947
953
154
157
154
151
3 If
300
313
311
311
311
311
311
378
153
299
185
202
279
287
408
5 ,402
5 ,416
5 ,410
5 ,431
16 535
16 333
16 105
16 ,085
17 532
17 302
17
17
17
17
355 2 780
357 2 790
3i6
419
331
444
438
2
2
2
2
2
780
768
764
766
770
155
427
420
281
294
2
2
2
2
779
779
780
782
128
2
39
8
4-14 2 792
343 2 793
353 2 792
2 783
Outside
New York City
1955—Jan. 5. . 9 , 773
Jan. 12. . 9 431
Jan. 19. . 9 ,502
Jan. 26. . 9 .507
Feb. 2.
Feb. 9.
Feb. 16.
Feb. 23.
9 ,407
9 ,363
9 ,413
9 ,199
41 ,374 41 ,55f
41 ,661 42 ,64f
41 ,902 42 ,298
41 ,917 41 ,763
900
852
938
875
1,67f
1,691
2 ,076
2 ,073
7 ,745
7 ,617
7 ,691
7 ,179
* Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
NOTE.—Monthly averages and Wednesday figures for total leading cities for full year 1954 are shown on pp. 21.2-213 of the BULLETIN for
February 1955.
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
1955
291
CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS OF A SAMPLE OF WEEKLY REPORTING MEMBER BANKS
BY I N D U S T R Y 1
[Net declines, (—). In millions of dollars]
Business of borrower
M a n u f a c t u r i n g a n d mining
Period^
Metals
and
Petrometal
leum,
Textiles,
Food,
products
coal,
liquor, apparel,
Other
(incL chemical,
and
and
machinand
tobacco leather ery and
rubber
trans.
equip.)
Trade
(wholesale
and
retail)
Sales
finance
companies
Commodity
dealers
Public
utilities
(incl.
transportation)
Construction
All
other
types
of
business
Comm'L
ind'l,
and
Net
agr'l.
changes change—
classitotal 3
fied
275
873
48
125
60
141
62
16
—421
722
63
30
175
351
44
-98
8
37
186
18
2,769
2,372
1,111
176
250
76
36
-105
141
-634
662
-217
544
-2
-57
18
13
-28
191
-546
2,494
-637
2 5 435
156
420
90
-49
215
-7
-644
392
-91
-137
12
91
18
-23
-11
101
-805
-326
-45
138
-536
-107
610
795
55
-26
-577
-548
-10
88
-1
-62
-41
120
-363
539
-175
32
126
106
167
-1,314
-1.496
-225
7i
82
665
602
111
-30
-24
49
-17
-68
78
228
46
14
4
390
354
— 119
-118
28
90
7
29
— 116
13
-82
-47
5
3
Q
49
—80
42
—371
-412
109
— 10
4
124
162
51
34
50
17
-41
-28
2
—3
3
-4
-10
—31
25
3
-10
7
39
— 14
8
9
-4
—3
sr
-3
2
9
7
—25
-25
-34
4i
4
4
22
45
—8
74
29
88
-22
-1
8
3
—7
9
-31
30
91
45
96
55
104
82
41
J04
64
63
-70
-8
-17
-24
-i
n5
3
1
15
-13
9
-17
5
3
y
4
2
-6
—56
-12
-28
— 19
-23
-43
—9
43
-44
1.1
-4
-4
-1
14
-18
-37
4
-27
-20
-144
-100
-152
1951—Anril-June. .
July-Dec
-243
932
-361
1952—Jan.-June. . .
July-Dec.. . ,
-868
754
-73
—40
1953—Jan.-June. . .
Juiy-Dec.. . .
-657
537
1954—Jan.-June. . . —505
498
July-Dec
Monthly:
1954—December...
1955—January.
February. . .
Week ending:
1954—Dec. ' 1
Dec. 8 . . . .
Dec 15
Dec. 22.'.'.'.
Dec. 29
1955—Tan. 5.
Jan. 12
Jan. 19. . . .
Jan. 2 6 . . . .
116
14
7
-7
-11
—20
19
68
14
-8
-1
4
1
-32
—95
-97
-74
-89
4
-r>
-2
30
9
10
29
-20
6
Feb. 2
-27
-11
5
19
-14
-4
.1
-1
2
14
42
4
12
6
22
5
— 19
Feb. 9
7
14
-14
-8
-20
12
95
96
15
155
—48
38
3
Feb. 1 6 . . . .
9
1.2
1
—5
4
1
3
—
15
1
3
—
13
1
5
2
5
16
Feb. 23
1
Sam pie 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 daring period.
3
Net change at all banks in weekly reporting series, according to the old series in 1951 and the revised series thereafter. For description of
revisions in the weekly reporting series see BULLETIN for April 1953, p. 357.
XOTK.—Monthly and weekly data for the full year 1954 are shown on p. 214 of the BULLETIN for February 1955.
COMMERCIAL A N D
FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
fin m JiiOfl'i Of
•'oHars]
Dollar acceptances outstanding
Commercial and finance
company
paper outstanding 1
End of month
Total
Held by
Total
Placed
outPlaced direct- standthrough2
ing
ly
dealers (finance
paper) 3
Accepting banks
Total
Own
bills
Bills
bought
Based on
F. R.
Banks
(for
acct.
of
for.
corr.)
Oth-
Goods s tored in or
ImExshippec between
ports
ports Dollar
points in
into
from
exUnited United change
States States
United Foreign
States countries
1949—December
1930—December
1951—December....
1952—December
1953—December... .
837
920
1,331
1,745
1,966
270
345
449
552
564
567
575
882
.,193
1,402
272
394
490
492
574
128
192
197
183
172
58
114
119
126
117
70
78
79
57
55
11
21
21
20
24
133
180
272
289
378
184
245
235
232
274
49
87
133
125
154
2
23
39
29
30
28
55
64
75
9
32
44
32
43
1954—January
i< e b r u a r y . . . .
March
April .. .
May
June
July
August
September...
October
November...
December
2.155
2,308
2,291
2,215
2,168
2,150
2,208
2,228
2,192
2,048
2,032
1,924
635
716
735
586
545
580
195
185
198
144
149
149
51
36
50
17
10
13
373
350
369
266
238
247
157
151
139
45
44
47
73
71
107
46
41
39
623
616
589
589
563
228
227
220
205
198
63
56
56
41
43
270
277
246
225
205
127
115
96
91
101
344
402
437
565
139
148
164
182
85
72
42
17
130
205
247
300
46
45
43
46
47
81
55
71
86
6
14
19
19
38
36
60
92
75
178
217
241
203
207
207
248
285
142
143
143
136
134
259
271
313
289
17
14
14
9
5
379
374
355
376
360
609
687
768
873
165
171
164
164
155
803
762
769
733
L, 520
1,592
1,556
1,521
1,527
1,471
1,461
L ,434
1,389
1,286
1,263
1,191
1955—January
2,064
713
1,351
869
282
206
77
23
564
273
187
17
303
694
641
679
747
794
48
55
66
89
90
1
Xew series;
2
As reported
3
not comparable with earlier data.
by dealers; includes finance company paper as well as other commercial paper sold in the open market.
As reported by finance companies that place their paper directly with investors.
Back figures.—For bankers' acceptances, see Banking and Monetary Statistics, Table 127, pp. 465-467; for description see p. 427.
292
FEDERAL RESERVE BULLETIN
PRINCIPAL ASSETS OF SAVINGS INSTITUTIONS
UNITED STATES LIFE INSURANCE COMPANIES
[In millions of dollars]
Business securities
Government securities
Total
assets
Date
June
TiUy
August
September
October
November
December ..,
536
554
601
608
652
756
999
1,249
1,390
1,428
1,718
2,103
2,221
2.446
2,573
5,669
5,958
6,442
6,726
6,714
6,686
6,636
7, J 55
8,675
10,833
12,906
16,102
19,314
21 ,251
23,322
2,134
2,060
1.878
1,663
1,352
1 ,063
857
735
860
1.055
l|247
1,445
1,631
1,903
2,020
3,248
3,091
2,919
2,683
2,373
2,134
1,962
1,894
1,937
2,057
2.240
2,413
2,590
2,713
2,914
2,030
2,156
1,840
1,693
1,839
1 ,704
1,738
1,808
2,124
2,160
2,245
2,591
2,872
3,088
3,302
25,975
29,226
32,056
2,067
2,178
2,339
19,291
21,245
23,275
1,617
1,868
1,994
2,575
2,699
2,894
2,879
3,135
3,321
32,266
32,430
32,635
32,759
32,871
33,150
33,369
33,494
33,717
33,979
34,040
34,147
2,373
2,386
2,418
2,457
2,500
2,533
2,574
2,600
2,609
2,600
2,623
2,696
23.435
23,570
23,769
24,005
24,174
24,384
24,572
24,795
25,035
25,260
25,574
25,927
2,039
2,053
2,066
2,086
2,102
2,129
2,147
2,177
2,205
2,241
2,260
2,275
2,905
2,923
2,956
2,978
3,000
3,023
3,045
3,066
3,049
3,061
3,075
3,087
3,378
3,391
3,389
3,405
3,448
3,468
3,581
3,636
3,653
3,696
3,774
3,883
Total
Bonds3
Stocks
29,243
30,802
32,731
34,931
37,766
41,054
44,797
48,191
51,743
55,512
59,630
64,020
68,278
73,375
78,533
7,697
8,359
9,478
11,851
14,994
18,752
22,545
23,575
22,003
19,085
17,813
16,066
13,667
12.774
12,405
5,373
5,857
6,796
9,295
12,537
16,531
20,583
21,629
20,021
16,746
15,290
13,459
11,009
10,252
9,829
2.253
2,387
2,286
2,045
i,773
1,429
1,047
936
922
755
586
8,465
9,178
10,174
10,315
10,494
10,715
11,059
13,024
16,144
20,322
23.179
25,403
28,204
31,646
34,570
7,929
8,624
9,573
9,707
9,842
9,959
10,060
11,775
14,754
18,894
21,461
23,300
25,983
29,200
31,997
67,983
, 73,034
78,201
13,579
12,683
12,322
10,958
10,195
9,767
1,702
1.733
1,958
919
755
587
28,042
31,404
34,395
12,470
12,498
12,416
12,424
12,452
12,294
12,222
12,197
12,094
12,013
11,992
12,037
9,779
9,781
9,661
9,635
9,539
9,343
9,189
9,171
9,086
9,024
8,936
9,021
2,105
2,122
2,170
2,208
2,326
2,363
2,456
2,471
2,485
2,509
2,575
2.533
586
595
585
581
587
588
577
555
523
480
34,639
34,816
35,053
35,216
35,371
35,683
35,943
36,094
36,326
36,579
36,663
36,843
1954—Tanupry.........
Febr ! i?rv
March
May
Real
estate
United State and Foreign 2
locali
States
End of year: 4
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
.....
1953
End of month: 5
1951—December
1952—December
1953—December
Mortgages
Total
78,866
79,251
79,649
80,114
80,547
80.981
81,510
81 965
82,362
82,850
83,338
84,052
945
1,199
1,393
1,547
1,736
) , 767
1,990
71
115
396
511
684
792
915
1,010
1,037
1,140
1,130
1,060
481
483
Policy
loans
Other
assets
1
2
Includes United States and foreign.
Central government only.
3 Includes International Bank for Reconstruction and Development.
represent annual statement asset values, with bonds carried on an amortized basis and stocks at end-of-year market value.
These represent book value of ledger assets. Adjustments for interest due and accrued and differences between market and book values
are not made on each item separately, but are included in total in "Other assets."
Source.—Institute of Life Insurance—end-of-year figures, Life Insurance Fact Book, 1952; end-of-month figures, The Tally of Life Insurance
Statistics and Life Insurance News Data.
4
These
5
ALL SAVINGS AND LOAN ASSOCIATIONS IN THE UNITED STATES
[In millions of dollars]
Assets
Assets
End of
year
1940
194?
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
Total i
Mortgages2
U. S.
Government
obligations
5.733
6,049
6,150
6,604
7,458
8,747
10,202
11,687
13,028
14,622
16.846
19,164
22,585
26.638
31,680
4,1.25
4,578
4,583
4.584
4,800
5,376
7,141
8,8S6
10,305
U ,616
13,622
15,520
18,336
21,882
26.1.42
71
107
318
853
1,671
2,420
2,009
1,740
1,455
1,462
1,489
1 ,606
1,791
1,923
2,026
Cash
307
344
410
465
413
450
536
560
663
880
951
1,382
1,306
1,500
1,958
Others
940
775
612
493
391
356
381
416
501
566
692
866
1,072
1,258
1 ,481
Savings
capital
4,322
4,682
4,941
5,494
6,305
7,365
8,548
9,753
10,964
12,471
13,978
16,073
19,143
22,778
27,259
Total*
Mortgages2
U. S.
Government
obligations
1952—1
2
3
4
19,688
20,599
21,295
22.585
16,057
16,875
17,696
18,336
1,690
.687
[,765
1,791
1,080
1J.82
1,044
1,306
774
770
708
1,072
16,811
17,656
18.198
19,143
1953—1....
2
3....
4
23,442
24,724
25,582
26,638
19,051
20,099
21,316
21,882
1,926
1,997
1,982
,923
1,259
1,333
1,196
1,500
1,128
1,213
1.212
1,258
20,072
21,140
21,735
22,778
1954— IP... 27,667
2P...
29,105
3 P . . . 30,168
4:P... 31,680
22,722
23,847
25,053
26,142
L,928
: .961
1,613
1,782
1 .671
1,958
1,330
23,901
25,163
25.805
27.259
End of
quarter
,972
1,026
Cash
Others
1,44:2
1,40(5
1.481
Savings
capital
p1 Preliminary.
Includes gross mortgages with no deduction for mortgage pledged shares.
2
Net of mortgage pledged shares.
3 Includes other loans, stock in the Federal home loan banks and other investments, real estate owned and sold on contract, arid office building
and fixtures.
Source.—Federal Savings and Loan Insurance Corporation.
MARCH
1955
293
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
1953
Asset or liability, and agency
1945
1946
1947
1948
1949
1950
1951
4
Loans, by purpose a n d agency:
Banks for cooperatives
Federal intermediate credit banks
Federal Farm IVlortgage Corporation
Farmers Home Administration 3
...
Rural Electrification Administration
....
Other agencies
To aid home owners total . . .
Home Owners' Loan Corporation 2
.
Reconstruction Finance Corporation* *
Veterans Administration
..
To railroads total
Reconstruction Finance Corporation®
Other agencies
To other industry, total
Reconstruction Finance Corporation" ^.
Department of the Treasury
Other agencies
To financing institutions, total
Reconstruction Finance Corporation "
Federal home loan banks
Other agencies
1954
1952
2
1
2,878 2,884 2,299 3,632 4,362 3,884 4,161 5,070 6,811 7,370 6 389 6 ">27
232
276
305
197
302
425
424
345
377
354
343
309
231
273
336
426
510
633
437
673
590
658
774
754
1,088
986
242
80
109
34
149
60
45
25
18
17
15
16
604
558
525
590
523
539
596
535
648
739
754
754
734
407
528
999 1,301 1,543 1,742 1,920 2,096 2,130 2,164 2 200
280 1,293 1,729
99
120
782 1,426 3,076 3,468 2,368 2,457
898
6
7
5
4
9
7
6
6
9
5
5
4
896
659
7
852
6
636
10
6
556
4
486
•1
65
768 1,251 1,528 2.142 2,603 2,930 2 858 2 814 2 818
199
828 1,347 1,850 2,242 2,462 2,366 2,301 2,392
231
369
10
177
115
168
137
123
108
104
367
326
348
22
24
169
35
246 /300
62
{ 60
61
59
223
205
18
171
153
18
147
145
3
140
138
3
114
112
3
110
108
2
101
99
2
232
149
} 83
192
151
41
272
241
31
310
272
38
462
423
38
458
400
58
267
60
195
314
14
293
7
447
7
436
525
6
515
445
8
433
824
8
816
4
4
4
12
82
80
2
79
77
2
79
77
2
12
10
2
12
488
415
74
516
509
457
294
/
174
58 1 40
492
270
178
44
415
191
179
45
413
814
8
806
864
952
630
678
691
864
952
630
675
3
689
2
2,284 5,673 6,102 6,090 6,078 6,110 7,736 8,043 7,987
252 1,249 1,978 2,145 2,187 2,226 2,296 2,496 2,833 2,783
274
246
206
154
235
101
64
58
52
45
800 3,450 3,750 3,750 3,750 3,750 3,667 3,620 3,620
1,537 1,539
7,965
2,762
42
3,618
1,544
7,968
2,788
12
526
Export-Import Bank
Reconstruction Finance Corporation* '
U. S. Treasu r y Department 9
All other purposes total
Reconstruction Finance Corporation
*'
Public Housing Administration 11
Other agencies
Less: Reserve for losses
..
...
....
Total loans receivable (net)
investments:
U. S Government securities, total
Federal intermediate credit banks
Production credit corporations
Federal home loan brinks
Federal Savings and Loan Insurance
Corp
Home Owners' Loan Corporation 2
Federal Housing Administration
Reconstruction Finance Cornoration^ '
Federal Deposit Insurance Corporation
Other agencies
Other securities, total
Reconstruction Finance Corporation 8
Production credit coroorations
Department of the Treasury
Other agencies
Commodities, supplies, and materials, total
Commodity Credit Corporation
Department of the Treasury
Other agencies
..
Land, structures, and equipment,
total
Public Housing Administration11
Reconstruction Finapce Corporation" ^ . . .
Tennessee Valley Authority
,
War rSh'oping Administration2
Fede al Maritime Board and Maritime Ad'tn.2....
Other agencies12
Bonds, notes, and debentures payable (not
guaranteed), total
Federal land banks 2
3
12
349
64
3,618
1,563
707
309
286
112
623
232
278
113
714
«340
278
96
584
190
294
100
484
88
297
99
531
59
366
105
779 1,095
61
50
609
919
109
126
763
57
535
171
641
29
428
184
471
32
245
195
451
438
478
395
368
476
185
173
203
181
255
276
140
144
307
5,290 6,649 9,714 11,692 12,733 13,228 14,422 17,826 19,883 19,877 18,489 18,6C3
1,683 1,873 1,685 1,854 2,047 2,075 2,226 2,421 2,602 2 960 2 911 2 988
43
43
43
43
48
43
43
43
43
43
43
52
43
67
145
70
136
47
48
72
44
66
74
39
46
42
51
43
60
43
63
45
50
43
50
42
58
42
118
145
139
274
275
199
249
311
38?
706
672
687
325
244
230
154
133
107
88
78
44
40
83
22
71
16
66
11
5<
48
108
35
36
8
35
5
3-S
46
98
29
40
55
5C
4
24
11
6
2
1
1
1
1
2,288 1,265
463
1,034
667
1,131
134
822
448
235
138
184
161
172
214
200
199
193
208
222
222
217
228
15
12
12
17
8
144
106
122
132
285
188
244
316
324
319
310
257
1
49
48
(8)
897 1,045 1,020 1,064 1.205 1,307 1,353 1,437 1,526 1,593 1,609 1 ,610
1
1
1
1
1
1
1
38
29
9
28
318 3,385 3,385 3,385 3,385 3,385 3,385 3,385 3,385 3,385 3,385
4
43
9
627 1,549 1,774 1,46! 1,280 2,51.4 2 , 6 % 3,369 3,709
437 1,376 1,638 1,174
978 2,086 2,202 2,802 3,059
157
172
142
108
156
168
91
129
95
32
30
28
131 \ 272
159
327
476
556
16,924 12,600 3,060 2,962 2,945 3,358 3,213 8,062 8,035 8, ©75 8,061
958
823
227
204 1,448 1,352 1,248 1,251 1,173 1,018
630
611
594
35
605
199
2,861
175
169
161
727
754
793
830
886 1,048 1,251 1,475 1,549 1,630 1,685
3.301 3,305
7,764 6,507
4,834 4,849 4,829 4,782
1,948 2,044 1,793
189
168
206
465
590
561
511
634 1,466
21,017
222
6,919
721
3,395
7,813
1,113
245
792
69
33
293
756
169
689
69
358
965
70
480
772 1,190 1,369 1,330 1,182
150
78
110
170
181
490
520
674
704
619
949
133
626
971 1,072
120
131
736
762
262
415
204
190
115
179
560
525
445
414
For footnotes see following page.
294
FEDERAL RESERVE BULLETIN
GOVERNMENT CORPORATIONS AND CREDIT AGENCIES—Continued
PRINCIPAL ASSETS AND LIABILITIES
[Based on compilation by United States Treasury Department. In millions of dollars]
Liabilities, other than
interagency items
Assets, other than interagency items 1
Date, and corporation or agency
Total
All agencies:
1946—Dec. 3 1 .2 . .
1947—Dec. 3 1 . .
1948—Dec. 312..
1949—Dec. 3 1 . . .
1950—Dec. 31 2. . .
1951—Dec. 3 1 2. .
1952—Dec. 3V- ..
1953—Dec. 31 2
30,409
30.966
21,718
23,733
24,635
26.744
29,945
38,937
1954—Mar. 31. . .
Tune 30. .
Sept. 3 0 . .
39.602
40,443
Classification by agency,
Sept. 30, 1954
Farm Credit Administration:
Banks for cooperatives
Federal intermediate credit banks
Production credit corporations
Federal Farm Mortgage Corp
Department of Agriculture:
Rural Electrification Administration
Commodity Credit Corporation
Farmer:.? Home Administration
Federal Crop Insurance Corp
Housing and Home Finance Agency:
Home Loan Bank Board:
Federal home loan banks
Federal Savings and Loan Insurance Corp..
Public Housing Administration11
Federal Housing Administration
Office of the Administrator:
Federal National Mortgage Association. . .
Other"
Small Business Administration
Export-Import Bank
Federal Deposit Insurance Corp
Tennessee Valley Authority
Federal Maritime Board and Maritime Adm... .
Panama Canal Company
Veterans Administration
Department of the Treasury
Foreign Operations Administration
All other
Cash
1.. 398
1,481.
630
4.41
642
931
944
6,649
9.714
11,692
12,733
13,228
14.422
1.7,826
1.190 19,883
1,685
1,854
2,047
2,075
2.226
2,421
2,602
547 1.6,924 1,753
3,539 12,600 1,125
3,5.18 3.060
337
3,492 2,962
509
3.473 2,945
499
3,463 3.358
882
3.429 3,213
832
3,425 8,062 1,261
261
s
498
143
166
183
234
329
378
434
1.072
949 4,920 32,899
971 4,033 34,030
2,35 7 36
5,488
470
486
498
10
131
28
762
()
CO
CO
1
140
2,198
2.344 3.059
650 CO
1,420
22;
408
512
689
(8)
143
44
()
1 ,252 3,588 24,810
2,037 28.015
1,663 18,836
1 ,72021,030
1,193 21,995
1 ,161 23,842
1 .728 26.456
3.8. 8 33 .429
689
82
38
955
28
772
23 1,190
43 1 ,369
53 1 ,330
1,182
(S)
339
754
741
37
971
22
2,824
1,626
1 .950
5.476
468
501
8.91.2
1 ,579
857
1.873
(S)
2.338
5,836
2,408
1,265
822
627
1,549
1,774
1,461
1 ,280
2,514
Bonds, notes,
U. S. Priand debenGov- vately
tures payable
Land,
ern- owned
struc- Other
ment
Other inter- intertures,
asest
liabiland
FuJly
est
ities
equip- sets guarment
anteed Other
by
U. S.
1 . \ 391.9,877 2,696 2.969 3,425 8,035 1 ,173
1 ,232 18,489 3.369 2.911 3,439 8,077 2.085
1 .324 18,603 3 ,709 2.988 3,433 8,061 2,325
408
860
46
16
InvestComments
modiLoans ties,
resupceiv- plies, U. S.
able
and
Other
mate- Govt.
securials securities rities
7]
eo '
227
283
2.392
171
21
2.805
()
29
368
104
214 3,979
7 1,56.
89
130
687
222
(S)
102
273
32
12
128
1
5
112
116
CO
689
16
40
1
CO
14
CO
9
1 .685
366
4,782
3
422
24
3
3,428
149 1,048
9
62
108
801
25
20
8
20
165
.035!..
716;. .
17
-6
221
388
320
470
1! 2,397
962
9
22
99 2.725
106 1 .520
58 1,891j
157
,319j
4551
13
CO
40.1
•
25J 8.888
7 1,572
815
42
1
Loans by purpose and agency are shown on a gross basis; total loans and all other assets are shown on a net baisis, i.e., after reserve for
losses.
2
Several changes in coverage have been made over the period for which data are shown. The more important are: exclusion of the following
agencies after repayment of the U. S. Government interest—Federal land banks after 1946 and the Home Owners' Loan Corporation after
June 1951; exclusion of the United States Maritime Commission (including War Shipping activities) after 1947, when this agency ceased to report
to the IT. S. Treasury; and inclusion of the Mutual Security Agency (superseded by the Foreign Operations Administration) beginning June 1952
and of
the Federal Maritime Board and Maritime Administration "beginning June 1953.
3
Figures for this agency for the early years shown have been adjusted to include activities of its predecessor, the Farm Security Administration, 4and of the Regional Agricultural Credit Corporation and also the Emergency Crop and Feed Loans of the Farm Credit Administration.
Figures for RFC Mortgage Co., whose assets and liabilities were taken over by the Reconstruction Finance Corporation in 1947, are includedr with "Other agencies" in 1945 and 1946.
• >The RFC Liquidation Act approved July 30, 1953 (67 Slat. 230) terminated the RFC's lending authority effective Sept. 28, 1953. Its lending
activities under the Federal Civil Defense Act of 1950 and the Defense Production Act of 1950 were transferred to the Treasury on i;hat date.
When the Corporation went out of existence on June 30, 1.954, certain loans, securities, and other assets were transferred to the Federal National
Mortgage Association, the Small Business Administration, and the Export-Import Bank, and the Treasury assumed responsibility for completing
liquidation
of other activities.
6
Reconstruction Finance Corporation loans to aid home owners, which increased steadily through the first three quarters of 1947 and during
1948,7 appear to have been included with "other" loans in the statement for Dec. 3\, 1947.
Figures adjusted to include certain affiliates of the Reconstruction Finance Corporation. Several of these—including the Defense Plant
Corporation, Defense Supplies Corporation, Metals Reserve Company, and Rubber Reserve Company—were merged with the parent effective
July i, 1945. Most of their activities
were reflected under "Commodities, supplies, and materials" and "Land, structures, and equioment."
9
SLess than S500.000.
Figures represent largely the Treasury loan to United Kingdom and through .1952 are based in part on information
not shown
in
Treasury
compilation.
1
"Represents lending under Mutual Security Agency (predecessor of FOA) included in. the Treasury compilation beginning with balance
sheet for
June 30, 1952; figure not. published in Treasury compilation, but derived by Federal Reserve.
1 l 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 t o : he 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 1918. !<2ffcctive July !, 1955, the public war
housing program of the PHA (represented largely by "Land, structures, and equipment") and several small housing programs managed by the
Office1 2of the Administrator, Housing and Home Finance Agency, were designated to be liquidated by the Office of the Administrator. _
Beginning 1951, includes figures for Panama Canal Company, a new corporation combining the Panama Railroad Company (included in
earlier
Treasury Statements) and the business activities of the Panama Canal (not reported prior to that time). See also footnote 11.
13
See footnote 11.
NOTE.—Statement includes certain business-type activities of the United States Government. Figures for some agencies—usually small
ones—may be for dates other than those indicated. Comparability of the figures with those for years prior to 1944 has been affected by (1) the
adoption of a new reporting form beginning Sept. 30, 1944, and (2) changes in activities and agencies included (see footnote 2).\ For back figures
see Banking and Monetary Statistics, Table 152, p. 517.
MARCH
1955
295
SECURITY MARKETS^
Stock prices
Bond prices
Common
U. S. Govt.
(long-term)
Municipal
(high-4
New grade)
series 3
Year, month,
or week
Old
series 2
dumber of issues. .
3-7
1
1952 average
1953 average
97.27
93.90 ioi '.46
99.51 109.60
9S.62 107.04
1954—Feb
99 87 109 11
Mar
100.36 109.65
99 68 109 39
May
June.. . . . 99 49 109 74
100.36 111.07
July
Aug.
100 28 111 50
99 92 110 68
Sept
99.69 110.59
Oct
99.27 109.88
Nov
Dec
98 97 109 91
CorpoPre- 5
rate
(high-4 ferred
grade)
ing 6
(in
thouTrade,
sands
PubfinTrans- lic ance, Min- of
porta- util- and
Du- Noning shares)
dution
raity servraice
ble
ble
Manufacturing
Public
utility
Total
20
40
265
170
98
72
21
29
31
14
169
170
180
118
122
136
195
193
230
220
220
271
189
I'M
245
249
245
295
221
219
233
118
122
136
206
207
236
276
241
267
1,313
1,419
2,270
215
212
128
130
216
215
250
259
234
237
Total
Industrial
480
420
129.3 115.8 169.7 188
119.7 112.1 164.0 189
125.8 117.2 174.5 227
204
204
250
200
205
217
223
166
165
129
131
203
207
234
240
204
210
213
220
222
233
242
244
164
173
176
216
223
224
253
263
263
223
233
237
231
236
255
261
184
187
133
135
135
239
264
182
15
125.4
125 6
123.9
123 6
123.9
126.9
128 4
127.2
126.9
127.4
126.6
15
17
171.7
173.3
174.3
173 8
172.9
173.3
174 7
175.8
178.1
178.9
178.3
116.5
117 9
118.1
H7 5
117.0
117.5
117 8
117 6
117.5
117.4
117.0
Volume
of
Securities and Exchange Commission series
(index. 1939—100)
Standard and Poor's series
(index. 1935-39—100)
Railroad
Total
275
280
254
257
286
260
139
141
236
243
257
263
236
247
268
313
324
345
240
259
285
140
249
260
268
269
278
310
1,752
1 ,919
2,089
2,096
1,919
2,469
2,588
1,963
2.103
3,196
3,475
261
268
280
291
288
212
221
225
132
134
134
220
226
228
266
270
266
244
252
265
271
282
297
187
197
218
140
142
141
139
141
144
1955—Jan
Feb
97.88 108.43 125.4 116.7 175.7 269
96.97 103.51 125.0 115.7 175.0 278
302
312
222
232
145
150
271
281
326
340
307
320
344
358
288
300
145
150
270
276
314
315
3,555
3,201
Week ending:
Jan. "29. . . .
Feb. 5
Feb. 12
Feb. .1.9
Feb. 2 6 . . . .
97.57
97.29
97.38
96.93
96.33
304
309
312
314
314
223
226
229
233
240
146
1.47
150
.150
151
274
279
283
232
280
330
339
342
341
338
313
319
321
322
318
346
357
361
359
356
293
293
298
303
307
147
148
151
151
151
275
275
278
276
275
315
312
316
311
319
3,362
3,254
3,422
3,364
2,876
108.03
103.77
103.76
103.40
103.15
125.1
124.8
1.25.1
125.1
124.8
116.4
115.9
115.9
115.5
115.5
174.9
174.7
175.0
175.1
175.1
271
275
278
279
280
233
237
244
254
268
291
305
323
267
284
298
240
294
301
309
138
141
144
1
Monthly and weekly data for U. S. Government bond prices and volume of trading are averages of daily figures; for other series monthly
and weekly data are based on figures for one day each week—Wednesday closing prices for municipal and corporate bonds, preferred stocks, and
common
stocks (Standard and Poor's Corporation) and weekly closing prices for common stocks (Securities and Exchange Commission).
2
FulIy taxable, marketable 2Yz per cent bonds first callable after 12 years, Of these
the 1967-72 bonds are the longest term issues. Prior
3
to Apr. 1, 1952, only bonds due or first callable after 15 years were included.
The 3J^ per cent bonds of 1978-83 and, beginning Feb. 1,
1955,4 the 3 per cent "bond of February 1955.
Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond.
6
Standard and Poor's Corporation. Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual
dividend.
« Average daily volume of trading in stocks on the New York Stock Exchange.
Back figures.—See Banking and Monetary Statistics, Tables 130, 133, 134, and 136, pp. 475, 479, 482, and 486, respectively, and BULLETIN
for May 1945, pp. 483-490, and October 1947, pp. 1251-1253.
CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE
FIRMS CARRYING MARGIN ACCOUNTS
"*
[Member firms of New York Stock Exchange. Ledger balances in millions of dollars]
Debit balances
End of month
1951—June
December...
1952—June
December...
1953—Tune
December...
Debit
Debit
Customers' balances in balances in
firm
partners'
debit
balances investment investment
and trading and trading
(net)i
accounts
accounts
1,275
1,292
1,327
1,362
1,684
1,694
February...
March
April
May
June
July
August
September..
October. . . .
November. .
December...
31,688
31,716
31,786
31,841
1,857
31,926
31,998
32,081
32,131
32,242
2,443
1955—January....
32,558
1954
10
12
9
8
7
8
375
392
427
406
347
404
Credit balances
Customers'
credit balances1
Cash on
hand
and in
banks
Money
borrowed2
364
378
365
343
282
297
10
492
309
ii
626
348
Other credit balances
In firm
In partners'
investment investment In capital
and trading and trading accounts
(net)
accounts
accounts
Free
Other
(net)
680
695
912
920
1,216
1,170
834
816
708
724
653
709
225
259
219
200
163
208
26
42
23
35
23
28
13
11
16
9
16
31
319
314
324
315
319
313
31,062
31,054
31,094
31,186
1,173
31,169
31,194
31,291
31,364
31,416
1,616
3768
3787
3819
3836
838
3877
3910
3924
3
924
3972
1,023
248
23
45
372
287
53
65
401
31,696
31,069
1
Excludes balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2)
of firms'
own partners.
2
Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges).
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, 40; January, 42.
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.
296
FEDERAL RESERVE BULLETIN
BANK RATES ON BUSINESS LOANS
AVERAGE RATES ON SHORT-TERM LOANS IN
SELECTED CITIES
[Per cent "jer annum!
Size of loan kthous. of dol.)
MONEY MARKET RATES
[Per cent per annum]
Year,
month, or
week
Prime
commercial
paper,
4- to 6months 1
L952 average.. . .
1953 average.. . .
1954 a v e r a g e . . . .
Finance
company
paper
placed
directly,
3- to 6-1
months
2.33
2.52
1.58
U. S. Government
securities (taxable)
Prime
bankers'
accept- 3-month bills
9- to 12- 3- to 5ances,
90
year
Rate month
issues2 issues3
days 1 Market on
new
yield
issues
2.16
2.33
1.41
L.75
L .87
1.35
1.72
1.90
.94
1.766
1.931
.953
.97
1.03
.96
.76
.64
.72
.92
1.01
.98
.93
1.14
1.81
2.07
.92
1.13
1.57
..82
.984
1.053
1.011
.782
.650
.710
.892
1.007
.987
.948
1.174
1.01
1.02
.90
.76
.76
.65
.64
.89
1.03
.94
1.10
L.84
L.80
L.71
1.78
1954—Feb
Mar
April
May
June
July
Aug
Sept
Oct.
Nov
Dec
2.00
2.00
1.76
1.58
1.56
1.45
1.33
1.31
1.31
1.31
1.31
1.78
1.58
1.50
1.38
1.31
1.25
1.25
1.25
1.25
1.25
1.25
L.68
.48
.25
1.25
L.25
L .25
1.25
L.25
1.25
L.25
L.25
1955—Jan
Feb
1.47
1.68
1.37
1.50
[.33
L.38
1.23
1.17
1.257
1.177
1.36
1.41
2.11
2. IS
Week ending:
Tan. 2 9 . . .
Feb. 5 . . .
Feb. 1 2 . . .
Feb. 1 9 . . .
Feb. 2 6 . . .
1 .60
1.66
1.69
1.69
1.69
1 .50
1.50
1.50
1.50
1.50
.38
L.38
1.38
L.38
L.38
1 .24
1.11
1 .05
1.16
1.35
1.349
1.134
1.088
1.130
1.355
1.40
1.37
1.33
1.38
1.55
l.\
I.Q9
>.1O
2.18
2.34
All
loans
Area and period
Annual averages:
19 cities:
1946
1947 . .
1948
1949
1950 .
1951
1952
1953 .
1954
L.79
Quarterly:
19 cities:
1954—Mar.
Tune...
Sept
Dec
New York City:
1954—Mar.
Tune....
Sept.
Dec.
7 Northern and Eastern cities:
1954—Mar
Tune
Sept
Dec
11 Southern and
Western cities:
\ 954—Mar
June
L.69
L.74
L.80
L.85
L.90
L.94
1
Data are averages of daily prevailing rates.
2
Series includes certificates of indebtedness and
3
2
2
2
2
2
3
3
3
1
1
5
7
7
1
*>
7
110
4 2
10100
100200
4 6
3 7
4.5
4.7
2.2
2.5
2.8
3.0
3.0
3.4
3.7
3.9
3.9
4.2
4.4
3.1
3.1
3.5
200
and over
1.7
1.8
2.2
2.4
2.4
2.9
3.3
3.5
3.4
3 6
5.0
5.0
3.6
4.0
4.2
4.4
4.3
3 72
3 60
3.56
3.55
4.99
4.97
4.99
4.92
4.37
4.35
4.32
4.29
3.94
3.89
3.82
3.84
3.52
3.37
3.32
3.31
3
3
3
3
50
34
29
30
4.79
4.75
4 81
4.66
4.27
4.24
4.21
4.15
3.75
3.71
3.54
3.64
3.37
3 . Is*
3.13
3.15
3.74
3 61
3.57
3 55
5.06
5 04
5.07
4.99
4.36
4 31
4.34
4.31
3.97
3.83
3.94
3.89
3.57
3.42
3.36
3.33
4 9
3.76
4 03 5 05 4 43 4.03
selected note and bond issues.
4.43 4.05
3.67
3 98 5.05
Series includes selected note and bond issues.
3.68
4.39 3.91
3.95
5.03
Sept
NOTE.—Monthly and weekly data for the full year 1954 are shown on p. 215
3.60
3.93
4.36
5.01
3.90
Dec
of the BULLETIN for February 1955.
Back figures.—See Banking and Monetary Statistics, Tables 120-121, pp.
44^-459, and BULLETIN for May 1945, pp. 483-490, and October 1947, pp.
NOTE.—For it scription of series see BULLETIN for March
1251-1253.
1949. pp. 228-237.
BOND AND STOCK YIELDS *
[Per cent per annum]
Industrial stocks
Bonds
Year, month,
or week
U. S. Govt.
(long-term)
Old
series 2
Corporate (Moody's) 5
Municipal
(highgrade) 4
Dividends/
price ratio
By ratings
By groups
Total
New
series 3
Aaa
Aa
A
Baa
Industrial
Railroad
40
40
125
125
3.20
3.45
3.15
4.13
4.27
4.01
9.49
10.14
8.45
3.35
3.24
3.19
3.21
3.23
3.23
3.21
3.22
3.23
3.22
3.23
3.23
3.14
3.13
3.13
3.15
3.13
3.12
3.13
3.11
3.10
3.10
4.08
4.04
4.02
4.03
4.05
4.04
4.01
3.98
3.93
«3.92
3.93
5.29
5.07
4.86
4.81
4.74
4.54
4.66
4.31
4.43
4.29
4.09
3.08
3.12
3.25
3.28
3.12
3.15
3.98
4.00
4.10
4. 14
3.09
3.11
3.11
3.12
3.14
3.26
3.28
3.27
3.29
3.30
3.12
3.14
3.13
3.15
3.16
4.00
4.01
4.00
4.00
4.00
4.16
4.07
4.03
4.04
4.18
30
30
2.37
2.96
3.20
2.90
3.04
3.31
3.06
3.23
3.47
3.18
3.52
3.74
3.51
3.00
3.30
3.09
3.36
3.55
3.25
2.85
2.73
2.70
2.72
2.70
2.62
2.60
2.64
2.65
2.68
2.68
2.39
2.38
2.47
2.49
2.48
2.31
2.23
2.29
2.32
2.29
2.33
3.23
3.14
3.12
3.13
3.16
3.15
3.14
3.13
3.13
3.13
3.13
2.95
2.86
2.85
2.88
2.90
2.89
2.87
2.89
2.87
2.89
2.90
3.12
3.03
3.00
3.03
3.06
3.04
3.03
3.04
3.04
3.04
3.04
3.25
3.16
3.15
3.15
3.18
3.17
3.15
3.13
3.14
3.13
3.14
3.61
3.51
3.47
3.47
3.49
3.50
3.49
3.47
3.46
3.45
3.45
3.12
3.05
3.04
3.06
3.10
3.10
3.07
3.07
3.06
3.06
3.07
2.65
2.72
2.76
2.92
2.39
2.42
3.15
3.18
2.93
2.99
3.06
3.10
3.15
3.17
3.45
3.47
2.67
2.70
2.69
2.72
2.77
2.78
2.90
2.91
2.93
2.94
2.41
2.43
2.41
2.41
2.43
3.16
3.17
3.17
3.19
3.20
2.94
2.97
2.97
2.99
3.02
3.07
3.09
3.09
3.11
3.12
3.16
3.16
3.16
3.17
3.17
3.46
3.46
3.47
3.47
3.48
1952 average
1953 average
1954 a v e r a g e . . . . . . .
3!i<5
2.70
2.72
1954—February....
April
May
June
July
August
September...
October
November...
December...
2.60
2.51
2.47
2.52
2.54
2.47
2.48
2.51
2.52
2.55
2.57
1955—January
February....
Week ending:
Jan. 29
Feb. 5
Feb. 12
Feb. 19
Feb. 26
1
30
30
Com-8
mon
5.55
5.51
4.66
120
3.19
3.43
3.16
3-7
2.68
2.93
2.53
Common7
15
15
2.19
Number of issues...
PrePublic
utility ferred«
Earnings/
price
ratio
40
9.06
8.74
7.29
' '7\78'
"Corrected.
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 and, beginning Feb. 1, 1955, the 3 per cent bond of February 1995.
4
Standard and Poor's Corporation.
*Moody's Investors Service, week ending Friday. Because of a limited number of suitable issues, there has been some variation in the number of bonds included in some of the groups.
•Standard and Poor's Corporation. 8 Ratio is based on 9 median yields in a sample of noncallable issues, 12 industrial and 3 public utility.
7
Moody's Investors Service.
Computed by Federal Reserve from data published by Moody's Investors Service.
NOTE.—Monthly and weekly data for the full year 1954 are shown on p. 216 of the BULLETIN for February 1955.
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
1955
297
TREASURY RSCEIPTS, EXPENDITURES, AND RELATED ITEMS
[On. basis of monthly statements of United States Treasury 1
Summary
Increase or
Excess of receipts
or expenditures (—)
Budget receipts and
expenditures
Period
Sales and
Trust redemptions
Clearand
in
market
ing
other
of G o v t .
acacagency
count
counts obligations
Net
receipts
Expenditures
Surplus
or
deficit
Cai. yr.—1951 .. .
1952
1953 . . .
19541....
52,979
64,840
63,841
61,171
56,337
70,682
72,997
64,854
-3,358
-5,842
-9,157
-3,683
759
49
82
807
56
-90
25
-73
-106
-319
—209
-34
Fiscal yr.—1951...
1952. . .
19531..
1954.. .
Semiannual totals:
1952—Jan.-June.
July-Dec..
1953—Jan.-June.1
July-Dec.
1954—Jan.-June.
July-Dec.
Monthly:
1954—|?ek.
Mar
47,568
61,391
64,825
64,655
44,058
65,408
74,274
67,772
3,510
-4,017
-9,449
-3,117
295
219
460
332
384
-72
-25
—4
-214
-401
-250
-303
37,947
26,893
37,703
25,757
38,899
22,272
34,496
36,186
37,801
34,484
33,288
31,566
3,451
-9,293
-72
121
341
-312
644
164
-136
46
-71
99
-103
30
-255
—64
-248
-250
-53
23
5 444
11,434
2,751
3,592
10,644
2,827
3,911
4,951
2,639
4 201
3,742
4,655
n.a.
4,707
5,555
5,296
5,203
7,308
4,827
6,731
5,019
4,857
3,842
6,288
4,942
n.a.
737
527
253
—375
271
-19
— 135
387
-283
—288
358
126
— 179
— 117
-60
—53
123
32
-34
-83
163
—23
33
-26
511
— 135
— 160
593
-511
146
-97
-222
21
104
—209
425
— 1.86
May
June
July
Aug
Sept....
Oct
Nov.
Dec
1955—Tsn.
Feb
-98
-8,728
5,611
-9,294
5,879
—2,545
-1,611
3,336
-2,000
-2,820
-68
—2,218
358
-2,546
—287
n.a.
n.a.
n.a.
General fund of the Treasury
(end of period)
ciecreasr5C V, )
d u r i n g period
n.a.
Deposits in
General
fund
balance
Balance
in
general
fund
2,711
7,973
7,777
3,582
62
1,770
-1,488
603
4,295
6.064
4; 577
5,180
321
389
346
563
146
176
131
111
2,693
4,368
3,358
3,461
1,134
1,132
-2,135
3,883
6,966
5,189
1,839
-388
-2,299
2,096
7,357
6,969
4,670
6,766
338
333
132
875
250
355
210
274
5,680
5,106
3,071
4,836
1,089
1,175
1,256
8,286
-1,320
9,097
-3,909
7,490
2,674
—904
-1,394
-94
2,190
-1,587
6,969
6,064
4,670
4,577
6,766
5,180
333
389
132
346
875
563
355
176
210
131
274
111
5,106
4,368
3,071
3,358
4,836
3,461
1,175
1,132
1,256
-67
—4,546
811
2,428
-2,21.5
-276
3,971
-145
3,942
101
-103
—311
-257
944
1,366
— 1,567
700
1,280
-2,542
1,233
-3\3
1,518
641
-2,124
—451
682
4 988
6,355
4,787
5,487
6,766
4,224
5,457
5,145
6,663
7,301
5,180
4,728
5,411
548
722
579
422
875
727
511
704
736
604
563
360
564
167
462
180
146
274
196
101
170
175
137
111
320
196
3,458
4,379
3,273
4,095
4,836
2,538
4,078
3,469
4,936
5,584
3.461
2,907
3,561
816
792
756
824
781
764
767
801
816
889
Gross
direct
public
debt
-3X3
F. R. Banks
Special
Avail- Inessprocof deposable
itaries
collecfunds
tion
Other
net
assets
742
1,045
781
742
781
1,045
1,045
1,142
1,089
Budget expenditures
National security
Period
Total
Total 2
Defense
Dept.,
Military
InterVetSocial
nat'l Inter- erans
SeMutual
affairs
est Admin- curity
mili- Atomic and
on
istra-4
protary
fidebt
Energy nance 3
tion
grams
program
29,432
42,078
42,953
36,807
1,594
3,052
3,784
3,249
Cal. yr.—1951
1952
1953 . .
19541....
56,337
70,682
72.997
64,854
33,044
47,936
49.363
'42,820
Fiscal yr.—1951
1952
19531...
1954
Semiannual totals:
1952—Jan.-June..
July-Dec. .
1953—Jan.-June..
July-Dec 1 .
1954—Jan.-June..
July-Dec. .
Monthly:
1954—Jan
Feb.
Mar
Aor
May...
June
July
Aug
Sept
Oct.
Nov
Dec.
1955—Jan
44,058
65,408
74,274
67,772
948
21,663 19,148
42,867 38,077 2,292
50,276 43,610 3,956
'46,522 40,336 3,629
34,496
36,186
37,801
34,484
33,288
31,566
23,444 20,652 1,353
24,491 21,426 1,699
25.596 22,134 2,113
23,750 20,819 1 ,671
'22,773 19,517 1,958
20,047 i 7,290 1,292
5,218
4,707
5,555
S 296
5,203
7,308
4,827
6,731
5,019
4,857
3,842
6,288
4,942
3,648
3,568
3,830
3,691
3,374
'•4,663
3,061
3,370
3,261
3,300
3,316
3,739
3,176
3,185
3,156
3,273
3,137
2,834
3.932
2,493
2,913
2,843
2,908
2,853
3,280
3.092
252
194
321
343
331
516
334
228
210
187
181
152
-113
1,278
1 ,813
1,889
1,937
3,524
2,574
2,082
'1,265
5,983
6,065
6,357
6,567
5,088
4,433
4,156
4,206
1,463
1,508
1,630
'1,653
908
3,798
1,648 2,839
1,791 2,184
1 ,895 '1,553
5,613
5,859
6,504
6,382
5,288
4,748
4,249
4, i 76
1,415
1,424
1 ,532
1,640
3,099
2,966
3,542
2,816
3,567
3,000
2,269
2,164
2,086
2,070
2,106
2,100
706
802
791
806
834
819
245
372
588
350
249
340
340
334
375
346
370
333
333
320
341
372
401
373
188
126
111
118
122
169
139
118
137
171
131
123
181
93
87
926
945
950
987
1,467
1,107
1,113
165
160
181
164
169
110
174
169
160
170
156
158
158
64
177
50
105
120
'69
81
94
152
73
89
192
171
968
'585
680
1,763
213
332
541
346
368
1,200
222
Agriculture
HousTransing
fers
Post
and
Public office
to
home works • deftrust
fiacicit
nance
counts
694
1 ,010
646
1,564
3,238 — 159
3,437 - 3 9 3
Other
1,438
1,573
1,685
1,526
684
775
525
241
507
510
J54'118
2,901
3,098
3,966
'3,414
460
614
385
—615
1,458
1,515
1,660
1,519
624
740
659
312
397
567
'462
'164
2,706
3.015
'3.229
'3,277
2,178
1,237
1,604
1,833
222
424
-42
-176
-439
46
657
916
740
900
619
907
420
355
305
220
92
149
84
426
31
118
'46
'72
1,448
1,650
1,462
1,774
'1,502
'1,912
134
— 135
194
468
694
248
270
2,039
14.4
170
-1,034
244
38\
12
— 104
-54
-195
-14
-85
49
-39
-5
6
96
—61
35
87
90
102
116
109
114
156
137
158
164
142
149
100
-1
42
91
3
5
6
9
5
'17
56
'4
1
9
1
1
6
496
227
303
259
198
'20
468
'344
309
279
212
'299
273
635
1,219
3,134
2,841
679
885
-40
'148*
2
23
n.a.
Not available.
'Revised.
1
Beginning new reporting basis, described in Treasury Bulletin, April 1954, p. A2.
2
Includes
stockpiling
not
shown
separately.
3
Consists of foreign economic and technical assistance under the Mutual Security Act, net transactions of the Export-Import Bank, other
nonmilitary
foreign
aid
programs,
and
State Department.
4
Excludes transfers to trust accounts, which are shown separately.
298
FEDERAL RESERVE BULLETIN
TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS—Continued
[On basis of monthly statements of United States Treasury, unless otherwise noted.
In millions of dollars;]
Budget receipts
Income and profits taxes
Period
Corporation 1
Estate
and
gift
taxes 1
Excise1
taxes
Individual
Withheld
Cal. yr—1951
1952
S 953
19542
Fiscal yr.—3 951
1952 !
1953'
1954
Semiannual totals:
1952—Jan.-Tune
July-Dec
1953—Jan.-Ju.ue 2
Julv-Dec.
1954—Jan.-Tune
July-Dec
Monthly:
1954—January
February
March
April
May
June
July
August
September
October
November
December
1955—January
Other 1
Deduct
Unemployment
insurance
taxes
Other
receipts
Total
budget
receipts
Cal. yr.—1951
1952
1953
1954
Fiscal yr.—1951
1952
1953
1954
Semiannual totals:
1952—Jan.-June,.
July-Dec..
1953—Jan.-June..
July-Dec...
1954—Jan.-June..
July-Dec...
Monthly:
1954—Jan
Feb
Mar
Apr
May,
June
July
Aug
Sept.......
Oct
Nov
Dec
1955—Jan
MARCH
1955
Net
budget
Refunds receipts
Railroad
of
Old-age retire- receipts
trust
ment
fund
account
,037
,045
, 605
,787
,535
,521
,351
,635
10,311
11,834
11,279
10,477
9,830
11,359
11,417
10,747
16,565
22,140
19,045
19,915
14,388
21,467
21,595
21,523
801
849
923
960
730
833
891
945
8,591
9,566
10,288
9,136
8,693
8,893
9,934
10,014
235
266
269
285
234
259
277
285
2,337
2,639
2,570
2,932
2,263
2.364
2| 478
2,882
58,941
71,788
71,524
70,217
53,369
67,999
72,649
73,173
3,355
3,814
3,918
5,121
3,120
3,569
4,086
4,537
509
683
628
604
575
738
620
603
2,098
2,451
3,137
3,322
2,107
2,302
,118
3,377
52,979
64,840
63,841
61,171
47,568
61,391
64,825
64,655
,220
,825
,347
,078
,558
,230
9,008
2,826
8,481
2,593
8,154
2,323
14,318
7,821
13,773
5,375
16,148
3,767
459
390
502
405
540
420
4,519
5,048
4,931
5,405
4,609
4,527
224
42
234
40
245
40
1,251
1,388
1,137
1,255
1,627
1,305
42,242
29,546
42,910
28,195
44,978
25,239
1,922
1,891
2,195
1,722
2,815
2,305
373
311
311
321
282
322
2,000
451
2,700
395
2,982
339
37,947
26,893
37,703
25,757
38,899
22,272
,097
,066
,413
,108
,601.
,272
,035
.578
,422
,077
,759
,359
884
2,365
1,044
2,454
808
140
1,342
252
93
1,429
199
78
272
2,239
440
396
7,353
645
358
6,956
532
300
1,104
361
290
1,181
355
64
87
118
94
73
103
77
64
72
65
61
82
62
703
774
834
763
804
731
713
766
767
785
781
715
649
397
197
196
234
215
389
299
166
164
187
272
216
483
5,200
6,425
13,013
3,956
5,037
11,347
3,148
4,801
5,280
2,887
4,905
4,217
4,833
85
598
589
278
759
507
217
743
274
188
554
329
113
17
77
50
21
71
45
20
76
47
21
94
64
17
64
306
940
906
616
150
85
70
8
39
56
82
48
5,033
5,444
11,434
2,751
3,592
10,644
2,827
3,911
4,951
2,639
4,201
3,741:
4,655
33
184
6
5
17
1
4
16
1
4
16
(3)
31
Trust and other accounts
I n t e r n a l revenue collections
(on basis of Internal Revenue Service)
Period
Appropriations to:
Social security,
retirement, and
insurance accounts
Excise and miscellaneous taxes
Manufacturers'
arid retailers'
excise
Total4
Other accounts 5
I
Investments 6
Other 4
Receipts
Investments
Expenditures
759
49
82
2807
295
219
2
460
332
7,905
8,315
8,123
9,191
7,251
8,210
8,529
8,708
3,155
3,504
2,387
1,177
3,360
3,361
3 059
1,687
4,507
4.942
5i811
7,717
3,752
4,885
5,257
6,846
271
329
153
405
196
275
242
367
786
SOS
310
915
35$
530
489
524
988
1,127
1,025
995
1,032
835
—72
121
341
2-312
644
164
4,242
4,073
4,458
3,660
5,048
4,143
2,009
1,495
1,564
823
864
313
2,486
2,456
2.802
3,003
3,843
3,874
404
105
385
-109
633
282
61
267
211
74
263
157
^328
-276
377
337
-322
391
n.a.
-9
527
253
-375
271
-19
-135
387
—283
-288
358
126
-179
204
965
768
436
1,212
1,467
389
1,200
414
334
956
850
227
-334
28
-74
25
330
888
-98
281
-82
-148
111
249
-334
579
627
689
665
630
651
648
606
682
640
641
657
704
223
106
136
37
331
74
259
27
44
18
61
-79
7
30
34
6
56
-58
200
Total
Liquor
Tobacco
8,682
9,558
9,714
9,248
8,704
8,971
9,946
9,517
2,46G
2.727
2,819
2,707
2,54-7
2,549
2,731
2,783
1,446
1,662
1,614
1.543
1,380
1,565
1,655
1,580
2,790
3,054
3,262
3,13)
2,841
2.824
3,359
3,127
1,987
2.115
2:020
1,867
1,936
2,032
-•2,151
2,027
4. S3!
5,027
4,919
4,795
4,722
4,527
1,245
1,482
1,299
1,521
1,262
1,445
817
845
810
804
777
766
1,481
1,573
1,786
1,476
1,651
1,480
395
1,316
629
477
1,343
561
713
765
766
786
778
719
n.a.
166
181
224
223
222
246
226
207
250
273
280
209
n.a.
123
111
135
130
130
147
123
141
137
134
124
108
n.a.
45
757
60
50
727
11
38
692
3
42
696
10
n.a.
Other
292
244
144
— 102
80
-26
32
104
-63
-124
210
124
i 64
299
TREASURY GASH INCOME, OUTGO, AND BORROWING
DERIVATION OF CASH RECEIPTS FROM AND PAYMENTS TO THE PUBLIC
[On basis of monthly and daily statements of United States Treasury and Treasury Bulletin. In millions of dollars!
Cash withdrawals, other than debt
Cash deposits, other than debt
Less:
Plus:
Less: Plus: Equals: Budget Trust
Exch. Clear- Trans, Other
exIntra- Other Cash
outIntra- Accru- Stabi- ing
addependi- and
Govt.1 adlizaside justother
Govt.
als
to
i
ustacposits tures
trans.
3
1
2
2
tion
Treas.
accts. trans. public
ments
4
5 ments
count
Fund
acct.
Plus:
Net
Trust
Budget acct.
rec'ts. rec'ts.
Period
Plus:
59,338
71,396
70,440
68,550
56,337
70,682
72,997
64,854
4,397
4,825
5,974
7,182
2,221
2,150
1,989
Cal. yr.—1951
1952
1953
1954«
52,979
64,840
63,841
61,171
8,582
8,707
8,596
9,571
Fiscal yr.—1951
1952
19536.. .
1954....
Semiannual totals:
1952—Jan.-June. .
Tuly-Dec.. .
1953—Jan.-June. .
J uly-Dec.«.
1954—Jan.-June. .
July-Dec.. .
Monthly:
1954—Fek.
Mar. .
Apr.
May .
June
July
AUK. •
Sept
Oct.
Nov
Dec.
1955—j an
Feb
47 568
61,391
64,825
64,655
53,439 44,058
7 796 1,923
8,807 2,104
68,093 65,408
8,929 '2,194 - 2 1 5 •71,345 74,274
9,155 '2,097
101 '71,815 67,772
3,945 1,923
4,952 2,104
5,169 '2,194
6,769 '2,097
477
710
694
509
37,947
26,893
37,703
25,757
38,899
22,272
4,458 1,110 n.a.
4,248 1,039 n.a.
4,683 1,144 n.a.
3,953
'849 '376
5,203 1,248 ' - 2 7 5
n . a.
4,368
2,298 1,110
2,527 1,039
2,642 1,144
3,405
'849
3,364 '1,248
3,817 n.a.
338
396
298
277
234
331
5,444
11,434
2 751
3,592
10,644
2 827
3,911
4,951
2 639
4,201
3 742
4,655
n.a.
2,221 n.a.
2,150 n.a.
1,989 n.a.
n. a.
41,293
30,104
41,241
29,200
42,582
25,968
184 6,530
66 12,260
— 125 3 036
104 4,882
r71 11,265
'898
'130 r_174
2,956
289
49
5,375
100
-28
5,280
74 -318
2,617
-14
58
5,122
n.a.
4,617
n.a.
4,299
n .a.
6,306
993
824
479
91
64
68
45
1,230
1,448
434
1,224
457
370
994
890
268
n.a.
34,496
36,186
37,801
34,484
33,288
31,566
4,707
411
5,555
601
5 296
810
5,203
568
7,308
658
4 827
660
6,731
•526
5,019
788
4 857
800
469
3,842
6 288
573
4,942
581
n.a.
n.a.
n.a.
93
64
68
45
'898
r
130
49
100
74
58
na
na
n.a.
-26
38
-82
567
734
575
565
-188
-13
9
-28
-109
22
16
-44
-38
-71
-117
16
8
19
43
76
70
38
57
50
45
71
51
-18
-39
13
—33
106
319
209
34
214
401
250
303
255
64
248
246
58
-23
13r)
160
—593
511
— 146
—31
16
-112
—6
Q
25
97
222
—21
— 104
209
—425
186
-8
n.a.
Excess
of deEquals: posits
or
Cash
withwithdrawdrawals
als
1,304
58,034
72,980 - 1 , 5 8 3
76,529 - 6 , 0 9 0
68,866
-317
n.a.
n.a.
n.a.
n.a.
-79
-170
-155
-274
(-)
7,714
45,726
67,786
307
- 2 1 5 '76,407 - 5 , 0 6 2
118 '71,974
-159
n.a.
n.a.
n.a.
35,622
5,671
37,357 - 7 , 2 5 4
39,203 2,038
-71
'374 37,244 - 8 , 0 4 5
- 2 0 2 ' - 2 5 6 34,696
7,885
n . cl
34,170 - 8 , 2 0 2
—42
— 52
24
—38
—25
r —39
'—28
192
85
— 111
105
'60
r —171
'407
'—8 '—145
r —7 T —320
— 1 — 93
na
n.a
n.a.
5 296
6,237
5 303
6 228
6,881
5 142
7 788
5,364
5 095
4 385
6 396
5 009
5,481
1,234
6,023
-2,267
-1,347
4,384
-2,186
-2,412
-84
-2,478
737
— 1 780
-710
825
1
n.a. Not available.
'Revised.
Represents principally (1) interest payments between Treasury and Government agencies and
trust funds, (2) transfers shown as Budget expenditures, and (3) payroll deductions for Federal employees retirement funds.
2Represents principally adjustment for differences in reporting bases as between the monthly and daily Treasury statements.
3
Represents principally excess of interest accruals over payments on savings bonds and Budgetary expenditures involving issuance of Federal securities; the latter include mostly arme_d_forces leave bonds and notes issued to the International Bank and Monetary Fund, which are
treated
as noncash expenditures at the time of issuance and cash expenditures at the time of redemption.
4
Cash transactions between International Monetary Fund and Exchange Stabilization Fund. (See footnote 3).
5
To
exclude net transactions not cleared through Treasurer's account in securities by Government agencies, adjusted in table below.
6
Beginning new reporting basis. See Treasury Bulletin for April 1954, p. A2. Cash withdrawals on the old daily statement basis are not
comparable with the new reporting basis, because data were not available for adjustments described in footnotes 2 and 5.
DERIVATION OF CASH BORROWING FROM OR REPAYMENT OF BORROWING TO THE PUBLIC
Period
Cal. yr.—1951
1952
1953
19547
Fiscal yr.—1951
1952 7
1953
1954
Semiannual totals:
1952—Jan.-June...
July-Dec. . .
1953—Jan.-June.. .
July-Dec. 7..
1954—Jan.-June.. .
July-Dec. . .
Monthly:
1954—Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1955—Jan
Feb
Plus:
Less: Noncash
debt transactions
Details of net cash borrowing from or
Equals: repayment (—) of borrowing to the public3
Net
cash
borrow- Direct
Postal
ing, or mktable. SavSav.
ings
Savrepay t.
Sys. Others
bonds
and
ings
( - ) . of
special
(issue
conv.
notes
borrow- issues4 price)
issues
ing
Increase,
or decrease
( - ) . in
gross
direct
public
debt
Guaranteed
Nonguaranteed
Adjustment
for
trans,
outside
Treas.1
acct.
2,711
7,973
7,777
3,582
-2,135
3,883
6,966
5,189
18
12
22
-42
10
16
7
29
37
-102
-3
-31
374
-38
-32
-33
n.a.
n.a.
n.a.
n.a.
-79
-170
-155
-257
3,418
3,833
2,540
1,582
3,557
3,636
3,301
2,054
718
770
591
577
638
779
718
524
-125
-74
66
176
-149
-79
3
94
-313
8,286
-1,320
9,097
-3,909
7,490
3
8
-2
24
6
-47
-139
37
-69
76
-109
78
n.a.
n.a.
n.a.
-71
-183
n.a.
2,232
1,601
1,700
860
1,194
387
361
409
308
283
241
336
-45
-29
34
30
64
112
-2,998
6,351
-3,433
7,952
-5,694
P6,603
-1,544
7,322
6-2,028
6,837
-4,307
7,378
-1.18
-60
-57
122
31
27
-90
161
-28
32
-25
521
n.a.
-34
-33
-10
-37
-36
-36
'90
'-125
-9
— 10
n.a.
n.a.
n.a.
' 56
-30
43
391
809
-91
311
-48
-142
167
191
-134
n.a.
17
9
20
44
76
71
39
58
51
45
72
51
-17
-1
38
-14
32
-1
30
-17
111
5
9
-24
-1
7
-290
-4,656
699
2,046
-3,104
-356
3,645
-229
3,996
-96
P -366
P284
-4,294
829
2,133
-2,773
-77
3,680
-105
4,129
-50
-198
-211
-67
-4,546
811
2,428
-2,215
-276
3,971
-145
3,942
101
-103
—311
-257
Cash issuance of
securities of
Federal agencies
8
()
4
1
1
-61
6
1
5
1
(8)
-10
3
2
Net inv. Accruals to public
in Fed.
Int.
on
Payts.
sec. by
sav.
in
Govt.
bonds
form
agen.
and
of
and tr.
Treas.
Fed.
funds
bills
sec.
-1,242
3,353
4,601
P909
-5,874
-695
2,763
2,255
P-143
-997
46
1,999 — 1,191 -1,099
-113 - 1 2 2
5,778
- 4 0 6 -1,784
-30
248 -162
64,829 6 - 3 4 4
— 195 p - 3 2 3
3,071
- 1 7 5 -1,469
286
-657 -1,093
-3,943
-467
-155 - 2 5 2
1,639
- 7 1 7 -1.209
-100 - 1 7 3
65,294
6-94 -2,164
628 -239 - 2 8 3
2,530
-381
—53
P-183
-955
-285
-829
-121
618 -1,335
-362 1,583
-955
-19
-514
-156
-71
1.8
75 -310
-82
32
5 -152
-267
-57
-88
-137
-64
33
-101
-44
-64
-12
-62
12
—9 -136
-56
51
—59
169
-81
-32
-68
-94
-145
CQ
-134
11
-20
-12
-268
P —55
-37 -147
-37
-89
-21
—59
-22
82
-16
9
7 -61
-7
3
-8
28
-20
-37
-22
25
P-23
-26
-27
*525
P-43
n.a.
Not available.
^Preliminary.
'Revised.
1
Adjustment described in footnote 5 above, plus other small adjustments for differences in reporting bases.
2
Differs from "accruals to the public" shown in preceding table, principally because adjustments to Exchange
nge Stabilization Fund are included.
3
Includes redemptions of tax anticipation securities and savings notes used in payment of taxes.
4
Most changes in convertible Series B investment bonds, 1975-80, reflect exchanges of, or conversions into, marketable issues and thus cancel
out in5 this column. An exception was the sale for cash of about 300 million dollars in June 1952.
IncIudes cash issuance in the market of obligations of Government corporations and agencies and some miscellaneous debt items.
6
Excludes exchanges of savings bonds into marketable bonds, in 8the amount of 409 million dollars.
7
Beginning new reporting basis. See footnote 6 above.
Less than $500,000.
300
FEDERAL RESERVE BULLETIN
TREASURY GASH INCOME, OUTGO, AND BORROWING—Continued
DETAILS OF TREASURY CASH DEPOSITS AND WITHDRAWALS 1
[Classifications derived by Federal Reserve from Treasury data. In millions of dollars]
Cash deposits
Social
Vetseerans curity
pro- 7 programs grams 8
Total
50,338!
7 i, 396
70,440
-•68,5
27.149
32,728
34,807
3.1 ,936
16,565 8,591
22,140 9,566
19,045 10,288
20,112 8,817
6.362
6,589
6,693
7,654
2,76
2,823
2,744
r$, 424
2.098
2,451
3,137
3,358
58,034
72,980
76,529
"•68,900
33,194
47,971
50,294
42,400
3,498
2,6.12
2,000
1,089
4,137
4.230
4,589
4,666
6,12i
5,209
4,885
4,668
4,915 6,169
5,617 7,341
6,648 8.031
8,587 ••7,490
439
,093
,34.
,815
24,095
30,713
33,370
33,514
14,388
21,467
21,595
21,650
8,693
8,893
9,978
9,694
5,839
6,521
6,849
7,196
2,531
2,801
r% ,704
"•3,180
2,107
2,302
3,151
3,419
45,726 21,823
67,786 42,935
'•76,40' 50,250
'71,974 46,422
3,785
2,848
2,156
1,457
4,052
4,059
4,658
4,633
5,980
5,826
4,920
4,947
4,458 5,628
5,206 6,912
6,063 r8,358
7,645 '6,870
,293
104
24lj
199
',616
,968
.1.9,687 14,318
13.041 7,821
20,329 13,773
14,478 5,272
19,036 16,378
12,899 3,734
4.519
5,048
4,931
5,357
4,338
4,479
3,386
3,202
3,656
3,031
4,165
3,490
1,383
1,443
1,252
1,507
r1,682
1,742
2,000
451
2,700
437
2,982
376
35,62:
37,357
39,203
37,244
'34,730
34,170
23,466
24,505
25,606
24,398
22,024
20,376
1,489
1,123
1,069
930
526
563
1,984
2,246
2,413
2,334
2,299
2,367
2,709
2,50C
2,420
2,465
2,482
2, .186
2,741 3,233
2,876 4,107
3,247 4,448
3,368 3,748
4,277 '3,122
4,3.1.1 4,367
741
673
735
787
797
702
760
722
768
783
744
644
703
1,093
718
378
1,188
616
304
1,177
371
260
939
439
197
306 5,296
940 6,237
907 5,303
6 Hi 6,228
150 ••6,915
82 5,142
69 7,788
5,364
60
39 5,095
47 4,385
80 6,396
52 5,009
189 5,481
3,578
4,069
3,612
3,384
3,964
3,465
3,644
3,251
3,149
3,31.4
3,552
3,191
n.a.
177
11
118
87
81
50
110
40
67
80
217
171
n.a.
'369
563
299
196
877
152
314
461
286
328
826
183
424
411
428
414
392
444
194
381
375
374
419
443
430
409
Period
Cal. yr.—1951 . .
1952..
1953..
19540.
Cash withdrawals
Direct
axes on
individuals 2
Fiscal yr.—1951
1952
1953 9
1954
Semiannual totals:
1952—Jan.- June
July-Dec
1953—Jan.-Tune. . . .
July- Dec. °. . .
1954—Jan.- Fune
July-Dec
Monthly:
1954—Feb
Mar
Apr.
May
June
July
Aug
Sept
Oct
Nov
Dec
1955—Tan
Feb
530
260
036
882
299
956
375
280
617
122
617
299
306
4,355
4 185
1 ,791
2
2,859
1,120
2,985
2.936
1,040
2,881
1,938
2,806
4,096
Direct Excise Social
taxes on and
ins.
corpo- misc.
rerations taxes ceipts 3
469
7,356
763
397
6,903
549
302
1,108
352
271.
1,153
353
330
Other Deduct
cash Refund:
inof recome 4 ceipts
177
267
277
251
'274
363
220
204
237
296
422
350
346
1,019
Nat'l
sec.
programs
Total
lnt'l
affairs 8
Interest on
debt
67 J
726
716
689
760
674
714
716
758
720
730
834
n.a.
Other
'90
440
144
1,480
'789
607
2,625
521
462
-477
630
200
n.a.
n.a.
Not available.
'Revised.
1
Beginning with July 1953, data are from the daily statement of cash deposits and withdrawals of the U. S. Treasury where available; otherwise 2from the monthly Budget statement. For a description of classifications prior to that date, see earlier issues of the BULLETIN.
Includes estate and gift taxes.
3
Includes taxes for old-age and unemployment insurance, carriers taxes, and veterans life insurance premiums.
4
Represents mostly nontax receipts.
5
Ircludes net redemptions of armed forces leave bonds.
^Includes
special International Bank and Monetary Fund notes.
7
Includes
payments from veterans life insurance funds.
8
Includes
benefit payments for old-age and unemployment insurance and Government employees and railroad retirement funds.
9
Beginning new reporting basis, described in Treasury Bulletin for April 1954, p. A2.
UNITED STATES SAVINGS BONDS AND NOTES—SALES, REDEMPTIONS, AND AMOUNT OUTSTANDING
[In millions of dollars]
Savings bonds
Year or
month
All series
Sales
1946
1947
1948
1949
1950
1951
1952
1953
1954
..
... .
Series A-E and H
Redemp- Outstandtions and ing (end of
maturities
period)
Sales
Redemp- Outstandtions and ing (end of
period)
maturities
7,427
6,694
7,295
5,833
6,074
3,961
4,161
4,800
6,173
6,278
4.915
4,858
4,751
5,343
5,093
4,530
5,661
6 773
49,776
52,053
55,051
56,707
58,019
57,587
57,940
57,710
57,672
4,466
4,085
4,224
4,208
3,668
3,190
3,575
4,368
4 889
5,667
4,207
4,029
3,948
4,455
4,022
3,622
3,625
3 910
33,410
33,739
34,438
35,206
34,930
34,728
35,324
36,663
38,233
561
515
615
480
514
473
453
1575
485
422
330
308
474
347
392
393
415
367
369
384
445
1
1,089
57,736
57,797
57,902
57,967
58,025
58,061
58,005
58,078
58,088
58.126
58,186
2
57,672
346
339
322
293
293
347
36,887
37,029
37,175
37,279
37,393
37,482
37,597
37,714
37,808
37,930
38,069
38,233
506
57,967
573
P336
38,515
1954—Jan...
Feb.. .
Mar .
Apr.. .
May..
602
511
464
June..
July..
Aug...
Sept..
Oct.. .
Nov .
Dec...
523
508
546
464
456
466
557
1955—Jan.. .
742
2
641
511
505
466
451
390
354
310
289
386
Series F, G, J and K
Sales
Redemp- Outstandtions and ing (end of
maturities
period)
2,962
2,609
3,071
1,626
2,406
770
586
432
1,284
611
708
829
803
888
1,071
908
2,035
2 863
16,366
18,314
20,613
21,501
23,089
22,859
22,616
21,047
19 439
77
93
285
171
128
122
110
167
163
164
130
115
131
97
87
82
112
U89
295
172
183
173
158
2747
20,848
20,769
20,728
20,687
20,633
20,579
20,409
20,364
20,280
20,196
20,118
2
19,439
169
p.170
19,451
Tax and savings notes
Sales
2,789
2,925
3,032
5,971
3,613
5,823
3,726
5,730
Redemptions and
maturities
Outstanding (end of
period)
5,300
3,266
3,843
2,934
2,583
6,929
5,491
5,475
1 469
5,725
5,384
4,572
7,610
8.640
7,534
5,770
6,026
4 548
70
68
265
86
64
100
63
62
156
5,956
5,887
5,581
5,500
5,344
5,079
4,993
4,929
4,829
4,766
4,704
4,548
50
4,498
306
81
156
^Preliminary.
3
Due to a June 1954 change in the Treasury procedure for classifying paid savings bonds, unusually large amounts of Series E and F bonds
redeemed between June and October were not broken down as to issue price and. accrued discount. Redemption figures in that period therefore
included
rather large amounts of accrued discount, which are being deducted in subsequent months.
2
Figures for Dec. 1954 include 526 million dollars of unredeemed Series 1954 F and G bonds. In accordance with Treasury practice all unredeemed bonds of these series were carried as outstanding interest-bearing debt until the entire series matured.
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 1955
301
UNITED STATES GOVERNMENT DEBT—VOLUME AND KIND OF SECURITIES
[On basis of daily statements of United States Treasury. In millions of dollars]
Public issues3
End of
month
Total
gross
debt 1
Nonmarketable
Marketable
Total
gross
direct
debt 2
Total
Total
Bills
Certificates of Notes
indebtedness
35,645
6,178
1,310
41,562
5,997
2,002
76,488 6,627 10,534 9,863
115,230 13,072 22,843 11,175
161,648 16,428 30,401 23,039
198,778 17,037 38,155 22,967
176,613 17,033 29,987 10,090
165,758 15,136 21,220 11,375
157,482 12,224 26,525 7,131
155,123 12,319 29,636 8,249
152,450 13,627 5,373 39,258
137,917 13,614 9,509 35,806
142,685 18,102 29,078 18,409
140,407 17,219 28,423 18,963
148,581 21,713 16,712 30,266
147,335 19,707 15,854 30,425
154,63! 19,511 26,386 31,406
Bonds
Bank
eligible*
Bank
restricted
Totals
Savings
bonds
3,195
6,140
15,050
27,363
40,361
48,183
49,776
52,053
55,051
56,707
58,019
57,572
57,587
57,685
57,940
57,886
57,710
2,471
6,384
8,586
9,843
8,235
5,725
5,384
4,572
7,610
8,640
7,818
7,534
6,612
5,770
4,453
6,026
5,370
6,982
9,032
12,703
16,326
20,000
24,585
28,955
31,714
33,896
33,707
34,653
35,902
37,739
39,150
40,538
41,197
57,797
57,902
57,967
58,025
58,061
58,005
58,078
58,088
58,126
58,186
57,672
5,887
5,581
5,500
5,344
5,079
4,993
4,929
4,829
4,766
4,704
4,548
41,070
41,002
41,049
41,367
42,229
42,152
42,479
42,407
42,238
42,351
42,566
1940—Dec
1941—Dec
1942—Dec
1943—Dec
1944—Dec
1945—Dec
1946—Dec
1947—Dec
1948—Dec
1949—Dec
1950—Dec
1951—June
Dec
1952—June
Dec
1953—Tune
Dec
50,942
64,262
112,471
170,108
232,144
278,682
259,487
256,981
252,854
257,160
256,731
255,251
259,461
. . 259,151
267,445
266,123
275,244
45,025
57,938
108,170
165,877
230,630
278,115
259,149
256,900
252,800
257,130
256,708
255,222
259,419
259,105
267,391
266,071
275,168
39,089
50,469
98,276
151,805
212,565
255,693
233,064
225,250
218,865
221,123
220,575
218,198
221,168
219,124
226,143
223,408
231,684
28,156
33,563
44,519
55,591
66,931
68,403
69,866
68,391
61,966
55,283
44,557
42,928
41,049
48,343
58,874
64,104
63,927
4,945
12,550
24,850
52,216
49,636
49,636
49,636
49,636
49,636
36,061
36,048
27,460
21,016
17,245
13,400
13',573
12,060
13,095
12,500
12,340
11,939
3,444
8,907
21,788
36,574
50,917
56,915
56,451
59,492
61,383
66,000
68,125
66,708
66,423
65,622
65,062
63,733
65,065
1954—Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Kov
Dec
274,859
270,312
271,127
273,555
271,341
271,005
274,982
274,838
278,786
278,888
278,784
274,782
270.235
271,047
273,475
271,260
270,984
274,955
274,810
278,752
278,853
278,750
231,466 154,500 19,510 25,278 26,866 74,171
226,821 150,081 21,013 19,377 26,787 74,134
227,806 151,104 22,014 19,377 26,809 74,230
229,913 153,325 22,019 18,577 31,923 72,133
226,681 150,354 19,515 18,405 31,960 71,802
226,528 150,342 19,512 18,405 31,964 71,790
230,214 154,020 19,508 18,277 31,967 75,596
230,033 153,963 19,510 18,184 32,001 75,597
234,1()1 158,148 19,509 18,184 36,188 75,597
234,160 158,152 19,507 18,184 36,196 75,596
233,165 157,832 19,506 28,458 28,033 76,129
8,675
8.674
8,674
8,674
8,672
8,671
8,671
8,671
3,669
8,668
5,706
11,957
11,932
11,910
11,899
11,861
11,857
11,853
11,820
11,787
11,780
11,767
65,009
64,807
64,792
64,690
64,465
64,329
64,341
64,250
64,226
64,228
63,565
1955—Tan
Feb
278,463 278,439 233,427
278,209 278,182 233,517
157,834
157,752
19,507 28,462 28,037 81,828
19,505 21,455 35,280 81,512
Special
issues
Convertible
bonds
Tax
and
savings
notes
11,764 63,830 57,967
11,738 64,027 58,225
4,498 42,268
4,443 42,047
1
Includes some debt not subject to statutory
debt limitation (siich debt amounted to 512 million dollars on Feb. 28, 1955) and fully guar2
anteed
securities, not shown separately.
Includes noninterest-bearing debt, not shown separately.
3
Includes
amount
held
by
Government
agencies
and trust funds, which aggregated 7,167 million dollars on Jan. 31, 1955.
4
Includes Treasury bonds and minor amounts of Panama Canal and Postal Savings bonds.
6
Includes Series A investment bonds, depositary bonds, armed forces leave bonds, and adjusted service bonds, not shown separately.
OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED
[Par value in millions of dollars]
End of month
Total
Held by
LJ. S. Government
gross
debt
agencies and1
(includtrust funds
ing guaranteed
Public
Special
securiissues
issues
ties)
Held by the public
Total
Federal
Reserve
Banks
Commercial
banks*
Mutual
savings
banks
Insurance
companies
Other
corporations
State
and
local
governments
Individuals
Savings Other
bonds securities
Miscellaneous
investorsa
1940—Dec
1941—Dec
1942—Dec
1943—Dec
1944—Dec
1945—Dec
1946—Dec
1947—Dec
1948—Dec
1949—Dec
1950—June
Dec
1951—June
Dec
1952—June
Dec
1953—Tune
Dec,
50,942
64,262
112,471
170,108
232,144
278,682
259,487
256,981
252,854
257.160
257,377
256,731
255,251
259,461
259,151
267,445
266,123
275,244
5,370
6,982
9,032
12,703
16,326
20,000
24,585
28,955
31,714
33,896
32,356
33,707
34,653
35,902
37,739
39,150
40,538
41,197
2,260
2,558
3,218
4,242
5,348
7,048
6,338
5,404
5,614
5,464
5,474
5,490
6.305
6,379
6,596
6,743
7,022
7,116
43,312
54,722
100,221
153,163
210,470
251,634
228,564
222,622
215,526
217,800
219,547
217,533
214,293
217,180
214,816
221,552
218,563
226,931
2,184
2,254
6,189
11,543
18,846
24,262
23,350
22,559
23,333
18,885
18,331
20,778
22,982
23,801
22,906
24,697
24,746
25,916
17,300
21,400
41,100
59,900
77,700
90,800
74,500
68,700
62,500
66,800
65,600
61.800
58,400
61,600
61,100
63,400
58,800
63,700
3,200
3,700
4,500
6,100
8,300
10,700
11,800
12,000
11,500
11,400
11,600
10,900
10,200
9,800
9,600
9,500
9,500
9,200
6,900
8,200N
11,300
15,100
19,600
24,000
24,900
23,900
21,200
20,100
19,800
18,700
17,100
16,500
15,700
16,100
16,000
15,800
2,000
4,000
10,100
16,400
21,400
22,000
15,300
14,100
14,800
16,800
18,400
19,700
20,000
20,700
19,100
20,400
18,900
21,500
1,000
2,100
4,300
6,500
6,300
7,300
7,900
8,100
8,700
8,800
9,400
9,600
10,400
11,100
12,000
12,900
2,800
5,400
13,400
24,700
36,200
42,900
44,200
46,200
47,800
49,300
49,900
49,600
49,100
49,100
49,000
49,200
49,300
49,300
7,800
8,200
10,300
12,900
17,100
21,400
20,100
19,400
17.600
17,000
17,600
16.700
16,400
15,500
15,400
15,500
16,600
15,600
2,300
4,400
7,000
9,100
8,100
8,400
8,900
9,400
9,700
10,500
10,700
10,600
11,600
11,700
12,800
12,900
1954—Tan
Feb
Mar
Apr
May
274,924
274,859
270,312
271,127
273,555
271,341
271,005
274,982
274,838
278,786
278,888
278,784
41,009
41,070
41,002
41,049
41,367
42,229
42,152
42,479
42,407
42,238
42,351
42,566
7,245
7,223
7,203
7,151
7,182
7,111
7,081
7,032
7,042
7,047
7,080
7,043
226,670
226,566
222,107
222,927
225,006
222,001
221,772
225,471
225,389
229,501
229,457
229,175
24,639
24,509
24,632
24,632
24,812
25,037
24,325
24,023
24,271
24,381
24,888
24,932
64,100
63,100
60,900
62,500
63,500
63,700
64,800
67,000
67,100
70,000
69,500
n.a.
9,200
9,200
9,200
9,200
9,200
9,100
9,000
9,000
8,900
8,900
8,800
n.a.
15,700
15,700
15,600
15,600
15,500
15,300
15,100
15,100
15,100
15,100
15,000
n.a.
21,500
22,100
19,700
19,100
19,~>00
16,800
16,800
18,500
18,600
19.100
19,500
n.a.
13,200
13,300
13,600
13,800
14,100
14.300
14,300
14,400
14,400
14,500
14,600
n.a.
49,400
49.400
49,400
49,500
49,500
49,600
49,600
49,700
49,700
49.700
49,800
n.a.
15,600
15,600
15,600
15,200
15,500
14,900
14,500
14,400
14,000
14,100
14,000
n.a.
13,300
13,600
13.500
13,500
13,500
13,700
13,400
13,300
13,400
13,700
13,500
n.a.
June
July
Aug
Sept
Oct
Nov
Dec
500
700
700
900
n.a.
Not available.
1
Includes the Postal Savings System.
2
Includes
holdings by banks in territories and insular possessions, which amounted to 250 million dollars on June 30, 1954.
8
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.
302
FEDERAL RESERVE BULLETIN
UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES
Direct Public Issues Outstanding February 28, 1955
[On basis of daily statements of United States Treasury. In millions of dollars]
Issue and coupon rate
Treasury bills 1
Mar.
Mar.
Mar.
Mar.
Mar.
3,
10,
17,
24,
31,
,500
,500
,501
,502
,501
1955.
1955.
1955.
1955.
1955.
Issue and coupon rate
Amount
Certificates
Mar. 22, 19552
May 17, 1955
Aug. 15, 1955
Dec. 15, 1955
1
\Y%
W%
1^
Treasury notes
Mar. 15, 1955
Dec. 15, 1955
Mar. 15, 1956
Apr. 1, 1956
Oct. 1, 1956
Mar. 15, 1957
, 500
Apr. 1, 1957
May 15, 1957
,500
,500
Aug. 15, 1957
1,500
Oct. 1, 1957
May 5, 1955
May 12, 1955
May 19, 1955
May 26, 1955
2
\]4
\H
1H
\%
Apr. 1,1958
Oct. 1,1958
Feb. 15, 1959
Apr.
Oct.
1, 1959
1, 1959
Issue and coupon rate
\y2
\y2
Treasury bonds
Mar. 15, 1955-603.. 2
Mar. 15, 1956-58. . .2*
Sept. 15, 1956-594.. 2
Sept. 15, 1956-59... 2
Mar. 15, 1957-59... 2
June 15, 1958
2%
333
June 15, 1958-63*.. 2%
6,854
Dec. 15, 1958
2] '
8,461
J u n e 15, 1 9 5 9 - 6 2 . . . 2 ]
1,007
Dec. 15, 1959-62. . .2550
N o v . 15, 1960
2}
2,997
Dec. 15, 1960-654.. 21
531
Sept. 15, 1961
2'
4,155
Nov. 15, 1961
2]
3,788
Aug. 15, 1963
2:
824
June 15, 1962-67. .
383
121
5,102
119
55
!
Sold on discount basis. See table on Money Market Rates, p. 297.
4
3 Partially tax-exempt, called for redemption.
Partially tax-exempt.
2
Issue and coupon rate
Amount
3,734
3,886
8,477
5,359
\y2
1 %
\%
\y2
iy2
2%
\y2
\*/%
,500
,501
,501
,500
Apr. 7, 1955
Apr. 14, 1955
Apr. 21, 1955
Apr. 28, 1955
Amount
402
1 ,449
982
3,822
927
4,245
919
2,368
5,277
3,465
3.806
1,485
2,239
1,177
6,755
2,116
Treasury
Dec. 15,
June 15,
Dec. 15,
Mar. 15,
Mar. 15,
June 15,
Sept. 15,
Dec. 15,
Time tS.
Feb. 15,
Amount
bonds—Cont.
1963-68 . 2 ^
1964-69.
2\4
1964-69. . 2 J ^
1965-70. . 2 ^
1966-71 . . . 2 H
1967-72. . »2\i
1 9 6 7 - 7 2 . . . 2H
1 9 6 7 - 7 2 . . .2H
1978-83. 3 K
1995
3
2,826
3,754
3,830
4,718
2,961
1,887
2,716
3,816
1.606
1,892
Postal Savings
bonds
2h
Panama Canal Loan 3
Convertible bonds
Investment Series B
Apr. 1, 1975-80. . .2'
21
50
11,738
Tax anticipation series.
SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES •
Marketable and Convertible Direct Public Securities
[Par value in millions of dollars]
U.S.
End of month
Type of security:
Total marketable
and convertible:
1952—June
Dec
1953—June
Dec
1954—June
Nov
Dec
Treasury bills:
1952-June
Dec
1953—June
Dec
1954—June
Nov
Dec
Certificates:
1952—June
Dec
1953—June
Dec
1954—June....
Nov
Dec
Treasury notes:
1952—June
Dec
1953—June
Dec
1954—June
Nov
Dec
Marketable bonds:1
1952—June
Dec
1953—June
Dec
1954—June
Nov
Dec
Total
outstanding
Govt.
agencies
and
trust
funds
FedComeral
merRecial
serve
banks
Banks
Mutual
savings
ba
Insurance
companies
Other
Life
Other
153,502
161,081
159,675
166,619
162,216
169,931
169,599
6,467
6,613
6,899
6,989
6,985
6,953
6,918
22,906
24,697
24,746
25,916
25,037
24,888
24,932
54,038
55,828
51,365
55,933
56,199
61,615
61,082
8 ,843
8 ,740
8 ,816
8 ,524
8 ,353
8 ,126
8 ,113
9, 613
9, 514
9, 347
9, 120
8, 667
8, 280
8, 371
4 ,246
4 ,711
4 ,808
4 ,905
4 ,854
4 ,989
4 ,958
47 ,391
50 ,979
53 ,694
55 ,233
52 ,121
55 ,080
55 ,226
17,219
21,713
19,707
19,511
19,515
19,507
19,507
41
86
106
102
46
61
51
381
1,341
1,455
2,993
2,316
2,167
2,204
5,828
7,047
4,411
4,368
4,187
4,357
4,399
103
137
120
126
98
49
75
504
464
327
410
520
435
537
92
119
132
109
101
124
125
10 ,268
12 ,518
13 ,155
11 ,402
12 ,248
12 ,315
12 ,115
28,423
16,712
15,854
26,386
18,405
18,184
28,458
60 11,821 6,877
' 27 5,061 4,791
30 4,996 4,351
63 5,967 9,215
41 6,600 4,942
18 6,600 3,848
4 13,882 4,835
120
37
87
184
101
49
57
76
56
27
37
7
1
4
2
16
23
8
64
84
40
5,568
13,774
13,774
13,289
13,029
13,029
6,044
10,431
10,955
10,355
11,510
11,423
14,204
13,049
42
49
62
130
221
241
242
5
8
5
52
99
68
67
75,802 2,928
79,890 3,046
81,349 3,300
77,327 3,377
80,474 3,395
84,264 3,351
81,835 3,378
4,422
4,522
4,522
3,667
3,093
3,093
2,802
30,710
32,849
32,066
30,671
35,481
39,043
38,037
7 ,221
7 ,165
7 ,232
6 ,820
6 ,669
6 ,544
6 ,499
5, 855
5 807
5, 855
5, 686
5 164
4, 910
4, 898
18,963
SO,266
30,425
31,406
31,960
36,196
28,033
End of month
Total
outstanding
Type of security:
Convertible bonds
(Investment
Series B):
1952—June
Dec
1953—June
Dec
1954-June
Nov
Dec
Marketable securities, maturing:
Within 1 year:
1952—June
Dec
1953-June
Dec
1954-June
Nov
378 9 ,092
Dec
317 6 ,424
310 6,052 1-5 years:
445 10,475
1952—June
202 6 ,511
Dec
1953—June
151 7 ,518
Dec
179 9 ,490
1954-June
Nov
327 2 ,587
Dec
486 4 ,978
529 5 ,678 5-10 years:
605 5 ,814
1952—June
Dec
592 6 ,531
1953—June
706 7 ,864
Dec
075 7 ,310
1954—June
3 ,087
3 ,429
3 ,484
3 ,418
3 ,641
3 ,702
3 ,673
Nov
21 ,580
Dec
23 ,072
24 ,890 After 10 years:
23 ,688
1952—June
Dec
23 ,032
1953—June
23 ,621
Dec
22 ,548
1954—June
Nov
Dec
13 095
12 500
12, 340
11, 989
11, 861
11, 780
11 767
U S.
Govt. FedCom- Muageneral
mer- tual
cies
Resavcial
and
serve
ings
trust Banks banks banks
funds
Life
3
3
3
3
3
3
3
3
3
3
2
2
2
2
Insurance
companies
Other
Other
437
438
439
439
439
439
439
714
191
185
182
168
165
163
103
1 ,356
1 ,352
1 ,314
1 ,264
1 ,265
1 ,244
1 ,239
642
953
589
235
123
63, 050
62 827
101
133
163
175
107
108
70
12 ,202
14 ,749
15 ,505
16 ,972
16 ,280
16 ,139
19 ,417
12 705
16,996
19,580
25,062
17,684
18 981
15 738
223
263
476
475
294
303
159
470 19,360
581
532
733 23,547
1,082
390
27,393
468 1,061 29,023
652 24,568
537
465
697 26,357
540
598 20,301
44
37
32
29
27
36
29
945
713
330
367
965
448
600
46
31
152
192
205
163
137
7 ,188
7 ,146
6,452
6,155
6,307
6 ,321
3 ,087
27 858
22 381
18,344
16,056
14,624
20 933
1.8 840
370
259
464
431
476
508
502
63
996
48
910
914
109
123
980
155
890
168 1,116
158 1,022
8,424
6,938
5,895
5,430
5,308
7,239
5,855
15 122
22 834
18 677
20 292
30 542
26,934
33,677
387
546
422
418
494
477
477
693
1 ,387
1 ,374
1 ,374
1 ,035
1 ,014
1 ,014
7 740
11 058
8 772
10 051
18 ,741
16 267
21 ,101
1 ,357
1 ,775
1 ,395
1 ,315
1,389
1 ,328
1 ,544
497
885
745
725
516
414
439
765
1,348
1,104
1,198
1,655
1,494
1,604
3,684
5,835
4,865
5,211
6,711
5,940
7,439
2 ,496
2 ,464
2 ,723
2 ,765
2 ,740
720 2 ,766
719 2 ,796
2 ,109
1 ,415
1 ,415
1 ,415
1 ,415
1 ,415
1 ,415
5 ,544
5 207
4 ,488
4 ,595
4 ,985
5 ,537
5 ,091
5 ,167
5 ,039
4 ,930
5 ,271 4 ,743
5 ,234 4 ,608
5,301
4 870
4 969
4 868
4 582
4 368
4 304
1,652
1,361
1,356
1,339
1,339
45
56
64
73
60
34
31
31
31
31
31
31
698
081
739
736
725
172
179
133
935
876
865
805
362
360
353
328
317
305
305
3,864
3,987
3,919
3,854
3,800
3,703
3,756
12,059
10,673
11,621
11,716
11,734
1,376 11,781
1,369 11,874
* 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
1955
303
NEW SECURITY ISSUES 3
[Estimates, in millions of dollars]
Proposed uses of n e t proceeds,
all corporate issuers 6
Gross proceeds, all issuers 2
Noncorporate
Year or
month
Total
1941.
1942
1943
1944.
1945
15,157
35,438
44,518
56,310
54,712
.
18,685
19,941
20,250
21,110
19,893
1946
1947
1948..
1949
J950
1954 j
a
n
Feb .
Mar
May
June
July
Aug ..
Sent
Oct
Nov
Dec
1955—Tan
517
u
466
33 846
4 9 , 815
494
47, 353
10,
217
589
13
109
1,128
1,238
50
24
2,164
2,677
1,979
2,386
1,276
1,628
703
758
98
183
87
108
490
769
38
1
2
1
506
956
524
435
661
795
30
5
97
22
47
2,667
1,062
1,170
3,202
2,389
1,578
917
990
506
621
1,892
3,851
167
112
124
369
758
110
34
56
163
397
040
647
2,670
6,011 4,855
811
411
369
778
357
1,157
2,324
2,690
2,907
3,532
56
451
4,881 3,019 1,862 1,126
761
5,035 2,888 2,147
5,973 2,963 3.0K)
492
4,890 2.434 2,455 424
4,920 2,360 2,560 631
3,189
4,401
5,558
'•6,969
446
237
306
286
6,900
6,577
7,078
6,052
6,361
7,741
9,534
8,898
9,563
399
414
570
735
123
1
63
1
571
456
726
628
10 i 3 9 7
11 804
216
9, 687
30
9 778
110
577
13 957
T-29,809
19
459
106
458
1 655
\ .386
1 961
1 ,947
4,386
2,438
2,151
1,298
2,131
6,547
1 ,366
'•2,544
539
561
515
502
511
2,
71
80
523
508
546
2,646
r
156
132
282
783
855
280
300
5
4
3
8
652
9.
Til
466
557
184
615
459
'•906
3
4
71
742
716
527
35
464
4,
Bonds
PubPri- ferred
Total licly vately stock
offered placed
r
21,265
2 7,209
28,824
1951
1952..
1953
1954
9, 339
New capital
State
and
mu- Others Total
nicipal
FedU. S.
Governeral
ment 3 agency 4
5,687
6,564
1939
1940
Corporate
Pre-
Total
stock
2,364
3.645
3.856
4,004
3,326
3,957
3,228
3,541
838
564
489
814
1,212
1,369
1 ,326
1,204
462
366
513
408
284
178
226
216
178
J88
286
192
90
63
144
111
470
116
288
347
218
564
20
27
69
110
130
131
74
44
59
52
37
61
252
189
50
424
343
714
166
224
465
363
204
581
441
312
ment
of
bank
debt,8
etc.
325
569
26
19
69
174
868
474
308
657
28
35
27
47
133
138
73
4-9
134
New
money 7
1,080
347
891 3, 889 3,279
11 5 4 591
778
614 • f t ' 651 5,929
736 5
4,606
811 4, 990 4,006
5,691
7,601
7,083
7,545
647
850
808
1,057
1,237 1,077
369
443
893
1,014
817
1,133
334
437
852
1,011
627
1,004
Common
7
1 695
1 854
1 ^83
231
168
396
789
2 389
* 555
379 2,868
356 1 352
' 307
234
315
488
637
401
226
.36.3
486
364
6,531
8,180
7,960
6,987
R 716
8 495
7, 56?
Retirement
of
securities
Retire-
Miscellaneous
purposes
620 1,271
537
535
575
1 857
13
29
70
16
18
9
53
129
66*
260
531
410
590
471
264
66
97
54-1
439
660
486
652
859
898
346
777
1, 008
299
592
865
251
530
143
48
62
109
129
404
135
486
427
59
129
73
118
87
30
69
614
812
853
310
749
38
47
45
36
183
182
325
91
27
224
Proposed uses of n e t proceeds , b y m ajor g r o u p s of c o r p o r a t e issuers
Commercial and
miscellaneous
Manufacturir-g
Year or
month
1949
1950
1951
1952
1953
1954
1954—January
February
March. ..
April
May .
June
July
August
September..
October....
November..
December..
1955—January....
Total
net
proceeds
New Retire- Total
net
10
capproital* ments ceeds
1,391
1,175
3,066
3,973
2,218
2,292
1,347
1,026
2.846
3; 712
2,128
2,131
44
149
221
261
90
16
134
118
52
107
51
107
86
204
79
196
305
528
284
160
9QQI
538
518
536
542
926
123
152
305
110
1S7
524
106
135
299
108
123
16
17
6
2
63
50
26
68
86
44
88
96
62
61
131
79
134
222
175
47
48
6
8
21
4
New Retire- Total
net
cap10
proi t a l ments ceeds
310
474
462
512
502
828
48
25
62
72
42
8*
64
45
60
118
77
130
43
Public utility
Transportation
28
63
56
24
40
98
2
1
5
14
2
4
33
New .Retire- Total
net
cap1()
proitals ments
ceeds
795
806
490
983
589
778
43
58 i
58 j
20
37
97
784
609
437
758
507
65
36
57
46
20
11
196
53
225
36
271
7
2
12
37
66
V
17
1
13
2
5
5!
163
46
69
70
51
38
21
It 8
52
125
25
51
18
5
62
26
36
9
?7fi
,608
9 ,41?,
9 972
3 ,670
New Retirecap10
ital* ments
1 9?7
<3 S3S
9 ,905
2 ,673
Total
net
proceeds
567
395
605
753
«7
997
•874
712
48
7
30
60
26
409
7
30
26
269
31 fi
237
New Retire- Total,
net
10
cappro.
itaP ments ceeds
9-n
(W?
85
Vtt
269
36?,
309
501
442
Real estate
and financial
Communication
73
173
517
314
600
747
871
655
49
81
5
6
3
57
26
26
40
19Q
9
9
2
159
248
271
65
459
382
181
104
173
210
46
152
55
75
61
18
307
27
328
98
75
44
27
326
98
21
43
218
179
39
6
New Retire16
capital* ments
553
739
515
508
558
639
449
448
12
51
88
19
51
88
159
190
63
6!
1 561 1 536
1,041
766
51
26
27
25
54
1
16
48
266
31
103
13
45
262
29
92
1
59
58
2
35
100
66
60
24
274
25
1
Q
7
128
3
8
5
2
11
1
' Revised.
1
Estimates of new issues sold for cash in the United States.
2
Gross proceeds are derived by multiplying
principal amounts or
3
4
Includes
issues guaranteed.
Issues not guaranteed.
c
Includes foreign, government; International Bank; and domestic
6
number of units by offering price
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 and equipment and working capital.
8
Includes proceeds for the retirement of mortgages and bank debt with original maturities of more than one year. Proceeds for retirement
of short-term bank debts are included under the uses for which the bank debt was incurred.
•Includes all issues other than those for retirement of securities.
10
Retirement of securities only.
Source.—Securities and Exchange Commission.
304
FEDERAL RESERVE BULLETIN
SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS
[In millions of dollars]
!
Annual
Industry
Quarterly
1953
1948
1949
1950
1954
1953
1951
Manufacturing
Total (200 corps,):
Sales
Profits before taxes
Profits after taxes
Dividends
Nondurable goods industries (94 corps.): 1
Sales
Profits before taxes
Profits after taxes
Dividends
Durable goods industries (106 corps.) 2
Sales
Profits before taxes
Profits after taxes
Dividends
Selected industries:
Foods and kindred, products (28 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
Chemicals and allied products (26 corps.)
Sales '.
Profits before taxes
Profits after taxes
Dividends
Petroleum refining (14 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
Primary metals and products (39 corps.):
Sales
Profits before faxes
Profits after taxes
Dividends
.•
Machinery (27 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
Automobiles and equipment (15 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
17,948 •5,351
5,168 8,042
3,186 4,143
1,710 2,295
739 14,051
360 1,97!:
574 1,297
698
759
5,994
2,84"
1,599
942
52,444
8,702
3,486
2,036
52,665 15,739 6,566 .5,459 4,902 4,233 4,776 3,406
7,147 8,225 2,254 2,484 2,093 1,395 1,754 1,923 1,549
885
892
787
3,117 3,560
855
928
977
891
=2,031 2,110
495
631
520
493
491
523
524;3,905
18,670 8,908 20,276 4,994 5,116 5,082 5,084 4,961 4,972 4,952
3,324 2,715 2,908
783
581
635
676
761
669
782
376
371
353
376
1,481 1,313 1,446
365
345
355
934
233
222
275
229
894
912
228
218
219
60: 23,897 29,3571 33,77^
108 3,193 5,1951 5,378
837 1,888 2 t 544| 2,005
748
950 1,352' 1 ,142
14,997
4,432
1,804
1.119
42,390 10,745 1,450 0.377 9,817 9,272 9,804 8,455
5,31" 1,493 1,702 lf3Q9
814 1,084 1,247
914
434
2,114
511
573
509
521
600
526
287
272
274
1,176
275
356
294
296
4,528
455
285
US
4,22c
43'
26J
14?
4.402 4,909 5,04 5,411 1,316 1,346 1,355 1,394 1,337 1,351 1,338
532
446
131
107
132
473
128
99
123
465 100
289
54
22
204
5
54
46
63
60
211
46
37
161
159
3
36
37
154
154| 35
36
45
3.67<
' 67420
263
3,685
69;
All
32
4,577 5,57'
1,545 1,568 1,506 1,453 1,434 1,471 1,461
360
224
267
1,133 1,42' i 200 I,260
346
330
271
272
49;
121
123
125
136
132
124
133
572
45 8
493
90
90
127
98
99
98
91
448
381
398
36;
4,260
5 ,290 5 ,757 1,376 1.41C 1,473 1.498 1,479 1,442 1,440
673 4,96«
176
189
165
195
195
229
214
6S9
796
464
15
138
124
12'
155
13
148
495
571
53:
223
66
67
74
68
69
68
268
274
24'
!0,446 12 ,49' 11,557 13,750 3,42! 3,65;-! 3,476 3,194 2,910 3,01 2,723
1,700 2,09: i,161 1,824
359
45•
560
510
295
305
301
854
179
203
18,
212
77i
196
150
575
793
151
377
92
88
88
38
100
113
92
367
377
3,983 3,90'
55:
77 =
42!
58?
19
189,066 8,18
99.
3 ,1 74
720
57
270
28.
4,563 4,36;
570
52)
334
32
127
13;
8,093
1.131
'639
282
9,57
1.47;
36
4.
1,937 1,864
5,071 6,18; 7,082 8 ,009 1,96' 2,045 1,95' 2,038 1,917
29?
237
850 1,00;
241
19."
2t>2
202
974 1,009
27<
102
107
42 Si 37'
95
115
103
380
402
117
64
4!
208 19:
4'
90
200
239
58
65,
11,805 12,49) 12,825 16,377 4,30? 4,65 3,91 3,495 3.485 3,731 2,922
64;
714
235
2.305
451
532
299
434
1,945 2 ,048
20C
21
168
168
25'
127
214
l!O87
698
747
11
li
113
106
114
11
114
671
462
463
P u b l i c Utility
Railroad:
Operating revenue...
Profits before taxes..
Profits after taxes. . ,
Dividends
Electric power:
Operating revenue..,
Profits before taxes..
Profits after taxes. . .
Dividends
Telephone:
Operating revenue...
Profits before taxes..
Profits after taxes.
Dividends
9,672 8.58!
'70!
1.146
43;
698!
25:
289
9.473 10,391 10,581 10,664 2,59i
l|385 1.26C 1,451 1,404
33
784
692
832
871
312
32 i
338
412
4,830 5,06"
983 1,12'
657
75•
493
561
5,528 6.05;
1,315 • ; 4 8
81
822
65
619
6 , 549 7 ,113 1,85'
55
1, 740 1,893
29947 1,046
18:
725
771
42;
23
194
1,82
45:
26;
1,974
57
324
212
2,967 3,342 3,72<
69
333
580
34
207
331
31
213
276
4 , 136 4 ,525 1,09:
787
925
22
384
452
10
412
10C
.12 1,171
241
22f
32:
10)
10
10,
1,174
24
2,694
292
186
17
2,73: 2,755 2,S82 2.275 2,335 2,366
399
27:
226
39
199
156
234
172
23
2V
88
136
74
7.
7'
16:
96
73
1,810 1,817
487
478
268
266
210
211
1,210 1,233
262
262
141
125
112
10S
111
ne
"Corrected.
Includes 26 companies in groups not shown separately, as follows: textile mill products (10); paper and allied products (15); miscellaneous ( i ) .
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 al! 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 ox 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.
1
2
-ogether reprc
...
.
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 1955
305
PROFITS, TAXES, AND DIVIDENDS OF
UNITED STATES CORPORATIONS
[Quarterly estimates at seasonally adjusted annual
rates. In billions of dollars]
NET CHANGE IN OUTSTANDING CORPORATE SECURITIES *
[Estimates, in millions of dollars]
All types
Profits
before
taxes
Income
taxes
Profits
after
taxes
1939....
1941
1943. .
1945
6 4
17.0
24.6
19 0
1 4
7.6
14.1
10 7
5 0
9.4
10.5
8 3
3 8
4.5
4.5
4 7
1 2
4.9
6.0
3 6
1947
1948
1949
1950
29.5
32.8
26.2
40 0
11.3
12.5
10.4
17 8
18.2
20.3
15.8
22 1
6.5
7.2
7.5
9 2
11.7
13.0
8.3
1? 9
1951
1952
1953
19541
41 .2
37.2
39.4
35.0
22.5
20.0
21 .1
17.2
18.7
17.2
18.3
17.8
9.1
9.1
9.4
9.9
9.6
8.1
8.9
8.0
1953—2
3
4. . . .
41 .9
40.9
32.5
22.5
21.9
17.4
19.5
19.0
15.1
9.3
9.5
9.6
10.2
9.5
5.5
1954—1
2
3
41. . .
34.5
34.5
34.2
37.0
17.0
17.0
16.8
18.2
17.5
17.5
17.4
18.8
9.6
9.6
9.8
10.4
7.9
7.9
7.6
8.4
Year or
quarter
Year or
quarter
UndisCash
divi- tributed
dends profits
New
issues
Stocks
Bonds and notes
RetireNet
ments change
New
issues
Net
Retirements change
New
issues
Retirements
Net
change
6,882
7,570
6,731
7,224
2,523
1,683
1 ,875
3,501
4,359
5,887
4,856
3 724
5,015
5,938
4,867
4,806
2,011
1,283
1 ,583
2,802
3,004
4,655
3,284
2,004
1,867
1 ,632
1,864
2,418
512
400
292
698
1,355
1,232
1 ,572
1,720
1951 . . . 9 048
1952.
10,679
1953
9,550
1954
11,715
2 772
2,751
2,428
5,353
6 277
7,927
7,121
6,361
•5 682
7,344
6,651
7,872
2 105
2,403
1,896
3,897
3 577
4,940
4,755
3,975
3,366
3,335
2,898
3,843
666
348
533
1,456
2,700
2,987
2,366
2,386
508
1,277
670
131
539
758
847
938
1,354
862
1,016
1,377
721
1,081
995
713
1,053
219
292
376
569
862
703
337
484
1947
1948
1949
1950
1953—4. . .
2,455
639
1,816
1,785
1954—1 . . .
2. . .
3. . .
4. . .
2,700
2,858
3,027
3,128
977
1,139
1,314
1,923
1,724
1,719
1,714
1,205
1,619
1 ,863
2,314
2,075
1
Reflects cash transactions only. As compared with data shown on p. 304, new
issues exclude foreign and include investment company offerings, sales of securities
held by affiliated companies or R F C , 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. 304.
Source.—Securities and Exchange Commission.
1
Preliminary estimates by Council of Economic Advisers.
Source.—Department of Commerce.
CURRENT ASSETS AND LIABILITIES OF UNITED STATES CORPORATIONS '
[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
Notes and accts.
payable
Inventories
U. S.
Govt.2
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
1947.
1948... .
1949
1950
62.1
68.6
72.4
81.6
123.6
133.0
133.1
161.5
25.0
25.3
26.5
28.1
14.1
14.8
16.8
19.7
1951
1952
1953
86.5
90.1
92.6
179.1
186.2
189.7
30.0
30.6
30.7
20.7
20.4
21.5
1954—1
2
3
92.9
94.2
95.3
183.3
179.6
183.9
27.8
28.9
30.1
19.7
16.8
18.6
2.8
2.4
2.3
Other
Total
IT. S.
Govt. 2
Other
22.1
27.4
21 .9
23.2
18.0
25.6
27.6
26.3
1.4
1.4
1 .3
2.4
30.0
40.7
51 .6
45.8
1.1
55.7
44.6
48.9
45.3
55.1
1.6
1 .6
1 .4
1.7
61.5
64.4
60.7
79.8
.4
2.7
2.8
2.6
58.8
64.7
65.0
64.9
65.4
67.5
2.1
2.4
2.4
92.6
96.1
97.1
1.3
2.3
2.2
63.2
63.4
65.2
67.3
65.5
65.1
2.5
2.6
2.7
90.4
85.4
88.6
2.5
2.4
2.6
.0
.6
5.0
2.7
3? 3
42.4
43 ft
Other
.0
.8
2.2
.9
37
39.3
37 5
Federal
income
tax
liabilities
Other
21.9
25.6
24.1
24.8
1.2
7.1
16.6
10.4
6.9
7.2
8.7
9.7
47.9
10.7
11.5
9.3
16.7
13.2
13.5
14.0
14.9
53.6
57.8
57.3
21 .3
17.7
18.7
16.5
18.3
18.9
53.9
52.5
53.0
14.9
11 .7
13.6
19.1
18.8
19.4
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 i
[Estimates, in millions of dollars]
Year
1939
1945
Total
5,512
8,692
Manufacturing
1 ,943
3,983
Mining
Railroads
Transportation
other
than
rail
Public
utilities
326
383
280
548
365
574
520
505
302
321
1,776
2,378
5,154
4,660
5,671
5,916
Communi- Other 2
cations
1948
1949
1950...
1951
22,059
19,285
20,605
25,644
9,134
7,149
7.491
10,852
882
792
707
929
1,319
1,352
1,111
1,474
1,285
887
1,212
1 ,490
2,543
3,125
3.309
3,664
,742
1,320
,104
1,319
1952
1953 ?
1954 19554
26,493
28,322
26,827
27,063
11,632
11,908
11,038
10,704
985
986
975
896
1 .396
1 ,3\l
854
763
1 ,500
1,565
1,512
1,495
3.887
4.552
4,219
4,384
,537
5,557
, 690 6,310
6,513
1,717
8, 319
Total
Manufacturing
and
mining
Transportation
incl.
railroads
1953—1
2
3
4
6,339
7,274
7,084
7,625
2,887
3.326
3,116
3,565
673
751
708
743
926
1,159
1 ,221
1 ,247
1 ,853
2,038
2,039
2,070
1954—1
2
3
4
6,266
6,932
6,640
6,988
2,788
3 , 1 20
2,896
3,209
634
620
553
559
929
1 ,121
1,060
1,109
1 ,916
2,071
2,133
2,110
1955-1
2^
6,296
6,988
2,721
2,885
583
584
947
1,158
2,046
2,361
Quarter
Public
All
utili- other3
ties
r
Revised.
2
i Corporate and noncorporate business, excluding agriculture.
Includes trade, service, finance, and construction.
4
Includes communications and other.
Anticipated by business.
Sources.—Department of Commerce and Securities and Exchange Commission.
3
306
FEDERAL RESERVE BULLETIN
REAL ESTATE CREDIT STATISTICS
MORTGAGE DEBT OUTSTANDING, BY TYPE OF PROPERTY MORTGAGED AND TYPE OF MORTGAGE HOLDER
[In billions of dollars]
All properties
End of year
or quarter
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1053
All
holders
Nonfarm
Other
holders
Financial
insti- Selected Inditutions Federal viduals
agenand
cies
others
Farm
1- to 4-family houses
Multi-family and
commercial properties1
Total
Financial
institutions
Other
holders
Total
Financial
institutions
Other
holders
All
holders
All
holders
FinanOther
cial
insti- holders*
tutions
37.6
36.7
35.3
34.7
35.5
41.8
48.9
56.2
62.7
72.8
82.2
91.2
101.0
113.6
20.7
20.7
20.2
20.2
21.0
26.0
31.8
37.8
42.9
51.6
59.5
66.8
75.0
85.7
2.0
1.8
1.4
1.1
.9
.6
.5
.6
1.1
1.4
2.0
2.4
2.8
2.8
14.9
14.2
13.6
13.3
13.7
15.1
16.6
17.8
18.7
19.8
20.7
21.9
23.2
25.0
31.2
30.8
29.9
29.7
30.8
36.9
43.9
50.9
57.1
66.7
75.6
84.0
93.3
105.3
18.4
18.2
17.8
17.9
18.5
23.1
28.2
33.3
37.5
45.1
51.9
58.7
66.3
75.6
11.2
11.5
11.5
11.7
12.2
16.0
20.5
25.0
28.4
35.3
41.2
47.0
53.8
62.4
7.2
6.7
6.3
6.2
6.4
7.0
7.6
8.3
9.1
9.8
10.7
11.7
12.5
13.2
12.9
12.5
12.1
11.8
12.2
13,8
15.7
17.6
19.6
21.6
23.7
25.3
27 1
29.7
8.0
7.8
7.4
7.2
7.5
8.4
9.6
10.9
12.4
14.0
15.7
17.0
18 7
20.0
4.8
4.7
4.6
4.6
4.7
5.4
6.1
6.7
7.2
7.6
8.0
8.3
8 0
9.7
6.4
6.0
5.4
4.9
4.8
4.9
5.1
5.3
5.6
6.1
6.6
7.2
77
8.2
1.5
1.4
1.3
1.3
1.3
1.5
1.7
1.9
2.1
2.3
2.6
2 8
3 0
3.3
4.9
4.5
4.1
3.7
3.4
3.4
3.3
3.4
3.5
3.7
4.0
4.3
4.6
5.0
1953—June
96.2
September. . . . 98.7
101.0
December
70.9
73.0
75.0
2.7
2.8
2.8
22.6
22.9
23.2
88 7
91.2
93.3
62.5
64.6
66.3
50.3
52.1
53.8
12.2
12.4
12.5
26.1
26.6
27.1
17 6
17.9
18.2
8.6
8.7
8.9
7.5
7.6
7.7
3.0
3.0
3.0
4.5
4.6
4.6
1954—March P
JuneP
SeptemberP. . .
DecemberP. . .
76.8
79.5
82.5
85.7
2.7
2.7
2.7
2.8
23.6
24.1
24.6
25.0
95.3
98.2
101.6
105.3
67.7
70.0
72.6
75.6
55.2
57.3
50.7
62.4
12.5
12.7
12.9
13.2
27.5
28.3
29.0
29.7
18.5
19.0
19 5
20.0
9.0
9.2
9.5
9.7
7.8
8.0
8.1
8.2
3.1
3.2
3.2
3.3
4.7
4.8
4.0
5.0
.
1954P
103.1
106.. 2
109.8
113.6
P1 Preliminary.
2
Derived figures, which include negligible amount of farm loans held by savings and loan associations.
Derived figures, which include
debt held by Federal land banks and Farmers Home Administration.
NOTE.—Figures for first three quarters of each year, and all figures for December 1953 except those on total farm (preliminary estimate from
Dept. of Agriculture), are Federal Reserve estimates. Financial institutions include commercial banks (including nondeposit trust companies
but not trust departments), mutual savings banks, life insurance companies and savings and loan associations. Federal agencies include HOLC,
FNMA, and VA (the bulk of the amounts through 1948 held by HOLC, since then by FNMA). Other Federal agencies (amounts small and
separate data not readily available currently) are included with "Individuals and others."
Sources.—Federal Deposit Insurance Corporation, Home Loan Bank Board, Institute of Life Insurance, Departments of Agriculture and
Commerce, Federal National Mortgage Association, Veterans Administration, Comptroller of the Currency, and Federal Reserve.
MORTGAGE LOANS HELD BY BANKS1
[In millions of dollars]
End of year
or quarter
Commercial bank holdings 2
Mutual savings bank holdings4
:Nonfarm
Nonfarm
Total
Residential
Residential
Farm Total
Total
Total
FHA- VA- Conguar- veninsured anteed tional
Other
1 ,048
3,292
3,332
924
802
3 256
740
3,218
3,395
856
1 ,387
5,146
1 ,690
6,933
1 957
8 066
? ,060
8,676
9 ,264
10 431
11,270 3 4?,1 ?, ,071 4 0?0 ? ,458
12,188 3 67S s 01? 5 S01 ? 6?1
12,925 3 ,912 3 ,061 5 ,951 2 ,843
14,200 4 ??5 3 375 6 600 3 ?65
Farn
Total
Total
566 4,812
491 4,627
463 4 420
463 4,305
521 4,208
702 4,441
823 4,856
874 5 806
909 6,705
968 8 261
1 ,004 9,916
1 058 11,379
1 ,082 12.043
1 165 15,000
4,784
4,601
4 395
4,281
4,184
4,415
4,828
5 773
6,668
8 218
9,869
11,327
12,890
14,945
3,884
3,725
3 558
3,476
3,387
3,588
3,937
4 758
5,569
7,054
8,595
9,883
11.334
13,195
1954P
4 Q06
4 ,746
/\ 521
4 ,430
4 ,772
7 ,234
0 ,446
10 897
11 ,644
H 664
14 73?
15 867
16 ,850
18 630
1953—June
September
December
16 ,387 15,283 12,545
16 ,640 15,550 12,770
16 ,850 15,768 12,925
3 ,798 3 ,013 5 ,734 2 ,738 1 ,104 12,112 12,062 10,574
3 ,860 3 ,040 5 ,870 2 ,780 1 ,090 12,500 12,450 10,930
3 ,912 3 ,061 5 ,951 2 ,843 1 ,082 12,943 12,890 11,334
1954—MnrrhP
June?
September*
December?....
16 ,070
17 366
17 ,970
18 ,630
3
3
4
4
1941
1942.
1943
1944
1945
1946.
1947
1948
1949
19 SO
1951.
1952
1953.
4,340
4,256
4 058
3,967
4,251
6,533
8,623
10 023
10,736
12 695
13,728
14,809
15,768
17,465
15,870
16,227
16,810
17,465
12,965
13,220
13,690
14,200
0?0 3 07 5 s 070 9 005
060 3 116 6 144 3 007
105 3 230 6 355 3 ,120
225 3 375 6 600 3 ,265
1 ,100 13,345
1 no 13,881
1 ,160 14,415
1 ,165 15,000
13,292
13,826
14,360
14,945
11,700
12,181
12,665
13,195
FHA- VA- Coninguar- vensured anteed tional
Other
900
876
837
805
797
2,567 1,726 4 303
3,168 2,237 4 477
3.489 3.053 4 792
3,900 4,150 5 145
827
891
1 015
1,099
1,164
1,274
1,444
1 .556
1,750
3,325 2,590 4 ,658 1,488
3,405 2,785 4 ,740 1,520
3,489 3,053 4 ,792 1,556
3,560
3,659
3,770
3,900
3,295
3,579
3,830
4,150
4 845 1,592
1,645
5 065 1,695
5 145 1,750
4 04?
28
26
25
24
24
26
28
34
37
44
47
53
53
55
50
50
53
53
55
55
55
"Preliminary.
'Includes all banks in the United States and possessions. 2 Includes loans held by nondeposit trust companies but excludes holdings of
trust departments of commercial banks. March and September figures are Federal Reserve estimates based on data from Member Bank Call
Report
and from weekly reporting member banks.
3
Data not available for all classifications prior to December 1951.
4
Through 1946, figures except for the grand total are estimates based on Federal Reserve preliminary tabulation of a revised series of banking
statistics. March and September figures are Federal Reserve estimates based in part on data from National Association of Mutual Savings Banks.
Sources.—All bank series prepared by Federal Deposit Insurance Corporation from data supplied by Federal and State bank supervisory
agencies, Comptroller of the Currency, and Federal Reserve.
MARCH
1955
307
ttEAL ESTATE CREDIT STATISTICS—Continued
MORTGAGE ACTIVITY OF ALL UNITED STATES LIFE INSURANCE COMPANIES
[In millions of dollars]
Loans acquired
Nonfanri
Year or m o n t h
Total
Total
f940
1941
194?
1943
1944
1945
1946
1947,
1948,
1949.
1950,.
1951.es
1952
1953
1954.
Loans outstanding (end of period)
FHAinsured
Nonfarm
VAguaranteed
Farm
898
855
935
976
. . . .
..,
19*5 4-—* J a " u a.ry
February
March
May
June
,
July
August
September
October
November
December
1,661
2,786
3,407
3,430
4,894
5.134
3,978
4,345
5,334
1,483
2 s 520
3,114
3.123
4,532
4.723
3,606
3,925
4,921
318
319
282
277
419
443
342
451
421
464
372
403
318
410
393
435
68
47
48
60
51
53
77
86
85
100
98
459
446
53
56
.133
156
148
538
80
183
484
471
S64
817
673
51
44
600
366
131
938
1,294
47 9
455
1 ,377
1,469
1,546
1,642
2 J 08
2,371
2,313
2,653
2,871
178
266
293
307
362
411
372
420
413
174
187
2.27
36
42
57
46
1,096
I 286
1.408
1,394
1 22«
1,398
2,381
3,454
4,573
5,257
5,681
6,012
6,122
1,106
1.224
2,026
3,131
3,347
3 560
4,636
4 876
5', 538
6 3*6
7,090
8 176
9,399
10,518
I t 864
13 123
1,138
1,327
1,527
1,705
1 ,886
2,046
21,538
21,660
21,845
22,060
22.212
22,403
22,575
22.786
23.019
23,235
23,540
23,881
6,027
6,037
6,066
6,081
6,088
6,091
6,095
6, J 00
6,098
6,103
6,133
6,122
3,599
3,626
3,683
3,746
3 804
3,886
3 951
4, 0^8
4.187
4 30'
4,451
4,636
11,912
11 997
12,096
12,233
12 320
12,476
i ? 529
12,638
12.734
12 830
12,9v5
13,123
1,897
1 910
1,924
1,945
1 962
1,981
i 997
2,009
2,016
2 025
2,034
2,046
24,171
6,132
4,771
13,268
2,052
270
185
250
244
249
275
26,223
631
588
62
208
318
52 3
479
69
161
2-1-9
42
Other
5,073
5,529
5,830
5.873
5^836
5,860
6,360
7,780
9,843
11.768
14,775
17,787
19,546
?.l ,436
23.8S1
23.435
23,570
23,769
24,005
24.174
24,384
24,572
24,795
25,035
25,260
25,5^4
25,927
250
242
Farm
VAguaranteed
5,972
6S442
6,726
6,714
6,686
6,636
7,155
8,675
10.833
12,906
16,102
19.314
21 .251
23,322
2."5.9? 7
47
40
24
41
28
29
25
25
33
43
571
1955—January
45 i
1,202
1,350
1.436
1,058
FHAinsured
Total
. ..
.
Total
Other
668
815
756
844
899
911
896
841
SCO
776
795
895
990
Noire—-For loans acquired, monthly figures may not add to annual totals, and for loans outstanding. cnd-of-December figures may differ
from cnd-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 19-1-7, complete data are not available for all classifications shown.
Sources.- -Institute of Life Insurance—cnd-of-year figures, Life Insurance Fad Book; cud-of-month figures, the Tally of Life Insurance Statistics
and Life Insurance News Data.
MORTGAGE ACTIVITY O F ALL SAVINGS AND LOAN
ASSOCIATIONS
[In millions of dollars]
Total
New
construction
Home
purchase
Other
purposes x
Total«
361
287
276
295
374
611
783
851
991
1,224
1,236
1,557
1.804
2,047
4,578
4.583
4i 584
4,800
6,376
7,341
3,856
10,305
1L616
13,622
15,520
18,336
21 882
20,142
FHAsured
1941 : . . , . .
1942 . . . . . .
1943 . . . . . .
1944
1945
194g
1947
1948
1949
1950
IQgl ,
1952
1953
1954
1,379
1,051
1,184
1 45i
1.913
3 '584
3,811
3,607
3,636
5,237
5,250
6,817
7,767
8,969
437
190
106
95
181
8*8
894
1,046
1,083
1,767
1,657
2,305
2,475
3,076
681
574
802
1,084
1,358
2,357
2,128
1,710
1,559
2,248
2,357
2.955
1354-Jan
Feb....
Mar...
Apr
May
June..
Aug...
Sent...
Oct
Nov...
Dec...
495
539
710
732
728
810
802
841
828
824
807
S53
152
178
248
257
254
283
281
289
2S2
2S3
278
235
217
320
283
298
301
341
3^9
372
360
384
357
369
126
143
176 '22,722
177
173
185 23,847
173
180
1.77 25,053
177
172
189 26,142
1055-Jan....
744
252
326
166
J U ly
1
3," 846
^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
'563"
717
841
884
904
1,044
1,171
VAguaranteed
'2M'}'
2.586
2,969
3,125
8.385
4^ 714
1,083
4,111
1,102
4,277
Conventional 8
" 7 i 345
Amount, by type of lender
"Sear
or
month
Number
Savings &
loan
assns.
Insurance
companies
Com- Mutual
msrsavcial
ings
banks banks
1,490
1,170
1,237
1,560
5,017
3,483
3,650
1,166
886
753
8'78
1,097
2 712
3.004
2,864.
2,443
3,865
3,370
3,600
3.680
4,239
218
168
152
165
217
548
597
745
750
1,064
1.033
7.385
8,312
404
362
280
257
250
503
847
1,016
1.046
2,618
£,615
1.420
1,480
3,768
1,372
467
1,425
617
1,784.
660
1,793
883
1,805
675
1.990
741
2.027 1 73*
2,086
770
2,122
756
2,156
785
2,148
757
2,267
7S4
108
105
124
180
124
146
155
165
164
178
177
191
263
274
335
333
330
358
371
389
3S3
393
399
420
85
85
103
Sept...
Oct. . . .
Nov....
Doc....
218
2:29
281
280
278
303
30G
312
313
314
307
318
138
141
J40
147
158
6,292
8,223
£58 6,339
550 6 AJ]
658 6,484
602 (5,573
625 6 625
8,684
6,739
668
679 6 874
667 7,004
714 7,131
.1955-Jan....
284
2,024
165
379
128
665
104*
1945!
1943
1944
1945
1946..
1947....
1948
1948
.1950..,
1951.
8.313
9,812
11,530
14.047
16,877 1853
20,257 1954
Total
1,628
:954-Jau....
Feb....
Mar...
Apr. . .
May,
June..
18,468
Julv . .
Aug • • •
4,503
16,400
1,371
4,714
20,257
Includes loans for repair, a d d i t i o n s a n d alterations, refinancing, e t c .
P r i o r t o 1948, d a t a a r e n o t available for classifications shown.
* Excludes shares pledged against m o r t g a g e loans.
Source.—Home
L o a n B a n k Board.
4,732
8,943
8,861
4.60S
5,650
10.589
11[729
H i 882
11.S28
15,179
16.405
IS.018
l!274
1,446
1.639
2.43?
2,567
2; 535
2.488
3,032
2,878
3,028
3,164
3,458
17,528
1,150
Average
amount
reOther corded
(dellaris)
Source.—Home
22,SV4
%'M§
5,050
13,295
688
1.827
1,501
m
118
133
U\
1.454
11359
L439
1' 746
2,089
3 343
3,631
3,823
3,940
5'.072
5-112
5,409
5,895
7 ^54
2,906
2,918
3,031
3 186
3,448
4 ?-41
4; 570
4,088
4,755
5,335
5,701
5.950
6.241
G 644
lii
7,120
Loan Bank Board,
2
;
308
FEDERAL RESERVE BULLETIN
REAL ESTATE CREDIT STATISTICS—Co*fc'fiff«£
MORTGAGE DEBT OUTSTANDING ON
NONFARM 1- TO 4-FAMILY PROPERTIES
[In billions of dollars]
GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE
[In millions of dollars]
VA-guarantced loans 3
Home
mortgages
Alteration
Total if ~"T
and 1
# ExNew ! isting
repair
prop- | properties erties
Total
or
month
19*0
.. .. .,
;
i94i. , . , . , , . .
' 942 .
2943 .
,. .
19*4
'945 . . . . . . . . ,
1946.. .
S947 . . . . . .
J.Q48.
1940
1950
1951 . , . ,
,
SO52
\ 953
1954
1954—:Feb
Mar. , .
Apr.
May . . .
Governmentunderwritten
End of
year or
quarter
Total
Total
Conventional
FHA- VAguarinsured anteed
991
t ,152
1,121
934
877
357
3,058
5,074
5.222
5,250
7,416
6.834
5,830
6,946
7,323
June ,. .
July
Aug.. . .
Sept...
Oct....
Nov....
Dec...
1955 - J a n . . .
i92
2,302
3,236
1,881 i,
793
629
,865
.202
,667
'942
890
2,72.1 ! ,824
3.064 ! .045 1 .014
4,257 I , 686 ,566
267
188
79
225
160
65
248
163
85
269
93
171
30')
109
200
293
115
178
418
251
410
252
513
307
211
494
304
189
556
337
219
622
23!
a;.6t4 I
488
471
493
512
579
531
680
IS?
67')
770
760
843
A
.4
,8
,3
,3
.3
,2
5
.4
.5
.4
2.2
1940.
1941.
1942.
1943. ,
11944. .
1945.,
1946,
1947..
1948.,
A949,.
1950.,
1951..
1952..
1953. .
1954*.
17.3
18.4
18.2
17..S
17.9
18,5
23.1
28,2
33.3
37.5
45.1
51.9
53.7
66.3
75.6
12.5
15.0
18.9
22.9
25.4
28.1
31.5
10.8
i 2.0
12.8
1952—Mar. .
June..
Sept..
Dec...
53.3
55.1
57.0
58.7
23.5
24.0
24.7
25.4
1953—Alar...
June..
Sept...
Dec.. .
60 4
62.5
64.6
66.3
1954—Mar. P.
June P.
Sept. P.
Dec. P.
67.7
70.0
72.6
75.6
2
2 4
5.5
7.2
8.1
10.3
13.2
14.6
16.1
18.7
15.0
15.4
14,5
13.7
13.7
14.2
17.0
18.9
20.8
22.5
26.2
29.0
33.3
38.2
44.1
10.1
10.4
10.8
13.6
13.9
14.3
14.6
29.8
31.1
32.3
33.3
26. i
26.7
27.5
28.1
11.1
11.4
11.7
12.0
15.0
15.3
15.8
16.1
34 3
35 8
37. J
38.2
28 8
29.7
30.5
31 .5
12.2
12.4
12.6
12.3
16.6
17.3
17.9
18.7
38 9
40 3
42 1
44.1
2.3
3.0
3.7
4.1
4.2
4.3
6.i
9.3
2.3
3.0
3.7
4.1
4.2
4.1
3.7
3.8
5.3
6.9
8.6
9.7
9.9
'Monthly figures do not reflect mortgage amendments included in annual totals.
F!1 A-insnred property improvement loan-- are uot ordinarily secured by mortgages; YAguaranteed alteration and repair loans of Ml,000 or les* need not be secured, whereas tho.se
P Preliminary.
for more than that amount musi be.
15
NOTS.—For total debt outstanding, figures for
Prior to 1vl9, data are not available for clarifications «iiowii.
first
three quarters are Federal Reserve estimates.
X.OTI.:.—FI!A-insured loans represent, gross amount o!" insurance written; YA-guarFor conventional, figures are derived.
anteed loan:-;, <iro.s;-: amount of loan:- closet!. Figures do not. take account o'" principal repaySources.—Home Loan Bank Board, Federal Housments on previously insured or guaranteed loans. Tor YA-snanuueed loans, amounts by j
type are derived from data on number and average amount, of loans closed.
j ing Administration, Veterans Administration, and
Federal
Reserve.
Sources.- --Federal Housing Administration and Yeixrans Administration.
I
2
FEDERAL HOME LOAN BANK LENDING
[In millions of dollars]
FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY 1
[In miiiious of dollars
MortEnd of year
or month
398
672
{950.
1951,
1,044
677
1953.
1954.
5954—February. . ,.
March
April
.,,.
May...,
June........
July
August......
September...
October
November. ..
December....
1955—January
February
614
2.424
2,366
2,299
2,299
2.301
2,371
2.35S
2,362
2,368
2,396
2,434
47
1-9
50
38
SO
no
33
38
39
50
64
48
48
Advances outstanding
(end of period)
Mort-
gage
gage
purchases (during
(during period)
period)
Year or month
Ad-
Repayments
Total
Shortterm1
Long-2
term
1945
1946
1947
1948
1949
1950
2.21
1951
525
I 1952
1953,,
50
.1954
98
278
329
351
360
256
675
423
586
728
734
213
231.
209
280
337
292
433
528
640
818
195
293
436
515
433
816
806
864
952
867
176
184
218
257
231
547
508
565
634
612
19
109
217
258
202
269
298
299
317
255
108
30
37
37
39
19
23
15
36
35
28
106
53
59
69
63
74
171
88
84
51
33
677
630
613
608
675
630
659
689
708
743
867
438
396
382
377
428
406
422
452
471
495
612
239
233
23 i
231
20
463
n;:.
i %
15
10
8
i 954—February
March. .
April. .,
May ..
June.., .
July. ,
August
September
October.. .
November.
December.
•39
31
33
45
38
47
247
223
236
237
236
248
255
717
188
491
1955—January...
226
38
63
688
February..
466
223
34
No authorization figures shown after October since under its new charter,
effective Nov. I, 1954, FMMA maintains three separate program-, for which the
1
Secured or unsecured loans maturing in one year or less.
type of fund authorization varies. Other figures represent the combined pro2
grams: secondary market, special assistance, and management and liquidation.
•
Secured loans, amortized quarterly, having maturities of
more than one year bur not more than ten years.
Source. -Federal National Mortgage Association.
Source.—Home Loan Bank Board.
1
MARCH
1955
309
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
1939
1940
1941
1945
1946
1947
1948
1949
1950
1951
1952
1953
19S4
. .
...
j 954—January
February
March
April
May
June
JulyAugust
September
October
November....
December
1955—January
Total
Other
consumer
\utomobile
paper 1
goods
paper1
Total
Noninstalment credit
Repair
and modernization
loans 2
Singlepayment
loans
Personal
loans
Total
1.088
,245
,322
2,719
2,824
3,087
845
1,414
1,471
1,645
518
553
L.009
1,496
3,203
4,212
4,875
5,443
5,588
6,323
6,631
7,143
7.350
7,658
746
1,122
1,356
1,445
1,532
1,821
1,934
2,094
2,219
2,420
1,612
2,076
2,353
2,713
2,680
3,006
3,096
3,342
3.411
3,518
K45
,014
,166
,285
,376
1,496
,601
,707
,720
,720
Charge
accounts
Service
credit
7,222
8,338
9,172
4,503
5,514
6,085
1,497
2,071
2,458
1,620
1,827
1,929
298
371
5,665
8,384
11,570
14,411
17,104
20,813
21,468
25,827
29,537
30,125
2,462
4,172
6,695
8,968
11,516
14,490
14,837
18,684
22,187
22,467
455
981
1,924
3,054
4,699
6,342
6,242.
8.099
10.341
10,396
816
1,290
2,143
2,842
3,486
4,337
4,270
5,328
5.831
5,668
182
405
718
843
887
1,006
1 090
.649
,616
2,229
2,444
2,805
3,235
3,851
4,366
4,787
28,724
28,140
27,833
28,095
28,372
28,666
28,725
28,736
28,856
28,975
29,209
30,125
21,836
21,582
21,381
21,426
21,487
21,717
21,849
21,901
21,935
21,952
22,OH
22,467
10,158
10,010
9,919
9,942
10,002
10,168
10,298
10,349
10,365
10,340
10,296
10,396
5,697
5,588
5,443
5,413
5,370
5,367
5,328
5.294
5.287
5.324
5.398
5,668
,635
1,623
1,614
1,617
1,634
, 635
.637
,642
642
637
.631
1,616
4,346
4,361
4,405
4,454
4,481
4,547
4,586
4,616
4,641
4,651
4,689
4,787
6,888
6,558
6,452
6,669
6,885
6,949
6,876
6,835
6,921
7,023
7,195
7,658
2,165
2,133
2,150
2,181
2,313
2,334
2,303
2,312
2,335
2,377
2,407
2,420
3,002
2,682
2,564
2,723
2,786
2,819
2,773
2,734
2,807
2,892
3,042
3,518
1,721
1,743
1,738
L ,765
1,786
L.796
,800
.780
1,779
1,754
1,746
1,720
29,684
22,436
10,459
5,609
1 ,574
4,794
7,248
2,295
3,225
1,728
376
406
9in
787
800
597
1
Includes all consumer instalment credit extended for the purpose of purchasing automobiles and other consumer goods and secured by the
items purchased, whether held by retail outlets or financial institutions. Includes credit on purchases by individuals of automobiles or other
consumer
goods that may be used in part for business.
2
Includes only repair and modernization loans held by financial institutions; such loans held by retail outlets are included in "other consumer
goods paper."
NOTE.—Monthly figures for the period December 1939 through 1951 and a general description of the series are shown on pp. 336-354 of the
BULLETIN for April 1953. Revised monthly figures are shown in later BULLETINS: 1952, November 1953, p. 1214; 1953, November 1954, p. 1212.
A detailed description of the methods used to derive the estimates may be obtained from Division of Research and Statistics.
INSTALMENT CREDIT, BY HOLDER
[Estimated amounts outstanding, in millions of dollars]
Financial institutions
Retail outlets
Total
instalment
credit
Total
Commercial
banks
Sales
finance
companies
Credit
unions
Other
Total
4,503
5,514
6,085
3,065
3,918
4,480
1,079
1,452
1,726
1,197
1,575
1,797
132
171
657
720
198
759
1,438
1,596
1,605
354
394
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
2,462
4,172
6,695
8,968
11,516
14,490
14,837
18,684
22,187
22,467
1,776
3,235
5,255
7,092
9,247
11,820
12,077
15,410
18,758
18,935
745
1,567
2,625
3,529
4,439
5,798
5,771
7,524
8,998
8,633
300
677
1,355
1,990
2,950
3,785
3,769
4,833
6,147
6,421
102
151
235
334
1,124
1,293
629
840
1,040
1,239
1,420
1,647
1,902
2,216
2,489
2,588
686
937
1,440
1,876
2,269
2,670
2,760
3,274
3.429
3,532
1954—January
February
March
April
21,836
21,582
21,381
21,426
21,487
21,717
21,849
21,901
21,935
21,952
22,014
22,467
18,545
18,300
18,192
18,245
18,325
18,538
18,671
18,731
18,753
18,726
18.719
18,935
8,914
8,755
8,714
8,722
8,729
8.783
8,763
8,731
8,688
8,637
8,586
8,633
6,062
5,974
5,892
5,901
5,944
6,060
6,189
6,256
6,294
6,315
6,325
6,421
1.103
1,115
L ,136
1,157
1,175
1,207
1,228
1,250
1,267
1,270
,282
1,293
2,466
2,456
2,450
2,465
2,477
2,488
2,491
2,494
2,504
2,504
2,526
2.588
3,291
3,282
3,189
3,181
3,162
3,179
3,178
3,170
3,182
3,226
3.295
3,532
995
,065
1,031
1,032
L,O27
1,037
L,O32
22,436
18,977
8,651
6,462
1,282
2,582
3,459
L ,158
End of year
or month
1939 .
1940
1941
.
June
July
August
September
October . . .
November
December
1955—January
1
2
438
590
635
837
Department
stores 1
320
Furniture
stores
439
474
Household
appliance
stores
Automobile
dealers 2
183
196
123
167
Other
339
365
496
206
131
209
379
470
240
319
474
604
17
38
79
127
28
47
101
159
270
324
407
516
595
743
920
724
791
760
866
903
168
239
207
244
291
890
239
284
255
308
380
543
613
618
739
815
293
394
754
872
849
829
285
281
276
375
370
366
764
717
687
823
821
820
818
821
822
830
846
274
271
273
277
276
278
282
283
890
293
368
371
379
386
389
390
390
390
684
672
670
665
652
651
661
678
862
291
397
751
1,117
1,040
1,201
L;O32
1,041
1,063
1,098
1,201
188
394
395
754
Includes mail-order houses.
Includes only automobile paper; other instalment credit held by automobile dealers is included with "other" retail outlets.
310
FEDERAL RESERVE BULLETIN
STATISTICS ON SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT—CO^K^
N O N I N S T A L M E N T CREDIT, BY HOLDER
INSTALMENT CREDIT HELD BY COMMERCIAL BANK**.
BY TYPE OF CREDIT
[Estimated amounts outstanding, in millions of dollars]
[Estimated amounts outstanding, in millions of dollars]
Financial
institutions
(single-payment loans)
Total
noninstalment
credit
End of year
or month
Commercial
banks
2,719
2.824
3,087
1939
1940
1941
1945
1946
1947
1943
1949 . . ,
1950
1951
19S2
1953
1954
3.203
4.212
5 954—January.. .
February..
March. . . .
April
6.888
s'443
5,588
6,323
6,63!
7,143
7,350
7,658
1
U
l
-
•
•
•
•
-
674
•
236
251
275
72
114
1 • COS
1955--January. . . 7.2-18
1
162
164
152
153
\ 84
1.203
1.261
1.334
j
.576
jj 684
!; [ a 44
6.452
6.669
Mav
6 835
Tune. .
6 949
6.876
July
August.... 6,835
September. 6.921
October. . . 7,023
November. 7.195
December. 7,^58
;
De-
partment
stores 1
Other
625
636
693
6,553
Retail
outlets
(charge
accounts)
198
245
250
370
335
.1 .&'•) 9
2,085
I 014
i S66
\ 285
1 .376
1.496
1.601
1,707
1 ,720
1,720
2.395
2,156
2.081
2,221
2,287
2,322
2.325
2,288
2.319
2.375
2,468
2,754
1,721
1,743
1,738
1,765
1,786
1,796
1,800
1,789
1,779
1.754
1 ,746
1,720
2,602
1 ,728
338
310
358
335
'.048
247
623
32 7
1.178
1 220
1 370
518
553
597
i . .122
1 .624
1 ,821
2 .138
2,096
2,365
2,411
2.612
2 .663
2,754
607
526
483
502
499
407
448
446
488
517
574
764
Automobile
paper
Purchased
Direct
237
339
447
178
276
338
Other
consumer
goods
paper
Repaii
and
modernization
loans
Persona]
loans
135
165
161
363
440
471
no
1.137
1 ,317
312
546
747
839
913
.037
,122
,374
21
Other
290
452
532
575
584
641
685
730
748
764
I 880
1,841
1,345
i .883
1 ,918
1.977
1 # 989
1,985
1 .997
2.067
2.049
2.085
285
292
305
298
395
357
314
Service
credit
Total
instalment
credit
End of year
or month
845
1939
1940
1941
1,079
1945
1946
1947
1948
1949
1950
1951
1952
1953.
1954.
745
1 .567
2.625
3.529
4.439
5,798
5,771
7.524
8,998
8,633
.352
575
849
1 177
1.135
1,633
2.215
2,198
143
311
539
753
946
1,294
1,311
1.629
1 ,867
1,645
1954 - J a n u a r y . . ,
February.,
March. . . .
April
May
June
July
August
September,
October. . .
November.
December.
8,914
8,755
8,714
8,722
8,729
8,783
8,763
8,731
8,688
8,637
8.586
8,633
2,191
2,162
2,164
2,180
2,195
2,237
2.240
2,230
2,224
2,207
,188
2,198
1.807 2,092
1,773 1,997
1., 755 1.955
1.745 1,939
1,735 1 .925
1,729 1,913
1 ,720
,880
1 707
,SS7
1,686
,835
t , 663
,822
1,636
.822
1 ,645 1 ,839
2,208
1 .656
1 .452
1 ,726
1955—January.. . 8.651
06
J00 i
23? !
309
114
242
4.37
568
715
834
888
299
550
794
1 .016
1.456
1,315
1.751
2.078
1,839
1,275
1,676
1.303
1,290
1.279
1,281
1,293
1.293
1,297
1.299
1,299
1.296
1 .287
1 ,275
1,521
1,533
1,56!
1,577
1,581
1,611
1,626
1,638
1,644
1,649
1,653
1.676
1.859 i 1 ,241
1.687
Includes mail-order houses.
INSTALMENT CREDIT HELD BY FINANCIAL INSTITUTIONS OTHER THAN COMMERCIAL BANKS AND SALES
FINANCE COMPANIES, BY TYPE OF CREDIT
[Estimated amounts outstanding, in millions of dollars]
I N S T A L M E N T CREDIT HELD BY SALES F I N A N C E
C O M P A N I E S , BY T Y P E OF C R E D I T
[Estimated amounts outstanding, in millions of dollars]
End of year
or month
Total
instalment
credit
Automobile
paper
1939
1940
1941.,
1.197
1,575
1,797
.1.187
1,363
1945.,
1946
1947
1948
1949
1950
1951
1952
19 S3
1954
300
164
1,355
1,990
2,950
3 .785
3,769
4,833
6,147
6,421
377
802
1,378
2,425
3,257
3,183
4.072
5,306
5,563
1954—January... .
February. .
March
April
Mav
Tune
J U ly
... .
August
September. . .
October
November. . .
December....
6.062
5,974
5,892
5,901
5,944
6,060
6,189
6,256
6.294
6,315
6,325
6,421
1955—January
6,462
677
878
Other
consumer
goods
paper
Repair
and
modernization
loans
148
190
56
62
167
201
66
24
58
54
67
185
232
303
313
241
332
367
351
141
242
216
33
57
70
8?
83
81
92
126
164
139
158
275
347
391
426
5.228
5.150
5,079
5,089
5,136
5,249
5,371
5,436
5,474
5.491
5,491
5,563
359
351
340
86
85
84
389
388
389
336
331
331
335
84
83
83
82
392
394
397
401
335
336
337
340
351
82
81
81
81
81
403
403
406
413
426
5,603
350
79
430
Repair
and
modernization
loans
Automobile
paper
789
891
957
81
102
122
24
30
36
15
16
14
669
743
785
731
991
1,275
1,573
1,858
2,237
2,537
3,053
3 613
3,881
54
77
130
189
240
330
358
457
573
596
20
34
69
99
137
182
209
279
337
340
14
22
39
59
89
115
132
187
249
260
643
858
1,037
1,226
1,392
1,610
1,838
2,130
2.454
2,685
1954—January
February
March
April
May
June
July
. .
August
September....
October
November. . .
December... .
3.569
3,571
3,586
3,622
3.652
3.695
3,719
3,744
3,771
3,774
3.808
3,881
557
555
555
560
565
574
581
587
591
589
591
596
339
328
325
325
323
323
321
321
324
329
331
340
246
248
251
252
258
259
258
261
262
260
263
260
2,436
2,440
2,455
2,485
2,506
2,539
2,559
2,575
2,594
2,596
2,623
2,685
1955—January
3,864
595
338
254
2,677
Personal
loans
115
136
Other
consumer
goods
paper
Total
instalment
credit
End of year
or month
1939
1940
1941
1945
1946
1947....
1948
1949
1950
1951
1952
1953
1954
...
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.
MARCH 1955
311
STATISTICS ON SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT—Continued
INSTALMENT CREDIT EXTENDED AND REPAID
[Estimates, in millions of dollars]
Automobile
paper
T o t al
Year or month
Other consumer
goods paper
Repair and
modernization loans
Extended
Repaid
Extended
Repaid
Extended
Repaid
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
307
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
5,379
8,495
12,713
15,540
18,002
21,256
22,791
28,397
30.321
29,304
5,093
6,785
10,190
13,267
15,454
18,282
22,444
24,550
26,818
29,024
999
1,969
3,692
5,280
7,182
8,928
9,362
12,306
13,621
12,532
941
1,443
2,749
4,150
5,537
7,285
9,462
10,449
11,379
12,477
2,024
3,077
4,498
5,280
5,533
6,458
6,518
7,959
8,014
7,700
1,999
2,603
3,645
4,581
4,889
5,607
6,585
6,901
7.511
7,863
206
423
704
702
1,947
1,956
2,380
2,400
2,397
2,703
2,549
2,477
2,441
2,454
2.554
3,046
2,298
2,210
2.581
2,355
2,336
2,473
2,417
2,425
2,407
2,437
2,492
2,593
780
809
1,020
1,038
1,047
L,244 .
L ,163
1,114
.062
1,031
1,040
1,184
963
957
1,111
1,015
987
1,078
1.033
1 ,063
1 ,046
1,056
1,084
1,084
538
510
574
2.389
2,420
1,060
997
2,306
2,357
2,294
2,358
2,321
2,495
2,455
2,409
2,474
2,461
2,612
2 ,762
2,368
2,377
2,456
2,358
2,392
2.413
2,364
2,480
2.404
2,424
2,500
2,488
907
2,823
2,496
Extended
Repaid
Personal
loans
Extended
Repaid
255
2,217
2,361
2,060
2,284
143
200
391
577
677
707
769
2,010
2,539
3,405
3,959
4,351
4,683
5,628
6,273
6,784
7,406
826
853
1,243
1,387
1,245
1.144
1,278
2,150
3,026
3,819
4,278
4,566
5,044
6,058
6,889
7.299
7,827
672
619
75
88
89
100
554
549
574
534
719
104
682
615
607
105
121
102
104
642
622
638
645
650
113
659
622
607
662
661
641
109
107
112
108
105
107
691
657
644
625
618
614
721
927
WITHOUT SEASONAL ADJUSTMENT
1954—Tanuary
February
March
April
.
May
June
.
July
August
September
October
November
December
.
.
. . .
1955—Tanuarv
629
687
716
936
593
595
636
650
642
666
115
106
108
95
115
111
114
110
635
630
690
831
610
620
652
733
616
675
67
109
646
639
689
681
97
84
613
618
964
984
1,114
1,060
1,035
1,077
1,068
1,109
1,298
985
1,041
1 ,053
1,025
1,010
1,056
1,006
1 ,067
1,014
1 ,039
1,098
1,083
636
601
644
688
119
115
102
110
643
621
590
605
642
618
595
609
108
100
105
637
631
661
591
591
630
1,233
1 ,020
SEASONALLY ADJUSTED*
1954—Tanuary.. .
February
March
April
Mav
Tune
..
. . .
Tuly
August
September
October
November
December
1955—Januarv . .
. .
959
957
644
604
629
658
108
115
109
115
649
666
613
658
667
678
95
98
100
677
679
631
643
101
99
113
108
725
686
658
654
788
684
87
104
715
688
609
633
634
652
106
92
118
106
682
668
638
627
* Includes adjustment for differences in trading days.
NOTE.—Back figures by months for the period 1940-52, together with a discussion of the composition and characteristics of the data and a
description of the methods used to derive the estimates, are shown in the BULLETIN for January 1954, pp. 9-22. Monthly figures for 1953 are
shown in the BULLETIN for November 1954, p. 1212. Estimates of instalment credit extended and repaid are based on information from accounting
records of retail outlets and financial institutions and include finance, insurance, and other charges incurred under the instalment contract. Renewals and refinancing of loans, repurchases and resales of instalment paper, and certain other transactions may increase the amount of both
credit extended and credit repaid without adding to the amount of credit outstanding.
RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE *
FURNITURE STORE STATISTICS
Item
Net sales:
Total
Cash sales
Credit sales:
Instalment
Charge account
Percentage change
from preceding
month
Percentage change
from corresponding
month of preceding
year
Jan.
Nov.
1954
Jan.
1955
Dec.
1954
1955
Dec.
1954
Nov.
1954
-39
-41
+23
+39
+5
+ 12
+ 10
+ 13
+2
-41
-27
+21
+ 19
+3
+4
+ 10
+ 14
+5
+2
+4
+5
+3
+6
+1
+ 10
+1
-5
-7
Accounts receivable, end
of month:
Total
Instalment
. .
Charge accounts
—5
-3
-9
+6
+5
+8
+3
+2
+5
+2
Inventories, end of
month, at retail value.
-2
-8
-1
-4
0
-1
+7
Instalment accounts
Year or month
Department
stores
Furniture
stores
1954-—January. .
February.
March
April
May
June
July
August. . .
September
October. .
November
December.
14
14
15
14
14
14
14
13
13
14
13
14
12
11
13
12
12
12
12
12
12
12
12
12
1955—January..
14
12
Charge
t
Household ap- Department
pliance
stores
stores
9
9
10
9
10
10
10
10
10
10
10
9
45
43
48
45
46
47
45
45
46
47
48
46
44
Collections during month as percentage of accounts outstandiniig at
beginning of month.
312
FEDERAL RESERVE BULLETIN
BUSINESS INDEXES
[The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation]
Construction
contracts
awarded (value) 1
1947-49 = 100
Industrial production
(physical volume)*
1947-49 = 100
Employment and payrolls 2
1947-49=100
Manufactures
Year
or month
Total
Total
•Durable
Nondurable
Minerals
Total
Residential
All
other
Nonagricultural
employment
DepartWholeFreight ment
Consale
sumer2 comcarload- store
ings*
Manufacturing
sales* prices
modity
production workers 1947-49 (retail I947-49 prices2
= 100 value) 3 = 100 1947-49
1947-49
= 100
Pay= 100
Employrolls
ment
AdAdAdAdUnad- AdAdAdAdAdAdUnad- Unad- Adjusted justed justed justed justed justed j usted justed justed justed justed justed justed justed
Adjusted
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
61.4
62.0
55.2
58.5
64.4
63.5
65.2
68.7
69.0
52.8
58.4
66.9
62.1
64.2
31.1
37.1
24.0
25.7
32.6
30.4
32.1
90
98
83
92
107
105
110
27
32
30
30
34
34
36
74 0
85 7
76.4
71 6
72 9
73 1
75 0
1926
1927
1928
1930
51
51
53
59
49
50
50
52
58
48
52
49
53
60
45
48
50
51
56
51
63
64
63
68
59
69
69
73
63
49
73
71
76
52
30
67
68
70
70
62
67 6
67.9
68 0
71 0
66.7
65 5
64.1
64 2
68.3
59.5
33 0
32 4
32 8
35 0
28.3
115
111
112
115
99
37
37
37
38
35
75 6
74 2
73 3
^3 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 4
53.5
53.7
58.8
61.3
50 2
42.6
47.2
55.1
58.8
21 5
14.8
15 9
20.4
23.5
79
59
62
67
69
24
24
27
29
6*5 0
58.4
55 3
57 2
58.7
47 4
42.1
42 8
48 7
52.0
1936
1937
1938
1939
1940
56
61
48
58
67
55
60
46
57
66
49
55
35
49
63
61
64
57
66
69
63
71
62
68
76
30
32
35
39
44
22
25
27
37
43
35
36
40
40
44
65 9
70.3
66 1
69.3
73 3
63.9
70.1
59 6
66.2
71 2
27 2
32.6
25 3
29.9
34 0
81
84
67
76
83
33
35
32
35
37
59
61
60
59
59
52
56
51
50
51
1942
1943
1944
1945
87
106
127
125
107
88
110
133
130
110
91
126
162
159
123
84
93
103
99
96
81
84
87
93
92
66
89
37
22
36
54
49
24
10
16
74
116
45
30
50
82 7
90 8
96.2
94 9
91.7
87 0
103.9
121.4
118.1
104.0
49 3
72 2
99.0
102 8
87.8
98
104
104
106
102
44
50
56
6?
70
62 9
69 7
74 0
75 2
76.9
56 8
64 2
67 0
67 6
68.8
1946
1947
1948
1949 . . . .
1950
90
100
104
97
112
90
100
103
97
113
86
101
104
95
116
95
99
102
99
111
91
100
94
105
82
84
102
113
159
87
86
98
116
185
79 94.8
83
99.4
105 101.5
111
99.1
142 102.3
97.9
103.4
102.8
93.8
99.6
81.2
97.7
105 1
97.2
111.7
100
108
104
88
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
Pi 34
Pi 25
121
125
Pi 36
P127
128
136
Pl 53
Pi 38
114
114
Pi 18
115
114
PlU
Pill
171
183
192
216
170
183
178
232
172 108 2
183 110 5
201 113 6
204 P 1 1 0 5
106.4 129 8
106.3 136.6
112.0 151 6
P102.1 P138 2
101
95
96
86
109
110
112
111
111
113
114
114
o
5
4
8
114 8
111 6
110 1
133
132
129
126
135
136
130
124
135
134
131
127
152
151
146
142
117
117
115
112
118
114
111
113
218
230
224
208
180
183
176
177
243
262
255
229
113.7
113.7
113.1
112.4
153.4
152.6
148.0
147.2
96
95
92
88
107
111
113
112
115.2
115.4
115.0
114.9
111.0
110.2
109.8
110.1
125
125
123
123
125
124
123
123
124
126
128
130
124
126
126
124
124
124
116
123
126
130
130
128
127
126
125
125
126
125
124
125
126
128
130
131
141
139
135
134
136
135
134
135
137
139
142
143
113
114
114
115
117
116
114
114
115
117
118
119
113
113
112
109
111
114
112
109
108
109
113
185
201
205
213
n\(
195
196
191
196
193
207
206
218
231
241
255
259
202
192
J82
184
178
193
188
202
217
226
250
248
111.7
113 .2
110 8
110.4
110 2
110.1
109.8
109.7
110.0
110.3
110.7
110.8
105.6 105.1 140.8
104.6 104.3 140.5
103.8 103.6 138 4
102.7 101.8 135.0
102.1 100.5 135.1
101.8 100.9 136.6
100.0 98.7 132.3
99.7 100.6 135.1
100.2 102.0 138.4
100.9 102.3 139.5
101.9 102.7 142.7
102.0 1 0 2 . 5 1 4 3 . 6
90
88
85
84
84
84
82
84
84
87
89
93
107
109
105
111
108
112
111
112
107
113
114
117
115.2
115.0
114 8
114 6
115 0
115 1
115.2
115.0
114.7
114.5
114.6
114.3
110.9
110.5
110 5
111 0
HO q
110 0
110.4
110.5
110.0
109.7
110.0
109.5
131
P133
131
P135
133
»134
145
P147
120
Pi. 21
118
P121
261
288
243 110.9 102.0 101 .5 141.8
"11.1.0 P102.5 P1O2.3 '144.8
92
92
P118
114.3
110.1
110.4
....
1951
1952
J953
1954
. .
3
4
3
4
9
5
1
1
1
1
1953
September..
October
November..
December.
111.7
110.6
108.7
107.1
113.7
112.0
109.4
107.7
1954
January
February...
I^f arch
April
Mav
June.
July
August.
September..
October....
November..
December..
227
233
244
253
263
264
277
1955
January...
February . .
e
Estimated.
1
pPreliminary.
""Revised.
*Average per working day.
Three-month moving average, based on F. W. Dodge Corporation data. A description of the index may be obtained from the Division of
Research
and Statistics. For monthly data (dollar value) by groups, see p. 321.
2
The indexes of employment and payrolls, wholesale commodity prices, and consumer prices are compiled by the Bureau of Labor Statistics.
Nonagricultural employment covers employees only and excludes personnel in the armed forces. The consumer prices index is the revised series,
reflecting beginning January 1953 the inclusion of some new series and revised weights; prior to January 1953 indexes are based on the "interim
adjusted"
and "old" indexes converted to the base 1947-49=100.
3
For indexes by Federal Reserve districts and for other department store data, see pp. 323-327.
Back figures, in BULLETIN.—Industrial production, December 1953, pp. 1324-1328; department store sales, December 1951, pp. 1490-1515.
MARCH
1955
313
INDUSTRIAL PRODUCTION
[Federal Reserve indexes, 1947-49 average = 100j
Annual
1947-49
proportion
!952 1 9 5 3 P
Industry
1954
Jan. Feb.
Mar. Apr. May
June July Aug.
Jan.
Sept. Oct.
SEASONALLY ADJUSTED
Industrial Production—Total
Durable Manufactures—Total,
. ..
Primary metals
Metal fabricating
Fabricated nrietaJ products
Machinery
Nonelectrical machinery
Electrical rri.achin.ery
Transportation equipment
Instruments and related products. ..
Clay, glass, and lumber products
Stone, clay, and glass products. , . ,
Lumber and products
Furniture and misc. manufactures
Furniture and fixtures
Miscellaneous manufactures,
Nondurable
Manufactures—Total
Textiles and apparel
Textile mill products
Apparel and allied products.
124.
134
125
125
123
123
125
124
123
123
124
1.26
128
131
<>© 0 2
125
*36
127
126
125
125
126
125
124
125
126
128
139
'131
133
4$ n
U6
153
141
139
135
134
136
135
134
135
'139
U2
'143
143
6.70
116
132
111
109
103
103
106
108
103
\ 05
J 0.5
111
118
M21
.127
28.52
5.73
13.68
9.04
4.64
7..54
1 29
146
121
147
16?
136
160
155
126
151
123
147
147
r/40
mi
136
143
194
189
119
138
125
163
124
141
173
174
155
148
179
147
147
122
141
125
173
170
148
120
138
125
163
147
122
143
130
169
144
139
148
121
138
124
163
178
138
'150 '752
124
125
\ 47 148
123
122
194
1vS
'169 ••175
137
138
•754
'125
'145
120
'193
'187
140
156
125
145
123
188
192
1 40
5.91
2.82
3.09
118
US
111
125
133
118
120
125
114
'[23
130
'1.18
123
130
116
121
128
4.04
1 64
2.40
118
113
122
131
117
140
120
106
130
120
103
132
119
104
130
44.83
114
118
U3
114
11 87
6.32
5.55
105
107
104
91
104
98
91
106
3 20
1 47
i. 73
107
113
128
99
103
112
94
8.93
3.46
5.47
118
120
116
125
132
121
9.34
6 84
2.50
133
137
123
11 51
10 73
im %®
Manufactures—Total
.
Rubber and leather products
Rubber products
Leather and products
Paper and printing
Paper and allied products
Printing and publishing
,
Chemical and petroleum products
Chemicals and allied products
Petroleum and coal products. .,
Foods, beverages, and tobacco
Food and beverage manufactures. . .
Tobacco manufactures..,
78
167
154
142
185
130
163
139
124
170
170
144
125
181
166
135
136
135
118
129
108
113
131
96
114
114
125
130
120
117
103
127
118
102
128
120
104
131
120
1C6
130
114
115
117
116
99
91
108
101
94
109
101
95
99
93
107
106
102
102
110
94
103
113
93
103
113
94
106
119
04
107
120
95
100
122
126
120
123
129
119
124
125
133
120
126
137
120
126
136
121
126
133
121
12tf
131
119
142
147
130
138
143
124
141
146
126
139
146
122
140
146
324
142
148
125
142
148
124
141
106
105
110
107
107
108
105
105
100
105
106
98
106
106
103
106
107
103
110
110
108
108
108
107
105
105
101
103
108
116
99
no
97
147
r
125
189
l67
137
97
124
134
116
130
132
128
130
136
124
7.?.?
135
131
132
136
128
123
109
133
123
109
132
72.9
110
132
72.?
108
132
122
'108
131
122
109
.131
114
114
115
117
98
99
94
103
98
95
101
102
101
103
101
'105
'104
-•100
'107
102
109
103
117
91
10*
125
94
108
'122
96
115
'132
123
144
127
137
12!
127
135
121
138
121
727
137
120
727
136
121
140
122
141
149
121
144
150
143
150
124
145
'152
127
'155
125
105
105
105
102
105
105
102
106
106
100
106
101
95
132
99
07
97
98
96
148
122
105
99
120
P132
700
106
Minerals—Total
9 98
114
116
133
113
112
109
111
114
112
109
1€8
109
113
-116
118
Mineral fuels
Coal
Anthracite
Bituminous coal
Crude oil and natural gas
8 35
2 68
113
115
78
114
70
113
112
62
111
58
112
65
115
112
70
1.70
109
68
67
110
70
44
68
134
56
50
72
136
72
133
71
43
74
130
117
73
66
74
137
119
74
46
60
137
175
69
51
72
136
Pi 40
99
110
99
122
108
120
106
91
121
,
Metal, stone, and earth minerals
Metal mining
,
Stone and earth minerals ,
83
73
.36
2.32
5,67
84
128
/ 63
82
81
115
108
123
57
81
.133
119
113
62
72
134
124
111
103
119
68
59
69
135
112
101
124
52
63
137
110
96
124
78
69
48
130
40
70
129
125
702
83
121
102
82
121
101
81
121
'86
125
102
127
126
131
91
770
WITHOUT SEASONAL ADJUSTMENT
INDUSTRIAL PRODUCTIONTOTAL
100 00
124
134
124
126
126
124
124
124
116
123
126
13G
13©
128
MANUFACTURES-TOTAL
9© 02
125
136
126
128
128
1.25
125
125
116
125
127
132
132
129
133
Durable Manufactures—Total.
45 17
136
1.53 j 140
141
140
137
136
135
125
132
135
140
143
343
146
fe.73
132
133
138
130
113
113
108
91
95
112
107
118
139 ! 115
105
108
99
109
100
95
103
104
105
108
104
107
94.
111
113
108
114
107
102
109
\ii
115
135
113
1 52
1.29
U6
115
115
107
117
112
144
114
109
23
143
117
115
121
113
121
118
1.45
101
•100
110
130
124
128
117
130
125
155
113
110
127
Primary merafo
Ferrous metals
Pig iron and steel
Pig iron
Steel
Carbon steel
Alloy steel
5 03
3.51
.37
3 05
2.62
,
Ferrous castings and forgings... ,
Iron and steel castings
Steel forgings
.43
113
115
165 j 115
121
103
115
154
93
130
119
106
103
125
too
106
105
114
101
100
111
104
93
105
103
113
98
98
104
94
108
108
109
97
111
102
97
96
100
96
101
94
96
95
93
80
79
87
96
93
97
96
104
90
90
91
98
101
93
102
101
111
90
89
98
in
101
112
111
120
97
95
106
114
121
110
122
119
138
98
96
107
* Preliminary.
' Revised.
NOTE.—A number of groups and subgroups include individuaJ series not published separately, and metal fabricating contains the ordnan ce
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 backfigures,see BULLETIN for December 1953. pp. 1247-1293 and pp. 1298-1328. respectively.
314
FEDERAL RESERVE BULLETIN
INDUSTRIAL PRODUCTION—Continued
[Federal Reserve indexes, 1947-49 average = 100]
Anr lual
1947-49
proportion
1952 1953 P Jan.
Industry
1954
Feb.
Mar, Apr.
May
122
147
99
114
107
120
147
97
107
1955
June July Aug. Sept.
Oct.
Xov. Dec.
Jan,
WITHOUT SEASONAL ADJUSTMENT
—Continued
??.i •-«ary met£»J.s—Continued
Nonf errous metals
Prirnsrv nonfprrous nirtals
Copiv-r smelting
I 67
.38
,09
129
144
112
1,16
.63
.20
,33
119
123
106
99
100
112
156
114
119
113
140
115
116
101
113
209
114
1.26
112
168
130
118
145
104
110
108
107
?28
96
112
100
136
120
25 52
146
167
155
5 73
2 63
2,12
.30
.63
121
121
121
122
89
136
137
138
129
93
124
129
127
104
74
13 68
9.04
8.13
1.02
147
136
135
103
160
143
139
96
7.11
.68
.69
540
179
108
Electrical machinery
Electrical apparatus and. parts
Radio and television sets
. . . .
4.64
3.23
.74
167
162
i 84
730
t r a n s p o r t a t i o n ecuwipfnesit
Autos t r i i cks flod parts
Autos
.
TnicVfi
7.54
183
229
.81
.53
.55
154
102
103
111
105
69
194
137
98
368
136
74
62
ftmstru m e r i t s a n d r e l a t e d p r o d u c t s . .
1.29
142
Clay, Glass, and Lumber Products.
5.91
S t o n e , clay, und 0&%s p r o d u c t s .
Glass and pottery products
Flat gUiss and vitreous products. ,
Flat and other glass
., .
OI'iss containf"*1?
Home glassware and pottery
,
Cement
Lead
Zinc
.06
,04
.10
,
.00
Secondary "onfrr^o"? metpls
.«».
Nonf errous shapes and castings.., .
Ooopp?' rniil shapes
.
. . . .
Aluminum mill shapes
Metal
Fabricating
F a b r i c s t e d "Tie fa I p r o d u c t s
Structural rnetai parts
Stampings and misc, metal products. .
Tin cans
Furnaces, gas ranges, and h e a t e r s . . . .
Nonelectrical machinery
Farm and industrial macbirjery
Farm machinery
Industrial and commercial machinerv
Machine tools -md presses . . . . .
Laundry and refrigeration appliances.
. ...
.13
4.80
1.50
.66
.22
.19
120
147
102
113
103
102
240
103
119
147
101
115
113
97
240
107
too
109
122
149
109
114
97
102
245
i 09
115
101
162
112
113
100
139
122
155
96
143
118
154
116
102
246
108
113
102
149
112
155
150
148
147
123
127
124
107
120
123
117
'22
84
121
125
116
125
88
122
126
73
121
125
121
105
78
146
132
!30
76
134
129
80
145
132
127
84
141
1.28
124
85
145
188
128
138
181
106
136
181
129
134
177
122
167
120
194
172
169
173
172
167
170
172
164
182
166
'60
172
1*83
115
135
103
11?
67
145
137
106
•83
183
182
389
126
146
118
138
103
103
62
164
m
114
142
24S
114
138
126
122
84
137
125
121
84
128
119
117
79
138
118
116
74
14 "5
122
116
75
150
146
73
121
116
75
123
119
80
1
27
161
112
127
157
111
122
152
88
150
91
150
125
147
123
122
146
'124
162
159
156
162
156
166
145
151
116
176
1.52
234
189
5 54
207
158
206
162
325
181 '•179
175
165
96
125
165
98
123
3 "5
81
159
57
99
102
79
81
54
74
76
113
109
110
' 19
84
121
179
120
144
93
99
58
134
104
33
105
464
106
28
18
113
471
M06
2-1
12
n
J
116
1*6
101
104
63
148
L41
102
•172
111
43
32
96
99
64
132
146
96
472
115
39
25
140
122
2.32
1.09
. 60
.47
.26
.23
.32
.35
.12
.20
.48
.58
125
114
122
124
1*2
94
124
112
108
116
155
133
123
136
139
120
91
132
110
106
215
163
143
122
115
130
132
115
79
104
97
81
126
120
130
133
121
92
110
128
11 7
124
126
143
140
'•90
110
143
141
1.28
121
130
131
125
93
118
107
102
111
152
139
3.09
2 05
,60
,39
,12
.29
in
305
138
118
167
99
118
112
149
118
199
99
1.04
98
140
96
212
88
116
109
160
110
241
90
117
109
164
109
253
90
119
113
163
111
248
90
164
136
122
115
117
106
161 M55
1 !9 128
195
229
91
92
Furniture and Misc, Manufactures
4 04
118
131
119
122
121
115
114
Furniture and fixtures
r
Hoi'sebo'd furnitu e
Fixtures ar2c* ofPce furniture
1.64
1 .10
.54
113
113
112
117
118
116
106
103
113
107
105
110
106
105
107
101
100
103
Miscellaneous manufactures
2,40
122
140
128
133
131
125
L u m b e r sstsd p r o d u c t s
Lumber
. .
Mill work and plywood
Mill work
Softwood plvwood
Wood containers . .,
• . »» •
no
1 '•' 1
93
13/
111
115
110
157
135
118
78
86
85
469
mi
26
17
88
465
107
32
22
90
70
78
4 r-.
470
.146
135
168
125
143
93
220
Brick
Clay firebrick, pipe, and tile
Concrete and plaster p r o d u c t s . . . . . . . .
Misc. stone and earth manufactures,.
'•)()
756
112
100
485
M23
54
160
121
123
111
162
r
\l2
1 'i c^
147
162
119
122
99
Pi 17
?50
'124
125
104
180
'?.5
107
113
125
129
122
103
99
118
r
107
154
44
l?5
108
124
126
J27
115
142
121
145
r
1:4
10*
159
107
90
r
150
42
U7
465
135
72
64
111
100
163
103
i \A
7.6.6
123
M60
121
131
103
116
124
125
111
17?
109
147
....
152
133
89
109
84
244
10S
129
158
121
118
107
112
?.16
145
148
.
58
102
98
98
246
105
127
14?
v-S
95
124
125
109
196
104
155
Auto raid truck •-•arts
Aircraft and parts
.
.14
.07
2.58
1 .30
91
76
145
88
138
118
137
88
144
59
49
Hf»avy trucks
104
66
79
97
248
85
117
139
76
116
123
106
153
75
101
104
68
150
132
101
475
r
l 19
49
39
101
103
142
93
1,05
15ft
1 24
127
123
t24
1 <)> 150
r
86
148
126
119
85
'191
165
258
124
149
Mi
192
164
261
191
198
59
98
102
64
143
138
125
r
\22
P
136
174
94
103
130
13!
r
r
P5
478
l !0
31
"0
147
195
478
110
32
20
138
'S36
132
132
137
J38
14!)
'•143
140
126
122
109
118
129
136
130
?25
124
130
117
124
126
126
87
137
111
113
1 \2
161
135
131
'-15
123
125
127
81
138
115
124
128
107
119
119
118
63
150
111
116
109
170
134
134
116
126
127
125
80
151
116
176
112
172
140
136
MR
134
136
139
125
141
14-4
1 19
92
137
124
141
148
105
93
145
1!7
124
1 14
166
146
334
120
148
M51
93
80
131
113
112
'it 5
162
149
.132
125
i 46
149
1 13
102
98
128
! 16
145
83
123
110
187
116
91
9!
93
90
95
85
112
98
96
103
100
98
105
124
127
in
1 « ?
84
1
^
PS
112
169
144
1i5
121
113
168
146
232
87
134
«19
207
tM
274
91
123
107
191
139
275
121
125
129
99
98
100
1C7
108
106
11*
112
108
121
130
136
r
83
107
101
113
156
147
116
101
187
8S
100
186
137
26-t
'88
128
125
121
113
116
107
112
115
107
rl 12
115
108
109
110
106
140
139
134
129
88
p Preliminary.
* Revised.
For other footnotes see preceding page
MARCH
1955
315
INDUSTRIAL PRODUCTION—Continued
[Federal Reserve indexes, 1947-49 average = 100]
1947-49
Annual
propor1952 1953? Jan. Feb. Mar. Apr. M a y
tion
Industry
1955
1954
June July
Aug.
Sept.
Oct.
Nov. Dec.
Jan.
WITHOUT SEASONAL ADJUSTMENT
—Continued
Nondurable Manufactures—Total...
Textiles and Apparel
,
Textile mill p r o d u c t s
Cotton and synthetic fabrics
Cotton consumption
Synthetic fabrics
Fabric finishing
Wool textiles
.
....
Apparel and allied p r o d u c t s
Men's outerwear..
Iilen's suits and coats
!Men's suits
Rubber and Leather
Rubber products .
Tires and tubes
.
.....
..,
Truck and bus tires
^Miscellaneous rubber products . c
Leather and p r o d u c t s .
Leather
Cattlehide leathers
Skin leathers
. •.
Shoes and slinoersi
J^fiscellaneous leather products
Paper
and
Printing
...
Paper and allied p r o d u c t s
.. . .
V^ood pulp
Paper and board
Printing paper
Fine p3Der .
Coarse paper
Miscellaneous paper
Paperboard
.
Buildir|or paper and board
Printingr and publishing.. ,
Newsrj int corsumotion
Job printing and periodicals
Chemical and Petroleum
Products.
Industrial chemicals
Basic inorganic chemicals . . . . . . . . .
Industrial orsranic chemicals
Plastics materials
Synthetic fibers
.
Miscellaneous organic chemicals..
Vegetable oils
Paints
Fertilizers
120
115
119
105
104
98
108
104
92
95
.65
.45
.20
,50
.48
107
104
115
101
78
91
75
116
113
118
102
119
99
97
100
89
96
58
68
56
103
113
120
96
90
89
H.01
101
98
102
58
72
54
109
119
127
102
95
96
.31
80
86
76
5 55
108
110
105
87
83
83
113
96
92
89
"94
94
'93
82
97
102
99
95
107
96
68
84
64
105
110
116
95
99
81
96
92
110
82
70
81
68
106
106
110
98
106
80
85
80
105
65
68
78
66
89
78
79
77
103
64
103
95
128
90
70
68
71
103
102
105
93
104
92
83
77
68
66
36
109
104
121
101
69
77
67
113
115
11.8
107
112
99
82
110
104
126
102
69
72
69
110
109
112
102
111
86
8^
101
99
104
98
74
86
71
109
106
108
100
113
88
70
97 •
100
96
112
86
67
73
66
113
113
116
107
112
'96
79
103
99
97
102
97
63
80
59
103
111
119
91
93
90
62
71
P 79
107
115
116
94
96
127
97
110
110
98
92
98
118
1J4
146
105
101
95
'76
73
72
106
100
130
107
106
108
82
80
72
124
102
127
110
99
117
92
96
56
102
77
80
48
188
107
111
96
102
52
121
102
130
110
99
"93
115
106
113
116
98
.1.02
60
127
120
153
103
86
98
105
114
108
109
123
145
130
136
121
159
103
99
91
111
79
78
65
108
88
84
80
95
8i
75
87
80
56
52
57
114
108
123
111
3.20
107
113
1A7
.70
.40
.30
116
115
106
128
128
117
117
118
114
96
92
102
114
112
111
114
118
108
113
101
116
111
120
99
118
111
.77
117
133
129
116
126
120
1.73
99
99
94
102.
100
94
91
92
89
87
93
74
95
101
82
89
92
82
86
93
87
87
86
124
103
117
112
86
100
100
103
r
61
72
58
105
112
120
93
96
94
'95
••101
.99
1 .76
85
1.92
120
113
144
98
133
126
164
104
118
138
165
107
132
116
102
96
121
105
80
97
103
108
108
104
103
73
101
104
114
98
106
122
96
121
119
133
100
85
84
94
71
125
124
86
89
94
87
90
96
79
89
93
81
71
75
65
108
88
88
66
'96
'87
'90
52
94
75
81
69
111
118
132
124
104
107
99
132
116
117
114
147
110
111
110
127
116
119
113
137
137
101
87
91
78
94
83
89
70
*>8
88
96
72
103
112
105
134
106
69
79
67
104
110
114
100
97
P97
94
94 P 1 0 5
88
94
75
88
95
73
.39
101
100
85
91
91
82
79
84
87
94
95
97
98
94
91
8.93
118
125
120
124
127
128
126
126
116
124
128
133
131
125
127
3.46
1.76
120
132
126
133
135
136
134
132
145
127
122
121
133
148
127
124
121
131
113
134
121
137
116
137
128
124
141
117
134
\3?
125
\36
126
133
135
133
146
140
158
133
122
130
124
145
1 38
135
1 =52
151
127
142
120
112
124
130
137
133
148
1?6
1?0
l?n
118
136
129
137
141
141
141
139
160
131
121
127
122
138
132
148
125
117
l?0
125
139
131
146
125
121
121
137
134
150
128
121
1?2
121
137
1 33
131
139
136
146
129
128
142
122
120
112
120
116
133
109
99
96
102
126
112
1.23
124
119
139
140
130
142
125
140
131
^53
141
128
140
139
158
132
123
133
123
148
136
120
140
135
.154
113
102
119
116
107
120
5122
120
123
125
129
.122
125
130
122
123
123
124
118
11!
121
.22
.14
120
132
116
111
117
.41
117
.20
.18
...
123
99
105
104
112
102
85
96
83
115
116
121
105
113
95
1.25
Shipping containers
Sanitarv Daoer oroduct*
119
103
103
.51
...
117
r96
6 32
3.72
2.30
.44
.29
.15
.90
.
115 1 0 7
98
99
73
50
.13
Products.
114
112
107
1.78
Shirts and work clothing
Women's outerwear
Women's suits and coats
\lisc. apparel and allied mfrs.. ,
114
100
118
105
1.15
Knit garments....
......
Floor coverings
„
^^oven carpets . .
. .
115
105 rlO5
114
11.87
,97
.45
.97
.16
.75
Wool fabrics
Knit poods
Hosiery
Full-fashioned hosiery
115
44.85
112
123
119
116
118
129
122
135
158
144
136
136
1 S3
129
120
1?3
119
136
1 36
137
135
132
144
121
120
121
122
129
119
121
125
119
119
119
120
144
142
140
139
139
133
139
143
150
150
157
148
192
152
135
144
138
138
140
124
115
150
150
159
148
193
144
142
141
122
122
122
127
115
147
150
157
148
190
127
145
141
114
109
131
111
116
145
150
159
147
179
120
149
141
104
95
132
104
116
144
152
155
151
183
122
157
143
96
85
127
99
136
170
173
137
107
137
145
148
144
149
121
148
143
91
80
126
69
117
95
144
.150
151
150
170
126
152
146
96
84
129
104
117
99
149
153
155
152
195
137
148
147
109
101
131
116
11 5
109
134
128
1.33
138
115
147
155
149
121
118
122
116
108
121
118
114
120
.10
1 70
112
120
.51
120
.11
5.47
1.85
3.62
126
116
115
117
9.34
133
142
140
6.84
2.54
.57
1.97
24
.11
.59
1.03
.64
.48
.16
.71
.66
137
140
137
141
157
175
141
133
112
110
119
110
112
146
145
141
145
168
148
133
147
138
138
138
118
114
.23
122
147
154
149
155
183
186
156
144
116
112
131
113
118
124
112
118
134
96
t23
U7
124 112
142 135
137 1 2 2
129 115
140 131
147 '149
149
152
155
160
161
159
197
143
165
148
138
139
134
117
115
156
165
.171
164
200
147
'•174
151
140
140
137
105
117
156
166
170
165
196
151
173
154
130
126
139
105
118
158
169
174
167
113
108
112
154
132
116
117
r
c
p Preliminary.
Revised.
Corrected.
Publication suspended pending adjustment to revised Census production figures for the period 1950 to date.
NOTE.—A number of groups and subgroups include individual series not published separately. For description and back figures, see BULLETIN for December 1953, pp. 1247-1293 and pp. 1298-1328, respectively.
1
316
FEDERAL RESERVE BULLETIN
INDUSTRIAL PRODUCTION—Continued
[Federal Reserve indexes, 1947-49 average = 100]
1947-49
Annual
proportion
1952 1953P Jan.
Industry
1954
Feb.
Mar. Apr.
May
120
1955
June July Aug.
Sept. Oct.
Xov. Dec.
Jan.
WITHOUT SEASONAL ADJUSTMENT
—Continued
2.50
1.97
1.04
,98
.06
.56
.30
.26
.10
.17
.26
.15
123
128
132
128
194
128
151
102
119
112
97
102
130
135
144
139
227
130
155
101
117
106
111
99
11.51
106
. 10.73
8.49
1.48
.46
.83
.69
.14
.07
.19
105
106
114
100
119
98
92
103
91
102
117
108
84
124
101
104
J09
94
102
100
102
116
98
102
54
99
46
.17
110
114
105
108
111
108
105
9.98
114
116
Petroleum
n d coal products
Petroleum arefining
Gasoline
Automotive gasoline
Aviation gasoline
. .
Fuel oil
Distillate fue' oil
Residual fuel oil . . . .
Kerosene
Lubricatin** oil
Coke
Asphalt roofing and siding
Foods, Beverages, and Tobacco . „
Food a n d beverage raanufactures.
Food manufactures
Mea* products
Reef
Pork
Dairv products
Butter
Natural cheese
Concentrated milk
Ice cream
Canned and frozen foods
Grain-mill products
Wheat flour
Cereals ?nd feeds . . .
Bakery products
Sugar
Cane supar
Confectionery
. . . . .
Miscellaneous food preparations . . .
Beverages
Bottled 30ft drinks . . .
Alcoholic beverages
Beer and ale
Liouor distilling
. . .
Liquor bottlin**
Tobacco m a n u f a c t u r e s
Cigarettes
Cigars
. . . .
MINERALS—TOTAL
.28
1.13
1.16
.46
.70
1.64
.27
.11
.13
.71
1.41
2.24
.54
1.70
1.02
.17
.37
.78
121
129
135
131
212
127
155
96
116
104
86
78
128
137
132
215
121
146
93
106
103
80
103
123
130
140
136
218
'"122
145
94
99
109
80
118
96
98
98
rlO3
96
98
111 129
99
r97
115
109
84
87
72
104
83
118
97
63
104
24
110
103
89
98
98
115
132
102
104
124
117
95
92
71
101
78
116
96
58
116
103
100
105
132
87
135
152
159
139
99
105
r
99
98
97
106
127
91
119
1?8
133
115
107
75
99
75
114
96
63
103
2<*
89
103
'•102
78
79
86
86
71
88
98
102
69
101
98
90
96
100
96
111
110
134
140
136
214
131
156
104
128
105
97
57
126
136
141
136
227
135
164
102
135
111
90
67
107
97
1G7
108
115
129
104
105
108
112
93
106
121
106
81
122
100
113
113
108
102
104
105
97
101
126
141
114
86
110
100
78
72
76
106
86
119
100
103
60
107
125
95
89
97
77
111
100
82
61
79
122
124
131
141
136
235
122
148
92
100
111
79
135
130
141
136
229
122
150
89
97
104
77
110
124
131
142
137
233
123
154
87
99
109
75
127
127
133
142
138
215
127
161
89
98
111
77
147
126
132
140
135
21.4
128
164
87
101
106
84
133
129
136
143
139
'214
135
172
92
116
110
90
106
129
140
146
141.
232
140
177
97
125
108
9.3
62
P\ 33
Pi 43
P!46
P148
no
108
114
119
116
109
99
98
109
107
102
135
81
128
115
129
109
143
138
112
78
134
99
72
112
32
66
109
118
115
Ml 7
108
138
88
115
99
114
94
133
194
110
82
129
98
94
115
71
91
108
108
120
124
120
141
104
97
84
98
76
113
212
114
86
132
98
109
115
99
131
106
107
117
118
127
14?
115
85
81
87
66
95
141
110
90
1?3
99
258
105
385
12.3
108
110
110
113
1.35
136
131
78
79
87
65
81
99
103
84
117
98
273
90
42 7
125
105
97
101
101
136
132
134
79
85
91
70
74
'•87
M01
80
r] 15
'98
176
87
98
101
138
IK)
133
85
106
76
127
96
76
109
42
81
105
M13
rl()9
106
108
137
89
145
145
161
139
139
99
114
78
137
98
82
121
43
80
108
r
124
87
101
88
106
100
106
64
98
108
117
64
104
114
128
62
104
103
122
42
85
96
112
39
85
98
93
69
115
107
84
121
142
99
79
92
139
84
83
67
90
101
106
97
99
103
95
JOS
112
109
'114
11°
111
92
98
83
111
11 5
112
109
\\\
113
in
i li
121
103
102
113
83
86
82
109
109
112
115
110
in
111
J12
114
'114
7
no
85
99
96
76
78
75
103
87
1U
94
100
116
Mineral Fuel3
5.35
113
115
115
113
112
111
111
113
108
110
110
113
117
117
Coal
Anthracite
Bituminous coal
2.68
.36
2.32
83
78
84
78
57
81
74
62
75
68
59
69
61
48
63
58
62
45
65
63
57
44
59
70
51
7?
11
50
65
68
48
71
81
75
57
78
75
61
77
11
55
81
Crude oil and natural pas
Oil ar»d gas extraction
5.67
4.82
4.12
.34
.36
.85
128
125
120
159
145
144
133
129
124
167
157
154
134
128
120
135
136
129
125
161
156
176
333
124
170
1 54
151
180
130
123
118
157
151
166
129
1 24
1 18
159
159
159
130
124
118
136
130
122
137
131
\23
"140
PI 37
190
163
170
137
132
177
167
1 56
163
134
130
12?
182
167
163
137
131
125
182
161
165
163
160
1 70
171
172
171
1.63
115
119
91
94
9,?
99
116
123
119
115
113
110
102
98
95
.82
.33
.49
.24
.09
.06
108
104
110
114
97
107
113
128
104
114
86
87
74
39
98
111
75
75
76
42
98
105
91
80
73
39
95
102
87
77
79
58
93
102
82
78
108
126
96
106
78
78
'•120
15/
98
108
80
79
U:S
1.39
87
95
74
72
300
92
87
95
106
78
71
'79
43
103
118
82
74
75
37
101
1.16
78
72
P76
77
78
83
75
98
117
85
92
76
67
.81
123
124
108
113
114
119
125
127
130
130
129
129
126
122
114
Natural gas
.
Oil and gas well drilling
Metal, Stone, and Earth Minerals
Metal mining
Iron ore
Copper mining
Lead mining
Stone and earth minerals
44
60
129
124
160
155
163
\:n
57
P120
A'128
r
» Preliminary.
Revised.
For other footnotes see preceding
MARCH 1955
317
OUTPUT OF CONSUMER DURABLE GOODS
[ F e d e r a l R e s e r v e i n d e x n u m b e r s . 1 9 4 7 - 4 0 a v e r a g e - — -If)(>'
Annual
proportion 1952 1953 Jan. Feb. Mar. Apr. May June July Aug. Sept. Get, | Xcr,: J>e. | Jan.
1 947 -49
Product
S E A SON A LT. V AJ> JUSTED
CONSUMER DURABLES -TOTAL
100 00
105
127
112
113
Ill
116
119
118
116
115
•114 ir!22 J'119 '•125
Major Durables
Autos .
Major household goods
,
Furniture and floor coverings
.
Household furniture
Floor coverings
Appliances and heaters
Major appliances
... . . . . . . .
Ranges.
Refrigeration appliances
Laundry appliances
Heating apparatus
Radio and television sets
Radio sets
Television seta
69 72
32 JC
36 13
15.32
11 31
4.01
15.60
11.88
2.60
4.98
2.51
3 72
5 21
3 4?
1 79
109
103
115
109
113
95
99
• 00
75
106
115
94
184
^3
436
138
146
132
113
118
99
118
123
90
137
141
100
230
67
119
133
H>8
99
103
8?
103
107
70
111
145
on
120
134
110
99
103
87
110
116
84
128
1)9
126
139
115
97
102
82
112
116
54 i
150
58
3? 6
128
136
123
96
102
79
110
111
79
131
113
107
243
45
621
126
127
127
102
104
97
114
118
83
132
136
101
241
47
611
125
121
131
106
109
97
109
11.3
71
125
146
98
270
56
67S
Other C o n s u m e r Durables
Auto parts and tiirs
Misc. home and personal goods
30 28
14 00
16 28
95
90
100
102
91
Ml
95
88
101
96
90
102
93
89
96
91
85
97
'121
'128 '137 144
'149 160
-110 '1C4
132 131 130 '•123 132
'!
05 106
.106
107
103
110
111 111
n\
91
95
96
112 no
S3 115 127
l
j
<>
130
117 11 4 '•114
82
80
79 M20 r 1 1.7 133
77
181
169 1110
122
70
100
96
97 -•174 24 2
95
261 270
70
73
259
•16
62
507
70 571
687 667
620
98
96
97
96
95
9-J
93
101 100
101
127
112
117
119
113
138
127
138
119
103
105
96
117
130
91
145
159
75
170
51
397
130
142
120
102
105
94
117
129
93
144
151
79
182
49
435
95
87
103
94
92
87
96
5 40
89
142
47
99
103
86
104
108
82
117
129
91
151
43
356
7f>
135
134
98
178
43
436
130
145
119
96
100
84
116
120
83
143
124
106
196
43
487
94
88
100
93
89
96
93
90
96
96
96
96
119
116
116
102
13?
151
116
97
100
90.
116
124
79
153
130
91
172
49
406
126
146
110
92
96
81
112
117
80
1.47
111
96
155
48
360
125
143
112
93
98
80
112
114
76
141
117
104
165
44
397
U7
125
92
89
98
64
88
88
53
109
90
86
116
29
281
123
121
102
1.08
88
501
96
68
99
128
116
234
51
533
92
90
94
94
96
93
90
91.
89
94
90
97
:i33
109
129
WITHOUT SEASON A I ADJUSTMENT
CONSUMER DURABLES—TOTAL
100 ©0
Major Durables
Autos. .
.
Major household goods
Furniture and floor coverings . . .
Household furniture
,
Floor coverings
Appliances and heaters
Major appliances
Ranges
........
Refrigeration appliances.. . ,
Laundry appliances. . . . . .
Heating apparatus
Radio and television sets
Radio sets
Television sets
69 72
32 SO
36 13
15 32
11 31
4 01
15 60
11 88
2 60
4 98
2 51
3 72
5 21
3 42
1.79
103
115
i 09
11?
95
99
100
75
106
115
94
184
53
436
230
67
541
121
135
109
99
103
89
98
106
71
114
135
73
173
58
391
Other C o n s u m e r Durables
Auto parts and tires
Misc. home and personal goods...
30.28
14.00
16.28
95
90
100
102
91
111
92
84
99
105
1.46
132
113
118
99
118
123
90
137
141
too
129
108
111
81
139
K)8
112
96
12 2
121
87
116
181
124
'9
" 48
722
101
100
102
in
'•142
144
142
! 08
'132
162
70
149
111
!!() i: 5
99
124 -• n 6
1 21 'i IS
87
83
104 106
199 '192
133 .107
'3864 324
71
860
104 806
101
i 06
141
174
115
92
'108
107
110
122'
132
i 42
\ 77
84
258
67
623
260
73
618
94
93
90
100
1C5
'Revised.
NOTE.—Individual indexes without seasonal adjustment for woven carpets, appliances, heating apparatus, radio sets, and television sets may
be obtained from the Division of Research and Statistics. For a description of this index, see BULLETIN for May 1954, pp. 438-447.
PRODUCTION WORKER EMPLOYMENT TN MANUFACTURING INDUSTRIES
[Compiled by Bureau of Labor Statistics. In thousands of persons!
1954
Industry group
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Doc.
m.
Feb.
SEASONALLY ADJUSTED
12,935 12,840
Total
7,509 7,495
Durable goods
165
150
Ordnance and accessories . . . .
663
657
Lumber and wood products . . .
287
286
Furniture and fixtures
429
431
Stone, clay, and glass products. .
Primary metal industries
1,022 1 005
844
Fabricated metal products
855
Machinery except electrical
1,202 1,184
819
Electrical machinery
831
Transportation equipment. . . .
1.435 1,409
Instruments and related prod232
ucts
228
393
387
Misc. manufacturing industries..
5,426 5,435
Nondurable goods
1.103 1 .109
Food and kindred products
93
Tobacco manufactures
94
Textile-mill products
979
980
Apparel and other finished tex1,051 1,064
tiles
434
Paper and allied products
435
Printing, publishing and allied
517
517
industries
533
531
Chemicals and allied products...
179
180
Products of petroleum and coal.
199
Rubber products
202
330
Leather and leather products. . .
331
12,705 12,632 12,589 12,37! 12,334 12,388 22,485 12,610 ^12,628! 12,61.6 12,677
6,972 7,007 7,104 7,206| '•7,223 7 ,231 7,333
7,295 7,227 7,182
137
117
114
106
125
120
113
112
110
70?
69()
656
592
673
686
676
684
589
706
284
283
295
287
284
284
292
293
292
285
426
430
435
438
427
425
432
436
437
435
433
j .006
991
979
965
981
983
973
969
988
1 ,027
836
834
820
837
839
827
825
841!
837
'83 6 j
826
1,169 1,153 1,140 1,119 1 ,121 1,123 1,113 1 ,1
'1 .095
1. 096 1. . 1 2 0
811
810
793
799
8021
784
798
809
807
811
816
1,380 1,342 1,324 1,277 1,237 1,184 1.246 1 ,326
1.380 1 ,400
223
382
5,410
1,110
93
979
221
382
5,405
1,111
94
974
1,046
433
1,037
435
519
529
178
196
327
518
530
180
198
328
216
383
5,407
1,106
94
986
1,034
438
519
525
180
199
326
214
382
5,351
1,084
95
977
1,026
439
518
523
179
178
332
212
378
5,362
1
214
382
5,38*
1,077
92
997
5,381.
1,029
438
1,027
443
1.034
440
519
524
175
179
329
523
521
520
524
175
202
331
17'4
199
328
212
383
1 ,073
94
988
2\\
212
380
j
'5,395!
1 .087 '•1 .0851
96
a2i
982
1.0-101
1.053
436
«2|
5,404
519
523
173
202
333
'526|
173!
'206i
'•3361
37-1
211
372
5,385
5,374
1 .071
90
977
1 .071
91
976
432
1 .042
431
518
529
172
20')
337
519
525
172
209
338
For footnote see following page.
318
FEDERAL RESERVE BULLETIN
PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES—Continued
[Compiled by Bureau of Labor Statistics,
In thousands of persons]
1954
1955
Industry group
Feb
Mar.
!2
Apr.
June
Jan.
July
Aug.
Sept.
12,818 12,590 12,437 12 ,48ft
12 212
12 ,44 C ?
12,611 12,652 12 ,697 '•12 ,682 12 ,553 12,653
6 917
6 ,933
7,015
7,133
7 ,247
,263
7 ,221
7,314
117
604
?"'?,
113
613
2S8
434
968
S19
114
697
296
437
965
820
110
713
299
439
988
845
109
108
'687
658
289
429
106
655
293
434
1 ,095
May
Oct.
Nov.
Dec.
Feb.
WTTHOVT SEASONAL ADJUSTMENT
Total
Durable ii-.^wis
Ordnance and accessories.
Lumber and wood products
Furniture and fixtures
Stone, clay, and
glass products
Primary met;3."' industries
Fabricated metal prociiKts
Machinery except electrical
Electrical machinery
Transportation equipment
Instruments and related products
Misc. manufacturing industries
Nondurable ftoorfs
Food and kindred products
Fobcicco manufactures
Textile-mill products
Apparel and other finished textiles
Paper and allied products
Printing, publishing and allied
industries
Chemical and allied products. .. .
Products of petroleum and coal
Rubber products
Leather and leather products, . ,
7 52*
7,430
7,309
7 .20 8
? .177
165
627
292
427
\ 027
864
\ 2?0
830
l 435
\ 50
137
649
283
428
991
840
1 .409
1.187
'811
I .380
1?5
679
277
427
976
833
\ 165
791
t 3^-2
120
701
275
427
983
831
1 151
776
1 324
969
800
1 108
7:55
1 277
1 ,093
7S2
1 .237
1 .184
112
720
299
438
969
829
1,091
81.7
1,246
229
389
224
380
220
374
2V>
375
210
363
210
378
214
392
5 S8?>
5,388
5,281
5 ,229
5 ,303
5 295
5 ,51.6
i 009
90
995
1,009
84
989
1,011
82
979
1 031
82
969
1 079
82
981
\ 142
83
953
1 ..2?i
102
981
J
1 5 01
' 436
I 030
' 433
985
433
9^7
436
980
1 050
430
516
534
176
195
325
515
525
179
197
315
519
517
181
198
324
513
513
181
173
327
643
429
1,010
832
1,202
827
233
088
437
5:4
536
178
203
339
517
539
177
1Q0
338
\%\
?<)±
437
n .002
'•8-14
1 ,011
,326
'1 , 106
82 7
n ,365
1 .112
815
! ,389
213
398
213
305
213
379
212
365
372
5,3%
5,519
5 ,450
' 5 ,419
5 ,332
5,339
1 .?.52
110
987
1,169
.112
1 ,102
103
992
n ,05-1
M00
'993
997
9.1
987
980
87
991
1,053
'441
1,050
' 440
i
' 436
,053
'440
06 S
\ "438
\ 061
' 434
1.078
'-133
514
516
179
177
337
523
524
177
199
330
525
529
175
201
329
524
528
173
205
331
525
'5 29
172
'•209
'33-1
518
529
170
211
337
516
528
170
210
346
802
988
1 , 091
828
1
1,032
8-45
1 .137
83-1
818
1 ,109
212
'Revised
NOTE.—Covers production and related workers or.lv; 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 1955 are preliminary.
Seasonally
adjusted figures formerly compiled by the Federal Reserve from unadjusted data of the Bureau of Labor Statistics have been compiled by the
Bureau beginning September 1954. Back data may be obtained from the Bureau of Labor Statistics.
H O U R S AND E A R N I N G S O F P R O D U C T I O N WORKERS I N M A N U F A C T U R I N G I N D U S T R I E S
[Compiled by Bureau of Labor Statistics]
Average weekly earnings
(dollars per week)
Industry group
! Dec.
. ...
Durable goods.
Ordnance and accessories
.... .
Lumber and wood products
Furniture and fixtures
Stone, clay, and glass products. . .
Primary metal industries
Jan.
•80.70
83.14.
71.52 :
93.08 |
75.33 !
•66. 18
64.€2
1955
i Feb. I Feb. ! Dec.
:
Jan.
Feb.
1.85
1.80
1.83
1.84
40.9
1.90
1.95
1.96
1.96
40.0
40.8
40.5
40.5
40.3
2.02
1.96
1 .59 ' 1.6-1
1 .55 M .59
1.75 I .1 .80
2.06 | 2.14
2.03
1 .63
1.58
1.81
2.15
2.04
1 .61
1 .60
.1 .80
2.15
41 .2
40.9
-10.3
•12.0
4:). 2
1.88
2.00
1.81
2.11
1.81
.1 .60
1 .9-1
2 ,04
1 . 8 1:
2.19
1 .86
'1.63
1 .95
2.04
1 .85
2.19
1 .86
1 .64
2.05
1 .85
2.20
.1 .86
1 .64
1.65
1.67
1.68
1.68
1.67
1.29
1.37
1.37
1.72
1 .71
i.3()
1.37
1 .35
1.78
1.73
1 .34
1 .37
1.35
1 . 79
1 .73
.1 .34
1.37
.1 .35
1.79
2.25
1.87
2.25
1 .94
1.38
'2.31
1 .93
2.28
'2.04
M .38
2.31
.1 .93
2.29
2.04
1.38
2.32
1.95
2.28
2.02
.1 .38
!
:
i
!
!
82.42
40.0 40.7
67. 73 40. 1 'J-0.8
66.56
40.1 '41 .4
72.72 j 40.4 j ' 4 1 . J
87.9-1 ! 38.6 I'1-0.0
80.34 80.34 i 40.6
83.-I-\
84.46
41 .3
74.56
74.7!
39.9
91 .98
93.06 40.2
74.77 i 74.-K) 40.4
66.00 i 66.58 40. 1
I ' l l .6
' 40.0
i 40.5
! 42.5
; 40.5
i '40. 6
Printing, publishing and allied products..
Chemicals and allied products.
Products of petroleum and coal
Rubber products
Leather and leather products
j
85.95
76.86
90.68
75.47
52 .44
89.09
80. 1 5
93.02
82.21
53.13
Dec.
40.2
41.1
69.8;) ! 40.5 ! 41 .4
49.58 35.9 I'38.4
54.94 38.0 j 40.2
49.55 36.1 i'36.3
75.90 41 .9 I 42.7
r
Revised
NOTE.—Data are for production and related workers.
of Labor Statistics.
Feb.
39.6 ' 4 0 . 5
•10.3
66.30 i 66.C2 i 66.36 j 38.8 j 39.7 39.3
'90.09
j '"79.90
I '92 .57
I '85. ()]
i "52 .16
Feb.
40.2
80.75
67 , r>-t ! 70. 7')70.58
46.31 '49.92 50.52
54.25
5?.. 06 55.07
48.60
-19.46 '10.01
76.01
75. 72
72.07
1955
Jan.
80.16
Food and kindred products
Tobacco manufactures
Textile-mill products
Apparel and other finished products
Paper and allied products
MARCH
Average hourly earnings
(dollars per hour)
73.97 i 74.93
Si .20
65.50
63.99
73.31
86.65
Fabricated metal products
Machinery except electrical
Klectrica! machinery
Transportation equipment
Instruments and related products
Miscellaneous manufacturing industries..
Nondurable goods
Average hours worked
(per week)
1955
Feb.
Total
I
|
88.24
79. 13
93.89
81.25
52.44
38.2 j 39.0
41.1 [ ' " 4 1 . 4
10.3 I '40.6
38.9 I'41 .7
38.0 I 37.8
38.2
41.0
41.0
41.3
38.0
Figures for February 1955 are preliminary.
39.5
1 .95
Back data are available from the Bureau
319
EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS BY INDUSTRY DIVISION
[Compiled by Bureau of Labor Statistics. In thousands of persons]
Year or month
1948
1949
1950 .
1951
1952
1953 .,
1954 .
Manufacturing
Total
Mining
Transportation and
public
utilities
Trade
Finance
Service
Federal,
State, and
local
government
2,169
2,165
2,333
2,603
2,634
2,644
2,628
4,141
3,949
3,977
4,166
4,185
4.224
4,021
9,519
9,513
9,645
10,012
10,281
10,533
10,524
1,711
1,736
1,796
1,862
1,957
2,025
2,091
4,925
5,000
5,098
5,278
5,423
5,486
5,521
5,614
5,837
5,992
6,348
6,609
6,645
6,712
742
730
715
716
717
716
2,618
2,654
2,641
2,634
2,624
2,637
2 640
2,633
2,620
2,645
'2,601
4,087
4,012
4,015
4,011
4,016
4,014
4 001
4.016
4,002
3,982
r
3,989
10,543
10,552
10,524
10,494
10,480
10,507
10 504
10,480
10,476
10 532
'10,617
2,065
2,067
2,075
2.081
2,083
2,095
2 095
2,115
2,121
2,119
'2,120
5,490
5,488
5,506
5,508
5,518
5,555
5,551
5,523
5,549
5,539
'5,534
6,661
6,634
6,632
6,667
6,647
6,657
6,691
6,783
6,839
6,846
'6,804
16,028
16,116
712
715
2,591
2,521
3,980
3,985
10,639
10,632
2,117
2,126
5,534
5,538
6,866
6,892
47,880
47,848
48,068
47,935
48,137
47,808
48,045
48,526
48 668
48,827
'49,505
16,322
16.234
16,000
15,836
15,888
15,627
15,863
16,019
16 058
16,107
'16,097
790
720
2,356
2,415
2,535
2,634
2,729
2,795
2,851
2,817
2,777
2,724
'2,549
4,039
3,992
4,008
4,008
4,032
4,043
4,030
4,032
4 012
3,992
'3,999
10,310
10,305
10,496
10,375
10,414
10,377
10,350
10,480
10 581
10,782
11,400
2,044
2,057
2,075
2,081
2,104
2,126
2,126
2,115
2,110
2,108
'2,109
5,380
5,406
5,506
5,563
5,601
5,638
5,634
5,606
5,549
5,511
'5,479
6,639
6,667
6,699
6,701
6,625
6,467
6,454
6,738
6,865
6,882
'7,152
47,804
47,801
15,965
16,082
712
711
2,358
2,269
3,933
3,938
10.483
10,397
2,096
2,105
5.423
5,427
6,834
6,872
44,382
43,295
44,696
47,289
48,306
49,660
48,283
15,321
14,178
14,967
16,104
16,334
17,259
16,040
982
918
48,607
48,441
48,268
- 48,177
48,102
47,982
47,945
48,054
48,209
48,398
r
48,419
16,349
16,262
16,122
16,038
15,994
15,775
15 733
15,789
15,886
16,018
r
16,038
794
772
48,467
48,525
.
Contract
construction
889
916
885
844
745
SEASONALLY ADJUSTED
1954—February
March
April
May
J u n e . . . .
July
August
September
October
November
December.
1955—January
February
753
744
740
WITHOUT SEASONAL ADJUSTMENT
1954—February
March
April
May
June
Tuly.
August
.
September
October
November
December
. . .
1955— Tanuarv
February
772
749
737
744
735
737
719
716
721
'Revised.
NOTE.—Data include all full- and part-time employees who worked during, or received pay for, the pay period ending nearest the 15th of the
month. Proprietors, self-employed persons, domestic servants, unpaid family workers, and members of the armed forces are excluded. Figures
for February 1955 are preliminary. Seasonally adjusted figures formerly compiled by the Federal Reserve from unadjusted data of the Bureau
of Labor Statistics have been compiled by the Bureau beginning September 1954. Back data may be obtained from the Bureau of Labor Statistics.
LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT
[Bureau of the Census estimates without seasonal adjustment.
Thousands of persons 14 years of age and over]
Civilian labor force
Year or month
Total noninstitutional
population
Total
labor
force
Employed 1
Total
Total
In nonagricultural industries
In
agriculture
Unemployed
Not in the
labor force
1948
1949
1950
1951
1952 .
1953 2
1954
108,482
109,623
110,780
111,924
113,119
115,095
116,220
62,748
63,571
64,599
65,832
66,410
67,362
67,818
61,442
62,105
63,099
62,884
62,966
63,815
64,468
59,378
58,710
59,957
61,005
61,293
62,213
61,238
51,405
50,684
52,450
53,951
54,488
55,651
54,734
7,973
8,026
7,507
7,054
6.805
6,562
6,504
2,064
3,395
3,142
1,879
1,673
1,602
3,230
45,733
46,051
46,181
46,092
46.710
47,732
48,402
1954—January
February
March
April
May
June
July
August
September
October
November
December
115,738
115,819
115,914
115,987
116.083
116,153
116,217
116,329
116,432
116,547
116,659
116,763
66,292
67,139
67,218
67,438
67,786
68,788
68,824
68,856
'68,566
68,190
67,909
66,811
62,840
63,725
63,825
64,063
64,425
65,445
65.494
65,522
65,244
64.882
64,624
63,526
59,753
60,055
60,100
60,598
61,119
62,098
62,148
62.277
62,145
62,141
61,732
60,688
54,469
54,351
54,225
54,522
54,297
54,470
54,661
55,349
54,618
54,902
55,577
55,363
5,284
5.704
5,875
6,076
6,822
7,628
7,486
6,928
7,527
7,239
6,154
5,325
3,087
3,670
3,724
3,465
3,305
3,347
3,347
3,245
3,100
2,741
2,893
2,838
49,446
48,680
48,696
48,549
48,297
47,365
47,393
47,473
47,865
48,357
48.750
49,952
1955—January
February
116,855
116,901
66,700
66,550
63,497
63,321
60,150
59,938
54,853
54,854
5,297
5,084
3,347
3,383
50,156
50,352
'Revised.
Includes self-employed, unpaid family, and domestic service workers.
Monthly estimates of the labor force beginning 1954 are based on an improved sample covering a larger number of areas and are, therefore,
not strictly comparable with earlier data.
NOTE.—Details do not necessarily add to group totals; Information on the labor force status of the population is obtained through interviews of households on a sample basis. Data relate to the calendar week that contains the eighth day of the month. Back data may be obtained
from the Bureau of the Census.
1
2
320
FEDERAL RESERVE
BULLETIN
VALUE OF NEW CONSTRUCTION ACTIVITY
[Seasonally adjusted. In millions of dollars]
Private
Year or month
Business
Total
Total
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
Public
Residential
2,985
3,510
1,715
Total
Indus- Com- Public
trial mercial utility
8,682
11,957
14,075
8,301
5,259
5,633
12,000
16,689
21 678
22,789
28,454
31,182
33,008
35,256
37,170
5,054
6,206
3,415
1,979
2,186
3,235
9,638
13,256
16.853
16,384
21,454
21,764
22,107
23.877
25,720
1954—February
March....
April
Mav
Tune
Tulv
August
September....
October
November
December
3,051
3,005
3,027
3,089
3,078
3,094
3,145
3,157
3,105
3,192
3,262
2,004
2.011
2,059
2,131
2,122
2,173
2,219
2,234
2,221
2.2.S9
2,292
1,040
1,105
1,102
1,150
1 ,192
1,214
1,210
1 2?8
1,262
713
710
175
171
708
718
714
707
717
716
167
1955—TanuarvP....
FebruaryP
3.379
3.393
2.308
2,433
1 ,323
.1,326
760
787
1.561
2,082
1,287
442
801
346
156
208
642
885
815
759
989
X, 100
4.015
6,310
8,580
8,267
12.600
10^973
11.100
11,930
13,450
l ..672
4,195
4,896
5,693
5,322
5,680
7,217
7.460
8.436
8,593
1,062
2,117
2,320
2.229
2,011
980
989
728
724
714
176
182
183
1,689
1,702
1,397
972
348
409
155
33
56
203
1,132
856
1,253
1,027
1,288
1,371
1,137
1 ,791
2,182
187
176
165
771
872
786
570
725
827
Other
nonresidential
Military
Highway
385
3.628
5.751 1,620
10,660 5,016
6,322 2 s 550
3,073
837
690
2,398
2,362
188
204
3,433
158
4,825
137
6,405
177
7,000
887
9,418
10,901 1,388
11.379 1,307
11,450 1,010
l t 302
1,066
Total
508
614
413
335
382
463
1,374
2.338
3,043
3,323
3,330
3,729
4 003
4,416
4,400
1,428
2,050
2,580
2,795
3,174
3,574
3,547
3.511
3,677
365
366
366
296
298
305
1,047
734
446
362
398
895
1,451
1 ,774
2,131
2,272
2,518
2,820
3.165
3,525
528
500
357
285
163
130
240
394
629
793
881
853
854
830
710
1,413
2,565
4,553
3,041
1,711
1,180
1,039
1,384
2,264
3,344
3,670
5,160
5,839
6,077
6,205
994
968
91
92
87
327
300
293
59
62
66
570
540
522
66
63
512
510
292
288
299
274
288
305
59
56
53
53
54
59
490
505
496
482
511
516
302
289
57
53
521
517
171
i 72
367
367
313
310
958
956
83
91
156
152
156
159
174
187
191
188
193
189
367
367
367
367
368
368
315
309
306
304
314
314
921
926
923
884
933
970
80
77
75
75
80
90
176
184
216
235
368
368
315
320
981
960
101
164
Conser- All
vation other
297
292
101
i
^Preliminary.
Source.—Joint estimates of the Departments of Commerce and Labor.
CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF OWNERSHIP AND BY TYPE OF CONSTRUCTION
[Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions]
By type of
ownership
Year or month
Total
Public
1948
1949
1950...
1951
1952 .
1953
1954
....
1954—February
March
April
May
. .
1955—Tanuarv
Februarv
Residential
building
9 430
10,359
14,501
15,751
16 775
17 443
19,770
3,107
3,718
4.^09
6,122
6.711
61.334
6,558
6,323
6,641
10,092
9,629
10 06-4
11 109
13,212
3 608
4'239
6,741
6,205
6 668
1,221
1,528
436
484
477
785
J
July
August
September
October
November
December
Private
By type of construction
f>Q7
1,925
1,733
1,837
1,573
1,816
1,965
,499
,829
669
625
, 504
480
581
472
681
509
589
633
475
617
1,043
1,215
1,256
1 JOS
1,156
1,064
1,227
1,332
1 024
1,212
1 ,024
1.109
Educational
Other
Public
works
and
public
utilities
725
824
1.127
1.376
1,651
1-689
1.686
1'695
1,958
2,155
2,476
2,578
2,723
3,408
4,008
4,142
125
140
163
244
328
290
187
136
175
186
141
450
330
392
443
299
Nonresidential building
Factories
Commercial
840
559
975
885
1,208
8,518
1-142
2,883
2,562
2,051
1,274
1.489
1,815
1,180
1.335
1,472
1 720
2,063
509
668
796
106
80
94
93
134
178
144
179
171
745
693
777
852
709
108
93
160
145
82
762
104
145
141
130
186
129
690
85
<;V,479
825
720
86
107
915
979
189
186
218
172
194
204
200
366
166
131
184
249
179
192
201
181
182
155
140
428
357
CONSTRUCTION CONTRACTS AWARDED, BY FEDERAL RESERVE DISTRICTS
[Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts, in millions of dollars]
Total
Month
11 districts
Federal Reserve district
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
1953—November
December
1,394
1,300
76
90
196
262
95
63
.221
145
168
110
154
167
201
159
78
88
1954—Januarv
November
December
1,152
1,499
1,829
61
97
109
212
243
308
92
109
119
143
155
205
101
194
159
158
153
233
166
239
274
1955—January
1,504
82
227
162
180
188
243
MARCH
1955
89
Minneapolis
Kansas
City
Dallas
42
49
112
114
58
73
106
51
55
23
48
42
45
60
113
92
127
160
94
44
69
127
321
PERMANENT NONFARM DWELLING UNITS STARTED
fin thousands of units]
Year or month
Total
l.'rban
Private
Rural
nonfarm
\
Total
Government-underwritten'
Multifamily
2-
-
ianiily
Public
farnily
Total
FHA
18
36
44
71
393
466
686
413
291
361
58
36
420
407 i
585 i
279
2S2
VA
t
1948
1949
1950.
1951
1952
1953
1954P
93?
1
1
1
1
1
1
.} 954 —February.
March
April
Mav.
June
[ulv
August
September
October
November
December
025
396
091
,127
104
.22!
75
. . . .
19^ 5— Tanuarv
February
525
589
828
595
407
436
568
496
610
565
n.a.
517
539
n.a.
ii.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
95
108
109
117
116
114
116
111
10-1
*91
n.a.
n.a.
P .a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
P88
n ?
P9Q
n.a.
914
989
1 .352
1 ,020
1 .069
1 ,068
1.20!
74
93
1.07
107
113
1S3
113
]\3
111
103
n. f.
n.a.
n.a.
|
1
|
!
|
|
i
j
P90
na
n.a.
i>88
•/>&->
i 04
763
792
1,151
892
939
933
n.a.
4-'i
35
42
40
46
42
n.a.
65
83
96
98
102
102
] 03
.104
.1.00
93
n.a.
2
3
3
3
3
3
3
3
3
3
n.a.
8
8
7
6
8
8
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
162
159
88
84
94
n.a.
19
KP.
105
200
149
486 .
?64
141
155
277
308
7
1
7
30
16
14
2
I
:
4
3
1
2
37
44
49
56
52
60
60
59
62
51
21
24
24
28
25
21
26
25
26
22
16
20
25
28
27
35
34
34
36
29
46
45
20
17
26
28
C1)
0)'
Pl
P(i)
Pl
!
PPreliminary.
n.a. Not available.
U^ess than 500 units.
NOTE.—Government underwritten units are those started under commitments of FHA or VA to insure or guarantee the mortgage. VA
figures after June 1950 and all FHA figures are based on field office reports of first, compliance inspections; VA figures prior to June 1950,"estimates
based on loans closed information. Other figures are estimated by Bureau of Labor Statistics on the basis of reports of building permits issued,
reported starts of public units, and a sample of places not issuing permits.
FREIGHT CARLOADINGS, BY CLASSES
[Index numbers, 1935-39 average-—1001
Monthly—seasonally adjlisted
Monthly—without seasonal ad ustment
Annual
Class
Total
Coal
Coke
Grain
Livestock
Forest products
Ore
I^liscellaneous
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
.121
108
114
120
124
121
114
110
103
100
\2o
124
56
90
87
149
56
98
97
147
89
105
109
150
111
106
116
159
85
106
133
60
j ?5
103
127
132
61
122
58
125
217
140
205
149
170
143
98
137
57
133
53
136
41
134
41
127
40
123
37
1954
Jan.
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
127
114
120
Ill
Ill
115
118
123
103
t 71
135
63
92
105
141
62
105
106
116
163
68
146
109
129
40
105
119.
142
62
154
184
135
41
143
215
143
43
132
144
129
40
90
90
138
59
119
145
126
40
98
98
131
67
129
137
123
39
in
150
72
141
109
125
40
1955
Jan.
1953
100
120
124
58
136
231
133
39
1954
.1.955
195-1
i2\
132
64
M8
210
134
39
122
38
127
40
133
41
NOTE.—For description and back data, see BULLETIN for June 194!. pp. 529-533
Based on daily average loadings. Basic data compiled by
Association of American Railroads. Total index compiled by combining indexes for classes with weights derived from revenue data of the Interstate Commerce Commission.
MERCHANDISE EXPORTS AND IMPORTS
[Jn millions of dollars!
Merchandise exports 1
Merchandise exports excluding
military-aid shipments 2
Merchandise imports 3
Month
January
February...
March
April
May
June
July
August
September..
October
November..
December. .
January . . .
1953
1954
1955
1 .293
1,200
1 390
1.394
1,453
1.385
1 360
1.187
1,256
1,253
1,247
1,353
1 .092
'•I 183
"1 ,167
1 ,293
1954
1,016
'923
927
1 125
*\ -426
1,052
1.054
1 085
1 ,013
'1 ,400
1 4/3
1 291
1 ,155
962
911
1,052
1,019
1,031
1,138
'1 111
' ! ,264
1 ,2-12
1 ,312
1 ,092
1953
1 ,167
1,016
1955
998
922
1954
922
856
833
809
862
957
829
946
822
824
781
1.004
t r 013
1,258
'1,136
1.114
'1,023
r
955
902
933
908
840
926
813
849
907
"•959
'1 ,160
1 .1.57
1 ,214
'923
1953
1 ,084
922
r
1955
764
839
942
833
c
'Revised.
Estimated.
1
Exports of domestic and foreign merchandise.
2
Department,
of
Defense
shipments of grant-aid military equipment and supplies under the Mutual Security Program.
3
General imports including imports for immediate consumption plus entries into bonded warehouses.
Source.—Bureau of the Census. Department of Commerce.
322
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 R e s e r v e
United
States
Year or month
B o s t o n
New
York
Philadelphia
district
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
Minneapolis
JOS
98
i05
103
U)0
103
Wi
109
115
124
104
97
104
108
tO6
111
109
104
98
104
99
105
J06
507
108
112
108
U4
106
(22
J12
110
Kansas Dallas
City
San
Francisco
SALES1
1948
1949
1950
.
1952
1953
1954
104
98
105
109
1.02
no
104
105
107
1 12
111
99
103
i 05
104
103
98
101
'05
(01
102
:03
too
U)6
109
109
111
109
i.05
3 13
•18
121
121
"i 1 i
i 10
113
105
1 26
128
107
5 04
no
104
104
104
112
112
103
99
iO8
111
113
112
113
105
102
113
117
124
125
125
104
98
JOS
309
114
11 5
113
no
'118
'109
155
i?0
in
SEASONALLY ADJUSTED
*954—January
February
March
., ,
r
April
, ,. . .
Mav
. .. o . • ,. June , < ..,
7'ilv
A 11 f'Ti 3^
September
October
November
December... .
1955—Tannarv
107
109
105
111
i0£
112
111
1t2
107
105
109
102
105
102
•05
109
102
i 13
! •0
\ 05
114
117
no
I iI
1 !4
v1 i8
i 04
:06
111
'02
104
-.09
i17
122
H9
f 17
98
107
113
i27
122
129
i 05
i !-7
»70
i 32
M.5
124
124
133
121
138
i 24
•;04
92
i 0?
• 00
i 09
H")5
102
109
< 05
i 09
i 07
108
105
105
!07
105
111
113
106
109
116
106
i 12
113
5C1
P
123
131
ill
108
tio
104
iO8
95
100
104
?03
105
108
106
lit
110
: 04
112
115
118
106
104
113
Pi 36
114
120
112
94
82
33
86
iO9
83
S3
92
1.12
*06
110
75
S3
yo
101
104
96
84
99
135
136
S 05
101
109
103
113
109
115
118
2 07
I?3
i?7
127
107
116
113
ill
114
114
115
no
129
130
134
114
118
123
135
1 ?.?
83
86
90
'93
98
102
119
119
112
111
115
S5
86
88
{07
107
105
116
WITHOUT SEASONAL ADJUSTMENT
1954—January , , . , . „ „
February
April
May
83
86
80
,.,,,,..
no
i 06
106
88
98
112
118
137
200
Ti'ne. , . . . ,
July
September
October
November
December...
1955 -huu'irv
SI
81
86
ICS
102
11
'•81
83
85
34-
\ Oi
O]
" 00
98
99
>04
104
HA
73
SO
J P6
85
30
SO
8?
SO
89
97
124
98
i\4
;32
oo
U3
93
184
"197
94
105
111
134
192
90
84
85
87
105
100
109
124
111
£05
97
105
124
113
107
99
108
127
113
113
1iQ
116
105
101
113
133
130
143
117
107
sOO
106
128
111
119
115
114
'HO
107
111
113
115
114
115
113
1*2
113
117
115
111
116
115
116
115
120
'•132
t 32
P115
P 139
104
111
119
120
119
109
106
112
130
105
'119
527
142
146
146
133
135
139
146
158
152
120
Pi 0 5
P125
83
115
110
133
200
111
113
no
132
146
7 22
130
153
23!
P91
t i6
i29
120
114
106
U5
123
141
154
231
193
120
180
88
93
81
92
107
97
108
102
120
140
135
146
140
111
100
110
128
115
123
121
102
96
107
128
117
no
100
104
117
107
115
114
110
101
112
132
126
137
130
107
100
110
131
125
126
119
108
100
113
132
124
136
131
142
141
117
117
106
110
111
111
111
112
113
119
123
120
120
118
M29
128
129
125
127
131
133
137
135
131
132
131
'125
130
127
127
128
131
133
132
134
132
129
133
123
121
124
116
119
122
129
129
128
128
130
143
122
122
122
122
124
124
122
122
122
117
127
120
116
118
119
129
516
120
115
116
117
Pi 45
118
.127
133
v\ 27
129
130
139
99
108
123
124
123
119
120
119
128
129
127
103
100
106
115
116
113
107
109
114
124
128
133
107
118
154
160
126
108
114
126
126
124
116
114
118
120
136
140
111
125
133
134
134
127
125
130
138
142
146
116
r\\3
127
136
135
130
121
123
129
139
144
143
121
111
113
125
125
129
122
125
122
132
144
141
107
P132
108
107
Pi. 0 8
122
P114
117
?'l()5
108
36
•>8
113
114
133
188
39
3 00
lit
123
137
STOCKS i
107
100
109
129
118
126
122
1948
J949
1950
1951 , , . .
1952
1953
1954 ...
no
109
108
97
104
114
121
130
201
5 08
! i\
122
5 00
111
112
116
135
147
225
134
SEASONALLY ADJUSTED
J954-—January.
119
121
120
121
122
124
124
125
124
124
124
M a r c h . „ ..,
Aoril
May
Jijly
August
,
September . . . .
October
November
December
v\23
5 955—[anuarv
118
117
120
117
M6
r
1 15
113
112
J14
116
117
116
155
'•118
115
115
116
113
113
118
M21
P!20
112
119
'100
111
J20
123
119
109
103
'•111
98
104
116
118
118
107
104
jll
120
130
129
103
P108
100
104
3.19
118
116
US
i\7
116
5 41
j "55
137
\39
1 3 9
139
141
147
145
137
137
335
137
136
143
141
144
P114
1 29
WITHOUT SEASONAL ADJUSTMENT
February
March
April
May
JulyAugust
, ,
.
September
October
November
December
1955—January
. . . .
108
114
126
127
126
116
115
120
129
138
139
110
Pill
102
106
120
122
121
110
105
114
121
131
138
no
121
132
134
12 i
1 2 8
14-7
143
138
128
123
136
147
^Preliminary.
'Revised.
1
Figures for sales are the average per trading day, while those for stocks are as of the end ot the month or the annual average.
NOTE.—For description and monthly indexes for back years, see BULLETIN for December 1951, pp. 1463-1515.
MARCH
1955
323
DEPARTMENT STORE STATISTICS—Continued
[Based on retail value figures]
DEPARTMENT STORE MERCHANDISING DATA
A m o u n t s (In millions of dollars)
Sales1
(total
for
month)
Year or month
1946 average
1947 averape
1948 average
1949 average
1950 average .
1951 average
1952 average
1953 average .
1954 average
. . .
.
.
1954—January
February
March
. .
April
May
June
JulyAugust
September....
October
November
December
.
.
1955 — J aim ar v P
New
orders2
(total
for
month)
Stocks
Outstanding
orders
Stocks
plus
outstanding
orders
964
588
494
373
495
460
435
421
387
373
366
386
358
391
390
397
408
407
354
364
363
358
401
379
401
401
409
2.3
2.5
2.7
2.7
2.8
3.2
2.9
3 o
3.0
3 0
L.7
L.4
L.I
L.4
L.3
L.2
1
1L.O
5.3
4.3
4.1
3.8
4.2
4.4
4.1
4 1
4.0
310
299
351
'369
403
343
'272
'365
452
'357
'399
392
3.3
3.6
3.4
L.2
L.3
L.O
'4.4
4.9
4 3
281
249
390
409
350
284
347
318
425
2.9
471
465
281
403
362
397
3.4
3 1
486
477
406
489
521
559
510
512
488
3.0
766
L.009
L.O75
L, 176
1,183
L ,161
1,067
L.042
1,095
L.184
26 R
1,318
1,056
301
504
335
1,042
384
321
400
437
509
..
Receipts2
(total
for
month)
767
887
979
925
L ,012
L,202
1,097
,163
1,136
306
350
.
Outstanding
ordersl
(end of
month)
345
365
381
361
376
391
397
406
407
402
372
378
.
Stocks1
(end
of
month)
Ratios to sales 3
Receipts
L.O
L.O
L.O
L.I
L.O
L.O
0
L.O
(
L.2
L 3
3.6
)7
1.0
1.5
3
1.2
3 1
2.8
3.9
L.O
) 9
3.8
4.9
4 5
L 2
3 8
399
2 9
2 6
1.4
1 t
0 8
0.4
4.2
4 0
3 4
1.8
L.2
L 2
1
0.7
404
3.1
1.1
4.3
1.0
pPreliminary.
'Revised.
1
These figures are not estimates for all department stores in the United States. They are the actual dollar amounts reported by a group of
department stores located in various cities throughout the country. In 1954, sales by these stores accounted for about 50 per cent of estimated
total 2department store sales.
Receipts of goods are derived from the reported figures on sales and stocks. New orders are derived from receipts and reported figures on
outstanding
orders.
3
The first three ratios are of stocks and/or orders at the end of the month to sales during the month. The final ratio is based on totals of
sales and receipts for the month.
NOTE.—For description and monthly figures for back years, see BULLETIN for October 1952, pp. 1098-1102.
WEEKLY INDEX OF SALES
[Weeks ending on dates shown.
1947-49 =100]
Without seasonal adjustment
1954
1953
1952
1951
Apr.
109 Apr. 4
101 Apr. 5
7
11
12
14
111
100
18
19.... 97
21. ... 97
25
26
28
105
101
May
113 May 3
5
10
12.... 110
17
19
99
24
26
100
June
2
9
16
95 June
108
106
23
92
30.... 89
July
7
14
21
28....
75 July 5
12
83
19
81
26
80
4
11
18
25
88 Aug.
87
93
97
118 Apr.
97
105
104
3
10
17
24
31
111 May 2
9
117
16
99
23
105
30
97
114 May 1
112 Nov.
8
128
123
15.... 97
105
22
112
106
29.... 104
97
7
14
21
28
111 June
116
98
91
118 June
112
111
94
6
13
20
27
1952
1951
103 Oct. 6
13
113
20
118
27
101
3
10
17....
24
5
97 Dec 1
12. ... 111
8
15
19
115
22
26
97
29
31
Aug.
2
9
16
23
30
105 Sept. 6
13
100
20
114
22
27. ...
111
29... '. 114
Sept. 1
8
15
87 Aug.
90
95
100
110
100 Sept. 5
12
114
19
113
26
112
7
14
21
28
92 Feb.
97
100
102
2
9
16
23
101 Sept. 4
11
102
18
120
114
25
113 Mar.
97
120
118
1
8
15
22
29
86 Aug.
92
95
100
101
1
8
15
22
29
.
93 Jan. 5
77
12
19
88
26
84
87
1954
112 Oct. 2. . . .110
9
120
118
16.... 119
118
23
113
123
30
31.. .. 113
117
121 Nov. 1 .... 115 Nov. 7
14....
127
8. . . 118
.
21
130
15 , ... 130
28. . .
123
22
134
29. . . .138
121 Nov. 6
.127
13. ....130
133
20
.134
131
.133
27
.133
161 Dec.
191
213
228
92
190 Dec.
216
234
163
1952
79 July 3
92
10
17
84
24
83
79 July 4
11
83
18
82
25
79
1953
110 Oct. 4. ... 116 Oct. 3
10
117
11. ... 126
17
116
18
124
24
113
25
122
6. ... 195 Dec. 5
12
13
223
20. . . .
19
237
27
26
146
1954
1953
4. . . .192
.
11 . . .224
.
.240
18
.190
25
1955
78 Jan. 3 . ., 81 Jan. 2. ...
10 ... 89
92
9
17 . . . 92
90
16
24 . , 86
23
83
31
30...,
87
81 Jan. 1
94
8
15
85
22
86
29
85
84 Feb.
87
89
83
86 Feb. 5
.
91
12
.
86
19.... .
90
26
.
7
14
21
28
85 Mar. 7
14
88
21
90
94
28
101
88 Feb. 6
13
92
20
85
27
93
96 Mar.
100
109
112
80
.106
. 99
. 95
. 87
'86
92
90
93
85 Mar. 5 .... . .98
6
13
92
12
20.... 95
19
27.... 100
26
'Revised.
NOTE.—For description and weekly indexes for back years, see BULLETIN for April 1952, pp. 359-362.
324
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 Jan. Dec. Year Federal Reserve Jan. Dec. Year
district,
district,
1954
1955
1955 1954 1954
area, or city
area, or city
United States.
p+9
+4
+7!
Boston
Met. Areas1
Portland
Boston
Downtown
Boston2
Suburban
Boston
Cambridge.
Quincy
LowellLawrence . . . .
New Bedford..
Worcester2
+3
+7 +3
+8 +3
+2
+5
+ 18!
+ 12;
+7
+3
+1
+3
+3
+4
+ 15
+4
i
Cities
+2.
+9i
+2
+2
| P +5"
+3
Springfield....
P r o v i d e n c e 2 . . . .;
New York
Met. Areas1
Albany-Schenectady-Troy
Albany
Schenectady...
Binghamton....
Buffalo 2
Buffalo
Niagara Falls.. I
New York-N. E.
New Jersey...
Newark2 2
N. Y. C i2t y . . .
Rochester
|
Syracuse2
!
Utica-Rome
\
Utica
Cities
Bridgeport2
Elmira
Poughkeepsie...
Philadelphia...
Met. Areas
Wilmington....
Trenton 2 2
Lancaster 2
Philadelphia
...
Reading2
Scranton
Wiikes-Barre—
j
Hazleton2
City 2
York
Cleveland
j
Met. Areas
:uy
+3 Portsmouth 2 . . .
+1 Richmond
Met. Areas1
+ 8 Washington 2 . ..
+ 3 Downtown
Wash
Baltimore2
- 1 Asheville2
2 Raleigh2
0 Winston-Salern2
Charleston,
S.C.:
2
2
+ 1 Columbia
Greenville
- 1 Norfolk2
Portsmouth
..
2
+1 Richmond
2
Roanoke
Charleston,
W. Va. 2
+ 11
2
+ .1.0
+7
'"+5|
+14:
+ 315.
() i
+ 15:
+ 17!
+21|
-1
(
+2!
Cities
Cumberlando
- i Hagerstown. .
+1
—1
Spartanburg...
o:
o
Lynchburg 2 . . .
+4;
Newport News.
+6
Huntington 2 . .
+7
+6 +4 . Parkersburg.. . +21
+3; - 2 :
-l
p+12
+ Atlanta 1
Areas 2
+ — 1 Met.
Birmingham .. + ill
+2:
-HO! +4j + 1 Mobile
+6
Montgomery.2 .
!
Jacksonville
..
+
;
2
+5; + lj
Miami
P+27
5
Orlando
+
11.
+ i3; +?|
St. PetersburgTampa
+5; +4;
St. Petersburg
2
Tampa
-lj
+6 + 8 +3 Atlanta 2
0
+ 11
P+21
Augusta
4 -1
Columbus
+ 7 +5
Macon2
P+8_
+5 +4
Savannah
+3
Baton Rouge22 .
+81
New Orleans
.
+ 10!
2
+ 14- +9: - 5 Jackson
Chattanooga 2 .
'±2 7 |
Knoxville 2 .... P+2--I
o| - 1 ;
!
Nashville-'
+<i
+3,
Cities
-2
Rome
+7
—!
-4
Meridian
—1
+4 +3
Bristol
+2
-4
+5
Chicago. . .
—/
—1
0
3!
Lexington
Akron2
Canton2
Cincinnati2....
Cleveland2
Columbus2
+4 +4
Springfield2....
+2
Toledo2
| +7:
-2Youngstown2...
+3'
Erie2
+ 1 _?
P i t t s b u r g h 2 . . . . +32 +131
P Preliminary.
'leve.-cont.
Met. Areas-cont.
Wheeiing+2
Steubenville2..
—6
+
(3)
1
Met. Areas
Chicago 2 ...
Aurora....
Elgin
Joliet 2 ....
Gary
+6
+ 12|
+ 12
+ 10
Federal Reserve Jan. Dec. Year
district,
1955 1954 1954
area, or city
s
area, or city
jJan. ! Dec! Year
! 1955 ' 1954 i 1954
I
I
Kan. City-cont:
'hicago-cont.
Met. Areas-cont. \
Met. Areas-cont.
2
- 1 Wichita
-4
i +21 +22
Decatur
- 2 St. Joseph
: - 3 -1
Peoria2
+
9:
6
Omaha
:
+ 1 , +6
Rockf ord 2
+i — 2! - 4 Albuquerque. ..I -4-18;
Tri-Cities
+1
+ 14
Oklahoma
City.!
+2
7! + 17
(Moline,
+6; +2
Tulsa
! +111 '+4
Rockland;
Davenport)
-1
Fort WTayne22.. .
+4 Cities
,
I
1
- 3 Greeley
Indianapolis
...
+K)| +6
'+4j +2 Muncie
(')'
Hutchinson
—
3!
2
+6
- 5 1 - 1 4 Toplin
! +16* + 1
0i
- 1 South Bend .2 . .
1! - 4
Haute ,..
Kansas City....! +9 +5
+8!! +2 Terre
Cedar
Rapids...
+20. -3
+ 1 - 2 Des Moines.... +7 +3! +4 Enid
+8
+2
- 2 Dubuque
-2
+ 13
+6
+4 Sioux
, +15! +7
- 1 Dallas
City
+2
(3) .1
Waterloo
+ 5 +2! - 2
+4 +
+3 Detroit 2
- 3 Met. Areas
'•
+4
+8
+10
Flint 2
+11 +3
+6 - 2A Shreveport
0 Grand Rapids 2 . p + 10- +3
Corpus Christi..; +17, + 12;
+ 12
+47 —A Jackson
2
j +20;
0 — 7 Dallas2
+4
+ 7 +1 Kalamazoo
;
0 El Paso
+10|
7
+3
l ++4
15 + 7 Fort Worth.
. . .; +16|
Lansing2
2
+8!
— 7 Houston
Saginaw
+11!
+2; - 6 Green Bay
+8! +5 +4 Waco
+10! +8
+7-.1
Madison
2
+8
-1
Milwaukee ....
'+12
+6:
San
Francisco..
+1
I
Cities
1
- 8 Met. Areas
- 1
-11
2
+6! - 2 Danville
Phoenix
|
+2.
+4J
Battle Creek. . . + 17 - 3 , - 9
2
+ 1 - 6 Muskegon
1 +4J
0
+ 14! +4i — 7 Fresno
2
0
Port Huron. . . . + 1 - 8 | - 1 0 Los Angeles . . ." P + 9 ;
+4
+51
Downtown
-1
Appleton
+3
2
L. A.
+4
+ 14 - l ! _ 2
+7 +2 Sheboygan
WestsideL.A.2;
P + 9 ; +4;:
2
Long
Beach
.
.:
+
lli +
0
St. Louis
+4
Pasadena
+5| +
+4;
+(-> 0
Santa
Monica..
+20j
+8
+ 1 - 1 Met. Areas
i
+ 18 +4 - 1 Riverside and
+6 + 1 Fort Smith 3
San
Beri
+1
+3
+5 +3 Little Rock2 ..
nardino 2
+18 + 7
+23| + Evansville
...
+4 - 1 0 ! - 1 3
... +12
+2; +2 Louisville2
+ 1; - 1 Sacramento
San Diego2
+3
Springfield2
+2 San
P + 4 1 +18
Francisco- !!
St. Louis
P +8
+6! + 1
Oakland2
-»+10.
+8 +1 Memphis2
P+16
+8. +2
Oakland- 2
!
|
-1
Cities
0;
Berkeley ..
+ 10 +4 Quincy
+4|
+3
+2
Downtown
—4
-21
-3:
Oakland 2 ..
0
|
+9 +4 Paducah
San Francisco2
+6] +3
+5
Minneapolis. .
Vallejo 2
+3; +3
+8' +5
+••!
- ,
San Tose2
+11!
+4| +1 Met. Areas1
Stockton
!
0"
+5: +3 Mpls.-St. Paul2 2, +6
+ 1 Portland2
+11, +5:
2
+4 -2 Minneapolis
. . +6 +j
+2 Salt Lake
City
.
+12
:
2
-2
-2
+6 +11 - 1 Seattle 2 ...
St. Paul
+
+20 +5
+ 14- + Sioux Falls
+2 +7 + 1 Spokane2
+19; +5:
+6
- 1 Cities
!
Tacoma 2
+20 ! + 10
+2! -5 Mankato
-4 ; +7 +2
Duluth- 2
Cities
•
/)
-3
-6
-2! + l |
Superior
Tucson
+ i4: + 10
+24 + H
Great Falls
Bakersfield 2 ....
+8| -4
!
Boise and
!
:
+2; - 2 Grand Forks. . . +5 +7
LaCrosse
+5 -2
Nampa
+11
Idaho Falls
+3
+2
0 Kansas City....' +10 + 6
Twin Falls
+14 +(>••
-1
-6
Bellingham
+20i +6!
!
+8 ; +2 Met. Areas
I
',
Everett 2
+28 r +6
2
!
Denver
I +15.! +11
Walla Walla
... +29, +7
+51 - 1 0 Topeka
+1.6 +1
Yakima2
P + 12= +3
-SI
a
+5
-5
+4
+1
+9
r+1
-5
0
0
0
-2
4=51
-1
+3
+1
-3
-1
0
+1
-1
-3
0
-2
+2
0
+2
+1
-6
-5
-4
0
-2
+1
-9
-2
-4
+1
+2
-4
-4
+1
-1
0
-7
r
Revised.
shown under various metropolitan areas do not necessarily include all portions of such areas.
Indexes showing longer term comparisons are also available for these areas and cities and may be obtained upon request from the Federal
Reserve
Bank in the district in which the area or city is located.
3
Data not available.
4
Nine months 1954.
1
Breakdowns
2
MARCH
1955
325
DEPARTMENT STORE STATISTICS—Combined
[Based on retail value figures]
SALES AND STOCKS BY MAJOR DEPARTMENTS
:
Department
Percentage
change from a
year ago
Ratio of
stocks 1to
sa es
Sales
during
period
December
Stocks
(end of
month.)
Year
1954
Sales during
period
1954
Dec.
1954
1954
Stocks at end
of month
1953
1954
1953
1953
Dec.
Nov.
Dec.
Dec.
Xov.
Dec.
!
Dec.
1954
Federal Reserve index numbers
without seasonal adiustment,
1947-49 avcragc==l 00-
—I
Piece goods a n d h o u s e h o l d textiles.
Piece goods
Silks, velvets, and synthetics
\Voolen vf'rd pools'
Cotto11 \*ard ^oo^s
- •
Household textiles
l^'nen^ and towels
Do in e^t ics—mu '1 i n^ <^ > "cti n gs
Blankets comforters and snrcads
. ..
. •
I^ace^ trimmings embroideries and ribbons
\To^ ions
Toilet articles drug sundries
..
Silverware and iewelrv
Silve r ware and clocks
Costume iewelrv
Fine jewelry and watches
..
,..
:
a n d accessories
Women's and misses' ready-to-wear accessories
Xeckwear and scarfs
.
1 Tandkerchiefs
ViUinorv
Women's and children's gloves
Corsets and bra^ieres
Women's and children's hosiery
Underwear, slips, and negligees
ICnit underwear
Silk and muslin underwear and ^lips
Negligees, robes, and lountrmg apparel
Infant^' wear
Handbags, and small leather goods
Women's and children's shoes
Children's shoes
Women's shoes
Women's and misses' ready-to-wear apparel
Women's and misses' coats and suits
Coats
Suits
Women's and misses' dresses
Inexpensive dresses
Better dresses
Blouses skirts and sportswear
Aprons, houscdrcsscs, and uniforms
Furs
AT en's cl o t h i ng
Men's furnishings and hats
Bovs' wear
Aleii's and boys' shoes and slippers
+1
189
188
1.35
108
+1
5.0
114
94
116
111
111
111
0
5.8
5.6
5.3
3.8
3 .6
3.7
4.2
62
58
71
63
75
71
96
69
62
58
69
63
84
75
85
106
76
87
97
84
77
90
98
126
120
141
124
126
110
i 59
119
'•)
- 3
•
+1
+4
+2
+1
•
8 •!•
4-6
4-8
-2
-2
-1-1
4-2
7 7
— ?.
7 6
7 7
3 7
2.6
188
102
158
107
1 20
77
127
15-1
1 89
4 0
2 5
156
127
113
: 57
1 16
•
, 4
1.4
258
137
248
110
146
111
2.4
2.2
1.3
2.3
I .4
128
154
275
96
107
121
.1.31
153
265
100
1 18
109
1 18
141
146
98
1 17
108
1 .4
2 3
0.8
1 .6
2.5
0.9
2.3
2 78
21J
312
334
143
253
196
277
303
111
173
102
120
148
117
153
143
.1 14
127
102
121
-t
-4-10 ! + 5
+ 13 !'-• + 8
+ 10
4-5
+2
-2
-1
-1
5
>7
7 1
1 7
155
1 16
- 4
7
2.9
2.9
137
11.9
141
108
114
110
+1
-2
+2
0
( 9
1 .0
0 8
0.9
1 .0
0.9
352
288
379
191
150
209
3 13
285
366
110
110
106
1.68
151
172
110
108
1.08
+1
+1
1.3
1.3
181
120
177
109
142
107
1 .4
0.7
0 7
0.8
1.1
2.6
1 .0
208
788
2 76
95
283
148
177
124
151
99
.102
148
117
102
206
795
295
96
277
138
182
111
120
69
64
80
142
110
H-8
190
11 6
86
130
146
149
109
109
71
73
83
133
104
- 1
—6 ;
0 !
4-2
—6
-6
-3
+7
+3
-3
+7
+6
1 3
0.8
0 8
0 7
1 .0
7 6
1.1
—
= ;1
0
-4
-2
0
—4
0
0.9
1 .0
0.9
0.5
0.9
1.0
0.9
0.5
261
295
241
311
125
149
105
138
266
288
244
314
98
131
93
81
160
196
136
166
100
131
97
81
4-7
0
+2
+6
+2
1 .4
0.8
1 .4
0.8
218
276
155
135
214
259
101
148
162
111
104
+4
+3
+ 01
-1
+4
0
+7
—4
-1
. . .
127
4-1
+26
M e n ' s a n d b o v s ' wear
195
+4
+4
+3
+5
+2
+2
+2
+5
Tuniors* and gi r ls' wear
Juniors' coats suits and dresses
Girls' wear
1.6
2.9
0
!
I 5
1.6
-M
-1-3
Books and stationery
..
Book** pnd mafra'-iine3
Stationery
W o m e n ' s a n d m i s s e s ' apparel
!
* =>
-1
+4 ; +2
.
Art needlework
0
-1.
4-6
-I •
-2
-1
0
1
vr\IN STORE—total
—3
1
4-3
1 I _
GRANS.) TOTAL—ositire stored . .
+4
+5
+3
+4
+6
—1
2
0
-8
—6
—1 1
0
- 2
+1
+9
+1
-4- ] o
— 12
-4
0
3 3
+2
2.6
36
3.4
2.6
3.7
142
162
137
110
1.1.0
110
138
156
133
126
118
127
144
148
141
126
116
127
+1
.3
8
5
> 8
1.3
\ ,8
1 4
2.9
153
93
105
55
117
112
132
57
147
93
103
57
106
101
105
82
133
113
1 ?8
79
104
101
100
89
.0
1
0.9
1.0
1 .1
0.9
185
132
248
135
103
1 74
177
128
237
104
99
107
151
129
169
98
96
99
1 4
1.1
1.8
1.4
1 .1
1.8
110
113
1.10
92
90
96
108
111
107
105
101
107
115
111
117
1.04
97
108
1 .0
1.4
1 .8
1 .1
1.3
2.3
144
204
1.36
91
150
222
1-1-5
163
116
107
95
167
121
119
116
103
98
1.3
1.4
277
148
266
110
152
111
2 4
0.9
1.3
2.6
0.9
1.3
2.3
180
347
263
241
136
153
.1.60
127
171
336
253
228
121
104
97
118
151
160
139
1.42
126
104
94
119
0
—1
+4
-7
+6
+3
+8
+1
+4
-1
0
+4
—4
+1
+
+ 11
+3
-1
2.2
For footnotes see following page.
326
FEDERAL RESERVE BULLETIN
DEPARTMENT STORE STATISTICS—Continued
I Based on retail value figures]
SALES AND STOCKS BY MAJOR DEPARTMENTS - Continued
Percentage
change from a
year ago
Department
Stocks
(end of
month)
Sales
during
period
Dec.
1954
Year
1954
Federal Reserve index numbers
without seasonal adjustment,
1947-49 average—100 2
Ratio of
stocks 1to
sales
Dec.
1954
Sales during
period
December
1954
1953
1953
Dec.
Homef urnishings.
1953
1954
1954
Stocks at end
of month
Xov
Dec.
Dec.
Xov.
Dec.
+4
-2
-3
2.7
2.8
139
123
134
106
115
109
Furniture and bedding
Mattresses, springs, and studio beds.
Upholstered and other furniture
+
-3
-3
—7
-2
-7
3.8
3.3
4.0
4.4
3.6
4.5
109
83
114
128
124
129
103
81
108
111
146
106
110
132
106
119
149
114
Domestic floor coverings.
Rugs and carpets
Linoleum
+
Draperies, curtains, and upholstery
Lamps and shades
China and glassware
Major household appliances
Housewares (including small appliances).
Gift shop
Radios, phonographs, television, records, etc
Radios, phonographs, television
Records, sheet music, and instruments
Miscellaneous merchandise departments
Toys, games, sporting goods, cameras.
Toys and games
Sporting goods and cameras
Luggage.
Candy..
BASEMENT STORE—total
+2
+6
+5
-2
-6
—7
-10
-3
0
-12
4.6
4.8
4.4
4.9
5.0
5.0
85
84
44
112
112
62
81
80
45
103
107
55
.103
102
66
106
106
63
-1
0
0
+ 12
+6
+1
-3
-4
-3
0
0
2
0
3.4
2.0
2.9
2.5
2.0
1.4
3.4
2.0
2.9
2.9
2.1
1.4
119
176
232
65
183
372
139
136
146
67
123
197
120
177
232
57
173
369
108
109
117
81
114
129
115
123
136
81
133
176
108
111
119
82
113
127
+4
+4
+6
-2
-6
+2
1.1
0.9
1.4
1.2
1 .1
1.4
234
239
300
148
180
144
225
231
284
86
87
100
112
132
128
89
94
98
0.7
0.7
335
172
325
94
165
94
-2
-4
+1
0.6
0.4
1.4
0.7
0.5
1.5
502
581
330
258
313
149
488
577
303
101
94
111
206
253
149
103
97
111
1.4
0.3
1.6
0.3
247
309
108
120
231
292
108
143
116
+3
+3
+1
+9
+7
+6
+4
Domestics and blankets
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
+3
+1
+2
+1
+2
+6
+8
+4
-2
-3
Men's and boys' wear
+7
Men's wear
Men's clothing. . . .
Men's furnishings.
+7
+ 10
+3
+9
+1
+6
+2
+3
Boys' wear
Homef urnishings
Shoes
NONMERCIIANDISE—total.
Barber and beauty shop
i
+8
+1
+1
0
+2
0
+3
-1
-5
-3
-1
-2
0
-10
-6
+1
+3
+1
-9
+4
+5
+6
+3
+3
0
+1
+6
7
-2
-1
0
+2
160
1.1
1.2
177
128
171
100
126
98
2.3
2.1
142
118
143
131
129
124
0.9
0.9
166
119
162
94
126
92
123
(*1)
197
(4)
100
134
CO
(4)
(*)
98
106
1.45
147
146
100
(0
(0
82
88
90
92
102
+2
0.9
1.0
1.0
1.1
1.3
0.8
0.8
0.7
1.0
1.1
0.9
199
0
-2
1.0
0.9
1.1
1.4
0.8
0.8
0.7
1.0
1.1
+1
+1
-4
0.9
1.4
0.6
+5
0
-2
+2
+6
+2
0
-1
+1
+6
+3
+9
(0
CO
CO
C)
101
81
135
171
176
C1)
CO
83
114
193
223
219
270
165
251
0.9
1.6
0.7
267
185
307
162
160
162
249
168
297
0.9
0.9
261
240
95
2.3
2.3
118
136
117
2.0
2.2
157
114
(0
151
143
0)
118
CO
81
117
203
240
229
CO
86
91
98
91
102
CO
CO
CO
144
144
137
147
99
106
92
107
113
107
148
103
122
106
149
CO
CO
CO
(0
CO
CO
CO
99
99
108
(0
97
1
The ratio of stocks to sales is obtained by dividing stocks at the end of the month by sales during the month and hence indicates the number
of months' supply on hand at the end of the month in terms of sales for that month.
-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.
;5
For movements of total department store sales and stocks, see the indexes for the United States on p. 323.
4
Data not available.
NOTE.—Based on reports from a group of large department stores located in various cities throughout the country. In 1954, sales and stocks
at these stores accounted for almost 50 per cent of estimated total department store sales and stocks. Not all stores report data for all of the
departments shown; consequently, the sample for the individual departments is not so comprehensive as that for the total.
MARCH
1955
327
PRICES
CONSUMER PRICES
[Bureau of Labor Statistics index for city wage-earner and clerical-worker families.
1947-49=100]
Housing
All
items
Year or month
Gas
Solid House- Household
fuels
furand
ard
nish- operaelection
tricity fuel oil ings
Foods
Total
Rent
Apparel
Transportation
Medical
care
Personal
care
Reading
and
recreation
Other
goods
and
services
1929
73 3
65 6
117 4
60.3
1933
55 3
41 6
83 6
45.9
1941
1942
1943....
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954...
62 9
69 7
74.0
75 2
76 9
83 4
95.5
102 8
101.8
102 8
111.0
113.5
114 4
114.8
52 2
61 3
68.3
67 4
68 9
79 0
95.9
104 1
100.0
101 2
112 6
114.6
112 8
112.6
95.0
101 7
103.3
106 1
112 4
114.6
117 7
119.1
88 4
90 4
90 3
90 6
90 9
91 4
94.4
100 7
105.0
108 8
113 1
117.9
124 1
128.5
97.6
100 0
102 5
102 7
103 1
104.5
106 6
107.9
88.8
104 4
106 8
110 5
116 4
118.7
123 9
123.5
97.2
103 2
99.6
100 3
111 2
108.5
107 9
106.1
97.2
102 6
100.1
101 2
109.0
111.8
115.3
117 A
55.6
64 9
67.8
72 6
76.3
83 7
97.1
103.5
99.4
98.1
106.9
105.8
104.8
104.3
90.6
100.9
108.5
111.3
118.4
126.2
129.7
128.0
94.9
100.9
104.1
106.0
111.1
117.3
121.3
125.2
97.6
101.3
101.1
101.1
110.5
111.8
112.8
113.4
95.5
100.4
104.1
103.4
106.5
107.0
108.0
107.1
96.1
100.5
103.4
105.2
109.7
115.4
118.2
120.2
1954—January
February
March
April
May
115.2
115.0
114.8
114 6
115.0
115.1
115 2
115.0
114 7
114.5
114 6
114.3
113.1
112.6
112.1
112 4
113.3
113.8
114 6
113.9
112.4
111.8
111 1
110.4
118.8
118.9
119.0
118 5
118 9
118.9
119 0
119.2
119 5
119.5
119 5
119 7
127.8
127.9
128.0
128 2
128 3
128.3
128 5
128.6
128 8
129.0
129 2
129 4
107.1
107.5
107.6
107 6
107 7
107.6
107 8
107 8
107 9
108 5
108 7
109 1
125.7
126.2
125.8
123 9
120 9
120.9
121 1
121.9
122 4
123 8
124 2
125 5
107.2
107.2
107.2
106 1
105 9
105.8
105 7
105.4
106 0
105.6
105 4
105 4
117.2
117.3
117.5
116 9
117.2
117.2
117.2
117.3
117.4
117.6
117 8
117.7
104.9
104.7
104.3
104.1
104.2
104.2
104.0
103.7
104.3
104.6
104.6
104.3
130.5
129 A
129.0
129.1
129.1
128.9
126.7
126.6
126.4
125.0
127.6
127.3
123.7
124.1
124.4
124.9
125.1
125.1
125.2
125.5
125.7
125.9
126.1
126.3
113.7
113.9
114.1
112.9
113.0
112.7
113.3
113.4
113.5
113.4
113.8
113.6
108.7
108.0
108.2
106.5
106.4
106.4
107.0
106.6
106.5
106.9
106.8
106.6
120.3
120.2
120.1
120.2
120.3
120.1
120.3
120.2
120.1
120.1
114.3
110.6
119.6
129.5
109.4
126.1
104.6
117.7
103.3
127.6
126.5
113.7
106.9
119.9
June
July...
August
September
October
November
December
1955—January
120
11
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
Furniture
and
other
household
durables
Nonmetallic
mineralIs—
structural
92.5
100.9
106.6
108.6
119.0
121.5
123.0
95.6
101.4
103.1
105.3
114.1
112.0
114.2
93.9
101.7
104.4
106.9
113.6
113.6
118.2
98.0
100.4
101.6
102.4
108.1
110.6
115.7
100.8
103.1
96.1
96.6
104.9
108.3
97.8
124.4
124.5
124.5
124.4
124.4
124.3
124.3
124.3
124.4
124.3
125.3
125.7
115.2
115.1
115.0
115.6
115.5
115.4
115.3
115.3
115.3
115.6
115.6
115.7
120.9
121.0
121.0
120.8
119.3
119.1
120.4
120.5
121.7
121.9
121.8
121.8
118.2
118.0
117.9
121.5
121.4
121.4
121.4
121
121.5
121.5
121
121.4
101.1
102.8
104.9
110.3
109.2
105.1
103.9
102.3
99.1
96.7
97.0
98.0
92.0 108.1 107.1 136.4 120.3 116.3 130.3 125.9 115.7 122.2 121.4
97.2
MaPulp,
Chem- Rub- Lum- paper,
Metals chinery
icals
ber
ber
and
and
and allied
and
and wood
metal and
moallied prodprod- tive
prod- ucts prod- products
ucts products
ucts
ucts
All
com- Farm Processed
modi- products foods Total
ties
Textile
products
and
apparel
Hides,
skins,
and
leather
products
Fuel,
power,
and
lighting
materials
1947
1948
1949
1950
1951
1952
1953
96.4
104.4
99.2
103.1
114.8
111.6
110.1
100.0
107.3
92.8
97.5
113.4
107.0
97.0
98.2
106.1
95.7
99.8
111.4
108.8
104.6
95.3
103.4
101.3
105.0
115.9
113.2
114.0
100.1
104.4
95.5
99.2
110.6
99.8
97.3
101.0
102.1
96.9
104.6
120.3
97.2
98.5
90.9
107.1
101.9
103.0
106.7
106.6
109.5
101.4
103.8
94.8
96.3
110.0
104.5
105.7
99.0
102.1
98.9
120.5
148.0
134.0
125.0
93.7
107.2
99.2
113.9
123.9
120.3
120.2
98.6
102.9
98.5
100.9
119.6
116.5
116.1
91.3
103.9
104.8
110.3
122.8
123.0
126.9
1954
January
February
March
April
May
June
July
August
September
October
November
December
110.9
110.5
110.5
111.0
110.9
110.0
110.4
110.5
110.0
109.7
110.0
109.=
97.8
97.7
98.4
99.4
97.9
94.8
96.2
95.8
93.6
93.1
93.2
'89.9
106.2
104.8
105.3
105.9
106.8
105.0
106.5
106.4
105.5
103.7
103.8
103.5
114.6
114.4
114.2
114.5
114.5
114.2
114.3
114.4
114.4
114.5
114.8
114.9
96.1
95.3
95.0
94.7
94.8
94.9
95.1
95.3
95.3
95.4
95.2
95.2
95.3
94.9
94.7
94.6
96.0
95.6
94.9
94.0
93.0
92
92.8
91.8
110.8
110.5
109.2
108.6
108.2
107.8
106.2
106.9
106.9
106.9
107.4
107.5
107.2
107.5
107.4
107.2
107.1
106.8
106.7
106.8
106.8
106.9
107.0
107.0
124.8
124.6
124.9
125.0
125.1
126.1
126.8
126.4
126.9
128.5
131.4
132.0
117.0
116.8
116.7
116.2
116.1
116.3
119.1
119.1
119.3
119.8
119.9
120.0
117.0
117.1
116.6
116.3
115.8
115.8
116.2
116.3
116.3
116.3
116.0
115.9
127.2
126.2
126.3
126.8
127.1
127.1
128.0
128.6
129.1
129.7
129.9
129.8
1955
January
110.2
115.;
95.2
Year or
month
92.9 103.
Tobacco
mfrs. Misand cellabottled neous
beverages
p
Revised.
Source.—Bureau of Labor Statistics, Department of Labor.
Back figures.—See BULLETIN for March 1952, pp. 311-313.
328
FEDERAL RESERVE BULLETIN
PRICES—Continued
WHOLESALE PRICES, BY GROUPS OF COMMODITIES—Continued
[Index numbers of the Bureau of Labor Statistics, 1947-49=100]
Subgroup
Nov.
Dec.
Jan.
124 1
111.3
127.6
124.1
111.0
127.6
124.0
111.0
127.6
132.0
121 .5
130.0
137 5
118.2
115 3
135.5
127.2
131.6
142 0
1.1.8.7
114 3
135.0
127.6
131.6
142.3
118.7
114.3
136.0
128.1
131.6
142.7
118.7
113.7
117.6
117.4
117.8
117.8
127.2
126.2
125.9
125.8
122 7
121 3 '•121.2
121 A
131.2
132.8
131 .8 '132.6
134.0 1 3 4 . 7
133.1
135.9
128.2
124.7
128.1
126.0
128.2
126.0
128.6
126.3
126.8
118.9
126.7 1 2 6 . 8
121.0 1 2 1 . 7
126.8
121.7
114.2
126.2
122.5
109.6
96.1
73.5
128.1
112.9
128.6
124.0
109.1
95.4
69.2
131.5
112.9
128.6
124.0
109.4
95.4
69.2
131.5
112.9
128.6
123.7
109.2
95.4
69.0
131.8
Flat glass
117.3
Concrete ingredients
112.8
Concrete products
Structural clay products
96.1
93.6
GvDsum nroducts
61.4
Prepared asphalt roofing
109.0
Other nonmetallic minerals
113.7
107.8 Tobacco Manufactures and Bottled
Beverages:
124 7
119.9
117.2
131.9
122.1
109.9
119.8
123.9
122.1
117 A
135.4
122.1
106.1
119.5
123.9
122.3
111 A.
135.4
122.1
106.1
119.5
123.9
123.1
117.4
135.8
122.1
106.1
119.5
Cigarettes
Cigars
Other tobacco products
Alcoholic beverages
Nonalcoholic beverages
124 0
3 03.5
120.7
115.0
125.1
124.0
103.7
121.4
114.3
148.1
124.0
103.7
121.4
114.3
148.1
124.0
103.7
121.4
114.3
148.1
Toys, sporting goods, small arms.. 113.1
94.0
Manufactured animal feeds
Motions and accessories
93 5
Jewelry, watches, photo equipment. 102.1
119.8
Other miscellaneous
112.8
85.0
101.2
103.5
120.9
112.9
86.8
101.2
103.5
121.0
113.6
85.0
101.6
103.6
121.3
Jan.
Kov.
Dec.
Jan.
91 .2
91 3
91 .8
104 2
97.5
92 7
90.5
161.0
103.2
93 5
76 4
104 5
95 1
83 5
92 0
164 6
96.9
9? S
74.0
105.0
93.6
'64 0
93.8
157.7
107.0
93 6
79.3
104 1
93.6
65.1
94.4
157.1
112.4
96 4
109.4
116.5
86 3
108.8
116.8
85 2
108.2
116.6
87 8
107.1
103.8
110 1
182.1
111.5
10S 5 1 0 6 . 0
112 3 1116
197.8 203.4
98.4
97.8
90.4
111.0
85.4
142.1
99 1
82.7
89
106
86
127
98
77
9 *-89.9
6 106.7
87.2
9
4 123.9
98.4
4
76.9
6
56.8
88.1
111.9
98.1
52
82
111
96
7
0
7
0
111.9
132.5
1118
100.7
114.2
105.1 105.2
132 4 132.4
107 3 '•no.2
103 0 M00.7
109.5 110.4
Processed Foods:
Cereal and bakery products
IVteats Doultrv and fish
Dairy products and ice cream
Canned, frozen fruits, and vegetables
Sugar and confectionery
Packaged beverage materials
Other processed foods
90.2
106.7
87.4
124.2
98.2
77.2
Hides, Skins, and Leather Products:
Hides and skins
Leather
Other leather products
47.4
81.5
111.6
95.9
Fuel, Power, and Lighting Materials:
Coal
Coke
Gas
Electricity
Petroleum and products
Chemicals and Allied Products:
105.2
132.4
110.2
100.7
111.6
117.4
112.8
'96.2
93.6
r
59.3
108.9
113.3
'•107.9
in 4
130 3
123 7
1 34 1
1 34 9
12 5 4
137 6
134 9
125.2
147 8
139 8
125.9
11.5.9
1.31.1
103.5
119 .6
130.2
104 3
119.8
130.3
104.3
120.0
130.3
104.8
109.7
79.1
126.8
109.6
87.3
126.5
109.6
85.5
126.9
110.4
89.6
127.5
Rubber and Products:
Tires and tubes
Other rubber Droducts
Lumber and Wood Products:
Lumber
Millwork
Plywood
Pulp, Paper, and Allied Products:
Woodpulp
Wastepaper
Paper
Paperboard
125 5
Converted paper and paperboard.. 113.2
Building paper and board
127.9
Metals and Metal Products:
Iron and steel
Nonferrous metals
Metal containers
....
Hardware
Plumbing eciuipment
Heating equipment.. .
...
Fabricated structural metal products
••
Fabricated nonstructural metal
Agricultural machinery and equipment
Construction machinery and equipment
Metal working machinery
General purpose machinery and
Miscellaneous machinery
Electrical machinery and equipment
49.3
81 .2 Furniture and Other Household Dura111.6
bles:
95.6
Household furniture
»
Commercial furniture
117 7
119 8
96 6
93.6
57 8
109.1
112 2
107.6
118 4
112 8
96 5
Drugs, Pharmaceuticals, cosmetics. 93.9
61 2
Fats and oils inedible
111.1
114.0
Fertilizer materials
105.3
Other chemicals and products
Industrial chemicals
Prenared naint
Products-
104.5
1113
203.4
97.9 Machinery and Motive Products:
Textile Products and Apparel:
Cotton products
Wool products
Synthetic textiles
Silk products
Apparel
Other textile products
Jan.
Pulp, Paper and Allied
Continued
Farm Products:
Fresh and dried produce
Grains
Livestock and poultry
Plant and animal fibers
Fluid milk
Eggs . . .
Hay and seeds
Other farm products
1955
1954
1955
1954
Subgroup
Household appliances.
Radio
Other household durable goods
Nonmetallic Minerals—Structural:
Miscellaneous:
••Revised.
Source.—Bureau of Labor Statistics, Department of Labor.
Backfigures.—SeeBULLETIN for March 1952, pp. 131-313.
MARCH
1955
329
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
Annual totals
by quarters
1954
1953
1929
Gross national product
104.4
1933
1941
1949
1950
1951
1952
1953
1954
1
4
3
2
4
56.0 125.8 257.3 285.1 328.2 346.1 364.9 357.2 360.5 355.8 356.0 355.5 362.0
8.6
7.2
9.0
18.4
20.5
23.5
25.3
27.2
29.3
27.9
28.2
29.0
29.8
30.2
7.0
.6
.3
7.1
.7
.9
11.3
.5
.4
21.6
.8
.1
23.7
.8
.2
25.6
1.0
1.3
28.0
1.0
.6
30.0
1.0
1.0
30.3 •30.3
1.0
1.0
-3.7
.6
30.3
1.0
-3.0
30.2
1.0
-3.8
30 0
1.0
-4.4
30.4
1 .0
n. a.
.0
.1
.2
.2
— 2
-.5
-.4
-.1
-.3
Less: Capital consumption allowances..
Indirect business tax and related
liabilities
Business transfer payments
Statistical discrepancy
Plus: Subsidies less current surplus of
government enterprises
-.1
Equals: National income
87.8
40.2 104.7 216.2 240.0 277.0 291.0 305.0 300.0 299.9 298.9 299.6 298.8
n.a.
10.1
.2
-2.0
.3
14.5
2.8
.0
.9
1.0
5.8
.0
1.5
1.2
2.1
.0
2.6
1.3
4.5
Less: Corporate profits and inventory
valuation adjustment
Contributions for social insurance..
Excess of wage accruals over disbursements
Plus: Government transfer payments...
Net interest paid by government. .
Dividends
Business transfer payments
Equals: Personal income
Less: Personal tax and related payments..
Federal
State and local
Equals: Disposable personal income.
Less: Personal consumption expenditures
-.2
28.1
5.7
.0
11.6
4.6
7.5
.8
-.8
-.4
35.1
6.9
39.9
8.2
38.2
8.7
38.5
8.8
34.9
9.7
33.1
8.6
34.1
9.8
34.9
9.7
33.9
9.6
n.a.
9.7
.0
14.3
4.7
9.2
.1
11.6
4.8
9.1
.0
12.1
4.9
9.1
-.1
12.8
5.0
9.4
.0
14.8
5.3
9.9
-.1
13.3
5.2
9.6
.0
14.2
5.2
9.6
.0
14.8
5.3
9.6
.0
14.7
5.4
9 8
.0
15.5
5.4
10.4
.8
1.0
1.0
1.0
1.0
1.0
1.0
1.0
1.0
1.0
.6
.7
85.8
47.2
2.6
1.3
1.4
1.5
.5
1.0
83.1
45.7
93.0 188.2 206.1 226.1 236.9 250.1 253.5 251.2 252.3 252.9 253.2 255.9
79.0
46.4
81.9 180.6 194.0 208.3 218.4 230.1 234.0 229.7 230.5 233.1 234.8 237.7
4.2
-.6
11.1
Equals: Personal saving
.5
-.3
96.3 206.8 227.1 255.3 271.2 286.1 286.5 287.3 285.1 285.7 286.2 289.0
3.3
2.0
1.3
18.7
16.2
2.5
7.6
20.9
18.2
2.7
12.1
29.3
26.3
3.0
17.7
34.4
31.1
3.2
18.4
36.0
32.5
3.5
20.0
32.9
29.2
3.7
19.5
36.1
32.6
3.6
21.5
32.8
29 A
3.7
21.8
32.9
29.2
3.7
32.9
29.2
3.7
19.7
18.4
33.1
29.3
3.8
18.2
NATIONAL INCOME, BY DISTRIBUTIVE SHARES
Seasonally adjusted annual rates
by quarters
Annual totals
1953
1929
1933
1941
1949
1950
1951
1952
1953
1954
1954
National income
87.8
40.2 104.7 216.2 240.0 277.0 291.0 305.0 300.0 299.9 298.9 299.6 298.8
Compensation of employees
,
Wages and salaries1
Private
,
Military
Government civilian
,
Supplements to wages and salaries..,
51.1
50.4
45.5
.3
4.6
29.5
29.0
23.9
.3
4.9
P r o p r i e t o r s ' and r e n t a l i n c o m e 2 . . .
Business and professional
Farm
,
Rental income of persons
20.2
8.8
6.0
5.4
7.6
3.2
2.4
2.0
20.9
10.9
6.5
3.5
42.0
21.4
12.7
7.9
44.6
22.9
13.3
8.5
49.9
24.8
16.0
9.1
49.9
25.7
14.2
10.0
49.0
26.2
12.2
10.6
48.7
25.9
11.9
10.9
49.1
25.9
12.3
10.8
49.4
25.6
13.0
10.8
49.0
25.9
12.2
10.9
48.5
25.9
11.6
10.9
48.1
26.3
11.0
10.9
Corporate profits a n d inventory
valuation a d j u s t m e n t
Corporate profits before tax
Corporate profits tax liability....
Corporate profits after tax
Inventory valuation adjustment
10.1 - 2 . 0
.2
9.6
1.4
.5
8.3
-.4
.5 - 2 . 1
14.5
17.0
7.6
9.4
-2.5
28.1
35.1
39.9
38.2
Net Interest
6,4
5.0
n.a.
64.8 140.9 154.3 180.4 195.4 209.1 207.3 208.8 206.4 206.6 207.2 208.9
62.1 134.3 146.5 170.9 185.0 198.0 195.7 197.6 194.6 194.9 195.6 197.2
51.9 113.9 124.3 142.1 152.2 164.5 161.9 164.1 161.2 161.5 161.6 163.0
10.5 10.2
9.6
9.5
4.2
5.0
8.7
9.9
9.7
9.5
1.9
9.6
8.3 16.2 17.2 20.1 22.4 23.3 24.1 23.5 23.7 23.8 24.4 24.7
6.5
7.8
9.5 10.4 11.1 11.7 11.2 11.8 11.7 11.6 11.7
2.7
4.5
26.2 40.0 41.2
10.4 17.8 22.5
15.8 22.1 18.7
1.9 - 4 . 9 - 1 . 3
5.2
5.9
6.8
37.2
20.0
17.2
1.0
38.5
39.4
21.1
18.3
-1.0
34.9
35.0
17.
17.8
33.1
32.5
17.4
15.1
.6
34.1
34.5
17.0
17.5
— .4
34.9
34.5
17.0
17.5
.4
33.9
34.2
16.8
17.4
-.3
n.a.
n.a.
n.a.
n.a.
-.4
7.4
8.4
9.1
8.9
9.0
9.1
9.2
9.2
n.a. Not available.
1
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.
330
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
1953
1929
1933
1941
1949
1950
1951
1952
1953
1954
1954
104.4
56.0
125.8 257.3 285.1 328.2 346.1 364.9 357.2 360.5 355.8 356.0 355.5
362.0
Persona* consumption
expenditures
Durable goods
Nondurable goods
Services
79.0
9.2
37.7
32.1
46.4
3.5
22.3
20.7
81.9 180.6 194.0 208.3 218.4 230.1 234.0 229.7 230.5 233.1 234.8
9.7
23.6 28.6 27.1 26.8 29.7 28.9 28.0 28.0 28.8 28.9
43.2 96.9 100.4 111.1 116.0 118.9 120.5 118.7 118.8 120.0 121.1
29.0 60.1 65.0 70.1 75.6 81.4 84.6 83.0 83.6 84.3 84.8
237.7
29.9
122.1
85.7
Gross private domestic
investment
New construction1
Residential, nonfarm
Other
Producers' durable equipment
Change in business inventories....
Nonf arm only
16.2
8.7
3.6
5.1
5.9
1.7
1.8
1.4
.5
1.0
1.6
-1.6
-1.4
.8
,2
S.5
1.3
1.3
.0
7.2
8.0
2.0
2.0
.0
6.0
Gross national product
Net foreign investment
Government purchases of
goods and services
Federal
National security
Other
Less: Government sales2
State and local
1.4
18.1 32.5
17.5
6.6
3.5
8.3
3.1
9.2
6.9
17.8
4.5 -2.7
4.0 -1.9
1.1
24.8
16.9
1
7.8
51.2
22.7
12.6
10.1
21.1
7.4
6.4
56 9
23.3
11.0
12.4
23.2
10.4
9.0
50.7
23.7
11.1
12.6
23.3
3.6
3.0
51.4
25.5
11.9
13.6
24.4
1.5
2.2
.5 - 2 . 2
.2
-.2
-1.9
62.8
41.0
37.3
4.2
.4
21.8
77.2
54.0
48.5
5.8
.4
23.2
85.2
60.1
52.0
8.5
.4
25.1
43.6
25.4
19.3
6.6
.4
18.2
42.0
22.1
18.5
3.9
.3
19.9
46.1
27.6
13
14.3
22.2
—3.'
-3.J
45.5
25.7
11.7
13.9
24.0
-4.2
-3.7
-.6
77.5
50.0
43.6
6.7
.3
27.5
86.0
59.8
50.6
9.6
.3
26.2
49.5
-4.
-4
45.6
27.0
12.8
14.2
22.4
-3.8
-4.0
45.3
28.3
14.0
14.2
21.8
-4.
-5.0
29.1
14.8
14.3
21.7
-1.3
-1.6
-1.1
-1.0
-.2
.8
75,6
74.1
45.9
40.5
5.6
.2
28.2
44.5
26.0
11.7
14.3
22.7
81.9
55.0
46.9
8.4
.3
26.9
78.3
51.3
44.7
6.9
.3
27.0
47.9
42,1
6.1
.2
27.7
PERSONAL INCOME
[Seasonally adjusted monthly totals at annual rate;
Wage and salary disbursements
Year or month
Personal
i
Total
Commodity
producing industries
Distributive
industries
Service
industries
Government
Other
labor
income3
DiviProdends
prietors'
and
and
perrental 4
sonal
income interest
income
20.2
7.6
20.9
45.6
42.0
44.6
49.9
49.9
49.0
48.7
13.2
8.3
10.3
16.1
17.2
19.8
20.7
21.4
33.6
33.7
.6
.4
.7
2.7
3.0
3.8
4.8
5.5
6.3
6.6
24.8
24.9
25.0
25.2
25.2
25.5
25.4
25.8
25.9
26.1
26.2
26.1.
33.5
33.4
33.3
33 A
33.3
33.5
33.8
34.2
34.2
34.2
34.3
34.2
6.6
6.6
6.6
6.6
6.6
6.6
6.6
6.6
6.6
6.6
6.6
6.6
26.3
34.2
6.6
1929.
1933.
1941.
1948.
1949.
1950.
1951.
1952.
1953.
1954.
85.8
47.2
96.3
208.7
206.8
227.1
255.3
271.2
286.1
286.5
50.4
29.0
62.1
135.1
134.4
146.5
170.8
185.1
198.1
195.7
21.5
9.8
27.5
60.2
56.9
63.5
74.9
80.6
88.1
83.8
15.6
8.8
16.3
38.8
39.0
41.3
45.8
48.7
51.7
52.6
8.4
5.2
8.1
17.4
18.0
19.5
21.3
23.0
24.8
25.5
4.9
5.1
10.2
18.7
20.5
22.2
28.8
32.8
1954—January...
February..
March....
April
May
June
July
August
September.
October. . .
November.
December,
284.9
285.0
285.0
284.4
286.2
286.5
285.7
285.4
286.6
286.3
289.3
291 .4
194.7
194.7
194.5
194.3
195.0
195.5
195.7
195.5
195.4
196.1
198.1
197.8
84.5
84.6
84.2
83.7
84.2
84.0
83.4
82.7
82.4
82.9
84.6
84.4
51.9
51.8
52.0
52.0
52.3
52.5
53.1
52.8
52.9
52.9
53.0
53.1
1955—January^..
290.7
199.0
85.1
53.4
Transfer
payments 6
Less
personal
Noncontributions agricultural
for
social income 7
insur-6
ance
24.3
1.5
2.1
3.1
11.3
12.4
15.1
12.6
13.1
13.8
15.9
.1
.2
.8
2.2
2.2
2.9
3.4
3.8
4.0
4.7
77.2
43.4
88.0
188.5
190.8
210.5
235.7
253.3
270.0
270.7
49.6
49.6
48.9
48.2
49.4
49.2
47.9
48.2
48.8
47.2
48.3
48.8
23.9
23.9
23.9
24.0
24.0
24.1
24.2
24.3
24.4
24.5
24.6
26.2
14.8
15.0
15.8
15.9
15.8
15.8
15.8
15.5
16.0
16.5
16.4
16.7
4.7
4.8
4.7
4.6
4.6
4.7
4.5
4.7
4.6
4.6
4.7
4.7
267.9
268.2
268.8
269.1
269.7
270.3
270.6
270.2
271.1
272.3
274.6
276.5
48.9
24.7
16.6
5.1
275.5
22.8
'Preliminary.
1
Includes construction expenditures for crude petroleum and natural gas drilling.
2
Consists of sales abroad and domestic sales of surplus consumption goods and materials.
8Includes
compensation for injuries, employer contributions to private pension and welfare funds, and other payments.
4
Includes business and professional income, farm income, and rental income of unincorporated enterprise; also a noncorporate inventory
valuation
adjustment.
5
Includes government social insurance benefits, direct relief, mustering out pay, veterans' readjustment allowances and other payments, as
well flas consumer bad debts and other business transfers.
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.
7
Includes personal income exclusive of net income of unincorporated farm enterprise, farm wages, agricultural net interest, and net dividends
paid by agricultural corporations.
NOTE.—Details may not add to totals because of rounding.
Source.—Department of Commerce.
MARCH
1955
331
PAGE
International capital transactions of the United States...
334-338
Gold production
338
Estimated foreign gold reserves and dollar h o l d i n g s . . . .
339
Reported gold reserves of central banks and governments. . .
340
Net gold purchases and gold stock of the United States. . .
341
International Bank and Monetary F u n d . .
342
Central banks
.
342-346
Money rates in foreign c o u n t r i e s . . . .
347
Commercial banks
348
Foreign exchange rates
349
Price movements in principal countries:
Wholesale prices .
350
Consumers' price indexes...
351
Security prices
351
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 arc 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 1955
333
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES
TABLE 1.—SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES,
BY COUNTRIES *
[Amounts outstanding, hl millions of dollars]
Total foreign
countries
International
institutions 2
United
NethKing- France erdom
lands
Switzerland
Italy
1951—Dec. 31.
1,641.1 7,661.1 3,547.6
1952—Dec. 3 1 . . 1.584 9 8.961 2 4,654.2
1953—Dec. 3 1 . . 1,629 4 10,019.0 5,666.9
642.6 289.4 148 8
817 9 342.6 203 1
708.9 428.5 242.9
521.3
641.8
674.2
300.5 1,103.4 3,005.9
308.9 1.441.3 3,755.5
465.7 2,213.4 4,733.6
1954—Feb. 2 8 . . 1,677 6
Mar. 3H. 1,698 5
Apr. 305. 1,678.0
May 31. . 1,679.0
June 30. . 1,637.0
July
3 ) . . 1,656.5
Aug. 3 1 . . 1,751.0
Sept. 30. . 1,801.9
Oct. 3 1 . . 1,773.9
Nov. 3 0 P . t,792.H
Dec. 31 P. 1,769.9
734.4
797.9
899.5
952.2
986.1
942.2
851 .9
837.9
842.8
829.7
639.5
435.6
419.9
285.9
387.0
441.4
376.5
418.9
474.2
495.8
502.1
711.9
215.6
215,4
226.9
250.4
272.3
305.7
252.9
247.6
248.7
239 A
249.3
671.7
665.2
664.8
651.8
636.0
680.5
680.8
668.5
645.5
622.4
672.5
491.8
494.6
519.2
483.0
455.6
468.8
510.7
528.4
553.9
566.0
578.9
656.6 706.5 254.3
624.2
Date
Official
and
private
Official*
10,300.1
10,350.0
10,460.6
10,575.7
10,561.3
10,770.3
10,686.1
10,730.1
10.752.2
10,781.9
11,158.5
5,903.1
5,925.2
6,062.9
6,265.0
6,307.0
6,438.6
6,287.3
6,319.2
6,404.2
6,375.3
6,783.1
1955—Jan. 31 P . . 1,752.2 11,101.0 6,750.4
Canada
Other
Total
Europe Europe
Latin
America
Asia
All
other
1,307.1 1,455.2 1,595.5 297.4
1,420.7 1,612.9 1.836.5 335.6
1,295.5 1,768.4 1,895.5 326.1
1,892.0 330.8
1,801.7 330.9
1,762.1 319.9
1,711.0 308.7
1,682.5 298.5
1,693.2 285.6
1,748.2 275.2
1,764.1 262.9
1 ,782.5 272.1
1,812.8 263.8
1,825.5 265.1
1,843.4 1,842.1 267. 4
2,391.7
2,417.3
2,501.4
2,550.9
2,513.8
2,639.1
2,648.9
2,673.4
2,698.7
2,719.9
2,765.4
4,940.8 1,348.4
5,010.3 1,340.4
5,097.7 1,282.3
5,275.4 L.286.6
5,305.4 1,320.6
5,412.8 L,342.0
5,364.0
,380.4
5,430.0
,384.1
5,485.3
,372.8
5,479.5 1 ,376.4
5,617.4 1 ,533.3
591.5 2,786. 7 5,619.9 1 ,528.2
1,788.1
,866.8
1,998.6
1,993.9
,954.3
J.036.7
,918.2
L,889.0
,839.5
,849.4
,917.3
Table la.—Other Europe
Other AusEurope tria
Date
1951—Dec. 3 1 . . 1,103.4
1952—Dec. 3 1 . . 1,441.3
1953—Dec. 3 1 . . 2,213.4
Bel- CzechDenoslo- mark
gium vakia
57. 1 134. 7
01 1 123. 9
190. 9 130. 3
45.3 27 0
70.4 28 5
95.7 37 9
1.3
.6
.6
1954-Feb. 28.. 2,391.7 208. 4
Mar. 314. 2,417.3 217. 4
Apr. 30«. 2,501.4 227. 6
M a y 3 1 . . 2,550.9 234. 3
June 3 0 . . 2,513.8 238. 5
July 3 1 . . 2,639.1 260. 5
Aug. 31. . 2,648.9 275. 6
Sept. 30. . 2,673.4 281 .9
Oct. 3 1 . . 2.698.7 283. 6
Nov. 3 0 P . 2,719.9 274. 9
Dec. 3 1 P . 2,765.4 273. 2
99. 3
104. 0
104. 6
103. 2
99. 8
.6
.6
.6
.7
.8
.7
.7
1955—Jan. 31*. 2,786.7 272. 8
98. 1
.7
133. 9
142. 1
121. 2
122. 9
111. 6
118. 0
Finland
.7
T
45 . 8 99.7
405 6
47 .3 110.3
551 1
898 8 100 . 9 118.5
2 .8
3 .4
2 .2
40.7
57 4
72 4
6 1 17 .1 71 .7
6 1 19 .2 91 . 0
5 8 36 . 0 116 .7
7
7
7
7
118.7
122.0
130.1
130.6
131.2
127.2
129.1
132.3
125.8
113.8
103.4
3 . 8 74 2
2 .4 76 1
2 .8 77 0
2 .2 83.5
2 .2 86 3
2 .2 88 5
1 .7 83 8
1 .8 83 5
1 .9 85 0
2 .2 88 9
2 .1 91 3
7
7
7
7
8
8
7
76.2 39 7 1,367. 9 129 .2 88.8
2 .0 92 6
8 0
97.0
102.4
102.0
92.4
92.7
80.7
79.5
76.4
68.8
69.0
71.1
.6
.6
.9
Germany,
Yugo- All
Swe- TurPo- Por- Ru :
Fed. Greece Norway land tugal mania Spain den key U.S.S.R. slavia other
R
971. 7
994.3
1,039 3
1,051 2
1,084 9
1,222. 1
41.0 1,225. 1
37 7 1,247. 6
40 6 1,257. 2
40 0 1.287. 2
41 3 1,372. 2
42 5
44 .7
39 1
41 6
42 4
42 4
110 . 8
112 . 4
109 .3
116 .0
114 . 0
112 .1
104 .5
94 .3
93 . 8
110 .2
112 .7
2.5
1.7
2.0
129 .4
119 .2
121 . 0
120 . 4
123 .1
157 .0
173 .6
180 .5
179 .4
159 . 0
141 . 0
8.8
9.4
9.2
7.9
7.4
6.4
6.2
6.4
8.2
8.1
8.2
2.3
1.8
2.5
2.2
3.1
2.8
3.0
2.1
2.0
5.2
2.0
78 .4 130 .5
9.5
1.8
22 . 0
21 . 9
20 . 5
22 .1
26 .2
37 .5
46 . 0
58 .3
66 .1
70 . 9
71 .3
8
9
8
8
9
9
9
9
1
0
8
14.1
14.2
8.4
7 . 1 124.7
12.0 218.8
6 . 9 383.5
453.3
436.8
486.3
509.0
435.9
366.4
365.5
351.0
365.9
369.6
358.8
9 . 4 381.2
6.3
5.8
4.8
6.2
5.9
6.8
6.4
6.9
6.8
9.0
8.6
Tab e lb.—Latin America
Latin
America
Date
1951—Dec. 3 1 .
1952—Dec. 3 1 .
1953—Dec. 3 1 .
1 ,455 2 249 7
1 .612 9 138 8
1 .768 4 130 0
1954—Feb. 2 8 4. 1 ,788 1
Mar. 3 1 1 .866 8
Apr. 30 s 1 ,998 6
M a y 3 1 . 1 ,993 9
June 3 0 . 1 .954 3
July 31 . 2 ,036 7
Aug. 3 1 . 1 ,918. 2
Sept. 3 0 . 1 889. 0
Oct. 3 1 . 1 , 839. 5
Nov. 3 0 P 1 849. 4
Dec. 31 v 1 917. 3
1955—Tan.
31P
Argen- Bo- Brazil Chile
tina livia
160 8
170.4
175
173
176
181
191
204
190
175
159
4
8
7
8
1
8
7
3
2
1 ,843. 4 143 3
Colombia
Cuba
Dominican Guate- Mexico
Re- mala
public
Netherlands
West
Indies
and
Surinam
Panama,
Republic of
Peru
El
Salvador
Uruguay
Other
Vene- Latin
zuela America
27.8 100.3
24.5 72.5
19.1 101.7
54.0 106.4
79 3 118.2
78.8 150.2
263.6 45 8
301 2 44 2
340.8 39 3
27.3 158.2
34.3 231.2
37.9 183.2
34.9
44 3
51.5
67 7
80 8
89 9
47.2
60.9
68.0
27.8 84.7 71.9
25.6 94.1 145.5
26.8 109.6 222.4
87.8
117.4
119.2
20.3
27.1
26.5
28.5
31.4
28.0
27.3
30.2
31.9
32.3
29.2
65.7
60.5
56.4
55.8
61.2
73.9
78.9
74.7
72.8
73.2
69.6
353.5
362.2
376.0
377.1
346.5
328.8
309.6
291.2
269.0
243.7
242.3
52.0
53.1
53.5
54.1
48.0
44.9
40.4
37.1
34.1
31.5
34.5
187.4
167.1
233.5
203.5
201.3
210.0
236.8
254.7
265.4
265.5
328.9
55.7
52.4
52.8
49.1
51.5
50.9
50.1
50.1
46.3
46.9
48.7
89
92
94
88
87
91
69.9
73.0
68.9
67.2
66.6
66.6
69.2
76.4
79.2
79.6
83.4
179.2
188.7
241.0
269.8
218.0
207.7
179.1
210.5
183.0
202.2
193.6
126 0
150.2
141 1
140 3
134.0
138.7
136.6
136.1
123.0
123.2
125.5
37.5 335.8
42.7
73 4
42.5
47.2
50.2
44.9
41.6
36.3
30.5
25.0
23.0
20.4
30.4
39.6
177.7
123.6
90.1
110.1
100.7
92.6
96.1
167.4
102.6
91.3
139.1
160.3
127.3
30.8 100.4
151.2
160.6
170.5
190.5
230.6
236.2
215.0
168.2
147.7
168.6
222.2
73.3 189.5
45
49
52
53
55
61
60
60
58
58
59
4
2
7
4
8
9
7
5
2
1
239.8 68 2
3
8
3
3
2
6
86.2
76
77
75
73
3
4
1
0
81 .0
99.1
102.3
104.9
105.2
107.7
112.8
104.1
101.6
98.5
93.5
90.3
86.8
^Preliminary.
For footnotes see following page.
334
FEDERAL RESERVE BULLETIN
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
TABLE 1.—SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES,
BY COUNTRIES—Continued
[Amounts outstanding, in millions of dollars]
Table lc—Asia and All Other
Date
Asia
ForKomosa
rea,
and Hong India Indo- Iran Israel Japan Re- Phil- Thai- Other
pub- ippines land
China Kong
nesia
Asia
Mainlic
of«
land
87.4 62.4 62.1 140.6 25.5 26.6 596.0 26.2 329.7 96.7 142.2 297.4
76.4 70.9 64.6 61.0 19.2 18 8 808.0 54.4 315.1 181.0 167.1 335.6
73.6 68.0 99.0 39.3 43.6 18.0 827.9 91.5 295.5 167.9 171.2 326.1
1951—Dec. 31. 1,595.5
1952—Dec. 31. L,836.5
1953—Dec. 31. L.895.5
1954-Feb. 28
Mar. 31*
Apr. 305
May 31.
June 30.
July 31.
Aug. 31.
Sept. 30.
Oct. 31.
Nov. 30*>
Dec. 31 P
All
other
1,892.0
1,801.7
1,762.1
L,711.0
,682.5
1,693.2
1,748.2
1,764.1
1,782.5
,812.8
1,825.5
Egypt
and
Union
Bel- Anglo- of
gian Egyp- South Othei
Congo tian Africa
Sudan
•Roi
38.5 54.5 110.7
47.2 118.6 59.7
59.2 89.6 43.3
23.6
38.2
86.8
86.5
95.7
7.0
330.8
330.9
319.9
308.7
298.5
285.6
275.2
262.9
272.1
263.8
265.1
53.4
49.6
49.5
49.6
48.0
42.8
41.3
35.4
41.6
36.3
47.7
87.7
83.3
81.1
74.1
63.6
51.3
45.5
44.2
47.0
44.4
43.6
45.9
49.7
51.8
51.3
51.7
51.5
47.7
45.1
45.2
47.6
47.1
44.8
43.9
32.8
34.2
37.8
38.6
37.9
38.5
39.4
38.1
32.7
99.0
104.3
104.8
99.5
97.4
101 .3
102.8
99.7
99.0
97.4
94.0
69.2 60.8 X5.0 109.3 44.5 38.9 707.3 98.9 264.9 131.6 221.9 267.4
44.4
45.9
48.6
31.4
97.1
79.2
79.6
79.0
76.7
75.8
75.1
74.2
69.6
71.1
71.3
70.0
1955—Jan. 21 v 1,842.1
Australia
65.8
65,3
66.3
66.8
65.1
64.6
64.2
64.3
64.7
64.6
60.8
120.2
82.2
85.1
86.7
91.3
79.2
75.5
73.4
77,7
82.1
86.9
74.6
68.3
65.2
63.8
59.2
60.5
81.9
87.3
95.4
100.6
100.3
40.5
47.7
45:4
39.4
34.0
28.6
23.3
26.1
24.7
28.2
31.4
20.0
33.7
31.0
27.4
28.9
25.1
36.0
33.1
24.7
26.0
41.0
737.7
675.8
639.7
616.9
615.4
616.0
643.4
668.5
695.8
712.6
724.9
95.5
102.8
103.7
104.7
105.9
101.2
98.2
94.9
93.8
88.7
95.6
313.0
309.9
317.7
303.1
298.9
308.2
314.2
308.5
289.7
276.8
257.4
157.5
155.1
144.6
139.3
130.1
127.1
126.2
125.0
117.8
124.2
123.1
188.0
181.2
184.3
186.3
177.8
207.6
211.2
213.3
227.0
237.6
234.1
Table Id.—Supplementary Areas and Countries '
End of year
End of year
Area or country
Area or country
1950
Other Europe:
Albania
Azores
British dependencies
Bulgaria
Estonia
Hungary
Iceland
Ireland, Republic of
Latvia
Lithuania
Luxembourg
Monaco
Trieste
Other Latin America:
British dependencies
Costa Rica
Ecuador
French West Indies
Guiana
Haiti
Honduras
Nicaragua
Paraguay
1952
1953
9.2
6,4
1.0
11.9
2.9
4.1
.3
.6
.6
2.7
1.0
3.5
15.9
1.3
.6
11.8
3.2
5.6
.2
.3
A
.6
1.9
1,0
3.7
12.6
1.3
.6
5.0
2,6
4.1
n.a.
n.a.
.4
.6
1.9
1.0
7.5
n.a.
1.3
.4
4.0
3.0
2.5
8.7
6.5
19.3
14.6
8.7
11.4
14.6
12.1
23.7
13.4
17.7
.2
7.7
9.8
5.7
4.1
.8
10.3
17.2
8.3
5.4
2.2
11.6
15.4
13.4
5.0
.6
9.3
n.a.
16.0
6.0
.6
.1
.5
.6
2.9
1.1
2.1
and
French
1951
.1
Other Asia:
Afghanistan
British dependencies
Burma
Ceylon
French India
Indochina
Iraq.
Jordan
Lebanon
Pakistan
Portuguese dependencies .
Saudi Arabia
Syria
All other:
British dependencies
Ethiopia
French dependencies
Italian Scmaliland
Liberia
Libya
New Zealand.
Portuguese dependencies .
Spanish dependencies
Tangier
1950
1951
1952
8.3
23,7
A
3.4
,8
2.9
.5
12.3
13.0
.7
7.9
6.8
10.6
21.0
9.5
19.2
1.3
7.3
12.9
.5
15.3
13.1
2.7
13.2
5.4
4.0
25.5
16.9
13.9
1.8
7.7
14.1
.6
19.3
14.4
2.8
15.9
11.4
.9
3,3
26.5
1.2
6.9
36.5
1.6
.3
2.7
3.0
.2
16.9
6.1
.5
5.2
4.3
.2
21.5
1.6
3.0
27.0
1.1
10.3
2.3
3.5
6.3
.2
26.7
3.1
.1
1953
.a.
ji.a.
6.9
13.8
.9
23.9
9.7
18.5
20.5
1 .6
n.a.
22.2
.3
11.8
n.a.
2.1
5.0
36.1
^Preliminary
n.a. Not available.
'"Short-term liabilities" reported in these statistics represent principally deposits and U. S. Government obligations maturing in
not more than one year from their date of issue, held by banking institutions in the United States; small amounts of bankers' acceptances and
commercial
paper and of liabilities payable in foreign currencies are also included.
2
Includes International Bank for Reconstruction and Development, International Monetary Fund, and United Nations and other international
organizations.
Excludes Bank for International Settlements, reported under "Other Europe."
3
Represents funds held with banks and bankers in the United States (and in accounts with the U. S. Treasury) by foreign central banks
and by foreign central governments and their agencies (including official purchasing missions, trade and shipping missions, diplomatic and consular
establishments,
etc.).
4
Beginning Mar. 31, 1954, banks whose total liabilities to foreigners are less than $500,000 are excluded. Banks claiming this exemption
reported a total of 15.9 million dollars of such liabilities on that date.
^Beginning Apr. 30, 1954, includes liabilities to foreigners held by banks in the territories and possessions of the United States. These banks
reported
a total of 16 million dollars of such liabilities on that date.
6
Through 1952, reported by banks in the Second (New York) Federal Reserve District only.
7
These data are based on reports by banks in the Second (New York) Federal Reserve District only and represent a partial breakdown of
the amounts shown in the "other" categories in Tables la-lc. For each date the Second District reported at least 90 per cent of the total amount
in the "other" categories.
NOTE.—The statistics in this section are based on reports by banks, bankers, brokers, and dealers. Certain changes in the reporting forms
and instructions were made as of Mar. 31, 1954, and there were also changes, beginning with the BULLETIN for June 1954, in the content, order,
and selection of the material published, as explained on p. 591 of that issue. For discontinued tables and data reported under previous instructions, see BULLETIN for May 1954, pp. 540-545.
MARCH
1955
335
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
TABLE 2.—SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES,
BY COUNTRIES *
[Amounts outstanding, in millions of dollars]
Date
1950—Dec.
1951—Dec.
1952—Dec.
1953—Dec.
31
31
31
31
1954—Jan. 31
Feb. 28
Mar. 312
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30P
Dec. 3W
Total
United
King- France
dom
Netherlands
Switzerland
898.0
968.4
1,048.7
904.5
105.7
35.0
30.3
70.5
31.4
10.1
31.9
10.6
3.4
5.0
4.4
8.6
11.2
923.8
901.5
867.1
879.9
915.4
971 A
1,109.6
1,108.6
1,187.4
1,291.6
1,320.4
1,385.0
66.9
59.9
59.5
87.0
79.7
77.0
85.1
94.4
128.7
126.2
130.7
169.3
7.4
7.1
9.6
9.2
8.9
6.2
9.4
13.1
10.2
11.9
14.1
10.9
11.2
14.6
15.9
7.9
8.8
9.5
7.5
9.3
9.4
7.1
10.3
14.2
Italy
Other
Total
Europe Europe
Canada
Latin
America
Asia
All
other
17.9
20.7
10.3
17.8
18.8
68.0
111.8
120.7
109.5
237.9
183.4
212.2
235,9
125.8
92.0
62.3
56.4
378.8
489.3
662.0
472.7
95.4
161.8
89.8
114.8
60.0
41.9
22.4
24.9
18.1
16.1
12.8
12.5
10.7
12.1
14.6
16.1
17.4
16.4
12.6
16.2
16.7
17.5
13.7
14.4
14.4
15.3
16.7
13.4
12.9
15.8
19.3
19.7
132.3
131.1
134.7
138.2
149.3
131.5
128.4
129.9
125.2
143.6
155.8
160.6
247.6
241.2
243.5
269.2
258.0
263.6
270.7
309.2
320.4
343.2
395.9
51.7
59.2
60.0
47.5
52.6
65.2
66.4
65.6
70.9
68.0
66.2
75.6
473.3
450.4
426.4
433.3
447.9
499.3
625.8
613.9
646.5
741.3
748.5
733.2
125.5
126.7
111.4
101.9
114.6
113.3
117.5
125.7
125.6
128.1
129.9
143.3
25.7
24.0
25.8
27.9
28.6
35.3
36.2
32.8
35.2
33.9
32.5
37.0
Norway
Portugal
Spain
Sweden
Turkey
Yugoslavia
All
other
6 9
9
.6
3 9
4 0
4 0
8.6
4.8
5.4
6.8
8.7
7.1
271.7
Table 2a.—Othei Europe
Other
Europe
Date
1950—Dec
1951—Dec.
1952—Dec
1953—Dec.
31
31
31
31
Austria
68 0
111.8
120.7
109.5
1954—j an . 31
Feb 28 2
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug 31
Sept. 30
Oct. 31p
Nov. 3Q .
Dec. 31P
2
(8)
.8
.8
132.3
131 1
134.7
138.2
149 3
131.5
128.4
129 9
125.2
143.6
155.8
160.6
.2
.2
.2
.2
.1
.2
.1
.2
.2
.2
.3
.4
Belgium
Denmark
Finland
21 5
39.6
16.2
13.0
32
22
4.8
2.1
6.2
3.1
5.6
1.9
13.4
14 3
13.2
14.9
15 2
14 8
15.3
14 7
16.0
14.2
17 0
19.6
6.0
4.1
2.9
4.3
1.5
1.3
1.3
1.6
4.1
4.2
1.9
1.8
3 5
Germany,
Fed.
Rep. of
16
3 5
4.8
6.0
7.5
14
2.0
2.3
2.1
9.7
2.5
Greece
25 4
28.3
26.8
30.5
.2
.2
.2
1.3
1.4
2.5
1.9
1.0
.5
.8
.5
.6
16
18.8
11.2
24.3
40.1
43.6
53.4
58.9
57.0
53.7
52.5
51.9
48.4
47.3
56.1
67.8
1.4
1.4
1.5
2.0
1.9
1.8
2.6
2.6
1.2
1.6
1.3
1.4
1.3
1.3
1.5
1.4
.4
.5
.4
.6
.6
.6
24.4
19.8
12.2
10.6
3.6
3.6
3.4
1.7
1.4
1.7
.5
.7
.6
4.0
4.0
5.5
2.4
2.8
3.0
3.3
2.1
.5
4.0
4.1
5.7
3.5
2.1
3.5
.7
.5
5.4
2.5
2.7
2.1
1.7
1.4
2.2
1.9
2.4
2.7
2.6
38.8
15.7
29.2
31.0
35.4
29.8
49.2
35.9
32.7
37.0
33.3
55.0
52.4
40.7
4.5
5 4
5.9
5.2
51
7.9
6 2
56
6.6
5.7
4 2
3.0
.6
1 0
6 1
6 2
6 5
6 3
5.3
5.6
5 3
1.3
4.6
5.3
Table 2b.—Latin America
Latin
BoAmer- Argentina livia
ica
Date
1950—Dec.
1951—Dec.
1952—Dec.
1953—Dec.
1954—Tan.
Feb.
Mar.
Apr.
31..
31..
31..
31..
31..
28..
312.
30..
M a y 31..
June 30..
July 31..
Aug. 31..
Sept. 30..
Oct. 3 1 . .
Nov.
Dec. 31P.
378.8 45 . 9
489 3
662 0
472 7
7 .6
8 .2
7 .1
473
450
426
433
447
499
625
613
646
741
748
733
7.3
7 .2
3
4
4
3
9
3
8
9
5
3
5
2
5 .4
6 .2
5 .6
5 .7
5 .8
5 .8
5 .8
6 .1
7 .0
5 .6
8.7
7.5
5.8
10.8
9.2
8.7
1.9
1.7
2.3
2.0
2.9
1.7
2.5
2.2
2.2
2.5
NetherDolands Panminican Guate- Mex- West ama,
ReReico Indies pubmala
and lic of
pubSurilic
nam
Peru
El
Salvador
Brazil Chile
Colombia
Cuba
78 . 0
185 . 0
356 . 4
125 .1
6 .8
24 . 8
26 . 4
22 .6
42.5
43.7
41.7
56.9
27.6
32.3
32.5
51.2
1.9
1.8
1.6
1.9
2 .6
3 8
4 2
4 1
70.6
90.6
88.6
92.9
1.3
1.2
1.3
2.6
3.1
3.0
6.5
4.6
11 . 0
11 . 8
14 . 8
20 .2
6.8
9.5
9.1
8.2
121 .9 20 .9
116 .7 20 .1
117 .3 19 . 9
117 .4 19 .6
129 .1 18 .5
167 .4 12 .2
276 . 6 21 . 0
269.6 14 . 9
288 . 0 11 .3
361 .5
6 .8
319 .9 11 .8
278 .1 14 .1
53.1
50.6
47.8
54.4
59.1
66.4
64.6
64.0
74.2
78.9
91.8
107.1
60.0
62.2
58.4
55.2
55.9
59.2
56.9
59.7
63.7
64.9
62.0
70.8
2.0
1.8
1.6
2.2
2.4
2.5
2.4
2.4
2.4
2.2
2.5
2.6
3 4
3.4
2 6
3 2
3 0
2 9
3 0
3.2
3 6
3 3
4 9
4 0
98.1
87.2
85.3
77.3
76.6
81.7
85.5
91.7
94.7
99.2
114.7
115.7
2.6
1.8
1.1
1.5
1.8
2.5
2.1
2.0
1.8
1.3
1.3
1.4
5.7
6.2
7.1
7.4
6.2
7.7
8.5
5.4
6.4
7.7
18 .8
17 .2
14 .7
16 . 4
15 .2
16 . 0
15 .7
14 .2
13 .9
14 .2
14 .6
16 .2
8.9
7.4
5.5
5.0
4.1
4.6
5.4
5.1
7.1
9.5
12.0
8.8
12.7
10.0
Other
Uru- Vene- Latin
guay zuela America
8.0
10.5
14.3
3.7
2.8
3.3
2.1
2.7
3.2
4.4
3.9
3.3
3.2
3.7
5.8
6.9
49.4
41.7
36.7
41.6
14.6
14.5
13.7
19.3
40.8
38.8
38.9
45.7
47.7
46.4
51.6
50.4
52.7
57.3
61.4
62.9
17.8
17.8
16.9
17.3
17.1
17.6
20.1
20.4
20.2
22.3
23.8
26.5
p1 Preliminary.
"Short-term claims" reported in these statistics represent principally the following items payable on demand or with a contractual maturity
of not more than one year: loans made to and acceptances made for foreigners; drafts drawn against foreigners that are being collected by banking institutions on behalf of their customers in the United States; and foreign currency balances held abroad by banking institutions and their
customers in the United States. Claims on foreigners with a contractual maturity of more than one year reported by U. S. banking institutions
(excluded from these statistics) amounted to 423 million dollars on Dec. 31, 1954. The term "foreigner" is used to designate foreign governments,
central banks, and other official institutions as well as banks, organizations, and individuals domiciled outside the United States, including U. S.
citizens
domiciled abroad and the foreign subsidiaries and offices of U. S. banks and commercial firms.
2
Beginning Mar. 31, 1954. banks whose totai claims on foreigners
are less than $500,000 are excluded. Banks claiming this exemption reported
3
a total of 9.6 million dollars of such claims on that date.
Less than §50,000.
336
FEDERAL RESERVE BULLETIN
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
TABLE 2.—SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES,
BY COUNTRIES—Continued
[Amounts outstanding, in millions of dollars]
Table 2c.—Asia and All Other
Date
1950—Dec.
1951—Dec.
1952—Dec.
1953—Dec.
Asia
31.
31.
31.
31.
95.4
.
.
.
.
1954—Jan.
Feb.
Mar.
Apr.
161 8
89 &
114 g
31. .
28. .
312.
30..
M a y 31 . .
June 30..
July 3 1 . .
Aug. 3 1 . .
Sept. 30..
Oct. 3 1 . .
Nov. 30*.
Dec. 31*.
125. 5
126 7
111 4
101 9
114 6
113 . 3
117
125
125 6
128 . 1
129 9
143
Formosa
Korea,
and Hong
IndoPhil- Thai- Other All
ReChina Kong India nesia Iran Israel Fapan pub- 1 ippines land Asia other
Mainlic of
land
18.2
10.1
10.1
16.2
13.4
8.1
3.0
3.1
1.2
3.1
8.1
8.1
8.4
8.1
8.2
8.1
8.1
8.2
8.1
8.1
8.1
8.1
2.3
2.2
2.2
3.2
3.4
3.1
3.6
2.8
2.4
2.6
3.3
3A
2.9
3.2
4.1
3.9
5.1
3.5
4.2
3.9
4.5
4.8
4.4
4.9
4.3
3.7
.2
.3
.9
.8
1.0
.9
.7
.5
1.4
.6
.6
.4
.6
.6
.8
.7
18.9
30.0
15.1
22.9
6 .6
9 .3
10 .2
13 . 8
12. 1
12. 2
12. 5
25. 6
4.9
29.3
7.6
5.8
14 .7 32.7
28. 5
14.7 27.6 3 1 . 7
14 . 3 22.1 3 2 . 8
15 .1 16.2 3 0 . 6
8.8 36. 7
15 . 3
8 . 0 38 6
16 .0
8 . 4 33. 3
17 .5
9 . 3 30 9
20 3
9.3 30. 0
16 . 9
8 . 2 33 3
17 .7
9 . 4 33 9
16 .7
15 .8 10.7 50 0
!i
(3) . i
.2
.2
.5
.2
.4
.3
.2
6.0
8.0
4.9
6.4
10.5
8.7
9.7
12.0
12.3
10.8
10.7
7.3
1 .5
2 .5
3 .3
6 .1
13. 9
51. 6
24. 6
5 .5
5 .2
4 .3
4 .9
5 .7
6 .2
5 .6
6 2
6 .7
6 .9
7 .1
6 .3
23. 9
25. 0
24.7
Australia
60 .0
41 .9
22 .4
24 .9
40 . 8
22 . 8
10 ,1
8 .0
4 .4
5 .7
6 .0
6 .3
.3
.2
.5
.5
7.3
6.7
2.0
2.4
25 .7
6 .9
7 .2
7 .6
8 .7
7 .7
10 .2
12 .1
10 .1
10 .5
10 . 9
10 .4
14 .1
6 .5
6 .5
6 .7
6 .4
7 .1
7 .8
7 .9
7 .5
6 .9
6 .8
6 .6
6 .3
.7
4.7
5.1
4.5
5.5
5.8
5.9
5.3
5.2
5.3
5.2
5.8
5.9
24.0
25 . 8
27 .9
17.5
13. 0
19. 5
20. 1
26. 3
31. 3
34. 5
34. 8
35. 3
36. 0
Egypt
and
Union
Anglo- of
gian Egyp- South Other
Congo tian Africa
Sudan
Re
.Bei-
28.6
35
36
32
35
33
32
37
.3
.2
.8
.2
.9
.5
.0
.5
1.3
.3
.5
.3
.2
.4
.5
.5
.4
1.0
7.2
6.5
3.8
7.8
6.S
4.6
5.7
7.0
7.6
11.1
10.7
9.5
12.1
10.4
9.4
9.6
TABLE 3.—PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPES *
[In millions of dollars]
U. S. Government bonds
and notes
Year or month
Purchases
Sales
U. S. corporate bonds
and stocks
Net
purchases
or sales
()
Purchases
-683.0
302.3
-82.0
5.6
859.8
761.0
850.3
837.7
801.9
731.4
,405.2 1,268.5
Sales
Foreign bonds
Foreign stocks
Net
purchases
or sales
()
Purchases
Sales
Net
purchases
or sales
()
Purchases
Sales
Net
purchases
or sales
98.7
12.6
70.5
136.7
500.4
495.3
542.5
792.3
801.0
677.4
621.5
847.4
-300.6
-182.1
-79.0
-55.0
272.3
293.9
310.1
396.9
348.7
329.6
303.4
640.5
-76.4
-35.8
6.8
-243.6
1951
1952
1953
1954*
673.6 1,356.6
533.7
231 A
646.0
728.0
800.9
795.3
1953—December
191.1
192.6
-1.5
75.4
64.1
11.3
39.5
64.0
-24.4
34.5
30.9
3.6
1954—January
February
March
April
May
June
July
August
September
October
November P
December*'
33.7
87.4
55.0
65.2
87.3
49.2
33.4
86.9
38.6
48.0
118.5
97.9
38.0
99.9
22.1
30.0
88.4
27.7
24.3
33.9
39.2
25.9
99.3
266.4
-4.3
-12.6
32.9
35.2
-1.2
21.4
9.1
53.0
— .6
22.1
19.2
-168.5
68.7
77.1
98.0
112.1
110.8
107.2
133.2
110.6
103.8
117.2
169.1
197.6
71.6
85.7
95.8
96.5
96.4
99.9
100.5
108.5
86.6
111.4
133.4
182.1
-2.9
-8.6
2.2
15.6
14.4
7.3
32.7
2.1
17.2
5.7
35.7
15.5
58.6
64.8
46.8
54.3
37.3
57.8
57.3
70.7
126.0
103.5
43.0
72.3
234.4
35.6
82.6
80.0
34.3
48.9
49.0
37.5
78.7
53.4
46.3
66.6
-175.9
29.1
-35.8
-25.7
3.0
8.9
8.3
33.2
47.3
50.1
-3.4
5.7
28.1
26.9
32.6
31.3
29.5
29.7
34.8
37.5
30.3
35.4
39.3
41.4-
26.9
38.9
41.6
46.5
56.1
79.6
39.6
101.4
40.7
49.1
60.0
60.2
1.2
-12.0
-9.0
-15.2
-26.6
-49.9
-4.8
-63.9
-10.3
-13.7
-20.7
-18.7
TABLE 4.—NET PURCHASES BY FOREIGNERS OF LONG-TERM UNITED STATES SECURITIES, BY COUNTRIES
[Net sales, (—). In millions of dollars]
International
institutions
Total
foreign
countries
United
Kingdom
—15 9
14.7
22.7
77.7
—568 4
300.2
—34.3
64.6
21.4
70.4
71.3
72.3
—41.7
15.0
—22.2
—21.9
—21.3
—34.9
45.9
50.7
57.1
68.3
1953—Dec...
-4.4
14.2
25.7
1.1
-1.1
1.2
1954—Jan
Feb....
Mar....
.9
21.8
9.0
6.1
9.2
5.0
3.4
3.5
5.7
6.5
.7
5.9
-7.1
-16.2
21.4
36.1
-2.0
-2.9
-3.7
-4.6
-3.4
-1.9
-1.5
-2.9
-3.4
1.1
.1
2.3
May'.'.!
June...
July...
Aug
Sept... .
Oct
Nov. P..
Dec.*..
-8.1
-21.8
34.5
50.1
-8.6
28.1
46.2
13.8
14.6
Year or
month
1951
1952
1953
1954*
.7
.5
.6
.5
-4.4
41.2
2.0
25.6
-.6
-11.2
2.2
55.5
-141.9
10.5
6.8
France
6 0
5.5
2.2
1.5
3.0
.1
.2
.9
1.0
-27.9
Nether- Switzerland
lands
-.9
-2.7
-5.0
10.5
5.4
-.2
24.8
.5
1.2
4.5
16.4
1.7
Italy
1 9
Other
Europe
Canada
Latin
America
_.7
l!9
111.4
62.4
133.0
—595.5
191.6
— 120.6
— 187.2
.1
1.6
28.5
-17.4
2.7
-.5
.9
(3)
-.1
-.4
.1
-.4
.2
(3)
.6
.1
1.0
1.9
1.4
2.7
3.6
1.5
.9
.4
8.6
2.1
-6.8
-6.7
-3.3
-2.9
-.3
-.1
(3)
.8
-.2
.4
1.1
.3
-1.2
-.7
-4.7
-3.7
— .6
.3
.2
6.2
9.2
-11.1
30.2
49.7
10.8
4.6
32.8
5.2
7.3
8.6
20.8
-28.0
-.3
-5.2
-34.3
-8.7
-3.5
-1.7
-4.5
-5.2
-2.3
-108.0
13.9
All
other
Asia
—2.5
13.0
.5
—43.8
Total
Europe
4.7
24.9
112.1
3.2
3.3
14.8
31.2
15.8
10.5
11.2
.1
36.3
-8.0
4.8
—9! 5
(3)
— .9
3.5
3
.5
.1
.1
1.4
3.2
-1.0
1.4
1.4
.4
.7
.1
.1
.1
-1.4
.6
.6
*l Preliminary.
2
i \ o t reported separately until
Mar. 31, 1954.
See footnote 2 on opposite page.
3
4
Less than §50,000.
Includes transactions of international institutions.
MARCH 1955
337
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
TABLE 5.—NET PURCHASES BY FOREIGNERS OF LONGTERM FOREIGN SECURITIES OWNED IN THE
UNITED STATES, BY AREAS
[Net sales, ( - ) .
In millions of dollars]
Inter- Total
nationa] foreign Total
insti- coun- Europe
tutions tries
Year or
month
1951
1952
1953
-152.7 -224.3
-118.1 - 9 9 . 8
-61.2 -11.0
-163.9 -134.7
1954P
1953—Dec...
-.5
1954—Jan.... -ICO.6
Feb. . .
10.5
Mar...
.1
Apr....
.7
May, .
-4.7
June. .
-.7
July...
-1.1
Aug.. .
-6.0
Sept... - 5 4 . 6
Oct
-2.9
Nov. P.
-1.9
Dec. P..
-2.6
Canada
[In millions of dollars]
Latin
Amer- Asia
ica
Assets in custody
All
other
Deposits
Date
28.5
19.9
96.3
2.3
-258.6
-141.0
-137.8
-145.3
33.S
25.3
34.6
37.2
-36.0
-10.0
-29.9
-34.2
7.9
6.0
25.8
5.2
4.7
-23.3
1.6
-5.4
2.1
-74.0
8.9
6.7
10.7
-44.8
8.3
-41.6 - 5 . 9
-18.8 -18.6
-40.3 -9.9
4.7
.2
-24.7
-.7
91 .6 25.9
39.3 - 4 . 1
-22.2 - 9 . 3
-.10.4 - 3 . 2
-95.3
8.0
-53.2
-35.9
-.9
-29.3
-2.3
-28.2
52.9
38.8
-4.6
4.8
-20.3
TABLE 6.—DEPOSITS AND OTHER DOLLAR ASSETS HELD
AT FEDERAL RESERVE BANKS FOR FOREIGN
CORRESPONDENTS *
5.6 - 2 . 6
9.4
.1 - 4 . 8 - 7 . 4
1.3 - 2 . 2
1.0
1.7 —2.5
.9
3.9 - 3 . 6
.4
2.4 - 3 . 9
.3
1.4 - 2 . 6
8.0
1.8 - 1 . 4
4.0
8.6
1.9
2.3
7.7 - 2 . 8
-.2
- . 3 - 6 . 4 - 1 .6
3.1 - 3 . 3 - 1 1 . 8
pPreliminary.
U. S. Govt.
Miscelsecurities2 laneous8
1953—Dec. 31
423
2,586
106
1954—p^k, 28..
Mar. 31
Apr. 30 . . .
May 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
490
494
471
527
88
92
96
93
533
477
461
426
397
490
2,716
2,784
2,840
2,969
2,900
3,033
2,989
3,013
3,050
3,002
2,908
85
82
101
99
104
105
1955—Tan. 31
Feb. 28
441
320
3,000
2,966
117
128
1955 -Feb. 2
Feb 9
Feb. 16
Feb. 23 . . .
419
471
428
2,884
2,866
2,978
2,966
118
123
126
545
329
87
126
1
Excludes assets held for Intl. Bank and Monetary Fund and earmarked gold. See footnote 4, p. 341, for total gold under earmark
at 2Federal Reserve Banks for foreign and international accounts.
U. S. Treasury bills, certificates of indebtedness, notes and/or bonds.
3
Includes bankers' acceptances, commercial paper, foreign and
international bonds.
NOTE.—For explanation of table and for back figures see BULLETIN
for May 1953, p. 474.
GOLD PRODUCTION
OUTSIDE U. S. S. R.
[In millions of dollars]
Production reported monthly
Estimated
world
production Total
outside 1 reported
U.S.S.R.
monthly
Year or
month
South
Africa
Rhodesia
$1 = 15 H l
1947
1948
1949
1950
1951
1952
1953
766.5
805.0
840.0
864.5
840.0
864.5
857.5
«
1953—December.
February
IMay
. .
Tuly
August
Seotember
October
December.
North and South America
Africa
West Belgian United
Africa2 Congo2 States3
Canada
Mexico
Other
Colom- Chile
bia
Nica- Austra- India 2
ragua 4
lia
grains of gold ft o fine: i. e., an ounee of fine gold = 5
705.5
728.1
753.2
777.1
758.3
780.9
776.5
392.0
405.5
409.7
408.2
403.1
413.7
417.9
18.3
18.0
18.5
17.9
17.0
17.4
17.5
19.3
23.4
23.1
24.1
22.9
23.8
25.4
10.8
11.1
12.9
12.0
12.3
12.9
13.0
75.8
70.9
67.3
80.1
66.3
67.4
69.0
107.5
123.5
144.2
155.4
153.7
156.5
142.4
16.3
12.9
14.2
14.3
13.8
16.1
16.9
13.4
11.7
12.6
13.3
15.1
14.8
15.3
5.9
5.7
6.3
6.7
6.1
6.2
4.6
7.4
7.8
7.7
8.0
8.8
8.9
9.1
32.8
31.2
31.3
30.4
31.3
34.3
64.4
35.7
1.5
2.2
.9
6.1
9.6
2.1
1.1
.4
.7
3.7
.5
63.4
61.8
68.7
66.0
68 9
70.0
71.1
71.4
35.7
34.5
37.5
37.0
38.3
38.3
39.4
39.8
39.9
40.5
40 7
40.8
1.5
2.1
1.5
5.1
1.0
1.4
.4
.6
2.2
2.2
2.2
2.3
2.3
2.3
2.4
2.4
2.3
1
.2
.1
.0
.0
1 .0
4
1
.9
.9
.9
4.9
5.4
4.9
5.0
6.1
6.1
5.8
5.1
5.6
5.6
5.8
.9
1.6
.8
1.3
1.2
1.0
1.4
,2
1 .1
.9
0
.2
.0
.2
1
1
.3
.4
.3
.5
.3
.4
.3
.4
.7
.7
.7
.7
.7
.7
2.9
1.5
1.5
1.6
1.6
1.7
1.6
1.6
1.5
1.7
10.3
10.9
12.9
12.5
13.4
13.2
13.3
12.9
13.1
13.3
13.5
13.5
3.0
3.5
3.2
3.3
3.3
3.4
3.2
3.4
.6
.7
2 3
2.3
.8
.8
.7
.7
.6
6
.7
37.7
6.1
6.5
5.7
6.7
7.9
8.9
7.8
.7
.6
.7
.7
.7
.6
.6
6
.6
Gold production in U.S.S.R.: No regular government statistics on gold production in U.S.S.R. are available, but data of percentage changes
irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual
production
as follows: 1934, 135 million dollars: 1935, 158 million; 1936, 187 million; 1937, 185 million; and 1938, 180 million.
1
Estimates of United States Bureau of Mines.
2
Reported by American Bureau of Metal Statistics.
SYearly
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.
338
FEDERAL RESERVE BULLETIN
ESTIMATED GOLD RESERVES AND DOLLAR HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL INSTITUTIONS
[Amounts outstanding, in millions of dollars]
1950
1951
1952
Dec. 31
Dec. 31
Dec. 31
848
834
222
571
898
896
434
633
1,035
967
691
655
1,052
883
770
651
1,044
926
893
660
1,081
1,003
1,053
714
1,098
1,049
1,225
812
1,124
1,060
1,381
841
1,055
1,092
1,503
802
1,024
1,124
1,822
874
1,039
1.354
1.998
925
559
94
257
132
205
2,023
164
'920
524
150
331
128
224
1,973
165
'758
815
160
374
130
275
2,053
151
'•1,062
905
171
391
130
283
2,051
153
1,134
953
164
412
134
280
2,091
152
1,198
1,022
169
437
138
309
2,120
157
'1,299
1,055
171
469
150
335
2,133
157
1,421
1,064
169
499
136
337
2,134
153
1-1,559
1,125
178
516
142
342
2,105
151
1,607
1,118
177
537
174
399
2 172
150
1 ,536
1,118
14.8
559
188
406
2,185
152
1,568
6,829
7,114
8,368
8,574
8,907
9,502
10,075
10,457
10,618
11,107
11,640
3,557
120
303
241
232
2,843
99
309
197
326
2,318
113
312
194
347
2,627
113
323
207
356
2,886
109
334
212
369
3,051
111
340
214
354
3,009
108
346
214
373
3,198
105
329
221
371
3,536
105
338
225
373
3,388
104
320
234
'371
3,189
103
334
4,453
3,774
3,284
3,626
3,910
4,070
4,050
4,224
4,577
'4,417
4 ,245
1,988
2,157
2,492
2,435
2,238
2,292
2,417
2,487
2,463
2,543
2,613
518
543
518
417
427
390
485
393
519
451
520
481
503
423
543
431
550
417
578
413
532
449
120
99
121
128
129
134
102
103
530
415
575
366
515
375
121
117
527
393
579
339
587
325
531
341
548
329
532
258
477
315
1954
1953
Area and country
Continental Western Europe:
Belgium-Luxembourg (and Belgian
Congo)
France (and dependencies)1
Germany (Federal Republic o f ) . . .
Italy
Netherlands (and Netherlands
Norway
Portugal (and dependencies)
Spain (and dependencies)
Sweden
Turkey..
Other 2
Total
Sterling Area:
United Kingdom
United Kingdom dependencies....
Union of South Africa
Other
Total
Canada
Latin America:
Argentina
Brazil
Chile
.
.
.
Cuba
Mexico
Mar. 31 June 30 Sept. 30 Dec. 31 Mar. 31 June 30 Sept. 30
Dec. 312
387
112
428
391
317
311
306
301
309
311
519
721
337
329
335
490
812
530
814
571
779
329
458
560
445
634
311
Venezuela
Other
595
772
562
868
621
••906
614
817
597
859
Total
3,455
3,360
3,369
3,537
3,672
3,708
3,623
3,712
'3,722
3,660
3,685
324
160
587
421
163
729
296
157
936
275
156
1,026
246
155
1,022
198
168
1,062
184
181
958
166
185
807
140
172
747
168
164
801
181
169
858
Asia:
Iran . . . .
Japan
. .
337
324
334
210
325
294
360
316
318
304
319
308
306
401
311
363
304
374
318
166
256
281
401
268
451
243
444
238
465
266
236
516
1,870
2,185
2,367
2,498
2,413
2,424
2,309
2,196
'2,054
'2,154
2,226
344
309
307
307
306
314
306
308
309
308
309
173
285
234
227
229
218
217
224
226
219
28
42
49
57
61
63
67
74
67
70
221
68
377
Thailand
Other
Total
Eastern Europe 3
.
. .
All other:
Egypt
Other
Total
Total foreign countries
International *
Grand total
201
327
283
284
290
281
284
298
293
289
289
19,140
19,226
20,470
21,261
21,736
22,591
23,064
23,682
24,036
'24,478
25,007
3,090
3,171
3,287
3,249
3,272
3,212
3,331
3,401
3,364
3,536
3,560
22,230
22,397
23,757
24,510
25,008
25,803
26,395
27,083
27,400
'28,014
28,567
i>
Preli in irairy.
'Revised.
1
Includes gold reserves of Bank of France and French dependencies only.
2
Includes holdings of other Continental OEEC countries, Finland, Yugoslavia, Bank for International Settlements (both for its own and
European Payments Union account), gold to be distributed by the Tripartite Commission for Restitution of Monetary Gold, and unpublished
gold 3reserves of certain Western European countries.
Excludes gold reserves of the U. S. S. R.
4
Includes holdings of International Bank for Reconstruction and Development, International Monetary Fund, and United Nations and other
nternational organizations.
NOTE.—Includes reported and estimated gold reserves of central banks, governments, and international institutions, and official and private
dollar holdings as shown in Tables 1 and l a - I d of the preceding section, as well as certain longer term U. S. Government securities reported as
purchased within 20 months of maturity. For back figures see BULLETIN for March 1954, p. 245.
MARCH
1955
339
REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]
End of
month
1949—Dec
1950—Dec
1951—Dec
1952—Dec
1953—Dec
Estimated
United States
total world
(excl.
U.S.S.R.)i Treasury TotaP
35,410
35,820
35,970
36,280
36,710
1954—F e b.
Mar. . .
]VIay
June...
July .
Aug.
Sept
Oct .
Nov
Dec
36,920
37,100
37,200
P37.35O
1955—Jan
Bolivia
Brazil
Canada
698
587
621
706
776
23
23
23
21
21
317
317
317
317
321
496
590
850
896
996
40
40
45
42
42
21
8
8
5
5
5
5
321
321
321
321
321
322
322
322
322
322
322
1,017
1,022
1.030
,034
L.042
1,050
L,052
L,059
L.065
1L.071
1,080
42
42
42
42
42
42
42
42
42
42
42
322
1,083
24,563
22,820
22,873
23,252
22,091
21,958
21,965
21,969
21,973
21,927
21,908
21,809
21,810
21,759
21,710
21,713
22,036
22,035
22,083
22,039
22,027
21,960
21,897
21,863
21,827
21,791
21,793
787
787
788
779
765
765
756
760
760
767
778
21,714
21,786
781
Germany,
Federal GuateRepublic mala
of
Egypt
France 3
1949—Dec
1950—Dec
1951—Dec
1952—Dec
1953—Dec
53
97
174
174
174
523
523
548
573
576
28
140
326
1954—Feb
Mar
Apr
May
June
July....
Aug
Sept
Oct
Nov.. . .
Dec.. . .
174
174
174
174
174
174
174
174
174
174
174
576
576
576
576
576
576
576
576
576
576
576
369
387
414
406
418
478
544
574
599
612
626
1955—Jan
174
576
End of
month
Portugal
El Salvador
1949—Dec
1950—Dec
1951—Dec
1952—Dec
1953—Dec
178
192
265
286
361
17
23
26
29
29
128
197
190
170
176
1954—Feb
Mar
Apr
May....
June
July....
Aug
Sept
Oct
Nov.. . .
Dec.. . .
379
386
391
393
393
403
410
416
422
427
429
29
29
29
29
29
29
29
29
29
29
29
177
177
180
180
187
188
193
195
199
194
199
Tan
29
216
216
268
Belgium
24,427
22,706
22,695
23,187
22,030
End of
month
1955
Argentina
India
27
27
27
'27
27
247
247
247
247
247
27
27
27
27
27
27
27
27
27
27
247
247
247
247
247
247
247
247
247
247
247
Indonesia
178
209
280
235
145
Iran
Italy
Chile
Sweden
Switzerland
85
61
51
51
54
70
90
152
184
218
1L.504
L,470
1,452
L.411
1,459
54
54
54
55
56
56
56
56
56
56
56
218
218
218
218
219
219
219
219
224
246
265
1,469
1,469
L.471
,450
1,469
,485
,490
L.503
,513
,513
,513
56
265
Spain
V
L 512
52
74
86
Mexico
Nether-
lands
Cuba
Denmark
Ecuador
299
271
311
214
186
32
31
31
31
31
21
19
22
23
23
186
186
186
186
186
186
186
186
186
186
186
31
31
31
31
31
31
31
31
3\
31
31
23
23
23
23
23
23
23
23
23
23
23
31
23
Norway
Pakistan
Peru
140
140
138
138
137
256
256
333
346
346
52
208
208
144
158
195
311
316
544
737
51
50
50
50
52
27
27
27
38
38
28
31
46
46
36
137
137
137
138
138
138
138
138
138
138
138
346
346
346
346
346
346
346
346
346
161
162
86
87
57
58
59
60
61
772
772
772
772
777
794
796
796
796
796
796
47
47
47
47
47
45
45
45
45
45
45
38
38
38
38
38
38
38
38
38
38
38
36
36
36
36
36
34
34
34
34
34
35
796
45
38
138.
South
Africa
Colombia
Inter- Bank for
national InterMone- national
tary
SettleFund
ments
Turkey
United
Kingdom
118
118
113
113
113
154
150
151
143
143
41,688
43,300
42,335
41,846
42,518
178
236
221
207
227
373
373
373
373
373
1,451
1,495
1,530
1,692
1,702
68
167
115
196
193
113
113
113
113
113
113
113
113
144
144
144
144
144
144
144
144
144
144
144
42,583
42,685
42,820
42,985
43,017
43,013
42,918
42,901
42,936
4
2,925
42,762
227
227
227
227
227
227
227
227
227
373
373
373
373
403
403
403
403
403
403
403
1,702
1,703
1,719
1,727
1,727
1,733
1,734
1,734
1,734
1,736
1,740
190
199
197
186
182
186
193
195
193
193
196
144
42,763
1,744
198
Thailand
Uruguay
Venezuela
pPreliminary.
1
Includes reported gold holdings of central banks and governments and international institutions, unpublished holdings of various central
banks and governments, estimated holdings of British Exchange Equalization Account based on figures shown below under United Kingdom,
and estimated
official holdings of countries from which no reports are received.
.
.
.
2
Includes gold in Exchange Stabilization Fund. Gold in active portion of this Fund is not included in regular statistics on gold stock (Treasury
gold) used in the Federal Reserve statement "Member Bank Reserves, Reserve Bank Credit, and Related Items" or in the Treasury statement
"United States Money, Outstanding and in Circulation, by Kinds."
sRepresents
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.
340
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]
Total
United
Kingdom
—452 9
721.3
2,864.4
1,510.0
193.3
—1,725.2
75.2
393.7
-1,164.3
-326.6
— .2
406.9
734.3
446.3
-1,020.0
469.9
440.0
-480.0
-50.0
Year or
quarter
1945
1946 .
1947
1948
1949
1950
1951
1952
1953
1954
Belgium
France
31.1
14.2
222.8
69.8
-41.0
-55.0
-10.3
-3.8
-84.9
278.5
264.6
15.8
-84.8'
—20.0
Germany,
Fed.
Rep. of
Netherlands
130.8
40.7
-23.5
-79.8
-4.5
-10.0 -100.0
-130.0 -65.0
-225.6
Portugal
-47.9
-10.0
116.0
63.0
14.0
-15.0
-34.9
-5.0
-59.9
-54.9
Switzerland
Other
Europe 1
Canada
Argentina
-86.8
—7 4
80.2 - 2 9 . 9
27.3
238.0
10.0
86.6
3.0
—5.6
5.8
- 4 0 . 0 2-159.9
3
8
.
0
6
8
.0
-22.9'
-32.0
-15.0
-60.1
22.5
-17.3
-20.0
-111.8
-65.0
-17.4
-15.5
-15.0
36 8
337.9
311.2
—224 9
153.2
727.5
114.1
-49.9
Sweden
3.4
-100.0
— 10.0
7.2
—49.9
-20.0
-84.8
Cuba
Mexico
—85 0
—23 8
-30 0
36 9
-65.0
45.4
— 10 0
61 6
-10.0
-16.1
28.2 - 1 1 8 . 2
—60 2
—20 0
87.7
-28.1
80.3
1952
520.0
557.3
105.7
—1.3
-268.0
Jan.-Mar..
Apr.-June.
July-Sept.
Oct.-Dec
20.2
22.5
—10.1
11.3
101.4
6.9
.3
-80.0
-24.0
-10.0 -100.0
-5.0
-599.1
—128.2
—306 6
—130 3
-320.0
-40.0
—120 0
-36.5
-3.4
-12 4
-32.6
-30.0
-10.0
—40 0
—50 0
- 2 5 . 0 - 1 5 . 0 -10.0
-15.0
—40 6 — 15 0 —io 6
—15.0
—63.0
-19.6
-171.8
-72.3
-50.0
—40.0
—15.6
-140.0
-30.0
-20.0
—5.0
-20.0
-10.0
-7.2
-20.0
-25.0
-45.0
-8.8
—42 8
— 15 3
-54.9
—20.0
—10 0
-28.1
1953
Jan.-Mar..
Apr.-June.
Tulv-SeDt
Oct -Dec
-20.0
-25.0
—15.0
—5.0
1954
Apr.-June.
July-Sept..
Oct.-Dec. .
-i5!6'
-8.0
-7.5
-2.4
—1 .1
-2.5
-11.3
80.3
NET GOLD PURCHASES BY THE UNITED STATES,
BY COUNTRIES—Continued
ANALYSIS OF CHANGES IN GOLD STOCK OF
UNITED STATES
(Negative figures indicate net sales by the United States)
[In millions of dollars]
[In millions of dollars at $35 per fine troy ounce]
Year or
quarter
Uruguay
Venezuela
-37.9 -73.1
-9.2
-4.9
25.1
-3.7
10.7 - 1 0 8 . 0
-14.4 -50.0
-64.8
22.2
-.9
14.9
— 15 0
-5.0 -30.0
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
Other
Latin
America
Asia
and
Oceania
Union
of
South
Africa
Gold si,ock at
end of period
All
other
3.7
- 2 7 . 8 3-188.3
13.7 " " 9 4 . 3
22.9
25.0
1.0
256.0
79.1
11.9
6.9
-4.1
498.6
13.4
-52.1
195.7
-7.5
-1.6
-35.4
13.1 4-47.2
-17.2
52.1 4-84.0
- 1 7 . 2 5-50.1
-7.0
-2.0
-25.1
11.5
-9.9
—6.1
-3.8
-10.4
17.2
. -.4
1952
10.0
Tan -Mar
Tiiiv-Spnt
4.8
Oct.-Dec
-17.6
-7.4
-2.0
2.0
-3.2
-2.4
.4
—1.8
-3.6
-1.1
-1.2
-1.4
—2.4
4.3
7.2
-.1
-1.9
1953
-10.0
-5.0
Jan.-Mar
Apr.-June
Tniv-Sent
"—! i
— .1
-9.9
1954
-5.0
Jan -IVIar
Tnlv-^ent
Oct -De *
13.2
-30.0
1.9
1
2
-8.9
2.0
- 1 .2
-.1
— .1
-.4
Includes Bank for International Settlements.
Includes sale of 114.3 million dollars of gold to Italy.
3
Includes sales of 185.3 million dollars of gold to China.
4
Includes sales of gold to Egypt as follows: 1950, 44.8 million
dollars; and 1951, 76.0 million.
includes sales of 45.0 million dollars of gold to Indonesia.
MARCH
1955
Period
1943
1944. . . .
1945
1946
1947
1948
1949 . . .
1950
1951 . .
1952
1953
1954
EarNet
marked DomesIncrease gold
imgold:
de- tic gold
in total
port or crease producgold
export
or
instock
tion
crease
Treasury
Total 1
21,938
20,619
20,065
20,529
22,754
24,244
24,427
22,706
22,695
23,187
22,030
21,713
21,981
—757.9
68.9 —803.6
20,631 —1,349 8 —845.4 —459.8
20,083
—547.8 —106!3 —356!7
20,706 2 623.1 311.5
465.4
22,868 2,162.1 1,866!3
2io!o
24,399
1,530.4 1,680.4 — 159.2
164 6 686.5 —495.7
24,563
22,820 - 1 , 7 4 3 . 3 —371 !3 -1,352.4
52.7 —549.0
22,873
617.6
23,252
379.8 684! 3 —304! 8
22,091 — 1,161.9
2 . 2 1 170 8
-297.2
21,793
16.6 —325.2
21,958
21,965
21,969
21,973
June.. 21,927
July.. 21,908
Aug... 21,809
Sept... 21,810
Oct.... 21,759
Nov... 21,710
Dec.. . 21,713
(-)
22,036
22,035
22,083
22,039
22,027
21,960
21,897
21,863
21,827
21,791
21,793
-7.7
-1.5
47.9
-44.1
-11.6
—66.5
-63.6
-33.6
-36.7
-35.9
1.6
5.4
2.4
1.2
2.6
.7
21,714 21,786
1955—Jan. .
F e b . . . P21.716 P21.787
-7.3
2.2
(3)
1954—Feb...
Mar. .
Apr...
May..
Pl.3
3.3
1.5
1.7
1.1
1.6
1.5
48.3
35! 8
32 !o
51 !2
75! 8
70 9
67!3
80 !l
66! 3
67!4
69 !o
65.4
-9.9
-2.0
37.5
-48.4
-16.9
-72.7
-65.4
-34.6
-34.6
-36.7
4.9
5.4
4.9
5.0
-9.7
5.0
(3)
1.8
4-.8
6.1
6.1
5.8
5.1
5.6
5.6
5.8
^Preliminary.
1
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 6,819.4 million dollars on Feb. 28, 1955. Gold
under earmark is not included in the gold stock of the United States.
NOTE.—For back figures and description of statistics, see Banking
and Monetary Statistics, Table 156, pp. 536-538, and pp. 522-523.
341
INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT
AND INTERNATIONAL MONETARY FUND
[End-of-month figures.
1954
In millions of dollars]
1953
1954
Monetary Fund
International Bank
Dec.
Sept.
June
Mar,
Oct.
Dec.
Dollar deposits and U. S. securities
415
427
466
478
468
Other currencies
and securities 1 . 1,010 1,049 1,034
990 1,011
2
1,738
1,620
1,663
1,562
1,535
Effective loans
37
33
25
Other assets 3
31
33
849
850
IBRD bonds outstanding
777
742
653
420
336
380
Undisbursed loans
357
401
11
9
10
7
7
Other liabilities
165
154
129
Reserves
146
137
1,806 1,831 1,830 1,808 1,808
Capital
Principal
Australia
Disbursed
204.0
106.0
194.1
37.3
74.3
40.0
38.1
257.5
116.7
40.2
141.3
221.5
25.0
44.5
25.4
63 4
110.0
42.0
33.0
60.7
141.9
....
Brazil
Chile
Denmark
Finland
India
.
..
Japan
Mexico
..
.
Netherlands
Norway
Pakistan
Thailand
Turkey
Union of S. Africa.
United Kingdom...
Yugoslavia
Other
Undisbursed
3 81.5
86.0
137.3
17.8
42 5
40.0
32 9 "
250 5
56.1
16 5
72.7
221.5
25.0
24.9
23 0
28 3
103.7
38.6
30.8
52.5
76.6
«2,016.8 1 ,558.5
Total
Quota
Outstanding
Country*
22.5
20.0
56.8
19.5
3\ 8
21*8
3.9
4 6
1.2
" 5'2 4 7
7 0 6.8
60.6 13.1
23 7
68.6 3.3
80.3
19.6
2 4
35 1
6.3
3.4
2.2
8.2
65.3
Sold
to
others6
Total
1.3
.5
2
1.3
2.7
3 0
181.5
84.5
134.5
14.0
38 0
38.8
28 1
243 7
43.0
16 5
69.3
141.2
25 0
23.6
22 5
28 1
102.4
38.6
30 8
49.8
73.6
458.3 131 .1 1,427.4
6.0
18.4
4.0
.5
1.0
6 7
5.7
6 1
2.6
10.4
2 0
2.3
5.5
6.0
5
3.4
7
81 .2
Oct.
1,700
Cumulative net drawings
on the Fund 9
1954
1953
in
gold
Repaid
Jan.
1,574 1,472 1,408 1,386 1,310
4,739 4,746 4,824 4,847 4,920
798
889
796
799
892
8,853 8,853 8,849 8,739 8,739
-8
-9
-8
-9
Subscription
paid
Loans as of January 31, 1955
Apr.
1,733 1,733 1,719 1,702
Gold
Currencies: 1
United States
Other
Unpaid member subscriptions...
Member subscriptions
Accumulated net income
Country 8
July
Australia
Brazil
Colombia
Denmark
France
Germany
India
Indonesia
Japan
Mexico
Turkey
United States
200
150
50
68
525
330
400
110
250
90
43
2,750
Dec.
8.4
37.5
12.5
5.9
108.1
33.0
27.5
15.5
62.5
22.5
10.8
687.5
Xov.
Oct
Dec.
20.0
38.0
14.0
20.0
65.5
65.5
65.5
65.5
25.0
10.2
10.2
10.2
10.2
105.0 105.0 105.0 125.0
-4.4
-49.5 -49.5 -46.1
53.3
53.3
53.3 100.0
15.0
15.0
15.0
62.4
62.4
62.4
62.4
22.5
22.5
22.5
24.0
27.0
27.0
30.0
-464.4 -445.8 -455.8 -651.1
1
2
Currencies include demand obligations held in lieu of deposits.
Represents total principal of authorized loans, less loans not yet
effective, repayments, the net amount outstanding on loans sold or
agreed
to be sold to others, and exchange adjustment.
3
Excludes uncalled portions of capital subscriptions.
4
Loans to dependencies of member countries are included with
member.
5
Includes also effective loans agreed to be sold but not yet disbursed.
6Includes
38 million dollars in loans not yet effective.
7
Of this amount, 21 million dollars is guaranteed and 60 million is
not8 guaranteed by the Bank.
Includes countries having cumulative net drawings of 10 million
dollars
( + or —) on the latest date.
9
Represents for each country purchases of other currencies from
Fund less purchases of own currency by it or other countries.
CENTRAL BANKS
Bank of England
(Figures in millions of
pounds sterling)
Assets of issue
department
Gold1
Assets of banking
department
Other
assets2
Notes
and
coin
Discounts
and advances
Securities
Liabilities of banking department
Note
circulation"
Deposits
Bankers'
Public
26
25
31
29
28
27
26
31
30
.2
.2
.2
.2
.4
.4
.4
.4
.4
1,400.0
1,450.0
L,450.0
1,325.0
L,350.0
L,375.0
1,450.0
1,575.0
1,675.0
20.7
23.4
100.8
36.1
33.7
19.2
14.1
51.3
57.8
8.4
13.6
15.2
16.7
14.8
29.2
18.2
11.2
4.9
327.0
327.6
331.3
401.1
489.6
384.0
389.2
371.2
338.1
1,379.9
1,428.2
1,349.7
1,293.1
1,321.9
1,357.7
1,437.9
1,525.5
1,619.9
274.5
278.9
315.1
314.5
299.2
313.5
299.8
302.8
290.2
1954—Feb. 24
Mar. 31
Apr. 28
May 26
June 30
July 28
Aug. 25
Sept. 29
Oct. 27
Nov. 24
Dec. 29
.4
.4
.4
.4
.4
.4
.4
.4
.4
.4
.4
1,575.0
,625.0
1,625.0
1,625.0
L,675.0
1,750.0
,700.0
,675.0
,675.0
,675.0
,775.0
29.9
51.3
15.5
14.7
30.2
36.8
48.7
42.3
41.7
25.9
26.0
14.0
15.2
7.5
7.0
11.7
8.2
7.0
6.5
2.1
4.5
8.9
340.1
319.3
369.5
352.5
374.6
338.7
310.1
337.6
351.1
374.9
350.7
1,547.9
1,576.9
1,612.6
1,613.4
1,647.4
1,715.8
1,654.0
1,635.4
1,635.9
1,651.9
1,751.7
284.0
262.7
289.3
267.8
307.7
269.1
267.2
276.1
295.6
293.7
276.1
5.3
10.3
18.6
11.7
11.6
15.4
13.4
10.0
14.9
10.9
30.6
11.7
14.0
10.6
14.8
14.6
16.4
9.8
11.7
15.4
1955—Jan. 26
.4
,725.0
62.8
16.4
298.0
1,664.9
251.9
16.3
1945—Dec.
1946—Dec.
1947—Dec.
1948—Dec.
1949—Dec.
1950—Dec.
1951—Dec.
1952—Dec.
1953—Dec.
Other
liabilities and
EGA
Other
17.4"
97.9
.4
.6
24.3
7.2
58.5
57.3
95.5
92.1
111.2
85.0
89.8
78.5
70.4
17.8
18.1
18.1
18.1
18.1
18.1
18.1
18.1
18,2
4.7
1.0
6.6
4.6
8.7
10.2
1.7
6.3
6.3
9.6
9.6
65.9
72.9
67.1
69.8
71.3
71.3
63.8
69.0
65.4
72.3
66.3
18.4
18.6
17.8
18.0
18.2
18.3
18.4
18.5
17.8
17.9
18.1
4.7
85.9
18.3
capital
J
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. 20. For details on previous changes, see BULLETIN for February 1955, p. 226.
NOTE.—For back figures, see Banking and Monetary Statistics, Table 164, pp. 638-640; for description of statistics, see pp. 560-561 in same
publication.
342
FEDERAL RESERVE BULLETIN
CENTRAL BANKS—Continued
Assets
Bank of Canada
(Figures in millions of
Canadian dollars)
Gold*
Sterling
and United
States
dollars
Liabilities
Dominion and provincial government
securities
Deposits
Other
assets
Note
i.
circulation 3
Other
liabilities
and
capital4
Dominion
government
Shortterm 2
Other
.5
.6
172.3
156.8
1.0
2.0
.4
74.1
111.4
117.8
77.1
54.9
807.2
787.6
906.9
1,157.3
1,197.4
1,022.0
1,233.7
1,781.4
1,229.3
1,141.8
1,459.8
1,376.6
209.2
472.8
573.9
688.3
708.2
858.5
779.1
227.8
712.5
,049.3
767.2
893.7
31.3
47.3
34.3
29.5
42.1
43.7
45.4
42.5
297.1
135.2
77.3
112.0
693.6
874.4
1,036.0
,129.1
,186.2
,211.4
,289.1
,307.4
,367.4
,464.2
,561.2
,599.1
259.9
340.2
401.7
521.2
565.5
536.2
547.3
541.7
578.6
619.0
626.6
623.9
51.6
20.5
12.9
153.3
60.5
68.8
98.1
30.7
24.7
94.9
16.2
51.5
19.1
17.8
27.7
29.8
93.8
67.5
81.0
126.9
207.1
66.1
44.5
29.5
24.0
55.4
209.1
198.
42.7
42.4
43.1
119.2
172.6
200.0
132.9
133.1
1954—Feb. 27. .
Mar. 3 1 . .
Apr. 30. .
May 3 1 . .
June 3 0 . .
July 31 . .
Aug. 31 . .
vSept. 30. .
Oct. 30. .
Nov. 30. .
Dec. 3 1 . ,
53.0
50.0
58.3
61.5
54.2
53.6
56.9
57.9
52.3
57.7
54.2
1,374.8
1,552.8
1,703.8
1,740.4
1,568.5
1,651.2
1,669.9
1,660.8
1,438.2
1,444.3
1,361.5
900.8
636.3
568.0
520.5
702.0
502.3
502.4
545.6
809.9
837.5
871.1
116.7
146.2
101.2
103.2
112.9
109.9
77.2
73.3
105.5
85.1
114.1
,506.2
,512.6
,535.7
,546.6
,553.5
,572.1
,573.0
,585.3
,579.8
,587.1
,623.5
676.6
660.0
661.7
589.3
624.4
543.9
531.0
521.4
595.2
528.8
529.6
126.1
81.8
86.0
143.8
99.0
50.5
49.6
81.8
49.8
141.1
56.3
34.4
28.9
27.3
30.3
41 .4
30.9
31 .5
25.8
31.4
36.0
30.5
102.0
102.0
120.6
.1.15.7
119.2
119.5
121.3
123.2
149.5
131.5
161.0
1955—Jan. 31 . .
51 .5
1,249.8
876.0
87.7
1,545.9
528.7
56.5
38.6
95.4
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
1947—Dec.
1948—Dec.
1949—Dec.
1950—Dec.
1951—Dec.
1952—Dec.
1953—Dec.
31
31 . . . .
30
31. . . .
31. . . .
31. . . .
31. . . .
31
30. . . .
31
31. . . .
31
Chartered
banks
Assets
Bank of France
(Figures in
millions of francs)
1942- -Dec.
1943- -Dec.
1944- -Dec.
1945- -Dec.
1946- -Dec.
1947 -Dec.
1948 --Dec.
1949- -Dec.
1950- -Dec.
1951- -Dec.
1952- -Dec.
1953- -Dec.
31.
30.
28.
27.
26.
31.
30.
29.
28.
27.
31.
31.
Gold 5
Foreign
exchange
Domestic bills
Open
market 6 Special
37
8,420
84,598
37
9,518
84,598
42 12,170
75,151
68 17,980
129,817
7 37,618
94,817
12 67,395
65,225
30 97,447
65,225
62,274 61,943 137,689
182,785 162,017 136,947
191,447 28,320 234,923
200,187 31,068 274,003
201,282 15,421 292,465
169
29
48
303
3,135
64
8,577
28,548
34,081
31,956
57,042
61,108
51,577
40,319
33,162
26,612
18,317
12,206
5,129
15,058
32,697
44,593
48,925
1954—Feb. 25.
Mar. 25.
Apr. 29.
May 26.
June 24.
Tuly 29.
Aug. 26.
Sept. 30.
Oct. 28.
Nov. 25.
Dec. 30.
201,282
201,282
201,282
201,282
201,282
201,282
201,282
201,282
201,282
201,282
201,282
20,807
23,646
27,862
31,344
34,133
37,884
41,059
45,11 7
48,971
51,939
57,291
1955—Jan. 27.
201,282
60,482 226,244
1
272,186
227,003
218,436
208,288
217,399
264,197
265,330
262,922
264,861
224,487
236,765
Liabilities
Advances to
Government 0
Other
assets 6
Other
Other
Current
5,368 68,250
7,543 64,400
18,592 15,850
25,548
76,254 67,966'
117,826 147,400
238,576 150,900
335,727 157,900
393,054 158,900
741,267 160,000
937,459 172,000
891,560 200,000
Note
circulation
Other
16,990
16,601
20,892
24,734
33,133
59,024
57,622
112,658
212,822
190,830
159,727
169,964
667,549
672,949
663,349
651,849
656,749
652,449
648,049
634,749
626,249
619,549
617,649
159 027 ,257,405
146. 195 ,235,417
192, 424 ,322,140
21.0, 331 ,272,409
185, 682 ,270,081
196, 282 2,386,357
191 ,874 ,333,133
224, 089 2 ,443,797
2.18,288 2,428,122
218, 584 2 ,386,103
277, 215 ,538,455
46,054 1,063,937 190,000 592,249 9286,200 2,472,650
870,066 195,000
905,854 195,000
982,829 195,000
934,538 195,000
946,002 195,000
1,018,726 195,000
980,146 195,000
1,030,309 195,000
1,027,934 195,000
1,013,121 195,000
1,130,183 195,000
Government
ECA
Other
Other
j liabilities
and
capital
29 935
33,137
37 855
57 755
63 468
82,479
171 783
158 973
161.720
166,226
137,727
142,823
521,318
45,596
7,078
4,087
7,213
10,942
16,206
19,377
24,234
41,332
49,305
56,292
42
70
15
17
84
70
100
6
93
65
76
131,996
114.617
132,387
128,816
119,155
132,203
128,178
105,192
119,406
3,304 106,920
3,744 154,100
47,425
62,064
59,704
57,869
65,043
59,047
66,377
59,441
67.56S
72,162
67,935
97
3,733 125,962
64,006
382,774
770
500,386
578
572,510
748
570,006 12 048
721,865
765
920,831
733
987,621
806
,278,211 1 168
,560,561
70
,841,608
29
,123,514
27
,310,452
21
250,965
366,973
475,447
445,447
480,447
558,039
558,039
560,990
481,039
481,039
479,982
679,849
i
!
Deposits 7
15,058
10,587
897
2,061
627
79
98
134
202
348
83
90
98
On May 1, 1.940, 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.
3
Includes notes held by the chartered banks, which constitute an important part of their reserves.
4
Beginning
November 1944, includes a certain amount of sterling and United States dollars.
5
For details on devaluations and other changes in the gold holdings of the Bank of France, see BULLETIN for September 1951, p. 1211; September 1950. pp. 1132 and 1261; June 194'J, 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 19.50, 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: 1942, 16,857;
1943, 10,724.
includes advance to Stabilization Fund, amounting to 155.3 billion francs on Jan. 27.
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
1955
CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)
1954
1955
Jan.
Dec.
Nov.
Jan.
1
1
3
66
1,623
1,439
3,898
57,405
Central Bank of the Argentine
Republic (millions of pesos):
Gold reported separately
Other gold and foreign exchange.
Government securities
Rediscounts and loans to banks .
Other assets
Currency circulation
Deposits—Nationalized
Other sight obligations
Other liabilities and capital
Commonwealth Bank of Australia (thousands of pounds):
Gold and foreign exchange
Checks and bills of other banks
Securities (incl. Government and
Treasury bills)
Other assets
Note circulation
Deposits of Trading Banks:
Special
Other
Other liabilities and capital
Austrian National Bank (millions
of schillings):
Gold
Foreign exchange (net)
Loans and discounts
Claim against Government
Other assets
Deposits——"Banks
Other
Blocked
National Bank of Belgium
69 3
SS9
727
690
9S7
28 ,641
39 8?0
467
4 99Q
413 ,408 418 . 669 422 ,712
7 065 6 ,780 6 ,7S1
466 708 484 7S6 4 S 9 , 693
74 , 896 S8 3 0 8 SS 498
3S4 3?, 7 3 9 1 S77 3 S3 8?, 7
9 0 S 670 7 0 S 670 9 0 S 670
40 737 3S 004 37 714
,433 '?46 9 6 3 9 S 7 444
556
556
8 ,634
8 704
97?
5
158
s
1 ,848
1 ,774
374
367
11 904 1? ?5?,
9 , 1 S6 7 , 9 1 3
706
566
1 ,730
1 716
SS6
9 079
,176
1 ,776
372
11 , 656
9 638
819
1 ,846
(millions of francs):
3 9 ,044 38 911 38 34 S
Gold
Foreign claims and balances (net). 12 ,558 12 ,005 12 ,234
6 ,80^ 6 , 9 S 6 7 46 S
Loans and discounts
. .
Consolidated Government debt.. 34 ,660 34 ,660 34 ,660
7 S30 8 81?. 6 ,163
4 , S74
4 918
4 809
100 S71 100 ,826 9 8 ,8S7
Note circulation
1 ,916
1 ,27.1
1 ,642
Deposits—Demand
93
87
ECA
88
3 ,432
3,460
2 ,870
Other liabilities and capital
Central Bank of Bolivia—Mone(Aug.)*
tary dept. (millions of bolivianos):
1.515
Gold at home and abroad
13 ,338
Foreign exchange (net) ^
Government securities
Other assets
Note circulation
Deposits
Other liabilities and capital.
Central Bank of Ceylon (thousands
of rupees):
549 ,084 =524 ,494
Foreign exchange
Advances to Government
26 ,014 26 ,960
Government securities .
3 7?S
4 448
370 116 376 ,940
Currency in circulation . . .
34 334 9 3 005
Deposits—Government
1 ? S 8 S 7 10S 4 9 3
Banks
50 ,521 51 ,234
Other liabilities and capital
Central Bank of Chile (millions
of pesos):
5 ,742
Gold
1 137
3 ,867
Discounts for member banks
11 38S
Loans to Government
13 0 5 9
Other loans and discounts
4 776
Other assets
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 2
?S 7S9
4 836
7 136
7 934
414 303 S01
24 ,380 - 2 4
939
505
047
198
s S00
6 S48
10
?
1
17
190
284,401
12,300
20 ,012 150,134
6 687
4,401
373 ,292 347,340
51 ,856
5 ,737
86 S
2 ,569
11 468
10
3
91
3
1
7
44?
S19
9S3
849
066
739
Note circulation
581
60,552
42,763
5,649
533
2,842
7,860
7,361
2,575
r
18,526
3,906
r
587
3,802
,354 3 9 3 ,112 369,123
,370 24 ,380 24,376
Jan.
97 S49 104 648 9 8 9 4 0
670 407 780 107 6S7 4S1
S14 436 -179 133 468 4 9 3
133 ,586 123 ,824 130 ,032
94 9 ? 4
608 0S7
315 , 674
97 ,666
11 S03
76 ,267
7 ,032
122 ,264
9 898
11 S03
11 S 0 3
102 ,564
7 ,032
107 ,607
9 898
24 ,357
163 9S3
Republic (thousands of pesos):
Foreign exchange (net) 2
. .
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) 2
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 assets1
Egyptian Govt. securities
Clearing and other accounts (net)
Loans and discounts
Advances to Government
Other assets
Other
Other liabilities and capital
11 S03
55 430 89 ,241
7 ,032
7 032
130 341 103 ,233
9 898
23 ,523 26 726 23 ,352
166 631 147 718 141 799
60 8 9 3 46 0 6 9
31 04 S 30 7?4
S4 061
3 9 080
64 ? ? s
28 407
18S 87S 18S 87S
S7 9 6 0 S7 719
185 748
25 468
201
,041 226 351 260 243
7 616
S19
19 S19
-17 0 3 9
19
48 730
77 006 61 843
76 9 SO 77 S79
4 9 3 8?? 413 1SS
91 S 704 9 3 7 9 9 4
\H 1S8 1 9 S31
68
763
966
479
3 147
40 S
9 09S
1 283
1
Central Bank of the Dominican
12,422
3,299
6,356
Nov.
Dec.
Bank of the Republic of Colombia— Cont.
Loans and discounts
466 ,7S4 46 S ,468 408 018 282 ,987
Government loans and securities. 31S 4S0 3 9 8 ,06S 3 3 9 147 249 987
25,978
Other liabilities and capital
34,339 Central Bank of Costa Rica
503
(thousands of colones):
3,807
Gold
Foreign exchange
Net claim on Int'l. Fund 2
526,031
Loans and discounts
5,521
Other assets . .
393,859
Note circulation
44,386
Demand deposits
335,613
Other liabilities and c a p i t a l . . . . .
National Bank of Cuba
312,970
(thousands of pesos):
43,010
Gold
278,205
Foreign exchange (net)
Foreign exchange (Stabilization
Fund)
157
Silver
7,349
Net claim on Int'l. Fund 2
5,629
Loans and discounts
1,858
Credits to Government
35
Other assets
10,258
Note circulation
1,870
994
Other liabilities and capital
1,905 National Bank of Czechoslovakia3
National Bank of Denmark
(millions of kroner):
38,962
Gold
13,910
Foreign exchange . .
6,169
34,660
Securities
6,935
Govt. compensation account. . . .
4,063
Other assets
99,080
Note circulation
1,769
Deposits—Government
198
Other
3,652
Other liabilities and capital
501 ,436
13 ,668
8 9 39()
Jan.
263
4,419
8,923
6,040
2,505
1954
1955
Central Bank
(Figures as of last report
date of month)
19
1S
1
3
8
14
40
19
2
sss
265
68
776
397
492
3 161
44 S
9 14S
1 273
1 667
256
68
69
891
166
482
3 ?35
418
1 001
1 285
1 6S?
247
1? 076
6 9 6 9 3 771 9 3 0 7 0
1 9 SO
1 9 SO
9 SO
,3 083
138
3 330
9 490
9 490
890
?61
7 S44
7 4?4
9 6 0 4 9 076 40 647
080 19 701 14 S11
2 367
28 238
69 S13
401 57?
203 S 7 0
15 409
715
9S4
505
3 ?14
076 1 9 076
271
12 S 1 ?
31 17S
2, 330
146
1 991
1 451
1 3?3
225
12
17
1
2
9
3
35
9
1
076
790
7 SO
175
470
7?4
189
3 SO
903
990 34? 90S 349 861 342 ?87
151 138 150 043 168, 988 95 479
18 7S7 18 757 18 757 18 757
339
349
478 361 364
366 018
175 077 9 1 S 7S3 9 9 6 830
8S, 7 ? 9 177 9 ? 9 9 1 0 76?
651, 990 698 846 708 602
199, 331 214 808 227, 051
166, 525 142 291 161, 077
221, 855 188 913 232, 832
60
81
99
-11
96
SS3
391
136
SSO
867
1 779
78, 267
88, 733
74 9 0 6
16 870
60
181
111
-19
18
324 SS7
196 1 9 3
168 714
570 419
204 747
169 755
201, 067
SS3 60 SS3
979 1 9 573
417 971 , 843
873
801 9 9 346
60 S53
18 3 0 9
262 4 7 9
9; 940
1 81S
6S9
14 900
82 218 181, 093 180 833
83 443 78 701 66 080
7 9 070 106 S 9 6 102 131
18 847
1 1 , 314
8 999
r
*Latest
month available.
Reviscd.
1
Represents chiefly bills secured by stocks of mined tin not yet sold in world markets.
2
This figure represents the amount of the country's subscription to the Fund less the bank's local currency liability to the Fund.
3For last available report (March 1950), see BULLETIN for September 1950, p. 1262.
4
Beginning December 1954, includes foreign Government securities formerly shown with Egyptian Government securities.
344
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
1955
Jan.
1954
Dec.
71 ,727 71 811
5 9 306 34
1 , 569 1, 568
41 351 49, 319
8 ,434 1 1 , 477
490
807
105 ,617 104, 579
74 ,601 61 949
8 ,976 8, 884
Nov.
Jan.
71 891
14 835
1 , 568
SO, 803
6 , 578
7 138
92, 441
SO 899
9, 473
7 2 , 593
5 3 , 216
Central Bank
(Figures as of last report
date of month)
Sank Indonesia—Cont.
Note circulation
Deposits—ICC A .
Other
Other liabilities and capital
Central Bank of Ireland (thousands
of pounds):
Gold
1955
1954
Jan.
Dec.
Nov.
7,371
495
1 991
7, 054
495
9 108
649
6, 789
5 , 030
495
9 160
621
I 429
480
1, 567
638
Net claim on Int'l. Fund1
Loans and discounts
18, 7SS
14, 149
Government debt and securities..
2 646 9 616 9 646
Other assets
2 894
101, 010
70,020 7 3 . 350 68. 087
Note circulation
Note circulation
53, 457
72,666 75 996 70, 733
Deposits
.
.
.
..
8, 708 Bank of Italy (billions of lire):
Other liabilities and capital
4
4
4
Gold
Bank of Finland (millions of mark72
74
80
Foreign exchange
kaa):
567
566
567
5, 862
6 ,909 6, 934 6 940
Advances to Treasury.
Gold
419
396
370
12, 430
Loans and discounts
Foreign assets (net)
97 ,101 95 658 94 374
3 708
3 946
5 399
345
329
8 , 840
349
Government securities
ClearinsfS (net)
3 3 ,637 40 4 3 8 35 880
848
831
799
3 6 , 857
Other assets
Loans and discounts
9 9 SO
9 174
179
1 S38
1 40,3
1,444
2 , 731
Note circulation
Securities
49
1 ,989
1 943
1, 0 9 4
42
37
1 90S
Deposits—Government
Other assets
79
52
57
Demand
Note circulation
. . 44 764 47 9 0 9 48 711 4 2 , 7.30
19
9
8
9
9
0
9
189
9
19
448
973
537
513
Other
17
Deposits
142
151
16
011
Other
liabilities
and
capital
138
12 ,770 14 020 15 802
Other liabilities and capital
Bank of J a p a n (millions of yen):
Bank of German States 2
448
448
448
Bullion
(millions of German marks):
9
9
479
1 983
1 377
,731
568
1
630
1,283
Advances to Government
Gold
7 776
8 7,88
257,968 765 749 371 671
8 709
8 635
Loans and discounts
Foreign exchange
1 ,891
1 70,3
1 988
3 994
Government securities
441,003 483 573 3 7 8 177
Loans and discounts
3 616
5 981
4 9 4 1 4 190
Other assets . . . .
92 690 10 493 91 9 7 ?
Loans to Government
1
9
9
5
897
93
S
967
Note
circulation
561,410 6 9 9 061 5 4 9 138
Other assets
19 180 19 350 19 164
11 759
50,349 55 804 S3 747
Deposits—Government
Note circulation
1 ,023
1 109
1 1,37
095
Other
83 867 84 430 86 0 9 9
Deposi ts—Government
9 ,600
9 643
2 316
3 9 59
97,766 98 751 110 9 9 3
Other liabilities
Banks
307
994
7,39 Bank of Mexico (millions
377
of pesos):
Other
6
1 852
1 ,784
Monetary
reserve
1,483 1 462 1 338
1 959
1 835
Other liabilities
and
capital
"Authorized" holdings of secuBank of Greece3 (millions of drach3,816 3 80S 3 409
rities, etc
mae) *
4 965
4 5 164
768
507
658
Bills and discounts
Gold and foreign exchange (net).
M50
S57
857
157
730
Other assets . . . .
Loans and discounts
48
357
4,216 4 376 4 001
8 739
Note circulation
Advances—Government
1 471
1 353
1,716
4 473 43 584
Demand liabilities
Other
41 841
1 989
745
751
753
Other liabilities and capital
Other assets
4
3 449
3 3 9 5 Netherlands Bank
(millions of
41
303 guilders):
1 ,508
Deposits—Government
3,015 3 015 3 015
Gold
Reconstruction and
18
15
7 101 46 871
Silver (including subsidiary coin).
7,1
relief accts
1 369
42 680
3 433
Foreign assets (net)
1,558
1 451
Other
35
4 4 916
4 783
30
57
Loans and discounts
Other liabilities and capital
728
735
685
Govt. debt and securities
Bank of Guatemala (thousands of
473
451
Other assets
Quetzales) *
474
98
27 778
98
28
Note circulation—Old . .
27 9 9 7 9 7 9 9 7
Gold
17 805
8 4S9
4
3,539 3 579 3 516
New
Foreign exchange (net) .
626
455
,250
1 250
441
1 ,250
Deposits—Government
Gold contribution to Int'l. Fund.
650
704
13 ,359 19 S38
ECA
653
Rediscounts and advances
24 88,3
29 017
670
710
843
Other
46 879 46 808
Other assets
52 ,678
237
238
52 ,987 51 ,257
Other liabilities and capital
250
Circulation—Notes
3 , 638 Reserve Bank of New Zealand
3 ,723
3 ,701
Coin
2 ,768
6 ,651
(thousands of pounds):
5 ,100
Deposits—Government
1.8 388
13 04f 11 ,973
Gold
6,175 6 175 6 175
Banks
22 719
9 0 591
46,920 SO 195 59 548
90
Foreign exchange reserve
Other liabilities and canital
Loans and discounts
33,408 78 546 90 808
National Bank of Hungary 5
Advances to State or State unReserve Bank of India (millions of
49,503 49 961 38 503
dertakings
rupees) *
33 44f 33 443 33 ,430
Investments .
Issue department:
400
4 Of
40(
1 278 1 , 563 1 74c
Other assets
Gold at home and abroad
6 ,639
6 187
68,793 79 915 70 065
6 939
Note circulation
Foreign securities
4 17"
4 ,914
Demand deposits
92,872 81 577 73 937
4 177
Indian Govt securities
1 056
1 070
948 1
9,065 9 ,071 9 ,711
Other liabilities and capital
Rupee coin
...
11 ,560 Bank of Norway (millions of kroner):
12 ,005 11 ,619
Note circulation
203
203
203
Gold
Banking department:
-63
184
-3H
-153
26(
Foreign assets (net)
-97
-85
67C
97<
1 ,162
Clearing accounts (net)
Balances abroad
48
52
157
40
Loans and discounts
Bills discounted
45
9
38
32
17
Securities
Loans to Gove r nment
1 06r
1 098
1 048
5,54f
5 , 54C 5 ,54C
Occupation account (net)
Other assets
9 , 098
1 ,751
57
5(
5<
2 774
Other assets
Deposits
,391
3 134
3 371
308
994
Note circulation
3,13'
Other liabilities and capital
,237
99(
1,029
1
Deposits—Government .
Bank Indonesia (millions of rupiah)
527
557
994
543
1 ,223
1 ,119
1 ,153
Banks
Gold and foreign exchange (net).
161
165
165
SOf
46"
FOA—MSA
484
447
Loans and discounts
. ...
664
622
592
8 ,315
8 ,249
5 ,550
Other liabilities and c a p i t a l . . . .
Advances to Government
i >,45C
284
339
371
350
Other assets
Jan.
495
2 646
63 989
66 635
4
65
567
397
288
740
1 376
14
57
433
111
11
439
261
95
566
103
78
61
448
513
190
886
993
168
3S3
356
154
1 262
2 988
600
736
3 491
1 556
539
2 982
15
1 407
31
1 ,2.17
409
30
3 177
1
875
009
740
236
6 054
61 ,819
899
733
57 ,083
1 467
'50
6 9 984
109 305
8 , 760
231
-4
-52
67
35
5 ,546
47
7 ,951
1 453
830
188
448
'Revised.
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.
3On
May
1, 1954, a new drachma equal to 1,000 old drachmae was introduced, changing the ratio from 30,000 to 30 drachmae per U. S. dollar.
4
Figure expressed in billions of drachmae.
6
For
last
available
report (February 1950), see BULLETIN for September 1950, p. 1263.
6
Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities.
J
This
2
MARCH
1955
345
CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)
1955
Jan.
1954
Dec.
Nov.
Jan.
State Bank of Pakistan (millions of
rupees):
Issue department:
Gold at home and a b r o a d . . .
Sterling securities
Pakistan Goyt. securities. . .
Govt. of India s e c u r i t i e s . . . .
India currency
Rupee coin
Notes in circulation
Banking department:
Notes of issue department. .
Bills discounted
Loans to Government
Other assets
Deposits
Other liabilities and capital..
Central Bank of Paraguay
(thousands of guaranies):
Goldi
Foreign exchange (n(k) 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. F u n d 2
Loans and discounts to banks. . .
Loans to Government
Other assets
Note circulation
Deposits
Other liabilities and capital
81
428
1,409
221
300
49
2,436
81
81
383
433
,404 1,357
221
178
300
300
49
52
, 399 2,286
81
475
1,276
146
300
60
2,274
64
12
101
397
460
113
65
5
30
369
362
108
(Sept.)*
3.984
58.730
40
469,142
489,182
368,608
604,602
.1.52,644
159,663
472,778
2,846
88,622
28
431,904
567,459
70,591
479,753
130,918
256,324
294,455
459
67
588
1,142
94
1,715
400
235
460
67
581
984
200
,560
429
303
52
89
86
423
44
114
53
378
406
114
581
67
545
1,148
74
1,710
439
265
646
67
573
,124
103
,758
461
295
.1.8 813 \8,8\3
356 445 387,660
29 504 29,504
62 547 49,708
261 102 226,095
170 799 1.66,644
629 219 .08,149
85 176 85,297
135 903 121.272
48 913 63,705
582 5,544
234 13,147
965
977
403
1 ,414
175
1,094
457 10,118
908 2,195
25
25
699
7,590
269 2,249
.18,813
432,320
29,504
33,324
233,127
154,899
605,205
84,498
163,998
48,285
5,115
12,693
702
1,420
807
9,498
1,607
6
7,529
2,098
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
70 563
72 007
6 099
49 570
105 417
73 564
19 ,259
613
323
1.5.549
28,522
Jan.
68,900
57,709
6,203
46,556
101,986
58,599
18,784
62,423
15,195
44,637
42,807
95,798
50,212
19,051
613
613
323
323
030 16,070
360 29,125
596
336
15,534
24,181
1954
Dec.
Nov.
Bank of Spain—Cont.
40,741 37,742 37,814
Other assets
Note circulation
41,206 42,954 40,622
Deposits-—Government
5,353 3,636 7,620
Other
3,214
3,549 3,068
Other liabilities and capital
35,975 32,931 32,636
Bank of Sweden (millions of kronor):
584
584
543
Gold
1,105
1,274
Foreign assets (net)
1,040
129
129
Net claim on Int'l.*Fund 2
129
Swedish Govt. securities and ad- 3
2,997 3,267 2,699
vances to National Debt Office
30
99
72
Other domestic bills and advances
I ,029 1,032
950
Other assets
4,855 5,087 4,739
Note circulation
289
213
123
Demand deposits—Government..
142
152
29
Other
688
684
689
Other liabilities and capital
Swiss National Bank (millions of
francs):
6,318 6,323 6,321
Gold
650
488
575
Foreign exchange
108
220
116
Loans and discounts
82
96
117
Other assets
5,048 5.412 5,115
Note circulation
1,692
1,839
1,700
Other sight liabilities
197
206
206
Other liabilities and capital
Central Bank of the Republic of
Turkey (millions of pounds):
Gold
Foreign exchange and foreign
clearings
Loans and discounts
Securities
Other assets
Note circulation
Deposits—Gold
Other
Other liabilities and capital
Bank of the Republic of Uruguay
Central Bank of the Philippines
(thousands of pesos):
Gold
Foreign exchange
Net claim on Int'l. F u n d 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
1955
Central Bank
(Figures as of last report
date of month)
(thousands of pesos):
Gold
Silver
Advances to State and Government bodies
Other loans and discounts
Other assets
Note circulation
Deposits—Government
Other
Other liabilities and capital
Central Bank of Venezuela (millions of bolivares):
Gold
Foreign exchange (net)
Other assets
Note circulation
Deposits
Other liabilities and capital
402
207
2,790
30
113
1,526
.154
1,401
460
172
,720
30
107
,474
154
,338
465
Jan.
32,657
37,441
3.710
3.394
28,760
481
1,511
129
2.284
291
879
4,610
177
105
683
6,084
524
216
64
4,904
1,783
202
402
402
182
2,657
30
93
1,500
154
207
2.033
25
116
1,414
154
812
403
1,242
467
(July)*
344,167 344,167
8,871
8,583
132.958
374,919
558,292
465,970
164,270
333,536
455,143
103,165
356,498
577.501
433,546
.133,241
315.322
508.094
1,233
157
167
.1,056
238
263
1,233
221
.175
1,121
203
306
1 ,233
221
186
1,038
262
339
605
56
2
599
77
1
592
72
1
595
51.
1
378
279
426
297
2
436
278
360
355
297
3
436
319
350
469
297
5
436
338
109
275
297
2
435
1,048
48
229
992
27
229
285
1,128
29
229
284
674
1 ,141
279
106
1 .012
282
231
Bank for International Settle-
m e n t s (millions of Swiss gold
francs):
Gold in bars
Cash on hand and with b a n k s . . .
Sight funds at interest
Rediscountable bills and acceptances (at cost)
Time funds at interest
Sundry bills and i n v e s t m e n t s . . . .
Funds invested in Germany
Other assets
Demand deposits (gold)
Short-term deposits:
Central banks—Own account..
Other
Long-term deposits: Special
Other liabilities and capital
286
50
229
280
* Latest month available.
*On Aug. 19, 1954, gold revalued from 0.0592447 to 0.0423177 grams of fine gold per guarani.
2
This figure represents the amount of the country's subscription to the Fund less the bank's local currency liability to the Fund.
3 Includes small amount of non-Government bonds.
346
FEDERAL RESERVE BULLETIN
MONEY RATES IN FOREIGN COUNTRIES
DISCOUNT RATES OF CENTRAL BANKS
[Per cent per annum]
Central bank of—
Date
effective
In effect Dec. 31,
1949
Tune 8 1950
Sept 11
Sept ^6
Oct. 17
Oct
~> 7
Dec
1
A.or 17 1951
Tulv 5
Sept n
Oct 11
\ov
8
Nov
9
Tan. 22, 1952 .
Mar 12
May 29
IK
3
2
4
2H
3«
Rate
Jan.
31
Central
bank of—
Jnited
Ger-1 Bel- NethCan- IKingFrance many
er- Swegium lands
den
ada
dom
Argentina
Austria
Belgium
Bolivia
3%
Canada
Ceylon
Chile
Colombia
Costa Rica
2
Central
bank of—
Mar. 1, 1936
June 3, 1954 Italy
2M Oct. 29, 1953 Japan
Sept. 30, 1950 Mexico
6
Rate
Jan.
31
Date
effective
Mar.
4 3 Apr.
Oct.
5.84
June
25,
6,
1,
4,
1952
1950
1951
1942
3
2
6
3
4
3
2K
4
3H
4
Denmark
Ecuador
5
3
Aug 21
Dec. 18
Ian
8 1953
Apr.
7 ....
Tune 11
Sept 17
Oct 29
Nov. 20
Feb
4 1954
May 13
Mav 20
Dec
2
Tan. 27, 1955
In effect Tan.
31, 1955 . . . .
Date
effective
El Salvador...
Finland
4.1/
3
4
4
2
10
3
3
2
Oct.
June
June
July
Feb.
17, 1950
11, 1954
13, 1935
18, 1933
1, 1950
Netherlands.
New Zealand.
Norway . . . . .
Pakistan
June
May
Nov.
Mar.
Dec.
23, 1954
13, 1948
15, 1952
22, 1950
16, 1951
Peru
Portugal....
South Africa.
Spain
Sweden
Apr. 7, 1953
Nov. 26, 1954
Jan. 9, 1946
July 1, 1948
6
2J4
Nov.
Jan.
Mar.
July
Nov.
13, 1947
12, 1944
27, 1952
1, 1954
20, 1953
4
2\t>
^A
3 34
3M
3
2
3
3
9
3
France 1
Germany
Greece
India
Indonesia
2V
3
Dec. 2, 1954
May 20, 1954
Jan. 1, 1955
Nov. 15, 1951
Apr. 1, 1946
Switzerland..
Turkey
United Kingdom
U.S.S.R.
3
Nov. 26, 1936
Feb. 26, 1951
4
Tan. 27, 1955
July 1, 1936
3
z
3
3
3
2M
2H
1
Rates established for the Land Central banks.
NOTE.—Changes since Jan. 31: Norway—Feb. 14, from 2% to 3yi per
2M cent; Canada—Feb.
15, from 2 to IA per cent; United Kingdom—Feb. 2-1,
from 3lA to 4*^ per cent.
OPEN MARKET RATES
[Per cent per annum]
United Kingdom
Canada
Month
194 S —December
1946- -December
1947—December
1948 -December
19-49— December
1.950—December
19=51.— December
19^2— I )eceniber
1953—December
1954—January
February
March
A.pril. .
Mav
Tune
JL1ly
September
October
November..
December
Treasury Day-tobills '
day
3 months 1 money 2
Bankers' Treasury
acceptbills "
ances
3 months 3 months
.53
53
S3
.56
69
36
40
.41
.41
.50
Day-today
money
.63
.63
France
Bankers'
allowance Day-today
on
money
deposits
.50
.50
. 50
.51
.52
.63
.63
.50
.50
.50
1.33
1.19
2.04
2.00
v"> S ^
.52
.63
.63
.89
1 35
1.88
.69
1 .50
3 00
2.19
.51
.98
2 41
2.11
.63
1.00
2 25
1.94
.50
.75
2.00
1.75
2.41
3.50
3.93
3.75
1.86
1 .75
1 62
1 .58
2.19
2.15
2 16
2.17
1 89
1.66
1 60
1.61
1 .64
1.62
1.62
1.78
2.12
2.07
2.10
2.09
1.79
1.61
1.57
1.60
1.63
1.59
1.60
1.78
1.94
1.94
1.94
1.94
1.63
1.44
1 .44
1.44
1.44
1.44
1.44
1.45
.75
1.75
L .75
3.66
3.55
3.42
3.55
3.54
3.57
3.79
3.82
3.77
3.65
3.51
3.29
51
60
L .57
38
L .32
.21
L.18
L. 17
1.08
1.43
1 \6
1.06
.95
.96
.78
.76
.75
L.44
L .25
.25
L .25
.25
L .25
1.25
1.25
Netherlands
Treasury
bills
3 months
1.21
1.13
1.25
1 .32
1.40
1.21
.92
.03
Day-today
money
.78
.53
.96
1.03
1 .09
1.00
Sweden
Loans
Private
up to
discount
3 months
rate
2]A-A}A
2 yo-A }A
3-5
3-5
.58
.50
3-5
3-5
.23
.25
.50
.50
2M-5
.45
.41
.38
.50
.50
.50
.38
.40
.50
.50
.75
.53
.88
.88
.51
.63
.87
.77
.50
.57
Switzerland
23^—5
2M-5
2
¥~5
2%-S
2^—5
2^—5
3H.-5M
1 25
1 ?5
1 .38
1 63
1 50
1 .50
I 50
1 50
1.50
1.50
1 50
1 50
1 50
1 50
1 .50
1 50
1 50
1 .50
1 .50
1 50
1 .50
P1 Preliminary.
Beginning January 1953, these figures have been revised to show average rate at tenders. Figures prior to that date represent tender rates
made2 nearest to the 15th of each month.
Represents an average of closing rates.
NOTE.—For monthly figures on money rates in these and other foreign countries through 1941, see Banking and Monetary Statistics, Table 172,
pp. 656--661, and for description of statistics see pp. 571-572 in same publication.
MARCH 1955
347
COMMERCIAL BANKS
Assets
United Kingdom i
(11 London clearing
banks. Figures in
millions of pounds
sterling)
Cash
reserves
Money at
call and Bills dis- Treasury
deposit2
short
counted receipts
notice
1949—December
1950—December
1951—December
1952—December
1953 December
532
540
531
549
542
571
592
19s 4
504
512
535
501
531
534
534
521
532
534
571
454
546
Febru arv
IMarch
April
May
June
July
August
September
October
November
December
3 95 S—January
Loans to
Securities customers
Deposits
Other
assets
Total
Demand
Time
6,202
6,368
6,333
6,460
6,694
4v16l
4,262
4,290
4,232
4,327
2,041
2,106
2,042
2,228
2,368
3 954
3,957
4 056
4 005
4,193
4 121
4,173
4,171
4,214
4,244
4 485
2 283
2,286
2 321
2 330
2,340
2 3*5
2,346
2,367
2,396
2,4*0
2 456
4,303
2,415
1,512
1,528
1,965
2,148
2,275
1,534
1,660
1,950
1,764
1,725
2,275
2,269
2,280
2,305
2,311
2,351
2,348
2,360
2,364
2,364
2 3=53
1,754
1,773
1 786
1 804
1,856
1,836
1,840
1,828
1,836
1,871
1,920
638
498
J . 113
L.O78
L 088
L 122
L ,170
L ,185
1,209
L,262
1,296
1.300
1 313
881
6 237
6,243
6 378
6 335
6,533
6 466
6,519
6,539
6,609
6,684
6 941
486
1,283
2,351
1,904
759
6,718
598
529
501
468
489
463
455
428
438
418
437
452
1,109
1,408
972
1,248
1,417
Liabilities
793
456
102
579
735
867
748
729
632
699
643
711
643
656
670
691
715
(11 chartered banks.
End of month figures
in millions of
Canadian dollars)
Security
loans
abroad
and net Securities
due from
foreign
discounts
banks
Deposits payable in Canada
excluding interbank deposits
Entirely in Canada
Cash
reserves
Other
assets
1949—December.
1950—December.
1951—December.
1952—December.
1953—December.
765
824
907
916
906
133
134
107
155
154
2,271
2,776
3,028
3,289
3,897
146
171
227
326
424
4,345
4,286
3,876
3,955
3,831
,058
,304
,464
,516
,510
1954—January..
February.
881
898
923
892
866
872
780
809
802
833
810
810
143
197
167
144
215
238
211
174
175
293
297
211
3,929
3,951
3,899
3,925
3,925
3,943
3,924
3,917
3,890
3,892
3,984
3,952
370
370
421
398
382
360
352
312
322
330
334
325
3,944
3,885
3,774
3,780
3,780
3,806
4,096
4,220
4,337
4,442
4,473
4,429
,337
,332
,426
,408
,481
,540
,266
,280
,396
,454
1,428
1,706
April
May
June
July
August. . . .
September.
October
November..
December..
Notes4
Due from
banks
Bills discounted
505
520
545
562
595
611
(4)
14
Other
liabilities
and
capita]
Demand
Time
7,227
7,828
7,896
8,421
8,881
2,794
3,270
3,284
3,497
3,847
4,433
4,558
4,612
4,924
5,034
,477
,667
,714
,736
,841
8,772
8,843
8,780
8,708
8,818
8,929
8,946
9,022
9,226
9,469
9,462
9,579
3,679
3,681
3,535
3,397
3,441
3,506
3,474
3,487
3,641
3,781
3,930
3,964
5,093
5,162
5,245
5,312
5,378
5,423
5,473
5,535
5,585
5,687
5,532
5,615
,832
,791
,830
,839
,830
,829
,683
,690
,695
,777
Assets
Cash
reserves
501
489
499
502
501
510
Total
l',854
Liabilities
France
(4 large banks. End
of month figures in
millions of francs)
427
550
651
528
495
Liabilities
Assets
Canada 3
Other
liabilities
and
capital
Loans
Deposits
Other
assets
Own
acceptances
Other
liabilities
and
capital
Total
Demand
Time
552,221
627,266
749,928
6,683
8,062
18,618
27,145
32,043
42,549
30,638
26.355
28,248
33,774
24.957
30,308
12,691
15,662
17,316
23,547
28,551
34,222
43,363
44,286
42,444
40,608
41,284
40,546
42,039
43,905
44,241
45,154
47,854
31,301
32,539
34,322
31,538
29,721
28,422
26,945
24,248
23,179
25,355
28,515
35,126
35,933
40,416
44,652
47,580
53,090
57,432
60,910
64,688
69,570
73,185
1948—December ,
1949—December.
1950—December.
1951—December.
1952—December.
1953—December.
45,397
40,937
48,131
60,215
51,155
50,746
35,633
42,311
52,933
72,559
68,243
86,273
354,245
426,690
527,525
627,648
636,624
744,076
126,246
129,501
135,289
165,696
170,298
184,930
34,030
29,843
31,614
38,114
29,734
35,673
902 ,'547
1,037,169
545,538
619,204
731,310
879,767
870,504
994,620
1954—January.. ,
February.
March
April
,
May
June
July
August.. .
September
October. .
November
46,077
44,083
43,889
43,467
49,186
45,701
51 ,277
47,292
46,676
51,991
47,696
76,601
75,183
80,266
78,411
79,438
85,313
90,693
84,294
87,028
83,631
82,270
782,293
770,445
714,717
710,596
719,284
721,240
787,897
719.014
730,466
820,800
797,574
180,524
193,050
201,349
206,008
213,557
214,988
208,091
227,750
223,746
214,681
229,729
37,840
40,242
45,611
45,340
46,594
48,348
49,709
49,845
52,147
56,909
63,785
1,056,908
1,054,531
1,011,093
1,007,632
1,030,758
1,034,079
1,103,289
1,043,036
1,052,196
1,133,087
1,119,354
1,013,546
1,010,245
968,648
967,024
989,474
993,533
1,061,250
999,131
1,007,956
1,087,933
1,071,500
1
This table represents aggregates of figures reported by individual banks. Data are compiled on the third Wednesday of each month, excep t
in June
and December when the statements give end-of-month data.
2
Represent six-month loans to the Treasury with a yield of % per cent after October 1945.
3In accordance with the Bank Act of 1954, the form of presentation of the banks' statement was revised beginning July 1954, and figures
shown
may not be strictly comparable with those for earlier dates.
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.
348
FEDERAL RESERVE BULLETIN
FOREIGN EXCHANGE RATES
[Average of certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency]
Vrgentina
(peso)
Year or month
Basic
Preferential
Free
Australia
(pound)
1949
1950
1951
1952
1953
1954
29 774
26.571
20.000
20.000
20.000
20 000
13.333
13.333
13.333
13.333
13 333
8.289
7.067
7.163
7.198
7 198
293.80
223.15
223.07
222.63
224.12
223 80
1954—March
April
Mav
June
July
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
7.198
7.198
7 198
7.198
7.198
20.000
20.000
13.333
13.333
Ceylon
(rupee)
..
1955—Tanuary
February
Year or month
Austria Belgium
(schilling) (franc)
Brazil
(cruzeiro)
British
Malaysia
(dollar)
Canada
(dollar)
Official
Free
3.8580
3.8580
2.2009
1.9908
1.9859
1.9878
2.0009
1 9976
5.4406
5.4406
5.4406
5.4406
5.4420
1
4.2808 13 5261
42.973
32.788
32.849
32 601
32.595
32 641
224.27
224.55
224.58
224.56
224 51
224.13
223.18
222 89
222.67
222.10
3.8580
3.8580
3.8580
3.8580
3 8580
3.8580
3.8580
3.8580
3.8580
3.8580
1.9931
1.9868
1.9909
2.0032
2 0009
1.9994
2.0007
1 9977
1.9982
1.9954
4.2808
4.2808
4.2808
4.2808
4 2808
14.2808
32 668
32.689
32 681
32 666
32 689
32 644
32.558
32 634
32 625
32.544
102 996
101 786
101 575
101 882
102 611
103 060
103 112
103 094
103 160
103.292
7.198
7.198
221.92
221.80
3.8580
3.8580
1.9959
1.9938
32.538
32.535
103.498
102.384
Denmark
(krone)
Finland
(markka)
19.117
14.494
14.491
14.492
France
Germany
(deutsche
mark)
(franc)
Official
.4671
3.5261
3.5261
3 5261
3.5261
3 5261
*3.5261
97.491
90.909
Netherlands
India
(rupee)
Ireland
(pound)
Mexico
(peso)
(guilder)
280.38
279.68
281.27
280.87
12.620
11 570
11.564
11.588
11.607
3
9 052
34.528
26 252
26 264
26.315
26.340
26 381
Free
.3017
.2858
. 2856
.2856
.2856
.2856
92.881
91 474
94.939
102 149
101.650
102 724
1949
1950
1951
19S2
1953
1954
27.839
20.850
20.849
20.903
21.046
21.017
223.838
27.706
20.870
20.869
20.922
21.049
21.020
1954—March
April
May
June
July
August
September
October
November
December
21.052
21.079
21.078
21.077
21.094
21.059
20.968
20.935
20 920
20.863
.4354
.2856 2
.4354
.2856 ' 23.838
.4354
.2856
23.838
.4354 • • • • • • • • • .2856
23.838
.4354
.2856
23.838
.4354
.2856
23.838
.4354
.2856
23.838
.4354
.2856
23.838
4354
. 2856
23.838
.2856
23.838
.4354
21.056
21.084
21.084
21.085
21.094
21.061
20.970
20.938
20.922
20.863
281.45
281.81
281.85
281.82
281.76
281.29
280.08
279.72
279.45
278.74
11.608
39.965
7.995
7.995
8.000
8.005
8.005
8.005
8.005
8.006
26.408
26.413
26.418
26.426
26.415
26.396
26.364
26.267
26.290
26.346
195 %— Tanuary
February
20.843
20.834
4354
.4354
278.52
278.36
8.006
8.006
26.349
26.290
New
Zealand
(pound)
Norway
(krone)
PhilipPortupine
gal
Republic (escudo)
(peso)
. . .
365.07
277.28
277.19
276.49
278.48
278.09
18.481
14.015
14 015
14.015
14 015
14.008
49.723
49.621
49 639
49.675
49.676
49.677
.
278 67
279.0?
279.06
279 03
278.97
278 50
277.31
276 95
276.68
275.98
14.008
14.008
14.008
14 008
14.008
14 008
14.008
14 008
14.008
14.008
275.76
275.60
14.008
14.008
Year or month
1949
1950
1951
1952
1953
1954
19 =54—March
May
June.
July
Au fust..
October
November
1955—Tfinuary
February
.4354
.4354
.4354
.4354
23.838
23.838
23.838
.2856
.2856
23.838
23.838
20.843
20.834
South
Africa
(pound)
Sweden
(krona)
Switzerland
(franc)
United
Kingdom
(pound)
3.8800
3.4704
3.4739
3.4853
3.4887
3.4900
366.62
278.38
278.33
278.20
280.21
279.82
25.480
19.332
19.327
19.326
19.323
19.333
23.314
23.136
23.060
23.148
23.316
23.322
368.72
280.07
279 96
279.26
281.27
280.87
49 677
49.677
49.677
49 677
49.677
49 677
49.677
49 677
49.677
49.677
3.4900
3.4900
3.4900
3.4900
3.4900
3.4900
3.4900
3 4900
3.4900
3.4900
280.40
280.76
280.80
280.76
280.71
280.24
279.04
278.68
278.40
277.69
19.333
19.333
19.333
19.333
19.333
19.333
19.333
19.333
19.333
19.333
23.308
23.313
23.333
23 334
23.320
23 322
23.325
23 320
23.328
23.335
281 45
281.81
281.85
281 82
281.76
281 29
280.08
279 72
279.45
278.74
49.677
49.677
3.4900
3.4900
277.48
277.32
19.333
19.333
23.326
23.319
278.52
278.36
Uruguay 4
(peso)
65.830
65.833
65 833
65.833
65 833
56.180
56 180
56 180
56.180
56 180
42 553
42 553
42 553
42.553
42 553
1
Based on quotations through Aug. 13, 1.954.
2
Based on quotations beginning Apr. 1, 1954.
3
The Mexican peso was devalued, effective Apr.
4
19, 1954, from a par value of 8.65 to 12.50 pesos per U. S. dollar.
For figures on free rate for the period Feb. 10-Dec. 4, 1953, inclusive, see BULLETIN for December 1954, p. 1333. The average for this
period was 34.217.
NOTE.—For back figures, see Banking and Monetary Statistics, Table 173, pp. 662-682. For description of statistics, see pp. 572-573 in same
publication, and for further information concerning rates and averages for previous years, see BULLETIN for December 1954, p. 1333.
MARCH
1955
349
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
WHOLESALE PRICES—ALL COMMODITIES
[Index numbers]
United
States
(1947-49
= 100)
Year or month
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
(1935-39
= 100)
Canada
Mexico
(1939 =
100)
69
79
96
132
139
163
199
229
242
103
115
112
110
211
240
226
221
217
111
220
111
111
111
111
110
110
219
219
218
218
218
217
111
216
104
99
....
....
1954—January
February
March
April
May
June
July
August
Se p te in ber
October
November
December
1955— January
. ..
....
....
United
Kingdom
(1930 =
100)
311
386
400
393
429
219
230
89
100
262
320
328
328
*330
108
138
145
138
136
396
326
138
397
401
411
431
437
437
326
329
330
331
332
333
138
136
137
139
135
134
441
329
136
110
110
110
110
215
214
215
215
439
450
454
460
P336
no
216
463
P338
Netherlands
(1948 =
100)
4
16
48
5,159
5,443
5,169
4,897
5,581
5,270
5,250
5,293
5,286
5,328
5,336
5,295
5,292
5,256
5,251
5,261
5,267
••5,276
5,320
5,346
135
134
135
135
329
329
331
Japan
(1934-36
average
Italy
(1938 =
100)
20
34
52
169
175
192
260
285
193
198
France
(1949 =
100)
Sweden
(1935 =
100)
Switzerland
(Aug. 1939
= 100)
194
186
199
205
200
208
128
209
100
104
214
216
217
206
246
343
349
352
349
117
143
140
134
136
227
299
317
298
P297
203
227
220
213
214
363
135
296
213
364
361
354
348
342
341
136
135
136
137
137
134
296
296
297
296
298
297
213
214
215
214
215
214
342
134
296
214
134
136
136
136
344
343
346
343
295
296
298
*299
215
215
216
217
P300
216
r
^Preliminary.
Re vised.
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
llndexes for groups included in total index above]
United States
(1947-49 = 100)
Year or month
Farm
products
1945
72
83
100
1°46
1947
1948
1949
1950
1951
1952
1953
1954
1954—January
February
March
App'1
]VIa.y
Tune
July
August
September
October
November
December
1955—Januarv
Canada
United Kingdom
(1935-39 = 100)
(1930 = 100)
Other
Farm
Processed commodproducts
foods
ities
n.a.
n.a.
98
71
78
95
165
177
190
Raw and Fully and
partly
chiefly
manumanufactured factured
goods
goods
136
140
164
130
138
162
Foods
Industrial
products
158
158
165
175
184
207
107
93
98
106
96
100
103
101
105
230
226
237
196
197
213
192
199
211
181
197
221
113
107
97
111
109
105
116
113
114
269
250
238
219
242
231
247
284
98
98
98
99
98
95
96
96
94
93
106
105
105
106
107
105
107
106
106
104
115
114
114
115
115
114
114
114
114
115
213
212
210
209
213
213
218
208
204
201
207
205
204
206
208
207
207
205
203
201
93
104
90
104
115
204
202
115
205
93
104
115
207
221
209
207
205
229
224
307
308
302
305
311
310
310
311
313
304
302
301
203
228
227
227
225
225
225
224
222
223
222
222
222
205
222
P315
306
315
242
249
286
P364
P352
Netherlands
(1948 = 100)
Industrial
finished
products
Foods
Industrial r a w
products
100
101
112
122
129
123
1 ?4
100
108
128
171
166
156
1 S5
100
104
116
127
128
126
127
129
131
118
116
116
122
124
123
153
153
154
153
155
155
155
156
156
1*56
156
156
133
133
133
133
133
134
133
135
135
135
143
13S
132
1 34
13S
136
n.a. Not available.
^Preliminary.
NOTE.—For sources and references concerning changes in the structure of price indexes for various countries, see BULLETIN for December
1952, p. 1356.
350
FEDERAL RESERVE BULLETIN
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued
CONSUMERS' PRICE INDEXES
All items
Food
United
SwitzKing- France Nethererdom
lands
land
(1949
(Jan.
(1949
(Aug.
=
100)
15,1952
= 100)
1939 =
= 100)
100)
United
States
(1947-49
= 100)1
Canada
(1949
-=100)
1947
1948
1949
1950
1951
1952
1953
1954
96
103
102
103
111
114
114
115
85
97
100
103
114
116
115
116
77
82
84
86
95
103
106
108
57
90
100
111
130
145
144
143
100
109
119
120
120
126
1954—January
February
March
115
115
115
115
115
115
115
115
115
115
115
114
116
116
116
116
116
116
116
117
117
117
117
117
106
106
107
107
107
107
109
108
108
109
109
110
143
144
144
142
144
144
142
142
143
143
144
145
114
116
110
145
Year or month
May
July
August
September
October
November.
December
...
1955—Tanuary
SwitzUnited
erKing- France Netherland
dom
lands
(1949
(1949
(Aug.
(Jan.
=
100)
= 100)
193915,1952
100)
= 100)
United
States
(1947-49
= 100)1
Canada
(1949
= 100)
158
163
162
159
167
171
170
171
96
104
100
101
113
115
113
113
100
103
117
117
113
112
67
72
76
82
91
105
112
114
57
92
100
111
128
141
137
135
123
124
124
125
126
127
127
126
126
127
127
127
170
170
169
170
170
171
171
172
172
173
173
173
113
113
112
112
113
114
115
114
112
112
111
110
112
112
111
110
110
112
112
114
114
114
113
113
110
110
112
113
112
114
118
116
115
116
117
118
136
137
136
134
137
136
133
132
134
134
135
136
1.29
172
111
112
119
137
ioo
111
121
123
124
124
126
127
129
131
134
132
130
130
130
129
170
176
174
176
181
184
184
188
185
185
184
185
186
187
188
190
191
192
192
192
190
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]
Bonds
Year or month
United
States
(high
grade)1
Number of issues...
Canada
(1935-39
=100)
United
Kingdom
(December
1921=100)
17
Common stocks
France
(1949
=100)
Netherlandsz
United
States
(1935-39
=100)
Canada
(1935-39
=100)
United
France
Kingdom
(1926=100) (1949=100)
Netherlands'
295
27
1948
1949
1950
1951
1952
1953
1954
118.3
121.0
121.9
117.7
115.8
112.1
117.2
105.0
107.6
109.6
95.7
86.1
83.6
98.6
129.9
126.5
121.2
117.6
108.3
112.0
117 A
106.4
100.0
99.8
101.4
111.1
113.5
116.4
107.1
106.8
106.7
86.9
85.6
100.2
103.2
124.4
121.4
146.4
176.5
187.7
189.0
226.7
112.5
109.4
131.6
168.3
173.1
160.3
181.2
92.0
87.6
90.0
97.1
91.1
92.2
99.8
100
90
112
143
159
214
240
219
217
215
192
212
277
1954—January
February....
March
April
May
June
July
August
September...
October
November. . .
December....
114.6
116.5
117.9
118.1
117.5
117.0
117.5
117.8
117.6
117.5
117.4
117.0
87.0
88.7
95.5
99.8
100.3
100.3
102.1
102.8
102.1
101.9
101.2
101.1
114.3
114.8
115.3
116.6
117.3
116.0
118.5
119.7
118.9
119.4
119.7
118.1
114.6
114.9
116.0
115.7
115.4
114.9
114.9
116.6
116.4
117.6
119.6
120.1
103.0
100.9
98.8
100.0
101.8
105.0
103.7
102.7
103.4
104.3
106.3
108.3
195.4
199.6
204.9
212.7
219.8
221.8
231.1
236.4
238.5
243.5
252.2
264.5
157.4
163.2
165.0
173.6
179.5
180.5
182.3
187.0
189.5
190.2
199.5
206.8
94.1
95.8
95.6
97.0
97.8
98.5
100.0
101.7
102.1
103.8
105.3
106.1
180
184
187
194
199
194
198
221
234
240
260
271
239
245
250
256
261
269
282
285
289
300
322
325
1955—January
116.7
100.3
117.7
121.0
105.9
268.8
207.3
109.1
282
327
87
60
14
480
99
278
i 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) wa3 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
1955
351
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
W M . MCC. MARTIN, JR., Chairman
C. CANBY BALDERSTON, Vice Chairman
M. S. SZYMCZAK
JAMES K. VARDAMAN, JR.
CHARLES N. SHEPARDSON
A. L. MILLS, JR.
J. L. ROBERTSON
WINFIELD W. RIEFLER, Assistant to the Chairman
ELLIOTT THURSTON, Assistant to the Board
WOODLIEF THOMAS, Economic Adviser to the Board ALFRED K. CHERRY, Legislative Counsel
OFFICE OF THE SECRETARY
S. R. CARPENTER, Secretary
MERRITT SHERMAN, Assistant Secretary
KENNETH A. KENYON, Assistant Secretary
LEGAL DIVISION
GEORGE B. VEST, General Counsel
FREDERIC SOLOMON, Assistant General Counsel
HOWARD H. HACKLEY, Assistant General Counsel
DAVID B. HEXTER, Assistant General Counsel
G. HOWLAND CHASE, Assistant General Counsel
DIVISION OF RESEARCH AND STATISTICS
DIVISION OF EXAMINATIONS
GEORGE S. SLOAN, Director
C. C. HOSTRUP, Assistant Director
FRED A. NELSON, Assistant Director
ARTHUR H. LANG, Chief Federal Reserve Examiner
ROBERT C. MASTERS, Assistant Director
GLENN M. GOODMAN, Assistant Director
HENRY BENNER, Assistant'Director
DIVISION OF PERSONNEL ADMINISTRATION
EDWIN J. JOHNSON, Director
RALPH A. YOUNG, Director
H. FRANKLIN SPRECHER, JR., Assistant Director
FRANK R. GARFIELD, Adviser on Economic Research
KENNETH B. WILLIAMS, Assistant Director
DIVISION OF ADMINISTRATIVE SERVICES
SUSAN S. BURR, Assistant Director
LISTON P. BETHEA, Director
GUY E. NOYES, Assistant Director
JOSEPH E. KELLEHER, Assistant Director
ALBERT R. KOCH, Assistant Director
DIVISION OF INTERNATIONAL FINANCE
ARTHUR W. MARGET, Director
LEWIS N. DEMBITZ, Assistant Director
DIVISION OF BANK OPERATIONS
ROBERT F. LEONARD, Director
J. E. HORBETT, Assistant Director
LOWELL MYRICK, Assistant Director
OFFICE OF DEFENSE LOANS
GARDNER L. BOOTHE, II, Administrator
OFFICE OF THE CONTROLLER
EDWIN J. JOHNSON, Controller
M. B. DANIELS, Assistant Controller
Special Assistants to the Board—CHARLES MOLONY AND CLARKE L. FAUVER
FEDERAL OPEN
MARKET COMMITTEE
WM. MCC. MARTIN, JR., Chairman
ALLAN SPROUL,
C. CANBY BALDERSTON
C. E. EARHART
W. D. FULTON
W. H. IRONS
HUGH LEACH
Vice Chairman
A. L. MILLS, JR.
J. L. ROBERTSON
CHARLES N. SHEPARDSON
M. S. SZYMCZAK
JAMES K. VARDAMAN, JR.
WINFIELD W. RIEFLER, Secretary
ELLIOTT THURSTON, Assistant Secretary
GEORGE B. VEST, General Counsel
FREDERIC SOLOMON, Assistant General Counsel
WOODLIEF THOMAS, Economist
J. DEWEY DAANE, Associate Economist
L. MERLE HOSTETLER, Associate Economist
MORGAN H. RICE, Associate Economist
H. V. ROELSE, Associate Economist
O. P. WHEELER, Associate Economist
RALPH A. YOUNG, Associate Economist
ROBERT G. ROUSE, Manager of System Open
Market Account
352
FEDERAL
ADVISORY COUNCIL
WILLIAM D. IRELAND,
BOSTON DISTRICT
HENRY C. ALEXANDER,
N E W YORK DISTRICT
WILLIAM R. K. MITCHELL, PHILADELPHIA DISTRICT
FRANK R. DENTON,
CLEVELAND DISTRICT
ROBERT V. FLEMING,
RICHMOND DISTRICT
Vice President
WALLACE M. DAVIS,
ATLANTA DISTRICT
EDWARD E. BROWN,
CHICAGO DISTRICT
President
W. W. CAMPBELL,
ST. LOUIS DISTRICT
JOSEPH F. RINGLAND,
MINNEAPOLIS DISTRICT
CHARLES J. CHANDLER,
KANSAS CITY DISTRICT
GEO. G. MATKIN,
DALLAS DISTRICT
JOHN M. WALLACE,
SAN FRANCISCO DISTRICT
HERBERT V. PROCHNOW, Secretary
FEDERAL RESERVE BULLETIN
CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS
Federal Reserve
Bank of
Chairman 1
Deputy Chairman
President
First Vice President
Boston....
Harold D. Hodekinson
Robert C. Sprague
J. A. Erickson
Alfred C. Neal
Robert B. Harvey 3 Carl B. Pitman
O. A. Schlaikjer
E. O. Latham
R. F. Van Amringe
New York.
Jay E. Crane
Forrest F Hill
Allan Sproul
William F. Treiber
H. A. Bilby
John Exter
H. H. Kimball
A. Phelan
H. V. Roelse
Philadelphia..
Wiliiam ', Meinel
Hen«.ieiaon Supplee, Jr.
Alfred H. Williams
W. J. Davis
Karl R. Bopp
Robert N. Hilkert
E. C. Hill
Wm. G. McCreedy
P. M. Poorman
J. V. Vergari
Richard G. Wilgus 2
Cleveland.
John C. Virden
Sidney A Swensrud
W. D. Fulton
Donald S. Thompson
Dwight L. Allen
Roger R. Clouse
A. H. Laning 3
Martin Morrison
H. E. J. Smith
Paul C. Stetzelberger
Richmond.
John B. Woodward, Jr.
Hugh Leach
Alonzo G. Decker, Jr.
Edw. A. Wayne
N. L. Armistead
Aubrey N. Heflin
Upton S. Martin
J. M. Nowlan 2
James M. Slay
C. B. Strathy
Chas. W. Williams
Atlanta.
Rufus C. Harris
Harllee Branch, Jr.
Malcolm Bryan
Lewis M. Clark
V. K. Bowman
L. B. Raisty
J. E. Denmark 3
Earle L. Rauber
John L. Liles, Jr.
S. P. Schuessler
Harold T. Patterson
Chicago.
John S. Coleman
Bert R. Prall
C. S. Young
E. C. Harris
Neil B. Dawes
W. R. Diercks
W. A. Hopkins
L. H. Jones 2
St. Louis
M. Moss Alexander
Caffey Robertson
Delos C. Johns
Dale M. Lewis
Frederick L. Deming Wm. E. Peterson
H. H. Weigel
J. C. Wotawa
Minneapolis. .
Leslie N. Perrin
O. S. Powell
A. W. Mills
E. B. Larson
H. G, McConnell
Otis R. Preston
M. H. Strothman, Jr.
Sigurd Ueland
Kansas City..
Raymond W. Hall
Cecil Puckett
H. G. Leedy
Henry O. Koppang
John T. Boysen 3
Clarence W. Tow
E. D. Vanderhoof
D. W. Wooiley
Dallas
Robert J. Smith
Hal Bogle
Watrous H. Irons
W. D. Gentry
E. B. Austin
W. H. Holloway3
T. W. Plant
L. G. Pondrom
Morgan H. Rice
Harry A. Shuford
San Francisco.
A. H. Brawner
Y. Frank Freeman
C. E. Earhart
H. N. Mangels
E. R. Millard
H. F. Slade
Eliot J. Swan 3
O. P. Wheeler
Vice Presidents
(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
L. G. Meyer
George W. Mitchell
A. L. Olson
Alfred T. Sihler
W. W. Turner
VICE PRESIDENTS IN CHARGE OF BRANCHES OF FEDERAL RESERVE BANKS
Federal Reserve
Bank of
New York
Cleveland
Richmond
Atlanta
Chicago
St. Louis
1
Branch
Buffalo
Cincinnati
Pittsburgh
Baltimore
Charlotte
Birmingham
Jacksonville
Nashville
New Orleans
Detroit
Little Rock
Louisville
Memphis
Also Federal Reserve Agent.
MARCH
1955
Vice Presidents
I. B. Smith
R. G. Johnson
J. W. Kossin
D. F. Hagner
R. L. Cherry
H. C. Frazer
T. A. Lanford
J. E. McCorvey4
M. L. Shaw
R. A. Swaney
Fred Burton
V. M. Longstreet
Darryl R. Francis
5
Cashier.
3
Federal Reserve
Bank of
Branch
Vice Presidents
Minneapolis
Helena
C. W. Groth
Kansas City
Denver
Oklahoma City
Omaha
G. A. Gregory
R. L. Mathes
P. A. Debus
Dallas
El Paso
Houston
San Antonio
C. M. Rowland
J. L. Cook
W. E. Eagle
San Francisco.... Los Angeles
Portland
Salt Lake City
Seattle
Also Cashier.
4
W. F. Volberg
J. A. Randall
W. L. Partner
J. M. Leisner
Acting Manager.
353
FEDERAL RESERVE BOARD PUBLICATIONS
The material listed below may be obtained from
the Division of Administrative Services, Board of
Governors of the Federal Reserve System, Washington 25, D. C. Where a charge is indicated,
remittance should be made payable to the order
of the Board of Governors of the Federal Reserve
System.
THE
FEDERAL
FUNCTIONS.
pages.
RESERVE
subscription to monthly chart book includes one
issue of supplement. Single copies, 60 cents each;
in quantities of 10 or more copies for single
shipment, 50 cents each,, (Domestic rates)
BANKING AND MONETARY STATISTICS.
SYSTEM—PURPOSES AND
Revised edition.
July 1954. 224
ANNUAL REPORT of the Board of Governors of the
Federal Reserve System. Issued each year.
FEDERAL RESERVE BULLETIN. Issued monthly. Sub-
Statistics of
banking, monetary, and other financial developments. November 1943. 979 pages. $1.50 per
copy. No charge for individual sections (unbound).
A
STATISTICAL STUDY OF REGULATION V
LOANS.
September 1950. 74 pages. 25 cents per copy;
in quantities of 10 or more copies for single
shipment, 15 cents each.
scription price in the United States and its possessions, Bolivia, Canada, Chile, Colombia, Costa T H E DEVELOPMENT OF BANK DEBITS AND CLEARRica, Cuba, Dominican Republic, Ecuador,
INGS AND THEIR USE IN ECONOMIC ANALYSIS.
Guatemala, Haiti, Republic of Honduras, Mexico,
January 1952. 175 pages. 25 cents per copy; in
Nicaragua, Panama, Paraguay, Peru, El Salvador,
quantities of 10 or more copies for single shipUruguay, and Venezuela is $2.00 per annum or
ment, 15 cents each.
20 cents per copy; elsewhere $2.60 per annum or
25 cents per copy. Group subscriptions in the T H E FEDERAL RESERVE ACT, as amended to NovemUnited States for 10 or more copies to one adber 1, 1946, with an Appendix containing prodress, 15 cents per copy per month, or $1.50
visions of certain other statutes affecting the
for 12 months.
Federal Reserve System. 372 pages. $1.00 per
copy.
FEDERAL RESERVE CHARTS ON BANK CREDIT, MONEY
RATES, AND BUSINESS. Issued monthly. $6.00
per annum including one issue of historical supplement (listed below). 60 cents per copy; in
quantities of 10 or more copies of a particular
issue for single shipment, 50 cents each. (Domestic rates)
HISTORICAL
SUPPLEMENT
TO
FEDERAL
RESERVE
CHARTS ON BANK CREDIT, MONEY RATES, AND
COMPILATION OF FEDERAL AND STATE LAWS RELATING TO BRANCH BANKING W I T H I N THE UNITED
STATES (July 1, 1951). December 1951. 33 pages.
RULES OF ORGANIZATION AND RULES OF PROCEDURE
—Board of Governors of the Federal Reserve
System (with Amendments). September 1946.
31 pages.
BUSINESS. Issued annually in September. Annual
1
A more complete list, including periodic releases and
reprints, appeared on pp. 1338-41 of the December 1954
BULLETIN.
354
REGULATIONS OF THE BOARD OF GOVERNORS OF THE
FEDERAL RESERVE SYSTEM. Individual regulations
with amendments and supplements thereto.
FEDERAL RESERVE BULLETIN
FEDERAL RESERVE BOARD
PUBLICATIONS
REPRINTS
INTERNATIONAL
(From Federal Reserve Bulletin unless preceded by an asterisk)
STATEMENT BY CHAIRMAN OF THE BOARD OF GOVERNORS
BEFORE
SUBCOMMITTEE
GOLD
AND DOLLAR
MOVEMENTS.
March 1954. 9 pages. (Also, similar article from
March 1953 BULLETIN)
ON GENERAL
1954 SURVEY OF CONSUMER FINANCES—From March,
CREDIT CONTROL AND DEBT MANAGEMENT, MARCH
June and July issues of BULLETIN. 41 pages.
(Also, similar surveys for earlier years from 1948,
11,1952. April 1952. 4 pages.
REAL ESTATE LOANS OF REGISTRANTS UNDER REGU-
LATION X. June 1952. 18 pages.
PROBLEMS OF TRADE EQUILIBRIUM.
N E W INDEXES OF OUTPUT OF CONSUMER DURABLE
October 1952.
9 pages.
REVISED
SERIES
ON DEPARTMENT
STORE
SALES,
STOCKS, AND ORDERS. October 1952. 5 pages.
RECENT CREDIT EXPANSION.
December
1952.
7
CREDIT AND MONETARY REVIEW FOR 1952. February
MONETARY SYSTEM OF THE UNITED STATES.
February 1953. 16 pages.
ECONOMIC STABILITY. March 1953. 16 pages.
BILITY. May 1953. 7 pages.
April
1953. 19 pages.
USED IN REVISION OF SHORT- AND INTERMEDIATETERM CONSUMER CREDIT STATISTICS (supplemen-
tary details for item listed above), April 1953.
25 pages.
BANK
RESPONSIBILITIES.
May
1953. 5 pages.
PRIVATE DEMAND FOR GOLD, 1931-53.
Sep-
tember 1954. 10 pages.
CHANGES IN WESTERN GER-
MANY. October 1954. 10 pages.
ber 1954. 8 pages.
STATES POSTWAR INVESTMENT IN LATIN
DIRECTLY PLACED FINANCE COMPANY PAPER.
CORPORATIONS. July 1953. 12 pages.
DEPARTMENT STORE SALES AND STOCKS, BY MAJOR
Indexes)
November
EXTENSIONS AND REPAYMENTS OF CONSUMER I N -
STALMENT CREDIT. January 1954. 14 pages.
BANK CREDIT AND MONEY IN 1953. February 1954.
De-
cember 1954. 8 pages.
CREDIT AND MONETARY EXPANSION IN 1954.
Feb-
ruary 1955. 8 pages.
FEDERAL BUDGET FOR 1956.
February 1955.
11 pages.
BANKING AND MONETARY STATISTICS, 1954.
WARTIME AND POSTWAR CREDIT DEMANDS OF LARGE
DEPARTMENTS (Revised
1953. 65 pages.
December 1954. 8 pages.
THE
AMERICA. May 1953. 6 pages.
MARCH 1955
13 pages.
USE OF MONETARY INSTRUMENTS SINCE MID-1952.
•DETAILED DESCRIPTION OF SOURCES AND METHODS
6 pages.
1954.
WORLD TRADE AND PRODUCTION IN 1953-54. Octo-
REVISION OF CONSUMER CREDIT STATISTICS.
RESERVE
1954. 9 pages.
RECENT FINANCIAL
FEDERAL FINANCIAL MEASURES FOR ECONOMIC STA-
AND BUSINESSES. July 1954. 2 pages. (Also,
similar article from July 1953 BULLETIN)
THE
INFLUENCE OF CREDIT AND MONETARY MEASURES ON
UNITED
ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS
T H E BALANCE SHEET OF AGRICULTURE, 1954. August
1953. 7 pages.
FEDERAL
GOODS. May 1954. 15 pages. (Also, similar reprint from October 1951 BULLETIN)
FINANCING OF LARGE CORPORATIONS IN 1953. August
pages.
THE
1949,1950,1951,1952,1953, and 1954 BULLETINS)
(Se-
lected series of banking and monetary statistics
for 1954 only) February 1955. 8 pages.
DOLLAR
FLOWS
AND INTERNATIONAL
FINANCING.
March 1955. 8 pages.
SEASONAL ADJUSTMENT FACTORS FOR DEMAND D E POSITS ADJUSTED AND CURRENCY OUTSIDE BANKS.
March 1955. 4 pages.
PRELIMINARY FINDINGS OF THE 1955 SURVEY OF
CONSUMER FINANCES.
March 1955. 3 pages.
355
FEDERAL RESERVE SYSTEM
BOUNDARIES OF FEDERAL RESERVE DISTRICTS
AND THEIR BRANCH TERRITORIES
==.
BOUNDARIES OF FEDERAL RESERVE DISTRICTS
BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES
^
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