Full text of Federal Reserve Bulletin : November 1954
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ERAL ESERVE BULLETIN NOVEMBER 1954 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WASHINGTON FEDERAL RESERVE BULLETIN November 1954 VOLUME 40 NUMBER 11 EXPENDITURES IN 1954 Gross national product changed little in the second and third quarters of this year, following a decline of 4 per cent from the peak rate reached in the spring of 1953. In the current quarter, however, some expansion appears to be developing. For the year 1954 gross national product is estimated at about 356 billion dollars, as compared with the record 365 billion of 1953. Average prices have continued unusually stable this year, and consequently the physical output of goods and services as well as the dollar value will be moderately smaller than last year. The relative stability of gross product during most of this year reflects diverse and largely offsetting developments in broad sectors of the economy. State and local government expenditures have grown at about the same rate as in 1953. Residential construction activity, stimulated by ready availability of credit on favorable terms, has advanced sharply since early in the year. Consumer expenditures, which had dipped in late 1953, have risen to a new high. Outlays for nondurable goods and services have been larger than last year while spending for durable goods has been smaller. Contributing to the increase in aggregate consumer buying has been the record level of disposable personal income. On the contractive side, defense outlays— a major factor contributing to the drop in gross national product in the last half of 1953—have been reduced substantially furNOVEMBER 1954 SELECTED BUSINESS INDEXES 1947-49=100, monthly INDUSTRIAL PRODUCTION INCOME AND SALES 160 DISPOSABLE INCOME _/./ ^ Y I 140 RETAIL SALES _ 120 L 100 MANUFACTURING 140 PRICES NONAGRICULTURAL EMPLOYMENT 120 — NONMANUFACTURING 1952 1954 100 1952 1954 NOTE.—Seasonally adjusted series, except for prices. Indexes based on Bureau of Labor Statistics data for employment and prices and on Department of Commerce data for income and sales. Latest figures shown are for October for employment, prices, and industrial production, and for September for retail sales and disposable income. Consumer prices for October estimated by Federal Reserve. ther this year. Business expenditures for plant and equipment have declined moderately from the record levels of last year. Business inventories through the third quarter continued to be liquidated at about the same rate as in late 1953. The change in inventories this year has thus not exerted significant downward pressure on production, in contrast to the effects of the marked shift in 1953 from rapid accumulation to 1143 EXPENDITURES IN 1954 substantial liquidation. Inventory holdings, particularly in hard goods lines where reductions in output were concentrated, have been considerably reduced. A basis for some expansion in business ordering and for a reduction in the rate of over-all inventory liquidation may be developing. Recent increases in orders for and output of steel, for example, appear to reflect in part the fact that stocks held by steel consumers are now more closely in line with requirements. Developments in expenditures and output this year have been reflected in the labor market. Manufacturing employment, seasonally adjusted, which had declined considerably after mid-1953, has stabilized in recent months. Employment in nonmanufacturing activities has risen somewhat since midyear, with State and local government employGROSS NATIONAL PRODUCT 1 GROSS NATIONAL PRODUCT Billions of dollars, annual rates 240 CONSUMPTION EXPENDITURES 200 360 160 120 1950 1952 - 280 - 240 1954 80 1950 1952 1954 NOTE.—Department of Commerce quarterly estimates, adjusted for seasonal variation. Private investment includes gross private domestic investment and net foreign investment. Government purchases include Federal and State and local purchases of goods and services. ment showing a further increase. Unemployment recently has declined somewhat more than seasonally, but is considerably above the low level of a year ago. [In billions of dollars] CONSUMER EXPENDITURES Increase, or decrease (—) Type of expenditure 3rd Q. Total, >ndQ. 2nd Q. 1954 lstQ. 1953 1954 1953 to to to 3rd Q. lstQ. rd Q. 1954 1954 1954 Gross national product 355.5 Personal consumption expenditures Durable goods Nondurable goods Services 234.8 28.9 121.1 84.8 Gross private domestic investment New construction: Residential, nonfarm Other Producers' durable equipment.. Change in business inventories: Nonfarm Farm 45.3 14.0 14.2 21.8 -5.0 .2 Net foreign investment -.2 Government purchases of goods and services Federal National Security Other Less: Government sales State and local 75.6 47.9 42.1 6.1 .2 27.7 -.3 4.3 .9 2.3 1.2 -14.1 -.3 -2.3 Q 2.1 -14.4 4.0 -1.4 1.5 3.9 .8 - 1 1 . 4 - 1 0 . 6 2.3 -.1 -.9 .6 -1.9 1.8 .5 -2.8 - . 8 -10.4 .3 .7 -11 .2 1.0 .9 2.2 3.1 -6.3 -7.1 -4.8 -2.3 -4.7 -7. -7.4 .1 .8 2.5 -11.0 -14.3 -12.2 -2.2 -.2 3.3 1 Third quarter 1954 figures and changes from earlier quarters are for seasonally adjusted totals at annual rates. NOTE.—Based on Department of Commerce estimates. Details may not add to totals because of rounding. 1144 Consumer expenditures for goods and services, the largest component of gross national product, have increased this year after a slight decline in late 1953, as the above chart shows. In the third quarter of 1954 such outlays were in record volume, 1.5 per cent larger than a year earlier. T h e total for the year will also exceed 1953 slightly. T h e increase will probably occur in outlays for services; over-all outlays for goods are expected to show little change. W i t h average consumer prices little changed this year, the physical volume of consumer takings of goods and services will also increase slightly. Nondurable goods and services. T h e 1954 growth in consumer expenditures for services is likely to be about 4 per cent, a smaller increase than in other postwar years. Real consumption has probably not slowed up, however, since prices of many services, parFEDERAL RESERVE BULLETIN EXPENDITURES IN 1954 ticularly rents, have risen much less rapidly than in dollar amount since average prices than earlier. After allowance for price of consumer durable goods have been lower changes, consumer outlays for such services than in 1953. as housing, medical care, and household opChanges in total spending for durable eration have continued to expand steadily. goods have reflected mainly fluctuations in Consumer outlays for nondurable goods purchases of new automobiles. Domestic increased moderately after the early months registrations of new passenger cars—for busiof this year and in the third quarter were 2 ness as well as consumer use—may total 5.3 per cent larger than a year earlier. Expend- million units this year, as compared with 5.7 itures for clothing and shoes have been fairly million in 1953 and a record 6.3 million in stable for more than a year at a level some- 1950. Automobile purchases, which had what below that of the first half of 1953. been at reduced levels in late 1953 and early Outlays for food and beverages, after a year 1954, picked up in the spring. The expanof little change, have increased appreciably sion reflected in part widespread granting since early 1954, as is shown in the chart. of price concessions, which made their apPurchases of other nondurable goods have pearance much earlier than in 1953. In addition, some lenders eased instalment credit generally continued to expand slowly. Durable goods. Consumer expenditures terms and the proportion of cars sold on for durable goods have been larger since credit increased. In early autumn output was early spring than in late 1953 and early 1954, curtailed sharply for extensive model changebut in the third quarter were still about 5 per overs. Purchases of new autos were relacent below the level of the first three quar- tively well maintained while dealer stocks ters of 1953. For the full year 1954 such were reduced substantially. outlays are expected to show about the same Outlays for furniture and household equippercentage decline from the record total for ment have fluctuated little during the past 1953. The decline in real terms will be less two years. Although expenditures in the third quarter were down slightly from a year PERSONAL CONSUMPTION EXPENDITURES earlier, the physical volume of purchases was Billions of dollars, annual rates apparently little changed since retail prices ALL OTHER ^ were also lower. With consumer takings 90 - 30 fairly stable, wide swings in output of household durables have been associated mainly with sharp fluctuations in business invenCLOTHING AND SHOES tories. Production of major household dur, - 20 80 able goods declined about one-fourth in the FURNITURE AND . HOUSEHOLD EQUIPMENT second half of 1953, recovered rapidly during the first half of this year, and in October 70 - 10 was one-tenth below the May 1953 peak. •\ ^ " ^ . , ' mm -Af-li AUTOMOBILES AND PARTS RESIDENTIAL CONSTRUCTION 60 1 I 1 ]954 1952 1954 1952 NOTE.—Department of Commerce quarterly estimates, adjusted for seasonal variation. NOVEMBER 1954 Expenditures for private residential construction have increased sharply since early this year, as is shown in the chart on page 1148. 1145 EXPENDITURES IN 1954 Seasonally adjusted outlays in October were PERSONAL INCOME AND SAVING at a record annual rate of 14.4 billion dollars, A major factor contributing to strength in more than one-fifth larger than a year earlier. markets for consumer goods and services Building costs were relatively stable during and for housing has been the maintenance of the year, and the physical volume of con- a high level of both personal and disposable struction increased by about the same pro- income, shown in the chart. Personal inportion as the dollar value. come, currently close to the July 1953 peak, The number of housing units started in has fluctuated only 1 per cent this year, and each month since May has been larger than for 1954 as a whole will about equal the 1953 a year earlier. All of the expansion has been INCOME, CONSUMPTION, AND SAYING in privately financed units; public starts PERSONAL Millions of dollars, annual rates have been only half the year-ago number. - 300 PERSONAL INCOME Present indications are that housing starts DISPOSABLE INCOME this year may reach 1.2 million units, the largest number since the record 1.4 million - 250 ^^^^SAVINGJ in 1950. |||j§l " A major factor in the rapid rise in housing ^^^CONSUMPTION EXPENDITURES - 200 construction in 1954 has been the increased availability of mortgage funds on terms favorable to borrowers, as a result mainly of 150 marked easing in capital markets. Since the Per cent 10 - ^ ^ beginning of this year, terms available on RATIO OF SAVING ->, / \J TO DISPOSABLE INCOME loans guaranteed by the Veterans Adminis. , . 1 . , . 1 . . . 1 . . . 1 , , , tration have become substantially easier and, 1950 1954 1952 effective October 1, those on loans insured NOTE.—Department of Commerce quarterly estimates, adby the Federal Housing Administration were justed for seasonal variation. liberalized as authorized in the Housing Act total of 286 billion dollars. T h e mainteof 1954. nance of personal income during a period The substantial increase in private hous- when total output of goods and services coning starts has been almost entirely under tracted significantly reflects in part some exarrangements for VA-guaranteed mortgages. pansion in dividend payments, despite a The number of units started under this type drop in corporate earnings, and in part a of financing doubled over the past year. larger volume of Government transfer payLoans involving no down payment increased ments, which do not represent income earned from 13 per cent of VA loans made in Jan- from current production. Wages and salaries declined more than uary to 34 per cent in September. The proportion bearing 30-year maturities also in- total personal income from the mid-1953 creased sharply. In recent months the num- peak to the spring of this year. Since then ber of units started under FHA commit- wages and salaries have risen somewhat, but ments has also been larger than a year ago, in October they were still 2.5 per cent below but the number of conventionally financed the earlier high. T h e bulk of the contraction in total payrolls represents reductions in emunits has been considerably smaller. AFTER TAXES TAXES £#« 1146 FEDERAL RESERVE BULLETIN EXPENDITURES IN 1954 ployment in commodity-producing industries, particularly durable goods manufacturing lines. A moderate decline in hours of work in manufacturing activities was also a factor. A partial offset to these adverse influences on incomes was a small increase in wage rates. Since midsummer seasonally adjusted nonfarm employment has edged up and the average workweek has lengthened a little. Transfer payments have shown little change since early spring following considerable expansion during the fall and winter. The bulk of the increase in that period represented a rapid growth in unemployment compensation payments. Payments under the Old-Age and Survivors' Insurance Program have also risen, with October payments reflecting benefit increases provided by the 1954 amendments to the Social Security Act. Income of farm proprietors in the first nine months of this year was close to the reduced level of the corresponding period last year. Dividend and interest income continued to rise and income of nonfarm proprietors showed only minor changes. Disposable personal income (after taxes) in 1954 is likely to reach a record of about 253 billion dollars, 1 per cent larger than in 1953. The dollar increase will be about the same magnitude as the reduction in Federal individual income tax rates, effective January 1, 1954, which amounted to about 3 billion dollars on an annual basis. With average consumer prices little changed and population continuing to grow at about 1.7 per cent a year, real disposable income per capita will be close to the 1953 level. Personal saving in 1954 will about equal the peacetime record amount of 1953. The ratio of personal saving to disposable income will probably approach 8 per cent—close to the level of the preceding three years. NOVEMBER 1954 Liquid saving by individuals was substantially larger in the first half of this year than in the same period of 1953, as consumers shifted from net expansion to net repayment of their instalment obligations. Since late spring the volume of instalment credit outstanding has shown little change, after adjustment for seasonal influences. Individuals this year have continued to add substantially to their holdings of liquid assets in the form of time deposits, savings and loan shares, corporate and State and local government securities, and equities in insurance policies as well as to their reserves in retirement funds. BUSINESS FIXED INVESTMENT Business outlays for fixed investment—construction of facilities and producers' durable equipment—have declined steadily since last fall and in the third quarter of this year were 7 per cent smaller than a year earlier. Business investment plans, according to the most recent survey made by the Department of Commerce and Securities and Exchange Commission, indicate further reduction in nonfarm business spending for plant and equipment in the current quarter. Expenditures for producers' durable equipment have declined, as the chart on the following page shows, and in the third quarter were 12 per cent below the level of a year earlier. Construction of business facilities, however, increased somewhat, with the expansion concentrated in stores, office buildings, and other commercial buildings. Fixed capital outlays by farmers were reduced in 1953, and continued to move down this year. The only major nonfarm industry groups that did not report declines in fixed investment outlays over the past year were mining and commercial and miscellaneous. In both of these groups, expenditures were 1147 EXPENDITURES IN 1954 PRIVATE DOMESTIC INVESTMENT 30 /—- PRODUCERS' DURABLE EQUIPMENT • - — \ ^ ^ . 20 OTHER CONSTRUCTION * • • — - 10 NEW RESIDENTIAL CONSTRUCTION ciation allowances will apparently be as large as last year. While profits before taxes are down sharply, tax liabilities are also much smaller than in 1953. Funds from external sources have been readily available to business this year on terms generally more favorable than in 1953. CHANGE IN BUSINESS INVENTORIES 1 1 ,hlll ,1 II , , , I , , , 1 . CHANGE IN NONFARM BUSINESS INVENTORIES 10 - lllll HI 1 1950 1952 1954 NOTE.—Department of Commerce quarterly estimates, adjusted for seasonal variation. Changes in farm inventories are not shown. planned for the third quarter of 1954 in about the same amount as a year earlier, according to the Commerce-SEC survey. Manufacturing industries reduced their outlays 9 per cent over this period; railroads, nearly 40 per cent; and other transportation industries, 12 per cent. Outlays of electric utilities changed little, but those of gas companies declined appreciably. The decline since last fall in total outlays of nonfarm business for fixed investment reflects in part the substantial increase in productive capacity in recent years in a number of industries and the completion of some large defense-related investment programs. Reductions have been largest among the smaller manufacturing firms, whose aftertax incomes have not held up so well as those of the large companies. In general, large companies have tended increasingly to relate investment programs to prospects for longer term growth in demands. Aggregate corporate funds available this year from retained earnings plus depre1148 Nonfarm business inventories were reduced at an annual rate of 4 to 5 billion dollars in the last quarter of 1953 and each of the first three quarters of this year. This fairly even rate of liquidation contrasts sharply with the change that occurred from the second to the fourth quarter of 1953 when the annual rate of inventory spending declined 10 billion dollars—a shift from accumulation of stocks at a 6 billion dollar rate to liquidation at a 4 billion rate. The book value of stocks of manufacturers and distributors at the end of September was close to 78 billion dollars, or 5 per cent below the record level of a year earlier. Liquidation was concentrated in durable goods lines, BUSINESS SALES AND INVENTORIES Indexes, 1947-49000 200 DURABLE 180 160 140 120 100 80 -NONDURABLE ^^INVENTORIES _ 140 120 100 80 1952 1948 1950 1954 NOTE.—Department of Commerce monthly data, seasonally adjusted. Latest sales figures shown are for September; latest inventories, for the end of September. FEDERAL RESERVE BULLETIN EXPENDITURES IN 1954 as may be seen in the chart, and was mostly at the manufacturing level. In early 1954 total durable goods stocks were higher relative to sales than at any time in the recent past, as the drop in sales had exceeded the decline in stocks. More recently, sales have been maintained and stocks have been reduced further, although in August and September inventory liquidation among manufacturers of durable goods was at a considerably reduced rate. Stocks at manufacturers and distributors in durable goods lines at the end of September were 9 per cent smaller than a year earlier. In nondurable goods lines both sales and stocks have been relatively steady for about two years. Privately held inventories of farm products probably will show little change for the year as a whole, as compared with liquidation of 700 million dollars in 1953. Inventories of livestock on farms may rise slightly this year, with an increase in the number of hogs more than offsetting some decline in cattle herds. Privately held inventories of crops may be reduced somewhat further in 1954, following a substantial decline last year. Farm products held under the Federal price support program—as well as total inventories of such products—have risen less this year than in 1953. Domestic and export demands have been maintained while output of major crops has declined, primarily as a result of acreage restrictions. GOVERNMENT EXPENDITURES Federal Government purchases of goods and services declined at an annual rate of 7 billion dollars, about one-eighth, from the first to the third quarter of this year, as may be seen in the table on page 1144. While the bulk of this reduction was in expenditures for national security programs, out- NOVEMBER 1954 lays for farm price support programs also declined considerably. For the calendar year 1954, total Federal Government purchases are likely to amount to about 50 billion dollars, compared with 60 billion in 1953 and 54 billion in 1952. These figures on purchases of goods and services differ from budget expenditures for a number of reasons, among which are the inclusion here of privately financed as well as Government loans under the farm price support program and the exclusion of other Government lending transactions, transfer payments, and interest on public debt. Federal purchases for national security in the third quarter of this year were at an annual rate of 42 billion dollars. This was 12 billion, or more than one-fifth, below the peak rate of the second quarter of 1953. Such outlays continued to decline early in the fourth quarter. Since mid-1953 the proportion of gross national product represented by national security purchases has declined from about 14.5 to 12.0 per cent. Reduction in defense spending has reflected not only declines in expenditures for weapons and military equipment and for construction, but also a cut in the size of the armed forces and diminished outlays for operation of facilities. The armed forces, at about 3.3 million persons, are about onetenth below their post-Korean peak strength reached in mid-1952. Civilian employment in the Defense Department is about one-sixth below its mid-1952 peak. Outlays by State and local governments have continued to expand this year at about the same rate as in 1953. Construction activities have increased at an accelerated rate and employment and payrolls have continued to grow. 1149 CURRENT EVENTS AND ANNOUNCEMENTS Federal Reserve Meetings Changes in Bulletin Tables The Federal Advisory Council held a meeting in Washington on November 14-16, 1954, and met with the Board of Governors of the Federal Reserve System on November 16. The table "Commercial Paper and Bankers' Acceptances Outstanding," (page 1172) has been revised to incorporate data for finance paper placed directly. It gives data for total commercial and finance paper outstanding, with a breakdown by the method of placement. The table "Open Market Money Rates in New York City" (page 1177) has been revised to include the rates on finance paper placed directly. Death of Member of the Board The Board of Governors announces with profound regret the death on October 21, 1954, of Mr. Paul E. Miller, who had been a Member of the Board since August 13, 1954. At the time of his appointment, Mr. Miller was the Director of the University of Minnesota Agricultural Extension Division at St. Paul and had been serving as a Class C director of the Federal Reserve Bank of Minneapolis since January 1, 1946. He served as Deputy Chairman at the Federal Reserve Bank of Minneapolis from December 27, 1951 through December 31, 1953, when he was designated Chairman and Federal Reserve Agent. 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 September 16, 1954 to October 15, 1954: Iowa Britt—First State Bank. Death of Director New Yor\ Mr. George H. Jackson, President, First National Bank in Spokane, Spokane, Washington, who had served as a director of the Seattle Branch of the Federal Reserve Bank of San Francisco since January 1, 1953, died on October 29, 1954. Mattituck—The North Fork Bank and Trust Company. Transfer of Federal Reserve Branch Territory Effective December 1, 1954, the territory of the Los Angeles Branch of the Federal Reserve Bank of San Francisco will be extended to include Kern, Mono, and San Luis Obispo counties in California and Clark County in Nevada. The three California counties are now served by the Head Office at San Francisco, and Clark County, Nevada, is served by the Salt Lake City Branch of the Bank. Semiannually Banking offices: Analysis of changes in number o f . . . On, and not on, Federal Reserve Par List, number of 1150 Tables Published Annually and Semiannually, with Latest BULLETIN Reference Annually Earnings and expenses: Federal Reserve Banks Member banks: Calendar year First half of year Insured commercial banks Banks and branches, number of, by class and State Operating ratios, member banks Issue Page Aug. 1954 903 Aug. 1954 904 Feb. 1954 208-209 May 1954 Oct. 1954 May 1954 524-534 1118 535 May 1954 Aug. 1954 536-537 900-902 FEDERAL RESERVE BULLETIN NATIONAL SUMMARY OF BUSINESS CONDITIONS [Released for publication November Industrial production increased somewhat in October and in early November rose further. Unemployment declined more than seasonally in October and construction activity and retail sales were maintained at high levels. In early November, sales at department stores showed a greater than seasonal rise, rise. Commodity prices generally constock prices tinued stable while further. 16] tember. Production of lumber and other building materials increased further in October. Output of nondurable goods increased somewhat in October, reflecting mainly gains in textiles, apparel and leather products. Output of crude oil and petroleum refining continued to show little change at levels somewhat below earlier highs, while production of coal increased moderately. Paperboard production in early November was close to the year-ago record rate. INDUSTRIAL PRODUCTION In October industrial production was 125 per cent of the 1947-49 average, according to the Board's preliminary seasonally adjusted index, as compared with 124 in September and 123 in July and August. Activity in the auto and steel industries rose considerably further in the first half of November. Auto assemblies recovered rapidly after midOctober, and in the second week of November reached the highest rate since May. Output of television sets and most other major household goods remained at an advanced level in October. Activity in producers' and military equipment industries generally continued steady at the curtailed level reached in late spring. Steel output in mid-November was at a rate of 79 per cent of capacity as compared with 73 per cent in October and 67 in SepINDUSTRIAL PRODUCTION Par cent, physicol volume, leoson 1954 Expenditures for new construction in October, seasonally adjusted, declined slightly from the advanced September level, reflecting a small decrease in nonresidential building. Value of contract awards increased 8 per cent further to almost 2 billion dollars, the largest volume this year. The number of housing units started in October declined seasonally from the very high September level and at 106,000 were considerably above the 90,000 starts a year earlier. EMPLOYMENT Employment in nonagricultural establishments increased a little more than seasonally in October. EMPLOYMENT IN N0NA6RICULTURAL ESTABLISHMENTS illy odjutted, 1947-49 • 14,0 Federal Reserve indexes. Monthly figures, latest shown are for October. NOVEMBER CONSTRUCTION Bureau of Labor Statistics data. Proprietors, self-employed persons and domestic servants are not included. Midmonth figures, latest shown are for October. 1151 NATIONAL SUMMARY OF BUSINESS CONDITIONS The average workweek at factories rose slightly to 39.9 hours. Hourly earnings showed no change but average weekly earnings, reflecting the rise in the workweek, increased 36 cents to $72.22—the highest level reached this year. Unemployment declined by 360,000 to 2.7 million; this reduction was somewhat larger than the usual decline at this time of year. DISTRIBUTION Seasonally adjusted sales at department stores increased in October to about the summer level and were somewhat above a year ago; in early November they rose further. Total retail sales in October were reduced somewhat by the drop in auto sales accompanying model changeovers. Dealers' stocks of new autos at the end of October were about 50 per cent below last year's model-changeover low. manufacturers about offset net repayments by sales finance companies, public utilities, and metal and textile manufacturers. In October, as in September, excess reserves of member banks averaged about 700 million dollars larger than member bank borrowings at the Reserve Banks. In early November member bank reserve positions tightened due to a currency outflow and a decline in float. Reserve positions eased substantially thereafter, however, reflecting primarily a reduction in Treasury balances at the Reserve and an increase in float. During October and early November the Federal Reserve purchased approximately 700 million dollars of Government securities, about offsetting the effects on bank reserve positions of a seasonal outflow of currency and an increase in required reserves. SECURITY MARKETS COMMODITY PRICES The average level of wholesale commodity prices was stable from mid-October to mid-November as prices of some foodstuffs, which had declined earlier, strengthened and industrial materials generally changed little. Prices of hogs and products rose somewhat as marketings, contrary to expectations, increased little further. The November 1 forecast of the cotton crop was 6 per cent larger than the October 1 forecast, and cotton prices declined somewhat. Wool prices also decreased, but steel scrap, copper scrap, and rubber advanced. Consumer prices are estimated to have declined slightly further by mid-October, reflecting mainly decreases in retail prices of meats. Since then little further change has occurred. Corporate and municipal bond yields were relatively stable during the last half of October and early November. After fluctuating within a narrow range during the last half of October, common stock prices rose sharply to new highs after November 2. From mid-October to early November yields on intermediate and long-term Government securities advanced steadily in a thin market, and then declined slightly. Rates on short-term Governments, after remaining generally steady until early November, declined sharply. LOANS AND INVESTMENTS MEMBER BANKS IN LEADING Cl Billions of dollars BANK CREDIT AND RESERVES Total loans and investments at banks in leading cities changed little over most of October and early November, following a substantial increase in the first week of October due mainly to bank purchases of new intermediate-term Treasury notes. After these purchases, bank holdings of Government securities declined somewhat, while loans and holdings of corporate and municipal securities increased. Business loans showed little net change in October and early November as new borrowing by the seasonal industries and by petroleum and chemical 1152 Federal Reserve data. Weekly figures, latest shown are for Nov. 3. FEDERAL RESERVE BULLETIN FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS UNITED STATES PAGE Member bank reserves, Reserve Bank credit, and related items Federal Reserve Bank rates; margin requirements; reserve requirements Reserves and deposits of member banks Federal Reserve Bank statistics Regulation V: guaranteed loans, fees, and rates Bank debits and deposit turnover; Postal Savings System Money in circulation Consolidated statement of the monetary system; deposits and currency All banks in the United States, by classes All commercial banks in the United States, by classes Weekly reporting member banks Commercial paper and bankers' acceptances Life insurance companies; savings and loan associations Government corporations and credit agencies Security prices and brokers' balances Money rates; bank rates on business loans; bond and stock yields Treasury finance New security issues Business finance Real estate credit statistics Statistics on short- and intermediate-term consumer credit Business indexes Merchandise exports and imports Department store statistics Consumer and wholesale prices Gross national product, national income, and personal income Revised estimates of short- and intermediate-term consumer credit for 1953 List of tables published in BULLETIN annually or semiannually, with references for latest data 1155-1156 1156-1157 1158 1159-1161 1161-1162 1162 1163 1164 1165-1167 1168-1169 1170-1171 1172 1173 1174-1175 1176 1177 1178-1183 1184 1185-1186 1187-1189 1190-1192 1193-1202 1202 1203-1207 1208-1209 1210-1211 1212 1150 Tables on the following pages include the principal statistics of current significance relating to financial and business developments in the United States. The data relating to Federal Reserve Banks, member banks of the Federal Reserve System, and department store trade, and the consumer credit estimates are derived from regular reports made to the Board; index numbers of production are compiled by the Board on the basis of material collected by other agencies; figures for gold stock, money in circulation, Treasury finance, and operations of Government credit agencies are obtained from statements of the Treasury; the remaining financial data and other series on business activity are obtained largely from other sources. Back figures through 1941 for banking and monetary tables, together with descriptive text, may be obtained from the Board's publication, Banking and Monetary Statistics; back figures for many other tables may be obtained from earlier BULLETINS. NOVEMBER 1954 1153 MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS Wednesday Figures, 1946-1950, Weekly Averages of Daily Figures, 1951- Billions of Dollars 25 15 *~f*"r->*W ifo&g^yffi^^ 1946 1947 1948 1949 1950 1951 - 1952 1953 1954 Latest averages shown are for week ending Oct. 27. See p. 1156. 1154 FEDERAL RESERVE BULLETIN MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Reserve Bank credit outstanding Gold stock Deposits, other Member bank than member bank Other Treasreserve balances reserve balances, Fedury Money Treas- with F. R. Banks eral curury in Rerency cash cirReExserve outcula- hold- Treas- For- Other Total quired2 stand- tion eign deings ury acing dedecounts posits posits posits U.S. Govt. securities Date Wednesday 1953 Sept. 2 Sept. 9 Sept. 16 Sept. 23 Sept. 30 Oct. 7 Oct. 14 Oct. 21 Oct. 28 Nov. 4 Nov. 11 Nov. 18 Nov. 25 Dec. 2 Dec. 9 Dec. 16 Dec. 23 Dec. 30 1954 Jan. 6 . . . . Jan. 13. . . . Jan. 20 Jan. 27 Feb. 3 Feb. 10 Feb. 17 Feb. 24 Mar. 3 Mar. 10 Mar. 1 7 . . . . Mar. 24 Mar. 3 1 . . . . Apr. 7 Apr. 14 Apr. 21 Apr. 28 May 5 May 12 May 19 May 26 June 2. . . . June 9 June 16.. . . June 23 June 30. . . . July 7 . . . . July 14 July 21 July 2 8 . . . . Aug. 4 Aug. 11 Aug. 18 Aug. 25 Sept. 1 Sept. 8 . . . . Sept. 15 Sept. 22 Sept. 29 Oct. 6 . . . . Oct. 13 Oct. 2 0 . . . . Oct. 27 End of month 1953 Sept Oct Nov Dec 1954 Jan Feb Mar Apr May June July Aug Sept Oct Bought Total outright 25,067 25,126 25,207 25,185 25,235 25,348 25,363 25,348 25.348 25,447 25,123 24,958 25,022 25,081 25,345 25,457 25,886 25,902 25,014 25,034 25,084 25,185 25,235 25,348 25,348 25,348 25,348 25,398 24,958 24,958 24,993 25,043 25,143 25,243 25,318 25,318 25,384 25,318 25,364 24,661 24,774 24,863 24,806 24,559 24,559 24,682 24,582 24,705 24,632 24,632 24,632 24,632 24,632 24,632 24,632 24,687 24,737 24,812 24,987 24,910 25,231 25,037 25,037 24,902 24,714 24,517 24,325 24,023 23,956 23,908 24,023 24,044 23,987 23,770 24.045 24,580 24,609 24,456 24,381 25,318 25,318 25,364 24,661 24,717 24,806 24,806 24,559 24,559 24,682 24,582 24,632 24.632 24,632 24,632 24,632 24,632 24,632 24,632 24,687 24,737 24,812 24,987 24,910 25,139 25,037 25,037 24,902 24,714 24,517 24,325 24,023 23,876 23,824 23,894 24,044 23,987 23,770 24,045 24,580 24,580 24,456 24,381 25,235 25,348 25,095 25,916 25,235 25,348 24,993 25,318 24,640 24,509 24,632 24,632 24,812 25,037 24,325 24,023 24,270 24,381 24,640 24,509 24,632 24,632 24,812 25,037 24,325 23,894 24,270 24,381 * Preliminary. NOVEMBER Held under repurchase agreement 53 92 123 15 49 165 "29 38 202 214 568 584 66 73 92 80 84 129 29 102 598 129- DisAll counts and Float oth- Total advances 610 391 559 491 943 311 813 228 685 329 281 606 271 685 260 826 359 599 822 559 365 622 594 933 768 636 427 792 727 606 268 1,193 435 1,369 100 973 26,071 26,179 26,464 26,228 26,252 26,238 26,322 26,437 26,309 26,830 26,111 26,487 26,428 26,302 26,681 26,921 27,692 26,977 22,178 22,178 22,178 22,179 22,128 22,128 22,128 22,077 22,077 22,076 22,077 22,076 22,027 22,028 22,028 22,028 22,029 22,029 4,865 4,865 4,868 4,869 4,872 4,872 4,873 4,874 4,874 4,877 4,878 4,878 4,879 4,882 4,883 4,884 4,886 4,889 30,240 ,278 30,479 ,274 30,335 ,278 30,210 ,277 30,275 ,283 30,374 ,284 30,412 ,271 30,305 ,270 30,268 ,282 30,428 1,283 30,540 784 30,487 786 30,691 777 30,791 774 30,904 778 30,953 769 31,156 763 30,890 773 170 156 70 110 515 440 291 249 267 411 265 349 147 177 171 155 217 140 268 177 202 175 177 136 609 37 84 83 93 220 170 487 460 313 293 154 198 170 299 255 312 330 305 963 754 977 722 569 509 798 503 861 543 855 569 535 546 599 704 533 501 582 662 550 593 574 797 751 567 614 683 654 525 609 554 766 637 573 506 834 709 511 664 346 733 609 26,519 26,230 26,412 25,495 25,860 25,815 25,897 25,312 25,689 25,638 25,704 25,625 25,316 25,357 25,404 25,493 25,383 25,274 25,484 25,528 25,490 25,582 25,740 25,844 26.593 25,642 25,736 25,669 25,463 25,263 25,105 25,066 25,183 24,859 24,890 24,705 25,020 24,651 24,857 25,501 25,267 25,521 25,297 22,029 22,030 22,006 22,006 21,956 21,957 21,957 21,958 21,958 21,963 21,964 21,964 21,965 21,966 21,966 21,967 21,968 21,969 21,970 21,971 21,972 21,923 21,924 21,925 21,926 21,927 21,928 21,929 21,931 21,907 21,908 21,858 21,858 21,858 21,809 21,809 21,809 21,810 21,810 21,810 21,810 21,759 21,759 4,890 4,890 4,890 4,890 4,899 4,902 4,905 4,906 4,912 4,917 4,920 4,925 4,935 4,935 4,943 4,945 4,947 4,951 4,952 4,956 4,957 4,958 4,957 4,956 4,955 4,959 4,959 4,958 4,958 4,959 4,959 4,960 4,960 4,961 4,965 4,967 4,967 4,968 4,971 4,971 4,973 4,973 4,973 30,591 30,284 30,083 29,900 29,930 29,923 29,821 29,838 29,885 29,870 29,769 29,632 29,707 29,795 29,793 29,673 29,645 29,756 29,759 29,707 29,697 29,934 29,873 29,803 29,735 29,922 30,154 29,981 29,854 29,776 29,893 29,911 29,866 29,786 29,923 30,115 29,998 29,888 29,922 30,051 30,159 30,055 29,970 329 413 369 28 685 787 667 935 26,252 26,550 26,133 26,880 22,128 22,077 22,028 22,030 4,872 4,879 4,885 4,894 156 350 147 172 245 37 184 200 132 297 640 827 535 576 723 567 672 473 779 721 25,437 25,688 25,316 25,382 25,781 25,642 25,183 24,696 25.183 25,401 21,956 21,958 21,965 21,969 21,973 21,927 21,908 21,809 21,810 21,759 4,899 4,913 4,935 4,951 4,957 4,959 4,960 4,966 4,972 4,973 541 574 356 619 642 524 348 530 644 664 322 503 522 526 488 224 799 377 538 569 507 543 512 484 461 461 471 453 449 419 429 431 491 464 461 474 333 363 381 259 352 370 375 358 366 376 534 398 335 339 331 259 427 380 859 19,325 859 19,104 882 19,771 881 19,486 880 19,309 899 19,303 899 19,557 897 19,567 895 19,334 801 19,779 808 19,630 805 20,044 805 19,775 878 19,474 880 19,720 936 20,229 937 20,064 936 20,066 18,884 18,731 18,885 18,868 18,816 18,757 18,728 18,817 18,796 18,845 19,026 19,187 19,150 19,161 19,053 19,309 19,297 19,364 441 373 886 618 493 546 829 750 538 934 604 857 625 313 667 920 767 702 770 222 775 86 782 5 795 236 457 807 818 638 820 533 824 509 528 820 447 820 823 51 810 539 819 722 570 823 639 831 565 839 499 829 617 837 840 542 841 418 834 505 831 448 825 250 810 459 812 1,220 811 875 300 826 810 557 808 536 812 548 677 808 593 799 646 812 596 812 591 809 446 808 510 797 515 801 769 796 625 799 643 792 601 803 588 816 440 500 443 493 477 473 482 461 476 487 528 517 494 491 469 443 469 601 579 533 502 520 563 543 544 545 571 771 629 549 525 559 548 562 483 524 506 524 489 556 468 434 443 397 441 286 278 345 338 346 359 402 346 191 358 363 371 353 388 305 328 357 390 383 379 201 199 339 377 380 400 402 398 428 387 427 417 404 391 409 388 398 427 418 374 373 836 20,184 836 20,228 833 20,874 831 19,859 829 19,870 828 19,654 912 19,845 911 19,273 908 19,540 907 19,640 919 20,307 919 19,739 917 19,194 936 19,272 935 19,293 931 19,566 852 19,699 849 19,207 848 19,481 880 19,686 881 19.617 877 19,474 876 20,032 997 19,914 999 19,825 988 19,011 987 19,406 985 19,052 983 19,141 911 19,136 907 18,733 905 18,731 928 18,776 927 18,579 924 18,530 923 18,274 935 18,642 934 18,379 932 18,331 951 18,875 951 18,620 949 19,037 950 18,888 19,390 19,250 19,335 19,217 19,089 18,937 18,921 18,853 18,827 18,792 19,224 18,869 18,689 18,651 18,585 18,648 18,759 18,837 18,717 18,937 18,961 18,898 18,906 18,993 18,828 18,412 18,420 18,340 18,366 18.377 17,704 17,665 17,683 17,619 17,592 17,532 17,636 17,680 17,685 18,198 18,202 18,134 18,158 794 978 1,539 642 781 717 924 420 713 848 1,083 870 505 621 708 918 940 370 764 749 656 576 1,126 921 997 599 986 712 775 759 1,029 1,066 1,093 960 30,275 1,283 30,398 1,275 30,807 766 30,781 761 642 654 451 346 512 448 417 423 352 468 367 493 880 19,309 802 19,460 804 19,434 839 20,160 18,816 18,826 19,087 19,397 493 634 347 763 29,981 29,904 29,707 29,735 29,870 29,922 29,892 29,929 29,985 30,068 405 542 722 579 408 875 716 511 704 729 440 490 494 471 527 545 533 477 461 426 459 491 363 321 645 377 503 501 422 496 830 19,384 909 19,412 917 19,194 850 19,528 878 19,563 988 19,011 908 18,702 925 18,316 931 18,676 884 18,722 19,016 18,821 18,689 18,844 18,891 18,412 17,763 17,572 17,724 18,116 368 591 505 684 672 599 939 744 952 P606 793 811 819 819 820 811 798 811 786 808 938 742 1,006 699 646 677 418 P903 P73O For footnotes see following page. 1954 1155 MBMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS—Continued [In millions of dollars] Reserve Bank credit outstanding U. S. Govt. securities Date or period DisHeld counts All Total under Float othBought repur- and er 1 adTotal out- chase vances right agreement End of month: 216 1929—June. 1933—June. 1,998 148 68 1,037 164 52 4 91 94 578 535 534 Deposits, other than member bank reserve balances, Treasury Mtoney Treas- with F. R. Banks in ury Gold curcash stock rency cirout- cula- hold- Treas- For- Other stand- tion ings eign deury ing de- posdeposits posits its 95 54 11 10 2 1 2 3 5 5 4 3 1,400 2,220 2,593 2,361 25,091 23,181 19,499 22,216 25,009 23,551 25,825 25,414 4,037 4,031 17,644 22,737 20,065 22,754 24,427 22,706 22,695 23,346 23,187 22,463 2 ,019 2 ,286 1 ,963 2 ,247 4t,339 4t,562 4t,598 4t,636 41,709 41,754 41,812 41,854 4,459 204 264 5,434 7,598 2,409 11,160 2,215 28,515 2 987 28,868 ,336 27,600 1,312 27,741 1,293 29,206 1,270 29,026 L ,283 30,433 1,270 30,125 1,259 36 35 634 867 977 870 821 668 247 333 389 132 6 15 397 774 862 392 767 895 526 548 550 527 21 151 256 586 446 569 750 565 363 298 455 176 374 346 251 291 495 563 706 714 746 783 777 951 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 19,381 19,573 19.950 20,520 19,561 19,459 3 3 2 2 2 2 26,514 26,413 27,107 26,243 25,746 25,553 25,483 25,503 25,876 25,571 24,855 24,838 25,459 22,102 22,057 22,028 22,015 21,957 21,963 21,966 21,971 21,927 21,926 21,871 21,809 21,787 41,873 41,878 41,885 41,891 41,904 41,920 41,941 4L954 30,366 1,274 915 30,555 767 30,967 778 30,282 811 29,903 813 29,800 825 29,755 830 29,773 815 29,856 810 29,968 806 29,896 796 29,991 797 30,077 557 497 602 201 568 490 584 486 602 498 591 541 610 463 434 466 453 470 494 481 531 553 632 536 522 455 406 424 390 422 429 352 427 412 321 409 464 431 444 889 805 908 834 870 913 926 864 941 973 916 929 944 19,536 19,718 19,920 20.179 19,557 19,573 19,392 19,533 19,670 19,164 18,478 18,403 18,893 18,784 19,035 19,227 19,243 18,925 18,881 18,627 18,817 18,813 18,329 17.638 17,628 752 683 693 936 632 692 765 716 857 835 840 775 821 811 807 806 464 392 499 551 588 765 651 569 413 359 428 420 986 986 983 963 19,377 19,166 19,261 19,036 18,419 18,404 18,356 18,347 958 762 905 689 2,484 2,254 24,262 22,559 18,885 20,778 23,801 22,906 24,697 24,746 1,998 2,484 2,254 24,262 22,559 18,885 20,725 23,605 22,764 24,034 24,718 " 5 3 196 142 663 28 3 249 85 78 67 19 59 156 64 25,344 25,172 25,639 25,263 24,770 24,633 24,635 24,689 June. 24,998 July. 24,771 Aug.. 23,989 Sept.. 23,941 Oct.. 24,485 25,341 25,078 25,218 25,149 24,729 24,620 24,632 24,680 24,960 24,761 23,930 23,928 24,472 3 94 421 114 41 13 3 9 38 10 59 13 13 367 494 448 118 308 205 151 172 166 104 210 170 254 T . . . . 25,082 25,038 July 14 24,912 24,912 July 21 24,765 24,765 July 2 8 ! ! ! ! 24,517 24,517 44 71 68 675 73 no 168 833 590 25,829 21,927 4,959 30,066 25,691 21,929 i 1,958 30,099 25 673 21,931 1,958 29,932 25,277 21,924 1,959 29,815 175 287 229 178 653 598 723 698 25,154 24,925 24,933 24,690 21,908 21,901 21,858 21,858 185 147 189 141 191 576 598 714 977 627 24,699 24,759 24,939 24,908 24,687 21,837 21,809 21,809 21,810 21,810 < 667 599 927 721 25,338 25,465 25,699 1 25,360 21,810 21,810 21,788 21,759 i 1939—Dec.. 1941—Dec. 1945—Dec 1947—Dec! 1949—Dec. 1950—Dec. 1951—Dec. 1952—June. Dec. 1953—June. 7 1,368 1,184 581 967 601 Member bank reserve balances Other Federal Reserve acReExcounts Total quired 2 cess8 23 475 5,209 3,085 1,458 1,499 1,018 1,172 389 -192 -570 102 Averages of daily figures Monthly: 1953—Oct.. Nov. Dec. 1954—Jan.. Feb.. Mar. Apr.. May. 800 744 1,018 861 667 712 696 640 710 695 654 725 720 4,956 41,959 1,960 t 1,967 t 1,973 Weekending: 1954 July Aug. 4 Aug. 11 Aug. 18 Aug. 25 24,325 24,040 23,980 23,813 24,325 24,023 23,876 23,747 Sept. Sept. Sept. Sept. Sept. 23,938 24,013 24,035 23,789 23,868 23,845 23,977 24,035 23,789 23,868 24,492 24,606 24,487 24,381 24,492 24,581 24,456 24,381 1 8 15 22 29 Oct. 6. Oct. 1 3 . ! ! ! Oct. 2 0 . . . . Oct. 2 7 . . . . ii 104 66 93 36 25 31 179 259 284 257 1,959 1,959 1,960 i i,961 29,889 29,932 29,919 29,850 803 803 805 807 742 584 558 566 526 544 579 557 455 430 452 450 908 905 914 927 18,698 18,586 18,525 18,353 17,666 1,032 898 17,688 863 17,662 726 17,627 1,962 1,965 1,967 i 1,967 1,968 29,887 30,046 30,073 29,969 29,888 808 802 795 793 795 551 479 558 446 652 465 518 559 514 511 516 428 432 435 437 926 923 925 934 933 18,346 18,336 18,373 18,596 18,250 17,603 17,556 17,594 17,691 17,663 1,971 t,972 1,973 t,973 30,010 30,143 30,125 30,028 793 790 796 801 676 594 570 567 484 466 443 442 452 472 440 411 948 950 950 949 18,756 17,894 18,832 18,201 19,136 P18.248 18,895 P18.194 t i i t i i i 1 743 780 779 905 587 862 631 P888 *>701 v1 Preliminary. Includes industrial loans and acceptances purchased, which are shown separately in subsequent tables. 8 These figures are estimated. Back figures.—See Banking and Monetary Statistics, Tables 101-103, pp. 369-394; for description, see pp. 360-366 in the same publication. MAXIMUM RATES ON TIME DEPOSITS MARGIN REQUIREMENTS * [Per cent per annum] [Per cent of market value] Nov. 1, 1933- Feb. 1, 1935- Effective Jan. 31, 1935 Dec 31, 1935 Jan. 1,1936 Savings deposits Postal Savings deposits Other deposits payable: In 6 months or more In 90 days to 6 months. . . In less than 90 days NOTE.—Maximum rates that may be paid by member banks as established by the Board of Governors under provisions of Regulation Q. Under this Regulation the rate payable by a member bank may not in any event exceed the maximum rate payable by State banks or trust companies on like deposits under the laws of the State in which the member bank is located. Maximum rates that may be paid by insured nonmember banks as established by the F.D.I.C, effective Feb. 1, 1936, are the same as those in effect for member banks. 1156 Prescribed in accordance with Securities Exchange Act of 1934 Regulation T: For extensions of credit by brokers and dealers on listed securities For short sales Regulation U: For loans by banks on stocks Mar. 30, Jan. 17, Effec19491951tive Jan. 16, Feb. 19, Feb. 20, 1951 1953 1953 50 50 75 75 50 50 50 75 50 1 Regulations T and U 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. Back figures.—See Banking and Monetary Statistics, Table 145, p. 504, and BULLETIN for March 1946, p. 295, February 1947, p. 162, and February 1953, p. 130. FEDERAL RESERVE BULLETIN FEDERAL RESERVE BANK DISCOUNT RATES [Per cent per annum] Discounts for and advances to member banks Federal Reserve Bank Advances secured by Government obligations and discounts of and advances secured by eligible paper (Sees. 13 and 13a)* Rate on Oct. 31 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 Oct. 31 Apr. 27,1954 Apr. 16,1954 May 21, 1954 Apr. 23,1954 May 15, 1954 May 15, 1954 Apr. 14,1954 Apr. 23,1954 Apr. 29,1954 Apr. 23,1954 Apr. 23,1954 Apr. 16,1954 2 2 2 2 2 2 2 2 2 In effect beginning— Previous rate Rate on Oct. 31 Apr. 27,1954 Apr. 16,1954 May 21, 1954 Apr. 23,1954 May 15, 1954 May 15, 1954 2V4 2 Previous rate Feb. 5, 1954 Jan. 16, 1953 Jan. 16, 1953 Aug. 17, 1953 Jan. 23, 1953 Feb. 9, 1954 Aug. 13, 1948 May 18, 1953 Jan. 26, 1953 Jan. 16, 1953 Jan. 23, 1953 Jan. 20, 1953 3 3 3M 2M Sept. 13,1954 Apr. 23.1954 Apr. 29,1954 Feb. 12,1954 Apr. 23,1954 Apr. 16,1954 In effect beginning— 3 2H 3 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 corporations under the last paragraph of Section 13: 90 days. Back figures.—See Banking and Monetary Statistics, Tables 115-116, pp. 439-443. FEDERAL RESERVE BANK BUYING RATES ON ACCEPTANCES [Per cent per annum] Rate on Oct. 31 Maturity In effect beginning—> To financing institutions On discounts or purchases On loans 1 Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco... On commitments Portion for which institution is obligated Remaining portion On commitments H-1H 8 (8) 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 J^ per cent per annum is made on undisbursed portion of 6loan. Charge of }£ per cent per annum is made on undisbursed portion of loan. Back figures.—See Banking and Monetary Statistics, Table 118, pp. 446-447. NOVEMBER 1954 Central reserve city banks Reserve city banks Country banks 1917—June 21 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—Jan. 11 Jan. 16 Jan. 25 Feb. 1 1953—July i July 9 1954—June 16 June 24 July 29 Aug. 1 In effect Nov. 1, 1954*... 13 1934 22M 26 22 H 26 24 22 20 22 24 10 15 1734 20 1734 20 7 1034 14 4 12 14 26 22 24 21 20 23^ 19*$ 23 19 22 23 18 19 24 20 22 19 21 20 18 20 18 IK FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS AND COMMITMENTS UNDER SECTION 13B OF THE FEDERAL RESERVE ACT Maturities not exceeding five years [In effect October 31. Per cent per annum] Federal Reserve Bank Effective date of change 1% NOTE.—Effective minimum buying rates on prime bankers' acceptances payable in dollars. Back figures.—See Banking and Monetary Statistics, Table 117, pp. 443-445. To industrial or commercial businesses Net demand deposits 1 Previous rate Apr. 16, 1954 Apr. 16, 1954 Apr. 16, 1954 1- 90 days 91-120 days 121-180 days MEMBER BANK RESERVE REQUIREMENTS [Per cent of deposits] Time deposits (all member banks) 3 64 5 6 16 2 15 U 27 37 36 2 6 35 25 13 36 26 14 13 7V£ 13 25 35 12 12 5 1 Demand deposits subject to reserve requirements, which beginning Aug. 23, 1935, have been total demand deposits minus cash items in process of collection and demand balances due from domestic banks (also minus war loan and series E bond accounts during the period Apr. 13, 1943-June 30, 1947). 2 Requirement became effective at country banks. 3 Requirement became effective at central reserve and reserve city banks. 4 Present legal minimum and maximum requirements on net demand deposits—central reserve cities, 13 and 26 per cent; reserve cities, 10 and 20 per cent; country, 7 and 14 per cent, respectively; on time deposits at all member banks, 3 and 6 per cent, respectively. 1157 MEMBER BANK RESERVES AND BORROWINGS [Averages of daily figures. In millions of dollars] Month, or week ending Wednesday All member 1 banks Central reserve city banks Reserve city banks Country banks i New York Chicago 19,653 19,526 19,552 19,164 18,478 18,403 4,838 4,713 4,717 4,508 4,311 4,288 1,292 1,293 1,283 1,198 1,171 1,154 7,808 7,805 779 780 502 506 5,713 5,714 5,773 5,678 5,493 5,455 '18,596 18,250 18,756 18,832 19,136 18,895 4,296 4,273 4,465 4,4^0 4,540 4,487 1,153 1,139 1,179 1,174 1,197 1,187 7,560 7,492 7,593 7,699 7,751 7,741 5,586 5,346 5,519 5,468 5,649 5,479 Month, or week ending Wednesday Total reserves held: 1953—July August September 1954—July August September Sept. 22 Sept. 29 Oct. 6 Oct. 13 Oct. 20 Oct. 27 All member banks i Central reserve city banks New York Chicago Reserve city banks Country banks 1 Excess reserves: 1953—July August September 1954—July August September Sept. 22 Sept. 29 Oct. 6 Oct. 13 Oct. 20 Oct. 27 784 643 718 836 839 775 53 6 31 40 —9 21 5 1 -2 11 130 99 116 166 112 105 597 537 573 619 736 645 904 588 8o3 630 P889 29 -11 79 -10 43 20 6 —9 16 -10 14 4 123 78 133 78 96 96 746 530 635 572 P736 P581 12 53 32 40 79 51 1 11 9 245 365 275 26 37 28 121 154 110 38 37 28 22 38 46 48 63 35 13 32 12 20 34 35 P701 Borrowings at Federal Reserve Banks: Required reserves: 2 5,117 5,177 5,200 5,058 4,757 4,810 1953—July August September.. 1954—July August September.. 18,868 18,882 18,834 18,329 17,638 17,628 4,786 4,706 4,686 4,468 4,320 4,266 1,288 1,292 1,285 1,187 1,172 1,151 7,678 7,706 7,663 7,614 7,390 7,401 Sept. 2 2 . . . . Sept. 29... . Oct. 6 . . . . Oct. 1 3 . . . . Oct. 2 0 . . . . Oct. 27 17,691 17,663 17,894 18,201 P18.248 P18.194 4,267 4,285 4,387 4,500 4,497 4,467 1,147 1,148 1,163 1,184 1,183 1,184 7,437 4,840 7,414 4,816 7,460 4,884 7,621 4,896 7,655 P 4 , 9 1 3 7,645 P4,898 1953—July August September 1954—July August September 418 650 468 66 115 67 Sept. 22 Sept. 29 Oct. 6 Oct. 13 Oct. 20 Oct. 27 30 2 36 78 62 74 99 71 « Correction P Preliminary. iWeekly figures of excess reserves of all member banks and of country banks are estimates. Weekly figures of borrowings of all member banks2 and of country banks may include small amounts of Federal Reserve Bank discounts and advances for nonmember banks, etc. See table on preceding page for changes in reserve requirements. Backfigures.—SeeBanking and Monetary Statistics, pp. 396-399. DEPOSITS, RESERVES, AND BORROWINGS OP MEMBER BANKS [Averages of daily figures.* In millions of dollars] Item All member banks Central reserve city banks Chicago New York Reserve city banks Country banks All member banks Demand balances due from domestic banks... Reserves with Federal Reserve Banks: Total Required3 Excess Borrowings at Federal Reserve Banks New York Chicago Reserve city banks Country banks September 1953 September 1954 Gross demand deposits: Total Interbank Other Net demand deposits2 Time deposits Central reserve city banks 109,517 13,276 96,241 94,970 39,058 22,567 4,011 18,556 20,416 3,659 6,049 1,303 4,745 5,436 1,275 42,712 6,065 36,047 36,843 15,393 38,189 1,296 36,893 32,276 18,731 107,897 12,331 95,566 93,991 35,126 22,688 3,843 18,845 20,624 2,476 6,141 1,275 4,866 5,514 1,200 41,796 6,126 35,669 35,927 13,956 37,273 1,087 36,186 31,927 17,494 6,894 42 114 2,052 4,687 6,312 40 118 1,986 4,168 18,403 17,628 775 4,288 4,266 21 1,154 1,151 4 7,506 7,401 105 5,455 4,810 645 19,552 18,834 718 4,717 4,686 31 1,283 1,285 -2 7,779 7,663 116 5,773 5,200 573 28 28 468 32 51 275 110 67 ^Averages of daily closingfiguresfor reserves and borrowings and of daily opening figures for other items, inasmuch as reserves required are based2 on deposits at opening of business. Demand deposits subject to reserve requirements, i. e., gross demand deposits minus cash items reported as in process of collection and demand balances due from domestic banks. 3 See table on preceding page for changes in reserve requirements. 1158 FEDERAL RESERVE BULLETIN STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday figures Item End of month 1954 Oct. 27 Oct. 13 Oct. 20 Oct. 6 Sept. 29 Oct. Sept. Oct. Assets Gold certificates Redemption fund for F. R. notes. . 20,225,102 20,227,101 20,287,101 20,287,103 20,287,101 20,235,103 20,287,101 20,043,103 843,93^ 836,474 839,129 844,083 843,938 842,262 842,262 853,890 Total gold certificate reserves. 21,069,039 21,071,184 21,123,575 21,126,232 21,129,363 21,079,041 21,129,363 20,896,993 F. R. notes of other Banks Other cash Discounts and advances: For member banks For nonmember banks, etc Industrial loans U. S. Government securities: Bought outright: Bills Certificates: Special Other Notes Bonds 160,448 329,448 142,628 327,294 122,025 315,702 122,704 330,305 136,982 349,737 147,649 335,656 132,036 351,911 182,301 336,770 120,213 185,000 797 145,495 185,000 742 126,573 185,000 875 70,250 185,000 759 173,899 125,000 870 112,360 185,000 800 27,374 105,000 978 405,520 7,000 2,662 1,660,000 1,735,000 1,859,250 1,859,250 1,324,250 1,660,000 1,549,250 2,056,312 6,599, ,599,791 6,599 13,029, 021 13 ,029,021 13,029 3,092. ,092,550 3,092 Total bought outright Held under repurchase agreement ,599,791 6,599 13 ,029,021 13,029 ,092,550 3,092 6,599,791 6,599,791 5,851,541 13,029,021 13,029,021 13,773,671 3,092,550 3,092,550 3,666,150 24,381,362 24,456,362 24,580 24,580,61: 24,045,612 24,381,362 24,270,612 25,347,674 28 600 24,609,212 24,580,61: 24,045,612 24,381,362 24,270,612 25,347,674 Total U. S. Government securities 24,381,362 Total loans and securities 24,687,372 24,787,599 24,921,660 24,836,621 24,345,381 24,679,522 24,403,964 :5,762,856 22 Due from foreign banks Uncollected cash items Bank premises Other assets 3,776. 54, 165 22 22 ,239,283 4,002 ,707 54 ,076 54,308 152 ,506 159,041 22 22 22 22 22 ,627,086 3,624, 3,567,683 3,547,358 3,525,147 53,504 54,157 53, 53,506 50,056 145,467 170,797 158, 159,404 214,722 50,242,779 50,781,359 50,692,273 50,241,941 49,798,544 50,034,527 49,777,564 0,968,867 Total assets. Liabilities Federal Reserve notes Deposits: Member bank—reserve accounts U. S. Treasurer—general account Foreign Other 25,613,678 25,666,505 25,729,266 25,646,743 25,553,572 25,705,621 :5,601,422 26,133,622 18,888,249 19,037 588,197 601 443,004 433 372,917 374, 18,619,811 18,874,552 18,330,877 18,722,082 18,676,139 9,459,892 643,099 625,164 769,192 728,963 704,485 653,969 468,049 556,165 489,198 426,227 461,465 448,446 417, 763 426,753 398,344 496,128 421,781 467,556 20,292,367 20,446, 852 20,148,722 20,482,634 19,987,611 20,373,400 20,263,870 21,029,863 Total deposits. Deferred availability cash items Other liabilities and accrued dividends 3,166,853 3,505, 825 3,657,051 2,962,905 3,113,558 2,846,363 2,768,038 2,738,362 19,634 20,384 ,477 17,861 18,441 17,719 17,376 19,952 49,093,282 49,637,659 49,554,673 49,110,143 48,672,460 48,943,825 48,650,706 49,921,799 Total liabilities. Capital Accounts Capital paid in Surplus (Section 7) Surplus (Section 13b) Other capital accounts 276,871 625,013 27,543 220,070 Total liabilities and capital accounts Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent) Contingent liability on acceptances purchased for foreign correspondents Industrial loan commitments 276,679 625,013 27,543 214,465 276,190 625,013 27,543 208,854 276,013 625,013 27,543 203,229 275,842 625,013 27,543 197,686 281,900 625,013 27,543 156,246 275,870 625,013 27,543 198,432 262,707 584,676 27,543 172,142 10,242,779 10,781,359 50,692,273 0,241,941 49,798,544 50,034,527 49,777,564 10,968,867 45.9 45.7 12,910 2,098 11,384 2,163 8,470 2,032 45.8 46.4 45.7 46.4 7,849 2,150 6,278 2,240 14,118 1,895 6,453 1,943 22,752 3,381 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 days 16 days to 90 days 91 days to 1 year Industrial loans—total Within 15 days 16 days to 90 days 91 days to 1 year Over 1 year to 5 years U. S. Government securities—total Within 15 days 16 days to 90 days 91 days to 1 year Over 1 year to 5 years Over 5 years to 10 years Over 10 years 305 ,213 139 ,032 46 ,137 120 ,044 797 2 168 595 32 24,381 362 166 000 8,776 550 6,689 591 6,320 750 1,013 614 1,414 857 330,495 326,126 4,369 742 426 234 50 32 24 456,362 333,500 8,684,050 6,689,591 6,320,750 1,013,614 1,414,857 311,573 283,018 28,555 298,899 297,360 132,374 412,520 190,911 131,667 34,192 375,971 107,984 45,649 98,178 36,439 4 120,044 4 110 875 759 870 800 978 2,662 2 2 571 3 3 533 790 672 11 165 730 1,098 50 49 252 600 209 895 33 36 36 32 36 136 24,609,212 24,580,612 24,045,612 24,381,362 24 ,270,612 25,347,674 414,350 522,000 363,700 146,700 283,000 283,750 8,756,050 8,619,800 8,243,100 8,795,850 8,548,800 264,312 6,689,591 6,689,591 6,689,591 6,689,591 6,689,591 558,091 6,320,750 6,320,750 6,320,750 6,320,750 6,320,750 452,264 1 ,013,614 ,013,614 1,013,614 013,614 374,400 ,013,614 1 ,414,857 414,857 414,857 ,414,857 1,414,857 ,414,857 255,250 67,367 187,883 1 Securities held under repurchase agreement are classified as maturing within 15 days in accordance with maximum maturity of the agreements. NOVEMBER 1954 1159 STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON OCTOBER 31, 1954 [In thousands of dollars] Item Total Boston New York Philadelphia Cleveland Richmond Assets Gold certificates. 20,235,103 1,026,036 5,341,878 1,205,975 1,729,250 1,152,123 Redemption fund 50,012 for F. R. notes. 175,366 55,590 66,755 75,593 843,938 Atlanta Chicago 942,i686 3,559,958 54,291 144,612 San Francisco St. Louis Minneapolis 838,650 447,986 839,804 47,365 24,713 39,934 472,699 879,738 4,493 9,101 4,146 11,980 6,941 14,071 13,365 30,587 6,020 4,625 80 16,212 7,030 80 8,902 500 18,870 Total gold certificate reserves. . 21,079,041 1,076,048 5,517,244 1,261,565 1,804,843 1,218,878 996,977 3,704,570 886,015 F. R. notes of 33,199 10,593 13,755 8,857 6,579 147,649 11,706 21,527 12,488 other Banks... 67,777 17,851 335,656 23,327 36,098 17,982 31,222 56,895 18,765 Other cash Discounts and advances: Secured by U. S. Govt. 9,285 112,062 3,950 10,875 2,200 8,055 7,260 20,800 26,825 securities. . . 53,650 13,690 17,020 185,298 11,295 7,030 9,435 7,955 25,796 Other 720 800 Industrial loans.. U. S. Government securities: Bought outright 24,381,362 1,345,315 6,227,780 1,483,801 2,089,653 1,436,014 1,241,767 4,262,301 1,020,238 Held under repurchase agreement... Kansas City 598,733 1,051,910 Dallas 836,050 2,314,707 28,926 80,781 864,976 2,395,488 958,041 2,665,809 Total loans and securities 24,679,522 1,360,560 6,290,715 1,509,086 2,114,728 1 ,452,709 1,270,522 4,314,922 1,029,468 609,458 1,075,152 967,023 2,685,179 Due from foreign 1 1 1 1 2 banks 2 3 16 1 1 22 Uncollected cash 617,738 195,178 329,134 317,804 268,399 590,553 154,521 106,992 188,188 209,303 313,353 items 3,567,683 276,520 5,162 1,015 5,080 2,458 1,085 8,606 2,844 5,896 3,906 Bank premises... 6,318 7,257 4,530 54,157 10,069 14,744 4,077 18,360 7,543 7,149 9,314 7,338 9,178 Other assets 29,485 42,806 10,734 170,797 Total assets 50,034,527 2,765,285 12,576,742 3,009,506 4,313,486 3,034,344 2,601,868 8,715,234 2,105,531 1,207,836 2,169,206 2,070,549 5,464,940 Liabilities F. R. notes 25,705,621 1,565,349 5,751,997 1,789,843 2,365,467 1,835,014 1,365,265 4,975,068 1,154,908 583,803 1,006,715 734,230 2,577,962 Deposits: Member bk.— reserve accts. 18,722,082 817,071 5,446,509 884,403 1,452,962 818,119 881,177 2,989,105 690,183 455,074 909,622 1,013,704 2,364,153 U. S. Treas.— 33,014 51,211 42,747 40,833 2 147,445 80,621 39,391 77,954 42,351 728,963 40,328 53,886 79,182 gen. acct 32,042 10,825 26,413 118,778 22,083 16,454 16,454 426,227 18,619 60,187 20,351 44,185 39,836 Foreign 2,912 5,702 315,950 9,816 13,099 3,141 496,128 34,958 3,990 21,663 42,357 34,649 7,891 Other Total deposits... 20,373,400 Deferred availability cash items 2,846,363 Other liabilities and accrued 18,441 dividends 887,229 6,028,682 977,472 1,581,310 892,692 975,082 3,131,236 771,047 504,615 245,114 481,974 161,201 265,374 248,062 211,189 453,978 135,259 90,022 147,415 154,632 252,143 885 5,634 972 2,080 793 870 2,804 694 655 675 654 1,725 971,568 1,130,298 2,522,169 Total liabilities. . 48,943,825 2,698,577 12,268,287 2,929,488 4,214,231 2,976,561 2,552,406 8,563,086 2,061,908 1,179,095 2,126,373 2,019,814 5,353,999 Capital Accounts Capital paid in. . Surplus (Sec. 7). . Surplus (Sec. 13b) Other capital accounts 281,900 625,013 27,543 14,789 38,779 3,011 88,621 176,633 7,319 18,716 45,909 4,489 26,760 57,648 1,006 12,526 31,750 3,349 12,041 28,034 762 36,556 90,792 1,429 9,740 25,465 521 6,149 16,219 1,073 10,617 23,456 1,137 14,125 28,146 1,307 31,260 62,182 2,140 156,246 10.129 35,882 10,904 13,841 10,158 8,625 23,371 7,897 5,300 7,623 7,157 15,359 Total liabilities and capital accounts , 50,034,527 2,765,285 12,576,742 3,009,506 4,313,486 3,034,344 2,601,868 8,715,234 2,105,531 1,207,836 2,169,206 2,070,549 5,464,940 Reserve ratio 45.7% 43,9% 46,8% 45,6% 45,7% 44,7% 42,6% 45,7% 46,0% 43,4% 44,5% 46,4% 47,0% Contingent liability on acceptances purchased for foreign correspondents. 14,118 786 34,959 955 1,187 658 555 1,793 490 323 490 606 1,316 Industrial loan commitments., 1,895 445 598 39 108 18 687 1 After 2 deducting $ 16,000 participations of other Federal Reserve Banks. After deducting $307,430,000 participations of other Federal Reserve Banks, s After deducting $9,159,000 participations of other Federal Reserve Banks. 1160 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 Oct. 27 F. R. notes outstanding (issued to Bank) Collateral held against notes outstanding: Gold certificates Eligible paper U. S. Government securities Oct. 20 Oct. 13 Sept. 29 Oct. 6 1953 Sept. Oct. Oct. 26,561,981 26,592,362 26,586,932 26,555,284 26,557,599 26,597,961 26,539,310 27,106,656 11,093,000 11,093,000 11,093,000 11 ,093,000 11,093,000 11 ,093,000 11,093,000 11 463,000 53,738 73,017 36,039 20,086 55,846 47,027 13,156 226,703 16,865,000 16,865,000 16,865,000 16,865,000 16,865,000 16,865,000 16,865,000 16,620,000 Total collateral 28,011,738 28,031,017 27,994,039 27,978,086 28,013,846 28,005,027 27,971,156 28,309,703 EACH FEDERAL RESERVE BANK ON OCTOBER 31, 1954 [In thousands of dollars] Item Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minne- Kansas apolis City Dallas San Francisco F. R. notes outstanding (issued to Bank) 26,597,961 1,624,881 5,929,126 1,868,933 2,477,676 1,888,596 1,416,684 5,062,172 1,205,570 620,765 1,035,333 779,312 2,688,913 Collateral held: Gold certificates 11,093,000 640,000 2,670,000 800,000 1,000,000 625,000 485,000 2,400,000 355,000 175,000 280,000 283,000 1,380,000 7,260 3,960 10,875 2,200 6,020 47,027 16,212 500 Eligible paper. . U. "S. Govt. se16,865,000 1,200,000 3,600,000 1,200,000 1,500,000 1,300,000 1,000,000 2,700,000 920,000 500,000 800,000 525,000 1,620,000 curities Total collateral. . 28,005,027 1,843,960 6,270,000 2,010,875 2,500,000 1,932,260 1,485,000 5,100,000 1,277,200 681,020 1,096,212 808,000 3,000,500 INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS [Amounts in thousands of dollars] End of year or month Applications approved to date Number 1945 1946 1947 1948 1949 1950 1951 1952 3,511 3,542 3,574 3,607 3,649 3,698 3,736 3,753 Amount 544,961 565,913 586,726 615,653 629,326 651,389 710,931 766,492 Participations Apof financproved Loans Commiting instibut not out- 2 ments outtutions com- 1 standing standing outpleted (amount) (amount) standing* (amount) (amount) 320 4,577 945 335 539 4,819 3,513 1,638 1,995 554 1,387 995 M78 1,632 t 1,687 $,921 1,644 8,309 7,434 1,643 2,288 3,754 6,036 3,210 1,086 2,670 4,869 1,990 2,947 3,745 11,985 3,289 1953 September. October. . . November. December.. 3,760 3,762 3,764 3,765 795,496 797,656 800,420 803,429 997 1,242 1,682 1,951 *,993 2,685 2,546 1,900 3,341 3,381 3,097 3,569 3,134 2,970 3,640 3,469 1954 January. . . February. . March April May Tune tuly August.... September. 3,765 3,765 3,766 3,767 3,767 3,768 3,768 3,768 3,769 805,115 806,648 808,505 810,051 810,779 812,433 813,465 814,765 815,449 1 1,234 1,345 1,720 405 45 195 45 45 395 1,885 L ,792 1,487 1,302 1,298 1,247 1,130 630 991 3,532 3,145 2,957 2,891 2,373 2,395 2,354 2,794 1,943 3,414 3,344 2,666 2,412 1,869 1,855 1,812 1,773 1 ,559 Includes applications approved conditionally by the Federal Reserve Banks and under consideration by applicant. 2 Includes industrial loans past due 3 months or more, which are not included in industrial loans outstanding in weekly statement of condition of Federal Reserve Banks. 3 Not covered by Federal Reserve Bank commitment to purchase or discount. NOTE.—The difference between amount of applications approved and the sum of the following four columns represents repayments of advances, and applications for loans and commitments withdrawn or expired. NOVEMBER 1954 LOANS GUARANTEED THROUGH FEDERAL RESERVE BANKS UNDER REGULATION V, PURSUANT TO DEFENSE PRODUCTION ACT OF 1950 [Amounts in thousands of dollars] End of year or month 1950 1951 1952 Guaranteed loans authorized to date Guaranteed loans outstanding Additional amount available to borrowers under guarantee agreements outstanding Number Amount Total amount Portion guaranteed 62 854 1,159 31,326 1,395,444 2,124,123 8,017 675,459 979,428 6,265 546,597 803,132 8,299 472,827 586,303 1,269 1,279 1,284 1,294 2,310,182 2,320,187 2,324,612 2,358,387 860,874 842,529 837,238 804,686 709,488 695,550 691,727 666,205 438,091 416,690 375,977 363,667 1,304 1,310 L.316 1,322 1,324 1,331 L.342 1,350 L ,355 2,377,628 2,380,186 2,399,321 2,406,651 2,408,226 2,420,326 2,443,021 2,457,689 2,477,939 788,320 772,647 737,605 684,631 664,122 640,636 604,750 559,859 546,930 652,706 640,121 612,265 569,551 552,738 534,695 502,902 466,089 455,618 347,969 355,056 321,619 347,823 330,408 299,465 311,191 300,676 295,805 1953 September October. . . November. December. 1954 January.,. February.. March.... April May June July August.... September. NOTE.—The difference between guaranteed loans authorized and sum of Ioan3 outstanding and additional amounts available to borrowers under guarantee agreements outstanding represents amounts repaid, guarantees authorized but not completed, and authorizations expired or withdrawn. 1161 POSTAL SAVINGS SYSTEM FEES AND RATES ESTABLISHED UNDER REGULATION V ON LOANS GUARANTEED PURSUANT TO DEFENSE PRODUCTION ACT OF 1950 [In effect October 311 Fees Payable to Guaranteeing Agency by Financing Institution on Guaranteed Portion of Loan Percentage of loan guaranteed 70 or less 75 . 80 85 ... Guarantee fee (percentage of interest payable by borrower) Percentage of any commitment fee charged borrower 10 15 20 25 10 15 20 25 30 35 40-50 30 35 40-50 90 95 Over 95 Maximum Rates Financing Institution May Charge Borrower [Per cent per annum] Interest rate Commitment rate. [In millions of dollars] Assets Depositors' balances 1 End of month Total Cash in depository banks U. S. Government securities Cash reserve funds, etc.' 6 6 6 179 200 212 198 187 166 162 151 1945—December 1946—December.. 1947—December.. 1948—December.. 1949—December.. 1950—December.. 1951—December.. 1952—December.. 2,933 3,284 3,417 3,330 3,188 2,924 2,705 2.547 3,022 3,387 3,525 3,449 3,312 3,045 2,835 2,736 7 7 11 28 33 2,837 3,182 3,308 3,244 3,118 2,868 2,644 2,551 1953—June July August September. . . October November. . . December 2,457 2,438 2,419 2,401 2,387 2,373 2.359 2,653 2,648 2,635 2,618 2,596 2,577 2,558 33 33 33 33 33 31 31 2,477 2,469 2,452 2,435 2,428 2,407 2,389 143 146 151 150 135 139 138 2,343 2,326 . 2,309 2,290 2,271 J>2,251 P2 229 P2.208 P2.189 2,540 2,505 2,470 2,434 2,416 31 31 31 31 31 2,373 2,336 2,299 2,278 2,256 136 139 140 125 130 1954—January February March. . April May. . JulyAugust September p Preliminary. 12 Outstanding principal, represented by certificates of deposit. Includes reserve and miscellaneous working funds with Treasurer of United States, working cash with postmasters, accrued interest on bond investments, and miscellaneous receivables. Back figures.—See Banking and Monetary Statistics, p. 519; for description, see p. 508 in the same publication. 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 757,356 848,561 924,464 1,017,084 1,103,720 1,227,476 1,206,293 1,380,112 1,542,554 1,642,853 1,759,069 281,080 327,490 382,760 406,790 398,464 443,216 446,224 509,340 544,367 597,815 632,801 175.499 194,751 200,202 218,477 246,739 270,912 260,897 298,564 336,885 349,904 385,831 300,777 326,320 341,502 391,817 458,517 513,348 499,172 572,208 661,302 695,133 740,436 20.4 22.3 24.1 25.1 23.8 26.9 27.9 31.1 31.9 34.4 36.7 18.0 18.3 17.5 18.3 19.7 21.6 20.9 22.6 24.0 24.1 25.6 15.3 14.6 13.5 14.1 15.5 16.6 15.9 17.2 18.4 18.4 18.9 1953—August. . . September October.. . November, December. 134,386 147,699 149,606 140,992 168,596 45,516 54,888 54,152 50,470 65,367 29,958 31,422 31,778 30,477 35,557 58,913 61,390 63,676 60,046 67,672 32.2 40.2 35.8 38.4 43.1 23.6 25.9 23.9 26.4 26.8 17.8 19.3 18.4 20.2 19.7 37.2 39.2 36.9 38.8 38.1 25.8 26.2 24.6 26.0 25.6 18.9 19.0 18.4 19.1 18.7 1954—January... February.. March April May June July August September October. . . '154,286 '141,928 '171,356 '154,760 '149,813 '163,509 '154,849 '151,503 '149,899 152,321 62,306 56,115 67,913 60,479 59,535 64,965 61,155 58,316 56,744 58,792 30,806 29,341 36,666 33,152 31,159 33,785 31,556 31,526 30,922 30,706 '61,174 '56,471 '66,777 '61,129 '59,119 '64,758 '62,138 '61,661 '62,233 62,823 42.7 42.7 44.6 41.3 41.9 44.2 41.6 40.0 40.4 39.3 24.1 25.5 29.2 27.6 25.5 26.8 24.9 24.8 25.3 P23.7 18.6 19.2 19.7 18.8 18.8 19.7 18.8 18.5 19.4 P18.6 42.5 43.8 43.5 41.9 43.0 40.9 42.7 46.2 39.4 40.5 24.6 26.2 26.7 26.8 25.9 26.3 25.4 27.1 25.6 *24.4 18.4 19.3 19.8 19.4 19.2 19.7 19.1 19.7 19.1 J>18.6 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 1953 6 338 other other reporting centers1 centers New York City 6 338 other other reporting centers1 centers *1> Preliminary. 'Revised. 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. 1162 FEDERAL RESERVE BULLETIN UNITED STATES MONEY IN CIRCULATION UY DENOMINATIONS [Outside Treasury and Federal Reserve Banks. In millions of dollars] Coin and small denomination currency 3 Total in circulation 1 Total 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 7,598 8,732 11,160 15,410 20,449 25,307 28,515 28,952 28,868 28,224 27,600 27,741 29,206 30,433 1953—September... October November... December. . . 1954—January February.... March April May June July August September... End of year or month Coin *$1 $2 $5 5,553 6,247 8,120 11,576 14,871 17,580 20,683 20,437 20,020 19,529 19,025 19,305 20,530 21,450 590 559 648 610 751 695 880 801 ,019 909 ,156 987 ,274 1,039 ,361 ,029 ,404 ,048 ,464 ,049 ,484 ,066 ,554 ,113 ,654 ,182 ,750 ,228 36 39 44 55 70 81 73 67 65 64 62 64 67 71 ,019 ,129 ,355 ,693 ,973 2,150 2,313 2,173 2,110 2,047 2,004 2,049 2,120 2,143 1,772 2,021 2,731 4,051 5,194 5,983 6,782 6,497 6,275 6,060 5,897 5,998 6,329 6,561 1,576 048 460 919 1,800 489 538 1,112 2,545 3,044 724 1,433 4,096 3,837 1,019 1,910 705 580 1,481 2,912 224 730 1,996 4,153 9,201 7,834 2,327 4,220 9,310 8,518 2,492 4,771 9,119 8,850 2,548 5,070 8,846 8,698 2,494 5,074 8,512 8,578 2,435 5,056 8,529 8,438 2,422 5,043 9,177 8,678 2,544 5,207 9,696 8,985 2,669 5,447 191 227 261 287 407 555 454 438 428 400 382 368 355 343 425 523 556 586 749 990 801 783 782 707 689 588 556 512 30,275 30,398 30,807 30,781 21,321 21,414 21,771 21,636 ,792 ,802 ,816 ,812 ,207 ,214 ,232 ,249 69 70 71 72 2,060 2,071 2,123 2,119 6,499 6,524 6,659 6,565 9,694 9,734 9,871 9,819 8,956 8,986 9,038 9,146 2,659 2,665 2,689 2,732 5,458 5,488 5,519 5,581 334 333 332 333 493 489 487 486 8 8 8 11 29,981 29,904 29,707 29,735 29,870 29,922 29,892 29,929 29,985 20,939 20,908 20,757 20,799 20,946 20,999 20,984 21,015 21,054 ,180 ,775 ,170 ,770 ,166 ,776 ,173 ,783 ,787 ,182 ,795 ,183 ,793 1,174 ,801 1,183 70 70 70 70 69 71 70 70 70 2,031 2,021 2,010 2,006 2,036 2,023 2,016 2,023 2,034 6,351 6,365 6.304 6,325 6,375 6,377 6,366 6,361 6,378 9,531 9,512 9,431 9,443 9,496 9,551 9,564 9,578 9,561 9,045 8,999 8,952 8,936 8,926 8,924 8,910 8,916 8,932 2,693 2,674 2,654 2,651 2,651 2,659 2,654 2,653 2,648 5,526 5,502 5,473 5,470 5,463 5,457 5,451 5,461 5,486 331 330 328 327 325 324 322 321 320 484 482 481 478 475 473 471 469 466 8 8 12 8 8 8 8 8 1,200 $10 Large denomination currency 3 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 20 30 24 9 9 10 7 8 5 5 4 Unassorted 32 60 46 25 22 24 24 26 17 17 11 12 12 10 1 2 Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks. Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury as""destroyed. 3 Paper currency only; $1 silver coins reported under coin. Back figures.—See Banking and Monetary Statistics, Table 112, pp. 415-416. UNITED STATES MONEY, OUTSTANDING AND IN CIRCULATION, BY KINDS [On basis of circulation statement of United States money. In millions of dollars] Money in circulation 1 Money held by For Federal Reserve Federal 30, Aug. 31, Sept. 30, Reserve Banks and Sept. 1954 1954 1953 agents Banks and agents Money held in the Treasury Total outstanding, As security against Sept. 30, gold and 1954 silver certificates Gold Gold certificates Federal Reserve notes Treasury currency—total Standard silver dollars Silver bullion Silver certificates and Treasury notes of 1890.. Subsidiary silver coin Minor coin United States notes Federal Reserve Bank notes National Bank notes ' Total—Sept. 30, 1954 Aug. 31, 1954 Sept. 30, 1953 Treasury cash 2 646 21,810 21,165 26,539 4,972 21,165 32,414 56 84 491 2,163 32,414 1,284 439 347 178 70 250 2,163 21 18,314 54 6 2 1 23,578 23,551 23,348 786 811 1,283 18,314 18,302 18,118 2,816 1,070 352 35 25,413 4,536 215 214 207 252 57 11 25 2 1 2,161 1,172 423 319 175 69 2,138 1,165 421 319 177 69 2,101 1,166 419 316 195 72 4,237 4,266 4,433 29,985 35 25,390 4,504 36 25,762 4,476 30,275 1 Outside Treasury and Federal Reserve Banks. Includes any paper currency held outside the continental limits of the United States. Totals for other end-of-month dates are shown in table above, totals by weeks in table on p. 1155. 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 reserves5 against other types, a grand total of all types has no special significance and is not shown. See note for explanation of these duplications. Less than $500,000. NOTE.—There are maintained in the Treasury—(i) as a reserve for United States notes and Treasury notes of 1890—$156,039,431 in gold bullion;! - receipt); of such gold certificates. Federal Reserve notes are obligations of the United States and a first lien on all the assets of the issuing Federal Reserve Bank. Federal Reserve notes are secured by the deposit with Federal Reserve agents of a like amount of gold certificates or of gold certificates and such discounted or purchased paper as is eligible under the terms of the Federal Reserve Act, or of direct obligations of the United States. Each Federal Reserve Bank must maintain a reserve in gold certificates of at least 25 per cent against its Federal Reserve notes in actual circulation. Gold certificates deposited with Federal Reserve agents as collateral, and those deposited with the Treasurer of the United States as a redemption fund, are counted as reserve. "Gold certificates" as herein used includes credits with the Treasurer of the United States payable in gold certificates. Federal Reserve Bank notes and national bank notes are in process of retirement. NOVEMBER 1954 1163 CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM ALL COMMERCIAL AND SAVINGS BANKS, FEDERAL RESERVE BANKS, POSTAL SAVINGS SYSTEM, AND TREASURY CURRENCY F U N D S 1 [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 29. 1933—June 30. 1939—Dec. 30. 1941—Dec. 31. 1945—Dec. 31. 1947—Dec. 31. 1949—Dec. 31. 1950—Dec. 30. 1951—Dec. 31. 1952—June 30. Dec. 31. 1953—June 30. 4,037 4,031 17,644 22,737 20,065 22,754 24,427 22,706 22,695 23,346 23,187 22,463 2,019 2,286 2,963 3,247 4,339 4,562 4,598 4,636 4,709 4,754 4,812 4,854 58,642 42,148 54,564 64,653 167,381 160,832 162,681 171,667 181,323 182,980 192,866 190,277 41,082 21,957 22,157 26,605 30,387 43,023 49,604 60,366 67,597 69,712 75,484 77,071 5,741 10,328 23,105 29,049 128,417 107,086 100,456 96,560 97,808 96,266 100,008 95,350 5,499 8,199 19,417 25,511 101,288 81,199 78,433 72,894 71,343 70,783 72,740 68,108 216 1,998 2,484 2,254 24,262 22,559 18,885 20,778 23,801 22,906 24,697 24,746 26 131 1,204 1,284 2,867 3,328 3,138 2,888 2,664 2,577 2,571 2,496 11,819 9,863 9,302 8,999 8,577 10,723 12,621 14,741 15,918 17,002 17,374 17,856 64,698 48,465 75,171 90,637 191,785 188,148 191,706 199,009 208,727 211,080 220,865 217,594 55,776 42,029 68,359 82,811 180,806 175,348 177,313 184,385 193,410 194,960 204,220 200,360 8,922 6,436 6,812 7,826 10,979 12,800 14,392 14,624 15,317 16,120 16,647 17,234 Sept. 30. Oct. 28. Nov. 25. Dec. 31. 22,100 22,100 22,000 22,030 4,900 4,900 4,900 4,894 195,900 196,700 198,200 199,791 78.400 99,300 79,100 99,500 79,500 100,400 80,486 100,935 71,600 71,700 73,000 72,610 25,200 25,300 25,000 25,916 2,500 2,400 2,400 2,409 18,200 18,200 18,200 18,370 222,900 223,700 225,100 226,715 204,900 205,500 207,100 209,175 18,000 18,100 18,000 17,538 1954—Jan. 27. Feb. 24. Mar. 31. Apr. 28. May 26. June 30. July 28P Aug. 2 5 P 22,000 22,000 22,000 22,000 22,000 21,927 21,900 21,900 21,800 4,900 4,900 4,900 4,900 5,000 4,959 5,000 5,000 5,000 198,000 197,300 196,100 197,200 198,800 200,628 200,600 202,500 204,000 79,100 79,300 80,300 79,900 80,100 81,210 80,800 80,200 81,400 73,400 72,000 69,800 71,200 72,400 72,525 73,300 76,200 76,200 24,700 24,600 24,600 24,600 24,700 25,037 24,500 23,900 24,000 2,400 400 300 300 300 2,265 200 200 2,200 18,500 224,900 18,900 224,100 19,000 223,000 19,200 224,100 19,300 225,800 19,591 227,514 19,800 227,500 19,900 229,300 20,200 230,800 207,100 206,200 205,100 206,200 207,600 209,354 209,100 210,500 211,800 17,800 17,900 17,800 17,900 18,200 18,161 18,400 18,800 19,0^0 Sept. 29J> 100,400 99,100 96,800 98,200 99,400 99,827 100,000 102,300 102,400 Deposits and Currency Deposits adjusted and currency U. S. Government balances Date Total Foreign bank Treasury deposits, cash net holdings At comAt mercial Federal and Reserve savings Banks banks Time deposits* Total Demand deposits2 Total Commercial banks Mutual Postal savings Savings banks* System Currency outside banks 1929—June 29. 1933—June 30. 1939—Dec. 30. 1941—Dec. 31. 1945—Dec. 3 1 . , 1947—Dec. 31. 1949—Dec. 31. 1950—Dec. 30. 1951—Dec. 31. 1952—June 30. Dec. 31. 1953—June 30., 55,776 42,029 68,359 82,811 180,806 175,348 177,313 184,385 193,410 194,960 204,220 200,360 365 50 1,217 1,498 2,141 1,682 2,150 2,518 2,279 2,319 2,501 2,467 204 264 2,409 2,215 2,287 1,336 1,312 ,293 ,270 ,283 ,270 ,259 381 852 846 1,895 24,608 1,452 3,249 2,989 3,615 6,121 5,259 3,942 36 35 634 867 977 870 821 668 247 333 389 132 54,790 40,828 63,253 76,336 150,793 170,008 169,781 176,917 185,999 184,904 194,801 192,560 22,540 14,411 29,793 38,992 75,851 87,121 85,750 92,272 98,234 94,754 101,508 96,898 28,611 21,656 27,059 27,729 48,452 56,411 58,616 59,247 61,450 63,676 65,799 68,293 19,557 10,849 15,258 15,884 30,135 35,249 36,146 36,314 37,859 39,302 40,666 42,245 8,905 9,621 10,523 10,532 15,385 17,746 19,273 20,009 20,887 21,755 22,586 23,589 149 1,186 1,278 1,313 2,932 3,416 3,197 2,923 2,704 2,619 2,547 2,459 3,639 4,761 6,401 9,615 26,490 26,476 25,415 25,398 26,315 26,474 27,494 27,369 Sept. 30.. Oct. 28., Nov. 25., Dec. 31., 204,900 205,500 207,100 209,175 2,500 2,600 2,700 2,694 ,300 ,300 800 761 6,200 3,800 5,700 4,457 600 600 500 346 194,300 197,300 197,400 200,917 97,700 100,300 100,200 102,451 69,100 69,600 69,300 70,375 42,800 43,200 42,900 43,659 24,000 24,100 24,000 24,358 2,400 2,400 2,400 2,359 27,500 27,400 27,900 28,091 1954—Jan. 27. Feb. 24. Mar. 31. Apr. 28. May 26. June 30. July 28P Aug. 25P Sept. 29P 207,100 206,200 205,100 206,200 207,600 209,354 209,100 210,500 211,800 2,800 2,900 3,000 3,100 3,100 3,256 3,400 3,400 3,300 800 800 800 800 800 811 800 800 800 3,400 500 400 4,500 5,100 200 500 700 500 500 875 500 600 800 199,800 197,400 195,200 197,300 198,000 198,517 200,400 200,300 202,500 102,300 99,600 96,700 98,600 98,700 98,132 100,000 99,400 101,200 70,600 71,000 71,700 72,000 72,500 73,292 73,700 74,000 74,400 43,700 44,000 44,500 44,700 45,000 45,653 46,000 46,200 46,400 24,600 24,700 24,900 25,000 25,200 25,388 25,500 25,600 25,800 2,300 ,300 2,300 2,300 2,300 2,251 2,200 2,200 2,200 26,900 26,900 26,900 26.700 26,800 27,093 26,800 26,900 26,900 5,895 3,900 5,500 4,400 P1 Preliminary. Treasury funds included are the gold account, Treasury currency account, and Exchange Stabilization Fund. 2 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. 3Excludes interbank time deposits; United States Treasurer's time deposits, open account; and deposits of Postal Savings System in banks. 4 Prior to June 30, 1947, includes a relatively small amount of demand deposits. NOTE.—For description of statement and back figures, see BULLETIN for January 1948, pp. 24-32. The composition of a few items differs slightly from the description in the BULLETIN article; stock of Federal Reserve Banks held by member banks is included in "Other securities" and in "Capital and miscellaneous accounts, net" and balances of the Postal Savings System and the Exchange Stabilization Fund with the U. S. Treasury are netted against "Capital and miscellaneous accounts, net" instead of against U. S. Government deposits and Treasury cash. Total deposits and currency shown in the monthly Chart Book excludes "Foreign bank deposits, net" and "Treasury cash." Except on call dates, figures are rounded to nearest 100 million dollars and may not add to the totals. See Banking and Monetary Statistics, Table 9, pp. 34-35, for back figures for deposits and currency. 1164 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 Loans U. S. Government obligations Other securities Total assets Total Cash assets* liabilities and Total i capital accounts2 Deposits Other Interbank1 Demand Time Number Total of capital accounts banks All banks: 1939—Dec. 30 1941—Dec. 31 1945—Dec. 31 1947—Dec. 313 1950—Dec. 30 1951—Dec. 31 1952—Dec. 31 1953—June 30 Sept. 30 Dec. 31 1954—Apr. 28 May 26 June 30 July 28P Aug. 25*> Sept. 29P 50,884 61,126 140,227 134,924 148,021 154,869 165,626 163,082 168,560 171,497 170,710 172,560 173,343 174,380 176,790 178,040 22,165 19,417 26,615 25,511 30,362 101,288 43,002 81,199 60,386 72,894 67,608 71,343 75,512 72,740 77,117 68,108 78,730 71,620 80,518 72,610 80,280 71,240 80,870 72,390 81,227 72,525 81,340 73,270 80,690 76,210 81,680 76,200 9,302 8,999 8,577 10,723 14,741 15,918 17,374 17,856 18,210 18,370 19,190 19,300 19,591 19,770 19,890 20,160 23,292 27,344 35,415 38,388 41,086 45,531 45,584 42,023 41,480 45,811 40,780 40,210 42,556 40,230 39,480 40,620 77,068 90,908 177,332 175,091 191,317 202,903 213,837 207,758 212,860 220,140 214,450 215,820 218,900 217,640 219,300 221,710 68,242 81,816 165,612 161,865 175,296 185,756 195,552 189,159 193,080 201,100 194,450 195,300 199,508 197,310 198,780 201,150 9,874 10,982 14,065 13,033 14,039 15,087 15,321 13,600 13,900 15,957 14,260 14,110 15,500 14,940 15,210 15,470 32,516 44,355 105,935 95,727 104,744 111,644 116,633 109,389 112,100 116,788 110,180 110,630 112,637 110,590 111,430 113,140 25,852 26,479 45,613 53,105 56,513 59,025 63,598 66,170 67,080 68,354 70,010 70,560 71,371 71,780 72,140 72,540 8,194 8,414 10,542 11,948 13,837 14,623 15,367 15,791 16,070 16,118 16,480 16,550 16,664 16,690 16,770 16,860 15,035 14,826 14,553 14,714 14,650 14,618 14,575 14,537 14,525 14,509 14,472 14,468 14,465 14,457 14,446 14,436 All commercial banks: 1939—Dec. 30 1941—Dec. 31 1945—Dec. 31 1947—Dec. 313 1950—Dec. 30 1951—Dec. 31 1952—Dec. 31 1953—June 30 Sept. 30 Dec. 31 1954—Apr. 28. May 26 June 30 July 28P Aug. 25P Sept. 29P 40,668 50,746 124,019 116,284 126,675 132,610 141,624 137,957 142,990 145,687 144,110 145,690 146,383 147,280 149,490 150,580 17,238 21,714 26,083 38,057 52,249 57,746 64,163 65,025 66,260 67,593 66,750 67,120 67,337 67,290 66,450 67,250 16,316 21,808 90,606 69,221 62,027 61,524 63,318 58,644 62,200 63,426 62,130 63,280 63,508 64,340 67,300 67,330 7,114 7,225 7,331 9,006 12,399 13,339 14,143 14,287 14,530 14,668 15,230 15,290 15,538 15,650 15,740 16,000 22,474 26,551 34,806 37,502 40,289 44,645 44,666 41,156 40,640 44,828 39,830 39,330 41,569 39,260 38,540 39,670 65,216 79,104 160,312 155,377 168,932 179,465 188,603 181,425 186,080 193,010 186,520 187,670 190,585 189,190 190,670 192,900 57,718 71,283 150,227 144,103 155,265 164,840 172,931 165,531 169,090 176,702 169,400 170,080 174,068 171,770 173,130 175,300 9,874 10,982 14,065 13,032 14,039 15,086 1,5,319 13,598 13,900 15,955 14,260 14,110 15,497 14,940 15,210 15,470 32,513 44,349 105,921 95,711 104,723 111,618 116,600 109.352 112,060 116,750 110,140 110,590 112,588 110,540 111,380 113,090 15,331 15,952 30,241 35,360 36,503 38,137 41,012 42,581 43,130 43,997 45,000 45,380 45,983 46,290 46,540 46,740 6,885 7,173 8,950 10,059 11,590 12,216 12,888 13,275 13,520 13,559 13,870 13,930 14,038 14,060 14,120 14,200 14,484 14,278 14,011 14,181 14,121 14,089 14,046 14,009 13,997 13,981 13,944 13,940 13,937 13,929 13,919 13,909 All member banks: 1939—Dec. 30 1941—Dec. 31 1945—Dec. 31 1947—Dec. 31 1950—Dec. 30 1951—Dec. 31 1952—Dec. 31 1953—June 30 Sept. 30 Dec. 31 1954—Apr. 28 May 26 June 30 July 28P Aug. 25* Sept. 29P 33,941 43,521 107,183 97,846 107,424 112,247 119,547 115,789 120,185 122,422 121,125 122,602 123,185 123,915 126,001 126,851 13,962 18,021 22,775 32,628 44,705 49,561 55,034 55,613 56,633 57,762 56,804 57,205 57,197 57,114 56,453 57,164 14,328 19,539 78,338 57,914 52,365 51,621 52,763 48,318 51,506 52,603 51,690 52,726 53,111 53,832 56,476 56,373 5,651 5,961 6,070 7,304 10,355 11,065 11,751 11,858 12,047 12,057 12,631 12,671 12,876 12,969 13,072 13,314 19,782 23,123 29,845 32,845 35,524 39,252 39,255 36,467 35,919 39,381 35,043 34,545 36,722 34,514 33,819 34,796 55,361 68,121 138,304 132,060 144,660 153,439 160,826 154,258 158,228 163,983 158,438 159,478 162,203 160,748 162,136 163,964 49,340 61,717 129,670 122,528 133,089 141,015 147,527 140,830 143,803 150,164 143,913 144,513 148,252 145,975 147,179 148,964 9,410 28,231 10,525 38,846 13,640 91,820 12,403 81,785 13,448 90,306 14,425 95,968 14,617 100,020 12,933 93,780 13,238 96.051 15,170 99,780 13,575 94,277 13,427 94,702 14,733 96,620 14,204 94,616 14,437 95,362 14,692 96,730 11,699 12,347 24,210 28,340 29,336 30,623 32,890 34,117 34,514 35,213 36,061 36,384 36,900 37,155 37,380 37,542 5,522 5,886 7,589 8,464 9,695 10,218 10,761 11,070 11,251 11,316 11,585 11,638 11,709 11,724 11,794 11,868 6,362 6,619 6,884 6,923 6,873 6,840 6,798 6,765 6,753 6,743 6,729 6,724 6,721 6,716 6,713 6,707 10,216 10,379 16,208 18,641 21,346 22^259 24,003 25,124 25,570 25,810 26,600 26,870 26,959 27,100 27,300 27,460 4,927 4,901 4,279 4,944 8,137 9^862 11,349 12,091 12,470 12,925 13,530 13,750 13,890 14,050 14,240 14,430 3,101 3,704 10,682 11,978 10,868 9,819 9,422 9,464 9,420 9,184 9,110 9,110 9,017 8,930 8,910 8,870 2,188 1,774 1,246 1,718 2 342 2,579 3,231 3,569 3,680 3,701 3,960 4,010 4,052 4,120 4,150 4,160 818 793 609 886 797 886 918 867 840 983 950 880 987 970 940 950 11,852 11,804 17,020 19,714 22 385 23,439 25,233 26,333 26,780 27,130 27,930 28,150 28,315 28,450 28,630 28,810 10,524 10,533 15,385 17,763 20 031 20,915 22,621 23,628 23,990 24,398 25,050 25,220 25,440 25,540 25,650 25,850 3 6 14 17 22 26 33 37 40 38 40 40 50 50 50 50 10,521 10,527 15,371 17,745 20,009 20,888 22,586 23,589 23,950 24,358 25,010 25,180 25,388 25,490 25,600 25,800 1,309 1,241 1,592 1,889 2,247 2,407 2,479 2,516 2,550 2,559 2,610 2,620 2,626 2,630 2,650 2,660 551 548 542 533 529 529 529 528 528 528 528 528 528 528 527 527 All mutual savings 1939—Dec. 30 1941—Dec. 31 1945—Dec. 31. 1947—Dec. 313 1950—Dec 30 1951—Dec. 31 1952—Dec. 31 1953—June 30 Sept. 30 Dec. 31 1954—Apr. 28 May 26 June 30 July 28P Aug. 25P Sept. 29P i' 2 2 3 3 3 2 2 3 3 3 3 ^Preliminary. * "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 3 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. For other footnotes see following two pages. NOVEMBER 1954 1165 ALL BANKS IN THE UNITED STATES, BY GLASSES *—Continued PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS—Continued [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Class of bank and date Total Loans Central reserve city member banks: New York City: U.S. Government obligations Other securities Total assets— Total Cash 1 liabilities assets and Total i capital accounts2 Deposits Other Interbank i Demand Time Total Number capital of accounts banks 9,339 12,896 26,143 20,393 20,612 21,379 22,130 20,452 21,568 22,058 21,680 22,426 22,681 22,727 22,966 22,949 3,296 4,072 7,334 7,179 9,729 11,146 12,376 11,883 12,114 12,289 11,635 12,081 11,619 11,574 11,380 11,504 4,772 7,265 17,574 11,972 8,993 8,129 7,678 6,639 7,436 7,765 7,701 8,065 8,695 8,789 9,233 8,976 1,272 1,559 1,235 1,242 1,890 2,104 2,076 1,930 2,018 2,004 2,344 2,280 2,367 2,364 2,353 2,469 6,703 6,637 6,439 7,261 7,922 8,564 8,419 7,879 7,598 8,074 7,305 6,849 7,524 6,611 6,654 7,296 16,413 19,862 32,887 27,982 28,954 30,464 31,053 28.814 29,692 30,684 29,564 29,881 30,771 29,949 30,220 30,830 14,507 17,932 30,121 25,216 25,646 26,859 27,309 25,244 25,996 27,037 25,874 26,058 27,225 26,117 26,151 26,938 4,238 4,207 4,657 4,464 4,638 4,832 4,965 4,578 4,645 5,214 5,247 5,057 5,517 5,379 5,241 5,338 9,533 12,917 24,227 19,307 19,287 20,348 20,504 18,736 19,420 19,673 18,529 18,883 19,492 18,379 18,558 19,269 736 807 1,236 1,445 1,722 1,679 1,840 1,930 1,931 2,150 2,098 2,118 2,216 2,359 2,352 2,331 1,592 1,648 2,120 2,259 2,351 2,425 2,505 2,544 2,563 2,572 2,619 2,629 2,630 2,642 2,646 2,644 36 36 37 37 23 22 22 22 22 22 22 22 22 22 22 22 Chicago: 1939—Dec. 30 1941—Dec. 31 1945—Dec. 31 1947—Dec. 31 1950—Dec. 30 1951—Dec. 31 1952—Dec. 31 1953—June 30 Sept. 30 Dec. 31 1954—Apr. 28 May 26 June 30 July 28* Aug. 25P Sept. 29P 2,105 2,760 5,931 5,088 5,569 5,731 6,240 5,627 5,973 6,204 5,850 5,924 5,975 5,980 6,124 6,189 569 954 1,333 ,801 2,083 2,468 2,748 2,552 2,609 2,776 2,539 2,567 2,589 2,521 2,477 2,497 1,203 1,430 4,213 2,890 2,911 2,711 2,912 2,529 2,804 2,856 2,725 2,774 2,825 2,896 3,077 3,110 333 376 385 397 576 552 581 546 560 572 586 583 561 563 570 582 1,446 1,566 1,489 1,739 2,034 2,196 2,010 2,058 2,083 2,115 2,017 2,013 2,036 1,936 1,902 1,835 3,595 4,363 7,459 6,866 7,649 7,972 8,297 7,729 8,102 8,366 7,920 7,995 8,064 7,971 8,077 8,070 3,330 4,057 7,046 6,402 7,109 7,402 7,686 7,119 7,338 7,724 7,261 7,286 7,419 7,270 7,395 7,343 888 1,035 1,312 1,217 1,229 1,307 1,350 1,216 1,278 1,387 1,200 1,219 1,339 1,281 1,339 1,310 1,947 2,546 5,015 4,273 4,778 4,952 5,132 4,696 4,855 5,095 4,826 4,821 4,813 4,733 4,802 4,775 495 476 719 913 1,103 1,143 1,205 1,207 1,204 1,242 1,235 1,246 1,267 1,256 1,254 1,258 250 288 377 426 490 513 541 551 557 566 571 578 583 583 587 590 14 13 12 14 13 13 13 13 13 13 13 13 13 13 13 13 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—June 30 Sept. 30 Dec. 31 1954—Apr. 28 May 26 June 30 July 28P Aug. 25P Sept. 29P 12,272 15,347 40,108 36,040 40,685 42,694 45,583 44,352 45,906 46,755 46,353 46,836 47,056 47,400 48,586 48,779 5,329 7,105 8,514 13,449 17,906 19,651 21,697 22,150 22,493 22,763 22,317 22,341 22,453 22,405 22,268 22,605 5,194 6,467 29,552 20,196 19,084 19,194 19,624 17,756 18,959 19,559 19,409 19,788 19,813 20,136 21,398 21,187 1,749 1,776 2,042 2,396 3,695 3,849 4,262 4,446 4,453 4,434 4,627 4,707 4,791 4,859 4,920 4,987 6,785 8,518 11,286 13,066 13,998 15,199 15,544 14,447 14,196 15,925 13,928 13,831 14,656 13,818 13,354 13,566 19,687 24,430 51,898 49,659 55,369 58,654 61,941 59,587 60,944 63,547 61,177 61,586 62,624 62,129 62,858 63,276 17,741 22,313 49,085 46,467 51,437 54,466 57,357 54,861 55,713 58,663 55,902 56,156 57,665 56,838 57,523 57,835 3,686 4,460 6,448 5,649 6,448 6,976 7,001 6,066 6,233 7,254 6,007 6,025 6,636 6,366 6,614 6,772 9,439 13,047 32,877 29,395 33,342 35,218 37,095 35,052 35,621 37,277 35,286 35,342 36,073 35,483 35,822 35,885 4,616 4,806 9,760 11,423 11,647 12,272 13,261 13,743 13,859 14,132 14,609 14,789 14,957 14,989 15,087 15,178 1,828 1,967 2,566 2,844 3,322 3,521 3,745 3,874 3,917 3,984 4,089 4,108 4,124 4,127 4,168 4,205 346 351 359 353 336 321 319 321 319 316 309 309 310 309 307 306 10,224 12,518 35,002 36,324 40,558 42,444 45,594 45,359 46,739 47,404 47,242 47,416 47,474 47,808 48,325 48,934 4,768 5,890 5,596 10,199 14,988 16,296 18,213 19,028 19,417 19,934 20,313 20,216 20,537 20,614 20,328 20,558 3,159 4,377 26,999 22,857 21,377 21,587 22,549 21,394 22,306 22,423 21,855 22,099 .21,779 22,011 22,768 23,100 2,297 2,250 2,408 3,268 4,193 4,561 4,832 4,936 5,016 5,047 4,848 6,402 10,632 10,778 11,571 13,292 13,281 12,083 12,041 13,268 11,793 11,852 12,506 12,149 11,909 12,099 15,666 19,466 46,059 47,553 52,689 56,349 59,535 58,129 59,490 61,385 59,777 60,016 60,745 60,699 60,981 61,788 13,762 17,415 43,418 44,443 48,897 52,288 55,175 53,606 54,756 56,740 54,876 55,013 55,943 55,750 56,110 56,848 598 822 1,223 1,073 1,133 1,309 1,301 1,073 1,081 1,315 1,121 1,126 1,241 1,178 1,243 1,272 7,312 10,335 29,700 28,810 32,899 35,449 37,289 35,295 36,155 37,735 35,636 35,656 36,242 36,021 36,180 36,801 5,852 6,258 12,494 14,560 14,865 15,530 16,585 17,237 17,521 17,690 18,119 18,231 18,460 18,551 18,687 18,775 1,851 1,982 2,525 2,934 3,532 3,760 3,970 4,101 4,213 4,194 4,306 4,323 4,372 4,372 4,393 4,429 5,966 6,219 6,476 6,519 6,501 6,484 6,444 6,409 6,399 6,389 6,385 6,380 6,376 6,372 6,371 6,366 1939—Dec. 30 1941—Dec. 31 1945—Dec. 31 1947—Dec. 31 1950—Dec. 30. . ., 1951—Dec. 31 1952—Dec. 31 1953—June 3 0 . . . . Sept. 30 Dec. 31 1954—Apr. 2 8 . . . . May 26 June 3 0 . . . July 2 8 P Aug. 2 5 P . . . . . Sept. 29P Country member banks: 1939—Dec. 3 0 . . . 1941—Dec. 3 1 . . . 1945—Dec. 3 1 . . . 1947—Dec. 3 1 . . . 1950—Dec. 30. . . 1951—Dec. 3 1 . . . 1952—Dec. 3 1 . . . 1953—June 30. . . Sept. 30. . . Dec. 3 1 . . . 1954—Apr. 2 8 . . . May 2 6 . . . June 3 0 . . . July 28? Aug. 2 5 P Sept. 29P 074 5,101 5,158 5,183 5,229 5,276 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. For other footnotes see preceding and opposite pages. 1166 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 nvestments Class of hai\k and da te All insured commercial banks: 1941—Dec. 31 1945—Dec. 31 1947—Dec. 31 1951—Dec. 31 . . . 1952—Dec. 31 1953—Dec. 31 1954—j u n e 30 National member banks: 1941—Dec. 31 1945—Dec. 1947—Dec. 1951—Dec. 1952—Dec. 1953—Dec. 1954—June State member 1941—Dec. 1945_Dec. 1947—Dec. 1951—Dec. 1952—Dec. 1953—Dec. 1954—June 31 31 31 31 31 30 banks: 31 31 31 . . 31 31 31 30 Insured nonm ember commercial b a n k s : 31 1941—Dec. 31 1945—Dec. 1947—Dec. 1951—Dec. 1952—Dec. 1953—Dec. 1954_june 31 . . . 31 31 31 . . . . 30 Noninsured nonmember/commercial banks: 1941—Dec. 31 1945—Dec. 31 1947—Dec. 313 1951—Dec. 31 1952—Dec. 31 . . . 1953—Dec. 31 1954—June 30 Total 10 290 I'M 809 114 ,274 130 820 139 ,770 144 ,796 ,451 97 571 69 ,312 65 280 75 255 SO 180 81 ,913 82 ,482 15 950 37 ,871 32 566 36 992 39 367 40 ,509 40 ,704 5 776 14 639 16 444 18 591 70 ,242 Other securities ,765 ,583 ,256 63 ,632 67 ,082 66 ,805 259 21 046 88,912 67,941 60 533 62,308 62,381 62,461 6 984 7,131 8,750 13,031 13,831 14,333 15,185 ,725 ,925 ,428 3? ,317 36 ,004 37 ,831 37 ,672 12,039 51,250 38,674 35,063 35 835 35,482 35,759 3,806 4,137 5,178 7,875 8,341 8.600 9,051 14,977 20,114 22,024 25,951 26,333 26,479 24,636 43 433 Q0 770 88 ,182 10? 467 107 ,830 109 ,804 108 ,611 6 ,295 7,500 27,089 19,240 16,558 16,928 17,121 17,353 2,155 1,933 2,125 3,191 3,409 3,457 3,826 8,145 9,731 10,822 13,301 12,922 12,903 12,086 48 084 43 ,879 50 977 57 ,996 54 179 44 ,730 40 ,505 46 ,843 48 ,553 49 510 53 ,593 48 ,890 1,509 10,584 10,039 8,923 9,556 9,790 9,362 1,025 1,063 1,448 1,967 2,081 2,278 2,310 2,668 4,448 4,083 4,926 4,970 5,020 4,444 761 241 200 255 308 312 335 Loans 25 37 57 11 13 8 ,850 11 ,200 17 ,243 19 ,030 19 .931 19 ,525 3 ,241 ? ,992 4 958 7 ,701 8 ,605 9 ,328 9 ,615 1 457 7 211 009 1 789 1 854 1 891 455 318 474 490 531 511 1 932 532 7 233 3 696 3 310 All n o n m e m b er commercial b a n !:s: 1941—Dec. 31 1945—Dec. 31 1947—Dec. 313 1951—Dec. 31 . 1952—Dec. 31 1953—Dec. 31 1954—June 30 23 220 Ensured m u t u a 1 savings banks: 1941 Dec 31 1945—Dec 31 1947—Dec. 31 1951—Dec. 31 1952—Dec. 31 1953—Dec. 3 1 . . 1954—j u n e 30 . . 1 693 642 10 846 12 683 190 17, 621 19 252 70 121 081 3 560 7 523 8 691 10 016 10 804 8 687 5 361 5 , 957 4 , 259 1 198 1, 384 382 6 558 6 , 838 2 658 910 3 , 086 Noninsured mutual savings banks: 1941—Dec. 31 1945 Dec 31 1947—Dec. 313 1951—Dec 31 1952 Dec 31 1953—Dec 31 1954—June 30 18 454 70 380 5 432 8 192 096 73 287 9 136 9 838 10 147 069 Cash assets 1 Total liabilities and capital accounts U. S. Government obligations ,396 21 ,288 16 849 Deposits Total 339 1,693 1,280 991 1,010 1.045 1,047 2,270 12,277 11,318 9 914 10,567 10,835 10,409 629 7 160 8 165 6,921 6,593 6,476 6,309 3,075 3 522 3,813 2 897 2 829 2 707 2,708 Other Total 1 25,788 76 ,820 69 ,411 34,292 157 ,544 147 ,775 36,926 157 733 141 ,851 44,176 177 ,151 16? ,908 44,222 186 ,255 170 ,971 44,398 100 ,638 174 ,697 41,164 188 ,191 17? ,048 ,688 8 ,708 7.56 ,691 Inter-1 bank 6 844 8,671 9,734 11,902 12,563 13,239 13,714 13 426 13 297 13,398 13 439 13,422 13,412 13,380 ,458 ,939 ,023 ,173 ,974 .654 99 ,362 6,786 9,229 8,410 9,788 9,918 10 152 9,750 8 ,322 \6 ,224 19 ,278 70 ,908 ?7 ,694 74 ,160 3,640 4,644 5,409 6,653 7,042 7.391 7,686 5 117 5,017 5 005 4,939 4,909 4,856 4,835 7? ,259 3,739 4,411 3,993 4,637 4,699 5 019 4,983 4 ,025 7 ,986 9 ,062 2,246 2,945 3,055 3,565 3,719 3.925 4,023 J 502 1,867 I 918 1,901 I 889 1.887 .886 959 1,083 1,271 1,686 1,804 1 925 2,007 6 810 6,416 6 478 6,602 6,627 6 672 6,662 39 84 8? 94 98 100 7 ,702 129 73? 451 679 017 763 514 576 469 444 430 283 7 768 7 643 313 7 348 7 372 1 872 452 2 251 1 932 960 2 005 354 405 2 394 2 020 1,266 1,262 1,703 2,275 2,393 2,613 2,664 3,431 4,962 4,659 5,395 5,414 5.450 4,849 421 151 606 958 429 675 695 732 799 807 1,353 642 180 1,746 2,337 2.760 3,008 641 10 992 23 334 76 046 77 799 79 051 28 406 9 , 846 596 760 833 211 191 6, 215 6, 310 895 941 187 184 180 6 622 6, 796 7, 078 1,044 ,362 343 64 153 14 495 37 77 3? 33 33 334 449 491 658 437 32 467 4 213 12 1? 14 15 15 14 9 715 10 ,196 11 .054 11 ,441 3 360 753 365 478 388 402 386 329 279 325 314 326 320 453 1 179 388 325 5, 504 3 613 6 045 1,288 1,362 1,596 1,999 2,129 2,245 2,332 7 662 7,130 7,261 7,252 7,251 7.241 4 7,219 164 1 034 1,252 1,678 1,730 1,819 1,868 192 194 202 206 219 219 425 14 101 13, 926 15, 650 16 580 702 784 764 16 970 1 5 , 968 1 2 2 2 3 12 14 73 30 35 47 7 036 7 533 8 142 8 806 9 106 789 744 5, 022 6 2 5, 556 547 5, 5, 3 3 836 6 015 6 , 246 25 ,459 291 905 1 411 235 1 229 1 21? 21 591 73 843 25 424 26.560 25 838 1 789 486 335 477 329 181 363 308 329 407 457 10, 363 1?, 207 15 368 16, 785 18, 383 19, 195 ,350 5 680 6 558 7 144 7 740 8 419 8 718 629 661 424 499 129 612 334 737 74 59 54 63 66 66 15 79 34 37 196 515 415 351 758 789 9 573 70 571 1 958 11 13 17 18 70 71 Time ,699 ,876 ,882 ,749 40 ,610 43 .610 45 ,596 244 266 353 373 378 312 7? 074 Number of banks 10,654 43 ,059 13,883 104 ,015 12,670 94 ,300 14,777 110 ,382 14,990 115 ,371 15. .548 115 .538 15,044 111 ,408 18 ,119 19 ,340 71 ,912 7.3 464 74 555 73 819 19 90 73 75 76 76 Demand Total capital account 2 2 2 10 1? 15 16 18 19 351 192 343 753 345 145 8 738 020 1,077 5, 553 544 5, 5, 637 729 833 6 013 6 , 243 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. ia series prior to June 30, 1947, see BULLETIN for July 1947, pp. 870-871. NOVEMBER 1954 558 749 740 758 852 714 783 650 624 569 52 496 350 339 327 323 309 309 For revisions 1167 ALL COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES * LOANS AND INVESTMENTS [In millions of dollars] Loans1 Investments Loans for U. S. Government obligations ComOblipurchasing mergaTotal or carrying Other cial, tions loans securities Direct OI and Real Agrito States Other invest- Total i eludesculing Total in- Other secuand ments To tate turCertifiloans Guaropen dial brok- T o loans vidcates Total an- polit- rities marical ers othBills of in- Notes Bonds teed subuals ket debtand ers padivi"eddealper sions ness ers Class of bank and call date All commercial banks: 2 116,284 132,610 141,624 145,687 146,383 38,057 57,746 64,163 67,593 67,337 18,167 1,660 25,879 3,408 27,871 3,919 27,204 4,965 26,120 5,143 830 1,220 9,393 5,723 1,581 980 14,580 10,451 2,060 1,103 15,712 12,684 2,361 1,202 16,694 14,461 2,462 1,256 17,227 14,462 49,290 121,809 114,274 130,820 139,770 143,796 144,451 21,259 25,765 37,583 57,256 63,632 67,082 66,805 9,214 1,450 9,461 1,314 18,012 1,610 25,744 3,321 27,739 3,805 27,082 4,867 25,976 5,057 3,164 3,606 823 1,190 1,571 960 2,050 1,082 2,344 1,181 2,439 1,228 total; 1941—Dec# 3 1 . . . 1945—Dec. 3 1 . . . 1947—Dec. 3 1 . . . 1951—Dec. 3 1 . . . 1952*—Dec. 3 1 . . . 1953—Dec. 3 1 . . . 1954—June 3 0 . . . 43,521 107,183 97,846 112,247 119,547 122,422 123,185 18,021 22,775 32,628 49,561 55,034 57,762 57,197 8,671 972 594 8,949 855 3,133 16,962 1,046 811 24,347 2,140 1,551 26,232 2,416 2,032 25,519 3,263 2,321 24,362 3,402 2,411 New York City:3 1941—Dec. 31. . . 1945—Dec. 3 1 . . . 1947—Dec. 31. . . 1951—Dec. 31. . . 1952—Dec. 31. . . 1953—Dec. 3 1 . . . 1954—June 30. . . 12,896 26,143 20,393 21,379 22,130 22,058 22,681 4,072 7,334 7,179 11,146 12,376 12,289 11,619 1947—Dec. 3 1 . . . 1951—Dec. 3 1 . . . 1952—Dec. 3 1 . . . 1953—Dec. 3 1 . . . 1954—June 3 0 . . . 1,063 1,681 1,718 1,666 1,657 7,789 7,657 5,580 10,237 5,572 6,034 53,191 11,408 35,101 11,878 38,077 12,439 35,713 12,376 40,818 2,455 2,124 7,219 7,622 4,895 4,575 19,071 7,552 7,526 5,494 10,076 5,505 3,159 12,797 4,102 3,651 3,333 22 3,873 3,258 16,045 51,321 14 5,129 3,621 5,918 52,334 21 8,989 4,042 11,256 34,511 22 11,714 37,456 9,977 3,854 33 10,587 3,746 12,283 35,093 38 11,682 3,502 12,223 40,121 25,500 19 539 971 84,408 78,338 2,275 65,218 57,914 1,987 62,687 51,621 6,399 64,514 52,763 6,565 64,660 52,603 4,095 65,988 53,111 3,915 16,985 5,816 6,010 4,255 8,287 4,417 3 007 11 729 3,832 3 0902 871 14,271 44,792 16 3^254 2,815 10 4,199 3,105 4,815 45,286 15 7,528 3,538 9,596 29,601 19 8,409 3,342 9,835 32,087 31 8,871 3,185 10,300 29,890 36 10,374 34,369 9,890 2,987 78,226 69,221 74,863 61,524 77,461 63,318 78,094 63,426 79,047 63,508 2,193 7,337 7,761 5,004 4,704 28,031 21,046 96,043 88,912 76,691 67,941 73,564 60,533 76,138 62,308 76,714 62,381 77,646 62,461 14 21 22 34 38 5,276 3,729 9,198 4,141 10,188 3,955 10,821 3,847 11,930 3,608 All Insured commercial banks: 1941—Dec. 31. . . 1945—Dec. 3 1 . . . 1947—Dec. 31. . . 1951—Dec. 3 1 . . . 1952—Dec. 31. . . 1953—Dec. 31. . . 1954—June 30. . . 614 662 4,773 4,677 9,266 14,450 15,572 16,566 17,101 4 , i 45 2,361 5,654 10,378 12,603 14,373 14,370 1,181 1,028 1,645 1,683 1,629 1,623 988 Member banks, Chicago:3 1941—Dec. 3 1 . . . 1945—Dec. 3 1 . . . 1947—Dec. 3 1 . . . 1951—Dec. 3 1 . . . 1952—Dec. 3 1 . . . 1953—Dec. 3 1 . . . 1954—June 3 0 . . . Reserve city banks: 2,760 5,931 5,088 5,731 6,240 6,204 5,975 954 123 80 111 514 386 383 390 1,136 1,294 1,220 51 149 180 211 234 206 732 760 1,333 1,801 1,418 2,468 1,977 2,748 2,080 2,776 1,912 2,589 1,835 287 564 920 6 2 3 16 14 158 134 48 211 73 94 239 286 242 52 233 87 63 66 75 74 22 36 46 70 67 70 81 194 114 427 1,503 484 170 347 203 422 218 456 308 468 326 1,527 1,459 3,147 4,651 5,099 5,453 5,639 1,969 3,518 4,347 4,942 4,797 15,347 40,108 36,040 42,694 45,583 46,755 47,056 7,105 8,514 13,449 19,651 21,697 22,763 22,453 3 456 3,661 7,088 10,140 10,842 10,568 10,010 300 205 225 513 501 774 953 Country banks: 1941—Dec. 3 1 . . . 1945—Dec. 31. . . 1947—Dec. 31. . . 1951—Dec. 31. . . 1952—Dec. 31. . . 1953—Dec. 31. . . 1954—June 30. . . 12,518 35,002 36,324 42,444 45,594 47,404 47,474 5,890 5,596 10,199 16,296 18,213 19,934 20,537 1,676 1,484 3,096 4,377 4,630 4,822 5,071 659 648 818 1,610 1,901 2,204 2,170 18,454 20,380 22,096 23,287 23,220 5,432 8,192 9,136 9,838 10,147 1,205 1,533 1,639 1,685 1,758 1,268 1,503 1,702 1,741 3 1 . 3 1 . 31. 31. 31. 31. 3 0 . 5! 4 169 8 412 2,807 3,044 2,453 1,172 267 545 5,361 7,852 1,219 262 8,680 1,531 286 8,218 "i26 1,667 320 7,447 144 1,778 364 . . . . .. .. .. .. . . 1941—Dec# 1945—Dec. 1947—Dec. 1951—Dec. 1952—Dec. 1953—Dec. 1954—June 598 3,494 3 , ( 92 3,378 3,455 1,900 1,104 1,065 7,130 4,662 952 851 11,334 8,524 1,535 966 12,214 10,396 1,577 1,060 13,020 11,911 1,518 1,106 13,440 11,840 1,513 7,265 17,574 11,972 8,129 7,678 7,765 8,695 1,002 1,122 1,079 40 26 109 120 96 74 1,806 4,598 3,287 3,264 3,493 3,428 3,386 1,430 4,213 2,890 2,711 2,912 2,856 2,825 256 133 132 334 407 123 113 404 366 572 595 611 629 8 243 31,594 22,591 23,043 23,886 23,993 24,603 6,467 29,552 20,196 19,194 19,624 19,559 19,813 1 «12 20 42 23 35 43 59 66 183 471 227 178 191 210 200 1,823 1,881 3,827 6,099 6,662 7,114 7,331 1,979 3,906 4,702 5,441 5,618 20 30 29 40 51 156 130 137 142 150 2,266 3,252 3,505 3,681 3,795 1,061 1,927 2,288 2,551 2,622 1,623 3,652 1,679 729 1 606 3,433 3,325 10,337 558 9,771 638 640 616 1,428 4,960 2 1,385 1 1,453 233 1,170 5,195 924 1,104 1,130 4,605 1 1,365 6 1,851 711 1,454 5,510 1,014 8,823 18,809 13,214 10,233 9,754 9,769 11,062 6 855 311 477 298 330 551 539 475 466 l . i 30 363 707 229 303 322 336 345 235 332 224 450 261 153 749 248 520 607 684 721 1,034 6,982 373 2,358 2,524 2,493 2,387 1,774 1,230 3,357 1,241 1,590 5,653 1,901 3,640 3,854 4,201 4,183 1,467 903 119 1,864 2,274 1,526 1,674 1,598 1,731 182 181 213 351 384 400 387 830 629 604 719 623 639 516 193 204 185 201 197 172 174 751 4,248 1,173 956 820 15,878 916 5 1,126 3 1,342 1,053 15,560 8 2,458 1,390 10,528 14 2,934 1,328 11,594 25 3,196 1,238 10,746 26 3,585 1,206 12,773 481 4,544 2,108 4,008 4,204 4,285 4,017 2,926 16,713 17,681 12,587 13,625 12,940 14,355 11,318 206 1,973 1,219 9,914 939 1,647 1,812 10,567 1,196 1,325 2,043 10,835 909 1,951 2,139 10,409 790 1,155 2,002 7,916 5,510 6,000 5,834 6,460 6,628 4,377 29,407 26,999 26,125 22,857 26,148 21,587 27,381 22,549 27,470 22,423 26,937 21,779 295 110 630 480 2,418 2,692 1,819 1,548 5,102 2,583 2,568 2,024 3,374 1,855 861 1,222 1,028 9 1,342 1,067 6 2,006 1,262 5 3,334 4 3,639 5 3,911 4 4,067 1,227 1,194 1,136 1,090 1,078 1.671 1,781 1,951 2,042 625 604 613 662 621 All nonmember banks.2 1947—Dec. 31. . . 1951—Dec. 31. . . 1952—Dec. 3 1 . . . 1953—Dec. 3 1 . . . 1954—June 30. . . 614 111 146 141 148 144 13,021 12,189 12,960 13,449 13,073 4 6 3 2 2 * These figures exclude data for banks in possessions of the United States except for one bank in Alaska (with total deposits of approximately 3 million dollars) that became a member bank on Apr. 15, 1954. During 1941 three mutual savings banks became members of the Federal Reserve System; these banks are included in "member banks" but are not included in "all insured commercial banks" or "all commercial banks." Comparability of figures for classes of banks is affected somewhat by changes in Federal Reserve membership, insurance status, and the reserve classifications1 of cities and individual banks, and by mergers, etc. Beginning June 30, 1948, figures for various loan item3 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. 1168 FEDERAL RESERVE BULLETIN ALL COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES*—Continued RESERVES AND LIABILITIES [In millions of dollars] Demand deposits Class of bank and call date All commerical banks: 2 1947—Dec. 3 1 . . 1951—Dec. 3 1 . . 1952—Dec. 31. . 1953—Dec. 31. . 1954—June 30. . ReBalDeserves mand with Cash ances with deFederal in doposits Revault mestic adserve banks4 justed 5 Banks Interbank deposits Time deposits ForDomestic* eign Certified U. S. States and and Gov- political offiern- subdi- cers' ment visions checks, etc. U. S. IndiGov- States viduals, ernand partner- Inter- ment politships, and ical and cor- bank Postal subdiporaSav- visions tions ings IndiCapividuals, Bortal partner- rowacings ships, counts and corporations 17,796 19,911 19,809 19,995 18,924 2,216 2,697 2,753 2,512 2,660 10,216 11,969 11,875 12,103 11,033 87,123 98,243 101,506 102,452 98,117 11,362 13,123 13,109 13,444 12,470 1,430 1,413 1,465 1,344 1,328 1,343 3,359 4,941 4,146 5,591 6,799 8,426 8,910 9,546 9,925 2,581 3,166 2,956 2,996 2,789 240 84,987 550 96,666 744 99,793 100,062 1,167 94,282 1,699 866 111 278 1,536 346 1,620 338 1,944 331 2,319 34,383 36,323 39,046 41,714 43,334 65 34 188 62 55 10,059 12,216 12,888 13,559 14,038 12,396 15,810 17,796 19,911 19,809 19,995 18,924 1,358 1,829 2,145 2,665 2,720 2,482 2,627 8,570 11,075 9,736 11,561 11,489 11,724 10,688 37,845 74,722 85,751 97,048 100,329 101,289 96,983 9,823 12,566 11,236 12,969 12,948 13,221 12,252 673 1,248 1,379 1,381 1,437 1,296 1,287 1,761 23,740 1,325 3,344 4,912 4,116 5,562 3,677 5,098 6,692 8,288 8,776 9,407 9,776 1,077 2,585 2,559 3,147 2,938 2,978 2,765 158 36,544 70 72,593 54 83,723 427 95,604 605 98,746 99,038 1,031 93,306 1,506 492 59 103 496 826 111 278 1,485 346 1,564 338 1,891 331 2,264 15,146 29,277 33,946 35,986 38,700 41,381 43,001 10 215 61 30 181 54 50 6,844 8,671 9,734 11,902 12,563 13,239 13,714 31. . 31. . 31.. 31. . 31. . 31. . 30. . 12,396 15,811 17,797 19,912 19,810 19,997 18,925 1,087 1,438 1,672 2,062 2,081 1,870 2,001 6,246 7,117 6,270 7,463 7,378 7,554 7,062 33,754 64,184 73,528 83,100 85,543 86,127 82,783 9,714 12,333 10,978 12,634 12,594 12,858 11,956 671 1,709 1,243 22,179 1,375 1,176 1,369 3,101 1,431 4,567 1,291 3,756 1,280 5,165 3,066 4,240 5,504 6,666 7,029 7,530 7,839 1,009 2,450 2,401 2,961 2,744 2,783 2,581 140 33,061 64 62,950 50 72,704 422 83,240 592 85,680 85,711 1,021 81,034 1,497 50 99 105 257 321 308 300 418 11,878 399 23,712 693 27,542 1,238 1,303 1,595 1,912 29,128 31,266 33,311 34,687 4 208 54 26 165 43 38 5,886 7,589 8,464 10,218 10,761 11,316 11,709 New York City:* 1941—Dec. 31. . 1945—Dec. 31. . 1947—Dec. 3 1 . . 1951—Dec. 3 1 . . 1952—Dec. 31. . 1953—Dec. 3 1 . . 1954—June 30.. 5,105 4,015 4,639 5,246 5,059 4,846 4,614 93 111 151 159 148 129 131 141 78 70 79 84 10,761 15,065 16,653 16,439 16,288 70 15,901 60 15,430 3,595 3,535 3,236 3,385 3,346 3,363 3,237 866 319 237 290 321 322 315 404 450 1,105 6,940 267 1,217 858 1,128 1,154 1,143 778 1,021 1,033 1,378 6 11,282 17 15,712 12 17,646 318 17,880 465 17,919 831 17,509 16,601 1,246 10 12 43 59 53 51 29 20 14 22 29 139 151 1,206 1,418 1,614 1,752 1,958 2,014 195 30 5 132 23 1 1,648 2,120 2,259 2,425 2,505 2,572 2,630 1,021 1,070 1,407 1,144 1,287 1,290 43 36 30 32 32 34 30 298 200 175 165 169 166 154 2 5 4 3 4 9 11 11 10 10 1,128 1,190 1,229 1,253 Reserve city banks: 1941—Dec. 31. . 1945—Dec. 31. . 1947—Dec. 31. . 1951—Dec. 31. . 1952—Dec. 31. . 1953—Dec. 31. . 1954—June 30. . 4,060 6,326 7,095 7,582 7,788 8,084 7,553 425 494 562 639 651 568 611 2,590 2,174 2,125 2,356 2,419 2,463 2,352 11,117 22,372 25,714 29,489 30,609 30,986 29,940 20 38 4,542 9,563 11,045 11,473 12,417 13,203 13,867 Country banks: 1941—Dec. 31. . 1945—Dec. 3 1 . . 1947—Dec. 3 1 . . 1951—Dec. 31. . 1952—Dec. 3 1 . . 1953—Dec. 3 1 . . 1954—June 30.. 2,210 4,527 4,993 5,676 5,820 5,780 5,468 526 796 929 1,231 1,250 1,140 1,230 3,216 4,665 3,900 4,862 4,706 4,855 4,496 9,661 23,595 27,424 33,051 34,519 35,029 33,569 L.199 1,049 1,285 1,278 1,288 L ,211 544 635 672 642 658 3,947 4,507 4,498 4,550 3,972 13,595 15,144 15,964 16,325 15,334 385 489 516 586 514 All insured commercial banks: 1941—Dec. 1945—Dec. 1947—Dec. 1951—Dec. 1952—Dec. 1953—Dec. 1954—June 31. . 31. . 31.. 31. . 31.. 31.. 30. . Member banks, total: 1941—Dec. 1945—Dec. 1947—Dec. 1951—Dec. 1952—Dec. 1953—Dec. 1954—June Chicago:* 1941—Dec. 1945—Dec. 1947—Dec. 1951—Dec. 1952—Dec. 1953—Dec. 1954—June 31.. 31.. 31.. 31. . 31.. 31. . 30. . 942 All nonmember banks: 2 1947—-Dec. 1951—Dec. 1952—Dec. 1953—£)ec> 1954—June 31 31 31. . 31 30 2,215 1,027 3,153 1 .292 3,737 L ,196 4,121 L.269 4,126 1,308 4,211 1,339 3,844 L ,287 607 8 20 21 38 37 39 34 1,338 1,105 1,289 1,120 L ,071 L,109 233 237 285 240 242 272 297 4,302 6,307 5,497 6,695 6,662 6,869 6,220 54 491 110 8,221 131 405 192 1,124 230 1,814 219 1,504 202 2,015 1,144 1,763 2,282 2,550 2,693 2,880 2,877 286 11,127 611 22,281 705 26,003 822 30,722 791 31,798 828 32,065 790 2 225 8 5,465 7 432 876 11 11 1,267 12 1,216 11 1,362 1,370 2,004 2,647 3,554 3,772 4,063 4,261 239 435 528 783 777 820 720 55 44 34 52 48 1,295 1,761 1,881 2,016 2,085 180 205 212 213 209 167 258 374 390 426 34 66 63 66 56 64 74 2,152 3,160 3,853 4,404 4,491 4,500 4,032 72 242 343 259 410 127 1,552 1 5 9 18 778 476 719 902 104 30 22 90 109 166 214 85 105 98 97 243 160 332 714 739 830 992 8,500 21,797 25,203 30,234 31,473 31,636 29,898 30 17 17 13 13 15 19 31 52 45 125 152 153 148 146 219 337 491 525 615 759 6,082 12,224 14,177 14,914 15,908 16,921 17,553 12,284 13,426 14,113 14,351 13,248 190 128 152 146 202 6 22 25 30 30 172 298 317 350 407 6,858 7,213 7,800 8,426 8,669 677 30,503 45 288 377 426 513 541 566 583 2 1 4 8 ii 4 11 23 16 25 20 26 1,967 2,566 2,844 3,521 3,745 3,984 4,124 1,982 2,525 2,934 3,760 3,970 4,194 4,372 12 1,596 8 1,999 23 2,129 19 2,245 17 2,332 2 Breakdown of loan, investment, and deposit classifications is not available prior to 1947; summary figures for earlier dates appear in the preceding table. 3 Central reserve city banks. 4 Beginning June 30, 1942, excludes reciprocal bank balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and 525 million at all insured commercial banks. 6 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. For other footnotes see preceding page. Back figures.—See Banking and Monetary Statistics, Tables 18-45, pp. 72-103 and 108-113. NOVEMBER 1954 1169 WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE LOANS AND INVESTMENTS [Monthly data are averages of Wednesday figures. In millions of dollars] Loans1 Date or month U. S. Government obligations For purchasing or carrying securities ComLoans Total merand loans investcial, To brokers and indusLoans and dealers To others Real Other ments investestate loans Total ad- 1 ad- 1 trial, ments loans and justed justed U.S. Other agri- U. S. cul- Govt. Other Govt. seobtural obliga- curi- liga- curitions ties tions ties Bills CerOther Loans tifito secucates 2 rities banks of in- Notes Bonds debtedness TotalLeading Cities 1953—October. . . 79,157 78,386 39,338 23,190 1,653 730 6,420 7,966 31,515 2,180 5,466 6,619 17,250 7,533 771 1954—August 83,163 82,586 37,973 20,783 September. 82,947 82,347 38,138 20,934 October. . . 85,455 84,747 38,679 21,116 2,343 2,208 2,410 901 919 969 6,781 7,820 36,321 3,536 3,456 6,689 22,640 8 ,292 6,865 7,871 35,756 3,018 2,520 6,662 556 8,453 6,941 7,905 37,478 2,659 2,426 8,653 23,740 8 ,590 577 600 708 1954—Aug. 4 . . . Aug. 1 1 . . . Aug. 18. . . Aug. 2 5 . . . 83,548 83,267 82,861 82,977 82,850 82,720 82,405 82,368 37,905 38,072 37,949 37,963 20,770 20,829 20,759 20,773 2,368 2,409 2,308 2,286 884 917 907 897 6,736 6,766 6,801 6,823 7,803 36,605 7,806 36,389 7,831 36,185 7,,839 36,107 3,728 3,578 3,414 3,423 4,382 4,256 2,614 2,573 6,708 21 ,787 8 ,340 6,690 21,865 8_,259 6,701 23,456 8,271 6,658 23,453 8,298 698 547 456 609 Sept. 1... 82,778 Sept. 8... 82,670 Sept. 15. ..83,084 Sept. 22...82,980 Sept. 29... 83,222 82,204 82,020 82,440 82,381 82,689 37,967 38,034 38,175 38,018 38,495 20,798 20,829 21,023 21,005 21,015 2,228 2,265 2,145 1,999 2,403 904 904 913 932 941 6,831 6,838 6,871 6,884 6,902 7, 866 35,862 7, 856 35,526 7,882 35,790 7, 858 35,908 7, 893 35 ,696 3,135 2,876 3,090 3,124 2,868 2,559 2,505 2,534 2,497 2,504 6,653 23,515 8 ,375 6,648 23,497 8 ,460 6,671 ,475 6,668 619 8,455 6,670 23,654 8,498 574 650 644 599 533 6... 85,346 13. .. 85,567 20. .. 85,412 27. .. 85,498 84,803 84,722 84,675 84,789 38,548 38,781 38,709 38,679 21,102 21,195 21,126 21,043 2,363 2,457 2,412 2,407 955 956 973 993 6,907 6,924 6,955 6,978 7,883 37 ,614 7,91037 ,364 7,905 37,403 7,920 37 ,533 2,765 2,535 2,628 2,706 2,478 8,608 23,763 8,641 665 23,717 8,577 2,447 649 23,724 8,563 2,402 688 23,764 8,577 2,375 543 845 737 709 1953—October. . . 21,663 21,141 11,876 8,543 277 996 190 393 1,633 7,248 1954—August. .. . 23,073 22,750 11,208 September. 22,750 22,380 11,067 October. . . 23,833 23,379 11,402 7,297 7,266 7,355 705 1,050 558 1,090 660 1,181 345 338 355 406 1,583 9,201 418 1,577 8,874 427 1,600 9,513 1954—Aug. 4 . . . Aug. 11. . . Aug. 18. . . Aug. 2 5 . . . Oct. Oct. Oct. Oct. New York City 734 1,139 1,123 4,252 2,017 522 883 1,437 5, 709 2 ,341 570 1,429 5,972 2,439 550 2,182 5,985 2,464 323 370 454 1,349 1,241 1,450 5,433 2,374 1,074 1,155 1,428 5,496 2 ,319 1,080 561 1,435 5,967 2,329 1,183 573 1,436 5,942 2,344 447 288 218 338 1,172 903 796 23,616 23,053 22,713 22,913 23,169 22,765 22,495 22,575 11,322 11,293 11,123 11,097 7,332 7,333 7,264 7,261 802 731 662 625 ,044 ,055 ,039 .062 344 360 344 333 396 409 408 413 1,582 1,584 1,584 1,581 9,473 9,153 9,043 9,134 Sept. 1... 22,719 Sept. 8... 22,604 Sept. 15...22,727 Sept. 22...22, i Sept. 29. . 22,894 . 22,409 22,195 22,379 22,351 22,570 10,995 11,038 11,100 10,974 11,232 7,246 7,232 7 ,297 7,283 7,270 590 630 586 437 547 ,023 ,046 ,050 ,090 ,242 411 417 424 420 419 1,572 1,561 1,586 1,581 1,588 9,010 1,041 8,715 789 8,829 883 8,938 949 8,878 852 575 550 566 579 578 5,963 2,404 5,956 2 ,442 5, ,450 5,983 2 ,439 6,002 2,460 310 409 348 457 324 6... 23,853 13. .. 23,791 20. .. 23,850 27. .. 23,839 23,445 23,295 23,369 23,406 11,331 11,436 11,468 11,374 7,342 7,384 7,379 7,315 642 692 717 588 ,159 ,160 ,163 ,243 332 332 337 343 345 349 350 357 362 419 423 431 436 1,596 1,602 1,597 1,607 9,610 9,391 9,461 9,590 557 2,170 6,015 2,504 549 2,176 5,962 2,468 559 2,169 5,966 2,440 2,213 5,997 2,442 408 496 481 433 1953—October. . . 57,494 57,245 27,462 Oct. Oct. Oct. Oct. 868 704 767 844 1,431 1,420 1,422 1,427 1,446 Outside New York City 14,647 380 510 6,027 6,333 24,267 1,446 4,327 5,496 12,998 5,516 249 1954—August.... 60,090 59,836 26,765 13,486 September. 60,197 59,967 27,071 13,668 October. . . 61,622 61,368 27,277 13,761 588 560 569 541 567 596 6,375 6,237 27 ,120 2,364 2,573 5,252 16,931 5,951 6,447 6,294 26,882 2,115 1,950 5,233 17,584 6,014 6,514 6,305 27,965 1,863 1,876 6,471 17,,755 6,126 254 230 254 1954—Aug. 4 . . . Aug. 11. . . Aug. 1 8 . . . Aug. 2 5 . . . 59,932 60,214 60,148 60,064 59,681 59,955 59,910 59,793 26,583 26,779 26,826 26,866 13,438 13,496 13,495 13,512 522 623 607 599 525 543 548 549 6,340 6,357 6,393 6,410 6,221 27,132 6,222 27,236 6,247 27,142 6,258 26,973 2,379 2,504 2,334 2,240 3,141 3,101 2,053 2,000 5,258 5,262 5,266 5,222 16,354 5,966 16,369 5,940 17,489 5 ,942 17,511 5,954 251 259 238 271 Sept. 1... 60,059 Sept. 8...60,066 Sept. 15...60,357 Sept. 22...60,172 Sept. 29...60,328 59,795 59,825 60,061 60,030 60,119 26,972 26,996 27,075 27,044 27,263 13,552 13,597 13,726 13,722 13,745 615 589 509 472 614 557 558 562 575 582 6,420 6,421 6,447 6,464 6,483 6,294 26,852 6,295 26,811 6,296 26,961 6,277 26,970 6,305 26,818 2,094 2,087 2,207 2,175 2,016 1,984 1,955 1,968 1,918 1,926 5,222 5,228 5,249 5,241 5,224 17,552 5,971 17,541 6,018 17,537 ,025 17,636 6 ,016 17,652 6 ,038 264 241 296 142 209 Oct. 6... 61,493 Oct. 13... 61,776 Oct. 20...61,562 Oct. 27. .. 61,659 61,358 61,427 61,306 61,383 27,217 27,345 27,241 27,305 13,760 13,811 13,740 13,728 562 605 532 576 588 588 598 614 6,488 6,501 6,524 6,542 6,287 28,004 6,308 27,973 6,315 27,942 6,313 27,943 1,897 1,831 1,861 1,862 1,921 1,898 1,843 1,839 6,438 6,489 6,480 6,475 17,,748 6,137 17,755 6,109 17,758 6,123 17,767 6,135 135 349 256 276 1 Exclusive of loans to banks and after deduction of valuation reserves; individual loan items are shown gross. Includes guaranteed obligations. For other footnotes see opposite page. 2 1170 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 ReBalDewith Cash ances mand Fedwith dein doposits eral vault mestic adReserve banks justed 3 Banks st irves Date or month IndividCertiuals, States and fied part- politand nerical offiships, subcers' and divi- checks, cor- sions etc. porations Time deposits, except interbank Interbank deposits IndividU. S. uals, States Govand U. S. part- politernGov- nerment ern- ships, ical and sub- Postal ment and divi- Savcorpora- sions ings tions Demand Time Domestic Borrowings Capital Foreign TotalLeading Cities ,647 53 ,732 55 ,491 3 ,569 1 ,686 2 ,899 17 ,339 839 832 796 7,526 I ,902 3 ,570 18 ,411 1 ,900 2 ,733 18 ,491 1 ,827 4 ,437 18 ,642 1,267 1,218 1,215 196 11,170 198 11,298 205 11,545 1,323 1,543 1,269 1,561 1,336 1,482 7,852 545 7,886 633 7,926 2 ,612 3 ,683 1 ,591 3 ,413 1 ,723 3 ,688 1 ,682 3 ,495 18 ,382 18 ,405 18 ,411 18 ,443 1,273 1,267 1,265 1,263 195 196 197 196 11,494 11,361 11,115 10,710 1,345 1,325 1,324 1,297 1,553 1,539 1,534 1,547 533 793 717 710 7,848 7,852 7,850 7,859 3 ,247 2 ,731 2 ,400 2 ,681 2 ,605 18 ,433 18 ,487 18 ,501 18 ,514 18 ,520 L ,257 1,253 L ,193 L ,194 L.195 197 197 199 199 200 10,911 11,354 11,970 1,277 10,977 1,301 1,272 1,252 1,257 1,262 1,560 1,566 1,562 1,565 1,552 583 571 585 451 537 7,886 7,888 7,878 7,880 7,897 1 ,720 5 ,190 1 ,802 4 ,611 1 ,857 4 ,165 1 ,929 3 ,783 18 ,608 18 ,639 18 ,641 18 ,681 1,181 1,209 1,238 1,231 203 203 204 211 11,744 11,750 11,494 11,190 1,285 1,353 1,357 1,349 1,526 1,479 1,463 1,459 462 767 681 621 7,913 7,920 7,921 7,949 1 ,090 1 ,786 88 49 2,986 1,016 668 1 ,262 1 ,976 841 1 ,993 1 ,683 2 ,027 278 248 241 53 53 54 3,005 1,056 1,270 3,061 1,017 1,287 3,151 1,081 1,208 426 246 275 2,611 2,613 2,622 1953—October 14 ,195 975 2 1954—August September October 13 ,622 13 ,431 13 ,786 918 941 972 2 ,620 54 ,077 54 ,775 3 ,932 2 ,641 54 ,432 55 ,734 3 ,753 2 ,753 55 ,117 56 ,931 3 ,563 1954—Aug. Aug. Aug. Aug. 4 11 18 25 13 ,472 13 ,648 13 ,748 13 ,781 883 941 914 932 2 ,816 2 ,629 2 ,571 2 ,466 54 ,217 54 ,127 53 ,748 54 ,215 54 ,564 4 ,046 55 ,107 3 ,951 54 ,736 3 ,904 54 ,693 3 ,826 Sept. Sept. Sept. Sept. Sept. 1 8 15 22 29 13 ,522 13 ,327 13 ,569 13 ,297 13 ,438 885 943 936 951 992 2 ,489 2 ,634 2 ,805 2 ,731 2 ,544 54 ,066 54 ,013 54 ,490 54 ,547 55 ,043 54 55 57 55 55 ,746 ,000 ,230 ,812 ,884 3 ,939 1 ,864 3 ,738 1 ,617 3 ,754 2 ,089 3 ,579 1 ,700 3 ,756 2 ,228 Oct. 6 Oct. 13 Oct. 20 13 ,754 13 ,602 13 ,924 13 ,864 904 2 ,750 1,032 2 ,815 947 2 ,786 1,003 2 ,662 54 ,276 54 ,672 55 ,470 56 ,050 55 57 57 57 ,403 ,837 ,203 ,281 3 ,664 3 442 3 503 3 642 42 15 543 16 485 368 867 310 306 328 1 ,064 1 ,021 949 Oct. 27 189 10,869 1,253 New York City 4 678 1953—October 154 185 2,536 4 508 4 428 4 447 139 146 156 37 15 530 16 297 39 15 665 16 584 46 15 746 16 767 4 4 4 4 327 597 614 492 135 146 134 141 37 36 39 36 15 15 15 15 760 483 369 508 16 16 16 16 442 285 192 267 317 334 314 276 1 ,706 783 866 902 1 ,358 1 ,267 1 ,254 1 ,170 1 ,976 1 ,976 1 ,970 1 ,981 275 280 279 278 52 53 53 53 3,151 3,015 2,955 2,898 1,079 1,061 1,054 1,031 1,277 1,265 1,261 1,276 287 538 408 470 2,616 2,614 2,609 2,606 4 4 4 4 4 537 417 455 182 551 134 150 140 146 159 38 33 44 39 41 15 15 15 15 16 505 513 613 604 092 16 16 16 16 16 377 266 868 475 932 307 271 342 278 334 973 820 1 ,144 845 1 ,323 1 ,091 904 711 773 727 1 ,960 1 ,988 2 ,004 2 ,007 2 ,008 273 270 233 233 232 53 53 53 53 53 2,963 3,019 3,236 3,082 3,004 1,039 1,012 1,005 1,007 1,022 ,292 ,292 ,285 ,287 ,277 329 248 261 153 240 2,619 2,616 2,614 2,609 2,609 4 4 4 4 459 496 404 429 149 171 145 159 40 49 49 46 15 15 15 15 615 549 827 994 16 16 16 16 434 941 796 896 342 325 290 356 882 909 959 1 046 1 ,978 2 ,034 1 ,778 2 ,033 1 ,576 2 ,013 2 ,026 1 ,398 227 228 256 254 54 54 54 54 3,175 3,169 3,154 3,107 ,250 1,046 1,101 ,203 1,098 ,193 1,079 1,188 153 414 264 2,626 2,620 2,622 2,621 1953—October 9 517 821 2 605 38 189 39 006 3 201 819 1 ,809 15 ,553 751 140 7,883 237 164 1954—August September October 9 114 9 003 9 339 779 795 816 2 583 38 547 38 478 3 622 2 602 38 767 39 150 3 447 2 707 39 371 40 164 3 235 838 879 878 2 ,308 16 ,435 1 ,892 16 ,498 2 ,754 16 ,615 989 970 974 143 145 151 8,165 8,237 8,394 267 252 255 273 274 274 262 299 358 4,990 5,241 5,273 5,304 1954—Aug. Aug. Aug. Aug. 4 11 18 25 9 9 9 9 145 051 134 129 748 795 780 791 2 2 2 2 779 593 532 430 38 38 38 38 457 644 379 707 38 38 38 38 122 822 544 426 3 3 3 3 729 617 590 550 906 808 857 780 2 ,325 2 ,146 2 ,434 2 ,325 16 ,406 16 ,429 16 ,441 16 ,462 998 987 986 985 143 143 144 143 8,343 8,346 8,160 7,812 266 264 270 266 276 274 273 271 246 255 309 240 5,232 5,238 5,241 5,253 Sept. Sept. Sept. Sept. Sept. 1 8 15 22 29 8 8 9 9, 8, 985 910 114 115 887 751 793 796 805 833 2 2 2 2 2 451 601 761 692 503 38 38 38 38 38 561 500 877 943 951 38 38 40 39 38 369 3 734 3 362 3 337 3 952 3 632 467 412 301 422 891 797 945 855 905 2 ,156 1 ,827 1 ,689 1 ,908 1 ,878 16 ,473 16 ,499 16 ,497 16 ,507 16 ,512 984 983 960 961 963 144 144 146 146 147 7,948 8,335 8,734 8,195 7,973 262 260 247 250 240 268 274 277 278 275 254 323 324 298 297 5,267 5,272 5,264 5,271 5,288 Oct. 6 Oct. 13 Oct. 20 Oct. 27 9, 9, 9, 9 295 106 520 435 755 861 802 844 2 2 2 2 710 766 737 616 38 39 39 40 661 123 643 056 38 40 40 40 969 896 407 385 3 3 3 3 322 117 213 286 838 893 898 883 3 ,212 2 ,833 2 ,589 2 ,385 16 ,574 16 ,606 16 ,628 16 ,655 954 981 982 977 149 149 150 157 8,569 8,581 8,340 8,083 239 252 259 270 276 276 270 271 309 353 417 353 5,287 5,300 5,299 5,328 1954—August September October 1954—Aug. 4 Aug. 11 Aug. 18 Aug. 25 Sept. 1 Sept. 8 Sept. 15 Sept. 22 Sept. 29 Oct. 6 Oct. 13 Oct. 20 Oct. 27 Outside New York City 3 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. Back figures.—'For description of revision beginning Mar. 4, 1953, see BULLETIN for April 1953, p. 357, and for figures on the revised basis beginning Jan. 2, 1952, see BULLETIN for May 1953, pp. 550-555. For description of revision beginning July 3, 1946, and for revised figures Ju ly 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. NOVEMBER 1954 1171 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 borrowei Manufacturing and mining Period 2 Metals and PetroTextiles, metal leum, Food, liquor, apparel, products coal, (incl. chemical, Other and and tobacco leather machinand ery and rubber trans. Trade (wholesale and retail) Sales finance companies Commodity dealers Public utilities (incl. transportation) Construction ind'l, and All Net agr'l. other change— types changes classitotals of fied business equip.) 275 873 48 125 60 141 62 16 -421 -73 -40 1,111 176 250 76 36 -105 -634 141 662 -657 156 -107 420 -326 -45 138 90 -49 215 -7 -644 537 1954—Jan.-June. . . -505 55 -577 -10 -1 -41 1954—July August September. . October 5 —24 164 113 36 40 20 -47 — 133 —99 — 174 -69 —63 2 24 90 — 13 2 9 -26 —27 9 63 113 Week ending: 1^54—Aug. 4 Aug. 11 Aug. 18 . Aug. 25 16 5 15 15 4 —22 -25 -45 -8 8 9 — 18 2 4 2 -4 10 -31 -17 24 6 65 24 45 6 6 10 -7 5 -50 -31 -19 -28 -46 16 6 14 -5 -6 32 48 27 7 1 1 -34 -16 -22 -16 7 -23 19 14 50 7 1951—April-June. . July-Dec -243 116 932 -361 1952—Jan.-June... July-Dec.. . . -868 1953—Jan.-June r. . July-Dec. r . . Sept. Sept. Sept. Sept. Sept. 754 7 1 8 15 22 29.... Oct. 6 Oct. 13 Oct. 20 Oct. 27 63 30 175 351 44 -98 8 37 186 18 2,769 2,372 -217 544 -2 —57 18 13 -28 191 -546 2,494 -637 2,435 -91 -137 12 91 18 -23 -11 101 -536 -805 392 610 795 -363 -175 126 71 106 -1,314 -1,496 66 45 124 95 — 14 —44 -84 -117 —88 — 16 16 19 2 —245 —360 -751 -180 7 —29 3 81 59 7 —21 -13 _3 -7 -7 -4 —16 10 8 3 3 5 —20 15 —2 11 —25 31 —71 2 —754 -1 10 23 6 -1 -6 11 9 -3 -10 25 28 6 13 17 15 20 40 32 10 -8 -8 -44 -35 4 -2 11 -4 -9 -3 1 6 —4 2 21 2 41 5 12 34 13 180 -8 10 25 31 194 -18 10 -9 1 -10 -8 20 48 31 14 24 17 17 37 21 -52 -67 -20 -74 -7 -27 -72 1 8 53 4 2 1 68 64 -21 -73 87 93 -69 -83 722 2 -1 —64 229 38 242 28 59 -70 14 ••Revised to include 26 weeks ended July 1 and 26 weeks ended December 30, 1953. 1 Sample includes about 220 weekly reporting member banks reporting changes in their larger loans; these banks hold over 90 per cent of total 3commercial 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. ' N e t change at all banks in weekly reporting series, according to the old series in 1951 and the revised series thereafter. For description of revisions in the weekly reporting series see BULLETIN for April 1953, p. 357. COMMERCIAL AND FINANCE PAPER AND BANKERS' ACCEPTANCES OUTSTANDING fin millions of dollars! Dollar acceptances outstanding Commercial and finance paper outstanding 1 End of month" Total Based on Held by Total Placed outPlaced direct- standthrough ly ing dealers2 (finance3 paper) Accepting banks Total Own bills Bills bought F. R. Banks (for acct. of for. corr.) Others ImExports ports Dollar into from exUnited United change States States 57 1948—December 1949—December 1950—December 1951—December 1952—December 674 837 920 1,331 1,745 277 270 345 449 552 397 567 575 882 1,193 259 272 394 490 492 146 128 192 197 183 71 58 114 119 126 76 70 78 79 57 3 11 21 21 20 109 133 180 272 289 164 184 245 235 232 49 87 133 125 1953—September.. . October November. . . December.... 1,987 2,149 2,191 1,966 487 548 595 564 1,500 1,601 1,596 1,402 515 517 534 574 159 160 170 172 110 122 125 117 49 38 45 55 329 334 344 378 237 227 246 274 1954—January February.... March April May June July August September... 2,155 2,308 2,291 2,215 2,168 2,150 2,208 2,228 2,192 635 716 735 694 641 679 747 794 803 1,520 1,592 1,556 1,521 1,527 1,471 1,461 1,434 1,389 586 545 580 623 616 589 589 563 609 195 185 198 228 227 220 205 198 259 144 149 149 165 171 164 164 155 178 51 36 50 63 56 56 41 43 81 26 23 20 24 17 10 13 17 14 14 9 5 6 373 350 369 379 374 355 376 360 344 266 238 247 270 277 246 225 205 207 1 Goods stored in or shipped between points in United Foreign States countries 2 23 39 25 30 28 55 64 12 9 32 44 32 135 145 139 154 66 56 49 29 40 56 59 75 38 34 41 43 157 151 139 142 143 143 136 134 139 45 44 47 38 36 60 92 75 85 73 71 107 127 115 96 91 101 130 46 41 39 46 45 43 46 47 48 x New series; 2 As reported 3 not comparable with earlier data. by dealers; includes finance company paper as well as other commercial paper sold in the open market. As reported by finance companies that place their paper directly with investors. Back figures.—For bankers' acceptances, see Banking and Monetary Statistics, Table 127, pp. 465-467; for description see p. 427. 1172 FEDERAL RESERVE BULLETIN PRINCIPAL ASSETS OF SAVINGS INSTITUTIONS UNITED STATES LIFE INSURANCE COMPANIES [In millions of dollars] Government securitie s Total assets Date Business securities 2 United State and States local1 Foreign Total Total Bonds 3 Stocks Mortgages Real estate Policy loans Other assets End of year: 4 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 1953 29,243 30,802 32,731 34,931 37,766 41,054 44,797 48,191 51,743 55,512 59,630 64,020 68,278 73,375 78,533 7,697 8,359 9,478 11,851 14,994 18,752 22,545 23,575 22,003 19,085 17,813 16,066 13,667 12,774 12,405 5,373 5,857 6,796 9,295 12,537 16,531 20,583 21,629 20,021 16,746 15,290 13,459 11,009 10,252 9,829 2,253 2,387 2,286 2,045 1,773 1,429 1,047 936 945 1,199 1,393 1,547 1,736 1,767 1,990 115 396 511 684 792 915 1,010 1,037 1,140 1,130 1,060 922 755 586 71 8,465 9,178 10,174 10,315 10,494 10,715 11,059 13,024 16,144 20,322 23,179 25,403 28,204 31,646 34,570 7,929 8,624 9,573 9,707 9,842 9,959 10,060 11,775 14,754 18,894 21,461 23,300 25,983 29,200 31,997 536 554 601 608 652 756 999 1,249 1,390 1,428 1,718 2,103 2,221 2,446 2,573 5,669 5,958 6,442 6,726 6,714 6,686 6,636 7,155 8,675 10,833 12,906 16,102 19,314 21,251 23,322 2,134 2,060 1,878 1,663 1,352 1,063 857 735 860 1,055 1,247 1,445 1,631 1,903 2,020 3,248 3,091 2,919 2,683 2,373 2,134 1,962 1,894 1,937 2,057 2,240 2,413 2,590 2,713 2,914 2,030 2,156 1,840 1,693 1,839 1,704 1,738 1,808 2,124 2,160 2,245 2,591 2,872 3,088 3,302 End of month: 6 1951—December 1952—December 67,983 73,034 13,579 12,683 10,958 10,195 1,702 1,733 919 755 28,042 31,404 25,975 29,226 2,067 2,178 19,291 21,245 1,617 1,868 2,575 2,699 2,879 3,135 1953—August September October November December 76,244 76,612 77,121 77,552 78,201 12,436 12,397 12,395 12,365 12,322 9,994 9,930 9,913 9,830 9,767 1,861 1,880 1,897 1,945 1,968 33,349 33,614 33,887 34,096 34,395 31,079 31,319 31,585 31,781 32,056 2,270 2,295 2,302 2,315 2,339 2,819 2,831 2,851 2,873 2,894 3,121 3,100 3,156 3,201 3,321 78,866 79,251 79,649 80,114 80,547 80,981 81,510 81,965 12,470 12,498 12,416 12,424 12,452 12,294 12,222 12,197 9,779 9,781 9,661 9,635 9,539 9,343 9,189 9,171 2,105 2,122 2,170 2,208 2,326 2,363 2,456 2,471 34,639 34,816 35,053 35,216 35,371 35,683 35,943 36,094 32,266 32,430 32,635 32,759 32,871 33,150 33,369 <33,494 2,373 2,386 2,418 2,457 2,500 2,533 2,574 22,552 22,698 22,842 23,017 23,275 23,435 23,570 23,769 24,005 24 174 24,384 24,572 24,795 1,967 1,972 1,990 2,000 1,994 1954—January February March April May 581 587 585 590 587 586 595 585 581 587 2,039 2,053 2,066 2,086 2,102 2,129 2,147 2,177 2,905 2,923 2,956 2,978 3,000 3,023 3,045 3,066 3,378 3,391 3,389 3,405 3,448 3,468 3,581 3,636 June .... July August 588 577 555 <=2,600 c Corrected. 1 Includes United States and foreign. 2 Central government only. 3 Includes International Bank for Reconstruction and 4 These represent annual statement asset values, with 5 Development. bonds carried on an amortized basis and stocks at end-of-year market value. These represent book value of ledger assets. Adjustments for interest due and accrued and differences between market and book values are not made on each item separately, but are included in total in "Other assets." Source.—Institute of Life Insurance—end-of-year figures, Life Insurance Fact Book, 1952; end-of-month figures, The Tally of Life Insurance Statistics and Life Insurance News Data. ALL SAVINGS AND LOAN ASSOCIATIONS IN THE UNITED STATES [In millions of dollars] Assets End of year 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 1953r Total i Mortgages2 U. S. Government obligations 5,597 5,733 6,049 6,150 6,604 7,458 8,747 10,202 11,687 13,028 14,622 16,846 19,164 22,585 26,638 3,806 4,125 4,578 4,583 4,584 4,800 5,376 7,141 8,856 10,305 11,616 13,622 15,520 18,336 21,882 73 71 107 318 853 1,671 >,420 >,009 1,740 1,455 1,462 1,489 L.606 1,791 1,923 Assets Cash 274 307 344 410 465 413 450 536 560 663 880 951 1,082 1,306 1,500 Others 1,124 940 775 612 493 391 356 381 416 501 566 692 866 1,072 1,258 Savings capital 4,118 4,322 4,682 4,941 5,494 6,305 7,365 8,548 9,753 10,964 12,471 13,978 16,073 19,143 22,778 End of quarter Total 1 Mortgages2 U.S. Government obligations Cash Other 3 Savings capital 1951—4.... 19,164 15,520 1,606 1,082 866 16,073 1952—1 2 3.... 4... . 19,688 20,599 21,295 22,585 16,057 16,875 17,696 18,336 1,690 1,687 1,765 1,791 1,080 1,182 1,044 1,306 774 770 708 1,072 16,811 17,656 18,198 19,143 1953—1'-... 2'... 3'-... 4'... 1954—1*"-.. 23,442 24,724 25,582 26,638 19,051 20,099 21,116 21,882 1,926 1,997 1,982 L ,923 L, 259 1,333 1,196 1,500 1,128 1,218 1,212 1,258 20,072 21,140 21,735 22,778 27,667 29,105 30,168 22,722 23,847 25,053 1,928 ,961 ,972 1,613 1,782 ,671 1,330 1,442 1,400 23.901 25.163 25,895 2Pr_ 3Pr.. r Revised. P1 Preliminary. Includes gross mortgages with no deduction for mortgage pledged shares. 2 Net of mortgage pledged shares. 3 Includes other loans, stock in the Federal home loan banks and other investments, real estate owned and sold on contract, and office building and fixtures. Source.—Federal Savings and Loan Insurance Corporation. NOVEMBER 1954 1173 GOVERNMENT CORPORATIONS AND CREDIT AGENCIES S E L E C T E D ASSETS A N D L I A B I L I T I E S , BY C O R P O R A T I O N OR A G E N C Y * [Based on compilation by United States Treasury Department. In millions of dollars] End of quarter End of year 1953 Asset or liability, and agency 1945 1947 1946 1948 1950 1949 1951 To aid agriculture total . . Banks for cooperatives Federal intermediate credit banks 2 Federal land banks Federal Farm ^tortgage Corporation Farmers Home Administration 3 Rural Electrification Administration Commodity Credit Corporation . Other agencies To aid home owners total Federal National M^ortgage Assn Home Owners' Loan Corporation 2 Reconstruction Finance Corporation^ Veterans Administration Other agencies 4 To railroads, total Reconstruction Finance Corporation Other agencies .. 5 7,00 3 63? 276 305 336 4?6 986 149 S90 S?8 120 6 4 36? 302 437 109 558 734 280 7 1 301 1 ,729 9 806 7 85? 12 610 6 636 10 116 4 486 61 25 6 65 768 199 369 177 22 205 18 171 153 18 147 145 3 140 138 3 114 112 3 110 108 101 99 82 80 2 310 878 197 884 232 1 088 242 604 407 99 9 60 80 s?s 999 1 ,293 5 1 23? 149 83 10? To financing institutions, total Reconstruction Finance Corporation 5 Federal home loan banks Other agencies 267 60 19S 12 314 14 Foreign, total Export-Import Bank Reconstruction Finance Corporation 5 ^ U. S. Treasury Department 1 0 ?74 All other purposes, total Reconstruction Finance Corporation 5 ^ Public Housing Administration 1 2 Other agencies 707 309 ?86 11? 126 Less: Reserve for losses Total loans receivable (net) Investments: Um S Government securities total Banks for cooperatives Federal intermediate credit banks Production credit corporations Federal home loan banks Federal Savings and Loan Insurance Corp Home Owners' Loan Corporation 2 Federal Housing Administration Reconstruction Finance Corporation 5 ^ Federal Deposit Insurance Corporation Other agencies 41 7 34 45 53Q S3S 1 543 1 74? 782 898 6 7 18 17 16 20 648 73Q 754 6S8 06? 2,096 <? 130 2,164 1 ,651 3,076 3 ,468 2,368 4 5 5 5 086 2,930 ? 818 2,814 1 1 ,347 10 168 137 24 35 828 25 596 1,920 1,426 6 14? 2,603 1 8S0 2,242 115 123 169 246 ?78 113 438 478 5 ,290 6 ,649 1 ,683 43 43 67 145 118 161 15 106 49 897 38 r,873 104 348 62 70 77 79 77 2 70 77 12 10 2 136 473 63 509 8294 8214 40? ?70 415 191 224 630 678 516 457 58 447 7 436 4 1?,1 6 SIS 4 441 8 433 4 87,4 8 816 814 8 806 864 80? 952 864 r»801 ) 952 r9630 ) 6 110 ,?96 101 64 3 7 SO 3 ,750 7,736 2,496 58 3,667 "1,515 8 010 8,043 758 2,833 5? 52 3 666 3,620 1 ,533 1,537 7 087 783 4S ^ 6?0 ,539 7,965 2,762 42 3,618 1,544 6 10? 6 000 187 145 1S4 ?06 3 750 3 750 6 078 714 6340 ?78 96 184 190 ?94 100 484 88 ?97 99 131 59 366 10S 770 61 609 109 1,095 50 919 126 395 368 476 185 173 140 830 9 ,714 11 ,692 1? , 733 13 , 7 2 8 14 ,422 17,826 18 r ,814 f ,681 48 43 48 47 72 70 136 139 14S 184 172 1? 17 13? 1?? 48 i 04 S 1 0?0 29 28 i 064 9 43 44 66 ,047 43 74 39 ?74 199 1? 144 ?75 214 8 188 ? 7 ,071 43 46 42 19Q 193 7 387 217 706 222 672 228 318 319 310 257 3 3 ,381 78 66 11 1 44 36 8 2 88 71 16 1 Commodities, supplies, and materials, t o t a l . . . . . Commodity Credit Corporation Reconstruction Finance Corporation 5 ' . . . . . Other agencies 2 ,288 1 034 I 122 l ,265 463 667 134 822 448 ?35 138 627 437 157 32 1 ,549 1 ,376 14? 30 1,774 1 ,638 108 28 1 ,461 1 ,174 1,280 978 172 131 Land, structures, and equipment, total Public Housing Administration 12 Reconstruction Finance Corporation 5 ? Tennessee Valley Authority U. S. Maritime Commission 2 W a r Shipping Administration 2 Federal Maritime Board and Maritime Adm. 2 Other agencies 18 ,017 16 ,924 1? ,600 ?04 222 35 861 6 919 754 7?7 3 ,395 3 ,301 3 ,305 7 ,813 7 ,764 6 ,507 3 ,060 1 ,448 630 793 ,962 1 35? 611 830 ,945 1 ,?48 60S 886 3 , 358 1 594 1 ,048 465 1 ,113 8 245 79? 69 1 ,252 33 293 7 56 169 689 69 358 965 70 480 772 78 490 1 ,190 110 520 262 415 204 560 (not 255 397 211 208 3 381 206 181 iii 107 83 168 203 ?49 200 3 381 189 252 ,502 19,883 19 ,877 18,489 2,911 133 98 ?9 6 1 ,793 471 32 245 195 ,969 43 50 43 381 2 ,044 641 ?9 4?8 184 2,602 43 63 45 1 1 ,948 763 57 535 171 186 43 6? 45 ?85 3i<5 1 1 ,353 1,437 1 1 ?44 57 612 160 2,421 43 60 43 1 ?05 1 307 1 1 f9) 675 3 43 51 43 114 108 35 11 payable 2,301 106 326 61 488 41 S 74 3 381 Bonds, notes, and debentures guaranteed), total Banks for cooperatives Federal intermediate credit banks Federal land b a n k s 2 Federal home loan banks ,366 108 300 60 418 400 58 318 (. 2,462 46? 4? 3 38 230 1S9 46 24 institutions Other securities, total Reconstruction Finance Corporation 5 Production credit corporations Other agencies S40 110 275 61 38 321 ?44 55 26 Investment in international 336 781 241 31 7,84 1 673 1 ?49 1 ,978 ?3S ?46 800 3 450 623 6,811 7 370 6,389 309 377 354 590 774 6S8 1 11? ( To other industry, total Reconstruction Finance Corporation 5 ^ Other agencies 2 3 884 4 161 5,070 424 425 345 633 S10 673 > 5 1 4 3 Loans, by purpose and agency: 1954 1952 3,385 159 52 50 42 ,509 1,526 1 593 1,609 1 1 1 1 381 3,385 44 38 5 1 40 35 5 1 3 381 3,385 40 35 S 1 54 50 4 1 2 ,259 2,514 2 ,696 3,369 ?07 2,802 1 ,884 2,086 134 168 91 156 241 272 476 327 3,213 7 ,911 8,062 8 ,035 8,077 9S8 823 1,173 1 ,030 1,018 199 181 175 169 1 S49 1,630 80? 590 493 4,834 561 4 "849 511 4,829 634 1 ,369 1,330 1 ,243 1,182 150 170 119 181 1,251 1 405 1,475 161 674 704 776 619 949 133 626 971 120 525 445 349 414 190 115 736 For footnotes see following page. 1174 FEDERAL RESERVE BULLETIN GOVERNMENT CORPORATIONS AND CREDIT AGENCIES—Continued PRINCIPAL ASSETS AND LIABILITIES [Based on compilation by United States Treasury Department. In millions of dollars] Liabilities, other than interagency items Assets, other than interagency items 1 Cash InvestComments modiLoans ties, resupceiv- plies, U. S. able Other and secumate- Govt. rials securities rities Date, and corporation or agency Total All agencies: 1946—Dec. 3 1 . . . 1947—Dec. 312.. 1948—Dec. 312.. 1949—Dec. 3 1 . . . 1950—Dec. 3 1 . . . 1951—Dec. 3 1 22 . . 1952—Dec. 3 1 . . 30,409 30,966 21,718 23,733 24,635 26,744 29,945 1,398 1,481 630 441 642 931 944 6,649 9,714 11,692 12,733 13,228 14,422 17,826 1,265 822 627 1,549 1,774 1,461 1,280 1,873 1,685 1,854 2,047 2,075 2,226 2,421 547 3,539 3,518 3,492 3,473 3,463 3,429 1953—Sept. 302. Dec. 31 . . 1954—Mar. 3 1 . . June 30. . 37,141 38,937 39,313 39,602 1,096 1,190 1,139 1,232 18,502 19,883 19,877 18,489 2,259 2,514 2,696 3,369 2,586 2,602 2,969 2,911 3,429 3,425 3,425 3,439 Classification by agency, June 30, 1954 Farm Credit Administration: Banks for cooperatives Federal intermediate credit banks Production credit corporations Federal Farm Mortgage Corp Department of Agriculture: Rural Electrification Administration Commodity Credit Corporation Farmers Home Administration Federal Crop Insurance Corp Housing and Home Finance Agency: Home Loan Bank Board: Federal home loan banks Federal Savings and Loan Insurance Corp. Public Housing Administration Federal Housing Administration Office of the Administrator: Federal National Mortgage Association. . Other Reconstruction Finance Corporation: Assets held for U. S. Treasury 5 " Other 5 . Small Business Administration Export-Import Bank Federal Deposit Insurance Corp Tennessee Valley Authority Federal Maritime Board and Maritime Adm.. Panama Canal Company Veterans Administration Department of the Treasury Foreign Operations Administration Allother 386 844 46 17 16,924 1,753 12,600 125 3,060 337 2,962 509 2,945 499 3,358 882 3,213 832 7,911 8,062 8,035 8,077 1,357 1,261 1,173 2,085 1,252 689 965 772 1,190 1,369 1,330 3,588 24,810 2,037 28,015 1,663 18,886 1,720 21 ,030 1,193 '21,995 1,161 23,842 1,728 26,456 498 143 166 183 234 329 378 63 1,243 2,075 33,335 75 1,182 3,818 33,429 75 949 4,920 32.899 81 971 4,033 34,030 424 434 470 486 261 82 38 28 23 43 53 120 736 306 774 238 101 46 17 16 2,161 2,272 2,802 649 2,282 5,366 695 32 1,392 235 1,263 541 Bonds, notes, U. S. Priand debenGov- vately tures payable ern- owned Land, ment struc- Other Other inter- intertures, asliabilest est Fully and ities equip- sets guaranteed Other ment by U. S. 40 1 71 135 675 2,301 97 285 605 3 2,807 1,618 1,932 5,381 484 463 8,036 1,562 870 1 2 347 197 2 1 5 2,775 3 () 266 153 44 349 86 9 ( ) 3,651 1,544 18 278 52 257 4 5 118 105 ) 19 14 4 29 12 91 1,609 3,385 387 98 128 28 5 823 1 672 228 251 43 2,323 135 1 130 ) 630 829 423 3 27 7 9 355 4 22 1,000 57 96 26 1 2,281 2,334 3,031 691 4 23 9 115 80 824 9 226 28 1,235 227 233 460 9 2,314 134 1 284 581 3 2,713 1,497 1,866 5,205 472 457 9 8,036 () 1.539 22 819 51 24 (9) 93 122 67 176 12 6 P Preliminary. * Loans by purpose and agency are shown on a gross basis; total loans and all other assets are shown on a net basis, i. e., 2after reserve for losses. Several changes in coverage have been made over the period for which data are shown. The more important are: exclusion of the following agencies following repayment of the U. S. Government interest—federal land banks after 1946 and the Home Owners' Loan Corporation after June 1951; exclusion of the United States Maritime Commission (including War Shipping activities) after 1947, when this agency ceased to report to the U. S. Treasury; and inclusion of the Mutual Security Agency (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 1945 and 1946. 6 RFC figures for the end of the third quarter 1953 were for Sept. 28; on Sept. 29, pursuant to the act approved July 30, 1953 (67 Stat. 230), the RFC started liquidation of its activities except those which existing law or this law permitted to be transferred elsewhere. 6 Reconstruction Finance Corporation loans to aid home owners, which increased steadily through the first three quarters of 1947 and during 1948,7 appear to have been included with "other" loans in the statement for Dec. 31, 1947. Figures adjusted to include certain affiliates of the Reconstruction Finance Corporation. Several of these—including the Defense Plant Corporation, Defense Supplies Corporation, Metals Reserve Company, and Rubber Reserve Company—were merged with the parent effective July 81, 1945. Most of their activities were reflected under "Commodities, supplies, and materials" and "Land, structures, and equipment." 9 Reflects transfer of RFC lending under Defense Production Act of 1950 from the RFC to the Treasury Dept. Less than $500,000. 10 Figures represent largely the Treasury loan to United Kingdom and through 1952 are based in part on information not shown in Treasury compilation. 11 Represents lending under Mutual Security Agency (predecessor of FOA) included in the Treasury compilation beginning with balance sheet12for June 30, 1952; figure not published in Treasury compilation, but derived by Federal Reserve. Refiects activities of the Federal Public Housing Authority under the U. S. Housing Act, as amended, until July 27, 1947, when these activities were transferred to the newly established Public Housing Administration. War housing and other operations of the Authority—shown on the Treasury Statement with "other agencies" through 1947—were not transferred to the PHA until 1948. 13 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 12. 14 Assets representing unrecovered costs to the Corporation in its national defense, war, and reconversion activities, which are held for the Treasury for liquidation purposes in accordance with provisions of Public Law 860, 80th Congress. 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. NOVEMBER 1954 1175 SECURITY MARKETS 1 Bond prices Stock prices Common U. S. Govt. (long-term) CorMunicipal poPre(high- rate ferred * New grade)4 (highgrade)* seTories 3 tal Year, month, or week Old series2 Number of issues. 1 Industrial Railroad Volume of trading 6 (in Manufacturing Trade, thouPubfinsands Trans- lic ance, Min- of porta- util- and ing shares) Du- Nontion duToraity servratal ice ble ble Securities and Exchange Commission series (index, 1939—100) Standard and Poor's series (index, 1935-39=100) Public utility Total 480 420 20 40 265 170 98 72 21 29 31 14 1951 average 1952 average 1953 average 98.85 133.0 117.7 170.4 177 97 27 129 3 115.8 169 7 188 93.90 101.46 119.7 112.1 164.0 189 192 204 204 149 169 170 112 118 122 185 195 193 207 220 220 179 189 193 233 249 245 199 221 219 113 118 122 208 206 207 205 276 241 J rift4 ,313 1,419 1953—Oct Nov Dec 95.28 103.30 119.7 "112.5 167.3 183 94.98 103.67 121.4 113.6 168.8 188 95.85 104.93 122.3 113.5 166.5 191 197 202 206 157 159 157 122 124 125 187 191 193 214 219 222 184 190 192 240 245 249 202 204 200 121 123 125 201 207 209 219 231 230 1,225 1,482 1,644 3-7 97.42 98.62 99.87 100.36 99.68 99.49 100.36 100.28 99.92 99.69 15 17 15 168.7 "171.7 173.3 174.3 173.8 172.9 173.3 174.7 "175.8 178.1 195 200 205 213 220 222 231 236 239 244 212 217 223 233 242 244 255 261 264 271 160 166 165 164 173 176 184 187 182 187 127 129 131 133 135 135 140 142 141 139 198 203 207 216 223 224 233 237 240 244 228 234 240 253 263 263 275 280 286 291 199 204 210 223 233 237 254 257 260 267 256 261 268 280 291 288 294 301 309 313 206 215 212 212 221 225 234 237 236 240 126 128 130 132 134 134 139 141 140 138 213 216 215 220 226 228 236 243 247 249 239 250 259 266 270 266 257 263 268 269 1,669 1,752 L.919 2,089 2,096 1,919 2,469 2,588 1,963 2,103 Week ending: Oct. 2 . . . 99.88 110.45 126.6 117.6 177.2 Oct. 9 . . . 99.93 110.87 126.4 117.5 177.4 Oct. 16. . . 99.84 110.91 126.8 117.5 177.8 Oct. 23 . . . 99.59 110.54 127.1 117.6 178.2 Oct. 30. . . 99.40 110.14 127.1 117.4 178.9 245 247 243 243 242 273 275 271 270 270 182 185 186 190 187 141 141 140 139 138 246 247 240 244 240 294 296 287 292 287 268 271 262 270 266 317 319 309 312 307 237 239 240 245 241 140 140 137 137 136 251 254 247 249 244 270 275 269 270 263 1,899 2,158 2,117 2,091 2,098 1954—Jan Feb Mar Apr May June July Aug Fept Oct 106.16 107.04 109.11 109.65 109.39 109.74 111.07 111.50 110.68 110.59 123.6 "125.4 125.6 123.9 123.6 123.9 126.9 128.4 127.2 126.9 114.6 116.5 117.9 118.1 117.5 117.0 117.5 117.8 117.6 117.5 "Corrected. 1 Monthly and weekly data for U. S. Government bond prices and volume of trading are averages of daily figures; for other series monthly and weekly data are based on figures for one day each week—Wednesday closing prices for municipal and corporate bonds, preferred stocks, and common stocks (Standard and Poor's Corporation) and weekly closing prices for common stocks (Securities and Exchange Commission). 2 Fully taxable, marketable 2J^ per cent bonds first callable after 12 years. Of these the x1967-72 bonds are the longest term issues. Prior to Apr. 1, 1952, only bonds due or first callable after 15 years were included. 3The 3 /i per cent bonds of 1978-83, issued May 1, 1953. 4 Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond. 6 Standard and Poor's Corporation. Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual 6 dividend. Average daily volume of trading in stocks on the New York Stock Exchange. Back figures.—See Banking and Monetary Statistics, Tables 130, 133, 134, and 136, pp. 475, 479, 482, and 486, respectively, and BULLETIN for May 1945, pp. 483-490, and October 1947, pp. 1251-1253. CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE FIRMS CARRYING MARGIN ACCOUNTS [Member firms of New York Stock Exchange. Ledger balances in millions of dollars] Credit balances Debit balances End of month Debit Debit Customers' balances in balances in debit partners' firm balances investment investment (net)i and trading and trading accounts accounts 1951—June December... 1952—June December... 1953—June 1,275 1,292 1,327 1,362 1,684 1953—September. . October November. . December... 1954—January.... February. . . March April May June July August September. . 31,624 31,641 31,654 1,694 31,690 31,688 31,716 31,786 31,841 1,857 31,926 31,998 32,081 10 12 9 8 7 375 392 427 406 347 Customers' credit balances1 Cash on hand and in banks Money borrowed2 364 378 365 343 282 8 404 297 io 492 309 Other credit balances In firm In partners' investment investment In capital and trading and trading accounts (net) accounts accounts Free Other (net) 680 695 912 920 1,216 834 816 708 724 653 225 259 219 200 163 26 42 23 35 23 13 11 16 9 16 319 314 324 315 319 31,070 31,098 81,127 1,170 31,108 31,062 31,054 31,094 31,186 1,173 31,169 31,194 31,291 3674 3672 »682 709 3741 3768 3787 3819 3836 838 3877 3910 3924 208 28 31 313 248 23 45 372 1 Excludes balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) firms'2 own partners. Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges). 3 As reported to the New York Stock Exchange. According to these reports, the part of total customers' debit balances represented by balances secured by U. S. Government securities was (in millions of" dollars): July, 33; August, 31; September, 34. NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the method by which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last column is not to be taken as representing the actual net capital of the reporting firms. Back figures.—See Banking and Monetary Statistics, Tables 143 and 144, pp. 501-503. 1176 FEDERAL RESERVE BULLETIN MONEY MARKET RATES [Per cent per annum] Prime commercial paper, 4- to 6months 1 Year month, or week 1951 average.. . . 1952 a v e r a g e . . . . 1953 average.. . . 1.33 U. S. Government securities (taxable) Prime bankers' accept- 3-month bills 9-to 12- 3- to 5ances, month2 year 3 90 Rate days 1 Market on new issues issues yield issues Finance paper placed directly, 3- to 6months 1 1.52 L.87 1.16 1.33 I .60 1.75 1.87 1.52 1.72 1.90 1.552 1.766 1.931 1.73 1.81 2.07 1 .93 2.13 2.57 1953—Oct Nov Dec 1.55 '.31 >.25 1.35 1.13 1.13 1.88 1 .88 t .88 1 .38 1.44 1.60 1.402 1.427 1.630 1.72 1.53 1.61 2.36 2.36 2.22 1954—Jan Feb Mar April May June July Aug Sept Oct ..11 I.00 1.06 1.78 1.58 L .50 1.38 .31 L .25 .25 .25 [.25 1.88 1.68 .48 1.25 I .25 1.25 1.25 1.25 1.25 1.25 1.18 .97 1.03 .96 .76 .64 .72 .92 1.01 .98 1.214 .984 1.053 1.011 .782 .650 .710 .892 1.007 .987 1.33 1.01 1.02 .90 .76 .76 .65 .64 .89 1.03 2.04 1.84 1.80 1.71 1 .78 1.79 1.69 1.74 1.80 1.85 1.25 1.25 1.25 1.25 1.25 .25 L .25 1.25 L .25 1.25 .99 .94 .98 1.00 1.00 .984 .966 .966 1.009 1.007 .97 .98 .99 1.06 1.08 1.84 1.83 1 .82 1.86 1 .90 >.oo .76 .58 .56 1.45 .33 1.31 I .31 Week ending: Oct. 2 . . . Oct. 9 . . . Oct. 1 6 . . . Oct. 2 3 . . . Oct. 3 0 . . . 1.31 1.31 1.31 1.31 L .31 BANK RATES ON BUSINESS LOANS AVERAGE RATES ON SHORT-TERM LOANS IN SELECTED CITIES [Per cent per annum] Size of loan (thous. of dol.) All loans Area and period Annual averages: 19 cities: 1945 1946 1947 1948 1949 1950 1951 1952 1953 Quarterly: 19 cities: 1953—Dec 1954—Mar June Sept. New York City: 1953—Dec 1954—Mar June Sept 7 Northern and Eastern cities: 1953—Dec 1954—Mar Tune... Sept 11 Southern and Western cities: 1953—7)ec 1954—Mar ] une Sept r Revised. 1 Data are averages of daily prevailing rates. 2 Series includes certificates of indebtedness and 3 selected 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, and October 1947, pp. 1251-1253. 2.2 2.1 2 1 2.5 2.7 2.7 3.1 3.5 3.7 $1$10 3.2 2.3 4 2 3 1 2 .2 3^1 3.5 3.7 2^5 2.8 3.0 Old series2 3-7 Number of issues... New series3 1 Municipal (highgrade) 4 15 Aa 3 6 3 0 4.7 4.9 5.0 4.0 4.2 4.4 3.4 3.7 3.9 3.76 3.72 3.60 3.56 4.98 4.99 4.97 4.99 4.39 4.37 4.35 4.32 3.96 3.94 3 89 3.82 3.57 3.52 3 37 3.32 3.51 3.50 3.34 3.29 4.70 4.79 4.75 4.81 4.25 4.27 4.24 4.21 3.77 3.75 3.71 3.54 3.38 3.37 3.79 3.74 3 61 3.57 5.07 5.06 5 04 5.07 4.40 4.36 4 31 4.34 3.96 3.97 3 83 3.94 3.63 3.57 3.42 3.36 4 10 4.03 3.98 3.95 5 06 5.05 5.05 5.03 4.46 4.43 4.43 4.39 4 09 4.03 4.05 3.91 3.86 3.76 3.67 3.68 A Dividends/ price ratio By groups Baa Industrial Railroad Public Pre- 6 utility ferred Common 7 3.13 Earnings/ price ratio Com-8 mon 120 30 30 30 30 40 15 125 125 3.13 3.23 3.47 3.41 3.52 3.74 40 2.89 3.00 3.30 40 2.91 3.04 3.31 3.26 3.36 3.55 3.09 3.20 3.45 4.11 4.13 4.27 6.29 5.55 5.51 10.42 9.49 10.14 l6!49 2.57 2.68 2.93 316 2.00 2 19 2.72 3.08 3.19 3.43 1953—October November... December. . . 2.83 2.85 2.79 3.06 3 04 2.96 2.72 2.62 2.59 3.45 3.38 3.39 3.16 3.11 3.13 3.33 3.26 3.28 3.47 3.40 3.40 3.82 3.75 3.74 3.33 3.27 3.28 3.56 3.51 3.52 3.46 3.38 3.37 4.19 4.15 4.21 5.60 5.53 5.54 1954—January February.... March April May 2.68 2.60 2 51 2.47 2.52 2.54 2.47 2.48 2.51 2.52 2.90 2.85 2.73 2 70 2.72 2.70 2.62 2 60 2.64 2.65 2.50 2.39 2.38 2.47 2.49 2.48 2.31 2.23 2.29 2.32 3.34 3.23 3.14 3.12 3.13 3.16 3 15 3.14 3.13 3.13 3.06 2.95 2.86 2.85 2.88 2.90 2 89 2.87 2.89 2.87 3.22 3.12 3.03 3.00 3.03 3.06 3 04 3.03 3.04 3.04 3.35 3.25 3.16 3.15 3.15 3.18 3.17 3.15 3.13 3.14 3.71 3.61 3.51 3.47 3.47 3.49 3.50 3.49 3.47 3.46 3.23 3.12 3.05 3.04 3.06 3.10 3 10 3.07 3.07 3.06 3.47 3.35 3 24 3.19 3.21 3.23 3.23 3.21 3.22 3.23 3.31 3.23 3.14 3.13 3.13 3.15 3.13 3.12 3.13 3.11 4.15 4.08 4.04 4.02 4.03 4.05 4.04 4.01 3.98 3.93 5.28 5.29 5.07 4.86 4.81 4.74 4.54 4.66 4.31 4.43 2.51 2.51 2.52 2.53 2.54 2.65 2.63 2.63 2.65 2.67 2.33 2.34 2.32 2.30 2.30 3.14 3.14 3.13 3.13 3.13 2.89 2.88 2.88 2.87 2.87 3.05 3.05 3.04 3.04 3.04 3.14 3.14 3.14 3.14 3.13 3.48 3.48 3.47 3.46 3.45 3.06 3.06 3.06 3.05 3.05 3.23 3.23 3.22 3.22 3.22 3.12 3.12 3.12 3.11 3.10 3.95 3.95 3.94 3.93 3.91 4.31 4.28 4.41 4.35 4.43 Week ending: Oct. 2 Oct. 9 Oct. 16 Oct. 23 Oct. 30 3.W Industrial stocks 1951 average 1952 average 1953 average June 1 8 4 5 2.86 2.96 3.20 July August September... October 2.0 1.7 2.2 2.4 2.4 2.9 3.3 3.5 4.4 4.6 6 By ratings Total Aaa $200 and over NOTE.—For description of series see BULLETIN for March 1949, pp. 228-237. Corporate (Moody's) U. S. Govt. (long-term) $100$200 4.3 4.2 BOND AND STOCK YIELDS 1 [Per cent per annum] Bonds Year, month, or week $10$100 9.06 " 7.44' 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}4 per cent bonds first callable after 12 years. Of these the 1967-72 bonds are the longest term issues. Prior to Apr. 31, 1952, only bonds due or first callable after 15 years were included. 4 The 3}i per cent bonds of 1978-83, issued May 1, 1953. Standard and Poor's Corporation. 5 Moody's Investors Service, week ending Friday. Because of a limited number of suitable issues, there has been some variation in the number of bonds included in some of the groups. 6 Standard and Poor's Corporation.8 Ratio is based on 9 median yields in a sample of noncallable issues, 12 industrial and 3 public utility. 7 Moody's Investors Service. Computed by Federal Reserve from data published by Moody's Investors Service. Back figures.—See Banking and Monetary Statistics, Tables 128-129, pp. 468-474, and BULLETIN for May 1945, pp. 483-490, and October 1947, pp. 1251-1253. NOVEMBER 1954 1177 TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS [On basis of daily statements of United States Treasury unless otherwise noted. In millions of dollars] Summary Excess of receipts or expenditures (—) Budget receipts and expenditures Period General fund of the Treasury (end of period) Deposits in Expenditures Surplus or deficit Sales and Trust redemptions Clearand in market ing other of Govt. acacagency count counts obligations Gross direct public debt General fund balance Balance in general fund 37,834 53,488 65,523 64,469 48,143 62,129 65,218 64,550 138,255 56,846 71,366 73,626 144,633 66,145 74,607 67,579 1-422 -3,358 -5,842 -9,157 13,510 -4,017 -9,389 -3,029 i-38 759 49 82 1295 219 462 393 349 56 -90 19 384 -72 -25 -4 87 -106 -319 -209 -214 -401 -312 -452 -423 2,711 7,973 7,777 -2,135 3,883 6,966 5,189 -447 62 1,770 -1,488 1,839 -388 —2,299 2,096 4,232 4,295 6,064 4,577 7,357 6,969 4,670 6,766 690 321 389 346 338 333 132 875 129 146 176 131 250 355 210 274 2,344 2,693 4,368 3,358 5,680 5,106 3,071 4,836 1 ,069 1L.134 L ,132 742 1,089 1,175 1,256 781 29,679 23,809 38,320 27,204 38,014 26,454 n.a. 25,570 31,276 34,869 36,497 38,110 35,515 n.a. 4,109 —7,467 3,451 -9,293 -96 -9,061 n.a. 468 291 -72 121 341 -259 n.a. -8 64 -136 46 -71 90 n.a. 40 -146 -255 -64 -248 40 n.a. -1,486 4,197 -313 8,286 -1,320 9,097 -3,909 3,124 —3,062 2,674 -904 — 1,394 -94 2,190 7,357 4,295 6,969 6,064 4,670 4,577 6,766 338 321 333 389 132 346 875 250 146 355 176 210 131 274 5,680 2,693 5,106 4,368 3,071 3,358 4,836 1,089 1,134 1,175 1,132 1,256 742 781 2,659 4,695 5,183 34,471 5,444 11,434 2,751 3,592 10,539 2,827 3,911 4,951 n.a. 5,477 5,423 6,387 35,071 4,707 5,555 5,296 5,203 7,115 4,827 6,731 5,019 n.a. -2,818 -728 -1,204 -600 737 5,879 -2,545 -1,611 3,424 -2,000 -2,820 -68 n.a. -149 -37 -72 -144 527 253 -375 271 42 r-135 387 -283 n.a. -70 116 -59 -28 -117 -60 -53 123 32 -34 -83 163 n.a. 235 -376 29 559 -135 -160 593 -511 -3 '-97 -222 21 n.a. 449 1,822 -40 -320 -67 -4,546 811 2,428 -2,215 -276 3,971 -145 3,942 -2,352 797 -1,346 -533 944 1,366 -1,567 700 1,280 -2,542 1,233 -313 1,518 5,126 5,923 4,577 4,044 4,988 6,355 4,787 5,487 6,766 4,224 5,457 5,145 6,663 662 451 346 404 548 722 579 422 875 727 511 704 736 185 81 131 363 167 462 180 146 274 196 101 170 175 2,892 4,545 3,358 2,406 3,458 4,379 3,273 4,095 4,836 2,538 4,078 3,469 4,936 1,387 847 742 871 816 792 756 824 781 764 767 801 816 Net receipts Cal. yr.—1950 1951 ,, 1952 1953 Fiscal yr.—1951. . . 1952. . . 1953.2 . . 1954 . . Semiannual totals: 1951—Jan.-June. July-Dec. 1952—Jan.-June. July-Dec.. 1953—Jan.-June. July-Dec.. 1954—Jan.-June 2 Monthly: 1953—Oct Nov Dec 1954—Jan 2 Feb. Mar Apr May June July Aug Sept, . . Oct Increase or decrease (—) during period (-) F. R. Banks Special Avail- Inessprocof deposable itaries collecfunds tion Other net assets Budget expenditures Major national security programs Period Total Total 4 Cal. yr.—1950 , . 1951 1952 1953 Fiscal yr.—1951.... 1952 1953.... 19542... Semiannual totals: 1951—Jan.-June.. July-Dec. . 1952—Jan.-June.. July-Dec. . 1953—Jan.-June.. July-Dec 2 . Monthly: 1953—Sept Oct Nov Dec 1954—Jan....... Feb.2 Mar Apr May June July . . Aug Sept 38,255 56,846 71,366 73,626 44,633 66,145 74,607 67,579 National defense 18,509 13,476 37,154 30,275 51,121 43,176 52,817 44,465 25,891 19,955 46,319 39,033 52,847 44,584 M8.259 P40.638 Military assistance abroad VetInter- Atomic Intererans est Adminnaon Energy tional Com- debt istraecotion misnomic sion aide 291 4,012 1,559 3,560 2,975 2,652 3,810 2,190 884 3,863 2,228 2,904 3,760 2,272 3,520 Pi, 599 25,570 31,276 34,869 36,497 38,110 35,515 16,041 21,113 25,206 25,915 26,932 25,885 12,450 17,825 21,208 21,968 22,616 21,848 637 921 1,306 1,669 2,092 1,718 2,170 1,389 1,514 1,137 1,134 1,056 6,119 5,477 5,423 6,387 35,071 4,707 5,555 5,296 5,203 7,115 4,827 6,731 5,019 4,392 4,266 4,034 4,377 3,787 3,647 3,540 3,465 3,001 232 155 198 484 385 194 321 343 331 407 334 228 210 169 175 162 141 P104 P183 P3,681 P3.809 P3,916 P3,847 P3,565 M,245 P3,188 P3,553 P3,486 P3,225 P3.339 P3,195 P2.884 P3,554 P2.565 P2.984 P2.902 P54 P117 P126 P52 P84 P100 P161 Social Agrisecurity culproture 7 grams* Housing and home nance Post Public office works deficit 611 1,278 1,813 1,889 908 1,648 1,802 1,893 5,580 5,983 6,065 6,357 5,613 5,859 6,508 6,371 1,499 - 1 7 1,551 1,351 5,714 694 1,438 1,010 1,463 5,088 646 1,573 1,564 4,433 1,508 3,238 — 159 1,685 4,157 1,630 460 1,458 635 5,288 1,415 614 1,515 1,219 4,748 1,424 382 1,655 4,250 1,593 3,063 4,176 Pl,67O P2.842 - 6 1 4 P 1 , 5 1 3 567 711 937 876 926 963 3,223 2,761 3,099 2,966 3,542 2,816 2,610 2,479 2,269 2,164 2,086 2,072 155 560 208 354 95 164 231 1,294 142 245 160 372 181 588 164 350 169 249 109 1,752 174 213 169 332 160 541 323 336 343 371 340 340 334 375 346 370 333 333 320 302 470 392 540 222 679 424 885 2,178 - 4 2 1,059 - 1 1 7 580 858 657 916 740 945 275 34 101 -12 -46 211 302 - 8 9 123 -137 -32 108 309 - 3 1 172 P128 P - 1 3 5 - 1 0 4 P194 - 5 4 P114 P468 - 1 9 5 P120 P694 - 1 4 P124 P248 - 8 4 P171 P27O 49 P141 -39 P121 P2,039 P144 -5 P140 158 161 157 140 97 P90 P102 P116 745 718 706 802 791 839 P109 P109 P156 P137 Transfers to trust Other accounts 643 684 775 525 624 740 660 462 961 1,016 1,193 783 972 1,305 1,079 152 2,464 2,315 2,487 2,593 2,276 2,402 2,570 P 2,747 364 320 420 355 305 220 168 848 457 737 342 441 1,066 1,249 1,153 1,333 1,236 1,357 60 18 95 57 316 5 6 9 5 6 55 2 Pi 217 189 234 209 P241 P161 P263 P205 P123 P188 60 42 91 iii' P158 P421 P253 P235 r pPreh'minary. n.a. Not available. Revised. i Beginning November 1950, investments of wholly owned Government corporations in public debt securities are excluded from Budget expenditures, and included with other such investments under "Trust and other accounts." 2 Fiscal year totals on new reporting basis, described in Treasury Bulletin for April 1954, p. A2. Monthly breakdown on new basis not yet available prior to February 1954 for most items. 3 Not adjusted for Treasury's revised treatment of carriers' taxes. 4 Includes the following not shown separately: Maritime activities, special defense production expansion programs, Economic Stabilization Agency, and Federal Civil Defense Administration. 5 Consists of foreign economic and technical assistance under the Mutual Security Act, net transactions of the Export-Import Bank, and other nonmilitary foreign aid programs, as well as7 State Department and United States Information Agency expenditures. 6 Excludes transfers to trust accounts, which are shown separately. Includes Farm Credit Administration and Agriculture Department, except expenditures for forest development of roads and trails which are included with public works. 1178 FEDERAL RESERVE BULLETIN TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS—Continued [On basis of daily statements of United States Treasury, unless otherwise noted. In millions of dollars] Treasury receipts Internal revenue collections (on basis of Internal Revenue Service) Budget receipts, by principal sources Period Income and old-age insurance taxes Taxes on carriers and on employers of 8 or more Other receipts Total Approbudget priations receipts to oldage trust fund Refunds of receipts 13,775 17,361 19,392 26,876 23,658 34,174 26,323 30,524 16,654 24,218 21,889 33,026 25,058 33,101 26,210 10,761 121,483 8,771 9,392 10,416 11,211 9,423 9,726 10,870 10,987 770 944 902 896 811 994 902 1,980 2,337 2,639 2,570 2,263 2,364 2,525 2,737 42,657 58,941 71,788 71,524 53,369 67,999 72,455 73,067 2,667 3,355 3,814 3,918 3,120 3,569 4,086 4,537 2,156 2,098 2,451 3,137 2,107 2,302 3,151 3,377 37,834 53,488 65,523 64,469 48,143 62,129 65,218 64,550 12,963 18,840 23,090 26,162 15,901 21,313 24,750 7,384 10,362 11,980 11,401 9,908 11,545 11,604 9,937 16,565 22,140 19,195 14,388 21,467 21,595 658 801 849 923 730 833 891 935 17,'3 76 9,499 23,526 10,647 22,454 2,799 5,272 4,644 4,748 4,978 5,438 5,432 5,779 494 449 545 357 545 352 ,223 ,114 ,251 ,388 ,137 ,433 33,184 25,757 42,242 29,546 42,910 28,614 1,709 1,646 1,922 1,891 2,195 1,723 1,796 302 2,000 451 2,700 437 29,679 23,809 38,320 27,204 38,014 26,454 9,043 9,798 11,515 11,574 13,176 12,986 8,027 2,335 9,210 2,770 8,834 2,567 9,416 7,149 14,318 7,821 13,773 5,422 427 374 459 390 502 422 1,689 159 89 309 2,122 1,044 2,454 808 140 1,357 252 981 1,019 968 919 749 860 954 860 877 852 790 828 839 55 16 107 48 21 261 56 26 88 47 23 92 48 203 6,402 176 2,894 229 5,144 351 5,403 332 4,619 199 6,425 193 13,013 231 3,956 214 5,037 253 11,241 299 3,148 167 4,801 165 5,280 299 160 388 151 84 598 589 278 759 507 217 743 274 63 75 60 69 64 306 940 906 616 150 85 70 6,041 2,659 4,695 5,183 24,471 35,444 11,434 2,751 3,592 10,539 2,827 3,911 4,951 313 1,934 4,398 115 1,115 n.a. () 1,631 79 77 364 2,372 n.a. 1,767 478 318 1,882 445 n.a. ) 64 96 56 63 65 86 119 96 73 73 77 63 Withheld by employers Cal. yr.—1950 1951 1952 1953 Fiscal yr.—1951... 1952 1953... 19541.. Semiannual.totals: 1951—Jan.-June. July-Dec. 1952—Jan.-June. July-Dec. 1953—Jan.-June. July-Dec. Monthly: 1953—Sept Oct Nov Dec 1954—Jan 1 Feb. Mar Apr May June July Aug Sept Deduct Miscellaneous internal revenue 9,445 9,947 11,942 11,716 13,342 12,981 1,837 1,138 3,416 1,838 904 3,664 2,002 1,387 3,360 1,816 1,252 3,321 1,696 Other Indi- Corpovidual ration 93 1,429 1,636 385 336 1,938 490 396 7,353 645 358 6,916 532 300 1,104 Treasury receipts—Continued Cal. yr.—1950 1951 1952 1953 Fiscal yr.—1951 1952.... 1953 1954.... Semiannual totals: 1951—July-Dec... 1952—Jan.-June.. July-Dec.. 1953—Jan.-June.. July-Dec.. 1954—Jan.-June.. Monthly: 1953—Sept Oct Nov Dec 1954—Jan Feb Mar Apr May Tune July Aug Sept Social security retirement, and insurance accounts Excise and miscellaneous taxes Manufacturers' and retailers' excise Individual income and old- Corpoage insurance ration taxes income and With- Other profits taxes held Estate and gift taxes Trust and other accounts Internal revenue collections—cont. (on basis of Internal Revenue Service) Period Net budget receipts Totals Investments 8 Others 6,214 4,507 4,942 5,811 3,752 4,885 5,257 6,846 -22 271 329 153 196 275 242 357 -333 786 508 310 353 530 489 584 1,352 2,009 1,495 1,564 823 n.a. 2,398 2,486 2,456 2,802 3,009 n.a. 52 223 106 136 17 n.a. 126 404 105 385 -74 n.a. 16 -80 199 188 -334 28 -74 25 330 888 -98 281 -82 506 537 502 533 581 627 689 665 630 651 648 606 682 55 4 40 -39 288 27 44 18 61 -90 7 30 34 87 -16 -113 14 184 244 144 -102 80 34 32 104 -63 Receipts Investments Expenditures -38 759 49 82 295 219 462 1393 6,543 7,906 8,315 8,123 7,251 8,210 8,531 8,698 56 3,155 3,504 2,387 3,360 3,361 3,059 1,687 1,045 988 1,127 1,025 995 1,032 291 -72 121 341 1-259 n.a. 3,967 4,242 4,073 4,458 3,665 n.a. 61 94 267 204 61 267 211 74 263 157 9328 -276 n.a. -40 -149 -37 -72 -144 1527 253 -375 271 42 r -135 387 -283 449 328 817 597 207 965 768 436 1,212 1,458 r 389 1,200 414 Total Liquor Tobacco 8,150 8,682 9,558 9,714 8,704 8,971 9,946 9,517 419 460 2,727 2,819 2,547 549 781 2,783 1,348 1,446 1,662 1,614 1,380 1,565 1,655 1,580 2,519 2,790 3,054 3,262 2,841 2.824 3,359 3,127 1,864 1,987 2,115 2,020 1,936 2,032 2,152 2,027 4,440 4,531 5,027 4,919 4,795 4,722 1,304 1,245 1,482 1,299 1,521 1,262 748 817 845 810 804 777 1,343 1,481 1,573 1,786 1,476 1,651 6472 608 1,442 587 395 1,316 629 477 1,343 561 713 765 n.a. 266 294 276 216 166 181 224 223 222 246 226 207 n.a. 140 147 126 120 123 111 135 130 130 147 123 141 n.a. 4 74 773 46 45 757 60 50 727 11 38 692 n.a. Other Other accounts7 n.a. Not available. 1 Beginning February 1954, on new reporting basis. See footnote 2 on preceding page. 2 Not adjusted for Treasury's 3 4 revised treatment of carriers' taxes. Carriers' taxes deducted. Beginning March, income and profits taxes announced in the Treasury's 5 Monthly Statement. Reporting of some excises changed to quarterly basis. 6Excess of receipts, or expenditures (—). 7 Consists of miscellaneous trust funds and accounts and deposit fund accounts. The latter reflect principally net transactions of quasi Government corporations, European Payments Union deposit fund, and suspense accounts of Defense and other Government departments. Investments of wholly owned Government corporations are included as specified in footnote 8, but their operating transactions are included in Budget expenditures. 8 Consists of net investments in public debt securities of quasi Government corporations and agencies and other trust funds beginning with July 1950, which prior to that date are not separable from the next column; and, in addition, of net investments of wholly owned Government corporations and agencies beginning 9 with November 1950, which prior to that date are included withr Budget expenditures (for exceptions see footnote 1 on previous page). Beginning July, includes undistributed depositary receipts. Revised. NOVEMBER 1954 1179 TREASURY CASH INCOME, OUTGO, AND BORROWING DERIVATION OF CASH RECEIPTS FROM AND PAYMENTS TO THE PUBLIC [On basis of daily statements of United States Treasury and Treasury Bulletin. In millions of dollars] Cash operating income, other than debt Plus: Trust acct. receipts Net Budget receipts Total Less: Noncash2 Equals: Cash operat. ing income 171 222 184 275 256 138 210 n.a. 7,001 8,582 8,707 8,596 7,796 8,807 8,932 9,152 2,211 2,508 2.649 2,347 2,244 2,705 2,595 n.a. 42,451 59,338 71,396 70,440 53,439 68,093 71,344 71,781 38,255 56,846 71,366 73,626 44,633 66,145 74,607 67,579 503 567 734 575 477 710 694 509 29,679 23,809 38,320 27,204 38,014 26,454 164 58 77 107 104 171 4,234 4,349 4,458 4,248 4,683 3,913 1,210 1,298 1,406 1,243 1,351 996 32,537 26,799 41,293 30,104 41,241 29,199 25,570 31,276 34,869 36,497 38,110 35,515 2,659 4,695 5,183 84,471 5,444 11,434 2,751 3,592 10,539 2,827 3,911 4,951 n.a. 10 4 80 51 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 378 839 627 237 993 824 479 1,230 1,445 '434 1.224 457 n.a. 78 133 391 «55 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 2,950 5,396 5,339 4,602 6,529 12,260 3,036 4,882 11,265 2,956 5,375 5,280 2,617 5,477 5,423 6,387 85,071 4,707 5,555 5,296 5,203 7,115 4,827 6,731 5,019 n.a. Period Cai. yr.—1950 1951 1952 1953 Fiscal yr.—1951 1952 1953 19547... Semiannual totals: 1951—Jan.-June. . July-Dec.. . 1952—Jan.-June.. July-Dec.. . 1953—Jan.-June.7 . July-Dec. . Monthly: 1953—Oct Nov Dec 1954—Jan 7 Feb. Mar Apr May June July Aug Sept, Oct Cash operating outgo, other than debt Budget expenditures Total net receipts Less: Noncashi 37,834 53,488 65,523 64,469 48,143 62,129 65,218 64,550 Plus: Equals: Cash operating outgo Net cash operating income or outgo (-) Total Exch. ClearLess: Stabiliza- ing acNontion 8 count cash 8 Fund 2,307 2,625 2,807 2,585 2,360 2,837 2,774 n.a. 6,923 4,397 4,825 5,974 3,945 4,952 5,169 6,716 65 90 28 34 138 5 31 n.a. -262 -26 38 -82 -13 9 -28 -109 -87 106 319 209 214 401 312 452 41.969 58,034 72,980 76,529 45,804 67,956 76,561 71,933 482 1,304 -1,583 -6,090 7,635 137 -5,217 -152 196 371 338 396 298 277 1,279 1,346 1,488 1,319 1,456 1,129 1,744 2,653 2,298 2,527 2,642 3,332 82 8 -4 32 -2 36 -13 -13 22 16 -44 -38 -40 146 255 64 248 -40 25,700 32,334 35,622 37,357 39,203 37,326 6,839 -5,534 5,671 -7,254 2,038 -8,128 -1 40 82 72 16 8 19 43 76 70 38 57 50 91 133 483 897 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 604 636 549 427 411 601 810 568 604 660 526 788 n.a. -3 3 -12 8 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. -235 376 -29 -559 135 160 -593 511 3 5,759 6,258 6,294 4,749 5,300 6,232 5,303 6,^28 6,881 5,142 7,788 5,364 5,095 -2,809 -862 -956 -147 1,228 6,028 -2,267 -1,347 4,384 -2,186 -2,412 -84 -2,478 Less: Noncash Total Plus: Tr. acct. expenditures Accru- Intraals to Govt. public 3 trans. 4 -60 -12 -39 13 —33 -31 16 -112 -6 r97 222 -21 n.a. r 1 n.a. Not available. Revised. Represents principally 2 interest paid to Treasury by Government agencies and repayment of capital stock and paid-in surplus by quasi Government corporations. Represents principally interest on investments in U. S. Government securities, payroll deductions for Government employees' retirement accounts, and transfers shown as Budget expenditures. ^Represents principally excess of interest accruals over payments on savings bonds and Budgetary expenditures involving issuance of Federal securities; the latter include mostly armed forces leave bonds and notes issued to the International Bank and Monetary Fund, which are treated as noncash expenditures at the time of issuance and cash expenditures at the time of redemption. 4 Represents principally noncash items shown under trust account receipts (described in footnote 2); also includes small adjustments for noncash interest reflected in noncash Budget receipts (see footnote 1) and in noncash trust account expenditures (see footnote 5). ^Represents principally repayments of capital stock and paid-in surplus byc quasi Government corporations, as well as interest receipts by such corporations on their investments in the public debt (negative entry). Cash transactions between Intl. Monetary Fund and Exchange 7 Stabilization Fund. (See footnote 3.) Beginning February 1954, on new reporting basis. See footnote 8 on following page. 8 Not adjusted for Treasury's revised treatment of carriers' taxes. DERIVATION OF CASH BORROWING FROM OR REPAYMENT OF BORROWING TO THE PUBLIC Period Cal. yr.—1950 1951 1952 1953 Fiscal yr.—1951 1952 1953 1954«.. . . Semiannual totals: 1951—Jan.-June. . . July-Dec.. . . 1952—Jan.-June. . . July-Dec.. . . 1953—Jan.-June. . . July-Dec.. . . 1954—Jan.-June 6. . Monthly: 1953—Oct Nov Dec 1954_j a n Feb. 8 Mar.. Equals: Details of net cash borrowing from or Plus: Cash Less: Noncash debt transactions InNet cash repayment (—) of borrowing to the public 2 issuance of crease, borrowsecurities of or deAccruals to public 1 Net inv. ing, or Federal agencies crease Direct Savings Postal in Fed. ( - ) , in bonds Savings Sav. Sys. Other* sec. by Int. on sav. Payts. in gross ( - ) o f mktable. Non& conv. special agen. bonds and form of Guar(issue notes 3 dir. pub. anteed borrowguar- Govt. issues issues price) debt ing anteed & tr. funds Treas. bills Fed. sec. 2,101 -125 -74 66 -149 -79 3 94 -929 -1,242 3,353 4,601 -5,795 -525 2,918 2,248 2,014 1,404 2,232 1,601 1,700 840 n.a. 301 417 361 409 308 283 241 -92 -33 -45 -29 34 32 63 -3,714 2,472 -2,998 6,351 -3,433 8,034 n.a. -1,184 3,183 -1,544 7,322 8-2,028 6,857 n.a. 457 1,659 -391 -386 -284 -4,662 -51 1,647 -70 -178 —6 18 12 22 10 16 7 29 -102 -3 374 -88 -32 -250 -1,486 4,197 -313 8,286 -1,320 9,097 -3,909 5 13 3 8 -2 24 6 -13 51 -139 37 -69 66 n.a. 449 1,822 -40 -320 2 8 2 -72 108 -61 -76 240 150 -27 —67 2 -126 -46 77 -20 35 380 815 -84 312 -40 Apr May . June Tulv Aug. . Sept Oct -4,546 811 2,428 -2,215 —276 3,971 — 145 3,942 3 1 1 —61 6 1 5 355 37 -89 -74 74 -2 1 44 -34 -2,649 751 1,999 -1,191 5,778 -406 64,829 «-344 -3,943 -467 1,639 -717 «5,294 6-103 2,483 -381 163 770 591 638 779 719 524 —423 2,711 7,973 7,777 -2,135 3,883 6,966 5,189 94 3,418 3,833 2,540 3,557 3,636 3,301 -139 602 718 41 83 73 17 9 20 44 76 71 39 58 51 —1 -1 59 11 -1 38 -14 32 -1 30 -17 111 5 699 2,046 -3,104 -356 3,645 —229 3,996 -74 -4,304 -758 -432 -285 -121 618 -362 -19 -36 -22 -41 -92 18 1,021 -1,099 -1,784 248 -657 -1,209 -2,164 628 -250 -997 -113 — 162 -1,093 -155 -100 -239 198 46 -122 30 365 -82 -9 -243 -845 -255 -955 -829 -1,335 1,583 -955 -923 -74 -81 -32 -68 -94 -145 -5 51 -134 11 -20 50 618 -53 -167 -73 -71 75 -310 838 32 5 -57 -85 -137 -82 — 152 —267 -88 -64 -101 -64 2,144 -2,779 3,678 -113 4,126 33 -44 -12 -7 -36 -18 -12 —37 -37 —21 -22 — 16 7 -7 -8 -20 n.a. -67 123 -95 -31 -120 -86 -67 71 15 —54 5 36 -34 n.a. Not available. 1 Differs from "accruals to the public" shown in preceding table, principally because adjustments to Exchange Stabilization Fund are included. 2 Includes redemptions of tax anticipation securities and savings notes used in payment of taxes. 3 Most changes in convertible Series B investment bonds, 1975-80, reflect exchanges of, or conversions into, marketable issues and thus cancel out in this column. An exception was the sale for cash of about 300 million dollars in June 1952. 4 Includes cash issuance in the market of obligations of Government corporations and agencies and some miscellaneous debt items. 6 Excludes exchanges of savings bonds into marketable bonds, in the amount of 417 million dollars, of which 409 million represents issue price. 6Beginning February 1954, on new reporting basis. See footnote 8 on following page. This table is based on Treasury daily statement, which differs from monthly budget statement. 1180 FEDERAL RESERVE BULLETIN TREASURY CASH INCOME, OUTGO, AND BORROWING—Continued DETAILS OF TREASURY CASH RECEIPTS FROM AND PAYMENTS TO THE PUBLIC [Classifications derived by Federal Reserve from Treasury data. In millions of dollars] Cash operating income Period Total Cal. yr —1950 1951 1952 1953 Fiscal yr.—1951 1952 1953 19548 Semiannual totals: 1951—Jan.-June July-Dec 1952—Jan.-June July-Dec 1953—Jan.-June 8 July-Dec Monthly: 1953—Oct Nov. . . Dec 1954—yan# 8 Feb. Mar Apr May J une July AUK Sept. Oct Direct Direct taxes on taxes on individcorporuals 1 ations 1 Excise and misc. taxes Cash operating outgo Social ins. re-2 ceipts Other cash income 3 Deduct: Refunds of receipts Total Major Internatl. sec. est on programs 4 debts VetSocial erans security pro- 6 programs grams 7 42,451 59,338 71,396 70,440 53,439 68 093 71,344 71,781 19,191 27,149 32,728 34,807 24,095 30,713 33,370 33,514 9,937 8,113 16,565 8,591 22,140 9,567 19,045 10,288 14,388 8,693 21,467 8,893 21,595 9,978 21,650 9,694 5,121 6,362 6,589 6,693 5,839 6,521 6,858 7,196 -2.245 2,769 2,823 2,744 2.531 2,801 > 2.694 3.147 2,156 2,098 2,451 3,137 2,107 2,302 3,151 3,419 41,969 58,034 72,980 76,529 45,804 67,956 76,561 71,933 18,347 37,279 51,195 52,753 26,038 46 396 52,843 P48J64 4,072 4,137 4,230 4,589 4,052 4 059 4,658 4,633 8,864 6,121 5,209 4,885 5,980 5 826 4,920 4,947 32,537 26,799 41,293 30 104 41,241 29,199 16,124 11,025 19,687 13 041 20,329 14,478 9,416 7,149 14,318 7,821 13,773 5,272 4,217 4,374 4,519 5,048 4,931 5,357 3,228 3,135 3,386 3,202 3,656 3,037 1,348 1,418 L.383 L.443 1,252 1,492 1,796 302 2,000 451 2,700 437 25,700 32,334 35,622 37,357 39,203 37,326 16,133 21,146 25,250 25 944 26,898 25,854 2,058 2,079 1,984 2,246 2,413 2,176 3,003 3,117 2,709 2 500 2,420 2,465 2,950 5,396 5,339 4 602 6,530 12,260 3,036 4,882 11,265 2,956 5,375 5,280 2,617 1,233 3,172 2,059 3 008 4,355 4,185 1,791 2,875 2,859 1,120 2,985 2,936 1,040 385 336 1,938 490 469 7,356 763 397 6,903 923 912 856 683 741 673 735 787 797 266 791 256 170 1,093 718 378 1,188 616 218 245 299 315 177 267 277 251 240 75 60 69 64 306 940 907 616 150 4,268 4,034 4,318 P3 670 P3,810 P3,878 549 702 304 363 82 322 122 901 170 352 563 299 196 877 456 393 423 393 411 428 414 392 444 302 1,108 760 722 1,177 371 P260 220 204 69 60 P3,375 314 461 237 39 5,759 6,258 6,294 4,749 5,302 6,231 5,303 6,228 6,881 5,142 7,788 5.364 5,095 n.a. 286 381 375 768 352 P3,862 P3,533 P4,246 P 3 , 158 P3,570 152 Other 4,400 6 286 4,915 5,582 5,617 6,729 6,648 7,654 4,458 5,276 5,206 6 469 6,124 8,016 P7,675 P 6 , 5 1 4 2,450 2,465 2,741 2 876 3,247 3,401 2,056 3,527 2,938 3 791 4,225 3,430 625 88 1 137 572 586 66 697 p—181 P674 P55 P729 P634 P718 P692 P763 P677 194 Pi,415 P552 P961 P716 P2,8O7 P718 n.a. n.a. 374 p1 Preliminary. n.a. Not available. Income taxes include current and back taxes; individual taxes also include estate and gift taxes and, prior to July 1953, adjustment to Treasury daily statement. Income taxes through June 1953 are from internal revenue service reports, thereafter from Treasury daily statement. 2 Includes taxes for old-age and unemployment 4insurance, carriers taxes, and veterans life insurance premiums. 3 Represents mostly nontax receipts. Represents Budget expenditures adjusted for net redemptions of armed forces leave bonds and special International Bank and Monetary Fund notes. 5 Represents Budget expenditures less the excess of interest accruals over payments on savings bonds and Treasury bills and less interest paid 6by the Treasury to (1) trust funds and accounts and (2) Government corporations not wholly owned. Represents Budget outlays plus payments to the public from veterans life insurance funds and redemptions of adjusted service bonds. 7 Represents Budget outlays plus benefit payments and administrative expenses of trust funds for old-age and unemployment insurance and 8 Government employees and Railroad retirement funds. Fiscal year totals on new reporting basis, described in Treasury Bulletin for April 1954 p. A2. Monthly breakdown on new basis not yet available prior to February 1954 for most items. UNITED STATES SAVINGS BONDS AND NOTES—SALES, REDEMPTIONS, AND AMOUNT OUTSTANDING [In millions of dollars] Savings bonds Year or month Sales 1945 1946 1947 1948 . . . . 1949 1950 1951 1952 1953 1953—Sept. . Oct.. . Nov. . Dec... 1954—Jan.. . Feb.. . Mar. . Apr May June.. July Aug... Sept.. Series A-E and H All series Redemp- Outstandtions and ing (end of maturities period) Sales Redemp- Outstandtions and ing (end of maturities period) Sei ies F, G, J and K Sales Redemp- Outstandtions and ing (end of maturities period) 12,937 7 427 6,694 7,295 5,833 6,074 3,961 4,161 4,800 5,503 6,278 4,915 4,858 4,751 5,343 5,093 4,530 5,661 48,183 49,776 52,053 55,051 56,707 58,019 57,587 57,940 57,710 9,822 4,466 4,085 4,224 4,208 3,668 3,190 3,575 4,368 5,135 5,667 4,207 4,029 3,948 4,455 4,022 3,622 3,625 34,204 33,410 33,739 34,438 35,206 34,930 34,728 35,324 36,663 3,115 2,962 2,609 3,071 1,626 2,406 770 888 1,071 586 432 2,035 368 384 369 423 561 515 602 511 457 419 390 1590 652 496 525 479 458 2 579 2 644 513 507 57,795 57,775 57,806 157,710 57,736 57,797 57,902 57,967 58,025 58,061 58 005 58,078 58,088 343 357 339 381 485 422 474 390 331 289 270 309 330 308 347 310 36,311 36,391 36,509 36,663 36,887 37,029 37,175 37,279 37,393 37,482 37,597 37,714 37,808 25 27 29 42 77 93 128 122 125 129 120 1281 322 188 179 169 464 523 508 546 464 354 392 393 415 367 289 2 386 2 346 339 P322 368 611 708 829 803 908 110 169 130 115 131 97 193 298 174 P185 Tax and savings notes Sales Redemp- Outstandtions and ing (end of maturities period) 13,979 16 366 18,314 20,613 21,501 23,089 22,859 22,616 21,047 5,504 2 789 2,925 3,032 5,971 3,613 5,823 3,726 5,730 7,111 5 300 3,266 3 843 2 ,934 2,583 6 929 5,491 5,475 8 235 5 725 5,384 4 572 7,610 8,640 7 534 5,770 6,026 21,484 21,385 21,297 121,047 20,848 20,769 20,728 20,687 20,633 20,579 20,409 20,364 20,280 952 687 2 290 68 55 178 70 68 306 81 5,639 6,258 6,204 6,026 5,956 5,887 5,581 5 500 5 344 5,079 4 993 4,929 4,829 156 265 86 64 100 ^Preliminary. !Figures include as maturities 126 million dollars of unredeemed Series 1953 F and G bonds. In accordance with Treasury practice all unredeemed bonds of this series were carried as outstanding interest-bearing debt until the entire series matured. 2 Due to changes in Treasury processing, a large amount of redemptions of E bonds in June and July 1954 was not broken down as to issue price and accrued discount. Hence, the redemption figures include some accrued discount, which is being deducted in subsequent months. NOTE.—Sales, redemptions, and maturities of bonds are shown at issue price; amount outstanding at current redemption value. Maturities of notes and series A-D, and F and G bonds are included as of maturity date (end-of-calendar year) and only interest-bearing debt is included in amount outstanding. NOVEMBER 1954 1181 UNITED STATES GOVERNMENT DEBT—VOLUME AND KIND OF SECURITIES [On basis of daily statements of United States Treasury. In millions of dollars] Public issues3 End of month 1940—Dec 1941—Dec 1942—Dec 1943—Dec 1944—Dec 1945—Dec 1946—Dec 1947—Dec 1948—Dec 1949—Dec 1950—June Dec 1951—June Dec 1952—June Dec 1953—June Total gross debt* Total gross direct debt 2 Total 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 45,025 57,938 108,170 165,877 230,630 278,115 259,149 256,900 252,800 257,130 257,357 256,708 255,222 259,419 259,105 267,391 266,071 273,452 275,282 275,244 274,924 274,859 270,312 271,127 273,555 271,341 271,005 274,982 274,838 278,786 273,386 275,209 275,168 274,849 274,782 270,235 271,047 273,475 271,260 270,984 274,955 274,810 278,752 2J7,377 1953—Oct Nov Dec 1954—Jan Feb Mar Apr May June July Aug Sept Oct Marketable Certificates of Notes indebtedness Total Bills 39,089 50,469 98,276 151,805 212,565 255,693 233,064 225,250 218,865 221,123 222,853 220,575 218,198 221,168 219,124 226,143 223,408 35,645 41,562 76,488 115,230 161,648 198,778 176,613 165,758 157,482 155,123 155,310 152,450 137,917 142,685 140,407 148,581 147,335 1,310 2,002 6,627 13,072 16,428 17,037 17,033 15,136 12,224 12,319 13,533 13,627 13,614 18,102 17,219 21,713 19,707 "i6",534 22,843 30,401 38,155 29,987 21,220 26,525 29,636 18,418 5,373 9,509 29,078 28,423 16,712 15,854 230,403 232,115 231,684 231,623 231,466 226,821 227,806 229,913 226,681 226,528 230,214 230,033 234,161 152,977 154,726 154,631 154,631 154,500 150,081 151,104 153,325 150,354 150,342 154,020 153,963 158,148 19,509 19,509 19,511 19,512 19,510 21,013 22,014 22,019 19,515 19,512 19,508 19,510 19,509 26,385 26,386 26,386 26,386 25,278 19,377 19,377 18,577 18,405 18,405 18,277 18,184 18,184 Nonmarketable Bonds Convertible bonds Totals Savings bonds 3,195 5,370 6,140 "2,471 6,982 15,050 6,384 9,032 27,363 8,586 12,703 40,361 9,843 16,326 48,183 8,235 20,000 49,776 5,725 24,585 52,053 5,384 28,955 55,051 4,572 31,714 56,707 7,610 33,896 57,536 8,472 32,356 58,019 8,640 33,707 57,572 7,818 34,653 57,587 7,534 35,902 57,685 6,612 37,739 57,940 5,770 39,150 57,886 4,453 40,533 57,775 57,806 57,710 57,736 57,797 57,902 57,967 58,025 58,061 58,005 58,078 58,088 58,126 Bank eligible* Bank restricted 6,178 5,997 9,863 11,175 23,039 22,967 10,090 11,375 7,131 8,249 20,404 39,258 35,806 18,409 18,963 30,266 30,425 28,156 33,563 44,519 55,591 66,931 68,403 69,866 68,391 61,966 55,283 53,319 44,557 42,928 41,049 48,343 58,874 64,104 4,945 12,550 24,850 52,216 49,636 49,636 49,636 49,636 49,636 49,636 36,061 36,048 27,460 21,016 17,245 'i3*!573 12,060 13,095 12,500 12,340 3,444 8,907 21,788 36,574 50,917 56,915 56,451 59,492 61,383 66,000 67,544 68,125 66,708 66,423 65,622 65,062 63,733 33,736 33,249 31,406 31,419 26,866 26,787 26,809 31,923 31,960 31,964 31,967 32,001 36,188 59,942 62,181 63,927 63,916 74,171 74,134 74,230 72,133 71,802 71,790 75,596 75,597 75,597 13,404 13,402 13,400 13,398 8,675 8,674 8,674 8,674 8,672 8,671 8,671 8,671 8,669 12,025 12,012 11,989 11,976 11,957 11,932 11,910 11,899 11,861 11,857 11,853 11,820 11,787 65,402 65,377 65,065 65,017 65,009 64,807 64,792 64,690 64,465 64,329 64,341 64,250 64,226 Tax and savings notes 6,258 6,204 6,026 5,956 5,887 5,581 5,500 5,344 5,079 4,993 4,929 4,829 4,766 Special issues 40,888 41,013 41,197 41,009 41,070 41,002 41,049 41,367 42,229 42,152 42,479 42,407 42,238 1 Includes some debt not subject to statutory debt limitation (such debt amounted to 531 million dollars on Oct. 31, 1954) and fully guar2 anteed securities, not shown separately. Includes noninterest-bearing debt, not shown separately. 3 Includes amount held by Government agencies and trust funds, which aggregated 7,042 million dollars on Sept. 30, 1954. 4 Includes Treasury bonds and minor amounts of Panama Canal and Postal Savings bonds. includes Series A investment bonds, depositary bonds, armed forces leave bonds, and adjusted service bonds, not shown separately. OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [Par value in millions of dollars] 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 ComFederal Reserve mercial2 Banks banks Mutual savings banks 1940—Dec 1941—Dec 1942—Dec 1943—Dec 1944—Dec 1945—Dec 1946—Dec 1947—Dec 1948—Dec 1949—Dec 1950—June Dec 1951—June Dec 1952—June Dec 1953—June 50,942 64,262 112,471 170,108 232,144 278,682 259,487 256,981 252,854 257,160 267,377 256,731 255,251 259,461 259,151 267,445 266,123 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 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 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 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 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 3,200 3,700 4,500 6,100 8,300 10,700 11,800 12,000 11,500 11,400 11,600 10,900 10,200 9,800 9,600 9,500 9,500 1953—Aug Sept Oct Nov Dec 273,269 273,001 273,452 275,282 275,244 40,988 40,958 40,888 41,013 41,197 6,986 7,076 7,078 7,156 7,116 225,295 224,967 225,486 227,113 226,931 25,063 25,235 25,348 25,095 25,916 62,700 62,600 62,800 63,900 63,700 9,500 9,500 9,300 9,300 9,200 1954—Jan Feb Mar Apr May June July Aug 274,924 274,859 270,312 271,127 273,555 271,341 271,005 274,982 41,009 41,070 41,002 41,049 41,367 42,229 42,152 42,479 7,245 226,670 24,639 64,100 7,223 226,566 24,509 63,100 7,203 222,107 24,632 60,900 7,151 222,927 24,632 62,500 7,182 225,006 24,812 63,500 7,111 222,001 25,037 63,700 7,081 '221,772 24,325 "64,800 7,032 225,471 24,023 67,000 9,200 9,200 9,200 9,200 9,200 9,100 9,000 9,000 Insurance companies Other corporations 6,900 2,000 4,000 10,100 16,400 21,400 22,000 15,300 14,100 14,800 16,800 18,400 19,700 20,000 '20,700 '•19,100 '20,400 '18,900 State and local governments Individuals Miscellaneous invesSavings Other 3 bonds securities tors 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 2,800 5,400 13,400 24,700 36,200 42,900 44,200 46,200 47,800 49,300 49,900 49,600 49,100 49,100 49,000 49,200 49,300 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 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 16,000 '20,900 15,900 '20,600 15,900 '21,000 15,900 21,700 15,800 21,500 12,300 12,400 12,400 12,500 12,500 49,300 '16,100 49,300 '16,200 49,200 '16,000 49,300 16,000 49,300 16,100 13,400 13,300 13,500 13,500 12,900 15,700 15,700 15,600 15,600 15,500 15,300 15,100 15,100 12,600 12,600 12,700 12,800 13,100 13,200 13,100 13,300 49,400 49,400 49,400 49,500 49,500 49,600 49,600 49,700 8,2OON 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 21,500 22,100 '19,700 '19,100 '19,500 '16,800 '16,500 17,800 500 700 700 900 16,200 13,300 16,300 13,600 '16,500 13,500 '16,200 13,500 '16,500 13,500 '16,100 13,700 '16,000 '13,400 16,300 13,300 'Revised. Includes the Postal Savings System. holdings by banks in territories and insular possessions, which amounted to 250 million dollars on June 30, 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. 1 2 Includes 3 1182 FEDERAL RESERVE BULLETIN UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES Direct Public Issues Outstanding October 31, 1954 [On basis of daily statements of United States Treasury. Issue and coupon rate Treasury bills 1 1954. . 1954. . 1954. . 1954. . 1,501 1,501 1,501 1,501 Dec. 2, 1954. . Dec. 9, 1954. . Dec. 16, 1954. . Dec. 23, 1954. . Dec. 30, 1954. . 1,500 1,502 1,500 1,500 1,502 Jan. 6, 1955 . . Jan. 13, 1955. . Jan. 20, 1955. . Jan. 27, 1955. . 1,500 1,500 1,500 1,500 Nov. Nov. Nov. Nov. 4, 12, 18, 26, 1 3 Issue and coupon rate Amount Sold on discount basis. Called for redemption. Certificates Feb. 15, 1955 Mar. 22, 19552 May 17, 1955 Aug. 15, 1955 Amount 1% 1 lV8 1H 7,007 3,734 3,886 3,558 Treasury notes Dec. 15, 1954 1% M a r . 15, 1 9 5 5 . ....AH D e c . 15, 1955 1 Apr. 1, 1 9 5 6 1 Oct. 1,1956 Mar. 15, 1957 2 Apr. 1,1957 \A May 15, 1957 \% Oct. 1,1957 \y2 Apr. 1,1958 IK Oct. 1,1958 1H Feb. 15, 1959 iy8 Apr. 1, 1959 \Y2 Oct. 1, 1959 \y2 8,175 5,365 6,854 1,007 550 2,997 531 4,155 824 383 121 5,102 119 5 In millions of dollars] Issue and coupon rate Treasury Amount Treasury bonds—Cont. 8,662 Dec. 15, 1963-68. . 2 ^ 510 June 15, 1964-69.. 2,611 Dec. 15, 1964-69. . 1,449 Mar. 15, 1965-70. . 982 Mar. 15, 1966-71 s. 3,822 June 15, 1967-72 «.. 2 927 Sept. 15, 1967-72. . . 2 ^ 4,245 Dec. 15, 1967-72 5.. 2 ^ 919 June 15, 1978-83... 3 M 368 5,277 Postal Savings 3,465 bonds 2H 806 Panama Canal Loan. .3 485 2,239 11,177 Convertible bonds 2,116 Investment Series B Apr. 1, 1975-80... 2% Dec. 15, Dec. 15, Mar. 15, Mar. 15, Sept. 15, Sept. 15, Mar. 15, June 15, June 15, Dec. 15, June 15, Dec. 15, Nov. 15, Dec. 15, Sept. 15, Nov. 15, June 15, 2 See table on Money Market Rates, p. 1177. 4 6 Partially tax-exempt. Restricted. Issue and coupon rate 2,826 3,754 3,830 4,719 2,961 1,888 2,716 3,820 1,606 35 50 11,787 Tax anticipation series. SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES * Marketable and Convertible Direct Public Securities [Par value in millions of dollars] End of month Type of security: Total marketable and convertible: 1952—June Dec 1953—June Dec 1954—June July Aug Treasury bills: 1952—June Dec 1953—June Dec 1954—June July Aug Certificates: 1952—June Dec. .. 1953—June Dec 1954—June... . July Aug Treasury notes: 1952—June Dec... . 1953—June.... Dec 1954—June July Aug Marketable bonds:1 1952—June Dec 1953—June Dec 1954—June July Aug Total outstanding 153,502 161 081 159,675 166,619 162,216 162,199 165,873 17,219 21,713 19,707 19,511 19,515 19,512 19,508 28,423 16,712 15,854 26,386 18,405 18,405 18,277 U.S. Govt. agencies and trust funds Fed- Com- Mueral mertual Recial savserve banks ings Banks banks Insurance companies Other Life End of month Total outstanding Other 6,467 6,613 6,899 6,989 6,985 6,955 6,907 22,906 24 697 24,746 25,916 25,037 24,325 24,023 54,038 55 828 51,365 55,933 56,199 57,362 59,316 8,843 8 740 8,816 8,524 8,353 8,287 8,279 9,613 9,514 9,347 9,120 8,667 8,526 8,507 4,246 4,711 4,808 4,905 4,854 4,842 4,906 47,391 50,979 53,694 55,233 52,121 51,903 53,937 41 86 106 102 46 36 36 381 1,341 1,455 2,993 2,316 1,604 1,302 5,828 7,047 4,411 4,368 4,187 5,167 5,068 103 137 120 126 98 107 101 504 464 327 410 520 441 451 92 119 132 109 101 101 104 10,268 12,518 13,155 11,402 12,248 12,055 12,446 60 11,821 6,877 27 5,061 4,791 , 30 4,996 4,351 63 5,967 9,215 41 6,600 4,942 39 6,600 4,949 8 6,600 4,258 120 37 87 1S4 101 95 77 76 56 27 37 7 3 1 378 9,092 317 6,424 310 6,052 445 10,475 202 6,511 199 6,520 154 7,180 18,963 30,266 30,425 31,406 31,960 31,964 31,967 2 16 23 8 64 72 62 5,568 13,774 13,774 13,289 13,029 13,029 13,029 10,431 10,955 10,355 11,510 11,423 11,468 11,440 42 49 62 130 221 204 197 5 8 5 52 99 69 61 327 486 529 605 592 599 600 75,802 79,890 81,349 77,327 80,474 80,462 84,267 2,928 3,046 3,300 3,377 3,395 3,369 3,362 4,422 4,522 4,522 3,667 3,093 3,093 3,093 30,710 32,849 32,066 30,671 35,481 35,613 38,385 7,221 7,165 7,232 6,820 6,669 6,616 6,653 5,855 5,807 5,855 5,686 5,164 5,136 5,119 3,087 3,429 3,484 3,418 3,641 3,627 3,732 2,587 4,978 5,678 5,814 6,531 6,523 6,579 Type of security: Convertible bonds (Investment Series B): 1952—June Dec 1953—June Dec 1954-June July Aug Marketable securities, maturing: Within 1 year: 1952—June Dec 1953—June Dec 1954—June July Aug 1-5 years: 1952—June Dec 1953—June Dec 1954—June July Aug 5-10 years: 1952—June Dec 1953—June Dec 1954—June July 21,580 Aug 23,072 24,890 After 10 years: 1952—June 23,688 Dec 23,032 1953—June 23,008 Dec 23,924 1954—June July Aug U.S. Govt. Fed- Com- Muageneral tual mer- savcies Recial and serve banks ings trust Banks banks funds 13,095 3 437 12,500 3,438 12,340 3,439 11,989 3,439 11,861 3,439 11,857 3,439 11,853 3,439 714 191 185 182 168 165 165 164 1 356 1,352 1,314 1,264 1,265 1,264 1,252 Insurance companies Other Life 3 172 3,179 3,133 2,935 2,876 2,876 2,875 Other 362 360 353 328 317 316 316 3 864 3,987 3,919 3,854 3,800 3,798 3,808 45,642 56,953 64,589 73,235 60,123 60,154 60,532 101 133 163 175 107 104 68 12,202 14,749 15,505 16,972 16,280 15,568 15,274 12,705 16,996 19,580 25,062 17,684 18,649 18,115 223 263 476 475 294 310 299 470 19,360 581 532 733 23,547 1,082 390 27,393 468 1,061 29,023 652 24,568 537 463 644 24,416 609 25,701 467 44,945 37,713 32,330 29,367 27,965 27,923 27,416 46 31 152 192 205 173 145 7,188 7,146 6,452 6,155 6,307 6,307 6,299 27,858 22,381 18,344 16,056 14,624 14,693 14,347 370 259 464 431 476 459 440 63 48 109 123 155 119 113 996 910 914 980 890 887 874 8,424 6,938 5,895 5,430 5,308 5,284 5,198 15,122 22,834 18,677 20,292 30,542 30,542 34,348 387 546 422 418 494 497 509 693 1,387 1,374 1,374 1,035 1,035 1,035 7,740 11,058 8,772 10,051 18,741 18,745 21,542 1,357 1,775 1,395 1,315 1,389 1,383 1,432 497 885 745 725 516 521 522 765 1,348 1,104 1,198 1,655 1,662 1,771 3,684 5,835 4,865 5,211 6,711 6,698 7,536 34,698 31,081 31,739 31,736 31,725 31,724 31,724 2,496 2,464 2,723 2,765 2,740 2,742 2,746 2,109 1,415 1,415 1,415 1,415 1,415 1,415 5,544 5,207 4,488 4,595 4,985 5,111 5,148 5,537 5,091 5,167 5,039 4,930 4,870 4,857 5,301 4,870 4,969 4,868 4,582 4,547 4,530 1,652 12,059 1,361 10,673 1,356 11,621 1,339 11,716 1,339 11,734 1,333 11,708 1,335 11,694 * 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. NOVEMBER 1954 1183 NEW SECURITY ISSUES J [Estimates, in millions of dollars] Proposed uses of n e t proceeds, all corporate issuers 6 Gross proceeds, all issuers Total U.S. Federal ments agency 4 Govern- 1938 1939 1940 5,926 5,687 6,564 1941 1942 1943 1944 1945 15,157 35,438 44,518 56,310 54,712 1946 1947 1948 1949... 1950 18,685 19,941 20,250 21,110 19,893 1 0 , ?17 10, 589 10, 327 11, W4 9, 587 216 1951 1952 1953 1953—s e pt Oct Nov Dec 21,265 26,929 28,824 9, 778 12, 577 110 459 1 3 , 357 2,599 2,291 3,506 2,736 1,. 320 1, 370 2, S10 123 1954—jan. Feb Mar. Apr May June July Aug Sept 1,655 1,386 1,913 1,947 4,386 2,438 <"2,151 '•1,298 2,103 State and mu- Others Total nicipal Bonds Pre- Common PubPri- ferred stock stock Total licly vately offered placed 115 13 1,108 1,128 1,238 69 50 109 1 1 , 166 38 956 524 435 661 795 30 5 97 22 47 357 1,157 2,324 2,690 2,907 3,532 56 451 6,900 6,577 7,078 6,052 6,361 446 237 7,741 5,691 2,364 3,326 9,534 7,601 3,645 3,957 8,898 7,083 3,856 3,228 1 2 1 506 546 *15 124 SSI 30 24 156 132 282 3,189 4,121 5,558 306 476 483 411 777 36 60 27 57 561 399 123 515 SO? 511 414 522 735 106 76 71 80 2 , 569 523 508 546 164 123 1 63 1 86 98 25 87 758 183 108 1?O 76? 811 2,667 2,389 1,578 411 506 1,062 917 621 369 1,170 990 3,202 2,670 1,892 778 6,011 4,855 3,851 1,004 167 110 34 547 108 56 163 753 397 1 ,347 1 D40 474 308 657 1 080 891 778 ^89 5 115 3 279 4 591 1,212 1,369 1,326 7, 120 8 716 8 195 4,881 5,035 5,973 4,890 4,920 3,019 2,888 2,963 2,434 2,360 112 124 369 758 1,862 1,126 2,147 761 3,010 492 2,455 424 2,560 631 838 564 489 676 375 353 1,385 449 153 95 1,057 571 462 284 178 20 90 456 726 628 366 513 408 178 226 216 188 286 192 27 69 110 63 144 111 424 343 714 166 581 226 222 258 327 224 465 '363 '204 312 ?03 614 6, 551 736 5, 558 811 4, 590 768 603 459 1,478 5 850 647 4 1,057 808 -3 '1,237 '1,077 -8 '443 '369 893 2 1,014 783 855 280 '300 624 1,353 1,276 1,628 New lanemoney 7 ous purposes Total 691 703 2,155 2,044 2,164 1,979 2,677 2,386 Retirement of bank debt, etc. s Mis- 2,' 180 2,, S17 2 , w> 33, 42, 52, 47, New capital Corporate Noncorporate Year or month 44 18 37 43 48 210 69 51 1, 130 131 '74 '44 59 7 26 569 19 868 28 215 1,206 69 1 695 174 1,854 1,583 138 396 789 73 49 2,389 134 4,555 379 2,868 356 1,352 307 488 401 637 620 1,271 144 35 27 47 133 231 168 5 929 4 ,606 4 ,006 234 315 364 6 531 8 180 7 ,960 226 363 53 7 486 664 535 260 691 550 406 1 ,413 62 28 23 25 4 12 22 26 753 577 129 138 544 439 f>60 186 652 859 898 346 73 118 87 '30 62 681 325 Retirement of securities 531 13 410 590 471 29 70 16 614 812 '853 '310 749 777 18 9 53 129 38 47 '45 '36 27 183 182 '325 '91 224 Proposed uses of n e t proceeds , by m a j o r g r o u p s of corporate- issuers Commercial and miscellaneous Manufacturing Year or month Total net proceeds sar. 2,180 1,391 1,175 3,066 3,973 2,218 2,126 1,347 1,026 2,846 3,712 2,128 54 44 149 221 1953-September.. October.... November.. December.. 132 56 99 418 1954—January February... 134 52 107 86 204 305 '528 '123 152 1948 1949 1950 1951 1952 1953 April May June July August September.. New Retirements 10 Total net proceeds Total New Retire- net 10 capproital* ments ceeds 748 795 806 490 983 589 691 784 609 437 18 47 25 100 1 2 32 36 32 88 32 36 32 84 48 25 62 2 1 5 65 36 72 42 84 14 2 4 65 43 58 58 20 -64 '45 60 -33 -17 1 382 310 474 462 261 90 131 53 93 409 1 2 6 9 19 49 25 104 118 51 16 50 26 68 86 44 88 "96 "62 61 "524 »-106 135 6 8 21 '4 '16 17 512 502 4 37 '97 -51 163 758 553 56 11 196 53 225 36 "3' 57 46 20 37 2 12 '66 '51 38 '31 Real estate and financial Communication Public utility New Retire10 capi t a l ' ments 21 28 63 56 24 40 403 338 538 518 536 542 107 79 196 284 Transportation Total net proceeds New Retire- Total net 10 proital» ments ceeds 2 ,150 2 ,276 2 ,608 2 ,412 2,005 2,043 1,927 2,326 2,539 2,905 144 233 682 85 88 67 891 567 395 605 753 874 890 517 314 600 747 871 242 356 245 200 241 350 229 191 1 5 16 8 89 13 5 )08 88 13 5 608 243 80 45 47 242 276 269 275 ?69 46 73 173 60 129 '55 75 26 7 30 ?« 40 9 '2 27 328 26 7 12 51 12 51 88 51 26 159 88 27 25 63 2 ,626 2 ,972 362 309 501 442 '310 -159 248 316 fl37 338 382 -181 -104 173 New Retire- Total net 10 capproital" ments ceeds 2 49 81 5 6 3 30 26 40 9 -2 27 326 2' New cap- Retire10 ital' ments 587 557 593 558 639 739 449 515 508 448 1,561 1,536 '190 '16 48 77 45 46 61 -13 45 30 35 100 66 60 24 2 3 1 25 1 97 '128 '3 3 ' Revised. Estimates of new issues sold for cash in the Uniter1 States. Gross proceeds are derived by multiplying princij al amounts or number of units by offering price. 4 3 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. * 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. 9 Includes all issues other than those for retirement of securities. 10 Retirement of securities only. Source.—Securities and Exchange Commission. 1 2 1184 FEDERAL RESERVE BUIXETIH SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS [In millions of dollars] Annual Industry Quarterly 1952 1948 1949 1950 38,341 5,468 3,411 1,446 37, 948 5,168 3,186 1,710 45,351 8,042 4,143 2,295 1951 1952 1953 1953 Manufacturing Total (200 corps.): Sales Profits before taxes Profits after taxes Dividends Nondurable goods industries (94 corps.): 1 Sales Profits before taxes Profits after taxes Dividends Durable goods industries (106 corps.) 2 Sales Profits before taxes Profits after taxes Dividends Selected industries: Foods and kindred products (28 corps.): Sales Profits before taxes Profits after taxes Dividends Chemicals and allied products (26 corps.) Sales Profits before taxes Profits after taxes Dividends Petroleum refining (14 corps.): Sales Profits before taxes Profits after taxes Dividends Primary metals and products (39 corps.): Sales Profits before taxes Profits after taxes • Dividends Machinery (27 corps.): Sales Profits before taxes Profits ater taxes Dividends Automobiles and equipment (15 corps.): Sales Profits before taxes Profits after taxes Dividends 52,444 53,905 62,665 15,316 15,739 16,566 15,459 14,902 14,232 14,758 8,702 ,225 1,998 2,254 2,484 2,093 1,395 1,753 1,925 3,486 ,560 928 855 928 885 965 892 880 2,036 ,110 565 493 491 495 631 524 523 14,739 14,051 15,994 18,670 2,360 1,975 2,847 3,324 1,574 1,297 1,599 1,481 942 698 759 894 20,276 4,987 4,994 5,116 5,082 5,084 4,960 4,973 671 761 ,908 782 783 581 669 677 349 345 ,446 355 376 364 375 371 218 934 219 222 255 228 229 275 23,602 23,897 29,357 33,774 34,99' 42,390 10,329 10,745 11,450 10,377 9,817 9,272 9,786 3,108 3,193 5,195 5,378 4,43: ,317 1,328 1,493 1,702 1,309 814 1,084 1,248 1,837 1,888 2,544 2,005 ,11 579 511 573 509 521 515 590 748 950 1,352 1,142 ,176 305 275 272 274 356 295 296 ,528 4,223 4,402 4,909 5,042 5,411 1,315 1,316 1,346 1,355 1,394 1,337 1,351 434 53 455 473 446 465 104 100 128 131 99 132 107 268 289 285 22 204 211 50 46 54 57 46 63 54 149 161 148 159 154 154 43 35 37 37 36 37 45 ,674 3,680 4,577 5,574 5,695 6,071 1,520 1,545 1,568 1,506 1,453 1,434 1,470 674 693 1,133 1,421 1,200 1,260 304 360 346 330 273 224 272 420 415 572 496 128 123 458 493 125 124 136 121 133 263 321 448 363 114 398 90 90 381 91 98 127 97 ,983 3,90 4,260 4,966 5,290 5,757 1,394 1,376 1,410 1,473 1,498 1,479 1,442 673 77 869 689 796 164 195 195 189 229 176 214 55: 464 532 495 571 588 127 131 137 129 155 157 147 428 223 24' 268 184 2766 68 7: 67 66 74 68 191 ,066 8,18 10,446 12,49' 11,557 13,750 3,494 3,428 3,653 3,476 3,194 2,910 3,000 993 1,700 2,09: 1,161 1,82431 457 560 510 295 359 ,174 301 578 854 776 575 793 217 183 212 203 196 179 720 149 285 37 381 367 106 88 377 113 270 92 100 ,563 4,363 5,071 6,183 7,082 8,009 2,066 1,967 2,045 1,959 2,038 1,917 1,937 520 850 1,003 570 974 1,009 290 276 241 298 237 193 252 321 425 334 370 380 402 89 128 103 95 107 115 117 138 208 12 200 19: 50 239 53 49 49 90 64 58 ,093 9,577 11,805 12,496 12,825 16,377 3,684 4,308 4,657 3,917 3,495 3,485 3,731 503 ,131 1,473 2,305 1,913 1,945 2,048 648 714 451 532 235 434 190 639 861 1,08 705 698 747 200 211 168 246 168 204 11 671 479 28: 451 462 463 117 114 114 113 117 114 Public Utility Railroad: Operating revenue.. Profits before taxes. Profits after taxes. . Dividends Electric power: Operating revenue.. Profits before taxes. Profits after taxes. . . Dividends Telephone: Operating revenue.. Profits before taxes., Profits after taxes. . . Dividends 9,672 8,580 9,473 10,391 10,581 10 664 2,828 2,596 2,732 2,755 2,582 2,275 2,335 700 1,385 1,260 ,451 404 497 397 399 272 1,146 336 199 156 438 784 83 871 304 231 186 234 219 698 136 88 69. 31 252 338 412 118 97 73 79 162 289 96 73 328 4,830 5,069 5,528 6,058 983 1,129 1,313 1,482 657 757 822 814 493 560 651 619 ,740 947 ,113 1,727 1,850 1,725 1,716 1,821 1,974 1,800 551 446 456 ,893 428 458 571 487 294 249 ,046 253 235 268 324 268 182 189 194 193 206 212 210 771 2,694 2,967 3,342 3,729 333 580 292 691 207 331 186 341 213 276 178 318 78 384 355 ,525 1,084 1,092 1,126 1,129 1,178 1,174 1,210 223 925 206 234 220 248 242 262 109 114 107 104 122 45: 116 125 100 101 104 93 108 109 41: 111 includes 26 companies in groups not shown separately, as follows: textile mill products (10); paper and allied products (15); miscellaneous (1). 2 Includes 25 companies in groups not shown separately, as follows: building materials (12); transportation equipment other than automobile (6); and miscellaneous (7). NOTE.—Manufacturing corporations. Data are from published company reports, except sales which are obtained from the Securities and Exchange Commission. Railroads. Figures are for Class I line-haul railroads (which account for 95 per cent of all railroad operations) and are obtained from reports of the Interstate Commerce Commission. Electric power. Figures are for Class A and B electric utilities (which account for about 95 per cent of all electric power operations) and are obtained from reports of the Federal Power Commission, except that quarterly figures on operating revenue and profits before taxes are partly estimated by the Federal Reserve, to include affiliated nonelectric operations. Telephone. Revenues and profits are for telephone operations of the Bell System Consolidated (including the 20 operating subsidiaries and the Long Lines and General departments of American Telephone and Telegraph Company) and for two affiliated telephone companies, which together represent about 85 per cent of all telephone operations. Dividends are for the 20 operating subsidiaries and the two affiliates. Data are obtained from the Federal Communications Commission. All series. Profits before taxes refer to income after all charges and before Federal income taxes and dividends. For description of series and back figures, see pp. 662-666 of the BULLETIN for June 1949 (manufacturing); pp. 215-217 of the BULLETIN for March 1942 (public utilities); and p. 908 of the BULLETIN for September 1944 (electric power). NOVEMBER 1954 1185 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] Profits before taxes Income taxes 6 4 17.0 24 6 19 0 1 4 7.6 14 1 10.7 1946 1947 1948 1949 1950 22 6 29.5 32 8 26.2 40 0 9.1 1951 . . . . 1952 1953 1953_1 2 3 4 1954—1 2.. .. 3i. . . Year or quarter 1939 1941 1943 1945 . All types Year or quarter Profits Cash Undisafter divi- tributed taxes dends profits 5.0 3.8 1.2 9.4 10 5 4.5 4 5 4.9 6 0 8.3 4.7 3.6 5.8 11.3 12 5 10.4 17 8 13.4 18.2 20 3 15.8 22.1 41 2 37.2 39.4 22 5 20.0 21.1 18 7 17.2 18.3 42.4 41.9 40.9 32.5 22.7 22.5 21.9 17.4 34.5 34.5 33.5 17.0 17.0 16.5 7.7 6.5 7.2 7.5 9.2 11.7 13 0 8.3 12 9 9.1 9.4 9.1 9 6 8.1 8.9 19.7 19.5 19.0 15.1 9.1 9.3 9.5 9.6 10.6 10.2 9.5 5.5 17.5 17.5 17.0 9.6 9.6 9.8 7.9 7.9 7.2 Stocks Bonds and notes New Retire- Net New Retire- Net New Retire- Net issues ments change issues ments change issues ments change 1945 6,457 6,906 -449 4,924 5,996 -1,072 1,533 910 623 1946 1947 1948 1949 1950 7,180 6,882 7,570 6,731 7,224 4,798 2,523 1,683 1,875 3,501 2,382 4,359 5,887 4,856 3,724 4,721 5,015 5,938 4,867 4,806 3,625 2,011 1,283 1,583 2,802 1,096 3,004 4,655 3,284 2,004 2,459 1,867 1,632 1,864 2,418 1,173 512 400 292 698 1,286 1,355 1,232 1,572 1,720 1951 1952 1953 9,048 10,679 9.594 2,772 2,751 2,335 6,277 5,682 7,927 7,344 7,259 6,705 2,105 2,403 1,820 3,577 3,366 4,940 3,335 4,885 2,889 666 348 514 2,700 2,987 2,375 1953—2. . . 2,932 3 . . . 1,867 4 . . . 2,465 607 530 584 2,325 1,337 1,882 2,096 1,327 1,789 458 417 464 1,638 910 1,325 836 540 676 148 113 119 687 427 557 1954—1. . . 2,700 2. . . 2,858 977 1,139 1,724 1,719 1,619 1,863 758 847 862 1,081 1,016 995 219 292 862 703 1 Reflects cash transactions only. As compared with data shown on p. 1184. 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. 1184. Source.—Securities and Exchange Commission. i Preliminary estimates by Council of Economic Advis ars. Source.—Department of Commerce. CURRENT ASSETS AND LIABILITIES OF UNITED STATES CORPORATIONS * [Estimates, in billions of dollars] Current assets End of year or quarter Net working capital Total Cash U. S. Government securities Current liabilities Notes and accts. receivable U. S. Govt.* Other 22.1 27 4 21.9 23.2 18.0 25 6 27.6 26.3 1939 .. 1941 1943 1945 24.5 32.3 42.1 51.6 54.5 72.9 93.8 97.4 10.8 13.9 21.6 21.7 2.2 4.0 16.4 21.1 .0 .6 5.0 2.7 1946 1947 1948 1949 1950 56.2 62.1 68.6 72.4 81.7 108.1 123.6 133.0 133.1 161.5 22.8 25.0 25.3 26.5 28.1 15.3 14.1 14.8 16.8 19.7 .7 30 0 38 .3 42 .4 43 0 55.7 1.1 1951 1952 1953—3 86.5 90.1 179.1 186.2 30.0 30.6 20.7 20.4 2.7 93.5 92.6 191.0 189.7 30.0 30.7 92.9 94.1 183.3 178.7 27.8 28.7 ., 4 1954—i . 2 > Inventories Notes and accts. payable Other Other Other Federal income tax liabilities 21.9 25 6 24.1 24.8 1.2 7 1 16.6 10.4 6.9 72 8.7 9.7 31 «; 11 8 13.2 13.5 14.0 14.9 Total U. S. Govt. a 30.0 40 7 51.6 45.8 .0 8 2.2 .9 37 6 44.6 48.9 45 3 55 1 1.4 1 4 1.3 2.4 1 7 1.6 1.6 1 4 1 7 51 9 61.5 64.4 60 7 79 8 1 .4 47 9 8 5 10.7 11.5 9.3 16.7 2.8 58 8 64.7 64 9 65.4 2 1 2.4 92 6 96.1 1 3 2.3 53 6 57.8 21 3 17.7 16 5 18.3 20.6 21.5 2.7 2.6 66.9 65.0 68.3 67.5 2.4 2.4 97.5 97.1 2.5 2.2 57.5 57.3 17.9 18.7 19.6 18.9 19.7 16.8 2.8 2.4 63.2 62.9 67.3 65.3 2.5 2.6 90.4 84.6 2.5 2.4 53.9 52.0 14.9 11.6 19.1 18.6 37.6 39.3 37 S 1 2 Excludes banks and insurance companies. Receivables from and payables to U. S. Government do not include amounts offset against each other on corporations' books. Source.—Securities and Exchange Commission. BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT * [Estimates, in millions of dollars] Year 1939 1945 1946 1947 1948 1949 1950 .. 1951 1952 1953 19544 Total Manufacturing Mining Railroads 5,512 8,692 1,943 3,983 326 383 280 548 14,848 20,612 22,059 19,285 20,605 6,790 8,703 9,134 7,149 7,491 427 691 882 792 707 25,644 26,493 28.391 26,687 10,852 11,632 12,276 11,332 929 985 1.011 1,008 583 889 ,319 ,352 ,111 ,474 L.396 L.312 851 Transportation other than raU 365 574 Public Comutili- muni- Other * ties cations 520 505 302 321 1,776 2,378 923 792 1,298 1,285 1,212 1,539 2,543 3,125 3,309 1,399 1,742 1,320 1,104 4,516 6,093 5,154 4,660 5,671 1,490 1,500 1.464 1,405 3,664 3,887 4,548 4,274 1,319 5,916 887 817 7 , 094 7. 778 7, 818 Total Manu- Transfactur- portaing tion and ind. minrailing roads All Public utili- others ties 1952—4.. 7,206 3,490 728 1,150 1,839 1953—i. 2 6,339 7,289 7 098 7,666 2,972 3,426 3,210 3,680 650 725 686 717 925 1,158 1 219 1,246 1,792 1,979 1 984 2,023 6,240 6,918 6,980 6,549 2,864 3,198 3,255 3,022 608 600 559 490 1,108 1,179 1,078 Quarter 3 4. . 1954—i 2 34 44 910 1,859 2 013 1,987 1,960 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 1186 FEDERAL RESERVE BULLETIN REAL ESTATE CREDIT STATISTICS MORTGAGE DEBT OUTSTANDING, BY TYPE OF PROPERTY MORTGAGED AND TYPE OF MORTGAGE HOLDER [In billions of dollars] Monfarm All properties End of year or quarter All holders Other holders Financial insti- Selected Inditutions Federal viduals agenand cies others All holders 1- to 4-family houses Multi-family and commercial properties1 Total Financial institutions Financial institutions 14.9 14 2 13.6 13 3 13.7 15 1 16.6 17 8 18.7 19 7 20.7 21 9 23 3 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 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 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 2.8 2.8 22 2 22.6 22.9 23.3 86.0 88.7 91.2 93.3 60.4 62.5 64.6 66.3 2.7 2.7 2.7 23.6 24.1 24.6 95.3 98.2 101.6 67.7 70.0 72.6 1941 1942 . . . . 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 1953 *• 37.6 36 7 35.3 34 7 35.5 41 8 48 9 56 2 62 7 72 8 82 1 91 1 101 0 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 r 1953—March June7" September r .r . . December .... 93 4 96.2 98.7 101.0 68 6 70.9 73.0 75.0 2.7 1954—March'' June r September?. . . 103.1 106.2 109.8 76.8 79.5 82.5 2.0 1.8 1.4 1 l .9 6 .5 6 1.1 1 4 2.0 2 4 2 8 2 6 Farm Other holders Total 10.7 11.7 12.5 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 10.9 12.4 14.0 15.7 17.0 18.2 48.4 50.3 52.1 53.8 11.9 12.2 12.4 12.5 25.7 26.1 26.6 27.1 17.2 17.6 17.9 18.2 55.2 57.3 59.7 12.5 12.7 12.9 27.5 28.3 29.0 18.5 19.0 19.5 7.2 6.7 6.3 6.2 6.4 7.0 7.6 8.3 9.1 9.8 8.0 7.8 7.4 7.2 7.5 8.4 9.6 Other holders 4.8 4.7 4.6 4.6 4.7 5.4 6.1 6.7 7.2 7.6 8.0 All holders Financial Other insti- holders2 tutions 6.4 1.5 6 0 1 4 5.4 4 9 4.8 4 9 5.1 5 3 5.6 4.9 4 5 4.1 L 3 I •* s 7 0 2.1 3 3 3 3 3 3 3 4 4 4 7 4 4 3 4 5 7 0 3 7 6 1 2 3 6.6 2.6 72 77 2 8 3 0 8.4 8.6 7 3 2 9 7.5 8.7 8.9 3.0 7.6 7.7 3.0 3.0 4 4 4 5 4.6 4.7 9.0 9.2 9.5 7.8 8.0 8.1 3.1 3.2 3.2 4.7 4.8 4.9 8 3 8.9 r ^Preliminary. Revised. 1 2 Derived figures, which include negligible amount of farm loans held by savings and loan associations. Derived figures, which include debt held by Federal land banks and Farmers Home Administration. NOTE.—Figures for first three quarters of each year, and all figures for December 1953 except those on total farm (preliminary estimate from Dept. of Agriculture), are Federal Reserve estimates. Financial institutions include commercial banks (including nondeposit trust companies but not trust departments), mutual savings banks, life insurance companies and savings and loan associations. Federal agencies include HOLC, FNMA, and VA (the bulk of the amounts through 1948 held by HOLC, since then by FNMA). Other Federal agencies (amounts small and separate data not readily available currently) are included with "Individuals and others." Sources.—Federal Deposit Insurance Corporation, Home Loan Bank Board, Institute of Life Insurance, Departments of Agriculture and Commerce, Federal National Mortgage Association, Veterans Administration, Comptroller of ;the Currency, and Federal Reserve. MORTGAGE LOANS HELD BY BANKS * [In millions of dollars] End of year or quarter Commercial bank holdings 2 Viutual savings bank holdings4 Nonfarm Nonfarm Total Total Farm Other Total 4 906 4,746 4 521 4 430 4,772 7 234 9,446 10,897 11 644 13,664 14,732 15,867 16,850 4,340 4,256 4,058 3,967 4,251 6,533 8,623 10,023 10,736 12,695 13,728 14,809 15,768 ,292 3 ,332 3 ,256 ,218 3 ,395 ,146 5 6 ,933 8 ,066 8 ,676 10 ,431 11 ?70 3,421 1953- —March Tune September December 16,080 16,387 16,640 16,850 15,000 15,283 15,550 15,768 1? 3?0 1? 545 1? 188 1? 9?S Total 3,912 Total 566 4,812 491 4,627 46 S 4,420 749 463 4,305 521 4,208 856 70? 4,441 1,387 1,690 823 4,856 1,957 874 5,806 909 6,705 2,060 2,264 968 8,261 1 ,004 9,916 2,458 2,621 1 0S8 11,379 2,843 1 ,08? 12,943 1,048 924 802 9?i 01? 3 061 4 9?9 5 501 5 9S1 010 5 591 3,719 3,798 3 013 5 734 12 ,770 3,860 3 040 5 ,870 12 ,925 3,912 3 061 5 ,951 2,680 2,738 2,780 2,843 16,970 15,870 1? 96 S 3,920 3 07 5 S 970 2,905 3,960 3 116 6 144 3,007 17,366 16,227 13 September?.... 17,970 16,810 13 ,690 4,105 3 , 230 6 ,355 3,120 June r Total ConFHA- VAguar- veninsured anteed tional 1941 1942. 1943 1944 1945. 1946 1947. 1948 1949 1950. 1951 1952 1953 1954—Mnrrh r Residential3 Residenti 4,784 4,601 4,395 4,281 4,184 4,415 4,828 5,773 6,668 8,218 9,869 11,327 12,890 FHA- VAConinguar- vensured anteed tional 3,884 3,725 3,558 3,476 3,387 3,588 3,937 4,758 5,569 7,054 8,595 2,567 1,726 4 sni 4 477 9,883 3,168 11,334 3,489 3^053 4 79? 1 080 11,680 11,630 10,165 1 ,104 12,112 12,062 10,574 3 ,230 4 540 3,325 2,590 4 6S8 1 ,090 12,500 12,450 10,930 3,405 2,785 4 740 1 ,082 12,943 12,890 11,334 3,489 3,053 4 792 Other Farm 900 28 876 837 26 25 24 26 28 34 805 797 827 1,015 L 099 L.164 1,274 1,444 1,556 RQ1 24 37 44 47 53 53 1,465 1,488 1,520 1,556 50 50 1 100 13,345 13,292 11,700 3,560 4 84 S .592 1 ,139 13,881 13,826 12,181 3,659 3,579 4 94? 1.645 1 ,160 14,415 14,360 12,665 3,770 3,830 5 065 1,695 53 50 53 55 55 r pPreliminary. Revised. 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. For 1940, figures except for the grand total are Federal Reserve estimates based on data for insured commercial banks. 3 Data not available for all classifications prior to December 1951. 4 Through 1946, figures except for the grand total are estimates based on Federal Reserve preliminary tabulation of a revised series of banking statistics. March and September figures are Federal Reserve estimates based in part on data from National Association of Mutual Savings Banks. Sources.—All bank series prepared by Federal Deposit Insurance Corporation from data supplied by Federal and State bank supervisory agencies; Comptroller of the Currency; and Federal Reserve. NOVEMBER 1954 1187 REAL ESTATE CREDIT STATISTICS—Continued MORTGAGE ACTIVITY OF ALL UNITED STATES LIFE INSURANCE COMPANIES [In millions of dollars] Loans acquired Loans outstanding (end of period) Nonfarm Year or month Total Total 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 r 1953 898 855 935 976 1,661 2,786 3,407 3,430 4,894 5,134 3,978 4,345 1953—September'October »• r Novemberr December 1,202 1,350 1,486 1,058 864 817 429 455 290 June July August September 451 Farm VAguaranteed 1,483 2,520 3,114 3,123 4,532 4,723 3,606 3,925 Total Other 600 366 131 938 1,294 FHAinsured Total 1,469 1,546 1,642 2,108 2,371 2,313 2,653 178 266 293 307 362 411 372 420 Farm VAguaranteed Other 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 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 1 096 1,286 1 408 1,394 1,228 1,398 2,381 3,454 4,573 5,257 5.681 6,012 6,356 1,106 7,090 1,224 8 176 2,026 9,399 3,131 3 347 10 518 3 560 11 864 668 815 4,876 5,538 256 844 899 913 896 841 800 776 795 895 990 ,138 ,327 ,527 705 ,886 24 60 60 65 42 56 79 193 310 328 435 57 40 339 353 480 208 212 291 29 25 45 22,736 22,884 23,062 23,322 20,883 21,020 21,192 21,436 5,938 5,958 5,979 6,012 3,451 3,477 3,515 3,560 11,494 11,585 11,698 11,864 ,853 ,864 1,870 ,886 318 319 419 282 277 372 51 44 68 47 48 60 51 53 53 23,435 23,570 23,769 24,005 24,174 24,384 24,572 24,795 25,035 21,538 21,660 21,845 22,060 22,212 22,403 22,575 22,786 23,019 6,027 6,037 6,066 6,081 6,088 6,091 6,095 6,100 6,098 3,599 403 318 410 393 435 459 174 187 227 36 42 47 443 342 451 421 464 484 57 46 77 11,912 11,997 12,096 12,233 12,320 12,426 12,529 12,638 12,734 1,897 1,910 1,924 1,945 1,962 1.981 1,997 2.009 2,016 314 1954—January.. . February March April May FHAinsured Nonfarm 270 185 250 244 249 250 86 85 100 98 133 156 40 24 41 28 29 25 3,626 3,683 3,746 3,804 3,886 3,951 4,048 4,187 r Revised. NOTE.—For loans acquired, monthly figures may not add to annual totals, and for loans outstanding, end-of-December figures may differ from end-of-year figures, because monthly figures represent book value of ledger assets whereas year-end figures represent annual statement asset values, and because year-end adjustments are based on more nearly complete data. Prior to 1947, complete data are not available for all classifications shown. Sources.—Institute of Life Insurance—end-of-year figures, Life Insurance Fact Book; end-of-month figures, the Tally of Life Insurance Statistics and Life Insurance News Data. MORTGAGE ACTIVITY OF ALL SAVINGS AND LOAN ASSOCIATIONS [In millions of dollars] 1940 1941 1942 1943.. 1944 1945 1946.. 1947. 1948. 1949 1950 1951 1952 . . . . . Total New construction Home pur- Other FHAinpur- Total* sured VA- Conguar- venanteed tional' ... 1,200 1,379 1,051 1,184 1,454 1,913 3,584 3,811 3,607 3,636 5,237 5,250 6,617 7,767 437 190 106 95 181 616 894 1,046 1,083 1,767 1,657 2,105 2,475 426 581 574 802 1,064 1,358 2,357 2,128 1,710 1,559 2,246 2,357 2,955 3,488 375 361 287 276 295 374 611 789 851 994 1,224 1,236 1,557 1,804 4,125 4,578 4,583 4,584 4,800 5,376 7,141 8,856 563 10,305 11,616 717 13,622 841 15,520 864 18,336 904 21.882 1,044 2,397 2,586 2,969 3,125 3,385 3,961 1953-Sept. r Oct... Nov Dec.*- 684 688 586 584 3,745 318 265 259 148 151 131 138 21,116 1,015 219 190 187 21,882 1,044 3,961 1954-Jan... Feb... Mar.' Apr.. May..r June. July. Aug.. Sept.. 495 539 710 732 728 810 802 841 152 176 246 257 254 283 281 289 282 217 220 288 298 301 341 349 372 369 126 143 176 177 173 185 173 180 177 1953r . [Number in thousands; amounts (except averages) in millions of dollars] Loans outstanding (end of period)2 Loans made, by purpose Year or month NONFARM MORTGAGE RECORDINGS OF $20,000 OR LESS 22,722 1,083 4,111 23,847 1,102 4,277 25^053 1,150 Insurings & ance loan companies Average amount reCom- Mutual merOther corded (dolcial lars) banks Amount, by type of lender Year or month Number Total 1,456 1,628 1,351 1,274 1,446 1,639 2,497 2,567 2,535 2,488 3,032 2,878 3,028 3,164 4,031 4,732 3,943 3,861 4,606 5,650 10,589 11,729 11,882 11,828 16,179 16,405 18,018 19,747 1,283 1,490 1,170 1,237 1,560 2,017 3,483 3,650 3,629 3,646 5,060 5,295 6,452 7,365 334 404 362 280 257 250 503 847 1,016 1,046 1,618 1,615 1,420 1,480 1,006 1,166 886 753 878 1,097 2,712 3,004 2,664 2,446 3,365 3,370 3,600 3.680 170 218 166 152 165 217 548 597 745 750 1,064 1,013 1,137 1,327 1,238 1,454 1,359 1,439 1,746 2,069 3,343 3,631 3,828 3,940 5,072 5,112 5,409 5,895 2,769 2,906 2,918 3,031 3,186 3,448 4,241 4,570 4,688 4,755 5,335 5,701 5.950 6,241 16,356 1953-Sept.. Oct... Nov.. Dec... 16,877 275 278 845 255 1,729 ,746 ,549 ,622 654 658 564 125 123 114 126 315 320 290 291 123 123 113 128 512 522 468 6,276 6,283 6,311 6,372 1954-Jan... Feb... Mar.. 17,528 Apr.. May.. June.. 18,468 July. Aug.. Sept.. i9,466 218 229 281 280 278 303 306 312 313 ,372 ,425 ,784 1,793 1,805 1,990 2,027 2.086 2,122 467 517 666 669 675 741 734 770 766 108 105 124 130 124 146 155 166 164 263 274 335 333 330 368 371 369 383 85 85 103 112 118 133 141 138 141 449 6,292 444 6,223 556 6,339 550 6,411 558 6,484 602 6,573 626 6,625 643 6,684 6,789 1940 1941 1942 1943 1944 1945 1946 1947 7,345 1948. 8,313 1949.. 9812 1950. 9,812 11,530 1951 14,047 1952. 16,877 """ 1953 r Re vised. 1 Includes loans for repair, additions and alterations, refinancing, a Prior to 1948, data are not available for classifications shown. 8 Source.—Home Loan Bank Board. etc. Excludes shares pledged against mortgage loans. Source.—Home Loan Bank Board. 1188 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 1939 925 1940 991 1941 152 1942 121 1943 934 1944 877 1945 857 3,058 1946 5,074 1947 5,222 1948 5,250 1949 7,416 1950 6,834 1951 5,830 1952 1953 6,946 661 i953—Oct 694 Nov.... Dec.. . . 556 512 1954—Jan. . . 488 Feb... 471 Mar. . 493 Apr.. , . 512 May . . . 579 June . . . 531 July.... Aug.. . . 680 679 Sept... 925 991 152 121 934 877 665 756 ,788 ,341 3,826 4,343 3,220 3,113 3,882 368 408 304 265 221 246 245 243 270 238 262 269 New properties 486 588 728 766 553 484 257 120 477 1,434 1,319 1,637 1,216 969 1,259 113 105 110 117 94 95 83 74 86 75 72 77 Projecttype Ex- mortisting gages1 properties Property im- Total provement2 loans 208 52 179 175 13 216 183 14 228 208 126 21 210 86 85 224 114 56 217 171 20 302 321 13 418 534 360 684 614 609 892 1,021 594 856 1,157 694 713 708 582 974 848 322 1,030 259 1,334 80 23 151 68 25 210 63 15 116 12 66 69 13 60 54 16 67 69 17 70 76 71 72 25 82 79 24 70 79 14 71 79 40 101 59 33 192 2,302 3,286 1,881 1,424 3,073 3,614 2.721 3,064 293 286 252 247 267 225 248 269 309 293 418 410 Home mortgages New properties Alteration and Existing repairs properties Governmentunderwritten End of year or quarter Total Total 1939.. 1940.. 1941.. 1942. 1943.. 1944.. 1945 . 1946.. 1947. 1948.. 1949.. 1950.. 1951.. 793 629 1,865 1,202 2,667 942 1,824 890 2,045 1,014 193 99 192 93 170 82 174 73 79 188 65 160 85 163 98 171 109 200 115 178 167 251 157 252 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. •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. FHA- VAguarinsured anteed 1953'. 16.3 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 1.8 2.3 3.0 3.7 4.1 4.2 4.3 6.1 9.3 12.5 15.0 18.9 22.9 25.4 28.1 1.8 2.3 3.0 3.7 4.1 4.2 4.1 3.7 3.8 5.3 6.9 8.6 9.7 10.8 12.0 ,2 2.4 5.5 7.2 8.1 10.3 13.2 14.6 16.1 14.5 15.0 15.4 14.5 13.7 13.7 14.2 17.0 18.9 20.8 22.5 26.2 29.0 33.3 38.2 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 rr. 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.1 r. June ". Sept. P. 67.7 70.0 72.6 28.8 29.7 30.5 12.2 12.4 12.6 16.6 17.3 17.9 38.9 40.3 42.1 1952P. 1 Conventional 3 FEDERAL HOME LOAN BANK LENDING [In millions of dollars] FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY [In millions of dollars] End of year or month Author- Commitized funds ments unundiscommitted bursed Mortgage holdings Total FHAinsured VAguaranteed Mort- Mortgage gage pursales chases (during (during period) period) 528 848 918 661 1.085 550 227 824 485 239 323 638 199 828 1,347 1,850 2,242 2,462 188 403 169 204 320 621 11 425 ,178 ,646 .922 ,841 198 672 1,044 677 538 542 20 469 111 56 221 1953—September... October November . . . December.... 566 556 552 550 544 568 608 638 2,540 2,526 2,490 2,462 556 585 594 621 ,984 ,941 ,896 ,841 26 39 30 42 19 44 59 61 1954—January February.... March....... April May Tune July August September. .. 550 542 539 539 560 570 540 594 631 666 685 745 812 791 779 737 700 654 2,434 2,424 2,366 2,299 2,299 2,301 2,371 2,355 2,362 625 641 653 667 680 700 724 733 745 ,809 ,783 ,713 ,632 ,619 ,601 ,647 ,622 ,618 37 47 49 50 38 50 120 33 38 57 50 98 108 30 37 37 39 19 1948 1949 1950 1951 1952 1953 Source.—Federal National Mortgage Association. P Preliminary. rRevised. 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. Year or month RepayAdvances ments Advances outstanding (end of period) Total Shortterm1 Long-2 term 278 329 351 360 256 675 423 586 674 213 231 209 280 337 292 433 528 611 195 293 436 515 433 816 806 864 952 176 184 218 257 231 547 508 565 634 19 109 217 258 202 269 298 299 317 1953—October... November, December. 62 71 79 45 25 14 819 865 952 564 589 634 255 276 317 1954—January... February. March.... April May June July August September, October.. , 26 15 36 35 28 106 53 59 69 63 226 88 84 51 33 39 98 31 38 45 751 677 630 613 608 675 630 659 689 708 496 438 396 382 377 428 406 422 452 471 255 239 233 231 231 247 223 236 237 236 1945 1946 1947 1948 1949 1950 1951 1952 1953 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 NOVEMBER 1954 1189 STATISTICS ON SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT CONSUMER CREDIT, BY MAJOR PARTS [Estimated amounts outstanding, in millions of dollars] Instalment credit End of year or month Other Automobile consumer goods paper i paper 1 Total Total 1939 1940 1941 1942 Noninstalment credit Repair and modernization loans 2 Personal loans Total Singlepayment loans Charge accounts Service credit 7,222 8,338 9,172 5,983 4,503 5,514 6,085 3,166 1,497 2,071 2,458 742 1,620 1,827 1,929 1,195 298 371 376 255 1,088 1,245 1,322 974 2,719 2,824 3,087 2,817 787 800 845 713 1,414 1,471 1,645 1,444 518 553 597 660 5,665 8,384 11,570 14,411 17,104 20,813 21,468 25,827 29,537 2,462 4,172 6,695 8,968 11,516 14,490 14,837 18,684 22,187 455 981 1,924 3,054 4,699 6,342 6,242 8,099 10,341 816 1,290 2,143 2,842 3,486 4,337 4,270 5,328 5,831 182 405 718 843 887 1,006 1,090 1,406 1,649 1,009 1,496 1,910 2,229 2,444 2,805 3,235 3,851 4,366 3,203 4,212 4,875 5,443 5,588 6,323 6,631 7,143 7,350 746 1,122 1,356 1,445 1,532 1,821 1,934 2,094 2,219 1,612 2,076 2,353 2,713 2,680 3,006 3,096 3,342 3,411 845 1,014 1,166 1,285 1,376 1,496 1,601 1,707 1,720 1953—September «\ . . . October r r November r . . . . December 28,344 28,600 28,760 29,537 21,581 21,766 21,907 22,187 10,260 10,373 10,404 10,341 5,492 5,529 5,587 5,831 1,588 1,619 1,645 1,649 4,241 4,245 4,271 4,366 6,763 6,834 6,853 7,350 2,188 2,199 2,183 2,219 2,783 2,886 2,931 3,411 1,792 1,749 1,739 1,720 1954—January r February March r Aprilrr May June r July- r August September r . . . . 28,724 28,140 27,833 28,095 28,372 28,666 28,725 28,736 28,856 21,836 21,582 21,381 21,426 21,487 21,717 21,849 21,901 21,935 10,158 10,010 9,919 9,942 10,002 10,168 10,298 10,349 10,365 5,697 5,588 5,443 5,413 5,370 5,367 5,328 5,294 5,287 1,635 1,623 1,614 1,617 1,634 1,635 1,637 1,642 1,642 4,346 4,361 4,405 4,454 4,481 4,547 4,586 4,616 4,641 6,888 6,558 6,452 6,669 6,885 6,949 6,876 6,835 6,921 2,165 2,133 2,150 2,181 2,313 2,334 2,303 2,312 2,335 3,002 2,682 2,564 2,723 2,786 2,819 2,773 2,734 2,807 1,721 1,743 1,738 1,765 1,786 1,796 1,800 1,789 1,779 1945 1946 1947 1948 1949 . 1950 1951 1952 1953 r .... r Revised. Figures beginning January 1953 have been revised. Figures for all of 1953, together with a descriptive note on the revision, are shown on p. 1212. 1 Includes all consumer instalment credit extended for the purpose of purchasing automobiles and other consumer goods and secured by the items purchased, whether held by retail outlets or financial institutions. Includes credit on purchases by individuals of automobiles or other consumer goods that may be used in part for business. 2 Includes only repair and modernization loans held by financial institutions; such loans held by retail outlets are included in "other consumer goods paper." NOTE.—Monthly figures for the period December 1939 through 1951 and a general description of the series are shown on pp. 336-354 of the BULLETIN for April 1953. Revised monthly figures for 1952 are shown on p. 1214 of the BULLETIN for November 1953. A detailed description of the methods used to derive the estimates may be obtained from Division of Research and Statistics. INSTALMENT CREDIT, BY HOLDER [Estimated amounts outstanding, in millions of dollars] Financial institutions Total instalment credit Total Commercial banks Sales finance companies 1939 1940 1941 1942 4,503 5,514 6,085 3,166 3,065 3,918 4,480 2,176 1,079 1,452 1,726 862 1,197 1,575 1,797 588 1945 1946 1947 1948 1949 1950 1951 1952 1953r 2,462 4,172 6,695 8,968 11,516 14,490 14,837 18,684 22,187 1,776 3,235 5,255 7,092 9,247 11,820 12,077 15,410 18,758 1,567 2,625 3,529 4,439 5,798 5,771 7,524 8,998 1,355 1,990 2,950 3,785 3,769 4,833 6,147 1953—September r October r r November r December . 21,581 21,766 21,907 22,187 18,466 18,610 18,697 18,758 8,969 9,009 9,006 8,998 . . . 21,836 21,582 21,381 21,426 21 487 21,717 21,849 21,901 21,935 18,545 18,300 18,192 18,245 18,325 18,538 18,671 18,731 18,753 8,914 8,755 8,714 8,722 8,729 8.783 8,763 8,731 8,688 End of year or month 1954—January r r . February March r . . Aprilrr IVIay r June July August r September r r 1 2 ... 745 300 677 Retail outlets Credit unions Other 132 171 657 720 198 128 102 151 235 334 438 590 635 837 759 598 Total Department stores 1 1,438 1,596 1,605 990 354 394 131 209 379 470 595 743 920 320 181 Furniture stores 439 474 Other 206 111 183 196 123 167 339 365 17 38 79 127 168 239 207 244 291 28 47 101 159 239 284 255 308 380 270 324 407 516 543 613 618 739 815 276 278 284 291 379 383 383 380 697 716 725 815 285 375 629 840 686 937 1,124 1,440 1,876 2,269 2,670 2,760 3,274 3,429 1,117 1,040 240 319 474 604 724 791 760 866 903 6,005 6,093 6,147 6,147 1,077 1,093 1,107 1,124 2,415 2,415 2,437 2,489 3,115 3,156 3,210 3,429 926 937 960 1,040 837 842 858 903 6,062 5,974 5.892 5,901 5,944 6,060 6,189 6,256 6,294 1,103 1,115 1,136 1,157 1,175 1,207 1,228 1,250 1,267 2,466 2,456 2,450 2,465 3,291 3,282 3,189 3,181 3,162 3,179 3,178 3,170 3,182 995 1,065 1,031 1,032 1,027 1,037 1,032 1,032 1,041 872 2,491 2,494 2,504 Automobile dealers2 496 331 1.04Q 1,239 1,420 1,647 1,902 2,216 2,489 22,488 An Household appliance stores 849 829 823 821 281 276 274 271 820 273 818 821 822 188 53 395 314 764 370 366 368 771 717 6«7 684 672 379 670 277 276 386 389 278 390 665 652 651 Revised. See footnote to table above. Includes mail-order houses. Includes only automobile paper; other instalment credit held by automobile dealers is included with "other" retail outlets. 1190 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] Financial institutions Total noninstalment credit End of year or month (single-payment loans) Commercial banks Other 625 636 693 593 162 164 152 120 2,719 2,824 3,087 2,817 1939 . . 1940. 1941 . 1942 3,203 4,212 4,875 5,443 5,588 6,323 6,631 7,143 7,350 1945 1946 . . . 1947 1948 1949 1950 1951 1952 1953'' r 1953—September October r . . November Tr December 1954—January.. r February . r March . .. 7 April " May June r July r August ... September r 6,763 6,834 6,853 7,350 6,888 6,558 6,452 6,669 6.885 6,949 6,876 6,835 6,921 Retail outlets (charge accounts) Department stores1 236 251 275 217 S ervice credit J.I 78 1,220 1,370 1,227 518 553 597 660 1,899 290 452 532 575 584 641 685 730 748 1,322 1,624 1.821 2 [ 138 2,096 2,365 2,411 2,612 2,663 1,014 ,166 1,285 1,376 1,4% ,601 ,707 1,720 1,883 1,901 1,839 1,899 305 298 344 320 490 512 563 748 2,293 2,374 2,368 2,663 ] ] ] 1,880 1,841 L, 845 1,883 1,918 1,977 1,989 1,985 1,997 285 292 305 298 395 357 314 327 338 607 526 483 502 499 497 448 446 488 2,395 2,156 2,081 2,221 2,287 2,322 2,325 2,288 2,319 Rdd 845 1 ,792 ,749 ,739 ,720 1 ,721 : ,743 ,738 ,765 : ,786 l ,796 1 ,800 1 ,789 1 ,779 r Revised. 1 See footnote to table at the top of opposite page. Includes mail-order houses. 1939 1940 1941 1942 Automobile paper 1,197 1,575 1,797 588 878 1,187 1,363 341 178 276 338 134 166 232 309 153 135 165 161 124 363 440 471 302 745 3,529 4,439 5,798 5,771 7,524 8,998 66 169 352 575 849 143 311 539 753 946 114 299 550 794 1,177 1,135 1,633 2,215 1,294 1,311 1,629 1,867 1,016 1,456 1,315 1,751 2,078 110 242 437 568 715 834 888 1,137 1,317 312 546 747 839 913 1,037 1,122 1,374 1,521 1953—September' October r. .r Novemberr December 8,969 9,009 9,006 8,998 2,183 2,213 2,220 2,215 1,940 1,928 1,906 1,867 2,057 2,060 2,061 2,078 1,282 1,303 1,318 1,317 1,507 1,505 1,501 1,521 1954—Januaryr.r. February . March r . . . Aprilr May June r July August r ...r September 8,914 8,755 8,714 8,722 8,729 8,783 8,763 8,731 8,688 2,191 2,162 2,164 2,180 2,195 2,237 2,240 2,230 2,224 1,807 1,773 1,755 1,745 1,735 1,729 L.72O ,707 [,686 2,092 1,997 1,955 1,939 1,925 1,913 1,880 1,857 1,835 1,303 1,290 1,279 1,281 1,293 1,293 1,297 1,299 1,299 1,521 1,533 1,561 1,577 1,581 1,611 1,626 1,638 1,644 862 1945 1946 1947 1948 1949. 1950 1951 1952 1953r r 1,567 , 2,625 Revised. See footnote to table at the top of opposite page. [Estimated amounts outstanding, in millions of dollars] Other consumer goods paper Repair and modernization loans 115 136 167 78 148 190 201 117 End of year or month Personal loans 56 62 66 52 54 92 126 164 164 377 802 1,378 2,425 3,257 3,183 4,072 5,306 24 67 185 232 303 313 241 332 367 58 141 242 216 57 70 82 83 158 275 347 391 1953—September. . . 6,005 6,093 October November. . . 6,147 6,147 December 5,186 5,272 5,321 5,306 375 372 368 367 74 76 79 83 370 373 379 391 6,062 5,974 5,892 5,901 5,944 6,060 6,189 6,256 6,294 5,228 5,150 5,079 5,089 5,136 5,249 5,371 5,436 5,474 359 351 340 336 331 331 335 335 336 86 85 84 84 389 388 389 392 83 83 82 394 397 401 403 403 1954—January February.... March April . . . . May June July August September. . . NOVEMBER 1954 Personal loans INSTALMENT CREDIT HELD BY FINANCIAL INSTITUTIONS OTHER THAN COMMERCIAL BANKS AND SALES FINANCE COMPANIES, BY TYPE OF CREDIT 300 677 1,355 1,990 2,950 3,785 3,769 4,833 6,147 1945 1946. 1947 1948 1949 1950 1951 1952 1953 Direct Repair and modernization loans 237 339 447 149 [Estimated amounts outstanding, in millions of dollars] End of year or month Purchased Other consumer goods paper 1,079 1,452 1,726 1939 1940 1941 1942 INSTALMENT CREDIT HELD BY SALES FINANCE COMPANIES, BY TYPE OF CREDIT Total instalment credit Automobile paper Other 72 114 153 184 198 245 250 250 320 674 1,008 J .203 1,261 L ,334 1,576 ^,684 Total instalment credit End of year or month 83 82 81 139 1939 1940 1941 1942 Total instal- Other consumer goods paper Repair and modernization loans credit Automobile paper 789 891 957 726 81 102 122 65 24 30 36 27 15 16 14 14 669 743 785 620 Personal loans 1945 1946 1947 1948 1949 1950 1951 1952 r 1953 731 991 54 1,275 1,573 1,858 2,237 2,537 3,053 3,613 130 189 240 330 358 457 573 20 34 69 99 137 182 209 279 337 14 22 39 59 89 115 132 187 249 643 858 1,037 1,226 1,392 1,610 1,838 2,130 2,454 1953—September October r .. November December» 3,492 3,508 3,544 3,613 572 577 574 573 324 324 331 337 232 240 248 249 2,364 2,367 2,391 2,454 1954—January r .r. February . March r... Aprilr r . . . . May . . . . Juner. . . . 3,569 3,571 3,586 3,622 3,652 3.695 3,719 3,744 3,771 557 555 555 560 565 b74 581 587 591 330 328 325 325 323 323 321 321 324 246 248 251 252 258 259 258 261 262 2,436 2,440 2,455 2,485 ,506 ,539 ,559 2,575 2,594 July r August . . September 77 r Revised. See footnote to table at the top of opposite page. 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. 1191 STATISTICS ON SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT—Continued INSTALMENT CREDIT EXTENDED AND REPAID [Estimates, in millions of dollars] Other consumer goods paper Automobile paper Total Year or month Repair and modernization loans Personal loans Extended Repaid Extended Repaid Extended Repaid 8,219 9,425 7,208 8,854 3,086 3,823 2,512 3,436 2,588 2,929 2,381 2,827 328 312 255 307 2,217 2,361 5,379 8,495 12,713 15,540 18,002 21,256 22,791 28,397 30,321 5,093 6,785 10,190 13,267 15,454 18,282 22,444 24,550 26,818 999 1,969 3,692 5,280 7,182 8,928 9,362 12,306 13,621 941 1,443 2,749 4,150 5,537 7,285 9,462 10,449 11,379 2,024 3,077 4,498 5,280 5,533 6,458 6,518 7,959 8,014 1,999 2,603 3,645 4,581 4,889 5,607 6,585 6,901 7,511 206 423 704 143 200 391 702 721 826 853 1,243 1,387 577 677 707 769 927 1,144 2,150 3,026 3,819 4,278 4,566 5,044 6,058 6,889 7,299 2,060 2,284 2,010 2,539 3,405 3,959 4,351 4,683 5,628 6,273 6,784 r 1953—September October r r Novemberr December 2,440 2,540 2,355 2,696 2,269 2,355 2,214 2,416 1,103 1,132 987 964 996 1,019 956 1,027 643 693 667 883 634 656 609 639 125 134 118 103 92 103 92 99 569 581 583 746 547 577 557 651 1954—January r r February March r Aprilrr Mav Junerr July r August September r 1,947 1,956 2,380 2,400 2,397 2,703 2,549 2,477 2,441 2,298 2,210 2,581 2,355 2,336 2,473 2,417 2,425 2,407 780 809 1,020 1,038 1,047 1,244 1,163 1,114 1,062 963 957 1,111 1,015 987 1,078 1.033 1,063 1,046 538 510 574 615 607 659 622 607 629 672 619 719 75 88 104 89 100 113 574 534 638 650 662 661 641 636 121 109 107 112 116 104 108 105 107 115 554 549 682 642 622 691 657 644 635 r 1953—September October r r Novemberr December 2,460 2,444 2,502 2,414 2,262 2,257 2,312 2,323 1,117 1,128 1,095 1,053 965 965 1,008 1,026 618 611 653 637 632 635 623 620 116 113 116 109 94 96 96 97 609 592 638 615 571 561 585 580 1954—January r r February March r Aprilrr May7 June " 2,306 2,356 2,293 2,357 2,319 2,492 2,452 2,407 2,472 2,368 2,377 2,456 2,358 2,392 2,413 2,363 2,479 2,404 907 958 956 963 985 1 ,041 1,053 1,025 1,010 1,056 1,006 1,067 1,014 689 636 601 644 681 644 688 629 97 119 115 108 84 102 110 109 613 643 621 642 618 590 605 595 603 658 115 115 618 609 591 590 1940 1941 . . 1945 1946 1947 1948 1949 1950 .. 1951 1952 . 1953r .. . . Extended Repaid Extended Repaid WITHOUT SEASONAL ADJUSTMENT .. .. 645 102 105 593 595 625 618 614 610 SEASONALLY ADJUSTED* July August r .. September r 983 1,113 1,059 1,034 1,076 648 665 612 608 658 667 678 635 95 98 101 107 108 100 105 118 636 630 660 681 629 637 r Revised. See footnote to table at top of p. 1190. * 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. Estimates of instalment credit extended and repaid are based on information from accounting records of retail outlets and financial institutions and include finance, insurance, and other charges incurred under the instalment contract. Renewals and refinancing of loans, repurchases and resales of instalment paper, and certain other transactions may increase the amount of both credit extended and credit repaid without adding to the amount of credit outstanding. RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE * FURNITURE STORE STATISTICS Item Percentage change from preceding month Sept. 1954 Net sales: Total . Credit sales: Instalment Charge account —1 -2 -2 -1 Aug. 1P54 July 1954 +7 +4 -3 -2 4-7 -3 +14 -2 Percentage change from corresponding month of preceding year Sept. 1954 -3 -4 Aug. 1954 July 1954 -6 -4 -7 -7 -4 -6 -4 +7 +2 +3 Accounts receivable, end of month: Total Instalment Charge accounts. +1 0 +3 +2 0 '+8 0 0 r+2 -2 -3 0 -3 -3 -2 -4 —4 -6 Inventories, end of month, at retail value. +4 0 -3 -9 -9 -9 Instalment accounts Year or month 1953 Household ap- Department pliance stores stores Department Furniture 14 14 14 14 12 12 11 11 10 10 9 9 46 48 47 46 '14 14 15 14 14 14 14 13 13 12 11 13 12 12 12 12 12 12 9 9 10 9 10 10 10 10 10 45 43 48 45 46 47 45 45 46 stores September October November December Charge accounts stores 1954 January February March April May June July August September ' Revised r 1 Revised. Collections during month as percentage of accounts outstanding at beginning of month. 1192 FEDERAL RESERVE BULLETIN BUSINESS INDEXES [The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation] Construction contracts 2 awarded (value) 1947-49 = 100 Industrial production (physical volume)* (1947-49 = 100) Year or month Employment and payrolls 3 1947-49=100 Ma nufactures Total Total Durable Nondurable Minerals Total Residential All other Nonagricul- tural employment DepartWholeFreight ment Consale sumer3 comcarload- store Manufacturing ings* sales* prices modity3 production workers 1947-49 (retail 4 1947-49 prices = 100 value) = 100 1947-49 1947-49 = 100 Pay= 100 Employrolls ment AdAdAdAdAdAd- Unad- Unad- AdAdAdAd- Unad- Adjusted justed justed justed justed justed justed justed justed justed justed justed justed justed Adjusted 1919 1920 1921 1922 1923 1924 1925 39 41 31 39 47 44 49 38 39 30 39 45 43 48 38 42 24 37 47 43 49 37 36 34 40 44 42 46 45 53 42 45 62 57 59 34 34 30 43 45 51 66 26 18 27 41 49 57 75 39 45 32 43 42 46 59 61.4 62.0 55.2 58.5 64.4 63.5 65.2 68.7 69.0 52.8 58.4 66.9 62.1 64.2 31.1 37.1 24.0 25.7 32.6 30.4 32.1 90 98 83 92 107 105 110 36 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 37 111 37 112 115 37 38 99 35 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 32 24 24 67 69 27 29 1936 1937 1938 1939 1940 56 61 48 58 67 55 60 46 57 66 49 55 35 49 63 61 64 57 66 69 63 71 62 68 76 30 32 35 39 44 22 25 27 37 43 35 36 40 40 44 65.9 70.3 66.1 69.3 73.3 63.9 70.1 59.6 66 2 71.2 27.2 32.6 25.3 29 9 34.0 81 84 67 76 33 35 32 35 83 37 1941 1942 1943 1944 1945 87 106 127 125 107 88 110 133 130 110 91 126 162 159 123 84 93 103 99 96 81 84 87 93 92 66 89 37 22 36 54 49 24 10 16 74 116 45 30 50 82 7 90.8 96.2 94 9 91.7 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 56 106 102 62 70 1946 1947 1948 1949 1950 90 100 104 97 112 90 100 103 97 113 86 101 104 95 116 95 99 102 99 111 91 100 106 94 105 82 84 102 113 159 87 86 98 116 185 79 83 105 111 142 94.8 99.4 101.5 99.1 102 3 97.9 81.2 103.4 97.7 102 8 105.1 93.8 97.2 99.6 111.7 100 90 108 104 88 97 1951 1952 1953 120 124 J>134 121 125 P136 128 136 P153 114 114 P118 115 114 P116 171 183 192 170 183 178 172 183 201 108.2 110 5 113.6 106.4 129.8 106 3 136 6 112.0 151.6 137 136 137 136 133 132 129 126 136 136 129 136 135 136 130 124 139 138 139 138 135 134 131 127 156 154 157 157 152 151 146 142 123 121 121 119 117 117 115 112 117 119 120 119 118 114 111 113 161 169 172 205 218 230 224 208 164 174 175 184 180 183 176 177 159 166 170 220 243 262 255 229 113.9 114.1 114.2 114.1 113.7 113.7 113.1 112.4 114.0 114.0 113.6 112.7 111.7 110.6 108.7 107.1 112.3 113.1 112.2 113.8 113.7 112.0 109.4 107.7 125 125 123 123 r\23 124 124 126 126 124 124 124 116 '123 126 141 139 135 134 136 135 134 135 136 195 196 191 196 193 207 206 218 231 185 201 205 213 216 227 233 244 253 202 192 182 184 178 193 188 202 217 P129 113 114 114 115 117 116 '114 '114 115 P116 113 113 112 109 111 114 112 109 108 P125 127 126 125 125 126 125 124 125 126 P127 111.7 111.2 110.8 110.4 110.2 110.1 109.8 109.7 110.0 P110.2 105.6 104.6 103.8 102.7 102.1 101.8 100.0 99.7 100.2 P100.8 105.1 104.3 103.6 101.8 100.5 100.9 98.7 100.6 102.0 P102.1 27 32 30 30 34 34 Unadjusted Unadjusted 74 0 85 7 76 4 71 6 72 9 73 1 75.0 75 6 74 2 73.3 73 3 71 4 65 0 62 0 62.9 61 9 56 1 65 0 58 4 55 3 57.2 58 7 47 4 42 1 42 8 48.7 52 0 59.3 61 4 60.3 59 4 59 9 52.5 56 1 51.1 50 1 51 1 62 9 69.7 74 0 75 2 76 9 56 8 64.2 67 0 67 6 68 8 98 104 98 105 83 4 95.5 102 8 101.8 102 8 78 7 96.4 104 4 99.2 103 1 101 95 96 109 110 112 111 0 113 5 114 4 114 8 HI g 110 1 151.9 153.9 151.1 154.0 153.4 152.6 148.0 147.2 98 97 93 98 96 95 92 88 117 115 113 112 107 110 113 112 114.0 114.5 114.7 115.0 115.2 115.4 115.0 114.9 109.8 109.5 110.9 110.6 111.0 110.2 109.8 110.1 140.8 140.5 138.4 135.0 135.1 136.6 132.3 135.1 138.4 «139.3 90 88 85 84 107 109 105 111 115.2 115.0 114.8 114 6 115 0 115 1 115.2 115.0 114.7 110.9 110.5 110.5 111 0 110 9 110 0 110.4 110.5 110.0 109.7 1953 May June July August September.. October November.. December. . 1954 January February... March April May June July August September.. October.... 125 124 123 P138 P109 84 84 108 112 82 84 84 87 111 112 P108 «112 e Estimated. 2 ^Preliminary. 'Revised. *Average per working day Three-month moving average, based on F. W. Dodge Corporation data. A description of the index may be obtained from the Division of Research and Statistics. For monthly data (dollar value) by groups, see p. 1201. 3 The indexes of employment and payrolls, wholesale commodity prices, and consumer prices are compiled by the Bureau of Labor Statistics. Nonagricultural employment covers employees only and excludes personnel in the armed forces. The consumer prices index is the revised series, reflecting beginning January 1953 the inclusion of some new series and revised weights; prior to January 1953 indexes are based on the "interim adjusted" and "old" indexes converted to the base 1947-49=100. 4 For indexes by Federal Reserve districts and for other department store data, see pp. 1203-1207. Back figures in BULLETIN.—Industrial production, December 1953, pp. 1324-1328; department store sales, December 1951, pp. 1490-1515. NOVEMBER 1954 1193 INDUSTRIAL PRODUCTION [Federal Reserve indexes, 1947-49 average =100] Industry 1947-49 proportion Annual 1952 1953P 1954 1953 Sept. Oct. Nov. Dec, Jan. Feb. Mar. Apr. May June July Aug. Sept, SEASONALLY ADJUSTED Industrial Production—Total 100.00 124 134 133 132 129 126 125 125 123 123 125 124 123 123 Manufactures—Total 90.02 125 136 135 134 131 127 127 126 125 125 126 125 124 125 126 Durable Manufactures—Total 43.17 136 153 132 131 146 142 141 139 135 134 136 135 134 135 136 124 6.70 116 132 130 128 122 113 111 109 103 103 106 108 103 '105 107 28.52 5.73 13.68 9.04 4.64 7.54 1.29 146 121 147 136 167 154 142 167 136 160 143 194 189 155 166 135 161 141 200 186 155 166 134 159 141 193 189 154 159 130 152 136 184 180 155 156 126 146 133 172 182 154 155 126 143 130 169 185 148 151 123 141 130 163 179 147 147 120 138 125 163 173 144 147 119 138 125 163 174 139 148 121 138 124 163 178 138 147 122 139 124 170 170 135 147 122 141 125 173 170 136 148 124 '144 '125 181 '166 '135 148 121 147 125 190 162 136 Clay, glass, and lumber products Stone, clay, and glass products Lumber and products 5.91 2.82 3.09 118 125 111 125 133 118 124 133 117 123 132 115 119 129 110 120 125 115 125 130 120 123 130 116 121 128 114 125 130 120 118 129 108 113 131 96 r 134 114 114 '132 97 124 133 Furniture and misc. manufactures Furniture and fixtures Miscellaneous manufactures 4.04 1.64 2.40 118 113 122 131 117 140 129 114 140 129 113 140 126 109 138 124 106 136 120 105 130 120 103 132 119 104 130 117 103 127 118 102 128 120 104 131 120 106 130 123 109 '133 123 110 131 44.83 114 118 117 117 1/5 112 113 114 114 115 117 116 114 114 115 11.87 6.32 5.55 105 103 108 107 104 110 102 100 104 102 98 107 98 95 101 95 90 101 97 e()l 104 98 106 99 91 108 109 97 93 101 Rubber and leather products Rubber products Leather and products 3.20 1.47 1.73 107 116 99 113 128 99 105 121 91 105 120 93 103 118 91 104 116 93 103 112 94 102 110 94 Paper and printing Paper and allied products Printing and publishing 8.93 3.46 5.47 118 120 116 125 132 126 135 121 132 123 125 132 121 122 125 120 122 126 120 Chemical and petroleum products Chemicals and allied products Petroleum and coal products 9.34 6.84 2.50 133 137 123 147 130 143 H48 131 142 146 129 141 145 129 140 145 128 11.51 10.73 .78 106 105 110 107 107 108 108 108 104 108 108 106 108 108 108 103 103 112 Primary metals Metal fabricating Fabricated metal products Machinery Nonelectrical machinery Electrical machinery Transportation equipment Instruments and related products... Nondurable Manufactures—Total. Textiles and apparel Textile mill products Apparel and allied products1 Foods, beverages, and tobacco Food and beverage manufactures. . . Tobacco manufactures 101 95 99 "93 106 '98 ••95 '102 TQ9 r94 "103 113 93 103 113 94 106 119 94 107 120 95 100 96 95 96 103 116 92 123 129 119 124 131 119 125 133 120 126 137 120 126 136 121 126 133 121 126 135 121 127 137 121 138 143 124 141 146 126 139 146 122 140 146 124 142 148 125 142 148 124 141 148 122 '141 144 149 151 121 P124 105 105 100 105 106 98 106 106 103 106 107 103 110 110 108 108 108 107 105 105 101 105 •105 99 105 Minerals—Total 9.98 114 116 118 114 111 113 113 113 112 109 111 114 112 109 108 Mineral fuels Coal Anthracite Bituminous coal Crude oil and natural gas 8.35 2.68 .36 2.32 5.67 113 83 78 84 128 115 78 57 81 133 118 81 57 84 136 113 76 54 80 131 111 70 50 73 131 112 69 55 71 133 114 70 62 72 134 113 68 59 69 135 112 62 52 63 137 111 58 46 60 '137 112 65 44 68 134 69 48 72 136 112 70 56 72 133 110 68 50 71 130 P109' 67 49 70 Metal, stone, and earth minerals Metal mining Stone and earth minerals 1.63 .82 .81 115 108 123 120 117 123 116 108 114 103 125 114 101 127 111 103 119 112 101 124 96 124 99 78 120 106 91 121 110 99 122 108 91 125 '102 83 '121 100 113 124 126 79- WITHOUT SEASONAL ADJUSTMENT INDUSTRIAL PRODUCTIONTOTAL 100.00 124 134 135 136 130 124 124 126 126 124 124 124 116 123 MANUFACTURES—TOTAL 90.02 125 136 137 138 132 125 126 128 128 125 125 125 116 125 127 Durable Manufactures—Total.... 45.17 136 153 151 154 146 140 140 141 140 137 136 135 125 132 135 6.70 5.03 3.51 .37 3.05 2.62 .43 1.52 1.29 .23 116 115 115 107 117 112 144 114 109 143 132 133 138 130 139 135 165 121 115 154 127 127 134 130 134 131 152 113 109 137 129 130 136 132 136 138 126 117 113 139 122 122 128 127 129 131 113 108 103 134 110 110 114 117 114 116 105 101 98 122 113 111 115 113 115 115 115 103 98 130 113 111 113 108 114 113 119 106 103 125 108 104 105 100 106 105 114 101 100 111 107 102 104 93 105 103 113 98 98 104 108 104 107 94 108 108 109 97 96 100 109 105 108 99 109 111 102 97 96 101 94 91 95 94 96 96 93 80 79 87 '100 95 96 93 97 96 104 90 90 91 105 100 101 93 102 101 111 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 98 e P Preliminary. ' Revised. Corrected. i Indexes for women's outerwear have been revised beginning January 1954 on the basis of a change from quarterly to monthly reporting by the Bureau of the Census. 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. 1194 FEDERAL RESERVE BULLETIN INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average = 100] 1947-4" proportion Industry Annual 1953 1952 1953P Sept. Oct. Nov. Dec, Jan. Feb. Mar. Apr. May June July Aug. Sept 1.67 .38 .09 .06 .04 .10 .09 .13 1.16 .63 .20 .33 119 123 106 99 100 112 156 114 119 113 140 115 129 144 112 116 101 113 209 114 126 112 168 130 126 147 111 116 97 115 222 107 121 108 163 122 128 147 114 124 99 115 213 111 123 110 158 127 121 146 109 121 120 107 215 106 114 103 136 121 108 145 109 121 108 108 217 101 96 78 126 114 118 145 104 110 108 107 228 96 112 100 136 120 120 147 102 113 103 102 240 103 113 100 139 122 119 147 101 115 113 97 240 107 111 96 143 118 122 147 99 114 107 100 245 115 114 101 154 116 120 147 97 107 109 102 246 108 113 102 149 112 122 149 109 114 97 102 245 109 115 101 162 112 103 142 93 105 79 97 248 86 91 76 145 88 28.52 146 167 164 167 158 155 155 155 153 150 148 147 138 5.73 2.68 2.12 .30 .63 121 121 121 122 89 136 137 138 129 93 137 135 133 182 106 137 136 133 139 113 130 134 130 124 82 126 135 131 69 63 124 129 127 104 74 123 127 124 107 73 121 125 121 105 78 120 123 117 122 84 121 125 116 125 122 126 114 143 93 116 123 106 153 75 -•125 109 196 104 WITHOUT SEASONAL ADJUSTMENT —Continued Primary metals—Continued Nonferrous metals Primary nonferrous metals Copper smelting Copper refining Lead Zinc Aluminum Secondary nonferrous metals Nonferrous shapes and castings.. Copper mill shapes Aluminum mill shapes Nonferrous castings Metal Fabricating Fabricated metal products Structural metal parts Stampings and misc. metal products. Tin cans Furnaces, gas ranges, and heaters... Machinery 117 139 '76 102 98 98 246 104 111 100 163 103 119 P137 88 89 109 85 244 114* 103 162 145 124 123 124 110 13.68 147 160 158 161 154 149 146 147 145 141 138 137 128 138 145 Nonelectrical machinery Farm and industrial machinery Farm machinery Industrial and commercial machinery Machine tools and presses Laundry and refrigeration appliances 9.04 8.13 1.02 136 135 103 143 139 96 137 135 86 138 135 79 135 133 73 137 134 74 132 130 76 134 129 80 132 127 84 128 124 85 126 122 84 125 121 84 119 117 79 118 116 •74 121 116 74 7.11 .68 .69 140 179 108 145 188 128 142 187 104 143 188 112 141 185 99 142 186 110 138 181 106 136 181 129 134 177 122 129 167 120 127 161 112 127 157 111 122 152 122 150 91 122 149 125 Electrical machinery Electrical apparatus and parts. Radio and television sets 4.64 3.23 .74 167 162 184 194 179 230 200 179 249 205 178 276 191 176 230 172 176 157 172 169 173 172 167 170 172 164 182 166 160 172 162 159 156 162 156 166 145 151 116 176 •152 234 190 154 280 Transportation equipment. Autos, trucks, and parts Autos Trucks Light trucks Medium trucks Heavy trucks Truck trailers Auto and truck parts Aircraft and parts Shipbuilding and repair Railroad equipment Railroad cars 7.54 4.80 1.50 .66 .22 .19 .14 .07 2.58 1.30 .81 .53 154 102 103 111 105 69 194 137 98 368 136 74 62 189 126 146 118 112 58 183 229 117 465 135 72 64 182 114 134 115 114 54 151 275 102 480 130 64 189 122 151 106 106 50 146 232 109 481 127 83 173 103 107 95 85 47 134 229 102 463 124 67 183 115 135 103 112 67 145 137 106 483 124 59 183 114 138 103 103 62 164 143 104 489 124 54 182 114 142 101 104 66 152 133 100 485 124 54 181 117 151 101 104 68 150 132 101 475 120 49 180 116 146 101 104 63 148 141 102 472 118 43 155 81 81 74 76 43 110 119 84 470 106 34 83 61 175 111 143 96 99 64 132 146 96 472 115 39 25 165 165 96 98 125 123 r79 78 81 86 54 57 99 113 102 109 85 88 469 ••465 112 108 26 '32 55 174 101 107 98 100 56 150 149 99 483 127 53 41 49 42 44 39 32 142 155 135 '132 Instruments and related products.. Clay, Glass, and Lumber Products. Stone, clay, and glass products Glass and pottery products Flat glass and vitreous products. . . Flat and other glass Glass containers Home glassware and pottery Cement Structural clay products Brick Clay firebrick, pipe, and tile Concrete and plaster products Misc. stone and earth manufactures.. Lumber and products Lumber Millwork and plywood Millwork Softwood plywood Wood containers Furniture and Misc. Manufactures .35 1.29 5.91 2.82 1.09 .60 .47 .26 .23 .32 .35 .12 .20 .48 .58 3 09 2.05 .60 .39 .12 .29 155 156 156 155 118 125 125 114 122 124 112 94 124 112 108 116 155 131 133 123 136 139 120 91 132 110 106 115 163 143 128 136 122 136 139 121 84 144 116 118 115 169 145 131 139 128 141 145 127 93 145 116 116 118 170 146 123 134 122 139 143 114 86 137 112 109 116 163 143 128 116 136 140 102 77 119 106 97 113 157 146 111 105 138 118 167 99 118 112 149 118 199 99 121 118 147 117 194 94 123 120 148 116 198 96 114 110 141 101 206 94 99 93 124 87 184 94 113 17 132 22 25 148 147 145 140 138 112 120 126 120 130 133 121 92 110 101 90 110 148 141 122 128 121 130 131 125 93 118 107 102 111 152 139 124 128 117 124 126 121 93 132 111 115 110 157 135 126 130 117 124 126 126 87 137 111 113 112 161 135 131 115 123 125 127 81 138 115 124 111 164 136 rll8 109 128 134 107 II6 119 126 119 '127 118 125 63 '80 150 151 111 116 116 126 109 112 170 172 134 '140 116 109 160 110 241 90 117 109 164 109 253 90 119 113 163 111 248 90 122 117 161 119 229 91 115 106 154 128 195 92 '91 91 '93 '90 95 85 102 98 128 116 145 S3 124 110 187 157 232 87 122 122 115 130 132 115 79 104 97 81 110 143 140 104 98 140 96 212 136 129 135 118 134 137 112 83 116* 128 112 170 143 4.04 118 131 132 135 132 127 119 122 121 115 114 116 112 121 125 Furniture and fixtures Household furniture Fixtures and office furniture 1.64 1.10 .54 113 113 112 117 118 116 115 114 118 116 116 117 114 113 115 112 109 117 106 103 113 107 105 110 106 105 107 101 100 103 98 96 103 100 98 105 99 98 100 107 108 106 111 113 108 Miscellaneous manufactures 2.40 122 140 144 148 145 138 128 133 131 125 124 127 121 130 135 r p Preliminary. Revised. For other footnotes see preceding page. NOVEMBER 1954 1195 INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average = 100] 947-49 proportion Industry 1953 Annual 1952 953 P Sept. Oct. 1954 Nov. Dec! Jan. Feb. Mar. Apr. M a y June July Aug. Sept. WITHOUT SEASONAL ADJUSTMENT —Continued Nondurable Manufactures—Total... Textiles and Apparel . .. ... Textile mill products Cotton and synthetic fabrics Cotton consumption . . . Fabric finishing Wool textiles , Wool apparel yarns Wool fabrics Knit goods Hosiery Full-fashioned hosiery Seamless hosiery... .. Knit garments Floor coverings Woven carpets 44.85 114 118 122 122 118 110 115 115 114 114 115 11.87 105 107 104 103 98 92 99 105 104 100 98 95 6.32 3.72 2.30 103 105 104 112 102 85 96 83 115 116 121 105 113 95 80 104 102 100 96 87 95 105 104 109 100 73 93 68 116 115 119 104 117 97 101 103 102 87 74 82 73 115 114 118 104 116 101 90 89 95 83 61 59 62 97 94 97 87 101 88 94 99 95 107 92 96 92 110 ^82 70 81 68 106 106 110 86 83 89 102 101 105 96 64 68 63 108 109 114 98 107 87 94 100 93 107 104 115 101 78 91 75 116 113 118 102 119 99 91 97 100 89 69 72 .97 .45 .97 .16 .75 1.15 .65 .45 .20 .50 .48 . .31 Ill 58 68 56 103 113 120 96 90 89 76 100 101 98 <=102 58 72 54 109 119 127 102 95 96 85 100 100 "103 60 72 58 105 112 120 93 96 94 83 99 97 102 63 80 59 103 111 119 91 93 90 77 68 84 64 105 110 116 95 99 81 68 98 106 80 66 86 117 119 103 96 r<)7 95 85 80 105 "66 68 78 66 89 78 79 77 103 64 99 C 98 74 86 71 109 106 108 100 88 70 36 96 91 111 86 69 65 113 113 116 107 112 P97 1.78 .73 .50 .13 .99 1.85 .76 1.92 108 105 87 83 83 114 108 123 111 110 106 107 100 98 105 90 83 94 114 96 118 114 104 88 86 71 113 83 90 109 87 78 81 46 90 98 122 105 115 117 92 96 56 133 126 164 104 116 102 77 80 48 118 138 165 107 108 113 94 83 115 125 92 106 108 107 111 96 102 52 120 113 144 98 103 113 96 92 89 124 103 117 112 111 79 78 65 132 116 102 96 108 88 84 80 121 105 80 97 99 95 81 75 87 101 104 114 98 80 56 52 57 94 96 127 97 Rubber and Leather Products 3.20 107 113 107 HI 103 98 103 108 108 104 103 106 Rubber products Tires and tubes . 1.47 .70 .40 .30 .77 116 115 106 128 117 128 117 117 118 122 103 127 108 120 101 99 103 111 93 114 96 92 102 114 112 111 114 118 108 113 101 116 111 120 99 118 111 122 96 121 119 133 100 1.73 .44 .29 .15 .90 .39 99 99 87 87 86 104 94 85 86 83 97 97 91 94 87 97 96 101 89 87 91 79 85 99 87 81 86 72 88 101 91 92 89 103 100 92 94 87 93 74 102 85 102 95 101 82 110 91 100 89 92 82 109 91 94 86 93 73 103 89 90 96 79 93 79 94 89 93 81 100 84 87 111 94 98 8.93 118 125 127 132 129 121 120 124 127 128 126 126 116 124 128 3.46 1.76 .51 1.25 .22 120 132 130 135 140 135 119 126 133 135 136 130 141 134 136 120 133 147 128 142 132 145 133 148 117 127 124 136 153 116 127 122 124 131 137 108 136 135 139 122 135 128 96 123 115 147 121 121 125 139 130 113 134 126 155 122 138 131 121 137 133 149 131 146 125 121 121 116 137 128 124 141 135 158 132 148 .14 117 129 113 112 109 113 123 115 92 121 118 131 120 123 133 109 99 96 102 126 112 123 124 119 139 137 135 150 128 121 122 121 137 133 131 139 136 146 137 138 151 126 129 125 126 131 123 122 117 125 116 108 121 118 114 120 121 120 121 122 129 119 121 125 119 119 119 120 113 102 119 116 107 120 122 120 123 145 145 141 140 144 142 140 139 139 133 139 143 151 151 153 150 179 147 143 148 140 144 129 134 117 108 150 149 153 148 173 152 135 149 141 141 140 128 117 101 146 147 148 147 166 153 136 149 135 137 127 117 116 106 146 145 141 145 168 148 133 147 138 138 138 118 114 112 150 150 157 148 192 152 135 144 138 138 140 124 115 136 150 150 159 148 193 144 142 141 122 122 122 127 115 170 147 150 157 148 190 127 146 141 114 109 131 111 116 173 145 150 159 147 179 120 149 141 104 95 132 104 116 137 144 152 155 151 183 122 157 143 96 85 127 99 117 107 138 rite 146 151 148 151 145 "151 149 153 Apparel and allied products Men's outerwear Men's suits and coats Men's suits Glen's outercoats .... Shirts and work clothing Women's outerwear * .. Women's suits and coats Truck and bus tires . lif iscellaneous rubber Droducts Leather and products Leather Cattlehide leathers Skin leathers Shoes and slippers Miscellaneous leather products Paper and Printing 5.55 .. . . . Paper and allied products PUID and Daoer ^Vood pulp Paoer and board Printing paper . . Fine paper Coarse paper IVliscellaneous paper Paperboard Building paper and board Converted paper products Shipping containers Sanitary paper products Printing and publishing.... Newsprint consumption Job printing and periodicals .20 .18 .41 .10 1.70 .51 .11 5.47 1.85 3.62 120 132 116 111 142 125 119 116 112 123 117 112 120 120 126 118 129 134 118 134 133 138 116 115 117 121 118 122 Chemical and Petroleum Products. 9.34 133 142 Chemicals and allied products Industrial chemicals Basic inorganic chemicals . Industrial organic chemicals Plastics materials . 6.84 137 140 137 141 157 175 141 133 112 110 119 110 112 122 147 154 149 155 183 186 156 144 116 112 131 113 118 124 Synthetic fibers Miscellaneous organic chemicals.. Vegetable and animal oils Vegetable oils Soap and allied products.. Paints Fertilizers 2.54 .57 1.97 .24 .11 .59 1.03 .64 .48 .16 .71 .66 .23 104 102 126 118 118 118 128 137 122 140 141 139 122 119 123 "146 151 154 181 162 148 150 109 106 120 116 118 112 109 106 132 124 121 127 136 143 123 143 140 151 127 120 120 89 99 122 120 112 82 125 117 117 134 132 125 136 133 144 129 120 119 136 136 137 135 132 144 91 110 110 118 114 146 105 101 95 77 73 72 106 100 130 107 86 97 105 85 84 92 75 81 69 117 104 87 '101 87 v<K 75 65 94 91 70 94 71 121 151 143 91 80 126 69 117 95 98 92 98 r 170 126 155 146 96 84 129 104 117 rQQ 107 99 96 132 148 126 120 120 117 136 129 137 141 141 141 152 137 148 148 108 101 131 116 116 111 r c p Preliminary. Revised. Corrected. 1 Indexes have been revised beginning January 1954 on the basis of a change from quarterly to monthly reporting by the Bureau of the Census. 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. 1196 FEDERAL RESERVE BULLETIN INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average = 100] 1947-49 Annual 1953 propor1952 1953? Sept. Oct. Nov. Dec. Jan. tion Industry 1954 Feb. Mar. Apr. May June July Aug. Sept. WITHOUT SEASONAL ADJUSTMENT —Continued 2.50 1.97 1.04 .98 .06 .56 .30 .26 .10 .17 .26 .15 123 128 132 128 194 128 151 102 119 112 97 102 130 135 144 139 227 130 155 101 117 106 111 99 133 136 147 141 247 128 153 98 108 112 110 123 131 135 143 138 220 128 155 97 116 111 109 121 131 137 147 143 211 130 155 100 116 112 107 90 128 137 146 141 228 129 153 102 124 109 102 53 125 134 140 136 214 131 156 104 128 105 97 57 126 136 141 136 227 135 164 102 135 111 90 67 121 129 135 131 212 127 155 96 116 104 86 78 120 128 137 132 215 121 146 93 106 103 80 103 123 130 140 136 218 121 145 94 99 109 80 118 124 131 141 136 235 122 148 92 100 111 79 135 122 124 P 1 2 6 130 131 Pl 33 141 142 P143 136 229 122 123 P125 154 150 89 87 99 97 104 109 77 75 77 127 110 147 11.51 106 107 123 120 111 98 97 96 98 98 104 110 108 115 119 Food and beverage manufactures.. 10.73 Food manufactures .... 8.49 1.48 M e a t products .46 Beef .83 Pork .69 Dairy products .14 Butter .07 Natural cheese .19 Concentrated milk .28 Ice cream 1.13 Canned and frozen foods 1.16 Grain-mill products . .. .46 W h e a t flour .70 Cereals and feeds 1.64 Bakery products . . .27 Sugar .11 Cane sugar .13 .71 Confectionery 1.41 Miscellaneous food preparations ... Beverages 2.24 .54 Bottled soft drinks 1.70 Alcoholic beverages 1.02 Beer and ale .17 Liquor distilling .37 Liquor bottling 105 106 114 100 119 98 92 103 91 102 117 108 84 124 101 104 109 94 102 100 102 116 98 102 54 99 107 108 115 129 104 105 108 112 93 106 121 106 81 122 100 113 113 108 102 104 105 124 127 111 139 92 99 88 102 72 118 233 111 84 128 102 106 121 89 135 113 113 120 121 123 144 107 85 82 89 67 94 154 111 90 125 101 250 105 370 135 110 116 111 114 135 139 128 80 86 86 68 80 104 103 82 117 99 277 97 429 128 107 99 99 102 125 134 116 81 94 93 74 73 86 101 76 117 97 177 96 242 88 102 84 97 101 126 141 114 86 110 100 78 72 76 106 86 119 95 89 97 77 111 100 82 96 98 112 129 99 96 115 109 84 87 72 104 83 118 97 63 104 24 110 103 89 98 98 115 132 102 104 124 117 95 92 71 101 78 116 96 58 116 2 99 105 98 98 97 106 127 91 119 128 133 115 107 75 99 75 114 96 63 103 24 89 103 103 103 100 105 132 87 135 152 159 139 110 85 106 76 127 96 76 109 42 81 105 115 109 110 107 106 108 102 137 135 81 89 145 '128 145 115 129 161 139 109 139 ••143 99 138 114 112 78 78 137 134 99 98 •72 82 112 121 32 43 66 80 109 108 118 126 115 116 108 138 88 115 99 114 94 133 194 110 82 129 98 94 115 71 91 108 110 120 123 120 141 104 97 84 9"8 76 113 204 113 86 132 98 100 103 60 107 108 111 67 115 118 100 122 148 100 79 88 146 80 76 65 89 78 79 61 79 86 86 71 88 98 102 69 101 100 106 64 98 108 117 64 104 114 128 62 104 103 122 42 85 »"96 112 39 85 98 93 69 115 .78 .46 .17 110 114 105 108 111 108 111 115 110 116 118 120 111 110 122 92 96 90 98 105 90 96 100 96 101 106 97 99 103 95 108 112 109 113 119 111 92 98 83 111 115 112 Petroleum n d coal products ... Petroleum arefining Gasoline ... Automotive gasoline Aviation gasoline .... Fuel oil Distillate fuel oil . Residual fuel oil Kerosene Lubricating oil . Coke Asphalt roofing and siding .... Foods, Beverages, and Tobacco Tobacco manufactures Cigarettes Cigars MINERALS—TOTAL 131 108 106 9.98 114 116 122 118 113 111 111 110 109 109 112 '115 110 111 110 8.35 113 115 119 116 113 113 115 113 112 111 111 113 108 no vllO Coal Anthracite Bituminous coal 2.68 .36 2.32 83 78 84 78 57 81 84 60 88 84 66 87 76 55 79 71 51 74 74 62 75 68 59 69 61 48 63 58 44 60 62 45 65 63 50 65 57 44 59 68 48 71 70 51 72 Crude oil a n d natural gas Oil and gas extraction Crude oil Natural gas Natural gas liquids Oil and gas well drilling 5.67 4.82 4.12 .34 .36 .85 128 125 120 159 145 144 133 129 124 167 157 154 136 131 130 126 126 120 150 •165 160 159 167 158 131 128 120 179 162 147 133 128 120 188 166 163 134 128 120 190 163 170 135 130 122 182 167 163 137 '137 131 132 125 127 182 167 161 156 165 163 134 129 124 160 155 163 136 133 124 129 125 120 161 156 151 176 '180 Metal, Stone, and Earth Minerals .1.63 115 119 135 127 110 95 91 94 93 99 116 123 119 rll4 111 .82 .33 .49 .24 .09 .06 108 104 110 114 97 107 113 128 104 114 86 87 139 198 100 112 81 76 122 155 100 114 79 72 95 85 101 116 78 74 74 40 97 110 80 71 74 39 98 111 75 75 76 42 98 105 91 80 73 39 95 102 87 77 79 58 93 102 82 78 108 126 96 106 78 78 119 152 98 108 80 79 108 139 87 95 74 72 99 132 77 75 83 75 P94 .81 123 124 131 132 126 122 108 113 114 119 125 127 130 130 128 Mineral Fuels ... Metal mining Iron ore .. Nonferrous metal mining Copper mining Lead mining Zinc mining ... . 130 P 1 2 9 123 P124 118 P 1 1 8 151 166 117 79 76 67 p Preliminary. ' Revised. For other footnotes see preceding page. NOVEMBER 1954 1197 OUTPUT OF CONSUMER DURABLE GOODS [Federal Reserve index numbers, 1947-49 average=100] 1953 1947-49 Annual proportion 1952 1953 Sept. Oct. Nov. Dec. Product 1954 Jan. Feb. Mar. Apr. M a y June July Aug. Sept. SEASONALLY ADJUSTED CONSUMER DURABLES—TOTAL.. 100.00 105 127 121 118 112 109 112 113 112 116 119 119 117 115 107 69.72 32.10 36.13 15.32 11.31 4.01 15.60 11.88 2.60 4.98 2.51 3.72 5.21 3.42 1.79 109 103 115 109 113 95 99 100 75 106 115 94 184 53 138 130 117 114 119 126 130 128 127 125 111 137 127 133 133 139 145 136 121 87 125 109 113 98 99 101 85 96 136 91 248 60 127 127 132 113 118 99 118 123 90 137 141 100 230 67 108 98 102 87 104 108 70 114 145 90 148 58 121 134 110 99 103 87 111 117 85 131 140 89 142 47 119 146 126 132 121 107 112 93 101 104 77 105 137 92 221 65 134 108 112 98 111 118 436 541 606 518 413 307 321 325 356 128 131 102 '106 104 110 97 r97 115 109 119 113 83 74 135 125 136 146 98 101 245 270 47 56 '625 678 95 101 89 101 88 101 97 88 95 88 96 94 Autos Major household goods Household furniture Appliances and heaters Major appliances Ranges Refrigeration appliances Heating apparatus Radio and television sets Other Consumer Durables Auto parts and tiies Misc. home and personal goods 110 102 109 84 93 98 68 98 136 79 185 66 30.28 14.00 16.28 90 102 91 100 111 111 112 110 CONSUMER DURABLES—TOTAL.. 100.00 105 127 122 131 69.72 32 10 36.13 15.32 11.31 4.01 15.60 11.88 2.60 4.98 2.51 3.72 5.21 3.42 1.79 109 103 138 146 130 134 142 151 115 132 129 137 89 104 99 104 87 95 100 67 108 125 79 145 59 90 109 99 103 86 105 109 84 118 129 91 151 43 120 96 100 84 117 120 83 144 124 106 198 43 124 96 102 79 110 111 81 131 113 107 246 45 436 493 631 93 89 93 90 96 96 116 97 102 82 114 117 76 136 134 103 178 43 88 93 122 169 278 46 722 98 89 '91 85 96 '97 101 106 101 102 100 96 96 96 110 103 112 117 119 119 116 116 102 113 108 106 107 121 135 127 138 129 142 131 151 126 146 125 143 107 125 121 123 106 109 119 120 116 110 112 92 121 112 116 102 114 113 107 120 106 113 87 96 92 96 81 112 93 98 80 112 89 98 64 88 102 108 88 101 110 81 138 109 113 97 121 110 86 100 98 75 86 100 66 111 106 71 114 130 91 145 129 93 144 79 153 117 80 147 114 76 141 88 53 109 '96 68 99 WITHOUT SEASONAL ADJUSTMENT Major Durables Autos Furniture and floor coverings. . . Household furniture Floor coverings Appliances and heaters Ranges Laundry appliances Radio and television sets Radio sets ... Other Consumer Durables Auto parts and tires Misc. home and personal goods 30.28 14 00 16.28 109 113 95 99 113 118 99 118 100 75 106 123 90 137 115 94 184 53 141 100 230 67 110 114 97 108 105 92 95 104 109 88 92 99 103 89 98 145 117 249 62 160 127 276 68 149 90 230 68 436 541 606 673 541 347 391 95 102 103 89 115 92 91 111 106 93 117 96 90 100 103 93 112 84 107 84 99 122 68 156 57 135 73 173 58 103 105 96 117 159 75 170 51 102 105 94 117 97 100 90, 116 124* 90 86 116 29 128 116 234 51 397 281 583 92 94 90 94 96 93 90 91 89 ••97 151 79 182 49 130 91 172 49 397 435 406 360 95 87 103 94 92 85 102 87 96 111 96 155 48 117 104 165 44 94 90 122 121 181 279 48 722 101 102 r Revised. NOTE.—Individual indexes without seasonal adjustment for woven carpets, appliances, heating apparatus, radio sets, and television sets may be obtained from the Division of Research and Statistics. For a description of this index, see BULLETIN for May 1954, pp. 438-447. PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES [Compiled by Bureau of Labor Statistics. In thousands of persons] 1953 1954 Industry group Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. SEASONALLY ADJUSTED 13,680 I S ,447 13 ,751 13,063 12,935 12,840 1? ,705 1? , 6 V 12,589 12,371 Total 8,062 7 ,868 7 ,748 7,621 7,509 7,405 7 ,295 7 ,227 7,182 7,020 Durable goods 184 177 193 187 165 150 117 137 125 120 Ordnance and accessories 667 685 699 653 657 663 656 676 684 592 Lumber and wood products ?9S 300 307 286 289 287 ?84 284 284 283 Furniture and fixtures 457 446 432 431 463 429 430 426 427 425 Stone, clay, and glass products. . 1 ,088 1 ,069 1,044 1,022 1,005 991 1,112 979 981 983 Primary metal industries . 898 866 865 855 836 844 834 919 837 839 Fabricated metal products . . . . 1 ,253 1,280 1 ,226 1,212 1,202 1,184 1 ,169 1 ,153 1,140 1,119 Machinery except electrical 900 866 799 847 831 811 924 819 •793 Klectrical machinery 784 1 ,449 1 ,487 1,470 1 ,380 1 ,342 1,324 1,507 1,435 1,409 1,277 Transportation equipment Instruments and related prod??1 ?39 ?4? 232 ??3 241 236 228 214 ucts 216 417 409 403 396 393 387 382 382 383 382 Misc. manufacturing industries.. 5,442 5,435 5 5 ,503 5 ,579 5,426 ,410 5 5,618 ,405 5,407 5,351 Nondurable goods 1,103 1,109 1 ,135 1 ,114 1,102 1 ,110 1,111 1,106 1,122 1,084 Food and kindred products 97 94 96 94 93 92 93 94 95 94 Tobacco manufactures 1 ,036 1 ,013 979 980 987 1,067 979 977 974 986 Textile-mill products Apparel and other finished tex1 ,08s 1 ,068 1 ,046 1 ,037 1,051 1,051 1,064 1,087 1,034 1,026 tiles 435 436 435 434 442 433 448 435 439 438 Paper and allied products Printing, publishing and allied 517 514 520 517 517 517 519 industries 518 519 518 537 540 543 533 547 531 529 530 525 Chemicals and allied products... 523 182 180 184 180 179 178 185 180 180 Products of petroleum and coal. 179 206 204 207 202 199 196 198 199 Rubber products 214 178 334 332 336 331 330 328 326 327 336 332 Leather and leather products. . . •12,332 12,393 1? ,466 '6,972 7,012 7 ,091 115 114 113 »-589 698 714 9Q1 292 296 432 435 437 ••973 964 961 814 827 818 1 ,112 1,124 ••1,121 799 797 '798 1 ,256 1,237 1,171 '5,360 '1,078 93 '996 214 380 5,381 1,073 92 998 ?13 380 5 ,375 1 ,064 92 988 '1,029 438 1,025 443 1 ,038 '519 '524 '175 '179 '329 522 524 174 202 328 517 523 175 204 332 '212 '378 442 For footnote see following page. 1198 FEDERAL RESERVE BULLETIN PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES—Continued [Compiled by Bureau of Labor Statistics. In thousands of persons] 1954 1953 Industry group Oct. Nov. Dec, Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. WITHOUT SEASONAL ADJUSTMENT Total 13,852 13,534 13,319 13,002 12,906 12,818 12,590 12,437 12,480 12,212 12,449 12,61 Durable goods Ordnance and accessories Lumber and wood products Furniture and fixtures Stone, clay, and glass products.. Primary metal industries Fabricated metal products Machinery except electrical Electrical machinery Transportation equipment Instruments and related products Misc. manufacturing industries.. Nondurable goods Food and kindred products Tobacco manufactures Textile-mill products Apparel and other finished textiles Paper and allied products Printing, publishing and allied industries Chemical and allied products Products of petroleum and coal. Rubber products Leather and leather products. . . 12,631 8,088 7,910 7,791 7,616 7,520 7,430 7,309 7,208 7,177 6,917 '6,933 7,020 7,119 193 713 313 465 1,112 924 1,254 933 1,507 187 695 308 459 1,088 902 1,240 913 1,449 184 654 301 448 1,074 875 1,238 883 1,487 177 617 293 428 1,049 874 1,230 855 1,470 165 627 292 427 1,027 864 1,220 839 1,435 150 643 290 429 1,010 852 1,202 827 1,409 137 649 283 428 991 840 1,187 811 1,380 125 679 277 427 976 833 1,165 791 1,342 120 701 275 427 983 831 1,151 776 1,324 117 113 604 '613 272 288 424 434 969 '968 809 819 1,108 1,093 765 •782 1,277 1,237 11 722 297 437 964 818 1,096 797 1 ,171 114 728 297 439 961 818 1,090 807 1,256 243 241 407 237 386 233 393 229 389 224 380 220 374 215 375 5,528 5,386 5,386 5,388 5,281 5,229 1,083 104 1,028 1,024 97 997 1,009 90 995 1,009 84 989 1,011 82 979 1,031 82 969 1,084 442 1.062 438 1,088 437 1,101 436 1,030 433 525 540 181 209 332 514 540 178 206 332 514 536 178 203 339 517 539 177 199 338 516 534 176 195 325 242 434 5,764 1,224 109 1,067 1,103 448 525 552 185 216 334 425 5,624 1,149 101 1,046 1,085 446 522 548 184 210 334 '210 ••378 214 389 214 395 5,303 5,295 '5,516 5,592 5,512 1,079 82 981 1,142 '1,224 83 102 '981 953 1,244 110 1,158 110 988 985 433 987 436 980 '1,050 430 436 1,051 441 ,1,054 442 515 525 179 197 315 519 517 181 198 324 513 513 181 173 327 522 527 177 202 330 522 528 175 206 330 210 363 '514 '516 '179 '177 '337 'Revised. NOTE.—Covers production and related workers only; data shown include all full- and part-time production and related workers who worked during, or received pay for, the pay period ending nearest the 15th of the month. Figures for October 1954 are preliminary. Seasonally adjusted figures formerly compiled by the Federal Reserve from unadjusted data of the Bureau of Labor Statistics have been compiled by the Bureau beginning September 1954. Back data may be obtained from the Bureau of Labor Statistics. HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES [Compiled by Bureau of Labor Statistics] Average weekly earnings (dollars per week) Industry group 1953 1954 Aug. Sept. 72.14 71.06 77.90 76.59 Ordnance and accessories Lumber and wood products Furniture and fixtures Stone, clay, and glass products. Primary metal industries 78.94 67.32 64.12 72.10 83.82 Fabricated metal products Machinery except electrical Electrical machinery Transportation equipment Instruments and related products Miscellaneous manufacturing industries. 77.23 83.58 71.91 85.89 74.93 65.19 Oct. Total Durable goods. Nondurable goods. Average hours worked (per week) 1953 1953 1954 Aug. Oct. Oct. 71.86 72.22 40.3 39.7 76.99 77.97 41.0 40.1 80.20 '65.57 '63. 74 72.04 '80.64 81.00 66.97 64.46 72.85 82.01 82.82 68.54 65.57 73.34 82.86 40.9 40.8 41.1 41.2 40.3 40.1 '41.5 '40.6 40.7 '38.4 '76.95 '80.80 '72.04 r 85.63 '72.29 '63.84 77.14 81.61 72.98 86.65 73.82 64.56 77.55 81.81 73.93 87.48 75.14 65.61 41.3 42.0 40.4 40.9 41.4 41.0 40.5 40.2 r 39.8 r 40.2 '39.5 '39.9 Average hourly earnings (dollars per hour) 1954 Oct. Oct. Aug. Sept. Oct. 39.7 39.9 1.79 1.79 1.81 1.81 40.1 40.4 1.90 1.91 1.92 1.93 40.1 40.1 40.8 40.7 38.5 40.8 40.8 41.5 41.2 38.9 1.93 1.65 1.56 1.75 2.08 2.00 1.58 1.57 1.77 2.10 2.02 1.67 1.58 1.79 2.13 2.03 1.68 1.58 1.78 2.13 40.6 40.2 40.1 40.3 39.9 40.1 40.6 40.3 40.4 40.5 40.4 40.5 1.87 1.99 1.78 2.10 1.81 1.59 '1.90 '2.01 1.81 2.13 1.83 1.60 1.90 2.03 1.82 2.15 1.85 1.61 1.91 2.03 1.83 2.16 1.86 1.62 Sept. 63.67 '64.68 65.24 65.07 39.3 '39.2 39.3 39.2 1.62 '1.65 1.66 1.66 Food and kindred products Tobacco manufactures Textile-mill products Apparel and other finished products... . Paper and allied products 67.23 48.07 52.33 48.74 73.53 '67.57 '49.67 52.36 '48.87 '74.98 68.72 49.13 52.36 48.96 75.23 67.89 49.50 53.04 47.84 76.01 41.5 39.4 38.2 36.1 43.0 41.2 '38.5 38.5 '36.2 "42.6 41.4 39.3 38.5 36.0 42.5 40.9 39.6 39.0 35.7 42.7 1.62 1.22 1.37 1.35 1.71 '1.64 1.29 1.36 '1.35 1.76 1.66 1.25 1.36 1.36 1.77 1.66 1.25 1.36 1.34 1.78 Printing, publishing and allied products. Chemicals and allied products Products of petroleum and coal Rubber products Leather and leather products 86.58 76.04 91.80 75.07 49.68 '87.40 '78.94 '93.07 '76.25 '51.24 88.39 79.93 95.58 79.60 50.09 88.17 78.91 94.30 83.02 49.90 39.0 41.1 40.8 39.1 36.0 '38.5 "40.9 "41.0 •39.1 •37.4 2.22 36.3 38.5 41.1 41.0 41.1 35.9 2.27 '1.93 2.27 '1.95 1.37 2.29 1.94 2.32 1.98 1.38 2.29 1.92 2.30 2.02 1.39 'Revised. NOTE.—Data are for production and related workers. Figures for October 1954 are preliminary. Bureau of Labor Statistics. NOVEMBER 1954 85 25 1.92 1.38 Back data may be obtained from the 1199 EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS BY INDUSTRY DIVISION [Compiled by Bureau of Labor Statistics. In thousands of persons] Total Manufacturing 40,069 41,412 43,438 44,382 43,295 44,696 47,289 48,306 49,660 15,302 14,461 15,290 15,321 14,178 14,967 16,104 16,334 17,259 826 1953—October November December 49,711 49,422 49,109 1954—January February March April. Year or month Mining Contract construction Transportation and public utilities Trade Finance Service Federal, State, and local government 918 889 916 885 844 1,132 1,661 1 982 2,169 2,165 2,333 2,603 2,634 2,644 3,872 4,023 4,122 4,141 3,949 3,977 4,166 4,185 4,224 7,522 8,602 9,196 9,519 9,513 9,645 10,012 10,281 10,533 1.394 L.586 1,641 L ,711 1,736 1,796 1,862 1.957 2,025 4,055 4,621 4,807 4,925 5,000 5,098 5,278 5,423 5,486 5,967 5,607 5,456 5,614 5,837 5,992 6,348 6,609 6,645 17,125 16,901 16,704 826 825 818 2,725 2,708 2,686 4,245 4,205 4,176 10,563 10,577 10,579 2,050 2,044 2,050 5,506 5,494 5,490 6,671 6,668 6,606 48,812 48,607 48 441 48,268 48,177 48 102 47,982 '47,944 48 055 48,180 16,497 16,349 16,262 16,122 16,038 15 994 15,775 '15,732 15,793 15,868 805 794 772 753 744 740 2,581 2,618 2 654 2,641 2,634 2,624 2,637 '2,640 2,623 2,608 4,118 4,087 4,012 4,015 4,011 4,016 4,014 ••4,001 4,015 4,010 10,577 10,543 10,552 10,524 10,494 10,480 10,507 '10,504 10,485 10,494 2,054 2,065 2,067 2,075 2,081 2,083 2,095 '2,095 2,116 2,120 5,487 5,490 5,488 5,506 5,508 5,518 5,555 '5,551 5,523 5,548 6,693 6,661 6,634 6,632 6,667 6,647 6,657 6,691 6,783 6,818 1953—October November December 50,180 49,851 50,197 17,301 16,988 16,765 2,889 2,789 2,632 4,257 4,216 4,187 10,669 10,828 11,361 2,040 2,034 2,040 5,506 5,467 5,435 6,692 6,700 6,955 1954—January February . March April . IVIay 48,147 47,880 47,848 48,068 47,935 48,137 47,808 '48,045 48,523 48,635 16,434 16,322 16,234 16,000 15,836 15,888 15,627 ••15,863 16,019 16,036 2,349 2,356 2,415 2,535 2,634 2,729 2,795 ••2,851 2,807 2,764 4,069 4,039 3,992 4,008 4,008 4,032 4,043 '4,030 4,031 4,020 10,421 10,310 10,305 10,496 10,375 10,414 10,377 '10,350 10,485 10,599 2,033 2,044 2,057 2,075 2,081 2,104 2,126 '2,126 2.116 2,109 5,377 5,380 5,406 5,506 5,563 5,601 5,638 '5,634 5,606 5,548 6,659 6,639 6,667 6,699 6,701 6,625 6,467 6,454 6,738 6,845 1945 1946 1947 1948 1949 1950 1951 1952 1953 .. 852 943 982 SEASONALLY ADJUSTED May June . July August September October 742 '730 717 714 WITHOUT SEASONAL ADJUSTMENT June July August September October 826 829 822 805 790 772 749 737 744 735 '737 721 714 '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. October 1954 figures are preliminary. Seasonally adjusted figures formerly compiled by the Federal Reserve from unadjusted data of the Bureau of Labor Statistics have been compiled by the Bureau beginning September 1954. Back data may be obtained from the Bureau of Labor Statistics. LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT [Bureau of the Census estimates without seasonal adjustment. Thousands of persons 14 years of age and over] Civilian labor force Employed1 Total noninstitutional population Total labor force Total 105,370 106,370 107,458 108,482 109,623 110,780 111,924 113,119 115,046 65,140 60,820 61,608 62,748 63,571 64,599 65,832 66,410 66,965 1953—September October November December 115,342 115,449 115,544 115,634 1954—January2 February March April May June July August September October 115,738 115,819 115,914 115,987 116,083 116,153 116,219 116,329 116,432 116,547 Year or month 1945 1946 1947 1948 1949 1950 1951 1952 1953 Unemployed Not in the labor force Total In nonagricultural industries In agriculture 53,860 57,520 60,168 61,442 62,105 63,099 62,884 62,966 63,417 52,820 55,250 58,027 59,378 58,710 59,957 61,005 61,293 61,894 44,240 46,930 49,761 51,405 50,684 52,450 53,951 54,488 55,366 8,580 8,320 8,266 7,973 8,026 7,507 7,054 6,805 6,528 1,040 2,270 2,142 2.064 3,395 3,142 1,879 1,673 1,523 40,230 45,550 45,850 45,733 46,051 46,181 46,092 46,710 48,081 67,127 66,954 66,873 66,106 63,552 63,404 63,353 62,614 62,306 62,242 61,925 60,764 55,044 55,083 55,274 55,326 7,262 7,159 6,651 5,438 1,246 1,162 1,428 1,850 48,215 48,495 48,671 49,528 66,292 67,139 67,218 67,438 67,786 68,788 68,824 68,856 68,565 68,190 62,840 63,725 63,825 64,063 64,425 65,445 65,494 65,522 65,243 64,882 59,753 60,055 60,100 60,598 61,119 62,098 62,148 62,276 62,144 62,141 54,469 54,351 54,225 54,522 54,297 54,470 54,661 55,349 54,617 54,902 5,284 5,704 5,875 6,076 6,822 7,628 7,486 6,928 7,527 7,239 3,087 3,671 3,725 3,465 3,305 3,347 3,346 3,245 3,099 2,741 49,447 48,679 48,696 48,549 48,297 47,365 47,395 47,473 47,866 48,357 1 Includes self-employed, unpaid family, and domestic service workers. 2 Monthly estimates of the labor force beginning 1954 are based on an improved sample covering a larger number of areas and are, therefore, not strictly comparable with earlier data. NOTE.—Details do not necessarily add to group totals. Information on the labor force status of the population is obtained through interviews of households on a sample basis. Data relate to the calendar week that contains the eighth day of the month. Back data may be obtained from the Bureau of the Census. 1200 FEDERAL RESERVE BULLETIN VALUE OF NEW CONSTRUCTION ACTIVITY [Seasonally adjusted. In millions of dollars] Private Year or month Business Total Residential Total 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 1953 8,198 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 4,389 5,054 6,206 3,415 1,979 2,186 3,235 9,638 13,256 16,853 16,384 21,454 21,764 22,107 23,877 2,880 2,936 2,955 '2,958 »-3,047 '•2,995 '3,013 '•3,076 »-3,076 '•3,086 1953—October November. December 1954—January February March... April May June Tuly . August September October . . . P3,114 P3,153 P3,121 r ^Preliminary. Public ,680 2,985 3,510 1,715 Total 1,229 1,561 2,082 1,287 Indus- Com- Public trial mercial utility Other nonresidential Total Military Highway 125 385 1 381 1,302 1,066 734 446 362 398 895 1,451 1,774 2,131 2,272 2,518 2,820 3,165 570 528 500 357 285 163 130 240 394 629 793 881 853 854 830 1,733 1,413 2,565 4,553 3,041 1,711 1,180 1,039 1,384 2,264 3,344 3,670 5,160 5,839 6,077 267 277 289 58 59 64 494 523 541 270 327 300 293 297 292 292 288 299 290 62 61 64 66 66 63 62 59 55 53 550 574 542 518 513 509 489 501 512 500 1,062 2,117 2,320 2,229 1,253 1,027 1,288 1,371 1,137 1,787 1,374 2,338 3,043 3,323 3,330 3,729 4,003 4,416 1,428 2,050 2,580 2,795 3,174 3,574 3,547 3,511 3 809 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 11,379 710 726 164 164 718 164 173 187 373 375 293 300 898 934 79 75 366 293 963 69 724 728 724 714 713 170 176 182 183 175 189 187 176 165 171 365 365 366 366 367 293 296 298 305 313 966 1,047 985 954 946 84 85 79 77 70 710 171 708 718 714 708 167 164 156 153 172 367 310 954 90 75 70 71 70 885 815 759 989 1,100 4,015 6,310 8,580 8,267 12,600 10,973 11,100 11,930 1,672 4,195 4,896 5,693 5,322 5,680 7,217 7,460 8,436 1,982 2,002 1,992 979 976 981 1,992 2,000 2,010 2,059 2,130 2,122 2,168 2,196 2,216 2,208 975 976 988 1,040 1,104 1,102 1,145 1,169 1,196 1,196 254 442 801 346 156 208 642 1,689 1,702 1,397 972 292 348 409 155 33 56 203 1,132 856 188 174 187 191 188 683 771 872 786 570 725 827 480 508 614 413 335 382 463 367 367 367 367 315 309 306 304 1,620 5,016 2,550 837 690 188 204 158 137 177 887 1,388 1,307 918 918 937 913 Conservation All other Source.—Joint estimates of the Departments of Commerce and Labor. Revised. CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF OWNERSHIP AND BY TYPE OF CONSTRUCTION [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions] By type of ownership Total Year or month Public 1947 1948 1949 . . . 1950 1951 . 1952 1953 . 1953—October November December 1954—January February March April May June July August September October . .. . . . ... .. . . . ... .. Private By type of construction Residential building Nonresidential building Factories Commercial Educational 785 392 Other Public works and public utilities 7,760 9,430 10,359 14,501 15,751 16,775 17,443 2,296 3,107 3,718 4,409 6,122 6,711 6,334 5,464 6,323 6,641 10,092 9,629 10,064 11,109 3,154 3,608 4,239 6,741 6,205 6,668 6,479 597 840 559 1,142 2,883 2,562 2,051 975 885 1,208 915 979 1,489 725 824 1,180 1,335 1,472 1,720 1,127 1,376 1,651 1,689 1,686 1,695 1,890 2,155 2,476 2,578 2,723 3,408 4,008 1,892 1,394 1,300 689 483 479 1,203 911 821 635 484 434 235 232 136 171 101 97 153 140 176 200 138 131 500 298 326 1,152 1,221 1,528 1,692 1,925 1 733 1,837 1,573 1,816 1,965 363 436 789 785 1,043 1,215 1,256 1,108 1,156 1,064 1,227 462 509 111 106 114 93 132 144 117 125 216 244 668 796 825 720 80 94 86 107 134 178 179 192 179 171 189 186 140 163 218 172 328 290 428 357 484 477 669 625 681 509 589 745 693 777 852 941 108 93 160 145 145 141 130 186 201 181 182 155 187 136 175 186 450 330 392 443 CONSTRUCTION CONTRACTS AWARDED, BY DISTRICTS [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts, in millions of dollars] Federal Reserve district Month Total (11 districts) Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas 1953—July August September 1,793 1,414 1,742 94 90 59 299 242 264 117 77 81 221 221 496 149 152 113 199 123 156 334 217 219 121 90 81 98 48 58 63 59 69 99 94 147 1954—July August September 1,837 1,573 1,816 95 109 107 270 198 263 143 106 122 207 193 220 163 133 151 167 175 173 394 306 311 110 85 124 86 76 66 90 90 111 112 102 166 NOVEMBER 1954 1201 PERMANENT NONFARM DWELLING UNITS STARTED fin thousands of units] Total Year or month 1939 1941 1945 1946 1947 1948 1949 1950 1951 1952 1953 Urban Government-underwritten Private Rural nonfarm Total 458 1family 2family 359 156 706 209 671 849 434 134 404 480 272 75 267 369 620 208 663 846 932 525 589 828 595 610 565 407 436 568 496 517 539 43 39 35 47 43 90 80 31 65 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 65 2 74 93 53 65 83 2 3 107 107 113 113 96 98 102 102 3 3 3 3 n.a. n.a. n.a. n.a. 515 1,025 1,396 1,091 1,127 1,104 1953—October . . November December 90 82 1954—January February.. March April May '66 >75 »95 July August September October Pill P114 P106 66 108 109 117 116 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. Public Multifamily 57 87 1 8 3 373 20 66 533 185 590 740 28 9 24 34 58 15 48 72 914 989 763 792 1,352 1,020 1,069 1,068 1,151 46 35 42 40 46 42 104 162 159 88 84 94 18 36 44 79 70 4 3 54 3 892 939 933 n.a. n.a. PllO P112 P106 Total VA FHA 158 158 220 47 152 440 220 41 69 229 83 211 71 58 36 393 466 686 413 420 407 291 361 486 264 279 252 102 105 200 149 141 155 7 7 8 «? 37 33 22 20 15 13 27 15 12 10 7 7 7 7 1 1 2 1 1 4 25 13 12 30 37 16 21 14 16 44 49 56 52 61 24 24 28 25 28 20 25 28 27 33 60 58 26 24 1 8 8 3 p \ n.a. n.a. n.a. 92 P(i) 6 34 34 P Preliminary. n.a. Not available. iLess 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 adju sted Annual Class Monthly—without seasonal adjustment 1954 1953 1952 1953 Sept. Apr. May June July Aug. Total 126 127 126 Ill 112 111 109 Ill Coal Coke Grain Livestock . Forest products 109 168 142 69 144 181 140 103 171 135 63 143 215 143 114 164 131 59 137 216 139 79 98 134 62 127 136 130 84 94 144 58 128 136 128 85 95 155 54 127 164 125 80 94 151 54 119 159 125 90 90 138 59 119 145 126 46 43 43 39 39 38 38 40 Ore Merchandise, 1. c. 1 1954 1953 Sept. Apr. May June July Aug. Sept. Ill 137 108 114 116 114 114 120 98 98 131 67 129 137 123 114 162 147 78 148 324 150 79 96 118 55 127 88 128 84 93 127 53 133 224 130 85 93 158 41 132 255 129 80 91 181 47 120 255 126 90 87 149 56 125 217 "127 98 97 147 89 140 205 133 39 45 40 39 38 38 40 41 Sept. c Corrected. NOTE.—For description and back data, see BULLETIN for June 1941, pp. 529-533. Based on daily average loadings. Basic data compiled by Association of American Railroads. Total index compiled by combining indexes for classes with weights derived from revenue data of the Interstate Commerce Commission. MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exports 1 Merchandise exports excluding military-aid shipments 2 Merchandise i m p o r t s 3 Month February March May June July August September October November December January-September. 1952 1953 1954 1952 1953 1954 1952 1953 1,254 1,344 1,447 1,355 1,480 ,171 ,030 ,087 ,229 1.092 1,189 1,260 1,330 1,187 1,244 1,058 893 916 981 1,043 995 1,108 1,016 926 1,053 1,054 1,085 1,013 960 911 1,051 1,019 1,031 1 .137 922 998 921 1,258 1,135 1,113 922 893 964 933 835 861 839 818 877 918 805 1,053 922 856 1,005 1,013 902 933 908 840 926 814 849 907 833 809 '862 ••958 829 ••946 821 P825 «781 ,190 .391 1,293 1,199 1,391 1,394 1,453 1,384 1,358 1,187 1,256 I 259 1,253 1.353 11,397 11,915 9,069 «9,294 7,942 8,305 "7,664 216 1,182 1,125 1,426 1,399 1,472 L,291 P 1,149 e L.130 •11,266 10,058 ••1,023 P949 «975 1954 r pPreliminary. 'Estimated. Revised. 1 Exports of domestic and foreign merchandise. 2 Department of Defense shipments of grant-aid military equipment and supplies under the Mutual Security Program. 3 General imports including imports for immediate consumption plus entries into bonded warehouses. Source.—Bureau of the Census, Department of Commerce. 1202 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 Year or month United States San Francisco Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis 98 104 98 105 109 110 112 99 102 99 103 105 104 105 99 103 98 101 105 101 102 96 104 100 106 109 109 110 97 105 98 105 111 110 113 97 103 100 105 113 118 119 96 103 101 109 115 124 126 99 104 97 104 108 106 111 97 104 98 104 107 110 112 98 104 99 105 104 104 104 98 103 99 108 111 113 112 94 105 102 113 117 124 125 99 104 98 105 109 114 115 107 110 113 112 105 107 107 108 98 104 102 101 104 106 108 108 109 110 115 112 ••117 117 118 121 119 128 128 127 106 109 113 115 '103 108 114 113 100 103 105 107 103 108 112 114 112 122 127 125 110 111 112 109 107 109 105 111 108 112 111 112 105 109 102 105 102 106 107 104 109 101 102 99 102 100 102 101 105 102 106 111 106 109 105 109 109 107 107 104 104 92 104 98 107 105 108 101 109 117 119 122 115 120 117 120 115 122 123 117 127 122 129 132 131 P121 106 107 101 111 108 110 106 '108 106 108 112 108 114 106 122 112 110 104 104 108 95 100 104 103 105 105 101 110 109 103 113 109 115 118 112 107 119 121 115 120 123 127 132 127 114 108 107 111 111 114 114 115 ••115 110 112 115 136 192 112 107 129 194 102 110 129 178 108 114 142 188 114 115 142 187 '124 122 144 211 122 130 146 219 113 112 137 188 '110 119 136 185 110 118 121 171 109 114 129 189 119 128 144 209 111 111 131 195 83 86 89 110 106 106 88 98 81 83 85 101 98 99 73 80 106 80 84 91 109 104 104 78 85 111 80 80 82 105 98 100 82 94 105 80 89 97 124 114 113 93 102 122 94 101 110 129 120 114 106 115 P113 83 81 86 108 102 106 77 83 115 82 83 86 109 108 108 86 r98 113 83 88 92 112 106 110 89 100 111 75 83 79 101 104 96 84 99 111 83 86 90 110 109 108 97 104 114 94 98 102 119 119 112 111 115 121 85 86 88 107 107 105 100 111 112 93 107 100 109 129 118 126 95 105 100 109 124 111 116 98 105 97 105 124 113 116 93 107 99 108 127 113 119 93 107 100 106 128 111 119 94 105 101 113 133 130 141 90 108 102 120 140 135 146 89 111 100 110 128 115 123 93 102 96 107 128 117 126 91 110 100 104 117 107 115 93 108 100 113 132 124 136 89 110 101 112 132 126 138 93 107 100 110 131 125 133 1953—September October November December 128 128 127 123 117 117 115 112 ••118 116 115 113 122 122 120 117 121 124 121 121 »-140 143 144 132 148 148 149 142 127 126 124 122 129 124 121 118 122 118 115 111 141 138 137 133 '142 139 136 131 132 132 133 129 1954—January February March April May June July August September 120 119 121 120 121 122 124 124 P124 114 112 118 117 120 117 116 119 118 111 107 111 113 115 114 117 115 115 114 113 112 114 116 117 116 115 117 115 113 112 113 117 115 117 116 115 133 132 136 135 137 139 139 139 141 142 141 141 135 137 135 137 136 P143 117 117 121 122 122 122 122 124 124 117 127 120 116 118 119 129 116 104 106 110 111 111 111 112 113 119 122 128 128 129 125 127 131 133 137 P135 128 130 127 127 128 131 133 132 P134 123 121 124 116 119 122 129 129 128 1953—September October November December ••133 141 142 109 120 132 134 105 123 130 132 104 127 139 137 103 127 137 136 106 •"145 154 151 115 152 161 165 125 129 139 143 111 138 138 132 104 123 126 128 101 144 149 152 117 »148 152 151 120 137 148 144 108 1954—January February March April. . May June July August September 108 114 126 127 126 116 115 120 P128 102 106 120 122 121 110 105 ••114 121 98 104 116 118 118 107 104 111 120 99 111 120 123 119 109 103 •"110 121 104 111 119 120 119 109 106 112 121 120 127 142 146 146 133 135 139 146 130 139 147 143 138 128 128 136 »147 108 114 126 126 124 116 114 118 126 99 108 123 124 123 119 120 119 111 100 106 115 116 113 107 109 114 124 118 125 133 134 134 127 125 130 P138 115 127 136 135 130 121 123 129 111 113 125 125 129 122 125 122 132 Minne- Kansas Dallas City apolis SALES i 1947 1948 1949 1950 1951 1952 1953 . SEASONALLY ADJUSTED 1953—September October ... December 1954—January .. . February March April. , May . . June July August .... September PIOS WITHOUT SEASONAL ADJUSTMENT 1953—September October November December 195 4—Janu ary February March April May June July August September . .. P123 STOCKSi 1947 1948 1949 1950 1951 1952 1953 . . SEASONALLY ADJUSTED WITHOUT SEASONAL ADJUSTMENT . . P139 r ^Preliminary. Revised. 1 Figures for sales are the average per trading day, while those for stocks are as of the end ot the month or the annual average. NOTE.—For description and monthly indexes for back years, see BULLETIN for December 1951, pp. 1463-1515. NOVEMBER 1954 1203 DEPARTMENT STORE STATISTICS—Continued [Based on retail value figures] DEPARTMENT STORE MERCHANDISING DATA Ratios to sales1 Amounts (In millions of dollars) Sales2 Stocks2 (total (end for of month) month) Year or month Outstanding orders2 (end of month) Receipts3 (total for month) New orders3 (total for month) Outstanding orders Stocks Stocks plus outstanding orders Receipts 1944 average 1945 average 1946 average 1947 average 1948 average 1949 average 1950 average 1951 average 1952 average 1953 average 246 276 345 365 381 361 376 391 397 402 574 604 767 887 979 925 1,012 1,202 1,097 1,157 596 775 964 588 494 373 495 460 435 421 244 277 373 366 386 358 391 390 397 403 256 291 354 364 363 358 401 379 401 397 2.4 2.3 2.3 2.5 2.7 2.7 2.8 3.2 2.9 3.0 2.5 3.0 3.0 1.7 1.4 1.1 1.4 1.3 1.2 1.1 5.0 5.3 5.3 4.3 4.1 3.8 4.2 4.4 4.1 4.2 1.0 1.0 1.1 1.0 1.0 1.0 1.1 1.0 1.0 1.0 1953—September.. October November.. December. . 1954—January.. . . February... March April May June July August September? '393 440 477 725 r 1,213 1,297 L,327 L.042 492 462 371 288 '464 '524 507 440 '464 r494 416 357 3.1 2.9 2.8 1.4 1.3 1.1 0.8 0.4 '4.3 4.0 3.6 1.8 1.2 1.2 1.1 0.6 310 299 351 402 372 378 306 350 399 1,010 1,075 1,176 1,183 1,161 L.067 1,042 1,095 1,184 370 403 343 279 247 386 468 465 486 278 364 452 409 350 284 281 403 488 360 397 392 345 318 423 363 400 509 3.3 3.6 3.4 2.9 3.1 2.8 3.4 3.1 3.0 1.2 1.3 1.0 0.7 0.7 1.0 1.5 1.3 1.2 4.5 4.9 4.3 3.6 3.8 3.8 4.9 4.5 4.2 0.9 1.2 1.3 1.0 0.9 0.8 0.9 1.2 1.2 ^Preliminary. 'Revised. x The first three ratios are of stocks and/or orders at the end of the month to sales during the month. The final ratio is based on totals of sales 2and receipts for the month. These figures are not estimates for all department stores in the United States. They are the actual dollar amounts reported by a group of department stores located in various cities throughout the country. In 1953, sales by these stores accounted for about 50 per cent of estimated total 3department store sales. Receipts of goods are derived from the reported figures on sales and stocks. New orders are derived from receipts and reported figures on outstanding orders. NOTE.—For description and monthlyfiguresfor back years, see BULLETIN for October 1952, pp. 1098-1102. WEEKLY INDEX OF SALES [Weeks ending on dates shown. 1947-49 = 100] Without seasonal adjustment 1950 Dec, 2 9 16 23 30 1951 153 Dec. 1 8 191 15 220 22 221 29 82 1951 1952 1952 161 Dec. 6 13 191 20 213 27 228 92 1953 1953 195 Dec. 5 12 223 19 237 26 146 1951 190 une 2 216 9 234 16 163 23 30 1952 1953 95 une 7. ... 111 une 6. ... 13 116 14 108 20.... 21. ... 98 106 27 91 28 92 89 1954 97 118 Tune 5 12. ... 111 112 115 19 111 26.... 97 94 1954 79 uly 4. ... 79 July 3 10.... 92 11 83 17 84 18 82 24 83 25 79 31 93 77 88 84 87 31 81 an. 2 9 89 16 92 23 86 30 87 81 uly 7. ... 75 'uly 5 83 12 94 14 19 85 21. ... 81 80 26 86 28 85 84 Feb. 7 14 87 21 89 28 83 88 Feb. 6 13 92 20 85 27 93 87 Aug. 1 .... 86 Aug. 7 86 Aug. 4 88 Aug. 2 14 92 8 9. ... 90 91 11. ... 87 21 95 15 95 93 16 86 18 28 22 .... 100 100 97 23 90 25 101 29 110 30 92 97 100 102 3 99 Mar. 1 10 8 105 17 15 101 24.... 105 22 31 29 89 85 Mar. 7 14 88 21 90 28 94 101 96 Mar. 6 13 100 20 109 27 112 85 Sept. 1. ... 105 Sept. 6 100 13 92 8 114 20 95 15 27.... 100 22. ... 111 114 29 100 Sept. 5 12 114 19 113 26 112 101 Sept. 4 11 102 18 120 25 114 113 97 120 '118 7 14 21 28 101 Apr. 5 12 100 19 97 26 101 109 Apr. 4 11 111 18 97 25 105 118 Apr. 3 10 97 17 105 24.... 104 103 Oct. 6 113 13 118 20 10 27 110 Oct. 4 117 11 116 18 113 25 116 Oct. 3 10 126 17 124 24 122 31 . 112 Oct. 2. . . 110 9. . . 118 . 120 119 16 118 123 23 113 30... . 117 113 5 12 19 26 113 May 3 10 110 17 99 24 100 111 May 2 9 117 16 99 23 105 30 97 114 May 1. . . .112 Nov. 3 8 128 123 10 15 105 9 17 22 112 10 24 29 97 10 121 Nov 1 127 8!'.!! 130 15 123 22 29 115 Nov. 7 14 118 21 130 28 134 138 121 Nov 6 126 13. . . . 133 20 131 27. . . . 133 Jan. 6 13 20 27 98 Jan. 5 12 105 19 104 26 96 78 Jan. 3 10 92 17 90 24 83 Feb. 3 10 17 24 81 Feb. 2 9 94 16 94 23 95 Mar. Apr. May 31 ' Revised. NOTE.—For description and weekly indexes for back years, see BULLETIN for April 1952, pp. 359-362. 1204 FEDERAL RESERVE BULLETIN DEPARTMENT STORE STATISTICS—Continued [Based on retail value figures] SALES BY FEDERAL RESERVE DISTRICTS, METROPOLITAN AREAS, AND CITIES [Percentage change from corresponding period of preceding year] Federal Reserve Sept, Aug. 9 district, 1954 1954 mos. area, or city 1954 United States.. Boston P0 +3 Met. Areas1 i Portland Boston +6 Downtown Boston 2 +4 Suburban Boston Cambridge.. + 11 Lowell+6 Lawrence -1 New Bedford.. Worcester 2 +6 Cities -1 +4 +7 +7 +8 0 + 1 Richmond Areas1 2 +7 Met. Washington +2 Downtown . . . -9 +5 —9 New York +4 Met. Areas1 Albany-Schenectady-Troy Albany Schenectady... Binghamton... . Buffalo 2 Buffalo Niagara Falls.. New York-N. E. New Jersey... N e w a r k 2 . . .2. . . N. Y. C i2t y . . . Rochester Syracuse 2 Utica-Rome Utica Cities Bridgeport 2 . . . Elmira Poughkeepsie.. +1 +4 +4 0 -1 +9 +6 +3 +3 +4 -1 -1 -1 +4 +8 -11 +6 + 6 +3 +1. +11 -4 +6 +1 +1 Philadelphia.. Met. Areas Wilmington. .. Trenton 2 2 Lancaster 2 Philadelphia .. Reading 2 Scranton Wilkes-BarreHazleton 2 City 2 York Cleveland Met. Areas Lexington Akron 2 2 Canton Cincinnati2 2 . . . Cleveland 2 Columbus 2 Springfield . .. Toledo 2 2 Youngstown .. Erie 2 2 Pittsburgh . . . -5 -7 -4 -3 -7 2 -2 -2 -12 -10 -5 -2 -1 -3 -1 -10 -4 -1 0 +1 +9 -8 +1 -3 +1 -2 i -4 —4 +3 +1 +2 -4 -6 -2 -4 Q 2 Cities Cumberland-6 Hagerstown. . . Spartanburg.... -13 +3 Lynchburg 2 .... —4 ^ News.. + 1 Newport 4 Huntington 2 . . . - 1 Parkersburg +1 +1 -1 -4 0 +2 -4 +1 -5 -1 -6 -2 +2 P-7 -3 -6 -1 -2 -3 -6 +8 +2 +3 - 8 +1 +1 -1 -9 _2 +6 - 3 +9 - 1 4 +6 - 7 q -1 Wash 2 +7 -2 Baltimore +2 +3 -5 Asheville2 +2 - 1 1 -3 Raleigh 2 -1 -1 Winston-Salem 2 : +2 Charleston, S.C. 0 +9 + 1 Columbia 2 0 -1 2 8 2 Greenville -4 Norfolk5 + 1 Portsmouth 2 . . -4 2 —1 Richmond +2 —2 -10 Roanoke 2 Charleston, 2i W. Va. 2 -8 —6 +4 -6 -10 Atlanta Met. Areas1 2 Birmingham ... Mobile Montgomery.2 . . Jacksonville .. . Miami 2 Orlando St. PetersburgTampa St. Petersburg. Tampa22 Atlanta Augusta Columbus Macon 2 Savannah Baton Rouge 2 .. New Orleans 2 . . Jackson 2 Chattanooga 2 . . Knoxville22 Nashville Cities Rome Meridian Bristol -3 -7 -8 -4 - 7 Chicago j P+1 +3 +4 +1 P+2 +— 11 +1 -3 P+3 -2 P+2 -11 + 11 c Cities Danville Battle Creek. . . Muskegon Port Huron. . . . Appleton Sheboygan -8 -8 0 -8 -3 +1 -1 -3 -4 - 3 Met. Areas 2 Fort Smith +6 +1 +3 +5 +6 +5 +7 +4 +3 -8 0 -12 -4 i _2 P+3 -1 -1 +6 +9 +8 -3 Met. Areas-cont. 2 Decatur Peoria 2 Rockford Tri-Cities 2 (Moline, Rockland; Davenport) Fort Wayne 22.. . Indianapolis ... 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 Lansing2 Saginaw Green Bay Madison Milwaukee 2 -9 -9 -4 -9 -7 -9 -6 -8 -5 St. Louis Little Rock 2 .... +2 Evans ville2 + 1 Louisville2 +2 Springfield -1 —2 St. Louis22 Memphis + 1 Cities + 1 Quincy - 4 Paducah 0 - 9 Minneapolis. . . -4 1 0 Met. Areas 2 + 1 Mpls.-St. Paul2 Minneapolis .. St. Paul 2 Sioux Falls +4 -3 -2 — 11 IJ •"—3 —7 —9 ^ p+18 + 13 -3 -10 +2 +7 -1 -7 -3 +3 P - 2 -3 -7 -3 —4 -1 -10 +2 2 +1 -6 -8 -4 -18 -2 -3 0 +1 0 —6 -1 +1 -9 +1 +2 -1 +4 +2 +2 -11 -9 —7 -11 -4 -1 -13 2 +8 P+1 -1 -8 -1 -14 -1 -8 -4 -12 -4 -2 +4 P+3 PO +1 +2 Met. Areas-cont. Wichita St. Joseph — 8 Omaha - 7 Albuquerque. . Oklahoma City Tulsa 0 -6 -5 -17 -6 Greeley Hutchinson.... Joplin +3 Kansas City... - 2 Enid -3 -2 - 4 Dallas -5 - 5 Met. Areas - 4 Shreveport - 9 Corpus Christi.. PO -11 -7 -5 -9 -4 -6 r-2 -3 +4 -5 +8 -2 -6 +1 r-6 +3 +2 -12 Mankato Duluth- 2 Superior Great Falls Grand Forks. . . LaCrosse 0 Kansas City... -9 + 1 Met. Areas -7 -12 Denver Topeka -1 0 -1 +4 ^ +3 -3 -4 Q +2 0 -3 -8 i o -6 -3 -2 2 2 -3 San Francisco.. P + 1 -1 -4 3 -7 -1 -12 -6 -2 +8 + 11 +1 0 Q 1 - 1 1 Met. Areas 2 - 1 1 Phoenix 2 - 1 1 Fresno <J -2 j 2 +1 -13 -3 -3 0 0 +2 +1 -24 +1 +3 -1 +3 +4 +4 +4 +4 +1 +2 —1 0 0 -1 +1 +3 ? -4 +1 +2 +2 +3 +7 +2 -4 —5 +4 -1 -1 + 11 +6 0 -4 -3 -2 -6 +4 -4 +5 -1 -4 0 -4 -21 -2 -1 —2 -2 -1 -5 -4 -3 -1 +4 -3 -6 +4 +2 3 +1 + 14 + 10 4 +3 Dallas 2 +1 -1 +5 El Paso 2 - 8 Fort Worth. . .. 2 +2 +3 Houston - 1 Waco + 12 i -18 -2 -2 + 16 + 13 +7 Cities Cities -9 -13 -10 Federal Reserve Sept. Aug. 9 mos. district, 1954 1954 1954 area, or city Kan. City-cont, -1 -2 -4 1 Met. Areas - 9 Chicago 2 -6 Aurora -11 Elgin T oliet 2 . Gary Federal Reserve Sept. A u g . 9 district, 1954 1954 1954 area, or city Chicago-cont. -3 Cleve.-cont. Met. Areas-cont. WheelingSteubenville 2 .. City 2 +2 Portsmouth . . . +1 Springfield. . Providence2.... Federal Reserve Sept. Aug. 9 district, 1954 1954 mos. area, or city 1954 -2 -4 2 + 17 Los Angeles . .. P + 2 Downtown -4 -5 P - 3 L. A. 2 Westside L.A.* +4 +3 - 1 2 -4 0 0 Long Beach .. -1 0 0 Pasadena -2 Santa Monica.. +7 +3 Riverside and San Ber-3 +1 - 3 nardino 2 -3 Sacramento . . . +5 +5 -6 -4 San Diego 2 San FranciscoP - 2 +2 - 3 Oakland 2 Oakland- 2 3 -4 -7 Berkeley Downtown2 c -5 -3 Oakland . 2. -2 San Francisco +4 - 2 -13 0 Vallejo 2 -5 San Jose 0 +3 - 3 - 6 -10 -11 Stockton22 -4 Portland +5 +2 0 —5 - 7 Salt Lake City 2 . j 0 Seattle 2 2 +3 -5 Spokane2 +1 - 2 i +11 +5 Tacoma Cities p+1 +4 - 1 0 Tucson Bakersfield 2 .... -4 -1 -5 Boise and Nampa + 11 + 10 - 2 Idaho Falls +5 +5 - 5 Twin Falls + 10 +9 - 1c Bellingham 0 +6 2 Everett - 2 - 1 2 -12 2 Walla Walla ... - 3 —1 -12 2 Yakima -5 +2 - 8 r P Preliminary. lary. r Revised. under various metropolitan areas do not necessarily include all portions of su shown under such areas. Indexes sh showing longer term comparisons are also available for these areas and cities and may be be obtained upon request from the Federa Reserve Bank _„ „*.. in the district in which the area or city is located. 3 Data not available. 1 Breakdowns wns 2 NOVEMBER 1954 1205 DEPARTMENT STORE SALES AND STOCKS BY MAJOR DEPARTMENTS [Based on retail value figures] Percentage change from a year ago Department Sales during period Aug. 1954 Stocks (end of month) Eight months 1954 GRAND TOTAL—entire stores -3 MAIN STORE—total -3 Piece goods and household textiles. Piece goods Silks, velvets, and synthetics. Woolen yard goods Cotton yard goods Household textiles Linens and towels Domestics—muslins, sheetings.... Blankets, comforters, and spreads. . Small wares. Laces, trimmings, embroideries, and ribbons. Notions Toilet articles, drug sundries +2 +4 0 0 + 11 +1 +1 0 +4 +4 -3 0 Ratio of stocks to sales* Aug. 1954 August Federal Reserve index numbers without seasonal adjustment, 1947-49 average = 1002 Sales during period 1954 1954 3.4 Stocks at end of month 1953 1954 1953 1953 Aug. July Aug. Aug. July Aug. 3.6 -4 3.6 3.8 86 75 86 111 106 117 -6 3.1 3.4 97 73 95 98 101 104 +7 -9 -11 -13 -2 4.1 4.8 3.8 3.4 4.7 5.4 4.4 3.9 60 47 81 73 49 35 27 91 58 47 80 66 82 108 95 82 73 86 102 97 92 123 97 -2 -3 -1 0 -4 -4 -4 -4 2.7 3.3 2.0 3.1 2.9 3.5 2.1 3.3 123 105 150 115 89 83 104 83 121 104 150 111 103 93 117 108 110 102 135 111 107 97 122 113 0 -4 -8 -1 -4 -2 0 4.2 4.3 81 74 78 106 105 106 -2 -3 4.9 4.4 3.7 4.9 4.6 3.7 63 76 90 65 80 91 65 76 86 101 118 99 97 117 101 103 122 96 i 5.3 6.8 3.4 8.9 76 78 78 71 65 61 74 54 73 72 75 67 108 120 102 101 106 , 121 91 92 109 129 104 98 +3 Silverware and jewelry Silverware and clocks Costume jewelry Fine jewelry and watches. +4 +5 +9 +5 +5 4-1 +1 +1 +i +4 5.0 5.8 3.2 8.7 Art needlework -3 -5 -2 4.8 4.8 76 60 78 102 101 104 Books and stationery. . . Books and magazines. Stationery +4 +7 +3 0 -2 0 -4 3.8 3.0 4.2 4.0 3.3 4.2 83 82 82 66 67 66 79 76 80 112 95 118 108 98 112 112 99 116 -7 -1 +1 +2 Women's and misses* apparel and accessories. -2 -4 3.0 3.1 87 70 88 120 107 125 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 2 -3 -6 7 -7 -3 -3 -9 -14 -7 0 3.9 2.8 4.5 1.6 9.6 3.5 3.2 4.0 2.8 4.5 1.6 9.8 3.5 3.2 79 87 44 69 36 103 63 70 79 39 36 29 109 57 80 90 48 77 37 101 64 122 132 66 104 96 133 112 109 111 63 69 81 132 104 126 135 72 121 103 130 113 +1 -7 y -7 -4 3.3 3.2 3.5 2.8 3.5 3.4 3.8 2.9 68 87 60 66 78 92 73 71 69 89 60 68 101 126 92 89 96 122 88 78 108 136 99 93 -1 0 -5 2 3.1 3.2 3.4 3.2 105 73 74 64 103 74 129 112 113 97 135 114 -2 0 -2 6.1 4.2 6.7 6.2 4.2 6.8 91 122 83 74 67 75 91 121 84 147 153 147 128 129 126 150 153 150 -5 -11 -11 -11 2.3 2.9 2.6 3.4 2.4 2.9 2.6 3.4 95 70 78 62 70 33 29 41 96 80 88 70 119 121 127 113 105 91 91 80 125 137 144 126 -4 -2 -5 2.0 1.8 2.1 2.0 1.8 2.3 122 99 151 70 68 73 122 104 144 132 119 143 118 107 128 137 122 149 0 1.9 1.5 2.3 1.9 1.4 2.3 77 76 82 74 79 70 77 76 82 95 91 101 80 77 81 96 87 103 2.4 2.1 3.4 2.5 2.0 4.3 119 77 115 104 102 42 116 79 107 144 87 105 133 94 112 147 86 121 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 Women's and misses' dresses. Inexpensive dresses Better dresses Blouses, skirts, and sportswear Aprons, housedresses, and uniforms. Furs Men's and hoys' wear. Men's clothing Men's furnishings and hats Boys' wear Men's and boys' shoes and slippers. * -3 -8 -11 -4 +2 -1 -1 -1 0 -4 +2 -1 ±1 -1 0 0 +1 -1 -12 -11 -11 0 -5 +4 0 0 0 0 -1 -3 -10 -9 -12 -1 -3 +2 -3 -3 +3 +4 -2 +3 +8 +2 0 —3 -1 -2 -13 5.5 5.9 71 70 70 120 110 127 0 +2 +5 -4 2 -1 -2 -5 7.3 5.3 3.7 7.1 7.7 5.7 4.2 7.0 65 60 110 82 75 70 56 84 65 59 105 82 134 110 118 126 119 104 103 119 142 116 127 126 0 -2 +2 -6 -5 For footnotes see following page. 1206 FEDERAL RESERVE BULLETIN DEPARTMENT STORE STATISTICS—Continued SALES AND STOCKS BY MAJOR DEPARTMENTS—Continued [Based on retail value figures] Percentage change from a year ago Department Aug. 1954 Eight months 1954 without seasonal adjustment, 1947-49 average = 1002 1954 Aug. 1954 1954 Stocks at end of month Sales during period August 1954 1953 1953 1953 Aug. July Aug. Aug. July Aug. -3 -5 3.8 4.0 103 107 110 -4 -2 -5 -6 -5 -7 -9 -8 -10 3.0 1.3 3.6 3.1 1.4 3.8 131 166 119 110 134 102 136 169 124 103 113 102 109 119 109 113 123 113 -7 -5 -20 -9 g -14 -9 -9 -12 4.8 4.8 4.4 4.8 5.0 4.1 77 81 50 61 63 49 83 86 63 97 100 60 97 103 60 106 110 68 -1 -2 -1 -1 -4 -6 -4 -3 -2 -4 -4 -7 -4 -10 0 -2 4.8 4.4 7.8 2.3 4.1 5.7 5.0 4.6 8.0 2.5 4.1 5.7 82 71 90 73 89 90 76 59 71 92 93 79 82 73 91 74 88 91 107 100 125 79 112 128 106 101 126 84 117 127 111 108 130 87 112 131 -3 -9 -16 -24 2.8 2.3 4.8 3.1 2.7 4.6 89 96 77 73 72 76 93 105 79 87 85 100 91 87 105 103 111 97 +1 -4 -8 -2 +11 +2 -1 Toys, games, sporting goods, cameras. Toys and games Sporting goods and cameras +3 +6 0 OOCN Homefurnishings. Furniture and bedding Mattresses, springs, and studio beds. Upholstered and other furniture Domestic floor coverings. Rugs and carpets Linoleum Draperies, curtains, and upholstery Lamps and shades China and glassware Major household appliances Housewares (including small appliances). Gift shop Radios, phonographs, television, records, etc.. Radios, phonographs, television Records, sheet music, and instruments. . . . Miscellaneous merchandise departments.. Stocks (end of month) Sales during period ]federal Reserve index numbers Ratio of stocks to sales1 Luggage. Candy... +2 +4 -4 +2 -6 +3 -4 -6 -10 0 94 86 97 3.5 3.7 75 79 74 105 101 110 5.5 5.7 5.1 6.0 6.7 5.1 70 58 87 77 62 102 68 55 88 121 127 109 114 118 109 128 141 110 -6 +7 3.4 1.2 3.7 1.1 94 66 102 62 92 64 103 71 105 78 109 66 BASEMENT STORE—total +1 -3 -7 2.4 2.7 87 74 86 104 98 112 Domestics and blankets -3 -5 -4 2.3 2.3 116 90 120 108 111 112 Women's and misses' ready-to-wear. Intimate apparel Hosiery Underwear, corsets and brassieres. Coats and suits Dresses Blouses, skirts, and sportswear Girls' wear Infants' wear Aprons, housedresses, uniforms Men's and boys' wear. -1 -4 -8 2.0 2.1 84 71 84 102 92 -1 -3 0 -9 -8 +6 +7 +5 -6 -1 -3 0 -12 -9 -4 -3 -3 -16 +2 89 84 106 106 110 0 -10 2.6 2.5 2.7 2.5 1.1 2.0 1.7 2.7 2.5 83 -12 -6 -8 -8 2.6 2.5 2.6 2.3 1.2 1.7 1.5 2.3 2.5 59 70 111 144 114 25 83 102 69 75 65 76 104 134 108 99 77 110 125 122 74 76 98 109 111 118 76 125 133 132 Men's wear.. Men's clothing.. . . Men's furnishings. Boys' wear Homefurnishings Shoes NONMERCHANDISE—total. Barber and beauty shop +9 +10 + 14 +7 +7 +2 +4 +5 +8 +1 +2 +2 +2 +4 +1 +2 -10 -6 -5 -2 -3 +1 +8 4 110 -7 2.9 3.4 91 81 83 112 104 120 -6 -6 -5 3.2 3.5 3.0 3.7 4.2 3.4 78 85 76 85 92 83 71 74 70 109 120 105 104 111 99 115 128 111 2.1 2.5 140 69 131 120 111 134 3.1 3.3 83 66 81 100 105 105 4.0 4.3 91 78 88 116 104 120 () 4 () 4 () 99 97 94 4 () 4 () (4) (4) (4) (4) 111 145 103 (4) (4) (4) *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. 1203. 4 Data not available. In 1953, sales and stocks data for all of the NOVEMBER 1954 1207 PRICES CONSUMER PRICES [Bureau of Labor Statistics index for city wage-earner and clerical-worker families. 1947-49 = 100] Housing Transportation Medical care Personal care Reading and recreation Other goods and services 97.2 102.6 100.1 101.2 109.0 111.8 115.3 55 6 64.9 67 8 72 6 76 3 83 7 97.1 103.5 99.4 98.1 106.9 105.8 104.8 90.6 100.9 108.5 111.3 118.4 126.2 129.7 94.9 100.9 104.1 106.0 111.1 117.3 121.3 97.6 101.3 101.1 101.1 110.5 111.8 112.8 95.5 100.4 104.1 103.4 106.5 107.0 108.0 96.1 100.5 103.4 105.2 109.7 115.4 118.2 108.1 108.1 108.3 108.1 116.0 116.6 116.9 117.0 105.3 105.5 105.5 105.3 130.7 130.7 130.1 128.9 122.6 122.8 123.3 123.6 112.9 113.2 113.4 113.6 107.8 108.6 108.9 108.9 118.5 119.7 120.2 120.3 107.2 107.2 107.2 106.1 105.9 105.8 105.7 105.4 106.0 117.2 117.3 117.5 116.9 117.2 117.2 117.2 117.3 117.4 104.9 104.7 104.3 104.1 104.2 104.2 104.0 103.7 104.3 130.5 129.4 129.0 129.1 129.1 128.9 126.7 126.6 126.4 123.7 124.1 124.4 124.9 125.1 125.1 125.2 125.5 125.7 113.7 113.9 114.1 112.9 113.0 112.7 113.3 113.4 113.5 108.7 108.0 108.2 106.5 106.4 106.4 107.0 106.6 106.5 120.3 120.2 120.1 120.2 120.3 120.1 120.3 120.2 120.1 All items Foods 1929... 73.3 65.6 117.4 60 3 1933. 55.3 41.6 83 6 45 9 1941.. 1942 1943 1944 1945 1946 . 1947 1948 1949 1950 1951 1952 1953 62.9 69.7 74.0 75.2 76.9 83 4 95.5 102.8 101.8 102.8 111.0 113.5 114.4 52.2 61.3 68.3 67.4 68.9 79 0 95.9 104.1 100.0 101.2 112.6 114.6 112.8 95.0 101.7 103.3 106.1 112.4 114.6 117.7 88 4 90.4 90 3 90.6 90 9 91 4 94.4 100.7 105.0 108.8 113.1 117.9 124.1 97.6 100.0 102.5 102.7 103.1 104.5 106.6 88.8 104.4 106.8 110.5 116.4 118.7 123.9 97.2 103.2 99.6 100.3 111.2 108.5 107.9 115.2 115.4 . . . 115.0 114.9 113.8 113.6 112.0 112.3 118.4 118.7 118.9 118.9 126.0 126.8 127.3 127.6 106.9 107.0 107.3 107.2 124.6 125.7 125.9 125.3 115.2 115.0 114.8 . . . . 114.6 115.0 115.1 115.2 115.0 114.7 113.1 112.6 112.1 112.4 113.3 113.8 114.6 113.9 112.4 118.8 118.9 119.0 118.5 118.9 118.9 119.0 119.2 119.5 127.8 127.9 128.0 128.2 128.3 128.3 128.5 128.6 128.8 107.1 107.5 107.6 107.6 107.7 107.6 107.8 107.8 107.9 125.7 126.2 125.8 123.9 120.9 120.9 121.1 121.9 122.4 Year or month 1953—Sept Oct. Nov. Dec 1954—j an> Feb Mar Apr. . May June July Aug Sept. . Total Rent Gas Solid House- Housefuels furhold and and nish- operaelection tricity fuel oil ings Apparel 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 com- Farm modi- products ties Processed foods Total Tex- Hides, Fuel, tile power, prod- skins, and and lightucts leather and prod- ing apmaparel ucts terials Ma- FurniPulp, Toture NonZhem- Rub- Lum- paper, meMetals chinbacco and ery icals ber Misber and and tallic mfrs. and and allied metal and other and wood cellaand allied prodhouse- minprod- moneous erals— bottled tive prod- ucts prod- prodhold ucts ucts prod- durastruc- bevucts ucts ucts bles tural erages 1947. 1948. 1949. 1950. 1951. 1952. 1953. 96.4 100.0 98.2 95.3 100.1 101.0 90.9 101.4 99.0 93.7 104.4 107.3 106.1 103.4 104.4 102.1 107.1 103.8 102.1 107.2 99.2 92.8 95.7 101.3 95.5 96.9 101.9 94.8 98.9 99.2 103.1 97.5 99.8 105.0 99.2 104.6 103.0 96.3 120.5 113.9 114.8 113.4 111.4 115.9 110.6 120.3 106.7 110.0 148.0 123.9 111.6 107.0 108.8 113.2 99.8 97.2 106.6 104.5 134.0 120.3 110.1 97.0 104.6 114.0 97.3 98.5 109.5 105.7 125.0 120.2 1953 September October November... December... 111.0 110.2 109.8 110.1 98. 95.3 93.7 94.4 106.6 104.7 103.8 104.3 114. 114.6 114.5 114.6 96.9 96.5 96.2 95.8 110.9 111.2 111.2 111.1 106.7 106.7 107.2 107.1 124.0 124.2 124.3 124.8 1954 January February... March April May June July August September.. 110.9 110.5 110 111.0 110.9 110.0 110.4 110. 110.0 97.8 97.7 98.4 99.4 97.9 94.8 96.2 '95.8 93.6 106 104 105 105 106.8 105 0 106.5 106.4 105.5 114.6 114.4 114 114 114 114 114 114.4 114.4 96.1 95.3 110.8 95.3 94.9 110.5 95.0 94.7 109.2 94.7 94.6 108.6 94.8 96.0 108.2 94.9 95.6 107.8 95.1 94.9 106.2 95.3 '94.0 106.9 95.3 93.2 107.0 107.2 107.5 107.4 107.2 107.1 106.8 106.7 106.8 106.8 124.8 124.6 124.9 125.0 125.1 126.1 126.8 126.4 126.9 99.7 97.1 97.1 95.6 98.6 102.9 98.5 100.9 119.6 116.5 116.1 91.3 103.9 104.8 110.3 122.8 123.0 126.9 92.5 100.9 106.6 108.6 119.0 121.5 123.0 95.6 101.4 103.1 105.3 114.1 112.0 114.2 93.9 101.7 104.4 106.9 113.6 113.6 118.2 98.0 100.4 101.6 102.4 108.1 110.6 115.7 100.8 103.1 96.1 96.6 104.9 108.3 97.8 119.2 118.1 117.3 117.4 116.9 117.5 117.3 117.1 128.5 127.9 127.9 127.5 124.0 124.1 124.2 124.3 114.9 114.8 114.9 115.0 120.7 120.7 120.8 120.8 116 2 118.1 118.1 118.1 94.7 94.4 93.2 100.1 117.0 116.8 116.7 116.2 116.1 116.3 119.1 •119.1 119.5 117.0 117.1 116.6 116.3 115.8 115.8 116.2 116.3 116.3 127.2 126.2 126.3 126.8 127.1 127.1 128.0 128.6 129.0 124.4 124.5 124.5 124.4 124.4 124.3 124.3 124.3 124.4 115.2 115.1 115.0 115.6 115.5 115.4 115.3 •115.3 115.4 120.9 121.0 121.0 120.8 119.3 119.1 120.4 120.5 121.7 118.2 118.0 117.9 121 121.4 121.4 121 121.5 121.5 101.1 102.8 104.9 110.3 109.2 105.1 103.9 102.3 99.2 r Revised. Source.—Bureau of Labor Statistics, Department of Labor. Backfigures.—SeeBULLETIN for March 1952, pp. 311-313. 1208 FEDERAL RESERVE BULLETIN PRICES—Continued WHOLESALE PRICES, BY GROUPS OF COMMODITIES—Continued [Index numbers of the Bureau of Labor Statistics, 1947-49=100] Subgroup 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 Aug. Sept. 126.0 112.3 123.0 124.2 124.2 111.9 112.0 127.9 127.6 124.2 112.0 127.6 134 6 122.8 128.6 136.9 118.7 115.8 133 6 133 8 124.2 125.1 130.3 131.2 138.2 138.9 118.5 118.5 114.0 114.1 134 1 126.2 131.2 140.9 118.5 114.1 117.9 115.9 117.7 118.0 127.0 125.3 126.0 126.0 122.3 122.3 122.1 121.9 130.9 132.8 131.5 131.5 132.6 132.7 131.6 133.3 127.9 124.2 127.8 125.5 127.9 125.6 128.1 125.9 126.2 118.6 125.8 125.7 118.9 118.9 125.7 118.9 114.2 125.8 125.2 109.1 94.8 74.2 126.9 112.8 112.9 126.2 126.2 122.7 123.5 109.7 109.7 95.6 '95.4 70.3 '68.5 130.4 130.4 112.8 126.2 124.4 109.7 95.4 68.7 130.5 Flat glass 117.4 Concrete ingredients 112 8 Concrete products 97.0 Structural clay products 94.0 Gypsum products 53.8 Prepared asphalt roofing Other nonmetallic minerals . . . 109 3 112.3 107.7 Tobacco Manufactures and Bottled Beverages: 124.7 119.3 117.4 132.0 122.1 109.8 117.8 124.7 124.7 122.1 122.2 117.7 117.9 132.0 132.3 122.1 122.1 98.5 98.6 120.2 120.8 123.9 122.1 117.8 135.4 122.1 104.1 120.8 Cigarettes Cigars Other tobacco products Alcoholic beverages Nonalcoholic beverages 124 0 103.5 120.7 111.2 125.1 124 0 103.7 121.4 114.2 148.1 124 0 103.7 121 A 114.3 148.1 July Aug. 96 0 88 3 90 6 103.6 99 0 122.5 81 1 149 3 110.9 88 1 83 2 107.2 87 7 84.4 94 8 184 0 108.3 91 2 83.4 106.7 »-89.7 86.4 94 2 168 8 110.8 97.4 111.3 114.0 113.2 92.0 94.1 105.1 105.9 104 7 110.1 169.8 116.8 104 7 104 8 113.7 114.5 231.3 226.5 101.4 109.6 93.7 111 2 86.7 134.7 98.5 82.9 88.9 109 8 85.7 124.2 98.4 79.1 89.1 110 3 85.7 126.3 98.6 79.8 89.2 109 6 85.8 128.4 98.6 80.3 74 2 94 5 111.8 99.1 55 8 58 2 86 5 '84.4 111.8 r i l l .8 r 97.0 96.7 51 5 84.0 111.8 96.5 112 3 131 8 106 0 98.0 116.5 104 9 105 2 132 4 132.4 105 4 105 4 101.8 '102.4 108.2 109*. 3 105 4 132.4 105 4 102.4 109.4 120.0 111 0 98.5 93.5 51 1 112 0 113 0 103.3 117.1 117.4 112 8 112 8 97.6 97.8 94.0 94.0 52 0 53.5 109 7 109 8 112 1 112.1 107.9 '•107.6 120 1 126.4 123 0 126 5 129.3 123 7 123 5 129.6 123 7 125 6 129.6 123 9 118.3 131 4 106.8 118.6 118.7 130 7 129 7 103.0 105.4 119.2 130.0 103.2 108 8 109.6 126.5 109 6 79.2 126.5 109.6 80.0 126.5 109.6 80.0 126.5 Processed Foods: Pulp, Paper and Allied Products— Continued 99.8 93 6 Paperboard 80.7 Converted paper and paperboard.. 107.4 Building paper and board 91.2 77.3 Metals and Metal Products: 87 5 Iron and steel . . . 164 6 Nonferrous metals Metal containers . Hardware 113.8 Plumbing equipment 92.0 Heating equipment Fabricated structural metal prod106.6 ucts Fabricated nonstructural metal 104.9 113.0 products 206.0 103.5 Machinery and Motive Products: Textile Products and Apparel: Cotton products ^Vool products Synthetic textiles Silk products Apparel Other textile products Hides Skins and Leather Products' Hides and skins Leather Footwear Other leather products Fuel, Power, and Lighting Materials: Coal Coke . Gas Electricity Petroleum and products.... Chemicals and Allied Products: Industrial chemicals Prepared paint Paint materials Drugs, Pharmaceuticals, cosmetics. Fats and oils, inedible Mixed fertilizers Fertilizer materials Other chemicals and products Rubber and Products: Crude rubber Tires and tubes Other rubber products Lumber and Wood Products: Lumber Millwork . Plywood Pulp, Paper, and Allied Products: Woodpulp Wastepaper Paper . Sept. Sept. Sept. Farm Products: Fresh and dried produce Grains Livestock and poultry Plant and animal fibers Fluid milk Kggs Hay and seeds Other farm oroducts 1954 1953 1954 1953 Subgroup Agricultural machinery and equipment Construction machinery and equipment Metal working machinery General purpose machinery and equipment Miscellaneous machinery Electrical machinery and equipment Motor vehicles July Furniture and Other Household Durables: Household furniture Commercial furniture Floor covering Household appliances. . . . Radio Television Other household durable goods.... Nonmetallic Minerals—Structural: 124 0 103.7 121 A 114.3 148.1 Miscellaneous: Toys, sporting goods, small arms.. 114.0 81.6 Manufactured animal feeds 93.5 Notions and accessories Jewelry, watches, photo equipment. 102.0 119 3 Other miscellaneous 113.5 113.4 95.2 98.3 101.6 101.6 102.7 102.8 121 2 121 2 113.4 89.0 101.2 103.2 121.2 'Revised. Source.—Bureau of Labor Statistics, Department of Labor. Back figures.—See BULLETIN for March 1952, pp. 131-313. NOVEMBER 1954 1209 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 ,„ 1941 Gross national product 104.4 1954 1953 1949 1950 1952 1953 4 3 56.0 125.8 257.3 257.3 285.1 1 2 3 328.2 346.1 364.9 367.2 360.5 355.8 356.0 355.5 8.6 7.2 9.0 16.5 18.4 20.5 23.5 25.3 27.2 27.4 27.9 28.2 29.0 29.8 7.0 .6 .3 7.1 .7 .9 11.3 .5 .4 20.4 .7 -2.1 21.6 .8 .1 23.7 .8 .2 25.6 1.0 1.3 28.0 1.0 .6 30.0 1.0 1.0 30.1 1.0 2.1 30.3 1.0 .6 30.3 1.0 -3.0 30.2 1.0 -3.8 30.0 1.0 n.a. 0 1 _ 2 2 2 — 2 —5 —4 — .8 —4 — .1 Less: Capital consumption allowances.. Indirect business tax and related liabilities Business transfer payments Statistical discrepancy Plus: Subsidies less current surplus of government enterprises — l Equals: National income 87.8 40.2 104.7 221.6 216.2 240.0 277.0 291.0 305.0 306.2 299.9 298.9 299.6 10.1 .2 -2.0 .3 14.5 2.8 .0 .9 1.0 5.8 .6 85.8 .0 1.5 1.2 2.1 .7 47.2 .0 .1 -.1 -.1 .0 .0 .0 .0 .0 .0 .0 -.1 14.2 14.8 14.7 2.6 10.5 11.6 14.3 11.6 12.1 12.8 12.6 13.3 5.4 5.3 5.2 1 3 4 6 4 9 5 2 4 4 4 7 4 8 5 0 5 1 9.8 9.6 4.5 9.6 9.6 7.2 7.5 9.2 9.1 9.4 9.5 9.1 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 .8 .7 .5 .8 96.3 208.7 206.8 227.1 255.3 271.2 286.1 287.5 287.3 285.1 285.7 286.2 2.6 1.3 1.4 1.5 .5 1.0 83.1 45.7 93.0 187.6 188.2 206.1 226.1 236.9 250.1 251.2 251.2 252.3 252.9 253.2 79.0 46.4 81.9 177.6 180.6 194.0 208.3 218.4 230.1 231.2 229.7 230.5 233.1 234.8 4.2 -.6 11.1 Less: Corporate profits and inventory valuation adjustment Contributions for social insurance.. Excess of wage accruals over disbursements Plus: Government transfer payments... Net interest paid by government. . Dividends Business transfer payments Equals: Personal i n c o m e Less: Personal tax and related payments.. Federal State and local Equals: Disposable personal income. Less: Personal consumption expenditures — 2 30.6 5.2 3.3 2.0 1.3 21.1 19.0 2.1 10.0 Equals: Personal saving 28.1 5.7 18.7 16.2 2.5 7.6 35.1 6.9 20.9 18.2 2.7 12.1 39.9 8.2 29.3 26.3 3.0 17.7 38.2 8.7 34.4 31.1 3.2 18.4 38.5 8.8 36.0 32.5 3.5 20.0 38.3 8.7 36.3 32.8 3.5 20.0 33.1 8.6 36.1 32.6 3.6 21.5 34.1 9.8 32.8 29.1 3.7 21.8 34.9 9.7 32.9 29.2 3.7 19.7 -.3 n.a. n.a. 9.6 32.9 29.2 3.7 18.4 NATIONAL INCOME, BY DISTRIBUTIVE SHARES Seasonally adjusted annual rates by quarters Annual totals 1954 1953 1929 1933 1941 1948 1949 1950 1951 1952 1953 3 4 2 1 3 n.a. National income 87.8 40.2 104.7 221.6 216.2 240.0 277.0 291.0 305.0 306.2 299.9 298.9 299.6 Compensation of employees . . Wages and salaries1 Private Military Government civilian Supplements to wages and salaries... 51.1 50.4 45.5 .3 29.5 29.0 23.9 .3 4.6 4.9 Proprietors' and rental income 2 Business and professional Farm Rental income of persons 20.2 8.8 6.0 5.4 7.6 3.2 2.4 2.0 20.9 10.9 6.5 3.5 45.6 21.6 16.7 7.2 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 47.8 26.1 11.1 10.6 49.1 25.9 12 3 10.8 49.4 25.6 13 0 10.8 49.0 25.9 12 2 10.9 48.5 25.9 11 6 10.9 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 -2.0 .2 .5 -.4 -2.1 14.5 17.0 7.6 9.4 -2.5 30.6 32.8 12.5 20.3 -2.2 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 39 4 21.1 18.3 -1.0 38.3 40 9 21.9 19.0 —2.6 33.1 32 5 17 A 15.1 .6 34.1 34 5 17.0 17.5 34.9 34 5 17.0 17.5 .4 n.a. n.a. n.a. n.a. -.3 6.4 5.0 4.5 4.5 5.2 5.9 6.8 7.4 8.4 8.6 8.9 9.0 9.1 9.2 Net interest .7 .5 64.8 140.9 140.9 154.3 180.4 195.4 209.1 211.4 208.8 206.4 206.6 207.2 62.1 135.2 134.3 146.5 170.9 185.0 198.0 200.3 197.6 194.6 194.9 195.6 51.9 116.4 113.9 124.3 142.1 152.2 164.5 166.7 164.1 161.2 161.5 161.6 9.6 9.9 4 0 4.2 9 7 1.9 5 0 8.7 10.5 10 2 10 2 9.5 8.3 14.8 16.2 17.2 20.1 22.4 23.3 23.4 23.5 23.7 23.8 24.4 2.7 5.8 6.5 7.8 9.5 10.4 11.1 11.1 11.2 11.8 11.7 11.6 A n.a. Not available. 1 Includes employee contributions to social insurance funds. 2 Includes noncorporate inventory valuation adjustment. NOTE.—Details may not add to totals because of rounding. Source.—Department of Commerce. 1210 FEDERAL RESERVE BULLETIN GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME— Continued [Estimates of the Department of Commerce, in billions of dollars] GROSS NATIONAL PRODUCT OR EXPENDITURE Seasonally adjusted annual rates by quarters Annual totals 1953 1933 Gross national product 104.4 1950 1951 1952 1954 1953 56.0 125.8 257.3 257.3 285.1 328.2 346.1 364.9 367.2 360.5 355,8 356.0 355.5 Persona! consumption expenditures Durable goods Nondurable goods Services 79.0 9.2 37.7 32.1 46.4 3.5 22.3 20.7 Gross private domestic investment New construction1 Residential, nonfarm Other Producers' durable equipment Change in business inventories Nonfarm only 16.2 8.7 3.6 5.1 5.9 1.7 1.8 1.4 .5 1.0 1.6 -1.6 -1.4 18.1 6.6 3.5 3.1 6.9 4.5 4.0 41 j 17.9 8.6 9.3 19.1 4.2 3.0 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 52.4 25.6 12.1 13.5 24.8 2.0 2.9 45.5 25.7 11.7 13.9 24.0 -4.2 -3.7 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 14.0 14.2 21.8 -4.8 r 5.0 .8 .2 1.1 2.0 .5 -2.2 .2 -.2 -1.9 -1.8 -.6 -1.1 -1.0 2 8.5 1.3 1.3 .0 7.2 8.0 2.0 2.0 .0 6.0 24.8 16.9 13.8 3.2 .0 7.8 36.6 21.0 16.0 5.6 .5 15.6 43.6 25.4 19.3 6.6 .4 18.2 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 85.4 60.3 52.3 8.4 .4 25.1 86.0 59.8 50.6 9.6 .3 26.2 81.9 55.0 46.9 8.4 .3 26.9 78.3 51.3 44.7 6.9 .3 27.0 75.6 47 .9 42.1 6.1 .2 27.7 Net foreign investment Government purchases of goods and services Federal National security Other Less: Government sales2 State and local 1.4 81.9 177.6 180.6 194.0 208.3 218.4 230.1 231.2 229.7 230.5 233.1 234.8 9.7 22.2 23.6 28.6 27.1 26.8 29.7 30.3 28.0 28.0 28.8 28.9 43.2 98.7 96.9 100.4 111.1 116.0 118.9 118.6 118.7 118.8 120. C 121.1 29.0 56.7 60.1 65.0 70.1 75.6 81.4 82.3 83.0 83.6 84.3 84.8 PERSONAL INCOME [Seasonally adjusted monthly totals at annual rates] Wage and salary disbursements Year or month Personal Total Commodity producing industries Distributive industries Service industries Government Other labor income3 DiviProdends prietors' and perand sonal rental 4 income interest income Transfer payments 5 Less personal contriNonbutions agriculfor tural social income 7 insur-6 ance 1929 1933 1941 1947 1948 1949 1950 1951 1952 1953 85.8 47.2 96.3 190.5 208.7 206.8 227.1 255.3 271.2 286.1 50.4 29.0 62.1 122.8 135.1 134.4 146.5 170.8 185.1 198.1 21.5 9.8 27.5 54.3 60.2 56.9 63.5 74.9 80.6 88.1 15.6 8.8 16.3 35.2 38.8 39.0 41.3 45.8 48.7 51.7 8.4 5.2 8.1 16.0 17.4 18.0 19.5 21.3 23.0 24.8 4.9 5.1 10.2 17.3 18.7 20.5 22.2 28.8 32.8 33.6 .6 .4 .7 2.3 2.7 3.0 3.8 4.8 5.5 6.3 20.2 7.6 20.9 40.9 45.6 42.0 44.6 49.9 49.9 49.0 13.2 8.3 10.3 14.7 16.2 17.2 19.8 20.7 21.4 22.8 1.5 2.1 3.1 11 .8 11.3 12 A 15.1 12.6 13.1 13.8 .1 .2 .8 2.1 2.2 2.2 2.9 3.4 3.8 4.0 77.2 43.4 88.0 172.8 188.5 190.8 210.5 235.7 253.3 270.0 1953—September.. October November.. December. . 287.7 287.8 287.2 287.0 199.2 199.1 197.9 196.0 88.0 87.9 87.0 85.5 52.5 52.5 52.4 52.1 24.9 25.0 25.0 25.0 33.8 33.7 33.5 33.4 6.5 6.6 6.6 6.7 48.9 48.0 49.1 50.2 23.4 23.5 23.7 23.8 13.7 14.6 13.9 14.4 4.0 4.0 4.0 4.1 271.9 272.7 271.3 269.6 1954—January.. . . February... March April May June July August September?. 284.9 285.0 285.0 284.4 286.2 286.5 285.7 285.4 287.4 194.7 194.7 194.5 194.3 195.0 195.5 195.7 195.5 195.7 84.5 84.6 84.2 83.7 84.2 84.0 83.4 82.7 82.8 51.9 51.8 52.0 52.0 52.3 52.5 53.1 52.8 52.9 24.8 24.9 25.0 25.2 25.2 25.5 25.4 25.8 25.8 33.5 33.4 33.3 33.4 33.3 33.5 33.8 34.2 34.2 6.6 6.6 6.6 6.6 6.6 6.6 6.6 6.6 6.6 49.6 49.6 48.9 48.2 49.4 49.2 47.9 48.2 49.3 23.9 23.9 23.9 24.0 24.0 24.1 24.2 24.3 24.4 14.8 15.0 15.8 15.9 15.8 15.8 15.8 15.5 15.9 4.7 4.8 4.7 4.6 4.6 4.7 4.5 4.7 4.5 267.9 268.2 268.8 269.1 269.7 270.3 270.6 270.2 271.6 ^Preliminary. 1 Includes construction expenditures for crude petroleum and natural gas drilling. 2 Consists of sales abroad and domestic sales of surplus consumption goods and materials. 3 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 as consumer bad debts and other business transfers. GPrior 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. NOVEMBER 1954 1211 REVISED ESTIMATES OF SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT FOR 1953 Jan. Feb. Mar. Apr. May June Aug. July Sept. Oct. Nov. Dec. Credit outstanding (millions of dollars) Consumer credit, by major parts: Total Instalment credit, total Automobile paper Other consumer goods paper Repair and modernization loans Personal loans Noninstalment credit, total Single-payment loans Charge accounts Service credit Instalment credit, by holder: Total Financial institutions, total Commercial banks Sales finance companies Credit unions Other Retail outlets, total Department stores Furniture stores Household appliance stores Automobile dealers Other Noninstalment credit, by holder: Total Financial institutions (single-payment loans): Commercial banks Other Retail outlets (charge accounts): Department stores Other Service credit Instalment credit held by commercial banks, by type of credit: Total Automobile paper: Purchased Direct Other consumer goods paper Repair and modernization loans Personal loans Instalment credit held by financial institutions other than commercial banks and sales finance companies, by type of credit: Total Automobile paper Other consumer goods paper Repair and modernization loans Personal loans 25,708 25,569 26,050 26,595 27,231 27,606 27,838 28,127 28,344 28,600 28,760 29,537 , 18,872 19,017 19,447 19,84420,308 20,745 21,157 21,410 21,581 21,766 21,907 22,187 8,273 8,479 8,798 9,110 9,429 9,688 9,980 10,153 10,260 10,373 10,404 10,341 ,492 529 ,587 5,831 5,457 5,483 306 5,237 5,263 5 ,468 5,420 619 ,645 1,649 1,500 1,530 1,555 ,588 403 1,405 1,417 1 ,063 4,137 245 ,271 4,366 4,190 4,219 4,241 3,890 3,896 3,969 6,836 2,149 2,985 1,702 ,923 6,861 6,681 6,717 6,763 2,178 2,188 ,321 225 2 ,783 ,812 765 2 834 ,790 802 800 1 801 1,792 6,552 6,603 2,127 2,228 2,699 2,642 1,726 18,872 19,017 447 19,844 20,308 20,745 21,157 21 ,410 ,920 16 396 16,823 17,253 17,659 18,071 18 310 665 8,059 8., 286 ,491 ,797 ,675 8,843 8,931 924 4,930 ,031 5,174 5,312 ,480 633 816 051 896 927 955 994 ,025 846 861 404 267 2,298 ,327 ,357 ,387 2,241 ,231 100 3,190 ,097 ,051 3,021 ',055 ,086 ,086 915 968 917 923 926 909 1,082 ,019 836 820 819 824 829 833 835 828 273 239 247 254 263 268 238 238 379 331 341 352 360 371 314 320 697 693 702 708 705 697 692 15,682 6,836 6,5 834 199 886 749 ,853 ,183 ,931 ,739 7,350 2,219 3,411 1,720 766 21,907 22,187 21.581 18,466 18,610 18,697 18,758 9,006 8,998 9,009 8,969 6,005 6,093 6,147 6,147 1,107 1,124 1,093 1,077 2,415 2,415 2,437 2,489 3,210 3,429 3,156 3,115 960 1,040 937 926 858 903 842 837 284 291 276 278 383 380 379 383 725 815 697 716 6,603 6,751 6,923 6,861 6,681 6,717 6,763 6,834 6,853 7,350 1,878 1,887 1,960 1,984 1,985 1,922 1,839 1,888 1,883 1,901 1,839 1,899 344 320 282 290 305 298 271 240 336 303 277 268 748 563 490 512 502 489 483 450 445 585 493 485 2,400 2,197 2,153 2,239 2,319 2,349 2,315 2,293 2,293 2,374 2,368 2,663 1,702 1,726 1,733 1,763 1,790 1,802 1,800 1,801 1,792 1,749 1,739 1,720 7,665 7,797 8,059 8,286 8,491 8,675 8,843 8,931 8,969 9,009 9,006 8,998 1,685 1,652 1,809 1,133 1,386 1,733 1,695 1,835 1,136 1,398 1,814 1,761 1,909 1,144 1,431 ,902 ,821 ,956 ,160 ,447 1,989 1,869 1,990 1,184 1,459 2,043 1,906 2,029 1,212 1,485 2,109 1,938 2,062 1,237 1,497 2,151 1,952 2,070 1,258 1,500 2,183 2,213 2,220 2,215 1,940 1,928 1,906 1,867 2,057 2,060 2,061 2,078 1,282 1,303 1,318 1,317 1,507 1,505 1,501 1,521 3,282 3,351 3,412 3,455 3,492 3,508 3,544 3,613 3,087 3,092 3,1 3,: 574 573 577 572 555 563 510 525 543 463 471 490 331 337 324 324 313 318 298 304 309 284 286 292 248 249 240 232 218 225 198 206 212 189 189 194 2,151 2,146 2,187 2,219 2,247 2,287 2,326 2,349 2,364 2.367 2,391 2,454 Instalment credit extended and repaid (millions of dollars) WITHOUT SEASONAL ADJUSTMENT Extensions: Total Automobile paper Other consumer goods paper Repair and modernization loans Personal loans Repayments: Total Automobile paper Other consumer goods paper Repair and modernization loans Personal loans 2,304 2,173 2,742 2,634 2,609 2,699 2,652 2,477 2,440 2,540 2,355 2,696 964 1,050 1,043 1,280 1,258 1,215 1,218 1,236 1,135 1,103 1,132 987 597 95 562 521 81 528 679 111 672 669 111 596 679 119 596 706 132 643 645 131 640 632 127 583 643 125 569 693 134 581 667 118 583 883 103 746 2,116 2,028 2,312 2,237 2,145 2,262 2,240 2,224 2,269 2 ,355 2,214 2,416 876 837 '961 946 896 959 944 '962 996 1,019 '956 1,027 619 98 523 590 79 522 653 99 599 653 90 548 610 89 550 634 100 569 608 101 587 606 102 554 634 92 547 656 103 577 609 92 557 639 99 651 SEASONALLY ADJUSTED* Extensions: Total Automobile paper Other consumer goods paper Repair and modernization loans Personal loans Repayments: Total Automobile paper Other consumer goods paper Repair and modernization loans Personal loans 2 619 2,609 2,743 2,574 2,518 2,489 2,548 2,401 2,460 2 ,444 2,502 2,414 1 *173 1,235 1,247 1,167 1,140 1,088 1,125 1,053 1,117 1,128 1,095 1,053 730 118 598 646 109 619 734 126 636 697 115 595 673 113 592 693 116 592 687 121 615 635 115 598 618 116 609 611 113 592 653 116 638 637 109 615 2,096 2,180 2,283 2,238 2,197 2,206 2,190 2,274 2,262 2,257 2,312 2,323 946 955 917 939 920 966 '965 965 1,008 1,026 862 910 603 89 542 614 80 576 647 100 590 636 97 550 618 99 563 630 99 538 613 97 560 640 100 568 632 94 571 635 96 561 623 96 585 620 97 580 * Includes adjustment for differences in trading days. NOTE.—Revisions for the period January 1953 to date incorporate more comprehensive information available recently from the following: commercial bank reports of condition for December 1953 and June 1954, Bureau of the Census annual survey of retail trade for 1953, and annual reports for 1953 from Bureau of Federal Credit Unions, State supervisory authorities, and other sources. Revisions for 1954 and explanatory notes appear in the regular tables (pp. 1190-1192). Sales finance company figures have not been changed. 1212 FEDERAL RESERVE BULLETIN INTERNATIONAL FINANCIAL STATISTICS PAGE International capital transactions of the United States 1214-1218 Gold production 1218 Estimated foreign gold reserves and dollar holdings 1219 Reported gold reserves of central banks and governments 1220 Net gold purchases and gold stock of the United States 1221 International Monetary Fund and Bank 1222 Central banks Money rates in foreign countries • • • •, 1222-1226 1227 Commercial banks 1228 Foreign exchange rates 1229 Price movements in principal countries: Wholesale prices 1230 Consumers' price indexes 1231 Security prices 1231 Tables on the following pages include the principal available statistics of current significance relating to gold, international capital transactions of the United States, and financial developments abroad. The data are compiled for the most part from regularly published sources such as central and commercial bank statements and official statistical bulletins, some data are reported to the Board directly. Figures on international capital transactions of the United States are collected by the Federal Reserve Banks from banks, bankers, brokers, and dealers in the United States in accordance with the Treasury Regulation of November 12, 1934. Back figures for all except price tables, together with descriptive text, may be obtained from the Board's publication, Banking and Monetary Statistics. NOVEMBER 1954 1213 INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES TABLE 1.—SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES » [Amounts outstanding, in millions of dollars] Total :oreign International institutions2 Date countries Official and private 1950—Dec. 3 1 . . . 1.527.8 1951—Dec. 3 1 . . . ,641.1 1952—Dec. 31 . . ,584.9 NethUnited King- France erdom lands Switzerland Italy 656.6 260.7 193.6 642.6 289.4 148.8 817.9 342.6 203.1 553.0 521.3 641.8 314.7 1,007.8 2,986.3 300.5 1,103.4 3,005.9 308.9 1.441.3 3,755.5 Other Total Europe Europe Canada Latin America Asia All other Official 7,116.9 3,620.3 7,661.1 3,547.6 8,961.2 4,654.2 899.0 1,612.9 1,364.2 254.5 1,307.1 1,455.2 1,595.5 297.4 1,420.7 1,612.9 1,836.5 335.6 1953—Sept. 30.. Oct. 3 1 . . Nov. 30.. Dec. 31. . ,501.8 9,902.0 5,453.6 ,575.6 9,946.3 5,511.9 ,563.9 10,127.5 5,651.9 L.629.4 10,019.0 5,666.9 900.8 916.3 907.8 708.9 375.8 425.6 423.4 428.5 230.7 241.2 252.8 242.9 664.4 661.2 653.7 674.2 368.2 1,985.3 390.8 2,037.3 430.1 2,127.7 465.7 2,213.4 4,525.2 4,672.5 4,795.3 4,733.6 1,197.1 1,205.7 1,260.3 1,295.5 1.839 7 1,734.9 1,762.4 1,768.4 L.986 9 353.2 1,984.2 349 0 1,985.7 323.8 1,895 5 326 1 1954—Jan. Feb. Mar. Apr. May June July Aug. Sept. 1,702.1 ,677.6 1,698.5 1,678.0 1,679.0 1,637.0 ,649.7 ,745.2 ,801.9 10,127.0 10,300.1 10,350.0 10,460.6 10,575.7 10,561.3 10,751.3 10,627.4 10,693.6 714.0 734.4 797.9 899.5 952.2 986.1 942.2 851.0 838.2 412.0 435.6 419.9 285.9 387.0 441.4 375.1 414.8 473 .4 211.6 215.6 215.4 226.9 250.4 272.3 305.7 252.8 247.6 670.4 671.7 665.2 664.8 651.8 636.0 674.0 679.6 667.4 474.5 491.8 494.6 519.2 483.0 455.6 456.8 500.7 527.4 4,798.3 4,940.8 5,010.3 5,097.7 5,275.4 5,305.4 5,390.4 5,345.3 5,426.8 1,334.9 1,348.4 1,340.4 1,282.3 1,286.6 1,320.6 1,342.0 1,343.4 1,350.8 1,772.5 1,788.1 1,866.8 1,998.6 1,993.9 1,954.3 2,040.6 1,916.6 1,889.0 1,901.9 319.3 1,892.0 330.8 L.801.7 330.9 L,762.1 319.9 L,711.0 308.7 1,682.5 298.5 1,692.7 285.6 1,747.6 274.5 1,764.1 262.9 31.. 28.. 314. 305. 31. . 30.. 31 P. 31 P. 30P. 5,741.2 5,903.1 5,925.2 6,062.9 6,265.0 6,307.0 6,422.2 6,265.5 6,313.3 2,315.8 2,391.7 2,417.3 2,501.4 2,550.9 2,513.8 2,636.6 2,646.4 2,672.8 Table la.—Other Europe Other AusEurope tria Date 1950—Dec. 3 1 . . 1,007.8 1951—Dec. 31 . . 1,103.4 1952—Dec. 31. . 1,441.3 1953—Sept. Oct. Nov. Dec. DenBel- Czechoslo- mark gium vakia 41.9 128.2 57.1 134.7 91.1 123.9 5.6 1.3 .6 30. . 1,985.3 161.1 148.0 31 . . 2,037.3 169.9 118.2 30. . 2,127.7 182.2 126.9 31. . 2,213.4 190.9 130.3 .5 .5 .6 .6 135.1 133.9 142.1 121.2 122.9 111.6 118.0 99.3 104.0 .6 .6 .6 .9 .7 .6 .6 .6 1954—Jan. 31. . 2,315.8 Feb. 28.. 2,391.7 Mar. 31*. 2,417.3 Apr. 30 s. 2,501.4 May 31. . 2,550.9 June 30.. 2,513.8 July 3 1 P . 2,636.6 Aug. 31 P. 2,646.4 Sept. 30P. 2,672.8 199.7 208.4 217.4 227.6 234.3 238.5 258.0 273.1 279.4 Finland 45.5 18.3 45.3 27.0 70.4 28.5 81.7 88.1 92.8 95.7 30.7 33.5 35.7 37.9 104.2 97.0 102.4 102.0 92.4 92.7 80.7 79.5 .7 76.4 39.7 42.5 44.7 39.1 41.6 42.4 42.4 41.0 36.2 Germany, Swe- TurNor- Po- Por- RuYugo- All Fed. Greece way land tugal mania Spain den key U.S.S.R. slavia other Rep. of 32.3 43.6 45.8 99.7 47.3 110.3 221.6 405.6 551.1 4.2 2.8 3.4 45.7 40.7 57.4 6.1 6.1 6.1 21.3 115.3 14.3 17.1 71.7 14.1 19.2 91.0 8 . 4 4.0 2.5 1.7 13.2 246.8 7 . 1 124.7 12.0 218.8 793.7 77.9 827.2 85.1 850.0 92.0 898.8 100.9 113.7 115.7 117.6 118.5 3.4 2.2 2.9 2.2 66.7 70.0 73.1 72.4 5.8 5.8 6.0 5.8 23.4 32.7 35.9 36.0 103.5 96.0 105.2 116.7 14.2 16.7 22.6 14.2 8.3 2.0 28 7 . 4 345.3 9 . 0 364.8 7 . 7 373.6 106.5 110.8 112.4 109.3 116.0 114.0 112.1 104.5 94.3 118.5 118.7 122.0 130.1 130.6 131.2 127.2 129.1 133.1 2.9 3.8 2.4 2.8 2.2 2.2 2.2 1.7 1.8 71.9 74.2 76.1 77.0 83.5 86.3 88.5 83.8 83.5 5.7 7.8 7.9 7.8 7.8 7.9 7.9 7.9 7.9 32.6 22.0 21.9 20.5 22.1 26.2 37.5 46.0 58.3 124.7 10.9 129.4 8 . 8 119.2 9 . 4 121.0 9 . 2 120.4 7 . 9 123.1 7 . 4 157.0 6 . 4 173.6 6 . 2 180.5 7 . 6 3.1 2.3 1.8 2.5 2.2 3.1 2.8 3.0 2.1 6.1 6.3 5.8 4.8 6.2 5.9 6.8 6.4 6.9 Netherlands West Indies and Suri- Panama, Republic of Peru El Salvador Uruguay 75.1 85.2 84.7 71.9 94.1 145.5 943.1 971.7 994.3 1,039.3 1,051 .2 1,084.9 1,222.1 1,225.1 1,246.6 2.0 6 9 383.5 410.4 453.3 436.8 486.3 509.0 435.9 366.4 365.5 353.5 Table lb.—Latin America Date Latin America Argen- Bo- Brazil Chile tina livia Colombia Cuba Dominican Guate- Mexico mala Republic Other Vene- Latin zuela America nam 1950—Dec. 31. 1,612.9 301.8 1951—Dec. 31. ,455.2 249.7 1952—Dec. 31. ,612.9 138.8 20.4 226.0 27.8 100.3 24.5 72.5 79.5 53.4 54.0 106.4 79.3 118.2 259.1 42.7 263.6 45.8 301.2 44.2 25.4 207.1 27.3 158.2 34.3 231.2 30.2 34.9 44.3 59.2 67.7 80.8 60.2 47.2 60.9 16.1 27.8 25.6 71.3 87.8 117.4 146.6 143.1 137.1 130.0 20.3 19.9 18.8 19.1 164.4 110.0 148.9 101.7 92.1 86.0 81.5 78.8 115.6 116.2 132.0 150.2 391.0 385.0 352.6 340.8 45.0 41.9 42.4 39.3 36.4 32.7 32.1 37.9 170.3 180.2 189.3 183.2 43.6 101.9 49.0 82.8 52.2 79.9 51.5 89.9 60.0 68.2 73.5 68.0 33.7 89.0 28.7 93.5 24.9 89.4 26.8 109.6 197.8 173.1 184.1 222.4 131.7 124.6 123.5 119.2 ,772.5 139.2 1954—Jan. 31. Feb. 28. ,788.1 160.8 Mar. 31* ,866.8 170.4 Apr. 30« ,998.6 175.4 ,993.9 173.8 May 31. ,954.3 176.7 June 30. July 31 P J.040.6 181.8 Aug. 31 P ,916.6 191.1 ,889.0 204.8 Sept. 30P 18.8 20.3 27.1 26.5 28.5 31.4 28.0 27.3 30.2 101.4 90.1 110.1 100.7 92.6 96.1 167.4 102.6 91.3 68.6 65.7 60.5 56.4 55.8 61.2 73.9 78.9 74.7 152.5 151.2 160.6 170.5 190.5 230.6 236.2 215.0 168.2 345.1 353.5 362.2 376.0 377.1 346.5 332.4 296.0 287.2 42.8 45.4 49.2 52.7 53.4 55.8 61.1 60.9 60.7 44.7 52.0 53.1 53.5 54.1 48.0 44.9 40.4 37.1 184.9 187.4 167.1 233.5 203.5 201.3 210.0 236.8 254.7 53.3 55.7 52.4 52.8 49.1 51.5 50.9 50.1 50.1 87.8 89.3 92.8 94.3 88.3 87.2 91.6 86.2 76.3 73.7 69.9 73.0 68.9 67.2 66.6 66.6 69.2 76.4 38.0 42.5 47.2 50.2 44.9 41.6 36.3 30.5 25.0 201.4 179.2 188.7 241.0 269.8 218.0 208.2 191.1 214.5 120.8 126.0 150.2 141.1 140.3 134.0 138.7 136 6 136.1 Sept. 30. Oct. 31. Nov. 30. Dec. 31. ,839.7 ,734.9 ,762.4 ,768.4 99.5 99.1 102.3 104.9 105.2 107.7 112.6 104.1 101.6 'Preliminary. For footnotes see following page. 1214 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 KoFormosa rea, Phil- Thai- Other and Hong India Indo- Iran Israel Japan Repub- ippines land China Kong nesia Asia lic Mainof« land All other Date Asia 1950-Dec. 3 1 . 1951- Dec. 31 1952—Dec. 3 1 . 1,364.2 1,595.5 1,836.5 81.7 86 .1 55.7 114.7 20 3 12.6 458.5 19.5 374.4 48.2 92.4 254.5 87.4 62 .4 62.1 140.6 25 5 26.6 596.0 26.2 329.7 96.7 142.2 297.4 76.4 70 .9 64.6 61.0 19.2 18.8 808.0 54.4 315.1 181.0 167.1 335.6 1953 - S e p t . Oct. Nov. Dec. 30. 31. 30. 31 1.986.9 1,984.2 1,985.7 1,895.5 75.9 77.1 77.2 73.6 68 67 68 68 .8 92.7 . 9 95.3 .7 100.0 .0 99.0 35.1 34.7 34.0 39.3 31 47 42 43 0 4 6 6 19.5 18.3 14.4 18 0 932.2 912.0 914.9 827.9 76.5 76.8 88.2 91.5 308.8 303.3 299.2 295.5 191.3 187.1 177.0 167.9 155.1 164.2 169.6 171.2 1954—Jan. Feb. Mar. Apr. 31. 28 31* 1,901.9 1,892.0 1,801.7 1,762 1 1,711.0 1,682 5 1,692.7 1,747.6 1,764.1 77.0 79.2 79.6 79 0 76.7 75 8 75.1 74.2 69.6 68 . 0 97.5 65 .8 120.2 65 . 3 82.2 66 85 1 66 .8 86.7 65 .1 91 3 64 .6 79.2 63 .7 75.5 64 3 73.4 75.7 74.6 68.3 65 2 63.8 59 2 60.5 81.9 87.3 41 40 47 45 5 5 7 4 26 0 20.0 33.7 31 0 27.4 28 9 25.1 36.0 33.1 795.4 737.7 675.8 639 7 616.9 615 4 612.1 639.9 668.5 98.7 95.5 102.8 103.7 104.7 105 9 104.6 101.5 94.9 298.1 313.0 309.9 317 7 303.1 298 9 308.2 314.2 308.5 153.3 157.5 155.1 144 6 139.3 130 1 127.1 126.2 125.0 170.7 188.0 181.2 184 3 186.3 177 8 207.6 211.2 213.3 May June July Aug. Sept. 30 5 31. 30 31P 31P 30P 39.4 34 28 23 26 0 6 3 1 Australia Egypt and Union .Bel- Anglo- of gian Egyp- South Other Congo tian Africa Sudan 19.1 5 8 . 1 75 6 38.5 5 4 . 5 110 7 47.2 118. 6 5 9 . 7 44 .0 7 0 23 .6 57 . 7 86 . 8 86 . 5 353.2 349.0 323.8 326.1 54.0 116. 8 58.9 110. 6 58.5 9 4 . 0 59.2 8 9 . 6 43. 44. 40. 43. 9 7 9 3 38 44 38 38 9 7 0 2 90.1 319.3 330.8 330.9 319 9 308.7 298 5 285.6 274.5 262.9 51.5 53.4 49.6 49 5 49.6 48 0 42.8 41.3 SS 4 44. 45. 49. 51 5l! 51 51. 47. 45. 0 9 7 8 3 7 5 7 1 34 44 43 32 34 37 38 37 38 5 8 9 8 2 8 6 9 5 98 .1 99 . 0 104 . 3 104 . 8 99 .5 97 4 101 . 3 102 .1 99 .7 91. 1 87. 7 83. 3 81. 1 74. 1 63. 6 51. 3 45. 5 44. 2 99 .4 92 4 95 . 7 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 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 and French 1950 1951 1952 1953 .6 .1 .2 .1 .5 .6 2 9 1 l .3 .6 .6 2.7 1 0 .3 .4 .6 1.9 1 0 n.a. 2.1 3.5 3.7 9.2 6.4 1 0 11.9 2.9 4.1 15.9 1.3 6 11.8 3.2 5.6 12.6 1.3 6 5.0 2.6 4.1 8.7 6.5 19.3 14.6 8.7 11.4 14.6 12.1 23.7 .2 7.7 9.8 5.7 4.1 .8 10.3 17.2 8.3 5.4 2.2 11.6 15.4 13.4 5.0 n.a. .4 .6 19 10 7.5 n.a. 1.3 4 4.0 3.0 2.5 18.0 13.4 17.7 .6 9.3 n.a. 16.0 6.0 Other Asia: Afghanistan British dependencies Burma Ceylon French India Indochina Iraq Jordan Lebanon Pakistan Portuguese dependencies . Saudi Arabia Syria Italian Somaliland 1951 1952 1953 8 3 23.7 .4 3.4 .8 3 1 4 0 25.5 16.9 13.9 1.8 7 7 .5 12.3 13 0 .7 7 9 6.8 10 6 21.0 9.5 19.2 1.3 7 3 12.9 .5 15.3 13 1 2.7 13 2 5.4 U.I .6 19.3 14 4 2.8 15 9 11.4 na 19.8 n.a. n.a. n.a. 6 9 13.8 .9 23.9 9 7 5.3 18 5 20.5 .9 3.3 26.5 .2 1 6 .3 2 7 3.0 .2 16.9 1.2 6.9 36.5 .1 6 1 .5 5 2 4.3 .2 21.5 1.6 3.0 27 0 1.1 10 3 2.3 3 5 6.3 .2 26.7 1.6 n.a. 22 2 .3 11 8 n.a. 2 1 5.0 .2 36.1 2.9 . . . . All other: British dependencies Ethiopia Libya New Zealand Portuguese dependencies Spanish dependencies Tangier 1950 ... . ^Preliminary. n.a. Not available. 1 "Short-term liabilities" reported in these statistics represent principally demand deposits and U. S. Government obligations maturing in not more than one year from their date of issue, held by banking institutions in the United States; small amounts of bankers' acceptances and commercial paper and of liabilities payable in foreign currencies are also included. ^Includes International Bank for Reconstruction and Development, International Monetary Fund, and United Nations and other international organizations. Excludes Bank for International Settlements, reported under "Other Europe." 3 Represents funds held with banks and bankers in the United States (and in accounts with the U. S. Treasury) by foreign central banks *nd by foreign central governments and their agencies (including official purchasing missions, trade and shipping missions, diplomatic and consular establishments, etc.). 4 Beginning Mar. 31, 1954, banks whose total liabilities to foreigners are less than $500,000 are excluded. Banks claiming this exemption reported a total of 15.9 million dollars of such liabilities on that date. 5 Beginning Apr. 30, 1954, includes liabilities to foreigners held by banks in the territories and possessions of the United States. These banks reported a total of 16 million dollars of such liabilities on that date. ^Through 1952, reported by banks in the Second (New York) Federal Reserve District only. 7 These data are based on reports by banks in the Second (New York) Federal Reserve District only and represent a partial breakdown of the amounts shown in the "other" categories in Tables la-lc. For each date the Second District reported at least 90 per cent of the total amount in the "other" categories. NOTE.—The statistics in this section are based on reports by banks, bankers, brokers, and dealers. Certain changes in the reporting forms and instructions were made as of Mar. 31, 1954, and there were also changes, beginning with the BULLETIN for June 1954, in the content, ordei, and selection of the material published, as explained on p. 591 of that issue. For discontinued tables and data reported under previous instruct tions, see BULLETIN for May 1954, pp. 540-545. NOVEMBER 1954 1215 INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued TABLE 2—SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES * [Amounts outstanding, in millions of dollars] Netherlands Switzerland Italy 31.4 10.1 31.9 3.4 5.0 4.4 8.7 11.2 7.1 20.7 10 3 17.8 9.7 9 9 9.8 82 10.6 5.7 72 9.1 6 3 8 6 13.4 14 7 15.4 16 8 17.9 7.4 62 9 4 13 1 18.1 16.1 12 8 12.5 10 7 12.1 14.6 lb.l Total United King- France dom 898.0 968.4 1,048.7 105.7 35.0 30.3 1953—Aug 31 Sept. 30 . Oct. 31 Nov. 30 Dec. 31 917.8 901 8 906.5 910 0 904.5 26.6 33 9 39.5 48 1 70.5 1954—Jan. 3i Feb. 28 2 Mar. 31 Apr. 30 May 31 June 30. July 31 P Aug. 31 P 923.8 901.5 867 1 879.9 915 4 973.9 1.111.1 1,093.8 66.9 59.9 59 5 87.0 79 7 79.7 86.0 82.0 Date 1950—Dec. 3 1 . . . 1951—Dec. 31 1952—Dec. 31 Other Total Europe Europe Canada Latin America Asia other 68.0 111.8 120.7 237.9 183.4 212.2 125.8 92.0 62.3 378.8 489.3 662.0 95.4 161.8 89.8 60 0 41.9 22.4 22.2 21 7 20.0 20 3 18.8 88.5 91 7 103.1 97 6 109.5 166.2 179.1 196.8 197 2 235.9 42.0 56.7 80.7 67 1 56.4 594 1 540 4 502.4 506 5 472.7 95.7 105 3 104.3 117 7 114.8 19.8 20 3 22.3 21 6 24.9 16.7 17.5 13.7 14.4 14 4 15.3 16.7 13.4 132.3 131.1 134.7 138.2 149 3 131.5 128.4 129.9 247.6 241.2 243.5 269.2 271.7 260.8 264.5 258.2 51.7 59.2 60.0 47.5 52.6 65.2 66.4 63.1 473.3 450.4 426.4 433.3 447 9 499.3 627.3 614.7 125.5 126.7 111.4 101.9 114.6 113.3 116.7 124.9 25.7 24.0 25.8 27.9 28.6 35.3 36.2 32.8 Germany, Greece Fed. Rep. of Norway Portugal Spain Sweden Turkey Yugoslavia All other 1.4 .5 1.6 6.9 7.1 9 6 7.9 9.2 89 10 2 88 11 .9 9.5 7.5 9.3 9.4 All Table 2a.—Other Europe Other Europe Date Austria Belgium Denmark 2 21 5 39.6 16.2 32 4.8 2.1 22 3.1 5.6 25 4 28.3 26.8 .2 .2 .2 2.5 1.9 10.3 11.1 11 0 12.3 13.0 3.5 4.3 57 5.3 6.2 3.4 2.3 27 1.8 1.9 30.3 33.6 37 3 31.3 30.5 .2 .4 .8 1.0 13.4 14.3 13 2 14 9 15.2 14 8 15.3 14.7 6.0 4.1 29 43 3.5 41 4.2 3.5 1.5 1.3 13 16 1.6 19 1.8 1.4 40.1 43.6 53 4 58 9 57.0 53 7 52.5 51.9 1950—Dec. 31 1951—Dec. 31 1952—Dec. 31 68 0 111.8 120.7 1953—Aug. 31 Sept. 30 Oct. 31 Nov. 30 Dec. 31 88.5 91.7 103 1 97.6 109.5 .4 .3 1954—Jan. Feb. Mar. Apr. May 132.3 131.1 134 7 138 2 149.3 131 5 128.4 129.9 .2 .2 31 28 31 2 30 31 June 30 . . July 31 P Aug. 31 P .8 1 .2 .8 2 2 .1 2 .1 .2 Finland .5 .9 .7 1.3 .8 1.0 1.4 1.4 15 1.2 1.6 13 2.0 1.4 1.9 1.8 2.6 2.6 .8 .5 .4 .5 4 .6 .6 .4 .5 4 .6 .6 .6 .7 .5 1.3 1.3 1.5 1.4 18.8 11.2 20.3 24.1 22.6 22.8 24.3 .9 5.4 2.5 .6 38.8 3.9 8.6 1.8 2.2 4.5 1.0 5.8 4.2 1.7 24.4 19.8 12.2 10.6 5.7 3.5 2.1 3.5 7.7 5.3 4.0 4.0 5.4 6.9 6.7 7.1 2.4 2.7 7.7 15.7 4.3 4.8 7.5 6.8 2.1 1.7 29.2 31.0 35.4 29.8 49.2 35.9 32.7 37.0 4.5 5.4 7.9 6.2 5.9 5.2 5.6 6.6 6.1 6.2 6.5 6.3 1.4 2.2 1.9 2.4 2.7 2.6 5.1 5.3 5.7 4.2 Table 2b.—Latin America Latin BoAmer- Argenlivia tina ica Date Brazil Chile Colombia Cuba NetherDolands Panminican Guate- Mex- West ama, Reico Indies pubRe- mala and lic of pubSurilic Peru El Salvador Uruguay Other Vene- Latin zuela Amer- ica nam 1950—Dec. 31. . 378.8 45.9 7.6 1951—Dec. 3 1 . . 489.3 1952—Dec. 3 1 . . 662.0 8 . 2 8.7 7.5 5.8 78.0 6 . 8 185.0 24.8 356.4 26.4 42.5 43.7 41.7 27.6 32.3 32.5 1.9 18 L.6 2.6 3.8 4.2 70.6 90.6 88.6 1.3 1.2 1.3 3.1 3.0 6.5 11.0 11.8 14.8 6.8 9.5 9.1 10.5 14.3 49.4 41.7 36.7 13.7 319.6 7 . 5 273.7 7 . 5 203.6 6 . 1 186.5 7 1 125.1 22.6 48.9 47.4 47.1 52.0 56.9 24.0 21.6 41.7 49.4 51.2 L.9 L.7 L.7 L.7 L.9 3.0 3.6 4.2 4.7 4.1 89.0 79.3 86.3 90.1 92.9 2.2 1.8 3.0 1.6 2.6 5.4 5.8 4.9 7.4 4.6 15.1 16.8 17.7 18.5 20.2 3.7 4.8 6.0 7.9 8.2 3.2 3.4 3.8 4.4 3.7 35.4 36.3 39.2 40.3 41.6 14.2 16.1 18.2 18.6 19.3 121.9 116.7 117.3 117.4 129.1 167.4 278.0 270.5 53.1 50.6 47.8 54.4 59.1 66.4 64.6 64.0 60.0 62.2 58.4 2.0 1.8 1.6 2.2 2.4 2.5 2.4 2.4 3.4 3.4 2.6 3.2 3.0 2.9 3.0 3.2 98.1 87.2 85.3 77.3 76.6 81.7 85.5 91.7 2.6 1.8 1.1 1.5 1.8 2.5 2.1 2.0 5.7 6.2 7.1 7.4 6.2 7.7 8.5 5.4 18.8 17.2 14.7 16.4 15.2 16.0 15.7 14.2 8.9 7.4 5.5 5.0 4.1 4.6 5.4 5.1 28 40.8 38.8 38.9 45.7 47.7 46.4 51.6 50.4 17.8 17.8 16.9 17.3 17.1 17.6 20.1 20.4 594.1 540.4 502.4 506.5 472.7 7.6 7.5 7.0 6.7 7.1 13.4 13.2 11.9 473.3 450.4 426.4 433.3 447.9 499.3 June 30. . July 31 P. 627.3 Aug. 31 P. 614.7 7.3 7.2 5.4 6.2 5.6 5.7 5.8 5.8 9.2 1953—Aug. Sept. Oct. Nov. Dec. 1954—Jan. Feb. Mar. Apr. May 31 . 30. . 31. . 30. . 31. . 31. . 28.2 . 31 . 30. . 31. . 9.7 10.8 8.7 1.9 1.7 2.3 2.0 2.9 1.7 20.9 20.1 19.9 19.6 18.5 12.2 21.0 14.9 55.2 55.9 59.2 56.9 59.7 8.0 3.3 2.1 2.7 3.2 4.4 3.9 3.2 14.6 14.5 ^Preliminary. 1 "Short-term claims" reported in these statistics represent principally the following items payable on demand or with a contractual maturity of not more than one year: loans made to and acceptances made for foreigners; drafts drawn against foreigners that are being collected by banking institutions on behalf of their customers in the United States; and foreign currency balances held abroad by banking institutions and their customers in the United States. The term "foreigner" is used to designate foreign governments, central banks, and other official institutions, as well as banks, organizations, and individuals domiciled outside the United States, including U. S. citizens domiciled abroad and the foreign subsidiaries and offices of U. S. banks and commercial firms. 2 Beginning Mar. 31, 1954, banks whose total claims on foreigners are less than $500,000 are excluded. Banks claiming this exemption reported a total of 9.6 million dollars of such claims on that date. •Less than $50,000. 1216 FEDERAL RESERVE BULLETIN INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued TABLE 2.—SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES—Continued [Amounts outstanding, in millions of dollars] Table 2c—Asia and All Other Date Asia Formosa Korea, Re- Phil- Thai- Other All Indoand Hong China Kong India nesia Iran Israel Japan pub- 1 ippines land Asia other lic of Mainland 1950—Dec. 3 1 . . 95.4 1951—Dec. 31. 161.8 1952—Dec. 3 1 . . 89.8 18.2 10 1 10.1 3.0 3.1 1.2 16.2 13.4 4.3 .2 .3 .9 95.7 105.3 104 3 117.7 114.8 7.9 8.5 2.9 2.9 2.6 4.3 3.1 2.7 2.9 3.4 4.1 3.7 1.6 1.1 .6 .6 .8 13.9 13.0 14 2 13.3 13.8 125.5 126 7 111.4 101.9 114.6 113.3 116.7 124.9 8.1 2.3 2.2 2.2 3.2 3.4 3.1 3.6 2.8 2.9 4.1 3.9 5.1 3.5 3.4 3.1 1.0 9 .7 .5 1.4 .6 .6 .4 14 7 14 7 14.3 15.1 15.3 16.0 17.5 20.3 1953—Aug. 3 1 . . Sept. 30. . Oct 31 Nov. 30. . Dec. 31. . 1954—j an> 3i Feb. 28.2 Mar. 31 . Apr. 30. . May 31 .. June 30. . July 31 P. Aug, 31 P. 8 5 8^5 8.1 8 1 8.4 8.1 8.2 8.1 8.1 8.2 3 2 6 . 6 18.9 12.1 9 . 3 30.0 12.2 10.2 15.1 12.5 8.8 24.4 25 9 23.4 22.9 32 7 27.6 22.1 16.2 8.8 8.0 8.4 9.3 4.9 29.3 7.6 10.1 17.1 20.5 17 7 26.6 25.6 9.4 28.5 31.7 32.8 30.6 36.7 38.6 33.3 30.9 (3) .1 .2 .2 .5 1.5 2.5 3.3 13.9 51.6 24.6 60.0 41.9 22.4 40.8 22.8 10.1 4.4 5.7 6.0 .3 .2 .5 7.3 6.7 2.0 7.2 6.5 3.S 5.2 5.9 15.5 16.7 19.7 24.9 24.7 19.8 20.3 22.3 21.6 24.9 6.3 7.0 5.9 5.7 5.7 8.0 5.8 6.3 .2 .1 .2 .4 .5 2.9 2.3 2.7 2.3 2.4 4.6 5.1 7.8 7.4 7.8 23.9 25.0 17.5 13.0 19.5 20.1 26.3 31.3 25 7 24.0 25.8 27.9 28.6 35.3 36.2 32.8 6.9 7.2 7.6 8.7 7.7 6.5 6.5 6.7 6.4 7.1 7.8 7.9 7.5 .7 .5 1.3 .3 .5 .3 .2 .4 4 7 5 1 6 8 4 6 4.5 5.5 5.8 5.9 5.3 5.2 5.7 7.0 7.6 5 5 6 2 5.2 5.8 6.8 6.1 5.5 S2 6.0 8.0 4.9 6.4 .1 4.3 4.9 5.7 6.2 5.6 6.2 10.5 8.7 9.7 12.0 Egypt and Union Bel- AngloAus- gian of tralia Congo Egyp- South Other tian Africa Sudan 5 8 10.2 12.1 10.1 5 7 11.1 10.7 9.5 TABLE 3.—PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPES * [In millions of dollars] U. S. corporate bonds and stocks U. S. Government bonds and notes Purchases Sales 942.1 294.3 4 6 1 356 6 —683 0 231 .4 302.3 7 —82 0 728 0 0 774.7 859 8 850.3 801 9 772.3 761.0 837.7 731.4 98.7 12.6 70.5 Purchases 1950 1951 1952 1953 1,236 673 533 646 Net purchases or sales Net purchases or sales Year or month Sales Foreign bonds 2.4 Foreign stocks Purchases Sales Net purchases or sales Purchases Sales Net purchases or sales 589.2 500.4 495.3 542.5 710.2 801.0 677.4 621.5 -121.0 -300.6 -182.1 -79.0 173.8 272 3 293.9 310.1 198.2 348 7 329.6 303 4 -24.4 —76 4 -35 8 6 8 2.1 7.7 4 7 1953—August September October November December 30 1 43.1 24 4 37.0 191.1 29 3 116.4 28 8 38.6 192.6 -73.3 —4 4 -1.6 -1.5 .8 49 7 68.2 53 3 57.5 75.4 47.3 45.1 50.8 60.4 64.1 23.1 2.5 -3.0 11.3 20.0 23.2 83.9 34.6 39.5 17.9 16.9 120.6 79.6 64.0 6.3 -36.7 -45.0 -24.4 18.6 23.9 23.1 25.6 34.5 18.5 16.3 18.4 25.6 30.9 January 1954—February March April May June Julyp Augusts 33.7 87.4 55.0 65 2 87.3 48 9 33.4 86.9 38.0 99.9 22.1 30 0 88.4 27 3 24.3 33.9 -4.3 -12.6 32.9 35.2 -1.2 21 6 9.1 53.0 68.7 77.1 98.0 112.1 110.8 107 2 132.8 110.6 71.6 85.7 95.8 96.5 96.4 99.9 100.5 108.4 -2.9 -8.6 2.2 15.6 14.4 7.3 32.2 2.2 58.6 64.8 46.8 54.3 37.3 57.0 46.0 62.4 234.4 35.6 82.6 80.0 34.3 48.9 51.6 38.6 -175.9 29.1 -35.8 -25.7 3.0 8.1 -5.7 28.1 26.9 32.6 31.3 29.5 29.7 34.8 38.1 26.9 38.9 41.6 46 5 56.1 79 6 38.6 101.4 2.4 23.8 1 3.6 1.2 -12.0 -9.0 — 15 2 -26.6 —49 9 -3.8 -63.3 TABLE 4.—NET 1PURCHASES BY FOREIGNERS OF LONG TERM UNITED STATES SECURITIES, BY COUNTRIES [Net sales, ( - ) . In iTrillions of dollars] International institutions Total foreign countries United Kingdom 1950 1951 1952 1953 121.2 823.2 — 15.9 —568.4 300.2 14.7 22.7 —34.3 64.0 21 4 70.4 71.3 1953—Aug.... Sept... Oct.... Nov.... Dec... -4.2 -14.1 -8.2 1954—Jan Feb.. .. Mar.... Apr... . May.. . June... Julyp.p . Aug. .. .9 .7 .5 .6 Year or month 8.5 —4.4 21.8 .5 -4.4 41.2 -36.2 6.3 6.8 2.6 4.2 -13.0 14.2 -2.5 25.7 -8.1 -21.8 34.5 50.1 -8.6 28.3 45.7 13.9 9.0 6.1 9.2 5.0 3.4 3.5 5.7 6.5 7.4 France 197.8 6 0 5.5 —41.7 1.0 .7 .3 .2 1.1 -7.1 -16.2 21.4 36.1 2.2 1.5 3.0 .1 Nether- Switzerlands land -6.3 —22.2 -21.9 —21.3 -.5 -.8 -2.8 -.1 -1.1 -2.0 -2.9 -3.7 -4.6 -3.4 -1.9 -1.5 —2.9 Italy Other Europe Total Europe Canada 73.8 —43.8 347.5 458.2 -595.5 191.6 —120.6 19.0 45 9 50.7 57.1 — .7 — .5 -2.5 5.5 9.6 1.3 2.1 1.2 .1 (3) (3) -.5 .1 -1.5 1.1 .1 2.3 (3) -.1 -.4 .1 -.4 .2 (3) .6 1.0 1.9 1.4 2.7 3.6 1.5 .9 .5 10.5 5.4 -.2 24.8 .5 1.9 .5 6.2 .5 1.6 (3) 1.6 9.2 111.4 62.4 11.4 12.7 4.7 -.7 28.5 2.1 -11.1 30.2 49.7 10.8 4.6 32.8 5.2 Latin America 30.1 13.9 4.7 24.9 -6.5 -50.5 -9.9 -14.9 -17.4 11.8 -6.8 - 6_ _ . 7? -3.3 -2.9 -5^2 -34.3 -8.3 -3.5 -1.6 14.8 31.2 15.8 10.5 2.3 .3 3.9 2.7 3.2 3.3 Asia —15.3 All other 2.7 4.8 — .7 (3) — .9 .5 .4 .1 -.5 -.5 -.3 1.0 -.3 -.8 .9 -9.5 -.3 -.1 (3) .8 -.2 .1 .6 -.3 l!9 .3 -1.0 1.4 1.4 .4 .7 .1 .1 p Preliminary. *Not reported separately until Mar. 31, 1954. 2 See footnote 2 on opposite page. 3Less than $50,000. 4 Includes transactions of international institutions. NOVEMBER 1954 1217 INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued TABLE 5.—NET PURCHASES BY FOREIGNERS OF LONGTERM FOREIGN SECURITIES OWNED IN THE UNITED STATES, BY AREAS TABLE 6.—DEPOSITS AND OTHER DOLLAR ASSETS HELD AT FEDERAL RESERVE BANKS FOR FOREIGN CORRESPONDENTS 1 [Net sales, ( - ) . In millions of dollars] [In millions of dollars] Year or month Inter- T o t a l national f o r e i g n Total Caninsti- coun- Europe ada tutions tries — 3 . 6 — 1 4 1 . 8 13.4 —1 5 2 . 7— 2 2 4 . 3 28.5 — 1 1 8 ! l —99! 8 19.9 —61.2 —11.0 96.3 1950 1951 1952 1953 1 9 5 3 — A u g . . . -.3 Sept... Oct.... - 7 3 . 1 .6 -.5 Nov... Dec... 1954—Jan.... —100.6 F e b . .. 1 0 . 5 .1 Mar... Apr.... .7 M a y . . - 4 . 7 June. . July*.. Aug. P. -.7 - 1 . 1 - 3 . 1 2.5 14.0 41.1 - 4 5 . 5 - 2 0 . 3 -.2 6.5 —1 9 0 . 0 2 9 . 33. —258.6 —1 4 1 . 0 2 5 . —137.8 34. .3 5.1 4.8 4.7 - 9 . 8 - 4 9 . 6 - 2 3 . 3 - 7 4 . 0 8.9 - 9 5 . 3 6.7 10.7 8.0 - 4 4 . 8 - 4 1 . 6 -5.9 -18.8 -18.6 -41.1 - 9 . 9 2.2 -8.4 -36.4 -4.2 - 5 3 . 2 - 3 5 . 9 -.9 - 2 9 . 3 - 1 8 . 0 - 3 6 . 4 8 1.0 8 —36 !o 3 —io!o 6 —29! 9 1.4 2.4 9.3 2.2 1.6 - 3 . 5 - 5 . 4 5.6 .1 1.3 1.7 3.9 2.4 2.4 1.8 - 3 9 25! . . . . . . . . 6 8 2 5 6 7 0 4 Deposits Date 8 1.4 .7 8.8 .5 2.1 9.4 - 7 . 4 1.0 .9 .4 .3 8.0 4.0 P Preliminary. iLess than $50,000. U . S . G o v 2t . M i s c e l - 3 securities laneous 550 2,156 86 1953—Oct. 31 Nov. 30 Dec. 31 1954—jan 31 Feb.28 . . Mar. 31 Apr. 30 May 31 June 30 July 31 Aug 31 Sept. 30 Oct. 31 448 417 423 440 490 494 471 527 545 533 477 461 2,674 2,694 2,586 2,632 2,716 2,784 2,840 2,969 2,900 3,033 2,989 3,013 3,050 97 99 106 99 88 92 96 93 87 85 82 101 I954—Qct 556 468 3, 3, 3, 3, 104 101 1952—Dec. 7.9 6^0 -.4 -.7 -.8 2 4 2 2 3 4 3 1 custody All other ica 33.7 8.3 Assets in Latin Amer- Asia 31 426 6 Oct 13 Oct. 20 Oct 27 434 443 0 0 0 0 2 4 6 4 99 9 5 3 3 102 100 1 E x c l u d e s a s s e t sh e l d f o r I n t l . B a n k a n d M o n e t a r y F u n d a n d e a r marked gold. See footnote 4, p. 1221, for total gold under earmark a t 2F e d e r a l R e s e r v e B a n k s f o r f o r e i g n a n d i n t e r n a t i o n a l a c c o u n t s . U . S . T r e a s u r y b i l l s , c e r t i f i c a t e s o f i n d e b t e d n e s s , n o t e s a n d / o r bonds. 8 I n c l u d e s b a n k e r s ' a c c e p t a n c e s ,c o m m e r c i a l p a p e r , f o r e i g n a n d international bonds. NOTE.—For explanation of table and for back figuressee BULLETIN for May 1953, p. 474. GOLD PRODUCTION OUTSIDE U. S. S. R. [In millions of dollars] Production reported monthly Year or month Estimated world production U.S.S.R. 1 Total reported monthly South Africa 766 805 840 864 840 864 857 1 9 5 3 — A u g u s t .. September. October November. December. 1954~—January February M a r c h ... April . M a y June July A u g u s t .. 5 .0 .0 5 .0 .5 .5 705 5 728.1 753.2 777 1 758.3 780.9 776.5 392 405 409 408 403 413 417 66. 65. 64. 64 64. 3 3 3 3 3 0 7 9 3 4 5 5 5 5 5 35 34 37 37 38 38 39 39 . . . . Canada Mexico Other Colom- Chile bia Nica- Austra- India2 lia ragua 4 1 5 H i grains of gold fto fine: i. e.f an ounee of fin <? gold = j 18 3 18.0 18.5 17.9 17.0 17.4 17.5 19.3 23.4 23.1 24.1 22.9 23.8 25.4 10.8 11.1 12.9 12.0 12.3 12.9 13.0 6 0 6 1 7 1.5 1.5 1.5 1.5 2.1 2.1 2.2 2.2 1.2 1.2 1.2 1.1 1.5 2.2 7 5 5 0 3 3 4 8 1 5 1.5 1.5 1.6 1 6 1 6 2 1 2.2 2.2 2.2 2.3 2 3 2 3 0 .5 .7 2 .1 .7 .9 . . . . . Belgian2 U n i t e d West A f r i c a 2 Congo S t a t e s 3 Rhodesia $1 = 1947 1948 1949 1950 1951 1952 1953 North and South America Africa 2.4 75.8 107.5 70.9 123.5 67.3 144.2 80.1 155.4 66.3 153.7 67.4 156.5 69.0 142.4 6.2 11.5 6.2 11.7 10.0 6.8 6.2 9.6 .9 6.1 9.6 1.5 5.1 10.3 10.9 12.9 12.5 13.4 13 2 13.3 13.0 1.1 1.2 1.1 1.0 1 0 1.0 1.4 4.9 5.4 4.9 5.0 61 6.1 5.8 16.3 12.9 14.2 14.3 13.8 16.1 16.9 13.4 11.7 12.6 13.3 15.1 14.8 15.3 1.4 1.3 1.4 2.0 11 2.1 5.9 5.7 6.3 6.7 6.1 6.2 4.6 L.3 6 .3 .4 .5 .4 7.4 7.8 7.7 8.0 8.8 8.9 9.1 1 .4 .8 .7 .8 .7 .7 4 4 7 L.2 1 .3 .4 .7 .7 9 9 0 ? 1 0 7 .7 7 8 32.8 31.2 31.3 30.4 31.3 34.3 37.7 3.7 3.0 3.1 3.3 3.7 29 3.0 3.2 6.1 6.5 5.7 6.7 7.9 8.9 7.8 .6 .7 .6 .6 .5 6 .6 .7 .7 .6 7 7 .7 Gold production in U.S.S.R.: No regular government statisticson gold production in U.S.S.R. are available, but data of percentage changes irregularly given out by officialsof the gold mining industry, together with certain direct figures for past years, afford abasis for estimating annual p r o d u 1c t i o n a s f o l l o w s : 1 9 3 4 , 1 3 5 m i l l i o n d o l l a r s ; 1 9 3 5 , 1 5 8 m i l l i o n ; 1 9 3 6 , 1 8 7 m i l l i o n ; 1 9 3 7 , 1 8 5 m i l l i o n ; a n d 1 9 3 8 , 1 8 0 m i l l i o n . Estimatesof United StatesBureau of Mines. 2 Reportedby American Bureau of MetalStatistics. 3 Yearly figuresare estimates of United States Mint. Monthly figuresare estimates of American Bureau of Metal Statistics. 4 Gold exports reported by the National Bank of Nicaragua, which states that they represent approximately 90 per cent of total production. N O T E . — F o r e x p l a n a t i o n o f t a b l e a n d s o u r c e s , s e e B U L L E T I N f o r J u n e 1 9 4 8 , p . 7 3 1 , a n d B a n k i n g and M o n e t a r y S t a t i s t i c s , p . 5 2 4 . F o r annual e s t i m a t e s c o m p i l e d b y t h e U n i t e d S t a t e s M i n t f o r t h e s e a n d o t h e r c o u n t r i e s i n t h e p e r i o d 1 9 1 0 - 1 9 4 1 , s e e B a n k i n g and M o n e t a r y S t a t i s t i c s , p p . 542-543; for figures subsequent to 1941 see BULLETIN for April 1953, p. 427. 1218 FEDERAL RESERVE BULLETIN ESTIMATED GOLD RESERVES AND DOLLAR HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL INSTITUTIONS [Amounts outstanding, in millions of dollars] 1950 1952 1951 1953 1954 Area and country Dec. 31 Continental Western Europe: Austria Belgium-Luxembourg (and Belgian Congo) . France (and dependencies) * • Germany (Federal Republic of) . . . Italy Netherlands (and Netherlands West Indies and Surinam) Norway Portugal (and dependencies) Spain (and dependencies) Sweden Switzerland Turkey Other* Total Sterling Area: United Kingdom United Kingdom dependencies.... India Union of South Africa Other Total . . . Latin America: Argentina Brazil.. Chile Cuba Mexico Uruguay Venezuela Other . . . . . Total Asia: Indonesia 107 102 126 143 154 166 208 238 267 289 898 896 434 633 969 906 545 613 1,036 1,022 604 638 1,035 967 691 655 1,052 883 770 651 1,044 926 893 660 1,081 1,003 1,053 714 1,098 1,049 1,225 812 1,124 1,060 1,381 841 1,055 1,092 1,503 802 559 94 257 132 205 2,023 164 828 524 150 331 128 224 1,973 165 651 603 145 342 129 281 2,009 171 822 734 154 356 131 280 2,010 155 947 815 160 374 130 275 2,053 151 919 905 171 391 130 283 2,051 153 980 953 164 412 134 280 2,091 152 1,032 1,022 169 437 138 309 2,120 157 1,091 1,055 171 469 150 335 2,133 157 1,183 1,064 169 499 136 337 2,134 153 1,292 1,125 178 516 142 342 2,105 151 1,318 6,829 7,114 7,637 8,193 8,368 8,574 8,907 9,502 10,075 10,457 10,618 3,557 120 303 241 232 2,843 99 309 197 326 2,218 103 306 159 348 2,241 109 302 170 353 2,318 113 312 194 347 2,627 113 323 207 356 2,886 109 334 212 369 3,051 111 340 214 354 3,009 108 346 214 375 3,198 105 329 221 '371 3,536 105 338 225 376 4,453 3,774 3,134 3,175 3,284 3,626 3,910 4,070 4,052 '4,224 4,580 1,988 2,157 2,396 2,437 2,492 2,435 2,238 2,292 2,417 2,487 2,463 518 543 518 417 415 398 398 406 427 390 485 393 519 451 520 481 503 423 99 96 100 543 431 120 121 530 415 311 458 515 375 301 519 527 393 309 490 102 579 339 311 530 634 587 325 311 571 679 721 812 814 779 772 548 329 329 562 532 258 335 621 683 531 341 337 595 560 601 320 302 527 121 550 417 635 266 309 503 129 134 575 366 306 445 128 868 907 3,455 3,360 3,301 3,337 3,369 3,537 3,672 3,708 3,623 3,712 3,723 421 163 729 337 210 456 159 849 341 240 367 156 898 329 271 296 157 936 324 294 275 156 1,026 334 306 246 155 1,022 316 311 198 168 1,062 318 304 184 181 958 304 281 166 185 807 319 268 140 171 747 308 243 103 . . . 324 160 587 377 166 256 325 310 355 360 401 363 374 401 451 444 . . . . . 1,870 2,185 2,355 2,376 2,367 2,498 2,413 2,424 2,309 2,196 2,053 344 309 307 310 307 307 306 314 306 308 309 173 28 285 42 292 38 266 44 234 49 227 57 229 61 218 63 217 67 224 74 226 67 Thailand Other Eastern Europe 3 All other: Egypt Other 92 848 834 222 571 . Japan Philippines Total Dec. 31 June 30 Sept. 30 Dec. 31 Mar. 31 June 30 Sept. 30 Dec. 31 Mar. 31 June 30 . . Total Total foreign countries International 4 . . 201 327 330 310 283 284 290 281 284 298 293 19,140 19,226 19,460 20,138 20,470 21,261 21,736 22,591 23,066 '23,682 24,039 3,090 3,171 3,150 3,266 3,287' 3,249 3,272 3,212 3,331 22,230 22,397 22,610 23,404 23,757 24,510 25,008 25,803 26,397 3,401 3,364 2 7,083 27,403 r 'Revised. Includes gold reserves of Bank of France and French dependencies only. Includes holdings of other Continental OEEC countries, Finland, Yugoslavia, Bank for International Settlements, (both for its own and European Payments Union account), gold to be distributed by the Tripartite Commission for Restitution of Monetary Gold, and unpublished gold 3reserves of certain Western European countries. Excludes gold reserves of the U. S. S. R. 4 Includes holdings of International Bank for Reconstruction and Development, International Monetary Fund, and United Nations and other international 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 NOVEMBER 1954 1219 REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] End of month Estimated United States total world (excl. U.S.S.R.) 1 Treasury Total 2 Argentina 216 216 268 Belgium Bolivia Brazil Canada 698 587 621 706 23 23 23 21 317 317 317 317 496 590 850 896 40 40 45 42 Chile 1949—Dec 1950—Dec 1951—Dec. 1952—Dec 35,410 35,820 35,970 36 280 24,427 22,706 22,695 23 186 24,563 22,820 22,873 23 252 1953—Sept Oct. Nov.. Dec 1954—j a n Feb. Mar 36 480 22 128 22 077 22,028 22,030 22 220 22 146 22,112 22,091 721 754 766 776 21 21 21 21 317 317 317 321 970 976 984 996 42 42 42 42 21 956 21,958 21,965 21 969 21,973 21,927 21 908 21,809 21,810 22 044 22 036 22,035 22 083 22,039 22,027 21 960 21,897 21,863 779 787 787 788 779 765 765 756 760 21 21 8 321 321 321 321 321 321 322 322 J 005 1,017 1,022 1,030 1,034 1,042 .050 1,052 1,059 42 42 42 42 42 42 42 42 42 36,710 36,920 Apr May June... July P37.1OO Aug. Sept Germany, GuateFederal mala Republic of Indonesia Colombia 52 74 86 86 86 Netherlands Cuba Denmark Ecuador 299 271 311 214 32 31 31 31 21 19 22 23 196 186 186 186 31 31 31 31 23 23 23 23 186 186 186 186 186 186 186 186 31 31 31 31 31 31 31 31 31 23 23 23 23 23 23 23 23 23 Norway Pakistan End of month Egypt 1949—Dec 1950—Dec 1951—Dec 1952—Dec 53 97 174 174 523 523 548 573 28 140 27 27 27 27 247 247 247 247 178 209 280 235 140 140 138 138 256 256 333 346 52 208 208 144 195 311 316 544 51 50 50 50 27 27 27 38 28 31 46 46 1953—Sept Oct Nov Dec 1954—j a n . 174 174 174 174 576 576 576 576 259 282 303 326 27 27 27 27 247 247 247 247 163 150 150 145 137 137 137 137 346 346 346 346 155 156 158 158 723 733 733 737 55 55 55 52 38 38 38 38 46 36 36 36 174 174 174 174 174 174 174 174 174 576 576 576 576 576 576 576 576 576 340 369 387 414 406 418 478 544 574 27 27 27 27 27 27 27 27 247 247 247 247 247 247 247 247 137 137 137 137 137 137 137 137 346 346 346 346 346 346 160 161 162 86 87 57 787 772 772 772 772 777 794 P796 48 47 47 47 47 47 45 45 45 38 38 38 38 38 38 38 38 38 36 36 36 36 36 36 34 34 End of month Portugal El Salvador South Africa Spain Sweden Thailand Turkey United Kingdom 1949—Dec 1950—Dec 1951—Dec 1952—Dec 178 192 265 286 17 23 26 29 128 197 190 170 85 61 51 51 70 90 152 184 1953—Sept.. . . Oct Nov Dec 337 348 350 361 29 29 29 29 175 175 175 176 54 54 54 54 ' 206 1954—Jan Feb Mar Apr May.... June July.... Aug Sept 373 379 386 391 393 393 403 410 29 29 29 29 29 29 29 29 29 176 177 177 180 180 187 188 193 54 54 54 54 55 56 56 56 56 Feb Mar. Apr May June.... July Aug. Sept.. . . France 3 India Switzerland Iran Italy Mexico Uruguay Venezuela Peru Inter- Bank for national InterMone- national tary SettleFund ments 1,504 ,470 1,452 L ,411 118 118 113 113 154 150 151 143 41,688 43,300 42,335 4 1,846 178 236 221 207 373 373 373 373 1,451 1,495 1,530 1,692 68 167 115 196 219 219 218 1,456 ,460 1,460 1,459 113 113 113 113 143 143 143 143 42,486 42,520 42,561 42,518 222 222 222 227 373 373 373 373 1,700 1,700 1,701 1,702 198 195 190 193 218 218 218 218 218 219 219 219 219 1,458 1,469 ,469 ,471 1,450 ,469 .,485 c 1 ,490 Pi,503 113 113 113 113 113 113 113 113 113 144 144 144 144 144 144 144 144 144 42,543 42,583 42,685 42,820 42,985 43,017 43,013 4 2,918 42,901 227 227 227 227 227 227 227 373 373 373 373 373 403 403 403 403 1,702 1,702 1,703 1,719 1,727 1,727 1,733 1,734 194 190 199 197 186 182 186 193 195 c ^Preliminary. Corrected. 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." s Rep resents gold holdings of Bank of France (holdings of French Exchange Stabilization Fund are not included). 4 Exchange Equalization Account holdings of gold, U. S. and Canadian dollars, as reported by British Government. (Gold reserves of Bank of England have remained unchanged at 1 million dollars since 1939, when Bank's holdings were transferred to Exchange Equalization Account.) NOTE.—For description of figures, including details regarding special internal gold transfers affecting the reported data, see Banking and Monetary Statistics, pp. 524-535; for back figures through 1941 see p. 526 and Table 160, pp. 544-555, in the same publication and for those subsequent to 1941 see BULLETIN for January 1953, p. 74; April 1951, p. 464; February 1950, p. 252; and November 1947, p. 1433. For revised back figures for Argentina and Canada, see BULLETIN for January 1949. p. 86, and February 1949, p. 196, respectively. 1220 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 Year or quarter 1945 1946 1947 1948 1949 1950 1951 1952 1953 United Kingdom Belgium —452 9 -.2 721.3 406.9 2,864.4 1,510 0 734 3 446.3 193.3 — 1,725 2 — 1,020 0 469.9 75.2 440.0 393.7 -1,164 3 -480.0 31 1 14.2 222.8 69.8 -41.0 -55 0 -10.3 -3.8 -84.9 Netherlands France 278 5 264.6 15.8 —84 8 -20.0 Portugal -47.9 -10.0 130.8 116.0 40.7 63.0 14.0 -23.5 — 79 8 - 1 5 . 0 -4.5 -34.9 — 100 0 - 5 0 -65.0 -59.9 Sweden 80.2 238.0 3.0 -22.9 -32.0 -20.0 Switzerland Other Europe 1 Canada Argentina —7 4 —86 8 36 8 —224 9 -29.9 153.2 27.3 337.9 10.0 86.6 311 2 727.5 —5.6 2 5 8 114 1 -40.0 -159.9 3.4 -49.9 —38 0 —68 0 — 100 0 -15.0 -60.1 -49.9 -10 0 22.5 -27.3 7.2 -20.0 - 6 5 . 0 3-241 8 -84 8 Cuba Mexico —23 8 —85 0 -30.0 36.9 —65 0 45.4 — 10 0 61 6 -10.0 -16.1 28 2 — 118 2 -20.0 -60.2 87.7 —28 1 1952 Jan.-Mar.... Apr -June July-Sept. .. Oct.-Dec 557.3 105.7 -1.3 -268.0 520.0 20.2 22.5 -10 1 11 3 101.4 6 9 3 -80.0 -24.0 -36.5 —3 4 -12.4 —32 6 -100.0 -5.0 -17.2 -20.0 -25.0 -75.0 — 18 8 -82.8 -65.3 -54.9 —20 0 -10.0 -28.1 1953 Jan.-Mar Apr -June . July-Sept Oct -Dec 1954 -599.1 — 128 2 -306.6 -130.3 -320.0 —40 0 -120.0 Tan -Mar Apr -June . —63 0 -19.6 -50.0 -25.0 -15.0 -10.0 -15 0 -40.0 -15.0 -10.0 — 15 0 -20.0 —25 0 -15.0 -5.0 3 —42 3 3-16.8 —20 0 -5.0 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 at $35 per fine troy ounce] [In millions of dollars] Year or quarter Uruguay Venezuela -37.9 -73.1 -9.2 -4.9 -3.7 25.1 10.7 -108.0 -14.4 -50.0 —64 8 -.9 22.2 14 9 -15.0 1945 1946 1947 1948 1949 1950 1951 1952 1953 Other Latin America Asia and Oceania Union of South Africa Gold stock at end of period All other 3.7 - 2 7 . 8 4 -188.3 13.7 ' "94.3 22.9 25.0 11.9 1.0 256.0 79.1 6.9 -4.1 498.6 13.4 -1.6 -52.1 195.7 -7.5 -35.4 13.1 5-47.2 -17.2 52.1 5-84.0 -17.2 6-50.1 -7.0 -2.0 11.5 -25.1 -6.1 -9.9 -3.8 1952 -17.6 -7.4 -2.0 2.0 10.0 Jan.-Mar Apr.-June July-Sept. Oct.-Dec 4.8 -3.2 -2.4 .4 -1.8 4.3 7.2 -1.9 1953 Jan.-Mar Apr.-Tune.. July-Sept Oct.-Dec -3.6 -10.0 —5 0 j -A -1.1 -1.2 -1.4 -2.4 -9.9 1954 Jan.-Mar Apr.-June -5.0 1 Includes 2 Includes 3 ' -30.6 13.2 2.0 -8.9 -.1 Bank for International Settlements. sale of 114.3 million dollars of gold to Italy. Includes sales of gold to Federal Republic of Germany as follows: 1953, 130.0 million dollars; 1954, Jan.-Mar., 40.0 million; Apr.-June, 15.6 million. 4 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. 6 Includes sales of 45.0 million dollars of gold to Indonesia. NOVEMBER 1954 Period 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 1953 Treasury Total i 22,726 21,938 20,619 20,065 20,529 22,754 24,244 24,427 22,706 22,695 23,186 22,030 -23.0 315.7 - 4 5 8 . 4 125.4 22,739 -757.9 68.9 -803.6 48.3 21,981 20,631 —1,349.8 —845.4 —459.8 35.8 —547.8 — 106 3 —356.7 32.0 20 083 623.1 311.5 20,706 465.4 51.2 210.0 75.8 22,868 2 2,162.1 1,866.3 70.9 24,399 1,530.4 1,680.4 -159.2 164.6 686.5 -495.7 67.3 24,563 22,820 — 1,743 3 —371.3 -1,352.4 80.1 52.7 -549.0 22,873 617.6 66.3 378.9 684 3 —304 8 67.4 23,252 2 . 2 -1,170.8 22,091 -1,161.0 69.7 1953—Oct... 22,077 22,146 Nov. . 22,028 22,112 Dec.. . 22,030 22,091 1954—Jan.. . Feb... Mar. . Apr. .. May.. June.. July. . Aug... Sept.. . Oct.... EarNet marked DomesIncrease gold imgold: de- tic gold in total port or crease gold producexport or instock tion crease 21,956 21,958 21,965 21,969 21,973 21,927 21,908 21,809 21,810 P21.759 22,044 22,036 22,035 22,083 22,039 22,027 21,960 21,897 21,863 P21.827 -73.3 -34.0 -21.9 -46.6 -7.7 -1.5 47.9 -44.1 -11.6 -66.5 -63.6 -33.6 P-36.6 -1.4 -72.5 -35.1 -21.2 6.8 6.2 6.1 -5.5 -43.3 5.1 4.9 5.4 4.9 5.0 6.1 6.1 5.8 .6 -.6 1.6 -9.9 9.0 -2.0 2.4 37.5 1.2 -48.4 3.3 -16.9 1.5 -72.7 1.7 -65.4 -34.6 1.1 (3) (4)-34.6 (3) pPreliminary. !See footnote 2 on opposite page. 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 6,774.0 million dollars on Oct. 31, 1954. Gold under earmark is not included in the gold stock of the United States. NOTE.—For back figures and description of statistics, see Banking and Monetary Statistics, Table 156, pp. 536-538, and pp. 522-523. 2 1221 INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT AND INTERNATIONAL MONETARY FUND [End-of-month figures. In millions of dollars] 1954 1953 1954 Sept. June Mar. Dec. Sept. 379 427 478 415 Dollar deposits and U. S. securities 468 99C 1,011 1,018 Other currencies and securities 1 . 1,049 1,034 1,620 1,663 1,562 1,535 1,408 Effective loans2 21 33 31 25 33 567 IBRD bonds outstanding 850 777 742 653 325 401 336 38C) 357 Undisbursed loans 1C) 7 7 5 9 Other liabilities 122 154 14( > 129 137 Reserves3 1,831 1.83C) 1,80? 1,808 1,808 Capital July Gold Currencies:1 United States. Other Unpaid member subscriptions.. . Member subscriptions Accumulated net income Loans as of September 30 , 1954 Country 8 Country Principal Total Quota Outstanding 4 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 1953 Monetary Fund International Bank DisUndisbursed bursed Repaid Total Sold to others5 204 0 86.0 194.1 37 3 69 3 40 0 38.1 257 5 100.5 40.2 141 3 221 5 25.0 44 5 25.4 63 4 110.0 42.0 33.0 60.7 132.3 168 7 35 3 168 7 4 5 84 5 16 9 1.5 86 0 132.5 61.6 130.4 4.3 2.0 2 17 2 20 1 14 0 3 2 9 34 4 37 3 32 0 2 9 40 0 38 8 1 0 1 2 31.7 6.4 27.0 4.7 250 0 7 5 244 7 3 5 5 3 56.0 44.5 12.5 43.5 4 . 9 9.1 6.1 9.1 31.1 63.2 78 1 3.6 60.2 .2 221 5 143 2 9 9 78 3 25.0 25.0 2 0 5 15 7 28 7 14 5 1 3 2 3.1 22 3 .2 22 0 1 .1 24 6 38 8 24 5 97.4 12.6 96.7 6.1 .6 35.5 6.5 35.5 5.8 5 26 3 6 8 26 3 49.1 11.6 2.7 46.4 2.4 70.1 ' 3.3' 72.5 59.8 61,966.0 1,481.5 484.6 122.0 1,359.4 770.9 200 Australia Brazil 150 Denmark 68 France 525 Germany 330 400 India 110 Indonesia Japan . . 250 90 Mexico Turkey 43 United States. . . 2,750 Jan. Apr. July Oct. 1,733 1,719 1,702 1.70C 1,699 1,472 1,408 1,386 1.31C 1,332 4 746 4 824 4 847 4 92C 4 885 892 796 889 795 812 8,853 8,849 8,739 8,735> 8,737 -8 -8 -9 i -8 Subscription paid in gold 8.4 37.5 5.9 108.1 33.0 27.5 15.5 62.5 22.5 10.8 687.5 Cumulative net drawings on the Fund 9 1954 July Aug. 1953 June Aug. 26.0 26.0 26.0 50.0 65.5 65.5 65.5 37.5 10.2 10.2 10.2 10.2 105 0 105 0 125 0 125.0 - 4 6 . 1 —46.1 —46.1 -4.4 53.3 53.3 63.8 100.0 15.0 62 4 62 4 62 4 22.5 22.5 22 5 27.0 27.0 27.0 30.0 —461 8 -558 7 —584 2 -714 2 1 Currencies include demand obligations held in lieu of deposits. Represents total principal of authorized loans, less loans not yet effective, repayments, the net amount outstanding on loans sold or agreed to be sold to others, and exchange adjustment. 3 Excludes uncalled portions of capital subscriptions. 4 Loans to dependencies of member countries are included with member. 6 Includes also effective loans agreed to be sold but not yet disbursed. 6Includes 149 million dollars in loans not yet effective. 7 Of this amount, 24 million dollars is guaranteed and 47 nunion is not8 guaranteed by the Bank. Includes countries having cumulative net drawings of 10 million dollars ( + or —) on the latest date. 9 Represents for each country purchases of other currencies from Fund less purchases of own currency by it or other countries. 2 CENTRAL BANKS Bank of England (Figures in millions of pounds sterling) 1944—Dec 1945—Dec 1946—Dec 1947—Dec. 1948—Dec 1949—Dec. 1950—Dec. 1951—Dec. 1952—Dec. Assets of issue department Gold1 27 26 25 31 29 28 27 26 31 .2 .2 .2 .2 .2 .4 1953—Oct. 28 Nov 25 Dec. 30 .4 1954—j an 27 Feb. 24 Mar. 31 Apr. 28 May 26 June 30 July 28 Aug. 25 Sept. 29 .4 .4 .4 .4 .4 .4 .4 .4 .4 .4 .4 .4 .4 .4 Assets of banking department Discounts and advances Other assets2 Notes and coin 1,250.0 1,400.0 1,450.0 1,450.0 1,325.0 1,350.0 1,375.0 1,450.0 1,575.0 13.5 20.7 23.4 100.8 36.1 33.7 19.2 14.1 51.3 5.1 8 4 13.6 15.2 16.7 14 8 29.2 18.2 11 2 317.4 327 0 327.6 331 3 401.1 489 6 384.0 389.2 371 2 1,575.0 1,575.0 1,675.0 45.5 27.9 57.8 12 9 7.6 4.9 41,575.0 1,575.0 41,625.0 1,625.0 1,625.0 41,675.0 41,750 0 41,700.0 4 1,675.0 42.6 29.9 51.3 15.5 14.7 30.2 36.8 48.7 42.3 15.4 14 0 15.2 7.5 7.0 11.7 8 2 7.0 6.5 Securities Liabilities of banking department Note circulation 3 Deposits Bankers' Public \ 9.38 6 1,379.9 1,428.2 1,349.7 1,293.1 1,321.9 1,357.7 L.437.9 1,525.5 260.7 274.5 278.9 315.1 314.5 299.2 313.5 299.8 302.8 5.2 5.3 10.3 18.6 11.7 11.6 15.4 13.4 10.0 343 2 362.9 338.1 1,532.4 1,549.9 1,619.9 287.3 288.8 290.2 10.4 14.9 330.2 340 1 319.3 369.5 352 5 374.6 338 7 310 1 337.6 1,535.2 1,547.9 1,576.9 1,612.6 1,613.4 1,647.4 715 8 1,654.0 1,635.4 278.6 284.0 262.7 289.3 267.8 307.7 269.1 267.2 276.1 10.7 10.9 30.6 11.7 14.0 10.6 14.8 14.6 16.4 9.9 ECA 17.4 97.9 .4 .6 24.3 17.6 11.5 7.2 12.5 4.7 1.0 6.6 4.6 8.7 10 2 1.7 6.3 Other Other liabilities and capital 52.3 58.5 57.3 95.5 92.1 111.2 85.0 89.8 78.5 17.8 17.8 18. 18. 18. 18. 68.9 69.9 70.4 17.8 17.9 18.2 18.3 18 4 18.6 17.8 18.0 18.2 18 3 18 4 18.5 68.1 65.9 72.9 67.1 69.8 71.3 71 3 63.8 69.0 18. 18. 18. x On June 9, 1945, the official buying price of the Bank of England for gold was increased from 168 shillings to 172 shillings and threepence per fine ounce, and on Sept. 19, 1949, it was raised to 248 shillings. For details regarding previous changes in the buying price of gold and for internal gold transfers during 1939, see BULLETIN for March 1950, p. 388, footnotes 1 and 4. 2 Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure. 3 Notes issued less amounts held in banking department. 4 Fiduciary issue decreased by 50 million pounds on Jan. 6, by 25 million on Jan. 13 and Jan. 27; increased by 50 million on Mar. 17, June 2 and July 13, by 25 million on July 28; decreased by 50 million on Aug. 18, by 25 million on Sept. 1. For details on previous changes, see BULLETIN for February 1954, p. 222. NOTE.—For back figures, see Banking and Monetary Statistics, Table 164, pp. 638-640; for description of statistics, see pp. 560-561 in same publication. 1222 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 3 Other 216.7 209.2 472.8 573.9 688.3 708.2 858.5 779.1 227.8 712.5 ,049.3 767.2 33.5 31.3 47.3 34.3 29.5 42 43 45.4 42.5 297.1 135.2 77.3 Note circulation1 Other liabilities and capital* Chartered banks Dominion government Other 496.0 693.6 874.4 1,036.0 ,129.1 ,186.2 ,211.4 ,289.1 ,307.4 ,367.4 ,464.2 ,561.2 232.0 259.9 340.2 401.7 521.2 565.5 536.2 547.3 541.7 578.6 619.0 626.6 73.8 51.6 20.5 12.9 153.3 60.5 68.8 98.1 30.7 24.7 94.9 16.2 6.0 19.1 17.8 27.7 29.8 93.8 67.5 81.0 126.9 207.1 66.1 44.5 35.1 24.0 55.4 209.1 198.5 42.7 42.4 43.1 119.2 172.6 200.0 132.9 77.1 391.8 807.2 787.6 906.9 ,157.3 ,197.4 ,022.0 ,233.7 ,781.4 ,229.3 ,141.8 ,459.8 1953—Oct. 31. Nov. 30. Dec. 31. 70.5 61.2 54.9 ,469.9 ,378.6 ,376.6 812.1 894.9 893.7 118.6 89.7 112.0 ,555.9 ,559.3 ,599.1 733.6 625.6 623.9 3.8 50.3 51.5 37.2 43.4 29.5 140.8 145.7 133.1 1954—Jan. 30. Feb. 27. Mar. 31. Apr. 30. May 31. June 30. July 31. Aug. 31. Sept. 30. 61.6 53.0 50.0 58.3 61.5 54.2 53.6 56.9 57.9 ,328.3 ,374.8 ,552.8 ,703.8 ,740.4 ,568.5 ,651.2 ,669.9 ,660.8 880.6 900.8 636.3 568.0 520.5 702.0 502.3 502.4 545.6 103.1 116.7 146.2 101.2 103.2 112.9 109.9 77.2 73.3 ,519.2 ,506.2 ,512.6 ,535.7 ,546.6 ,553.5 ,572.1 ,573.0 ,585.3 634.4 676.6 660.0 661.7 589.3 624.4 543.9 531.0 521.4 48.8 126.1 81.8 86.0 143.8 99.0 50.5 49.6 81.8 29.5 34.4 28.9 27.3 30.3 41.4 30.9 31.5 25.8 141.6 102.0 102.0 120.6 115.7 119.2 119.5 121.3 123.2 1941—Dec. 1942—Dec. 1943—Dec. 1944—Dec. 1945—Dec. 1946—Dec. 1947—Dec. 1948—Dec. 1949—Dec. 1950—Dec. 1951—Dec. 1952—Dec. 200.9 .5 .6 172.3 156.8 1.0 2.0 .4 74.1 111.4 117.8 31. 31. 31. 30. 31. 31. 31. 31. 31. 30. 31. 31. Liabilities Assets Bank of France (Figures in millions of francs) 1941—Dec. 1942—Dec. 1943—Dec. 1944—Dec. 1945—Dec. 1946—Dec. 1947—Dec. 1948—Dec. 1949—Dec. 1950—Dec. 1951—Dec. 1952—Dec. 31. 31. 30. 28. 27. 26. 31. 30. 29. 28. 27. 31. Gold* Foreign exchange Domestic bills Open Special market* 6,812 38 84,598 8,420 37 84,598 9,518 37 84,598 42 12,170 75,151 68 17,980 129,817 7 37,618 94,817 12 67,395 65,225 30 97,447 65,225 62,274 61,943 137,689 182,785 162,017 136,947 191,447 28,320 234,923 200,187 31,068 274,003 1953—Oct. 29. 201,282 Nov. 26. 201,282 Dec. 31. 201,282 9,319 272,559 12,444 255,680 15,421 292,465 1954—Jan. 28. Feb. 25. Mar. 25. Apr. 29. May 26. June 24. July 29. Aug. 26., Sept. 30. 18,596 20,807 23,646 27,862 31,344 34,133 37,884 41,059 45,117 201,282 201,282 201,282 201,282 201,282 201,282 201,282 201,282 201,282 262,211 272,186 227,003 218,436 208,288 217,399 264,197 265,330 262,922 12 169 29 48 303 3,135 64 8,577 28,548 34,081 31,956 57,042 Advances to Government8 Other Current Other 4,517 5,368 7,543 18,592 25,548 76,254 117,826 238,576 335,727 393,054 741,267 937,459 69,500 68,250 64,400 15,850 182,507 250,965 366,973 475,447 445,447 480,447 558,039 558,039 560,990 481,039 481,039 479,982 671966 147,400 150,900 157,900 158,900 160,000 172,000 Other assets8 Note circulation Deposits7 Government 17,424 270,144 1,517 770 16,990 382,774 500,386 578 16,601 572,510 748 20,892 570,006 12,048 24,734 721,865 765 33,133 733 59,024 920,831 987,621 806 57,622 1,168 112,658 ,278,211 70 212,822 ,560,561 29 190,830 ,841,608 27 159,727 ,123,514 49,968 877,283 200,000 632,149 59,533 836,117 200,000 654,949 61,108 891,560 200,000 679,849 152,085 2,193,383 150,222 2,168,977 169,964 2 ,310,452 96 78 21 657,549 667,549 672,949 663,349 651,849 656,749 652,449 648,049 634,749 162,772 ,253,485 159,027 ,257,405 146,195 ,235,417 192,424 2 ,322,140 210,331 ,272,409 185,682 ,270,081 196,282 ,386,357 191,874 ,333,133 »224,089 2 ,443,797 72 42 70 15 17 84 70 100 6 56,988 51,577 40,319 33,162 26,612 18,317 12,206 5,129 15,058 895,508 870,066 905,854 982,829 934,538 946,002 1,018,726 980.146 1,030,309 195,000 195,000 195,000 195,000 195,000 195,000 195,000 195,000 195,000 ECA Other Other liabilities and capital 25,272 «68,474 29,935 821,318 33,137 815,596 37,855 7,078 57,755 4,087 63,468 7,213 82,479 10,942 171,783 16,206 158,973 19,377 15,058 161,720 24,234 10,587 166,226 41,332 897 137,727 49,305 479 139,662 458 131,490 2,061 142,823 628 627 79 98 134 202 348 83 90 133,398 131,996 114,617 132,387 128,816 119,155 132,203 128,178 105,192 61,023 69,224 56,292 62,323 47,425 62,064 59,704 57,869 65,043 59,047 66,377 59,441 *On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term Government securities (see BULLETIN for July 21940, pp. 677-678). Securities maturing in two years or less. 3 Includes notes held by the chartered banks, which constitute an important part of their reserves. 4 Beginning November 1944, includes a certain amount of sterling and United States dollars. 5 For details on devaluations and other changes in the gold holdings of the Bank of France, see BULLETIN for September 1951, p. 1211; September 1950, pp. 1132 and 1261; June 1949, p. 747; May 1948, p. 601; May 1940, pp. 406-407; January 1939, p. 29; September 1937, p. 853; and November 1936, pp. 878-880. 6For explanation of these items, see BULLETIN for January 1950, p. 117, footnote 6. 7 Beginning January 1950, when the Bank of France modified the form of presentation of its statement, the figures under this heading are not strictly comparable with those shown for earlier dates. 8 Includes the following amounts (in millions of francs) for account of the Central Administration of the Reichskreditkassen: 1941, 64,580; 1942,9 16,857; 1943, 10,724. Includes advance to Stabilization Fund, amounting to 61.4 billion francs on Sept. 30. NOTE.—For back figures on Bank of Canada and Bank of France, see Banking and Monetary Statistics, Tables 166 and 165, pp. 644-645 and pp. 641-643, respectively; for description of statistics, see pp. 562-564 in same publication. For last available report from the Reichsbank (February 1945), see BULLETIN for December 1946, p. 1424. NOVEMBER 1954 1223 CENTRAL BANKS—Continued Central Bank (Figures as of last report date of month) 1954 Sept. Aug. 1954 1953 July Central Bank of the Argentine Republic (millions of pesos): 1,623 1,623 Gold reported separately 1,679 1,707 Other gold and foreign exchange. 3,717 3,758 Government securities 63,889 63,109 Rediscounts and loans to banks.. 305 273 Other assets 26,984 26,406 Currency circulation 39,077 39,054 Deposits—Nationalized 545 529 Other sight obligations 4,598 4,490 Other liabilities and capital Commonwealth Bank of Australia (thousands of pounds): Gold and foreign exchange 425,470 449,507 466,460 Checks and bills of other banks.. 5,673 7,054 5,445 Securities (incl. Government and 485,057 438,647 447 ,073 Treasury bills) 59,620 67,872 70,566 Other assets 351,077 347,577 345 ,077 Note circulation Deposits of Trading Banks: 311 870 331,370 334,670 Special 35,157 31,826 50,859 Other 277,717 262,307 258,939 Other liabilities and capital Austrian National Bank (millions of schillings): 442 413 328 Gold 9,898 9,758 9,423 Foreign exchange 5,111 5,199 5,182 Loans and discounts 1,777 1,777 1,777 Claim against Government 23 29 32 Other assets 11,355 11,265 11,302 Note circulation 3,105 3,257 2,901 Deposits—Banks 771 883 676 Other 1,884 1,907 1,863 Blocked National Bank of Belgium (millions of francs): 37,993 37,777 38,270 Gold Foreign claims and balances (net). 11,684 11,147 10,857 8,444 8,463 10,735 Loans and discounts Consolidated Government debt. . 34,660 34,660 34,660 8,694 8,880 7,806 Government securities 4,599 4,490 4,406 Other assets 101,162 100,140 100 ,951 Note circulation 1,553 1,498 1,908 Deposits—Demand 99 125 114 ECA 3,260 3,654 3,762 Other liabilities and capital Central Bank of Bolivia—Mone(Mar.)* tary dept. (millions of bolivianos): 1,903 Gold at home and abroad 12,643 Foreign exchange (net)1 6,401 Loans and discounts 2,505 Government securities 220 Other assets 13,229 Note circulation 3,929 Deposits 6,514 Other liabilities and capital Central Bank of Ceylon (thousands of rupees): 467,456 450,108 437 ,919 Foreign exchange 65,800 25,000 31,700 Advances to Government 18,543 25,212 41,293 Government securities 6,017 9,120 4,338 Other assets 377,987 368, 164,631 Currency in circulation 13,697 3,108 7,467 Deposits—Government 115,930 88,323 95,759 Banks 50,202 49,309 47,393 Other liabilities and capital Central Bank of Chile (millions of pesos): 6,704 5,699 5,693 Gold2 1,420 1,097 1,048 Foreign exchange (net) Net claim on Int'l. Funds Discounts for member banks. . . . 3,307 2,480 1,772 11,469 11,469 11,469 Loans to Government 9,488 9,765 10,081 Other loans and discounts 3,332 3,170 3,309 Other assets 22,052 20,668 20,843 Note circulation 3,964 5,002 4,529 Deposits—Bank 986 449 865 Other 7,717 7,561 7,135 Other liabilities and capital Bank of the Republic of Colombia (thousands of pesos): 383,270 455,409 499,811 Gold and foreign exchange 24,377 24,377 24,377 Net claim on Int'l. Fund3 Sept. 1,623 1,180 3,190 54,694 222 23,152 33,573 407 3,777 485,934 8,763 415,582 44,163 332,613 251,730 43,951 326,147 101 5,761 5,915 1,852 29 9,601 1,471 583 2,003 36,050 14,762 6,935 34,660 9,004 4,219 98,501 1,488 184 5,457 4,418 7,501 3,262 2,505 477 10,304 1,651 6,208 302,300 70,500 145,676 7,422 379,508 1,239 101,851 43,301 1,582 158 1,689 4,020 11,141 2,868 15,550 2,787 423 2,697 319,330 24,374 Central Bank (Figures as of last report date of month) Sept. Aug. 1953 July Bank of the Republic of Colombia— Cont. 451,770 395,838 365,792 Loans and discounts Government loans and securities. 290,381 289,645 257,266 111,331 120,762 138,625 Other assets 634,849 647,218 668,904 Note circulation 501,777 516,874 501,550 Deposits 124,504 121,941 115,416 Other liabilities and capital Central Bank of Costa Rica (thousands of colones): 11,503 11 ,503 Gold ,957 60,461 72 251 Foreign exchange ,032 7,032 7 Net claim on Int'l. Fund 3 ,471 116,687 109 Loans and discounts ,963 3,828 3 762 Securities 468 24.480 24 847 Other assets 908 138,705 136 752 Note circulation ,358 54,989 62 046 Demand deposits ,128 30,297 29 709 Other liabilities and capital National Bank of Cuba (thousands of pesos): 185,871 185,871 Gold 27,767 25,780 Foreign exchange (net) Foreign exchange (Stabilization Fund) 287,542 303,851 Silver 12,512 12,512 Net claim on Int'l. Fund 3 32,012 34,090 Loans and discounts 36,052 33,672 Credits to Government 76,949 77,871 Other assets 411,871 415,095 Note circulation 228,715 240.882 Deposits 18,120 17,671 Other liabilities and capital National Bank of Czechoslovakia4 National Bank of Denmark (millions of kroner): 69 69 69 Gold 886 810 781 Foreign exchange 212 181 280 Loans and discounts 513 514 510 Securities Govt. compensation account.... 3,216 3,216 3,218 150 337 295 Other assets 1,919 1,896 1,954 Note circulation 1,266 1,271 1,269 Deposits—Government 1,723 1,722 1,593 Other 235 238 241 Other liabilities and capital Central Bank of the Dominican Republic (thousands of pesos): 12,076 12,076 12,076 Gold 25,569 27,333 26,778 Foreign exchange (net) 3 1,250 1,250 1,250 Net claim on Int'l. Fund 2,459 2,371 2,284 Loans and discounts 9,420 9,420 9,420 Government securities 7,309 7,131 7,078 Other assets 38,076 38,010 39,156 Note circulation 19,356 17,565 17,764 Demand deposits 2,242 2,214 2,166 Other liabilities and capital Central Bank of Ecuador (thousands of sucres): 42 ,663 342 ,656 342 ,633 Gold 49,688 126 640 137,464 Foreign exchange (net) 3 18,757 18 ,757 18,757 Net claim on Int'l. Fund 82,112 83 947 :61,760 Credits—Government 256,359 266 308 241,819 Other 203,265 09 ,616 91,486 Other assets 13 130 691,330 20,045 Note circulation Demand deposits—Private banks. 219,134 223 968 208,081 75,570 72 176 169,028 Other ,650 225,479 238,095 Other liabilities and capital National Bank of Egypt (thousands of pounds): 60,553 60,553 60,553 Gold 18,830 20,000 22,262 Foreign exchange Foreign and Egyptian 43,176 243,079 243,753 Government securities Loans and discounts 25,751 22,575 21,108 11 Advances to Government ,510 2,368 3,228 Other assets 65,620 163,102 168 ,143 Note circulation ,737 52,431 47,573 Deposits—Government. ,852 20,904 129,110 Other ,455 11,722 9,661 Other liabilities and capital Sept. 3*4,318 219,990 101,728 534,429 383,251 92,060 11,511 99,960 7,031 81.649 1,376 24,140 133,513 65,453 26,701 195,748 41,483 255,677 10,399 12,511 38,178 26,379 72,178 413,158 224,559 14,837 69 918 114 456 3,258 145 1,827 1,544 1,389 200 12,076 16,702 1,250 1,516 9,950 1,579 33,920 7,146 2,006 339,665 131,210 18,757 309,090 261,340 184,513 605,104 186,363 198,245 254,863 60,553 19,102 279,810 17,006 2,448 178,102 63,941 123,998 12,878 •Latest month available. 1 Represents chiefly bills secured by stocks of mined tin not yet sold in world markets. 2 On Oct. 5, 1953 gold revalued from 0.0286668 to 0.00807883 grams of fine gold per peso. 3 This figure represents the amount of the country's subscription to the Fund less the bank's local currency liability to the Fund. 4 For last available report (March 1950), see BULLETIN for September 1950, p. 1262. 1224 FEDERAL RESERVE BULLETIN CENTRAL BANKS—Continued 1954 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 d i s c o u n t s . . . . Loans to Government Other assets Note circulation Deposits—Government Banks Other Other liabilities and capital Bank of GreeceS (millions of drachmae) * Gold and foreign exchange (net). Loans and discounts Advances—Government . Other Other assets Note circulation Deposits—Government Reconstruction and relief acts Other Other liabilities and capital Sept. Aug. 77 077 7? 0 8 9 45 1 ,568 18? 7 ,103 7 ?46 Sept. 72 877 49 ,159 1 ,566 19 318 4 ,381 2 686 84 ,099 57 394 8 ,495 6 973 6 973 6 973 70 516 17 397 16 671 7 ,113 7 ,V2? 7 ,962 37 33 ,059 36 ,321 717 944 2 ,025 2 ,425 1 ,985 45 080 45 850 44 7?0 15 ,250 7 ,996 12 ,900 15 ,657 15 ,534 14 ,943 5 86? 11 374 7 ,016 40 .597 1 709 1 ,898 43 ,184 7 ,040 18 ,231 1 ,568 37 979 5 ,789 7 453 88 5 ? 4 61 17? 10 ,703 ,413 8 198 1 734 4 167 1 106 11 ,966 1 1?? 7 417 90 849 65 053 10 ,573 ,286 8 148 1 586 4 941 7? ,006 8 177 1 8?8 4 794 916 809 838 11 ,732 1 155 7 63? 11 ,277 1 ,221 2 367 243 1 78? ?63 306 1 8?5 4 852 174 9 116 4 436 1 1 681 4 ,866 141 9 147 4 386 1 809 3 376 1 343 6 961 3 09? 5 605 6 749 3 710 5 169 778 3 468 27 10 1 11 44 51 228 27 228 156 1? 300 250 250 364 10 765 669 37 025 940 5? ?74 701 3 700 8 870 4 388 13 321 12 650 16 835 15 556 400 6 13? 4 1 049 11 373 769 4?4 8, 013 319 1 ,087 6 ,141 2 349 6 476 11 686 1 096 7 966 793 1 8? 5 Bank of Guatemala (thousands of quetzales): Gold Foreign exchange (net) Gold contribution to Int'l. Fund . Rediscounts and advances Other assets Circulation—Notes Coin Deposits—Government Banks Other liabilities and capital National Bank of Hungary 5 Reserve Bank of India (millions of rupees): Issue department: Gold at home and abroad .. Foreign securities. . . . Indian Govt. securities Rupee coin Note circulation Banking department: Notes of issue d e p a r t m e n t . . . . Balances abroad Bills discounted Loans to Government Other assets Deposits Other liabilities and capital Bank Indonesia (millions of rupiah): Gold and foreign exchange (net) 6 . Loans and discounts . . . . Advances to Government Other assets July 157 54 538 1 ,568 77 890 7 ,774 7 65? 9 3 ,7 79 67 338 10 ,462 35 6 3 5 1954 1953 4 4 .540 4 475? 8 ,658 4 3 334 4 4 2 254 2 971 220 888 47 37? 4 5 587 27 10 1 11 28 43 3 3 10 17 228 176 250 605 638 785 534 865 360 302 1 027 11 427 400 5 582 4 214 965 10 715 400 6 737 4 717 419 1, 154 35 15 1, 135 2 537 221 444 1 091 14 446 1 408 17 1, 188 2 370 367 1 043 2 677 238 582 717 7, 707 299 444 639 7, 514 287 1, 648 483 4 , 716 277 Central Bank (Figures as of last report date of month) Sept. Aug. 1953 July Bank Indonesia—Cont. 6 ,321 6 ,212 6 ,031 Note circulation . . 495 495 495 Deposits—ECA 2 ,?07 2 116 1 890 Other 482 502 Other liabilities and capital 468 Central Bank of Ireland (thousands of pounds): 9 ? ,646 ,646 646 Gold . 65 034 64 1 3 5 n5 Sterling funds . . . . 67 6 8 0 6 6 781 67 934 Note circulation Bank of Italy (billions of lire): 4 4 4 Gold 77 79 74 Foreign exchange 567 567 567 Advances to Treasury. . 364 357 333 Loans and discounts 322 311 320 Government securities 835 774 791 Other assets 1 410 1 395 1 39? Note circulation . . . 30 35 29 Deposits—Government 69 60 Demand 58 475 523 Other 479 129 Other liabilities and capital 136 131 Bank of Japan (millions of yen): Bullion . . . . 448 448 448 1 ,377 1 ,400 1 ,400 Advances to Government Loans and discounts 415 913 435 759 430 667 ? 0 0 379 193 934 199 ?45 Government securities . . 9 ? 467 8 ? 5 6 ? 87 9 5 ? Other assets 515 346 7?s 5 ? 4 0 0 ? Note circulation 41 533 42 423 40 743 Deposits—Government Other. . 75 766 75 366 78 043 77 9 3 9 74 5 9 0 76 9 ? 3 Other liabilities Bank of Mexico (millions of pesos) • j 788 1 ?71 1 218 Monetary reserve 7 "Authorized" holdings of secu3 436 3 393 3 ?10 rities etc. 475 486 Bills and discounts 495 779 7?0 Other assets 734 3 7?8 3 745 3 666 Note circulation 1 4? 3 1 340 1 ?07 Demand liabilities 779 783 784 Other liabilities and capital Netherlands Bank (millions of guilders) : Gold . . Silver (including subsidiary coin). Foreign assets (net) Loans and discounts Govt. debt and securities Other assets Note circulation—Old New Deposits—Government ECA. Other Other liabilities and capital Reserve Bank of New Zealand (thousands of pounds): Gold Foreign exchange reserve Loans and discounts Advances to State or State undertakings . Investments Other assets Note circulation Demand deposits Other liabilities and capital Bank of Norway (millions of kroner): Gold Foreign assets (net) Clearing accounts (net) Loans and discounts Securities Occupation account (net) Other assets Note circulation Deposits—Government Banks FOA—MSA Other liabilities and capital 3 015 18 1 3?4 3 015 18 1 335 3 006 17 1 547 30 ?8 30 703 463 29 3 373 420 801 696 734 695 436 29 3 418 406 801 640 73? 670 439 29 3 395 550 203 82 -83 50 ?6 5 546 3 , 100 1 343 626 ?07 643 ! This figure represents the amount of the country's subscription to the Fund less the bank's local currency liability 2 Combined figures for the Bank of German States and the nine Land Central Banks. 3 On May 1, 1954, a new drachma equal to 1,000 old drachmae was introduced, changing the ratio from 30,000 to 30 4 Figure expressed in billions of drachmae. 5 For last available report (February 1950), see BULLETIN for September 1950, p. 1263. 6 Gold not reported separately beginning January 1954. 7 685 790 Sept. 4 ,891 495 1 ,243 495 2 646 62 ,315 64 ,961 4 58 567 311 256 728 1 ,307 21 58 416 122 37 446 138 139 ^20 128 61 50 448 344 063 772 922 660 413 914 1 157 2 737 731 497 3 109 1 518 497 2 725 16 1 419 36 1 217 455 31 3 15? 798 1 195 482 6 172 85 822 13 369 89 442 13 542 0 171 6, 027 66, 289 6, 019 30 847 23 964 1 475 ?8 154 23 957 1 61 5 67 930 85 460 66 970 87 Q74 8 249 7 927 58 868 42, 017 1 535 6 3 054 109, 520 8 , 181 203 176 -75 52 ?6 5 546 57 3, 119 1 341 741 ?07 578 203 185 -78 55 30 5 546 76 3 122 1 453 699 ?05 539 281 110 26 60 43 5 , 546 54 2, 897 1, 910 694 176 444 to the Fund. drachmae per U. S. dollar. Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities. NOVEMBER 1954 1225 CENTRAL BANKS—Continued 1954 Central Bank (Figures as of last report date of month) Sept. Aug. 1953 July Sept. State Bank of Pakistan (millions of rupees): Issue department: Gold at home and abroad... Sterling securities Pakistan Govt. 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): Goldi Foreign exchange (net) 2 Net claim on Int'l. Fund Loans and discounts Government loans and securities Other assets Note and coin issue Deposits—Government. . Other Other liabilities and capital Central Reserve Bank of Peru (millions of soles): Gold and foreign exchange Net claim on Int'l. Fund 2 Loans and discounts to banks. . . Loans to Government . . . Other assets Note circulation Deposits Other liabilities and capital 81 382 1,299 147 300 57 2,171 81 381 1,300 147 300 57 2,164 81 400 1,281 147 300 58 2,167 81 425 1,117 126 300 69 2,007 95 101 363 463 102 6 73 420 508 96 93 99 5 65 424 496 98 111 18 102 473 618 86 (May)* 2,846 91,307 1,138 51,555 28 450,566 537,452 229 189 625,964 138,965 155,762 390,697 333 67 696 1,189 88 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 18,813 425,235 29,504 20,037 224,059 166,141 601,737 84,992 138,684 58,376 South African Reserve Bank (thousands of pounds): Gold Foreign bills Other bills and loans . . . Other assets Note circulation Deposits Other liabilities and capital Bank of Spain (millions of pesetas): Gold Silver . ... Government loans and securities. Other loans and discounts 325 67 689 1,216 73 11 1,801 387 229 356 212 18,813 455,454 29,504 5,217 226,445 161,113 599,715 84,928 157,339 54,564 18,813 438,474 29,504 714 227,970 161,566 584,708 84,802 154,484 53,048 18,813 441,499 29,504 9,060 228,313 157,815 561,434 85,662 180,499 57,409 5,369 5,381 13,084 13,204 639 737 1 404 1 408 979 1,021 9,834 9,525 2,153 1,761 6 6 7,407 8,177 2 215 2 143 4,846 12,273 711 1,427 68,267 41,291 16,737 45,922 100,225 52,887 19,105 66,615 41,174 14,137 44,262 100,218 47,686 18,283 613 613 613 323 323 323 16,191 16,202 16,247 27,032 26,143 26,751 Sept. Bank of the Republic of Uruguay 702 Aug. 1953 July Bank of Spain—Cont. Other assets 37,579 36,242 37,138 Note circulation 40,517 39,738 39,446 5,469 5,375 6,236 Deposits—Government Other 3,209 3 324 3,438 Other liabilities and capital 32,543 31,087 31,953 Bank of Sweden (millions of kronor): Gold . . . 482 482 48? Foreign assets (neO . .2 1,439 1,359 1,331 129 129 Net claim on Int'l.*Fund 129 Swedish Govt. securities and ad- 3 vances to National Debt Office 2,477 2,572 2,530 Other domestic bills and advances 56 84 46 Other assets 849 868 860 Note circulation 4,615 4.523 4,463 100 149 150 Demand deposits—Government. 33 121 78 Other Other liabilities and capital 682 697 693 Swiss National Bank (millions of francs) : Gold 6 278 6 221 6 198 509 Foreign exchange 527 530 102 109 108 Loans and discounts 90 Other assets 92 98 Note circulation 5 052 4 957 4 956 1,754 1,785 1,746 Other sight liabilities 203 203 Other liabilities and capital 205 255,111 367,473 380,945 464,545 122,948 160,935 Central Bank of the Republic of 307,805 Turkey (millions of pounds): Gold Foreign exchange and foreign 432 clearings 67 Loans and discounts 493 Securities 1,008 Other assets 145 Note circulation 1,534 Deposits—Gold 375 Other 237 Other liabilities and capital 1,759 68,975 47,289 8,181 47,836 101,507 52,702 18,072 1954 Central Bank (Figures as of last report date of month) (thousands of pesos) : Gold Silver Advances to State and Government bodies Other loans and discounts Other assets Note circulation Deposits—Government Other Other liabilities and capital Central Bank of Venezuela (millions of bolivares): Gold Foreign exchange (net) Other assets Note circulation Deposits Other liabilities and capital 9,359 1,452 Bank for International Settle6 m e n t s (millions of Swiss gold 6,995 francs): 2,147 Gold in bars Cash on hand and with banks. . Sight funds at interest 62,116 Rediscountable bills and accept26,372 ances (at cost) 35,765 Time funds at interest 42,392 Sundry bills and investments.... 94,232 Funds invested in Germany 51,893 Other assets 20,521 Demand deposits (gold) Short-term deposits: Central banks—Own account.. 596 336 Other 15,828 Long-term deposits: Special 23,636 Other liabilities and capital Sept. 31,589 37,514 3,490 3,195 27,786 455 1,362 129 2,389 353 864 4,365 406 51 730 6 073 532 208 74 4 938 1,742 207 402 402 402 402 198 2,529 30 92 1,500 216 2,385 30 92 1,469 225 2,310 30 88 1,449 186 1,924 26 124 1,414 154 154 983 519 154 957 495 153 757 337 1,092 506 (May)* 344 167 336,572 8,672 9,278 123,343 375,715 609,949 456,400 148,591 333,215 523,640 116,340 342,367 616,920 399,119 130,378 370,518 521,462 1,141 308 88 1,232 293 174 1,232 212 142 1,232 277 149 982 253 464 992 223 371 986 258 414 596 591 570 262 369 466 297 5 293 386 442 297 7 300 409 508 297 7 49 2 89 2 99 1 909 258 370 606 63 3 316 18 234 297 1 431 436 433 449 1,079 1,134 1,232 531 25 229 282 27 229 281 19 229 281 52 229 277 * Latest month available. J On Jan. 1, 1954, gold revalued from 0.148112 to 0.0592447 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. 1226 FEDERAL RESERVE BULLETIN MONEY RATES IN FOREIGN COUNTRIES DISCOUNT RATES OF CENTRAL BANKS [Per cent per annum] Central bank of— Date effective In effect Dec. 31, 1948 May 27, 1949 July 14 Oct. 6 . June 8, 1950. . Sept 11 Sept. 26 Oct 27 Dec. 1 . . . Apr. 17, 1951. . July 5 . . . Sept. 13 Oct. 1 1 . . . Nov. 8 Nov. 9. Jan. 22, 1952 Mar. 12 May 29 Aug 1 Aug. 21 Dec 18 Jan. 8, 1953 Apr. 7 June 1 1 . . . Sept. 17 Oct. 29 . Nov. 20 Feb. 4, 1954. . May 13 May 20 In effect Sept. 30, 1954 United Ger- Bel- Nether- SweKing- France many gium lands den dom 2 3 3K 15 2K Central bank of— Switzerland 2Y2 IK 14 Rate Sept. 30 Date effective Central bank of— Argentina Austria Belgium Bolivia 3Y2 3% 2% 6 Mar. June Oct. Sept. Canada Ceylon Chile Colombia Costa Rica 2 4K June 13, 1935 Oct. 17, 1950 June 11, 1954 1, 3, 29, 30, 1936 1954 1953 1950 Ireland Italy Japan Mexico 3M 2Y2 3% X 3 6 3 4 3\i 3H July 18, 1933 Feb. 1, 1950 4 4 Netherlands. New Zealand. Norway Pakistan. . . . Rate Sept. 30 Date effective I* Mar. 25, 1952 Apr. 6, 1950 Oct. 1, 1951 5.84 4K June 4, 1942 ¥ Apr. 7, 1953 Apr. 12, 1954 Jan. 9, 1946 July 1, 1948 3 4 3H 4 15 3 14^ Denmark Ecuador Egypt El Salvador. . . Finland 5Y2 10 3 3 June May Nov. Mar. Dec. 1954 1948 1952 1950 1951 Peru Portugal.... South Africa. Spain Sweden 6 Nov. Jan. Mar. July Nov. France Germany Greece India Indonesia .5* Feb. 4, 1954 May 20, 1954 Jan. 1, 1954 Nov. 15, 1951 Apr. 1, 1946 Switzerland.. Turkey United Kingdom U.S.S.R IK Nov. 26, 1936 Feb. 26, 1951 3 4 May 13, 1954 July 1, 1936 23, 13, 15, 22, 16, 13, 1947 12, 1944 27, 1952 1, 1954 20, 1953 3 *4 2Y2 X 3H 3% 2M 3 3 X 3M 2M 1 Rates established foi- the Land Central banks, NOTE.—Changes sinee Sept. 30: None. 3 13 2% 2Y2 2M 10 IK OPEN MARKET RATES [Per cent per annum] Month France United K i n g d o m Canada Netherlands Treasury bills 3 months Bankers' acceptances 3 months Treasury bills 3 months Day-today money Bankers' allowance on deposits Day-today money Treasury bills 3 months Day-today money 1944—August 1945—August 1946—August 1947—August 1948—August 1949—August 1950—August 19^1— August 1952—August 1953—August .38 .36 .40 .41 .41 .51 .55 .79 1.10 1.80 1.03 1.03 .53 .53 .56 .67 .69 1.00 3.00 3.00 1.00 1.00 .51 .51 .51 .52 .51 .51 2.46 2.36 1.13 1.13 .63 .63 .63 .63 .63 .63 2.25 2.25 .50 .50 .50 .50 .50 .50 .50 .50 2.00 >.00 1.68 1.50 1.32 1.46 1.88 J>2.06 2.35 2.64 3.77 4.18 L .41 L.30 1.35 1.25 .44 1.38 .85 .50 i! is 1953—September. . . . October November. . . . December 1.91 1.93 1.90 1.88 2.67 2.19 2.19 2.19 2.27 2.11 2.10 2.11 2.09 1.94 1.94 1.94 L .88 1.75 L.75 1.75 4.34 3.91 4.00 3.75 .43 .38 .28 .03 1.00 1.06 .91 .95 1.00 .58 .50 .50 .50 .50 .50 1954—January February March April May June July August 1.88 1.74 1.61 1.56 1.59 1.60 1.39 1.33 2.19 2.15 2.16 2.17 1.89 1.66 1.60 1.62 2.12 2.07 2.10 2.09 1.79 1.61 1.57 1.60 1.94 1.94 1.94 1.94 1.63 1.44 1.44 1.44 L.75 L.75 L.75 L.75 L.44 L.25 L.25 L.25 3.66 3.55 3.42 3.55 3.54 3.57 3.79 3.82 .23 .25 .45 .41 .38 .38 .40 .75 .50 .50 .50 .50 .50 .50 .50 .53 Sweden Switzerland Loans up to 3 months Private discount rate 3-5^ 2^-5 2Y2~^y2 2y2-±y2 2Y2-^y2 3-5 3-5 3-5 1 .25 1 .25 1 .25 1 .25 1 .63 1L.50 L.50 L.50 L.50 L.50 3-5 3-5 3-5 3-5 L.50 L.50 L.50 L.50 2M-5 2M-5 2%-5 2M-5 2M-5 2^-5 2M-5 2M-5 L.50 1 .50 1 .50 1 .50 L.50 1 .50 1 .50 1 .50 P Preliminary. NOTE.—For monthly figures on money rates in these and other foreign countries through 1941, see Banking and Monetary Statistics, Table 172, pp. 656-661, and for description of statistics see pp. 571-572 in same publication. NOVEMBER 1954 1227 COMMERCIAL BANKS (11 London clearing banks. Figures in millions of pounds sterling) Cash reserves Money at call and Bills dis- Treasury Loans to deposit2 Securities customers short counted receipts notice 1948—December. 1949—December. 1950—December. 1951—December. 1952—December. 502 532 540 531 549 485 571 592 598 529 741 1,109 1,408 972 1,248 1953—October... November December. 518 520 542 476 469 501 1954—January. . February. March.... April May June July August. . . September 526 504 512 535 501 531 534 534 521 483 454 468 489 463 455 428 438 418 Canada8 (11 chartered banks. End of month figures in millions of Canadian dollars) Liabilities Assets United Kingdom * Deposits Other assets Demand Time 1,478 1,512 1,528 1,965 2,148 ,396 ,534 ,660 ,950 ,764 621 579 735 867 748 6,200 6,202 6,368 6,333 6,460 4,159 4,161 4,262 4,290 4,232 2,041 2,041 2,106 2,042 2,228 420 427 550 651 528 1,340 1,354 1,417 2,238 2,245 2,275 ,666 ,687 ,725 607 626 729 6,373 6,419 6,694 4,041 4,080 4,327 2,332 2,339 2,368 472 483 495 1,330 113 078 088 122 170 185 209 2,277 2,275 2,269 2,280 2,305 2,311 2,351 2,348 2,360 ,706 ,754 ,773 ,786 ,804 ,856 ,836 ,840 ,828 633 638 632 699 643 711 643 656 670 6,457 6,237 6,243 6,378 6,335 6,533 6,466 6,519 6,539 4,124 3,954 3,957 4,056 4,005 4,193 4,121 ,173 4,171 2,333 2,283 2,286 2,321 2,330 2,340 2,345 2,346 2,367 499 501 489 499 502 501 510 505 520 1,397 793 456 102 1,262 Assets Liabilities Security loans abroad and net Securities Other due from Security loans and foreign loans discounts banks Deposits payable in Canada excluding interbank deposits Entirely in Canada Cash reserves Total Other liabilities and capital Other assets Notes* Other liabilities and capital Total Demand Time 7,027 7,227 7,828 7,896 8,421 2,970 2,794 3,270 3,284 3,497 4,057 4,433 4,558 4,612 4,924 ,537 ,477 ,667 ,714 ,736 1948—December. 1949—December. 1950—December. 1951—December. 1952—December. 749 765 824 907 916 101 133 134 107 155 2,148 2,271 2,776 3,028 3,289 144 146 171 227 326 4,268 4,345 4,286 3,876 3,955 ,169 ,058 ,304 ,464 ,516 1953—September October... November December. 897 962 899 906 110 144 152 154 3,772 3,838 3,977 3,897 330 342 390 424 3,918 3,789 3,789 3,831 ,372 ,432 ,512 ,510 8,692 8,744 8,918 8,881 3,466 3,596 3,851 3,847 5,226 5,148 5,068 5,034 ,706 ,763 ,801 ,841 1954—January. . February. March.... April May Tune July August. . . 881 898 923 892 866 872 780 809 143 197 167 144 215 238 211 174 3,929 3,951 3,899 3,925 3,925 3.943 3,924 3,917 370 370 421 398 382 360 352 312 3,944 3,885 3,775 3,780 3,780 806 096 4,220 ,337 ,332 ,426 ,408 ,481 1.540 1,266 1,280 8,772 8,843 8,780 8,708 8,818 8,929 8,946 9,022 3,679 3,681 3,535 3,397 3,441 3,506 3,474 3,487 5,093 5,162 5,245 5,312 5,378 5,423 5,473 5,535 ,832 ,791 ,830 ,839 ,830 ,829 ,683 ,690 Liabilities Assets France (4 large banks. End of month figures in millions of francs) 16 14 Cash Due from banks Bills discounted Loans Other assets Deposits Total Demand Time Own acceptances Other liabilities and capital 1948—December 1949—December 1950—December 1951—December 1952—December 45,397 40,937 48,131 60,215 51,155 35,633 42,311 52,933 72,559 68,243 354,245 426,690 527,525 627,648 636,624 126,246 129,501 135,289 165,696 170,298 34,030 29,843 31,614 38,114 29,734 552,221 627,266 749,928 906,911 902,547 545,538 619,204 731,310 879,767 870,504 6,683 8,062 18,618 27,145 32,043 30,638 26,355 28,248 33,774 24,957 12,691 15,662 17,316 23,547 28,551 1953—August September October November December...... 50,451 47,177 46,003 47,103 50,746 89,197 81,649 74,964 78,797 86,273 651,314 644,000 694,021 696,942 744,076 198,784 199,498 185,109 189,753 184,930 49,226 50,250 54,393 60,636 35,673 956,528 939,282 965,798 978,019 1,037,169 917,027 900,010 924,602 935,267 994,620 39,501 39,272 41,196 42,752 42,549 25,209 22,928 24,355 28,142 30,308 57,234 60,364 64,338 67,070 34,222 1954—January February March April May June July 46,077 44,083 43,889 43,467 49,186 45,701 51,277 76,601 75,183 80,266 78.411 79,438 85.313 90,693 782,293 770.445 714,717 710,596 719,284 721.240 787,898 180,524 193,050 201,349 206,008 213,557 214,988 208,091 37,840 40,242 45,611 45,340 46,594 48,348 49,709 ,056,908 ,054,531 ,011,093 ,007,632 ,030,758 ,034,079 ,103,289 1,013,546 1,010,245 968,648 967,024 989,474 993,533 1,061,250 43,363 44,286 42,444 40,608 41.284 40.546 42,039 31,301 32,539 34,322 31,538 29,721 28,422 26,945 35,126 35,933 40,416 44,652 47,580 53,090 57,432 !This table represents aggregates of figures reported by individual banks. Data are compiled on the third Wednesday of each month, except in June and December when the statements give end-of-month data. 2 Represent six-month loans to the Treasury with a yield of % per cent 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 figuresshown 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. 1228 FEDERAL RESERVE BULLETIK FOREIGN EXCHANGE RATES [Average of certified noon buying rates in New York for cable transfers. Argentina (peso) Australia (pound) Year or month Basic 1948 1949 1950 1951 1952 1953 . . . 1953—November December 1954—January February March April May June July August September October .. .. Year or month Brazil i (cruzeiro) Free British Malaysia (dollar) Canada (dollar) Official Free 100.000 97.491 90.909 91.691 92.881 91.474 94.939 102 149 101.650 29.773 29.774 26.571 " i 3 ! 3 3 3 * " ' 8 ! 2 8 9 ' 20.000 7.067 13.333 20 000 7 163 13 333 20.000 13.333 7.198 321.22 293.80 223.15 223.07 222 63 224.12 23.8580 2 2816 2.2009 1.9908 1.9859 1 9878 2.0009 20.000 20.000 13.333 13.333 7.198 7.198 223.97 223.93 23.8580 3.8580 2.0062 2.0053 4 2808 4.2808 3.5261 3.5261 32.641 32.635 102.266 102.754 20.000 20.000 20 000 20.000 20 000 20.000 20 000 20 000 20.000 20.000 13.333 13.333 13 333 13.333 13 333 13.333 13 333 13 333 13.333 13.333 7.198 7.198 7 198 7.198 7 198 7.198 7 198 7 198 7 198 7.198 224.01 224.13 224 27 224.55 224 58 224.56 224 51 224 13 223.18 222.89 3 8580 3.8580 3 8580 3.8580 3 8580 3.8580 3 8580 3 8580 3.8580 3.8580 2.0023 2.0036 1 9152 1.9868 1 9909 2.0032 2 0009 1 9994 2 0007 1.9977 4.2808 4.2808 4 2808 4.2808 4 2808 4.2808 4 2808 4 4 2808 3.5261 3.5261 3 5261 3.5261 3 5261 3.5261 3 5261 4 3 5261 32.646 32.656 32 668 32.689 32 681 32.666 32 689 32 644 32.558 32.634 102.781 103.439 102 996 101.786 101 575 101.882 102 611 103 060 103.112 103.094 Ceylon (rupee) Denmark (krone) Finland (markka) India (rupee) Ireland (pound) Mexico (peso) (guilder) (pound) 30.169 27 706 20.870 20 869 20.922 21.049 280 38 279.68 281.27 18.860 12 620 11.570 11 564 11.588 11.607 37.668 34 528 26.252 26 264 26.315 26.340 350.48 365 07 277.28 277 19 276.49 278.48 1948 1949 1950 1951 1952 1953 27 839 20.850 20 849 20.903 21.046 1953—November December 1954—January February March April May June July August September. . . . October Year or month Preferential Austria Belgium (schilling) (franc) In cents per unit of foreign currency] France (franc) Official Free Germany (deutsche mark) 5 4406 5.4406 5.4406 5.4406 5 4<infi «5.4 420 42.973 32.788 32.849 32 601 32.595 NethNew erlands Zealand 4354 .4354 .4354 .3240 3017 .2858 2856 .2856 .2856 21.041 21.037 .4354 .4354 .2856 .2856 21.044 21.039 281.09 281.03 11.627 11.626 26.410 26.410 278.30 278.25 21.038 21.044 21.052 21.079 21.078 21.077 21.094 21.059 20 968 20.935 .4354 .4354 .4354 .4354 4354 4354 4354 43 S4 4354 .4354 .2856 .2856 .2856 .2856 .2856 .2856 .2856 .2856 .2856 .2856 '«23l838' 23.838 23.838 23.838 23.838 23.838 23.838 21.039 21.047 21.056 21.084 21.084 21.085 21.094 21.061 20.970 20.938 281.14 281.29 281.45 281.81 281.85 281.82 281.76 281.29 280.08 279.72 11.619 11.614 11.608 «9,965 7.995 7.995 8.000 8.005 8.005 8.005 26.405 26.408 26.408 26.413 26.418 26.426 26.415 26.396 26.364 26.267 278.35 278.50 278.67 279.02 279.06 279.03 278.97 278.50 277.31 276.95 Norway (krone) PhilipPortupine gal Republic (escudo) (peso) South Africa (pound) Sweden (krona) Switzerland (franc) United Kingdom (pound) 20 857 19 117 14.494 14 491 14.492 .4929 4671 23.838 23 838 23.838 Uruguay7 (peso) 1948 1949 1950 1951 1952 1953 20.159 18 481 14 015 14 015 14.015 14.015 49,723 49.621 49 639 49.675 49.676 4.0183 3 8800 3.4704 3.4739 3.4853 3.4887 400.75 366 62 278.38 278 33 278.20 280.21 27.824 25 480 19.332 19.327 19.326 19.323 23 363 23 314 23.136 23 060 23.148 23.316 403 13 368 72 280 07 279 96 279.26 281.27 65 830 65 830 65 833 65 833 65.833 865.833 56 182 56 180 56.180 56 180 56.180 856.180 42 553 42 553 42 553 42.553 H2.553 '»34.217 1953—November December 14.015 14.015 49.677 49.677 3.4899 3.4900 280.04 279.98 19.323 19.323 23.255 23.289 281.09 281.03 65.833 865.833 56.180 856.180 42.553 842.553 (954—January 14 008 14.008 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 49.677 49.677 3.4900 3.4900 3.4900 3.4900 3 4900 3.4900 3.4900 3.4900 3.4900 3.4900 280.09 280.23 280.40 280.76 280.80 280.76 280.71 280.24 279.04 278.68 19 333 19.333 19 333 19.333 19 333 19.333 19.333 19.333 19.333 19.333 23 308 23.315 23 308 23 313 23 333 23 334 23.320 23.322 23 325 23.320 281 14 281 29 281 45 281 81 281 85 281 82 281 76 281.29 280 08 279.72 March April May June July August September October 33.567 832.573 *For figures on free rate for the period Feb. 25-Oct. 9, 1953, inclusive, see BULLETIN for November 1953, p. 1231. The average for this 2 period was 2.3274. Based on quotations beginning Nov. 30, 1953. 3Official rate, based on quotations through Oct. 9, 1953. Effective Oct. 12, 1953, the Brazilian authorities introduced new exchange ratios for Brazilian exports. Under the new system premiums of 5 and 10 cruzeiros, depending upon type of merchandise, were added to the former rate 4of 5.4466 cents, thus establishing two rates—4.2808 and 3.5261 cents, respectively. 5 Based on quotations through Aug. 13, 1954. Based on quotations beginning Apr. 1, 1954. 8 The Mexican peso was devalued, effective Apr. 19, 1954, from a par value of 8.65 to 12.50 pesos per U. S. dollar. 7 Rate applied (except free rate) depends upon type of merchandise. In addition to the rates shown, a fifth rate was certified May 8-Dec. 4, 1953, 8 inclusive; the average for this period was 53.1914. 9 Based on quotations through Dec. 4, 1953. Free rate, based on quotations Feb. 10-Dec. 4, 1953, inclusive. NOTE.—For back figures, see Banking and Monetary Statistics, Table 173, pp. 662-682. For description of statistics, see pp. 572-573 in same publication, and for further information concerning rates and averages for previous years, see BULLETIN for December 1953, p. 1409. NOVEMBER 1954 1229 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES—ALL COMMODITIES [Index numbers] Year or month United States (1947-49 =100) Canada (1935-39 =100) Mexico (1939= 100) United Kingdom (1930= 100) France (1949= 100) Italy (1938= 100) Japan (1934-36 average =1) Sweden (1935= 100) Switzerland (Aug. 1939 =100) 100 104 117 143 140 134 196 194 186 199 214 216 227 299 317 298 207 205 200 208 217 206 203 227 220 213 357 359 360 361 133 133 134 134 295 295 297 296 212 212 212 211 368 369 368 364 358 354 355 135 136 135 136 137 137 134 134 296 296 296 297 296 298 297 P296 P295 213 213 214 215 214 215 214 214 P215 1944 1945 1946 1947 1948 1949 1950 1951 1952 1953 68 69 79 96 104 99 103 115 112 110 131 132 139 163 193 198 211 240 226 221 179 199 229 242 260 285 311 386 400 393 166 169 175 192 219 230 262 320 328 328 14 20 34 52 89 100 108 138 145 138 5,159 5,443 5,169 4,897 5,581 5,270 5,250 2 4 16 48 128 209 246 343 349 354 1953—September October November December 111 110 110 110 221 220 219 219 398 401 396 396 326 326 328 326 137 136 137 138 5,246 5,237 5,222 5,256 1954—January February March April May June July August September 111 111 111 111 111 110 110 111 110 220 219 219 218 218 218 217 216 215 396 397 401 411 431 437 437 441 439 326 326 329 330 331 332 333 P329 138 138 136 137 139 135 134 H36 P135 5,286 5,328 5,336 5,295 5,292 '5,256 5,246 P5,257 P329 Netherlands (1948= 100) * Preliminary. * Revised. NOTE.—For sources and references concerning changes in the structure of price indexes for various countries, see BULLETIN for December 1952, p. 1356. WHOLESALE PRICES—GROUPS OF COMMODITIES [Indexes for groups included in total index above] United States (1947-49=100) Canada (1935-39=100) Year or month Other Farm Processed commodFarm products foods products ities 1944 1945 1946 1947 1948 1949 1950 1951 1952 1953 February March April May June July August September Raw and Fully and partly chiefly manumanufactured factured goods goods Foods Industrial products Foods Industrial raw products Industrial finished products 100 101 112 122 129 123 100 108 128 171 166 156 100 104 116 143 135 132 69 72 n.a. n.a. n.a. 107 93 98 113 107 97 106 96 100 111 109 105 103 101 105 116 113 114 230 226 237 269 250 220 196 197 213 238 219 207 192 199 211 242 231 229 181 197 221 247 284 307 98 95 94 94 107 105 104 104 115 115 115 115 209 209 205 207 207 205 203 204 230 229 228 228 307 304 305 302 121 120 122 122 155 154 153 153 132 132 132 132 98 98 98 99 98 95 96 96 94 106 105 105 106 107 105 107 106 106 115 114 114 115 115 114 114 114 114 209 209 207 206 210 210 214 208 204 207 205 204 206 208 207 207 205 203 228 227 227 225 225 225 224 222 223 302 305 311 310 310 311 313 127 128 126 127 129 131 118 116 153 153 154 153 155 155 154 155 133 133 133 133 133 134 133 135 83 100 1953—September October November Netherlands (1948=100) United Kingdom (1930=100) 98 70 71 155 165 134 136 129 130 158 158 170 175 78 95 177 190 140 164 138 162 158 165 184 207 242 249 286 »364 »352 P303 n.a. Not available. v Preliminary. NOTE.—For sources and references concerning changes in the structure of price indexes for various countries, see BULLETIN for December 1952, p. 1356. 1230 FEDERAL RESERVE BULLETIN PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued CONSUMERS' PRICE INDEXES All items Year or month United States (1947-49 =100)i Canada (1949 = 100) Food SwitzUnited erKing- France Netherland dom lands (1949 (Jan. (1949 (Aug. 15, 1952 = 100) = 100) 1939 = = 100) 100) 1946 1947 1948 1949 1950 1951 1952 1953 83 96 103 78 85 97 77 82 35 57 90 102 103 111 114 114 100 103 114 116 115 84 86 95 103 106 100 111 130 145 144 1953—September . . . October November December 115 115 115 115 116 117 116 116 106 106 106 106 141 141 141 142 1954—January February March April IVlay June July August September United States (1947-49 =100)i 152 158 163 79 96 104 100 109 119 120 120 162 159 167 171 170 100 101 113 115 113 121 121 120 120 170 170 170 170 114 114 112 112 Canada (1949 = 100) SwitzUnited erKing- France Netherlands land dom (1949 (1949 (Jan. (Aug. = 100) 15,1952 = 100) 1939= 100) 100) 36 57 92 100 103 117 117 113 76 82 91 105 112 100 111 128 141 137 100 111 121 123 124 174 176 181 184 184 114 116 113 112 111 111 111 110 132 132 132 134 126 125 124 122 186 187 187 186 136 137 136 134 137 136 133 132 P134 124 185 126 185 127 129 131 134 184 185 186 187 115 116 106 143 123 170 113 112 110 115 116 106 144 124 170 113 112 110 115 115 115 115 116 116 116 116 107 107 107 107 144 142 144 144 169 170 170 171 112 112 113 114 111 110 110 112 115 116 115 112 117 117 109 108 171 115 115 124 125 126 127 127 126 126 172 P172 114 112 114 114 112 113 112 114 118 116 142 142 P143 160 170 176 67 72 132 188 130 P130 190 P191 *1» Preliminary. These series a. ire the revised indexes, reflecting, beginning January 1953, the inclusion of some new series and revised weights. Prior to January 1953 indexes ai are based on the "interim adjusted" and "old" indexes, converted to the base 1947-49=100. NOTE.—For sources refticnuca 1,,-^c. and o«^ ™f aM nA aa concerning changes in the structure of price indexes for various countries (except the United States), see BULLETIN for December 1952, p. 1357. SECURITY PRICES [Index numbers except as otherwise specified] Common stocks Bonds Year or month United States (1935-39 =100) Canada (1935-39 =100) United Kingdom (December 1921=100) 295 27 122.1 118.3 121.0 121.9 117.7 115.8 112.1 118.5 105.0 107.6 109.6 95.7 86.1 83.6 130.8 129.9 126.5 121.2 117.6 108.3 112.0 120.0 106.4 100.0 99.8 101.4 111.1 113.5 105.6 107.1 106.8 106.7 87.0 85.6 100.2 123.0 124.4 121.4 146.4 176.5 187.7 189.0 106.0 112.5 109.4 131.6 168.3 173.1 160.3 94.6 92.0 87.6 90.0 97.1 91.1 92.2 100 90 112 143 159 233 240 219 217 215 192 212 1953—September. . . October November. . . December 110.9 112.5 113.6 113.5 82.3 82.8 84.2 85.3 112.8 114.2 114.9 114.2 115.0 114.7 114.4 113.8 102.1 104.0 104.0 103.4 179.2 183.4 . 187.5 190.7 152.9 151.9 154.2 153.6 91.4 92.1 93.7 93.5 165 167 169 170 215 217 223 230 1954—January February.... March April May June July August September. . . 114.6 116.5 117.9 118.1 117.5 117.0 117.5 117.8 117.6 87.0 88.7 95.5 99.8 100.3 100.3 102.1 102.8 102.1 114.3 114.8 115.3 116.6 117.3 116.0 118.5 119.7 118.9 114.6 114.9 116.0 115.7 115.4 114.9 114.9 116.6 103.7 101.8 100.0 100.6 103.4 106.3 104.3 103.7 104.3 195.4 199.6 204.9 212.7 219.8 221.8 231.1 236.4 238.5 157.4 163.2 165.0 173.6 179.5 180.5 182.3 187.0 189.5 94.1 95.8 95.6 97.0 97.8 98.5 100.0 101.7 102.1 180 184 187 194 199 194 198 221 239 245 250 256 261 269 282 285 289 Number of issues. . . 1947 1948 1949 1950 1951 1952 1953 . . . United Statesi (high grade) 17 87 France (1949 =100) 60 Netherlands 2 14 480 Canada (1935-39 =100) 99 United France Kingdom (1926=100) (1949=100) 278 Netherlands' 1 Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 2 Represents the reciprocals of average yields. The average yield in the base period (January-March 8 4 per cent 20-year bond. 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. NOVEMBER 1954 1231 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM W M . MCC. MARTIN, JR., Chairman M. S. SZYMCZAK A. L. MILLS, JR. J. L. ROBERTSON JAMES K. VARDAMAN, JR. C. CANBY BALDERSTON ELLIOTT THURSTON, WOODLIEF THOMAS, WINFIELD W. RIEFLER, Assistant to the Chairman Assistant to the Board Economic Adviser to the Board ALFRED K. CHERRY, Legislative Counsel DIVISION OF EXAMINATIONS OFFICE OF THE SECRETARY S. R. CARPENTER, Secretary MERRITT SHERMAN, Assistant Secretary KENNETH A. KENYON, Assistant Secretary LEGAL DIVISION GEORGE B. VEST, General Counsel FREDERIC SOLOMON, Assistant General Counsel HOWARD H. HACKLEY, Assistant General Counsel DAVID B. HEXTER, Assistant General Counsel G. HOWLAND CHASE, Assistant General Counsel DIVISION OF RESEARCH AND STATISTICS RALPH A. YOUNG, Director FRANK R. GARFIELD, Adviser on Economic KENNETH B. WILLIAMS, Assistant Director SUSAN S. BURR, Assistant Director Research GUY E. NOYES, Assistant Director C. RICHARD YOUNGDAHL, Assistant Director DIVISION OF INTERNATIONAL FINANCE ARTHUR W. MARGET, Director LEWIS N. DEMBITZ, Assistant Director GEORGE S. SLOAN, Director C. C. HOSTRUP, Assistant Director FRED A. NELSON, Assistant Director ARTHUR H. LANG, Chief Federal Reserve ROBERT C. MASTERS, Assistant Director GLENN M. GOODMAN, Assistant Director HENRY BENNER, Assistant Director Examiner DIVISION OF BANK OPERATIONS ROBERT F. LEONARD, Director J. E. HORBETT, Assistant Director LOWELL MYRICK, Assistant Director DIVISION OF PERSONNEL ADMINISTRATION H. FRANKLIN SPRECHER, JR., Assistant Director DIVISION OF ADMINISTRATIVE SERVICES LISTON P. BETHEA, Director JOSEPH E. KELLEHER, Assistant Director OFFICE OF DEFENSE LOANS GARDNER L. BOOTHE, II, Administrator OFFICE OF THE CONTROLLER EDWIN J. JOHNSON, Controller Special Assistants to the Board—CHARLES MOLONY AND CLARKE L. FAUVER FEDERAL OPEN MARKET COMMITTEE Chairman Vice Chairman W M . M C C . MARTIN, JR., ALLAN SPROUL, C. CANBY BALDERSTON MALCOLM BRYAN H. G. LEEDY A. L. MILLS, JR. J. L. ROBERTSON M. S. SZYMCZAK JAMES K. VARDAMAN, JR. ALFRED H. WILLIAMS C. S. YOUNG WINFIELD W. RIEFLER, Secretary ELLIOTT THURSTON, Assistant Secretary GEORGE B. VEST, General Counsel FREDERIC SOLOMON, Assistant General Counsel WOODLIEF THOMAS, Economist KARL R. BOPP, Associate Economist GEORGE W. MITCHELL, Associate Economist EARLE L. RAUBER, Associate Economist H. V. ROELSE, Associate Economist CLARENCE W. TOW, Associate Economist RALPH A. YOUNG, Associate Economist ROBERT G. ROUSE, Manager of System Open Market Account 1232 FEDERAL ADVISORY COUNCIL WILLIAM D. IRELAND, BOSTON DISTRICT HENRY C. ALEXANDER, N E W YORK DISTRICT GEOFFREY S. SMITH, PHILADELPHIA DISTRICT GEORGE GUND, CLEVELAND DISTRICT ROBERT V. FLEMING, RICHMOND DISTRICT Vice President WALLACE M. DAVIS, ATLANTA DISTRICT EDWARD E. BROWN, CHICAGO DISTRICT President W. W. CAMPBELL, ST. LOUIS DISTRICT JOSEPH F. RINGLAND, MINNEAPOLIS DISTRICT CHARLES J. CHANDLER, KANSAS CITY DISTRICT GEO. G. MATKIN, DALLAS DISTRICT JOHN M. WALLACE, SAN FRANCISCO DISTRICT HERBERT V. PROCHNOW, Secretary FEDERAL RESERVE BULLETIN CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS Federal Reserve Bank of Chairman x Deputy Chairman President First Vice President Boston. Harold D. Hodgkinson Ames Stevens J. A. Erickson Alfred C. Neal Robert B. Harvey * Carl B. Pitman O. A. Schlaikjer E. O. Latham R. F. Van Amringe New York. Jay E. Crane William I. Myers Allan Sproul William F. Treiber H. A. Bilby John E. 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. Vergari4 Richard G. Wilgus 2 Cleveland. John C. Virden Leo L. Rummell W. D. Fulton Donald S. Thompson Dwight L. Allen Roger R. Clouse A. H. Laning 3 Martin Morrison H. E. J. Smith Paul C. Stetzelberger Richmond. John B. Woodward, Jr. W. G. Wysor Hugh Leach 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 Paul E. Reinhold Malcolm Bryan Lewis M. Clark V. K. Bowman L. B. Raisty J. E. Denmark 8 Earle L. Rauber John L. Liles, Jr. S. P. Schuessler Harold T. Patterson Chicago. John S. Coleman Bert R. Prall C. S. Young E. C. Harris Neil B. Dawes W. R. Diercks W. A. Hopkins L. H. Jones 2 St. Louis M. Moss Alexander Caffey Robertson Delos C. Johns Dale M. Lewis Frederick L. Deming Wm. E. Peterson H. H. Weigel J. C. Wotawa Minneapolis. . . Leslie N. Perrin O. S. Powell A. W. Mills H. C. Core E. B. Larson H. G. McConnell Otis R. Preston M. H. Strothman, Jr. Sigurd Ueland Kansas City... Raymond W. Hall Cecil Puckett H. G. Leedy Henry O. Koppang John T. Boysen 2 Clarence W. Tow E. D. Vanderhoof D. W. Woolley Dallas J. R. Parten Robert J. Smith Watrous H. Irons W. D. Gentry E. B. Austin J. L. Cook 3 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 (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 Atlanta Chicago St. Louis Also Federal Reserve Agent. NOVEMBER Vice Presidents I. B. Smith R.-G. Johnson J. W. Kossin D. F. Hagner R. L. Cherry H. C. Frazer T. A. Lanford R. E. Moody, Jr. M. L. Shaw R. A. Swaney Fred Burton V. M. Longstreet Darryl R. Francis Buffalo Cincinnati Pittsburgh Baltimore Charlotte Birmingham Jacksonville Nashville New Orleans Detroit Little Rock Louisville Memphis Richmond 1 Branch 1954 2 Cashier. 3 Federal Reserve Bank of Branch Vice Presidents Minneapolis Helena C. W. Groth Kansas City Denver Oklahoma City Omaha G. A. Gregory R. L. Mathes P. A. Debus Dallas El Paso Houston San Antonio C. M. Rowland W. H. Holloway W. E. Eagle San Francisco.... Los Angeles Portland Salt Lake City Seattle Also Cashier. W. F. Volberg J. A. Randall W. L. Partner J. M. Leisner * Counsel. 1233 FEDERAL RESERVE BOARD PUBLICATIONS The material listed below may be obtained from the Division of Administrative Services, Board of Governors of the Federal Reserve System, Washington 25, D. C. Where a charge is indicated, remittance should be made payable to the order of the Board of Governors of the Federal Reserve System. THE FEDERAL FUNCTIONS. RESERVE SYSTEM—PURPOSES AND Revised edition. July 1954. 224 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) Statistics of banking, monetary, and other financial developments. November 1943. 979 pages. $1.50 per copy. No charge for individual sections (unbound). BANKING AND MONETARY STATISTICS. pages. of the Board of Governors of the Federal Reserve System. Issued each year. ANNUAL REPORT Issued monthly. Subscription price in the United States and its possessions, Bolivia, Canada, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, and Venezuela is $2.00 per annum or 20 cents per copy; elsewhere $2.60 per annum or 25 cents per copy. Group subscriptions in the United States for 10 or more copies to one address, 15 cents per copy per month, or $1.50 for 12 months. FEDERAL RESERVE BULLETIN. FEDERAL RESERVE CHARTS ON BANK CREDIT, MONEY RATES, AND BUSINESS. Issued monthly. $6.00 per annum including edition of historical supplement (listed below) available when subscription is entered or renewed. 60 cents per copy; in quantities of 10 or more copies of a particular issue for single shipment, 50 cents each. (Domestic rates) HISTORICAL SUPPLEMENT TO FEDERAL RESERVE CHARTS ON BANK CREDIT, MONEY RATES, AND BUSINESS. Issued annually in September. Annual *A more complete list, including periodic releases and reprints, appeared on pp. 676-79 of the June 1954 BULLETIN. 1234 A STATISTICAL STUDY OF REGULATION V LOANS. September 1950. 74 pages. 25 cents per copy; in quantities of 10 or more copies for single shipment, 15 cents each. THE DEVELOPMENT OF BANK DEBITS AND CLEARINGS AND THEIR USE IN ECONOMIC ANALYSIS. January 1952. 175 pages. 25 cents per copy; in quantities of 10 or more copies for single shipment, 15 cents each. as amended to November 1, 1946, with an Appendix containing provisions of certain other statutes affecting the Federal Reserve System. 372 pages. 50 cents per paper-bound copy; $1.00 per cloth-bound copy. THE FEDERAL RESERVE ACT, COMPILATION OF FEDERAL AND STATE LAWS RELATING TO BRANCH BANKING WITHIN THE UNITED STATES. (July 1, 1951.) December 1951. 33 pages. RULES OF ORGANIZATION AND RULES OF PROCEDURE —Board of Governors of the Federal Reserve System (with Amendments). September 1946. 31 pages. REGULATIONS OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM. Individual regulations with amendments and supplements thereto. FEDERAL RESERVE BULLETIN FEDERAL RESERVE BOARD REPRINTS PUBLICATIONS REVISED INDEXES OF DEPARTMENT STORE SALES AND STOCKS, BY MAJOR DEPARTMENTS. November (From Federal Reserve Bulletin unless preceded by an asterisk) CHANGES IN INSTALMENT CREDIT TERMS. May 1952. 6 pages. 1953. 65 pages. FEDERAL RESERVE MONTHLY INDEX OF INDUSTRIAL EXCESS PROFITS TAXES OF COMMERCIAL BANKS. June 1952. 18 pages. PRODUCTION, 1953 Revision. December 1953. 96 pages. EXTENSIONS AND REPAYMENTS OF CONSUMER IN- REAL ESTATE LOANS OF REGISTRANTS UNDER REGU- STALMENT CREDIT. January 1954. 14 pages. LATION X. June 1952. 18 pages. BANK CREDIT AND MONEY IN 1953. February 1954. PROBLEMS OF TRADE EQUILIBRIUM. October 1952. 9 pages. REVISED SERIES 6 pages. INTERNATIONAL ON DEPARTMENT STORE SALES, December 1952. AND DOLLAR MOVEMENTS. March 1953 BULLETIN.) STOCKS, AND ORDERS. October 1952. 5 pages. RECENT CREDIT EXPANSION. GOLD March 1954. 9 pages. (Also, similar article from 7 pages. 1954 SURVEY OF CONSUMER FINANCES—PRELIMINARY FINDINGS OF THE 1954 SURVEY OF CONSUMER FINANCES. March 1954. 4 pages. PURCHASES OF CREDIT AND MONETARY REVIEW FOR 1952. February 1953. 7 pages. T H E MONETARY SYSTEM OF THE UNITED STATES. February 1953. 16 pages. INFLUENCE OF CREDIT AND MONETARY MEASURES ON ECONOMIC STABILITY. March 1953. 16 pages. FEDERAL FINANCIAL MEASURES FOR ECONOMIC STA- BILITY. May 1953. 7 pages. REVISION OF CONSUMER CREDIT STATISTICS. April MITMENTS OF CONSUMERS. July 1954. 20 pages. Also, similar surveys for earlier years from 1946, 1947, 1948, 1949, 1950, 1951, 1952, and 1953 BULLETINS.) N E W INDEXES OF OUTPUT OF CONSUMER DURABLE GOODS. May 1954. 15 pages. (Also, similar reprint from October 1951 BULLETIN.) ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS AND BUSINESSES. July 1954. 2 pages. (Also, similar article from July 1953 BULLETIN.) 1953. 19 pages. # DURABLE GOODS AND HOUSES IN 1953. June 1954. 17 pages. T H E FINANCIAL POSITION AND COM- DETAILED DESCRIPTION OF SOURCES AND METHODS USED IN REVISION OF SHORT- AND INTERMEDIATETERM CONSUMER CREDIT STATISTICS (supplemen- MONETARY AND CREDIT DEVELOPMENTS SINCE MID- tary details for item listed above), April 1953. 25 pages. FINANCING OF LARGE CORPORATIONS IN 1953. August T H E TRANSITION TO FREE MARKETS. April 1953. 6 pages. FEDERAL RESERVE RESPONSIBILITIES. May STATES POSTWAR INVESTMENT IN LATIN WARTIME AND POSTWAR CREDIT DEMANDS OF LARGE CORPORATIONS. July 1953. 12 pages. T H E BALANCE SHEET OF AGRICULTURE, 1954. August 13 pages. T H E PRIVATE DEMAND FOR GOLD, 1931-53. Sep- tember 1954. 10 pages. AMERICA. May 1953. 6 pages. NOVEMBER 1954 July 1954. 8 pages. 1954. 9 pages. 1954. BANK 1953. 5 pages. UNITED 1953. WORLD TRADE AND PRODUCTION IN 1953-54. October 1954. 8 pages. RECENT FINANCIAL CHANGES IN WESTERN GER- MANY. October 1954. 10 pages. 1235 FEDERAL RESERVE SYSTEM BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES I I I 3 = BOUNDARIES OF FEDERAL RESERVE DISTRICTS BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES ^ BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM ® FEDERAL RESERVE BANK CITIES • FEDERAL RESERVE BRANCH CITIES APRIL I. 1954. BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
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