Full text of Federal Reserve Bulletin : May 1954
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F E D E R A L
R E S E R V E
MAY 1954
^>«s^>~
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
FEDERAL
RESERVE
BULLETIN
May 1954
VOLUME 40
NUMBER 5
CONSUMER DURABLE GOODS MARKETS
The decline in industrial activity, which
set in last summer, has slackened this year.
Output of passenger automobiles and major
household durable goods has increased moderately from the reduced rates of late 1953.
Automobile markets have become more active in recent months and auto sales have
been only moderately below last year's high
rate. Consumer takings of household durable goods have approximated the large volume of a year ago. With production generally below final takings since last autumn,
business inventories of consumer durable
goods, except new cars, have been reduced.
The further decline in over-all industrial
activity this year has reflected mainly continued curtailment in ordnance output and
declines in production of iron and steel and
various semifabricated metal products. Nondurable goods production generally has held
steady and output of building materials has
been maintained as construction activity has
continued at very high levels.
In April industrial production was 123 per
cent of the 1947-49 average, about 10 per
cent below the mid-1953 peak but somewhat
above the level prevailing for two years before the upsurge that began in 1952. Personal income has declined 2 per cent since
mid-1953, reflecting mainly reductions in
employment and hours of work in manufacturing, mining, and transportation. Federal
civilian and military employment has also
declined, while employment in most other
MAY
1954
PRODUCTION
Seasonally a d j u s t e d ,
Ratio
1947-49=100
scale
- 180
TOTAL
INDUSTRIAL
-
140
//
100
CONSUMER
l/
DURABLE GOODS '
-
1
1947
1949
1
\
1951
-
1
1
80
60
1953
NOTE.—Latest figures shown are for April.
nonagricultural lines has been maintained.
Unemployment increased sharply in the winter from the postwar lows of 1953, but decreased in April by about the usual seasonal
amount. Disposable personal income has
continued close to last year's high, owing in
part to the reduction in personal income
taxes, effective January 1.
During this period of decline in output
and employment, common stock prices have
advanced. Commodity price indexes have
generally remained stable at both wholesale
and retail levels, in contrast to price decreases in earlier periods of contraction in
economic activity. Since early March there
has been a rise in market prices of some industrial materials for which price reductions
had accompanied earlier marked cuts in buying. Prices of farm products have advanced
since last autumn, reflecting sharp increases
for hogs, marketings of which have been reduced, and moderate gains for cattle and
433
CONSUMER DURABLE GOODS MARKETS
cotton and other crops. Prices of most finished goods have continued to change little.
MAIN SHIFTS IN CONSUMER DURABLE GOODS
Output, sales, and inventories of consumer
durable goods usually fluctuate widely in
periods of general expansion and contraction
in the economy, and this development has
been repeated in the past two years. From
the spring of 1952 to May 1953, output of
consumer durable goods rose more than onethird, as measured by a new index for these
goods described in the following article
and shown in the chart on page 433. Total
industrial production meanwhile increased
about one-seventh. After early 1953 consumer buying of durable goods leveled off
and then declined, and in the last five months
of the year total output of consumer durables was reduced about one-fifth, while industrial production decreased one-twelfth. The
changes for consumer durable goods reflected largely fluctuations in the major items.
This year output of major consumer durable goods has increased one-tenth from the
reduced rate reached at the end of 1953 as
output of both autos and major household
goods has risen. As shown in the accompanying chart, the revised index for major
goods in April is indicated to be 125 per
cent of the 1947-49 average, as compared
OUTPUT OF MAJOR CONSUMER DURABLE GOODS
Ratio scale
180
Seasonally adjusted, 1947-49=100
-
80
60
1952
1953
'54
1952
1953
NOTE.—Latest figures shown are for April.
434
with about 150 in mid-1953 and an average
of 105 in the spring of 1952. Since midFebruary the number of autos sold at retail
or exported has been close to the rate of current output, while sales of major household
goods have exceeded the rate of output since
last autumn.
PASSENGER AUTOMOBILES
Following the change-overs to 1954 models,
which were completed for major makes in
January, sales of passenger automobiles
showed a marked seasonal pickup. Since
January, unit sales of new cars at retail have
been only 7 per cent below the high rate
of a year ago. Exports of new autos this
year have been above year-earlier levels and
have accounted for 4 per cent of total auto
output. In 1953 output and sales of autos
had been larger than in any other year except
1950 when demands were especially stimulated by the outbreak of Korean hostilities.
During most of 1953, however, output exceeded sales and dealers' stocks increased further to new highs for the postwar period.
Stocks and output of new autos. At the
beginning of the current spring selling season, dealers' stocks of new cars amounted to
about V/z months' supply—high by postwar,
but not by prewar, standards. Dealers' stocks
of new autos are thus in the ample, or more
than ample, supply position that has generally characterized other consumer durable
goods in recent years.
The rise in auto sales this year has been
accompanied by some recovery in output,
despite the high level of stocks. For different
makes of cars, however, changes in sales and
output have been quite diverse, and the
share of the market accounted for by some
makes has increased.
Assembly of autos recovered more than
seasonally in January, following a substantial reduction in the latter part of 1953.
FEDERAL RESERVE
BULLETIN
CONSUMER DURABLE GOODS MARKETS
The January rate, seasonally adjusted, was
about one-third above the 1947-49 average
and not far below the January 1953 rate;
output was maintained at this level through
March, as shown in the chart on the preceding page. In April and early May production was above the first quarter rate. Assemblies in April totaled 533,000 units compared with 600,000 a year earlier.
Used autos and prices. Unit sales of used
cars this year have been as large as a year ago,
reflecting in part lower used car prices.
Stocks of used cars increased substantially
during 1953 but, unlike new cars, have
tended downward this year.
AUTO PRICES
1947-49 = 100
140
120
NEW CARS
100
80
60
1949
1951
1953
Federal Reserve indexes compiled from trade sources. Figures for used cars are based on advertised prices for late model,
low priced cars in major cities and are adjusted for normal
depreciation; for new cars, on factory prices for the same
makes, with allowances for freight, accessories, and sales tax
added.
have been lower than at any other time in
the postwar period.
List prices of new autos have changed little
since 1952, in contrast to the sequence of increases in 1951 and early 1952 associated with
shortages, strong demands, and rising production costs. The high level of dealers'
stocks of new autos, which became a feature
of the automobile market in the latter part
of 1953, has encouraged more aggressive selling efforts. With new car list prices about
unchanged, the substantial decline in used
car prices since mid-1952 has resulted in a
marked increase in the spread between the
two.
Autos in use. An important aspect of the
automobile market has been a further increase in the number and a reduction in the
average age of autos on the road. It is estimated that by mid-1954 about 44 million
units will be in use, an increase of almost
25 per cent from mid-1950. In these four
years, over 21 million new passenger automobiles will have been sold to domestic consumers, and about 13 million cars scrapped.
The rise in consumer stocks has been accompanied by a further shift in the agegroup distribution toward that prevailing before the war. In mid-1939, when 24 million
autos were on the road, 29 per cent were
under 3 years of age, 53 per cent were from
3 to 9 years old, and 18 per cent were 10
years of age or older. The estimates for
these same age classes in mid-1954 are 27,
53, and 20 per cent, respectively. Because of
the greatly expanded total number of cars
in use now, there are close to 9 million cars
in the oldest age group, as compared with
4.2 million in mid-1939.
The increase in stocks of used cars last
year was accompanied by a marked decline
in prices, after allowance for depreciation,
from the unusually high levels reached in
1952 at the time of the steel strike. Since
December there has been some seasonal
HOUSEHOLD GOODS
strengthening in used car prices, as shown
in the chart. In relation both to list prices
Dollar retail sales of major household
of new cars and to the general level of com- goods this year have been close to their admodity prices, used car prices since late 1953 vanced year-ago levels, following some deMAY
1954
435
CONSUMER DURABLE GOODS MARKETS
cline in the autumn of 1953. Since average prices of these products have been below
earlier advanced levels—reflecting partly a
reduction on April 1 in excise taxes on most
major appliances—the volume of units sold,
including those for installation in new
houses, has been about as large as a year
ago.
Output of major household goods has increased about one-tenth this year from the
reduced rate reached in December 1953, as
the chart shows. During 1953 output of
these goods had been cut about one-fourth
to the level prevailing in early 1952 before
the expansion of that year. In the rise this
year output reached an indicated level in
April of 113 per cent of the 1947-49 average.
Business inventories of household durable
goods had increased substantially by mid1953 but the subsequent sharp output curtailments resulted in reductions in over-all
stocks, particularly of television. Stocks
were still fairly large at both factories and
wholesalers in March.
Selected goods. Output of television sets
has risen considerably since the end of last
year, but the April level was still about 25
per cent below the advanced rate of a year
ago, as shown in the chart. With retail
sales showing a more than seasonal expansion since last autumn, inventories of television sets have been worked down appreciably from the high levels reached in the
autumn of 1953.
Output of major appliances increased about
one-eighth in the first four months of this
year from the curtailed end-of-1953 rates.
From May through December of last year
output had decreased about 30 per cent, following an expansion of 50 per cent from
the second quarter of 1952 to the spring of
1953. While most appliances showed similar, marked ups and downs, output of room
air conditioners expanded rapidly through-
HOUSEHOLD DURABLE GOODS
Seasonally adjusted, 1947-49=100
RADIOS AND TELEVISION
Seasonally ad Lusted^ 1947-49=100
Ratio $cale
Ratio
1000
A
.A
/' A
/ / /v \i
/ \
-
800
600
\
\
\
/
/
\
/'
1 fS*
|/
\ 1
^
/_
400
LAA/
\
v_
-
200
/TOTAL
l f
/ /
'V
V
/
/
JV
RADIOS
/
60
1947
NOTE.—Federal
and stocks based
Commerce retail
and sales, April;
1949
1951
1953
Reserve indexes of the value of retail sales
on department store data and Department of
store figures. Latest figures shown: output
stocks, end of March.
436
\ / "
100
80
-
!
60
!
\ ^_
_
40
]/
1
1
1
1
1
1947
1949
1951
1953
NOTE.—Output of television prior to February 1948 was less
than 30 per cent of the 1947-49 average. Latest figures shown
for all series are for April.
FEDERAL RESERVE
BULLETIN
CONSUMER DURABLE GOODS MARKETS
out the period, to a rate about three times
higher than that in 1952.
Manufacture of furniture and floorcoverings has been stable this year at a level
nearly one-fifth below a year ago. At retail
stores, dollar sales of these products have
been moderately below year-ago levels. The
value of stocks held by furniture manufacturers had been reduced about 8 per cent by
the end of 1953, and stocks at retailers had
also been lowered.
For most miscellaneous household and
personal durable goods, output rose much
less in the 1952-53 period than was the case
for the major goods, and the curtailment
after mid-1953 also was less pronounced, as
shown in the chart on page 442. In the
January-April period of this year production
of these goods decreased further, however,
in contrast to the rise in major durable goods.
Prices. Prices of household appliances
and television generally were raised somewhat last summer following increases in steel
prices. Toward the year-end, however, some
producers of television introduced lower
priced models and there were some reductions in list prices. Prices of carpets also
were reduced somewhat. As in the case of
autos, there were indications beginning in
the latter part of 1953 of larger discounts
and more frequent special sales than before
midyear.
Federal excise taxes on most major appliances were reduced on April 1 from 10 per
cent to 5 per cent, and decreases in retail list
prices generally reflected the tax cut. Excises on radios and television were not affected by the tax reduction.
INSTALMENT CREDIT
While sales of major consumer durable
goods have shown a moderate recovery this
MAY
1954
year, instalment credit outstanding declined
900 million dollars in the first quarter. The
reduction, which reflected in part seasonal
influences, compared with an increase of 700
million in the corresponding period of 1953.
On a seasonally adjusted basis, total extensions of instalment credit have declined
since early 1953 while repayments have continued to increase. Credit extensions to finance sales of new and used automobiles increased slightly in February and March of
this year, as shown in the chart, but for the
first quarter they were about one-fourth below the advanced rates of the same period
of 1953. Instalment credit extended in connection with sales of other consumer durable
goods was about one-eighth smaller in the
first quarter than a year earlier.
INSTALMENT CREDIT
Seasonally adjusted, millions of dollars
Ratio
OTHER
CONSUMER GOODS
scale
1800
1400
1000
800
extended
^repaid
\J
1
1951
1953
I
1951
1953
600
400
NOTE.—Latest figures shown are for March.
On new auto contracts the most common
terms are one-third down and 24 months
maturity, but many contracts are written
for shorter periods and some for longer ones.
For used cars, instalment contract maturities
are typically shorter than for new cars. Recently, competitive market pressures have
been operating to liberalize instalment credit
terms, particularly in the automobile field.
437
NEW INDEXES OF OUTPUT OF CONSUMER DURABLE GOODS1
The Board's monthly index of output of
major consumer durable goods has been revised to incorporate information developed
recently in revising the index of industrial
production and to introduce new allowances
for seasonal variation. The coverage of the
index has been expanded and in addition
new output indexes have been developed for
other consumer durable goods, including
automobile parts and tires and miscellaneous
home and personal goods. These new indexes and the revised index for major consumer durable goods have been combined to
provide a new monthly measure of total
output of consumer durable goods for the
period beginning January 1947.
Reexamination of the major consumer durable goods index was considered desirable in
view of the availability of improved data and
the marked changes in this strategic sector
of the economy since the index was first published in October 1951. As indicated in the
leading article of this BULLETIN, expansion
through mid-1953 and subsequent contraction in the nation's output were particularly evident in major consumer durable
goods. Wide fluctuations in output were
accompanied by marked variations in business inventories as retail sales fluctuated less
than production. Also, seasonal variations
in both demand and output became more
pronounced for these highly volatile prod1
This article was written by Milton Moss. Work on the
new indexes was organized by Clayton Gehman, Chief, and
the staff of the Business Conditions Section of the Division
of Research and Statistics, under the direction of Ralph A.
Young, Director, and Kenneth B. Williams, Assistant Director, of the Division.
438
MAJOR CONSUMER DURABLE GOODS
Seasonally adjusted, 1947-49 = 100
Ratio
scale
1 220
-
1949
1951
140
1947
180
60
1953
ucts late in 1951. Moreover, certain relatively new products became sufficiently important to require representation in the index.
The levels as well as the monthly movements of the revised index for major goods
are generally similar to those of the old index,
as shown in the accompanying chart. The
effect on levels of the addition of rapidly
growing items such as room air conditioners
has been offset by the addition of established
products such as heating apparatus. Differences in monthly changes of the new and
the old indexes largely reflect changes in the
allowances made for seasonal variation, notably for passenger automobiles, television,
and major appliances.
The main structural features are the same
in the revised index for major consumer durable goods as in the old index. The comparison base period is the three years 1947-49.
Weights used for combining series into
indexes for the subgroups and the total are
based on gross factory value of output,
and weight data are drawn chiefly from the
FEDERAL RESERVE
BULLETIN
NEW INDEXES OF OUTPUT OF CONSUMER DURABLE GOODS
Census of Manufactures for the year 1947.2
The index measures output of major durable goods of the types produced primarily
for sale to consumers. Such output includes
not only the units produced for consumers
but also the units produced for business and
Government use, including military use, and
for export. Imports of finished consumer
durable goods are not included. The structural features of the index of total output of
consumer durable goods are the same as
those given above. Sources and descriptions
of the data used in constructing the new
indexes are shown in the table beginning on
page 446.
The products in the revised index of major
consumer durable goods represent about 10.3
billion dollars in factory value of output in
1947-49 (at 1947 prices) as compared to 9.2
billion in the old index. The new index
for other consumer durable goods accounts
for an additional 4.4 billion dollars of output,
and brings the over-all amount included in
the new total index to 14.7 billion.
Indexes beginning with January 1947 are
shown with and without seasonal adjustment
2
The weights used in this index are based on unit values
in 1947 and average quantities in the comparison base period,
1947-49, except that for television 1949 unit values are used
in conjunction with 1947-49 quantities.
Gross-value weights are used because such weights are
best suited for measuring output of finished goods and for
comparing changes in output with various other market
developments. In the Board's index of industrial production,
industry value-added weights are used in order to summarize
the contributions being made at any one time by producers
at different stages of fabrication, including the final stage.
The general movement of the consumer durable goods index
would not be greatly changed by substituting value-added
weights for the gross-value weights. Differences arise, however, because some products have greater importance under
one weighting structure than under the other, and these
products sometimes show markedly divergent output movements from most other products.
For a discussion of the weights used in the index of industrial production and the relation between gross-value
and value-added weights, see the description of the revision
of that index published in the Federal Reserve BULLETIN
for December 1953. A reprint of that article is available on
request to the Board's Division of Administrative Services.
MAY
1954
on pages 448-51 for the total and its 18
components and subtotals. The revised index of major consumer durable goods will
be a separately published group of the new
total index of consumer durable goods. Current indexes will be published regularly in
the Federal Reserve BULLETIN and in the
release on Business Indexes. Individual indexes without seasonal adjustment, for
woven carpets, appliances, heaters, radios,
and television are available on request.
REVISION OF MAJOR CONSUMER DURABLE
GOODS INDEX
As in the old index, the products included
in the revised index for major consumer
durable goods are of generally high unit
value. Certain exceptions were deemed desirable, however, in cases where items of
lower unit value were important to complete their product groupings. For example,
scatter rugs are included in the floor-coverings index and small radios in the radio
index. Also, for the purpose of obtaining full
representation in the radio index, total output
of auto radios is included even though some
proportion is installed as original equipment in new automobiles. In the weight for
the auto index, however, the value of factory
installed auto radios is excluded.
The old index for major goods was composed of monthly output series for automobiles and 11 types of household goods,
including furniture, carpets, radios, television
sets, and 7 types of major appliances. In this
revision 13 types of products have been added,
which together account for about 11 per cent
of the revised index for major consumer
durable goods in the base period.
In addition to this expansion in coverage,
adjustments of monthly measures to levels of
independently calculated annual indexes have
been introduced for most series, and certain
439
NEW INDEXES OF OUTPUT OF CONSUMER
other improvements have been incorporated
in series used in the old index. Revisions of
seasonal adjustments are discussed in a later
section of this article.
Expansion of coverage. Most of the additional coverage for the major durable goods
index in this revision is represented by five
new monthly series, for household furnaces,
gas water heaters, electric water heaters,
tufted and hard-surface floor coverings, and
bicycles and motorcycles. The first three of
these series are based on physical output, and
the others on man-hours adjusted for changes
in output per man-hour by correction to
annual output levels.
The remainder of the added coverage is
represented indirectly on a monthly basis, although annually it is directly represented,
in large part by physical output data. Added
products include auto trailers, air conditioners, dehumidifiers, dishwashers, foodwaste disposers, sewing machines, and residential stokers. Monthly changes in output
of these products around their annual levels
are based on movements of related production indexes, as indicated in the table beginning on page 446. In the case of air conditioners, the availability of improved factory
shipments data has made possible direct
representation for this product on a quarterly
basis, beginning with the first quarter of 1953.
The expansion of coverage has substantially
affected the movement of certain subgroup
indexes but, because of offsetting tendencies,
it has produced little difference between the
levels or movements of the new and the old
major durable goods total. On an annual
basis the most pronounced difference between the new and the old subgroup indexes
is the substantially higher level since 1947
for the new indexes for major appliances and
floor coverings, as shown in the chart.
The new index for floor coverings is con440
DURABLE GOODS
MAJOR HOUSEHOLD
Annuolly, 1947-49-100
GOODS
150
Ratio scale
^1 300
- 250
100 - * ^ V
- 200
- 150
75
75
1947
'49
'51
'53 1947
siderably above the old for recent years because of the addition of series for tufted rugs
and hard-surface floor coverings. In the old
index only woven carpets were represented,
output of which has been generally below
the 1947-49 average in recent years. For
major appliances, the difference reflects incorporation of output measures for certain
newer and more rapidly growing products,
namely, air conditioners, dehumidifiers, and
food-waste disposers.
Some indexes added to the revised major
durable goods category have not shown upward trends compared with the 1947-49 base
period. These include the new indexes for
heating apparatus, comprising household
furnaces and gas and electric water heaters,
and for auto trailers and bicycles and motorcycles. The advanced level for heating apparatus in 1947-49 reflected abnormally large
replacement demand in the early postwar
period, while that for trailers reflected the
housing shortage.
Adjustments to annual data. As in the
industrial production index, annual measures
calculated in greater detail or from preferFEDERAL RESERVE BULLETIN
NEW INDEXES OF OUTPUT OF CONSUMER DURABLE GOODS
able types of data are used for the purpose goods is a combination of the revised index
of periodically checking and correcting the for major durable goods and a new index
levels of most of the monthly measures. of output of other consumer durable goods.
These annual indexes are described in the This new index is based on 11 monthly
last column of the table on pages 446-47.
series developed mainly in the revision of
Such independently determined annual the Board's index of industrial producoutput levels are used to adjust monthly tion, and accounts for about 30 per cent
man-hour series in order to allow for changes of the new total consumer durable goods
in output per reported man-hour. Annual index in the base period. With the exlevel adjustments are also used for products ception of the presently published series for
that are indirectly represented on a monthly household glassware and pottery, the series
basis. Similar adjustments are made to cer- in the index for other consumer durable
tain monthly series based on physical output goods are unpublished components of the
data. For example, the new monthly series index of industrial production but, as indifor refrigerators, which is based on the un- cated above, the weights used are based on
weighted total number of units of all sizes, value-of-product data rather than valueis adjusted to an annual index based on sep- added data.
arately weighted output series for different
Modifications were made in a few of the
sizes of refrigerators. General methods of industrial production index series, such as
annual adjustment are discussed in the those for auto tires and small appliances, to
article referred to in the note on page 439. make them more appropriate for use in the
Improvements in data. Better data have consumer durable goods index. For exambeen incorporated for some products rep- ple, the series for tires was broken down into
resented in the old index. In the case of two components relating to output for new
laundry appliances, production data have car assembly and output for the replacement
been derived and substituted for factory sales market, and only the replacement component
to take into account factory inventory was included in the consumer durables index.
changes. For automobiles also production
In general, because of limitations in the
data have been substituted fof factory sales. available data, the monthly indexes for other
Factory stocks of automobiles are apparently consumer durable goods are less reliable than
subject to wider fluctuations, particularly dur- the indexes for the major items. Publication
ing model change-over periods, than had of monthly indexes will be confined to the
been realized when the old index was con- total for other consumer durable goods and
structed. Other improvements in data in- two subtotals—one for auto parts and tires
clude revisions in figures, particularly for and the other for miscellaneous home and
radios and television, to take into account personal goods.
more complete information made available
Fluctuations in output of major consumer
since the publication of the old index. Re- durable goods account for most of the
visions in the furniture series reflect use of changes in the new index of total consumer
more detailed annual value-of-shipments durable goods output, as the chart on the
data from Census Facts for Industry surveys. following page indicates, Production of
other consumer durable goods tends to be
TOTAL CONSUMER DURABLE GOODS
much more stable thaft omtpmt oi the genThe index for total consumer
MAY
1954
441
NEW INDEXES OF OUTPUT OF CONSUMER DURABLE GOODS
CONSUMER DURABLE GOODS
Seasonally a d j u s t e d , 1947-49 • 100
Ratio sea le
180
140
J
1947
1949
1951
I 60
1953
erally higher unit value goods included in
the major goods index. Thus in the second
half of 1953, the former declined about 5
per cent and the latter about 25 per cent.
In contrast with the index for other consumer durable goods, the index for major
consumer durable goods has shown substantial growth since 1947-49. Output of both
types of durable goods has increased considerably since World War II, however, but
the increase came much earlier for auto repair parts, jewelry, and small appliances than
for autos and television.
In the subgroup for auto parts and tires,
the series for motor vehicle repair parts has
the largest weight. It accounts for 10 per
cent of the new total index in the base period.
This series, which is based largely on deflated value data for replacement parts and
accessories, mainly for autos but also for
trucks, is derived from figures on Federal
excise tax collections and from other sources.
The relative stability of this series in recent
years has contributed to the smaller fluctuation in output of other consumer durable
442
goods as compared to output of major durable goods. For various reasons the volume
of repair parts produced tends to be more
stable than output of new autos.
The two other series in this subgroup, those
for auto replacement tires and batteries,
while influenced by sharp seasonal fluctuations in demand and marked short-run
changes in distributors' stocks, have some of
the longer run stability shown by the series
for vehicle repair parts. Special factors arising from World War II and its aftermath,
however, resulted in an abnormally large
early postwar demand for replacement parts.
Following a sharp decrease in 1949 and an
increase in 1950, over-all output of parts
and tires has tended to be quite stable, after
allowing for seasonal changes, as shown in
the chart.
OTHER CONSUMER DURABLE GOODS
Seasonally adjusted, 1947-49=100
Ratio scale
140
MISCELLANEOUS
•^"X /AUTO PARTS
^
I
1947
I
1949
a n d TIRES
I
I
1951
J
L
60
1953
The index for miscellaneous home and
personal goods also tends to be relatively
stable. Output of such items as cutlery,
household glassware and pottery, toasters,
and ophthalmic goods, which are included
in this subgroup, is generally more stable
than output of autos, major appliances, and
television sets. Among the miscellaneous
home and personal items, however, there are
some luxury goods of high unit value which
may be especially sensitive to changes in income and demand. These include certain
jewelry items, sporting goods, and musical
instruments.
FEDERAL RESERVE BULLETIN
NEW INDEXES OF OUTPUT OF CONSUMER DURABLE GOODS
The eight series making up the index for
miscellaneous home and personal goods are,
with the exception of household glassware,
derived from man-hour data reported by the
Bureau of Labor Statistics, adjusted to independently determined annual output levels.
These annual levels are based mainly on deflated value-of-shipments data. Use of manhour series in production indexes is discussed in the article referred to in the note on
page 439.
SEASONAL AND WORKING DAY ADJUSTMENTS
In the new index for consumer durable
goods, seasonal adjustments have generally
been made to subgroups rather than to individual series as was the case in the old index
for major durable goods. Thus a seasonally
adjusted series is calculated for refrigeration
appliances, but not for refrigerators separately. This procedure is similar to current
practice in the revised industrial production
index and permits greater flexibility in revising seasonal factors. Exceptions to this practice are made in the cases of autos and furniture, which are adjusted separately.
Seasonal adjustment factors for all published indexes are shown in the table on
page 452. Two combinations of unpublished
components are also seasonally adjusted in
order to arrive at a seasonally adjusted total
index. The combinations are vacuum cleaners with other major appliances and auto
trailers with bicycles and motorcycles.
Part of the difference between the new and
the old seasonal adjustments for components
of the major consumer durable goods index
reflects the fact that allowances for output
fluctuations due to holidays are now included
in the seasonal adjustment rather than in
the working day adjustment. This is also
the case in the revised industrial production
index. Formerly six principal holidays were
MAY
1954
included in the nonworking day allowances
used to compute daily average output from
monthly totals, but now observance of holidays is reflected in the movement of the indexes without seasonal adjustment. When
output in a month with no major holidays,
such as June, is compared with output in
a month with one major holiday, such as
January, the amount of monthly fluctuation
in the new unadjusted indexes attributable
to observance of the holiday is about 5 per
cent. In effect, approximately this amount
of fluctuation is now reflected in the new
seasonal adjustment factors.
These and other aspects of the seasonal
and working day adjustments are discussed
in the article referred to earlier. As also
noted in that article, a survey of trade associations was made by the Federal Reserve
in 1952 to ascertain the length of the work
week in individual industries. A 5-day work
week was found to be generally observed in
consumer durable goods industries and this
information has been used as a basis for determining the number of working days each
month for computing daily average output
from monthly totals. An exception is the
auto tire industry where the work week indicated was 5l/2 days. A daily average computation is not required for series based on
man-hour data since they are reported as
weekly rates rather than monthly totals.
The period since World War II has presented unusual difficulties for the measurement of seasonal variation. This is especially
true for major consumer durable goods
whose production, except for furniture, was
largely suspended during the war. Moreover, in the early postwar years, very strong
demands and shortages of materials and other
resources minimized and obscured seasonal
variations. Seasonal fluctuations were again
obscured beginning in mid-1950, first by the
443
NEW INDEXES OF OUTPUT OF CONSUMER DURABLE GOODS
sharp rise in production associated with the
upsurge in demand following the outbreak
of the Korean War, and then by the operation of the expanded defense program in
limiting output of some major durable goods.
In revising seasonal factors the old allowances for the years 1947 and 1948 were
changed little, except to reflect the different
treatment of holidays. After 1948 the changes
were more basic, particularly for television,
major appliances, and autos.
For television, rapid growth tended to
limit seasonal fluctuations in the earlier period, but in recent years much wider seasonal fluctuations have become evident, taking the form particularly of accentuated autumn and late winter output rates. Seasonal
allowances for refrigerators and other major
appliances have also been revised to take into
account the tendency in recent years toward
greater concentration of output in the first
quarter of the year and much less production
in the third quarter.
In the case of autos, the new factors—
like the old—incorporate allowances for
SEASONAL ADJUSTMENT FACTORS FOR AUTOS
120
1949
444
1953
the timing and duration of model changeover periods as a seasonal phenomenon
separate from other seasonal influences. In
this revision weekly changes in auto output have been analyzed for recent years to
make possible a more precise determination
of such seasonal influences, including the
decline in output during change-overs as well
as the sharp increases which follow. The
model change-over and total seasonal adjustment factors are shown for recent years
in the accompanying chart.
After allowance for variations caused by
the introduction of new models, it seems that
since 1949 auto output has moved toward
higher spring and lower autumn-winter
levels of production. Despite larger seasonal
fluctuations in recent years, the range of
seasonal variation in auto output is still much
smaller than that prevailing before World
War II.
COMPARISON WITH CONSUMPTION
EXPENDITURES
The new monthly index of output of consumer durable goods differs in important
respects from Department of Commerce estimates of personal consumption expenditures
for durable goods. These data differ mainly
because one measures factory output and the
other consumer purchases. The expenditure
data, which are components of the gross
national product statistics, are published
quarterly and annually in terms of current
prices—that is, reflecting changes in prices
as well as in physical volume.
Comparisons have been made of the annual movements of the expenditure figures,
deflated by the Department of Commerce to
eliminate the effect of price changes, and the
new output indexes, mainly for selected
major products. Of the various factors that
affect relative movements of factory outFEDERAL RESERVE BULLETIN
NEW INDEXES OF OUTPUT OF CONSUMER DURABLE GOODS
put and consumer purchases of a given class
of products, changes in business inventories
appear to be the most important in the period since 1947, particularly for major appliances and radio and television sets. In
periods of expanding inventories such as
1950-51, output of these goods rose relative
to deflated expenditures. In the subsequent
period of inventory liquidation, output fell
more than expenditures. This cycle of
change was repeated in 1952-53 and 1953-54.
Another cause of difference between movements of the output and the deflated expenditure data relates to the fact that the expenditure data include imported goods and
exclude exports, while the reverse is true
for the output figures. Imports are of some
significance for floor coverings, bicycles,
watches, and certain other consumer durable goods. Changes in the proportions of
output exported, however, probably have had
a more important bearing on differences between the movement of the output and the
expenditure data. In the case of autos, exports in the postwar period have ranged
from about 7 per cent of annual total output in 1947 to approximately 2 per cent in
1950. Recently this proportion has been
about 4 per cent. Exports are also of importance for appliances and vehicle repair
parts and tires and, as in the case of autos,
the proportion of output exported has varied
over the postwar period.
Other differences between the output and
the expenditure data arise because the latter
are designed to exclude domestic purchases
of these goods by business and Government
while, as noted, the output figures relate to
total output for all uses. Also, certain items
are included in the expenditure data but not
in the output figures, and vice versa.
The most important item represented in
the expenditure data but not in the output
MAY
1954
index is the item for consumer net purchases
of used cars. Other categories included in
expenditure figures but not in the output
index are writing equipment, books and
maps, boats and pleasure craft, and the larger
part of the expenditure group for "durable
household furnishings, not elsewhere classified." The chief items in this group which
are not included in the output index are
blankets, pillows, comforters, and portable
lamps. All of these categories, with the
exception of net purchases of used cars, account for about 7 per cent of estimated total
personal consumption expenditures for durable goods in 1947-49. The principal type
of product in the output index which is not
included in the expenditure data is heating
apparatus—home furnaces and water heaters
—which is purchased in large volume for
replacement. This subgroup accounts for
4 per cent of the consumer durable goods
index in 1947-49.
Various other differences in the concepts
and basic data used in developing these
measures contribute to their divergent behavior. The expenditure estimates relate to
the value of retail sales including Federal,
State, and local excise taxes, while the weights
used in the output index are based on the
factory value of production and exclude such
taxes.
Even after allowance for the conceptual
differences described above, variations in
movements between the deflated expenditure
data and the output indexes could occur because of estimating or reporting errors in
both sets of data. As analyses of demand
and supply developments in this area proceed
and improvements occur in the statistics
underlying both measures, problems related
to the physical flow of commodities in this
important sector of the economy should be
further illuminated.
445
DESCRIPTION OF SERIES IN INDEX OF OUTPUT OF CONSUMER DURABLE GOODS
1947-49
proportion
Series
CONSUMER DURABLES—TOTAL
MAJOR DURABLES
Source of data and description
of monthly series
Description of annual indexes used for
adjusting levels of monthly series
100 00
69.72
Autos
3 2 10
Major Household Goods
Furniture and floor coverings
Household furniture
36 13
15 32
Floor coverings
4 01
11.31
Ward's Automotive Reports, production of passeneer cars, in units.
BLS, man-hours, for household furniture industry.
0)
16 series, based on Census value of shipments
data for household furniture industry deflated
by BLS price indexes.
C1)
Woven carpets
2 60
Tufted and hard-surface
floor coverings
Carpet Institute, Inc., production of Axminster,
Wilton, Velvet, and Chenille type fabrics, in
sq. yds.
i 41
BLS, man-hours, for carpets, rugs, and other floor
coverings industry minus wool carpets industry.
3 series, for cotton-tufted carpets, linoleum, and
asphalted-felt-base hard-surface floor coverings,
based partly on information from trade sources.
Census, production, derived by FR from reported
factory shipments and inventories of domestic
standard- and apartment-size gas ranges, in
units.
Natl. Electrical Manufacturers Assn., production,
derived by FR from reported factory shipments
and inventories of standard- and apartmentsize electric ranges, in units.
10 series, for products included monthly, by type,
and for other household types of nonelectric
cooking equipment.
Appliances and heaters
15 60
Major appliances
11 88
Ranges
2 60
Gas ranges
1 63
Electric r a n g e s . . . .
97
Refrigeration appliances
4 98
Refrigerators
4 20
Freezers.
67
Room air conditioners and dehumidifiers
11
Laundry appliances
2 26
Driers and ironer3.
25
.79
(Other major appliances).
1 .00
Heating apparatus
3 series, for products included monthly, by size,
with FR estimates, based partly on Electrical
Merchandising data, for output not reported
monthly.
Based on data for products included monthly,
with FR estimates, based partly on Electrical
Merchandising data, for output not reported
monthly.
FR estimates, based on Air-Conditioning and Refrigeration Institute quarterly factory shipments data. Before 1953, represented by "refrigeration appliances."
Based on Census and Electrical Merchandising
factory shipments data for room air conditioners and, beginning in 1950, dehumidifiers.
American Home Laundry Manufacturers' Assn.,
production, derived by FR from reported factory shipments and inventories of automatic
and nonautomatic washing machines, in units.
Before 1951, monthly inventory changes estimated by FR.
American Home Laundry Manufacturers' Assn.,
production, derived by FR from reported factory shipments and inventories of household
driers and ironing machines, weighted combination. Before 1951, monthly inventory changes
estimated by FR.
Vacuum Cleaner Manufacturers' Assn., factory
shipments of standard type vacuum cleaners,
in units.
Represented by "laundry appliances," "refrigeration appliances," and "vacuum cleaners."
2 series, for products included monthly, with FR
estimates, based partly on Electrical Merchandising data, for output not reported monthly.
2 .75
Census, production, derived by FR from reported
factory shipments and inventories of warm air
furnaces, oil burners, and domestic heating
stoves, weighted combination.
25 series, for products included monthly, and for
heating boilers, floor and wall furnaces, range
boilers, unit heaters, and parts.
Gas Appliance Manufacturers Assn. (before June
1953, Census), production, derived by FRfrom
reported factory shipments and inventories of
underfired gas storage water heaters, in units.
Natl. Electrical Manufacturers Assn., production,
derived by FR from reported factory shipments
and inventories of electric storage water heaters, in units.
10 series, for products included monthly, by type*
and for other types of nonelectric water heaters.
2 series, for products included monthly, with FR
estimates, based partly on Electrical Merchandising data, for output not reported monthly.
0)
4 series, based on Census factory shipments data
for residential mechanical stokers; Census value
of shipments data, deflated, for sewing machine
industry; and Electrical Merchandising factory
shipments data for dishwashing machines and
food waste disposers.
3 .72
Furnaces
Water heaters
Gas water
Electric water
1
Natl. Electrical Manufacturers Assn. and other
trade sources, production, derived by FR from
reported factory shipments and inventories of
household refrigerators, in units.
Natl. Electrical Manufacturers Assn., production,
derived by FR from reported factory shipments
and inventories of home and farm freezers, in
units.
2 51
Washing machines.
Vacuum cleaners
2 series, for products included monthly, with FR
estimates, based partly on Electrical Merchandising data, for output not reported monthly.
.97
heaters....
.62
heaters
.35
0)
Annual index based on same data as monthly index. For additional footnotes see next page.
446
FEDERAL RESERVE BULLETIN
DESCRIPTION OF SERIES IN INDEX OF OUTPUT OF CONSUMER DURABLE GOODS—Continued
Series
1947-49
proportion
Source of data and description
of monthly series
Description of annual indexes used for
adjusting levels of monthly series
MAJOR DURABLES—Cont.
Major Household Goods—Cont.
•
Radio and television sets
Radio sets
5.21
3.42
Radio - Electronics - Television Manufacturers
Assn., production, in units. Original data are
4- and 5-week totals. Before 1950 partly estimated by FR.
ditto
2 series, for products included monthly, by type.
.85
.94
ditto
ditto
2 series, for products included monthly, by type.
{Auto trailers)
.75
Bicycles and motorcycles
.74
Represented by "autos, trucks, and parts" subgroup index of FR industrial production index.
BLS, man-hours, for motorcycles and bicycles
and transportation equipment n.e.c. industries.
Auto radios
Household radios . . .
Television sets
Table model TV.. .
Console model TV.
.74
2 .68
0)
1 .79
OTHER CONSUMER DURABLES.
14.00
9.79
Based on Trailer Coach Manufacturers Assn. factory shipments data. Before 1949, FR estimates.
2 series, based on Bicycle Manufacturers Assn. of
America factory shipments data for bicycles,
and Census value of shipments data for motorcycles, motorbikes, motor-scooters, and parts.
Before 1952, for motorcycles, Tariff Comm. production data.
30.28
Auto Parts and Tires
Motor vehicle repair parts
Auto replacement tires.
0)
Replacement batteries
Miscellaneous Home and Personal Goods
Small appliances, records, and
electrical products n.e.c. , . .
Cutlery.
Home glassware and pottery..
Household glassware. . . .
Household pottery
1.50
FR estimates, based mainly on Internal Revenue
Service excise tax data.
The Rubber Manufacturers Assn., Inc., production, derived by FR from reported factory shipments of auto replacement tires and inventory
data.
Assn. of American Battery Manufacturers, Inc.,
factory shipments of automotive replacement
batteries.
2.78
0)
.96
BLS, man-hours, for the electrical appliances
and miscellaneous electrical products industries
minus storage batteries, primary batteries (wet
and dry), and X-ray and non-radio electronic
tubes industries. Before 1951, FR estimates.
BLS, man-hours, for cutlery and edge tools industries.
17 series based on Electrical Merchandising factory
shipments data for small electrical appliances;
and 2 series based on Census value of shipments
data, deflated, and man-hour data for phonograph
records and electrical products n.e.c. industries.
Based on Census value of shipments and manhour data for cutlery industry and BLS price
data for cutlery.
American Glassware Assn., production of tumblers, in units.
BLS, man-hours, for vitreous china and earthenware food utensils, china decorating for the
trade, and pottery products n.e.c. industries.
Before 1953, FR estimates based on special
BLS tabulations.
10 series, based on Census factory shipments data
for tumblers, tableware, kitchenware, etc.
3 series based on Tariff Comm. production datafor vitreous china and earthenware food utensils
for 1947-51 and Census value of shipments and
man-hour data for later years; and 2 series
based on Bureau of Mines data for clay supplied
to producers of stoneware and art pottery and
flower pots.
Based on Census value of shipments and manhour data, BLS man-hour data, and retail trade
data from various sources. Before 1951, same
as "miscellaneous leather products" series of
FR industrial production index.
1.73
.70
1.03
2.87
Watches and clocks.
2.11
BLS, man-hours, for luggage, handbags, and small
leather goods industries. Before 1951, manhour data also include leather gloves and mittens, industrial leather belting, footwear cut
stock, and miscellaneous leather goods industries.
BLS, man-hours, for watches and clocks industry.
.73
BLS, man-hours, for ophthalmic goods industry.
5.10
BLS, , man-hours, for jewelry and silverware,, toy
jy
y
d
i
d
instrument
and sporting goods, and musical instruments
and p
parts industries. Before 1951, total of first
Bf
1951 t t l f fit
2 only.
2 l
Other misc. consumer durables
0)
16.28
Luggage and related goods.. ..
Ophthalmic goods
0)
Based on Tariff Comm. production data for 194750, and Census value of shipments data for
watches and clocks industry, deflated, for later
years.
Based on Census value of shipments and man-hour
data, and BLS man-hour data for ophthalmic
goods industry.
Based on Census value of shipments and man-hour
data and BLS price and man-hour data for
jewelry and silverware, sporting and athletic
goods, and musical instruments and parts industries.
NOTE TO COLUMN HEADINGS—
Series: Products shown in parentheses are represented monthly by series for other products, as indicated in the next to last column. Series in lightface italics are included in published combined indexes but are not published separately. For home glassware and pottery, however, indexes are published
in the Board's industrial production index.
1947-49 proportion: Weights assigned to series in calculating combined indexes on the 1947-49 comparison base. Weights shown are rounded.
Source of data and description of monthly series: Descriptions are given of data reported by compiling agency and any FR modifications of reported
data. The data described are reported by the compiling agencies for calendar-month periods except for man-hour figures, which relate to the payroll
period ending nearest the 15th of the month, and for radio and television series which, as noted, are reported for twelve 4- and 5-week periods per year.
Description of annual indexes, etc.: Unless otherwise noted, sources and types of data are the same as indicated for monthly series. Methods of
adjusting monthly series, including man-hour series, to annual levels are explained in the article on revision of industrial production index in the December
1953 BULLETIN (reprint available).
SPECIAL ABBREVIATIONS USED: BLS—U. S. Bureau of Labor Statistics; Census—U. S. Bureau of the Census; FR—Federal Reserve; and n.e.c.—
not elsewhere classified.
MAY
1954
447
OUTPUT OF CONSUMER DURABLE GOODS, 1947-1953 x
Indexes, Without Seasonal Adjustment, 1947-49 Average — 100
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
1947
1948
1949
1950
1951
1952
1953
87
98
92
112
125
92
126
94
100
94
111
139
101
136
98
103
98
118
143
107
141
98
99
100
125
130
104
139
94
92
93
128
117
101
133
98
101
101
144
116
102
131
87
99
98
131
92
71
120
93
103
108
148
98
93
127
1947
1948
1949
1950
1951
1952
1953
79
97
95
127
138
92
138
88
98
97
123
155
104
151
94
102
103
132
163
113
157
93
96
107
141
143
110
156
88
85
96
144
127
105
147
95
98
109
167
125
108
144
81
97
105
146
92
63
130
1947
1948
1949
1950
1951
1952
1953
68
90
98
141
134
77
132
82
86
102
119
158
98
151
90
94
109
127
172
112
161
89
86
128
142
150
117
170
80
67
112
158
137
111
162
91
89
141
203
143
117
166
1947
1948
1949
1950
1951
1952
1953
87
102
92
117
144
105
144
93
108
94
131
156
111
153
97
108
98
139
158
115
155
97
104
89
143
138
104
145
95
100
84
134
120
100
136
Furniture andfloorcoverinorS!
1947
1948
1949
1950
1951
1952
1953
94
110
99
109
120
104
120
97
112
99
116
124
105
124
96
111
99
118
122
106
124
96
104
93
117
114
105
121
1947
1948
1949
1950
1951
1952
1953
99
112
93
111
124
108
123
102
111
93
117
125
109
126
100
109
92
119
125
108
127
1947
1948
1949
1950
1951
1952
1953
79
104
115
104
112
89
109
83
114
116
114
121
92
118
1947
1948
1949
1950
1951
1952
1953
82
100
89
102
125
89
119
1947
1948
1949
1950
1951
1952
1953
1947
1948
1949
1950
1951
1952
1953
Year
Oct.
Nov.
Dec.
102
104
116
150
104
118
122
106
114
119
156
106
127
131
108
106
102
136
101
126
110
105
98
92
134
94
118
103
86
100
118
168
99
91
138
98
100
128
170
107
127
130
101
116
131
176
110
136
142
105
107
108
149
104
137
113
103
100
95
148
95
126
106
93
100
107
149
122
109
138
75
102
143
178
108
43
161
77
98
151
185
117
71
153
87
85
151
181
112
125
134
86
112
146
187
111
130
151
95
103
106
143
102
126
107
97
102
82
148
83
114
107
85
93
122
159
127
103
146
98
105
83
137
111
100
126
85
92
74
120
78
80
103
94
102
91
156
85
109
125
106
114
110
162
103
129
129
113
119
119
170
109
143
137
113
111
111
156
108
148
120
107
98
109
150
106
137
106
99
105
96
143
118
115
132
94
102
87
114
101
102
114
95
103
87
119
96
98
112
88
92
79
106
84
96
101
97
102
91
123
90
108
110
99
107
101
129
94
115
110
106
110
106
129
98
121
112
107
105
105
129
100
121
106
110
106
111
125
103
123
104
98
105
96
120
104
109
113
97
102
89
118
115
106
123
96
98
85
118
105
105
119
97
96
86
120
98
106
117
94
95
84
116
95
106
112
99
100
93
129
97
114
116
101
102
102
132
100
119
114
107
107
108
132
103
124
116
109
104
108
132
107
125
113
112
103
113
128
110
128
109
101
103
96
123
109
113
118
87
119
117
116
114
99
117
93
112
105
116
111
102
114
89
114
91
103
91
94
100
89
121
89
118
88
75
98
72
83
63
79
54
65
67
92
106
85
108
70
90
94
92
118
97
120
77
103
97
105
118
101
120
81
115
102
103
108
99
121
78
110
87
102
113
105
115
80
108
88
91
111
98
111
90
95
99
90
109
92
119
143
97
135
98
109
94
129
147
104
149
97
109
79
137
135
89
138
97
109
73
126
115
87
132
106
116
80
137
120
92
123
88
100
72
128
74
63
94
94
106
85
138
84
95
101
116
128
107
156
106
109
108
121
134
107
152
101
119
114
119
113
93
134
96
122
96
108
92
88
130
95
115
92
101
110
88
132
112
99
118
72
102
99
115
131
95
130
80
116
103
133
150
104
148
90
119
105
144
155
113
166
93
115
87
151
141
93
149
93
115
79
134
119
89
140
104
124
84
141
124
93
130
83
105
74
131
73
59
93
82
101
81
131
81
88
95
107
126
103
152
106
iO4
105
110
131
99
147
101
112
110
113
116
90
133
95
123
98
107
97
94
133
101
123
100
94
114
92
137
115
100
123
89
113
90
94
119
84
90
99
125
81
112
135
79
97
106
127
87
118
133
88
109
105
121
67
132
120
70
105
102
122
61
125
102
65
106
114
128
65
118
90
69
96
88
94
57
109
54
41
72
92
122
70
124
73
72
83
110
134
86
142
96
76
92
120
134
98
132
87
84
86
115
119
86
122
92
86
75
104
83
86
116
78
82
66
104
118
78
120
98
75
90
CONSUMER DURABLES—TOTAL.
98
102
ir
o
133
114
105
127
MAJOR DURABLES
Major Household Goods.
Household furniture. . .
Floor coverings
Appliances and heaters ..
Major appliances . . .
Ranges
For footnotes see next page.
448
FEDERAL RESERVE BULLETIN
OUTPUT OF CONSUMER DURABLE GOODS, 1947-1953 1—Continued
Indexes, Without Seasonal Adjustment, 1947^-49 Average = 100
Jan.
Major appliances—Cont
Refrigeration appliances
1947
1948
1949
1950
1951
1952
1953
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
61
90
119
136
148
104
148
65
105
123
147
165
78
113
123
158
176
124
199
81
110
104
96
130
97
173
146
98
149
78
166
101
182
84
112
92
159
140
93
168
119
88
161
88
69
112
67
91
80
139
80
101
125
108
165
106
108
95
107
117
111
173
174
Oct.
Nov.
Dec.
Year
97
138
91
99
110
100
100
123
85
139
92
127
86
103
119
104
142
113
138
111
84
115
101
154
127
106
137
126
116
127
112
153
124
127
145
124
122
115
155
120
146
160
133
107
103
149
107
157
149
112
66
83
141
103
144
122
102
113
85
132
116
115
141
134
123
96
163
93
144
136
119
167
104
155
143
130
167
104
140
127
137
103
101
136
100
120
90
113
123
99
78
117
102
94
100
110
101
194
344
168
111
118
186
303
167
300
230
96
94
166
286
151
244
157
105
70
134
87
89
157
Laundry appliances
75
87
94
101
116
69
100
121
92
142
129
83
137
148
120
163
123
83
152
148
117
171
124
66
140
128
105
100
121
66
107
107
106
144
135
1947
1948
1949
1950
1951
1952
1953
116
95
59
62
105
69
121
122
108
87
92
111
88
56
95
114
77
101
1947
1948
1949
1950
1951
1952
1953
82
82
81
187
272
160
288
92
92
1947
1948
1949
1950
1951
1952
1953
123
115
63
1947
1948
1949
1950
1951
1952
1953
3
19
116
415
640
32
125
464
377
390
1947
1948
1949
1950
1951
1952
1953
79
119
125
109
146
87
95
64
104
65
55
89
95
105
95
128
94
108
Heating apparatus
86
58
73
119
73
78
59
80
123
76
94
114
93
67
126
108
91
100
105
82
64
118
75
77
95
114
120
124
117
108
216
189
134
83
80
80
189
129
128
208
179
63
66
65
140
70
85
136
86
88
105
307
72
157
242
98
92
145
281
124
232
249
134
83
74
121
93
125
91
57
88
90
62
86
93
54
83
77
51
45
99
63
89
134
93
65
76
74
87
56
101
104
81
107
75
67
120
77
90
68
Radio and television sets
87
209
289
93
94
107
230
293
171
173
293
266
96
89
105
234
221
142
236
91
71
277
276
156
92
89
119
243
178
184
230
Radio sets
67
80
46
72
138
139
123
120
76
76
66
75
88
56
78
91
58
82
143
112
58
50
61
33
31
45
Television sets
5
6
44
165
6
8
49
45
182
514
464
471
374
296
542
286
464
173
10
60
122
392
266
276
404
8
45
91
321
141
188
310
37
38
65
11
75
73
58
49
62
159
93
82
83
56
54
68
83
48
65
68
133
99
68
77
64
53
57
67
23
127
354
677
355
586
347
13
70
217
561
396
436
541
29
90
18
116
277
407
678
251
581
606
842
383
702
673
23
143
408
725
395
750
541
113
111
86
102
94
98
104
88
106
97
99
103
118
109
02
110
97
105
106
115
102
89
106
95
103
103
108
95
83
100
92
99
96
109
109
108
89
70
88
86
86
84
114
106
80
87
89
90
91
109
100
93
109
98
111
107
105
104
92
101
101
100
67
186
723
139
384
581
701
704
524
678
393
618
1947
1948
1949
1950
1951
1952
1953
105
103
87
108
109
104
110
106
106
104
107
105
107
96
92
98
87
81
100
94
98
86
85
98
94
102
84
88
100
90
102
85
91
95
90
102
83
93
95
89
101
103
103
82
97
92
91
99
1947
1948
1949
1950
1951
1952
1953
106
102
80
65
85
89
87
113
102
80
66
86
91
89
113
101
79
73
84
89
90
116
107
78
79
92
85
90
111
113
82
86
90
85
94
109
114
80
89
91
85
91
111
109
81
99
90
92
92
116
115
83
99
89
97
95
123
116
81
100
95
93
93
127
109
83
102
93
95
93
120
96
105
103
93
90
105
94
104
105
93
93
111
97
111
106
106
92
95
111
98
114
105
105
89
96
107
94
102
102
88
96
100
94
110
101
102
86
96
99
92
110
96
98
82
96
94
89
102
104
89
105
106
95
111
99
104
112
110
109
100
116
100
113
110
107
99
117
115
673
76
68
81
44
64
OTHER CONSUMER DURABLES .
79
108
105
86
95
96
95
102
Auto Parts and Tires
Misc. H o m e and Personal Goods.
1947
1948
1949
1950
1951
1952
1953
107
113
105
105
98
99
111
77
95
88
89
89
115
100
114
111
1
Index numbers through March 1954 are shown in the regular BULLETIN table on p. 510.
NOTE.—Individual indexes for woven carpets, appliances, heating apparatus, radio sets, and television sets are available on request to the
Division of Research and Statistics.
MAY
1954
449
OUTPUT OF CONSUMER DURABLE GOODS, 1947-1953 *
Seasonally Adjusted Indexes, 1947-49 Average = 100
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
1947
1948
1949
1950
1951
1952
1953
91
103
96
112
133
97
127
96
100
95
109
134
98
130
98
101
94
113
133
100
132
98
99
97
121
126
101
135
96
94
94
130
119
103
138
98
101
101
145
116
103
134
94
106
105
147
103
82
137
93
103
108
151
98
95
129
98
99
111
145
102
115
121
...
1947
1948
1949
1950
1951
1952
1953
82
101
97
125
147
97
138
88
97
97
120
147
99
142
92
99
97
124
148
103
144
93
96
103
135
136
105
149
91
88
98
146
129
108
153
95
97
108
167
124
109
147
88
106
114
167
107
77
152
88
102
118
173
100
94
142
1947
1948
1949
1950
1951
1952
1953
70
92
101
137
154
91
137
83
86
105
118
153
95
146
88
93
103
122
155
102
150
87
85
122
133
137
108
157
82
69
112
156
133
109
160
89
87
135
191
132
109
158
77
104
142
181
112
44
164
1947
1948
1949
1950
1951
1952
1953
92
107
94
117
144
104
140
92
106
91
124
145
103
141
94
104
92
128
143
104
140
98
104
87
139
137
103
144
99
104
86
140
128
109
148
100
106
87
148
118
109
139
1947
1948
1949
1950
1951
1952
1953
93
109
98
108
119
102
118
94
109
96
111
119
101
119
93
108
95
113
118
102
120
97
104
92
117
114
104
120
97
105
90
119
105
106
119
1947
1948
1949
1950
1951
1952
1953
97
110
92
110
122
107
122
99
108
91
113
122
107
123
98
107
91
116
123
106
125
99
104
91
120
118
108
125
1947
1948
1949
1950
1951
1952
1953
81
107
113
102
110
88
107
80
110
110
105
110
84
107
80
110
107
106
104
90
106
1947
1948
. 1949
1950
1951
1952
1953
92
110
93
107
133
94
126
92
108
89
114
137
92
128
1947
1948
1949
1950
1951
1952
1953
77
109
101
117
134
97
132
.
.
1947
1948
1949
1950
1951
1952
1953
90
115
91
95
121
83
89
CONSUMER DURABLES—TOTAL
MAJOR DURABLES
....
Nov.
Dec.
99
106
112
144
100
117
118
104
102
101
142
100
124
112
106
99
96
138
98
124
109
94
97
122
164
105
123
130
94
109
123
161
103
125
126
101
104
107
159
104
135
117
104
101
102
155
100
134
114
75
96
145
181
112
69
150
87
84
144
177
113
121
137
85
110
144
176
110
124
132
95
103
111
175
108
135
127
99
104
97
167
98
137
127
98
106
90
158
103
107
143
98
107
96
168
91
118
136
101
107
104
155
99
125
125
103
108
107
151
99
126
121
106
104
105
147
101
136
110
107
98
108
146
104
133
104
97
104
89
122
98
101
115
98
104
90
123
96
109
115
100
105
94
127
94
112
115
99
105
99
127
93
114
109
102
105
102
125
94
116
107
105
103
103
124
96
117
102
107
103
107
120
98
118
99
100
102
89
123
109
110
124
102
100
89
125
103
111
122
101
102
91
125
101
113
120
101
102
95
131
99
116
118
100
101
101
130
99
118
113
103
103
104
128
100
120
112
106
101
104
127
103
121
109
108
99
108
122
105
122
104
89
106
98
108
102
94
105
89
113
93
106
94
97
103
84
114
87
114
86
74
95
89
111
90
117
82
99
102
97
112
92
117
78
100
104
95
115
94
118
77
104
98
99
111
95
113
75
106
93
102
107
98
116
75
106
84
102
113
103
113
79
106
87
98
106
87
119
134
93
132
101
111
79
134
131
88
134
103
114
77
132
121
92
138
105
113
80
135
118
92
121
102
114
83
149
96
83
123
100
115
92
149
91
102
109
104
115
97
142
97
100
99
104
117
95
136
91
105
101
110
106
90
134
95
120
93
112
95
91
135
97
118
95
77
111
96
123
136
94
134
85
112
93
127
131
95
139
90
112
82
141
132
88
140
94
116
80
137
122
92
144
98
116
81
137
120
91
127
94
118
85
152
98
8)
127
96
119
95
153
95
104
111
101
119
99
146
102
101
101
102
121
95
141
96
107
104
110
113
92
138
97
125
98
112
101
99
136
100
122
100
94
119
77
105
126
74
91
100
120
78
106
120
79
98
104
119
66
128
114
66
100
103
124
63
129
105
68
110
109
122
63
126
96
74
102
106
116
70
134
82
64
113
96
127
75
134
78
77
89
106
128
81
132
88
69
85
110
122
88
119
78
75
77
111
116
85
120
84
79
68
114
91
94
122
79
84
67
Oct.
Autos
IVIajor Household Goods
Furniture andfloorcoverings
Household furniture
Floor coverings
Appliances and heaters ...
Major appliances
Ranges
.
For footnotes see next page.
450
FEDERAL RESERVE BULLETIN
OUTPUT OF CONSUMER DURABLE GOODS, 1947-1953—Continued
Seasonally Adjusted Indexes, 1947-49 Average = 100
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug. Sept.
Oct.
Nov. Dec.
1947
1948
1949
1950
1951
1952
1953
68
101
119
136
148
104
148
64
104
116
137
149
100
156
72
104
109
140
104
95
83
110
91
156
138
91
165
86
116
90
160
135
91
138
79
122
94
88
120
102
100
123
92
173
108
85
138
102
110
113
92
130
94
162
104
116
105
1947
1948
1949
1950
1951
1952
1953
79
122
81
120
93
122
75
74
75
102
124
68
119
119
118
150
104
113
104
114
83
117
108
130
99
152
123
129
132
126
100
146
138
141
101
68
86
140
86
108
115
131
106
68
116
119
90
119
87
109
249
136
245
89
89
80
188
242
143
246
95
201
244
144
222
90
84
98
221
226
145
244
71
87
103
229
212
167
262
103
260
, 177
184
262
1947
1948
1949
1950
1951
1952
1953
135
126
68
134
120
64
71
71
71
71
134
133
100
63
84
59
52
63
122
101
68
80
46
80
80
51
72
51
72
1947
1948
1949
1950
1951
1952
1953
4
25
118
374
57?
309
575
1947
1948
1949
1950
1951
1952
1953
Major appliances—Cont.
Refrigeration appliances.
145
101
163
77
155
148
90
162
177
96
119
107
163
106
109
96
154
105
144
105
121
106
145
110
98
134
108
121
97
97
123
72
141
101
144
105
147
125
Laundry appliances
105
143
99
122
66
140
128
108
148
76
115
121
141
105
99
83
142
135
129
105
76
129
111
94
103
128
100
106
106
142
107
123
143
107
117
104
142
115
119
136
112
110
104
140
103
125
137
142
113
103
94
121
113
136
92
Heating apparatus
1947
1948
1949
1950
1951
1952
1953
114
70
77
129
85
107
Radio and television sets
1947
1948
1949
1950
1951
1952
1953
90
92
85
175
140
90
68
92
141
87
87
135
107
68
109
129
88
91
91
78
140
90
90
111
84
91
110
288
142
176
285
112
103
80
137
78
96
101
112
105
85
112
74
83
66
92
120
87
105
79
130
86
105
79
92
129
81
96
101
91
75
97
95
86
91
96
90
100
89
101
92
115
344
139
279
157
275
159
163
259
82
181
279
123
231
248
137
220
221
132
92
144
85
75
53
50
125
99
63
89
41
42
73
72
12
72
190
699
313
417
689
13
77
213
830
161
446
256
136
239
185
138
223
145
Radio sets
72
130
113
134
106
61
77
79
54
67
83
67
78
84
49
67
73
138
92
69
81
47
64
66
133
15
96
313
648
294
540
518
19
119
332
589
307
573
413
23
125
344
600
314
519
307
109
101
86
103
91
99
101
111
98
86
102
92
100
101
110
96
83
101
94
101
97
118
95
112
93
95
90
89
89
116
99
76
94
87
90
88
102
103
92
107
98
103
111
104
103
94
110
95
108
112
73
70
56
48
60
80
54
52
65
75
69
81
46
67
59
Television sets
5
31
5
5
515
456
392
635
11
62
180
595
403
438
642
8
48
411
551
320
38
141
448
556
322
577
507
41
169
494
507
318
583
113
113
111
107
106
106
108
111
106
106
110
107
109
93
83
100
95
101
90
83
102
95
102
87
86
99
94
103
85
89
101
91
103
85
92
96
91
104
85
95
97
91
103
1947
1948
1949
1950
1951
1952
1953
118
114
89
71
91
94
92
123
111
119
107
83
92
94
93
88
92
93
118
109
79
81
94
92
108
111
80
84
88
85
94
1947
1948
1949
1950
1951
1952
1953
108
106
96
93
108
96
109
104
105
93
93
110
96
110
105
105
104
105
91
94
109
96
112
105
89
96
107
94
113
104
89
98
102
96
112
111
OTHER CONSUMER DURABLES .
173
27
676
86
264
678
251
581
606
107
105
106
107
105
84
100
95
94
102
84
100
92
95
101
85
102
95
97
101
108
113
79
88
90
85
91
111
109
79
96
109
108
79
94
84
91
89
105
106
90
100
10?
95
113
103
105
88
103
101
96
112
Auto Parts and Tires
87
71
77
87
87
90
90
114
107
77
75
73
93
88
89
89
92
90
90
88
105
102
95
108
99
92
108
97
110
106
Misc. H o m e and Persona! Goods
102
104
89
105
93
99
111
110
96
110
110
i Index numbers through March 1954 are shown in the regular BULLETIN table on p. 510.
NOTE.—Individual indexes, without seasonal adjustment, for woven carpets, appliances, heating apparatus, radio sets, and television sets are
available on request to the Division of Research and Statistics.
MAY 1954
451
SEASONAL FACTORS IN MONTHLY INDEX OF OUTPUT OF CONSUMER DURABLE GOODS
Jan.
Autos
1947
1948
1949
1950
1951
1952
1953
Household furniture
1947
1948
1949
1950
1951
1952
1953
Floor coverings
. ..1947
1948
1949
1950
1951
1952
1953
Ranges
1947
1948
1949
1950
1951
1952
1953
Refrigeration appliances
1947
1948
1949
1950
1951
1952
1953
Laundry appliances
.
. . . 1947
1948
1949
1950
1951
1952
1953
Heating apparatus
1947
1948
1949
1950
1951
1952
1953
Radio sets
1947
1948
1949
1950
1951
K52
1953
Television sets
1947
1948
1949
1950
1951
1952
1953
Auto parts and tires
1947
1948
1949
1950
1951
1952
1953
Miscellaneous home and personal goods. . 1947
1948
1949
1950
1951
1952
1953
Feb.
Mar.
Apr.
May
June
97
97
97
102
87
84
96
102
102
101
101
101
101
101
97
97
102
102
102
102
102
98
98
99
99
99
102
102
89
89
100
100
100
100
100
95
95
93
93
93
93
93
84
84
84
81
81
81
81
91
91
93
95
100
100
100
78
78
98
111
112
122
122
90
90
90
91
93
95
95
97
97
97
97
98
98
98
99
99
97
100
103
104
104
103
103
103
103
102
102
102
104
104
105
108
110
110
110
105
105
105
107
107
107
107
101
101
106
107
111
111
111
108
108
112
112
114
114
114
86
86
86
85
85
85
85
103
103
103
106
109
109
109
103
103
113
113
122
122
122
92
92
92
93
94
96
96
100
100
100
100
101
101
101
102
102
106
104
111
109
107
102
102
102
102
102
102
102
108
108
110
110
110
110
110
106
106
111
111
111
111
111
102
102
105
106
109
109
108
97
97
99
101
103
102
101
102
102
105
106
108
107
105
98
98
98
98
98
98
98
105
105
107
107
109
109
109
101
101
101
103
105
105
105
96
96
96
96
96
96
96
100
100
98
97
97
97
97
99
99
97
97
97
96
96
96
96
96
96
96
96
96
109
109
113
113
121
122
122
101
101
111
115
117
117
117
87
87
87
87
87
87
87
107
107
107
107
113
113
113
115
115
117
117
122
122
122
95
95
95
95
95
97
97
101
101
101
101
102
102
102
105
105
110
112
112
112
112
102
102
100
100
100
97
97
82
82
82
87
88
88
88
106
106
106
114
114
114
114
108
108
108
104
93
93
93
98
98
98
98
98
98
98
100
100
100
100
100
100
100
101
101
101
102
102
102
102
98
98
98
90
90
90
90
82
82
82
87
87
90
90
100
100
110
110
110
110
110
103
103
100
90
82
73
73
102
102
102
102
102
100
100
98
98
98
98
98
98
98
July
Aug.
Sept.
Nov.
Dec.
102
102
102
106
101
105
114
104
104
104
103
103
103
103
100
100
95
82
94
93
84
98
98
85
89
85
83
84
103
103
103
104
104
104
104
104
104
105
105
105
105
105
106
106
106
106
108
109
109
109
110
111
111
111
111
111
101
101
101
104
104
104
104
103
103
102
102
110
110
110
100
100
102
102
102
102
102
98
98
98
98
103
103
103
101
101
101
92
9086
86
101
101
9>
9
9995
95
95
102
102
103
113
113
113
113
Oct.
102
102
105
102
104
103
102
101
101
105
102
99
103
98
106
106
103
103
102
102
102
105
105
103
94
94
94
94
98
98
100
98
97
99
98
93
93
93
93
94
94
94
81
75
70
67
66
66
66
83
81
81
81
66
64
64
98
98
98
98
98
98
98
95
95
93
92
90
90
90
96
96
93
93
93
93
93
101
101
101
101
101
101
101
97
103
103
102
100
99
99
104
105
106
107
109
109
109
112
112
108
108
108
108
108
103
103
103
103
103
103
103
98
98
94
93
81
81
81
83
83
77
74
66
66
66
105
105
101
101
100
99
99
106
106
97
97
95
95
95
108
108
108
108
111
111
111
111
117
117
117
100
100
93
90
88
88
88
110
110
106
106
106
110
110
88
88
88
97
97
97
97
91
91
91
98
98
98
98
96
96
68
66
66
63
63
101
101
101
101
101
100
100
96
96
96
96
97
97
97
82
82
82
84
84
85
85
76
76
76
62
62
62
62
63
63
48
46
45
45
45
76
76
79
79
79
79
79
90
90
90
90
88
88
88
119
119
119
119
119
119
119
100
100
100
100
90
90
90
87
87
87
87
86
86
86
100
100
103
103
103
102
102
93
93
93
93
93
93
93
106
106
106
106
106
106
106
100
100
100
100
100
100
100
138
138
138
138
139
139
139
110
110
110
104
104
104
104
120
120
130
130
130
130
130
110
110
110
108
107
106
106
106
106
106
106
105
105
105
122
122
122
114
114
114
114
114
114
102
102
102
102
102
120
120
123
123
129
131
131
102
102
102
102
101
100
100
105
105
105
105
104
104
104
- 108
107
107
129
129
129
129
129
129
129
101
101
103
103
103
103
103
105
105
105
100
100
100
100
108
108
105
105
105
105
105
103
103
103
103
101
101
101
91
91
91
95
98
98
98-
9?
1
91
91
98
98
98
98
96.
96
96.
96.
95
95
95:
101
101
101
101
101
101
101
NOTE.—All seasonal factors reflect the influence of holidays. The factors shown for autos are derived from separate adjustments for shifting
dates of model change-overs and for other seasonal variations, as described on p. 444. These separate adjustment factors are available on
request.
452
FEDERAL RESERVE BULLETIN
SENATE BILLS 3206 AND 3268
I am glad to have this opportunity to testify on behalf of the Board of Governors of the
Federal Reserve System relative to the proposed legislation which you have before you.
The Board of Governors endorses both of these proposed bills.
S. 3206 would extend for another two years the authority (continuously provided since
1942) of the Federal Reserve to purchase up to 5 billion dollars of United States securities
directly from the Treasury. Without this authority the Treasury and the Federal Reserve
on occasions would be unable to prevent the disturbing effects on the money market of
the sudden drains that occur at tax payment periods. The use of this authority prior to
tax payment dates avoids creating unnecessary financial strains that would otherwise occur
if the Treasury had to draw heavily on its accounts. Temporary Treasury borrowing
through this means followed by prompt repayment from the proceeds of tax payments
provides a smooth operating mechanism, without the abrupt money market fluctuations
that would otherwise occur, and thus is helpful in the conduct of Federal Reserve policy.
Use of this procedure as required by law is reported each year in detail in the Board's Annual
Report. We believe that this authority, under existing safeguards, should remain available.
S. 3268 would repeal the provisions of Section 16 of the Federal Reserve Act which
prohibit a Federal Reserve Bank from paying out notes of another Federal Reserve Bank.
Under present law it is necessary for each Federal Reserve Bank to sort all of the millions
of Federal Reserve notes fit for further circulation which are received by it from member
banks, according to the Reserve Bank by which each note was originally issued. In addition,
it is necessary for the Reserve Bank to return such notes to the Reserve Banks that originally
issued them.
Such sorting and crisscross shipping of currency are expensive. It is estimated that
the annual cost of these operations, which would not be necessary except for the statutory
restriction, is in excess of $750,000 annually. The pending legislation would remove a provision of law which was thought to be important in the early days of the System but which
in practice has not proved to be so.
Experience over the years definitely establishes that the requirement for the return
of fit Federal Reserve notes to the Federal Reserve Banks of issue has no important economic
effect on the amount of Federal Reserve notes in circulation. The notes that are returned
to the Federal Reserve Banks of issue, in accordance with the requirements of the law, are
again placed in circulation as demand for currency appears. Outstanding currency which
is not needed by the economy is returned to the Reserve Banks for credit to the reserve
accounts of the member banks. In other words, the amount of currency in circulation rises
and falls in accordance with changes in the demand for currency on the part of the public,
and is in no way affected by the return of fit notes to the Bank of issue. Accordingly,
no useful purpose is served by retaining the restriction upon a Federal Reserve Bank's paying
out of currency issued by other Federal Reserve Banks. This matter has been thoroughly
studied by the Presidents of the Federal Reserve Banks and has their approval.
1
Statement of Wm. McC. Martin, Jr., Chairman, Board of Governors of the Federal Reserve System, before the Subcommittee on Federal Reserve Matters of the Senate Banking and Currency Committee, May 13, 1954.
MAY
1954
453
MEMBER BANK EARNINGS, 1953 :
Net profits after taxes of all member banks
amounted to 865 million dollars in 1953, an
increase of 36 million from the preceding
year. The ratio of net profits to average
total capital accounts remained about the
same as in 1952. Net current earnings
before income taxes rose 190 million dollars
1
This article was prepared by Oliver H. Jones of the
Board's Division of Bank Operations.
2
Net current earnings are gross current operating earnings
less gross current operating expenses, before adjustments for
losses, recoveries, and transfers to and from valuation reserves,
and before taxes on net income.
to 1,809 million, but the proportion of the
total carried over to net profits was smaller
than in 1952 because of larger losses and
charge-oflfs on loans and investments and
larger provisions for income taxes.2
Growth of earnings on loans and securities
more than offset the increase in current expenses. The volume of loans outstanding,
as well as the average rate of return, rose
during the year. The average rate of return on United States Government securities increased sufficiently to offset a modest
MEMBER BANK EARNINGS, SELECTED YEARS, 1929-53
[Dollar amounts in millions]
Item
1929
1932
1939
1941
1945
1947
1948
1949
1950
1951
1952
1953
Earnings
$2,399 $1,554 $1,296 $1,417 $2,102 $2,579 $2,828 $2,986 $3,265 $3,669 $4,120 $4,590
On U. S. Government securi997
239
921
ties1
855
865
859
929 1,011
832
1
444
I 473
45S
149
139
206
On other 2securities
158
169
190
235
211
252
560
588 1,044
1,563
851
665
On loans
1,308
1,427
1,634
2,003 2,306 2,632
Service charges on deposit ac87
119
65
198
141
I 54
counts
158
187
172
219i 363
245 \ 237
291
242
Other earnings 2
346
367
452
373
436
403
477
5
1,650
1,684 1,143
895
Expenses^
1,715
1,889 2,020 2,232 2,501 2,782
988 1,268
357
797
580
464
388
426
1,?44
876
Salaries and wages
926 1,000
1,125
1,371
183
302
140
236
445
159
365
250
271
Interest on time deposits 3 . . . .
261
306
425
Interest on interbank and de314
132
mand deposits
Taxes other than on net in67
88
129
83
85
115
come 2
90
96
109
112
125
118
529
285
422
348
262
293
579
605
Other expenses2
640
686
860
775
Net current earnings before
835
929
715
410
429
income taxes 2
1,033
1,097
1,437
1,245
1,809
401
1,619
Recoveries and profits4
Losses and charge-off s 2 5
Net increase in valuation reserves 6
Profits before income taxes. . .
Taxes on net income
137
295
Net profits
Cash dividends declared 8
557
387
Number of banks at end of year.
113
778
8,522
232
251
190
195
173
278
318
454
230
125
121
128
/l,058
\ 270
327
380
854
234
1,150
369
1,247
491
621
294
961
275
686
313
781
346
756
371
6,918
6,892
6,873
6,840
245
347
207
390
211
788
246
910
257
653
281
6,816
6,362
6,619
6,884
6,923
-255
155
166
175
149
139
202
113
226
68
1,437
608
120
332
40
1,558
692
829
390
865
419
6,798
6,743
J
Not
2
reported separately prior to 1945; data for 1941 are estimated.
The following changes in reporting are reflected beginning with 1942: (a) earnings on loans include service charges and fees on loans,
previously included in other earnings; (b) taxes on net income, previously included with other taxes in expenses, are a separate item;
(c) recurring depreciation on real estate, previously included in losses and charge-offs, is included in other expenses.
3
Beginning with 1938, interest on time deposits includes interest on interbank time deposits; interest (if any) on demand deposits
is included in other expenses.
4
Beginning with 1948, includes recoveries credited either to undivided profits or to valuation reserves; see footnote 7.
5
Beginning with 1948, includes losses charged either to undivided profits or to valuation reserves; see footnote 7.
GThis is the net of transfers from undivided profits to valuation reserves and vice versa, and of losses charged and recoveries credited
to valuation reserves.
7
Not reported separately; transfers to these reserves were included with losses, and transfers from these reserves were included with
recoveries. Such amounts are estimated to have been relatively small, especially prior to 1947.
8
Includes interest on capital notes and debentures.
454
FEDERAL RESERVE BULLETIN
MEMBER BANK EARNINGS, 1953
decline in holdings. Both the average rate
of return and holdings of State and local
government securities increased. The increase in earnings on loans was 326 million
dollars, on United States Government securities 82 million, and on other securities
17 million. Total current expenses increased
281 million dollars.
The net result of these changes was a 12
per cent rise in net current earnings before
income taxes, compared to 13 per cent in
1952. A 47 per cent increase in losses and
charge-offs and a 14 per cent increase in provisions for income taxes, only partly offset
by increased recoveries and a smaller net increase in valuation reserves, resulted in an
increase of only 4 per cent in net profits.
This followed a 10 per cent rise in 1952.
The increase in net profits corresponded to
the growth in capital accounts and the ratio
of net profits to average total capital accounts was 7.8 per cent, about the same as
in 1952. Cash dividends were 29 million
dollars larger in 1953, representing a slightly
greater proportion of net profits after taxes
than in 1952. Total capital accounts rose
relatively more than total assets, but not
enough more to change the ratio of average
total capital accounts to average total assets
from 7 per cent. As in other recent years,
the proportion of assets held in loans and
investments other than United States Government securities continued to increase,
though at a reduced rate. The ratio of average total capital accounts to average total assets other than cash and United States Government securities declined slightly from
16.2 per cent in 1952 to 15.8 per cent.
Earnings figures for selected years from
1929 to 1953 appear in the table on the preceding page.
MAY
1954
Earnings and earning assets. Gross current earnings for all member banks aggregated 4,590 million dollars in 1953, an 11 per
cent increase from 1952. All categories of
earnings were larger than in the preceding
year.
Earnings on loans continued to be the
major factor in both the dollar and the percentage growth of gross current earnings.
An increase of 326 million dollars, or 14 per
cent, resulted largely from an increase in
average loan holdings and partly from a
change in the average rate of return from
4.51 per cent to 4.69 per cent. Commercial
and industrial loans declined 713 million
dollars in the course of 1953, while most of
the other types of loans continued to increase. Changes in member bank holdings
of loans and investments are shown in the
accompanying table.
MEMBER BANK LOANS AND INVESTMENTS, DECEMBER 31, 1953
[Amounts in millions of dollars]
Item
Change from
Dec. 31, 1952
Der. 31,
1953
Amount
Total loans and investments... 122,422
57,762
Loans 1
25,519
Commercial and industrial
Agricultural
3,263
For purchasing and carrying securities
3,381
13,020
Real estate
11,911
Other loans to individuals
1,518
All other
U. S. Government securities. ..
Treasury bills, notes, and certificates
Bonds2
Other securities
State and local government....
Other
. .
52,603
22,682
29,921
12,057
8,871
3,185
Percentage
+2,874
+ 2.4
+ 5.0
+2,728
713
+ 847
- 2.7
+35.0
+ 384
+ 807
+1,514
58
+ 12.8
+ -6.6
+ 14.6
- 3.7
160
-
0.3
+2,026
-2,186
+
-
9.8
6.8
+
+
-
+ 2.6
+ 5.5
- 4.7
-
306
463
157
1
Totals are net (after deduction of valuation reserves); individual loan items are gross and do not add to totals.
2
Includes small holdings of guaranteed obligations.
According to sample data from more than
200 of the largest member banks, reduced
borrowing by food processors, commodity
dealers, and sales finance companies ac455
MEMBER BANK EARNINGS, 1953
counted for most of the decline in holdings
of commercial and industrial loans. Manufacturers of metals and metal products and
the petroleum and public utility industries
increased their borrowings, but by smaller
amounts than in previous years.
Agricultural loan holdings increased 847
million dollars to 3,263 million and showed
the largest percentage increase of any loan
category, largely as the result of increased
holdings of Commodity Credit Corporation
certificates of interest. "Other loans to individuals," which are largely consumer
loans, rose 1,514 million dollars or 14.6 per
cent; this was less than the increase during
1952. Real estate loans increased 6.6 per
cent, compared to 7.8 per cent in 1952.
Holdings of United States Government securities declined 160 million dollars after
having expanded more than a billion dollars
in 1952. An increase of more than 2 billion
dollars in holdings of lower yield short-term
bills, notes, and certificates was accompanied
by a slightly larger decline in holdings of
long-term bonds.
Some changes in holdings of United States
Government securities in the course of 1953
are not evident in a comparison of yearend figures or of average holdings for the
year. During the first half of the year,
member banks were under pressure to maintain their reserve positions, and the Treasury was retiring debt by using surplus receipts and by drawing down its balances
with banks. At the same time, banks were
still confronted with substantial demands
for credit, principally consumer credit, and
a large seasonal decline in demand deposits. As a result, member bank holdings
of United States Government securities were
reduced by 4 billion dollars in the first six
months of the year. Following actions
taken by the Federal Reserve System in
456
May to ease the pressure on reserves, in the
second half of the year banks were able to
replenish their portfolios almost to the extent of the earlier reductions. The average
rate of return increased from 1.79 per cent
in 1952 to 1.98, and earnings on United
States Government securities for the year
were 1,011 million dollars, 82 million greater
than in 1952.
Aggregate earnings on securities other
than those of the United States Government, predominantly State and local government securities, amounted to 252 million
dollars, 7 per cent more than in 1952. The
average rate of return increased slightly
from 2.03 to 2.11 per cent, and holdings also
increased. Holdings of State and local government securities increased 463 million dollars, while holdings of "other" securities decreased 157 million dollars. These shifts
continued the pattern of portfolio changes
during the two previous years, but the
amounts involved were smaller.
Expenses. Total current expenses of all
member banks were 11 per cent larger than
in the previous year and amounted to 2,782
million dollars. All categories of expenses
increased, in most cases in about the same
proportion as in the previous year. Salaries
and wages, amounting to 1,371 million dollars, continued to be the largest item of expense. The expansion of 127 million dollars
in this item was due to increases of 4 and 5
per cent respectively in the numbers of officers and employees and to an increase of
about 5 per cent in average compensation
of both officers and employees. Interest paid
on time deposits increased 60 million dollars
to 425 million, reflecting a growth of 2.5
billion dollars in the average volume of
time deposits and a rise from 1.13 per cent
to 1.23 per cent in the average rate of interest paid.
FEDERAL RESERVE BULLETIN
MEMBER BANK EARNINGS, 1953
Losses, charge-offs, recoveries, and profits.3 Net changes in losses, charge-offs, recoveries, and profits had a greater effect in
reducing net profits in 1953 than in other recent years. Losses and charge-offs on securities amounted to 174 million dollars as
compared to 108 million in 1952, while recoveries of 11 million were about 25 per
cent below the 1952 amount. Net losses and
charge-offs on securities amounting to 163
million dollars represented a rise of 69 million dollars, about 73 per cent more than in
the previous year. Profits on the sale of securities increased 6 million dollars to 35
million.
Losses and charge-offs on loans increased
24 million dollars to 95 million, while offsetting recoveries on loans increased 7 million dollars to 52 million. The net of these
two items, 43 million dollars, was about 1.6
per cent of total earnings on loans in 1953
as compared to 1.1 per cent in 1952.
Valuation reserves. Net transfers to
valuation reserves on loans aggregated 96
million dollars in 1953, which was 12 million dollars less than in 1952. In 1953,
many banks were at or near the ceilings
then permitted by the Bureau of Internal
Revenue on the amount of reserves accumulated from taxable income for bad debt
losses on loans.4 The year-end balance of
valuation reserves was 850 million dollars
or 1.5 per cent of loans outstanding.
Net transfers from undivided profits to
valuation reserves on securities were 22 million dollars in 1953, about three times the
*In this analysis, losses and charge-offs comprise those
debited to either undivided profits or valuation reserves, and
recoveries are those credited to either account; transfers between undivided profits and valuation reserves are not included.
*On Apr. 8, 1954, the Bureau of Internal Revenue revised
the ruling current in 1953 by allowing banks an alternative
method of determining the average experience factor.
MAY
1954
amount in 1952. Losses charged directly
to these reserves exceeded recoveries similarly handled by 33 million dollars, more
than offsetting net transfers and reducing
the reserves to 196 million dollars. At the
end of the year, valuation reserves on securities were about 0.30 per cent of the book
value of all securities held and 1.6 per cent
of all securities other than those of the
United States Government. Corresponding percentages at the end of 1952 were 0.32
and 1.8 per cent respectively.
Income taxes. Provision for income
taxes, including excess profits taxes, continued to increase in 1953, but to a much
smaller extent than in the preceding three
years. The 692 million dollars provided for
this purpose was an increase of 14 per cent
over 1952 and amounted to 44 per cent of
profits before income taxes as compared to
42 per cent in 1952.
A summary of factors that contributed to
the increase in net profits of member banks
in 1953 appears in the accompanying table.
FACTORS IN H I G H E R N E T PROFITS
[In million? of dollars]
Item
Increase in net profits
Change
from 1952
Factors Increasing net profits, total
Increase in earnings on loans
Increase in earnings on U. S. Government securities.
Increase in other earnings
Smaller net increase in valuation reserves
Increase in profits on securities sold
+ 36
+504
326
82
62
28
6
Factors decreasing net profits, total
Increase in expenses
Increase in provisions for taxes on1 net i n c o m e . . . .
Increase in net losses on securities
Increase in other losses
Decrease in other recoveries 1
Increase in net losses on loans
-469
281
84
69
16
2
17
includes recoveries credited and losses charged either to undivided profits or to valuation reserves.
Gash dividends and capital. The amount
distributed as cash dividends in 1953 was
419 million dollars, 29 million more than
457
MEMBER BANK EARNINGS, 19 5 3
in 1952. This was 48 per cent of net profits, and in net current earnings before income
slightly more than the proportion dis- taxes were similar among the various classes
tributed in 1952. There was little change of banks. Exceptions occurred at central
in the ratio of cash dividends to average reserve city banks, where increases in earntotal capital accounts, which was 3.8 per ings on securities were small as compared to
cent in 1953 as compared to 3.7 per cent reserve city and country member banks,
and at central reserve city banks in New
in 1952.
For many years, retained profits have been York City, where the increase in interest
the major source of funds contributing to paid on time deposits was relatively larger
the growth of total capital accounts. In than at other classes of banks. These ex1953, 446 million dollars were retained by ceptions did not greatly affect relative inmember banks to strengthen capital ac- creases in net current earnings before taxes,
counts. This was 52 per cent of net profits, which ranged from 9 per cent at country
slightly less than the proportion retained in member banks to 15 per cent at reserve city
1952, and 80 per cent of the net increase in banks and included increases of 10 per cent
in New York City and 13 per cent in Chitotal capital accounts.
Earnings and profits by class of bank. cago.
Changes in net profits after taxes neverGenerally, increases in earnings and expenses
MEMBER BANK EARNINGS, BY CLASS OF BANK, 1953
AND
1952
[Dollar amounts in millions]
Central reserve city banks
Item
New York
1953
1953
1952
1953
1952
$757
137
43
434
144
$691
378
137
$188
53
12
95
28
$169 $1,798 $1,594 $1,847 $1,665
403
49
376
445
344
93
12
96
100
87
930
915 1,045
83 1,059
240
26
267
248
257
93
1,192 1,063
1,083
974
134
Expenses
Salaries and wq.ges
Interest on time deposits
All other
2,782
1 371
425
985
2,501
1 ,244
365
893
404
228
371
2H
102
48
28
148
18
140
15
39
14
35
Net current earnings before income taxes
1,809
1,619
353
321
86
120
332
40
113
226
68
20
55
6
25
25
8
8
13
3
1,558
692
1,437
608
312
151
313
139
Recoveries and profits 2
*
Losses and charge-offs
Net increase in valuation reserves^
..
Profits before income taxes
Taxes on net income
44
1953
1952
1953
1952
$4,590 $4,120
1,011
929
252
235
2,632 2,306
650
695
Earnings
. . . .
On U. S. Government securities
On other securities
On loans
All other . .
.
1952
529
478
181
372
160
337
201
426
566
509
173
381
76
715
620
655
602
11
9
4
47
136
15
38
92
29
45
128
16
39
101
27
78
35
74
29
537
241
556
224
513
199
865
Ratios (per cent):
Net current earnings before income taxes to—
Average total capital accounts
Average total assets
.
829
161
175
43
45
610
282
328
295
333
314
419
Net Profits
Gash dividends declared 4
Net profits t o Average total capital accounts
Average total assets
Country
banks
Reserve
city banks
Chicago
390
103
95
20
18
167
156
129
122
16.4
1.15
15.4
1.06
13.9
1.21
13.1
1.08
15.7
1.07
14.5
0.97
18.5
1.18
17.1
1.06
16.0
1.11
15.6
1.07
7.8
0.55
7.9
0.55
6.3
0.55
7.1
0.59
7.9
0.54
8.6
0.58
8.5
0.54
8.1
0.51
8.1
0.56
8.1
0.56
1
2
Includes recoveries credited either to undivided profits or to valuation reserves.
Includes losses charged either to undivided profits or to valuation reserves.
3This is the net of transfers from undivided profits to valuation reserves and vice versa, and of losses charged and recoveries credited
to valuation reserves.
4
Includes interest on capital notes and debentures.
458
FEDERAL RESERVE
BULLETIN
MEMBER BANK EARNINGS, 1953
theless varied considerably; there was a decrease of 8 per cent at central reserve city
banks in New York City and one of 4 per
cent in Chicago, while there were increases
of 11 and 6 per cent respectively at reserve
city and country banks. Variations were
largely in the relative increases in net losses,
charge-offs, and transfers to valuation reserves on loans and securities. These increases were substantial at all classes of banks
but relatively less at reserve city and country
banks than at central reserve city banks.
The New York City increase was largely
the result of substantially larger losses and
charge-offs on securities, which reflected the
MAY
1954
disposition of a larger portion of holdings of
United States Government securities during the first half of 1953 and. the more extensive adjustments made in portfolios.
As would be expected from the foregoing, the ratios of net current earnings before taxes to average total capital accounts
and to average total assets showed similar
increases at each class of bank, but considerable variation occurred in the net profits
ratios.
Summary data by class of bank are shown
in the table on the preceding page, and
detailed figures on earnings and related items
appear on pages 524-35 of this BULLETIN.
459
LAW DEPARTMENT
Administrative interpretations of banking laws, new regulations issued by the
Board of Governors, and other similar material
Interest on Deposits
Payroll Deduction Savings Plan
deposits and withdrawals made during the current
week, and issuance of a new card would automatically cancel cards previously issued. It appears
The Board of Governors has been requested by that the proposed plan has been devised so as to
a member bank to consider the question whether permit the bank to use its IBM punch card equipaccounts accepted by the bank under a payroll ment for the processing of the deposits.
deduction savings plan, proposed to be established
The definition of the term "savings deposit" in
for approximately 2,500 employees of a company, section l(e) of Regulation Q requires that the demay be classified as "savings deposits" under section posit shall be "evidenced by a passbook" which
\(e) of Regulation Q.
must be presented in connection with each withUnder the proposed plan, the company would drawal, except where payment is made to the dewithhold a specified amount from the weekly pay positor himself. The regulation also requires that
of each employee participating in the plan and every withdrawal shall be entered in the passbook.
deposit such amount to the credit of the employee Furthermore, the Board has indicated previously
in the member bank. Thus, on each weekly pay that the term "passbook" as used in Regulation Q
day the participating employee of the company means an account book in which deposits and withwould receive with his pay check a "savings account drawals are entered and that such a book should be
card" which would show on its face his name, the a continuing record of the transactions in the
account number, date of issue of the card, columns account.
for the entry of deposits and withdrawals, the curThe 1933 amendments to section 19 of the Fedrent account balance, and the following inscriptions: eral Reserve Act prohibited the payment of interest
on demand deposits and the payment of time de"PASSBOOK
SAVINGS DEPARTMENT
posits before maturity but did not make those
BANK AND TRUST COMPANY,
restrictions applicable to savings deposits. Accordingly, savings deposits were made a favored class
"THIS CARD MUST BE BROUGHT TO THE BANK
WHENEVER A DEPOSIT IS MADE OR MONEY
of deposits in that they became the only type of
WITHDRAWN. CARDS FOR THIS ACCOUNT
BEARING A PRIOR DATE ARE HEREBY
deposit with respect to which member banks were
CANCELLED."
given the privilege of making payment on demand
Savings account rules and regulations which ordi- with interest and, at the same time, of carrying
narily appear on the inside cover of the conven- reserves less than those required against demand
tional-type passbook would be printed on the reverse deposits. The versions of Regulation Q immediately following the 1933 amendments stated that a
side of the card.
It was explained further that the "savings account "savings deposit", among other things, was a decards" would be intended to serve the participating posit evidenced by a "passbook or other form of
employee-depositors as "savings passbooks" until receipt." This was similar to the language already
the following weekly pay day when new cards in use in Regulation D relating to reserves of memwould be issued; that deposits or withdrawals by ber banks. However, these definitions proved inan employee-depositor between pay days would be adequate to prevent the favored status of savings
permissible and would be entered by a savings teller deposits from leading to certain abuses, including
on the then current card; that the account balance the classification of checking accounts as savings
at the end of each weekly period would be carried deposits. It was to prevent such abuses and conover to the new card; and that interest payments fusion between classes of deposits that both Reguand taxes would be computed and posted quarterly. lation D and Regulation Q were amended in 1936
Thus, any particular card would show only the to provide that a deposit may not be regarded as a
460
FEDERAL RESERVE BULLETIN
LAW DEPARTMENT
savings deposit unless "evidenced by a passbook."
These amendments to the regulations recognized
that a workable distinction between savings accounts and checking accounts could not be maintained unless the regulatory language was such
as to prevent various arrangements which would
eliminate the use of passbooks of the kind traditionally a distinguishing mark of savings deposits.
The "savings account card" under consideration
appears to differ materially from a passbook as it
is generally understood and, accordingly, the Board
does not regard such a card as constituting a "passbook" within the meaning of section l(e) of Regulation Q. Therefore, the accounts as proposed
under the plan would not be eligible for classification as "savings deposits."
CURRENT EVENTS AND ANNOUNCEMENTS
Federal Reserve Meetings
Data for Historical Supplement to the Monthly
-r^ T t A i •
r>
* i i i i
•
•
Federal Reserve Chart Book
The Federal Advisory Council held a meeting in
A
Washington on May 16-18, 1954, and met with the
mimeographed set of data is available for the
Board of Governors of the Federal Reserve Sys- October 1953 edition of the historical supplement,
tern on May 18
providing figures for charts for the period October
5, 1953-April 16, 1954. Copies may be obtained
Election of Class A Directors
U p O n request from the Division of Administrative
The Federal Reserve Bank of Kansas City on Services, Board of Governors of the Federal ReMay 4, 1954, announced the election of Mr. Harold serve System, Washington 25, D. C.
Kountze, President, The Colorado National Bank
AJ • •
r o T » I ** L I • • I
_
'
. .
.
A T
Admission of State Bank to Membership in the
r _
of Denver, Denver, Colorado, as a Class A direcFederal Reserve System
tor of the Bank for the term ending December 31,
T h ef o l W i
S t a t e b a n k w a s a d m i t t e d t 0m e m .
1954. He succeeded Mr. T. A. Dines who re- b e r s h i p [n ^ ^ ^ R e s e r y e S y s t e m d u d n g ^
signed At the time of Mr. Dines resignation, he
i o d M a r c h ^ 1 9 5 4tQ A p r i l ^ 1 9 5 4 .
was Chairman of the Board, The United States
National Bank of Denver, Denver, Colorado. Mr.
Virginia
Kountze formerly served as a director of the Den^
. n r i r /^i i ^
>
D
u f u T J iD
?
T i rv
?
Berryville—Bank of Clarke County,
ver Branch or the Federal Reserve Bank ot Kansas
City from September 24, 1925 through December Admission of National Bank in Alaska to Membership
in t h e Federal Reserve S s t e m
31, 1936, and from December 21, 1939 through
?
n
December 31, 1946.
O April 15, 1954, the City National Bank of
The Federal Reserve Bank of Minneapolis on Anchorage, Anchorage, Alaska, was admitted to
May 11, 1954, announced the election of Mr. John membership in the Federal Reserve System.
W. Scott, President, The First State Bank of Gilby,
Under the provisions of Section 19 of the FedGilby, North Dakota, as a Class A director of the e r a l Reserve Act, national banks in Alaska, deBank for the term ending December 31, 1954, to pendencies, and insular possessions, may be nonsucceed Mr. C. W. Burges, deceased. Mr. Burges member banks or, with the consent of the Board
was Vice President and Cashier of the Security o f Governors of the Federal Reserve System, become
National Bank, Edgeley, North Dakota.
member banks.
r» *u r TV 4.
Tables Published Annually and Semiannually, with
Deaths of Directors
L a t e s t BULLETIN Reference
Mr. W . M. Jenkins, President, First National
Semiannually
issue
Page
Bank of Everett, Everett, Washington, who had Banking offices:
,
..
r 1
r
<
i r>
i
r ^i
A n a l y s i s of c h a n g e s in n u m b e r o f . . .
F e b . 1954
210
Served as a director Ot the Seattle Branch Ot the
On, and not on, Federal Reserve Par
L i s t n u m b e r of
Feb 1954
2n
Federal Reserve Bank of San Francisco since Janu'
'
ary 1, 1953, died on May 2, 1954.
Annually
Mr. Montfort Jones, Professor of Finance, T h e EaffitteZ^lL
Feb. 1954 208-209
University of Pittsburgh, Pittsburgh, Pennsylvania,
^Lndafyear
May 1954 524-534
who had served as a director of the Pittsburgh
°& » g
»JJ
Insu^on^ri^^;;;;;;;;;;
Branch of the Federal Reserve Bank of Cleveland Banks and branches, number of, by class
,-r.t
,
^
^
Since January 1, 1949, died On May 17, 1954.
MAY
1954
and State
Operating ratios, member banks
May 1954 536-537
Aug. 1953 904-906
461
NATIONAL SUMMARY OF BUSINESS CONDITIONS
[Compiled May 14 and released for publication May 17]
Industrial production changed little in April and
early May. Retail sales rose moderately in April as
auto sales increased further and sales of most other
goods were up. Construction activity continued at
record levels. Unemployment declined about seasonally to 3.5 million. Prices of industrial materials
continued to advance to mid-April and subsequently
leveled off. Prices of common stocks advanced further through early May.
INDUSTRIAL PRODUCTION
The Board's preliminary seasonally adjusted index
of industrial production in April was unchanged
from March .at 123 per cent of the 1947-49 average,
and indications are that in early May production
continued steady. In May a year ago the index was
at its all-time high of 137.
Steel output in April and early May was maintained at about the reduced March rate of 69 per
cent of capacity although there has usually been a
seasonal tapering of! in steel output after March.
After allowing for seasonal influences, automobile
assemblies in April and the first half of May were
moderately above first quarter rates and television
output rose considerably further. There was some
further decline, however, in output of various semifinished metal products and of ordnance. Output
of most building materials continued close to high
year-ago levels in April, and activity in the furniture
industry was maintained at the earlier reduced rate.
Activity in industries manufacturing textile, rubber, and leather products apparently showed about
the usual large seasonal declines in April, and output
of paper, chemicals, and petroleum products was
maintained at high levels.
A slight decline in the seasonally adjusted index
of minerals production in April reflected mainly
the failure of iron mining to show the usual very
large seasonal increase as demand from steel mills
continued at reduced levels. Output of crude petroleum advanced further in April but showed a
decline in early May. Output of coal has continued
at unusually low levels.
CONSTRUCTION
Total outlays for new construction work in April,
seasonally adjusted, continued at the record level of
earlier months. Value of contract awards increased
substantially further in April reflecting entirely continued gains in awards for privately financed construction. The number of private housing units
started rose seasonally in April to 109,000, or slightly
more than a year earlier. The number of new
PRICES AND TRADE
Per cent, 1947 49 - 100
WHOLESALE PRICES
INDUSTRIAL PRODUCTION
>d, 1947-49 • 100
"7
COMMODITIES
V
V\,
FARM
PRODUCTS
•l.'I'llll.'li'lllllllllHJ^I
DURABLE
MANUFACTURES/
| DEPARTMI
IENT STORE TRADE
ISPOSABLE PERSONAL
J
140
L
NONDURABLE
MANUFACTURES
L
1950
1952
1954
1950
1952
Federal Reserve indexes. Monthly figures, latest shown are
for April.
462
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: March for income and department
store stocks; April for other series. April consumer prices
estimated by Federal Reserve.
FEDERAL RESERVE BULLETIN
NATIONAL SUMMARY OF BUSINESS CONDITIONS
housing units covered by appraisal requests to VA
and applications to FHA increased considerably
further in April.
EMPLOYMENT
Unemployment declined 250,000 between early
March and April to 3.5 million. The decline, the
first since last autumn, reflected seasonal expansion
in agricultural and other outdoor activity and a
pre-Easter increase in trade employment. Employment in all nonagricultural industries combined
increased less than seasonally and in durable manufacturing industries employment and average hours
of work declined moderately further.
DISTRIBUTION
Retail sales of new autos which had risen more
than seasonally in February and March rose further
in April. With sales of most other goods also up
somewhat, total retail sales increased moderately.
The Board's seasonally adjusted index of department store sales rose approximately 2 points in April
to 107 per cent of the 1947-49 average, while in
March seasonally adjusted department store stocks
rose slightly after declining steadily from last
autumn.
COMMODITY PRICES
Prices of industrial materials continued to advance to mid-April, and subsequently leveled off.
Metal scrap increased somewhat further, and prices
of hides and cotton textiles advanced as buying
expanded. Waste paper and tin declined. Grain
futures dropped as crop prospects improved, but
cash prices changed little. Average livestock prices
rose further in early April but subsequently leveled
off as marketings expanded.
Following a slight further decline in the consumer
price index in March, retail meat prices advanced.
Dairy products declined further, however, and excise taxes on various consumer goods were reduced
on April 1.
showed little change in April, after allowance for
usual seasonal movements. Growth of time deposits
continued.
Member bank reserve positions continued easy in
late April and early May. Excess reserves of member banks averaged about 800 million dollars and
borrowings with the Federal Reserve averaged less
than 200 million.
SECURITY MARKETS
Yields on short-term Government securities declined in April and leveled off in early May. On
3-month Treasury bills market rates averaged .75
per cent in the week ending May 8. Yields on
longer term Government securities were steady to
moderately lower during the last three weeks of
April and rose somewhat in early May. The Treasury on April 21 sold 1 billion dollars of June 18
tax anticipation bills at an average discount rate of
.73 per cent, and on May 4 sold for cash 2.2 billion
dollars of 1% per cent notes, due February 1959.
Holders of 2% per cent certificates maturing in
June were offered in exchange either the 1% notes
or a one-year 1% per cent certificate, and holders
of bonds maturing and called in June were also
offered the certificate.
Yields on corporate and municipal bonds showed
little change during the second half of April and
the first week of May. Stock prices continued to
rise.
LOANS AND INVESTMENTS
BANK CREDIT AND RESERVES
Total loans and investments at banks in leading
cities increased somewhat during the last half of
April and early May. Holdings of United States
Government and municipal securities increased,
while loans to businesses declined further as is usual
at this time of year. Demand deposits adjusted
MAY
1954
\
72 - V
'< \
!V
i
i
V
-| 32
-I
30
28
Federal Reserve data. Weekly figures, latest shown are for
May 5.
463
FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS
UNITED STATES
PAGB
Member bank reserves, Reserve Bank credit, and related items
Federal Reserve Bank rates; margin requirements; reserve requirements
Reserves and deposits of member banks
Federal Reserve Bank statistics
Regulation V: guaranteed loans, fees, and rates
Bank debits and deposit turnover; Postal Savings System
Money in circulation
Consolidated statement of the monetary system; deposits and currency .
All banks in the United States, by classes
All commercial banks in the United States, by classes
Weekly reporting member banks
Commercial paper and bankers' acceptances
Life insurance companies; savings and loan associations
Government corporations and credit agencies
Security prices and brokers' balances
Money rates; bank rates on business loans; bond and stock yields
Treasury
finance
New security issues
Business
finance
Real estate credit statistics
Statistics on short- and intermediate-term consumer credit
Business indexes
Merchandise exports and imports
Department store statistics
Consumer and wholesale prices
Gross national product, national income, and personal income
Member bank earnings, 1953
Number of banks and branches in operation on December 31, 1953. . . .
List of tables published in BULLETIN annually or
semiannually, with references for latest data
467-468
468-469
470
471-473
473-474
474
475
476
477-479
480-481
482-483
484
485
486-487
488
489
490-495
496
497-498
499-501
502-504
505-514
514
515-519
520-521
522-523
524-535
536-537
461
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 arc 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.
MAY
1954
465
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
Wednesdoy Figures, 1946-1950, Weekly Averages of Daily Figures, 1951-
Billions of Dollars
25
15
.
EXCESS RESERVES
-.
2
-j 0
FEDERAI
-
S GOVERNME
\
-
30
CREDIT
RESERVE
\_
*T SECURITIES
*
V
/
^
J
25
OUTRIGHT
BOUGHT
20
-
15
3
HELD U NDER
REPURCHASE A GREEMENTS
0
\
5
DISCOUNTS AND ADVANCES
FEDERAL RESERVE FLOAT
1946
1947
1948
1949
1950
1951
1952
1953
1954
Latest averages shown are for week ending Apr. 28. See p. 468.
466
FEDERAL RESERVE BULLETIN
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
[In millions of dollars]
Reserve Bank credit outstanding
U.S. Govt. securities
Diite
Wednesday
1953
DisHeld counts
All
Bought under and Float oth
eri
Total out- repur- adright chase vances
agreement
Mar. 4
Mar. 11
Mar. 18
Mar. 2 5 . . . .
Apr. 1
Apr. 8
Apr. 15
Apr. 22
Apr. 29
May 6
May 13
May 20
May 27
June 3
June 10
June 17
June 24
July 1
July 8
July 15
July 22
July 29
Aug. 5
Aug. 12
Aug. 19
Aug. 2 6 . . . .
Sept. 2
Sept. 9
Sept. 16
Sept. 23
Sept. 30
Oct. 7 . . . .
Oct. 14
Oct. 21
Oct. 2 8 ] . . .
Nov. 4
Nov. 11
Nov. 18
Nov. 25
Dec. 2
Dec. 9
Dec. 16
Dec. 23
Dec. 3 0 . . . .
23,853 23,853
23,853 23,853
23,963 23,963
23,869 23,869
23,806 23,806
23,806 23,806
23,821 23,806
23,806 23,806
23,806 23,806
23,860 23,806
23,879 23,851
23,922 23,891
24,088 23,963
24,121 24,071
24,637 24,632
25,154 25,154
24,837 24,837
24,766 24,766
24,964 24,964
24,964 24,964
24,964 24,964
24,964 24,964
24,964 24,964
24,964 24,964
25,008 24,989
25,017 24,989
25,067 25,014
25,126 25,034
25,207 25,084
25,185 25,185
25,235 25,235
25,348 25,348
25,363 25,348
25 348 25,348
25,348 25,348
25,447 25,398
75,123 24,958
24,958 24,958
25,022 24,993
25,081 25,043
25,345 25,143
75,457 25,243
25,886 25,318
25,902 25,318
1954
Jan. 13 . . . .
Jan. 6
Jan. 20
Jan. 27
Feb. 3
Feb. 10
Feb. 17
Feb. 24
Mar. 3
Mar. 10
Mar. 17
Mar. 24
Mar. 31 . . . .
Apr. 7
Apr. 14
Apr. 21 . . . .
Apr. 2 8 .
15
824 1,062
770
1,315
1,009 1,202
810
705
465
748
709
908
856
868
743
842
837
54
28
31
125
581
933
647
684
832
645
1,264
50
5
530
571
507
454
286
317
785
646
1,213
619
Total
25,742
25,941
26,178
25,387
25,023
25,427
25,549
25,395
3 25,227
25,443
25,831
25,288
25,308
, 25.418
4
25,741
26,656
;
25,776
25,752
25,984
25,923
26,265
26,301
26,153
26,352
26,577
26,131
3 26,071
26,179
26,464
26,228
i 26,252
3 26,238
^ 26,322
26,437
26,309
26,830
26,111
26,487
26,428
26,302
26,681
26,921
27,692
26,977
245
341
200
521
747
737
677
756
777
588
561
776
815
524
625
609
751
587
391
491
311
228
329
610
559
943
813
685
281
271
260
359
606
685
826
599
29
822
365
594
768
559
622
933
636
38
202
214
568
584
427
727
268
435
100
792
606
25,384
25,318
25,364
24,661
24,774
24,863
24,806
24,559
24,559
24,682
24,582
24,705
24,632
24,632
24,632
24,632
24,632
25,318
66
25,318
25,364
24,661
24,717
57
57
24,806
24,806
24,559
24,559
24,682
24,582
24,632 " '73
24,632
24,632
24,632
24,632
24,632
170
156
70
110
963
754
977
722
515
440
291
249
569
509
798
503
267
411
265
349
147
861
543
855
569
535
177
171
155
217
546
599
704
533
1
1
1
26,519
26,230
26,412
25,495
25,860
25,815
25,897
25,312
25,689
25,638
25,704
25,625
25,316
25,357
25,404
25,493
25,383
23,880
24,246
24,746
24,964
25,063
25,235
25,348
25,095
25,916
23,806
74 1,014
24,031
215
731
64
28
24,718
644
24,964
343
4,989 "*74
329
5,235
5,348
413
369
102
4,993
5,318
598
28
649
607
601
565
549
685
787
667
935
3
4
3
3
3
3
3
3
2
640
827
535
576
2
2
1
1
19
28
53
92
123
ii
49
165
1,193
1,369
973
Deposits, other
than member bank Other
Ivltniu sr b< nK
Treas
reserve balances,
Fedury Money Treas with F. R. Banks
reserve bala aces
in
eral
curury
Gold
cirRecash
stock rency cula- hold- Treas- For- Oth- serve
outer
ury
eign
RestandExaction
ings
de- counts Total quired 2 cess 8
dedeing
posits posits posits
,662
,611
,612
,562
22 ,563
22 ,562
22 ,562
22 ,562
22 ,562
22 ,561
22 ,561
22 ,562
22 ,536
22 ,536
22 ,537
22 ,513
22 ,487
22 ,463
22 ,438
22 ,374
22 ,276
22 ,277
22 ,227
22 ,228
22 ,228
22 ,228
22 ,178
22 .178
22 ,178
22 ,179
22 ,128
22 ,128
22 ,128
22 ,077
22 ,077
22 ,076
22 ,077
22 ,076
22 ,027
22 ,028
22 ,028
22 ,028
22 ,029
22 ,029
22
22
22
22
4 ,824
4 ,824
4 ,826
4 ,826
29 ,772
29 ,780
29 ,708
29 ,600
4 ,827
4 ,828
4 ,833
4 ,834
4 ,836
29 ,754
29 ,780
29 ,753
29 .722
29 ,787
,840
,841
,844
,845
4 ,849
4 ,850
4 ,851
4 ,851
4 ,854
4 ,854
4 ,853
4 ,853
4 ,853
4 ,858
4 ,859
4 ,861
4 ,862
4 ,865
4 ,865
4 ,868
4 ,869
4 ,872
4 ,872
4 ,873
29 ,863
29 ,845
29 ,795
29 ,825
4
4
4
4
,980
,003
,970
,929
30 ,152
3 0 ,279
30 ,163
29
30
29
29
30 051
30 ,044
,139
,158
,145
,105
30 ,240
30 ,479
30 ,335
30
30
30
30
30 210
30 275
1 ,295
1 ,299
1 ,305
1 ,306
1 ,304
1 ,300
1 ,278
1 ,279
1 ,278
1 ,285
1 ,285
1 ,282
1 ,284
1 ,282
1 ,289
1 ,276
1 ,272
1 ,269
1 ,266
1 ,264
1 ,267
1 ,264
1 ,276
1 ,275
1 ,280
1 ,273
1 ,278
1 ,274
1 ,278
1 ,277
1 ,283
1 ,284
1 ,271
488
331
8
512
581
496
511
240
345
381
351
830
829
852
852
20 ,090
20 ,212
20 ,865
20 ,148
19 ,840
19 ,821
20 ,002
19 ,854
250
391
863
294
286
329
341
509
367
550
568
574
585
518
344
343
200
356
401
869
868
865
864
784
19 ,305
19 ,629
19 ,932
19 ,476
19 ,489
19 ,518
19 ,472
19 ,560
19 ,481
19 ,395
-213
214
428
145
355
517
618
584
504
374
366
286
238
780
780
777
777
19 ,811
19 ,912
19 ,824
19 ,706
19 ,386
19 ,282
19 ,312
19 ,298
425
630
512
408
137
6
8
8
520
587
598
615
253
173
252
158
902
902
958
960
19 ,729
20 ,168
20 ,958
20 ,173
19 ,209
19 ,449
19 ,778
19 ,594
176
431
640
539
841
521
488
561
525
547
174
176
179
323
343
949
948
947
947
863
19 ,828
19 ,690
19 ,397
19 ,742
19 ,529
19 ,113
19 ,002
18 ,253
19 ,098
19 ,014
1,144
460
675
738
669
557
551
610
518
332
329
390
354
860
859
862
862
19 ,614
19 ,593
19 ,641
19 ,440
18 ,959
18 ,942
18 ,865
18 ,860
655
651
776
580
541
574
356
619
642
538
569
507
543
512
333
363
381
259
352
859
859
882
881
880
19 ,325
19 ,104
19 ,771
19 ,486
19 ,309
18 ,884
18 ,731
18 ,885
18 868
18 ,816
441
373
886
618
493
157
372
-5
94
520
719
1,180
579
715
688
644
515
4 874
4 ]874
30
30
30
30
374
412
305
268
1 270
1 ,282
524
348
530
644
484
461
461
471
370
375
358
366
899
899
897
895
19 ,303
19 ,557
[9 ,567
19 ,334
18 ,757
18 ,728
18 817
18 796
546
829
750
538
4 ,877
4 878
4 878
4 ,879
30
30
30
30
428
540
487
691
1 ,283
784
786
777
664
322
503
522
453
449
419
429
376
534
398
335
801
808
805
805
19 ,779
19 ,630
20 ,044
19 ,775
18
19
19
19
845
026
187
150
934
604
857
625
4 ,882
4 ,883
4 ,884
4 ,886
4 ,889
30
30
30
31
30
791
904
953
156
890
774
778
769
763
526
488
224
799
773
377
431
491
464
461
474
339
331
259
427
380
878
880
936
937
936
19 ,474
19 ,720
20 ,229
20 ,064
20 ,066
19 ,161
19 053
19 309
19 297
19 364
313
667
920
767
702
029
030
006
006
4
4
4
4
890
890
890
890
30
30
30
29
591
284
083
900
770
775
782
795
222
86
5
236
440
500
443
493
397
441
286
278
836 20 ,184
836 20 ,228
833 20 ,874
831 9 ,859
19
19
19
19
390
250
335
217
21 ,956
21 957
21 957
21 958
4
4
4
4
899
902
905
906
29
29
29
29
930
923
821
838
807
818
820
824
457
638
533
509
477
473
482
461
345
338
346
359
829
828
912
911
19 ,870
19 ,654
19 ,845
19 ,273
19
18
18
18
089
937
921
853
781
717
924
420
21
21
21
21
21
958
963
964
964
965
4
4
4
4
4
912 29 885
917 ' 2 9 870
920 29 769
925 29 632
935 29 707
820
820
823
810
819
528
447
51
539
722
476
487
528
517
494
402
346
191
358
363
908
907
919
919
917
19 ,540
9 ,640
20 ,307
19 ,739
19 ,194
18
18
19
18
18
827
792
224
869
689
1,083
21
21
21
21
966
966
967
968
4
4
4
4
935
943
945
947
29
29
29
29
795
793
673
645
823
831
839
829
570
639
565
499
491
469
443
469
371
353
388
305
936 19
935 19
931 19
852 9
,272
.293
,566
,699
18
18
Pig
P\ 8
651
585
660
774
621
708
P906
25,546 22 562
25,589 22 537
25,414 22 463
26,176 22 277
25,958 22 178
26,252 22 128
26,550 22 077
26,133 22 028
26,880 22, 030
4
4
4
4
4
4
4
4
4(
841
849
854
859
867
872
879
885
894
29,
29,
30,
30,
30,
30,
30,
30,
30,
842
951
125
120
248
275
398
807
781
1 269
272
1 259
1 263
1 269
1 283
1 275
766
761
393
221
132
548
496
642
654
451
346
506
515
527
566
524
512
448
417
423
416
171
176
346
325
352
468
367
493
783 9 740
775 20 ]069
951 9 ,561
862 9 ,607
862 9 278
880 9 309
802 9 460
804 9 434
160
839
19
19
19
19
18
18
18,
19,
389
263
459
017
802
816
826
087
397
351
806
102
590
476
493
634
347
753
981
904
707
731
793
811
819
821
405
542
722
440
490
494
471
459
491
363
321
830
909
917
850
384 1 9 , 016
412 18] 821
194 1 8 , 689
528 P18, 864
368
591
505
22
22
22
22
794
978
1,539
642
713
848
870
505
End of
month
1953
Apr.
May.
June.
July.
Aug..
Sept.
Oct..
Nov.
Dec.
1954
Jan
Feb..
Mar..
Apr..
24,640
24,509
24,632
4,632
4,640
4,509
4,632
4,632
156
350
147
172
25,437 21, 956
25,' 688 21 ]958
25,316 21, 965
25,382 2 1 , 969
899
4,' 913
4 , 935
4 , 950
29,
29,
29,
29,
579
o
9
9
9
9
J»664
c
P Preliminary.
Corrected.
For footnotes see following page.
MAY
1954
467
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
Held
Bought under
Total out- j repur-,
right chase I
agreement
Discounts
All
and Float oth- Total
advances
Deposits, other
than member bank
reserve balances,
Treasury Money Treas- with F. R. Banks
ury
in
curGold
cash
cirstock rency
out- cula- hold- Treas- For- Other
ings
stand- tion
ury
eign deing
dedeposposits posits its
Member bank
reserve balances
Other
Federal
Reserve
acRecounts Total quired 2 Ex-
End of
month:
216
1,998
2,484
2,254
24,262
22,559
23,333
18,885
20,778
23,801
22,906
24,697
24,746
148
1,998
2,484
2,254
24,262
22,559
23,333
18,885
20,725
23,605
22,764
24,034
24,718
53
196
142
663
28
23,861
23,973
24,748
24,955
25,000
25,168
25,344
25,172
25,639
25,263
24,770
24,633
24,635
23,806
23,881
24,729
24,943
24,974
25,097
25,341
25,078
25,218
25,149
24,729
24,620
24,632
843
55 1,184
955
750
92
433
776
19
428
737
12
658
660
26
468
771
71
367
800
3
494
744
94
448 1,018
421
118
861
114
308
667
41
205
712
13
151
696
3
Feb. 3 . . . .
Feb. 1 0 . . . .
Feb. 17
Feb. 2 4 . . . .
24,662
24,869
24,895
24,723
24,654
24,803
24,806
24,723
226
375
316
215
Mar.
Mar.
Mar.
Mar.
Mar.
24,523
24,676
24,633
24,621
24,649
24,523
24,662
24,629
24,597
24,636
24,632
24,643
24,632
24,632
24,632
24,632
24,632
24,632
1929—June.
1933—June.
1939—Dec..
1941—Dec.
1945—Dec.
1947—Dec..
1948—Dec.
1949—Dec.
1950—Dec.
1951—Dec.
1952—June.
Dec.
1953—June.
68
,400
,220
,593
,361
,091
,181
,097
,499
,216
,009
,551
,825
,414
1,037
164
7
3
249
85
223
78
52
4
91
94
578
535
541
534
67 1,368
19 1,184
581
59
967
156
601
64
4,037
4,031
17,644
22,737
20,065
22,754
24,244
24,427
22,706
22,695
23,346
23,187
22,463
2,019 4,459
,286 5,434
2,963 7,598
3,247 11,160
4,339 28 ,515
28,868
4
4,589 28 ,224
4,598 27 ,600
4,636 27 ,741
4,709 29 ,206
4,754 29 ,026
4,812 30,433
4,854 30,125
204
36
264
35
2,409
634
2,215
867
2,287
977
1,336
870
1,325 1,123
1,312
821
1,293
668
1,270
247
1,283
333
1,270
389
1,259
132
21
6
15 151
397 256
774 586
862 446
392 569
642 547
767 750
895 565
526 363
548 298
550 455
527 176
374
346
251
291
495
563
590
706
714
746
783
777
951
2,333
1,817
6,444
9,365
14,457
16,400
19,277
15,550
16,509
19,667
19,573
20,520
19,459
23
475
5,209
3,085
1,458
1,499
1,202
1,018
1,172
389
-192
-570
102
861 20,007 19,472
779 19,897 19,306
933 20,287 19,499
2,356
2,292
11,653
12,450
15,915
17,899
20,479
16,568
17,681
20,056
19,381
19,950
19,561
Averages
of daily
figures
Monthly:
1953—Apr..
May.
June.
July.
Aug..
Sept.
Oct..
Nov.
Dec.
1954—Jan..
Feb..
Mar.
Apr..
25,892 22,562 4 ,832 29,782
25,682 22,557 4 843 29
29,869
25,960 22,514
5,123 22,366
26
5,322 22,226
26
26,410 22,176
26,514 22,102
26,413 22,057
27,107 22,028
26,243 22,015
25,746 21,957
25,553 21,963
25,483 21,966
4 ,851
4 853
4 860
4 ,867
4 873
4 878
4 885
4 891
4 904
4 920
4,941
30,011
30 ,165
30 ,167
30,328
30 ,366
30 ,555
30,967
30,282
29 ,903
29 ,800
29,755
,281
,279
,273
,264
,273
,273
,274
915
767
778
811
813
825
395
356
52
545
656
537
557
497
602
201
568
490
584
563
552
566
537
548
538
463
434
466
453
470
494
481
397
350
203
239
376
354
406
424
390
422
429
352
427
939 19,653
861 19,526
871 19,552
889 19,536
805 19,718
908 19,920
834 20,179
870 19,557
913 19,573
926 19,392
18,869
18,882
18,834
18,784
19,035
19,227
19,243
18,925
18,881
535
591
788
784
644
718
752
683
693
936
632
692
558
552
702
796
25,447 21,963
25,798 21,956
25,916 21,957
25,735 21,957
4,898 29 ,965
4,900 29 ,941
4.904 29 ,915
4.905 29 ,836
799
807
811
815
405
589
627
558
450
458
488
461
372
371
503
448
830 19,487
829 19,659
864 19,569
912 19,569
19,059
18,986
18,916
18,867
428
673
653
702
282
256
186
177
190
738
684
689
766
703
25,545 21,958
25,617 21,960
25,509 21,963
25,565 21,964
25,544 21,965
4,911 29,895
4,916 29,916
4,919 29 ,859
4,923 29,722
4,928 29 ,663
817
818
816
806
809
517
566
242
487
670
481
460
530
505
486
413
385
289
317
399
909 19,382
908 19,441
912 19,744
918 19,697
918 19,492
18,831
18,765
19,018
19,017
18,759
551
676
726
680
732
153
156
141
148
583
597
955
672
25,370 21 ,965
25,397 21 ,966
25,730 21 ,967
25,453 21 ,968
4,933 29,780
4,938 29 ,817
4,945 29,780
4,946 29 ,652
819
823
831
827
526
650
680
495
507
503
461
456
399
379
574
388
936
935
933
920
19,300 18,595
19,194 18,595
19,384 P18.616
19,630 P 1 8 , 6 5 8
P768
P972
Weekending:
1954
3....
10
17
24....
31
Apr. 7
Apr. 14
Apr. 21
Apr. 28
705
599
p Preliminary.
1
Includes industrial loans and acceptances purchased, which are shown separately in subsequent tables.
2
These figures are estimated.
Back figures.—See Banking and Monetary Statistics, Tables 101-103, pp. 369-394; for description, see pp. 360-366 in the same publication.
MARGIN REQUIREMENTS'
[Per cent of market value]
MAXIMUM RATES ON TIME DEPOSITS
[Per cent per annum]
Nov. 1, 1933- Feb. 1, 1935- Effective
Jan. 31, 1935 Dec. 31, 1935 Jan. 1, 1936
Savings deposits
Postal Savings deposits
Other deposits payable:
In 6 months or more
In 90 days to 6 months. . .
In less than 90 days
NOTE.—Maximum rates that may be paid by member banks as
established by the Board of Governors under provisions of Regulation Q. Under this Regulation the rate payable by a member bank
may not in any event exceed the maximum rate payable by State
banks or trust companies on like deposits under the laws of the State
in which the member bank is located. Maximum rates that may be
paid by insured nonmember banks as established by the F.D.I.C.,
effective Feb. 1, 1936, are the same as those in effect for member banks.
468
Prescribed in accordance with
Securities Exchange Act of 1934
Regulation T:
For extensions of credit by brokers
and dealers on listed securities
For short sales
Regulation U:
For loans by banks on stocks
Mar. 30, Jan. 17, Effec19491951tive
Jan. 16, Feb. 19, Feb. 20,
1951
1953
1953
50
50
75
75
50
50
50
75
50
1
Regulations T and U limtt the amount of credit that may be extended on a security by prescribing a maximum loan value, which is a
specified percentage of its market value at the time of the extension; the
"margin requirements" shown in this table are the difference between
the market value (100%) and the maximum loan value.
Back figures.—See Banking and Monetary Statistics, Table 145, p. 504,
and BULLETIN for March 1946, p. 295, February 1947, p. 162, and
February 1953, p. 130.
FEDERAL RESERVE BULLETIN
FEDERAL RESERVE BANK DISCOUNT RATES
[Per cent per annum]
Discounts for and advances to member banks
Federal Reserve Bank
Advances secured by Government
obligations and discounts of and
advances secured by eligible paper
(Sees. 13 and 13a) 1
Rate on
Apr. 30
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Previous
rate
In effect
beginning—
Apr.
Apr.
Feb.
Apr.
Feb.
Feb.
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
Apr. 30
27,
1954
16,
1954
5, 1954
23,
1954
12,
1954
9, 1954
14,
1954
23,
1954
29,
1954
23,
1954
23,
1954
16,
1954
In effect
beginning—
Apr.
Apr.
Feb.
Apr.
Feb.
Feb.
Feb.
Apr.
Apr.
Feb.
Apr.
Apr.
2H
2H
2M
2
2
2X
2
Previous
rate
In effect
beginning—
Rate on
Apr. 30
27, 1954
16, 1954
5, 1954
23, 1954
12,1954
9, 1954
11, 1954
23, 1954
29, 1954
12,1954
23, 1954
16, 1954
Feb.
Jan.
Jan.
Aug.
Jan.
Feb.
Aug.
May
Jan.
Jan.
Jan.
Jan.
2%
2%
f
2M
3
3
Previous
rate
5, 1954
16, 1953
16, 1953
17, 1953
23,1953
9, 1954
13, 1948
18,1953
26, 1953
16,1953
23,1953
20, 1953
1
Rates shown also apply to advances secured by obligations of Federal intermediate credit banks maturing within 6 months.
NOTE.—Maximum maturities. Discounts for and advances to member banks: 90 days for discounts and advances under Sections 13 and 13a
of the Federal Reserve Act except that discounts of certain bankers' acceptances and of agricultural paper may have maturities not exceeding
6 months and 9 months, respectively, and advances secured by obligations of Federal intermediate credit banks maturing within 6 months are
limited to maximum maturities of 15 days; 4 months for advances under Section 10(b). Advances to individuals, partnerships, or corporations
under the last paragraph of Section 13: 90 days. Back figures—See Banking and Monetary Statistics, Tables 115-116, pp. 439-443.
MEMBER BANK RESERVE REQUIREMENTS
FEDERAL RESERVE BANK BUYING RATES ON
ACCEPTANCES
[Per cent per annum]
Rate on
Apr. 30
Maturity
1- 90 days
91-120 days
121-180 days
In effect beginning—-
[Per cent of deposits]
Effective date
of change
Apr. 16, 1954
Apr. 16, 1954
Apr. 16, 1954
2
NOTE.—Effective minimum buying rates on prime bankers' acceptances payable in dollars. Back figures.—See Banking and Monetary
Statistics, Table 117, pp. 443-445.
FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS
AND COMMITMENTS UNDER SECTION 13B
OF THE FEDERAL RESERVE ACT
Maturities not exceeding five years
[In effect April 30. Per cent per annum]
To industrial or
commercial
businesses
To financing institutions
On discounts or
purchases
Federal
Reserve
Bank
On
loans x
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis....
Kansas C i t y . . . .
Dallas
San Francisco...
On
commitments
Portion
for which
institution is
obligated
Re :
maining
portion
On
commitments
5)
(2
1K-2X
2
(
( ))
1954
Country
banks
Time
deposits
(all
member
banks)
10
13
26
20
1938—Apr. 16
22%
17}*
12
1941—Nov. 1
1942—Aug. 20
Sept. 14
Oct. 3
26
24
22
20
20
14
1948—Feb. 27
June 11
Sept. 16
Sept. 24
22
24
1949—May 1
May 5
June 30
July 1
Aug. 1
Aug. 11
Aug. 16
Aug. 18
Aug. 25
Sept. 1
11
16
25
1
5i
15
14
16
271,
15
27
«7
»6
26
26
24
21
20
14
13
23^
12
'23*'
22
25
13
36
36
19
18*
18
23
19
24
26
22
19
22
19
ii'
13
13
1
institutions.
Rate charged borrower.
Rate charged borrower but not
to 5
exceed 1 per cent above the discount rate.
Charge of H per cent per annum is made on undisbursed portion
of loan.
^Charge of 34 per cent per annum is made on undisbursed portion
of loan.
Back figures.—See Banking and Monetary Statistics, Table 118, pp.
446-447.
MAY
Reserve
city
banks
1936—Aug. 16
1937—Mar. 1
May 1
1953—July 1
July 9
In effect M a y 1, 1954*
2H5
Central
reserve
city
banks
1917—June 21
1951—Jan.
Jan.
Jan.
Feb.
()
1
Including loans made in participation with financing
2
Rate charged borrower less commitment rate.
3
4
Net demand deposits 1
Previous
rate
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.
469
MEMBER BANK RESERVES AND BORROWINGS
[Averages of daily figures.
All
member
banks i
Central reserve
city banks
Reserve
New
York
Chicago
banks
Country
banks 1
March
20,958
20,520
20,416
20,179
19,557
19,573
5,184
5,050
5,089
4,863
4,652
4,725
1
1,379
1,356
1,366
L.320
1,269
1,267
8,277
8,082
8,014
8,065
7,825
7,767
6,118
6,031
5,947
5,932
5,811
5,815
Mar.
Mar.
Mar.
Apr.
Apr.
Apr.
19,744
19,697
19,492
19,300
19,194
19,384
4,757
4,734
4,777
4,657
4,578
4,665
L.27O
1,270
1,254
1,191
1,215
1,218
7,833
7,830
7,772
7,686
7,684
7,715
In millions of dollars]
5,885
5,863
5,689
5,766
5,717
5,787
Month, or
week ending Wednesday
Total reserves held:
1953—January
February
March
1954—January
17
24
31
7
14
21
Mar.
Mar.
Mar.
Apr.
Apr.
Apr.
Chicago
Country
banks 1
589
531
482
621
548
563
707
638
588
936
632
692
March
Mar.
Mar.
Mar.
Apr.
Apr.
Apr.
17
24
31
7
14
21
5
14
16
146
8
38
-7
8
119
95
87
162
83
83
726
680
732
705
598
1953—January
February
March
1954—January
6
14
127
19
-17
57
-1
-2
18
7
-3
5
96
64
132
114
101
126
625
604
455
565
517
P579
320
255
211
335
277
277
1
46
29
529
624
559
59
148
79
163
155
154
41
63
65
18
25
38
23
5
7
61
56
71
63
70
82
75
44
66
49
63
44
P767
-6
-3
3
7
Borrowings a t Federal
Reserve B a n k s :
20,251
19,882
19,828
19,243
18,925
18,881
5,180
5,036
5,073
4.717
4,645
4,687
1,385
1,359
1,362
1,313
1,276
1,259
8,157
7,986
7,926
7,903
7,742
7,684
19,018
19,017
18,759
18,595
18,595
*18,616
17
24
31
7
14
21
New
York
Reserve
city
banks
Excess reserves:
Required reserves: 3
1953—January
February
March
1954—January
February
March
Central reserve
city banks
All
member
banks*
Month, or
week ending Wednesday
5,529
5,500
5,466
5,311
5,262
5,252
4,751
4,720
4,650
4,638
4,594
4,607
1,270
1,272
1,235
L .184
,218
1 ,212
7,737 5,260
7,766 5,259
7,640 5,234
7,572 5,201
7,583 5,200
7,589 P 5 , 2 0 8
1,347
1,310
1,202
101
293
189
1953—January
February
March
1954—January
February
March
Mar.
Mar.
Mar.
Apr.
Apr.
Apr.
36
16
16
37
170
162
175
135
138
133
17
24
31
7
14
21
» Preliminary.
1
Weekly figures of excess reserves of all member banks and of country banks are estimates. Weekly figures of borrowings of all member
banks and of country banks may include small amounts of Federal Reserve Bank discounts and advances for nonmember banks, etc.
2
Reserve requirements were reduced in July 1953; see table on preceding page.
Back figures.—See Banking and Monetary Statistics, pp. 396-399.
DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER BANKS
[Averages of daily figures.1 In millions of dollars]
Item
All
member
banks
Central reserve
city banks
New
York
Chicago
Reserve
city
banks
Country
banks
All
member
banks
Central reserve
city banks
New
York
March 1954
Gross demand deposits:
Total
Interbank
Other
Net demand deposits 2
Time deposits
Demand balances due from domestic banks...
Reserves with Federal Reserve Banks:
Total
Required 3
Excess
Borrowings at Federal Reserve Banks
Chicago
Reserve
city
banks
Country
banks
March 1953
107,525
12,364
95,161
93,755
36,985
22,692
3,945
18,747
20,440
3,166
5,988
1,226
4,762
5,386
1,232
41,477
6,006
35,471
35,828
14,609
6,227
49
106
1,964
4,108
19,573
18,881
692
4,725
4,687
38
1,267
1,259
8
7,767
7,684
83
16
29
79
37,367 106,716
1,187
11,998
94,719
36,181
93,341
32,101
17,978 33,857
22,601
3,830
18,771
20,554
2,339
5,996
1,158
4,838
5,385
1,167
41,221
5,916
35,305
35,579
13,512
36,899
1,094
35,805
31,824
16,839
5,923
51
103
1,862
3,907
5,815
5,252
563
20,416
19,828
588
5,089
5,073
16
1,366
1,362
3
8,014
7,926
87
5,947
5,466
482
65
1,202
211
277
559
154
* Averages of daily closing figures for reserves and borrowings and of daily opening figures for other items, inasmuch as reserves required are
based on deposits at opening of business.
2
Demand deposits subject to reserve requirements, i. e., gross demand deposits minus cash items reported as in process of collection and
demand balances due from domestic banks.
3
Reserve requirements were reduced in July 1953; see table on preceding page.
470
FEDERAL RESERVE BULLETIN
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS
[In thousands of dollars]
Wednesday figures
Item
End of month
1954
Apr. 28
Assets
Gold certificates
Redemption fund for F. R. notes. .
Apr. 21
Apr. 14
1954
Apr. 7
Mar. 31
20,412,100 20 402,104 20 404, 102 20,399,101 20,399,102
871,224
873,646
874,501
878,976
878,976
Total gold certificate reserves.
Apr.
1953
Mar.
Apr.
,412,101 20,399, 102 20,633,103
871,225
878,976
750,029
21,283,324 21,275,750 21,278,603 21,278,077 21,278,078 21,283,326 21,278,078 21,383,132
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
395,921
389,069
384,840
404,796
427,475
404,890
427,475
354,872
208,723
8,000
1,221
147,169
8,000
1,206
162,870
8,000
1,321
155,292
22,000
1,491
131,864
15,000
1,470
164,055
8,000
1,286
131,864
15,000
1,470
995,100
18,500
3,460
1,910,975 1,910,975 1,910,975 1,910,975 1,910,975 1,910,975 1,910,975
514,754
6,051,191 6,051,191
13,029,021 13,029,021
3,641,150 3,641,150
Total bought outright
Held under repurchase agreement.
Total U. S. Government securities.
Total loans and securities
051,191 6,051,191 6,051,191 6,051,191
,051,191 4,995,716
029,021 13,029,021 13.029,021 13,029,021 13 ,029,021 13,773,671
641,150 3,641,150 3,641,150 3,641,150
,641,150 4,521,975
24,632,337 24,632,337 24,632,337 24,632,337 24,632,337 24,632,337 24,632,337 23,806,116
74,000
24,632,337 24,632,337 24,632,337 24,632,337 24,632,337 24,632,337 24,632,337 23,880,116
24,850,281 24,788,712 24,804,528 24,811,120 24,780,671 24,805,678 24,780,671 24,897,176
Due from foreign banks
F. R. notes of other banks. . .
Uncollected cash items
Bank premises
Other assets
22
22
22
22
22
22
152,619
155,067
137,064
140,275
155,130
150,097
3,552,230 4,140,809 4,183,651 3,355,631 3,844,884 3,210,851
53,354
53,264
52,979
52,908
52,910
53,213
169,847
152,212
178,750
161,226
164,697
181,151
22
23
155,130
151,350
,844,884 3,518,032
49,533
52,910
164,697
203,939
50,468,859 50,970,182 51,002,913 50,195,041 50,703,867 50,089,228 50,703,867 50,558,057
Total assets.
Liabilities
Federal Reserve notes
Deposits:
Member bank—reserve accounts
U. S. Treasurer—general account
Foreign
Other
25,393,812 25,416,761 25,515,944 25,539,950 25,486,575 25,472,276 25,486,575 25,598,279
19,698
499
469
304
Total deposits.
915 19,565,824 19,292,657 19,271,730 19, 194,192 19,527,642 19,194,192 19 739,784
564,842
243
638,909
570,451
392,741
722,054
578,611
722,054
443,173
491,052
059
469,292
505,675
493,801
470,624
493,801
371,100
388,289
704
352,869
416,499
362,892
321,138
362,892
20,971,921 20,962,128 20,753,727 20,704,333 20,772,939 20,898,015 20,772,939 21,054,699
Deferred availability cash items
Other liabilities and accrued dividends
3,019 059 3,437,038 3,584,338 2,809,471 3,309,596 2,634,402 3,309,596 2,869,182
19 359
18,048
19,368
18,123
18,050
18,081
18,081
19,391
49,404,151 49,833,975 49,873,377 49,071,877 49,587,191 49,022,743i 49,587,191 49,541,551
Total liabilities.
Capital Accounts
Capital paid in
Surplus (Section 7)
Surplus (Section 13b)
Other capital accounts
271,203
625,013
27,543
140,949
Total liabilities and capital accounts.
Ratio of gold certificate reserves to deposit and
F. R. note liabilities combined (per cent)
Contingent liability OIL acceptances purchased
for foreign correspondents
Industrial loan commitments
271,087
625,013
27,543
212,564
270,530
625,013
27,543
206,450
270,423
625,013
27,543
200,185
270,208
625,013
27,543
193,912
271,216
625,013
27,543
142,713
270,208
625,013
27,543
193,912
257,254
584,676
27,543
147,033
50,468,859 50,970,182 51,022,913 50,195,041 50,703,867 50,089,228 50,703,867 50,558,057
46.0
45.9
16,455
2,958
17,380
2,977
46.0
46.0
45.9
46.0
16,424
2,863
14,482
2,891
12,916
2,957
16,595
2,892
12,916
2,957
31,887
2,867
Maturity Distribution of Loans and U. S. Government Securities 1
Discounts and advances—total
Within 15 days
16 days to 90 days
91 days to 1 year
Industrial loans—total
Within 15 days
16 days to 90 days
91 days to 1 year
Over 1 year to 5 years
U. S. Government securities—total
Within 15 days
16 days to 90 days
91 days to 1 year
Over 1 year to 5 years
Over 5 years to 10 years
Over 10 years
216,723
195,877
20,846
155 169
137 865
17 304
170,870
153,683
17,187
1,321
1,206
1,221
8
7
177
276
171
976
991
998
45
46
45
,632,337 24,632 ,337 24,632,337
444 ,125
385,125
492,675
,104,666 3,153 ,216
212,216
,277,575 12,277 ,575
277,575
,307,260 6,307 260
307,260
,035,304 1,035 304
035,304
,414,857 1,414 ,857
414,857
146,864
129,939
16,925
,013,600
946,732
66,830
38
,491
,470
3,460
1,470
1,286
152
118
152
7
421
15
275
270
1,164
15
,256
,051
964
1,722
1,256
47
47
47
45
153
24,632 ,337 24 ,632,337 24 632,337 24,632 ,337 23 ,880,116
325 ,700
344,750
320,000
344 ,750
300,750
3,271 ,641
,252,591
277,341 3,252 ,591 ,415,270
12,277 575 12,277,575
277,575 12,277 575 ,460,675
6,307 260
307,260 6,307 260 ,914,164
,307,260
1,035 304
035,304 1,035 304 ,374,400
,035,304
1,414 857
414,857 1,414 857 ,414,857
,414,857
177,292
160,600
16,692
146,864
129,939
16,925
172,055
149,464
22,591
1
Beginning Apr. 15, 1953, U. S. Government securities classified according to maturity date. During the period Jan. 3, 1951-Apr. 8, 1953,
callable issues classified according to nearest call date. Securities held under repurchase agreement are classified as maturing within 15 days in accordance withjmaximum maturity of the agreements.
MAY
1954
471
STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON APRIL 30, 1954
[In thousands of dollars]
Item
Total
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
San
Francisco
St.
Louis
Minneapolis
Kansas
City
Dallas
848,654 2,335,270
Assets
Gold certificates. 20,412,101 1,020,825 5,578,821 1,238,056 1,707,179 1,024,206
Redemption fund
79,821
59,295
69,368
for F. R. notes.
871,225
176,393
52,897
Total gold certificate reserves. . 21,283,326 1,073,722 5,755,214 1,297,351 1,787,000 1,093,574
Other cash
23,912
23,389
404,890
34,929
75,751
27,869
925,271 3,665,979
778,244
467,116
822,480
148,896
48,628
25,207
40,837
982,272 3,814,875
72,108
36,898
826,872
26,073
492,323
10,497
863,317
12,528
57,001
29,819
83,063
878,473 2,418,333
41,950
18,986
advances:
Secured by
U. S. Govt.
4,360
5,650
1,000
9,848
23,990
22,625
15,713
8,825
164,036
15,735
16,525
securities. . .
22,020
17,745
304
344
592
1,112
304
200
408
816
376
Other
8,019
2,320
736
507
1,177
109
Industrial loans..
1,286
U. S. Government
securities:
Bought outright
24 632 337 1 359 163 6 291 887 1 499 075 2 111 164 1 450 795 1 254 550 4 306 176 1 030 740 604 896 1 062 738 967 903 2 693 250
Held under
repurchase
agreement...
Total loans and
securities
24,805,678 1,381,690 6,311,952 1,505,204 2,127,635 1,460,028 1,278,884 4,329,913 1,047,569 620,918 1,072,890 969,279 2,699,716
Due from foreign
2
banks
2
1
1
1
3
1
1
1
22
1
2
F. R. notes of
other Banks...
14,924
8,072
25,063
6,319
21,288
11,011
16,586
8,657
5,659
9,176
150,097
19,596
3,746
3,210,851
items
53,213
Bank premises...
181,151
Other assets
Total assets
243,163
6,097
9,600
576,085
7,548
44,879
200,946
4,844
10,898
302,224
5,136
15,889
252,339
4,640
10,662
240,505
3,978
9,858
539,198
6,371
31,094
137,516
2,875
7,872
93,625
1,014
4,356
199,408
2,460
8,266
140,059
575
7,975
285,783
7,675
19,802
50,089,228 2,745,888 12,791,031 3,054,168 4,280,887 2,865,921 2,577,459 8,808,486 2,057,954 1,229,053 2,164,529 2,024,005 5,489,847
Liabilities
25,472,276 1,569,868 5,699,768 1,815,138 2,349,723 1,726,155 1,364,100 4,922,559 1,150,168
F. R. notes
Deposits:
Member bk.—
reserve accts. 19,527,642 813,300 5,835,179 924,844 1,493,106 800,256 899,799 3,183,599 691,539
628,199
991,672
451,635
939,364 1,017,660 2,477,361
719,366 2,535,560
TT Q TVmQ
gen. acct
Foreign
Other
578,611
470,624
321,138
Total deposits... 20,898,015
ability cash
items
Other liabilities
and accrued
dividends
37,462
28,023
2,722
95,045
2144,432
264,420
881,507 6,339,076
40,780
42,264
4,354
43,518
23,429
2,132
995,135 1,580,504
34,574
33,996
1,721
35,510
19,754
695
69,158
63,857
3,877
36,406
17,457
7,546
27,375
11,485
1,645
869,335
955,758 3,320,491
752,948
492,140
26,920
17,457
337
78,422
21,592
679
53,441
46,878
31,010
984,078 1,118,353 2,608,690
2,634,4*02
227,514
447,994
163,989
251,116
212,970
208,211
413,918
111,394
79,750
146,098
135,957
235,491
18,050
1,111
4,778
1,025
2,085
880
893
2,892
686
592
694
687
1,727
Total liabilities.. 49,022,743 2,680,000 12,491,616 2,975,287 4,183,428 2,809,340 2,528,962 8,659,860 2,015,196 1,200,681 2,122,542 1,974,363 5,381,468
Capital
Accounts
Capital paid in. .
Surplus (Sec. 7)..
Surplus (Sec. 13b)
accounts
271,216
625,013
27,543
14,623
38,779
3,011
83,342
176,633
7,319
18,432
45,909
4,489
26,027
57,648
1,006
12,046
31,750
3,349
11,689
28,034
762
35,609
90,792
1,429
9,348
25,465
521
6,056
16,219
1,073
10,349
23,456
1,137
13,535
28,146
1,307
30,160
62,182
2,140
142,713
9,475
32,121
10,051
12,778
9,436
8,012
20,796
7,424
5,024
7,045
6,654
13,897
Total liabilities
and capital
50,089,228 2,745,888 12,791,031 3,054,168 4,280,887 2,865,921 2,577,459 8,808,486 2,057,954 1,229,053 2,164,529 2,024,005 5,489,847
accounts
Reserve ratio
Contingent liability on acceptances purchased for foreign
correspondents
Industrial loan
commitments..
45.9%
43.8%
47.8%
46.2%
45.5%
42.1%
42.3%
46.3%
43.4%
43.9%
43.7%
47.8%
47.0%
16,595
1,006
34,880
1,221
1,518
841
710
2,293
627
413
627
776
1,683
1,094
747
47
122
24
2,892
858
1
After
2
deducting $16,000 participations of other Federal Reserve Banks.
After deducting $326,174,000 participations of other Federal Reserve Banks.
3 After deducting $11,715,000 participations of other Federal Reserve Banks.
472
FEDERAL RESERVE BULLETIN
FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS
FEDERAL RESERVE BANKS COMBINED
[In thousands of dollars]
Wednesday figures
Item
End of month
1954
Apr. 28
F. R. notes outstanding (issued to Bank).
Collateral held against notes outstanding:
Gold certificates
Eligible paper
U. S. Government securities
Apr. 21
1954
Apr. 14
Apr. 7
Mar. 31
Apr.
1953
Apr.
Mar.
26,551,454 26,587,341 26,637,536 26,682,373 26,714,686 26,520,909 26,714,686 26,532,864
11,043,000 11,043,000 11,043,000 11,043,000 11 ,093,000 11 ,043,000 11 093,000 12 ,574,000
72,090
610,478
70,235
74,417
74,417
91,893
61,469
97,655
155,000 14,760,000
16,955,000 16,955,000 17,055,000 17,155,000 17,055,000 16 ,955,000 17,
Total collateral
28,089,893 28,059,469 28,168,235 28,170,090 28,322,417 28,095,655 28,322,417 27,944,478
EACH FEDERAL RESERVE BANK ON APRIL 30, 1954
[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
26,520,909 1,632,130 5,869,463 1,925,714 2,465,704 1,828,147 1,447,749 5,037,092 ,197,562 642,971 1,022,117 762,803 2,689,457
to- Bank)
Collateral held:
Gold certificates 11,043,000 640,000 2,670,000 800,000 950,000 625,000 485,000 2,400,000 355,000 175,000 280,000 283,000 1,380,000
8,825
4,360
16,525 15,713
14,695
97,655
9,848
5,650
Eligible paper..
22,039
U. S. Govt. se16,955,000 1,200,000 3,600,000 1,200,000 1,550,000 1,300,000 1,000,000 2,700,000 960,000 500,000 800,000 525,000 1,620,000
curities
Total collateral.. 28,095.655 L, 862,039 6,284,695 2,004,360 2,500,000 1,933,825 1,485,000 5,100,000 1,331,525 690,713 1,089,848 808,000 3,005,650
INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS
[Amounts in thousands of dollars]
Applications
approved
to date
End of
year or
month
Number
3,511
3,542
3,574
3,607
3,649
3,698
3,736
3,753
1945
1946
1947
1948
1949
1950
1951
1952
Amount
544,961
565,913
586,726
615,653
629,326
651,389
710,931
766,492
Participations
Approved
Loans Commit- of financments ing instibut not
out- 2
outtutions
com- standing
pleted 1 (amount) standing
out(amount) standing 3
(amount)
(amount)
320
i,577
945
335
539
1,819
3,513
1,638
1,995
554
1,387
995
2,178
2,632
4,687
3,921
1,644
8,309
7,434
1,643
2,288
3,754
6,036
3,210
1,086
2,670
4,869
1,990
2,947
3,745
11,985
3,289
1953
March
April
May
June
July
August....
September.
October. . .
November.
December..
3,756
3,757
3,758
3,758
3,759
3,760
3,760
3,762
3,764
3,765
776,461
780,468
784,246
788,058
790,798
793,196
795,496
797,656
800,420
803,429
1,188
1,751
1,698
1,646
1,162
1,492
997
1,242
1,682
L ,951
3,678
3,485
3,706
3,223
3,292
2,801
2,993
2,685
2,546
1,900
2,756
2,866
2,671
3,142
3,304
3,355
3,341
3,381
3,097
3,569
3,193
3,131
3,141
3,141
3,129
2,955
3,134
2,970
3,640
3,469
1954
January. . . 3.765
February. . 3,765
3,766
March
805,115
806,648
808,505
1
1
1,234
1 ,345
1,720
1
1,885
1,792
1,487
3,532
3,145
2,957
3,414
3,344
2,666
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.
MAY
1954
LOANS GUARANTEED THROUGH FEDERAL RESERVE
BANKS UNDER REGULATION V, PURSUANT TO
DEFENSE PRODUCTION ACT OF 1950
[Amounts in thousands of dollars]
End of
year or
month
1950
1951
1952
Guaranteed loans
authorized
to date
Guaranteed
loans
outstanding
Additional
amount
available to
borrowers
under guarantee agreements
outstanding
Number
Amount
amount
Total
Portion
guaranteed
62
854
1,159
31,326
1,395,444
2,124,123
8,017
675,459
979.428
6,265
546,597
803,132
8,299
472,827
586,303
1,204
1,212
1,221
1,237
1,244
1,259
1,269
1,279
1,284
1,294
2,190,643 1,023,666
972,193
2,211,201
957,541
2,258,011
906,584
2,283,755
891,865
2,292,777
868,274
2,301,987
860,874
2,310,182
842,529
2,320,187
837,238
2,324,612
2,358,387
804,686
838,704
801,945
792,015
748,691
736,723
716,618
709,488
695,550
691,727
666,205
520,517
469,324
469,048
487,928
482,394
444,265
438,091
416,690
375,977
363,667
1,304
1,310
1,316
2.377,628
2,380,186
2,399,321
788,320
772,647
737,605
652,706
640,121
612,265
347,969
355,056
321,619
1953
March....
April
May
June
July
August....
September
October. . .
November.
December.
1954
January...
February..
March....
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.
473
POSTAL SAVINGS SYSTEM
FEES AND RATES ESTABLISHED UNDER REGULATION V
ON LOANS GUARANTEED PURSUANT TO DEFENSE
PRODUCTION ACT OF 1950
[In effect April 30]
Feet Payable to Guaranteeing Agency by Financing Institution on
Guaranteed Portion of Loan
Guarantee fee
(percentage of
interest payable
by borrower)
Percentage of
any commitment
fee charged
borrower
10
15
20
25
30
35
40-50
Percentage of
loan guaranteed
10
15
20
25
30
35
40-50
70 or less
75
80
85
90
95
Over 95
Maximum Rates Financing Institution May Charge Borrower
[Per cent per annum]
[In millions of dollars]
Assets
Depositors'
balances1
Total
1945—December
1946—December..
1947—December..
1948—December..
1949—December..
1950—December..
1951—December..
1952—December..
2,933
3,284
3,417
3,330
3,188
2,924
2,705
2,547
3,022
3,387
3,525
3,449
3,312
3,045
2,835
2,736
6
6
6
7
7
11
28
33
2,837
3,182
3,308
3,244
3,118
2,868
2,644
2,551
179
200
212
198
187
166
162
151
1953—February
March.. .
April
2,523
2,510
2,495
2 477
2,457
2,438
2,419
2,401
2,387
2,373
2,359
2,715
2,708
2,697
2,665
2,653
2,648
2,635
2,618
2,596
2,577
2,558
33
33
33
33
2,524
2,520
2,520
2,488
2,477
2,469
2,452
2,435
2,428
2,407
2,389
158
155
144
144
End of month
May
June
July
August
September. . .
October
November. . .
December
Interest rate
Commitment rate.
February
Cash
in
depository
banks
33
33
33
33
33
31
31
Cash
U.S.
Govern- reserve
ment
funds,
securietc. 3
ties
143
146
151
150
135
139
138
*2 341
J>2,326
P2 311
r Preliminary.
1
Outstanding principal, represented by certificates of deposit.
2
Includes reserve and miscellaneous working funds with Treasurer
of United States, working cash with postmasters, accrued interest on
bond investments, and miscellaneous receivables.
Back figures.—See Banking and Monetary Statistics, p. 519; for
description, see p. 508 in the same publication.
BANK DEBITS AND DEPOSIT TURNOVER
[Debits in millions of dollars]
Annual rate of turnover of
demand deposits except interbank
and U. S. Government deposits
Debits to demand deposit accounts,
except interbank and
U. S. Government accounts
Year or month
Total, all
reporting
centers
New
York
City
6
other
centers1
338 other
reporting
centers
New
York
City
6
other
centers1
338 other
reporting
centers
757,356
848,561
924,464
1,017,084
1,103,720
1,227,476
1,206,293
1,380,112
1,542,554
1,642,853
1,759,069
281,080
327,490
382,760
406,790
398,464
443,216
446,224
509,340
544,367
597,815
632,801
175,499
194,751
200,202
218,477
246,739
270,912
260,897
298,564
336,885
349,904
385,831
300,777
326,320
341,502
391,817
458,517
513,348
499,172
572,208
661,302
695,133
740,436
20.4
22.3
24.1
25.1
23.8
26.9
27.9
31.1
31.9
34.4
36.7
18.0
18.3
17.5
18.3
19.7
21.6
20.9
22.6
24.0
24.1
25.6
15.3
14.6
13.5
14.1
15.5
16.6
15.9
17.2
18.4
18.4
18.9
1953—January...
February..
March
April
May
June
July
August
September
October...
November,
December.
145,919
129,163
153,356
145,567
141,981
153,846
147,957
134,386
147,699
149,606
140,992
168,596
52,048
45,749
53,898
52,038
50,255
56,623
51,799
45,516
54,888
54,152
50,470
65,367
31,660
28,126
35,339
32,742
32,283
33,807
32,683
29,958
31,422
31,778
30,477
35,557
62,212
55,287
64,119
60,788
59,443
63,416
63,476
58,913
61,390
63,676
60,046
67,672
34.3
35.1
37.1
35.4
35.6
38.9
36.0
32.2
40.2
35.8
38.4
43.1
23.9
24.4
28.7
26.7
26.2
26.5
25.7
23.6
25.9
23.9
26.4
26.8
18.4
18.9
19.4
18.4
18.8
19.2
19.2
17.8
19.3
18.4
20.2
19.7
1954—January...
February..
March
154,289
141,933
171,260
62,306
56,115
67,913
30,806
29,341
36,666
61,178
56,477
66,681
42.7
42.7
44.6
24.1
25.5
29.2
••18.6
'19.1
19.5
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
r
Revised.
Boston, Philadelphia, Chicago, Detroit, San Francisco, and Los Angeles.
NOTE.—For description of earlier series, see Banking and Monetary Statistics, pp. 230-233; for description of revision in 1942 see BULLETIN
for August 1943, p. 717; and for description of revision in 1953 covering the period beginning 1943 see BULLETIN for April 1953, pp. 355-357.
1
474
FEDERAL RESERVE
BULLETIN
UNITED STATES MONEY IN CIRCULATION, BY DENOMINATIONS
[Outside Treasury and Federal Reserve Banks. In millions of dollars]
Large denomination currency 2
Coin and small denomination currency 5
Total
in circulation 1
Total
Coin
3$1
$2
$5
$10
$20
Total
$50
7,598
8,732
11,160
15,410
20,449
25,307
28,515
28,952
28,868
28,224
27,600
27,741
29,206
30,433
5,553
6,247
8,120
11,576
14,871
17,580
20,683
20,437
20,020
19,529
19,025
19,305
20,530
21,450
590
648
751
880
1,019
1,156
1,274
1,361
1,404
1,464
1,484
1,554
1,654
1,750
559
610
695
801
909
987
1,039
1,029
1,048
1,049
1,066
1,113
1,182
1,228
36
39
44
55
70
81
73
67
65
64
62
64
67
71
1,019
1,129
1,355
1,693
1,973
2,150
2,313
2,173
2,110
2,047
2,004
2,049
2,120
2,143
1,772
2,021
2,731
4,051
5,194
5,983
6,782
6,497
6,275
6,060
5,897
5,998
6,329
6,561
1,576
1,800
2,545
4,096
5,705
7,224
9,201
9,310
9,119
8,846
8,512
8,529
9,177
9,696
2,048
2,489
3,044
3,837
5,580
7,730
7,834
8,518
8,850
8,698
8,578
8,438
8,678
8,985
460
538
724
1,019
1,481
1,996
2,327
2,492
2,548
2,494
2,435
2,422
2,544
2,669
919
1,112
1,433
1,910
2,912
4,153
4,220
4,771
5,070
5,074
5,056
5,043
5,207
5,447
191
227
261
287
407
555
454
438
428
400
382
368
355
343
425
523
556
586
749
990
801
783
782
707
689
588
556
512
20
30
24
9
9
10
7
8
5
5
4
4
4
4
32
60
46
25
22
24
24
26
17
17
11
12
12
10
29,754
29,843
29,951
30,125
30,120
30,248
30,275
30,398
30,807
30,781
20,896
20,979
21,085
21,243
21,237
21,331
21,321
21,414
21,771
21,636
1,737
1,747
1,755
1,766
1,769
1,778
1,792
1,802
1,816
1,812
1,165
1,163
1,172
1,176
1,171
1,182
1,207
1,214
1,232
1,249
67
68
69
6,418
6,448
6,482
6,527
6,511
6,531
6,499
6,524
6,659
6,565
9,462
9,497
9,542
9,635
9,660
9,709
9,694
9,734
9,871
9,819
8,859
8,865
8,867
8,883
8,885
8,918
8,956
8,986
9,038
9,146
2,621
2,623
2,627
2,645
2,646
2,655
2,659
2,665
2,689
2,732
5,383
5,388
5,388
5,391
5,396
5,423
5,458
5,488
5,519
5,581
339
339
338
505
503
502
3
4
4
8
8
8
69
70
70
69
70
71
72
2,048
2,056
2,065
2,071
2,055
2,061
2,060
2,071
2,123
2,119
337
335
334
334
333
332
333
499
496
494
493
489
487
486
4
4
4
4
4
4
4
8
8
8
8
8
8
11
1954—January
29,981
F e b r u a r y . . . . 29,904
29,707
March
20,939
20,908
20,757
1,775
1,770
1,776
1,180
1,170
1,166
70
70
70
2,031 6,351 9,531 9,045 2,693 5,526
2,021 6,365 9,512 8,999 2,674 5,502
2,010 6.304 9,431 8,952 2,654 5,473
331
330
328
484
482
481
4
4
4
8
8
12
End of year or
month
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
....
1953—March
April
May.
June
Tulv
August
September...
October
November...
December. . .
$100
$500 $1,000 $5,000 $10,000
Unassorted
2
4
4
3
2
3
2
3
3
3
3
2
2
2
2
2
2
2
2
2
2
1
1
2
Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks.
Includes unassorted currency held In Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury
as destroyed.
3
Paper currency only; $1 silver coins reported under coin.
Back figures.—See Banking and Monetary Statistics, Table 112, pp. 415-416.
UNITED STATES MONEY, OUTSTANDING AND IN CIRCULATION, BY KINDS
[On basis of circulation statement of United States money. In millions of dollars]
Money in circulation 1
Money
held by
For
Federal
Federal
Reserve
Reserve Banks and Mar. 31, Feb. 28, Mar. 31,
Banks and
1954
1954
agents
1953
agents
Money held in the Treasury
Total outstanding, As security
Mar. 31,
against
Treasury
1954
gold and
cash
silver
certificates
Gold
Gold certificates
Federal Reserve notes
Treasury currency—total
Standard silver dollars
Silver bullion.
Silver certificates and Treasury notes of 1890
Subsidiary silver coin
Minor coin
.•
United States notes
Federal Reserve Bank notes
National Bank notes
Total—Mar. 31, 1954
Feb. 28, 1954
Mar 31 1953
21,965
21,314
26,715
4,935
491
2,149
32,385
1,258
432
347
187
71
(4)
(4)
4
( )
21,314
2
651
*2,385
74
94
237
18,463
41
2,149
(5)
819
811
36
25,490
4,379
37
25,321
4,396
5
4
2
1
1,293
36
25,257
4,414
18,463
18,454
18,552
209
209
199
314
62
12
32
2
1
45
23,699
23,685
23,767
2,816
1,383
427
2,071
1,152
416
312
185
71
2,042
1,146
416
309
186
71
2,066
1,130
407
314
205
74
4,626
4,639
4,340
29,707
29,904
29,754
1
Outside Treasury and Federal Reserve Banks. Includes any paper currency held outside the continental limits of the United States. Totals
for other end-of-month dates are shown in table above, totals by weeks in table on p. 467.
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 of 1890 outstanding
is not included in total Treasury currency outstanding.
* Because some of the types of money shown are held as collateral or reserves against other types, a grand total of all types has no special
5
significance and is not shown. See note for explanation of these duplications.
Less than $500,000.
NOTE.—There are maintained in the Treasury—(i) as a reserve for United States notes and Treasury notes of 1890—$156,039,431 in gold
bullion; (ii) as security for Treasury notes of 1890—an equal dollar amount in standard silver dollars (these notes are being canceled and retired on
receipt); (iii) as security for outstanding silver certificates—silver in bullion and standard silver dollars of a monetary value equal to the face
amount of such silver certificates; and (iv) as security for gold certificates—gold bullion of a value at the legal standard equal to the face amount
of such gold certificates. Federal Reserve notes are obligations of the United States and a first lien on all the assets of the issuing Federal Reserve
Bank. Federal Reserve notes are secured by the deposit with Federal Reserve agents of a like amount of gold certificates or of gold certificates
and such discounted or purchased paper as is eligible under the terms of the Federal Reserve Act, or of direct obligations of the United States.
Each Federal Reserve Bank must maintain a reserve in gold certificates of at least 25 per cent against its Federal Reserve notes in actual circulation. Gold certificates deposited with Federal Reserve agents as collateral, and those deposited with the Treasurer of the United States as a
redemption fund, are counted as reserve. "Gold certificates" as herein used includes credits with the Treasurer of the United States payable
in gold certificates. Federal Reserve Bank notes and national bank notes are in process of retirement
MAY
1954
475
CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM
ALL COMMERCIAL AND SAVINGS BANKS, FEDERAL RESERVE BANKS. POSTAL SAVINGS SYSTEM,
AND TREASURY CURRENCY FUNDS *
[Figures partly estimated except on call dates. In millions of dollars]
Assets
Liabilities
and Capital
Other
Other
securities
Total
assets,
net—
Total
liabilities
and
capital,
net
216
1,998
2,484
2,254
24,262
22,559
23,333
18,885
20,778
23,801
22,906
24,697
26
131
1,204
1,284
2,867
3,328
3,264
3,138
2,888
2,664
2,577
2,571
11,819
9,863
9,302
8,999
8,577
10,723
11,422
12,621
14,741
15,918
17,002
17,374
64,698
48,465
75,171
90,637
191,785
188,148
189,290
191,706
199,009
208,727
211,080
220,865
55,776
42,029
68,359
82,811
180,806
175,348
176,121
177,313
184,385
193,410
194,960
204,220
8,922
6,436
6,812
7,826
10,979
12,800
13,168
14,392
14,624
15,317
16,120
16,64?
217,600
216,400
216,200
217,594
222,700
222,500
222,900
223,700
225,100
226,715
Bank credit
Date
Gold
Treasury
currency
outstanding
U. S. Government obligations
Total
Commercial
and
savings
banks
Federal
Reserve
Banks
5,741
5,499
8,199
10,328
23,105 19,417
29,049 25,511
128,417 101,288
107,086 81,199
100,694 74,097
100,456 78,433
96,560 72,894
97,808 71,343
96,266 70,783
100,008 72,740
Loans,
net
Total
Capital
Total
and
deposits misc.
and
accurrency counts,
net
1929—June 29.,
1933—June 30.,
1939—Dec. 30.
1941—Dec. 31.
1945—Dec. 31.
1947—Dec. 31.
1948—Dec. 31.
1949—Dec. 31.,
1950—Dec. 30.
1951—Dec. 31 r
1952—June 30.
Dec. 31.
4,037
4,031
17,644
22,737
20,065
22,754
24,244
24,427
22,706
22,695
23,346
23,187
2,019
2,286
2,963
3,247
4,339
4,562
4,589
4,598
4,636
4,709
4,754
4,812
58,642
42,148
54,564
64,653
167,381
160,832
160,457
162,681
171,667
181,323
182,980
192,866
41,082
21,957
22,157
26,605
30,387
43,023
48,341
49,604
60,366
67,597
69,712
75,484
1953—Mar. 25.
Apr. 29.
M a y 27.
June 30.
July 29.
Aug. 26.
Sept. 30.
Oct. 28.
Nov. 25.
Dec. 31.
22,600
22,600
22,500
22,463
22,300
22,200
22,100
22,100
22,000
22,030
4,800
4,800
4,800
4,854
4,900
4,900
4,900
4,900
4,900
4,894
190,200
189,000
188,900
190,277
195,500
195,400
195,900
196,700
198,200
199,791
76,000 96,400
76,500 94,700
76,600 94,400
77,071 95,350
77,400 100,200
77,700 99,600
78.400 99,300
79,100 99,500
79,500 100,400
80,486 100,935
70,000
68,400
67,800
68,108
72,700
72,100
71,600
71,700
73,000
72,610
23,900
23,800
24,100
24,746
25,000
25,000
25,200
25,300
25,000
25,916
2,500
2,500
2,500
2,496
2,500
2.500
500
2,400
2,400
2,409
17,800
17,800
17,800
17,856
18,000
18,200
18,200
18,200
18,200
18,370
200,600
199,100
199,100
200,360
205,100
204,800
204,900
205,500
207,1C0
209,175
17,000
17,300
17,200
17.234
17,600
17.70O
18,000
18,100
18,000
17,53*
1954—Jan. 2 7 P
Feb. 2 4 P
Mar. 31 P
22,000
22,000
22,000
4,900 198,000
4,900 197,300
4,900 196,100
79,100 100,400
79,300 99,100
80,300 96,800
73,400
72,000
69,800
24,700
24,600
24,600
2,400
2,400
2,300
18,500 224,900 207,100
18,900 224,100 206,200
19,000 223,000 205,100
17,800
17,900
17,800
Deposits and Currency
Deposits adjusted and currency
U. S. Government balances
Date
Total
Foreign
bank
Treasdeposits, ury
cash
net
holdings
At comAt
mercial Federal
and
Reserve
savings Banks
banks
Time deposits«
Total
Demand
deposits1
Total
Commercial
banks
Mutual Postal
savings Savings
banks * System
Currency
outside
banks
1929—June 29. ..
1933—June 3 0 . . .
1939—Dec. 3 0 . . .
1941—Dec. 31. ..
1945—Dec. 3 1 . . .
1947—Dec. 31. ..
1948—Dec. 31. ..
1949—Dec. 31. ..
1950—Dec. 30...
1951—Dec. 3 1 ' .
1952—June 30...
Dec. 3 1 . . .
55,776
42,029
68,359
82,811
180,806
175,348
176,121
177,313
184,385
193,410
194,960
204,220
365
50
1,217
1,498
2,141
1,682
2,103
2,150
2,518
2,279
2,319
2,501
204
264
2,409
2,215
2,287
,336
,325
,312
,293
,270
,283
,270
381
852
846
1,895
24,608
1,452
2,451
3,249
2,989
3,615
6,121
5,259
36
35
634
867
977
870
,123
821
668
247
333
389
54,790 22,540
40,828 14,411
63,253 29,793
76,336 38,992
150,793 75,851
170,008 87,121
169,119 85,520
169,781 85,750
176,917 92,272
185,999 98,234
184,904 94,754
194,801 101,508
28,611
21,656
27,059
27,729
48,452
56,411
57,520
58,616
59,247
61,450
63,676
65,799
19,557
10,849
15,258
15,884
30,135
35,249
35,804
36,146
36,314
37,859
39,302
40,666
8,905
9,621
10,523
10,532
15,385
17,746
18,387
19,273
20,009
20,887
21,755
22,586
149
1,186
1,278
1,313
2,932
3,416
3,329
3,197
2,923
2,704
2,619
2,547
3,639
4,761
6,401
9,615
26,490
26,476
26,079
25,415
25,398
26,315
26,474
27 ,494
1953—Mar. 2 5 . . .
Apr. 29...
May 27..,
June 30. .,
July 29...
Aug. 26...
Sept. 30...
Oct. 28...
Nov. 25...
Dec. 3 1 . . .
200,600
199,100
199,100
200,360
205,100
204,800
204,900
205,500
207,100
209,175
2,400
2,400
2,400
2,467
2,500
2,400
2,500
2,600
700
2,694
,300
,300
,300
,259
,300
,300
,300
,300
800
761
5,800
2,900
2,900
3,942
7,500
7,000
6,200
3,800
5,700
4,457
<)
400
400
132
800
700
600
600
500
346
191,000 97,400
192,200 98,000
192,100 97,500
192,560 96,898
193,000 97,400
193,400 97,500
194,300 97,700
197,300 100,300
197,400 100,200
200,917 102,451
66,800
67,200
67,600
68,293
68,400
68,700
69,100
69,600
69,300
70,375
41,200
41,500
41,700
42,245
42,300
42,500
42,800
43,200
42,900
43,659
23,100
23,300
23,400
23,589
23,700
23,800
24,000
24,100
24,000
24,358
2,500
2,500
.2,500
2,459
2,400
2,400
2,400
2,400
2,400
2,359
26,900
27,000
27,000
27,369
27,200
27,300
27,500
27,400
27,900
28,091
1954—Jan. 27?'
Feb. 2 4 P '
Mar. 31 P.
207,100
206,200
205,100
2,800
2,900
3,000
800
800
800
3,400
4,500
5,400
200 199,800 102,300
500 197,400 99,600
700 195,200 96,700
70,600
71,000
71,700
43,700
44,000
44,500
24,600
24,700
24,900
,300
,300
2,300
26,900
26,900
26,900
r
P Preliminary.
Revised.
treasury funds included are the gold account, Treasury currency account, and Exchange Stabilization Fund.
Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
'Excludes interbank time deposits; United States Treasurer's time deposits, open account; and deposits of Postal Savings System in banks.
6
* Prior to June 30, 1947, includes a relatively small amount of demand deposits.
Less than 50 million dollars.
NOTE.—For description of statement and back figures, see BULLETIN for January 1948, pp. 24-32. The composition of a few items differs
slightly from the description in the BULLETIN article; stock of Federal Reserve Banks held by member banks is included in "Other securities"
and in "Capital and miscellaneous accounts, net" and balances of the Postal Savings System and the Exchange Stabilization Fund with the U. S.
Treasury are netted against the same item instead of against U. S. Government deposits and Treasury cash. Total deposits and currency shown
in the monthly Chart Book excludes "Foreign bank deposits, net" and "Treasury cash." Except on call dates, figures are rounded to nearest 100
million dollars and may not add to the totals. See Banking and Monetary Statistics, Table 9, pp. 34-35, for back figures for deposits and currency
2
476
FEDERAL RESERVE BULLETIN
ALL BANKS IN THE UNITED STATES, BY CLASSES *
PRINCIPAL ASSBTS AND LIABILITIES, AND NUMBER OF BANKS
[Figures partly estimated except on call dates. Amounts in millions of dollars]
Loans and investments
Deposits
Investments
Class of bank
and date
Total
Loans
Total
U.S.
Government
obligations
Other
Cash
assets1
Other
securities
TotaP
Interbank i
De-
mand
Total Number
capital
of
accounts banks
Time
All banks:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1947—Dec. 3 1 2 . . ; . .
1950—Dec. 30
1951—Dec. 31
1952—Dec. 3 1 .
1953—Mar. 25
June 30
Sept. 30
Oct. 28
Nov. 25
Dec. 31
1954—Jan. 27*"-. . . .
Feb. 24pr
Mar. 31 P
50,884
61,126
140,227
134.924
148,021
154,869
165,626
164,610
163,082
168,560
169,580
171,240
171,497
171,380
171,100
169,190
22,165 28,719 19,417
26,615 34,511 25,511
30,362 109,865 101,288
43,002 91,923 81,199
60,386 87,635 72,894
67,608 87,261 71,343
75,512 90,114 72,740
76,820 87,790 70,040
77.117 85,965 68,108
78,730 89,830 71,620
79,720 89,860 71,660
80,010 91,230 72,990
80,518 90,980 72,610
79,500 91,880 73,350
80,020 91,080 72,220
80,380 88,810 69,800
9,302
8,999
8,577
10,723
14,741
15,918
17,374
17,750
17,856
18,210
18,200
18,240
18,370
18,530
18,860
19,010
23,292
27,344
35,415
38,388
41,086
45,531
45,584
40,300
42,023
41,480
40,980
41,520
45,811
41,280
41,250
41,500
68,242
81,816
165,612
161,865
175,296
185,756
195,552
187,660
189,159
193,080
193,140
194,990
201,100
195,950
194,970
194,160
9,874
10,982
14,065
13,033
14,039
15,087
15,321
12,900
13,600
13,900
14,300
14,230
15,957
14,710
14,210
14,490
32,516
44,355
105,935
95,727
104,744
111,644
116,633
110,110
109,389
112,100
111,260
113,480
116,788
112,620
111,760
109,960
25,852
26,479
45,613
53,105
56,513
59.025
63,598
64,650
66,170
67,080
67,580
67,280
68,355
68,620
69,000
69,710
8,194
8,414
10,542
11,948
13,837
14,623
15,367
15,490
15,791
16,070
16,120
16,200
16,118
16,170
16,290
16,350
15,035
14,826
14,553
14,714
14,650
14,618
14,575
14,556
14,537
14,525
14,518
14,510
14,509
14,510
14,488
14,482
40,668
50,746
124,019
116,284
126,675
132,610
141,624
140,000
137.957
142,990
143,970
145,530
145,687
145,330
144,900
142,790
17,238
21,714
26,083
38,057
52,249
57,746
64,163
65,170
65,025
66,260
67,120
67,250
67,593
66,460
66,870
67,050
23,430
29,032
97,936
78,226
74,426
74,863
77,461
74,830
72,932
76,730
76,850
78,280
78,094
78,870
78,030
75,740
16,316
21,808
90,606
69,221
62,027
61,524
63,318
60,520
58,644
62,200
62,340
63,720
63,426
64,160
63,030
60,650
7,114
7,225
7,331
9,006
12,399
13,339
14,143
14,310
14,287
14.530
14,510
14,560
14,668
14,710
15,000
15,090
22,474
26,551
34,806
37,502
40,289
44,645
44,666
39,420
41,156
40,640
40,100
40,710
44,828
40,330
40,290
40,490
57,718
71,283
150,227
144,103
155,265
164,840
172,931
164,530
165,531
169,090
169,050
170,920
176,702
171,360
170,270
169,220
9,874
10,982
14,065
13,032
14,039
15,086
15,319
12,900
13,598
13,900
14,300
14,230
15,955
14,710
14,210
14,490
32,513
44,349
105,921
95,711
104,723
111,618
116,600
110,080
109,352
112,060
111,220
113,440
116,750
112,580
111,720
109,920
15,331
15,952
30,241
35,360
36,503
38,137
41,012
41 550
42.581
43,130
43,530
43,250
43,997
44,070
44,340
44,810
6,885
7,173
8,950
10,059
11,590
12,216
12,888
12,980
13,275
13,520
13,570
13,630
13,559
13,600
13,700
13,750
14,484
14,278
14,011
14,181
14,121
14,089
14,046
14,028
14,009
13,997
13,990
13,982
13,981
13,982
13,960
13,954
33,941
43,521
107,183
97,846
107,424
112,247
119,547
117,894
115,789
120,185
121,050
122,299
122,422
122,102
121,772
119,840
13,962
18,021
22,775
32,628
44,705
49,561
55,034
55,864
55,613
56,633
57,415
57,465
57,762
56,657
57,035
57,109
19,979
25,500
84,408
65,218
62,719
62,687
64,514
62,030
60,176
63.552
63,635
64,834
64,660
65,445
64,737
62,731
14,328
19,539
78,338
57,914
52,365
51,621
52,763
50,117
48,318
51,506
51,663
52,845
52,603
53,330
52,330
50,241
5,651
5,961
6,070
7,304
10,355
11,065
11.751
li;913
11,858
12.047
11,972
11,989
12,057
12,115
12,407
12,490
19,782
23,123
29,845
32,845
35,524
39,252
39,255
34,704
36,467
35,919
35,168
35,775
39,381
35,349
35,365
35,640
49,340
61,717
129,670
122,528
133,089
141,015
147,527
139,911
140,830
143,803
143,453
145,028
150,164
145,358
144,440
143,608
9,410 28,231
10,525 38,846
13,640 91,820
12,403 81,785
13,447 90,306
14,425 95,968
14,617 100,020
12,308 94,320
12,933 93,780
13.238 96.051
13,610 95,022
13,520 96,896
15,170 99,780
13,978 96,116
13,509 95,421
13,801 93,905
11,699
12,347
24,210
28,340
29,336
30,623
32,890
33,283
34,117
34,514
34,821
34,612
35,213
35,264
35,510
35,902
5,522
5,886
7,589
8,464
9,695
10,218
10,761
10,839
11,070
11,251
11,299
11,344
11,316
11,356
11,440
11,484
6,362
6,619
6,884
6,923
6,873
6,840
6,798
6,776
6.765
6,753
6,752
6,747
6,743
6,747
6,737
6,733
10,216
10,379
16,208
18,641
21,346
22,259
24,003
24,610
25,124
25,570
25,610
25,710
25,810
26,050
26,200
26,400
4,927
4,901
4,279
4,944
8,137
9,862
11,349
11,650
12,091
12,470
12,600
12,760
12,925
13,040
13,150
13,330
5,289
5,478
11,928
13,696
13,209
12,398
12,654
12,960
13,033
13,100
13,010
12,950
12,885
13,010
13,050
13,070
3,101
3,704
10,682
11,978
10,868
9,819
9,422
9,520
9,464
9,420
9,320
9,270
9,184
9,190
9,190
9,150
2,188
1,774
1,246
1,718
2,342
2,579
3,231
3,440
3.569
3,680
3,690
3,680
3,701
3,820
3,860
3,920
10,524
10,533
15,385
17,763
20,031
20,915
22,621
23,130
23,628
23,990
24,090
24,070
24,398
24,590
24,700
24,940
3
6
14
17
22
26
33
30
37
40
40
40
38
40
40
40
10,521
10,527
15,371
17,745
20,009
20,888
22,586
23,100
23.589
23,950
24,050
24,030
24,358
24,550
24,660
24,900
All commercial banks:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1947—Dec. 312
1950—Dec. 30
1951—Dec. 31
1952—Dec. 31
1953—Mar. 25
June 30
Sept.
Oct.
Nov.
Dec.
1954—Jan.
Feb.
Mar.
30.
28
25 . . .
31
27?'
24*"31 P
All member banks:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1950—Dec. 30.
1951—Dec. 31
1952—Dec. 31
1953—Mar. 25
June 30
Sept. 30
Oct. 28
Nov. 25
Dec. 3 1 .
1954—Jan. 27*"Feb. 2 4 P > \ . . .
Mar. 31 P
All mutual savings
banks:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1947—Dec. 312 ,
1950—Dec. 30
1951—Dec. 31
19S2—Dec. 31
1953—Mar. 25
June 30
Sept. 30
Oct. 28
Nov. 25
Dec. 31
1954—Jan. 2 7 P '
Feb. 24*"Mar. 31?
P Preliminary.
r
818
793
609
886
797
886
918
880
867
840
880
810
983
950
960
1,010
1
2
2
2
3
3
3
3
2
2
2
2
1,309
1,241
1 592
1,889
2,247
2,407
2.479
2,510
2,516
2,550
2,550
2,570
2,559
2,570
2,590
2,600
551
548
542
533
529
529
529
528
528
528
528
528
528
528
528
528
Revised.
* "All banks" comprise "all commercial banks" and "all mutual savings banks." "All commercial banks" comprise "all nonmember commercial banks" and "all member banks" with exception of three mutual savings banks that became members in 1941. Stock savings banks and
nondeposit trust companies are included with "commercial" banks. Number of banks includes a few noninsured banks for which asset and liability data are not available. Comparability of figures for classes of banks is affected somewhat by changes in Federal Reserve membership,
insurance status, and the reserve classifications of cities and individual banks, and by mergers, etc.
i Beginning June 30, 1942, excludes reciprocal balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and 525
million at all insured commercial banks.
For other footnotes see following two pages.
MAY
1954
477
ALL BANKS IN THE UNITED STATES, BY CLASSES •—Continued
PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS—Con tinned
[Figures partly estimated except on call dates. Amounts in millions of dollars]
Loans and investments
Deposits
Other
Investments
Class of bank
and date
Cash
assets1
Total
Total
U.S.
Government
obligations
Other
securities
Loans
Total 1
Interbank!
Central reserve city
member banks:
New York City:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1950—Dec. 30
1951—Dec. 31
1952—Dec. 31
1953—Mar. 25
June 30
Sept. 30
Oct. 28.
Nov. 25
Dec. 31
1954—Jan. 27*"
Feb. 24i"-. . . .
Mar. 31 P
9,339
12,896
26,143
20,393
20,612
21,379
22,130
21,185
20,452
21,568
21,901
21,926
22,058
21,709
21,665
21,392
3,296
4,072
7,334
7,179
9,729
11,146
12,376
12,335
11,883
12,114
12,487
12,290
12,289
11,741
11,791
11,726
6,043
8,823
18,809
13,214
10,883
10,233
9,754
8,850
8,569
9,454
9,414
9,636
9,769
9,968
9,874
9,666
4,772
7,265
17,574
11,972
8 993
8,129
7,678
6,717
6,639
7,436
7,482
7,704
7,765
7,909
7,621
7,350
1,272
1,559
1,235
1,242
1,890
2,104
2,076
2,133
1,930
2,018
1,932
1,932
2,004
2,059
2,253
2,316
6 703
6 637
6 439
7 261
7 922
8 564
8,419
7,227
7,879
7 598
6,932
7 085
8,074
7,088
7,214
8,028
14,509
17,932
30,121
25,216
25,646
26,859
27,309
24,942
25,244
25,996
25,505
25,462
27,037
25,612
25,509
26,382
Chicago:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1950—Dec. 30
1951—Dec. 31
1952—Dec. 31
1953—Mar. 25
June 30
Sept. 30 . .
Oct. 28
Nov. 25
Dec. 31
1954—Jan. 27r
Feb. 24*
Mar. 31 P
2,105
2,760
5,931
5,088
5,569
5,731
6,240
6,033
5,627
5,973
5,984
6,093
6,204
6,078
6,007
5,568
569
1,536
1,806
4,598
3,287
3,487
3,264
3,493
3,429
3,075
3,364
3,387
3,486
3,428
3,562
3,437
2,930
1,203
1,430
4,213
2.890
2,911
2,711
2,912
2,864
2,529
2,804
2,824
2,918
2,856
2,988
2,854
2,339
333
1,333
1,801
2,083
2,468
2,748
2,604
2,552
2,609
2,597
2,607
2,776
2,516
2,570
2,638
574
583
591
1,446
1 566
1 489
1,739
2 034
2,196
2 010
1,922
2,058
2,083
1,972
1,994
2,115
2,011
1,989
1,650
3,330
4,057
7,046
6,402
7,109
7,402
7,686
7,122
7,119
7,338
7,323
7,448
7,724
7,492
7,304
6,602
Reserve city member
banks:
1939—Dec. 30
1941—Dec. 31 . . . .
1945—Dec. 31
1947—Dec. 31
1950—Dec. 30
1951—Dec. 31
1952—Dec. 31
1953—Mar. 25
June 30
Sept. 30
Oct. 28.
Nov. 25
Dec 31
1954—Jan. 27?*
Feb. 24pr
Mar. 31 P
12,272
15,347
40,108
36,040
40,685
42,694
45,583
45,085
44,352
45,906
46,221
46,825
46,755
46,897
46,885
45,802
5,329
7,105
8,514
13,449
17,906
19,651
21,697
22,274
22,150
22,493
22,712
22,801
22,763
22,516
22,706
22,485
6,944
8,243
31,594
22,591
22,779
23,043
23,886
22,811
22,201
23,413
23,509
24,024
23,993
24,381
24,179
23,317
5 194
6,467
29,552
20,196
19,084
19,194
19,624
18,439
17,756
18,959
19,049
19,592
19,559
19,933
19,639
18,783
1,749
1,776
2,042
2,396
3,695
3,849
4,262
4,372
4,446
4,453
4,460
4,432
4,434
4,448
4,540
4,534
6 785
8,518
11,286
13 066
13,998
15,199
15,544
13,848
14,447
14,196
14,179
14,444
15,925
14,062
14,088
13,993
17,741
22,313
49,085
46,467
51,437
54,466
57,357
54,527
54,861
55,713
55,710
56,541
58,663
56,640
56,362
55,614
10,224
12,518
35,002
36,324
40 558
42,444
45,594
45,591
45,359
46,739
46,944
47,455
47,404
47,418
47,215
47,078
4,768
5,890
5,596
10,199
14 988
16,296
18,213
18,651
19,028
19,417
19 619
19,767
19,934
19,884
19,968
20,260
5,456
6,628
29,407
26,125
25 570
26,148
27,381
26,940
26,330
27,322
27 325
27,688
27,470
27,534
27,247
26,818
3,159
4,377
26,999
22,857
21 377
21,587
22,549
22,097
21,394
22,306
22 308
22,631
22,423
22,500
22,216
21,769
2,297
2,250
2 408
3,268
4 193
4,561
4,832
4,843
4,936
5,016
5 017
5,057
5,047
5,034
5,031
5,049
4,848
6,402
10,632
10,778
11 571
13,292
13,281
11,707
12,083
12,041
12,085
12,252
13,268
12,188
12,074
11,969
13,762
17,415
43,418
44,443
48,897
52,288
55,175
53,320
53,606
54,756
54,915
55,577
56,740
55,614
55,265
55,010
1,223
1,073
1,133
1,309
1,301
1,052
1,073
1,081
L, 133
1,160
1,315
L,2O7
1,141
1,119
Country member
banks:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1950—Dec 30
1951—Dec. 31
1952—Dec. 31
1953—Mar. 25
June 30
Sept. 30
Oct. 28 .
Nov. 25
Dec. 31
1954—Jan. 27P»Feb.
Mar.
24PT
31P
954
376
385
397
576
552
581
565
546
560
563
568
572
4,238
4,207
4,657
4,464
4,638
4,832
4,965
4,292
4,578
4,645
4,719
4.713
5,214
5,001
4,956
5,019
Total
Number
capital
of
accounts banks
Demand
Time
9,533
12,917
24,227
19,307
19,287
20,348
20,504
18,773
18,736
19,420
18,780
18,723
19,673
18,524
18,482
19,237
1,236
1,445
1,722
1,679
1,840
1,877
1,930
1,931
2,006
2,026
2,150
2,087
2,071
2,126
1,592
1,648
2,120
2,259
2,351
2,425
2,505
2,520
2,544
2,563
2,566
2,573
2,572
2,585
2,611
2,614
495
250
476
719
913
288
377
426
490
513
541
736
807
1,947
2,546
5,015
4,273
4,778
4,952
5,132
4,835
4,696
4,855
4,804
4,963
5,095
4,950
4,840
3,695
1.103
1,143
1,205
1,154
L,2O7
1,204
1,204
1.216
L.242
1,234
1,224
1,204
J.686
4,460
6,448
5.649
6,448
6,976
7,001
5,831
6,066
6,233
6,443
6,378
7,254
6,462
6,172
5,960
9,439
13,047
32,877
29,395
33,342
35,218
37,095
35,298
35,052
35,621
35,320
36,290
37,277
35,994
35,798
35,120
i t.616
4,806
9,760
11,423
11,647
12,272
13,261
13,398
13,743
13,859
13,947
13,873
14,132
14,184
14,392
14,533
1,828
1,967
2,566
2,844
3,322
3,521
3,745
3,780
3,874
3,917
3,953
3,970
3,984
4,000
4,031
4,037
598
7,312
10,335
29,700
28,810
32,899
35,449
37,289
35,414
35,295
36,155
36,118
36,920
37,735
36,648
36,301
35,853
5,852
6,258
12,494
14,560
14,865
15,530
16,585
16,854
17,237
17,521
17,664
17,497
17,689
17,759
17,823
18,038
1,851
1,982
2,525
2,934
3,532
3,760
3,970
4,000
4,101
4,213
4,222
4,242
4,194
4,208
4,233
4,263
888
1,035
1,312
1,217
1,228
1,307
L.350
1,133
1,216
1,278
L ,315
1,269
L ,387
1,308
L.240
1,703
822
539
551
557
558
559
566
563
565
570
36
36
37
37
23
22
22
22
22
22
22
22
22
22
22
22
14
13
12
14
13
13
13
w
13
13
13
13
13
13
13
346
351
359
353
336
321
319
322
321
319
319
319
319
319
319
319
5,966
6,219
6,476
6,519
6,501
6,484
6,444
6,419
6,409
6,399
6,398
6,393
6,389
6,393
6,383
6,379
2
Beginning with December 31, 1947, the all bank series was revised as announced in November 1947 by the Federal bank supervisory agencies.
At that time a net of 115 noninsured nonmember commercial banks with total loans and investments of approximately 110 million dollars was
added, and 8 banks with total loans and investments of 34 million were transferred from noninsured mutual savings to nonmember commercial
banks.
For other footnotes see preceding and opposite pages.
478
FEDERAL RESERVE BULLETIN
ALL BANKS IN THE UNITED STATES, BY CLASSES *—Continued
PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS—Continued
[Amounts in millions of dollars]
Loans and investments
Deposits
Inves tments
Class of bank
and date
Total
All Insured commercial
banks:
1941—Dec. 31 . . . .
1945—Dec. 31
1947—Dec. 31
1951—Dec. 31
1952—Dec. 31
1953—y une 30..
Dec. 31
Total
U. S.
Government
obligations
Loans
Other
Cash
assets 1
Other
securities
Total i
Interbank i
Demand
Total
Number
capital
of
accounts banks
Time
40 290
121 ,809
1H 274
130 ,820
1S9 770
144
143 ,796
91 ,259
25 ,765
M ,583
57 ,256
63 63?
64 ,522
67 ,082
9 8 ,031
96 ,043
76 ,691
73 ,564
76 ,138
71 ,622
76 ,714
91 ,046
88 ,912
67 ,941
60 ,533
6? ,308
S7 ,667
62 ,381
6 ,984
7 ,131
8 ,750
13 ,031
13 831
n ,955
14 ,333
25,788
34,292
36,926
44,176
44,222
40,756
44,398
69 ,411
147 ,775
141 ,851
162 ,908
170 ,971
163 ,650
174 ,697
10,654
13,883
12 670
14,777
14,990
13,242
15,548
104 ,015
94 300
110 ,382
115 ,371
108 ,222
115 ,538
29 ,876
34 882
37 ,749
40 ,610
49 ,186
43 ,610
6 844
8,671
9 734
11,902
12,563
12 950
13,239
13 426
13,297
13 39g
13,439
13,422
13 417
13,412
,571
,312
,280
,255
180
848
,913
11 ,725
13 ,925
21 ,428
32 ,317
36 004
S6 ,420
37 ,831
15 ,845
55 ,387
43 852
42 ,938
44 ,176
41 428
44 ,082
12 ,039
51 ,250
38 ,674
35 ,063
35 ,835
^9 ,958
35 ,482
3 ,806
4 ,137
5 ,178
7 ,875
8 ,341
8 ,471
8 ,600
14,977 39 ,458
20,114 84 ,939
22,024 82 ,023
25,951 94 ,173
26,333 98 ,974
24,279 94 ,475
26,479 100 ,654
6,786
9,229
8,410
9,788
9,918
8 594
10,152
24 ,350
59 ,486
54 ,335
63 ,477
66 ,362
69 364
66 ,343
8 ,322
16 ,224
19 ,278
20 ,908
22 ,694
93 516
24 ,160
3,640
4,644
5,409
6,653
7,042
7 221
7,391
5,117
5,017
5,005
4,939
4,909
31
27
69
65
75
80
77
81
4. 874.
i 1,856
banks:
31 . .
31
31 .
31
31
30 . .
31
15 950
37 [871
32 566
36 ,992
39 ,367
37 941
40 ,509
6 ,295
8 ,850
11 ,200
17 ,243
19 ,030
19 ,194
19 ,931
Q 654
29 021
^1 365
19 ,748
20 337
18 748
20 ,578
7 ,500
27 ,089
19 ,240
16 ,558
16 ,928
15 ,361
17 ,121
? ,155
1 ,933
? ,125
3 ,191
3 ,409
,387
3 ,457
8,145
9,731
10,822
13,301
12,922
12,188
12,903
?9 ,259
44 ,730
40 ,505
46 ,843
48 ,553
46 ,355
49 ,510
3 739
4,411
3 993
4,637
4,699
4,339
5,019
14 495
32 ,334
97 449
32 ,491
33 ,658
31 ,415
33 ,437
4 ,025
7 ,986
q 062
9 ,715
10 ,196
10 ,601
11 ,054
2 246
2,945
3 055
3,565
3,719
3 850
3,925
I 502
1,867
918
1,901
1,889
L 891
1,887
5 776
14 639
16 444
IS 591
'JO 242
20 375
21 396
3 241
7 ,992
4 ,958
7 701
8 605
8 ,915
9 328
2 535
11 647
1 509
10 584
1 025
1 063
1 ,448
266
353
373
2 099
2 278
4 ,213
1? ,196
19 ,515
14 ,415
15 ,351
14 ,443
15 ,758
3 360
S,680
6 ,558
9 361
9 790
7 ,702
18 ,119
19 ,340
71 ,912
23 ,464
22 ,841
24 ,555
129
244
11 460
12 069
2,668
4,448
4,083
4,926
4,970
4,292
5,020
8 ,090
8 419
959
1,083
1 271
1,686
1,804
1,882
1,925
t>,810
t» 416
6 478
6 602
6,627
6,655
6,672
Noninsured no nmember commerc ial
banks:
1941—Dec. 31
1945—Dec. 31 2
1947—Dec. 31
1951—Dec. 31
1952—Dec. 31
1953—j une 30
Dec. 31
1 457
2 211
2 009
1 789
1 854
1 813
1 891
455
318
474
490
1 002
1 893
535
299
761
1 693
280
1
991
241
200
255
308
763
514
576
469
1 872
2 452
2 ,251
1 ,932
329
181
363
308
253
365
478
388
852
714
783
322
310
380
1 010
977
1 045
31?
332
335
444
400
430
329
279
325
314
531
504
511
1 960
1 880
2 005
329
356
407
1 ,291
1 ,905
,411
,235
,229
,130
,212
402
395
386
326
325
320
All nonmember commercial banks:
1941—Dec. 31. . .
1945—Dec. 31 2
1947—Dec. 31
1951—Dec. 31. .
1952—Dec. 31
1953—j une 30. .
Dec. 31
7 233
16 849
18 454
20 380
22 096
22 188
23 287
696
^ 310
5 432
8 192
9 136
3 536
539
? 270
19 277
1 266
1 262
3,431
4,962
4,659
5,395
5,414
4,691
5,450
9 573
70 571
457
425
591
843
424
722
560
629
661
702
665
5 ,504
14 101
13
15
16
15
3 613
6 045
7 036
784
16 970
1,288
1 362
1,596
1 999
2,129
2,207
2,245
7 ,251
7 247
7 ,241
1
2
2
2
2
12
14
23
30
35
35
164
1 034
1,252
1 678
1,730
1,771
1,819
192
194
202
206
213
219
National mem ber
banks:
1941—Dec.
1945—Dec.
1947—Dec.
1951—Dec.
1952—Dec.
1953—June
Dec.
State member
1941—Dec.
1945—Dec.
1947—Dec.
1951—Dec.
1952—Dec.
1953—j une
Dec.
31
31
31
31
31
30
Insured nonmiamber
commercial banks:
1941—Dec.
1945—Dec.
1947—Dec.
1951—Dec.
1952—Dec.
1953—June
Dec.
31
31
31 .
31. .
31
30
31
Insured mutual savings
banks:
1941—D ec
1945—Dec
1947—Dec.
1951—Dec.
1952—Dec.
1953—June
Dec.
31
31
31
31
31. .
30
31
Noninsured mutual
savings banks:
1941—Dec
1945—Dec
1947—Dec.
1951—Dec
1952—Dec.
1953—June
Dec.
31
31
312
31
31
30. .
31
1
10
19
16
17
18
19
693
9 419
9 838
642
846
683
190
621
610
252
3 081
^ 560
7 523
8 691
9 325
10 016
g 687
5 361
/\ 259
1 198
1, 384
9 339
? 658
? , 766
2 , 910
5, 957
069
6 382
6 515
6 , 558
11 486
10 890
11 638
13
13 021
189
12 960
1? 769
13 449
19
1 050
7
9
8
8
9
9
765
123
668
930
284
236
4 428
/| 163
4, 573
3 , 730
^t 724
3 , 749
3 , 649
10 039
8 923
9 556
11
9
10
10
318
914
567
339
835
1 967
7 081
1
?
2
7
21
73
25
74
26
309
378
43 059
IS 699
7 144
7 740
2
703
275
393
431
613
629
421
151
160
165
921
S93
647
476
1
7
7
2
606
958
746
337
64?
760
429
675
695
732
692
799
075
3 522
1 ,3 S3
642
180
8 744
5 022
6
2
760
833
211
191
3
3
5, 553
S 544
895
977
941
187
175
184
5, 556
5 547
8 738
s 020
1 077
3, 813
?, 897
7,
2
2
2
S 833
5 931
6 013
749
745
740
10
7
8
6
6
6
6
829
7, 87?
2 , 707
641
926
650
580
572
1 789
1 789
10
12
15
16
17
18
363
207
368
785
695
383
5 836
5 933
6 015
533
8 142
8 485
8 806
10
1?
1S
16
17
18
351
192
343
75*
657
345
For footnotes see preceding two pages.
Backfigures.—SeeBanking 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.
MAY
1954
558
637
729
*So
624
592
569
662
- 130
?
7 ,261
252
52
350
339
327
323
315
309
For revisions
479
ALL COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES •
LOANS AND INVESTMENTS
[In millions of dollars]
Loansl
Class of bank
and
call date
All commercial
banks: 2
1947—Dec. 3 1 . . .
1951—Dec. 3 1 . . .
1952—Dec. 3 1 . . .
1953—June 30. . .
Dec. 31. ..
Total
loans
and
invest- Total
ments
Loans for
Compurchasing
meror carrying
cial,
Other
securities
inloans
Real
clud- Agrito
culing
in- Other Total
tur- To
tate
loans
open
dial brok- To loans vidmarers othket
uals
and
padeal- ers
per
ers
2,193
7,337
7,761
5,050
5,004
7,789
7,657
5,580
5,092
10,237
6.034
11,408
11,878
11,259
12,439
53,191
35,101
38,077
37,212
35,713
4,773
4,677
9,266
14,450
15,572
16.100
16,566
4,545
28,031
2,361 ,181 96,043
5,654 028 76,691
10,378 645 73,564
12,603 683 76,138
14.025 ,702 71,622
14,373 ,629 76,714
21,046
88,912
67,941
60,533
62,308
57,667
62,381
988
2,455
2,124
7,219
7,622
4,927
4,895
19,071
7, 552
7, 526
5, 494
000
10^076
3,159
16,045
5,918
11,256
11,714
11,119
12,283
12,797 4, 102 3,651 3,333
51,321
22 3,873 3 ,258
52,334
14 5,129 3,621
34,511
8,989 4,042
37,456
22 9,977 3,854
36,589
3,653
35,093
10,587 3,746
8,671
972 594 598 3,494
8,949 855 3,133 3,378 3,455
16,962 1,046
811 1,065 7.130
851 11,334
24,347 2,140 1,551
26,232 2,416 2 ,032 966 12,214
25,763 2 ,234 ,687 933 12,628
25,519 3,263 2,321 1,060 13,020
25,500
3,692
1,900 1,104 84,408
4,662 952 65,218
8,524 1,535 62,687
10,396 1,577 64,514
11,612 1,585 60,176
11,911 1,518 64,660
19,539
78,338
57,914
51,621
52,763
48,318
52,603
971
2,275
1,987
6,399
6,565
4,064
4,095
16,985
5,816
6,010
4,255
3,807
8,287
3,007 11,729
14,271 44,792
4,815 45 ,286
9,596 29 ,601
9,835 32 ,087
9,242 31,176
10,300 29 ,890
18,167 1,660
830
25,879 3 ,408 1,581
27,871 3,919 2 ,060
27.418 3 ,675 1,719
27,204 4,965 2 ,361
1,220
980
1,103
1,074
1,202
All insured commercial banks:
1941—Dec. 3 1 . . . 49,290
1945—Dec. 3 1 . . . 121,809
1947—Dec. 3 1 . . . 114,274
1951—Dec. 3 1 . . . 130,820
1952—Dec. 3 1 . . . 139,770
1953—June 30. . . 136.144
Dec. 31. . . 143,796
21,259
25,765
37,583
57,256
63,632
64,522
67,082
9,214 1,450
614
9,461 1,314 3,164
18,012 1,610
—"
823
25,744 3,321 1,571
27,739 3,805 2,050
27.282 3.594 1.704
27,082 4,867 2,344
662
,606
,190
960
,082
,051
,181
Member banks,
total:
1941—Dec. 3 1 . . .
1945—Dec. 3 1 . . .
1947—Dec. 3 1 . . .
1951—Dec. 3 1 . . .
1952—Dec. 3 1 . . .
1953—June 3 0 . . .
Dec. 31...
18,021
22,775
32,628
49,561
55,034
55,613
57,762
New York City:*
12,896
26,143
20,393
3 1 . . . 21,379
3 1 . . . 22,130
3 9 . . . 20.452
31. . . 22,058
1951—Dec.
1952—Dec.
1953—June
Dec.
Chicago:*
1941—Dec. 3 1 . . .
1945—Dec. 3 1 . . .
1947—Dec. 3 1 . . .
1951—Dec. 3 1 . . .
1952—Dec. 3 1 . . .
1953—June 3 0 . . .
Dec. 31...
2,760
5,931
5,088
5,731
6,240
5.627
6,204
4,072 2,807
7,334 3,044
7,179 5,361
11,146 7,852
12,376 8,680
11.883 8,345
12,289 8,218
954
1,333
1,801
2,468
2,748
2.552
2,776
Total
Obligations
Direct
of
States Othej
and secuCertifiGuar- polit- rities
cates
an- ical
of inBills debt- Notes Bonds teed subdiviedness
69.221
61,524
63,318
58,644
63,426
38.057
57,746
64,163
65,025
67,593
1941—Dec. 3 1 . . .
1945—Dec. 3 1 . . .
1947—Dec. 3 1 . . .
U. S. Government obligations
78,226
74,863
77,461
72,932
78,094
116.284
132,610
141,624
137,957
145,687
43,521
107,183
97,846
112,247
119,547
115,789
122,422
Investments
732
760
1,418
1,977
2,080
1,992
1,912
Reserve city banks:
1941—Dec. 3 1 . . . 15.347 7,105 3.456
1945—Dec. 3 1 . . . 40,108 8,514 3,661
412
2,453
545
1,219
1,531
1 1,274
126 1,667
169
,172
267
262
286
237
320
6
2
3
16
14
7
158
48
211
73
94
239
142
286
9,393 5,723
14,580 10 ,451
15,712 12,684
16,231 14,111
16,694 14,461
123
554
287
80
564
111
920
514
386 1,136
406 1,285
383 1,294
52
233
87
63
66
71
75
,063
,681
718
,737
,666
298
330
551
539
517
475
40
26
109
120
90
96
1,806
4,598
3,287
3,264
3,493
3,075
3,428
1,430
4,213
2,890
2,711
2,912
2,529
2,856
96
51
149
180
211
235
234
311
8,823 7,265
1,623
477 3,433 3,325
18,809 17,574
640
13,214 11,972 1,002
558
616 1,428
10,233 8,129 1,122
233 1,170
9,754 7,678 1,079
203 1.035
789
8,569 6,639
924 1,104 1,130
9,769 7,765
256
133 1,467
235
132
332
334
224
407
235
147
450
123
153
749
248
520
607
551
684
14 5,276 3,729
198
9,1 4,141
,955
10,188 3,
3,754
10.533 :
10,821 3,847
•
,832 3,090 2 ,871
16 3,254 2,815
10 4,
,199 3,105
15 7,528 3,538
409 3,342
29 8,680 3,178
31 8,871 3,185
3,652 1,679 729
10,337
1 606
9,771
638
4,960
2 1,385
1 1,453
5,195
4,611
2 1,318
1 1,365
4,605
903
1,864
2,274
1,526
1,674
1,596
1,598
119
830
629
604
719
623
612
639
182
181
213
351
384
375
400
193
204
185
201
197
170
172
1951—Dec. 3 1 . . .
1952—Dec. 3 1 . . .
1953—June 3 0 . . .
Dec. 3 1 . . .
36,040
42,694
45,583
44,352
46,755
13.449
19,651
21,697
22,150
22,763
300
205
225
513
501
469
774
114
194
427 1,503
170 484
203 347
218 422
229 424
308 456
1,527
1,459
3,147
4,651
5,099
5,270
5,453
1,512
855
404
1.969
366
3,518
4,347
4.849
4,942
8,243
31,594
22,591
23,043
23,886
22,201
23,993
6,467
29,552
20,196
19,194
19,624
17,756
19,559
295
1,034
373
2,524
2,387
1,344
1,230
6,982
2.358
2,493
1,774
1,453
3,357
751
5,653
1,901
3,640
3,854
3,542
4,201
4,248 1,173
956
15,878
5 1,126
15,560
3 1,342
10,528
82 ,458
11,594
14 2,934
11,393
23 3 ,184
10,746
25 3 ,196
820
916
,053
,390
,328
,262
,238
Country banks:
1941—Dec. 3 1 . . .
1945—Dec. 3 1 . . .
1947—Dec. 3 1 . . .
1951—Dec. 3 1 . . .
1952—Dec. 3 1 . . .
1953—June 3 0 . . .
Dec. 3 1 . . .
12,518
35,002
36,324
42,444
45,594
45,359
47,404
659
5,890 1,676
648
5,596 1,484
818
10,199 3,096
16,296 4,377 1,610
18,213 4,630 1,901
19.028 4,817 1,757
19,934 4,822 2,204
183
471
227
178
191
201
210
1,823
1,881
3,827
6,099
6,662
6,883
7,114
1, 530
6,628
707 363 29,407
1,979
229 26,125
3,906 303 26,148
4,702 322 27,381
5,243 334 26,330
5,441
336 27,470
4,377
26,999
22,857
21.587
22,549
21,394
22,423
110
630
480
2,418
2,692
1,784
1,819
5,102
2,583
2,568
2,024
1,916
3,374
481
4,544
2,108
4,008
4,204
4,114
4,285
2,926
16,713
17,681
12,587
13,625
13,576
12,940
861 1,222
9 1,342
62 ,006
3,334
53
4 3 ,639
4 3 ,802
5 3 ,911
,028
,067
.262
,227
,194
,134
,136
1,205 614
1,533 1,268
1,639 1,503
1,655 1,441
156
130
137
141
142
2,266
3,252
3,505
3,610
3,681
1,061
1,927
2,288
2,499
11.318
206
9,914
939
10,567 1,196
10,339
987
10,835
909
1,973
1,647
1,325
1,285
1,951
1,219
1,812
2,043
2,017
2,139
7,916
5,510
6,000
6,047
5,834
,078
,671
,781
,855
,951
625
604
613
576
662
1947—Dec. 3 1 . . .
All nonmember
banks: 2
1947—Dec.
1951—Dec.
1952—Dec.
1953—Tune
Dec.
31... 18,454
31... 20,380
31... 22,096
30. .. 22,188
31.. . 23,287
5,432
8,192
9,136
9,419
9,838
7,088
10,140
10,842
10,609
10,568
1,685 1,702
2,551
111
146
141
151
148
13,021
12,189
12,960
12,769
13,449
* These figures do not include data for banks in possessions of the United States. During 1941 three mutual savings banks became members
of the Federal Reserve System; these banks are included in "member banks" but are not included in "all insured commercial banks" or "all commercial banks." Comparability of figures for classes of banks is affected somewhat by changes in Federal Reserve membership, insurance status, and
the reserve classifications of cities and individual banks, and by mergers, etc.
beginning June 30, 1948, figures for various loan items are shown gross (i. e., before deduction of valuation reserves); they do not add to the
total and are not entirely comparable with prior figures. Total loans continue to be shown net.
For other footnotes see opposite page.
480
FEDERAL RESERVE BULLETIN
ALL COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES*—Continued
RESERVES AND LIABILITIES
[In millions of dollars]
Demand deposi L.S
Class of bank
and
call date
All commercial
banks: 2
1947—Dec.
1951—Dec.
1952—Dec.
1953—June
Dec.
31..
31..
31..
30. .
31..
All insured commercial banks:
1941—Dec.
1945—Dec.
1947—Dec.
1951—Dec.
1952—Dec.
1953—June
Dec.
31..
31. .
31..
31. .
31..
30. .
31. .
Member banks,
total:
1941—Dec.
1945—Dec.
1947—Dec.
1951—Dec.
1952—Dec.
1953—June
Dec.
31. .
31. .
31..
31. .
31..
30. .
31. .
Reserves
with
Cash
in
Federal
vault
Reserve
Banks
Balances
with
domestic
banks 4
Demand
deposits
adjusted 5
Interbank
deposits
Time deposits
Dorr estic4
Foreign
CertiStaites
fied
U. CJ.
and
and
Gov- political offiernsubdi- cers'
ment visions checks,
etc.
U. S.
IndiGov- States
viduals,
and
ernpartnerships, Inter- ment politbank
ical
and
and corPostal subdiporaSav- visions
tions
ings
IndiBor- Capividuals,
tal
partner- rowacships, ings counts
and corporations
17 ,796
19 ,911
19 ,809
19 ,446
19 ,995
2 ,216
2 ,697
2 ,753
2 ,590
2 ,512
10 ,216
11 ,969
11 ,875
10 ,233
12 ,103
87 ,123
98 ,243
101 ,506
96 ,892
102 ,452
11,362
13,123
1 3,109
11,409
13,444
1,430
1,413
1,465
1,343
1,344
1 ,343
3 ,359
4 ,941
3 ,634
4 ,146
6 ,799
8 ,426
8 ,910
9 ,350
9 ,546
2 ,581
3 ,166
2 ,956
2 ,449
2 ,996
84,987
96,666
99,793
93,918
100,062
240
550
744
846
1,167
111
278
346
336
338
866
1,536
1,620
1,731
1,944
34,383
36,323
39,046
40,514
41,714
65
34
188
113
62
10,059
12,216
12,888
13,275
13,559
12 ,396
15 ,810
17 ,796
19 ,911
19 ,809
19 ,446
19 ,995
1 ,358
1 ,829
2 ,145
2 ,665
2 ,720
2 ,559
2 ,482
8 ,570
11 ,075
9 ,736
11 ,561
11 ,489
9 ,885
11 ,724
37 ,845
74 ,722
85 ,751
97 ,048
100 ,329
95 ,795
101 ,289
9,823
12,566
11,236
12,969
12,948
11,241
1 3,221
673 1 ,761
1,248 23 ,740
1,379 1 ,325
1,381 3 ,344
1,437 4 ,912
1,305 3 ,620
1,296 4 ,116
3 ,677
5 ,098
6 ,692
8 ,288
8 ,776
9 ,211
9 ,407
1 ,077
2 ,585
2 ,559
3 ,147
2 ,938
2 ,431
2 ,978
36,544
72,593
83,723
95,604
98,746
92,961
99,038
158
70
54
427
605
696
1,031
59
103
111
278
346
336
338
492 15,146
496 29,277
826 33,946
1,485 35,986
1,564 38,700
1,675 40,176
1,891 41,381
10
215
61
30
181
103
54
6,844
8,671
9,734
11,902
12,563
12,950
13,239
12 ,396 1 ,087
15 ,811 1 ,438
17 ,797 1 ,672
19 ,912 2 ,062
19 ,810 2 ,081
19 ,448 1 ,956
19 ,997 1 ,870
6 ,246
7 ,117
6 ,270
7 ,463
7 ,378
6 ,378
7 ,554
33 ,754
64 ,184
73 ,528
83 ,100
85 ,543
81 ,774
86 ,127
?,714
12,333
10,978
12,634
12,594
10,947
12,858
671
1
L,243
1
L.375
]L,369
1 ,431
1 ,300
1 ,291
1 ,709
22 179
1 176
3 ,101
4 567
3 378
3 ,756
3 ,066
4 240
5 ,504
6 666
7 029
7 403
7 530
1 ,009
2 ,450
2 ,401
2 ,961
2 ,744
2 ,256
2 ,783
33,061
62,950
72,704
83,240
85,680
80,741
85,711
140
64
50
422
592
686
1,021
50
99
105
257
321
310
308
418
399
693
1,238
1,303
1,395
1,595
4
208
54
26
165
75
43
5,886
7,589
8,464
10,218
10,761
11,070
11,316
607
866
1 ,105 6 940
1 ,217
267
1 ,128
858
1 ,154 1 143
1 ,059
887
1 ,021
778
319
237
290
321
322
333
315
450
1 ,338
1 ,105
1 ,289
1 ,120
899
1 ,071
11,282
15,712
17,646
17,880
17,919
16,617
17,509
6
17
12
318
465
540
831
10
12
43
59
50
53
29
20
14
22
29
39
139
233
237
285
240
242
320
272
34
66
63
66
56
53
64
2,152
3,160
3,853
4,404
4,491
4,123
4,500
1
5
8
9
2
5
4
3
3
9
11
11
10
10
104
30
22
90
109
124
166
20
38
45
85
105
103
98
243
160
332
714
739
794
830
4,542
1,967
9,563 ""2
2,566
11,045
2,844
11,473
4 3,521
12,417
8 3,745
12,847
17 3,874
13,203
3,984
11,878
23,712
27,542
29,128
31,266
32,412
33,311
New York City:*
1941—Dec. 31 .
1945—Dec. 3 1 . .
1947—Dec. 3 1 . .
1951—Dec. 3 1 . .
1952—Dec. 3 1 . .
1953—June 30. .
Dec. 3 1 . .
5 105
4 ,015
4 ,639
5 ,246
5 ,059
5 ,204
4 ,846
93
111
151
159
148
127
129
141
78
70
79
84
49
70
10 ,761
15 ,065
16 ,653
16 ,439
16 ,288
15 ,384
15 ,901
3.595
3,535
3,236
3,385
3,346
2,979
3,363
Chicago:*
1941—Dec.
1945—Dec.
1947—Dec.
1951—Dec.
1952—Dec.
1953—June
Dec.
31. .
31..
31. \
31. .
31. .
30. .
31. .
1 ,021
942
070
,407
,144
,318
,287
43
36
30
32
32
31
34
298
200
175
165
169
123
166
2 ,215
3 ,153
3 ,737
4 ,121
4 ,126
3 ,913
4 ,211
L.O27
1,292
1,196
1,269
1,308
1,175
1,339
8
20
21
38
37
33
39
127
1 552
72
242
343
201
259
Reserve city banks:
1941—Dec. 3 1 . .
1945—Dec. 3 1 . .
1947—Dec. 3 1 . .
1951—Dec. 3 1 . .
1952—Dec. 3 1 . .
1953—June 30. .
Dec. 3 1 . .
4 ,060
6 ,326
7 ,095
7 ,582
7 ,788
7 ,420
8 ,084
425
494
562
639
651
609
568
2 ,590
2 ,174
2 ,125
2 ,356
2 ,419
2 ,150
2 ,463
11 ,117
22 ,372
25 ,714
29 ,489
30 ,609
29 ,444
30 ,986
4,302
6,307
5,497
6,695
6,662
5,744
6.869
54
110
131
192
230
197
219
491
8 221
405
1 124
1 814
1 358
1 504
1
1
2
2
2
2
2
144
763
282
550
693
866
880
286 11,127
611 22,281
705 26,003
822 30,722
791 31,798
636 30,192
828 32,065
Country banks;
1941—Dec. 3 1 . .
1945—Dec. 3 1 . .
1947—Dec. 3 1 . .
1951—Dec. 3 1 . .
1952—Dec. 3 1 . .
1953—June 3 0 . .
Dec. 3 1 . .
2 ,210
4 ,527
4 ,993
5 ,676
5 ,820
5 ,505
5 ,780
526
796
929
1 ,231
1 ,250
1 ,189
1 ,140
3 ,216
4 ,665
3 ,900
4 ,862
4 ,706
4 ,057
4 ,855
9 ,661
23 ,595
27 ,424
33 ,051
34 ,519
33 ,033
35 ,029
790
1 ,199
1 ,049
1 ,285
1 ,278
1 ,049
1 ,288
2
225
8 5 465
7
432
11
876
11 1 267
11
932
12 1 216
1
2
2
3
3
3
4
370
004
647
554
772
885
063
239
435
528
783
777
668
820
8,500
21,797
25,203
30,234
31,473
29,810
31,636
30
17
17
13
13
14
15
31
52
45
125
152
154
153
146
219
337
491
525
553
615
6,082
12,224
14,177
14,914
15,908
16,531
16,921
544
635
672
635
642
3 ,947
4 ,507
4 ,498
3 ,856
4 ,550
13 ,595
15 ,144
15 ,964
15 ,118
16 ,325
385
489
516
462
586
55
44
34
43
52
1
1
1
1
2
295
761
881
946
016
180
205
212
193
213
12,284
13,426
14,113
13,177
14,351
190
128
152
160
146
6
22
25
27
30
172
298
317
335
350
6,858
7,213
7,800
8,123
8,426
778
1,648
1,206 " 1 9 5 2,120
1,418
30 2,259
1,614
5 2,425
1,752
132 2,505
1,841
8 2,544
1,958
23 2,572
476
719
902
1,128
1,190
1,194
1,229
288
377
426
513
541
551
566
4
11
23
16
25
49
20
1,982
2,525
2,934
3,760
3,970
4,101
4,194
All nonmember
banks: 2
1947—Dec.
1951—Dec
1952—Dec.
1953—Tune
Dec.
31. .
31
31
30
31
167
258
374
256
390
12 1,596
8 1,999
23 2,129
38 2,207
19 2,245
2
Breakdown of loan, investment, and deposit classifications is not available prior to 1947; summary figures for earlier dates appear in the
preceding table.
3 Central reserve city banks.
4
Beginning June 30, 1942, excludes reciprocal bank balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and.
525 million at all insured commercial banks.
^Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
For other footnotes see preceding page.
Back figures.—See Banking and Monetary Statistics, Tables 18-45, pp.-72-103 and 108-113.
MAY 1954
481
WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE
LOANS AND INVESTMENTS
[Monthly data are averages of Wednesday figures. In millions of dollars]
Loans1
Investments
For purchasing
or carrying securities
Date or month
Total
loans
and
invest1
ments Total
Commercial,
industrial,
and
agricultural
To brokers
and dealers
To others
U. S. Other U.S. Other
Govt.
Govt.
obobcuri- liga- cunligations ties tions ties
U. S. Government obligations
Real Loans Other
to
loans
estate
loans banks
Bills
Certificates
of indebtedness
2,098 5 , 8
Total
Total
2
Other
securities
Notes Bonds
TotalLeading Cities
1953—April.
76,669
39,512
23,229
1,634
799
6,197
554 7,708 37,157 29,508
1,726
1954 -February.
March. . .
April
80,036
79,460
78,949
39,750
39,591
39,310
22,549
22,682
22,451
1,968
1,887
1,786
823
821
836
6,493
6,503
6,543
727 7,823 40,286 32,555
557
39,869 31,978
584 7,750 39,639 31,607
2,210 4,401 5,829 20,115 7 ,731
2,316 3,574 4,731 21,357 7,891
2,540 2,936 4,592 21, 539 8 ,032
1954—Feb. 3 . .
Feb. 10. . .
Feb. 17. .
Feb. 2 4 . .
80,660
79,868
79,872
79,744
39,963
39,785
39,796
39,457
22,638
22,556
22,555
22,446
2,180
2,031
1,977
1,682
826
818
830
819
6,486
6,485
6,500
6,501
541
717
789
861
7,924 40,697
7,810 40,083
7,777 40,076
7,782 40,287
32,989
32,409
32,346
32,476
2,517 4,764 6,756 18,952 7,708
2,034 4,639 6,714 19,022 7,674
2,074 4,110 4,974 21,188 7 ,730
2,216 4,091 4,871 21,298 7 ,811
3 . . 79,534
10. . 79,700
17. . 80,765
24. . 79,247
31. . 78,055
39,401
39,452
40,021
39,766
39,317
22,407
22,481
22,939
22,821
22,763
1,907
2,005
1,931
1,834
1,758
811
811
814
820
847
6,478
6,489
6,509
6,517
6,522
679
550
701
613
241
7,754 40,133
7,752 40,248
7,767 40,744
7,800 39,481
7,825 38,738
32,292 2,084
32,292 2,162
32,848 2,591
31,609 2,669
30,850 2,076
4,097
4,067
4,121
2,848
2,737
4,798
4,770
4,744
4,695
4,649
,313
,293
,392
,397
388
7,841
7,956
7,896
7,872
7,888
Apr. 7. . 79,078
Apr. 14. . 78,742
Apr. 21. . 78,858
Apr. 28. . 79,118
39,530
39,406
39,364
38,941
22,714
22,558
22,348
22,183
1,676
1,799
1,925
1,744
828
828
840
849
6,532
6,542
6,544
6,553
672
567
597
500
7,747 39,548
7,751 39,336
7,750 39,494
7,753 40,177
31,518
31,298
31,452
32,160
2,486
2,296
2,392
2,987
2,867
2,908
2,925
3,045
4,641
,524
4,608
,486
4,587
,548
4,530 21,598
8,030
8,038
8,042
8,017
8,444 6,282
Mar.
Mar.
Mar.
Mar.
Mar.
19,876 7,649
New York City
1953—April
20,824 12,380
8,653
154 1,090
227
384
348 1,672
247
199 1,050 4,786 2,162
1954 -February.
March. . .
April
21,776
21,724
21,603
12,057
11,913
11,805
8,066
8,101
8,033
490
487
352
954
919
988
263
260
276
380
385
391
458
324
347
,594 9,719
,587 9,811
,567 9,798
7,513
7,489
7,432
658
692
803
727 1,046 5,082 2 ,206
641
769 5.387 2,322
695 5,407 2,366
527
1954 -Feb.
Feb.
Feb.
Feb.
3. .
10. .
17..
24. .
22,148
21,623
21,709
21,626
12,234
12,025
12,136
11,834
8,126
8,067
8,063
8,010
618 1,020
557 913
483 997
886
301
261
264
266
261
376
377
383
385
342
416
517
558
,641
,585
,571
,578
9,914
9,598
9,573
9,792
7,751
7,402
7,364
7,535
862
509
552
708
809 1,309 4,771 2,163
766 1,295 4,832 2,196
663
810 5,339 2 ,209
671
771 5,,385 2,257
3. .
10. .
17. .
24. .
31. .
21,681
21,785
22,166
21,635
21,355
11,844
11,833
12,140
11,971
11,778
7,974
7,988
8,213
8,182
8,147
508
593
490
445
402
889
923
937
901
943
261
257
255
257
269
377
382
389
389
391
429
,556
259
,581
425
,581
341 1,606
165 1,611
9,837
9,952
10,026
9,664
9,577
7,546
7,591
7,695
7,347
7,265
649
677
720
754
662
752
756
822
434
438
784
792
775
760
736
5,361 2,291
5,366 2,361
5,378 2 ,331
5,399 2,317
5,429 2 ,312
Apr. 7. .
Apr. 14. .
Apr. 21. .
Apr. 28. .
21,601
21,513
21,648
21,648
11,826
11,835
11,870
11,688
8,126
8,086
7,996
7,922
353 929
356 972
387 1,059
313 993
266
272
280
287
393
392
391
389
337
335
346
368
9,775
9,678
9,778
9,960
7,411
7,301
7,396
7,619
780
695
764
974
471
515
531
591
715
709
710
644
5,445
5,382
5,391
5,410
1953—April
55,845
27,132
14,576
390
535
5,813
206 6,036 28,713 23,226
1,479
1954—February.
March...
April
58,260
57,736
57,346
27,693
27,678
27,505
14,483
14,581
14,418
524
481
446
517
520
519
6,113
6,118
6,152
269 6,229 30,567 25,042
233 6,192 30,058 24,489
237 6,183 29,841 24,175
,552 3,674 4,783 15,033 5,525
,624 2,933 3,962 15,970 5,569
,737 2,409 3,897 16,132 5,666
1954—Feb. 3 . . 58,512
Feb. 10. . 58,245
Feb. 17. . 58,163
Feb. 2 4 . . 58,118
27,729
27,760
27,660
27,623
14,512
14,489
14,492
14,436
542
561
497
495
524
517
517
512
6,110
6,108
6,117
6,116
199 6,283
130,783 25,238
301
,225 30,485 25,007
272
,206 30,503 24,982
303 6,204 30,495 24,941
,655
,525
,522
,508
3,955
3,873
3,447
3,420
5,447
5,419
4,164
4,100
14,181 5,545
14,190 ,478
15,849 5 ,521
15,913 5 ,554
,435
,485
,871
,915
,414
3,345
3,311
3,299
2,414
2,299
4,014
3,978
3,969
3,935
3,913
15 ,952 5,550
15 ,927 5,595
16,014 5 ,565
15,998 5 ,555
15,959 5,576
,706
,601
,628
2,013
2,396
2,393
2,394
2,454
3,926
3,899
3,877
3,886
16,079 5 ,666
16,104 5,661
16,157 5,660
16,188 5,676
Mar.
Mar.
Mar.
Mar.
Mar.
1,572
1,571
1,560
1,565
2,364
2,377
2,382
2,341
Outside
New York City
3. .
10. .
17..
24. .
31. .
57,853
57,915
58,599
57,612
56,700
27,557
27,619
27,881
27,795
27,539
14,433
14,493
14,726
14,639
14,616
510
489
504
488
413
509
513
517
521
538
6,101
6,107
6,120
6,128
6,131
250 6,198 30,296 24,746
291
30,296 24,701
276 6,186 30,718 25,153
272
194 29,817 24,262
76
214 29,161 23,585
Apr. 7 . .
Apr. 1 4 . .
Apr. 21. .
Apr. 28. .
57,477
57,229
57,210
57,470
27,704
27,571
27,494
27,253
14,588
14,472
14,352
14,261
394
471
479
438
522
515
519
521
6,139
6,150
6,153
6,lo4
335
232
251
132
Mar.
Mar.
Mar.
Mar.
Mar.
6,175
6,180
6,190
6,188
29,773
29,658
29,716
30,217
24,107
23,997
24,056
24,541
1,899 4,758 15,090 5,487
1
Figures for various loan items are shown gross (i. e., before deduction of valuation reserves); they do not add to the total, which is shown net.
2
Includes guaranteed obligations.
For other footnotes see opposite page.
482
FEDERAL RESERVE BULLETIN
WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE—Continued
RESERVES AND LIABILITIES
[Monthly data are averages of Wednesday figures.
Demand deposits,
except interbank
Date or month
Reserves
BalDewith Cash ances mand
Fedwith
dein
eral vault
doRemestic ad- 1
serve
banks justed
Banks
Individuals, States Certiand
part- polit- fied
and
neroffiical
ships, sub- cers'
and
cor- divi- checks,
pora- sions etc.
tions
In millions of dollars]
Time deposits,
except interbank
Interbank
deposits
IndividU. S.
Demand
uals, States Govand
U. S. part- polit- ernGov- nerical ment
and
ern- ships, subDoment and
divi- Postal mes- ForSavcoreign
tic
pora- sions ings
tions
Borrowings
Time
Capital
accounts
TotalLeading Cities
1953—April
14,289
925 2,426 53,228 54,325
1954—February.
March....
April
14,386
14,381
14,192
946
916
936
2,485 54,639 55,528 4,006
2,595 53,740 54,767 3,895
2,635 53,288 54,135 4,098
1954—Feb. 3 .
Feb. 10.
Feb. 17.
Feb. 24.
14,598
14,362
14,487
14,096
912
960
923
990
2,421 55,588 55,831
2,413 54,789 55,230
2,559 54,143 55 ,739
2,547 54,038 55 ,313
4,093
4,049
3,953
3,930
,378
,742
,979
,690
2,275
2,107
2,862
2,798
17,619
17,635
17,642
17,663
14,263
14,304
14,863
14,483
13,990
900
939
925
933
884
2,477 53,913 54,791
2,459 54 ,753 55,689
2,608 54 ,897 56,535
2,442 53,325 53,994
2,992 51,812 52,824
3,908
3,803
3,675
3,858
4,232
,543
,594
,981
,774
,987
2,424
1,891
3,011
3,362
3,838
14,006
14,041
14,299
14,423
886
965
922
970
2,547 52,376
2,670 52 ,933
2,613 53,736
2,710 54,108
3,996
3,971
4,119
4,308
,595
,813
,860
,720
4,801
139
15,697 16,656
4,777
4,956
4,800
151
139
145
15,792 16,717
15,712 16,714
49 15,515 16,405
274
291
361
1954—Feb. 3 .
Feb. 10.
Feb. 17.
Feb. 24.
4,813
4,784
4,779
4,730
139
165
141
158
36
43
53
38
16,192
15,767
15,636
15,573
16,930
16,512
16,774
16,652
273 1,503
946
282
259 1,120
281
895
Mar. 3.
Mar. 10.
Mar. 17.
Mar. 24.
Mar. 31.
4,781
4,965
5,149
5,029
4,854
141
148
136
140
130
39
38
43
37
301
15,721
16,073
15,975
15,382
15,412
16,527
16,970
17,105
16,293
16,678
285
269
245
285
371
Apr. 7
Apr. 14
Apr. 21
Apr. 28
Outside
New York City
1953—April
4,727
4,644
4,876
4,950
140
152
139
150
55 15,302 16,015
43 15,303 16,316
49 15,706 16,630
50 15,750>16,661
374
359
346
365
787
976
965
851
9,488
786 2,346 37,531 37,669 3,618
887
1,868 15,058
757
1954—February. .
March
April
9,609
9,425
9,392
795 2,442 38,847 38 ,811
777 2,503 38,028 38 ,053
791 2,586 37,773 37 ,730
3,732
3,604
3,737
831 1,852 15,808
896 2,061 15,908
852 1,957 15,979
818
865
947
1954—Feb. 3.
Feb. 10.
Feb. 17.
Feb. 24.
9,785
9,578
9,708
9,366
773
795
782
832
2,385 39,396
2,370 39,022
2,506 38,507
2,509 38,465
3,820
3,767
3,694
3,649
875
796
859
795
15,796
15,821
15,843
9,482
9,339
9,714
9,454
9,136
759
791
789
793
754
2,438 38 ,192 38,264
,719
2,421 38,680 38,
2,565 38 ,922 39,430
2,405 37,943 37 ,701
2,691 36,400 36,146
9,279
9,397
9,423
9,473
746
813
783
820
2,492 37,074 36,749
2,627 37,630 38,256
2,564 38,030 38
2,660 38,358 37
Mar.
Mar.
Mar.
Mar.
Mar.
3.
10.
17.
24.
31.
Apr. 7
Apr. 14
Apr. 21
Apr. 28
52,764
54,572
54 ,714
54 ,488
3,946 1,762 2,505 16,774
790
192 9,847
1,319
611
1,065 7,349
,947 2,511 17,640
967
,776 2,905 17,750 1,047
,747 2,687 17,835 1,095
190 10,482
190 10,505
192 10,400
1,284
1,257
1,272
,096
,213
,317
929 7,639
663 7,674
537 7,731
970
961
967
972
190
191
192
188
10,619
10,477
10,600
10,230
1,260
1,260
1,299
1,318
,069
895 7,630
,080 1,027 7,629
,104
899 7,640
,129
895 7,656
17,734
17,763
17,713
17,767
17,771
994
997
,049
,109
,087
189
189
190
190
192
10,517
10,495
10,949
10,028
10,538
1,303
1,279
1,248
1,229
1,227
,163
,198
,219
,235
,252
796
725
845
786
161
7,667
7,669
7,663
7,679
7,692
3,347
2,498
2,232
2,671
17,818
17,817
17,851
17,854
,101
,120
,079
,078
192
192
193
192
10,403
10,669
10,354
10,171
1,269
1,285
1,255
1,279
,282
,314
,330
,344
647
505
568
429
7,723
7,722
7,725
7,755
875
637
1,716
33
2,800
1,061
474
306
2,500
1,116
880
895
659
844
730
,832
,842
,856
149
182
148
2,974 1,033
904
2,979 1,008 1,013
3,011 1,026 1,101
334
300
196
2,573
2,574
2,582
626
564
736
711
,848
,839
,821
,820
144
147
156
147
3,022
2,935
3,002
2,936
1,014
1,017
1.041
1,061
875
887
916
939
338
399
303
296
2,567
2,573
2,575
2,575
712
663
767
501
954
841
910 1,040
1,059 1,173
,828
,847
,824
,856
,857
169
166
205
204
165
2,939 1,047
970
2,945 1,031
999
3,164 1,001 1,018
2,873
985 1,030
2,973
977 1,048
253
336
443
447
21
2,574
2,573
2,573
2,570
2,579
,846
,845
,863
,870
167
172
127
126
2,927
3,017
3,024
3,073
1,028
1,033
1,012
1,031
1,070
1,098
1,113
1,123
211
206
266
101
2,583
2,581
2,582
2,583
137
7,047
258
137
759
4,849
136
136
138
7,508
7,526
7,389
251
249
246
192
200
216
595
363
341
5,066
5,100
5,149
826
814
811
825
136
137
138
134
7,597
7,542
7,598
7,294
246
243
258
257
194
193
188
190
557
628
596
599
5,063
5,056
5,065
5,081
3,623
831 1,761 15,906
3,534
827 1,390 15 ,916
3,430 1,027 2,170 15,889
3,573
864 2,322 15,911
3,861
928 2,665 15,914
825
831
844
905
922
135
135
136
136
138
7,578
7,550
7,785
7,155
7,565
256
248
247
244
250
193
199
201
205
204
543
389
402
339
140
5,093
5,096
5,090
5,109
5,113
3,622
3,612
3,773
3,943
934
948
952
952
138
138
139
138
7,476
7,652
7,330
7,098
241
252
243
248
212
216
217
221
436
299
302
328
5,140
5,141
5,143
5,172
New York City
1953—April
1954—February.
March. . .
April
Mar.
Mar.
Mar,
Mar,
Mar.
3. . .
10...
17...
24. . .
31. . .
Apr. 7
Apr. 14
Apr. 21
Apr. 28
38 ,901
38,718
38 ,965
38 ,661
808
837
89b
869
961
664
582
711
1,649
1,543
2,126
2,087
15 ,771
2,386 15,972
1,834 15,972
,650 15,988
1,6
,960 15,984
1,9
3 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
Back figures.—For description of revision beginning Mar. 4, 1953, see BULLETIN for April 1953, p. 357 and for figures on the revised basis
beginning Jan. 2, 1952, see BULLETIN for May 1953, pp. 550-555. For description of revision beginning July 3, 1946, and for revised figures
July 1946-June 1947, see BULLETINS for June and July 1947, pp. 692 and 878-883, respectively. For old series, see Banking and Monetary Statistics,
pp. 127-227.
MAY
1954
483
CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS OF A SAMPLE OF WEEKLY REPORTING MEMBER BANKS
BY INDUSTRY *
[Net declines, ( - ) . In millions of dollars]
Business of borrower
Manufacturing and mining
Period"
Metals
and
Petrometal
Food, Textiles, products leum,
liquor, apparel, (incl.
coal,
and
chemical, Other
and
tobacco leather machinand
ery and rubber
trans,
equip.)
Trade
(whole- Comsale
modity
and
dealers
retail)
Sales
finance
companies
Public
utilities
(incl.
transportation)
Construction
All
other
types
of
business
Comm'l.
ind'I,
and
Net
agr'l.
changes change—
classitotals
fied
1951—April-June. .
July-Dec
-243
932
116
-361
275
873
48
125
60
141
62
16
-421
722
63
30
175
351
44
-98
8
37
186
2,769
18
2,372
1952—Jan.-June...
July-Dec....
-73
-40
1,111
176
250
76
36
-105
141
-634
662
-217
544
-28
191
-546
2,494
-637
2,435
151
-101
446
-351
-10
102
95
-54
208
1
-632
380
-90
-138
-2
-57
84
18
18
13
1953—Jan.-June...
July-Dec
-868
754
-621
501
18
-23
-8
98
-360
433
-593
583
Monthly:
1954—Jan
Feb
Mar
Apr
-98
-94
-58
-147
14
46
29
-29
-152
6
133
-135
-104
8
21
23
-31
-3
36
-9
-108
-32
72
7
-37
-52
-125
-88
-153
-83
16
— 11
-16
-34
105
-75
-11
3
17
15
-43
-2
50
34
-737
-237
297
-415
-87S
-56
317
-580
-14
-28
-24
-29
13
9
17
7
11
—4
5
-4
-22
-1
3
2
4
-31
-19
15
3
1
-28
-6
-20
8
-30
-9
-52
-4
-14
-16
-2
3
5
—2
-16
6
3
6
-35
-83
2
-121
136
-82
-1
-109
3
10
17
24
31
-24
-29
34
-30
-10
-1
10
23
-1
-2
-4
57
102
-13
-9
9
15
10
-10
-4
-1
10
39
-6
-6
13
14
27
10
8
-16
-12
-20
-30
-47
6
-42
57
-17
12
-6
6
109
5
-9
-1
1
8
4
5
-7
16
17
-5
30
-31
46
407
-93
-32
-39
74
458
-118
-58
Apr. 7
Apr. 14
Apr. 21
Apr. 28
-33
-29
-34
-51
3
1
-18
-15
-11
-58
-40
-26
-4
3
4
20
1
-9
2
-4
-1
18
2
-12
-22
-36
-23
-7
22
-4
11
-40
-39
-24
-26
14
5
8
3
-1
32
23
—20
—1
-47
-107
-139
-122
-49
-156
—210
-165
Week ending:
1954—Feb. 3
Feb. 10
Feb. 17
Feb. 24
Mar.
Mar.
Mar.
Mar.
Mar.
1
Sample includes about 220 weekly reporting member banks reporting changes in their larger loans; these banks hold over 90 per cent of
total 2commercial and industrial loans of all weekly reporting member banks and nearly 70 per cent of those of all commercial banks.
Figures for other than weekly periods are based on weekly changes during period.
3
Net change at all banks in weekly reporting series, according to the old series in 1951 and the revised series thereafter. For description of
revisions in the weekly reporting series see BULLETIN for April 1953, p. 357.
COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
Dollar acceptances outstanding
Held by
Commercial
paper
Total
out- 1
outstanding standing
End of month
Accepting banks
Total
109
133
180
272
289
...
August
September. . . .
October
November
December
1954—January
February
March
259
272
394
490
492
146
128
192
197
183
71
58
114
119
126
76
70
78
79
57
3
11
21
21
20
507
1953—March
April
June .
July
Own
bills
Federal
Reserve
Banks (for
account
Others
Bills
of foreign
correbought
spondents)
269
257
333
434
539
1948—December
1949—December
1950—December
1951—December
1952—December
May
Based on
468
149
105
44
29
289
464
441
408
429
455
417
428
435
115
111
123
131
78
85
92
108
36
26
30
23
32
29
30
25
309
277
276
279
451
475
535
582
552
478
515
517
534
574
148
159
160
170
172
108
110
122
125
117
620
701
720
586
545
580
195
185
198
144
149
149
40
49
38
45
55
51
36
50
25
26
23
20
24
304
329
334
344
378
17
10
13
373
350
369
Imports
into
United
States
164
184
245
235
232
Exports
from
United
States
Dollar
exchange
United
States
countries
12
9
32
44
32
Foreign
57
49
87
133
125
2
23
39
25
30
28
55
64
237
110
39
49
32
229
198
214
213
115
111
112
115
43
37
35
40
37
39
32
32
31
32
35
35
211
237
227
246
274
266
238
247
1
Goods stc)red in or
shipped between
poin ts in
128
135
145
139
154
64
66
56
49
29
157
151
139
45
44
47
36
40
56
59
75
73
71
107
38
38
34
41
43
46
41
39
is
*A reported by dealers; includes some finance company paper sold in open market.
ion see p. 427.
Baick figures.—See Banking and Monetary Statistics, Table 127, pp. 465-467; for descripti
484
FEDERAL RESERVE BULLETIN
PRINCIPAL ASSETS OF SAVINGS INSTITUTIONS
UNITED STATES LIFE INSURANCE COMPANIES
[In millions of dollars]
Business securities
Government securities
Date
Total
assets
Total
United State and Foreign 2
States
local 1
Mortgages
Real
estate
Policy
loans
Other
assets
756
999
1,249
1,390
1,428
1,718
2,103
2,221
2,446
5,669
5,958
6,442
6,726
6,714
6,686
6,636
7,155
8,675
10,833
12,906
16,102
19,314
21,251
2,134
2-060
1,878
1,663
1,352
1,063
857
,055
,247
,445
,631
,903
3,248
3,091
2,919
2,683
2,373
2,134
1 962
1,894
1,937
2,057
2,240
2,413
2,590
2,713
2,030
2,156
1,840
1,693
1,839
1,704
1,738
1,808
2,124
2,160
2,245
2,591
2,872
3,088
Total
Bonds3
Stocks
8,465
9,178
10,174
10,315
10,494
10,715
11,059
13,024
16,144
20,322
23,179
25,403
28,204
31,646
7,929
8,624
9,573
9,707
9,842
9,959
10,060
11,775
14,754
18,894
21,461
23,300
25,983
29,200
536
554
601
608
652
End of year:*
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
29,243
30,802
32,731
34,931
37,766
41,054
44,797
48,191
51,743
55,512
59,630
64,020
68,278
73,375
7,697
8,359
9,478
11,851
14,994
18,752
22,545
23,575
22,003
19,085
17,813
16,066
13,667
12,774
5,373
5,857
6,796
9,295
12,537
16,531
20,583
21,629
20,021
16,746
15,290
13,459
11,009
10,252
2,253
2,387
2,286
2 045
1
1,773
1,429
1
1,047
1,199
1,393
1
1,547
1,736
1,767
792
915
1,010
1,037
1,140
1,130
1,060
922
755
End of month:*
1951—December
1952—December
67,983
73,034
13,579
12,683
10 958
10,195
L,7O2
1,733
919
755
28,042
31,404
25,975
29,226
2,067
2,178
19,291
21,245
,617
,868
2,575
2,699
2,879
3,135
12,844
12,630
12,666
12,543
12,456
12,429
12,436
12,397
12,395
12,365
12,322
10,287
10,063
10,089
10,082
10,030
9,991
9,994
9,930
9,913
9,830
9,767
1,300
L.820
1,837
1,835
1,840
L,857
:1,861
,880
,897
945
1,968
757
747
740
626
586
August
September
October
November . .
December
73,943
74,295
74,686
75,063
75,403
75,855
76,244
76,612
77,121
77,552
78,201
581
587
585
590
587
31,878
32,243
32,472
32,732
33,021
33,247
33,349
33,614
33,887
34,096
34,395
29,644
30,005
30,218
30,462
30,752
30,977
31,079
31,319
31,585
31,781
32,056
2,234
2,238
2,254
2,270
2,269
2,270
2,270
2,295
2,302
2,315
2,339
21,547
21,725
21,897
22,055
22 221
22,429
22,552
22,698
22,842
23,017
23,275
,887
897
1,918
,924
935
,943
,967
972
I ,990
1 994
2,727
2 742
2,756
2,770
2 789
2,808
2,819
2 831
2,851
2,873
2 894
3,060
3 058
2,977
3,039
2 981
2,999
3,121
3 100
3,156
3,201
3 321
1954—January
February . . .
78,866
79,251
12,470
12,498
9,779
9,781
2,105
2,122
586
595
34,639
34,816
32,266
32,430
2,373
2,386
23,435
23,570
2,039
2,053
2,905
2,923
3,378
3,391
1953—February . . .
March
April
May
June
July
1
Includes United States and
2
Central government only.
8
936
945
71
115
396
511
684
581
735
860
OOO
foreign.
Includes International Bank for Reconstruction and Development.
* These represent annual statement asset values, with bonds carried on an amortized basis and stocks at end-of-year market value.
'These represent book value of ledger assets. Adjustments for interest due and accrued and differences between market and book values
are not made on each item separately, but are included in total in "Other assets."
Source.—Institute of Life Insurance—end-of-year figures, Life Insurance Fact Book, 1952; end-of-month figures, The Tally of Life Insurance
Statistics and Life Insurance News Data.
ALL SAVINGS AND LOAN ASSOCIATIONS IN THE UNITED STATES
[In millions of dollars]
Assets
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953P
Total i
Mortgages2
U.S.
Government
obligations
5,597
5,733
6,049
6,150
6,604
7,458
8,747
10,202
11,687
13,028
14,622
16,846
19,164
22,585
26,726
End of
year
3,806
4,125
4,578
4,583
4,584
4,800
5,376
7,141
8,856
10,305
11,616
13,622
15,520
18,336
21,929
73
71
107
318
853
1,671
>,420
5,009
1,740
1,455
1,462
1,489
1,606
,791
1,923
Assets
Cash
274
307
344
410
465
413
450
536
560
663
880
951
1,082
1,306
1,481
Other"
Savings
capital
1,124
4,118
940
4,322
775
4,682
612
4,941
493
5,494
391
6,305
356
7,365
381
8,548
416
9,753
501 10,964
566 12,471
692 13,978
866 16,073
1,072 "19,143
"1,315 22,823
End of
quarter
Total 1
Mortgages2
U.S.
Government
obligations
1951—2
3
4
17,977
18,429
19,164
14,539
15,058
15,520
1,558
1,577
1,606
940
852
1,082
849
852
866
14,910
15,317
16,073
1952—1
2
3
4
19,688
20,599
21,295
22,585
16,057
16,875
17,696
18,336
1,690
1,687
1,765
1,791
1,080
1,182
1,044
L,306
774
770
708
1,072
16,811
17,656
18,198
C
19,143
1953—1»...
2»...
3>...
4:9...
23,506
24,772
25,633
26,726
19,105
20,133
21,145
21,929
1,931
2,003
1,990
1,923
1,263
,337
1,200
L.481
1,121
1,216
1,215
1,315
20,105
21,154
21,742
22,823
1954—1P...
27,659
22,684
1,942
1,616
1,341
23,880
Cash
Other*
Savings
capital
c
P Preliminary.
Corrected.
1
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, and office building
and fixtures.
Source.—Federal Savings and Loan Insurance Corporation.
MAY
1954
485
GOVERNMENT CORPORATIONS AND CREDIT AGENCIES
SELECTED ASSETS A N D LIABILITIES, BY CORPORATION OR AGENCY *
[Based on compilation by United States Treasury Department. In millions of dollars
End of year
]5nd
1952
Asset or liability, and agency
1944
1946
1945
1948
1947
1949
1950
1953
1951
L
4
Loans, by purpose and agency:
351
643
361
353
Farmers Home Administration *
Rural Klectrification Administration
74?
604
407
99
149
590
578
170
10
9
896
7
619
74
85?
12
1
RFC Mortgage Corporation
Home Owners' Loan Corporation *
Other agencies
1
80
5?S
999
1 293
5
60
573
301
1
1 729
9
45
535
1 543
898
7
34
539
75
596
486
1
369
177
231
168
10
137
123
115
22
24
169
113
35
246
270
305
337
82
70
79
79
77
77
77
2
2
526
468
59
536
478
58
536
473
63
71ft
802
718
801
7 798
8,010
2,758
« 1
65
?
603
,?4?
343
223
171
153
138
112
108
110
18
18
147
145
3
101
205
21
3
3
2
2
To other industry total
Reconstruction Finance Corporation"
Other agencies
191
118
73
?,32
149
83
192
151
41
272
241
31
310
272
38
462
423
38
458
400
58
488
415
74
267
HI 4
14
793
7
447
525
445
824
814
7
436
6
515
8
433
8
S16
4
4
?
9
864
8
806
864
66
131
20
60
195
12
221
Foreign, total
Export-Import Bank
526
284
??5
..
?5?
274
1 749
(
(
1 237
?
Other acencies'
All other purposes total
Reconstruction Finance Corporation*
8
877
305
8
707
309
106
7,86
112
438
623
206
i
714
584
80
2
154
101
64
7
9
914 2 986
498 2,540
111
2
516
457
58
611
7
( 7)
)
611
9
S5
547
55
87?
58
484
531
779
1 095
88
297
59
366
100
99
105
109
126
368
476
185
173
140
340
278
190
294
113
96
478
395
73?
278
1 683
1 873
1 685
43
43
47
48
48
72
39
821
110
52
61
609
SI
688
50
919
133
159
54
626
142
226
830
57
612
160
252
.
74
39
46
42
51
43
199
249
88
71
16
1
78
66
11
1
?
645
43
53
44
2 588
2 586
60
43
52
45
43
62
45
311
460
378
397
421
43
?
43
67
145
70
136
144
118
161
145
139
274
275
is
87
106
230
159
46
24
114
108
35
11
133
98
29
6
107
83
22
2
2 ,942 2 ,288 1 ,265
1 ,450 1 ,034
463
1 053 1 131
667
438
122
134
822
448
235
138
627 1 ,549 1 ,774 1,461 1 ,28© 1 ,259 2 ,201 2,259
437 1 ,376 1 ,638 1,174
978 1 ,013 1 ,876 1,884
108
157
142
129
119
17?
134
114
32
30
28
159
131
128
241
211
7
7S
760
78
8
49
897
30
321
289
63
71
Commodity Credit Corporation
Reconstruction Finance Corporation •
Other agencies
Public Housing Administration
44
66
151
.
Land structures, and equipment, total
10
1 814 2 047 2 075 2,226
43
43
43
43
60
Commodities, supplies, and materials, total
244
55
26
199
184
193
200
172
214
208
212
211
218
1?
1?
17
8
188
144
744
13?
285
17?
330
316
318
344
8
8
8
7
1
)
48
1 ,045 1 ,020 1 ,064 1 ,205 1 ,307 1,353 1 ,437 1 ,500 1 508 1,509
1
20
1
1
1
1
21
1
1
1
318 3 ,385 3 ,385 3 ,385 3 ,385 3,385 3 ,385 3 ,385 3 385 3,385
44
36
8
4?
35
45
39
6
44
38
5
1
12 ,600 3 ,060 2 ,962 2 ,945 3,358 3 ,213 3 ,240 7 ,867 7,911
700
???
777
?04 1 448 1 ,352 1 ,748 1,251 1 ,173 1 ,149 1 029 1 030
630
35
605
611
594
199
6 576 6 919 2 861
197
181
185
721
793
754
710
727
886 1,048 1 ,251 1 ,299 1 ,360 1,405
830
••
,113 3 395 3 ,301 3 ,30S
s ,477 7 ,813 7 ,764 6 507
,802 P4.802
189
168
262 1 ,948 2 ,044 1 ,793
206
465
590
595
491
493
. . . . 16 ,237 21 ,017 16 ,924
Bonds, notes, and debentures payable (not
guaranteed), total
Federal home loan banks
246
43
424
Reconstruction Finance Corporation
Production credit corporations
Federal land banks*
99
5 673 6 102 6 090 6 078 6,110 7 ,736 7 713
145 7 187 7 776 2,296 9 496 9 466
1 978
1 630
U S Government securities, total
Banks for cooperatives
Federal intermediate credit banks
Production credit corporations
.
.
Federal land banks J
Federal home loan banks
Federal Savings and Loan Insurance Corp
Home Owners' Loan CorDoration ^
Federal Housing Administration
Public Housing Administration *"
Reconstruction Finance Corncration '
Federal Deposit Insurance Corporation
.
Banks for cooperatives
114
394
6 387 5 290 6 649 9 714 11 ,692 12 733 13 ,228 14,422 17 ,8?6 18 089 17 637 18,502
Total loans receivable (net)
Investments:
Other agencies **
•
4
140
777
800 3 450 3 ,750 3 750 3 750 3,750 5 ,182 5 191 5 196 5,199
448
Other agencies
735
20
658
768 1 251 1 528 2,142
199
828 1 347 1,850
371
Federal home loan banks
Other agencies
22
646
?3
653
1 ,920 1 966 9 014 2,062
782 1 ,476 1 9?7 1 163 1,651
6
6
5
5
5
1,742
To railroads total
Reconstruction Finance Corporation
Other agencies
.
3
556
4
6
6
636
10
57
81
1 091
17
4
109
558
734
280
6
?,37
Other agencies
2
2
3, 385 2, 878 2, 884 2, 299 3 632 4 362 3 884 4,161 5 ,070 5 671 4, 997 5,512
189
30?
305
345
73?
776
197
425
424
367
336
437
510
257
231
273
336
426
633
673
728
824
781
1 ??0 1 088
986
To aid agriculture total
Federal intermediate credit banks
Federal land banks *
Tennessee Valley Authority.
U S Maritime Commission ^
War Shinning Administration
of quarter
1 ,395 1 ,113 1 ,252
33
74
774
745
793
818
792
756
71?
69
169
67
689
69
358
965
70
480
772 1 ,190 1,369 1 ,330 1 ,107 1 ,131 1,243
78
110
170
181
14S
112
119
490
570
674
704
710
788
776
262
415
204
560
525
445
252
231
349
For footnotes see following page.
486
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 *
Date, and corporation or agency
Total
All agencies:
1944—Dec. 31
1945—Dec. 31
1946—Dec. 31
1947—Dec. 31 »
1948—Dec. 31 *
1949—Dec. 31
1950—Dec. 31
1951—Dec. 312
1952—Dec. 312
1953—Mar. 312
Tune 30
Sept. 30
Classification by agency,
Sept. 30, 1953
Department of Agriculture:
Farm Credit Administration:
Banks for cooperatives
Federal intermediate credit banks
Production credit corporations
Agricultural Marketing Act
Federal Farm Mortgage Corp
Rural Electrification Administration
Commodity Credit Corporation
Farmers Home Administrations
Federal Crop Insurance Corp
CommodiLoans ties,
supreCash ceiv- plies,
able and
materials
Bonds, notes,
U. S. Priand debenGov- vately
tures payable
Land,
ernstruc- Other
Other ment owned
tures, asliabil- inter- interest
and
est
U. S.
ities
sets Fully
guarGovt. Other equipsecu- ment
anteed Other
secu- rities
by
rities
U. S.
Investments
31,488
33,844
30,409
30,966
21,718
23,733
24,635
26,744
756
925
1,398
1,481
630
441
642
931
6,387
5,290
6,649
9,714
11,692
12,733
13,228
14,422
2,942
2,288
1,265
822
627
1,549
1,774
1,461
1,632
1,683
1,873
1,685
1,854
2,047
2,075
2,226
424 16,237
325 21,017
547 16,924
3,539 12,600
3,518 3,060
3,492 2,962
3,473 2,945
3,463 3,358
29,945
30,564
36,153
37,141
944
936
1,063
1,096
17,826
18,089
17,637
18,502
1,280
1,259
2,201
2,259
2,421
2,645
2,588
2,586
3,429
3,427
3,430
3,429
405
886
51
(7)
22
2,182
3,932
639
42
3,111 1,537 1,395 4,196 23 ,857
555 1,113 4,212 27,492
2,317
261 1,252 3,588 24 ,810
1,753
82
689 2,037 28,015
1,125
337
38
965 1,663 18,886
509
28
772 1,720 21,030
23 1,190 1,193 21,995
499
882
43 1,369 1,161 23,842
504
472
498
143
166
183
234
329
1,330
1,107
1,131
1,243
1,728 26,456
2,069 26,938
1,979 32,576
2,075 33,335
378
401
415
424
119
776
259
99
51
(7)
21
2,182
738 3,193
7
631
13
29
25
349
485
()
6
211
37
228 1,805
238
11 2,540
126
399
832
3,213
968
3,240
7,867 1,367
7,911 1,357
53
48
51
63
333
781
()
20
2,060 1,884
1,561
549
Housing and Home Finance Agency:
Home Loan Bank Board:
Federal home loan banks
Federal Savings and Loan Insurance Corp.
Public Housing Administration
Federal Housing Administration
Office of the Administrator:
Federal National Mortgage Association..
Other
1,233
217
1,842
528
30
801
108
51
620
37
2,551
127
2,540
)
71
28
Reconstruction Finance Corporation:
Assets held for U. S. Treasury «
Other M
Export-Import Bank
Federal Deposit Insurance Corp
Tennessee Valley Authority
Federal Maritime Board and Maritime Adm.p
All other
353
815
2,781
1,529
1,787
5,390
9,831
1
3
24
726
3 2,760
6
350
141
163 5,641
1
108
397
211
1,030
1
318
87
371
27
12
4
5
84
120
10
4
134
()
22
51
168
180
1
1,509
()
1,405
4,802
3,385
358
()
34
28
18
15
10
396
115
62
36
34
100
46
249
70
353
779
2,747
1,429
1,741
5,140
9,761
P Preliminary.
1
Loans by purpose and agency are shown on a gross basis; total loans and all other assets are shown on a net basis, i. e., after reserve for
losses.
2
Several changes in coverage have been made over the period for which data are shown. The more important are: exclusion of the following
agencies following repayment of the U. S. Government interest—Federal land banks after 1946 and the Home Owners' Loan Corporation after
June 1951; exclusion of the United States Maritime Commission (including War Shipping activities) after 1947, when this agency ceased to report
to the U. S. Treasury; and inclusion of the Mutual Security Agency beginning June 1952 and of the Federal Maritime Board and Maritime Administration beginning June 1953.
» This agency, successor to the Farm Security Administration, took over the continuing functions of the latter agency in 1946. Earlier figures
have been adjusted to include the FSA. Figures for 1944 and 1945 also include Emergency Crop and Feed Loans of the Farm Credit Administration, transferred to the FSA in 1946. Figures through 1948 include the Regional Agricultural Credit Corporation, the assets and liabilities of
which have been administered by the Farmers Home Administration since dissolution of the RACC in 1949. These activities are reported currently in the Treasury Compilation as "Disaster Loans, etc., Revolving Fund."
4
Assets and liabilities transferred to the Reconstruction Finance Corporation on June 30, 1947.
8
Reconstruction Finance Corporation loans to aid home owners, which increased steadily through the first three quarters of 1947 and during
1948, appear to have been included with "other" loans in the statement for Dec. 31, 1947.
• Figures have been adjusted to include certain affiliates of the Reconstruction Finance Corporation. Several of these—including the Defense
Plant Corporation, Defense Supplies Corporation, Metals Reserve Company, and Rubber Reserve Company—were merged with the parent
effective July 1, 1945. Most of their activities were reflected under "Commodities, supplies, and materials" and "Land, structures, and equipment."
7 Less than $500,000.
s Foreign loans, except for the Export-Import Bank, are included with "all other purposes" until 1945.
9
Treasury loan to the United Kingdom (total authorized amount of which was 3,750 million dollars) and, beginning with the balance sheet
for June 30, 1952, outstanding loans of the Mutual Security Agency (totaling about 1,500 million on that date).
1 Reflects activities of the Federal Public Housing Authority under the U. S. Housing Act, as amended, until July 27, 1947, when these activi0
ties were transferred to the newly established Public Housing Administration. War housing and other operations of the Authority—shown on
the Treasury Statement with "other agencies" through 1947—were not transferred to the PHA until 1948.
11
Beginning 1951, includes figures for Panama Canal Company, a new corporation combining the Panama Railroad Company (included in
earlier Treasury Statements) and the business activities of the Panama Canal (not reported prior to that time). See also footnote 10.
" Assets representing unrecovered costs to the Corporation in its national defense, war, and reconversion activities, which are held for the
Treasury for liquidation purposes in accordance with provisions of Public Law 860, 80th Congress.
" Include?figuresfor Smaller War Plants Corporation, which is being liquidated by the Reconstruction Finance Corporation.
NOTE.—Statement includes certain business-type activities of the United States Government. Figures for some agencies—usually small
ones—may be for dates other than those indicated. Comparability of thefigureswith 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.
MAY
1954
487
SECURITY MARKETS »
Bond prices
Stock pri(:es
Common
U. S. Govt.
(long-term)
CorpoMunicipal rate
Pre(high- 4 (high- 4 ferred'
New grade) grade)
Year, month,
or week
Old
seriesa
Number of issues. .
1951 average
1952 average
1953 average
1953—Apr
May
June
July
Aug.
Sept
Oct
Nov
Dec
1954—j a n
Feb.
Mar
Apr
Week ending:
Apr. 3
Apr. 10
Apr. 17
Apr. 24
May 1
series'
3-7
1
Standard and Poor's series
(index, 1935 39—100)
98.85
97.27
93.90
93.25
91 59
91.56
92.98
92 89
93.40
95.28
94 98
95.85
97.42
98 62
99.87
100.36
99.98
100.48
100.21
100.36
100.45
l6i.46
99 75
99.16
100.03
100 44
101.00
103.30
103 67
104.93
106.16
107 04
109.11
109.65
109.09
109.68
109.41
109.76
109.86
Manufacturing
Total
Industrial
Volume
of
trading^
(in
thousands
Minof
ing shares)
Securities and Exchange Commissi on series
(index, 1939=100)
PubRail- lic Toroad util- tal
ity
Total
TransDu- Non- portadu- tion
rarable ble
Public
utility
Trade,
finance,
and
service
480
420
20
40
265
170
98
72
21
28
32
14
133.0 117.7 170.4 177
129.3 115.8 169.7 188
119.7 112.1 164.0 189
192
204
149
169
112
118
185
195
207
220
179
189
233
249
199
221
113
118
204
170
122
193
220
193
245
219
122
208
206
207
205
C
276
241
252
247
237
237
236
219
219
231
230
1,637
1,227
1,185
967
1,138
1,294
1,225
1,482
1,644
1,752
1,919
15
17
15
1,684
1,313
1.419
121.3
119.4
115.2
115.1
116 8
116.9
119.7
121 4
122.3
111.7
109.8
108.8
110.7
111.4
110.9
112.6
113 6
113.5
161.7
160 0
156.8
160.1
163 1
162.8
167.3
168 8
166.5
190
190
206
205
173
174
122
121
194
194
220
221
194
196
245
244
223
226
120
120
183
198
169
213
187
236
219
186
187
200
202
187
117
174
170
117
188
186
119
121
193
156
122
124
125
187
191
.193
205
214
219
222
175
119
197
202
206
181
199
183
188
191
157
159
157
120
184
190
192
243
245
232
240
245
249
223
217
179
202
204
200
121
123
125
207
209
204
206
206
198
201
207
209
123.6
125 5
125.6
123.9
114.5
116 5
117.9
118.1
168.7
171 8
173.3
174.3
195
200
205
213
211
217
223
233
160
166
165
164
127
129
131
133
198
203
207
216
228
234
240
253
199
204
210
223
256
261
268
280
206
215
212
212
126
128
130
132
213
216
215
220
239
250
259
266
2,089
124.6
124.1
123.9
123.8
123.8
118.1
118.2
118.2
118.1
117.7
173.8
174.3
174.0
174.5
174.2
208
209
214
213
215
227
229
234
234
236
164
162
165
162
165
132
132
133
133
133
212
214
217
216
220
247
250
254
254
259
218
221
224
224
230
274
277
282
282
287
212
212
212
209
213
131
131
132
132
133
220
218
220
220
221
266
266
267
264
267
2,157
2,066
2,086
1,979
2,240
119
121
190
190
217
217
.669
c
Corrected.
1
Monthly and weekly data for U. S. Government bond prices and volume of trading are averages of daily figures; for other series monthly
and weekly data are based on figures for one day each week—Wednesday closing prices for municipal and corporate bonds, preferred stocks, and
common stocks (Standard and Poor's Corporation) and weekly closing prices for common stocks (Securities and Exchange Commission).
2
Fully taxable, marketable 2)4 per cent bonds first callable after 12 years. Of these the 1967-72 bonds are the longest term issues. Prior
to Apr. 1, 1952, only bonds due or first callable after 15 years were included.
8The 3\i per cent bonds of 1978-83, issued May 1, 1953.
^Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond.
Standard and Poor's Corporation. Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual
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
Debit
Debit
Customers' balances in balances in
debit
partners'
firm
balances investment investment
(net)i
and trading and trading
accounts
accounts
1950—December...
1951—June
December...
1952—June
December...
1953—March
April
May
1,356
1,275
1,292
1,327
1,362
81,513
31,594
31,671
1,684
81,664
July
31,682
August
September. . 31,624
31,641
October
November.. 31,654
1,694
December...
1954—January.... 31,690
31,688
February...
31,716
March
Credit balances
Cash on
hand
and in
banks
Customers'
credit balances*
Money
borrowed 2
Other credit balances
In partners'
In firm
investment investment In capital
and trading and trading accounts
(net)
accounts
accounts
8
399
375
392
427
406
397
364
378
365
343
7
347
282
8
404
297
Other
(net)
745
680
695
912
920
890
834
816
708
724
230
225
259
219
200
36
26
42
23
35
12
13
11
16
9
317
319
314
324
315
3966
31,068
9
10
12
9
Free
3744
3738
3673
653
8651
8641
8674
8672
8682
709
3741
3 768
3787
163
23
16
319
208
28
31
313
l',216
31,161
31,182
31,070
31,098
31,127
1,170
31,108
31.062
31,051
1
Excludes balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2)
firms' own partners.
1
Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges).
3As 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): January, 34; February, 35; March, 39.
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.
488
FEDERAL RESERVE
BULLETIN
BANK RATES ON BUSINESS LOANS
AVERAGE OF RATES CHARGED ON SHORT-TERM LOANS
TO BUSINESS BY BANKS IN SELECTED CITIES
[Per cent per annum]
OPEN MARKET MONEY RATES IN NEW YORK CITY
(Per cent per annum]
Year,
month, or
week
Prime
commercial
paper,
4- to 6montha 1
U. S. Government
securities (taxable)
Prime
bankera'
accept- 3-month bills
9-to 12- 3- to 5ancea,
year
90
Rate month
days 1 Market on new issues 2 issues 1
yield
issues
1951 average
1952 average
1953 average
2.17
2 33
2.52
I 60
L.75
1953—April
May
August....
September.
October. . .
November.
December..
2.44
2.68
2 75
2 75
2.75
2.74
2.55
2.32
2.25
L.88
L .88
I 88
L 88
L.88
1.88
1954—January...
February..
March
April
2.13
2.00
2.00
1.77
Week ending:
Apr. 3 . . .
Apr. 10. . .
Apr. 17. . .
Apr. 2 4 . . .
May 1 . . .
2.00
2.00
1.69
1.69
I.b9
June
July
Size of loan
All
loans
Area and period
Annual averages:
19 cities:
1945
1946
1947
1948
1949
1950
1951
1952
1953
$1,000- $10,000- $100,000- $200,000
$10,000 $100,000 $200,000 and over
2.2
4.3
3.2
2.1
2.1
2.5
2.7
2.7
4.2
4.2
4.4
4.6
4.5
2.3
2.0
3.1
3.1
3.5
3.7
3 6
1.7
1.8
2.2
2.4
2 4
4.7
4.0
3.5
3.7
4.9
5.0
4.2
4.4
2.2
2.5
2 8
3.0
3 0
3.4
3.7
3.9
3.3
3.5
Quarterly:
19 cities:
1953—jUne
Sept.
Dec. . . .
1954—Mar
3.73
3.74
3.76
3.72
4.98
5.01
4.98
4.99
4.38
4.40
4 39
4.37
3.91
3.93
3 96
3.94
3.53
3.54
3.57
3.52
1 52
1.72
1.90
1.552
1.766
1.931
1 73
1 81
2 07
1.93
2.13
2.57
L.88
L.88
2.19
2.16
2 11
2 04
2.04
1.79
1.38
1.44
1.60
2.177
2.200
2.231
2 101
2.088
1.876
1,402
1.427
1.630
2
2
2
2
2
2
1
1
1
27
41
46
36
33
17
72
53
61
2.61
2.86
2 92
2 72
2.77
2.69
2.36
2.36
2.22
.88
1.18
1.214
.984
1.053
1.011
1 33
1 01
1 02
90
2.04
1.84
1.80
1.71
New York City:
1953—j u n e
Sept. . .
Dec
1954—Mar
3.52
3.52
3.51
3.50
4.63
4.76
4.70
4.79
4.25
4.25
4.25
4.27
3.79
3.76
3 77
3.75
3.39
3.40
3.38
3.37
1.063
1.013
1.066
1.027
.886
92
99
94
88
78
1.75
1.73
1.74
1.70
1.66
7 Northern and Eastern cities:
3.71
1953—Tune
3 71
Sept.
3 79
Dec.
3.74
1954—Mar
5.07
5 08
5.07
5.06
4.38
4.45
4.40
4.36
3 87
3 91
3.96
3.97
3.54
3.52
3.63
3.57
11 Southern and
Western cities:
1953—June
Sept
Dec
1954—.Mar.
5.09
5.10
5.06
5.05
4.46
4.46
4.46
4.43
4.02
4.06
4.09
4.03
3 79
3.86
3.86
3.76
.88
.88
.97
1.69
48
.25
1 .03
.25
.25
.25
.25
1.03
1.00
1.04
.96
.99
.82
1.25
1
Monthly
2
figures are averages of weekly prevailing rates.
Series includes certificates of indebtedness and selected note and
bond issues.
3
Series includes selected note and bond issues.
Back figures.—See Banking and Monetary Statistics, Tables 120-121,
pp. 448-459, and BULLETIN for May 1945, pp. 483-490, and October
1947, pp. 1251-1253.
3.1
4.05
4.10
4.10
4.03
2.9
NOTE.—For description of series see BULLETIN for March 1949
pp. 228-237.
BOND AND STOCK YIELDS 1
[Per cent per annum]
Bonds
U. S. Ck>vt.
(long-term)
Year, month,
or week
Old
series2
Industrial stocks
Corporate (Moody's)
Municipal
(highgrade) 4
New
series3
5
By groups
By ratings
Total
Aaa
Aa
A
Baa
Industrial
Railroad
Earnings/
price
ratio
Dividends/
price ratio
Public
Preutility ferred 6
Common 8
Common 7
1
15
120
30
30
30
30
40
40
40
15
125
125
L 951 average
1952 average
1953 average
2.57
2.68
2.93
"3.16"
2.00
2.19
2.72
3.08
3.19
3.43
2.86
2.96
3.20
2.91
3.04
3.31
3.13
3.23
3.47
3.41
3.52
3.74
2.89
3.00
3.30
3.26
3.36
3.55
3.09
3.20
3.45
4.11
4.13
4.27
6.29
5.55
5.51
10.42
9.49
'•10.14
1953—April
May
June
July
August
September...
October
November...
December. . .
2.97
3.09
3.09
2.99
3.00
2.97
2.83
2.85
2.79
3.29
3.25
3.22
3.19
3.06
3.04
2.96
2.63
2.73
2.99
2.99
2.88
2.88
2.72
2.62
2.59
3.40
3.53
3.61
3.55
3.51
3.54
3.45
3.38
3.39
3.23
3.34
3.40
3.28
3.24
3.29
3.16
3.11
3.13
3.29
3.41
3.49
3.42
3.39
3.43
3.33
3.26
3.28
3.44
3.58
3.67
3.62
3.56
3.56
3.47
3.40
3.40
3.65
3.78
3.86
3.86
3.85
3.88
3.82
3.75
3.74
3.27
3.39
3.48
3.42
3.37
3.40
3.33
3.27
3.28
3.51
3.63
3.73
3.67
3.61
3.65
3.56
3.51
3.52
3.44
3.57
3.62
3.56
3.54
3.58
3.46
3.38
3.37
4.33
4.38
4.47
4.37
4.29
4.30
4.19
4.15
4.21
5.52
5.53
5.60
5.44
5.79
5.76
5.60
5.53
5.54
1954—January
February....
March
April
2.68
2.60
2.51
2.47
2.90
2.85
2.73
2.70
2.50
2.39
2.38
2.47
3.34
3.23
3.14
3.12
3.06
2.95
2.86
2.85.
3.22
3.12
3.03
3.00
3.35
3.25
3.16
3.15
3.71
3.61
3.51
3.47
3.23
3.12
3.05
3.04
3.47
3.35
3.24
3.19
3.31
3.23
3.14
3.13
4.15
4.08
4.04
4.02
5.28
5.29
5.07
4.86
Week ending:
Apr. 3
Apr. 10
Apr. 17
Apr. 24
May 1
2.50
2.45
2.48
2.47
2.46
2.73
2.70
2.72
2.70
2.69
2.44
2.46
2.47
2.48
2.48
3.12
3.12
3.11
3.12
3.13
2.85
2.85
2.85
2.85
2.87
3.00
3.00
2.99
3.00
3.01
3.15
3.15
3.15
3.15
3.15
3.47
3.47
3.46
3.47
3.47
3.04
3.04
3.04
3.04
3.05
3.19
3.19
3.18
3.19
3.20
3.13
3.12
3.12
3.12
3.13
4.03
4.02
4.02
4.01
4.02
5.03
4.97
4.92
4.90
4.86
N"umber of issues...
3-7
10.45
10.76
r
10.49
9.12
r
1
Revised.
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. 31, 1952, only bonds due or first callable after 15 years were4 included.
The 3Ji per cent bonds of 1978-83, issued May 1, 1953. Standard and Poor's Corporation.
5
Moody's Investors Service, week ending Friday. Because of a limited number of suitable issues, the industrial Aaa and Aa groups have
been 6reduced from 10 to 6 issues, and the railroad Aaa and Aa groups from 10 to 5 and 4 issues, respectively.
Standard and Poor's Corporation. Ratio is based on 9 median yields in a sample of noncallable issues, 12 industrial and 3 public utility.
7
Moody's Investors Service. 8 Computed by Federal Reserve from data published by Moody's Investors Service.
Back figures.—See Banking and Monetary Statistics, Tables 128-129, pp. 468-474, and BULLETIN for May 1945, pp. 483-490, and October
1947, pp. 1251-1253.
MAY
1954
489
TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS
[On basis of daily statements of United States Treasury unless otherwise noted.
In millions of dollars]
Summary
Budget receipts and
Period
Sales and
Trust redemptions Clearand
in market
ing
other
of Govt.
acacagency
count
counts obligations
Expenditures
Surplus
or
deficit
Cal. yr.—1950
1951 . . .
1952 . . .
1953 . . .
Fiscal yr.—1950 .
1951 .
1952 .
1953 .
37,834 138,255
53,488 56,846
65,523 71,366
64,469 73,626
37,045 40,167
48,143 144,633
62,129 66,145
65,218 74,607
1-422
-3,358
-5,842
-9,157
-3,122
13,510
-4,017
-9,389
1950—July-Dec'..
1951—Jan.-June.
July-Dec..
1952—Jan.-June.
July-Dec..
1953—Jan.-June.
July-Dec..
Monthly:
1953—Apr . . .
18,464 119,063
29,679 25,570
23,809 31,276
38,320 34,869
27,204 36,497
38,014 38,110
26,454 35,515
1-599 1-173
468
4,109
291
-7,467
-72
3,451
121
-9,293
2,849
4,380
9,744
3,308
4,568
6,041
2,659
4,695
5,183
2
4,471
5,444
11,434
n.a.
Net
receipts
May
June
July . . .
Sept.
Oct
Nov
Dec
1954—j a n
Feb. 3
Mar
Apr
6,362
6,241
7,988
6,068
6,042
6,119
5,477
5,423
6,387
25,071
4,707
5,555
n.a.
Increase or
decrease (—J
during perioc
Excess of receipts
or expenditures (—)
expenditures
1-38
349
56
-90
19
-22
384
-72
-25
1295
219
462
46
-71
90
341
-9,061
-259
—3,513
— 1,862
1,756
—2,759
— 1,473
—157
—2,818
—728
—1,204
-600
—50
38
32
26
1
75
—70
116
—59
-28
377
65
—260
299
—40
-149
—37
—72
-144
527
253
289
—428
—373
466
—430
117
235
—376
29
559
— 135
-160
n.a.
—117
n.a.
n.a.
737
5,879
n.a.
-254
40
-146
-255
-64
-248
40
-136
-96
—79
87
-106
-319
-209
483
-214
-401
-312
392
-8
64
759
49
82
121
-60
Gross
direct
public
debt
General fund of theTreasury
(end of period)
General
fund
balance
-423
2,711
7,973
Deposits in
Balance
in
general
fund
F. R. Banks
Special
Avail- In proc- deposess of
able
collec- itaries
funds
tion
4,587
-2,135
3,883
6,966
-447
62
1, 770
188
-1.'
2 , 347
1, 339
-388
- 2 , 299
4 ,232
4 ,295
6 ,064
4 ,577
5 ,517
-650
-1,486
4,197
-313
8,286
-1,320
9,097
- 1 , 285
3 , 124
- 3 , 062
2 , 674
-904
- 1 , 394
-94
4 ,232
4 ,295
6 ,969
6 ,064
4 ,670
4 ,577
— 3 . 326
57
1, 032
4 , 071
— 1 , 067
— IQrt
— 2 , 352
797
—1,
533
944
1, 366
- 1 , 567
3 ,582
3 ,639
4 ,670
g ,741
7 ,674
7 ,478
5 ,126
5 ,923
4 ,577
4 ,044
4 ,988
6 ,355
4 ,787
7,777
105
1,930
—449
6,598
536
—269
449
1,822
—40
—320
—67
-4,546
811
7 ,357
6 ,969
4 ,670
7 ,357
Other
net
assets
690
321
389
346
950
338
333
132
129
146
176
131
143
250
355
210
2,344
2,693
4,368
3,358
3,268
5,680
5,106
3,071
1.069
,134
,132
690
338
321
333
389
132
346
129
250
146
355
176
210
131
2,344
5,680
2,693
5,106
4,368
3,071
3,358
1,069
1,089
1,134
1,175
1,132
1,256
1,859
2,109
3,071
6,690
5,825
5,255
2,892
4,545
3,358
2,406
3 458
4,379
3,273
1,151
1,201
1,256
,322
1,257
1,398
.387
180
108
210
181
96
183
185
81
131
363
167
462
180
393
221
132
548
496
642
662
451
346
404
548
722
579
742
,156
,089
,175
,256
742
847
742
871
816
792
756
Budget expenditures
Major national security programs
Period
Total*
Cal. yr.—1950
1951
1952..
1953. .
Fiscal yr.—1950.
1951.
1952.
1953.
Semiannual totals:
1950—July-Dec.
1951—Jan.-June..
July-Dec. .
1952—Jan.-June..
July-Dec. .
1953—Jan.-June.,
July-Dec..
Monthly:
1953—Mar
Apr.
May
June
July
Aug
Sept
Oct
Nov
Dec
1954—jan
Feb.3
Mar
National
defense
Military
assistance
abroad
38,255
56,846
71,366
73,626
40,167
44,633
66,145
74,607
18.509
37,154
51,121
52,817
17,950
25,891
46,319
52,847
13,476
30,275
43,176
44,465
12,346
19,955
39,033
44,584
291
1 559
2 975
3 810
44
884
2 228
3 760
19,063
25,570
31,276
34,869
36,497
38,110
35,515
9,850
16,041
21,113
25,206
25,915
26,932
25,885
7,505
12,450
17,825
21,208
21,968
22,616
21,848
6,187
6,362
6,241
7,988
6,068
6,042
6,119
5,477
5,423
6,387
2
5 071
4,707
5,555
4,670
4,582
4,481
4,815
4,645
4,172
4,392
4,266
4,034
4,377
P3.681
n.a.
n.a.
3,789
3,891
3,746
4,056
3,890
3,519
3,787
3,647
3,540
3,465
3,001
n.a.
n.a.
Total
1
1
2
1
VetInter- A t o m i c Inter- erans
est
naAdminEnergy
on
tional C o m debt istraecotions
misnomic
sion
aid«
4
3
2
2
4
3
2
2
Social
seAgricurity
culproture 7
grams6
Housing
and
home
finance
.272
611
1,278
1,813
1,889
524
908
1,648
1,802
5,580
5,983
6,065
6,357
5,750
5,613
5,859
6,508
5,714
5,088
4,433
4,157
6,043
5,288
4,748
4,250
1,351
1,463
1,508
1,630
1,375
1,415
1,424
1,593
1,499
1,010
1,564
3,238
2,986
635
1,219
3,063
247
637
921
306
669
092
718
1 692
2 170
1 389
1 514
1 ,137
1 134
1 056
341
567
711
937
876
926
963
2,390
3,223
2,761
3,099
2,966
3,542
2,816
2,678
2,610
2,479
2,269
2,164
2,086
2,072
670
745
718
706
802
791
839
164
470
540
679
885
2,178
1,059
523
366
285
325
451
197
232
155
198
484
385
256
321
181
120
278
246
151
258
169
175
162
141
«>104
P121
157
167
153
140
117
157
155
208
95
231
142
160
181
563
372
179
358
350
348
343
369
330
323
336
343
371
340
340
334
10
239
125
128
177
120
101
211
123
108
172
P128
P114
281
293
581
382
254
377
275
-12
302
— 137
309
P-135
-104
P194
-54
012
560
652
190
941
863
904
P54
1,882
237
206
56Q
354
164
1,294
245
372
588
Post
Public office
works deficit
1,305
1,079
2,464
2,315
2,487
2,593
2,781
2,276
2,402
2,570
260
364
320
420
355
305
220
804
168
848
457
737
342
441
1,210
1,066
1,249
1,153
1,333
1,236
1,357
—30
125
58
13
92
59
53
157
60
18
95
57
P216
P5
P6
193
232
213
194
237
270
217
189
234
209
1,551
1,438
1,573
1,685
1,575
1,458
1,515
1,655
643
684
775
525
593
624
740
660
-117
878
580
858
657
916
740
945
—3
—35
66
-10
-78
95
34
-46
—89
—32
—31
88
193
155
145
174
155
158
161
157
140
97
-17
694
646
-159
-270
460
614
382
158
302
392
222
424
-42
n.a.
n.a.
Transfers
to
Other
trust
accounts
50
160
60
"42"
91
961
1,016
1,193
783
1,383
972
P241
n.a.
n.a.
P Preliminary.
n.a. Not available.
1 Beginning November 1950, investments of wholly owned Government corporations in public debt securities are excluded from Budget expenditures, and included with other such investments under "Trust and other2 accounts." Adjustments for July-October 1950 investments were
made by the Treasury in the November 1950 and January 1951 figures. Not adjusted for Treasury's revised treatment of carriers' taxes.
* Beginning February, figures are on basis of revised Treasury monthly statement and not necessarily comparable with back data.
4
Includes the following not shown separately: Maritime activities, special defense production expansion programs, Economic Stabilization
Agency, and Federal Civil Defense Administration.
6
Consists of foreign economic and technical assistance under the Mutual Security Act, net transactions of the Export-Import Bank, and other
6
nonmilitary foreign aid programs, as well as State Department expenditures.
Excludes transfers to trust accounts, which are shown separately.
7
Includes Farm Credit Administration and Agriculture Department, except expenditures for forest development of roads and trails which are
included with public works.
490
FEDERAL RESERVE BULLETIN
TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS—Continued
[On basis of daily statements of United States Treasury, unless otherwise noted.
In millions of dollars]
Treasury receipts
Internal revenue collections
(on basis of Internal Revenue
Service)
Budget receipts, by principal sources
Income
and old-age
insurance taxes
Period
Withheld
by
employers
Cal. yr.—1950
1951
1952
1953
Fiscal yr.—1950
1951
1952
1953
Semiannual totals:
1950—July-Dec. . .
1951—Jan.-June.. .
July-Dec. . .
1952—Jan.-June...
July-Dec. . .
1953—Jan.-June...
July-Dec. . .
Monthly:
1953—Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1954—Jan
Feb.2
Mar
Other
Individual
Corporation
Deduct
Miscellaneous
internal
revenue
Taxes
on
carriers
and on
employers
of 8 or
more
Other
receipts
Total Approbudget
priaretions
ceipts to oldage
trust
fund
Individual income and oldage insurance
taxes
Withheld
Other
Corporation
income
and
profits
taxes
Estate
and
gift
taxes
13,775
19,392
23,658
26,323
12,180
16,654
21,889
25,058
17, 361
26, 876
34, 174
30, 524
18, 189
24, 218
33, 026
33, 101
8,771
9,392
10,416
11,211
8,303
9,423
9,726
10,870
770
944
902
896
776
811
994
902
1,980
2,337
2,639
2,570
1,862
2,263
2,364
2,525
42,657
58,941
71,788
71,524
41,311
53,369
67,999
72,455
2,667
3,355
3,814
3,918
2,106
3,120
3,569
4,086
2,156
2,098
2,451
3,137
2,160
2,107
2,302
3,151
37,834
53,488
65,523
64,469
37,045
48,143
62,129
65,218
12,963
18,840
23,090
26,162
11,762
15,901
21,313
24,750
7,384
10,362
11,980
11,401
7,264
9,908
11,545
11,604
9,937
16,565
22,140
19,195
10,854
14,388
21,467
21,595
658
801
849
923
706
730
833
891
7,209
9,445
9,947
11,942
11,716
13,342
12,981
6, 841
17, 376
9, 499
23, 526
10, 647
22, 454
2,799 5,272
4,779
4,644
4,748
4,978
5,438
5,432
5,779
317
494
449
545
357
545
352
1,039
1,223
1,114
1,251
1,388
1,137
1,433
20,185
33,184
25,757
42,242
29,546
42,910
28,614
1,411
1,709
1,646
1,922
1,891
2,195
1,723
311
1,796
302
2,000
451
2,700
437
18,464
29,679
23,809
38,320
27,204
38,014
26,454
6,858
9,043
9,798
11,515
11,574
13,176
12,986
1,881
8,027
2,335
9,210
2,770
8,834
2,567
4,971
9,416
7,149
14,318
7,821
13,773
5,422
303
427
374
459
390
502
422
2,102
1,170
3,399
2,138
1,252
3,500
1,837
1,138
3,416
1,838
904
3,664
2,002
8, 551
1, 837
490
6, 986
651
474
326
79
1,636
1,689
385
159
89
336
309 1,938
2,122
490
1,044
396
2,454 7,353
993
880
922
939
937
955
981
1,019
968
919
749
860
954
66
14
109
54
19
106
55
16
107
48
21
304
56
158 11,870
144 4,044
220 5,140
206 10,323
286 3,619
187 5,153
203 6,402
176 2,894
229 5,144
351 5,403
332 4,619
199 6,468
193 13,013
425
232
516
420
206
519
299
160
388
151
84
598
589
944
963
244
159
105
65
63
75
60
69
64
306
940
10,502
2,849
4,380
9,744
3,308
4,568
6,041
2,659
4,695
5,183
14,471
35,444
11,434
328
1,667
4,520
527
1,792
4,434
313
1,934
4,398
115
1,115
n.a.
n.a.
2,698
855
151
1,437
324
91
1,631
79
77
364
2,372
n.a.
n.a.
6,171
654
359
5,683
651
326
1,767
478
318
1,882
445
n.a.
n.a.
154
84
62
60
83
60
64
96
56
63
65
n.a.
n.a.
Treasury receipts—Continued
Trust and other accounts
Internal revenue collections—cont.
(on basis of Internal Revenue Service)
Social security,
retirement, and
insurance accounts
Excise and miscellaneous taxes
Period
Manufacturers'
and retailers'
excise
Other accounts 8
Totals
Investments 7
Others
6,214
4,507
4,942
5,811
6,484
3,752
4,885
5,257
-22
271
329
153
196
275
242
-333
786
508
310
-62
353
530
489
1,557
1,803
1,352
2,009
1,495
1,564
823
1,644
2,108
2,398
2,486
2,456
2,802
3,009
-22
219
52
223
106
136
17
-307
660
126
404
105
385
-74
61
128
412
843
90
409
16
-80
199
188
-334
28
-74
488
478
463
476
470
462
506
537
502
533
581
627
689
38
-17
42
-107
-29
-14
55
4
40
-39
288
27
44
-217
27
274
-42
-134
86
87
-16
-113
14
184
244
144
Receipts
Investments
Expenditures
-38
759
49
82
121
295
219
462
6,543
7,906
8,315
8,123
6,266
7,251
8,210
8,531
56
3,155
3,504
2,387
-402
3,360
3,361
3,059
994
942
1,045
988
1,127
1,025
995
-173
468
291
-72
121
341
-259
3,312
3,939
3,967
4,242
4,073
4,458
3,665
176
193
173
174
213
156
61
94
267
204
61
n.a.
n.a.
-209
-157
377
65
-260
299
-40
-149
-37
-72
-2 4 4
1
527
253
596
405
1,020
1,319
405
1,070
449
328
817
597
207
965
768
Total
Cal. yr.—1950
1951
1952
1953
Fiscal yr.—1950
1951
1952
1953
Semiannual totals:
1950—July-Dec...
1951—Jan.-June..
July-Dec...
1952—Jan.-June..
July-Dec...
1953—Jan.-June..
July-Dec...
Monthly:
1953—Mar..
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1954—Jan
Feb
Mar
Refunds
of
receipts
Net
budget
receipts
Liquor
Tobacco
8,150
8,682
9,558
9,714
7,599
8,704
8,971
9,946
2,419
2,460
2,727
2,819
2,219
2,547
2,549
2,781
1,348
1,446
1,662
1,614
1,328
1,380
1,565
1,655
2,519
2,790
3,054
3,262
2,245
2,841
2,824
3,359
1,864
1,987
2,115
2,020
1,806
1,936
2,032
2,152
4,462
4,241
4,440
4,531
5,027
4,919
4,795
1,391
1,156
1,304
1,245
1,482
1,299
1,521
683
697
748
817
845
810
804
1,394
1,446
1,343
1,481
1,573
1,786
1,476
825
848
851
854
895
793
4472
608
1,442
587
395
n.a.
n.a.
229
230
229
237
244
225
266
294
276
216
166
n.a.
n.a.
144
133
129
136
125
145
140
147
126
120
123
n.a.
n.a.
276
292
320
307
312
267
4
74
773
46
45
n.a.
n.a.
Other
2
n.a. Not available.
*Not adjusted for Treasury's revised treatment of carriers' taxes.
On basis of revised Treasury monthly statement
3
4
5
and not comparable with back data.
Carriers' taxes deducted.
Reporting of some excises changed to quarterly basis.
Excess of receipts,
or expenditures (—).
6
Consists of miscellaneous trust funds and accounts and deposit fund accounts. The latter reflect principally net transactions of quasi Government corporations, European Payments Union deposit fund, and suspense accounts of Defense and other Government departments. Investments
of wholly owned Government corporations are included as specified in footnote 7, but their operating transactions are included in Budget expenditures.
7
Consists of net investments in public debt securities of quasi Government corporations and agencies and other trust funds beginning with
July 1950, which prior to that date are not separable from the next column; and, in addition, of net investments of wholly owned Government
corporations and agencies beginning with November 1950, which prior to that date are included with Budget expenditures (for exceptions see
footnote 1 on previous page).
MAY
1954
491
TREASURY CASH INCOME, OUTGO, AND BORROWING
DERIVATION OF CASH RECEIPTS FROM A N D PAYMENTS TO THE PUBLIC
[On basis of daily statements of United States Treasury and Treasury Bulletin. In millions of dollars]
Cash operating income, other than debt
Net Budget
receipts
Period
Plus: Trust
acct. receipts
Equals:
Cash
operating
income
Cash operating outgo, other than debt
Budget expenditures
Total
Less: Noncash
Accru- Intraals to Govt.
public 8 trans.*
Plus: Tr. acct.
expenditures
Plus:
Exch.
Stabi- ClearLess:
liza- ing acNoncount
tion
cash* Fund 8
Net
cash
operatEquals: ing inCash
operat- come
or
ing
outgo
outgo
Total
Less:
net
Nonreceipts cash 1
Cal. yr.—1950
1951
1952
1953,.,
Fiscal yr.—1950
1951....
1952....
1953....
Semiannual totals:
1950—July-Dec.. .
1951—Jan.-June..
July-Dec..
1952—Jan.-June..
July-Dec.. .
1953—Jan.-Tune. .
July-Dec...
Monthly:
1953—Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1954—Tan
Feb.«
Mar
Apr
Total
Less:
Noncash 2
37,834
53,488
65,523
64,469
37,045
48,143
62,129
65,218
171
222
184
275
120
256
138
210
7,001
8,582
8,707
8,596
6,669
7,796
8,807
8,932
5,211
5,508
5,649
5,347
5,623
5,244
5,705
5,595
42,451
59,338
71,396
70,440
40,970
53,439
68,093
71,344
38,255
56,846
71,366
73,626
40,167
44,633
66,145
74,607
503
567
734
575
436
477
710
694
5,307
:•,625
.,807
5,585
5,754
5,360
5,837
5,774
6,923
4,397
4,825
5,974
6,881
3,945
4,952
5,169
65
90
28
34
13
138
5
31
-262
-26
38
-82
-207
-13
9
-28
-87
106
319
209
-483
214
401
312
41,969
58,034
72,980
76,529
43,155
45,804
67,956
76,561
482
1,304
-1,583
-6,090
-2,185
7,635
137
-5,217
18,464
29,679
23,809
38,320
27,204
38,014
26,454
91
164
58
77
107
104
171
3,562
4,234
4,349
4,458
4,248
4.683
3,913
1,033
1,210
1,298
1,406
1,243
1,351
996
20,900
32,537
26,799
41,293
30,104
41,241
29,199
19,063
25,570
31,276
34,869
36,497
38,110
35,515
281
196
371
338
396
298
277
1,075
1,279
L.346
1,488
1,319
1,456
1,129
2,201
1,744
2,653
2,298
2,527
2.642
3,332
55
82
8
-4
32
-2
36
-13
-13
22
16
-44
-38
254
-40
146
255
64
248
-40
20,105
25,700
32,334
35,622
37,357
39,203
37,326
796
6,839
-5,534
5,671
-7,254
2,038
-8,128
2,849
4,380
9,744
3,308
4,568
6,041
2,659
4,695
5,183
74,471
5,444
11,434
n.a.
3
4
49
31
3
43
10
4
80
51
n.a.
n.a.
n.a.
443
1,047
1,338
429
1,158
482
378
839
627
237
993
824
n.a.
75
129
848
91
196
107
78
133
391
755
n.a.
n.a.
n.a.
3,214
5,294
10,185
3,615
5,526
6,373
2,950
5,396
5,339
4,602
6,530
12,260
3,036
6,362
6,241
7,988
6,068
6,042
6,119
5,477
5,423
6,387
75,071
4,707
5,555
n.a.
40
47
70
108
27
21
-1
40
82
72
16
8
19
82
131
907
120
194
108
91
133
483
797
n.a.
n.a.
n.a.
488
217
537
629
464
451
604
636
549
427
411
601
n.a.
-3
1
-44
-11
2 .......
5
11
41
-3
3
-12
-60
8
-12
n.a.
n.a.
-39
n.a.
13
-289
428
373
-466
430
-117
-235
376
-29
-559
156
43
-314
6,443
6,662
7,932
6,001
6,720
6,294
5,759
6,258
6,294
4,749
5,302
6,231
5,303
-3,229
-1,368
2,253
-2,386
-1,193
78
-2,809
-862
-956
-147
1,228
6,028
-2,267
Total
l
n.a. Not available.
Represents principally interest paid to Treasury by Government agencies and repayment of capital stock and paid-in
2
surplus by quasi Government corporations.
Represents principally interest on investments in U. S. Government securities, payroll deductions3 for Government employees' retirement accounts, and transfers shown as Budget expenditures.
Represents principally excess of interest accruals over payments on savings bonds and Budgetary expenditures involving issuance of Federal
securities; the latter include mostly armed forces leave bonds and notes issued to the International Bank and Monetary Fund, which are treated
as noncash expenditures at the time of issuance and cash expenditures at the time of redemption.
4
Represents principally noncash items shown under trust account receipts (described in footnote 2); also includes small adjustments for
noncash interest reflected in noncash Budget receipts (see footnote 1) and in noncash trust account expenditures (see footnote 5).
5
Represents principally repayments of capital stock and paid-in surplus by6 quasi Government corporations, as well as interest receipts by
such corporations on their investments in the 7
public debt (negative entry).
Cash transactions between Intl. Monetary Fund and Exchange
Stabilization Fund. (See footnote 3.)
N o t adjusted for Treasury's revised treatment of carriers' taxes.
8
Beginning February, data are on basis of revised Treasury daily and monthly statement and not necessarily comparable with back data.
DERIVATION OF CASH BORROWING FROM OR REPAYMENT OF BORROWING TO T H E PUBLIC
In
Details of net cash borrowing from or
Plus: Cash
Less: Noncash debt transactions
Equals:
issuance of
Net cash repayment ( —) of borrowing to the public3
crease,
1
securities of
borrowor deAccruals to public
ing, or
Federal agencies Net inv.
crease
Postal
in Fed.
Direct Savings
/
j_
( \;. m
t.
sec. by
Non- Govt. agen. Int. on sav. Payts. in repayof mktable. bonds Savings Sav. S y s . Other*
gross
(-)
Guarnotes
special
& conv. (issue
guarbonds and form of
dir. pub. anteed
borrow- issues 8
price)
issues
anteed & tr. funds Treas. bills Fed. sec.
debt
ing
—2,649
355
94
163
—423
751
—250
198
—6
602
—929
1,021
37
—997
1,999 - 1 , 1 9 1 — 1,099
18
718
—125
-1,242
2,711
46
3,418
12
770
—74
—113
— 122
5,778
—102
3.833
7,973
—406 - 1 , 7 8 4
3,353
30
•4,829 » —344
22
—3
591
66
7,777
248
-162
2,540
4,601
4,587
-14
574
3,601
-150
211
-8
68
4,231
728
-158
-308
365
10
374
638
—657 - 1 , 0 9 3
-3,943
-467
-149
—5,795
3,557
-2,135
779
-79
-155
-82
16
-88
1,639
-717 -1,209
-525
3.636
3,883
-100
—9
7
-32
719
3
«5,294 «-103 - 2 , 1 6 4
2,918
3,301
6,966
Period
Cal vr 1950
1951
1952
1953
Fiscal yr.—1950
1951
1952
1953
Semiannual totals:
1950—July-Dec
1951—Jan.-June.
July-Dec..
1952—Jan.-June.
July-Dec..
1953—Jan.-June.
July-Dec
4
-650
. . -1,486
. . 4,197
..
-313
. . 8,286
. . -1,320
9,097
13
3
8
-2
24
105
1
1953—\pr
May
June
July
Aug
Sept
Oct
Nov.
Dec
1954—j a n
Feb. 7
Mar
Apr
1,930
-449
6,598
5
11
536
-269
388
-13
51
-139
37
-69
66
—51
38
33
15
1
75
-72
108
-61
-27
-40
2
8
2
-67
2
-126
3
-89
-74
449
1,822
-320
-4,546
811
1,544
2,014
1,404
2,232
1,601
1,700
337
301
417
361
409
308
283
-56
-92
-33
-45
-29
34
32
-2,081
-3,714
2,472
-2,998
6,351
-3,433
8,034
112
453
735
61
395
71
—76
240
150
—46
77
-20
35
42
48
71
—2
43
—1
—97
1,425
—1,222
6,456
«28
22
—12
840
«109
41
83
73
17
9
20
—1
— 12
—1
—1
59
11
—1
38
-14
127
—274
457
-2,761
-1,184
3,183
-1,544
7,322
« -2,028
6,857
47
292
187
-758
-432
-285
-121
-845
—255
-955
-829
-1,335
1,583
«18
-362
1
•1,571 «-147
—98
—862
6,333 •—122
-72
•—51
—90
—931
—51
1,647
1,659
-391
-386
—284
-4,662
-4,304
699
838
—70
— 178
—74
—36
—22
—41
—92
18
75
32
—83
-6
—341
252
271
662
618
—53
— 167
—73
— 71
-310
-82
-170
-923
-74
-81
-32
-68
-94
371
-5
51
-134
11
-20
50
-32
— 11
—62
39
90
—17
—16
_7
—36
— 18
— 12
—37
-37
-21
—4
101
—67
123
-95
—31
— 120
-86
-67
—7
1
Differs from "accruals to the public" shown in preceding table, principally because adjustments to Exchange Stabilization F u n d are included.
2
Includes redemptions of tax anticipation bills and savings notes used in payment of taxes.
3
Most changes in convertible Series B investment bonds, 1975-80, reflect exchanges of, or conversions into, marketable issues and thus cancel
out in this column. An exception was the sale for cash of about 300 million dollars in June 1952.
4
Includes cash issuance in the market of obligations of Government corporations and agencies and some miscellaneous debt items.
5
6
Excludes exchanges of savings bonds into marketable bonds.
See footnote 2 at bottom of following page.
7
Beginning February, on basis of revised Treasury daily statement and not comparable to monthly budget statement.
492
FEDERAL RESERVE
BULLETIN
TREASURY CASH INCOME, OUTGO, AND BORROWING—Continued
DETAILS OF TREASURY CASH RECEIPTS FROM AND PAYMENTS TO THE PUBLIC
[Classifications derived by Federal Reserve from Treasury data. In millions of dollars]
Cash operating income
Period
Total
Cal. yr.—1950
1951
1952
1953
Fiscal yr.—1950
1951
1952
1953.. .
Semiannual totals:
1950—July-Dec
1951—Jan.-June
July-Dec
1952—Jan.-June
July-Dec
1953—Jan.-June
July-Dec
Monthly:
1953—Apr. . .
May
June.. .
July
Aug.. . .
Sept
Oct
Nov
Dec
1954—Jan
Feb.s
Mar
Apr
Direct
Direct
taxes on taxes on
individ- corporations 1
uals i
Excise
and
misc.
taxes
Cash operating outgo
Social
ins. receipts 2
Other
cash
income 3
Deduct:
Refunds
of receipts
Total
Major
Internatl. sec. est on
programs* debt*
VetSocial
erans security Other
pro- 8
programs grams"
42,451
59,338
71,396
70,440
40,970
53,439
68,093
71,344
19,191
27,149
32,728
34,807
18,115
24,095
30,713
33,370
9,937 8,113
16,565 8,591
22,140 9,567
19,045 10,288
10,854 7,597
14,388 8,693
21,467 8,893
21,595 9,978
5,121
6,362
6,589
6,693
4,438
5,839
6,521
6,858
2,245
2,769
2,823
2,744
2,126
2,531
2,801
2.694
2,156
2,098
2,451
3,137
2,160
2,107
2,302
3,151
41,969
58,034
72,980
76,529
43,155
45,804
67,956
76,561
18,347
37,279
51,195
52,753
17,879
26,038
46,396
52,843
4,230
4,589
4,264
4,052
4,059
4,658
4,072
4,137
8,864
6,121
5,209
4,885
9,146
5,980
5,826
4,920
4,400
4,915
5,617
6,648
4,740
4,458
5,206
6,124
6,286
5,582
6,729
7,654
7,126
5,276
6,469
8,016
20,900
32,537
26,799
41,293
30,104
41,241
29,199
7,971
16,124
11,025
19,687
13,041
20,329
14,478
4,971
9,416
7,149
14,318
7,821
13,773
5,272
4,476
4,217
4,374
4,519
5,048
4,931
5,357
2,611
3,228
3,135
3,386
3,202
3,656
3,037
1,182
1,348
1,418
1,383
1,443
1,252
1,492
311
1,796
302
2,000
451
2,700
437
20,105
25,700
32,334
35,622
37,357
39,203
37,326
9,905
16,133
21,146
25,250
25,944
26,898
25,854
1,997
2,058
2,079
1,984
2,246
2,413
2,176
2,977
3,003
3,117
2,709
2,500
2,420
2,465
2,007
2,450
2,465
2,741
2,876
3,247
3,401
3,219
2,056
3,527
2,938
3,791
4,225
3,430
3,214
5,294
10,185
3,615
5,526
6,373
2,950
5,396
5,339
4,602
6,530
12,260
3,036
2,204
3,076
3,081
1,603
3,119
3,292
1,233
3,172
2,059
3,008
4,355
4,328
1,791
654
359
5,683
651
326
1,636
385
336
1,938
490
469
7,097
795
860
879
854
894
344
1,000
528
333
991
180
243
173
278
260
963
244
159
105
65
408
406
401
428
386
497
1,162
1,126
212
1,450
399
192
63
266
791
256
170
1,093
378
763
735
P378
218
245
299
315
177
P267
P277
75
60
69
64
306
940
525
658
529
543
586
522
923
912
856
683
741
789
4,583
4,438
4,817
4,647
4,184
4,404
4,268
4,034
4,-318
*3,670
n.a.
297
127
1,045
128
178
917
6,443
6,662
7,932
6,001
6,720
6,294
5,759
6,258
6,294
4,749
5,302
6,231
5,303
P718
907
n.a.
n.a.
322
122
901
170
352
563
299
456
393
423
393
411
428
414
509
478
625
88
572 1,137
586
66
697 * —181
J»674
n.a.
P729
n.a.
n.a.
n.a.
^Preliminary,
n.a. Not available.
1
Income taxes include current and back taxes; individual taxes also include estate and gift taxes and, prior to July 1953, adjustment to
Treasury daily statement. Income taxes through June 1953 are from internal revenue service reports, thereafter from Treasury daily statement.
2
Includes taxes for old-age and unemployment insurance,^carriers taxes, and veterans life insurance premiums.
3
4
Represents mostly nontax receipts.
Represents Budget expenditures adjusted foi net redemptions of armed forces leave bonds
and special International Bank and Monetary Fund notes.
5
Represents Budget expenditures less the excess of interest accruals over payments on savings bonds and Treasury bills and less interest
paid 8by the Treasury to (1) trust funds and accounts and (2) Government corporations not wholly owned.
Represents Budget outlays plus payments to the public from veterans life insurance funds and redemptions of adjusted service bonds.
7
Represents Budget outlays plus benefit payments and administrative expenses of trust funds for old-age and unemployment insurance, and
8
Government employees and Railroad retirement funds.
Beginning February, data are on basis of revised Treasury daily and monthly
statement and not necessarily comparable with back data.
UNITED STATES SAVINGS BONDS AND NOTES—SALES, REDEMPTIONS, AND AMOUNT OUTSTANDING
[In millions of dollars]
Savings bonds
Tax and savings notes
Sales
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
Series A-E and H
All series
Year or
month
Redemp- Outstandtions and ing (end of
maturities
period)
Sales
Redemp- Outstandtions and ing (end of
maturities
period)
Series F, G, J and K
Sales
Redemp- Outstandtions and ing (end of
maturities
period)
Sales
Redemp- Outstandtions and ing (end of
period)
maturities
13,729
16,044
12,937
7,427
6,694
7,295
5,833
6,074
3,961
4,161
4,800
1953—Mar. .
Apr...
May..
June..
July..
Aug...
Sept..
Oct...
Nov. .
Dec.. .
1954—Tan...
Feb.. .
Mar. .
1.576
3,321
5,503
6,278
4,915
4,858
4,751
5,343
5,093
4,530
5,661
27,363
40.361
48,183
49,776
52,053
55,051
56,707
58,019
57,587
57,940
57,710
10,344
12,380
9,822
4,466
4,085
4,224
4,208
3,668
3,190
3,575
4,368
1,452
3,063
5,135
5,667
4,207
4,029
3,948
4,455
4,022
3,622
3,625
19,573
29,153
34,204
33,410
33,739
34,438
35,206
34,930
34,728
35,324
36,663
3,385
3,664
3,115
2,962
2,609
3,071
1,626
2,406
770
586
432
124
258
368
611
708
829
803
888
1,071
908
2,035
7,790
11,208
13,979
16,366
18,314
20,613
21,501
23,089
22,859
22,616
21,047
8,055
8,533
5,504
2,789
2,925
3,032
5,971
3,613
5,823
3,726
5,730
5,853
7,276
7,111
5,300
3,266
3,843
2,934
2,583
6,929
5,491
5,475
8,586
9,843
8,235
5,725
5,384
4,572
7,610
8,640
7,534
5,770
6,026
440
383
371
370
402
371
368
384
369
423
561
515
602
380
380
1906
1485
3524
421
457
419
390
»590
652
496
525
58,371
58,413
57,920
57,886
57,871
57,851
57,795
57,775
57,806
3
57,71O
57,736
57,797
57,902
397
351
340
340
370
346
343
357
339
381
485
422
474
308
318
300
308
2343
280
331
289
270
309
330
308
P347
35,784
35,852
35,939
36,048
36,168
36,264
36,311
36,391
36,509
36,663
36,887
37,029
37,175
43
31
31
30
33
25
25
27
29
42
77
93
128
72
62
1606
U78
182
141
125
129
120
8281
322
188
*179
22,587
22,561
21,981
21,837
21,703
21,587
21,484
21,385
21,297
»21,047
20,848
20,769
20,728
63
109
1,714
1,068
472
479
952
687
2
826
190
1,719
1,408
219
208
290
68
55
178
70
68
306
4,879
4,798
4,793
4,453
4,706
4,977
5,639
6,258
6,204
6,026
5,956
5,887
5,581
^Preliminary.
!Figures for May include 390 million dollars and those for June include 18 million of reported exchanges of F and G bonds maturing in 1953,
for marketable bonds of June 1978-83. An additional 8 million dollars of exchanges represented accrued discount of F bonds and is not included
above.
2
Due to a change in Treasury processing, a large amount of redemptions of E bonds in July was not broken down as to issue price and accrued
discount. Hence, the redemptions figure shown includes some accrued discount. This situation is being reversed in subsequent months.
3
Figures include as maturities 126 million dollars of unredeemed Series 1953 F and G bonds. In accordance with Treasury practice all unredeemed bonds of this series were carried as outstanding interest-bearing debt until the entire series matured.
NOTE.—Sales, redemptions, and maturities of bonds are shown at issue price; amount outstanding at current redemption value. Maturities
of notes and Series A-D, and F and G bonds are included as of maturity date (end-of-calendar year) and only interest-bearing debt is included in
amount outstanding.
MAY
1954
493
UNITED STATES GOVERNMENT DEBT—VOLUME AND KIND OF SECURITIES
[On basis of daily statements of United States Treasury. In millions of dollars]
Public issues3
Marketable
Total
gross
debt*
Total
gross
direct
debt2
Total
1940—Dec
1941—Dec
1942—Dec
1943—Dec
1944—Dec
1945—Dec
1946—Dec
1947—Dec
1948—Dec
1949—June
Dec
1950—June
Dec
1951—June
Dec
1952—June
Dec,
50.942
64.262
112,471
170,108
232,144
278,682
259.487
256,981
252,854
252,798
257,160
257,377
256,731
255,251
259.461
259.151
267,445
45,025
57,938
108,170
165,877
230,630
278,115
259.149
256,900
252,800
252,770
257,130
257,357
256,708
255,222
259,419
259,105
267,391
1953—Apr
May . , ,
June
July
Aug
Sept
Oct
Nov
Dec
1954—Tan
Feb
Mar
Apr
264,642
266,572
266,123
272,732
273,269
273,001
273.452
275,282
275,244
274,924
274.859
270,312
271,127
264,590
266,520
266,071
272,669
273,206
272,937
273,386
275,209
275,168
274,849
274,782
270,235
271,047
End of
month
Certificates of Notes
indebtedness
Total
Bills
39,089
50,469
98,276
151,805
212.565
255,693
233,064
225,250
218,865
217,986
221,123
222,853
220,575
218,198
221.168
219,124
226,143
35,645
41,562
76.488
115,230
161.648
198,778
176,613
165,758
157,482
155,147
155,123
155,310
152,450
137,917
142,685
140,407
148,581
1,310
2,002
6,627
13,072
16,428
17.037
17,033
15,136
12,224
11,536
12,319
13,533
13,627
13,614
18,102
17,219
21,713
10,534
22,843
30,401
38,155
29,987
21,220
26,525
29,427
29,636
18,418
5,373
9,509
29,078
28,423
16,712
223,077
224.735
223,408
230,009
230,157
229,785
230,403
232,115
231,684
231,623
231,466
226,821
227,806
146,133
148,324
147,335
153,757
153,694
152,804
152,977
154,726
154,631
154,631
154,500
150,081
151,104
19,312
19,913
19,707
20,207
20,208
19,508
19.509
19,509
19,511
19,512
19,510
21,013
22.014
15,959
15,959
15,854
21,756
21,655
26,369
26,385
26,386
26,386
26,386
25,278
19,377
19,377
Nonmarketable
Bonds
Special
issues
Convertible
bonds
Totals
Savings
bonds
5,370
3,195
6,140 "2^471 6,982
15,050 6,384 9,032
27,363 8,586 12,703
40,361 9,843 16,326
48,183 8,235 20,000
49,776 5,725 24,585
52,053 5,384 28,955
55,051 4,572 31,714
56,260 4,860 32,776
56,707 7,610 33,896
57,536 8.472 32,356
58,019 8,640 33,707
57,572 7,818 34,653
57,587 7,534 35,902
57.685 6.612 37,739
57,940 5,770 39,150
58,413
57,920
57,886
57,871
57,851
57,795
57,775
57,806
57,710
57,736
57,797
57,902
57,967
Bank
eligible4
Bank
restricted
6,178
5,997
9,863
11,175
23,039
22,967
10,090
11,375
7,131
3,596
8,249
20,404
39,258
35,806
18,409
18,963
30,266
28,156
33,563
44,519
55,591
66,931
68,403
69,866
68,391
61,966
60,951
55,283
53,319
44,557
42,928
41,049
48,343
58,874
4,945
12,550
24,850
52,216
49,636
49,636
49,636
49,636
49,636
49,636
49,636
36,061
36,048
27,460
21,016
13,573
12,060
13,095
12,500
3,444
8,907
21,788
36,574
50,917
56,915
56,451
59,492
61,383
62,839
66,000
67,544
68.125
66,708
66,423
65,622
65,062
30,375
30,411
30,425
30,455
30,492
33,578
33.736
33,249
31,406
31.419
26,866
26,787
26,809
63,238
64,795
64,104
64,096
64,099
59,944
59,942
62,181
63,927
63,916
74,171
74,134
74,230
17,249
17,248
17,245
17,243
17,240
13,406
13.404
13,402
13,400
13,398
8,675
8,674
8,674
12,391
12,355
12,340
12,310
12,273
12,168
12,025
12,012
11,989
11,976
11,957
11,932
11,910
64,553
64,056
63,733
63,942
64,190
64,814
65,402
65,377
65,065
65,017
65,009
64,807
64,792
Tax
and
savings
notes
4,798
4,793
4,453
4,706
4.977
5,639
6.258
6,204
6,026
5,956
5,887
5,581
5,500
39,474
39,710
40,538
40,594
40,988
40,958
40,888
41,013
41,197
41,009
41,070
41,002
41,049
1
Includes some debt not subject to statutory debt limitation (such debt amounted to 555 million dollars on Apr. 30, 1954) and fully guar2
anteed securities, not shown separately.
Includes noninterest-bearing debt, not shown separately.
3
Includes amounts held by Government agencies and trust funds, which aggregated 7,203 million dollars on Mar. 31, 1954.
4
Includes Treasury bonds and minor amounts of Panama Canal and Postal Savings bonds.
•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]
Total
Held by
gross
U. S. Government
debt
agencies and
(includtrust fundsl
End of month ing guaranteed Special Public
securiissues
issues
ties)
Held by the public
Individuals
Total
Federal ComReserve mercial
Banks banks3
Mutual
savings
banks
Insurance
companies
Other
corporations
State
and
local
governments
Savings Other
bonds securities
Miscellaneous
investors3
1940—Dec
1941—Dec
1942—Dec
1943—Dec
1944—Dec
1945—Dec
1946—Dec
1947—Dec
1948—Dec
1949—June
Dec
1950—June
Dec
1951—June
Dec
1952—June
Dec
50,942
64,262
112,471
170,108
232,144
278,682
259,487
256.981
252,854
252,798
257,160
257,377
256,731
255,251
259,461
259,151
267,445
5,370
6,982
9,032
12,703
16,326
20,000
24,585
28,955
31,714
32,776
33,896
32,356
33,707
34,653
35,902
37,739
39,150
2,260
2,558
3,218
4,242
5,348
7,048
6,338
5,404
5,614
5,512
5,464
5,474
5,490
6,305
6,379
6,596
6,743
43,312
54,722
100,221
153,163
210,470
251,634
228,564
222,622
215.526
214,510
217.800
219,547
217,533
214,293
217,180
214,816
221,552
2,184
2,254
6,189
11,543
18,846
24,262
23,350
22,559
23,333
19,343
18,885
18,331
20,778
22,982
23,801
22,906
24,697
17,300
21,400
41,100
59,900
77,700
90,800
74,500
68,700
62,500
63.000
66,800
65,600
61,800
58,400
61,600
61,100
63,400
3,200
3,700
4,500
6,100
8,300
10,700
11,800
12,000
11,500
11,600
11,400
11,600
10,900
10,200
9,800
9,600
9,500
6,900
8,200
11,300
15,100
19,600
24,000
24,900
23,900
21,200
20,500
20,100
19,800
18,700
17,100
16,500
15,700
16,100
2,000
4,000
10,100
16,400
21,400
22,000
15,300
14,100
14,800
15,600
16,800
18,800
20,500
20,800
21,300
19,700
21,000
500
700
1,000
2,100
4,300
6,500
6,300
7,300
7,900
8,000
8,100
8,700
8,800
9,400
9,600
10,400
11,100
2,800
5,400
13,400
24,700
36,200
42,900
44,200
46.200
47)800
48,800
49,300
49,900
49,600
49,100
49,100
49,000
49,200
7,800
8,200
10,300
12,900
17,100
21,400
20,100
19,400
17,600
18,000
17,000
17,200
15,900
15,600
15,000
14,800
14,900
700
900
2,300
4,400
7,000
9,100
8,100
8 400
8,900
9,600
9,400
9,700
10,500
10,700
10,600
11,600
11,700
1953—Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
267,634
264.536
264,642
266,572
266,123
272,732
273,269
273,001
273,452
275,282
275,244
39,302
39,354
39,474
39,710
40,538
40,594
40,988
40,958
40,888
41,013
41.197
6,869
6,908
6,866
7,057
7,022
7,007
6,986
7,076
7,078
7,156
7,116
221,463
218,274
218,302
219,805
218,563
225,131
225,295
224,967
225,486
227,113
226,931
23,875
23,806
23,880
24,246
24,746
24,964
25,063
25,235
25,348
25,095
25.916
61,900
59,500
59,100
58,600
58,800
63,500
62,700
62,500
62,700
63,800
63,600
9,600
9,600
9,500
9,600
9,500
9,500
9,500
9,500
9,300
9,300
9,200
16,200
16,000
16,000
16,000
16,000
16,000
16,000
15,900
15,900
15,900
15,800
21,800
20,700
20,500
21,500
19,400
20,700
21,400
21,100
21,300
21,800
21,100
11,300
11,400
11,500
11,900
12,000
12,200
12,200
12,200
12,200
12,300
12,400
49,400
49,500
49,600
49,300
49,300
49,300
49,300
49,300
49,200
49,300
49,300
15,000
15,200
15,200
15,900
16,100
15,800
15,600
15,800
15,700
15,800
15,800
12,500
12,500
13,000
12,800
12,800
13,300
13,500
13,400
13,700
13,900
13,600
1954—Jan
Feb
274,924 41,009
274,859 41,070
7,245
7,223
226,670 24,639
226,566 24,509
64,000
n.a.
9,200
n.a.
15,700
n.a.
21,500
n.a.
12,600
n.a.
49,400
n.a.
15,800
n.a.
13,800
n.a.
n.a. Not available.
1
Includes the Postal Savings System.
2
Includes holdings by banks in territories and insular possessions, which amounted to 300 million dollars on June 30, 1953.
'Includes savings and loan associations, dealers and brokers, foreign accounts, corporate pension funds, and nonprofit institutions.
NOTE.—Holdings of Federal Reserve Banks and U. S. Government agencies and trust funds are reported figures; holdings of other investor
groups are estimated by the Treasury Department.
494
FEDERAL RESERVE BULLETIN
UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES
Direct Public Issues Outstanding April 30, 1954
[On basis of daily statements of United States Treasury. In millions of dollars]
Issue and coupon rate
Issue and coupon rate
Amount
Treasury bills 1
Certificates
June 1,1954
Aug. 15, 1954
Sept. 15, 1954
Feb. 15, 1955
Amount
2%
2%
2%
1%
May 6, 1954.
May 13, 1954.
May 20, 1954.
May 27, 1954.
1,500
1,501
1,500
1,501
June
June
Tune
June
June
June
3, 1954.
10, 1954.
17, 1954.
18, 19542
24, 19542
24, 1954.
1,501
1 ,501 Treasury notes
Dec. 15, 1954
1,501
1,001
Mar. 15, 1955
1,501
Dec. 15, 1955
1,501 Apr. 1, 1956
Tuly 1, 1954.
July 8, 1954.
July 15, 1954.
July 22, 1954.
July 29, 1954.
Oct. 1, 1956
Mar. 15, 1957
Apr. 1, 1957
Oct. 1, 1957
Apr. 1,1958
Oct. 1,1958
Apr. 1, 1959
1,501
1,500
1,501
1,501
1,503
1
1
Issue and coupon rate
Treasury bonds
June 15, 1954
June 15, 1954-553.
June 15, 1954-56 4 .
Dec. 15, 1954
Dec. 15, 1954-55. .
Mar. 15, 1955-60 5.
Mar. 15, 1956-58. .
Sept. 15, 1956-59 5 .
Sept. 15, 1956-59. .
8,175
Mar. 15, 1957-59. .
5,365
6,854
June 15, 1958 5
1,007
Tune 15, 1958-63 .
550
Dec. 15, 1958
2,997
June 15, 1959-62. .
531
Dec. 15, 1959-62. .
Dec. 15, 1960-65 5.
824
383
Sept. 15, 1961
121
Nov. 15, 1961
2 June 15, 1962-67. .
Amount
Treasury bonds—Cont.
4,858
2,788
4,724
7,007
See table on Open Market Money Rates, p. 489.
4
Partially tax-exempt; called for redemption.
^ o l d on discount basis.
3
Called for redemption.
Issue and coupon rate
Dec.
June
Dec.
Mar.
Mar.
June
Sept.
Dec.
June
15,
15,
15,
15,
15,
15,
15,
15,
15,
1963-68. . . 2 '
1964-69...2
1964-69. . . 2
1965-70... 2
1966-71«.. 2
1967-72 « . . 2
1967-72. . . 2
1967-72«.. 2
1 9 7 8 - 8 3 . . . 3}
Postal Savings
bonds
2,826
3,754
3,831
4,719
2,961
1,889
2,716
3,823
1,606
2\i
46
50
Panama Canal Loan. .3
Convertible bonds
Investment Series B
Apr. 1, 1975-80. . .2M
11,910
2
5
Tax anticipation 6 series.
Partially tax-exempt.
Restricted.
SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES *
Marketable and Convertible Direct Public Securities
[Par values in millions of dollars]
End of month
Type of security:
Total marketable
and convertible:
1951—Dec
1952—June
Dec
1953—June
Dec
Total
outstanding
U. S.
Govt. Fed- Com- Mueral
agenmer- tual
Recies
savcial
serve banks ings
and
trust Banks
banks
funds
154,745 6 ,251
153,502 6 467
161,081 6 ,613
159,675 6 ,899
166,619 6 ,989
23
22
24
24
25
801
906
697
746
916
54 ,302
54 ,038
55 ,828
51 ,365
55 ,933
9 ,123
8 843
8 ,740
8 ,816
8 ,524
Insurance
companies
Other
Life
10 ,289
9 ,613
9 ,514
9 ,347
9 ,120
End of month
Other
4 ,301
4 ,246
4 ,711
4 ,808
4 ,905
46,679
47,391
50,979
53,694
55,233
Type of security:
Convertible bonds
(Investment
Series B):
1951—Dec
1952—June
Dec
1953—j une
Dec
1954—Jan
Feb
Treasury bills:
1951—Dec
1952—June
Dec
1953—June
Dec
166,607
166,457
18,102
17,219
21,713
19,707
19,511
50
41
86
106
102
596
381
1 341
1 455
2 993
6 ,773
5 ,828
7 ,047
4 ,411
4 ,368
71
103
137
120
126
428
504
464
327
410
1954—Jan
Feb
Certificates:
1951—Dec
1952—June
Dec
1953—June
Dec
19,512
19,510
173
149
1 918 4 ,723
1, 788 3 ,920
135
133
454
456
29,078
28,423
16,712
15,854
26,386
49 12, 793 6 ,773
60 11, 821 6 ,877
27 5, 061 4 ,791
30 4, 996 4 ,351
63 5, 967 9 ,215
41
120
37
87
184
217
76
56
27
37
26,386
25,278
82
79
5, 817 8 ,691
6, 051 7 ,377
191
169
53
60
445 8,761
1954—Jan
378 9,092
Feb
317 6,424 1-5 years:
310 6,052
1951—Dec
445 10,475
1952—June
Dec
448 11,105
1953—June
389 11,153
Dec
18,409
18,963
30,266
30,425
31,406
3 5, 068 10 ,465
2 5, 568 10 ,431
16 13, 774 10 ,955
23 13, 774 10 ,355
8 13, 289 11 ,510
67
42
49
62
130
1
5
8
5
52
315
327
486
529
605
31,419
26,866
44 13, 264 11 ,721
9 13, 029 8 ,813
184
104
55
54
598
499
1954—Jan
Feb
Treasury notes:
1951—Dec
1952—June
Dec
1953—June
Dec
1954—Jan
Feb
Marketable bonds:1
1951—Dec
1952—June
Dec
1953—June
Dec
1954—Jan
Feb
7 .119 24 639 56 ,365 8 .525 9 ,093 4 ,886 55,979
7 ,095 24 509 55 ,450 8 ,526 9 ,097 4 ,870 56,910
77,097
75,802
79,890
81,349
77,327
3
2
3
3
3
243
928
046
300
377
77,314
82,846
3 381
3 418
1954—Jan.
Feb
10,080 Marketable secu10,268
rities, maturing:
12,518 Within 1 vear:
13,155
1951—Dec
11,402
1952—June
Dec
114 11,995
1953—June
106 12,958
Dec
104
92
119
132
109
2,489
1954—Jan
2,587
Feb
4,978 5-10 vears:
5,678
1951—Dec
5,814
1952—June
Dec
5,553
1953—June
4,358
Dec
22,068
1954—Jan
21,580
Feb
23,072 After 10 years:
24,890
1951—Dec
23,688
1952—June
Dec
1953—June
3, 641 31 061 6 743 5 ,599 3 ,407 23,483
Dec
3, 641 35 173 6 949 5 ,605 3 ,557 24,604
4, 130
4, 422
4, 522
4, 522
3, 667
30 ,119
30 ,710
32 ,849
32 066
30 671
7
7
7
7
6
697
221
165
232
820
6 ,720
5 ,855
5 ,807
5 ,855
5 ,686
Total
outstanding
3 ,120
3 ,087
3 ,429
3 ,484
3 ,418
1954—Jan
Feb
U. S.
Govt. Fed- Com- Muageneral
mer- tual
cies
Resavcial
and
serve banks ings
trust Banks
\ >anks
funds
12 ,060
13 ,095
12 ,500
12 ,340
11 ,989
2 ,905
3 ,437
3 ,438
3 439
3 ,439
11 ,976
11 ,957
3 ,439
3 ,439
48 ,204
45 ,642
56 ,953
64 ,589
73 ,235
112
101
133
163
175
14 081
12 705
16 996
19, 580
25, 062
73 ,235
63 ,632
44 ,401
44 ,945
37 ,713
32 ,330
29 ,367
45
46
31
152
192
6,688
7,188
7,146
6,452
6,155
29 ,369
27 ,917
172
191
185
182
168
1,246
1,356
1,352
1,314
1,264
Other
Life
Other
2 ,923
3 ,172
3 ,179
3 ,133
2 ,935
318
362
360
353
328
3 281
3,864
3,987
3 919
3^854
168 1 271 2 ,933
167 1,271 2 ,921
320
320
3,844
3,838
182
223
263
476
475
648
576
581
470
532
733
390 1 ,082
468 1 ,061
19,167
19,360
23,547
27,393
29,023
307 15,695 25 242
241 15,565 17, 505
558
404
530 1 ,073 29,830
533
783 28,601
27, 991
27, 858
22, 381
18, 344
16, 056
419
370
259
464
431
132
63
48
109
123
992
996
910
914
980
8,133
8,424
6,938
5,895
5,430
189
189
6,155 15, 950
6,155 14, 704
422
372
125
111
967
922
5,562
5,464
8 ,914
15 ,122
22 ,834
18 ,677
20 ,292
152
387
546
422
418
34
693
1,387
1,374
1,374
6, 881
7, 740
11, 058
8, 772
10, 051
73
1,357
1,775
1,395
1,315
118
201
497
765
885 1 ,348
745 1 ,104
725 1 ,198
1,454
3,684
5,835
4,865
5,211
20 ,292
31 ,222
420
450
1,374 10, 314
1,374 18, 355
,231
1,456
709 1 ,190
777 1 ,505
5,054
7,304
41 ,168 3 036
34 ,698 2 496
31 ,081 2 464
31 ,739 2 723
31 ,736 2 765
2,428
2,109
1,415
1,415
1,415
7,202
5,537
5,091
5,167
5,039
2 ,213
1 ,652
1 ,361
1 ,356
1 ,339
14,643
12,059
10,673
11,621
11,716
31 ,734
31 ,730
1,415 4, 691 >,042 4 797 1 ,337 11,689
1,415 4, 718 5,023 4 755 1 ,340 11,703
2 764
2 776
1,214
714
[nsurance
sompanies
13,437
12,202
14,749
15,505
16,972
5, 177
5, 544
5, 207
4, 488
4, 595
6
5
4
4
4
470
301
870
969
868
* 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.
MAY
1954
495
NEW SECURITY ISSUES 3
[Estimates, in millions of dollars]
Proposed uses of n e t proceeds,
all corporate issuers 0
Gross proceeds, a l l issuers 3
Noncorporate
Year or
month
Total
U.S.
FedGovern- eral 4
ment8 agency
Corporate
New capital
Bonds
State
and
mu- Other* Total
nicipal
Total
Retirement
of
bank
debt,
etc. 8
Mis-
PreComNew
PubPri- ferred mon Total money 7 laneous
licly vately stock stock
puroffered placed
poses
Retirement
of
securities
1938
1939
1940
5,926
5,687
6,564
2,' 180
2,: n?
2,. >17
115
13
109
1,108
1,128
1,238
69
50
24
2,155 2,044
2,164 1,979
2,677 2,386
691
703
758
86
98
183
25
87
108
903
4?0
76?
681
325
569
7
26
19
215 1,206
69 1,695
174 1,854
1941
1942
1943
1944
1945
15,157
35,438
44,518
56,310
54,712
H i ' 166
38
1
2
1
506
956
524
435
661
795
30
5
97
22
47
2,667 2,389 1,578
811
917
506
411
1,062
621
1,170
990
369
778
3,202 2,670 1,892
6,011 4,855 3,851 1,004
167
112
124
369
758
110
34
56
163
397
1, 040
33,1 U 6
42, i*1S
52,' 1?4
47,» *S3
868
474
308
657
28
1 ,080
35
27
47
133
144 1,583
138
396
789
73
49 2,389
134 4,555
1946
1947
1948
1949
1950
18,685
19,941
20,250
21,110
19,893
io,: M7
10,. >89
10,. *?7
11.1W4
357
56
451
156
132
282
4,881 3,019 1,862 1,126
5,035 2,888 2,147 761
5,973 2,963 3,010 492
4,890 2,434 2,455 424
4,920 2,360 2,560 631
891
778
614
736
811
3 889
216
30
1,157
2,324
2,690
2,907
3,532
3 ,279
4 ,591
S ,929
4 ,606
4 ,006
231
168
234
315
364
379 2,868
356 1,352
488
307
401
637
620 1.271
1951
1952
1953
21,265
'26,929
'28,824
12,. >77
P57
13, <
110
459
106
3,189
'4,121
'5,558
1,212 7
6 ,531
1,369 r 8 , 716 ' 8 ,180
'1,326 '8,495 ' 7 ,560
226
'306
1953—Mar.
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec. . . .
1954—j an#
Feb
Mar
9,( S87
9 , 778
^03
'1,635
'1,676
'4,613
'3,066
1,928
'1,453
'2,599
'2,291
'3,506
'2,736
'433
349
i 191
650
'443
3 , . 244
1 t1S4
522
{384
I353
320
1,( 170
2,< S10
l,v
76
260
'476
483
411
1?3
'777
S61
'399
'414
502
'1,655
'1,386
1,913
446
237
522
'21
5
3
r?
'4
36
60
'27
57
'123
1
63
6,900
6,577
7,078
6,052
6,361
1,353
1,276
1,628
7,741 5,691 2,364 3,326
'9,534 '7,601 3,645 '3,957
'8,898 '7,083 '3,856 '3,228
696
'815
'714
1,166
'520
'336
'768
'603
'155
517
'656
'468
'977
375
287
575
106
110
'449
'153
407
'263
'676
'375
459
'353
'1,478 '1,385
'571
'456
513
178
226
s IIS
6 6S1
5, S58
4 990
'362
'280
'181
'402
82
33
116
'125
'164
'156
'666
'779
301
31
82
483
62
35
'153
'226
'222
'258
'327
7
44
18
178
37
43
'188
286
r 544
r 439
'531
'410
660
590
'325
753
'577
65
'48
'210
'90
'63
144
486
537
'628
'748
'591
M ,034
'459
'270
'691
'550
'406
'1 ,413
675
363
535
429
'69
51 '1 438
'20
27
69
'284
'462
'366
726
95
1,057
838
564
'489
1
647
408
7S3
'664
'260
38
'17
32
'23
85
89
'22
'24
24
'27
55
62
28
'5
'4
'12
23
25
'22
'26
13
29
70
'18
9
53
Proposed u s e s of n e t proceedsi, by major groups of corporate issuers
Tear or
month
Total
net
proceeds
New
£?•
2,180 ? ,1716
1,391 1 ,347
1,175 1 026
3,066 ? ,846
'3,973 '3 ,712
'2,218 '2 ,128
1948
1949
1950
1951
1952
1953
Commercial and
miscellaneous
Manufacturing
1953—March
April
May
June
July
An^ust
September..
October....
November..
December..
'199
'309
'109
'283
'133
'46
'132
'56
'99
'418
1954 January
February...
March
'134
'52
107
'192
'302
r
89
'276
'116
'131
'53
93
'409
'118
'51
107
Total
Retire- net
ments 10 proceeds
Transportation
New Retire- Total
net
proitel* ments" ceeds
New Retire- Total
net
10
proitaT* ments ceeds
New Retire- Total
net
cap- ments 10 proital*
ceeds
54
44
149
221
'261
'90
403
338
538
518
536
'542
382
310
474
462
512
'502
21
28
63
56
24
'40
748
795
806
490
983
'589
691
784
609
437
758
'553
56 ? 150
11 9 ,276
196 2 608
53
412
225 9 ,626
'36 '2 ,972
'7
'7
'19
7
17
'2
'1
'2
'6
'9
'36
'29
57
'38
'59
'19
19
'49
'25
'104
'35
'23
'55
'38
'55
'17
18
'47
'25
'100
1
6
'2
4
'82
66
40
'45
46
15
32
'36
32
'88
'82
66
40
'45
46
15
32
'36
32
'84
212
223
'391
'331
'209
97
'242
'356
245
'200
210
915
'391
'314
'207
97
'241
'350
229
'191
'16
'50
'26
68
'48
'25
62
'2
1
5
'65
'43
58
'65
'36
57
'276
'269
362
'?,75
'269
316
i'
'3
1
2
•'3"
7
2
2,005
2.043
1 ,927
1 326
c
re
539
\905
Real estate
and financial
Communication
Public utility
144
233
682
85
New Retire- Total
net
capproital* ments *° ceeds
891
567
395
605
753
'874
890
517
314
600
747
'871
'16
13
7
17
'37
'1
'20
....
'30
. 89
13
5
5
16
608
'8
'16
13
7
'37
'18
'30
'88
13
5
608
'26
'7
30
'26
'7
30
88
'67
2
8
46'
New RetireitaT* ments »
587
557
2
593
558
49
739
639
81
515
449
5
508
448
6
'3 '1,561 '1,536
r\
'2
'139
162
'94
'412
'43
'123
'243
'80
45
'47
'12
'51
88
30
35
100
66
60
'24
'132
'7
'160
'2
'93
r
412
'40
'3
'122
'242
'2
'77
'3
45 •••• —
'46
'12
'51
88
' Revised.
1
Estimates of new issues sold for cash in the United States.
2
Gross proceeds are derived by multiplying principal amounts
3
4
Includes issues guaranteed.
Issues not guaranteed.
6
or number of units by offering price.
Includes foreign government; International Bank; and domestic eleemosynary and other nonprofit.
« Estimated net proceeds are equal to estimated gross proceeds less cost of notation, 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.
496
FEDERAL RESERVE BULLETIN
SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS
[In millions of dollarsj
Annual
Quarterly
Industry
1952
1948
1949
1950
1951
1952
1953
1953
2
3
4
1
2
3
4
Manufacturing
Total (200 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends .
Nondurable goods industries (94 corps.): 1
Sales
Profits before taxes
Profits after taxes
Dividends
Durable goods industries (106 corps.): 2
Sales
Profits before taxes
Profits after taxes
Dividends
Selected industries:
Foods and kindred products (28 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
Chemicals and allied products (26 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
Petroleum refining (14 corps.):
Sales
Profits before taxes . . .
...
Profits after taxes
Dividends
Primary metals and products (39 corps.):
Sales
Profits before taxes
Profits after taxes
..
Dividends
Machinery (27 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
..
Automobiles and equipment (15 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
38,190 37,803 45,204 52,332 53,810 62,491 12,914 12,543 15,287 15,709 16,519 15,413 14,851
5,390 5,122 7,993 8,668 7,125 8,185 1,643 1,525 2,000 2 244 2 471 2,082 1 387
3,356 3,151 4,106 3,456 3,096 3,526
643
688
926
848
920
875
883
1,429
1,686 2,272 2,015 2,010 2,087
482
483
556
491
487
625
485
14,588 13,906 15,847 18,558 18,813 20,096 4,525 4,692 4,958 4 964 5 068 5 035 5 029
1,930 2,798 3,290 2,693 2,861
2,282
669
672
628
752
769
773
566
1,263 1,562 1,451 1,291
1,520
1,410
300
318
347
338
346
367
360
682
736
919
891
212
872
213
251
911
216
213
213
270
23,602 23,897 29,357 33,774
3,108 3,193 5,195 5,378
1,888 2,544 2,005
1,837
950 1,352 1,142
748
34,997 42,395 8,389 7,851 10,329 10,745 11,450 10 378 9 822
4,432 5,324 1,015
857 1,328 1,493 1,702 1,309
820
1,804
342
370
2,116
579
511
573
509
523
1,119
270
270
1,176
305
272
275
274
356
4,528
455
285
148
4,223 4,402 4,909 5,042
434
532
446
473
268
289
227
204
149
154
159
161
3,674
674
420
263
3,680 4,577 5,574 5,695
693 1,133 1,421 1,200
415
458
496
572
321
448
363
381
5,411 1,220 1,280 1,315 1,316 1,346 1,355 1,394
463
127
104
116
99
128
131
106
210
52
57
50
54
57
46
S3
37
43
38
35
37
37
45
154
6,071 1,369 1,401 1,520 1 545 1 568 1 506 1 4^3
1,260
289
304
286
360
346
330
224
109
493
108
128
123
125
124
121
89
90
114
398
90
90
91
127
3,945
721
548
172
3,865 4,234 4,999 5,319
525
650
686
863
406
442
485
515
172
205
252
231
5,716 1,274 1,325 1,402 1 381 1 396 1,460 1 479
776
147
165
171
194
189
225
167
549
111
115
129
127
124
149
149
257
60
60
69
65
61
61
70
9,066
1,174
720
270
4,563
570
334
127
8,187 10,446 12,497 11,557 13,755 2,385 2 605 3 494 3 428 3 653 3 476 3 198
993 1,700 2,092 1,161
1,830
98
208
431
S60
457
510
302
578
854
575
795
217
776
31
100
183
212
203
198
285
367
377
381
87
86
106
88
88
88
113
377
4,363 5,071 6,183 7,082 8,009 1,725 1,697 2,066 1 967 2 045 1 959 2 038
520
850 1,003
974 1,009
232
218
290
298
241
276
193
321
425
380
370
402
80
89
128
103
89
95
11 5
138
208
200
239
192
49
49
49
49
53
50
90
8,093
1,131
639
282
9,577 11,805 12,496 12,825 16,377 3,427 2,681 3,684 4 308 4 657 3 918 3 495
1,473 2,305 1,913 1,945
2,048
596
345
503
714
648
451
235
861 1,087
705
698
747
194
190
143
211
200
168
168
451
671
479
462
463
114
114
114
117
117
114
117
9,672
1,148
8,580 9,473 10,391 10,580 10,664 2,532 2,633 2,828 2,596 2,732 2,755 2,582
700 1,384 1,260 1,436
1,404
261
368
512
397
336
399
272
438
Public Utility
Railroad:
Operating revenue
Profits before taxes
Electric power:
Operating revenue
Profits before taxes
Profits after taxes
Dividends
Telephone:
Ooeratinc revenue
Profits before taxes
Profits after taxes
Dividends
699
289
•
252
783
312
693
328
816
336
871
412
149
74
208
66
318
116
186
97
231
73
234
79
219
162
4,830
983
657
493
5,055 5,431 5,867 6,224
1,129 1,303 1,480 1,718
757
824
922
818
553
619
709
661
6,683 1,491 1,513 1,618 1,710 1,625 1,650 1,699
1,880
400
382
439
545
454
426
456
1,032
214
207
233
244
288
246
266
771
173
177
182
189
194
186
206
2,694
292
186
178
2,967 3,342 3,729 4,136
333
580
691
787
207
331
384
341
213
355
276
318
4,525 1,023 1,037 1,084 1,092 1,126 1,129 1,178
925
205
182
223
206
234
220
248
452
98
109
88
114
104
107
122
412
87
100
101
91
104
93
108
1
2
Includes 26 companies in groups not shown separately, as follows: textile mill products (10); paper and allied products (15); miscellaneous (1).
Includes 25 companies in groups not shown separately, as follows: building materials (12); transportation equipment other than automobile
(6); and miscellaneous (7).
NOTE.—Manufacturing corporations. Data are from published company reports, except sales which are obtained from the Securities and
Exchange Commission.
Railroads. Figures are for Class I line-haul railroads (which account for 95 per cent of all railroad operations) and are obtained from reports
of the Interstate Commerce Commission.
Electric power. Figures are for Class A and B electric utilities (which account for about 95 per cent of all electric power operations) and are
obtained from reports of the Federal Power Commission, except that quarterly figures on operating revenue and profits before taxes are partly
estimated by the Federal Reserve, to include affiliated nonelectric operations.
Telephone. Revenues and profits are for telephone operations of the Bell System Consolidated (including the 20 operating subsidiaries and
the Long Lines and General departments of American Telephone and Telegraph Company) and for two affiliated telephone companies, which
together represent about 85 per cent of all telephone operations. Dividends are for the 20 operating subsidiaries and the two affiliates. Data
are obtained from the Federal Communications Commission.
All series. Profits before taxes refer to income after all charges and before Federal income taxes and dividends. For description of series
and back figures, see pp. 662-666 of the BULLETIN for June 1949 (manufacturing); pp. 215-217 of the BULLETIN for March 1942 (public utilities);
and p. 908 of the BULLETIN for September 1944 (electric power).
MAY
1954
497
PROFITS, TAXES, AND DIVIDENDS OF
UNITED STATES CORPORATIONS
[Quarterly estimates at seasonally adjusted annual
rates. In billions of dollars]
Year or
quarter
Profits
before
taxes
NET CHANGE IN OUTSTANDING CORPORATE SECURITIES *
[Estimates, in millions of dollars]
All types
Year or
quarter
In- Profits Cash Undiscome after
divi- tributed
taxes taxes dends profits
1939
1941
1943
1945
6.5
17.2
25.1
19.7
1.5
7.8
14.4
11.2
5.0
9.4
10.6
8.5
3.8
4.5
4.5
4.7
1.2
4.9
6.2
3.8
1946
1947
1948
1949
1950
23.5
30.5
33.8
27.1
41.0
9.6
11.9
13.0
10.8
18.2
13.9
18.5
20.7
16.3
22.7
5.8
6.6
7.3
7.5
9.1
8.1
12.0
13.5
8.8
13.6
1951
1952
1953'
23.6
20.6
22.9
19.4
21.2
20.1
18.6
19.0
9.2
9.1
9.3
10.9
9.5
9.7
1952—3
4
43.7
39.2
41.9
37.0
40.3
17.5
19.1
9.1
9.1
8.4
10.0
1953—1
2
3
4. . . .
44.6
45.9
43.3
34.0
24.4
25.0
23.6
18.6
20.3
20.8
19.6
15.4
9.2
9.4
9.6
9.4
11.1
11.4
10.0
6.0
' Revised.
Source.—Department
Bonds and notes
Stocks
New Retire- Net
New Retire- Net
New Retire- Net
issues ments change issues ments change issues ments change
1945
6,457
6,846
-389
4,924
5,995 - 1 , 0 7 1
1,533
851
682
1946
1947
1948
1949
1950
7,180
6,882
7,570
6,732
7,224
4,798
2,523
1,684
1,875
3,500
2,382
4,359
5,886
4,856
3,724
4,721
5,015
5,938
4,867
4,806
3,625
2,011
1,284
1,583
2,802
1,096
3,004
4,654
3,284
2,004
2,459
1,867
1,632
1,865
2,418
1,173
512
400
292
698
1,286
1,355
1,232
L,572
1,720
1951
1952
1953
9,048
10,679
9,895
2,772
2,751
2,335
6,277 5,683
7,927 7,344
7,561 7,006
2,107
2,403
1,820
3,577 3,365
4,940 3,335
5,186 2,889
665
348
514
2,701
2,987
2,375
1952-4
2,872
851
2,021
1,880
761
1,119
992
90
902
1953—1...
2. . .
3. ..
4...
2,329
2,932
1,867
2,767
614
607
530
584
1,715
2,325
1,337
2,183
1,492
2,096
1,327
2,091
481
458
417
464
1,012
1,638
910
1,626
836
836
540
676
133
148
113
119
703
687
427
557
1
Reflects cash transactions only. As compared with data shown on p. 496, new
issues exclude foreign and include investment company offerings, sales of securities
held by affiliated companies or RFC, special offerings to employees, and also new
stock issues and cash proceeds connected with conversions of bonds into stocks. Retirements include the same types of issues, and also securities retired with internal
funds or with proceeds of issues for that purpose shown on p. 496.
Source.—Securities and Exchange Commission.
of Commerce.
CURRENT ASSETS AND LIABILITIES OF UNITED STATES CORPORATIONS *
[Estimates, in billions of dollars]
Current assets
End of year
or quarter
Net
working
capital
Total
Cash
U. S.
Government
securities
Notes and accts.
receivable
.0
.6
5.0
2.7
22.1
27.4
21.9
23.2
18.0
25.6
27.6
26.3
. . . .
.7
30.0
55.7
37.6
14.6
48.9
45.3
55.1
1951
1952
59.2
65.2
1953—1
2 ..
3
65.7
66.0
67.4
65.3
4
54 5
72.9
93 8
97.4
10 8
13.9
21 6
21 7
16.4
21.1
56.2
62.1
68.6
72.4
81.6
108.1
123.6
133.0
133.1
161.5
22.8
25.0
25.3
26.5
28.1
15.3
14.1
14.8
16.8
19.7
180.2
187.3
30.4
31.0
20.5
20.2
2.7
91.2
92.7
93 3
92.7
186.6
187.1
191.8
190.6
28.4
29.9
30 4
31.4
20.0
18.7
20.4
21.5
2.9
2.2
4.0
1
Notes and accts.
payable
Other
1.1
38.3
42.4
43.0
2.8
2.7
2.7
2.6
Other
Federal
income
tax
liabilities
21 9
25.6
24 1
24 8
16 6
10.4
Total
Other
86.1
89.9
1946
1947
1948
1949
1950
Inventories
U. S.
Govt.2
24.5
32.3
42.1
51.6
1939
1941
1943
1945
Current liabilities
U. S.
Govt. 2
30.0
40.7
51 6
45.8
.0
.8
2.2
.9
1.7
51.9
61.5
64.4
60.7
79.8
.1
1.6
1.6
1.4
1.7
65.3
65.7
2.1
94.2
97.4
1.3
67.2
67.4
68.4
67.3
2.5
1 4
1.4
1 3
2.4
2.4
.4
2.2
95.5
94.4
98.5
97.8
2.4
2.4
2.4
2.5
2.2
2.1
1.7
Other
6
7
8
9
8.5
47.9
10.7
11.5
9.3
16.7
11 8
13.2
13.5
14.0
14.9
55.0
59.4
22.0
18.2
15.9
17 6
58.2
57.8
59.0
58.6
37 .6
39 .3
37 .5
1.2
7.1
16.8
16.1
18.5
19.5
17.9
18.4
18 9
18.1
31 5
9
2
7
7
2
Excludes banks and insurance companies.
Receivables from and payables to U. S. Government do not include amounts offset against
each other on corporations' books.
Source.—Securities and Exchange Commission.
BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT i
[Estimates, in millions of dollars]
Total
Manufacturing
Mining
Railroads
1939
1945
5,512
8,692
1,943
3,983
326
383
280
548
1946
1947
1948
1949
1950
14,848
20,612
22,059
19,285
20,605
6,790
8,703
9,134
7,149
7,491
427
691
1951
1952 .
1953 4
1954
25,644
26,493
28,391
27,230
10,852
11,632
12,276
11.410
929
985
Year
882
792
707
1,011
1,040
Transportation
Public Comother
utili- muni- Other»
than
ties
cations
rail
365
574
520
505
1,776
2,378
1952—3
4
6,242
7,206
2,936
3,490
624
728
1953—1
2
6,339
7,289
7,098
7,666
2,972
3,426
3,210
3,680
650
725
686
717
6,808
6,932
3,155
3,176
653
597
792
817
1,298
1,285
887
1,212
1,539
2,543
3,125
3,309
1,399
1,742
1,320
1,104
4,516
6,093
5,154
4,660
5,671
1,474
1,396
L ,312
1,490
1,500
1,464
1,400
3,664
3,887
4,548
4,430
1,319
5,916
940
923
Total
302
321
1,319
1,352
1,111
583
889
Quarter
Manu- Transfactur- portaing
tion
All
Public
and
ind.
utili- other*
minrailties
ing
roads
7 . 094
7 , 778
8 , 010
3
4
1954—1*
2*
963
1,150
1,719
1,839
925
1,158
1,219
1,246
1,792
1,979
1,984
2,023
1,026
1,170
1,975
1,989
2
Includes trade, service, finance, and construction.
Corporate and noncorporate business, excluding agriculture.
4
Includes communications and other.
Anticipated by business.
Sources.—Department of Commerce and Securities and Exchange Commission.
1
3
498
FEDERAL RESERVE BULLETIN
REAL ESTATE CREDIT STATISTICS
MORTGAGE DEBT OUTSTANDING, BY TYPE OF PROPERTY MORTGAGED AND TYPE OF MORTGAGE HOLDER
[In billions of dollars]
End of year
or quarter
1941
1942
1943
1944
1945
1946.
1947
1948
1949
1950
1951
1952
1953
All
holders
Other
holders
Financial
insti- Selected Inditutions Federal viduals
and
agenothers
cies
1- to 4-family houses
All
holders
Multi-family and
commercial properties >
Total
Financial
institutions
Other
holders
Financial
institutions
7.2
6.7
.6
1.1
1.4
2.0
2.4
2.8
14.9
14.2
13.6
13.3
13.7
15 1
16.6
17.8
18.7
19.7
20.7
21.8
23.1
31.2
30.8
29.9
29.7
30.8
36.9
43.9
50.9
57.1
66.7
75.6
84.0
93.2
18.4
18.2
17.8
17.9
18.5
23.1
28.2
33.3
37.5
45.1
51.9
58.7
65.9
11.2
11.5
11.5
11.7
12.2
16.0
20.5
25.0
28.4
35.3
41.2
47.0
53.4
8.3
9.1
9.8
10.7
11.7
12.5
61.0
63.0
65.0
66.8
2.2
2.2
2.3
2.4
20.9
21.3
21.6
21.8
77.4
79.5
81.8
84.0
42.4
43.9
45.6
47.0
11.0
11.1
11.4
11.7
93.4
1953—March'
96.1
Tuner
Septemberrr . . . 98.7
December . . . 100.9
68.6
70.9
73.0
75.0
2.6
2.7
2.8
2.8
22.2
22.5
22.9
23.1
86.0
88.6
91.1
93.2
53.3
55.1
57.0
58.7
60.3
62.4
64.3
65.9
48.4
50.2
51.9
53.4
1954—March?
76.8
2.7
23.4
95.1
67.4
54.8
37.6
36.7
35.3
34 7
35.5
41 8
48.9
56.2
62.7
72.8
82.1
91.1
100.9
1952-—March r
June r
Septemberrr . . .
December .. . .
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
2.0
1.8
84.1
86.4
88.9
91.1
102.9
1.4
1 l
.9
.6
.5
Farm
Nonfarm
All properties
6.3
6.2
6.4
7.0
7.6
Total
12.9
12.5
12.1
11.8
12.2
13.8
15.7
17.6
19.6
21.6
23.7
25.3
27.3
8.0
7.8
7.4
7.2
7.5
8.4
Other
holders
All
holders
:.8
i
I
iL
6
t1 6
I 7
10.9
12.4
14.0
15.7
17.0
18.6
5.4
6.1
6.7
7.2
7.6
8.0
8.3
8.8
9.6
16.0
16.3
16.6
17.0
8.1
8.1
8.2
8.3
11.9
12.2
12.4
12.5
24.1
24.4
24.9
25.3
25.7
26.2
26.7
27.3
17.3
17.7
18.1
18.6
8.4
8.5
8.6
8.8
12.6
27.7
19.0
8.8
FinanOther
cial
insti- holders1
tutions
6.4
6.0
5.4
4.9
4.8
4.9
5.1
5.3
5.6
6.1
6 6
7.1
7.7
6.7
7.0
7.1
7.1
7.3
7.5
7.6
7.7
7.8
J5
2.3
2.6
2.8
3.0
4.9
4.5
4.1
3.7
3.4
3.4
3.3
3.4
3.5
3.7
4.0
4.3
4.7
2.7
2.7
2.8
2.8
4.1
4.2
4.3
4.3
?.9
3.0
3.0
3.0
4.4
4.6
4.6
4.7
4.8
1 4
1
L.3
s
7
0
2.1
3.1
^Preliminary.
'Revised.
derived figures, which include negligible amount of farm loans held by savings and loan associations. 2Derived figures, which include
debt held by Federal land banks and Farmers Home Administration.
NOTE.—Figures for first three quarters of each year, and allfiguresfor December 1953 except those on total farm (preliminary estimate from
Dept. of Agriculture), are Federal Reserve estimates. Financial institutions include commercial banks (including nondeposit trust companies
but not trust departments), mutual savings banks, life insurance companies and savings and loan associations. Federal agencies include HOLC,
FNMA, and VA (the bulk of the amounts through 1948 held by HOLC, since then by FNMA). Other Federal agencies (amounts small and
separate data not readily available currently) are included with "Individuals and others."
Sources.—Federal Deposit Insurance Corporation, Home Loan Bank Board, Institute of Life Insurance, Departments of Agriculture and
Commerce, Federal National Mortgage Association, Veterans Administration, Comptroller of the Currency, and Federal Reserve.
MORTGAGE LOANS HELD BY BANKS *
[In millions of dollars]
Mutual savings bank holdings *
Commercial bank holdings *
Nonfarm
Nonfarm
End of year
or quarter
Residential •
Total
Total
Total
Residential3
Total
FHA- VA- Con- Other
guar- veninsured anteed tional
Total
Total
Farm
FHA- VA- Con- Other
inguar- vensured anteed tional
1,784 3,884
3,725
3,558
1,281 3,476
i 1,184 3,387
i1,415 3,588
1.828 3,937
5,773 4,758
6,668 5,569
8,218 7,054
9,869 8,595 2,567 1,726 4,303
11,327 9,883 3,168 2,237 4,477
12,890 11,334 3,489 3,053 4,792
900
876
837
805
797
827
891
1,015
1,099
1,164
1,274
1,444
1,556
28
26
25
24
24
26
28
34
37
44
47
53
53
1,063 10,554 10,506 9,145 2,898 1,917 4,330
L,060 10,940 10,890 9,490 3,025 2,069 4,396
L.058 11,379 11,327 9,883 3,168 2,237 4,477
1,080 11,680 11,630 10,165 3,230 2,395 4,540
1,104 12,112 12,062 10,574 3,325 2,590 4,658
,090 12,500 12,450 10,930 3,405 2,785 4,740
,082 12,943 12,890 11,334 3,489 3,053 4,792
1,361
1,400
1,444
48
50
53
1,465
1,488
1,520
1,556
50
50
50
53
16,960 15,865 13,000 3,940 3,100 5,960 2,865 1 ,095 13,355 13,300 11,710 3,590 3,290 4,830 1,390
55
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952 r
1953
4,906
4,746
4,521
4,430
4,772
7,234
9,446
10,897
11,644
13,664
14,732
15,867
16,850
1952—June
September
December
15,176 14,113
15,590 14,530
15,867 14,809
16,080
1953—March
June
. . . . 16,387
September1". . . . 16,640
December r .. . . 16,850
1954—March*
Farm
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
15,000
15,283
15,550
15,768
3,292
1,048
3,332
924
3,256
802
3,218
749
3,395
856
5,146
1,387
6,933
1,690
8,066
1,957
8,676
2,060
10,431 3,421
2,264
11,270
2,921 4,929 2,458
12,188 3,675 3,012 5,501 2,621
12,925 3,912 3,061 5,951 2,843
11,602 3,441 2,952 5,209 2,512
11,970 3,580 3,000 5,390 2,560
12,188 3,675 3,012 5,501 2,621
12,320 3,719 3,010 5,591 2,680
12,545 3,798 3,013 5,734 2,738
12,770 3,860 3,040 5,870 2,780
12,925 3,912 3,061 5,951 2,843
566
491
463
463
521
702
823
874
909
968
1,004
1,058
1,082
4,812
4,627
4,420
4,305
4,208
4,441
4,856
5,806
6,705
8,261
9,916
11,379
12,943
i1,601
i 1,395
r
1
Revised.
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. For 1940, figures except for the grand total are Federal Reserve estimates based on data for
insured commercial banks.
3
Data not available for all classifications prior to December 1951.
4
Through 1946, figures except for the grand total are estimates based on Federal Reserve preliminary tabulation of a revised series of banking
statistics. March and September figures are Federal Reserve estimates based in part on data from National Association of Mutual Savings Banks.
Sources.—All bank series prepared by Federal Deposit Insurance Corporation from data supplied by Federal and State bank supervisory
agencies; Comptroller of the Currency; and Federal Reserve.
MAY
1954
499
REAL ESTATE CREDIT STATISTICS—Continued
MORTGAGE ACTIVITY OF ALL UNITED STATES LIFE INSURANCE COMPANIES
[In millions of dollars]
Loans outstanding (end of period)
Loans acquired
Nonfarm
Year or month
Total
Total
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
FHAinsured
Nonfarm
VAguaranteed
Farm
Farm
VAguaranteed
Total
FHAinsured
417
5,972
6,442
6,726
6,714
6,686
6,636
7,155
8,675
10,833
12,906
16,102
19,314
21,251
23,275
5,073
5,529
5,830
5 873
5,886
5,860
6,360
7,780
9,843
11,768
14,775
17,787
19,546
21,403
1,096
1,286
1,408
1,394
1,228
1,398
2,381
3,454
4,573
5,257
5.681
6,015
256
844
1,106
1,224
2,026
3,131
3,347
3,563
4,876
5,538
6,356
7,090
8,176
9,399
10,518
11,825
1,138
1,327
1,527
L.7O5
L.872
Other
898
855
935
976
Total
899
913
896
841
800
776
795
895
668
815
1,661
2,786
3,407
3,430
4,980
5,111
3,978
4,335
....
1954—January
February
March P
1,202
1,350
1,572
1,051
819
457
1,469
1,546
1,642
2,119
2,385
2,313
2,642
403
364
344
359
405
305
313
338
352
478
353
321
308
330
371
279
289
309
327
433
88
77
62
67
71
62
57
60
60
66
29
27
30
34
36
32
40
42
56
81
236
217
216
229
264
185
192
207
211
286
50
43
36
29
34
26
24
29
25
45
21,725
21,897
22,055
22,221
22,429
22,552
22,698
22,842
23,017
23,275
19,992
20,139
20,277
20,425
20,614
20,722
20,860
20,993
21,161
21,403
5,804
5,820
5,854
5,884
5,905
5,924
5,943
5,963
5,983
6,015
3,370
3,388
3,390
3,396
3,412
3,430
3,448
3,473
3,511
3,563
10,818
10,931
11,033
11,145
11,297
11,368
11,469
11,557
11,667
11,825
1,733
1,758
1,778
1,796
1,815
1,830
1,838
1,849
1,856
1,872
318
319
1953—March
April
May
June
July
August
September
October
November
December
1,483
2,520
3,114
3,123
4,621
4,704
3,606
3,918
282
277
51
44
57
46
77
174
187
36
42
227
23,435
23,570
23,769
21,538
21,660
21,845
6,027
6,037
6,066
3,599
3,626
3,683
11,912
11,997
12,096
1,897
1,910
1,924
419
372
451
864
68
600
366
131
930
1,268
429
178
266
293
307
359
407
Other
372
47
990
^Preliminary.
NOTE.—For loans acquired, monthly figures may not add to annual totals, and for loans outstanding, end-of-December figures may differ
from end-of-year figures, because monthly figures represent book value of ledger assets whereas year-end figures represent annual statement asset
values, and because year-end adjustments are based on more nearly complete data. Prior to 1947, complete data are not available for all classifications shown.
Sources.—Institute of Life Insurance—end-of-year figures, Life Insurance Fact Book; end-of-month figures, the Tally of Life Insurance Statistics
and Life Insurance News Data.
MORTGAGE ACTIVITY OF ALL SAVINGS AND LOAN
ASSOCIATIONS
[In millions of dollars]
Loans outstanding (end of period)2
Loans made, by purpose
Year or
month
Total
New
construction
Home Other
purpur- Total'
chase poses i
1,200
1,379
1,051
1,184
1,454
1,913
3,584
3,811
3,607
3,636
5,237
5,250
6,617
7,767
399
437
190
106
95
181
616
894
1,046
1,083
1,767
1,657
2,105
2,475
426
581
574
802
1,064
1,358
2,357
2,128
1,710
1,559
2,246
2,357
2.955
3,488
375
361
287
276
295
374
611
789
851
994
1,224
1,236
1,557
1,804
May'.'.'.
June..
July...
Aug...
Sept...
Oct....
Nov...
Dec...
639
678
690
733
758
707
684
688
586
584
206
226
232
241
237
218
208
219
190
187
266
288
295
327
355
340
328
318
265
259
167
164
163
165
166
149
148
151
131
138
1954-Jan....
Feb....
Mar. .
495
539
710
152
176
246
217
220
288
126
143
176
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1953-Mar...
' Revised.
FHAinsured
VA- Conguarvenanteed tional*
2,397
2,586
2,969
3,125
'3,385
'3,973
7,345
8,313
9,812
11,530
'14,047
16,908
19,105
3,492
14,689 1953-Mar...
924
. .
962
3,593
15,578
21,145 1,015
3,745
16,385
21,929 '1,048
'3,973
16,908
22,684
4,106
17,495
1954-Jan....
Feb....
Mar...
1,083
alterations, refinancing, etc.
classifications shown.
Excludes shares pledged against mortgage loans.
Source.—Home Loan Bank Board.
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
May.'.'!
June . .
July...
Aug...
Sept...
Oct....
Nov...
Dec...
20,133
Sav- Insurings & ance
loan
comassns. panies
Average
amount
reCom- Mutual
sav- Other corded
mer(dolings
cial
lars)
banks banks
Amount, by type of lender
Year
or
month
4,125
4,578
4,583
4,584
4,800
5,376
7,141
8,85
10,305
563
11,616
717
13,622
841
15,520
864
'18.336 '904
21,929 '1,048
1
Includes loans for repair, additions and
2
Prior to 1948, data are not available for
3
500
N O N F A R M M O R T G A G E RECORDINGS O F $20,000 O R LESS
iNumber in thousands; amounts (except averages) in millions of dollars]
Number
Total
1,456
1,628
1,351
1,274
1,446
1,639
2,497
2,567
2,535
2,488
3,032
2,878
3,028
3,164
4,031
4,732
3,943
3,861
4,606
5,650
10,589
11,729
11,882
11,828
16,179
16,405
18,018
19,747
1,283
1,490
1,170
1,237
1,560
2,017
3,483
3,650
3,629
3,646
5,060
5,295
6,452
7,365
334
404
362
280
257
250
503
847
1,016
1,046
1,618
1,615
1,420
1,480
1,006
1,166
886
753
878
1,097
2,712
3,004
2,664
2,446
3,365
3,370
3,600
3,680
170
218
166
152
165
217
548
597
745
750
1,064
1,013
1,137
1,327
1,238
1,454
1,359
1,439
1,746
2,069
3,343
3,631
3,828
3,940
5,072
5,112
5,409
5,895
2,769
2,906
2,918
3,031
3,186
3,448
4,241
4,570
4,688
4,755
5,335
5,701
5.950
6,241
264
275
273
282
286
273
275
278
245
255
1,627
1,709
1,699
1,769
1,798
1,709
1,729
1,746
1,549
1,622
605
642
641
682
699
671
654
658
564
569
126
127
133
131
132
122
125
123
114
126
316
325
317
325
323
310
315
320
290
291
92
102
111
120
127
111
123
123
113
128
488
513
497
511
517
495
512
522
468
508
6,153
6,206
6,221
6,282
6,282
6,270
6,276
6,283
6,311
6,372
218
229
281
1,372
1,425
1,784
467
517
666
108
105
124
263
274
335
85
85
103
449
444
556
6,292
6,223
6,339
Source.—Home Loan Bank Board.
FEDERAL RESERVE BULLETIN
REAL ESTATE CREDIT STATISTICS—Continued
GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE
MORTGAGB DEBT OUTSTANDING ON
NONFARM 1- TO 4-FAMILY PROPERTIES
[In billions of dollars]
[In millions of dollars]
VA-guaranteed loans 8
FHA-insured loans
Year
or
month
Home
mortgages
Total
925
1939
1940 . .
991
1941
1,152
1942...
1,121
1943
934
877
1944
1945
857
1946
3 058
1947
5 074
1948
5 222
5 250
1949
1950
7 416
1951
6 834
1952
5,830
1953
6,946
504
1953—Mar. . .
Apr
577
May. . . 530
June...
516
July...
602
Aug....
597
Sept
629
Oct....
661
Nov....
694
556
Dec.. . ,
512
1954—Jan
488
Feb....
M a r . . . 471
Total
New
properties
969
208
175
183
208
210
224
217
302
418
684
892
856
713
974
1,259
1,030
486
588
728
766
553
484
257
120
477
925
991
1,152
1 121
934
877
665
756
1 788
3 341
3 826
4 343
3 220
3 113
3,882
Projecttype
Exmortisting gages1
properties
1
1
1
1
434
319
637
216
Property
im- Total
provement2
loans
52
13
14
21
85
56
20
13
360
609
179
216
228
126
86
114
171
321
534
614
594
694
707
848
Home
mortgages
New
properties
103
89
20
64
228
152
75
342
314
274
363
349
320'
368
408
109
97
91
109
106
106
113
105
92
90
95
94
87
80
80
68
22
25
19
40
23
12
23
25
119
102
69
120
133
122
151
210
235
216
242
239
248
309
293
286
157
149
164
160
166
197
193
192
78
66
78
79
82
112
99
93
304
265
221
246
110
117
94
95
63
66
60
67
15
12
13
16
116
69
54
69
252
247
267
225
170
174
188
160
FHAin-
VAguarsured anteed
.4 1952—Mar. . .
.3
June. . .
.4
Sept...
.5
Dec.. . .
.5
.4 1953—Mar. . .
4
June. . .
.4
Sept...
.4
Dec.. . .
1 865 1 202
942
2,667
890
1,824
2,045 1,014
276
Total
16.3
17.3
18.4
18.2
17.8
17.9
18.5
23.1
28.2
3
33.3
5
37.5
6
45.1
6
51.9
6
58.7
65.9
.5
.4 1951—Sept... 50.4
.5
Dec . . . 51.9
,4
629
793
Con-
ventional
Total
53.3
55.1
57.0
58.7
23.5
24.0
24.7
25.4
10.8
12.0
9.5
9.7
9.9
10.1
10.4
10.8
60.3
62.4
64.3
65.9
26.1
26.7
27.5
28.1
11.1
11.4
11.7
12.0
15.0
15.3
15.8
16.1
14.5
15.0
15.4
14.5
13.7
13.7
14 2
17.0
18 9
20.8
22.5
26.2
29.0
33.3
37.8
28.4
29.0
29.8
31.1
32.3
33.3
34.2
35.7
36.8
37.8
1954—Mar.p..
67.4
28.6
12.2
16.4
38.8
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952*
1953P
192
2 302
3,286
1 881
1,424
1 021
3 073
1 157
3,614
584
2.721
322
259 1,334 3,064
Governmentunderwritten
End of
year or
quarter
Alteration
and 2
Existing repair
properties
82
73
79
65
1
Monthly figures do not reflect mortgage amendments included in annual totals.
FHA-insured property improvement loans are not ordinarily secured by mortgage*J: VAguaranteed alteration and repair loans of $1,000 or less need not be secured, whereas those
for more than that amount must be.
"Prior to 1949, data are not available for classifications shown.
NOTE.—FHA-insured loans represent grosis amount of insurance written: VA-guaranteed loans, gross amount of loans closed. Figures do not take account of principal repayments on previously insured or guaranteed loans. For VA-guaranteed loans, amounts by
type are derived from data on number and average amount of loans closed.
Sources.—Federal Housing Administration and Veterans Administration.
1.8
2.3
3.0
3.7
4 1
4.2
4 3
6.1
9.3
12.5
15 0
18.9
22.9
25.4
28.1
22.0
22.9
1.8
2.3
3.0
3.7
4.1
4.2
4.1
3.7
3.8
5.3
6.9
8.6
9.7
2
2.4
55
7.2
8 1
10.3
13.2
14.6
16.1
12.5
13.2
13.6
13.9
14.3
14.6
a
FEDERAL NATIONAL, MORTGAGE ASSOCIATION ACTIVITY
[In millions of dollars]
End of year
or month
Author- Commitized
ments
funds
unundiscommitted bursed
Total
FHAinsured
VAguaranteed
528
848
918
661
1.085
550
227
824
485
239
323
638
199
828
1,347
1,850
2,242
2,462
188
403
169
204
320
621
11
425
1,178
1,646
1.922
1,841
198
672
1,044
677
538
542
1953—April
May
June
July
August
September...
October
November . . .
December
876
816
610
597
586
566
556
552
550
326
357
542
526
523
544
568
608
638
2,448
2,477
2,498
2,527
2,541
2,540
2,526
2,490
2,462
429
457
477
508
536
556
585
594
621
2,019
2,020
2,020
2,019
2,005
1,984
1,941
1,896
1,841
68
40
31
39
33
26
39
30
42
1954—January
February....
March
April?
550
542
539
539
666
685
745
812
2,434
2,424
2,366
2,299
625
641
653
667
1,809
1,783
1,713
1,632
37
47
49
50
1948
1949
1950 . .
1951
1952
1953
FEDERAL HOME LOAN BANK LENDING
[In millions of dollars]
Mort- Mortgage
gage
pursales
chases (during
(during period)
period)
Mortgage holdings
p Preliminary.
iLess than $500,000.
Source.—Federal National Mortgage Association.
P Preliminary.
NOTE.—For total debt outstanding, ficrures for
first three quarters are Federal Reserve estimates.
For conventional, figures are derivecI.
Sources.—Home Loan Bank Board. Federal Housing Administration, Veterans Administration, and
Federal Reserve.
20*
469
111
56
221
0)
3
3
1
11
19
44
59
61
Year or month
Advances
Repayments
Advances outstanding
(end of period)
Total
1945
1946
1947
1948
1949
1950
1951
1952
1953
Shortterm 1
Longterm 2
278
329
351
360
256
675
423
586
674
1953—April
May
July
August
September..
October
November..
December. .
57
50
98
108 1954—January....
February...
March
April
213
231
209
280
337
292
433
528
611
195
293
436
515
433
816
806
864
952
176
184
218
257
231
547
508
565
634
19
109
217
258
202
269
298
299
317
47
44
97
61
70
83
62
71
79
32
26
23
79
25
28
45
25
14
626
645
718
700
746
801
819
865
952
406
416
471
469
510
557
564
589
634
220
229
248
231
236
244
255
276
317
26
15
36
35
226
88
84
51
751
677
630
613
496
438
396
382
255
239
233
231
1
Secured or unsecured loans maturing in one year or less.
Secured loans, amortized quarterly, having maturities of
more than one year but not more than ten years.
Source.—Home Loan Bank Board.
2
MAY
1954
501
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
1942
Total
Other
Automobile consumer
goods
paperi
paper i
Total
Noninstalment credit
Repair
and modernization
loans2
Personal
loans
Total
Singlepayment
loans
Charge
accounts
Service
credit
7,222
8,338
9,172
5,983
4,503
5,514
6,085
3,166
1,497
2,071
2,458
742
1,620
1,827
1,929
1,195
298
371
376
255
1,088
1,245
1,322
974
2,719
2,824
3,087
2,817
787
800
845
713
1,414
1,471
1,645
1,444
518
553
597
660
5,665
8,384
11,570
14,411
17,104
20,813
21,468
25,827
28,896
2,462
4,172
6,695
8,968
11,516
14,490
14,837
18,684
21,807
455
981
1,924
3,054
4,699
6,342
6,242
8,099
10,289
816
1,290
2,143
2,842
3,486
4,337
4,270
5,328
5,605
182
405
718
843
8R7
1,006
,090
,406
:1,606
1,009
1,496
1,910
2,229
2,444
2,805
3,235
3,851
4,307
3,203
4,212
4,875
5,443
5,588
6,323
6,631
7,143
7,089
746
1,122
1,356
1,445
1,532
1,821
1,934
2,094
2,127
1,612
2,076
2,353
2,713
2,680
3,006
3,096
3,342
3,249
ft**
,014
,166
,285
L.376
L.496
,601
,707
,713
1953—March
April
May
June
July
August
September
October
November
December
25,946
26,455
27,056
27,411
27,581
27,810
27,979
28,166
28,252
28,896
19,391
19,767
20,213
20,635
21,004
21,218
21,347
21,486
21,586
21,807
8,799
9,111
9,432
9,692
9,973
10,136
10,232
10,337
10,358
10,289
5,217
5,217
5,272
5,333
5,351
5,362
5,352
5,366
5,406
5,605
1,416
1,435
1,462
1,493
1,516
1,534
L.562
1,585
1,604
1,606
3,959
4,004
4,047
4,117
4,164
4,186
4,201
4,198
4,218
4,307
6,555
6,688
6,843
6,776
6,577
6,592
6,632
6,680
6,666
7,089
2,211
2,246
2,294
2,197
2,079
2,131
2,130
2,131
2,100
2,127
2,613
2,682
2,763
2,781
2,705
2,668
2,716
2,811
2,840
3,249
1,731
1,760
L ,786
1,798
L.793
1,793
L.786
L,738
L .726
1,713
1954—January
February
March
28,125
27,478
27,151
21,444
21,151
20,900
10,084
9,915
9,800
5,495
5,377
5,220
1,587
1,570
1,554
4,278
4,289
4,326
6,681
6,327
6,251
2,083
2,054
2,073
2,893
2,550
2,438
L,7O5
1,723
1,740
1945
1946
1947
1948
1949
1950
1951
1952
1953
....
1
Includes all consumer instalment credit extended for the purpose of purchasing automobiles and other consumer goods and secured by the
items purchased, whether held by retail outlets or financial institutions. Includes credit on purchases by individuals of automobiles or other
consumer goods that may be used in part for business.
2
Includes only repair and modernization loans held by financial institutions; such loans held by retail outlets are included in "other consumer
goods paper."
NOTE.—Monthly figures for the period December 1939 through 1951 and a general description of the series are shown on pp. 336-354 of the
BULLETIN for April 1953. Revised monthly figures for 1952 are shown on p. 1214 of the BULLETIN for November 1953. A detailed description
of the methods used to derive the estimates may be obtained from Division of Research and Statistics.
INSTALMENT CREDIT, BY HOLDER
[Estimated amounts outstanding, in millions of dollars]
Financial institutions
Total
instalment
credit
Total
1939
1940
1941
1942
4,503
5,514
6,085
3,166
1945
1946
1947
1948
1949
1950
1951
1952
1953
End of year
or month
Retail outlets
Department1
Furniture
stores
Household
appliance
stores
Automobile
dealers2
1,438
1,596
1,605
990
354
394
320
181
439
474
496
331
183
196
206
111
123
167
188
53
339
365
395
314
629
840
1,040
1,239
1,420
1,647
1,902
2,216
2,467
686
937
1,440
1,876
2,269
2,670
2,760
3,274
3,273
131
209
379
470
595
743
920
1,117
1,068
240
319
474
604
724
791
760
866
866
17
38
79
127
168
239
207
244
276
28
47
101
159
239
284
255
308
407
270
324
407
516
543
613
618
739
656
880
906
928
962
988
1,009
1,029
1,041
1,050
1,064
2,267
2,296
2,323
2,351
2,378
2,393
2,401
2,397
2,417
2,467
3,011
2,967
2,991
3,014
3,004
3,013
3,019
3,047
3,091
3,273
974
925
933
937
923
931
943
957
983
1,068
812
807
809
812
812
813
811
812
826
866
236
242
248
256
260
263
265
266
270
276
336
348
362
373
386
396
399
406
408
407
653
645
639
636
623
610
601
606
604
656
1,043
1 ,055
1,074
2,448
2,436
2,427
3,168
3,152
3,055
1,031
1,094
1,056
836
814
795
270
265
261
400
393
388
631
586
555
Commercial
banks
Sales
finance
companies
Credit
unions
3,065
3,918
4,480
2,176
1,079
1,452
1,726
862
1,197
1,575
1,797
588
132
171
198
128
657
720
759
598
2,462
4,172
6,695
8,968
11,516
14,490
14,837
18,684
21,807
1,776
3,235
5,255
7,092
9,247
11,820
12,077
15,410
18,534
745
1,567
2,625
3,529
4,439
5,798
5,771
7,524
8,856
300
677
1,355
1,990
2,950
3,785
3,769
4,833
6,147
102
151
235
334
438
590
635
837
1,064
1953—March
April
May
June
July
August
September
October
November
December
19,391
19,767
20,213
20,635
21,004
21,218
21,347
21,486
21,586
21,807
16,380
16,800
17,222
17,621
18,000
18,205
18,328
18,439
18,495
18,534
8,059
8,286
8,491
8,675
8,818
8,879
8,893
8,908
8,881
8,856
5,174
5,312
5,480
5,633
5,816
5,924
6,005
6,093
6,147
6,147
1954—January
February
March
21,444
21 .151
20,900
18,276
17,999
17,845
8.723
8.534
8,452
6,062
5.974
5,892
Other
Total
stores
Other
1
2
Includes mail-order houses.
Includes only automobile paper; other instalment credit held by automobile dealers is included with "other" retail outlets.
502
FEDERAL RESERVE BULLETIN
STATISTICS ON SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT—Continued
NONINSTALMENT CREDIT, BY HOLDER
INSTALMENT CREDIT HELD BY COMMERCIAL BANKS,
BY TYPE OF CREDIT
[Estimated amounts outstanding, in millions of dollars]
[Estimated amounts outstanding, in millions of dollars]
End of year
or month
Total
noninstalment
credit
Financial
institutions
(single-payment oans)
Retail
outlets
(charge
accounts)
Service
credit
Commercial
banks
Other
De-
partment
stores l
Total
instalment
credit
2,719
2,824
3,087
2,817
625
636
693
593
162
164
152
120
236
251
275
217
1.178
1,220
1,370
1,227
518
553
597
660
1945
1946
1947
1948
1949
1950
1951
1952
1953
3,203
4,212
4,875
5,443
5,588
6,323
6,631
7,143
7,089
674
L.008
1,203
L ,261
1,334
1,576
1,684
1,844
1,848
72
114
153
184
198
245
250
250
279
290
452
532
575
584
641
685
730
769
1,322
L.624
1.821
2^138
2,096
2,365
2,411
2,612
2,480
845
L.014
1,166
1,285
1,376
1,496
1,601
L.7O7
1,713
6,555
6,688
6,843
6,776
June
July
6,577
August
6,592
September. 6,632
October. . . 6,680
November. 6,666
December. 7,089
1,960
1,984
1,985
1,922
1,830
1,870
1,857
1,867
1,798
1,848
251
262
309
275
249
261
273
264
302
279
492
487
498
492
457
453
500
524
578
769
2,121
2,195
2,265
2,289
2,248
2,215
2,216
2,287
2,262
2,480
1,731
1,760
1,786
1,798
1,793
1,793
1,786
1,738
1,726
1,713
1954—January.. . 6,681
February.. 6,327
M a r c h . . . . 6,251
1,824
1,782
1,780
259
272
293
631
541
497
2,262
2,009
1,941
1,705
1,723
1,740
Repair
and
modernization
loans
Total
instalment
credit
Automobile
paper
1939
1940
1941
1942
1,197
1,575
1,797
588
878
1,187
1,363
341
115
136
167
78
148
190
201
117
56
62
66
52
1945
1946
1947
1948
1949
1950
1951
1952
1953
300
677
1,355
1,990
2,950
3,785
3,769
4,833
6,147
164
377
802
1,378
2,425
3,257
3,183
4,072
5,306
24
67
185
232
303
313
241
332
367
58
141
242
216
83
57
70
82
83
54
92
126
164
139
158
275
347
391
5,174
5,312
5,480
5,633
Tune
5,816
Tuly
5,924
August
September. . . 6,005
6,093
October
November. . . 6,147
December.. . . 6,147
4,402
4,536
4,694
4,836
5,007
5,108
5,186
5,272
5,321
5,306
342
345
351
356
367
374
375
372
368
367
79
80
78
76
75
72
74
76.
79
83
351
351
357
365
367
370
370
373
379
391
5,228
5,150
5,079
359
351
340
86
85
84
389
388
389
MAY
1954
6,062
5,974
5,892
178
276
338
134
166
232
309
153
135
165
161
124
363
440
471
302
237
339
447
149
1945
1946
1947
1948
1949 . . .
1950
1951 . . .
1952
1953
745
1,567
2,625
3,529
4,439
5,798
5,771
7,524
8,856
66
169
352
575
849
1,177
1,135
1,633
2,135
143
311
539
753
946
1,294
J .311
L ,629
L.884
114
299
550
794
1,016
1,456
1,315
1,751
2,038
110
242
437
568
715
834
888
1,137
1,301
312
546
747
839
913
1,037
1,122
1,374
1,498
1953—March
April
May
June
July
August....
September.
October. . .
November.
December.
8,059
8,286
8,491
8,675
8,818
8,879
8,893
8,908
8,881
8,856
1,814
1,902
1,989
2,043
2,095
2,123
2,141
2,157
2,150
2,135
1,761
1,821
1,869
1,906
1,941
1,957
1,948
1,939
1,920
1,884
1,909
1,956
1,990
2,029
2,055
2,056
2,036
2,032
2,027
2,038
1,144
1,160
1,184
1,212
1,234
1,251
1,273
1,291
1,303
1 ,301
1,431
1,447
1,459
1,485
1,493
1,492
1,495
1,489
1,481
1,498
1954—January.. . 8,723
February.. 8,534
M a r c h . . . . 8,452
2,079
2,024
1,994
1,834
1,809
1,799
2,037
1,937
1,887
1,283
1,267
1,253
1,490
1,497
1,519
[Estimated amounts outstanding, in millions of dollars]
Personal
loans
Other
consumer
goods
paper
Repair
and
modernization
loans
Total
instalment
credit
Automobile
paper
1939
1940
1941
1942
789
891
957
726
81
102
122
65
24
30
36
27
15
16
14
14
669
743
785
620
1945
1946
1947
1948
1949
1950
1951
1952
1953
731
991
1,275
1,573
1,858
2,137
2,537
3,053
3,531
54
77
130
189
240
330
358
457
557
20
34
69
99
137
182
209
279
334
14
22
39
59
89
115
132
187
222
643
858
1,037
1,226
1,392
1,610
1,838
2,130
2,418
1953—March
April
May
June
July
August
September. . .
October
November. . .
December... .
3,147
3,202
3,251
3,313
3 ,366
3,402
3,430
3,438
3.467
3,531
486
504
518
534
544
552
558
563
559
557
291
297
302
307
311
315
321
321
328
334
193
195
200
205
207
211
215
218
222
222
2,177
2,206
2,231
2,267
2,304
2,324
2,336
2,336
2,358
2,418
1954—January
February....
March
3,491
S 491
3,501
543
539
540
331
330
326
218
218
217
2,399
2.404
2,418
End of year
or month
Other
consumer
goods
paper
1954—Tanuary
February....
March
Direct
1,079
1,452
1,726
862
[Estimated amounts outstanding, in millions of dollars]
May
Personal
loans
Purchased
1939
1940
1941
1942
INSTALMENT CREDIT HELD BY SALES FINANCE
COMPANIES, BY TYPE OF CREDIT
1953—March
April
Repair
and
modernization
loans
Other
consumer
goods
paper
INSTALMENT CREDIT HELD BY FINANCIAL INSTITUTIONS OTHER THAN COMMERCIAL BANKS AND SALES
FINANCE COMPANIES, BY TYPE OF CREDIT
includes mail-order houses.
End of year
or month
Automobile
paper
Other
1939
1940
1941
1942
1953—March
April
May
End of year
or month
Personal
loans
NOTE.—Institutions included are consumer finance companies (operating primarily under State small-loan laws), credit unions, industrial
loan companies, mutual savings banks, savings and loan associations,
and other lending institutions holding consumer instalment loans.
503
STATISTICS ON SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT—Continued
INSTALMENT CREDIT EXTENDED AND REPAID
[Estimates, in millions of dollars]
Other consumer
goods paper
Automobile
paper
Total
Year or month
Repair and
modernization loans
Personal
loans
Extended
Repaid
Extended
Repaid
Extended
Repaid
1940
1941
8,219
9,425
7,208
8,854
3,086
3,823
2,512
3,436
2,588
2,929
2,381
2,827
328
312
1945
1946
1947
1948
1949
1950
1951
19S2
1953
5,379
8,495
12,713
15,540
18,002
21,256
22,791
28 397
29,812
5,093
6,785
10,190
13,267
15,454
18,282
22,444
24,550
26,689
1,969
3,692
5,280
7,182
8,928
9,362
12,306
13,553
1,443
2,749
4,150
5,537
7,285
9,462
10,449
11,363
941
2,024
3,077
4,498
5,280
5,533
6,458
6,518
7,959
7,741
1,999
2,603
3,645
4,581
4,889
5,607
6,585
6,901
7,464
206
423
2,713
2,605
2,580
2,670
2,602
2,436
2,389
2,486
2,297
2,598
2,304
2,229
2,134
2,248
2,233
2,222
2,260
2,347
2,197
2,377
1,281
1,258
1,218
1,219
1,226
1,126
1,089
1,121
962
657
946
897
648
658
648
111
959
687
626
129
124
120
120
131
90
88
98
101
102
92
108
89
96
569
729
540
569
549
640
1 ,869
1.864
2.285
2,232
2,157
2,536
750
776
985
1953—March
April
May
Tune.. .
July
August
September
October
November.
December
2 713
2,546
2,485
2,458
2,498
2,358
2,409
2,393
2,441
2,331
2,276
2,232
2,184
2,195
2,183
2.273
2,252
2,249
2,294
2,283
1 .248
1,168
1,142
1,090
1,117
1,044
1,102
1,117
1,080
1.035
1954—January
February
March
2,211
2.243
2,200
2,301
2,320
2,412
872
919
999
Extended
Extended
Repaid
255
307
2,217
2,361
2,060
2,284
143
200
1,140
2,150
3,026
3,819
4,278
4,566
5,044
6,058
6,889
7,178
2,010
2.539
3,405
3,959
4,351
4,683
5,628
6,273
6,722
99
664
Repaid
704
702
721
826
391
577
677
707
853
1 ,243
1,340
769
927
UNADJUSTED
1953—March
April
.. .
May
June
JulyAugust
September
October
November
December
1954—Tanuary
February
IMarch
974
947
945
963
993
1,016
622
619
625
668
648
603
604
608
635
654
109
115
595
590
589
635
630
571
555
566
545
546
565
583
549
953
1,016
646
824
606
625
108
98
955
517
627
67
81
94
86
535
564
98
110
947
955
917
939
710
675
649
672
644
632
610
622
127
113
109
112
100
98
98
99
628
590
585
584
962
963
600
589
631
633
633
619
112
111
106
94
100
92
595
576
624
601
585
547
559
535
557
563
563
553
577
570
661
586
636
612
87
109
81
99
591
629
667
103
107
607
607
581
945
1,100
470
540
588
697
537
666
576
629
SEASONALLY ADJUSTED*
924
921
967
1,006
1,015
977
1,028
1,042
662
621
593
609
643
604
566
114
108
605
585
96
100
102
94
596
* Includes adjustment for differences in trading days,
XT
T\
t
/"•
1
it
1
_
_
'
?
T_
RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE *
FURNITURE STORE STATISTICS
Item
Percentage change
from preceding
month
Percentage change
from corresponding
month of preceding
year
Mar.
1954
Net sales:
Total
Cash sales
Credit sales:
Instalment
Charge account
Accounts receivable, end
of month:
Total
Instalment
Charge accounts
Inventories, end of
month, at retail value.
Feb.
1954
Tan.
1954
Mar.
1954
Feb.
1954
+4
+2
+9
+3
-43
-47
-10
-6
-14
-15
-43
-34
-10
-5
-12
-1
-11
-18
-6
-2
-2
-1
-4
-8
-6
-4
-11
-4
-2
-8
-3
-1
-10
+1
+5
+2
-2
-6
-7
-5
Year or month
Tan.
1954
+9
+8
+ 11
+8
Instalment accounts
-i
0
March
April
May
June
July
August
September
October
November
December
1953
,
Charge
accounts
Household ap- Department
pliance
stores
stores
Department
stores
Furniture
stores
15
14
14
14
13
14
14
14
14
14
12
12
12
13
12
12
12
12
11
11
1
1
10
10
10
10
10
10
10
9
9
49
46
46
47
46
45
46
48
47
46
13
14
15
12
11
13
9
9
10
45
43
48
1954
January
February
March
Collections during month as percentage of accounts outstanding at
beginning of month.
504
FEDERAL RESERVE BULLETIN
BUSINESS INDEXES
[The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation)
Construction
contracts
awarded (value) 3
1947-49=100
Industrial production
(physical volume)* 1
(1947-49 = 100)
Employment and payrolls8
1947-49 = 100
Manufactures
Year
or month
Total
Total
Durable
Non-
Minerals
Total
durable
Residential
All
other
Nonagricultural
employment
Freight
carloadManufacturing
ings*
production workers 1947-49
= 100
Employment
Payrolls
AdAdAdAdAdAdUnad- Unad- AdAdAd- Unad- AdAdjusted justed justed j u s t e d justed justed justed justed justed justed justed justed justed justed
1919
1920
1921
1922
1923
1924
1925
39
41
31
39
47
44
49
1926
1927
1928
1929
1930
51
61.6
62.2
55.4
58.7
64.6
63.8
65.5
68.7
69.0
52.8
58.4
66.9
62.1
64.2
31.1
37.1
24.0
25.7
32.6
30.4
32.1
90
98
83
92
107
105
110
27
32
30
30
34
34
36
74.0
85 7
76.4
71.6
72.9
73.1
75 0
63
69
73
67
69
73
63
49
71
76
52
30
68
70
70
62
67.9
68.2
68.3
71.3
67.0
65.5
64.1
64.2
68.3
59 5
33.0
32.4
32.8
35.0
28.3
115
111
112
115
99
37
37
37
38
35
75 6
74.2
73.3
73.3
71 4
65 0
62.0
62.9
61.9
56 1
34
22
41
8
7
20
18
32
7
24
13
25
21.5
14 8
15 9
20.4
23.5
79
17
50.2
42.6
47.2
55 1
58.8
59
62
20
60.6
53.7
53.9
59.0
61.6
69
29
65 0
58.4
55*3
57.2
58.7
47 4
42.1
42 8
48 7
52.0
30
22
35
25
36
66.2
70.6
66.4
69.6
73.6
63.9
70.1
59.6
66.2
71.2
27 2
32.6
25.3
29.9
34.0
81
33
32
84
35
67
76
83
32
35
37
59 3
61.4
60.3
59 4
59.9
52 5
56 1
51.1
50 1
51.1
62.9
69 7
74 0
52
49
53
60
45
48
50
51
56
51
64
63
68
59
39
30
36
39
46
31
19
24
30
38
48
51
55
55
55
60
46
57
66
49
55
35
49
63
61
63
71
57
66
69
62
68
76
35
39
44
27
37
43
40
40
44
88
110
133
130
110
91
126
162
159
123
84
93
81
84
66
89
54
49
74
116
103
99
96
87
93
92
37
22
36
24
10
16
45
30
50
90
100
103
97
113
86
101
104
95
116
95
91
82
87
111
121
125
J>136
128
136
P153
114
183
183
P134
P118
P116
192
130
133
133
134
134
131
132
135
135
147
151
152
117
118
118
111
118
117
134
134
135
136
132
136
138
136
117
118
119
121
137
136
137
136
136
129
154
155
155
155
156
154
157
157
152
151
146
142
123
121
121
119
117
117
115
112
119
118
114
111
113
205
218
230
224
208
184
180
183
176
177
220
243
262
255
229
140
139
135
Pi 35
113
113
113
P113
113
113
113
P112
195
196
191
185
201
205
202 111.6 1 0 5 . 6
192 111.3 1 0 4 . 6
182 110.7 103.9
P110.1 P1O2.7
40
47
56
1936
1937
1938
1939
1940
61
48
58
67
1941
1942...
1943
1944
1945
87
106
127
125
107
90
100
104
.
97
112
1951
1952
1953
120
124
42
48
42
48
49
51
64
99
102
99
114
114
Unadjusted
39
45
32
43
42
46
59
50
50
52
58
48
31
37
Unadjusted
26
18
27
41
49
57
75
37
36
34
40
44
42
46
40
Adjusted
34
34
30
43
45
51
66
38
42
24
37
47
43
49
.
sales*
(retail
value) 4
1947-49
= 100
WholeConsale
sumer8 comprices modity
3
1947-49 prices
= 100 1947-49
= 100
45
53
42
45
62
57
59
39
30
30
45
43
48
51
53
59
49
1931...
1932
1933 . .
1934
1935
1946
1947
1948
1949
1950
38
Department
15
14
67
24
24
27
83.1
91.2
96 6
95.3
92.1
87.9 49.3
103.9 72.2
121 4 99 0
118.1 102 8
104.0 87 8
98
104
44
50
104
106
102
56
62
70
95.1
83 99.4
105 101.5
111
99.1
142 102.3
97.9 81.2
103.4 97.7
102.8 105.1
93.8 97.2
99.6 111.7
100
90
178
172 '108.2
183 1 1 0 . 5
201 1 1 3 . 6
210
196
205
116
116
115
115
117
119
120
100
106
84
102
86
98
94
113
116
105
159
185
171
170
115
79
108
104
88
98
104
98
76 9
56.8
64 2
67 0
67 6
68 8
83.4
95.5
102 8
101.8
102.8
78 7
96.4
104 4
99 2
103.1
752
97
105
106.4 129 8
106.3 136.6
112.0 151.6
101
109
95
110
96
112
111.0
113.5
114.4
114 8
111.6
110.1
185
178
183
227 '112.3 1 0 8 . 9 1 1 0 . 7 147.2
207 1 1 2 . 7 1 1 0 . 4 111 .4 1 4 9 . 1
219 1 13.1 1 1 1 . 2 1 1 1 . 9 1 5 2 . 5
97
101
99
115
111
115
114.2
114.3
114.1
111.1
110.7
109.6
190
173
177
179
173
182
176
179
201
167
178
179
111
112
115
110
164
174
175
101
98
99
97
161
169
172
159
166
170
150.1
151.4
153.8
152.0
151 9
153.9
151.1
154.0
153.4
152.6
148.0
147.2
98
97
93
117
115
113
113.9
113.4
113.6
113.7
114 0
114.5
114 7
115.0
115.2
115.4
115.0
114.9
109.9
109.6
110.0
109 4
109 8
109.5
110 9
110.6
111.0
110.2
109.8
110.1
105.1 140.8
104.3 140.5
103.6 138.4
P I O I . 6 134.7
90
88
85
83
1952
October
November..
December. .
1953
January....
February...
March
April
May
June
July
August
September..
October
November..
December. .
136
133
132
129
126
136
135
136
130
124
136
136
137
138
139
138
139
138
135
134
131
127
125
124
123
H23
124
126
125
^123
127
126
124
*>124
'•113.2
'•I 13.6
••113.8
••113.8
113 9
'•114.3
114.4
114.0
113.7
113.8
113.0
112.2
111.9
112.6
113.5
113.9
114.2
114.3
114.1
112.7
111.5
110.2
108.4
107.0
111.4
112.4
113.2
112.7
112 3
113.1
112.2
113.8
113.7
112.0
109.4
107.7
98
96
95
92
88
112
107
110
113
112
1954
Tanuary....
February...
March
April
107
109
P105
107
115.2 110.9
115.0 110.5
114.8 110.5
111.1
• Estimated.
* Preliminary.
»
« Revised.
•
* Average per working day.
1
Revised index; for description see BULLETIN for December 1953.
2
Three-month moving average, based on F. W. Dodge Corporation data. A description of the index may be obtained from the Division
of Research and Statistics. For monthly data (dollar value) by groups, see p. 513.
3
The unadjusted indexes of employment and payrolls, wholesale commodity prices, and consumer prices are compiled by or based on data of
the Bureau of Labor Statistics. Nonagricultural employment covers employees only and excludes personnel in the armed forces. The figures on
employment and payrolls incorporate revisions to first-quarter 1953 benchmark levels. The consumer prices index is the revised series, reflecting
beginning January 1953 the inclusion of some new series and revised weights. Prior to January 1953 indexes are based on the "interim adjusted"
and "old" indexes converted to the base 1947-49=100.
4
For indexes by Federal Reserve districts and for other department store data, see pp. 515-519.
Back figures in BULLETIN.—For industrial production, December 1953, pp. 1324-1328; for department store sales, December 1951, p p . 14901515.
MAY
1954
505
INDUSTRIAL PRODUCTION
[Federal Reserve indexes, 1947-49 average = 100]
Industry
1947-49
Annual
proportion
1952 1953P Mar. Apr. May June July Aug. Sept. Oct.
Nov Dec. Jan.
Feb.
Mar
123
SEASONALLY ADJUSTED
Industrial Production—Total
100.00
124
134
135
136
137
136
137
136
133
132
129
126
125
124
Manufactures—Total
90.02
125
136
137
138
139
138
139
138
135
134
131
127
127
126
124
Durable Manufactures—Total
45.17
136 153
155
155
156
154
157
157
152
151
146
142
140
139
135
6.70
132
136
136
139
137
136
137
130
128
122
113
111
109
104
166
134
159
141
193
189
154
159
130
152
136
184
180
155
156
126
146
133
172
182
154
154
126
143
130
169
183
148
151
123
141
130
163
178
147
147
120
139
126
163
171
139
Primary metals
28.52
5.73
13.68
9.04
4.64
7.54
1.29
146
121
147
136
167
154
142
167
136
160
143
194
189
155
168
137
163
147
195
190
155
169
138
164
147
195
190
153
169
139
162
146
194
192
156
168
139
161
144
194
188
157
171
142
164
145
200
196
156
171
140
165
145
203
191
156
166
135
161
141
200
186
155
Clay, glass, and lumber products
Stone, clay, and glass products
Lumber and products
5.91
2.82
3.09
118
125
111
125
133
118
127
135
121
127
134
120
127
135
119
124
134
114
127
135
119
125
135
116
124
134
114
124
133
117
123
132
115
119
129
110
120
125
115
125
130
120
123
131
Furniture and misc. manufactures
Furniture and fixtures
Miscellaneous manufactures
4.04
1.64
2.40
118
113
122
131
117
140
131
121
138
134
124
141
135
123
143
135
122
145
134
121
143
135
119
146
129
114
140
129
113
140
126
109
138
124
106
136
120
105
130
120
103
132
119
104
129
44.85
114
118
119
121
123
121
121
119
117
117
115
112
113
113
113
11.87
6.32
5.55
105
103
108
107
104
110
110
108
112
113
109
116
115
113
117
113
111
115
111
108
114
106
104
109
102
100
104
102
98
107
98
95
101
95
90
101
r
96
90
103
95
90
100
96
91
103
Rubber and leather products
Rubber products
Leather and products
3.20
1.47
1.73
107
116
99
113
128
99
119
138
103
120
137
104
122
139
108
113
130
99
116
130
104
111
127
97
105
121
91
105
120
93
103
118
91
104
116
93
103
112
94
102
110
94
102
112
93
Paper and printing
Paper and allied products
Printing and publishing
8.93
3.46
5.47
9.34
6.84
2.50
118
120
116
125
132
121
125
133
120
125
134
120
126
134
121
126
134
126
134
121
126
133
121
126
135
121
126
132
123
125
132
121
122
125
120
122
126
120
12 3
129
119
123
131
118
133
137
123
142
147
130
140
145
128
144
148
131
146
151
131
145
150
131
146
152
132
143
148
132
143
147
131
142
146
129
141
145
129
140
145
128
138
143
124
140
145
126
139
145
123
11.51
10.73
.78
106
105
110
107
107
108
108
107
116
108
108
108
109
109
107
106
106
103
107
108
103
108
108
104
108
109
104
108
108
106
108
108
108
103
103
112
105
105
100
105
106
107
Metal fabricating
Fabricated metal products
Machinery
Nonelectrical machinery
Electrical machinery
Transportation equipment
Instruments and related products...
Nondurable
Manufactures—Total
Textiles and apparel
Textile mill products
Apparel and allied products
Chemical and petroleum products
Chemicals and allied products
Petroleum and coal products
Foods, beverages, and tobacco
Food and beverage manufactures. . .
Tobacco manufactures
106
98
Minerals—Total
9.98
114
116
115
115
117
119
120
119
118
114
111
113
113
113
Mineral fuels
Coal
,
Anthracite
Bituminous coal
Crude oil and natural gas
8.35
2.68
.36
2.32
5.67
113
83
78
84
128
115
78
57
81
133
113
74
56
77
132
114
75
47
79
133
116
85
65
88
131
119
86
62
89
134
120
87
68
89
135
119
86
59
90
135
81
57
84
136
113
76
54
80
131
111
70
50
73
131
112
69
55
71
133
113
70
62
72
134
113 P113
62
68
52
59
63
69
135 P138
Metal, stone, and earth minerals
Metal mining
Stone and earth minerals
1.63
.82
.81
115
108
123
119
113
124
121
116
126
121
118
120
118
122
121
117
125
121
116
125
120
117
124
120
117
123
116
108
124
114
103
125
114
101
127
'103
119
112 P112
101 •100
124 124
P113
WITHOUT SEASONAL ADJUSTMENT
INDUSTRIAL PRODUCTIONTOTAL
100.00
124
134
138
136
136
136
129
136
135
136
130
124
124
126
125
MANUFACTURES—TOTAL
90.02
125
136
140
139
138
138
130
137
137
138
132
125
126
128
127
Durable Manufactures—Total
45.17
136
153
160
159
157
155
147
153
151
154
146
140
140
141
140
Primary m e t a l s
Ferrous metals
Pig iron and steel
Pig iron
Steel
Carbon steel
Alloy steel
Ferrous castings and forgings
Iron and steel castings
Steel forgings
6.70
5.03
3.51
.37
3.05
2.62
.43
1.52
1.29
.23
116
115
115
107
117
112
144
114
109
143
132
133
138
130
139
135
165
121
115
154
143
145
149
135
150
143
194
136
128
179
141
142
144
130
146
139
191
136
129
176
142
143
147
133
148
140
196
133
125
179
138
138
142
133
143
137
183
127
120
166
124
127
136
132
137
131
170
106
101
133
130
131
138
131
138
133
169
116
112
141
127
127
134
130
134
131
152
113
109
137
129
130
136
132
136
138
126
117
113
139
122
122
128
127
129
131
113
108
103
134
110
110
114
117
114
116
105
101
98
122
113
111
115
113
115
115
115
103
98
130
113
111
113
108
114
113
119
106
103
125
109
105
105
100
106
105
114
r
P Preliminary.
Revised.
NOTE.—A number of groups and subgroups include individual series not published separately, and metal fabricating contains the ordnance
group in addition to the groups shown. Certain types of combat materiel are included in major group totals but not in individual indexes for
autos, farm machinery, and some other products, as discussed in the BULLETIN for December 1953, pp. 1269-1271.
For description and back figures, see BULLETIN for December 1953, pp. 1247-1293 and pp. 1298-1328, respectively.
506
FEDERAL RESERVE BULLETIN
INDUSTRIAL PRODUCTION—Continued
[Federal Reserve indexes, 1947-49 average = 100]
1953
Annual
1947-49
propor1952 1 9 5 3 P Mar. Apr. M a y June July Aug. Sept. Oct.
tion
Industry
1954
Nov
Dec.
Jan.
Feb.
Mar.
WITHOUT SEASONAL ADJUSTMENT
—Continued
Primary metals—Continued
Nonferrous metals
Primary nonferrous metals
Copper smelting
Copper refining
Lead .
Zinc
Aluminum
Secondary nonferrous metals
Nonferrous shapes and castings.. . .
Copper mill shapes
Aluminum mill shapes
Nonferrous castings
1.67
.38
.09
139
146
126
110
106
115
205
122
138
119
190
144
138
147
122
115
107
114
207
133
136
113
195
146
139
143
115
116
96
113
207
118
139
125
186
138
139
144
108
129
84
116
212
121
139
128
183
135
115
143
109
120
89
111
215
101
107
85
174
109
128
141
105
107
84
115
217
110
125
112
169
124
126
147
111
116
97
115
222
107
121
108
163
122
128
147
114
124
99
115
213
111
123
110
158
127
121
146
109
121
120
107
215
106
114
103
136
121
108
145
109
121
108
108
217
101
96
78
126
114
118
145
104
110
108
107
228
96
112
100
136
120
120
147
102
113
103
102
240
103
113
100
139
122
28.52
Metal Fabricating ..
129
144
112
116
101
113
209
114
126
112
168
130
P119
.33
119
123
106
99
100
112
156
114
119
113
140
115
146
167
175
173
170
168
161
166
164
167
158
155
155
155
153
5.73
2.68
2.12
.30
.63
121
121
121
122
89
136
137
138
129
93
138
139
145
105
92
139
139
145
114
99
139
139
144
120
102
139
140
143
134
92
135
135
137
160
83
140
137
136
199
108
137
135
133
182
106
137
136
133
139
113
130
134
130
124
82
126
135
131
69
63
124
129
127
104
r74
123
127
124
107
74
121
125
121
.06
.04
.10
.09
.13
1.16
.63
.20
Fabricated metal products
Structural metal parts .
Stampings and misc. metal products. .
Tin cans
Furnaces, gas ranges, and h e a t e r s . . . .
147
101
115
113
P97
240
96
143
13.68
147
160
172
167
163
159
148
157
158
161
154
149
146
147
146
Nonelectrical machinery .
. . .
Farm and industrial machinery
Farm machinery . . .
Industrial and commercial machinery
Machine tools and presses .
Laundry and refrigeration appliances.
9.04
8.13
1.02
136
135
103
143
139
96
154
146
112
150
144
109
148
142
105
146
142
102
138
137
98
137
136
93
137
135
86
138
135
79
135
133
73
137
134
74
132
130
76
134
129
80
132
128
84
7.11
.69
140
179
108
145
188
128
151
193
180
149
192
157
148
191
144
148
189
133
143
184
98
142
183
94
142
187
104
143
188
112
141
185
99
142
186
110
13S
181
106
136
181
129
134
177
122
Electrical machinery
Electrical apparatus and parts
Radio and television sets
4.64
3.23
.74
167
162
184
194
179
230
206
183
266
199
184
237
192
182
208
184
182
180
168
176
136
197
178
242
200
179
249
205
178
276
191
176
230
172
176
157
172
169
173
17?
167
170
\^^
165
182
Transportation equipment
7.54
4.80
1 50
154
102
103
111
105
69
194
137
98
368
136
74
62
189
126
146
118
112
58
183
229
117
465
135
72
64
199
142
161
144
144
87
233
187
131
461
139
76
64
198
143
170
142
138
80
218
246
127
452
'143
78
65
194
137
162
124
107
53
201
285
125
452
••141
76
66
193
136
166
106
76
37
198
270
126
452
141
74
62
190
131
161
118
113
57
175
247
116
461
139
62
58
189
126
153
127
118
62
186
282
110
473
'135
66
56
182
114
134
115
114
54
151
275
102
480
130
64
55
189
122
1 SI
106
106
50
146
232
109
481
127
83
83
173
103
107
95
85
47
134
229
102
463
124
67
61
174
101
107
98
100
56
150
149
99
483
127
53
41
181
112
135
103
112
*67
145
137
101
483
123
59
49
181
112
138
103
103
62
164
143
99
489
123
54
42
180
111
14?
103
104
66
152
Machinery
Autos trucks, and parts
Autos
Trucks
Light trucks . . . .
Medium trucks
Heavy trucks
Truck trailers
Auto and truck parts
Aircraft and parts
Shipbuilding and repair
...
.68
.66
.22
.19
.14
.07
2.58
1.30
.81
.53
.35
Railroad cars
95
484
P123
54
44
Instruments and related products..
1.29
142
155
157
155
156
157
151
153
155
156
156
155
148
147
141
Clay, Glass, and Lumber
5.91
118
125
127
130
128
129
122
129
128
131
123
113
112
120
122
Stone, clay, and glass products
Glass and pottery products
Flat glass and vitreous products. . .
Flat and other glass
Glass containers
Home glassware and pottery
Cement
Structural clay products
Brick
Clay firebrick, pipe, and tile
Concrete and plaster products
Misc. stone and earth manufactures..
2.82
1.09
.60
.47
.26
125
114
122
124
112
94
124
112
108
116
155
131
133
123
136
139
120
91
132
110
106
115
163
143
132
128
139
143
123
107
119
106
97
114
155
142
134
126
138
142
122
99
132
111
108
114
162
142
135
125
137
139
126
93
137
110
108
114
164
143
136
123
135
137
129
86
138
117
119
118
168
142
132
113
128
128
122
65
142
114
113
117
172
141
137
123
134
135
132
86
143
114
114
117
175
143
136
122
136
139
121
84
144
116
118
115
169
145
139
128
141
145
127
93
145
116
116
118
170
146
134
122
139
143
114
86
137
112
109
116
163
143
128
116
136
140
102
77
119
106
97
113
157
146
122
115
130
132
115
79
104
97
81
110
143
140
126
121
130
133
124
'92
110
101
90
110
148
141
128
121
129
131
129
93
118
105
Lumber and products .
Lumber
Millwork and plywood
Millwork
Softwood plywood
Wood containers
3.09
2.05
.60
.39
.12
.29
111
105
138
118
167
99
118
112
149
118
199
99
122
112
172
143
218
103
126
120
164
125
226
103
122
114
159
124
215
103
122
117
152
109
222
104
112
109
128
98
174
101
122
123
135
115
164
98
121
118
147
117
194
94
123
120
*148
116
198
96
114
110
141
101
206
94
99
93
124
87
184
94
104
98
140
^96
212
88
116
109
160
110
241
90
117
109
4.04
118
131
133
132
130
131
125
132
132
135
132
127
119
122
121
1.64
1 10
.54
113
113
112
117
118
116
123
127
116
121
123
118
118
119
115
117
117
117
113
112
114
116
116
117
115
114
118
116
116
117
114
113
115
112
109
117
106
103
113
107
10S
110
106
106
108
2.40
122
140
140
140
139
140
133
143
144
148
145
138
128
133
131
Furniture
and Misc.
Products
Manufactures
Furniture and fixtures
Household furniture
Fixtures and office furniture
..
Miscellaneous manufactures
r
p Preliminary.
Revised.
For other footnote see preceding page.
MAY 1954
.23
.32
.35
.12
.20
.48
.58
0
111
152
139
109
90
Corrected.
507
INDUSTRIAL PRODUCTION—Continued
[Federal Reserve indexes, 1947-49 average = 100]
1947-49
Annual
proportion
1952 • 9 5 3 , Mar. Apr.
Industry
1953
May June July Aug.
1954
Sept. Oct.
Nov. Dec.
Jan.
Feb.
Mar.
WITHOUT SEASONAL ADJUSTMENT
—Continued
44.85
114
118
121
118
119
121
113
121
122
122
118
110
11.87
105
107
116
108
111
114
97
111
104
103
98
92
103
104
107
104
115
101
78
91
75
116
113
118
102
119
99
86
113
117
114
120
124
82
99
79
123
122
128
108
124
117
110
109
111
107
125
106
80
93
78
123
123
130
105
124
114
106
112
115
110
129
112
87
103
83
123
121
128
103
125
100
87
111
114
110
130
108
91
110
87
117
111
116
100
125
98
82
93
95
87
124
74
78
90
75
102
88
89
87
121
67
45
107
110
107
119
100
82
102
77
118
114
117
105
125
94
80
100
96
87
91
105
104
112
102
85
96
83
115
116
121
105
113
95
102
105
104
109
100
73
93
68
116
115
119
104
117
97
101
103
102
87
74
82
73
115
114
118
104
116
101
102
101
105
96
64
68
63
108
109
114
98
107
90
89
95
83
61
59
62
97
94
97
87
101
88
97
100
Knit goods .
Hosiery
Full-fashioned hosiery
Seamless hosiery.. .
Knit garments
Floor coverings
W o v e n carpets
6.32
3.72
2.30
.97
...
.45
.97
.16
.75
... 1.15
.65
.45
.20
.50
. . . .48
.31
83
89
69
72
56
103
113
120
96
90
89
76
Apparel and allied products
]Vfen's outerwear
IVlen's suits and coats
Men's suits
IVlen's outercoats
Shirts and work clothing
W o m e n ' s outerwear
W o m e n ' s suits and coats
l^tisc apparel and allied mfrs
5.55
1.78
.73
.50
.13
.. .
.99
.. 1.85
.76
. 1.92
108
120
134
109
112
71
151
106
109
119
107
123
100
98
85
138
86
53
112
110
128
110
102
114
141
94
67
110
117
124
109
98
125
133
119
142
110
102
83
63
57
74
94
111
141
107
115
117
107
94
133
122
111
145
112
106
107
100
98
'104
113
94
83
115
125
92
106
105
90
83
94
114
96
118
104
88
86
71
113
83
90
87
78
81
46
90
98
122
111
96
102
52
120
111
110
113
96
92
89
124
103
117
112
108
114
109
105
Rubber and Leather Products
3.20
107
113
125
121
118
113
101
112
107
111
103
98
Rubber products
Tires and tubes
Auto tires
Truck and bus tires
Miscellaneous rubber oroducts
1.47
.70
.40
.30
.77
116
115
106
128
128
117
117
118
143
138
136
142
148
140
135
134
137
145
137
132
134
130
142
131
123
125
121
138
114
109
117
97
119
122
106
112
99
137
122
103
104
102
127
108
109
106
120
101
99
103
Leather and products
Leather
Cattlehide leathers
Skin leathers'
Shoes and slippers
^liscellaneous leather products
1.73
.44
.. .
.29
.15
.90
.39
..
99
99
87
87
86
104
91
92
89
103
100
104
96
97
94
109
104
102
101
101
100
106
95
97
93
91
97
99
98
91
80
79
81
93
98
103
93
94
90
109
102
94
85
86
83
97
97
91
94
87
97
101
110
94
92
96
118
109
96
8.93
118
125
128
128
126
125
116
123
3.46
1.76
120
132
130
142
125
119
116
118
129
134
118
134
133
136
134
146
129
122
122
120
132
138
128
139
138
146
132
131
144
126
119
122
120
126
135
126
132
133
131
134
133
146
128
119
118
117
129
140
132
136
137
132
120
117
130
112
108
96
104
118
118
116
124
122
131
135
133
146
127
121
118
118
127
141
121
137
138
134
Nondurable Manufactures—Total...
Textiles and Apparel
.
Textile mill products
Cotton and synthetic fabrics
Cotton consumption
Synthetic fabrics .
Fabric finishing
W o o l textiles
W o o l apparel yarns
..
Paper and Printing
...
....
80
105
87
83
83
114
108
123
117
r
91
58
'68
107
116
108
113
101
89
87
91
79
85
87
81
86
72
88
94
87
93
74
102
100
101
99
92
85
102
94
101
82
110
91
127
132
129
121
120
124
126
135
140
135
119
133
135
130
141
126
118
118
118
128
137
122
140
141
138
151
132
124
121
127
136
143
123
143
140
133
147
127
120
120
124
131
137
108
136
135
117
129
113
112
109
113
123
115
92
121
118
132
145
127
122
121
125
139
130
113
134
126
133
147
127
124
121
122
137
131
115
139
151
139
131
r
5.47
1.85
3.62
116
121
118
122
123
125
122
123
127
120
122
127
120
120
118
121
114
102
119
116
106
121
122
126
126
122
119
129
131
117
116
108
117
123
125
123
125
Chemical and Petroleum Products. 9.34
133
142
143
144
143
142
139
141
142
145
145
141
6.84
2.54
dheinicals a n d allied oroducts
Industrial chemicals
• .. .
.57
Basic inorganic chemicals
Industrial orcanic chemicals .... 1.97
137
140
148
141
154
181
150
179
148
173
147
166
145
168
162
148
147
143
1.03
.64
.48
133
112
110
152
135
153
136
119
150
109
106
148
140
144
.16
149
141
141
149
135
137
129
110
112
120
140
.71
.66
122
116
118
134
117
.23
143
157
147
160
175
176
167
150
94
83
125
97
119
104
146
147
175
141
146
161
149
164
194
214
174
146
95
83
131
100
121
112
141
157
146
160
163
205
171
148
84
70
124
76
122
101
150
149
141
157
148
159
152
161
191
220
168
143
104
93
136
112
122
139
151
151
.11
.59
149
154
152
155
200
210
157
138
119
115
130
121
118
168
150
159
154
161
199
221
170
140
112
105
135
112
119
177
145
151
.24
147
154
149
155
183
186
156
144
116
112
131
113
118
124
128
117
112
108
101
Toh nrintinsr and neriodicals
Synthetic fibers
Miscellaneous organic chemicals..
Vecetable and animal oils
....
Soan and allied oroducts .
Paints
Fertilizers
137
r
v Preliminary.
Revised.
NOTE.—A number of groups and subgroups include individual series not published separately.
TIN for December 1953, pp. 1247-1293 and pp. 1298-1328, respectively.
508
85
57
114
112
111
114
138
115
105
112
120
93
96
94
82
108
126
Printing and publishing
109
119
127
102
95
96
114
96
92
102
.11
....
.22
.14
.20
.18
.41
.10
P59
111
93
89
99
Sanitary paper products
Miscellaneous paper
Paperboard
. ...
••58
72
54
98
. .. 1.70
.51
Printing paper
Fine paper
94
100
100
99
97
103
123
Converted DaDer Droducts
1.25
95
101
'98
110
120
132
116
111
117
112
123
117
112
120
120
.51
114
102
111
117
92
96
56
133
M12
135
104
136
132
144
127
120
118
120
130
138
119
141
143
141
P a p e r a n d allied products
Pulp and paper
114
102
Ill
138
153
153
128
142
122
120
112
122
135
128
96
123
115
105
78
81
48
122
122
145
107
109
90
155
137
133
149
121
118
114
120
121
120
121
-140
143
142
150
148
149
147
147
148
133
152
137
147
138
138
144
138
138
127
138
140
117
116
118
114
106
112
124
115
136
144
139
142
122
122
122
127
115
172
146
148
For description and back figures, see BULLE-
FEDERAL RESERVE
BULLETIN
INDUSTRIAL PRODUCTION—Continued
[Federal Reserve indexes, 1947-49 average = 100]
Industry
1947-49
Annual
propor1952 1953? Mar. Apr. May June
tion
1954
1953
July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar.
WITHOUT SEASONAL ADJUSTMENT
—Continued
.98
.06
.56
.30
.26
.10
.17
26
123
128
132
128
194
128
151
102
119
112
97
130
135
144
139
227
130
155
101
117
106
111
127
132
137
133
216
132
158
103
118
103
114
127
131
137
132
227
127
151
100
118
105
113
129
132
140
135
235
125
148
98
107
109
114
131
136
145
140
241
130
155
101
107
106
114
.15
102
99
80
108
118
11.51
106
107
100
100
105
106
107
108
99
99
99
98
2.50
1.97
1.04
Petroleum and coal products
Petroleum refining
Gasoline
Automotive gasoline
Aviation gasoline
Fuel oil
Distillate fuel oil
..
Residual fuel oil
Kerosene
. •
Lubricating oil
Coke
Asphalt roofing and siding
Foods, Beverages, and Tobacco
Food and beverage manufactures. . 10.73
8.49
Food manufactures
. .
1 .48
M e a t products
.46
Beef
.83
Pork
.69
Dairy products
.14
Butter
.07
Natural cheese
.19
Concentrated milk
.28
Ice cream
1 13
Canned and frozen foods
1.16
Grain-mill products
.46
W h e a t flour
.70
Cereals and feeds . . . .
1.64
Bakery products
.27
Sugar
.
....
.11
Cane sugar
. 13
Beet sugar
. ..
.71
Confectionery
Miscellaneous food preparations . .. 1.41
2.24
Beverages
...
.54
Bottled soft drinks
1.70
Alcoholic beverages . .
1 02
Beer and ale
.17
Liquor distilling
.37
Liquor bottling
Tobacco manufactures
Cigarettes
..
Cigars
.78
.46
.17
114
100
119
98
92
103
91
102
117
108
84
124
111
127
98
112
122
124
111
100
80
99
75
114
133
136
147
141
247
128
153
98
108
112
110
131
135
143
138
220
128
155
97
116
111
109
131
137
147
143
211
130
155
100
116
112
107
128
137
146
141
228
129
153
102
124
109
102
125
134
140
136
214
131
156
104
128
105
97
109
135
138
150
144
243
128
152
100
105
110
112
139
123
121
90
53
'57
103
108
HI
118
123
120
111
98
97
96
98
102
101
108
105
112
110
98
127
79
132
120
130
110
149
162
108
78
128
102
73
129
20
64
109
121
118
118
102
132
82
118
111
116
94
135
209
109
83
126
101
75
124
27
92
108
118
124
127
120
121
97
101
96
98
98
08
107
127
41
90
103
126
87
136
145
151
137
121
90
104
81
120
105
128
89
146
143
159
140
144
103
110
78
131
115
129
104
105
108
112
93
106
121
106
81
122
117
120
112
100
111
107
91
95
75
102
81
116
101
104
100
113
100
67
98
67
109
94
102
113
108
102
128
8
101
105
30
98
116
1
89
123
39
74
100
102
104
105
99
99
97
105
101
110
107
119
116
98
102
54
100
103
60
100
103
54
102
109
53
102
106
55
107
117
51
99
107
110
105
110
104
110
114
108
111
113
119
104
107
107
109
110
114
105
108
109
121
131
135
132
137
149
144
234
128
153
100
105
103
113
111
100
57
106
112
111
139
92
99
88
102
72
118
233
111
84
128
123
144
107
85
82
89
67
94
154
111
90
125
102
106
101
250
121
89
135
105
370
135
113
113
108
129
33
92
108
111
67
115
117
108
94
99
88
111
115
110
110
103
80
123
111
114
135
139
128
80
86
86
68
80
104
103
82
117
99
102
125
134
116
81
94
93
74
73
86
101
76
117
126
141
114
86
110
100
78
72
76
106
86
119
126
136
141
136
227
135
164
102
135
111
90
67
112
129
99
96
115
109
84
87
72
104
83
118
97
177
95
89
97
63
97
429
128
96
242
88
97
77
111
104
24
110
110
116
107
99
102
84
100
82
103
89
118
100
122
100
79
88
80
76
65
148
146
116
118
111
110
122
90
120
99
277
r
78
79
61
86
86
89
79
88
92
06
98
10S
129
86
115
132
02
104
124
117
95
92
71
10?
79
117
95
1
09
105
99
96
100
r
90
90
10?
69
103
96
MINERALS—TOTAL
9.98
114
116
111
115
118
120
117
122
122
118
113
111
111
110 PllO
113 P113
Mineral Fuels
8.35
113
115
113
114
115
117
114
119
119
116
113
113
114
Coal
Anthracite
Bituminous coal
2 68
83
78
74
74
81
81
85
84
84
.36
78
84
45
79
65
83
71
52
77
66
84
76
57
81
69
54
71
74
56
90
60
88
66
87
55
79
51
74
62
75
Crude oil and natural gas
Oil and gas extraction
Crude oil
Natural gas
. .
Natural gas liquids
Oil and gas well drilling
5.67
4.82
4.12
.34
.36
.85
128
125
120
159
145
133
132
131
125
172
155
133
129
124
164
155
131
127
122
152
151
134
135
131
126
156
158
131
133
134
127
120
135 ^138
163
167
140
157
154
160
128
120
179
162
147
120
188
166
154
130
126
120
126
150 •165
160
159
167
158
131
144
135
130
127
154
154
163
136
130
126
152
154
157
163
170
163
Metal, Stone, and Earth Minerals .
1.63
115
119
102
121
132
136
134
137
135
127
no
98
91
94
Metal mining...
Iron ore
Nonferrous metal mining
Copper mining
Lead mining
Zinc mining
.82
.33
.49
.24
.09
.06
108
104
110
114
97
107
113
128
104
114
86
87
88
53
112
120
94
101
119
131
111
118
95
100
139
184
109
120
89
93
142
201
102
109
87
90
138
199
98
109
78
79
140
199
100
112
80
80
139
198
100
112
81
76
122
155
100
114
79
72
95
85
101
116
78
74
74
40
97
110
80
71
r74
39
r
98
'•111
75
75
42
08
105
90
78
Stone and earth minerals
.81
123
124
116
123
125
130
130
133
131
132
126
122
108
113
2.32
129
124
167
157
68
59
69
61
48
63
130
122
P125
P95
114
r
P Preliminary.
Revised.
For other footnote see preceding page.
MAY
1954
509
OUTPUT OF CONSUMER DURABLE GOODS
[Federal Reserve index numbers, 1947-49 average=10Q]
1947-49 Annual
proportion 1952 1953 Mar. Apr. May June July Aug. Sept. Oct.
Product
1954
Nov. Dec, Jan. Feb.
Mar
SEASONALLY ADJUSTED
CONSUMER DURABLES—TOTAL. .100.00
105
127
132
135
138
134
137
129
121
118
112
109
112
113
111
Major Durables
Autos
Major household goods
Furniture and floor coverings
Household furniture
Floor coverings
Appliances and heaters
Major appliances
Ranges
Refrigeration appliances
Laundry appliances
Heating apparatus
Radio and television sets
Radio sets
Television sets
69.72
32.10
36.13
15.32
11.31
4.01
15.60
11.88
3.72
5.21
3.42
1.79
109
103
115
109
113
95
99
100
75
106
115
94
184
53
436
138
146
132
113
118
99
118
123
90
137
141
100
230
67
541
144
150
140
120
125
106
132
139
98
163
146
109
222
72
507
149
157
144
120
125
105
134
140
100
162
148
115
244
67
583
153
160
148
119
124
103
138
144
110
165
150
119
262
67
635
147
158
139
115
122
96
121
127
102
138
142
103
262
63
642
152
164
143
115
120
102
123
127
113
138
135
111
285
73
689
142
150
136
115
118
104
109
111
89
113
143
101
279
72
676
130
137
125
109
113
98
99
101
85
96
136
91
248
60
606
126
132
121
107
112
93
101
104
77
105
137
92
221
65
518
117
127
110
102
109
84
93
98
68
98
136
79
185
66
413
114
127
104
99
104
87
95
100
67
108
125
79
145
59
307
119
134
108
98
102
87
104
108
70
114
145
90
148
58
321
121
135
110
99
103
87
111
117
85
131
140
89
142
47
325
119
134
108
99
104
85
104
108
82
118
129
88
151
43
356
Other Consumer Durables
Auto parts and tires
Misc. home and personal goods
30.28
14.00
16.28
95
90
100
102
91
111
103
93
112
103
92
113
104
94
112
103
91
113
102
90
112
101
89
111
101
89
111
101
88
112
101
89
110
97
88
106
95
88
101
96
90
102
93
86
100
WITHOUT SEASONAL ADJUSTMENT
CONSUMER DURABLES—TOTAL. .100.00
105
127
141
139
133
131
120
127
122
131
110
103
112
117
118
Major Durables
Autos
Major household goods
Furniture and floor coverings
Household furniture
Floor coverings
Appliances and heaters
Major appliances
Ranges
Refrigeration appliances
Laundry appliances
Heating apparatus
Radio and television sets
Radio sets
Television sets
69.72
32.10
36.13
15.32
11.31
4.01
15.60
11.88
2.60
4.98
2.51
3.72
5.21
3.42
1.79
109
103
115
109
113
95
99
100
75
106
115
94
184
53
436
138
146
132
113
118
99
118
123
90
137
141
100
230
67
541
157
161
155
124
127
117
149
166
109
199
171
94
266
82
618
156
170
145
121
123
114
138
149
105
182
144
101
236
76
542
147
162
136
114
119
100
132
140
106
168
135
107
208
74
464
144
166
126
112
117
98
123
130
96
149
146
100
179
61
404
130
161
103
101
112
67
94
93
72
112
89
95
136
45
310
138
153
125
110
116
94
101
95
83
89
126
120
242
65
581
130
134
129
110
114
97
108
105
92
95
145
117
249
62
606
142
151
137
112
116
102
114
110
86
100
160
127
276
68
673
113
107
120
106
113
87
96
98
75
86
149
90
230
68
541
106
107
106
104
109
88
92
100
66
111
122
68
156
57
347
121
135
109
99
103
89
98
106
71
114
135
73
173
58
391
127
138
119
103
105
96
117
130
91
145
159
76
170
51
397
129
142
120
103
106
94
116
129
91
144
151
77
182
49
435
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
102
90
114
102
90
113
102
94
110
101
91
110
99
92
105
104
95
111
103
93
112
106
93
117
103
89
115
96
84
107
92
84
99
95
87
103
93
83
101
NOTE.—Individual indexes without seasonal adjustment for woven carpets, appliances, heating apparatus, radio sets, and teleyision sets are
available on request from the Division of Research and Statistics. For a description of this index, see the article on pp. 438-47 of this B U L L E T I N .
PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES
[Unadjusted, estimates of Bureau of Labor Statistics; adjusted, Federal Reserve. In thousands of persons]
1953
1954
Industry group or industry
Apr.
ADJUSTED FOR SEASONAL
VARIATION
Total
Durable goods
Ordnance and accessories
Lumber and wood products.
Furniture and fixtures
Stone, clay, and glass products.
Primary metal industries
Febricated metal products
Machinery except electrical....
Electrical machinery
Transportation equipment
Instruments and related products
Misc. manufacturing industries.
Nondurable goods
Food and kindred products. . . .
Tobacco manufactures
Textile-mill products
Apparel and other finished textiles
Paper and allied products
Printing, publishing and allied
industries
Chemicals and allied products..
Products of petroleum and coal
Rubber products
Leather and leather products. .
510
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec,
Jan.
Feb.
Mar.
Apr.
14,088 14,123 14,143 14,115 13,944 13,792 13,626 13,414 13,231 13,067 12,937 12,847 12,705
8,344 8,351 8,364 8,341 8,243 8,142 8,037 7,855 7,728 7,606 7,499 7,392 7,277
194
199
194
194
187
193
184
184
191
177
165
150
133
733
727
713
707
688
702
657
718
721
630
643
646
646
327
327
320
313
300
307
295
330
330
289
286
287
282
467
465
464
465
457
463
444
464
462
432
429
429
429
1,144
1,158
1,159
1,160
1,129
1,106
1,083
990
1,151
1,063
1,044
1,022
1,007
956
954
963
963
939
919
898
826
945
862
865
855
844
1,281
1,260 1,246
1,328
1,323
1,308
1,268
1,341
1,232
1,230
1,214
1,194
1,180
951
924
956
946
951
941
900
952
866
847
831
822
810
1,580
1,573
1,559
1,547
1,520
1,507
1,601
1,449
1,487
1,470
1,377
1,435
1,409
243
415
5,744
1,144
93
1,110
1,114
437
511
562
189
227
357
5,779
1,137
95
1,113
249
433
5,774
1,136
97
1,119
242
431
5,701
1,117
95
1,110
5,650
1,124
93
1,099
1,124
439
1,136
445
1,134
448
1,104
449
1,067
452
512
564
188
228
356
512
567
188
229
357
512
566
188
226
348
515
561
187
223
340
521
552
185
221
336
244
427
245
434
5,772
1,153
94
1,114
242
424
241
415
5,589
1,125
92
1,067
1,066
448
520
541
185
214
331
236
386
232
387
222
382
222
382
1,133
94
1,036
239
399
5,503
1,119
101
1,013
5,461
1,114
97
987
5,438
1,118
980
5,455
1,121
91
981
5,428
1,117
94
982
1,074
442
1,068
435
1,062
436
1,056
435
1,070
434
1,050
434
517
537
184
206
336
517
529
182
205
334
514
535
180
204
332
514
528
180
202
332
517
532
179
200
330
516
529
180
199
327
242
405
5,559
93
FEDERAL RESERVE BULLETIN
PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES—Continued
[Unadjusted, estimates of Bureau of Labor Statistics; adjusted, Federal Reserve. In thousands of persons]
1954
Industry group or industry
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec
Jan.
Feb.
Mar.
Apr,
WITHOUT SEASONAL ADJUSTMENT
Total
13,939 13,890 13,985 13,875 14,070 14.061 13,852 13,534 13,319 13,002 12,906 12,813 12,561
Durable goods
Ordnance and accessories
Lumber and wood products
Furniture and fixtures
Stone, clay, and glass products..
Primary metal industries
Fabricated metal products
Machinery except electrical
Electrical machinery
Transportation equipment
Instruments and related products
Misc. manufacturing industries..
Nondurable goods
Food and kindred products
Tobacco manufactures
Textile-mill products
Apparel and other finished textiles
Paper and allied products
Printing, publishing and allied
industries
Chemical and allied products
Products of petroleum and coal.
Rubber products
Leather and leather products. . .
8,341
8,311
8,326
8,194
8,195
8,161
8,088
7,910
7,791
7,616
7,520
7,424
7,274
184
707
328
464
1,151
950
1,348
952
1,601
191
721
322
462
1,146
949
1,335
946
1,580
194
740
317
467
1,153
953
1,330
937
1,573
199
727
314
458
1,143
934
1,295
918
1,559
194
731
315
466
1,138
942
1,268
932
1,547
194
721
315
467
1,129
939
1,262
941
1,520
193
713
313
465
1,112
924
1,254
933
1,507
187
695
308
459
1,088
902
1,240
913
1,449
184
654
301
448
1,074
875
1,238
883
1,487
177
617
293
428
1,049
874
1,230
855
1,470
165
627
292
427
1,027
864
1,220
839
1,435
150
636
290
429
1,012
852
1,206
830
1,409
133
636
281
429
990
830
1,186
810
1,377
244
413
244
414
245
417
242
405
240
422
242
430
242
434
243
425
241
407
237
386
233
393
223
388
223
380
5,598
5,579
5,659
5,681
5,875
5,900
5,764
5,624
5,528
5,386
5,386
5,389
5,287
1,035
83
1,110
1,060
83
1,108
1,108
83
1,113
1,202
84
1,085
1,289
105
1,093
1,326
112
1,088
1,224
109
1,067
1,149
101
1,046
1,083
104
1,028
1,024
97
997
1,009
90
995
1,008
84
991
1,012
84
982
1,097
437
1,073
437
1,085
443
1,066
439
1,099
450
1,084
442
1,062
438
1,088
437
1,102
436
1,034
434
509
553
187
226
342
512
550
189
227
350
507
546
190
219
343
1,103
448
525
552
185
216
334
1,085
446
508
562
187
226
353
1,121
447
510
550
191
221
349
522
548
184
210
334
525
540
181
209
332
514
540
178
206
332
514
536
178
203
339
514
540
177
200
338
513
529
178
198
324
521
555
188
221
341
NOTE.—Covers production and related workers only; data shown include all full- and part-time production and related workers who worked
during, or received pay for, the pay period ending nearest the 15th of the month. Figures for April 1954 are preliminary. The series without
seasonal adjustment for recent years were revised by the Bureau of Labor Statistics in May 1954 to first-quarter 1953 benchmark levels indicated
by data from government social insurance programs, and the Federal Reserve is reviewing seasonal factors. Back data and data for industries
not shown, without seasonal adjustment, may be obtained from the Bureau of Labor Statistics. Seasonally adjusted data beginning January
1939, for groups and the total, may be obtained from the Division of Research and Statistics.
HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES
[Compiled by Bureau of Labor Statistics]
Average weekly earnings
(dollars per week)
Industry group
1953
Average hours worked
(per week)
1953
Apr.
Feb.
Mar.
Apr.
Apr.
71.40
71.28
70.71
70.20
40.8
77.56
76.38
76.00
75.43
41.7
Ordnance and accessories
Lumber and wood products. . . .
Furniture and fixtures
Stone, clay, and glass products.
Primary metal industries
76.52
65.85
63.19
69.87
83.22
78.40
63.76
62.16
70.70
79.52
78.79
64.00
62.71
70.47
78.11
79.79
64.31
61.46
71.05
78.52
40.7
40.9
41.3
41.1
41.2
Fabricated metal products
Machinery except electrical
Electrical machinery
Transportation equipment
Instruments and related products
Miscellaneous manufacturing industries.
77.41
83.66
71.86
85.70
72.51
64.43
76.33
82.60
72.22
84.82
73.12
64.16
75.95
82.40
71.46
84.00
72.18
64.24
75.01
81.20
70.77
84.23
72.07
62.47
42.3
42.9
41.3
41.6
41.2
41.3
Total
Durable goods.
1954
Average hourly earnings
(dollars per hour)
1953
1954
Mar.
Apr.
Apr.
39.6
39.5
39.0
1.75
1.79
1.80
40.2
40.0
39.7
1.86
1.90
1.90
1.90
40.0
40.1
40.1
40.4
38.6
40.2
40.0
40.2
40.5
38.1
40.5
39.7
39.4
40.6
38.3
1.88
1.61
1.53
1.70
2.02
1.96
1.59
1.55
1.75
2.06
1.96
1.60
1.56
1.74
2.05
1.97
1.62
1.56
1.75
2.05
40.6
41.3
39.9
40.2
40.4
40.1
40.4
41.2
39.7
40.0
40.1
39.9
39.9
40.6
39.1
40.3
39.6
38.8
1.83
1.95
1.74
2.06
1.76
1.56
1.88
2.00
1.81
2.11
1.81
1.60
1.88
2.00
1.80
2.10
1.80
1.61
1.88
2.00
1.81
2.09
1.82
1.61
Feb.
Feb.
Mar.
Apr.
62.81
64.02
64.02
62.87
39.5
38.8
38.8
38.1
1.59
1.65
1.65
1.65
Food and kindred products
Tobacco manufactures
Textile-mill products
Apparel and other finished products.
Paper and allied products
64.48
47.62
53.84
47.73
71.81
67.64
46.31
52.06
49.46
72.07
67.70
47.39
52.06
49.59
72.66
67.54
49.98
50.32
45.41
71.55
40.3
37.2
39.3
37.0
43.0
40.5
35.9
38.0
36.1
41.9
40.3
35.9
38.0
36.2
42.0
40.2
37.3
37.0
34.4
41.6
1.60
1.28
1.37
1.29
1.67
1.67
1.29
1.37
1.37
1.72
1.68
1.32
1.37
1.37
1.73
1.68
1.34
1.36
1.32
1.72
Printing, publishing and allied products.
Chemicals and allied products
Products of petroleum and coal
Rubber products
Leather and leather products
85.19
74.70
88.29
79.32
51.79
85.95
76.86
90.68
75.47
52.44
86.85
76.86
90.45
74.31
52.16
86.40
77.27
91.30
73.32
50.04
38.9
41.5
40.5
41.1
37.8
38.2
41.1
40.3
38.9
38.0
38.6
41.1
40.2
38.5
37.8
38.4
41.1
40.4
37.6
36.0
2.19
1.80
2.18
1.93
1.37
2.25
1.87
2.25
1.94
1.38
2.25
1.87
2.25
1.93
1.38
2.26
1.95
1.39
Nondurable goods.
NOTE.—Data are for production and related workers. Figures for April 1954 are preliminary,
note to table above. Back data are available from the Bureau of Labor Statistics.
MAY
1954
25
Data for recent years revised as indicated in
511
EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS BY INDUSTRY DIVISION
[Unadjusted, estimates of Bureau of Labor Statistics; adjusted, Federal Reserve. In thousands of persons]
Total
Year or month
Manufacturing
Mining
40,069
41,412
43,438
44,382
43,295
44,696
47.289
48,306
49,660
15,302
14,461
15,290
15,321
14,178
14,967
16,104
16,334
17,259
826
49,717
49,781
49,970
49,999
49,837
49,699
49,729
49,385
49,047
17,466
17,531
17,575
17,569
17,397
17,235
17,064
16,870
16,686
849
48,787
48,632
48,376
48,114
16,501
16,349
16,259
16,113
812
1953—April
May
June
July
August
September
October
November
December
49,413
49,531
49,904
49,716
49,962
50,200
50,180
49,851
50,197
17,309
17,283
17,416
17,336
17,537
17,510
17,301
16,988
16,765
845
842
1954—Tanuary
February
March
April
48,147
47,880
47,800
47,925
16,434
16,322
16,220
15,965
Contract
construction
1945
1946
1947
1948 .. .
1949
1950
1951
1952
1953 . . .
852
943
982
918
889
916
885
844
Transportation and
public
utilities
Trade
Finance
Service
Federal,
State, and
local
government
1,132
1,661
1,982
2,169
2,165
2,333
2,603
2,634
2,644
3,872
4,023
4,122
4,141
3,949
3,977
4,166
4,185
4,224
7,522
8,602
9,196
9,519
9,513
9,645
10,012
10,281
10,533
1,394
1,586
1,641
1,711
1,736
1,796
1,862
1,957
2,025
4,055
4,621
4,807
4,925
5,000
5,098
5,278
5,423
5,486
5,967
5,607
5,456
5,614
5,837
5,992
6,348
6,609
6,645
2,614
2,581
2,607
2,611
2,616
2,679
2,725
2,708
2,686
4,219
4,236
4,228
4,237
4,225
4,243
4,264
4,223
4,176
10,459
10,524
10,579
10,584
10,548
10,562
10,616
10,539
10,530
1,999
2,004
2,017
2,036
2,047
2,051
2,061
2,055
2,050
5,483
5,479
5,494
5,524
5,518
5,484
5,506
5,494
5,490
6,628
6,582
6,628
6,610
6,652
6,613
6,671
6,668
6,606
2,581
2,647
2,641
2,617
4,104
4,087
4,024
4,026
10,577
10,543
10,493
10,412
2,054
2,054
2,057
2,063
5,487
5,490
5,489
5,501
6,671
6,661
6,634
6,632
2,509
2,607
2,711
2,768
2,825
2,866
2,889
2,789
2,632
4,197
4,233
4,260
4,283
4,274
4,265
4,257
4,216
4,187
10,370
10,405
10,473
10,414
10,392
10,523
10,669
10,828
11,361
2,009
2,014
2,037
2,067
2,067
2,041
2,040
2,034
2,040
5,483
5,534
5,576
5,607
5,601
5,566
5,506
5,467
5,435
6,691
6,613
6,585
6,405
6,422
6,590
6,692
6,700
6,955
2,349
2,356
2,403
2,512
4,069
4,039
3,990
4,006
10,421
10,310
10,286
10,422
2,033
2,044
2,057
2,073
5,377
5,380
5,407
5,501
5,659
6,639
6,667
6,699
SEASONALLY ADJUSTED
1953—April
May
June
July
August
September
October
November
December
1954—January
February
March
April
. . .
844
842
828
834
832
822
828
823
801
779
750
UNADJUSTED
846
836
844
839
826
829
822
805
790
770
747
NOTE.—Data include al! full- and part-time employees who worked during, or received pay for, the pay period ending nearest the 15th of the
month. Proprietors, self-employed persons, domestic servants, unpaid family workers, and members of the armed forces are excluded. The
series without seasonal adjustment for recent years were revised by the Bureau of Labor Statistics in May 1954 to first-quarter 1953 benchmark
levels indicated by data from government social insurance programs, and the Federal Reserve is reviewing seasonal factors. April 1954 figures
are preliminary. Back unadjusted data are available from the Bureau of Labor Statistics; seasonally adjusted figures beginning January 1939
may be obtained from the Division of Research and Statistics.
LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT
[Bureau of the Census estimates without seasonal adjustment. Thousands of persons 14 years of age and over]
Civilian labor force
Employed 1
Total noninstitutional
population
Total
labor
torce
Total
1945.
1946
1947.
1948
1949.
1950
1951.
1952.
1953
105,370
106,370
107,458
108,482
109,623
110,780
111,924
113,119
115,046
65,140
60,820
61,608
62,748
63,571
64,599
65,832
66,410
66,965
1953—Mnrrh
April
May
114,755
114,828
114,931
115,032
115,132
115 232
115,342
115,449
115 544
115,634
115,738
115,819
115,914
115,987
Year or month
June.
July
August
September
October
November
Df»rf»mb*»r
1954—Tannarv2
February
March
April
In
agriculture
Unemployed
Not in the
labor force
Total
In nonagricultural industries
53,860
57,520
60,168
61,442
62,105
63,099
62,884
62,966
63,417
52,820
55,250
58,027
59,378
58,710
59,957
61,005
61,293
61,894
44,240
46,930
49,761
51,405
50,684
52,450
53,951
54,488
55,366
8,580
8,320
8,266
7,973
8,026
7,507
7,054
6,805
6,528
1,040
2,270
2,142
2,064
3,395
3.142
,879
,673
,523
40,230
45,550
45,850
45,733
46,051
46,181
46,092
46,710
48,081
66,679
66,338
66,497
68,290
68,258
68,238
67,127
66,954
66,873
66,106
63,134
62,810
62,964
64,734
64,668
64,648
63,552
63,404
63,353
62,614
61,460
61,228
61,658
63,172
63,120
63,408
62,306
62,242
61,925
60,764
55,740
55,158
55,268
55,246
55,492
56,134
55,044
55,083
55,274
55,326
5,720
6,070
6,390
7,926
7,628
7,274
7,262
7,159
6,651
5,438
,674
1,582
1,306
1,562
1,548
1,240
1,246
1,162
1,428
1.850
48,076
48,490
48,434
46,742
46,874
46,994
48,215
48,495
48,671
49,528
66,292
67,139
67,218
67,438
62,840
63,725
63,825
64,063
59,753
60,051
60,100
60,598
54,469
54,349
54,225
54,522
5,284
5,697
5,875
6,076
3,087
3,671
3,725
3,465
49,447
48,679
48,696
48,549
1
Includes self-employed, unpaid family, and domestic service workers.
2
Monthly estimates of the labor force beginning 1954 are based on an improved sample covering a larger number of areas and are, therefore,
not strictly comparable with earlier data.
NOTE.—Details do not necessarily add to group totals. Information on the labor force status of the population is obtained through interviews of households on a sample basis. Data relate to the calendar week that contains the eighth day of the month. Back data are available
from the Bureau of the Census.
512
FEDERAL RESERVE BULLETIN
VALUE OF NEW CONSTRUCTION ACTIVITY
[Adjusted for seasonal variation. In millions of dollars]
Private
Year or month
Public
Business
Total
Total
Residential
Total
4,389
5,054
Industrial
Com- Public
mercial utility
254
442
801
346
156
208
642
1,689
683
771
872
786
570
725
827
1,374
2,338
3,043
3,323
3,330
3,729
4,003
4,439
Other
nonresidential
Military
Total
High-
125
385
1,620
5,016
2,550
837
690
188
204
158
137
177
887
1,388
1,323
1,381
1,302
1,066
734
446
362
398
895
1,451
1,774
2,131
2,272
2,518
2,860
3,150
570
528
500
357
285
163
130
240
394
629
793
881
853
854
822
1,733
1,413
2,565
4,553
3,041
1,711
1,180
1,039
1,384
2,264
3,344
3,670
5,073
5,724
5,933
Conser- All
vation other
8,198
8,682
11,957
14,075
8,301
5,259
5,633
12,000
16,689
21,678
22,789
28,454
30,895
32,638
34,843
6,206
3,415
1,979
2,186
3,235
9,638
13,256
16,853
16,384
21,454
21,564
21,812
23,615
2,680
2,985
3,510
1,715
885
815
1,100
4,015
6,310
8,580
8,267
12,600
10,973
11,100
11,905
1,229
1,561
2,082
1,287
759
989
1,672
4,195
4,896
5,693
5,322
5,680
7,217
7,460
8,456
,702
,397
972
,062
,117
2,320
2,226
292
348
409
155
33
56
203
1,132
856
1,253
1,027
1,288
1,371
1,137
1,791
1953—April
May
Tune
July
August. . .
September
October...
November
December.
3,025
2,910
2,922
2,849
2,811
2,824
2,841
2,900
2,900
2,059
1,980
1,986
1,955
1,937
1,928
1,945
1,969
1,985
1,080
989
1,008
979
956
942
957
963
989
706
711
707
702
712
717
717
728
723
208
202
191
182
178
173
165
163
162
126
132
139
143
154
163
172
186
187
372
377
377
377
380
381
380
379
374
273
280
271
274
269
269
271
278
273
966
930
936
894
874
896
896
931
915
123
121
122
105
96
89
80
88
98
257
244
253
267
267
271
278
273
244
80
77
74
70
64
60
57
56
59
506
488
487
452
447
476
481
514
514
1954—January..
February.
March?.. .
April P. . . .
2,915
3,038
3,099
3,079
1,971
2,036
2,116
2,088
965
1,021
1,101
1,074
734
740
738
731
170
177
182
184
189
188
176
166
375
375
380
381
272
275
277
283
944
1,002
983
991
94
83
79
79
260
303
302
321
62
60
64
70
528
556
538
521
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
Preliminary.
480 3,809
508 3,628
614 5,751
413 10,660
335
6,322
382
3,073
463 2,398
1,428
2,362
050 3,433
580 4,825
2,795 6,405
3,174
7,000
3,374 9,331
3,252 10,826
3,254 11,228
Source.—Joint estimates of the Departments of Commerce and Labor.
CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF OWNERSHIP AND BY TYPE OF CONSTRUCTION
[Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions]
By type of
ownership
Year or month
Total
Public
1947
1948
1949
1950
1951
1952
1953
Private
By type of construction
Residential
building
Nonresidential building
Factories
Commercial
Educational
785
392
7,760
9,430
10 359
14,501
15 751
16,775
17,443
June
July
August
....
September
October
November
December
1954—January . . .
February
March
April
5,464
6,323
6,641
10,092
9,629
10,064
11,109
3,154
3,608
4,239
6,741
6,205
6,668
6,479
840
559
1,142
2,883
2,562
2,051
975
885
1,208
915
673
554
372
610
1,069
1,052
744
1,183
674
638
463
653
882
1,017
1,203
911
821
508
725
689
483
479
1,152
1,221
1,528
1,692
1953—April
May
2,296
3,107
3,718
4,409
6,122
6,711
6,334
1,742
1,606
1,116
1,793
1,414
1,742
1,892
1,394
1,300
..
363
436
484
789
785
1,043
532
1,489
725
824
1,180
1,335
1,472
1,720
1,127
1,376
1,651
1,689
1,686
1,695
1,890
2,155
2 476
2,578
2 723
3,408
4,008
262
132
85
207
120
156
99
200
147
163
148
176
151
131
127
181
110
111
146
387
386
193
376
941
507
635
484
434
383
235
232
136
462
509
668
111
106
80
796
Other
Public
works
and
public
utilities
94
979
145
171
101
97
114
93
134
178
597
138
153
140
176
116
200
138
131
179
361
132
144
179
117
125
140
216
244
328
171
163
290
451
500
298
326
CONSTRUCTION CONTRACTS AWARDED, BY DISTRICTS
[Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts, in millions of dollars]
Federal Reserve district
Total
(11 districts)
Boston
New
York
1953—January
February
March
1.076
1,021
1,348
101
51
71
154
182
246
91
61
73
97
101
159
110
106
110
117
160
127
154
137
272
53
57
80
21
19
47
79
43
73
99
106
88
1953—December
1954—January
February
March
1.300
1,152
1,221
1,528
90
61
58
116
262
212
192
219
63
92
103
120
145
143
110
146
110
101
100
130
167
158
156
210
159
166
218
245
88
58
74
96
55
23
60
51
49
45
53
81
114
92
95
113
Month
MAY
1954
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
Minneapolis
Kansas
City
Dallas
513
PERMANENT NONFARM DWELLING UNITS STARTED
[In thousands of units]
Year or month
Total
Government-underwritten
Private
Rural
nonfarm
Urban
1-
family
family
359
434
134
404
480
525
589
828
595
610
565
156
272
75
267
369
407
436
568
496
517
539
458
620
208
663
846
914
989
1,352
1,020
1,069
1,068
373
533
185
590
740
763
792
,151
892
939
933
20
28
9
24
34
46
35
42
40
46
42
111
108
105
97
93
95
90
82
57
55
53
48
46
47
43
39
35
54
53
51
49
47
48
47
43
31
107
106
102
96
92
92
90
80
65
94
93
90
84
82
81
79
70
54
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
P72
P96
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
June
July
August
September
October
November
December
66
.
P73
P97
P110
P109
66
58
15
48
72
104
162
159
88
84
94
Total
FHA
57
87
1
8
3
18
36
44
71
58
36
4
4
3
4
3
3
4
3
3
1953—April
May
1954—January
February
March
April
Multifamily
158
220
47
152
440
393
466
686
413
420
407
158
220
41
69
229
291
361
486
264
279
252
6
83
211
102
105
200
149
141
155
4
3
3
Total
515
706
209
671
849
932
1,025
1,396
1,091
1,127
1,104
1939
1941
1945
1946
1947
1948
1949
1950
1951
1952
1953
Public
36
34
38
39
41
36
37
33
27
23
22
24
24
23
22
22
20
15
13
12
14
15
18
14
15
13
12
25
30
13
16
'21
23
12
14
16
20
0)
1
3
0)
1
n.a.
n.a.
n.a.
n.a.
Pi
Pi
Pi
Pi
••37
43
VA
reported starts of public units, and a sample of places not issuing permit
FREIGHT CARLOADINGS, BY CLASSES
[Index numbers, 1935-39 average=100]
Monthly—seasonally adjusted
Annual
Class
Monthly—unadjusted
1954
1953
1954
1953
1952
1953
Mar.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Mar.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Total
126
127
132
126
122
117
120
117
112
122
135
124
108
108
107
105
Coal
Coke
Grain
Livestock
Forest products
Ore
.
. .
Miscellaneous
Merchandise, 1. c. 1
109
168
142
69
144
181
103
171
135
63
143
215
92
184
130
60
142
273
110
163
157
70
136
172
104
155
140
69
145
172
97
135
119
58
135
201
100
120
124
58
136
231
78
104
127
64
126
177
92
186
119
47
142
79
110
160
157
108
144
263
104
155
137
86
142
160
97
142
112
56
120
62
143
43
154
45
137
44
134
42
132
40
133
39
132
41
146
45
149
45
140
43
124
38
100
126
124
56
122
58
87
116
122
43
128
55
78
105
117
51
126
51
140
46
87
109
124
54
133
222
134
41
122
38
126
40
125
41
NOTE.—For description and back data, see BULLETIN for June 1941, pp. 529-533. Based on daily average loadings. Basic data compiled by
Association of American Railroads. Total index compiled by combining indexes for classes with weights derived from revenue data of the Interstate Commerce Commission.
MERCHANDISE EXPORTS AND IMPORTS
[In millions of dollars]
Merchandise exports 1
Merchandise imports 2
Excess of exports
Month
1952
January
February
March
April
May
.
June
July
August
September
October
November
December
..
.
.
.
. .
.
January-March
^Preliminary.
.
.
.
.
. .
J .954
1,344
1,447
,355
1,480
,171
L ,030
.087
1,229
1,216
1,190
1,391
4,044
.
1953
1954
1952
1,293
1,199
'1,390
1 .394
1,453
1,384
1,358
1,186
1,255
1,253
1,245
1,349
1,091
1,181
Pl.122
922
893
3,882
P3.394
964
933
835
861
839
818
1953
1954
922
856
833
809
P858
1,005
1,013
902
933
908
841
877
918
805
1,053
»-9O7
2,779
2,783
925
813
849
vl,500
1952
1953
332
451
482
422
644
310
191
269
352
298
386
338
370
343
'386
381
r
551
'451
r451
'345
'330
'440
•"396
441
1,265
1,099
1954
258
37?
P264
P894
'Revised.
1
Exports of domestic and foreign merchandise. Includes exports under foreign aid programs, including Department of Defense shipments
under the Mutual Security Program as follows (in millions of dollars): 1952, 1,988; 1953, 3,504; January-March 1954, 558.
2
General imports including imports for immediate consumption plus entries into bonded warehouses.
Source.—Department
of Commerce.
514
FEDERAL RESERVE BULLETIN
DEPARTMENT STORE STATISTICS
[Based on retail value figures]
SALES AND STOCKS, BY FEDERAL RESERVE DISTRICTS
[Index numbers, 1947-49 average = 100]
Federal Reserve district
United
States
Year or month
Boston
New
York
Philadelphia
Cleveland
98
104
98
105
109
110
112
99
102
99
103
105
104
105
99
103
98
101
105
101
102
96
104
100
106
109
109
110
115
110
117
115
113
112
107
110
113
112
105
106
106
103
106
99
105
107
107
108
'102
102
104
102
104
99
98
104
102
101
107
109
P105
105
109
102
'104
104
115
108
89
98
112
115
136
192
83
'86
Atlanta
Chicago
St.
Louis
105
98
105
111
110
113
97
103
100
105
113
118
119
96
103
101
109
115
124
126
99
104
97
104
108
106
111
97
104
98
104
107
110
112
98
104
99
105
104
104
104
98
103
99
108
111
113
112
94
105
102
113
117
124
125
112
113
119
110
117
116
104
106
108
108
116
105
115
118
114
120
109
110
115
112
'128
117
128
119
120
114
114
117
118
121
128
118
134
128
127
130
119
128
128
127
114
110
114
112
110
109
106
109
113
115
118
111
118
122
107
110
102
108
114
113
108
99
107
106
105
102
100
103
105
107
114
112
115
118
111
112
103
108
112
114
126
124
131
134
124
127
112
122
127
125
101
102
99
106
'111
106
104
104
92
109
117
119
122
123
P117
106
107
101
108
112
108
104
108
95
110
109
P103
119
121
115
108
107
111
95
101
106
103
76
79
112
107
129
194
93
95
101
99
75
75
102
110
129
178
106
103
118
105
83
92
108
114
142
188
107
103
115
111
89
104
114
115
142
187
'112
111
127
112
96
97
121
122
144
211
'125
117
131
114
102
114
122
130
146
219
101
104
114
110
89
98
113
112
137
188
104
105
118
110
86
100
109
119
136
185
92
97
107
98
84
97
110
118
121
171
103
106
115
111
91
104
109
114
129
189
117
117
127
118
104
116
119
128
144
209
102
105
117
112
101
109
111
111
131
195
P89
83
81
86
81
83
85
80
'84
91
80
80
82
80
89
97
94
101
P110
82
83
86
83
88
92
75
83
79
83
86
P90
94
98
102
85
86
88
93
107
100
109
129
118
126
95
105
100
109
124
111
116
98
105
97
105
124
113
116
93
107
99
108
127
113
119
93
107
100
106
128
111
119
94
105
101
113
133
130
141
90
108
102
120
140
135
146
89
111
100
110
128
115
123
93
102
96
107
128
117
126
91
110
100
104
117
107
115
93
108
100
113
132
124
136
89
110
101
112
132
126
138
93
107
100
110
131
125
133
122
125
127
128
130
131
128
128
127
123
116
119
120
117
117
119
117
117
115
112
112
116
118
118
121
122
117
116
115
113
112
117
121
122
122
122
122
122
120
117
113
114
117
122
124
124
121
124
121
121
'140
140
142
146
145
148
139
143
144
132
145
145
145
147
148
141
148
148
149
142
118
123
123
123
125
128
127
126
124
122
122
128
131
132
131
134
129
124
121
118
111
114
115
114
117
120
122
118
115
111
129
131
136
140
146
145
141
138
137
133
133
138
139
141
140
142
141
139
136
131
133
132
135
135
138
135
132
132
133
129
120
119
P121
114
112
118
111
107
111
114
'113
111
115
113
112
134
132
136
142
141
141
117
117
121
117
127
120
106
110
111
128
128
P130
12S
130
P126
123
121
124
127
132
132
123
121
126
132
141
142
109
118
124
121
110
106
114
120
132
134
105
117
122
121
111
107
118
123
130
132
104
120
126
124
113
108
116
127
139
137
103
119
121
119
115
112
119
127
137
136
106
'146
151
150
139
141
147
143
154
151
115
151
153
147
139
137
141
152
161
165
125
122
128
125
117
117
121
129
139
143
111
125
137
138
132
122
130
138
138
132
104
115
119
117
109
114
115
123
126
128
101
133
140
144
136
137
137
144
149
152
117
142
146
141
130
131
140
147
152
151
120
134
141
147
136
133
128
137
148
144
108
108
114
P126
102
106
120
98
104
116
99
111
119
104
111
119
120
127
142
130
139
147
108
114
126
99
108
123
100
106
115
118
125
P133
115
127
P135
111
113
125
SALESi
1947
1948
1949
1950
1951
1952
1953
San
Francisco
Richmond
.
97
Minne- Kansas
Dallas
apolis
City
99
104
98
105
109
114
115
SEASONALLY ADJUSTED
1953—March
April
May
June
JulyAugust
September
October
November
December
....
1954—Tanuary
February
March
r
120
116
124
121
117
113
110
111
112
109
UNADJUSTED
1953—March .
April
May
June
July
.
August
September
October
November
December
1954—Tanuary
February .
March
.
.
....
STOCKSi
1947
1948
1949
1950
1951
1952
1953
.
SEASONALLY ADJUSTED
1953—March
April
May
June
July
August
September
October
November
December
1954—Tanuary
February
March
...
..
.
-
UNADJUSTED
1953
March
April
May
.
June
July
.
August
September
October
November
December
1954—'Tanuary
February
March
r
p Preliminary.
Revised.
1
Figures for sales are the average per trading day, while those for stocks are as of the end of the month or the annual average.
NOTE.—For description and monthly indexes for back years, see BULLETIN for December 1951, pp. 1463-1515.
MAY
1954
515
DEPARTMENT STORE STATISTICS—Continued
[Based on retail value figures]
DEPARTMENT STORE MERCHANDISING DATA
Ratios to sales1
Amounts (In millions of dollars)
Sales2
(total
for
month)
Year or month
Stocks2
(end
of
month)
Outstanding
orders2
(end of
month)
Receipts3
(total
for
month)
New
orders3
(total
for
month)
ing
Stocks
plus
outstand-
orders
ing
OutstandStocks
Receipts
orders
average
average
average... .
average
average
average
average
average
average
average
246
276
345
365
381
361
376
391
397
402
574
604
767
887
979
925
1,012
1,202
1,097
1,157
596
775
964
588
494
373
495
460
435
421
244
277
373
366
386
358
391
390
397
403
256
291
354
364
363
358
401
379
401
397
2.4
2.3
2.3
2.5
2.7
2.7
2.8
3.2
2.9
3.0
2.5
3.0
3.0
1.7
1.4
1.1
1.4
1.3
1.2
1.1
5.0
5.3
5.3
4.3
4.1
3.8
4.2
4.4
4.1
4.2
1953—March
Anril
May
June
July
August
September
October. . .
November.
December.
'385
373
387
375
305
343
388
440
477
725
1,176
1,213
1,184
1,103
1,081
1,135
1,206
1,297
1,327
1,042
'402
324
321
461
525
491
492
462
371
288
••454
'410
358
294
283
397
459
531
507
440
'398
'332
355
434
347
363
460
501
416
357
3.1
3.3
3.1
2.9
3.5
3.3
3.1
2.9
2.8
1.4
1.0
0.9
0.8
1.2
1.7
1.4
1.3
1.1
0.8
0.4
4.1
4.1
3.9
4.2
5.3
4.7
4.4
4.0
3.6
1.8
1.0
1.0
1.1
1.0
1.0
1.0
1.1
1.0
1.0
1.0
1.2
1.1
0.9
0.8
0.9
1.2
1.2
1.2
1.1
0.6
1954—January..,
February..
March?. . ,
310
299
351
1,010
1,075
1,179
370
403
345
278
364
455
360
397
397
3.3
3.6
3.4
1.2
1.3
1.0
4.5
4.9
4.3
0.9
1.2
1.3
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
r
pPreliminary.
Revised.
x
The first three ratios are of stocks and/or orders at the end of the month to sales during the month. The final ratio is based on totals of
sales 2
and receipts for the month.
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 1953, sales by these stores accounted for about 50 per cent of estimated
total 3 department store sales.
Receipts of goods are derived from the reported figures on sales and stocks. New orders are derived from receipts and reported figures on
outstanding orders.
NOTE.—For description and 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
1953
1952
1951
1950
1950
June
118 Dec. 2
95 June 7
111 June 6
90 June 2
3
10
9. ... 108
14.... 116
13. . . .
9
104
112
16
21
20
16
17. . . .
104
106
98
111
27. . . 94
23
24
23
28
86
92
91
30....
30
89
July
91 July 7
1
1 A.
o
O . . . .1 J
14 ....
91
15
21
22
104
28
29
102
Aug.
102 Aug. 4
5
1 9 . . . QA
11....
1/•
97
18.
19
99
25
26. ..
75 July 5
12
o?
81
80
W.'.W
26
82
79
4. . . 79
1951
1952
92
98 Jan. 5
78
18'. ' ' ' Jan. 6
. . 84
13
1 2 . . . . 92
25. ..
83
105
20
19
104
90
27
26
96
83
Aug. 1. . . 86
92
0
15 " " 95 Feb. 3. . . . 81 Feb. 2.
84
94
10
22. .. 100
9
87
17
29. .. 101
16.. . . 89
94
24
23
95
83
Sept. 5
101
12
Mar. 3
Mar. 1
102
99
85
19. . . 120
10
8
105
88
17
15
26. .. 114
101
90
24
22
105
94
31
29
89
101
Oct. 3. . . 112
10. . . 120 Apr. 7
101 Apr. 5
109
17. . . 118
14
1 2 . . . . 111
100
24. .. 113
21
19
97
97
31
28
26
113
101
105
87
88 Aug. 2
90
07
Q. . . .
0/
V
95
93
16
97
23 ... 100
30
110
107 Sept. 1
8
102
15
127
22
111
29
110
105 Sept. 6
13
100
20
114
27
111
114
100
114
113
112
7
14
21
28
112 Oct. 6
13
111
20
105
27
108
110 Oct. 4
11
117
18
116
25
113
116
126
124
122
Nov. 4
109 Nov. 3
10
118
17
127
24
110
121 Nov. 1
8
127
15....
130
22
123
115 Nov.
118
130
134
138
11
18
25
29
1952
79 July
83
Sept. 2
9. . .
16. . .
23. ..
30...
Oct.
1951
1953
153 Dec. 1
161 Dec. 6. ... 195 Dec. 5. . .
.
8. ... 191
13.... 223
12. .. .
191
15
20
.
19. . .
220
213
237
22
27.... 146
26. ...
221
228
29. . . . 92
.
82
1953
Jan.
Feb.
190
216
234
163
1954
3
10
17
24
31
81 Jan. 2. . . 81
.
9. . .
. 94
89
16. . . 85
.
92
23. ... 86
86
30. ... 85
87
7
88 Feb. 6
86
92
13. ... 91
20. . .
. 86
85
93
27. . .
. 90
14
21
28
Mar.
7
.
96 Mar. 6. . . 85
14.... 100
13. . . 92
.
21
20. . . 95
.
109
28
27. .. . 100
112
Apr.
4
11
18
25
.
118 Apr. 3. . .
10. . .
.
97
17. . .
.
105
24. ...
104
103
113
118
101
7
121 May 5
113 May 3
114 May 1. . . 113
111 May 2
14
12
10
9. ... 128
8. . .
133
110
117
21. . . .
19.... 99
1 7 . . . . 99
16.... 105
131
15
24
28
133
26.... 100
105
23.... 112
22
31
97
30.... 97
29. ..
NOTE.—For description and weekly indexes for back years, see BULLETIN for April 1952, pp. 359-362.
516
FEDERAL RESERVE BULLETIN
DEPARTMENT STORE STATISTICS—Continued
[Based on retail value figures]
SALES BY FEDERAL RESERVE DISTRICTS, METROPOLITAN AREAS, AND CITIES
[Percentage change from corresponding period of preceding year]
Federal Reserve district,
area, or city
United States
Boston District
Metropolitan Areas1
Portland, Maine
Boston, Mass
Downtown Boston
Cambridge, Mass
Lowell-Lawrence, Mass.. .
New Bedford, Mass
Worcester, Mass. 2
Cities
Springfield, Mass 2
Providence, R. I.
3
Mar. Feb.
1954 1954 mos.
1954
P-11
-3
-6
+3
-6
-5
-6
+2
-9
-6
-10
-1
-14
-1
+5
+4
+8
—5
-1
-4
+ s
+1
Federal Reserve district,
area, or city
3
Mar. Feb. mos.
1954 1954 1954
Metropolitan Areas1-Cont.
Greenville, S. C. 2
Norfolk-Portsmouth, Va. 2
2
Richmond, Va. 2
-1
Roanoke, Va. 2
2
Charleston, W. Va. 2
+ 2 Cities
-9
Spartanburg, S. C
-4
Lynchburg, Va. 2
-9
Newport News, Va 2
Huntington, W. Va. . . . .
0
Parkersburg, W. Va
P—6
-12
-12
-12
-19
-20
-12
-20
-16
-23
Philadelphia District
Metropolitan Areas
Trenton, N. J. 2
Lancaster, Pa. 2 2
Philadelphia, 2Pa.
Reading, Pa.
Wilkes-Barre-Hazleton,
Pa. 2
Wilmington, Del
City
York, Pa. 2
+2
-2
+3
+2
+3
-1
-1
—3
-8
-8
-3
-5
0
-5
-3
-1
0
+9
+1
0
+21
-1
+3
-7
-8
+6
-4
-5
-4
-9
-6
-10
-11
-4
-10
r-1
-6
-19
-13
-6
-13
-14
-1
-15
-6
—4
-9
r _2
-6
-18
-2
+7
-14
-1
-12
+1
-5
-9
-14
-8
-12
-12
-5
-12
-4
-15
-13
-14
-10
Cleveland District
Metropolitan Areas
Akron, Ohio 2 2
Canton, Ohio 2
Cincinnati, Ohio
Cleveland, Ohio 2
Columbus, Ohio 2
Springfield, Ohio 2
Toledo, Ohio 2
Youngstown, Ohio 2
Erie, Pa. 2
Pittsburgh, Pa. 2 2
Wheeling, W. Va.
City
Portsmouth, Ohio 2
p-20
Richmond District
-19
-19
—6
-23
-11
-19
-19
-22
-14
-3
—1
—4
-4
+1
— 11
-7
-6
-7
-19
-7
-15
-7
+7
-1
P-11
-2
-8
+2
-3
-5
-6
-9
-10
-9
-4
-3
Metropolitan Areas1 2
Washington, D. C.
P - 4
Downtown Wash., D. C. P - 4
Baltimore, Md. 22
P-10
Asheville, N. C.
-15
Raleigh, N. C. 2
-9
Winston-Salem, N. C . 2 . . . - 1 5
Charleston, S. C. 2
-8
2
Columbia, S. C.
-6
-1
+1
-2
-10
_2
+1
+1
—9
-3
-3
-17
-9
-4
+2
-4
-10
-15
-8
-9
-8
-16
-14
-1
Cities
Mankato, Minn
Great Falls, Mont
Grand Forks, N. D
Duluth-Superior,
Minn.-Wisc. 2
La Crosse, Wise
-13
- 8 Kansas City District
-13
- 1 3 Metropolitan Areas
Denver, Colo
-18
-7
-6
3
mos.
1954
-19
-10
-12
+ 18
+1
+2
-3
-8
-9
-9
-18
0
-4
-10
P - 9
-5
-7
-11
Pueblo, Colo
-8
Topeka, Kans
-14
Wichita, Kans
St. Joseph, Mo
-6
-2
Omaha, Nebr
Albuquerque, N. Mex.. . . - 1 5
-4
Oklahoma City, Okla
-9
Tulsa, Okla
Atlanta District
Metropolitan Areas1
-14
-3
-11
Birmingham, Ala.2
-7
-17
Mobile, Ala
+3
P - 9
-10
-8
Montgomery, Ala
-7 r_4
-6
Jacksonville, Fla. 2
-3
2 -3
Miami, Fla. 2
-2
-3
- 3 I Cities
Orlando, Fla
-2
-3
-3
St. Ptrsbg.-Tampa, Fla.. .
Greeley, Colo
-5
-6
-6
St. Petersburg, Fla
Kansas City, Mo..
9
0
0
Tampa, Fla. 2
Joplin, Mo
2
—5
-2
-5
Atlanta, Ga.
Hutchinson, Kans..
j
-9
-7
Augusta, Ga
Enid, Okla
-1
-8
—5
Columbus, Ga
-9
-13
-15
Macon, Ga. 2
o Dallas District
P - 8
-2
vSavannah, Ga
2
-10
Baton Rouge, La.2
+5 - 5 Metropolitan Areas
-2
-10 +1
1
New Orleans, La.
Shreveport, La
-11
Jackson, Miss. 2
+1 -7
Corpus Christi, Tex
-16
-8
Chattanooga, Tenn. 2
Dallas, Tex. 2
2
-6 + 10
-1
Knoxville, Tenn.2
El Paso, Tex
-11
-8
Nashville, Tenn.
-8
Fort Worth, Tex
Houston, Tex. 2
Cities
-1
San Antonio, Tex
-23
-13
Rome, Ga
-10
— 7 Waco, Tex
-1
Meridian, Miss
-5
-13
-20
Bristol, Tenn
San Francisco District. . .
-2
-7
P-12
Chicago District
Metropolitan Areas1
Phoenix, Ariz.2
Metropolitan Areas
-4
-9
Fresno, Calif.2
+1
Chicago, 111.2
2
-17
-4
Los Angeles, Calif.2
-10
Peoria, 111.
Downtown, L. A., Calif.2
-1
Fort Wayne, Ind. 2
+3
+5
2
WestsideL. A., Calif.2.
—7
-4
-12
Indianapolis, Ind. 2
Long Beach, Calif.2
—9 - 1 0
-13
Terre Haute, Ind.
-7
Pasadena, Calif
-8
3
Des Moines, Iowa
Santa Monica, Calif
-19 -10 -13
Detroit, Mich. 2
-4
-19
Riverside and San Ber-10
Flint, Mich. 2
c
nardino, Calif
Grand Rapids, Mich. 2 . . . - 1 0
+1
Sacramento, Calif.2
-4
Lansing, Mich. 2 2
+2
+2
San Diego, Calif.3
-2
-6
Milwaukee, Wis.2
+5
— 13 + 15
San Fran.-Oakland, Calif.2
0
Green Bay, Wis.
San Francisco, Calif.2 . . 2
.
-1
-7
Madison, Wis
+5
Oakland-Berkeley, Calif.
-1
-5
p - 8
Downtown Oakland,
St. Louis District
Calif.2
Metropolitan Areas2
Vallejo, Calif 2
-1
-3
+2
Little Rock, Ark.
San Jose, Calif. 2
-10
-6
Fort Smith, Ark
+2
Stockton, Calif.
P-19
-14
-7
Evansville, Ind
Portland, Ore. 2
-7
-4
p—9
Louisville, Ky. 2
Salt Lake City, Utah 2 . . .
p—9
-1
-4
St. Louis, Mo
Seattle, Wash. 2 2
-8
-12
-11
Springfield, Mo 2
Spokane, Wash.2
P-5
—3
Memphis, Tenn.
+2
Tacoma, Wash.
Cities
-2
-8
Cities
+1
Quincy, 111
Tucson, Ariz
-27 -19 -27
Paducah, Ky
Bakersfield, Calif.2
4
- 1 0 '+3
Boise and Nampa, Idaho.
Minneapolis District
Twin Falls, Idaho
Idaho Falls, Idaho
Metropolitan Areas1
Bellingham, Wash
-2
-9
+3
Mpls.-St. Paul, Minn. 2 . . 2
.
-2
Everett, Wash. 2
Minneapolis City, Minn. - 1 0
+4
2
Walla Walla, Wash. 2 . . . .
-2
-8
St. Paul City, Minn. ...
+2
Yakima, Wash. 2
Sioux Falls, S. D
-1
- 1 5 +22
P - 9
New York District
-5
Metropolitan Areas1
New York-Northeastern
New Jersey, N.Y. &N.T. - 3
New York City, N. Y. 2 . - 3
-4
Newark, N. J. 2
Buffalo, N. Y
-14
Buffalo City, N. Y . 2 . . . . - 1 5
i
Niagara Falls, N . Y
Binghamton, N. Y
-9
Rochester, N. Y. 2
-6
2
Syracuse, N. Y.
-12
Albany-SchenectadyTroy, N. Y
-4
Albany, N. Y
-6
Schenectady, N . Y
—1
Utica-Rome, N. Y
-13
Utica, N. Y
-10
Cities
Bridgeport, Conn. 2
-14
Elmira, N . Y
- 12
Poughkeepsie, N. Y
-13
M a r . Feb.
1954 1954
Minneapolis Dist. (Cont.)
- 7 Richmond Dist. (Cont.)
-3
Federal Reserve district,
area, or city
-19
-8
-5
-9
-11
-9
2
_2
-11
-5
+3
()
-6
-12
-5
+1
-19
-9
-3
-15
-21
-10
-20
-6
-2
-2
-13
-3
-8
r —7
+4
+5
+2
-9
-20
-9
-13
-10
-8
-10
-15
-9
-6
-2
-11
-5
p-10
P—
-8
-10
-21
-16
-14
-4
-7
-1
-4
-3
-6
-18
-11
-7
-8
-5
-7
-4
-7
-4
-7
10
-10
-7
-5
-9
-6
-9
-10
P-13
P - 9
P-10
P - 7
-8
p-7
-8
-10
-10
-1
p-133
P - 9
o
-15
-5
+1
-16
—6
-8
-6
-6
-11
-7
-17
-10
-14
-6
-9
-2
-8
-10
-18
-9
-15
(3)
-4
-17
p-6
7 -12
-16
-12
—6
-13
-19
p-7
-14
-15
(3)
-10
-25
-19
-14
-6
-11
-10
-6
-10
-12
-10
4-7
-5
-16
-11
-7
-15
-8
-11
-12
-13
-5
-16
-21
-13
"Preliminary.
'Revised.
Breakdowns 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
Two months 1954.
1
2
MAY
1954
517
DEPARTMENT STORE STATISTICS—Continued
SALES AND STOCKS BY MAJOR DEPARTMENTS
[Based on retail value figures]
Percentage
change from a
year ago
Department
Ratio of
stocks to
sales1
Sales
during
period
February
Feb.
1954
Stocks
(end of
month)
Two
months
1954
Federal Reserve index numbers
without seasonal adjustment,
1947-49 average=100 2
1954
Feb.
1954
1954
Stocks at end
of month
Sales during
period
1953
1954
1953
1953
Feb.
Jan.
Feb.
Feb.
Jan.
Feb.
GRAND TOTAL—entire store3
-2
-4
-3
3.9
3.9
MAIN STORE—total
-2
-4
-3
4.1
4.1
75
80
77
110
105
113
0
0
-6
4.4
4.7
70
129
70
100
99
106
-2
-5
-9
-7
-11
-5
-5
3.5
3.5
4.4
3.1
3.9
3.8
4.0
3.7
73
65
61
95
67
58
65
85
72
66
70
84
91
82
92
110
88
80
88
105
99
92
97
116
-6
-6
-9
-3
5.0
5.4
4.2
5.5
5.3
5.7
4.8
5.4
68
66
72
67
173
143
234
138
68
66
69
70
104
95
149
108
104
95
116
112
110
101
164
110
Piece goods and household textiles
Piece goods
Silks, velvets, and synthetics
Woolen yard goods
Cotton yard goods
Household textiles
Linens and towels
Domestics—muslins, sheetings
Blankets, comforters, and spreads
Small wares
+1
-14
+ 14
0
-1
+5
+8
+1
-2
-3
+3
+2
1
-3
-5
4.4
4.3
78
80
80
107
105
108
Laces, trimmings, embroideries, and ribbons. . ..
Notions
Toilet articles, drug sundries
—2
0
-5
-5
-2
-6
-3
-2
-3
4.7
4.7
3.9
4.8
4.8
3.8
72
73
86
63
80
94
74
73
91
111
117
100
94
113
102
114
120
104
Silverware and jewelry
Silverware and clocks
Costume jewelry
Fine jewelry and watches
-3
-4
-3
-7
-5
-7
-4
-12
+1
+4
0
6.0
8.6
3.4
11.8
5.8
8.4
3.2
11.0
66
57
71
58
58
54
60
50
67
60
73
63
114
125
98
115
107
120
86
111
113
127
95
116
Art needlework
-6
-6
-5
4.5
4.4
83
105
88
99
97
104
Books and stationery
Books and magazines
Stationery
0
-7
+4
-1
-5
0
+1
+1
+1
3.4
2.8
3.7
3.4
2.6
3.8
88
89
87
88
94
83
88
96
84
106
94
109
111
99
114
104
94
108
Women's and misses' apparel and accessories
-1
-3
-3
3.3
3.4
77
77
77
116
107
120
Women's and misses' ready-to-wear accessories..
Neckwear and scarfs
Handkerchiefs
Millinery
Women's and children's gloves
Corsets and brassieres
Women's and children's hosiery
-1
0
-3
-5
-6
-3
0
-5
-8
-5
-3
3.9
2.7
3.7
1.5
5.4
3.4
2.7
4.0
2.6
3.9
1.7
5.4
3.6
2.8
76
86
59
77
58
102
74
72
76
46
57
61
112
68
77
86
61
81
61
98
76
118
123
71
110
86
130
110
107
105
72
84
77
125
100
121
120
78
135
92
131
118
3.6
3.7
3.8
2.6
3.7
3.7
3.9
2.7
65
79
57
66
62
84
53
54
66
81
58
69
102
129
95
81
96
123
89
75
105
131
98
86
-4
-5
0
-1
0
3.8
3.2
3.9
3.3
78
56
80
72
115
110
104
99
120
117
6.5
7.2
6.3
6.6
7.6
6.4
79
71
.
83
67
85
81
60
81
82
64
84
143
140
141
128
122
122
144
141
141
Underwear, slips, and negligees
Knit underwear
Silk and muslin underwear, and slips
Negligees, robes, and lounging apparel
Infants' wear
Handbags, and small leather goods
Women's and children's shoes
Children's shoes
Women's shoes
Women's and misses' ready-to-wear apparel
Women's and misses' coats and suits
Coats
Suits
+4
+1
-2
-3
-4
-4
-3
-4
-6
-1
-1
-3
-4
+2
+3
+1
+1
_j
-4
-1
A
+3
Q
-18
-6
-1
-6
-3
-2
-3
-7
-1
-9
-6
-15
-10
-7
-17
-3
-6
-10
-1
2.7
2.5
2.0
3.0
2.8
2.4
2.1
2.6
77
77
74
92
82
93
100
71
78
85
78
108
114
117
98
157
108
106
90
127
117
124
109
158
Juniors' and girls' wear
Juniors' coats, suits, and dresses
Girls' wear
-1
-3
0
-3
-5
0
-4
-3
-4
3.0
2.4
3.7
3.1
2.4
3.9
72
70
74
63
66
60
73
72
74
121
114
126
103
101
105
125
117
131
Women's and misses' dresses
Inexpensive dresses
Better dresses
+3
+4
+2
-1
0
-3
-2
-5
0
2.2
1.7
2.7
2.3
1.9
2.7
78
76
83
78
79
75
75
73
81
114
106
122
112
104
108
117
112
122
Blouses, skirts, and sportswear
Aprons, housedresses, and uniforms
Furs
+4
+4
+1
+5
-5
-11
3.1
2.2
4.9
3.1
2.5
5.2
80
89
64
80
94
94
77
85
68
126
105
83
119
102
86
120
110
94
Men's and boys' wear
Men's clothing
Men's furnishings and hats
Boys' wear
Men's and boys' shoes and slippers
-6
-1
-9
-1
-1
0
5.9
5.9
64
72
64
115
104
114
-4
-3
+4
6.9
5.0
5.9
7.5
6.4
5.2
6.1
7.5
67
61
62
72
98
59
59
81
69
60
63
72
130
104
106
120
118
100
89
108
125
106
111
120
+2
0
+1
-1
-5
+1
For footnotes see following page.
518
FEDERAL RESERVE BULLETIN
DEPARTMENT STORE STATISTICS—Continued
SALES AND STOCKS BY MAJOR DEPARTMENTS—Continued
[Based on retail value figures]
Percentage
change from a
year ago
Department
Ratio of
stocks l to
sales
Sales
during
period
February
Feb.
1954
Stocks
(end of
month)
Two
months
1954
Feb.
1954
1953
Federal Reserve index numbers
without seasonal adjustment,
1947-49 average=100 2
Sales during
period
1954
Feb.
Homefurnishings
-10
-9
-11
-9
-7
-10
Domestic floor coverings
Rugs and carpets
Linoleum
-10
-12
-16
-13
-14
-10
-4
-6
-2
-9
-1
-1
-6
-6
-5
Radios, phonographs, television, records, etc
Radios, phonographs, television
Records, sheet music, and instruments
-5
-14
-5
-3
+35
-16
+19
Toys, games, sporting goods, cameras
Toys and games
Sporting goods and cameras
+8
+14
+1
+6
+14
-1
Luggage
-10
-14
+5
+2
-1
BASEMENT STORE—total
Domestics and blankets
-1
Women's and misses* ready-to-wear
-3
Intimate apparel
Hosiery
Underwear, corsets and brassieres
Coats and suits
Dresses
Blouses, skirts, and sportswear
Girls' wear
Infants' wear
Aprons, housedresses, uniforms
Men's and boys' wear
Men's wear
Men's clothing
Men's furnishings
Boys' wear
Homefurnishings
+1
-1
+2
-9
-1
+3
-1
+1
-15
NONMERCHANDISE—total
Barber and beauty shop
Feb.
Jan.
Feb.
4.5
82
82
88
108
106
112
4.0
2.1
4.7
3.6
2.0
4.1
109
126
106
110
134
97
121
139
119
117
140
116
116
136
111
116
143
115
-9
-10
-14
5.3
5.3
5.4
5.2
5.2
5.2
72
74
45
75
76
50
80
85
54
99
105
103
99
73
109
117
65
-5
-6
-5
-4
5.3
4.4
7.8
3.7
4.8
6.5
5.4
4.4
8.0
3.5
4.7
6.4
76
74
86
54
77
76
72
74
82
59
72
64
79
78
88
59
78
76
109
104
120
95
115
121
104
100
117
84
107
114
115
111
126
99
114
121
3.0
2.8
3.6
3.1
2.8
4.6
90
82
103
101
121
64
95
95
77
93
82
97
91
87
88
102
97
91
+1
+1
0
-9
-15
+6
76
-2
-2
-1
-9
-7
+4
-3
-1
-14
+3
+4
+4
+6
-2
-5
0
+ 11
3.8
3.9
63
55
63
97
99
97
+3
+2
+3
8.2
8.2
8.1
8.6
9.2
8.0
41
33
55
31
20
48
38
29
54
106
100
110
104
114
96
103
97
106
2
+5
6.3
1.2
5.8
1.2
54
56
64
60
84
106
98
115
103
108
93
2.9
3.2
71
76
72
103
94
112
-10
3.4
3.7
77
140
78
106
103
118
-8
2.3
2.5
70
70
72
100
90
110
?
2.7
2.2
2.9
2.0
1.5
2.3
2.9
3.2
2.4
2.8
2.3
3.0
2.1
1.6
2.4
3.2
3.5
2.3
81
80
()
110
100
113
()
()
75
()
70
65
74
56
77
81
(*)
(4)
72
69
72
64
74
(*)
76
90
88
85
98
()
110
98
103
120
121
-6
3.5
4.0
71
71
67
106
93
113
-4
-3
-5
3.4
3.4
3.4
3.8
3.7
3.9
73
87
65
75
93
63
68
81
60
107
117
100
94
101
88
112
122
105
3.9
4.4
65
61
63
107
-6
3.6
3.7
76
69
78
106
102
113
-7
A
+6
+7
+7
+7
+2
+2
+ 15
Feb.
-10
-3
0
Shoes
1953
4.6
-3
Candy
Jan.
1954
0
-2
-1
Miscellaneous merchandise departments
1953
-3
-6
Furniture and bedding
Mattresses, springs, and studio beds
Upholstered and other furniture
Draperies, curtains, and upholstery
Lamps and shades
China and glassware
Major household appliances
Housewares (including small appliances)
Gift shop
Stocks at end
of month
5.1
5.5
71
76
71
117
100
126
92
98
91
113
110
98
-4
-3
-16
-10
-2
-10
-10
-14
)
65
68
74
64
93
89
101
107
109
119
J
The ratio of stocks to sales is obtained by dividing stocks at the end of the month by sales during the month and hence indicates the number
of months' supply on hand at the end of the month in terms of sales for that month.
2
The 1947-49 average of monthly sales and of end-of-month stocks for each department is used as a base in computing the sales and stocks
indexes, respectively, for that department. For description of indexes, see BULLETIN for November 1953, pp. 1146-1149.
3 For movements of total department store sales and stocks, see the indexes for the United States on p. 515.
4
Data not available.
NOTE.—Based on reports from a group of large department stores located in various cities throughout the country. In 1953, sales and stocks
at these stores accounted for almost 50 per cent of estimated total department store sales and stocks. Not all stores report data for all of the
departments shown; consequently, the sample for the individual departments is not so comprehensive as that for the total.
MAY
1954
519
PRICES
CONSUMER PRICES
[Bureau of Labor Statistics index for city wage-earner and clerical-worker families.
1947-49 =100]
Housing
Year or
month
All
items
Foods
Total
Rent
Other
shelter 1
Gas
and
electricity
Solid
fuels
and
fuel oil
House- Household
furoperanishtion
ings
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
62.9
69.7
74.0
75.2
76.9
83.4
95.5
102.8
101.8
102.8
111.0
113.5
114.4
52.2
61.3
68.3
67.4
68.9
79.0
95.9
104.1
100.0
101.2
112.6
114.6
112.8
95.0
101.7
103.3
106.1
112.4
114.6
117.7
88 4
90 4
90.3
90 6
90.9
91 4
94.4
100.7
105.0
108.8
113.1
117.9
124.1
97.6
100.0
102.5
102.7
103.1
104.5
106.6
88.8
104.4
106.8
110.5
116.4
118.7
123.9
97.2
103.2
99.6
100.3
111.2
108.5
107.9
97.2
102.6
100.1
101.2
109.0
111.8
115.3
55 6
64 9
67 8
72 6
76.3
83 7
97.1
103.5
99.4
98.1
106.9
105.8
104.8
90.6
100.9
108.5
111.3
118.4
126.2
129.7
94.9
100.9
104.1
106.0
111.1
117.3
121.3
97.6
101.3
101.1
101.1
110.5
111.8
112.8
95.5
100.4
104.1
103.4
106.5
107.0
108.0
96.1
100.5
103.4
105.2
109.7
115.4
118.2
1953—Feb.. . .
Mar....
Apr.. . .
May...
June.. .
July...
Aug... .
Sept...
Oct
Nov
Dec.. . .
113.4
113.6
113.7
114.0
114.5
114.7
115.0
115.2
115.4
115.0
114.9
111.5
111.7
111.5
112.1
113.7
113.8
114.1
113.8
113.6
112.0
112.3
116.6
116.8
117.0
117.1
117.4
117.8
118.0
118.4
118.7
118.9
118.9
121.5
121.7
122.1
123.0
123.3
123.8
125.1
126.0
126.8
127.3
127.6
106.1
106.5
106.5
106.6
106.4
106.4
106.9
106.9
107.0
107.3
107.2
123.3
124.4
123.6
121.8
121.8
123.7
123.9
124.6
125.7
125.9
125.3
108.0
108.0
107.8
107.6
108.0
108.1
107.4
108.1
108.1
108.3
108.1
113.5
114.0
114.3
114.7
115.4
115.7
115.8
116.0
116.6
116.9
117.0
104.6
104.7
104.6
104.7
104.6
104.4
104.3
105.3
105.5
105.5
105.3
129.1
129.3
129.4
129.4
129.4
129.7
130.6
130.7
130.7
130.1
128.9
119.3
119.5
120.2
120.7
121.1
121.5
121.8
122.6
122.8
123.3
123.6
112.5
112.4
112.5
112.8
112.6
112.6
112.7
112.9
113.2
113.4
113.6
107.5
107.7
107.9
108.0
107.8
107.4
107.6
107.8
108.6
108.9
108.9
115.8
117.5
117.9
118.0
118.2
118.3
118.4
118.5
119.7
120.2
120.3
1954—Jan.. . .
Feb.. . .
Mar....
115.2
115.0
114.8
113.1
112.6
112.1
118.8
118.9
119.0
127.8
127.9
128.0
107.1
107.5
107.6
125.7
126.2
125.8
107.2
107.2
107.2
117.2
117.3
117.5
104.9
104.7
104.3
130.5
129.4
129.0
123.7
124.1
124.4
113.7
113.9
114.1
108.7
108.0
108.2
120.3
120.2
120.1
1
Indexes for this subgroup are not yet available.
NOTE.—Revised indexes, reflecting beginning January 1953 the inclusion of new series (i. e. home purchases and used automobiles) and revised
weights. Prior to January 1953 indexes are based on the "interim adjusted" and "old" indexes, converted to the base 1947-49-=100.
Source.—Bureau of Labor Statistics, Department of Labor.
WHOLESALE PRICES, BY GROUPS OF COMMODITIES
[Index numbers of the Bureau of Labor Statistics, 1947-49 = 100]
Other commodities
Year or
month
All
commodities
4
4
Farm
products
100
107
92
97
113
107
97
0
3
8
5
4
0
0
Processed
foods
Total
98.2
95 . 3
106.1 103 .4
95.7 101
99.8 105 .0
111.4 115 9
108.8 113 2
104.6 114 .0
1947
1948
1949
1950
1951
1952
1953
96
104
99
103
114
111
110
1953
March
April
May
June
July
August
September
October
November
December
110 0
109 4
109 8
109
110 9
110 6
111 .0
110
109 <
110
99 8
97
97 8
95 4
97 9
96 .4
98 .1
95 2
93 7
94
104.1 113 _ 4
103.2 113 2
104.3 113 .6
103.3 113 9
105.5 114 .8
104.8 114 9
106.6 114
104.7 114 .6
103.8 114
104.3 114 .6
1954
January
February
March
110 (
110
110 • (
97 .8
97 7
98 c
106.2
104.8
105.3
1
8
6
1
114 .6
114 4
114
Textile
products
and
appare
Hides,
skins,
and
eather
products
Fuel,
Chempower,
Rubicals
and
ber
and
lightand
allied proding
prodmaucts
terials ucts
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
97. 5
97 4
97 6
97 4
97 ^
97 5
96 9
96
96 1
95.8
98.1
97.9
100.4
101.0
100.0
99.9
99.7
97.1
97.1
95.6
108
107
107
108
111
111
110
111
111
111
96 1
95
95 1
95.3
94.9
94.6
Lumber
and
wood
products
MaPulp,
Metals chinpaper,
ery
and
and
and
metal
allied
moprodprodtive
ucts
ucts
prod.
Furniture
and
other
household
durables
Nonmetallic
minerals—
structural
Tobacco
mfrs.
Misand
cellabottled neous
beverages
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
107
99
113
123
120
120
7
2
2
9
9
3
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
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
104.2
105.5
105.5
105.6
106.2
o 106.3
9 106.7
1 106.7
2 107.2
1 107.1
125 7
124.8
125 4
125 0
124 6
123 5
124 0
124 2
124 3
124 8
121
122
121
121
121
120
119
118
117
117
7
2
8
5
1
4
2
1
3
4
115.1
115.3
115.4
115.8
115.8
116.2
116.9
117.5
117.3
117.1
125.5
125.0
125.7
126.9
129.3
129 A
128.5
127.9
127.9
127.5
121
122
122
122
123
123
124
124
124
124
8
0
4
9
4
7
0
1
2
3
113. 1
113. 9
114. 1
114. 3
114. 7
114. 8
114. 9
114. 8
114 9
115 0
115.1 114 8 101. 7
98. 5
116.9 114 8
117.2 114 8
99. 7
95. 8
118.1 114 9
95. 3
119.4 115 6
96. 4
119.6 115 6
94. 7
120.7 116 2
94. 4
120.7 118 1
120.8 118 1
93 2
120.8 118 1 100 1
124 8
124 6
124 9
117.0
116 8
116 6
117.0
117.1
116.6
127.2
126.2
126.3
124 4
124
124 6
115 2
115 1
115 1
120.9
121.0
121.0
4
4
1
3
1
110 8
110 5
109.0
107.2
107.5
107.4
98 0
100. 4
101 6
102 4
108 1
110 6
115 7
118 2
118 0
118 0
100 8
103. 1
96. 1
96. 6
104. 9
108.3
97. 8
101 1
102 8
104 9
Source.—Bureau of Labor Statistics, Department of Labor.
Backfigures.—SeeBULLETIN for March 1952, pp. 311-313.
520
FEDERAL RESERVE BULLETIN
PRICES—Continued
WHOLESALE PRICES, BY GROUPS OF COMMODITIES—Continued
[Index numbers of the Bureau of Labor Statistics, 1947-49 = 100]
1954
1953
1953
Mar.
Jan.
Feb.
Mar.
105.8
94.7
91.7
104.6
100.5
100.6
97.5
142.5
91.2
91.3
91.8
104.2
97.5
92.7
90.5
161.0
89.7
91.6
91.3
106.5
95.0
89.6
91.6
168.0
89.6
93.0
92.4
105.9
94.4
80.1
93.4
181.2
108.9
91.2
109.7
112.4
96.4
109.4
112.7
92.9
107.4
112.6
92.8
106.2
105.1
109.6
168.9
120.9
103.8
110.1
182.1
111.5
103.0
110.2
191.4
108.9
103.0
112.6
209.1
106.5 Machinery and Motive Products:
93.1
111.9
87.9
141.4
99.6
82.8
90.4
111.0
85.4
142.1
99.1
82.7
109.0
85.4
135.8
98.8
83.1
88.5
109.3
84.9
135.1
98.7
80.6
64.8
93.5
112.1
99.0
56.8
88.1
111.9
98.1
55.4
87.4
111.9
98.0
114.4
131.8
109.5
100.7
109.0
111.9
132.5
111.8
100.7
114.2
110.9
132.5
113.5
101.3
113.5
113.9
110.5
95.4
91.6
59.0
110.7
112.8
102.9
118.4
112.8
96.5
93.9
61.2
111.1
114.0
105.3
118.4
112.8
95.2
93.9
63.5
110.0
114.0
106.8
117.9
112.8
95.2
93.9
60.5
110.0
114.0
108.1
126.6
126.3
124.3
113.4
130.3
123.7
112.9
130.3
123.3
113.8
130.3
123.5
120.9
131.9
112.0
115.9
131.1
103.5
115.5
131.1
105.0
115.6
131.1
102.9
108.8
83.8
124.9
109.7
79.1
126.8
109.7
85.7
126.8
109.7
84.1
126.8
Farm Products:
Fresh and dried produce
Grains
Livestock and poultry
Plant and animal fibers
Fluid milk
Eggs
Hay and seeds
Other farm products
Processed Foods:
Cereal and bakery products
Meats, poultry, and fish
Dairy products and ice cream
Canned, frozen fruits, and vegetables
Sugar and confectionery
Packaged beverage materials....
Other processed foods
Textile Products and ApparelCotton products
Wool products
Synthetic textiles
Silk products
Apparel
Other textile products
Hides, Skins, and Leather Products:
Hides and skins
Leather
Footwear
Other leather products
Fuel, Power, and Lighting Materials:
Coal
Coke
Gas
Electricity
Petroleum and products
Chemicals and Allied Products:
Industrial chemicals
Prepared paint
Paint materials
,
Drugs, Pharmaceuticals, cosmetics
Fats and oils, inedible
Mixed fertilizers
Fertilizer materials
Other chemicals and products
Crude rubber
Tires and tubes
Other rubber products
Lumber and Wood Products:
Lumber
Millwork
Plywood
Pulp, Paper, and Allied Products:
Paper
,
Mar.
Jan.
Feb.
Mar.
123.4
111.1
118.2
125.5
113.2
127.9
125.1
113.2
127.9
124.6
112.3
127.9
127.7
131.5
125.3
126.2
114.3
113.9
132.0
121.5
130.0
137.5
118.2
115.3
131.0
119.8
130.0
137.9
118.2
114.8
130.6
121.3
130.0
138.0
118.2
114.4
113.6
117.6
116.8
116.8
122.2
127.2
126.5
126.3
122.2
122.7
123.0
123.0
127.1
129.1
131.2
132.8
131.5
133.0
131.5
133.0
122.1
120.3
128.2
124.7
128.2
124.9
128.4
125.0
119.9
120.0
126.8
118.9
126.8
118.9
126.8
118.9
113.6
123.2
124.1
107.9
95.5
74.9
121.8
114.2
126.2
122.5
109.6
96.1
73.5
128.1
113.9
126.2
122.3
109.7
96.1
73.8
128.1
113.9
126.2
122.6
109.6
95.7
73.8
128.2
116.4
113.8
112.8
124.3
118.3
106.0
115.3
124.7
119.9
117.2
131.9
122.1
109.9
119.8
124.7
119.8
117.6
131.9
122.1
109.9
119.8
124.7
119.8
177.4
132.0
122.1
109.9
119.8
124.0
102.9
122.4
110.0
119.8
124.0
103.5
120.7
115.0
125.1
124.0
103.5
120.7
114.6
125.1
124.0
103.5
120.7
114.6
125.1
Toys, sporting goods, small arms. . 112.9
95.0
Manufactured animal feeds
94.3
Notions and accessories
Jewelry, watches, photo equipment. 101.8
121.0
Other miscellaneous
113.1
94 0
93 5
102.1
119.8
113 0
97.2
93.5
102.0
120.4
113.0
101.1
93.5
102.0
121.2
Pulp, Paper and Allied
Continued
Products-
Paperboard
Converted paper and paperboard. .
Building paper and board
Metals and Metal Products:
Iron and steel
Nonferrous metals
Metal containers
Hardware
Plumbing equipment
Heating equipment
Fabricated structural metal products
Fabricated nonstructural metal
products
Agricultural machinery and equipment
Construction machinery and equipment
Metal working machinery
General purpose machinery and
equipment
Miscellaneous machinery
Electrical machinery and equipment
Motor vehicles
55.5
86.3 Furniture and Other Household Dura111.9
bles:
98.0
Household furniture
Commercial furniture
Floor covering
107.9
Household appliances
132.5
Radio
113.5
Television
101.3
Other household durable goods....
111.5
Nonmetallic Minerals—Structural:
Rubber and Products:
Woodpulp
Wastepaper
1954
Subgroup
Subgroup
Flat glass
Concrete ingredients
Concrete products
Structural clay products
Gypsum products
Prepared asphalt roofing
Other nonmetallic minerals
Tobacco Manufactures and Bottled
Beverages:
Cigarettes
Cigars
Other tobacco products
Alcoholic beverages
Nonalcoholic beverages
Miscellaneous:
Source.—Bureau of Labor Statistics, Department of Labor.
Back figures.—See BULLETIN for March 1952, pp. 311-313.
MAY
1954
521
GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME
[Estimates of the Department of Commerce, in billions of dollars]
RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING
Seasonally adjusted annual rates
by quarters
Annual totals
1954
1953
1 O9O
1 Oil
i oKn
1 Q4.9
1
Gross national product
103.8
2
3
1
4
55.t 126.4 259.0 258.2 286.8 329.8 348.0 367.2 363.9 371.4 369.5 363.5 357.8
Less: Capital consumption allowances..
Indirect business tax and related
liabilities
Business transfer payments
Statistical discrepancy
Plus: Subsidies less current surplus of
government enterprises
8.8
7.2
9.3
17.6
19.4
21.6
24.2
27.0
29.3
28.2
29.2
29.6
30.0
7.0
.6
-.1
7.1
7
1.2
11.3
5
1.6
20.4
.7
-3.2
21.6
8
25.7
9
1.1
28.1
9
.5
30.0
.9
'.5
29.3
9
-1.2
30.1
9
.7
30.2
9
.4
30.4
.2
23.7
.8
.4
.1
.0
.0
.4
.4
.1
.0
.2
-.3
— .2
Equals: National income
87.4
Less: Corporate profits and inventory
valuation adjustment
Contributions for social insurance..
Excess of wage accruals over
disbursements
Plus: Government transfer payments...
Net interest paid by government. .
Dividends
Business transfer payments
Equals: Personal income
Less: Personal tax and related payments..
Federal
State and local
Equals: Disposable personal income.
Less: Personal consumption expenditures
— .1
(i)
39.6 103.8 223.5
10.3
.2
-2.0
.3
14.6
2.8
31.7
5.2
.0
.9
1.0
5.8
.6
.0
1.5
1.2
2.1
.0
2.6
1.3
4.5
5
10.5
4.5
7.2
85.1
46.6
2.6
1.3
1.4
1.5
.5
1.0
7
.0
.7
95.3 209.5
3.3
2.0
1.3
21.1
19.0
2.1
-.1
30.3
30.4
9
Q
1.1
n.a.
-.3
216.3 240.6 278.4 291.6 '306.4 306.7 310.7 308.1 300.8 n.a.
29.2
5.7
36.0
6.9
42.4
8.2
40.2
8.6
'41.1
8.9
43.8
9.0
45.2
9.0
40.7
8.8
35.0
8.7
.0
.0
14.3
4.7
9.1
8
.0
11.6
4.8
9.2
9
— .1
12.0
4.9
9.1
9
.0
12.8
5.1
9.3
9
12.6
4.9
9.2
9
.0
.0
12.6
5.0
9.4
9
.0
12.6
5.1
9.6
9
13.3
5.2
9.4
9
11.6
4.6
7.5
8
0
n.a.
10.0
•0
14.2
5.2
9.6
9
205.9 226.7 254.3 269.7 284.5 281.6 284.4 286.8 285.9 283.2
18.6
16.2
2.5
20.9
18.1
2.8
29.3
26.2
3.2
34.6
31.1
3.6
36.6
36.2
32.3
3.8
32.7
3.9
36.7
32.8
3.9
37.0
33.1
3.9
36.6
32.7
4.0
33.4
29.4
4.0
82.5
45.2
92.0 188.4 187.2 205.8 225.0 235.0 247.9 245 4 247.7 249 8 249.3 249.8
78.8
46.3
82.3 177.9 180.6 194.6 208.1 218.1 229.8 227.7 230.4 231.0 230.0 229.8
3.7
-1.2
9.8
10.5
6.7
11.3
16.9
16.9
18.1
17.7
17.2
18.8
19.3
20.0
Equals: Personal saving
NATIONAL INCOME, BY DISTRIBUTIVE SHARES
Seasonally adjusted annual ratef
by quarters
Annual totals
1929
National income
Compensation of employees
,
Wages and salaries3
Private
Military
Government civilian
Supplements to wages and salaries..
Proprietors* and rental Income 2 ...
Business and professional
Farm
Rental income of persons
Corporate profits and inventory
valuation adjustment
Corporate profits before tax
Corporate profits tax l i a b i l i t y . . . .
Corporate profits after tax
Inventory valuation adjustment. . . .
Net interest
87.4
50.8
50.2
45.2
.3
4.6
.6
1933
1941
1948
1949
1950
1951
1952
1953
39.6 103.8 223.5 216.3 240.6 278.4 291.6 '306.4 306.7 310.7 308.1 300.8 n.a.
29.3 64.3 140.2 139.9 153.4 178.9 193.2 207.6 204.5 208.0 210.4 207.7 205.1
28.8
23.7
.3
4.9
.5
134 A 133.4 145.6 169.8 183.6 197.6 194.5
61
51.5 115.7 113.0 123.4 141.2 151.1 164.1 161.3
4.0
1.9
4.2
5.0
8.6
10.4
10.4
10.4
14.7
8.3
16.1
17.1 20.0
22.2
23.1
22.8
2.6
5.8
6.6
7.9
9.1
9.6
9.9
10.0
19.7
8.3
5.7
5.8
7.2
2.9
2.3
2.0
20.8
9.6
6.9
4.3
47.3
22.1
17.7
7.5
42.1
10.3
9.8
1.4
8.4
.5
-2.0
.2
.5
-.4
-2.1
17.2
7.8
9.4
14.6
29.2
-2.6
31.7
33.8
13.0
20.7
-2.1
27.1
10.8
16.3
2.1
6.5
5.0
4.1
4.3
5.0
5.7
6.4
21.6
12.8
7.7
45.4
23.6
13.3
8.5
198.0 200.6 198.0 194.7
164.5 166.9 164.4 161.2
10.6 10.5 10.3 10.0
22.9 23.1 23.3 23.5
9.8
10.0
9.8
10.4
50.7
26.1
15.5
9.1
51.2
26.3
14.8
10.0
49.9
27.0
12.4
10.6
50.8
27.0
13.4
10.4
49.1
27.0
12.3
10.4
26.9
11.6
10.6
50.0
26.9
12.2
10.8
36.0
42.4
43.7
23.6
20.1
-1.3
40.2 ' 4 1 . 1
39.2 '41.9
20.6 '22.9
18.6 '19.0
1.0
43.8
45.2
41.0
18.2
22.7
-5.0
7.0
7.8
49.7
44.6
24.4
20.3
-.8
45.9
25.0
20.8
— .6
40.7
43.3
23.6
19.6
-2.6
35.0
34.0
18.6
15.4
1.0
7.6
7.7
7.9
8.1
49.9
26.7
12.3
10.9
n.a.
n.a.
n.a.
n.a.
8.1
n.a. Not available.
'Revised.
iLess than 50 million dollars.
2
Includes employee contributions to social insurance funds.
* Includes noncorporate inventory valuation adjustment.
NOTE.—Details may not add to totals because of rounding.
Source.—Department of Commerce.
522
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
i
Seasonally adjusted annual rates
by quarters
\nnual totals
1953
1933
1929
Cross national product
.
. . .
78.8
9.4
37 7
31.7
Gross private domestic
investment
15.8
46.3
3.5
22.3
20.6
1.3
18.3
1.1
6.8
3.6
4.2
6.4
1.6
1.8
.5
.7
1.8
-1.6
-1.3
3.5
3.3
7.7
3.9
3.4
.8
Net foreign investment
Crovernment purchases of
goods and services
Federal
National security
Other
Less: Government sales •
State and local
1949
1950
1951
1952
1954
1953
1
2
3
4
1
82.3 177.9 180.6 194.6 208.1 218.1 229.8 227.7 230.4 231.0 230.0 229 8
9.8 22.9 23.8 29.2 27.3 26.7 30.1 30.2 30.7 30.4 29.1 28.2
44.0 100.9 99.2 102.6 113.4 118.8 121.2 121.2 122.1 121.3 120.4 120 4
28.5 54.1 57.5 62.7 67.4 72.7 78.4 76.3 77.6 79.2 80.5 81 3
7.8
Residential, nonfarm
Other
Producers' durable equipment
Change in business inventories....
Nonfarm only
1948
55.8 126.4 259.0 258.2 286.8 329.8 348.0 367.2 363.9 371.4 369.5 363.5 357.8
103.8
Personal consumption
expenditures
Durable goods
Nondurable goods
Services
1941
.2
1.1
8.5
1.3
8.0
2.0
} 1.3
(')
2.0
(«)
5.9
24.7
16.9
13.8
3.2
7.2
ft
52.5
42.7
17.7
8.6
9.1
19.9
5.0
3.7
33.5
17.2
8.3
9.0
18.7
-2.5
-1.6
22.7
12.6
10.1
22.3
7.5
6.6
58.6
23.1
11.0
12.2
24.6
10.9
9.6
1.9
.5
-2.3
.3
36.6
21.0
16.1
5.6
.6
15.6
43.6
25.4
19.3
6.6
.4
18.2
42.0
22.1
18.5
3.9
.2
19.9
62.9
41.1
37.4
4.1
.4
21.8
52.5
23.4
11.1
12.3
25.4
3.7
3.1
-.2
77.5
54.2
48.9
5.8
.5
23.4
54.4
25.1
11.8
13.3
26.7
2.5
3.2
-1.9
84.9
59.7
51.8
8.5
.6
25.2
54.9
25.0
12.2
12.8
26.2
3.7
4.0
-2.1
83.4
58.5
51.6
7.6
.7
24.9
24.9
11.5
13.4
27.1
3.1
4.2
55.2
48.8
25.3
11.6
13.6
26.5
-3.0
-2.3
-2.5 - 2 . 1
-1.0
85.0
85.7
59.5
50.0
10.0
.5
26.3
58.5
25.3
12.0
13.4
26.9
6.3
7.0
60.5
53.5
7.6
.7
24.6
85.5
60.4
52.1
8.8
.5
25.2
46 8
26 4
12.3
14 1
25.2
-4.8
-4.4
-1.0
82 2
55.1
46.9
8.7
.5
27.1
PERSONAL INCOME
[Seasonally adjusted monthly totals at annual rates]
Wages and salaries
Year or month
Personal
income
Wage and salary disbursements
Total
receipts<
Total
disbursements
Commodity Distrib- Service
utive
produc- indus- indusing intries
tries
dustries
Government
Other
labor
income 5
Dividends
Proand
prietors'
perand
sonal
rental 6
income interest
income
Less
personal
NonTrans- contributions agriculfer
tural
for
pay- 7
social income9
ments
insurance 8
1929
1933
1941
1947
1948
1949
1950
1951
1952
1953
85.1
46.6
95.3
191.0
209.5
205.9
226.7
254.3
269.7
284.5
50.0
28.7
60.9
119.9
132.1
131.2
142.6
166.4
180.1
193.8
50.2
28.8
61.7
122.0
134.3
133.4
145.5
169.8
183.7
197.6
21.5
9.8
27.5
54.3
60.2
56.9
63.5
74.9
80.6
88.5
15.5
8.8
16.3
35.1
38.8
38.9
41.3
45.9
48.7
51.9
8.2
5.1
7.8
15.3
16.6
17.2
18.6
20.3
21.8
23.7
5.0
5.2
10.2
17.2
18.7
20.4
22.1
28.7
32.5
33.5
.5
.4
.6
2.4
2.8
3.1
3.9
4.3
4.7
5.1
19.7
7.2
20.8
42.4
47.3
42.1
45.4
50.7
51.2
49.9
13.3
8.2
9.9
14.5
16.0
17.1
19.6
20.5
21.0
22.2
1.5
2.1
3.1
11.8
11.3
12.4
15.1
12.5
12.9
13.7
.1
.2
.8
2.1
2.2
2.2
2.9
3.4
3.8
4.1
76.8
43.0
86.1
170.8
187.1
188.7
209.0
234.0
249.9
267.4
1953—February
March
April
May
June
July
August
September
October
November. . . .
December
281.0
283.6
282.7
284.7
286.3
287.5
287.0
286.3
287.2
285.9
284.6
190.9
192.4
192.8
194.2
195.6
197.3
197.1
196.0
195.6
194.5
192.5
194.6
196.2
196.6
198.0
199.5
201.2
201.0
199.9
199.3
198.3
196.3
88.0
88.8
88.8
89.3
89.8
90.6
90.2
89.3
88.7
87.7
86.4
50.6
50.9
51.0
51.7
52.2
52.9
52.9
52.7
52.7
52.9
52.2
22.8
23.2
23.4
23.5
23.9
24.2
24.1
24.1
24.2
24.1
24.2
33.2
33.3
33.4
33.5
33.6
33.5
33.8
33.7
33.6
33.5
5.1
5.1
5.1
5.1
5.1
5.1
5.1
5.1
5.1
5.1
5.1
50.2
50.7
49.4
50.0
50.1
49.5
48.9
49.0
49.5
50.0
50.3
21.7
21.9
22.0
22.1
22.3
22.4
22.5
22.7
22.8
22.7
22.7
13.3
13.7
13.6
13.5
13.5
13.5
13.6
13.6
14.5
13.8
14.3
3.9
4.0
4.0
4.0
4.2
4.2
4.1
4.0
4.0
4.0
4.1
263.3
265.4
265.5
267.2
268.8
270.6
270.7
270.0
270.5
269.0
267.2
1954—January
February
March?7
283.7
283.0
282.8
191.2
190.2
189.1
195.7
194.7
193.6
85.4
84.9
83.9
52.6
52.2
52.0
24.1
24.1
24.3
33.6
33.5
33.4
5.1
5.1
5.2
50.0
50.0
49.9
23.0
23.0
23.1
14.7
15.0
15.7
4.8
4.8
4.7
266.4
266.0
265.5
33.8
^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.
3
Less than 50 million dollars.
4
Total wage and salary receipts, as included in "Personal income," is equal to total disbursements less employee contributions to social insurance. Such contributions are not available by industries.
includes compensation for injuries, employer contributions to private pension and welfare funds, and other payments.
•Includes business and professional income, farm income, and rental income of unincorporated enterprise; also a noncorporate inventory
valuation adjustment.
7
Includes government social insurance benefits, direct relief, mustering out pay, veterans' readjustment allowances and other payments, as
well as consumer bad debts and other business transfers.
8
Prior to 1952 includes employee contributions only; beginning January 1952, includes also contributions to the old-age and survivors' insurance
program of the self-employed to whom coverage was extended under the Social Security Act Amendments of 1950. Personal contributions are
not included in personal income.
'Includes personal income exclusive of net income of unincorporated farm enterprise, farm wages, agricultural net rents, agricultural net
interest, and net dividends paid by agricultural corporations.
NOTE.—Details may not add to totals because of rounding.
Source.—Department of Commerce.
MAY
1954
523
MEMBER BANK EARNINGS, 1953
ALL MEMBER BANKS, BY CLASSES
[Amounts in thousands of dollars]
All
national
member
banks
All member banks 1
Item
1950
1951
1952
1953
Year 1953
318,152
75,698
136,676
42,912
53,323
12,322
2,591,483
40,538
218,831
92,324
207,218
177,065
1,745,811
27,901
149,899
59,882
85,967
119,366
845,672
12,637
68,932
32,442
121,251
57,699
426,029
7,595
19,571
15,767
69,657
38,803
93,641 1,037,918 1,033,896
1,320
20,654
10,969
1,948
85,297
112,015
3,171
33,736
39,650
78,774
42,162
16,626
69,246
63,109
5,907
2,501,091
408,330
835,300
21,514
364,503
2,781,518
447,142
924,348
23,714
424,738
1,837,481
296,850
593,288
16,060
297,598
944,037
150,292
331,060
7,654
127,140
404,142
54,428
173,544
1,698
28,167
102,387 1,082,804 1,192,185
232,335
14,093
146,286
333,584
34,039
383,181
17,704
4,074
239
200,604
15,089
180,878
9,077
114,958
53,067
604,822
19,825
117,659
60,064
673,896
22,657
125,192
67,047
746,681
14,362
84,290
47,147
487,886
8,295
40,902
19,900
258,795
5,419
12,741
4,130
124,015
2,434
4,812
963
30,719
10,731
52,163
23,527
281,965
4,074
55,476
38,428
309,983
1,244,941
1,436,769
1,618,558
1,808,718
1,220,272
588,446
352,867
85,871
715,073
654,907
218,570
148,624
125,008
132,274
81,877
50,397
20,525
14,908
49,949
46,892
12,789
36,799
82,149
13,531
10,936
51,881
9,954
19,646
29,047
9,847
25,87
34,603
7,876
15,226
23,449
1,970
10,651
11,154
1,088
4,194
6,984
1,078
6,087
3,852
3,144
11,355
13,222
4,538
4,240
10,545
22,548
26,960
37,327
17,577
25,622
29,076
16,966
24,734
24,660
23,158
15,729
23,060
16,427
5,327
13,572
6,731
10,402
9,488
4,192
3,073
995
896
1,814
1,181
8,903
2,287
11,038
9,168
8,555
9,847
313,661
338,857
306,381
383,477
265,814
117,663
60,918
22,503
154,577
145,479
32,623
50,933
72,103
28,418
83,851
27,040
139,880
48,299
96,625
31,388
43,254
16,911
36,397
2,080
2,174
2,977
50,258
35,420
51,051
7,822
14,269
166,272
49,565
13,555
180,034
44,747
15,652
132,896
46,942
20,416
111,976
62,906
15,323
76,878
45,600
5,093
35,098
17,306
608
15,015
6,818
215
8,679
8,458
2,186
43,035
23,678
17,407
45,247
23,954
4,119,649
4,590,236
865,063
190,173
831,920
210,766
929,307
234,528
1,011,000
251,777
1,607,967
26,068
172,489
70,754
170,519
161,655
1,974,325
28,670
186,872
79,003
182,421
174,737
2,269,944
35,936
197,734
82,871
194,430
174,901
Expenses
Salaries—officers
Salaries and wages-others
Directors' fees, etc
Interest on time deposits.
Interest on borrowed
money
Taxes other than income.
Recurring depreciation. .
Other current expenses. .
2,019,746
344,777
655,151
17,449
271,016
2,231,946
375,298
750,039
19,150
305,536
3,895
108,854
48,016
570,588
Profits before i n c o m e
taxes
Chicago
Country
member
banks
692,848
176,079
3,668,715
Losses, charge-offs, and
transfers to reserves.
On securities:
Losses and charge-offs.
Transfers to reserves. .
On loans:
Losses and charge-offs.
Transfers to reserves. .
All other
New York
Reserve
city
member
banks
757,009
3,264,686
Recoveries, transfers from
reserves, and profits.
On securities:
Recoveries
Transfers from reserves
Profits on securities. . .
On loans:
Recoveries
Transfers from reserves
Allother
Central reserve
city member banks
3,057,753 1,532,483
Earnings
Interest and dividends on
securities:
U. S. G o v e r n m e n t . . . .
Other
Interest and discount on
loans
Other charges on loans. .
Service charges on deposits
Other charges, fees, etc...
Trust department
Other current earnings...
Net current earnings before i n c o m e taxes
All
State
member
banks
188,258 1,797,877 1,847,092
375,880
96,371
445,121
100,172
1,149,850
1,246,536
1,437,185
1,557,515
1,036,335
521,180
312,475
78,275
610,445
556,320
Taxes on net income
Federal
State
369,060
346,909
22,151
490,919
465,480
25,439
607,850
578,68:
29,168
692,252
660,206
32,045
464,488
445,574
18,914
227,764
214,632
13,131
151,400
138,445
12,954
34,777
34,777
282,457
271,017
11,440
223,618
215,967
7,651
Net profits
780,790
755,617
829,335
865,263
571,847
293,416
161,075
43,499
327,988
332,701
Cash dividends declared.
On preferred stock 2
On common stock
345,52:
2,835
342,68
370,504
2,587
367,91
390,430
2,310
388,121
418,65:
1,95:
416,69
274,628
332
274,296
144,024
1,623
142,401
103,174
57
103,117
19,550
68
19,482
166,616
27
166,344
129,312
1,557
127,754
3,036
17,016
2,085
25,054
4.308
28,088
767
28,930
449
19.743
318
9,18
328
6,223
1,342
193
10,259
246
11,106
5,808
46,329
15,919
55,581
24,642
54,938
33,926
74,49-
22,448
52,837
11,478
21,657
2,111
8,605
54
2,115
28,140
31,850
3,622
31,924
12,201,000 2,629,000 22,274,000
7,145,000 ,754,000 18,936,000
2,026,000 567,000 4,411,000
7,290,000 ,031,000 14,210,000
836,000
48,000
509,000
19,038,000
22,257,000
4,919,000
12,078,000
655,000
Memoranda i t e m s :
Recoveries credited to reserves (not included in
recoveries above):
On securities
On loans
Losses charged to reserves
(not included in losse:
above):
On securities
On loans
Loans
U. S. Government securities
Other securities
Cash assets
Other assets
39,098,000 47,016,000 51,169,000 56,142,000
54,916,000 50,075,000 51,811,000 51,091,000
9,398,000 10,583,000 11,557,000 11,923,000
29,854,000 33,727,000 35,564,000 35,608,000
1,977,000
1,811,000
2,049,000
1,622,000
Total assets
134,889,000 143,212,000 152,079,000 156,813,000
29,171,000 8,029,000 60,667,000 58,946,000
Time deposits
Total deposits
Total capital accounts
29,506,000 30,074,000 32,120,000 34,647,000
123,559,000 130,760,000 138,398,000 142,380,000
9,947,000 10,480,000 11,043,000
9,455,000
2,479,000 1,201,000 13,777,000 17,189,000
25,336,000 7,298,000 55,424,000 54,322,000
2,541,000 548,000 3,856,000 4,097,000
Number of officers
Number of employees
48,967
263,643
50,553
282,266
52,652
300,868
54,639
315,972
37,958
205,892
6,873
6,840
6,798
6,743
4,856
Number of banks
16,681
110,080
1.8
963
10,338
14,973
126,175
35,010
130,868
319
3,693
48,591
6,389
See footnotes on pp. 525-527.
524
FEDERAL RESERVE BULLETIN
MEMBER BANK EARNINGS, 1953—Continued
ALL MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS
[Amounts in thousands of dollars]
Federal Reserve district
Item
Earnings
Interest and dividends on
securities:
U. S. Government
Other
Interest and discount on
loans
Other charges on loans...
Service charges on deposits.
Other charges, fees, etc... .
Trust department
Other current earnings.. . .
Expenses
Salaries—-officers
Salaries and wages—others
Directors' fees, etc
Interest on time deposits..
Interest on borrowed
money
Taxes other than income. .
Recurring depreciation... .
Other current expenses. . . .
Net current earnings before income taxes
Recoveries, transfers from
reserves, and profits. .
On securities:
Recoveries
Transfers from reserves.
Profits on securities....
On loans:
Recoveries
Transfers from reserves.
All other
Losses, charge-offs, and
transfers to reserves. .
On securities:
Losses and charge-offs. .
Transfers to reserves....
On loans:
Losses and charge-offs. .
Transfers to reserves....
All other
Boston
New
York
233,591 1,132,093
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis Minneapolis
Kansas
City
Dallas
San
Francisco
256,587
365,396
209,517
224,234
655,596
167,448
127,762
205,989
239,509
772,514
45,972
10,657
217,389
65,177
54,728
17,886
94,000
23,692
50,242
9,138
52,427
13,072
197,038
37,935
39,898
9,319
29,600
6,239
51,706
10,965
47,292
10,218
130,709
37,480
128,888
911
12,938
5,549
17,524
11,151
641,582
10,487
44,598
22,561
79,259
51,040
142,679
1,210
9,025
2,901
18,674
9,484
194,274
2,396
13,903
5,429
16,798
14,906
117,543
908
11,326
5,977
8,065
6,318
120,694
1,376
13,443
7,495
5,603
10,125
329,095
5,451
28,806
12,537
25,157
19,578
97,772
870
6,065
3,791
4,564
5,169
70,721
997
7,545
5,498
2,984
4,179
114,182
910
11,685
3,546
4,327
8,667
147,643
1,984
10,285
4,019
3,847
14,222
486,410
13,040
49,212
13,021
20,416
22,226
145,257
662,499
92,978
252,781
154,341
25,254
51,123
2,791
21,243
221,382
32,709
67,969
2,128
37,584
127,204
23,800
39,164
1,609
18,132
139,567
24,474
43,085
1,317
14,910
405,745
63,361
129,960
3,123
68,795
99,745
80,440
16,421
23,123
778
12,668
121,443
27,291
35,418
1,515
13,652
146,381
30,939
41,802
1,525
10,613
477,514
65,235
161,854
1,383
121,826
1,263
5,097
1,441
4,213
3,410
34,503
720
12,739
4,508
43,537
2,711
13,706
10,574
100,226
24,726
48,687
1,524
15,995
4,630
77,512
19,954
29,383
1,391
11,808
617
6,459
4,191
43,059
22,552
12,063
193,383
921
6,881
4,296
41,833
1,633
18,307
6,002
55,050
1,136
922
5,846
4,084
33,433
7,589
4,822
42,448
4,079
19,094
8,718
108,615
28,381
613
2,710
1,914
22,213
88,334
469,594
102,246
144,015
82,314
84,667
249,851
67,703
47,323
84,546
93,128
294,999
15,480
33,774
7,821
8,005
4,844
4,896
23,438
4,206
3,235
4,535
8,116
13,924
1,015
5,188
1,590
1,449
6,329
10,468
1,115
523
2,290
525
550
2,730
269
656
1,356
572
308
2,006
1,733
6,534
7,263
668
967
1,459
177
442
522
702
28
1,159
300
1,927
1,033
1,322
2,426
2,729
4,722
835
2,131
5,500
6,700
3,328
963
294
2,635
735
1,541
1,925
592
218
1,753
505
555
951
1,655
2,398
3,855
390
219
503
1,350
139
606
1,552
255
840
2,124
921
1,812
3,070
1,654
2,723
27,681
93,239
24,151
30,291
13,624
15,608
62,410
12,343
8,348
14,773
22,613
58,398
5,751
6,744
45,488
6,795
8,851
2,035
8,488
9,572
6,076
1,028
6,686
1,020
3,322
2,344
3,441
482
3,476
890
6,346
1,653
18.603
10,284
474
5,309
9,402
1,646
28,834
10,477
616
9,066
3,583
836
7,153
4,242
547
3,629
2,343
1,293
3,549
3,060
23,351
5,452
1,493
18,064
14,049
1,011
3,526
2,140
1,837
1,498
1,089
3,931
4,053
2,424
5,652
5,707
3,255
1,081
21,588
6,843
6,600
2,468
Profits before income taxes
76,134
410,128
85,915
121,730
73,534
73,955
210,879
59,566
42,210
74,307
78,631
250,525
Taxes on net income
Federal
State
34,364
29,458
4,907
189,263
173,650
15,613
32,771
32,771
49,453
31,304
30,737
567
87,363
87,255
108
24,933
49,453
32,949
32,572
377
24,509
424
18,442
16,970
1,473
32,568
31,392
1,177
36,754
36,729
25
122,086
114,711
7,376
Net profits
41,769
220,856
53,144
72,276
40,585
42,651
123,517
34,633
23,768
41,739
41,878
128,438
Cash dividends declared. .
On preferred stock 2
On common stock
22,429
27,161
61
27,100
30,744
3
30,741
17,263
25
17,238
15,663
16
22,413
128,390
1.515
126,875
15,663
47,358
220
47,139
13,747
38
13,710
9,891
6
9,885
14,374
1
14,373
21,157
16
21,141
70,474
56
70,418
823
554
8,872
4
851
43
1,242
6
921
1
1,021
14
3,843
11
731
700
50
1,898
53
1,984
24
6,045
301
3,016
5,978
15,934
1,894
2,848
12,900
3,473
245
2,216
637
3,491
2,621
7,026
1,245
2,548
154
1,938
453
4,854
131
8,987
2,916,000
2,371,000
434,000
2,486,000
138,000
7,368
18,163
Memoranda items:
Recoveries credited to reserves (not included in
recoveries above):
On securities
On loans
Losses charged to reserves
(not included in losses
above):
On securities
On loans
Loans
2,786,000
U. S. Government securities. 2,312,000
555,000
Other securities
1,555,000
Cash assets
Other assets
121,000
Total assets
Time deposits
Total deposits
Total capital accounts
Number of officers
Number of employees
Number of banks
16,446,000 2,935,000 4,291,000 2,339,000 2,313,000 7,333,000 2,087,000 1,376,000 2,235,000
f
11,120,000 2,664,000 4,781,000 2,542,000 2,667,000 10,058,000 2,017,000 1,479,000 2,627,000
3,103,000 804,000 1,032,000 432,000 564,000 1,964,000 409,000 316,000 560,000
9,301,000 1,718,000 2,699,000 1,713,000 1,931,000 5,637,000 1,462,000 930,000 2,028,000
155,000
92,000
98,000
61,000
56,000
39,000
204,000
665,000 103,000
9,086,000
6,454,000
1,748,000
4,147,000
317,000
7,328,000 40,635,000 8,224,000 12,959,000 7,118,000 7,573,000 25,196,000 6,031,000 4,140,000 7,511,000 8,345,000 21,753,000
1,337,000 6,487,000 2,094,000 3,600,000 1,524,000 1,283,000 6,708,000 1,072,000 1,025,000 940,000 883,000 7,694,000
005,000
817,000 ,941,000
6,584,000 35,840,000 7,394,000 11,818,000 6,511,000 7,005,000 23,343,000 5,530,000 3,817,000 6,941,000 7,716,000 19,881,000
,584,000
978,000 493,000 468,000 1,477,000 403,000 257,000 473,000 548,000 1,246,000
613,000 3,349,000 739,000
3,047
18,575
8,711
77,812
3,519
18,484
4,096
23,493
317
700
607
3,252
15,313
3,104
16,875
7,145
44,922
2,922
11,976
2,434
9,030
4,023
13,585
4,198
15,532
8,188
50,375
1,014
493
472
754
635
259
652
ng those becoming members during
:nts for member banks in operation
y
y
Includes interest on capital notes and debentures.
Not available on the 13-month basis used for all member banks. See note on pp. 526-527.
For other footnotes see pp. 526-527.
2
3
MAY
1954
525
MEMBER BANK EARNINGS, 1953—Continued
RESERVE CITY MEMBER BANKS,* BY FEDERAL RESERVE DISTRICTS
[Amounts in thousands of dollars]
Federal Reserve district
Item
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago St. Louis Minneapolis
Kansas
City
Dallas
San
Earnings
Interest and dividends on
securities:
U. S. Government
Other
Interest and discount on loans.
Other charges on loans
Service charges on deposits.. . .
Other charges, fees, etc
Trust department
Other current earnings
81,333
48,137
101,552
207,058
87,633
94,450
201,943
82,025
42,550
105,378
111,347
634,473
13,347
3,388
45,298
380
2,309
3,216
8,509
4,886
8,384
2,922
28,404
538
3,120
968
960
2,841
15,019
6,721
58,749
571
2,804
889
12,261
4,538
51,185
14,098
108,320
1,758
6,277
2,946
13,837
8,637
21,576
3,618
45,557
345
4,792
3,349
5,393
3,003
20,781
5,692
51,485
1,019
4,113
3,403
3,175
4,783
68,200
11,347
96,065
2,312
12,036
3,913
3,758
4,312
16,839
4,303
50,274
459
2,051
1,735
3,828
2,537
8,036
2,239
24,939
348
1,631
1,299
2,448
1,610
27,725
6,185
56,578
382
4,190
1,195
3,650
5,473
20,408
3,507
69,777
1,527
2,169
1,461
3,146
9,353
104,380
32,352
402,473
11,015
39,805
9,363
17,810
17,274
Expenses
Salaries—officers
Salaries and wages—others
Directors' fees, etc
Interest on time deposits
Interest on borrowed money...
Taxes other than income
Recurring depreciation
Other current expenses
45,226
7,475
17,309
164
1,662
155
1,894
1,142
15,426
33,475
3,847
11,444
196
6,562
153
951
666
9,658
59,400
8,566
25,494
355
2,124
560
2,590
856
18,854
121,789
14,403
42,800
408
18,485
1,426
10,230
2,907
31,130
51,516
8,824
18,903
402
4,321
758
2,774
1,275
14,260
57,400
8,334
18,669
289
5,506
749
3,873
1,610
18,370
130,476
15,519
49,042
559
21,479
1,006
5,775
2,762
34,333
46,763
7,168
16,092
227
4,390
1,068
2,360
804
14,655
25,923
3,703
10,275
90
2,647
486
529
465
7,729
60,387
9,235
20,409
341
6,584
1,286
2,113
1,709
18,710
66,159 384,291
49,296
9,917
19,448 133,298
790
254
5,878 101,241
2,484
600
11,572
7,502
7,550
1,782
78,062
20,778
Net current earnings before
income taxes
36,107
14,662
42,152
85,269
36,117
37,050
71,467
35,262
16,627
44,991
45,188
250,182
10,787
1,920
4,096
4,935
2,970
2,759
3,825
2,594
1,498
1,950
2,767
9,848
761
4,661
545
11
187
876
492
1,181
355
203
2,013
99
611
970
360
230
1,348
40
343
1,740
531
819
986
59
384
166
151
25
873
144
1,005
458
632
2,396
2,065
3,954
128
739
17
501
329
225
175
2,023
213
989
1,161
169
12
1,110
216
191
414
178
117
1,406
45
19
194
714
7
168
251
129
521
196
964
2,727
19
2,009
14,280
3,141
10,705
19,297
6,784
7,492
22,534
6,779
2,709
5,742
8,140
46,973
390
5,814
175
1,370
3,125
1,860
3,374
8,922
2,698
697
3,578
864
12,492
2,040
1,510
2,052
1,247
35
1,739
723
4,164
1,243
15,768
9,800
2,488
5,587
1,407
189
77
4,135
1,509
8
4,220
2,773
37
2,054
1,298
251
1,662
1,137
299
4,597
3,106
79
2,113
1,026
772
453
201
309
2,001
971
67
1,261
1,405
288
16,643
Profits before income taxes. .
32,614
13,441
35,542
70,907
32,303
32,316
52,758
31,077
15,417
41,199
39,815
Taxes on net income.
Federal
State
15,551
12,741
2,811
5,965
5,414
552
13,914
13,914
29,330
29,330
15,312
15,125
188
14,268
14,073
196
21,500
21,459
42
14,366
14,054
312
7,069
6,349
720
19,132
18,437
695
20,762
20,762
19,053
Recoveries, transfers from reserves, and profits
On securities:
Recoveries
Transfers from reserves
Profits on securities
On loans:
Recoveries
Transfers from reserves
All other
Losses, charge-offs, and transfers to reserves
On securities:
Losses and charge-offs
Transfers to reserves
On loans:
Losses and charge-offs
Transfers to reserves
All other
4,475
213,057
Net profits
17,063
7,476
21,628
41,578
16,990
18,048
31,258
16,711
8,349
22,067
Gash dividends declared.
On preferred stock 2
On common stock
10,242
12,822
19,118
7,911
7,248
3,754
7,296
12,204
12,822
19,118
7,911
7,248
12,085
40
12,045
7,718
'l 0,2 42
4,030
208
3,822
V,7i8
3,754
7,296
Y2,204
105,288
99,362
5,926
107,768
62,188
24
62,164
Memoranda items:
Recoveries credited to reserves
(not included in recoveries
above):
On securities
On loans
Losses charged to reserves (not
included in losses above):
On securities
On loans
153
85
212
1
384
1
625
472
481
1,311
281
147
50
811
48
453
9
4,929
897
1,691
774
1,803
1,495
12,673
1,869
202
929
636
1,818
2,320
2,212
1,193
1,521
705
446
1,962
44
3,094
7,131
14,575
Loans
U. S. Government securities....
Other securities
Cash assets
Other assets
1,141,000
673,000
165,000
615,000
57,000
Total assets.
2,651,000 1,513,000 3,257,0007,688,000 3,208,000 3,313,000 8,069,000 3,079,000 1,490,000 4,240,000 4,124,000 18,034,000
Time deposits
Total deposits
Total capital accounts.
180,000 381,000 248,000 1,709,000 472,000 468,000 2,366,000 364,000 183,000 468,000 483,000 6,456,000
,389,000 ,920,000 ,971,000 ,930,000
2,334,000 1,389,000 2,920,000 6,971,000 2,930,000 3,049,000 7,574^00 2 ,798,000 1,352,000 3,906,000 3,782,000 16,418,000
352,000 ,906,000 782,000
249,000 101,000 278,000 583,000 205,000 196,000 390,000 202,000
94,000 252,000 277,000 1,029,000
Number of officers
Number of employees.
Number of banks
720
6,183
613.000 1,341,000 2,638,000 1,044,000 1,085,000 2,105,000 1,215,000 549,000 1,261,000 1
,630,000 7,653,000
412,000 749,000 2,654,000 1,123,000 1,069,000 3,420,000 850,000 410,000 1
,421,000 1,012,000 5,145,000
126,000 288,000 566,000 168,000 212,000 626,000 172,000 117,000 313,000 150,000 1,509,000
339,000 838,000 1,729,000 828,000 900,000 1,849,000 814,000 400,000 1,205,000 1,245,000 3,447,000
22,000
88,000 280,000
29,000
41,000
42,000 100,000
45,000
47,000
70,000
14,000
381
3,980
719
5,156
1,183
13,421
839
7,048
836
7,006
1,404
16,510
708
6,252
10
24
31
21
75
20
978
7,349
891
6,82
5,954
39,902
50
360
3,541
29
29
* Not including central reserve city banks.
NOTE.—The figures of assets, deposits, and capital accounts are average^ of the amounts reported for the call dates at the beginning, middle, and
end of each year, plus the last-Wednesday-of-the-month figures for the 10 intervening months. The number of officers, employees, and banks are as of
the end of the year. Cash assets are comprised of cash, balances with other banks (including reserves balances), and cash (continued on following page).
For other footnotes see pp. 525-527.
526
FEDERAL RESERVE BULLETIN
MEMBER BANK EARNINGS, 1953—Continued
COUNTRY MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS
[Amounts in thousands of dollars]
Federal Reserve district
Item
New
York
Philadelphia
Earnings
Interest and dividends on
securities:
U. S. Government
Other
Interest and discount on
loans
Other charges on loans
Service charges on deposits.
Other charges, fees, etc
Trust department
Other current earnings....
152,258
326,947
155,035
158,339
121,884
129,785
265,395
85,423
32,625
7,269
72,329
19,343
39,710
11,166
42,815
9,594
28,665
5,520
31,646
7,380
75,515
14,266
83,591
532
10,629
2,333
9,015
6,265
187,150
2,354
21,908
5,826
8,642
9,396
83,930
639
6,221
2,013
6,414
4,945
85,954
638
7,626
2,482
2,960
6,269
71,987
563
6,534
2,628
2,673
3,315
69,210
358
9,330
4,092
2,428
5,343
Expenses
Salaries—officers
Salaries and wages—others
Directors' fees, etc
Interest on time deposits..
Interest on borrowed
money
Taxes other than income..
Recurring depreciation
Other current expenses....
100,031
17,251
31,378
1,360
14,333
224,882
34,703
67,793
2,736
42,783
94,941
16,688
25,629
2,436
19,118
99,593
18,306
25,169
1,720
19,099
75,688
14,976
20,261
1,207
13,812
462
4,565
3,049
27,633
1,029
8,861
7,267
59,711
361
4,291
3,440
22,979
208
8,077
3,095
23,920
52,227
102,065
60,094
4,693
11,328
254
527
1,045
351
1,948
2,608
768
707
1,391
Net c u r r e n t earnings before i n c o m e taxes
Recoveries, transfers from
reserves, a n d profits. .
On securities:
Recoveries
Transfers from reserves.
Profits on securities....
On loans:
Recoveries
Transfers from reserves.
All other
Losses, charge-offs, a n d
transfers t o r e s e r v e s . .
On securities:
Losses and charge-offs. .
Transfers to reserves...
On loans:
Losses and charge-offs. .
Transfers to reserves
All other
Cleveland
Richmond
Boston
Kansas
City
Dallas
85,212
100,611
128,162
138,041
23,059
5,016
21,564
4,000
23,981
4,780
26,884
6,711
26,329
5,128
139,389
1,819
14,822
5,453
4,774
9,359
47,498
411
4,015
2,057
736
2,632
45,782
649
5,913
4,199
536
2,569
57,604
528
7,496
2,351
677
3,195
77,866
456
8,115
2,558
702
4,869
83,936
2,024
9,407
3,658
2,607
4,952
82,167
16,141
24,417
1,029
9,403
172,882
33,749
46,878
2,325
32,227
52,982
12,786
13,292
1,165
7,418
54,517
12,719
12,848
688
10,021
61,056
18,055
15,010
1,174
7,069
80,222
21,022
22,353
1,271
4,735
93,224
15,939
28,557
593
20,586
378
3,072
2,809
19,173
173
3,715
3,212
24,078
639
8,507
4,992
43,564
195
2,737
1,664
13,726
128
2,181
1,449
14,484
155
2,100
1,701
15,793
120
5,237
2,726
22,759
227
2,134
3,024
22,164
58,746
46,196
47,618
92,514
32,441
30,695
39,555
47,939
44,817
3,725
3,070
1,874
2,137
4,706
1,612
1,737
2,585
5,350
4,076
1,115
32
1,109
170
346
717
170
45
387
212
78
657
615
104
1,671
138
148
473
118
58
356
551
3
286
156
922
575
690
30
1,292
3,126
2,005
738
119
612
522
552
763
423
206
643
289
364
537
581
467
1,268
345
200
309
636
132
438
1,302
126
318
1,928
921
849
343
1,635
714
13,401
29,180
13,446
10,994
6,839
8,116
17,373
5,564
5,639
9,031
14,472
11,425
5,361
930
8,916
3,345
5,727
175
5,115
650
3,378
331
3,108
156
8.685
435
1,813
291
2,194
447
1,737
167
2,182
410J
2,836
484
474
2,821
3,815
1,037
12,412
3,470
539
4,931
2,074
828
2,932
1,469
510
1,575
1,045
1,043
1,886
1,923
979
4,788
2,486
932
1,413
1,114
1,065
1,045
888
3,622
2,053
1,452
5,585
4,446
1,850
792
4,945
2,368
Atlanta
Chicago St. Louis
Minneapolis
San
Francisco
663
Profits before i n c o m e taxes
43,519
84,213
50,374
50,822
41,231
41,639
79,847
28,489
26,793
33,109
38,817
37,468
Taxes on n e t i n c o m e
Federal
State
18,813
16,717
2,096
31,898
29,791
2,107
18,857
18,857
20,124
20,124
17,637
17,447
190
17,036
16,664
372
31,086
31,020
66
10,567
10,455
112
11,374
10,621
753
13,436
12,955
481
15,992
15,967
25
16,798
15,349
1,450
Net profits
24,706
52,315
31,516
30,699
23,595
24,603
48,760
17,922
15,419
19,672
22,825
20,670
Cash dividends declared. .
On preferred stock 2
On common stock
12,186
16
12,171
21,186
1,250
19,937
14,339
61
14,278
11,626
3
11,623
9,352
25
9,327
8,415
8,4 i 5
15,723
112
15,612
6,029
38
5,992
6,137
6
6,131
7,078
1
7,078
8,953j
16j
8,937
8,286
32
8,254
670
142
2,437
3
466
42
618
6
448
1
540
14
1,190
11
450
553
1,087
5
1,531
15
1,115
301
2,119
2,176
6,556
91
1,353
227
1,605
43
1,287
1
1,673
247
2,698
51
1,026
154
1,234
7
2,892
87
5,893
237
3,588
Memoranda items:
Recoveries credited to reserves (not included in
recoveries above) :
On securities
On loans
Losses charged to reserves
(not included in losses
above):
On securities
On loans
Loans
1,645,000 3,632,000 1,594,000 1,653,000 1,295,000 1,228,000 2,599,000 872,000 827,000 975,000 1,286,000 1,433,000
,419,000
,207,000 1,359,000 1,309,000
U. S. Government securities. 1,639,000 3,563,000 1,915,000 2,127,000 1,419,000 1,598,000 3,884,000 1,168,000 1,069,000 1
466,000 263,000 352,000
772,000 237,000 199,000 247,000 284,000
239,000
Other securities
951,000 517,000
390,000
970,000 884,000 1,031,000 1,758,000 649,000 529,000 823,000 1,241,000
^84,000
701,000
Cash assets
939,000 1,673,000 880,000
20,000
55,000
47,000
52,000
86,000
50,000
37,000
61,000
27,000
26,000
Other assets
63,000
133,000
Total assets
4,676,000 9,952,000 4,967,000 5,272,000 3,909,000 4,260,000 9,098,000 2,952,000 2,650,000 3,271,000 4,220,000 3,719,000
Time deposits
Total deposits
Total capital accounts
1,157,000 3,627,000 1,846,000 1,891,000 1,052,000 815,000 3,141,000 708,000 842,000 473,000 400,000 1,238,000
847,000 ,581,000 ,956,000
,464,000 ,035,000 ,934,000
,474,000
4,249,000 9,115,000 4,474^00 4,847,000 3,581,000 3,956,000 8,471,000 2,732,000 2,464,000 3,035,000 3,934,000 3,462,000
217,000
539,000 202,000 162,000 222,000 271,000
707,000 460,000
395,000 287,000 272,000
364,000
Number of officers
N u m b e r of employees
N u m b e r of banks
2,327
12,392
4,637
25,241
2,800
10,328
2,913
10,072
2,413
8,265
2,268
9,869
4,778
18,074
2,214
5,724
2,074
5,489
3,045
6,236
307
667
597
628
446
342
926
473
463
704
3,307
8,705
2,234
10,473
230
NOTE.—(cont.)—items in process of collection. Total capital accounts are comprised of the aggregate book value of capital stock, capital notes and
debentures, surplus, undivided profits, reserves for contingencies, and other capital reserves.
For other footnotes see pp. 525-526.
MAY
1954
527
MEMBER BANK EARNINGS BY SIZE OF BANK, 1953
ALL MEMBER BANKS
[Amounts in thousands of dollars]
Size group—total deposits (in thousands of dollars)
Item
Total
10,00025,000
5,00010,000
2,0005,000
1,0002,000
1,000 and
under
85 137
19 914
10 785
14 ,600
82,370
17,664
193,156
2,692
20,135
6,602
23,124
15,460
?94
54 ,194
83 ,294
4 09?
52 ,246
739
12 ,943
9 ,776
76 ,738
,860
38 ,442
72 ,886
2 173
35 ,626
907
10 ,885
7 ,055
63 ,935
233,972
36,225
78,483
1,731
31,587
1,361
10,206
6,866
67,513
1 611,228
107,457
151 ,135
121 ,211
127,232
1 181,566
4,752
6,381
8 ,879
8 ,954
12,078
87,833
288
1,138
8?7
535
1,251
2 ,480
587
2 ,513
1,716
1,440
3,093
5,190
22,966
24,297
2,331
324
966
1,782
751
1,236
7 513
1 84?
791
989
1 ,097
3 733
701
3,254
1,874
14,196
9,101
12,084
3,512
17,408
22,798
?9 686
25 635
29,768
251,404
483
114
4,466
382
7,075
629
12 ,174
1 ,152
10 ,201
1 ,895
8,988
2,712
94,871
41,391
676
71
119
1,790
642
484
5,560
4,205
2,795
4,341
7,075
3,679
2 ,828
8 ,736
4 796
1 ,431
7 ,727
4 381
762
12,901
4,406
2,992
70,407
41,743
1 553 ,462
2 ,596
17,999
79,432
91,041
130 ,327
104 ,530
109,542
1 017,995
690 ,734
658 801
797
761
4,974
4,767
25,842
24,917
207
924
34,971
33,879
1,092
54 ,163
52 ,444
1 ,719
44 ,162
43 114
1 ,048
49,965
48,113
1,853
475,860
450,807
25,054
8 , 76?
55,861
255,791
301,446
445 155
1 007 381
250 886
2 , 585 827
1 7S7
13 451
2,407
34,052
143
2,956
1,703
64,378
13,843
149,420
820
14,487
6,427
109 111
76 035
243 ,005
176 657
163
1,117
5,741
74,812
18,213
170,451
1,384
19,306
6,984
2,661
7,636
14 ,843
Expenses
Salaries—officers
Salaries and wages—others. . . .
Directors' fees etc.
Interest on time deposits
Interest on borrowed money.. .
Taxes other than income
Recurring depreciation
Other current expenses
770 ,010
444 ,797
920 ,764
23 602
423 ,599
22 ,628
124 ,825
66 ,853
742 ,941
5 589
2 227
730
176
733
5
239
137
1 341
35,650
12,136
5,748
1,060
5,724
54
1,719
1,076
8,133
163,702
44,514
33,361
4,646
29,922
249
7,678
5,320
38,013
193,989
43,031
47,723
3,996
35,652
341
9,259
6,597
47,392
1 804 ,074
3 172
20,211
92,088
130 ,519
342
1,300
9 745
16
35
34 ,519
20
121
744
22 ,977
15 ,359
22 161
10
35
876
32
220
381 ,131
919
138 ,310
48 ,276
52
2
20 ,379
111 ,762
62 404
Net current earnings before
income taxes
Recoveries, transfers from reserves and profits
On securities:
Recoveries
Transfers from reserves
Profits on securities
. ..
On loans:
Recoveries
Transfers from reserves
All other
Losses, charge-offs, and transfers to reserves
On securities:
Losses and charge-offs
Transfers to reserves
On loans:
Losses and charge-offs
Transfers to reserves
All other
Profits before income taxes. . .
Taxes on net income
Federal
State
40 491
217 981
9? 095
202 768
. .
C a s h d i v i d e n d s d e c 2a r e d
l
On preferred stock
On common stock
Memoranda items:
Recoveries credited to reserves
(not included in recoveries
above):
On securities
On loans
Losses charged to reserves (not
included in losses above):
On securities
On loans .
5 , 707
5?
458
790
5
33
16
25 759
31 933
36
675
99
224
31 ,006
9 ,799
8 653
190 ,363
2 413
23 ,640
6 ,720
2 , 792,795
576,384
152,460
1 599,673
29,786
105,993
54,071
157,331
117,097
214,027
598,539
5,780
232,109
18,972
71,896
30,028
439,876
86? ,728
1 799
13,025
53,591
56,070
76 ,164
60 ,368
59,577
542,135
417 ,559
1 ,955
415 ,604
696
2
695
4,416
4,409
19,070
85
18,985
20,783
80
20,703
29 ,097
199
78 898
23 ,539
57
23 ,48?
24,146
457
23,690
295,812
1,070
294,742
758
78 ,893
24
23
270
1,442
2,322
54
7 898
18
1 694
2,855
17,390
33 832
74 ,205
346
63
676
3,943
96?
6 ,516
1,697
7,010
30,506
41,937
72
242
6,473
7 ,588
28
630
Total assets
Time deposits
. . .
Total deposits
Total capital accounts
Number of officers
Number of employees
. . . .
57 737 830
52 ,559 ,788
94 819
054 066
80 ,190
14 486
39 361 238
2 176 ,979
67 653
1 7S7
602,514 2,745 988 3 166,883 4 636 ,829 3,841 ,435 3,989,979 38 659,383
642,288 3,131,782 3,723,687 5 ,540 ,367 4,407 ,044 4,292,849 30 741,581
909,630 7 050,695
667 722
933,250 1 335 ,092 1,034 ,880
108 311
?49 ,77? 2,787 ,S84 2,929,188 75 ,718,491
433,832 1,942,307 2,232,611
175 770
162,176 1 ,504,792
12,502
71,694
97,509
150 ,799
163 889 901
Loans
U. S. Government securities
Other securities
Cash assets
Other assets
Number of banks
Over
100,000
361,203
4, 574 084
. . . .
50,000100,000
353 071
Earnings
Interest and dividends on securities:
TJ. S Government
Other
Interest and discount on loans.
Other charges on loans
Service charges on deposits.. . .
Other charges, fees, etc
Trust department
Other current earnings
N e t profits
25,00050,000
258 885
1,799,447 8,559,493 10,153,940 14 9S7 8S0 12,221 ,54? 12,283,822 103 ,674,942
36 213 523
150 ,095 ,426
11 ,293 ,253
54 456
315 ,304
6 ,717
469,661 2,499,133 3,130,100 4 7?7 ,766 3,290 ,006 2,845,864 19 ,193,591
230 ,300 1,630,099 7,858,610 9,380,177 13 ,835 ,279 11,356 ,798 11,383,671 94 ,420,492
766,276 7 ,171,765
164,642
727,290 1 ,000 ,690
673,066
761 ,558
27 ,966
19,636
7 ,?0?
4 ,469
3,776
6,864
7S4
3 019
8 756
28,485
188,688
32 ,340
3,131
14,981
19,578
27 ,601
500
57 40?
308
1,077
2,374
1,332
916
332
165
213
t o t a l s are for all banks that submitted reports covering the entire year, except three trust companies having no deposits.
2
Includes interest on capital notes and debentures.
NOTE.—The figures for assets, deposits, capital accounts, number of officers and employees, and number of banks are as of the end of the year.
See note on preceding page regarding the composition of cash assets and total capital accounts.
528
FEDERAL RESERVE BULLETIN
MEMBER BANK EARNINGS BY SIZE OF BANK, 1953—Continued
NATIONAL BANKS
[Amounts in thousands of dollars]
Size group—total deposits (in thousands of dollars)
Item
Total i
1,000 and
under
1,0002,000
2,0005,000
5.00010,000
10,00025,000
25,00050,000
50,000100,000
Over
100,000
Earnings
Interest and dividends on securities:
U. S. Government
Other
Interest and discount on loans.
Other charges on loans
Service charges on deposits.. . .
Other charges, fees, etc
Trust department
Other current earnings
3,047,149
6,523
38,431
188,416
222,010
324,896
237,479
219,444
1,809,950
689,760
175,306
1,740,684
27,861
149,132
59,702
85,691
119,013
1,316
277
4,253
17
353
186
1
120
9,361
1,690
23,187
104
2,069
1,194
21
805
48,425
10,741
108,594
581
10,606
4,620
482
4,367
56,692
13,848
123,871
1,011
14,257
4,939
1,612
5,780
81,942
19,075
176,433
1,968
22,357
6,466
5,862
10,793
61,420
13,613
124,240
1,530
15,841
4,409
5,766
10,660
53,523
11,220
119,363
1,446
12,846
3,927
6,954
10,165
377,081
104,842
1,060,743
21,204
70,803
33,961
64,993
76,323
Expenses
Salaries—officers
Salaries and wages—others. . . .
Directors' fees, etc
Interest on time deposits
Interest on borrowed money...
Taxes other than income
Recurring depreciation
Other current expenses
1,830,609
295,605
591,174
15,969
296,590
14,334
83,998
46,981
485,958
4,157
1,661
562
136
531
2
164
95
1,006
24,482
8,219
4,049
745
3,901
34
1,110
757
5,667
120,376
32,461
24,743
3,506
21,842
174
5,555
4,015
28,080
141,460
31,524
34,926
2,962
25,578
263
6,700
4,827
34,680
212,689
39,508
60,118
2,991
37,094
511
9,431
7,171
55,865
154,996
25,706
48,218
1,373
23,624
554
7,195
4,642
43,684
140,691
22,495
45,574
1,103
18,364
885
6,639
4,290
41,341
1,031,758
134,031
372,984
3,153
165,656
11,911
47,204
21,184
275,635
Net current earnings before
income taxes
1,216,540
2,366
13,949
68,040
80,550
112,207
82,483
78,753
778,192
80,252
248
960
3,517
5,005
6,482
5,041
5,349
53,650
6
14
19
3
83
234
73
585
1,031
157
1,006
620
309
1,829
397
281
1,502
931
450
1,894
4,538
13,835
16,466
16,306
4,957
12,726
198
3
27
669
28
158
1,799
170
656
1,393
434
984
1,509
529
1,686
813
474
1,574
508
712
854
9,417
2,607
6,787
263,597
667
2,490
12,868
17,098
21,594
16,569
15,361
176,950
95,119
31,365
41
356
72
3,636
239
5,770
415
9,119
778
7,238
660
5,796
727
63,163
28,474
15,291
76,667
45,155
483
38
105
1,326
399
337
4,091
2,954
1,948
3,394
4,606
2,913
2,149
5,886
3,662
1,269
4,420
2,982
673
5,667
2,498
1,906
52,697
30,710
Recoveries, transfers from reserves, and profits
On securities:
Recoveries
Transfers from reserves
Profits on securities
On loans:
Recoveries
Transfers from reserves
All other
7,776
15,108!
23,379
Losses, charge-offs, and t r a n s fers to reserves
On securities:
Losses and charge-offs
Transfers to reserves
On loans:
Losses and charge-offs
Transfers to reserves
All other
Profits before i n c o m e taxes. . .
1,033,195
1,947
12,419
58,689
68,457
97,095
70,955
68,741
654,892
Taxes on n e t income
Federal
State
463,522
444,656
18,866
598
570
28
3,431
3,272
159
18,822
18,096
726
25,964
25,105
859
41,002
39,703
1,299
29,681
29,037
644
32,312
31,407
905
311,712
297,466
14,246
Net profits
569,673
1,349
8,988
39,867
42,493
56,093
41,274
36,429
343,180
Cash dividends declared
On preferred stock
On common stock
273,902
332
273,570
553
'"553
3,215
4
3,211
14,640
67
14,573
15,745
46
15,699
21,674
64
21,610
15,945
8
15,937
14,738
35
14,703
187,392
108
187,284
440
19,706
13
197
2
1,164
11
1,812
10
2,158
7
1,204
3
1,380
407
11,778
22,354
52,548
51
5
502
40
3,090
49
4,652
207
5,202
474
4,208
592
3,587
20,987
31,256
37,815,619
35,461,824
8,598,731
26,465,483
1,410,678
69,953
59,014
11,574
49,846
1,305
Memoranda i t e m s :
Recoveries credited to reserves
(not included in recoveries
above):
On securities
On loans
Losses charged to reserves (not
included in losses above):
On securities
On loans
Loans
U. S. Government securities
Other securities
Cash assets
Other assets
405,317 1,991,396 2,309,720 3,337,496 2,524,110 2,499,800 24,677,827
445,182 2,332,199 2,800,800 4,145,660 3,183,822 2,789,066 19,706,081
579,415
5,013,617
74,453
985,462
725,990
509,428
698,792
300,831 1,437,020 1,665,138 2,426,130 2,009,497 2,010,849 16,566,172
99,282
945,647
9,055
54,359
71,402
127,391
102,237
Total assets
109,752,335
191,692 1,234,838 6,324,402 7,545,852 11,022,139 8,545,656 7,978,412 66,909,344
Time deposits
Total deposits
Total capital accounts
24,616,227
100,608,561
7,385,569
312,408 1,813,629 2,256,578 3,356,590 2,212,128 1,692,700 12,931,416
40,778
169,599 1,113,655 5,793,785 6,964,810 10,213,731 7,964,900 7,418,061 60,970,020
479,165 4,453,636
21,619
118,048
511,560
549,941
735,771
515,829
Number of officers
Number of employees
37,915
205,729
Number of banks
4,842
550
378
2,047
2,198
6,453
11,081
5,083
14,389
5,329
23,439
2,985
18,194
1,733
994
677
2,342
17,036
13,126
119,014
233
See footnotes on preceding page.
MAY 1954
529
MEMBER BANK EARNINGS BY SIZE OF BANK, 1953—Continued
STATE MEMBER BANKS
[Amounts in thousands of dollars]
Size group—total deposits (in thousands of dollars)
Total 1
Item
1,000 and
under
1,0002,000
2,0005,000
25,00050,000
10,00025,000
5,00010,000
50,000100,000
Over
100,000
Earnings
Interest and dividends on securities:
U. S. Government
Other
Interest and discount on loans.
Other charges on loans
Service charges on deposits....
Other charges, fees, etc
Trust department
Other current earnings
1 526,935
2,239
17,430
67,375
79,436
120,259
115,592
141,759
982,845
317,621
75,580
845,143
12,630
68,849
32,393
117,077
57,644
421
73
1,454
35
105
104
4
43
4,090
717
10,865
39
887
509
12
312
15,953
3,102
40,826
239
3,881
1,807
193
1,374
18,120
4,365
46,580
373
5,049
2,045
1,049
1,856
27,169
6,960
66,572
1,235
8,649
2,833
2,791
4,050
23,717
6,301
66,123
883
7,799
2,311
4,519
3,940
28,847
6,444
73,793
1,246
7,289
2,675
16,170
5,295
199,303
47,618
538,930
8,582
35,190
20,110
92,338
40,774
Expenses
Salaries—officers
Salaries and wages—others....
Directors' fees, etc
Interest on time deposits
Interest on borrowed money.. .
Taxes other than income
Recurring depreciation
Other current expenses
939,401
149,192
329,590
7 633
127,009
8,294
40,827
19,872
256,983
1,432
168
40
202
3
75
42
335
11,168
3,917
1,699
315
1,823
20
609
319
2,466
43,326
12,053
8,618
1,140
8,080
75
2,123
1,305
9,933
52,529
11,507
12,797
1,034
10,074
78
2,559
1,770
12,712
81,332
14,686
23,176
1,101
15,152
228
3,512
2,605
20,873
76,864
12,736
24,668
750
12,002
353
3,690
2,413
20,251
93,281
13,730
32,909
628
13,223
476
3,567
2,576
26,172
579,470
79,996
225,555
2,627
66,453
7,061
24,692
8,844
164,241
Net current earnings before
income taxes
587,534
806
6,262
24,048
26,907
38,928
38,728
48,479
403,374
50,267
94
340
1,235
1,376
2,397
3,913
6,729
34,183
1 969
10,651
11,140
10
6
16
13
38
54
26
159
207
117
651
138
306
1,011
785
990
1,199
652
9,131
7,831
6 671
10,402
9 435
63
7
8
207
4
62
532
154
310
107
67
245
389
317
333
262
827
176
623
1,659
193
2,542
1,020
4,779
6,494
5,297
117,534
252
1,022
4,540
5,700
8,092
9,066
14,407
74,454
43,191
16,911
11
2
127
42
830
143
1,305
214
3,055
374
2,963
1,235
3,192
1,985
31,708
12,917
5,088
35,095
17,249
193
33
14
464
147
1,469
1,251
847
947
2,469
766
679
2,850
1,134
162
3,307
1,399
89
7,234
1,908
1,086
17,710
11,033
Recoveries, transfers from reserves, and profits
On securities:
Recoveries
. ..
Transfers from reserves
Profits on securities
On loans:
Recoveries
Transfers from reserves
All other . . .
Losses, charge-offs, and transfers to reserves
On securities:
Losses and charge-offs
Transfers to reserves
On loans:
Losses and charge-offs
Transfer to reserves
All other
566
Profits before income taxes. . .
520,267
649
5,580
20,743
22,584
33,232
33,575
40,801
363,103
Taxes on net income
Federal
State
227,212
214 145
13,067
199
191
8
1,543
1,495
48
7,020
6 821
198
9,007
8,774
233
13,161
12,741
420
14,481
14,077
404
17,653
16,706
948
164,148
153,341
10,808
Net profits
293,055
450
4,037
13,724
13,577
20,071
19,094
23,148
198,955
Gash dividends declared
143,657
1 623
142,034
143
2
142
1,201
3
1,198
4,430
18
4,412
5,038
34
5,004
7,423
135
7,288
7,594
49
7,545
9,408
422
8,987
108,420
962
107,458
O n preferred stock2 . .
On common stock .
. . .
Memoranda items:
Recoveries credited to reserves
(not included in recoveries
above) :
On securities
On loans
Losses charged to reserves (not
included in losses above):
On securities
On loans
10
11,478
21,657
12
174
1
13
44
11
278
2
318
9 187
510
740
490
25
1,475
5,612
32
853
1,821
139
2,386
488
2,308
1,105
3,423
9,519
10,681
857 163 1 299 333 1 317 325 1 490 179 13,981,556
922,887 1,394,707 1,223,222 1,503,783 11,035,500
234,458
349,630
308,890
330,215 2,037,078
567,473
823,642
777,887
918,339 9,152,319
559,145
26 107
48,379
48,562
62,894
Loans
....
U. S. Government securities
Other securities
Cash assets
Other assets
19 922 211
17,097,964
3,455,335
12,895,755
766 301
24 866
21,176
2,912
17,807
432
197 197
197,106
33,858
133,001
3,447
Total assets
54,137,566
67,193
564,609 2,235,091 2,608,088 3,915,691 3,675,886 4,305,410 36,765,598
Time deposits...
Total deposits
Total capital accounts
11,597,296
49,486,865
3,907,684
16,624
60,701
6,347
157,253
685,504
873,522 1,371,176 1,077,878 1,153,164 6,262,175
516,444 2,064,825 2,415,367 3,621,548 3,391,898 3,965,610 33,450,472
46,594
161,506
245,729
177,349
264,919
287,111 2,718,129
Number of officers
Number of employees
Number of banks
16 541
109,575
1,875
754 592
799,583
158,294
505,287
17 335
184
122
972
933
2 303
3,900
1 781
5,189
1 873
8,901
1 484
9,407
1 434
11,449
6,510
69,674
82
348
641
338
239
99
57
71
See footnotes on p. 528.
530
FEDERAL RESERVE BULLETIN
MEMBER BANK EARNINGS, 1953—Continued
RATIOS OF ALL MEMBER BANKS, BY CLASSES
[Computed from aggregate dollar amounts; ratios expressed as percentages]
Central reserve
city member
banks
All member banks
Item
New
York
1950
1951
1952
Chicago
Reserve
city
member
banks
Country
member
banks
1953
Year 1953
Summary ratios:
Percentage of total capital accounts:
Net current earnings before income taxes. .
Profits before income taxes
Net profits
Cash dividends declared
Percentage of total assets:
Total earnings
Net current earnings before income taxes.
Net profits
13.2
12.2
8.3
3.7
2.42
.92
.57
14.4
12.5
7.6
3.7
2.56
1.00
.53
15.4
13.7
7.9
3.7
2.71
1.06
.55
16.4
14.1
7.8
3.8
2.93
1.15
.55
13.9
12.3
6.3
4.1
2.60
1.21
.55
15.7
14.3
7.9
3.6
2.34
1.07
.54
18.5
15.8
8.5
4.3
2.96
1.18
.54
16.0
13.6
8.1
3.2
3.13
1.11
.56
Sources and disposition of earnings:
Percentage of total earnings:
Interest and dividends on:
U. S. Government securities
Other securities
Earnings on loans
Service charges on deposit accounts.
Other current earnings
Total earnings.
Salaries and wages
Interest on time deposits.
Other current expenses...
Total expenses
Net current earnings before income taxes.
Net losses including transfers.
Taxes on net income
Net profits
26.5
5.8
50.1
5.3
12.3
22.7
5.7
54.6
5.1
11.9
22.5
5.7
56.0
4.8
11.0
22.0
5.5
57.3
4.8
10.4
100.0
100.0
100.0
30.6
8.3
30.7
8.3
30.2
8.8
23.0
21.8
21.7
61.9
60.8
60.7
38.1
2.9
11.3
23.9
39.2
5.2
13.4
20.6
39.3
4.4
14.8
20.1
100.0
29.9
9.3
21.4
60.6
39.4
5.4
15.1
18.9
18.0
5.7
57.3 2.6
16.4
100.0
30.1
3.7
19.6
53.4
46.6
5.3
20.0
21.3
28.3
6.5
50.5
1.0
13.7
100.0
25.6
8.0
20.8
54.4
45.6
4.0
18.5
23.1
20.9
5.4
58.9
4.7
10.1
24.1
5.4
56.6
6.1
7.8
100.0
100.0
29.4
10.1
20.7
30.6
10.9
23.0
60.2
64.5
39.8
35.5
5.8
15.7
18.3
5.4
12.1
18.0
Rates of return on securities and loans:
Return on securities:
Interest on U. S. Government securities
Interest and dividends on other securities
Net losses (or recoveries and profits -j-)1
Return on loans:
Earnings on loans
Net losses (or recoveries +)* 2
1.57
2.02
1.66
+ .09
1.99
.03
1.79
2.03
.10
1.91
2.12
.33
1.94
2.17
+ .08
1.99
2.18
.26
4.17
.05
4.26
.06
4.51
.05
3.55
+ .01
3.61
.0
4.75
.07
5.49
Distribution of assets:
Percentage of total assets:
U. S. Government securities
Other securities
Loans
. Cash assets
Other assets
40.7
7.0
29.0
22.1
1.2
35.0
7.4
32.8
23.6
1.2
34.1
7.6
33.6
23.4
1.3
32.6
7.6
35.8
22.7
1.3
24.5
6.9
41.8
25.0
1.8
34.3
7.1
32.7
25.3
.6
31.2
7.3
36.7
23.4
1.4
37.8
8.3
32.3
20.5
1.1
Other ratios:
Total capital accounts to:
Total assets
Total assets less Government securities and cash
assets
Total deposits
Time to total deposits
Interest on time deposits to time deposits.
Number of banks.
7.0
6.9
6.9
7.0
8.7
6.8
6.4
7.0
18.9
7.7
23.9
.91
16.7
7.6
16.2
7.6
16.9
7.5
16.5
1.26
16.6
7.5
23.2
1.13
17.2
10.0
9.8
1.14
14.0
7.0
23.0
1.02
15.8
7.8
24.3
1.23
24.9
1.31
31.6
1.17
6,873
6,840
6,798
6,743
22
13
319
6,389
1
"Net losses" is the excess of (a) actual losses charged against net profits plus losses charged against valuation reserves over (b) actual recoveries and profits credited to net profits plus recoveries credited to valuation reserves; "net recoveries and profits" is the reverse. Transfers to
and from valuation reserves are excluded.
2
Ratios of less than .005 are shown as .0.
NOTE.—The ratios in this and the following three tables were computed from the dollar aggregates shown in preceding tables. Many of
these ratios vary substantially from the average of individual bank ratios, which will be published in a subsequent issue, in which each bank's
figures—regardless of size or amount—are weighted equally and in general have an equally important influence on the result. In the ratios based
on aggregates presented here, the experience of those banks in each group whose figures are largest have a much greater influence than that of
the many banks with smaller figures. (For example, the 150 largest member banks have total earnings which, combined, are larger than those
of all the other member banks, numbering about 6,600.) Ratios based on aggregates show combined results for the banking system as a whole,
and, broadly speaking, are the more significant for purposes of general analyses of credit and monetary problems, while averages of individual
ratios are useful primarily to those interested in studying the financial results of operations of individual banks.
MAY
1954
531
MEMBER BANK EARNINGS, 1953—Continued
RATIOS OF ALL MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS
[Computed from aggregate dollar amounts; ratios expressed as percentages]
Federal Reserve district
Item
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
Minneapolis
Kansas
City
Dallas
San
Francisco
14.4
12.4
6 8
3.7
14.0
12.2
6.6
3.8
13.8
11.6
7.2
3.7
14.7
12.4
7.4
3.1
16.7
14.9
8.2
3.5
18.1
15.8
9.1
3.3
16.9
14.3
8 4
3.2
16.8
14.8
8 6
3.4
18.4
16.4
9.2
3.8
17.9
15.7
8.8
3.0
17.0
14.3
7.6
3.9
23.7
20.1
10.3
5.7
Summary ratios:
Percentage of total capital accounts:
Net current earnings before income
Profits before income taxes
Net profits
Cash dividends declared
Percentage of total assets:
Total earnings
Net current earnings before income
taxes
Net profits
3.19
2.79
3.12
2.82
2.94
2.96
2.60
2.78
3.09
2.74
2.87
3.55
1 21
1 16
1 24
1 16
1 12
99
1 12
1 14
1 13
1 12
1 36
.54
1 11
.65
.56
.57
.56
.49
.57
.57
.56
.50
.59
.57
Sources and disposition of earnings:
Percentage of total earnings:
Interest and dividends on:
U.S. Government securities
Other securities
Earnings on loans
. . . .
Service charges on deposit accounts.
Other current earnings
. . . .
Total earnings
. .
Salaries and wages
Interest on time deposits
Other current expenses
Total expenses
.
Net current earnings before income taxes
Net losses including transfers
Taxes on net income
Net profits
19.7
4.6
55 6
5.5
14.6
19.2
5.8
57.6
3.9
13.5
21.3
7.0
56.1
3.5
12.1
25.7
6.5
53 8
3.8
10.2
24.0
4.4
56 5
5.4
9.7
23.4
5.8
54 4
6.0
10.4
30.1
5.8
51 0
4.4
8.7
23.8
5.6
58 9
3.6
8.1
23.2
4.9
56.1
5.9
9.9
25.1
5.3
55.9
5.7
8.0
19.7
4.3
62.5
4.3
9.2
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
16.9
4.9
64.7
6.3
7.2
100.0
31.4
6 9
23.9
29.8
8.3
22.1
27.6
10.3
22.7
30.0
8.7
22.0
30.1
6.6
25.5
29.5
10.5
21.9
29.5
7 1
23.0
31.0
9.9
22.1
30.5
6.6
21.9
30.4
4.4
26.3
29.4
15.8
16.6
62.2
30.5
6.9
21.1
58.5
60.2
60.6
60.7
62.2
61.9
59.6
63.0
59.0
61.1
61.8
37.8
41.5
39.8
39.4
39.3
37.8
38.1
40.4
37.0
41.0
38.9
38.2
5.2
14.7
17.9
5.3
16.7
19.5
6.3
12.8
20.7
6.1
13.5
19.8
4.2
15.7
19.4
4.8
14.0
19.0
6.0
13.3
18.8
4.8
14.9
20.7
4.0
14.4
18.6
4.9
15.8
20.3
6.1
15.3
17.5
5.8
15.8
16.6
Rates of returns on securities and
loans:
Return on securities:
Interest on U. S. Government
securities
....
Interest and dividends on other
securities
1
Net losses
Return on loans:
Earnings on loans
Net losses (or recoveries + ) 1
1.99
1.95
2.05
1.97
1.98
1.97
1.96
1.98
2.00
1.97
1.99
2.03
1.92
.12
2.10
.27
2.22
.21
2.30
.31
2.12
.16
2.32
.15
1.93
.14
2.28
.10
1.97
.16
1.96
.06
2.35
.18
2.14
.27
4 66
+ .07
3.96
4.90
4.58
5.06
5.28
4.56
4.73
5.21
5.15
5.50
.06
.05
.05
.14
.04
.12
.13
.24
5.13
.02
.36
.11
31 6
7.6
38 2
21 0
27.4
7.6
40.5
22.9
32.4
9.8
35.7
20.9
36 9
8.0
33.1
20 8
35.7
6.1
32.9
24 1
35.2
7.5
30.5
25 5
39 9
7.8
29.1
22 4
33 4
6.8
34.6
24 2
35.7
7.6
33.2
22.5
35.0
7.4
29.8
27.0
28.4
5.2
34.9
29.8
29.7
8.0
41.8
19.1
Distribution of assets:
Percentage of total assets:
U. S. Government securities
Other securities
Loans
Cash assets
Other assets
1.6
1.6
1.2
1.2
1.2
1.3
.8
1.0
1.0
.8
1.7
1.4
Other ratios:
Total capital accounts to:
Total assets
Total assets less Government securities and cash assets
Total deposits
Time to total deposits
Interest on time deposits to time
deposits
Number of banks
8 4
8.2
9.0
7.5
6.9
6.2
5.9
6.7
6.2
6.3
6.6
5.7
17 7
9.3
16.6
9.3
19.2
10.0
17.8
8.3
17.2
7.6
15.7
6.7
15.5
6.3
15 8
7.3
14.8
6.7
16.6
6.8
15.7
7.1
11.2
6.3
20.3
18.1
28.3
30.5
23.4
18.3
28.7
19.4
26.9
13.5
11.4
38.7
1.20
1.19
317
700
1.01
1.04
1.19
1.16
607
652
477
363
1.03
1,014
1.10
1.24
1.45
1.20
1.58
493
472
754
635
259
1M
Net losses" is the excess of (a) actual losses charged against net profits plus losses charged against valuation reserves over (b) actual recoveries and profits credited to net profits plus recoveries credited to valuation reserves; "net recoveries" is the reverse. Transfers to and from
valuation reserves are excluded.
532
FEDERAL RESERVE BULLETIN
MEMBER BANK EARNINGS, 1953—Continued
RATIOS OF RESERVE CITY MEMBER BANKS,* BY FEDERAL RESERVE DISTRICTS
[Computed from aggregate dollar amounts; ratios expressed as percentages]
Federal Reserve district
Item
Boston
New
York
Philadelphia
14.5
13.1
6.9
4.1
14.5
13.3
7.4
4.0
15.2
12.8
7.8
4.6
Cleve- Richland mond
Atlanta
Chicago
St.
Louis
Minneapolis
Kansas
City
18.9
16.5
9.2
3.7
18.3
13.5
8.0
3.1
17.5
15.4
8.3
3.8
17.7
16.4
8.9
4.0
17.9
16.3
Dallas
San
Francisco
16.3
14.4
6.9
4.4
24.3
20.7
10.5
6.0
Summary ratios:
Percentage of total capital accounts:
Net current earnings before income
taxes
Profits before income taxes
Net profits
.
Cash dividends declared
14.6
12.2
7.1
3.3
17.6
15.8
8.3
3.9
2.9
Percentage of total assets:
Total earnings
Net current earnings before income
taxes
Net profits
Sources and disposition of earnings:
Percentage of total earnings:
Interest and dividends on:
U. S. Government securities
Other securities
Earnings on loans
Service charges on deposit accounts
Other current earnings
Total earnings
Salaries and wages
Interest on time deposits
Other current expenses
Total expenses
Net current earnings before income taxes
Net losses including transfers
Taxes on net income
Net profits
Rates of return on securities and
loans:
Return on securities:
Interest on U. S. Government
securities
Interest and dividends on other
securities
Net losses (or recoveries and
profits +) i
Return on loans:
Earnings on loans
Net losses (or recoveries +) 1
Distribution of assets:
Percentage of total assets:
U. S. Government securities
Other securities
Loans
Cash assets
Other assets
Other ratios:
Total capital accounts to:
Total assets
Total assets less Government securities and cash assets
Total deposits
Time to total deposits
Interest on time deposits to time
deposits
Number of banks
3.07
1.36
.64
3.18
.97
.49
2.69
2.73
2.85
1.11
.54
1.13
.53
1.12
.54
100.0
31.8
13.6
24.1
14.8
6.6
58.4
2.8
17.4
100.0
33.5
2.1
22.9
24.7
6.8
53.2
3.0
12.3
100.0
27.6
8.9
22.3
55.6
69.5
58.5
58.8
24.6
4.1
52.4
5.5
13.4
100.0
31.7
4.9
22.2
58.8
44.4
30.5
4.3
19.1
21.0
2.6
12.4
15.5
41.5
6.5
13.7
21.3
41.2
6.9
14.2
20.1
41.2
4.3
17.5
19.4
16.4
4.2
56.2
2.8
20.4
100.0
30.5
2.0
23.1
1.98
2.05
+ .11
4.00
+ .28
25.4
6.2
43.0
23.2
2.2
17.4
6.1
60.1
6.5
9.9
3.12
1.29
.66
2.03
2.32
.17
2.01
2.33
4.72
.09
27.3
8.3
40.5
22.4
1.5
55.6
4.4
12.0
33.8
5.6
48.7
6.0
5.9
20.5
5.2
61.9
2.5
9.9
100.0
28.6
5.8
26.4
100.0
32.0
10.6
22.0
100.0
60.8
64.6
39.2
5.0
15.1
19.1
35.4
9.3
10.6
15.5
4.61
.11
5.9
14.6
6.4
15.3
1.18
21
7.6
6.4
16.3
7.0
24.5
16.1
7.7
.92
27.4
1.72
8.5
.86
10
11
10
1.08
24
.92
31
3.6
18.2
20.9
4.18
.10
32.3
6.4
32.7
27.2
1.4
17.6
8.4
42.7
4.67
.05
1.94
35.0
5.2
32.6
25.8
1.4
8.5
28.1
6.3
22.9
57.3
4.84
.13
4.40
.03
16.6
9.5
39.1
2.9
16.6
19.6
100.0
.20
4.17
.04
6.7
60.9
26.3
5.9
54.0
4.0
9.8
1.95
4.42
.07
13.3
7.3
5.1
17.5
20.4
18.9
5.3
59.4
3.8
12.6
100.0
32.8
6.2
21.9
1.06
.52
1.96
1.91
.19
.36
9.4
43.0
1.12
.56
1.98
2.50
.12
2.68
18.3
10.7
28.4
5.3
23.3
57.0
2.86
1.99
1.81
.32
1.92
2.15
.14
34.5
7.4
34.3
22.5
1.3
2.66
1.15
.54
22.0
6.0
1.93
2.49
.42
23.0
8.8
41.2
25.7
1.3
2.50
.89
.39
42.4
7.7
26.1
22.9
.9
27.6
5.6
39.5
26.4
.9
27.5
7.9
36.8
26.8
1.0
1.10
.46
18.3
3.2
64.0
2.0
12.5
100.0
26.4
5.3
27.7
59.4
40.6
4.8
18.7
17.1
3.52
1.39
.60
16.4
5.1
65.2
6.3
7.0
100.0
28.8
16.0
15.8
60.6
39.4
5.8
16.6
17.0
.06
2.02
2.34
.31
2.03
2.14
.30
4.52
.10
4.37
.15
5.40
.09
1.98
33.5
7.4
29.7
28.4
1.0
24.5
3.6
39.5
30.2
2.2
28.5
8.4
42.4
19.1
1.6
5.7
4.8
6.6
6.3
5.9
13.9
5.1
14.3
7.2
13.8
7.0
15.6
6.5
14.8
7.3
10.9
6.3
31.2
.91
13.0
1.21
13.5
1.45
12.0
12.8
1.22
39.3
1.57
75
20
1.41
50
29
29
* Not including central reserve city banks.
"Net losses" is the excess of (a) actual losses charged against net profits plus losses charged against valuation reserves over (b) actual recoveries and profits credited to net profits plus recoveries credited to valuation reserves; "net recoveries and profits" is the reverse. Transfers
to and from valuation reserves are excluded.
1
MAY
1954
533
MEMBER BANK EARNINGS, 1953—Continued
RATIOS OF COUNTRY MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS
[Computed from aggregate dollar amounts; ratios expressed as percentages]
Federal Reserve district
Item
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
Minneapolis
Kansas
City
14.4
11.9
7.4
3.0
13.1
11.0
6.9
3.1
14.9
12.9
7.8
2.9
16.1
14.4
8.2
3.3
17.5
15.3
9.0
3.1
17.2
14.8
9.0
2.9
16.1
14.1
8.9
3.0
18.9
16.5
9.5
3.8
17.8
14.9
8.9
3.2
Dallas
San
Francisco
Summary ratios:
Percentage of total capital accounts:
Net current earnings before income
taxes
Profit before income taxes
Net profits
Cash dividends declared
14.3
12.0
6.8
3.3
Percentage of total assets:
Total earnings
Net current earnings before income
taxes
Net profits
3.26
1.12
.53
3.29
1.03
.53
3.12
1.21
.63
3.00
1.11
.58
3.12
1.18
.60
3.05
2.92
1.12
.58
1.02
.54
2.89
1.10
.61
3.22
1.16
.58
3.08
1.21
.60
17.7
14.3
3.3
3.04
1.14
.54
20.7
17.3
9.5
3.8
3.71
1.21
.56
Sources and disposition of earnings:
Percentage of total earnings:
Interest and dividends on:
U. S. Government securities
Other securities
Earnings on loans
Service charge on deposit accounts. .
Other current earnings
21.4
4.8
55.2
7.0
11.6
22.1
5.9
58.0
6.7
7.3
25.6
7.2
54.6
4.0
8.6
27.0
6.1
54.7
4.8
7.4
23.5
4.5
59.5
5.4
7.1
24.4
5.7
53.6
7.2
9.1
28.4
5.4
53.2
5.6
7.4
27.0
5.9
56.1
4.7
6.3
25.3
4.7
54.5
6.9
8.6
23.8
4.8
57.8
7.4
6.2
21.0
5.2
61.1
6.3
6.4
19.1
3.7
62.3
6.8
8.1
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
31.9
9.4
24.4
31.3
13.1
24.4
27.3
12.3
21.6
27.4
12.1
23.4
28.9
11.3
21.9
31.3
7.2
24.8
30.4
12.1
22.6
30.5
8.7
22.8
30.0
11.8
22.2
32.9
7.0
20.8
33.8
3.7
25.1
32.2
14.9
20.4
Total expenses
65.7
68.8
61.2
62.9
62.1
63.3
65.1
62.0
64.0
60.7
62.6
67.5
Net current earnings before income taxes
34.3
31.2
5.5
9.7
16.0
38.8
37.1
5.0
12.7
19.4
37.9
4.0
14.5
19.4
36.7
34.9
4.8
11.7
18.4
38.0
36.0
4.6
13.3
18.1
39.3
6.4
13.3
19.6
37.4
4.6
12.4
21.0
32.5
5.3
12.2
15.0
Total earnings
Salaries and wages
Interest on time deposits
Other current expenses
Net losses including transfers
Taxes on net income
Net profits
5.7
12.4
16.2
6.3
12.2
20.3
4.6
13.1
19.0
7.1
12.5
17.8
Rates of return on securities and
loans:
Return on securities:
Interest on U. S. Government
securities
Interest and dividends on other
securities
Net losses1
Return on loans:
Earnings on loans
Net losses1
Distribution of assets:
Percentage of total assets:
U. S. Government securities
Other securities
Loans
Cash assets
Other assets
Other ratios:
Total capital accounts to:
Total assets
Total assets less Government securities and cash assets
Total deposits
Time to total deposits
Interest on time deposits to time
deposits
Number of banks
1.99
1.86
.21
2.03
2.07
2.10
.17
1.98
2.10
.11
1.94
1.85
.14
1.97
2.1
.09
2.02
2.16
.1
2.01
2.06
.17
2.0:
2.03
.18
5.11
.07
5.2:
.11
5.31
.04
5.24
.08
5.60
.07
5.6'
.15
5.43
.07
5.49
.13
5.61
.13
35.1
8.3
35.2
20.1
1.3
35.8
9.6
36.5
16.8
1.3
38.6
10.4
32.1
17.7
1.2
40.3
8.8
31.4
18.4
1.1
36.3
6.7
33.1
22.6
1.3
37.5
8.3
28.8
24.2
1.2
42.7
8.5
28.6
19.3
.9
39.6
8.0
29.5
22.0
.9
2.01
.15
40.3
7.5
31.2
20.0
1.0
1.99
1.94
.06
1.98
2.36
.09
2.01
2.15
.11
5.96
.42
6.09
.62
6.00
.20
36.9
7.6
29.8
25.2
.5
32.2
6.7
30.5
29.4
1.2
35.2
6.4
38.5
18.8
1.1
7.8
7.1
9.3
7.5
7.3
6.4
5.9
6.8
6.1
6.8
6.4
5.8
17.3
8.6
15.0
7.8
21.2
10.3
18.2
8.1
17.9
8.0
16.7
6.9
15.6
6.4
15.4
6.6
17.9
7.3
16.7
6.9
12.7
6.3
27.2
39.8
41.3
39.0
29.4
20.6
37.1
17.8
7.4
25.9
34.2
15.6
10.2
35.8
1.2
l.li
1.0
1.0
1.3
1.11
1.0.
1.01
1.1'
1.49
1.18
1.66
307
667
597
628
446
342
926
473
463
704
606
230
1<4
Net losses" is the excess of (a) actual losses charged against net profits plus losses charged against valuation reserves over (b) actual re-,
coveriea and profits credited to net profits plus recoveries credited to valuation reserves. Transfers to and from valuation reserves are excluded
534
FEDERAL RESERVE BULLETIN
BANK EARNINGS, 1953
INSURED COMMERCIAL BANKS IN THE UNITED STATES AND POSSESSIONS, 1950-1953
[Amounts in thousands of dollars!
Banks not members of
Federal Reserve System
All insured commercial banks 1
Items
1950
1951
1952
1953
1950
1951
1952
1953
3,930,696
4,395,411
4,931,688
5,483,954
666,514
727,242
812,634
894,387
1 015,456
225,425
1 976,100
31 724
212,272
104,602
180 674
184,445
983,662
249,495
2,390,106
34 595
230,507
116,140
192,313
198,593
1,099,059
276,993
2,742,100
42 295
244,696
121,868
204,967
199,713
1,206,965
297,739
3,107,885
47 850
271,444
132,978
217,996
201,101
150,662
35,283
368,320
5 658
39 783
33,855
10 157
22,797
152,005
38,759
416,015
5 927
43,635
37,145
9 895
23,862
170,023
42,498
472,429
6,361
46,962
39,003
10,539
24,820
196,261
45,997
516,720
7,314
52,613
40,661
10,781
24,044
2,444,534
446 043
755,681
24 745
343,040
4 296
128,101
59 469
683,159
2,701,313
486,300
864,519
27,343
385,344
9 667
135,590
65 845
726,707
3,028,575
530,035
965,197
30 871
458,059
20 921
139,290
74 953
809,252
3,375,552
582,405
1,069,890
34,591
534,493
24,171
148,783
84 085
897,137
425,210
101 325
100,568
7 298
72,266
401
19,259
11 456
112,636
469,835
111,065
114,526
8 197
80,076
590
20,645
12 781
121,956
528,002
121,770
129,948
9,362
93,866
1,096
21,645
14,892
135,426
594,593
135,335
145,597
10,882
110,097
1,514
23,606
17,042
150,522
1,486,164
1,694,100
1,903,112
2,108,398
241,306
257,409
284,631
299,790
245,461
169,233
144,146
152,373
26,891
20,621
19,139
20,101
14 718
38,639
90,469
15,292
12,285
56,563
11,191
20,492
33,806
11,454
27,545
38,865
1 930
1,840
8,321
1,761
1,350
4,683
1,237
4,759
1,608
1,668
4,264
28 506
29,971
43,157
22,595
28,453
34,046
22,004
27,330
29,324
28,423
18,292
27,794
5 958
3,011
5,830
5,018
2,841
4,970
5,038
2,596
4,665
5,265
2,563
4,734
366,932
395,687
362,444
448,323
53,301
56,840
56,065
64,854
38,721
54,518
83*, 756
31,680
97,512
29,531
155,969
54,160
6,098
3,585
11,655
3,262
13,662
2,491
16,096
5,861
23 030
191,248
59,414
21,215
204,202
54,836
23,637
154,510
57,253
31,774
132,127
74,291
8 762
24,980
9,875
7 660
24,168
10,097
7,985
21,614
10,312
11,358
20,151
11,387
1,364,690
1,467,645
1,684,813
1,812,451
214,894
221,189
247,704
255,040
Federal
State
427,776
402,582
25 194
559,475
530,810
28,664
694,883
662,277
32,606
786,490
750,796
35,693
58,716
55,673
3 043
68,556
65,330
3,225
87,033
83,595
3,438
94,238
90,590
3,648
Net profits
936,915
908,175
989,931
1,025,963
156,179
152,638
160,672
160,804
Cash dividends declared
On preferred stock 2
On common stock
391,249
4,333
386,916
418,860
3,876
414,984
441,971
3,675
438,298
473,866
2,979
470,888
45,727
1,498
44,229
48,356
1,289
47,067
51,541
1,365
50,177
55,214
1,024
54,191
3 565
20 385
2,363
28 477
4 355
31 508
2,232
33 612
529
3 369
278
3 423
47
3,420
1,465
4 682
6 324
56,250
17 725
64,735
25 598
64,607
38 480
89,186
516
1 806
9,154
956
9,921
9,669
4,554
14,692
59 999 743
61,065,059
13 562 462
42,952,808
2,223,391
65 213 144
60,868,295
14 082 070
43,192,523
2,329,251
Earnings
Interest and dividends on securities:
Other
Interest and discount on loans
Other charges on loans
Service charges on deposits
Other charges, fees, etc
Trust department
Other current earnings
Expenses
Salaries—officers
Salaries and wages—others
Directors' fees, etc. .
Interest on time deposits
Interest on borrowed money
Taxes other than income
Recurring depreciation
Other current expenses
...
Net current earnings before income
taxes
Recoveries, transfers from reserves,
and profits
On securities:
Recoveries
Transfers from reserves
Profits on securities
.
. . .
On loans:
Recoveries
. ...
Transfers from reserves
All other
Losses, charge-offs, and transfers to
reserves
On securities:
Losses and charge-offs
Transfers to reserves
On loans:
Losses and charge-offs
Transfers to reserves
All other
Profits before income taxes
Taxes on net income
Memoranda items:
Recoveries credited to reserves (not included in recoveries above):
On securities
On loans . . .
Losses charged to reserves (not included
in losses above):
On securities
. . .
. .
On loans
Loans
U. S. Government securities
Other s e c u r i t i e s . . . .
....
Cash assets
Other assets . . .
46 250 272
63,846,830
11 043 342
36,006,423
1,840,027
54 533 221
59,711,922
12 554 632
40,373,273
2,034,346
7 494 950
8 ,855,315 8 ,691,259
1 678 776 1 885 830
3 ,934,637 4 ,368,648
215,804
201,885
6 723 419
846
8 ,299,177 9 ,083,796
9 ,194,638 9 ,652,460
? ,053,320 ? ,195,092
4 ,771,055 4 ,827,446
237,903
260,710
Total assets . . .
158,986,894 169,207,394 179,803,463 185,685,283 21 ,394,032 22 ,656,491 24 ,556,093 26 ,019,504
Time deposits .
Total deposits
Total capital accounts
36,446,656 37,271,294 39,817,653 43,047,556 6 ,853,262 7 ,023,832 7 ,575,491 8 ,228,876
,923,316
146 269 294 155 460 465 165 031 495 170 075 888 10 725 789 ?0 864 285 ?? ,613,728
11,007,396 11,615,767 12,270,913 12,941,478 1 ,545,040 1 ,650,644 1 ,770,932 1 ,894,427
Number of officers
Number of employees
Number of banks
r\
71 566
312,324
73,806
334,961
76 754
358,325
79 574
376,750
22 610
48,696
23 263
52,713
24,113
57,475
24,947
60,797
13,446
13,455
13,439
13,432
6,576
6,618
6,644
6,692
1
Excludes three mutual savings banks, State member banks of the Federal Reserve System, which are included in member bank figures on
preceding pages.
2
Includes interest on capital notes and debentures.
NOTE.—The figures of assets, deposits, and capital accounts are averages of the amounts reported for call dates at the beginning, middle, and
end of each year. The number of officers, employees, and banks are as of the end of each year.
MAY
1954
535
NUMBER OF BANKS AND BRANCHES IN OPERATION ON DECEMBER 31, 1953
All banks maintaining branches or additional offices
(except banking facilities), by class of bank 1
All banks by class of bank
Commercial Danks
Commercial 1 Danks
State
Member
banks
Total
Total
United States
Nonmember
banks
InNa- State
tional mem- sured
ber
14,509 213,981 4,856 21,887 6,672
Alabama
Arizona
Arkansas
California
Colorado
231
231
14
230
206
162
14
230
206
162
3
53
90
77
Connecticut
Delaware
Dist of Col
Florida
Georgia
181
37
19
217
400
109
35
19
217
38
71
Mutual savings banks
25
135
Total
Noninsured
Insured
569
2219
Total
Noninsured
InNa- State
tional mem- sured
ber
745
Insured
44
11
9
66
15
3
6
11
35
20
4
136
400
52
13
280
38
11
9
18
900
125
664
606
387
124
96
172
68
41
377
233
448
264
11
9
52
129
5
1
15
1
15
33
9
15
2
25
8
15
2
10
8
7
3
4
8
4
3
2
17
8
4
4
8
4
2
70
121
70
121
23
7
1
40
118
30
46
27
33
58
6
13
7
7
25
6
6
4
6
18
18
27
10
19
14
6
1
1
79
2
41
15
2
3
21
41
2
1
37
2
4
3
76
13
2
4
2
70
13
2
2
1
37
4
1
1
1
10
9
131
77
15
83
55
17
51
6
36
19
13
104
10
22
28
13
100
8
22
28
3
56
2
9
4
2
19
2
1
8
22
2
12
24
6
1
2
30
46
28
38
99
50
2
192
77
15
85
4
55
2
1
21
79
2
41
67
1
8
19
58
1
17
9
10
85
1
8
8
154
72
58
258
3
8
19
58
1
1
2
17
35
17
444
4
Noninsured
2
Noninsured
4
309
1,609
1,474
Mutual savings banks
Nonmember
banks
Member
banks
1
4
18
20
1
Idaho
Illinois
Indiana
Iowa
Kansas
900
482
664
606
Kentnckv
Louisiana
Maine .
Maryland
Massachusetts
378
171
95
162
367
378
171
63
154
179
90
39
32
58
114
20
12
6
14
25
250
119
17
81
34
18
1
8
1
6
Michigan
M innesota
Mississippi
Missouri
431
678
200
598
109
431
677
200
598
109
77
177
25
77
38
150
28
7
101
44
192
460
165
402
27
12
12
3
18
Nebraska
Nevada
New Hampshire
New Jersey
New Mexico
419
8
109
333
52
419
g
75
310
52
124
5
51
197
26
16
1
1
67
8
233
2
10
43
17
46
13
3
1
11
23
New York
North Carolina
North Dakota
Ohio
Oklahoma
712
226
153
647
384
582
226
153
644
384
354
46
39
235
199
153
9
2
177
25
65
170
107
226
152
10
1
5
6
8
130
Oregon
Pennsylvania
Rhode Island
South Carolina
South Dakota
68
911
20
150
169
67
904
12
150
169
18
581
5
25
35
9
97
2
8
27
38
210
2
103
107
2
16
3
14
1
7
5
Tennessee
Texas
Utah
Vermont
Virginia
298
921
54
74
316
298
921
54
67
316
74
443
9
37
133
10
137
20
1
71
207
302
25
28
112
7
39
40
40
13
3
1
3
24
5
1
9
8
66
116
182
558
53
112
182
33
74
95
25
15
36
73
15
61
68
382
13
3
4
6
23
21
13
2
90
4
4
81
1
6
90
1
3
5
29
^Vashington
West Virginia
Wisconsin
Wyoming
1
2
24
9
9
66
27
2
2
478
554
53
2
113
2
2
3
8
7
1
24
1
188
1
23
3
3
7
4
2
3
1
23
13
22
53
15
28
1
5
41
1
6
3
1
61
2
3
2
4
1
1
1
2
1
1
Some State laws make a distinction between "branches" and certain other types of "additional offices." The table* however, covers all
branches or additional offices within the meaning of Section 5155 U. S. R. S., which defines the term "branch" as "any branch bank, branch office,
branch agency, additional office, or any branch place of business . . . at which deposits are received, or checks paid, or money lent." In addition the last column on the second page of the table shows the number of "banking facilities" at military and other Government establishments
provided through arrangements made by the Treasury Department with banks designated as depositaries and financial agents of the Government.
These tables are similar to those appearing in previous years (see May 1953 BULLETIN, pp. 548-549), except that the number of banks that
have no additional offices, other than "banking facilities" at military and other Government establishments provided through arrangements made
by the Treasury Department, are excluded from the number of banks maintaining branches or additional offices; these "banking facilities" are
shown in the last column of the table on p. 537, but are not included elsewhere. Branches that have been designated by the Treasury Department2 as "banking facilities" are included in the number of branches, but are not included in the number of "banking facilities."
The figures for member (commercial) banks and those for mutual savings (noncommercial) banks both include one mutual savings bank
in Indiana and two in Wisconsin. The total for "All banks," however, includes such banks only once; and they are not included in the total for
"Commercial banks."
3
These facilities are operated by 138 banks, 74 of which have no other type of branch or additional office.
4
Each bank is reported once only—according to the widest area in which it operates branches or additional offices.
NOTE.—All of the branches and additional offices are located in the same States as their parent banks except that one national bank in New
Jersey has a branch in Pennsylvania, one national bank in California has two branches in Washington and one in Oregon, and one noninsured
(unincorporated) bank in New York has one branch in Massachusetts and one in Pennsylvania. In the table these branches are shown according
to their own location, rather than that of the parent bank.
Backfigures.—SeeBanking and Monetary Statistics, Table 1, pp. 16-17, and Tables 73-79, pp. 297-311, for data through 1941 (descriptive
text, pp. 14 and 294-295) and BULLETINS for subsequent data, the latest of which appeared in May 1953, pp. 548-549.
536
FEDERAL RESERVE BULLETIN
NUMBER OF BANKS AND BRANCHES IN OPERATION ON DECEMBER 31, 1953—Continued
All branche s and additional offices (except banking facilities), All branches and additional offices
by class of bank 1
(except banking facilities),
by location 1
Commercial banks
Mutual
Outside; head office city
savings
Nonmember
Member
banks
Total
banks
banks
head
office In head In con- In nonTotal
city
office tiguous contiguous
NonInNaState
InNoncounty counties counties
tional member sured insured sured insured
State
United States
5,897
5,627
2,590
1,631
Alabama
Arizona . . . .
Arkansas
California
Colorado
26
71
21
1,023
1
25
50
1
1
5
797
169
92
26
71
21
1,023
1
76
32
34
46
33
46
24
30
14
12
32
11
.
Delaware .
District of Columbia
Florida
.
Georgia
2
50
. .
2
50
1,365
15
20
55
1
2
6
facfi-
ties at
Governestablishments 8
192
78
1
2,662
1,571
758
906
199
6
16
41
8
19
16
4
26
4
8
10
5
3
1
35
4
1
256
1
2
14
17
10
Bank-
2
14
1
2
129
144
37
33
14
20
8
1
1
7
1
7
9
46
12
46
35
1
49 4
5
10
8
1
64
Idaho
Illinois
Indiana
Iowa
Kansas
64
55
4
5
4
5
138
163
138
163
56
25
1
57
160
72
66
120
43
55
92
83
156
270
55
92
82
136
212
25
46
13
20
105
10
11
29
58
82
20
35
30
56
23
10
2
2
13
35
38
33
101
2
6
32
32
7
306
6
306
6
114
6
129
57
6
198
6
72
26
10
1
76
76
7
2
67
12
40
18
6
2
1
2
20
2
20
2
14
4
2
1
2
3
3
4
3
10
2
214
21
204
21
101
7
80
23
14
109
11
105
6
3
1
3
4
1,016
270
22
901
251
37
579
35
67
115
779
65
159
61
17
68
13
2
305
302
119
145
3
190
110
..
Kentucky
Louisiana
Maine
.
.
Maryland
Massachusetts
Michigan
. ...
..
Mississippi
Missouri
Montana
. ...
Nebraska
.
Nevada
New Hampshire
New Jersey
New M!exico
3
New York
North Carolina
North Dakota
Ohio
Oklahoma
Oregon
Pennsylvania
Rhode Island
South Carolina
South Dakota
116
1
2
270
22
116
94
12
196
22
2
1
20
58
1
10
4
2
38
10
40
48
13
84
161
23
309
57
66
51
178
10
47
22
117
63
15
39
67
32
20
127
32
11
127
18
4
49
11
9
6
22
3
7
56
172
. . .
332
66
66
51
117
.
168
150
6
12
4
150
150
15
7
127
Texas
Utah
Vermont
Virginia
West Virginia
Wisconsin .
Wyoming
. .
87
34
1
Distribution by location of Dranches with
respect to head office
40
11
18
29
Branches and additional offices (except banki ng faciH t i e s ) . . .
In head office city
. Outside head office city:
In contiguous counties.
In noncontiguous count ies
Banking facilities at militaryr and other Government establishments 3
7
1
84
11
5
53
11
3
2
67
13
13
4
3
2
11
2
3
1
11
29
11
40
10
9
18
7
8
4
11
23
9
9
24
13
5
1
7
17
5
9
17
28
34
65
5
18
'4
106
23
9
22
35
45
23
5
9
107
25
185
22
19
1
5
1
Member banks
Nonmember
commercial ban ks
Mutusil
savings b inks
T> 1 1
1,609
501
Outside head office city but not beyond head office cou n t y . . . .
Outside head office county but not beyond con tiguous c aunties..
In counties not contiguous to head office coun ty
3
71
4
National
Banks with branches or additional offices (except banking facilities)*
3
3
State
444
258
193
117
Insured
745
83
Noninsured
Insured
Noninsured
27
85
50
6
78
24
765
265
78
176
43
32
92
27
22
461
180
21
12
6
3
5,897
2,662
1,571
758
906
2,590
1,123
463
270
734
1,631
1
\ ,055
324
163
89
1,365
249
734
303
79
41
16
14
7
4
199
156
21
3
4
21
5
192
173
78
46
10
26
9
6
22
For footnotes see opposite page.
MAY
1954
537
PAGE
International capital transactions of the United States
540-545
Gold production
545
Reported gold reserves of central banks and governments
546
Net gold purchases and gold stock of the United States
547
International Monetary Fund and Bank
548
Central banks
548-552
Money rates in foreign countries
553
Commercial banks
554
Foreign exchange rates
555
Price movements in principal countries:
Wholesale prices
556
Consumers' price indexes
557
Security prices
557
Tables on the following pages include the principal available statistics of current significance relating
to gold, international capital transactions of the United States, and financial developments abroad.
The data are compiled for the most part from regularly published sources such as central and commercial bank statements and official statistical bulletins, some data are reported to the Board directly.
Figures on international capital transactions of the United States are collected by the Federal Reserve
Banks from banks, bankers, brokers, and dealers in the United States in accordance with the Treasury
Regulation of November 12, 1934. Back figures for all except price tables, together with descriptive
text, may be obtained from the Board's publication, Banking and Monetary Statistics.
MAY 1954
539-
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES
TABLE 1.—NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935, BY TYPES
[Net movement from United States, (—). In millions of dollars]
Increase in banking funds in U. S.
Total
From Jan. 2, 1935,
through—
1949—Dec.
1950—Dec.
1951—Dec.
1952—Dec.
Foreign
official i
Foreign
other
International3
Decrease
in U. S.
banking
funds
abroad
Total
Domestic
securities:
Inflow of
foreign
funds'
Foreign
securities:
Return
of U. 8
S.
funds
Inflow in
brokerage
balances
31
31
31
31
8,763.5
10,521.1
10,140.7
11,399.5
6,863.9
7,890.7
8,548.1
9,792.0
2,197.8
2,715.6
2,770.2
3,770.4
3,028.2
3,472.8
4.089.6
4,283.1
1,637.8
1,702.3
1,688.3
1,738.5
307.6
231.4
160.9
80.6
258.5
1,202.9
618.6
933.5
1,209.9
1,064.5
687.5
469.6
123.7
131.7
125.6
123.8
1953—Feb. 28
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
11,245.3
11,424.9
'11,683.8
11,870.7
11,946.6
12,022.4
12,221.7
12,408.4
12,484.0
12,599.0
12,541.0
9,646.2
9,849.7
10,125.8
10,185.7
10,160.5
10,247.4
10,443.0
10,649.7
10,767.8
10,937.3
10,879.3
3,641.4
3,866.7
4,043.8
4,103.5
4,147.6
4,112.0
4,248.8
4,449.1
4,488.7
4,622.9
4,611.1
4,279.6
4,298.4
4,340.9
4,318.6
4,255.7
4,366.6
4,420.0
4,424.5
4,410.6
4,451.7
4,330.4
1,725.2
1,684.7
1,741.1
1,763.5
1,757.2
1,768.7
1,774.1
1,776.1
1,868.5
1,862.6
1,937.8
95.3
88.8
100.1
153.5
182.7
'209.8
••211.6
r
227.6
'222.9
219.3
224.9
968.9
976.6
977.3
983.5
1,003.5
965.8
968.9
918.7
916.8
912.3
922.0
412.5
389.0
361.1
428.9
481.2
479.0
481.2
495.2
463.2
418.2
397.4
122.4
120.7
119.5
119.3
118.7
120.5
117.0
117.2
113.3
112.0
117.4
1954—Jan. 31*
Feb. 28*
12,519.5
12,657.6
11,054.7
11,187.9
4,650.4
4,758.6
4,365.8
4,376.9
2,038.5
i.052.5
200.5
227.9
914.3
893.1
227.4
225.6
122.6
123.2
TABLE 2.—SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES,
BY COUNTRIES *
[Amounts outstanding, in millions of dollars]
In
ternational
institutions 2
Date
Total breign
countries
Official
and
1
NethUnited
King- France erlands
dom
Switzerland 5
Italy
574.4
•656.6
642.6
817.9
171.6
260.7
289.4
342.6
170.5
193.6
148.8
203.1
576.9
553.0
521.3
641.8
869.1 1
L.436.7
961.0 179.5
303.6 717.0 2,513.9
899.0 1
1,612.9 1,378.5 254.5
314.7 799.2 «2,777.7
1,455.2 1,609.6 297.4
300.5 1,022.2 2,924.7 1,307.1 1
1,612.9 1,845.0 335.6
308.9 1,259.3 3,573.5 1,420.7 1
754.4
751.6
837.3
900.0
911.2
887.6
890.0
900.8
916.3
907.8
708.9
253.5
259.1
233.3
255.0
301.8
334.0
362.6
375.8
425.6
423.4
430.7
221.1
230.7
231.5
245.0
268.6
227.5
243.1
230.7
241.2
252.8
242.9
608.6
632.6
657.8
624.1
650.1
659.9
663.7
664.4
661.2
653.7
674.2
286.6
304.9
312.1
314.4
313.6
336.0
353.9
368.2
390.8
430.1
450.7
715.2 413.0 211.6
734.4 430.1 215.6
670.4
669.3
455.9 1,947.0 4,413.1 1,336.0
469.8 1,988.1 4,507.2 1,348.4
Other
Total
Europe Europe
Canada
Latin
America
Asia
All
other
Official
private
1949—Dec. 3 1 . . . 1,657.8 5,960.2 2,908.1
,722.2 •6,922.6 3,425.9
1950—Dec. 3 1 . . .
,708.2 7,594.0 3,480.5
1951—Dec. 3 1 . . .
,758.4 8,787.6 4,480.7
1952—Dec. 31 . .
1953—Feb. 2 8 . .
Mar. 3 1 . .
Apr. 30. .
May 3 1 . .
June 3 0 . .
July 3 1 . .
Aug. 3 1 . .
Sept. 3 0 . .
Oct. 3 1 . .
Nov. 3 0 . .
Dec. 3 1 . .
1954—Jan.
Feb.
,745.2
L.704.6
L,761.0
1,783.5
L,777.1
1,788.7
1,794.0
.796.0
1,888.4
L.882.6
1,957.7
3 1 * . 2,058.4
28*. 2,072.4
8,655.1
8,899.2
9,118.9
9,156.3
9,137.5
9,212.8
9,403.0
9,607.8
9,633.5
9,808.8
9,675.7
4,351.7
4,577.0
4,754.1
4,813.8
4,857.9
4,822.3
4,959.1
5,159.4
5,199.0
5,333.2
5,321.4
9,750.4 5,360.7
9,869.6 5,468.9
1,273.7
1,307.1
1,370.8
1,411.0
1,444.5
1,537.8
1,619.5
1,676.8
1,707.8
1,786.4
1,868.6
3,397.8
3,485.9
3,642.7
3,749.6
3,889.8
3,982.9
4,132.9
4,216.7
4,343.0
4,454.0
4,376.0
1,387.5 :L,610.0
1,349.1 1,692.5
1,365.0 L,744.0
1,231.4 1,829.9
1,119.4 1,808.9
1,142.1 1,785.5
1,147.5 1,815.4
1,197.1 1,839.7
1,205.7 1,734.9
1,260.3 L,762.4
1.295.5 L.768.4
1,901.5 358.4
2,012.6 359.1
2,005.6 361.5
1,966.7 378.7
1,935.3 384.1
1,948.2 354.1
1,963.4 343.9
2,001.1 353.2
2,000.9 349.0
2,008.3 323.8
1,909.7 326.1
1*770.2 1,912.8 318.2
1,781.4 1,901.8 330.8
r
p Preliminary'
Revised.
1
Represents funds held with banks and bankers in the United States by foreign central banks and by foreign central governments and their
agencies (including official purchasing missions, trade and shipping missions, diplomatic and consular establishments, etc.), and also funds held in
accounts with the U. S. Treasury.
a
Includes Bank for International Settlements, International Bank for Reconstruction and Development, International Monetary Fund, and
United Nations and other international organizations. '
'Figures include transactions of international institutions, which are shown separately in Tables 6 and 7. Securities of such institutions are
included in foreign securities.
*"Short-term liabilities" reported in these statistics represent principally demand deposits and U. S. Government obligations maturing in
not more than one year from their date of issue, held by banking institutions in the United States. The term "foreigner" is used to designate
foreign governments, central banks, and other official institutions (see footnote 1 above) as well as other banks, organizations, and individuals
domiciled outside the United States, including U. S. citizens domiciled abroad and the foreign subsidiaries and offices of U. S. banks and commercial firms.
•Beginning January 1950, excludes Bank for International Settlements, included in "International institutions" as of that date.
•Data for August 1950 include, for the first time, certain deposit balances and other items which have been held in specific trust accounts,
but which have been excluded in the past from reported liabilities.
NOTE.—These statistics are based on reports by banks, bankers, brokers, and dealers. Beginning with the BULLETIN for September 1951,
certain changes were made in the order and selection of the material published. An explanation of the changes appears on p. 1202 of that issue.
For further explanation and information on back figures see BULLETIN for August 1951, p. 1D30.
540
FEDERAL RESERVE BULLETIN
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
TABLE 2.—SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES,
BY COUNTRIES—Continued
[Amounts outstanding, in millions of dollars]
Table 2a.—Other Europe
Other Aus- Bel- Czech- DenosloEurope tria gium vakia mark
Date
1949—D ec# 31, # 717.0
119.9
38.0
1950—Dec. 3 1 . . 799.2 ii!9 128.2 **5.6' 45.5
1951—Dec. 3 1 . . 1,022.2 57.1 134.7 1.3 45.3
.6 70.4
1952—Dec. 3 1 . . 1,259.3 91.1 123.9
Finland
GerNormany Greece way
25.1
18.3
27.0
28.5
149.4
221 6
405.6
551.1
Poland
Por- Rutugal mania Spain
Sweden
U.S.
S.R.
Yugo- All
slavia otherl
29.6 69.4
32.3 43.6
45.8 99.7
47.3 110.3
4.2
2.8
3.4
38.1
45.7
40.7
57.4
6.7
6.1
6.1
6.1
15.7
21.3
17.1
19.2
90.1 10.2
115.3 4.0
71.7 2.5
91.0 1.7
7.6
13.2
7.1
12.0
117.4
52.4
57.6
45.2
131.2
130.8
133.9
129.1
128.4
132.9
139.8
148.0
118.2
126.9
130.3
.5
.6
.6
.6
.7
.7
.6
5
.5
.6
.6
60.7
62.3
70.0
69.4
71.0
72.6
77.2
81 7
88.1
92.8
95.7
28.6
26.1
26.9
29.7
34.3
35.7
32.8
30.7
33.5
35.7
37.9
552.2
585.7
626.8
645.7
682.8
739.5
773.3
793 7
827.2
850.0
898.8
116.9
115.9
116.6
119.2
109.1
108.4
110.3
113.7
115.7
117.6
118.5
2.3
2.4
2.1
2.2
2.0
2.4
2.9
3.4
2.2
2.9
2.2
54.6
54.9
55.1
57.8
57.2
62.9
70.3
66.7
70.0
73.1
72.4
6.1
5.8
5.8
5.8
5.8
5.8
5.8
5.8
5.8
6.0
5.8
19.0
17.6
18.2
22.7
19.3
19.9
22.1
23.4
32.7
35.9
36.0
93.0
89.2
88.7
88.5
86.7
87.9
94.3
103.5
96.0
105.2
116.7
3.4
2.8
1.6
1.3
2.2
6.5
8.0
8.3
2.0
2.8
2.0
9.7
9.3
9.8
10.8
7.9
10.5
13.2
7.4
9.0
7.7
6.9
45.3
44.3
44.7
46.6
47.8
52.6
51.2
51.0
52.0
54.9
53.0
1954—Jan. 31 P. 1,947.0 199.7 135.1
Feb. 2 8 P . 1,988.1 208.4 133.9
.6
.6
104.2
99.4
39.7
42.5
943.1 106.5 118.5
971.7 110.8 118.7
2.9
3.8
71.9
74.2
5.7
7.8
33.5
22.0
124.7
129.4
3.1
2.3
6.1
6.3
51.7
56.1
NethDoerminlands
ican Guate- Mex- West Peru
Remala
ico
Indies
puband
lic
Suri-
Republic of
Panama
Other
El
Sal- Uru- Vene- Latin
vador guay zuela Americ*2
74.3
59.2
67.7
80.8
i6!i'
27.8
25.6
1953—Feb. 28. . 1,273.7
Mar. 3 1 . . 1,307.1
Apr. 3 0 . . 1,370.8
May 3 1 . . 1,411.0
June 3 0 . . 1,444.5
July 3 1 . . 1,537.8
Aug. 3 1 . . 1,619.5
Sept. 30. . 1,676 8
Oct. 31. . 1,707.8
Nov. 3 0 . . 1,786.4
Dec. 3 1 . . 1,868.6
96.3
102.3
108.2
115.1
118.7
129.9
144.4
161.1
169.9
182.2
190.9
53.8
57.1
62.0
66.5
70.7
69.5
73.3
77.9
85.1
92.0
100.9
Table 2b.—Latin Americf 1
Latin
America
Date
Argen- Bo- Brazil Chile
tina livia
Colombia
Cuba
nam
1949—Dec. 31.
1950—Dec. 31.
1951—Dec. 31.
1952—Dec. 31.
1,436.7
1,612.9
1,455.2
1,612.9
201.1
301.8
249.7
138.8
13.5
20.4
27.8
24.5
192.8
226.0
100.3
72.5
60.9 85.9
79.5 53.4
54.0 106.4
79.3 118.2
164.2
214.6
259.1 '42.'7* '25.4' 207.1
263.6 45.8 27.3 158.2
301.2 44.2 34.3 231.2
25.9
30.2
34.9
44.3
52.8
60.2
47.2
60.9
1953— Feb. 28.
Mar. 31.
Apr. 30.
May 31.
June 30.
July 31 .
Aug. 31.
Sept. 30.
Oct. 31.
Nov. 30.
Dec. 31.
1,610.0
1,692.5
,744.0
1,829.9
L.808.9
,785.5
,815.4
1
1,839.7
1
1,734.9
,762.4
1 ,768.4
142.6
142.5
152.4
153.1
155.6
151.3
145.9
146.6
143.1
137.1
130.0
20.2
20.1
19.6
27.4
25.6
22.9
20.6
20.3
19.9
18.8
19.1
83.4
75.7
81.2
119.7
133.6
83.5
132.5
164.4
110.0
148.9
101.7
82.4
86.2
89.1
93.1
88.1
89.1
84.1
92.1
86.0
81.5
78.8
278.3
331.3
356.9
372.5
383.0
390.0
402.1
391.0
385.0
352.6
340.8
213.3
213.9
199.4
181.7
167.5
168.7
160.5
170.3
180.2
189.3
183.2
45.4
45.3
41.2
42.3
44.8
45.6
45.1
43.6
49.0
52.2
51.5
61.9 90.4
67.5 91.1
63.8 90.4
62.5 95.2
63.4 97.1
61.2 103.8
62.0 108.1
60.0 101.9
68.2 82.8
73.5
79.9
68.0 89.9
44.2 97.3
54.8 91.7
52.2 94.1
48.9 90.2
44.7 88.5
42.1 91.3
39.2 89.6
33.7 89.0
28.7 93.5
24.9 89.4
26.8 109.6
44.7 184.9
52.0 187.4
53.3
49.0
7? 7
69.9
3R 0
42.5
1954—Jan. 31 P 1 ,770.2 139.2
Feb. 28 P 1 ,781.4 160.8
18.8 100.0
20.3 90.1
126.5
123.9
125.4
122.0
121.6
130.4
129.9
115.6
116.2
132.0
150.2
68.6 152.5
65.7 151.2
45.3
47.0
48.3
48.0
47.5
50.2
48.9
45.0
41.9
42.4
39.3
345.1 42.8
353.5 45.4
41.2
45.6
49.1
47.2
45.2
43.2
40.3
36.4
32.7
32.1
37.9
87 ft
89.3
143.2
85.2
71.9
94.1 145.5
'HYl
84.7
207.4
71.3
87.8
117.4
103.9
117.3
143.2
186.4
156.8
166.5
165.2
197.8
173.1
184.1
222.4
133.6
138.6
137.8
139.6
145.9
H5.7
141.2
131.7
124.6
123.5
119.2
99.5 201 4
99.1 179.2
120 8
126.0
Table 2c. —Asia and All Other
Asia
Date
1949—Dec.
1950—Dec.
1951—Dec.
1952—Dec.
31.
31.
31.
31.
1953—Feb. 2 8 .
Mar. 3 1 .
Apr. 3 0 .
May 3 1 .
June 3 0 .
July 3 1 .
Aug. 3 1 .
Sept. 3 0 .
Oct. 3 1 .
Nov. 3 0 .
Dec. 3 1 .
ForEgypt
mosa
Philand Union
and Hong India Indo- Iran Israel Japan ippine Thai- Tur- Other All
Aus- Bel- Anglo- of Other*
ReChina Kong
land key Asia* other tralia gian Egyp- South
nesia
Mainpublic
Congo tian Africa
land
Sudan
961.0 110.6 83.9 63.3 15.7
1,378.5 81.7 86.1 55.7 114.7 i6!3 12!6
1,609.6 87.4 62.4 62.1 140.6 25.5 26 6
1,845.0 76.4 70.9 64.6 61.0 19.2 18.8
1,901.5
2,012.6
2,005.6
1,966.7
1,935.3
1,948.2
1,963.4
2,001.1
2,000.9
2,008.3
1,909.7
31 P 1,912.8
Feb. 28 P 1,901.8
1954—Jan.
214.6
458.5
596 0
808.0
22.7 862.8
15.4 897.1
15.3 892.6
16.4 882.9
16.5 891.7
14.2 910.2
19.6 919.4
19.5 932.2
18.3 912.0
14.4 914.9
18.0 827.9
77.6 67.4 97.5 75.7 41 .5 26.0 705 4
79.2 65.8 120.2 74.6 40.5 2 0 . 0 737.7
72.8
70.7
72.1
72.1
71.3
71.6
73.3
75.9
77.1
77.2
73.6
71.4
71.4
70.1
67.3
67.2
68.2
68.5
68.8
67.9
68.7
68.0
75.1
76.3
85.3
92.3
87.4
89.1
93.5
92.7
95.3
100.0
99.0
60.7
67.3
64.3
58.9
38.4
39.6
33.6
35.1
34.7
34.0
39.3
16.4
19.3
19.5
17.1
17.8
20.3
22.9
31.0
47.4
42.6
43.6
297.3
9 . 8 165.7 179.5 32.4
374.4 "48!i 14.3 111.9 254.5 19.1 '58.1
329.7 96.7 14.1 168.4 297.4 38.5 54.5
315.1 181.0 8 . 4 221.5 335.6 47.2 US.6
313.7
324.8
327.9
326.1
307.4
303.0
309.8
308.8
303.3
299.2
295.5
208.1
313.0
190.4
193.0
194.8
192.1
197.5
191.9
188.2
191.3
187.1
177.0
167.9
206.9
268.4
255.3
234.2
232.2
233.9
226.4
231.6
241.0
257.8
262.8
358.4
359.1
361.5
378.7
384.1
358.2
343.9
353.2
349.0
323.8
326.1
61.6
75.6
110.7
59.7
6.0
44.0
7.0
23.6
79.5
57.7
86.8
86.5
52.3
54.8
57.9
66.5
67.3
54.6
53.9
54.0
58.9
58.5
59.2
119.5
125.9
124.9
130.5
126.3
119.4
112.5
116.8
110.6
94.0
89.6
55.1
53.4
54.1
54.4
55.2
45.3
44.5
43.9
44.7
40.9
43.3
38.1 93.5
33.2 91.9
36.0 88.7
33.3 94.0
37.4 97.8
37.2 101.7
39.6 93.4
38.9 99.4
44.7 90.1
38.0 92.4
38.2 95.7
153.3 10.9 269.4 318.2 51.5
157.5 8 . 8 284.5 330.8 53.4
91.1
87.7
44.0
45.9
34.5
44.8
8.6
8.8
8.4
7.4
8.0
6.3
8.4
14.2
16.7
22.6
14.2
97.0
99.0
P Preliminary.
1
Beginning January 1950, excludes Austria, Czechoslovakia, and Poland, reported separately as of that date.
^Beginning January 1950, excludes Dominican Republic, Guatemala, El Salvador, and Uruguay, reported separately as of that date.
3 Beginning January 1950, excludes Iran, Israel, and Thailand, reported separately as of that date.
* Beginning January 1950, excludes Belgian Congo, reported separately as of that date.
MAY
1954
541
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
TABLB 3.—SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES,
BY COUNTRIES
(Amounts outstanding, in millions of dollars]
Total
Date
1949—Dec.
1950—Dec.
1951—Dec.
1952—Dec.
31
31
31
31
United
King- France
dom
Netherlands
Switzerland
11.2
7.1
22.6
20.7
10.3
17.8
Other
Total
Europe Europe
Canada
Latin
America
Asia
All
other
98.5
67.1
111.2
81.9
219.2
237.0
182.8
173.4
37.6
125.8
92.0
62.3
411.1
378 8
489 3
662.0
139.7
96.3
162.4
128.6
20.4
60.0
41.9
22.4
827.9 37.2
898.0 105.7
968.4 35.0
1,048.7 30.3
r
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
1954—jan, 3i P
Feb. 28P
51.8
31.4
10.1
31.9
5.2
3.4
5.0
4.4
1,034.1
1,040.6
l,029 3
'975.9
'946 7
'919.5
r
917.8
'901.8
'906.5
910.0
904.5
35.4
35.8
23.4
27.3
28 7
28.5
26.6
33.9
39.5
48.1
70.5
8.8
8.2
6.2
6.9
8.8
9.5
7.8
9.7
9.9
9.8
8.2
10.6
5.9
5.6
5.1
5.2
5.7
7.2
9.1
6.3
8.6
13.2
14.2
13.9
12.8
15 2
14.0
13.4
14.7
15.4
16.8
17.9
20.2
25.3
25 6
25.5
24 8
22.1
22 2
21.7
20.0
20.3
18.8
72.9
70.9
74 8
71.3
70 0
75 4
84 1
90 7
95.4
89.9
93 9
156.7
161.5
152.4
151.9
151.7
155.7
161.7
178.1
189.1
189.5
220.2
57.8
61.3
60.6
57.4
58 3
49.6
42 0
56.7
80.7
67.1
56.4
676.9
672.7
'662 4
'635.2
'602 9
'590.2
'594 1
'540.4
'502.4
506.5
472.7
124.0
125.5
132 0
110.3
112 1
103.6
100 2
106.3
112.0
125.4
130.4
18.7
19.6
21.9
21.1
21.6
20.4
19 8
20.3
22.3
21.6
24.9
928.9
901.5
1953—Feb. 28
Mar. 31
Apr. 30
May 31
66.9
59.9
7.4
7.1
6.2
9.4
18.1
16.1
16.7
17.5
103.1
100.1
218.4
210.2
51.7
59.2
476 0
450.4
156.1
157.6
25 7
24.0
Greece
Norway
Portugal
Spain
Sweden
Yugoslavia
All
other1
7.4
1.4
.5
.5
.8
10.5
3.8
Italy
8.7
Table 3a.—Other Europe
Other
Europe
Date
1949—Dec.
1950—Dec.
1951—Dec.
1952—Dec.
31
31
31
31
Austria
Belgium
Denmark
Finland
Germany
19.3
21.5
39.6
.4
3.2
4.8
8.2
2.2
3.1
30.0
25.4
28.3
.7
.2
.2
4.3
4.4
26.8
27.3
27.2
.2
.8
15.8
14.8
14.1
12.4
11.6
12.2
10.3
11.1
11.0
12.3
13.0
.2
.2
13.4
14.3
98.5
67.1
111.2
72.9
1953
Feb. 28
Mar. 31
Apr 30
May 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov 30
Dec. 31
1954—j an . 3i P
Feb 28P
.2
(«)
.2
70.9
74.8
71.3
70.0
75.4
84.1
90.7
95.4
89.9
93.9
103.1
100.1
.2
.1
.1
.1
.2
.4
.3
.1
5.1
5.1
3.6
1.5
4.1
2.9
1.3
2.3
3.5
.2
.5
.1
.3
.1
.2
1.7
1.5
1.1
1.3
.6
.5
.5
.5
1.1
.8
.8
1.0
.9
5.7
3.8
3.5
3.4
2.3
2.7
1.8
1.9
30.2
31.0
30.9
27.0
30.3
33.6
37.3
31.3
30.5
.7
1.3
6.0
4.1
1.5
1.3
40.1
43.6
1.4
1.4
4.3
5.3
6.2
7.0
1.6
2.5
1.9
.1
.1
.2
.4
.5
2.3
6.9
5.4
18.8
11.2
(i)
22 6
4.0
4.0
5.4
2.5
3.9
8.6
5.7
5.9
2.2
2.4
3.2
2.9
3 9
1.5
3.5
4.5
6 6
6.5
6.7
7.3
.5
6.9
6.5
.8
1.0
.6
.6
20.3
24.1
22.6
22.8
24.3
2.4
2.6
1.8
2.2
1.7
4.7
.4
.5
.4
2.4
2.7
4 2
5 3
4.3
4 8
1.2
1.6
.4
.5
24.4
19.8
2.1
1.7
4.5
5.4
7.5
6.7
.5
14.4
5 3
5.8
6 4
6.9
6 7
7.1
7.5
6.8
7.9
6.2
Table 3b.—Latin America
Latin
BoAmer- Argen- livia
tina
ica
Date
Brazil Chile
Colombia
Cuba
NetherDolands
minican Guate- Mex- West
Remala
ico Indies
and
pubSurilic
Peru
Republic of
Panama
El
Salvador
Uruguay
Other
Vene- Latin
zuela Americaa
5.3
3.1
3.0
*6i8
nam
31..
31..
31..
31..
411.1 53.6
378.8 45.9
489.3 7 . 6
662.0 8 . 2
1953—Feb. 2 8 . .
Mar. 3 1 . .
Apr. 30..
May 3 1 . .
June 30..
July 3 1 . .
Aug. 31. .
Sept. 30..
Oct. 31. .
Nov. 30. .
Dec. 3 1 . .
676.9 7.2
672.7 7 . 1
'662.4 7.7
'635.2 10.2
'602.9 9 . 0
'590.2 8 . 0
'594.1 7.6
'540.4 7 . 5
'502.4 7 . 0
506.5 6 . 7
472.7 7 . 1
1949—Dec.
1950—Dec.
1951—Dec.
1952—Dec.
1954—Tan. 31 P. 476.9
Feb. 28P. 450.4
7.3
7.2
136.9 15.5
78.0 6 . 8
185.0 24.8
356.4 26.4
21.1
42.5
43.7
41.7
27.5
27.6
32.3
32.5
383.3 19.4
370.7 19.0
'382.0 9 . 6
'366.5 9 . 0
'324.1 7 . 5
'316.2 7 . 7
'319.6 7 . 5
'273.7 7.5
'203.6 6 . 1
9.7
186.5 7 . 1
10.8 125.1 22.6
36.8
37.8
38.9
39.8
47.7
44.4
48.9
47.4
47.1
52.0
56.9
30.7
37.8
34.9
27.2
27.0
28.8
24.0
21.6
125.6 20.9
116.7 20.1
53.1
50.6
2.3
8.7
7.5
5.8
10.7
13.4
14.6
15.4
14.7
14.3
13.4
13.2
11.9
9.2
8.7
1.6
2.6
3.8
4.2
73.0
70.6
90.6
88.6
1.3
1.3
1.2
1.3
11.0
11.8
14.8
49.4
51.2
2.3
2.9
2.8
2.7
2.9
1.9
1.9
1.7
1.7
1.7
1.9
4.9
4.4
4.5
3.1
3.2
3.2
3.0
3.6
4.2
4.7
4.1
94.5
96.1
86.9
83.0
88.3
86.4
89.0
79.3
86.3
90.1
92.9
1.9
2.1
2.2
2.5
2.1
2.4
2.2
1.8
3.0
1.6
2.6
17.2
14.7
12.5
13.7
14.3
13.7
15.1
16.8
17.7
18.5
20.2
60.0
62.2
2.0
1.8
3.4
3.4
98.1
87.2
2.6
1.8
18.8
17.2
41.7
Y.9*
1.8
5.8
9.5
9.1
*8i6
10.5
14.3
26.6
49.4
41.7
36.7
43.1
14.6
14.5
13.7
4.2
5.4
4.9
5.4
5.6
5.4
5.8
4.9
7.4
4.6
6.8
4.9
5.0
3.4
4.0
3.3
3.7
4.8
6.0
7.9
8.2
9.2
7.3
7.4
4.6
3.6
3.3
3.2
3.4
3.8
4.4
3.7
33.0
35.7
33.4
35.1
35.2
35.6
35.4
36.3
39.2
40.3
41.6
14.1
14.8
14.5
14.0
13.9
15.5
14.2
16.1
18.2
18. t
19.3
5.7
6.2
8.9
7.4
2.8
3.3
40.8
38.8
17.8
17.8
6.5
5.0
^Preliminary.
'Revised.
1
Beginning January 1950, excludes Austria, reported separately as of that date.
2Less than $50,000.
3Beginning January 1950, excludes Dominican Republic, Guatemala. El Salvador, and Uruguay, reported separately as of that date.
542
FEDERAL RESERVE BULLETIN
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
TABLE 3.—SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES,
BY COUNTRIES—Continued
[Amounts outstanding, in millions of dollars]
Table 3c—Asia and All Other
Date
Asia
Formosa
PhilIndoand Hong
ippine Thai- Tur- Other All
land key Asia* other
China Kong India nesia Iran Israel Japan
Mainpublic
land
3 1 . . 139.7
3 1 . . 96.3
3 1 . . 162.4
3 1 . . 128.6
28.. 124.0
M a r . 3 1 . . 125.5
Apr. 30. . 132 0
May 31. . 110.3
June 30. . 112.1
July 31. . 103.6
Aug. 31. . 100.2
Sept. 30. . 106.3
Oct. 31.. 112.0
Nov. 30. . 125.4
Dec. 3 1 . . 130.4
16.6
18.2
10.1
10.1
1954—Jan. 31 P. 156.1
Feb. 2 8 P . 157.6
1949—Dec.
1950—Dec.
1951—Dec.
1952—Dec.
1953—Feb.
10.2
10.2
10.9
11.7
12.6
12.8
13.3
13.9
13.0
14.2
13.3
13.8
14.1
12.1
12.2
12.5
15.6
17.0
20.0
14.2
16.6
18.8
17.1
20.5
17.7
26.6
25.6
23.2
4.3
3.3
4.0
3.9
3.1
2.9
2.5
2.7
2.9
3.4
4.1
3.7
.2
.2
.3
.9
.6
.6
.6
.8
1.1
1.2
1.6
1.1
.6
.6
.8
2.9
3.2
1.0
.9
14.7 32.7 29.9
15.8 26.4 32.8
17.4
16.2
13.4
9.8
9.4
8.8
8.4
8.1
8.2
7.9
8.5
8.5
8.5
8.1
3.7
3.0
3.1
1.2
2.4
2.0
2.7
2.1
2.3
2.3
2.9
2.9
2.6
4.3
3.1
8.1
8.1
2.3
2.2
o\6
9.3
18.9
30.0
15.1
25.1
25.2
24.2
20.5
19.4
17.8
18.8
24.4
25.9
23.4
22.9
38.8
21.2
18.6
17.4
10.5
11.3
9.4
5.5
5.2
5.8
3.3
3.0
6.1
4.8
4.3
5.3
4.5
5.2
5.9
6.2
6.8
6.1
15.7
50.3
13.9
51.6
24.6
21.3
21.6
23.8
20.2
20.4
15.5
15.5
16.7
19.7
24.9
24.7
6.0
8.0
5.5
4.2
29.2
31.0
23.9
25.0
4.9
29.3
7.6
14.3
'i!s'
2.5
11.6
10.0
14.2
13.6
11.8
10.8
10.1
.9
.6
8.7
4.5
1.0
7.7
7.7
20.4
60.0
41.9
22.4
18.7
19.6
21.9
21.1
21.6
20.4
19.8
20.3
22.3
21.6
24.9
25.7
24.0
Australia
Egypt
and
Union
Bel- Anglo- of Other2
gian Egyp- South
Congo tian Africa
Sudan
7.9
7.6
7.2
7.2
6.3
6.3
7.0
5.8
5.7
8.0
6.7
6.6
7.1
5.9
5.7
5.7
5.8
6.3
.2
.3
.2
.5
.8
.3
9
1.0
.3
.2
.2
.1
.2
.4
.5
6.9
7.2
6.5
6.5
.7
.5
40.8
22.8
10.1
\X
5.7
6.4
6.6
6.5
7.0
6.0
7 1
4.5
7.3
6.7
2.0
2.1
2.7
2 8
2.8
2.9
2.9
2.9
2.3
2.7
2.3
2.4
2.8
3.1
3.5
3.4
4.6
3.9
4.6
5.1
7.8
7.4
7.8
4.7
5.1
6.8
4.6
TABLE 4.—PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM DOMESTIC SECURITIES, BY TYPES
(Inflow of Foreign Funds)
[In millions of dollars]
U. S. Government bonds and notes4
Corporate bonds and stocks 5
Year or month
Total
purchases
Total
sales
7.7
7.2
6.5
3.8
8
Net
purchases
of
domestic
securities
Purchases
1953—February
March
April
May
June
..
July
August
October
November. . .
December
-J954—TanuaryP
FebruaryP
. . .
Net
purchases
Purchases
Sales
Net
purchases
430.0
1,236.4
673.6
533.7
1949
1950
1951
1952
Sales
333.6
294.3
1,356.6
231.4
96.4
942.1
—683.0
302.3
354.1
774.7
859.8
850.3
375.3
772.3
761.0
837.7
—21.2
2.4
98.7
12.6
784.1
2,011.1
1,533.3
1,384.0
708.9
1,066.6
2,117.6
1,069.0
75.2
944.4
—584 3
314.9
27.6
26.3
12.9
145.5
28.8
36.6
30.1
43.1
24.4
37 0
191.1
37.5
18.6
9.6
136.7
22.7
82.3
29.3
116.4
28.8
38 6
192.6
-9.8
7.7
3.3
8.8
6.1
-45.7
.8
-73.3
-4.4
-1 6
-1.5
76.2
85.8
71.3
61.7
65.0
56.2
49.7
68.2
53.3
57 5
75.4
64.9
85.8
73.9
64.3
51.1
48.3
47.3
45.1
50.8
60 4
64.1
11.3
(•)
-2.6
-2.7
14.0
7.9
2.4
23.1
2.5
—3 0
11.3
103.8
112.1
84.2
207.2
93.8
92.8
79.7
111.3
77.7
94 5
266.4
102.3
104.4
83.5
201.0
73.8
130.5
76.5
161.5
79.5
99 1
256.7
1.4
7.7
.7
6.2
20.0
-37.8
3.2
-50.2
-1.9
—4 6
9.8
33.1
87.4
38.0
99.9
-4.9
-12.6
68.7
77.1
71.6
85.7
-2.9
-8.6
101.9
164.5
109.6
185.6
-7.8
-21.2
TABLE 5.—PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM FOREIGN SECURITIES OWNED
IN THE UNITED STATES, BY TYPES •
(Return of U. S. Funds)
Fin millions of dollars]
Foreign stocks
Year or month
Foreign bonds
Total
purchases
Total
sales
Net
purchases
of
foreign
securities
410.1
763.0
772.7
789.1
382.3
908 4
1,149.7
1,007.0
27 8
— 145 4
—377 0
—217.9
92.1
80.6
79.0
60.8
54.7
71.5
36.4
33.1
139.0
105.1
94.9
-38.0
—23 4
—28 0
67.8
52 3
—2.2
2 2
14 0
-32.0
-45 0
-20.8
256.6
73.4
-170.0
-1.8
Purchases
Sales
Net
purchases
Purchases
Sales
88.8
173.8
272.3
293.9
70.8
198.2
348.7
329.6
18.0
—24.4
-76.4
-35.8
321.2
589.2
500.4
495.3
311.5
710.2
801.0
677.4
1953—February
March
April
May
June
Julv
August
September
October
November
December . .
24.7
27.5
21.8
16.9
44.9
23.1
18 6
23.9
23.1
25 6
34.5
24.3
37.6
20.8
41.8
21.9
21.2
18.5
16.3
18.4
25 6
30.9
.4
29.4
29.7
29.2
111.7
62.1
46.2
20.0
23.2
83.9
34.6
39.5
67.8
43.0
58.2
19.0
32.8
50.3
17.9
!6.9
120.6
79.6
64.0
-36.7
-45.0
-24.4
54.1
57.2
51.1
128.6
107.1
69.3
38.6
47.1
106.9
60.2
74.1
-1954—Tanuaryp
February?
28.1
26.9
26.9
38.9
58.6
44.7
229.8
34.5
-171 .2
10.2
86.7
71.6
1949
1950
1951
1952
MAY
1954
—10.1
1.0
-24.9
23.0
2.0
.1
7.7
4.7
(6)
3.6
1 .2
-12.0
Net
purchases
9.8
-121.0
—300.6
-182.1
-38.4
— 13.3
—29.0
92.7
29.3
-4.1
2.1
6.3
543
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
TABLE 6.—DOMESTIC SECURITIES: NET PURCHASES BY FOREIGNERS OF LONG-TERM UNITED STATES SECURITIES,
BY COUNTRIES
(Inflow of Foreign Funds)
[Net sales, ( - ) . In millions of dollars]
Year or
month
1949
1950 . .
1951
1952
1953—Feb....
Mar....
Apr....
May...
June...
July...
Aug
Sept
Oct....
Nov....
Dec....
International
institutions
Total
87.0
121 2
—15.9
14.7
United
Kingdom
France
—11.8
823 2
—568.4
300.2
20.9
64 0
21.4
70.4
—6.8
197 8
6.0
5.5
—25.5
—6 3
—22.2
—21.9
44.2
19 0
45.9
50.7
1.5
— .7
1.9
.5
10.5
-9.1
2.1
1.0
1.2
5.2
1.3
.5
6.8
-.5
1.0
10.0
-.4
.6
.1
.4
2.0
-1.3
-3.4
-5.4
.1
-.2
-.1
-.7
.1
.4
.1
-2.8
— .1
-1.1
6.7
4.4
2.7
2.5
5.2
2.5
5.5
9.6
1.3
2.1
1.2
-2.0
-2.9
1.1
.1
2.5
-.6
5.4
9.0
6.8
2.6
4.2
18.7
-38.3
-49.0
-4.2
-14.1
-8.2
-36.2
-4.4
-13.0
14.2
-2.5
25.7
1.0
.7
.3
.2
1.1
-8.6
-21.8
8.5
6.1
-7.1
-16.2
8.5
1954—Jan. P . .
Feb. P . .
.9
.7
7.4
6.3
Nether- Switzerlands
land
-.9
-1.1
-1.9
-.5
-.8
Other
Europe
Italy
0)
0)
-.5
.1
Total
Europe
Canada
Latin
America
2.2
6.2
36.5
347 5
9^2
111.4
—49.0
45g*2
—595^5
191.6
30 !l
13 9
4l7
-7.7
-1.4
.1
-.5
10.0
C1)
-8.8
-3.8
— 1.0
— .4
73.8
—43^8
0)
2^6
-1.5
.5
1.6
.8
1.0
1.9
0)
-.1
.1
.8
1.4
.8
.8
1.5
2.3
.3
-.5
(*)
11.8
3.9
2.7
-6.8
-6.7-
28.5
1 .5
-11.1
#2
2 7
—9!5
-.4
-3.1
-6.5
-50.5
-9.9
— 14.9
-17.4
4.7
-.7
1.6
—2 1
—15 .3
.2
.1
-.2
.5
.4
.1
-.5
-.5
-3.3
-2.9
' -.1
6.0
11.4
-36.3
11.4
12.7
0)
2.5
All
other
Asia
-.3
.6
.2
-1.0
-.5
.4
-.1
-.3
1.0
-.3
-.8
.9
.3
-1.0
TABLE 6a.—DOMESTIC SECURITIES: NET PURCHASES BY FOREIGNERS OF LONG-TERM UNITED STATES SECURITIES
Other Europe; Latin America; and Asia
1949
1950
1951
1952
— .9
1.6
12.6 36.7
5.7 - 3 8 . 1
6.0
— .5
2 2
18.4
73.8
-43.8 -11.9
.4
6.2
1953 Feb
Mar....
Apr
May...
June...
July...
Aug...
Sept. .
Oct. . . .
Nov...
Dec. ..
—7 7
-1.4
.1
1954—Tan. P . .
Feb. P . .
1.0
1.9
0)
2^6
-1.5
1.6
0)
1.6
__
0)
E
1
2 2
-2.J
2.0
.1
.6
#^
0)
0)
0)
— .6
1.4
l.(
0)
— J
#^
-.1
.1
*t
Colombia
2.5
30.1
13.9
4.7
1.4
6.0
6
—6 8
— .1 - 1 . 5
.2
— i
.2
.2
— 2
1
Latin
All
other America
Norway
Other AusBelSurope tria » {him
1.2 —1.0
-1.2
24.6
.5
6.1
— .8
.2
3
.5
2.5
2 6
4.2
.1 - 5 . 0
.8
2.6
—6.5
2.7
6
.1
-.5
0)
0)
0)
.5
-.1
-.3
3
.1
-2.8
-4.2
.3
0)
0)
0)
11.8
3.9
2.7
— 2
-.3
.3
.6
Asia
-2.1
-15.3
4.8
—9.5
.5
.3
.5
.6
.1
11.7
2.6
2.4
5.,
Formosa
Philipand
Hong Pine Other
China Kong ReAsia
Mainpubland
lic
-2.1
11.1
1.5
6.6
.3
.2
1.2
1.0
1 0
.6
-.2
.9
1.6
.4
-.1
— 1
8
Republic Uru- Other
Latin
of
8
Pan- guay America
ama
Mexico
3 — 3
.7
.2
.1 0)
-.5
-2.6
3 — 3
1
-.1
.7
.6
-.1
.5
0)
— .1
-.7
.*5
— 6 — .2
.6
-.4
-.4
3
-.1
.8
1.4
.8
.8
1.5
2.:
-3.3
-2.9
r.
Cuba
!i
— 2
.5
.4
.1
.5
-7.2 -1.0
5.5
.9 - 1 5 . 6
2.3
-3.0
7.0 - 2 . 1
-.2
(
1.3 - 1 1 .4
— .3
\
K
.6
— 5
_
e
3
i
.1
-.5
-.2
.2
0)
-!2
(0
-.4
0)
0)
-.3
.2
33 331333' 3333
Year or
month
.1
.1
.1
.5
.1
.1
.1
-.1
0)
TABLE 7.—FOREIGN SECURITIES: NET PURCHASES BY FOREIGNERS OF LONG-TERM FOREIGN SECURITIES OWNED
IN THE UNITED STATES, BY COUNTRIES
(Return of U. S. Funds)
[Net sales, (—). In millions of dollars]
1949
1950
1951
1952
1953—Feb.. ..
Mar....
Apr....
May...
June...
July.. .
Aug
Sept. . .
Oct....
Nov....
Dec....
International
institutions
Total
United
Kingdom
France
—16.0
-3.6
-152.7
—118.1
Year or
month
43.8
-141.8
-224.3
-99.8
-13.5
-6.1
-2.0
-4.4
.4
-1.3
-4.1
4.9
9.5
-.1
3.4
-.5
2.1
-47.5
-23.3
—31.3
68.3
50.3
.3
2.9
.3
-2.2
-.3
0)
-1.1
21.7
-.1
.1
2.5
— .2
-.6
-.5
14.0
41.1
-45.5
-20.3
-.2
5.8
3.7
4.5
1954—Jan.P. . - 1 0 0 . 6
.8
Feb. P . .
-69.3
-2.6
2.8
0)
-73.1
p Preliminary.
iLess than $50,000.
544
1 .5
2
.6
1.2
.4
.9
0)
-.1
1.9
-.1
-.4
.3
.3
.2
Nether- Switzerlands
land
_
x
2.8
-8.7
1.4
.1
-1 3
.
C)
-.4
-2.8
-2.3
— .7
5.2
-2.7
-2.0
—
Q
-4.1
19.1
17.2
14.2
8.7
1.1
.5
.5
2.2
2.3
2.1
1.9
5.2
Other
Europe
Total
Europe
Canada
Latin
America
.4
.5
1.2
1.2
24.6
30.8
13.4
28.5
19.9
-10.6
-190.0
-258.6
-141.0
20.2
29.8
33.8
25.3
.8
1.0
-36.0
-10.0
2.6
3.9
7.9
6.0
.1
.1
.5
5.2
1.7
.7
1.6
.8
.4
1.2
4.9
1.8
3.8
9.4
3.1
2.1
-47.9
-32.6
-33.8
67.2
22.9
-18.0
-2.6
-1.7
-3.8
-2.1
-2.2
-2.7
-.4
-.7
-.8
-3.5
-5.4
-2.6
-9.8
-49.6
-23.3
1.9
1.3
3.1
.9
7.3
2.1
1.4
2.4
9.3
2.2
1.6
-90.7
—1 .3
5.6
.1
-2.6
-4.8
Italy
0)
0)
2.3
1.4
.2
.6
.1
-.9
1.9
.1
.6
2.1
.1
.4
.1
15.8
7.8
16.4
18.2
26.3
.5
-.2
0)
6.5
33.7
4.8
4.7
5 5
11.7
1C.7
8.9
.3
5.1
Asia
All
other
.3
.1
.2
-4.1
18.1
1.4
.7
8 .8
.5
2.1
9.4
-7.4
Not available until 1950.
FEDERAL RESERVE BULLETIN
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
TABLE 8.—INFLOW IN BROKERAGE BALANCES, BY
COUNTRIES
(The Net Effect o i Increases in Foreign Brokerage Balances in U. S.
and of Decreases in Balances Held by Brokers and Dealers in
U. S. with Brokers and Dealers Abroad)
TABLE 9.—DEPOSITS AND OTHER DOLLAR ASSETS HELD
AT FEDERAL RESERVE BANKS FOR FOREIGN
CORRESPONDENTS x
[In millions of dollars]
Assets in custody
[In millions of dollars]
Year or month
Total
Deposits
U. S. Government
securities2
Canada
Latin
America
Asia
and all
other
1952—Dec. 31
550
2,156
86
1953—Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
30
31
30
31
31
30
31
30
31
506
515
527
566
524
512
448
417
423
2,425
2,455
2,449
2,378
2,588
2,641
2,674
2,694
2,586
97
95
101
95
95
94
97
99
106
1954—Jan.
Feb.
Mar.
Apr.
31
28
31
30
440
490
494
471
2,632
2,716
2,784
2,840
99
88
92
96
1954—Apr. 7
Apr. 14
Apr. 21
Apr. 28
491
469
443
469
2,791
2,817
2,865
2,857
93
96
97
96
1949
1950
1951. .
1952
.6
8.0
-6.1
-1.8
1.0
3.0
-3.3
-1.6
.9
-3.0
2.8
-1.0
-1.3
4.4
-5.0
1.0
1953—February....
March
April
May
June
July
August
September. . .
October
November. . .
December....
-4.8
-1.7
-1.2
-.2
-.6
1.8
-3.5
.2
-3.9
-1.3
5.5
-4.7
-1.3
4.7
-.5
-4.9
2.6
-2.9
-.8
2.0
-1.6
1.7
1.1
1.6
-4.4
.8
6.7
-1.7
-.5
-.1
-6.1
1.0
1.3
-1.0
-1.1
-2.2
— .6
-1.7
.2
.6
1.0
1.4
—2.2
2.0
0)
3.5
-.6
-.2
-.2
-.9
.6
.1
-.8
.7
-.6
.2
-1.2
1.4
.6
5.2
2.5
3.8
-.9
-1.4
.4
3.1
.3
-.3
.6
1954—January P
February P
Date
Europe
P Preliminary.
iLess than $50,000.
2
Amounts outstanding (in millions of dollars): foreign brokerage
balances in U. S., 89.5; U. S. brokerage balances abroad, 43.2.
Miscellaneous3
1
Represents dollar assets belonging to foreign monetary authorities
and the Bank for International Settlements. Excludes assets held for
the International Bank for Reconstruction and Development and
International Monetary Fund and earmarked gold. See footnote 4,
p. 547, for total gold under earmark at Federal Reserve Banks for
foreign and international accounts.
2
U. S. Treasury bills, certificates of indebtedness, notes and/or bonds.
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
U.S.S.R.i reported
monthly
Year or
month
North and South America
Africa
South
Africa
Rhodesia
West
Africa'
Belgian United
Congo2 States3
Canada
Colombia
Mexico
Other
Chile
Nica- Austra- India2
lia
ragua4
$1=1 5«/n gra ins of go\ d 8/io fine: i. e., ai * ounce o fine goh I =$35.
f
1947
1948
1949
1950
1951
1952
1953
766.5
805.0
840.0
864 5
840.0
864.5
1953—February
March
April. . . .
May
June
July
August
September.
October
N o vember
December.
1954—— Tanuarv
February
r
705.5
728.1
753.2
777.1
758.3
780.9
60.9
65 2
64.2
65.5
64.7
67 0
66.0
65.7
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
69.7
32.4
34.7
34.3
34.9
34.1
35.9
35.6
35.0
35.6
35 1
35.7
1.4
4
4
4
5
2.1
2.1
2.1
2.1
2.1
2.1
2.1
1.1
1
1
0
1
1
4.3
5.2
5.2
6.1
6.0
6.8
6.2
2.1
2.2
2 2
2.2
.2
6.2
6.8
123.5
144.2
155.4
153.7
156.5
142.4
12.4
13.3
12.9
12.9
12.7
12.9
11.5
11.7
10.0
6.2
9.5
35.7
34.5
1.5
s
S
1.5
2.1
1
.9
6.1
1.5
1
5.1
4.9
107.5
9.6
10.3
16.3
12.9
14.2
14.3
13.8
16.1
13.4
11.7
12.6
13.3
15.1
14.8
15.3
1
2
1
4
3
5.7
6.3
6.7
6.1
6.2
7.4
7.8
7.7
8.0
8.8
8.9
1
1 4
7
L 2
L 2
1
0
1
1
.9
32.8
31.2
31.3
30.4
31.3
34.3
9.1
.7
.7
.7
.9
.8
.9
.8
.7
.8
7
.7
1.7
s
5.9
.3
.4
.4
.3
.4
.3
.3
.4
6.1
6.5
5.7
6.7
7.9
8.9
7.4
2.8
3.1
2.9
3.0
3.4
2.8
3.7
3.0
3.1
.6
6
.7
.7
.5
.7
.6
.7
.6
6
.5
.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.
i Estimates of United States Bureau of Mines.
2
Reported by American Bureau of Metal Statistics.
3 Yearly figures through 1952 are estimates of United States Mint. Figures for 1953 and 1954 are estimates of American Bureau of Metal
Statistics.
4
Gold exports reported by the National Bank of Nicaragua, which states that they represent approximately 90 per cent of total production.
NOTE.—For explanation of table and sources, see BULLETIN for June 1948, p. 731, and Banking and Monetary Statistics, p. 524. For annual
estimates compiled by the United States Mint for these and other countries in the period 1910-1941, see Banking and Monetary Statistics, pp.
542-543; for figures subsequent to 1941 see BULLETIN for April 1953, p. 427.
MAY
1954
545
REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]
End of
month
Estimated
United States
total world
(excl.
U.S.S.R.)1 Treasury Total*
Argentina
Belgium
Bolivia
Brazil
Canada
698
587
621
706
23
23
23
21
317
317
317
317
496
590
850
896
40
40
45
42
21
21
21
21
21
21
21
21
21
317
317
317
317
317
317
317
317
317
321
911
924
934
944
951
960
970
976
984
996
321
321
321
1,005
1,017
1,022
1949—Dec
1950—Dec.. . .
1951—Dec. . .
1952—Dec.
35,410
35,820
35,970
36,280
24,427
22,706
22,695
23,186
24,563
22,820
22,873
23,252
1953—Mar.
Apr....
!May
June...
36,330
22,563
22,562
22,537
22,463
22,277
22,178
22 128
22,077
22 028
22,030
22,649
22,639
22,590
22,521
22,353
22,275
22,220
22,146
22,112
22,091
702
690
695
696
701
715
721
754
766
776
21.9S6
21,958
21,965
22 044
22.036
22,035
779
787
787
France 3
Germany,
GuateFederal
mala
Republic
of
July
Aug.
Sept
Oct...
Nov
Dec.
36,390
36 480
P36.710
1954—j an
Feb
Mar
End of
month
Egypt
1949—Dec
1950—Dec.
1951—Dec
1952—Dec
53
97
174
174
523
523
548
573
1953—Mar
Apr
May....
June
July....
Aug....
Sept
Oct
Nov. . . .
Dec
1954—j an
174
174
174
174
174
174
174
174
174
174
Mar
216
216
268
India
Indonesia
Iran
Italy
Chile
Colombia
52
74
Cuba
Denmark
Ecuador
299
271
311
214
32
31
31
31
21
19
22
23
42
41
41
41
41
41
42
42
42
42
196
196
196
196
196
196
196
186
186
186
31
31
31
31
31
31
31
31
31
31
23
23
23
23
23
23
23
23
23
23
42
42
42
186
186
186
31
31
31
23
23
23
Mexico
Netherlands
Norway
Pakistan
Peru
28
140
27
27
27
27
247
247
247
247
178
209
280
235
140
140
138
138
256
256
333
346
52
208
208
144
195
311
316
544
51
50
50
50
27
27
27
38
28
31
46
46
573
573
573
573
573
576
576
576
576
576
184
185
210
210
224
247
259
282
303
326
27
27
27
27
27
27
27
27
27
27
247
247
247
247
247
247
247
247
247
247
208
208
208
208
177
168
163
150
150
145
137
137
137
137
137
137
137
137
137
137
346
346
346
346
346
346
346
346
346
346
179
180
181
172
173
174
155
156
158
158
605
605
605
615
662
683
723
733
733
737
55
55
55
55
55
55
55
55
55
52
38
38
38
38
38
38
38
38
38
38
46
46
46
46
46
46
46
36
36
36
174
174
174
576
576
576
340
369
387
27
27
247
247
247
787
772
772
48
47
47
38
38
38
36
36
36
End of
month
Portugal
El Salvador
South
Africa
Spain
Sweden
Switzerland
1949—Dec
1950—Dec
1951—Dec
1952—Dec
178
192
265
286
17
23
26
29
128
197
190
170
85
61
51
51
70
90
152
184
,504
,470
,452
,411
1953—Mar
Apr
May....
June
July....
Aug
Sept
Oct
Nov....
Dec...
305
311
318
324
330
331
337
348
350
361
29
29
29
29
29
29
29
29
29
29
174
173
175
175
175
176
175
175
175
176
52
53
53
54
54
54
54
54
54
54
194
194
194
193
203
204
206
219
219
218
1954—Jan
Feb
Mar
373
379
386
29
29
29
176
177
54
54
218
218
218
Feb
137
137
Inter- Bank for
national InterMone- national
tary
SettleFund
ments
Turkey
United
Kingdom
118
118
113
113
154
150
151
143
41,688
43,300
*2,335
41,846
178
236
221
207
373
373
373
373
1,451
,495
,530
,692
68
167
115
196
,418
,418
,432
,441
,450
,452
,456
,460
,460
1,459
113
113
113
113
113
113
113
113
113
113
144
144
144
144
144
143
143
143
143
143
42,166
42,273
42,321
42,367
42,456
42,469
42,486
42,520
42,561
42,518
217
217
222
222
222
222
222
222
222
227
373
373
373
373
373
373
373
373
373
373
,693
,693
,693
.698
,699
,700
,700
1,700
1,701
L.7O2
233
242
211
193
195
188
198
195
190
193
1,458
1,469
113
113
144
144
144
42,543
42,583
4
2,685
227
227
373
373
1,702
,702
1,703
194
190
199
Thailand
Uruguay
Venezuela
^Preliminary.
includes reported gold holdings of central banks and governments and international institutions, unpublished holdings of various central
banks and governments, estimated holdings of British Exchange Equalization Account based on figures shown below under United Kingdom,
and estimated official holdings of countries from which no reports are received.
2
Includes gold in Exchange Stablization Fund. Gold in active portion of this Fund is not included in regular statistics on gold stock (Treasury
gold) used in the Federal Reserve statement "Member Bank Reserves, Reserve Bank Credit, and Related Items" or in the Treasury statement
"United States Money, Outstanding and in Circulation, by Kinds."
3
Represents gold holdings of Bank of France (holdings of French Exchange Stabilization Fund are not included).
4
Exchange Equalization Account holdings of gold, U S. and Canadian dollars, as reported by British Government. (Gold reserves of Bank
of England have remained unchanged at 1 million dollars since 1939, when Bank's holdings were transferred to Exchange Equalization Account.)
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.
546
FEDERAL RESERVE BULLETIN
NET GOLD PURCHASES BY THE UNITED STATES, BY COUNTRIES
(Negative figures indicate net sales by the United States)
[In millions of dollars at $35 per fine troy ounce]
Year or quarter
1945
Total
Belgium
Portugal
130.8
40.7
-23.5
-79.8
-4.5
-100.0
-65.0
-47 9
-10.0
116 0
63.0
14.0
-15.0
-34.9
-5.0
-59.9
278 5
—452 9
721.3
2,864.4
1,510.0
193.3
-1,725.2
75.2
393.7
-1,164.3
406 9
734.3
446.3
-1,020.0
469 9
440.0
-480.0
—876 3
-55.6
291 4
715.7
—400 0
-80.0
320 0
629.9
-12 3
557 3
105.7
-1.3
-268.0
1946
1947
1948
1949
1950
1951
1952
19"53
Netherlands
France
31 1
14 2
222 8
69.8
-41 0
-55.0
-10 3
-3.8
-84.9
United
Kingdom
520 0
Canada
Argentina
—86 8
-7 4
-29.9
27.3
10 0
86 6
3.0
-5.6
5.8
- 4 0 . 0 2_i5Q 9
—22.9 - 3 8 . 0
-68.0
-32.0 -15.0
-60.1
22.5
-29.3
- 2 0 '.b' - 6 5 . 0 3-238.5
36.8
337.9
311.2
-224.9
153.2
727.5
114.1
-49.9
20 2
-.2
264 6
15.8
-84.8
-20.0
Switzerland
Other
Europe 1
Sweden
80.2
238 0
3.4
-100.0
—10.0 ' J.49.9
-20.0
7.2
-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 -118.2
-60.2
-20.0
87.7
-28.1
1951
Jan.-Mar
Apr -June
July-Sept
Oct -Dec
- 4 .5 -10.0 -15.0
— 15 0
- 5 . 0 -17.0
—5 0
-91 7
2.0
71 7
— 15.0
-44.3
—11 2
-3.5
—1 1
—10 0
-49.9
—20 0
-124.4
64.1
1952
Tan -IVtar
Apr -June
July-Sept
Oct.-Dec
22 5
— 10 1
6.9
.3
-80.0
-320.0
—40 0
-120.0
-100.0
-24.0
-36.5
—3 4
-12.4
—32 6
11 3
101.4
-19.3
-5.0
-20.0
-25.0
-71.7
-18.8
-82.8
-65.3
-54.9
-20.0
-10.0
-28.1
1953
-599.1
— 128 2
-306.6
-130.3
Jan.-Mar
Apr -June
July-Sept
Oct -Dec
-25.0 -15.0
-15.0
-40.0 -15.0
-15 0
-10.0
-10.0
-20.0
-25.0
-15.0
-5.0
NET GOLD PURCHASES BY THE UNITED STATES,
BY COUNTRIES—Continued
ANALYSIS OF CHANGES IN GOLD STOCK OF
UNITED STATES
(Negative figures indicate net sales by the United States)
[In millions of dollars]
[In millions of dollars at $35 per fine troy ounce]
Year or
quarter
Uruguay
Venezuela
Other
Latin
America
Asia
and
Oceania
Union
of
South
Africa
Gold stock at
end of period
All
other
Period
Treasury
-37.9 -73.1
-4.9
-9.2
-3.7
25.1
10.7 - 1 0 8 . 0
. . . . -14.4 -50.0
—64 8
22.2
— .9
14 9
-15.0
1945
1946
1947
1948
1949
1950
1951
1952
1953
- 2 7 . 8 4-188.3
13.7
25.0
1.0
79.1
-4.1
13.4
-52.1
-7.5
-35.4
-17.2
- 1 7 . 2 «-50.1
-4.8
-25.1
-9.4
-3.8
"94!3
256 0
498.6
195.7
13.1
52.1
11.5
3.7
22.9
11.9
6.9
-1.6
8-47.2
5-84.0
-2.0
-9.9
1951
Jan.-Mar
Apr.-June
July-Sept
Oct.-Dec
-50.9
15.0
28.0
30 1
-.9
-11.7
-5.0
• 3.5
-4.0
-28.0
-18.8
-2.4 ' "u.7 - 2 5 . 0
20.3 - 3 1 . 0
-3.9
19.2*
-25.0
1952
Jan -M^ar. . .
Aor -Tune
July-Sept
Oct -Dec
10 0
4 8
-17.6
-7.4
-2.0
2.0
-3.2
-2.4
.4
.3
-3.6
-4.3
-1.2
4.3
7.2
-.1
-1.9
1953
Jan.-Mar
Apr.-June
Tulv-SeDt
Oct -Dec
-10.0
—5.0
1
Includes
2
Includes
3
— 1
-.1
—1 4
-2.4
1954
22 ,726
21 .938
20 ,619
20 ,065
20 ,529
22 ,754
24 ,244
24 .427
22 ,706
22 ,695
23 ,186
22 ,030
(-)
22,739
—23.0 315.7 —458.4 125.4
68 9 —803.6 48.3
—757.9
21,981
20,631 — 1,349 8 -845.4 —459.8 35^8
20,083
-547 8 -106.3 —356 7 32.0
20,706
456.4 51.2
623 1 311.5
22,868 2 2,162.1 1,866.3
210.0 75.8
24,399 1,530 4 1 680 4 — 159.2 70 9
24,563
164.6 686.5 - 4 9 5 . 7
67^3
22,820 — 1,743.3 —371 3 -1,352.4
80.1
52.7 -549.0
617^6 66^3
22,873
23,252
378.9 684 3 —304.8 67.4
2 . 2 -1,170^8
22,091 — 1,161.0
69^7
1953—Apr. . . 22 ,562 22,639
May. . 22 ,537 22,590
June.. 22 .463 22,521
July... 22 ,277 22,353
Aug.. . 22 ,178 22,275
Sept... 22 ,128 22.220
Oct.... 22 ,077 22,146
Nov.. . 22 ,028 22,112
D e c . . . 22 ,030 22,091
-10.0
-48.7
-69.4
-168.0
-77.4
-55.6
-73.3
-34.0
-21.9
22,044
22,036
22,035
P22.O82
-46.6
-7.7
- 1 .5
P47.5
1954—Jan....
Feb...
Mar.. .
Apr. . .
21 ,956
21 ,958
21 .965
P21 ,969
7.0
-16.8
.1
—48.9
-68.5
-2.0
— .5 -171.7
-.1
-78.8
— 1 -55.0
.6
-72.5
-.6
-35.1
-1.4
-21.2
5.2
6.1
6.0
6.8
6.2
6.2
6.8
6.2
6.1
-5.5
5.1
4.9
5.4
(3)
1.6
9.0
(3)
-43.3
-9.9
-2.0
437.5
-9.9
Bank for International Settlements.
sale of 114.3 million dollars of gold to Italy.
Includes sales of 130,0 million dollars of gold to Federal Republic
of 4Germany.
Includes sales of 185.3 million dollars of gold to China.
5
Includes sales of gold to Egypt as follows: 1950, 44.8 million
dollars; and 1951, 76.0 million.
6
Includes sales of 45.0 million dollars of gold to Indonesia.
MAY
1942.
1943
1944
1945.
1946.
1947.
1948
1949.
1950
1951
1952
1953
Total*
EarNet
marked
Increase gold im- gold: de- Domesin total port or crease tic gold
gold
export
producor in(-)
stocfc
tion
crease
P Preliminary.
^ e e 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 6,501.5 million dollars on Apr. 30, 1954. Gold
under earmark is not included in the gold stock of the United States.
NOTE.—For back figures and description of statistics, see Banking
and Monetary Statistics, Table 156, pp. 536-538, and pp. 522-523.
547
INTERNATIONAL MONETARY FUND AND INTERNATIONAL BANK
FOR RECONSTRUCTION AND DEVELOPMENT
[End-of-month figures.
1954
In millions of dollars]
1953
1954
International Fund
1953
International Bank
Jan.
Gold
Currencies (balances with depositories
and securities payable on demand):
United States
Other
Unpaid balance of member subscriptions.
Other assets
Member subscriptions
Accumulated net income
Oct.
July
Jan.
1,702 1,700 1,699 1,692
1,288
4,395
1,354
1
8,737
-8
1954
Net currency purchased2
(Cumulative—millions of dollars)
1,386 1,310 1,332
14,847 4,920
812
799
796
1
1
1
8,739 8,739 8,737
-8
1953
Mar.
Feb.
Jan.
Mar.
32.0 38.0 38.0 50.0
11.4 11.4 11.4 11.4
2.5
2.5
2.5
65.5 65.5 65.5
10.7 10.7 10.7 - 1 . 8
6.0
6.0
6.0
6.0
10.2 10.2 10.2 10.2
- 5 . 5 - 5 . 5 - 5 . 5 -5.5
4.5
4.5
4.5
4.5
125.0 125.0 125.0 125.0
63.8 100.0 100.0 100.0
8.8
8.8
8.8
8.8
62.4 62.4 62.4
Australian pounds
Belgian francs
Bolivian bolivianos
Brazilian cruzeiros
Chilean pesos
Czechoslovakian koruny.
Danish kroner
Egyptian pounds
Finnish markkaa
French francs
Indian rupees
Iranian rials
Japanese yen
Netherlands guilders....
Turkish liras
Pounds sterling.
Yugoslav dinars
All other
*48.i
27.0 27.0 27.0 10.0
300.0 300.0 300.0 300.0
9.0
9.0
9.0
9.0
-1.6 -1.6 -1.6 -1.6
731.6 773.9 773.9 711.4
Total.
Mar.
Gold
Currencies (balances with depositories
and securities payable on demand):
United States
Other
Investment securities (U. S. Govt. obligations)
Calls on subscriptions to capital stocks .
Loans (incl. undisbursed portions and
incl. obligations sold under Bank's
guarantee)
Other assets
Bonds outstanding
Liability on obligations sold under guarantee
Loans—undisbursed
Other liabilities
General reserve
Special reserve
Capital
Dec.
Sept.
Mar.
3
987 1,004 1,008 1,033
473
3
430
3
385
3
446
3
1,653 1,619 1,484 1,445
27
21
18
17
742
653
567
556
92
84
76
66
357
401
325
404
10
10
8
9
92
87
82
71
46
43
40
35
1,808 1,808 1,808 1,807
1
Includes amounts receivable from member countries for currency
adjustments: July 1953, 5 million dollars; January 1954, 2 million.
2
As of Mar. 31, 1954, the Fund had sold 914.0 million U. S. dollars.
In addition, other sales have included the following: to the Netherlands, 1.5 million pounds sterling (May 1947) and 300.0 million Belgian
francs (May 1948); to Norway, 200.0 million Belgian francs (June and
July 1948); to Brazil, 10.0 million pounds sterling (January 1951 and
October 1953); to Turkey, 2.0 million pounds sterling and 18.5 million
Deutsche marks (August 1953); to Japan, 5.0 million pounds sterling
(September 1953), 13.0 million pounds sterling (November 1953)
and 26.3 million pounds sterling (December 1953). Repurchases
amounted to 389.8 million dollars. Currencies the net transactions in
which amount to less than one million are reported under "All other."
3
Excludes uncalled portions of capital subscriptions, amounting to
7,231 million dollars as of March 31, 1954, of which 2,540 million
represents the subscription of the United States.
CENTRAL BANKS
Bank of England
Assets of issue
department
Assets of banking
department
Other
assets2
Notes
and
coin
Discounts
and advances
.2
2
2
.2
.2
.4
1.250.0
,400.0
,450.0
,450.0
1,325.0
1,350.0
1,375.0
1,450.0
L,
1 575.0
13.5
20.7
23.4
100.8
36.1
33.7
19.2
14.1
51.3
13.6
15.2
16.7
14.8
29.2
18.2
11.2
1953—Apr. 29
May 27
June 24
July 29
Aug. 26
Sept. 30
Oct. 28
Nov. 25
Dec. 30
.4
.4
1,550.0
1,550.0
1,600.0
1,625.0
1,575.0
1,575.0
1,575.0
1,575.0
1,675.0
38.2
19.8
62.2
29.0
32.2
45.2
45.5
27.9
57.8
13.8
6.0
1954—-Jan. 27
Feb 24
Mar. 31
.4
.4
.4
L,575.0
1,575.0
4 1,625.0
42.6
29.9
51.3
(Figures in millions of
pounds sterling)
1944—Dec.
1945—Dec
1946—Dec
1947—Dec.
194g—Dec
1949—Dec.
1950—Dec.
1951—Dec
1952—Dec.
27
26
25
31
29
28
27
26
31
. .
Gold*
.4
4
.4
.4
.4
.4
.4
.4
.4
.4
4
Securities
Liabilities of banking department
Note
circulation 3
Deposits
Bankers'
Public
317.4
327.0
327.6
331.3
401.1
489.6
384.0
389.2
371.2
1,238.6
1,379.9
1,428.2
1,349.7
1,293.1
1,321.9
1,357.7
1,437.9
1,525.5
260.7
274.5
278.9
315.1
314.5
299.2
313.5
299.8
302.8
1,514.0
1,532.4
1,540.2
1,598.8
1,545.7
1,532.7
1,532.4
1,549.9
1,619.9
261.8
260.3
276.7
274.8
277.5
287.3
287.3
288.8
290.2
13.8
15.7
4.9
354.8
384.9
346.9
369.1
367.8
356.6
343.2
362.9
338.1
15.4
14.0
15.2
330.2
340.1
319.3
1,535.2
1,547.9
1,576.9
278.6
284.0
262.7
10.7
10.9
30.6
5.1
8.4
8.1
10.7
3.6
5.2
12.9
7.6
ECA
Other
Other
liabilities and
capital
17.4
97.9
.4
.6
24.3
52.3
58.5
57.3
95.5
92.1
111.2
85.0
89.8
78.5
17.8
17.8
18 1
18.1
18.1
18.1
18.1
18 1
18.1
73.9
71.0
68.2
67.5
67.3
70.6
68.9
69.9
70.4
17.8
18.0
18.1
18.3
18.4
18.6
17.8
17.9
18.2
68.1
65.9
72.9
18.3
18 4
18.6
5.2
5.3
10.3
• 18.6
11.7
11.6
15.4
13.4
10.0
9.8
9.8
8.8
10.7
9.9
10.4
14.9
39.5
45.7
44.5
38.4
31.6
19.9
17.6
11.5
7.2
12.5
4.7
1.0
*On June 9, 1945, the official buying price of the Bank of England for gold was increased from 168 shillings to 172 shillings and threepence
per fine ounce, and on Sept. 19, 1949, it was raised to 248 shillings. For details regarding previous changes in the buying price of gold and for
internal gold transfers during 1939, see BULLETIN for March 1950, p. 388, footnotes 1 and 4.
2
Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure.
3
Notes issued less amounts held in banking department.
4
Fiduciary issue decreased by 50 million pounds on Jan. 6, by 25 million on Jan. 13 and Jan. 27 and increased by 50 million on Mar. 17.
For details on previous changes, see BULLETIN for February 1954, p. 222.
NOTE.—For back figures, see Banking and Monetary Statistics, Table 164, pp. 638-640; for description of statistics, see pp. 560-561 in same
publication.
548
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
Other
liabilities
and
capital*
Note
circulation5
Dominion
government
Shortterm 2
Other
200.9
.5
.6
172.3
156.8
1.0
2.0
.4
74.1
111.4
117.8
77.1
391.8
807.2
787.6
906.9
,157.3
,197.4
,022.0
,233.7
,781.4
,229.3
,141.8
,459.8
216.7
209.2
472.8
573.9
688.3
708.2
858.5
779.1
227.8
712.5
1,049.3
767.2
33.5
31.3
47.3
34.3
29.5
42.1
43.7
45.4
42.5
297.1
135.2
77.3
496.0
693.6
874.4
1,036.0
1,129.1
1,186.2
1,211.4
1,289.1
1,307.4
1,367.4
1,464.2
1,561.2
232.0
259.9
340.2
401.7
521.2
565.5
536.2
547.3
541.7
578.6
619.0
626.6
73.8
51.6
20.5
12.9
153.3
60.5
68.8
98.1
30.7
24.7
94.9
16.2
6.0
19.1
17.8
27.7
29.8
93.8
67.5
81.0
126.9
207.1
66.1
44.5
35.1
24.0
55.4
209.1
198.5
42.7
42.4
43.1
119.2
172.6
200.0
132.9
1953—Apr. 30.
May 30.
June 30.
July 3 1 .
Aug. 3 1 .
Sept. 30.
Oct. 31.
Nov. 30.
Dec. 3 1 .
68.0
59.3
66.4
74.9
67.4
69.0
70.5
61.2
54.9
,436.6
,364.8
,405.5
,451.6
,414.0
,385.7
,469.9
1,378.6
1,376.6
796.0
821.4
852.0
838.5
830.9
824.9
812.1
894.9
893.7
86.5
99.9
100.2
87.5
83.0
81.0
118.6
89.7
112.0
1,504.8
1,517.9
1,529.0
1,547.2
1,549.7
1,552.5
1,555.9
1,559.3
1,599.1
646.7
594.9
647.6
646.6
617.8
616.9
733.6
625.6
623.9
48.3
45.6
47.9
43.8
66.4
15.4
3.8
50.3
51.5
76.8
72.1
82.6
68.7
35.2
37.8
37.2
43.4
29.5
110.6
114.8
116.9
146.3
126.4
138.0
140.8
145.7
133.1
1954 -Jan. 30.
Feb. 27.
Mar. 31.
61.6
53.0
50.0
1,328.3
1,374.8
1,552.8
880.6
900.8
636.3
103.1
116.7
146.2
1,519.2
1,506.2
1,512.6
634.4
676.6
660.0
48.8
126.1
29.5
34.4
28.9
141.6
102.0
102.0
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
1947—Dec.
1948—Dec.
1949—Dec.
1950—Dec.
1951—Dec.
1952—Dec.
31.
31.
31.
30.
31.
31.
31.
31.
31.
30.
31.
31.
Chartered
banks
81.8
Liabilities
Assets
Bank of France
Domestic bills
(Figures in
millions of francs)
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
1947—Dec.
1948—Dec.
1949—Dec.
1950—Dec.
1951—Dec.
1952—Dec.
31.
31.
30.
28.
27.
26.
31.
30.
29.
28.
27.
31.
1953—Apr. 30.
May 28.
June 25.
July 30.
Aug. 27.
Sept. 24.
Oct. 29.
Nov. 26.
Dec. 31.
Gold«
Foreign
exchange
Open
market 6
Advances to
Government6
Other
assets6
Note
circulation
Deposits7
Government
Special
Other
Current
Other
6,812
38
84,598
8,420
37
84,598
9,518
37
84,598
12,170
42
75,151
17,980
68
129,817
7 37,618
94,817
67,395
12
65,225
97,447
30
65,225
62,274 61,943 137,689
182,785 162,017 136,947
191,447 28,320 234,923
200,187 31,068 274,003
12
169
29
48
303
3,135
64
8,577
28,548
34,081
31,956
57,042
4,517
5,368
7,543
18,592
25,548
76,254
117,826
238,576
335,727
393,054
741,267
937,459
69,500
68,250
64,400
15,850
67,900
147,400
150,900
157,900
158,900
160,000
172,000
182,507
250,965
366,973
475,447
445,447
480,447
558,039
558,039
560,990
481,039
481,039
479,982
17,424
16,990
16,601
20,892
24,734
33,133
59,024
57,622
112,658
212,822
190,830
159,727
281,119
291,555
281,415
262,811
276,048
260,777
272,559
255,680
292,465
32,627
28,494
20,630
15,341
4,877
23,441
49,968
59,533
61,108
923,968
926,296
926,024
960,622
953,856
905,862
877,283
836,117
891,560
199,400
199,600
199,700
200,000
200,000
200,000
200,000
200,000
200,000
546,482
534,982
554,982
650,482
668,349
617,049
632,149
654,949
679,849
153,101 ,127,140
129,412 2,065,483
118,309 ,054,347
' '"
139,754 ,163,216
144,154 ,176,277
133,385 ,141,807
152,085 ,193,383
150,222 ,168,977
169,964 2,310,452
60
64
46
70
41
73
96
78
21
56,988 895,508 195,000 657,549
51,577 870,066 195,000 667,549
40,319 905,854 195,000 672,949
162,772 2,253,485
159,027 2,257,405
9146,195 2,235,417
72
42
70
200,187
200,187
200,187
200,187
201,282
201,282
201,282
201,282
201,282
1954—Jan. 28. 201,282
201,282
Feb. 25.
Mar. 25. 201,282
14,700
14,896
15,088
2,275
2,870
4,803
9,319
12,444
15,421
18,596 262,211
20,807 272,186
23,646 227,003
Other
270,144
1,517
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
ECA
Other
Other
liabilities
and
capital
25,272 868,474
29,935 821,318
33,137 815,596
37,855
7,078
57,755
4,087
63,468
7,213
82,479
10,942
171,783
16,206
158,973
19,377
15,058 161,720 24,234
10,587 166,226
41,332
897 137,727 49,305
312
18,525
16,838
18,883
397
394
479
458
2,061
165,572
182,849
182,828
193,516
188,594
139,313
139,662
131,490
142,823
58,500
58,501
62,276
55,788
86,126
65,011
61,023
69,224
56,292
628 133,398
627 131,996
79 114,617
62,323
47,425
62,064
x
On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term Government securities (see BULLETIN for
July 1940, pp. 677-678).
Securities maturing in two years or less.
3
Includes notes held by the chartered banks, which constitute an important part of their reserves.
4
Beginning November 1944, includes a certain amount of sterling and United States dollars.
5
For details on devaluations and other changes in the gold holdings of the Bank of France, see BULLETIN for September 1951, p. 1211; September 1950, pp. 1132 and 1261; June 1949, p. 747; May 1948, p. 601; May 1940, pp. 406-407; January 1939, p. 29; September 1937, p. 853;
and November 1936, pp. 878-880.
6
For explanation of these items, see BULLETIN for January 1950, p. 117, footnote 6.
7
Beginning January 1950, when the Bank of France modified the form of presentation of its statement, the figures under this heading are
not strictly comparable with those shown for earlier dates.
8
Includes the following amounts (in millions of francs) for account of the Central Administration of the Reichskreditkassen: 1941, 64,580;
1942, 16,857; 1943, 10,724.
9
Includes advance to Stabilization Fund, amounting to 33.8 billion francs on Mar. 25.
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.
MAY
1954
549
CENTRAL BANKS—Continued
C e n t r a l Bank
(Figures as of last report
date of month)
Central Bank of t h e Argentine
Republic (millions of pesos):
Gold reported separately
Other gold and foreign exchange.
Government securities
Rediscounts and loans to banks..
Other assets
Currency circulation
Deposits—Nationalized
Other sight obligations
Other liabilities and capital
C o m m o n w e a l t h Bank of A u s tralia (thousands of pounds):
Gold and foreign exchange
Checks and bills of other banks..
Securities (incl Government and
Treasury bills)
Other assets
Note circulation
Deposits of Trading Banks:
Special
Other
Other liabilities and capital
Austrian National Bank (millions
of schillings):
Gold
Foreign exchange
Loans and discounts
Claim against Government
Other assets
Note circulation
Deposits—Banks
Other
Blocked
National Bank of Belgium
(millions of francs):
Gold
Foreign claims and balances (net).
Loans and discounts
Consolidated Government debt..
Government securities
Other assets
Note circulation
Deposits—Demand
ECA
Other liabilities and capital
C e n t r a l Bank of Bolivia—Monetary dept. (millions of bolivianos):
Gold at home and abroad 1
Foreign exchange (net)
Loans and discounts
Government securities
Other assets
Note circulation
Deposits
Other liabilities and capital 1 . . .
Central Bank of Ceylon (thousands
of rupees):
Foreign exchange
Advances to Government
Government securities
Other assets
Currency in circulation
Deposits—Government
Banks
Other liabilities and capital
C e n t r a l Bank of Chile (millions
of pesos):
Gold3
Foreign exchange (net)
Net claim on Int'l. Fund*
Discounts for member b a n k s . . . .
Loans to Government
Other loans and discounts
Other assets
Note circulation
Deposits—Bank
Other
Other liabilities and capital
Bank of t h e Republic of Colombia
(thousands of pesos):
Gold and foreign exchange
Net claim on Int'l. Fund 4
1954
Mar.
Feb.
1953
Jan.
1,623 1,623
1,635
1,439
3,879 3,898
58,465 57,405
306
263
25,820 25,978
35,530 34,339
620
503
3,939 3,807
534,536 526,031
5,259 5,521
373,246 393 ,859
64,324 44,386
336,863 335 ,613
323,720 312 ,970
45,950 43,010
270,833 278 ,205
186
157
157
7,899 7,607 7,349
5,376 5,565 5,629
1,780 1,855
1,858
35
38
35
10,423 10,404 10,258
2,284 2,109 1,870
699
830
994
1,868 1,879
1,905
39,354
13,247
5,384
34,660
5,393
4,216
97,274
1,504
119
3,359
39,356
13,273
5,172
34,660
7,417
4,021
98,234
2,068
105
3,492
38,962
13,910
6,169
34,660
6,935
4,063
99,080
1,769
198
3,652
(Nov.
1953)*
4,418
2
8,740
3,941
2,505
496
11,304
1,922
6,874
329,305 314,036 284 ,401
35,200 20,100 12,300
91,021 124,619 150,134
3,911 4,457 4,401
348,101 348,291 347,340
440 1,472
581
66,280 70,513 60,552
44,615 42,935 42,763
5,655
215
5,649
503
5,649
533
1,801 2,124 2,842
11,509 10,495 7,860
7,392 7,428 7,361
2,737 2,660 2,575
19,369 19,481 18,525
4,693 4,826 3,906
722
819
587
4,525 3,733 3,804
367,355 371,802 369,123
24,377 24,376 24,376
Mar.
1954
Central Bank
(Figures as of last report
date of month)
Mar.
Bank of t h e Republic of Colombia—Cont.
1,358
Loans and discounts
402
Government loans and securities.
2,753
Other assets
51,223
Note circulation
250
Deposits
21,449
Other liabilities and capital
30,621 Central Bank of Costa Rica
626 (thousands of colones):
3,289
Gold
Foreign exchange
Net claim on Int'l. Fund 4
421,838
Loans and discounts
6,893
Securities
Other assets
377,285
Note circulation
116,142
Demand deposits
322,918
Other liabilities and capital
of C u
239,095 National Bank pesos):b a
(thousands of
54,439
Gold
305,706
Foreign exchange (net)
Foreign exchange (Stabilization
Fund)
100
Silver
2,489
Net claim on Int'l. Fund 4
6,302
Loans and discounts
2,512
Credits to Government
42
Other assets
8,770
Note circulation
350
Deposits
342
Other liabilities and capital
1,984
National Bank of Czechoslovakia 8
National Bank of D e n m a r k
(millions of kroner):
35,078
Gold
15,238
Foreign exchange
5,606
Loans and discounts
34,660
Securities
7,837
Govt. compensation account. . .
3,997
Other assets
95,843
Note circulation
2,799
Deposits—Government
220
Other
3,553
Other liabilities and c a p i t a l . . . .
Central Bank of the* D o m i n i c a n
Republic (thousands of pesos):
1,396
Gold
3,235
Foreign exchange (net) 4
1,774
Net claim on Int'l. Fund
2,192
Loans and discounts
572
Government securities
7,032
Other assets
1,335
Note circulation
803
Demand deposits
Other liabilities and capital
360,699 Central Bank of Ecuador
(thousands of sucres):
91,100
Gold
107,486
Foreign exchange (net) 4
2,508
Net claim on Int'l. Fund
394,518
3,033
Credits—Government
127,120
Other
Other assets
37,122
Note circulation
Demand deposits—Private banks
Other
1,326
Other liabilities and capital
356
387 National Bank of Egypt (thou1,849
lands of pounds):
4,059
Gold
9,622
Foreign exchange
3,004
Foreign and Egyptian
13,447
Government securities
3.457
Loans and discounts
435
Advances to Government
3,264
Other assets
Note circulation
Deposits—Government
334,457
Other
24,373
Other liabilities and c a p i t a l . . . .
Feb.
1953
Jan.
Mar.
306,968 269,466 282 ,987
258,418 254
249,987
125,800
94,924
580,923 597,117 608 ,057
400,443 348,200 315 ,674
101,551 98,945 97,666
369,627
175,566
'96,444
533,702
382,066
'•84,700
11,503 11,503 11,503
104,291 96,852 89,241
7,032
7,032
7,032
93,596 97,575 103,233
11,511
111,153
7,031
68,848
4,819
24,403
141,683
64,730
21,352
26,462 24,122
137,548 140 ,523
76,290 67,956
29,046 28,605
23,352
141,729
64,225
28,407
185,748 185,748 185,748 195,748
36,509 27,767 25,468
74,686
276,383 267,950 260 ,243 183,698
7,616
616
7,616
30,668
12,512
512 12,512
12,511
43,641
073 31,175
45,299
854 28,238 39,930
33,196
220 69,513
68,856
48,062
'"
421,674 409,930 401 ,572 440,430
226,475 208,037 203 ,529 178,056
16,313 15 ,772 J5.409
12,116
69
891
166
482
3,235
146
1,991
1,451
1,323
225
69
775
118
446
3,310
185
1,889
1,443
1,401
171
12,076 12,076 12,076
23,867 18,802 17,790
1,250
1,250
1,250
1,766
1,860
2,175
9,420
9,420
9,420
3,720 3,722
3,724
36,796 36,096 35,182
13,318 9,089
9,350
1,984
1,945
1,903
12,076
16,604
1,250
798
8,689
'3,057
32,587
8,036
'1,851
342.368 342,349 342 ,287
80,679
95,479
18,757
18,757
369.369 334,770 324 ,557
175,135 188 052 196,193
176,849 170 125 168,714
574,832 571 377 570,419
174,055 177! 258 204 ,747
192,556 187 976 169,755
221,716 194 675 201,067
338,966
220,560
18,757
275,635
162,940
162,471
550,747
178,559
225,636
224,387
60,553 60,5r3 60,553
22,617 19,475 18,302
60,553
20,087
251,445 258,5
!62,472
15,070 19,036 14,900
310,756
10,935
69
1,008
210
502
3,233
128
1,972
1,477
1,478
222
1,954
172,118
69,678
101,717
8,125
69
931
121
481
3,234
146
1,951
1,370
1,431
229
1,815
1,580
2,499
179,110 180,833 191,349
71,071 66,080 76,429
99,179 102,131 128.889
10,259 8,999
8,163
•Latest month available.
'Revised.
iOn May 14, 1953, gold reserve revalued from 0.0148112 to O.OO467722 grams of fine gold per boliviano.
2
Represents chiefly bills secured by stocks of mined tin not yet sold in world markets.
3On Oct. 5, 1953, gold revalued from 0.0286668 to 0.00807883 grams of fine gold per peso.
4
This figure represents the amount of the country's subscription to the Fund less the bank's local currency liability to the Fund.
6
For last available report (March 1950), see BULLETIN for September 1950, p. 1262.
550
FEDERAL RESERVE
BULLETIN
CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)
Central Reserve Bank of £1 Salvador (thousands of colones):
Gold
Foreign exchange (net) 1
Net claim on Int'l. Fund
Loans and discounts
Government debt and securities..
Other assets
Note circulation
Deposits
Other liabilities and capital
Bank of Finland (millions of markkaa):
Gold
Foreign assets (net)
Clearings (net)
Loans and discounts
Securities
Other assets
Note circulation
Deposits
Other liabilities and capital
2
Bank of German States
1954
Mar.
72,435
75,243
1,567
11,229
14,454
2,361
101,591
66,114
9,583
5,862
14,429
10,029
36,645
2,222
2,046
44,658
11,917
14,659
Feb.
1953
Jan.
72,515 72,593
67,383 53,216
1,567
1,567
16,288 18,755
15,104 14,149
2,663 2,894
103,412 101,010
63,716 53,457
8,392 8,708
5,862
13,439
9,628
34,816
2,236
2,048
46,225
7,221
14,583
5,862
12,430
8,840
36,857
2,231
1,994
42,230
9,973
16,011
(millions of German marks):
1,627 1,551 1,429
Gold
7,673 7,423 7,276
Foreign exchange
2,305 2,179 1,988
Loans and discounts
4,801 5,146 5,281
Loans to Government
827
843
926
Other assets
11,403 11,457 11,259
Note circulation
1,116
1,137
1,221
Deposits—Government
2,483
2,316
2,618
Banks
225
239
240
Other
1,862
1,852
1,849
Other liabilities and capital
(Dec.
Bank of Greece (billions of drach1953)*
mae):
5,044
Gold and foreign exchange (net) 3
193
Loans and discounts
8,389
Advances—Government
3,603
Other
1,953
Other assets
3,503
Note circulation
1,059
Deposits—Government
Reconstruction and
7,110
relief accts
2,605
Other
4,906
Other liabilities and capital
Bank of Guatemala (thousands of
quetzales):
27,228 27,228
Gold
23,727 17,805
Foreign exchange (net)
1,250
1,250
Gold contribution to Int'l. Fund.
23,675 24,883
Rediscounts and advances
29,592 29,017
Other assets
53,169 52,678
Circulation—Notes
3,649
3,638
Coin
3,268
2,768
Deposits—Government
24,517 18,388
Banks
20,869 22,712
Other liabilities and capital
National Bank of Hungary*
Reserve Bank of India (millions of
rupees):
Issue department:
400
400
400
Gold at home and abroad
6,482
6,382
6,182
Foreign securities
4,213
4,214
4,213
Indian Govt. securities
937
948
Rupee coin
942
Note circulation
11,859 11,714 11,560
Banking department:
172
184
223
Notes of issue d e p a r t m e n t . . . .
1,048
1,068
1,162
Balances abroad
107
107
Bills discounted
152
5
11
Loans to Government
1,163
1,123 "1!048
Other assets
2 ,145 2,198 2,224
Deposits
351
321
335
Other liabilities and capital....
iBank Indonesia 6 (millions of rupiahl:
6
838
991
1,153
Gold and foreign exchange (net) .
542
522
447
Loans and discounts
6,126
5,731
5,550
Advances to Government
Mar.
73,243
78,672
1,566
9.121
5,299
1,545
97,047
64,637
7,762
5,862
8,972
6,154
36,108
1,652
2,310
44,078
535
16,445
775
4,583
2,681
7,069
1,118
10,611
1,526
2,106
249
1,733
1,903
142
8,940
3,426
1,463
2,414
823
7,663
1,949
3,026
27,228
25,055
1,250
7,587
22,051
45,476
3,534
3,513
12,882
17,766
400
5,782
4,499
821
11,331
170
1,455
88
33
1,310
2,650
407
977
545!
5,618!
Central Bank
(Figures as of last report
date of month)
Bank Indonesia—Cont.
Other assets
Note circulation
Deposits—ECA
Other
Other liabilities and capital
Central Bank of Ireland (thousands
of pounds):
Gold
Sterling funds
Note circulation
Bank of Italy (billions of lire):
Gold
Foreign exchange
Advances to Treasury
Loans and discounts
Government securities
Other assets
Note circulation
Deposits—Government
Demand
Other
Other liabilities and capital
Bank of Japan (millions of yen):
Bullion
Advances to Government
Loans and discounts
Government securities
Other assets
Note circulation
Deposits—Government
Other
Other liabilities
Bank of Mexico (millions of pesos):
Monetary reserve 7
"Authorized" holdings of securities, etc
Bills and discounts
Other assets
Note circulation
Demand liabilities
Other liabilities and capital
Netherlands Bank (millions of
guilders):
Gold
Silver (including subsidiary coin).
Foreign assets (net)
Loans and discounts
Govt. debt and securities
Other assets
Note circulation—Old
New
Deposits—Government
ECA
Other
Other liabilities and capital
Reserve Bank of New Zealand
(thousands of pounds):
Gold
Foreign exchange reserve
Loans and discounts
Advances to State or State undertakings
Investments
Other assets
Note circulation
Demand deposits
Other liabilities and capital
Bank of Norway (millions of kroner):
Gold
Foreign assets (net)
Clearing accounts (net)
Loans and discounts
Securities
Occupation account (net)
Other assets
Note circulation
Deposits—Government
Banks
FOA—MSA
Other liabilities and capital
1954
1953
Feb.
Jan.
278
5,121
495
1,426
479
284
5,030
495
1,429
480
269
4,480
496
1,862
571
2,646
2,646
2,646
64,832 64,486 63,989
67,477 67,132 66,635
2,646
61,788
64,434
Mar.
252
5,105
495
1,544
614
4
65
567
331
291
721
1,332
55
65
406
121
448
12,300
485,764
178,802
111,472
534,625
107,667
67,110
79,383
4
63
567
351
289
723
1,339
77
51
416
115
Mar.
4
65
567
327
288
740
1,376
14
57
433
111
4
47
572
313
267
715
1,277
121
59
359
101
448
448
11 ,513 11,513
464,149 439 ,190
177 880 261 ,886
99 751 95,993
549 569 566,168
64 482 103,353
71 089 78,356
68 601 61,154
448
38,424
387,695
193,635
132,653
515,977
129,894
54,478
52,506
1,279
1,272
1,262
1,229
2,886
658
801
3,463
1,651
509
2,947
619
750
3,517
1,570
501
2,988
600
736
3,491
1,556
539
3,198
602
366
3,333
1 ,583
479
2,924
12
1,419
33
1,217
404
30
3,290
854
1,027
588
219
2,924
13
1,403
31
1,217
412
30
3,192
959
1,016
570
231
2,982
15
1,407
31
1,217
409
30
3,177
875
1,002
740
236
2,291
16
1,541
57
1,451
536
35
3,085
1,149
1,174
248
201
6,054
6,095
71,793 61,819
6,019
6,019
6,015
53,883
6,019
57,350 55,667 55,607
33,902 53,062 57,083
1 ,671 1,510
1,467
68,004 67,932 69,984
106,180 116,815 109,305
9,677 9,399
8,760
58,074
32,132
1,449
62,469
86,725
8,377
6,153
78,766
6,019
218
30
-42
66
32
5,546
46
2,954
1 ,756
607
137
443
218
231
-41
67
32
5,546
52
2,928
1,647
664
172
454
-52
67
35
5,546
47
2,951
1,453
830
188
448
A
280
261
30
60
44
5,546
53
2,775
2,174
552
302
472
*Latest month available.
1
This figure represents the amount of the country's subscription to the Fund less the bank's local currency liability to the Fund.
2
Combined figures for the Bank of German States and the nine Land Central Banks.
3
The official exchange rate was adjusted from 15,000 to 30,000 drachmae per dollar, effective Apr. 9, 1953.
4
For last available report (February 1950), see BULLETIN for September 1950, p. 1263.
5
As of July 1, 1953, the Java Bank became the Bank Indonesia and established an Issue and a Banking Department. Figures shown represent
Issue and Banking Departments combined.
GGold not reported separately beginning January, 1954.
includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities.
MAY
1954
551
CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)
State Bank of Pakistan (millions of
rupees):
Issue department:
Gold at home and abroad...
Sterling securities
Pakistan Goyt. securities. . .
Goyt. of India securities...
India currency
Rupee coin
Notes in circulation
Banking department:
Notes of issue department. .
Bills discounted
Loans to Government
Other assets
Deposits
Other liabilities and capital..
Central Bank of Paraguay 1
(thousands of guaranies) :
Gold
Foreign exchange (net) 2
Net claim on Int'l. Fund
Loans and discounts
Government loans and securities
Other assets...
Note and coin issue
Deposits—Government
Other
Other liabilities and capital
Central Reserve Bank of Peru
(millions of soles):
Gold and foreign exchange
Net claim on Int'l. Fund 8
Loans and discounts to banks. . .
Loans to Government
Other assets
Note circulation
Deposits
Other liabilities and capital
Central Bank of the Philippines
(thousands of pesos):
Gold
Foreign exchange
Net claim on Int'l. Fund 2
Loans
Domestic securities
Other assets
Circulation—Notes
Coin
Demand deposits
Other liabilities and capital
Bank of Portugal (millions of
escudos):
Gold
Foreign exchange (net)
Loans and discounts
Advances to Government
Other assets
Note circulation
Demand deposits—Government..
ECA
Other
Other liabilities and capital
South African Reserve Bank
(thousands of pounds):
Gold
Foreign bills
Other bills and loans
Other assets
Note circulation
Deposits
Other liabilities and capital
Bank of Spain (millions of pesetas):
Gold
Silver
Government loans and securities.
Other loans and discounts
1954
Mar.
Feb.
1953
Jan.
81
535
1,286
146
300
55
2,315
81
505
,276
146
300
58
,307
81
475
1,276
146
300
60
2,274
90
60
2
48
342
340
113
65
5
30
369
362
108
(Nov.
1953)*
1,138
43,465
11
268,661
400,293
581,894
495,008
148,704
230,143
421,608
115
379
477
107
413
67
609
,004
146
,597
388
253
460
67
581
984
200
1,560
429
303
18,813
813 18,813
436,112 447 149 432,320
29,504
504 29,504
19,724
524 33,324
239,887 241 094 233,127
160,303 153,324 154,899
612,202 611 ,333 605,205
385 84,498
84,376
507 163,998
156,290
183 48,285
51,476
(Dec.
1953)*
5,030
12,579
751
1,422
816
9,788
1,334
6
7,304
2,166
62,660
34,023
41,690
52,940
96,754
72,952
21,607
,771
,887
,000
,975
,498
,521
,615
62,423
15,195
44,637
42,807
95,798
50,212
19,051
596
336
15,913
24,200
596
596
336
336
,782 15,534
,054 24,181
Mar.
Central Bank
(Figures as of last report
date of month)
1954
Mar.
Feb.
1953
Jan.
Bank of Spain—Cont.
Other assets
,157 32,276 32,657
Note circulation
,
,675 37,712 37,441
81
,471 3,173
Deposits—Government
3,710
418
,851 3,775 3,394
Other
1,144
,205 28,386 28,760
Other liabilities and capital
126 Bank of Sweden (millions of kronor):
300
Gold
481
481
481
66
Foreign assets (net)
,329 1,419
1,511
2,087
Net claim on Int'l. Fund*
129
129
129
Swedish Govt. securities and ad- 8
48
vances to National Debt Office
,299 2,342 2,284
6
Other domestic bills and advances
384
407
291
43
Other assets
883
885
879
519
Note circulation
,459 4,584 4,610
501
Demand deposits—Government..
309
357
177
115
Other
21
105
31
Other liabilities and capital
716
683
690
Swiss National Bank (millions of
1,138
f rancs):
62,939
Gold
,131 6,131
6,084
11
Foreign exchange
496
524
495
160,666
Loans and discounts
151
189
216
349,280
Other assets
72
67
64
165,440
Note circulation
,921 4,911
4,904
375,954
Other sight liabilities
,732 1,767
1,783
62,930
Other liabilities and capital
197
202
203
127,989 Central Bank of the Republic of
172,602
Turkey (millions of pounds):
Gold
402
402
402
Foreign exchange and foreign
620
clearings
192
189
207
67
Loans and discounts
,069 2,077 2,033
364
Securities
25
25
25
829
Other assets
95
109
116
'184
Note circulation
,412
1,447
1,414
1,416
Deposits—Gold
154
154
154
379
Other
772
763
812
269
Other liabilities and capital
446
439
403
Bank of the Republic of Uruguay
(Nov.
(thousands of pesos):
1953)*
18,552
Gold
336,572
458,355
Silver
9,044
29,504
Advances to State and Govern48,140
ment bodies
110,086
234,826
Other loans and discounts
347,741
149,783
Other assets
608,991
576,465
Note circulation
414,329
88,618
Deposits—Government
129,081
223,939
Other
333,184
'50,136
Other liabilities and capital
35,840
Central Bank of Venezuela (millions of bolivares):
141
1,141
4,616
1,141
Gold
246
278
11,770
279
Foreign exchange (net)
101
134
840
106
Other assets
011
1,423
1,012
1,009
Note circulation
275
555
282
299
Deposits
201
8,869
231
246
Other liabilities and capital
1,569 Bank for International Settle9
ments (thousands of Swiss gold
6,726
francs):
2,032
609, 059 582,752 595,019
Gold in bars
Cash on hand and with banks... 59, 160 99,965 51,229
1,574
1,232
1,233
Sight funds at interest
61,573
Rediscountable bills and accept56,350
315
345,443 338,051
•
ances (at cost)
16,931
182,
163,480 108,
,855
Time funds at interest
46,047
274,950
Sundry bills and investments.... 272 764 265,927;
89,144
297 201 297,201 297,201
Funds invested in Germany
70,143
2 710 2,486
1,786
Other assets
21,614
439 056 435,484 435,480
Demand deposits (gold)
Short-term deposits:
570
Central banks—Own account.. 745,193 753,715 673 ,687
359
46,C
50,000
Other
15,801
228,909 228,909 228 ,909
Long-term deposits: Special
22,423
281,517 280 999 280,245
Other liabilities and capital
Mar.
29,890
37,303
1,814
4,128
25,798
428
1,241
1292,404
322*
'83 T
4,311
343
53;
'654
5,911
467
22S
76
4,806
1,677
196
402
206
1,691
26
112
1,239153;
765
28a
328,977
9,046
161,605
338,594
521,967
420,200
95,163
354,868
489,958
1,141
71
98
955
266
88
712,617
50,748
7,571
216,548
45,557
227,165
297,201
1,316
476,315
518,401
60,783
228,909
274,314
r
•Latest month available.
Revised.
J
The new Central Bank of Paraguay began operations on July 1, 1952. Central banking functions previously performed by the Monetary Department of the Bank of Paraguay were transferred to the new institution.
2
This figure represents the amount of the country's subscription to th« Fund less the bank's local currency liability to the Fund.
8 Includes small amount of non-Government bonds.
552
FEDERAL RESERVE BULLETIN:,
MONEY RATES IN FOREIGN COUNTRIES
DISCOUNT RATES OF CENTRAL BANKS
[Per cent per annum]
Central bank o—
f
Date
effective
Central
bank of—
SwitzUnited
Ger- Bel- NethKing- France many gium er- Swe- erlands den land
dom
In effect Dec. 31,
1948
May 27 1949
July 14
Oct
6
June 8, 1950. .
Sept 11
Sept. 26..
Oct. 27
Dec. 1
Apr. 17, 1951
July 5
Sept. 13.
Oct. 11
Nov. 8
Nov. 9
Jan. 22 1952
Mar. 12
May 29
Aug. 1
Aug. 21
Dec 18
Jan. 8, 1953
Apr. 7
June 11
Sept. 17
Oct. 29
Nov. 20
Feb. 4,1954...
In effect Mar.
31, 1954
2
3
15
14H
SH
2y2
2X
IH
M
Rate
Mar.
31
Argentina
Austria
Belgium
Bolivia
Date
effective
Central
bank of—
3\4.
Mar.
Sept.
Oct.
Sept.
1, 1936
24, 1953
29, 1953
30, 1950
Ireland
Italy
Japan
Mexico
Oct.
July
June
July
Feb.
4
2%
6
17, 1950
23, 1953
13, 1935
18, 1933
1, 1950
Netherlands .
New Zealand.
Norway
Pakistan
Sept. 23, 1953
May 13, 1948
Nov. 15, 1952
Mar. 22, 1950
Dec. 16, 1951
Peru
Portugal
South Africa.
Spain
Sweden
Feb.
June
Jan.
Nov.
Apr.
Switzerland..
Turkey
United Kingdom
USSR
Rate
Mar.
31
Date
effective
J«
Mar.
Apr.
5.84 Oct.
June
25, 1952
6, 1950
1, 1951
4,1942
2H
3H
1
3
6
2
Canada
Ceylon
Chile
Colombia
Costa Rica
3
4
3Vv
1 1 /
4
3
3
Apr. 7, 1953
July 26, 1941
Jan. 9, 1946
July 1, 1948
3
2y2
Denmark
Ecuador
Egypt
El Salvador...
Finland
3K
4
3
10
3
France
Germany
Greece
India
Indonesia
4
10
2
3
2
SH
\ATLZ
2y2
4
2M
Nov. 13, 1947
Jan. 12, 1944
Mar. 27, 1952
Mar. 18, 1949
Nov. 20, 1953
3*
Nov. 26, 1936
Feb. 26, 1951
4
Sept. 17, 1953
July 1, 1936
3
1
4
131J;
3y2
6
3%
2%
2M
4, 1954
11, 1953
1,1954
15, 1951
1, 1946
3H
2%
SH
2H
1
Rates established for the Land Central banks.
NOTE.—Changes since Mar. 31: New Zealand—Apr 12, from \y2 to 3}A
per cent.
2%
OPEN MARKET RATES
[Per cent per annum]
United Kingdom
Canada
Month
France
Netherlands
Sweden
Switzerland
Loans
up to
3 months
Private
discount
rate
Treasury
bills
3 months
Bankers'
acceptances
3 months
Treasury
bills
3 months
Day-today
money
Bankers'
allowance
on deposits
Day-today
money
Treasury
bills
3 months
Day-today
money
1944—February.
1945—February.
1946—February.
1947—February.
1948—February.
1949—February.
1950—February.
1951—February.
1952—February.
1953—February.
.39
.37
.36
.40
.41
.42
.51
.73
.91
1.47
1.03
1.03
.53
.53
.56
.56
.69
.69
1.50
3.00
1.00
1.00
.51
.51
.50
.52
.52
.51
.99
2.42
1.13
1.00
.63
.63
.63
.63
1.00
2.25
.50
.50
.50
.50
.50
.50
.50
.50
.75
2.00
1.69
1.60
1.36
1.39
00
2.08
2.40
2.42
3.93
4.10
1.18
1.72
1.38
1.39
1.54
1.55
1.17
.81
1.00
1.46
.78
.90
1.50
1.00
1.00
.50
.25
.25
.25
.50
.63
.50
.50
.50
.50
1953—March
April
May
June
July
August
September.
October. . .
November,
December..
1.50
1.53
1.53
1.70
1.76
1.80
1.91
1.93
1.90
1.88
3.00
3.00
3.00
3.00
3.00
3.00
2.67
2.19
2.19
2.19
2.40
2.41
2.38
2.37
2.35
2.36
2.27
2.11
2.10
2.11
2.25
2.25
2.25
2.25
2.25
2.25
2.09
1.94
1.94
1.94
2.00
2.00
2.00
2.00
2.00
2.00
1.88
1.75
1.75
1.75
3.93
4.05
4.22
3.94
4.13
4.18
4.34
3.91
4.00
3.75
.90
.93
.64
.57
.50
.50
.43
.38
.28
.03
.51
.71
.52
.50
.50
.50
.50
.50
.50
.50
.50
.50
.50
.50
.50
.50
.50
.50
.50
.50
i954—January...
February. .
1.88
1.74
2.19
2.15
2.12
2.07
1.94
1.94
1.75
1.75
3.66
3.65
.23
.25
.50
.50
.50
.50
.63
.63
NOTE.—For monthly figures on money rates in these and other foreign countries through 1941, see Banking and Monetary Statistics, Table 172,
ipp. 656-661, and for description of statistics see pp. 571-572 in same publication.
MAY
1954
553
GOMMBRCIAL BANKS
Assets
United Kingdom *
(11 London clearing
banks. Figures in
millions of pounds
sterling)
Cash
reserves
Liabilities
Money at
Loans to
call and Bills dis- Treasury
deposit
counted receipts * Securities customers
short
notice
1948—December.
1949—December.
1950—December.
1951—December.
1952—December.
502
532
540
531
549
485
571
592
598
529
741
,109
,408
972
,248
1953—April
May
June
July
August. . . .
September.
October
November.
December..
498
498
514
510
511
515
518
520
542
454
464
469
460
456
476
476
469
501
1954—January..
February..
March....
526
504
512
483
454
468
Deposits
Other
assets
Total
Demand
Time
1,478
1,512
1,528
1.965
2,148
,396
,534
,660
,950
,764
621
579
735
867
748
6,200
6,202
6,368
6,333
6,460
4,159
4,161
4,262
4,290
4,232
2,041
2,041
2,106
2.042
2,228
420
427
550
651
528
,010
,080
,209
,244
,331
,376
.340
,354
,417
2,119
,123
2,136
2,140
2,140
2,137
2,238
2,245
2,275
,825
,784
,778
,742
,688
,675
,666
,687
,725
664
654
673
633
595
623
607
626
729
6,060
6,083
6,299
6,247
6,240
6,320
6,373
6,419
6,694
3,860
3,896
4,040
3,990
3,971
4,004
4,041
4,080
4,327
2,200
2,187
2,259
2,257
2,269
2,316
2,332
2,339
2,368
511
520
481
483
480
482
472
483
495
.330
,113
,078
2,277
2,275
2,269
,706
,754
,773
633
638
632
6,457
6.237
6,243
4,124
3,954
3,957
2,333
2,283
2,286
499
501
489
1,397
793
456
102
Assets
Canada 3
(11 chartered banks.
End of month figures
in millions of
Canadian dollars)
Liabilities
Security
loans
abroad
and net Securities
Other
due from
loans and foreign
discounts banks
Deposits payable in Canada
excluding interbank deposits
Entirely in Canada
Cash
reserves
Security
loans
Other
liabilities
and
capital
Total
Other
Demand
Time
Other
liabilities
and
capital
7,027
7,227
7,828
7,896
8,421
2,970
2,794
3,270
3,284
3,497
4,057
4,433
4,558
4,612
4,924
1,537
,477
,667
,714
,736
Notes*
1948—December..
1949—December..
1950—December..
1951—December..
1952—December..
749
765
824
907
916
101
133
134
107
155
2,148
2,271
2,776
3,028
3,289
144
146
171
227
326
4,268
4,345
4,286
3,876
3,955
,169
,058
,304
,464
,516
1953—March
April
May
June
July
August
September.
October
851
897
822
903
877
883
897
962
899
906
140
152
138
123
125
135
110
144
152
154
3,394
3,508
3,526
3,576
3,649
3.732
3,772
3,838
3,977
3,897
322
345
331
331
328
353
330
342
390
424
4,082
4,135
4,024
3,956
3,872
3.886
3,918
3,789
3,789
3,831
,394
,380
,402
,509
,359
,329
,372
,432
,512
,510
8,458
8,642
8,486
8,634
8,496
8,651
8,692
8,744
8,918
8,881
3,391
3,535
3,386
3,508
3,344
3,445
3,466
3,596
3,851
3,847
5,067
5,107
5,100
5,126
,152
5,206
5,226
5,148
5,068
5,034
,724
,774
,755
,764
,713
,667
,706
,763
,801
,841
881
898
143
197
3.929
3,951
370
370
3.944
3,885
,337
,332
8,772
8,843
3,679
3,681
5,093
5,162
.832
,791
November..
December..
1954—January...
February. .
16
14
(*)
Assets
Liabilities
France
(4 large banks. End
of monthfiguresin
millions of francs)
Other
assets
Own
acceptances
Otherliabilities
and
capital
6,683
8,062
18,618
27,145
32,043
30,638
26,355
28,248
33,774
24,957
12,691
15,662
17,316
23,547
28,551
864,734
864,528
873,209
924,151
892,185
913,188
917,027
900,010
924,602
935,267
987,111
35,892
36,400
37,658
38,074
38.801
39,265
39,501
39,272
41,196
42,752
42,549
27,960
27,291
29,219
29,618
28,728
27,446
25,209
22,928
24,355
28,142
30,308
34,321
38,019
42,878
43,750
48,155
53,751
57,234
60,364
64,338
67,070
72,341
1,013,546
43,363
31,301
35,126
Deposits
Cash
reserves
Due from
banks
Bills discounted
Loans
1948—December
1949—December
1950—December
1951—December
1952—December
45,397
40,937
48.131
60.215
51,155
35,633
42,311
52.933
72.559
68.243
354,245
426.690
527.525
627.648
636,624
126,246
129,501
135.289
165.696
170,298
34,030
29.843
31,614
38.114
29,734
552,221
627,266
749,928
906,911
902,547
545,538
619,204
731,310
879,767
870,504
1953—February
March
April
May
June
July
August
September
October
November
December P
46.436
46.064
48,314
48,079
47,394
47.903
50,451
47.177
46,003
47.103
50,763
68,971
75,743
83,702
84,973
85,411
85,806
89,197
81,649
74,964
78.797
85.739
638,377
630,601
634,643
690,729
643,804
661,082
651,314
644,000
694,021
696,942
743.686
174,329
175,934
174.379
166,926
184,584
189,591
198,784
199,498
185,109
189,753
183,302
34,793
37 896
41.925
44,885
46,676
49,269
49,226
50.250
54.393
60.636
68,819
900,626
900.928
910,867
962,225
930,986
952,454
956,528
939,282
965.798
978,019
1,029,660
1954—January
46,077
76,601
782.293
180,524
37,840
1,056,908
Total
Demand
Time
pPrelimtnary.
iThis table represents aggregates of figures reported by individual banks. Data are compiled on the third Wednesday of each month, except
in June and December when the statements give end-of-month data.
2
Represent six-month loans to the Treasury with a yield of Y% per cent after October 1945.
3 Beginning December 1953, when a new bank was added, figures are for 11 banks.
4
In January 1950, the Bank of Canada assumed responsibility for these notes.
NOTE.—For details concerning data in earlier years, see BULLETIN for April 1952, p. 466; for back figures and figures on German commercial banks, see Banking and Monetary Statistics, Tables 168-171, pp. 648-655, and for description of statistics, see pp. 566-571 in same publication.
554
FEDERAL RESERVE BULLETIN:
FOREIGN EXCHANGE RATES
[Average of certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency]
Argentina
(peso)
Year or month
Australia
(pound)
Austria Belgium
(schilling) (franc)
Brazil i
(cruzeiro)
British
Malaysia
(dollar)
Canada
(dollar)
Basic
Preferential
Free
1948
1949
1950
1951
1952
1953
29.773
29.774
26.571
20.000
20.000
20.000
13!333
13.333
13.333
13.333
*8!289
7.067
7.163
7.198
321.22
293.80
223.15
223.07
222.63
224.12
23.8580
2.2816
2.2009
1.9908
1.9859
1.9878
2.0009
1953—May
June
July
August
September
October
November
December
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
7.198
7.198
7.198
7.197
7.198
7.198
7.198
7.198
224.25
224.19
224.32
224.30
223.33
223.57
223.97
223.93
23.8580
3.8580
2.0019
2.0007
2.0011
2.0006
2.0050
2.0063
2.0062
2.0053
5.4406
5.4406
5.4406
5.4 455
5.4 466
35.4 466
4.2808
3.5261
4.2808
3.5261
32.585
32.579
32.582
32.610
32.569
32.596
32.641
32.635
100.559
100.546
100.782
101.180
101.580
101.762
102.266
102.754
1954—January
February
March
April
20.000
20.000
20.000
20.000
13.333
13.333
13.333
13.333
7.198
7.198
7.198
7.198
224.01
224.13
224.27
224.55
3.8580
3.8580
3 8580
3.8580
2.0023
2.0036
1.9152
1.9868
4.2808
4.2808
4.2808
4.2808
3.5261
3.5261
3.5261
3.5261
32.646
32.656
32.668
32.689
102.781
103.439
102.996
101.786
Ceylon
(rupee)
Denmark
(krone)
Germany
(deutsche
mark)
India
(rupee)
Ireland
(pound)
Mexico
(peso)
Netherlands
(guilder)
New
Zealand
(pound)
.4354
.4354
.4354
.3240
.3017
.2858 "23!838"
.2856
23.838
.2856
23.838
.2856
30 169
27.706
20.870
20.869
20.922
21.049
' 286!38
279.68
281.27
18.860
12.620
11.570
11.564
11.588
11.607
37.668
34.528
26.252
26.264
26.315
26.340
350.48
365.07
277.28
277.19
276.49
278.48
Year or month
France
(franc)
Official
100.000
97.491
90.909
91.691
92.881
91.474
94.939
102.149
101.650
27.839
20.850
20.849
20.903
21.046
1953—May
June
July
August
September
October
November
December
21.046
21.041
21.047
21.067
20.990
21.004
21.041
21.037
.4354
.4354
.4354
.4354
.4354
.4354
.4354
.4354
.2856
.2856
.2855
.2855
.2855
.2856
.2856
.2856
21.049
21.044
21.051
21.073
20.995
21.005
21.044
21.039
281.43
281.35
281.53
281.50
280.29
280.58
281.09
281.03
11.564
11.561
11.589
11.620
11.615
11.624
11.627
11.626
26.340
26.334
26.321
26.322
26.338
26.400
26.410
26.410
278.65
278.57
278.74
278.71
277.51
277.80
278.30
278.25
1954—January
February
March
April
21.038
21.044
21 052
21.079
.4354
.4354
.4354
.4354
.2856
.2856
.2856
.2856
23.838
21.039
21.047
21.056
21.084
281.14
281.29
281.45
281.81
11.619
11.614
11.608
59.965
26.405
26.408
26.408
26.413
278.35
278.50
278.67
279.02
Norway
(krone)
PhilipPortupine
gal
Republic (escudo)
(peso)
South
Africa
(pound)
(krona)
Sweden
Switzerland
(franc)
United
Kingdom
(pound)
20.159
18.481 "49!723"
14.015
49.621
14.015
49.639
14.015
49.675
14.015
49.676
4.0183
3.8800
3.4704
3.4739
3.4853
3.4887
400.75
366.62
278.38
278.33
278.20
280.21
27.824
25.480
19.332
19.327
19.326
19.323
23.363
23.314
23.136
23.060
23.148
23.316
403.13
368.72
280.07
279.96
279.26
281.27
65.830
65.830
65.833
65.833
65.833
765.833
56.182
56.180
56.180
56.180
56.180
756.180
42.553
42.553
42.553
42.553
742.553
834.217
14.015
14.015
14.015
14.015
14.015
14.015
14.015
14.015
49.677
49.676
49.677
49.676
49.677
49.677
49.677
49.677
3.4903
3.4897
3.4896
3.4897
3.4896
3.4896
3.4899
3.4900
280.38
280.30
280.47
280.45
279.24
279.53
280.04
279.98
19.323
19.323
19.323
19.323
19.323
19.323
19.323
19.323
23.329
23.331
23.333
23.334
23.332
23.310
23.255
23.289
281.43
281.35
281.53
281.50
280.28
280.58
281.09
281.03
65.833
65.833
65.833
65.833
65.833
65.833
65.833
7
65.833
56.180
56.180
56.180
56.180
56.180
56.180
56.180
7
56.180
42.553
42.553
42.553
42.553
42.553
42.553
42.553
742.553
33.633
33.270
32.994
34.001
35.228
34.791
33.567
732.573
14.008
14.008
14.008
14.008
49.677
49.677
49.677
49.677
3.4900
3.4900
3.4900
3.4900
280.09
280.23
280.40
280.76
19.333
19.333
19.333
19.333
23.308
23.315
23.308
23.313
281.14
281.29
281.45
281.81
1948
1949
1950
1951
1952
1953
... .
...
1953—May
June
July. . .
August
September
October
November
December
1954—January
February
March
April
.4929
.4671
Free
42.973
32.788
32.849
32.601
32.595
Free
1948
1949
1950
1951
1952
1953
Year or month
20 857
19.117
14.494
14.491
14.492
Finland
(markka)
5.4406
5.4406
5.4406
5.4406
5.4406
35.4420
Official
4
Uruguay*
(peso)
*For figures on free rate for the period Feb. 25-Oct. 9, 1953, see BULLETIN for November 1953, p. 1231. The average for this period was
2
Based on quotations beginning Nov. 30, 1953.
3
Official rate, based on quotations through Oct. 9, 1953. Effective Oct. 12, 1953, the Brazilian authorities introduced new exchange ratios
for Brazilian exports. Under the new system premiums of 5 and 10 cruzeiros, depending upon type of merchandise, were added to the former
rate of 5.4466 cents, thus establishing two rates—4.2808 and 3.5261 cents, respectively. For the period Oct. 13-Oct. 30 the averages of these
two rates were 4.2808 and 3.5261, respectively.
4
Based on quotations beginning Apr. 1, 1954.
B
The Mexican peso was devalued, effective Apr. 19, 1954, from a par value of 8.65 to 12.50 pesos per U. S. dollar.
6
Rate applied (except free rate) depends upon type of merchandise. In addition to the rates shown, a fifth rate was certified May 8-Dec. 4;
the average for this period was 53.1914.
7
Based on quotations through Dec. 4, 1953.
8
Free rate, based on quotations Feb. 10-Dec. 4, 1953.
NOTE.—For back figures, see Banking and Monetary Statistics, Table 173, pp. 662-682. For description of statistics, see pp. 572-573 in same
publication, and for furthur information concerning rates and averages for previous years, see BULLETIN for December 1953, p. 1409.
MAY
1954
555
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
WHOLESALE PRICES—ALL COMMODITIES
[Index numbers]
Year or month
1944
1945...
1946
1947
1948
1949
1950
. . . .
1951
1952
1953.
1953—March
April
May
June
July
August
September
October
November
December...
1954—January
February
March
United
States
(1947-49
= 100)
68
69
79
96
104
99
103
115
112
Canada
(1935-39
-100)
Mexico
(1939 100)
United
Kingdom
(1930 =
100)
179
199
229
242
131
132
139
163
14
20
34
52
166
169
175
192
260
285
311
386
193
198
211
240
Italy
(1938 =
100)
France
(1949 =»
100)
219
230
262
320
145
226
400
328
221
393
328
138
110
109
110
110
111
111
111
110
222
220
220
222
221
222
222
221
386
387
393
391
397
395
398
401
328
333
331
330
329
327
326
326
140
139
139
139
137
137
137
136
110
219
396
328
137
326
138
326
138
P138
P136
110
219
396
111
111
220
219
396
397
111
219
401
P326
P329
Netherlands
(1948 100)
2
4
16
48
5,159
5,443
5,169
4,897
5,581
5,270
5,250
89
100
108
138
110
Japan
(1934-36
average
= 1)
128
209
246
343
100
104
117
143
349
140
>354
134
351
350
350
352
353
355
357
359
136
134
135
134
133
133
133
133
Sweden
(1935 100)
Switzerland
(Aug. 1939
= 100)
196
194
186
199
214
216
227
299
317
298
207
205
200
208
214
212
214
213
213
212
212
212
213
213
P214
5,264
5,234
5,250
5,250
5,258
5,270
5,246
5,237
5,222
'5,256
P361
134
301
300
299
299
298
296
295
295
297
296
5,286
P368
135
136
296
J>296
134
360
217
206
203
227
220
213
212
211
v Preliminary.
« Revised.
"
NOTE.—For sources and references concerning changes in the structure of price indexes for various countries, see BULLETIN for December
1952, p. 1356.
WHOLESALE PRICES—GROUPS OF COMMODITIES
[Indexes for groups included in total index above]
United States
(1947-49-100)
Year or month
United Kingdom
(1930=100)
Canada
(1935-39 = 100)
Raw and Fully and
partly
Other
chiefly
Farm
Farm
Processed commodmanumanuproducts
foods
products factured factured
ities
goods
goods
(1948 = 100)
Industrial
products
69
72
83
100
107
93
98
113
107
97
n.a.
n.a.
n.a.
98
106
96
100
111
109
105
70
71
78
95
103
101
105
116
113
114
155
165
177
190
230
226
237
269
'250
220
134
136
140
164
196
197
213
238
219
207
129
130
138
162
192
199
211
242
231
229
158
158
158
165
181
197
221
247
284
307
170
175
184
207
242
249
286
P364
>352
1953—March
April
May
June
July
August
September
October
November
December
100
97
98
95
98
96
98
95
94
94
104
103
104
103
106
105
107
105
104
104
113
113
114
114
115
115
115
115
115
115
228
222
224
227
227
214
209
209
205
207
210
206
206
207
207
210
207
205
203
204
229
228
228
230
230
230
230
230
228
228
302
318
317
316
315
309
307
304
305
302
»337
98
98
99
106
105
105
115
114
114
209
209
207
207
205
204
228
227
227
302
305
P310
Foods
Industrial raw
products
Industrial
finished
products
100
101
112
122
129
123
100
108
128
171
166
156
100
104
116
143
135
132
124
122
124
124
118
119
121
120
122
122
159
157
157
155
155
155
155
154
153
153
132
131
131
131
131
131
132
132
132
132
'125
128
Foods
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954—January
February
March
Netherlands
153
153
133
133
n.a. Not available.
P Preliminary.
'Revised.
NOTE.—For sources and references concerning changes in the structure of price indexes for various countries, see BULLETIN for December
1952, p. 1356.
556
FEDERAL RESERVE BULLETIN
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued
CONSUMERS' PRICE INDEXES
All items
United
States
Year or month
(1947-49
= 100)1
1946
1947
1948
1949
1950
1951
1952
1953
Canada
(1949
«*100)
Food
SwitzUnited
erKing- France Netherland
dom
lands
(1949
(Jan.
(1949
(Aug,
15, 1952 = 100)
1939 =
= 100)
= 100)
100)
United
States
(1947-49
= 100)i
Canada
(1949
= 100)
SwitzUnited
erKing- France Netherlands
land
dom
(1949
(1949
(Jan.
(Aug.
= 100)
15, 1952 = 100)
1939 =
= 100)
100)
35
152
79
96
103
102
103
85
97
100
103
77
82
84
86
57
90
100
111
96
104
100
101
100
103
111
114
95
130
167
113
103
106
171
170
91
116
115
145
144
117
114
114
109
119
120
120
158
163
162
159
115
113
117
113
114
114
114
115
115
115
115
115
115
115
115
114
115
115
116
116
117
116
105
106
106
107
107
106
106
106
106
145
145
146
145
144
143
141
141
141
120
120
121
121
121
120
121
121
120
169
169
170
170
170
170
170
170
170
112
112
112
114
114
114
114
114
112
115
116
106
142
120
170
112
115
116
106
143
123
170
115
115
116
116
106
144
124
124
113
83
. .
1953—March
April
May . . .
June
July . .
August
September
October
November
December
. . .
1954—Tanuary
February
March
78
P144
ioo
170
36
100
111
128
121
105
112
141
137
123
124
112
111
110
111
113
113
114
116
113
111
113
113
114
114
112
111
111
111
141
140
141
141
137
136
132
132
132
123
124
125
127
127
123
126
125
124
112
110
134
122
112
110
136
124
112
111
113
112
P169
57
92
100
111
110
137
126
67
72
76
82
160
170
176
174
176
181
184
184
183
182
183
184
184
185
186
187
187
186
185
185
P136
^Preliminary.
1
These series are the revised indexes, reflecting, beginning January 1953, the inclusion of some new series and revised weights. Prior to January 1953 indexes are based on the "interim adjusted" and "old" indexes, converted to the base 1947-49=100.
NOTE.—For sources and references concerning changes in the structure of price indexes for various countries (except the United States), see
BULLETIN for December 1952, p. 1357.
SECURITY PRICES
[Index numbers except as otherwise specified]
Common stocks
Bonds
Year or month
United
Statesi
Number of issues. . .
17
Canada
(1935-39
= 100)
United
Kingdom
(December
1921=100)
France
(1949
= 100)
Netherlands 2
United
States
(1935-39
= 100)
Canada
(1935-39
= 100)
United
France
Kingdom
(1926=100) (1949=100)
Netherlands'
87
60
14
480
101
278
122.1
118.3
121.0
122.0
117.7
115.8
112.1
118.5
105.0
107.6
109.6
95.7
86.1
83.6
130.8
129.9
126.5
121.2
117.6
108.3
112.0
120.0
106.4
100.0
99.8
101.4
111.1
113.5
105.6
107.1
106.8
106.7
87.0
85.6
100.2
123.0
124.4
121.4
146.4
176.5
187.7
189.0
106.0
112.5
109.4
131.6
168.3
173.1
160.3
94.6
92.0
87.6
90.0
97.1
91.1
92.2
100
90
112
143
159
233
240
219
217
215
192
212
1953—March
April
Mav
June
July
August
September. . .
October
November. . .
December
113.4
111.7
109.8
108.8
110.7
111.4
110.9
112.6
113.6
113.5
84.1
84.1
83.6
82.9
82.9
82.6
82.3
82.8
84.2
85.3
110.5
111.3
111.4
112.2
111.5
112,0
112.8
114.2
114.9
114.2
111.9
112.6
113.2
112.9
112.9
114.1
115.0
114.7
114.4
113.8
95.8
98.0
99.7
101.2
102.7
101.8
102.1
104.0
104.0
103.4
198.0
190.0
189.6
182.8
185.5
187.3
179.2
183.4
187.5
190.7
170.0
160.8
159.8
* 156.8
160.7
161.2
152.9
151.9
154.2
153.6
93.2
92.3
91.1
91.1
91.6
92.5
91.4
92.1
93.7
93.5
151
151
153
154
157
162
165
167
169
170
206
203
206
207
214
218
215
217
223
230
1954—January
February....
March
114.5
116.5
117.9
87.0
88.7
95.5
114.3
114.8
115.3
114.6
114.9
103.7
101.8
100.0
195.4
199.6
204.9
157.4
163.2
165.0
94.1
95.8
95.6
180
184
239
245
250
1947
1948
1949
1950
1951.
1952
1953
295
27
1
Prices derived from average yields, as
2
Represents the reciprocals of average
3
computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond.
yields. The average yield in the base period (January-March 1937) was 3.39 per cent.
Average of the ratios of current prices to nominal values, expressed as a percentage.
NOTE.—For sources and references concerning changes in the structure of price series for various countries, see BULLETIN for December
19-52, p. 1357.
MAY
1954
557
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
W M . M C C . MARTIN, JR., Chairman
JAMES K. VARDAMAN, JR.
A. L. MILLS, JR.
M . S . SZYMCZAK
R. M. EVANS
J. L. ROBERTSON
WOODLIEF THOMAS, Economic Adviser to the Board
WINFIELD W. RIEFLER, Assistant to the Chairman
ALFRED K. CHERRY, Legislative Counsel
OFFICE OF THE SECRETARY
DIVISION OF EXAMINATIONS
ELLIOTT THURSTON, Assistant to the Board
S. R. CARPENTER, Secretary
MERRITT SHERMAN, Assistant Secretary
KENNETH A. KENYON, Assistant Secretary
GEORGE S. SLOAN, Director
C. C. HOSTRUP, Assistant Director
FRED A. NELSON, Assistant
Director
ARTHUR H. LANG, Chief Federal Reserve Examiner
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
ROBERT C. MASTERS, Assistant Director
GLENN M. GOODMAN, Assistant Director
HENRY BENNER, Assistant Director
DIVISION OF BANK OPERATIONS
ROBERT F. LEONARD, Director
J. E. HORBETT, Assistant Director
LOWELL MYRICK, Assistant
DIVISION OF RESEARCH A N D STATISTICS
Director
DIVISION OF PERSONNEL ADMINISTRATION
RALPH A. YOUNG, Director
DWIGHT L. ALLEN, Director
FRANK R. GARFIELD, Adviser on Economic Research
H. FRANKLIN SPRECHER, JR., Assistant Director
KENNETH B. WILLIAMS, Assistant Director
SUSAN S. BURR, Assistant Director
DIVISION OF ADMINISTRATIVE SERVICES
LISTON P. BETHEA, Director
GUY E. NOYES, Assistant Director
JOSEPH E. KELLEHER, Assistant Director
C. RICHARD YOUNGDAHL, Assistant Director
OFFICE OF DEFENSE LOANS
DIVISION OF INTERNATIONAL FINANCE
GARDNER L. BOOTHE, II,
Administrator
OFFICE OF T H E CONTROLLER
ARTHUR W. MARGET, Director
LEWIS N . DEMBITZ, Assistant Director
EDWIN J. JOHNSON, Controller
Special Assistants to the Board—CHARLES MOLONY AND CLARKE L. FAUVER
FEDERAL OPEN
MARKET COMMITTEE
~~
W M . M C C . MARTIN, JR., Chairman
ALLAN SPROUL, Vice Chairman
MALCOLM BRYAN
J. L. ROBERTSON
R. M. EVANS
M. S. SZYMCZAK
H. G. LEEDY
JAMES K. VARDAMAN, JR.
A. L. MILLS, JR.
ALFRED H. WILLIAMS
C. S. YOUNG
FEDERAL
ADVISORY COUNCIL
WILLIAM D . IRELAND,
BOSTON DISTRICT
HENRY C. ALEXANDER,
NEW
GEOFFREY S. SMITH,
PHILADELPHIA DISTRICT
GEORGE G U N D ,
CLEVELAND DISTRICT
ROBERT V . FLEMING,
RICHMOND DISTRICT
YORK DISTRICT
Vice President
WALLACE M. DAVIS,
ATLANTA DISTRICT
EDWARD E. BROWN,
CHICAGO DISTRICT
WINFIELD W. RIEFLER, Secretary
ELLIOTT THURSTON, Assistant Secretary
GEORGE B. VEST, General Counsel
FREDERIC SOLOMON, Assistant General Counsel
WOODLIEF THOMAS, Economist
KARL R. BOPP, Associate Economist
GEORGE W. MITCHELL, Associate Economist
H. V. ROELSE, Associate Economist
CLARENCE W. TOW, Associate Economist
RALPH A. YOUNG, Associate Economist
ROBERT G. ROUSE, Manager of System Open
Market Account
558
President
W . W . CAMPBELL,
ST. LOUIS DISTRICT
JOSEPH F. RINGLAND,
MINNEAPOLIS DISTRICT
CHARLES J. CHANDLER,
KANSAS CITY DISTRICT
GEO. G. MATKIN,
DALLAS DISTRICT
JOHN M. WALLACE,
SAN FRANCISCO DISTRICT
HERBERT V. PROCHNOW,
Secretary
FEDERAL RESERVE BULLETIN
CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS
Vice Presidents
Federal Reserve Chairman l
Bank of
Deputy Chairman
President
First Vice President
Boston
Harold D. Hodgkinson
Ames Stevens
New York
Jay E. Crane
William I. Myers
Philadelphia
William J. Meinel
Henderson Supplee, Jr.
Cleveland
John C. Virden
Leo L. Rummell
Robert B. Harvey 8 Carl B. Pitman
E. 0. Latham
0. A. Schlaikjer
R. F. Van Amringe
H. A. Bilby
Robert G. Rouse
Allan Sproul
William F. Treiber
H. H. Kimball
T. G. Tiebout
L. W. Knoke
V. Willis
A. Phelan
R. B. Wiltse
H. V. Roelse
J. H. Wurts
Karl R. Bopp
P. M. Poorman
Alfred H. Williams
Robert N. Hilkert J. V. Vergari «
W. J. Davis
E. C. Hill
Richard G. Wilgus •
Wm. G. McCreedy
Roger R. Clouse
H. E. J. Smith
W. D. Fulton
Paul C. Stetzelberger
Donald S. Thompson A. H. Laning *
Martin Morrison
Richmond
John B. Woodward, Jr.
W. G. Wysor
Hugh Leach
Edw. A. Wayne
Atlanta
Rufus C. Harris
Paul E. Reinhold
Malcolm Bryan
Lewis M. Clark
Chicago
John S. Coleman
Bert R. Prall
C. S. Yourig
E. C. Harris
St. Louis
M. Moss Alexander
Caffey Robertson
Delos C. Johns
Frederick L. Deming
(Vice Presidents in charge of branches are listed in
lower section of this page)
J. A. Erickson
Alfred C. Neal
N. L. Armistead
C. B. Strathy
Aubrey N. Heflin K. Brantley Watson
Upton S. Martin Chas. W. Williams
J. M. Nowlan2
V. K. Bowman
L. B. Raisty
J. E. Denmark 8 Earle L. Rauber
John L. Liles, Jr.
S. P. Schuessler
Harold T. Patterson
Neil B. Dawes
L. G. Meyer
W. R. Diercks
George W. Mitchell
W. A. Hopkins
A. L. Olson
L. H. Jones J
Alfred T. Sihler
W. W. Turner
Dale M. Lewis
H. H. Weigel
Wm. E. Peterson J. C. Wotawa
0. S. Powell
A. W. Mills
Minneapolis.... Paul E. Miller
Leslie N. Perrin
H. C. Core
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 0. Koppang
John T. Boysen *
Clarence W. Tow
E. D. Vanderhoof
D. W. Woolley
Dallas
J. R. Parten
Robert J. Smith
Watrous H. Irons
W. D. Gentry
E. B. Austin
J. L. Cook *
T. W. Plant
E. R. Millard
H. F. Slade
L. G. Pondrom
Morgan H. Rice
Harry A. Shuford
Eliot J. Swan »
0. P. Wheeler
San Francisco... A. H. Brawner
Y. Frank Freeman
C. E. Earhart
H. N. Mangels
VICE PRESIDENTS IN CHARGE OF BRANCHES OF FEDERAL RESERVE BANKS
Federal Reserve
Bank of
New York .. ,
Cleveland
Richmond
Atlanta
Chicago
St. Louis
1
MAY
Branch
I. B. Smith
R. G. Johnson
Cossin
J. W. 1
D. F. Hagner
R. L. Cherry
H. C. 1
"razer
T. A. Lanford
R. E. Ivloody, Jr.
M. L. Shaw
R. A. Swaney
C. M. Stewart
V. M. Longstreet
Darryl R. Francis
Buffalo
Cincinnati
Pittsburgh
Baltimore
Charlotte
Birmingham
Jacksonville
Nashville
New Orleans
Detroit
Little Rock
Louisville
Memphis
Also Federal Reserve Agent.
1954
Vice Presidents
a
Cashier.
8
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
W. H. Holloway
W. E. Eagle
San Francisco
Los Angeles
Portland
Salt Lake City
Seattle
W. F. Volberg
J. A. Randall
W. L. Partner
J. M. Leisner
Also Cashier.
4
Counsel.
559
FEDERAL RESERVE BOARD PUBLICATIONS
The material listed below may be obtained from
the Division of Administrative Services, Board of
Governors of the Federal Reserve System, Washington 25, D. C. Where a charge is indicated,
remittance should be made payable to the order
of the Board of Governors of the Federal Reserve
System.
BANKING STUDIES.
THE FEDERAL
FUNCTIONS.
BANKING AND MONETARY STATISTICS.
RESERVE
SYSTEM—PURPOSES AND
Revised edition. April 1954. 224
pages.
of the Board of Governors of the
Federal Reserve System. Issued each year.
ANNUAL REPORT
Issued monthly. Subscription price in the United States and its possessions, Bolivia, Canada, Chile, Colombia, Costa
Rica, Cuba, Dominican Republic, Ecuador,
Guatemala, Haiti, Republic of Honduras, Mexico,
Nicaragua, Panama, Paraguay, Peru, El Salvador,
Uruguay, and Venezuela is $2.00 per annum or
20 cents per copy; elsewhere $2.60 per annum or
25 cents per copy. Group subscriptions in the
United States for 10 or more copies to one address, 15 cents per copy per month, or $1.50
for 12 months.
FEDERAL RESERVE BULLETIN.
FEDERAL RESERVE CHARTS ON BANK CREDIT, MONEY
RATES, AND BUSINESS. Issued monthly. $6.00
per annum including edition of historical supplement (listed below) available when subscription
is entered or renewed. 60 cents per copy; in
quantities of 10 or more copies of a particular
issue for single shipment, 50 cents each. (Domestic rates)
HISTORICAL SUPPLEMENT TO FEDERAL RESERVE
CHARTS ON BANK CREDIT, MONEY RATES, AND
BUSINESS. Issued annually in September. Annual
subscription to monthly chart book includes one
issue of supplement. Single copies, 60 cents each;
in quantities of 10 or more copies for single
shipment, 50 cents each. (Domestic rates)
*A more complete list, including periodic releases and
reprints, appeared on pp. 1414-17 of the December 1953
BULLETIN.
560
Comprising 17 papers on banking and monetary subjects by members of the
Board's staff. August 1941; reprinted October
1952. 496 pages. Paper cover. $1.00 per copy;
in quantities of 10 or more copies for single
shipment, 75 cents each.
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.
THE DEVELOPMENT OF BANK DEBITS AND CLEARINGS AND THEIR USE IN ECONOMIC ANALYSIS.
January 1952. 175 pages. 25 cents per copy; in
quantities of 10 or more copies for single shipment, 15 cents each.
as amended to November 1, 1946, with an Appendix containing provisions of certain other statutes affecting the
Federal Reserve System. 372 pages. 50 cents per
paper-bound copy; $1.00 per cloth-bound copy.
THE FEDERAL RESERVE ACT,
COMPILATION OF FEDERAL AND STATE LAWS RELATING TO BRANCH BANKING WITHIN THE UNITED
STATES. (July 1, 1951.) December 1951/ 33
pages.
RULES OF ORGANIZATION AND RULES OF PROCEDURE
—Board of Governors of the Federal Reserve
System (with Amendments). September 1946.
31 pages.
REGULATIONS OF THE BOARD OF GOVERNORS OF THE
FEDERAL RESERVE SYSTEM. Individual regulations
with amendments and supplements thereto.
FEDERAL RESERVE BULLETIN
FEDERAL RESERVE BOARD
REPRINTS
FEDERAL
1953.
(From Federal Reserve Bulletin unless preceded by an asterisk.)
RECENT CHANGES IN GERMANY'S FOREIGN TRADE
BALANCE. March 1952. 7 pages.
BANKING IN THE SOVIET UNION.
PUBLICATIONS
UNITED
RESERVE BANK
May
STATES POSTWAR INVESTMENT IN LATIN
AMERICA.
April 1952.
RESPONSIBILITIES.
5 pages.
May 1953. 6 pages.
8
pages.
WARTIME AND POSTWAR CREDIT DEMANDS OF LARGE
REVISED WEEKLY INDEX OF DEPARTMENT STORE
SALES.
CORPORATIONS. July 1953. 12 pages.
April 1952. 4 pages.
ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS
STATEMENT BY CHAIRMAN OF THE BOARD OF GOVERNORS
BEFORE
SUBCOMMITTEE
ON GENERAL
AND BUSINESSES. July 1953. 2 pages. (Also
similar article from July 1952 BULLETIN.)
CREDIT CONTROL AND DEBT MANAGEMENT, MARCH
11, 1952. April 1952. 4 pages.
RECENT
CHANGES IN INSTALMENT CREDIT TERMS. May 1952.
CREDIT AND MONETARY
DEVELOPMENTS.
July 1953. 8 pages.
6 pages.
UNITED STATES BALANCE OF PAYMENTS IN 1952-53.
EXCESS PROFITS
TAXES
OF COMMERCIAL
BANKS.
October 1953. 9 pages.
June 1952. 18 pages.
REAL ESTATE LOANS OF REGISTRANTS UNDER REGU-
LATION X. June 1952. 18 pages.
PROBLEMS OF TRADE EQUILIBRIUM.
SERIES
ON DEPARTMENT
October 1952.
STORE
SALES,
October 1952. 5 pages.
RECENT CREDIT EXPANSION.
December
1952.
7
pages.
CREDIT AND MONETARY REVIEW FOR 1952.
THE
November
65 pages.
FEDERAL RESERVE MONTHLY INDEX OF INDUSTRIAL
STOCKS, AND ORDERS.
1953.
STOCKS, BY MAJOR DEPARTMENTS.
1953.
9 pages.
REVISED
REVISED INDEXES OF DEPARTMENT STORES SALES AND
February
7 pages.
EXTENSIONS AND REPAYMENTS OF CONSUMER I N -
STALMENT CREDIT.
MONETARY SYSTEM OF THE UNITED STATES.
February 1953.
PRODUCTION, 1953 Revision. December 1953. 96
pages. (Also, similar index from August 1940,
September 1941, and October 1943 issues of
BULLETIN with supplementary data. October
1943. 120 pages.)
16 pages.
January 1954.
14 pages.
BANK CREDIT AND MONEY IN 1953. February 1954.
6 pages.
INFLUENCE OF CREDIT AND MONETARY MEASURES ON
ECONOMIC STABILITY.
March 1953.
16 pages.
FEDERAL FINANCIAL MEASURES FOR ECONOMIC STA-
BILITY.
May 1953. 7 pages.
REVISION OF CONSUMER CREDIT STATISTICS.
1953.
April
19 pages.
USED IN REVISION OF SHORT- AND INTERMEDIATETERM CONSUMER CREDIT STATISTICS (supplemen-
tary details for item listed above), April 1953.
25 pages.
TRANSITION TO FREE MARKETS.
6 pages.
MAY
1954
GOLD
AND DOLLAR
MOVEMENTS.
March 1954. 9 pages. (Also, similar article from
March 1953 BULLETIN.)
1954 SURVEY OF CONSUMER FINANCES—PRELIMINARY
FINDINGS OF THE 1954 SURVEY OF CONSUMER F I -
*DETAILED DESCRIPTION OF SOURCES AND METHODS
THE
INTERNATIONAL
April 1953.
NANCES. March 1954. 4 pages. (Other articles
on the 1954 Survey will appear in later issues of
the BULLETIN. Also, similar surveys for earlier
years from 1946, 1947, 1948, 1949, 1950, 1951,
1952, and 1953 BULLETINS.)
N E W INDEXES OF OUTPUT OF CONSUMER DURABLE
GOODS.
May 1954. 15 pages.
561
FEDERAL RESERVE SYSTEM
BOUNDARIES OF FEDERAL RESERVE DISTRICTS
AND THEIR BRANCH TERRITORIES
MINNEAPOLIS
= =
BOUNDARIES OF FEDERAL RESERVE DISTRICTS
BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES
i(
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
<§>
FEDERAL RESERVE BANK CITIES
•
FEDERAL RESERVE BRANCH CITIES
APRIL I. 1954.
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
I
3
@FedFRASER