Full text of Federal Reserve Bulletin : May 1955

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AL

ESERVE

BULLETIN
MAY 1955

BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEE
WASHINGTON

EDITORIAL COMMITTEE
ELLIOTT THURSTON

WOODLIEF THOMAS
WINFIELD W. RIEFLER
SUSAN S. BURR

RALPH A. YOUNG

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

CONTENTS
PAGF

Housing Markets .

457-464

1955 Survey of Consumer Finances: Purchases of Durable Goods in 1954.

465-481

Bankers' Acceptance Financing in the United States.

482-494

Member Bank Earnings, 1954.

495-499

Law Department .

500-501

Current Events and Announcements. .

502

National Summary of Business Conditions. .

503-504

Financial, Industrial, Commercial Statistics, U. S. (See p. 505 for list of tables).

505-577

International Financial Statistics (See p. 579 for list of tables) .

579-597

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

598

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

599

Federal Reserve Board Publications..

600-601

Map of Federal Reserve Districts...




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602

FEDERAL
VOLUME 41

RESERVE
May 1955

BULLETIN
NUMBER 5

HOUSING MARKETS
Activity in construction and real estate CONSTRUCTION OUTLAYS
markets, strong through the 1953-54 reces- Seasonally adjusted, millions of dollars
1600
sion, has risen markedly this year. New
high levels have been reached by the value
of construction work done and of construc- 1200
tion contracts awarded, by the number of
dwelling units started and purchased, and
by the amount of mortgage financing and
800
the outstanding mortgage debt.
These record levels have been achieved
with relative stability in prices and costs.
Prices of building materials and wage rates
400
in the building trades have risen during the
past year, but most broad measures of construction cost have shown little change.
Mortgage financing generally has been
1955
1953
1951
available on terms favorable to borrowers,
KOTE.—Joint estimates of Departments of Commerce and
except private business, are adjusted for seasonal variaand prices of residential properties—both Labor,
tion by Department of Commerce. Private business includes
commercial,
and public utility construction and is
new and old—appear to have been unusually adjusted by industrial,
Federal .Reserve. Latest figures shown are for
April.
steady this year. Newly built houses have
been sold quickly, and. vacancies have reThe increase in outlays for private conmained low. Rents generally have stopped
struction
since early 1954 is the result chiefly
rising.
of rapid expansion in residential building
CONSTRUCTION OUTLAYS
expenditures, as the chart shows. In the
Total spending for new construction has first four months of 1955 residential outlays
risen rapidly in the past six months and were one-third larger than a year earlier and
this spring has been at a record seasonally one-seventh larger than at the peak in 1950.
adjusted annual rate of 41 billion dollars.
Private nonresidential.
The moderate
This reflects for the most part a large rise increase in private nonresidential building,
in privately financed construction. Public seasonally adjusted, since late last year has
construction lately has been at about the reflected mainly changes in private business
same level as in the same months of 1954. construction. The downward movement of
MAY




1955

457

HOUSING MARKETS

industrial construction during most of 1953
and 1954 was reversed in the late autumn,
and expenditures for such construction in
the first quarter of 1955 were 7 per cent
larger than in the corresponding period of
1954. Construction of commercial facilities
rose further to a new high in the first four
months of 1955, and public utility construction was maintained at the high 1954 level.
Nonresidential construction for other than
business purposes has shown little change
since last spring. Building of recreational
facilities, churches, schools, and hospitals has
increased, but farm construction has declined
further, to the lowest level since mid-1949.
Public construction. Public expenditures
for new construction have been at about
the same level this year as a year earlier.
Outlays by State and local governments for
most types of construction, including schools,
highways, sewerage facilities, and hospitals,
have increased further and are well above
the levels a year earlier. Outlays for public
housing, on the other hand, have continued
to decline sharply this year, and in April
reached the lowest level in six years. Federal construction outlays have also declined,
except for military installations.
HOUSING AND MORTGAGE MARKETS

The number of new private dwelling units
started this year has been at a seasonally adjusted annual rate close to 1.4 million units.
This rate is markedly higher than that in
any other similar period, and is close to the
mid-1950 record. The increased volume of
activity this year compared with a year earlier reflects chiefly a doubling in the number
of units started under arrangements for
guaranty of the mortgages by the Veterans
Administration. Such units have accounted
for 28 per cent of private starts this year, as
is shown in the table, a much larger pro458




NONFARM HOUSING U N I T S STAUTED

[Numbers in thousands]
Percentage distribution of
private units by type of
]inancing

Period

Total

Private Public

Federally
underwritten

Conventional

VA-

or
no

FHAinsured

guaranteed

mortgage

Annually:
1950.'..
1951 . . .
1952...
1953...
1954...

1,396
1,091
1,127
1,104
1,221

1,352
1,020
1,069
1,068
1,201

44
71
59
36
19

35
26
26
24
23

15
15
13
15
26

50
60
61
62
51

Jan.-April
1950...
1953...
1954...
1955...

412
369
345
422

407
346
339
419

5
23
6
3

31
23
22
22

13
12
18
28

56
65
60
50

NOTE.—Data are from the Bureau of Labor Statistics, Federal
Housing Administration, and Veterans Administration. Federally
underwritten refers to units started under commitments of FHA
or VA to insure or guarantee the mortgages.

portion than in any previous comparable
period.
The number of newly completed houses
coming on the market this spring and summer will probably be larger than in any
previous similar period. Builders have had
little trouble in selling houses, and activity in
markets for both new and existing properties
has been exceptionally great. The number
of new houses sold in the second half of
1954, estimated at 600,000, was exceeded only
by sales in the unusual second half of 1950.
The high level of sales in the first four
months of this year reflected in part an increase in purchases with VA loans.
The recent large volume of sales of both
new and old properties has been made at
relatively stable prices in most areas and in
most price ranges. Rents have shown little
change this year following small increases
in 1954. A small increase has been noted
in vacant units for rent. Building of apartment structures has continued at about the
low level reached in 1951.
Financing. Increased activity in markets
for new and existing houses has reflected
FEDERAL RESERVE BULLETIN

HOUSING MARKETS

and been reflected in an unprecedented volume of mortgage lending on terms generally
very favorable to borrowers. Mortgage recordings of $20,000 or less, seasonally adjusted, have increased without interruption
since early 1954, as shown in the chart. The
1954 volume reached an all-time high of
23 billion dollars and the total for the first
quarter of 1955 was 6.4 billion dollars; the
latter volume was more than two-fifths
larger than a year earlier.

compared with less than 20 per cent a year
earlier and less than 10 per cent during
most of 1953. Loans made with 30-year
maturities increased even more sharply and
in March were 46 per cent of all VA loans
closed, compared with 14 per cent a year
earlier and 2 per cent in mid-1953.
Lending under VA guarantee increased
markedly in the second half of 1954 and in
the first quarter of 1955 was at a record level,
well over twice that of a year earlier. This
increase was. much larger than that for
NONFARM MORTGAGE LENDING
other types of loans, and the proportion of
Millions of dollars
VA loans to all loans closed was 27 per cent
in early 1955, compared with about 17 per
2400
cent in the same period of 1953 and 1954.
Recently, following the acquisition of a
large volume of mortgages by many lenders
2000
and some increase in money rates, terms
to borrowers—especially on commitments
for future loans—have become noticeably
1600
tighter. Nevertheless, mortgage funds continue to be ample and, judging from the
large number of loan applications received
1200
by FHA and VA, Federally underwritten
financing will continue large. Appraisal requests
received by VA in the first quarter
1953
1955
1951
of
1955
were double the year-ago volume,
NOTE.—Data are mortgage recordings of $20,000 or less and
are from the Home Loan Bank Board. A three-month moving
and applications to FHA for loan insurance
average of these data, centered at the middle month, has been
adjusted for seasonal variation by Federal Reserve. Latest
figure shown for unadjusted series is for March; for adjusted,
on
new 1- to 4-family houses were two-fifths
February.
larger than a year earlier.
Mortgage debt and investors. The postAs capital markets continued to ease during most of 1954, investors made an increas- war increase in home mortgage debt was
ing amount of mortgage funds available on accelerated in 1954 as mortgage lending
terms that they would not accept earlier. rose much more than debt repayment. The
Terms on conventional loans eased, and record growth of 9.6 billion dollars for the
prices of Government-underwritten mort- year, compared with 7.6 billion in 1953,
gages, which earlier had been at appreciable reflected chiefly a sharp contra-seasonal indiscounts in secondary markets, rose and crease in the second half of the year. In the
first quarter of 1955 the increase in home
were close to par in many areas.
Terms on VA loans eased steadily during mortgage debt was almost twice that a year
1954 and early 1955. In March about 45 earlier and the largest in any first quarter
per cent were made with no down payment, on record.
MAY

1955




459

HOUSING MARKETS

All major types of financial institutions
have participated in this expansion of residential mortgage debt. Holdings of savings and loan associations, as in other recent
years, rose by a substantially larger amount
in 1954 and the first quarter of 1955 than
those of other institutions. The net addition
of over one billion dollars to their holdings
in the first quarter of this year represented
almost two-fifths of the increase in home
mortgage debt, a slightly smaller proportion
than in 1953 and 1954.
The increase in the residential mortgage
portfolios of life insurance companies in 1954
was the largest since the record years of 1950
and 1951. This reflected acquisition of large
amounts of VA-guaranteed mortgages. Expansion in the first quarter of 1955 was about
twice that a year earlier.
Some life companies, as well as other mortgage lenders, have found it convenient to
"warehouse" some of their mortgages with
commercial banks in order to obtain funds
for current lending. Temporary acquisition
of mortgages by commercial banks under
such warehousing arrangements explains in
part the sharp rise in commercial bank mortgage portfolios in the first three months of
1955. The expansion of over 400 million
dollars in that quarter compares with increases ranging from 50 to 150 million in the
corresponding period of the three preceding
years. A large part of this expansion, however, as well as most of that in the second
half of 1954, represented increased direct
participation of commercial banks in mortgage lending.
Large increases in residential mortgage
portfolios of mutual savings banks during
the past year or so reflect chiefly the growth
of their VA-guaranteed mortgage holdings.
The increase in such holdings has been
460




greater than of either FHA-insured or conventional loans and amounted to about threefourths of the total increase in 1954 and the
first quarter of 1955.
RECENT CHANGES AFFECTING HOUSING
MARKETS

The strength in the market for houses
throughout the postwar period has given
rise to considerable discussion about how
much longer present advanced levels are
likely to be maintained. Since the war many
changes have taken place that might be
expected to affect the level and nature of
future housing demands. To some observers
such changes suggest lower levels in the near
future; to others, the continuation of high
levels of activity in the face of such changes
indicates strong underlying demand that can
continue for a long time.
Factors commonly expected to sustain
demand are the inferior quality of an appreciable part of the existing housing stock;
desires for better housing, for suburban
living, and for home ownership; continuation of high incomes; and availability of
mortgage funds. Low levels of vacancies, of
foreclosures, and of mortgage delinquencies,
as well as the ready sale of both new and old
houses at generally stable prices, also suggest to many observers a continued strong
market for some time to come. The almost
universal amortization of debt, which steadily augments equities and tends to keep the
burden of new debt reasonable in relation
to incomes, is also regarded as an element of
strength.
A major factor regarded by some observers as suggesting lower levels of housing
market activities later is the apparent decline,
particularly in the past two years, in household formation. Other elements expected
FEDERAL RESERVE BULLETIN

HOUSING MARKETS

to lead toward lower levels are the high and
rising level of mortgage debt, the tendency
of house purchasers to buy on terms considered akin to rent, and the relatively fixed
character of home-ownership costs. Those
who regard these elements as likely to lead
to reduced activity believe that as new building continues in excess of additions to households, vacancies will rise, rents will fall,
and tenancy may become more attractive
than ownership to many families. In the
process, real estate prices may decline and
debt based on these prices—particularly the
large proportion of debt that is relatively
new—may become more burdensome.
A review of some of the postwar developments in household formation and mortgage
financing may suggest the nature and possible influence of some of these changes.
Changes in households. In early 1947
housing was in very short supply, and almost
9 per cent of the 33.5 million married couples
in the United States were sharing households; many others were occupying makeshift quarters. The needs of these groups
for separate or improved accommodations,
the large number of marriages and births,
and continued heavy migration of population exerted exceptional pressures on the
housing supply at that time.
Output of new housing increased sharply
in the next three years, and extensive conversion of existing residential and nonresidential space also added to housing accommodations. By the spring of 1950, as can
be seen from the table, there were almost
4.5 million more households, headed chiefly
by married couples, than three years earlier.
New houses and apartments built in this
period accommodated two-thirds of this
number, and the remainder were accommodated in units created by conversion of
MAY 1955




various kinds and probably, to a small extent, in units vacant earlier. The number
of couples without their own households was
reduced by almost one million to less than
6 per cent of all married couples, a smaller
proportion than before the war.
HOUSEHOLDS AND FAMILIES IN THE UNITED

STATES

[Number, in millions]
Increase
Item

1940

1954

194047

194750

195054

34.9

4.2

4.4

3.3

46.9

26.6
4.9
3.5

4.0
-.6

3.5
.4
.6

1.8
.3
1.2

35.9
5.1
5.9

34.2
All families
Headed by:
Married couples
28.5
with households
26.6
without households... 1.9

4.7

2.8

1.6

43.3

5.0
4.0
1.0

2.5
3.5
-.9

1.3
1.8
-.5

37.3
35.9
1.5

-.3
-.6
.2

.2
.4
-.2

.3
.3

6.0
5.1
.9

All households
Headed by:
Married couples
Other families
Individuals

Others
with households
without households...

5.7
4.9
.8

.7

C1)

iLess than 50,000.
NOTE.—Data are for April of each year, except 1950 which are for
March. Data are from sample surveys by the Bureau of the Census,
except 1940 which are from the Decennial Census. Figures shown
for families differ from those reported by the Bureau of the Census by inclusion of sub-families.

In the four years following the spring of
1950, the number of marriages declined, and
at the same time the number of married
couples without their own households was
reduced further. The number of new nonfarm dwelling units built during the period
rose, however, and exceeded the increase in
married-couple households by 2.9 million.
Vacancies probably rose slightly, but most of
this excess was apparently taken up by increased demand from individuals and groups
other than married couples, migration from
farms, and withdrawal of units from the
housing supply. Continued high incomes,
together with the more widespread coverage
of social security and other retirement benefits and the ready availability of mortgage
funds, have enabled many individuals, in461

HOUSING MARKETS

eluding those widowed and divorced as well
as others not married, to maintain or acquire
separate households. These are shown as
the open space on the bars in the chart.
NET INCREASE IN HOUSEHOLDS
Annual averages
Thousands of units
•

1500

WM.

1000

MARRIED COUPLE

500

APR . 1940
to
APR . 1947

APR.

1947
to
MAR . 1950

MAR . 1950
to
APR . 1954

NOTE.—Data from the Bureau of the Census.

Such evidence as is available suggests that
withdrawals from the housing supply have
recently been much larger than might have
been expected from earlier experience. Such
withdrawals have taken the form of demolitions, or of conversions of residential structures to accommodate in some cases a smaller
number of households and in others business or other nonresidential uses. Much of
the gross increase in vacancies that has
occurred has probably taken the form of
reversion to seasonal use of a substantial
number of units temporarily pressed into
full-time occupancy during the earlier housing shortage.
The current strength of demand in the
aggregate appears to reflect in part continued
importance of these elements. In particular
areas and in markets for particular kinds of
462




housing, however, other demographic factors
are important. Births have continued to
rise and were at an all-time high of more
than 4 million in 1954. This has put pressure
on many families to seek larger quarters.
The number of the aged has been increasing,
and so has the number of youths and young
adults leaving the parental households. The
living arrangements made by these persons
may have a strong influence on local housing
markets. Migration—from farms to cities,
from central city areas to suburbs, and from
one locality to another—has also increased
demand substantially in some areas and may
continue to do so.
Operation of mortgage market. Substantial changes have taken place in the past
few years in the structure and operation of
the mortgage market. The flow of savings
to financial institutions has grown rapidly,
and mortgage contracts with long maturities
and monthly amortization have become
standard. Government underwriting of mortgages has also become more extensive. As
a result, nationwide lending by financial
institutions has become desirable and more
generally possible.
The four major types of financial institutions—commercial banks, savings banks,
savings and loan associations, and insurance
companies—have increased their holdings of
residential mortgages much more than have
other investors. As can be seen from the
chart on the following page, at the end of
1954 they held well over four-fifths of the
outstanding mortgage debt on small properties, compared with little more than twothirds in 1946. At the same time, the relative
importance of financial institutions as direct
mortgage lenders has changed very little in
this period. Mortgage banking firms, whose
principal operation is to make loans and
FEDERAL RESERVE BULLETIN

HOUSING MARKETS

STRUCTURE OF MORTGAGE FINANCING
Percentage distribution
HOLDINGS

LOANS MADE
100

80

60

40

20

1946

1954

1946

1954

NOTE.—Holdings are loans on 1- to 4-family nonfarm properties held by various types of investors. Loans made represent
mortgages of $20,000 or less recorded by the various types of
lenders. Financial institutions include commercial and mutual
savings banks, savings and loan associations, and insurance companies. Data are from Home Loan Bank Board and Federal
Reserve,

service them for mortgage investors, have
grown markedly in relative importance.
These changes have tended to increase
the dependence of mortgage lending activities on conditions in capital markets generally and on the investment decisions of financial institutions in the light of general credit
conditions. This is particularly true of lending on Federally underwritten mortgages,
and somewhat less true of lending on conventional mortgages in which savings and
loan associations, operating locally, are very
important.
Repayment of mortgage debt. In the five
years 1950-54, home mortgage credit extended amounted to 93 billion dollars. Mortgage debt outstanding, as can be seen from
the table, increased much less—about 38
billion—indicating repayment of about 55
billion.
This large amount of mortgage lending
has arisen in major part from the large number of house purchases; at the same time,
much of the debt repayment is attributable
MAY




1955

to sales of previously occupied houses. In
the years 1950-54, some 9 million previously
occupied houses were sold. In a large number of these sales the buyer obtained a new
—and on the average larger—mortgage to
replace that paid off by the seller.
A continued high level of house sales may
indicate that many people still seek, and
obtain, housing better suited to their needs.
To the extent that sellers of existing houses
have owned their houses for some years,
however, a high level of sales also means
that a great many mortgages that have run
for some time, and have been paid down
appreciably, are replaced by new mortgages
on which amortization is only starting.
Large amounts of debt continue to be
repaid through regular amortization of numerous mortgages that have been outstanding
for many years. Retirement of debt during
the years 1950-54, however, exceeded the
balance outstanding at the beginning of 1950
by one-half, as can be seen from the table.
This suggests that many of the mortgages
MORTGAGE
ON

I-

LENDING

AND RETIREMENT

TO 4-FAMILY NONFARM

HOUSES

[In billioiivS of dollars]

Period and
type of mortgage

1950-1954
All mortgages
Federally underwritten
Conventional
1946-1949
All mortgages
Federally underwritten
Conventional

Outstandings
(beginning of
period)

Loans
made

Apparent
retirements

37.5

93.3

54.9

38.4

75.9

15.0
22.5

27.3
66.0

10.2
44.7

17.1
21.3

32.1
43.8

18.5

46.0

27.0

19.0

37.5

4.3
14.2

14.5
31.5

3.8
23.2

10.7
8.3

15.0
22.5

Change
in oiitOutstand- standings
ings
(end of
period)
(during period)

NOTE.—Figures on outstandings and loans made are from the
Home Loan Bank Board, the Federal Housing Administration, and
the Veterans Administration. Figure for outstandings on all mortgages at the end of 1954 is preliminary. Apparent retirements, and
all data on conventional loans, are derived from these figures.

463

HOUSING MARKETS

outstanding at the beginning of 1950 have
since been paid of? in full and that a great
many of the mortgages now outstanding
have been in existence less than five years.
Considering the very large amount of lending in the past year, as much as a fourth of
the amount now outstanding may have been
contracted since the beginning of 1954.
The data shown in the table indicate that
repayment of conventional mortgages has
been consistently larger, relative to beginning
balances, than repayment of Federally underwritten mortgages. The conventional category, however, includes second mortgages
and considerably more debt for repair and
alteration of houses and similar purposes
than the Federally underwritten category,

464




and for miscellaneous purposes (on nonresidential as well as residential properties).
Such debt is likely to have shorter maturities, both by contract and in fact, than debt
written for purchasing or carrying residential real estate.
Future developments in residential real
estate markets will be influenced by many
factors, including importantly the state of
general economic activity. The changes that
have been taking place during recent years,
however, in the housing stock, in the location and housing arrangements of the growing population, and in the influence of general money market considerations in mortgage lending may be expected increasingly
to affect short-term developments.

FEDERAL RESERVE BULLETIN

1955 SURVEY OF CONSUMER FINANCES
PURCHASES OF DURABLE GOODS IN 1954 1

Moderate declines in consumer expenditures for automobiles, furniture, and major
household appliances in 1954 and a probable
increase in 1955 are reflected in the 1955 Survey of Consumer Finances. Fewer new cars
were purchased in 1954 than in the previous
year but the average expenditure per buyer
increased, while more used cars were bought
at a lower average expenditure. Approximately the same number of consumers purchased furniture and major household appliances in 1954 as in 1953, but the average
expenditure declined.
Credit was used by three-fifths of the consumers purchasing new and used automobiles
and one-half of those purchasing major
household items. These are approximately
the same proportions as in other recent years.
Amount of liquid asset holdings appears to
be more important than income in determining the use of credit in purchasing large
household goods. Consumers with little or
no liquid assets but relatively high incomes
tend to use credit more frequently than con1
This is the second of a scries of articles presenting the
results of the 1955 Survey of Consumer Finances conducted
by the Federal Reserve System in cooperation with the
Survey Research Center of the University of Michigan. The
first article, presenting information on the economic outlook
of consumers and their plans for purchasing durable goods
and houses, was published in the March BULLETIN. Subsequent issues of the BULLETIN will contain articles analyzing
the financial position of consumers, purchases and ownership of houses, and related materials. The sampling procedure of the Survey and the limitations of the data are
discussed in a technical appendix at the end of this article.
This article was prepared by Tynan Smith of the Consumer Credit and Finances Section of the Board's Division
of Research and Statistics. A close working relationship is
maintained with the staff of the Survey Research Center
at all stages of the work, and the author has had the benefit
of suggestions from the Center's staff, particularly Stanley
Steinkamp, Peter de Janosi, and Frederick May.

MAY




1955

sumers with large liquid asset holdings but
low incomes.
Early in 1955, more consumers were inclined to purchase new and used automobiles
and household durable goods than was the
case in early 1954. Consumers indicating intentions to buy such goods within the year
expected to pay more for new and used cars
this year than last year but less for other
durable goods. Prospective purchasers indicated a somewhat greater tendency to use
credit to finance purchases of durable goods
than they did early last year.
AUTOMOBILES

A decline in total domestic sales of new
automobiles from 1953 to 1954 was reflected
in Survey indications that 600,000 fewer consumer spending units purchased new cars
in 1954 than in 1953.2 As in other recent
years, about two-thirds of the new car buyers
had incomes of $5,000 or more while only
about one-eighth had incomes of less than
$3,000.
The average price paid for new cars rose
in 1954, reflecting in part the moderate price
rise in the latter part of the year and in part
the continuing trend toward purchase of
higher priced models and larger expenditures
2
The number of consumer spending units reporting purchases of new cars in recent years has been equal to about
80 to 85 per cent of new car registrations. In addition to
sampling and reporting variations involved in Survey results,
the chief reason for the difference between the Survey data
and new car registrations is that the Survey does not include
purchases of passenger automobiles for business or governmental use or purchases by the transient population. Also,,
a small proportion of consumer spending units purchase more
than one new car during the year but only the final purchase is included in the Survey tabulations.

465

195 5 SURVEY OF CONSUMER FINANCES

third of those traded in on used cars had been
bought within the past two years.
One in seven of the spending units owning
Estimated
Average
Average
number of
an
automobile reported following a practice
net
spending units expendiType of purchase
purchasing
outlay 2
ture 1
of
trading
in cars at regular intervals. The
(In millions)
proportion was much larger for buyers of
New automobile:
1954
$1,730
4.3
32,720
new cars (about one-fourth) than for buyers
r4 9
2,650
1,660
1953
2,680
1,560
3.6
19S2
of used cars (about one-fifteenth). This dif4.4
2,390
1,440
1951
ference
appears to be largely a function of
Used automobile:
600
800
8.6
1954
income as the higher income groups account
640
920
»7.8
1953
700
950
1952
••7.9
for most of the new car purchases.
570
790
7.3
1951
Credit purchases. In 1954, as in the prer
Re vised.
i Before deduction for trade-in or sale of automobile.
vious year, three-fifths of all purchases of
2
After deduction for trade-in or sale of automobile.
both new and used automobiles were fifor optional equipment, such as power steer- nanced by credit. In general, the use of
ing. Nearly one-third of the spending units credit declined as income increased, but it
purchasing new cars in 1954 reported paying was more frequent in the middle than in
$3,000 or more as compared with less than the lower income groups where low-priced
used cars are the usual purchase. The amount
one-fourth the previous year.
The number of consumer spending units of net outlay also influenced the use of credit.
reporting used car purchases increased to 8.6 As net outlay increased for purchases of both
million in 1954 from 7.8 million in 1953 (see new and used cars, the proportion of purTable 1). The increase was distributed chases financed by credit increased except
among most income and occupational groups. for new car purchases requiring very large
Average price paid for used cars and average net outlays. Reflecting the predominance of
net outlay both declined. Less than one- high income purchasers, the use of credit dethird of the used cars purchased in 1954 were
TABLE 2
U S E OF C R E D I T IN PURCHASING AUTOMOBILES,
1954
priced at $1,000 or more as compared with
[Percentage of purchasers using credit, within groups.]
more than two-fifths of those bought in 1953.
PerPerSince the age composition of the used cars
centcentNew automobile
age of
Used automobile
age of
bought was similar in 1954 and 1953, the
purpurchases
purchases
purchasers
chasers
decline reflected primarily a general decline
Income of purchaser:
Income of purchaser:
in used car prices.
70
57
Under S3,000
Under $5,000
54
65
$3,000 $4,999
$5,000 and over
As in other recent years, two-thirds of the
58
$5,000 and over. . . .
Liquid assets of purconsumers purchasing automobiles either
chaser, early 1955:
Liquid assets of pur87
Under S500
chaser, early 1955:
64
S500-S 1,999
Under $500
68
traded in or sold a previously owned car.
30
51
$2,000 and over
$500-$! ,999.. .
22
$2,000 and over. . . .
This proportion was 86 per cent for buyers Price of automobile:
66
Under $2,500
Price of automobile:
of new cars and 58 per cent for buyers of
63
46
S2,500-82,999
Under $500
51
69
$3,000 and over
S500 $999
used cars. About one-half of the trade-ins
72
$1,000
and
over.
.
.
.
Net outlay: 1
on new cars were 1951 or later models and
57
Under S 1,300
Xet outlay:'
72
52
S1.300-S1.799
Under 8500
53
less than 5 per cent were prewar models.
63
$1,800 and over
S500-S899
70
$900 and over
In contrast, over two-fifths of the trade-ins
1
After deduction for trade-in or sale of automobile.
on used cars were prewar models. One-fourth
NOTE.—Because estimates are based on relatively small number
of cases, data should be used only as indications and not as precise
of the cars traded in on new cars and one- measures of differences between various groups.
TABLE

1

CONSUMER PURCHASES OF AUTOMOBILES

466




FEDERAL RESERVE BULLETIN

195 5 SURVEY OF CONSUMER FINANCES

clincd to about 50 per cent for purchases of
new cars requiring net outlays of $1,800 or
more (see Table 2).
The amount of liquid asset holdings greatly
influences the extent to which credit is used
for automobile purchases. In 1954, nearly
90 per cent of new car purchasers having
liquid assets of less than $500 financed their
cars by credit and only 30 per cent of those
with liquid assets of $2,000 or more. Similarly, 70 per cent of the used car purchasers
with $500 or less of liquid assets used credit
as compared with 20 per cent of the purchasers with liquid assets of $2,000 or more.
Gar ownership. Although one-fourth of
all consumers were involved in automobile
transactions during the year, there was virtually no change in the proportion owning
automobiles. Most of these consumers merely
traded cars. Only one-tenth changed their
ownership status during the year. Nearly
5 per cent of the spending units did not
own a car at the beginning of the year but
acquired one during the year, and 2 per
cent moved from the one-car class to the
two-or-more-car class (see Table 3). On
the, other hand, one per cent of the spending units disposed of their cars and became
nonowners, and another one per cent disTABLE 3
AUTOMOBILE OWNERSHIP REPORTED BY SAME SPENDING UNITS
FOR JANUARY 1, 1955 AND 1954
Cars owned, fan. 1,
1954

Cars owned, Jan. 1,
1955
Non©

NJ one
One
Two or more

One

....

Two or more

1

\o r ie
One:
samp car
different car
Two or more
^one
.. .
One
Two or more:
same cars
different cars

Less than .05 per cent.

MAY

1955




Percentage of
spending units
33.4
32.1
1.2
0.1
59.5
4.8
39.0
14.6
1 .1
7.1
0)
2 3

2.9
1 .9

AUTOMOBILE OWNERSHIP
Per cent of spending units

Early
1955

posed of one or more cars and became onecar owners.
Growth in automobile ownership over the
past six years is shown in the accompanying
chart. The proportion of consumers owning
two or more cars has more than doubled since
early 1949. Automobile ownership is closely
related to income. Early this year, ninetenths of the spending units with incomes of
$5,000 or more owned cars as compared with
only two-fifths of those with incomes of
less than $3,000. Ownership of two or more
cars was largely confined to the upper income
groups. Only a small proportion of spending units with incomes of less than $5,000
owned two or more cars as compared with
more than one-fourth of those with incomes
of $7,500 or more. Ownership of more than
one car in the group with incomes of $5,000
to $7,500 tends to be found often among
spending units with two or more income
receivers.
The rapid postwar decline in average age
of automobiles owned by consumers came
to a halt in 1954. By January 1, 1955,
one-third of the cars owned were three years
old or less, two-fifths were from four to
seven years old, and one-fourth were more
than seven years old, about the same propor467

195 5 SURVEY OF CONSUMER FINANCES

tions as at the beginning of 1954.
Of all cars owned by consumers at the
beginning of 1955, 43 per cent were new
when bought and 57 per cent were used.
Fifty per cent of the former were 1953 or
later models. Only 5 per cent of those purchased as used cars were 1953 or later models
and 20 per cent were prewar models.
The average value of automobiles owned
by spending units at the beginning of the
year, as indicated by used car appraisal guide
prices, was about $l,000.3 About threefourths of the car owners with incomes below $3,000 owned cars valued at less than
$1,000 as compared with about two-fifths of
those with incomes of $5,000 or more.
About 30 per cent of the car owners had
debt outstanding on their automobiles at the
beginning of 1955. Debt on automobiles
varied with income. Automobile debt was
reported by only one-fifth of the car owners
with incomes of less than $2,000, and in most
cases the amount was less than $500. The
proportion of car owners with debt increased
to about one-third in the middle income
groups and relatively more of the debts
amounted to $500 or more. For car owners
with incomes of $7,500 or more, the proportion having car debt declined to about onefourth. These variations reflect the tendency
for credit to be used more frequently by the
middle income groups and also the tendency
for low income groups to buy used cars
which are typically financed on relatively
short maturities.
There appears to be some regional variation in the incidence of car debt. The proportion of car owners having debt is smallest
in the Northeast (26 per cent) and largest in
the West (37 per cent). The amount of debt
follows a similar pattern, with the proportion of owners with debts of $500 or more
3

Based on average retail value of each make and model
year in early 1955, as shown by the appraisal guide prices.

468




ranging from about 10 per cent in the Northeast to about 20 per cent in the West. The
amount of credit involved in automobile purchases tends to be larger in the West, since
car prices in that part of the country are
higher and credit terms in recent years have
been more liberal.
Prospective car purchasers. Almost 16
per cent of the consumers expressed an intention to buy a new or a used car this year
as compared with a little over 14 per cent a
year ago, and the median expected expenditures for both new and used cars were larger
this year. These findings are based on the
final tabulations of information regarding
automobile purchase plans and differ slightly
from those shown in the preliminary tabulations published in the March BULLETIN.
The proportion of consumers planning to
buy new cars within the year was similar in
early 1955 and 1954. The median amount of
planned expenditure was $2,700 early this
year as compared with $2,500 a year ago (see
Table 4). About two-fifths of the consumers
planning to buy new cars expected to spend
$3,000 or more as compared with aboat onethird of those planning such purchases a
year ago. There was also an increase from
early last year in the proportion planning to
use credit in financing their new car purchases.
TABLE

4

CONSUMERS PLANS TO PURCHASE AUTOMOBILES

[Percentage of spending units planning to buy] 1
Item

1955

1954

1953

New automobile
In first half of year
In second half of year
Timing not ascertained. . .

8.2
4.1
3.3
0.8

7.9
2.9
4.1
0.9

9.1
4.1
3.9
1.1

Used automobile
In first half of year
In second half of year. . . .
Timing not ascertained. . .

7.5
3.3
3 A
0.8

6.4
3.2
2.4

6.1
2.7
2.8
0.6

$2,500
750

$2,500
900

Median anticipated expenditure:2
New au torn bile
Used automobile

$2,700
800

1
Includes spending units planning definitely, probably, or possibly to buy.
2
Based on planned expenditures of spending units definitely or
probably planning to buy.

FEDERAL RESERVE BULLETIN

195 5 SURVEY OF CONSUMER FINANCES

Prospective buyers of new cars were inclined to time more of their purchases in
the first half of the year than were prospective buyers a year ago. Continued strength
in the automobile market is suggested by the
fact that one-fifth of the consumers expressed
intentions to buy cars in 1956 or 1957. This
was about the same proportion as expressed
similar long-run plans early last year, but a
larger proportion than in early 1953 or early
1952.
The proportion of consumers planning to
buy used cars within the year was larger in
early 1955 than at the beginning of any previous postwar year. The median expected
expenditure of $800 was above that of any
earlier year except early 1953, when the
median expected expenditure was $900.
FURNITURE AND HOUSEHOLD APPLIANCES

The number of spending units purchasing
furniture or major household appliances in
1954 was 23.4 million, about the same as in
1953. The average expenditure last year declined to $375 from $410 the year before (see
Table 5).
The proportions of consumers buying television sets and furniture in 1954 were similar
to those in 1953. There was, however, a
moderate rise in the proportion purchasing
washing machines and a slight decline in
the proportion purchasing refrigerators. The
modest upward trend in purchases of some
of the newer appliances, such as deep-freeze
units and clothes dryers, continued.
TABLE

Median prices paid for refrigerators, washing machines, and furniture were about the
same last year as in other recent years. The
median price paid for television sets declined
to $275 after remaining at $300 in the previous four years. Trade-ins were frequent
in connection with the purchase of major
household items. About one-seventh of television set purchases, one-fourth of refrigerator purchases, and one-third of washing machine purchases involved trade-ins. These
proportions are similar to those of other recent years.
As in past years, purchases of furniture
and major household appliances were more
frequent among the middle and upper income groups than among the lower income
groups. The one-third of the consumers
with incomes of $5,000 or more accounted
for two-fifths of the purchasers in 1954, as
in the previous year.
Credit purchases. A little over one-half
of the consumers who bought major household items last year used instalment credit to
finance all or some of their purchases. This
proportion has remained fairly constant since
1949 after increasing during the early postwar years. The proportion of consumers
buying on credit in 1954 varied from 45 per
cent of those buying furniture to 58 per cent
of those buying refrigerators (see Table 6).
The use of credit varied by amount of
purchase as well as by income. About 30
per cent of the consumers who spent less
TABLE

APPLIANCES ON INSTALMENT CREDIT

CONSUMER PURCHASES OF FURNITURE AND M A J O R

Percentage of spending units purchasing
Estimated number of spending units
purchasing (in millions)
Median expenditure 1
Average expenditure 1
'Revised.
1
Before deduction for trade-in.

MAY




1955

1

[Percentage of purchasers using credit]

HOUSEHOLD APPLIANCES

Item

6

PURCHASERS OF FURNITURE AND SPECIFIED HOUSEHOLD

5

1954

1953

1951

All items

54

55

52

49

Furniture
Television set
Refrigerator
Washing machine

45
57
58
55

50
55
63
58

51
48
43
45

47
44
54
42

Type of purchase

1954

1953

1952

1951

43.3

42.8

39.3

42.1

23.4
$300
375

r23 .1 '22.4 '22.5
$300 S300 $280
380
410
400

1950

1
Purchasers who bought two items of the same type, one for
credit and one for cash, were classified as credit purchasers. Data
for 1952 not available.

469

195 5 SURVEY OF CONSUMER FINANCES

RELATION OF LIQUID ASSET HOLDINGS TO
CREDIT FINANCING OF HOUSEHOLD GOODS
Per cent of spending units using credit
100
LIQUID ASSETS
LLLji

Le« ihon $500

HHg

$500 or more

- ! 80

60

40

20

ALL INCOMES

UNDER $3,000

$3,000-54,999

$5,000and OVER

1954 money income
NOTE.—Proportion of all spending units reporting customary
use of instalment credit in purchasing large household items'.
Includes those who said they use credit for some purchases
as well as those who said they always use credit.

than $100 on large household items used
credit as compared with about 60 per cent
of those who spent $500 or more. This
relationship held true for the different income groups. In general, however, the use
of credit was more common among those
with incomes below $5,000 than among those
with larger incomes.
This year's Survey obtained information
on the general practice of consumers regarding the use of instalment credit in purchasing
large household items. About one-third of
the spending units said that they always paid
cash, one-half said they always or sometimes
used credit, and the remainder said they
never bought large items or were uncertain
how they usually financed such purchases.
The largest proportion of consumers generally using credit was found within the
group of young married couples with children.
Credit financing tends to be more closely
associated with the amount of liquid asset
holdings than with the level of income. Variation in use of credit is much greater in
470




going from small to large amounts of liquid
asset holdings within each income group
than in going from one income group to
another, as shown in the accompanying chart.
In the groups with incomes of $3,000 or
more, consumers with liquid assets of less
than $500 reported using credit for purchases of large household items about twice
as frequently as those with liquid assets of
$500 or more. The difference was even
larger among consumers with incomes of
less than $3,000.
Purchase plans. The proportion of consumers planning to purchase furniture or
household appliances was larger early this
year than a year ago but smaller than in
early 1953 (see Table 7). There was some
increase in the proportion planning to buy
washing machines, a moderate decline in
plans to buy television sets, but little change
for other items. The income distribution of
prospective purchasers was similar to that of
a year ago. About two-fifths of those planning to buy had incomes of $5,000 or more.
The median expected expenditure was
$250 as compared with the $300 indicated
early in the two previous years. There was
some increase in the proportion of prospective
purchasers who planned to use instalment
credit to finance some or all of their purchases.
TABLE 7
CONSUMER PLANS TO PURCHASE FURNITURE AND
MAJOR HOUSEHOLD

APPLIANCES

[Percentage of spending units planning to buy I1
Item
At le'i^t one itemFurniture
Television set
Refrigerator•*
Washing machine

.

..

Median anticipated expenditure4 . . .

1955

1954

1953

1952

28.5
17.0
5.0
4 .5
5.3

?f> 9
11.9
7.7
4.1
3.6

31 .9
13.2
10.8
5.4
3.7

23.2
9.6
6.8
5.5
1 .9

$250

$300

$300

$290

includes all spending units planning definitely, probably, or
possibly to buy, and spending units that had already bought in
the survey year.
2
Includes items listed below and related items such as home
freezers, air conditioners, dryers, etc.
3
Includes home freezers in 1952 but not in 1953-1955.
4
Based on anticipated expenditures of spending units planning
definitely or probably to buy one or more items.

FEDERAL RESERVE BULLETIN

195 5 SURVEY OF CONSUMER FINANCES

TECHNICAL APPENDIX
Results of the 1955 Survey of Consumer
Finances are based on 3,119 interviews during January and February in 2,766 dwelling
units.4 These dwelling units were located in
the 12 largest metropolitan areas and in 54
additional sampling areas chosen to represent
a cross section of the population living in
private households in the continental United
States. Transients, residents of institutions,
and persons living on military reservations
are not represented in the Survey of Consumer Finances.
Within dwellings, interviews are conducted with each spending unit, A spending
unit is defined as all persons living in the
same dwelling and related by blood, marriage, or adoption, who pool their incomes
to meet their major expenses. A husband
and wife living together are always included
in the same spending unit even though they
do not pool their separate incomes. All
children under 18 years of age, irrespective
of their incomes, are included in the spending unit of their closest relative. The spending unit containing the owner or lessee of the
dwelling is the primary spending unit. Children over 18 years of age and other relatives
4
From the Board of Governors, general supervision of the
Survey was under the direction of Ralph A. Young, Director,
and Kenneth B. Williams, Assistant Director, of the Division
of Research and Statistics, and of Homer Jones, Chief of
the Consumer Credit and Finances Section of the Division.
The Division of Research and Statistics has responsibility
for planning the over-all content of the Survey, analyzing
Survey results, and preparing the special articles reporting
Survey findings that appear in the BULLETIN.
From the University of Michigan, Rcnsis Likcrt, Director
of the Institute for Social Research, and Angus Campbell,
Director of the Survey Research Center, were in general
charge of the Survey. The Survey Research Center is a
division of the Institute for Social Research of the University
of Michigan. Responsibility for detailed planning and supervision of the Survey, including interviewing, editing, tabulation of Survey results, and preparation of Survey Research
Center studies was carried by George Katona in collaboration with James N. Morgan and John B. Lansing of the
Survey Research Center staff. Charles F. Canneil served as
head of the field staff and Leslie Kish as head of the sampling section of the Center.

MAY




1955

who earn more than $15 a week and who
do not pool their incomes with that of the
primary spending unit are classed as related
secondary spending units. Persons in the
dwelling unit who are not related to members of the primary spending unit are designated as unrelated secondary spending
units. Secondary spending units, either related or unrelated, may include more than
one person, as in the case of a married couple
living with relatives but not pooling incomes.
Because some dwellings contain two or more
spending units, the number of spending units
interviewed exceeds the number of dwelling
units.
The spending unit is believed superior to
the family unit or household as an interview
unit for financial surveys because the respondents are asked only about financial arrangements in which they participate. Interviewers make every effort to contact the head
of the spending unit, that is the principal
earner, because he is usually most familiar
with the financial arrangements. Heads of
spending units have been the respondents in
about 85 per cent of all interviews in each
Survey.
Some Survey data are presented for family
units. A family unit is defined as all persons
living in the same dwelling who are related
by blood, marriage, or adoption. Survey
family units include individuals living alone
as well as groups of related persons. To obtain data on a family basis, information for
related secondary spending units is combined
with that for the primary spending units
to which they are related and with which
they live. The head of the primary spending
unit is considered to be the head of the
family. The number of family units is
equal to the number of primary spending
units plus the number of unrelated secondary
spending units.
471

195 5 SURVEY OF CONSUMER FINANCES

Total number of units. Estimates of the
total number of units in the population
covered by the Survey are derived by multiplying the number of occupied dwelling
units estimated from Census data by the
average number of spending and family units
per dwelling unit included in the Survey
sample. Recent revisions of Census estimates
of occupied dwelling units for the period
1950-54 are reflected in the accompanying
table, which contains estimates of the numbers of spending units and family units
covered by the Surveys. The estimated number of spending units for early 1955 is preliminary and is subject to change when the
final Census estimate of the number of occupied dwelling units is available.
The number of spending units has not
grown as rapidly as the number of family
units because the later Surveys contain a
smaller proportion of related secondary
spending units than the earlier ones. This
reflects the lower birth rates of the thirties,
the continued easing of the housing situation,
and the high level of economic activity. Both
of the latter factors are favorable to the moveSPENDING U N I T S AND FAMILY U N I T S IN

SURVEY

POPULATION

[Estimated number, in millions]
Year of Survey

Type of unit

1955 1954 1953 1952 1951 1950
a. Primary spending unit
(equals occupied dwelling unit)
b. Related secondary spending unit
c. Unrelated secondary
spending unit
Family (a plus c)
" Spending unit (a plus b
plus c) i

47 5 46 8 46 2 45 4 44 5 43 4
5 0

5 4

5 9

5 8

6 1

6 9

1.5

1.8

1.8

1.8

1.8

2.3

49.0 48.5 48.0 47.2 46.3 45.7
54.0 54.0 53.9 53.0 52.4 52.6

Estimates of the number of spending units, which depend upon
the ratio of primary spending units to all spending units, are subject to sampling error. The size of the sampling error is such that
there is one chance in 20 that the estimates shown in the table are
above or below the true figure by one million.
NOTE.—Estimates for 1950-54 have been revised on the basis of
the revised data on occupied dwelling units prepared recently by
the Bureau of the Census.

472




ment of secondary spending units into their
own dwellings where they become primary
spending units and family units.
Survey data in the form of percentage
distributions, medians, and averages are independent of the estimated number of occupied dwelling units and do not require
adjustment to reflect the revisions in the
estimates of occupied dwelling units. The
estimated numbers of spending units or
family units purchasing or owning various
items and the aggregate dollar estimates for
the population covered by the Survey are
dependent on the estimates of occupied
dwelling units and, consequently, estimates
for 1950-54 have been revised.
Weighting procedure. Individual interviews are assigned weights prior to tabulation. These weights reflect variations in
the rates at which dwelling units are sampled
and variations in the response rates in various
groups. A larger proportion of dwelling
units are chosen from those of high and
medium value than from those of lower
value in order to diminish the sampling
errors of statistics such as average income,
average liquid asset holdings, stock ownership, and similar data to which the higher
income units contribute disproportionately.
In assigning weights, a unit interviewed in
a group sampled at two times the basic rate
receives one-half the weight and a unit interviewed in a group sampled at four times the
basic rate receives one-fourth the weight received by units from groups sampled at the
basic rate.
Weights are also adjusted to take account
of varying response rates. On the whole,
interviews have been obtained from about
85 to 90 per cent of all spending units resident in the dwelling units chosen for the
sample. Nonresponse arises primarily from
inability to get a prospective respondent to
cooperate or to find him at home. AdjustFEDERAL RESERVE BULLETIN

195 5 SURVEY OF CONSUMER FINANCES

merits in weights of units take into account
differential rates of response. As a simplified
example, the weight assigned each interview
from a group in which 15 out of 20 units
were successfully contacted would be onethird greater than the weight assigned an
interview from a group in which all 20
attempted interviews were successful.
Because of the adjustments for different
sampling and response rates, the proportion
of the total number of interviews within the
upper income groups is greater while the
1

*

.

identical as to income, age, and number of
types of liquid assets held. Those for income
are made on the basis of liquid assets, occupation, home ownership, and metropolitan
versus nonmetropolitan residence. Assignments are made for house value, personal
debt, and mortgage debt on the basis of similar procedures.
Sampling errors. All sample survey resuits are subject to sampling errors. Because
of chance fluctuations, statistics derived from
t
SAMPLING ERRORS OF DIFFERENCES1

- 1 - 1 1

proportion of interviews withm the lower
7
• i
i
1 c
*
mCOme g r o u p s IS leSS t h a n t h e b u r v e y estlm a t e s of t h e p r o p o r t i o n of all S p e n d i n g Units
i
n* *1 i
1
*_•

in these groups. Similarly, the proportions
of interviews with spending units having
various characteristics, such as occupation or
liquid asset holdings, may vary from the
estimated proportions of all spending units
having such characteristics. The unweighted
number of Survey interviews with particular
characteristics is included in many tables for
use with the table of sampling errors discussed below.
The adjustment of weights for nonresponse discussed in the preceding paragraph
is based on the assumption that members of
a weight group tend to resemble each other.
Interviews in which both income and liquid
assets information cannot be secured are
treated as complete nonresponses. However,
if only one of those two categories of information is refused, the interview is accepted.
Assignments of the missing information are
made on the basis of averages for people in
similar situations in the previous few years.
It has been found that combining data from
previous Surveys (weighting the most recent
ones more heavily) decreases sampling errors
of these assignment estimates without imparting any important bias because of trends
1

T

i n t h e amOUntS.
1

•

• i

Liquid

.

•

aSSet a s s i g n m e n t s

• r i l l *

r

are m a d e On t h e DaSlS OI h o l d i n g s OI grOUpS
MAY 1955




.

.

Differences required for significance (95 per cent probab i U t y ) i n comparisons of percentages derived from successive
Surveys of Consumer Finances and from two different subgroups of the same Survey.
Size of sample or group

Size of sample
or group
200

300

500

700

1,000

3,000 2

For percentages from about 30 per cent
to 70 per cent
11
11
10
10
9
8

200
300 . . .
500
700
1,000
3.0002

9
8
8
7
7

7
6
6
5

6
5
5

5
4

3.0

For percentages around 20 per cent and
80 per cent
200
300
500
700
1 000
3.0002

. .

9
8
8
7
7
6

7
7
6
6
5

6
5
5
4

5
5
4

4
3

2.2

For percentages around 10 per cent and
90 per cent
200
300
500
700
1 000
3.0002

7
7
6
6
6
5

6
6
5
5
4

5
4
4
3

4
3
3

3
2

1 .6

For percentages around 5 per cent and
95 per cent
200
300
500
700
1 000
3 000 2

5
4
4
4
4
3

4
3
3
3
3

3
3
3
2

3
2
2

2
2

1.2

ior nonsainpung errors, errors in reporting, in iiiterprcutiiuu, CLU.—

differences larger than those found in the table will arise by chance
in only 5 cases in 100.

2Approximate size of annual Survey sample, 1952-55.

473

195 5 SURVEY OF CONSUMER FINANCES

samples will differ from statistics obtained
from a census or enumeration of the whole
population. The sampling error of a statistic is a measure of the expected effect of
chance fluctuations. The sampling errors
in the accompanying table indicate the range
from the true or population value in which
95 out of 100 estimates based on samples of
the indicated size would fall. Thus, 95 out
of 100 independently selected samples of
1,000 would furnish an estimate within 4
percentage points of a true population proportion in the neighborhood of 35 per cent.
Similarly, 95 out of 100 times estimates in
the neighborhood of 35 per cent from two
samples of 1,000 cases would differ by less
than 5 percentage points. Therefore, a change

of more than 5 percentage points is necessary
for a statistically significant indication of
change at the 95 per cent probability level.
A program of extensive calculations of
sampling errors is being carried out currently. At present, the generalized errors
presented here appear as conservative estimates of sampling errors for most categories
of statistics. However, statistics derived
largely from interviews in a single region,
or in farming areas may have sampling errors
somewhat larger than indicated in the table.
A more extensive discussion of the methodology of the Surveys of Consumer Finances
is given in "Methods of the Surveys of Consumer Finances," Federal Reserve BULLETIN,
July 1950.

SUPPLEMENTARY TABLE 1
PURCHASES OF CONSUMER DURABLE GOODS 1

Type of purchase

Automobile: 7
1954
19 S3
1952
1951
New automobile:
1954
1953
1952
1951
Used automobile:
1954
1953
1952
1951

Percentage of
spending
units
purchasing 2

Estimated
number
of
spending
units (In
millions)

23
23
21
21

12
r!2
'•11
11

8
6
3
9

7 9
9.1
6 7
8 2

15.9
14 5
14 6
13 7

Expenditure3
Estimated
total (In
billions)

Type of purchase5

Percentage of
spending
units
purchasing

Median4

Average4

9
7
5
7

$1 200
1 500
1 380
1,300

$1,460
1 600
1 490
1 ,380

18 6
'20 2
r
17 1
'16.3

Furniture:
1954
1953
1952
1951

16 3
16 4
15 4
14.3

4.3

2,550
2,500
2 500
2,200

2,720
2,650
2.680
2,390

11.7
1r3 . 0
9 6
10.5

Television set:
1954
1953
1952
1951

14.3
14.2
11 3
12.0

6.9
7 2
•7.5

Refrigerator:8
1954
1953
1952
1951

6.3
8 7
8.2
11 7

'4.9
3 6
4 4
8.6
8
7 .9
7 3

r
r7

700
900

800
920

850
600

950
790

r

5.8

Washing machine:
1954
1953
1952
1951

8.3
6.5
5 5
5.7

Estimated
number
of
spending
units (In
millions)

8 8
8 9
'8 3
7.6

r
r

7.7

Median
expenditure 6

$205
200
220
200
275

r
7.7
r

6 1

300
300

6.4

300

3.4
4 7
r4.4
r
6 2

280
280

4.5
'•3.5
3 0
'3.0

200
200
190

r

270
255

180

r
Re vised.
1
Purchases for
2
Proportion of
8

given years were ascertained from interviews in January, February, and early March of following year.
all spending units that bought cars during the given year and still owned them at the time of interview.
Refers (1) only to the most recent car purchase during the given year in the case of spending units that bought more than one car
but owned only one at the time of interview, and (2) only to the more expensive car purchase during the given year in the case ot spending4 units that bought more than one car and owned more 5than one at the time of interview.
Before deduction for trade-in or sale of automobile. Includes both new and used items. °Before deduction for trade-in.
^Includes both new and used automobiles. ^Includes home freezers in 195.1 but not in 1952-54. An estimated 2.2 per cent of the
population bought home freezers in 1954, 1.9 per cent in 1953, and 1.6 per cent in 1952.

474




FEDERAL RESERVE BULLETIN

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

2

INCOMES OF PURCHASERS OF CONSUMER DURABLE GOODS

[Percentage distribution of purchasers]
Number
of cases

Type of purchase

Under
$1,000

All
cases

$2,000$2,999

SI,000$1,999

$4,000$4,999

S3,000$3,999

$5,000$7,499

$7,500and over

Automobile: 1
1954
19 S3
1952

768

100

2

9

12

18

15

29

15

714
650

100
100

3
2

7
7

13
13

16
23

17
19

26
22

18
14

New automobile:
1954
1953 .
1952

294
305
245

100
100
100

2

4
1
3

6
8
4

9
12
12

15
11
13

35
32
35

29
36
33

Used automobile:
1954
1953
1952

474
409
405

100
100
100

2
5
3

11
11
9

15
16
18

23
18
28

15
21
21

26
21
17

8
8
4

1.381
1,307
1,232

100
100
100

6
5
4

10
9
9

11
11
15

17
16
19

15
20
18

27
25
23

14
14
12

453
430

100
100

2
1

7
5

13
9

21
21

100

2

4

16

20

16
21

28
27

13
16

355

24

12

14
16
15

21
21'
17

11
10
9

Furniture3 and major household appliances:
1954
1953 .
1952
Television set:
1954
1953
1952

22

Percentage distribution of all spending units
1954
1953
1952
1

3,119
3.000
2,820

Includes both new and used automobiles.

2

100
100
100

10
10
11

17

14
14
16

13
13
14

16
18
3

No cases reported or less than one-half of 1 per cent.

SUPPLEMENTARY T A B L E

Includes television sets.

3

P R I C E PAID AND N E T OUTLAY BY AUTOMOBILE

PURCHASERS

[Percentage distribution of purchasers]
Price
New automobile:
Under $1,500
$l,500-$l ,999
$2,000-S2,499
S2,500-$2,999
$3,000 and over
Not ascertained

1954

1953

(2)

(2)

6
40
23
30
1

100

Median
Average
Number of cases
Used automobile:
Under S500
S500-S999
S1.000-S1.499. .
$1,500 and over
Not ascertained
All cases
Average
Number of cases

39
30
23
1
100

1952

1
5
40
26
26
2
100

ft,

1951

2
26
32
24
14
2

Net outlay 1
New automobile:
Under $500
S500-S999
$1,000-81,499
S1.500-S1.999
S2.000-S2.499
$2,500 and over
Not ascertained

1954

1953

1952

1951

1
7
32
28
16
14
2

2
11
29
28
18
10
2

1
17
33
22
15
8
4

5
26
23
23
13
7
3

100
100

^2 S^O
$2,720

$2.500
$2,650

$2,500
$2,680

$2,200
$2,390

294

305

245

295

35
30
18
11
6

29
25
25
18
3

33
24
20
21
2

41
22
21
15
1

100

100

100

100

$700
$800

S900
$920

$850
$950

$600
$790

474

409

405

338

SI, 670
$1,730

Median

293

Number of cases
Used automobile:
Under $250
S250-S499
S500-S749
S750-S999
$1,000-$1,499
$1,500 and over
Not ascertained
All cases
Median
Average
Number of cases

.

20
26
19
11
1.2
5
7

100

100

100

SI.590
$1,660

SI,430
$1,560

$1,400
$1,440

305

244

294

22
19
16
17
7
16
3

30
22
15
13
14
4
2

24
15
21
16
14
7
3

100

100

100

100

$500
$600

S600
$640

$600
$700

$450
$570

467

400

390

328

1
After
2

deduction for trade-in or sale of automobile.
No cases reported or less than one-half of 1 per cent.

MAY




1955

475

195 5 SURVEY OF CONSUMER FINANCES
SUPPLEMENTARY

TABLE

4

OCCUPATION AND FAMILY STATUS OF PURCHASERS OF CONSUMER DURABLE

GOODS

[Percentage distribution of spending units]
All spending
units

Group characteristic

Occupation of head of spending unit:
Professional and semiprofessional
J^lanagerial and self-employed
Clerical and sales
. .
Skilled and semiskilled
Unskilled and service
Farm operator
All other 2
All cases
Family status:
Single:
Age 18-44
Age 45 and over

.

....

. . . .

Married: 3
Age 18-44, no children under 18
Age 18-44 children under 18
Age 45 and over, no children under 18
Age 45 and
over, children under 18
All other 4
.
All cases
Number of cases

Purchasers of
new automobiles

Purchasers of
furniture and
major household appliances

Purchasers of
used automobiles

1954

1953

1954

1953

1954

1953

1954

1953

7
13
11
28
10
8
23

7
12
12
31
11
8
19

13
26
12
23
6
9
11

13
22
11
31
5
10
8

7
10
10
39
13
5
16

5
11
8
43
13
7
13

C1)

0)
0)
0)
0)
0)
0)

7
14
12
37
10
7
13

100

100

100

100

100

100

0)

100

10
13

11
14

8
3

6
2

9
1

8
4

5
7

6
7

7
32
18
10
10

7
32
21
10
5

13
42
18
10
6

9
49
20
12
2

9
51
10
13
7

12
46
15
10
5

8
42
16
13
9

9
43
19
11
5

100

100

100

100

100

100

100

100

3,119

3,000

294

305

474

409

1,381

1,307

x
Not
2

available.
Includes spending units headed by retired and unemployed persons and by students, housewives, and persons whose occupations
were not ascertained.
34 Age refers to head of spending unit. Includes only spending units in which both husband and wife are present.
Includes spending units with or without children from which husband or wife is absent and those for which family status was not
ascertained.

SUPPLEMENTARY

TABLE

TRADE-INS AND SALES IN CONNECTION

5

W I T H AUTOMOBILE

PURCHASES

[Percentage distribution of purchasers]
Buyer•s of new and used cars
Type of transaction
Traded in a car
Sold a car
Neither
Not ascertained

Buyers of new cars

Buyers of used cars

1954

1953

1952

1951

1954

1953

1952

1951

1954

1953

1952

1951

62
5
32
1

63
6
30
1

57
8
32
3

57
10
30
3

83
3
14

82
4
14

74
8
15
3

67
14
15
4

51
7
41
1

51
41
1

7

49
8
40
3

52
7
39
2

0)

0)

All cases

100

100

100

100

100

100

100

100

100

100

100

100

Number of cases

769

714

650

635

294

305

245

295

474

409

405

338

*No cases reported or less than one-half of 1 per cent.

476




FEDERAL RESERVE BULLETIN

1955 SURVEY OF CONSUMER FINANCES
SUPPLEMENTARY T A B L E
PURCHASES

OF AUTOMOBILES

WITHIN

6

SUPPLEMENTARY T A B L E

VARIOUS

[Percentage distribution of purchasers]

[Purchasers as a percentage of spending units within groups]
New automobile
Group characteristic

Money income before taxes:
Under $1,000
$l,000-$l,999
.$2,000-$2,999
$3,000-$3,999
$4,000-$4,999
S5,000-$7,499
$7,500 and over

Used automobile

1954 1953 1952 1954 1953 1952

All spending units

16

15

15

4
10
16
23
21
14
8

0)
0)
6
7

6
14
29

Occupation of head of
spending unit:
Professional and semiprofessional
Managerial
Self-employed
Clerical and sales
Skilled and semiskilled. ..
Unskilled and service
Farm operator
,
All other 2
,

9
11
16
15
22
17
10
3

Family status:
Single:
Age 18-44
Age 45 and over

14
5

14

Married: 3
Age 18-44, no children
under 18
Age 18-44, children under 18
Age 45 and over, no
children under 1 8 . . .
Age 45 and over, children under 18

7

METHOD OF FINANCING AUTOMOBILES

GROUPS

1954 1953 1952 1951

Method of financing
Automobile: 1
Full cash (including trade-in allowance)
Instalment credit and/or other borrowing
Method not ascertained
All cases
Number of cases

All cases

18

35

44

61
1

63
2

55
1

100

100

100

768

714

650

635

38

40

41

52

62
(2)

59
1

57
2

47
1

100

100

100

100

294

305

245

295

36

37

33

39

63
1

62
1

65
2

60
1

Used automobile:
Full cash (including trade-in allowance)
Instalment credit and/or other borrowing
Method not ascertained
All cases
Number of cases

21

38

62
1
100

New automobile:
Full cash (including trade-in allowance)
Instalment credit and/or other borrowing
Method not ascertained

Number of cases

37

1
2

100

100

100

100

474

409

405

338

Includes both new and used automobiles.
No cases reported or less than one-half of 1 per cent.

5
17

*Less than one-half of 1 per cent.
2
Includes spending units headed by retired and unemployed
persons and by students, housewives, and persons whose occupations
were not ascertained.
3
Age refers to head of spending unit. Includes only spending
units in which both husband and wife are present.

SUPPLEMENTARY T A B L E

8
a

VALUE OF AUTOMOBILES IN RELATION TO INCOME, EARLY 1955

[Percentage distribution of owners within income groups]
Value of automobiles
1954 money income before taxes

All owners
Under $1,000. ..
$l,000-Sl,999. . .
$2,000-$2,999. . .
$3,000-$3,999...
$4,000-$4,999...
$5,000-$7,499...
$7,500 and over.

Number
of
case;

All
cases

Under
$500

$500$999

$1,000- $1,500- $2,000$1,499
$1,999
$2,499

2,212

100

32

27

20

12

4

4

61
160
200
348
358
639
446

100
100
100
100
100
100
100

59
59
46
44
32
19
11

18
21
28
24
32
31
21

13
13
15
18
21
23
22

10
5
6
10
12
17
16

(2)
1
3
1
1
6
11

(2)
(2)
1
2
2
3
18

1
Value of cars based on average value of each make and model year in the eastern region in early 1955.
arising
from condition of car, body style, location, etc.
2
No cases reported or less than one-half of 1 per cent.

MAY




1955

$2,500
and
over

Not
ascertained

Value does not reflect differences

477

1 9 5 5 SURVEY OF CONSUMER
SUPPLEMENTARY

TABLE

FINANCES

9

AUTOMOBILE O W N E R S H I P W I T H I N VARIOUS GROUPS, EARLY

1955

[Percentage distribution of spending units]

All spending units

3,119

1954 money income before
taxes:
Under SI,000
Sl,000-$l,999
S2 000-sS2,999
. .
S3.000-S3.999
$4 000-84 999
$5,000-57,499
$7 500 and over

363
385
484
439
730
478

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

290
222
273
378
817
272
213
212

240

100

59

8

Does
not
own

33

23

2

75

100
100
100
100
100
100

38
49
69
74
76
65

3
2
4
6
10
27

59
49
27
20
14
8

100
100
100
100
100
100
100
100

75
72
65
54
68
52
67
42

12
12
18
"6
8
3
10
3

13
16
17
40
24
45
23
55

100

Owns
Number of All
cases cases 1 auto- 2 or
mobile more

Group characteristic

Region:1
North East
North Central
South
West

897

Family status:
Single:
Age 18-44
Age 45 and over

100
100
100

313

100

394

Married: 2
Age 18-44, no children
under 18
Age 18-44, children under 18
Age 45 and over, no
children under 18. . . .
Age 45 and over, children under 18

100

1,037
781
404

100

54

63
57
66

5

Does
not
own

41

— 00 00

Owns
Number of All
cases cases 1 auto- 2 or
mobile more

Group characteristic

29
35
23

44

1

26

2

55
72

18

220

100

71

11

991

100

77

10

13

612

100

61

9

30

320

100

60

16

24

Number of persons receiving
income:
One
2,186
Two or more
933

100
100

57
65

5
13

38
22

1
Survey regions are denned as follows: North East includes New England, the Middle Atlantic States, and Delaware; North Central
includes West North Central and East North Central States; South includes East South Central, West South Central, and South Atlantic
States
other than Delaware; West includes Mountain and Pacific Coast States.
2
Age refers to head of spending unit. Includes only spending units in which both husband and wife are present.

SUPPLEMENTARY

TABLE

10

D E B T ON AUTOMOBILES IN RELATION TO INCOME AND REGION, EARLY 1955

x

[Percentage distribution of owners within groups]
Debt
Group characteristic

All owners

Number
of
cases

2,212

All
cases

None

Under
$500

100

69

16

1954 money income before taxes:
Under $1,000
S1.000-S1.999
S2.000-S2.999
S3.000-S3.999
S4.000-S4.999
S5,000-$7,499
$7,500 and over

61
160
200
348
358
639
446

100
100
100
100
100
100
100

83
79
66
66
67
62
77

10
13
22
21
16
18

Region: 3
North East. . .
North Central.
South
West.

566
783
533
330

100
100
100
100

74
71
65
63

15
15
19
15

$500$999

$1,000$1,499

$1,500
and over

Not
ascertained

6
5

5
8
12

11
7

9
11

1
Debt outstanding
2
No cases reported
3

on automobiles owned by spending units at time of interview in early 1955.
or less than one-half of 1 per cent.
For definition of regions, see Supplementary Table 9, note 1.

478




FEDERAL RESERVE BULLETIN

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

11

A G E OF AUTOMOBILES O W N E D BY URBAN FAMILIES WITHIN INCOME Q U I N T I L E S 1

[Percentage distribution of cars owned]
Age of automobile
All cases

Income quintile and year

All income auintiles:
1955
1954
1949
1941
Highest fifth:
1955
1954
1949
1941 . . . .
Second fifth:
1955
1954
1949
1941
Third fifth:
1955
1954... .
1949
1941
Fourth fifth:
1955
1954
1949
1941
Lowest fifth
1955
1954
1949
1941. . . .

1 year
or less

2 to 3
years

4 to 7
years

More than
7 years

100
100
100
100

15
15
13
19

23
26
16
23

44
40
40

18
19
71
18

100
100
100
100

25
29
24
36

32
30
29
32

35
34
0
25

8
7
47
7

100
100

17
16

24
30

12
15

17
29

47
42

100
100
100
100
100

10
7
8

22
24
10

12
12

0
46

71
10

50
49
0

18
20
82

100

12

17

52

19

100
100

7
9

19
20

46
42

28
29

100
100

5
4

5
15

0
45

90
36

100
100

4
2

13
11

43
29

40
58

3
9

6
0

100
100

91
67

0
24

3
Data for early 1955, 1954, and 194.9 (obtained from the Survey of Consumer Finances) relate to latest model automobile owned at
time of interview and to income in the previous year; they differ somewhat from data for 1941 (estimated from information obtained in
Family Spending and Saving in Wartime, Bureau of Labor Statistics Bulletin No. 822, April 1945) in definition of automobile ownership
and the family unit, in the universe covered, and in sampling methods.
Data in this table cannot be used to measure precise changes in automobile ownership, but are believed to show with reasonable accuracy
the nature of certain broad changes in the pattern of ownership.

SUPPLEMENTARY T A B L E 12
AUTOMOBILE OWNERSHIP WITHIN RURAL AND URBAN FAMILY INCOME Q U I N T I L E S 1

[Automobile owners as a percentage of all families in group]
Families ranked by annual income
before taxes

Urban families

All families
2

1955

2

Rural families

1954 21949 31941 21955 21954 21949 •M941 21955 21954

2

1949

31941

All cases

71

70

56

58

68

66

52

54

77

78

64

65

Highest fifth
Second fifth
Third fifth
Fourth fifth
Lowest fifth...

90

91

79

86

87

74
63

55
43

35

35

29

85
70
59
20
27

89
85
74
63
28

91
85
74
55
27

77
68
54
40
18

84
72
59
40
17

97
95
89
68
38

97
91
85
74
44

89
81
63
57
33

90
83
73
55
23

79
63

72

1
D a t a for early 1955, 1954, and 1949 (obtained from the Surveys of Consumer Finances) relate to ownership of automobile at time of
interview and to income in previous year. They differ somewhat from data for 1941 (estimated from information obtained in Family
Spending and Saving in Wartime, Bureau of Labor Statistics Bulletin No. 822, April 1945, and Rural Family Spending and Saving in Wartime,
V. S. Department of Agriculture Miscellaneous Publication Aro. 520, June 1943) in definition of automobile ownership and family unit, in
universe covered, and in sampling methods. The 1941 definition of car ownership results in a somewhat greater frequency of ownership
in that year than in later years.
All families (including single-person families) were ranked by size of annual money income before taxes in 1954, 1953, and 1948, and then
classified in fifths (quintiles). For 1941 the rankings were derived from an open-end distribution of families among various income size
groups by a process of freehand graphic interpolation of cumulative frequency distributions. Urban and rural families were similarly
ranked and classified. It is believed t h a t the data show with reasonable accuracy the nature of certain changes in the pattern of ownership during this period.
a
Ownership of an automobile by some member of the family at time of interview.
3
Ownership in some period during 1941 of an automobile used wholly or partly as a family car.
Cars used exclusively for business
purposes are not included.

MAY

1955




479

195 5 SURVEY OF CONSUMER FINANCES
SUPPLEMENTARY TABLE
AGE

SUPPLEMENTARY T A B L E

13

RELATION OF A G E AND EDUCATION TO CREDIT FINANCING OF

OF AUTOMOBILES O W N E D BY CONSUMERS

M A J O R HOUSEHOLD G O O D S 1

[Percentage distribution of automobiles]
Age of automobile 1

14

[Percentage of spending units within age groups]
1955 1954 1953 1952 1951 1950
Credit use, by educational groups 2

3 years or less

34

1 year or less
2 to 3 years

22

More than 3 years

36

39

36

Age of head of
spending unit

11

14

17

31

30

17

23

22

19

66

64

58

56

61

64

43
23

40
24

30
28

20
36

14
47

6
58

100

100

100

100

100

100

12

4 to 7 years
More than 7 years
All cases

44

42

13

18-24
25-34
35-44
45-54
55-64
65 and over ..

1
Automobiles owned on Jan. 1, 1955 were classified for age as
follows: 1 year or less—1954 and 1955 models; 2 to 3 years—1952
and 1953 models; 4 to 7 years—1948, 1949, 1950, and 1951 models;
more than 7 years—1947 models and earlier. Similar classifications were used in previous surveys.

All ages

All

Grade
school

High
school

College

53
64
63
49
35
20

(3)
75
70
57
40
27

49
64
65
46
30
10

50
56
46
34
25
10

51

52

52

43

Reported customary use of credit in all or some purchases of
major household items. Based on replies in early 1955 to question,
"How do you handle your finances when you make a large purchase
for2 your home?"
Data include heads of spending units that did not graduate.
3
Too few cases for computation.

SUPPLEMENTARY T A B L E

15

PURCHASERS OF FURNITURE AND M A J O R HOUSEHOLD APPLIANCES WITHIN VARIOUS GROUPS

[Purchasers as a percentage of spending units within groups]
Any type lof
purchase

Group characteristic

Washing
machine

Television
set

Refrigerator

Furniture

11

8

7

6

6

9

10

16

16

15

1

9
18
19
19
21

2
3
11
13
17
16
16

5
6
5
8
9
13
10

1
3
4
8
9
8
11

1
3
5
5

5
7
5
6
6
8
7

6
8
10
8
13
7
9

5
8
12
8
10
11
15

8
11
11
15
17
22
26

7
12
11
14
22
19
26

5
8
14
18
15
23
23

5
7

5
7

6
4

1
3

1
1

1

2
4

1
5

3
5

12
6

10
5

12
4

63
53

13
21

14
21

19
16

12
13

10
11

8
9

11

14
10

16
10

27
22

26

33
21

39

34

12

13

10

4

4

4

7

7

13

48

42

16

16

11

13

8

7

8

8

16

40
42
45
47

38
40
39
41

12
15
16
14

14
16
11
17

13
12
9
12

7
9
8
9

8
6
5
8

5
7
5
4

7
7
12
11

6
9
9
11

15
17
16
18

All spending units

43

43

39

14

Money income before taxes:
Under $1 000
$l,000-Sl,999...
$52 000-82,999
$3,000-$3,999
$4,000-$4,999. .
$5,000-$7,499
$7,500 and over

24
31
36
46
47
55
56

22
30
34
43
52
52
56

15
27
36
41
47
52
52

3
8
13
18
17
19
17

23
22

22
22

22
17

51

52
58

-

Family status:
Single:
Age 18-44
Age 45 and over
Married: 2
Age 18-44, no children under 18 .
Age 18-44, children under 18. . .
Age 45 and over, no children
under 18
Age 45 and over, children under
18 . . . .
.
.
Region:
North East
North Central
South
West

57
38
53
39
43
47
44

5

©0000

14

-»

1954 1953 1952 1954 1953 1952 1954 1953 1952 1954 1953 1952 1954 1953 1952

7
6
8
4
7
8
7

24
11
16
16
15
18
18

12
12
15
15
16
15

1
Includes purchasers of items listed individually and of those less frequently purchased such as home freezers, dryers, dehumidifiers,
air2 conditioners, etc.
Age refers to head of spending unit. Includes only spending units in which both husband and wife are present.

480




FEDERAL RESERVE BULLETIN

195 5 SURVEY OF CONSUMER FINANCES
SUPPLEMENTARY TABLE

16

PROSPECTIVE PURCHASERS OF CONSUMER DURABLE GOODS WITHIN INCOME GROUPS *

[Prospective purchasers as a percentage of spending units within groups]
New automobiles

Money income before taxes
in preceding year

Used automobiles

1955

1954

1953

(2)

2
2
4
4
8
10
27

2
2
5
7
9
16
24

1955

1954

1953

Furniture and major
household appliances
1955

1954

1953

27

32

9
16
24
23
33
36
50

13
22
22
36
36
44
41

All spending units
Under $ 1,000
$1,000-81,999
$2,000-^2,999.. ..
$3,000-$3,999
$4,000 -$4,999
$5,000-57,499....
$7,500 and over. .

1
2
7
7
11
27

12
16
23
30
35
36
41

1
Includes all spending units definitely, probably, or possibly going to buy, and spending units that had already bought in the Survey
year.
2
No cases reported or less than one-half of 1 per cent.

SUPPLEMENTARY TABLE

17

CONSUMER PLANS TO PURCHASE DURABLE GOODS

Prospective purchasers
as a percentage of
all spending units
Type of purchase
Definite or
probable
purchase
New automobile:2
1955
1954
1953
1952
Used automobile:2
1955 ..
1954
1953
1952
Furniture and
major household
appliances:2 3
1955
1954
1953
1952

5.2
5 1
5.8
4 3

Possible
purchase

3.0
2.8
3.3
2 5

$2,700
2,500
2,500
2,300

5 1
4.3
4 2

2 4
2.1
1 9

750
900

4.2

1.8

600

23.7
23.0
26 4
19.6

4.8

3.9
5.5
3.5

Prospective purchasers
as a percentage of
all spending units

Median
anticipated
expenditure 1

800

250

300
300

Type of purchase
Definite or
probable
purchase

Furniture:
1955
1954
1 953
1952

....

Television set:
1955
19S4
1953
1952
Refrigerator: 4
1955
1954 . .
1953
1952

Possible
purchase

10.3
10.4
11.5
8 7

1.7
1 .5
1.7
0 9

4 8
6.7
8 1

1.0
2 7

5.6

1.1

1.2

3.6
37
4.4
4.6

0.9
0.4
1.0
0.9

4.8
3.2
3.2
11.8

0.5
0.4
0.5
0.1

290
Washing machine:
1955
1954
1953
1952

1
Based on planned expenditures of spending units definitely or probably going to buy new and used automobiles, and spending units
definitely,
probably, or possibly going to buy furniture and major household appliances.
2
Data on planned purchases for 1955 differ from those published in Federal Reserve BULLETIN, March 1955, because they are based on
a larger
number of interviews and reflect weighting of interviews to take account of different response rates.
3
Includes all spending units planning to buy one or more of specified items.
4
Includes home freezers in 1952 but not in 1953-55.

MAY

1955




481

BANKERS' ACCEPTANCE FINANCING
IN THE UNITED STATES1

Recent growth in acceptances outstanding
reflects renewed interest by United States
bankers and traders in this form of financing
and in the extension of short-term credit
abroad. The Federal Reserve Bank of New
York, under the direction of the Federal
Open Market Committee, recently has
undertaken to purchase moderate amounts of
acceptances from dealers.
Bankers' acceptances outstanding increased
by more than 50 per cent in 1954 and currently exceed 750 million dollars. This is,
however, less than one-half the amount
outstanding 25 years ago. About threefourths of the 300 million dollar increase in
outstanding acceptances in 1954 represented
financing of commodities stored in the
United States. The remainder financed international transactions of this and other
countries. In the first quarter of 1955 the
volume of outstanding acceptances declined,
in part seasonally, by about 100 million dollars but remained about 150 million greater
than a year ago.
A banker's acceptance is a time bill of
exchange (frequently called a time draft)
drawn on and accepted by a banking institution. By accepting the draft the bank
signifies its commitment to pay the face
amount at maturity to anyone who presents
it for payment at that time. In this way
the bank provides its name and credit and
enables its customer, who pays a commission
1
This article was prepared by Robert Solomon and Frank
M. Tamagna of the Financial Operations and Policy Section
of the Board's Division of International Finance.

482




to the accepting bank for this accommodation, to secure financing readily and at a
reasonable interest cost. For investors, bankers' acceptances represent short-term private
paper with a maximum degree of safety and
liquidity, comparable to that enjoyed by
Treasury bills.
Bankers' acceptances have been utilized in
the United States and abroad in part to
finance domestic transactions but primarily
in transactions related to international trade.
Buyers and sellers engaged in foreign transactions are apt to be less well known to each
other and the shipping time is longer than is
usually the case in domestic transactions.
Bankers' acceptances and the commercial
letters of credit under which they frequently
arise are particularly well adapted to the
financing of international shipments. American banks extend acceptance credit not only
to their own customers but also to customers
of their correspondents abroad.
In addition to its function of financing
domestic and foreign transactions of American business, the banker's acceptance may,
under certain conditions, serve as an instrument for the international movement of
credit and short-term funds in response to
differences in money rates and monetary
conditions. The existence of a broad market
for acceptances in two or more international
financial centers, by facilitating such shortterm capital movements at the initiative of
both borrowers and lenders, can contribute
to the reestablishment and maintenance of
currency convertibility abroad.
FEDERAL RESERVE BULLETIN

BANKERS

ACCEPTANCE FINANCING IN THE UNITED STATES

DEVELOPMENT OF DOLLAR

ACCEPTANCE

FINANCING

Before the passage of the Federal Reserve
Act, American businessmen relied largely on
a few private banking houses and on British
banking institutions for acceptance financing. Few incorporated American banks were
active in financing foreign trade, and there
existed no specific authorization for national
banks to create acceptances.
After 1913, when the Federal Reserve Act
authorized member banks to accept, under
certain specified conditions, a number of
national and State banks and three specialized acceptance banks, as well as private
banks and agencies of foreign banks, took
the initiative in generating dollar acceptances. An open market in acceptances was
made possible by the activities of a number
of dealer houses that acted as intermediaries
between buyers and sellers and as holders of
acceptance portfolios.
The volume of dollar acceptances outstanding grew rapidly and is estimated to
have reached about one billion dollars by
1920. This growth reflected the rise in
United States foreign trade, increased participation of American banks in the financing of international trade transactions and,
to a smaller extent, the use of bankers' acceptances by American business to finance storage and domestic shipments. Acceptance
financing fell off during the recession of
1920-21 and the total outstanding did not
reach one billion dollars again until 1927.
During the intervening period the total
fluctuated with the foreign trade of the
United States and also with shifts in financing as between London and New York depending upon relative interest costs.
Dollar acceptances outstanding began to
rise in 1927 and by the end of 1929 amounted
to more than 1.7 billion dollars. Acceptance
M A Y 1955




financing of trade between foreign countries
and storage abroad of internationally traded
commodities contributed significantly to the
increase during this period. Acceptances for
these purposes were about one-fourth of the
total outstanding at the end of 1929, as compared with about one-eighth at the end of
1927. Other types of bankers' acceptances,
with the exception of those to finance domestic shipments, also rose during the late
twenties.
DOLLAR ACCEPTANCES OUTSTANDING
Millions of dollars

1600

STORAGE IN AND SHIPMENT
BETWEEN FOREIGN COUNTRIES

- 1200

800

400

NOTE.—Year-end figures. Acceptances based on U. S. exports and imports include dollar exchange acceptances.

The rapid increase at that time was associated with the liberalization in 1927 of
Federal Reserve rulings with respect to the
definition of import and export transactions
that could be financed by acceptances. It
was ruled in 1927 that bankers' acceptances
may properly be considered as growing out
of import and export transactions "when
drawn for the purpose of financing the sale
and distribution on usual credit terms of imported or exported goods into the channels
483

BANKERS

ACCEPTANCE FINANCING IN THE UNITED STATES

of trade, whether or not the bills are accepted after the physical importation or
exportation has been completed." As a
result, a broader range of transactions became eligible for acceptance financing.
A significant portion of the growth in
acceptance credits in the late twenties was
for traders in Germany and other central
European countries, within lines of credit
extended to banks in these countries. During
the financial crisis of 1931, when large
amounts of foreign capital began to withdraw from Germany and other central
European countries, the authorities in these
countries found it necessary to impose exchange controls limiting the repayment of
acceptance and other credits extended by
banks in the United States and other countries. The standstill agreements, first concluded in September 1931, attempted to
prevent the rapid withdrawal of foreign
acceptance and other credits while at the
same time protecting the claims of creditors.
It appears that the liability of German
banks to American banks on account of
acceptance credits amounted to about 300
million dollars in mid-1931. Under the
standstill agreements the American and other
foreign banks were required to maintain
their lines of credit, with new paper substituted for maturing acceptances. In the
course of the thirties, these liabilities were
partly liquidated but payment was for the
most part in so-called registered marks which
could not be converted into dollars except at
a discount. A portion of the indebtedness
remained outstanding until well after World
War II. While the accepting banks thereby
sustained losses or delays in reimbursement
on these credits, they made prompt and full
payment to the holders of their acceptances.
It is a matter of some pride among those
engaged in acceptance financing in the
484




United States that, despite this experience
and the numerous bank failures in the thirties, there is no record of a holder of a
banker's acceptance having suffered a loss
on his investment.
The amount of bankers' acceptances outstanding declined during the thirties with
the reduction in world trade and economic
activity. When the United States entered
World War II, dollar acceptances outstanding were less than 200 million dollars.
During the period from the beginning of
acceptance financing in the United States
until 1929, the principal buyers of bankers'
acceptances were the Federal Reserve Banks
and foreign central and commercial banks.
During that period the Federal Reserve
Banks, in an effort to encourage its development, took an active part in the market for
bankers' acceptances and carried out some
open market operations through that medium. The Reserve Banks frequently held
outright or under repurchase agreements
with dealers more than one-third of outstanding bankers' acceptances. Market rates
on prime acceptances seldom diverged markedly from Federal Reserve buying rates,
which were usually below Federal Reserve
discount rates.
CREATION OF BANKERS' ACCEPTANCES

Dollar bankers' acceptances come into
existence when banks in the United States
accept drafts drawn upon them by traders
in this country or abroad, or by banks abroad
in the case of dollar exchange acceptances.
Once accepted, the draft derives its credit
standing primarily from the name of the
accepting bank.
Accepting banks. In most banks acceptance financing is handled by the foreign
department, even when the transaction involved is entirely domestic. While the FedFEDERAL RESERVE BULLETIN

BANKERS

ACCEPTANCE FINANCING IN THE UNITED STATES

eral Reserve Act authorizes all member
banks to accept time bills of exchange, the
bulk of bankers' acceptances are generated
by a relatively small number of banks in the
major cities. Nearly two-thirds of the acceptances at the end of 1954 were accounted for
by 10 banks, while 25 banks were responsible for seven-eighths of the amount outstanding. The remaining one-eighth was
distributed over about 75 banks. As the
table shows, two-thirds of the acceptances
ACCEPTANCES OUTSTANDING, BY LOCATION OF
BANKS, D E C E M B E R 3 1 ,

ACCEPTING

1954

Amount outstanding
Location

New York . . .
.
Member banks
N onmewiber b&nk*!
San Francisco
Boston
Dallas
Chicago
Philadelphia
Houston
New Orleans
Memphis
Other cities
Total

. . .

In millions
of dollars

As percentage
of total

578 5
488:7
89 8
149.2
49 2
29.8
18.5
14.9
9.0
6 4

66 3
56.0
10 3
17.1
5 6

12.0

5.6

0.6
1.4

873.1

100.0

3.4
2.1

1.7
1 .0
0 7

NOTE.—Acceptances of wholly owned subsidiaries are included
with those of parent bank. Details may not add to totals because
of rounding.

outstanding on December 31, 1954 were
created by banks in New York City. Somewhat more than one-seventh of these were
by nonmember banks, principally private
United States banks and agencies of foreign
banks. San Francisco accounted for the next
largest total, followed by Boston, Dallas, and
Chicago.
The specialized nature of the acceptance
field and the foreign connections usually required make it difficult for small banks without foreign departments to undertake this
type of service. Furthermore, since it is a
basic aspect of the banker's acceptance that
the credit of a bank is substituted for or
added to that of the individual or firm, purchasers of acceptances look primarily at the
MAY

1955




name of the accepting bank in judging the
credit standing of the acceptance. For this
reason the larger, better known banks are in
a preferred position with regard to the
creation of acceptances.
From the point of view of banks, the distinguishing feature of the banker's acceptance is that it is a readily marketable instrument by means of which a bank can extend
its credit to customers. If the acceptance
is sold in the open market, the accepting
bank does not have to advance its own funds,
and if it discounts its own acceptance, it can
quickly dispose of the paper if necessary without the need to reduce other forms of credit
or to incur indebtedness to the Federal Reserve Bank. Banks may therefore find acceptance financing particularly attractive at times
when their reserves are under pressure.
On the other hand, when reserves are
plentiful banks may prefer to extend credit
in forms that involve the lending of their
funds. It appears that in some banks a
degree of competition may arise in these
circumstances between the loan department,
which seeks to expand direct loans, and the
foreign department, which attempts to interest customers in acceptance financing. If
a bank discounts and holds its own acceptance, this form of financing differs little from
a direct loan. Many banks, however, prefer
not to hold their own bills but to sell them to
dealers in order to acquire in return acceptances of other banks, which for the most part
are then resold to foreign correspondents.
Uses of acceptance credit. Under present
conditions bankers' acceptances to finance
foreign trade transactions are frequently
based on letters of credit issued by American
banks on behalf of the importer in favor of
the exporter. Such letters of credit may be
issued on behalf of American or foreign
importers; in the latter case, they are usually
485

BANKERS' ACCEPTANCE FINANCING IN THE UNITED .STATES

arranged for by a foreign bank having a correspondent relationship and line of credit
with an American bank. When the letter
of credit specifies that time drafts may be
drawn, it gives rise to a banker's acceptance.
Under this procedure the exporter, after
arranging for shipment of the goods covered
by the transaction, draws a time draft on
the bank which issued the letter of credit
and sends the draft with the pertinent shipping and other documents through his bank
to the issuing American bank. When a
time draft is drawn on and accepted by an
American bank, the draft becomes a dollar
banker's acceptance, which the exporter,
whether American or foreign, can have discounted in the market. The exporter thus
receives immediate payment while the buyer
or importer need not make payment to the
accepting bank until the bill matures, usually
30, 60, or 90 days after it has been accepted.
In some cases American exports are
financed on an acceptance basis without direct involvement of the foreign importer
with the accepting bank. The exporter ships
the goods abroad and, under an acceptance
agreement with his bank, draws a time
draft on that bank based on the export
transaction. The exporter can thus realize
the proceeds of his sale by having the accepted draft discounted in the market. He
repays the bank upon maturity of the acceptance, out of his receipts from the foreign
buyer.
Imports into the United States are sometimes financed in a somewhat different
manner, in which sight drafts drawn by
foreign exporters are refinanced by bankers'
acceptances. In this case the foreign exporter draws sight drafts, payable in dollars
or a foreign currency, on the importer or
his bank. In turn, the American importer
draws a time draft on his bank, which
486




accepts and discounts the draft, using the
proceeds to pay the sight drafts drawn by
the foreign exporter. Occasionally this procedure is also used by foreign importers, who
arrange directly or through their banks to
draw on an American bank to refinance sight
drafts drawn by American exporters.
A significant portion of the growth of
outstanding acceptances in the past year
represents the financing of storage of cotton
and other readily marketable staple commodities in the United States. In this type
of credit the merchant draws on the accepting bank and has the accepted draft discounted, using the proceeds to finance his
holdings pending a reasonably prompt resale
or shipment. Acceptance credit currently
plays a minor role in financing domestic
shipments within the United States.
Bankers' acceptances drawn for the purpose of creating dollar exchange account for
a small part of outstanding acceptances.
This facility represents an accommodation to
banks in a number of specified countries
whose exports are subject to seasonal variation. Such banks are enabled to provide
dollars to their customers to finance imports
during seasonally low export periods; the
acceptances are subsequently repaid with
dollars acquired out of the proceeds of
exports.
Incentives to use acceptance credit. The
preference of traders, either in the United
States or abroad, for dollar acceptance credit
as compared with other types of dollar
credit depends upon a number of factors,
including the customs of the particular
trade, the wishes of the other party to the
transaction, the relative cost of different
types of credit, and the ease of prepayment.
For shipments on a deferred payment basis,
the principal alternatives to acceptance credit
are trade credit and direct bank loans.
FEDERAL RESERVE BULLETIN

BANKERS

ACCEPTANCE FINANCING IN THE UNITED STATES

A trader who has access to dollar acceptance financing may be presumed in most
cases also to be eligible for a direct loan from
his bank. From the point of view of direct
interest costs, the relative attractiveness of
the two forms of credit to such a borrower,
assuming the transaction could be financed
either way, would depend upon whether the
market discount rate on acceptances plus
the acceptance commission were greater or
less than the interest rate he would pay on
a loan. There are, however, two other considerations which have a bearing on the
interest costs. In the case of direct loans,
banks customarily expect borrowers to maintain a compensatory balance which varies
over time and among customers but is often
as much as 20 per cent of the amount of
the loan outstanding. When agreeing to
accept for a customer, many banks require
no specific balance against the outstanding
acceptance. This factor tends to make acceptance financing more attractive to borrowers even when the direct interest costs
are equal.
An offset to this advantage arises from the
fact that, whereas it is common banking practice to permit customers who receive anticipated funds sooner than expected to prepay
a direct bank loan with interest credit, a
banker's acceptance has a fixed maturity date
and the holder does not present it to the accepting bank for payment until that time.
American banks do not usually grant full
rebates to customers who put them in funds
before the maturity of the acceptance. Some
banks are willing to grant partial rebates if
the acceptance is anticipated by more than
a given number of days. Rebate practices
are not standard, varying in part with the
competitive situation, and some borrowers
may consider acceptance financing to be relatively disadvantageous because prepayment
MAY




1955

is costly or impossible.
Foreign use of dollar acceptances. Banks
in the United States dealing in the international field issue letters of credit on behalf of
traders abroad and confirm letters of credit
issued by foreign banks; usually such accommodation is within lines of credit established
for foreign banking correspondents. When
these letters of credit call for time drafts,
they result in the creation of dollar bankers'
acceptances.
Expansion of this type of credit at the
initiative of borrowers abroad is to some extent limited by the inconvertibility of many
foreign currencies. This limitation applies
primarily to credit extension by American
banks to finance trade between foreign countries whose trade is settled in inconvertible
currencies. The use of credit from American
banks to finance such trade is usually not
permitted by the exchange controls of these
countries, since it would require the ultimate
payment of dollars in settlement of transactions which would otherwise not call for
dollar outlays. In trade between foreign
countries one of w7hich has a convertible
currency, and in trade of most countries with
the United States, however, inconvertibility
does not appear to be an important limitation
on the use of dollar acceptance credit.
Factors other than exchange control regulations may at times limit the utilization of
dollar credit by foreign borrowers. Importers abroad who have access to other markets,
notably London, usually prefer dollar financing only when the total cost is more favorable. Another limitation, applicable to the
growth of acceptance financing in both the
United States and Britain, may arise at times
when foreign banks have ample domestic
currency reserves and prefer not to relinquish
potential interest earnings if their customers
borrow abroad. In these circumstances for487

BANKERS

ACCEPTANCE FINANCING IN THE UNITED STATES

equal amount of the acceptances of other
banks. Such "swapping" of acceptances,
through dealers, results in paper with two
bank names when the purchasing bank adds
its endorsement. There is a strong demand
for such acceptances from foreign central and
MARKETING OF BANKERS' ACCEPTANCES
commercial banks and, in order to meet these
The market for bankers' acceptances in requests of their foreign correspondents,
New York consists of banks—which under American banks are anxious to maximize
present conditions buy and sell acceptances purchases of bills from dealers. Acceptances
primarily to meet the needs of customers and with two bank names are usually sold to forcorrespondents—and dealers in bankers' ac- eign banks at a price yielding a fraction beceptances who act mainly as intermediaries low the dealers' selling rate, the difference
between buyers and sellers. Occasionally representing the charge imposed by the enendorseAmerican business firms also enter the mar- dorsing bank. The most common
l
ket, using idle funds to buy acceptances from ment charge appears to be /s per cent, but
it varies between Me and % per cent.
dealers.
A moderate volume of acceptances is sold
Dealers in acceptances. There are fewer
than half a dozen firms in New York which to dealers by inland banks that do not have
act as dealers in bankers' acceptances. Most foreign orders for bills. This is one of the
of these firms are engaged primarily in deal- ways in which dealers receive bills for which
ing in United States Government and other the seller does not expect to buy a more or
securities, and trading in bankers' accept- less equal amount of other bills in exchange.
Purchasers of acceptances. It appears that
ances is presently a relatively small part of
currently
a very large proportion of the actheir activity.
ceptances purchased from dealers are ultiThe dealers' profit on bankers' acceptances
mately resold to foreign banks. Foreign
is derived primarily from the spread, at presbanks regard bankers' acceptances as a traent Y8 of one per cent a year, between their
ditional and attractive investment for their
buying and selling rates. The dealers do not
dollar balances. Furthermore, such acceptmake it a practice to carry acceptances in
ances frequently provide a higher yield than
order to earn interest, and they normally
Treasury bills, particularly to foreign holdhold only small amounts of acceptances overers, whose income on acceptances is exempt
night.
from the Federal withholding tax on foreign
A large proportion of dealers' purchases of interest earnings in the United States. In
bills are from accepting banks that have dis- recent months, as the supply of bills has
counted their own bills, at the dealers' buy- grown, United States corporations have
ing rate. These bills are sold to dealers at shown some interest in purchasing them,
the same rate, the banks making no profit particularly the shorter maturities, which are
on the transaction. Under the conditions less attractive to foreign purchasers.
that have prevailed for some time, most
A small portion of dealers' sales is made
banks have the expectation of buying back to the Federal Reserve Bank of New York,
from dealers, at their selling rate, a roughly which purchases acceptances for the account

eign banks may arrange for their customers
to finance imports on a sight draft or other
current payment basis, refinancing such payments with direct loans in their own currency.

488




FEDERAL RESERVE BULLETIN

BANKERS

ACCEPTANCE FINANCING IN THE UNITED STATES

of foreign central banks and recently for its
own account. When the Federal Reserve
Bank buys for these purposes it does so at a
discount rate that is currently YIQ per cent
less than the dealers' selling rate, in payment
for the endorsement of the dealer or a bank.
Dealers do not customarily endorse bills they
sell to others. The Federal Reserve Bank
extends its guaranty, for which it charges a
fraction of one per cent, on acceptances it
buys for foreign central banks, the contingent
liability on this account being shown in the
published statements of the Reserve Banks.
Accepting banks hold a varying portion of
the outstanding bankers' acceptances, representing in part their own bills and in lesser
degree, bills of other banks. In the few
cases where bills are accepted for more than
90 days, banks have an incentive to hold
their own acceptances until they have less
than 90 days to run because the rate of discount is l/8 to !/4 per cent higher on bills of
longer maturity.
RATES ON BANKERS' ACCEPTANCES

The cost of acceptance financing has two
aspects, the commission paid to the accepting bank for undertaking the credit risk,
and the interest—paid on a discount basis—
which represents compensation for the use
of the lender's funds. The commission
charge is paid by the person or firm on whose
behalf the acceptance is created. The discount is paid by the seller of the acceptance,
who is likely, of course, to be compensated for
this cost by the terms of the transaction giving rise to the acceptance. From the viewpoint of the buyer of the acceptance, the interest earnings primarily represent compensation for the use of funds, the risk being
minimal. The other participants in earnings
on bankers' acceptances are the dealers and
the endorsing banks.
MAY

1955




Commission charge. When a bank accepts a time bill drawn on it, it assumes a
liability equal to the face amount of the
draft until it is presented for final payment.
By that time the bank expects to have been
put in funds by its customer who arranged
for the acceptance. In any case, the holder
of the draft has a right to immediate payment when he presents the matured draft
to the accepting bank.
A charge of \l/2 per cent a year appears to
be the minimum rate of commission on dollar acceptances created by American banks
for their domestic customers. The charge
is calculated at l/8 per cent a month, according to the maturity of the drafts presented
for acceptance. This rate is available to
prime borrowers in a manner analogous to
eligibility for the so-called prime loan rate,
although it appears that a larger proportion
of borrowers are accorded the ll/2 per cent
acceptance commission than, in the case of
direct loans, are eligible for the prime loan
rate.
When American banks are requested to
accept by foreign banks with which they
have correspondent relationships, the commission charge may be somewhat lower in
view of the fact that they have recourse to
a bank rather than an individual or firm.
A commission charge that ranges up from
one per cent a year seems to prevail on such
acceptance credits. In these cases the foreign bank also charges a commission to the
customers on whose behalf dollar acceptances
are created.
Discount rates. Dealers in bankers' acceptances quote buying and selling rates for
bills of different maturities, and these discount rates provide the basis for all purchases and sales. The rate normally quoted
in the press and elsewhere is the dealers'
selling rate for unendorsed acceptances with
489

BANKERS' ACCEPTANCE FINANCING IN THE UNITED STATES

a maturity of 90 days or less. In recent years
the selling rate for acceptances with 120-day
maturity has been l/8 per cent higher; another l/8 per cent is added for maturities up
to 180 days, but only a small volume of acceptances is drawn with a maturity exceeding 90 days. In each case the dealers' buying
rate is presently l/8 per cent higher.
These rates are for bankers' acceptances
that are regarded as prime—that is, accepted
by a bank that is experienced and active in
creating acceptances. Virtually all acceptances are bought and sold at the prime rate,
and in the present market rates are not regularly quoted for paper that is not prime.
It may be seen from the accompanying
chart that the rate has not moved freely with
day-to-day money market influences. Rather
it has been adjusted at intervals in response
to more pervasive changes in the demandsupply relationship and in general credit
conditions.
To compare the cost of acceptance financing with direct borrowing from banks, it is
necessary to add the commission charge,
usually ll/2 per cent, to the dealers' buying
rate on bankers' acceptances. As the chart
shows, the cost of acceptance financing, as
compared with the interest rate paid on
direct loans by prime borrowers, has declined considerably since the early postwar
years. Until mid-1949, acceptance financing
costs exceeded the prime bank loan rate by
more than % per cent a year. By early 1954
the costs had become equal and between
March 1954 and January 1955, acceptance
financing was somewhat less expensive than
borrowing at the prime loan rate. Since
mid-April 1955, when the dealers' buying
rate rose to 1% per cent, the minimum acceptance cost has been 3% per cent, compared with the prime loan rate of 3 per cent.
It should be emphasized that these com490




SELECTED SHORT - TERM MONEY RATES
Per cent
BANKERS'
ACCEPTANCES

COST TO
BORROWERS:

j
j

1

1

"—i

r
j

r

•

11
l|1__rJ _-

,

•"

rJ
BANKERS'
ACCEPTANCES
j
i

YIELD TO
INVESTORS:

\

!

1

1951

I

1

1953

- 2

I

TREASURY \
BILLS
\\

1949

3

"*
PRIME
BANK LOANS

/V
AV

-- 1

1
1955

NOTE.—Latest rates shown are for April 1955. Banker's
acceptance cost to borrowers is sum of 1 ]/2 per cent minimum
commission charge and dealers' buying rate on 90-day prime
bankers' acceptances. Prime bank loan rate is that charged
by large city banks for loans to customers with the highest
credit standing. Yield to investors on bankers' acceptances is
dealers' selling rate on 90-day bankers' acceptances. Yield on
Treasury bills is market yield on three-month bills. Treasury
bill yield is monthly average and other rates are as of end of
month.

parisons are valid only for borrowers who
are eligible for the prime bank loan rate.
As was indicated earlier, it is likely that
some borrowers who are not accorded this
rate are nevertheless accorded the minimum
commission charge of ll/2 per cent on acceptance financing. It follows therefore
that for some borrowers acceptance financing has been somewhat more attractive, as
compared with direct loans, than is indicated
by these figures.
During the past year, when the costs of
acceptance financing have declined relative
to other forms of borrowing, there has been
a marked rise in the amount of acceptances
created, as shown in the chart on page 483.
While the principal increase has been for
the purpose of financing commodity storage, acceptance financing for other purposes
has also become more prevalent.
Acceptance rate and Treasury bill yields.
From the point of view of investors, the attractiveness of bankers' acceptances depends
FEDERAL RESERVE BULLETIN

BANKERS

ACCEPTANCE FINANCING IN THE UNITED STATES

in large part upon their yield compared with
possible earnings on other short-term investments, particularly United States Treasury
bills. In some respects, the banker's acceptance is a less satisfactory short-term investment than the United States Treasury bill.
Treasury bills can be purchased in large
even denominations whereas bankers' acceptances frequently are drawn for odd amounts,
sometimes quite small, depending upon the
underlying transaction. The paperwork involved in handling a given investment is
therefore greater in the case of acceptances.
For an American investor of short-term
funds, bankers' acceptances are likely to be
preferred only when their yield exceeds that
on Treasury bills.
On the other hand, many foreign central
and commercial banks as well as other private investors abroad are able to make a tax
saving by purchasing acceptances rather than
Treasury bills. All nonresident foreign individuals and corporations, and nongovernmental institutions abroad, are subject to a
withholding tax that may be as high as 30
per cent on interest from sources within the
United States. Interest on time deposits and
earnings on bankers' acceptances are not subject to this tax. Although reciprocal tax
treaties with the United States often reduce
or even eliminate the tax, in most cases
there is some advantage in placing dollar
funds in bankers' acceptances even when
their yield is equal to or somewhat less than
the Treasury bill rate.
As the chart shows, the market yield on
90-day bankers' acceptances—that is, the
dealers' selling rate—has moved only in steps
in recent years. Comparison with the market
yield on three-month Treasury bills indicates that the acceptance rate tends to be
somewhat higher except at times of rising
short-term interest rates. During 1949 and
MAY

1955




1950 the acceptance rate differed little from
the Treasury bill yield. It rose relative to
the bill yield in 1951 and the first half of
1952. From mid-1952 to mid-1953, the
Treasury bill rate remained almost steadily
above the rate on bankers' acceptances. Between mid-1953 and the end of 1954, the
acceptance rate was once again above the
bill rate, on the average by more than 0.30
per cent. In early 1955, the gap between
the two rates narrowed and in April the bill
rate rose above the acceptance rate.
ACCEPTANCE FINANCING IN LONDON

The banker's acceptance has had a longer
history and is a better known credit instrument in Britain than in the United States.
Acceptances are created in Britain by the
merchant bankers, by British commercial
banks, and by London branches of foreign
banks. With widespread overseas connections and extensive knowledge of the creditworthiness of borrowers, these banks offer
acceptance credit facilities to finance trade
in all parts of the world.
The London discount houses act as dealers in bankers' acceptances, as well as in
Treasury bills and short-term Government
bonds. In contrast with the practice of New
York acceptance dealers, the discount houses
have traditionally held some bills as earning
assets, financing these holdings by borrowing against them at call from the banks.
The discount houses endorse bills that they
sell to the commercial banks. Such threename bills are eagerly sought by the banks
as a secondary reserve. Traditionally, acceptances have been sold by the discount
houses to the banks in parcels with a distribution of acceptors, maturities, and amounts
in accordance with the requirements of the
purchasing bank.
Acceptance costs in London. The minimum commission charged by British banks
491

BANKERS

ACCEPTANCE FINANCING IN THE UNITED STATES

on acceptances for commercial customers is
ll/2 per cent a year, the same as in this country. Acceptances for foreign customers when
a foreign bank assumes liability—known in
Britain as reimbursement credits—take a
minimum commission of 1% per cent. In
each case a stamp tax adds % per cent a
year to the cost. The commission charge is
thus somewhat higher in London than in
the United States, where the comparable
rates are ll/2 per cent for prime commercial
customers and a minimum of one per cent
for foreign banks.
The discount rate in London on prime—
or, as they are known there, fine—bank bills
tends to remain only slightly above the
British Treasury bill yield and to move with
greater flexibility than the corresponding
rate in New York. The spread between the
rates at which the discount houses buy and
sell is usually not held constant as in this
country, but varies as the two rates respond
to market influences.
London and New York rates. In recent
years the market rate on fine bank bills in
London has been above the New York rate,
as shown in the accompanying table. The
rate in London was maintained at 3 per cent
between March 1952 and September 1953,
reportedly at the request of the monetary
authorities. The corresponding rate in New
York was lower by one per cent or more
during this period. With the reduction in
Bank rate in September 1953 the discount
rate on acceptances again moved in response
to market forces, and the differential between
London and New York narrowed considerably. It was less than l/2 per cent during
most of 1954 as money rates in both countries declined. Twice in 1955 the New York
rate has increased ]/8 per cent, while the
London rate has risen by more with the two
492




COMPARATIVE

ACCEPTANCE

RATES, N E W YORK AND LONDON

[In per cent per year]
Difference in cost of
financing

Market, buying
rate
Midmonth

Difference
in
market
rates

London

Xew
York

1953—Jan.. .
Feb. .
Mar..
Apr. .
May..
Tune..
July..
Aug. .
Sept..
Oct...
Nov..
Dec. .

3.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
2.19
2.19
2.19

1.88
2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00

1.12
1.00
1.00
1 .00
1.00
1 .00
1 .00
1.00
1.00

1954—Jan.. .
Feb. .
Mar..
Apr. .
May..
June..
July..
Aug. .
Sept..
Oct...
Nov..
Dec.

2.19
2.13
2.19
2.16
1.75
1.66
1 .59
1.63
1.66
1.63
1.59
1.78

2.00
1.75
1.75
1.38
1.38
1.38
1.38
1.38
1.38
1.38
1.38
1.38

.19
.38
.44
.78
.37
.28
.21
.25
.28
.25
.21
.40

1955—Jan...
Feb. .
Mar..
Apr. .

1.97
2.34
3.81
3.75

1.50
1.50
1.50
1.50

2.31
2.25

.19
.19
.19

.47
.84

Forward
discount
on
sterling

Adjusted
difference
(— indicates
lower cost
in London)

.22
.66
.62
.71

.90
.34
.38
.29

1.02
1.16
1.15

- .02
- .16
- .15

.89
.76
.58
.27
.13

.04
.13
.49
.71
.22
.18
.04
0
0

-.13
-.04
-.04
-.07
.40

1 .34
1.43

.11
.24

- .39
- .08
.06

.15
.25

- .05
.07
.15
.10
.17
.25
.28
.38
.25
.44

.54
.44
.97
.82

NOTE.—All figures are for 15th of month or nearest market date.
Table does not include comparative commission, charges on acceptances. Market buying rates are rates at which dealers in
New York and discount houses in London purchase prime bankers'
acceptances with maturities of 90 days or less.
Forward discount is discount (or premium, when negative) on
sterling for three-month delivery, expressed as a percentage of
spot rate. It represents added cost (or saving) per year to British
trader on dollar purchases in forward exchange market rather than
spot market, or saving to American trader on forward sterling
purchases, to cover liability to foreign accepting bank.
Adjusted difference (the last column) is the difference between
the two preceding columns; when positive it represents extent to
which cost of financing in London exceeds cost in New York to a
trader in either country who would cover his foreign exchange
liability in the forward market, assuming equal commission charges
in the two centers.

increases in Bank rate. At the end of April
the differential was about 2J4 per cent.
These simple comparisons of commission
and discount rates in New York and London
are not sufficient to indicate whether an
American or British trader would always
find it less expensive to finance in the other
center rather than his own. He must also
consider the commission charge imposed by
his own bank for securing financing abroad.
In many cases the foreign bank expects the
trader's bank to guarantee payment at maturity and the trader's bank may thus feel
FEDERAL RESERVE BULLETIN

BANKERS

ACCEPTANCE FINANCING IN THE UNITED STATES

entitled to its usual full commission. The
imposition of an extra commission charge
may therefore offset the advantage of a lower
discount rate abroad. The practices in this
respect appear to vary considerably, depending upon the competitive situation and various other factors, such as whether the trader's bank has a branch in the other center.
Another factor which affects the costs of
borrowing in one financial center as compared with another is the cost of covering
the foreign exchange risk. The possibility
of exchange rate fluctuations leads most
traders who incur foreign currency obligations to contract in advance, in the forward
exchange market, for purchase of the needed
foreign funds. A British importer who secured 90-day acceptance financing from a
bank in New York to finance a purchase
in the United States would be likely to buy
dollars for delivery in three months. In this
way he would fix in terms of sterling his
liability to the American bank and thereby
avoid the risk of paying more sterling to discharge his dollar obligation in the event of
a decline in the dollar value of sterling.
Similarly, an American importer who arranged for acceptance financing in London
would probably purchase forward sterling
to cover his future payment to the bank in
London. As a result the cost of forward
exchange is normally an inherent part of
the cost of financing in another currency.
However, at times when the forward exchange rate of the borrower's currency is at
a premium in terms of the currency in which
he is considering financing his transaction,
this factor will reduce the cost of borrowing abroad.
As the table indicates, the market quotation for forward sterling in terms of dollars
has been at a discount during the greater
part of the past two years. For British imMAY




1955

porters and other traders who normally
operate in sterling, this factor has constituted an additional cost of financing in dollars and has, from their point of view, acted
to offset in part the lower discount rate in
New York. Only in recent months has the
difference in discount rates less the cost of
forward dollars risen toward one per cent.
It may also be noted that, from time to time,
the discount on forward sterling has been
greater than the difference in discount rates
between New York and London with the
result that, were the other costs of acceptance financing equal, American traders
might have found sterling financing cheaper
despite the higher interest cost in London.
ACCEPTANCES AND INTERNATIONAL
FLOWS OF CREDIT

The banker's acceptance provides an instrument for the international movement of
both funds and credit. A rise in the discount rate on acceptances in one financial
center relative to another would tend, under
favorable conditions, both to induce borrowers to shift financing to the market
where rates are lower and to induce investors to purchase outstanding acceptances
where rates are higher. The banker's acceptance is the only credit instrument which
in this way performs a dual function of
facilitating the international movement of
short-term capital at the simultaneous initiative of borrowers and of lenders.
Significant relaxation in governmental
restrictions on international trade and payments has taken place in the past two or
three years. Over the past year there has
also been some revival in the international
movement of funds in response to financial
incentives. With continued progress toward
convertibility abroad, further development
along these lines may be expected. The
493

BANKERS

ACCEPTANCE FINANCING IN THE UNITED STATES

banker's acceptance can play an important
role in the reconstruction of an international
system in which funds and credit shift from
country to country in response to differences
in money rates and monetary conditions.
Such a development would generally serve
to facilitate smooth short-run adjustment
of balances of payments and to contribute
thereby to steadier growth of world trade
and income.
In recent weeks the Federal Reserve Bank
of New York, at the direction of the Open
Market Committee, has acquired for its own
account moderate amounts of bankers' acceptances. During April these holdings of
acceptances, bought outright and under repurchase agreements, have fluctuated between 10 and 20 million dollars.

494




It is expected that Federal Reserve holdings of this type of paper will continue to
be of modest proportions and will tend to
vary in some relation to credit policy and
seasonal swings in the total of outstanding
acceptances. Federal Reserve participation
in the market for its own account is not
intended to interfere with established market
relationships or to determine market rates.
Consequently, all transactions have been effected with established dealers in bankers'
acceptances, at the rates of discount prevailing in the market. A broadening market
for bankers' acceptances may foster further
interest in this type of financing and may
provide a useful supplementary private outlet for short-term funds held by American
and foreign investors.

FEDERAL RESERVE BULLETIN

MEMBER BANK EARNINGS, 1954*

In 1954, member banks reported net profits
of 1,096 million dollars after taxes, an increase of 231 million dollars over 1953. Net
current earnings before income taxes increased only 19 million dollars, since earnings
advanced at a slower rate than expenses.2
Capital accounts increased nearly 900 million
dollars, of which 640 million was from retained earnings.
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, profits on sales of securities, recoveries, and transfers
to and from valuation reserves, and before taxes on net
income.

For the first time since 1946, profits on securities and recoveries on loans and securities exceeded losses, charge-offs, and net additions to valuation reserves. Profits on sales
of securities were 340 million dollars above
the preceding year. Recoveries on securities,
loans, and other assets also increased and
losses and charge-offs decreased. Partly offsetting factors were larger net additions to
valuation reserves, which increased from 40
million dollars to 165 million, and provisions
for income taxes of 804 million dollars, which
were 112 million above 1953. As a result of
all these factors about 60 per cent of net current earnings was carried down to net profits,

MEMBER BANK EARNINGS, 1943-54
[Dollar amounts in millions]
Item

1943

1944

1945

1946

1947

1948

1949

1950

1951

1952

1953

1954

Earnings
$1,650 $1,874 $2,102 $2,403 $2,579 $2,828 $2,986 S3,265 $3,669 $4,120 $4,590 $4,826
On U. S. Government securi865
929 1,011
832
921
859
855
997 1,054
802
ties
1,066
> 766
148
190
149
169
235
211
158
139
158
252
273
On other securities1
1,427
772 1,044
563
2,003 2,306 2,632 2,711
1,634
1,308
588
563
On loans
Service charges on deposit ac187
172
158
100
119
141
87
86
76
219
198
252
counts
403
436
346
373
367
265
452
291
523
Other earnings
245
328
477
1,039 1,127 1,268 1,469 1,650 1,795 1,889 2,020 2,232 2,501 2,782 2,999
Expenses
926 1,000
487
1,371
1,244
1,125
797
699
876
525
580
1,463
Salaries and wages
271
425
306
212
250
365
236
261
183
144
124
494
Interest on time deposits
109
125
115
96
82
90
84
118
83
83
140
Taxes other than income
640
860
686
605
476
579
344
422
375
902
775
Other expenses
Net current earnings before
income taxes

611

747

835

934

929

1,033

1,097

1,245

1,437

1,619

1,809

1,828

Profits on securities
Recoveries2
Losses and charge-offs3
Net increase in valuation reserves

94
218
251

116
202
232

239
215
230

183
173
247

90
142
251

55
135
195

64
91
166

82
93
149

52
87
202

29
84

35

375
117
254

173

125

121

128

68

40

165

Profits before income t a x e s . . .
Taxes on net income

673
115

833
184

1,058
270

1,043
285

854
234

961
275

1,150
369

1,247
491

1,437
608

1,558
692

1,900
804

Net profits
!
Cash dividends declared 5

557
208

649
226

788
246

758
267

910
257
653
281

621
294

686
313

781
346

756
371

829
390

865
419

1,096
456

Ratio of net profits to average
total capital accounts

8.8

9.7

10.9

9.6

7.9

7.2

7.6

8.3

7.6

7.9

7.8

9.3

Number of banks at end of year. 6,738

6,814

6,884

6,900

6,923

6,918

6,892

6,873

6,840

6,798

6,743

6,660

226

86
332

*Not reported separately prior to 1945; data for 1944 are estimated.
with 1948, includes recoveries credited either to undivided profits or to valuation reserves; see footnote 4.
with 1948, includes losses charged either to undivided profits or to valuation reserves; see footnote 4.
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 prior to 1947.
5
Inclucles interest on capital notes and debentures.
2
Beginning
3
Beginning
4

MAY




1955

495

MEMBER BANK EARNINGS, 1954

compared to 48 per cent in the previous
year, and net profits increased by 27 per
cent.
The ratio of net profits to average total
capital accounts increased to 9.3 per cent
from about 7.8 per cent in the previous three
years. Cash dividends were 37 million dollars larger than in 1953.
The ratio of average total capital accounts
to average total assets increased to 7.2 per
cent from 7.0 per cent in 1953. The ratio of
average total capital accounts to average total
assets other than cash and United States Government securities increased to 16.1 per cent
from 15.8 per cent in 1953.
Earnings figures for the years 1943-54 appear in the table on the preceding page.
Earnings and earning assets. Earning assets of member banks continued to increase
during 1954, but the postwar trend of greater
growth in loans than in United States Government securities was reversed. More than
half of the increase in member bank earning
assets of 9.2 billion dollars was in holdings
of United States Government securities. An
increase of 2.5 billion dollars in loans reflected mixed movements, with seasonal declines early in the year and increases later in
the year.
Gross current operating earnings were 5
per cent greater than in 1953. Growth of
earnings in 1954 was largely due to the expansion of loans and investments, as average
rates of return on both changed only slightly.
Earnings on loans, a major contributor to
increased current earnings in recent years,
played a relatively smaller role in 1954; they
increased 79 million dollars as compared to
annual increases of more than 300 million
during the previous three years. Earnings on
United States Government securities and
other securities increased 55 and 21 million
dollars, respectively.
496




Commercial and industrial loans, the only
loan category to register a decline, fell 512
million dollars. Sample data obtained from
about 220 of the largest member banks indicate that the decline was primarily a result
of reduced borrowings by manufacturers of
metals and metal products. Other industry
types showed mixed tendencies, with loans
to sales finance companies having the next
largest decrease and loans to the miscellaneous industry group having the largest increase.
Changes in member bank holdings of loans
and investments are shown in the accompanying table.
CHANGES IN MEMBER BANK LOANS AND INVESTMENTS, 1954

[Dollar amounts in millions]

Dec. 31,
1954

Item

Change from
Dec. 31, 1953
Amount

Total loans and investments... §131,602 $+9,180
60,250
+2,488
Loans1
Commercial and industrial
25,007 - 512
Agricultural
3,529 + 267
For purchasing and carrying se4,244 + 863
curities
14,433 +1,413
Real estate
12,127 + 217
Other loans to individuals
All other
1,858 + 339
U. S. Government securities. . . 57,809 +5,207
Treasury bills, notes, and certifi20,845 -1,836
cates
36,964 +7,043
Bonds2
Other securities
State and local government
Other

13,543
10,449
3,094

+1,486
+ 1,577
91

Percentage
+
+
+

7.5
4.3
2.0
8.2

+25.5
+10.9
+ 1.8
+22.3
+ 9.9
-

8.1

+23.5
+12.3
+ 17.8
- 2.9

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.

Real estate loans, up 1.4 billion dollars,
accounted for more than half of the increase
in loan holdings. The second largest increase was in loans for purchasing and carrying securities, which advanced 863 million
dollars compared to 384 million during 1953.
Agricultural loans increased 267 million dollars to 3,529 million, reflecting larger holdings of Commodity Credit Corporation certificates of interest in price support loans on
FEDERAL RESERVE BULLETIN

MEMBER BANK EARNINGS, 1954

agricultural commodities. "Other loans to
individuals"—largely consumer loans—rose
only 217 million dollars after a rise of 1,514
million in 1953. The average rate of return
on loans was 4.71 per cent, about the same
as the 4.69 per cent in 1953.
Investments rose substantially in 1954.
Holdings of United States Government and
of State and local government securities increased by 5.2 and 1.6 billion dollars, respectively; holdings of other securities decreased
0.1 billion. The average rate of return on
Government securities declined slightly from
1.98 per cent in 1953 to 1.96. Earnings on
total securities rose 76 million dollars, or
nearly as much as earnings on loans.
The 9.2 billion dollar growth in earning
assets of member banks in 1954 was accompanied by a 1.3 billion decline in cash assets,
a 0.9 billion increase in capital accounts, and
a 7.1 billion growth in deposits. As Federal
Reserve policy during the year was to maintain credit ease, the growth in earning assets
was supported by an adequate supply of
member bank reserves.
Expenses. Current operating expenses
were 2,999 million dollars in 1954, an increase of 7.8 per cent over 1953. All major
categories of expenses increased. Salaries and
wages, amounting to 1,463 million dollars,
continued to be the largest item of expense.
The rise of 92 million dollars in this item
was due to increases in both number and
average compensation of officers and employees. Interest paid on time deposits increased 69 million dollars, reflecting a growth
of 3.4 billion dollars in the average volume
of time deposits and a rise from 1.23 per
cent to 1.30 per cent in the average rate of
interest paid.
Losses, charge-offs, recoveries, and profits.3 For the first time since 1946, the net of
profits on securities, recoveries, losses, chargeMAY




1955

offs, and changes in valuation reserves resulted in an addition to member bank profits.
Primarily as a result of profits of 375 million
dollars on sales of securities, these factors
showed a net gain of 73 million dollars compared to a net loss of 251 million dollars
in 1953.
Losses and charge-offs on securities were
substantial during 1951-53 and reached 174
million dollars in 1953. Much of the loss was
in effect offset by tax savings, which were of
special importance to banks in or near the
excess profits tax brackets. Member banks
repurchased securities in 1953 and ended the
year with an increase of 146 million dollars
in total security holdings. As a result of
these portfolio changes and the market appreciation in securities in 1954, many banks
were in a position to sell securities at a capital
gain. The net of profits and recoveries less
losses and charge-offs on securities amounted
to a 316 million dollar gain in 1954, as compared to a 129 million dollar loss in 1953.
Losses and charge-offs of 93 million dollars on loans were largely offset by recoveries
of 62 million. The 31 million dollar loss
was about 1.1 per cent of total earnings on
loans in 1954. Net losses and charge-offs on
other assets increased 8 million dollars.
Valuation reserves. For the first year
since these data have been reported, the net
increase in valuation reserves on both loans
and securities was substantially greater than
in previous years.
The increase in transfers to valuation reserves on loans was largely attributable to a
revision in the method for their computation
prescribed by ruling of the Bureau of Internal Revenue on April 8, 1954, which per3
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.

497

MEMBER BANK EARNINGS, 1954

xnitted larger annual contributions to reserves and higher reserve ceilings for most
banks. The net addition to valuation reserves on loans rose from 51 million in 1953
to 102 million in 1954.4 The year-end balance of these valuation reserves was 949 million dollars or 1.6 per cent of total loan holdings compared to 1.5 per cent in 1953.
Many of the member banks that reported
profits on sales of securities in 1954 also made
substantial transfers to valuation reserves on
securities. The net addition to valuation reserves oh securities was 63 million dollars in
1954 compared to a net reduction of 11 million in 1953. At the end of the year, valuation reserves on securities were 249 million
dollars, about 0.35 per cent of the book value
of all securities held.
Dividends and capital. The distribution
of cash dividends in 1954 was 456 million
dollars, 37 million more than in 1953. The
ratio of cash dividends to average total capital accounts was 3.9 per cent in 1954, about
the same as in the previous two years.
Retained earnings were 640 million dollars
in 1954, or 58 per cent of net profits compared to 52 per cent in 1953, and they accounted for about 72 per cent of the increase in total capital accounts compared to
80 per cent in 1953. The decline in the relative importance of retained earnings to the
growth of total capital accounts, the first in
many years, was due to increased proceeds
from sales of bank stock which rose from
124 million dollars in 1953 to 288 million in
1954. One issue of about 130 million dollars
by a national bank was a major factor in the
increase.
Income taxes. Larger profits in 1954 resulted in a further rise in provision for in4
Includes taxable additions. Net additions deductible for
tax purposes rose from 26 million dollars in 1953 to 97
million.

498




come taxes. The 804 million dollars provided for this purpose was an increase of 16.2
per cent over 1953. It amounted to 42 per
cent of profits before income taxes as compared to 44 per cent in 1953, reflecting taxation of a somewhat larger share of income
as capital gains and the removal of the excess
profits tax.
A summary of factors contributing to the
increase in net profits of member banks in
1954 appears in the accompanying table.
FACTORS IN H I G H E R N E T PROFITS

[In millions of dollars]
Change 1
from 1953

Item
Increase in net profits

+231

Factors increasing net profits, total
Increase in profits on sales of securities
Decrease in net losses on securitiesIncrease in miscellaneous current earnings
Increase in earnings on loans
Increase in earnings on U. S. Government securities
Increase in earnings on other securities
Decrease in net losses on loans 2

+692
340
104
80
79
55
21
12

Factors decreasing net profits, total
Increase in expenses
Larger net increase in valuation reserves
Increase in provisions for taxes on net income
Increase in miscellaneous losses

-461
217
125
112

,
,

1
Details may not add to totals because of rounding.
2
Includes recoveries credited and losses charged either to undivided profits or to valuation reserves.

Earnings and profits by class and size of
bank. Net profits rose substantially at all
reserve classifications of member banks, although net current earnings before income
taxes showed only minor changes. The percentage increases in net profits were 23 per
cent at reserve city banks and Chicago central reserve city banks. 28 per cent at country
banks, and 32 per cent at New York City
central reserve city banks.
Earnings on loans declined slightly at central reserve city banks, and rose 2 per cent
at reserve city banks and 7 per cent at country banks. Earnings on United States Government securities rose only 3 per cent at
country banks, 6 per cent at reserve city
banks and Chicago central reserve city banks,
and 12 per cent in New York. Thus the inFEDERAL RESERVE

BULLETIN

MEMBER BANK EARNINGS, 1954

creases in earnings at country banks were
largely on loans and at other classes they were
on securities.
Operating expenses rose at all reserve classifications, ranging from 4 per cent at Chicago central reserve city banks to 9 per cent
at country banks. The percentage of net
current earnings carried down to net profits
was highest at country banks (63 per cent)
and lowest at reserve city banks (56 per cent).
It was 61 and 62 per cent, respectively, at central reserve city banks in New York and
Chicago.
Expressed as a ratio to average total capital
accounts, the increase in net profits for each
reserve classification of banks ranged closely
around the 1.5 percentage points shown by
all member banks. All classes of banks
showed decreases in the ratio of net current

earnings to capital accounts. Both of these
ratios indicate relatively similar rates of return on capital for each reserve classification. When comparisons are made by size
of bank, however, differences appear. For
example, the ratios of net current earnings
and net profits to capital accounts for all
6,326 country banks were 15.5 and 9.8 per
cent, respectively, but they were 12.7 and
8.3 per cent for the 3,633 country banks with
total deposits of 5 million dollars or less.
Increases in cash dividends at all classes of
banks were near the member bank average of
9 per cent except at central reserve city banks
in Chicago where there was little change.
Summary data by class of bank are shown
in the table below, and detailed figures on
earnings and related items appear on pages
564-573 of this BULLETIN.

M E M B E R BANK EARNINGS, BY CLASS OF BANK, 1954

AND

1953

[Dollar amounts in millions]
Central reserve city banks

Reserve
city banks

Total
New York
1954
Earnings
On U. S. Government securities
On other securities
On loans
Allother

1953

$4,826 §4,590
1,066 1,011
273
252
2,711 2,632
776
695

Chicago

1954

1953

1954

1953

$777

$757

417
158

137
43
434
144

§192
56
13
93
30

$188 SI,888 SI,798 S I , 969 SI.847
53
399
458
376
445
12
103
108
96
100
95 1.082
1,059
1 ,119
1 ,045
267
28
304
284
257

153
49

1953

529
181
372

1,295
611.
230
454

1,192
566
201
426

86

719

715

674

655

4
4
13
3

174
42
110
75

13
34

121
45

92
39

78
35

751
348

161
103

53
20

43
20

403
181

13.1
1.14

13.9
1.21

14.9
1.07

15.7
1.07

17.4
1.14

8.0
0.70

6.3
0.55

9.2
0.66

7.9
0.5 1

9.8
0.64

428
232
41
155

404
228
28
148

106
52
16
38

102

425
985

Net current earnings before i n c o m e taxes.

1,828

1,809

348

353

86

375
117
254
165

35
86
332
40

61
26
28
34

13
55
6

19
3
9
6

Profits before income taxes.
Taxes on net income

1,900
804

1,558
692

374
161

312
151

Net profits
Gash dividends declared 3 .
Ratios (per cent):
Net current earnings before income taxes to
Average total capital accounts
Average total assets

1,096
456

865
419

213
113

15.6
1.12

16.4
1 . 15
7.8
0.55

9.3
0.67

1954

1,083

2,782
1,371

494
1,042

Net profits to—•
Average total capital accounts
Average total assets

1953

567
207
394

2,999

Profits on securities
Recoveries1
Losses and chargc-offs2
Net increase in valuation reserves.

1954

1,169

Expenses
Salaries and wages
Interest on time deposits.
All other

1,463

Country
banks

48
15
39

11
35"'

15

107
50

128

6*0

683

282

257

556
224

328
167

427
143

333
129

18.5
1.18

15.5
!
1.10 i
I

16.0
1.11

8.5
0.54

9.8
0.70 j

8.1
0.56

136

16

1
Includes
2
Includes
3

recoveries credited either to undivided profits or to valuation reserves.
losses charged either to undivided profits or to valuation reserves.
Includes interest on capital notes and debentures.

MAY




1955

499

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

Margin Requirements for Purchasing
Securities
Supplements to Regulations T and U

The Board of Governors of the Federal Reserve
System, effective April 23, 1955, amended the Supplement to Regulation T entitled "Extension and
Maintenance of Credit by Brokers, Dealers, and
Members of National Securities Exchanges," and
amended the Supplement to Regulation U entitled
"Loans by Banks for the Purpose of Purchasing or
Carrying Stocks Registered on a National Securities Exchange" so as to increase the margin requirements from 60 per cent to 70 per cent for credit
extended by brokers and banks to finance purchases
of stock exchange securities. The increased margins
also apply to short sales. The texts of the Supplements as thus amended are as follows:
SUPPLEMENT TO REGULATION T
Issued by the Board of Governors of the Federal Reserve
System
Effective April 23, 1955
Maximum loan value for general accounts.

The

maximum loan value of a registered security (other
than an exempted security) in a general account,
subject to section 3 of Regulation T, shall be 30 per
cent of its current market value.
Margin required for short sales in general accounts.
The amount to be included in the adjusted debit
balance of a general account, pursuant to section
3(d)(3) of Regulation T, as margin required for
short sales of securities (other than exempted securities) shall be 70 per cent of the current market
value of each such security.
SUPPLEMENT TO REGULATION U
Issued by the Board of Governors of the Federal Reserve
System
Effective April 23, 1955

For the purpose of section 1 of Regulation U, the
maximum loan value of any stock, whether or not
registered on a national securities exchange, shall
500




be 30 per cent of its current market value, as determined by any reasonable method.

Savings Deposits
Amendments to Regulations D and Q

The Board of Governors of the Federal Reserve
System, effective May 16, 1955, adopted identical
amendments to section l(e) of Regulation D, relating to reserves of member banks, and to section
l(^) ot Regulation Q, relating to payment of interest on deposits. The purpose of the amendments is to permit deposits to be classified as "savings deposits", in certain circumstances and subject
to certain limitations, although the deposit is not
evidenced by a pass book. However, a pass book
continues to be necessary for all savings deposits
that do not comply with the amendments. The
texts of the amendments to Regulations D and Q
are as follows:
AMENDMENT TO REGULATION D
Issued by the Board of Governors of the Federal Reserve
System
Reserves of Member Banks

Effective May 16, 1955, Regulation D is amended
in the following respects:.
1. By adding at the tnd ot section l(e) the following new undesignated paragraph and footnote
reference:
The term "savings deposit" also means a
deposit evidenced by a written receipt or agreement although not by a pass book, consisting
of funds of the kind described above in this
section l(e) and in respect to which deposit
the depositor is required, or may at any time
be required, by the bank to give notice in writing of an intended withdrawal not less than
30 days before such withdrawal is made, and
withdrawals are permitted only through payment to the depositor himself but not to any
FEDERAL RESERVE BULLETIN

LAW DEPARTMENT
other person whether or not acting for the
depositor.'"
2. By adding the following new footnote to section l(e):
"" Payment may be made to the depositor over the counter,
through the mails or otherwise.
A M E N D M E N T TO REGULATION

investment is specifically authorized by the trust
instrument or by court order. The funds of pension and similar trusts may, as heretofore, be invested in participations in common trust funds
operated pursuant to section 17, provided the requirements of that section are complied with. The
text of the amendment to Regulation F is as follows:

Q

Issued by the Board of Governors of the Federal Reserve
System

AMENDMENT TO REGULATION F
Issued by the Board of Governors of the Federal Reserve
System

Payment of Interest on Deposits

Effective May 16, 1955, Regulation Q is amended
in the following respects:
1. By adding at the end of section \{c) the following new undesignated paragraph and footnote
reference:
The term "savings deposit" also means a
deposit evidenced by a written receipt or agreement although not by a pass book, consisting
of funds of the kind described above in this
section l(e) and in respect to which deposit
the depositor is required, or may at any time
be required, by the bank to give notice in writing of an intended withdrawal not less than
30 days before such withdrawal is made, and
withdrawals are permitted only through payment to the depositor himself but not to any
other person whether or not acting for the
depositor.'"1
2. By adding the following new footnote to section 1 (e):
7

• " Payment may be made to the depositor over the counter,
through the mails or otherwise.

Collective Investment of Trust Funds
Amendment to Regulation F

The Board of Governors of the Federal Reserve
System, effective June 13, 1955, has amended section 10(c) of Regulation F, relating to trust powers
of national banks. The purpose of this amendment
is to permit the collective investment of funds of
trusts which are established under employers' pension, profit-sharing, or stock bonus plans, without
requiring compliance with the provisions of section
17 of Regulation F, provided each such trust is
exempt from Federal income taxes and collective

MAY




1955

Trust Powers of National Banks

Effective June 13, 1955, subsection (c) of section
10 of Regulation F is amended to read as follows:
(c) Collective investment of trust M funds.—
Funds received or held by a national bank as
fiduciary shall not be invested collectively n
except that (i) such collective investments maybe made in accordance with section 17 of this
regulation, and (ii) funds of a trust which
forms part of a pension, profit-sharing, or stock
bonus plan of an employer for the exclusive
benefit of his employees or their beneficiaries
and which is exempt from Federal income
taxes under the Internal Revenue Code may be
invested collectively with funds of other such
pension, profit-sharing, or stock bonus plan
trusts if such collective investment is specifically
authorized by the instrument creating the trust
or by court order.""
10

Unless the context otherwise indicates, the term "trust/'
as used in this section or in any other part of this regulation,
refers to any fiduciary relationship which a national bank is
authorized to enter into under the provisions of section l l ( k )
of the Federal Reserve Act.
11
This docs not prevent the bank from investing the funds
of several trusts in a single real estate loan if the bank owns
no participation in the loan and has no interest therein except
in its capacity as fiduciary.
110

Section 584 of the Internal Revenue Code of 1954 provides that a common trust fund maintained in conformity
with rules and regulations of the Board of Governors of the
Federal Reserve System "pertaining to the collective investment of trust funds by national banks" and meeting certain
other requirements shall not be subject to Federal income
taxation. The rules and regulations of the Board of Governors for the purposes of section 584 arc contained solely
in section 17 of this regulation; and the permission contained
in exception (ii) of section 10 (c) is not intended to confer
exemption from Federal income taxation under section 584.

501

CURRENT EVENTS AND ANNOUNCEMENTS
California

Federal Reserve Meetings

A meeting of the Federal Open Market Committee was held in Washington on May 10, 1955.
The Federal Advisory Council held a meeting
in Washington on May 15-17, 1955, and met with
the Board of Governors of the Federal Reserve System on May 17.

Los Angeles. Bank of Northridge. (Northridge)
Illinois
Maple Park. . . First State Bank of Maple Park.
Madison.

New Jersey
. First Bank and Trust Company,
Madison, N. J.

Bulletin Tables
This issue of the BULLETIN includes tables (pages
574-577) showing final monthly data for the full
Pennsylvania
year 1954 and selected earlier dates for the ConEaston. .
Lafayette Trust Company.
solidated Condition Statement for Banks and the
Perkasie.
.
.
Bucks
County Bank and Trust
Monetary System and similar data for All Banks in
Company.
the United States, by Classes, for those series that
are estimated monthly. These tables, together with Tables Published Annually and Semiannually, with
Latest BULLETIN Reference
the special set for selected banking and monetary
Semiannually
Issue
Page
statistics for 1954 published in the February BULBanking offices:
LETIN, will be available in a reprint. Requests for
Analysis of changes in number o f . . .
Feb. 1955
208
On, and not on, Federal Reserve Par
this reprint should be addressed to the Division of
List, number of
Feb. 1955
209
Administrative Services, Board of Governors of the
Annually
Federal Reserve System, Washington 25, D. C.
Earnings and expenses:
Admissions of State Banks to Membership in the
Federal Reserve System
The following State banks were admitted to
membership in the Federal Reserve System during
the period March 16, 1955 to April 15, 1955:

502




Federal Reserve Banks
Member banks:
Calendar year
First half of year
Insured commercial banks
Banks and branches, number of,
by class and State
Operating ratios, member banks
Banking and monetary statistics, 1954

Feb. 1955 206-207

May 1955 564-572
Oct. 1954
1118
May 1955
573
Apr. 1955 430-431
Aug. 1954 900-902
{ g j y \l\\
f j ^

FEDERAL RESERVE BULLETIN

NATIONAL SUMMARY OF BUSINESS CONDITIONS
[Released for publication May 16]

Economic activity generally expanded further in
April. Industrial production was close to its earlier high, and construction activity, nonagricultural
employment, and retail sales increased. Average
wholesale prices changed little from mid-April to
mid-May. Expansion in bank loans continued.

fining industries showed little change at advanced
levels. Production of apparel increased substantially in March and output of textiles and apparel
was maintained in April. Minerals output showed
little change.

INDUSTRIAL PRODUCTION

Outlays for new construction in April, seasonally
adjusted, increased to a new high reflecting chiefly
further gains in private residential building. Contract awards for both private residential and nonresidential construction were in record volume, and
total contract awards were almost two-fifths larger
than a year earlier. The number of private housing units started in April was at a seasonally adjusted annual rate of 1.3 million units compared
with an average of 1.4 million in the first quarter.

The Board's seasonally adjusted index of industrial production increased one point in April to 136
per cent of the 1947-49 average, reflecting mainly
further gains in the basic metal and metal fabricating industries. Steel production has continued to
expand, and in early May average weekly output
reached an all-time high with operations at 97 per
cent of January 1, 1955 capacity. Output of nonferrous metals is also at advanced levels. Auto production reached new record rates in April and was
maintained close to these rates in early May. Output of household goods continued high in April.
Activity in producers' equipment industries increased further, with truck output advancing substantially.
Nondurable goods output in April increased
slightly further to 124 per cent of the 1947-49
average, a new record level. Important increases
occurred in the rubber and chemical products industries. Activity in the paper and petroleum re-

CONSTRUCTION

EMPLOYMENT

Employment in nonagricultural establishments,,
seasonally adjusted, increased moderately further
in April to 48.8 million, reflecting mainly a sharp
gain in manufacturing employment. The average
workweek in factories 'declined, in part seasonally,,
by half an hour to 40.2 hours. Average hourly
PRICES AND TRADE
Per cenf, 1947-49 = 100
j WHOLESALE PRICES

INDUSTRIAL PRODUCTION
\
-

TOTAL

140

~^J^/ M-

'•..••M.IMIM.

'MM

^

-

CONSUMER
PRICES

ALL
COMMODITIES

\

DURABLE
MANUFACTURES

120

|

16

°

DEPARTMENT STORE TRADE

DISPOSABLE PERSONAL
INCOME

100

xi

140

MINERALS
120

" "**

100

-

NONDURABLE
MANUFACTURES

I

|

|

Federal Reserve indexes. Monthly figures, latest shown are
for April.
MAY




1955

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.

503

NATIONAL SUMMARY OF BUSINESS CONDITIONS
earnings at factories rose one cent further to a new
high of $1.86 but weekly earnings declined somewhat from the March peak, reflecting the shorter
workweek. Unemployment declined 200,000 in
April, about seasonally, to 3 million and was 500,000
below the level of a year ago.
DISTRIBUTION

Retail sales, seasonally adjusted, increased in
April to a level 7 per cent above a year ago. Both
new and used auto sales, already at new highs in
March, rose in April; and sales at most other outlets also increased. The Board's index of department store sales recovered sharply to 119, exceeding
the advanced December-January levels; stocks at
department stores at the end of March were only
moderately above the reduced year-ago level. Dealers' stocks of new autos at the end of April were
somewhat above last year's record level, but—unlike
last year—were less than a month's supply at the
current rate of sales.
COMMODITY PRICES

The general level of wholesale commodity prices
changed little from mid-April to mid-May. Livestock prices declined moderately, almost to the lows
reached in December and again in March, reflecting mainly decreases for the higher grades of steers.
Total meat production has been unusually large for
the season. Average prices of industrial materials
changed little. Prices of scrap metals eased, apparently reflecting less active demands than earlier.
Steel scrap prices in mid-May were 7 per cent below a month ago. Prices of some kinds of lumber,
on the other hand, increased further.

Federal Reserve averaged around 500 million dollars, or about 100 million less than excess reserves.
There were no outright purchases or sales of U. S.
Government securities for System account during
March and April and transactions under repurchase
agreements were small. In early May free reserves
increased somewhat as Federal Reserve purchases of
U. S. Government securities, reductions in Treasury deposits at the Reserve Banks, and declines in
required reserves supplied more funds than were
absorbed, largely through currency outflows.
SECURITY MARKETS

Yields on short-term Government securities declined sharply in the first half of May, reflecting
mainly expectations of heavy switching out of maturing certificates and savings notes, and the average
weekly yield on 90-day Treasury bills declined 20
basis points to 1.42 per cent. Bond yields were
generally stable, while note yields, after rising at
the end of April in anticipation of a split Treasury
financing, declined moderately. Early in May the
Treasury made a single offering, a 15-month 2 per
cent note, to raise 2.5 billion dollars in cash and
to refund nearly 4 billion of maturing lYs per cent
certificates. Common stock prices fluctuated within
a fairly narrow range during the latter part of
April and early May. The Federal Reserve Board
increased margin requirements on newly purchased
securities to 70 per cent from 60 per cent, effective
April 23.
MONEY RATES

BANK CREDIT AND RESERVES

Total loans and investments at banks in leading
cities declined somewhat in April and early May
following bank purchases of new Treasury tax certificates on April 1. Reductions in bank holdings
of U. S. Government securities were offset in part
by expansion in bank loans as private credit demand continued strong. Business loans increased
as new borrowing, especially by sales finance companies and petroleum, chemical and rubber manufacturers, exceeded seasonal repayments by food
processors and commodity dealers. Real estate and
consumer loans increased further.
In April member bank borrowings from the

504




\7iTREASURY

.f

BILLS

Figures except for Federal Reserve discount rate are monthly
average market yields. Corporate Aaa bonds, Moody's Investors
Service; U. S. Government long-term (excludes 3% per cent
bonds issued May 1, 1953), U. S. Treasury. Department and
Federal Reserve; municipal high-grade bonds, Standard and
Poor's Corporation; Treasury bills, Federal Reserve. Latest figures shown are for May 7.
FEDERAL RESERVE BULLETIN

FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS
UNITED STATES
PAGE

Member bank reserves, Reserve Bank credit, and related items
Federal Reserve Bank rates; margin requirements; reserve requirements
Reserves and deposits of member banks
Federal Reserve Bank statistics
Regulation V: guaranteed loans, fees, and rates
Bank debits and deposit turnover; Postal Savings System. .
Money in circulation
Consolidated statement of the monetary system; deposits and currency
Ail 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 ioan associations. .
Government corporations and credit agencies. .
Security prices and brokers' balances
Money market rates; bank rates on business loans; bond and stock yields
Treasury
finance
New security issues. .
Business finance
Real estate credit statistics
Statistics on short- and intermediate-term consumer credit. .
Business indexes
..
Merchandise exports and imports. .
Department store statistics. . .
Consumer and wholesale p r i c e s . . . .
Gross national product, national income, and personal income. .
Member bank earnings, 1954.
Banking and monetary statistics, 1954.
..
List of tables published in BULLETIN annually or semiannually,
with references for latest data. .

507-508
508-509
510
511-513
513-514
514
515
516
517-519
520-521
522—523
524
525
526-527
528
529
530-535
536
537-538
539-541
542-544
545-554
554
555-559
560-561
562-563
564-573
574-577
502

Tables on the following pages include the principal statistics of current significance relating to
financial and business developments in the United States. The data relating to Federal Reserve
Banks, member banks of the Federal Reserve System, and department store trade, and the consumer
credit estimates are derived from regular reports made to the Board; index numbers of production
are compiled by the Board on the basis of material collected by other agencies; figures for gold
stock, money in circulation, Treasury finance, and operations of Government, credit agencies are
obtained from statements of the Treasury; the remaining financial data and other series on business
activity are obtained largely from other sources. Back figures through 1941 for banking and
monetary tables, together with descriptive text, may be obtained from the Board's publication,
Ban\ing and Monetary Statistics; back figures for many other tables may be obtained from earlier
BULLETINS.

MAY




1955

505

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
Wednesday Figures, 1946-1950, Weekly Average* of Daily Figures, 1951-

Billions of Dollars

25

.

CSW.E33

KC3EKVE3

£^^W^

DISCOUNTS AND ADVANCES

5
FEDERAL RESERVE FLOAT

1946

1947

1948

1949

1950

A

1951

Latest averages shown are for week ending Apr. 27.

506




.

1952

1953 1954

See p. 507.

FEDERAL RESERVE BULLETIN

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
[In millions of dollars]

Gold
stock

Deposits, other
Member ba nk
than member bank Other
Treasreserve balan ces
reserve
Fedury Money Treas- with F. balances,
R.
Banks
curin
ury
eral
rency
cash
cirReoutcula- hold- Treas- For- Oth- serve Total
ReExer
ury
stand- tion
ings
eign
acquired 2 cess2
dededeing
counts
posits posits posits

21,958
21,960
21,963
21,964
21,965
21,965
21,966
21,967
21,968
21,969
21,970
21,971
21,972
21,966
21,924
21,925
21,926
21,926
21,927
21,929
21,931
21,924
21,908
21,901
21,858
21,858
21,837
21,809
21,809
21,810
21,810
21,810
21,810
21,788
21,759
21,759
21,752
21,709
21,709
21,710
21,710
21,711
21,712
21,712

4,911
4,916
4,919
4,923
4,928
4,933
4,938
4,945
4,946
4,950
4,952
4,955
4,957
4,958
4,958
4,957
4,955
4,956
4,959
4,958
4,958
4,959
4,960
4,959
4,960
4,961
4,962
4,965
4,967
4,967
4,968
4,971
4,972
4,973
4,973
4,976
4,977
4,978
4,980
4.982
4,982
4,982
4,982
4,982

29,895
29,916
29,859
29,722
29,663
29,780
29,817
29,780
29,652
29,738
29,810
29,769
29,707
29,874
29,928
29,870
29,793
29,813
30,066
30,099
29,932
29,815
29,890
29,932
29,919
29,850
29,887
30,046
30,073
29,969
29,888
30,010
30,143
30,125
30,028
30,088
30,206
30,262
30,318
30,466
30,623
30,755
30,885
30,828

26,176
25,792
25,482
24,942
25,042
25,212
24,964
24,932
24,892
24,873
24,809
25,327
25,028
24,918
25,159
25,175
25,031

21,712
21,713
21,714
21,714
21,714
21,715
21,715
21,716
21 ,716
21,717
21 ,717
21,718
21,719
21 .719
21,669
21.670
21,671

4,984
4,984
4,985
4,985
4,988
4,988
4,989
4,990
4,995
4,995
4,995
4,995
4.997
4.997
4,996
4,997
4,998

25,483
125,503
125.876
25.571
24,855
24,838
25,459
25,776
26,317
25,449
25,021
24,989
25,070

21,966
21,971
21,927
21,926
21,871
21,809
21,787
21,724
21,711
21.714
21,715
21,718
21,680

4,941
4,954
4,956
4,959
4,960
4,967
4,973
4,979
4,982
4,985
4,990
4,996
4,997

Reserve Bank credit outstanding
U.S. Govt. securities
Period

DisHeld counts
All
Bought under and Float other1
Total out- repur- a d right agree- vances
ment

Total

Averages
of daily
figures
Week ending:
1954
Mar. 3 . . . .
Mar. 10. . . .
Mar. 17
Mar. 24
Mar. 31
Apr. 7
Apr. 14
Apr. 21
Apr. 28
May 5
May 12. . . .
May 19
May 26
June 2 . . . .
June 9 . . .
June 1 6 . . . .
June 23
June 3 0 . . . .
July 7
July 1 4 . . .
July 21
July 2 8 . . . .
Aug. 4
Au?. 11
Aug. 18. . . .
Aug. 2 5 . . . .
Sept. 1
Sept. 8 . . . .
Sept. 15
Sept. 22
Sept. 29
Oct. 6
Oct. 13
Oct. 20
Oct. 27
Nov. 3
Nov. 10
Nov. 17
Nov. 24
Dec. 1
Dec. 8
Dec. 15
Dec. 22
Dec. 29

24,523
24,676
24,633
24,621
24,649
24,632
24,643
24,632
24,632
24,632
24,652
24,659
24,709
24,812
24,960
24,955
25,018
25,113
25,082
24,912
24,765
24,517
24,325
24,040
23,980
23,813
23,938
24,013
24,035
23,789
23,868
24,492
24,606
24,487
24,381
24,464
24,754
24,685
24,553
24,722
24,891
24,919
24,928
24,918

24,523
24,662
24,629
24,597
24,636
24,632
24,632
24,632
24,632
24,632
24,632
24,640
24,709
24,812
24,960
24,955
24,986
24,980
25,038
24,912
24,765
24,517
24,325
24,023
23,876
23,747
23,845
23,977
24,035
23,789
23,868
24,492
24,581
24,456
24,381
24,448
24,745
24,685
24,553
24,715
24,889
24,888
24,888
24,888

Apr.
6...
Apr. 1 3 . . .
Apr. 2 0 . . .
Apr. 2 7 . . .

24,918
24,532
24,155
23,683
23,852
24,016
23,908
23,732
23,604
23,604
23,606
23,664
23,604
23,643
23,682
23,604
23,604

24,874
24,511
24,128
23,671
23,844
23,902
23,827
23,732
23,604
23,604
23,604
23,604
23,604
23,604
23,604
23,604
23,C04

Monthly:
1954-Apr..
May. .
June..
July..
Aug..
Sept...
Oct..
Nov..
Dec. .
1955-Tan..
Feb. .
Mar.. .
Apr..

24,635
24,689
24,998
24,771
23,989
23,941
24,485
24,661
24.917
24,200
23.838
23,619
13.63:>

24,632
24,680
124,960
24 ,761
23,930
23,928
24.472
24.654
24,888
24,182
23,787
23,604
23,O)4

Jan.
Jan.
Jan.
Jan.

1955
5
12
19
26

Feb.
Feb.
Feb.
Feb.

2
9
16...
23...

Mar.
2...
Mar.
9...
M a r . 16
Mar. 2 3 . . .
Mar. 30. . .

"Preliminary.
MAY

1955




282
256
186
177
190

738
684
689
766
703

ii

153
156
141
148

583
597
955
672

20
19

158
184
143
164

634
541
739
638

216
170
142
194
157

613
670
665
920
630

71
68
73
168

675
710
833
590

175
287
229
178

653
598
723
698

185
147
189
141
191

576
598
714
977
627

179
259
284
257

667
599
927
721

If
9

355
277
271
300

617
669
751

7

498
465
442
311
377

14
4
24
13

32
133
44

17
104
66
93
36

25
31

31
40
30
44
21
27
12
8
114
81

3<
78

:
(
38
10
59
13
13

7
29
18
51
15
28

1,046
698
724
810

1,373
1,138

372
504
445
453
524
555
387
395

885
756
881
80f

490
479
483
630
745

797
789
719

613
662
521
544
151
172
166
104
210
170
254
345
407
444
473
566
585

666
640
668
804

1,032

677
65C
801

1 ,031
861

69f
640
710
695
654
725
720
769
992
805
710
801
838

25,545
25,617
25,509
25,565
2 25,544
2 25,370
1 25,397
1 25,730
1 25,453
1 25,426
1 25,379
1 25,542
1 25,512
1 25,642
1 25,802
1 25,764
1 26,134
1 25,901
1 25,829
1 25,691
1 25,673
1 25,277
1 25,154
1 24,925
1 24,933
1 24,690
1 24,699
1 24,759
1 24,939
1 24,908
1 24,687
1 25,338
1 25,465
1 25,699
1 25,360
1 25,436
1 25,701
1 25,708
1 25,900
1 25,918
1 26,080
1 26,172
1 26,612
1 26,433

2
2
2
2

1
1
1
1
1
1
1
(3)
1
1
I
1
1
7
14
19
21
1
1
1
1
1
1
1
1
]
1
1
16

817
818
816
806
809

517
566
242
487
670

481
460
530
505
486

413
385
289
317
399

909
908
912
918
918

819
823
831
827

526
650
680
495

507
503
461
456

399
379
574
388

936
935
933
920

826
829
838
829

586
453
551
397

503
572
532
500

351
370
411
437

827
823
813
806
812

452
342
341
757

1,010

521
549
549
547
579

458
358
227
296
384

821
811
807
806

464
392
499
551

588
765
651
569

413
359
428
420

850
848
862
880
878
877
910
998
996
986
986
983
963

802
803
805
807

742
584
558
566

526
544
579
557

455
430
452
450

908
905
914
927

808
802
795
793
795

551
479
558
446
652

465
518
559
514
511

516
428
432
435
437

926
923
925
934
933

793
790
796
801

676
594
570
567

452
472
440
411

806
796
799
800

669
362
397
576

806
806
812
800
801

605
535
363
345
453

484
466
443
442
432
423
425
409
396
361
405
443
523

405
408
398
346
295

948
950
950
949
895
886
883
882
881
877
891
975
976

19,382
19,441
19,744
19,697
19,492
19,300
19,194
19,384
19,630
19,490
19,418
19,506
19,690
19,555
19,805
19,934
19,818
19,188
19,377
19,166
19,261
19,036
18,698
18,586
18,525
18,353
18,346
18,336
18,373
18,596
18,250
18,756
18,832
19,136
18,895
18,810
19,364
19,306
19,205
19.052
19,162
19,241
19,512
19,250

449
30,501
804
814
378
30,361
275
818
30,079
827
272
29,866
431
29,767
834
472
827
29,794
824
399
29,782
490
825
29,771
575
29,796
827
828
548
29,819
356
817
29,833
887
29,793 ' 818
826 1 ,000
29,716
559
29,831
821
325
812
29.940
820
483
29,793
541
29,686
813

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

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

916
905
902
901
899
895
913
959
957
955
957
964
964
976
979
978
978

19,263
19,130
19.176
19,074
18.952
19.000
18,806
18,716
18,642
18,596
18,779
18,804
18,408
18,611
18,868
18,895
18,877

18,580
18,436
18,383
18,429
18,361
18,272
18,236
18,108
18,089
18.018
18,149
18,123
17,918
18,055
18,214
P18.232

J'663

29,755
29,773
29,856
29,968
29,896
29,991
30,078
30.287
30,749
30,110
29,784
29,790
29,807

481
531
553
632
536
522
455
416
439
477
420
363
370

427
412
321
409
464
431
444
393
365
383
473
442
481.

19,392
19,533
9-11 19,670
973 19.164
916 18.478
929 18,403
944 18,893
883 19,207
929 19,279
903 19,114
927 18,819
960 18,635
973 18,800

18,627
18,817
18,813
18,329
17,638
17,628
18,173
18,393
18,576
18,432
18,195
18,050

765
716
857
835
840
775
720
814
703
682
624
585

825
830
815
810
806
796
797
800
805
819
826
823
816

584
486
602
498
591
541
610
492
443
341
477
690
501

472
394
324
399

926
864

18.831
551
18.765
676
19,018
726
19,017
680
733
18,759
18,595
705
18,595
599
772
18,612
18,654
976
18,769
721
18,708
710
721
18.785
766
18,924
18,912
643
920
18.885
19,043
891
860
18,958
839
18,349
18,419
958
762
18,404
18,356
905
689
18,347
17,666 1,032
898
17,688
863
17,662
17,627
726
17,603
743
780
17,556
779
17,594
905
17,691
587
17,663
17,894
862
631
18,201
867
18,269
671
18,224
18,233
577
18,244 1,120
883
18,423
681
18,524
18,464
588
718
18.444
686
18,555
822
18,690
620
18,630

P18,223

683
694
793
645
591
728
570
608
553
578
630
681
490
556
654
P654

For footnotes see following page.

507

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

DisAll
Held counts
under
Float oth- Total
Bought repur- and
adoutTotal
chase vances
right agreement

Deposits, other
than member bank
reserve balances,
Treasury Money Treas- with F. R. Banks
curin
ury
Gold rency
circash
stock out- culahold- Treas- For- Other
stand- tion
ings
ury
eign
ing
dededeposits posits posits

Member bank
Other
reserve balances
Federal
Reserve
accounts Total
ReExquired 3

Midyear or
year-end:
1929—June.
1933—June.
1939—Dec.
1941—Dec.
1945—Dec.
1947—Dec.
1949—Dec.
1950—Dec.
1951—Dec.
1952—Dec.
1953—June.
Dec.

216

1,998
2,484
2,254
24,262
22,559
18,885
20,778
23,801
24,697
24,746
25,916

148
1,9981
2,484
2,254
24,262
22,559
18,885
20,725
23,605
24,034
24,718
25,318

52
164
4
7
91
3
94
249
578
85
535
78
534
67 1,368
19 1,184
156
967
64
601
28
935

,400 4,037
,220 4,031
,593 17,644
361 22,737
25,091 20,065
23,181 22,754
19,499 24,427
22,216 22,706
25,009 22,695
25 ,825 23,187
25 414 22,463
26,880 22,030

2,019
2,286
2,963
3,247
4,339
4,562
4,598
4,636
4,709
4,812
4,854
4,894

4,459
5,434
7,598
11,160
28,515
28,868
27,600
27,741
29,206
30,433
30,125
30,781

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

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

6
21
15 151
397 256
774 586
862 446
392 569
767 750
895 565
526 363
550 455
527 176
423 493

374
346
251
291
495
563
706
714
746
777
951
839

2,356
2,333
2,292
1,817
11,653
6,444
12,450
9,365
15,915 14,457
17,899 16,400
16,568 15,550
17,681 16,509
20,056 19,667
19,950 20,520
19,561 19,459
20,160 19,397

576
723
567
672
473
779
721
657
808

25,382 21,969
25,781 21,973
25,642 21,927
25,183 21,908
24,696 21,809
25,183 21,810
25,401 21,759
25,944 21,710
25,885 21,713

4,951
4,957
4,959
4,960
4,966
4,972
4,977
4,982
4,985

29,735
29,870
29,922
29,892
29,929
29,985
30,074
30,500
30,509

819
820
811
798
811
786
806
800
796

579
408
875
716
511
704
729
694
563

471
527
545
533
477
461
426
397
490

321
645
377
503
501
422
496
381
441

850
878
988
908
925
931
884
880
907

19,528
19,563
19,011
18,702
18,316
18,676
18,722
18,985
18,876

18,844
18,891
18,412
17,763
17,572
17,724
18,251
18,467
18,618

684
672
599
939
744
952
471
518
258

21,714 4, 989
21,716 4,996
21,719 4,998
00
P21.671

29,789
29,817
29,800
29,762

837
828
819

360
564
724
812

441
320
351
360

419
433
448
490

899
957
959
923

,
18,562
18,283
18,495

18,918

18,337
18,091
17.871
! 8,142

581
471
412
P353

21,714
21,715
21,715
21,716

4, 988 29,758
4,989 29,779
4,989 29,743
4,992 29,793

834
830
830
828

503
307
495
554

419
471
428
329

455
457
419
432

898
895
958
960

19,099
18,838
18,903
18,479

18,369
18,233
18,204
18,075

730
605
699
404

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

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

835
827
822
833
829

589
500
185
755
851

329
392
336
351
356

486
417
246
406
437

955
953
965
964
964

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

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

4,997
4,997
4,997
4, 999

817
826
818
820

443
365
503
623

351
381
408
384

445
410

979
979
978
978

18,79.1 18,200
18,841 18,230
18,810 018,229
18,654 P ! 8 , 2 3 8

68 1,037

53
196
663
28
598

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

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

24,632
24,812
25,037
24,325
24,023
24,270
24,381
24,888
24,932

24,632
24,812
25,037
24,325
23,894
24,270

24,381
4,888
24,888

172
245
37
184
200
132
297
398
143

1955
Jan
Feb
Mar
Apr

23,885
23,605
23,612
23,612

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

475
485
391
560

600
678
659
799

24, 960
24, 769
24,667
18 24,988

1955
Feb. 2
Feb. 9
Feb. 16
Feb. 23

23,926
24,016
23,732
23,732

23,902
23,902
23,732
23,732

680
335
535
392

655
522
803
544

25,262
24,873
25,07.1
24,668

Mar. 2
Mar. 9
Mar. 16
Mar. 23
Mar. 30

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

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

385
488
369
535
691

823
621
1,028
763
552

Apr. 6 . . . .
Apr. 13
Apr. 20
Apr. 27

23,644
23,641
23,604
23,604

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

707
637
569
486

645
680
793
746

129

Wednesday
24
114

25,011
24.977
24,986
24,85

2.1,719
21,670
21,670
21,671

29,900
29,841
29,714
29,657

411

591
611
*581
P416

^Preliminary.
1
Includes industrial loans and acceptances, which are shown separately in subsequent tables.
2
These figures are estimated.
3Less than $500,000.
Back figures.—See Banking and Monetary Statistics, Tables 101-103, pp. 369-394; for description, see pp. 360-366 in the same publication.
MARGIN REQUIREMENTS J
[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
PoBtal Savings deposits
Other deposits payable:
In 6 months or more
In 90 days to 6 m o n t h s . . . .
In less than 90 days
NOTE.—Maximum rates that may be paid by member banks as
established by the Board of Governors under provisions of Regulation Q. Under this Regulation the rate payable by a member bank
may not in any event exceed the maximum rate payable by State
banks or trust companies on like deposits under the laws of the State
in which the member bank is located. Maximum rates that may be
paid by insured nonmember banks as established by the F.D.I.C,
effective Feb. 1, 1936, are the same as those in effect for member banks.

508




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

Feb. 20, Jan. 4,
Effec19531955tive
Jan. 4, Apr. 22, Aor. 23
1955
1955
1955

50
50

60
60

70
70

50

60

70

1

Regulations T and U limit the amount of credit that may be';'extended on a security by prescribing a maximum loan value, which is a
specified percentage of its market value at the time of extension; the
"margin requirements" shown in this table are the difference between
the market value (100%) and the maximum loan value. Changes on
Feb. 20, 1953, and Jan. 4, 1955, were effective after the close of business
on those dates.
Back figures.—See Banking and Monetary Statistics, Table 145, p.!W04,
and Annual Report for 1948, p. 77. and 1953, p. 76.
FEDERAL RESERVE BULLETIN:

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

Federal Reserve Bank

Advances secured by Government
obligations and discounts of and
advances secured by eligible paper
(Sees. 13 and 13a) 1
Rate on
Apr. 30

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

In effect
beginning—

Previous
rate

Advances to individuals,
partnerships, or corporations other than member
banks secured by direct
obligations of the U. S.
(last par. Sec. 13)

Other secured advances
[Sec. 10(b)]

Rate on
Apr. 30

Apr. 15,1955
Apr. 15,1955
Apr. 22,1955
Apr. 15,1955
Apr. 15,1955
M a y 15, 1954
Apr. 22,1955
Apr. 15,1955
Apr. 15,1955
Apr. 14,1955
Apr. 15,1955
Apr. 22,1955

2

2M
2 ^

&

2M

In effect
beginningApr.
Apr.
Apr.
Apr.
Apr.
May
Apr.
Apr.
Apr.
Feb.
Apr.
Apr.

Rate on
Apr. 30

Previous
rate

In effect
beginning—
Apr.
Jan.
Apr.
Aug.
Jan.
Feb.
Apr.
May
]an.
Apr.
Apr.
Jan.

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

15,
16,
22,
17,
23,
9,
22,
18,
26,
14,
15,
20,

]
1955
1
1953
1
1955
1
1953
1
1953
1
1954
.1
1955
1
1953
\
1953
1
1955
]
1955
]
1953

Previous
rate
2%
2%
2%
3%
2%
2j|

2M

2%
3

1

Rates shown also apply to advances secured by obligations of Federal intermediate credit banks maturing within 6 months.
NOTE.—Maximum maturities. Discounts for and advances to member banks: 90 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 corpor
>rporations
under the last paragraph of Section 13: 90 days. Back figures.—See Banking and Monetary Statistics, Tables 115-116, pp. 439-443.
FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS
AND COMMITMENTS UNDER SECTION 13b
OF THE FEDERAL RESERVE ACT
MATURITIES NOT EXCEEDING FIVE YEARS
[In effect April 30.

Boston
New York
Philadelphia. . . .
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis....
Kansas C i t y . . . .
Dallas
SanjFrancisco...

On
commitments

Effective date
of change

Central
reserve
city
banks

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

13
1934
22M
26
22M
26
24
22
20

To financing institutions

On discounts or
purchases
On
loans l

Net demand deposits 1

Per cent per annum]

To industrial or
commercial
businesses
Federal
Reserve
Bank

MEMBER BANK RESERVE REQUIREMENTS
[Per cent of deposits]

Portion
for which
institution is
obligated

Re:
maining
portion

On
commitments

(2)

8
34-5

()

00
H5

()

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

institutions.

Rate charged borrower.
Rate charged borrower but not
to 5exceed 1 per cent above the discount rate.
Charge of 3^ per cent per annum is made on undisbursed portion
of 6loan.
Charge of 34 per cent per annum is made on undisbursed portion
of loan.
Back figures.—See Banking and Monetary Statistics, Table 118, pp.
446-447.

Reserve
city
banks
10
15
17
20
173
20

Country
banks

Time
deposits
(all
member
banks)

14
12
14

22
24
26

22

"24'

21
20

2334

22
23

19
18
18
19

24

20

22

19

*23"

16
15
14
13

27^
37>
27
37

36
2

12

6
35
25

13

36
26

14
13
2
5
35

21
20

18

20

18

12
12

2
Requirement
3

became effective at country banks.
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.

MAY

1955




509

MEMBER BANK RESERVES AND BORROWINGS
[Averages of daily figures.

Month, or
week ending Wednesday

All
member
banks

Central reserve
city banks
New
York

Chicago

Reserve
city
banks

Country
banks

Month, or
week ending Wednesday

Mar.
Mar.
Mar.
Apr.
Apr.
Apr.
Apr.

16
23
30
6
13
20
27

Required reserves:

Mar.
Mar.
Mar.
Apr.
Apr.
Apr.
Apr.

20,179
19,557
19,573
19,114
18,819
18,635

4,863
4,652
4,725
4,410
4.380
4,394

1,320
,269
1,267
1,203
1,183
L.141

8,065
7,825
7,767
7,881
7,726
7,623

5,932
5,811
5,815
5,619
5,531
5,476

16
23
30
6
13
20
27

New
York

18,779
18,804
18,408
18,61.1
18,868
18,895
18,877

4,458
4,397
4,361
4,471
4,465
4,425
4,489

,150
L, 139
.115
, 065
.. 123
,145
1,137

7,653
7,684
7,571
7,668
7,754
7,776
7,751

5,517
5,584
5,361
5,407
5,527
5,549
5,500

936
632
692
682
625
585

1954—January
February
March
1955—January
February
March
Mar.
Mar.
Mar.
Apr.
Apr.
Apr.
Apr.

Chicago

Reserve
city
banks

Country
banks

16
23
30
6
13
20
27

146
8
38
8
30
21

629
680
490
555
655

7
7
8
3

162
83
83
87
79
62

621
548
563
584
516
505

-2

25
14
26
30
11
11
43

P663
P(A6

-6
-3
1

68
63
58
66
79
68
65

542
603
409
458
565
P584

P539-

Borrowings at Federal
Reserve Banks:

l 2

1954—January
February
March
1955—Tanuary
February
March

Central reserve
city banks

All
member
banks

Excess reserves: 1

Total reserves held:
1954—January
February
March
1955—January
February
March

In millions of dollars]

19,243
18,925
18,881
18,432
18,195
18,050

4,717
4,645
4,687
4,402
4.350
4,373

,313
,276
.259
1,200
L.183
,143

18,149
18,123
17,918
18,055
18,214
v18,232
P18.231

4,433
4,383
4,335
4,440
4.454
4,415
4,446

,156
, 1.38
,118
,064
,123
, 145
,138

7,903
7,742
7,684
7,794
7,646
7,561

5,311
5,262
5,252
5,036
5,015
4,971

100
293
189
313
354
464

1954—January
February
March
1955—Tanuary
February
March

7,585 4,975
7,621 4,981
7,513 4,952
7,602 4,949
7,675 4,962
7,707 ?>4,965
7,686 P 4 , 9 6 1

Mar.
Mar.
Mar.
Apr.
Apr.
Apr.
Apr.

16
23
30
6
13
20
27

36
16
77
50
i8
25
16
15

375
527
652
519
567
426
462

69
29
16

l
46
29
57
38
132

58
148
79
124
189
213

42
63
65
55
77
101

82
208
220
250
138
53
93

156
221
286
188
224
233
239

112
82:
131
81
136
111
114

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

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

Item

All
member
banks

In- millions of dollars]

Central reserve
city banks
New
York

Chicago

Reserve
city
banks

Country
banks

All
member
banks

Central reserve

city banks

New
York

March 1955
Gross demand deposits:
Total
Interbank
Other
Net demand deposits 2
Time deposits

Chicago

Reserve
city
banks

Country
banks

March 1954

111,833
12,448
99,386
97,513
39,656

23,396
4,007
19,388
20,998
3,475

6,009
1,138
4,871
5,388
1,314

43,544
6,070
37,474
37,572
15,972

38,885
1,232
37,653
33,556
18,895

107,525
12,364
95,161
93,755
36,985

22
3
18
20
3

, 692
,945
,747
,440
,166

5 ,988
1 ,226
4 ,762
5 ,386
1 ,232

41,477
6,006
35,471
35,828
14,609

37,367
1,187
36,181
32,101
17,978'

6,219

58

104

1,982

4,075

6,227

50

106

1,964

4,108'

Reserves with Federal Reserve Banks:
Total
Required 3
Excess

18,635
18.0S0
585

4,394
4,373
21

1,141
1,143
-2

7,623
7,561
62

5,476
4,971
505

19,573
18,881
692

4 ,725
4 ,687
38

1 ,267
1 ,259
8

7,767
7,684
83

5,815
5,252'
563

Borrowings at Federal Reserve Banks.

464

18

132

213

189

16

29

Demand balances due from domestic banks...

1
Averages of daily closing figures for reserves and borrowings and of daily opening figures for other items, inasmuch as reserves required arebased2 on deposits at opening of business.
Demand deposits subject to reserve requirements, i. e., gross demand deposits minus cash items reported as in process of collection andi
demand
balances due from domestic banks.
3
See table on preceding page for changes in reserve requirements.

510




FEDERAL RESERVE BULLETIN.

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

End of month

1955
Apr. 27

Apr. 20

Apr. 13

Apr. 6

Mar. 30

Apr.

Mar.

Apr.

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

20,138,103 20,138,103 20,138,101 20,183,103 20,178,103 20,138,103 20,178,104 20,412,101
847,060
850,227
850,451
847,060
848,824
847,855
848,82-4
871,225

Total gold certificate reserves

20,985,163 20,988,330 20,985,956 21,033,554 21,026,927 20,985,163 21,026,928 21 ,283,326

229,474
228,211
205,913
F. R. notes of other Banks
178,323
202,052
209,886
150,097
190,91-1
385,540
370,249
Other cash
377,399
393,269
393,702
410,052
408,801
404,890
Discounts and advances:
406,194
475,948
534,026
614,034
For member banks
597,753
479,963
298,052
164,055
103,333
For nonmcmber banks, etc
80,000
80,000
8,000
93,333
93,333
93,333
93,333
653
Industrial loans
662
670
1 ,286
640
509
521
515
15,870
18,102
Acceptances purchased
15,869
10,999
17,352
3,766
1,000
1,098
Acceptances held under repurchase agreement. .
2,512
2,109
U. S. Government securities:
Bought outright:
883,244
883,244
883,244
883,244 1,910,975
Bills
883,244
883,244
883,244
Certificates:
Special
Other
9,960,141 9,960,141 9,960,141 9,960,141 9,960,141 9,960,141 9,960,141 6,051,191
9,959,471 9,959,471 9,959,471 9,959,471 9,959,471 9,959,471 9,959,471 13,029,021
Notes
2,801,750 2,801,750 2,801,750 2,801,750 2,801,750 2,801,750 2,801,750 3,641,150
Bonds

Total bought outright
Held under repurchase agreement.
Total U. S. Government securities
Total loans and securities

23,604,606 23,604,606 23,604,606 233 ,604,606 23 ,604,606 23,604,606 23,604,606 24,632,337
37,000
7,300
40,000
8,000
23,604,606 23,604,606 23,641,606 23,644,606 23,604.606 23,611,906 23,612,606 24,632,337
24,110,662 24,192,908 24,296,488 24,365,590 24,296,213 24,189,891 24,008,272 24,805,678

Due from foreign banks.
Uncollected cash items..
Bank premises
Other assets

22
22
22
22
22
22
22
4,253,429 4,644,469 4,430,838 3,685,552 3,789,790 3,927,324 3,598,053
56,005
56,002
56,068
55,940
55,964
55,927
56,046
137,291
151,436
143.359
131,226
145,536
148,447
144,624

Total assets.

22
,210,851
53,213
181,151

50,176,945 50,638,907 50,482,762 49,82 7,606 49,925,644 49,912,993 49,434,453 50,089,228

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

25,415,251 25,467,088 25,562,498 25,590,858 25,490,568 25,496,150 25,528,385 25,472,276
18,654,217 18,809,582 1.8,841 ,488 18,791,342 18,387,826 18,495,296 18,283,275 19,527,642
364,585
503,391
442,515
812,348
723,968
622,940
851,306
578,611
380,636
408,342
351,205
360,066
350,544
384,192
355,779
470,624
410,411
421,549
444,959
489,994
448,363
410,770
437,412
321,138

Total deposits. . .

20,072,119 20,142,864 19,997,120 20,030,021 20,032,323 20,157,704 19,806,150 20,898,015

Deferred availability cash items
Other liabilities and accrued dividends.
Total liabilities.

3,507,383 3,851,650 3,750,646 3,040,615 3,238,206 3,128,749 2,939,163 2,634,402
17,285
16,257
16,390
16,957
18,005
17,614
18,050
15,857
49,012,758 49,479,216 49,327,549 48,677,751 48,777,487 48,799,560 48,289,555 49,022,743

Capital Accounts
Capita] paid in
Surplus (Section 7)
Surplus (Section 13b)
Other capital accounts

292,032
660,901
27,543
183,711

Total liabilities and capital accounts.

291,890
660,901
27,543
174 ,879

291,983
660,901
27,543
179,264

293,904
660,901
27,543
165,809

292,097
660,901
27,543
132,892

290,038
660,901
27,543
166,416

271,216
625,013
27,543
142,713

50,176,945 50,638,907 50,482,762 49,827,606 49,925,644 49,912,993 49,434,453 50,089,228

Ratio of gold certificate reserves to deposit and
F. R. note liabilities combined (per cent)
Contingent liability on acceptances purchased
for foreign correspondents
Industrial loan commitments

27,720
3,396

46.0

46.1

46.1

46.2

46.0

46.4

45.9

27,836
3,421

28,133
3,409

28,620
3,523

29,134
3,513

27.71C:
3,388

28,985
3,519

16,595
2,892

559,963
391,385
691,086
707,367
588,203
447,433
606,694
287,176
49 550
72,530
47 340
50,876
40,000
53.333
53,333
53,333
670
521
509
515
17
109
16
17
362
203
5
3
143
140
247
335
148
150
160
160
13,108
17,352
3,766
6 504
2 171
10,848
10,935
3,766
2
?3 ,644,606 l \ ,604,606 n ,611,906 9 3 , 604,606
196 200
87,500
187,794
39,300
9 ,522,110 9 ,373,410 9 ,389,116 ? ,530,310
16 ,519,398 15 ,519,398 16 ,519,398 15 ,519,398
9 ,087,127 ^ ,087,127 9 ,087,127 S ,087,127
,013,614
,013,614 1 ,013,614 1 ,013.614
I ,414,857 1 ,414,857 1 ,414,857
1 ,414,857

172,055
149,464
22 591

I
Maturity Distribution of Loans and U. S. G o v e r n m e n t Securities 1
Discounts and advances—total
Within 15 davs
16 davs to 90 days .
91 davs to 1 vear
Industrial loans—total
Within 15 claws .
16 days to 90 davs
91 davs to 1 vear
Over 1 vear to 5 vears
Acceptances—total
Within 15 davs
16 davs to 90 davs
91 days to 1 vear
U. S. Government securities—total
Within 15 davs
16 davs to 90 davs
91 davs to 1 year
Over 1 vear to 5 vears
Over 5 vears to 10 vears
Over 10 years

569,281
481,235
34 713
53 333
640
15
342
135
148
18,381
11 29^
7,087

637,359
534,974
49,052
53,333
653
16
353
135
149
16,870
3 821
13,049

,604,606
604,606
388 494
3?2 694
181 116 9 246 916
16 ,519,398 16 ,519,398
9 087 127 9 087 127
1 013,61 A 1 ,013,614
1 ,414,857 1 ,414,857

?s ,641,606

486,194
393,224
52 970
40 000
662
15
364
135
148
19,200
9 1 SI
10,049
..

9

278 500

? ,328,110
16 ,519,398
9

,087,127

1 ,013,614
1 ,414,857

1,286
7
270
964
45

?4 ,632,337

320 000

^ ,277,341
1? ,277,575
6 ,307,260
1 ,035,304
1 ,414,857

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

MAY

1955




511

STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON APRIL 30, 1955
[In thousands of dollars]

Item

Total

Boston

New
York

Philadelphia

Cleveland

Richmond

Atlanta

Chicago

San
Francisco

St.
Louis

Minneapolis

Kansas
City,

Dallas

809,606 2.365,302

Assets
Gold certificates. 20,138,103 978,420 5,400,803 1,237,448 1,737,349 1,172,971
Redemption fund
176,569
55,333
74,353
51,753
63,569
847,060
forF. R. notes.
Total gold certificate reserves.. 20,985,163 1,030,173 5,577,372 1,292,781 1,811,702 1,236,540
other Banks...
Other cash

209,886
393,269

13,344
31,321

35,930
89,669

11,427
12,828

13,159
41,922

829,798

390,197

865,858

156,332

46,371

24,337

39,157

871,230 3,687,698

876,169

414,534

905,015

7,712
19,799

5,277
11,238

4,789
12,869

9,576
15,361

16,907
35,905

27,665
3,040

75,275
2,000
89

17,140
3,040

21,060
3,760

26,190
8,240

818,985 3,531,366
52,245

64,983
38,066

11,049
20,392

15,733
63,899

advances:
Secured by
U. S. Govt.
32,665
28,195
20,675
71,155 112,025
479,778
23,823
23,910
securities. . .
7,280
11,350
23,360
5,840
4,000
3,440
80,185
4,835
Other
581
670
Industrial loans..
Acceptances pur17,352
17,352
chased
U. S. Government
securities:
Bought out23,604,606 1,303,541 5,998,993 1,436,623 2,028,651 1,390,642 1,218,423 4,117,281
right
repurchase
7,300
7,300
agreement...

979,544

28,204

78,837

837,810 2,444,139

572,010 1,026,564 946,497 2,585,837

Total loans and
24,189,891 1,332,199 6,079,670 1,463,719 2,064,126 1,418,552 1,293,018 4,240,656 1,010,249 649,374 1,046,744 971.317 2,620,267
securities
Due from foreign
1
1
1
1
1
1
1
2
3
16
2
2
22
banks
Uncollected cash
106,159
185,204
663,634
690,262
373,919
200,204
370,137
3,927,324 287,242
217,423
325,029 337,516
170,595
items
1,082
7,144
3,102
5,225
6,206
9,504
5,229
2,810
1,336
56,002
5,820
4,425
4,119
Bank premises...
27,494
3,631
6,423
36,880
8,962
7,054
16,350
151,436
8,033
12,956
8,937
6,496
8,220
Other assets

Total assets

49,912,993 2,708,133 12,516,933 3,012,371 4,323,011 3,024,925 2,617,153 8,705,323 2,093,831 1.191,296 2,164,147 2,042,659 5,513,211

Liabilities
25,496,150 1,555,566 5,748,093 1,788,690 2,336,458 1,822,252 1,290,427 4,967,113 1,153,353
F. R. notes
Deposits:
Member bk.—
reserve accts. 18,495,296 761,766 5,280,473 878,409 1,489,532 797,085 895,841 2,917,547 686,071
TT ^

Trma

gen. acct
Foreign
Other

812,348
360,066
489,994

Total deposits... 20,157,704
ability cash
items
Other liabilities
and accrued
dividends

39,893
21,120
2,164

199,912
2110,825
341,641

824,943 5,932,851

566,556 1,022,729
431.363

98,773
49,280
1,823

47,789
13,376
14,055

61,415
8,800
5,481

956,437 1.569,470

890,387 1,006,426 3,067,423

761,291

507,059

42,396
25,696
9,936

42,583
32,032
5,323

59,140
17,600
16,562

44,954
15,136
50,495

710.505 2,534,408

903,883 1,020,911 2,432,415
27,059
13,376
2,508

66,929
16,544
1,312

81,505
36,281
38,694

946,826 1,105,696 2,588,895

3,128,749

259,082

518,247

185,120

314,002

252 572

268 775

511 798

134 209

87,877

150 159

172 954

273 954

16,957

1,026

4,262

965

2,063

793

859

2,851

616

513

648

698

1,663

Total liabilities. . 48,799,560 2,640,617 12,203,453 2,931,212 4,221,993 2,966,004 2,566,487 8,549,185 2,049,469 1,162,005 2,120,362 1,989,853 5,398,920

Capital
Accounts
Capital paid in. .
Surplus (Sec. 7 ) . .
Surplus (Sec. 13b)
Other capital
accounts

292,097
660,901
27,543

15,234
40,309
3,011

88,551
188,070
7,319

19,434
47,773
4,489

27,871
60,222
1,006

13,255
33,480
3,349

12,886
29,480
762

38,972
96,566
1,429

10,230
26,619
521

6,503
16,918
1,073

11,267
24,755
1.137

15,226
29,985
1,307

32.668
66.724
2,140

132,892

8,962

29,540

9,463

11,919

8,837

7,538

19,171

6,992

4,797

6,626

6,288

12.759

Total liabilities
and capital
49,912,993 2,708,133 12,516,933 3,012,371 4,323,011 3,024,925 2,617,153 8,705,323 2,093,831 1,191,296 2,164,147 2.042,659 5,513,211
accounts
Reserve ratio

46.0%

43.3%

47.7%

47.1%

46.4%

45.6%

37.9%

45.9%

45.8%

38.6%

46.0%

Contingent liability on acceptances purchased for foreign
correspondents

27,716

1,662

38,104

2,022

2,521

1,385

1,191

3,878

1,053

692

1,053

Industrial loan
commitments..

3,388

279

627

33

94

15

46.1%

1.302

47.7%

2,853

2,340

1
After
2
After
3

deducting $16,000 participations of other Federal Reserve Banks.
deducting $249,216,000 participations of other Federal Reserve Banks.
After deducting $19,612,000 participations of other Federal Reserve Banks.

512




FEDERAL RESERVE BULLETIN

FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS
FEDERAL RESERVE BANKS COMBINED
[In thousands of dollars]
Wednesday figures

End of month

Item

1954
April 27

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

April 20

April 13

April 6

March 30

April

April

March

26,436,534 26,468,304 26,491,931 26,450,781 26,435,281 26,426,938 26,426,991 26,520,909
11.008,000 11.008,000 10,908,000 10,908.000 11.008,000 11.008,000 11,008,000
129,674
210,293
188,523
84.84
174,104
127,373
177,486
17.155.000 17,155,000 17,155,000 17.165,000 17,065,000 17.155,000 17,065.000

Total collateral.

28,337,104 28,290,373 28,240,486 28 ,202 ,674 28,283 ,293 28,351,523 28,157,847 28,095,655

EACH FEDERAL RESERVE BANK ON APRIL 30, 1955
[In thousands of dollars]

Item

Total

Boston

New
York

Philadelphia

Cleveland

Richmond

Atlanta

Chicago

St.
Louis

Minne- Kansas
apolis
City

Dallas

San
Francisco

F. R. notes outstanding (issued
to Bank)
26,426,938 1,617,064 5,924,899 1,862,50.1 2,469,642 1,878,446 1,360,019 5,066,438 ,204,314 603,080 1,050,058 752,901 2,637,576
Collateral held:
Gold certificates 11,008,000 640,000 2,670,000 800,000 1,050,000 675,000 500,000 2.,200,000 355,000 175,000 280,000 283,000 1,380,000
Eligible paper. .
188,523
17,140
23,858
27,665 75,275
23,910
20,675
U. S. Govt. securities
17,155,000 1,200,000 3,600,000 1,200,000 1,500,000 .1,300,000 1,000,000 3,000,000 910,000 500,000 800,000 525,000 1,620,000
Total collateral... 28,351,523 1,863,858 6,270,000 2,020,675 2,550,000 1,998,910 1,500,000 5,200,000 1,292,665 '50,275 1,097,140 808,000

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

Number

Participations
Loans Commitproved
of financments
out- 2
but not
ing
instioutcom- standing
tutions
pleted i (amount) standing
out(amount) standing 8
Amount (amount)
(amount)

1945
1946
1947
1948
1949
1950
1951
1952
1953

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

544,961
565,913
586,726
615,653
629,326
651,389
710,931
766,492
803,429

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

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

1,644
8,309
7,434
1,643
2,288
3,754
6,036
3,210
3,569

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

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

3,766
3,767
3,767
3,768
3,768
3,768
3,769
3,769
3,770
3,771

808,505
810,051
810,779
812,433
813,465
814,765
815,449
816,582
817,605
818,224

1,720
405
45
195
45
45
395
395
520
520

1,487
1,302
1,298
1,247
1,130
630
991
812
652
719

2,957
2,891
2,373
2,395
2,354
2,794
1,943
1,896
1,898
1,148

2,666
2,412
1,869
1,855
1,812
1,773
1,559
1,343
1,202
1,027

1955
January. . . 3,772
February.. 3,772
3,775
March
1

1955




[Amounts in thousands of dollars]

End of
year or
month

Guaranteed loans
authorized
to date

821,407
822,063
823,195

170
170
315

629
542
521

3,152
3,227
3.519

1,504
1 ,498
1,564

Guaranteed
loans
outstanding

Additional
amount
available to
borrowers
under guarantee agreements
outstanding

Amount

Total
amount

Portion
guaranteed

1,159
1,294

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

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

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

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

1,316
1,322
1,324
June
1,331
July
1,342
August
1,350
September. 1,355
October... 1,357
November. 1,361
December. 1,367

2,399,321
2,406,651
2,408,226
2,420,326
2,443,021
2,457,689
2,477,939
2,478,939
2,481,669
2,499,634

737,605
684,631
664,122
640,636
604,750
559,859
546,930
527,074
504,708
471,947

612,265
569,551
552,738
534,695
502,902
466,089
455,618
416,713
395,388
367,694

321,619
347,823
330,408
299,465
311,191
300,676
295,805
283,510
266,798
272,903

2,501,179
2,504,169
2,511,829

454,209
437,185
442,268

347,008
333,717
333,269

264,549
263,248
254,840

1950
1951
1952
1953

Number
62
854

1954
March....
April
May

1955

January... 1,370

Includes applications approved conditionally by the Federal Reserve
Banks and under consideration by applicant.
3
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

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

Applications
approved
to date

End of
year or
month

3,000,000

I

February..
March....

1,375
1,380

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.

513

POSTAL SAVINGS SYSTEM

FEES AND RATES ESTABLISHED UNDER REGULATION V
ON LOANS GUARANTEED PURSUANT TO DEFENSE
PRODUCTION ACT OF 1950
[In effect April 30]

[In millions of dollars]
Assets
Depositors'
balances *

Total

2,933
3,284
3,417
3,330
3,188
2,924
2,705
2.547
2,359

3,022
3,387
3,525
3,449
3,312
3,045
2,835
2.736
2,558

6
6
6
7
7
11
28
33
31

2,837
3,182
3,308
3,244
3,118
2,868
2,644
2.SS1
2,389

179
200
212
198
187
166
162
151
138

2,343
1954—January
2,326
February
2,309
March
2,290
April
, .
2,271
May
2,251
June
2,230
July
2.208
August
September. . . 2,189
2,171
October
November. . . *2,154

2,540
2,505
2,470
2,434
2,416
2,399
2,379
2,360
2,339
2,304

31
31
31
31
31
31
31
31
31
31

2,373
2,336
2,299
2,278
2,256
2,240
2,220
2,196
2,176
2,156

136
139
140
125
130
128
129
133
133
118

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

Guarantee fee
(percentage of
interest payable
by borrower)

Percentage of
any commitment
fee charged
borrower

10
15
20

10
15
20

25
30

25
30

35

35

40-50

40-50

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

End of month

1945—December...
1946—December..
1947—December...
1948—December...
1949—December...
1950—December...
1951—December
J 95 2—December...
1953—December..

Cash
U. S.
Cash
in
Govern- reserve
deposiment
funds,
tory
securietc.*
banks
ties

P2,136

1955—January
February

P2,115

P2.094
P2,O73

pPreliminary.
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]
Debits to demand deposit accounts,
except interbank and
U. S. Government accounts

Annual rate of turnover of demand deposits except
interbank and U. S. Government deposits
Without seasonal adjustment

Year or month

Seasonally adjusted2

Total, all
reporting
centers

New
York
City

6
other
centers1

338 other
reporting
centers

New
York
City

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
1,887,366

327,490
382,760
406,790
398.464
443,216
446,224
509,340
544,367
597,815
632.801
738,925

194,751
200,202
218,477
246.739
270.912
260,897
298,564
336,885
349,904
385,831
390.066

326,320
341,502
391,817
458,517
513,348
499,172
572,208
661,302
695,133
740,436
758,375

22.3
24.1
25.1
23.8
26.9
27.9
31.1
31.9
34.4
36.7
42.3

18.3
17.5
18.3
19.7
21.6
20.9
22.6
24.0
24.1
25.6
25.8

14.6
13.5
14.1
15.5
16.6
15.9
17.2
18.4
18.4
18.9
19.2

1954—February..
March
April
May
June
July
August
September
October...
November.
December.

141,926
171,354
154,759
149,812
163,501
154,848
151,504
149,898
152,322
156,843
186,317

56,115
67,913
60.479
59,535
64,965
61,155
58,316
56,744
58,792
58,787
73,817

29.341
36,666
33,152
31,159
33,785
31,556
31,526
30,922
30,706
32,230
38,217

56,470
66,776
61,128
59,118
64,751
62,137
61,662
62,232
62,823
65,826
74,282

42.7
44.6
41.3
41.9
44.2
41.6
40.0
40.4
39.3
42.2
48.1

25.5
29.2
27.6
25.5
26.8
24.9
24.8
25.3
23.6
26.3
28.1

19.2
19.7
18.8
18.8
19.7
18.8
18.5
19.4
18.6
20.7
21.0

43.S
43.5
41.9
43.0
40.9
42.7
46.2
39 4
40.5
42.6
42.6

26.2
26.7
26.8
25.9
26.3
25.4
27.1
25 6
24.3
25.9
26.9

19.3
19.8
19.4
19.2
19.7
19.1
19.7
19.1
18.6
19.6
19.9

1955—January.. .
February..
March
April

163,388
149,738
'•178,917
158,289

62,642
57,091
67,242
57,634

33,531
31.595
39,908
34,494

67,215
61 052
71,767
66,161

42.0
41.9
41.7
37.3

25.4
26 4
30.2
P27.2

19.6
19.6
20.0
H9.6

41.8
43 0
40.7
37.9

25.9
27 1
27.6
P26.4

19.4
19 7
20.1
P20.2

1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954

r

6
338 other
other reporting
centers1 centers

New
York
City

338 other
6
other reporting
centers1 centers

PPreliminary.
'Revised.
1
Boston, Philadelphia, Chicago, Detroit, San Francisco, and Los Angeles.
2
These data are compiled by the Federal Reserve Bank of New York.
NOTE.—For description of earlier series, see Banking and Monetary Statistics, pp. 230-233; for description of 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.

514




FEDERAL RESERVE BULLETIN

UNITED STATES MONEY IN CIRCULATION BY DENOMINATIONS
[Outside Treasury and Federal Reserve Banks. In millions of dollars]

Total

Coin

7,598
8,732
11,160
15,410
20.449
25,307
28.515
28.952
28,868
.". 28 224
27,600
27,741
29,206
30.433
30,781

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

590
648

751
880
1.019
1,156
1,274
1 ,361
1,404
1,464
1,484
1 ,554
1,654
1,750
1,812

695
801
909
987
1,039
1.029
1 .048
1,049
1,066
1,113
1,182
1,228
1,249

1954—March
29,707
29.735
April
29,870
May
29,922
June
29,892
July . .
29,929
August
September... 29,985
October
30,074
November.. . 30,500
December. . . 30.509

20,757
20,799
20 946
20,999
20,984
21,015
21,054
21,118
21,473
21,374

1,776
1,783
1,787
1,795
1,793
1,801
1,811
1,819
1,836
1,834

1,166
1,173
1,18?
1,183
1,174
1,183
1.2C0
1,212
1,236
1,256

1955—January
29,789
F e b r u a r y . . . . 29,817
March . . 29,800

20,777
20,845
20,854

1 808 1,191
1,810 1 ,190
1,822 1 ,196

1939
1940.
1941
1942
1943
1944
1945
1946
1947
1948
1949.
1950
1951
1952
1953

.

....

.
.

Large denomination currency2

Coin and small denomination currency 2

Total
in circulation 1

End of year or
month

3

$100

$500 $1,000 vS5,000 $10,000

$1

$2

$5

$10

$20

Total

$50

559
610

36
39

1,019
1,129
1.355
1,6»H
1,973
2 150
2,313
2,173
2,110
2 047
2,004
2 049
2,120
2,143
2,119

1 ,772
2,021
2,731
4,051
5,194
5,983
6,782
6,497
6,275
6.060
5.897
5,998
6,329
6,561
6,565

1,576
1,800
2,545
4,096
5,705
7,224
9.201
9,310
9,119
8,846
8,512
8,529
9,177
9,696
9,819

2,048
2,489
3,044
3.837
5,580
7,730
7.834
8,518
8.850
8,698
8,578
8,438
8,678
8,985
9,146

460
538

724
1,019
1,481
1 996
2.327
2,492
2,548
2,494
2,435
2 422
2,544
2,669
2,732

1,112
1,433
1,910
2,912
4 153
4,220
4,771
5.070
5 074
5,056
5,043
5,207
5,447
5,581

191
227

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

425
523

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

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

70
70
69
71
70
70
70
70
71
71

2,010
2,006
2,036
2,023
2,016
2,023
2,034
2,049
2.091
2,098

6,304
6,325
6,375
6,377
6,366
6,361
6,378
6,400
6,524
6,450

9,431
9,443
9,496
9,551
9,564
9,578
9,561
9,568
9.716
9,665

8,952
8,936
8,926
8.924
8,910
8,916
8,932
8,958
9,028
9,136

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

5,473
5,470
5,463
5,457
5,451
5,461
5,486
5,514
5,555
5.612

328
327
325
324
322
321
320
318
320
321

71
71
70

2,017 6,267 9,425 9,014
2,020 6,316 9.438 8,974
2,021 6,324 9,421 8,946

2,673 5,550
2,660 5,527
2,647 5,512

317
316
317

910

Unassorted

20
30

32
60

2
4

24
9
9
10
8
5
5
4
4
4
4
4

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

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

481
478
475
473
471
469
466
464
465
464

4
4
4
4
4
4
4
3
3
3

12
8
8
8
8
8
8
8
8
15

2
2
2
2

460
457
457

4
3
4

9
9
9

2
2
1

1
3 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 held in the Treasury
Total outstanding, As security
against
Mar. 31,
1955
gold and
silver
certificates
Gold
Gold certificates
Federal Reserve notes. . .
Treasury currency—total

.

. . .

Standard silver dollars
Silver bullion
Silver certificates and Treasury notes of 1890.
Subsidiarv silver coin
Minor coin
United States notes
. . .
Federal Reserve Bank notes
National Bank notes
Total—Mar 31 1955
Feb 28 19 55
Mar. 31, 1954

Money in circulation 1

Mar. 31,
1955

Feb. 28,
1955

Mar. 31,
1954

35
25,269
4,495

35
25,339
4,443

36
25,257
4,414

agents

2

21 719
21 062
26,427
4,998

21 062
32.418

68
93

490
2 179
* 2,418
1 297

239
2 179

28

5

219

219

209

53
9

292
67
12

2,126
1,177
426

2,084
1,168
424

2,071
1,152
416

2

32

313

312

312

169
68

185
71

658

447
347

169
68

(4)

. .

Treasury
cash

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

(4)
(4)

18,211

409

1
1

(5)

23 479
23,468
23,699

819

828
819

2,816
1,090

18,211
18,216
18,463

4,314
4,441
4,626

167
68

29,800

29,817
29,707

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. 507.
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 not4 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 8500,000.
NOTE.—There are maintained IP 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. Fedora! 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

1955




515

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]
Liabilities
and Capital

Assets

Other
securities

Total
assets,
net—
Total
liabilities
and
capital,
net

Bank credit

Date

Gold

Treasury
currency
outstanding

U. S. Government obligations

Total

Loans,
net

Total

Commercial
and
savings
banks

Federal
Reserve
Banks

Other

Capital
Total
and
deposits misc.
and
accurrency counts,
net

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

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

4,037
4,031
17,644
22,737
20,065
22,754
22,706
22,695
23,346
23,187
22,463
22,030

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

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

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

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

5,499
8,199
19,417
25,511
101,288
81,199
72,894
71,343
70,783
72,740
68,108
72,610

216
1,998
2,484
2,254
24,262
22,559
20,778
23,801
22,906
24,697
24,746
25,916

26
131
1.204
1,284
2,867
3,328
2,888
2,664
2,577
2,571
2,496
2,409

11,819
9,863
9,302
8,999
8,577
10,723
14,741
15,918
17,002
17,374
17,856
18,370

64,698
48,465
75,171
90,637
191,785
188,148
199,009
208,727
211,080
220,865
217,594
226,715

55,776
42,029
68,359
82,811
180,806
175,348
184,385
193,410
194,960
204,220
200,360
209,175

8,922
6.436
6,812
7,826
10,979
12.800
14,624
15,317
16,120
16,647
17,234
17,538

1954—Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

31
28
26
30
28
25
29
27
24
31

22,000
22,000
22,000
21,927
21,900
21,900
21,800
21,800
21,700
21,713

4,900
4,900
5,000
4,959
5,000
5,000
5,000
5,000
5,000
4,985

196,100
197,200
198,800
200,628
200,600
202,500
204,000
207,700
209,700
210,988

80,300
79,900
80,100
81,210
80,800
80,200
81,400
81,900
83,900
85,730

96,800
98,200
99,400
99,827
100,000
102,300
102,400
105,600
105,600
104,819

69,800
71,200
72,400
72,525
73,300
76,200
76,200
79,000
78,900
77,728

24,600
24,600
24,700
25,037
24,500
23,900
24,000
24,400
24,600
24,932

2,300
300
300
265
200
200
200
200
200
2,159

19,000
19,200
19,300
19,591
19,800
19,900
20,200
20,300
20,300
20,439

223,000
224,100
225,800
227,514
227,500
229,300
230,800
234,400
236,400
237,686

205,100
206,200
207,600
209,354
209,100
210,500
211,800
215,400
217,200
218,882

17,800
17,900
18,200
18,161
18,400
18,800
19,000
19,100
19,200
18,806

21,700
21,700
21,700

5.000 209,600
5.000 208.200
5,000 207.000

85,200 103,600
85,800 101,400
87,100 98,700

77,800
75.600
73,000

23,700
23,700
23,600

2,100
2,100
2,100

20,900
21,000
21,200

236,300
234,900
233,700

217,500
216,000
214,500

18,800
18,900
19,100

1955—Jan. 2 6 * '
Feb. 23*"Mar. 30?

Deposits a n d Currency

Date

Total

U. S. Government
balances
Foreign
At
bank Treascomdeury
mercial F.AtR.
posits cash
and Banks
net
hold- savings
ings
banks

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

55,776
42,029
68,359
82,811
180,806
175,348
184,385
193,410
194,960
204,220
200,360
209,175

365
50
1,217
1,498
2,141
1,682
2,518
2,279
2,319
2,501
2,467
2,694

1954—Mar. 31
Apr. 28
May 26
June 30
July 28
Aug. 25
Sept. 29
Oct. 27
Nov. 24
Dec. 31

205,100
206,200
207,600
209,354
209,100
210,500
211,800
215,400
217,200
218,88.

3,000
3,100
3,100
3,256
3,400
3,400
3,300
3,200
3,200
3,329

800
800
800
811
800
800
800
800
800
796

1955—Tan. 26*"\ . .
Feb. 2 3 * ' . . .
Mar. 30*

217,500 3,200
216,000 3,100
214,500 3,200

800
800
800

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

Total

Demand
deposits 2

Time deposits 3

Total

149
1,186
1,278
1,313
2,932
3,416
2,923
2,704
2,619
2,547
2,459
2,359

3,639
4,761
6,401
9,615
26,490
26,476
25,398
26,315
26,474
27,494
27,369
28,091

71,700 44,500 24,900
72.OOC 44,700 25,000
72,500 45,000 25,200
73,292 45,653 25,388
73,700 46,000 25,500
74,000 46,200 25,600
74,400 46.400 25.800
74,800 46.700 25,900
74,300 46,300 25,900
75,282 46,844 26,302

,300
,300

26,900
26,700
26,800
27,093
26,800
26,900
26,900
26,900
27,500
27,852

54,790 22,540 28,611
40,828 14,411 21,656
63,253 29,793 27,059
76,336 38,992 27,729
150,793 75,851 48,452
170,008 87,121 56,411
176,917 92,272 59,247
185,999 98,234 61,450
184,904 94,754 63,676
194,801 101,508 65,799
192,560 96,898 68,293
200,917 102,451 70,375

5,400
4,500
5,100
5,895
3,900
5,500
4,400
6.100
6,900
4,510

700
500
500
875
500
600
800
600
500
563

195.20C
197,300
198,000
198,517
200,400
200,300
202,500
204,700
205,800
209,684

3 ,800
4,600
4.400

400 209,200 107,000 75,400
600 206,900 104,500 75.700
900 205,300 102,400 76,200

96,700
98,600
98,700
98,132
100,000
99,400
101,200
103,100
104,000
106,550

Currency
outCom- Mutual Postal
side
mercial savings
Savings banks
4
banks banks System
8,905
9,621
10,523
10,532
15,385
17,746
20,009
20,887
21,755
22,586
23,589
24,358

36
35
634
867
977
870
668
247
333
389
132
346

204
381
264
852
2,409
846
2,215
1,895
2,287 24,608
,336
1,452
2,989
,293
,270 3,615
,283
6,121
,270 5,259
,259 3,942
4,457
761

Seasonally5
adjusted

Deposits adjusted and currency

19,557
10,849
15,258
15,884
30,135
35,249
36,314
37,859
39,302
40,666
42,245
43,659

46.800 26,500
47,000 26,600
47,200 26,900

, 300
2,251
2,200
2,200
2,200
2,200
2,200
2,136

Demand
deposits
adjusted

Currency
outside
banks

99,400
99,600
100,100
99,700
101,500
100,900
102,400
101,900
102,600
6103,000

27,100
27,100
27,000
27,000
27,000
26,900
26,800
26,800
26,900
626,900

2,100 26,800 104,200 27,000
2,100 26,800 104,300 26,900
2,100 26,700 104,600 26,900

^Preliminary'"Revised.
1
Treasury funds included are the gold account, Treasury currency account, and Exchange Stabilization Fund.
stem in banks.
depo
For seasonal adjustment factors used in deriving these figures and for bk
back figures, see BULLETIN for March 1955, pp. 252-255.
"Figure is for last Wednesday of month.
NOTE.—For description of statement and back figures, see BULLETIN for January 1948, pp. 24-32. The composition of a few items differs
slightly from the description in the BULLETIN article; stock of Federal Reserve Banks held by member banks is included in "Other securities"
and in "Capital and miscellaneous accounts, net" and balances of the Postal Savings System and the Exchange Stabilization Fund with the U. S.
Treasury are netted against "Capital and miscellaneous accounts, net" instead of against U. S. Government deposits and Treasury cash. Total
deposits and currency shown in the monthly Chart Book excludes "Foreign bank deposits, net" and "Treasury cash." Except on call dates, figures
are rounded to nearest 100 million dollars and may not add to the totals. See Banking and Monetary Statistics, Table 9, pp. 34-35, for back figures
for deposits and currency.
5

516




FEDERAL RESERVE BULLETIN

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

Class of bank
and date

Total

Deposits

U.S.
Govern- Other
secument
Loans
obliga- rities
tions

Cash
assets1

lotai
assets—
Total
liaonities
capital
accounts2

Other

Total i

Total
capital
accounts

Number
of
banks

25,852
26,479
45,613
53,105
56,513
59,025
63,598
68,354
69,710
71,371
72,930
72,530
73,510
73,680
73,920
74,460

8,194
8,414
10,542
11,948
13,837
14,623
15,367
16,118
16,350
16,664
17,080
17,320
17,270
17,340
17,440
17,410

15,035
14,826
14,553
14,714
14,650
14,618
14,575
14,509
14,482
14,465
14,422
14,406
14,367
14,360
14,351
14,330

6,885
7,173
8,950
10,059
11,590
12,216
12,888
13,559
13,750
14,038
14,420
14,640
14,576
14,650
14,730
14,680

14,484
14,278
14,011
14,181
14,121
14,089
14,046
13,981
13,954
13,937
13,895
13,879
13,840
13,833
13,824
13,803

Demand

Interbank*

U.S.
Govern- Other
ment

Time

All b a n k s :
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1947—Dec. 313
1950—Dec. 30
1951—Dec. 31
1952—Dec. 31
1953—Dec. 31
1954—Mar. 31
June 30
Oct. 27
Nov.. 24
Dec. 31
1955—Jan. 26*"Feb. 23*"Mar. 30P

50,884
61,126
140,227
134,924
148,021
154,869
165.626
171.497
169,190
173,343
181,600
183,370
183,784
184,340
183,100
182,050

22,165 19,417 9,302 23,292 77,068 68,242
26,615 25,511 8,999 27,344 90,908 81,816
30,362 101,288 8,577 35,415 177,332 165,612
43,002 81,199 10,723 38,388 175,091 161,865
60,386 72,894 14,741 41,086 191,317 175,296
67,608 71,343 15,918 45,531 202,903 185,756
75,512 72,740 17,374 45,584 213,837 195,552
80,518 72,610 18,370 45,811 220,140 201,100
80,380 69,800 19,010 41,500 213,530 194,160
81,227 72,525 19,591 42,556 218,900 199,508
82,330 79,000 20,270 41,630 226,360 205,250
84,230 78,860 20,280 42,180 228,690 207,260
85,617 77,728 20,439 44,585 231,654 211,115
85,710 77,770 20,860 42,110 229,780 208,140
86,500 75,580 21,020 41,460 227,930 205,900
87,860 72,980 21,210 40,230 225,660 203,400

9,874
10,982
14,065
13,033
14,039
15,087
15,321
15,957
14,490
15,500
15,670
15,570
16,811
15,230
14,550
14,670

AH commercial banks:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1947—Dec. 313
1950—Dec. 30
1951—Dec. 31
1952—Dec. 31
1953—Dec. 31
1954—Mar. 31
June 30
Oct. 27
Nov. 24
Dec. 31
1955—Jan. 26?"
Feb. 23pr
Mar. 30P

40,668
50,746
124,019
116,284
126,675
132,610
141,624
145,687
142,790
146,383
154,010
155,710
155,916
156,250
154,820
153,490

17,238
21,714
26,083
38,057
52,249
57,746
64,163
67,593
67,050
67,337
67,740
69,450
70,619
70,550
71,180
72,310

16,316
21,808
90,606
69,221
62,027
61,524
63,318
63,426
60,650
63,508
70,160
70,110
68,981
69,000
66,800
64,180

7,114
7,225
7,331
9,006
12,399
13,339
14,143
14,668
15,090
15,538
16,110
16,150
16,316
16,700
16,840
17,000

22,474
26,551
34,806
37,502
40,289
44,645
44,666
44,828
40,490
41,569
40,720
41,260
43,559
41,080
40,470
39,250

65,216
79,104
160,312
155,377
168,932
179,465
188,603
193,010
185,740
190,585
197,480
199,720
202,378
200,270
198,250
195,700

57,718
71,283
150,227
144,103
155,265
164,840
172,931
176,702
169,220
174,068
179,300
181,280
184,757
181,590
179,240
176,460

9,874
10,982
14,065
13,032
14,039
15,086
15,319
15,955
14,490
15,497
15,670
15,570
16,809
15,230
14,550
14,670

1,343
2,806
3,359
4,941
4,146
5,060
5,591
5,730
6,620
4,172
3,470
4,260
4,070

94,367
101,917
108,259
111,659
112,604
104,860
106,996
110,870
112,490
116,567
115,710
113,120
110,150

15,331
15,952
30,241
35,360
36,503
38,137
41,012
43,997
44,810
45,983
47,030
46,600
47,209
47,180
47,310
47,570

13,962
18,021
22,775
32,628
44,705
49,561
55,034
57,762
57,109
57,197
57,662
59,251
60,250
60,138
60,690
61,766

14,328
19,539
78,338
57,914
52,365
51,621
52,763
52,603
50,241
53,111
58,906
58,869
57,809
57,788
55,785
53,410

5,651
5,961
6,070
7,304
10,355
11,065
11,751
12,057
12,490
12,876
13,405
13,428
13,543
13,883
13,993
14,122

19,782
23,123
29,845
32,845
35,524
39,252
39,255
39,381
35,640
36,722
35,607
36,205
38,076
35,990
35,404
34,344

55,361
68,121
138,304
132,060
144,660
153,439
160,826
163,983
157,647
162,203
167,991
170,177
172,242
170,404
168,495
166,256

49,340
61,717
129,670
122,528
133,089
141,015
147,527
150,164
143,608
148,252
152,537
154,420
157,252
154,421
152,201
149,750

9,410
10,525
13,640
12,403
13,448
14,425
14,617
15,170
13,801
14,733
14,924
14,854
15,983
14,468
13,815
13,941

743

23P>"
30P

33,941
43,521
107,183
97,846
107,424
112,247
119,547
122,422
119,840
123,185
129,973
131,548
131,602
131,809
130,468
129,298

1,709
22,179
1,176
2,523
3,101
4,567
3,756
4,690
5,165
5,206
6,041
3,715
3,028
3,812
3,608

27,489
37,136
69,640
80,609
87,783
92,867
95,453
96,024
89,215
91,455
94,558
95,981
99,604
99,003
96,548
93,967

11,699
12,347
24,210
28,340
29,336
30,623
32,890
35,213
35,902
36,900
37,849
37,544
37,950
37,922
38,026
38,234

5,522
5,886
7,589
8,464
9,695
10,218
10,761
11,316
11,484
11,709
12,035
12,250
12,210
12,261
12,331
12,263

6,362
6,619
6,884
6,923
6,873
6,840
6,798
6,743
6,733
6,721
6,701
6,687
6,660
6,651
6,643
6,625

AH m u t u a l savings
banks:
1939—Dec. 30
1941—Dec< 3i m
1945—Dec> 3i
1947—Dec. 313
1950—Dec. 30
1951—Dec. 31
1952—Dec, 31
1953—Dec. 31
1954—Mar. 31
June 30
Oct. 27
Nov. 24
Dec. 31
1955—Jan. 26*
Feb. 2 3 P
Mar. 3QP

10,216
10,379
16 208
18,641
21,346
22,259
24,003
25,810
26,400
26,959
27,590
27,660
27,868
28,090
28,280
28,560

4,927
4,901
4,279
4,944
8 137
9,862
11,349
12,925
13,330
13,890
14,590
14,780
14,998
15,160
15,320
15,550

3,101
3,704
10 682
11,978
10,868
9,819
9,422
9,184
9,150
9,017
8,840
8,750
8,748
8,770
8,780
8,800

2,188
1,774
1 246
1,718
2 342
2,579
3,231
3,701
3,920
4,052
4,160
4,130
4,123
4,160
4,180
4,210

818
793
609
886
797
886
918
983

11,852
11,804
17,020
19,714
22,385
23,439
25,233
27,130
27,790
28,315
28,880
28,970
29,276
29,510
29,680
29,960

10,524
10,533
15 385
17,763
20,031
20,915
22,621
24,398
24,940
25,440
25,950
25,980
26,359
26,550
26,660
26,940

14
19
23
30
35
40
47
50
50
50
50
50
50

10,521
10,527
15,371
17,745
20,009
20,888
22,586
24,358
24,900
25,388
25,900
25,930
26,302
26,500
26,610
26,890

1,309
1,241
1,592
1,889
2,247
2,407
2,479
2,559
2,600
2,626
2,660
2,680
2,694
2,690
2,710
2,730

551
548
542
533
529
529
529
528
528
528
527
527
527
527
527
527

32 516
44 355
105 935

1,346
2,809
3,362
4,944
4,149
5,060
5,594
5,730
6,620
4,176
3,470
4,260
4,070

94,381
101,936
108,282
111,690
112,639
104,900
107,043
110,920
112,540
116,617
115,760
113,170
110,200

32 513
44 ,349
105 ,921

AH member banks:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1950—Dec. 30
1951—Dec. 31
1952—Dec. 31
1953—Dec. 31
1954—Mar. 31
June 30
Oct. 27
Nov. 24
Dec. 31
1955—Jan. 26*"Feb.

Mar.

1,010
987
910
920

1,026
1,030

990
980

3

a

14
1
2
2
3
(4)
3
(4)
(4)
3
(4)

oo

(4)
(44)
()
(44)
(4)
()

3
3
3
3
3
3
4

^Preliminary.
'Revised.
*"A11 banks" comprise "all commercial banks" and "all mutual savings banks." "All commercial banks" comprise "all nonmember commercial banks" and "all member banks" including one bank in Alaska (total deposits of approximately 4 million dollars) that became a member
bank on Apr. 15, 1954, and a noninsured State member nondeposit trust company, but excluding three mutual savings banks that became members in 1941. Stock sayings banks and nondeposit trust companies are included with "commercial" banks. Number of banks includes a few
noninsured banks for which asset and liability data are not available. Comparability of figures for classes of banks is affected somewhat by changes
in Federal
Reserve membership, insurance status, and the reserve classifications of cities and individual banks, and by mergers, etc.
1
Beginning June 30, 1942, excludes reciprocal balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and 525
million
at
all
insured commercial banks.
2
Includes "other" assets and liabilities not shown separately.
For other footnotes see following two pages.

MAY

1955




517

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

Loans and investments
Total
Class of bank
and date

Central reserve city
member banks:
New York City:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1950—Dec. 30
1951—Dec. 31
1952—Dec. 31
1953—Dec. 31
1954—Mar. 31
June 30
Oct. 27
Nov. 24
Dec. 31
1955—Jan. 26?
Feb. 23?
Mar. 3QP

Total

Loans

U.S.
Government
obligations

Other
securities

339
896
,143
,393
,612
,379
,130
,058
,392
,681
,877
,933
.880
,778
,246
,238

3,296
4,072
7,334
7,179
9,729
11,146
12,376
12,289
11,726
11,619
11,741
11,897
12,039
12,046
12,121
12,733

4,772
7,265
17,574
11,972
8,993
8,129
7,678
7,765
7.350
8,695
9,687
9.632
9,342
9,161
8,554
7,918

1,272
1,559
1,235
1,242
1,890
2,104
2,076
2,004
2,316
2,367
2,449
2,404
2,499
2,571
2,571
2,587

Chicago:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1950—Dec. 30
1951—Dec. 31
1952—Dec. 31
1953—Dec. 31
1954—Mar. 31
June 30
Oct. 27
Nov. 24
Dec. 31
1955—Jan. 26*
Feb. 23?
Mar. 30P

2,105
2,760
5,931
5,088
5,569
5,731
6,240
6,204
5.568
5,975
6,287
6,422
6,518
6,490
6,364
6,056

569
954
1,333
1,801
2,083
2,468
2,748
2,776
2,638
2,589
2,454
2,580
2,784
2,610
2,656
2,647

1,203
1,430
4,213
2,890
2,911
2,711
2,912
2,856
2,339
2,825
3,259
3,250
3,120
3,218
3,044
2,734

333
376
385
397
576
552
581
572
591
561
574
592
614
662
664
675

Reserve city member
banks:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1950—Dec. 30
1951—Dec. 31
1952—Dec. 31
1953—Dec. 31
1954—Mar. 31
June 30
Oct. 27
Nov. 24
Dec. 31
1955—Jan. 26?
Feb. 23?
Mar. 30?

12,272
15,347
40,108
36,040
40,685
42,694
45,583
46,755
45,802
47,056
49,933
50,612
50,738
50,857
50,362
49,971

5,329
7,105
8,514
13,449
17,906
19,651
21,697
22,763
22,485
22,453
22,745
23,580
23,986
23,993
24,264
24,637

5,194
6,467
29,552
20,196
19,084
19,194
19,624
19,559
18,783
19,813
22,128
21,986
21,718
21,687
20,870
20,062

1,749
1,776
2,042
2,396
3,695
3,849
4,262
4,434
4,534
4,791
5,060
5,046
5,034
5,177
5,228
5,272

,224
,518
,002
,324
,558
,444
,594
,404
.078
474
,876
,581
,466
684
,496
,033

4,768
5,890
5,596
10,199
14,988
16,296
18,213
19,934
20,260
20,537
20,722
21,194
21,442
21,489
21,649
21,749

3,159
4,377
26,999
22,857
21,377
21,587
22,549
22,423
21,769
21,779
23,832
24,001
23,629
23,722
23,317
22,696

2,297
250
408
3,268
4,193
4,561
4,832
5,047
5,049
5,158
5,322
5,386
5,395
5,473
5,530
5,588

Country member
banks:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1950—Dec. 30
1951—Dec. 31
1952—Dec. 31
1953—Dec. 31
1954—Mar. 31
June 30
Oct. 27
Nov. 24
Dec. 31
1955—Jan. 26? r
Feb.

23P»-

Mar. 30?

Cash
issets1

Total
liabilities
and
capital
accounts2

Other
Total 1

Interbank 1

U.S.
Government

16,413
19.862
32,887
27,982
28,954
30,464
31,053
30.684
29,967
30,771
31,463
31,932
32,193
32,157
31,065
31,013

14,507
17,932
30,121
25,216
25,646
26,859
27,309
27.037
26,382
27,225
27,406
27,666
28.252
27,910
26,714
26,678

4,238
4,207
4,657
4,464
4,638
4,832
4,965
5.214
5,019
5,517
5,410
5,404
5,709
5,236
5,180
5,103

3,595
4,363
7,459
6,866
7,649
7,972
8,297
8,366
7,266
8,064
8,290
8,341
8,520
8,481
8,369
7,761

3,330
4,057
7,046
6,402
7,109
7,402
7,686
7,724
6,602
7,419
7,619
7,651
7,845
7,693
7,573
6,773

888
1,035
1,312
1,217
1,229
1,307
1,350
1,387
1,703
1,339
1,352
1,306
1,321
1,214
1,171
1,328

6,785
8,518
11,286
13,066
13,998
15,199
15,544
15,925
13,993
14,656
14,175
14,485
15,424
14,201
14,260
13,909

19,687
24,430
51,898
49,659
55,369
58,654
61,941
63,547
60,674
62,624
65,086
66,063
67,165
66,085
65,642
64,909

17,741
22,313
49,085
46,467
51,437
54,466
57,357
58,663
55,614
57,665
59,544
60,391
61,796
60,268
59,685
58,943

3,686
4,460
6,448
5,649
6,448
6,976
7,001
7,254
5,960
6,636
6,852
6,807
7,444
6,679
6,217
6,292

4,848
6,402
10,632
10,778
11,571
13,292
13,281
13,268
11,969
12,506
12,497
12,505
13,117
12,233
12,152
11,749

15,666
19,466
46,059
47,553
52,689
56,349
59,535
61,385
59,740
60,745
63,152
63,841
64,364
63,681
63,419
62,573

13,762
17,415
43,418
44,443
48,897
52,288
55,175
56,740
55,010
55,943
57,968
58,712
59,360
58,550
58,229
57,356

598
822
1,223
1,073
1,133
1,309
1,301
1,315
1,119
1,241
1,310
1,337
1,508
1,339
1,247
1,218

6,703
6,637
6,439
7,261
7,922
8,564
8,419
8.074
8,028
7,524
6,984
7,349
7,581
7,625
7,040
7,030
1,446
1,566
1,489
1,739
2,034
2,196
2,010
2,115
1 ,650
2,036
1,951
1,866
1,954
1,931
1,952
1,656

Total
capital

Demand

74
866

6,940
267
451
858

1,143

778

1 .169
1,378
1,395
1,355
736
489
687
657

80
127

1,552

72
174
242
343
259
375
410
344
452
251
188
263
230

435
491

8,221

405
976

1,124
1,814
1,504
2,001
2,015
1,804
2.357
1,457
1,111
1,604
1,446
154
225

5,465
432
922
876

1,267
,216
, 145
,362
,663
,877
,271
,240
,258
,275

counts

Number
of
banks

ac-

Time
Other

9,459
12,051
17,287
19,040
18,836
19,490
19,361
18,894
18,068
18,114
18,227
18,569
19,414
19,840
18,513
18,555

736
807
1,236
1,445
1,722
1,679
1,840
2,150
2,126
2,216
2,374
2,338
2,392
2,345
2,334
2,363

1 ,592
1 ,648
2 ,120
2 ,259
2 ,351
2 ,425
2 ,505
2 ,572
2 ,614
2 ,630
2 ,657
2 ,811
2 .803
2 ,818
2 ,819
2 ,687

36
36
37
37
23
22
22
22
22
22
21
21
21
21
21
20

1,867
2,419
3,462
4,201
4,604
4,710
4,789
4,837
3,320
4,403
4,649
4,627
4,977
4,987
4,840
3,949

495
476
719
913
1,103
1,143
1,205
1,242
1,204
1,267
1,274
1,266
1,295
1,304
1,299
1,266

250
288
377
426
490
513
541
566
570
583
590
592
600
597
595
601

14
13
12
14
13
13
13
13
13
13
13
13
13
13
13
13

9,004
12,557
24,655
28,990
32,366
34,094
35,281
35,773
33,119
34,058
35,557
35,981
37,418
36,979
36,298
35,493

4,616
4,806
9,760
11,423
11,647
12,272
13,261
14,132
14,534
14,957
15,331
15,246
15,476
15,499
15,566
15,712

1 ,828
1 ,967
2 ,566
2 ,844
3 ,322
3 ,521
3 ,745
3 ,984
4 ,037
4 ,124
4 ,247
4 ,281
4 ,300
4 ,310
4 ,348
4 ,387

346
351
359
353
336
321
319
319
309
310
303
303
300
298
297
296

7,158
10,109
24,235
28,378
31 ,977
34,572
36,022
36,520
34,708
34,879
36,125
36,804
37,794
37,197
36,897
35,970

5,852
6,258
12,494
14,560
14,865
15,530
16,585
17,690
18,038
18,460
18,870
18,694
18,787
18,774
18.827
18,893

1 ,851
1 ,982
2 ,525
2 ,934
3 ,532
3 ,760
3 ,970
4 ,194
4 ,263
4 ,372
4 ,541
4 ,566
4 , 506
4 .536
4 ,569
4 ,588

5,966
6,219
6,476
6,519
6,501
6,484
6,444
6,389
6,389
6,376
6,364
6,350
6,326
6,319
6,312
6,296

'Beginning with Dec. 31, 1947, the all bank series was revised as announced in November 1947 by the Federal bank supervisory agencies.
At that time a net of 115 noninsured nonmember commercial banks with total loans and investments of approximately 110 million dollars was
added, and 8 banks with total loans and investments of 34 million were transferred from noninsured mutual savings to nonmember commercial
banks.
*Less than 5 million dollars.
For other footnotes see preceding and opposite pages.

518




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

Class of bank
and date

Total

Loans

U.S.
Government
obligations

Deposits

Other
securities

Cash
assets1

Total
assets—
Total
liabilities
and
capital
accounts2

Other
Total i

Demand

Interbank i

49,290
121,809
114,274
139,770
143,796
144,451
154,115

21,259
25,765
37,583
63,632
67,082
66,805
70,127

21,046
88,912
67,941
62,308
62,381
62,461
68,012

6,984
7,131
8,750
13,831
14,333
15,185
15,976

25,788
34 292
36,926
44,222
44,398
41,164
43,161

76,820
157,544
152,733
186,255
190,638
188,191
200,127

National member
banks:
1941—Dec 3i
1945—Dec. 31
1947—Dec. 31
1952—Dec 31 . .
1953—Dec. 31
1954—June 30
Dec 31 .

27,571
69,312
65,280
80,180
81,913
82,482
88,509

11,725
13,925
21,428
36,004
37,831
37,672
39,712

12,039
51,250
38,674
35,835
35,482
35,759
39,392

3,806
4,137
5,178
8,341
8,600
9,051
9,405

14,977
20,114
22,024
26,333
26,479
24 636
25,662

43,433 39,458
90,220 84,939
88,182 82,023
107,830 98,974
109,804 100,654
108,611 99,362
115,835 105,851

9 750
10 ,714

State member
1941—Dec.
1945—Dec
1947—Dec.
1952—Dec
1953—Dec.
1954—June
Dec.

15,950 6,295
37,871
8,850
32,566 11,200
39,367 19,030
40,509 19,931
40,704 19,525
43,093 20,538

7,500
27,089
19,240
16,928
17,121
17,353
18,417

2,155
1,933
2,125
3,409
3,457
3,826
4,138

8,145
9,731
10,822
12 922
12,903
12,086
12,414

24,688
48,084
43,879
52,996
54,179
53,593
56,407

22,259
44,730
40,505
48,553
49,510
48,890
51,401

3,241 1,509
2,992 10,584
4,958 10,039
8,605 9,556
9,328 9,790
9,615 9,362
9,886 10,215

1,025
1,063
1,448
2,081
2,278
2,330
2,436

2,668
4,448
4,083
4,970
5,020
4,444
5,088

8,708
19,256
20,691
25,451
26,679
26,012
27,911

7,702
18,119
19,340
23,464
24,555
23,819
25,657

266
373

241
200

763
514

255
312

969

430
405
397

2,283
2,768
2,643
2,348
2,372
2,394
2,250

1,872
2,452
2,251
1,960
2,005
2,020
1,871

329
181

335
354
339

576
444

4S7
425

banks:
3i
3i
3i
31
3i < m %
30
31

69,411
147,775
141.851
170,971
174,697
172,048
182,886

Insured nonmember
commercial banks:
1941—Dec. 31
1945—Dec 31
1947—Dec. 31
1952—Dec. 31
1953—Dec. 31
1954—June 30
Dec. 31

5,776
14,639
16,444
20,242
21,396
21,288
22,536

Noninsured nonmember commercial
banks:
1941—Dec. 31
1945—Dec. 31
1947—Dec. 313
1952—Dec. 31
1953—Dec. 31
1954—June 30
Dec. 31

1,457
2,211
2,009
1,854
1,891
1,932
1,800

455
318

All nonmember commercial banks:
1941—Dec 31 .
1945—Dec. 31
1947—Dec. 313
1952—Dec 31
1953—Dec. 31
1954—June 30 .
Dec. 31

7,233
16,849
18,454
22,096
23,287
23,220
24,337

3,696
3,310
5,432
9,136
9,838
10,147
10,378

2,270
12,277
11,318
10,567
10,835
10,409
11,184

1,266
1,262
1,703
2,393
2,613
2,664
2,775

3,431
4,962
4,659
5,414
5,450
4,849
5,485

10,992
22,024
23,334
27,799
29,051
28,406
30,161

9,573
20,571
21,591
25,424
26,560
25,838
27,528

Insured mutual savings
banks:
1941—Dec 3i
1945—Dec 3i
1947—Dec. 31
1952—Dec. 31
1953—Dec. 31
1954—j u n e 30 e
Dec. 31 . .

642
1 693
10,846 3,081
12,683 3,560
17,621
8,691
19,252 10,016
20,121 10,804
20,830 11,651

629

7,160
8,165
6,593
6,476
6,309
6,117

421
606
958

151
429
675
732
799
807
832

1,958
11,424
13,499
18,612
20,334
21,237
21,981

1,789
10,363
12,207
16,785
18,383
19,195
19,885

4,259
1,198
1,384
2,658
2,910
3,086
3,346

3,075
3,522
3,813
2,829
2,707
2,708
2,630

641

642
180

760
895

211
187

941

184
180
194

9,846
5,596
6,215
6,622
6,796
7,078
7,295

8,744
5,022
5,556
5,836
6,015
6,246
6,474

Noninsured mutual
savings banks:
1941—Dec 31 .
1945—Dec 31
1947—Dec. 313
1952—Dec. 31
1953—Dec 31 .
1954—j u n e 30
Dec. 31 . . . .

8,687
5 361
5,957
6,382
6,558
6,838
7,038

474
531
511
532
492

761

1,693
1,280
1,010
1,045
1,047

2,337
2,760
3,008
3,062

1,353

1,044
1,06]

Number
of
banks

6,844
8 671
9,734
12,563
13,239
13,714
1.4,252

13,426
13 297
13,398
13,422
13 412
13,380
13,303

Time

U.S.
Government

AH insured commercial
banks:
1941—Dec 3i
1945—Dec. 3i # m ,
1947—Dec. 31
1952—Dec 31 . . .
1953—Dec. 31
1954—y une 3()
Dec. 31

Total
capital
accounts

Other

10 ,654 1 ,762 41,298 15,699
883 ?3 740 80 276 29 876
12 ,670 1 ,325 92,975 34,882
14 ,990 4 ,912 110,459 40,610
1S 548
,116 111 423 43 610
15 ,044 45 .562 105,847 45,596
.16 ,376 4 ,154 1.15,482 46,874

n

3 325
9 ,508

23,262
45,473
53,541
63 427
63,819
60 827
66,426

8,322
16,224
19,278
22 694
24,160
25 459
26,202

3,640
4,644
5,409
7,042
7,391
7 686
8.085

5,117
5,017
5,005
4 909
4 856
4 835
4 789

3 ,739
/\ 411
993
/[ 699
019
4 ,983
5 ?69

621
8 166
381
1 632
1 ,232
1 ,840
1 ,207

13,874
24,168
27,068
32 026
32,206
30,627
33,177

4,025
7,986
9.062
10,196
11,054
11,441
11,748

2,246
2,945
3,055
3,719
3,925
4,023
4,125

1,502
1 Rrt7
L 918
L 889
L 887
1,886
1 .871

129
244

53
1 ,560

378
312
393

360
396
439

4,162
10,635
12,366
15,006
15,398
14,392
15,879

3,360
5,680
6,558
7,740
8,419
8,718
8,947

1,083
1,271
1,804
1,925
2,007
2,044

6,810
6 416
6,478
6,627
6,672
6,662
6,647

253
365

329
279

478
402

325
326

852
714

386
388
335

320
325
324

569
557
536

13.758
16,206
16,580
15,542
16,964

3,613
6,045
7,036
8,142
8,806
9,106
9,282

1,288
1,362
1,596
2,129
2,245
2,332
2,368

7,662
7,130
7,261
7,251
7,241
7,219
7,183

1,789
10,351
12,192
16,753
18,345
19,145
19,831

164

12
28
33
45
48

52
192
194
206
219
219
218

6 ,786 1 ,088
9 ,229 14 ,013
8 ,410
795
9 918 9 935
') ,525
10 ,15?

149
345

363
3?9

18
29

407
4S3
433

30
30
18

629
702
784
764
8?S

1 ,291
1 ,905

1,392
1,201
1,182
1,150
1,085

5 ,504
14 ,101

167
374
390
426
457

12
1
2
?
3
3

2
2
2
2
3

<5

1
1
1
1
1

2
2
2
1
2

8,738
5,020
5,553
5,833
6,013
6,243
6,471

For footnotes see preceding two pages.
Back figures.—See Banking and Monetary Statistics, Tables 1-7, pp. 16-23; for description, see pp. 5-15 in the same publication,
in series prior to June 30, 1947, see BULLETIN for July 1947, pp. 870-871.

MAY

1955




959

1.034
,257,
730

,819
868
970

1,077
558

637
749
740
758
774

783
624

496
350

339
323
309
309
309

For revisions

519

ALL COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES *
LOANS AND INVESTMENTS
[In millions of dollars]
Loans 1

Class of ba nk
and
call date

Investment.3

Loans for
Compurchasing
meror
carrying
Total
cial,
Other
securities
loans
inAgriReal loans
and
cludto
culesinvest- Total i ing
in- Other
tate
loans Total
To
ments
open turdial brok- To loans vidmarers
ket
uals
and othpadeal- ers
per
ers

All commercial
banks: 2
1947—Dec. 3 1 . . .
1952—Dec. 3 1 . . .
1953—Dec. 3 1 . . .
1954—June 3 0 . . .
Dec. 31.. .

116,284
141,624
145,687
146,383
155,916

38 057
64 163
67 ,593
67 ,337
70 619

18,167
27,871
27,204
26,120
26,867

1 ,660
3 ,919
4 ,965
5 ,143
5 ,200

2,060
2,361
2,462
2,929

1,103
1,202
1,256
1,525

All Insured commercial b a n k s :
1941 Dec. 31
1945—Dec! 3 i ! ! !
1947—Dec. 3 1 . . .
1952—Dec. 31. . .
1953—Dec. 3 1 . . .
1954—June 30. . .
Dec. 3 1 . . .

49,290
121[809
114,274
139,770
143,796
144.451
154,115

21 ,259
25 ,765
37 ,583
63 ,632
67 ,082
66 ,805
70 ,127

9,214
9,461
18,012
27,739
27,082
25,976
26,731

1 450
1 ^314
1 ,610
3 ,805
4 ,867
5 ,057
5 ,108

3,164 3,606
823 1,190
2,050 1,082
2,344 1,181
2.439 1,228
2,907 1,501

614

662

Member b a n k s ,
* t i
total;
31
1941 Dec. 3 1 ! ; !
1945—Dec!
1947—Dec. 31. . .
1952—Dec. 31. . .
1953—Dec. 3 1 . . .
1954—June 30. . .
Dec. 3 1 . . .

43,521
107^183
97,846
119,547
122,422
123,185
131,602

18 021
22 ,775
32 ,628
55 ,034
57 ,762
57 ,197
60 ,250

8,671
8,949
16,962
26,232
25,519
24,362
25,007

972
594
855 3,133
1 ,046
811
2 ,416 2,032
3 ,263 2,321
3 ,402 2,411
3 ,529 2,881

New York City*
1941 Dec. ^1
1945 Dec! 3 1 ! ! !
1947 Dec! 3 1 ! ! !
1952—Dec. 3 1 . . .
1953—Dec. 3 1 . . .
1954—June 30. . .
Dec. 3 1 . . .

12,896
26\143
20^393
22,130
22,058
22,681
23,880

4 ,072
7 ,334
7 ,179
12 ,376
12 ,289
11 ,619
12 ,039

2,760
5,931
5,088
6,240
6,204
5,975
6,518

954
1 ,333
1 ,801
2 ,748
2 ,776
2 ,589
2 ,784

1,418
2,080
1,912
1,835
1,847

14
158
134
140

31!!!
31...
31. . .
31. . .
30. . .
31. . .

15 347 7 105
40\108 8 ,514
36,040 13 ,449
45,583 21 ,697
46,755 22 ,763
47,05^ 22 ,453
50,738 23 ,986

3 456
3,661
7,088
10,842
10,568
10,01c
10,624

300
205
225
501
774
953
956

Country banks:
1941 Dec. 31
1945—Dec! 3 i ! ! !
1947—Dec. 3 1 . . .
1952—Dec. 3 1 . . .
1953—Dec. 3 1 . . .
1954—June 30.. .
Dec. 31.. .

12 518 5 ,890
35^002 5 ,596
36,324 10 ,199
45,594 18 ,213
47,404 19 ,934
47,474 20 ,537
50,46^ 21 ,442

1,676
1,484
3,096
4,630
4,822
5,071
5,306

659
648
818

5 ,432
9 ,136
9 ,838
10 ,147
10 ,378

1,205
1,639
1,685
1.758
11859

Chicago : 3
1941 Dec.
1945—Dec!
1947—Dec.
1952—Dec.
1953—Dec.
1954—June
Dec.
Reserve city
1941 Dec.
1945—Dec!
1947—Dec.
1952—Dec.
1953—Dec.
1954—June
Dec.

31

31!!!
31. . .
31. . .
31. . .
30...
31...

6
2

48
211

73
239
286
242
345

4 773
4 !677
9 ,266
15 ,572
16 ,566
17 ,101
18 ,302

598 3 494

52
233
87
66
75
74
89

123
80
111
386
383
390
467
22
36
46
67
70
81
91

Obligations
Direct
of
States Other
and secuCertifiGuar- politcates
an- ical rities
of in- Notes Bonds teed sub]3ills
debtdiviedsions
ness

78 ,226
77 ,461
78 ,094
79 ,047
85 ,297

69 ,221
63 ,318
63 ,426
63 ,508
68 ,981

2 ,193
7 ,761
5 ,004
4 ,704
5 ,065

7,789
5,580
10,237
5,572
5,361

6,034
11,878
12,439
12,376
14,672

28 031
4 , ' 45
2 ,361 1,181 96 !043
5 ,654 1,028 76 ,691
12 ,603 1,683 76 ,138
14 ,373 1,629 76 ,714
14 ,370 1,623 77 ,646
14 , 676 1 ,973 83 ,988

21 ,046
88 ,912
67 ,941
62 ,308
62 ,381
62 ,461
68 ,012

988
2 ,455
2 ,124
7 ,622
4 ,895
4 ,575
4 ,901

19,071
7,552
5,494
10,076
5,505
5,279

3 159 12 797 4 102 3,651 3,333
16,045 51 ,321
22 3^873 3^258
14 5,129 3,621
5.918 52 ,334
22 9,977 3,854
11,714 37 ,456
33 10,587 3,746
12,283 35 ,093
38 11,682 3,502
12,223 40 ,121
21 12,352 3,624
14,523 43 ,287

25 ,500
3,692
1,104 84 ,408
952 65 ,218
1,577 64 ,514
1,518 64 ,660
1,513 65 ,988
1,858 71 ,352

19 539
78 ,338
57 ,914
52 ,763
52 ,603
53 ,111
57 ,809

971
2 ,275
1 ,987
6 ,565
4 ,095
3 ,915
4 ,075

16,985
5,816
4,255
8,287
4,417
4,307

3,007
14,271
4,815
9,835
10,300
10,374
12,464

5 ,723 1,063
1,718
1,666
1,657
2,000

12 ,684
14 ,461
14 ,462
18 ,418 14 ,750

3,378 3 |455
1,065 7 ,130
966 12 ,214
1,060 13 ,020
1,106 13 ,440
1,363 14 ,433

g
412
169
2,807
3,044
2,453 1 172
5,361
545
267
8,680
1,531 286
8,218 *126 1,667 320
7,447 144 1,778 364
7,231 204 2,041 432
732
760

9 ,393
15 ,712
16 ,694
17 ,227

Total

S. Government obligations

1 ,900
4 ,662
10 ,396
11 ,911
11 ,840
12 ,127

53 ,191
38 ,077
35 ,713
40 ,818
43 ,861

14
22
34
38
22

5.276 3.729
10,188 3,955
10,821 3,847
11,930 3,608
12,586 3,729

11 ,729 3 832 3 090 2 871
44 ,792
16 3 | 254 2|815
10 4,199 3,105
45 ,286
32 ,087
19 8,409 3,342
29 ,890
31 8,871 3,185
36 9,890 2,987
34 ,369
20 10,449 3,094
36 ,944

g ,823 7 265
311
1,623 3 ,652 1,679 729
5.' 4
1
477 3,433 3,325 10 ,337
287
298 18 ,809 17 ,574
606
640
558 9 ,771
564
330 13 214 11 ,972 1 ,002
638
233 1,170 5 ,195
1 ,136
1 1,453
539 9 ,754 7 ,678 ,079
1 ,294
475 9 ,769 7 ,765
924 1,104 1,130 4 ,605
1 1,365
1 ,220
711 1,454 5 ,510
466 11 ,062 8 ,695. 1 ,014
6 1,851
644 11 ,841 9 ,342
785
597 1,924 6 ,026
1 ,232
10 1,977
r6
1 806
51
40 4 ,598
149
26 3 ,287
211
120 3 ,493
234
96 3 ,428
206
74 3 ,386
223
105 3 ,734

1 ,430
4 ,213
2 ,890
2 ,912
2 ,856
2 ,825
3 ,120

256
133
132
407
123
113
70

1,467
235
224
450
261
241

153
749
248
607
684
721
855

903
1 ,864
2 ,274
1 ,674
1 ,598
1 ,731
1 ,953

119

182
181
213
384
400
387
415

830
629
604
623
639
516
523
193
204
185
197
172
174
199

banks:
31

All nonmember
banks:2
1947—Dec.
1952—Dec.
1953—Dec.
1954—June
Dec.

830 1,220

u

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

18,454
22,096
23,287
23,220
24,337

194 1 527
114
1 £12
855
427 1,503 1 |459
404
484 3 ,147 1 ,969
170
366
422 5 ,099 4 ,347
595
218
308
456 5 ,453 4 ,942
611
468 5 ,639 4 ,797
629
326
622 6 ,134 4 ,912
407
720

S 243
31 [594
22 ,591
23 ,886
23 .993
24 |603
26 ,752

6 467
29 ,552
20 ,196
19 ,624
19 ,559
19 ,813
21 ,718

183 1 823
1 ; 30
707
471 1 |881
363
227 3 ,827 1 ,979
229
191 6 ,662 4 ,702
322
210 7 ,114 5 ,441
336
200 7 ,331 5 ,618
345
220 7 ,742 5 ,760
388

6 628
29 U07
26 .125
27 ,381
27 ,470
26 ,937
29 ,024

4 ,377
26 ,999
22 ,857
22 ,549
22 ,423
21 ,779
23 ,629

5,102
2,583
2,024
3,374
1,855
1,774

481

1 ,901
2 ,204
2 ,170
2 ,229

20
42
23
43
59
66
89

4,544
2,108
4,204
4,285
4,017
4,731

2 926
16 ,713
17 ,681
13 ,625
12 ,940
14 ,355
15 ,228

861
9
6
4

614
1 ,503
1 ,702
1 ,741
1 ,671

20
29
40
51
49

156
137
142
150
161

13 ,021
12 ,960
13 ,449
13 ,073
13 ,959

11 ,318
206 1.973
10 ,567 1 ,196 1,325
10 ,835
909 1,951
10 ,409
790 1,155
11 ,184
991 1,054

1,219
2,043
2,139
2,002
2,209

7 ,916
6 ,000
5 ,834
6 ,460
6 ,928

4
3
2
2
1

2 ,266 1 ,061
3 ,505 2 ,288
3 ,681 2 ,551
3 ,795 2 ,622
3 ,993 2 ,623

111
141
148
144
143

295
956
751 4 248 1,173
820
1 ,034 6,982 5,653 15 ,878
5 1,126
916
373 2,358 1,901 15 ,560
3 1,342 1,053
2 ,387 1,774 3,854 11 ,594
14 2,934 1,328
1 ,230 3,357 4,201 10 ,746
25 3,196 1,238
1 ,241 1,590 4,183 12 ,773
26 3,585 1,206
I ,326 1,695 4,954 13 ,736
7 3,782 1,252
110
630
480
2 ,692
1 ,819
1 ,548
1 ,893

1,222 1,028
1 ,'342 1^067
2,006 1,262
3,639 1,194
5 3,911 1,136
4 4,067 1,090
3 4,275 1,120

1,078
1,781
1,951
2,042
2,139

625
613
662
621
636

* These figures exclude data for banks in possessions of the United States except for one bank in Alaska (with total deposits of approximately 4
million dollars) that became a member bank on Apr. 15, 1954. During 1941 three mutual savings banks became members of the Federal Reserve
System; these banks are included in "member banks" but are not included in "all insured commercial banks" or "all commercial banks." Comparability of figures for classes of banks is affected somewhat by changes in Federal Reserve membership, insurance status, and the reserve classifications 1of 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.

520




FEDERAL RESERVE BULLETIN

ALL COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES*—Continued
RESERVES AND LIABILITIES
[In millions of dollars!
Time deposits

Demand deposits
Re-

Class of bank
and
call date

Balances
with

De-

serves
mand
dewith
Cash
doFederal in
posits
Readvault mestic4
serve
banks justed 5
Banks

Interbank
deposits

U. S.
Gov- States
Certi- Indiand
ernfied
viduals,
u.
s. a n d a n d partnerment politGovical
ern- political offiships, Inter- a n d
ment subdi- cers' and cor- bank Postal subdiSav- visions
visions checks, poraings
etc.
tions
States

DoFormestic4 eign

IndiCapividuals, Bor- t a l
partner- row- a c ships, ings count
and corporations

All commerical
banks: 2
1947—Dec. 31.
1952—Dec. 31
1953—Dec. 31.
1954—June 30. .
Dec. 31. .

17,796
19,809
19,995
18,924
18,734

2,216
2,753
2,512
2,660
2,469

10,216
11,875
12,103
11,033
12,202

87,123
101,506
102,452
98,117
106,540

11,362
13,109
13,444
12.470
13,511

1,430
1,465
1,344
1,328
1,539

1,343
4,941
4,146
5,591
4,172

6,799
8,910
9,546
9.925
9,902

2,581
2,956
2,996
2,789
3,199

84,987
240
99,793
744
100,062 1,167
94.282 1,699
103,466 1,759

866
111
346 1,620
338 1,944
331 2,319
365 2,402

34,383
39,046
41,714
43.334
44,441

65
188
62
55
31

10,059
12,888
13,559
14,038
14,576

AH insured commercial b a n k s :
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1952—Dec. 31
1953—Dec. 31.
1954—June 3 0 . .
Dec. 31. .

12,396
15,810
17,796
19,809
19,995
18.924
18,734

1,358
1,829
2,145
2,720
2,482
2.627
2,444

8,570
11,075
9,736
11,489
11,724
10,688
11,854

37,845
74,722
85,751
100,329
101,289
96,983
105,471

9,823
12,566
11,236
12,948
13,221
12,252
13,392

673

1,248
1,379
1,437
1,296
1,287
1,497

1,761
23,740
1,325
4,912
4,116
5,562
4,154

3,677
5,098
6,692
8,776
9,407
9.776
9,763

1,077
2,585
2,559
2,938
2,978
2,765
3,176

158
36,544
70
72,593
54
83,723
605
98,746
99,038 1,031
93.306 1,506
102,543 1,487

492 15,146
59
103
496 29,277
111
826 33,946
346 1,564 38,700
338 1,891 41,381
331 2,264 43.001
365 2,348 44,160

10
215
61
181
54
50
21

6,844
8,671
9,734
12,563
13,239
13,714
14,252

Member banks,
total:
1941—Dec. 31. .
1945—Dec. 31.
1947—Dec. 31.
1952—Dec. 31. .
1953—Dec. 3 1 . .
1954—June 30. .
Dec. 31. .

12,396
15,811
17,797
19,810
19,997
18,925
18,735

1,087
1,438
1,672
2,081
1,870
2,001
1,843

6,246
7,117
6,270
7,378
7,554
7,062
7,613

33,754
64,184
73,528
85,543
86,127
82,783
89,836

9,714
12,333
10,978
12,594
12,858
11,956
13,015

.,243
1,375
1,431
1,291
1,280
1,493

1,709
22,179
1,176
4,567
3,756
5,165
3,715

3,066
4,240
5,504
7,029
7,530
7,839
7,78.1

1,009
2,450
2,401
2,744
2,783
2.581
2,964

140
33,061
64
62,950
50
72,704
592
85,680
85,711 1,021
81,034 1,497
88,859 1,475

50
99
105
321
308
300
334

418 11,878
399 23,712
693 27,542

1,303
1,595
1,912
1,966

31,266
33,311
34,687
35,650

4
208
54
165
43
38
15

5,886
7,589
8,464
10,761
11,316
11,709
12,210

New York City:*
1941—£>ec> 3i
1945—Dec. 31. .
1947—Dec. 3 1 .
1952—Dec. 3 1 . .
1953—Dec. 3 1 .
1954—June 30. .
Dec. 3 1 . .

5,105
4,015
4,639
5,059
4,846
4,614
4,398

93
111
151
148
129
131
126

141
78
70
84
70
60
67

10,761
15,065
16,653
16,288
15.901
151430
16,500

3,595
3,535
3,236
3,346
3,363
3,237
3,336

607

866

319
237
290
322
315
404
368

1,338
1,105
1,120
1,071
1,10<:
1,223

450

6
11,282
15,712
17
12
17,646
465
17,919
831
17,509
!6,60t 1,246
17,823 1,196

10
12
59
53
51
54

29
20
14
29
139
151
192

1,206
1,418
1,752
1,958
2,014
2,146

1,021
1,070
1,144
1,287
1,290
1,177

43
36
30
32
34
30
29

298
200
175
169
166
154
162

2,215
3,153
3,737
4,126
4,211
3,844
4,400

1,027
1,292
1,196
1,308
1,339
1,287
1,264

8
20
21
37
39
34
40

233
237
285
242
272
297
274

34
66
63
56
64
74
80

2,152
3,160
3,853
4,491
4,500
4,032
4,622

5
9
18
18

2
4
3
4
6

9
11
10
10
10

1,190
1,229
1,253
1,280

Reserve city banks:
1941—Dec. 31. .
1945—Dec. 31. .
1947—Dec. 3 1 . .
1952—Dec. 3 1 . .
1953—Dec. 3 1 . .
1954—June 3 0 . .
Dec. 31. .

4,060
6,326
7,095
7,788
8,084
7,553
7,783

425
494
562
651
568
611
558

2,590
2,174
2,125
2,419
2,463
2,352
2,327

11,117
22,372
25,714
30,609
30,986
29,940
32,694

4,302
6,307
5,497
6,662
6,869
6,220
6,946

54
110
131
230
219
202
259

1,814
1,504
2,015
1,457

1,144
1,763
2,282
2,693
2,880
2,877
2,876

286
611
705
791
828
677
866

11,127
22,281
26,003
31,798
32,06/5
30,503
33,677

104
30
22
109
166
214
239

20
38
45
105
98
97
111

243
160
332
739
830
992
965

4,542
9,563
11,045
12,417
13,203
13,867
14,399

11 4,124
3 4,300

Country banks:
1941—Dec. 31.
1945—Dec. 3 1 . .
1947—Dec. 3 1 . .
1952—Dec. 3 1 . .
1953—Dec. 3 1 . .
1954—June 30..
Dec. 31. .

2,210
4,527
4,993
5,820
5,780
5,468
5,377

526
796
929

1,250
1,140
1,230
1,129

3,216
4,665
3,900
4,706
4,855
4,496
5,057

9,661
23,595
27,424
34,519
35,029
33,569
36,242

1,199
1,049
1,278
1,288
1,211
1,469

2
225
8 5,465
7
432
11 1,267
12 1,216
11 1,362
17 1,271

1,370
2,004
2,647
3,772
4,063
4,261
4,263

239
8,500
435 21,797
528 25,203

30
17
17
13
15
19
22

31
52
45
152
153
148
163

146
219
337
525
615
759
799

6,082
12,224
14,177
15,908
16,921
17,553
17,826

4
11
23
25
20
26
11

1,982
2,525
2,934
3,970
4,194
4,372
4,506

544
672
642
658
627

3,947
4,498
4,550
3,972
4,590

13,595
15,964
16,325
15,334
16,704

385
516
586
514
496

55
34
52
48
46

1,295
1,881
2,016
2,085
2,121

180
212
213
209
235

190
152
146
202
284

6
25
30
30
31

172
317
350
407
436

6,858
7,800
8,426
8,669
8,814

12
23
19
17
16

1,596
2,129
2,245
2,33?
2,369

Chicago:*
1941—Dec. 3 1 . ,
1945—£>ec# 3i t
1947—]} ec# 31,
1952—Dec. 3 1 . .
1953—Dec. 3 1 . .
1954—Tune 30..
Dec. 31. .

AH nonmember
banks: 2
1947—Dec. 3 1 . .
1952—Dec. 31
1953—Dec. 31
1954—Tune 30
Dec. 31

942

790

671

1,105 6,940
267
1,217
1,154 1;143
778
1,021
1,033 1,378
736
1,177
127

1,552

72
343
259
410
251
491

8,22i

405

167
374
390
426
457

777 31,473

820 31,636
720 29,898
795 32,736

12,284
14,113
14,351
13,248
14,608

778

1,648
2,120
2,259
2,505
2,572
X 2,630
1 2,803

195
30
132
23

476
719
902

288
377
426
541
566
583
600

1,967

2 2,566
1 2,844
8 3,745

3,984

2
Breakdown of loan, investment, and deposit classifications is not available prior to 1947; summary figures for earlier dates appear in the
preceding table.
sCentral
reserve city banks.
4
Beginning June 30, 1942, excludes reciprocal bank balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and
525 million at all insured commerical banks.
"Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
For other footnotes see preceding page.
Backfigures.—SeeBanking and Monetary Statistics, Tables 18-45, pp. 72-103 and 108-113.

MAY

1955




521

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE
LOANS A N D I N V E S T M E N T S
[Monthly data are averages of Wednesday figures. In millions of dollars]
Loans l

Month or date

Total Loans
and
loans investand
Loans
invest- ments
adad- 1
ments justed
justed 1

U. S. Government obligations

For purchasing
or carrying securities
Commercial,
To brokers
indus- and dealers To others Real Other
trial,
estate loans Total
and
loans
agri- U. S. Other U.S. Other
culGovt. se- Govt. seobtural
obliga- curi- liga- curitions ties tions ties

CerOther Loans
tifito
secucates
8 rities banks
Bills of in- Notes Bonds
debted-

TotalLeading Cities
38,726 22,451

1,786

836

6,543 7,750 31,607 2,540 2,936 4,592 21,539 8,032

584

1955—February. 85,612 '•84,71.3 -•40,548 '22,031
M a r c h . . . 85,124 '•84,130 '41,185 -•22,465
April
85,763 84,869 41,695 22,517

2,488
2,504
2,685

1,073
1,090
1,104

7,311 '8,351 35,221 1,878 2,118 8,627 22, 598 8,944
7,408 '8,429 33,908 1,685 1,404 8,883 2 1 ,936 9,037
7,528 8,577 34,142 1,698 2,033 8,699 21, 712 9,032

'•899

1954—April

78,949 78,365

8,081
8,121
9,162
9,146

T-994

894

1955- -Feb. 2 . .
Feb. 9 . .
Feb. 16. .
Feb. 2 3 . .

86,12'
85,634
85,411
85,274

'85,266
'84,766
'84,580
-•84,241

-40,483
'40,560
'40,629
•40,520

•21,926
'21,968
'22,123
'22,108

2,582
2,590
2,454
2,326

1,056
1,062
1,083
1,092

7,279
7,294
7,326
7,342

T-8,346 3 5 , 7 9 9

2,065
T-8,349 35,280 1,747
T-8,350 3 5 , 0 5 7 1,881
T-8,360 3 4 , 7 5 0 1,821

2,551
2,412
1,832
1,676

Mar,
Mar,
Mar,
Mar,
Mar,

85,267
85,152
85,890
84,883
84,432

••84,341
'84,167
"•84,843
'83,921
'•83,380

'40,751
-40,898
'41,444
'41,382
'41,448

'22,241
'22,265
'22,584
'22,637
•22,597

2,374
2,452
2,718
2,491
2,483

1,080
1,075
1,081
1,100
1,113

7,359
7,373
7,402
7,432
7,474

T-8,408 3 4 , 5 9 9 1 ,816
T-8,444 3 4 , 1 7 7 1,677
,286

,633
,535
,542
,197
,117

T-926
9,074 22,076 8,991
8,962 22 003 9,092 T-985
'1,047
8,929 21 954 9,025
,030 T-962
8,774 21
8,676 21 806 9,047 '1,052

Apr. 6 . . 85,878 85.013 41,512
,613 84,823 41,666
Apr. 13. .
Apr. 2 0 . . 85,755 84.864 41,787
85,808 84,778 41,818
Apr. 2 7 . .

22,449
22.543
22,530
22,545

2,669
2,672
2,741
2,660

1,106
1,103
1,100
1,108

7,482
7,517
7,542
7,570

, 739
,572
,731
,750

2,154
2,076
1,991
1,911

865
8,758 21 774 9,076
790
8,729 21 719 9,061
891
8,667 21 674 9,014
8,640 21 682 8,977 1,030

2.
9.
16.
23.
30.

.
.
.
.
.

New York City
21,603 21,256
1954—April
1955—February. 23,410 22,956
M a r c h . . . 23,369 22,806
23,422 22,817
April
1955—Feb. 2 . .
Feb. 9 . .
Feb. 16. .
Feb. 2 3 . .
Mar.
Mar.
Mar.
Mar.
Mar.

8,033

352

988

276

391 1,567 7,432

803

527

695 5,407 2,366

347

11,707
12,047
12,222

7,381
7,642
7,611

380 1,500
263 1,654
301 1,787

393
412
428

520 1,731 8,705
549 1,727 8,172
571 1,728 8,095

624
583
548

360 1,986 5,735 2,544
240 1,915 5 , • " " " ,587
434 1,823 5,290 2 ,500

454
563
605

7,322
7,347
7,420
7,436

430
445
393
254

1,507
1,490
1,491
1,513

389
391
393
401

512
513
526
528

8,966
8,776
8,591
8,485

661
501
712
621

501
398
271
268

1,882
1,963
2,052
2,048

5,922 2,585
5,914 2 ,521
5,556 2,502
5,,548 2 ,568

452
450
390
522

1,585
1,662
1,717
1,652
1,656

15
14
13
11
12

397
403
409
421
429

535 ,745 8,477
542 ,752 8,268
548 , 695 8,320
554 1,721 7,979
565 1,722 7,817

684
601
705
540
386'

259
246
263
220
211

2,019
1,958
1,920
1,827
1,851

5,515 2 ,589
5,463 2 ,615
,585
5,
5,392 2 ,570
5,369 2 ,575

535
527
580
556
621

12
10
13
10

429
431
424
428

562
572
571
581

8,128
7,973
8,090
8,188

454
449
578
710

504
418
420
393

1,839
1,821
1,824
1,809

5,331
5,285
5, 268"
5, 276

2,567
2,526
2 ,461
2 ,447

564
494
604
756

23,234
23,004
22,861
22,725

11,683
11,707
11,768
11,672

2 . . , 23,372
9 . . , 23,320
16. . 23,741
23 . . 23,252
3 0 . . 23,164

22,837
22,793
23,161
22,696
22,543

11,771
11,910
12,256
12,147
12,151

7,717

201
217
383
258
257

22,925
22,711
22,749
22,886

12,230
12,212
12,198
12,251

,637
,614
,581
7,612

320 1,757
333 1,755
280 1,820
1,817

23,489
23,205
23,353
23,642

1,949
, 696

11,458

23,686
23,454
23,251
23,247

Apr. 6 . .
Apr. 1 3 . .
Apr. 2 0 . .
Apr. 2 7 . .

'•8,372 34,374
T-8,435 3 3,509
T-8 ,4-88 32,885
8,521 34,425
8,547 34.096
8,5'90 34,063
8,6;
652 33 ,983

23,102 8,984 T-863
23,000 8,926 T - 8 6 8
22,182 8,894 7-831
22,107 8,971 '1,033

,724
,723
,737
,739

1,727
1,713
1,725
1,748

Outside
New York City
27,268 14,418

446

2,409 3,897 16,132 5,666

237

1955—February. 62,202 '•61,757 '28,841 "14,650
March. . . 61,755 r6l,324 '29,138 '14,823
62,341 62,052 29,473 14,906
April

608
587
597

664
665
665

6,791 •6,620 26,516
6,859 •6,702 25,736
6,957 6,849 26 ,047

,254 1,758 6,641 16, 863 6 ,400
,102 1,164 6,968 16 ,502 6,450
,150 1,599 6,876 16,422 6,532

T-445
T-431

'14,604
-14,621
"14,703
•14,672

645
655
570
559

654
658
667
675

6,767
6,781
6,800
6,814

T-6,622
r

26,833
6 , 626 26,504
26,466
•6,613
6,621 26,265

,404
,246
, 169
,200

6,199
6,158
7,110
7,098

T-411

'14,733
14,730
•14,878
14,892
14,880

588
573
618
581
570

668
658
659
668
672

6,824
6,831
6,854
6,878
6,909

r

6,663 26,122
T-6,692 25,909
T-6,677 26,054
'6,714 25,530
'6,766 25,068

,132 1,374 7,055 16,561 6,402
,076 1,289 7,004 16, 540 6 ,477
,244 1,279 7,009 16 ,522 6,440
,156
977 6,947 16,450 6 ,460
900
906 6,825 16,437 6,472

14,812
14,929
14,949
14,933

592
584
641
572

665
662
663
670

6,920
6,945
6,971
6,989

6,794 26,297
6,834 26,123
6,865 25,973
6,904 25,795

,285
,123
,153
,040

1954—April

57,346 57,109

1955—Feb. 2. .
Feb. 9. .
Feb. 16. .
Feb. 23. .
Mar.
Mar.
Mar.
Mar.
Mar.

2. .
9. .
16. ..
23..
30..

Apr. 6. .
Apr. 1 3 . .
Apr. 20. .
Apr. 27. .

62,443
'28,800
,
62,180
'28,853
62,160 '•61,762 -28,861
62,027 ••61,719 •28,848
'61,516
61,895
•28,980
61,832 r ,
•28,988
62,149 61,374 •29,188
61,631 '•61,682 •29,235
61,268 '•61,225 •29,297
7*60,837
52,389 62,088 29,282
62,408 62,112 29,454
62,402 62,115 29,589
62.166 61,892 29,567

6,152 6,183 24,175 1,737

2,050
2,014
1,561
1,408

17,1806 ,399
17,086 6 ,405
16,6266 ,392
16,559 6,403

1,650 6,919 16,443 6,509
1,658 6, 908 16,434 6,535
1,571 6,843 16,
, 553
1,518 6,831 16,406 6 ,530

289
T-418
T-441
T-511
T-391
T-458
T-467
T-406

7-431
301
296
287
274

r
Revised. T h e following three items have been revised back through December 29, 1954: commercial, industrial, a n d agricultural loans,
other1 loans; and loans to banks.
Exclusive of loans t o banks and after deduction of valuation reserves; individual loan items are shown gross.
2
Includes guaranteed obligations.
For other footnotes see opposite page.

522




FEDERAL RESERVE BULLETIN

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE—Continued
RESERVES AND LIABILITIES
[Monthly data are averages of Wednesday figures. In millions of dollars]
Demand deposits,
except interbank
ReBalserves
Dewith Cash ances mand
with
Feddein
eral vault
do- posits
Remestic ad- 3
serve
banks justed
Banks

Month or date

IndividCertiuals, States
and
fied
part- politand
nerical
offiships, sub- cers'
and
cor- divi- checks,
pora- sions etc.
tions

Time deposits,
except interbank

Interbank
deposits

IndiU. S.
vidDemand
Govuals, States
and
ernU. S. part- politGov- nerical ment
and
ern- ships, subPostal Doment and
diviSavmes- Forcoreign
tic
pora- sions ings
tions

Borrowings

Time

From
Federal From
Re- others
serve
Banks

Capital

TotalLeading Cities
1954— April

14,192

936

2,635 53,288 54,135 4,098 1,747 2,687 17,835 1,095

192 10,400

1955—February.. 13,727
13,629
March
13,689
April

938
923
947

2,524 57,093 58 ,297 4,098 1,968 2,548 18 ,876 1,131
2,508 56,554 57,852 3,898 1,887 2,471 18,969 1,140
2,528 56,129 57,666 3,948 1,888 3,506 .18,998 1,138

207 10.566
206 10,408
207 10,643

,363
,393

1955—Feb. 2. . 13,947
Feb. 9 . . 13,651
Feb. 16.. 13,829
Feb. 2 3 . . 13,483

898
938
925
993

2,493
2,483
2,571
2,548

57,639 58,317
57,394 57,889
56,598 58,672
56,744 58,311

4,232
4,148
3,984
4,027

2,226
1,595
2,164
1,889

2, 320
2,330
2,779
2,764

18,864
18,874
18,875
18,890

1,126
1,127
1,132
1,138

208
210
207
205

10,821
10,633
10,701
10,110

. 13,511
. 13,535
. 14,177
. 13,521
. 13,399

893
925
905
927
965

2,488 56,270 57,762
2,358 56,769 57,795
2,652 57,861 60,070
2,463 56,282 57,158
2,579 55,590 56,474

3,960
3,781
3,722
3,966
4,062

1,865
1,760
2,251
1,756
1,805

2,633
2,078
2,497
2,615
2,534

18,930
18,971
18,957
18,996
18,990

1,145
1,152
1,140
1,132
1,132

205
205
206
206
207

Apr. 6. . 13,767
Apr. 13. . 13,716
Apr. 20. . 13,667

888
999
926
974

2,477
2,657
2,511
2,465

3,819
3,825
3,931
4,216

1,836
1 ,812
1,897
2,008

4,299
3,488
3,132
3,105

19,043
19,001
18,980
18,969

1,130
1 ,147
1,133
1 ,142

Mar.
Mar.
Mar.
Mar.
Mar.

2.
9.
16.
23.
30.

Apr. 27. .

13,608

55,086
55,849
56,613
56,969

56,262
58,293
58,190
57,921

1,272 1,317

5 7

7,731

,436

1,458
1,421
1,388

298
300
423

651 8,205
726 8,214
612 8,161

,352
,326
,376
,396

1,478
1,460
1,454
1,439

506
155
338
193

616
622
640
727

8,194
8,209
8,202
8,214

10,610
10,312
10,755
10,127
10,235

,377
,364
,376
,418
,430

1,415
1,414
1,428
1,425
1,420

212
287
173
357
468

663
712
744
705
806

8,244
8,239
8,231
8,239
8,118

207 10,836
206 11,025
208 10,536
10,175

,413
,452
,442
,438

1 ,404
1 ,393
1,378
1,375

531
423
390
349

591
568
605
681

8,157
8,155
8,155
8,176

New York City
1954—April
1955—February.. 4,382
4,444
March
4,398
April

145

15,515 16,405

895

730

1,856

148

3,011

1,026 1,101

145
139
145

16,264 17,302
16,442 17,485
15,977 16,997

308 1,077
273
907
278
908

669
668
1,369

2,074
2,072
2,084

182
176
158

3,008
2,962
2,900

,053 1,147
,079 1,107
,121 1,077

1955—Feb. 2 . . 4,540
Feb. 9. . 4,288
Feb. 16.. 4,416
Feb. 2 3 . . 4,284

138
148
139
156

16,535
16,333
16,105
16,085

17,362
17,168
17,403
17,274

373
287
262
312

1,326
743
1,226
1,014

644
639
703
691

2,079
2,071
2,072
2,075

175
180
186
185

3,076
3,016
3,010
2,931

,036
,026
,063
,085

1,167
1,149
1,143
1,128

128
2
39
8

414
343
353
319

2,792
2,793
2,792
2,783

4,224
4,503
4,598
4,403
4,489

138
143
133
135
148

16,209
16,551
16,921
50 16,192
16,338

17,250
17,456
18,161
17,162
17,394

276
898
258
862
243 1,145
286
768
304
865

711
569
641
760
659

2,066
2,079
2,054
2,066
2,096

178
179
180
173
172

3,009
2,920
3,100
2,937
2,846

,061
,056
,064
,100
,114

1,103
1,103
1,112
1,111
1,105

2
4
1
4
2

215
305
301
328
383

2,789
2,785
2,788
2,789
2,651

Apr. 6. . 4,606
Apr. 13. . 4,456
Apr. 20. . 4,335
Apr. 2 7 . . 4,195

.143
152
136
148

1.5,846
15,692
16,080
16,293

16,786
16,885
17,092
17,225

253
268
270
323

948
859
861
964

1,721
1,395
1,201
1,160

2,105
2,089
2,071
2,069

168
173
145
145

2,867
2,923
2,902
2,909

1 ,101
1,141
1,122
1,119

1,089
1,080
1,070
1,070

284
252
202
222

2,670
2,666
2,666
2,662

4,800

Mar.
Mar.
Mar.
Mar.
Mar.

2. .
9. .
16..
23. .
30. .

1 6
44
3
15

2,582
357 2,790
306 2,761
240 2,666

Outside
New York City
1954—-April

9,392

2,586 37,773 37,730 3,737

852

1,957 15,979

947

138 7,389

1955—February.
March
April

9,345
9,185
9,291

793 2.473 40 829 40,995 3,790
784 2,447 40,112 40 ,367 3,625
802 2.474 40,152 40,669 3,670
760
440 41,104 40,955 3,859
40,721 3,861
790
508 40,493 41,269 3,722
786
500 40,659 41,037 3,715
837

891
980
980

1,879 16,802
1,803 16,897
2,137 16,914

949
964
980

153 7,558
151 7,446
152 7,743

310
314
315

311
314
311

254
297
408

294
420
372

5,415
5,453
5,495

900
852
938
875

1,676
1,691
2,076
2,073

16,785
16,803
16,803
16,815

951
947
946
953

154
157
154
151

7,745
7,617
7,691
7,179

316
300
313
311

311
311
311
311

378
153
299
185

202
279
287
408

5,402
5,416
5,410
5,431

1955—Feb. 2 . . 9,407
Feb. 9. . 9,363
Feb. 16.. 9,413
Feb. 23. . 9,199

5,149

9,287
9,032
9,579
9,118
8,910

755
782
772
792
817

2,447 40,061 40,512
2,319 40,218 40 ,339
2,595 40,940 41,909
2,413 40,090 39,996
2,464 39,252 39,080

3,684
967 1,922 16,864
3,523
898 1,509 16,892
3,479 1,106 1,856 16,903
3,680
988 1,855 16,930
3,758
940 1,875 16,894

967
973
960
959
960

151
151
151
151
151

7,601
7,392
7,655
7,190
7,389

316
308
312
318
316

312
311
316
314
315

210
283
172
353
466

448
407
443
377
423

5,455
5,454
5,443
5,450
5,467

Apr. 6. . 9,161
Apr. 13. . 9,260
Apr. 20. . 9,332
Apr. 27. . 9,413

745
817
790
826

2,41.7
2,612
2,452
2,412

888 2,578 16,938
3,566
3,557
953 2,093 16,912
3,661 1,036 1 ,931 16,909
3,893 1,044 1,945 16,900

962
974
988
997

152
152
153
153

7,969
8,102
7,634
7,266

312
311
320
319

315
313
308
305

531
390
365
349

307
316
403
459

5,487
5,489
5,489
5,514

Mar.
Mar.
Mar.
Mar.
Mar.

2.
9.
16.
23.
30.

.
.
.
.
.

39,240 39,476
40,157 41,408
40,533 41,098
40,
,696

3.Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
Back figures.—For description of revision beginning Mar. 4, 1953, see BULLETIN for April 1953, p. 357, and for figures on the revised basis
beginning Jan. 2, 1952, see BULLETIN for May 1953, pp. 550-555. Figures for total leading cities for full year 1954 are shown on pp. 212-213 of the
BULLETIN for February 1955. 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

1955




523

CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS OF A SAMPLE OF WEEKLY REPORTING MEMBER BANKS
BY INDUSTRY 1
[Net declines, ( - ) . In millions of dollars]
Business of borrower

Manufacturing and mining
v^omm it

Period*

1954—Jan.-June...
July-Dec....

Metals
and
Petroleum,
Food, Textiles, metal
coal,
liquor, apparel, products
Other
(incl. chemical,
and
and
and
tobacco leather machinery and rubber
trans.
equip.)

Trade
(wholesale
and
retail)

55
-26

-577
-548

-10
88

-1
-62

7
29
80
-43

109
87
76

-505
498

Public
utilities
(incl.
transportation)

All
other
types
of
business

Commodity
dealers

Sales
finance
companies

-41
120

-363

-175

126

539

32

-225

71
82

••132

—10
4
49
16

—116
13
91
60

-82
-47

-132
-109

5
3
98
198

—9
—11
126
-8

4
9
-9
27

—80
42
49
18

-8

r

Construction

106

Net
changes
classified

ind'l,
and
agr'l.
change
total

-1,314 -1,496
••630
'539

Monthly:
1955—Ta.nua.rv
J. ^ %J \J
J CL&AUCLA JT • • » •
February. . .
March
April

-130

28
90
73
-6

Week ending:
1954—Dec. 29. . . .

—41

—4

— 10

9

-2

-34

7

88

68

1955—Jan. 5
Jan. 12
Jan. 19
Jan. 2 6 . . . .

-70
-8
-17
—24

-1
11
5
14

3
1
15
-13

9
-17
5
3

-7
4
-2
-6

-56
-12
-28
-19

-23
-43
-9

43

44

-4
-1
14
-18

-1
4
1

-37
4
-27
-20

-144
-100

Feb. 2
Feb. 9
Feb. 16
Feb. 23

-27
-19
-48
-25

19
22
38
12

5
12
3
9

6
6
96
1

-2
4
7
-5

-11
5
14
4

-6
-14
-14
-13

30
-4
-8
-15

9
1
-20

-4
-1
12
3

10
2
15
16

29
14
95
-13

»• - 6 9

Mar.
Mar.
Mar.
Mar.
Mar.

2
9
16. . . .
23
30

-10
-26
43
-18
-32

21
12
27
1
11

14
15
63
-18
7

3
-2
40
47
-2

5
3
30
4
8

19
11
41
17
4

-29
-31
-40
-11
-20

95
28
-47
3
18

10
-11
99
5
23

-11
5
11
-14
1

6
14
14
24
-9

122
18
281
40
8

'133

Apr. 6 . . . .
Apr. 1 3 . . . .
Apr. 20. . . .
Apr. 27

-41
-25
—47
-17

-21
-3
-11

-9
5
12
69

9
8

8
18
18
16

-40
-24
-28
-17

67
25
75
32

-22
15
-12
11

2
17

6
14
14
-16

-41
50
25
66

-148

1
-3
-3

—119
-118
-42

Q

-1

11
-4

y

_

i

7
2

—371

r

-5

r —429

124
470
100

"•114

'489
-52

69

-32
-95

r

-169
-97
-74
-89
42
155
-15
24
319
53
-40
94
-13
15

'•Revised.
S a m p l e includes about 220 weekly reporting member banks reporting changes in their larger loans; these banks hold over 90 per cent of
total 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.
NOTK.—Monthly and weekly data for the full year 1954 are shown on p. 214 of the BULLETIN for February 1955, except for Dec. 29 revision
shown above.
COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
Dollar acceptances outstanding

Commercial and finance
company
paper outstanding 1
End of month
Total

Total
Placed
outPlaced direct- standing
ly
through2
dealers (finance
paper) 3

1949—December..
1950—December
1951—December .
1952—December
1953—December

920
1,331
1,745
1,966

345
449

1954—March
April
May
June
July
August
September
October
November
December

2,291
2,215
2,168
2,150
2,208
2,228
2,192
2,048
2,032
1,924

735
694
641
679

2,064
2,187
2,191

February
March

837

Held b y

270
552

564

567

575
882
1,193
1,402

272

394
490
492

574

Total

128

58

192
197

114
119

183

126

172

198
228
227
220

70

11

133

78
79

21
21

245
235

57

20

180
272
289
378

274

154

13
17
14
14
9
5
6
14
19
19

369
379
374
355

247
270
277
246

376

225

23
28
29

564
561
538

117

55

149
165
171
164

50
63
56
56

794
803
762
769
733

563
609
687
768
873

198
259
271
313
289

155
178
217
241
203

43
81
55
71
86

713
703
681

1,351
1,484
1,510

869
831
807

282
242
236

206
182
187

77
61
49

589

205

F. R.
Banks

Goods stored in or
ImExshipped between
ports
ports
Dollar
points in
Othexinto
from
Own Bills Own ForUnited United change
bills bought acct. eign
States States
United Foreign
corr.
States countries

1,556
1,521
1,527
1,471
1,461
1,434
1,389
1,286
1,263
1,191

747

580
623
616
589

Accepting banks

Based on

164

24

41

""4"

360
344
402
437
565

184
232

49

87
133

2
23

125

39

139
142
143
143
136

92

30

9

29

28
55
64
75

32
44
32
43

47
38
36
60

107
127
115
96

39
46
45
43

91

46

205
207
207
248
285

134
139
148
164
182

75
85
72
42
17

101
130
205
247
300

47
48
55
66
89

273
235
227

187
178
182

17
41
56

303
283
248

90
93
93

*New series; not comparable with earlier data.
reported by dealers; includes finance company paper as well as other commercial paper sold in the open market.
As reported by finance companies that place their paper directly with investors.
Back figures.—For bankers' acceptances, see Banking and Monetary Statistics Table 127, pp. 465-467; for description see p. 427.
2
As
3

524




FEDERAL RESERVE BULLETIN

PRINCIPAL ASSETS OF SAVINGS INSTITUTIONS
UNITED STATES LIFE INSURANCE COMPANIES
[In millions of dollars]
Government securities
Total
assets

Date

End of year:4
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953

. .

End of month:5
1952—December
1953—December . . .
j 954—February
April.
May

. .

July.
. .
August
SeDtember
October . . .
November
December
1955—January
February

Business securities

United State and Foreign 2
States
local i

Total

Mortgages

Real
estate

Policy
loans

Other
assets

536
554
601
608
652
756
999
1,249
1,390
1,428
1,718
2,103
2,221
2,446
2,573

5,669
5,958
6,442
6,726
6,714
6,686
6,636
7,155
8,675
10,833
12,906
16,102
19,314
21,251
23,322

2,134
2,060
1,878
1,663
1,352
1,063
857
735
860
1,055
1,247
1,445
1,631
1,903
2,020

3,248
3,091
2,919
2,683
2,373
2,134
1,962
1,894
1,937
2,057
2,240
2,413
2,590
2,713
2,914

2,030
2,156
1,840
1.69S
1,830
1,704
1,738
1,808
2,124
2,160
2,245
2,591
2,872
3,088
3,302

Total

Bonds3

Stocks

7,929
8,624
9,573
9,707
9,842
9,959
10,060
11,775
14,754
18,894
21,461
23,300
25,983
29,200
31,997

29,243
30,802
32,731
34,931
37,766
41,054
44,797
48,191
51,743
55,512
59,630
64,020
68,278
73,375
78,533

7,697
8,359
9,478
11,851
14,994
18,752
22,545
23,575
22,003
19,085
17,813
16,066
13,667
12,774
12,405

5,373
5,857
6,796
9,295
12,537
16,531
20,583
21,629
20,021
16,746
15,290
13,459
11,009
10,252
9,829

2,253
2,387
2,286
2 (US
1,773
L,429
1,047
936
945
1,199
1,393
1,547
1,736
1,767
1,990

71
115
396
511
684
792
915
1,010
1,037
1,140
1,130
1,060
922
586

8,465
9,178
10,174
10,315
10,494
10,715
11,059
13,024
16,144
20,322
23,179
25,403
28,204
31,646
34,570

73,034
78,201

12,683
12,322

10,195
9,767

1,733
9fiR

755
587

31,404
34,395

29,226
32,056

2,178
2,339

21,245
23,275

1,868
1,994

2,699
2,894

3,135
3,321

79,251
79,649
80,114
80,547
80,981
81,510
81,965
82,362
82,850
83,338
84,052

12,498
12,416
12,424
12,452
12,294
12,222
12,197
12,094
12,013
11,992
12,037

9,781
9,661
9,635
9,539
9,343
9,189
9,171
9,086
9,024
8,936
9,021

2,122
2,170
2,208
2,326
2,363
2,456
2,471
2,485
2,509
2,575
2,533

595
585
581
587
588
577
555

34,816
35,053
35,216
35,371
35,683
35,943
36,094
36,326
36,579
36,663
36,843

2,386
2,418
2,457
2,500
2,533
2,574
2,600
2,609
2,600
2,623
2,696

23,570
23,769
24,005
24,174
24,384
24,572
24,795
25,035
25,260
25,574
25,927

3,391
3,389
3,405
3,448
3,468
3,581
3,636
3,653
3,696
3,774
3,883

12,348
12,323

9,233
9,242

2,643
2,664

2,756
2,763

26,223
26,474

2,053
2,066
2,086
2,102
2,129
2,147
2,177
2,205
2,241
2,260
2,275
2,310
2,344

2,923
2,956
2,978
3,000
3,023
3,045
3,066
3,049
3,061
3,075
3,087

84,912
85,324

32,430
32,635
32,759
32,871
33.150
33,369
33,494
33,717
33,979
34,040
34,147
34,305
34,367

3,127
3,144

3,843
3,909

755

523
480

481
483
472
417

37,061
37,130

1

Includes United States and foreign.
government only.
Includes International Bank for Reconstruction and Development.
*These
represent annual statement asset values, with bonds carried on an amortized basis and stocks at end-of-year market value.
5
These represent book value of ledger assets. Adjustments for interest due and accrued and differences between market and book values
are not made on each item separately, but are included in total in "Other assets."
Source.—Institute of Life Insurance—end-of-year figures, Life Insurance Fact Book, 1952; end-of-month figures, The Tally of Life Insurance
Statistics and Life Insurance News Data.
2
Central
3

ALL SAVINGS AND LOAN ASSOCIATIONS IN THE UNITED STATES
[In millions of dollars]
Assets

Assets
End of
year

1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954P

Total*

Mortgages2

U. S.
Government
obligations

5,733
6,049
6,150
6,604
7,458
8,747
10,202
11,687
13,028
14,622
16,846
19,164
22,585
26,638
31,680

4,125
4,578
4,583
4,584
4,800
5,376
7,141
8,856
10,305
11,616
13,622
15,520
18,336
21,882
26,142

71
107
318
853
1,671
2,420
2,009
1,740
1,455
1,462
1,489
1,606
1,791
1,923
2,026

Cash

307
344
410
465
413
450
536
560
663
880
951
1,082
1,306
1,500
1,958

Others

940
775
612
493
391
356
381
416
501
566
692
866
1,072
1,258
1,481

Totali

Mortgages2

U.S.
Government
obligations

1952—1....
2
3
4

19,688
20,599
21,295
22,585

16,057
16,875
17,696
18,336

.,690
L,687
1,765
1,791

1,080
1,182
1,044
1,306

774
770
708
1,072

16,811
17,656
18,198
19,143

1953—1....
2
3....
4....

23,442
24,724
25,582
26,638

19,051
20,099
21,116
21,882

1,926
L.997
1,982
L.923

1,259
1,333
1,196
1,500

1,128
1,218
1,212
1,258

20,072
21,140
21,735
22,778

1954—1 P . . . 27,667
2 P . . . 29,105
3 P . . . 30,168
4 P . . . 31,680

22,722
23,847
25,053
26,142

L.928
1,961
1,972
2,026

1,613
1,782
1,671
1,958

1,330
1,442
1,400
1,481

23,901
25,163
25,895
27,259

Savings
capital

End of
quarter

4,322
4,682
4,941
5,494
6,305
7,365
8,548
9,753
10,964
12,471
13,978
16,073
19,143
22,778
27,259

Cash

Others

Savings
capital

p Preliminary.

1
Includes gross mortgages
2
Net of mortgage pledged
3

with no deduction for mortgage pledged shares.
shares.
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

1955




525

GOVERNMENT CORPORATIONS AND CREDIT AGENCIES
SELECTED ASSETS AND LIABILITIES, BY CORPORATION OR AGENCY 1
[Based on compilation by United States Treasury Department. In millions of dollars]
End of year

End of quarter

Asset or liability, and agency
1946

Loans, by purpose and agency:
To aid agriculture, total
Banks for cooperatives
Federal intermediate
credit banks
Federal land banks 2
Federal Farm Mortgage Corporation.
Farmers Home Administration 3
Rural Electrification Administration.
Commodity Credit Corporation
Other agencies

1947

1948

1949

556
4
486

To railroads, total
Reconstruction Finance Corpor ation 8 .
Other agencies

171
153
IS

147
145
3

140
138
3

114

To other industry, total
Reconstruction Finance Corporation 8 7 .
Department of the Treasury
Other agencies

192
151
41

272
241

462
423

31

310
272
38

To financing institutions, total
Reconstruction Finance Corporation 8 .
Federal home loan banks
Other agencies

314
14
293
7

447
7
436
4

525
6
515
4

445
8
433
4

Less: Reserve for losses
Total loans receivable ( n e t ) . . .
Investments:

U. S Government securities, total
Banks for cooperatives
Federal intermediate credit banks
Production credit corporations
Federal land banks 2
Federal home loan banks.
Federal Savings and Loan Insurance
Corp
2
Home Owners' Loan Corporation
pora
Federal Housing Administration
8
Reconstruction Finance Corporation *.
Federal Deposit Insurance Corporation.
Other agencies

65

112
3

38

no
i08
2

79
77

79
77
2

/2
iC
2

509
294
174
40

492
270
178
44

425

413

420

179
45

349
64

353

101
2

458
400
58

488
415

516
457

74

58

824
8
816

814

864

8
806

(•)
864

952

12
12

67
870

678

(8)

868
2

2,284 5,073 6.102 6,090 6,078 6.110 7,736 8.043
1.249 1,978 2,145 2,187 2,226 2,296 2,496 2,833
64
154
101
58
206
235
246
52
800 3 4 5 0 3,750 3,750 3,750 3,750 3,667 3,620
> 5 5 1,537

7,987
2,783
45
3,620
1,539

7,P05
2,762
42
3,618
1,544

126

763
57
535
171

641
29
428
184

471
32
245
195

' ' i44
307

113

140

203

18\

255

276

325

96

584
190
294
100

484
88
297
99

395

368

476

623
232
278
113

8340
278

714

478

6.649 9,714 11,692 12,733

531
59
366
105
185

779 1,095
50
61
919
609
109
173

13,228 14,422

689
2

7,968 8,001
2,788 2,806
3,618 3,570
1,563

1,624

451

17,826 19,883 19.877 18,48? 18,603

" '438

228
19,348
2,967
43
61
42

1,873 1,685 1,854 2.047 2,075 2,226 2,421 2.602 2,969 2,911 2,988
43
43
43
48
43
43
43
43
43
52
43
60
51
48
74
63
44
46
47
50
5C
58
43
43
39
72
66
42
45
70
43
42
42
136
249
274
275
387
145
311
199
139
706
672
687
641
200
208
214
172
217
199
*93
184
222
228
222
228
17
12
12
8
285
316
244
132
122
310
144
188
319
324
25?
327
1
48
1/045 i 020 1.064 1.205 1,307 1,353 1,437 1,526 1,593 1,609 1,610 1,624
\
1
28
1
1
1
1
9
29
1
1
1
318 3,385

payable (not

2,981
4

675
3

230
S59
46

Bonds, notes, and debentures
guaranteed), total
Banks for cooperatives
Federal intermediate
credit banks
Federal land banks3
Federal home loan banks

' ' i3
701
2.226

630

Investment in international institutions. . .

Land, structures, and equipment,
total
Public Housing Administration11
Reconstruction Finance Corporation6 7
Tennessee Valley Authority 2
U. S. Maritime Commission
War Shipping Administration2
Federal Maritime
Board and Maritime Adm.2.
Other agencies12

6,929
367
638

952

Other securities, total
Reconstruction Finance Corporation *
Production credit corporations
Department of the Treasury
Other agencies
Commodities, supplies, and materials, total.
Commodity Credit Corporation
Reconstruction Finance Corporation8 7
Department of the Treasury
Other agencies

1953

1952

768 1,251 1,528 2,142 2,603 2,930 2,858 2,814 2,818 2,907
199
828 1.347 I ,850 2.242 2.462 2,366 2,305 2,392 2,461
369
231
10
123
177
168
104
US
108
137
326
34S
300
367
383
24
22
246
35
61
62
60
59
63

659
6
636
10

All other purposes, total
8 7
Reconstruction Finance Corporation
.
Public Housing Administration 11
Other agencies

1951

2,884 2,299 3,632 4,362 3.884 4.161 5.070 6,811 7,370 tf.JW 6,527
302
305
345
424
276
354
377
232
343
309
425
437
510
426
590
673
336
658
273
754
774
633
986
34
149
80
60
25
17
18
45
109
U:
15
590
525
648
523
539
596
558
739
535
754
754
528
734
999 1,301 1,543 1,742 1,920 2,096 2,130 2,164 2,200
120
280 1,293 1.729
782 I .426 3.C76 3,468 2,365 2,457
898
6
7
5
5
4
5
6
6
7

To aid home owners, total
Federal National Mortgage Assn
Home Owners* Loan Corporation * 4 B
Reconstruction Finance Corporation ,
Veterans Administration
Other agencies4

Foreign, total
Export-Import Bank
Reconstruction Finance Corporation8 7 .
U. S. Treasury Department 9
Foreign Operations Administration

1950

3.385

3,385 3,385

154
108
35

133
98
29

107
83
22

88
71
16

822
448
235
138

627
43

1,549

1,774

78
66
11

3,385

3,385

44
36
8

40
35
5

3,385
40
35
5

463
667
134

157
32

1.376
142
30

1.638

108
28

1,174
129
159

465

53

2,514 2,696 3,369 3,709
978 2.086 2,202 2,802 3,059
172
168
156
91
95
131 [ 272
327
476
556
3,213 8,662 8,035 8,«77 8,061
1,173 1,018
958
823
128
199
175
169
16J
1,475
1,251
1,549 1.63C 1,685

3,852
3,302

189

168

1,252
33
293
756
169

689
69
358

%5
70
480

772 1,190 1,369 1,330 1,1182
170
110
150
78
181
674
520
619
490
704
525

590

445

'"80
4 70

8,046
96
1,739

4,834 4,849 4,829 4,782 4,798
561
634; 1,466 1 ,412
51t

1,793

560

3,385
3
47
4

2,044

262

3,385

1,461 1,280

16,924 12,600 3,060 2,962 2,945 3,358
204 1,448 1.352 1,248 1,251
227
594
630
35
611
605
2-861
793
830
754
886 1,048
727
3,301 3,305
7,764 6,507
206

54
5C
4

4
43
2

24
1,265

3,385

414

949
133
626

971 1,072. 1,068
12€
13!
156
762
640
736
179

272

For footnotes see following page.

526




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 items1

Date, and corporation or agency

Total

All agencies:
1948—Dec.
1949—Dec.
1950—Dec.
1951—Dec.
1952— Dec.
1953—Dec.

31
3i
31 2
31
31*
312

1954—Mar. 3^
Tune 30
Sept. 30
Dec. 3).

21 ,718

,733

24 ,635
?9

744

945

38 ,937
39 ,313
602
40 443
41 ,403

CommodiLoans ties,
resupCash ceivplies,
able
and
materials

11,692
12,733
13,228
14 422
17,826
19,883

627
1,549
1,774
1 461
1,280
2,514

Bonds, notes,
U. S. Priand debenGov- vately
tures payable
Land,
ern- owned
struc- Other
ment
Other inter- intertures,
asliabilest
and
Fully
est
U. S.
ities
equip- sets guarGovt. Other
anteed Other
secu- secu- ment
by
rities rities
U.S.
Invest-

ments

3,060
337
2 962
509
2,945
499
88?
3 358
?
3 479 3,213
832
2 ,602 3 ,425 8,062 1,261

38
28
23
43
53
75

965
772
1,190
1 369
1,330
1,182

1,663 18 ,886
1,720 ?1 030
1,193 21 ,995
1 161 ?3 842
1,728 ? 6 456
3,818 33 ,429

166
183
234
329
378
434

1 ,139 19,877 2,696 2 ,969 3 425 8,035 1,173
439 8 077 2 085
232
3 369 9 911
1 3?4 18,603 3,709
988 3 433 8,061 2,325
1 ,371 19,348 3,852 2 967 3 432 8,046 2,387

75
81
28
33

949
971
1,072
1,068

4,920 32 ,899
4 033 34 030
2,357 36 488
4,183 35 610

470
486
498
508

630
441
642
931
944
1 ,190

1 ,854
? ,047
2 ,075
9 ,226

3 ,518
,492
3 ,473
463

Classification by agency,
Dec. 31, 1954

Farm Credit Administration:
Banks for cooperatives
Federal intermediate credit banks
Production credit corporations. .
Federal Farm Mortgage Corp
Department of Agriculture:
Rural Electrification Administration
Commodity Credit Corporation...
Farmers Home Administration
Federal Cron Insurance Corp.
Housing and Home Finance Agency:
Home Loan Bank Board:
Federal home loan banks
Federal Savings and Loan Insurance Corp..
Public Housing Administration11.
Federal. Housing Administration
Office of the Administrator:
Federal National Mortgage Association. . .
Other"
Small Business Administration
Export-Import Bank
Federal Deposit Insurance Corp
Teiviessee Valley Autbop'tv
Federal Maritime Board and Maritime Adm.. .
Panama Canal Companv
VeVrans Administration
Denartment of the Treasury
Foreicn ^Derations -A r!miriistration

\\\ other

437
7? 9
46
15
337
6 731
9

24
1

236
338
545

2 573

930

27
9 863
1 633
951

5 451
464
540
8 752
1. 637

921

363
??

43
61
42

638

156

1

640

5
i

3

"(a)""

(s)

9

8 2 2?3
22 2 .915 3,302
40
597
CO
22
-17
2
18
46

5
9

868

1 i2

(8)

47

94 2,462
189
71
1
25
8 2,826
3
171
267
1 94
384
11 7 3,935
12 1.624
1.27
222

1
152

1

641
228
377

105
340
26
2

(

96
1

1

18
39

631
(8)

((S)s)

(8)

1,739
4,798
421

90

46
13
3
80
379

(8)

3 4? 7

3
142
61

28
6
11

339
4
26

1 ,051
1
132

6S7

8
9

272
33

810

479

10
21

226
318
339

174

9 2 564
099
9

(8)

1
1 62 A

2 336

(S)

6
112
124

30

2,615 4 116

5

(8)
• •

9 50
84
46
15

127
90
53

27
736
543
897
295
451
533
8 779
1, 630
884

7
1
1
155 5

13

7
23

7
38

1
Loans by purpose and agency are shown on a gross basis; total loans and ail other assets are shown on a net basis, i.e., after reserve for
losses.
2
Several changes in coverage have been made over the period for which data are shown. The more important are: exclusion of the following
agencies after repayment of the U. S. Government interest—Federal land banks after 1946 and the Home Owners* Loan Corporation after
June 1.951; exclusion of the United States Maritime Commission (including War Shipping activities) after 1947, when this agency ceased to report
to the U. S. Treasury; and inclusion of the Mutual Security Agency (superseded by the Foreign Operations Administration) beginning June 1952
and of
the Federal Maritime Board and Maritime Administration beginning June 1953.
3
Figures for this agency for the early years shown have been adjusted to include activities of its predecessor, the Farm Security Administration, 4and of the Regional Agricultural Credit Corporation and also the Emergency Crop and Feed Loans of the Farm Credit Administration.
Figures for RFC Mortgage Co., whose assets and liabilities were taken over by the Reconstruction Finance Corporation in 1947, are included with "Other agencies" in 1.945 and 1946.
5The RFC Liquidation Act approved July 30, 1953 (67 Stat. 230) terminated the RFC's lending authority effective Sept. 28, 1953. Its lending
activities under the Federal Civil Defense Act of 1950 and the Defense Production Act of 1950 were transferred to the Treasury on that date.
When the Corporation went out of existence on June 30, 1954, certain loans, securities, and other assets were transferred to the Federal National
Mortgage Association, the Small Business Administration, and the Export-Import Bank, and the Treasury assumed responsibility for completing
liquidation of other activities.
^Reconstruction Finance Corporation loans to aid home owners, which increased steadily through the first three quarters of 1947 and during
1948, appear to have been included with "other" loans in the statement for Dec. 31, 1947.
^Figures adjusted to include certain affiliates of the Reconstruction Finance Corporation. Several of these—including the Defense Plant
Corporation, Defense Supplies Corporation, Metals Reserve Company, and Rubber Reserve Company—were merged with the parent effective
July 81, 1945. Most of their activities were reflected under "Commodities, supplies, and materials" and "Land, structures, and equipment."
Less than $500,000.
°Figures represent largely the Treasury loan to United Kingdom and through 1952 are based in part on information
not shown
in Treasury compilation.
I
°Represent.s lending under Mutual Security Agency (predecessor of FOA) included in the Treasury compilation beginning with balance
sheetI for June 30, 1952; figure not published in treasury compilation, but derived by Federal Reserve.
1 Reflects activities of the Federal Public Housing Authority under the U. S. Housing Act, as amended, until July 27, 1947, when these activities were transferred to the newly established Public Housing Administration. War housing and other operations of the Authority—shown on
the Treasury Statement with "ether agencies" through 1947—were not transferred to the PHA until 1948. Effective July 1, 1955, the public war
housing program of the PIIA (represented largely by "Land, structures, and equipment") and several small housing programs managed by the
Office1 2of the Administrator, Housing and Home Finance Agency, were designated to be liquidated by the Office of the Administrator.m
Beginning 1951. includes figures for Panama Canal Company, a new corporation combining the Panama Railroad Company (included in
earlier
Treasury Statements) and the business activities of the Panama Canal (not reported prior to that time). See also footnote 11.
1
a See footnote 11.
NOTE.—Statement includes certain business-type activities of the United States Government. Figures for some agencies—usually small
ones—-may be for dates other than those indicated. Comparability of the figures with those for years prior to 1944 has been affected by (1) the
adoption of a new reporting form beginning Sept. 30, 1944, and (2) changes in activities and agencies included (see footnote 2). For back figures
see Banking and Monetary Statistics, Table 152, p. 517,

MAY 1955




527

SECURITY' MARKETS l
Stock prices

Bond prices

Common

U. S. Govt.
(long-term)

CorMupoPrenicipal rate
(high- (high- ferred*
New grade)* grade)*
seTories 3
tal

Year, month,
or week
Old
series*

Number of issues.
1952 average
1953 average
1954 average
1954—Apr
May
June
July
Aug
Sept
Oct
Nov
Dec.
1955—j a n
Feb
Mar....
Apr
Week ending:
Apr.

Apr. 9
Apr. 16
Apr. 23
Apr. 30

2....

Industrial

Railroad

Volume
of
trading 6
(in
Manufacturing
Trade,
thoufinsands
Trans- Public ance, Min- of
Non- porta- utiland
ing shares)
tion ity servduTo- Duratal ble raice
ble

Securities and Exchange Commission series
(index, 1939—100)

Standard and Poor's series
(index, 1935-39=100)

Pub- Tolic
util- tal
ity

14

480

420

20

40

265

170

98

72

21

29

129.3 115.8 169.7 188
97.27
93 90 ioi!46 119.7 H 2 . 1 164.0 189
99.51 109.60 125.8 117.2 174.5 227

204
204
250

169
170
180

118
122
136

195
193
230

220
220
271

189
193
245

249
245
295

221
219
233

118
122
136

206 276
207 '240
236 267

1,313
1,419
2.270

223
232

3-7

1

15

15

17

31

280

212

132

220

266

237
254
257
260
267
284
298

291
288
294
301
309
313
324
345

221
225
234
237
236
240
259
285

134
134
139
141
140
138
141
144

226
228
236
243
247
249
260
268

270
266
257
263
268
269
278
310

2,089
2,096
1,919
2,469
2,588
1,963
2,103
3,196
3,475

326
340
337
347

307
320
318
327

344
358
354
365

288
300
305
320

145
150
151
152

270
276
275
277

314
315
315
311

3,555
3,201
2,907
2,689

341
344
350
350
351

323
324
330
329
329

358
362
368
368
370

309
316
323
326
329

151
152
153
152
153

275
278
280
277
276

317
313
312
309
305

2,816
2,358
2,868
2,895
2,576

100.36
99 68
99.49
100 36
100 28
99.92
99 69
99.27
98 97

109.65
109 39
109.74
111 07
111 50
110.68
110 59
109.88
109 91

123.9
123 6
123.9
126.9
128.4
127.2
126.9
127.4
126 6

118.1
117.5
117.0
117.5
117.8
117.6
117.5
117.4
117.0

174.3
173.8
172.9
173.3
174.7
175.8
178.1
178.9
178 3

213

233

164

133

216

253

220
222
231
236
239
244
252
265

242
244
255
261
264
271
282
297

173
176
184
187
182
187
197
218

135
135
140
142
141
139
141
144

223
224
233
237
240
244
254
268

263
263
275
280
286
291
305
323

97 88
96.97
97 08
96.31

108 43
103.51
103 63
103.43

125.4
125.0
124.4
124.9

116.7
115.7
115.4
11:. 3

175.7
175.0
174.6
176.0

269
278
278
286

302
312
311
322

222
232
238
252

145
150
150
152

271
281
280
287

96.76
96.34
96.35
96.30
96.21

103.59
103.34
103.38
103.52
103.47

124.6
124.6
124.8
124.9
125.1

115.5
115.6
115.1
115.1
115.2

174.5
175.4
1 76.5
176.3
175.9

278
282
286
289
288

312
316
321
325
324

238
244
251
258
255

150
151
152
153
152

282
285
289
289
290

r

r

Revised.
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% per cent bonds first callable after 12 years. Of these
the 1967-72 bonds are the longest term issues. Prior
3
to Apr. 1, 1952, only bonds due or first callable after 15 years were included.
The 334 per cent bonds of 1978-83 and, beginning Feb. 1,
1955, the 3 per cent bond of February 1955.
45 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
fl
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
firm
partners'
debit
balances investment investment
and trading and trading
(net)i
accounts
accounts

1951—June
December...
1952—June
December...
1953—June
December...

1,275
1,292
1,327
1,362
1,684
1,694

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

81,716
81,786
81,841
1,857
31,926
31,998
32,081
32,131
32,242
2,443

1955—January....
February...
March

32,558
32,653
32,701

10
12
9
8
7
8

375
392
427
406
347
404

Credit balances
Customers'
credit balances 1

Cash on
hand
and in
banks

Money
borrowed2

364
378
365
343
282
297

10

492

309

11

626

348

Other credit balances
In partners'
In firm
investment investment In capital
and trading and trading accounts
(net)
accounts
accounts

Free

Other
(net)

680
695
912
920
1,216
1,170

834
816
708
724
653
709

225
259
219
200
163
208

26
42
23
35
23
28

13
11
16
9
16
31

319
314
324
315
319
313

31,054
31,094
31,186
1,173
31,169
31,194
31,291
31,364
31,416
1,616

8787
3819
3836
838
3877
3910
3924
3924
3972
1,023

248

23

45

372

287

53

65

401

31,696
31,779
31,939

31,069
31,063
31,022

1
Excludes balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2)
of firms'
own partners.
2
Includes
money borrowed from banks and also from other lenders (not including member firms of national securities exchanges).
8
As reported to the New York Stock Exchange. According to these reports, the part of total customers' debit balances represented by balances
secured by U. S. Government securities was (in millions of dollars): January 42; February, 63; March, 49.
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.
Backfigures.—-SeeBanking and Monetary Statistics, Tables 143 and 144, pp. 501-503.
528
FEDERAL RESERVE BULLETIN




MONEY MARKET RATES
[Per cent per annum]

Year,
month, or
week

Prime
commercial
paper,
4- to 6months1

Finance
company
paper
placed
directly,
3- to 6-1
months

U. S. Government
securities (taxable)
Prime
bankers'
accept- 3-month bills
ances,
9-to 12- 3- to 590
month
year
days1 Market Rate issues2 issues8
on
new
yield
issues

1952 average
1953 a v e r a g e . . . .
1954 average, . . .

2.33
2.52
1.58

2.16
2.33
1.41

L .75
1.87
1.35

1.72
1.90
.94

1.766
1.931
.953

1.81
2.07
.92

3

1954—Apr
May,.
June
Aug
Sept
Oct
Nov
Dec

1.76
1.58
1.56
1.45
1.33
1.31
1.31
1.31
1.31

1.50
1.38
1.31
1.25
1.25
1.25
1.25
1.25
1.25

1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
L.25

.96
.76
.64
.72
.92
1.01
.98
.93
1.14

1.011
.782
.650
.710
.892
L.007
.987
.948
L .174

.90
.76
.76
.65
.64
.89
1.03
.94
1.10

1.71
1.78
L.79
L.69
1.74
L.80
1.85
1.90
1.94

1955—Jan
Feb
Mar
Apr

1.47
1.68
1.69
2.00

1.37
1.50
1.50
1.73

1.33
1.38
1.38
L.43

1.23
1.17
1.28
1.59

1.257
1.177
1.335
L.620

1.36
1.41
1.49
1.71

2.11
>.18
2.30
1.39

1 .74
1 .81
1.96
2.06
2.16

1.50
1 .59
1.73
1.75
1.85

1 .38
1 .38
.1 .38
1 .48
1 .50

1.37
1 .49
1.63
1 .65
1 .62

.374
. 466
.652
. 664
.697

1.53
1.68
1 .71
1.71
1.79

1.35
1.38
1.38
I 39
I A3

July

Week ending:
Apr. 2 . . .
Apr. 9 . . .
Apr. 1 6 . . .
Apr. 2 3 . . .

Apr. 3 0 . . .

BANK RATES ON BUSINESS LOANS
AVERAGE RATES ON SHORT-TERM LOANS IN
SELECTED CITIES
i Per cent per annum]
Size of loan (thous. of dol.)
All
Area and period
110100200
loans
10
100
200 and over
Annual averages:
19 cities:
1946
1947
1948
1949
1950
1951
1952
1953
1954

!.13
>.57
1.82

Quarterly:
19 cities:
1954—June
Sept.
Dec
1955—Mar
New York City:
1954—June
Sept.
Dec....
1955—Mar
7 Northern and Eastern cities:
1954—June...
Sept
Dec
1955—Mar.
11 Southern and
Western cities:
1954—June
Sept.
Dec
1955—Mar

1
Data are averages of daily prevailing rates.
2
Series includes certificates of indebtedness and selected
8

note and bond issues.
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, October 1947, pp. 12511253, and February 1955, p. 215.

3.1
3.1
3.5
3.7
3.6
4.0
4.2
4.4
4.3

2.2
2.5
2.8
3.0
3.0
3.4

3.6

4.2
4.2
4.4
4.6
4.5
4.7
4.9
5.0
5.0

3.9
3.9

1.7
1.8
2.2
2.4
2.4
2.9
3.3
3.5
3.4

3 60
3 56
3.55
3 54

4.97
4 99
4.92
4.93

4.35
4.32
4.29
4.29

3.89
3 82
3.84
3.83

3.37
3.32
3.31
3.30

3 34
3 29
3 30
3.29

4.75
4 81
4.66
4.68

4.24
4.21
4.15
4.14

3.71
3.54
3.64
3.65

3.19
3.13
3.15
3.14

3 61
3 57
3.55
3 55

5.04
5.07
4.99
5.02

4.31
4.34
4.31
4.32

3.83
3.94
3.89
3.84

3.42
3.36
3.33
3.35

3.98
3 95
3.90
3.87

5.05
5.03
5 01
5.00

4.43
4.39
4.36
4.35

4.05
3.91
3.93
3.92

3.67
3.68
3.60
3.54

2.1

2 1
2 5
2.7

2
3
3
3

7
1
5
7

3 7

NOTE.—For description of series see BULLETIN for March
1949, pp. 228-237.
BOND AND STOCK YIELDS L
[Per cent per annum]
Bonds

Industrial stocks

Corporate (Moody's) 5
Year, month,
or week

U. S. Govt.
(long-term)

Old
series 2

Municipal
(highgrade) 4

New
series 3

Aaa

Aa

30
3.04
3.31
3.06
3.00
3.03
3.06
3.04
3.03
3.04
3.04
3.04
3.04

15

120

30

3!l6
2.70

3 19
3.43
3.16

2.96
3.20
2.90

2.70
2.72
2.70
2 62
2.60
2.64
2 65
2.68
2.68

2.47
2.49
2.48
2.31
2.23
2.29
2.32
2.29
2.33

3.12
3.13
3.16
3.15
3.14
3.13
3.13
3 13
3.13

2.85
2.88
2 90

September...
October
November.. .
December. ..

2.47
2.52
2.54
2.47
2.48
2.51
2.52
2.55
2.57

1955—January
February....
March
April

2.65
2.72
2.71
2.77

2.76
2.92
2.92
2.92

2.39
2.42
2.45
2.43

3.15
3.18
3.20
3.21

2.93
2.99
3.02
3.10

3.10
3.13
3.13

Week ending:
Apr. 2
Apr. 9
Apr. 16
Apr. 23
Apr. 30

2.73
2.77
2.76
2.77
2.77

2.92
2.93
2 .93
2.92
2.92

2.44
2.44
2 .43
2.42
2 41

3.20
3.20
3.20
3.20
3 21

3.01
3.01
3.01
3.01
3.01

3.13
3.13
2.12
3.13
3.14

3-7

1952 average
1953 average
1954 average

2.68
2.93
2.53

1954—Aoril
May
June
July

1

By groups

By ratings
Total

2.19
2 72
2.37

Number of issues. . .

Dividends/
price ratio

2.89
2.87
2.89
2.87
2.89
2.90

3.06

A

Baa

Industrial

Railroad

PrePublic
utility ferred*

Common 7

"4.02
4.02
4.03
4.05
4.04
4.01
3.98
3.93
3.92
3.93

125
5.55
5.51
4.66
4.86
4.81
4.74
4.54
4.66
4.31
4.43
4.29
4.09

3.12
3.15
3.17
3.17

3.98
4.00
4.01

4.10
4.14
4.18

3.16
3.16
3.17
3.17
3.17

4.01
3.99
3.97
3.97
3.98

4.16
4.11
4.03
4.01
4.03

30

30

40

40

40

15

3.23
3.47
3.18

3.52
3.74
3.51

3.00
3.30
3.09

3.36
3.55
3.25

3.20
3.45
3.15

4.13
4.27

3.15
3.15
3.18
3.17
3.15
3A3
3.14
3.13
3.14

3.47
3.47
3 49
3.50
3 49
3.47
3.46
3.45
3.45

3 04
3.06
3.10
3.10
3.07
3.07
3.06
3.06
3.07

3.19
3.21
3.23
3.23
3.21
3.22
3.23
3.22
3.23

3.13
3.13
3.15
3.13
3.12
3.13
3.11
3.10
3.10

3.15

3.17
3.18
3.19

3.45
3.47
3.48
3.49

3.08
3.12
3.14
3.14

3.25
3.28
3.31
3.30

3.18
3.18
3.19
3.19
3.19

3.48
3.48
3.48
3.48
3.49

3.14
3.14
3.14
3.14
3.15

3.30
3.30
3.30
3.30
3.31

3.98

4.03

Earnings/
price
ratio
Com- 8
mon
125
9.49
10.14
8.75

9.00
7.42
8.15

8.25

1
Monthly and weekly data are averages of daily figures, except for municipal bonds and for preferred stocks, which are based on figures for
Wednesday.
"Figures for common stocks, except for "annual averages, are as of the end of the period (quarterly in the case of earnings /price ratio).
2
Fully taxable, marketable 2]/z 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.
•'* The 3J4 per cent bonds of 1978-83 and, beginning Feb. 1, 1955, the 3 per cent bond of February 1995.
4
Standard and Poor's Corporation.
" Moody's Investors Service, week ending Friday. Because of a limited number of suitable issues, there has been some variation in the number of6 bonds included in some of the groups.
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
s
Moody's Investors Service.
Computed by Federal Reserve from data published by Moody's Investors Service.
Back figures.--See Banking and Monetary Statistics, Tables 128-129, pp. 468-474, and BULLETIN for May 1945, pp. 483 -490, October 1947,
pp. 1251-1253, and February 1955, p. 216.

MAY

1955




529

TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS
[On basis of monthly statements of United States Treasury]
Summary
Increase or
decrease (—
during perio(

Excess of receipts
or expenditures ( —)

Budget receipts and
expenditures
Period

62
1, 770
- 1 . 488
603

4 , 295
6 , 064
4 , 577
5 , 180

321
389
346
563

146
176
131
111

2,693
4,368
3,358
3,461

1,134
1,132

-34

2,711
7,973
7,777
3,582

384
-72
-25
-4

-214
-401
-250
-303

-2,135
3,883
6,966
5,189

1, 839
-388
- 2 , 299
2 , 096

7, 357
6 , 969
4 , 670
6 , 766

338
333
132
875

250
355
210
274

5,680
5,106
3,071
4.836

1,089
1,175
1,256

-72
121
341
-312
C
648
164

-136
46
-71
99
-103
30

-255

-313
8,286
-1,320
9,097
-3,909
7,490

2 , 674
-904
- 1 , 394
-94
2 , 190
- 1 , 587

6 , 969
6 , 064
4 , 670
4 , 577
6 , 766
5 , 180

333
389
132
346
875
563

355
176
210
131
274
111

5,106
4,368
3,071
3,358
4,836
3,461

1,175
1,132
1,256

-375
271
-19
-135
387
-283
—288
358
126
-179
26
-80
n.a.

-53
123
32
-34
-83
163
-23
33
—26
511
-37
73
n.a.

811

- 1 , 567
700
1 280
- 2 542
1 233

4 , 787
5 , 487
6 , 766
4 , 224
5 , 457
5 . 145
6 , 663
7, 304
5 , 180
4 , 728
5 , 411
5 . 151
6 . 401

579
422
875
727
511
704
736
694
563
360
564
724
814

180
146
274
196
101
170
175
137
111
320
196
149
362

3,273
4,095
4,836
2.538
4 078
3,469
4.936
5.584
3,461
2,907
3,561
3,203
4.023

Expenditures

Cal. yr.—1951....
1952
1953....
19541....

52,979
64,840
63,841
61,171

56,337
70,682
72,997
64,854

-3,358
-5,842
-9,157
-3,683

759
49
82
'812

56
-90
25
-73

-106
-319
-209

Fiscal yr.—1951. . .
1952. . .
19531..
1954...
Semiannual totals:
1952—Jan.-June.
July-Dec..
1953—Jan.-June.
July-Dec, i
1954—Jan.-June.
July-Dec.
Monthly:
1954—Apr

47,568
61,391
64,825
64,655

44,058
65,408
74,274
67,772

3,510
-4,017
-9,449
-3,117

295
219
460
332

37,947
26,893
37,703
25,757
38,899
22,272

34,496
36,186
37,801
34,484
33,288
31,566

3,451
-9,293

2,751
3,592
10,644
2,827
3,911
4,951
2,639
4,201
3,742
4,655
5,427
9,741
n.a.

5,296
5,203
7,308
4,827
6,731
5,019
4,857
3,842
6,288
4,942
4,831
5,894
n.a.

-2,545
-1,611
3,336
-2,000
-2,820

May

June
July
Aug.. .
Sept
Oct

Nov
Dec

1955—Jan....
Feb
Mar
Apr

-68

-2,218

358

—2,546
-287
596

3,846
n.a.

Deposits in

General
fund
balance

Net
receipts

-98

(end of period)

Balance
in
general
fund

Sales and
Trust redemptions
Clearand
in
market
ing
other
of
Govt.
acaccount
counts obligations

Surplus
or
deficit

-8,728
5,611
-9,294

General fund of the Treasury

-64

-248
-250
c —5g
23

593

-511

146
-97

-222
21
104

-209

425

-186

354
36

n.a.

Gross
direct
public
debt

2,428
-2,215
-276
3,971
-145
3,942

i

-3i3

518
641
—2 124

101
— 103
-311
-257
-4,134
2,601

-451

682

-260
1 250

F. R. Banks
proc- Special
Aivail- In
ess of deposable
itaries
collecf unds
tion

Other
net
assets

742

1,045

781

742
781

1,045
756
824
781
764
767
801
816
889

1,045
1,142
1.089
1.074
1 ,201

Budget expenditures
National security
Internat'l

Period
Total

Total 2

DeMutual
affairs
fense
mili- Atomic and
Dept.,
tary
fienergy
milipronance 3
tary
gram

HousTransing
Post
fers
and Public office
to
home works def- trust Other
acfiicit
counts
nance

1.278
,813
L.889
,937

3,524
2,574
2,082
1,265

5,983
6,065
6,357
6,567

5,088
4,433
4,156
4,206

1.463

,508
,630
,653

694
646

3 , 238
3 , 137

-159
-393

1.438
L ,573
,685
,526

684
775
525
241

507
510
154
182

2,901
3 098
3,966
3,350

44,058
65,408
74,274
67,772

21,663 19,148
948
42,867 38,077 2 , 292
50,276 43,611 3 , 956
46,522 40,336 3 , 629

908
,648
,791
,895

3,798
2,839
2,184
1,553

5,613
5,859
6,504
6,382

5,288
4,748
4,249
4,176

,415
,424
,532
,640

535
1, 219
3 , 134
2 , 341

460
614
385

1,458
,515
,660
,519

624
740
659
312

397
567
462
164

2,706
3,015
3,229
3,277

34,496
36,186
37,801
34,484
33,288
31,566

23,444
24,491
25,596
23,750
22,773
20,047

20,652
21,426
22,134
20,819
19,517
17,290

1, 353
1, 699
2 , 113
1, 671
1, 958
1, 292

937
876
926
945
950
987

1,467
1,107
1,113
968
585
680

3,099
2,966
3,542
2,816
3,567
3,000

2,269
2,164
2,086
2,070
2,106
2,100

706
802
791
806
834
819

579
385
178
237
504
333

46

657
916
740
900
619
907

420
355
305
220
92
149

84
426
31
118
46
136

1,448
1,650
1,462
1,774
1,502
1,847

5,555
5,296
S 203
7,308
4,827
6,731
5,019
4,857
3,842
6,288
4,942
4,831
5,894

3,830
3,691
3,374
4,663
3,061
3,370
3,261
3,300
3,316
3,739
3,176
3,048
3,759

3,273
3,137
2,834
3,932
2,493
2,913
2,843
2,908
2,853
3,280
3,092
2,705
3,261

321
343
331
516
334
228
210
187
181
152

181
164
169
110
174
169
160
170
156
158
158
151
153

50
105
120
69
81
94
152
73
89
192
171
148
109

588
350
249

334
375
346
370
333
333
320
341
372
401
373
364
386

111
118
122
169
139
118
137
171
131
123
181
119
119

-54
— 195
-14
-85
49
-39
-5
6
96
—61
35
36
-17

102
116
109
114
156
137
158
164
142
149
101
89
85

91

6
9
5
17
56
4
1
9
1
65
6
1
1

303
259
198
20
468
344
309
279
212
234
273
290
270

56,337 33,044 29,432
70,682 47,936 42,078
72,997 49.363 42,953
64,854 42,820 36,807

Fiscal yr.—1951....
1952....
19531...
1954....
Semiannual totals:
1952—Jan.-June.
July-Dec. .
1953—Jan.-June.
July-Dec i.
1954—Jan.-June..
July-Dec. .
Monthly:
1954—Mar
May... .
June
July .
Aug
Sept
Oct
Nov
Dec...
1955—Tari
Feb
Mar

Agriculture

1, 594
3 , 052
3 , 784
3 , 249

Cal. yr.—1951
1952
1953
19541

Apr

Social
VetInter- erans
seest Admin- curity
on
proistradebt
grams
tion 4

-113

163
63

1,763

213
332
541
346
368

1,200

222
396
478

1, [)10
1, 564

2,
1,
1,
1,

194
168
594
248
270
2 , 339
144
170

-1,034

244
381
269
590

-615
222
424
-42

-176
-439

-40

148'
2
23
72
16

n.a. Not available.
'-Corrected.
beginning
new reporting basis, described in Treasury Bulletin, April 1954, p. A2.
2
Includes stockpiling not shown separately.
3
Consists of foreign economic and technical assistance under the Mutual Security Act, net transactions of the Export-Import Bank, other
nonmilitary
foreign aid programs, and State Department.
4
Excludes transfers to trust accounts, which are shown separately.

530




FEDERAL RESERVE BULLETIN

TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS—Continued
[On basis of monthly statements of United States Treasury, unless otherwise noted.

In millions of dollars]

Budget receipts
Deduct

Income and profits taxes
Individual

Period

Cal. yr.—1951 . . .
1952
1953.
19542....
Fiscal y r . — 1 9 5 1 . . . .
1952
1953 2
1954 . .
Semiannual totals:
1952—Jan.-June..
July-Dec
1953—Jan.-June..
July-Dec 2
1954—Jan.-June..

Corporation 1

Estate
and
gift
taxes1

Withheld

Other i

16 037

16,565
22,140
19,045
19,915
14,388
21,467
21,595
21,523

960

?1 351
f
>'\ 635

10,311
11,834
11,279
10,477
9,830
11,359
11,417
10,747

220
825
347
078
558
230

9,008
2 826
8,481
2 593
8,154
2,323

1 413
1 108
601
1 272
1 035
? 578
422
1 077
? 759
1 359

20 045
9? 605
?0 787

13 535
18 521

10
<)
11
11
10
10

Monthly:
1954—March. . . .
April
May

taxes

891
945

58,941
71, 788
71,. >?4
70,217
53,369
67,999
72,649
7 3 , 73

3,355
3,814
3,918
5,121
3,120
3,569
4,086
4,537

14,318
7,821
13,773
5,375
16,148
3,767

459
390
502
405
540
420

4,519
5,048
4,931
5,405
4,609
4,527

224
42
234
40
245
40

1,251
1,388
1,137
1,255
1,627
1,305

42,242
29,546
42,910
28,195
44,978
25,239

2,454

7,353

808
140

645
358

118
94
73
103
77
64
72

834
763
804
731
713
766
767

6
5
17
1
4
16
1
4
16
(8)
31
167
20

196
234
215
389
299
166
164

13,013
3,956
5,037
11,347

252
93

6,956
532
300

1,429
199
78
272
2,239

1,104
361
290
1,181
355

881
745

6,812

274

801

849
923
730
833

65
61
82
62

785
781
715
649

67
151

709
84.1

187
272
216
483
321

19.1

(on basis of Internal Revenue Service reports)

June

July
Aug.. .
Sept.
Oct
Nov.
Dec. . .
1955—Jan
Feb
Mar

50
21
71
45
20
76
47

940
906
616
150
85
70
8

21
94
64
17

39
56
82
48

64
46

208
741

11,434
2,751
3,592
10,644
2,827
3,911
4,951
2,639
4,201
3,742
4,655
5,427
9,741

3,1 48

4,801
5,280
2,887
4,905
4,217
4,833
5,954
11,089

188
554
329
113
255
562

Other accounts"'

7, 906

3 , 155

4 ,507

49
2 82
807
295
219
2
460
332

8, 315
123
8,
9 191
7, 251
8, 210
8, 529
8, 708

988
1, 127
1, 025
995
1, 032
835

-72
121
341
2-312
644
164

?11
74
?63
157
7328
-276
377
337
-322
S91
340
-269
n .a.

253
-375

2 , 707

2,547
2,549
2,781
2,783

,446
,662
,614
,543
,380
,565
1 ,655
1 ,580

2,790
3,054
3,262
3,131
2,841
2,824
3,359
3,127

1, 987
2, 115
2, 020
1 ,867
1, 936
2, 032
2. 151
2, 027

4,531
5,027
4,919
4,795
4,722
4,527

1,245
1,482
1,299
1,521
1,262
1,445

817
845
810
804
777
766

1,481
1,573
1,786
1,476
1,651
1,480

629

224

135

60

477

223
222
246
226
207
250
273
280
209
L55
81

130
130
147
123
141
137
134
124
108
131

50
727
11
38
692
3
42
696
10
27
676

n.a.

589
278
759
507
217
743
274

759

2,460
2,727
2,819

119
i.a.

37,947
26 893
37,703
25 757
38,899
22,272

Expenditures

8,682
9.558
9,714
9,248
8,704
8,971
9,946
9,517

n

2,000
451
2,700
395
2,982
339

Investments

Tobacco

n.a.

373
311
311
321
282
322

Receipts

Other

Liquor

561
713
765
766
786
778
719
654
707

1,922
1 891
2,195
1 722
2,815
2,305

604

575
738

Total*

Total

1,343

52 979
64,840
63 841
61,171
47,568
61,391
64 825
64,655

Social security,
retirement, and
insurance accounts

Excise and miscellaneous taxes
Manufacturers'
and retailers'
excise

620
603

2 098
2,451
3 137
3,322
2,107
2,302
3 118
3,377

509

683
628

Trust and other accounts

Internal revenue collections

Cal. yr.—1951
1952
1953
1954
Fiscal y r . — 1 9 5 1 . . . .
195.2. . .
1953
1954
Semiannual totals:
1952—Jan.-June.
July-Dec..
1953—Jan.-June..
July-Dec...
1954—Jan.-June..
July-Dec...
Monthly:
1954—Ma.x. . .
Apr
May

Net
budget
Refunds receipts
of
Old-age Railroad
retire- receipts
trust
ment
fund
account

2,337
2,639
2,570
2,932
2,263
2,364
2,478
2,882

? 916
1 721

Period

Appropriations to:

?3S
266
269
?8S
234
?^9
?77
?8S

1,342

884

Total
Other
budget
receipts receipts

8,591
9,566
10,288
9,136
8,693
8,893
9,934
10,014

?

July
. .
August. . .
September
October. . .
November.
December.
1955—Januarv
February..
March

Excise1
taxes

Unemployment
insurance

271
-19

-135

387

-283
-288
358
126

-179
26
-80

3,360
3,361
3,059
1,687

4 ,942
5 ,811
7 ,717
3 ,752
4 ,885
5 ,257
6 ,846

4, 242
4 073
4, 458
3, 660
5, 048
4, 143

2,009
1,495
1,564
823
864
313

768
436
1 212
1 467
389
1, 200
414
334
956
850
227
560
729

Investments*

271

Other 4

786

329
153

508
310

405

915

196
275
242
367

353
530
489
524

2 ,486
2 ,456
2 .802
3 ,003
3 ,843
3 ,874

223
106
136
37
331
74

404
105
3S5
-109
633
282

-74

689

44

25
330
888
-98
281
-82

665
630
651
648
606
682
640
641
657
704
697
733

18
61
-79
7
30
34
6
56
-58
200
47
58

144
-102

3, 504
2, 387
1, 177

-148
111
249

-334
-126

39

SO
-26
32
104
-63

-124
210
124
164
75
21

n.a.
Not available.
1
Corporation and estate and gift taxes are from Internal Revenue Service reports prior to July 1953.
Excise taxes and nonwithheld individual
taxes
for that period are obtained by subtracting IRS data from appropriate Treasury daily statement
totals.
2
4
Beginning new reporting basis. See footnote 1 on preceding page.
8Less than $500,000.
Excess of receipts, or expenditures (—).
5
Consists of miscellaneous trust funds and accounts and deposit fund accounts. The latter reflect principally net transactions of Government sponsored corporations, European. Payments Union deposit fund, and suspense accounts of Defense and other Government departments.
Investments of wholly owned Government corporations are included as specified in footnote 6, but their operating transactions are included in
Budget
expenditures.
.
0
Consists of Ca) net investments in public debt securities of Government sponsored corporations and agencies and other trust funds and
(b) beginning November 1950,7 net investments of wholly owned Government corporations and agencies, which prior to that date are included
with Budget expenditures.
Beginning July, includes undistributed depositary receipts.

MAY

1955




531

TREASURY CASH INCOME, OUTGO, AND BORROWING
DERIVATION OF CASH RECEIPTS FROM A N D PAYMENTS TO THE PUBLIC
[On basis of monthly and daily statements of United States Treasury and Treasury Bulletin. In millions of dollars]
Cash withdrawals, other than debt

Cash deposits, other than debt

Plus:

Less:
Plus:
Net
Trust
Budget acct.
rec'ts. rec'ts.

Period

Plus:
Less: Plus: Equals: Budget Trust
exIntra- Other Cash
Intraaddependi- and
Govt.
tures other Govt.
1
trans. 1 just- 2 posits
accts. trans.
ments

Exch. Clear- Trans, Other
outAccru- Stabi- ing
adside
als to lizaacjust- 2
publics tion4 count Treas.5 ments
Fund
acct.

Excess
of deposits
or
withdrawals

Equals:
Cash
withdrawals

(-)

Cal. yr.—1951. .
1952
1953
19546

52,979
64,840
63,841
61,171

8 582
8,707
8 596
9,571

2,221
2,150
1,989
2,086

56,337
70,682
72,997
64,854

4,397
4,825
5,974
7,182

2,221
2,150
1,989
2,086

567
734
575
565

-26
38
-82
-188

106
319
209
34

n. a.
n.a.
n.a.
-274
-35

58,034
1,304
72,980 - 1 , 5 8 3
76,529 - 6 , 0 9 0
68,896
-301

Fiscal yr.—1951 . . .
1952
1953«...
1954
Semiannual totals:
1952—Jan.-June. .
July-Dec.. .
1953—Jan.-June. .
July-Dec. 6.
1954—Jan-June. .
July-Dec. .
Monthly:
1954—Apr
IVlay
June
July
Aug
Sept.
Oct
Nov
Dec
1955—Jan
Feb
Mar
Apr

47,568
61 391
64,825
64,655

7,796
8 807
8,929
9,155

1,923
53,439 44,058
68,093 65 408
2 104
2,194 —215 71,345 74,274
2,097
101 71,815 67,772

3,945
4,952
5,169
6,769

1,923
2,104
2,194
2,097

477
710
694
509

-13
9
-28
-109

214
401
250
303

-79
-170
-155
-274

-215
118

45,726
7,714
67 786
307
76,407 - 5 , 0 6 2
71,974
-159

37,947
26,893
37,703
25,757
38,899
22,272

4,458
4,248
4,683
3,953
5,203
4,368

1,110
1,039
1,144

n.a.
n.a.
n.a.

1,110
1,039
1,144

1,248

- 2 4 27

2,298
2,527
2,642
3,405
3,364
3,817

338
396
298
277
234
331

22
16
-44
-38
-71

255
64
248
250
53
-23

n. a.
374
-71
-223
-202
188
-94

35,622
5,671
37,357 - 7 , 2 5 4
39,203
2,038
37,244 - 8 , 0 4 5
34,730
7,886
34,167 - 8 , 1 8 7

479

68
45
898
130
49
100
74
58
427
M
5J

—125

2 751
3 592
10 644
2 827
3,911
4 951
2,639
4,201
3,742
4,655
5 42 7
9 741
n.a.

1 230
1 448
434

1,224

457
370
994
890
268
600
778

n.a.

849

838

n.a.
n.a.
n.a.
-65

376
17

104
104

-173
289
-28

-318
-14
421

-582

n.a.
n.a.

332

59,338
71,396
70,440
68,595

41,293
30,104
41,241
29,199
42,615
25,980
3,036
4 882
11,298
2,958
5,375
5,280
2,617
5,122
4,626
4,299
6,306
10,943
3.651

34,496
36,186
37,801
34,484
33,288
31,566

810
5,296
5 203
568
7 308
658
4,827
660
6,731
526
5 019
788
4,857
800
3,842
469
573
6,288
4,942
581
653
4,831
5 894
761
n.a.
n.a.

849

1,248

838
68
45
898
130
49
100
74
58
427
42
53

na
n.a.

19
43
76
70
38
57
50
45
71
51
— 18
4
31

-U7
13
—33
-31
16
— 112
-6
-9
25
—8
—36
—6

—593
511
— 146
97
222
—21
— 104
209
—425
186
—354
— 36
n.a.

n.a.
n.a.

—24
38
—25
—39
—28
—8
—7
-1
— 11
-24
—40

— 111
105
93
— 170
407
— 145
—320
-33
449
-582
434

n a.

5 303
6 228
6 915
5 144
7 788
5 364
5 096
4,374
6 401
5,009
5 481
6 932
5,355

—2 267
— 1 347
4 384
—2 186
-2,412
—84
—2,478
748
-1,775
-710
825
4 010
-1,704

A
n.a. Not available.
Represents principally (1) interest payments between Treasury and Government agencies and trust funds, (2) transfers
shown
as Budget expenditures, and (3) payroll deductions for Federal employees retirement funds.
2
Represents
principally
adjustment for differences in reporting bases as between the monthly and daily Treasury statements.
3
Represents principally excess of interest accruals over payments on savings bonds and Budgetary expenditures involving issuance of Federal securities; the latter include mostly armed forces leave bonds and notes issued to the International Bank and Monetary Fund, which are
treated
as noncash expenditures at the time of issuance and cash expenditures at the time of redemption.
4
Cash transactions between International Monetary Fund and Exchange Stabilization Fund. (See footnote 3).
3
T
o
exclude net transactions not cleared through Treasurer's account in securities by Government agencies, adjusted in table below.
6
Beginning new reporting basis. See Treasury Bulletin for April 1954, p. A2. Cash withdrawals on the old daily statement basis are not
comparable to the new reporting basis, because data were not available for adjustments described in footnotes 2 and 5.

DERIVATION OF CASH BORROWING FROM OR REPAYMENT OF BORROWING TO THE PUBLIC

Period

Cal. yr.—1951
1952
1953
19547
Fiscal yr.—1951
1952
19537....
1954
Semiannual totals:
1952—Jan.-June..
July-Dec .
1953 —Jan.-June.. .
July-Dec. 7..
1954—Jan June.. .
July-Dec. ..
Monthly.
1954-Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1955—Jan
Feb
Mar
Apr

Plus:

Less: Noncash
debt transactions

Details of net cash borrowing from or
Equals: repayment ( —) of borrowing to the public 3
Net
cash
borrowSavDirect
Postal
ing, or
Sav.
Savrepay t. mktable. ings
bonds
and
Sys. Other «
ings
( - ) , of
(issue
conv.
special
notes
borrowissues 4 nrice)
issues
ing

Increase,
or decrease
( - ) , in
gross
direct
public
debt

Guaranteed

Nonguaranteed

Adjustment
for
trans,
outside
Treas.1
acct.

2,711
7,973
7,777
3,582
-2.135
3,883
6,966
5 189

18
12
22
-42
10
16
7
29

37
-102
-3
-31
374
-88
-32
-33

n.a.
n.a.
n.a.
-266
-79
-170
-155
-257

3,418
3,833
2,540
1,582
3,557
3,636
3,301
2,054

718
770
591
577
638
779
718
524

-125
-74
66
176
-149
-79
3
94

-1,242
3,353
4,601
906
-5,874
-695
2,763
2,255

1,999
5,778
64,829
3,071
-3,943
1,639
65,294
2,530

-313
8,286
-1,320
9,097
-3,909
7,490

3
8
-2
24
6
-47

-139
37
-69
76
-109
78

n.a.
n.a.
n.a.
-71
-183
-83

2,232
1,601
1,700
860
1,194
387

361
409
308
283
241
336

-45
-29
34
30
64
112

-2,998
6,351
-3,433
7,952
-5,694
6,600

-1,544
7,322
6-2,028
6,837
-4,307
7,378

-285
-955
-121
-829
618 - 1 , 3 3 5
-362
1,583
-19
-955
-156
-514

811
2,428
-2,215
-276
3,971
-145
3,942
101
-103
-311
-257
-4,134
2,601

4
1
1
-61
6
1
5
1
(8)
-10
3
6
5

-57
122
31
27
-90
161
-28
32
-25
521
-40
67
n.a.

-10
-37
—36
-36
90
-125
-9
-20
17
-24
62
n.a.
n.a

43
391
809
-91
311
-48
-142
167
191
-134
-79
97
n.a.

20
44
76
71
39
58
51
45
72
51
-17
5
31

-14
32
-1
30
-17
111
5
9
'-26
-1
7
35
5

699
2,046
-3,104
-356
3,645
-229
3,996
-107
-349
259
-143
-4,270
2,955

829
2,133
-2,773
-77
3,680
-105
4,129
-50
-198
-211
-241
-4,291
v3 ,124

32
5
-57
-137
33
-44
-12
12
-9
51
169
94
-88

Cash issuance of
securities of
Federal agencies

2
Net inv. \ccruals to public
in Fed.
Payts.
Int.
on
sec. by
in
sav.
Govt.
form
bonds
agen.
of
and
and tr.
Fed.
Treas.
funds
sec.
bills

- 1 .19)
-406
6 -344
-17.5
-467
-717
6-94
-381

-997
-1,099
46
-113 -122
-1,784
-162
248
-30
-195 -326
-1,469
-657 - 1 , 0 9 3
286
-155 -252
-1,209
-100 " - 1 7 3
-2,164
-239 -283
628

-82
-152
-267
-88
-64
-101
-64
-62
-136
-56
—59
-129
-42

-81
-32
-68
-94
-145
-50

-134
11
-20
-12
-268
-58

-21
-22
-16
7
-7
-8
-20
-22

-59
82
9
-61
3
28
-37
15
-6
501
16
-5
PlO

-26
-27
62
—30

r
n.a.
Not available.
pPreliminary.
Revised.
1
Adjustment described in footnote 5 above, plus other small adjustmerts for differences in reporting bases.
2
Differs from "accruals to the public" shown in preceding table, principally because adjustments to Exchange Stabilization Fund are included.
3
Includes redemptions of tax anticipation securities and savings notes used in payment of taxes.
4
Most changes in convertible Series B investment bonds, 1975-80, reflect exchanges of, or conversions into, marketable issues and thus cancel
out in this column. An exception was the sale for cash of about 300 million dollars in June 1952.
includes
cash issuance in the market of obligations of Government corporations and agencies and some miscellaneous debt items.
c
Excludes exchanges of savings bonds into marketable in bonds, 8the amount of 409million dollars.
7
Beginning new reporting basis. See footnote 6 above.
Less than $500,000.
532
FEDERAL RESERVE BULLETIN




TREASURY CASH INCOME, OUTGO, AND BORROWING—Continued
DETAILS OF TREASURY CASH DEPOSITS AND WITHDRAWALS *
[Classifications derived by Federal Reserve from Treasury data. In millions of dollars]
Cash deposits
Period

Total

Direct
taxes on
individuals 2

Direct Excise Social
taxes on and
ins.
corpo- misc.
rerations taxes ceipts 3

Interest on
debt

Social
Vetseerans curity
propro- 8
grams 7 grams

Other

2,098
2,451
3,137
3,358

58,034
72,980
76,529
68,896

33,194
47,971
50,294
42,400

3,498
2,612
2,000
1,089

4,137
4,230
4,589
4,666

6,121
5,209
4,885
4,668

4,915
5,617
6,648
8,587

6,169
7,341
8,113
7,485

8,693
8,893
9,978
9,694

5,839
6,521
6,849
7,196

2,531
2,801
2,704
5,180

2,107 45,726
2,302 67,786
3,151 76,407
3,419 71,974

21,823
42,935
50,250
46,422

3,785
2,848
2,156
1,457

4,052
4,059
4,658
4,633

5,980
5,826
4,920
4,947

4,458
5,206
6,063
7,645

5,628
6,912
8,360
6,870

19,687 14,318
13,041 7,821
20,329 13,773
14,478 5,272
19,036 16,378
12,899 3,734

4,519
5,048
4,931
5,357
4,338
4,479

3,386
3,202
3,656
3,031
4,165
3,490

1,383
1,443
1,252
1,507
1,681
1,754

2,000
451
2,700
437
2,982
376

35,622
37,357
39,203
37,244
34,730
34,167

23,466
24,505
25,606
24,398
22,024
20,376

1,489
1,123
1,069
930
526
563

1,984
2,246
2,413
2,334
2,299
2,367

2,709
2,500
2,420
2,465
2,482
2,186

2,741
2,876
3,247
3,368
4,277
4,311

3,233
4,107
4,448
3,748
3,121
4,364

763
397
6,903

735
787

378
1,188

277
251

907
616

5,303
6,228
6,915
5,144
7,788
5,364
5,096
4,374
6,401
5,009
5 481
6,932
5,355

3,612
3,384
3,964
3,465
3,644
3,251
3,149
3,314
3,552
3,191
3,100
3,569
n.a.

118
87

299
196

414
392

716
689

144
1,480

81
50
110

877
152
314

444
194
381

760
674
714

40
67
80
217

461
286
328
826

375
374
419
443

716
758
720
730

171
140
312

183
424
470
314

430
409
439
434

834
768
792

Fiscal yr.—1951
1952
19539
1954
Semiannual totals:
1952—Jan.-June. . . .
July-Dec
1953—Jan.-June....
July-Dec.»...
1954—Jan.-June
July-Dec
Monthly:
1954—Apr.

53,439
68,093
71,345
71,815

24-, 095
30,713
33,370
33,514

14,388
21,467
21,595
21,650

41,293
30,104
41,241
29,199
42,615
25,980

Sept.
Oct
Nov
Dec
1955—Tan
Feb.
Mar
Apr .

Nafl
Infl
sec.
afprograms 5 fairs 6

1,769
1,823
-1,744
$,435

59,338 27,149 16,565 8,591
71,396 32,728 22,140 9,566
70,440 34,807 19,045 10,288
68,595 31,936 20,112 8,817

June
July..

Other Deduct:
cash Refunds Total
inof recome 4 ceipts

6,362
6,589
6,693
7,654

Cal. yr.—1951
1952
1953 9
1954

May

Cash withdrawals

3,036
4,882
11,298
2,958
5,375
5,280
2,617
5,122
4,626
4,299
6,306
10,943
3,651

1,791
2,875
2,859
1
120
2,985
2,936
1,040
2,881
1,938
2,806
4,096
2,984
2,688

549
302

797
702
760

1,108
352
271
1,153

722
768
783
744

353
330

644
703
864
694

6,844
444

616
304

273
365
220

1,177
371
260
939
439

204
237
296
432

197

350
346
241
235

1,019
715
464

150
82
69

60
39
47
80
52
189
705
874

n.a.

n.a.

788
609

2,625
521
462
-488
635
200
641

1,351
n.a.

n.a.
Not available.
1
Beginning with July 1953, data are from the daily statement of cash deposits and withdrawals of the U. S. Treasury where available; otherwise 2from the monthly Budget statement. For a description of classifications prior to that date, see earlier issues of the BULLETIN.
Includes estate and gift taxes.
3
Includes taxes for old-age and unemployment insurance, carriers taxes, and veterans life insurance premiums.
4
Represents mostly nontax receipts.
6
Ircludes net redemptions of armed forces leave bonds.
6
Includes special International Bank and Monetary Fund notes.
7
Includes payments from veterans life insurance funds.
8
Includes benefit payments for old-age and unemployment insurance and Government employees and railroad retirement funds.
^Beginning new reporting basis, described in Treasury Bulletin for April 1954, p. A2.
UNITED STATES SAVINGS BONDS AND NOTES—SALES, REDEMPTIONS, AND AMOUNT OUTSTANDING
[In millions of dollars]
Savings bonds
Tax and savings notes
All series

Year or
month
Sales

Series A - E a n d H

Redemp- Outstandtions and ing (end of
maturities
period)

Sales

506
2332
2
47 8

19,451
19,504
19,452

50
55
125

4,498
4,443
4,318

169
137
95

2170
2
176
P2144

573
465
518

336
256
*334

742
602
614

2

38,515
38,721
38,914

57,967
58,225
58,366

1955—Jan.. .
Feb.. .
Mar. .

June

5,581
5,500
5,344
5,079
4,993
4,929
4,829
4,766
4,704
4,548

167
163
164
U89
295
172
183
173
158
2747

347
310
289
*386
346
339
322
293
293
347

July..
Aug
Sept..
Oct.. .
Nov
Dec...

306
81
156
265
86
64
100
63
62
156

128
122
110
130
115
131
97
87
82
112

474
390
354
392
393
415
367
369
384
445

514
473
453
*575
641
511
505
466
451
21,089

20,728
20,687
20,633
20,579
20,409
20,364
20,280
20,196
20,118
2
19,439

37,175
37,279
37,393
37,482
37,597
37,714
37,808
37,930
38,069
38,233

57,902
57,967
58,025
58,061
58,005
58,078
58,088
58,126
58,186
257,672

602
511
464
523
508
546
464
456
466
557

1954r-Mar. .
Apr.. .
May..

586
432
1,284

770

2,789
2,925
3,032
5,971
3,613
5,823
3,726
5; 730

Redemp- Outstandtions and ing (end of
period)
maturities
5,725
5,384
4,572
7,610
8,640
7,534
5,770
6,026
4,548

803
888
1,071
908
2,035
2,863

3,668
3,190
3,575
4,368
4,889

4,466
4,085
4,224
4,208

Sales

5,300
3,266
3,843
2,934
2,583
6,929
5,491
5,475
1,469

16,366
18,314
20,613
21,501
23,089
22,859
22,616
21,047
19,439

2,962
2,609
3,071
1,626
2,406

49,776
52,053
55,051
56,707
58,019
57,587
57,940
57,710
57,672

Redemp- Outstandtions and ing (end of
period)
maturities
611
708
829

33,410
33,739
34,438
35,206
34,930
34,728
35,324
36,663
38,233

6,278
4,915
4,858
4,751
5,343
5,093
4,530
5,661
6,773

. . .

Sales

5,667
4,207
4,029
3,948
4,455
4,022
3,622
3,625
3,910

7 427
6,694
7,295
5,833
6,074
3,961
4,161
4,800
6,173

1946
1947
1948
1949
1950
1951
1952
1953
1954

Redemp- Outstandtions and ing (end of
maturities
period)

Series F, G, J and K

^Preliminary.
*Due to a June 1954 change in the Treasury procedure for classifying paid savings bonds, unusually large amounts of Series E and F bonds
redeemed between June and October were not broken down as to issue price and accrued discount. Redemption figures in that period therefore
included
rather large amounts of accrued discount, which are being deducted in subsequent months.
2
Figures for December 1954 include 526 million dollars of unredeemed Series 1954 F and G bonds. In accordance with Treasury practice all
unredeemed bonds of these series were carried as outstanding interest-bearing debt until the entire series matured. Redemptions of matured bonds
in January, February and March 1955, not included in current redemption figures, totaled 185, 101. and 40 million dollars, respectively.
NOTE.—Sales, redemptions, and maturities of bonds are shown at issue price; amount outstanding at current redemption value. Maturities
of notes and of series A-D and F and G bonds are included as of maturity date (end-of-calendar year) and only interest-bearing debt is included
in amount outstanding.

MAY

1955




533

UNITED STATES GOVERNMENT DEBT VOLUME AND KIND OF SECURITIES
[On basis of daily statements of United States Treasury. In millions of dollars]
Public issues*
Marketable

Total
grO33
debt1-

Total
gross
direct
debts

Total

1940—Dec
1941—Dec
1942—Dec.
1943—Dec.
1944—Dec
1945--Dec
1946—Dec
1947—Dec
1948-Dec
1949—Dec
1950— Dec
1951—June
Dec
1952—June
Dec
1953—June
Dec

50,942
64,262
112,471
170,108
232,144
278,682
259.487
256,981
252,854
257,160
256,731
255,251
259,461
259,151
267,445
266,123
275,244

45,025
57,938
108,170
165,877
230,630
278,115
259,149
256,900
252,800
257,130
256,708
255,222
259,419
259,105
267,391
266,071
275,168

39,089
50,469
98,276
151,805
212,565
255,693
233,064
225,250
218.865
221,123
220,575
218,198
221,168
219,124
226,143
223,408
231,684

35,645
41,562
76,488
115,230
161,648
198,778
176,613
165,758
157,482
155,123
152,450
137,917
142,685
140,407
148,581
147,335
154,631

1,310
2,002
6,627
13,072
16,428
17,037
17,033
15,136
12,224
12,319
13,627
13,614
18,102
17,219
21,713
19,707
19,511

10,534
22.843
30,401
38,155
29,987
21,220
26,525
29,636
5,373
9,509
29,078
28,423
16,712
15,854
26,336

1954—Apr
May
June
July
Aug
Sept
Oct
Nov
Dec

271,127
273,555
271,341
271,005
274,982
274,838
278,786
278,888
278,784

271,047
273,475
271,260
270,984
274,955
274,810
278,752
278,853
278,750

227,806 151,104
229,913 153,325
226,681 150,354
226,528 150,342
230,214 154,020
230,033 153.963
234,161 158 448
234,160 158,152
233,165 157,832

22,014
22,019
19,515
19,512
19,508
19,510
19,509
19,507
19,506

19,377
18,577
18,405
18,405
18,277
18.184
18,184
18,184
28,458

1955—Tan
Feb
Mar
Apr

278,463
278,209
274,080
276.686

278,439
278,182
274,048
276.649

233,427
233,517
229,103
232,233

End of
month

Total

Bills

Certificates of Notes
indebtedness

Nonmarketable
Bonds
Bank
eligible ^

Bank
restricted

6,178
5,997
9,863
11,175
23,039
22,967
10,090
11,375
7,131
8,249
.39,258
35,806
18,409
18,963
30.266
30,425
31,406

28,156
33,563
44 .,519
55,591
66,931
68.403
69.866
68,391
61,966
55,283
44,557
42,928
41,049
48,343
58,874
64.104
63,927

4,945
12,550
24,850
52,216
49,636
49,636
49,636
49,636
49.636
36S961
36,048
27,460
21,016
17,245
13,400

26,809
31,923
31,960
31,964
31,967
32,001
36,188
36,196
28,033

74,230
72,133
71,802
71,790
75,596
75,597
75,597
75,596
76,129

8,674
8,674
8,672
8,671
8,671
8,671
8,669
8,668
5,706

157,834 19,507 28,462 28,037 81,828
157,752 19,505 21,455 35,280 81,512
153,350 19,505 17,722 34,989 81,134
156,578 19,507 20.932 35.007 81,132

Convertible
bond3

Total

5

Tax
and
savings
notes

Savings
bonds

Special
issues

' 13 ',573
12,060
13,095
12,500
12,340
11.989

3,444
8.907
21,788
36,574
50,917
56,915
56,451
59.492
61.383
66,000
68,125
66,708
66,423
65,622
65,062
63,733
65,065

3,195
6.140
15,050
27,363
40,361
48,183
49,776
52,053
55,051
56,707
58,019
57,572
57,587
57,685
57,940
57,886
57,710

2,471
6,384
8,586
9,843
8,235
5,725
5,384
4,572
7,610
8,640
7,8i8
7,534
6.612
5^770
4,453
6.026

5,370
6,982
9,032
12,703
16,326
20.000
24,585
28,955
31.714
33,896
33,707
34,653
35,902
37,739
39,150
40,538
41,197

11,910
11,899
11,861
11,857
11,853
11,820
11,787
11,780
11,767

64,792
64,690
64,465
64,329
64,341
64,250
64,226
64,228
63,565

57,967
58,025
58,061
58,005
58,078
58,088
58,126
58,186
57,672

5,500
5,344
5,079
4,993
4,929
4,829
4,766
4,704
4,548

41,049
41,367
42,229
42,152
42,479
42,407
42,238
42,355
42,566

11,764
11.738
11,710
11.692

63,830
64,027
64,043
63,963

57,967
58,225
58,366
58,326

4,498
4,443
4,318
4.279

42,268
42,047
42,097
41,691

1
Includes some debt not subject to statutory
debt limitation (such debt amounted to 507 million dollars on Apr. 30, 1955) 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 7,257 million dollars on Alar. 31, 1.955.
4
Includes Treasun' bonds and minor amounts of Panama Canal and Postal Savings bonds,
fi
Includes Series A investment bonds, depositary bonds, armed forces leave bonds, and adjusted service bonds, not shown separately.

OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED
[Par value in millions of dollars]

End of month

Held by
Total
U. S. Government
gross
agencies and1
debt
trust funds
(including guaranteed
Special Public
securiissues
issues
ties)

Held by the public

Total

Federal
Reserve
Banks

Commercial2
banks

Mutual
savings
banks

Insurance
companies

Other
corporations

State
and
local
governments

Individuals
Savings Other
bonds securities

Miscellaneous
investors*

1951—June
Dec
1952—June
Dec.
1953—June
Dec

50,942
64,262
112,471
170,108
232,144
278,682
259,487
256,981
252,854
257,160
257,377
256,731
255,251
259,461
259,151
267,445
266,123
275,244

5,370
6,982
9,032
12,703
16,326
20,000
24,585
28,955
31,714
33,896
32,356
33,707
34,653
35,902
37,739
39,150
40,538
41,197

2,260
2,558
3,218
4,242
5,348
7,048
6,338
5.404
5,614
5,464
5,474
5,490
6,305
6,379
6,596
6,743
7,022
7,116

43,312
54,722
100,221
153,163
210,470
251,634
228,564
222,622
215,526
217,800
219,547
217.533
214,293
217,180
214,816
221,552
218,563
226,931

2,184
2,254
6,189
11.543
18,846
24,262
23,350
22,559
23,333
18,885
18,331
20.778
22,982
23,801
22,906
24,697
24,746
25,916

17,300
21.400
41,100
59.900
77,700
90,800
74,500
68,700
62,500
66,800
65,600
61,800
58,400
61,600
61,100
63,400
58,800
63,700

3,200
3,700
4,500
6,100
8,300
10,700
11,300
12,000
11,500
11,400
11,600
10.900
10,200
9,800
9,600
9,500
9,590
9,200

6,900
8,200
11,300'
15,100
19,600
24,000
24,900
23,900
21,200
20,100
19,800
18.700
17.100
16,500
15,700
16,100
16,000
15,800

2,000
4,000
10,1.00
16,400
21,400
22,000
15,300
14,100
14,800
16,800
18.400
19,700
20,000
20,700
19,100
20,400
18,900
21,500

1,000
2,100
4,300
6.500
6,300
7,300
7,900
8.100
8,700
8,800
9.400
9.600
10,400
11,100
12,000
12,900

2.S00
5,400
13,400
24.700
36,200
42,900
44,200
46,200
47,800
49,300
49,900
49,600
49,100
49.100
49,000
49,200
49,300
49,300

7,800
8,200
10,300
12,900
17,100
21,400
20,100
19,400
17,600
17.000
17:600
16,700
16,400
15,500
15,400
15,500
16,600
15,600

2,300
4,400
7,000
9,100
8,100
8,400
8,900
9,400
9,700
10,500
10,700
10,600
11.600
11,700
12,800
12,900

1954—Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec

274,859
270,312
271,127
273,555
271,341
271,005
274,982
274,838
278,786
278,888
278,784

41,070
41,002
41,049
41,367
42,229
42,152
42,479
42,407
42,238
42,351
42,566

7,223
7,203
7,151
7,182
7,111
7,081
7,032
7,042
7,047
7,080
7,043

226,566
222,107
222,927
225,006
222,001
221,772
225,471
225,389
229,501
229,457
229,175

24,509
24,632
24,632
24,812
25,037
24,325
24,023
24,271
24,381
24,888
24,932

63,100
60,900
62,500
63,400
63,600
64,800
67,000
67,100
70,000
69,500
68,900

9,200
9,200
9,200
9,200
9,100
9,000
9,000
8,900
8,900
8,800
8,800

15.700
15,600
15,600
15,500
15,300
15,100
15,100
15,100
15,100
15,000
15,000

22,100
19,700
19,100
19,500
16,800
16,800
18,500
18,600
19,100
19,500
19,400

13,300
13,600
13.800
14,100
14,300
14,300
14.400
14,400
14,500
14,600
14,600

49,400
49.400
49;500
49,500
49,600
49,600
49,700
49,700
49,700
49,800
49,900

15,600
15,600
15,200
15,500
14,900
14,500
14,400
14,000
14,100
14,000
14,000

13,600
13,500
13,400
13,500
13.400
13,400
13,300
13.400
13,700
13,500
13,600

1955

278,463 42.268
278.209 42,047

7.167
7.202

229,028 23.885
228.960 23,605

68,400
66.600

8.800
8 .800

15.200
15,200

20.200
21.600

15.000
15,300

50,000
50,100

14,000
14.200

13,500
13.500

1940—Dec
1941—Dec
1942—Dec
1943—Dec
1944—Dec
1945—Dec
1946—Dec
1947—Dec,
1948—Dec
1949—Dec
1950—June. . , .
Dec

Tan
Fob

500
700

700
900

'Includes the Postal Savings System.
holdings by banks in territories and insular possessions, which amounted to 300 million dollars on Dec. 31, 1954.
Includes savings and loan associations, dealers and brokers, foreign accounts, corporate pension funds, and nonprofit institutions.
NOTE.—Holdings of Federal Reserve Banks and U. S. Government agencies and trust funds are reported figures; holdings of other investor
groups are estimated by the Treasury Department.
2
Includes
3

534




FEDERAL RESERVE BULLETIN

UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES
Direct Public Issues Outstanding April 30, 1955
|On basis of daily statements of United States Treasury, In millions of dollars]
Issue and coupon rate
Treasury bills 1

Certificated
May 17, 1955
Tune 22, -9:;5Aug. 15, 1955
Dec. 15, 1955

May 5,1955..
May 12, 1955. .
May 19, 1955. .
May 26, 1955 . .
June 2, 1955. .
Tune 9, .1955. .
'June 16, 1955. .
June 23, 1955. .
[line 30, 1955. .
July 7, 1955.
July 14, 1955.
July 21, 1955.
July 28, 1955.

1
2

las as and coupon rate

Amount

Sold o n discount basis.
T a x anticipation series.

Issue and coupon rate

Amount

IH;
I:s
, . 1-H
1M

3,886
3,210
8,477
5,359

Treasury notes
Dec= 15, 1955
1%
Mar. 15, 1956
1%
Apr. 1. 1956. . , . . . 1 H
Oct. \\ 1956
\y2
Mar. 15. 1957
2%
Apr. i; 1957
\yi
May 15, 1957
\%
Aug. 15, 1957
2
Oct. 1,1957
1
Apr,
1.19S8.......I" 1
Oct. 1,1958
:
Feb. 15, 1959
1
Apr. 1, 1959
1
Oct. 1, 1959
1
Apr. 1, 1960
V/>

6,854
8,472
1,007
550
2,997
531
4,155
3,792
824
383
121
5,102
119
99
1

Treasury
Mar. 15.
Sept.. 15,
Sept. 15,
Mar. 15,
June 15,
June 15,
Dec. 15,
Tune 15,
Dec. 15,
Nov. 15,
Dec. 15,
Seat. 15.
Nov. 15,
Aug. 15,
June 15,

Issue and coupon rate

bonds
1956 53.
1956-593
%
1956-59. . .2)4
1957-59.
%
1958
2
1958-633
1958
21959-62. . .2
1959-62. . .21960
2"
1960-653. .2 ;
1961
2L
1961
2M
1963
2*4
1962-67. . .2

Amcuxi

Treasury bonds—Coait.
Dec. 15, 1963-68. .2"
June 15, 1964-69,
Dec. 15, 1964-69,
Mar. 15, 1965-70
Mar. 15, 1966-71.
W e 15. 1.967-72.
Sept. 15, 1967-72.
Dec. 15. 1967-72.
Tune 15, 1978-83,
Feb. 15. 1995
.3

2,826
3,754
3,830
4,718
2,961
1,883
2,716
3,813
1.606
1,923

Postal Savings
bonds
2%
P a n a m a Canal Loan 3

21

Convertible bonds
Investment Series B
Apr, 1, 1975-80. . .2%

5C

11,692

See table on M o n e y M a r k e t R a t e s , p . 529.
s
P a r t i a l l y tax-exempt.

SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES •
Marketable and Cosveirtible Direct Public Securities
[Par value in millions of dollars]

Eind of month

Total
outstanding

U. S.
Govt.
agencies
and
trust
funds

Fed-

erai CommerRecial
serve banks
Banks

Mutual
saving
.JiH

Insurance
companies
Other
Life

Other

Type of security:

Total marketable
and convertible:
1952—Dec
1953—June
Doc
1954—June
Dec
1955—Jan
Fob
Treasury bills'
1952—Dec
1953—June
Dec
1954—June
Dec. ...
1955—Jan
Fob
Certificates:
1952—Dec
1953—June
Deo,
1954—June
Dec
1955—Jan
Fob
Treasury notes:
1952—Dec
1953—June
Dec
1954—June
Dec
1955—Jan
Fob
Marketable bonds:i
1952—Dec
1953—June
Dec
1954—June
Dec
1955—Jan
Fob

161.081
159,675
166,619
162,216
169,599
169.598
109;490

6,613
6,890
6,589
6,985
6,918
7,04.1
7,077

21,713
19,707
13,511
IS,515
19,507
19,507
19,505

86
106
102
48
51
104
63

24,697 35,828
24,746 51,365
25,£16 55,933
£5,037 56.199
24,932 61,082
23,885 60,517

8, 740
8, 816
8, 524
8, 353
8, 113
8, 157
23, CO/} 58,897 8, 161

9. 514
9, 347
9, 120
8, 667
8, S71
8, 532
8, 576

4 ,711
4 ,808
4 ,005
&,854
4 ,958
4 ,992
4. ,940
119
132
109
103
125

50,979
53,694
55,233
52,121
55,226
56,473
58,235

7,047
4,411
4.368
4.187
4; 399
1,160 4,268
883 3,807

137
120
128
98
75
113
95

484
327
410
520
537
715
675

16,712
15.854
25,386
18,405
28,458
28,462
2!,455

27 5,061 4,791
30 4,998 4.351
63 5,967 9,215
41 6,600 4,942
4 13,882 4,835
7 13,882 4,625
9 9,960 2,988

37
87
184
101
57
55
39

56
27
37
1
4
10

317 6,424
310 6,052
445 10,475
202 6,511
179 9,496
1S3 9,701
U-3

30,266
30.425
Si;406
31,960
28,053
28,037
35,280

18
23
8
64
46
98
83

13,774
13,774
15,288
13,029
6,044
6,038
9,959

10,955
10,355
11,510
11,423
13,649
13,558
15,287

49
62
130
221
242
278
274

8
6
52
89
67
76
73

483
529
6;!'5
592
675
639
701

79,890
81,349
77,327
80,474
81,835
81,828
81,512

3,046
3,300
3,377
3,395
3,378
3,393
3,482

4,522
4,522
3,667
3,093
2,802
2,804
2,802

32,349
32,063
30,671
35,481
38,037
37,904
36,651

7 163
7 232
0 820
8 669
6, 499
6, 473
6, 526

807
5! 855
5, 686
5, 164
4, 898
4, 868
4, 971

3 ,429
3 ,484
3 ,418
3 ,641
3 ,673
3 ,699
3 ,672

1,341
1.455
2; 993
2,316
2,204

End of month

Total
outstanding

12,518
13,155
11,402
12,248
12,115
138 13,009
124 13,858

Type of security:
Convertible bonds
(Investment
Series B):
1952—Dec
1953—June
Dec
1954—June
Dec
1955—Jan
Fob
Marketable securities, maturing:
Within 1 year:
1952—Dec
1953—June
Dee
1954—June
Dec
1955--Jan
Fob
1-5 years:
1952—Dec
1953—June
Dee
1954—June
Dec
1955—Jan
Fob

4,978
5,678
5,814 5-10 years:
1952—Dec
6,531
1953—June
7,310
Dec
7,320
1954—June
8,902
Dec
3955—Jan
23,072
Fob
24,890
.23,688 After 10 yearn:
23,032
1952—Dec
1953—June
22,548
Dec
22,687
1954—June
23,408
Doc
1955—Jan
Fob

U.S.
Govt.
agencies
and
trust
funds

Federal
Ke~
serve
Banks

Com- Mumer- tual
savcial
ings
banks banks

Insurance
companies
Othei
Life

Other

12,500
12,340
11,989
11,861
11,767
11,764
11,738

3,438
3,439
3,439
3,439
3,439
3,439
3,439

56,953
64,589
73.235
60,123
62,827
02,820
48,570

133
163
175
107
70
154
82

14 ,749
15 ,505
16 ,972
16 ,280
19 ,417
18 ,369
.14 ,077

18, 998
19, 580
25, 062
17, 684
15, 738
15, 124
8, 7G2

263
476
475
294
159
254
147

532
733 23,547
390 1,082 27,393
468 1,061 29,023
652 24,568
537
546
598 26,301
743
623 27,553
679
380 24,414

37,713
32,330
29,367
27,965
29,606
29,610
41,885

31
152
192
205
137
156
183

7 ,146
6 ,452
6 ,155
6 ,307
3 ,087
3 ,087
7 ,099

22, 381
18, 344
16, 056
14, 624
18, 846
18, 874
23, 045

259
464
431
476
502
500
53S

48
910
109
914
980
123
890
155
1,022
158
165 1,026
167 1,160

6,938
5,895
5,430
5,308
5,855
5,802
9,693

22,834
18,677
20,292
30,542
33,677
33,687
33,687

546
422
418
494
477
496
497

1 ,387
1 ,374
1 ,374
1 .035
1 i014
1 ,014
1 ,014

11, 058
8, 772
10 051
18 741
21 101
21 134
21 159

1 ,775
1 ,395
1 ,315
1 ,389
,544
1 ,518
1 ,459

880
745
725
516
439
433
424

1,348
1,104
1,198
1,655
1,664
1,643
1,631

5,835
4,865
5,211
6,711
7,439
7,450
7,505

31,081
31,739
31,736
31,725
31,719
31,717
33,609

2,464
2,723
2,765
2,740
2,796
2,796
2,877

1 ,415
1 ,415
1 ,415
1 ,415
1 ,415
1 ,415
1 ,415

207
488
595
985
234
2.23
738

5,091
5 ,167
5 ,039
4 .930
4 ,668
4 ,647
4 ,790

4 ,870
4 ,969
4 ,868
4 ,582
4 ,364
4 ,326
4 ,450

1,361
1,356
1,339
1,339
1,369
1,397
1,467

10,673
11,621
11,716
11,734
11,874
11,912
12,872

185
182
168
165
163
162
163

5
4
4
4
5
5
5

1,352 3 ,179
1 314
1 !284
1 ,265
1 ,239
1 ,238
I ,227

3 ,133
2 ,935
2 .879
2 ,865
2 ,864
2 , 850

380
353
328
317
305
304
302

3,987
3,919
3,854
3,800
3,756
3,756
3,750

•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

1955




535

NEW SECURITY ISSUES*
[Estimates, in millions of dollars]

Proposed uses of net proceeds,
all corporate issuers 6

Gross proceeds, all issuers'i

1939
1940

Total

5,687
6,564

Fedand
U.S.
eral
mu- Other « Total
Government 3 agency 4 nicipal

13

109

1,128
1,238

50

2 , 517

38
1

956
524

30
5

1941
1942
1943
1944.. . .
1945

15.157
35,438
44,518
56,310
54,712

1 1 , 466
846
4? 815
57, 474
47,

1946
1947 .
1948
1949 .
1950

18,685
19,941
20,250
21,110
19,893

10
10,
10
11,

717
589
327
804
Q, 687

357

1951
1952
1953
1954 .

21,265
27,209
28,824
'29,765

9, 778
1? 577
957
53?

'1 948
'1,958
'4,388
'2,422
'2,167
'1,279
'2,12.5
'6,544
'1,350
'2 552

602
511
2 , 669
523
508
546
464
4 fill
466
557

'2,706
'1 431
2,552

74?
602
614

19=54—Mar
Apr

June
July

Aug
Sept
Oct. . .
Nov
Dec

1955—Tan..
Feb
Mar

Bonds

State

?

2
1
506

n,

435
661
795

24

97
22
47

Pre- Common
PubPri- ferred
stock
stock
Total licly vately
offered placed

2,164 1,979
2,677 2,386

1,276
1,628

108

420
T62

325

183

26

19

69 1,695
174 1,854

2,667 2,389 1,578
811
1,062
917
411
506
1,170
990
621
369
3,202 2,670 1,892
778
6,011 4,855 3,851 1,004

167
112

110 1,<340
(S47
34

868
474

28
35

144 1,583
396
138

308
657
1 080

27
47
133

73
49
134

,279

231
168
234

379
356
488

2,868
1,352

226

363

486
664
260

216
30

6,900
6,577
7 078
6,052
6,361

4,881
5.035
5 973
4,890
4,920

110
459
106
458

3,189
4,401
5,558
6,969

446
237
306

'289

7,741
9,534
8,898
'9,516

5,691 2,364
7,601 3,645
7,083 3,856
'7,488 '4,003

570

'64

300
652
615
459
906

8
2
3
4
71

'712
'500
'639
'419
'851
'649
'1,041
'792
'1,253 '1,085
'424
'352
'1,008
'886
'813
'1,130
'422
'321
'1 019
'854

541

35
1
9

123
184

716

735
783
855
280

'328
509

1
5
4
3

New
lanemoney 7 ous
purposes

Total

Retirement
of
securities

758

703

56
451
156

132
282

Retirement
of
bank
debt,
etc.«

Misi

1,157
2,324
2,690
2,907
3,532

71
80

New capital

Corporate

Noncorporate
Year or
month

'672
'501
1,420

3,019
2,888
2 963
2,434
2,360

226

216
'422
343
714
166
581
470
116
288

'484
'364

569

/108

124
369
758

56
163
397

1,862 1,126
2,147 761
3 010 492
2,455 424
2,560 631

891
778
614

4 ,591

838
564
489

1,212
1,369
1,326
'1,213

7, 170 6 ,531
8 716 8 ,180
8 , ' 195 7 ,960
r
7 , ion ' 6 ,780

'68

'145
111
73
118
'92

3,326
3,957
3,228
'3,484

'816

'273
'203
'227
'449
'371
'186
'305
'343
'205
'566

'109
'129
131
'76
'45
'60
52
37
'62

'232
'208

252
156
524

871

87

98

'53
25
37

346

1 , U7

$ i*89
5, 15
6 (551
736 5 , , 558
811 4 '590

'27
62

'265
'64

'103
135

'113
512

,929
4 ,606
4 ,006

537
535

'709

'553
'483
'596
'789
'87,8
'304
'705
'856
'244
'515

546
r 436
1, 261

1 ,190

'1,875
'63

'82

'14
'60
'53
'81

'130
'181
'183
'329

'31
'42

'247

'82

'146

'465
'362

307

401
637
620 1,271

315
364

SS5
197
r S56
'842
'909
33 5
r 747
1 , 101
r?.9O
r 504

r

789

2,389
4,555

109

'46
'89

'123
'400

'81
'74
71

'114
'56
135

P r o p o s e d uses of net proceeds», by major groups of corporate Issuers
Commercial and
miscellaneous

Manufacturing
Year or
month

1949
1950
1951
1952. . . .
1953
1954' . . .
1954—March
April
May
June
July
August
September..
October
November..
December..
1955—January'
February'
March

Total
net
proceeds

Total
net
proceeds

itaP

1,391
1,175
3,066
3,973
2,218
2,234

1,347
1,026
2,846
3,712
2,128
2,044

44
149
221
261
90

338

310

190

923

474
462
512
502
831

'106
'84
'205
'295
'525
'116
'149
'278
'108
187

'99
'76

'7

68

186
84
632

New

'273
'520

Retirements 10

538
518
536
542

'8
'6

'75
'42

'23
'5
'10

'93

'100
'55

'58
'144
'74
'137

'109
'273
'105
123

'40
'5
'3
'64

163
68
547

23

50

16
85

100
96

Transportation

New Retire, Total
net
cap10
proital* ments ceeds
28
63
56
24
40
93

795
806
490
983
589
771

Public utility

New Retire- Total
net
proitaf* ments i° ceeds
784
609
437
758
553
501

62
'63
'41
'90
'68
'41
'58
'127
'73
'132

'6
'12
'1
4
'32
'14
1
'16

'46
'70
20
'40
'91
'46
163
'47
69
70

'40
'60
'46

45
88
94

5
12
3

80
8
36

8
36

'42

'58
20

11
196
53
225
36
270
'4
12
31

'40
'22
18
52

'123
25
51
18

37

43

?

,276

2 ,608

,412
2 ,626
7 ,972
,665

New Retire- Total
net
10
capproital* ments ceeds
€

} 043

i

1,927
'

?R3

682
85
88

i

2,539
ft, 905

<

>,, 675

67
WO

'363
309
'502
'431
'321
'158
'247
'272
'61
459

VfS
237
'330
'373
'188
104
'174
'212
46
'153

4fi
'72
173
'58
'13?
55
'74
'60
'15
'305

239

198
101
196

41
8
27

108
224

Real estate
and financial

Communication

•557
395

W)5
753
R74
711

Total

New

net
cap- Retire-l0 proital* ments ceeds

517
314
600
747
871
651

49

81
5
6
60

9,7
'329
98
'74
44

'28
26
40
rg
2
'25
326
98
'20
43

54
1

7
44
27

6
26
21

18
6

'98
26
40
9

rj

'1
'3-

2

New Retire18
capital* ments
558

593
739
515
508
1,561
1,061

639
449
448
1,536
788

88
'63
'27
'156
'199
'14
'4 7
'274
'27
'108

88
'38
'26
'58
'71
'12
'41
'270
'26
'100

97
148
381

97
145
368

35
1W
66
60
24
273

25
1
'98
128
'2

'7
'4
'1
'8
2
13

' Revised.

1
Estimates of new issues sold for cash in the United States.
2
Gross proceeds are derived by multiplying
principal amounts
8
4

or number of units by offering price.
Includes issues guaranteed.
Issues not guaranteed.
'Includes foreign government; International Bank; and domestic eleemosynary and other nonprofit.
•Estimated net proceeds are equal to estimated gross proceeds less cost of flotation, i.e., compensation to underwriters, agents, etc., and
expenses.
7
Includes proceeds for plant 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.
i n c l u d e s all issues other than those for retirement of securities.
"Retirement of securities only.
Source.—Securities and Exchange Commission.

536




FEDERAL RESERVE BULLETIN

SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS
[In millions of dollars]
Annual

Industry

1949

1950

1951

Quarterly

1952

1953

1953

1954
2

1954

3

1

4

4

3

2

Manufacturing
Total (200 corps.):
Sales
Profits before taxes
Profits after taxes
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 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 after taxes

37,948
5,168
3,186
1,710

45,351
8,042
4,143
2 295

52,444
8,702
3,486
2 036

53,905
7,147
3,117
2,031

62,665 57,457 16,566 15,459 14,902 14,233 14,776 13,401 15,047
8,225 7,093 2,484 2 093 1 395 1 754 1 923 '1 54<) 1 ,868
3,560 3,750
885
928
'790 1,093
892
891
977
765
2 110 2 330
491
495
524
'=518
631
523

14,051 15,994 18,670 18,908 20,276 20 192 5 116 5 082 5 084 4 961 4 972 '4 955 5,304
1,975 2,847 3,324 2,715 2,908 2,658
676
782
'637
783
669
581
676
1,297 1,599 1,481 1,313 1,446 1,531
433
'357
355
376
371
365
376
333
942
912
934 1,020
759
894
219
'230
222
229
275
228
23,897 29,357 33,774 34,997 42,390 37,265 11,450 10,377 9,817 9,272 9,804 '8,446 9.743
3,193 5,195 5,378 4,432 5,317 4,435 1,702 1,309
'912 1,192
814 1,084 1,247
660
1,888 2,544 2,005 1,804 2,114 2,219
573
'433
509
521
600
526
432
950 1,352 1,142 1,119 1,176 1,310
272
274
'288
356
296
294

4,223 4,402 4,909 5,042 5,411 5,464 1,346 1,355 1,394 1.337 1,351 1 , 3 3 9
461
122
434
532
446
473
465
128
131
107
99
132
224
'59
289
204
268
227
54
211
46
57
54
63
154
149
161
154
154
159
37
'39
37
45
36
36
3,680 4,577 5,574 5,695 6,071 5,917
693 1,133 1,421 1,200 1,260 1,133

1,568

1,506

1,453

1,434

1,471

591
479

346
125
90

330
124
91

224
121
127

272
133
98

271
136
98

3,907 4,260 4 966 5,290 5,757 5,883

1,410

415
321

572
448

496
363

458
381

493
398

552

673

869

689

796

428
191

464
223

532
247

495
268

571
274

578
285

854
377

776
381

575
367

793
377

1 473 1 498 1 479 1,442

1,437
108
56
45

1,461 1,551
322
'268
132
'95

190
188

1 440 1,522

713

195

229

176

214

189

165

145

714
404

212
88

203
88

196
113

150
100

179
92

151
92

234
120

128
541
127
129
157
148
138
155
73
66
74
69
67
68
68
278
8,187 10,446 12,497 11,557 13,750 11,517 3,653 3,476 3,194 2 910 3,019 '2 715 2,873
405
993 1,700 2,092 1,161 1,824 1,370
305
560
295
301
359
510

4,363 5,071 6,183 7,082 8,009 7,74f 2,045 1,959 2,038 1,917 1,937 1,864 2,028
209
520
850 1,003
974 1,009
897
298
241
237
199
193
252
143
321
425
370
380
402
107
'102
469
103
95
115
117
138

208

192

200

239

263

49

49

90

58

64

65

76

9,577 11,805 12,496 12,825 16,377 13,940 4,657 3,917 3,495 3,485 3,731 2,922 3,802
476
1,473 2,305 1,913 1,945 2,048 1 ,741
714
532
299
451
434
235
229
127
861 1,087
698
747
827
211
257
705
168
168
214
451

671

479

462

463

529

114

114

117

114

113

106

196

Public Utility
Railroad:
Operating revenue
Profits before taxes
Profits after taxes
Dividends
Electric power:
Operating revenue
Profits before taxes
Dividends
Telephone:
Profits before taxes
Dividends

8,580 9,473 10,391 10,581 10,664 9,371 2,732 2,755 2,582 2,275 2,335 2,366 2,395
319
226
700 1,385 1,260 1,451 1,404
900
397
399
272
199
156
438
252

784
312

693
328

832
338

871
412

674
379

231

73

234
79

219
162

88
96

136
73

172
74

277
136

5,069 5,528 6,058 6,549 '7,136 7,610 1 , 7 3 2 1,721 1 , 8 2 6 1 , 9 8 4 1 , 8 1 9 1 , 8 3 1 1,976
513
487
478
428
1,129 1,313 1,482 1,740 '1,895 2,049
'458
'460
'570
288
'247
'260
'321
'264
757
822
947 '1,030 1,140
'231
'266
814
224
194
212
210
560
619
651
725
857
211
'780
'192
'212
2,967 3,342 3,729 4,136 4,525 4,902
925 1,050
580
691
787
333
207
213

331
276

341
318

384
355

452
412

525
448

1,126

1,129

1,178

1,174

1,210

234
114
101

220
107
104

248

242
116
109

262
125
111

t

122
108

1,233 1,285
262
141
112

284
143
116

'Revised.
Includes 26 companies in groups not shown separately, as follows: textile mill products (10); paper and allied products (15); miscellaneous (1).
Includes 25 companies in groups not shown separately, as follows: building materials (12); transportation equipment other than automobile
(6); and miscellaneous (7).
NOTE.—Manufacturing corporations. Data are from published company reports, except sales which are obtained from the Securities and
Exchange Commission.
Railroads. Figures are for Class I line-haul railroads (which account for 95 per cent of all railroad operations) and are obtained from reports
of the Interstate Commerce Commission.
Electric power. Figures are for Class A and B electric utilities (which account for about 95 per cent of all electric power operations) and are
obtained from reports of the Federal Power Commission, except that quarterly figures on operating revenue and profits before taxes are partly
estimated by the Federal Reserve, to include affiliated nonelectric operations.
Telephone.
Revenues and profits arc 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).
1
2

MAY

1955




537

NET CHANGE IN OUTSTANDING CORPORATE SECURITIES *
[Estimates, in millions of dollars]

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

1939
1945

6.4
19 0

1.4
10 7

5.0
8 3

3.8
4.7

1947
1948..
1949
1950...

29.5
32.8
26.2
40.0

11 3
12.5
10.4
17.8

18 2
20.3
15.8
22.1

6.5

1951. . .
1952
1953. .
1954

41.2
37 2
39.4
35 0

22.5
20 0
21.1
17.2

18.7
17 2
18.3
17.8

9.1
9.1
9.4
9.9

1.2
3.6

1953—3
4. . . .

40.9
32.5

21.9
17.4

19.0
15.1

9.5
9.6

1954—1
2
3
4
1955—11 . . .

34.5
34.5
34.2
36.8
40.0

17.0
17.0
16.8
18.1
19.7

17.5
17.5
17.4
18.7
20.3

9.6
9.6
9.8
10.4
10.0

9.6
8.1
8.9
7 .9
9.5
5.5
7.9
7.9
7.6
8.3
10.3

1953—4. . . 2,455
1954—1.
2.
3.
4.

Stocks

New RetireNet
New Retire- Net
New Retire- Net
issues ments change issues ments change issues ments change

1947
6 882
1948
7,570
1949
6,731
1950 . . . 7 224
1951
9,048
1952
10,679
1953
9,550
1954
11,715

11.7
13.0
8.3
12.9

7.2
7.5
9.2

Bonds and notes

All types
Year or
quarter

In- Profits Cash Undiscome after
divi- tributed
taxes taxes dends profits

..
..
..
..

2,700
2,858
3,027
3,128

2 523
1,683
1,875
3 501

4 359
5,887
4,856
3,724

5,015
5,938
4,867
4,806

2 011
1,283
1,583
2,802

3,004
4,655
3,284
2,004

1,867
1,632
1,864
2,418

512
400

1,355
1,232
1,572
1,720

2,772
2,751
2,428
5,353

6,277
7,927
7,121
6,361

5,682
7,344
6,651
7,872

2,105
2,403
1,896
3,897

3,577
4,940
4,755
3,975

3,366
3,335
2,898
3,843

666

2,700
2,987
2,366
2,386

639

1,816

1,785

508

1,277

670

131

539

977
1,139
1,314
1,923

1,724
1,719
1,714
1,205

1,619
1,863
2,314
2,075

758
847
938
1,354

862 1,081
995
1,016
713
1,377
721 1,053

219
292
376
569

862
703
337
484

292
698

348
533
1,456

1
Reflects cash transactions only. As compared with data shown on p. 536, 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. 536.
Source.—Securities and Exchange Commission.

1
Preliminary estimates by Council of Economic Advisers.
Source.—Department of Commerce.

CURRENT ASSETS AND LIABILITIES OF UNITED STATES CORPORATIONS *
[Estimates, in billions of dollars]
Current liabilities

Current assets

End of year
or quarter

Net
working
capital

Total

Cash

U. S.
Government
securities

Inventories
U. S.
Govt. 2

1939
1945..

24.5
51 6

54.5
97 4

10.8
21 7

2.2
21 1

1947
1948
1949
1950..

62 1
68.6
72.4
81.6

123.6
133.0
133.1
161.5

25.0
25.3
26.5
28.1

14 1
14.8
16.8
19.7

1951
1952 r.
1953 r

86 5
90.1
92.6

179 1
186.2
189.6

30.0
30.8
30.9

20.7
19.9
21.0

93 1
94.4
95.5
95 8

183 3
179.6
183.9
187.3

28 1
29.1
30.3
31 .7

19 2
.16.4
18.1.
19.3

2 8
2.4
2.3
2.4

. .

1954 -1 i".
2'
3'
4

Notes and accts.
payable

Notes and accts.
receivable
Other

Total
U. S.
Govt. 2

Other

22.1
23 2

18.0
26 3

1.4
2 4

30.0
45 8

1.1

55.7

44.6
48.9
45.3
55.1

1.6
1.6
1.4
1.7

61.5
64.4
60.7
79.8

.4

2 7
2.8
2.6

58 8
64.6
64.8

64 9
65.8
67.9

2 1
2.4
2.4

92.6
96.1
97.0

1.3
2.3
2.2

63 0
63.2
65.1
66.2

67 7
65.9
65.4
65.1

2 5
2.6
2.7
2.6

90 2
85.2
88.4
91.5

2 5
2.4
2.6
2.4

.0
2 7
3i .3
42.4
43 0

Other

.0
9
37 .6
39 .3
37 .5

Federal
income
tax
liabilities

Other

21.9
24.8

1.2
10.4

6.9
9 7

47.9

10.7
11.5
9.3
16.7

13.2
13.5
14 0
14.9

53.6
57.0
56.3

21.3
18.1
19.2

16.5
18.7
19.3

52 9
51.6
52.0
53.7

15 3
12.0
.14.0
15.7

19 5
19.2
19.8
19.7

r
Re vised.
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 1
[Estimates, in millions of dollars]

Total

Manufacturing

Mining

Railroads

Transportation
other
than
rail

1939
1945

5,512
8,692

1,943
3,983

326
383

280
548

365
574

520
505

302
321

1,776
2,378

1948
1949
1950
1951

22,059
19,285
20,605
25,644

9,134
7,149
7,491
10,852

882
792
707
929

1,319
1,352
1,111
1,474

1,285
887
1,212
L.490

2,543
3,125
3,309
3,664

1,742
1,320
1,104
1,319

5,154
4,660
5,671
5,916

1952
1953
1954
19554

26,493
28,322
26,827
27,063

11,632
11,908
11,038
10,704

985
986
975
896

1,396
1,311
854
763

1,500
1,565
1,512
1,495

3,887
4,552
4,219
4,384

1,537 5,557
1,690 6,310
1,717 6,513
8, 819

Year

Public Comutili- muni- Others
cations
ties

Total

Manu- Transfactur- portation
ing
incl.
and
railminroads
ing

Public
All
utili- others
ties

1953—1
2
3
4

6,339
7,274
7,084
7,625

2,887
3,326
3,116
3,565

673
751
708
743

926
1,159
1,221
1,247

1,853
2,038
2,039
2,070

1954—1
2
3
4

6,266
6,932
6,640
6,988

2,788
3,120
2,896
3,209

634
620
553
559

929
1,121
1,060
1,109

1,916
2,071
2,133
2,110

1955—I4
24

6,296
6,988

2,721
2,885

583
584

947
1,158

2,046
2,361

Quarter

1

2
Corporate and noncorporate business, excluding agriculture.
Includes trade, service, finance, and construction.
4
Includes communications and other.
Anticipated by business.
Sources.—Department of Commerce and Securities and Exchange Commission.
3

538




FEDERAL RESERVE BULLETIN

REAL ESTATE CREDIT STATISTICS
MORTGAGE DEBT OUTSTANDING, BY TYPE OF PROPERTY MORTGAGED AND TYPE OF MORTGAGE HOLDER
[In billions of dollars}
^onfarm

All properties

End of year
or quarter

All
holders

1- to 4-family 1louses

Multi-family and
commercial properties1

Total

Financial
institutions

Financial
institutions

31 2
30.8
29 9
29.7
30 8
36.9
43 9
50.9
57.1
66.7
75.6
84 0
93.3
105.3

18.4
18.2
17.8
17.9
18.5
23.1
28.2
33.3
37.5
45.1
51.9
58.7
66.3
75.9

11.2
11.5
11.5
11.7
12.2
16.0
20.5
25.0
28.4
35.3
41.2
47.0
53.8
62.7

Other
holders
Financial
insti- Selected Inditutions Federal viduals
agenand
cies
others

All
holders

37.6
36.7
35.3
34.7
35.5
41.8
48.9
56.2
62.7
72.8
82.2
91.2
101.0
113.5

20.7
20.7
20 2
20.2
21 0
26.0
31 8
37.8
42.9
51.6
59.5
66 8
75.0
85.6

1.1
1.4
2.0
2 4
2S
2.8

14 9
14.2
13 6
13.3
13 7
15.1
16 6
17.8
18.7
19.8
20.7
21 9
23.2
25.1

1953—june
September. . . ,
December

96 2
98.7
101.0

70 9
73.0
75.0

27
2,8
2.8

22 6
22.9
23.2

88 7
91.2
93.3

62 5
64.6
66.3

1954—March
June
September.. . .
December. . . .

103.1
106 2
109.7
113.5

76.8
79 5
82.4
85.6

2.7
2 7
2.7
2.8

23.6
24 0
24.6
25.1

95.2
98 2
101.6
105.3

67.8
70 0
72.8
75.9

1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954

. ..

2.0
1.8

1 4
1.1
9
.6

5
.6

Farm

Other
holders

Total

9.1
9.8
10.7
11.7
12.5
13.2

12.9
12.5
12.1
11.8
12.2
13.8
15.7
17.6
19.6
21.6
23.7
25.3
27 1
29.4

9 6
10.9
12.4
14.0
15.7
17.0
18.2
19.6

50 3
52.1
53.8

12.2
12.4
12.5

26.1
26.6
27.1

55.3
57 4
59.9
62.7

12.5
12 6
12.9
13.2

27.5
28 1
28.8
29.4

7.2
6.7
6.3
6.2
6.4
7.0
7.6
8.3

8.0
7.8
7.4
7.2
7.5
8.4

All
holders

Other
holders

FinanOther
cial
insti- holders2
tutions

6 4

4.8
4.7
4.6
4.6
4.7
5.4
6.1
6.7

1 5

6.0

1.4

4.5

1 3

4 1

4.9

1.3

3.7

4 8

1 3

5.3

1.9

5.6
6.1
6.6
72

3 4
3 4
3 3
3 4
3.5
3 7
4.0
4 3
4 6
5.0

4.9

1.5

5 1

7.2
7,6
8.0
8.3

4 9

5 4

1 7

9.7

8.2

2.1
2 3
2.6
2 S
3 0
3.3

17 6
17.9
18.2

8 6
8.7
8.9

7 5
7.6
7.7

3 0
3.0
3.0

4 5
4.6
4.6

18.5
18 9
19 3
19.6

9.0
9 2
9.5
9.7

7.8
8 0
8.1
8.2

3.1
3 2
3.2
3.3

4.7
4 8
4.9
5.0

8.9

7.7

1
2
Derived figures, which include negligible amount of farm loans held by savings and loan associations.
Derived figures, which include
debt held by Federal land banks and Farmers Home Administration.
NOTE.—Figures for first three quarters of each year, and all figures for December 1954 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 *
Un millions of dollars
Commercial bank holdings 2

Mutual Savings bank holdings 4

:STonfarm

End of year
or quarter

Residential 3

Total
Total
Total

4 ,906
4 ,746
4 ,521

1941
1942.
1943
1944.
1945.
1946.
1947
1948
1949
1950
1951.
1952
1953
1954

4 ,340
4 ?S6
4 ,058

,292
3 33?

,256
3 ,967 3 ,218
,251
4
3 ,39S
6 ,533 5 ,146
8 6? 3 6 933
10 ,023 8 ,066

13 7?8
14 809
15 7^R
17 ,307

11 ?70
1? 188
12 ,925
14 , 137

3
3
3
4

4?1
67S
Q1?

104

16 ,387 1«> ,981 1? , S4S 3 798

1954—Mnrrh
June
September
December

16 ,970
17 366
17 ,920
18 , 555

15 ,870 12 ,965
16 ??7
??n
13 ,655
16 ,770 n
17 ,397 14 ,137

?
3
3
3

Residential 3

Total

Other

Other

Total
Total

1 ,048
566 4 ,812 4 ,784 3,884
491 4 ,677 4 601 3,725
9?4
802
463 4 ,420 4 ,395 3,558
463 4 ,305 4 ,281 3,476
749
521 4 ,208 4 184 3,387
8S6
1 ,387
702 4 ,441 4 ,415 3,588
1 690
8?3 4 8S6 4 8?8 3,937
1 ,957
874 5 , 806 s ,773 4,758
? ,060
909 6 705
668 5 S69
? ,264
968 8 ,261 8 ,218 7,054
991 4 9?9 ?, 4.S8 1 ,004 9 916 9 86<) 8,595
01? 5 S01 ? 691 1 058 11 370 11 3?7 9,883
061 5 951 2 843 1 ,082 12 943 12 ,890 11 .334
348 6 r>8s 3 ,260 1 , 1=?8 1S ,007 14 QS1 13,211

3 on S 734 ? ,738 1 104 1? • 11? 19 06? 10,574
3 860 3 040 5 ,870 2 ,780 1 ,090 12 , 500 12 ,450 10,930
3 912 3 061 5 ,951 2 ,843 1 ,082 12 ,943 12 ,890 11,334

1953—june
September
December

16 ,640 15 ,550 12 ,770
16 ,850 15 ,768 12 ,925

Farm

FHA- VA- Coninguar- vensured anteed tional

4 ,430
4 ,77?
7 ,234
9 446
10 ,897
11 644 10 736 8 676
13 ,664 12 , 695 10 431
14 73?
1"> 867
16 ,850
18 , sss

Nonfarm

3
3
4
4

920
960
020
104

3
3
3
3

075
116
235
348

5
6
6
6

970
144
400
685

2 ,905
3 007
3 ,U5
3 ,260

1 ,100
1
1 ,150
1 ,158

13 ,345 13 ,292
M 8?6
14 ,360
15 ,007 14 ,951

881
no 13
14 ,415

11,700
12,181
12,665
13,211

Farm

ConFHA~ VAvenguarinsured anteed tional
900
876
837

28
26
25

805
797
827
891
1,015
1,099
1,164
1,274
1,444
1,556
1,740

24
24
26
28

3 3?S ? S90 4 6S8 1,488
3 ,405 2 ,785 4 ,740 1,520
3 ,489 3 ,053 4 ,792 1,556

50

9 S67 1 796 4 .30.3
3 ,168 ? ?37 4 477
3 ,489 3 0S3 4 799
3 ,800 4 *W s 140

3 ,560
3 fSSO
3 , 725
3 ,800

3
3
3
4

295
S7Q

900
262

4
4
5
5

845
94?
040
149

1,592
1,645
1 ,695
1,740

34
37
44
47
53
53
56

50
53
53
55
55
56

1
Includes all banks in the United States and possessions. 2 Includes loans held by nondeposit trust companies but excludes holdings of
trust departments of commercial banks. March and September figures are Federal Reserve estimates based on data from Member Bank Call
Report
and from weekly reporting member banks.
3
Data not available for 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

1955




539

REAL ESTATE CREDIT STATISTICS—Continued
MORTGAGE ACTIVITY OF ALL UNITED STATES LIFE INSURANCE COMPANIES
[In millions of dollars]
Loans acquired
Nonfarm

Year or month
Total

FHAinsured

Total
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954

898
855
935
976

1954—March
April
May
July

Loans outstanding (end of period)

. .

September
October. .
November
December
1955—Tanuary.
February
March

1,661
2,786
3,407
3,430
4,894
5,134
3,978
4,345
5,334

1,483
2,520
3,114
3.123
4,532
4,723
3,606
3,925
4,921

419
443
342
451
421
464
484
471
571
631
521
495
563

451

Nonfarm
Farm

VAguaranteed

Total

Other

Farm

VAguaranteed

Total

FHAinsured

5,073
5,529
5,830
5,873
5,886
5,860
6,360
7,780
9,843
11,768
14,775
17,787
19,546
21,436
23,881

1,096
1,286
1,408
1,394
1,228
1,398
2,381
3,454
4,573
5,257
5.681
6,012
6,122

1,106
1,224
2,026
3,131
3,347
3,560
4,636

4,876
5,538
6,356
7,090
8,176
9,399
10,518
11,864
13,123

1,138
1,327
1,527
1,705
1,886
2,046

Other

1,469
1,546
1,642
2,108
2,371
2,313
2,653
2,871

178
266
293
307
362
411
372
420
413

5,972
6,442
6,726
6,714
6,686
6,636
7,155
8,675
10,833
12,906
16,102
19,314
21,251
23,322
25,927

86
85
100
98
133
156
148
183
208

227
270
185
250
244
249
250
242
275
318

47
40
24
41
28
29
25
25
33
43

23,769
24,005
24,174
24,384
24,572
24,795
25,035
25,260
25,574
25,927

21,845
22,060
22,212
22,403
22,575
22,786
23,019
23,235
23,540
23,881

6,066
6,081
6,088
6,091
6,095
6,100
6,098
6,103
6,133
6,122

3,683
3,746
3,804
3,886
3,951
4,048
4,187
4,302
4,451
4,636

12,096
12,233
12,320
12,426
12,529
12,638
12,734
12,830
12,956
13,123

1,924
1,945
1,962
1,981
1,997
2,009
2,016
2,025
2,034
2,046

161
118
154

249
259
262

42
52
70

26,223
26,474
26,727

24,171
24,405
24,629

6,132
6,156
6,166

4,771
4,861
4,982

13,268
13,388
13,481

2,052
2,069
2,098

600
366
131
938

1,202
1,350
1,486
1,058

1,294

864
817
673

1,377

372
403
318
410
393
435
459
446
538
588

68
47
48
60
51
53
53
56
80
62

479
443
493

69
66
77

429
455

77

668
815

256
844

899
913
896
841
800
776
795
895
990

N O T E . — F o r 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 A N D LOAN
ASSOCIATIONS
[In millions of dollars]
Loans outstanding (end of period)2

Loans made, by purpose

Tear or
month
Total

New
construction

Home Other
purpur- Total'
chase poses l

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
8,969

437
190
106
95
181
616
894
1,046
1,083
1,767
1,657
2,105
2,475
3,076

581
574
802
1,064
1,358
2,357
2,128
1,710
1,559
2,246
2,357
2.955
3,488
3,846

361
287
276
295
374
611
789
851
994
1,224
1,236
1,557
1,804
2,047

June...
July..
Aug...
Sept...
Oct....
Nov...
Dec...

710
732
728
810
802
841
828
824
807
853

246
257
254
283
281
289
282
283
278
295

288
298
301
341
349
372
369
364
357
369

176
177
173
185
173
180
177
177
172
189

1955-Jan....
Feb....
Mar...

744
775
1,026

252
265
386

326
340
427

166
171
212

1941
1942
1943
1944
1945
1946
1947

1948
1949
1950
1951

1952
1953
1954
1954-Mar...

fc

NONFARM MORTGAGE RECORDINGS OF $20,000 OR LESS
[Number in thousands; amounts (except averages) in millions of dollars]

FHAinsured

ConVAvenguaranteed tional'

4,578

Amount, by type of lender
Tear
or
month

1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954

4,583
4,584
4,800
5,376
7,141
8,856
10,305
563
11,616
717
13,622
841
15,520
864
18,336
904
21,882 1,044
26,142 1,171

2,397
2,586
2,969
3,125
3,385
3,961
4,714

8,313
9,812
11,530
14,047
16,877
20,257

22,722

4,111

17,528 1954-Mar...

1,083

7,345

23,847 1,102

4,277

18,468

25,053 1,150

4,503

19,400

26,142 1,171

4,714

20,257

MPay.'.!
June...
July . .
Aug...
Sept...
Oct....
Nov....
Dec...

27,313 1,232

4,946

21,135

1955-Jan....
Feb....
Mar...

1
Includes loans for repair, additions and alterations, refinancing,
2
Prior to 1948, data are not available for classifications shown.
3

etc.

Number
Total

Sav- Insurings & ance
loan
asans.

companies

Com- Mutual
mersavcial
ings
banks banks

Other

1,454
1,359
1,439
1,746
2,069
3,343
3,631
3,823
3,940
5,072
5,112
5,409
5,895
7,154

Average
amount
recorded
(dollars)

1,628
1,351
1,274
1,446
1,639
2,497
2,567
2,535
2,488
3,032
2,878
3,028
3,164
3,458

4,732

3,943
3,861
4,606
5,650
10,589
11,729
11,882
11,828
16,179
16,405
18,018
19,747
22,974

1,490
1,170
1,237
1,560
2,017
3,483
3,650
3,629
3,646
5,060
5,295
6,452
7,365
8,312

404
362
280
257
250
503
847
1,016
1,046
1,618
1,615
1,420
1,480
1,768

1,166
886
753
878
1,097
2,712
3,004
2,664
2,446
3,365
3,370
3,600
3.680
4,239

218
166
152
165
217
548
597
745
750
1,064
1,013
1,137
1,327
1,501

281
280
278
303
306
312
313
314
307
318

1,784
1,793
1,805
1,990
2,027
2,086
2,122
2,156
2,148
2,267

666
669
675
741
734
770
766
765
757
784

124
130
124
146
155
166
164
178
177
191

335
333
330
368
371
369
383
393
399
420

103
112
118
133
141
138
141
140
147
158

556 6,339
550 6,411
558 6,484
602 6,573
626 6,625
643 6,684
668 6,789
679 6,874
667 7.004
714 7,131

284
277
343

2,024
1,958
2,455

688
702
928

165
151
174

379
365
458

128
116
134

665
624
761

2,906
2,918
3,031
3,186
3,448
4,241
4,570
4,688
4,755
5,335
5,701
5.950
6,241
6,644

7,120
7,077
7,153

Source.—Home Loan Bank Board.

Excludes shares pledged against mortgage loans.
Source.—Home Loan Bank Board.

540




FEDERAL RESERVE BULLETIN

REAL ESTATE CREDIT STATISTICS—Continued
GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE

MORTGAGE DEBT OUTSTANDING ON
NONFARM 1- TO 4-FAMILY PROPERTIES
[In billions of dollars]

[In millions of dollars]
VA-guaranteed loans8

FHA-insured loans

Year
or
month

Home
mortgages

Total
Total

1940
991
1941
1,152
1942
121
1943
934
1944
877
857
1945
3,058
1946
5,074
1947
5,222
1948
5,250
1949
7,416
1950
6,834
1951
5,830
1952
6.946
1953
7,323
1954
493
1954—Apr
512
May . . .
579
June...
531
July....
Aug.. . . 680
679
Sept...
770
Oct
760
Nov....
843
Dec...
931
1955—Tan
840
Feb
856
Apr....

991
1,152
121
934
877
665
756
1,788
3,341
3,826
4,343
3,220
3,113
3,882
3,066
245
243
270
238
262
269
252
266
287
309
274
324

Projecttype
ExN e w isting mort-1
prop- prop- gages
erties erties
588
175
728
183
766
208
553
210
484
224
257
217
120
302
477
418
,434
684
,319
892
,637
856
,216
713
969
974
,259 1,030
,035
907
70
83
74
72
86
79
75
79
72
79
77
59
80
74
91
92
92
109
107
145
89
138
109
160

Property
im- Total
provement3
loans

13
216
14
228
21
126
85
86
56
114
20
192
171
13
321 2,302
360
534 3,286
609
614 1,881
,021
594 1,424
,157
694 3,073
582
708 3,614
322
848 2,721
259 1,334 3,064
891 4.257
232
17
76
248
25
71
269
24
82
309
14
70
293
71
418
40
101
410
33
89
518
9
76
494
7
63
556
23
5
52
622
36
567
12
46
532
9

Home
mortgages
New
properties

Alteration
and
Existing repair2
properties

793
629
1,865 1,202
2,667
942
1.824
890
2,045 1,014
2,686 1,566
163
85
171
98
200
109
178
115
251
167
252
157
307
211
304
189
337
219
231
390
209
357
345
186

3
5
6
6
6
5
.8
.3
.3
.3
.2
.5
.4
.5
.4
1.2
.7
.6

1

Monthly figures do not reflect mortgage amendments included in annual totals.
FHA-insured property improvement loans are not ordinarily secured by mortgages; VAguaranteed alteration and repair loans of $1,000 or less need not be secured, whereas those
for more than that amount must be.
3
Prior to 1949, data are not available for classifications shown.
NOTE.—FHA-insured loans represent gross amount of insurance written; VA-guaranteed loans, gross amount of loans closed. Figures do not take account of principal repayments on previously 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.
2

End of year
or month

Total

FHAinsured

VAguaranteed

Mort- Mortgage
gage
pursales
chases (during
(during period)
period)

Mortgage holdings

528
848
918
661
1.085
550

0)

227
824
485
239
323
638
476

199
828
1,347
1,850
2,242
2,462
2,434

188
403
169
204
320
621
802

11
425
1.178
1,646
1.922
1,841
1,632

198
672
1,044
677
538
542
614

20
469
111
56
221
525

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

539
560
570
540
594
631
678
C1)
0)

812
791
779
737
700
654
603
547
476

2,299
2,299
2,301
2,371
2,355
2,362
2,368
2,396
2,434

667
680
700
724
733
745
752
773
802

1,632
1,619
1.601
1,647
1,622
1,618
1,616
1,623
1,632

50
38
50
120
33
38
39
50
64

108
30
37
37
39
19
23
11
15

1955—January
February....
March

0)
0)
0)

418
359
'287

2,462
2,488
2,512

817
832
839

1,645
1,656
1,673

48
48
54

10
8
18

1948
1949
1950
1951
1952
1953
1954

"Corrected.
J
No authorization figures shown after October since under its new charter,
effective Nov. 1, 1954, FNMA maintains three separate programs, for which the
type of fund authorization varies. Other figures represent the combined programs: secondary market, special assistance, and management and liquidation.
Source.—Federal National Mortgage Association.

MAY

1955




Total

Total

Conventional

FHA- VAinguarsured anteed

1940.
1941.
1942.
1943.
1944.
1945.
1946.
1947.
1948.
1949.
1950.
1951.
1952.
1953.
1954.

17.3
18.4
18.2
17.8
17.9
18.5
23.1
28.2
33.3
37.5
45.1
51.9
58.7
66.3
75.9

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
32.1

2.3
3.0
3.7
4.1
4.2
4.1
3.7
3.8
5.3
6.9
8.6
9.7
10.8
12.0
12.8

.2
2.4
5.5
7.2
8.1
10.3
13.2
14.6
16.1
19.3

15.0
15.4
14.5
13.7
13.7
14.2
17.0
18.9
20.8
22.5
26.2
29.0
33.3
38.2
43.8

1952—Mar.
June.
Sept.
Dec.

53.3
55.1
57.0
58.7

23.5
24.0
24.7
25.4

9.9
10.1
10.4
10.8

13.6
13.9
14.3
14.6

29.8
31.1
32.3
33.3

1953—Mar..
June.
Sept..
Dec.

60.4
62.5
64.6
66.3

26.1
26.7
27.5
28.1

11.1
11.4
11.7
12.0

15.0
15.3
15.8
16.1

34.3
35.8
37.1
38.2

1954—Mar..
June.
Sept..
Dec.

67.8
70.0
72.8

28.8
29.7
30.5
32.1

12.2
12.4
12.6
12.8

16.6
17.3
17.9
19.3

39.0
40.3
42.1
43.8

75.9

NOTE.—For total debt outstanding, figures for
first three quarters are Federal Reserve estimates.
For conventional, figures are derived.
Sources.—Home Loan Bank Board, Federal Housing Administration, Veterans Administration, and
Federal Reserve.

FEDERAL HOME LOAN BANK LENDING
[In millions of dollars]

FEDERAL NATIONAL< MORTGAGE ASSOCIATION ACTIVITY i
[In millions of dollars]
Author- Comized
mitfunds ments
ununcomdismitted bursed

Governmentunderwritten

End of
year or
quarter

Year or month

Advances

Repayments

Advances outstanding
(end of period)
Total

Shortterm 1

Long-3
term

1945
1946
1947
1948
1949
1950
1951
1952
1953
1954

278
329
351
360
256
675
423
586
728
734

213
231
209
280
337
292
433
528
640
818

195
293
436
515
433
816
806
864
952
867

176
184
218
257
231
547
508
565
634
612

19
109
217
258
202
269
298
299
317
255

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

35
28
106
53
59
69
63
74
171

51
33
39
98
31
38
45
38
47

613
608
675
630
659
689
708
743
867

382
377
428
406
422
452
471
495
612

231
231
247
223
236
237
236
248
255

1955—January...
February..
March....
April

38
34
71
85

188
63
58
33

717
688
702
754

491
466
464
497

226
223
238
257

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

541

STATISTICS ON SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT
CONSUMER CREDIT, BY, MAJOR PARTS
[Estimated amounts outstanding, in millions of dollars]
Noninstalment credit

Instalment credit
End of year
or month

Other
Automobile consumer
goods
paper i
paper1

Total
Total

Repair
and modernization
loans2

Service
credit

1,414
1,471
1,645

518
553

1,006
1.090
1,406
11,649
1,616

,009
1L.496
1.910
2,229
2,444
2,805
3,235
3,851
4,366
4,787

3,203
4,212
4,875
5,443
5,588
6,323
6,631
7,143
7,350
7,658

746
1,122
1,356
1,445
1,532
1,821
1,934
2,094
2,219
2,420

1,612
2,076
2,353
2,713
2,680
3,006
3,096
3,342
3,411
3,518

,014
,166
,285
,376
,496
,601
,707
,720
,720

5,443
5,413
5,370
5,367
5,328
5,294
5,287
5,324
5,398
5,668

1,614
1,617
1,634
1,635
,637
1,642
1,642
1,637
1,631
.filfi

4,405
4,454
4,481
4,547
4,586
4,616
4,641
4,651
4,689
4,787

6,452
6,669
6,885
6,949
6,876
6,835
6,921
7,023
7,195
7,658

2,150
2,181
2,313
2,334
2,303
2,312
2,335
2,377
2,407
2,420

5,609
5,484
5,479

1,574
1,550
1,530

4,794
4,833
4,912

7,324
7,010
6,974

2,371
2,427
2,481

2,564
2,723
2,786
2,819
2,773
2,734
2,807
2,892
3,042
3,518
3,225
2,831
2,735

1,620
1,827
1,929

298
371

5,665
8,384
11,570
14,411
17,104
20,813
21,468
25,827
29,537
30,125

2,462
4,172
6,695
8,968
11,516
14,490
14,837
18,684
22,187
22,467

455
981
1,924
3,054
4,699
6,342
6,242
8,099
10,341
10,396

816
1,290
2,143
2,842
3,486
4,337
4,270
5,328
5,831
5,668

182
405

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

27,833
28,095
28,372
28,666
28,725
28,736
28,856
28,975
29,209
30,125

21,381
21,426
21,487
21,717
21,849
21,901
21,935
21,952
22,014
22,467

9.919
9,942
10,002
10,168
10,298
10,349
10,365
10,340
10,296
10,396

1955—January
February
March

29,760
29,518
29,948

22,436
22,508
22,974

10,459
10,641
11,053

. .

Charge
accounts

845

1,497
2,071
2,458

.

Singlepayment
loans

2,719
2,824
3,087

4,503
5,514
6,085

1945
1946
1947
1948
1949
1950
1951
1952
1953
1954

Total

,088
,245
,322

7,222
8,338
9,172

1939
1940
1941

Personal
loans

376

718
843
887

787
800

597
845

,738
,765
,786
1,796
1,800
1,789
1,779
1,754
1,746
.720
1,728
1,752
1,758

1
Includes all consumer instalment credit extended for the purpose of purchasing automobiles and other consumer goods and secured by the
items purchased, whether held by retail outlets or financial institutions. Includes credit on purchases by individuals of automobiles or other
consumer
goods that may be used in part for business.
2
Includes only repair and modernization loans held by financial institutions; such loans held by retail outlets are included in "other consumer
goods paper."
NOTE.—Monthly figures for the period December 1939 through 1951 and a general description of the series are shown on pp. 336-354 of the
BULLETIN for April 1953. Revised monthly figures are shown in later BULLETINS: 1952, November 1953, p. 1214; 1953, November 1954, p. 1212.
A detailed description of the methods used to derive the estimates may be obtained from Division of Research and Statistics.

INSTALMENT CREDIT, BY HOLDER
[Estimated amounts outstanding, in millions of dollars]
Retail outlets

Financial institutions
Total
instalment
credit

Total

Commercial
banks

Sales
finance
companies

Credit
unions

Other

Total

Department
stores 1

1939
1940
1941

4,503
5,514
6,085

3,065
3,918
4,480

1,079
1,452
1,726

1,197
1,575
1,797

132

171
198

657

720
759

1,438
1,596
1,605

394
320

1945
1946
1947
1948
1949
1950
1951
1952
1953
1954

2,462
4,172
6,695
8,968
11,516
14,490
14,837
18,684
22,187
22,467

1,776
3,235
5,255
7,092
9,247
11,820
12,077
15,410
18,758
18,935

745
1,567
2,625
3,529
4,439
5,798
5,771
7,524
8,998
8,633

300
677
1,355
1,990
2,950
3,785
3,769
4,833
6,147
6,421

1,124
1,293

629
840
1,040
1,239
1,420
1,647
1,902
2,216
2,489
2,588

686
937
1,440
1,876
2,269
2,670
2,760
3,274
3,429
3,532

I,lt7
1,040
1,201

21,381
21,426
21,487
21,717
21,849
21,901
21,935
21,952
22,014
22,467
22,436
22,508
22,974

18,192
18,245
18,325
18,538
18,671
18,731
18,753
18,726
18.719
18,935

8,714
8,722
8,729
8,783
8,763
8,731
8,688
8,637
8,586
8,633

5,892
5,901
5,944
6,060
6,189
6,256
6,294
6,315
6,325
6,421

1,136
1,157
1,175
1,207
1,228
1,250
1,267
1,270
1,282
1,293

2,450
2,465
2,477
2,488
2,491
2,494
2,504
2,504
2,526
2,588

3,189
3,181
3,162
3,179
3,178
3,170
3,182
3,226
3,295
3,532

1,031
1,032
L,O27
11,037
1,032
1,032
1,041
11,063
noa
1,201

18,977
19,153
19,613

8,651
8,688
8,844

6,462
6,570
6,808

1,282
1,298
1,330

2,582
2,597
2,631

3,459
3,355
3,361

1,158
1,108
1,123

End of year
or month

. .

1954—March
April
^lay
. . .
June
July
August
September
October
November
December
1955—Tanuary
February . . .
IVIcircli
1
2

102
151
235

334
438
590
635
837

354

Furniture
stores
439

Household
appliance
stores
183

474
496

196
206

131
209

240
319

379

474

604
724

743
920

470
595

Automobile
dealers2

123

Other

339

167
188

365
395

17
38

28
47

270
324

79

127
168

101

159
239

407

791
760
866
903

239
207
244
291

284
255
308
380

613
618
739
815

890

293

394

754

829
823
821
820

276
274
271
273

366
368
371
379

687
684
672
670

818

277

516
543

386

389
390

665

276
278

846
890

282

390

283
293

390
394

661

862
848

291
286

397
404

678
754
751
709

420

700

821
822
830

838

280

652
651

Includes mail-order houses.
Includes only automobile paper; other instalment credit held by automobile dealers is included with "other" retail outlets.

542




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

1939
1940
1941

Total
noninstalment
credit

Financial
institutions
(single-payment loans)
Commercial
banks

2,719
2,824
3,087

Other

625
636
693

Retail
outlets
(charge
accounts)
Department 1
stores

162
7.64
.152

236
251
275

Service
credit

1,178
1,220
1,370

518
553
597

3,203
4,212
4,875
5,443
5,588
6,323
6,631
7,143
7,350
7,658

674
,008
203
s
,261
,334
,576
,684
.844
, 899
>,085

72
114
153
184
198
245
250
250
320
335

290
452
532
57S
534
641
685
730
748
764

1.322
1,624
1V82!
2,138
2,096
2,365
2,411
2,612
2,663
2,754

,014
166
.285
,376
,496
,601
, 707
,720
L.72O

1954 - M a r c h
Aoril
May
June
July
August... .
September.
October. . .
November.
December.

6,452
6,669
6,885
6,949
6,876
6,835
6,921
7,023
7,195
7,658

,845
, 883
,918
1,977
1,989
L ,985
.997
1,067
1,049
2,085

305
298
395
357
314
327
338
310
358
335

2,081
2,221
2,287
2,322
2,325
2,288
2,319
2,375
2,468
2,754

1,738
L, 765
,786
1,796
L.800
L.789
,779
1,754
1,746
1,720

>,048
>,085
2.114

323
342
367

483
502
499
497
448
446
488
517
.174
764
623
535
507

2,602
2,296
2.228

,728
1,752
1,758

1

Total
instalment
credit

Automobile
paper

Repair
and
modernization
loans

Personal
loans

166

135
165
161

363
440
471

110
242
437

312
546
747
839
913
1,037
1,122
i,374
1.521
1,676

Purchased

Direct

Other
consumer
goods
paper

237
339
447

178
276
338

232
309

Other

1945
1946
1947
1948
1949 . .
1950
1951
1952
1953
1954

1955—January.. . 7.324
February. . 7.010
6.974
March

End of year
or month

«S4..S

1939
1940
1941

1,079
1,452
1,726

1945
1946

1949
1950
1951
1952
1953
1954

745
1,567
2,625
3,529
4.439
5,798
5,771
7,524
8,998
8,633

66
169
352
575
S49
1.177
1.135
1,633
2.215
2,198

143
311
539
753
946
,294
.31!
,629
,867
,645

114
299
550
794
,016
.456
.315
,751
,078
,839

715
334
88$
1,137
1,317
1,275

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

8,714
8,722
8.729
8.783
8,763
8,731
8,688
8.637
8,586
8,633

2,164
2.180
2,195
2,237
2,240
2,230
2,224
2,207
2,188
2,198

,755
.745
.1735
,729
,720
,707
,686
.663
,636
,645

,955
,939
,925
,913
,880
,857
,835
,822
,822
,839

1,279
1,281
1,293
1,293
1,297
1,299
1,299
1.296
1,287
1 ,275

1955—January..
February.
March. . .

8,651
8,688
8,844

2,208
2,241

1,656
1,680
1 .751

1947

1948

2 ,309

568

1,561
1,577
1.581
,611
,626
,638
,644
,649
,653
,676

1 ,859 1,241
1 .845 1,219
1,846
1,201

,687
, 703
1,737

Includes mail-order houses.
INSTALMENT CREDIT HELD BY FINANCIAL INSTITUTIONS OTHER THAN COMMERCIAL BANKS AND SALES
FINANCE COMPANIES, BY TYPE OF CREDIT

INSTALMENT CREDIT HELD BY SALES FINANCE
COMPANIES, BY TYPE OF CREDIT

[Estimated amounts outstanding, in millions of dollars]

[Estimated amounts outstanding, in millions of dollars]
Total
instalment
credit

Automobile
paper

1 .197
1,575
1,797

878

1,187
1,363

194S
1946
1947
1948
1949
1950 . .
1951
1952
1953
1954

300
677
1.355
1 990
2 950
3 .785
3 769
i 833
6,147
6,421

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

End of year
or month

1939
1940
1941

.

. .

Other
consumer
goods
paper
115

Repair
and
modernization
loans
148

136
167

190
201

62
66

164
377
802
1,378
2,425
3,257
3,183
4,072
5,306
5,563

24
67
18S
232
303
313
241
332
367
351

58
141
242
216
83
57
70
82
83
81

54
92
126
164
139
158
275
347
391
426

5,892
5,901
5,944
6,060
6.189
6,256
6.294
6,315
6,325
6,421

5.079
5,089
5,136
5,249
5,371
5,436
5,474
5.491
5,491
5,563

340
336

84
84

389
392

331
335
335
336
337
340
351

83
82
82
81
81
81
81

397
401
403
403
406
413
426

6,462
6,570
6,808

5,603
5,709
5,945

350
349
348

79
78
76

430
434
439

331

83

394

Repair
and
modernization
loans

Automobile
paper

1939
2 940
1941

789
891
957

81
102
122

24
30
36

15
16
14

669
743
785

1945
1946
1947
194S
1949
19 SO
1951
1952
1953
1954

731
991
1,275
1,573
1,858
2,237
2,537
3,053
3,613
3,881

54
77
130
189
240
330
358
457
573
596

20
34
69
99
137
182
209
279
337
340

14
22
39
59
89
115
132
187
249
260

643
85S
1,037
1,226
1,392
1,610
1,838
2,130
2,454
2,685

1954—March
April
May

3,586
3,622
3,652
June
3,695
July
3,719
August
3,744
September
3,771
October
3,774
November. . . 3,808
December
3,881

555
560
565
574
581
587
591
589
591
596

325
325
323
323
321
321
324
329
331
340

251
252
258
259
258
261
262
260
263
260

2,455
2,485
2,506
2.539
2,559
2,575
2,594
2,596
2,623
2,685

1955—January
3,864
February. . . . 3,895
March
3,961

595
607
628

338
339
344

254
253
253

2,677
2,696
2,736

Personal
loans

56

Other
consumer
goods
paper

Total
instalment
credit

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.

MAY

1955




543

STATISTICS ON SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT—Continued
INSTALMENT CREDIT EXTENDED AND REPAID
[Estimates, in millions of dollars]
Automobile
paper

Total
Year or month

Other consumer
goods paper

Repair and
modernization loans

Extended

Repaid

Extended

Repaid

Extended

Repaid

1940
1941

8,219
9,425

7,208
8,854

3,086
3,823

2,512
3,436

2,588
2,929

2,381
2,827

1945
1946
1947
1948
1949
1950
1951
1952
1953
1954

5,379
8,495
12,713
15,540
18,002
21,256
22,791
28,397
30,321
29,304

5,093
6,785
10,190
13,267
15,454
18,282
22,444
24,550
26,818
29,024

999

941

1,969
3,692
5,280
7,182
8,928
9,362
12,306
13,621
12,532

1,443
2,749
4,150
5,537
7,285
9,462
10,449
11,379
12,477

. 2,024
3,077
4,498
5,280
5,533
6,458
6,518
7,959
8,014
7,700

1,999
2,603
3,645
4,581
4,889
5,607
6,585
6,901
7,511
7,863

826

707

853
1,243
1,387
1,245

Tune
Tuly
August
.
September
October
November
December

2,380
2,400
2,397
2,703
2,549
2,477
2,441
2,454
2,554
3,046

2,581
2,355
2,336
2,473
2,417
2,425
2,407
2,437
2,492
2,593

J .020
1,038
1,047
1,244
1,163
1,114
1,062
1,031
L.040
L ,184

574
615
607
659

719
645
650
662

622
607
629

661
641
636

1955—Tanuary
February..
March

2,389
2,416
3,159

2,420
2,344
2,693

L.060
L.167
1 .569

1,157

September
October
November
December

2,294
2,358
2,321
2,495
2,455
2,409
2,474
2,461
2,612
2,762

2,456
2,358
2,392
2,413
2,364
2,480
2,404
2,424
2 ,500
2,488

957
964
984
1,114
1,060
1,035
1,077
1,068
1 ,109
1,298

1955—January..
February
March.

2,823
2,898
3,035

2,496
2,521
2,562

1,233
1,382
1,472

Personal
loans
Extended

Repaid

255
307

2,217
2,361

2,060
2,284

143

769
927
1.144
1,278

2,150
3,026
3,819
4,278
4,566
5,044
6,058
6,889
7,299
7,827

2,010
2,539
3,405
3,959
4,351
4,683
5,628
6,273
6,784
7,406

104
105
121
109

113
102
104
108

682
642
622
691

107
112
115

105
107
115

657
644
635

638
593
595
625

111
114

630
690

110

831

Extended
328
312
206

423
704
702
721

Repaid

200
391
577
677

WITHOUT SEASONAL ADJUSTMENT

1954—March
April

...

. .

jVIay

. .

1.111

1,015
987
1,078
1,033
L ,063
1.046
1,056
1,084
1,084
997
985

618
614
610

650
642

106
108

936

666

95

616
529

675
654

67
72

109
96

646
648

99

119

783

704

687
716

620
652
733

639
609

708

713

1 053
1,025
1,010
1,056
1,006
1,067
1,014
,039
1.098
1,083

601
644
604
649

688
629
658
658

115
108
115
95

110
109
115
108

621
642
618
637

605
595
609
591

666
6i3
609
633
677

667
678
634
652
631

100
105
118
106
113

631
661
682
668
725

591
630
638
627
658

679

643

98
100
106
92
101

99

108

686

654

1,020
1,071
1,096

788
660
741

684
680
683

87
97
109

104
97
116

715
759
713

688
673
667

SEASONALLY ADJUSTED*

i 954— March
April
IVIav
Tune . . . .
Tuly
AugUvSt . .

* Includes adjustment for differences in trading days.
NOTE.—Back figures by months for the period 1940-52, together with a discussion of the composition and characteristics of the data and a
description of the methods used to derive the estimates, are shown in the BULLETIN for January 1954, pp. 9-22. Monthly figures for 1953 are
shown in the BULLETIN for November 1954, p. 1212. Estimates of instalment credit extended and repaid are based on information from accounting
records of retail outlets and financial institutions and include finance, insurance, and other charges incurred under the instalment contract. Renewals and refinancing of loans, repurchases and resales of instalment paper, and certain other transactions may increase the amount of both
credit extended arid credit repaid without adding to the amount of credit outstanding.
RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE *

FURNITURE STORE STATISTICS

Item

Net sales:
Total
Cash sales
Credit sales:
Instalment
Charge account

Percentage change
from preceding
month

Percentage change
from corresponding
month of preceding
year

Mar.
1955

Feb.
1955

Tan.
1955

Mar.
1955

Feb.
1955

Tan.
1955

+ 15
+9

-1
o

-39
-41

+2i

+ 10
+ 13

+ 16
+8

+1
+2

-41
-27

+9
+8
+ 10
+ 12

+4
+8

+ 10
+ 14

-5
-3

+4
+1
+ 12

0
+ 14

+3

+2

-3

-6

Accounts receivable, end
of month:
Total . . .
Instalment
Charge accounts

2
-1
-4

-2
_2

Inventories, end of
month, at retail value.

+7

+5

-3

Q

-2

+9
-4

Instalment accounts
Year or month

Charge
accounts

Household ap- Department
pliance
stores
stores

Department
stores

Furniture
stores

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

15
14
14
14
14
13
13
14
]3
14

13
12
12
12
12
12
12
12
12
12

10
9
10
10
10
10
10
10
10
9

48
45
46
47
45
45
46
47
48
46

1955—January..
February.
March....

14
14
15

12
11
13

9
9
9

44
43
48

1
Collections during month as percentage of accounts outstanding at
beginning of month.

544




FEDERAL RESERVE BULLETIN

BUSINESS INDEXES
[The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation]
Construction
contracts
awarded (value)1
1947-49=100

Industrial production
(physical volume)*
1947-49 = 100

Year
or month

Manufactures
Total
Total

Durable

Nondurable

Minerals

Total

Residential

Employment and payrolls 2
1947-49 = 100

All
other

Nonagricultural
employment

DepartWholeFreight ment
Consale
carload- store
sumer2 comManufacturing
ings*
sales* prices moditya
production workers 1947-49 (retail 1947-49 pnces
= 100 value) 3 = 100 194 7-49
1947-49
100
Pay= 100
Employrolls
ment

Ad- Unad- AdAdAdAdAdAdAdAd- Unad- Unad- AdAdjusted justed justed justed justed justed justed justed justed justed justed justed justed justed

Adjusted

Unadjusted

Unadjusted

1919
1920
1921
1922
1923
1924
1925

39
41
31
39
47
44
49

38
39
30
39
45
43
48

38
42
24
37
47
43
49

37
36
34
40
44
42
46

45
53
42
45
62
57
59

34
34
30
43
45
51
66

26
18
27
41
49
57
75

39
45
32
43
42
46
59

61 .4
62.0
55.2
58.5
64.4
63.5
65.2

68.7
69.0
52 8
58 4
66 9
62 1
64.2

31
37
24
25
3?
30
32

1
1
0
7
6
4
1

90
98
83
92
107
105
110

27
32
30
30
34
34
36

74 0
85.7
/6 4
71 6
/2 9
73 1
75 0

1926
1927
1928
1929
1930

51
51
53
59
49

50
50
52
58
48

52
49
53
60
45

48
50
51
56
51

63
64
63
68
59

69
69
73
63
49

73
71
76
52
30

67
68
70
70
62

67.6
67.9
68.0
71.0
66.7

65 5
64.1
64 2
68 3
59 5

33.0
32.4
32.8
35.0
28.3

115
111
112
115
99

37
37
37
38
35

75.6
74.2
73.3
73.3
71.4

65.0
62.0
62.9
61.9
56.1

1931
1932
1933 . . .
1934
1935
. .

40
31
37
40
47

39
30
36
39
46

31
19
24
30
38

48
42
48
49
55

51
42
48
51
55

34
15
14
17
20

22
8
7
7
13

41
20
18
24
25

60.4
53.5
53.7
58.8
61.3

50.2
42.6
47.2
55.1
58.8

21.5
14 8
15.9
20.4
23.5

79
59
62
67
69

32
24
24
27
29

65.0
58 4
55.3
57.2
58.7

47.4
42 1
42.8
48.7
52.0

1936
1937
t938
1939
1940

56
61
48
58

55
60
46
57

49
55
35
49

61
64
57
66

63
71
62
68

30
32
35
39

22
25
27
37

35
36
40
40

69

76

44

43

44

27.2
32 6
25.3
29 9
34 o

33
35
32
35

63

63.9
70.1
59.6
66.2
71 2

81
84
67
76

66

65.9
70.3
66.1
69.3
73 3

83

37

59.3
61 4
60.3
59 4
59 9

52.5
56 1
51.1
50 1
^1 1

1941 . . . .
1942
1943
1944
1945

87

88

91

84

81

66

54

'82.8
116 rr90 9
45 96.3
30 »-95.0
50 r 91.5

87.9 49 3
103.9 72.2
121.4 99 0
118.1 102.8
104.0 87.8

98

44

104
104

50
56

106

62

62 9
69.7
74 0
75 2
76.9

64.2
67 0
67 6
68.8

r

97.9 81 2
103.4 97 7
102.8 105.1
93.8 97.2
99.6 111.7

67

106
127

110
133

126
162

93
103

84
87

89
37

49
24

125

130

159

99

93

22

10

107

110

123

96

92

36

16

90

90

86

95

91

82

87

74

100

100

101

99

100

84

103
97
113

104
95
116

102
99
111

106
94
105

86

104
97
112

102
113
159

98
116
185

105
111
142

94.4
99.4
1r0 1 . 6
99 0
102.3

120
124
P134

128
136
Pi 53

114
114

P125

121
125
P136
P127

P116

115
114
P116
Pill

171
183
192
216

170
183
178
232

172
183
201
204

108.2
110.4
113 6
110 4

129
126

130
124

131
127

146
142

115
112

111
113

224
208

January
February.. .
March
April
May

125
125
123
123

124
126
126
124

127
126
125
125

141
139
135
134

113
114
114
115

125
124

124
124

126
125

116
123
126
130
130
128

124
125
126
128
130
131

134
135
137
139
142
143

117
116

July
August
September..
October
November..
December..,

123
123
124
126
128
130

136
135

113
113
112
109

114
114
115
117
118
119

112
109
108
109
113
116

206
218
231
241
255
259

132
133
135
Pi 36

131
135
137
P137

133
134
136
P137

145
147
148
P151

121
121
123

120
123
122
P121

261
261
260

1946
1947
1948
1949
1950
1952 . . . .
19 53
1954

79

102

70

100

90

104
88
97

104
98
105

83 4
95 5
102.8
101 8
102.8

78 7
96 4
104.4
99 2
103.1

129.8
136.6
151.4
137 7

101
95
96
86

109
110
112
111

111.0
113 5
114.4
114 8

114.8
111 6
110.1
110 3

176
177

255 1 1 3 . 0 108.4 109.1 1 4 7 . 6
229 112.2 1.06.8 1 0 7 . 3 1 4 6 . 7

92
88

113
112

115.0
114.9

109.8
110.1

195
196
191
196

185
201
205
213

202
192
182
184

193
207

216
227

178
193

115.2
115.0
114.8
114.6
115.0
115.1
115.2
115.0
114.7
114.5
114.6
114.3

MO.9
110.5
110.5
111 0
110.9
110.0
110.4
110.5
110.0
109.7
110.0
109.5

114.3
114.3
114.3

110.1
110.4
110.0
110.5

83

106.4
106.3
111.8
101 8

108

98

1953
November..
December.
1954

111
11-

140.4
140.0
1.3 7.9
134.5
134.6
135.8
131.9
134.8
138.0
139.1
142.2
143.1

107
109
105
111

188
202
217
226
250
248

104.8
104.0
103.2
101 .4
100.2
100.5
^98.5
100.4
101 .7
102.0
102.3
102.2

90
88
85
84

233
244
253
263
264
277

105.2
104.2
103.4
102.4
101.8
101
.4
r
99. 7
'99'. 4
'99.8
100.6
101 .6
101.7

84
84

82
84
84
87
89
93

108
112

111
112
108
113
114
117

288
297
29.1

243 1 1 0 . 6 1 0 1 . 8
238 1 1 0 . 7 1 0 2 . 5
239 111. 5 1 0 3 . 6
"104.5

101.2
102.3
103.4
Pi 03.6

141 .5
144.4
147.0
146.3

92
92
93
93

118
112
P113
•119

111.5
111.1
110.8
110.3
110.2
110.1
109.8
109.8
109.8
110.0
110.6
110.6

1955
January
February.. .
March
April

r
•Estimated.
pPreliminary.
Revised.
*Average per working day.
1
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. 553.
2
The indexes of employment and payrolls, wholesale commodity prices, and consumer prices are compiled by the Bureau of Labor Statistics.
Nonagricultural employment covers employees only and excludes personnel in the armed forces. The figures on employment and payrolls incorporate revisions to first-quarter 1954 bench-mark levels. The consumer prices index is the revised series, reflecting beginning January 1953 the
inclusion of some new series and revised weights; prior to January .1953 indexes are based on the "interim adjusted" and "old" indexes converted
to the
base 1947-49=100.
3
For indexes by Federal Reserve districts and for other department store data, see pp. 555-559.
Backfigure*in BULLETIN.—Industrial production, December 1953, pp. 1324-1328; department store sales, December 1951, pp. 1490-1515.

MAY

1955




545

INDUSTRIAL PRODUCTION
[Federal Reserve indexes, 1947-49 average = 100]

Industry

1955

947-49
proportion

953

954P

Mar. Apr. M a y June July Aug. Sept. Oct. Nov. Dec.Jan. Feb.

00.09

134

125

123

1954

Annual

Mar.

SEASONALLY ADJUSTED
I n d u s t r i a l Production—Total.
Manufactures—Total
Durable Manufactures—Total
Primary metals

90.02

136

127

125

123
125

125
326

124
125

123
124

123
125

124
126

126

128

128

130

130

132

133

131

133

134

135
136

147

148

4S.17

153

137

135

134

136

135

134

135

137

139

142

14'

145

6.70

132

108

103

103

106

108

103

105

105

111

118

121

127

131

135

157
126
146
125
187

75*
128
146
126
185
196
144

28 52
5 73
13 68
9 04
. 4.64
7..54
1.29

167
136
160
143
194
189
155

150
123
142
125
177
175
140

147
120
138
125
163
173
144

147
119
138
125
163
174
139

148
121
138
124
163
178
138

147
122
139
124
170
170
135

147
122
141
125
173
170
136

148
124
144
125
181
166
135

149
122
147
125
189
167
137

150
124
147
123
194
169
137

152
125
148
122
198
175
138

154
125
145
120
193
187
140

•755
125
145
124
187
1.91
140

Stone, clay, a n d glass p r o d u c t s . . . .
Lumber and products

5 91
2 82
3.09

125
133
118

123
131
115

123
130
116

121
128
114

125
130
120

118
129
108

113
131
96

114
132
97

124
134
116

130
132
128

130
136
124

133
135
131

133
136
129

•133
•138

Furniture and misc. manufactures. . . .
Furniture and fixtures."
Miscellaneous m a n u f a c t u r e s . . . . . . .

4 04
1 64
2 40

131
117
140

121
106
131

119
104
130

117
103
127

118
102
128

120
104
131

120
106
130

1Z3
109
133

123
109
132

123
110
132

123
108
132

122
108
131

122
109
132

72.?
133

126
111
136

44.85

118

116

114

115

117

116

114

114

175

117

118

119

727

721

123

11 87
6 32
5 55

107
104
110

100
95
105

99
91
108

101
94
109

101
95
107

99
93
106

98
95
102

99
94
103

98
95
101

102
101
103

103
101
105

104
101
107

106
103
108

105
103
106

109
104
115

Rubber and leather products
Rubber products
Leather and products

3 20
1 47
1 73

113
128
99

104
115
95

103
113
93

103
113
94

106
119
94

107
120
95

99
97
100

97
98
96

103
117
91

108
125
94

108
122
96

115
133
100

-123 '120
-143 "138
105 104

722
140
106

Paper and printing
Paper and allied products
Printing and publishing

8 93
3 46
5.47

125
132
121

125
134
120

124
131
119

125
133
120

126
137
120

126
136
121

126
133
121

126
135
121

127
137
121

127
138
121

127
137
120

127
136
121

129 '130 132
140 143
122 -122 "\U

Chemical and petroleum products
Chemicals and allied p r o d u c t s . . . . .
Petroleum and coal products

9 34
6 84
2 50

142
147
130

142
148
125

139
146
122

140
146
124

142
148
125

142
148
124

141
148
122

141
149
121

144
150
125

143
150
124

145
152
127

148
155
129

148 75/
.154 '157
131 134

153
160

Foods, beverages, and tobacco
Food and beverage manufactures. . .
Tobacco manufactures

11 51
10 73
78

107
107
108

106
106
120

106
106
103

106
107
103

110
110
108

108
108
107

105
105
101

105
105
99

105
105
102

105
105
102

106
106
100

106
106
101

107
107
107

106
106
106

108
108

Minerals—Total

9 98

116

111

112

109

111

114

112

109

108

109

113

116

120

123

122

Mineral fuels
Coal
Anthracite
Bituminous coal
Crude oil and natural gas

8 35
2 68
36
2.32
5.67

115
78
57
81
133

113
67
52
70
134

112
62
52
63
137

111
58
46
60
137

112
65
44
68
134

115
69
48
72
136

112
70
56
72
133

110
68
50
71
130

169
67
49
70
129

110
70
43
74
130

775
69
51
72
136

117
13
66
74
138

120 '124 122
72
74
79
45
61
55
76
82
77
142 145 P\ 46

Metal, stone, and earth minerals
Metal mining
Stone and earth minerals

/ 63
87
83

119
113
124

106
90
123

110
96
124

99
78
120

106
91
121

110
99
122

108
91
125

102
83
121

102
82
121

101
81
121

105
86
125

115
103
127

77*
<•! 1 0
126

•77*
113
'124

72J
'113
133

IOCS 0©

134

125

126

124

124

124

116

123

126

130

130

128

131

135

137

127

128

125

125

125

116

125

127

132

132

129

133

136

140

Metal fabricating
Fabricated metal products
Machinery
Nonelectrical machinery
Electrical machinery
Transportation equipment
Instruments and related products. .
Clay, glass, and lumber products

Nondurable

Manufactures—Total

Textiles and apparel
Textile mill products
Apparel and allied products

•193

142

127
•109

7.?-*
141
127

WITHOUT SEASONAL ADJUSTMENT
INDUSTRIAL P R O D U C T I O N TOTAL
MANUFACTURES—TOTAL

90 02

Durable Manufactures—Total

45 17

153

137

140

137

136

135

125

132

135

140

143

143

147

151

154

Primary metals
Ferrous metals
Pig iron and steel
Pig iron
Steel
Carbon steel
Alloy steel
Ferrous castings and forgings
Iron and steel castings
Steel forgings

6 70
5 03
3.51
37
3 05
€ 62
.43
1 52
1 29
.23

132
133
138
130
139
135
165
121
115
154

108
105
108
101
109
108
115
97
95
.106

108
104
105
100
106
105
114
101
100
111

107
102
104
93
105
103
Vs3
98
98
104

108
104
107
94
108
108
109
97
96
100

109
105
108
99
109
111
102
97
96
101

94
91
95
94
96
96
93
80
79
87

100
95
96
93
97
96
104
90
90
91

103
98
101
93
102
101

112
107
111
101
112
111
120
97
95
106

118
114
121
110
122
119
138
98
96
107

117
115
121
.113
121
118
145
101
'99
110

129 136
124 ,132
128 136
117 122
130 138
125 134
.155 165
113 121
111
127

142
138
144
131
146
143
165
124
123
132

in
90
89
98

r
9 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.

546




FEDERAL RESERVE BULLETIN

INDUSTRIAL PRODUCTION—Continued
[Federal Reserve indexes, 1947-49 average = 100]
1954
1947-49
Annual
propor1953* 1954P Mar. Apr. M a y June July Aug. Sept. Oct.
tion

Industry

WITHOUT SEASONAL

1955

Nov. D e c .

Jan.

Feb.

Mar.

ADJUSTMENT

—Continued
P r i m a r y metals—Continued
Nors ferrous metals
..
. . .
Primary nonferrous metals
Copper smelting
Copper refining
. „.
Lead
Zinc
,
Aluminum
Secondary nonferrous metals. . . . .
Nonferrous shapes and castings. .
Copper mill shapes
Aluminum mill shapes

Metal Fabricating
Fabricated m e t a l products
Structural metal prrts .
Stampings and misc. metal products
Tin cans •
. . .
Furnaces, gas ranges, and heaters. .

1.67
.38
.09
.06

129
144
112
116

120
147
101
109

,04
JO
.09

101
113
209

105
101
2^4

13
1.16
.63
,20
.33

114
126
112
168
130

28,52
5.73
2.68
2.12
.30
.63

122
149
109
114
97
102
245
109
115
101
162
112

103
142
93
105
79
97
248
86
91
76
145
88

117
139
76
102
98
98
246
105
111
100
163
103

118
137
88
89
109
84
244
105
114
103
1 59
107

127
142
98
91
H4
90
246
108
124
115
160
121

129
158
124
118
107
112
246
107
123
111
162
122

124
160
121
131
103
116
250
107
114
90
168
128

146
159
118
122
99
118
252
114
145
135
'182
144

r
148
'167
'140
134
99
119
253
P120
'145
175
196
154

154
169
135
133
112
"122
256

114
101
154
116

120
147
97
107
109
102
246
108
113
102
149
112

153

150

148

147

13S

144

145

150

154

156

159

162

165

121
125
121
105
78

120
123
117
122
84

121
125
116
125
88

122
126
114
143
93

116
123
106
153
75

124
125
109
196
104

124
12S
111
172
109

126
127
115
142
121

125
129
122
103
99

124
130
121
102
78

126
124
127 ''129
1211 25
1 10 '' 10 7
87

105
113
100
154
114

119
147
101
115
113
97
240
107
111
96
143
118

122
147
99
114
107
100
245

167

150

136
137
138
129
93

123
126
117
131
90

us

* 1 52
133
199

130
129
111
108

13.68

160

142

145

141

138

137

128

138

US

150

15©

146

148

152

154

Nonelectrical machinery
Farm and industrial machinery....
F^rm machinery . . . .
. .
Industrial and commercial ma
chinery
»
Machine tools and presses
Laundry and refrigeration appliances

9.04
8.13
1.02

143
139
96

125
121
79

132
127
84

128
124
85

126
122
84

125
121
84

119
117
79

118
116
74

122
116
75

121
"73

121
116
75

123
119
80

126
119
85

129
121
90

132
124
94

7.11
.68
.69

145
188
128

127
160
114

134
177
122

129
167
120

127
161
112

127
157
111

122
152
88

122
150
91

147
123

122
146
124

125
149
122

1 24
148
146

'"125
14V

129
152
164

Ripftfical machinery
Electrical apparatus and parts
S.adio and television sets

4.64
3.23
.74
7.54
4.80
1.50

194
179
230

177
160
214

172
164
182

166
160
172

162
159
156

162
156
166

145
151
116

176
152
234

122
150
125
189
154
280

207
158
341

206
162
325

191
165
258

191
165
261

191:
167
272

196
1 70
261

189
126

175
109

181
117
151
101

175
111
143
96
99
64
132
146
96
472
115
39
25

119
84
4^0
104
33
25

179
120
144
93
99
53
134
135
113

200

99
102
85
469
111
26
17

165
98
123
79
81
54
113
109
88
465
107
32
22

159
90
70
78
74

'2A5
157
210
-87
77
48
144
'160
14 5
;
'4/7

210
165
215
104
109
67
1-1-0
I 70

119
49
39

179
H6
146
301
104
63
148
141
102
472
118
43
32

165
96
125
78
86

112
39
29

182
114
t42
101
104
66
152
133
100
485
123
54
44

A.vitocj trucks, and parts . . . .
Autos

64
106
78
18

471

106
24
12

137

138

140

142

>-MQ

142

145

118

129

136

139

12S

125

rl30

133

134
116
126

136

139

136
112
84

141
144
110

137
124
144
148
105
93
145
117
124
114
166
146

134
120
148
151
93
80
131
113
1 12
115
162
149

132
126
148
151
114
82
119
107
101
114
155
147

'134
129
147
150
12 4

138
1 ;<)

127
125
80
151
116

134

116
100
186
137
264
88

118
101
195
145
274
SS

.81
.53
.35

I & s t r u m e n t s &n& related p r o d u c t s . .

1.29

155

140

145

140

138

136

132

132

Clay, Glass, and Lumber

5.91

125

123

122

124

126

122

109

SSone, ciay, a n d glass p r o d u c t s . . . .
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 piaster p r o d u c t s . . . . . . .
Misc. stone and earth manufactures..

2 82
1.09
.60
.,47
.26
.23
.32

133
123
136
139
120
91
132

m

.20
.48
.53

128
117
124
126
121
93
132
111
115
110
157
135

130
117
124
126
126
87
137
111
1\3
112
161
135

128
107
119
119
118
63
150

106
115
163
143

128
121
130
131
125
93
118
107

L u m b e r a n d products
Lumber
2^" ill workr and plywood.
Mi'lwo k
Softwood plywood

3.09
2.05

118

.60
.39
.12
.29

112
149
118
199
99

115
106
161
123
222
88

109
164
109
253
90

119
113
163
111
248
90

Furniture and Misc. Manufactures

4.04

131

121

121

115

FiMTfiture and
fixtures
Household furniture

1 64
1.10

.66
.22
.19
.14
.07

Light trucks
T^Iedium trucks
Heavy trucks

2.58
1 30
Railroad equipment

„

Products

. . .

Miscellaneous manufactures

.35
.12

110

131
92
95
59
133
130
101

47<*

1 18
133
117
85
135
1 ! 1
113
111
161
140

102

111
152
139

It7

68
150
132
101
£75

115
3.23
125
127
81
138
115

57

111
116

155
81

191
136
174
94
103
59
130
131
125
4 78
1.10
31
20

146
118
112
58
183
229
117
465
135
72
64

81
74
76

110

118
178
112
169
144

121
132
4

92
t1 5

111
164
136

109
170
134

112
172
140

122
117
361
119
229
91

115

91

106
155
128
195
92

91
93
90
95
85

102
98
128
116
145
83

1 57
232
87

27*
91

123
107
191
139
275
88

114

116

112

121

125

129

123

125

123
HO
187

113
168
146
119
207

164

1 so

195
98
102
64
143
138
137
4 79
110
32
20

'in
25

4 77
1 ?4
36
26

M6
124
93

115
'• i 15
Mr, 5
15 J

1 19
1 21
.119
165
156

'•125

127

108

109

106

P2O7

153
294
88

158

121

'125

127

113

114
116

117

106

98

118
116

106
107

106
105
107

101

.54

100
103

96
103

100
98
105

99
98
100

107
108
106

111
112
108

113
116
107

112
115
107

112
115
108

109
110
106

115
M09

2.40

140

131

131

125

124

127

121

130

136

14©

139

134

129

134

91

109
137

* Preliminary.
•" Revised.
For other footnotes see preceding page.

MAY

1955




547

INDUSTRIAL PRODUCTION—Continued
[Federal Reserve indexes, 1947-49 average = 100]
1947-49
Annual
propor1953* 1954*> Mar.
tion

Industry

1955

1954

Apr.

May

June

July Aug.

Sept. Oct.

Mar

Nov.

Dec.

Jan.

115

119

122

125

98 108

rill

115

108
116
106
138
108

109

Feb.

WITHOUT SEASONAL ADJUSTMENT
—Continued

Textiles and
Apparel
Textile mill products
Cotton and synthetic fabrics
Cotton consumption....

104

93

82
85
80

97

97
100
96
112
86

103
109
104
121
101
69

71

107
70
79
67

112

67
113
115
118
107
112

102
110
104
126
102
69
72
69
110
109
112
102
111

103
102
105
93
104

105
110
114
100
98

79

82

62

71

84

83

86

101
95

106
108
82
80

99

113

123

96
90
52
99
93
115
106

115
98
102
60
1.26
120
152
103

116
113
97
100
59
124
'125
'H>0
109

95
100

94
99

99

97

95

108
93
66

95
101
100
100
103
61

102

91

76

72

75
116
113

58

118
102
119

64
106
108
113
97
103

120
93
96

63
80
59
103
111
119
91
93

107
96
68
84
64
105
110
116
95
99

81
68
106
106
110
98
106

103

109
106
108
100
113

.31

86

71

83

77

68

66

36

70

5.55
1.78

110
113
96
92
89
124
103

105
103
83
82

116
102

108

103
108
88

99
95
81

91
80

110

84

75
87

.50
.48

Apparel a n d allied products
jVjfpii's outerwear..
Men's suHs and coa^s . . . „

120

105

104

.20

.c

123

99

114
100

.45

Seamless hosiery...

119

103

115
105

1.15
.65

Hosiery

117

86

116
100

.97
.45
.97
.16
.75

W o o l fabrics

107

96

118
107

6.32
3.72
2.30

Fabric finishing
W o o l textiles

114 115

44.85
11.87

Nondurable Manufactures—Total...

.73
.50
.13
.99
1.85

107
104
115
101
78

97

105
112

77
80

67

48
118
138

97

111
79
78
65

98
94

96
92
110

105

101
99
104

82
70

65
68

98
74

78
66
89

78
79
77

56
52
57

86

71

67
73
66
113
113
116
107

77

146
105

106
100
130
107

110

107
108
88
88
66
121
102
130
110

110
98
92
98
118

76
73
72

72

98
104
95
127
90

104
'114
105
132

70
68

87

118
105
147
106

72

74

'85
69
112
119
124
106

82
72
110
1.11
118
96
108

104

113
88
91

55

107

96

80
121
105
30
97

104

108

104

103

106

86

98

105

114

108

110

rl23

115

us

£16

118

121

85

118

132

124

128

105
110
99
124

108

111
120
99
120

111
122
96
125

119
133
100
124

84
94

94
75

116

86

111

104
107
99
132

114
147

110
111
110
137

116
119
113
139

rl45
130
136
121
'158

134
141
125
153

133
145
117
157

95
87
92

89
90
96

94
83
89

98
88
96

94
88
94

94
88
95

79

78

70

72

75

73

105
94
101
'"80

312
98
104
86

113

71
75
65

101

73

94
89
93
81

87

75

100
89
92
82

94
86
93

.15

99
91
92
89

.90
.39

100

90

91

82

79

84

87

94

95

97

98

94

91

100

102

Paper and Printing

8.93

125

125

127

128

126

126

116

124

128

133

131

125

127

131

136

Paper a n d allied products
Pulp and i)aper
,..,

3.46
1.76

132
130
.51 142
1.25
125
.22
119
.14 116
.20
118
.18
129
.41 134
.10
118
1.70 | 134
.51 133
.11
138

134
132
148
125
118
120
119
137
130
124
136
133
145

135

134
132
148
125
117
120

120
116
133
109
99
96
102
126
112
123
124
119
139

137
133
148
126
120
120
118
136
129
137
141
141

146
140

140

'148
147
'166
139
t?7
138
132

141

122
130
124
14-5
138
135
152
1 SI
153

140
139
160
131
121
127
124
142
137
129
140
140
141

129

134
132
125
136
133
144

136
136
153
129
120
123
119
136
136
137
135
132
144

137
134
150

124
121
122
138
131
121
137
133
149

136
131
146
125
121
121
116
137
128
124
141
135
158

156

'156

5.47
1.85
3.62

121
118
122

120

121

119
119
120

125
129
122

125
130
122

123
123
124

118

120
•21

121
125
119

121

119
121

122
129
119

114
120

Chemical and Petroleum Products.

9.34

142

142

142

140

139

C h e m i c a l s a n d allied p r o d u c t s
Industrial chemicals ..
Basic inorganic cheniicals
Industrial organic c h e m i c a l s . . . .

6.84
2.54

147

148
153

150

145
150 150
157 159
148
147
179
190
127 120
145 149
141 141
114 104
95
109
131 132
111 104
116 116
173 137

Men's outercoats

Misc. apparel and allied mf r s.

1.92

112

116
109
129
103

Rubber and Leather Products

3.20

113

HLwhhQT

1.47

128
117
117

W o m e n ' s outerwear

,...

products

.70

A u t o tires
Truck and bus tires
= ...,....
Miscellaneous rubber products ...
Leather a n d products
.
Leather
Cattlehide leathers
Skin leathers
Shoes and slippers2
Miscellaneous leather products

.

.

.

Miscellaneous Daper
Paperboa rci

Shipping containers
Sanitary paper products
^rintlnj 5 a n d publishing.. .
Job printing a n d periodicals

Synthetic fibers
Miscellaneous organic chemicals..
Vegetable a r d animal oils
Vegetable oils
Grease a n d tallow .
.
. .

Fertilizers

.40
.30
.77
1.73

.44
.29

Paper and bop r &
Fine paper

.76

.57

117

118
133

154
149

1.97 ! 155
.24
183
.11 186

.59

156

1.03
.64
.48
.16
.71
.66

144
116
112
131
113
118

.23

124

157
152
.184
136
152
146
118
113

165

113
101
126

133
148
127

150
159
148
193

144
142

133
108
116

141
122
122
122
127
115

122

170

132

1.16
102

147

117

101
104
114
98

127
97

94
96

71

114

81
69

87
91

128
121
122
121
137
133

131
139
136

146
113 116

124
102

127

117

158
133

127

140
158
132
123
132
124
150
136
122
141
135

142
120
112
124
112
135
122
115
131
131
128

r

127

130
143
165
112

128
146

'145
126
r 149

102
119

107
120

122
190
123

'121

126
132
123

139

133

139

143

147

149

149

150

154

156

144

137

144

156

152
155

145

150
151

149
153

156
166

157
169

151
183
122

144
149

161
'176
181
••174
230
193
r] 77
157
128
193
'145

165
182
183
181

157
143
96
85
127
99
117

107

150
170

121
148

152
195

155
160
161
159
197

126

137
148

143
165

143

146
96
84
129
104
117
99

147
109
101
131
116
115

148
138
139
134
117
115

109

113

91
80
126
69
117
95

165
171

170

164
200

165
196

147
174
151
140
140
137
105
117
108

151
173
154
130
126
139
105
118
112

175
r

.167
206
180

171
155
127
12S
135
103
116

116

108
'116
124

702
19?
160
117
111
136
102
119

182

p Preliminary.
' Revised.
Publication suspended pending revision of data for the period 1952 to date.
Publication suspended pending adjustment to revised Census production figures for the period 1950 to date.
NOTE.—A number of groups and subgroups include individual series not published separately. For description and back figures, see BULLETIN for December 1953, pp. 1247-1293 and pp. 1298-1328, respectively.
1
2

548




FEDERAL RESERVE BULLETIN

INDUSTRIAL PRODUCTION—Continued
[Federal Reserve indexes, 1947-49 average = 100]
947-49
proportion

Industry

1953P

1955

1954

Annual
1954*' Mar. Apr. May

June July Aug. Sept. Oct.

Nov. Dec.

Jan.

Feb.

Mar.

WITHOUT SEASONAL ADJUSTMENT
—Continued

Aviation gasoline
Fuel oil
Distillate fuel oil
Residual fuel oil
Lubricating oil
Coke
A.SDha.lt roofing and s^dinc

..

122
130
141
136

124
131
142
137

127
133
142
138

126
132
140
135

129
136
143
139

129
140
146
141

132
142
146
142

134
144 f> 1 3 9
147 '143
143

229
122
150
89

233
123
154
87

215
127
161
89

214
128
164
87

214
135
172
92

232
140
177
97

216
146
184
101

209
152 r'145
196
101

97
104

99
109

98
111

101
106

116
110

125
108

134
109

123
105

80
118

124
131
141
136
235
122
148
92
100
111
79
135

77
110

75
127

77
147

84
133

90
106

93
62

96
70

98
75

102

.98

130
135
144
139

125
133
141
136

121
129
135
131

120
128
137
132

123
130
140
136

.06
.56
.30
.26

227
130
155
101

221
128
158
93

212
127
155
96

218
122
145
94

.10
.17

117
106

110
108

215
121
146
93

116
104

106
103

99
109

.26
.15

111
99

84
103

86
78

80
103

2.50
1.97
1.04

P e t r o l e u m a n d coal products
Gasoline

. .. 11.51

107

106

98

98

103

110

108

114

119

116

109

99

99

97

100

Food and beverage manufactures.. 10.73
8.49
Food rranufactures
1.48
Meat products
.46
Beef
.83
Pork
.69
.14
Butter
.07
Natural cheese

107
108
115
129
104
105
108
112

106
107
117
135
103
106
110
116

115
117
108
138
88
115
99
114

120
124
120
141
104
97
84
98

101
104
136
132
134
79
85
91

98
102
138
140
133
85
99
95

97
99
124
129
117

99
100
134
121

101
102

104
113

95
9?
71

115
107
75

139
110
85

109
143
138

117
118
127
142
115
85
81
87

110
113
135
136
131
78
79
87

94
104
112

94
133
194

76
113
212

66
95
141

65
81
99

70
74
87

76
78
77

86
84
72

100

106
81
122
100
113
113
108

107
81
124
97
117
106
121

101
78
116
96
58
116
2

99
75
114
96
63
103
24

106
76
127
96
76
109
42

109
106
108
137
89
145
145
161
139
139
99
114
78
137
98
82
121
43
80
108
124

109
107
102
135
81
128
115
129

93
106
121

98
97
106
127
91
119
128
133

103
100
105
132
87
135
152
159

.19
.28

98
98
115
132
102
104
124
117

112
78
134
99
72
112
32

110
82
129
98
94
115
71

114
86
132
98
109
115
99

110
90
123
99
258
105
385

103
84
117
98
273
90
427

101
80
115
98
176
87
248

103
87
114
94
93
100
81

102
85
113
95
61
106
17

101
83
114
94

66

91

131

123

125

87

106

112

109
118

108
108

106
107

108
110

105
97

101
88

100
84

101
89

96
102

io3

°6

98
93
69

107
84
121

99
79
92

883
67

80
85
61

86
84
67

Foods, Beverages, and Tobacco

Ice cream
Canned and frozen foods
Grair-mill products
Wheat flour
Cereals and feeds
Bakery products
Sugar
Cane sugar

1.13
1.16
.46
.70
1.64
.27
.11
.13

Confectionery
Miscellaneous food preparations ...
Beverages
..
Bottled soft drinks
Alcoholic beverages
Beer and ale

.71

102

99

99

89

81

104
105

105
103

105
99

103
102

105
113

100
103
60

98
99
68

98
102
69

100
106
64

108
117
64

.37

107

102

101

98

104

114
128
62
104

85

85

115

142

139

90

76

93

.78
.46
.17

108
111
108

102
106
102

101
106
97

99
103
95

108
112
109

114
119
111

92
98
83

111
115
112

109
111
113

111
ill
121

103
102
113

83
86

105
111
99

104
106
107

9.98

116

111

109

109

112

115

110

111

111

112

111

117

'•120

Liquor bottling
Tobacco manufactures
Cigarettes
Cigars

..

MINERALS—TOTAL .

. .

104

1.41
2.24
.54
1.70
1.02

.17

122
42

112
39

128

100

76

82
119

114

Mineral Fuels

8.35

115

113

112

111

111

113

108

110

110

113

117

Coal
Anthracite
Bituminous coal

78
.36 ' 57
2.32
81

67
52
70

61
48
63

58
44
60

62
45
65

63
50
65

57
44
59

68
48
71

70
51
72

77
52
81

75
57
78

75
61
77

77
55
81

79

C r u d e oil and natural gas
Oil and gas extraction
Crude oil

5.67
4.82
4.12
.34

133
129
124
167

137
132
127
167

134
129
124
160

129
124
118
159

130
124
118
167

136
130
122
184

138
132
123
199

142
139

145
141

v 141

130

131

P131

155

156

133
124
120
154

130
123
118
157

157

137
131
125
182

136
129

.36

151

151

159

163

170

172

175

176

.85

154

134
128
122
172
160
167

165

163

163

176

180

166

159

160

171

171

163

168

Mvtal, Stone, and Earth Minerals . 1.63

119

106

93

99

116

123

119

115

113

110

102

99

97

99

.82
.33
.49
.24
.09
.06

113
128
104
114
86
87

90
84
94
103
80
75

73
39
95
102
87
77

79
58
93
102
82
78

WS
126
96
106
78
78

120
152
98
108
80
79

108
139
87
95
74
72

100
132
78
77
83
75

98
117
85
92
76
67

92
87
95
106
78
71

79
43
103
118
82
74

76
37
102
116
83
73

79
36
108
124
83
80

'85

.81

124

123

114

119

125

127

130

130

129

129

126

122

115

2.68

Oil and gas well drilling .

Metal mining
Iron ore
Nonferrous metal mining

.

.

Lead mining
Stone and earth minerals .,,... .

* Preliminary.
•• Revised.
For other footnotes see preceding page.

MAY

1955




161

125
161

121

124 vl22

117

71
41

82

76

104
86

?1339

116

•"89
'83

89
85
123

« Corrected.

549

OUTPUT OF CONSUMER DURABLE GOODS
[Federal Reserve index numbers, 1947-49 average=1001
Annual
H947-49
| proj portion 1953 1954

Product

1955
Mar. Apr. M a y June July Aug. Sept. Oct. Nov. Dec. i Jan. Feb.

Mar,

SEASONALLY ADJUSTED
127

116

111

116

119

118

116

115

114

112

119

125

131

135

139

Major Durables
Autos
Major household goods
Furniture and floor coverings
Household furniture
Floor coverings1
Appliances and heaters
Major appliances
Ranges
Refrigeration appliances
Laundry appliances
Heating apparatus
Radio and Television sets
Radio sets
Television sets

' 69.72 138
146
32.10
36.13 132
I 15.32 113
118
11.31.
4.01
118
15.60
• 11 .88 123
90
2.60
137
i 4.98
141
2.51
100
3.72
! 5.21 230
67
3.42
1. 79 541

125
131
122
101
106

119
133
109
99
103

126
139
115
97
102

130
145
119
96
100

128
136
123
96
102

126
127
127
102
104

125
121
131
106
109

121
110
132
107
111

117
104
131
106
111

128
127
130
103
111

137
149
129
105
110

145
160
133
107
110

151
172
135
107
113

156
179
137
109
114

111
115
79
124
148
97
214
52
522

104
108
82
117
129
91
151
43
356

112
116
76
135
134
98
178
43
436

116
120
83
143
124
106
196
43
487

110
111
79
131
113
107
243
45
621

114
118
83
132
136
101
241
47
611

109
113
74
125
146
98
270
56
678

112
1.17
80
117
169
96
267
46
687

110
114
79
110
170
97
270
62
667

114
120
77
122
174
95
259
70
620

115
119
82
117
1.81
100
242
70
571

128
133
79
137
190
115
'225
73
'515

'131
'135
'96
'140
181
120
226
68
527

137
139
97
152
172

Other Consumer Durables
Auto parts and tires
Misc. home and personal goods

30.28
; 14.00
' 16.28

102
91
111

95
91
99

94
88
100

93
89
96

93
90
96

96
96
96

93
89
96

91
85
97

98
95
101

98
96
100

97
93
101

96
98
94
97 | 97

98
97
99

99
96
102

155

CONSUMER DURABLES- TOTAL. .100.00

222*
71
512

WITHOUT SEASONAL ADJUSTMENT

CONSUMER DURABLES -TOTAL. .100.00
Major Durables
Autos
Major household goods
Furniture and floor coverings
Household furniture
Floor coveringsl
Appliances and heaters
Major appliances
Ranges
Refrigeration appliances
Laundry appliances
Heating apparatus
Radio and television sets
Radio sets
Television sets

i
j
j
:

''

69.72
32.10
36.13
15.32
11.31
4.01
15.60
11.88

;
I
j 2.5.1
!
.72
5.21
3.42
1.79

Other Consumer Durables

127

116

119

119

116

116

102

113

108

109

129

138
146
132
113
118

125
131
122
101
106

130
142
120
102
105

131
151
116
97
100

126
146
110
92
96

125
143
112
93
98

107
125
92
89
98

121
123
121
102
108

111
81
139
108
112

111
70
149
111
116

142
144
142
108
115

132 i 142 151
!
149 ; 163 -•174
174 i 195 210
130 ! 137 146
109 108
111
115 i 110 115

118
123
90
137
141
100
230
67
541

111
115
79
124
148
97
214
52
522

117
129
93

1.44
151
79
182
49
435

116
124
79
153
130
91
172
49
406

112
117
80
147
111
96
155
48
360

112
114
76
141
117
104
165
44
397

88
53
109
90
86
116
29
281

101
96
68
99
128
116
234
51
583

122
121
87
116
181
124
279
48
722

124
121
87
104
199
133
338
64
860

116
118
83
106
192
107
324
71
806

108 124
116 134
77 i 81
112 147
177 ! 177
84 ; 93
258 | 260
67 : 73
623 | 618

94
85
102

92
87
96

92
90
94

94
96
93

90
91
89

94
90
97

101
100
102

104
101
106

100
93
105

94
95
89 j 95
98 ' 95

i 30.28 102
14.00
91
: 16.28 111

Auto parts and tires
Misc. home and personal goods

95
91
1
9

179
215
151
113
116

138
149
104
-152
207
102
272
74
648

151
163
110
180
201

97
93
100

99
93
104

r

260*
80
604

r

Re vised.
Publication suspended pending revision of data for the period 1952 to date.
NOTE.—Individual indexes without seasonal adjustment tor woven carpets, appliances, heating apparatus, radio sets, and television sets may
be obtained from the Division of Research and Statistics. For a description of this index, see BULLETIN for May 1954, pp. 438-447.
1

PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES
[Compiled by Bureau of Labor Statistics. In thousands of persons]
1954
Industry group

June

July

Aug.

1955

Apr.

May

Sept.

Oct.

Nov.

Dec,

12,663
7,250
122
633
286
426
990
834
1 ,1 74
796
1,384

12,590 12,546 12,337 12,297 12,346 12,445 12,572 12,580 12,586
7,182 7,136 6,979 6,928 6,957 7,054 7,159 7,177 7,191
102
107
104
101
100
98
97
112
96
649
658
572
569
678
675
674
65.1
668
297
286
286
294
295
294
291
286
289
435
425
430
432
436
436
435
427
434
965
982
979
972
969
988
997 1,008
979
821
839
834
828
825
840
835
836
826
1,158 1,143 1,122 1,123 1,125 1,115 1,103 1,095 1,093
769
782
785
799
793
784
778
792
792
1,346 1,328 1,279 1,238 1,183 1,249 1,334 1,375 1 ,400

Jan.

Feb. M a r .

Apr.

SEASONALLY ADJUSTED

Total
Durable goods
Ordnance and accessories
Lumber and wood products....
Furniture and fixtures
Stone, clay, and glass products.
Primary metal industries
Fabricated metal products
Machinery except electrical....
Electrical machinery
Transportation equipment
Instruments and related products
Misc. manufacturing industries.
Nondurable goods
Food and kindred products. . . .
Tobacco manufactures
Textile-mill products
Apparel and other finished textiles
Paper and allied products
Printing, publishing and allied
industries
Chemicals and allied products..
Products of petroleum and coal
Rubber products
Leather and leather products. .

227
378
5,413
1,118
93
972

225
37
5,408
1,119

1,049
435
516
532
178
193
327

218
377
5,358
1,092
95
970

216
373

21.8
377

94
966

220
379
5,410
1,114
94
978

5,369
1,089
93
989

5,389
1,086
92

1,040
437

1,037
441

1,030
442

1,033
441

514
534
180
195
329

514
529
180
197
326

513
528
179
176
333

514
528
175
177
330

12,673 12,809 12,927
7,269 7,359 7,448
94
94
93
669
655
651
290
295
296
438
44.2
447
1,027 1,056 1 ,083
836
849
863
1,108 1,129 1,147
808
798
795
1,426 1,448 1,465

217
378
5,391
1,082
94
979

217
375
5,413
1,097
96
973

216
216
369
369
5,403 5,395
1,094! 1,085
90
931
968
967

215
371
5,404
1,078
93
970

2.18
375
5,450
1,093
93
977

219
376
5,479
1,101
90
980

1,033
447

1,041
444

1,060
440

1 ,057
435

1,072
438

518
526
174
196
329

51.5
529
175
200
332

513
528
173
199
334

1,064
435
515
532
172
208
337

1,077
444
520
543
174
213
337

511
531
173
204
337

1,058
435
512
534
171
207
336

515
540
173
211
338

For footnote see following page.

550




FEDERAL RESERVE BULLETIN

PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES—Continued
[Compiled by Bureau of Labor Statistics. In thousands of personsl
1955
Industry group
Apr.

May

June

July 1 Aug.

Sept.

Oct.

Xov.

Dec.

Jan.

Feb.

Mar.

Apr,

WITHOUT SEASONAL ADJUSTMENT

Total

12,548 12,394 12,437 12,179 12,418 12,577 12,612 12,657 12,645 12,523

Durable goods

12,649 12,787 12,812

7,266

7,163

7,130

6,876

6,890

6,965

7,081

7,198

7,218

7,182

7,282

7,383

7,462

122
627
285
428
990
838
1,192
796
1 ,384

112
654
279
42
974
832
1,170
776
1,346

107
674
277
427
982
831
1,154
761
1,328

104
583
275
424
969
809
1,111
751
1,279

101
592
290
434
967
820
1,095
766
1,238

102
672
298
437
965
821
1,097
785
1,183

100
692
301
438
969
829
1 ,093
800
1 ,249

98
685
301
438
988
844
1 ,092
811
1,334

97
661
297
437
1,002
843
1,106
809
1,375

96
631
293
430
1,013
834
1 109
'800
1,400

94
639
296
434
1,032
844
1,125
803
1,426

94
635
298
442
1,061
857
1,146
806
1,448

93
644
295
449
1,083
867
1,164
808
1,465

228
376

224
370

219
371

214
358

214
373

218
386

218
393

218
390

2.18
373

21
360

216
371

219
377

220
374

5,282

5,231

5,307

5,303

5,528

5,612

5,531

5,459

5,427

5,341

5,367

5,404

5,350

1,016
82
972

1,037
82
961

1,086
82
973

1,152
83
946

1,238
102
974

1,268
110
978

1,180
112
979

1,111
103
983

1,062
100
983

1 ,007
91
977

985
89
985

992
84
987

1,001
80
980

1,033
435

988
435

990
439

984
433

1,054
439

1,059
445

1,057
444

1,060
444

1 ,073
442

1,069
437

1,101
437

1,110
440

1,061
444

Ordnance and accessories
Lumber and wood products
Furniture and fixtures
Stone, clay, and glass products. .
Primary metal products
Fabricated metal products
Machinery except electrical
Electrical machinery
Transportation equipment
Instruments and related products
Misc. manufacturing industries.
Nondurable goods
Food and kindred products
Tobacco manufactures
Textile-mill products
Apparel and other finished taxtiles
Paper and allied products
Printing, publishing and allied
products
Chemical and allied products. .
Products of petroleum and coal
Rubber products
Leather and leather products. .

HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES
[Compiled by Bureau of Labor Statistics]
Average weekly earnings
(dollars per week)

Average hours worked
(per week)

Average hourly earnings
(dollars per hour)

Industry group
1955
Apr.
...

Feb.

Mar.

Apr.

1954

1955

195-1

Apr. ! Feb.

Mar. I Apr.

Am-.

Feb.

Mar.

Apr.
1.86

70.20

74.74

75.30

74.77

40.4

40.7

1.80

1.85

1.85

75.43

80.56

81.56

80.97

39.7

41.1

41.4

41.1

1.90

1.96

1.97

1.97

Ordnance and accessories
Lumber and wood products
Furniture and fixtures
Stone, clay, and glass products
Primary metal industries

78.21.
65.53
61.00
70.35
77.90

82.22
66.50
65.67
73.49
87.29

82.01
66.58
65.67
74.57
88.78

81.41
66.17
64.48
75.35
89.40

39.7
40.2
39.1
40.2
38.0

40.5
40.8
41.3
40.6
40.6

40.4
41.1
41 .3
41.2
41.1

40.5
40.1
40.3
41.4
41 .2

1.97
1.63
1.56
1. 75
2.05

2.03
1.63
1 .59
.1.8.1
2.15

2.03
1 .62
1.59
1.81
2.16

2.01
1.65
1 .60
.1 .82
2.17

Fabricated metal products
Machinery except electrical
Electrical machinery
Transportation equipment
Instruments and related products
Miscellaneous manufacturing industries..

75.39
80.60
70.56
84.82
72.07
62.72

80.34
S3.64
74.74
93.28
76.14
66.42

80.73
84.87
75.11
94.15
75.74
66.91

80.34
85.49
74.56
91 .76
76.14
66.66

40.1
40.5
39.2
40.2
39.6
39.2

41.2
41.0
40.4
42.4
40.5
40.5

41.4
41.4
40.6
42.6
40.5
40.8

41.2
A 1 .5
40.3
41.9
40.5
40.4

1 .88
1 .99
1.80
2.11
1.82
1.60

1 .95
2.04
1 .85
2.20
1 .88
1.64

1 .95
2.21
1.87
1 .64

1.95
2.06
1.. 85
2.19
.1 .88
1.65

Total

Durable goods. .

62.87

66.36

66.70

65.74

38.1

39.5

39.7

38.9

1.65

1.68

1.68

1.69

Food and kindred products
Tobacco manufactures
Textile-mill products
Apparel and other finished products.. . .
Paper and allied products

67.54
49.01
50.46
45.62
71.97

70.07
49.58
55.20
49.55
76.08

70.24
51.65
54.66
49.85
76.43

69.72
50.18
53.16
46.51
76.74

40.2
36.3
37.1
34.3
41 .6

40.5
37.0
40.0
36.7
42.5

40.6
37.7
39.9
37.2
42.7

40.3
36.1
38.8
35.5
42.4

1 .68
1.35
1 .36
1.33
1.73

1.73
1.34
1.38
\.35
1 .79

1.73
1.37
1.37
1.34
1.79

1.73
1.39
1.37
1 .31
1.81

Printing, publishing and allied products.
Chemicals and allied products
Products of petroleum and coal
Rubber products
Leather and leather products

86.11
77.27
91 .08
74.88
49.48

89.47
80.34
91 .25
84.25
53.93

90.79
80.32
92.97
83.44
54.04

89.86

38.1
41 .1
40.3
38.8
35.6

38.4
41.2
40.2
41.3
38.8

38.8

80.75
95.53
83.03
51.18

38.4
41 .2
41.0
40.7
36.3

2.26
1 .88
2.26
1.93
1 .39

2.33
1.95
2.27
2.04
1.39

2.34
1 .94
2.29
2.04
1.40

2.34
1 .96
2.33
2.04
1.41

Nondurable goods

4.1 .4
40.6
40.9
38.6

NOTE.—Data are for production and related workers. Figures for April 1955 are preliminary,
in note to table above. Back data are available from the Bureau of Labor Statistics.

MAY

1955




Data for recent years revised as indicated

551

EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS BY INDUSTRY DIVISION
[Compiled by Bureau of Labor Statistics. In thousands of persons]

Total

Manufacturing

Mining

r44 f 448
'43,315
r
44,738
r
47,347
'48,303
r
49,681
'48,285

15,321
14,178
14 967
16,104
16 334
r
17,238
'15,989

982

1954—April
Mav .
June
Tuly
August
September
October .
November
December

48,267
48 183
48,170
48,048
48,029
48,020
48,129
48,386
48,380

16,072
15 985
15,942
15,733
15 688
15,739
15 835
15,972
15,992

776
769

1955—Ta nuary
February
March
April . .

48 398
48,440
48,762
48 849

15 993
16,091
16,231
16,364

1954—April
Mav
J uiie
Tulv.. . .
August
September
October
November
December

48 069
47,939
48 200
47,866
48,123
48 490
48,580
48 808
49,463

15,948
15,781
15,835
15,584
15,822
15,972
16,007
16,057
16,050

1955—January
February
March
April

47,741
47,753
48,206
48,613

15,925
16,060
16,201
16,242

Year or month

1948
1949
1950
1951.
195?
1953
1954

Contract
construction

Transportation and
public
utilities

Trade

Finance

Service

Federal,
State, and
local
government

2,169
2,165
2,333
2,603
2 634
'2,622
'2,527

4,141
3,949
3,977
4,166
4,185
'4,221
'4,008

9,519
9,513
9,645
10,012
10,281
'10,527
'10,498

'1,741
'1,765
'1,824
'1,892
'1 ,967
'2,038
'2,1.14

4,925
'4,972
5,077
'5,264
5,411
'5,538
'5,629

'5,650
'5,856
'6,026
'6,389
6,609
6,645
'6,751

768
755
740
743
745
743

2,554
2,542
2,528
2,534
2,532
2,521
2,502
2,522
2,476

3,998
3,996
4,001
4,000
3,989
4,007
3,995
3,976
3,986

10,502
10,470
10,455
10,480
10,475
10,447
10,443
10,496
10,575

2,096
2,103
2,107
2,118
2,119
2,141
2,147
2,145
2,147

5,611
5,616
5,631
5,670
5,665
5,634
5,660
5,650
5,644

6,658
6,702
6,739
6,745
6,806
6,791
6,804
6,880
6,817

741
741
736
741

2,458
2,410
2,488
2,518

3,974
3,984
3,983
3,951

10,574
10,541
10,618
10,555

2,145
2,154
2,165
2,171

5,646
5,649
5,657
5,670

6,867
6,870
6,884
6,879

772

763
744
743
749
747

2,452
2,542
2 629
2,686
2,735
2,698
2,652
2,598
2,426

3,991
3,993
4,017
4.029
4,018
4,023
4,005
3,986
3,996

10,474
10,351
10,389
10,351
10,321
10,447
10,548
10,745
11,354

2,096
2,103
2,128
2,150
2,151
2,141
2,136
2,134
2,136

5,611
5,672
5,715
5,755
5,750
5,719
5,660
5,622
5,588

6,725
6,736
6,716
6,551
6,563
6,746
6,829
6,917
7,166

741
737
736
737

2,237
2,169
2,264
2,417

3,927
3,937
3,963
3,944

10,419
10,309
10,394
10,504

2,124
2,132
2,154
2,171

5,533
5,536
5,572
5,670

6,835
6,873
6,922
6,928

918
889
916
885

'852
'770

SEASONALLY AUjUSTED

767

WITHOUT SEASONAL ADJUSTMENT

761
771
760

'Revised.
NOTE.—Data include all full- and part-time employees who worked during, or received pay for, the pay period ending nearest the 15th of the
month. Proprietors, self-employed persons, domestic servants, unpaid family workers, and members of the armed forces are excluded. Figures
for April 1955 are preliminary. The series for recent years were revised by the Bureau of Labor Statistics in May 1955 to first-quarter 1954 benchmark levels indicated by data from government social insurance programs. Back data may be obtained from the Bureau of Labor Statistics.

LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT
[Bureau of the Census estimates without seasonal adjustment.

Thousands of persons 14 years of age and over]
Civilian labor force

Year or month

Total noninstitutional
population

Total
labor
force

Employed 1

Total
Total

In nonagricultural industries

In
agriculture

Unemployed

Not in the
labor force

108,482
109,623
110,780
111,924
113,119
115,095
116,220

62,748
63,571
64,599
65,832
66,410
67,362
67,818

61,442
62,105
63,099
62,884
62,966
63,815
64,468

59,378
58,710
59,957
61,005
61,293
62,213
61,238

51,405
50,684
52,450
53,951
54,488
55,651
54,734

7,973
8,026
7,507
7,054
6,805
6,562
6,504

2,064
3,395
3,142
1,879
1,673
1,602
3,230

45,733
46,051
46,181
46,092
46.710
47,732
48,402

1954—March
April
May
June
July
August
September
October
November
December

115,914
115,987
116.083
116,153
116,217
116,329
116,432
116,547
116,659
116,763

67,218
67,438
67,786
68,788
68,824
68,856
68,566
68,190
67,909
66,811

63,825
64,063
64,425
65,445
65,494
65,522
65,244
64,882
64,624
63,526

60,100
60,598
61,119
62,098
62,148
62,277
62,145
62,141
61,732
60,688

54,225
54,522
54,297
54,470
54,661
55,349
54,618
54,902
55,577
55,363

5.875
6,076
6.822
7,628
7,486
6,928
7,527
7,239
6,154
5,325

3,724
3,465
3,305
3,347
3,347
3,245
3,100
2,741
2,893
2,838

48,696
48,549
48,297
47,365
47,393
47,473
47,865
48,357
48,750
49,952

1955—January
February
March
April

116,855
116,901
117,051
117,127

66,700
66,550
66,840
67,781

63,497
63,321
63,654
64,647

60,150
59,938
60,477
61,685

54,853
54,854
54,785
55,470

5,297
5,084
5,692
6,215

3,347
3,383
3,176
2,962

50,156
50,352
50,212
49,346

1948
1949
1950
1951
1952
1953 2
1954

.

. .

1
2

Includes self-employed, unpaid family, and domestic service workers.
Monthly estimates of the labor force beginning 1954 are based on an improved sample covering a larger number of areas and are, therefore,
not strictly comparable with earlier data.
NOTE.—Details do not necessarily add to group totals. Information on the labor force status of the population is obtained through interviews of households on a sample basis. Data relate to the calendar week that contains the eighth day of the month. Back data may be obtained
from the Bureau of the Census.

552




FEDERAL RESERVE BULLETIN

VALUE OF NEW CONSTRUCTION ACTIVITY
[Seasonally adjusted. In millions of dollars]

Private
Year or month

Business

Total

Total

1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954

Residential

Total

8,682
11,957
14,075
8,301
5,259
5,633
12,000
16,689
21,678
22,789
28,454
31,182
33,008
35,256
37,170

5,054
6,206
3,415
1,979
2,186
3,235
9,638
13,256
16,853
16,384
21,454
21,764
22,107
23,877
25,720

1,100
4,015
6,310
8,580
8,267
12,600
10,973
11,100
11,930
13,450

1,672
4,195
4,896
5,693
5,322
5,680
7,217
7,460
8,436
8,593

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

3,027
3,089
3,078
3,094
3,145
3,157
3,105
3,192
3,262

2,059
2,131
2,122
2,173
2,219
2,234
2,221
2.259
2,292

1,040
1,105
1,102
1,150
1,192
1.214
1,210
1,228
1,262

1955—Tamiary
February?
March P
April?'

3,379
3,426
3,431
3,470

2,398
2,433
2,448
2,492

L ,323
,326
,326
,362

^Preliminary.

Public

2,985
3,510
1,715
885
815

1,561
2,082
1,287

Indus- Com- Public
trial mercial utility
348

Other
nonresidential

Total

Military

Highway

385

1 302
1 066

1,062
2,117
2,320
2,229
2,011

1,253
1,027
1,288
1,371
1,137
1,791
2,182

1,374
2,338
3,043
3,323
3,330
3,729
4,003
4,416
4,400

1,428
2,050
2,580
2,795
3,174
3,574
3,547
3,511
3,677

3,628
5 751
10,660
6,322
3 073
2,398
2,362
3,433
4,825
6,405
7,000
9,418
10,901
11,379
11,450

714
713
710
708
718
714
707
717
716

183
175
171
167
164
156
152
156
159

165
171
172
174
187
191
188
193
189

366
367
367
367
367
367
367
368
368

305
313
310
315
309
306
304
314
314

968
958
956
921
926
923
884
933
970

760
791

176
187

216
236

368
368

315
316

981
993

101
104

803
804

196
201

239
234

368
369

319
326

983
978

102
97

759
989

442
801
346
156
208
642

1,689
1,702
1,397

972

409
155
33
56
203

1,132

856

771
872
786
570
725
827

508
614
413
335
382
463

Conser- AH
vation other

1,388
1.307
1,010

1,451
1,774
2,131
2,272
2,518
2,820
3,165
3 525

528
500
357
285
163
130
240
394
629
793
881
853
854
830
710

1,413
2 565
4,553
3,041
1,711
1,180
1 039
1,384
2,264
3 344
3,670
5,160
5,839
6,077
6,205

87
S3
91
80
77
75
75
80
90

293
297
292
292
288
299
274
288
305

66
66
63
59
56
S3
53
54
59

522
512
510
490
505
496
482
511
516

302
329

57
53

521
507

55
58

505
509

1 620
5,016
2,550
837
690
188
204
158
137
177
887

734
446
362
398
895

321
314

Source.—Joint estimates of the Departments of Commerce and Labor.

CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF OWNERSHIP AND BY TYPE OF CONSTRUCTION
[Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions]
By type of
ownership

Total

Year or month

Public

1948
1949
1950
1951.
1952
1953
1954

.

...

9,430
10,359
14,501
15,751
16,775
17,443
19,770

.

.

. .

1,692
1,925
1,733
1,837
1,573
1,816
1,965
1,499
1,829

1954—April
May

June

July
A.ugust
September
October
November
Decembe*"

1,504
1,581
2,135
2,322

1955—January
February
March
April.

Private

By type of construction

Residential
building

Nonresidential building
Factories

Commercial

Educational

3,107
3,718
4,409
6,122
6,7H
6,334
6,558

6,323
6,641
10,092
9,629
10,064
* 1,109
13,212

3,608
4,239
6,741
6,205
6,668
6,479
8,518

1,142
2,883
2,562
2,051
1,274

975
885

725
824

1,208
t .489
1,815

915
979

1,180
1,335
1,472
1,720
2,063

477

1 ,215
1,256
1,108
1,156
1,064
1,227
1,332
1,024
1,212

796
825
720

94
86
107

178
179
192

171
189
186

669
625

681
509
589
633
475

617
480
472
677
676

1,024
1 J 09
1 ,458
1 ,646

745
693
777
852
709

840
559

108
93
160
145
82

145
141
130
186
129

201
181
182
155
140

Other
1,127
1,376
1,651
1,689
1,686
1 ,695
1,958
163
218
172

187
136
175
186
141

Public
works
and
public
utilities
2,155
2,476
2,578
2,723
3,408
4,008
4,142
290
423
357

450
330
392
443
299

762

104

194

204

200

690

85

166

131

184

249

744
990

113
176

133
194

135
201

153
189

303
386

366

CONSTRUCTION CONTRACTS AWARDED, BY FEDERAL RESERVE DISTRICTS
[Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts, in millions of dollars]
Federal Reserve district
Total
(11 districts)

Boston

New
York

1954—January
February
March

1,152
1,221
1,528

61
58
116

212
192
219

92
103
120

143
110
146

101
100
130

158
156
210

166
218
245

58
74
96

23
60
51

45
53
81

92
95
113

1955—January
February
March

1,504
1,581
2,135

82
140
121

227
216
297

89
112
160

162
163
221

180
177
198

188
172
245

243
217
368

94
93
148

44
46
90

69
116
137

127
131
150

Month

MAY

1955




Philadelphia

Cleveland

Richmond

Atlanta

Chicago

St.
Louis

Minneapolis

Kansas
City

Dallas

553

PERMANENT NONFARM DWELLING UNITS STARTED
[In thousands of units

Year or month

1948
1949
1950
1951
1952
1953..
1954

..

932
1 ,025
1 ,396
1,091
1,127
1 ,104
1 ,221

436
568
496
517

914

2family

1family
763

18

393

291

102

162
159
88
84

36
44
71
58

466
686
413
420

361
486
264
279

105
200
149
141

42

94

36

407

252

155

34

90

19

585

277

308

1
1
4
3
1
2
1

44
49
56
52
60
60
59
62
51

24
24
28
25
27
26
25
26
22

20
25
28
27
33
34
34
36
29

Pi
p\

46
45
54

20
17
24

26
28
30

64

29

35

. . . .

108
109
117
116
114
116
111
104
91

n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.

107
107
113
113
113
113
111
103
90

96
98
102
102
103
104
100
93
80

3
3
3
3
3
3
3
3
3

7
7
8
8
7
6
8
8
7

. . . .

88

n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.

87

78
n.a.
n.a.
n.a.

2
n.a.
n. a.
n.a.

7
n.a.
na
n.a.

. . .

i»90
7>117
p\27

P89
P\16

Pi 26

VA

104

539

933

FHA

35
42
40
46

n.a.

1,077

Total

46

565

792
1,151
892
939

Public

Multifamily

n.a.

. . . .

1955—January.
February
March
April

407

589
828
595
610

Total

989
1 ,352
1,020
1,069
1,068
1,202

. . .

1954—April
M a y . . . .
June
July
. . .
August
September
October
November
December . .

525

Government-underwritten

Private

Rural
nonfarm

Urban

Total

0)
0)

Pi

1

P Preliminary,
n.a. Not available.
Less than 500 units.
NOTE.—Government underwritten units are those started under commitments of FHA or VA to insure or guarantee the mortgage. VA
figures after June 1950 and all FHA figures are based on field office reports of first compliance inspections; VA figures prior to June 1950, estimates
based on loans closed information. Other figures are estimated by Bureau of Labor Statistics on the basis of reports of building permits issued,
reported starts of public units, and a sample of places not issuing permits.
FREIGHT CARLOADINGS, BY CLASSES
[Index numbers, 1935-39 average=100]
Monthly—seasonally adj usted
Annual

Class

1954
Dec.

Jan.

115

118

123

105
111
150
72
141
109
125
40

106
116

105
119

1954

Mar.

Oct.

Total

127

114

112

Coal
Coke
.
Grain
Livestock
Forest products
Ore

103
171

92
105

78
104
12/
64
126
177
132
41

. .

Merchandise, 1. c. 1 . . . . .

135
63
143
215

141
62
132
144

143
43

129
40

1955

Nov.

1953

Monthly—without seasonal adjustment
1954

1955

Feb.

Mar.

Mar.

121

122

123

105

124

121

114

103
121

105
124

91
133

78
105

105
109

J06
116

106
125

134
41

127
40

Nov.

Oct.

163
68
146
109

142
62
154
184

132
64
148
210

127
56
144
198

130
62
135
204

117
51
126
51

150
111
149
170

129
40

135
41

134
39

136
40

144
40

125
41

136
41

159
85
143
98

Dec.

133
60
137
57

Jan.

Feb.

Mar.

110

113

115

103
127

105
131
124
45
138
49
128
39

120
49
135
59

132
61
133
53
123

37

91
134

137
40

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 exportsl

Mcrcl landise exports excluding
niilitary-a id shipments -

Merchandise irn )orts3

Month

Tanuarv
February
March
April
May..

.
.

. .
.

.

.

June
Tuly
August
September
October .
November
December
Tanuarv-March

'Revised.

.

.

.

«Eslimated.

.

. .

.

.

.

...

1953

1954

1 .293
,200
,390
,394
1,453
1,385
,363
,187
I ,256
,253
247
,353

1 ,092
1,183
1 ,125
1 ,426
1 ,401
1,474
1 ,291
r
l ,156
1,112
1 ,265
1 ,249
1 ,318

5, 883

3,400

1955

1953

1954

1 ,164
.232
•1,341

1 016
927
1,052
1 054
1,085
1,013
r
965
911
1,052
1,019
1 031
1,138

923
998
922
1 258

1,162
1 164
1,220

2,995

2,843

P\

"3,737

1955

1953

1 079

9? 2
856
1.004
1 013
902
933
908
840
926
813
849
907

137
1,249

P]

1J37
1,115
1 023
955

«3,465

2,782

1954
833
800
862
957
829
94 7

1955
870
PSSO

«1 ,019

8?2
r

825
78()
764
839
942

2,504

<;2, 739

^Preliminary.

1
Exports of domestic and foreign merchandise.
2
Department of Defense shipments of grant-aid
3

military equipment and supplies under the Mutual Security Program.
General imports including imports for immediate consumption plus entries into bonded warehouses.
Source.—Bureau of the Census, Department of Commerce.

554




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

Philadelphia

Cleveland

Richmond

Atlanta

Chicago

St.
Louis

109
109
111
109

105
98
105
111
110
113
105

103
100
105
113
118
121
121

103
101
109
115

104
97
104
108

124
126
128

106
111
109

104
98
104
107
110
112
112

104
99
105
104
104
104
104

'115

92
104
98
107
105
108
101
106
109
116

'120
122
115
120
117
120
115
124
124
133

117
127
122
129
132
131

'102

J21
138
135

106
111

105

106
109
105
109
109
107
107
105
111
113

136

no
115

'109
114
106
122
112
110
104
112
115
118

95
100
104
J03
105
105
101
106
104
113

106
100
103

112
109
111

113
109
104

124
119
P128

137
131
P134

114
109
111

120
113
116

82
105
98
100
82
94
105
111
134
192

Boston

New
York

104
98
105
109

102
99
103
105

103
98
101
105

110
112
111

104
105
107

101
102
103

105
ill
108
112
112

102
105
$02
106
107
104

99
102
100
102
101
105

'108
113
114

109
110
110

102
105
105

117

111

1.18
112

114
109
105

Minne- Kansas Dallas
apolis City

San
Francisco

SALES i
1948
1949
1950
1951
1952
1953
1954

. .

..

104

too
106

103
99
108
ill

105
102
113
117

104
98
105
109

113
112

124
125
125

114
US
113

'104
'114
'110
'117
'121
'116
'110
'118
'116
'123

115
120
123
127
13?
127

ill
ill
114
114
IIS
115

114
129
130

110
116
114

134

118

111
105
105

'126
'113
116

135
125
129

124
1 15
116

79
101
104
96
84
99
ill
122
120
180

'92
'111
'110
'110
'99
'107
'116
'124

102

88

119
119

107
107

SEASONALLY ADJUSTED
1954—March
April
May
July
August . . .
September
October
November
December

..

1955—Tauuarv
February
March

in

111
108
110
106
108

WITHOUT SEASONAL ADJUSTMENT

1954—March
April ,
June
Juiy
August
September
October
November

,

'90

86

85

no
106

108
102

101
98

106
88

106
77

99
73

83
115
110
133
200

80
106
110
132
184

'92
109
104
104
78
85
111
113
146
197

J> 1 0 0

90
82
90

84
81
91

85
83
101

87
84
94

107

105

105

100
109
129

118
126

100
109
124
111
116

97
105
124
113
116

122

117

113

107
99
108
127
113
119
116

107
100
106
128
111
119
115

121
120
121

118
117
120
117

ill
113
115

'113
114
116
117
116
115
117

112
113
117
115
117

i 16

116
115
120

98
'113

118
137
200

1955—Tanuarv
February
March

91
88

'98

110

'87

124
114

129
120

109
108

113
93

114
106

108
86

102
122
130
153
231

115

234

98
113
114
133
188

92
132
306
110
89
100
111
123
137
193

91
90
Pill

106
108
Pi 30

88
84
98

93
90
101

111

141
154

112
111

105
100

111
112
116

'205

115
121
135
147
225

209

80
81
88

'94
'89
104

5 07
101
117

97
93
97

102
96
107
128
117
126
118

110
100
104
117
107
115
114

108

110

107

100
113
132
124
136

101
112
132

'133

130

100
110
131
125
133
125

ill
ill

'131
'127
'128

127
127

124
116

128

122
122
124
124
122
122
122

120
116
118
119
129
119
120
115
116
117

118
118
119

127
122
123

113
115

'127

126
124
116
114
118
126
136
140
111

123
124
123
119
120
116
128
129
127
103

108
114
124

107
116
126

•••]33

134

STOCKS i
1948
1949
1950
1951
1952
1953
1954

. ...

105

101
113
\$3
130
143
138

108
102
120
140
135
146
140

100
110
128
115
123
121

126

137

SEASONALLY ADJUSTED

D 954—March
AprU

122
124

]uiy

August
September
October
November
December . .

125
124
124

124
123
121

1955—Tanuary
February
Varch

-"123

116
119
118
J16
118
118
119

114
117

J15
115
116
113
113

118
121
118

117
1 1')

112
109
110

120
122
121
110
105
114
121
131
138
111

116
118
118
107
104
ill
120
130
129
103

123
119
109
103
110
121
132
134
107

107
111
122

100
106
114

103
112
122

116

112

1.14

11 2

114

111

J36
135
5 37

139
139
139
141
147
145
137
139
138
142

135
137
135
137
136
143
141
144
143
1A 6

146
-"148

'122
122
5 22

in

112
113
119
123
120
120
118

131
133
132
134
132
129
133

122
129
129
128
128
130
129

128
132

129

'136

P114

139

Pi 32

128

115
116
113
107
109
114
124
128
133
107

'135
'135
'136
'129
'127
'132
'141
'145
'150
'118

136

135
130
121
123
129
139
144
143
121

125
125
129
122
125
122
132
144
141
107

106
111

'124
'133

115
129

143

P141

117
118
129

'136

'Ml
'138
'134
'135
'134

.125

WITHOUT SEASONAL ADJUSTMENT
1954—March
1 ?7

1?6

May
June
Julv

o

'117
'116

Au«u«it

September
October
November
December .
1955—Tanuary
February
March

129
138
139
110
111
117
P127

128
130
105

142
146
146
133
135
139
146
15S
152
120

147
143
138
128
128
136
147
154
160
126

102
110
118

125
132
149

Pi 54

119
120
119
109
106
112
121

133
144

P119

pPreliminary.
'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

1955




555

DEPARTMENT STORE STATISTICS—Con tinned
[Based on retail value figures]
DEPARTMENT STORE MERCHANDISING DATA
Ratios to sales 3

Amounts (In millions of dollars)

Year or month

1947 average
1948 average
1949 average
1950 average . . .

. .

1952 average
1953 average....

. .

1954—March
April .

Sales i
(total
for
month)

..

..

Receipts

373

354

2.3

3.0

5.3

1.1

366
386

364
363

2.5
2.7

L.7
1.4

4.3
4.1

L.O
L.O

373
495
460

358
391
390

358
401
379

2.7
2.8
3.2

L.I
1.4
1.3

3.8
4.2
4.4

L.O
L.I
L.O

435
421
387

397
408
407

401
401
409

2.9
3.0
3.0

1.2
L.I

L.O

4.1
4.1
4.0

L.O
L.O
L.O

'344

»-459
'408

••399'
••345

r3.3

1.0

437
509
766
307
392

.

Stocks
plus
outstanding
orders

588
494

336

1955——Januarv
February
March? ....

Stocks

Outstanding
orders

964

350
400

.

New

767

402
372
378
306

....

orders2
(total
for
month)

887
979

••353

June
July
August
September...
October
November
December....

Receipts2
(total
for
month)

365
381

397
406
407

. .

Outstanding
orders1
(end of
month)

345
361
376
391

....

Stocksi
(end
of
month)

925
1,012
1.202
.,097
1,163
1,136
r ,177
1,183
1,161
L,O67
1,042
1,095
1,184
,268
1,318
1.056

281
249
390
471

1,042
1,103
1,189

350
284
281

4.3

.3

2.9
3.1
2.8
3.4

0 7

318
425
362

0.7
1.0
1.5

3.6
3.8
3.9
4.9

L.O
).9
) 8
).9

465
486

403
489

397
510

3.1
3.0

4.5
4.2

L.2
L.2

521
559
504

1.3
1.2

477
406
301

512
488
399

2.9
2.6
1.4

1.1
0 8
0.4

4.0
3.4
1.8

L.2
1
0.7

1.1
1 .3
0.9

4.2

1.0

4.9
4.0

1.2
1.2

385

322

406

3.1

414
366

368
478

397
430

3.6
3.0

r
ppreliminary.
Revised.
1
These figures are not estimates for all department stores in the United States. They are the actual dollar amounts reported by a group of
department stores located in various cities throughout the country. In 1954, sales by these stores accounted for about 50 per cent of estimated
total 2department store sales.
Receipts of goods are derived from the reported figures on sales and stocks. New orders are derived from receipts and reported figures on
outstanding
orders.
3
The first three ratios are of stocks and/or orders at the end of the month to sales during the month. The final ratio is based on totals of
sales and receipts for the month.
NOTE.—For description and monthlyfiguresfor back years, see BULLETIN for October 1952, pp. 1098-1102.

WEEKLY INDEX OF SALES
[Weeks ending on dates shown. 1947-49 = 100]
Without seasonal adjustment
1951

1954

1953

1952

1952

1951

June

2. . . . 95 June 7. . . .111 June 6. . . .118 June 5.... 97 Dec.
1. ...
12. . . .111
8
112
108
14
13
9
116
15
19
115
16
106
21. . . . 98
20
111
22
97
94
26
92
27
23
28
91
29
30
89

July

7
14... .
21
28

75
83
81
80

July

5
12
19
26

79
83
82
79

July

4
11
18
25

79
92
84
S3

Tuly

3
10
17
24
31

Aug.

4
11
18
25

8S
87
93
97

Aug.

2
9
16
23
30

87
90
95
100
110

Aug.

1
8
15
22
29

86
92
95
100
101

Aug.

Sept. 1
8
15
22
29

105
100
114
111
114

Sept. 6
13....
20
27

100
114
113
112

Sept. 5
12
19
26

101
102
120
114

Oct.

6
13
20
27

110
117
116
113

Oct.

4
11
18
25

116
126
124
122

Oct.

3
10
17
24
31

Nov.

3
10
17
24

121
127
130
123

Nov. 1
8
15
22
29

115 Nov.
118
130
134
138

7
14
21
28

161
191
213
228
92

Dec.

1952
5
12
19
26

78
92
90
83

Jan.

84
87
89
83

Feb.

6. .
13...
20...
27...

1953
..
.
.
.

195 Dec. 5
12
223
237
19
146
26

190
216
234
163

Dec.

1954
4
192
11
224
240
18
.190
25

1955
81 Jan. 1
94
8
15
85
22
86
29
85
86 Feb. 5
91
12
86
19
90
26

1953
3... .
10... .
17... .
24... .
31... .

1954
81 Jan. 2
89
9
92
16
86
23
87
30

7... .
14... .
21... .
28... .

88 Feb. 6
13
92
85
20
27
93
96 Mar. 6
100
13
109
20
112
27

85 Mar. 5
92
12
95
19
100
26

..98
.102
.108
.103

5
12
19
26

85 Mar. 7... .
14. .. .
88
21... .
90
28... .
94
101
109 Apr. 4... .
11... .
111
18... .
97
25... .
105

118 Apr. 3
10
97
17
105
104
24

.114
.122
.103
.112
.120

3
10
17
24
31

111 May
117
99
105
97

114 May
128
105
112
97

103 Apr. 2
9
113
16
118
23
101
30
112 May 7
14
123
97
21 .
106
28
104

Jan.

7
14
21
28

93
77
88
84
87
92
97
100
102

Feb.

2
9
16
23

Sept. 4
11
18
25

113
97
120
118

Mar.

1
8
15
22
29

112 Oct. 2....
9
120
16
118
23....
113
30
113
121 Nov. 6
13
133
20
131
27
133

110
118
119
123
117
127
130
134
133

Apr.

Viay

•

2. ..
9. . .
16. ..
23. ..
30. . .

1
8
15
22
29

80
.106
. 99
. 95
. 87
.
.
.
.

86
92
90
93

.134

NOTE.—For description and weekly indexes for back years, see BULLETIN for April 1952, pp. 359-362.

556




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]
3
Federal Reserve Mar. Feb.
district,
1955 1955 mos.
area, or city
1955

United States.
Boston

+11
+5

+2

+4
+2

+5
+2

1

Met. Areas
Portland
,
Boston
Downtown
Boston 2
Suburban
Boston
,
Cambridge.
Quincy.
LowellLawrence
New Bedford..
Worcester 2 . . . .
Cities
Springfield....
Providence 2 ...
New York
Met. Areas*
Albany-Schenectady-Troy
Albany
Schenectady...
Binghamton....
Buffalo 2
Buffalo
Niagara Falls..
New York-N. E.
New Jersey..
Newark2 2
N. Y. City
..
Rochester2
Syracuse2
Utica-Rome
Utica
Cities
Bridgeport3. . . .
Poughkeepsie...
Philadelphia...
Met. Areas
Wilmington....
Trenton 2 2
Lancaster
2
Philadelphia
...
Reading 2
Scranton
Wilkes-Barre—
Hazleton 2
City 2
York
Cleveland
Met. Areas
Lexington
Akron 2 2
Canton
Cincinnati22
Cleveland 2
Columbus 2
Springfield
Toledo 2
2
Youngstown
...
Erie 2
2
Pittsburgh

-1

+9

0

+3 +14
+8 +31
-2
-3

+4

+10
+18

+1

+7

-3

+4
+9

-6
-7

—8

+.»! +<
7i

+|

—

+5
+9|
+j
+3
+6
+ 15
+25

+4

+10
+13
+ 14 j
+ 10
+8
+16

-10
0
—7

+ 10

+1
+1
+5

+21

+2

+9
+15

+4

-7

+4 — 14
+7
1
+6 +
+8 - 20
+13
0
+9
+16 +6
+15
+13
+5 —6
+24 +12

H

Federal Reserve Mar. Feb. 3
district,
1955 1955 rnofi.
area, or city
1955

+8 Cleve.-cont.

Met. Areas-cont.
+4 WheelingSteubenville 2 ..

+

City

+4 Portsmouth3. . .
+ 1 Richmond1
Met. Areas
+ 12 Washington 2 . . .
+6 Downtown
+ 10 Wash 2
Baltimore2
+16 Asheville
Raleigh 2
2
+4 Winston-Salem
Columbia 22
Greenville
+3 Norfolk2
+10 Portsmouth
. .
Richmond 2
+3 Roanoke 2
Charleston,
W. Va. 2
Cities
0
+5 CumberlandHagerstown...
—5 Spartanburg....
+2 Lynchburg 2 ....
+4 Newport News..
+4 Fairmont+4
Morgantown
2
. ..
+3 Huntington
Parkersburg....
+1.
+2 Atlanta
+2 Met. Areas1
+2 Birmingham2...
+2 Mobile
+5 Montgomery. . .

Federal Reserve Mar. Feb. 3
district,
1955 1955 rnos.
area, or city
1955

+7
+9
•+13

+6
+5

P+K)
+26

+14

P+18

'+14l
+23
+ 15
+15
+9
+15

-3

+5

+2

+2
+9

-2

+5

A

-5
2

+4
+6
+11
+8
+8

+13
+1.1
+16
+11
+16

0 +7
+3 +12
+1 +10
+2 +9

P+13
i

+7
3
)

+12
+10
+18

-9
-6

+2
4+6
-5
+3
-1
+6
+3 +16
+7 +13

+3

+20
+6
+32

+7
+ 13
+10
+15
+3
+11
+ 12
+14
+7

+ 1.4
+18
+12

+6

Met. Areas-cont.

-9

+19
+53
+18
+16
+4
+ 11

St. Louis

P+9

+12
+4

+2 Wichita

+32 +13 +23
+25 -12
+5
-4
+2
+!• +15i +15
Oklahom? C c .
+20
+18 +- 17
Tulsa
1
+5

St. Joseph
+5o +11 Omaha
+3
+1 +13 Albuquerque.
0
0
0

-hi
0

+2

0
—7
-9
0

+3
+4
+5
+7
+3
+7
+9
+4
+1
+8

4
-5

+

+1

+7

+7

2

+6

+7

0

-1
-19

+4

+11

-2

+5

+13
+14
+10
+11

-4
-4
-4
-8

+5
+5
+4
+2

+17

-15

0

-5

-5

—4

-12

-3

0

3

+50 +26 +39
+10 +2 +7
T

+1
-3

"•

+15

San Francisco.

-6i +2
+5
+6
+
+ 3

- 9-

+3
+4 +11

+9
-4
+6
+221 +13 +18
+ 18i +5| +14
+ 17| 4-7J +12

+9j +2 j +9
+ tl j +2 +8
+17 +4 +11
P+9

+8 +10

+1

+6

+8 +14
-6
+5

+2
+7
+7

+7
+6
+9

+41 + 4
+6| +10
+6! + 9
+8| +31 + 6
San ta M oni ca.. +16i +16| +17
Riverside and
San Bernardino 2
+ 15 +io; +i4
Sacramento
. . . +13 +9' +11
San Diego 2
+1| +3
San FranciscoOakland 2
P+12J +13 +11
Oakland- 2
Berkeley . . . . +11 +1.1
+9
Downtown2
Oakland . . +6 +2 +2
San Francisco 2
+6 +6
Vallejo
+ 12 +7
San Jose 22
+12
Stockton2
+6
Portland
+M
0 +4
Salt Lake
City 2 .
+5 +10
2
Seattle ...
+4
+8
2
Spokane2 .
+7 +9
Tacoma ..
+6 +11

I

M

Cities
Tucson

+4 +14 Bakersfield2

+14 r + 2 +10

+18
+8

+3 +11

-li
+ 12!

+n;

Areas
+4 +11 Met.
Phoenix2 2
j _i_i i
+2 +27 Fresno
j '+6i
0 +11
2
Los
Angeles
.
..
j
P _i_i j |
-1
+6
Downtown
! ' j
-2
2
+2
L.
A
.
!
4_ij
-2
+8
WestsideL.A.»|
o_:i.j|
2
Long
Beach
.
.
j
+ K)|
+1 +7 Pasadena

+7

+11

+ 19,

1

+9

+14

Dallas.

+10 Shreveport....
+ 2 Corpus2 Christi.
+ 10 Dallas
+5 El Paso
..
+ 14 Fort Worth.
2
+7 Houston
5+2 Waco

0
-8
-14

+

+6

Cities
Greeley
Hutchinson
Joplin
Kansas City...
Enid

+8 +12 Met. Areas

+2
+12 +3
+21 +13
+9 +5
-2
+4 - 1 1
+1 — /

Cities
Danville
Battle Creek. . .
Muskegon
Port H u r o n . . . .
Appleton
Sheboygan

+12 +11 +12
+10 Met. Areas
+24
+15 +11 +14 Fort Smith.2
+2 +6 Little Rock2
2
! ! . 1 P + 2 8 | +23 +26 Evansville .
+6 Miami
+14 Orlando
" •
•
+18
+4 +12 Louisville2.
Springfield.
St.
Petersburg+5
+9 +1 +6 St. Louis22
Tampa
+12
St. Petersburg.
Memphis
+6
2
P+6
—4
+3 Tampa2
+20 + 15 +.1.8 Cities
+9 Atlanta
+16 +5 + 8 Quincy
0 Augusta
+34 +20 +24 Paducah
+6 Columbus
2
+10 +8 +9 Minneapolis. . .
+8 Macon
+20 +3 + 13
+6 Savannah
Baton Rouge22 .. +14
0 +8 Met. Areas1
+22 - 4 +
.
.
+10 New Orleans
Mpls.-St. Paul2 2 .
+8
0 $
Jackson2
Minneapolis ..
2
+7
2
Chattanooga
.
.
St. Paul 2
+16 +8
+1 Knoxville22
Sioux
Falls
+12 +4 +8
+9 Nashville
Cities
Cities
+2 Mankato
+11 - 6
Rome
+23 - 4 +10 DuluthSuperior2
+4 Meridian
— 13
P+\
- 5 Great Falls
+2 Bristol
Grand Forks. . .
+4 Chicago. . .
P + 1 3 +1 +7 LaCrosse
+5
1
+4 Met. Areas3
0 +6 Kansas City..
P+13
+10 Chicago ...
+12 - 4 +8
+10 Aurora
Elgin
+8
+1 +7 Met. Areas
+8
+32 +11 +19 Denver
0 Jofiet 2 ....
+19 +2 +11 Topeka
+23 Gary

l'L

Kan. City-conu

Chicago-cont.

Met. Areas-cont.
2
Decatur
Peoria 2
Rockford 2
Tri-Cities
(Moline,
Rockland;
Davenport)
Fort Wayne 22.. .
Indianapolis ...
Muncie
South Bend 2 2. . .
Terre H a u t e . . .
Cedar Rapids...
Des M o i n e s . . . .
Dubuque
Sioux City
Waterloo
2
Detroit
Flint 2
Grand Rapids 2 .
Jackson 2
Kalamazoo
Lansing 2
Saginaw
Green Bay
Madison
Milwaukee 2

Federal Reserve
Mar. Feb.
district,
1955- 1955
area, or city

+14 +10 +13
+ 18 +13 +13
+16

Boise and
Nampa
Idaho Falls
Twin Falls
+ 10!
Bellingham
Everett 2
+7
+2|
2
+7
Walla Walla
...
—5!
Yakima 2
i

ti

0

i

+4
- 6 + 10
+9 +5
+18 + 14
+6

+17
+3

r

P1 Preliminary.
Revised.
Breakdowns shown under various metropolitan areas do not necessarily include all portions of such areas.
2
Indexes showing longer term comparisons are also available for these areas and cities and may be obtained upon request from the Federal
Reserve Bank in the district in which the area or city is located.
s4 Data not available.
January 1955.
5'Fwo months 1955.

MAY

1955




557

DEPARTMENT STORE STATISTICS—Continued
[Based on retail value figures]
SALES AND STOCKS BY MAJOR DEPARTMENTS
Ratio of
stocks to
sales1

Percentage change
from a year ago

Department

Stocks
(end of
month)

Sales
during
period

Feb.
1955

1955

+2

3.9

3.9

+1
+5
+4
+3
-5

4.1

4.1

4.7

4.4

4.0
4.0
4.7
3.6

3.5
3.5
4.4
3.1

5.1
5.5
4.6
5.2

+3

MAIN STORK — total
Piece goods a n d household textiles. . .

-4

0

-9
-11
-11
-6

—5
-7
-6
-3

+1

+2
+4
2

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
Laces, trimmings, embroideries, and ribbons
Notions
Toilet articles, drug sundries
Silverware and jewelry
Silverware and clocks
Costume jewelry
Fine jewelry and watches.

0

+7
+4

+4

+8
+5

-4

-2

+2
+3
+8

+4
+6

+24

+ 11
+21

+5
+ 11

+ 10
+ 11

Art needlework . . . . * . . .

-1

-3

Books and stationery
Books and magazines
Stationery

+3
+5
+2

+4
+3
+5

W o m e n ' s a n d misses' apparel a n d accessories.
Women's and misses' ready-to-wear accessories...
Neckwear and scarfs
Handkerchiefs
Millinery
Women's and children's gloves
Corsets and brassieres
Women's and children's hosiery
Underwear, slips, and negligees
Knit underwear
Silk and muslin underwear, and slips
Negligees, robes, and lounging apparel
Infants' wear
Handbags, and small leather goods.
Women's and children's shoes.
Children's shoes
Women's shoes
Women's and misses' ready-to-wear apparel.
Women's and misses' coats and suits
Coats
Suits
Juniors' and girls' wear
Juniors' coats, suits, and dresses. .
Girls' wear

-3

0

-3

0

t)

-12
-11
0
-2
-1
—3

0

+3

-4
-4

0

+ 12
+6
+4
+8
+5
+2
+2
+4
+1
+3
+1
+7
+6
+3
+2
+2
+3
+4
+3
+8

Blouses, skirts, and sportswear
Aprons, housedresses, and uniforms.
Furs

-1
-6

+14

+2
0

+3

0

+4

i

+3
+2
+2
+ 19
+3
+1
+5
+1
+2

112

106

110

105

103

100

73
65
61
95

95
84
88
123

91
80
87
115

91
82
92
110

178
151
231
150

68
66
72
67

110
99
161
112

109
99
120
116

104
95
149
108

81

85

78

109

107

107

69
74
89

64
85
101

72
73
86

113
122
101

95
117
104

111
117
100

71
71
74
64

67
64
69
55

66
57
71
58

117
126
105
122

109
119
90
119

114
125
98
115

4.5

82

101

83

102

100

99

3.4
2.8
3.7

91
93
89

92
94
89

88
89
87

108
96
113

114
105
116

106
94
109

Feb.

76

86

75

68

132

70

66
58
54
89

67
57
63
85

5.0
5.4
4.2
5.5

68
66
70
72

4.3

4.4

4.9
4.7
3.7

4.7
4.7
3.9

5.7
6.8
3.4

6.0
8.6
3.4

11.4

11.8

4.6
3.4
2.7
3.7

80

77

121

110

116

74
79
52
68
58
101
73

74
71
44
56
64
118
70

76
86
59
77
58
102
74

122
133
70
108
85
141
116

110
116
68
76
77
133
109

118
123
71
110
86
130
110

3.7
3.8
3.9
2.7

3.6
3.7
3.8
2.6

63
80
55
64

63
87
53
57

65
79
57
66

104
135
95
84

97
128
87
77

102
129
95
81

4.0
3.3

3.8
3.2

77
72

80
63

79
71

122
117

109
101

115
110

6.6
7.1
6.4

6.5
7.2
6.3

82
66
84

84
60
86

83
67
85

146
143
143

130
128
124

143
140
141

2.9
2.6
2.2
3.1

2.7
2.5
2.0
3.0

75
71
69
82

86
95
106
67

77
77
74
92

119
114
102
144

111
105
94
119

114
117
98
157

3.2
2.5
4.0

3.0
2.4
3.7

69
66
73

64
65
63

72
70
74

128
116
138

110
103
115

121
114
126

2.4
2.0
2.8

2.2
1.7
2.7

75
72
82

83
82
81

78
76
83

121
118
127

117
113
112

114
106
122

-1

3.3
2.5
4.2

3.1
2.2
4.9

79
84
73

83
102
114

80
89
64

131
114
82

123
110
84

126
105
83

0

5.7

5.9

65

74

64

115

105

115

-4

6.6
4.9
6.0
7.3

6.9
5.0
5.9
7.5

67
61
62
72

125
107
110
122

114
101
94
113

130
104
106
120

—2

—1
+8
+5
+2
+5
0

+4
-8

+1

Feb.

Feb.

74

-3
0
-9

+1

Jan.

Jan.

3.9
2.7
3.7
1.5
5.4
3.4
2.7

+6
+1
-1
+2
+1

j

1954

1955

3.3

+2

-3

1954

1954

3.5

+4
+6
+6
+2
+2
+2
+4

-4
-8
-6
-11
4
-6
-2

Stocks at end
of month

:>eriod

4.1
3.1
4.1
1.6
5.2
3.7
2.9

0

-1
-.1
1

Sales during

Feb.

-2

-4
—6
-1

Men's clothing
Men's furnishings and hats
Boys' wear
Men's and boys' shoes and slippers.

+3
+2
+1

+1

Women's and misses' dresses.
Inexpensive dresses
Better dresses

M e n ' s a n d boys' w e a r . . . .

7

-9
-7

numbers
without seasonal adjustment,
1947-49 average =100-'

1955

Two
months Feb.
1955
1955

+1
+1

GRAND TOTAL—entire stores .

February

Federal Reserve index

-2

+6
+2
+9
+6

+12

+4
+4
+9

+3
+4
+1

67
63
62
75

98
64
60
81

For footnotes see following page.

558




FEDERAL RESERVE BULLETIN

DEPARTMENT STORE STATISTICS—Continued
[Based on retail value figures]
SALES AND STOCKS BY MAJOR DEPARTMENTS—Continued
Ratio of
stocks 1to
sales

Percentage change
from a year ago

Feb.
1955

Komef urnishings.
Furniture and bedding
Mattresses, springs, and studio beds
Upholstered and other furniture
Domestic floor coverings
Rugs and carpets
Linoleum
Draperies, curtains, and upholstery
Lamps and shades
China and. glassware
Major household appliances
llousowares (including small appliances)
Gift shop

.

1954

.11'Oil t i l

1954

1955

1954
Feb.

Jan.

Feb.

Feb.

Jan.

Feb.

-2

4.1

4.6

88

95

82

106

103

108

-8

4.0
2.1
4.7

114
131
111

131
156
115

109
126
106

107
139
104

106
128
100

117
140

-10

3.4
1.9
3.9

+ 12
+ 17

+ 16
+ 16

-5
-2
-14

4.4
4.4
4.8

5.3
5.3
5.4

81
87
42

89
87
55

72
74
45

95
102
56

99
97
64

99
105
65

+2

5.2
4.1
7.5
2.7
4.3
6.6

5.3
4.4
7.6
3.7
4.8
6.5

78
76
87
69
87
75

77
82
89
75
82
69

76
74
86
54
77
76

111
103
121
92
117
125

106
100
117
77
110
118

109
104
120
95
115
121

3.0
2.6
3.6

93
85
95

107
131
64

90
82
103

94
85
95

93
92
85

93
82
97

+2
+4
+1

+29
+ 12

+1
+5
+7
+4

+29
+ 13

—1

-1

+1
-3

1.16

+3
+4
+6

+1
+3
+1
+4
9

2.8
2.6
3.8

+3

+3

3.9

3.8

65

58

63

100

103

97

+3
+5

7.9
7.9
7.8

8.2
8.2
8.1

44
36
58

34
23
54

41
33
55

109
104
109

107

11.8

+6

+8
+9
+9

98

106
100
110

+ 12

+ 16

-3

+4

+4

+6
+4

5.4
1.2

6.3
1.2

60
92

67
66

54
88

103
103

110
110

106
98

3.1

2.9

69

78

71

107

98

103

3.7

3.4

75

145

77

115

110

106

2.5

2.3

67

70

70

105

94

100

2.9
2.4
3.1
2.3
1.6
2.3
3.0
3.3
2.6

2.7
2.2
2.9
2.0
1.5
2.3
2.9
3.2
2.4

82

81
CO

114

3.6

3.5

+5

3.4
3.2
3.5

+ 13

+1
+2

-1

+3
+6

-8

-4

BASEMENT STORE—total....

-3

0

Domestics a n d b l a n k e t s

-3

+1

W o m e n ' s a n d misses' ready-to-wear. .

-5

~

2

Intimate apparel
Hosiery
Underwear, corsets and brassieres
Coats and suits
Dresses
Blouses, skirts, and sportswear
Girls' wear
Infants' wear
Aprons, housedrcsses, uniforms
M e n ' s a n d boys' w e a r . . .

-3

0
0
-1
-8
-4
0

0
-4

1 -12
-10
0

+2

+4
+2

+2

+4

Men's wear
Men's clothing
Men's furnishings

+2
+2
+2

+4
+4
+4

Boys' wear

+2
+3

+5
+8

0
-9

-7

0

-2

NONMERGH ANDISE—total.

-2

0

Barber and beauty shop

-1

Shoes

1955
1955

Of

+11
+ 10
+12

Miscellaneous merchandise departments.

IIotnefurnishin£s.. .

Feb.
1955

Stocks at and

+11

+3
+4

Luggage...
Candy

Two
months
1955

Sales dun
period

February

+8
+5
+4
+4

Radios, phonographs, television, records, etc
Radios, phonographs, television
Records, sheet music, and instruments

Toys, games, sporting goods, cameras
Toys and games
Sporting goods and cameras

Stocks
(end of
month)

Sales
during
period

Department

Federal Reserve index numbers
without seasonal adjustment,
1947-49 average =100 2

-1

-1

+4
+4
+5
+3
+3
+5
+1
+9
+5
+3
+4
+2

79

CO
CO

(0

CO

CO

110

(4)

CO

CO

CO
C1)

81
96
96
94
102
(4)

93
89
101
107
109

CO

95
93
.103
117
115
(4)

71

111

98

106

79
99
67

73
87
65

.109
116
105

97
104
92

107
117
100

66

66

65

121

98

107

79

78

76

107

104

106

99

117

68
66
74
60
80
(*)

72

76

3.4
3.4
3.4

75
89
66

4.3

3.9

3.5

3.6

57
62
74
65
75

(0

65
68
74
64
75

102

CO

5.2

5.1

71

73

71

119

CO

CO

91

100

92

CO

00

(0
CO

112

108

113

(0
CO

(4)

00

CO

(•0
CO

1
The ratio of stocks to sales is obtained by dividing stocks at the end of the month by sales during the month and hence indicates the number
of months'
supply on hand at the end of the month in terms of sales for that month.
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. 555.
4
Data not available.
NOTE.—Based on reports from a group of large department stores located in various cities throughout the country. In 1954, sales and stocks
a t 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

1955




559

PRICES
CONSUMER PRICES
[Bureau of Labor Statistics index for city wage-earner and clerical-worker families.

1947-49=100]

Housing
All
items

Year or month

Foods
Total

Rent

Gas
Solid House- Houseand
furhold
fuels
elecnish- operaand
tricity fuel oil ings
tion

Apparel

Transportation

Medical
care

Personal
care

97.6
101.3
101.1
101.1
110.5
111.8
112.8
113.4
114.1
112.9
113.0
112.7
113.3
113.4
113.5
113.4
113.8
113.6
113.7
113.5
113.5

1929

73 3

65 6

117 4

60.3

1933

55 3

41 6

83 6

45.9

62 9
69 7
74 0
75 2
76 9
83 4
95 5
102.8
101.8
102 8
111.0
113 5
114.4
114.8

52 2
61 3
68.3
67 4
68 9
79 0
95 9
104.1
100.0
101.2
112.6
114 6
112.8
112.6

95 0
101.7
103.3
106.1
112.4
114.6
117.7
119.1

88 4
90.4
90.3
90 6
90.9
91 4
94.4
100.7
105.0
108.8
113.1
117.9
124.1
128.5

97.6
100.0
102.5
102.7
103.1
104.5
106.6
107.9

88.8
104.4
106.8
110.5
116.4
118.7
123.9
123.5

97 2
103.2
99.6
100.3
111.2
108.5
107.9
106.1

97.2
102.6
100.1
101.2
109.0
111.8
115.3
117.4

55.6
64.9
67.8
72.6
76.3
83.7
97.1
103.5
99.4
98.1
106.9
105.8
104.8
104.3

90.6
100.9
108.5
111.3
118.4
126.2
129.7
128.0

94.9
100.9
104.1
106.0
111.1
117.3
121.3
125.2

114 8
114.6
115 0
115.1
115 2
115 0
114.7
114 5
. . . 114 6
114.3

112 1
112.4
113 3
113.8
114 6
113.9
112.4
111 8
111.1
110.4

119 0
118.5
118 9
118.9
119 0
119.2
119.5
119 5
119.5
119.7

128 0
128.2
128 3
128.3
128 5
128.6
128.8
129 0
129.2
129.4

107 6
107.6
107 7
107.6
107 8
107.8
107.9
108 5
108.7
109.1

125 8
123.9
120 9
120.9
121 1
121.9
122.4
123 8
124.2
125.5

107.2
106.1
105 9
105.8
105 7
105.4
106.0
105.6
105.4
105.4

117.5
116.9
117.2
117.2
117.2
117.3
117.4
117.6
117.8
117.7

104.3
104.1
104.2
104.2
104.0
103.7
104.3
104.6
104.6
104.3

129.0
129.1
129.1
128.9
126.7
126.6
126.4
125.0
127.6
127.3

124.4
124.9
125.1
125.1
125.2
125.5
125.7
125.9
126.1
126.3

114 3
114 3
114.3

110 6
110.8
110.8

119 6
119.6
119.6

129 5
129.7
130.0

109 4
109 9
110.3

126 1
126.2
126.2

104 6
104.8
104.6

117.7
117.7
117.9

103.3
103.4
103.2

127.6
127.4
127.3

126.5
126.8
127.0

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

June

July
August
September
October
November
December

1955—Tanuary
February . . .
March

Reading
and
recreation

Other
goods
and
services

95.5
100.4
104.1
103.4
106.5
107.0
108.0
107.1

100.5
103.4
105.2
109.7
115.4
118.2
120.2

108.2
106.5
106.4
106.4
107.0
106.6
106.5
106.9
106.8
106.6

120.1
120.2
120.3
120.1
120.3
120.2
120.1
120.1
120.0
119.9

106.9
106.4
106.6

119.9
119.8
119.8

96. i

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

Farm Procprod- essed
ucts foods Total

MaTex- Hides, Fuel, ChemPulp,
tile skins, power, icals Rub- Lumpaper, Metals chinber
ery
prod- and
and
ber
and
and
and allied
and
and
ucts leather light- allied
and wood
metal moand prod- ing
prodprod- prod- tive
apma- prod- ucts products
ucts products
parel ucts terials ucts
ucts

104.4
99.2
103.1
114 8
111.6
110.1

110.3

107 3
92.8
97.5
113 4
107.0
97.0
95.6

106.1
95.7
99.8
111.4
108.8
104.6
105.3

103.4
101.3
105.0
115.9
113.2
114.0
114.5

September
October
November
December

110.5
111.0
110.9
110.0
110.4
110.5
110.0
109.7
110.0
109.5

98.4
99.4
97.9
94.8
96.2
95.8
93.6
93.1
93.2
89.9

105.3
105.9
106.8
105.0
106.5
106.4
105.5
103.7
103.8
103.5

114.2
114.5
114.5
114.2
114.3
114.4
114.4
114.5
114.8
114.9

95.0
94.7
94.8
94.9
95.1
95.3
95.3
95.4
95.2
95.2

1955
January
February
IVLarch

110.1
110.4
110.0

92.5 103.8 115.2
93.1 '•103.2 115.7
92.1 101.6 115.6

95.2
•"95.2
95.3

1948
1949
1950
1951
1952
1953
1954
1954
April
May
July

.. .

104.4 102.1 107.1 103.8
95.5 96.9 101.9 94.8
99.2 104.6 103.0 96.3
110.6 120.3 106.7 110 0
99.8 97.2 106.6 104.5
97.3 98.5 109.5 105.7
95.2 94.2 108.1 107.0

Furniture
and
other
household
durables

Nonmetallic
minerals—
structural

Tobacco
mfrs. Misand cellabottled neous
beverages

102.1
98.9
120.5
148.0
134.0
125.0
126.9

107.2
99.2
113.9
123 9
120.3
120.2
118.0

102 9
98.5
100.9
119 6
116.5
116.1
116.3

103 9
104.8
110 3
122 8
123 0
126.9
128.0

100 9
106.6
108 6
119 0
121 5
123.0
124.6

101 4
103.1
105 3
114 1
112 0
114.2
115.4

101 7
104.4
106 9
113 6
113 6
118.2
120.9

100 4
101.6
102 4
108 1
110 6
115.7
120.6

103 1
96.1
96 6
104 9
108 3
97.8
102.5

124.9
125.0
125.1
126.1
126.8
126.4
126.9
128.5
131.4
132.0

116.7
116.2
116 1
116.3
119.1
119.1
119.3
119.8
119.9
120.0

116 6
116.3
115 8
115.8
116.2
116 3
116.3
116.3
116 0
115.9

126 3
126.8
127 1
127.1
128.0
128 6
129 1
129.7
129 9
129 8

124 5
124.4
124 4
124 3
124.3
124 3
124 4
124.3
125 3
125 7

115 0
115.6
115 5
115 4
115.3
115 3
115 3
115 6
115 6
115 7

121 0
120.8
119 3
119 1
120.4
120 5
121 7
121 9
121 8
121 8

117 9
121.5
121 4
121 4
121.4
121 5
121 5
121.5
121 4
121 4

104 9
110.3
109 2
105 1
103.9
102 3
99 1
96 7
97 0
98 0

91.9 108.5 107.1 136.8 120.3 116.3 130.1 125.8 115.5 122.0 121.4
92.3 '108.7 107.1 140.6 121.2 116.6 131.5 126.1 115.4 121.8 121.6
92.2 108.7 106.9 138.0 121.3 116.8 131.9 126.2 115.1 121.9 121.6

97.0
'97.1
95.6

94.7
94.6
96.0
95.6
94.9
94.0
93.0
92.4
92.8
91.8

109.2
108.6
108.2
107.8
106.2
106.9
106.9
106.9
107.4
107.5

107.4
107.2
107.1
106.8
106.7
106.8
106.8
106.9
107.0
107.0

' Revised.
Source.—Bureau of Labor Statistics, Department of Labor.
Back figures.—See BULLETIN for March 1952, pp. 311-313.

560




FEDERAL RESERVE BULLETIN

PRICES—Continued
WHOLESALE PRICES, BY GROUPS OF COMMODITIES—Continued
[Index numbers of the Bureau of Labor Statistics, 1947-49=100]
1954

1954

1955

Subgroup

Mar.

Jan.

Feb.

Mar.

89.6
93 0
92.4
105.9
93 .4
80.1
93 4
181 2

105 .2
93

104.4

156 4

103.8
93 1
80 7
104.3
r
92 0
90 1
93 2
139 4

99 9
79 9
102.9
90 5
82.2
93 1
143 o

112.6
92.8
106.1

116 9
87 6
107 0

116.3
86.9
107.2

116.5
83.3
107.2

103 0
119 8
209.1
106.5

10-1 6 r 1 04 4
111
119 6 110 8
203 7 186.4 180.4
98 2 100.7 100.8

Farm Products:
Fresh and dried produce
Grains
Livestock and poultry
Plant and animal fibers
Fluid milk
Eggs
Hay and seeds
Other farm products

79 4

104 .4
92 A

65 1
94 T,

Processed Foods:
Cereal and bakery products
Meats, poultry, and fish
Dairy products and ice cream....
Canned, frozen fruits, and vegetables
Sugar and confectionery
Packaged beverage materials
Other processed foods...
Textile Products and Apparel:
Cotton products
Wool products
Synthetic textiles
Silk oroducts
Apparel
Other textile products

88.5
106 4
84.9
135.1
98 6
80 6

90
106

56.0
86 3
111.9
97 6

49 5
81 9
111 6
95

2

87 3
124 1
98
77 3

5-90.6
106 3
86 7
19? 4
'98 2
78 0

90.8
U)6 1
87.6
121 1
98 9
76 6

51.6
82 2

50.7
82 1
111.5
96 0

Bides, Skins, and Leather Products:
Hides and skins
Leather
Footwear
Other leather products

\\\ 5
95 8

Fuel, Power, and Lighting Materials:
Coal
Coke
Gas
Electricity
Petroleum and oroducts

..

Industrial chemicals
Prepared paint .
Paint materials
Drugs, Pharmaceuticals, cosmetics.
Fats and oils, inedible . .
Mixed fertilizers
Ferti'izer materials
Other chemicals and products

130

135 S

135

Fabricated structural metal products
Fabricated nonstructural metal
products

109.7
84.1
126.8

110. 0
90. 9
127. 5

110.0
90.2
128.0

110.0
89.4
128.0

136

0

116 .8

117 8 1 1 8 .0

117 9

s

125 0

s
6

133 9
136 8

1 ^6

3

9
6
6
7
9

195

125

134
131
144
123
113

3
6
1
0
6

Machinery and Motive Products:
Agricultural machinery and equipment
Construction machinery and equipment
Metal working machinery
General purpose machinery and
equipment
Miscellaneous machinery
Electrical machinery and equipment
Motor vehicles

19? 3

191

5;

131 7
133 0

133

9

135.

1

128 s
125 1

128 6
126 A

3
4

130 7
126

126 .8
118 .9

126 8 1 2 6 .7
121. 7 1 2 1 .5

126. 7
121. 5

191
133
136
130

1 96

Furniture and Other Household Durables:
Household furniture
113 7
Commercial furniture..
126 .2
Floor covering
122 6
109 .5
Household appliances
Rad'o
95 7
73 8
Television
Other household durable goods.... 198 9

1 24 0
103 s
120 .7
1 14 6

121 .6
128.7
104 8

133 . 7
131 .6
143 .3
118 . 7
113 .7

127
131
142
118
113

Cigarettes
Cigars
Other tobacco products
Alcoholic beverages
NonalcohoHc beverages

121 4
1 29.0
104 8

111 s
7

129

121 .2
.130 .0
138 .0
118 .2
1.14 .4

14? 8
142.3
130 3

Pulp, Paper, and Allied Products:
Paper

Iron and steel
Nonferrous metals...
Metal containers
Hardware
Plumbing equipment. .

1^1 3
146 0
139 9 1 4 2 . 4
127 o 132 0

120 0
130 4
104 7

195 7

Metals and Metal Products:

113 8
130.3
19.3 7

115.6
131.1
10? 9

o

1 94 0
111 5
129 .4

124 7
119 Q

119
95 8

Mar.

1?4
111 1
127 6

Fiat glass
117 5
Concrete products
114 0
Structural clay products
95 9
93 .1
Gypsum products
Prepared asphalt roofing
55 2
Other nonmetallic minerals
108.9
113 6
107.9 Tobacco Manufactures and Bottled
Beverages:

117

105.1
13? 4
116 3
100 1
111.7

Fe b.

124
112 3
127 .9

1J7 A
113*1
96 1
93 6 '93.3
61 8
61 0
108 8 109 0
113 6 113 5
107 7
108.0

116 3
100 1
111 7

Lumber and Wood Products:

Woodpulp

Paperboard
Converted paper and paperboard..
Building paper and board

117 9
112 8
95.2
93.9
107.5
60.5
110 0
105.9

113 n
100 7
111 7

Jar

Pulp, Paper and Allied Products—
Continued

105 2 105.2
1 32 A
1 32 4

Rubber and Products:

Lumber
Millwork
Plywood

Mar.

107.9
132 5
1115
102 9
111.5

Chemicals and Allied Products:

Tires and tubes
Other rubber products

1955

Subgroup

112 5

119

6

128. 6
124 9
108. 7
95 4

128 .6
194 4
108 . 5
7

69. 0

131. 9

68 8
13? 0

^23 0
123 1
116. 7
135. 8

173 0
117 0
136 1

112 7

128. 6
124. 4
107. 3
94 7

68 K

132.0

Nonmetallic Minerals—Structural:
117 -,
1.3? 0
122 .1
109 9
119 8

125 .1

0

122. 1 122 .1
.106. 1 1 0 0 4
0

119

119

124 0

194 O
103

103 7
1.21 .4
114. 3
148. 1

12! A
1 14 6
148 . 1

123
124 1
118. ?
136 3
122. 1

99.
119. 2

1 24 0
103 . 7
121 . 4
114. 7
148. 1

Miscellaneous:
Toys, sporting goods, small a r m s . .

113 0
101 1

93 5
Notions and accessories
Jewelry, watches, photo equipment. 102 0
121 2
Other miscellaneous

113. 2
84. 0
101 3

1 1 3 .1
85 8
r<)9 3

113. 2

103. 6 103 .2
120. 3 120 .6

103 . i
120.

83. 1
92. 3

'Revised.
Source.—Bureau of Labor Statistics, Department of Labor.
Back figures,—See BULLETIN for March 1952, pp. 131-313.

MAY

1955




561

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
1933

Gross n a t i o n a l product
Leas: Capital consumption allowances..
Indirect business tax and related
liabilities
Business transfer p a y m e n t s . . . . . . .
Statistical discrepancy
Plus: Subsidies less current surplus of
government enterprises

1941

1949

1950

1951

1952

1953

125.8 257.3 285.1 328.2 346.1 364.9 357.2 355.8 356.0 355.5 362.0 370.0

104.4

56.0

8.6

7.2

9.0

18.4

20.5

23.5

25.3

27.2

29.3

28.2

29.0

29.8

30.2

30.6

7.0
.6
.3

7.1
.7
.9

11.3
.5
.4

21.6
.8
.1

23.7
.8
.2

25.6
1.0
1.3

28.0
1.0

30.0
1.0
1.0

30.3
1.0

30.3
1.0

30.2
1.0
-3.8

30.0
1.0
-4.4

30.4
1.0
-2.7

30.7
1.0
n.a.

— .1

.0

.1

.2

.2

-3.7

-3.0

-.3

-.4

-.2

.6
-.2

-.5

Equals: National income

87.8

40.2

Less: Corporate profits and inventory
valuation adjustment
Contributions for social insurance..
Excess of wage accruals over disbursements
Plus: Goyernment transfer payments. .,
Net interest paid by government. .
Dividends
Business transfer payments

10.1
.2
.0
.9
1.0
5.8
.6

-2.0
.3

14.5
2.8

28.1
5.7

35.1
6.9

39.9
8.2

291.0
38.2
8.7

38.5
8.8

.0
1.5
1.2
2.1

.0
2.6
1.3
4.5
.5

.0
11.6
4.6
7.5
.8

.0
14.3
4.7
9.2
.8

.1
11.6
4.8
9.1
1.0

.0
12.1
4.9
9.1
1.0

-.1
12.8
5.0
9.4
1.0

Equals: Personal income

85.8

Less: Personal tax ana related payments. .
Federal
State and local
Equals: Disposable personal income.
Less: Personal consumption expenditures

1955

1954

.7
47.2

2.6
1.3
1.4

1.5
.5

83.1

1.0

79.0

45.7

4.2

46.4

Equals: Personal saving

104.7 216.2 240.0 277.0

96.3

305.0

-.3

— .4

18.7
16.2
2.5

20.9
18.2
2.7

29.3
26.3
3.0

93.0 188.2 206.1 226.1
81.9 180.6 194.0 208.3
7.6

11.1

12.1

17.7

34.4
31.1
3.2
236.9
218.4

36.0
32.5
3.5

.2
n.a.

300.0 298.9
34.9 34.1
9.7
9.8

34.9
9.7

33.9
9.6

n.a.
9.7

n.a.
11.0

.0
14.2
5.2
9.6
1.0

.0
14.8
5.3
9.6
1.0

.0
14.7
5.4
9.8
1.0

.0
15.5
5.4
10.4
1.0

.0
15.6
5.4
10.0
1 .0

.0
14.8
5.3
9.9
1.0

206.8 227.1 255.3 271.2 286.1 286.5 285.1

3.3
2.0
1.3

— .1

299.6 298.8 302.6

32.8
29.1
3.7

32.9
29.2
3.7

285.7 286.2 289.0 292.7
32.9
29.2
3.7

32.9
29.2
3.7

33.1
29.3
3.8

32.1
28.3
3.8

250.1 253.5 252.3 252.9 253.2 255.9 260.6
230.1 234.0 230.5 233.1
20.0

21.8

19.5

234.8 237.7 242.0

19.7

18.4

18.2

18.7

18.4

-.6

NATIONAL INCOME, BY DISTRIBUTIVE SHARES
Seasonally adjusted annual rates
by quarters

Annual totals

1954
1933

National i n c o m e .

87.8

40.2

Compensation of employees
Wages and salaries1
Private
Military
Government civilian
Supplements to wages and salaries..
Proprietors' and r e n t a l i n c o m e 2 . . .
Business and professional
Farm
Rental income of persons

51.1
50.4
45.5
.3
4.6
.7
20.2
8.8
6.0
5.4

29.5
29.0
23.9
.3
4.9
.5
7.6
3.2
2.4
2.0

Corporate profits and inventory
valuation adjustment
Corporate profits before tax
Corporate profits tax liability
Corporate profits after tax
Inventory valuation adjustment

10.1
9.6
1.4
8.3
.5
6.4

Net interest

1941

1949

1950

1951

1952

1953

1955

1954

240.0 277.0 291.0 305.0 300.0 298.9 299.6 298.8 302.6 n.a.
64.8 140.9 154.3 180.4 195.4 209.1 207.3 206.4 206.6 207.2 208.9 212.7
62.1 134.3 146,5 170.9 185.0 198.0 195.7 194.6 194.9 195.6 197.2 200.2
51.9 113.9 124.3 142.1 152.2 164.5 161.9 161.2 161.5 161.6 163.0 166.0
9.3
9.5
1.9
* 2
8,7
9.5
9.6
5,0
10.5 10.2
9.7
9.6
8.3 16.2 17.2 20.1 22.4 23.3
24.1 23.7 23.8 24.4 24.7 24.9
6.5
9.5 10.4
2.7
7.8
11.1 11.7 11.8 11.7 11.6 11.7 12.5

104.7 216.2

20.9
10.9
6.5
3.5

42.0
21.4
12.7
7.9

44.6
22.9
13.3
8.5

49.9
24.8
16.0
9.1

49.9
25.7
14.2
10.0

49.0
26.2
12.2
10.6

48.7
25.9
11.9
10.9

49.4
25.6
13.0
10.8

25.9
12.2
10.9

48.5
25.9
11.6
10.9

48.1
26.3
11.0
10.9

49.7
26.4
12.2
11.0

-2.0
.2
.5
-.4
—2.1

14.5
17.0
7.6
9.4
-2.5

28.1
26.2
10.4
15.8
1.9

35.1
40.0
17.8
22.1
—4.9

39.9
41.2
22.5
18.7
-1.3

38.2
37.2
20.0
17.2
1.0

38.5
39A
21.1
18.3
-1.0

34.9
35.0
17.2
17.8
— .2

34.1
34.5
17.0
17.5
— .4

34.9
34.5
17.0
17.5
.4

33.9
34.2
16.8
17.4
-.3

36.4
36.8
18.1
18.7
-.4

n.a.
n.a.
n.a.
n.a.
-1.3

5.0

4.5

5.2

5.9

6.8

7.4

8.4

9.1

9.0

9.1

9.2

9.2

9.4

n.a. Not available.
1
Includes employee contributions to social insurance funds.
a
Includes noncorporate inventory valuation adjustment.
NOTE.—Details may not add to totals because of rounding.
Source.—Department of Commerce.

562




FEDERAL RESERVE BULLETIN

GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME—Continued
{Estimates of the Department of Commerce, in billions of dollars]
GROSS NATIONAL PRODUCT OR EXPENDITURE
Seasonally adjusted annual rates
by quarters

Annual totals

1955

1954
1929

Gross n a t i o n a l product

1933

104.4

Persona? c o n s u m p t i o n
expenditures.
Durable goods
Nondurable goods
Services
Gross private domestic
investment
New construction1
Residential, nonfarm
„
Other
Producers' durable equipment
Change in business inventories....
Nonfarm only

1949

1950

1951

1952

1953

56.0 125.8 257.3 285.1 328.2 346.1 364.9 357.2 355.8

356. €

355.6 362.0 370.0

79.0
9.2
37.7
32.1

46.4
3.5
22.3
20.7

81.9 180.6 194.0 208.3 218.4 230.1 234.0 230.5 233.1 234.8 237.7 242.0
23.6 28.6 27.1 26.8 29.7 28.9 28.0 28.8 28.9 29.9 33.4
9.7
43.2 96.9 100.4 111,1 116.0 118.9 120.5 118.8 120.0 121.1 122.1 122.1
29.0 60.1 65.0 70.1 75.6 81.4 84.6 33.6 84.3 84.?
85.7 86.5

16.2

1.4
1.4
.5
1.0
1.6
-1.6
-1.4

18.1
6.6
3.5
3.1
6,9
4.5
4.0

32.5
17.5
8.3
9.2
17.8
-2.7
-1.9

51.2
22.7
12.6
10,1
21.1
7.4
6.4

56.9
23.3
11.0
12.4
23.2
10.4
9.0

50,7
23.7
11.1
12.6
23.3
3.6
3.0

51.4
25.5
11.9
13.6
24,4
1.5
2.2

46
27.6
13.3
14.3
22.2
-3.7
-3.8

44,5
26.0
11.7
14.3
22,7
-4.2
-4.2

45.6
27.0
12.8
14.2
22.4
-3.8
-4.0

45.3
28.3
14.C
14,2
21.8
-4.8
-5.0

.2

1.1

.5

-2.2

.2

-.2

-1.9

-.4

-1.1

-1J

-.2

.8

8 0 24.8
2.0 16.9
113.8
2.0
,0
6.0
7.8

43.6

42.0
22.1
18.5
3.9
.3
19.9

62.8
41.0
37.3
4.2
.4
21.8

77.2
54.0
48.5
5.8
.4
23.2

85.2
60,1
52.0
8.5
.4
25.1

77.5
50.0
43.6
6.7
.3
27.5

75.6
47 9
42.1

74.1
45.9
40.5

6 1
.2
27.,/

28.2

8.7
3.6
5.1
5.9
1.7
l.S

Net foreign i n v e s t m e n t
G o v e r n m e n t purchases of
goods a n d services
Federal
National security
Other
Less: Government sales2
State and local

1941

3.5
1.3
1.3
.0
7.2

I 3.2

25.4
19,3
6.6
.4
18.2

81.9
55.0
46.9
8.4
.3
26.9

78.3
51.3
44.7
6.9
.3
27.0

49.5
29.1
14.8
14.3
21
-1
-1

5.6
.2

53.3
30.8
15.9
14.9
1.2

74.7
45.9
40.7
5.5
.2
28.8

PERSONAL INCOME
[Seasonally adjusted monthly totals at annual rates]
Wage and salary disbursement s

Dividends
Proand
prietors'
perand
sonal
rental 4
income interest
income

Transfer
payments 8

Less
personal
contriNonbutions agricultural
for
social income7
insur-6
ance

Personal
income

Total

Commodity
producing industries

Distributive
industries

Service
industries

Government

8S 8
47.2
96 3
208.7
206 8
227.1
255 3
271.2
286.1
286.5

50.4
29.0
62 1
135.1
134 4
146.5
170 8
185.1
198.1
195.7

21.5
9.8
27 5
60.2
56 9
63.5
74 9
80.6
88.1
83.8

15.6
8.8
16 3
38.8
39.0
41.3
45 8
48.7
51.7
52.6

8.4
5.2
8 1
17.4
18 0
19.5
21 3
23.0
24.8
25.5

4.9
5.1
10 2
18.7
20 5
22.2
28 8
32.8
33.6
33.7

.6
A
7
2.7
3.0
3.8
4 8
5.5
6.3
6.6

20.2
7.6
20.9
45.6
42.0
44.6
49.9
49.9
49.0
48.7

13.2
8.3
10.3
16.2
17.2
19.8
20.7
21.4
22.8
24.3

1.5
2.1
3.1
11.3
12 4
15.1
12 6
13.1
13.8
15.9

.1
.2
.8
2.2
22
2.9
3 4
3.8
4.0
4.7

77.2
43.4
88.0
188.5
190.8
210.5
235.7
253.3
270.0
270.7

1954—March
April . . .
May
June
Tuly
August
September
October
November.
December

285.0
284.4
286 2
286 5
285.7
285 4
286.6
286 3
289 3
291.4

194.5
194.3
195 0
195 5
195.7
195 5
195.4
196 1
198 1
197.8

84.2
83.7
84 2
84 0
83.4
82 7
82.4
82 9
84 6
84.4

52.0
52.0
52.3
52 5
53.1
52 8
52.9
52.9
53 0
53.1

25.0
25.2
25.2
25 5
25.4
25 8
25.9
26 1
26 2
26.1

33.3
33.4
33.3
33 5
33.8
34 2
34.2
34 2
34 3
34.2

6.6
6.6
6.6
6 6
6.6
6 6
6.6
6 6
6 6
6.6

48.9
48.2
49.4
49.2
47.9
48.2
48.8
47.2
48 3
48.8

23.9
24.0
24.0
24.1
24.2
24.3
24.4
24.5
24.6
26.2

15.8
15.9
15.8
15.8
15.8
15.5
16.0
16.5
16.4
16.7

4.7
4.6
4.6

4.7

268.8
269.1
269.7
270.3
270.6
270,2
271.1
272.3
274.6
276.5

1955—Tanuary...
February
March P

291 4
292.4
294.2

199 3
199.9
201.5

85 2
85.9
87.4

53 5
53.4
53.5

26 4
26.3
26.4

34 2
34.2
34.2

6 6
6.6
6.6

49.5
49.8
49.7

24.7
24.8
24.8

16.5
16.5
16.8

5.2
5.1
5.2

275.5
276.2
278.5

Year or month

1929.
1933
1941
1948
1949
1950
1951
1952
1953
1954

..

Other
labor
income3

4.7

4.5
4.7
4.6
4.6
4.7

»1 Preliminary.
Includes construction expenditures for crude petroleum and natural gas drilling.
2
Consists of sales abroad and domestic sales of surplus consumption goods and materials.
8
Includes compensation for injuries, employer contributions to private pension and welfare funds, and other payments.
4
Includes business and professional income, farm income, and rental income of unincorporated enterprise; also a noncorporate inventory
valuation
adjustment.
5
Includes government social insurance benefits, direct relief, mustering out pay, veterans' readjustment allowances and other payments, as
well a3 consumer bad debts and other business transfers.
•Prior to 1952 includes employee contributions only; beginning January 1952, includes also contributions to the old-age and survivors' insurance
program of the self-employed to whom coverage was extended under the Social Security Act Amendments of 1950. Personal contributions are
not included
in personal income.
7
Includes personal income exclusive of net income of unincorporated farm enterprise, farm wages, agricultural net interest, and net dividends
paid by agricultural corporations.
NOTE.—Details may not add to totals because of rounding.
Source.—Department of Commerce.

MAY

1955




563

MEMBER BANK EARNINGS, 1954
ALL MEMBER BANKS, BY CLASSES
[Amount in thousands of dollars]
All
national
member
banks

All member banks 1

1952

1953

All
State
member
banks

1954

Central reserve
city member banks
New York

Reserve
city
member
banks

Country
member
banks

Year 1954
3,215,980 1,610,133

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..

3,668,715

4,119,649

4,590,236

4,826,113

831,920
210,766

929,307
234,528

1,011,000
251,777

1,066,379
272,808

731,641
189,044

334,738
83,764

153,432
48,832

56,403
12,870

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

2,591,483
40,538
218,831
92,324
207,218
177,065

2,662,168
49,079
252,266
102,484
235,655
185,274

1,796,021
33,627
174,191
64,571
100,728
126,157

866,147
15,452
78,075
37,913
134,927
59,117

409,395
7,416
20,531
18,892
77,478
40,845

91,232 1,055,082 1,106,460
12,879
1,625
27,159
126,056
2,094
103,586
43,041
3,395
37,156
49,213
18,718
90,246
65,954
5,924
72,552

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...

2,231,946
375,298
750,039
19,150
305,536

2,501,091
408,330
835,300
21,514
364,503

2,781,518
447,142
924,348
23,714
424,738

2,998,535
478,877
983,820
25,541
493,649

1,988,742 1,009,793
318,995
159,882
351,504
632,316
8,228
17,313
151,613
342,036

428,392
56.301
176,165
1,742
40,546

106,104 1,168,860 1,295,178
14,940
249,867
157,769
37,022
409,435
361,198
265
4,490
19,044
15,980
207,344
229,779

9,077
114,958
53,067
604,822

19,825
117,659
60,064
673,896

22,657
125,192
67,047
746,681

7,985
140,162
75,626
792,874

4,288
96,583
53,348
523,863

3,697
43,579
22,278
269,011

2,959
13,554
4,490
132,634

554
4,769
1,047
31,528

2,999
62,000
26,389
298,434

1,475
59,838
43,699
330,278

1,436,769

1,618,558

1,808,718

1,827,578

1,227,238

600,340

348,428

86,156

718,865

674,129

148,624

125,008

132,274

551,971

363,530

188,441

111,484

24,804

246,872

168,810

13,531
10,936
51,881

9,954
19,646
29,047

9.847
25,877
34,603

11,709
43,142
374,610

8,367
25,013
244,797

3,342
18,129
129,813

1,200
9,718
60,837

577
1 ,998
18,601

4,486
24,866
174,454

5,446
6,559
120,717

17,577
25,622
29,076

16,966
24,734
24,660

23,158
15,729
23,060

27,353
54,558
40,599

14,160
40,223
30,970

13,194
14,335
9,629

9,313
17,730
12,687

133
2,816
679

7,020
21,155
14,890

10,887
12,857
12,343

338,857

306,381

383,477

479,263

320,811

158,452

85,950

18,554

215,215

159,544

72,103
28,418

83,851
27,040

139,880
48,299

58.549
118,857

41,379
71,460

17,171
47,397

3.721
25,257

4,326
5,716

25,731
71,751

24,772
16,133

13,555
180,034
44,747

15,652
132,896
46,942

20,416
111,976
62,906

17,771
196,140
87,946

13,274
133,673
61,025

4,496
62,467
26,921

471
44,537
11,964

446
5,583
2,484

2,026
74,989
40,719

14,828
71,031
32,780

1,246,536

1,437,185

1,557,515

1,900,286

1,269,957

630,329

373,963

92,406

750,522

683,395

Taxes on net i n c o m e . . .
Federal
State

490,919
465,480
25,439

607,850
578,682
29,168

692,252
660,206
32,045

804,188
762,686
41,502

530,314
507,302
23,012

273,874
255,384
18,490

160,788
143,368
17,420

39,036
39,036

347,669
332,344
15,325

256,694
247,938
8,757

Net profits

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, char£e-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

776,820

192,260 1,887,725 1,969,307
398,855
103,090

457,690
108,016

755,617

829,335

865,263

1,096,099

739,643

356,456

213,175

53,370

402,853

426,701

Gash dividends declared.
On preferred stock 2
On common stock

370,504
2,587
367,917

390,430
2,310
388,121

418,652
1,955
416,69

456,145
2,030
454 ,116

299,510
264
299,246

156,635
1,766
154,870

112,754
53
112,701

19,705
68
19,637

180,939
257
180,682

142,748
1,652
141,096

Memoranda i t e m s :
Recoveries credited to reserves (not included in.
recoveries above):
On securities
On loans
Losses charged to reserve;
(not included in losses
above) :
On securities
On loans
,

2,085
25,054

4,308
28,088

76
28,930

2,936
34,682

919
27,089

2,017
7,593

21
2,830

1,920

480
15,556

2,435
14,375

15,919
55,581

24,642
54,938

15,24
74,746

8,080
53,597

7,16
21,149

532
li,135

212
1,881

12,235
29,590

2,268
32,141

47,016,000 51,169,000
50.075.000 51,811,000
10,583.000 11,557,000
33,727,000 35,564,000
1,977,000
1,811,000

57,513,000
54.485,00(1
12,844,000
35,774,000
2,306,000

Loans
U. S. Government securities
Other securities
Cash assets
Other assets

11,771,000 2,578,000 22,705.000 20,459,000
8,520,000 2,929,000 20,421,000 22,614,000
,768,000 5,176,000
2,320,000 580,000
7,2 74,000 1,944,000 14,254,000 12,302,000
51,000
919,000
739,000
597,000

00

()

Total assets

143,212,000 152,079,000 156,813,000 162,921,000

30,481,000 8,082,000 63,068,000 61,290,000

Time deposits
Total deposits
Total capital accounts.

30,074,000 32,120,000
130,760,000 138,398,000
9,947,000 10,480,000

38,053,000
148,198,000
ll,724,00C

3,377,000 1,267,000 15,046,000 18,362,000
26,633,000 7,401,000 57,764,000 56,401,000
2,651,000 580,000 4,131,000 4,362,000

50,553
282,266

52,652
300,868

56,541
323,945

39,287
213,073

17,254
110,872

6,840

6,798

6,660

4,789

1,871

Number of officers. . . .
Number of employees.
Number of banks

6,743

3,975
48,195

969
10,21

15,682
128,754

35,915
136,779

13

300

6,326

For footnotes see pp. 565-567.

564




FEDERAL RESERVE BULLETIN

MEMBER BANK EARNINGS, 1954—Continued
ALL MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS
[Amounts in thousands of dollars]
Federal Reserve district
Item

Cleveland

Richmond

Earnings
243,741 1,180,880 263,648
Interest and dividends on
securities:
235,415
54,577
U. S. Government....
45,231
Other
10,783
72,513
19,286
Interest and discount on
134,943
loans
644,461 150,306
983
1,741
Other charges on loans....
10,859
9,968
Service charges on deposits.
14,514
49,184
3,338
Other charges, fees, etc
5,817
26,343
20,591
Trust department
19,753
88,263
8,842
11,718
53,843
Other current earnings... .

389,064

225,271

240,887

695,561

173,609

99,170
26,099

51,794
9,745

53,706
13,833

209,299
40,763

201,758
2,956
16,799

127,071
1,394
13,165
6,275
9,483
6,345

130,355
1,685
15,163
7,758
7,291
11,097

Expenses
155,612
Salaries—officers
26,222
53,660
Salaries and wages—others
1,605
Directors' fees, etc
Interest on time deposits. .
16,479
Interest on borrowed
money
306
Taxes other than income..
6,661
Recurring depreciation. • • •
4,678
Other current expenses
46,002

242,638
35,712
73,169

141,827

154,498

26,041

26,960

4,886
97,446

166,759
27,11.8
55,122
3,005
24,084

3,375
24,097
13,384
207,614

365
4 883
44,518

460
19,874
6,578
58,523

4,878
35,163

8,542
5,433
45,617

88,129

469,777

101,889

146,426

83,444

21,713

150,166

20,428

58,492

572
905

1,827
14,621
82,872

722
1,905
12,698

2,073
3,462
42,030

2.234
2,019
2,149

11,272
24,50

875
1,547
2,682

792
7,896
2,238

645
1,237

728

27,310

127,435

23,423

53,119

2,246
4,191

7,390
33,669

2,897
2,786

4,940
23,283

519
12.941
7,413

1,478
66,788
18,110

553
9,296
7,891

1,430
12,954
10,512

Boston

Net c u r r e n t earnings before i n c o m e taxes
Recoveries, transfers from
reserves, and profits. .
On securities:
Recoveries
Transfers from reserves.
Fronts on securities. . . .
On loans:
Recoveries
Transfers from reserves.
All other
Losses, char£e-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

13,833

New
York

711,104
97,916
262,387

15,06

Philadelphia

7,663

6,019
20,744

15,519

2,262
46,060

Dallas

136,732

214,495

256,738

800,488

40,929
9,540

31,043
6,474

51,996
12,207

49,105
13,037

144,115
38,528

344,543
5,714
32,288
13,598
29,300
20,056

100,989
1,016
6,810
4,088
5,024
5,213

75,921
1,187
8,441
6,042
3,377
4,246

118,103
1,210
12,681
3,837
5,129
9,333

155,528
3,813
11,961
4,206
4,527
14,561

478,188
16,523
61,291
15,164
22,175
24,505

434,986

105,878
20,879
31,327
1,481
14,246

86,057
17,599
24,750
893
14,213

129,109

158,289
33,191
43,884
1,638
14,427

511,778
69,427
169,785

166
2,925

329
4,582

114,813

292
5,637
2,727
29,288

2,145
23,366

3,717
36,688

277
14,097
5,587
45,188

595
19,311
11,612
106,092

86,389

260,575

67,731

50,675

85,386

98,449

288,710

19,601

22,624

109,156

20,975

10,678

22,304

26,432

69,403

428
737
15,827

159
1,1.27
19,104

2,651
6,225
83,332

511
1,712
16,880

280
369
8,185

713
1,973
15,152

594
111

1,180
9,995
48,109

1,04.1

732
462

1,037
10,733
5,178

401
947
525

1,193
134
517

1,940
981
1,545

2,354
838
5,947

3,878
3,257
2,984

17,064

16,332

76,066

18,490

12,737

17,802

26,579

62,906

2,731
2,188

2,680
1,993

4,214
5,491

3,517
2,350

3,689
1,445

3,151
1,131

8,001
23,059

450
7,003
4,692

962
6,744
3,953

13,092
17,272
1,666
33,181
10,856

819
4,869
3,097

1,753
3,597
1,520

3,139
5,914
3,616

4,057
11,951
6,290

946
20,903
9,998

43,490
1,780

23,478
373
6,624

47,835
1,470
18,241
401

Chicago

68,847
140,753
3,459
75,915
1,047
20,150
10,002

St. Louis Minneapolis

San
Francisco

Kansas
City

Atlanta

28,966

37,660
1,569
15,598

16,587

1,493
133,463

Profits before income taxes

82,532

492,508

98,895

151,799

85,981

92,681

293,665

70,216

48,616

89,887

98,302

295,206

Taxes on n e t income
Federal
State

37,728
32,624
5,103

206,509

38,263
38,263

66.484

37,135
36,485
650

115,531
114,934
597

29,161
28,668
493

20,162

66,484

38,858
38,535
324

18,530
1,632

34,815
33,702
1,113

40,038
40,007
31

139,505
128,570
10 935

Net profits

44,804

285,999

60,631

85,315

47,123

55,546

178,134

41,056

28,455

55,072

58,264

155,701

Cash dividends declared.
.
On preferred stock 2
On common stock

24.452
15
24,437

141,413

33,814

1 ,653
139,760

30,285
46
30,239

33,814

19,014
14
19,000

17,170
5
17,165

51,895
216
51,678

14,778
35
14,744

10,702
5
10,697

15,310
1
15,310

22,973
3
22,970

74,340
38
74,302

291
895

5,796

16
958

190
1,929

1,100

4
5,680

7
1,594

837

24
2,030

63

1,068

2,568

456
10,228

143
3,451

1,566
18,504

423
3,922

1,280
3,765

38
1,844

380
8.588

53
2,466

1,247
1,595

6
4,166

46
6,563

10,001
17,009

16,334,000 3,111,000
12,630,000 2,,702,000
3,458,000 866,000
9,331,000 1,734,000
757,000 116,000

4,353,000
5,005,000
1,121,000
2,675,000
165,000

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

2,874,000
Loans
U. S. Government securities. 2,343,000
560,000
Other securities
1,530,000
Cash assets
134,000
Other assets

Total assets
Time deposits
Total deposits
Total capital accounts
Number of officers. . . .
Number of employees.
Number of banks

185,884
20,625

64
2,874
2,465,000 2,482,000
2,569,000 2,804,000
468,000 614,000
1,709,000 2,003,000
103,000 110,000

7,639,000 2,149,000 1,473,000 2,336,000 3,170,000
10 468,000 2,066,000 1,518,000 2,674,000 2,477,000
2,063,000 435.000 317,000 601,000 479,000
391,000 2,595,000
5,533,000 1,461,000 950,000
250,000 2,091,000
62,000
63,000 157,000
226,000
42,000

9,125,000
7,227,000
1,863,000
4,161,000
370,000

7,442,000 42,510,000 8,531,000 13,319,000 7,314,000 8,013,000 25,928,000 6, 174,000 4,301,000 7,764,000 8,878,000 22,746,000
,361,000 7,675,000 2,244,000 3,859,000 1,659,000 1,420,000 7,136,000 1,147,000 1,085,000 1,036,000 1,072,000 8,358,000
0,866,000
,4.041,000 5,680,000
,670,000 37,663,000
695,000 7,405,000
,680,000 3,970,000
,970,000 7,199,000 8,214,000
7,663,000 7,669,000 12,125,000 ,695,000
,405,000 24.041,000
,214,000 20,866,000
637,000 3,498,000 769,000 1,038,000 528,000 512,000 1,603,000 426,000 275,000 508,000 593,000 1,337,000

3,079
19,670

78,868

3,598
19,081

4,289
24,360

3,435
16,404

3,343
18,166

7,382
45,293

2,968
12,109

2,494
9,247

4,066
13,953

4,291
16,039

8,457
50,755

312

680

587

632

476

373

1,020

490

473

750

632

235

9,139

1

Includes figures for all banks that were members of the Federal Reserve System at the end of the year (including those becoming members during
the year whose returns may cover operations for only part of the year); and in addition includes appropriate adjustments for member banks in operation
during
part of the year but not at the end of the year. Data may not add to totals because of rounding.
2
Includes interest on capital notes and debentures
3
Not available on the 13-month basis used lor all member banks. See note on pp. 566-567.
For other footnotes see pp. 566-567,

MAY

1955




565

MEMBER BANK EARNINGS, 1954—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 5t. Louis Minneapolis

Dallas

123,617 658,337

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
,

84,098

50,980

109,457

221,342

96,727

98,388

214,047

83,520

44,580

102,633

13,78.1
3,337
45,772
486
2,749
3,113
9,737
5,123

8,336
2,906
30,533
560
3,504
1,055
1,137
2,949

16,822
7,957
62,008
959
3,395
1,221
13,201
3,894

55,191
16,152
109,870
2,270
8,527
3,347
17,019
8,966

22,582
3,912
51,292
672
5,684
3,440
6,152
2,994

20,458
5,625
53,520
1,168
4,610
3,514
3,984
5,510

70,987
11,842
102,068

17,397
4,176
50,402
512
2,396
1,953
4,184
2,501

8,618
2,052
25,783
428
1,816
1,568
2,744
1,572

24,846
6,177
55,638
569
4,172
1,353
4,179
5,700

21,753
5,817
75,066
3,360
2,889
1,556
3,763
9,414

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

48,379

36,129

134,546

59,992
10,002
21,646
464

62,457

139,466
16,738
52,384
657
22,969
410
6,349

27,073
4,016
10,842

59,163

72,413

36,820

48,867
7,555
17,122
229
5,299
248
2,652
910
14,853

Net current earnings before
income taxes
Recoveries, transfers from r e serves, a n d profits
On securities:
Recoveries
Transfers from reserves
Profits on securities
On loans:
Recoveries
Transfers from reserves
All other
Losses, char£e-offs, and t r a n s fers t o reserves
On securities:
Losses and charge-offs
Transfers to reserves
On loans:
Losses and charge-offs
Transfers to reserves
All other

7,888
19,359
175
1,663
88
1,969
1,228
16,008

4,165
12,427

10,303

66,337
9,636
27,973
419
3,549
167
2,969
1,096
20,529

35,719

14,851

43,120

9,924

7,933

2
751
5,566

1
1,924
4,764

1,558
1,136
911

17,506

43,470

51,204

244,298

12,542

3,959

13,161

15,58G

54,550

376
1,055
10,327

50

30
103

3,196

167
1,737
9,670

10,049

921
9,526
38,167

178
7,673
2,940

9
647
128

537
6
170

158
764
665

183
456
4,759

3,398
237
2,302

6,736

38,476

12,087

3,710

8,251

12,044

52,935

1,394
1,956

1,006
1,031

5,112
10,375

3,228
4,191

438
1,625

2,025
1,283

1,276
659

6,630
20,963

71
2,895
1,734

193
19,178
3,617

11
2,844
1,81.1

811
101

296
3,050
1,598

35
6,266
3,808

233
16,410
8,699

40,728

90,302

35,109

17,756

48,380

54,740

245,914

37,189
36,731
458

17,009

8.170
7,349
82?

20,467

24,216
24,216

120,617
111,431
9,187

9,58«

27,913

30,524

125,296

3,939

7,263

13,054

7,263 ' '13,054

65,518
16
65,502

5?
662

116
8,649

2,115

8,942
14,099

86,795

36,735

35,931

74,582

34,653

8,786

44,485

10,224

11,533

54,196

78
1,554
5,371

1,720
2,826
31,201

60
495
8,137

41
817
9,720

1,039
4,078
38,288

12
1,025
208

217
319
1,248

165
7,695

275
938
319

333
260
362

11,348

7,422

11,575

40,580

10,051

491
2,281

165
4,196

505
2,041

3,460
21,151

1
2,805

1
3,339
5,690

415
7,870
7,684

987
640

7,217
217

3,140

40,331

90,700

35
4,112
2,555
36,907

17,335
17,335

43,511

19,299

43,511

19,134
165

16,474
16,193
281

740

22,996

47,188

17,6C8

24,254

53,112

11,195

8,313

14,900

21,280

8,911

7,82(!

11,195

4,344
201
4,144

14,900 ' 21,286

8,911

V.820

14,401
40
14,36.1

177
1,091

294

5,409
3,167

255

34,295

Taxes on net i n c o m e
Federal
State

16,333
13,682
2,652

7,048
6,308

Net profits

17,962

Cash dividends declared.
On preferred stock 2
On common stock

Loans
U. S. Government securities
Other securities
Cash assets
Other assets

18,397

3,276
1,655
15,515

209
7,335
63

16,242
46,009
457
24,048
333
11,199
3,119
33,140

15,361

173

103
223

999

326
495

1
433

1,905

16,635
374

18,100
8,313
" 8,313

7
945

1,244
1,692

62
19
3,043
1,136
522
1,420,000 2,596,000 1,098,000 1,120,000 2,218,000
858,000 2,854,000 1,154,000 1,146,000 3,522,000
359,000 649,000 192,000 229,000 653,000
871,000 1,710,000 825,000 921,000 1,807,000
51,000 102,000
49,000
78,000
49,000
361
2,437

118,086
33,137
393,131
13,949
50,083
11,005
19,391
19,555

414,039
52,496
140,219
875
8,153 111,562
243
558
8,370
16,998
2,369
8,264
21,677
83,066

9,131
20,499
311
6,038
300
4,380
1,756
20,042

Profits before i n c o m e taxes. . .

Memoranda items:
Recoveries credited to reserves
(not included in recoveries
above):
On securities
On loans
Losses charged to reserves (not
includes in losses above):
On securities
On loans

2,226

13,761
4,033
4,757
4,373

San
'rancisco

Kansas
City

91

2,805
115
617
503
8,086

' 3,939

9,120
20,419
317
6,708
257
2,235
1,7.10

19,820
647

13'

24
541

1,243
31

1,579

10,779

20,536
286

1

Total a s s e t s . . . .

563.000 1,275,000 1,771,000 7,655,000
448,000 1,364,000 1,119,000 5,861,000
110,000 319,000 172.OOC 1,608,000
610,000
409,000 1,192,000 1,305,000 3,453,000
58,000
40,000 100,000 319,000
15,000
2,711,000 1,584,000 3,558,000 7,910,000 3,317,000 3,466,000 8,278,000 3,144,000 1,544,000 4,190,000 4,467,000 18,896,000

Time deposits
Total deposits
Total capital accounts

201,000 426,000
2,385,000 1,456,000
256,000 108,000

Number of officers. . . .
Number of employees .
Number of banks

1,134,000
746,000

163,000

746
6,373
10

644,000
447,000
133,000
336,000
24,000

386
4,006

1,867,000
7,171,000
619,000
1,315
14,006
23

491,000 2,485,000 388,000 190,000 476,000 599,000 7,026,000
3,193,000 7,737,000 2,877,000 1,412,000 3,887,000 4,109,000 17,297,000
213,000 434,000 214,000 100,000 260,000 302,000 1,100,000
891
7,333

1,413
16,224

730
6,295

365
3,526

919
6,974

926
7,011

6,289
40,643

41

* Not including central reserve city banks.
NOTE.—The figures of assets, deposits, and capital accounts are averages 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 p. 565 and p. 567.

566




FEDERAL RESERVE BULLETIN

MEMBER BANK EARNINGS, 1954—Continued
COUNTRY MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS
[Amounts in thousands of dollars]
Federal Reserve district

Item

Richmond

Boston

New
York

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, e t c . . . .
Trust department
Other current earnings.. . .

159,643

353,081

159,191

167,722

31,450
7,446

73,647
20,775

37,755
11,328

43,979
9,947

29,212
5,834

89,171
496
11,765
2,704
10,016
6,595

204,533
2,884
25,149
6,396
9,648
10,049

88,299
781
6,573
2,117
7,390
4,94'

91,890
686
8,272
2,672
3,725
6,553

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....

107,234
18,333
34,301
1,431
14,816

246,583
37,449
73,795
2,934
49,565

100,422
17,482
27,150
2,586
20,535

217
4,691
3,450
29,995

354
9,556
8,253
64,676

52,410

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

Philadelphia

Cleveland

Atlanta

Chicago St. Louis Minneapolis

San
Francisco

Kansas
City
111,862 133,121

142,151

27,150
6,030

27,352
7,220

26.029
5,391

50,139
758
6,626
4,474
633
2,674

62,465
641
8,509
2,481
950
3,633

80,462
453
9,073
2,650
765
5,147

85,058
2,574
11,208
4,159
2,784
4,950

57,011
13,325
14,205
1,252
8,947

58,984
1.3,584
13,908
802
11,4.08

69.946
19', 846
17,241
1,252
8,891

85,876
22,412
23,348
1,352
6,274

97,740
16,931
29,565
618
21,901

83
9,032
5,815
46,466

44
2,986
1,818
14,435

51
2,309
1,642
15,280

72
2,347
2,007
18,291

34
5,727
3,218
23,511

37
2,313

3,348
23,027

50,458

99,837

33,078

33,169

41,916

47,245

44,411

9,378

11,091

30,155

8,434

6,719

9,142

10,852

14,852

368
242
7,689

118
310
9,384

1,034
149
26,443

134
657
6,553

230
369
4,989

546
236
5,482

564
8
6,538

259
469
9.943

627
201
1,361

371
299
409

399
202
679

726
244
1,559

392
300
396

656
128
346

1,782
217
880

2,171
382
1,188

480
3,020
682

11,847

12,538

7,012

9,596

19,035

6,404

9,027

9,551

14,535

9,971

2,392
745

1,480
2,131

1,337
233

1,675
962

3,654
1,181

986
1,299

1,665
162

1,875
472

1,371
2,096

1,006
19,446
5,891

552
5,957
2,201

1,016
5,084
2,828

415
2,890
2,137

891
3,849
2,219

1,026
8,41.9
4,755

808
2,025
1,286

3,079
725
1,019
2,78
1,419

2,843
2,864
2,018

4,021
5,685
2,483

713
4,493
1,299

128,544 142,499

289,253

90,088

92,152

33,248
8,208

81,910
16,051

23,533
5,364

22,425
4,423

75,778
722
7,481
2,836
3,331
3,350

76,835
516
10,554
4,244
3,307
5,587

151,243
1,862
16,433
6,170
5,825
9,758

50,587
505
4,414
2,135
839
2,711

108,092
19,469
27,160
1,805
22,01.2

81,835
16,040
21,844
1,315
16,261

92,041
17,828
27,336
1,159
12,203

189,417
37,170
51,347
2,537
36,966

198
4,693
3,788
23,990

127
8,675
3,459
25,384

156
3,348
3,224
19,648

101
4,162
3,678
25,575

106,498

58,769

59,630

46,709

11,789

30,749

11,642

14,007

570
154
8,268

627
2,978
17,271

644
351
7,327

353
636
10,830

676
883
1,238

1,948
5,753
2,172

658
1,229
1,434

15,962

34,064

1,755
1,910

3,504
4,216

519
7,532
4,246

Profits before income taxes

48,237

103,183

58,564

61,099

49,074

51,953

110,957

35,108

30,860

41,507

43,562

49,292

Taxes on net income
Federal
State

21,394
18,943
2,452

38,673
36,208
2,465

20,928
20,928

22,972
22,972

19,559
19,401
158

20,661
20,292
368

39,306
39,166
139

12,152
12,033
119

11,991
11,181
810

14,348
13,882
466

15,822
15,791

18,888
17,140
1,748

Net profits

26,842

64,511

37,635

38,127

29,515

31,292

71,651

22,956

18,869

27,159

27,74(1

30,405

Cash dividends declared.
.
On preferred stock 2
On common stock

13,257
15
13,241

24,315
1,399
22,916

15,385
46
15,339

12,534

10,102
14
10,089

9,350
5
9,345

17,789
108
17,680

6,465
35
6,431

6,763
5
6,758

8,047
1
8,046

9,920
3
9,917

8,822
22
8,800

291
723

1,761
2,742

15
525

13
838

775

596

4
1,855

649

700

1,489

10
1,906

340
1,579

143
2,453

708
6,874

62
1,485

36
2,073

19
1,322

2
1,738

159
3,664

25
1,306

4
1,282

5
2,587

46
4,448

1.059
2,910

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

' 12', 534

1,740,000 3,919,000 1,692,000 1,757,000 1,368,000 1,361,000 2,844,000
Loans
U. S. Government securities 1,597,000 3,663,000 1,844,000 2,152,000 1,415,000 1,658,000 4,017,000
397,000 1,005,000 508,000
829,000
472,000 276,000 385,000
Other securities
921,000 1,722,000 863,000
964,000 884,000 1,082,000 1,782,000
Cash assets
136,000
76,000
67,000
61,000
63,000
53,000
95,000
Other assets

937,000 911,000 1,061,000 1,399,000 1,470,000
1,164,000 1,070,000 1,310,000 1,358,000 1,366,000
255,000
255,000 207,000 282,000 306,000
708,000
646,000 541,000 899,000 1,290,000
51,000
28,000
23,000
28,000
57,000

Total assets

4,731,000 10,445,000 4,972,000 5,409,000 3,996,000 4,547,000 9,568,000 3,030,000 2,756,000 3,574,000 4,411,000 3,850,000

Time deposits
Total deposits
Total capital accounts

1,160,000 3,872,000 1,875,000 1,992,000 1,132,000 929,000 3,383,000 759,000 895,000 560,000 473,000 1,332,000
,575,000 4,470,000
4,286,000 9,575,000
470,000 4,954,000 3,653,000
,653,000 4,
,211,000 8,902,000 2,803,000 2,559,000 3,311,000 4 ,106,000 3,569,000
237,000
740,000 464,000
381,000
589,000 212,000 175,000 248,000 291,000
419,000 307,000 299,000

Number of officers
Number of employees
Number of banks

2,333
13,297

4,778
26,667

2,818
10,486

2,974
10,354

648

577

609

2,513
8,636

2,452
10,833
352

5,000
18,852
935

2,238
5,814
470

2,129
5,721

3,147
6,979

3,365
9,028

2,168
10,112

605

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. 565-566.

MAY

1955




567

MEMBER BANK EARNINGS, 1954—(Continued)
ALL MEMBER BANKS, BY SIZE OF BANK
[Amounts in thousands of dollars]
Size group—total deposits (in thousands of dollars)

Item

Earnings
Interest and dividends on securities:
U. S. Government
Other
Interest and discount on Joans.
Other charges on loans
Service charges on d e p o s i t s . . . .
Other charges, fees, etc
Trust department
Other current earnings
Expenses

Salaries—officers
Salaries and wages—others. . . .
Directors' fee;- etc
Interest on time deposits
Interest on borrowed money...
Taxes other than income
Recurring 'epreciation
Other cu r rent expenses

Net current earnings before
income taxes
Recoveries, transfers from reserves, and profits
On securities:
Recoveries
Transfers from reserves
Profits on seem ities
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
Net profits
Cash dividends declared
1
On preferred stock '
On common stock

Memoranda i t e m s :
Recoveries credited to reserves
(not included in recoveries
above):
On securities
On loans
Losses charged in reserves (not
included in losses above):
On securities
On loans
U. S. Government securities
Other securities
Cash assets
Other assets

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

315,036

459,851

358,076

362,035

2,969,430

62.748
14,493
150,164
958
14,880
6,361
717
5,537

76,164
19,467
178,938
1,638
21,141
7,120
2,709
7,858

109,577
27,435
251,009
3,327
33,794
10,082
9,952
14,675

84,333
19,387
194,160
2,937
26,096
6,912
10,301
13,950

83,236
18,765
198,027
2,872
22,437
6,916
14,997
14,786

627,865
168,250
1,629,603
36,899
127,820
62,338
191,505
125,152

36,832
12,354
5,825
1,122
6,282
37
1 ,742
1 ,107
8,363

167,469
45,307
33,523
4,728
32,210
135
7,821
5,763
37,982

207,867
45,772
50,489
4,261
40,056
164
9,884
7,344
49,897

307,789
56,761
86,831
4,4 04
56,789
269
13,674
10,647
78,414

240,078
39,816
75,120
2,259
39,748
293
10,733
7,855
64,253

236,618
37,181
76,635
1,841
35,745
520
11,172
6,975
66,550

1,767,386
234,503
646,289
6,481
277,138
6,513
83,704
34,874
477,884

2,928

19,496

88,390

107,169

152,062

117,998

125,417

1,202,045

542,705

335

1,941

10,807

20,076

37,713

40,109

42,857

388,866

11 ,682
41 ,95-1
372 ,621

6
1
63

122
39
664

482
136
6,137

1,476
229
14,088

1,377
520
30,425

1,072
1,811
32,455

982
1,489
33,626

6,165
37,730
255,163

26 ,8oe
49 ,59.1
40 ,052

219
.11
35

836
104
176

2,686
430
937

2,172
399
1,712

1,906
728
2,757

1,135
1,084
2,554

876
3,245
2,640

16,976
43,591
29,241

477,117

631

3,248

15,883

21,987

32,410

26,422

37,997

338,539

58,237
118,493

30
5

326
24

2,550
425

4,281
1,013

6,078
2,851

4,865
3,835

7,172
4,843

32,935
105,498

17,617
195,291
87,479

461
84
51

1,674
763
462

4,739
5,290
2,880

3,576
8,501
4,617

2,425
14,276
6,781

1,146
12,028
4,548

753
17,717
7,512

2,844
136,633
60,629

1,881,092

2,631

18,189

83,314

105,257

157,365

131,686

130,278

1,252,372

798,401
757,215
41,186

740
706
34

5,032
4,824
2(r

25,486
24,682
804

35,816
34,772
1,044

58,395
56,587
1,808

51,373
50,056
1,317

54,889
53,091
1,798

566,670
532,496
34,174

1,082,691

1,891

13,157

57,828

69,441

98,970

80,312

75,389

685,702

453,343
2,02:
451,321

718
2
715

4,461
4
4,457

19,519
34
19,484

21,729
68
21,661

32,011
185
31,826

23,789
52
23,737

25,092
459
24,633

326,025
1,217
324,808

2 ,936
34,564

50

5
334

94
2,744

141
3,485

183
2,381

633
2,714

1,869
21,079

15,247
74,490

74

6
654

59
6,084

131
7,402

223
4,832

352
6,718

14,444
44,500

60,164,328
57,721,361
13,527,971
38,026,885
2,559,232

93,417
80,676
13,989
65,384
1,941

601,688
610,360
112,208
408,981
12,837

3,332,777
3,813,034
961,650
2,214,103
104,015

4,837,186
5,677,065
1,377,802
3,130,403
183,295

3,938,927
4,524,554
1,022,841
2,549,298
156,867

4,785,442

8,828

56,328

1,058,640
2 70,835
2,642,344
48,821
249,623
101,772
230,230
183,178

1,739
345
5,749
61
468
293
16
157

12,978
2,694
34,694
130
2,986
1,750
33
1,064

2,969,938
474,062
975,442
25,269
488,772
7,932
138,983
74,722
784,755

5,900
2,369
729
173
805
1
254
157
1,412

1,815,505

4,254,680 40,387,698
4,619,744 35,351,717
8,361,727
1,003,957
2,830,979 25,002,038
1,860,619
166,948

Total assets

171,999,77

255,407

Time deposits
Total deposits
Total capital accounts

39,346,011
157,045,848
12,177,508

56,641
469,765 2,489,810 3,252,942 4,822,296 3,418,789 3,085,375 21,750,393
225,975 1,576,788 7,628,354 9,606,661 14,051,129 11,300,639 11,956,236 100,700,066
28,878
165,523
680,801
780,242
787,659
769,155 1,051,090
7,914,160

Number of officers
Number of employees

56,304
322,925

726
463

2,927
3,051

8,532
14,671

7,049
20,019

7,313
32,597

4,456
27,351

3,902
27,849

21,399
196,924

6,630

301

1,038

2 ,294

1,352

922

330

173

220

Number of banks

1,746,074 8,334,372 10,425,579 15,205,751 12,192,487 12,876,308 110,963,799

1

Totals are for all banks that submitted reports covering the entire year, except three trust companies having no deposits.
Includes interest on capital notes and debentures.
N O T E . — T h e 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.
2

568




FEDERAL RESERVE BULLETIN

MEMBER BANK EARNINGS, 1954—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

I

1951

1952

New
York
1953

Reserve
citymember
banks

Country
member
banks

Chicago

1954
Year 1954

Summary ratios:
Percentage of total capital accounts:
Net current earnings before income taxes.
Profits before income taxes
Net profits
Cash dividends declared

14.4

12.5
7.6
3.7

Percentage of total assets:
Total earnings
Net current earnings before income taxes
Net profits

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

15.6
16.2
9.3

2.93
1.15
.55

13.1
14.1

14.9

15.9

8.0
4.3

9.2
3.4

2.55

2.38
1.07
.66

1.14

.70

17.4
18.2
9.8
4.4
2.99
1.14
.64

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 (or recoveries and
profits +)
Taxes on net income
Net profits

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

22.1
5.7
56.2
5.2
10.8

19.8
6.3
53.7
2.6
17.6

29.3
6.7
48.3
1.1
14.6

21.1
5.5
57.3
5.5
10.6

23.2
5.5
56.8
6.4
8.1

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

30.7
8.3

30.2
8.8

29.9

29.9
5.2

27.0
8.3
19.9

31 .0
11.7
23.1

55.2

65.8

44.8

34.2

9.3

21.8

21.7

21.4

60.8

60.7

60.6

39.2

39.3

39.4

5.2
13.4
20.6

4.4
14.8
20.1

5.4
15.1
18.9

30.3
10.2
21 .6
62.1
37.9

20.0
55.1
44.9

+ 1.5

+3.2

+3.3

16.7
22.7

20.7
27.4

20.3
27.8

+ 5

13.0
21.7

Rates of return on securities and loans:

Return on securities:
Interest on U. S. Government securities
Interest and dividends on other securities
Net losses (or recoveries and profits + ) l
Return on loans:
Earnings on loans
Net losses (or recoveries +) *

1 .66

1 .99
.03
,

4.26

.06

2.02
2.09

.79
.03
.10

1.98
2.11
.20

1.93
2.22

+ .47

+ .53

+ .42

1 .95
2.16
+ .56

+ .37

4.51
.05

4.69
.08

4.71
.05

3.54
+ .02

3.60
.01

4.77

5.47

1 .96
2.12

1 .80
2.10

.04

.11

Distribution of assets:

Percentage of total assets:
U. S. Government securities
Other securities
Loans
Cash assets
Other assets

34.1
7.6
33.6
23.4
1.3

32.6
7.6
35.8
22.7
1.3

33.4
7.9

35.3
22.0
1 .4

28.0
7.6
38.6
23.9
1 .9

36.2
7.2
31.9

36.9
8.4
33.4
20.1
1 .2

24.1

.6

Other ratios:

Total capital accounts to:
Total assets
Total assets less Government securities and cash
assets
Total deposits

6.9

6.9

7.0

7.2

16.7
7.6

16.2
7.6

15.8
7.8

16.1
7.9

18.0
10.0

18.1

14.5
7.2

Time to total deposits
Interest on time deposits to time deposits.

23.0
1.02

23.2
1.13

24.3
1.23

25.7
1 .30

12.7
1.20

17.1
1.26

26.0
i.38

Number of banks.

6,840

6,798

6,743

6,660

7.1

7.2

21

13

300

16.5
7.7
32.6
1.25
6,326

x
"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.
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 6,500.) 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

1955




569

MEMBER BANK EARNINGS, 1954—Continued
RATIOS OF ALL MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS
[Computed from aggregate dollar amounts; ratios expressed as percentages]
Federal Reserve district

Summary ratios:
Percentage of total capital accounts:
Net current earnings before income
taxes
Profits before income taxes
Net profits
Cash dividends declared
Percentage of total assets:
Total earnings
Net current earnings before income
taxes
Net. profits
Sources and disposition of earnings:
Percentage of total earnings:
Interest and dividends on:
IT. S. Government securities
Other securities
Karnings on loans
Service charges on deposit accounts
Other current earnings
Total earnings....
Salaries and wages
Interest on time deposits
Other current expenses

,

Boston

New
York

Philadelphia

Cleveland

Richmond

Atlanta

Chicago

St.
Louis

Minneapolis

Kansas
City

13.8
13.0
7.0
3.8

13.4
14.1
8.2
4.0

13.2
12.9
7.9
3.9

14.1
14.6
8.2
3.3

15.8
16.3
8.9
3.6

16.9
18.1
10.8
3.4

1.6.3
18.3
11.1
3.2

15.9
16.5
9.6
3.5

1.8.4
17.7
10.3
3.9

16.8
17.7
10.8
3.0

3.28

2.78

3.15

1 .IS
.60

1.11
.67

1.19
.71

Net losses including transfers (or
recoveries and profits -f)
Taxes on net income
Net profits
Rates of r e t u r n s 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 + )
Return on loans:1*
Karnings 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 securiV ties and cash assets
Total deposits
Time to total deposits
Interest on time deposits to time deposits
Number of banks

1.18
.66

100.0

30.0
5.6
26.0

29.9
16.6
17.4

62.9

60.2

61 .6

63.9

39.0

37.1

39.8

38.4

+ 1.4

1.5
14.8
20.8

30.6
9.0
22.5

28.0
11 .8
22.6

30.9
10.4
21.7

31.0

30.1
10.9

21.5

30.1
8.2
22.7

31 .0
10.4
21.5

62.1

62.4

63.0

64.1

62.5

61.0

37.6

37.0

35.9

37.5

+2.6

+4.7

39.8
1.1
14.2
22.6

+ 1.4
17.1
21 .9

15.4
23.1

16.6
25.6

1 .27
.68

100.0

100.0

7.6

3.52

1.11
.66

31.1
7.3
21.8

100.0

25.5

2.89

1.10
.71

100.0

100.0

100.0

30.5
8.3
21.4

2.76

10.0

100.0

32.8
6.7
24.3

21 .6
22.1
11.6
5.6

100.0

100.0

4.3

9.8
3.9

18.0
4.8
61 .8
7.7
7.7

10.9

52.6

16.6

19.1
5.1
62.1
4.6
9.1

22.7
4.7
56.4
6.2

25.5
6.7

16.6

San
Francisco

24.3
5.7
55.6
5.9
8.5

23.6
5.5
58.8
3.9
8.2

100.0

17.5
24.2

2.81

1.00
. 69

5.9
50.4
4.6
9.0

100.0

+1.9

2.68

30.1.

20.3
7.2
56.6
3.7
12.2

2.3
1.5.5
18.4

3.01

1.14
. 64

22.3
5.7
54.8
6.3
10.9

19.9
6.1
55.5
4.2
14.3

Total expenses

3.08

23.0
4.3
57.0
5.9
9.8

18.6
4.4
55.8
5.9
.15.3

Net current earnings before income taxes

2.92

Dallas

16.8
23.6

+ .8

17.4
19.5

1.93

1.86

2.02

1 .98

2.02

1.92

2.00

1. .98

2.04

1.94

1.98

1.99

1 .93

2.10

2.23

2.33

2.08

2.25

1 .98

2.19

2.04

2.03

2.72

2.07

+ .42

+ .48

+ .28

+ .62

+ .44

+ .48

-J-.58

+ .53

+ .20

+ .37

+ .48

+ .35

4. 73
.03

4.01

4.89
.08

5.21
.02

5.32
.08

4 59
.05

4.75

5.23
.09

5.11
.14

5.03

5.42

31 .5
7.5
38.6
20.6

1 .8

.02

29.7

8.1
38.4
22.0

1 .8

31 .7
10.2
36.5
20.3
1.3

4.70

. 06

37.6
8.4
32.7

35.1

6.4

1.2

33.7
23.4
1 .4

20.1

35.0
7.7
31.0
25.0
1.3

40.4
8.0
29.5
21.3

33.5
7.0
34.8
23.7
1.0

35.3
7.4
34.2
22.1

6.9

6.4

16.1

7.2

6.4

17.8
9.6

17.0
9.3

18.8
10.0

18.4
8.6

17.4
7.9

16.0
6.9

16.1
6.7

20.4

20.4

29.3

31.8

24.8

19.2

29.7

9.0

1 .21

1 .27

1.07

1.19

1.42

1.28

312

680

587

632

476

373

.06

1 .06

1,020

1.0

34.4
7.8
30.1
26.9

6.5

.18

27.9
5.4
35.7
29.2
1.8

.04

31.8
8.2
40.1
18.3
1 .6

6.7

15.6

7.5

7.2

20.2

13.1

1.24

1.35

490

632

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.

570




FEDERAL RESERVE BULLETIN

MEMBER BANK EARNINGS, 1954—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

Cleveland

Richmond

Atlanta

Chicago

St.
Louis

Minneapolis

Kansas
City

Dallas

14 0
13.4
7.0
4.4

13 8
14.2
7.7
4.0

14 1
13.2
7.5
4.9

14 0
14.7
7.6
3.4

16 6
16.7
8.0
4.0

16.9
19.1
11.4
3.7

17.2
20.8
12.2
3.3

16.2
16.4
8.5
3.9

17 5
17.8
9.6
3.9

16.7
18.6
10.7
2.8

17.0
18.1
10.1
4.3

San
Francisco

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
Net profits

3 22

3 08

2 80

2.92

2.84

2.59

2.66

2.89

2.45

2.77

3.48

1 32

94
.52

1 21

1 10

1 11

1.04

1.10

1.13

1.04

1.15

1.29

.65

.60

.53

.70

.90
.64

.58

.62

.67

.68

.66

24.9
7.3
50.7
3.9
13.2
100 0

23.4
4.0
53.7
5.9
13.0

20.8
5.7
55.6
4.7
13.2

33.2
5.5
48.7
6.4
6.2

20.8
5.0
61.0
2.9
10.3

19.3
4.6
58.8
4.1
13.2

24.2
6.0
54.8
4.1
10.9

17.6
4.7
63.5
2.3
11.9

17.9
5.1
61.8
7.6
7.6

100.0

15.4
7.3
57.5
3.1
16.7
100 0

100 0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

32.5
14.4
24.0

34 4
3.2
23.0

28.1
10.9
21.8

32.7
7.5
21 .8

32.3
10.7
22.1

29.6
6.3
22.6

33.3
6.3
21.1

28.8
6.5
22.3

25.3
6.6
26.7

29.3
16.9
16.7

57.5

70.9

60.6

60.8

62.0

30.1
6.1
27.3
63.5

65.1

58.5

60.7

57.6

58.6

62.9

42 5

29.1

39 4

39 2

38 0

36.5

34.9

41.5

39.3

42.4

41.4

37.1

1.7

+ 1 .0

2.5

+ 1.8

+ •2

+4.9

+7.3

+ .5

+4.8

+2.9

+ .2
18.3
19.0

16.4
4.0
55.0
3.3
21.3

16.4
5.7
61.0
6.9
10.0

100 0
32 4
2.0
23.1

Total expenses
Net current5 earnings before income taxeNet losses including transfers (or
recoveries and profits +)
Taxes on net income
Net profits.

19.4
21.4

Total earnings
Salaries and wage's
Interest on time deposits
Other current expenses

Rates of return on securities and
loans:
Return on securities:
Interest on U. S. Government
securities
Interest and dividends on other
securities
...
Net losses (or1 recoveries and
profits + )
Return on loans:
Earnings on loans
Net losses (or recoveries +) l Distribution of assets:
Percentage of total assets:
U. S. Government securities
Other securities...
Loans
Cash assets
Other assets
Other ratios:
Total capital account to:
Total assets
Total assets less Government securities and cash assets
Total depo-ut^
Time to total deposits
Interest on time deposits to time
deposits
Number of banks

•

6.0

3 10
.66

Sources and disposition of earnings:
Percentage of total earnings:
Interest and dividends on:
U. S. Government securities
Other securities
learnings on loans
Service charges on deposit accounts .
Other current earnings

22.2
22.4
11.4

13.8
16.3

15.9
21.0

19.7
21.3

20.0
18.2

16.7
24.7

17.4
24.8

+ .6

20.4
21.7

18.3
21.5

20.0
27.2

19.6
24.7

2.01

1.85

1.86

1.96

1.93

1.96

1.79

2.02

1.93

1.92

1.82

1.94

2.05

2.18

2.22

2.49

2.04

2.46

1.81

2.32

1.87

1.94

3.38

2.06

+ .56

+ .75

+ .38

+ .81

+ .50

+ .63

+ .82

+ .69

+ .28

+ .47

+ .69

+ .32

4.08

4.83

4.43

4.32

4.73

4.88

4.70

4.20

4.66

4.41

4.43

5.32

+ .06

.04

.13

.03

.03

.05

.02

.07

.09

.07

.03

27.5
6.0
41.8
22.5

28.2
8.4
40.7
21.2

2.2

1.5

24.1
10.1
39.9
24.5
1.4

36.1
8.2
32.8
21.6
1.3

.0

34.8
5.8
33.1
24.9
1.4

33.1
6.6
32.3
26.6
1.4

42.5
7.9
26.8
21.8
1.0

28.7
5.7
38.5
26.0
1.1

29.0
7.1
36.5
26.5
.9

32.6
7.6
30.4
28.4
1.0

25.1
3.9
39.6
29.2
2.2

31.0
8.5
40.5
18.3
1.7

9.4

6.8

8.6

7.8

6.7

6.1

5.2

6.8

6.5

6.2

6.8

5.8

18.9
10.7

13.5
7.4

16.7
9.5

18.5
8.6

16.5
7.3

15.2
6.7

14.7
5.6

15.0
7.4

14.6
7.1

15.9
6.7

14.8
7.3

11.5

14.6

40.6

8.4
.83
10

29.3
1.72
11

11.5
.96
10

26.0

17.3

15.4

1.29

1.37

1.23

23

27

21

32.1
.92
72

13.5
1.37
20

13.5
1.48
9

12.2

6.4

1.41.

1.36

1.59

41

27

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.
2
Ratios of less than .005 are shown as .0.

MAY

1955




571

MEMBER BANK EARNINGS, 1954—Continued
RATIOS OF COUNTRY MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS

[Computed from aggregate dollar amounts; ratios expressed as percentages]
Federal Reserve district
Item
Boston
Summary ratios:
Percentage of total capital accounts:
Net current earnings before income
taxes
Profit before income taxes
Net profits
Cash dividends declared
Percentage of total assets:
Total earnings
Net current earnings before income
taxes
Net profits
Sources and disposition of earnings:
Percentage of total earnings:
Interest and dividends on:
U. S. Government securities
,
Other securities
Earnings on loans
,
{Service charge on deposit accounts,
Other current earnings

13.8

12.7
7.0
3.5
3.37

1.11
.57

New
York

Philadelphia

Cleveland

Richmond

Atlanta

Chicago

St.
Louis

Minneapolis

Kansas
City

Dallas

San
Francisco

14.4
13.9
8.7
3.3

12.7
12.6
8.1
3.3

14.2
14.6
9.1
3.0

15.2
16.0
9.6
3.3

16.9
17.4
10.5
3.1

17.0
18.8
12.2
3.0

15.6
16.6
10.8
3.0

19.0
17.6
10.8
3.9

16.9
16.7
11.0
3.2

16.2
15.0
9.5
3.4

18.7
20.8
12.8
3.7

3.38
1.02
.62

3.20

1.18
.76

3.10
1.10
.70

3.22

1.17
.74

3.13
1.11
.69

3.02

2.97

3.34

3.13

3.02

1.04
.75

1.09

1.20
.68

1.17

1.07
.63

.76

26.2
5.9
55.2
5.0
7.7

22.7

7.4

23.7
7.1
56.0
4.1
9.1

59.5
5.8
7.4

23.3
5.8
54.3
7.4
9.2

28.3
5.6
52.9
5.7
7.5

26.1
6.0
56.7
4.9
6.3

24.3
4.8
55.2
7.2
8.5

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

33.0
9.3
24.9

31.5
14.0
24.3

28.0
12.9
22.2

27.8
13.1
23.5

29.5
12.7
21.5

31.7
24.3

30.6
12.8
22.1

30.6
9.9
22.8

Total expenses

67.2

69.8

63.1

64.4

63.7

64.6

65.5

Net current earnings before income taxes

32.8

30.2

36.9

35.6

36.3

35.4

2.6
13.4
16.8

.9
11.0
18.3

.1
13.2
23.6

+ .8

+ 1.9

13.7
22.7

+ 1.1

Total earnings
Salaries and wages
Interest on time deposits . .
Other current expenses. . .

Net losses including transfers (or
recoveries.and profits +)
,
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 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.

19.7
4.6
56.2

7.4

12.1

20.9
5.9
58.7
7.1

4.6

15.2
23.0

8.6

14.5
22.0

.76

7.6
6.3

6.8
6.4

18.3
3.8
61.7
7.8
8.4

100.0

100.0

100.0

100.0

29.8
12.4
21.8

33.2
7.9
21 .4

34.4
4.7
25.4

32.7
15.4
20.7

63.3

64.0

62.5

64.5

68.8

34.5

36.7

36.0

37.5

35.5

31.2

+3.9

+2.3

2.5
13.0
20.5

.4
12.8
24.3

2.8
11.9
20.8

+3.4

13.6
24.8

13.5
25.5

24.3
5.4

20.6

56.4

60.8

1.97

2.01

2.05

2.04

2.06

2.01

2.04

2.02

2.10

2.07

1.88

2.07

2.23

2.11

2.11

2.13

1.94

2.10

2.14

2.14

+ .36

+ .33

+ .24

+ .37

+ .40

+ .38

+ .49

+ .40

+ .17

+ .27

5.15
.09

5.29
.08

5.26

5.27
.09

5.59
.04

5.68
.12

5.38
.07

5.45
.11

5.59
.10

5.95

33.7
8.4
36.8
19.5
1.6

17.2
8.9
27.1

35.1
9.6
37.5
16.5
1.3

.05

37.1
10.2
34.0
17.4
1.3

36.5
8.5
29.9
23.8
1.3

38.4
8.4
30.9
21.3
1.0

.20

1.2

35.4
6.9
34.2
22.1
1.4
7.7

6.6

6.2

7.0

6.3

6.9

18.1
8.4
31.0

16.5
7.1

15.6
6.6

17.4
7.6

15.3
6.8

22.1

38.0

27.1

35.0

18.2
7.5
16.9

39.8

8.7

32.5
17.8

7.1

9.3

7.7

14.6
7.7
40.4

20.5
10.4

18.3
8.5

41.9

40.2

3.69
1.15
.79

42.0
8.7
29.7
18.6

1.0

38.8
7.5
33.1
19.6
1.0

36.7

7.9
29.7

25.1
.6

5.4

2:01
2.36

13.2
21.4

1.91
2.11
+ .50

5.78
.31

5.96
.11

30.8
6.9
31.7
29.3
1.3

35.5
6.6
38.2
18.4
1.3

16.5
7.1

13.3
6.6

11.5

37.3

6.2

1.28

1.28

1.10

1.11

1.44

1.31

1.09

1.18

1.27

1.59

1.33

1.64

302

648

577

609

449

352

935

470

464

709

605

206

141

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.

572




FEDERAL RESERVE BULLETIN

BANK EARNINGS, 1954
INSURED COMMERCIAL BANKS IN THE UNITED STATES AND POSSESSIONS, 1951-1954
[Amounts in thousands of dollars]
Banks not members of
Federal Reserve System

All insured commercial banks 1
Items
1952

1954

1951

1952

1954

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

4,395,411

4,931,688

5,483,954

5,773,787

727,242

812,634

894,387

948,458

983,662
249,495
2,390.106
34,595
230,507
116,1.40
192,313
198,593

1,099.059
276,993
2,742,100
42,295
244.696
121,868
204,967
199.71.3

1,206,965
297,739
3,107,885
47,850
271,444
132,978
217.096
201,101

1.272,731

3,205,894
57.550
3U ,806
144,140
246,223
210,621

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

206,658
52,083
544,082
8,474
59,540
41,664
10,603
25,355

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

2,701,313
486,300
864,510
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 f493
24.171
148,783
84,085
807,137

3,638,087
622,862
1,139,013
37,197
618,341
8,556
166,452
94,720
950,945

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
1,51.4
23,606
17,042
150,522

640,177
144,077
155,260
11,662
125,056
571
26,306
19,099
158,146

Net current earnings before income
taxes

1,694,100

1,903,112

2,108,398

2,135,700

257,409

284,631

299,790

308,281

169,233

144,146

152,373

631,496

20,621

19,139

20,101

79,533

15,292
12,285
56,563

11,191
20,492
33,806

11. ,45-1
2 7,545
38,865

14.912
60,555
416.520

1,761
1 ,350
4,683

1,237
846
4,759

1,608
1 ,668
4,264

3.203
17,413
41,915

22,595
28,453
34,046

22.004
2 7,330
29,324

28,423
18,20.?
27,79-1

34,014
57,965
47,530

5,018
2,841
4,970

5,038
2,596
4,665

5,265
2,563
4,734

6,664
3,407
6,931

395,687

362,444

448,323

552,606

56,840

56,065

64,854

73,346

8,122
7,316

Recoveries, transfers from
and profits
On securities:
Recoveries
Transfers from reserves
Profits on securities
On loans:
Recoveries
Transfers from reserves
All other

324,823

reserves,

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

83,756
31,680

97,512
29,531

155,969
54,160

66,670
126,173

11,655
3,262

13,662
2,491

16,096
5,861

21,215
204,202
54,836

23,637
154,510
57,253

31,774
132,127
74,291

29,269
222,998
107,497

7,660
24,168
10,097

7,985
21,614
10,312

11,358
20,151
11,387

11,498
26,858
19,553

1,467,645

1,684,813

1,812,451

2,214,591

221,189

247,704

255,040

314,469

559,475
530,810
28,664

694,883
662,277
32,606

786,490
750,796
35,693

907,560
862.065
45,495

68,556
65,330
3,225

87,033
83,595
3,438

94,238
90,590
3,648

103,378
99,385
3,993

Net profits.

908,175

989,931

1,025,963

1,307,032

152,638

160,672

160,804

211,091

Cash dividends declared.
.
On preferred stock 2
On common stock

418,860
3,876
414,984

441,971
3,675
438,298

473,866
2,979
470,888

516,977
2,912
514,066

48,356
1,289
47,067

51,541
1 ,365
50,177

55,214
1,024
54,191

60,862

2,363
28,477

4,355
31,508

2,232
33,612

3,154
40,384

278
3,423

47
3,420

1,465
4,682

218
5,702

17,725
64,735

25,598
64,607

38,480
89,186

15,841
89,495

1 ,806
9,154

956
9,669

4,554
14,692

594
1.4,749

8,299,177
9,194,638
2,053,320
4,771,055
237,903

9,083,796
9,652,460
2,195,092
4,827,446
260,710

9,752,818
9,876,648
2,385,813
4,919,537
287,041

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 securities
Cash assets
Other assets

54,533,221 59,999,743 65,213,144 68,148,039
59,711,922 61,065,059 60,868,295 64,372,065
12,554,632 13,562,462 14,082,070 15,209,165
40,373,273 42,952.808 43,192,523 42,976,798
2,034,346 2,223,391
2,329,251
2,633,547

7,494,950
8,691,259
1,885,830
4,368,648
215,804

882
59,980

Total assets

169,207,394 179,803,463 185,685,283 193,339,614 22,656,491 24,556,093 26,019,504 27,221,857

Time deposits
Total deposits
Total capital accounts. .

37,271,294 39,817,653 43,047,556 46,842,306 7,023,832 7,575,491. 8,228,876 8,846,025
155,460,465 165,031,495 170,075,888 176,865,497 2 0 , 8 6 4 285
, " " 22 ,613, 728 23,923,316 24,998,746
11,615,767 12,270,913 12,941,478 13,761,339 1,650,644 1,770,932 1,894,427 2,018,722

Number of officers
Number of employees. .
Number of banks

73,806
334,961

76,754
358,325

79,574
376,750

82,167,
386,625

23,263
52,713

24,113
57,475

24,947
60,797

25,642
62,702

13,455

13,439

13,432

13,323

6,618

6,644

6,692

6,667

1
Excludes three mutual savings banks and for 1954 a noninsured nondeposit trust company, State member banks of the Federal Reserve
System,
which are included in member banks 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

1955




573

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
Bank credit

Date

Treasury
currency
outstanding

Gold

u. s
Total

1929—June 29. ..
1933—Tune 30
1939—Dec. 30
1941—Dec. 31.
1945—Dec. 3\
1947—Dec. 31.
1950—[une 30
Dec. 30
1951—June 30
Dec. 31
1952—June 30
Dec. 31
1953—June 30
Dec. 31

4,037
4,031
17,644
22,737
20,065
22 754
24,231
22,706
21,756
22,695
23 346
23,187
22 463
22,030

2,019
2,286
2,963
3,247
4,339
4 562
4,607
4,636
4,655
4,709
4 754
4,812
4 854
4,894

164 348

1954—Jan. 27
Feb. 24
Mar. 31
Apr. 28
Mav 26 . . .
Tune 30
Julv 28
Aug. 25
Sept. 29
Oct. 27 . .
Nov. 24
Dec. 31

22,000
22 000
22,000
22,000
22,000
21,927
21 900
21,900
21,800
21,800
21,700
21,713

4,900
4 900
4,900
4,900
5,000
4,959
5 000
5,000
5,000
5,000
5,000
4,985

198
197
196
197
198
200
?00
202
204
707
209
210

58
42
54
64
167
160

642
148
564
653
381
832

171 667
447
1m
81 323
18? 980
192 866
190 277
199 791
000
300
100

200
800
628
600
500
000
700
700
988

Government obligations
Other
securities

Total
assets,
net—
Total
liabilities
and
capital,
net

Liabi lities
and Csapital

Capital
Total
and
deposits misc.
and
accurrency counts,
net

Total

Commercial
and
savings
banks

Federal
Reserve
Banks

Other

41,082
21,957
22,157
26,605
30,387
43,023
51,999
60,366
63,821
67,597
69,712
75,484
77,071
80,486

5,741
10,328
23,105
29,049
128,41.7
107,086
98,709
96,560
94,450
97,808
96,266
100,008
95,350
100,935

5,499
8,199
19,417
25,511
101,288
81 199
77,320
72,894
68,726
71,343
70,783
72,740
68,108
72,610

216
1,998
2,484
2,254
24,262
22 559
18,331
20,778
22,982
23,801
22 906
24,697
24 746
25,916

26
131
1,204
1,284
2,867
3 328
3,058
2,888
2,742
2,664
2 577
2,571
2 496
2,409

14, 741
15, 176
15, 918
17 002
17, 374
17 856
18, 370

64 ,698
48 ,465
75 ,171
9f ,637
191 ,785
188 148
19^ ,186
199 ,009
1Q( ,858
208 ,727
91 1 080
22C , 865
917 594
22C ,715

55,776
42,029
68,359
82 811
180,806
175 348
178,568
184,385
185,038
193,410
194 960
204,220
200 360
209,175

8,922
6,436
6,812
7,826
10,979
12 800
14,618
14,624
14,820
15,317
16 120
16,647
17 234
17,538

79,100
79 300
80,300
79,900
80,100
81,210
80,800
80,200
81,400
81,900
83,900
85,730

100,400
99,100
96,800
98,200
99,400
99,827
100,000
102,300
102,400
105,600
105,600
104,819

73,400
72,200
69,800
71,200
72,400
72,525
73,300
76,200
76,200
79,000
78,900
77,728

24,700
24 600
24,600
24,600
24,700
25,037
24,500
23,900
24,000
24,400
24,600
24,932

2,400
2 400
2,300
2,300
2,300
2,265
2 200
2,200
2,200
2,200
2,200
2,159

18, 500 224 ,900
18 900 9 9.-1 100
1 9 , 000 7 9 ^ ,000
19, 200 224 ,100
19, 300 ?9S ,800
19, 591 227 ,51.4
19 800 997 500
19, 900 22<J ,300
20, 200 23C , 800
90, 300 ?S4 ,400
20, 300 236 ,400
20, 439 237 ,686

207,100
206 200
205,100
206,200
207,600
209,354
709 100
210,500
211,800
215,400
217,200
218,882

17,800,
17 900
17,800
17,900
18,200
18,161
18 400
18,800
19,000
19,100
19,200
18,806

Loans,
net

11, 819
9, 863
9, 302
8, 999
8, 577
10 723
1 3 , 640

Deposits and Currency

Date

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

Total

55,776

29
3()
30
31
31
31
30
30
30
31
30
3\
30
31

1954—j an> 27
Feb. 24
Mar. 31
Apr. 28
Mav 26
•Tune 30
July 28
Aug. 25
Sept. 29
Oct. 27
Nov. 24
Dec. 31

u. s. Government
balances
Roreign
bank
At
deAt
Treas- composits, ury mercial F. R. Total
cash
and
net
Banks
hold- savings
ings
banks
365

42 029
50
68,359
,217
82 811 1 4 9 8
180,806 2,141
75 348 ] . 682
178,568
,555
i84,385 i ,518
424
185 038
193 410 <• 279
194,960 i ,319
501
>04 220
200,360
,467
,694
209,175
.

?07 100
. . '206 200
;205,100
1206,200
<207,600
'209,354
,209,100
:210,500
>11 800
215,400
\217,200
218,882

'

800
900

3 ,000
3 ,100
3 , 100
1 ,256
3 , 400
3 ,400
1 300
3 ,200
,200
,329

704
96-i
9 40«
"> 91 5

381
852
846

1,895
2 287 24,608
1 SVi
1,452
1 998
3,801
2,989
293
1 981
6,332
1 9 70
3,615
1, 283 6,121
1 ^ 70 5,259
3,942
1, 259
761 4,457
800
800

800
800
800
811
800
800
800
800
800
796

3,400
4,500
5,400
4,500
5,100
5,895
3,900
5,500
4,400
6,100
6,900
4,510

Time deposits 3

De-

Currency
Com- Mutual Postal
outmercial savings
Savings side
banks banks 4 System banks

mand
deposits 2

Total

54,790
40,828
63,253
76,336
977 150,793
870 170,008
950 169,964
668 176,917
317 174,684
247 185,999
333 184,904
389 194,801
132 192,560
346 200,917

22,540
14,411
29,793
38,992
75,851
87,121
85,040
92,272
88,960
98 234
94,754
101,508
96,898
102,451

28,611
21 656
27,059
27,729
48,452
56,411
59,739
59,247
59,948
61,450
63,676
65,799
68,293
70,375

19,557
10 849
15,258
15 884
30,135
35,249
36,719
36,314
36,781
37 859
39,302
40,666
42,245
43,659

200 199,800
500 197,400
700 195,200
500 197,300
500 198,000
875 198,517
500 200,400
600 200,300
800 202,500
600 204,700
500 205,800
563 209,684

102,300
99,600
96,700
98,600
98,700
98,132
100,000
99,400
101,200
103,100
104,000
106,550

70,600
71,000
71,700
72,000
72,500
73,292
73,700
74,000
74,400
74,800
74,300
75,282

4-3,700
44,000
44,500
44,700
45,000
45,653
46,000
46,200
46,400
46,700
46,300
46,844

36
35
634
867

Seasonally
adjusted 5

Deposits adjusted and currency

8
0
10
10

,90S
621
,59S
532

15 ,385
17 ,746
19 9 ? 3
20 ,009
90 ,382
9 0 887
21 , 755
9 9 ,586
23 , 589
24 ,358
94 600
9 4 700

24 ,900
25 ,000
25 ,200
?5 388
25 ,500
25 , 600
9 5 800
25 ,900
?5 900
26 302

Demand
deposits
adj usted

Currency
outside
banks

99,600
99,400
99,400
99,600
100,100
99,700
101,500
100,900
102,400
101,900
102,600
6103,000

27,100
27,000
27,100
27,100
27,000
27,000
27,000
26,900
26,800
26,800
26,900
626,900

3 639
4 761
6,401
1 313 9 615
2,932 26,490
3,416 26 476
3,097 25,185
2,923 25,398
2,785 25 776
2 '"0/1 26 315
2,619 26,474
2,547 97 494
2,459 27;369
2,359 28,091
40
K6
>78
1,<1

26 900
26,900
26,900
26,700
26,800
27,093
26,800
26,900
26,900
26,900
2 7,500
2 , 1 36 27,852
2 300
2,300
2,300
2,300
2,300
2,251
2,200
2,200
2,200
2,200
2,200

t r e a s u r y funds included are the gold account, Treasury currency account, and Exchange Stabilization Fund.
in process of collection.
and deposits of Postal Savings System in banks.

2
Demand deposits other than interbank and U. S. Government, less cash items reported as
3
Excludes interbank time deposits; United States Treasurer's time deposits, open account;
4
Prior to June 30, 1947, includes a relatively small amount of demand deposits.
5

Fpr seasonal adjustment factors used in deriving these figures and for back figures, see BULLETIN for March 1955, pp. 252-255.
°Figure is for last Wednesday of month.
NOTE.—For description of statement and back figures, see BULLETIN for January 1948, pp. 24—32. The composition of a few items differs
slightly from the description in the BULLETIN article; stock of Federal Reserve Banks held by member banks is included in "Other securities"
and in "Capital and miscellaneous accounts, net" and balances of the Postal Savings System and the Exchange Stabilization Fund with the U. S.
Treasury are netted against "Capital and miscellaneous accounts, net" instead of against LJ. 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.

574




FEDERAL RESERVE BULLETIN

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

Class of bank
and date
Total

All banks:
1939—Dec.
1941—Dec.
1945—Dec.
1947—Dec.
1950—June
Dec.
1951—June
Dec.
1952—June
Dec.
1953—June
Dec.

30
31
31
313
30
30
30
31
30
31
30
31

Loans

U. S.
Government
obligations

Deposits

Other
securities

Cash
assets 1

Total
assets—
Total
liabilities
and
capital
accounts 2

Other
Total i

Interbank^

Demand
U. S.
Government

Total
capital
accounts

Number
of
banks

Time
Other

50 ,884
61 ,126
140 ,227
134 , 924
142 ,959
148 ,021
147 ,742
154,869
157,528
165 ,626
163 ,082
171 ,497

22 ,165
26 ,615
30 ,362
43 ,002
51 ,999
60 ,38(
63 , 840
67 ,608
69 ,742
75 ,512
77,117
80 ,518

19 ,417
25 ,511
101 ,288
81 , 199
77,320
72 ,894
68 ,726
71 , 343
70 ,783
72 ,740
68 ,108
72 ,610

9 ,302
8 , 999
8 ,577
10,723
13 ,640
14,741
15 ,176
15 ,91.8
17,002
17,374
17,856
18,370

23,292
27,344
35,415
38,388
34,099
41,086
38,235
45,531
41,667
45,584
42,023
45,811

77,068
90,908
177,332
175,091
179,159
191,317
188,336
202,903
201.793
213,837
207,758
220,140

68,242 9,874
81,816 10,982
165,612 14,065
161,865 13,033
163,770 .1.1,435
175,296 14,039
171,860 11,947
185,756 15,087
184,130 1.3,5.13
195,55: 15,321
189,159 13,600
201,100 15,957

32 ,516
44 ,355
105 ,935
1,346 94,381
3,622 91,
2,809 101,936
6,128 96,398
3,362 1.08,282
5,839 103,409
4,944 111,690
3,636 105,752
4,149 112,639

25,852
26,479
45,613
53,105
56,830
56,513
57,386
59,025
61,369
63,598
66,170
68,354

8,194
8,414
10,542
11,948
13,576
13,83"
14,236
14,623
15,039
15,36^
15,791
16,1.18

15,035
14,826
14,553
14,7.14
14,674
14,650
14,636
14,618
14,599
14,575
14,537
14,509

1954—Jan. 27
Feb. 24
Mar. 31
Apr.. 28
May 26
June 30
July 28
Aug. 25
Sept. 29
Oct. 27
Nov. 24
Dec. 31

171 ,380
171 , 100
169 ,190
170,710
172 ,560
173 ,343
174,380
176, 790
178,040
181 ,600
183 ,370
183 ,784

79,500
80 ,020
80 ,380
80 ,280
80 ,870
81 ,227
81 ,340
80 ,690
81 ,680
82 ,330
84 , 230
85 ,617

73 ,350
72 ,220
69 , 800
71 ,240
72 ,390
72 ,525
73 ,270
76 ,210
76 ,200
79 ,000
.78,860
77 ,728

18,530 41,280
18, 860 41,250
19 ,010 41,500
19 , 190 40,780
19 300 40,210
19 591 42,556
19 770 40,230
19 890 39,480
20 160 40,620
20 270 41,630
20 280 42,180
20 439 44,585

215,510
215,210
213,530
214,450
215,820
218,900
217,640
219,300
221,710
226,360
228,690
231 ,654

195,95C 14,710
194,97(. 14,210
194,16C 14,490
194,450 14,260
195,300 14,110
199,508 15,500
197,310 1.4,940
198,780 15,210
201,150 15,470
205,250 15,670
207,260 15,570
211,115 16,811

68,620
69,000
69,710
70,010
70,560
71,371
5,594 107,043
3,58011.07,010 71,780
5,140 i 106,290 72,140
4,120 109,020 72,540
5,730 110,920 72,930
6,620 112,540 72,530
4,1.76 116,617 73,511

16,170
1.6,290
16.35C
16,480
16,550
16,664
16,690
16,770
1.6,860
17,080
17,320
17,270

14,510
14,488
14,482
14,472
14,468
14,465
14,457
14,446
14,436
14,422
14,406
14,367

All c o m m e r c i a l banks:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31 3
1947—Dec. 31
1950—June 30
Dec. 30
1951—June 30
Dec. 31
1952—June 30
Dec. 31
1953—June 30
Dec. 31

40 ,668
50 ,746
124,019
116 ,284
121 ,767
126,675
126 045
132 610
134 437
141 624
137 957
145 687

17,238
21 ,714
26 ,083
38 ,057
44 , 796
52 ,249
54 821
57 746
59 233
64 163
65 025
67 593

16,316
21 ,808
90 , 606
69 ,221.
65 ,751
62 ,027
58 ,521
61 ,524
61 ,178
63 ,318
58 ,644
63 ,426

7 114
7 225
7 331
9 006
11 221
12 399
12 703
13 339
14 026
14 143
14 287
.14 668

22,474
26,551
34,806
37,502
33,268
40,289
37,384
44,645
40,702
44,666
41,156
44,828

65.216
79,104
160,312
155,377
156,908
168,932
165,501
179,465
177,415
188,603
181,425
193,010

57,718 9,874
71,283 10,982
150,22" 14,065
144,103 13,032
143,82" 11,435
1.55,265 14,039
151,457 11,946
164,840 15,086
162,348 13,512
172,931 15,319
165,531 13,598
176,702 15,955

32 ,513
44 ,349
105 ,921
1,343 94,367
3,620 91,865
2,806 101,917
6,126 96,381
3,359 108,259
5,837 103,385
4,941 1.11,659
3,634 105,718
4,146 112,604

15,331
15,952
30,24.1
35,360
36,908
36,503
37,004
38,137
39,614
41,012
42,581
43,997

6,885
7,173
8,950
10,059
11,387
11,590
11,951
12,216
12,601
12,888
13,275
13,559

14,484
14,278
14,011
14,181
14,144
14,121
14,107
14,089
14,070
14,046
14,009
13,981

1954—Jan. 27
Feb. 24
Mar. 31
Apr. 28
May 26
June 30
July 28
Aug. 25
Sept. 29
Oct. 27
Nov. 24
Dec. 31

145 330
144 900
142 790
144 1.10
145 690
146 383
147 280
149 490
150 580
154 010
155 710
155 916

66
66
67
66
67
67
67
66
67
67
69
70

460
870
050
750
120
337
290
450
250
740
450
619

64
63
60
62
63
63
64
67
67
70
70
68

14 710
15 000
15 090
15 230
15 290
15 538
15 650
15 740
16 000
16 no
16 150
16 316

40.330
40,290
40,490
39,830
39,330
41,569
39,260
38,540
39,670
40,720
41,260
43.559

188,150
187,670
185,740
186,520
187,670
190,585
189,190
190,670
192,900
197,480
199,720
202.37

171,360
170,270
1.69,220
169,400
170,080
174,068
17.1 ,770
173,130
175,300
179,300
181,280
184,75

14,710
14,210
14,490
14,260
14,110
15,497
14,940
15,210
15,470
15,670
15,570
16,809

3,110
4,220
5,060
4,190
4,810
5,591
3,580
5,140
4,120
5,730
6,620
4,172

109,470
107,500
104,860
1.05,950
1.05,780
106,996
106,960
106,240
108,970
110,870
112,490
116,567

44,070
44,340
44,810
45,000
45,380
45,983
46,290
46,540
46,740
47,030
46,600
47,209

13,600
13,700
13,750
13,870
13,930
14,038
14,060
14,120
14,200
14,420
14,640
14,576

13,982
13,960
13,954
13,944
13,940
13,937
13,929
13,919
13,909
13,895
13,879
13,840

33 941
43 521
107 183
97 846
102 745
107 424
106 563
112 247
113 502
119 547
115 789
122 422

13
18
22
32
37
44
46
49
50
55
55
57

962
021
775
628
658
705
866
561
526
034
613
762

14 328
19 539
78 338
57 914
55 759
52 365
49 108
51 621
51 26.1
52 763
48 318
52 603

5
5
6
7
9
10
10
11
11
11
11
12

651
961
070
304
328
355
590
065
715
751
858
057

19,782
23,123
29,845
32,845
29,380
35,524
33,244
39,252
36,046
39,255
36,467
39,381

55,361
68,121
138,304
132.060
133,742
144,660
141,612
153,439
151,540
160,826
154,258
163,983

49,340
61 ,717
129,670
122,528
122,707
133,089
129,73
141,015
138,769
147,527
140,830
150,164

9,410
10,525
13,640
12,403
10,850
13,448
11,347
14,425
12,812
14,617
12,933
15,170

743
1 ,709
22,179
1,176
3,340
2,523
5,811
3,101
5,439
4,567
3,378
3,756

27,489
37,136
69,640
80,609
78,892
87,783
82,867
92,867
88,730
95,453
90,401
96,024

11,699
12,347
24,210
28,340
29,625
29,336
29,712
30,623
31,788
32,890
34,117
35,213

5,522
7] 589
8,464
9,523
9,695
9,987
1.0,218
10,526
10,761
11,070
11,316

6,362
6,619
6,884
6,923
6,885
6,873
6,859
6,840
6,815
6,798
6,765
6,743

122, 102
121 ,772
119, 840
121, 125
122, 602
123, 185
123, 915
126, 001
126, 851
129, 973
131, 548
131, 602

56 657
57 035
57 109
56 804
57 205
57, 197
57, 114
56, 453
57, 164
57, 662
59, 251
60, 250

53 330
52 330
50 241
51 690
52 726
53 111
53 832
56, 476
56, 373
58, 906
58, 869
57, 809

12 115
12 407
12 490
12, 631
12, 671
12, 876
12, 969
13, 072
13, 314
13, 405
13, 428
13, 543

35,349
35,365
35,640
35,043
34,545
36,722
34,514
33,819
34,796
35,607
36,205
38,076

159,651
159,319
157,647
158,438
159,478
162,203
160,748
162,136
163,964
167,991
170,177
172,242

145,358
144,440
143,608
143,913
144,513
148,252
145,975
147,179
148,964
152,537
154,420
157,252

13,978
13,509
13,801
13,575
13,427
14,733
14,204
14,437
14,692
14,924
14,854
15,983

2,762
3,824
4,690
3,775
4,352

93,354
91,597
89,215
90,502
90,350
91,455
91,435
90,663
93,016
94,558
95,981
99,604

35,264
35,510
35,902
36,061
36,384
36,900
37,155
37,380
37,542
37,849
37,544
37,950

11,356
11,440
11,484
11,585
11,638
11,709
11 ,724
11,794
11,868
12,035
12,250
12,210

6,747
6,737
6,733
6,729
6,724
6,721
6,716
6,713
6,707
6,701
6,687
6,660

All member banks:
1939—Dec. 30
1941— Dec. 31
1945—Dec. 31
1947—Dec. 31
1950—June 30
Dec. 30
1951—June 30
Dec. 31
1952—June 30
Dec. 31
1953—June 30
Dec. 31
1954—Jan. 27
Feb. 24
Mar. 31
Apr. 28
May 26
June 30
July 28
Aug. 25
Sept. 29
Oct. 27
Nov. 24
Dec. 31

160
030
650
130
280
508
340
300
330
160
110
981

3,110 109,510
4,220 107,540
5,060 104,900
4,190 105,990
4,810
T" | (.) I V/ I105,820
J VJ\J ) U i l /

5,1.65
3,181
4,699
3,714
5,206
6,041
3,715

For footnotes see end of table.

MAY

1955




575

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

Loans and investments
otal
assets—
Total
Class of bank
and date

U.S.

Total

Loans

Government
obligations

Other
securities

Cash
assets 1

bilities
and
capital
accounts 2

Other
Total 1

Interbank 1

10,216
10,379
16,208
18,641
21,192
21,346
21,697
22,259
23,091
24,003
25,124
25,810

4,927
4,901
4,279
4,944
7,203
8,137
9,020
9,862
10,509
11,349
12,091
12,925

3,101
3,704
10,682
11,978
11,569
10,868
10,205
9,819
9,606
9,422
9,464
9,184

2,188
1,774
1,246
1,718
2,420
2,342
2,472
2,579
2,976
3,231
3,569
3,701

818
793
609
886
831
797
851
886
966
918
867
983

11,852
11,804
17,020
19,714
22,252
22,385
22,835
23,439
24,378
25,233
26,333
27,130

10,524
10,533
15,385
17,763
19,943
20,031
20,404
20,915
21,782
22,621
23,628
24,398

1954—Jan. 27. ..
Feb. 24. ..
Mar. 3 1 . . .
Apr. 28. ..
May 26. ..
June 30. ..
July 28. . .
Aug. 25. . .
Sept. 29. ..
Oct. 2 7 . . .
Nov. 2 4 . . .
Dec. 3 1 . . .

26,050
26,200
26,400
26,600
26,870
26,959
27,100
27,300
27,460
27,590
27,660
27,868

13,040
13,150
13,330
13,530
13,750
13,890
14,050
14,240
14,430
14,590
14,780
14,998

9,190
9,190
9,150
9,110
9,110
9,017
8,930
8,910
8,870
8,840
8,750
8,748

3.820
3,860
3,920
3,960
4,010
4,052
120
150
160
160
130
4,123

950
960
1,010
950
880
987
970
940
950
910
920
1,026

27,360
27,540
27,790
27,930
28,150
28,315
28,450
28,630
28,810
28,880
28,970
29,276

24,590
24,700
24,940
25,050
25,220
25,440
25,540
25,650
25,850
25,950
25,980
26,359

(44)
()

Central reserve city
p m e m b e r banks:
New York City:
1939—Dec. 30. ..
1941—Dec. 31. ..
1945—Dec. 31. ..
1947—Dec. 31 . . .
1950—June 30. ..
Dec. 30. ..
1951—June 30. ..
Dec. 3 1 . . .
1952—June 30. . .
Dec. 31. . .
1953—Tune 30. ..
Dec. 31. . .

9,339
12,896
26,143
20,393
19,548
20,612
20,60<
21,379
21,710
22,130
20,452
22,058

3,296
4,07:
7,334
7,179
7,723
9,729
10,234
11,146
11,268
12,376
11,883
12,289

4,772
7,265
17,574
ii,97r
10,281
8,993
8,460
8,129
8,212
7,678
6,639
7,765

1,272
1,559
1,235
1,242
1,544
1,890
1,910
2,104
2,231
2,076
1,930
2,004

6,703
6,63"
6,43'
7,261
6,329
7,922
7,393
8,564
8,135
8,419
7,879
8,074

16,413
19,86:
32,887
27,98:
26,261
28,954
28,444
30,464
30,365
31,053
28,814
30,684

14,507
17,932
30,121
25,216
23,213
25,646
25,064
26,859
26,745
27,309
25,244
27,037

21,70<
21,665
21,392
21,680
22,426
22,68
22,72
22,966
22,949
23,87"
23,933
23.88C

11,741
11,791
11,726
11. ,635
12,081
11,619
11,574
11,380
I1,504
11,741
11,897
12,039

7,909
7,621
7,350
7,701
8,065
8,695
8,789
9,233
8,976
9,687
9,632
9,342

2,059
2,253
2,316
2,344
2,280
2,36
2,364
2,353
2,46
2,449
40'
2,499

7,088
7,214
8,028
7,305
6,849
7,524
6,611
6,65<
7,29<
6,984
7,349
7,581

29,374
29,428
29,967
29,564
29,881
30,771
29,949
30,220
30,830
31,463
31,932
32,193

Chicago:
1939—Dec. 30.
1941—Dec. 31.
1945—Dec. 31.
1947—Dec. 31.
1950—June 30.
Dec. 30.
1951—June 30.
Dec. 31.
1952—June 30.
Dec. 31.
1953—June 30.
Dec. 31.

2,10 =
2,76C
5,93
5,085
5,
5.56C
5.52C
5,73
5,664
6,24f
5,62
6,204

569
95
1,333
1,801
1,557
2,083
2,215
2,468
2,380
2,748
2,552
2,"

1 ,203
1,430
4,213
2,890
3,138
2,911
2,742
2,71
2,721
2,912
2,529
2,85(3

333
376
385
397
562
576
564
552
563
581
546
57

1,446
1,566
1,489
,739

1954—Jan. 27.
Feb. 24.
Mar. 3 1 .
Apr. 28.
May 26.
June 30.
July 28.
Aug. 25.
Sept. 29.
Oct. 27.
Nov. 24.
Dec. 3 1 .

6,07?
6,00
5,56?
5,85f
5,924
5,97,
5,981
6,124
6,18 (
6,28
6,42:
6,51,

2,
2,570
2,638
2,539
2,567
2,589
2,52
2,47
2,49
2,454
2,580
2,784

2,85
2,33'
2,725
2,774
2,825
2,89i
3,07
3,11C
3,25'
3.25C
3.12C

2,988

574
583
59
586
583
561
563
570
582
574
592
61

1954—Jan. 27.
Feb. 24.
Mar. 31.
Apr. 28.
May 26.
June 30.
July 28.
Aug. 25.
Sept. 29.
Oct. 27.
Nov. 24.
Dec. 31.

Number
of
banks

Time

U. S.
Government

All mutual savings
banks:
1939—Dec. 30. . .
1941—Dec. 31. ..
1945—Dec, 31. ..
1947—Dec. 313. .
1950—June 30. ..
Dec. 30. . .
1951—June 30. ..
Dec. 31. ..
1952—June 30. ..
Dec. 3 1 . . .
1953—June 3 0 . . .
Dec. 3 1 . . .

Total
capital
accounts

Demand

Other

14
19
19
18
23
24
30
35
35

10,521
10,527
15,371
17,745
19,922
20,009
20,382
20,888
21,755
22,586
23,589
24,358

1,309
1,241
1,592
1,889
2,189
2,247
2,285
2,407
2,438
2,479
2,516
2,559

551
548
542
533
530
529
529
529
529
529
528
528

4

37
37
37
37
37
47
47
47
47
50
50
50

24,548
24,658
24,898
25,008
25,178
25,388
25,488
25,598
25,798
25,900
25,930
26,302

2,570
2,590
2,600
2,610
2,620
2,626
2,630
2,650
2,660
2,660
2,680
2,694

528
528
528
528
528
528
528
527
527
527
527
527

4,238
4,207
4,65"
4,464
3,894
638
4,107
4,832
4,639
4,965
4,578
5,214

74
866
6,940
267
684
451
1,808
858
1,651
1,143
887
778

9 ,459
12 ,051
17 ,287
19,040
16,984
18 ,836
17,484
19 ,490
18,659
19,361
17,849
18,895

736
807
1,236
1,445
1,651
1,722
1 ,666
1,679
1,795
1,840
1,930
2,150

1,592
1,648
2,120
2,259
2,341
2,351
2,398
2,425
2,460
2,505
2,544
2,57"

36
36
37
37
25
23
22
22
22
22
22
22

25,612
25,509
26,382
25,874
26,058
27,225
26,117
26,151
26,938
27,406
27,666
28,252

5,001
4,956
5, Ol1
5,24
5,05
5,51
5,379
5,241
5,338
5,410
5,404
5,709

474
707
1,169
707
1,109
1,
378
528
1,167
724
1,395
1,355
736

18,050
17,775
18,068
17,822
17,774
18,114
17 ,851
17 ,391
18,545
18,227
18 ,569
19 ,414

2,087
2,071
2,126
2,098
2,118
2,216
2,359
2,35"
2,331
2,374
2,338
2,39:

2,585
2,611
2,614
2,619
2,629
2,630
2,64:
2,646
2,644
2,657
2,811
2,80r

22
22
22
22
22
22
22
22
22
21
21
21

3,330
4,057
7,046
6,402
6,41
7,10<J
6,92'
7,402
7,027
7,686
7,11'"
7,72

888
,035
,31
,217
,015
,229
,040
,307
,18:
,350
,216
,387

80
127
1,552
72
211
174
484
242
306
343
201
259

1,867
2 ,419
3 ,462
4 ,201
4 ,094
4 ,604
4 ,272
4 ,710
4 ,375
4 ,789
4 ,495
4 ,836

495
476
71'
913
1,099
1,103
1,126
1 ,143
1,164
1,20 =
,207
1,24:

250
288
377

2,03
1,898
2,196
1,899
2,010
2,058
2,115

3,595
4,36.
7,455
6,866
6,938
7,649
7,47^
7,972
7,610
8,297
7,729
8,366

482
490
501
513
530
541
551
566

14
13
12
14
13
13
13
13
13
13
13
13

2,011
1,989
1,650
2,01
2,013
2,036
1,936
1,902
1 ,835
1,95
1,866
1,95

8,140
8,049
7,
7,920
7,995
8,064
7,97
8,07
8.07C
8,29C
8,34
8.52C

7,492
7,304
6,602
7,26
7,28(3
7,419
7,27C
7,395
7,343
7,61'
7,65
7,845

,308
,240
,703
,200
,219
,339
,281
,339
,310
,352
1,306
1,32

178
279
375
331
311
410
206
364
266
344
452
251

4 ,772
4 ,561
3 ,320
4 ,495
4 ,510
4 ,403
4 ,527
4 ,437
4 ,509
4 ,649
4 ,627
4 ,977

1,234
1,224
1,204
1,235
1,246
1,267
1,256
1,254
1,258
1,27
1,266
1 ,295

563
565
570
571
578
583
583
587
590
590
592
600

13
13
13
13
13
13
13
13
13
13
13
13

3
6
14
3
2
3
2
3
2
3
2
3

(

4

}

(44)
(4)
()

(4)

(4)

(4)
(4)
(4)

(44)
(4)
(4)
(4)
()

3

For footnote see end of table.

576




FEDERAL RESERVE BULLETIN

ALL BANKS IN THE UNITED STATES, BY GLASSES *—Continued
PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS—Continued
[Figures partly estimated except on call dates.
Loans and investments

Class of bank
and date

Total

U.S.
GovernLoans
ment
obligations

Other
securities

Cash
assets1

Amounts in millions of dollars]

Total
assets—
Total
liabilities
and
capital
accounts 2

Deposits
Other

Total

1

Interbank 1

Demand
Time
U. S.
Government

Total
capital

Num-

ac-

ber
of

counts

banks

Other

Reserve city member
banks:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1950—June 30
Dec. 30
1951—-June 30
Dec. 31
1952—June 30. .
Dec. 31
1953—June 30
Dec. 31

12,272
15,347
40,108
36,040
38,697
40,685
39,991
42,694
43,091
45,583
44,352
46,755

5,329
7,105
8,514
13,449
14,868
17,906
18,558
19,651
19,745
21,697
22,150
22,763

5,194
6,467
29,552
20,196
20,510
19,084
17,659
19,194
19,123
19,624
17,756
19,559

1,749
1,776
2,042
2,396
3,319
3,695
3,774
3,849
4,223
4,262
4,446
4,434

6,785
8,518
11,286
13,066
11,639
13,998
13,175
15,199
13,925
15,544
14,447
15,925

1.9,687
24,430
51,898
49,659
50,987
55,369
53,870
58,654
57,799
61,941
59,587
63,547

17,741
22,3.13
49,085
46,467
47,187
51,437
49,874
54,466
53,425
57,357
54,861
58,663

3,686
4,460
6,448
5,649
5,069
6,448
5,264
6,976
5,908
7,001
6,066
7,254

435
9,004
491 12,557
8,221 24,655
405 28,990
1,408 28,897
976 32,366
2,272 30,518
1 ,124 34,094
2,097 32,666
1,81.4 35,281
1 ,358 33,694
1,504 35,773

4,616
4,806
9,760
11,423
11,81.2
11,647
1.1,819
12,272
12,754
13,261
13,743
14,132

1 ,828
1,967
2,566
2,844
3,268
3,322
3,431
3,521
3,663
3,745
3,874
3,984

346
351
359
353
336
336
324
321
319
319
321
319

1954—Tan. 27
Feb. 24
Mar. 31
Apr. 28
Mav 26
Tune 30
Julv 28
Aug. 25
Sept. 29
Oct. 27
Nov. 24
Dec. 31

46,897
46,885
45,802
46,353
46,836
47,056
47,400
48,586
48,779
49,933
50,612
50,738

22,516
22,706
22,485
22,317
22,341
22,453
22,405
22,268
22,605
22,745
23,580
23,986

19,933
19,639
18,783
19,409
19,788
19,813
20,136
21,398
21,187
22,128
21,986
21,718

4,448
4,540
4,534
4,627
4,707
4,791
4,859
4,920
4,987
5,060
5,046
5,034

14,062
14,088
13,993
13,928
13,831
14,656
13,818
13,354
13,566
14,175
14,485
15,424

61,851
61,851
60,674
61,177
61,586
62,624
62,129
62,858
63,276
65,086
66,063
67,165

56,640
56,362
55,61.4
55,902
56,156
57,665
56,838
57,523
57,835
59,544
60,391
61,796

6,462
6,172
5,960
6,007
6,025
6,636
6,366
6,614
6,772
6,852
6,807
7,444

1,027
1 ,590
2,001
1,447
1 ,519
2.015
1,180
1 ,753
1,418
1 ,804
2,357
1,457

34,967
34,208
33,119
33,839
33,823
34,058
34,303
34,069
34,467
35,557
35,981
37,418

14,184
14.392
14;534
14,609
14,789
1.4,957
14,989
15,087
15,178
15,331
15,246
15,476

4,000
4,031
4,037
4,089
4,108
4,124
4,127
4,168
4,205
4,247
4,281
4,300

319
319
309
309
309
310
309
307
306
303
303
300

10,224
12,518
35,002
36,324
39,245
40,558
40,448
42,444
43,037
45,594
45,359
47,404

4,768
5,890
5,596
10,199
13,510
14,988
15,858
16,296
17,133
18,213
19,028
19,934

3,159
4,377
26,999
22,857
21,830
21,377
20,247
21,587
21,206
22,549
21,394
22,423

2,297
2,250
2,408
3,268
3,904
4,193
4,343
4,561
4,698
4,832
4,936
5,047

4,848
6,402
10,632
10,778
9,773
11,571
10,779
13,292
12,087
13,281
12,083
13,268

15,666
19,466
46,059
47,553
49,556
52,689
51,821
56,349
55,766
59,535
58,129
61,385

13,762
17,415
43,418
44,443
45,888
48,897
47,877
52,288
51 ,571
55,1.75
53,606
56,740

1,309
1,083
1,301
,073
1,315

154
7,1.58
225 10,109
5,465 24,235
432 28,378
1 ,036 28,916
922 31,977
1,248 30.592
876 34.572
1 ,384 33,029
1,267 36,022
932 34,363
1,216 36,519

5,852
6,258
12,494
14,560
15,064
1.4,865
15,101
15,530
1.6,075
16,585
17,237
17,690

1,851
1 ,982
2,525
2,934
3,433
3,532
3.658
3,760
3,873
3,970
4,101
4,194

5,966
6,219
6,476
6,519
6,511
6,501
6,500
6,484
6,461
6,444
6,409
6,389

47,418
47,215
47,078
47,242
47,416
47,474
47,808
48,325
48,934
49,876
50,581
50,466

19,884
19,968
20,260
20,313
20,216
20,537
20,614
20,328
20,558
20,722
21,194
21,442

22,500
22,216
21,769
21,855
22,099
21 ,779
22,011
22,768
23,100
23,832
24,001
23,629

5,034
5,031
5,049
5,074
5,101
5,158
5,183
5,229
5,276
5,322
5,386
5,395

12,188
12,074
11,969
11,793
11,852
12,506
12,149
11,909
12,099
12,497
12,505
13,117

60,286
59,991
59,740
59,777
60,016
60 745
60,699
60,981
61,788
63.152
63,841.
64,364

55,614
55,265
55,010
54,876
55,013
55 943
55,750
56,110
56,848
57,968
58,712
59,360

1,207
,141
1,119
1,121
.126
.241
L, 178
,243
,272
1,310
,337
1,508

1,083
1,248
1,145
1,290
1,413
1,362
1,267
1,414
1 ,306
1 ,663
1,877
1 ,271

17,759
17,823
18,038
18,119
18,231
18,460
18,551
18,687
18,775
18,870
18,694
18,787

4,208
4,233
4,263
4,306
4,323
4,372
4,372
4,393
4,429
4,541
4,566
4,506

6,393
6,383
6,389
6,385
6,380
6,376
6,372
6,371
6,366
6,364
6,350
6,326

Country member
banks:
1939—Dec. 30
1.941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1950—June 30
Dec. 30
1951—June 30
Dec. 31
1952—June 30
Dec. 31
1953—June 30
Dec. 3 1 .
1954—Tan. 27
Feb. 24
Mar. 31
Apr. 28
May 26
Tune 30
July 28
Aug. 25
Sept. 29
Oct. 27
Nov. 24
Dec. 31

598
822

1,223
1,073
871

1,133
936

35,565
35,053
34,708
34,346
34,243
34,880
34,754
34,766
35.495
36,125
36,804
37,794

* "All banks"' comprise "all commercial banks" and "all mutual savings banks." "All commercial banks" comprise "all nonmember commercial banks" and "all member banks" including one bank in Alaska (total deposits of approximately 4 million dollars) that became a member
bank on Apr. 15, 1954, but excluding three mutual savings banks that became members in 1941. Stock savings banks and nondeposit trust
companies are included with "commercial" banks. Number of banks includes a few noninsured banks for which asset and liability data are not
available. Comparability of figures for classes of banks is affected somewhat by changes in Federal Reserve membership, insurance status, and
the reserve
classifications of cities and individual banks, and by mergers, etc.
1
Beginning June 30, 1942, excludes reciprocal balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and 525
million
at all insured commercial banks.
2
Includes "other" assets and liabilities, not shown separately.
3
Beginning with Dec. 31, 1947, the all bank series was revised as announced in November 1947 by the Federal bank supervisory agencies.
At that time a net of 115 noninsured nonmember commercial banks with total loans and investments of approximately 110 million dollars was
added, and 8 banks with total loans and investments of 34 million were transferred from noninsured mutual savings to nonmember commercial
banks.
4
Less than 5 million dollars.
Back figures.—See Banking and Monetary Statistics, Tables 1-7, pp. 16-23; for description, see pp. 5-15 in the same publication. For revisions
in series prior to June 30, 1947, see BULLETIN for July 1947, pp. 870-871.

MAY

1955




577

INTERNATIONAL FINANCIAL STATISTICS

PAGE

International capital transactions of the United States

580-584

Gold production

584

Estimated foreign gold reserves and dollar holdings

585

Reported gold reserves of central banks and governments...

586

Net gold purchases and gold stock of the United States....

587

International Bank and Monetary Fund. .

588

Central banks

588-592

Money rates in foreign countries. . .

593

Commercial banks

594

Foreign exchange rates

595

Price movements in principal countries:
Wholesale prices

596

Consumers' price indexes.. .

597

Security prices .

597

Tables on the following pages include the principal available statistics of current significance relating
to gold, international capital transactions of the United States, and financial developments abroad.
The data are compiled for the most part from regularly published sources such as central and commercial bank statements and official statistical bulletins, some data are reported to the Board directly.
Figures on international capital transactions of the United States arc collected by the Federal Reserve
Banks from banks, bankers, brokers, and dealers in the United States in accordance with the Treasury
Regulation of November 12, 1934. Back figures for all except price tables, together with descriptive
text, may be obtained from the Board's publication, Banking and Monetary Statistics.

MAY 1955




579

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES
TABLE 1.—SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES,
BY COUNTRIES 1
[Amounts outstanding , in millions of dollars]
In-

ternational
institutions 2

Date

Total foreign
countries
France

Official
and

private

Officials

Total
Europe

Canada

Latin
America

All
oth

Asia

846.6 3,005 . 9
1,093.3 3,755 .5
1,557.5 4,733 .6

1,307.1 1,455.2
1,420.7 1,612.9
1,295.5 1,768.4

1,595 .5 297. 4
1.836 .5 335. 6
1,895 .5 326 1

797. 9

0
5
8
5
5
7
4

5
2
1
2
9
851.
837 9
842. 8
829. 7
639. 5

1,638.4
1,689.0
1,750.2
1,701.3
1,722.7
1,676.7
1,673.3
1,690.1
,673.7
,642.1

1,340.4
1,282.3
L.286.6
1,320.6
1,342.0
,380.4
1,384.1
1.372.8
1,377.8
,538.5

L,801 .7
1,762 . 1
1,711 . 0
1,682 .5
L.693 .2
1,748 .2
1,764 .1
L ,782.5
1,811 .8
L ,825. 4

706 .5 1 ,367. 9 591. 5 624 2
716 .6 1 ,405. 9 610 2 634 5
749 .6 1 ,411. 1 611 2 649 3

656. 6
599. 4
637. 8

L,673.1 5,619 .9
,528.2 1,843.4
,629.0 5,595 .7
,365.3 1,806.2
.5
,591.4 5,650
1,320.9 1,786.9

289 .4
342 . 6
428 .5

1954—Mar. 3 1 4
Apr. 305

1,698. 5
1,678. 0
1,679.0
1,637. 0
1,656. 5
1,751. 0
1,801. 9
1,773. 9
,792. 8
,769. 9

10 ,350 0 5 ,925 .2
1 0 ,461 2 6 ,062 . 9
' 1 0 ,576 3 6 ,265 . 0
,561 9 6 ,307 .0
no ,771.
,438 .6
no , 686. 06 66 ,287
.3
no ,730. 6 6 ,319 .2
no
10 , 752. 2 6 ,404 .2
10 ,781. 8 6 ,379 .3
n ,161.0 6 ,779 .6

419 .9
285 .9
387 . 0
441 .4
376 .5
418 . 9
474 .2
495 .8
502 . 1
715 .4

,752. 2 n ,101. 0 6 ,750 .4
,781. 9 10 ,912. 6 6 ,519 .7
,818. 2 10 ,896. 5 6 ,466 .3

Other
Europe

642 6
817 9
708 9

1,641. 1 7 ,661. 1 3 ,547 . 6
1,584 9 8 ,961. 2 4 ,654 .2
1,629. 4 10 ,019. 0 5 ,666.9

1955—Jan. 31 P
Feb. 2 8 *
Mar. 3 1 *

Switz- United
Kingerdom
land

Italy

of

1951—Dec. 3 1 .
1952—Dec. 3 1 .
1953—Dec. 3 1 .

May 31.
June 3 0 .
July 3 1 .
Aug. 3 1 .
Sept. 3 0 .
Oct. 3 1 .
Nov. 3 0 .
Dec. 3 1 .

Germany
Fed.
Rep.

405 6 300 5 521 .3
551 1 308 9 641 .8
898 8 465 7 674 2
994 3
1 ,039 3
1 ,051 2
1 ,084 9
1 ,222. 1
I ,225 1
1 ,247. 6
1 ,257. 2
1 ,287. 2
1 ,372. 5

494
519
483
455
468
510
528
553
563
578

6
2
0
6
8
7
4
9
0
6

665 .2
664 8

899
952
986
942

651.8

636
680
680
668
645
623
672

5,010 . 3
5,097 .7
5,275 .4
5,305 .4
5,412 . 8
5,364 . 0
5,430 . 0
5,485 .3
5,479 .2
5,620 .5

1,866.8
'•1,999.2
'•1,994.5
'1,954.9
'2,037.4
'1,918.7
'1,889.6
1,839.5
1,848.1
1,911.5

330. 9
319.9
308. 7
298. 5
285. 6
275. 2
262. 9
272. 1
264. 9
265. 1

,842 .1 267. 4
,860 .8 284. 6
: ,848 .3 289. 8

Table la.—Other Europe
Date
1951—Dec. 31
1952—Dec. 31
1953—Dec. 31
1954—Mar. 315*
Apr. 3O
May 31
June 30
July 31 .
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31

.

1955—Jan. 31*
Feb. 28*
Mar. 31*

Other
Europe

Austria

Belgium

846.6
1,093.3
1,557.5
1,638.4
1,689 0
1,750.2
1,701.3
1,722.7
1,676.7
1,673.3
1,690.1
1,673.7
1,642.1

57.1
91,1
190.9
217.4
227 6
234.3
238.5
260 5
275.6
281.9
283.6
272.4
273.2

134.7
123.9
130.3

1,673.1 272.8
1,629.0 276.6
1,591.4 274.7

98.1
93.0
98.9

NethDen- Finermark land Greece lands

Nor- Po- Por- Ru- Spain Swe- Tur- U.S.S.R. Yugo- All
den key
way land tugal mania
slavia other

45.3 27.0 45.8 143.8 99,7
70.4 28.5 47.3 203.1 110.3
95.7 37.9 100.9 242.9 . 118.5

2 . 8 40.7
3.4 57.4
2.2 72.4

142.1 102.4 44.7 112.4 215.4 122.0
121 2 102.0 39.1 109.3 226.9 130.1
122.9 92.4 41.6 116.0 250.4 130.6
111.6 92.7 42.4 114.0 272.3 131.2
118.0 80.7 42.4 112.1 305.7 127.2
99.3 79.5 41.0 104.5 252.9 129.1
104.0 76.4 37.7 94.3 247.6 132.3
104.6 68.8 40.6 93.8 248.7 125.8
103.2 69.2 39.8 110.2 241.4 115.8
99.8 71.1 41.3 112.5 249.3 103.4
76.2 39.7 129.2 254.3
70.3 41.6 134.2 221.2
69.3 37.8 130.5 222.1

2.4
2.8
2.2
2.2
2.2
1.7

1.8
1.9
2.2
2.1

88.8
66.2
64.3

76.1
77.0
83.5
86.3
88.5
83.8
83.5
85.0
88.9
91.3

2.0 92.6
1.7 98.1
2.4 91 .9

6.1

6.1
5.8
7.9
7.8
7.8
7.9

17.1 71.7 14.1
19.2 91.0 8.4
36.0 116.7 14.2

7.1 125.9
2.5
1.7 12.0 219.3
2.0 6.9 384.1

21.9
20.5
22.1
26.2
37.5
46.0
58.3
66.1
70.9
71.3

1.8
2.5
2.2
3.1

5.8
4.8
6.2
5.9

2.8
3.0

6.8
6.4

119.2
121.0
120.4
123.1
157.0
173.6
180.5
179.4
159.0
141.0

6.4
8.2
8.1
8.2

8.0 78.4 130.5
8.0 84.7 129.7
8.2 92.6 121.3

9.5
9.2
9.8

7.9
7.9

7.9
8.1
8.0
7.8

9.4
9.2
7.9
7.4
6.4
6.2

437.4
487.3
509.6
436.5
367.1
366.1
351.7
366.7
370.3
359.5

2.1
2.0
5.2
1.8

6.9
6.8
9.0
8.6

1.8
1.7
1.5

9.4 381.9
9.8 382.9
8.0 358.0

Table lb.—Latin America

Latin
Amer
ica

Date

Argen- Bo- Brazil Chile
tina livia

Colombia

Cuba

NetherDolands
minican Guate- Mex- West
Indies
ico
Re- mala
and
pubSurilic

Panama,
Republic of

Peru

El
Salvador

67 .7
80 . 8
89 . 9

47 .2
60 , 9
68 . 0

27.8 84.7 71.9
25.6 94.1 145.5
26.8 109.6 222.4

87 . 8
117 . 4
119 .2

.8
.9
.9
.8
3
.7
9
4
6
8

73 . 0
68 . 9
67 .2
66 . 6
66 . 6
69 .2
76 .4
79 .2
79 .6
83 .4

47.2
50.2
44.9
41.6
36.3
30.5
25.0
23.0
20.4
30.4

150
141
140
134
138
136
136

73 4
75 1
82 .4

81 .0
79 .0
82 .1

39.6
46.6
42.6

Uruguay

Other
Vene- Latin
zuela America

nam
1 ,455 2 249 .7
1 ,612 9 138 8
1 ,768 4 130 0

27 8 100 .3
24 5 72 .5
19 1 101 .7

54 . 0
79 . 3
78 . 8

106 4
118 2
150 2

263 . 6
301 .2
340 .8

45.8
44.2
39.3

27 . 3
34 3
37 9

158 .2
231 .2
183 .2

34.9
44.3
51.5

3 1 * 1 ,866 8 170 4
30 « ' 1 ,999 2 175 4
31.
,994 CJ 173.8

60 .5 160 6
56 .4 170 5
55 . 8 190 5
61 .2 230.6
73 . 9 236 2
78 .9 215 0
74 .7 168 2
72 .8 147 7
73 .2 168 6
69 .6 222 2

362 .2
376 . 0
377 .1
346 .5
328 .8
309 .6
291 .2
269 .0
243 .7
242 . 3

49.2
52.7
53.4
55.8
61.1
60.9
60.7
'59.9
'59.6
60.4

53 1

167 .1

30 ' 1 9S4 () 176 7
3 1 . '2 ,037 4 181 8
3 1 . '1 ,918 7 191 1
3 0 . n ,889 (, 204 8
3 1 . l ,839 5 190 7
3 0 . l ,848 1 175 3
3 1 . l ,911. 5 160 4

27 1 110 1
26 5 100 7
28.5 92 6
31 4 96.1
28 0 167 4
27 3 102 6
30 2 91 3
31 9 139 1
32 3 160 3
29 2 119 6

201 . 3
210 .0
236 . 8
254 .7
265 . 4
265 .5
328 .9

52.4
52.8
49.1
51.5
50.9
50.1
50.1
46.3
46.9
48.7

1955—Tan. 3 1 * i ,843. 4 143 3
Feb. 28* l ,806. 2 144 2
Mar. 3 1 * l . 786.9 151 7

30 8 100 4
2 7 . 2 104 8
26 3 95 1

73 .3
65 .1
73 . 4

189 5
138 7
97 6

239 . 8
228 .1
232 .3

68.2
65.4
63.1

37 5 335 . 8
42 6 357 .7
44 5 363.3

42.7
44.4
44.8

1951 -Dec. 3 1 .
1952 Dec. 3 1 .
1953—Dec. 3 1 .
1954 -Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

53.5 233 .5
54.1 203 .5

48
44
40
37
34
31
34

0
9
4
1
1
5
5

92
'94
'88
'87
'92
'86
'76
77
75
73

102.3
104.9
105.2
107.7
112.8
104.1
101.6
98.5
91.7
90.3

188.7
241.0
269.8
218.0
207.7
179.1
210.5
183.0
202.2
193.6

2
1
3
.0
7
.6
1
'121 7
'121 9
124 1

86.8 177.7
83.1 176.8
85.4 176.2

123 6
127 5
126 1

9 Preliminary.
'Revised*
For footnotes see following page.

580




FEDERAL RESERVE BULLETIN

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
TABLE 1.—SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES,
BY COUNTRIES—Continued
[Amounts outstanding, in millions of dollars]
Table lc—Asia and All Other

Date

Asia

ForKomosa
rea,
and Hong India Indo- Iran Israel Japan Re- Phil- Thai- Other All
China Kong
nesia
pub- ippines land Asia other
Mainlic
land
of«

87.4 62.4 62.1 140.6 25.5 26.6 596.0 26.2 329.7 96.7 142.2 297.4 38.5 54.5 110.7
76.4 70 9 64.6 61.0 19,2 18 8 808.0 54.4 315.1 181.0 167.1 335.6 47.2 118.6 59.7
73.6 68.0 99.0 39.3 43.6 18.0 827.9 91.5 295.5 167.9 171.2 326.1 59,2 89.6 43.3

1951— Dec. 3 1 . 1,595.5
1952—Dec. 31. 1,836.5
1953—Dec. 3 1 . 1,895.5
1954—Mar. 31*
Apr. 30«
May 3 1 .
June 30.
July 3 1 .
Aug. 3 1 .
Sept. 30.
Oct. 31 .
Nov. 30.
Dec. 3 1 .

Egypt
and
Union
Pol
Aus- .Bel- Anglo- of
tralia gian Egyp- South Other
Congo tian Africa
Sudan

1,801.7
1,762.1
1,711.0
1,682.5
1,693.2
1,748.2
1,764.1
1,782.5
1,811 8
1,825.4

82.2
85.1
86.7
91.3
79.2
75.5
73.4
77.7
82.1
86.9

68.3
65.2
63.8
59.2
60.5
81.9
87.3
95.4
100.6
100.3

47.7
45.4
39.4
34.0
28.6
23.3
26.1
24.7
28.2
31.4

33.7
31.0
27.4
28.9
25.1
36.0
33.1
24.7
26.0
41.0

675.8
639.7
616.9
615.4
616.0
643.4
668.5
695.8
712.6
724.9

102.8
103.7
104.7
105.9
101.2
98.2
94.9
93.8
88.7
95.6

309.9
317.7
303.1
298.9
308.2
314.2
308.5
289.7
276.8
257.4

155.1
144.6
139.3
130.1
127.1
126,2
125.0
117.8
124.2
123.1

181.2
184.3
186.3
177.8
207.6
211.2
213.3
227.0
236.6
234.1

330.9
319.9
308.7
298.5
285.6
275.2
262.9
272.1
264.9
265.1

86.8
86.5
95.7
104.3
104.8
99.5
97.4
101.3
102.8
99.7
99.0
97 5
94.0

49.6
49.5
49.6
48.0
42.8
41.3
35.4
41.6
37 3
47.7

83.3
81.1
74.1
63.6
51.3
45.5
44.2
47.0
44.4
43.6

49,7
51.8
51.3
51.7
51.5
47.7
45.1
45.2
47 6
47.1

43.9
32.8
34.2
37.8
38.6
37.9
38.5
39.4
38.1
32!7

69.2 60.8 95.0 109.3 44.5 38.9 707.3 98.9 264.9 131.6 221 .9 267.4 44.4
70.3 60.1 101.5 110.5 47.0 40.4 700.1 100.2 263.2 133.1 234.4 284.6 58.6
70.0 61.2 71.5 97.7 40.1 45.0 715.5 99.9 253.6 132.0 261.9 289.8 56.8

45.9
42.7
44.3

48 6
52.0
53.6

31 4 97 1
36.2 95.1
33.4 101.8

79.6
79,0
76,7
75.8
75.1
74.2
69.6
71.1
71.3
69.9

1955—Tan. 31P 1,842 1
Feb. 28v 1,860.8
Mar. 31 P 1,848.3

65.3
66.3
66.8
65.1
64.6
64.2
64.3
64.7
64.6
60.8

7.0
23.6
38.2

Table Id.—Supplementary Areas and Countries 7
End of year

End of year
Area or country

Area or country

Other Europe:
Albania
Azores
British dependencies
Bulgaria
Czechoslovakia
Eastern Germany
Estonia
Hungary
Iceland
Ireland, Republic of
Latvia
Lithuania
Luxembourg
Monaco
Trieste
Other Latin America:
British dependencies
Costa Rica
Ecuador
French West Indies
Guiana
Haiti
Honduras
Nicaragua
Paraguay

MAY

1955




,
,

1951

1952

1953

,1
.3
.6
.6
1.3

.2
.3
,4
.6
.6

.2
.4
.4
.6
.6

n.a.

n.a.

n.a.

1.9
1.0
7.5

n.a.

15.9

12.6

14.1

n.a.

1.3
.6

1.3
.6
5.0
2.6
4.1

1.3
4.0
3.0
2.5

1.3
.2
4.5
5.3
2.2

14.6
12.1
23.7

18.0
13.4
17.7

19.0
15.3
21.2

.6
9,3

.4
12.7
n.a.
10.3

2.7
1.0
3.5

11.8
3.2
5.6

14.6
8.7

and

French

11.4

1.9
1.0
3.7

.8

2.2

10.3
17.2

11.6
15.4
13.4

8.3
5.4

5.0

A

18.7
16.0
6.0

1954

.2

n.a.

.6
.6
.7
1.2

1.0
8.9

3.6

Other Asia:
Afghanistan
British dependencies
Burma
Ceylon
Iraq
Jordan
Lebanon
Pakistan
Palestine
Portuguese dependencies
Saudi Arabia
Svria
Viet-Nam
All o t h e r :
British dependencies
Ethiopia and E r i t r e a . . . .
French dependencies
Italian Somaliland
Liberia
Libya
New Zealand
Portuguese dependencies .
Spanish dependencies
Tangier

1951

1952

1953

1954

10.6
21.0
9.5
19.2
12.9
.5
15.3
13.1

2.7
19.8
23.0
17.1
13.8
.9
23.9
9.7
.1
5.3
18.5
20.5
n.a.

n.a.
21.1
29.7
n.a.
10.0
.8
16.5
3.8

2.7
13.2
5.4
n.a.

4.0
25.5
16.9
13.9
14.1
.6
19.3
14.4
.1
2.8
15.9
11.4
n.a.

1.2
6.9
36.5
.1
6,1
.5
5.2
4.3
.2
21.5

1.6
3.5
27.0
1.1
10.3
2.3
3.5
6.3
.2
26.7

1.6
9.1
22.3
.3
11.8
3.0
2.1
5.0
.2
36.1

1.4
n.a.
16.8
n.a.
5.6
n.a.
2.3
n.a.
5
35.7

1.8
61.5
21 .5
8.1

581

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
TABLE 2.—SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES,
BY COUNTRIES 1
[Amounts outstanding, in millions of dollars]
Ger-

France many,
Fed.

Total

Date

Italy

Rep. of

Switzerland

United Other Total
King- Europe Europe
dom

Canada

Latin
America

Asia

All
other

489.3
662.0
472.7

161.8
89.8
114.8

41.9
22.4
24.9

126 7
111.4
101.9
114.6
113.3
117.5
125.7
125 6
128.1
125.9
143.3

24 0
25.8
27.9
28.6
35.3
36 2
32.8
35 2
33 9
32.5
37 0

1951—-Dec. 31
1952—Dec. 31
1953—Dec. 3 1 . . .

968.4
1,048.7
904.5

10.1
31.9
10.6

28.3
26 8
30.5

10.3
17 8
18.8

11.2
17.9

35.0
30.3
70.5

88 5
98.2
87.5

183.4
212.2
235.9

92.0
62.3
56.4

1954—Feb. 282
Mar. 31
Apr. 30
May 31
June 30
July 31 . .

901 5
867.1
879.9
915.4
971.1
1,109.6
1,108.6
1.187 4
'I,290.6
r
l ,315.5
1,384.2

7.1
9.6
9.2
8.9
10.2
9 5
7.5
14.1
7 1
10.3
14 2

43 6
53.4
58.9
57.0
53.7
52 5
51.9
48 4
47 3
56.1
67 8

17 5
13.7
14.4
14.4
15.3
16 7
13.4
12 9
15 8
19.3
19.7

16.1
12.8
12.5
10.7
12.1
14.6
16.1
17.4
16.4
12.6
16.2

59 9
59.5
87.0
79.7
77.0
85.1
94.4
128 7
126.2
128.2
173.5

97 0
94.5
87.2
101 .1
89.7
85 2
87.4
87 7
107.5
114.4
108.6

241 2
243.5
269.2
271.7
258.0
263.6
270.7
309 2
320.4
340.7
400.1

59.2 450 4
60.0 426.4
47.5 433.3
52.6 447.9
65.2 499.3
66 4 625.8
65.6 613.9
70 9 646.5
68.0 '740.3
66.2 '750.2
75.6 728.1

1,380.1
1,366.5

17 2
12.0

65 8
78.5

20.2
21.9

18.5
21.9

145.9
116.2

139.0
144.1

406.6
394.5

103.6
105.3

677.8
669.2

152.3
160.0

39 8
37.6

Netherlands

Norway

Portugal

Spain

Sweden

Turkey

Yugoslavia

All
other

2 J5
9
0

.8
.5
.6

18.8
11.2
24.3

5.4
2.5
2.7

.6
38 8
15.7

3.9
8 f4 8

4.0
54

6
3
4
3

.5
A
.6
.6
.6
.7

1.7
1.4
2.2
1.9
2.4
2.7
2.6
2.4
2.8
3.0
4.1

31.0
35.4
29.8
49.2
35.9
32.7
37.0
33.3
55 0
52.4
40.7

5.4
5.9
5 2
5.1
5.3
5.7
4.2
3.0
6
1.0
1 3

6.2
5.6

5.3
5.6
5.3
46

4.2
3.4

66.4
67.5

2.8
6.2

5.1
6.8

Aug. 31
Sept 30
Oct. 31
Nov. 30
Dec. 31 . . .

. .

1955—Tan. 3 1 P
Feb. 28P

7.1

Table 2 a.—Other Europe

Date

1951—Dec 31
1952—Dec 31
1953—Dec. 31
1954—Feb. 282
Mar. 31
Apr. 3 0 . . .
May 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 3 1 . . .
Nov. 30
Dec. 31 . . . .
1955—Tan. 31 v
Feb. 28P

Other
Europe

Austria

88.5
98 2
87.5

8
.8

97.0
94.5
87 2
101.1
89.7
85.2
87.4
87.7
107.5
114.4
108.6
139.0
144.1

.2
.2
.2
,1

.2
.1
.2

.2
.2
.3
.4
.7
1.2

Belgium

Denmark

Finland

Greece

39.6
16 2
13.0

4.8
2 1
6.2

3.1
5.6
1.9

.2
.2
1.3

5.0
4.4

14.3
13.2
14.9
15.2
14.8
15.3
14.7
16.0
14.2
17.0
19.6

4.1
2.9
4 3
3.5
4.1
4.2
3.5
4.8
6 0
7.5
9.7

1.3
1.3
1 6
1.6
1.9
1 8
1.4
2.0
2.3
2.1
2 5

1.4
1.5
2.0
1.9
1.8
2.6
2.6
3.6
3.6
3.4
3.3

9.4

19.3
19.1

9.1
9.1

2.2
2.0

4.9
3.3

8.6

10.9
11.2
14.6
15.9

1.4
1.7
1.4
1.7
2.1

.5
.5
.7
.6
.5

19.8
12.2
10.6
5.7
3.5
2.1
3.5
4.0
4.0
5.5
4.0

18.3
18.0

2.3
2.9

.6
1.0

3.1
3.6

13.1
7.9
8.8

11.9
9.3
9.4

6.8

66
6.1

6.2
65
6.3

Table 2b.—Latin America

Date

Latin
BoAmer- Argenlivia
tina
ica

Brazil Chile

Colombia

Cuba

NethDoerlands
minican Guate- Mex- West
Re- mala
ico Indies
and
pubSurinam

lic

rail"

ama,
Republic of

Peru

El
Salvador

Other
Uru- Vene- Latin
guay zuela America

24.8
26.4
22.6

43.7
41.7
56.9

32.3
32.5
51.2

1.8
1.6
1.9

3.8
4.2
4.1

90. 6
88. 6
92. 9

1.2
1.3
2.6

3.0
6.5
4.6

11.8
14.8
20.2

9.5
9.1
8.2

10 .5
14 .3
3 .7

41 .7
36 .7
41 . 6

14 .5
13 .7
19 3

8 ..7
1 .9
1 .7
2 .3
2 .0
2 .9
1 .7
2 .5
2 .2
2 .2
2 .5

116 .7 20.1
117 .3 19.9
117 .4 19.6
129 .1 18.5
167 .4 12.2
276 .6 21.0
269 .6 14.9
288 .0 11.3
'360 . 5 6 . 8
'321 .6 11.8
273 .5 14.1

50.6
47.8
54.4
59.1
66.4
64.6
64.0
74.2
78.9
91.8
107.0

62.2
58.4
55.2
55.9
59.2
56.9
59.7
63.7
64.9
63.1
70.7

1.8
1.6
2.2
2.4
2.5
2.4
2.4
2.4
2.2
2.5
2.6

3.4
2.6
3.2
3.0
2.9
3.0
3.2
3.6
3.3
4.9
3.9

87. 2
85. 3
77. 3
76. 6
81. 7
85.5
91. 7
94. 7
99. 2
114. 7
115. 7

1.8
1.1
1.5
1.8
2.5
2.1
2.0
1.8
1.3
1.3
1.4

6.2
7.1
7.4
6.2
7.7
8.5
5.4
6.4
7.7
12.0
8.8

17.2
14.7
16.4
15.2
16.0
15.7
14.2
13.9
14.2
14.6
16.2

7.4
5.5
5.0
4.1
4.6
5.4
5.1
7.1
9.5

12.7
10.0

3 .3
2 .1
2 .7
3 .2
4 .4
3 .9
3 .3
3 .2
3 .7
5 .8
6 .9

38 . 8
38 . 9
45 .7
47 .7
46 . 4
51 . 6
50 ,4
52 . 7
57 . 3
61 . 4
62 .7

17.8
16 9
17 3
17 .1
17 6
20 1
20 4
20 2
22.3
23 8
26 5

2 .1
2 .2

252 .5
249 .3

15.3
11.9

97.0
89.5

52.7
47.6

3.6
3.8

3.8
3.8

111. 4
111. 0

1.9
4.7

12.8
11.7

15.2
14.7

8.6
7.2

6 .7
6 .5

62 .9
75 .9

25 5
23 4

1951—Dec. 3 1 . .
1952—Dec. 3 1 . .
1953—Dec. 3 1 . .

489. 3
662. 0
472. 7

7 6
8 2
7 1

7 .5
5 .8
10 . 8

1954—Feb. 2 8 . .
Mar. 3 1 2 .
Apr. 3 0 . .
May 3 1 . .
June 3 0 . .
July 3 1 . .
Aug. 3 1 . .
Sept. 30..
Oct. 31. .
Nov. 3 0 . .
Dec. 31. .

450. 4
426. 4

433 3
447. 9
499. 3
625. 8
613. 9
646. 5
'•740. 3
r75O. 2
728. 1

7 2
5 4
6.2
5 6
5 7
5 8
5 8
5 8
6 1
5 8
5.6

1955—Jan. 31 v.
Feb. 28P.

677. 8
669. 2

5 8
5 8

185 .0
356 .4
125 .1

r
^Preliminary.
Revised.
1
"Short-term claims" reported in these statistics represent principally the following items payable on demand or with a contractual maturity
of not more than one year: loans made to and acceptances made for foreigners; drafts drawn against foreigners that are being collected by banking institutions on behalf of their customers in the United States; and foreign currency balances held abroad by banking institutions and their
customers in the United States. Claims on foreigners with a contractual maturity of more than one year reported by U. S. banking institutions
(excluded from these statistics) amounted to 481 million dollars on Jan. 31, 1955. The term "fore.ign.er" is used to designate foreign governments,
central banks, and other official institutions as well as banks, organizations, and individuals domiciled outside the United States, including U. S,
citizens
domiciled abroad and the foreign subsidiaries and offices of U. S. banks and commercial firms.
2
Beginning Mar. 31, 1954, banks whose total claims on foreigners
are less than $500,000 are excluded. Banks claiming this exemption reported
3
a total of 9.6 million dollars of such claims on that date.
Less than $50,000.

582




FEDERAL RESERVE

BULLETIN

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
TABLE 2.—SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES,
BY COUNTRIES—Continued
[Amounts outstanding, in millions of dollars]
Table 2c—Asia and All Other

Asia

Date

Formosa
Korea,
Phil- Thai- Other All
Reand Hong
IndoChina Kong India nesia Iran Israel Japan pub- ippines land Asia other
lic of i
Mainland

1951—Dec. 31. . 161.8
1952—Dec. 31. . 89.8
1953—Dec. 3 1 . . 114.8

10.1
10.1

3.1
1.2
3.1

13.4

8.1

1954—Feb. 28. 126.7
Mar. 312. 111.4
Apr. 30. . 101.9
May 31 .. 114.6
June 3 0 . . 113.3
July 3 1 . . 117.5
Aug. 31. . 125.7
Sept. 30. . 125.6
Oct. 3 1 . . 128.1
Nov. 30. 125.9
Dec. 3 1 . . 143.3

8.1
8.4
8.1
8.2
8.1
8.1
8.2
8.1
8.1
8.1
8.1

2.2
2.2
3.2
3.4
3.1
3.6
2.8
2.4
2.6
3.3
3.4

3.2
4.1
3.9
5.1
3.5
4.2
3.9
4.5
4.8
4.4
4.9

1955—Jan. 31 P. 152.3
Feb. 2 8 P . 160.0

8.1
8.1

3.4
3.3

3.6
4.4

9.3

.3
.9
.8

4.3
3.7

10.2
13.8
.9 14.7
.7 14.3
.5 15.1
1.4 15.3
.6 16.0
.6 17.5
. 4 20.3
. 6 16.9

30.0 12.2
15.1 12.5
22.9 25.6

27.6
22.1
16.2
8.8
8.0
8.4
9.3
9.3
. 6 17.7
8.2
8 16.7
9.4
.7 15.8 10.7

29.3
7.6
5.8

31.7
32.8
30.6
36.7
38.6
33.3
30.9
30.0
33.3
29.9
50.0

8 0
.1
(3)
'.2
.2
.5
.2
.4
.3
.2

18.2 10.8 48.1
18.7 8.3 60.3

.9
1.4

.4
.5

4.9
6.4

10.5
8.7
9.7

51.6
24.6
24.7

41.9
22.4
24.9

22.8
10,1
8.0

5.7
6.0
6.3

.2
.5
.5

6.7
2.0
2.4

6.5
3.8
7.8

•> 2
4.3
4.9
5.7

24.0
25.8
27.9
28.6
35.3
36.2
32.8
35.2
33.9
32.5
37.0

7.2
7.6
8.7
7.7
10.2
12.1
10.1
10.5
10.9
10.4
14.1

6.5
6.7
6.4
7.1
7.8
7.9
7.5
6.9
6.8
6.6
6.3

5
1.3
.3
.5
.3
.2
.4
.5
.5
4
1.0

5 1
4.5
5.5
5.8
5.9
5.3
5.2
5.3
5.2
5.8
5.9

4 6
5.7
11.1
10.7

6.3

25.0
17.5
13.0
19.5
20.1
26.3
31.3
34.5
34.8
35.3
36.0

13.5
11.2

35.9
35.2

39.8
37.6

13.4
11.7

6.2
6.0

1.1
.9

7.5
8.3

11.7
10.8

7 1

9.6
8.7

Egypt
and Union
•Roi
.Bel- Anglo- of
gian Egyp- South Other
Congo tian Africa
Sudan

2.5
3.3
6.1

6.2
5.6
6.2
6.7
6.9

12.0
12.3
10.8
10 7
7.3

Australia

7.0
7.6
9.5

12.1
10.4
9.4
9.6

TABLE 3.—PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPES*
[In millions of dollars]
U. S. Government bonds
and notes
Year or month
Purchases

1951
1952
1953
1954

Net
purchases
or sales
(-)

Saks

673 6 1,356 6
231.4
533.7
646 0
728 0
792 7
800 9

1954—February

U. S. corporate bonds
and stocks

Purchases

Sales

87.4
55 0
65.2
87 3
49.2
33 4
86.9
38 6
48 0
11.5.1
101.3

99.9
-12.6
22.1
32.9
35.2
30.0
88.4
— 1.2
21.4
27.7
24 3
9 1
53.0
33.9
— 6
39 2
22.1
25.9
13.3
101.8
261.3 -160.0

1955—JanuaryP
February?....

123.4
347.3

81 .1
216.0

42.3
131.2

Net
purchases
or sales

Purchases

98 7
12.6
70 5
141 1

500.4
495.3
542 5
792.4

-8.6
2.2
15.6
14.4
7.3
32.7
2.1
17.2

77.1
98.0
112.1
110.8
107.2
133.2
110.6
103 8
117.2
168.9
197.4

85.7
95.8
96.5
96.4
99.9
100 5
108.5
86.6
111.4
'130.2
180.5

'38.7
16.9

'62.7
46.8
'49.7
37.3
57.8
57 3
70.7
126.0
103.5
48.2
75.9

177.2
158.2

149.6
160.1

27.6
-1.9

75.8
132.2

5.7

Foreign stocks

Net
purchases
or sales

Purchases

Sales

801.0
677.4
621 5
841.3

-300 6
-182.1
—79 0
-48 8

272 3
293.9
310 1
393 3

348 7
329.6
303 4
644 9

'33.6
82.6
'75.4
34 3
48.9
49.0
37.5
78.7
53.4
46.3
69.3

26.9
32 6
31.3
29.5
29.7
34 8
37.5
»\30 5
>-35.7
r
38.0
38 6

38.9
-12.0
—9 0
41.6
46.5
-15.2
56 1
—26 6
79.6
-49.9
39 6
—4 8
101.4
-63.9
r41 0 rT—10 5
r49 5 —13 8
••62.5 r - 2 4 . 6
61 2
—22 6

64.5
65.6

29.1
—35.8
-25.7
3 0
8.9
8 3
33.2
47 3
50.1
1.9
6.6
11.3
66.7

Sales

(-)

(-)

859 8
761.0
-683 0
302.3
850.3
837.7
801 9
731 4
-82 0
8 2 1,404 8 1,263.7

April
May
June
July
August
September
October
November
December

Foreign bonds

41.5
42.7

Net
purchases
or sales

(-)

65.2
69.4

-76
—35
6
—251

4
8
8
6

-23.7
-26.7

TABLE 4.—NET PURCHASES BY FOREIGNERS OF LONG-TERM UNITED STATES SECURITIES, BY COUNTRIES
[Net sales, ( —). In millions of dollars]
Year or
month
1951
1952
1953
1954

.

Germany,
Federal
Republic of

International
institutions

Total
foreign
countries

France

—15.9
14.7
22.7
77.7

-568.4
300.2
-34.3
71.6

6.0
5.5
-41.7
17.0

(3)

.7

-21.8
34.5
50.1
-8.6
28.1
46.2
13.8
14.6

-16.2
21.4
36.1
2.2
1.5
3.0
.1
.2
.9
3.0
-27.9

(3)

2.4
.7

(3)

1954—Feb....
Mar....
Apr....
May...
June...
July...
Aug
Sept... .
Oct....
Nov....
Dec

-11.2

'52.6
-132.0

1955—Tan.P. .
Feb.?..

2.0
1.6

67.9
127.7

.5
.6

21.8
.5

-4.4
41.2
2.0

25.6
-.6

2.2

.2
.2
— .1

(3)'

83
((3))

-.1
(3)
3

( )"
.1

Switzerland

United
Kingdom

Other
Europe

Total
Europe

1.9
.5
-.5
-.6

45.9
50.7
57.1
73 .4

21.4
70.4
71.3
69.8

-66.0
-15.9
-24.0
-20.5

111.4
62.4
138.9

-.1
-.4
.1
-.4
.2
(3)
.6
.1

.1
2.3

-.9

-1.7
'-6.4
-8.3
17.2

Italy

.3
.2

13.0
10.2

6.1
9.2
5.0
3.4
3.5
5.7
6.5
.7
5.9
8.0
6.8

.5

20.1
13.0

17.9
22.0

-1.2

-5.0

10.5
5.4
-.2

24.8
.5
1.2
4.5

-2.1
-2.0

.2
-.4
-.6

-2.4
5.3

3.2

9.2

-11.1
30.2
49.7
10.8

Canada

—595.5
191.6
—120.6
-187.2

24.9
113.2

-6.7

-2.9

-.3

3.2
3.3

'•1.7.9
-19.1

-5.2
-34.3
-8.7
-3.5
-1.7
-4.5
-5.2
-2.3
-108.0

44.0
48.0

-5.3
76.3

4.6

32.8
5.2
7.3
8.6

Latin
America
13.9
4.7

14.8
31.2
15.8
10.5
11.2
.1

36.3
—6.9
29.1
3.3

Asia

4.8
—9.5

All
other

3.5

— .7
1.9
— .9
3.2

-.1
(3)
.8
-.2
.4
1.1
-.3
.5
.1
.1
1.4

-1.0
1.4
1.4
.4
.7
.1
.1
.1
-1.4
.6
.6

(3)

.3
.2

-.2

(8)

p Preliminary.
'Revised.
2
!Not reported separately until
Mar. 31, 1954.
See footnote 2 on opposite page.
4
3Less than $50,000.
Includes transactions of international institutions.

MAY

1955




583

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
TABLE 6.—DEPOSITS AND OTHER DOLLAR ASSETS HELD
AT FEDERAL RESERVE BANKS FOR
FOREIGN
CORRESPONDENTS x

TABLE 5.—NET PURCHASES BY FOREIGNERS OF LONGTERM FOREIGN SECURITIES OWNED IN THE
UNITED STATES, BY AREAS
[Net sales, ( - ) .
Year or
month
1951
1952
1Q53
1954

[In millions of dollars]

In millions of dollars]

Assets in custody

Inter- Total
national foreign Total
insticoun- Europe
tutions tries

Canada

28.5
— 152.7 - 2 2 4 . 3
19.9
— 118 1 —99.8
- 6 1 .2 — 11.0 96.3
-163.9 -136.5 - 9 . 1

-258.6
-141.0
-137.8
-133.2

33.8
25.3
34.6
32.8

-36.0
—10.0
-29.9
-34.2

6.7
••8.7 ' • 1 0 . 1
8.3
-44.8
-S3.2
- 4 1 . 6 '-10.5 ' - 3 1 . 3
-.9
- 1 8 . 8 -18 6
-40.3 -9.9 -29.3
4.7
.2
-2.3
-.7
-24.7
-28.2
'91.4
25.9
'52.7
'39.2 - 4 . 1
'38.6
'•-20.8 '•-11.7
'-.8
4.7
-13.4 -3.4

.1
1.3
1.7
3.9
2.4
1.4
1.8
8.6
7.7
-.3

-4.8
-2.2
-2.5
-3.6
-3.9
-2.6
-1.4

10.5

1954—Feb. . .
Mar...
Apr....
May. .

-4.7

July...
Aug.. .
Sept...
Oct....
Nov.. .
Dec...

-1.1
-6.0
-54.6
-2.9
-1.9
-2.6

1955—Jan. P . .
Feb.? .

-2.6

June. .

.1
.7
-.7

^Preliminary.

9.3

- 9 . 9 -24.7
30.6 - 8 . 4

7.6

42.5

Latin
Amer- Asia
ica

All
other
7.9
6.0

25.8
7.2

-7,4
1.0
.9
.4
.3
8.0
4.0
2.3
-.2

1.9

Deposits

Date

-1.4

-2.8
-6.4
-3.3

— 1.6
-9.8

3.4
2.0

-5.3
-3.7

— 1.8

9.2

'Revised.

U. S. Govt.
Miscelsecurities2 laneous 3

1953—Dec. 3 1 . .

423

2,586

106

1954—Apr. 3 0 . .
May 3 1 . .
June 3 0 . .
July 3 1 . .
Aug. 31 .
Sept. 30 .
Oct. 31. .
Nov. 30. .
Dec. 3 1 . .

471
527
545
533
477
461
426
397
490

2,840
2,969
2,900
3,033
2,989
3,013
3,050
3,002
2,908

96
93
87
85
82
101
99
104
105

1955—Jan. 3 1 . .
Feb. 2 8 . .
Mar. 3 1 . .
Apr. 30. .

441
320
351
360

3,000
2,966
3,062
3,137

117
128
131
137

1955—Apr. 6 . .
Apr. 13. .
Apr. 20. .
Apr. 27. .

351
381
408
384

3,077
3,074
3.076
3,113

134
132
i35
134

1
Excludes assets held for Intl. Bank and Monetary Fund and earmarked gold. See footnote 4, p. 587, for total gold under earmark
at 2Federal Reserve Banks for foreign and international accounts.
U. S. Treasury bills, certificates of indebtedness, notes and/or bonds.
3
Includes bankers' acceptances, commercial paper, foreign and
international bonds.
NOTE.—For explanation of table and for back figures see BULLETIN
for May 1953, p. 474.

GOLD PRODUCTION
OUTSIDE U. S. S. R.
[In millions of dollars]
Production reported monthly
Year or
month

Estimated
world
production Total
outside
U.S.S.R.1 reported
monthly

South
Africa

Rhodesia

Other

North and South America

Africa
West Belgian United
Africa2 Congo2 States 3

Canada

Mexico

Colom- Chile
bia

Nica- Austra- India2
ragua 4
lia

$1 = 15 Mi grains of gold Hofine: i. e.. an ou nee of fin e gold = j\35.
1951
1952
1953
1954

840 0
864.5
857 5

1954—February..
March
April
JulyAugust . . .
September.
October...
November
December.
1955—Tanuary

758.3
780.9
776.5

403.1
413.7
417 9
462 4

17.0
17.4
17 5
18 8

22.9
23.8
25.4
27 6

12.3
12.9
13 0
13 0

66.3
67.4

61.8
68.7
66.0
68 9
70 0
71 1
71 A

34.5
37.5
37 0
38 3
38 3
39 4
39 8
39.9
40.5
40.7
40.8

1.5

2.2
2.2
2.2
2.3
2.3

1.1
?
1 1
0
0
0
4
1
.9
.9

4.9
5.4
4.9
5.0
6.1

2.3

.9

2.2
2.2

1.5

40 7
38 8

s

6
6
7
6
6
5
1.7
1.6
1.5

2 3
2.4

2.4
2.3
2.3

153 7
156.5
147 4
152 8

13 8
16.1
16.9

6 1
5 8
5.1
5.6
5 6
5.8

10.9
12.9
12.5
13 4
13 2
13 3
12 9
13 1
13.3
13.5
13.5

5.0
4.8

12.8
.12.3

6Q 0

65 4

8
9
1
?

31 3
34 3
37 7

7.9
8.9
7.8

.7

3 0
3 5

.6

15 1
14.8
IS 3
13 2

6 1

.9

1.2

.8

.9

.3
.4
.3
.5
,3
4
.3

.7
.7
7
.7
8
.7

1.1
1.1

.4
.3

.7
.6

1.2
8

4

.6
7

1 6

1 1

1 0

1 0
1 2
1 0

1.4

1.2

1 3
1.2

1.6

6.2
4.6

8
8
9
8

f>
6

3.2

3 3
3.3

3 4
3 2
3.4
3.1

7 7
7
.7
6

7
7

7
.6
.6
.6

.6
.5
.5

Gold production in U.S.S.R.: No regular government statistics on gold production in U.S.S.R. are available, but data of percentage changes
irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual
production
as follows: 1934. 135 million dollars: 1935, 158 million; 1936, 187 million; 1937. 185 million; and 1938, 180 million.
1
Estimates of United States Bureau of Mines.
2
Reported by American Bureau of Metal Statistics.
3
Yearly figures through 1953 are estimates of United States Mint. Figures for 1954 and 1955 are estimates of American Bureau of Metal
Statistics.
4
Goid 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.

584




FEDERAL RESERVE BULLETIN

ESTIMATED GOLD RESERVES AND DOLLAR HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL INSTITUTIONS
[Amounts outstanding, in millions of dollars]
1954

1953

1950

1951

1952

Dec. 31

Dec. 31

Dec. 31

848
76

898

1,035

1,052

1,044

1,081

1,098

1,124

1,055

1,024

76

101

93

102

113

127

133

124

55
967
691
57

52
883
770
67

60
926
893
82

57
1,003
1,053
89

71
1,060
1,381
123

102

53
896
434
49

64
1,049
1 225
112

107

30
834
222
36

73
1,092
1,503
125

69
1,124
1,822
105

72
1,358
1,999
124

Area and country

Continental Western Europe:
Belgium-Luxembourg (and Belgian
Denmark
. . . .
Finland
France (and dependencies) *
Germany (Federal Republic of) .
Greece
..
. . .
Italy
Netherlands (and Netherlands
Norway
Portugal (and dependencies)
Sweden
Turkey
Other 2

. .

Total

Total
Canada
Latin America:
Bolivia
Brazil
Chile
Cuba
Dominican Republic .
Guatemala
Mexico..
Panama, Republic of .
Peru
Kl Salvador.
. . . .
Uruguay
Venezuela.
Other
.-

. .

...

Total

....

Total
Eastern Europe 3
All other:
Egypt
Other

....

Total
International 4
Grand total

. . .

1,039

571

633

655

651

660

714

812

841

802

874

925

524

815

905

953

94
257
132

150
331
128

160
374
130

171
391
130

164
412
134

1,022
169
437
138

1,055
171
469
150

1,064
169
499
136

1,125
178
516
142

1,118
177
537
174

1,118
148
559
188

205

224

275

283

280

309

335

337

342

1,973
165
580

2,053
151
849

2,051
153
922

2,091
152
954

2,120
157
1,040

2,133
157
1,118

2,134
153
1,232

399

2,023
164
778

2,105
151
1,285

2,172
150
1,255

2,185
152
1,268

6,829

7,114

8,368

8,574

8,907

9,502

10,075

10,457

10,618

11,107

11,643

3,557
120
303
241
232

2,843
99
309
197
326

2,318
113
312
194
347

2,627
113
323
207
356

2,836
109
334
212
369

3,051
111
340
214
354

3,009
108
346
214
373

3,198
105
329
221
371

3,536
105
338
225
373

3,388
104
320
234
371

3,190
103
334
232
381

4,453

3,774

3,284

3,626

3,910

4,070

4,050

4,224

4,577

4,417

4,240

1,988

2,157

2,492

2,435

2,238

2,292

2,417

2,487

2,463

2,543

2,619

518
43
543

518
51
417

427
45
390

485
41
393

519
47
451

520
41
481

503
40
423

543
35
43 i

550
36
417

578
35
413

533
32
442

120
530
47
53

99
575
58
54

121
515
56
61

128
527
59
73

129
579
59
72

134
587
57
63

121
531
51
65

102
548
61
80

103
532
68
75

112
428
72
62

415
59
91
50
311
458
217

366
68
93
54
306
445
256

375
81
107
55
301
519
326

393
91
113
84
309
490
351

339
97
109
74
311
530
356

325
102
106
63
311
571
347

341
90
104
56
337
595
366

329
93
109
80
329
562
410

117
477
73
64

258
87
103
74
335
621
463

315
76
110
58
329
614
401

391
74
118
59
317
597
442

3,455

3,360

'•3,379

3,537

3,672

3,708

3,623

3,712

3,722

3,660

3,679

324
160
587
377
166
256

421
163
729
337
210
325

296
157
936
324
294
360

275
156
1,026
334
306
401

246
155

198
168

1,022

1,062

316
311
363

318
304
374

184
181
958
304
281
401

166
185
807
319
268
451

140
172
747
308
243
444

168
164
801
318
238
465

169
858
266
236
520

1,870

2,185

2,367

2,498

2,413

2,424

2,309

2,196

2,054

2,154

2,230

344

309

307

307

306

314

306

308

309

308

309

173

285

229

218

217

224

226

221

57

61

63

67

74

219

42

234
49

227

28

67

70

68

201

327

283

284

290

281

284

298

293

289

289

19,140

19,226

"20,480

21,261

21,736

22,591

23,064

23,682

24,036

24,478

25,009

3,090

3,171

3,287

3,249

3,272

3,212

3,331

3,401

3,364

3,536

3,560

22,230

22,397

^23,767

24,510

25,008

25,803

26,395

27,083

27,400

28,014

28,569

Asia:
Iran
Japan
Philippines
Thailand
Other

Dec. 31

559

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

Mar. 31 June 30 Sept. 30 Dec. 31 Mar. 31 June 30 Sept. 30

406

181

"Revised.
Includes gold reserves of Bank of France and French dependencies only.
Includes holdings of other Continental OKEC countries, Yugoslavia, Bank for International Settlements (both for its own and European
Payments Union account), gold to be distributed by the Tripartite "Commission for Restitution of Monetary Gold, and unpublished gold reserves
of certain Western European countries.
3Excludes gold reserves of the U. S. S. R.
* Includes holdings of International Bank for Reconstruction and Development, International Monetary Fund, and United Nations and other
nternational organizations.
NOTE.—Includes reported and estimated gold reserves of central banks, governments, and international institutions, and official and private
dollar holdings as shown in Tables 1 and l a - I d of the preceding section, as well as certain longer term U. S. Government securities reported as
purchased within 20 months of maturity. For back figures see BULLETIN for March 1954, p. 245.
1
2

MAY

1955




585

REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]
End of

month

1949—Dec
1950—Dec
1951—Dec
1952—Dec
1953—Dec
1954—Mar. . .
Apr . . May

June..
July

Estimated
United States
total world
(excl. 1
U.S.S.R.) Treasury Total 2

Bolivia

Brazil

Canada

698
587
621
706
776

23
23
23
21
21

317
317
317
317
321

496
590
850
896
996

40
40
45
42
42

8
8
5
5
5
5
5
5
3

321
321
321
321
322
322
322
322
322
322

1,022
1,030
1,034
1,042
1,050
1,052
1,059
1,065
1,071
1,080

322
322

1,083
1,086
.097

24,427
22,706
22,695
23,187
22,030

24,563
22,820
22,873
23,252
22,091

36,920

21,965
21,969
21,973
21,927
21,908
21,809
21,810
21,759
21,710
21,713

22,035
22,083
22,039
22,027
21,960
21,897
21,863
21,827
21,791
21,793

787
788
779
765
765
756
760
760
767
778

21,714
21,716
21,719

21,786
21,788
21,763

781
797
824

37,100

1955—Tan
Feb.
Alar

216
216
268

Belgium

35,410
35,820
35,970
'36,290
36,710

Aug.
37,200
Sept....
Oct
Nov.. .
P37.35O
Dec

End of
month

Argentina

Germany,
Federal GuateRepublic mala
of

Egypt

France 3

1949—Dec...
1950—Dec...
1951—Dec...
1952—Dec...
1953—Dec...

53
97
174
174
174

523
523
548
573
576

28
140
326

27
27
27
27
27

247
247
247
247
247

1954—Mar..
Apr...
May..
June..
July..
Aug...
Sept..
Oct...
Nov.. .
Dec.. .

174
174
174
174
174
174
174
174
174
174

576
576
576
576
576
576
576
576
576
576

387
414
406
418
478
544
574
599
612
626

27
27
27
27
27
27
27
27
27
27

1955 Tan
Feb
Mar

174
174
174

576
576
576

650
700
714

27
27

End of
month

Portugal

El Salvador

1949—Dec
1950 —Dec
1951—Dec
1952— Dec
1953—Dec

178
192
265
286
361

17
23
26
29
29

128
197
190
170
176

1954—Mar
Apr
May....
June
July....
Aug
Sept
Oct
Nov.. . .
Dec.. . .

386
391
393
393
403
410
416
422
427
429

29
29
29
29
29
29
29
29
29
29

1955—Jan
Feb
Mar

431
431

29
29
29

India

Indonesia

178
209
280
235
145

Cuba

Denmark

Ecuador

299
271
311
214
186

32
31
31
31
31

21
19
22
23
23

42
42
42
42
42
42
42
42
42
42

186
186
186
186
186
186
186
186
186
186

31
31
31
31
,31
31
31
31
31
31

23
23
23
23
23
23
23
23
23
23

43
43
43

186

31
31
31

23
23
23

52
74
86

Mexico

Netherlands

Norway

Pakistan

Peru

256
256
333
346
346

52
208
208
144
158

195
311
316
544
737

51
50
50
50
52

27
27
27
38
38

28
31
46
46
36

247
247
247
247
247
247
247
247
247
247

137
137
138
138
138
138
138
138
138
138

346
346
346
346
346
346
346
346
346

162
86
87
57
58
59
60
61
62
62

772
772
772
777
794
796
796
796
796
796

47
47
47
47
45
45
45
45
45
45

38
38
38
38
38
38
38
38
38
38

36
36
36
36
34
34
34
34
34
35

247
247

138
138

796
796
798

45"
45
45

38
38
38

35
35
35

Switzerland

85
61
51
51
54

70
90
152
184
218

1,504
1,470
1,452
1,411
1,459

177
180
180
187
188
193
195
199
194
199

54
54
55
56
56
56
56
56
56
56

218
218
218
219
219
219
219
224
246
265

1,469
1,471
1,450
1,469
1,485
1,490
1,503
1,513
1,513
1,513

195
201

56
56

265
265
265

1,512
1,501
v1,499

Spain

Italy

Colombia

140
140
138
138
137

Sweden

South
Africa

Iran

Chile

Inter- Bank for
national InterMone- national
tary
SettleFund
ments

Turkey

United
Kingdom

118
118
113
113
113

154
150
151
143
143

*i,688
*3,300
42,335
41,846
42,518

178
236
221
207
227

373
373
373
373
373

1,451
1,495
1,530
1,692
L.7O2

68
167
115
196
193

113
113
113
113
113
113
113
113
113
113

144
144
144
144
144
144
144
144
144
144

42,685
42,820
42.985
43,017
43,013
42,918
42,901
42,936
42,925
42,762

227
227
227
227
227
227
227
227
227
227

373
373
373
403
403
403
403
403
403
403

L,703

L ,719
,727
1,727
1,733
L, 734
,734
,734
1,736
1,740

199
197
186
182
186
193
195
193
193
196

144
144
144

4
2,763
4
2,681
4

227

403
403
403

1,744
,744
744

198
209
204

Thailand

2,667

Uruguay

Venezuela

1L

r
i'Preliminary.
Revised.
1
Includes reported gold holdings of central banks and governments and international institutions, unpublished holdings of various central
banks and governments, estimated holdings of British Exchange Equalization Account based on figures shown below under United Kingdom,
and estimated
official holdings of countries from which no reports are received.
2
Includes gold in Exchange Stabilization Fund. Gold in active portion of this Fund is not included in regular statistics on gold stock (Treasury
gold) used in the Federal Reserve statement "Member Bank Reserves, Reserve Bank Credit, and Related Items" or in the Treasury statement
"United
States Money, Outstanding and in Circulation, by Kinds."
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 1949f p. 86, and February 1949, p. 196, respectively.

586




FEDERAL RESERVE BULLETIN

NET GOLD PURCHASES BY THE UNITED STATES, BY COUNTRIES
(Negative figures indicate net sales by the United States)
[In millions of dollars at $35 per fine troy ounce]

Total

United
Kingdom

-452.9
721.3
2,864.4
1,510.0
193.3
-1,725.2
75.2
393.7
-1,164.3
-326.6

-.2
406.9
734.3
446.3
-1,020.0
469.9
440.0
-480.0
-50.0

Year or
quarter

1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
1952

557.3
105.7
-1.3

Jan.-Mar..
Apr.-June.
July-Sept.,
Oct.-Dec

520.0

-268.0

Belgium

31.1
14.2
222.8
69.8
-41.0
-55.0
-10.3
-3.8
-84.9

France

Germany,
Fed.
Rep. of

Netherlands

278.5
264.6
15.8
-84.8
-20.0

130.8
40.7
-23.5
-79.8
-4.5
- 1 0 . 0 -100.0
-130.0 -65.0
-225.6

Portugal

-47.9
-10.0
116.0
63.0
14.0
-15.0
-34.9
-5.0
-59.9
-54.9

Sweden

80.2
238.0
3.0
-22! 9
-32.0
-20.0
-15.0

20.2

Switzerland

Other
Europe 1

Canada

Argentina

Cuba

Mexico

-86.8
-29.9
10.0
-5.6
-40.0
-38.0
-15.0
22.5
-65.0
-15.5

-7.4
27.3
86.6
5.8
-159.9
-68.0
—60.1
-17.3
— 111.8
-17.4

36.8
337.9
311.2

-224.9
153.2
727.5
114.1
-49.9

-85.0
-30.0
-65.0
-10.0
-10.0
28.2
-20.0

-23.8
36.9
45.4
61.6
-16.1
-118.2
-60.2
87.7
-28.1
80.3

22.5

—80.0 -24.0

- 1 0 . 0 -100.0

-5.0

-30.0
-10.0
-40.0
-50.0

-15.0 - 1 0 . 0
-15.0
-15.0
-15.0

-10.1
-7.2

3.4
-100.0
-10.0

7.2

-49! 9
-20.0
-84.8

11.3
101.4

6.9
.3
-20.0

-25.0

-54.9
-20.0
-10.0

-28.1

1953
Jan.-Mar..
Apr.-June.
July-Sept..
Oct.-Dec.

-599.1
-128.2
-306.6
-130.3

-320.0
-40.0
-120.0

-63.0
-19.6
-171.8
-72.3

-50.0

-36.5
-3.4
-12.4
-32.6

-25.0
-40.6

-20.0
-25.0
-15.0
-5.0

-45.0
-8.8
-42.8
-15.3

1954
Jan.-Mar..
Apr.-June.
July-Sept.,
Oct.-Dec. .

-20.0
-5.0
•20.0
10.0

-40.0
— 15.6
-140.0
-30.0

-2.4

-15.0

-8.0
-7.5

-1.1
-2.5
-11.3

80.3

NET GOLD PURCHASES BY THE UNITED STATES,
BY COUNTRIES—Continued

ANALYSIS OF CHANGES IN GOLD STOCK OF
UNITED STATES

(Negative figures indicate net sales by the United States)

[In millions of dollars]

[In millions of dollars at $35 per fine troy ounce]

Year or
quarter

Uruguay

Venezuela

-37.9 -73.1
-9.2
-4.9
25 1
-3.7
10.7 - 1 0 8 . 0
-14 4 -50.0
-64.8
22.2
-.9
14.9
— 15 0
- 5 0 -30.0

1945
1946
1947
1948
1949
1950
1951
1952
19*3
1954

Other
Latin
America

Gold stock at
end of period

Union
Asia
of
and
South
Oceania Africa

- 2 7 . 8 3-188.3
25.0
13.7
1.0
79.1
13.4
-4.1
-7.5
-52.1
-17.2
-35.4
-17.2
-7.0
-25.1
-3 8
-6.1
17.2
-10.4

All
other

-9.9
-.4

1952
Jan.-Mar
Apr.-June
lniv-Sent
Oct.-Dec

-17.6
-7.4
-2.0
2.0

10.0
4.8

-3.2
-2.4
.4
-1.8

4.3
7.2

•
-1.9

1953
Jan.-Mar

-3.6

-10.0
—5 0

— .1
— .1

Tnlv-SeDt
Oct -Dec .

-1.1

— 1.2
— 1.4
—2.4

-9.9

1954
Jan.-Mar
Oct -Dec
1
2

-5.0

' -30.6

13.2
2.0

-8.9
-1 2

1.9

-.1

'" -.i
4

Includes Bank for International Settlements.
Includes sale of 114.3 million dollars of gold to Italy.
3 Includes sales of 185.3 million dollars of gold to China.
^Includes sales of gold to Egypt as follows: 1950, 44.8 million
dollars; and 1951, 76.0 million.
^Includes sales of 45.0 million dollars of gold to Indonesia.

MAY

1955




Total 1

1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954

21,938
20,619
20,065
20,529
22,754
24,244
24,427
22,706
22,695
23,187
22,030
21,713

21,981
20,631
20,083
20,706
22,868
24,399
24,563
22,820
22,873
23,252
22,091
21,793

-757
-1,349
-547
623
22,162
1,530
164
-1,743
52
379
-1,161
-297

1954—Apr..
May.
June.
July.
Aug..
Sept..
Oct...
Nov..
Dec..

21,969
21,973
21,927
21,908
21,809
21,810
21,759
21,710
21,713

22,083
22,039
22,027
21,960
21,897
21,863
21,827
21,791
21,793

47.9
-44.1
-11.6
-66.5
-63.6
—33.6
-36.7
-35.9
2.6

2.4
1.2
3.3
.5
.7
.1
.6
.5
.7

37.5
-48.4
-16.9
-72.7
-65.4
-34
-34.6
—36.7
1.8

4.9
5.0
6.1
6.1
5.8
5.1
5.6
5.6
5.8

1955—Jan. .
Feb..
Mar..
Apr..

21,714
21,716
21,719
21,671

21,786
21,788
21,763
P21,724

-7.3
1.6
-24.7
p-39.5

2.2
3.2
2.7

-9.7
-.8
-27.7
4-41.

5.0
4.8
5.4
CO

Period

3.7
94.3
22.9
256.0
11.9
6.9
498.6
195.7
-1.6
13.1 4-47.2
52.1 4-84.0
-2.0
11.5

.

Treas-

Earmarked
Net
Increase gold
gold: de- Domesin total portimtic gold
or crease producgold
or inesport
stock
tion
crease

68.9 - 8 0 3 . 6
-845.4 -459.8
-106.3 -356.7
465.4
311.5
210.0
1,866.3
1,680.4 - 1 5 9 . 2
686.5 - 4 9 5 . 7
- 3 7 1 . 3 -1,352.4
-549.0
617.6
684.3 - 3 0 4 . 8
2.2 -1,170.8
16.6 - 3 2 5 . 2

48.3
35.8
32.0
51.2
75.8
70.9
67.3
80.1
66.3
67.4
69.0
65.4

^Preliminary.
J
See footnote 2 on opposite page.
2
Change includes transfer of 687.5 million dollars gold subscription
to International Monetary Fund.
3
Not
yet available.
4
Gold held under earmark at the Federal Reserve Banks for foreign
account, including gold held for the account of international institutions, amounted to 6,889.0 million dollars on Apr. 30, 1955. Gold
under earmark is not included in the gold stock of the United States.
NOTE.—For back figures and description of statistics, see Banking
and Monetary Statistics, Table 156, pp. 536-538, and pp. 522-523.

587

INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT
AND INTERNATIONAL MONETARY FUND
[End-of-month figures. In millions of dollars]
1954

1955

1955

Mar.

Dec.

Sept.

June

Gold
Currencies:1
United States
Other
Unpaid member subscriptions...
Member subscriptions
Accumulated net income

Loans as of March 31, 1955
Country •
Principal

Total

Quota

Outstanding

Country*
Disbursed

258.5
106.0
194.1
37.3
78.8
40.0
50.1
257 5
126.0
40 2
141 3
221 5

25 0
44 5
25.4
61.0
110.0
66.0
33.0
60.7
141.9

186.1
87.6
139.5
17.8
44.7
40.0
33.2
251.0
56.1
19.8
81.6
221.. 5
25.0
27.9
23.2
31.1
105.9
40.1
30.9
53.7
77.6

02,118.8 1,594.2

Undisbursed

Repaid

Sold
to
Total
others8

72.4
18.4
54.6
19.5
34.1

2.0
3.1
3.9
4.6
1.5
5.2
16.8
6.5 6.8
69.9 14 1
20.4
59.7 3.8
131.0
16.6
2.2
29.9
4.1

2.3
.5
2
1 3

25.9
2.1
7.0
64.3

2 /
9.7

186.1
85.6
136.4
13.9
40.1
38.5
28.1

7.4
17.9
4.0
1.3

244.2
42.0
19.8
77.8
90.4
25.0
25.6
22.7
30.9

8.3
5.7
6.1
2.6
10.4
2.0
2.1

104.6
40.1
30.0
51 .0
67.9

8.6
6.0

524.5 193.5 1,400.7

4.1
7

87.7

Oct.

Jan.

Mar.

485
478
415
468
466
Dollar deposits arid U. S. securities
990
Other currencies
and securities1 1,001 1,010 1,049 1,034
2
1,694 1,738 1,620 1,663 1,562
Effective loans
33
35
37
31
33
Other assets 3
850
838
849
777
742
IBRD bonds outstanding
336
386
420
380
357
Undisbursed loans
9
11
10
11
7
Other liabilities
154
174
165
146
137
Reserves
1,806 1,806 1,831 1,830 1,808
Capital

Australia
Belgium
Brazil
Chile
Colombia
Denmark
Finland
France
India
Japan
Mexico
Netherlands
Norway
Pakistan
Thailand
Turkey
Union of S. Africa.
United Kingdom...
Uruguay
Yugoslavia
Other

1954

Monetary Fund

International Bank

Australia
Brazil
Colombia
France
Germany
India...
Indonesia
Japan
Mexico
Turkey
United States

200
150
50
525
330
400
110
250
90
43
2,750

July

Apr.

Jan,

1,744 1,734 1,733 1,719 1,702
1,567 1,574 1,472 1,408 1,386
4,734 4,738 4,746 4,824 4,847
798
798
892
889
796
8
8,853 8,853 8,853 8,849 8,739
-10
-9
-8
-9
-8

Subscription
paid
in
gold
8.4
37.5
12.5
108.1
33.0
27.5
15.5
62.5
22.5
10.8
687.5

Cumulative net drawings
on the Fund 1 0
1955

1954

Jan.

Feb.

Dec.

Feb.

14.0
14.0
14.0
38.0
65.5
65.5
65.5
65.5
25.0
25.0
25.0
105.0 105.0 105.0 125.0
-49.5 -49.5 -49.5
-4.4
53.3
53.3
53.3 100.0
15.0
15.0
15.0
62.4
62.4
62.4
62.4
22.5
22.5
22.5
20.0
27.0
20.0
24.0
-450.7 -461.6 -464.4 -648.1

1
Currencies include demand obligations held in lieu of deposits.
2
Represents total principal of authorized loans, less loans not yet
effective, repayments, the net amount outstanding on loans sold or
agreed
to be sold to others, and exchange adjustment.
3
Excludes uncalled portions of capital subscriptions.
4
Loans
to dependencies are included with member.
6
Includes also effective loans agreed to be sold but not yet disbursed.
•Includes
138 million dollars in loans not yet effective.
7
Includes 67 million dollars not guaranteed by the Bank.
8
Includes 125 million dollar subscription of withdrawing member
(Czechoslovakia).
^Includes countries having cumulative net drawings of 10 million
dollars
( + or —) on the latest date.
10
Represents for each country purchases of other currencies from
Fund less purchases of own currency by it or other countries.

CENTRAL BANKS
Bank of England
(Figures in millions of
pounds sterling)

Assets of issue
department

Gold*

Assets of banking
department

Other
assets

Notes
and
coin

Discounts
and advances

Securities

Liabilities of banking department
Note
circulation
Bankers'

Public

ECA

Other

Other
liabilities and
capital

Deposits

1948—Dec.
1949—Dec.
1950—Dec.
1951—Dec.
1952—Dec.
1953—Dec.

29
28
27
26
31
30

.2
.4
.4
,4
.4
.4

1,325.0
1,350.0
1,375.0
1,450.0
1,575.0
1,675.0

36.1
33.7
19.2
14.1
51.3
57.8

16.7
14.8
29.2
18.2
11.2
4.9

401.1
489.6
384.0
389.2
371.2
338.1

1,293.1
1,321.9
1,357.7
1,437.9
1,525.5
1,619.9

314.5
299.2
313.5
299.8
302.8
290.2

11.7
11.6
15.4
13,4
10.0
14,9

17.4
97.9
.4
.6
24.3
7.2

92.1
111.2
85.0
89.8
78.5
70.4

18.
18.
18.
18.
18
18.: !

1954—Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

28
26
30
28
25
29
27
24
29

.4
.4
.4
.4
.4
.4
.4
.4
.4

1,625.0
1,625.0
1,675.0
1,750.0
1,700.0
1,675.0
1,675.0
1,675.0
1,775.0

15.5
14.7
30.2
36.8
48.7
42.3
41.7
25.9
26.0

7.5
7.0
11.7
8.2
7.0
6.5
2.1
4.5
8.9

369.5
352.5
374.6
338.7
310.1
337.6
351.1
374.9
350.7

1,612.6
,613.4
,647.4
L.715.8
,654.0
,635.4
,635.9
,651.9
,751.7

289.3
267.8
307.7
269.1
267.2
276.1
295.6
293.7
276.1

11.7
14.0
10.6
14.8
14.6
16.4
9.8
11.7
15.4

6.6
4.6
8.7
10.2
1.7
6.3
6.3
9.6
9.6

67.1
69.8
71.3
71.3
63.8
69.0
65.4
72.3
66.3

17.i$
18.()
18.: I
18.: \
18.' I
18.. 5
17.ii

1955—Tan. 26
Feb. 23
Mar. 30

.4
.4
.4

21,725.0
1,725.0
1,725.0

62.8
68.8
31 .5

16.4
52.4
16.1

298.0
248.1
328.8

,664.9
,658.9
: ,696.3

251.9
271.1
275.7

16.3
11.3
11.7

4.7
4.7
4.1

85.9
63.7
66.4

18.. 5
18. I
18.

17. <}
18. L

1
On Sept. 19, 1949, the official buying price of the Bank of England for gold was increased from 172 shillings and threepence to 248 shillings
per fine ounce. For details regarding previous changes in the buying price of gold and for internal gold transfers during 1939, see BULLETIN for
March 1950, p. 388, footnotes 1 and 4.
2
Fiduciary issue decreased by 50 million pounds on Jan. 20. For details on previous changes, see BULLETIN for February 1955, p. 226.
NOTE.—For back figures, see Banking and Monetary Statistics, Table 164, pp. 638-640; for description of statistics, see pp. 560-561 in same
publication. For details relating to individual items, see BULLETIN for April 1955, p. 442.

588




FEDERAL RESERVE BULLETIN

CENTRAL BANKS—Continued
Assets

Bank of Canada
(Figures in millions of
Canadian dollars)

Gold*

Sterling
and United
States
dollars

Liabilities

Dominion and provincial government
securities

Deposits
Other
assets

Shortterm

Other
liabilities
and
capital

Note
circulation
Chartered
banks

Other

Dominion
govern-

Other

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

156.8
1.0
2.0
.4
74.1
111.4
117.8
77.1
54.9

157.3
,197.4
,022.0
,233.7
,781.4
,229.3
,141.8
,459.8
,376.6

688.3
708.2
858.5
779.1
227.8
712.5
1,049.3
767.2
893.7

29.5
42.1
43.7
45.4
42.5
297.1
135.2
77.3
112.0

,129.1
,186.2
,211.4
,289.1
,307.4
,367.4
,464.2
,561.2
,599.1

521.2
565.5
536.2
547.3
541.7
578.6
619.0
626.6
623.9

153.3
60.5
68.8
98.1
30.7
24.7
94.9
16.2
51.5

29.8
93.8
67.5
81.0
126.9
207.1
66.1
44.5
29.5

198.5
42.7
42.4
43.1
119.2
172.6
200.0
132.9
133.1

1954—Apr. 30.
M a y 31.
June 30.
July 31.
Aug. 31.
Sept. 30.
Oct. 30.
Nov. 30.
Dec. 31.

58.3
61.5
54.2
53.6
56.9
57.9
52.3
57.7
54.2

,703.8
,740.4
,568.5
,651.2
.669.9
,660.8
,438.2
,444.3
,361.5

568.0
520.5
702.0
502.3
502.4
545.6
809.9
837.5
871.1

101.2
103.2
112.9
109.9
77.2
73.3
105.5
85.1
114.1

,535.7
,546.6
,553.5
,572.1
,573.0
,585.3
,579.8
1,587.1
1,623.5

661.7
589.3
624.4
543.9
531.0
521.4
595.2
528.8
529.6

86.0
143.8
99.0
50.5
49.6
81.8
49.8
141.1
56.3

27.3
30.3
41.4
30.9
31.5
25.8
31.4
36.0
30.5

120.6
115.7
119.2
119.5
121.3
123.2
149.5
131.5
161.0

1955—Jan. 31.
Feb. 28.
Mar. 31.

51.5
52.4
50.8

1,249.8
1,320.6
1,325.6

876.0
815.1
821.6

87.7
82.1
101.4

1,545.9
1,541.7
1,552.9

528.7
503.8
541.9

56.5
63.2
57.5

38.6
47.3
42.7

95.4
114.1
104.3

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

Assets
B a n k of F r a n c e
Domestic bills
(Figures in
millions of francs)

Gold2

Foreign
exchange

Liabilities
Advances to
Government

Deposits
Other
assets

Open
market

Special

Other

Current

Other

Note
circulation

Government

1945—Dec. 27.
1946—Dec. 26.
1947—Dec. 31.
1948—Dec. 30.
1949—Dec. 29.
1950—Dec. 28.
1951—Dec. 27.
1952—Dec. 31.
1953—Dec. 31.

129,817
94,817
65,225
65,225
62,274
182,785
191,447
200,187
201,282

68
7
12
30
61,943
162,017
28,320
31,068
15,421

17,980
37,618
67,395
97,447
137,689
136,947
234,923
274,003
292,465

303
3,135
64
8,577
28,548
34,081
31,956
57,042
61,108

25,548
76,254
117,826
238,576
335,727
393,054
741,267
937,459
891,560

67,900
147,400
150,900
157,900
158,900
160,000
172,000
200,000

445,447
480,447
558,039
558,039
560,990
481,039
481,039
479,982
679,849

24,734
33,133
59,024
57,622
112,658
212,822
190,830
159,727
169,964

1954—Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

29.
26.
24.
29.
26.
30.
28.
25.
30.

201,282
201,282
201,282
201,282
201,282
201,282
201,282
201,282
201,282

27,862
31,344
34,133
37,884
41,059
45,117
48,971
51,939
57,291

218,436
208,288
217,399
264,197
265,330
262,922
264,861
224,487
236,765

33,162
26,612
18,317
12,206
5,129
15,058
32,697
44,593
48,925

982,829
934,538
946,002
1,018,726
980,146
1,030,309
1,027,934
1,013,121
1,130,183

195,000
195.000
195,000
195,000
195,000
195,000
195,000
195,000
195,000

663,349
651,849
656,749
652,449
648,049
634,749
626,249
619,549
617,649

192,424 ,322,140
210,331 ,272,409
185,682 ,270,081
196,282 ,386,357
191,874 ,333,133
224,089 2 ,443,797
218,288 2 ,428,122
218,584 ,386,103
277,215 ,538,455

15
17
84
70
100
6
93
65
76

1955—Tan. 27.
Feb. 24.
Mar. 3 1 .

201,282
201,282
201,282

60,482 226,244
66,689 172,750
86,467 160,613

46,054 1,063,937 190,000 592,249
40,224 1,062,552 190,000 617,649
32,564 1,138,808 190,000 597,449

286,200 2 ,472,650
306.480 2 ,482,667
'353,285 2,583,654

97
61
24

570,006 12,048
721,865
765
920,831
733
987,621
806
,278,211
1,168
,560,561
70
,841,608
29
,123,514
27
,310,452
21

ECA

Other

Other
liabilities
and
capital

57,755
63,468
82,479
171,783
158,973
15,058 161,720
10,587 166,226
897 137,727
2,061 142,823

4,087
7,213
10,942
16,206
19,377
24,234
41,332
49,305
56,292

132,387
128,816
119,155
132,203
128,178
105,192
119,406
106,920
154,100

59,704
57,869
65,043
59,047
66,377
59,441
67,56?
72,162
67,935

3,733 125,962
137 121,699
7,351 115,374

64,006
53,062
54,064

98
134
202
348
83
90
98
3,304
3,744

1
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).
2
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.
a
Includes advance to Stabilization Fund, amounting to 195.0 billion francs on Mar. 31.

NOTE.—For details relating to individual items, see BULLETIN for April .1955, p. 443. For back figures on Bank of Canada and Bank of France,
see Banking and Monetary Statistics, Tables 166 and 165, pp. 644-645 and pp. 641-643, respectively; for description of statistics, see pp. 562-564
in same publication. For last available report from the Reichsbank (February 1945), see BULLETIN "for December 1946, p. 1424.

MAY

1955




589

CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)

1955
Mar.

Feb.

1954

Jan.

Central Bank of t h e Argentine
Republic (millions of pesos):
1,623
1,623
Gold reported separately
1,197
1,257
Other gold and foreign exchange.
4,235
4,496
Government securities
71,123 69,316
Rediscounts and loans to banks.
386
270
Other assets
31,526 31,328
Currency circulation
41,836 40,648
Deposits—Nationalized
443
404
Other sight obligations
4,761
4,582
Other liabilities and c a p i t a l . . . .
Commonwealth Bank of Australia (thousands of pounds):
394,539 405,585 413,408
Gold and foreign exchange
Checks and bills of other banks.. 7,990 5,783 7,065
Securities (incl. Government and
442, 554 432,914 466,798
Treasury bills)
100,164 95,958 74,896
Other assets
353,827 354,327
360,077
Note circulation
Deposits of Trading Banks:
670
295,670
295,670
295,
Special
'5,
37,202 34,930 49,737
Other
252, 298 255 ,813 262,433
Other liabilities and capital
Austrian National Bank (millions
of schillings):
556
556
556
Gold
8,352 8,545 8,634
Foreign exchange (net)
5,158
5,170 5,137
Loans and discounts
1,774
1,774
1,774
Claim against Government
374
376
378
Other assets
11,904
12,028
12,062
Note circulation
1,860 2,044 2,156
Deposits—Banks
706
595
613
Other
1,730
1,723
1,695
Blocked
National Bank of Belgium
(millions of francs):
41,203 39,834 39,044
Gold
Foreign claims and balances (net). 12,535 12,419 12,558
6,802
7,920 5,815
Loans and discounts
Consolidated Government debt. . 34,660 34,660 34,660
7,539
7,994 8,722
Government securities..
4,666 4,574
4,935
Other assets
104,039 101,265 100,571
Note circulation
1,642
1,745
2,176
Deposits—Demand
93
96
96
ECA
2,870
2,937 3,009
Other liabilities and capital
(Nov.
Central Bank of Bolivia—Mone1954)*
tary dept. (millions of bolivianos):
1,134
Gold at home and abroad
10,430
Foreign exchange (net) 1
11,034
Loans and discounts
2,505
Government securities
3,70
Other assets
19,645
Note circulation
2,089
Deposits
7,076
Other liabilities and capital
Central Bank of Ceylon (thousands
of rupees):
565,657 577,008 549,084
Foreign exchange
Advances to Government
,016 26,014
18,04.3
Government securities
3,725
4,501
,251
Other assets
379,679 368,179 370 ,116
Currency in circulation
34,334
61,279 52
Deposits—Government
123,852
97,525 134,
Banks
50,521
49,719 48.
Other liabilities and capital
Central Bank of Chile (millions
of pesos):
5,746 5,744 5,743
Gold
933
1,437 1,040
Foreign exchange (net)
Discounts for member b a n k s . . . . 4,047 4,602 4,110
15,885 15,885 11.385
Loans to Government
11 ,724 10,160 12,352
Other loans and discounts
3.922 3,738 4,852
Other assets
30,550 28,192 26,714
Note circulation
3,568 4,824 4,413
Deposits—Bank
2,322 1,668 1,269
Other
6,320 6,485 6,978
Other liabilities and capital
Bank of the Republic of Colombia
(thousands of pesos):
Gold and foreign exchange.
248,834 324,826 414,303
Net claim on Infl. F u n d 2 . .
24,380 24,380 24,380

Mar.

Central Bank
(Figures as of last report
date of month)

1955
Mar.

Feb.

1954

Jan.

Bank of t h e Republic of Colombia—Cont.
1,623
644,520 552,944 466 ,754
Loans and discounts
1,765
Government loans and securities. 333,685 311 ,817 315,450
3,85-5
148,620 106 ,419 97,542
Other assets
60,563
Note circulation
624,736 651 ,156 670,407
254
Deposits
602,,952 522 ,256 514,436
25,862
Other liabilities and c a p i t a l . . . . . . 172,350 146,974 133,586
37,548 Central Bank of Costa Rica
606 (thousands of colones):
4,044
Gold
11,503
503 11,503
Foreign exchange
118,046
008 102,564
Net claim on Int'l. Fund 2
7,032
032 7,032
538,989
Loans and discounts
041 107,607
78,215
11,479
Securities
786 2,828
6,328
Other assets
072 24,357
25,864
381,314
Note circulation
829 163,953
159,300
87,365
Demand deposits
480 60,893
55,859
341,113
133 31,045
Other liabilities and capital
31,829
National Bank of Cuba
373,920
(thousands of pesos):
33,226
Gold
185,875
270,888
Foreign exchange (net)
95,367
Foreign exchange (Stabilization
Fund)
199,377
186
Silver
7,899
Net claim on Int'l. Fund 2
12,512
5.376
Loans and discounts
51,591
1,780
Credits to Government
69,359
35
Other assets
77,058
10,423
Note circulation
410,428
2,284
Deposits
262,005
699
Other liabilities and capital
18,706
1,868 National Bank of Czechoslovakia'
National Bank of D e n m a r k
(millions of kroner):
39,354
Gold
68
68
68
13,247
693
Foreign exchange
693
763
5,384
239
Loans and discounts
173
266
34,660
474
Securities
475
479
5,393
,144
Govt. compensation account. „ .
3,147 3,147
4,216
480
Other assets
638
405
97,274
,973
Note circulation
1,983
2,025
1,504
,298
Deposits—Government
1,297
1,283
119
,630
Other
1,645
1,555
198
3,359
Other liabilities and capital
269
265
Central Bank of the Dominican
Republic (thousands of pesos):
12,076 12,076 12,076
1,903
Foreign exchange (net) 2
12,818 14,137 15,696
12,643
Net claim on Int'l. Fund
1,250
1,250
6,401
1,250
Loans and discounts
3,957 3,422 3,138
2,505
Government securities
8,890 8,890 8,890
220
Other assets
14,448 14,247 14,261
13,229
Note circulation
41,002 40,575 40,960
3,929
Demand deposits
10,004 11,089 12,080
6,514
Other liabilities and capital.....
2,434 2,358 2,271
Central Bank of Ecuador
329,305
(thousands of sucres) :
343,229 342,954 342 ,990
35,200
Gold
82,894 138 186 151,138
91,021
Foreign exchange (net) 2
3,911
18,757 18 757 18,757
Net claim on Int'l. Fund
348,101
403,125 370 478 366,018
Credits—Government
207,689 168 370 175,077
440
Other
211,565 219 352 185,722
66,280
Other assets
628,647 646 437 651,990
44,615
Note circulation
Demand deposits—Private banks. 205,597 204 907 199,331
201,286 172 195 166,525
Other
231,729 234, 558 221,855
5,655
Other liabilities and capital
215 National Bank of Egypt (thou1,801
sands of pounds):
11,509
60,553 60,553 60,553
Gold
7,392
179,292 179,400 181,391
Foreign assets 4
2,737
105,155
105,151 99,136
Egyptian
Govt.
securities
r
19,372
Clearing and other accounts (net) -8,375 -7,286 -11,559
4,693
22,242 25,284 26,867
Loans and discounts
722
Advances to Government
'"4,522
1,641
1,562
1,779
Other assets
173,133 179,195 178,267
Note circulation
94,358 94,079 88,733
Deposits—Government
367,355
75,028 74,289 74,296
Other
24,377
Other liabilities and capital
17,990 17,099 16,870

Mar.

306,968
258,418
125,800
580,923
400,443
101,551
11,503
104,291
7,032
93,596
26,462
137,548
76,290
29,046
185,748
36,509
276,383
7,616
12,512
43,641
33,196
68,856
421,674
226,475
16,313
69
1,008
210
502
3,233
128
1,972
1,477
1,478
222
12,076
23,867
1,250
1,766
9,420
3,720
36,796
13,318
1,984
342,368
80,679
18,757
369,369
175,135
176,849
574,832
174,055
192,556
221,716
60,553
22,617
251,445
15,070
1,954
172,118
69,678
101,717
8,125

r
*Latest
month available.
Revised.
1
Represents chiefly bills secured by stocks of mined tin not yet sold in world markets.
2
This figure represents the amount of the country's subscription to the Fund less the bank's local currency liability to the Fund.
3For last available report (March 1950), see BULLETIN for September 1950, p. 1262.
4
Beginning December 1954, includes foreign government securities formerly shown with Egyptian Government securities.

590




FEDERAL RESERVE BULLETIN

CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)
Central Reserve Bank of El Salvador (thousands of colones):
Gold
Foreign exchange (net) 1
Net claim on Int'l. Fund
Loans and discounts
Government debt and securities..
Other assets
...
Note circulation
Deposits
Other liabilities and capital
Bank of Finland (millions of markkaa)Gold
Foreign assets (net) . . .
Clearings (net)
Loans and discounts
Securities
Other assets
Note circulation
Deposits
Other liabilities and capital
2

Bank of German States

(millions of German marks):
Gold
Foreign exchange
Loans and discounts
Loans to Government . .
Other assets
Note circulation
DeDosits—Government
Banks
Other
Other liabilities and capital
Bank of Greec©3 (millions of drachmae) *
Gold and foreign exchange (net)
Loans and discounts
Advances—Government
Other
Other assets
Note circulation
,. .
Deposits—Government
Reconstruction and
Other
Other liabilities and capital
Bank of G u a t e m a l a (thousands of
quetzales):
Gold
Foreign exchange (net)
Gold contribution to Int'l. Fund.
Rediscounts and advances
Other assets
Circulation—Notes
Coin
Deposits—Government . . . .
Banks
Other liabilities and capital
National Bank of Hungary a
Reserve Bank of India (millions of
rupees) *
Issue department:
Gold at home and abroad... .
Foreign securities
Indian Govt securities
Rupee coin
Note circulation
Banking department:
Notes of issue department. . .
Balances abroad
Bills discounted
Loans to Government . .
Other assets
Denosits
Other liabilities and capital. .
Sank Indonesia (millions of rupiah)
Gold and foreign exchange (net).
Loans and discounts
Advances to Government
Other assets

1955
Mar.

1954

Feb.

71 ,568 71,653
65 8 3 0 68 563
1, 569 1,569
30, 462 36,974
15 939 9,214
6 686 6 879
99 861 104,033
83 319 82,104
8 882 8,714
6
30
4
35
9

000
960
734
787
157

2 010
48 746
90 900
12 902
2
8
9
4
12
1
3
1

90S
610
109
38^
OSS
477
99S
004
537
807

6 909
29,416
4,437
33 974
2,184
2,108
48,151
18 979
11,899

Jan.

Mar.

71 797

72 435
75 243

5 9 306
1 569
41 ,351
8 ,434
6 807
10S 617
74 ,601
8 ,976
6 909
9 7 ,101
3 708
3 3 , 63 7
9 179
1 , 989
44 764
17 , 989
12 ,770

2 898 9 731
8,599 8 700
1 638 1 ,891
3,138 3 ,616
067
1,128
10,738 1 ? ,180
1 060 1 023
3 445 9 , 600
336

1,822

3? 7
1 ,784
(Dec.
1954}*
4 , 040
133
8 745
4 471
1 , 805
3 888
1 ,315

1 567
11 229
14 454
2 361
10J 501
66 114
9 ,583

10 0 ? 9
36 ,645

2 , 046
44 658
11 ,917
14 ,659
1
7
2
4

6? 7
673
30S
801
976
11 403
1 ,221
9 618
?40
1 ,849
4 5 188
4143
4 8 51,3
4 3 688
41 817
4.3 151
41 ,661
46
49 030
4 4 ,077

97 ? ? 7
11 0 0 ?
1 ,250
19 583
41
51 1 7 9
3 ,737
8 037
13 ,587
17 09 S

?7 ? ? 8
?3 468
1 ,250
19 220
35 ,77?
53 83?
3 , 669
3 499
23 ,032
99 013

400
400
6 ,4-68
6.632 6 ,532
5 030
37f
4 477
1 099
1,037 1 045
12 ,771 12,420 12 ,177

400
6 489
4 213
037
11 ,859

400

159
831
104

1

Q

17C
764

g

Other assets
. .
Note circulation
Deposits—Government
Demand
Other . . .
Other liabilities and capital
Bank of J a p a n (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 6
"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 unInvestments
Other assets

Demand deposits
Other liabilities and capital
Bank of Norway (millions of kroner):
Gold
172
Foreign assets (net)
1 ,048
Clearing accounts (net)
107
Loans and discounts

399

1,117
1 572
380

1 091
1 67(
325

1 163
2 ,145

*314
,885
314

1,267
393
8,558
361

1 ,223
46"
8 ,45f
350

549
6 ,126
252

1 1 RC
1 890

8

655
45

Bank Indonesia—Cont.
Note circulation
Deposits—ECA
Other
Other liabilities and capital
Central Bank of Ireland (thousands
of pounds):
Gold

Note circulation
Bank of Italy (billions of lire):
Gold .
. . . .
Foreign exchange
5 ,862
Advances to Treasury
14 4 9 0
Loans and discounts

7 101
3 34<
4 , 449

27,227
14,505
1,250
11 456
37 374
51,136
3 767
9,095
12.443
15,371

Central Bank
(Figures as of last report
date of month)

351
838

Occupation account (net)
Other assets
Note circulation
Deposits—Government
Banks
. . .
FOA—MSA.
Other liabilities and capital

1954

1955
Feb.

Jan.

7 464

7 371

40S
1 004
638

5 ,105
495
1 544
614

9 646
9 646
646
71 3 3 0 70 946 70 0?0
73 985 73 592 72 666

646
64 8.3?,
67 ,477

Mar.

7, 428
40S
9 184
813

4
60

1

567
378
36?
809
434

48
61
S09

137
9
979
48?
117
530
180
71
01

448
050
9 38
161
703
816
355
474

40S
1 951
669

4
74
567
43 5
348
764
1 43,5
43
56
514
143

4
74
566
306
340
700
1 444
42
5?
51,3
138

448
448
1 ?83
1 ?83
115 757 0 6 8
3 9 0 1,33 441 003
0 ? 694 9 ? 600
.546 977 561 410
56 546 SO 349
77 076 83 867
OS
07 766

Mar.

4
65
567
331
791
•77.S
1 ,332
5,5
6.5
406
123
1?
485
178
111
534
107
67
79

448
300
,764
807
,477
,625
,667
110
,383

1 539

1 520

1 483

1 ,779

3 763

3 816

770
785
4 153
9 00?
710

3 777
715
771
4 705
1 876
70?

4
1 716
753

,886
6.58
801
3 , 463
1 ,651
509

3 023
16
1 480
98
800
443
98
3 .577
583
65*
766
?43

3 015
16
1 46.5
,51
685
434
78
3 5H3
616
653
5.3.3
753

3 015
15
1 558
30
685
451
28
3 539
441
65,3
843
250

2 974
12
1 ,419
33
1 ,217
404
30
3 ,290
854
1 077
588
219

6 ,161 6 ,171 6 ,175
45 .551 46 ,920
45
31 ,358 30 , 4 4 0 33 ,408

.no , 635

6.58
730

50 536 so 503 49 50.3
33 ,479 33 ,446 33 ,446

6 ,153
78 ,766

1 ,755
60 865
063
0 588

1 ,276
68 671
8 9 305
0 410

1 ,278
68 79.3
0 9 87?
9 ,065

, 733
33 ,902
1 671
68 ,004
106 180
9 ,677

903
-398
-SI
61
89
5 S4C
58
3
'os?
628
165
625

903
-340
—57
55
44
5 54f
S3
3 ,090
999
639
16.5
612

?03
-3U
-85
52
3?
5 54r
57
3 ,13-1
1 ,029
543
165
622

718
30
-42
66
32
5 , 546
46
2 0S4
1 ,756
607
137
443

*1 Latest month available.
'•Revised.
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.
»On May 1, 1954, a new drachma equal to 1,000 old drachmae was introduced, changing the ratio from 30,000 to 30 drachmae per U. S. dollar.
4
Figure expressed in billions of drachmae.
6
For last available report (February 1950), see BULLETIN for September 1950, p. 1263.
•Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities.

MAY

1955




591

CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)
State Bank of Pakistan (millions of
rupees):
Issue department:
Gold at home and abroad...
Sterling securities
Pakistan Goyt. securities. . .
Govt. of India securities. . . .
India currency
Rupee coin
Notes in circulation
Banking department:
Notes of issue department..
Bills discounted
Loans to Government
Other assets
Deposits
Other liabilities and capital..
Central Bank of Paraguay
(thousands of guaranies):
Gold*
Foreign exchange (net) 2
Net claim on Infl. Fund
Loans and discounts
Government loans and securities.
Other assets
Note and coin issue
Deposits—Government
Other
Other liabilities and capital
Central Reserve Bank of Peru
(millions of soles):
Gold and foreign exchange
Net claim on Int'l. Fund 2
Loans and discounts to banks. . .
Loans to Government. .
Other assets
Note circulation
Deposits
Other liabilities and capital
Central Bank of the Philippines
(thousands of pesos):
Gold
Foreign exchange
Net claim on Int'l. Fund 2
Loans
Domestic securities
Other assets
Circulation—Notes
Coin
Demand deposits
Other liabilities and capital
Bank of Portugal (millions of
escudos):
Gold
Foreign exchange (net)
Loans and discounts
Advances to Government
Other assets
Note circulation
Demand deposits—Government..
ECA
Other
Other liabilities and capital
South African Reserve Bank
(thousands of pounds):
Gold
Foreign bills
Other bills and loans
Other assets
Note circulation
Deposits
Other liabilities and capital
Sank of Spain (millions of pesetas):
Gold
Silver
Government loans and securities.
Other loans and discounts

1955
Mar.

81
428
1,459

Feb.

1954
Jan.

221
300
47
2,440

81
428
1,459
221
300
48
2,445

2,436

95

92

52

43
396
434
100

69
392
447
107

86
423
447

81
428
1,409
221
300
49

114
(Sept.)
1954)*
3,984
58,730
40
469,142
489,182
368,608
604,602
152,644
159,663
472,778

567
67

581
67

546
1,091
93
1,737
440
187

545
1,148
74
1,710
439
265

20,1.16 20,071

19,292

343,172 343,169 354,990
29,504 29,504 29,504
31.420 41,706 52.617

289,900 282,260 273 .677
150.096 151,694 .151,384
.15,219 621,208 610.254
85,761 85,448 85,122
1.17,383 115,718 139.894
45.846 46,031 46.194
(Dec.
1954)*
5,582
13,234
965
1 ,403
1 ,175
10.457
1 ,908
25
7,699
2 ,269
71,855
60,539
28,131
59,117
101,706
100,027
17,909

71,094
67,384
22,115
46,185
100,951
88,618
17,209

69,159
67,254
14,726
45,372
101.057
78,107
17,347

615
613
613
323
323
323
15,929 15,781 15,549
27,332 27,638 28,522

Mar.

Central Bank
(Figures as of last report
date of month)

1955
Mar.

Feb.

1954
Jan.

Mar.

Bank of Spain—Cont.
36,004 36,232 40,741
Other assets
34,157
Note circulation
41,986 41,591 41.206
37,675
4,392 4,859 5,353
Deposits—Government
3,471
81
3,308 3,353
3.2.14
Other
3,851
535
30,515 30,785 35,975 30,205
Other liabilities and capital
1,286
146 Bank of Sweden (millions of kronor):
584
584
Gold
584
481
300
924
973 1.040
Foreign assets (net)
1 ,329
129
Net claim on Int'l. Fund 2
129
129
129
2,315
Swedish Govt. securities and ad- 3
2,777 2.953 2,99
vances to National Debt Office
2,299
90
Other domestic bills and advances
203
59
30
384
1 ,055 1.028 1 ,029
Other assets
883
4,756 4.793 4,855
Note circulation
379
4,459
129
144
123
477
Demand deposits—Government..
309
96
103
142
Other
107
21
685
68'
Other liabilities and capital
691
716
Swiss National Bank (millions of
2,846
francs):
81,020
Gold
6,259 6.269 6,318
6,131
28
Foreign exchange
576
575
496
561
447,291
Loans and discounts
108
112
103
151
573,140
Other assets
82
95
84
72
\3\,438
Note circulation
5,105 5,045 5,048
4,921
545,377
Other sight liabilities
1,727 1,788 1.839
1,732
132,823
Other liabilities and capital....
19
196
200
197
201,989 Central Bank of the Republic of
355,575
Turkey (millions of pounds):
Gold
402
402
402
•402
Foreign exchange and foreign
419
198
199
207
clearings
192
67
2,898 2.841 2 ,790
Loans and discounts
2,069
606
30
Securities
30
25
30
.1,093
113
Other assets
102
95
96
135
Note circulation
1,526
1,412
1,575 1,566
1,627
Deposits—Gold
154
154
154
154
451
Other
772
1,401 1.360 1,401
241
446
Other liabilities and capital
460
494
493
Bank of the Republic of Uruguay
(Nov.
(thousands of pesos):
1954)*
18,813
Gold
344,167
344.167
436,112
Silver
8,701
8.560
29,504
Advances
to
State
and
Govern19.724
147.866 102,580
ment bodies
239,887
381.889 366,749
Other loans and discounts
160,303
559,726 580,426
Other assets
612.202
464.796 43.1,347
Note
circulation
84,376
146,586 147,426
Deposits—Government
156,290
315,871 321,039
Other
51,476
514,956 502,811
Other liabilities and capital
Central Bank of Venezuela (millions of bolivares):
5,252
Gold
1.233
1,141
1 ,233 1.233
12,980
133
157
246
Foreign exchange (net)
170
650
134
167
101
137
Other assets
1 .418
1.054 1.031 1 .056
Note circulation
1,011
884
238
282
278
275
Deposits
9,579
263
204
192
201
Other liabilities and capital....
1,845
6 Bank for International Settlements (millions of Swiss gold
7,658
francs):
2,097
Gold in bars
641
626
605
Cash on hand and with banki
60
73
58 j
Rediscountable bills and accept
62,660
333
378
315
ances (at cost)
3511
34.023
225
2 79
183
Time funds at interest
265
41,690
392
426
273
389
Sundry bills and investment*.. .
52,940
297
297
297
297
96,754
Funds invested in Germany...,
1
2
3
72,952
Other assets
3;
453
436
439
21,607
Demand deposits (gold)
453
Short-term deposits:
942 1 .000 1,048
745
596
Central banks—Own account. .
37
37
48
46
Other
336
229
229
229
229
Long-term deposits: Special
15,913
287
286
282
Other liabilities and capital
286
24.200.

• Latest month available. r Revised.
*On Aug. 19, 1954, gold revalued from 0.0592447 to 0.0423177 grams of fine gold per guarani.
2
This figure represents the amount of the country's subscription to the Fund less the bank's local currency liability to the Fund.
3 Includes small amount of non-Government bonds.

592




FEDERAL RESERVE BULLETIN

MONEY RATES IN FOREIGN COUNTRIES
DISCOUNT RATES OF CENTRAL BANKS
[Per cent per annum]
Central bank of—
Date
effective

In effect Dec. 31,
1949
June 8 1950
Sept. 11
Sept. 26
Oct. 17
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... .

IX

3
2X

2

4

2K

3%

2X

Date
effective

Argentina
Austria
Belgium
Bolivia

Mar.
June
Oct.
6 * Sept.

Canada
Ceylon
Chile
Colombia . .
Costa Rica

*x

Central
bank of—

Rate
Mar.
31

Date
effective

J«

1, 1936 Ireland
3, 1954 Italy
29, 1953 Japan
30, 1950

Mar.
Apr.
Oct.
5.84 June

3

25,
6,
1,
4,

1952
1950
1951
1942

2
6

3
4
3

IX Feb. 15, 1955
4
4

Netherlands.
June 11, 1954 New Zealand.
June 13, 1935 Norway
July 18,1933 Pakistan....
Feb. 1, 1950

l»

Apr. 7, 1953
Nov. 26, 1954
Feb. 14, 1955
July 1, 1948

4
4

Denmark
Ecuador

5
3

43^
4

June 11

Sept. 17 .
Oct. 29
Nov. 20
Feb.
4,1954..
May 13
May '20
Dec. 2
Jan. 27, 1955
Feb. 15
Feb 24
In effect Mar.
31, 1955

3M

Rate
Mar.
31

Central
bank of—

Ger-1 Bel- NethCan- United
er- SweFrance many
gium lands
den
ada Kingdom

El Salvador.'.".
Finland

3

3X

2%

2«

SH

3

June
May
Nov.
Mar.
Dec.

23, 1954
13, 1948
15, 1952
22. 1950
1, 1954

Peru
Portugal....
South Africa.
Spain
Sweden

6

4

Nov.
Jan.
Mar.
July
Nov.

Switzerland..
Turkey
United Kingdom
U.S.S.R

5M

Nov. 26, 1936
Feb. 26, 1951

2X

13, 1947
12,1944
27, 1952
1, 1954
20, 1953

2X

3)4
3 ^

SX
10
3
3
5

France 1
Germany
Greece
India
Indonesia

3
3
9
3X

Dec. 2, 1954
May 20, 1954
Jan. 1, 1955
Nov. 15, 1951
Apr. 1, 1946

Feb. 24, 1955
July 1, 1936

3
3

1
Rates established for the Land Central banks.
NOTE.—Changes since Mar. 31: Sweden—Apr. 19, from 2% to 3 % per cent.

IX
IX

3

4K

3

2K

2V2

2M

OPEN MARKET RATES
[Per cent per annum]

United Kingdom

Canada
Month

Treasury Day-tobills
day
3 months 1 money 2

.41
.42
.51
.73
.91
1.47
1.75

1954—March
April
May
June
July
August
September
October
November
December

1.62
1.58
1.60
1.57
1.38
1.32
1.21
1.18
1.17
1.08

1955—January
February

.99
.90

Day-today
money
1.00

Bankers'
allowance Day-today
on
money
deposits

.69
1.50
3.00
2.15

1 .00
.51
.51
.50
.52
.52
.51
.99
2.42
2.07

2.25
1.94

.50
.50
.50
.50
.50
.50
.50
.75
2 .00
1.75

2.10
2.09
1.79
1.61
1.57
1.60
1.63
1.59
1.60
1.78

1.94
1.94
1.63
1.44
1.44
1.44
1.44
1.44
1.44
1.45

1.75
1.75
1.44
1.25
1.25
1.25
1.25
1.25
1.25
1.25

3.42
3.55
3.54

.76

2.16
2.17
1.89
1.66
1.60
1.61
.64
.62
.62
.78

.69
.69

2.02
2.58

2.05
2.68

1.55
2.15

1.29

1 .03
.53
.53

.37
.36
.40

1945—February
1946—February
1947—February
1948—February
1949—February
1950—February
1951 —February
1952—February
1953—February
1954—February

Bankers' Treasury
acceptbills
ances
3 months 3 months

France

.56

.56
.69

1.43
1.16
1.06
.95
.96
.78

.63
.63

.63
.63
.63
.63
1 .00

1 .67

Netherlands
Treasury
bills
3 months

Day-today
money

Sweden

Switzerland

Loans
up to
3 months

Private
discount
rate

1.00
.50
.50

.1.25
1 .25
1.25
1.50
1 .63
1 .50
1 .50
1.50
1.50
1.50

3.29

.45
.41
.38
.38
.40
.75
.88
.88
.87
.77

.50
.50
.50
.50
.50
.53
.51
.63
.50
.57

1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50

3.27
3.25

.79
.79

.58
.53

1.50
1.50

1.60
1.18

3 .93
4.10
3.55

3.57

3.79
3.82
3.77

3.65
3.51

.72
.38
.39
.54
.55
.17
.81
.25

1 .00
1.46
.78
.90
1.50
1 .00

1
Beginning January 1953, these figures have been revised to show average rate at tenders. Figures prior to that date represent tender rates
made2 nearest to the 15th of each month.
Represents an average of closing rates.
NOTE.—For monthly figures on money rates in these and other foreign countries through 1941, see Banking and Monetary Statistics, Table 172,
pp. 656-661, and for description of statistics see pp. 571-572 in same publication.

MAY

1955




593

COMMERCIAL BANKS
Assets

United K i n g d o m 1
(11 London clearing
banks. Figures in
millions of pounds
sterling)

Cash
reserves

Liabilities

Money at
Loans to
call and Bills dis- Treasury
deposit2 Securities customers
short
counted receipts
notice

Deposits

Other
assets

Total

Demand

Time

1,512
1,528
1,965
2,148
2,275

1,534
1,660
1,950
1,764
1,725

579
735
867
748
729

6,202
6,368
6,333
6,460
6,694

4,161
4,262
4,290
4,232
4,327

2,041
2,106
2,042
2,228
2,368

427
550
651
528
495

,088
,122
,170
,185
,209
,262
,296
,300
,313

2,280
2,305
2,311
2,351
2,348
2,360
2,364
2,364
2,353

1,786
1,804
1,856
1,836
1,840
1,828
1,83.6
1,871
1,920

699
643
711
643
656
670
691
725
881

6,378
6,335
6,533
6,466
6,519
6,539
6,609
6,684
6,941

4,056
4,005
4,193
4,121
4,173
4,171
4,214
4,244
4,485

2,321
2,330
2,340
2,345
2,346
2,367
2,396
2.440
2,456

499
502
501
510
505
520
545
562
595

1,283
1,072
966

2,351
2,298
2,281

1,904
2,013
2,037

759
810
843

6,718
6,525
6,402

4,303
4,112
4,017

2,415
2,413
2,384

611
637
677

1949—December.
1950—December.
1951—December.
1952—December.
1953—December.

532
540
531
549
542

571
592
598
529
501

,109
,408
972
,248
,417

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

535
501
531
534
534
521
532
534
571

489
463
455
428
438
418
437
452
498

1955—January..
February.
March....

546
525
514

486
445
438

793
456
102

Liabilities

Assets
Canada8
(11 chartered banks.
End of month figures
in millions of
Canadian dollars)

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

Other
assets

Total

Demand

Time

Other
liabilities
and
capital

7,227
7,828
7,896
8,421
8,881

2,794
3,270
3,284
3,497
3,847

4,433
4,558
4,612
4,924
5,034

1,477
1,667
1,714
1,736
1,841

Notes*

1949—December.
1950—December.
1951—December.
1952—December.
1953—December.

765
824
907
916
906

133
134
107
155
154

2,271
2,776
3,028
3,289
3,897

146
171
227
326
424

4,345
4,286
3,876
3,955
3,831

1,058
1,304
1,464
1,516
1,510

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

923
892
866
872
780
809
802
833
810
810

167
144
215
238
211
174
175
293
297
211

3,899
3,925
3,925
3,943
3,924
3,917
3,890
3,892
3,984
3,952

421
398
382
360
352
312
322
330
334
325

3,774
3,780
3,780
3,806
4,096
4,220
4,337
4,442
4,473
4,429

1,426
1,408
1,481
1,540
1,266
1,280
1,396
1,454
1,428
1,706

8,780
8,708
8,818
8,929
8,946
9,022
9,226
9,469
9,462
9,579

3,535
3,397
3,441
3,506
3,474
3,487
3,641
3,781
3,930
3,964

5,245
5,312
5,378
5,423
5,473
5,535
5,585
5,687
5,532
5,615

1,830
1,839
1,830
1,829
1,683
1,690
1,695
1,777
1,864
1,854

1955—January..
February.

806
760

176
214

3,876
3,857

288
285

4,625
4,707

1,488
1,663

9,402
9,608

3,656
3,728

5,746
5,880

1,857
1,879

Assets

France
(4 large banks. End
of month figures in
millions of francs)

14
(4)

Liabilities
Other
assets

Own
acceptances

Other
liabilities
and
capital

8,062
18,618
27,145
32,043
42,549

26,355
28,248
33,774
24,957
30,308

15,662
17,316
23,547
28,551
34,222

1,010,245
968,648
967,024
989,474
993,533
1,061,250
999,131
,007,956
1,087,933
1,071,500
1,130,026

44,286
42,444
40,608
41,284
40,546
42,039
43,905
44,241
45,154
47,854
46,085

32 ,539
34,322
31,538
29,721
28,422
26,945
24,248
23,179
25,355
28,515
31,372

35,933
40,416
44,652
47,580
53,090
57,432
60,910
64,688
69,570
73,185
75,757

1,113,206

45,074

32,205

36,344

Deposits

Cash
reserves

Due from
banks

Bills discounted

Loans

1949—December
1950—December
1951—December
1952—December
1953—December

40,937
48,131
60,215
51,155
50,746

42,311
52,933
72,559
68,243
86,273

426,690
527,525
627,648
636,624
744,076

129,501
135,289
165,696
170,298
184,930

29,843
31>614
38,114
29,734
35,673

627,266
749,928
906,911
902,547
1,037,169

619,204
731,310
879,767
870,504
994,620

1954—February
March
April...
May
June
July
August
September
October
November
December?

44,083
43,889
43,467
49,186
45,701
51,277
47,292
46,676
51 ,991
47,696
53,348

75,183
80,266
78,411
79,438
85,313
90,693
84,294
87,028
83,631
82,270
84,898

770,445
714,717
710,596
719,284
721,240
787,897
719,014
730,466
820,800
797,574
848,539

193,050
201,349
206,008
213,557
214,988
208,091
227,750
223,746
214,681
229,729
223,692

40,242
45,611
45,340
46,594
48,348
49,709
49,845
52,147
56,909
63,785
72,762

1,054,531
1,011,093
1,007,632
1,030,758
1,034,079
1,103,289
1,043,036
1,052,196
1,133,087
1,119,354
1,176,111

1955—January

46,988

84,521

823,669

231,670

39,982

1,158,280

Total

Demand

Time

^Preliminary.
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 % per cent after October 1945.
3
In accordance with the Bank Act of 1954, the form of presentation of the banks' statement was revised beginning July 1954, and figures
shown
may not be strictly comparable with those for earlier dates.
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.

594




FEDERAL RESERVE BULLETIN

FOREIGN EXCHANGE RATES
[Average of certified noon buying rates in New \ o r k for cable transfers. Ln cents per unit of foreign currency]
Argentina
(peso)
Year or month
Basic
1949
1950
1951
1952
1953
1954

.

Preferential

Free

Australia
(pound)

29.774
26.571 "i3'.333 "*8'.289'
20.000
7.067
13.333
20.000
7.163
13,333
20.000
7.198
13.333
20.000
7.198
13.333

293.80
223.15
223.07
222.63
224.12
223.80

Austria Belgium
(schilling) (franc)

97.491
90.909

92.881
91.474
94.939
102.149
101.650
102.724

4.2808
4.2808
4.2808
1
4.2808

32.681
32.666
32.689
32.644
32.558
32.634
32 625
32.544

101.575
101.882
102.611
103.060
103.112
103.094
103.160
103.292

32.538
32.535
32 608
32 675

103.498
102.384
101.587
101.404

224.58
224.56
224.51
224.13
223.18
222.89
222.67
222.10

3.8580
3.8580
3.8580
3.8580
3.8580
3.8580
3.8580
3.8580

1.9909
2.0032
2.0009
1.9994
2.0007
1.9977
1.9982
1.9954

1955—January
February
March
April

20.000
20.000
20.000
20.000

13.333
13.333
13.333
U.333

7.198
7.198
7.198
7.198

221.92
221.80
222.42
222.83

3.8580
3.8580
3.8580
3.8580

1.9959
1.9938
1.9856
1.9890

Ceylon
(rupee)

Denmark
(krone)

France
(franc)
Official

19.117
14.494
14.491
14.492

Free

3.8580
3.8580

7.198
7.198
7.198
7.198
7.198
7.198
7.198
7.198

27.839
20.850
20.849
20.903
21.046
21 017

Official

42.973
32.788
32.849
32.601
32.595
32.641

13.333
13.333
13.333
13.333
13.333
13.333
13.333
13.333

1949
1950
1951
1952
1953
1954

Canada
(dollar)

5.4406
5.4406
5.4406
5.4406
5 4A?n
14.2808 13.5261

20.000
20.000
20.000
20.000
20.000
20.000
20.000
20.000

Finland
(markka)

British
Malaysia
(dollar)

2.2009
1.9908
1.9859
1.9878
2.0009
1.9976

1954—May
June
July
August
September
October
November
December

Year or month

Brazil
(cruzeiro)

Free

Germany
(deutsche
mark)

3.5261
3.5261
3.5261
13.5261

Netherlands

India
(rupee)

Ireland
(pound)

Mexico
(peso)

280.38
279.68
281.27
280.87

12.620
11.570
11.564
11,588
11.607
39.052

34.528
26.252
26.264
26.315
26.340
26.381

(guilder)

23.838

27.706
20.870
20.869
20.922
21.049
21.020

1954—May
June
July
August
September
October
November
December

21.078
21 077
21.094
21 059
20.968
20.935
20.920
20.863

.4354
4354
.4354
4354
.4354
.4354
.4354
.4354

.2856
.2856
.2856
.2856
.2856
.2856
.2856
.2856

23.838
23.838
23.838
23.838
23.838
23.838
23.838
23.838

21.084
21.085
21.094
21.061
20.970
20.938
20.922
20.863

281.85
281.82
281.76
281.29
280.08
279.72
279.45
278.74

7.995
7.995
8.000
8.005
8.005
8.005
8.005
8.006

26.418
26.426
26.415
26.396
26.364
26.267
26.290
26.346

1955—January
February
March
April

20 843
20.834
20 892
20.930

43 54
.4354

.2856
.2856
.2856
.2856

23.838
23.838
23.838
23.834

20.843
20.834
20.892
20.930

278.52
278.36
279.14
279.65

8.006
8.006
8.006
8.006

26.349
26.290
26.297
26.307

.

Year or month

.

. . . .

New
Zealand Norway

.4354
.4354
4354
.4354

.3017
.2858
.2856
.2856
2856
.2856

.4671

43-"> 4
.4354

23.838
23.838
23.838
2

PhilipPortupine
gal
Republic (escudo)
(peso)

South
Africa
(pound)

Sweden
(krona)

Switzerland
(franc)

United
Kingdom
(pound)

49.723
49.621
49.639
49.675
49.676
49.677

3.8800
3.4704
3.4739
3.4853
3.4887
3.4900

366.62
278.38
278.33
278.20
280.21
279.82

25.. 480
19.332
19.327
19.326
19.323
19.333

23.314
23.136
23.060
23.148
23.316
23.322

368.72
280.07
279.96
279.26
281.27
280.87

14.008
14.008
14.008
14.008
14.008
14.008
14.008
14.008

49.677
49.677
49.677
49.677
49.677
49.677
49.677
49.677

3.4900
3.4900
3.4900
3.4900
3.4900
3.4900
3.4900
3.4900

280.80
280.76
280.71
280.24
279.04
278.68
278.40
277.69

19.333
19.333
19.333
19.333
19.333
19.333
19.333
19.333

23.333
23.334
23.320
23.322
23.325
23.320
23.328
23.335

281.85
281.82
281.76
281.29
280.08
279.72
279.45
278.74

14.008
14.008
14.008
14.008

49.677
49.677
49.677
49.677

3.4900
3.4900
3.4900
3.4900

277.48
277.32
278.10
278.61

19.333
19.333
19.333
19.333

23.326
23.319
23.329
23.330

278.52
278.36
279.14
279.65

(pouj.xd)

(krone)

1949
1950
1951
1952
1953
1954

365.07
277.28
277.19
276.49
278.48
278.09

18.481
14.015
14.015
14.015
14.015
14.008

1954—May
June
July
August
September
October
November
December

279.06
279.03
278.97
278.50
277.31
276.95
276.68
275.98

1955—Tamiary
February
March
April

275.76
275.60
276.38
276.88

Uruguay 4
(peso)
65.830
65 833
65.833
65.833
65.833

56.180
56.180
56.180
56.180
56.180

42.553
42.553
42.553
42.553
42,553

1
2

Based on quotations through Aug. 13, 1954.
Based on quotations beginning Apr. 1, 1954.
3The
Mexican peso was devalued, effective Apr. 19, 1954, from a par value of 8.65 to 12.50 pesos per U. S. dollar.
4
For figures on free rate for the period Feb. 10-Dec. 4, 1953, inclusive, see BULLETIN for December 1954, p. 1333. The average for this
period was 34.217.
NOTE.—For back figures, see Banking and Monetary Statistics, Table 173, pp. 662-682. For description of statistics, see pp. 572-573 in same
publication, and for further information concerning rates and averages for previous years, see BULLETIN for December 1954, p. 1333.

MAY

1955




595

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
WHOLESALE PRICES—ALL COMMODITIES
[Index numbers]

Year or month

1945
1946
1947
1948
1949
1950
1951
1952
1953
1954

,

1954—March
April
May

June
July
August
September
October
. ...
November
December
1955—Tanuary
February
March

United
States
(1947-49
-100)

Canada
(1935-39
-100)

Mexico
(1939100)

United
Kingdom
(1930100)

France
(1949 =
100)

69
79
96
104
99

132
139
163
193
198

199
229
242
260
285

169
175
192
219
230

20
34
52
89
100

103
115

211
240

311
386

262
320

108
138

112
110
110

226
221
217

400
393
429

328
328
330

145
138
136

111
111
111
110

219
218
218
218

401
411
431
437

329
330
331
332

136
137
139
135

110
111

217
216

437
441

333
329

329
329
331
336

134
136

135
134
135
135

338
P339
P336

135

110
110
110
110

215
214
215
215

no

216

463

217
217

468
478

110

no

439
450
454
460

Italy
(1938100)

Netherlands
(1948 =
100)

4
16
48
128
209

5,159
5,443
5,169
4,897
5,581
5,270
5,250
5,293
5,336
5,295
5,292
5,256
5,251
5,261
5,267
5,276
5,320
'5,350
'5,353
5,323

136

Japan
(1934-36
average
-1)

Sweden
(1935 =
100)

Switzerland
(Aug.1939
-100)
205
200
208
217
206

100
104

246
343

117
143

194
186
199
214
216

349
352
349

140
134
136

317
298
297

220
213
214

361
354
348
342

135
136
137
137

296
297
296
298

214
215
214
215

341
342

134
134

297
296

214
214

227
299

295
296
298
299

203
227

344
343
346
344

134
136
136
136

215
215
216
217

345

138

300

216

346

137

P302

215
215

PPreliminary.
'Revised.
v rreiirmnary.
' is.evisea.
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 £Lbove]

Year or month

1945
1946
1947
1948
1949
1950
1951
1952
1953
1954

Other
Farm
Farm
Processed commodproducts
products
foods
ities

72
83
100
107

n.a.
n.a.

93
98

98
106

96
100

71
78
95
103

113

111

116

1954—March
April
May
June
July
August
September
October
November
December

98
99
98
95
96
96
94
93

105
106
107
105
107
106
106
104

114
115
115
114
114
114
114
115

90

104

104

115

1955—Tanuary
February
March

93

104

115

93
92

103
102

116
116

107
97
96

93

109
105
105

United Kingdom
(1930 = 100)

Canada
(1935-39 = 100)

United States
(1947-49 -100)

101
105
113
114
115

115

166
'180
192
'232
'229
237
269
250
221
209

Raw and Fully and
chiefly
partly
manumanufactured factured
goods
goods
136
140
164
196

197
213

130
138
162
192

Foods

Industrial
products

158
158
165
181

175
184
207
242

199
211

197
221

249
286
»364
»352

Netherlands
(1948 = 100)

Foods

100

Industrial raw
products

100

Industrial
finished
products

100

101
112

108
128

104
116

122

171

143

219
207
205

231
229
224

242

247

210
209
213
213
218
208
•"205
'202
204
205

204
206
208
207
207
205
203
201

227
225
225
225
224
222
223
222

126
127
129
131
118
116
116
122

154
153
155
155
155
156
156
156

133
133
133
134
133
135
135
135

202

222

222

311
310
310
311
313
304
302
301
'305
315

124

156

135

207
'207
204

205

222

315

123

158

139

208
206

223
224

311

120

158

P305

139

238

203

284
307
308

129
123
124

123

166
156
155

156

135
132
134

136

n.a. Not available.
PPreliminary.
'Revised.
NOTE.—For sources and references concerning changes in the structure of price indexes for various countries, see BULLETIN for December
1952, p. 1356.

596




FEDERAL RESERVE BULLETIN

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued
CONSUMERS' PRICE INDEXES
All items

Year or month

Food
Switzerland
(Aug.
1939100)

United
States
(1947-49
-100)

Canada
(1949
-100)

100
109
119
120
120
126

158
163
162
159
167
171
170
171

96
104
100
101
113
115
113
113

100
103
117
117
113
112

67
72
76
82
91
105
112
114

57
92
100
111
128
141
137
135

100
111
121
123
124
129

170
176
174
176
181
184
184
188

144
142
144
144
142
142
143
143
144
145

124
125
126
127
127
126
126
127
127
127

169
170
170
171
171
172
172
173
173
173

112
112
113
114
115
114
112
112
111
110

111
110
110
112
112
114
114
114
113
113

112
113
112
114
118
116
115
116
117
118

136
134
137
136
133
132
134
134
135
136

127
129
131
134
132
130
130
130
129
128

184
185
186
187
188
190
191
192
192
192

145
145
P145

129

172
172
172

111
111
111

112
112
111

119
119
119

137
136
P136

134

190
189
189

United
King- France Netherdom
lands
(1949
(Jan.
(1949
15, 1952 -100)
-100)
= 100)

United
States
(1947-49
= 100)

Canada
(1949
= 100)

1947
1948
1949
1950
1951
1952
1953
1954

96
103
102
103
111
114
114
115

85
97
100
103
114
116
115
116

77
82
84
86
95
103
106
108

57
90
100
111
130
145
144
143

1954—March....
April
May
June
July
August. . .
September
October. .
November,
December.

115
115
115
115
115
115
115
115
115
114

116
116
116
116
116
117
117
117
117
117

107
107
107
107
109
108
108
109
109
110

1955—January..
February.
March

114
114
114

116
116
116

110
110
110

United
King- France Netherlands
dom
(1949
(1949
(Jan.
-100)
15,1952 -100)
-100)

Switzerland
(Aug.
1939100)

^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
United
States
(1935-39
=100)

Canada
(1935-39
=100)

United
Kingdom
(December
1921=100)

118 3
121 0
121 9
117 7
115 8
112.1
117 2

105 0
107 6
109 6
95.7
86 1
83.6
98 6

129 9
126.5
121 2
117.6
108.3
112.0
117 4

106 4
100.0
99.8
101.4
111.1
113.5
116.4

107.1
106.8
106.7
86.9
85.6
100.2
103.2

124.4
121.4
146.4
176.5
187.7
189.0
226.7

112.5
109.4
131.6
168.3
173.1
160.3
181.2

92.0
87.6
90.0
97.1
91.1
92.2
99.8

July
August
September...
October
November. . .
December

117.9
118 1
117 5
117.0
117.5
117 8
117.6
117.5
117.4
117.0

95.5
99.8
100 3
100.3
102.1
102.8
102.1
101.9
101.2
101.1

115.3
116.6
117.3
116.0
118.5
119.7
118.9
119.4
119.7
118.1

116.0
115.7
115.4
114.9
114.9
116.6
116.4
117.6
119.6
120.1

98.8
100.0
101.8
105.0
103.7
102.7
103.4
104.3
106.3
108.3

204.9
212.7
219.8
221.8
231.1
236.4
238.5
243.5
252.2
264.5

165.0
173.6
179.5
180.5
182.3
187.0
189.5
190.2
199.5
206.8

1955—January
February....
March

116.7
115.7
115.4

100.3
103.3
104.1

117.7
114.9
112.5

121.0
122.4

105.9
105.0
106.9

268.8
278.1

207.3
214.7
213.7

Year or month

Number of issues. . .
1948
1949
1950
1951
1952
1953
1954
1954—March
May

United
States
(high
grade)1

87

17

France
(1949
=100)
60

Netherlands 2

14

480

277.5

Canada
(1935-39
=100)
99

United
France
Kingdom
(1926=100) (1949=100)

Netherlands 3

295

27

100
90
112
143
159
214

240
219
217
215
192
212
277

95.6
97.0
97,8
98.5
100.0
101.7
102.1
103.8
105.3
106.1

187
194
199
194
198
221

234
240
260
271

250
256
261
269
282
285

289
300
322
325

109.1
110.0
106.7

282
290

327
329

278

Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond.
the reciprocals of average yields. The average yield in the base period (January-March 1937) was 3.39 per cent.
Average of the ratios of current prices to nominal values, expressed as a percentage.
NOTE.—For sources and references concerning changes in the structure of price series for various countries, see BULLETIN for December
1952, p. 1357.
2
Represents
3

MAY

1955




597

BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
W M . MCC. MARTIN, JR., Chairman

C. CANBY BALDERSTON, Vice Chairman
M. S. SZYMCZAK
JAMES K. VARDAMAN, JR.

A. L. MILLS, JR.
J. L. ROBERTSON

ELLIOTT THURSTON, Assistant to the Board
WOODLIEF THOMAS, Economic Adviser to the

WINFIELD W. RIEFLER, Assistant to the Chairman
Board ALFRED K. CHERRY, Legislative Counsel

OFFICE OF THE SECRETARY

DIVISION OF EXAMINATIONS

S. R. CARPENTER, Secretary
MERRITT SHERMAN, Assistant Secretary
KENNETH A. KENYON, Assistant Secretary

LEGAL DIVISION
GEORGE B. VEST, General Counsel
FREDERIC SOLOMON, Assistant General Counsel
HOWARD H. HACKLEY, Assistant General Counsel
DAVID B. HEXTER, Assistant General Counsel
G. HOWLAND CHASE, Assistant General Counsel

DIVISION OF RESEARCH AND STATISTICS
RALPH A. YOUNG, Director
FRANK R. GARFIELD, Adviser on Economic
KENNETH B. WILLIAMS, Assistant Director
SUSAN S. BURR, Assistant Director

CHAS. N. SHEPARDSON

GEORGE S. SLOAN, Director
C. C. HOSTRUP, Assistant Director
FRED A. NELSON, Assistant Director
ARTHUR H. LANG, Chief Federal Reserve
ROBERT C. MASTERS, Assistant Director
GLENN M. GOODMAN, Assistant Director
HENRY BENNER, Assistant Director

Examiner

DIVISION OF PERSONNEL ADMINISTRATION
EDWIN J. JOHNSON, Director
H. FRANKLIN SPRECHER, JR., Assistant

Director

Research

GUY E. NOYES, Assistant Director
ALBERT R. KOCH, Assistant Director

DIVISION OF INTERNATIONAL FINANCE
ARTHUR W. MARGET, Director
LEWIS N. DEMBITZ, Assistant Director

DIVISION OF BANK OPERATIONS
ROBERT F. LEONARD, Director
J. E. HORBETT, Assistant Director
LOWELL MYRICK, Assistant Director

DIVISION OF ADMINISTRATIVE SERVICES
LISTON P. BETHEA, Director
JOSEPH E. KELLEHER, Assistant

Director

OFFICE OF DEFENSE LOANS
GARDNER L. BOOTHE, II, Administrator
OFFICE OF THE CONTROLLER
EDWIN J. JOHNSON, Controller
M. B. DANIELS, Assistant Controller

Special Assistants to the Board—CHARLES MOLONY AND CLARKE L. FAUVER

FEDERAL OPEN
MARKET COMMITTEE
W M . M C C . MARTIN, JR., Chairman
ALLAN SPROUL, Vice Chairman
C. CANBY BALDERSTON
C. E. EARHART
W. D. FULTON
W. H. IRONS
HUGH LEACH

A. L. MILLS, JR.
J. L. ROBERTSON
CHAS. N. SHEPARDSON
M. S. SZYMCZAK
JAMES K. VARDAMAN, JR.

WINFIELD W. RIEFLER, Secretary
ELLIOTT THURSTON, Assistant Secretary
GEORGE B. VEST, General Counsel
FREDERIC SOLOMON, Assistant General Counsel
WOODLIEF THOMAS, Economist
J. DEWEY DAANE, Associate Economist
L. MERLE HOSTETLER, Associate Economist
MORGAN H. RICE, Associate Economist
H. V. ROELSE, Associate Economist
O. P. WHEELER, Associate Economist
RALPH A. YOUNG, Associate Economist
ROBERT G. ROUSE, Manager of System Open

Market Account
-598




FEDERAL
ADVISORY COUNCIL
WILLIAM D. IRELAND,

BOSTON DISTRICT

HENRY C. ALEXANDER,

N E W YORK DISTRICT

WILLIAM R.K.MITCHELL, PHILADELPHIA DISTRICT
FRANK R. DENTON,

CLEVELAND DISTRICT

ROBERT V. FLEMING,

RICHMOND DISTRICT

Vice President
WALLACE M. DAVIS,

ATLANTA DISTRICT

EDWARD E. BROWN,

CHICAGO DISTRICT

President
W. W. CAMPBELL,

ST. LOUIS DISTRICT

JOSEPH F. RINGLAND,

MINNEAPOLIS DISTRICT

CHARLES J. CHANDLER,

KANSAS CITY DISTRICT

GEO. G. MATKIN,

DALLAS DISTRICT

JOHN M. WALLACE,

SAN FRANCISCO DISTRICT

HERBERT

V. PROCHNOW, Secretary
FEDERAL RESERVE BULLETIN

CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS
Vice Presidents

Federal Reserve
Bank of

Chairman *
Deputy Chairman

President
First Vice President

Boston....

Harold D. Hodgkinson
Robert C. Sprague

J. A. Erickson
Alfred C. Neal

Robert B. Harvey 3 Carl B. Pitman
O. A. Schlaikjer
E. O. Latham
R. F. Van Amringe

New York.

Jay E. Crane
Forrest F Hill

Allan Sproul
William F. Treiber

H. A. Bilby
John Exter
H. H. Kimball
A. Phelan
H. V. Roelse

Robert G. Rouse
T. G. Tiebout
V. Willis
R. B. Wiltse
J. H. Wurts

Philadelphia. ..

William J. Meinel
Henderson Supplee, Jr.

Alfred H. Williams
W. J. Davis

Karl R. Bopp
Robert N. Hilkert
E. C. Hill
Wm. G. McCreedy

P. M. Poorman
J. V. Vergari
Richard G. Wilgus 2

Cleveland.

John C. Virden
Sidney A. Swensrud

W. D. Fulton
Donald S. Thompson

Dwight L. Allen
Roger R. Clouse
A. H. Laning 3

Martin Morrison
H. E. J. Smith
Paul C. Stetzelberger

Richmond.

Hugh Leach
John B. Woodward, Jr.
Alonzo G. Decker, Jr.
Edw. A. Wayne

N. L. Armistead
Aubrey N. Heflin
Upton S. Martin
J. M. Nowlan 2

James M. Slay
C. B. Strathy
Chas. W. Williams

Atlanta.

Rufus C. Harris
Harllee Branch, Jr.

Malcolm Bryan
Lewis M. Clark

V. K. Bowman
L. B. Raisty
J. E. Denmark 3
Earle L. Rauber
John L. Liles, Jr.
S. P. Schuessler
Harold T. Patterson

Chicago.

John S. Coleman
Bert R. Prall

C. S. Young
E. C. Harris

Neil B. Dawes
W. R. Diercks
W. A. Hopkins
L. H. Jones 2

St. Louis

M. Moss Alexander
Caffey Robertson

Delos C. Johns
Dale M. Lewis
Frederick L. Deming Wm. E. Peterson

H. H. Weigel
J. C. Wotawa

Minneapolis. . .

Leslie N. Perrin
O. B. Jesness

0. S. Powell
A. W. Mills

E. B. Larson
H. G, McConnell

Otis R. Preston
M. H. Strothman, Jr.
Sigurd Ueland

Kansas City...

Raymond W. Hall
Cecil Puckett

H. G. Leedy
Henry O. Koppang

John T. Boysen 3
Clarence W. Tow

E. D. Vanderhoof
D. W. Woolley

Dallas

Robert J. Smith
Hal Bogle

Watrous H. Irons
W. D. Gentry

E. B. Austin
W. H. Holloway3
T. W. Plant

L. G. Pondrom
Morgan H. Rice
Harry A. Shuford

C. E. Earhart
H. N. Mangels

E. R. Millard
H. F. Slade

Eliot J. Swan 3
O. P. Wheeler

San Francisco... A. H. Brawner
Y. Frank Freeman

(Vice Presidents in charge of branches are listed in
lower section of this page)

L. G. Meyer
George W. Mitchell
A. L. Olson
Alfred T. Sihler
W. W. Turner

VICE PRESIDENTS IN CHARGE OF BRANCHES OF FEDERAL RESERVE BANKS
Federal Reserve
Bank of
New York
Cleveland
Richmond
Atlanta

Chicago
St. Louis

1

MAY

Branch
Buffalo
Cincinnati
Pittsburgh
Baltimore
Charlotte
Birmingham
Jacksonville
Nashville
New Orleans
Detroit
Little Rock
Louisville
Memphis

Also Federal Reserve Agent.

1955




Vice Presidents
I. B. Smith
R. G. Johnson
J. W. Kossin
D. F. Hagner
R. L. Cherry
H. C. Frazer
T. A. Lanford 4
J. E. McCorvey
M. L. Shaw
R. A. Swaney
Fred Burton
V. M. Longstreet
Darryl R. Francis
2

Cashier.

Federal Reserve
Bank of

Branch

Vice Presidents

Minneapolis

Helena

C. W. Groth

Kansas City

Denver
Oklahoma City
Omaha

G. A. Gregory
R. L. Mathes
P. A. Debus

Dallas

El Paso
Houston
San Antonio

C. M. Rowland
J. L. Cook
W. E. Eagle

San Francisco.... Los Angeles
Portland
Salt Lake City
Seattle

* Also Cashier.

4

W. F. Volberg
J. A. Randall
W. L. Partner
J. M. Leisner

Acting Manager.

599

FEDERAL RESERVE BOARD PUBLICATIONS 1
The material listed below may be obtained from
the Division of Administrative Services, Board of
Governors of the Federal Reserve System, Washington 25, D. C. Where a charge is indicated,
remittance should be made payable to the order
of the Board of Governors of the Federal Reserve
System.
THE

FEDERAL

FUNCTIONS.
pages.

RESERVE

subscription to monthly chart book includes one
issue of supplement. Single copies, 60 cents each;
in quantities of 10 or more copies for single
shipment, 50 cents each. (Domestic rates)
BANKING AND MONETARY STATISTICS.

SYSTEM—PURPOSES AND

Revised edition.

July 1954. 224

ANNUAL REPORT of the Board of Governors of the

Federal Reserve System. Issued each year.
FEDERAL RESERVE BULLETIN. Issued monthly.

Sub-

Statistics of

banking, monetary, and other financial developments. November 1943. 979 pages. $1.50 per
copy. No charge for individual sections (unbound).
A

STATISTICAL STUDY OF REGULATION V

LOANS.

September 1950. 74 pages. 25 cents per copy;
in quantities of 10 or more copies for single
shipment, 15 cents each.

scription price in the United States and its possessions, Bolivia, Canada, Chile, Colombia, Costa T H E DEVELOPMENT OF BANK DEBITS AND CLEARRica, Cuba, Dominican Republic, Ecuador,
INGS AND THEIR USE IN ECONOMIC ANALYSIS.
Guatemala, Haiti, Republic of Honduras, Mexico,
January 1952. 175 pages. 25 cents per copy; in
Nicaragua, Panama, Paraguay, Peru, El Salvador,
quantities of 10 or more copies for single shipUruguay, and Venezuela is $2.00 per annum or
ment, 15 cents each.
20 cents per copy; elsewhere $2.60 per annum or
25 cents per copy. Group subscriptions in the THE FEDERAL RESERVE ACT, as amended to NovemUnited States for 10 or more copies to one adber 1, 1946, with an Appendix containing prodress, 15 cents per copy per month, or $1.50
visions of certain other statutes affecting the
for 12 months.
Federal Reserve System. 372 pages. $1.00 per
copy.

FEDERAL RESERVE CHARTS ON BANK CREDIT, MONEY

RATES, AND BUSINESS. Issued monthly. $6.00
per annum including one issue of historical supplement (listed below). 60 cents per copy; in
quantities of 10 or more copies of a particular
issue for single shipment, 50 cents each. (Domestic rates)
HISTORICAL

SUPPLEMENT

TO FEDERAL

RESERVE

CHARTS ON BANK CREDIT, MONEY RATES, AND

COMPILATION OF FEDERAL AND STATE LAWS RELATING TO BRANCH BANKING 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.

BUSINESS. Issued annually in September. Annual
*A more complete list, including periodic releases and
reprints, appeared on pp. 1338-41 of the December 1954
BULLETIN.

600




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

ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS

AND BUSINESSES. July 1954. 2 pages. (Also,
similar article from July 1953 BULLETIN)

(From Federal Reserve Bulletin unless preceded by an asterisk)

PROBLEMS OF TRADE EQUILIBRIUM.

October 1952.
FINANCING OF LARGE CORPORATIONS IN 1953. August

9 pages.
REVISED

SERIES

ON DEPARTMENT

STORE

SALES,

STOCKS, AND ORDERS. October 1952. 5 pages.
RECENT CREDIT EXPANSION.

December

1952.

1954. 9 pages.
T H E BALANCE SHEET OF AGRICULTURE, 1954. August

7

pages.

1954. 13 pages.
THE

CREDIT AND MONETARY REVIEW FOR 1952. February

1953. 7 pages.
THE

PUBLICATIONS

PRIVATE DEMAND FOR GOLD, 1931-53.

Sep-

tember 1954. 10 pages.
RECENT FINANCIAL CHANGES IN WESTERN GER-

MONETARY SYSTEM OF THE UNITED STATES.

February 1953. 16 pages.

MANY. October 1954. 10 pages.
WORLD TRADE AND PRODUCTION IN 1953-54. Octo-

INFLUENCE OF CREDIT AND MONETARY MEASURES ON

ECONOMIC STABILITY. March 1953. 16 pages.
FEDERAL FINANCIAL MEASURES FOR ECONOMIC STA-

BILITY. May 1953. 7 pages.

ber 1954. 8 pages.
USE OF MONETARY INSTRUMENTS SINCE MID-1952.

December 1954. 8 pages.
DIRECTLY PLACED FINANCE COMPANY PAPER.

REVISION OF CONSUMER CREDIT STATISTICS.

April

1953. 19 pages.

CREDIT AND MONETARY EXPANSION IN 1954.

*DETAILED DESCRIPTION OF SOURCES AND METHODS

De-

cember 1954. 8 pages.
Feb-

ruary 1955. 8 pages.

USED IN REVISION OF SHORT- AND INTERMEDIATETERM CONSUMER CREDIT STATISTICS (supplemen-

tary details for item listed above), April 1953.
25 pages.
FEDERAL

RESERVE

BANK

RESPONSIBILITIES.

May

1953. 5 pages.
UNITED

BANKING AND MONETARY STATISTICS, 1954.

(Se-

lected series of banking and monetary statistics
for 1954 only) February and May 1955. 12
pages.
DOLLAR

WARTIME AND POSTWAR CREDIT DEMANDS OF LARGE

CORPORATIONS. July 1953. 12 pages.
DEPARTMENT STORE SALES AND STOCKS, BY MAJOR

DEPARTMENTS (Revised
1953. 65 pages.

Indexes)

November

STALMENT CREDIT. January 1954. 14 pages.
BANK CREDIT AND MONEY IN 1953. February 1954.

6 pages.
INTERNATIONAL

GOLD

AND DOLLAR

MOVEMENTS.

March 1954. 9 pages. (Also, similar article from
March 1953 BULLETIN)
N E W INDEXES OF OUTPUT OF CONSUMER DURABLE

GOODS. May 1954. 15 pages. (Also, similar reprint from October 1951 BULLETIN)

1955

FLOWS

AND INTERNATIONAL

FINANCING.

March 1955. 8 pages.
SEASONAL ADJUSTMENT FACTORS FOR DEMAND D E POSITS ADJUSTED AND CURRENCY OUTSIDE BANKS.

March 1955. 4 pages.
UNITED STATES BANKS AND FOREIGN TRADE FINANC-

EXTENSIONS AND REPAYMENTS OF CONSUMER IN-




February 1955.

11 pages.

STATES POSTWAR INVESTMENT IN LATIN

AMERICA. May 1953. 6 pages.

MAY

T H E FEDERAL BUDGET FOR 1956.

ING. April 1955. 11 pages.
BANKERS' ACCEPTANCE FINANCING IN THE UNITED

STATES.

May 1955. 13 pages.

1955 SURVEY OF CONSUMER FINANCES—PRELIMINARY
FINDINGS OF THE 1955 SURVEY OF CONSUMER F I -

NANCES. March 1955. 3 pages. Purchases of
Durable Goods in 1954. May 1955. 17 pages.
(Other articles on the 1955 Survey will appear in
later issues of the BULLETIN. Also similar Surveys
for earlier years from 1948, 1949, 1950, 1951,
1952, 1953, and 1954 BULLETINS.)

601

FEDERAL RESERVE SYSTEM
BOUNDARIES OF FEDERAL RESERVE DISTRICTS
AND THEIR BRANCH TERRITORIES

BOUNDARIES OF FEDERAL RESERVE DISTRICTS
BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

i

I




FEDERAL RESERVE BANK CITIES
FEDERAL RESERVE BRANCH CITIES