Full text of Federal Reserve Bulletin : November 1955
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FEDERAL
ESERVE
BULLETIN
NOVEMBER 1955
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
ELLIOTT THURSTON
WOODLIEF THOMAS
WINFIELD W. RIEFLER
SUSAN S. BURR
RALPH A. YOUNG
The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorial
committee. This committee is responsible for opinions expressed, except in official statements
and signed articles.
CONTENTS
PAGE
Economic Expansion in 1954-55. .
1215-1221
Current Events and Announcements.
1222
National Summary of Business Conditions.
1223-1224
Financial, Industrial, Commercial Statistics, U. S. (See p. 1225 for list of tables) .
1225-1283
International Financial Statistics (See p. 1285 for list of tables) .
1285-1303
Board of Governors and Staff; Open Market Committee and Staff; Federal
Advisory Council ..
1304
Senior Officers of Federal Reserve Banks; Managing Officers of Branches. .
Federal Reserve Board Publications.
1306-1307
Map of Federal Reserve Districts. .
1308
Index to Statistical Tables..
1305
1309-1310
•—mm
»!••
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Subscription Price of Bulletin
FEDERAL
VOLUME 41
RESERVE
November
BULLETIN
NUMBER 11
1955
ECONOMIC EXPANSION IN 1954-55
Broad expansion in demands of consumers
and businesses has resulted in a marked rise
in total outlays for goods and services from
the moderately reduced level of the summer of 1954. In the July-September quarter
of 1955, gross national product was at a record annual rate of 392 billion dollars, 9 per
cent higher than a year earlier. A further
sizable advance is occurring in the current
quarter. For the year 1955, total product
is now estimated at about 387 billion dollars, 7 per cent above 1954. Most of the
rise represents growth in physical volume.
Since the middle of this year, however, price
advances have been a more important factor
than earlier.
All major types of private expenditures
have contributed to the growth in gross
national product; in contrast, total Government purchases of goods and services have
changed little over the past year, as may
be seen on the chart. Consumer spending
has risen more rapidly this year than in
1954, with the upsurge in purchases of automobiles a dramatic feature of the advance.
Private investment has also risen sharply
from the moderately reduced level of 1954.
A shift from liquidation of business inventories in the summer of 1954 to accumulation last spring has provided an important
expansive impulse, but in recent months the
build-up of stocks has been at a slower rate.
Business outlays for durable equipment have
advanced rapidly since early 1955. ResidenNOVEMBER
1955
GftOSS NATIONAL PftOPUC?
Billions of dollars, annual rates
280
400
CONSUMPTION
240
- 360
200
- 320
JGOVJL
PURCHASES
- 280
- 240
^ ^
v^-
PRIVATE
INVESTMENT,
80
40
I
I
1 I 1
200
1951
1953
1955
1951
1953
1955
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.
tial construction activity continued to increase sharply until last spring, but in the
past few months has slackened somewhat.
The growing volume of private spending has been financed from rising incomes
and from increased use of credit. Consumer
spending for goods and services has expanded more rapidly since early 1954 than
personal income after taxes; in the third
quarter of 1955, personal saving was smaller
in relation to disposable income than at any
time since early 1951.
1215
ECONOMIC EXPANSION IN 1954-5 5
Easing credit terms—lower downpayments and longer maturities—have been important in stimulating expenditures for automobiles and new homes, and outstanding
consumer instalment credit and mortgage
credit have increased by record amounts.
Terms available on new mortgage lending
have tightened slightly since last spring, but
this has not yet reduced mortgage lending
activity. Bank loans to business have also
expanded rapidly this year and corporate
security issues have continued in large volume. With over-all private demands for
credit sharply increased in relation to the
available supply of savings and of bank
credit, interest rates on most types of borrowing have risen.
Increased expenditures have resulted in
sharp advances in output and employment,
SELECTED BUSINESS INDEXES
1 9 4 7 - 4 9 = 100, monthly
PRICES
140
Wholesale
130
120
NONAGRICULTURAL
EMPLOYMENT
120
Consumer
120
MANUFACTURE
no
110
MANUFACTURING
100
1955
1953
1953
1955
NOTE.—Seasonally adjusted series, except for prices. Bureau
of Labor Statistics data for employment and prices, and Federal
Reserve data for production. Industrial prices include those
other than farm products and foods. Latest figures shown are
for October, with consumer price indexes estimated by Federal
Reserve.
1216
as may be seen on the chart. Industrial production in October was 142 per cent of the
1947-49 average, a new high and 15 per cent
above the 1954 low. Since June advances in
industrial output and employment have been
at a slower pace. A number of key industries—particularly in durable goods lines
where demands have expanded most—have
been operating at or close to capacity, and
important materials have been in tight supply. Output of durable goods has continued
to rise while production of nondurable goods
has regained the advanced spring levels, following some decline in the summer.
Employment at nonfarm establishments
has about reattained its mid-1953 peak, although manufacturing employment is still
below its earlier high. T h e average workweek in manufacturing in October was more
than an hour longer than a year earlier
and was close to the postwar record for
the month. Unemployment in October
amounted to 2.1 million persons, or 3 per
cent of the labor force, and was considerably
lower than a year earlier. Substantial wage
increases have been negotiated since spring
in many important industries. In October
average hourly earnings in manufacturing
were more than 5 per cent higher than a
year earlier, with durable goods activities
showing a much larger increase than nondurable goods lines.
Wholesale prices of industrial commodities have advanced considerably since midyear and in mid-November averaged 4 per
cent higher than a year earlier. T h e rise
in prices, which at first was confined largely
to materials, has extended to finished goods
in recent months. Prices of farm products,
however, have declined further under the
continued pressure of large supplies. Meanwhile, average consumer prices have changed
relatively little, although prices of commodiFEDERAL RESERVE BULLETIN
ECONOMIC EXPANSION IN 1954-5
GROSS NATIONAL PRODUCT1
[In billions of dollars]
Increase, or decrease ( —)
3rd Q. 2ndQ.
1953
1954
to
to
3rd Q. 3rdQ.
1954
1955
Total,
2ndQ.
1953
to
3rd Q.
1955
Type of expenditure
3rd Q.
1955
Gross national product
391.5
32.7
-10.5
22.2
Personal consumption expenditures
Durable goods
Nondurable goods
. Services
256.0
37.2
127.0
91.8
18.1
7.8
5.5
4.8
6.5
-1.2
1.8
5.9
24.6
6.6
7.3
10.7
60.3
32.8
14.4
4.3
2.5
1.8
2.9
7.3
7.4
— .1
-9.1
2.3
2.0
.3
-2.2
5.3
6.6
4.5
2.1
.7
-9.4
-10.8
1.4
-2.1
-3.4
1.3
.2
1.8
2.0
0
-2.2
-1.5
-.9
-.1
2.1
-9.6
-13.3
-11.1
-2.2
0
3.8
-9.6
-15.5
-12.6
-3.1
-.1
5.9
Gross private domestic investment
New construction
Residential, nonfarm
Other
Producers' durable equipment
Change in business inventories.
Nonfarm
Farm
Net foreign investment
-.5
Government purchases of
goods and services
Federal
National security
Other
,
Less:
Government
State and local
sales.
2.4
2.0
...
75.8
45.5
40.6
5.2
.3
30.2
1
Third quarter 1955 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.
ties other than foods recently have been
edging up and services have continued to
rise.
Durable goods.—The upsurge in consumer
demands for durable goods, particularly automobiles, has been a major factor in the
expansion in consumer spending, as may
be seen on the chart. In the third quarter
consumer expenditures for autos and parts
were at an annual rate of 18 billion dollars,
nearly 50 per cent higher than a year earlier.
Domestic sales of new cars in 1955 may exceed 7.5 million units, as compared with
5.5 million in 1954 and the previous record
of about 6.5 million in 1950.
Several factors in addition to increases in
income and employment have contributed
to the unusually sharp advance in auto buying over the past year. These include the
widespread public appeal of the extensively
changed models for 1955, active competition
among manufacturers and dealers leading
to substantial price discounts at retail, and
a marked easing of instalment financing
terms on new car purchases. Maturities on
PERSONAL CONSUMPTION EXPENDITURES
Billions of dollars, annual rates
100
—
30
OTHER
NONDURABLES
CONSUMER EXPENDITURES
Consumer expenditures for goods and
services, which have increased with but
minor interruptions throughout the postwar
period, were 8 per cent larger in the third
quarter of 1955 than a year earlier, and 11
per cent above those of the summer of 1953.
A further rise is apparently taking place in
the current quarter. Nearly all of the increase in dollar outlays over the past year
represents a gain in real consumption, as
average consumer prices have changed relatively little. The growth in per capita real
takings of goods and services during the past
year was one of the largest of the postwar
period.
NOVEMBER
1955
25
90
CLOTHING
AND SHOES
20
30
25
HOUSEHOLD AND
OTHER DURABLES
ALCOHOLIC BEVERAGES
70
AUTOMOBILES
AND PARTS
10
60
1953
1955
NOTE.—Department of Commerce
justed for seasonal variation.
1953
1955
quarterly
estimates, ad-
1217
ECONOMIC EXPANSION IN 1954-55
automobile paper have lengthened considerably, and downpayments have declined.
Consumer expenditures for furniture and
household equipment also have risen substantially since late 1954 and in the third
quarter of 1955 were at a level exceeded
only in 1950. This increase follows relative stability in such expenditures during
the preceding three years. The largest
gains have occurred in outlays for major
appliances.
Nondurable goods and services.—Consumer purchases of nondurable goods have
accelerated in 1955, rising by 4 per cent from
the first to the third quarter. Spending for
food has increased most rapidly, but all
major types of nondurable goods have participated in the rise. Per capita meat consumption, after little change last year, is
showing a marked increase this year.
Consumer expenditures for services have
continued to rise at an annual rate of about
5 per cent, reflecting steady expansion in outlays for housing, household operations, medical care, and other services. Price increases
have continued to account for much of the
growth in such outlays.
RESIDENTIAL CONSTRUCTION
Following a rise of more than 40 per cent
from early 1954, the value of residential construction activity, seasonally adjusted, has declined somewhat from the record volume
reached last spring. For the year 1955 the
number of private nonfarm dwelling units
started is expected to exceed 13 million, as
compared with 1.2 million last year and 1.1
million in 1952 and 1953.
The record volume of residential and other
construction activity has exerted strong pressure on supplies of important materials.
Prices of building materials, which began to
rise in mid-1954, have increased more rapidly
1218
since last spring. Increases in these prices
and in wage rates apparently have been reflected in some instances in higher prices of
new houses.
The rapid expansion in home building
from early 1954 to the spring of this year
was stimulated in part by relaxation in mortgage terms, in turn reflecting pressures from
increased availability of funds. The relaxation was particularly evident in terms on
Federally underwritten mortgages, with a
sharp rise in 30-year and no-downpayment
VA mortgages. The increase from 1953 to
last spring in the number of houses started
under arrangements for VA-guaranteed financing was as large as the increase in total
private starts.
A large proportion of mortgage loans currently being closed is based upon lending
commitments made earlier. Mortgage terms
have become somewhat tighter since last
spring, particularly on new commitments for
loans to be made in the future. Credit markets generally have tightened further, and
permissible terms for Federally underwritten loans have been made less easy. Also,
some limitation has been placed on borrowing of savings and loan associations from
Federal home loan banks.
Purchases of houses, both new and old,
have been financed by a rapid growth in extensions of mortgage credit. Outstanding
debt on 1- to 4-family nonfarm houses rose
at a record annual rate, estimated at about
13 billion dollars during the first three quarters of this year, as compared with 9.5 billion
in the calendar year 1954 and 7.5 billion in
1953.
BUSINESS INVESTMENT
Business investment outlays have advanced
rapidly from a year ago to a level exceeded
only in 1951. Changes in business inventories have accounted for most of the recent
FEDERAL RESERVE BULLETIN
ECONOMIC EXPANSION IN 1954-55
BUSINESS INVESTMENT
Billions of dollars, annual rates
50
40
30
PRODUCERS'
DURABLE EQUIPMENT
20
10
+
0
J_
1951
NOTE.—Based on
mates, adjusted for
excludes residential
business investment
J_
_L
1953
10
1955
Department of Commerce quarterly estiseasonal variation. Business construction
and private institutional building. Total
includes components shown.
fluctuations in business investment expenditures, as may be seen on the chart. The shift
from rapid liquidation of stocks in the third
quarter of last year to moderate accumulation in the second quarter of this year represented an increase in business spending at an
annual rate of 9 billion dollars. Subsequently, in the third quarter, the rate of accumulation of inventories declined. Outlays for business construction have risen
appreciably since late 1954, after a year and
a half of relative stability, and expenditures
for producers' durable equipment have increased sharply since early this year after a
period of moderate contraction.
Businesses have been in a strong financial
position to increase their outlays for inventories and fixed capital. Total internal funds
of corporations from retained earnings and
depreciation allowances increased slightly in
1954, despite declines in sales and in profits
NOVEMBER
1955
before tax; elimination of the excess profits
tax moderated the decline in retained earnings, and depreciation allowances continued
to grow. Since the autumn of 1954 corporate profits after tax have risen sharply to the
highest level for any period except the latter
part of 1950, and retained earnings have increased more than one-half, despite continued growth in dividend payments. Depreciation allowances have risen further, and
total corporate internal funds in the third
quarter of this year are estimated at a level
about a third above the 1953 average.
Fixed investment.—Growth in business
construction outlays this year has reflected
resumption of increases in industrial construction and acceleration of growth in commercial building. The dollar value of commercial construction in the third quarter was
in record amount, nearly twice the 1953
quarterly average. Public utility construction has shown little change, while farm
construction this year has continued the decline which began in 1952.
Business expenditures for new durable
equipment showed a delayed reaction both
to the 1953-54 decline in economic activity
and to the more recent increase. Such outlays reached a low point in the first quarter
of 1955, when they were 14 per cent below
the peak in the autumn of 1953. In the
third quarter of this year, however, spending
for producers' equipment surpassed its earlier record level.
Recent surveys of business plans for outlays on new plant and equipment point
towards continued expansion. The survey
taken by the McGraw-Hill Publishing Company in October indicates plans for business fixed investment outlays in 1956 13 per
cent higher than estimated spending in 1955,
the largest increase reported since 1951. A
rise in spending of this magnitude for the
1219
ECONOMIC EXPANSION IN 1954-5 5
year 1956 implies further increases from the
The build-up of business stocks has been
record level apparently being attained in the moderate even though new orders received
current quarter. Most industry groups plan by manufacturers have risen sharply since
increases in plant and equipment spending mid-1954. In August and September new
next year, with investment plans for manu- orders were close to record levels, and subfacturing up 30 per cent.
stantially in excess of current sales.
The increase in book value of inventories
Inventories.—The increase in book value
of business inventories from last year's low, held by manufacturers and distributors from
according to available data, has not been their low at the end of 1954 to the end of
large in relation to the expansion in sales, September 1955 amounted to 3 billion dolas is indicated on the chart. Among the lars. Part of the increase, particularly in refactors contributing to the moderate nature cent months, reflected price advances rather
of inventory accumulation has been the lim- than expansion in the physical volume of
ited availability of supplies in areas where stocks. Manufacturers' stocks increased nearly
1.5 billion dollars, mainly in durable goods
demands have been particularly strong.
lines.
Nearly all of the increase was in
In durable goods lines, stocks appear to
be below their 1953 peak levels while sales purchased materials and goods in process,
are at record levels; the stock-sales ratio ap- with little rise in finished goods. Among
parently is the lowest in four years. Non- distributors, stocks of automotive dealers, of
durable goods inventories have been remark- all other retailers combined, and of wholeably stable in recent years, and the increase salers each rose by approximately 500 million
in sales since last year has brought the stock- dollars.
GOVERNMENT EXPENDITURES
sales ratio to the lowest level since 1950.
In contrast with private expenditures, total
BUSINESS SALES AND INVENTORIES
Government purchases of goods and services
Indexes, 1947-49=100
have been relatively stable over the past
. DURABLE
year. A further rise in State and local gov180
ernment spending has about offset a small
decline in Federal spending.
(
Federal purchases for national security
+ / \ / SALES
140
programs since late 1954 have been near
an annual rate of 41 billion dollars, following
a sharp decline from the peak rate of
~
100
53 billion in mid-1953. The proportion of
total output taken by national security pro-NONDURABLE
140 grams is currently 10.5 per cent, as compared
INVENTORIES
with 14.5 per cent in mid-1953 and the
SALES
1947-49 average of 6.5 per cent. Federal
100
purchases of goods and services for programs other than national security also have
I
!
1
f
.^
changed little over the past year. Federal
1949
1951
1953
1955
NOTE.—Department of Commerce monthly data, seasonally
purchases under the farm price support proadjusted, for manufacturers, wholesalers, and retailers. Latest
sales figures shown are for September; latest inventories, for
gram declined substantially in 1954 from the
the end of September.
: M
1220
FEDERAL RESERVE BULLETIN
ECONOMIC EXPANSION IN 1954-5 5
record 1953 level and are likely to show PIRSONAL INCOME, CONSUMPTION, AND SAVING
Billions of dollars, annual rates
some further reduction this year.
State and local government purchases of
300
DISPOSABLE INCOME
goods and services have continued their
AFTER TAXES
steady postwar growth, with increases both
in construction and in compensation of em250
ployees. The rise in construction activity
of State and local governments this year
will probably be smaller than last year,
CONSUMPTION
EXPENDITURES
200
however, and their security issues, including
those for highway construction, will not
reach the high 1954 level.
150
Per cent
PERSONAL INCOME AND SAVING
Expansion in consumer spending has been
supported by an increased flow of personal income, particularly since the autumn of last
year. In September personal income was
at a seasonally adjusted annual rate of 308
billion dollars. This was 20 billion, or 7
per cent, above both the level of a year
earlier and the previous peak reached in
mid-1953. A further increase apparently
occurred in October.
Wages and salaries, which had declined
more sharply than total income in the recession of 1953-54, have risen more than 8 per
cent in the past year to a new high. The largest gains have occurred in commodity-producing industries, where most of the earlier
decline had occurred. Wages and salaries in
the distributive and service industries have
continued to increase appreciably. The rise in
wage income has reflected the sharp growth
in employment, a lengthening of the workweek in manufacturing and other activities,
and continued advances in wage rates.
Income of farm proprietors has declined
further in 1955, and in the third quarter was
at about the lowest level since late 1949.
Transfer payments have changed little since
late 1954 as declines in unemployment comNOVEMBER 1955
10
RATIO OF SAVING
TO DISPOSABLE INCOME
1951
1953
1955
NOTE.—Department of Commerce quarterly estimates, adjusted for seasonal variation.
pensation benefits have offset continued
growth in payments under Old Age and
Survivors' Insurance and other programs.
Dividends, interest, and income of nonfarm
proprietors have all continued to rise steadily.
Gains in consumer spending have outpaced growth in disposable income, as may
be seen on the chart, and net personal saving
fell from an annual rate of 21 billion dollars
in late 1953 and early 1954 to 16 billion in
the third quarter of 1955. The ratio of such
saving to disposable income has been running at about 6 per cent this year, the lowest
since early 1951. An important factor in
consumers' ability to increase their spending
relative to current income has been the
increase in their use of credit; growth in
their outstanding debt has been in record
volume. In the aggregate, however, individuals have continued to add substantially to
their holdings of financial assets in the form
of currency, demand and time deposits, savings and loan shares, and securities.
1221
CURRENT EVENTS AND ANNOUNCEMENTS
Increase in Federal /Reserve Discount Rates
The Board o£ Governors of the Federal Reserve
System on November 17, 1955 approved actions by
the directors of six Federal Reserve Banks increasing the discount rates of those Banks to 2l/2 per
cent:
Federal Reserve Bank of New York
Federal Reserve Bank of Philadelphia
Federal Reserve Bank of Cleveland
Federal Reserve Bank of Atlanta
Federal Reserve Bank of Chicago
Federal Reserve Bank of San Francisco
The new rate is effective on Friday, November
18, 1955. The rate previously in effect at these
Banks was 254 per cent.
Federal Reserve Meetings
Meetings of the Federal Open Market Committee
were held in Washington on October 25 and November 16, 1955.
The Federal Advisory Council held a meeting in
Washington on November 13-15, 1955, and met
with the Board of Governors of the Federal Reserve
System on November 15.
Appointment of Class C Director
On September 30 the Board of Governors appointed Dr. Oliver S. Willham, President of Oklahoma A & M College, Stillwater, Oklahoma, as a
Class C director of the Federal Reserve Bank of
Kansas City for the term ending December 31,
1956. Dr., Willham succeeded Mr. Cecil Puckett,
who resigned to become Vice President in charge
of the Denver Branch of the Federal Reserve Bank
of Kansas City.
Appointment of Branch Director
On October 7 the Board of Governors appointed
Mr. Charles Detoy, Partner, Cold well, Banker and
Company, realtors, Los Angeles, as a director of the
Los Angeles Branch of the Federal Reserve Bank
of San Francisco for the term ending December 31,
1222
1956. Mr. Detoy succeeded Mr. Bryant Essick,
President, Essick Manufacturing Company, Los
Angeles, who resigned.
Appointment of Deputy Chairman
On October 28 the Board of Governors appointed
Mr. Joe W. Seacrest, Lincoln, Nebraska, Deputy
Chairman of the Federal Reserve Bank of Kansas
City for the remainder of a term ending December
31, 1955. Mr. Seacrest has been a director of the
Kansas City Federal Reserve Bank since January
of this year. He is President of the State Journal
Company, newspaper publishers, in Lincoln. Mr.
Seacrest succeeded Mr. Cecil Puckett as Deputy
Chairman.
Publication of Flow-of-Funds Study
A new book, Flow of Funds in the United States,
1939-1953, of which the first chapter was published in the October Federal Reserve BULLETIN, is
now available for distribution by the Board of Governors of the Federal Reserve System. It contains
both the statistical and descriptive details of a new
accounting record designed to show the flow of
funds through major sectors of the national economy. The accounts trace transactions in financial
instruments and existing assets as well as transactions related to the output and distribution of currently produced goods and services.
The price of this book of 390 pages of text and
tables is $2.75. Orders should be addressed to the
Division of Administrative Services, Board of Governors of the Federal Reserve System, Washington
25, D. C.
Admission of State Bank to Membership in the
Federal Reserve System
The following State bank was admitted to membership in the Federal Reserve System during the
period September 16, 1955 to October 15, 1955:
Illinois
Park Ridge. . Citizens State Bank of Park Ridge
FEDERAL RESERVE BULLETIN
NATIONAL SUMMARY OF BUSINESS CONDITIONS
[Released for publication November 16]
Production, employment, incomes, and retail sales
were at exceptionally high levels in October and
early November. Prices of industrial commodities
advanced further, while average prices of farm products and foods declined. Bank loans to business
and other types of credit continued to expand.
INDUSTRIAL PRODUCTION
The Board's preliminary seasonally adjusted index of industrial production in October remained
at the record September level of 142 per cent of the
1947-49 average. Output of nondurable goods was
back to the June high of 128 per cent of the 1947-49
average, following some decline last summer. Activity in durable goods industries increased slightly
further to a new record of 161. Minerals' production was maintained at advanced levels.
Output of steel and nonferrous metals reached
new high levels in October. In early November
steel mill activity increased somewhat further to 99
per cent of capacity. Following completion of
model changeovers, auto and truck assemblies increased rapidly after early October and by midNovember had recovered to about earlier highs.
Output of machinery and other producers' equipment showed further gains in October. Production
of household goods was somewhat below the advanced September level as work stoppages and
INDUSTRIAL PRODUCTION
shortages of parts and materials reportedly hindered
operations in some lines.
Recovery in nondurables goods output in September and October reflected strengthening in textile,
apparel, rubber, and leather products lines and expansion of chemicals and paper output to new record levels. In early November paperboard production increased further.
CONSTRUCTION
Value of new construction activity in October was
at a seasonally adjusted annual rate of 41.8 billion
dollars—slightly below the record spring and summer levels. Construction for business purposes continued to rise. The number of private housing
starts was at a seasonally adjusted annual rate of
1.2 million, about the same as in September. Value
of contract awards declined, reflecting a sharp decrease from the unusually large volume of awards
in September for public works and utilities.
EMPLOYMENT
Employment in nonagricultural establishments,
seasonally adjusted, continued to rise in October,
reflecting mainly a moderate gain in factory employment. The average factory workweek was
lengthened further to 41.2 hours, close to the postwar high for the month. Average factory weekly
earnings were at a new peak of $78.69, which was
9 per cent above a year ago. Unemployment at 2.1
million was unchanged from September, although
some decline is usual in this period.
DISTRIBUTION
1952
1953
1954
1955
1952
1953
1954
1955
Federal Reserve indexes. Monthly figures, latest shown are
for October.
NOVEMBER
1955
Seasonally adjusted sales at department stores in
October and early November continued at about the
advanced September level. Total retail sales in
October also continued near their earlier high, at
a rate about 12 per cent above a year ago. Owing
mainly to model changeover influences, dealers'
sales of new autos declined but remained one-third
above a year ago. New car stocks, already considerably reduced from earlier in the year, showed
little change in October, while used car stocks declined appreciably.
1223
NATIONAL SUMMARY OF BUSINESS CONDITIONS
COMMODITY PRICES
Average prices o£ industrial commodities have
advanced somewhat further since mid-October.
Prices of metals and building materials, which
earlier had risen most sharply, have changed little,
but cotton textiles, leather products, crude oil, news.
print, and tin cans have been raised. Prices of various consumer goods have also been increased.
Prices of farm products and foods have declined
further since mid-October, reflecting sharp decreases
for livestock and meats as market supplies have expanded further to a level about 12 per cent above a
year ago. Meat prices have declined in both wholesale and retail markets.
rowers was partly offset by net repayments of loans
by sales finance and textile concerns. Real estate,
consumer, and security loans all showed considerable increases.
Member bank reserve positions tightened somewhat after mid-October as the decline in float from
its midmonth peak was offset only in part by a
reduction in required reserves following the October 11 Treasury financing. Federal Reserve holdings of Treasury bills showed little change on balance over this period. In the two weeks ending
November 9 member bank borrowings from the
Federal Reserve averaged about 1,050 million dollars and excess reserves about 550 million.
SECURITY MARKETS
BANK CREDIT AND RESERVES
Loans and investments at city banks increased
considerably in the week ending October 12 when
banks acquired a large volume of new Treasury
tax-anticipation securities. In the following three
weeks aggregate loans and investments declined as
an increase in loans was more than offset by substantial sales of United States Government securities
and some liquidation of other securities. Business
loans increased about 300 million dollars in the 4week period as expansion of loans to seasonal borPRICES AND TRADE
Per cent, 1947-49 = 100
WHOLESALE PRICES
CONSUMER
PRICES
Yields on short-term Treasury securities declined
sharply from mid-October through the first week
of November and then rose moderately in the second week. The new issue rate on Treasury bills
moved from a two-year peak of 2.33 per cent in
the third week of October to 2.03 per cent in early
November, and then rose in the following week to
2.25 per cent. In the second week of November
yields on intermediate and long-term Government
securities rose moderately. Corporate and municipal bond yields declined somewhat during late
October and early November. Common stock
prices rose sharply in the first half of November to
a level around the late September high.
LOANS AND INVESTMENTS
Billions of dollars
FARM_
"V"'
PRODUCTS
DEPARTMENT STORE TRADE
TOTAL.
RETAIL SALES
Seasonally adjusted, except for price indexes. Prices, Bureau of Labor Statistics; disposable personal income and total
retail sales, based on Department of Commerce data; department store trade, Federal Reserve. "Other" wholesale prices
exclude processed foods, included in total but not shown separately. Monthly figures, latest shown: September for income,
consumer prices, and department store stocks; October for other
series.
1224
Federal Reserve data. Weekly figures, latest shown are for
Nov. 2.
FEDERAL RESERVE
BULLETIN
FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS
UNITED STATES
PAGE
Member bank reserves, Reserve Bank credit, and related items. .. .
1227-1228
Federal Reserve Bank rates; margin requirements; reserve requirements 1228-1229
Reserves and deposits of member banks. .
1230
Federal Reserve Bank statistics
1231-1233
Regulation V: guaranteed loans, fees, and rates. . .
1233-1234
Bank debits and deposit turnover; Postal Savings System. .
1234
Money in circulation
1235
Consolidated statement of the monetary system; deposits and currency
1236
All banks in the United States, by classes
1237-1239
All commercial banks in the United States, by classes.
1240-1241
Weekly reporting member b a n k s . . .
J. 242—1243
Commercial paper and bankers' acceptances
1244
Life insurance companies; savings and loan associations. .
1245
Government corporations and credit agencies. .
1246-1247
Security prices and brokers' balances
1248
Money market rates; bank rates on business loans; bond and stock yields
1249
Treasury
finance....
...
1250-1255
New security issues. .
1256
Business
finance
1257-1258
Real estate credit statistics
1259-1261
Statistics on short- and intermediate-term consumer credit.
1262-1264
Business indexes
1265-1274
Merchandise exports and imports.
1274
Department store statistics. .
1275-1279
Consumer and wholesale prices....
1280-1281
Gross national product, national income, and personal income.
1282-1283
Index to statistical tables. .
1309-1310
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
1955
1225
MEMBER BANK RESERVES, RESERVE BAH EC CREDIT, AND RELATED ITEMS
Wednesday figures, 1949-1950, weekly averages of daily figures, 1951-
Billions of dollars
MEMBER BANK
RESERVE BALANCES
20
15
EXCESS RESERVES
MONEY SN CIRCULATION
~AK
TREASURY CASH AND DEPOSITS
±
1
1
L NONMEMBER DEPOSITS J
FEDI8IAL RESERVE CREDST
US.
GOVERNMENT SECURITIES:
25
HELD UNDER
REPURCHASE AGREEMENTS
0
DISCOUNTS AND ADVANCES
I
1949
1950
1951
FEDERAL RESERVE FLOAT
1952
1953
1954
1955
Latest averages shown are for week ending Oct. 26. See p. 1227.
1226
FEDERAL RESERVE BULLETIN
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
[In millions of dollars]
Reserve Bank credit outstanding
U.S. Govt. securities
DisHeld counts
All
Bought under and Float oth- Total
Total outader*
right agree- vances
ment
Period
Gold
stock
Deposits, other
than member bank
Treasreserve
ury Money Treas- with F. balances,
R. Banks
curin
ury
rency
circash
outcula- hold- Treas- For- Ot hury
stand- tion
ings
eign
er
dedeing
pos
posits posits deits"
Member ba nk
Other
reserve balarices
Federal
Reserve Total
ReExquired2 cess2
accounts
Averages
of daily
figures
Week ending:
1954
Sept. 1
Sept. 8 . . . .
Sept. 15. . . .
Sept. 22
Sept. 2 9 . . . .
Oct. 6
Oct. 1 3 . . . .
Oct. 20
Oct. 27
Nov. 3
Nov. 10
Nov. 17
Nov. 24
Dec. 1 . . . .
Dec. 8
Dec. 15
Dec. 22
Dec. 29
23,938
24,013
24,035
23,789
23,868
24,492
24,606
24,487
24,381
24,464
24,754
24,685
24,553
24,722
24,891
24,919
24,928
24,918
1955
Jan.
5....
Jan. 12
Jan. 1 9 . . . .
Jan. 26
Feb. 2
Feb. 9
Feb. 16. . . .
Feb. 23
Mar. 2 . . . .
Mar. 9 . . . .
24,918
24,532
24,155
23,683
23,852
24,016
23,908
23,732
23,604
23,604
Mar. 16! 11! 23,606
Mar. 23. . . . 23,664
Mar
J.YX.CLi. • 30
\J^~f • a • • 23,604
Apr. 6 . . . . 23,643
Apr. 13
23,682
Apr. 20
23,604
Apr. 27
23,604
23,666
May 4
May 11
23,839
May 18
23,687
May 2 5 . . . . 23,513
J u n e 1 . . . . 23,603
J u n e 8 . . . . 23,683
J u n e 1 5 . . . . 23,588
J u n e 2 2 . . . . 23,554
J u n e 2 9 1 . 1 . 23,554
23,703
July 6
July 13
23,957
July 20
23,943
July 27
24,140
Aug. 3 . . . . 24,044
Aug. 10
24,055
Aug. 17
23,891
Aug. 2 4 . . . . 23,796
Aug. 31. . . . 23,761
23,826
Sept. 7
Sept. 1 4 . . . . 23,813
Sept. 21. . . . 23,564
Sept. 28
23,598
Oct. 5 . . . . 23,844
Oct. 12
23,911
Oct. 19. . . . 24,021
Oct. 2 6 . . . . 23,973
Monthly:
1954-Oct. . . 24,485
Nov... 24,661
Dec... 24,917
1955-Jan... 24,200
F e b . . . 23,838
Mar... 23,619
Apr... 23,632
May. . 23,666
June. . 23,598
July... 23,967
Aug.. . 23,886
Sept... 23,709
Oct. . . 23,951
23,845
23,977
24,035
23,789
23,868
24,492
24,581
24,456
24,381
24,448
24,745
24,685
24,553
24,715
24,889
24,888
24,888
24,888
93
36
24,874
24,511
24,128
23,671
23,844
23,902
23,827
23,732
23,604
23,604
23,604
23,604 •
23,604
23,604
23,604
23,604
23,604
23,613
23,702
23,664
23,513
23,600
23,683
23,588
23,554
23,554
23,692
23,943
23,943
24,035
23,982
23,983
23,891
23,796
23,761
23,761
23,744
23,564
23,587
23,727
23,792
23,916
23,973
24,472
24,654
24,888
24,182
23,787
23,604
23,604
23,617
23,596
23,925
23,870
23,668
23,881
pPreliminary.
NOVEMBER
1955
185
147
189
141
191
576
598
714
977
627
179
259
284
257
667
599
927
721
16
9
355
277
271
300
617
669
751
7
2
31
40
30
498
465
442
311
377
1,373
1,138
44
21
27
12
372
504
445
453
885
756
881
806
1
1
1
1
8
114
81
524
555
, 387
666
640
668
804
1
1
1
25
3!
395
1
60
39
78
490
479
483
630
745
613
662
521
544
1,046
698
724
810
797
789
719
1,032
677
656
801
(8)
1
1
1
1
1
861
14
19
21
53
137
23
544
374
317
427
743
696
888
880
17
15
15
14
3
612
533
558
348
456
772
812
793
14
17
17
16
16
11
14
105
688
685
357
439
62
72
781
888
796
724
65
69
865
918
768
901
843
909
770
ii
117
119
105
1c
29
18
51
15
28
49
2
42
16
41
70
1,031
1,137
789
858
913
915
16
16
\i
12
802
627
794
891
671
11
14
15
15
15
687
826
24
21
18
19
1,118
1,263
960
816
874
1,041 1,088
771
985
254
345
407
444
473
566
585
445
465
576
803
872
895
720
769
992
805
710
804
838
798
878
940
746
924
926
21
20
19
19
\
]
1
1
1
16
15
16
14
14
20
19
24,699
24,759
24,939
24,908
24,687
25,338
25,465
25,699
25,360
25,436
25,701
25,708
25,900
25,918
26,080
26,172
26,612
26,433
21,837
21,809
21,809
21,810
21,810
21,810
21,810
21,788
21,759
21,759
21,752
21,709
21,709
21,710
21,710
21,711
21,712
21,712
4,962
4,965
4,967
4,967
4,968
4,971
4,972
4,973
4,973
4,976
4,977
4,978
4,980
4,982
4,982
4.982
4,982
4,982
29,887
30,046
30,073
29,969
29,888
30,010
30,143
30,125
30,028
30,088
30,206
30,262
30,318
30,466
30,623
30,755
30,885
30,828
808
802
795
793
795
551
479
558
446
652
465
518
559
514
511
516
428
432
435
437
926
923
925
934
933
793
790
796
801
676
594
570
567
484
466
443
442
452
472
440
411
948
950
950
949
806
796
799
800
669
362
397
576
432
423
425
409
472
394
324
399
895
886
883
882
806
806
812
800
801
605
535
363
345
453
396
361
405
443
523
405
408
398
346
295
881
877
891
975
976
26,176
25,792
25,482
24,942
25,042
25,212
24,964
24,932
24,892
24,873
24,809
25,327
25,028
24,918
25,159
25,175
25,031
24,971
24,924
24,908
24,834
25,001
25,044
24,956
25,055
24,815
25,265
25,571
25,432
25,506
25,638
25,584
25,495
25,425
25,217
25,401
25,577
25,613
25,478
25,525
25,714
26,169
25,747
21,712
21,713
21,714
21,714
21,714
21,715
21,715
21,716
21,716
21,717
21,717
21,718
21,719
21,719
21,669
21,670
21,671
21,671
21,671
21,672
21,673
21,674
21,675
21,676
21,676
21,677
21,678
21,679
21,680
21,681
21,682
21,682
21,682
21,682
21,682
21,682
21,682
21,683
21,683
21,684
21,684
21,685
21,685
4,984
4,984
4,985
4,985
4,988
4,988
4,989
4,990
4,995
4,995
4,995
4,995
4,997
4,997
4,996
4,997
4,998
4,999
4,999
4,999
4,999
5,001
5,002
5,001
5,001
5,001
5,003
5,003
5,003
5,002
5,003
5,003
5,003
5,005
5,005
5,005
5,006
5,006
5,006
5,007
5,007
5,007
5,009
30,501
30,361
30,079
29,866
29,767
29,794
29,782
29,771
29,796
29,819
29,833
29,793
29,716
29,831
29,940
29,793
29,686
29,767
29,859
29,877
29,826
29,961
30,059
30,058
30,035
30,021
30,299
30,416
30,287
30,157
30,237
30,285
30,335
30,288
30,268
30,436
30,520
30,401
30,323
30,428
30,552
30,621
30,498
804
814
818
827
449
378
275
272
527
493
516
422
413
409
413
280
834
827
824
825
431
472
399
490
441
447
486
390
419
480
458
486
827
828
817
818
826
575
548
356
887
1,000
324
364
422
339
338
481
476
358
435
490
821
812
820
813
559
325
483
541
344
349
419
367
492
553
454
438
815
811
821
818
675
280
310
437
360
363
417
394
443
442
377
421
823
835
832
818
814
582
440
304
213
323
400
387
434
408
425
478
416
387
278
275
814
803
793
798
420
440
416
480
367
425
460
439
468
419
415
403
803
800
797
803
803
638
646
507
594
479
422
434
474
415
399
412
396
400
393
394
806
803
794
787
791
788
777
778
447
431
579
693
379
419
377
370
381
383
391
381
393
400
394
386
25,459
25,776
26,317
25,449
25,021
24,989
25,070
24,924
24,958
25,497
25,450
25,525
25,792
21,787
21,724
21,711
21,714
21,715
21,718
21,680
21,673
21,676
21,680
21,682
21,682
21,685
4,9/3
4,979
4,982
4,985
4,990
4,996
4,997
4,999
5,001
5,003
5,004
5,006
5,008
30,078
30,287
30,749
30,110
29,784
29,790
29,807
29,861
30,050
30,284
30,289
30,420
30,532
797
800
805
819
826
823
816
818
825
801
801
797
781
610
492
443
341
455
416
439
477
420
363
370
389
412
423
431
386
390
525
514
534
496
477
690
501
421
329
461
569
540
509
18,346
18,336
18,373
18,596
18,250
18,756
18,832
19,136
18,895
18,810
19,364
19,306
19,205
19,052
19,162
19,241
19,512
19,250
17,603
743
17,556
7S8
17,594
779
17,691
90S
17,663
587
17,894
862
18,201
631
18,269
86?
18,224
671
18,233
577
18,244 1,120
18,423
883
18,524
631
18,464
S8S
18,444
718
18,555
686
18,690
822
18,630
620
390
429
409
387
19,263
19,130
19,176
19,074
899 18,952
895 19,000
913 18,806
959 18,716
957 18,642
955 18,596
957 18,779
964 18,804
964 18,408
976 18,611
979 18,868
978 18,895
978 18,877
923 18,659
920 18,920
924 18,853
937 18,673
936 18,496
935 18,648
940 18,678
981 18,998
981 18,653
970 18,609
971 18,779
970 18,774
967 18,945
900 18,910
885 18,824
910 18,757
946 18,673
946 18,614
943 18,685
942 18,750
990 18,767
990 18,618
999 18,700
1,011 18,728
1,010 19,119
1,010 18,891
18,580
18,436
18,383
18,429
18,361
18,272
18,236
18,108
18,089
18^018
18,149
18,123
17,918
18,055
18,214
18,253
18,260
18,201
18,176
18,207
18,192
18,063
18,036
18,099
18,301
18!164
18,085
18,047
18,209
18,386
18,320
18,163
18,155
18,100
18,130
18,111
18,142
18,191
18,134
18,189
18,175
^18,486
511
553
P633
444
393
365
383
473
442
481
432
345
423
398
392
403
18,893
19,207
19,279
19,114
18,819
18,635
18,800
18,746
18,715
18,824
18,728
18,711
1,000 18,870
18,173
18,393
18,576
18,432
18,195
18,050
18,210
18,166
18,146
18,205
18,152
18,148
720
814
703
682
624
585
590
580
569
619
576
563
916
905
902
901
944
883
929
903
927
960
973
928
959
962
918
968
683
694
793
645
591
728
570
608
553
578
630
681
490
556
654
642
617
458
744
646
481
433
612
579
697
489
524
732
565
559
590
661
602
573
484
574
608
576
484
P472
For footnotes see following page.
1227
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS—Continued
[In millions of dollars]
Reserve Bank credit outstanding
U. S. Govt. securities
Date
or
period
DisHeld counts
under
Float
Bought repur- and
adTotal out- chase vances
right agreement
Total
Deposits, other
than member bank
reserve balances,
Treasury Money Treas- with F. R. Banks
in
curury
Gold rency
circash
stock out- culahold- Treas- For- Other
eign destand- tion
ury
ings
de- posing
deposits
its
Member bank
reserve balances
Other
Federal
Reserve
acRe- 2 Excounts Total quired
Midyear or
year-end:
216
1,998
2,484
2,254
24,262
22,559
20,778
23,801
24,697
24,746
D e c 25,916
1954—June. 25,037
1929—June.
1933—June.
1939—Dec.
1941—Dec.
1945—Dec.
1947—Dec.
1950—Dec..
1951—Dec.
1952—Dec.
1953—June.
148
1,998
2,484
2,254
24,262
22,559
20,725
23,605
24,034
24,718
25,318
25,037
52
164
4
7
91
3
94
249
578
85
535
67 1,368
19 1,184
156
967
64
601
28
935
37
567
1,400 4,037
2,220 4,031
2,593 17,644
2,361 22,737
25,091 20,065
23,181 22,754
22,216 22,706
25,009 22,695
23,187
25,414 22,463
26,880 22,030
25,642 21,927
2,019 4,459
2,286 5,434
2,963 7,598
3,247 11,160
4,339 28,515
4,562 28,868
4,636 27
27,741
4,709 29,206
4,812 30
",433
4,854 30 ,125
4,8<H 30,781
4,959 29 ,922
204
264
2,409
2,215
2,287
1,336
1,293
1,270
1,270
1,259
761
811
36
35
634
867
977
870
668
247
389
132
346
875
15
397
774
862
392
895
526
550
527
423
545
68 1,037
53
196
663
28
598
21
151
256
586
446
569
565
363
455
176
493
377
374 2,356
346 2,292
251 11,653
291 12,450
495 15,915
563 17,899
714 17,681
746 20,056
777 19,950
951 19,561
839 20,160
988 19,011
2,333
1,817
6,444
9,365
14,457
16,400
16,509
19,667
20,520
19,459
19,397
18,412
23
475
5,209
3,085
1,458
1,499
1,172
389
—570
102
763
599
End of
month:
1954
Oct
Nov
Dec
24,381 24,381
24,888 24,888
24,932 24,888
297
398
143
721
657
808
25,401 21,759 4,977 30,074
30,500
25,944 21,710 4,982 30
25,885 21,713 4,985 30i,509
806
800
796
729
694
563
426 496
397 381
490 441
884 18,722 18,251
880 18,985 18,467
907 18,876 18,618
471
518
258
1955
Jan
Feb
Mar
Apr
May.
June
July
Aug
Sept
Oct..
23,882
23,605
23,604
23,604
23,662
23,554
23,982
23,761
23,834 23,729
24,024 24,024
475
485
391
560
460
128
754
470
603
706
600
678
659
799
643
850
864
665
792
683
24 960 21,714 4,989 29 ,789
,817
769 21,716 4,
24,667 21,719 4.998 29 ,800
988 21,671 4.999 29 ,769
780 21,674 5,002 30 ,009
24,601 21,678 5.002 30 ,229
25,719 21,682 5.003 30 ,244
24,911 21,682 5,005 30 ,317
25,250 21,684 5,006 30,422
30,558
25,430 v 21,685
837
828
819
809
828
812
798
804
787
P778
360
564
724
812
649
380
623
393
554
484
441
320
351
360
402
374
410
387
385
419
433
448
490
413
448
419
383
379
396
899
957
959
923
936
972
910
945
990
18,918
18,562
18,283
18,495
18,221
18,066
18,999
18,368
18,423
18,565
18,337
18,091
17,871
18,161
18,029
18,139
18,311
18,151
18,212
P18,379
581
471
412
334
192
-73
688
217
211
P186
703
575
883
643
665
25,645
25,135
25,387
24,887
24,911
21,682
21,683
21,682
21,682
21,682
5 003 30,238
5; 003 30,289
5 003 30,310
5,005 30,317
30,232
5,005
805
803
806
809
804
684
499
542
585
393
429 400
459 390
458 396
377
387 383
886
884
947
946
945
18,888
18,496
18,614
3 8,215
18,368
18,279
18,133
18,134
18,080
18,151
609
363
480
135
217
942 18,207
941 18,452
990 18,589
989 18,475
18,088
18,181
18,180
18,178
119
271
409
297
23,885
23,605
23,612
23,612
23,662
23,607
24,090
23,761
53
108
105
Wednesday
1955
Aug. 3 . . . .
Aug. 1 0 . . . .
Aug. 17
Aug. 24
Aug. 31
23,983
23,983
23,855
23,796
23,761
23,983
23,983
23,855
23,796
23,761
947
565
632
433
470
Sept. 7 . . . J 23,761
Sept. 1 4 . . . . 23,673
23,563
Sept. 21
Sept. 2 8 . . . . 23,702
23,761
23,673
23,563
23,680
598
659
536
956
872 1,064
662
788
25,034 21,682
25,182 21,682
25,518 21,683
25,172 21,683
5,005 30,536
5,005 30,452
5,006 30,332
5,007 30,338
810
805
793
791
475
427
717
512
374
410 382
403 383
383 372
Oct. 5 . . . .
Oct. 1 2 . . . .
Oct. 19
Oct. 26
23,729
23,873
23,973
23,9731
650
817
882 1,020
803 1,144
1,026
731
25,320 21 ,684
25,914 21,685
25,939 21,685
18 25,748 21,685
5,006 30,437
5,007 30,623
5,008 30,542
5,009 30,441
798
776
783
777
481
502
575
494
1,010 18,507 18,213
388
385 662 1,011 18,646 18,412
379 380 1,009 18,963 *>18,492
407 379 1,009 18,935 P18.417
23,832
23,993
23,973
23,973
103
120
294
234
?>471
v1 Preliminary.
Includes industrial loans and acceptances, which are shown separately in subsequent tables.
2
These figures are estimated.
3Less than $500,000.
Back figures.—See Banking and Monetary Statistics, Tables 101-103, p p . 369-394; for description, see pp. 360-366 in the same publication.
MARGIN REQUIREMENTS 3
[Per cent of market value]
MAXIMUM RATES ON TIME DEPOSITS
[Per cent per annum]
Nov. 1, 1933- Feb. 1, 1935- Effective
Jan. 31, 1935 Dec. 31, 1935 Jan. 1, 1936
Savings deposits
Postal Savings deposits
Other deposits payable:
In 6 months or more
In 90 days to 6 m o n t h s . . . .
In less than 90 days
NOTE.—Maximum rates that may be paid by member banks as
established by the Board of Governors under provisions of Regulation Q. Under this Regulation the rate payable by a member bank
may not in any event exceed the maximum rate payable by State
banks or trust companies on like deposits under the laws of the State
in which the member bank is located. Maximum rates that may be
paid by insured nonmember banks as established by the F.D.I.C.,
effective Feb. 1, 1936, are the same as those in effect for member banks.
1228
Prescribed in accordance with
Securities Exchange Act of 1934
Regulation T:
For extensions of credit by brokers
and dealers on listed securities
For short sales
Regulation U:
For loans by banks on stocks
Feb. 20, Jan. 4,
Effec19531955tive
Jan. 4, Apr. 22, Apr. 23,
1955
1955
1955
50
50
60
60
70
70
50
60
70
1
Regulations T and U limit the amount of credit that may be extended on a security by prescribing a maximum loan value, which is a
specified percentage of its market value at the time of extension; the
"margin requirements" shown in this table are the difference between
the market value (100%) and the maximum loan value. Changes on
Feb. 20, 1953, and Jan. 4, 1955, were effective after the close of business
on those dates.
Back figures.—See Banking and Monetary Statistics, Table 145, p. 504,
and Annual Report for 1948, p. 77, and 1953, p. 76.
FEDERAL RESERVE
BULLETIN
FEDERAL RESERVE BANK DISCOUNT RATES
[Per cent per annum]
Discounts for and advances to member banks
Federal Reserve Bank
Advances secured by Government
obligations and discounts of and
advances secured by eligible
paper
(Sees. 13 and 13a) 1
Rate on
Oct. 31
Boston
New York
Philadelphia
Cleveland
Richmond.
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Previous
In effect
beginning—
Sept. 13,
Sept. 9,
Sept. 2,
Aug. 4,
Sept. 9,
Aug. 26,
Sept. 9,
Aug. 30,
Sept. 12,
Sept. 9,
Sept. 9,
Sept. 9,
rate
1955
1955
1955
1955
1955
1955
1955
1955
1955
1955
1955
1955
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
In effect
beginning—
Sept. 13,
Sept. 9,
Sept. 2,
Aug. 4,
Sept.. 9,
Aug. 26,
Sept. 9,
Aug. 30,
Sept. 12,
Sept. 9,
Sept. 9,
Sept. 9,
2
2
2
2
2
2
2
2
2
2
2
Previous
rate
Rate on
Oct. 31
In effect
beginning-
1955
1955
1955
1955
1955
1955
1955
1955
1955
1955
1955
1955
Previous
rate
Sept. 13,1955
Sept. 9, 1955
Apr. 22,1955
Aug. 17,1953
Jan. 23,1953
Feb. 9, 1954
Apr. 22,1955
M a y 18, 1953
Sept. 12,1955
Sept. 9, 1955
Aug. 5, 1955
Sept. 9, 1955
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 RATES ON INDUSTRIAL LOANS
AND COMMITMENT'S UNDER SECTION 13b
OF THE FEDERAL RESERVE ACT
Maturities not exceeding five years
[In effect October 31. Per cent per annum]
To industrial or
commercial
businesses
On
loans 1
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis.
Minneapolis....
Kansas City. . . .
Dallas.........
San Francisco...
On
commitments
Net demand deposits 1
Effective date
of change
To financing institutions
On discounts or
purchases
Federal
Reserve
Bank
MEMBER BANK RESERVE REQUIREMENTS
[Per cent of deposits]
Portion
for which
institution is
obligated
Remaining
portion
On
commitments
()
2^5
1H-2H
(2)
T(3)
1
Including loans made in paticipation with financing
2
Rate charged borrower less commitment rate.
3
Rate
charged borrower.
4
institutions.
Rate charged borrower but not to exceed 1 per cent above the discount
rate.
6
Charge of }4 per cent per annum is made on undisbursed portion
of loan.
^Charge of M Per cent per annum is made on undisbursed portion
of loan.
Back figures.—See Banking and Monetary Statistics, Table 118, pp.
446-447.
1917—June 2 1 .
1936—Aug. 16.
1937—Mar. 1.
May 1.
1938—Apr. 16.
1941—Nov. 1.
1942—Aug. 20.
Sept. 14.
Oct. 3 .
1948—Feb. 27.
June 11.
Sept. 16.
Sept. 24.
1949—May 1.
May 5.
June 30.
July 1.
Aug. 1.
Aug. 11.
Aug. 16.
Aug. 18.
Aug. 25.
Sept. 1.
1951—Jan. 11.
Jan. 16.
Jan. 25.
Feb. 1.
1953—July 1
July 9
1954—June 16
June 24
July 29
Aug. 1
In effect Nov. 1, 1955 4 .
Central
reserve
city
banks
13
19H
22M
26
22 M
26
24
22
20
22
24
Reserve
city
banks
Country
banks
10
15
17
20
17
20
14
Time
deposits
{all
member
banks)
123K
12
14
16
26
22
24
21
20
15
14
13
22
23
27
37
36
26
12
35
25
13
36
26
18
19
20
14
13
22
19
21
20
18
20
18
25
35
12
12
1 Demand deposits subject to reserve requirements, which beginning
Aug. 23, 1935, have been total demand deposits minus cash items
in process of collection and demand balances due from domestic banks
(also minus war loan and series E bond accounts during the period
Apr.
13, 1943-June 30, 1947).
2
Requirement became effective at country banks.
3
Requirement became effective at central reserve and reserve city
banks.
4
Present legal minimum and maximum requirements on net demand
deposits—central reserve cities, 13 and 26 per cent; reserve cities,
10 and 20 per cent; country, 7 and 14 per cent, respectively; on time
deposits at all member banks, 3 and 6 per cent, respectively.
NOVEMBER
1955
1229
MEMBER BANK RESERVES AND BORROWINGS
[Averages of daily figures. In millions of dollars]
Month, or
week ending Wednesday
Central reserve
city banks
All
member
banks
New
York
Chicago
Reserve
city
banks
New
York
Reserve
city
banks
Country
banks
166
112
105
87
54
63
619
736
645
516
514
487
40
51
65
87
54
49
531
413
445
480
*>534
P439
1
11
9
33
60
114
24
37
28
306
395
472
39
37
28
110
161
122
153
124
130
181
172
110
434
513
454
436
454
484
103
125
88
112
100
120
Chicago
Excess reserves;1
Total reserves held
1954—July
August
September.
1955—July
August
September
Sept. 21
Sept. 28
Oct. 5
Oct. 12
Oct. 19
Oct. 26
19,164
18,478
18,403
18,825
18,728
18,711
4,508
4,311
4,288
4,371
4,286
4,262
1,198
1,171
1,154
1 ,148
1,140
1,129
,780
,502
,506
,759
737
7,738
5,678
5,493
5,455
5,546
5,565
5,583
18,767
18,618
18,700
18,728
19,119
18,891
4,262
4,250
4,290
4,227
4,388
4,336
1,126
1,122
1,121
1,120
1,135
1,131
7,732
7,723
7,739
7,783
7,904
7,837
5,648
5,523
5\55O
5,598
5,692
5,587
1954—July
August
September
1955—July
August
September
Sept.
Sept.
Oct.
Oct.
Oct.
Oct.
1954—July
August
September. .. .
1955—July
August.
September
21
28
5
12
19
26
,
21
28
5
12
19
26
836
839
775
619
577
564
40
-9
21
9
10
14
577
483
511
554
P632
J>473
—2
17
6
-14
38
-17
11
"•4
8
-1
Borrowings at Federal
Reserve Banks:
Required reserve®:1 2
Sept.
Sept.
Oct.
Oct.
Oct.
Oct.
Central reserve
city banks
All
member
banks
Month, or
week ending Wednesday
Country
banks
18,329
17,638
17,628
18,205
18,152
18,148
4,468
4,320
4,266
4,362
4,277
4,248
1,151
1,140
1,141
1,128
7,614
7,390
7,401
7,673
7,682
7,675
18,191
18,134
18,189
18,175
4,264
4,233
4,284
4,241
4,349
4,354
1,118
1,119
1,126
1,119
1,129
1,129
692 5,117
672 5,110
674 5,105
697 5,118
850 ?5,158
,148
7,788
Pl8i419
5,058
4,757
4,810
5,030
5,052
5,096
64
115
1954—July
August
September
1955—July
August
September
Sept. 21
Sept. 28
Oct. 5
Oct. 12
Oct. 19
Oct. 26
30
2
78
149
141
51
126
157
164
302
47
67
527
765
849
\ ..
741
888
829
893
1,028
761
^Preliminary.
1
Weekly figures of required and excess reserves of all member banks and of country banks are estimates.
2
See table on preceding page for changes in reserve requirements.
Back figures.—See Banking and Monetary Statistics, pp. 396-399, and BULLETIN for February 1955a pp. 210-211.
DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER BANKS
[Averages of daily figures.1 In millions of dollars]
All
member
banks
Item
Central reserve
city banks
New
York
Chicago
Reserve
city
banks
Country
banks
All
member
banks
. .
New
York
Chicago
Reserve
city
banks
Country
banks
September 1954
September 1955
Gross demand deposits:
Total
Interbank
Other.
Net demand deposits 2
Time deposits
Central reserve
city banks
113,528
12,737
100,791
98,223
40,325
22,838
3 937
18,901
20,404
3,352
6,002
1 221
4,782
5,317
1,300
44,630
6 327
38,303
38,120
16,260
40,057 109,517
1 ,252 13,276
38,805 96,241
34,382 94,970
19,412 39,058
22,567
4,011
18,556
20,416
3,659
6,049
1,303
4,745
5,436
1,275
42,712
6,665
36,047
36,843
15,393
38,189
1,296
36,893
32,276
18,731
6,384
63
105
1,937
4,279
6,894
42
114
2,052
4,687
Reserves with Federal Reserve Eanks:
Total
Required
Kxcess
18,711
18,148
564
4,262
4,248
14
1,129
1,128
7,738
7,675
63
5,583
5,096
487
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
Borrowings at Federal Reserve Banks
849
141
114
472
122
67
2
9
28
28
Demand balances due from domestic banks...
1
Averages of daily closing figures for reserves and borrowings and of daily opening figures for other items, inasmuch as reserves required are
based8 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.
1230
FEDERAL RESERVE
BULLETIN
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS
[In thousands of dollars]
Wednesday figures
End of month
1955
Item
Oct. 26
j
Assets
Gold certificates
Redemption fund for F. R. notes
Oct. 19
Oct. 12
1954
Oct. 5
Sept. 28
Sept.
Oct.
20,173,353 20. 163,350 20,163,351 20,153,352 20,153,351
840,654
836,801
840,550
836,802
833,340
Total gold certificate reserves.
Oct.
20,153,353 20,235,103
840,652!
843,938
21,006,693 21,000,152 21,000,152 20,993,902 20,994,005 21,006,692 20,994,005 21,079,041
F. R. notes of other Banks
Other cash
Discounts and advances:
For member banks
For nonmember banks, etc
Industrial loans
Acceptances:
Bought outright
Held under repurchase agreement.
U. S. Government securities:
Bought outright:
Bills
Certificates:
Special
Other
Notes
Bonds
".
Total bought outright
Held under repurchase agreement.
Total U. S. Government securities
277,842
352,461
248,309
344,274
223,018
332,250
239,053
352,919
268,780
363,933
239,667
358,602
257,594
370,533
147,649
335,656
1,026,400
789,914
13,333
615
863,755
18,333
672
636,776
13,333
699
648,752
13,333
719
705,631
661
589,193
13,333
700
112,360
185,000
800
17,157
18,031
18,207
411
17,808
2,080
17,228
2,234
16,219
1,251,746 1,251,746 1,151,646 1,007,146
2,520,076 2,520,076
17,399,536 17,399,536
2,801,750 2,801,750
693
17,216
4,156
958,146 1,302,546 1,007,146 1,660,000
,520,076 2,520,076 2,520,076 2,520,076
,399,536 17,399,536 17,399,536 17,399,536
,801,750 2,801,750 2,801,750 2,801,750
23,973,108 23,973,108 23 ,873,008 23,728,508 23 ,679,508 24,023,908
119,900
103,900
22,500
520,076
399,536
801,750
599,791
029,021
092,550
,728,508 24 381,362
105,200
23,973,108 23,973,108 23 ,992 ,908 23,832,408 23 ,702 ,008 24,023,908 23,833,708 24,381,362
25,017,326 24,795,001 24,894,286 24,503,104 24,384,274 24,746,451 24,458,306 :24,679,522
Total loans and securities
22
22
22
22
22
4,273,585 5,185,299 4 ,454,774 4,184,091 4,300,431
59,132
59,156
59,618
59,670
59,361
149,220
150,541
141,988
135,116
158,078
Due from foreign banks.
Uncollected cash items..
Bank premises
Other assets
22
3,953,199
59,097
150,593
22
,567,683:
54,157
170,797
51,145,625 51,783,268 51,105,851 50,467,339 50,519,821 50,221,002 50,243,349 50,034,527
Total assets.
Liabilities
Federal Reserve notes
Deposits:
Member bank—reserve accounts..
U. S. Treasurer—general account.
Foreign
Other
Total deposits.
26,161,180 26,225,447 26,262,502 26,131,140 26,066,334 26,246,368 26,141,757 25,705,621
18,934
493
407
378
952 18,963,345 18,646,074 18,507,214 18,475,383 18,565,337 18,423,112 18, 722,082
480,
511,862
728,965
575,218
502,443
484,412
696
553 587
388.
383,130
426,227
378,664
385,284
402,222
051
385 ,321
388.
372,466
496,128380,247
662,433
395,843
783
378 ,805
20,214,482 20,297,474 20,196,234 19,764,680 19,742,841 19,847,814 19,740,825 20,373,400
Deferred availability cash items
Other liabilities and accrued dividends.
Total liabilities.
Capital Accounts
Capital paid in
Surplus (Section 7)
Surplus (Section 13b)
Other capital accounts
3,543 070 4,040,942
20 239
19,269
,434,910 3,366.
19,644
17,
,512,912 2,963,187 3,161
17,252
19,417
17
,846,36318,441
49,938,971 50,583,132 49,913,290 49,280,621 49,339,339 49,076,786 49,061,111 48,943,825
298,960
660,901
27,543
219,250
298,622
660,901
27,543
213,070
298,367
660,901
•27,543
205,756
297,785
660,901
27,543
200,489
297,671
660,901
27,543
194,367
299,252
660,901
27,543
156,520
297,682
660,901
27,543
196,112
281,900
625,013
27,543
156,246
Total liabilities and capital a c c o u n t s . . . . . . . 51,145,625 51,783,268 51,105,851 50,467,339 50,519,821 50,221,002 50,243,349 50,034,527
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.
45.3
45.1
45.2
45.7
45.8
27,935
2,818
28,110
2,869
28,254
2,813
27,166
2,786
27,149
2,787
26,128
2,751
27,126
2,795
14,118;
1,895
705,631
697,535
8,091
5
693
13
33
542
105
16,219
5,691
10,528
602,526
578,068
24,454
4
700
15
80
498
107
21,372
7.727
13,645
297,360
131,667
45,649120,044
80O
3
165
600>
32
973,108 23. 973,108 23 ,992,908 23 ,832,408 23,702,008 24 ,023,908
344,950
440,350
351,846
288,850
142,600
278,646
653,599 6,736,395 6,519,795 6,293,995 6,913,645
726,799
952,065 12,952,065 12,952,065 12,452,065 12,952,065
952,065
587,127
587,127 1,587,127 1,587,127 2,087,127 1,587,127
013,614
013,614 1,013,614 1,013,614 1,013,614 1,013,614
414,857
414,857 1,414,857 1,414,857 1,414,857 1,414,857
833,708
277,850
588,195
452,065
087,127
013,614
414,857
24,381,362
146,700
8,795,850
6,689,591
6,320,750
1,013,6141,414,857
Maturity Distribution of Loans and U. S. Government Securities1
Discounts and advances—total....
Within 15 days
16 days to 90 days
91 days to 1 year
Industrial loans—total
Within 15 days
16 days to 90 days
91 days to 1 year
Over 1 year to 5 years..,
Acceptances—total
Within 15 days
16 days to 90 days
91 days to 1 year
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
026,400
018,656
7,739|
51
661
12
34
510
105
17,157
6,021
11,136
803,247!
798,146
5,095
6
615
84
34
392
105
18,031
5,597
12,434
882,088
878,456
3,626
6
672
13
107
446
106
18,618
5,822
12,796
650,109
632,362
17,745
2
699
13
107
473
106
19,888
6,879
13,009
662,085
642,469
19,609
7
719
102
4
497
116
19,462
6,202
13,260
1
Acceptances and securities held under repurchase agreement are classified as maturing within 15 days in accordance with maximum maturity"
of the agreements.
NOVEMBER
1955
1231
STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON OCTOBER 31, 1955
[In thousands of dollars]
Item
Total
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
Minneapolis
Kansas
City
Dallas
San
Francisco
Assets
Gold certificates. 20,173,353 1,025,647 5,418,946 1,153,389 1,753,133 1,284,419
Redemption fund
57,557
74,664
67,465
174,545
833,339
50,566
for F. R. notes.
873,004 3,543,262
49,528
146,615
852,129
357,099
769,579
44,938
23,872
40,076
718,789 2,423,957
27,229
76,284
Total gold certificate reserves. . 21,006,692 1,076,213 5,593,491 1,210,946 1,827,797 1,351,884 922,532 3,689,877 897,067 380,971 809,655 746,018 2,500,241
F. R. notes of
6,586
13,284
18,485
7,412
25,673
35,758
239,667
46,862
12,660
8,762
13,815
23,111
27,259
other Banks...
19,875
17,014
28,577
50,833
8,664
12,333
76,240
19,373
36,857
46,882
12,896
358,602
29,058
Other cash
Discounts and
advances:
Secured by
U. S. Govt.
58,790
43,100
25,940
62,811
75,815
62,000 149,230
35,650
36,400
700,976
12,260
93,730
45,250
securities. . .
4 655
4,655
Other
631
693
62
Industrial loans..
Acceptances:
Bought
16,219
16 219
Held under
repurchase
U. S. Government
securities:
Bought
o u t r i g h t . . . . 24,023,908 1,326,696 6,105,556 1,462,143 2,064,687 1,415,345 1,240,066 4,190,418
Held under
repurchase
996,944
582,171 1,044,800
963,311 2,631,771
Total loans and
s e c u r i t i e s . . . . . 24,746,451 1,338,956 6,197,590 1,521,564 2,158,417 1,458,445 1,302,066 4,339,648 1,022,884 627,483 1,107,611 1,003,616 2,668,171
Due from foreign
1
1
1
1
2
16
3
2
22
1
2
1
1
banks
Uncollected cash
3,646,664 322,368
653,286 244,437 350,228 257,773 261,392 605,934 152,515 103,169 174,488 162,913 358,161
items
4,902
3,411
5,094
4,275
6,108
3,401
59,591
7,580
10,123
5,671
1,576
1,942
5,508
Bank premises...
9,619
6,520
8,945
29,693
6,846
17,304
163,313
40,218
9,697
3,877
7,757
8,877
13,960
Other assets
Total asset3
50,221,002 2,808,403 12,615,273 3,036,786 4,405,429 3,115,783 2,563,546 8,740,581 2,105,998 1,134,503 2,121,747 1,948,958 5,623,995
Liabilities
26,246,368 1,575,529 5,907,218 1,778,588 2,424,737 1,989,784 1,353,416 5,078,760 1.210,199
F. R. notes
Deposits:
Member bk.—
reserve accts. 18,565,337 790,885 5,386,212 868,363 1,430,941 794,418 913,390 2,996,732 671,089
U. S. Treas —
31,106
31,446
43,585
57,160
30,099
484,412
40,259 2 72,941
37,830
gen. a c c t . . . .
28,762
19,700
16,942
55,160
14,972
402,222
23,640 123,245
35,854
Foreign
305,152
10,028
2,355
1,962
710
19,999
395,843
2,801
5,186
Other
Total deposits... 19,847,814
Deferred availability
cash
2,963,187
items
Other liabilities
and accrued
19,417
dividends
534,540 1,038.432
445,341
33,286
9,850
2,137
717,038 2,638,127
848,977 1,001,871 2,417,118
45,369
14,972
1,356
26,280
18,518
1,292
35,051
40,607
42,865
2,535,641
910,674 1,047,961
857,585 5,887,550
938,259 1,509,811
847,919
975,879 3,109,762
736,159
490,614
305,094
236,077
365,246
*
2,234
216,573
180,872
113,489
78,650
28,421
60,222
1,006
13,681
33,480
3,349
13.447
29,480
762
39,601
96,566
1,429
10,408
26,619
521
6,837
16,918
1,073
11,780
24,755
1,137
16,470
29,985
1,307
33,932
66,724
2,140
10,854 ' 13,752
10,073
8,664
23,280
7,828
5,344
7,630
8,475
15,052
495,339
387,950
126,539
126,981
330,377
924
741
2,002
1,026
3,233
775
527
1,090
994
5,071
800
2,060,622
2,954,014
3,055,200
8,579,705
2,076,445
5,506,147
12,295,178
2,511,193
1,104,331
1,892,721
2,739,202
4,302,028
Total liabilities. . 49,076,786
Capital
Accounts
Capital paid in. .
Surplus (Sec. 7)..
Surplus (Sec. 13b)
Other capital
accounts
299,252
660,901
27,543
15,821
40,309
3,011
89,198
188,070
7,319
156,520
10,060
35,508
19,656
47,773
4,489
Total liabilities
and capital
50,221,002 2,808,403 12,615,273 3,036,786 4,405,429 3,115,783 2,563,546 8,740,581 2,105,998 1,134,503 2,121,747 1,948,958 5,623,995
accounts
Reserve r a t i o . . . .
45.6%
44.2%
47.4%
44.6%
46.5%
47.6%
39.6%
45.1%
46.1%
37.2%
41.5%
42.3%
48.3%
Contingent liability on acceptances purchased for foreign
correspondents
26,128
1,668
36,446
2,029
2,530
1,391
1,195
3,892
1,056
695
1,056
1,307
2,863
98
324
11
81
Industrial loan
2 751
2,237
1
After
2
deducting $16,000 participations of other Federal Reserve Banks.
After deducting $278,952,000 participations of other Federal Reserve Banks.
* After deducting $19,682,000 participations of other Federal Reserve Banks.
1232
FEDERAL RESERVE BULLETIN
FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS
FEDERAL RESERVE BANKS COMBINED
[In thousands of dollars]
Wednesday figures
End of month
1955
Oct. 26
F. R. notes outstanding (issued to Bank)
Collateral held against notes outstanding:
Gold certificates
Eligible paper
U. S. Government securities
Oct. 19
Oct. 12
1955
Sept. 28
Oct. 5
1954
Sept.
Oct.
Oct.
27,120,967 27,154,610 27,118,712 27,039,673 27,038,380 27,139,852 27,051,952 26,597,961
11,413,000 11 ,413,000 11 ,363,000 11,363,000 11 ,363,000 11 ,413,000 11 363 000 11,093,000
222,477
248,151
239,988
47,027
285,737
260,631
196,651
140,980
16,935,000 16 ,935,000 16 ,935,000 16,935,000 16 ,935,000 16 ,935,000 16 ,935,000 16,865,000
Total collateral
28,633,737 28,608,631 28,494,651 28,438,980 28,520,477 28,596,151 28,537,988 28,005,027
EACH FEDERAL RESERVE BANK ON OCTOBER 31, 1955
[In thousands of dollars]
Item
Total
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
Minne- Kansas
apolis
City
Dallas
San
Francisco
F. R. notes outstanding (issued
to Bank)
27.139,852 1,637,374 6,084,492 1,840,854 2,532,476 2,041,437 1,412,525 5,157,116 1,268,742 578,120 1,067,275 755,622 2,763,819
Collateral held:
! 80,000283,000 1,500,000
Gold certificates 11,413,000 640,000 2,670,000 725,000 1,070,000 795,000 500,000 2,400,000 400,000 150,000 280,000
25,940 45,250
62,811
Eligible paper. .
43,100
58,790
248,151
12,260
U. S. Govt. securities
800,000
525,000 1,500,000
16,935,000 1,200,000 3,600,000 1,200,000 1,500,000 1,300,000 1,000,000 2,900,000 910,000 500,000
Total collateral... 28,596,151 1,852,260 6,270,000 1,983,790 2,570,000 2,138,100 1,500,000 5,300,000 1,335,940 695,250 1,142,811 808,000 3,000,000
INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS
[Amounts in thousands of dollars]
End of
year or
month
Number
1945
1946
1947
1948
1949
1950
1951
1952
1953
Participations
Apof
financproved
Loans Commiting instibut not
out- 2 ments
outcom- 1 standing standing tutions
pleted (amount) (amount)
outstanding 3
Amount (amount)
(amount)
Applications
approved
to date
3,511
3,542
3,574
3,607
3,649
3,698
3,736
3,753
3,765
544,961
565,913
586,726
615,653
629,326
651,389
710,931
766,492
803,429
320
4,577
945
335
539
4,819
3,513
1,638
1,951
1,995
554
1,387
995
2,178
2,632
4,687
3,921
1,900
1,644
8,309
7,434
1,643
2,288
3,754
6,036
3,210
3,569
1,086
2,670
4,869
1,990
2,947
3,745
11,985
3,289
3,469
1954
September.
October
November.
December..
3,769
3,769
3,770
3,771
815,449
816,582
817,605
818,224
395
395
520
520
991
812
652
719
1,943
1,896
1,898
1,148
1,559
1,343
1,202
1,027
1955
January...
February. .
March
April
May
June
July
August....
September.
3,772
3,772
3,775
3,775
3,775
3,775
3,775
3,777
3,777
1
821,407
822,063
823,195
823,359
823,754
824,441
824,847
825,161
825,282
170
170
315
270
170
170
170
45
45
629
542
521
675
707
460
489
586
700
3,152
3,227
3,519
3,389
3,410
3,571
3,265
3,416
2,795
1,504
1,498
1,564
1,576
1,586
1,577
1,305
1 ,392
1,230
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.
3Not 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 1955
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
1953
Guaranteed loans
authorized
to date
Guaranteed
. loans
outstanding
Number
Amount
Total
amount
Portion
guaranteed
Additional
amount
available to
borrowers
under guarantee agreements
outstanding
62
854
1,159
1,294
31,326
1,395,444
2,124,123
2,358,387
8,017
675,459
979,428
804,686
6,265
546,597
803,132
666,205
8,299
472,827
586,303
363,667
1,355
1,357
1,361
1,367
2,477,939
2,478,939
2,481,669
2,499,634
546,930
527,074
504,708
471,947
455,618
416,713
395,388
367,694
295,805
283,510
266,798
272,903
1,370
1,375
1,380
1,384
1,388
1,390
1,392
1,396
1,400
2,501,179
2,504,169
2,511,829
2,522,864
2,530,259
2,542,819
2,544,344
2,552,549
2,557,069
454,209
437,185
442,268
425,394
398,867
394,343
295,711
291,416
280,550
347,008
333,717
333,269
320,557
2Q8,354
293,507
224,659
221,444
217,419
264,549
263,248
254,840
255,248
272,484
234,634
211,296
207,196
204,416
1954
September.
October...
November.
December.
1955
January...
February..
March....
April
May......
June
July
August....
September.
NOTE.—The difference between guaranteed loans authorized and
sum of loans outstanding and additional amounts available to borrowers under guarantee agreements outstanding represents amounts
repaid, guarantees authorized but not completed, and authorizations
expired or withdrawn.
1233
POSTAL SAVINGS SYSTEM
PEES AND RATES ESTABLISHED UNDER REGULATION V
ON LOANS GUARANTEED PURSUANT TO DEFENSE
PRODUCTION ACT OF 1950
[In effect October 31]
Fees Payable to Guaranteeing Agency by Financing Institution on
Guaranteed Portion of Loan
Percentage of
loan guaranteed
70 or less
75
80
Guarantee fee
(percentage of
interest payable
by borrower)
Percentage of
any commitment
fee charged
borrower
10
15
20
25
30
35
40-50
10
15
20
25
30
35
40-50
. . . .
85.
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
Total
1945—December
1946—December
1947—December
1948—December
1949—December
1950—December
1951—December
1952—December
1953—December
2,933
3,284
3,417
3,330
3,188
2,924
2,705
2,547
2,359
1954—June
July
August
September. . .
October
November....
December....
Cash
in
depository
banks
U. S.
Government
securities
Cash
reserve
funds,
etc. 2
3,022
3,387
3,525
3,449
3,312
3,045
2.835
2,736
2,558
6
6
6
7
7
11
28
33
31
2,837
3,182
3,308
3,244
3,118
2,868
2,644
2,551
2,389
179
200
212
198187
166162
151
13S
2,251
2,230
2,208
2,189
2,171
2,154
2,136
2,399
2,379
2,360
2,339
2,304
2,287
2,292
31
31
31
31
31
31
31
2,240
2,220
2,196
2,176
2,156
2,134
2,134
128
129133
133
118123
12T
2,115
2,095
2,074
2,051
2,029
P2 007
July
P1,983
August
^1,960
September. . . Pi,942
2,253
2,231
2,237
2,186
2,163
31
31
31
31
31
2,101
2,074
2,074
2,044
2,019
122
127
132
111
113
End of month
1955—January
February....
March
April
May
p1 Preliminary.
Outstanding principal, represented by certificates of deposit.
2
Includes reserve and miscellaneous working funds with Treasurer
of United States, working cash with postmasters, accrued interest on
bond investments, and miscellaneous receivables.
Back figures.—See Banking and Monetary Statistics, p. 519; for
description, see p. 508 in the same publication.
BANK DEBITS AND DEPOSIT TURNOVER
[Debits in millions of dollars]
Debits to de'mand 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
Seasonally adjusted 3
Year or m o n t h
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
.
.
.
1954—August
September
October
November
December
1955—January
February
April
May
June.
JulyAugust
September
October
P Preliminary.
. . .
. . . .
Total, all
reporting
centers
New
York
City
6
other
centers 1
337 other
reporting
centers 2
New
York
City
848,561
924.464
1,017,084
L,103,720
1,227,476
L,206,293
1,380,112
1,542,554
L,642,853
1,759,069
.887.366
327,490
382,760
406,790
398,464
443,216
446,224
509.340
544,367
597,815
632,801
738,925
194,751
200,202
218,477
246,739
270,912
260,897
298,564
336,885
349,904
385,831
390,066
326,320
341,502
391,817
458,517
513,348
499,172
572,208
661,302
695,133
740,436
758,375
22 3
24.1
25 1
23.8
26 9
27 9
31.1
31 9
34.4
36 7
42.3
18 3
17.5
18 3
19.7
21.6
20 9
22.6
24 0
24.1
25 6
25.8
14 6
13.5
14 1
15.5
16 6
15 9
17 2
18 4
18.4
18 9
19.2
151,504
149,898
152,322
156,843
186,317
58,316
56,744
58,792
58,787
73,817
31,526
30,922
30,706
32,230
38,217
61,662
62,232
62,823
65,826
74,282
40 0
40.4
39.3
42 2
48.1
24 8
25.3
23.6
26 3
28.1
18 5
19.4
18.6
20 7
21.0
46 2
39.4
40.5
42 6
42.6
27 1
25.6
24.3
25 9
26.9
19 7
19.1
18.6
19 6
19.9*
163,393
149,744
178,924
158,296
167,714
177,917
161,748
167,365
169,001
175,807
62,642
57,091
67,242
57,634
62,211
67,634
58,904
58,980
62,550
67,568
33,531
31,595
39,908
34,494
36,570
37,569
34,123
35,863
35,126
35,803
67,220
61,058
71,774
66,168
68,933
72,714
68,721
72,522
71,324
72,437
42.0
41 9
41 7
37.3
42 7
44 7
40.7
38 2
43.5
44.7
25.4
26 4
30 2
27.1
28 4
28.3
26.6
25 9
27.4
*>26.6
19.6
19 6
20 0
19.2
20 6
20 8
20 4
19 9
21.1
P20.4
41.8
43 0
40 7
37.9
43 8
41 4
41.7
44 2
42.4
46.1
25.9
27 1
27 6
26.3
28 8
27 7
27.1
28 3
27.7
P27.4
19.4
19 7
20 1
19.8
21 0*
20 &
20.7
21 2
20.8
P20A
1
Boston, Philadelphia, Chicago, Detroit,
2
338 centers prior to April 1955,
8
6
337 other
other reporting
centers J centers 2
New
York
City
6
337 other
other reporting
centers 1 centers2
San Francisco, and Los Angeles.
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 BULLETINS
for August 1943, p. 717; and for description of revision in 1953 covering the peiiod beginning 1943, see BULLETIN for April 1953, pp. 355-357*
1234
FEDERAL RESERVE BULLETIN
UNITED STATES MONEY IN CIRCULATION BY DENOMINATIONS
[Outside Treasury and Federal Reserve Banks. In millions of dollars]
Total
Coin
1939...
1940
1941
1942
1943
1944...
1945
1946
1947.
1948 .
1949....
1950
1951.
1952
1953 . . .
7,598
8,732
11,160
15,410
20,449
25,307
28,515
28,952
28,868
28,224
27,600
27,741
29,206
30,433
30,781
5,553
6,247
8,120
11,576
14,871
17,580
20,683
20,437
20,020
19,529
19,025
19,305
20,530
21,450
21,636
590
1,019
909
1,156
987
1,274 1,039
1,361 1,029
1,404 1,048
1,464 1,049
1,484 1,066
1,554 1,113
1,654 1,182
1,750 1,228
1,812 1,249
1954—September...
October
November...
December. . .
29,985 21,054
30,074 21,118
30,500 21,473
30,509 21,374
1955-—January
29,789
February.... 29,817
March
29,800
29,769
May
30,009
30,229
June
July30,244
30,317
August
September... 30,422
1
2
Large denomination currency 2
Coin and small denomination currency 2
Total
in circulation 1
End of year or
month
20,777
20,845
20,854
20,856
21,098
21,312
21,351
21,406
21,489
»$1
,$2
$5
$10
$20
Total
$50
1,772
2,021
2,731
4,051
5,194
5,983
6,782
6,497
6,275
6,060
5,897
5,998
6,329
6,561
6 t 565
1,576
1,800
2,545
4,096
5,705
7,224
9,201
9,310
9,119
8,846
8,512
8,529
9,177
9,696
9,819
2,048
2,489
3,044
3,837
5,580
7,730
7,834
8,518
8,850
8,698
8,578
8,438
8,678
8,985
9,146
460
81
73
67
65
64
62
64
67
71
72
1,019
1,129
1,355
1,693
1,973
2,150
2,313
2,173
2,110
2,047
2,004
2,049
2,120
2,143
2,119
538
724
1,019
1,481
1,996
2,327
2,492
2,548
2,494
2,435
2,422
2,544
2,669
2,732
1,112
1,433
1,910
2,912
4,153
4,220
4,771
5,070
5,074
5,056
5,043
5,207
5,447
5,581
1,811 1,200
1,819 1,212
1,836 1,236
1,834 1,256
70
70
71
71
2,034
2,049
2,091
2 s 098
6,378
6,400
6,524
6,450
9,561
9,568
9,716
9,665
8,932
8,958
9,028
9,136
2,648
2,650
2,677
2,720
1,808 1,191
1,810 1,190
1,822 1,196
1,831 1,202
1,843 1,219
1,858 1,226
1,865 1,228
1,878 1.234
1,887 1,252
71
71
70
2,017
2,020
2,021
2,020
2,051
2,061
2,052
2,055
2,072
6,267
6,316
6,324
6,309
6,394
6,471
6,466
6,476
6,495
9,425
9,438
9,421
9,425
9,520
9,625
9,668
9,692
9,711
9,014
8,974
8,946
8,914
8,912
8,917
8,894
8,911
8,933
2,673
2,660
2.647
2,641
2,647
2,658
2,652
2,657
2,653
648
751
610
695
559
36
880
801
55
70
39
44
71
71
72
72
72
72
$100
919
$500 $1,000 $5,000 $10,000
191
227
261
425
523
556
586
749
20
32
30
24
60
46
Unassorted
2
4
4
3
555
454
438
428
400
382
368
355
343
333
10
7
8
5
5
4
4
4
4
4
9
9
25
22
990
801
783
782
707
689
588
556
512
486
24
24
26
17
17
11
12
12
10
11
3
2
3
3
3
3
2
2
2
2
5,486
5,514
5,555
5,612
320
318
320
321
466
464
465
464
4
3
3
3
2
2
2
2
5,550
5,527
5,512
5,492
5,489
5,487
5,475
5,489
5,518
317
316
317
460
457
457
4
3
4
314
454
4
8
8
8
15
9
9
9
9
9
9
9
9
9
287
407
313
312
310
309
308
451
448
445
444
442
3
3
3
3
4
2
2
2
1
1
1
(4)
w
(4)
Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks.
1
Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury
as destroyed.
8
Paper currency only; $1 silver coins reported under coin.
*Less than $500,000.
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 circulation1
Money
held by.
For
Federal
Federal
Reserve Sept. 30, Aug. 31, Sept. 30,
Reserve Banks and
1954
1955
1955
Banks and
agents
agents
Money held in the Treasury
Total outstanding, As security
Sept. 30,
against
1955
gold and Treasury
cash
silver
certificates
Gold
Gold certificates
Federal Reserve notes
Treasury currency—total
Standard silver dollars
Silver bullion
Silver certificates and Treasury notes of 1890. .
Subsidiary silver coin
Minor coin
United States notes
Federal Reserve Bank notes
National bank notes
Total—Sept. 30 1955
Aug. 31, 1955
Sept. 30 1954
2
21,684
21,028
27 052
5,006
21,028
656
^2,425
78
53
489
2,192
32,425
1,298
453
347
160
67
233
2,192
24
1
23,453
23,435
23,578
18,178
371
6
24
2
2
u
(5)
787
804
786
2,8i<5
1 168
18,178
18,177
18,314
34
25 806
4,582
227
269
56
9
29
1
1
2,155
1,219
441
316
158
66
4,354
4,288
4,237
30,422
34
35
25 717
4,566
25 413
4,536
226
215
2,144
1,213
439
317
160
66
2,161
1,172
423
319
175
69
30,317
29,985
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. 1227.
includes $156,039,431 held as reserve against United States notes and Treasury notes of 1890.
sTo avoid duplication, amount of silver dollars and bullion held as security against silver certificates and Treasury notes of 1890 outstanding
is not4 included in total Treasury currency outstanding.
Because some of the types of money shown are held as collateral or reserves against
other types, a grand total of all types has no special
6
significance and is not shown. See note for explanation of these duplications.
Less than $500,000.
NOTE.—There are maintained in the Treasury—(i) as a reserve for United States notes and Treasury notes of 1890—$156,039,431 in gold
bullion; (ii) as security for Treasury notes of 1890—an equal dollar amount in standard silver dollars (these notes are being canceled and retired on
receipt); (iii) as security for outstanding silver certificates—silver in bullion and standard silver dollars of a monetary value equal to the face
amount of such silver certificates; and (iv) as security for gold certificates—gold bullion of a value at the legal standard equal to the face amount
of such gold certificates. Federal Reserve notes are obligations of the United States and a first lien on all the assets of the issuing Federal Reserve
Bank. Federal Reserve notes are secured by the deposit with Federal Reserve agents of a like amount of gold certificates or of gold certificates
and such discounted or purchased paper ks 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
1955
1235
CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM
ALL COMMERCIAL AND SAVINGS BANKS, FEDERAL RESERVE BANKS, POSTAL SAVINGS SYSTEM,
AND TREASURY CURRENCY FUNDS 1
[Figures partly estimated except on call dates. In millions of dollars]
Liabilities
and Capital
Assets
Total
Bank credit
Date
Treasury
currency
outstanding
Gold
net—
Total
liabilities
and
capital,
net
U. S. Government obligations
Total
Loans,
net
Other
securities
Total
Commercial
and
savings
banks
Federal
Reserve
Banks
Other
Capital
Total
and
deposits misc.
acand
currency counts,
net
1929—June
1933—June
1939—Dec.
1941—Dec.
1945— Dec.
1947—Dec.
1950—Dec.
1951—Dec.
1952—Dec.
1953—June
Dec.
1954—June
29
30
30
31
31
31
30
31
31
30
31
30
,037
,031
,644
,737
,065
,754
,706
,695
,187
,463
030
,927
2,019
2,286
2,963
3,247
4,339
4,562
4,636
4,709
4,812
4,854
4,894
4,959
58,642
42,148
54,564
64,653
167,381
160,832
171,667
181,323
192,866
190,277
199,791
200,628
41,082
21,957
22,157
26,605
30,387
43,023
60,366
67,597
75,484
77,071
80,486
81,210
5,741
10,328
23,105
29,049
128,417
107,086
96,560
97,808
100,008
95,350
100,935
99,827
5,499
8,199
19,417
25,511
101,288
81,199
72,894
71,343
72,740
68,108
72,610
72.525
216
1,998
2,484
2,254
24,262
22,559
20,778
23,801
24,697
24,746
25,916
25,037
26
131
1,204
1,284
2,867
3,328
2,888
2,664
2,571
2,496
2,409
2,265
11,819
9,863
9,302
8,999
8,577
10,723
14,741
15,918
17,374
17,856
18,370
19,591
64,698
48,465
75,171
90,637
191,785
188,148
199,009
208,727
220,865
217,594
226,715
227,514
55,776
42,029
68,359
82,811
180,806
175,348
184,385
193,410
204,220
200,360
209,175
209,354
8,922
6,436
6,812
7,826
10,979
12,800
14,624
15,317
16,647
17,234
17,538
18,161
1954—Sept.
Oct.
Nov.
Dec.
29
27
24
31
21,800
21,800
21,700
21,713
5,000
5,000
5,000
4,985
204,000
207,700
209,700
210,988
81,400
81,900
83,900
85,730
102,400
105,600
105,600
104,819
76,200
79,000
78,900
77,728
24,000
24,400
24,600
24,932
2,200
2,200
2,200
2,159
20,200
20,300
20,300
20,439
230,800
234,400
236,400
237,686
211,800
215,400
217,200
218,882
19,000
19,100
19,200
18,806
21,700
21,700
21,700
21,700
21,700
21,678
21,700
21,700
21,700
5,000
5,000
5,000
5,000
5,000
5,002
5,000
5,000
5,000
209,600
208,200
207,000
209,100
209,100
209,872
211,400
211,100
211,900
85,200
85,800
87,100
87,900
89,000
91,349
92,000
93,200
94,600
103,600
101,400
98,700
100,100
99,300
97,572
98,600
96,900
96,400
77,800
75,600
73,000
74,400
73,700
71,947
72,400
71,200
70,700
23,700
23,700
23,600
23,600
23,500
23,607
24,100
23.800
23,700
2,100
2,100
2,100
2,100
2,000
2,018
2,000
2,000
2,000
20,900
21,000
21,200
21,200
20,900
20,951
20,900
20,900
20,900
236,300
234,900
233i700
235,800
235,800
236,552
238,100
237,800
238,600
217,500
216,000
214,500
216,900
216,600
217,595
218,800
218.200
218,800
18,800
18,900
19,100
18,900
19,200
18,956
19,300
19,600
19,800
1955—Jan. 26
Feb. 23
Mar. 30
Apr. 27
May 25
June 30
July 27*>
Aug. 31 P
Sept. 2 8 P
Details of Deposits and Currency
U.S. Govt . balances
Date
Foreign
bank
depo sits.
net
1920—Tune
1 yi<7
j
U.11C
1933—June
1939—Dec.
1941—Dec.
1945—Dec
1947—Dec.
1950—Dec.
1951—Dec.
1952—Dec.
1953—June
Dec.
1954—June
1954—Sept.
Oct.
Nov.
Dec.
^Preliminary.
and
savings
banks
Total
Total
28,
21,
27,
27,
150,
170,
176,
185,
194,
192,
200,
198,
790
828
253
336
793
008
917
999
801
560
917
517
202,
204,
205,
209,
Demand
deCom- Mutual Postal
mercial savings
Savings posits 4
3
banks banks System
Cur-
rency
outside
banks
Total
demand
deposits
adjus ted
and
currency
Demand
de-
posits
adj u s Led
19,
10,
15,
15
30,
35
36
37
40
42
43
45
557
849
258
884
135
249
314
859
666
245
659
653
8 ,905
9 ,621
10 ,523
10 ,532
15 ,385
17 ,746
20 ,009
20 ,887
22 ,586
23 ,589
24 ,358
25 ,388
149
1 ,186
1 ,278
1 ,313
2 ,932
3 ,416
2 ,923
2 ,704
2 ,547
2 ,459
2 ,359
2 ,251
2 2 , 540
14, 411
2 9 , 793
992
75^ 851
8 7 , 121
9 2 , 272
9 8 , 234
101, 508
9 6 , 898
102, 451
9 8 , 132
3,639
4,761
6,401
9,615
26,490
26,476
25,398
26,315
27,494
27,369
28,091
27,093
111 ,100
114 ,300
120 ,100
124 ,700
126 ,100
126 ,700
126 ,700
85 ,200
89 ,700
94 ,400
97 ,800
98 ,800
99 ,500
99 ,700
Currency
outside
banks
4, 457
5 , 895
3 ,300
3 ,200
3 ,200
3 ,329
800
800
800
796
4,
6,
6,
4,
400
100
900
510
800
600
500
563
500
700
800
684
74,
74,
74,
75,
400
800
300
282
46
46
46
46
400
700
300
844
25 ,800
25 ,900
25 ,900
26 ,302
2 ,200
2 ,200
2 ,200
2 ,136
101,
103,
104,
106,
200
100
000
550
26,900
26,900
27,500
27,852
129 ,200
128 ,700
129 ,500
129 ,700
102 ,400
101 ,900
102 ,600
102 ,800
26,
26,
26,
26,
3 ,200
3 ,100
3 ,200
3 ,100
3 ,200
3 ,247
3 ,300
3 ,100
3 ,200
800
800
800
800
800
812
800
800
800
3,
4,
4,
5,
5
5,
6
5
4
800
600
400
000
500
418
100
200
500
400 209, 200
600 206, 900
900 205, 300
600 207 400
400 206 700
380 207, 738
500 208 100
ifOC 208 600
500 209 700
75,
75,
76,
76
76
400
700
200
200
5C0
129
100
400
46 800
47 000
47 200
47 ,200
47 ,400
47 ,846
47 ,700
48 ,000
48 ,000
26 ,500
26 ,600
26 ,900
26 ,900
2 ,100 107,
2 ,100 104,
2 ,100 102,
2 ,100 104,
2 ,000 103,
2 ,007 103,
2 ,000 103,
2 ,000 103,
1 ,900 104
000
500
400
500
300
234
900
900
900
26,800
26,800
26,700
26,700
26,800
27,375
27,100
27,300
27,200
131 ,200
131 ,200
131 ,500
132 ,600
131 ,700
131 ,900
132 ,700
132 ,700
133 ,300
104 ,200
104 ,300
104 ,600
105 ,600
104 ,800
104 ,900
105 ,500
105 ,500
106 ,200
2 7 , 000
26, 900
26, 900
2 7 , 000
2 6 , 900
2 7 , 000
2 7 , 200
2 7 , 200
2 7 , 100
29
27
24
31
1955—Jan. 26
Feb. 23
Mar. 30
Apr. 27
May 25
June 30
July 27*
Aug. 3 1 P
Sept.
cash
holdings
At
F. R.
Banks
761
811
31.'.'...
30
31
31
30
31
30
31
ury
commercial
36
35
634
867
977
870
668
247
389
132
346
875
365
50
1 ,217
1 ,498
2 , 141
1 ,682
2 ,518
2 ,279
2 ,501
2 ,467
2 ,694
3 ,256
29
30
30
31! . .'. .
Time deposits 2
At
Treas-
Seasonally adjusted series 5
Deposits adjusted and currency
381
852
204
264
846
2,409
2,215 1, 895
2,287 2 4 , 608
1,336
1, 452
1,293 2 , 989
3
, 615
1,270
1,270 5, 259
3
,
942
1,259
54,
40,
63,
76,
611
656
059
729
452
56^ 411
59, 247
6 1 , 450
65, 799
6 8 , 293
70, 375
7 3 , 292
77
77
77
77 700
27 ,100
27 ,277
27 ,400
27 ,500
27 ,700
1
Treasury funds included are the gold account, Treasury currency account, and Exchange
2
Excludes interbank time deposits; United States Treasurer's time deposits, open account;
3
Prior
to June 30, 1947, includes a relatively small amount of demand deposits.
4
2 5 , 900
24 600
2 5 , 700
26, 900
2 7 , 300
2 7 , 200
2 7 , 000
800
800
900
900
Stabilization Fund.
and deposits of Postal Savings System in banks.
Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
^Seasonally adjusted series begin in 1947 and are available only for last Wednesday of the month. For seasonal adjustment factors used in
deriving these figures and for back figures, see BULLETIN for March 1955, pp. 252-255.
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.
1236
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]
Deposits
Loans and investments
Total
assets—
Total
Class of bank
and date
Total
Loans
U.S.
Government
obligations
Other
securities
Cash
assets^
bilities
and
capital
accounts2
Other
Total1
Interbank i
Demand
U.S.
Government
Total
capital
accounts
Number
of
banks
Time
Other
All banks:
1939—Dec. 30
1941—Dec. 3 1 . . . .
1945—Dec. 3 1 . . . .
1947—Dec. 31* . .
1950—Dec. 30 . . .
1952—Dec. 3 1 . . . .
1953—Dec. 31
1954—Tune 30
Sept. 2 9 . . . .
Dec. 31
1955—Apr. 27
May 25
June 3 0 . . . .
July 2 7 P . . . .
Aug.
3\P...
Sept. 2 8 P . . .
77,068 68,242
19,417 9,302 23,292
50,884 22,165
8,999 27,344 90,908
25,511
81,816
61,126 26,615
140,227 30,362 101,288 8,577 35,415 177,332 165,612
81,199 10,723 38,388 175,091 161,865
134,924 43,002
72,894 14,741 41,086 191,317 175,296
148,021 60,386
72,740 17,374 45,584 213,837 195,552
165,626 75,512
72,610 18,370 45,811 220,140 201,100
171.497 80,518
72,525 19,591 42,556 218,900 199,508
173,343 81,227
76,200 20,160 40,620 221,710 201,150
178,040 81,680
77,728 20,439 44,585 231,654 211,115
183,784 85,617
74,390 21,180 40,850 228,550 206,480
184,210 88,640
73,740 20,880 39,650 227,410 205,100
184,410 89,790
71,947 20,951 42,014 229,631 208,850
184,253 91,355
72,410 20,850 40,720 230,240 207,900
186,190 92,930
71.100 20,940 40,610 230,060 207,750
186,070 93,940
70,680 20,890 41,110 231,230 208,710
186,810 95,240
9,874
10,982
14,065
13,033
14,039
15,321
15,957
15,500
15,470
16,811
14,570
14,020
15,245
14,490
14,570
14,700
32,516
44,355
105,935
1,346 94,381
2,809 101,936
4,944 111,690
4,149 112,639
5.594 107,043
4,120 109,020
4.176 116,617
4,610 112,760
5,130 111,110
5,081 113,034
5,740 112,240
4,860 112,490
4,220 113,690
25,852
26,479
45,613
53,105
56,513
63,598
68,354
71,371
72,540
73,510
74,540
74,840
75,491
75,430
75,830
76,100
8,194
8,414
10,542
11,948
13,837
15,367
16,118
16.664
16,860
17,270
17,490
17,630
17,663
17,750
17,800
17,930
15,035
14,826
14,553
14,714
14,650
14.575
14,509
14.465
14,436
14,367
14,314
14,312
14,309
14.303
14,290
14,286
All c o m m e r c i a l banks
1939—Dec. 3 0 . . . .
1941—Dec. 31
1945—Dec. 3 1 . . . .
1947—Dec. 3 1 3 . . .
1950—Dec. 30
1952—Dec. 31
1953—Dec. 31
1954—June 30
Sept. 2 9 . . . .
Dec. 31
1955—Apr. 27
May 25
Tune 3 0 . . . .
July 2 7 P . . .
Aug. 31 P. . .
Sept. 2 8 P . . .
40,668 17,238
50,746 21,714
124,019 26,083
116,284 38,057
126,675 52,249
141,624 64,163
145,687 67,593
146,383 67,337
150,580 67,250
155,916 70,619
155,540 72,920
155,570 73,850
155,264 75,183
156,990 76,570
156,680 77,340
157,260 78,390
16,316
21,808
90,606
69,221
62,027
63,318
63,426
63,508
67,330
68,981
65,630
65,000
63,271
63,700
62,490
62,020
7,114
7,225
7,331
9,006
12,399
14,143
14,668
15,538
16,000
16,316
16,990
16,720
16,809
16,720
16,850
16,850
22,474
26,551
34,806
37,502
40,289
44,666
44,828
41,569
39,670
43,559
39,920
38,700
41,025
39,790
39,680
40,190
65,216
79,104
160,312
155,377
168,932
188,603
193,010
190,585
192,900
202,378
198,540
197,210
199,240
199,710
199,340
200,350
57,718
71,283
150,227
144,103
155,265
172,931
176,702
174,068
175,300
184,757
179,500
177,990
181,516
180,470
180.200
180,990
9,874
10,982
14,065
13,032
14,039
15,319
15,955
15,497
15,470
16,809
14,570
14,020
15,242
14,490
14,570
14,700
32,513
44,349
105,921
1,343 94,367
2,806 101,917
4,941 111,659
4,146 112,604
5,591 106,996
4,120 108,970
4.172 116,567
4,610 112,710
5,130 111,060
5,078 112,983
5,740 112,190
4,860 112,440
4,220 113,640
15,331
15,952
3">241
35,360
36,503
41,012
43,997
45,983
46,740
47,209
47,610
47,780
48,214
48,050
48,330
48,430
6,885
7,173
8,950
10,059
11,590
12,888
13,559
14,038
14,200
14,576
14,770
14,890
14,906
14,980
15,100
15,110
14,484
14,278
14,011
14,181
14,121
14,046
13,981
13,937
13,909
13,840
13,786
13,784
13,781
13,776
13,763
13,759
All m e m b e r b a n k s :
1939—Dec. 30
1941—Dec. 3 1 . . . .
1945—Dec. 31
1947—Dec. 3 1 . . . .
1950—Dec. 30
1952—Dec. 31 . . .
1953—Dec. 31 . . .
1954—June 30
Sept. 29
Dec. 31
1955—Apr. 27
May 25
June 30
July 2 7 P . . .
Aug. 31 P. . .
S e p t . 28*>. . .
33,941
43,521
107,183
97,846
107,424
119,547
122,422
123,185
126,851
131,602
131,191
131,035
130,788
132,331
131,897
132,277
13,962
18,021
22,775
32,628
44,705
55,034
57,762
57,197
57,164
60,250
62,329
63 ,111
64,315
65,647
66,291
67,193
14,328
19,539
78,338
57,914
52,365
52,763
52,603
53,111
56,373
57,809
54,767
54,083
52,543
52,838
51,642
51,144
5,651
5,961
6,070
7,304
10,355
11,751
12,057
12,876
13,314
13,543
14,095
13,841
13,930
13,846
13,964
13,940
19,782
23,123
29,845
32,845
35,524
39,255
39,381
36,722
34,796
38,076
34,979
34,074
36,300
35,152
35,018
35,400
55,361
68,121
138,304
132,060
144,660
160,826
163,983
162,203
163,964
172,242
168,891
167,702
169,686
170,058
169,535
170,231
49,340
61,717
129,670
122,528
133,089
147,527
150,164
148,252
148,964
157,252
152,638
151,282
154,670
153,657
153,215
153,725
9,410
10,525
13,640
12,403
13,448
14,617
15,170
14,733
14,692
15,983
13,853
13,320
14,462
13,744
13,811
13,930
11,699
12,347
24,210
28,340
29,336
32,890
35,213
36,900
37,542
37,950
38,272
38,410
38,810
38,653
38,855
38,950
5,522
5,886
7,589
8,464
9.695
10,761
11,316
11,709
11,868
12,210
12,348
12,446
12,461
12,517
12,617
12,624
6,362
6,619
6,884
6,923
6.873
6,798
6,743
6,721
6,707
6,660
6,613
6,619
6,611
6,603
6,589
6,584
10,216
10,379
16,208
18,641
21,346
24,003
25,810
26,959
27,460
27,868
28,670
28,840
28,990
29,200
20,300
29,550
4,927
4,901
4,279
4,944
8,137
11,349
12,925
13,890
14,430
14,998
15,720
15,940
16,172
16,360
16,600
16,850
3,101
3,704
10,682
11,978
10,868
9,422
9,184
9,017
8,870
8,748
8,760
8,740
8,675
8,710
8,700
8,660
2,188
1,774
1,246
1,718
2,342
3,231
3,701
4,052
4,160
4,123
4,190
4,160
4,142
4,130
4.000
4,040
818
793
609
886
797
918
983
987
950
1,026
930
950
989
930
930
920
11,852
11,804
17,020
19,714
22,385
25,233
27,130
28,315
28,810
29,276
30,010
30,200
30,382
30,530
30,720
30,880
10,524
10,533
15,385
17,763
20,031
22,621
24,398
25,440
25,850
26,359
26,980
27,110
27,334
27,430
27,550
27,720
10,521
10,527
1,309
1,241
1,592
1,889
2,247
2,479
2,559
2,626
2,660
2,694
2,720
2,740
2,757
2,770
2,790
2,820
551
548
542
533
529
529
528
528
527
527
528
528
528
527
527
527
All mutual savings
banks:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31....
1947—Dec. 313...
1950—Dec. 30, .
1952—Dec. 31. .
1953—Dec. 31..
1954—June 30
Sept. 29....
Dec. ,31. . .
1955—Apr. 27
M a y 25
June 30....
July 2.7* . . .
Aug. 31 P.. .
Sept. 2 8 P . . .
(«)
743
1,709
22,179
1,176
2,523
4,567
3,756
5,165
3,714
3,715
4,170
4,624
4,656
5,264
4,424
3,797
(4)
f4)
27,489
37,136
69,640
80,609
87,783
95,453
96,024
91,455
93,016
99,604
96,343
94,928
96,742
95,996
06,125
97,048
17!745
20.009
22,586
?4.358
25,388
25,800
26,302
26,930
27,060
27,277
27,380
27,500
27,670
^Preliminary.
*"A11 banks" comprise "all commercial banks" and "all mutual savings banks." "All commercial banks" comprise "all nonmember commercial banks" and "all member banks" including one bank in Alaska that became a member bank on Apr. 15, 1954, and a noninsured State
member nondeposit trust company, but excluding three mutual savings banks that became members in 1941. Stock 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 offiguresfor 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
1955
1237
ALL BANKS IN THE UNITED STATES, BY CLASSES*—Continued
PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS—Co«tf»««<*
[Figures partly estimated except on call dates. Amounts in millions of dollars]
Deposits
Loans and investments
Total
assetsTotal
Class of bank
and date
Central reserve city
member banks:
New York City:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1950—Dec. 30
1952—Dec. 31
1953—Dec 31
1954—June 30 . . . .
Sept. 29 . . . .
Dec. 31.
1955—Apr. 2 7 . *
May 25
June 30
July 27*>
Aug. 31 P
Sept. 2 8 P
Total
9,339
12 896
26,143
20,393
20,612
22,130
22,058
22,681
22,949
23,880
23,717
23,257
23,099
23,445
22,915
22,852
Loans
U.S.
Govern- Other
ment
secuobliga- rities
tions
3,296 4,772
4,072 7,265
7,334 17,574
7,179 11 972
9,729 8,993
12,376 7,678
12,289 7,765
11,619 8,695
11,504 8,976
12,039 9,342
12,977 8,281
12,946 8,010
13,016 7,782
13,618 7,557
13,596 6,959
13,716 6,782
1,272
1,559
1,235
1,242
1,890
2,076
2,004
2,367
2,469
2,499
2,459
2,301
2,300
2,270
2,360
2,354
Cash
assets1
Other
bilities
and
capital
accounts2
Totali
6,703
6,637
6,439
7,261
7,922
8,419
8,074
7,524
7,296
7,581
6,673
6,668
7,748
6,979
6,993
7,104
16,413
19,862
32,887
27,982
28,954
31,053
30,684
30,771
30,830
32,193
31,179
30,646
31,559
31,099
30,595
30,631
14,507
17,932
30,121
25,216
25,646
27,309
27,037
27,225
26,938
28,252
27,103
26,464
27,791
26,927
26,471
26,495
1,446
1,566
1,489
1,739
2,034
2,010
2,115
2-036
1,835
L.954
1,894
1,836
L ,763
1,844
1,875
1,889
3,595
4,363
7,459
6,866
7,649
8,297
8,366
8,064
8,070
8,520
8,144
8,055
8,102
8,171
8,166
8,140
3 330
4,057
7 046
6,402
7 109
7,686
7,724
7,419
7,343
7,845
7,374
7,321
7,431
7,408
7,414
7,345
. 1 SS
1,126
1 180
1,163
1,222
1,218
tS. 785 19,687
Interbank 1
U.S.
Government
4,238
4,207
4,657
4,464
4,638
4,965
5,214
5,517
5,338
5,709
5,136
4,982
5,454
5,138
5,037
5,097
74
866
6,940
267
451
1,143
778
1,378
724
736
1,160
1,178
1,131
1,471
995
696
Chicago:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31 . . . .
1947—Dec. 31
1950—Dec. 30 . . . .
1952—Dec. 31
1953—Dec. 31 . .
1954—June 30
Sept. 29
Dec. 31 .
1955—Apr. 27
May 25
June 30. .
July 27P
Aug. 31?
Sept. 28P
2,105
2,760
5,931
5,088
5,569
6,240
6,204
5,975
6,189
6,518
6,194
6,170
6,288
6,276
6,235
6,202
1,333
1,801
2,083
2,748
2,776
2,589
2,497
2,784
2,645
2,698
2,846
2,862
2,887
2,950
1,203
1,430
4,213
2,890
2,911
2,912
2,856
2,825
3,110
3,120
2,861
2,807
2,742
2,712
2,637
2,543
Reserve city member
banks:
1939_Dec. 30
1941__Dec. 31 . . .
1945—Dec. 31
..
1947—Dec. 31
1950—Dec. 30
1952—Dec. 31
1953 Dec. 31
1954—June 30
Sept. 29
Dec. 31
1955_Apr. 27
May 25
June 30
July 27P
Aug. 31 P
Sept. 28?
12,272
15,347
40,108
36,040
40,685
45,583
46,755
47,056
48,779
50,738
50,807
50,705
50,596
51,338
51,293
51,306
5,329
7,105
8,514
13,449
17,906
21,697
22,763
22,453
22,605
23,986
24,758
25,114
25,654
26,193
26,630
27,041
5,194
6,467
29,552
20,196
19,084
19,624
19 559
19,813
21,187
21,718
20,730
20,354
19,697
\9,954
19,476
19,137
1,749
1,776
2,042
2,396
3,695
4,262
4 434
4,791
4,987
5,034
5,319
5,237
5,245
5,191
5,187
5,128
8,518
11,286
13,066
13,998
15,544
15,925
14,656
13,566
15,424
14,458
14,152
14,696
14,484
14,195
14,430
24,430
51,898
49,659
55,369
61,941
63,547
62,624
63,276
67,165
66,317
65,883
66,293
66,845
66,535
66,765
17,741
22,313
49,085
46,467
51,437
57,357
58,663
57,665
57,835
61,796
60,233
59,744
60,854
60,723
60,415
60,582
3 686
4,460
6 448
5 649
6 448
7,001
7 254
6,636
6 772
7,444
6,346
6,059
6,545
6,234
6,332
6,383
435
491
8,221
Country m e m b e r
banks:
1939—Dec. 30
1941—Dec. 31 . .
1945—Dec. 31
1947—Dec. 31
1950—Dec. 30
1952—Dec. 31
1953—Dec. 3 1 . . . . . .
1954—june 3 0 . . . . . .
Sept. 29
Dee. 31
1955—Apr. 27
May 25
June 30. . . .
July 27P
Aug. 31 P
Sept. 28*>
10 224
12,518
35,002
36,324
40,558
45,594
47,404
47,474
48,934
50,466
50,473
50,903
50,806
51,272
51,454
51,917
4,768
5,890
5,596
10,199
14,988
18,213
19,934
20,537
20,558
21,442
21,949
22,353
22,799
22,974
23,178
23,486
3,159
4,377
26,999
22,857
21,377
22 549
22,423
21 779
23,100
23,629
22,895
22,912
22,321
22,615
22,570
22,682
2 297
2,250
2,408
3,268
4,193
4 832
5,047
5 158
5,276
5,395
5,629
5,638
5,685
5,683
5,706
5,749
4,848
6,402
10,632
10,778
11,571
13,281
13,268
12,506
12,099
13,117
11,954
11,418
12,092
11,845
11,955
11,977
15,666
19,466
46,059
47,553
52,689
59 535
61,385
60 745
61,788
64,364
63,251
63,118
63,732
63,943
64,239
64,695
13,762
17,415
43,418
44,443
48,897
55,175
56,740
55,943
56,848
59,360
57,928
57,753
58,594
58,599
58,915
59,303
598
822
1,223
1 073
1,133
569
954
333
376
385
397
576
581
572
561
582
614
688
665
699
702
711
709
RR8
L 035
I 312
L 217
L 229
I 350
1,387,
I 339
,310
321
J 301
1,315
L 241
1,272
L,508
91*
1 153
1,283
1,209
1,220
1,232
Total
capital
accounts
Number
of
banks
1,236
1,445
1,722
1,840
2,150
2,216
2,331
2,392
2,311
2,277
2,281
2,187
2,229
2,256
1,592
1,648
2,120
2,259
2,351
2,505
2,572
2,630
2,644
2,803
2,697
2,717
2,715
2,716
2,746
2,722
36
36
37
495
250
14
476
719
913
288
377
426
490
541
13
12
14
13
13
Demand
Time
Other
9,459
12,051
17,287
19,040
18,836
19,361
18,894
18,114
18,545
19,414
18,496
18,027
18,926
18,131
18,210
18,446
736
807
37
23
22
22
22
22
21
IS
18
18
18
18
18
1,867
2,419
3,462
4,201
4,604
4,789
4,837
4,403
4,509
4,977
4,670
4,608
4,606
4,577
4,616
4,590
1,103
1,205
1,242
1,267
1,258
1,295
1,293
1,291
1,303
1,286
1,280
1,296
605
612
613
621
616
13
13
13
13
13
4,616
4,806
9,760
11,423
11,647
13,261
14,132
14,957
15,178
15,476
15,732
15,815
16,007
15,939
15,984
15,979
1,828
1,967
2,566
2,844
3,322
3,745
3,984
4,125
4,205
4,300
4,434
4,473
4,492
4,510
4,543
4,571
346
351
359
1,814
1,504
2,015
1.418
1,457
1,520
L,73O
1,843
L, 891
1,754
L.522
9,004
12,557
24,655
28,990
32,366
35,281
35,773
34,058
34,467
37,418
36,635
36,140
36,459
36,659
36,345
36,698
310
306
300
297
296
297
297
296
296
154
225
5,465
432
922
1,267
1,216
1,362
1,306
1,271
1,234
1,420
1,339
1,520
1,379
1,338
7,158
10,109
24,235
28,378
31,977
36,022
36,520
34,879
35,495
37,794
36,542
36,153
36,751
36,629
36,954
37,314
5,852
6,258
12,494
14,560
14,865
16,585
17,690
18,460
18,775
18,787
18,936
19,027
19,220
19,241
19,362
19,419
1,851
1,982
2,525
2,934
3,532
3,970
4,194
4,372
4,429
4,506
4,615
4,651
4,642
4,678
4,707
4,715
5,966
6,219
6,476
6,519
6,501
6,444
6,389
6 376
6,366
6.326
6,285
6,292
6,283
6,275
6,262
6,257
80
127
1,552
72
174
343
259
410
266
251
256
296
343
382
296
241
405
976
566
583
590
600
602
13
13
13
13
13
353
336
319
319
3
Beginning with Dec. 31, 1947, the all bank series was revised as announced in November 1947 by the Federal bank supervisory agencies.
At that time a net of 115 noninsured nonmember commercial banks with total loans and investments of approximately 110 million dollars was
added, and 8 banks with total loans and investments of 34 million were transferred from noninsured mutual savings to nonmember commercial
banks.
4
Less than 5 million dollars.
For other footnotes see preceding and opposite pages.
1238
FEDERAL RESERVE BULLETIN
ALL BANKS IN THE UNITED STATES, BY CLASSES *—Continued
PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS—Continued
[Amounts in millions of dollars]
Deposits
Loans and investments
- p i t
assets—
Total
Class of bank
and date
U.S.
Government
Loans
obligations
Other
securities
49,290
121,809
114,274
143,796
144,451
154,115
153,488
21,259
25,765
37,583
67,082
66,805
70,127
74,692
21,046
88,912
67,941
62,381
62,461
68,012
62,342
6,984
7,131
8,750
14,333
15,185
15,976
16,454
^National member
banks:
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1953—Dec. 31
1954—June 30
Dec. 31
1955—June 30
27,571
69,312
65,280
81,913
82,482
88,509
83,315
11,725
13,925
21,428
37,831
37,672
39,712
39,424
12,039
51,250
38,674
35,482
35,759
39,392
34,673
State member banks:
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1953—Dec. 31
1954—June 30
Dec. 31
1955—June 30
15,950
37,871
32,566
40,509
40,704
43,093
47,473
6,295
8,850
11,200
19,931
19,525
20,538
24,891
insured nonmember
commercial banks:
1941—Dec. 31.
1945—Dec. 31
1947—Dec. 31
1953—Dec. 31
1954—June 3 0 . . . . . .
Dec. 31
1955—June 30
Total
Cash
assets1
Other
Kilif ioo
capital
accounts2
Total i
25,788
34,292
36,926
44,398
41,164
43,161
40,685
76,820
157,544
152,733
190,638
188,191
200.127
197,077
69,411
147,775
141,851
174,697
172,048
182,886
179,728
3,806
4,137
5,178
8,600
9,051
9,405
9,219
14,977
20,114
22,024
26,479
24,636
25,662
22,892
43,433 39,458 6,786 1,088
90,220 84,939 9 229 14,013
88,182 82,023 8,410
795
109,804 100,654 10,152 2,525
108,611 99,362 9,750 3,325
115,835 105,851 10.714 2.508
107,741 98,636 8,314 2,849
7,500
27,089
19,240
17,121
17,353
18.417
17,870
2,155
1,933
2,125
3,457
3,826
4,138
4,711
8,145
9,731
10,822
12,903
12,086
12,414
13,408
24,688
48,084
43,879
54,179
53,593
56,407
61,945
22,259
44,730
40,505
49,510
48,890
51,401
56,034
5,776 3,241 1,509
14,639 2,992 10,584
16,444 4,958 10,039
21,396 9,328 9,790
21,288 9,615 9,362
22,536 9.886 10,215
22,723 10,385 9,811
1,025
1,063
1,448
2,278
2,310
2.436
2,527
2,668
4,448
4,083
5,020
4,444
5,088
4,388
8,708
19,256
20,691
26,679
26,012
27,911
27,417
7,702
18,119
19,340
24,555
23,819
25,657
25,082
129
244
266
378
312
393
332
969
930
241
200
255
335
354
339
355
763
514
576
430
405
397
340
2,283
2,768
2,643
2,372
2,394
2,250
2,172
1,872
2,452
2,251
2,005
2,020
1,871
1,788
329
181
363
407
453
433
448
18
30
30
18
13
All nonmember commercial banks:
1941—Dec. 31
1945—Dec. 3 1 . . . . . .
1947—Dec. 313
1953—Dec. 31
1954—June 30
Dec. 31
1955—June 30
7,233 3,696 2,270
16,849 3,310 12,277
18,454 5,432 11,318
23,287 9,838 10,835
23,220 10,147 10,409
24,337 10.378 11,184
24,499 10,876 10,741
1,266
1,262
1,703
2,613
2,664
2,775
2,881
3,431 10,992
4,962 22,024
4,659 23,334
5,450 •29,051
4,849 28,406
5,485 30,161
4,728 29,589
9,573
20,571
21,591
26,560
25,838
27,528
26,870
457
425
629
784
764
825
780
5
14
167
390
426
457
422
Insured mutual savings
banks*
1941—Dec 31
1945—Dec. 31
1947—Dec. 31
1953—Dec. 31
1954—June 30
Dec. 31
1955—June 30
1 693
10,846
12,683
19,252
20,121
20,830
21,617
3,081
3,560
10,016
10,804
11,651
12,567
7,160
8,165
6,476
6,309
6,117
5,998
2,760
3,008
3,062
3,052
151
429
675
799
807
832
808
1 958
11,424
13,499
20,334
21,237
21,981
22,761
1 789
10,363
12,207
18,383
19,195
19,885
20,590
1
2
3
3
2
8 687
5 361
5 957
6,558
6,838
7,038
7,373
4,259
1 198
1,384
2,910
3,086
3,346
3,605
3,075
3 522
3,813
2,707
2,708
2,630
2,677
1,353
641
760
941
1,044
1,061
1,090
642
180
211
184
180
194
180
9,846
5 596
6,215
6,796
7,078
7,295
7,621
8,744
5 022
5 556
6,015
6,246
6,474
6,743
Allinsured commercial
banks:
1941—Dec. 31
1945—Dec. 31
..
1947—Dec. 31
1953—Dec. 31
1954—June 30
Dec. 31
1955—June 30
Noninsured nonmember commercial
banks:
1941—Dec. 31
1945—Dec. 31
1947—Dec. 313
1953—Dec. 31
1954—June 30
Dec. 31
1955—June 30
Noninsured mutual
savings banks:
1941—Dec# 3i
1945—j)ec 3i
1947—Dec# 3i3 .
1953—Dec. 31
1954—j une 30
Dec. 31.
1955—June 30
1,457
2,211
2,009
1,891
1,932
1,800
1,776
455
318
474
511
532
492
491
642
761
1,693
1,280
1,045
1,047
629
421
606
958
Total Nuracapital
her
of
accounts banks
Demand
T
bank1
Time
U.S.
Government
Other
10,654 1,762 41,298 15,699 6,844 13,426
13,883 23,740 80,276 29,876 8,671 13.297
12,670 1,325 92,975 34,882 9,734 1;J,398
15,548 4,116 111,423 43,610 13,239 1.5,412
15,044 5,562 105,847 45,596 13,714 1, 1,380
16.376 4,154 115,482 46.874 14,252 1. 5,303
14,794 5,064 111,993 47,876 14,579 L 5,267
3,739
4,411
3,993
5,019
4,983
5 ,269
6,148
23,262
45,473
53,541
63,819
60,827
66,426
60,919
8,322
16,224
19,278
24,160
25,459
26,202
26,554
3,640
4,644
5,409
7,391
7,686
8,085
7,714
5,117
5,017
5,005
i 1,856
•, 835
i 1,789
i 1,744
13,874
24,168
27,068
32,206
30,627
33,177
35,823
4,025
7,986
9.062
11,054
11,441
11,748
12,256
2,246
2,945
3,055
3,925
4,023
4,125
4,747
,502
,867
918
,887
886
.871
L,867
4,162
10,635
12,366
15,398
14,392
15,879
15,251
3,360
5,680
6,558
8,419
8,718
8.947
9,090
1,083
1,271
1,925
2,007
2.044
2,121
990
253
365
478
386
388
335
337
329
279
325
320
325
324
327
,504
,101
13.758
16,580
15,542
16,964
16,241
3,613
6,045
7,036
8,806
9,106
9,282
9,427
1,288
1,362
1,596
2,245
2,332
2,368
2,448
7 662
1,789
10,351
12,192
18,345
19,145
19,831
20,536
1,034
1,252
1,819
1,868
1,920
1,965
164
52
192
194
219
219
218
218
1,077
496
350
339
309
30S
309
310
621
8,166
381
1,232
1,840
1.207
1,807
53
1,560
149
360
396
439
408
1 ,291
1 905
1,392
1,182
1,150
1,085
12
2
2
2
3
2
12
33
45
48
49
(
»
2
2
1
2
2
8,738
5,020
5,553
6,013
6,243
6,471
6,741
959
For footnotes see preceding two pages.
Backfigures.—SeeBanking and Monetary Statistics, Tables 1-7, pp. 16-23; for description, see pp. 5-15 in the same publication.
in series prior to June 30, 1947, see BULLETIN for July 1947, pp. 870-871.
NOVEMBER
1955
558
637
740
758
774
792
5,810
5,416
5,478
( 5,672
( 5,662
( 5.647
<5,660
(
(
(
852
714
783
569
557
536
513
7,130
7,261
7 ?41
7,219
7,183
7,173
For revisions
1239
ALL COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES •
LOANS AND INVESTMENTS
[In millions of dollars]
Loans 1
Class of bank
and
call date
Total
loans
and
invest- Total
ments
Investments
Loans for
Compurchasing
meror carrying
Other
cial,
securities
inReal loans
to
clud- Agriesculin- Other
ing
tate
To
loans Total
diopen tural brok- To loans vidmarers
uals
ket
and othpadealper
ers
All commercial
banks: 2
1947—Dec. 3 1 . . .
1953—Dec. 3 1 . . .
1954—June 3 0 . . .
Dec. 3 1 . . ,
1955—June 30...
116,284
145,687
146,383
155,916
155,264
38,057
67,593
67,337
70,619
75,183
830
18,167 1,660
27,204 4 ,965 2,361
26,120 5,143 2,462
~ 2,929
26,867 5, 200
28,,872 4 ,391 2,859
All insured commercial banks:
1941—Dec. 3 1 . . .
1945—Dec. 3 1 . . .
1947—Dec. 3 1 . . .
1953—Dec. 3 1 . . .
1954—June 30..,
Dec. 31..
1955—June 30...
49,290
121,809
114,274
143,796
144,451
154,115
153,488
21,259
25,765
37,583
67,082
66,805
70,127
74,692
9,214
9,461
18,012
27,082
25,976
26,731
28,729
Member banks,
total:
1941—Dec. 3 1 . . .
1945—Dec. 3 1 . . ,
1947—Dec. 3 1 . . .
1953—Dec. 3 1 . .
1954—June 30..
Dec. 3 1 . .
1955—June 30. .
43,521
107,183
97,846
122,422
123,185
131,602
130,788
18,021
22,775
32,628
57,762
57,197
60,250
64,315
972 594 598
8,671
8,949
855 3,133 3,378
16,962 1,046 811 1,065
25,519 3,263 2 ,321 1,060
24,362 3,402 2,411 1,106
25,007 3,"'"
,529 2,881 1,363
,808 1,440
26,894 2,
New York City:*
1941—Dec. 3 1 . .
1945—Dec. 3 1 . .
1947—Dec. 3 1 . .
1953—Dec. 3 1 . . ,
1954—June 30..
Dec. 3 1 . .
1955—June 30. .
12,896
26,143
20,393
22,058
22,681
23,880
23,099
4,072
7,334
7,179
12,289
11,619
12,039
13,016
Chicago : 3
1941—Dec. 3 1 . . .
1945—Dec. 3 1 . .
1947—Dec. 3 1 . .
1953—Dec. 3 1 . .
1954—June 3 0 . .
Dec. 3 1 . .
1955—June 30. .
2,807
3,044
5,361
8,218
7,447
7,231
7,928
954
732
2,760
760
5,931 1,333
5,088 1,801 1,418
6,204 2,776 1,912
9,393
16,694
17,227
18,418
19,779
5,723
14,461
14,462
14, 750
16,365
1,063 78,226
1,666 78,094
1,657 79,047
2 ,000 85,297
2,428 80,081
69,221
63,426
63,508
68,981
63,271
2,193
5,004
4 ,704
5,065
3,220
7,789
10,237
5,572
5,361
1,710
6,034 53,191
12,439 35,713
12,376 40 ,818
14,672 43 ,861
16,640 41 ,685
1,450 614 662
1,314 3,164 3 ,606
1,610 823 ,190
4 ,867 2,344 ,181
5,057 2,439 ,228
5,108 2,907 .501
4 ,319 2,834 ,589
4,773
4,677
9,266
16,566
17,101
18,302
19,661
4,545
28,031
2,361 1,181 96,043
5,654 1 ,028
" " 76,691
14,373 1, 629 76,714
14,370 1,623 77,646
14,676 1,973 83,988
16,283 2;400 78,796
21,046
88,912
67,941
62,381
62,461
68, 012
62,342
988
2,455
2,124
4,895
4,575
4,901
2,996
19,071
7,552
10,076
5,505
5,279
1,667
3,159 12,797 4,
3,651 3,333
16,045 51,321
3,873 3,258
5,918 52,334
5;i293,621
12,,283 35 ,093
10,587 3,746
38 11,682 3,502
12,223 40 ,121
"' 12,352 3,624
14.
,287
12,549 3,906
16,479 41 ,185
3,494
25,500
3,692
3,455 1,900 1,104 84 ,408
7,130 4,662 952 65,218
13,020 11 ,911 1,518 64,660
13,440 11,840 1,513 65 ,988
14,433 12,127 1,858 71 ,352
15,594 13,489 21285 66,473
19,539
78,338
57,914
52,603
53,111
57,809
52,543
971
2,275
1,987
4,095
3,915
4,075
2,377
16,985
5,816
8,287
4,417
4,307
1,281
3,007 11,729 3,832 3,090 2,871
14,271 44,792
16 3,254 2,815
4,,815 45 ,286
10 4,199 3,105
10,300 29 ,890
3,185
10,374 34,369
2,987
12,464 36 ,944
20 10,449 3,094
13,969 34,903
13 10,584 3,346
169
412
2,453 1,172
267
545
126 1,667 320
144 1,778 364
204 2,041 432
2,034 466
5,975
6,518
6,288
2,589
2,784
2,846
1,835
1,847
1,940
Reserve city banks:
1941—Dec. 3 1 . .
1945—Dec. 3 1 . .
1947—Dec. 3 1 . .
1953—Dec. 3 1 . .
1954—June 3 0 . .
Dec. 31. .
1955—June 3 0 . .
15,34
40,108
36,040
46,755
47,056
50, 738
50,596
7,105
8,514
13,449
22,763
22,453
23 ,986
25,654
3,456
3,661
7,088
10,568
10,010
10,624
11,210
300
205
225
774
953
956
700
Country banks:
1941—Dec. 3 1 . .
1945—Dec. 3 1 . .
1947—Dec. 3 1 . .
1953—Dec. 3 1 . .
1954—June 3 0 . .
Dec. 3 1 . .
1955—June 3 0 . .
12,518
35,002
36,324
47,404
47,474
50,466
50,806
5,890
5,596
10,199
19,934
20,537
21,44:
22,799
18,454 5,432
23,28" 9,838
23,220 10,14
24,33 10,378
24,499 10,876
Total
Obligations
Direct
of
States Other
and
secuCertifiGuar- polit- rities
cates
an- ical
inteed subBills of
debt- Notes Bonds
diviedsions
ness
1,220
1,202
1,256
1,525
1,613
6
2
3
158
134
140
102
All n o n m
ember
banks:2
1947—Dec. 3 1 . .
1953—Dec. 3 1 . .
1954—June 3 0 . .
Dec. 3 1 . .
1955—June 3 0 . . .
U. S. Government obligations
123
554
80
287 298
111
564 330
383
,294 475
390
,220 466
467
,232 644
656 1,379
754
8,823
18,809
13,214
9,769
11,062
11,841
10,083
22
36
46
70
81
91
122
1,806 1,430
96
40 4,598 4,213
51
149
26 3,287 2,890
234
96 3,428 2,856
206
74 3,386 2,825
223
105 3,734 3,120
244 139 3,441 2,742
114 194 1,527
42: 1,503 1,459
170 484 3,14f
308 456 5,453
326 468 5,639
40:
622 6,134
444 651 6,603
8,243 6,467
1,512
855 404 31,594 29,552
1,969 366 22,591 20,196
4,942 611 23,993 19,559
4,797 629 24, 603 19,813
720 26,752 21,718
4,912
.5,500 954 24,942 19,697
1,676 659
1,484 648
3,096 818
4,822 2,204
5,071 2,170
5,306 2,229
5,815 1,980
183
471
22
210
200
220
234
1,823
1,881
3,827
7,114
7,331
7,742
8,214
6,628
1,530
707 363 29,407
1,979 229 26 ,12
5,441 336 27,470
5,618 34. 26,937
5,760 388 29 ,024
0,366 439 28 ,006
1,205
1,685
1,758
1,859
1,979
156
142
150
161
173
2,266
3,681
3,795
3,993
4,194
1,061
2,551
2,622
2,623
2,875
614
1,702
1,741
1,671
1,59:
1,623 3,652 1,679
7,265
311
729
17,574
477 3,433 3,325 10,337
1 606
558 9,771
11,972 1,002
640
638
7,765
924 1,104 1,130 4,605
1,365
8,695 1,014
711 1,454 5,510
6 1 ,851
9,34:
785
597 1,924 6,026
10 1,977
537
146 1,830 5,262
7,78:
1,754
48
211
73
286
242
345
270
52
233
8
75
74
89
88
111
148
144
143
143
13,021
13,449
13,073
13,959
13,622
5,276 3,729
34 10,821 3,847
38 11,930 3,608
22 12,586 3,729
16 12,785 4,025
256
133 1,467
132
235
450
123
261
113
241
70
66
76
153
749
248
684
721
855
812
903
1,864
2,274
1,598
1,731
1,953
1,788
119
182
181
213
400
387
415
456
830
629
604
639
516
523
547
193
204
185
172
174
199
243
295
1,034
373
1,230
1,241
1,326
503
6,982
2,358
3,357
1,590
1,695
481
751
5,653
1,901
4,201
4,183
4,954
5,773
4,248 1,173
956 820
15,878
5 1,126 916
15,560
3 1,342 1,053
10,746
25 3 ,196 1,238
12,773
26 3 ,585 1,206
13,736
73 ,782 1,252
12,937
33 ,916 1,330
4,377
26,999
22,857
22,423
21,779
23,629
22,32
110
630
480
1,819
1,548
1,893
1,261
5,102
2,583
3,374
1,855
1,774
587
481
4,544
2,108
4,285
4,017
4,731
5,554
2,926
16,713
17,681
12,940
14,355
15,228
14,916
11,318
10,835
10,409
11,184
10,741
206
909
790
991
843
1,219
2,139
2,002
2,209
429 2,672
7,916
5,834
6,460
6,928
6,794
1,973
1,951
1,155
1,054
861 1,222 1,028
9 1 ,342
62 ,006
5 3 ,911
4 4 ,067
3 4 ,275
3 4 ,458
1,067
1,262
1,136
1,090
1,120
1,227
1,078
1,951
2,042
2,139
2,203
625
662
621
636
679
*These figures exclude data for banks in possessions of the United States except for one bank in Alaska that became a member bank on Apr. 15,
1954. During 1941 three mutual sayings banks became members of the Federal Reserve System; these banks are included in "member banks" but are
not included in "all insured commercial banks" or "all commercial banks." Comparability of figures for classes of banks is affected somewhat by changes
in Federal
Reserve membership, insurance status, and the reserve classifications of cities and individual banks, and by mergers, etc.
1
Beginning June 30, 1948, figures for various loan items are shown gross (i. e., before deduction of valuation reserves); they do not add to the
total and are not entirely comparable with prior figures. Total loans continue to be shown net.
For other footnotes see opposite page.
1240
FEDERAL RESERVE BULLETIN
ALL COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES •—Continued
RESERVES AND LIABILITIES
[In millions of dollars]
Demand deposits
ReBalDeserves
ances mand
dewith
Cash with
Federal in
doposits
adRevault mestic4
serve
binks justed 6
Banks
Class of bank
and
call date
Interbank
deposits
DoFormestic* eign
Time deposits
U. S.
Certi- IndiGov- States
fied viduals,
ernand
and partnerment politoffiships, Inter- a n d
ical
cers' and cor- bank Postal subdivisions checks, poraSav- visions
etc.
tions
ings
U.S. States
Gov- a n d
ern- political
ment subdi-
All commercial
banks: 2
1947—Dec. 3 1 . .
1953—Dec. 31 . .
1954—June 30. .
Dec. 31. .
1955—June 30..
17,796
19,995
18,924
18,734
17,941
2,216
2,512
2,660
2,469
2,681
10,216
12,103
11,033
12,202
10,529
87,123
102,452
98,117
106,540
103,221
11,362
13,444
12,470
13,511
11,906
1,430
1,344
1,328
1,539
1,577
1,343 6,799
4,146 9,546
5,591 9,925
4,172 9,902
5,078 10,278
2,581
2,996
2,789
3,199
3,154
84,987
100,062
94,282
103,466
99,550
All Insured commercial banks:
1941—Dec. 3 1 . .
1945—Dec. 31. .
1947—Dec. 3 1 . .
1953—Dec. 3 1 . .
1954—June 30. .
Dec. 31 . .
1955—June 30..
12,396
15,810
17,796
19,995
18,924
18,734
17,941
1,358
1,829
2,145
2,482
2,627
2,444
2,655
8,570
11,075
9,736
11,724
10,688
11.854
10,241
37,845
74,722
85,751
101,289
96,983
105,471
102,247
9,823
12,566
11,236
13,221
12,252
13,392
11,801
673
1,248
1,379
1,296
1,287
1,497
1,534
1,761 3,677
23,740 5,098
1,325 6,692
4,116 9,407
5,562 9,776
4,154 9,763
5,064 10,150
1,077
2,585
2,559
2,978
2,765
3,176
3,131
36,544
72,593
83,723
99,038
93,306
102.543
98,712
Member banks,
total:
1941—Dec. 3 1 . .
1945—Dec. 3 1 . .
1947—Dec. 31 . .
1953—Dec. 31 . .
1954—June 30. .
Dec. 31 . .
1955—June 30. .
12,396
15,811
17,797
19,997
18,925
18,735
17,942
1,087
1,438
1,672
1,870
2,001
1,843
2,017
6,246
7,117
6,270
7,554
7,062
7,613
6,704
33,754
64,184
73,528
86,127
82,783
89,836
87,207
9,714
12,333
10,978
12,858
11,956
13,015
11,482
1,243
1,375
1,291
1,280
1,493
1,531
1,709
22,179
1,176
3,756
5,165
3,715
4,656
3,066
4,240
5,504
7,530
7,839
7,781
8,117
1,009
2,450
2,401
2,783
2,581
2,964
2,919
33,061
62,950
72,704
85,711
81,034
88,859
85,706
New York City:*
1941—Dec. 3 1 . .
1945—Dec. 3 1 . .
1947—Dec. 31. .
1953—Dec. 31 . .
1954—June 30. .
Dec. 31. .
1955—June 30. .
5,105
4,015
4,639
4,846
4,614
4,398
4,399
93
111
151
129
131
126
138
141
78
70
70
60
67
87
10,761
15,065
16,653
15,901
15,430
16,500
15,859
3,595
3,535
3,236
3,363
3,237
3,336
3,129
607
866
319
237
290
315
404
368
374
1,338
1,105
1,071
1,109
1,223
1,252
1,021
1,070
1,287
1,290
1,177
1,021
43
36
30
34
30
29
28
298
200
175
166
154
162
127
2,215
3,153
3,737
4,211
3,844
4,400
4,024
1,027
1,292
1,196
1,339
1,287
1,264
1,125
233
237
285
272
297
274
288
34
66
63
64
74
80
79
2,152
3,160
3,853
4,500
4,032
4,622
4,238
9
18
18
16
Reserve city banks:
1941—Dec. 3 1 . .
1945—Dec. 3 1 . .
1947—Dec. 3 1 . .
1953—Dec. 3 1 . .
1954—June 30..
Dec. 31 . .
1955—June 30..
4,060
6.326
7,095
8,084
7,553
7,783
7,359
425
494
562
568
611
558
634
2,590
2,174
2,125
2,463
2,352
2,327
2,232
11,117
22,372
25,714
30,986
29,940
32,694
32,024
4,302
6,307
5,497
6,869
6,220
6,946
5,979
54
491
110 8,221
131
405
219 1,504
202 2,015
259 1 ,457
289 1,843
1,144
1,763
2,282
2,880
2,877
2,876
3,021
286
611
705
828
677
866
757
11,127
22,281
26,003
32,065
30,503
33,677
32,081
104
30
22
166
214
239
277
Country banks:
1941—Dec. 3 1 . .
1945—Dec. 3 1 . .
1947—Dec. 3 1 . .
1953—Dec. 3 1 . .
1954—June 30. .
Dec. 31. .
1955—June 30. .
2,210
4,527
4,993
5,780
5,468
5,377
5,163
526
796
929
9,661
23,595
27,424
35,029
33,569
36,242
35,299
1,199
1,049
1,288
1,211
1,469
1,249
2
225
8 5,465
7
432
12 1,216
11 1,362
17 1,271
15 1,339
1,370
2,004
2,647
4,063
4,261
4,263
4,433
239
8,500
435 21,797
528 25,203
820 31,636
720 29,898
795 32,736
831 31,487
30
17
17
1,140
1,230
1,129
1,217
3,216
4,665
3,900
4,855
4,496
5,057
4,259
544
642
658
627
664
3,947
4,550
3,972
4,590
3,825
13,595
16,325
15,334
16,704
16,014
385
586
514
496
424
55
52
48
46
47
1,295
2,016
2,085
2,121
2,162
180
213
209
235
235
Chicago:*
1941—Dec.
1945—i)ec>
1947—Dec.
1953—Dec.
1954—June
Dec.
1955—June
31. .
3i' '
31!.
31..
30. .
31 .
30. .
942
790
671
1,105 6,940
267
1,217
778
1,021
1,033 1,378
736
1,177
1,187 1,131
8
20
21
39
34
40
39
127
1,552
72
259
410
251
343
450
240
1,167
1,699
1,759
1,759
158
70
54
1,031
1,506
1,487
1,459
140
64
50
1,021
1,497
1,475
1,449
6
11,282
17
15,712
12
17,646
831
17,509
16,601 1,246
17,823 1,196
17,300 1,137
15
19
22
19
866
IndiCapividuals, Bor- tal
partner- row- acships, ings counts
and corporations
34,383
41,714
43,334
44,441
45,410
65
62
55
31
150
10,059
13,559
14.038
14,576
14,906
59
492 15,146
496 29,277
103
826 33,946
111
338 1,891 41,381
331 2,264 43,001
365 2,348 44,160
368 2,374 45,135
10
215
61
54
50
21
137
6,844
8,671
9,734
13,239
13,714
14,252
14,579
1,595
1,912
1,966
1,968
11,878
23,712
27,542
33,311
34,687
35,650
36,504
4
208
54
43
38
15
115
5,886
7,589
8,464
11,316
11,709
12,210
12,461
53
51
54
57
29
20
14
139
151
192
110
778
1,206
1,418
1,958
2,014
2,146
2,114
195
30
23
1
1
10
1,648
2,120
2,259
2,572
2,630
2,803
2,715
2
3
4
6
6
9
10
10
10
10
20
38
45
98
243
160
332
830
992
965
31
52
45
153
148
163
158
146
219
337
615
759
799
830
6,082
12,224
14,177
16,921
17,553
17,826
18,232
4
11
23
20
26
11
55
1,982
2,525
2,934
4,194
4,372
4,506
4,642
6
30
172
350
407
436
468
6,858
8,426
8,669
8.814
8,929
12
19
17
16
35
1,596
2,245
2,332
2,369
2,448
111
338
331
365
368
50
99
105
308
300
334
338
io
12
1,944
2,319
2,402
2,435
418
399
693
476
719
902
288
377
426
566
583
600
612
1,229
1,253
1,280
1,287
4,542
1,967
2 2.566
9,563
1 2,844
11,045
13,203
3,984
97
13,867 " i i 4,124
111
3 4,300
14,399
117 1,018 14,871
50 4,492
All nonmember
banks: 2
1947—Dec.
1953—i)ec
1954—j une
Dec.
1955—June
31 .,
31
30
31
30
167
390
426
457
422
12,284
14,351
13,248
14.608
13,844
190
146
202
284
309
30
31
30
8
Breakdown of loan, investment, and deposit classifications is not available prior to 1947; summary figures for earlier dates appear in the
preceding table.
3
Central reserve city banks.
4
Beginning June 30, 1942, excludes reciprocal bank balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and
525 million
at all insured commerical banks.
5
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
1955
1241
WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE
LOANS AND INVESTMENTS
[Monthly data are averages of Wednesday figures. In millions of dollars]
Loans1
Month or date
Total
loans
and
investments
U. S. Government obligations
For purchasing
or carrying securities
ComLoans
merand
cial,
To brokers
investments Loans indus- and dealers To others Real Other
estate loans Total
ad- 1 ad- 3 trial,
and
loans
justed justed
agri- U.S. Other U.S. Other
cul- Govt. se- Govt.
tural
obobliga- curi- liga- curitions ties tions ties
CerOther Loans
tifisecu- to
cates
rities banks
Bills of in- Notes Bonds2
debtedness
TotalLeading Cities
1954—October... 85,455 84,747 38,679 21,116
2,410
969
6,941 7,905 37,478 2,659 2,426 8,653 23,740 8,590
708
85,401 84,403 44,335 23,893
1955—August
September. 85,432 84,473 45,072 24,427
October^. . 86,324 85,458 45,930 25,082
2,524
2,398
2,624
1,191
1,197
1,195
8,062 9,401 31,358 1,036
8,199 9,588 30,656 1,011
8,015 9,750 30 ,891 1,058
998
959
866
1955—Aug.
Aug.
Aug.
Aug.
Aug.
746 8,,545 21 ,031 8,710
564 8,212 20,869 8,745
1,148 8,023 20,662 8,637
887
21,077 8,790
21,053 8,618 1,022
21,063 8,687
922
20,997 8,683 1,094
20,965 8,768 1,066
3 . . . 85,765
10. . . 85,438
17. . . 85,132
2 4 . . . 85,192
3 1 . . . 85,478
84,878
84,416
84,210
84,098
84,412
44,113
44,164
44,262
44,443
44,696
23,550
23,754
23,940
24,050
24,171
2,775
2,558
2,409
2,413
2,467
1,190
1,197
1,196
1,189
1,184
7,993
8,028
8,069
8,100
8,120
.,975 ,160
9,340 31
9,364 31,634 1,123
9,384 31,261 997
9,428 30,972 916
9,492 30,948 985
932
813
706
651
625
Sept. 7... 85,189
Sept. 14. ..85,824
Sept. 21...85,318
Sept. 28.. .85,399
84,150
84,735
84,516
84,493
44,570
45,029
45,241
45,449
24,080
24,400
24,570
24,660
2,392
2,404
2,391
2,406
1,188
1,200
,206
194
8,135
8,188
8,216
8,257
9,513
9,575
9,595
9,669
607 8,352 20,942 8,789 1,039
617 8,267 20, 906 8,766 1,089
802
537 8,160 20,840 8; 729
906
070 20,787 8,697
496
Oct. 53. .85,502
Oct. 12...86,935
Oct. 19. .. 86,509
Oct. 26... 86,350
84,616
86,102
85,542
85,571
'45,644
[45,641
46,035
45,974
46,071
24,692
25,010
25,114
25,082
25,124
2,560
2,567
2,705
2,636
2,587
1,186
1,177
1,198
1,180
1,224
8,266
7,972
8,001
8,040
8,049
9,675
480
9,650 30,282 989
9,75431 ,419 1,141 1,544
9,771 30,941 1,035 1,300
9,824 30 ,922 1,067 1,266
30,791 890
30,940 1,150
30,546 1,009
30,347 994
8,806
8,645
8,495
8,408
8,373
• 886
8,103 20,710
833
8,082 20,652 8,648
967
7,959 20,647 8,627
779
7,948 20,641 8,578
New York City
1954—October. . . 23,833 23,379 11,402
7,355
660 1,181
355
427 1,600 9,513
796
550 2,182 5,985 2,464
454
1955—August. . . . 22,871 22,309 12,998
September. 22,765 22,166 13,083
Octobers. . 23,102 22,574 13,443
8,257
8,484
8,692
187 1,698
149 1,538
217 1,622
446
441
448
676 1,942 7,025
699 1,978 6,731
618 2,049 6,837
324
294
393
129 1,632 4, 940 2,286
74 1,523 4,840 2,352
203 1,505 4,736 2,294
562
599
528
1955—Aug.
Aug.
Aug.
Aug.
Aug.
3 . . . 23,151
10. . . 22,925
1 7 . . . 22,664
2 4 . . . 22,780
3 1 . . . 22,833
22,636
22,343
22,177
22,158
22,231
13,039
12,948
12,940
13,025
13,041
8,083
8,163
8,286
8,355
8,399
327
215
124
111
157
1,770
1,726
1,685
1,694
1,616
453
446
443
444
442
658
665
682
689
688
7,304
7,153
6,961
6,863
6,844
387
377
289
267
300
200
148
103
95
99
1,679
1,658
1,622
1,612
1,591
5,038 293
4,970 242
4,947 276
4,889 2 270
4,854 2,346
515
582
487
622
602
Sept. 7... 22,725
Sept. 14. ..23,004
Sept. 21...22,576
Sept. 28,..22,756
22,008
22,292
22,128
22,239
12,859
13,096
13,140
13,237
8,302
8,490
8,547
8,600
137 1,556
1,524
1,537
156 1,533
442
439
441
440
1,940 6,778
700 1,981 6,825
703 1,982 6,660
705 2,009 6,664
233
344
298
303
98
100
53
47
1,596
1,525
1,461
1,510
4,851 2,371
4,856 2,371
4,848 2,328
4,804 2,338
717
712
448
517
Oct. 53. .22,921
Oct. 12 . .23,298
.
Oct. 19. .. 23,145
Oct. 26... 23,045
22,388
22,821
22,504
22,585
13,381 /8,669
18,749
13,488 8,701
13,455 8,654
13,449 8,665
180 1,597
337 1,528
1,745
212 1,616
440
441
440
471
325
426
364
457
40
336
199
237
1,526
1,529
1,488
1,477
4,781
4,725
4,717
4,722
2,335
2,317
2,281
2,243
533
477
641
460
/7O7
\627
621
621
604
1,957
1,940
1,926
1,939
1,948
^1,991
2,063
2,058
2,084
6,672
7,016
6,768
6,893
Outside
New York City
1954—October. . . 61,622 61,368 21,217 13,761
569
59 6
6,514 6,305 27,965 1,863 1,876 6,471 17,755 6,126
254
1 955—August.... 62,530 62,094 31,337 15,636
September. 62,667 62,307 31,989 15,943
Octobers. . 63,222 62,884 32,487 16,390
639
711
785
733
743
733
7,386 7,459 24,333
7,500 7,610 23 ,925
7,397 7,701 24,054
712
717
665
617 6,913 16,001 6,424
490 6,689 16,029 6,393
945 6,518 15,926 6,343
436
360
338
1955—Aug.
Aug.
Aug.
Aug.
Aug.
3...
10. . .
17. . .
24. . .
31. . .
62,614
62,513
62,468
62,412
62,645
62,242
62,073
62,033
61,940
62,181
31,074
31,216
31,322
31,418
31,655
15,467
15,591
15,654
15,695
15,772
678
617
600
608
694
726
738
739
732
731
7,335
7,363
7,387
7,411
7,432
7 ,383 24,671
7,424 24,481
7,458 24,300
7 ,489 24,109
7,,544 24,104
773
746
708
649
685
732
665
603
556
526
7,127
6,987
6,873
6,796
6,782
16,039 6,497
16,083 6,376
16,116 6,411
16,108 6,413
16,111 6,422
372
440
435
472
464
Sept. 7... 62,464
Sept. 14. ..62,820
Sept. 21. ..62,742
Sept. 28. ..62,643
62,142
62,443
62,388
62,254
31,711
31,933
32,101
32,212
15,778
15,910
16,023
16,060
699
713
718
717
733
747
752
741
7,447
7,488
7,513
7,552
7,573 24,013
7,594 24,115
7,613 23,
7,660 23,683
657
806
711
691
509
517
484
449
6,756
6,742
6,699
6,560
16,091 6,418
16,
,395
15,992 6 ,401
15,983 6 ,359
322
377
354
389
Oct. 53.. 62,581
Oct. 12...63,637
Oct. 19. .. 63,364
Oct. 26... 63,305
62,228
63,281
63,038
62,986
'32,263
32,260
'32,547
32,519
32,622
16,023
16,261
16,413
16,428
16,459
783
790
840
751
759
732
723
743
726
739
7,561
7,345
7,380
7,419
7,445
7,684 23,610
7,659
7,691 24,403
7,713 24,173
7,740 24 ,029
440 6,577 15,929
664
715 1,208 6,553 15,927
671 1,101 6,471 15, 930
610 1,029 6,471 15, 919
/6,355
\6,358
6,331
6,346
6,335
353
356
326
319
1
Exclusive
2
of loans to banks and after deduction of valuation reserves; individual loan items are shown gross.
Includes guaranteed obligations.
3Certain figures for Oct. 5 are shown on two bases; the figures on the first line are before and those on the second line are after reclassification.
The reclassification was the result of reporting errors disclosed incident to a survey of credit extended to real estate mortgage lenders. The
monthly averages are computed on new basis.
For other footnotes see opposite page*
1242
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
Reserves
BalDewith Cash ances mand
Fedwith
dein
eral vault
doposits
Remestic ad- 4
serve
banks justed
Banks
Month or date
Time deposits,
except interbank
Interbank
deposits
IndiIndividvidU. S.
Demand
Certiuals, States
uals, States
Govand
fied
and
partpart- politernand u. s.
polit- ment
nerical
offi- Gov- nerical
ships, suband
cers' ern- ships,
suband
and
Postal Dodividivichecks,
Forment
corcor- sions etc.
Sav- meseign
poraporaings
tic
tions
tions
Borrowings
CapFrom
ital
FedacFrom
eral
counts
Time Reothers
serve
Bank*
TotalLeading Cities
1954—October... 13,786
972 2,753 55,117 56,931 3,563 1,827 4,437 18,642 1,215
205 11,545 1,336 1,482
942 2,404 55,694 57 ,148 3,909 1,726 3,199 19,123 1,014
1955—August. . . 13,362
September 13,262 1,000 2,480 56 ,058 58,567 3,696 1,856 2,369 19,176 1,015
998 2,502 56,209 58,773 3,708 1,965 3,144 19,296
968
October.. . 13,533
209 10,371 1,431 1,419
203 10,695 1,441 1,416
200 10,645 1,462 1,423
633
7,926
458
537
732
635 8,327
575 8,348
488 8,404
2,372 55,865 56,984
2,397 55,645 56,993
2,,504 55,360 57,454
2,358 55,669 56 ,786
2,390 55 ,931 57,523
3,963
3,900
3,853
3,838
3,990
1,757
1,658
1,730
1,587
1,901
3,374
3,035
3,168
3,162
3,256
19,104
19,142
19,110
19,111
19,146
1,018
991
1,021
1,010
1,032
211
210
209
211
207
10,441
10,579
10,638
10,031
10,163
1,471
1,435
1,414
1,416
1,418
1,427
1,434
1,433
1,407
1,396
802
395
494
275
322
498
698
606
726
647
8,311
8,312
8,319
8,326
8,366
973 2,361 55,555 57,310
.13,116
. 13,198 1,031 2,657 56,110 59 ,946
. 13,364
967 2,474 56 ,263 58,699
. 13,370 1,030 2,426 56,306 58 ,316
3,734
3,642
3,636
3,772
1,667
1,931
1,903
1,923
2,522
2,102
2,219
2,635
19,128 1,031
19,158 1,028
19,209 1,007
19,210
993
207
202
202
202
10,665
11,401
10,524
10,188
1,423
1,442
1,436
1,464
1,402
1,417
1,421
1,425
467
404
737
538
608
802
388
501
8,356
8,342
8,339
8,353
968 2,509 55,860 57 ,857
Oct. 5. .1.3,307
Oct. 12.. i3,338 1,022 2,603 55,618 58,996
990 2,453 56,293 59,145
13,713
Oct. 19..
59,094
13,772 1,012 2,441 57,066
Oct. 26. .
3,790
3,641
3,606
3,793
2,049
2,041
1,996
1,777
2,364
3,995
3,284
2,932
19,249
19,318
19,292
19,324
979
973
966
954
202
200
199
200
10,863
10,883
10,614
10,218
1,490
1,452
1,474
1,433
1,440
1,416
1,415
1,419
548
773
710
897
532
488
623
308
8,392
8,401
8,393
8,433
1955—Aug.
Aug.
Aug.
Aug.
Aug.
3. . 13,647
10. . 13,277
17.. 13,444
24. . 13,131
31. . 13,308
Sept. 7.
Sept. 14.
Sept. 21.
Sept. 28.
912
951
938
960
947
New York City
4,447
1954—October...
1955—August. . . 4,220
September 4,085
October.. , 4,278
156
46 15,746 16,767
949 1,683 2,027
241
3,151 1,081 1,208
135
148
150
15,582 16,646
15,758 17,035
15,684 16,957
774 1,060 1,981
253
883
269
654 2,030
301 1,025 1,104 2,074
104
95
83
2,838 1,096
2,894 1,105
2,898 1,129
,111
,097
,100
70
21
121
346 2,701
281 2,693
269 2,703
3..
10. .
17. .
24. .
31. .
4,467
4,083
4,241
4,066
4,241
133
141
133
136
133
15,715
15,478
15,469
15,554
15,694
16,627
16,465
16,651
16,514
16,975
272
246
241
223
283
815 1,251 1,972
710 1,085 1,980
722
999 1,972
684
965 1,971
938
999 2,009
108
108
106
102
100
2,812
2,843
2,896
2,794
2,844
1,135
1,094
1,076
1,086
1,091
,123
,126
,123
,097
,085
329
6
5
4
5
276
402
359
341
350
2,700
2,700
2,699
2,692
2,713
Sept. 7..
Sept. 14. .
Sept. 21 ..
Sept. 28. .
3,961
3,988
4,150
4,239
145
152
139
154
15,647
15,729
15,827
15,829
16,668
17,304
17,024
17,143
242
265
271
297
733
942
876
984
769
609
540
698
1,990
2,028
2,049
2,054
99
99
96
85
2,833
3,042
2,854
2,845
1,081
1,110
1,099
1,132
,090
,096
,099
,104
24
21
13
25
233
360
221
310
2,699
2,696
2,689
2,688
Oct. 5. . 4,254
Oct. 12. . 4,162
Oct. 19. . 4,299
Oct. 26. . 4,395
146
158
146
151
15,719
15,371
15,661
15,984
16,887
16,798
17,019
17,123
306 1,070
675 2,076
304 1,090 1,464 2,095
259 1,049 1,219 2,051
890 1,059 2,075
337
85
86
84
78
2,908
2,920
2,924
2,838
1,162
1,124
1,139
1,092
,105
,097
,097
,102
200
133
63
87
334
269
276
197
2,705
2,703
2,703
2,700
1955—Aug.
Aug.
Aug.
Aug.
Aug.
328
275
2,622
Outside
New York City
1954—October.. . 9,339
2,707 39,371 40,164 3,235
2,353 40,112 40,502 3,656
2,424 40,300 41 ,532 3,427
2,434 40,525 41,816 3,407
3. 9,180
10. . 9,194
17. 9,203
24. . 9,065
31. , 9,067
807
852
848
779
810
805
824
814
9,155
9,210
9,214
9,131
828
879
828
876
Oct. 5. . 9,053
Oct. 12.. 9,176
Oct. 19..9,414
Oct. 26. . 9,377
822
864
844
861
1955—August . . 9,142
September 9,177
October... 9,255
1955- -Aug.
Aug.
Aug.
Aug.
Aug.
Sept. 7.
Sept. 14.
Sept. 21.
Sept. 28.
.
.
.
.
878 2,754 16,615
952 2,139 17,142
973 1,715 17,146
940 2,040 17,222
974
8,394
910
920
885
152 7,533
147 7,801
144 7,747
335
336
333
308
319
323
388
516
611
5,304
289 5,626
294 5,655
219 5,701
358
910
883
915
908
932
154
153
153
154
7,629
7,736
7,742
7,237
7,319
336
341
338
330
327
304
308
310
310
311
473
389
489
271
317
222
296
247
385
297
2,318 39,908 40,642
2,594 40,381 42,642
2,415 40,436 41 ,675
2,365 40 477 41,173
942 2,123 17,132
3,691
948 1,950 17,162
3,654
3,612 1,008 2,169 17,138
3,615
903 2,197 17,140
3,707
963 2,257 17,137
934 1,753 17,138
989 1,493 17,130
3,365 1,027 1,679 17,160
939 1,937 17,156
3,475
932
929
911
908
151
146
146
146
7,832
8,359
7,670
7,343
342
332
337
332
312
321
322
321
443
383
724
513
375 5,657
442 5,646
167 5,650
5,665
2,434 40 ,141 40,970
2,533 40,247 42 ,198
2,391 40,632 42,126
2,377 41,082 41 ,971
3,484
3,337
3,347
3,456
894
887
882
876
146
144
143
144
7,955
7,963
7,690
7,380
328
328
335
341
335
319
318
317
348
640
647
810
198
219
347
111
2,319 40 150 40,357
2,345 40,167 40 ,528
2,454
40,803
2,316 40,115 40 ,272
2,333 40
40,548
979
951
947
887
1,689
2,531
2,065
1,873
17,173
17,223
17,241
17,249
5,611
5,612
5,620
5,634
5,653
5,687
5,698
5,690
5,733
4
Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
Back figures.—For description of revision beginning Mar. 4, 1953, see BULLETIN for April 1953. p. 357, and for figures on the revised basis
beginning Jan. 2, 1952, see BULLETIN for May 1953, pp. 550-555. Figures for total leading cities for full year 1954 are shown on pp. 212-213 of the
BULLETIN for February 1955 except for the December 29 revisions in commercial, industrial and agricultural loans, other loans, and loans to banks.
For description of revision beginning July 3, 1946, and for revised figures July 1946-June 1947, see BULLETINS for June and July 1947, pp. 692
and 878-883. respectively. For old series, see Banking and Monetary Statistics, pp. 127-227
NOVEMBER
1955
1243
CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS OF A SAMPLE OF WEEKLY REPORTING MEMBER BANKS
BY INDUSTRY 1
[Net declines, ( —). In millions of dollars)
Business of borrower
Manufacturing and mining
Period 2
Metals
and
Petrometal
leum,
Food, Textiles, products
coal,
liquor, apparel,
Other
(incl.
chemical,
and
and
and
tobacco leather machinery and rubber
trans.
equip.)
Trade
(wholesale
and
retail)
Commodity
dealers
Sales
finance
companies
1953—Jan.-June...
July-Dec...
-657
156
420
-91
-326
90
-49
-644
-107
-45
138
215
537
^7
392
-137
1954—Jan.-June...
July-Dec
-505
-577
-548
-10
88
-1
-62
-41
120
-363
-175
498
55
-26
539
1955—Jan.-June...
-540
220
177
313
153
146
-461
Monthly:
1955—July
August
September. .
October
-65
60
128
161
28
78
75
-55
-46
33
5
18
20
17
22
29
17
20
-13
30
31
62
163
66
29
113
159
4
9
2
26
19
33
14
20
10
1
11
-17
29
—3
12
8
6
-17
10
15
7
8
5
16
11
9
-10
Sept. 7
Sept. 14
Sept. 21
Sept. 2 8 . . . .
29
35
21
43
4
80
-7
-2
-8
5
17
-10
-11
16
1
10
11
10
-6
Oct. 5
Oct. 12
Oct. 19. . . .
Oct. 26
39
39
49
34
2
-2
-26
-29
-6
22
-2
-14
23
-11
1
10
Week ending:
Aug. 3
Aug. 10
Aug. 17
Aug. 24. .
Aug. 31
Public
utilities
(incl.
transportation)
All
other
Construc- types
of
tion
business
ind'l,
and
Net
agr'l.
changes change—
classitotal
fied
-805
12
91
18
-23
-11
101
-536
610
795
71
82
106
132
-1,314
-1,496
32
126
-225
630
539
589
384
134
143
1,257
1,078
-37
274
-126
-204
2
41
50
— 109
36
2
26
17
65
120
38
40
125
705
407
180
25
645
489
3464
-4
8
7
7
12
90
69
47
11
58
5
20
28
12
-23
-11
21
39
18
22
20
170
171
164
101
99
24
204
186
110
121
-3
34
47
35
-171
8
14
11
18
2
14
9
1
4
-120
5
15
27
8
12
-7
-91
320
170
90
-3
5
-8
-6
10
69
46
38
41
34
31
53
6
-83
-5
-20
3
9
-3
23
35
-11
7
-7
7
-6
25
20
-122
-60
-28
13
<
1
28 *
13
288
134
105
53
73
-4
58
3350
104
-32
42
1
Sample includes about 210 weekly reporting member banks reporting changes in their larger loans; these banks hold over 90 per cent of
total 2commercial and industrial loans of all weekly reporting member banks and nearly 70 per cent of those of all commercial banks.
Figures
for other than weekly periods are based on weekly changes during period.
3
Figures include increase of 318 million dollars resulting from error disclosed incident to the recent survey of credit extended to real estate
mortgage lenders.
NOTE.—Monthly and weekly data for the full year 1954 are shown on p. 214 of the BULLETIN for February 1955, except for Dec. 29 revision
shown on p. 524 of the BULLETIN for April 1955.
COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES
fin millions of dollars]
Dollar acceptances outstanding
Commercial and finance
company
paper outstanding
Held by
Total
End of month
Total
OUTSTANDING
Placed
outPlaced direct- standing
through1
ly
dealers (finance
paper) 2
Accepting banks
Total
Based on
Goods stored in or
Imshipped between
Exports
Dollar
ports
points in
Oth- into
from
exers
United United change
Own Bills Own ForStates States
bills bought
ejgn
United Foreign
States countries
F. R.
Banks
1949—December.,
1950—December.
1951—December.
1952—December.
1953—December.
1,331
1,745
1,966
270
345
449
552
564
567
575
882
,193
,402
272
394
490
492
574
128
192
197
183
172
58
114
119
126
117
70
78
79
57
55
133
180
272
289
378
184
245
235
232
274
49
87
133
125
154
2
23
39
29
30
28
55
64
75
9
32
44
32
43
1954—September
October
November
December
2,192
2,048
2,032
1,924
803
762
769
733
,389
,286
,263
,191
609
687
768
873
259
271
313
289
178
217
241
203
81
55
71
86
344
402
437
565
207
207
248
285
139
148
164
182
85
72
42
17
130
205
247
300
48
55
66
89
1955—January
February
March
April
May
June
July
August
September
2,064
2,187
2,191
2,171
2,335
2,303
2,411
2,359
2,245
713
703
681
623
572
572
593
580
564
,351
,484
,510
,548
1,763
1,731
1,818
1,779
1,681
869
831
807
767
686
655
650
655
671
282
242
236
206
192
182
184
186
190
206
182
187
164
143
138
144
142
147
77
61
49
42
49
44
40
44
43
564
561
538
517
453
431
433
427
433
273
235
227
229
207
216
223
220
253
187
178
182
189
188
189
186
182
189
17
41
56
68
53
40
41
41
33
303
283
248
190
150
125
108
111
108
90
93
93
92
88
85
92
101
87
837
920
*As reported by dealers; includes finance company paper as well as other commercial paper sold in the open market.
As reported by finance companies that place their paper directly with investors.
Back figures.—-For bankers' acceptances, see Banking and Monetary Statistics, Table 127, pp. 465-467; for description see p. 427.
2
1244
FEDERAL RESERVE BULLETIN
PRINCIPAL ASSETS OF SAVINGS INSTITUTIONS
UNITED STATES LIFE INSURANCE COMPANIES
[In millions of dollars]
Government securities
Date
Total
assets
Business securities
United State and
States
local 1 Foreign 2
Total
Mortgages
Real
estate
Policy
loans
Other
assets
2,060
1,878
1,663
1,352
1,063
1,249
1,390
1,428
1,718
2,103
2,221
2,446
2,573
3,268
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
25,976
1,055
1,247
1,445
1,631
1,903
2,020
2,298
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
3,127
2,156
840
693
830
704
738
808
2,124
2,160
2,245
2,591
2,872
3,088
3,302
3,523
Total
Bonds 3
Stocks
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
34,194
554
601
608
652
756
999
922
755
586
481
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
37,462
End of year:*
1940
1941
1942
1943
1944.
1945
1946.
1947
1948
1949
1950
1951
1952
1953
1954
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
84,486
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
12,100
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
9,070
1,190
1,393
1,547
1,736
1,767
1,990
2,549
End of month: 5
1952—December.
1953—December.
73,034
78,201
12,683
12,322
10,195
9,767
1,733
1,968
755
587
31,404
34,395
29,226
32,056
2,178
2,339
21,245
23,275
1,868
1,994
2,699
2,894
3,135
3,321
1954—August. . .
September
October. .
November
December.
'81,921
82,362
82,850
83,338
84,052
12,197
12,094
12,013
11,992
12,037
9,171
9,086
9,024
8,936
9,021
2,471
2,485
2,509
2,575
2,533
555
523
480
481
483
36,094
36,326
36,579
36,663
36,843
33,494
33,717
33,979
34,040
34,147
2,600
2,609
2,600
2,623
2,696
24,795
25,035
25,260
25,574
25,927
'2,176
2,205
2,241
2,260
2,275
'3,036
3,049
3,061
3,075
3,087
'3,623
3,653
3,696
3,774
3,883
1955—January..
February.
March
April
May
June.
July.
August...
84,912
85,324
85,627
86,061
86,515
86,967
87,636
88,087
12,348
12,323
12,153
12,167
12,099
12,086
12,138
12,218
9,233
9,242
9,091
9,105
9,058
9,046
9,096
9,179
2,643
2,664
2,649
2,643
2,632
2,629
2,643
2,638
472
417
413
419
409
411
399
401
37,061
37,130
37,384
37,524
37,693
37,830
38.081
38,071
34,305
34,367
34,611
34,733
34,906
35,001
35,212
35,196
2,756
2,763
2,773
2,791
2,787
2,829
2,869
2,875
26,223
26,474
26,727
26,949
27,217
27,483
27,748
28,001
2,310
2,344
2,367
2,381
2,407
2,420
2,453
2,471
3,127
3,144
3,159
3,177
3,190
3,207
3,230
3,245
3,843
3,909
3,837
3,863
3,909
3,941
3,986
4,081
2,387
2,286
2,045
1,773
1,429
1,047
936
945
115
396
511
684
792
915
1,010
1,037
1,140
1,130
1,060
857
735
860
'Revised.
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
6
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, 1955; 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
Assets
End of
year
1940
1941
1942
1943 ..
1944
1945
1946 ..
1947
1948
1949
1950
1951
1952
1953
1954P
Total i
Mortgages2
5,733
6,049
6,150
6,604
7,458
8,747
10,202
11,687
13,028
14,622
16,846
19,164
22,585
26,638
31,680
4,125
4,578
4,583
4,584
4,800
5,376
7,141
8,856
10,305
11,616
13,622
15,520
18,336
21,882
26,142
U. S.
Government
obligations
Cash
Others
71
107
307
344
318
853
410
465
413
612
493
391
450
536
356
381
560
416
663
880
951
1,082
1,306
1,500
1,958
501
566
692
866
1,072
1,258
1,481
1,671
2,420
2,009
1,740
1,455
1,462
1,489
1,606
1,791
1,923
2,026
940
775
Savings
capital
4,322
4,682
4,941
5,494
6,305
7,365
8,548
9,753
10,964
12,471
13,978
16,073
19,143
22,778
27,259
End of
quarter
Total i
Mortgages 2
U. S.
Government
obligations
Cash
Others
1952—3
4
21,295
22,585
17,696
18,336
1,765
1,791
1,044
1,306
708
1,072
18,198
19 143
1953—1
2. . . .
3
4
23,442
24,724
25,582
26,638
19,051
20,099
21,116
21,882
1,926
1,997
1,982
1,923
1,259
1,333
1,196
1,500
1,128
J .218
1,212
1,258 •
20,072
21 140
il,735
22,778
1954—1P. . .
2P.. .
3P.. .
4P. . .
27,667
29,105
30,168
31,680
22,722
23,847
25,053
26,142
1,928
1,961
1,972
2,026
1,613
1,782
1,671
1,958
L,330
1,442
L,400
1,481
23,901
25,163
25,895
27,259
1955—1P. . . 33,006
2 P . . . 34,946
27,313
28,988
2,207
2,287
1,911
1,948
1,514
1,652
28,398
29,839
Savings
capital
v Preliminary.
iIncludes gross mortgages with no deduction for mortgage pledged shares.
2
Net of mortgage pledged shares.
3Includes 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
1955
1245
GOVERNMENT CORPORATIONS AND CREDIT AGENCIES
SELECTED ASSETS AND LIABILITIES, BY CORPORATION OR AGENCY *
[Based on compilation by United States Treasury Department. In millions of dollars]
End of year
End of quarter
Asset or liability, and agency
1954
1946
Loans, by purpose and agency:
To aid agriculture, total
Banks for cooperatives
Federal intermediate credit banks
Federal Farm Mortgage Corporation.
Farmers Home Administration
Rural Electrification Administration.
Commodity Credit Corporation
Other agencies
1947
1948
1949
1950
1951
2,884 2,299 3,632 4,362 3,884 4,161
305
425
276
302
345
232
336
426
633
437
510
273
109 2 80
34
45
60
149
558
525
539
535
523
590
734
999 1,301 1,543 1,742
528
280 1,293 1,729
782
120
898
7
5
6
6
7
9
1952
1955
1953
,070 6,811 6,527 6,929 7,466 6,362
377
424
343
322
367
340
590
673
754
847
638
725
18
25
15
13
12
648
754
596
701
774
770
,920 2,096 2,200 2,226 2,253 2,286
,426 3,076 2,457 2,981 3,357 2,137
5
4
1
6
4
4
To aid home owners, total
Federal National Mortgage Assn 3
Home Owners' Loan Corporation . . .4 .
Reconstruction Finance Corporation
Veterans Administration
Other agencies
659
6
636
10
556
4
486
61
65
To railroads, total.
Reconstruction Finance Corporation 4 .
Other agencies
171
153
18
147
145
3
768 1,251 1,528 2,142 2,603 2,930 2,818 2,907 3,013 3,095
199
828 1,347 1,850 2,242 2,462 2,392 2,461 2,538 2,593
369
231
10
177
108
168
137
123
115
300
367
383
408
430
22
35
24
169
246
60
59
63
67
72
101
140
110
79
82
12
114
12
13
99
138
77
108
112
80
2
2
3
2
2
3
12
12
13
To other industry, total
Reconstruction Finance Corporation4 .
Department of the Treasury
Other agencies
192
151
41
272
241
31
310
272
38
462
423
38
458
400
58
488
415
74
516
457
58
509
294
174
40
413
420
426
349
64
353
67
353
73
To financing institutions, total.
Federal home loan banks. . .
Other agencies
•,
314
293
7
447
436
4
525
515
445
433
4
824
816
814
806
864
864
952
952
691
689
2
870
868
2
Foreign, total
Export-Import Bank
4
Reconstruction Finance Corporation
,
U. S. Treasury Department 5
3
Foreign Operations Administration ...
All other purposes, total
Reconstruction Finance Corporation4 ,
Public Housing Administration
Other agencies
Less: Reserve for losses
Total loans receivable (net).
Investments:
U. S. Government securities, total
Banks for cooperatives
Federal intermediate credit banks
Production credit corporations
Federal home loan banks. .
Federal Savings and Loan Insurance
Corp..
Home Owners' Loan Corporation3
Federal Housing Administration
Federal Deposit Insurance Corporation....
Other agencies
Investment in international institutions.
Other securities, total
Reconstruction Finance Corporation 4 .
Production credit corporations
Department of the Treasury
Other agencies
Commodities, supplies, and materials, t o t a l . . . .
Commodity Credit Corporation
Reconstruction Finance Corporation4
Department of the Treasury
Other agencies
Land, structures, and equipment, total
Public Housing Administration
Reconstruction Finance Corporation4
Tennessee Valley Authority
Federal Maritime Board and Maritime Adm 3 .,
Other agencies9
Bonds, notes, and debentures payable (not
guaranteed), total
Banks for cooperatives
Federal intermediate credit banks
Federal home loan banks
Federal National Mortgage Assn
2,284 5,673 6,102 6,090 6,078 6,110 7,736 8,043
1,249 1,978 2,145 2,187 2,226 2,296 2,496 2,833
246
206
64
52
101
154
58
235
800 3,450 3,750 3,750 3,750 3,750 3,667 3,620
51,515 1,537
426
348
78
704 1,019
702 1,017
7,968 8,001 7,968 8,032
2,788 2,806 2,768 2,774
3,618 3,570 3,570 3,567
1,563 1,624 1,630 1,692
623
232
278
113
714
6340
278
96
584
190
294
100
484
531
59
366
105
779 1,095
61
50
609
919
109
126
763
57
535
171
451
438
451
474
297
99
144
307
113
325
119
332
100
374
478
395
368
476
185
173
203
276
228
259
494
140
6,649 9,714 11,692 12,733 13,228 14,422 17,826 19,883 18,603 19,348 19,782 18,927
1,873 1,685 1,854 2,047 2,075 2,226 2,421 2,602 2,988 2,967 3,187 3,108
43
43
43
43
43
48
43
43
43
43
43
43
46
44
51
63
58
48
74
60
47
61
60
60
42
43
45
42
66
72
39
43
70
42
42
42
199
387
687
274
249
139
275
311
145
641
771
661
193
217
222
199
184
214
200
208
172
228
234
241
12
12
8
17
285
324
144
132
244
319
188
316
122
327
354
344
1,045 1,020 1,064 1,205 1,307 1,353 1,437 1,526 1,610 1,624 1,692 1,706
9
1
29
1
1
1
1
1
28
1
2
2
318 3,385 3,385 3,385 3,385 3,385 3,385 3,385 3,385 3,385
3,385
3,385
133
78
40
48
154
88
107
230
44
47
45
35
98
108
66
83
71
36
159
44
5
4
29
22
35
11
16
46
3
3
3
43
42
38
40
11
C)
2
2
3
2
1,265
463
667
134
822
448
235
138
16,924 12,600
204
227
35
2,861
754
727
2,044 1,793
293
169
689
69
358
262
627 1,549 1,774 1,461 1,280 2,514 3,709 3,852 3,612 3,476
437 1,376 1,638 1,174
978 2,086 3,059 3,302 2,983 2,910
157
108
129
142
156
172
80
65
95
19
32
30
28
159
131 t'*272
470
564
556
547
3,060 2,962 2,945 3,358 3,213 8,062 8,061 8,046 7,982 7,821
1,448 1,352 1,248 1,251 1,173 1,018
8128
96
80
64
630
611
594
605
175
199
793
830
886 1,048 1,251 1,475 1,685 1,739 1,781 1,812
4,834 4,782 4,798 4,749 4,807
168
189
206
465
590
561 '1,466 1,412 1,372 1,137
965
70
480
415
772 1,190 1,369 1,330 1,182 1,072 1,068 1,561 1,840
78
110
170
181
150
131
156
139
123
490
520
674
704
619
762
640
713
811
204
560
525
414
445
179
272
139
336
570
570
For footnotes see following page.
1246
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
CommodiLoans ties,
resupceiv- plies,
able
and
materials
Bonds, notes,
Priand debenU. S. vately
Land,
tures payable
Govt. owned
struc- Other
Other inter- intertures,
liabil- est
asest
U . S . Other and
ities
Govt. secu- equip- sets Guaranteed
secu- rities ment
Other
by
rities
U.S.
21,718
23,733
24,635
26,744
29,945
38,937
630
441
642
931
944
1.190
11,692
12,733
13,228
14,422
17,826
19,883
1,854
2,047
2,075
2,226
2,421
2,602
40,443
41,403
41,996
40,639
Date, and corporation or agency
Total
All agencies
1948—Dec. 31
1949—Dec. 31
1950—Dec. 31
1951—Dec. 313
1952—Dec. 3 1 3 . . .
1953—Dec. 3 1 3
1954—Sept. 30
Dec. 31
1955—Mar. 31
June 30
Classification by agency
J u n e 30, 1955
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
Federal National Mortgage Association
Office of the Administrator
388
925
46
14
3,518
3,492
3,473
3,463
3,429
3,425
337
3,060
509
2,962
499
2,945
882
3,358
832
3,213
8,062 1,261
965
,663
772
,720
1,190
,193
1,369
,161
1,330
,728
1,182 3,818
18,886
21,030
21,995
23,842
26,456
33,429
166
183
234
329
378
434
1,324 18,603 3,709 2,988 3,433 8,061 2,325
1,371 19,348 3,852 2,967 3,432 8,046 2,387
1,072 2,357 36,488
1,068 4,183 35,610
498
508
1,375 19,782 3,612 3,187 3,429 7,982 2,629
1,244 18,927 3,476 3,108 3,430 7,821 2,634
1,561 4,013 35,848
1,840 3,019 35,171
543
568
627
1,549
1,774
1,461
1,280
2,514
123
811
318
847
236
107
34
Small Business Administration
2,827
Fxport-Import Bank
,
1,717
Federal Deposit Insurance Corp
Tennessee Valley Authority
2,010
Federal Maritime Board and Maritime Adm.. . 5,435
476
Panama Canal Company
613
Veterans Administration..,
8,545
Department of the Treasury. . .
1,695
Foreign Operations Administration
1
33
4 2,796
3
160
268
38
147
431
112 3,913
2 1,692
152
105
888
1
146
2,282 2,910
1,845
662
51 1,017
1
' 99
25
45
55
85 2,594
38
226
28
45
13
' ' 12
2,399
5,525
713
26
1,735
248
323
587
2,696
774
Allother
Investments
662
241
354
()
472
1,706
459
110
593
30
7
5
6
135
132
17
37
()
26
8
()
9
1,812
315
4,807
5
422
30
3
1,049
3,425
27
1
106
66
1 2,399
1,336 4,189
711
17
336
570
862
-3
10
238
25
298
171
376
37 2,088
7
767
540
34
2,724
1,591
1,960
.5,256
462
605
8,533
1,695
"59
829
()
103
126
51
179
14
8
12
*Totals shown for these years include figures for certain important agencies not shown. Figures for those agencies appear on p. 1150 of the
BULLETIN
for October 1955. For details concerning coverage of agency figures in these years, see footnotes on p. 1151 of" that issue.
1
Loans by purpose and agency are shown on a gross basis; total loans and all other assets are shown on a net basis, i.e., after reserve for
losses.
2
Includes figures for the Regional Agricultural Credit Corporation, the assets and liabilities of which have been administered by the FHA
-dissolution
of the RACC in 1949.
3
Changes in coverage over the period for which data are shown are as follows: exclusion of the Home Owners' Loan Corporation after June
1951, when U. S. Govt. interest was repaid; 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.
4
The RFC Liquidation Act approved July 30, 1953 (67 Stat. 230) terminated the RFC's lending authority effective Sept. 28, 1953. Its lending
activities under the Federal Civil Defense Act of 1950 and the Defense Production Act of 1950 were transferred to the Treasury on that date.
When the Corporation went out of existence on June 30, 1954, certain loans, securities, and other assets were transferred to the Federal National
Mortgage Association, the Small Business Administration, and the Export-Import Bank, and the Treasury assumed responsibility for completing
liquidation
of other activities.
5
Figures represent largely the Treasury loan to United Kingdom and through 1952 are based in part on information not shown in Treasury
compilation.
6
Figure not published in Treasury compilation, but derived by Federal Reserve. See also footnote 3.
7
Less than $500,000.
8
Effective July 1, 1954, the public war housing program of the PHA (represented largely by "Land, structures, and equipment") and several
small housing programs managed by the Office of the Administrator, Housing and Home Finance Agency, were designated to be liquidated by
the Office
of the Administrator shown under "Other Agencies."
9
Beginning 1951, includes figures for Panama Canal Company, a new corporation combining the Panama Railroad Company (included i i
earlier Treasury Statements) and the business activities of the Panama Canal (not reported prior to that time). See also footnote 8.
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 3). For back figures
see Banking and Monetary Statistics, Table 152, p. 517.
NOVEMBER
1955
1247
SECURITY MARKETS l
Bond prices
Stock prices
Common
U. S. Govt.
(long-term)
CorMupoPre- 5
nicipal rate
(high-4 (high- ferred
New grade) grade)*
seTories 8
tal
Year, month,
or week
Old
series2
Number of issues..
1952 average
1953 average.. .
1954 averaee
1954—Oct.
Nov
Dee
1955—j an#
Feb.
Mar
-'•'-
Mav
June
July
Aug. .
Sept
Oct..
Week ending:
Oct. 1 .
Oct. 8
Oct. 15
Oct. 22
Oct. 29
Standard and Poor's series
(index, 1935-39=100)
14
Industrial
Railroad
Volume
of
trading •
(in
Manufacturing
Trade,
thoufisands
Trans- Public nance, Min- of
Non- porta- utiland
ing shares)
duTo- Dution
servraity
ratal
ice
ble
ble
Securities and Exchange Commission series
(index, 1939—100)
Public
Toutil- tal
ity
480
420
20
40
265
170
98
72
21
29
31
14
97.27
93.90 ioi!46
99.51 109.60
99.69 110.59
99.27 109.88
98 97 109 91
129.3 115.8 169.7 188
119.7 112.1 164.0 189
125.8 117.2 174.5 227
204
204
250
169
170
180
118
122
136
195
193
230
220
220
271
189
193
245
249
245
295
221
219
233
118
122
136
206
207
236
276
240
267
1,404
1,419
2,270
126.9 117.5 178.1 244
127.4 117.4 178.9 252
126 6 117 0 178 3 265
271
282
187
197
139
141
244
254
291
305
267
284
313
324
240
259
138
141
249
260
297
218
144
268
323
298
345
285
144
268
310
269
278
2,103
3,196
3 475
97.88
96.97
97.08
96.31
96.53
96.37
94.96
94.51
94.87
95.83
108.43
103.51
103.63
103.43
103.66
103.75
102.73
101.57
101.95
102.75
125.4
125.0
124.4
124.9
125.1
123.9
121.4
120.5
121.3
122.5
116.7
115.7
115.4
115.3
114.7
114.5
114.3
113.2
113.1
113.6
175.7
175.0
174.6
176.0
175.6
175.8
176.7
174.3
172.7
173.5
302
222
145
271
326
307
344
288
145
270
314
95.17
95.60
95.93
95.84
95.92
102.34
102.48
102.71
102.72
102.98
122.1
122.3
122.4
122.4
122.8
113.2
113.5
113.6
113.5
113.6
172.0
172.2
172.4
174.8
174.7
3-7
1
17
15
269
278
278
286
285
301
312
311
322
320
341
232
238
252
251
259
150
150
152
152
153
281
280
287
289
303
340
337
347
350
370
320
318
327
324
344
315
360
156
319
395
354
371
256
366
311
323
306
350
319
311
301
306
307
366
356
344
349
351
250
257
156
155
248
244
236
241
242
153
152
150
150
151
241
151
315
327
390
407
368
387
310
385
365
320
311
305
313
312
398
386
378
390
387
381
368
358
369
366
358
354
365
372
393
300
305
320
326
337
150
151
152
154
154
276
275
277
280
294
315
315
311
303
314
421
334
324
331
157
304
410
425
156
155
302
320
317
403
309
151
307
294
3,555
3,201
2,907
2,689
2,163
2,643
2,423
1,818
2,862
2,008
413
402
395
408
406
319
311
305
312
309
153
152
150
151
152
317
310
302
308
308
307
297
285
294
301
4,339
2,103
2,443
1,733
1,798
311
317
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
Series is composed of fully taxable, marketable 2)4 per cent bonds as follows: prior to Apr. 1, 1952, due or first callable after 15 years; Apr.
1, 1952-Sept. 30, 1955, first callable after 12 years; beginning Oct. 1, 1955, due or callable in 10-20 years.
3The 3% per cent bonds of 1978-83 and, beginning Feb. 1, 1955, the 3 per cent bond of February 1995.
* Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond.
^Standard and
Poor's Corporation. Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual
6
dividend.
Average daily volume of trading in stocks on the New York Stock Exchange for a five and one-half hour trading day.
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.
STOCK MARKET CREDIT
[In millions of dollars]
Customer credit
Broker and dealer credit
Excluding U. S. Government securities
End of month or
last Wednesday
of month
Total
Bank loans
Net debit
to others
Money
Money
balances
for
borrowed
Bank loans to
borrowed
Net debit
secured
purchasing
except on
others for puron
balances
by U. S.
or carrying
U.S.
chasing or carryexcluding
U.S.
Government1
U.S.
Government
ing securities
balances
Government1
x
obligations Government2 obligations
except U. S.
secured by U. S.
obligations
obligations
Government2
GovernmentJ
obligations
obligations
Customers'
net free
credit
balances1
1951—December
1952—December
1953—December
1,826
1,980
2,445
1,253
1,332
1,665
573
648
780
40
33
31
118
149
88
659
877
L.074
36
30
88
822
727
713
1954—September
October
November
December
2,953
3,050
3,203
3,436
2,048
2,095
2,202
2,388
905
955
1,001
1,048
34
36
40
41
36
38
31
65
L,225
1,295
L.353
1,529
66
69
63
69
924
924
972
1,019
1955—January
February
March
April
May
June
July
August
September
3,537
3,643
3,732
3,785
3,787
'3,870
3,911
3,865
3,966
2,517
2,590
2,652
2,704
2,684
2,711
2,734
2,710
2,805
1,020
1,053
1,080
1,081
1,103
1,159
1,177
1,155
1,161
42
63
49
48
47
46
45
43
43
35
39
33
27
28
31
29
29
33
1,620
L.666
L,861
1,988
2,047
2,020
2,003
1,994
2,056
77
113
78
74
72
73
77
71
68
1,069
1,063
1,022
973
928
917
918
887
977
^Revised.
1
Ledger balances of member firms of the New York Stock Exchange carrying margin accounts, as reported to the Exchange. Customers'
debit and free credit balances exclude balances maintained with the reporting firm by other member firms of national securities exchanges and
balances of the reporting firm and of general partners of the reporting firm. Balances are net for each customer—i. e., all accounts of one customer
are consolidated. Money borrowed includes borrowings from banks and from other lenders except member firms of national securities exchanges.
Data2 are as of the end of the month, except money borrowed, which is as of the last Wednesday of the month beginning June 1955.
Data, except as noted below, are for all weekly reporting member banks, which account for about 70 per cent of all loans to others for purchasing or carrying securities. Figures are for the last Wednesday of the month. Some loans for purchasing or carrying U. S. Government
securities may be included in column 3 after 1952; loans for that purpose are shown separately in column 5 for all weekly reporting member banks
in 1951 and 1952 and for New York and Chicago banks thereafter.
1248
FEDERAL RESERVE BULLETIN
MONEY MARKET RATES
[Per cent per annum]
Prime
commercial
paper,
4- to 6months 1
Year,
month, or
week
Finance
company
paper
placed
directly,
3- to 6-1
months
U. S. Government
securities (taxable)
Prime
bankers'
accept- 3-month bills
9-to 12- 3- to 5ances,
month2
90
year 3
days 1 Market onRate
new issues issues
yield
issues
1952 average
1953 average. . . .
1954 average. . . .
1.33
1.52
] .58
2.16
2.33
1.42
1.75
1.87
1.35
1 .72
1L.90
.94
L.766
L.931
.953
1.81
2.07
.92
2.13
2.56
1.82
1954—Oct
Nov......
Dec
L .31
:1.31
1.25
1.25
1.25
1.25
1.25
1.25
.98
.93
L .31
] L .14
.987
.948
1.174
1.03
.94
1.10
1.85
1.90
1.94
July
Aug
Sept
Oct
L.47
L.68
L.69
L.90
2.00
2.00
2.11
2.33
2.54
2.70
1.37
1.50
1.50
1.73
1.88
1.82
1.87
2.02
2.28
2.46
1.33
1.38
1.38
1.43
1.50
1.50
1.50
1.67
2.08
2.23
1L .23
L. 17
L.28
:1.59
L .45
L .41
L.60
L.90
2.07
2.23
L.257
1.177
1.335
1.620
L.491
L.432
L.622
L.876
2.086
2.259
1.36
1.41
1.49
1.71
1.72
1.71
1.88
2.12
2.14
2.19
2.11
2.18
2.30
2.39
2.40
2.42
2.54
2.73
2.72
2.58
Week ending:
Oct. 1 . . .
Oct. 8 . . .
Oct. 1 5 . . .
Oct. 2 2 . . .
Oct. 2 9 . . .
2.58
2.63
2.66
2.74
2.75
2.31
2.38
2.45
2.50
2.50
2.13
2.20
2.25
2.25
2.25
2.11
2.21
2.26
2.25
2.21
2.122
2.214
2.257
2.333
2.231
2.15
2.20
2.21
2.20
2.17
2.61
2.57
2.56
2.60
2.60
1955—Jan
Feb
Mar
Apr
May
June.....
BANK RATES ON BUSINESS LOANS
AVERAGE RATES ON SHORT-TERM LOANS IN
SELECTED CITIES
[Per cent per annum]
Size of loan (thous. of dol.)
*Data are averages of daily prevailing rates.
Series includes certificates of indebtedness and 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, October 1947, pp. 12511253, and February 1955, p. 215.
2
3
Area and period
All
loans
Annual averages:
19 cities:
1948
1949
1950
1951.
1952
1953
1954
2 5
2.7
2.7
3.1
3.5
3 7
3.6
Quarterly:
19 cities:
1954—jj ec>
3.55
1955—Mar
3.54
3.56
June...
Sept
'3 77
New York City:
3.30
1954—Dec
1955—Mar. . .
3.29
June
3 30
Sept
3 54
7 Northern and Eastern cities:
1954—Dec... .
3 55
1955—Mar
3 55
3.55
June
3.76
Sept.
11 Southern and
Western cities:
3.90
1955—Mar.
3.87
3 95
Tune ..
Sept
110
10100
3.5
2.8
3.7
3.6
4 0
4.2
4 4
4.3
3.0
3.0
3 4
3.7
3 9
3.9
22
2.4
2.4
2 9
3.3
35
3.4
4.92
4.93
4.92
4 98
4.29
4.29
4.29
4 43
3.84
3.83
3.83
3 99
3.31
3.30
3.33
r
3 56
4.66
4.68
4.73
4 83
4.15
4.14
4.18
4 39
3 64
3.65
3.62
3 87
3 15
3.14
3.15
3 39
4.99
5.02
4 97
5.06
4.31
4 32
4.29
4.43
3.89
3 84
3.78
3.99
3.33
3 35
3.37
3.58
5.01
5.00
4 98
5.01
4.36
4.35
4 34
4.47
3.93
3.92
4 01
4.07
3.60
3.54
3 67
Corporate6
State and local government
Old
series2
New
series3
General obligations4
By selected
ratings
Total
By selected
ratings
Revenue
bonds 5
Dividends/
price ratio
By
groups
Earnings/
price
ratio
Total
Aaa
Aaa
of series see
Industrial stocks
Bonds
Year, month,
or week
200
and over
4 4
4.6
4.5
4.7
4.9
5 0
5.0
^Revised.
NOTE.—For description
BULLETIN for March 1949, pp. 228-237.
BOND AND STOCK YIELDS *
[Per cent per annum]
U. S. Govt.
(long-term)
100200
Baa
Baa
Industrial
Railroad
PrePublic
utility ferred 7
Common 8
Common 9
10
120
30
30
40
40
40
14
125
125
2.22
2.82
2.46
1.80
2.31
2.04
2.70
3.41
3.09
2.45
3.02
2.81
3.19
3.43
3.16
2.96
3.20
2.90
3.52
3.74
3.51
3.00
3.30
3.09
3.36
3.55
3.25
3.20
3.45
3.15
4.13
4.27
4.02
5.55
5.51
4.70
9.49
10.14
8.75
2.65
2.68
2.68
2.37
2.34
2.40
1.97
1.95
2.01
3.00
2.96
2.99
2.77
2.76
2.76
3.13
3.13
3.13
2.87
2.89
2.90
3.46
3.45
3.45
3.06
3.06
3.07
3.23
3.22
3.23
3.11
3.10
3.10
3.93
3.92
3.93
4.43
4.29
4.09
8.15
2.65
2.72
2.71
2.77
2.75
2.76
2.87
2.91
2.88
2.82
2.76
2.92
2.92
2.92
2.91
2.91
2.96
3.02
3.00
2.96
2.48
2.49
2.49
2.50
2.48
2.49
2.62
2.69
2.70
2.64
2.09
2.10
2.09
2.08
2.06
2.09
2.23
2.33
2.31
2.25
3.04
3.05
3.07
3.08
3.07
3.08
3.17
3.22
3.24
3.22
2.77
2.79
2.80
2.79
2.77
2.80
2.86
2.92
2.92
2.89
3.15
3.18
3.20
3.21
3.23
3.23
3.24
3.29
3.31
3.30
2.93
2.99
3.02
3.01
3.04
3.05
3.06
3.11
3.13
3.10
3.45
3.47
3.48
3.49
3.50
3.51
3.52
3.56
3.59
3.59
3.08
3.12
3.14
3.14
3.17
3.18
3.18
3.25
3.25
3.23
3.25
3.28
3.31
3.30
3.32
3.31
3.32
3.36
3.40
3.38
3.12
3.15
3.17
3.17
3.19
3.21
3.22
3.26
3.29
3.27
3.98
4.00
4.01
3.98
3.99
3.98
3.96
4.01
4.06
4.04
4.10
4.14
4.18
8.25
4.03
4.05
3.71
8.17
3.63
3.76
3.76 "Y. 42*
3.96
2.86
2.83
2.81
2.82
2.81
2.98
2.98
2.96
2.96
2.95
2.66
2.66
2.64
2.62
2.63
2.27
2.27
2.25
2.24
2.24
3.23
3.23
3.22
3.20
3.23
2.90
2.90
2.89
2.89
2.87
3.31
3.30
3.30
3.30
3.30
3.12
3.12
3.11
3.10
3.10
3.59
3.59
3.59
3.59
3.58
3.24
3.24
3.24
3.23
3.23
3.39
3.38
3.38
3.39
3.39
3.29
3.27
3.27
3.28
3.28
4.07
4.07
4.06
4.03
4.01
3.76
3.88
3.97
3.85
3.95
1
Number of issues..
3-7
1952 average
1953 average......
1954 average
2.68
2.93 "3.16"
2.70
2.53
1954—October
November..
December. .
2.52
2.55
2.57
1955—January
February-. •
March
April
...
May...
June
July
August....
September..
October....
Week ending:
Oct. 1 . . . .
Oct. 8 . . . .
Oct. 15. . . .
Oct. 22
Oct. 29
20
5
5
1
Monthly and weekly yields are averages of daily figures for U. S. Government and corporate bonds. Yields of State and local government
general obligations are based on Thursday figures; of revenue bonds, on Friday figures; and of preferred stocks, on Wednesday figures. Figures
for common
stocks are as of the end of the period, except for annual averages.
2
Series is composed of fully taxable, marketable 2J<2 per cent bonds as follows: prior to Apr. 1, 1952, due or first callable after 15 years; Apr.
1, 1952—Sept. 30, 1955, first callable after 12 years; beginning Oct. 1, 1955, due or callable in 10-20 years.
3The
3M per cent bonds of 1978-83 and, beginning Feb. 1. 1955, the 3 per cent bond of February 1995.
4
5
Moody's Investors Service. The total includes bonds rated Aa and A, data for which are not shown separately.
Dow-Jones and Co.
6
Moody's Investors Service. Because of a limited number of suitable issues, the number of bonds in some groups has varied somewhat.
The total
includes bonds rated Aa and A, data for which are not shown separately.
7
Standard and Poor's Corporation. Ratio
is based on 9 median yields in a sample of noncallable issues, 12 industrial and 2 public utility.
8
9
Moody's Investors Service.
Computed by Federal Reserve from data published by Moody's Investors Service.
NOVEMBER
1955
1249
TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS
[On basis of monthly statements of United States Treasury]
Summary
Budget receipts and
expenditures
Excess of receipts
or expenditures
Increase or
uecrease v —>
during period
Account of Treasurer of the United
States (end of period)
Deposits in
Period
Sales a n d
redemptions
in m a r k e t
of G o v t .
agency
obligations
Net
receipts
Expenditures
Surplus
or
deficit
Trust
and
other
accounts
Cal. yr.—1951
1952
1953
19541. . .
52,979
64,840
63,841
61,171
56,337
70,682
72,997
64,854
-3,358
-5,842
-9,157
-3,683
759
49
82
812
56
-90
19
-73
-106
-319
-209
-34
2,711
7,973
7,777
3,582
62
4 295
1, 770 - 6 064
- 1 , 488
4 577
603
5 180
321
389
346
563
146
176
131
111
2,693
4,368
3,358
3,461
1,134
1,132
Fiscal yr.—1952...
19531..
1954...
1955...
Semiannual totals:
1952—July-Dec.
1953—Jan.-June.1
July-Dec.
1954—Jan.-June.
July-Dec.
1955—Jan .-June.
Monthly:
1954—Oct.
Nov
- Dec.
1955—j a n _
Feb
Mar...
Apr
61,391
64,825
64,655
60,303
65,408
74,274
67,772
64,494
-4,017
—9,449
-3,117
-4,192
219
460
332
-612
-72
—25
-4
881
-401
-250
-303
257
3,883
6,966
5,189
3,115
-388
- 2 , 299
2 , 096
-551
6 969
4 , 670
6 , 766
6 , 216
333
132
875
380
355
210
274
343
5,106
3,071
4,836
4,365
1,175
1,256
26,893
37,703
25,757
38,899
22,272
38,031
36,186
37,801
34,484
33,288
31,566
32,928
-9,293
121
341
-317
648
164
-775
46
-71
99
-103
30
851
-64
-248
-246
-57
23
234
8,286
-1,320
9,097
-3,909
7,490
-4,376
-904
- 1 , 394
-94
2 , 190
- 1 , 587
1 , 036
6 , 064
4 , 670
4 , 577
6 , 766
5 , 180
6 , 216
389
132
346
875
563
380
176
210
131
274
111
343
4,368
3,071
3,358
4,836
3,461
4,365
1,132
1,256
2,639
4,201
3,742
4,655
5,427
9,741
3,732
4,438
10,038
2 ,765
4,734
5,498
n.a.
4,857
3,842
6,288
4,942
4,831
5,894
5,228
5,356
6,677
5,382
6,225
5,340
n.a.
—2,218
—288
358
126
— 179
26
—80
-193
— 79
—269
—261
—338
277
n.a.
—23
33
—26
511
-37
73
29
36
238
27
120
59
n.a.
104
—209
425
— 186
354
36
309
—384
104
237
— 74
-40
n.a.
3,942
1, 518
641
— 2 , \7A
—451
682
6 , 663
7 , 304
5 , 180
4 , 728
5 , 411
5 , 151
6 , 401
5 , 880
6 , 216
6 , 811
5 , 753
5 , 376
5 , 314
736
694
563
360
564
724
814
649
380
624
393
554
484
175
137
111
320
196
149
362
153
343
179
143
191
177
4,936
5,584
3,461
2,907
3,561
3,203
4,023
4,054
4,365
4,972
4,188
3,638
3,672
May
June....
JTulv
.uy
Aug.. .
Sept
Oct
-98
-8,728
5,611
-9,294
5,102
358
—2,546
—287
596
3,846
-1,496
—919
3,361
—2,617
— 1,491
158
n.a.
Clearing
account
Gross
direct
public
debt
F . R. Banks
General
fund
balance
101
— 103
—311
-257
—4,134
2,601
824
—3,098
3,210
725
—833
2,341
1 , 250
—S92
336
595
j
—378
-62
Balance
Special
In proc- deposAvail- ess of itaries
able
funds collection
Other
net
assets
742
1,045
781
1,127
742
781
1,045
1,127
816
889
1,045
1,142
1,089
1,074
1,201
1,023
1,127
1,036
1,028
993
981
Budget expenditures
National security
Period
1, 564
3 , 238
3 ,^137
1,0m
694 J ±1R
646
[573
— 159 ; 685
- 3 9 3 1,526
684
775
525
241
507
510
154
182
2,901
3,098
3,966
3,350
5,859 4,748
6,504 4,249
6,382 4,176
6,389 4,376
1,424
1,532
1,640
1,669
1,
3,
2,
4,
219
L34
B41
589
614
385
-615
127
1,515
1,660
1,519
L.472
740
659
312
366
567
462
164
157
3,015
3,229
3,277
3,086
355
305
220
92
149
216
426
31
118
46
137
20
1,650
1,462
1,774
1,502
1,847
1,239
148
2
23
72
16
31
43
32
85
59
36
1
9
1
65
7
3
1
5
3
1
341
61
3
309
279
212
234
272
288
269
—60
294
175
2 , 292
3 , 956
3 , 629
1, 895
1, 648
1, 791
1» 895
1 f 856
2,839
2,184
1,553
51,175
24,491 21,426 1, 699
25,596 22,134 2 , 113
23,750 20,819 1, 671
22,773 19,517 1 , 958
20,047 17,290 1 , 292
605
20,650 18,440
876
926
945
950
987
869
1,107
1,113
968
585
680
787
2,966
3,542
2,816
3,567
3,000
3,389
2,164
2,086
2,070
2,106
2,100
2,277
802
791
806
834
819
850
385
2 , 178
1 , . 237
504
1, 333
2 , 356
424
-42
-176
-439
46
81
916
740
900
619
907
565
160
170
156
158
158
151
153
134
126
147
138
138
121
152
73
89
192
171
148
109
78
184
97
r
56
r
95
60
541
346
368
1,200
222
396
478
355
443
1,495
592
522
529
320
341
372
401
373
364
386
379
378
397
357
370
351
137
171
131
123
181
119
119
153
133
145
159
165
115
144
.70
— 1 f 334
244
381
269
590
781
390
345
346
—5
158
164
142
149
101
89
85
99
108
84
151
132
139
65,408
74,274
67,772
64,494
42,867
50,276
46,522
540,989
Aug
1,463
1,508
1,630
1,653
38,077
43,611
40,336
35,730
Fiscal yr.—1952....
19531...
1954
1955....
Semiannual totals:
1952—July-Dec. .
1953—Jan.-June..
July-Dec.i.
1954—Jan.-June..
July-Dec..
1955—Jan.-June..
Monthly:
1954—Sept
Oct.. .
Nov
..
Dec.
1955—Jan
Feb
Mar...
Sept
5,088
4,433
4,156
4,206
3,524
2,574
2,082
1,265
33,044
47,936
49,363
42,820
Mlay
5,983
6^065
6,357
6,567
Agriculture
1, 278
1, 813
1, 889
1, 937
56,337
70,682
72,997
64,854
June.
July. . . .
tion
Social
security
programs
29,432 1, 594
42,078 3 , 052
42,953 3 784
36,807 3 , 249
Cal. yr.—4951
1952
1953
19541... .
5,019
4,857
3,842
6,288
4,942
4,831
5,894
5,228
5,356
6,677
5,382
6,225
5,340
TransHousfers
Post
ing
Other
to
and Public office
trust
home works defacicit
ficounts
nance
VetIntererans
est
Adminon
istra-4
debt
Total 2
Total
36,186
37,801
34,484
33,288
31,566
32,928
Internat'l.
affairs
Mutual
and
miliAtomic
tary
fienergy
pronance3
gram
Defense
Dept.,
military
3,261
3,300
3,316
3,739
3,176
3,048
3,759
3,382
3,346
3,939
2,863
3,420
3,611
2,843
2,908
2,853
3,280
3,092
2,705
3,261
3,020
3,017
3,345
2,547
3,111
3,372
210
187
181
113
163
63
122
99
271
92
88
35
333
317
96
—61
35
36
— 17
26
34
—33
28
-18
'404
r
470
198
r
n.a.
Nott available.
a
ed.
Revised.
1
Bi
Beginning
new reporting basis, described in Treasury Bulletin, April 1954, p. A2.
2
Includes stockpiling and, beginning with March 1955 and fiscal year 1955, direct forces support (formerly included with "International
affairs3 and finance"), not shown separately.
Consists of foreign economic and technical assistance under the Mutual Security Act, net transactions of the Export-Import Bank, other
nonmilitary
foreign aid programs, and State Department.
4
Excludes
transfers to trust accounts, which are shown separately.
6
Monthly figures do not add to total because figures for reclassified items are not available for July-February.
1250
FEDERAL RESERVE BULLETIN
TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS—Continued
[On basis of monthly statements of United States Treasury, unless otherwise noted.
In millions of dollars]
Budget receipts
Income and profits taxes
Period
Individual
Withheld
Other*
Corporation 1
Deduct
Estate
and
gift
taxes 1
Excise1
taxes
Unemployment
insurance
taxes
801
849
923
8,591
9,566
10,288
9,136
715
266
769
285
J,337
J.639
S.57O
*,932
58,941
71,788
71,524
70.217
3,355
3,814
3,918
5,121
833
259
777
78,5
279
>,364
>,478
>,882
$,104
67,999
72,649
73,1 73
620
603
600
311
311
321
282
322
278
Other
receipts 2
Total
budget
receipts
Appropriations to:
10,311
11,834
11,279
10,477
16,565
22,140
19,045
19,915
91 6^5
*>1 242
11,359
11,417
10,747
10,407
21,467
21,595
21,523
18,265
891
945
936
8,893
9,934
10,014
9,194
69,368
3,569
4,086
4,537
5,040
8?5
11 ,347
11 078
10, 558
10 230
11 013
2,826
8,481
2,593
8,154
2,323
8,084
7,821
13,773
5,375
16,148
3,767
14,498
390
502
405
540
420
516
5,048
4,931
5,405
4,609
4,527
4,666
4?
734
40
745
40
719
1,388
t ,137
1,255
1,627
L,305
1,800
29,546
42,910
28,1 95
44,978
25,239
44,1 79
1,891
2,195
1,722
2,815
2,305
2,734
1 4??
1,429
199
78
272
2,239
881
65
61
82
62
67
72
767
785
781
715
649
709
2 991
1 534
151
77
841
717
A^Lay.
Tuly
August
September.
884
004
1 604
2,190
602
1,428
1,104
361
290
1,181
355
274
6,812
79
77
66
796
867
881
1
4
16
(4)
31
167
20
4
15
2
?
16
1
164
187
272
216
483
321
191
171
333
301
290
446
264
5,280
2,887
4,905
4,217
4,833
5,954
11,089
4,941
6,1 19
11,1 cn
3,089
5,848
274
1 077
x 759
1. 359
884
? Q16
Cal. yr.—1951
19521 . . . .
1953
19543 .
16, 037
?0 045
?? 60S
20, 787
18 521
?1 ,351
Fiscal yr.—1952 . . .
19533...
1954
1955...
Semiannual totals:
1952—July-Dec...
Q,
1953—Jan.-June..
July-Dec.3
1954—Jan.-June..
July-Dec.
1955—Jan.-June..
Monthly:
1954—September.
October.
Novembe r
December
1955—January.
February
March
April
1
\ 721
967
June
(on
July
Aug.
Sept.......
478
377
6,201
547
328
277
115
1,685
.1,100
94
64
843
907
Manufacturers'
and retailers'
excise
46
19
198
912
519
741
874
80
53
817
399
15
85
60
110
118
103
4,951
2,639
4 201
3,742
4,655
5,427
9 741
3,732
4,438
10 038
2,765
4 734
5,498
Other accounts 6
106
136
37
331
74
238
105
385
-109
633
282
-356
-283
414
334
-82
— 148
682
640
111
249
641
657
704
697
733
700
705
686
671
673
661
34
6
56
—58
200
47
58
—55
-62
50
-133
-37
-26
-63
— 124
210
124
164
75
21
—395
-91
— 130
— 164
-185
-110
1, 127
1, 025
766
786
250
273
377
.1*7
—322
391
340
-269
360
378
_ ?77
368
n.a.
n .a.
r .a.
Othei*
2 ,456
2 .802
3 ,003
3 ,843
3 .874
4 ,226
1,573
1,78(5
1,47(5
1,651
1,48C
1.68S
Other
995
1. 031
835
900
[nvest-T
1,495
1,564
823
864
313
909
845
810
804
777
766
804
n.a.
n.a.
n.a.
562
316
8
39
56
82
48
208
655
5 052
4 143
4 953
482
299
521
262
445
1*. 281
n.a.
n.a.
n.a.
21
94
64
17
64
4 073
4 458
5,027
4,919
4,795
4,722
4,527
4,674
n.a.
47
188
554
329
113
255
121
341
3-317
648
164
-775
759
49
82
3812
219
3460
332
-612
n.a.
339
786
508
310
919
530
4S9
524
-74
1, 987
2, 115
2, 020
1, 867
2, 032
2, 151
2, 027
1, 735
n.a.
2,982
3,087
271
329
153
405
275
242
367
312
2,79C
3,054
3,262
3,131
2,824 :
3,355
3,127
3,165
n.a.
n.a.
26 893
37,703
25 757
38,899
22 272
38 031
395
4 ,507
4 ,942
5 ,811
7 ,717
4 ,885
5 ,257
6 ,846
8 ,100
1,446
1,662
1,614
1,543
1,565
1,655
1,580
1,571
3
42
451
2,700
3,155
3,504
2,387
1,177
3,361
3,059
1,687
1,222
2, 460
2, 727
2, 819
2, 707
2, 549
2, 781
2, 783
2, 726
69£
1C\
21
61i
95)
5
754
123
61 391
64 825
64,655
60 303
906
315
123
191
210
529
708
096
8,682
9,558
9,714
9,248
8,971
9,946
9,517
9,201
137
134
2,302
3,118
3,377
3,426
Expenditures
Tobacco
124
108
131
119
139
122
143
150
738
Investments
Receipts
Liquor
280
209
155
181
246
209
224
267
n .a.
52 979
64 840
63,841
61,171
Social security,
retirement, and
insurance accounts
Total
778
719
654
707
844
718
844
908
2,098
2,451
3,137
3,322
604
785
703
6,1 80
509
683
628
Trust and other accounts
Internal revenue collections
basis of Internal Revenue Service reports)
Excise and miscellaneous taxes
Period
Cal. y r . — 1 9 5 1 . . . .
1952....
1953....
1954....
Fiscal yr.—1952..
1953..
1954..
1955..
Semiannual totals:
1952—July-Dec.
1953—Jan.-June
July-Dec.
1954—Jan.-June
July-Dec.
1955—Jan.-June
Monthly:
1954—Sept. .
Oct
Nov..
Dec
1955—j a n
Feb.
Mar
Apr.
May
745
960
Net
budget
Refunds receipts
of
Old-age Railroad
retire- receipts
trust
ment
fund
account
—288
358
126
—179
26
-80
— 193
—79
-269
-26
-338
27'7
7
8
8
9
8
8
8
9
956
850
227
569
729
489
1 298
1 641
692
1 465
689
-334
-126
39
—358
644
1 044
252
982
-334
inents
n.a. Not available.
C o r p o r a t i o n and estate and gift taxes are from Internal Revenue Service reports prior to July 1953.
Excise taxes and nonwithheld individual taxes for t h a t period are obtained by subtracting I R S data from appropriate Treasury daily statement totals.
2
Excludes employment and carriers taxes, which are appropriated directly to trust accounts.
4
6
3Beginning new reporting basis. See footnote 1 on preceding page.
Less t h a n $500,000.
Excess of receipts, or expenditures (—).
8
Consists of miscellaneous trust funds and accounts and deposit fund accounts. The latter reflect principally net transactions of Government sponsored corporations, European Payments Union deposit fund, and suspense accounts of Defense and other Government departments.
Investments of wholly owned Government corporations are included as specified in footnote 7, but their operating transactions are included in
Budget expenditures.
7
Consists of net investments in public debt securities of Government owned and of Government sponsored corporations and agencies and
of other trust funds.
NOVEMBER 1955
1251
TREASURY CASH INCOME, OUTGO, AND BORROWING
DERIVATION OF CASH RECEIPTS FROM AND PAYMENTS TO THE PUBLIC
[On basis of monthly and daily statements of United States Treasury and Treasury Bulletin. In millions of dollars^]
Cash deposits, other than debt
Cash withdrawals, other than debt
Less:
Less: Plus: Equals, Budget Plus:
Plus:
Trust
Net
Cash
exTrust Intra- Other
Intra- AccruBudget acct. Govt.
addependi- and
rec'ts. rec'ts. trans.1 just- 2 posits tures other Govt.1 als to 3
accts. trans. public
ments
Period
Plus:
Exch. Clear- Trans, Other
Stabi- ing
outadlizaside justac- Treas.
tion count
2
Fund*
acct. 6 ments
Excess
of deEquals: posits
or
Cash
withwithdraw- drawals
als
()
Cal. yr.—1951
1952..
1953
1954«
52,979
64,840
63,841
61,171
8,582
8,707
8,596
9,571
2,221
2,150
1,989
2,086
n.a.
n.a.
n.a.
-65
59,338
71,396
70,440
68,595
56,337
70,682
72,997
64,854
4,397
4,825
5,974
7,182
2,221
2,150
1,989
2,086
567
734
575
565
-26
38
-82
-188
106
319
209
34
n.a.
n.a.
n.a.
-274
-35
58,034
1,304
72,980 -1,583
76,529 —6,090
68,896
-301
Fiscal yr.—1952
1953«...
1954
1955
Semiannual totals:
1952—July-Dec...
1953—Jan.-June. .
July-Dec. • .
1954—Jan.-June. .
July-Dec.. .
1955—Jan.-June..
Monthly:
1954—Oct
Nov
Dec
1955—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct.
61,391
64,825
64,655
60,303
8,807
8,929
9,155
9,538
2,104
2,194
2,097
2,009
-215
101
-62
68,093
71,345
71,815
67,769
65,408
74,274
67,772
64,494
4,952
5,169
6,769
8,616
2,104
2,194
2,097
2,009
710
694
509
488
9
-28
-109
-156
401
250
303
-257
-170
-155 -215
-274
118
r
-290
307
67,786
76,407 -5,062
71,974
-159
69,899 -2,130
26,893
37,703
25,757
38,899
22,272
38,031
4,248
4,683
3,953
5,203
4,368
5,170
1,039
1,144
849
1,248
838
1,170
n.a.
n.a.
376
-242
177
-241
30,104
41,241
29,199
42,615
25,980
41,790
36,186
37,801
34,484
33,288
31,566
32,928
2,527
2,642
3,405
3,364
3,817
4,798
1,039
1,144
849
1,248
838
1,170
396
298
277
234
331
157
16
-44
-38
-71
-117
-39
64
248
246
57
-23
-234
n.a.
n.a.
374
-71
-202 -223
-94
188
r — 385
37,357 -7,254
2,038
39,203
37,244 -8,045
7,886
34,730
34,167 -8,187
6,057
35,732
2,639
4,201
3,742
4,655
5,427
9,741
3,732
4,438
10,038
2,765
4,734
5,498
n.a.
370
994
890
268
600
778
528
1,320
1,677
745
1,502
721
n.a.
74 -318
-14
58
427
421
42 -582
332
53
64
488
78 -532
59 -152
874
205
394 -121
156
254
n.a.
n.a.
2,617
5,122
4,626
4,299
6,306
74
4,857
800
3,842
58
469
6,288
427
573
4,942
42
581
4,831
53
653
5,894
64
761
5,228 1 ,134
78
5,356
59
817
6,677
852
874
5,382
887 . 3 9 4
6,225
895 ' 156
5,340
804 n.a.
n.a.
n.a.
50
45
71
51
-18
4
31
39
51
68
31
40
25
-6
-9
25
-104
209
-425
186
-354
-36
-309
384
-104
-237
74
40
-7 -320
-1
-33
-11
449
-24 -582
-40
434
-63
479
-584
— 182
10,943
3,651
5,547
11,045
2,994
6,333
5,988
2,869
-36
-6
11
-46
11
••177
171
249
n.a.
n.a.
5,096
4,374
6,401
5,009
5,481
6,932
5,355
6,278
6,677
5,352
7,256
5,904
5,659
-2,478
748
-1,775
-710
825
4,010
-1,704
-731
4,368
-2,358
-923
84
-2,789
r
n.a. Not available.
Revised..
* Represents principally (1) interest payments between Treasury and Government agencies and trust
funds,2 (2) transfers shown as Budget expenditures, and (3) payroll deductions for Federal employees retirement funds.
Represents
principally
adjustment
for
differences in reporting bases as between the monthly and daily Treasury statements.
3
Represents principally excess of interest accruals over payments on savings bonds and Budgetary expenditures involving issuance of Federal securities; the latter include mostly armed forces leave bonds and notes issued to the International Bank and Monetary Fund, which are
treated
as noncash expenditures at the time of issuance and cash expenditures at the time of redemption.
4
Cash transactions between International Monetary Fund and Exchange Stabilization Fund. (See footnote 3).
5
To exclude net transactions not cleared through Treasurer's account in securities by Government agencies, adjusted in table below.
6
Beginning new reporting basis. Set Treasury Bulletin for April 1954, p. A2. Cash withdrawals on the old daily statement basis are not
comparable to the new reporting basis, because data were not available for adjustments described in footnotes 2 and 5.
DERIVATION OF CASH BORROWING FROM OR REPAYMENT OF BORROWING TO THE PUBLIC
Period
Cal. yr.—1951
1952
1953
19547
Fiscal yr.—1952
19537....
1954
1955P
Semiannual totals:
1952—July-Dec. . .
1953 —Jan.-June...
July-Dec. 7 ..
1954—Jan.-June...
July-Dec. . .
1955—Jan.-June^..
Monthly:
1954—Oct...
Nov
Dec.
1955—Jan
Feb
Mar
Apr
May
June*"
July
Aug
Sept
Oct
Plus:
Less: Noncash
debt transactions
Details of net cash borrowing from or
Equals: repayment ( —) of borrowing to the public3
Net
cash
borrowPostal
SavDirect
ing, or
Sav.
Savrepay t. mktable. ings
bonds
and
ings
Sys. Others
( - ) , of
conv.4 (issue notes special
borrowprice)
issues
I
issues
ing
Increase,
or decrease
( - ) , in
gross
direct
public
debt
Guaranteed
Nonguaranteed
Adjustment
for
trans,
outside
Treas.1
acct.
2,711
7,973
7,777
3,582
3,883
6,966
5.189
3,115
18
12
22
-42
16
7
29
-37
37
-102
-3
-31
-88
-32
-33
'908
n.a.
n.a.
n.a.
-266
-170
-155
-256
'-228
3,418
3,833
2,540
1,582
3,636
3,301
2,054
1,534
718
770
591
577
779
719
524
497
-125
-74
66
176
-79
3
94
147
-1,242
3,353
4,601
906
-695
2,763
2,255
1,579
8,286
-1,320
9,097
-3,909
7,490
-4,376
8
-2
24
6
-47
10
37
-69
76
-109
78
'830
n.a.
n.a.
-71
-183
-83
'-143
1,601
1,700
860
1,194
387
1,147
409
308
283
241
336
161
-29
34
30
64
112
35
6,351
-3,433
7,952
-5,694
6,600
-5,021
7,322
•-2,028
6,837
-4,307
7,378
-3,090
-829
-121
•18 -1,335
-362 1,583
—19 -955
-514
-156
147 -2,654
3,942
101
-103
-311
-257
-4,134
2,601
824
5
-28
32
-25
521
-40
67
24
31
'227
29
118
55
n.a.
-9
-20
17
-24
63
-72
-52
-30
'-28
-50
-5
n.a.
n.a.
-142
167
191
-134
-79
97
-413
582
1,094
119
944
-360
n.a.
51
45
72
51
-17
5
31
39
51
69
31
41
26
5
9
-26
-1
7
35
5
(8)
-11
45
-1
-1
-11
3,996
-107
-349
259
-143
-4,270
2,955
209
-4,031
2,953
-135
-462
2,728
4,129
-50
-198
-211
-241
-4,291
3,144
1,778
-3,270
3,306
229
509
-64
-20
-12
-62
-22
12
-136
-9
-56 " - 2 6
51
-59 ; -27
169
94 -129
62
—42
—30
-88
-25
- 3 2 -1,476
-891
-26
-48
-259
-20
-39
-25
8 -453
-771
-197
-324
-54
26
Cash issuance of
securities of
Federal agencies
i
2
Net inv. Accruals to public
in Fed.
Int. on Payts.
sec. by
in
sav.
Govt.
form
bonds
agen.
of
and
and tr.
Fed.
Treas.
funds
sec.
bills
1,999 —1,191 -1,099
-406 -1,784
5,778
248
«4,829 «-344
—175 -1,469
3,071
-717 -1,209
1,639
•5,294 • - 9 4 —2,164
628
-381
2,530
- 1 0 -3,168
4,288
-997
-113
-162
-195
-155
-100
-239
-122
46
-122
-30
-326
-252
-173
-283
590
11
—32
-20
-68
-12
-94
-145 -268
-58
-50
648
-72
-37
15
-6
501
16
-5
-30
-36
203
-35
106
-4
P264
3
6
5
5
—3,098
1
3,210
-3
725
2
-833
4
2,341
P2,816
(8)
n.a.
Not
available.
^Preliminary.
'Revised.
1
Adjustment described in footnote 5 above, plus other small adjustments for differences in reporting bases.
2
Differs from "accruals to the public" shown in preceding table, principally because adjustments to Exchange Stabilization Fund are included.
'Includes
redemptions of tax anticipation securities and savings notes used in payment of taxes.
4
Most changes in convertible Series B investment bonds, 1975-80, reflect exchanges of, or conversions into, marketable issues amd thus cancel
out in
this
column.
An exception was the sale for cash of about 300 million dollars in June 1952.
6
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 8the amount of 409 million dollars.
7
Beginning new reporting basis. See footnote 6 above.
Less than $500,000.
1252
FEDERAL RESERVE BULLETIN
TREASURY CASH INCOME, OUTGO, AND BORROWING—Continued
DETAILS OF TREASURY CASH DEPOSITS AND WITHDRAWALS 1
[Classifications derived by Federal Reserve from Treasury data. In millions of dollarsl
Cash withdrawals
Cash deposits
Direct
taxes on
individuals 2
Period
Total
Direct Excise
taxes on and
corpo- misc.
rations taxes
Other Deduct:
cash Refunds
of reincome 4 ceipts
Social
ins.
receipts 3
Total
Nafl.
sec.
programs 6
Int'l.
affairs «
Interest on
debt
Social
Vetseerans
pro- 7 curity Other
pro- 8
grams
grams
Cal. yr.—1951
1952
1953
19549
59,338
71,396
70,440
68,595
27,
32,
34,
31,
149
728
807
785
16
22
19
20
,565 8 591
,140 9 566
,045 10 288
,280 8 801
6,362
6,589
6,693
7,655
2,769
2,823
2,744
3,433
2
2
3
3
098
451
137
358
58,034
72,980
76,529
68,896
33,194
47,971
50,294
42,400
3
2
2
1
498
612
000
0-89
4,137
4,230
4,589
4,870
6,121
5,209
4,885
4,664
4,915
5,617
6,648
8,587
Fiscal yr.—1952
19539
1954
1955
Semiannual totals:
1952—July-Dec...
1953—Jan.-June.9 . .
July-Dec. . .
1954—Jan.-June. . .
July-Dec
1955—Jan.-June. . .
Monthly:
1954—Oct
Nov........
Dec
1955—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
68,093
71,345
71,815
67,769
30,
33,
33,
32,
713
370
363
563
21
21
21
18
,467
,595
.817
,201
8
9
9
9
6,521
6,849
7,197
7,919
2,801
2,704
3,178
3,422
2
3
3
3
302
151
419
444
67,786 42,935
76,407 50,250
71,974 46.422
69,899 ••41,031
2
2
1
1
848
156
444
019
4,059
4,658
4,838
4,947
5,826
4,920
4,943
4,766
5,206 6,912
6,063 8,360
7,645 6,682
9,057 '9., 080
30,104
41,241
29,199
42,615
25,980
41,790
1 3 , 041
2 0 . 329
14, 478
18, 885
12, 899
19, 663
7 ,821
13 ,773
5 ,272
16 ,545
3 ,734
14 ,466
5
4
5
4
4
4
3,202
3,656
3,031
4,165
3,490
4,430
1,443
1,252
1,498
1,680
1,754
1,669
451
2 700
437
2 982
376
3 068
37,357
39,203
37,244
34,730
34,167
35,732
24,505
25,606
24,398
22,024
20,376
20,363
1 123
1 069
930
10
526
563
748
2,246 2,500
2,413 2,420
2,334 2,465
10
2,299 102,482
2,367 2,186
2,580 2,579
2,876 4,107
3,247 4,448
3,368 3,748
4,277 103 s 121
4,311 4,364
4,747 4,717
2,617
5,122
4,626
4,299
6,306
10.943
3,651
5,547
11.04S
2,994
6,333
5,988
2,869
1, 040
2 , 881
1, 938
2 , 806
4 , 096
2 , 984
2 , 688
3 , 743
3 , 346
1 097
3 , 341
3 413
1, 009
352
271
260
939
439
197
237
296
432
350
346
241
235
221
275
313
466
220
294
39
47
80
52
189
705
874
829
420
125
121
103
87
5,096
4,374
6,401
5,009
5,481
6,932
5,355
6,278
6,677
5,352
7.256
5.904
5,659
3,149
3,314
3,552
3,191
3,100
10
3,808
3,084
3,253
3,927
2,758
3,668
3,292
n.a.
67
80
217
171
140
10
73
72
184
108
1 ,153
353
330
6 ,844
444
394
6 ,102
616
343
1 ,090
360
893
978
679
,109
,048
,931
357
322
,479
,630
768
783
744
644
703
864
694
802
922
812
899
820
866
1,019
715
464
1,215
819
280
1,405
548
427
n
89
53
n.a.
r 102 71
328
826
183
424
470
314
481
707
157
448
505
320
374
419
443
430
409
439
434
432
436
379
456
401
398
6,169
7,341
8,113
7,285
rlO477
-488
635
200
641
1,351
657
1,144
723
1 ,287
1,809
928
758
720
730
834
768
792
794
783
775
769
786
725
n,a.
r
n.a.
Not available.
Revised.
1
Beginning with July 1953, data are from the daily statement of cash deposits and withdrawals ot the U. S. Treasury where available; otherwise 2from the monthly Budget statement. For a description of classifications prior to that date, see earlier issues of the BULLETIN.
Includes estate and gift taxes.
3
Includes taxes for old-age and unemployment insurance, carriers taxes, and veterans life insurance premiums.
^Represents mostly nontax receipts.
includes net redemptions of armed forces leave bonds.
includes special International Bank and Monetary Fund notes.
Includes payments from veterans life insurance funds.
8
Includes
benefit
payments
for
old-age
and
unemployment
insurance and Government employees and railroad retirement funds.
9
Beginning new reporting basis, described in Treasury Bulletin for April 1954, p. A2.
10
Monthly figures do not add to fiscal year because figures for unclassified items are not available for November-June.
UNITED STATES SAVINGS BONDS—SALES, REDEMPTIONS, AND AMOUNT OUTSTANDING
[In millions of doll ars]
All series
Calendar year
or month
Redemptions 1
Sales
Total
1946
1947
1948
1949
1950
1951
1952
1953
1954
..
Redemptions 1
Outstanding
(end of
period)
Sales
Total
Before
maturity 2
Redemptions 1
Outstanding
(end of
period)
Sales
Total
Before
maturity
Outstanding
(end of
period)
7,427
6,694
7.295
5.833
. . . . 6,074
6.243
4,889
4.840
4,708
5,323
5,951
4,529
4,408
4.079
4,583
49,776
52,053
55,051
56,707
58,019
4,466
4,085
4,224
4,208
3,668
5,632
4,181
4,011
3,905
4,435
5,340
3,821
3,579
3,276
3,695
33,410
33,739
34,438
35,206
34,930
2,962
2,609
3,071
1,626
2,406
611
708
829
803
888
611
708
829
803
888
16,366
18,314
20,613
21,501
23,089
3,961
4,161
4,800
6,173
5,150
4.565
5,552
6.348
4,571
3,806
3,613
3.655
57,587
57,940
57,710
57.672
3,190
3,575
4,368
4.889
4,079
3,657
3,643
3.920
3,500
2,896
2.629
2,804
34,728
35,324
36,663
38,233
770
586
432
1,284
1,071
908
1,909
2.428
1,071
908
984
851
22,859
22,616
21,047
19.439
456
466
557
742
602
614
535
488
496
494
487
462
451
468
454
566
308
226
306
58,126
58,186
57,672
369
384
445
293
294
348
224
196
232
37,930
38,069
38,233
87
82
112
175
160
218
20,196
20,118
19,439
691
433
520
623
520
544
532
480
659
505
368
-134
161
332
255
263
324
256
402
182
57,967
58,225
58,366
58,326
58,346
58,365
58,407
58.450
58.290
58,261
573
465
518
448
419
428
439
439
414
404
337
257
336
330
343
373
353
344
340
305
190
63
176
229
236
230
242
223
228
193
38,515
38,721
38,914
39,063
39,181
39,285
39,432
39,553
39,656
39,780
169
137
95
87
69
68
55
48
48
47
354
176
184
293
177
171
180
136
319
200
84
30
74
178
-197
-15
103
19
33
82
33
174
-12
..
1954—Oct.
Nov...."..-...
Dec
1955—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Before
maturity
Series F, G, J and K
Series A-E and H
-..
19,451
19,504
19,452
19,263
19,166
19,080
18,975
18,897
18.635
18,481
1
A change in procedure for processing redeemed savings bonds, beginning in June 1954, resulted in a high level of redemptions which were not
classified between matured and unmatured bonds. This and the subsequent distribution of these redemptions temporarily obscured relationships 2between matured and unmatured classifications.
Redemptions of extended Series E bonds are included with matured issues.
NOTE,—Sales and redemptions (the latter including exchanges) of bonds are shown at issue price; amounts outstanding are at current redemption value and include only interest-bearing issues.
NOVEMBER
1955
1253
UNITED STATES GOVERNMENT DEBT—VOLUME AND KIND OF SECURITIES
[On basis of daily statements of United States Treasury. In millions of dollars]
Public issues*
Nonmarketable
Marketable
Total
gross
debt 1
Total
gross
direct
debt*
Total
1940—Dec.......
1941—Dec
1942—Dec.......
1943—Dec
1944—Dec
1945—Dec
...
1946—Dec
1947—Dec.......
1948—Dec.. „
1949—Dec
1950—Dec
1951—Dec. .
1952—June.
Dec
1953—June
..
Dec
1954—June
50,942
64,262
112,471
170,108
232,144
278,682
259,487
256,981
252,854
257,160
256,731
259,461
259,151
267,445
266,123
275,244
271,341
45,025
57,938
108,170
165,877
230,630
278,115
259,149
256,900
252,800
257,130
256,708
259,419
259,105
267,391
266,071
275.168
271,260
39,089
50,469
98,276
151,805
212,565
255,693
233,064
225,250
218,865
221,123
220,575
221,168
219,124
226,143
223,408
231.684
226,681
1954—Oct...
Nov
Dec
278,786 278,752 234,161 158,148 19,509 18,184 36,188 75,597
278,888 278,853 234,160 158,152 19,507 18,184 36,196 75,596
278,784 278,750 233,165 157,832 19,506 28,458 28,033 76,129
1955—Jan...,
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
278,463
278,209
274,080
276,686
277,515
274,418
277,626
278,352
277,524
279,866
End of
month
278,439
278,182
274,048
276,649
277,472
274,374
277,584
278,309
277,476
279,818
233,427
233,517
229,103
232,233
232,563
228,491
231,615
231,472
230,988
233,619
Total
Bills
35,645
41,562
76,488
115,230
161,648
198,778
176,613
165,758
157,482
155,123
152,450
142,685
140,407
148,581
147,335
154,631
150,354
157,834
157,752
153,350
156,578
158,404
155,206
158,571
158,860
159,475
162,544
1,310
2,002
6,627
13,072
16,428
17,037
17,033
15,136
12,224
12,319
13,627
18,102
17,219
21,713
19,707
19.511
19,515
19,507
19,505
19,505
19,507
19,511
19,514
19,913
20,311
20,810
20,812
Certificates of Notes
indebtedness
10,534
22,843
30,401
38,155
29,987
21,220
26,525
29,636
5,373
29,078
28,423
16,712
15,854
26.386
18,405
28,462
21,455
17,722
20,932
17,046
13,836
16,037
9,047
9,047
12,017
6,178
5,997
9,863
11,175
23,039
22,967
10,090
11,375
7,131
8,249
39,258
18,409
18,963
30,266
30,425
31.406
31,960
28,037
35,280
34,989
35,007
40,718
40,729
40,746
47,608
47,707
47,797
Bonds
Bank
eligible*
Bank
restricted
28,156
33,563
44,519
55,591
66,931
68,403
69,866
68,391
61,966
55,283
44,557
41,049
48,343
58,874
64,104
63,927
71,802
4,945
12,550
24,850
52,216
49,636
49,636
49,636
49,636
49,636
36,048
27,460
21,016
17,245
13.400
8,672
81,828
81,512
81,134
81,132
81,130
81,128
81,875
81,894
^81,910
81,918
Convertible
bonds
Total*
Savings
bonds
' 12',060
13,095
12,500
12,340
11.989
11,861
3,444
8,907
21,788
36,574
50,917
56,915
56,451
59,492
61,383
66,000
68,125
66,423
65,622
65,062
63,733
65,065
64,465
3,195
6,140
15,050
27,363
40,361
48,183
49,776
52,053
55,051
56,707
58,019
57,587
57,685
57,940
57,886
57,710
58,061
Tax
and
savings
notes
8,669 11,787 64,226 58,126
8,668 11,780 64,228 58,186
5,706 11,767 63,565 57,672
11,764
11,738
11,710
11,692
11,687
11,676
11,659
11,637
11,538
11,448
63,830
64,027
64,043
63,963
62,473
61,609
61,384
60,975
59,975
59,628
57,967
58,225
58,366
58,326
58,346
58,365
58,407
58,450
58,290
58,261
2,471
6,384
8,586
9,843
8,235
5,725
5,384
4,572
7,610
8,640
7,534
6,612
5,770
4,453
6.026
5,079
Special
issues
5,370
6,982
9,032
12,703
16,326
20,000
24,585
28,955
31,714
33,896
33,707
35,902
37,739
39,150
40,538
41,197
42,229
4,766 42,238
4,704 42,351
4,548 42,566
4,498
4,443
4,318
4,279
2,804
1,913
1,655
1,202
399
81
42,268
42,047
42,097
41,691
42,240
43,250
43,340
44,238
43,891
43,657
Corrected.
1
Includes some debt not subject to statutory
debt limitation (such debt amounted to 478 million dollars on Oct. 31, 1955) and fully guar2
anteed
securities, not shown separately.
Includes noninterest-bearing debt, not shown separately.
3
Includes
amounts
held
by
Government
agencies
and trust funds, which aggregated 7,312 million dollars on Sept. 30, 1955.
4
Includes Treasury bonds and minor amounts of Panama Canal and Postal Savings bonds.
5
Includes Series A investment bonds, depositary bonds, armed forces leave bonds, and adjusted service bonds, not shown separately.
OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED
[Par value in millions of dollars]
End of month
Total
Held by
U. S. Government
gross
agencies and1
debt
(includtrust funds
ing guaranteed
Special Public
securiissues
issues
ties)
Held by the public
Total
Insurance
companies
6,900
2,000
8,200
4,000
11,300 10,100
15,100 16,400
19,600 21,400
24,000 '22,200
24,900 15,300
23,900 14,100
21,200 14,800
20,100 16,800
18,700 19,700
17.100 '20,100
16,500 20,700
15,700 18,800
16,100 19,900
16,000 18,400
15,800 21,000
15,300 16,400
1,000
2,100
4,300
6,500
6,300
7,300
7,900
8,100
8,800
9,400
9,600
10,400
11,100
12,000
12,900
14,300
2,800
7,800
5,400
8,200
13,400 10,300
24,700 12,900
36,200 17,100
42,900 '21,200
44,200 20,100
46,200 19,400
47,800 17,600
49,300 17,000
49,600 16,700
49,100 16,300
49,100 15,500
49,000 15,700
49,200 16,000
49,300 17,100
49,400 15,800
49,500 15,000
2,300
4,400
7,000
9,100
8,100
8,400
8,900
9,400
10,500
10,700
10,600
11,600
11,700
12,800
13,200
13,700
18,100
18,100
18,700
19,300
19,300
14,400
14,400
14,500
14,600
14,600
49,700
49.700
49,800
49,900
50,000
14,500
14,100
14,000
13,600
13,400
13,600
13,700
14,000
13,800
13,900
15,200 20,000
15,200 21,200
15,000 19,000
15,000 20,100
14,900 21,200
14,800 18,800
14,900 19,600
15,000 21,000
15,000
15,300
15,500
15,700
15,900
16,000
16,300
16,400
50,000 13,600
50,100 13,900
50,200 14,300
50,200 14,300
50,200 14,300
50,200 14,000
50,300 14,400
50,300 14,200
13,900
13,900
14,200
14,400
14,400
14,400
15,000
14,900
5.370
6,982
9,032
12,703
16,326
20,000
24,585
28,955
31,714
33,896
33,707
34,653
35,902
37,739
39,150
40,538
41,197
42,229
2,260
2,558
3,218
4,242
5,348
7,048
6,338
5,404
5,614
5,464
5,490
6,305
6,379
6,596
6,743
7,022
7,116
7,111
43,312
54,722
100,221
153,163
210,470
251,634
228,564
222,622
215,526
217,800
217,533
214,293
217,180
214,816
221,552
218,563
226,931
222,001
2,184
2,254
6,189
11,543
18,846
24,262
23,350
22,559
23,333
18,885
20,778
22,982
23,801
22,906
24,697
24,746
25,916
25,037
17,300
21,400
41,100
59,900
77,700
90,800
74,500
68,700
62,500
66,800
61,800
58,400
61,600
61,100
63,400
58,800
63,700
63,600
3,200
3,700
4,500
6,100
8,300
10,700
11,800
12,000
11,500
11,400
10,900
10,200
9,800
9,600
9,500
9,500
9,200
9,100
1954—Aug
Sept,
Oct
Nov
Dec
274,982
274,838
278,786
278,888
278,784
42,479
42,407
42,238
42,351
42,566
7,032
7,042
7,047
7,080
7,043
225,471
225,389
229,501
229,457
229,175
24,023
24,271
24,381
24,888
24,932
67,100
67,100
70,100
69,700
69,200
9,000
8,900
8,900
8,800
8,800
1955—Jan
Feb
Mar
Apr
May
278,463
278,209
274,080
276,686
277,515
274,418
277,626
278,352
42,268
7,167 229,028 23,885
42,047
7,202 228,960 23,605
42,097
7,257 224,726 23,613
41,691
7,229 227,766 23,612
42,240
7,223 228,052 23,662
43,250 '7,287 '223,881 23,607
43,340
7,300 226,986 24,091
44 , 238 7,315 226,799 23,760
68,700
66,900
64,200
65,700
64,700
63,400
63,600
62,500
8,800
8,800
8,800
8,800
8,800
8,700
• 8,800
8,800
June
July
Aug
Individuals
Mutual
savings
banks
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
Dec
267,445
266,123
1953—June
275,244
Dec
1954—June.. . . 271,341
1940—Dec
1941—Dec
1942—Dec
1943—Dec
1944—Dec.
1945—Dec
1946—Dec
1947—Dec
1948—Dec
1949—Dec
1950—Dec
1951_June
Dec
1952—June.
State
and
local
governments
ComFederal
Reserve mercial
Banks banks2
15,100
15,100
15,100
15,000
15,000
Other
corporations
500
700
Miscellaneous
invesSavings Other
3
bonds securities tors
700
900
'Revised.
1
Includes
2
Includes
3
the Postal Savings System.
holdings by banks in territories and insular possessions, which amounted to 250 million dollars on June 30, 1955.
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.
1254
FEDERAL RESERVE BULLETIN
UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES
Direct Public Issues Outstanding October 31, 1955
[On basis of daily statements of United States Treasury. In millions of dollars]
Issue and coupon rate
Issue and coupon rate
Amount
Treasury Bills1
Nov.
Nov.
Nov.
Nov.
3,
10,
17,
25,
1955
1955
1955
1955
1,601
1,601
1,601
1,600
Dec.
Dec.
Dec.
Dec.
Dec.
1,
8,
15,
22,
29,
1955
1955
1955
1955
1955
1,600
1,602
1,602
1.601
1,601
Jan.
Jan.
Jan.
Jan.
5,
12,
19,
26,
1956
1956
1956
1956
1,600
1,601
1,601
1,602
Certificates
Dec. 15, 1955
Mar. 22, 195622
Tune 22, 1956
June 22, 19562
Issue and coupon rate
Amount
IM
^
2
2M
5,359
2,202
1.486
2,970
Treasury notes
Dec. 15, 1955,
1% 6,854
Mar. 15, 1956
1% 8,472
Apr. 1,1956
1*4 1,007
Aug. 15, 1956
2 12,547
550
Oct. 1, 1956.
l}4
Mar. 15, 1957
2% 2,997
531
Apr. 1, 1957. .
iy2
May 15, 1957
1% 4.155
Aug. 15, 1957
2 3,792
824
Oct. 1, 1957
IH
383
Apr. 1 , 1 9 5 8 . . . . . . . 13^
121
Oct. 1,1958
1M
102
Feb. 15, 1959
1%
Apr. 1, 1959
1H
139
Issue and coupon rate
Treasury notes—Cont.
Ort. 1, 1959
\
Aor. t, 1060.
\
Oct. 1,1960
\
Treasury bonds
Mar. 15, 1956-58. ..2
Sept. 15, 1956-593.. 2
Sept. 15, 1956-59. . .2
Mar. 15, 1957-59... 2
June 15, 1958
2
June 15, 1958-633. .2
Dec. 15, 1958
2
June 15, 1959-62. . . 2
Dec. 15, 1959-62. . . 2
Nov. 15, 1960... . . 2
Dec. 15, 1960-653. .2
Sept. 15, 1961
2
Nov. 15, 1961
2
Aug. 15, 1963
2
June 15, 1962-67...2
Amount
Treasury bonds—Cont.
Dec. IS, 1963-68...2}
June 15, 1964-69.
Dec. IS, 1964-69.
Mar. 15, 1965-70.
Mar. 15, 1966-71.
June 15, 1967-72.
Sept. 15, 1967-72.
Dec. 15, 1967-72.
Tune 15. 1978-83.
Feb. 15, 1995
....3
2,825
3,753
3,829
4,717
2,960
1,880
2,716
3,807
1,606
2,745
Panama Canal L o a n . . . 3
50
Convertible bonds
Investment Series B
Apr. 1, 1975-80. . .2%
11,448
iSold on discount basis. See table
on Money Market Rates, p. 1249.
3
Tax anticipation series.
Partially tax-exempt.
2
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
U.S.
Fed- Com- MuTotal Govt.
eral
agentual
meroutRecies
savcial
stand- and
serve
ings
ing
trust Banks DanKS banks
funds
Type of security:
Total marketable
and convertible:
1953—June
159,675
IQKI
X I/O™
Dec
Time
W U.I1O ,
Dec
1955—j 1 i n e
X U\J*J
V LtlJ.V> • • .
• • « *
•
July
Aug
Treasury bills:
1953—June
Dec
1954—June
Dec
1955—June
July
Aug
Certificates:
1953—June
Dec
1954—June
Dec
1955—June
July.....
Aug
Treasury notes:
1953—June
Dec
1954—June
Dec
1955—June
July
Aug
Marketable bonds:i
1953—June
Dec. . . .
1954—June
Dec
1955—June
July
Aug
166,619
162,216
169,599
166,882
170,230
170,497
6,898
6,989
6,985
6,918
7,162
7,177
7,192
19,707
19,511
19,515
19,507
19,514
19,913
20,311
106
102
46
51
40
48
30
15,854
26,386
18,405
28,458
13,836
16,037
9,047
Insurance
companies
Other
Life
9,347
9,120
8 667
8,371
8,339
8,429
8,521
4,808
4,905
4,854
4,958
4,779
4,789
4,806
53,694
55,233
52,121
55,226
59,260
61,804
63,358
4,411
4,368
4,187
4,399
2,721
2,775
2,712
120
126
98
75
84
87
120
327
410
520
537
537
528
672
132
109
101
125
93
88
104
13,155
11,402
12,248
12,115
15,153
15,126
15,634
30 4,996 4,351
63 5,967 9,215
41 6,600 4,942
4 13,882 4,835
8 8,274 1,455
8 8,382 1,978
4 2,520 1,274
87
184
101
57
53
43
21
27
37
7
4
4
12
7
310 6,052
445 10,475
202 6,511
179 0,496
70 3,973
77 5,537
60 5,162
529 5,678
605 5,814
592 6,531
675 7,310
718 12,502
713 12,830
732 14,096
23
8
64
46
119
118
112
13,774
13,289
13,029
6,044
11,646
11,646
17,400
10,355
11,510
11,423
13,649
15,385
15,091
14,911
62
130
221
242
289
287
289
5
52
99
67
71
61
69
81,349
77*327
80,474
81,835
81,128
81,875
81,894
3,300
3,377
3,395
3,378
3,556
3,564
3,607
4,522
3,667
3,093
2,802
2,802
2,802
2,802
32,066
30,671
35,481
38,037
35,942
35,834
35,708
7,232
6,820
6,669
6,499
6,422
6,462
6,446
5,855
5,686
5,164
4,898
4,873
4,984
4,942
3,484
3,418
3,641
3,673
3,606
3,620
3,619
U.S.
Govt. Fed- Com- Muagen- eral
mer- tual
Recies
savcial
and serve
ings
trust Banks banks banks
24,890
23.68S
23,032
22,548
23,927
21,611
24,769
Type of security:
Convertible bonds
(Investment
Series B):
1953—June
Dec
1954—June
Dec.
1955—June
July
Aug
Marketable securrities, maturing:
Within 1 year:
1953—June
Dec
1954—June
Dec
1955-June
July
Aug
1-5 years:
1953—June
Dec
1954—June
Dec
1955—June
July
Aug
5-10 years:
1953—June
Dec
1954—June
Dec
1955—June
July
Aug
After 10 years:
1953—June
Dec
1954-June
Dec
1955—June
July
Aug
12,340
11,989
11,861
11 767
11,676
11,659
11,637
Insurance
companies
Other
Life
funds
8,816
8,524
8 353
8,113
8,069
8,100
8,096
30,425
31,406
31,960
28,033
40,729
40,746
47,608
End of month
Other
24,746 51,365
25,916 55,933
25 037 56.199
24,932 61,082
23,607 55,667
24,091 55,842
23,760 54,765
1,455
2,993
2,316
2,204
886
1,261
1,039
Total
outstanding
3,439
3 439
3^439
3,439
3,439
3,439
3,439
182
168
165
163
164
163
160
1,314
1,264
1,265
1,239
1,222
1,222
1,220
3,133
2,935
2,876
2,865
2,854
2,843
2,830
Other
353
328
317
305
291
292
291
3,919
3,854
3,800
3,756
3,706
3,700
3,697
64,589
73,235
60,123
62,827
49,703
52,283
58,238
163
175
107
70
74
78
76
15,505
16,972
16,280
19,417
17,405
17,889
19,245
19,580
25,062
17,684
15,738
7,187
7,617
•8,132
476
475
294
159
164
157
200
390 1,082 27,393
468 1,061 29,023
652 24,568
537
546
598 26,301
554
256 24,062
257 25,736
550
295 29,592
698
32,330
29,367
27,965
29,606
38,188
38,205
32,520
152
192
205
137
199
192
162
6,452
6,155
6,307
3,087
3,773
3,773
2,087
18,344
16,056
14,624
18,846
21,712
464
431
476
502
533
524
493
109
123
155
158
152
139
139
914 5,895
980 5,430
890 5,308
1,022
5,855
1,187 10,633
1,206 10,983
1,181 8,661
18,677
20,292
30,542
33,677
33,687
33,687
33,687
422
418
494
477
506
475
505
1,374
1,374
1,035
1,014
1,014
1,014
1,014
8,772
10,051
18,741
21,101
21,110
1,395
1,315
1,389
1,544
1,405
21,083 1,367
21,094 1,359
745
725
516
439
388
388
369
1,104
1,198
1,655
1,664
1,639
1,634
1,631
31,739
2,723
1,415
1,415
1,415
1,415
1,415
1,415
1,415
; 31,736 2,765
31,725
31,719
33,628
34,397
34,415
2,740
2,796
2,944
2,992
3,010
21,388
19,797
4,488
4,595
4,985
5,234
5,494
5,167
5,039
4,930
4,668
4,746
5,590 4,830
5,582 4,823
4,969
4,868
4,582
4,364
4,390
4,509
4,485
4,865
5,211
6,711
7,439
7,626
7,726
7,715
1,356 11,621
1,339 11,716
1,339 11,734
1,369 11,874
1,406 13,233
1,401 13,660
1,407 13,694
*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.
includes Treasury bonds and minor amounts of Panama Canal and Postal Savings bonds.
NOVEMBER 1955
1255
NEW SECURITY ISSUES 1
[Estimates, in millions of dollars]
Proposed u s e s of n e t proceeds,
8
Gross proceeds, all issuers 2
all corporate issuers
Noncorporate
Year or
month
1939
1940 .
...
Tota 1
5,687
6,564
1,128
1,238
50
24
2,164 1,979
2,677 2,386
1,276
1,628
703
758
98
183
87
108
4?0
76?
325
38
1
2
1
506
956
524
435
661
795
30
5
97
22
47
2,667 2,389 1,578
1,062
506
917
621
1,170
990
3,202 2,670 1,892
6,011 4,855 3,851
811
411
369
778
110
34
56
163
397
1, 040
1,004
167
112
124
369
758
1,157
2,324
2,690
2,907
3,532
3,189
4,401
5,558
6,969
56
451
891
778
614
736
811
3, 889
s,
6 f>S1
1 1 . 466
33 846
4 2 , 815
1946
1947
1948
1949
1950
18,685
19,941
20.250
21,110
19,893
10, 217
10, S8Q
10 3?7
1 1 , 804
9, 687
357
21,265
27,209
28,824
29,765
9,
12,
13,
1?
778
577
957
S3?
110
459
106
458
,
.
.....
1951
1952
1953
1954.
1954—Sept,
Oct
Nov
Dec.
1955—j a n >
Feb
Mar.
Apr
May
June
J u l y -r . . , .
Aug.
Sept.
Pre- ComNew 7 lanemon Total money
of
Pub- Pri- ferred
ous
stock
stock
pur- bank
Total licly vately
offered placed
poses debt,
etc. 8
13
109
15,157
35,438
44,518
56,310
54,712
•5?
47 353
2,125
6,544
1 350
2,552
464
4 , 611
466
SS7
2,706
1 431
2,583
1 654
4,399
1,915
2,487
1,656
1,623
74?
602
614
535
216
30
132
282
6,900
6,577
7,078
6,052
6,361
4,881
5,035
5,973
4,890
4,920
3,019
2,888
2,963
2,434
2,360
1,862 1,126
2,147 761
3,010 492
2,455 424
2,560 631
446
237
306
289
7,741 5,691
9,534 7,601
8,898 7,083
9,516 7,488
2,364
3,645
3,856
4,003
3.326
3,957
3,228
3,484
156
2
652
184
716
30
3
496
1, 265
509
481
615
459
3
4
906
71
541
328
540
429
350
651
35
1
9
15
2
4
470
15
259
390 " ' • 3 "
1,008
1,130
422
1,019
672
501
1,420
675
998
796
737
887
749
Retirement
Mis-
33?
2 , S17
1941 ..
1942
1943
1944 ..
1945.,
.
capital
Bonds
State
FedU.S.
and
Governeral 4 mu- Others Total
8
ment agency nicipal
?
]\ew
Corporate
581
886
838
564
489
816
305
26
19
69
174
1,695
1,854
868
474
308
657
28
35
27
47
133
144
138
73
49
134
1,583
231
168
379 2,868
356 1,352
234
5, 558
4, 990
3 ,279
4 ,591
S ,929
4 ,606
4 ,006
315
364
488
1,212 7, 120
1,369 8, 716
1,326 8, 495
1,213 7 490
6 ,531
8 ,180
7 ,960
6 ,780
226
363
53 7
53 5
70 >
1
60
470
116
343
205
52
37
265 1, 003
64
62
747
854
288
566
62
103
604
484
364
871
475
694
533
252
156
524
297
465
190
232
208
346
178
229
344
53
25
37
54
95
57
135
113
512
146
209
206
136
508
304
447
164
270
53
16
82
569
647
408
7S3
1 347
813
321
583
672
574
Retirement
of
securities
1 ,
1 ,080
1<M
903
fSQ7
101
200
93
486
664
260
,875
247
515
89
400
465
362
1 ,190
444
791
635
81
74
71
50
112
62
114
56
135
165
74
81
856
244
146
46
514
623
562
583
654
680
307
637
401
620 1,271
42
705
S46
436
396
789
2,389
4,555
109
123
140
216
55
69
32
US
P r o p o s e d uses of n e t p r o c e e d s , by m a j o r g r o u p s of c o r p o r a t e issuers
Year or
Commercial and
miscellaneous
Manufacturing
Total
New Retire- Total
net
cap- ments10 proital'
ceeds
Total
net
proceeds
New
capital'
1,391
1,175
3,066
3,973
2 218
2,234
1 847
1 0?fi
2 ,846
3 ,712
? 1?8
2 ,044
44
149
221
261
90
190
338
538
310
474
462
512
502
831
56
24
40
93
1954—September..
October....
November..
December..
149
278
108
187
109
273
105
123
40
5
3
64
58
144
74
137
58
127
73
132
1
1955—January
February...
March
April
May
June . . .
July r
August . . .
September..
186
84
632
167
163
68
547
141
376
164
215
119
167
23
16
85
26
48
10
138
50
18
50
100
96
38
45
88
94
37
1949
I960
1951
1952..
1953....
1954
424
174
354
169
186
Retire- net
ments 10 pro-
ceeds
518
536
542
923
46
121
66
41
82
42
110
66
36
76
28
63
16
4
5
12
3
1
4
11
1
5
6
New Retire- Total
net
cap- ments10 proital'
ceeds
?
New Retire- Total
net
10
proital» ments ceeds
New Retire- Total
net
cap- ments10 proital'
ceeds
,412
2 ,626
,972
3 ,665
2,043
1,927
2,326
2,539
2,905
2,675
333
682
53
225
36
270
276
? ,608
771
437
758
553
501
163
47
69
70
40
22
18
52
123
25
51
18
247
272
61
459
174
212
46
153
74
60
15
305
329
98
74
44
326
98
20
43
80
8
36
107
55
37
8
36
18
55
52
27
45
50
43
239
108
224
214
198
101
196
178
41
8
27
36
7
44
27
18
24
795
806
490
983
589
57
28
203
55
784
609
11
196
89
5
1
158
5
247
275
103
91
221
230
260
103
90
208
Real estate
and financial
Communic ition
Public utility
Transportation
85
88
67
990
17
15
"i"
13
567
395
605
753
874
711
70
45
90
29
517
314
New Retirecap- ments11'
ital'
49
81
593
739
558
639
3
"54
1
47
274
27
108
41
270
26
100
6
26
21
12
2
18
6
6
97
148
381
114
24
31
39
600
747
871
651
5
449
515
6
448
508
3 1,561 1,536
60 1,061
788
45
90
19 ""io
97
145
368
108
181
177
80
78
128
127
276
274
163 ; 160
35
100
66
60
24
273
7
4
1
8
2
13
6
5
2
2
3
••Revised.
1
Estimates of new issues sold for cash in the United States.
2
Gross proceeds are derived by multiplying
principal amounts
3
4
Includes
issues guaranteed.
Issues not guaranteed.
5
or number of units by offering price.
Includes foreign government; International Bank; and domestic eleemosynary and other nonprofit.
^Estimated net proceeds are equal to estimated gross proceeds less cost of 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.
w
Retirement of securities only.
Source.—Securities and Exchange Commission.
1256
FEDERAL RESERVE BULLETIN
SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS
[In millions of dollars]
Quarterly
Annual
Industry
1953
1949
1950
1951
1952
1953
1954
1955
1954
Manufacturing
Total (200 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
Nondurable goods industries (94 corps.): 1
Sales.
Profits before taxes
Profits after taxes
Dividends
Durable goods industries (106 corps.): 2
Sales
Profits before taxes
Profits after taxes
Dividends
Selected industries:
Foods and kindred products (28 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
Chemicals and allied products (26 corps.):
Sales
Profits before taxes..
Profits after taxes
Dividends
Petroleum refining (14 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
Primary metals and products (39 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
Machinery (27 corps.):
Sales
,
Profits before taxes
Profits after taxes
Dividends.
Automobiles and equipment (15 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
38,176 45,598
250 8,133
,200
244
,32
737
,693
266 63
,806
271
,530 3,191
,064 2,062
57,898 15,014 14,342 14,887 13,494 15,175 16,545 17,852
1,420 1,780 1,947 1,570 1,899 2,444 2,753
915
803 1,109 1,210 1,385
908
992
643
525
529
782
576
530
574
,281 16,238 18,903 19.25J 20,704 20,621 5,196 5,066 5,079 5,046 5,429 5,508 5,744
,93
,054
,420
,756
60
,833 3,018
695
699
657
705
845
797
,653
,52
,592
394
,353
,384 1,517
381
391
370
448
441
469
974
920
,053
942
964
287
233
236
237
345
255
259
785
29,360 33,790
,196 5,201
,386
,890 2,547
,008
951 1,354
,143
35,011 42,396 37 ,277 9,818 9,276 9,808 8,448 9,746 11,037 12,108
913 1,194 1,646 1,908
814 1,085 1,248
4 ,438 5,320 ,442
433
521
1 80 2,115 ,223
527
601
661
916
770
288
356
1 120 1,102 ,315
294
437
317
296
319
4,223 4,402 4,909 5,04: 5,411 5,464 1,394 1,33 1,351 1,339 1,437 1,355 1,465
434
532
473
446
461
107
99
122
465
132
108
132
99
268
227
28<
204
22.
54
46
211
59
63
56
64
46
149
159
4.
36
161
154
15
156
39
45
36
36
36
3,904 4,817 5,
5,965 6,373 6,18: 1,528 1,50: 1,540 1,518 1,622 1,721 1,811
734 1,178 1,490 1,257 1,308 1,17;
232
334
282
282
277
367
381
597
128
194
441
138
142
137
183
193
520
61:
485
521
135
194
467
100
102
114
115
338
99
41
49;
396
381
4,003 4,369 5,092 5,418 5,891 6,015 1,530 1,511 1,473 1,471 1,560 1,567 1,612
709
907
722
188
174
83746
223
195
154
207
198
582
490
520
166
134
557
59«
564
154
142
134
145
148
454
235
282
292
261
287
71
71
72
76
76
76
204
77
8,184 10,448 12,507
11,564 13,750 11,52: 3,193 2,91: 3,021 2,715 2,874 3,301 3,847
996 1,706 2,09( 1,166 1,825 1,37.
295
407
30:
360
630
306
487
196
580
85778
793
71
151
180
235
312
578
151
241
113
37;
382
100
92
110
286
368
378
40"
92
125
115
4,366 5,075 6,189 7,08< 8,015 7,753 2,039 1,919 1,939 1,866 2,030 1,955 2,046
85
520
1,005
975 1,010
899
193
23'
199
209
232
251
25:
42<
321
381
47C
115
370
402
10'
102
143
110
121
11
209
13;
200
263
192
91
64
163
65
67
67
76
58
9,57 11,80: 12,496 12,825 16,37 13.94C 3,495 3,485 3,731 2,922 3,802 4,729 5,031
434
1,47. 2,30= 1,91 1,945 2,048 1,74
235
532
299
476
819
885
214
861 1,08
705
82
25
698
747
168
367
415
127
229
114
451
479
113
67
462
463
52S
108
115
11
106
196
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
8,580 9,473 10,39 10,581 10,664 9,37 2,582 2,275 2,335 2,366 2,395 2,302 2,521
700 1,38. 1,26C 1,451 1,404
900
272
199
156
226
319
259
358
784
87
674
219
136
438
69;
832
88
172
277
175
242
412
162
312
328
338
96
37!
73
252
74
136
101
90
5,06' 5.52S 6,058 6,549 7,136 7,61(
1,129 1,31. 1,482 1,740 1,895 2,04"
822
81
947 1,030 1.14C
757
61
651
725
78C
85'
560
1,826 1,984 1,819
1,831 1,976 2,171 1,993
570
460
48;
478
513
636
523
321
260
266
264
288
341
296
212
212
210
211
224
229
225
2,96 3,342 3,729 4,136 4,525 4,90:
333
691
580
787
925 1,051
207
341
384
52^
33
452
21
318
355
44*
276
412
1,178 1,174 1,210 1,233 1,285 1,298 1,340
242
248
26:
262
284
306
315
122
116
141
125
143
156
152
108
112
109
111
122
116
118
1
2
Includes 26 companies in groups not shown separately, as follows: textile mill products (10); paper and allied products (15); miscellaneous (1).
Includes 25 companies in groups not shown separately, as follows: building materials (12); transportation equipment other than automobile
(6); and miscellaneous (7).
NOTE.—Manufacturing corporations. Data are from published company reports, except sales which are obtained from the Securities and
Exchange Commission.
Railroads. Figures are for Class I line-haul railroads (which account for 95 per cent of all railroad operations) and are obtained from reports
of the Interstate Commerce Commission.
Electric power. Figures are for Class A and B electric utilities (which account for about 95 per cent of all electric power operations) and are
obtained from reports of the Federal Power Commission, except that quarterly figures on operating revenue and profits before taxes are partly
estimated by the Federal Reserve to include affiliated nonelectric operations.
Telephone. Revenues and profits are for telephone operations of the Bell System Consolidated (including the 20 operating subsidiaries and
the Long Lines and General departments of American Telephone and Telegraph Company) and for two affiliated telephone companies, which
together represent about 85 per cent of all telephone operations. Dividends are for the 20 operating subsidiaries and the two affiliates. Data
are obtained from the Federal Communications Commission.
All series. Profits before taxes refer to income after all charges and before Federal income taxes and dividends. For description of series
and back figures, see pp. 662-666 of the BULLETIN for June 1949 (manufacturing); pp. 215-217 of the BULLETIN for March 1942 (public utilities);,
and p . 908 of the BULLETIN for September 1944 (electric power).
NOVEMBER
1955
1257
NET CHANGE IN OUTSTANDING CORPORATE SECURITIES 1
[Estimates, in millions of dollars]
PROFITS, TAXES, AND DIVIDENDS OF
UNITED STATES CORPORATIONS
[Quarterly estimates at seasonally adjusted annual
rates. In billions of dollars]
All types
Profits
before
taxes
Income
taxes
1.4
10.7
1954—1. .
2..
3. .
4. .
6.4
19.0
29.5
32.8
26.2
40.0
41.2
35.9
38.3
34.0
32.7
33.7
33.5
36.0
1955—1. ,
2. .
31.
40.9
43.0
44.0
Year or
quarter
1939
1945
1947
1948
1949
1950
1951
1952
1953
1954
11.3
12.5
10.4
17.8
22.5
19.8
21.3
17.1
16.4
16.9
16.8
18.1
20.5
21.6
22.1
Profits Cash Undisafter
divi- tributed
taxes dends profits
5.0
8.3
18.2
20.3
15.8
22.1
3.8
4.7
6.5
7.2
7.5
9.2
18.7
16.1
17.0
17.0
16.3
16.8
16.7
17.9
9.1
9.0
9.3
10.0
Year or
quarter
1.2
3.6
11.7
13.0
8.3
12.9
9.6
7.2
7.7
6.9
6.6
7.0
6.7
7.3
10.2
10.7
10.9
9.7
9.8
10.0
10.6
20.4 10.2
21 .4 10.7
21.9 .11.0
Bonds and notes
Stocks
New Retire- Net
issues ments change
New Retire- Net
New Retire- Net
issues ments change issues ments change
1947
1948
1949
1950
6,882
7,570
6,731
7,224
>,523
:L.683
l ,875
$,501
4,359
5,887
4,856
3,724
5,015
5,938
4,867
4,806
2,011
1,283
1,583
2,802
3,004
4,655
3,284
2,004
1,867
1,632
1,864
2,418
512
400
292
698
1,355
1,232
1,572
1,720
1951
1952
1953
1954
9,048
10,679
9,550
11,715
J.772
5,751
>,428
>,353
6,277 5,682
7,927 7,344
7,121 6,651
6,361 7,872
2,105
2,403
1,896
3,897
3,577
4,940
4,755
3,975
3,366
3,335
2,898
3,843
666
348
533
1,456
2,700
2,987
2,366
2,386
1954—2. . . 2,858
3 . . . 3,027
4. . . 3,128
1,139
1,314
1,923
1,719
1,714
1,205
1,863
2,314
2,075
847
938
1,354
995
1,016
713
1,377
721 1,053
292
376
569
703
337
484
1955—1. . . 3,065
2 . . . 3,084
1,347 1,719
L ,677 1,407
1,681
1,802
702
767
979 1,384
1,034 1,282
645
910
740
373
1
Reflects cash transactions only. As compared with data shown on p. 1256, 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. 1256.
Source.—Securities and Exchange Commission.
Preliminary estimates by Council of Economic Advisers.
Source.—Department of Commerce.
CURRENT ASSETS AND LIABILITIES OF UNITED STATES CORPORATIONS *
[Estimates, in billions of dollars]
Current liabilities
Current assets
Net
working
capital
End of year
or quarter
Total
Cash
24.5
51.6
54.5
97 4
10.8
21 7
68 6
72.4
81.6
133 0
133.1
161.5
1951
1952
1953
86 5
90.1
92.6
179 1
186.2
189 6
1954—3 <
4...
1955_1
95 5
95 8
183 9
187 3
98.1
100.6
187.9
190.1
25.3
26.5
28.1
30.0
30.8
30.9
30 3
31.7
30.3
30.8
1939
1945... . . .
1948
1949
1950..
.
2
...
U. S.
Government
securities
Notes and accts.
receivable
U. S.
Govt. 2
Other
.0
2.7
22.1
23.2
2.2
21.1
14.8
16.8
19.7
20.7
19.9
21.0
18 1
19.3
19.0
18.8
42 . 4
43.0
1.1
2.7
2.8
2.6
55.7
58.8
64.6
64.8
2 3
2 4
65.1
66.2
2.2
2.1
67.8
70.1
Inventories
18.0
26.3
48.9
45.3
55.1
64.9
65.8
67.9
65.4
65.1
65.8
65.5
Notes and accts.
payable
Other
Other
Other
Federal
income
tax
liabilities
21.9
24.8
1.2
10.4
6.9
9.7
11.5
47.9
16.7
9.3
13.5
14.0
14.9
Total
U. S.
Govt. 2
1.4
2.4
30.0
45.8
.0
.9
1.6
1.4
1.7
64.4
60.7
79.8
.4
2.1
2.4
2.4
92.6
96.1
97.0
1.3
2.3
2.2
53.6
57.0
56.3
21 3
18.1
19 2
16 5
18.7
19 3
2.7
2.6
88.4
91.5
2.6
2.4
52.3
54 0
14.0
15.7
19 5
19 4
2.8
2,8
89.8
89.6
2.5
2.3
54.2
54.9
13.4
12.1
19.7
20.1
39 . 3
37 . 5
1
2
Excludes banks and insurance companies.
Receivables from and payables to U. S. Government do not include amounts offset against
each other on corporations' books.
Source.—Securities and Exchange Commission.
BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT *
[Estimates, in millions of dollars]
Total
Manufacturing
Mining
Railroads
Transportation
other
than
rail
5,512
8,692
1,943
3,983
326
383
280
548
365
574
520
505
302
321
1,776
2,378
1948
1949
1950. . . . . . . .
1951
22,059
19,285
20,605
25,644
9,134
7,149
7,491
10,852
882
792
707
929
1,319
1,352
1,111
1,474
1,285
L.212
1,490
2,543
3,125
3,309
3,664
1,742
1,320
1,104
1,319
5,154
4,660
5,671
5,916
1952
1953.
1954 4
1955 ...
26,493
28,322
26,827
27,896
11,632
11,908
11,038
11,193
985
986
975
895
1,396
1,311
L.500
1,565
1,512
1,563
3,887
4,552
4,219
4,445
1,537 5,557
1,690 6,310
1,717 6.513
8,891
Year
1939
1945
854
910
887
Public Com2
utili- muni- Other
cations
ties
Total
Manu- Transfactur- portaing
tion
and
incl.
minrailing
roads
Public
All
utili- others
ties
1953—3
4
7,084
7,625
3,116
3,565
708
743
1,221
1,247
2,039
2,070
1954—1
2
3
4
6,266
6,932
6,640
6,988
2,788
3,120
2,896
3,209
634
620
553
559
1,121
1,060
1,109
929
1,916
2,071
2,133
2,110
1955—1
2
3*
4*.
5,847
7,009
7,724
7,316
2,435
3,030
3,315
3,308
538
637
666
632
1,052
1,313
1,235
845
2,030
2,290
2,430
2,141
Quarter
1
2
Corporate and noncorporate business, excluding agriculture.
Includes trade, service, finance, and construction.
4
Includes communications and other.
Anticipated by business.
Sources.—Department of Commerce and Securities and Exchange Commission.
8
1258
FEDERAL RESERVE BULLETIN
REAL ESTATE CREDIT STATISTICS
MORTGAGE DEBT OUTSTANDING, BY TYPE OF PROPERTY MORTGAGED AND TYPE OF MORTGAGE HOLDER
[In billions of dollars]
Nonfarm
All properties
End of year
or quarter
All
holders
1- to 4-family houses
Multi-family and
commercial properties1
Total
Financial
institutions
Other
holders
Financial
institutions
31.2
30.8
29.9
29.7
30.8
36,9
43.9
50.9
57.1
66.7
75.6
84.0
93.4
105.4
18.4
18.2
17.8
17.9
18 6
23.0
28.2
33.3
37.6
45 2
51.7
58.4
66.0
75.7
11.2
11.5
11.5
11.7
12.2
16.0
20.6
25 0
28.5
35 4
41.0
46.8
53 5
62 A
7.2
6.7
6.3
6.2
6.4
7.0
7.6
8.3
9.1
9,8
Other
holders
Financial
insti- Selected Inditutions Federal viduals
and
agenothers
cies
All
holders
2.8
14.9
14.2
13.6
13.3
13.7
15,1
16.6
17.8
18.7
19 8
20.7
21.9
23.3
25.0
37.6
36.7
35.3
34.7
1945
....
........
35 5
1946.
41.8
1947
48.9
1948
..
......
56 2
1949
62.7
1950
72 8
1951
82.2
1952...............
91.2
1953
101 0
1954
113.5
20.7
20.7
20.2
20.2
21 0
26.0
31.8
37 8
42.9
51 6
59.5
66.8
75.0
85.7
June
September
December. . . .
103.1
106.2
109.7
113.5
76.9
79.5
82.5
85.7
2.7
2.7
2.7
2.8
23.6
24.1
24.5
25.0
95.3
98.2
101.6
105.4
67.6
69.9
72.7
75.7
1955—March
Tune.
September?...
117.2
121 9
126.3
88.7
92 6
96.3
2.9
3 0
25.5
26 3
27.0
108.7
113.1
117 A
78.5
82.1
85.6
1941
1942...
.
1943
1944
1954—March
2.0
1.8
1.4
1.1
.9
.6
.5
.6
1.1
1 4
2.0
2.4
2.8
3.0
Farm
Total
10.7
11.7
12.5
13.2
12.9
12.5
12.1
11.8
12.2
13.8
15.7
17.6
19.5
21 6
23.9
25.6
27.4
29.7
10 9
12.3
13 9
15.9
17.2
18 5
20.0
55.0
57.2
59.7
62.4
12.5
12.6
12.9
13.2
27.7
28.3
29.0
29.7
65.0
68.2
71.4
13.5
13 8
14.2
30.3
31.0
31.8
Other
holders
All
holders
Financial
Other
insti- holders 2
tutions
6.4
6.0
5.4
4,9
1 .5
1 4
4 8
4 9
I 3
5,6
2.1
2 3
8.3
8,9
6 1
6 6
7.2
7 7
9.7
8.2
3.3
4 9
4 5
4 1
3 7
3 4
3 4
3 3
3 4
3 5
3 7
4 0
4.3
4 6
4 9
18.7
19.1
19.5
20.0
9.0
9.2
9.4
9.7
7.8
8.0
8.1
8.2
3.1
3.2
3.2
3.3
4.7
4 8
4.9
4.9
20.4
20.9
21.4
9.9
10.2
10.4
8.4
8 8
3 4
3 5
5 1
5 3
9.0
3.6
5.4
8.1
7.8
7.4
7.2
7 4
8.5
9.5
4.8
4.7
4.6
4.6
4.7
5.4
6.1
6.7
7.2
7.6
8.0
5.1
5 3
a
e
7
0
2.6
2.8
3 0
pPreliminary.
1
2
Derived figures, which include negligible amount of farm loans held by savings and loan associatiens.
Derived figures, which include
debt held by Federal land banks and Farmers Home Administration.
NOTE.—Figures for first three quarters of each year 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 i
fin millions of dollars]
End of year
or quarter
Commercial bank holdings2
Mutual savings bank holdings4
:Nonfarm
Nonfarm
Residential*
Total
Total
Total
1941
1942
1943
1944
1945
1946
1947
1948
1949.
1950
1951.
1952
1953
1954
4 ,906
4 ,746
4 ,521
4 430
4 ,779
7 ?34
9 ,446
10 807
11 ,644
,664
14 7,3?
867
16 8 5 0
18 ,573
1954—March
Tnn*»
4 ,340
4 ,256
4 ,058
,3 067
4 ,951
6 5,3,3
8 6?3
10 073
10 ,736
1? ,695
1,3 7?8
14 8 0 0
1.5 , 7 6 8
17 ,415
3 ?9?
3 .33?
3 ,256
,3
3 305
,5 146
6 033
8 ,066
8 ,676
10 431
11 ?70
1? 188
1? ,07.5
14 ,152
Farm
FHA- VA- Coninguar- vensured anteed tional
7 071
3 01?
.3 061
4 ,106 3 ,350
4 070
5 501
,5 ,0.51
6 695
16 070 15 870 1? 06,5
.3
3 075
17 ,382 16 ,242 13 , 9 ^ 9
3 069
3 117
5
6
6
6
.3 471
,3 675
3 01?
070
153
400
695
Residential®
Total
Total
Other
Total
1 ,048
924
80?
740
856
1 ,387
1 ,600
1 ,057
2 ,060
? ,?64
9 ,4.58
?
9 ,84.3
3 ,263
00.5
566
491
463
463
521
702
823
874
900
968
L,004
1,058
1,082
,159
,100
3 ,010
,140
3 ,115 1 ,150
3 ,263 1 ,159
4 81? 4 , 784 3,884
4 ,627 4 6 0 1 3,725
4 ,420 4 , 3 0 5 3,558
4 .305 4
3,476
4 ,?08 4 , 184 3,387
4 441 4 415 3,588
4 856 4 8 9 8 3,937
5 ,806 5 77,3 4,758
6 ,705 6 , 668 5,569
8 9 1 8 7,054
8
0 860
0 016
8,595
11 370 11 3 9 ? 9,883
1? ,04,3 1? 8 0 0 11,334
15 ,007 14, 951 13,211
1.3 ,34.5
13 ,881
14 ,415
15 ,007
13 70? 11,700
13 8 ? 6 12,181
14, 360 12,665
14, 951 13,211
4 020 3 235
4 106 3 350
1955—March
10
17 090 14 5,3 S 4 90S ,3 4 SO 6 880 ,3 ,385 1 ,205 15 ,560 15 50,3 13,745
1 0 ,940 18 677 1 5
4 3 6 1 3 601 7 166 3 , 540 1 ,263 16 173 16, 114 14,339
Tune
September 5 *.. . 20 ,625 19 ,335 15 ,600 4 485 3 685 7 430 3 ,735 1 ,290 16 ,855 16, 795 15,000
September
December
17 ,920 16 ,770 13 ,655
18 ,573 17 , 4 1 5 14 ,152
FHA- VA- Coninguar- vensured anteed tional
Other
900
876
837
805
797
827
891
9 567
1,726 1 3 0 3
3 ,168 2,237 1 477
7Q?
3
3,053
3 ,800 4,262 5 149
1 ,015
1 ,099
164
1 274
1 444
1 556
1 ,740
,3 560 3,295
845 1 ,592
3 6 5 0 3,579 4 0 4 9 1 645
3 ,725 3,900 5 040 1 ,695
3 ,800 4,262 5 149 1 ,740
.3 80S 4,600 5 9 SO 1 ,758
4 0 0 0 4,076 s 3 6 9 1 775
4 ,125 5,385 5 490 1 ,795
Far IB
26
25
24
24
26
28
34
37
44
47
53
53
56
53
55
55
56
57
59
60
pPreliminary.
1
Includes all banks in the United States and possessions. 2 Includes loans held by nondeposit trust companies but excludes holdings of
trust departments of commercial banks. March and September figures are Federal Reserve estimates based on data from Member Bank Call
Report and from weekly reporting member banks.
3 Data not available for all classifications prior to December 1951.
4
Through 1946, figures except for the grand total are estimates based on Federal Reserve preliminary tabulation of a revised series of banking
statistics.
March and September figures are Federal Reserve estimates based in part on data from National Association of Mutual Savings Banks.
5
Commercial bank holdings at the end of September reflect classification corrections based on a survey of credit extended to real estate mortgage lenders and a business loan survey. These corrections reduced holdings about 300 million dollars; current figures are not strictly comparable
with earlier ones.
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
1955
1259
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
Nonfarm
Year or month
Total
Total
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
898
855
935
976
.
. .
1954—September
October
November
December
1955—January
February
March
April
May
June
July
August
September
. . . .
. . .
.
1,661
2,786
3,407
3,430
4.894
5,134
3,978
4,345
'•5,344
1,483
2,520
3,114
3,123
4,532
4,723
3,606
3.925
'4,931
'486
'469
'573
FHAinsured
451
1,202
1,350
1,486
1,058
864
817
VAguaranteed
600
366
131
938
1,294
429
455
Farm
Other
1,378
53
'55
157
148
>-630
>-461
r444
'540
588
80
62
184
'207
f-251
'241
'276
'319
521
495
563
480
525
519
488
536
513
479
443
493
431
481
478
454
503
485
69
66
161
118
154
128
135
151
118
140
127
249
259
262
232
270
256
264
286
278
71
76
71
72
77
80
FHAinsured
Total
5,972
6,442
6,726
6,714
6,686
6,636
7,155
8,675
10,833
12,906
16,102
19,314
21,251
23,322
25,976
5,073
5,529
5,830
5 873
5,886
5,860
6,360
7,780
9,843
11,768
14,775
17,787
19,546
21,436
23,928
1,096
1 286
1 408
1,394
1 228
1,398
2,381
3,454
4,573
5,257
5,681
6,012
6,116
25
25,083
25 '25,308
33 '•25,622
'42 25,976
42
26,223
52
26,474
70
26,727
49
26,949
44
27,217
41
27,483
34
27,748
33
28,001
28
28,250
23,062
'23,279
'23,585
23,928
24,171
24,405
24,629
24,824
25,067
25,310
25,551
25,787
26,025
178
266
293
307
362
411
372
420
413
1,469
1,546
1,642
2,108
2,371
2,313
2,653
••2,881
'672
77
Total
Farm
VAguaranteed
Other
1,104
1,223
2 025
3,130
3,346
3 560
4,643
4 405
4 714
4 734
4 587
4 478
4 466
4 878
5,539
6 358
7,091
8 177
9 400
10,519
11 864
13 169
1,138
1 327
1,527
1,705
1 886
2,048
6,092
'6,097
'6,127
6,116
4,193
'4,308
'4,457
4,643
'12,734
12,874
13,001
13,169
2,021
'2,029
'2,037
2,048
6,132
6,156
6,166
6,171
6,200
6,202
6,225
6,244
6,260
4,771
4 861
4,982
5,070
5,168
5,297
5,373
5.468
5,573
13,268
13 388
13 481
13,583
13,699
13,811
13,953
14,075
14,192
2,052
2 069
2 098
2,125
2,150
2,173
2,197
2,214
2,225
668
815
254
843
899
913
896
841
800
776
795
895
990
'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]
Loans outstanding (end of period)2
Loans made, by purpose
Year or
month
Average
amount
recorded
(dollars)
Insurance
companies
Com- Mutual
mersavcial
ings
banks banks
Other
1,628
1,351
1,274
1,446
1,639
2,497
2,567
2,535
2,488
3,032
2,878
3,028
3,164
3,458
4,732
3,943
3,861
4,606
5,650
10,589
11,729
11,882
11,828
16,179
16,405
18,018
19,747
22,974
1,490
1,170
1,237
1,560
2,017
3,483
3,650
3,629
3,646
5,060
5,295
6,452
7,365
8,312
404
362
280
257
250
503
847
1,016
1,046
1,618
1,615
1,420
1,480
1,768
1,166
886
753
878
1,097
2,712
3,004
2,664
2,446
3,365
3,370
3,600
3,680
4,239
218
166
152
165
217
548
597
745
750
1,064
1,013
1,137
1,327
1,501
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
7,154
2,906
2,918
3,031
3,186
3,448
4,241
4,570
4,688
4,755
5,335
5,701
5,950
6,241
6,644
19,400 1954-Sept...
Oct....
Nov...
Dec...
20,257
313
314
307
318
2,122
2,156
2,148
2,267
766
765
757
784
164
178
177
191
383
393
399
420
141
140
147
158
668
679
667
714
6,789
6,874
7,004
7,131
1955-Jan....
Feb
Mar...
Apr
May...
June...
22,387
July...
Aug—
Sept...
23,617
284
277
343
328
344
360
335
366
342
2,024
1,958
2,455
2,357
2,483
2,636
2,463
2,697
2,522
688
702
928
900
950
1,024
953
1,060
946
165
151
174
165
163
174
161
163
155
379
365
458
456
482
516
472
521
505
128
116
134
136
153
171
168
179
168
665
624
761
700
734
750
708
773
747
7,120
7,077
7,153
7,182
7,215
7,312
7,348
7,362
7,377
Home
purchase
Other
purposes 1
TotaH
1,379
1,051
1,184
1,454
1,913
3,584
3,811
3,607
3,636
5,237
5,250
6,617
7,767
8,969
437
190
106
95
181
616
894
1,046
1,083
1,767
1,657
2,105
2,475
3,076
581
574
802
1,064
1,358
2,357
2,128
1,710
1,559
2,246
2,357
2,955
3,488
3,846
361
287
276
295
374
611
789
851
994
1,224
1,236
1,557
1,804
2,047
4,578
4,583
4,584
4,800
5,376
7,141
8,856
10,305
11,616
13,622
15,520
18,336
21,882
26,142
563
717
841
864
904
1,044
1,171
2,397
2,586
2,969
3,125
3,385
3,961
4,714
7,345
8,313
9,812
11,530
14,047
16,877
20,257
1954-Sept...
Oct....i
Nov..J
Dec...
828
824
807
853
282
283
278
295
369
364
357
369
177
177
172
189
25,053
1,150
4,503
26,142
1,171
4,714
1955-Jan....
Feb....
Mar...
Apr....
May...
June...
July...
Aug....
Sept P. .
744
775
1,026
1,016
1,069
1,157
1,054
1,171
1,012
252
265
386
380
395
418
371
416
342
326
340
427
430
470
536
494
553
503
166
171
212
205
205
203
188
201
167
27,313
1,232
4,946
28,988
1,283
5,318
30^6i6
U50" 5,649
ConVAFHAguarveninsured anteed tional 3
21,135
p1 Preliminary.
Includes loans for repair, additions and alterations, refinancing, etc.
2
Prior to 1948, data are not available for classifications shown.
3 Excludes shares pledged against mortgage loans.
Source.—Home Loan Bank Board.
Number
Savings &
loan
assns.
New
construction
1260
Amount, by type of lender
Year
or
month
Total
Total
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
NONFARM MORTGAGE RECORDINGS OF $20,000 OR L E S S
[Number in thousands; amount (except averages) in millions of dollars]
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
Source.—Home Loan Bank Board*
FEDERAL RESERVE BULLETIN
REAL ESTATE CREDIT STATISTICS —Continued
MORTGAGE DEBT OUTSTANDING ON
NONFARM 1- TO 4-FAMILY PROPERTIES
[In billions of dollars]
GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE
[In millions of dollars]
VA-guaranteed loans 3
FHA-insured loans
Year
or
month
Home
mortgages
Total
Total
New
properties
Proj- Property
ectimtype proveTotal
Ex- mortisting gages1 ment 2
proploans
erties
Home
mortgages
Alter
ation
Exand
New
repair 2
prop- isting
properties erties
857
3,058
5,074
5,222
5,250
7,416
6,834
5,830
6,946
7,323
665
756
1,788
3,341
3,826
4,343
3,220
3,113
3,882
3,066
1954—Sept...
Oct....
Nov...
Dec...
679
770
760
843
269
252
266
287
77
80
91
92
59
74
92
109
33
9
7
23
101
89
76
63
410
518
494
556
252
307
304
337
157
211
189
219
.5
.4
.5
.4
1955—Jan....
Feb...
Mar...
Apr...
May. .
June..
July...
Aug.. .
Sept...
931
840
856
809
832
888
803
967
937
309
274
324
294
284
336
283
350
347
107
89
109
93
93
107
92
113
113
145
138
160
151
136
163
138
166
162
5
12
9
5
3
5
3
4
9
52
36
46
45
51
62
50
67
64
622
567
532
515
548
552
520
617
590
390
357
345
319
341
348
332
386
378
231
209
186
195
207
204
187
230
211
1.2
.7
.6
.6
.5
.6
.5
.8
.5
1945
1946
1947
1948
1949
1950
1951
1952.
1953
1954
257
20
171
192
217
120
13
321 2,302
302
477
360
534 3,286
418
1,434
609
614 1,881
684
1,319
594 1,424
892 1,021
1,637
694 3,073
856 1,157
1,216
582
708 3,614
713
969
322
848 2,721
974
1,259 1,030
259 1,334 3,064
1,035
232
891 4,257
907
793
629
1,865 1,202
2,667
942
1,824
890
2,045 1,014
2,686 1,566
3
5
6
6
6
5
1
Monthly figures do hot reflect mortgage amendments included in annual totals.
2
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
for3 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.
Author- Comized
mitfunds ments
ununcomdismitted bursed
1948
1949
1950
1951
1952
1953
1954
1955—January....
February...
March
April
May
June
July
August
September..
Total
FHA- VAguarinsured anteed
Mortgage
Mortpurgage
chases
sales
(during (during
period) period)
528
848
918
661
1,085
550
227
824
485
239
323
638
476
199
828
1,347
1,850
2,242
2,462
2,434
188
403
169
204
320
621
802
11
425
1,178
L.646
1,922
1,841
1,632
198
672
1,044
677
538
542
614
20'
469
111
56
221
525
631
678
654
603
547
476
2,362
2,368
2,396
2,434
745
752
773
802
1,618
1,616
1,623
11,632
38
39
50
64
19
23
11
15
418
359
287
215
163
127
116
104
105
2,462
2,488
2,512
2,545
2,562
2,567
2,567
2,573
2,564
817
832
839
855
860
867
868
C
876
871
1,645
1,656
L,673
L,690
L,7O2
L,700
L.699
,696
: ,693
48
48
54
58
39
21
15
19
11
10
8
18
11
7
3
1
1
1
0)
1954—September..
October
November..
December. .
Mortgage holdings
C1)
0)
0)
0 )1
C)
C1)
0)
c
Corrected.
*No authorization figures shown after October since under its new charter,
effective Nov. 1,1954, FNMA maintains three separate programs, for which the
type of fund authorization varies. Other figures represent the combined programs: secondary market, special assistance, and management and liquidation.
Source.—Federal National Mortgage Association.
NOVEMBER
1955
Conventional
Total
Total
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
18.6
23.0
28.2
33.3
37.6
45.2
51.7
58.4
66.0
75.. 7
1952—Dec...
1953—Mar...
June...
Sept...
Dec...
1954—Mar...
June...
FHA- VAinguarsured anteed
4.3
6.1
9.3
12.5
15.0
18.9
22.9
25.4
28.1
32.1
4.1
3.7
3.8
5.3
6.9
8.6
9.7
10.8
12.0
12.8
.2
2.4
5.5
7.2
8.1
10.3
13.2
14.6
16.1
19.3
14.3
16.9
18.9
20.8
22.6
26.3
28.8
33.0
37.9
43.6
58.4
25.4
10.8
14.6
33.0
60.1
62.3
64.4
66.0
26.1
26.7
27.5
28.1
11.1
11.4
11.7
12.0
15.0
15.3
15.8
16.1
34.0
35.6
36.9
37.9
Sept... 72.7
Dec... 75.7
67.6
69.9
28.8
29.7
30.5
32.1
12.2
12.4
12.6
12.8
16.6
17.3
17.9
19.3
38.8
40.2
42.2
43.6
1955—Mar. .. 78.5
June... 82.1
Sept.? . 85.6
33.5
35.5
36.9
13.2 20.3
13.5 22.0
13.8 ,23.1
45.0
46.5
48.7
^Preliminary.
NOTE.—-For total debt outstanding, figures for
first three quarters are Federal Reserve estimates.
For conventional, figures are derived.
Sources.—Home Loan Bank Board, Federal Housing Administration, Veterans Administration, and
Federal Reserve.
FEDERAL HOME LOAN BANK ILENDING
[In millions of dollars]
FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY !
[In millions of dollars]
End of year
or month
Governmentunderwritten
End of
year or
quarter
Year or month
Advances
Repayments
Advances outstanding
(end of period)
Total
Short-1
term
Long-2
term
1945
1946
1947
1948
1949
1950 . .
1951.
1952
1953
1954
278
329
351
360
256
675
423
586
728
734
213
231
209
280
337
292
433
528
640
818
195
293
436
515
433
816
806
864
952
867
176
184
218
257
231
547
508
565
634
612
19
109
217
258
202
269
298
299
317
255
1954—October
November..
December..
63
74
171
45
38
47
708
743
867
471
495
612
236
248
255
1955—January....
February...
March
April
May
June
July
August....
September..
October
38
34
71
85
104
237
152
156
115
90
188
63
58
33
37
42
107
30
27
21
717
688
702
754
821
1,017
1,061
1,187
1,275
1,344
491
466
464
497
542
715
748
822
885
932
226
223
238
257
279
302
313
365
390
412
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
1261
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
Repair
consumer and modAutomobile
goods
paper1
ernization
paper i
loans 2
Total
Total
1939
1940
1941
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
1954—September
October
November
December....
1955—January . . . .
February
March
April
May
June
July
August
September
Noninstalment credit
1,497
2,071
2,458
7,222
8,338
9,172
5,665
8,384
11,570
14,411
17,104
20,813
21,468
25,827
29,537
30,125
28,856
28,975
29,209
30,125
4,503
5,514
6,085
2,462
4,172
6,695
8,968
11,516
14,490
14,837
18,684
22,187
22,467
21,935
21,952
22,014
22,467
1,924
3,054
4,699
6,342
6,242
8,099
10,341
10,396
10,365
10,340
10,296
10,396
1,290
2,143
2,842
3,486
4,337
4,270
5,328
5,831
5,668
5,287
5,324
5,398
5,668
29,760
29,518
29,948
30,655
31,568
32,471
32,896
33,636
34,293
22,436
22,508
22,974
23,513
24,149
24,914
25,476
26,155
26,699
10,459
10,641
11,053
11,482
11,985
12,561
13,038
13,547
13,929
5,609
5,484
5,479
5,492
5,555
5,639
5,676
5,762
5,848
455
981
Personal
loans
Total
1,642
1,637
1,631
1,616
1,088
1,245
1,322
1,009
1,496
1,910
2,229
2,444
2,805
3,235
3,851
4,366
4,787
4,641
4,651
4,689
4,787
2,719
2,824
3,087
3,203
4,212
4,875
5,443
5,588
6,323
6,631
7,143
7,350
7,658
6,921
7,023
7,195
7,658
1,574
1,550
1,530
1,534
1,546
1,562
1,570
1,589
1,611
4,794
4,833
4,912
5,005
5,063
5,152
5,192
5,257
5,311
7,324
7,010
6,974
7,142
7,419
7,557
7,420
7,481
7,594
1,620
1,827
1,929
•298
371
376
816
182
405
718
843
887
1,006
1,090
1,406
1,649
1,616
Singlepayment
loans
Charge
accounts
Service
credit
1,122
1,356
1,445
1,532
1,821
1,934
2,094
2,219
2,420
2,335
2,377
2,407
2,420
1,414
1,471
1,645
1,612
2,076
2,353
2,713
2,680
3,006
3,096
3,342
3,411
3,518
2,807
2,892
3,042
3,518
1,014
1,166
1,285
1,376
1,496
1,601
1,707
1,720
1,720
1,779
1,754
1,746
1,720
2,371
2,427
2,481
2,496
2,589
2,686
2,595
2,629
2,657
3,225
2,831
2,735
2,859
3,011
3,040
2,991
3,019
3,108
1,728
1,752
1,758
1,787
1,819
1,831
1,834
1,833
1,829
787
800
845
746
518
553
597
845
includes all consumer instalment credit extended for the purpose of purchasing automobiles and other consumer goods and secured by the
items purchased, whether held by retail outlets or financial institutions. Includes credit on purchases by individuals of automobiles or other
consumer
goods that may be used in part for business.
2
Includes only repair and modernization loans held by financial institutions; such loans held by retail outlets are included in "other consumer
goods paper."
NOTE.—Monthly figures for the period December 1939 through 1951 and a general description of the series are shown on pp. 336-354 of the
BULLETIN for April 1953. Revised monthly figures are shown in later BULLETINS: 1952, November 1953, p. 1214; 1953, November 1954, p. 1212.
A detailed description of the methods used to derive the estimates may be obtained from Division of Research and Statistics.
INSTALMENT CREDIT, BY HOLDER
[Estimated amounts outstanding, in millions of dollars]
Financial institutions
Retail outlets
Total
instalment
credit
Total
Commercial
banks
Sales
finance
companies
Credit
unions
Other
Total
4,503
5,514
6,085
3,065
3,918
4,480
1,079
1,452
1,726
1,197
1,575
1,797
132
171
198
657
720
759
1,438
1,596
1,605
2,462
4,172
6,695
8,968
11,516
14,490
14,837
18,684
22,187
22,467
1,776
3,235
5,255
7,092
9,247
11,820
12,077
15,410
18,758
18,935
1,567
2,625
3,529
4,439
5,798
5,771
7,524
8,998
8,633
1,355
1,990
2,950
3,785
3,769
4,833
6,147
6,421
300
677
102
151
235
334
438
590
635
837
686
937
1954—September
October
November
December
21,935
21,952
22,014
22,467
18,753
18,726
18,719
18,935
8,688
8,637
8,586
8,633
1955—-January
February
March
April. •
IVtay.
22,436
22,508
22,974
23,513
24,149
24,914
25,476
26,155
26,699
18,977
19,153
19,613
20,127
20,718
21,432
21,980
22,605
23,101
8,651
8,688
8,844
9,020
9,228
9,495
9,656
9,871
10,060
End of year
or month
1939
1940
1941. .
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954,
..
...
..
June
lulv
August
September
1
2
....
.
745
629
840
Furniture
stores
Household
appliance
stores
354
394
320
439
474
496
183
196
206
123
167
188
339
365
395
Department
stores 1
Automobile
dealers 2
Other
1,440
1,876
2,269
2,670
2,760
3,274
3,429
3,532
131
209
379
470
595
743
920
1,124
1,293
1,040
1,239
1,420
1,647
1,902
2,216
2,489
2,588
1.117
1,040
1,201
240
319
474
604
724
791
760
866
903
890
17
38
79
127
168
239
207
244
291
293
28
47
101
159
239
284
255
308
380
394
270
324
407
516
543
613
618
739
815
754
6,294
6,315
6,325
6,421
1,267
1,270
1,282
1,293
2,504
2,504
2,526
2,588
3,182
3,226
3,295
3,532
1,041
1,063
1,098
1,201
822
278
390
651
890
293
394
754
6,462
6,570
6,808
7,077
7,390
7,747
8,087
8,422
8,667
1,282
1,298
1,330
1,360
1,395
1,434
1,458
1,495
1,528
2,582
2,597
2,631
2,670
2,705
2,756
2,779
2,817
2,846
3,459
3,355
3,361
3,386
3,431
3,482
3,496
3,550
3,598
L ,158
1,108
L ,123
1,138
1,150
L,160
1,155
.167
1,191
862
848
838
291
286
280
397
404
420
751
709
700
437
699
830
846
834
842
851
856
871
878
282
283
278
277
279
281
284
283
390
390
457
481
501
523
538
661
678
705
711
703
70S
708
Includes mail-order houses.
Includes only automobile paper; other instalment credit held by automobile dealers is included with "other" retail outlets.
1262
FEDERAL RESERVE BULLETIN
STATISTICS ON SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT—Continued
NONINSTALMENT CREDIT, BY HOLDER
INSTALMENT CREDIT HELD BY COMMERCIAL BANKS.
BY TYPE OF CREDIT
[Estimated amounts outstanding, in millions of dollars'
[Estimated amounts outstanding, in millions of dollars
End of year
or month
Total
noninstalment
credit
Financial
institutions
(single-payment loans)
Service
credit
Commercial
banks
Other
625
636
693
162
164
152
236
251
275
1,178
1,220
1,370
518
553
597
674
290
452
532
575
584
641
685
730
748
764
1,322
1,624
1,821
2,138
2,096
2,365
2,411
2,612
2,663
2,754
1,014
1,166
1,285
1,376
1,496
1,601
1,707
1,720
1,720
. . . . 2,719
. . . . 2,824
3,087
1939
1940.
1941
Retail
outlets
(charge
accounts)
Department 1
stores
3,203
4,212
4,875
5,443
5,588
6,323
6,631
7,143
7,350
7,658
L ,008
L,203
1,261
1,334
1,576
1,684
1,844
L.899
2,085
72
114
153
184
198
245
250
250
320
335
1954—September.
October. . .
November.
December.
6,921
7,023
7,195
7,658
1,997
2,067
2,049
2,085
338
310
358
335
488
517
574
764
2,319
2,375
2,468
2,754
1,779
1,754
1,746
1,720
1955—January.. .
February..
March. . . .
April
May
June
July
August
September"
7,324
7,010
6,974
7,142
7,419
7,557
7,420
7,481
7,594
2,048
2,085
2,114
2,165
2,199
2,303
2,268
2,277
2,273
323
342
367
331
390
383
623
535
507
526
532
518
327
474
2,602
2,296
2,228
2,333
2,479
2,522
2,517
2,544
2,589
1,728
1,752
1,758
1,787
1,819
1 831
1,834
1,833
1,829
475
519
Repair
and
modernization
loans
Personal
loans
363
440
471
Purchased
Direct
1,079
1,452
1,726
237
339
447
178
276
338
166
232
309
135
165
161
745
1,567
2,625
3,529
4,439
5,798
5,771
7,524
8,998
8,633
66
169
352
575
849
1,177
1,135
1,633
2,215
2,198
143
311
539
753
046
1,294
L ,311
L.629
L ,867
L.645
114
299
550
794
1,016
1,456
1,315
1,751
2,078
1,839
110
242
437
568
715
834
888
1,137
1,317
1,275
312
546
747
839
913
1,037
1,122
1,374
1,521
1 .676
8,688
8,637
8,586
8,633
2,224
2,207
2,188
2,198
:1,663
L.686
L.636
1,645
1,835
1,822
1,822
1,839
1,299
1,296
1,287
1,275
L,644
L,649
L.653
1,676
1955—January... 8,651
February.. 8,688
March
8,844
April
9,020
May
9,228
June
9,495
July
9,656
Aueust.. . . 9,871
September. 10,060
2,208
2,241
2,309
2,371
2,466
2,591
2.656
2,765
2,842
1,656
1,680
1,751
L.818
L,880
1,940
1,995
2.041
2,088
1,859
1,845
1,846
1,842
1,865
1,897
1,921
1,950
1,986
1,241
1,219
1,201
1,205
1,211
1,223
1,231
1 ,243
1,259
1,687
L.7O3
1,737
1,784
L.806
L.844
1,853.
1,872
1,885
Total
instalment
credit
Other
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
352
384
Automobile
paper
Other
consumer
goods
End of year
or month
845
includes mail-order houses.
1939
1940
1941
. .
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
.
. .
1954—September.
October. . .
November.
December.
INSTALMENT CREDIT HELD BY FINANCIAL INSTITUTIONS OTHER THAN COMMERCIAL BANKS AND SALES
FINANCE COMPANIES, BY TYPE OF CREDIT
[Estimated amounts outstanding, in millions of dollars]
INSTALMENT CREDIT HELD BY SALES FINANCE
COMPANIES, BY TYPE OF CREDIT
Other
consumer
goods
paper
Repair
and
modernization
loans
Automobile
paper
1939
1940
1941
1,197
1,575
1,797
878
1,187
1,363
115
136
167
148
190
201
56
62
66
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
300
677
1,355
1,990
2,950
3,785
3,769
4,833
6,147
6,421
164
377
802
1,378
2,425
3,257
3,183
4,072
5,306
5,563
24
67
185
232
303
313
241
332
367
351
58
141
242
216
83
57
70
82
83
81
54
92
126
164
139
158
275
347
391
426
1954—September. . .
October...;..
November. . .
December
6,294
6,315
6,325
6,421
5,474
5,491
5,491
5,563
336
337
340
351
81
81
81
81
403
406
413
426
1955—January
February....
March
April...
May
June
July
August
September. . .
6,462
6,570
6,808
7,077
7,390
7,747
8,087
8,422
8,667
5,603
5,709
5,945
6,207
6,512
6,857
7,180
7.496
7,729
350
349
348
348
353
361
372
384
392
79
78
76
76
77
78
78
80
81
430
434
439
446
448
451
457
462
465
NOVEMBER 1955
Personal
loans
Repair
Personal
loans
Automobile
paper
789
891
957
81
102
122
24
30
36
15
16
14
669
743
785
731
991
1,275
1,573
1,858
2,237
2,537
3,053
3,613
3,881
54
77
130
189
240
330
358
457
573
596
20
34
69
99
137
182
209
279
337
340
14
22
39
59
89
115
132
187
249
260
643
858
1,037
1,226
1,392
1,610
1,838
2,130
2,454
2,685
1954—September. . . 3,771
October
3,774
November. . . 3,808
December
3,881
591
589
591
596
324
329
331
340
262
260
263
260
2,594
2,596
2,623
2,685
1955—January
February....
March
April
May
June
July
August
September. . .
595
607
628
649
670
692
706
722
732
338
339
344
353
363
380
388
401
410
254
253
253
253
258
261
261
266
271
2,677
2,696
2,736
2,775
2,809
2,857
2,882
2.923
2,961
End of year
or month
Total
instalment
credit
End of year
or month
Other
consumer
goods
paper
Total
instalment
credit
[Estimated amounts outstanding, in millions of dollars]
1939
1940
1941
,
1945
1946
1947
1948
1949.
1950
1951
1952
1953
1954
3,864
3,895
3,961
4,030
4,100
4,190
4,237
4.312
4,374
and
modernization
loans
NOTE.—Institutions included are consumer finance companies (operating primarily under State small-loan laws), credit unions, industrial
loan companies, mutual savings banks, savings and loan associations,
and other lending institutions holding consumer instalment loans.
1263
STATISTICS ON SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT—Continued
INSTALMENT CREDIT EXTENDED AND REPAID
[Estimates, in millions of dollars]
Other consumer
goods paper
Automobile
paper
Total
Year or month
Repair and
modernization loans
Extended
Repaid
Extended
Repaid
Extended
Repaid
1940
1941
8,219
9,425
7,208
8,854
3,086
3,823
2,512
3,436
2,588
2,929
2,381
2,827
328
312
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
5,379
8,495
12,713
15,540
18,002
21,256
22,791
28,397
30,321
29,304
5,093
6,785
10,190
13,267
15,454
18,282
22,444
24,550
26,818
29,024
999
941
1,969
3,692
5,280
7,182
8,928
9,362
12,306
13,621
12.532
1,443
2,749
4,150
5,537
7,285
9,462
10,449
11,379
12.477
2,024
3,077
4,498
5,280
5,533
6,458
6,518
7,959
8,014
7,700
1,999
2,603
3,645
4,581
4,889
5,607
6,585
6,901
7,511
7,863
206
423
704
702
721
826
853
2,441
2,454
2,554
3,046
2,407
2,437
2,492
2,593
1,062
1,031
1,040
1,184
1,046
1,056
1,084
1,084
629
687
716
936
2,389
2,416
3,159
3,089
3,206
3,443
3,131
3,436
3,241
2,420
2,344
2,693
2,550
2,570
2,678
2,569
2,757
2,697
11,060
997
985
616
529
708
703
2,474
2,461
2,612
2,762
2,404
2,424
2,500
2,488
2,823
2,898
3,035
3,017
3,091
3,165
3,122
3,200
3,279
2,496
2,521
2,562
2,552
2,634
2,612
2,602
2,714
2,691
Personal
loans
Extended
Repaid
255
307
2,217
2,361
2,060
2,284
1,243
1,387
1,245
143
200
391
577
677
707
769
927
1,144
1,278
2,150
3,026
3,819
4,278
4,566
5,044
6,058
6,889
7,299
7,827
2,010
2,539
3,405
3,959
4,351
4,683
5,628
6,273
6,784
7,406
636
650
642
666
115
106
108
95
115
111
114
110
635
630
690
831
610
620
652
733
675
654
713
690
67
72
99
106
109
96
119
102
646
648
783
768
639
609
704
675
Extended
Repaid
WITHOUT SEASONAL ADJUSTMENT
1Q54—Seotember
October
November
December
. .
.
1955—January
February
M!arch
April
. . . .
.
.
June
July
Ausfust
S e p t e m b e r ..
. . . .
1,167
L,569
1,512
1,616
]1,766
1L,594
1,745
1,592
11,157
1,083
1,113
741
678
121
109
728
670
:1,190
L ,117
1,236
1,210
766
711
793
783
682
674
707
697
125
111
130
128
109
103
111
106
786
715
768
738
697
675
703
684
,014
L.U39
1,083
609
633
677
679
634
652
631
643
106
92
101
99
118
106
113
108
682
668
725
686
638
627
658
654
1,020
1,071
788
660
741
736
736
754
791
770
684
680
683
672
687
678
697
720
87
97
109
109
115
109
107
113
104
97
116
109
122
109
102
105
688
673
667
678
686
660
671
694
756
696
119
108
715
759
713
768
723
722
714
758
SEASONALLY ADJUSTED*
1954—September
October
November
February
March
April
May
July
August
September
1,077
1,068
]1,109
11,298
1,233
1,382
1,472
1,404
1,517
1,580
:1,510
1,559
1,613
;1,098
11,096
1,093
1,139
1,165
.132
1,195
1,173
791
714
* Includes adjustment for differences in trading days
NOTE.—Back figures by months for the period 1940-52, together with a discussion of the composition and characteristics of the data and a
description of the methods used to derive the estimates, are shown in the BULLETIN for January 1954, pp. 9-22. Monthly figures for 1953 are
shown in the BULLETIN for November 1954, p. 1212. Estimates of instalment credit extended and repaid are based on information from accounting
records of retail outlets and financial institutions and include finance, insurance, and other charges incurred under the instalment contract. Renewals and refinancing of loans, repurchases and resales of instalment paper, and certain other transactions may increase the amount of both
credit extended and credit repaid without adding to the amount of credit outstanding.
FURNITURE STORE STATISTICS
Item
Percentage change
from preceding
month
RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE *
Percentage change
from corresponding
month of preceding
year
Sept.
1955
Aug.
1955
July
1955
Sept.
1955
Aug.
1955
July
1955
-3
-3
-3
-4
-4
-4
+8
+9
+7
+12
+14
+11
+15
+12
+14
+13
+15
+17
+9
+2
+12
+12
Accounts receivable, end
of month:
Total
Instalment
Charge accounts
+1
+1
+2
x\
+1
+9
+7
+14
+9
+6
+15
+7
+5
+15
Inventories, end of
month, at retail value.
+5
-3
+2
+3
4-3
Net sales:
Total
Credit sales:
Instalment
Charge account
+9
+1
1264
i
-3
0
Instalment accounts
Month
Charge
accounts
Household ap- Department
pliance
stores
stores
Department
stores
Furniture
stores
1954—September
October. .
November
December.
13
14
13
14
12
12
12
12
10
10
10
9
46
47
48
46
1955—January. .
February.
March....
April.
May
June
July......
August. . .
September
14
14
15
15
15
15
14
14
15
12
11
13
12
12
12
12
13
12
9
9
9
9
9
9
9
9
9
44
43
48
44
45
46
43
46
45
1
Collections during month as percentage of accounts outstanding at
beginning of month.
FEDERAL RESERVE BULLETIN
BUSINESS INDEXES
[The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation]
Construction
contracts
awarded (value) i
1947-49 = 100
Industrial production
(physical volume)*
1947-49 = 100
Year
or month
Manufactures
Total
Total
Durable
Nondurable
erals
Total
Residential
Employment and payrolls2
1947-49=100
other
Nonagricultural
employment
Freight
carloadManufacturing
ings*
production workers 1947-49
Employment
Payrolls
= 100
AdAdAd- Unad- Unad- AdAd- Unad- AdAdAdAdAdAdjusted justed justed justed justed justed justed justed justed justed justed justed justed justed
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
1926
1927
1928
1929
1930
51
51
53
59
49
50
50
52
58
52
49
53
60
45
48
50
51
69
69
56
51
63
64
63
68
59
73
71
76
52
30
67
68
70
70
67.6
67 9
68 0
71.0
66.7
65.5
64 1
64.2
68.3
59.5
1931
1932
1933
1934
1935
40
31
37
40
47
39
31
19
24
30
38
48
42
48
49
55
51
42
48
51
55
34
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
1936
1937
1938
1939.. . .
1940
56
61
48
58
55
60
46
49
61
64
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
87.9
103.9
121.4
118.1
104.0
48
30
36
39
46
57
66
69
63
71
62
68
76
73
63
49
15
14
17
20
62
DepartWholeConment
sale
sumer2 comstore
sales* prices modity2
(retail 1947-49 prices
value) 3 = 100 1947-49
1947-49
= 100
Adjusted
Unadjusted
Unadjusted
31.1
37.1
24.0
25.7
32 6
30.4
32.1
33.0
32 4
32 8
35.0
28.3
21.5
14.8
15 9
20.4
23.5
27.2
32 6
25.3
29.9
34.0
49.3
72.2
99.0
102.8
87.8
81.2
90
98
83
92
107
105
110
27
32
30
30
34
34
36
74
85
7o
7i
72
73
75
115
111
112
115
37
37
37
38
35
75 6
74 2
73 3
73 3
71.4
79
69
32
24
24
27
29
65
58
55
57
58
0
4
3
2
7
47
42
42
48
52
4
1
8
7
0
81
84
67
76
83
33
35
32
35
37
59
61
60
59
59
3
4
3
4
9
52
56
51
50
51
5
1
1
1
1
98
104
104
106
102
44
50
56
62
70
62
69
74
75
76
9
7
0
2
9
56
64
67
67
68
8
2
0
6
8
99
59
62
67
0
7
4
6
9
1
0
65 0
ft1} fl
62 9
61 9
56.1
67
57
66
55
35
49
63
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
82.8
90.9
96.3
95.0
91 5
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 4
99.4
101 6
99 0
102 3
97.9
103.4 97.7
102.8 105.1
93.8 97.2
99.6 111.7
100
108
104
88
97
90
98
104
98
105
83
95
102
101
102
4
5
8
8
8
78
96
104
99
103
7
4
4
2
1
1951
1952
1953
1954
120
124
'134
*>125
121
125
128
136
114
114
»136
*127
115
114
P137
^116
Pill
171
183
192
216
170
183
178
232
172
183
201
204
108.2
110 4
113 6
110 4
106.4
106.3
111 8
101.8
129.8
136.6
151.4
137.7
101
95
96
86
109
110
112
111
111
113
114
114
0
5
4
8
114
111
110
110
8
6
1
3
126
125
124
136
135
134
117
116
114
111
114
112
193
207
206
216
227
233
178
193
188
110.2
110.1
109.8
109.8
109.8
110.0
110.6
110.6
101.8
101.4
99.7
99.4
99.8
100.6
101.6
101.7
100.2
100.5
98.5
100.4
101.7
102.0
102.3
102.2
134.6
135.8
131.9
134.8
138.0
139.1
142.2
143.1
84
84
82
108
111
112
111
111
112
113
116
115 0
115 1
115 2
115.0
114.7
114.5
114.6
114.3
110 9
110 0
110 4
110 5
110.0
109.7
110.0
109.5
110.6
110.7
111.5
111.7
221 112.5
228 113.2
231 113.5
246 113.7
246 114.0
101.8
102.5
103.5
104.6
105.8
106.7
106.1
106.2
106.4
P106.8
101.2
102.3
103.3
103.6
104.1
105.8
104.7
107.2
108.2
P108.2
141.5
144.4
146.6
146.7
150.1
152.1
151.0
154.6
158.8
160.8
92
92
93
93
119
112
115
119
117
114
124
118
3>121
122
114.3
114.3
114.3
114 2
114 2
114 4
114 7
114.5
114.9
110.1
110.4
110 0
110 5
109 9
110 3
110 5
110.9
111 7
111.5
1954
May
June
July
August
September..
October
November..
December..
125
124
123
124
124
116
123
126
130
130
128
132
133
135
136
132
135
138
138
138
139
130
139
142
P146
123
124
126
128
130
125
126
128
130
131
135
137
139
142
143
114
115
117
118
119
109
108
109
113
116
218
231
241
255
259
244
253
263
264
277
202
217
226
250
248
133
134
136
138
145
147
148
151
121
121
124
126
120
123
121
119
288
297
291
286
243
238
239
230
140
141
141
153
155
155
127
128
126
121
122
120
261
261
260
253
158
160
P161
125
127
P128
122
P122
84
84
87
89
93
1955
January
February...
March
April
A*f a v . . . .
June
July . . . .
August....
September.
October
138
139
139
140
142
P142
142
144
245
253
257
259
250
280
290
296
278
256
96
94
95
96
96
97
'Estimated.
pPreliminary.
""Revised.
*Average per working day.
1
Three-month moving average, based on F. W. Dodge Corporation data. A description of the index may be obtained from the Division of
Research
and
Statistics.
For
monthly
data
(dollar
value)
by
groups, see p. 1273
2
The indexes of employment and payrolls, wholesale commodity prices, and consumer prices are compiled by the Bureau of Labor Statistics.
Nonagricultural employment covers employees only and excludes personnel in the armed forces. The consumer prices index is the revised series,
reflecting, beginning January 1953, the inclusion of some new series and revised weights; prior to January 1953 indexes are based on the "interim
adjusted"
and "old" indexes converted to the base 1947-49=100.
3
For indexes by Federal Reserve districts and for other department store data, see pp. 1275-1279.
Back figures in BULLETIN.—Industrial production. December 1953 pp, 1324-1328; department store sales, December 1951, pp. 1490-1515.
NOVEMBER
1955
1265
INDUSTRIAL PRODUCTION
[Federal Reserve indexes, 1947-49 average=100]
Industry
1947-4'
Annual
1954
proportion 1953? 19541= Sept. Oct. Nov. Dec, Jan. Feb. Mar. Apr. May June July Aug. Sept,
SEASONALLY ADJUSTED
Industrial Production—Total..
100,0®
134
125
124
126
128
130
132
133
135
136
138
139
139
140
142
Manufactures—Total
90.02
136
127
126
128
130
131
133
134
136
138
140
141
141
142
144
Durable
43.17
153
137
137
139
142
143
145
147
148
151
153
155
155
158
160
6.70
132
108
105
111
118
121
127
131
136
138
140
143
134
139
145
28.52
167
136
160
143
194
189
155
150
123
142
125
177
175
140
149
122
147
125
189
167
137
150
124
147
123
194
169
137
752
125
148
122
198
175
138
154
125
145
120
193
187
140
155
125
145
124
187
191
140
157
126
146
125
187
193
142
157
129
146
126
184
195
143
160
130
149
131
185
197
143
162
134
151
134
183
199
142
163
135
155
136
193
194
149
167
135
158
138
197
203
151
rl69
137
140
'200
'206
153
171
141
163
141
205
206
154
Manufactures—Total.
Primary metals
Metal fabricating
Fabricated metal products
Machinery
Nonelectrical machinery
Electrical machinery
Transportation equipment
Instruments and related products. . .
5.73
13.68
9.04
4.64
7.54
i.29
neo
Clay, glass; and lumber products. . .
Stone, clay, and glass products.
Lumber and pr©ducts
5.91
2.82
3.09
125
133
118
123
131
115
124
134
116
130
132
128
130
136
124
133
135
131
132
136
129
132
138
127
135
143
127
136
146
127
138
149
128
143
153
133
138
152
125
140
155
127
141
156
127
Furniture and misc. manufactures
Furniture and fixtures
Miscellaneous manufactures
4.04
1.64
2.40
131
117
140
121
106
131
123
109
132
123
110
132
123
108
132
122
108
131
122
109
132
124
109
133
126
112
136
127 132
117
113
142
136
136
121
145
134
122
143
nsi
137
125
145
124
145
44.85
118
116
115
117
118
119
121
121
124
126
127
128
126
125
127
11.87
6.32
5.55
107
104
110
100
95
105
98
95
101
102
101
103
103
101
105
104
101
107
106
103
108
104
103
106
109
104
115
109
114
112
109
115
110
106
116
110
106
113
'107
105
111
110
110
111
Rubber and leather products.
Rubber products
Leather and products
3.20
1.47
1.73
113
128
99
104
115
95
103
117
91
108
125
94
108
122
96
115
133
100
123
143
105
120
138
104
122
140
105
123
144
105
125
147
105
127
149
107
120
137
106
119
138
102
121
143
103
Paper and printing
Paper and allied products.
Printing and publishing...
8.93
3.46
5.47
125
132
121
125
134
120
127
137
121
127
138
121
127
137
120
127
136
121
130
140
123
131
143
123
134
147
125
135
151
125
138
156
126
139
156
128
139
155
128
138
153
128
140
157
130
Chemical and petroleum products..
Chemicals and allied products.
Petroleum and coal products. .
9.34
6.84
2.50
142
147
130
142
148
125
144
150
125
143
150
124
145
152
127
148
155
129
148
155
131
151
158
134
154
161
134
156
163
136
159
168
134
161
170
136
160
170
134
159
168
135
162
171
136
11.51
10.73
.78
107
107
108
106
106
103
105
105
102
105
105
102
106
106
100
106
106
101
107
107
107
106
106
106
108
109
107
110
110
103
110
110
109
110
110
109
107
107
101
•107
107
107
Nondurable
Manufactures—Total.
Textiles and apparel
Textile mill products
Apparel and allied products.
Foods, beverages, and tobacco
Food and beverage manufactures.
Tobacco manufactures
107
100
Minerals—Total.
9.98
116
111
108
109
113
116
120
123
121
119
121
122
12©
121
122
Mineral fuels
Coal
Anthracite
Bituminous coal
Crude oil and natural gas. .
8.35
2.68
.36
2.32
5.67
115
78
57
81
133
113
67
52
70
134
109
67
49
70
129
110
70
43
74
130
115
69
51
72
136
117
73
66
74
138
120
74
55
77
142
123
79
61
82
144
121
72
45
76
145
121
72
41
77
143
121
81
42
87
139
122
86
43
92
139
122
87
53
92
139
122
82
41
89
141
121
80
50
84
141
Metal, stone, and earth minerals
Metal mining
Stone and earth minerals
1.63
.82
.81
119
113
124
106
90
123
102
82
121
101
81
121
105
86
125
115
103
127
118
110
126
119
114
124
123
113
132
114
100
129
120
111
129
123
117
129
109
130
117
104
130
124
114
134
139
WITHOUT SEASONAL ADJUSTMENT
INDUSTRIAL P R O D U C T I O N TOTAL
100.00
134
125
126
130
130
128
132
135
138
138
138
139
130
MANUFACTURES—TOTAL
90.02
136
127
127
132
132
129
133
136
140
140
140
141
131
Durable Manufactures—Total
45.17
153
137
135
140
143
143
147
151
154
155
155
155
145
153
157
6.7©
5.03
3.51
.37
3.05
2.62
.43
1.52
1.29
.23
132
133
138
130
139
135
165
121
115
154
108
105
108
101
109
108
115
97
95
106
103
98
101
93
102
101
111
90
89
98
112
107
111
101
112
111
120
97
95
106
118
114
121
110
122
119
138
98
96
107
117
115
121
113
121
118
145
101
99
110
129
124
128
117
130
125
155
113
111
127
136
132
136
122
138
134
165
121
119
133
142
138
144
131
146
143
165
124
123
132
144
143
147
134
148
145
171
133
132
140
143
143
149
138
151
148
169
128
127
132
144
141
146
137
147
144
169
129
127
139
122
125
132
129
133
130
147
108
108
108
132
132
140
134
141
136
168
114
114
115
143
142
149
140
150
144
186
125
123
133
Primary m e t a l s
Ferrous metals
Pig iron and steel
Pig iron
Steel
Carbon steel
Alloy steel
t
Ferrous castings and forgings
Iron and steel castings
Steel forgings.
142
144
9 Preliminary.
'Revised.
NOTE.—A number of groups and subgroups include individual series not published separately, and metal fabricating contains the ordnance
group in addition to the groups shown. Certain types of combat materiel are included in major group totals but not in individual indexes for
autos, farm machinery, and some other products, as discussed in the BULLETIN for December 1953, pp. 1269-1271.
For description and back figures, see BULLETIN for December 1953, pp. 1247-1293 and pp. 1298-1328, respectively.
1266
FEDERAL RESERVE BULLETIN
INDUSTRIAL PRODUCTION—C on tinned
[Federal Reserve indexes, 1947-49 average = 100]
1947-49
proportion
Industry
Annual
1953P
1955
1954
1954? Sept. Oct.
Nov.
Dec. Jan. Feb.
Mar. Apr. M a y June July Aug. Sept.
122
99
118
252
114
155
169
134
133
112
122
256
133
153
133
202
163
148
166
133
124
115
118
257
124
144
114
204
168
133
101
118
258
123
WITHOUT SEASONAL ADJUSTMENT
—-Continued
Primary metals—Continued
1.67
Nonferrous metals.
.38
Primary nonferrous metals
.09
Copper smelting
.06
Copper refining.
Lead.
.'04
.10
Zinc.
.09
Aluminum
.13
Secondary nonferrous metals
Nonferrous shapes and castings.... 1.16
.63
Copper mill shapes..
.20
Aluminum mill shapes
Nonferrous castings
.33
Metal Fabricating
28.82
Fabricated metal products
Structural metal parts
Stampings and misc. metal products..
Tin cans
...
Furnaces, gas ranges, and heaters....
]Vf achinery
m
129
144
112
116
101
113
209
114
126
112
168
130
120
147
101
109
105
101
244
105
113
100
154
114
137
88
142
98
158
124
89
109
84
244
105
91
114
90
246
108
114
103
124
115
118
107
112
246
107
159
160
107
121
162
122
124
160
121
131
103
116
250
107
114
90
168
128
144
149
167
140
134
99
119
253
125
146
125
196
155
167
150
145
130
134
156
159
162
165
166
165
5.73
2.68
2.12
.30
.63
136
137
138
129
93
123
126
117
131
90
124
125
111
172
109
126
127
115
142
121
125
129
122
103
99
124
130
124
102
78
124
127
124
110
87
126
129
125
107
99
130
131
129
111
108
131
132
129
126
107
134
136
131
143
105
13.68
160
142
145
15©
15©
146
14S
152
154
152
122
116
75
121
116
73
121
116
75
123
119
80
126
119
85
129
121
90
132
124
94
134
126
95
122
147
122
146
125
149
122
124
148
125
149
155
128
152
164
191
165
258
191
136
174
94
103
59
130
131
125
478
110
31
20
191
196
167
272
205
157
210
87
77
48
144
160
145
477
113
36
25
118
129
123
111
Nonelectrical machinery
Farm and industrial machinery
Farm machinerv . .
Industrial and commercial machinerv
Machine tools and presses
Laundry and refrigeration appliances.
9.04
8.13
1.02
143
139
96
125
121
79
7.11
145
188
128
127
160
114
122
150
125
123
124
Electrical machinerv
Flectrical apparatus and parts
Radio and television sets
Transportation equipment
Autos trucks and parts
Autos
Trucks
Light trucks .
Medium trucks.
Heavy trucks
Truck trailers
4.64
3.23
194
179
230
189
126
146
118
112
58
183
229
117
465
135
72
64
177
160
214
189
207
154
280
158
341
206
162
325
175
109
131
92
95
59
133
130
101
474
112
39
29
155
81
81
74
76
43
110
119
84
470
104
33
25
tm
179
120
144
93
99
58
134
135
113
471
106
24
12
Aircraft and parts
Shipbuilding and repair...
.68
.69
.74
7.54
4.80
1.50
.66
.22
.19
.14
.07
....
2.58
1.30
.81
.53
.35
90
70
78
74
46
121
132
105
464
106
28
18
146
159
118
146
135
183
146
165
261
200
150
195
98
102
64
143
138
137
479
111
32
20
144
145
173
137
142
116
118
265
154
112
131
133
110
119
259
121
50
53
116
261
100
97
82
116
263
119
215
218
158
108
75
188
124
163
157 rl62
165
135
136
128
149
117
130
132
125
168
89
138
137
••126
203
••128
142
151
153
142 -153
161
135
129
95
137
131
95
131 131
128 »129
92 '•87
137
131
67
131
154
161
134
157
136
161
133
160
135
140
168
195
169
261
189
171
228
181
175
190
176
192
169
143
170
209
163
215
104
109
67
141
170
148
479
115
35
26
213
171
223
137
148
89
193
185
150
472
117
38
28
209
165
205
132
139
88
192
176
150
469
115
47
39
2*>0
151
184
134
124
81
220
205
137
466
118
41
29
197
147
195
126
119
81
203
174
125
469
114
37
22
•191
166
132
139
110
209
155
155
167
130
154
128
228
127 150
49
95
127
91
138
no
143
••165
140
129
192
143
157
116
113
152
184
165 194
207
r
254
137
166
106
93
65
167
192
129
••469
111
45
32
175
289
185
123
130
102
106
53
138
199
489
110
45
30
Railroad cars
Instruments and related products..
1.29
155
140
137
138
140
142
140
142
145
144
142
149
147 15©
154
Clay, Glass, and Lumber Products..
5.91
123
123
129
136
130
125
124
129
133
137
139
146
133
145
147
Stone, clay, and glass products . . .
Glass and pottery products
Flat glass and vitreous products...
2.82
133
123
136
139
120
91
132
110
106
115
163
143
131
136
139
137
134
132
155
149 1 5 8
159
136
123
138
137
138
86
163
134
146
128
190
130
75
161
1?8
134
126
191
127
82
170
167
143
*-93
164
138
146
134
195
174
137
118 1 3 3
Glass containers
Home glassware and pottery.
Cement . .
Structural clay products
Brick
Clav firebrick, pipe, and tile
Concrete and plaster products
Misc. stone and earth manufactures..
1.09
.60
.47
.26
.23
.32
.35
.12
.20
.48
.58
118
131
133
117
85
135
111
113
111
161
140
118
134
136
112
84
155
118
128
112
169
132
131
119
92
152
115
121
113
168
105
93
145
117
124
114
166
93
80
131
113
112
115
162
114
82
119
107
101
114
155
124
89
115
111
106
115
155
124
92
132
119
121
120
165
125
94
151
121
127
120
174
120
126
150
152
152
152
123
88
159
125
132
122
184
154
154
139 1 5 2
136 1 5 3
163
165
139
151
134
198
144
146
146
149
147
151
155
160
164
134
116
100
186
137
264
88
117
101
193
143
274
88
125
108
206
151
294
88
126
129
109
210
155
298
91
129
119
207
164
274
91
123
107
191
139
275
88
115
201
148
288
89
116
195
139
285
91
122
207
151
299
94
108
160
121
224
85
119
198
148
»-279
86
121
209
155
295
90
129
128
125
121
126
128
125
127
131
125
134
140
111
113
112
106
112
116
115
113
116
108
113
111
116
118
114
113 1 2 3
107
113
115
109
111
108
109
110
106
114
107
112
115
107
111 1 2 1
126
128
122
131
136
14®
139
134
129
134
137
137
141
133 1 4 2
149
3.@9
2.05
.60
.39
,12
.29
118
112
149
118
199
99
115
106
161
123
222
88
110
187
157
232
87
4.04
131
121
125
Furniture and fixtures
Household furniture
Fixtures and office furniture
1.64
1.10
.54
117
118
116
106
2.4®
14©
Miscellaneous manufactures
148
151
124
123
Lumber and products
Lumber
.
..
Millwork and plywood
IVIillwork
...
Softwood plywood
Wood containers
Furniture and Misc. Manufactures.
. .
148
151
140
131
149
152
149
144
148
134
129
147
150
146
141
144
125
109
107
135
114
114
124
176
136
pPreliminary.
'Revised.
For other footnotes see preceding page.
NOVEMBER
1955
1267
INDUSTRIAL PRODUCTION—Continued
[Federal Reserve indexes, 1947-49 average = 100]
1947-49
1954
Annual
propor1953* 1954* Sept. Oct. Nov. Dec. Jan. Feb.
tion
Industry
1955
Mar. Apr. May
June July Aug. Sept.
WITHOUT SEASONAL ADJUSTMENT
—Continued
44.85
118
116
119
123
120
115
120
122
125
124
124
127
'117
128
131
11.87
107
100
99
105
104
98
108
112
115
113
no
108
93
112
///
6.32
3.72
2.30
.97
.45
.97
.16
.75
1.15
.65
.45
.20
.50
.48
.31
104
107
104
115
101
78
91
75
116
113
118
102
119
95
100
97
108
93
66
76
64
106
108
113
97
103
97
100
96
112
86
67
73
66
113
113
116
107
112
103
109
104
121
101
69
77
67
113
115
118
107
112
102
110
104
126
102
69
72
69
110
109
112
102
111
98
104
95
127
90
70
68
71
103
102
105
93
104
104
114
105
132
107
70
79
67
105
110
114
100
98
108
116
106
138
109
72
85
69
112
119
124
106
104
109
118
105
147
106
74
82
72
110
111
118
96
108
109
118
103
154
107
79
89
77
108
109
116
93
106
108
116
104
146
103
83
91
82
108
103
108
92
113
106
110
100
135
92
85
84
86
113
108
111
102
119
108
91
115
96
84 106
134
133
67 '104
79
73
90
80
72
77
98 113
85 104
86 107
99
82
116 123
112
120
117
134
88
78
80
79
114
105
107
101
125
86
71
79
82
62
71
84
83
86
85
71
81
....
5.55
1.78
.73
.50
.13
.99
1.85
.76
1.92
110
113
96
92
89
124
103
117
112
105
103
83
82
67
116
109
129
103
101
95
76
73
72
106
100
130
107
106
108
82
80
72
124
102
127
110
107
108
88
88
66
121
102
130
110
99
96
87
90
52
99
93
115
106
113
115
98
102
60
126
120
152
103
116
113
97
100
59
124
125
160
109
123
113
88
91
55
130
143
165
112
117
118
92
90
76
135
129
109
103
113
119
105
100
101
127
116
96
104
Rubber and Leather Products ...
3.20
113
104
105
114
108
110
123
127
128
Rubber products
Tires and tubes
Auto tires
Truck and bus tires. ..
Miscellaneous rubber products
1.47
.70
.40
.30
.77
128
117
117
118
133
115
105
110
99
124
118
104
107
99
132
132
116
117
114
147
124
110
111
110
137
128
116
119
113
139
145
130
136
121
158
144
134
141
125
153
146
133
145
117
158
1.73
.44
.29
.15
.90
.39
99
91
92
89
95
87
92
75
94
83
89
70
98
88
96
72
94
88
94
75
94
88
95
73
105
94
101
80
112
98
104
86
113
94
101
80
100
90
95
97
98
94
91
100
103
92
89
8.93
125
125
128
133
131
125
127
132
137
137
137
3.46
1.76
.51
1.25
.22
.14
.20
.18
.41
.10
1.70
.51
.11
132
130
142
125
119
116
118
129
134
118
134
133
138
134
132
148
125
118
120
119
137
130
124
136
133
145
137
133
148
126
120
120
118
136
129
137
141
141
141
146
140
158
133
122
130
124
145
138
135
152
151
153
140
139
160
131
121
127
124
142
137
129
140
140
141
129
127
142
120
112
124
112
135
122
115
131
131
128
140
140
158
132
123
132
124
150
136
122
141
135
156
148
147
166
139
127
138
132
154
145
126
149
146
156
152
150
170
142
133
134
134
153
149
141
153
153
152
154
148
169
140
127
131
130
160
147
139
159
156
166
153
151
171
143
128
148
129
158
151
142
154
154
152
5.47
1.85
3.62
121
118
122
120
119
121
122
120
123
125
129
122
125
130
122
123
123
124
119
114
122
122
121
123
128
132
125
127
134
124
Chemical and Petroleum Products..
9.34
142
142
143
147
149
149
151
155
157
Chemicals a n d allied products ....
Industrial chemicals
Basic inorganic chemicals
..
Industrial organic chemicals
6.84
2.54
.57
1.97
.24
.11
.59
1.03
.64
.48
.16
.71
.66
.23
147
154
149
155
183
186
156
144
116
112
131
113
118
124
148
153
157
152
184
136
152
146
118
113
133
108
116
122
149
153
155
152
195
137
148
147
109
101
131
116
115
109
155
160
161
159
197
143
165
148
138
139
134
117
115
113
156
165
171
164
200
147
174
151
140
140
137
105
117
108
156
166
170
165
196
151
173
154
130
126
139
105
118
112
158
169
175
168
206
180
172
155
127
125
135
109
116
116
162
177
181
175
231
193
181
157
128
123
145
115
116
124
166
184
184
184
243
202
196
160
117
111
136
108
119
177
Nondurable Manufactures—Total...
Textiles and Apparel
Textile mill products
Cotton and synthetic fabrics
Cotton consumption
Synthetic fabrics
Fabricfinishing...
.. .
Wool textiles
VVool apparel yarns
Wool fabrics
.
Hosiery
Full-fashioned hosiery
Knit garments
Apparel a n d allied products
Men's outerwear
IVten's suits
Women's outerwear
Misc. apparel and allied mfrs
Leather
Cattlehide leathers
Skin leathers
Miscellaneous leather products
Paper and Printing,
Pulp and paper
W o o d pulp
Paper and board
Printing paper
. .
..
Coarse paper
Building paper and board .
.
Shipping containers
Sanitary paper products
..
Printing a n d publishing
Newsprint consumption
.
Job printing and periodicals
..
Synthetic rubber
Synthetic fibers
Miscellaneous organic chemicals.
Vegetable and animal oils
Vegetable oils
Soap and allied products
Paints
Fertilizers
'72
85
110
107
92
86
92
117
114
123
108
95 '116
84 '120
59 110
55 102
60 115
98 '126
98 117
129 145
103 112
111
109
91
84
99
119
108
129
117
124 121
126
105
119
124
147
128
140
113
164
146
135
150
116
155
151
146
161
126
155
121
127
138
111
115
'133
116
125
104
'148
145
128
135
119
160
105
95
102
82
100
93
99
80
105
95
101
83
92
74
r79
63
108
90
96
77
106
86
94
71
96
97
'104
103
138
128
135
141
156
154
175
145
130
138
130
159
158
142
158
1^9
154
139
135
156
126
112
107
117
148
133
133
144
141
153
155
151
173
141
127
122
126
'156
155
151
159
160
152
157
150
169
143
130
134
129
156
153
145
165
167
156
127
135
123
127
131
125
121
112
125
123
116
127
131
132
131
156
156
157
152
156
161
165
182
180
182
247
202
189
161
108
99
134
108
122
176
165
182
185
182
244
211
178
166
109
98
142
105
125
154
165 158
176
185
179
159
181
186
246 '207
208 211
184 177
174
171
99
105
93
87
143
133
79
103
130
131
109
91
163
182
166
'186
234
217
'181
'175
103
90
145
104
130
'90
169
188
179
191
44
222
187
177
122
114
144
113
126
115
pPreliminary.
'Revised.
Publication suspended pending revision of data for the period 1952 to date.
Publication suspended pending adjustment to revised Census production figures for the period 1950 to date.
NOTE.—A number of groups and subgroups include individual series not published separately. For description and back figures, see BULLETIN for December 1953, pp. 1247-1293 and pp. 1298-1328, respectively.
1
2
1268
FEDERAL RESERVE BULLETIN
INDUSTRIAL PRODUCTION—Continued
<verage = 100]
Federal Reserve; indexes, 1947-49 i
Industry
947-49
proportion
1954
Annual
953> 954P
1955
Sept. Oct.
Nov. Dec. Jan.
Feb.
Mar. Apr. May
129
140
146
141
232
140
177
97
125
108
93
62
132
142
146
142
216
146
184
101
134
109
96
70
134
144
147
143
209
152
196
101
123
105
98
75
133
139
143
140
205
142
181
97
117
110
102
110
132
136
144
140
212
129
163
91
102
124
104
131
131
135
146
141
226
128
161
91
97
113
105
124
136
140
152
146
246
133
173
88
88
118
103
144
134
141
156
151
247
131
167
89
94
108
101
114
June July
Aug. Sept.
WITHOUT SEASONAL ADJUSTMENT
—Continued
2.50
1.97
1.04
.98
.06
.56
.30
.26
.10
.17
.26
.15
130
135
144
139
227
130
155
101
117
106
111
99
125
133
141
136
221
128
158
93
110
108
84
103
127
133
142
138
215
127
161
89
98
111
77
147
126
132
140
135
214
128
164
87
101
106
84
133
129
136
143
139
214
135
172
92
116
110
90
106
11.31
107
106
119
116
109
99
99
97
100
101
105
112
110 rll7 122
10.73
8.49
1.48
.46
Beef
.83
Pork
.69
.14
Butter
.
.07
Natural cheese
.19
.28
Ice cream
1.13
Canned and frozen foods
1.16
.46
Wheat flour
.70
Cereals and feeds ..
. . .
1.64
Bakery products
.27
.11
Cane sugar
.13
.71
Miscellaneous food preparations. . . 1.41
2.24
.54
Bottled soft drinka
1.70
1.02
.17
Liquor distilling
.37
107
108
115
129
104
105
108
112
93
106
121
106
81
122
100
113
113
108
102
104
105
106
107
117
135
103
106
110
116
94
104
112
107
81
124
97
117
106
121
99
105
103
120
124
120
141
104
97
84
98
76
113
212
114
86
132
98
109
115
99
131
106
107
117
118
127
142
115
85
81
87
66
95
141
110
90
123
99
258
105
385
123
108
110
110
113
135
136
131
78
79
87
65
81
99
103
84
117
98
273
90
427
125
105
97
101
104
136
132
134
79
85
91
70
74
87
101
80
115
98
176
87
248
87
101
88
98
102
138
140
133
85
99
95
76
78
77
103
87
114
94
93
100
81
106
100
84
97
99
124
129
117
91
101
102
86
84
72
102
85
113
95
61
106
17
112
101
89
100
100
128
134
121
104
104
113
100
100
74
101
83
113
95
67
110
24
96
101
101
101
100
118
133
106
117
119
133
116
107
81
102
79
116
94
64
101
27
93
103
107
104
102
114
138
98
140
143
164
143
122
87
104
76
122
97
64
102
28
78
106
113
112
108
114
147
93
145
139
165
138
139
110
110
80
129
100
71
108
35
86
110
127
111
109
104
137
83
132
116
130
107
153
142
110
80
130
100
73
121
26
65
113
121
'117
118
118
151
96
r
120
90
•"113
94
rl51
rl98
106
77
125
98
81
128
36
79
111
114
100
103
60
107
98
99
68
102
98
93
69
115
107
84
121
142
99
79
92
139
84
83
67
90
80
85
61
76
86
84
67
93
100
101
66
109
106
113
68
104
107
120
58
96
117
126
58
120
106
122
40
99
104
118
46
95
.78
.46
.17
108
111
107
103
106
105
109
111
113
111
111
121
103
102
113
83
86
82
105
111
99
104
106
107
105
108
106
99
102
99
109
115
105
116
121
111
92
99
82
112
117
110
MINERALS—TOTAL
9.98
116
111
111
112
114
114
117
119
118
119
122
121
119
rl24
125
Mineral Fuels
8.35
113
113
no
113
117
117
121
123
121
120
120
118
119 r!22
122
Coal
2.68
.36
2.32
78
57
81
67
52
70
70
51
72
77
52
81
75
57
78
75
61
77
77
55
81
79
61
82
71
41
76
72
39
77
77
43
83
74
46
78
77
42
82
82
39
89
83
53
88
Crude oil and natural gas
5.67
4.82
4.12
.34
.36
.85
133
129
124
167
157
154
134
128
122
172
160
167
129
124
118
159
159
159
130
124
118
167
163
160
136
130
122
184
170
171
138
132
123
199
172
171
142
138
130
202
175
163
144
140
131
207
176
168
145
139
132
194
169
175
143
138
132
183
161
174
139
133
128
170
157
175
139
132
127
173
157
177
139
132
127
141 *>141
133 P133
128 P128
1*59
163
187
1.63
119
106
113
110
102
99
97
99
104
114
132
138 rl20 rl32
.82
.33
.49
.24
.09
.06
113
128
104
114
86
87
90
84
94
103
80
75
98
117
85
92
76
67
92
87
95
106
78
71
79
43
103
118
82
74
76
37
102
116
83
73
79
36
108
124
83
80
85
39
117
134
89
83
86
41
117
133
91
85
101
79
115
132
87
83
131
152
117
135
88
86
141
179
116
133
87
84
>-104
168
r62
50
r-79
r81
'•125
179
89
95
78
79
.81
124
123
129
129
126
122
115
113
122
128
133
134
135
139
P e Petroleum
t r o l e u m arefining
n d coal products
Automotive gasoline
Fuel oil
Distillate fuel oil
Residual fuel oil
Coke
Foods, Beverages, and Tobacco
jFood a n d beverage manufactures...
Tobacco manufactures
Cigarettes '
Metal, Stone, and Earth Minerals..
Metal mining
178
138
143
157
151
252
133
j79
89
95
116
104
142
P138
»141
?153
2>134
107
123
125
129
155
111
101
84
102
82
118
205
108
83
125
99
140
109
139
136
109
142
r
p Preliminary.
Revised.
For other footnotes see preceding page.
NOVEMBER
1955
1269
OUTPUT OF CONSUMER DURABLE GOODS
[Federal Reserve indexes, 1947-49 average=100]
Product
Annual
1954
1947-49
proportion 1953 1954 Sept. Oct. Nov. Dec. Jan. Feb,
Mar. Apr. May- June July Aug. Sept.
100.00
127
116
114
112
119
125
131
135
139
144
145
147
153 152
154
69.72
32.10
36.13
15.32
11.31
4.01
138
146
132
113
118
125
131
122
101
106
121
110
132
107
111
117
104
131
106
111
128
127
130
103
137
149
129
105
110
145
160
133
107
110
151
172
135
107
113
156
179
138
109
114
163
190
142
110
115
164
189
143
113
118
164
180
153
117
122
173 172
195 194
156 155
117 121
121 125
173
194
158
123
127
15.60
11.88
2.60
4.98
2.51
3.72
5.21
3.42
1.79
118
123
90
137
141
100
230
67
541
111
115
79
124
148
97
214
52
522
112
117
80
117
169
96
267
46
687
110
114
79
110
170
97
270
62
667
114
120
77
122
174
95
259
70
620
115
119
82
117
181
100
242
70
571
128
132
79
137
190
115
225
73
515
131
135
96
140
181
120
226
68
527
137
139
97
152
172
131
222
71
512
145
152
101
166
199
121
226
65
532
146
153
105
169
188
125
222
68
516
150
156
122
178
163
132
269
66
658
150 143
159 150
98
119
173 160
193 206
121 119
290 '294
76 •70
698 720
279
72
676
30.28
14.00
16.28
102
01
111
95
01
99
98
95
101
98
96
100
97
93
101
96
94
97
98
100
97
99
97
100
100
96
102
100
98
102
103
101
104
106
104
108
106
103
109
107
103
110
111
111
112
100.00
69.72
32.10
36.13
127
116
108
109
129
132
142
151
155
156
147
144
137 139
136
138
146
132
113
118
125
131
122
101
106
111
81
139
108
112
111
70
149
111
116
142
144
142
108
115
149
174
130
109
115
163
195
137
108
110
174
210
146
111
115
179
215
151
114
116
180
223
145
111
113
167
205
136
109
114
160
184
141
113
118
152 152
195 166
115 141
105 117
114 124
145
130
160
123
128
15.60
11.88
2.60
4.98
2.51
3.72
5.21
3.42
1.79
118
123
90
137
141
100
230
67
541
111
115
79
124
148
97
214
52
522
122
121
87
116
181
124
279
48
722
124
121
87
104
199
133
338
64
860
116
118
83
106
192
107
324
71
806
108
116
77
112
177
84
258
67
623
124
134
81
147
177
93
260
73
618
138
149
104
152
207
102
272
74
648
151
163
110
180
201
114
260
80
604
150
162
106
187
193
113
228
74
521
145
156
100
183
181
113
189
75
408
152
160
117
191
168
128
192
65
434
30.28
14.00
16.28
102
01
111
95
91
99
101
100
102
104
101
106
100
93
105
94
89
98
95
95
95
97
93
101
99
93
105
99
96
102
102
101
102
106
107
105
116
120
76
144
131
103
143
49
321
103
104
1955
SEASONALLY ADJUSTED
GONSUMER DURABLES—TOTAL..
Major Durables
Autos
Major household goods
Furniture and floor coverings
Household furniture
Floor coverings*
Appliances and heaters
Major appliances
Ranges
Refrigeration appliances
Laundry appliances
Heating apparatus
Radio and television sets
Radio sets
Television sets
Other Consumer Durables
Auto parts and tires
Misc. home and personal goods.
98
WITHOUT SEASONAL ADJUSTMENT
CONSUMER DURABLES—TOTAL..
Major Durables
Autos
Major household goods
Furniture and floor coverings.
Household furniture
Floor coverings1
Appliances and heaters
Major appliances
Ranges... m
Refrigeration appliances..
Laundry appliances
Heating apparatus.
Radio and television sets
Radio sets
Television sets
Other Consumer Durables
Auto parts and tires
Misc. home and personal goods
15.32
11.31
4.01
ior
127
122
91
116
181
142
'254
"•62
619
289
68
710
110
109
110
115
116
113
107
1
1 Publication suspended pending revision of data for the period 1952 to date.
Publication suspended pending revision or aata ior tue penou ivo^ LU uatc.
d j t for
f woven carpets,
t appliances, heating apparatus, radio sets, and televisic
vision sets may
NOTE.—Individual indexes without seasonall adjustment
447
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]
1954
Industry group
Oct.
Nov.
1955
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
SEASONALLY ADJUSTED
12 ,445 12 ,572 12 ,580 12 ,586 12,673 12 ,798 12,934 13,081 13, 200 13,119 1 3 , 1 3 2 13, 163
7 ,054 7 ,159 7 ,177 7 ,191 7,269 7 ,350 7 ,443 7,549 7, 634 7,609 ' 7 , 5 9 2 7, 613
94
94
97
96
91
98
89
100
90
86
89
88
654
669
674
668
658
675
680
678
709
'703
706
699
Lumber and wood products
295
290
289
298
294
291
309
306
295
310
'318
Furniture and fixtures
S17
434
438
442
448
435
436
436
456
464
467
'470
478
Stone, clay, and glass products..
1 ,052 1 ,076 1,102
988
969
997 1 ,008 1,027
1j 11S
1 136
1,109 1 , 1 1 8
Primary metal industries . . . . . .
Total
Durable goods
Fabricated metal products
Machinery except electrical
Electrical machinery
Transportation equipment
Instruments and related products
Misc. manufacturing industries..
Nondurable goods . . . .
Pood and kindred products
Textile-mill products
. .
Apparel and other finished textiles
Paper and allied products
Printing, publishing and allied
industries
Chemicals and allied products...
Products of petroleum and coal.
825
1 ,115
79?
1 ,249
840
835
1 ,103
799
1 ,334
1 ,095
793
1 ,375
826
836
1 ,093
792
1 ,400
1,108
795
1,426
851
1 ,127
795
1 ,447
864
1 ,147
881
804
1 ,462
1,162
817
1,456
893
1, 170
8^4
1, 447
?17
?17
?16
?16
215
?18
?17
212
378
5 ,391
1 ,082
94
375
5 ,413
1 ,097
96
369
5 ,403
1 ,094
93
369
5 ,395
1 ,085
90
371
5,404
1,078
93
375
378
5 ,448
1 ,091
5,491
1,113
90
387
5,532
1,116
91
979
973
968
967
970
975
983
970
94
979
1 041
1 060
440
1 ,057
435
1 ,058
435
1,064
1 ,072
1, 108
437
1 ,073
441
1,096
435
446
519
519
Leather and leather products. . .
444
92
513
512
515
516
528
173
199
511
529
175
200
531
173
204
534
171
207
532
172
208
540
174
212
332
334
337
336
337
339
515
546
175
212
556
176
217
339
345
890
1,172
831
1,420
r835
1,379
804
1, 176
8S8
1 3S7
••886
1,185
?-11
7, 667
8^
706
S1S
478
1
ns
806
1, 200
874
1, ^ 6 S
??1
393
223
392
222
99?
389
5,510
1,090
91
978
388
'5,540
1,094
'95
1,001
390
5, 566
5, 550
1, 081
5 , 544
1, 070
95
1 ,000
994
453
1,073
457
1,079
'461
1 ,0*90
464
1 100
463
521
553
175
220
344
523
553
175
223
347
'525
'551
173
'219
531
551
171
223
344
550
173
223
1, 119
342
99^
95
529
347
For footnote i ; following page.
1270
FEDERAL RESERVE
BULLETIN
PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES—Continued
[Compiled by Bureau of Labor Statistics. In thousands of persons]
1954
1955
Industry group
Oct.
Nov.
Dec.
Feb.
Jan.
Mar.
Apr.
May
June
July
Aug.
Sept. *
Oct.
WITHOUT SEASONAL ADJUSTMENT
12,612 12,657 12,645 1?
Total
Durable goods
Ordnance and accessories
Lumber and wood products
Furniture and fixtures
Stone, clay, and glass products..
Primary metal products
Fabricated metal products
Machinery except electrical
Electrical machinery
Transportation equipment
..
Instruments and related products
Misc. manufacturing industries.
Nondurable goods
Food and kindred products
Tobacco manufactures
Textile-mill products
. . .
Apparel and other finished textiles
Paper and allied products
Printing, publishing and allied
products
Chemical and allied products. . .
Products of petroleum and coal.
Rubber products
.
. ..
Leather and leather products. . .
1? ,649 12,778 1?, 816 12,882 13, 086
12,951 '13,262 13, 378
13,381
7,081
7,198
7,218
7 ,182
7 ,282
7,375
7, 457
7,53©
7, 630
7,499
'7,553
7, 623
7,694
100
692
301
438
969
829
1,093
800
1,249
98
685
301
438
988
844
1,092
811
1,334
97
661
297
437
1,002
843
1,106
809
1,375
96
631
993
430
1 ,013
834
1 ,109
800
1 400
94
639
?96
434
1 ,032
844
1 ,125
803
1 4?6
94
634
298
442
1,057
860
1,144
803
1,447
91
651
450
1, 076
868
1, 164
804
1, 46?
90
683
298
456
1,096
877
1,174
809
1,456
89
727
300
466
1, 115
884
1, 182
816
89
720
298
460
1,098
863
1,160
802
1,420
88
'731
'313
'472
'1,112
'877
'1,155
'818
'1,379
86
723
319
480
1, 136
894
1, 147
8S8
1 ,3S7
83
720
321
480
1,138
900
1,176
883
1,365
218
218
218
?17
?16
219
?18
211
?90
219
220
97?
393
390
373
360
371
377
376
379
385
372
388
400
405
5,531
5,459
5,427
5 ,341
5 ,367
5,403
5, 359
5,352
5, 456
5,452
-5,709
5, 755
5,687
1,180
112
1,111
103
1,062
100
1 ,007
91
977
985
89
991
83
1, 011
80
1, 246
114
1,167
113
983
1» 089
8?
'1,250
985
1,035
80
965
1,150
79
985
974
954
1 ,069
437
1 ,101
437
1,110
1, 0S7
441
1, 0S8
451
1,025
439
1,041
444
51?
534
169
?09
336
517
516
516
S?1
535
170
?09
345
518
548
172
212
551
173
?11
545
176
542
177
216
347
337
516
550
175
216
331
983
983
1,060
1,073
444
444
442
520
518
519
534
175
202
533
173
202
534
172
207
330
332
335
979
1 057
?Q7
1j
447
910
342
448
342
nos
>"986
224
994
990
1,101
'459
1, 117
'520
'543
176
'217
351
S31
534
554
174
556
173
225
1,117
463
469
99^
346
345
'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 1955 are preliminary. 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
1954
1955
Average hours worked
(per week)
1954
1955
Average hourly earnings
(dollars per hour)
1954
Oct.
Aug.
Sept.
Oct.
Oct.
Aug.
Sept.
Oct.
Total
72.22
76.33
77.71
78.69
39.9
40.6
40.9
41.2
1.81
1.88
1.90
1.91
Durable goods
77.97
82.61
84^25
84.86
40.4
41.1
41.5
41.6
1.93
2.01
2.03
2.04
Ordnance and accessories
Lumber and wood products
Furniture and fixtures
Stone, clay, and glass products
Primary metal industries
81.41
69.72
65.10
73.34
82.86
'82.42
'72.21
'68.46
'77.93
'91.94
85.70
71.86
68.95
78.77
97.63
85.68
72.56
69.37
79.19
96.60
40.5
41.5
41.2
41.2
38.9
'40.4
'41.5
42.0
'41.9
'40.5
41.2
41.3
42.3
41.9
41.9
40.8
41.7
42.3
41.9
42.0
2.01
1.68
1.58
1.78
2.13
2.04
'1.74
1.63
1.86
2.27
2.08
1.74
1.63
1.88
2.33
2.10
1.74
1.64
1.89
2.30
Fabricated metal products
Machinery except electrical
Electrical machinery
Transportation equipment
Instruments and related products
Miscellaneous manufacturing industries
78.53
81.61
74.34
87.26
74.19
65.21
'82.78
'86.94
'75.92
'92.06
'77.55
66.50
83.40
88.62
76.17
93.56
79.52
68.30
85.04
89.04
77.71
93.94
80.51
69.22
40.9
40.2
40.4
40.4
40.1
40.5
41.6
'41.6
40.6
'41.1
'40.6
40.3
41.7
42.0
40.3
41.4
41.2
40.9
42.1
42.0
40.9
41.2
41.5
41.2
1.92
2.03
1.84
2.16
1.85
1.61
'1.99
'2.09
2.00
2.11
1.89
2.26
1.93
1.67
2.02
2.12
1.90
2.28
1.94
1.68
65.07
Oct.
Aug.
Sept.
Oct.
67.83
69.14
69.66
39.2
39.9
40.2
40.5
1.66
1.70
1.72
1.72
Food and kindred products
Tobacco manufactures
Textile-mill products
Apparel and other finished products
Paper and allied products
68.30
49.72
53.70
47.84
76.01
--50.57
'55.48
49.82
79.92
73.33
50.63
56.70
49.68
81.10
74.52
51.38
57.53
50.22
80.91
40.9
40.1
39.2
35.7
42.7
'41.1
'39.2
40.2
36.9
43.2
41.9
40.5
40.5
36.8
43.6
42.1
41.1
40.8
37.2
43.5
1.67
1.24
1.37
1.34
1.78
1.73
'1.29
'1.38
1.35
1.85
1.75
1.25
1.40
1.35
1.86
1.77
1.25
1.41
1.35
1.86
Printing, publishing and allied products
Chemicals and allied products
Products of petroleum and coal
Rubber products
Leather and leather products
87.94
78.69
92.57
81.20
49.62
'91.42 93.62
82.81 84.25
'97.58 100.19
'86.32 87.57
'53.24 52.45
93.38
83.63
99.05
87.36
53.48
38.4
41.2
40.6
40.4
35.7
'38.9
41.2
'41.0
41.3
'38.3
39.5
41.5
41.4
41.7
37.2
39.4
41.4
41.1
41.6
37.4
2.29
1.91
2.28
2.01
1.39
2.35
2.01
2.38
'2.09
1.39
2.37
2.03
2.42
2.10
1.41
2.37
2.02
2.41
2.10
1.43
Nondurable goods
'Revised.
NOTE.—Data are for production and related workers.
of Labor Statistics.
NOVEMBER
1955
Figures for October 1955 are preliminary.
Back data are available from the Bureau
1271
EMPLOYMENT IN N ONAGRI CULTURAL ESTABLISHMENTS BY INDUSTRY DIVISION
[Compiled by Bureau of Labor Statistics. In thousands of persons]
Total
Manufacturing
44,448
43,315
44,738
47,347
48,303
49,681
48,285
15,321
14,178
14,967
16,104
16,334
17,238
15,989
982
1954—October
November.
December
48,129
48,386
48,380
15,835
15,972
15,992
743
745
1955—January
February.
March
April
May . . . .
June
July
August
September
October
48,398
48,440
48,766
48,881
49,214
49,505
49,640
r49,742
49,847
49,907
15,993
16,091
16 229
16,380
16,545
16,688
16,635
r
16,668
16,695
16,755
741
741
739
743
1954—October
November
December
48,580
48,808
49,463
1955—January
February
March
47,741
47,753
48,212
48,643
48,918
49,508
49,420
r
49,858
50,309
50,393
Year or month
1948
1949
1950
1951
1952
1953
1954
...
Mining
Contract
construction
Transportation and
public
utilities
Trade
Finance
Service
Federal,
State, and
local
government
2,169
2,165
2,333
2,603
2,634
2,622
2,527
4,141
3,949
3.977
4,166
4,185
4,221
4,008
9,519
9,513
9,645
10,012
10,281
10,527
10,498
1,741
1,765
1,824
1,892
1,967
2,038
2,114
4,925
4,972
5,077
5,264
5,411
5,538
5,629
5,650
5,856
6,026
6,389
6,609
6,645
6,751.
2,502
2,522
2,476
3,995
3,976
3,986
10,443
10,496
10,575
2,147
2,145
2,147
5,660
5,650
5,644
618Q4t
6,880^
6,817
749
756
757
r747
754
754
2,458
2,410
2,478
2,499
2,526
2,514
2,548
r
2,543
2,565
2,539
3,974
3,984
3,986
3,946
4,000
4,064
4,082
r
4,106
4,134
4,107
10,574
10,541
10,633
10,600
10,655
10,711
10,765
10,797
10,813
10,811
2,145
2,154
2,161
2,161
2,171
2,184
2,204
?2,208
2,224
2,226
5,646
5,649
5,656
5,674
5,676
5,690
5,730
r
5,732
5,705
5,725
6,867
6,870
6,884
6,878.
6,892
6,898
6,919
6,941
6,957
6,990'
16,007
16,057
16,050
743
749
747
2,652
2,598
2,426
4,005
3,986
3,996
10,548
10,745
11,354
2,136
2,134
2,136
5,660
5,622
5,588
6,829
6,917
7,166
15,925
16,060
16,201
16,255
16,334
16,577
16,475
16,807
16,916
16,929
741
2,237
2,169
2,255
2,399
2,526
2,615
2,701
r
2,746
2,745
2,691
3,927
3,937
3,966
3,939
3,997
4,081
4,113
»"4,137
4,151
4,118
10,419
10,309
10,408
10,549
10,534
10,643
10,633
10,638
10,813
10,919
2,124
2,132
2,150
2,161
2,171
2,206
2,237
'2,241
2,224
2,215
5,533
5,536
5,571
5,674
5,733
5,775
5,816
r
5,818
5,791
5,725
6,835
6,8736,922
6,927
6,881
6,851
6,696
6,717
6,911
7,042
918
889
916
885
852
770
SEASONALLY ADJUSTED
. .
743
WITHOUT SEASONAL ADJUSTMENT
May
June
July .
August
..
September
October . . .
737
739
739
742
760
749
'•754
758
754
>r, the pay period ending nearest the 15th of the
ibers of the armed forces are excluded. Figures;
LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT
[Bureau of the Census estimates without seasonal adjustment.
Thousands of persons 14 years of age and over]
Civilian labor force
Year or month
Total noninstitutional
population
Total
labor
force
Employed1
Total
Total
In nonagricultural industries
In
agriculture
Unemployed
Not in the
labor force
1948.
1949.
1950.
1951.
1952.
1953 2
1954
108,482
109,623
110,780
111,924
113,119
115,095
116,220
62,748
63,571
64,599
65,832
66,410
67,362
67,818
61,442
62,105
63,099
62,884
62,966
63,815
64,468
59,378
58,710
59,957
61,005
61,293
62,213
61,238
51,405
50,684
52,450
53,951
54,488
55,651
54,734
7,973
8,026
7,507
7,054
6,805
6,562
6,504
2,064
3,395
3,142
1,879
1,673
1,602
3,230
45,733
46,051
46,181
46,092
46,710
47,732
48,402
1954--September
October
November . .
December
116,432
116,547
116,659
116,763
68,566
68,190
67,909
66,811
65,244
64,882
64,624
63,526
62,145
62,141
61,732
60,688
54,618
54,902
55,577
55,363
7,527
7,239
6,154
5,325
3,100
2,741
2,893
2,838
47,865
48,357
48,750>
49,952
1955—Tanuarv
February
March
April
May
June
July
August
September
October
116,855
116,901
117,051
117,130
117,236
117,318
117,404
117,517
117,634
117,749
66,700
66,550
66,840
67,784
68,256
69,692
70,429
70,695
69,853
70,250
63,497
63,321
63,654
64,647
65,192
66,696
67,465
67,726
66,882
67,292
60,150
59,938
60,477
61,685
62,703
64,016
64,994
65,488
64,733
65,161
54,853
54,854
54,785
55,470
55,740
56,335
57,291
57,952
56,858
57,256
5,297
5,084
5,692
6,215
6,963
7,681
7,704
7,536
7,875
7,905
3,347
3,383
3,176
2,962
2,489
2,679
2,471
2 237
2 149
2,131
50,156
50,352
50 212
49,346
48,979
47,626
46,975
46 823
47,781
47,499
1
Includes
2
self-employed, unpaid family, and domestic service workers.
Monthly estimates of the labor force beginning 1954 are based on an improved sample covering a larger number of areas and are, therefore,,
not strictly comparable with earlier data.
NOTE.—Details do not necessarily add to group totals. Information on the labor force status of the population is obtained through interviews of households on a sample basis. Data relate to the calendar week that contains the eighth day of the month through June 1955. Beginning:
July 1955, data relate to the calendar week that contains the fifteenth day of the month. Back data may be obtained from the Bureau of the
Census.
1272
FEDERAL RESERVE BULLETIN;
VALUE OF NEW CONSTRUCTION ACTIVITY
[Seasonally adjusted. In millions of dollars]
Public
Private
Year or month
Total
Industrial
Com- Public
mercial utility
Other
nonresidential
Business
Total
Residential
Total
Conser- All
vation other
Total
Military
Highway
385
3,628
5,751 1,620
10,660 5,016
6,322 2,550
837
3,073
690
2,398
188
2,362
204
3,433
158
4,825
137
6,405
177
7,000
887
9,418
10,901 1,388
11,394 1,307
11,809 1,030
1,302
1,066
734
446
362
398
895
1,451
774
2,131
2,272
2,518
2,820
160
3,750
528
500
357
285
163
130
240
394
629
793
881
853
854
830
704
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
6,097
6,325
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
35,271
37,577
5,054
6,206
3.415
1,979
2,186
3,235
9.638
13,256
16,853
16,384
21,454
21,764
22,107
23,877
25,768
2,985
3,510
1,715
885
815
1,100
4,015
6,310
8,580
8,267
12,600
10,973
11,100
11,930
13,496
1,561
2,082
1,287
759
989
1,672
4,195
4,896
5,693
5 ,322
5,680
7,217
7,460
8,436
8,583
442
801
346
156
208
642
1,689
1,702
1,397
972
1,062
2,117
2,320
2,229
2,030
348
409
155
33
56
203
132
856
253
027
288
371
137
791
2,212
771
872
786
570
725
827
1,374
2,338
3,043
3,323
3,330
3,729
4,003
4,416
4,341
508
614
413
335
382
463
1,428
2,050
2,580
2,795
3,174
3,574
3,547
3,511
3,689
1954—October
November.
December..
3,136
3,254
3,429
2,238
2,269
2,350
1,210
1,229
1,307
722
724
730
165
173
180
193
186
184
364
365
366
306
316
313
898
985
1,079
87
90
97
266
320
393
51
53
55
494
522
534
1955—January r.r . .
February
March r ..
April'...
May.
June r .
July
August?
September**
October?
3,418
3,451
3,462
3,521
3,576
3,564
3,541
3,524
3,536
3,480
2,398
2,437
2,464
2,523
2,553
2,546
2,556
2,551
2,563
2,513
1,337
1,346
1,348
1,390
1,418
1,419
1,416
1,390
1,381
1,324
748
777
798
811
813
816
827
854
874
882
181
183
188
188
191
197
202
205
207
214
199
223
236
247
248
245
252
276
295
297
368
371
374
376
374
374
373
373
372
371
313
314
318
322
322
311
313
307
308
307
1,020
1,014
998
998
1,023
1,018
985
973
973
967
93
101
93
104
110
117
112
109
110
117
340
338
335
334
350
338
336
332
326
324
55
51
54
54
55
53
50
48
46
45
532
524
516
506
508
510
487
484
491
481
1940.
1941.
1942.
1943.
1944.
1945.
1946.
1947.
1948.
1949.
1950.
1951.
1952.
1953.
1954.
P Preliminary.
^Revised.
Source.—Joint estimates of the Departments of Commerce and Labor.
CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF OWNERSHIP AND BY TYPE OF CONSTRUCTION
[Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions]
By type of
ownership
Year or month
By type of construction
Total
1948
1949
1950
1951
1952
1953.,..
1954
Public
works
and
public
utilities
Nonresidential building
Public
Private
Residential
building
Factories
Commercial
Educational
Other
9,430
10,359
14,501
15,751
16 775
17,443
19,770
3,107
3,718
4,409
6,122
6 711
6,334
6,558
6,323
6,641
10,092
9,629
10 064
11,109
13,212
3 608
4,239
6,741
6,205
6 668
6,479
8,518
840
559
1,142
2,883
2 562
2,051
1,274
975
885
1,208
915
979
1,489
1,815
725
824
1,180
1,335
1 472
1,720
2,063
J .127
L,376
1,651
1,689
1,686
1,695
L958
2,155
2,476
2,578
2,723
3,408
4,008
4,142
1954—October.
November.
December
1,965
1,499
1,829
633
475
617
1,332
1,024
1,212
852
709
762
145
82
104
186
129
194
155
140
204
186
141
200
443
299
366
1955—January
February
March
April
,
May....
June
July
August
September
October
1,504
1,581
2,135
2,322
2,185
2,255
2,272
1,895
2,035
1,863
480
472
677
676
675
757
761
549
621
551
1,024
1,109
1,458
1,646
1,510
1.498
1,511
1,346
1,414
1,312
690
744
990
1,070
1,011
951
959
835
733
85
113
176
142
171
163
146
170
201
166
133
194
174
183
228
288
215
197
131
135 J
201
195
201
181
231 >
153
163
184
153
189
195
171
270
227
144
148
249
303
386
546
448
461
420
378
593
... .
.. . .
CONSTRUCTION CONTRACTS AWARDED, BY FEDERAL RESERVE DISTRICTS
{Figures for 37 States east of the Rocky Mountains, as reported by the F . W. Dodge Corporation. Value of contracts, in millions of dollars ]
Moaath
Total
(11 districts)
1954 Jjjjjy
August
Septenfter.......
1,837
1,573
1,816
1955—July,
August..,
September
2,272
1,895
2,035
NOVEMBER 1955
Federal Reserve district
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
95
109
270
199
143
106
207
193
163
133
167
175
394
306
110
85
107
263
116
110
398
310
123
259
220
151
173
311
124
145
112
262
233
224
210
151
223
206
147
398
357
115
87
122
194
220
386
164
Minneapolis
86
76
Kansas
City
90
90
Dallas
1
112
102
66
111
166
94 !
64
77
133
125
92
149
178
139
1273
PERMANENT NONFARM DWELLING UNITS STARTED
[In thousands of units]
Government-underwritten
Private
Year or month
1948
1949....
1950
1951
1952
1953
1954 . . .
Total
Rural
nonfarm
1,025
1,396
1,091
1,127
1,104
1,221
525
589
828
595
610
565
n.a.
111
104
91
n.a.
n.a.
n.a.
88
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
.-
932
1954—October
November.
December
1955—January
February
March .
April
May...
June
July
August
September
October..
Urban
. . .
90
114
132
138
135
123
P123
P113
P107
Total
1family
2family
Multifamily
393
291
102
466
686
361
486
105
200
413
420
407
264
279
252
149
141
155
585
277
308
8
8
7
0)
0)
59
62
51
25
26
22
34
36
29
(i)
46
20
26
45
54
61
66
17
24
26
28
28
30
35
38
72
32
40
63
68
C
26
27
914
763
46
104
436
568
792
1,151
35
42
162
159
892
939
933
40
46
42
88
84
94
n.a.
989
1,352
1,020
1,069
1,068
1,202
1,077
34
90
n.a.
n.a.
n.a.
111
103
90
100
93
80
3
3
3
87
78
2
7
88
113
131
135
79
100
120
122
3
4
3
3
6
9
8
10
131
121
122
P122
P112
P107
113
n.a.
n.a.
n.a.
VA
FHA
Total
18
36
44
71
58
36
19
407
496
517
539
Public
1
2
3
3
8
3
n.a.
n.a.
n.a.
6
n.a.
n.a.
n.a.
3
1
C1)
37
41
25
P19
59
PI
P54
P35
^Preliminary.
"Corrected.
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 adjusted
]Vionthly—without
seasonal adjustment
Annual
1954
Class
1954
1955
1953
1954
Sept.
Apr.
Total
127
114
Ill
Coal
Coke
Grain
Livestock
Forest p r o d u c t s . . . . . . . .
Ore
Miscellaneous
Merchandise, 1. c. 1
103
171
135
63
143
215
143
43
92
105
141
62
132
144
129
40
98
98
131
67
129
137
123
39
May
June
July
123
128
125
125
95
144
140
65
133
177
142
39
105
149
155
57
139
177
144
40
99
151
152
50
147
191
140
42
104
156
164
50
145
190
139
43
1955
Sept,
Sept.
Apr.
126
127
120
109
166
141
51
148
202
140
40
115
169
138
60
143
213
139
39
98
97
147
89
140
205
133
41
Aug.
May
June
July
Aug.
Sept.
120
130
130
131
131
138
95
142
123
58
133
136
140
39
105
147
133
52
145
271
146
40
99
148
155
41
153
296
144
42
104
151
197
41
146
305
140
42
109
160
152
49
156
303
142
41
115
167
154
80
155
320
151
41
NOTE.—For description and back data, see BULLETIN for June 1941, pp. 529-533. Based on daily average loadings. Basic data compiled by
Association of American Railroads. Total index compiled by combining indexes for classes with weights derived from revenue data of the Interstate Commerce Commission.
MERCHANDISE EXPORTS AND IMPORTS
[In millions of dollars]
Merchandise exports 1
Month
January
February.
March
April
May
June
July
August
September
October .
November
December
January-September
. . . .
Merchandise exports excluding
military-aid shipments 2
1953
1954
1955
1953
1954
1955
1,293
1,200
1,390
1,394
1,453
1,385
1,363
1 187
1,256
1,253
1,247
1 353
1,092
1,183
1,126
1,426
1,401
1,474
1.290
1,156
1,115
1,265
Pl.250
1 318
1,168
1,238
1,343
1,261
1,321
1,318
1,268
1,232
Pl,248
1,016
927
1,052
1,054
1,085
1,013
965
911
1,052
1,019
1,031
1 138
923
998
923
1,258
1,137
1,115
1,023
955
'962
1,162
1.165
1 221
1,083
1,143
1,251
1,167
1,189
1,190
1,140
1,104
11,921
11,263
Pll.397
9,075
9,294
P1,149
P1O,416
Merchandise imports 3
1953
1954
922
833
856
1 004
1,013
809
864
902
933
957
829
947
908
840
926
813
849
822
825
780
763
840
907
942
8,304
7,666
1955
'871
850
1 019
871
r
939
885
«953
«8,306
r
Revised.
1
Exports
2
PPreliminary.
"Estimated.
of domestic and foreign merchandise.
Department of Defense shipments of grant-aid military equipment and supplies under the Mutual Security Program.
3General imports including imports for immediate consumption plus entries into bonded warehouses.
Source.—Bureau of the Census, Department of Commerce.
1274
FEDERAL RESERVE BULLETIN
DEPARTMENT STORE STATISTICS
[Based on retail value figures]
SALES AND STOCKS, BY FEDERAL RESERVE DISTRICTS
[Index numbers, 1947-49 average=100]
Federal Reserve district
United
States
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
104
98
105
109
110
112
111
102
99
103
105
104
105
107
103
98
101
105
101
102
104
104
100
106
109
109
111
108
105
98
105
110
110
113
105
103
100
105
113
118
121
121
103
101
109
115
124
126
129
104
97
104
108
106
111
109
104
98
104
107
110
112
112
104
98
105
104
104
104
105
103
99
108
111
113
112
115
105
102
113
117
124
125
127
104
98
105
109
114
115
113
1954—September
October
November
December
111
112
113
116
108
109
110
110
105
102
106
106
109
108
111
113
105
106
107
110
120
122
124
128
126
135
133
135
108
108
109
112
109
112
114
117
105
106
104
111
117
118
116
120
122
131
131
136
115
116
115
118
1955—January
February
March
April
May
June.
July
August
September
119
112
115
119
117
114
124
118
114
109
107
108
111
107
114
107
114
108
101
105
102
103
104
108
106
108
113
108
111
115
115
114
121
114
120
111
108
107
116
113
108
124
114
117
133
122
129
126
128
123
136
134
P135
137
134
133
142
137
136
152
143
P140
116
109
114
119
117
114
122
115
118
123
114
116
122
120
108
132
120
119
112
103
108
107
107
103
111
107
112
124
114
120
126
120
118
136
124
127
140
129
134
142
134
132
145
139
131
125
118
118
120
118
118
123
122
126
1954—September
October
November
December
113
118
137
201
115
110
133
200
108
109
134
186
112
113
146
197
105
111
133
191
123
130
153
231
122
141
154
234
113
114
133
188
111
123
137
194
111
122
120
180
117
124
133
205
122
138
149
228
112
116
134
209
1955—January
February
March
April
May
June
July
August
September
91
88
100
114
116
110
98
105
P123
90
82
90
108
111
107
82
86
122
85
82
93
99
101
100
77
'82
111
85
83
101
109
114
107
90
'92
124
87
83
93
112
110
104
96
104
117
91
91
111
125
129
118
107
112
P13S
106
107
129
141
134
121
122
129
P136
84
98
114
116
112
96
103
123
92
89
101
118
120
106
102
109
122
80
81
88
108
108
95
89
102
119
94
89
104
123
119
113
111
117
127
110
103
120
136
133
120
123
129
131
97
93
97
112
116
113
107
118
123
107
99
109
128
118
126
122
105
100
109
124
111
116
117
105
97
105
124
113
116
114
107
99
108
127
113
119
116
107
100
106
128
111
118
114
105
101
113
133
130
143
139
108
102
120
140
136
146
141
108
97
108
125
112
122
120
107
100
106
125
114
124
116
110
99
104
116
107
115
115
108
100
111
130
121
133
126
110
101
112
132
126
138
132
107
100
110
131
126
134
125
1954—September
October
November
December.,
123
122
123
124
118
116
118
119
116
115
114
114
116
115
117
121
114
114
114
117
142
143
141
144
142
142
143
144
118
117
119
120
114
113
114
118
118
118
119
119
127
126
128
130
134
134
133
139
128
126
128
128
1955—January
February
March
April
May
June
July
August
September,
123
123
124
124
123
127
127
129
P129
118
118
119
121
120
124
121
122
124
113
113
113
113
111
115
116
117
116
118
117
118
116
119
124
125
122
126
114
114
113
113
113
116
118
118
118
140
142
144
144
139
143
145
145
P150
146
147
150
149
148
151
148
154
157
118
118
119
120
122
124
121
123
121
121
120
117
120
121
126
126
126
123
116
116
116
113
117
123
119
123
122
129
129
131
131
132
136
134
136
135
134
136
139
137
137
143
143
145
P146
131
127
129
128
126
130
131
138
137
1954—September
October
November
December
128
137
138
110
121
131
138
111
'122
129
131
104
121
132
134
107
120
128
129
104
146
158
152
120
148
155
162
127
123
133
138
108
123
127
129
106
124
128
133
107
132
137
142
117
142
148
147
126
133
144
141
108
1955—January.
February
March.
April
May
June
July
August
September,
110
117
127
129
127
121
119
126
P135
107
111
122
125
123
115
109
118
127
101
106
116
119
115
108
105
114
123
103
112
122
124
124
116
112
117
132
101
109
117
119
117
110
109
114
123
125
132
149
153
146
139
142
148
P155
134
145
156
155
150
142
139
150
163
106
112
121
123
123
116
114
120
127
105
114
124
126
121
116
116
126
133
107
111
119
118
118
116
115
120
128
116
125
135
136
135
131
129
134
140
119
132
144
144
139
133
136
144
P155
116
118
129
133
136
131
130
133
142
Year or month
1948
1949
1950
1951
1952
1953
1954
Minne- Kansas Dallas
apolis
City
San
Francisco
SALES i
SEASONALLY ADJUSTED
WITHOUT SEASONAL ADJUSTMENT
1948
1949
1950
1951
1952
1953
1954
STOCKS 1
;. .
SEASONALLY ADJUSTED
WITHOUT SEASONAL ADJUSTMENT
r
p Preliminary.
Revised.
1
Figures for sales are the average per trading day, while those for stocks are as of the end of the month or the annual average.
NOTE.—For description and monthly indexes for back years, see BULLETIN for December 1951, pp. 1463-1515.
NOVEMBER
1955
1275
DEPARTMENT STORE STATISTICS—Continued
[Based on retail value figures]
DEPARTMENT STORE MERCHANDISING DATA
Ratios to sales3
Amounts (In millions of dollars)
Year or month
Stocksi
Sales i
(total
for
month)
(end
of
month)
345
365
381
1947 average
1948 average
361
376
391
397
406
407
1950 average ..
1952 average
1953 average ..
1954 average
.
.
'402
1954—September
October
November
December
437
509
766
1955—January
February
April
May
.
.
. . .
336
307
392
413
404
390
324
.
July
August
September?
382
427
Outstanding
orders1
(end of
month)
Receipts2
(total
for
month)
New
orders2
(total
for
month)
Stocks
Outstanding
orders
Stocks
plus
outstanding
orders
Receipts
5.3
1.1
767
887
979
925
L.012
L.202
1,097
1,163
1,136
964
588
494
373
495
460
435
421
387
373
366
386
358
391
390
397
408
407
354
364
363
358
401
379
401
401
409
2.3
3.0
2.5
2.7
1.7
1.4
4.3
4.1
2.7
L.I
3.8
2.8
3.2
2.9
3 0
3.0
L.O
1,190
1,268
1,318
1,056
»-488
477
406
301
'496
r515
559
504
••518
»*504
488
399
3 0
2 9
2.6
1.4
0 8
0.4
4.0
3.4
1.8
1,042
L ,105
1,190
1,216
1,189
I .122
1,090
1,157
1,248
385
414
367
308
307
449
554
550
578
322
370
477
439
377
323
292
449
518
406
399
430
380
376
465
397
445
546
3 1
1.1
1.3
0.9
0.7
0.8
1.2
1.7
4.9
4.0
3.7
3.7
4.6
5.1
L.4
L.3
1.2
1,1
2 9
2.9
2.9
3 4
3.0
2.9
L.O
0
l.l
1.0
L.O
1.0
L.O
4.2
4.4
4.1
4 1
4.0
4.2
12
1 1
3.6
3.0
1.0
?,
L.2
L.I
(7 7
4 2
L.O
L.2
1.2
1.1
0.9
0.8
0.9
4.5
4.3
1 .4
1.4
1 .2
1.2
^Preliminary.
'Revised.
1
These figures are not estimates for all department stores in the United States. They are the actual dollar amounts reported by a group of
department stores located in various cities throughout the country. In 1954, sales by these stores accounted for about 50 per cent of estimated
total 2department store sales.
Receipts of goods are derived from the reported figures on sales and stocks. New orders are derived from receipts and reported figures on
outstanding
orders.
3
The first three ratios are of stocks and/or orders at the end of the month to sales during the month. The final ratio is based on totals
of sales and receipts for the month.
NOTE.—For description and monthly figures for back years, see BULLETIN for October 1952, pp. 1098-1102.
WEEKLY INDEX OF SALES
[Weeks ending on dates shown.
1947-49 = 100]
Without seasonal adjustment
1952
1951
1953
195
223
237
146
Dec.
3
10
17
24
31
81
89
92
86
87
Jan.
7....
14
21
28....
88
92
85
93
Feb.
7....
96
1 4 . . . . 100
2 1 . . . . 109
2 8 . . . . 112
Mar.
1954
1952
161
191
213
228
92
Dec.
78
92
90
83
Jan.
84
87
89
83
Feb.
85
88
90
94
101
Mar.
8
15
22
29....
Apr.
5
12....
19
26
4
109 Apr.
111
11
97
18
105
25
118 Apr. 3
97
10
105
17
104
24
103 Apr. 2. . .
113
9...
118
16...
101
23...
30...
May
3....
111 M a y 2
9
1 0 . . . . 117
16
17
99
23
24
105
30
3 1 . . . . 97
114 M a y 1
128
8
105
15
112
22
97
29
112 M a y 7 . . .
123
14. . .
97
21. . . .
106
28. . . .
104
Dec.
1
8....
15 . . .
22....
29
5
12....
19
26...,
Feb.
2
9
16
23
Mar. 1
.
5
12
19
26
190 Dec. 4 . . . .
216
11 . . .
234
18. . . .
163
25... .
1954
1953
1952
Jan.
6
13
20....
27....
.192
.224
.240
.190
14....
21
28
111
116
98
91
5
12. . . .
19
26
79
83
82
79
June 6
13
20
27....
1955
1954
1953
Tune 7 . . . .
118
112
111
94
June 5
June 4
11
12
19
26
97
111
115
97
3
10
17
24
31
93
77
88
84
87
July
Aug. 7
92
9/
10<
102
Aug.
18
25
.102
114
117
.103
1955
2
9
16
23....
30
81
94
85
86
85
Jan.
6
13
20
27
86
91
86
90
Feb.
6
85
13
92
20
95
2 7 . . . . 100
Mar.
1...
8. . .
15. . .
22...
29 . .
. . 80
..106
. . 99
. . 95
. . 87
July
5.
12.
19.
26.
..
..
. .
..
Aug.
. .
. .
..
..
86
92
90
93
5
98
1 2 . . . . .102
19. . . . . 1 0 8
2 6 . . . ..103
..114
..122
..103
..112
..120
2 . . . . 87
9
90
16
95
2 3 . . . 100
3 0 . . . 110
Sept. 6
Oct.
.134 Nov
.108
.115
.114
July
4
11
18
25
79
92
84
83
Aug. 1
. . . 86
8
92
15
95
22
100
2 9 . . . . 101
July
14....
21
28
2. . . . . 98
9
87
97
23. . . . ..94
98
30
16
6
13
20
27
12
19
26
101
102
120
114
Sept. 4 . . . . 113 Sept. 3
10
11
97
17
18
120
24. . .
25
118
.125
.108
.125
. .121
3 ...
10 . . .
17....
24
31
112
120
118
113
113
Oct.
1
8.:..
15
22
29
.126
.125
.128
.133
,126
100
. . . 114
. . . 113
112
Sept. 5
13
20
27
4
11
18
25
116
. . . 126
. . . 124
122
Oct.
I
115
118
. . . 130
. . . 134
138
121 Nov. 6
Nov. 7
.127 Wov. 5
12
13 . . . .130
14 . . . 133
15
22
29
. .97
.100
.106
.111
21
28
131
133
2
9
16
23
30
110
118
119
123
117
20
.134
2 7 . . . . .133
Oct.
.128
19
26
N O T E . — F o r description and weekly indexes for back years, see B U L L E T I N for April 1952, p p . 359-362.
1276
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)
9
Federal Reserve
Federal Reserve Sept. Aug. 9
Sept. Aug. mos.
mos.
district,
district,
1955
1955
1955
area, or city
area, or city
United States.
P + 9 +11
+7 Cleve.-cow/.
+5 +7 +4
Boston
+13 +10
+7
+5 Portsmouth 2 . . . +3 +7
+2
P + 1 3 +13
Richmond
+3
+9
1
Met. Areas
Portland
+3 +11
Boston
,
+5
Downtown
-5
Boston 2
+3
Suburban
+9
Boston
+7 +9
Cambridge..
+12 +7
Quincy
Lowell+ 13 +10
Lawrence
+15
New Bedford...
2
+3
Worcester
+8
Cities
+9 +1
Springfield.....
P r o v i d e n c e 2 . . . . +14 +8
New York
+3
Met. Areas*
Albany-Schenectady-Troy
+5
Albany
,
+8
Schenectady..
+1
Binghamton....
+7
Buffalo 2
+4
Buffalo
Niagara Falls.. +5
New York-N.E. -1
New Jersey.. +4
Newark 2 2
N. Y. C i2 t y . . . *-l
Rochester2
+5
Syracuse
+ 11
Utica-Rome
+2
Utica
+3
+4
+6
+7
+5
+3
+4
+3
+5
+5
+3
+2
+5
+3
+5
Cities
B r i d g e p o r t 2 . . . . +13
Poughkeepsie... +7
+9
+7
Philadelphia... +11 •+12
Met. Areas
Wilmington
+11 +15
+10
Trenton2.......
+3
Lancaster 2 2
Philadelphia
...
+
Reading2......
+18
-8
Scranton
Wilkes-Barre—
Hazleton 2
+12
is
Hi
City 2
York
Cleveland
+41 +38
+ 11 +15
Met. Areas
Lexington
Akron 2 2
...
Canton 2
Cincinnati2
Cleveland 2
C o l u m b u s 2. . . . .
Springfield ....
Toledo 2
Youngstown 2 ...
Erie2.... 2
Pittsburgh
+4
+7
+7
+4
+9
+11
+7
+8
+22
+15
+18
Met. Areas-cont.
WheelingSteubenville 2 ..
Zity
Met. Areas1 2
Washington . ..
Downtown
Wash
+7 Baltimore22
Asheville
+11 Raleigh2
0
2
+5 Winston-Salem
Charleston,
2
S. C.
+3 Columbia 22
+6 Greenville
Norfolk3
+2 Portsmouth
..
2
Richmond
Roanoke 2
Charleston,
W. Va. 2
Vs
+1
+5 Cities
-3 CumberlandHagerstown. ..
Spartanburg....
Lynchburg 2
Newport News..
FairmontMorgantown. .
0 Huntington 2 . . .
+1 Parkersburg
+3
+2
+1
+2
+3
+4
+2 Atlanta
+4
+14 +14
+8
+9 +13 +4
+8 +5
P+7
p+l +10 +8
+14 +12 +10
+ 13 +13 +7
+43 +39 +35
+39 +6 +10
+12 +13 +12
+13
+11
+8 +5
+ 19
+9
+9
+5
+9
+9 +7 +8
+11 + 10 +2
P+7 + 15 +4
+11 +11 +7
+15 +21 + 10
+10 + 13 +8
+18 +24 +16
Federal Reserve Sept. Aug. 9
Federal Reserve Sept. Aug. 9
mos.
district,
district,
1955 1955 1955
1955 1955 mos.
1955
area, or city
area, or city
Kan. City-cow/.
Chicago-cow/.
1
Met. Areas-cont.
Met. Areas
-cont,
Joliet 2
+11 +8 + 16 Wichita...
+18
St. Joseph
+12
Gary 2
+15
Decatur
+5 +5 +3 Omaha
+9
Albuquerque.
.
+13
Peoria 2
,
+5
Rockf ord
+10 +8 +5 Oklahoma City
Tulsa
+29
Tri-Cities 2
()
()
(Moline,
Cities
Rock Island;
Greeley
Davenport)
+8 +12 +7 Hutchinson. ..
Fort Wayne 22...
+7 + 10 +6 Joplin
Indianapolis ..
+ 16 +17 +11 Kansas City.
Muncie
+5 + 10 +8 Enid
South Bend 2 .2 . ,
+5 +7 +5
Terre H a u t e . .
+3 +7 +4
Cedar Rapids..,
0 +3 +4 Dallas
Des Moines
+ 12 +8 +5
Dubuque
Sioux City
+8 +
Waterloo
+7 Met. Areas
+ 16 +17 +12 Shreveport
Detroit 2
Corpus Christi
+17
+22
+13
Flint 2
+6 +3 +2 Dallas2
Grand Rapids 2 ,
+7 + 18 +8 El Paso
Jackson 2
Kalamazoo
+5 +3 +4 Fort Worth..
Lansing 2
+31 +33 +21 Houston2
Saginaw
+11 +12 +7 San Antonio
Green Bay
+15 + 11 +9 Waco
Madison
+5
0
Milwaukee 2 ...
+5 +4
Cities
Danville
Battle Creek. . .
Muskegon
Port Huron. . .
Appleton
Sheboygan.
+ 15
+38
+10
+ 11
+ 11
+7
+15 +11 St. Louis
+15
+5
+14
+10
+9
+10
+10
Met. Areas
+22
+19 +12 Chicago2...
+20 +10 Aurora. . .
+12 Elgin
+23 +3
+20
XI
+1
+4
+9
+1
+4
+5 Met. Areas
+7 Denver
+5 Topeka
19
+2! +
+13
+10]
-11
-6
-1
+4
+7
+27
+ 12
+6
+12
+52 +39
+13 +8
+9 +4
+2
+2
+7 +4
+5
+4
+5
+6
+5
+1
+4
+2
+9
+ +8
+4 ++7
11
12
-7
+2
+8
+6
+2
+5
-13
+15 + 1 0
-2j
+15
0
+6
+9
+9 + 18 + 11
+ 11 +10
+9 + 19 +10
+7} +9 +8
+2'' + 15 +8
+18J +28 + 14
San Francisco.
+15 +14
1
+28 +30 Met. Areas
+11 + 11 Phoenix2 2
+12 +8 Fresno
Los Angeles 2 ...
+13
Met. Areas1 2
Met. Areas
Birmingham ..
+8 •+12 +9 Fort Smith 2
+ 13
+5 Mobile
+ 16 +17 +11 Little Rock
0
...
+9 Montgomery.2 . P + 9 + 13 +8 Evansville22
+11
Jacksonville .. +14 +11 +6 Louisville
+5
+10 +10 +9 Springfield2
+7 Orlando
+36
St. PetersburgP+13
St. Louis
Tampa
+7 +5 +5 M e m p h i s 2 . . . . P+3
+7 St. Petersburg +11 +9 +9
+12 Tampa22
+3 +1 Cities
+4 Atlanta
+11 +13 Quincy. .
+5
+6 Augusta
+1 +6 +3 Paducah.
+11 Columbus
+13
+24
+
19
Macon 2
+8 +14 +8 Minneapolis.
+7
+2 Savannah
P+3 +16 + 10
2
Baton
Rouge
.
+11
+8 +10 +5 Met. Area
2
New Orleans . ,
+9
+4 +12 +7 Sioux Falls...
Jackson 2
+6 +2
-2
2
Cities
+4
+11 Chattanooga
0
0
Knoxville2
+4
+21 +14 M a n k a t o . . . .2.
+14 +16
.
+2
+10 Nashville 2
+8 Minneapolis
+5
St. Paul 2
+15
Cities
Duluth- 2
+1 Rome
+3
+15 + 19 +8 Superior . . .
+6 Meridian.
+12 +9 Great Falls...
+11 +4 - 3 Grand Forks.
+3 Bristol.. ?.
+5
LaCrosse
+7
+3
Chicago
+9 +7
P+9
Kansas City.
+9
1
+ 5 +7 +17
+27
+7
+2
+3 +8
+9 + 12
+ 11! +12
+13
+9|
+11
+8
+ 15
+ 11
+9
+8
+5
+7
Downtown
% +3
L. A. 2
0
2
WestsideL.A.
+3 +6 +6
Long Beach 2 . . +15 + 15 + 10
'Pasadena
+f +8 5 +4
Santa Monica..
+23 +16
Riverside and
San Bernardino 2
+23 +16
Sacramento
...
+6 +5
San Diego 2
+8 +3
San Francisco+ 11 +9
Oakland 2 . . . .
Oakland- 2
Berkeley
+4 +9 +6
Downtown2
Oakland . .
+5 +2
San Francisco2.1
+7 +4
Vallejo 2
+1
+6 + 180 +12
San Jose 2
+ 15S +21 5+6
Stockton2
Portland
+10 +5
Salt Lake
City 2 .
+ 15 +11
Seattle 2 2
+7 +6
Spokane2
+8
+3 ++9
Tacoma
17 + 13
+1
+6 +1 Cities
+6 Tucson
-2
Bakersfield 2 ....
+8
+4 +1 Boise and
Nampa
+12 +8 Idaho Falls
Twin Falls
Bellingham
2
+ 13 +16 +15 Everett
2
...
+9 +15 +5 Walla Walla
Yakima2
+r
'+17; +12
+ 13
+9
+ 11 + 10
-6
+3
+3 +6
1
+4, ++11
+ 19 5+6
+4 +8
i
-3
-2
P1 Preliminary.
'Revised.
Breakdowns shown under various metropolitan areas do not necessarily include all portions of such areas.
2
Indexes showing longer term comparisons are also available for these areas and cities and may be obtained upon request from the Federal
Reserve
Bank in the district in which the area or city is located.
8
Data not available.
4
Seven months 1955.
* i f e months 1955.
NOVEMBER
1955
1277
DEPARTMENT STORE STATISTICS—Continued
[Based on retail value figures]
SALES AND STOCKS BY MAJOR DEPARTMENTS
Department
Aug.
1955
GRAND TOTAL—entire stored
MAIN STORE — total
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
Silverware and jewelry
Silverware and clocks
Costume jewelry.
Fine jewelry and watches
Stocks
(end of
month)
Sales
during
period
Federal Reserve index numbers
without seasonal adjustment,
1947-49 average =1002
Ratio of
stocks to
sales1
Percentage change
from a year ago
Eight
months Aug.
1955
1955
Sales during
period
August
1954
1955
1955
Stocks at end
of month
1955
1954
1954
Aug.
July
Aug.
Aug.
July
Aug.
Ill
+8
+8
+8
+4
+5
+1
+5
+5
+4
3.3
3.4
3.5
3.6
93
78
86
117
110
2.9
3.1
104
71
97
102
104
98
-3
-7
-9
-4
-7
-9
-1
+4
+3
0
4.4
5.3
4.2
3.6
4.1
4.8
3.8
3.4
58
44
73
76
44
32
26
82
60
47
81
73
92
84
107
106
86
75
86
113
88
82
108
95
2.4
3.0
1.7
3.0
2.7
3.3
2.0
3.1
137
116
175
122
90
83
107
84
123
105
150
115
106
97
118
113
113
104
137
114
103
93
117
108
+ 17
+6
+5
+5
+3
+6
+ 11
+3
+4
+1
+4
+6
+4
+5
4.1
4.2
86
75
81
111
109
106
+3
+ 11
-3
+3
+5
+3
+7
+ 11
+8
+7
4.9
4.1
3.4
4.9
4.4
3.7
65
85
99
60
84
92
63
76
90
103
124
102
99
122
102
101
118
99
5.3
5.9
3.7
8.1
5.0
5.8
3.2
8.7
77
85
73
83
64
67
68
57
76
78
78
71
116
133
111
108
111
131
97
98
108
120
102
101
+3
5.3
4.8
71
55
76
105
101
102
+5
+4
3.7
2.9
4.0
3.8
3.0
4.2
83
82
82
117
98
124
112
100
117
112
95
118
+4
+ 12
+ 10
+ 10
+2
+8
-6
+ 17
+6
+5
+6
+ 13
+2
+ 12
-7
-3
+7
+6
+8
+4
+5
+4
+5
00 00 00
66
70
64
Women's and misses' apparel and accessories.
Women's and misses' ready-to-wear accessories..
Neckwear and scarfs
Handkerchiefs
Millinery
Women's and children's gloves.
Corsets and brassieres
Women's and children's hosiery
,
+4
+2
+6
3.1
3.0
91
71
87
128
113
120
+4
+2
0
-6
-4
+3
+4
+5
+8
-3
0
+2
+7
+7
3.9
3.1
4.4
1.7
9.5
3.4
3.5
3.9
2.8
4.5
1.6
9.6
3.5
3.2
82
85
43
63
36
112
61
70
78
36
33
29
111
54
79
87
44
69
36
103
63
128
142
64
101
98
143
121
113
119
62
67
79
141
111
122
132
66
104
96
133
112
Underwear, slips, and negligees
Knit underwear
Silk and muslin underwear, and slips. .
Negligees, robes, and lounging apparel.
+8
+ 11
+7
+5
+1
+3
—1
0
+3
+7
+2
+4
3.2
3.1
3.3
2.8
3.3
3.2
3.5
2.8
74
97
64
69
78
95
73
72
68
87
60
66
104
135
94
92
98
126
89
78
101
126
92
89
+4
+5
+2
+6
+7
+9
3.2
3.2
3.1
3.1
109
77
73
66
105
73
138
122
120
103
129
112
+8
+7
+8
+3
+3
+4
+5
+7
+4
5.9
4.1
6.5
6.1
4.1
6.7
98
131
90
76
68
77
91
122
83
154
163
153
132
136
130
147
153
147
+4
-4
9
+3
-4
-1
-9
+8
+6
+8
+2
2.4
3.2
2.9
3.8
2.3
2.9
2.6
3.4
99
67
76
57
72
31
29
32
95
70
78
62
128
129
138
115
113
98
103
81
119
121
127
113
+3
+1
+5
+8
+6
+9
1.9
1.8
2.0
2.0
1.8
2.1
133
104
167
72
68
77
122
99
151
142
127
155
128
111
142
132
119
143
Women's and misses' dresses.
Inexpensive dresses
Better dresses
+9
+5
+11
+4
+4
+6
+3
+2
+5
+7
+8
+8
1.9
1.5
2.4
1.9
1.4
2.3
80
79
87
74
79
71
77
76
82
102
97
109
85
83
87
95
91
101
Blouses, skirts, and sportswear
Aprons, housedresses, and uniforms.
Furs
+5
+21
-5
+4
+5
+ 10
+9
+3
+ 10
2.5
1.8
4.0
2.4
2.1
3.4
125
93
109
109
112
40
119
77
115
156
90
116
140
99
122
144
87
105
+9
+5
+4
5.2
5.5
77
74
71
125
ill
120
+8
+10
+8
+11
+4
+5
+6
+5
0
6.8
4.9
3.8
6.7
7.3
5.3
3.7
7.1
70
66
118
91
79
76
59
86
65
60
110
82
134
114
131
132
115
106
114
119
134
110
118
126
Art needlework.
Books and stationery. . .
Books and magazines.
Stationery
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
Men's and boys* wear.
Men's clothing
Men's furnishings and hats
Boys' wear
Men's and boys' shoes and slippers.
-3
-2
-7
+2
+9
-3
-2
+4
+ 11
+4
For footnotes see following page.
1278
FEDERAL RESERVE BULLETIN
DEPARTMENT STORE STATISTICS—Continued
[Based on retail value figures]
SALES AND STOCKS BY MAJOR DEPARTMENTS—Continued
Department
Sales
during
period
Aug.
1955
Homef u r n i s h i n g s.
Furniture and bedding
Mattresses, springs, and studio beds.
Upholstered and other furniture
+13
+9
+8
+9
+6
+8
Stocks
(end of
month)
Eight
months
1955
Aug.
1955
+11
+10
+9
+10
+11
+11
+4
+5
+ 10
+4
Domestic floor coverings.
Rugs and carpets
Linoleum
+ 12
Draperies, curtains, and u p h o l s t e r y . . . . . .
Lamps and shades
China and glassware
Major household appliances
Housewares (including small appliances).
Gift shop
+4
+9
+5
+44
+22
+7
Radios, phonographs, television, records, etc..
Radios, phonographs, television
Records, sheet music, and instruments
+ 11
+ 10
+9
+5
+3
+7
+4
+30
+ 13
+3
+7
+6
+7
Miscellaneous m e r c h a n d i s e d e p a r t m e n t s . . .
+6
+5
Toys, games, sporting goods, cameras.
Toys and games
Sporting goods and cameras
+ 11
+9
+ 13
+ 10
+7
+13
Luggage.
Candy...
+ 10
+ 10
+4
BASEMENT STORE—total
Domestics and blankets
Women's and misses' ready-to-wear.
Intimate apparel
Hosiery
Underwear, corsets and brassieres.
Coats and suits
Dresses
Blouses, skirts, and sportswear
Girls' wear
Infants' wear
Aprons, housedresses, uniforms
Men's and boys' wear..
Men's wear
Men's clothing.
Men's furnishings
"\/f"*-*-C1 ' f t
+7
+ 10
+6
+2
+ 10
+8
.+7
+8
+5
+ 14
+11
+ 12
+9
(*•% •»•** 4 f l i t 1 * t I
+ 14
Boys' wear
Homef urnishings
+ 10
+4
Shoes
NONMERGHANDISE—total.
Barber and beauty shop
+2
+2
+1
+6
+7
+7
0
+1
-7
-1
+4
+6
+4
+7
+6
+6
+6
+9
+7
+1
+2
+1
Federal Reserve index numbers
without seasonal adjustment,
1947-49 average =100 2
Ratio of
stocks to
sales i
Percentage change
from a year ago
August
Sales during
period
1954
+1
+7
+3
+5
0
+2
+6
+4
+7
+10
+2
+4
+4
+5
+3
+6
+6
+3
1954
July
Aug.
Aug.
July
Aug.
103
3.8
107
97
94
107
2.8
1.2
3.4
3.6
142
178
129
115
142
104
131
166
119
109
123
107
113
134
111
103
113
102
4.4
4.3
4.6
4.8
4.8
4.9
81
88
56
63
65
48
77
81
50
97
101
64
94
100
63
97
100
60
4.7
4.1
7.3
1.5
3.5
5.5
4.8
4.4
7.8
2.3
4.1
5.7
85
78
94
105
109
96
76
62
69
126
121
79
82
71
90
73
89
90
110
105
125
80
119
133
107
102
125
86
120
131
107
100
125
79
112
128
2.6
2.8
2.2
4.8
99
106
S3
78
74
90
96
92
93
101
94
91
107
87
85
100
3.5
79
81
110
106
105
126
133
113
120
127
112
121
127
109
109
113
103
75
82
71
108
101
104
108
113
108
105
96
102
108
109
(4)
(4)
(4)
(4)
106
()
99
77
110
125
122
3.4
3.4
77
75
5.4
4.5
3.2
1.2
5.5
5.7
5.1
77
63
99
84
70
107
3.4
1.1
104
65
104
2.4
2.5
93
0
2.1
2.3
128
+3
2.0
2.0
88
+3
+ 14
-13
2.4
2.9
2.3
2.6
1.1
1.7
1.4
2.3
1.9
2.6
2.5
2.6
2.3
1.2
1.7
1.5
2.3
2.5
+7
2.8
2.9
100
+5
+6
+6
+ 12
3.0
3.4
2.8
3.2
3.5
3.0
87
92
86
+2
3.0
3.1
+1
3.8
4.0
+5
+7
+5
+7
1955
1955
Aug.
0
Stocks at end
of month
90
()
56
75
118
156
119
58
76
90
72
89
()
22
83
106
73
75
70
58
87
94
66
87
116
84
83
()
59
70
111
144
114
91
104
75
118
131
130
(4)
93
97
91
78
85
76
120
115
127
111
154
73
140
135
87
69
83
103
97
75
91
106
96
99
119
147
111
81
78
103
119
119
112
104
112
100
109
120
105
106
100
104
116
120
(4)
2
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.
3For
movements of total department store sales and stocks, see the indexes for the United States on p. 1275.
4
Data not available.
NOTE.—Based on reports from a group of large department stores located in various cities throughout the country. In 1954, sales and stocks
at these stores accounted for almost 50 per cent of estimated total department store sales and stocks. Not all stores report data for ail of the
departments shown; consequently, the sample for the individual departments is not so comprehensive as that for the total.
NOVEMBER
1955
1279
PRICES
CONSUMER PRICES
[Bureau of Labor Statistics index for city wage-earner and clerical-worker families.
1947-49=100]
Housing
Year or month
All
items
Foods
Total
Rent
Solid House- HouseGas
fuels
hold
and
furand
elecnish- operation
tricity fuel oil ings
Apparel
Transportation
Medical
care
Personal
care
Reading
and
recreation
Other
goods
and
services
1929
73 3
65 6
117 4
60 3
1933
55 3
41 6
83 6
45 9
1941
1942
1943
1944
1945
1946
1947...
1948
1949
1950
1951
1952
1953
1954....
62.9
69 7
74 0
75.2
76 9
83.4
95 5
102.8
101 8
102.8
111 0
113 5
114 4
114 8
52.2
61 3
68.3
67.4
68.9
79.0
95.9
104.1
100 0
101.2
112 6
114.6
112 8
112.6
95 0
101.7
103 3
106.1
112 4
114.6
117 7
119.1
88.4
90 4
90 3
90.6
90 9
91.4
94 4
100.7
105 0
108 8
113 1
117 9
124 1
128 5
97 6
100.0
102 5
102.7
103 1
104 5
106 6
107 9
88 8
104.4
106 8
110.5
116 4
118 7
123 9
123.5
97 2
103.2
99 6
100.3
111 2
108.5
107 9
106 1
97 2
102.6
100 1
101.2
109 0
111 .8
115 3
117 A
55.6
64 9
67.8
72.6
76.3
83 7
97.1
103.5
99.4
98.1
106.9
105.8
104 8
104.3
90.6
100.9
108.5
111.3
118 4
126.2
129.7
128.0
94.9
100.9
104.1
106.0
111.1
117.3
121.3
125.2
97.6
101.3
101.1
101.1
110.5
111.8
112.8
113.4
95.5
100.4
104.1
103.4
106.5
107.0
108.0
107.1
96.1
100.5
103.4
105.2
109.7
115.4
118.2
120.2
1954—September
October
November
December
114 7
114 5
114 6
114.3
112.4
111 8
111.1
110.4
119.5
119 5
119.5
119.7
128 8
129 0
129 2
129 A
107 9
108 5
108 7
109.1
122 4
123 8
124 2
125.5
106.0
105 6
105.4
105.4
117 A
117 6
117.8
117.7
104.3
104 6
104.6
104.3
126.4
125.0
127.6
127.3
125.7
125.9
126.1
126.3
113.5
113.4
113.8
113.6
106.5
106.9
106.8
106.6
120.1
120.1
120.0
119.9
114.3
114 3
114.3
114 2
114.2
114.4
114 7
114.5
114.9
110.6
110.8
110.8
111.2
111.1
111.3
112.1
111.2
111.6
119.6
119.6
119.6
119.5
119.4
119.7
119.9
120.0
120.4
129.5
129 7
130.0
129 9
130.3
130.4
130 4
130.5
130.5
109.4
109 9
110.3
110 3
110.9
110.7
110 8
110.8
111.2
126.1
126 2
126.2
125 7
122.5
122.7
123 2
123.8
125.2
104.6
104 8
104.6
104 5
103.7
103.8
103 6
103.2
103.6
117.7
117.7
117.9
118.1
119.0
119.2
119.4
119.5
119.8
103.3
103.4
103.2
103.1
103.3
103.2
103.2
103.4
104.6
127.6
127.4
127.3
125.3
125.5
125.8
125.4
125.4
125.3
126.5
126.8
127.0
127.3
127.5
127.6
127.9
128.0
128.2
113.7
113.5
113.5
113.7
113.9
114.7
115.5
115.8
116.6
106.9
106.4
106.6
106.6
106.5
106.2
106.3
106.3
106.7
119.9
119.8
119.8
119.8
119.9
119.9
120.3
120.4
120.6
February
March.........
April
May
July
August........
September
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 Processed
modi- products foods Total
ties
Textile
products
and
apparel
Hides,
skins,
and
leather
products
Fuel,
power,
and
lighting
materials
Ma- FurniChem- Rub- Lum- Pulp,
chin- ture Non- Tome- bacco
icals
ber paper, Metals
ery
and
ber
Misand
and
and
and other tallic mfrs. cellaand
and wood
min- and
allied prodmoallied metal
houseproderals—
bottled
tive
prod- ucts prod- prod- ucts
hold
prod- dura- struc- bevucts
ucts
ucts
ucts
bles tural erages
1948
1949
1950
1951
1952
.
1953
1954...........
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
106.7 110.0 148.0 123.9
11.1.6 107.0 108.8 113.2 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
110.3 95.6 105.3 114.5 95.2 94.2 108.1 107.0 126.9 118.0
1954
September
October. . . . . . . .
November.
December
110.0
109.7
110.0
109.5
93.6
93.1
93.2
89.9
105.5
103.7
103.8
103.5
114.4
114.5
114.8
114.9
95.3
95.4
95.2
95.2
93.0
92.4
92.8
91.8
106.9
106.9
107.4
107.5
106.8
106.9
107.0
107.0
126.9
128.5
131.4
132.0
110.1
110.4
110.0
110.5
109.9
110.3
110.5
110.9
111.6
92.5
93.1
92.1
94.2
91.2
91.8
89.5
88.1
89.3
103.8 115.2
103.2 115.7
101.6 115.6
102.5 115.7
102.1 115.5
103.9 115.6
103.1 116.5
101 .9 '117.5
101.4 118.4
95.2
95.2
95.3
95.0
95.0
95.2
95.3
95.3
95.5
91.9
92.3
92.2
93.2
92.9
92.9
93.7
93.8
94.0
108.5
108.7
108.5
107.4
107.0
106.8
106.4
'107.2
108.3
107.1
107.1
106.8
107.1
106.8
106.8
106.0
105.9
105.9
136.8
140.6
138.0
138.3
138.0
140.3
143.4
'•148.7
151.6
1955
January/........
February
March
April.....
May
June
July
August.. .f
September....
102.9
98.5
100.9
119.6
116.5
116.1
116.3
103.9
104.8
110.3
122.8
123.0
126.9
128.0
100.9
106.6
108.6
119.0
121.5
123.0
124.6
101.4
103.1
105.3
114.1
112.0
114.2
115.4
101.7
104.4
106.9
113.6
113.6
118.2
120.9
100.4
101.6
102.4
108.1
110.6
115.7
120.6
103.1
96.1
96.6
104.9
108.3
97.8
102.5
119.3
119.8
119.9
120.0
116.3
116.3
116.0
115.9
129.1
129.7
129.9
129.8
124.4
124.3
125.3
125.7
115.3
115.6
115.6
115.7
121.7
121.9
121.8
121.8
121.5
121.5
121.4
121.4
99.1
96.7
97.0
98.0
120.3
121.2
121.4
122.4
123.5
123.7
124.1
125.1
125.6
116.3
116.6
116.8
117.4
117.7
118.3
119.0
119.7
120.3
130.1
131.5
131.9
132.9
132.5
132.6
136.7
'139.5
141.8
125.8
126.1
126.1
126.3
126.7
127.1
127.5
128.5
129.7
115.5
115.4
115.1
115.1
115.1
115.2
115.5
116.0
116.4
122.0
121.8
121.9
122.3
123.2
123.7
125.3
126.1
126.3
121.4
121.6
121.6
121.6
121.6
121.6
121.6
121 .7
121.7/
97.0
97.1
95.6
94.0
91.3
89.1
90.8
89.8
90.3
"Revised.
Source.—Bureau of Labor Statistics, Department of Labor.
Back figures.—See BULLETIN for March 1952, pp. 311-313.
1280
FEDERAL RESERVE
BULLETIN
PRICES—Continued
WHOLESALE PRICES, BY GROUPS OF COMMODITIES—Continued
[Index numbers of the Bureau of Labor Statistics, 1947-49=100]
1954
1954
1955
Sept.
July
99.8
93 6
80 7
107.4
91 7
77 3
87.5
164 6
Aug.
Sept.
98.7
86 7
79 4
103.8
89 0
78 7
85.6
137 6
99.5
78 6
75 5
102.9
r
91 8
95 4
81.6
138 6
102.1
81 4
75 5
100.8
93 5
103 0
75.1
146 2
113.8
92 0
106.6
117.6
88 5
106.0
115.1
86 3
107.8
114.4
87 5
104.3
105 0
113.0
206.0
103.5
104 6 105 0
110.7 110.1
171.9 173.7
100.5
99.5
106 9
109.6
176.6
98.1
89.2
109 6
85.8
128.4
98 6
80.3
91.0
91.7
105 0 103 9
86.8
86.7
126.8 128.7
98 6
98 6
74.3
72.9
92.4
103 2
86.7
126.8
98 7
72.1
51.5
82.9
111.8
96.5
58.2
85.1
111 4
96.5
58 9
85.0
111 4
'96 3
60.9
85.1
111 4
96.0
105.5
132 4
106 0
101.2
109 4
101.5 102 2
133 4 137 4
108 9 106 8
'96! 6
96 1
111 6 113 0
108.3
137 4
106 8
96.6
114 0
117.4
112 8
97 0
94.0
54.0
109.3
112 3
107.6
118.2
114 8
97 1
92.8
55 9
108.9
111 7
103.9
Fresh and dried produce
Grains
Livestock and poultry
Plant and animal fibers
Fluid milk
Eggs
Hay and seeds
Other farm products
125.6
129 6
124.0
159.2 170 3
142 3 147 2
134.7 137.1
176.4
147 2
141.2
119 0
130.2
103.2
125 1
128.3
105.7
126 4
128 3
105.7
127 1
128 2
106.1
109.6
80.0
126.5
113.8
125.9
130.7
113 8
129.1
130.5
113.8
129.1
131.0
Processed Foods:
Cereal and bakery products
Meats poultry, and fish
Dairy products and ice cream
Canned, frozen fruits, and vegetables
Sugar and confectionery
Packaged beverage materials
Other processed foods
Textile Products and Apparel:
Cotton products
Wool products
Synthetic textiles
Silk products
Other textile products
Hides and skins
Leather
Other leather products
i
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
118.1
114 8
97 6
92.4
54 6
108 9
112 1
104.0
Rubber and Products:
Paperboard
124 2
Converted paper and paperboard.. 112.0
Building paper and board
127.6
126 1 128 0
112 3 113 2
129.7 132.7
129 3
114 0
132.7
143.1 144.9
139 5 145 0
131 4 132 8
144 9 146 1
123.2 128.1
113 6 116 0
144.9
154 1
132 8
147 6
128.1
117 2
Metals and Metal Products:
Iron and steel
Nonferrous metals
Hardware
Plumbing equipment
Heating equipment
Fabricated structural metal products
Fabricated nonstructural metal
products
;
134.1
126 2
131 2
140 9
118.5
114 1
118 0
123 8
126 5
127 0
126.0
127.0
129.3
130.6
Machinery and Motive Products:
Agricultural machinery and equipment
Construction machinery and equipment
Metal working m a c h i n e r y . . . . . . .
General purpose machinery and
equipment
Miscellaneous machinery
Electrical machinery and equip-
121 5 122 4
126.1
134 7 138 2
145.5 146.7
140 0
146.9
128 1
125.9
132 7 134 8
127.4 130.2
136 6
131.6
125.6
118.9
126.7
122.0
127.7
122.0
129.8
122.0
112.8
126.2
124.4
109.4
95.4
68 7
130.5
113.1 114.3
130.0 134.3
126.7 126.8
106.5 106.6
94.0
»-89.2
68 9 r68 9
133.1 134.1
115.0
136.0
128.0
106.2
89.4
69 3
134.1
Flat glass
Concrete ingredients
118.1
114 8
Structural clay products
97 6
Gypsum products
92.4
Prepared asphalt roofing
55 4
Other nonmetallic minerals
108.5
112 0
104.0 Tobacco Manufactures and Bottled
Beverages:
123.9
122.1
117.8
135 4
122.1
104.1
120.8
131.1
125.0
118.3
141 3
122.1
110.8
122.5
131.1
125.3
118.6
142 9
122.1
114.5
122.5
131.1
125.3
119.3
143.6
122.1
114.6
122.8
Cigarettes
Cigars
Other tobacco products
Alcoholic beverages
124.0
103.7
121 4
114.3
148.1
124.0
103.7
121.4
114.7
148.1
124.0
103.9
122.5
114.7
148.1
124.0
103.9
122.5
114.7
148.1
112.7
89.0
101.2
103.2
121.2
113.1
73.9
91.0
103.7
121.2
113.4
71.7
91.0
104.3
121.5
113.6
72.5
91.0
104.3
121.5
Lumber and Wood Products:
Pulp, Paper, and Allied Products:
Wastepaper.... i
Paper
Sept.
121 9
Fuel, Power, and Lighting Materials:
Lumber
Millwork
Plywood
Aug.
July
131 6
133.3
Hides, Skins, and Leather Products:
Crude rubber
Tires and tubes
Other rubber products
Sept.
Pulp, Paper and Allied Products—
Continued
Farm Products:
Coal
Coke
Gas
Electricity.
Petroleum and products...
1955
Subgroup
Subgroup
Motor vehicles
Furniture and Other Household Durables:
Household furniture
Commercial furniture..
Floor covering
Household appliances
Radio
Television
Other household durable goods....
Nonmetallic Minerals—Structural:
Miscellaneous:
Toys, sporting goods, small arms..
Manufactured animal feeds
Notions and accessories
Jewelry, watches, photo equipment.
Other miscellaneous
'Revised.
Sowrc*.—Bureau of Labor Statistics, Department of Labor.
Back figures.—See BULLETIN for March 1952, pp. 311-313.
NOVEMBER
1955
1281
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
1955
1954
1929
Gross national product
104.4
1933
1941
1949
1950
1951
1952
1953
1954
56.0 125.8 257.3 285.1 328.2 345.2 364.5 360.5 358.8 367.1 375.3 384.8 391.5
8.6
7.2
9.0
18.4
20.5
23.5
25.5
27.8
30.0
30.4
30.9
31.2
31.9
32.7
7.0
.6
.3
7.1
.7
.9
11.3
.5
.4
21.6
.8
.1
23.7
.8
.2
25.6
1.0
1.3
28.1
1.2
.7
30.2
1.2
1.3
30.3
1.2
-.8
30.0
1.2
30.7
1.2
.7
31.1
1.2
.7
31.7
1.2
— .2
32.2
1.2
n.a.
-.1
.0
.1
-.2
.2
.2
-.1
-.4
-.1
-.3
.3
Less: Capital consumption allowances..
Indirect business tax and related
liabilities
Business transfer payments
Statistical discrepancy
Plus: Subsidies less current surplus of
government enterprises
Equals: National income
87.8
40.2 104.7 216.2 240.0 277.0 289.5 303.6 299.7
10.1
.2
-2.0
.3
14.5
2.8
.0
.9
1.0
5.8
.6
.0
1.5
1.2
2.1
.7
.0
2.6
1.3
4.5
.5
85.8
47.2
2.6
1.3
1.4
1.5
.5
1.0
83.1
45.7
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 p a y m e n t s . . . . . . .
Equals: Personal income
Less: Personal tax and related payments. .
Federal
State and local
Equals: Disposable personal income.
Less: Personal consumption expenditures
28.1
5.7
.0
11.6
4.6
7.5
.8
.0
.4
.6
303.2 311.4 320.7
n.a.
35.1
6.9
39.9
8.2
36.9
8.6
37.2
8.7
33.8
9.6
298.7
33.1
9.6
35.5
9.6
39.6
10.5
42.2
10.8
n.a.
11.2
.0
14.3
4.7
9.2
.8
.1
11.6
4.8
9.1
1.0
.0
12.0
4.9
9.0
1.2
-.1
12.8
5.0
9.3
1.2
.0
15.0
5.2
10.0
1.2
.0
15.0
5.2
10.0
1.2
.0
15.7
5.2
10.6
1.2
.1
15.9
5.1
10.2
1.2
.4
16.2
5.0
10.7
1.2
-.6
15.7
5.0
11.0
1.2
96.3 206.8 227.1 255.3 271.1 286.2 287.6 287.3 290.8 293.6 300.5 306.1
3.3
2.0
1.3
18.7
16.2
2.5
20.9
18.2
2.7
29.3
26.3
3.0
93.0 188.2 206.1
79,0
46.4
81.9 180.6 194.0
4.2
-.6
11.1
Equals: Personal saving
-1.5
7.6
12.1
226.1
208.3
34.4
31.2
3.2
236.7
218.3
18.4
17.7
35.8
32.4
3.4
250.4
230.6
32.8
29.1
3.7
32.8
29.1
3.7
33.1
29.3
3.8
254.8 254.5 257.8
32.6
28.8
33.4
29.5
34.4
30.4
3.8
3.9
4.0
261.0 267.1 271.7
236.5 237.9 241.0
245.8 250.5 256.0
18.3 16.6 16.8
15.3
19.8
16.6
15.7
NATIONAL INCOME, BY DISTRIBUTIVE SHARES
Seasonally adjusted annual rates
by quarters
Annual totals
1955
1954
1929
1933
1941
1949
1950
1951
1952
1953
1954
3
4
1
2
National income
87.8
40.2 104.7 216.2 240.0 277.0 289.5 303.6 299.7 298.7 303.2 311.4 320.7
Compensation of employees
Wages and salaries*
Private
Military
51.1
50.4
45.5
29.5
29.0
23.9
.3
4.6
.3
4.9
Supplements to wages and salaries...
.7
.5
Proprietors 1 and rental i n c o m e 2 . . . .
Business and professional
Farm
Rental income of persons
20.2
8.8
6.0
5.4
7.6
3.2
2.4
2.0
10.1
9.6
1.4
8.3
.5
-2.0
Corporate profits and inventory
valuation adjustment
Corporate profits before tax .
. .
Corporate profits tax liability.....
Inventory valuation adjustment
Net Interest
6 4
3
n.a.
64.8 140.9 154.3 180.4 195.3 209.2 207.9 207.8 209.8 213.1 219.5 224.3
62.1 134.3 146.5 170 9 185.1 198.5 196.2 196.1 198.1 200.8 207.0 211.3
51.9 113.9 124.3 142.1 152.2 164.7 162.4 162.1 163.8 166.5 171.7 175.6
9.3
9.1
5.0
8.7
4.2
9.5
9.4
9.3
1.9
9.1
10.5 10.3
8.3
16.2 17.2 20.1 22.5 23.5 24.4 24.5 25.0 25.3 25.9 26.6
2.7
6.5
7.8
9.5 10.2 10.8 11.7 11.7 11.8 12.2 12.5 13.0
20.9
10.9
6.5
3.5
42.0
21.4
12.7
7.9
44.6
22.9
13.3
8.5
49.9
24.8
16.0
9.1
49.9
25.7
14.3
9.9
48.4
25.9
12.3
10.3
48.4
25.9
12.0
10.5
48.3
26.0
11.7
10.6
48.2
26.3
11.2
10.7
48.8
26.6
11.5
10.7
48.7
27.1
11.0
10.7
48.8
27.6
10.6
10.7
14.5
.2
17.0
.5
7.6
9.4
— .4
-2.1 -2.5
28.1
26.2
10.4
15.8
1.9
35.1
40.0
17.8
22.1
-4.9 .
39.9
41.2
22.5
18.7
-1.3
36.9
35.9
19.8
16.1
1.0
37.2
38.3
21.3
17.0
-1.1
33.8
34.0
17.1
17.0
-.2
33.1
33.5
16.8
16.7
-.5
35.5
36.0
18.1
17.9
-.5
39.6
-40.9
20.5
20.4
-1.3
43.0
21.6
21.4
-.8
42.2
n.a.
n.a.
n.a.
n.a.
-2.6
5.2
5.9
6.8
7.4
8.8
9.5
9.5
9.7
9.9
10.3
10.7
5.0
4.5
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.
1282
FEDERAL RESERVE BULLETIN
GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME—Continued
[Estimates of the Department of Commerce, in billions of dollars]
GROSS NATIONAL PRODUCT OR EXPENDITURE
Seasonally adjusted annual rates
by quarters
Annual totals
1955
1954
1929
1933
1941
1949
1950
1951
1952
1953
1954
4
3
Gross national product
104.4
Personal consumption
79.0
expenditures
Durable goods
Nondurable goods
Services. .
Gross private domestic
investment 1
New construction
Residential nonfarm
....
Other
Producers' durable equipment
Change in business i n v e n t o r i e s . . . .
Nonfarm only
Federal
National security
Other
Less: Government sales2
State and local
46.4
81.9 180.6 194.0 208.3 218.3 230.6 236.5 237.9 241.0 245.8 250.5 256.0
9.7
23.6 28.6 27.1 26.6 29.8 29.3 29 4 30 4 34.4 35.1 37.2
43.2 96.9 100.4 111.1 116.0 118.9 120.9 121.5 122.5 122.4 125.3 127.0
29.0 60.1 65.0 70.1 75.7 81.8 86.4 87.0 88.1 89.0 90.2 91.8
9.2
3.5
22.3
20.7
16.2
1.4
1.4
.5
1.0
1.6
-1.6
-1.4
18.1
3.6
5.1
5.9
1.7
1.8
.8
.2
1.1
8.5
1.3
8.0
2.0
Net foreign investment
Government purchases of
goods and services
2.0
.0
7.2
3
2
56.0 125.8 257.3 285.1 328.2 345.2 364.5 360.5 358.8 367.1 375.3 384.8 391.5
37.7
32.1
8.7
1
.0
6.0
6.6
3.5
3.1
6.9
4.5
4.0
24.8
16.9
51.2
22.7
12 6
10 1
21 1
7.4
6.4
55.9
23.3
11 0
12.4
23.2
10.4
9.0
49.6
23.7
11.1
12.6
23.1
2.8
2.1
25.8
11.9
13.8
24.4
1.2
1.9
51.4
47.2
27.8
13.5
14.3
22.3
-2.9
-3.2
45.9
28.5
14.2
14.3
22.2
-4.9
-5.4
50.7
29.4
15.0
14.4
21.9
-.6
-1.0
54.1
31.2
'16.1
15.1
21.5
1.5
1.5
60.1
*32.6
16.9
15.7
r
23.2
4.3
4.2
60.3
32.8
16.7
16.1
25.1
2.4
2.0
5 -2.2
.2
-.2
-2.0
-.3
-.7
.9
-.4
-.7
-.5
42.0
22.1
18.5
3.9
62.8
41.0
373
4.2
77.5
54 3
48.8
5.8
84.5
59 5
51.4
8.5
77.0
49 2
43.2
6.3
75.8
47 7
42.1
6.1
74.5
45.7
40.5
5.5
75.8
46.4
41.2
5.5
74.9
45.2
40.4
5.2
.3
.3
.3
75.8
45.5
40.6
5.2
28.7
29.4
29.7
32.5
17 5
8.3
9 2
17 8
«-=2 7
-1 9
/13.8
i1 3.2
43.6
25.4
19.3
6.6
.4
.3
.4
.4
.4
.4
.4
7.8
18.2
19.9
21.8
23.2
25.0
27.8
28 1
o
.3
30.2
PERSONAL INCOME
[Seasonally adjusted monthly totals at annual rates]
Wage and salary disbursements
Personal
income
1929
1933
1941
1948
1949
1950,
1951 .
1952
1953
1954
Other
labor
income 8
Dividends
Proand
prietors'
perand
sonal
rental 4
income interest
income
Transfer
payments 8
Less
personal
contriNonbutions agriculfor
tural
social income7
insur-8
ance
Total
Commodity
producing industries
Distributive
industries
Service
industries
85 8
47.2
96.3
208 7
206.8
227 1
255.3
271.1
286.2
287.6
50 4
29 0
62.1
135 1
134.4
146 5
170 8
185.2
198 6
196.2
21 5
9 8
27.5
60 2
56.9
63 5
74.9
80.6
88 2
84.2
15 6
8 4
13.2
1 5
5.2
5.1
6
.4
20 2
8.8
7.6
8.3
2.1
16.3
38 8
39.0
41 3
45 8
48.7
51.8
52.3
8.1
17 4
18 0
19 5
21 3
23.0
24 8
25.9
10 2
18 ?
20 5
2? 2
28.8
32.9
33.8
33.8
7
2 7
,V0
3.8
4 8
5.3
6.0
6.6
20 9
45.6
42.0
44.6
49 9
49.9
48.4
48.4
10.3
16.2
17.2
19.8
?0 7
21.3
23.1
24.7
3.1
11 3
12.4
15.1
1? f>
13.2
14.0
16.2
.8
2.2
2.2
2 9
3 4
3.8
3.9
4.5
1954—September....
October
November
December. .
287.9
288 4
290.8
293.4
195.8
196 8
198 6
198.8
82.8
83 4
85 2
84.8
52.5
52.7
52 5
53.1
26.3
26 5
26.6
26.6
34.2
34 2
34.3
34.3
6.6
6.7
24.7
24.9
24.9
26.5
16.3
17.0
16.8
17.1
4.5
4.5
6.7
49.0
47.5
48.3
48.9
4.6
272.1
273.8
275.9
278.1
195 5—January
February...
March
April
May
June .
July
August
Septembers....
292.2
293.2
295.7
298.9
301.4
301.6
305 3
305.3
307.5
199.3
200.3
202.6
204 6
207.3
208.0
212 4
211.2
212.0
85.4
86.3
87.8
88 9
90.6
90.9
91 7
91.5
92.1
52.9
53.0
53.6
53 6
54.5
54.9
55 7
56.1
56.0
26.8
26.7
27.0
27 2
27.4
27.4
27 8
27.9
28.1
34.2
34.3
34.2
34 9
34.8
34.8
37 2
35.7
35.8
6.8
6.8
6.8
6.9
6.9
6.9
70
7.0
7.0
49.1
48.8
48.5
49.0
48.8
48.5
47.9
48.8
49.7
25.0
25.3
25.5
25.9
26.1
26.3
26.4
26.7
27.1
17.0
17.0
17.4
17.6
17.5
17.1
16.9
16.9
17.0
5.0
5.0
5.1
5.1
5.2
5.2
5.3
5.3
5.3
276.5
277.7
280.9
283.7
286.6
287.2
291.7
290.8
292.6
Year or month
Government
4 9
6.7
.1
,2
4.5
77.7
43.6
88.0
188 5
190.8
210 5
235.7
253.1
270.2
271.9
r
^Preliminary.
Revised.
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.
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.
6
Prior to 1952 includes employee contributions only; beginning January 1952, includes also contributions to the old-age and survivors' insurance
program of the self-employed to whom coverage was extended under the Social Security Act Amendments of 1950. Personal contributions are
not included
in personal income.
7
Includes personal income exclusive of net income of unincorporated farm enterprise, farm wages, agricultural net interest, and net dividends
paid by agricultural corporations.
NOTE.—Details may not add to totals because of rounding.
Source.—Department of Commerce.
NOVEMBER
1955
1283
PAGE
International capital transactions of the United States...
1286-1290
Gold production
1290
Estimated foreign gold reserves and dollar holdings...
1291
Reported gold reserves of central banks and governments. .
1292
Net gold purchases and gold stock of the United States. ..
1293
International Bank and Monetary F u n d . .
1294
Central banks ..
. 1294-1298
Money rates in foreign countries..
1299
Commercial banks . .
1300
Foreign exchange rates..
1301
Price movements in principal countries:
Wholesale prices...
1302
Consumers' price indexes. ..
1303
Security prices
1303
Index to statistical tables...
1309-1310
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 1955
1285
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES
TABLE 1.—SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES,
BY COUNTRIES 1
[Amounts outstanding, in millions of dollars]
Tnternational
institutions 2
Date
Total foreign
countries
Official
and
private
France
Official
1951—Dec. 31. 1 ,641. 1 7,661.1 3,547.6
1952—Dec. 31. 1 ,584. 9 8,961.2 4,654.2
1953—Dec. 31. 1 ,629. 4 10,019.0 5,666.9
1954—Sept. 30. 1 ,801. 9
Oct. 31. 1 ,773. 9
Nov. 30. 1 ,792.8
Dec. 31. 1 ,769. 9
1 ,752.
1 ,784.
1 ,812.
1 ,820.
1 ,875.
1 ,854.
1 ,860.
Aug. 31 P 1 ,858.
Sept. 3 0 P 1 ,844.
1955—Jan. 31.
Feb. 28
Mar. 31
Apr. 30
M a y 31
June 30
July 31 v
2
9
8
7
0
4
8
6
2
Germany,
Fed.
Rep.
of
289.4
342.6
428.5
Switz- United
erKingdom
land
Italy
Other
Europe
Canada
Total
Europe
Latin
America
Asia
All
other
405.6 300.5 521.3
551.1 308.9 641.8
898.8 465.7 674.2
642.6
817.9
708.9
846.6 3,005.9 1,307.1 1,455.2 1,595.5 297
,093.3 3,755.5 1,420.7 1,612.9 1,836. 5 335
,557.5 4,733.6 1,295.5 1,768.4 1,895. 5 326
,673.3
,690.1
,673.7
,642.1
10,730.6
10,752.2
10,781.8
11,152.6
6,319.2
6,404.2
6,379.3
6,774.0
474.2
495.8
502.1
715. 4
1,247.6
1,257.2
1,287.2
1,372.5
528.4
553.9
563.0
578.6
668.5
645.5
623.7
672.4
837.9
842.8
829.7
639.5
11,100.7
10,924.9
10,915.2
11,066.5
11,177.8
11,263.1
11,276.9
11,182.2
11,507.3
6,749.5
6,540.3
6,508.1
6,632.9
6,711.3
6,775.7
6,656.7
6,552.0
6,803.0
706.5
725.1
749.6
670.7
766.1
785.1
834.7
914.6
980.4
1,368.9
1,406.9
1,411.1
1,404.5
,407.6
,397.0
,418.3
,420.1
,421.8
591.5
612.2
611.2
629.3
637.7
645.7
675.7
711.7
769.0
624.2
634.5
649.9
657.6
672.4
685.2
702.2
675.6
682.8
659.2
,675.1
598.9 ,626.7
637.1
,591.1
676.7
659.5
663.6 ,576.6
689.1
,587.6
621.5
,560.8
561.1 1,570.2
575.2 1,564.0
5,430.0
5,485.3
5,479.2
5,620.5
,384.1
,372.8
,377.8
,535.7
1,889.6
1,839.5
1,848.1
1,905.9
5,625.4
,529.1 1,836,
5,604.4
,366.9 1,811,
5,650.1
,320.7 1,794,
5,698.4
318.9 1,899,
'5,723.9
,274.7 1,989
5,789.7
,269.3 1,920
5,813.1 1,296.5 1,897
5,853.2 1,168.8 1,853
5,993.2 1,184.4 1,915
1,764.1 262.9
1,782.5 272.1
1,811.8 264.9
1,825.4 265 .1
1,842.1 267.4
1,857.7 284.3
1,859.9 289.8
9
1,852.3
1,884.7 305. 4
1,982.6 301 0
1,968.0
4
1,990.7 316.5
2,085.5 328.9
Taljle la.—Other Europe
Other
Europe
Date
Austria
Belgium
NethDen- Finermark land Greece lands
Nor- Po- Por- Ru- Spain Swe- Tur- U.S.S.R. Yugo- All
den key
way land tugal mania
slavia other
1951—Dec. 31
1952—Dec. 31
1953—Dec. 31
846.6 57.1 134.7
11,093.3 91.1 123.9
1,557.5 190.9 130.3
45.3 27.0 45.8 148.8 99 7
70.4 28.5 47.3 203.1 110.3
95.7 37.9 100.9 242.9 118.5
2.8
3.4
2.2
40.7
57.4
72.4
6.1
6.1
5.8
17 1 71.7 14.1
19.2 91.0 8 . 4
36.0 116.7 14.2
2.5
1.7
2.0
1954—Sept. 30
Oct. 31
Nov. 30
Dec. 31
1955—j a n . 31
Feb. 28
Mar. 31
Apr. 30
May 31
June 30
July 31 P
Aug. 31 P
Sept. 30P
11,673.3
76.4
68 8
69.2
71.1
37.7 94.3 247.6
40.6 93.8 248.7
39.8 110.2 241.4
41.3 112.5 249.3
132.3
125.8
115.8
103.4
1.8
1.9
2.2
2.1
83.5
85.0
88.9
91.3
7.9
8.1
8.0
7.8
58.3
66.1
70.9
71.3
180.5
179.4
159.0
141.0
6.4
8.2
8.1
8.2
2.1
2.0
5.2
1.8
76.2
70.3
69.3
69.7
64.3
54.2
56.5
60.3
63.7
39.7
41.6
37.8
37.2
40.4
38.5
40.1
41.9
41.1
256.3
219.2
222.1
218.2
194.6
202.3
202.1
190.0
199.3
88.8
66.2
64.3
76.8
67.8
71.2
67.6
65.8
67.7
2 . 0 92.6
1.7 98.1
2 . 4 91.9
2 . 3 94.6
1.9 94.1
3 . 5 94.4
2 . 2 100.6
1.8 106.4
2 . 0 111.6
8.0
8.0
8.2
8.3
8.1
8.0
8.0
7.9
8.2
78.4
84.7
92.6
99.2
100.6
108.9
112.9
119.3
120.1
130.5 9 . 5
129.7 9 . 2
121.0 9 . 9
118.2 11.1
113.9 10.3
118.9 11.8
130.4 9 . 0
143.7 9 . 6
147.9 9 . 3
1.8
1.7
1.5
1.8
2.0
3.1
1.1
.9
1.4
281.9 104.0
1,690 1 283 6 104 6
1,673.7 272.4 103.2
1,642.1 273.2 99.8
L,675.1
1,626.7
1,591.1
.659 5
1,576.6
1,587 6
1,560.8
1,570 2
1,564.0
272.8
276.6
274.7
272.3
271.7
268 6
273.4
282 7
279.9
98.1
92.7
98.9
105 5
103.5
106 8
99.5
104 0
104.4
129.2
134.2
130.5
134.5
131.0
126.6
124.7
126.2
134.0
7 . 1 125.9
12.0 219.3
6 . 9 384.1
6.9
6.8
9.0
8.6
351.7
366.7
370.3
359.5
381.9
382.9
358.0
400.9
'8.6 364.0
10.8 360.1
8 . 4 324.4
9 . 5 300.2
9 . 2 264.2
9.4
9.8
8.0
8.9
Table lb.—Latin America
Latin
America
Date
Argen- Bo- Brazil Chile
tina livia
Colombia
Cuba
NetherDolands
minican Guate- Mex- West
Indies
Remala
ico
and
pubSurilic
Panama,
Republic of
Peru
El
Salvador
Uruguay
Other
Vene- Latin
zuela America
nam
1951—Dec. 3 1 . 1.455.2 249.7
1952—Dec. 3 1 . 1,612.9 138.8
1953—Dec. 31.. 1,768.4 130.0
27.8 100.3
24.5 72.5
19.1 101.7
54.0 106 4
79.3 118 2
78.8 150 2
263 .6
301 .2
340 .8
45.8
44.2
39.3
27 .3
34 .3
37 . 9
158.2
231.2
183.2
34.9
44.3
51.5
67 7
80 8
89 9
47 .2
60 .9
68 . 0
27.8 84.7
25.6 94.1
26.8 109.6
71 . 9
145 .5
222 . 4
87.8
117.4
119.2
1954—Sept.
Oct.
Nov.
Dec.
204.8
190.7
175.3
160.4
30.2
31.9
32.3
29.2
91.3
139.1
160.3
119.6
74.7
72.8
73.2
69.6
168
147
168
222
2
7
6
2
291 .2
269 . 0
243 .7
236 .7
60.7
59.9
59.6
60.4
37 . 1
34 .1
31 .5
34 .5
254.7
265.4
265.5
328.9
50.1
46.3
46.9
48.7
76 9
77 4
75 6
73 8
76 .4
79 .2
79 .6
83 . 4
25.0 101.6
23.0 98.5
20.4 91.7
30.4 90.3
210 .5
183 . 0
202 .2
193 .6
136.1
121.7
121.9
124.1
3 1 . 1,836.6 143.3
28.
1,811.6 144.2
3 1 . 1,794.7 151.7
30.
1,899.1 155.9
M a y 3 1 . r L,989.0 167.4
June 3 0 . 1,920.5 156.6
30.8
27.2
26.3
26.5
28.3
27.6
25.7
25.0
25.6
100.4
104.8
95.1
110.7
129.3
119.6
117.7
125.5
147.0
73.3
67.3
75.3
75.8
94.8
94.2
88.8
75.3
87.1
189
138
97
88
90
101
103
105
98
5
7
4
0
8
5
0
5
.2
234 .2
228 .1
234 . 3
251 .7
254 . 0
244 .6
241 .3
230 5
235 .7
68.2
65.4
63.1
67.8
67.3
70.7
70.6
71.0
69.6
37 .5 335.8
42 . 6 357.7
44 .5 363.3
48 .2 376.0
51 .1 371.7
50 .5 341.3
51 .1 326.8
46 .7 321.2
42 .6 340.1
42.7
44.7
45.1
43.6
45.2
42.1
44.3
42.9
46.5
73 4
75 1
81 .0
79 . 0
79 . 4
81 . 8
81 . 8
83 .1
88 .9
85 .9
88 .7
39.6
46.6
42.6
46.3
48.4
49.7
45.1
38.8
32.5
177 .7
176. . 8
187 .5
243 .2
••284 .7
261 . 3
253 .1
234 .5
258 . 8
122.4
130.1
129.0
131.6
133.2
129.5
133.7
132.2
131.9
30.
31.
30.
31.
1,889.6
1,839.5
1,848.1
1,905.9
1955—Jan.
Feb.
Mar.
Apr.
July
Aug.
Sept.
31P
3\P
30P
1,897.9 165.3
1,853.1 173.7
1,915.3 164.8
79.2
77
73
84
81
84
84
7
7
3
1
7
8
86.8
83.3
80.9
74.1
67.5
63.9
61.3
59.6
61.4
r
^Preliminary.
Revised.
For footnotes see following page.
1286
FEDERAL RESERVE BULLETIN
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
TABLE 1.—SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES,
BY COUNTRIES *—Continued
[Amounts outstanding, in millions of dollars]
Table lc—Asia and All Other
Date
Asia
ForKomosa
rea,
and Hong India Indo- Iran Israel Japan Re- Phil- Thai- Other
pub- ippines land
China Kong
nesia
Asia
lic
Mainland
of*
All
other
Egypt
and
Union
Aus- Bel- Anglo- of
tralia gian Egyp- South Other
Congo tian Africa
Sudan
1951~~Dec. 31. 1,595.5
1952 -Dec. 31. 1,836.5
1953 Dec. 31 1,895.5
87.4 62.4 62.1 140.6 25.5 26.6 596.0 26.2 329.7 96.7 142.2 297.4 38.5 54.5 110.7
76.4 70.9 64.6 61.0 19.2 18.8 808.0 54.4 315.1 181.0 167.1 335.6 47.2 118.6 59.7
73.6 68.0 99.0 39.3 43.6 18.0 827.9 91.5 295.5 167.9 171.2 326.1 59.2 89.6 43.3
1954
1,764.1
1,782.5
1,811.8
1,825.4
69.6
71.1
71.3
69.9
64.3
64.7
64.6
60.8
73.4
77.7
82.1
86.9
87.3
95.4
100.6
100.3
26.1
24.7
28.2
31.4
33.1
24.7
26.0
41.0
668.5
695.8
712.6
724.9
94.9
93.8
88.7
95.6
308.5
289.7
276.8
257.4
125.0
117.8
124.2
123.1
213.3
227.0
236.6
234.1
262.9
272.1
264.9
265.1
35.4
41.6
37.3
47.7
44.2
47.0
44.4
43.6
45.1
45.2
47.1
38.5
39.4
38.1
32.7
1,842 1
1,857.7
1,859.9
:1,852.3
1,884.7
1,982.6
I,968.0
L.990.7
2^085;5
69.2
70.3
70.0
69.1
70.4
70.6
72.3
71 7
71.9
60.8
60.1
61.2
59.0
61.0
60 3
61.7
60 2
58.1
95.0
101.5
87.5
83.5
93.4
97.0
78.0
73.1
92.0
109.3
112.3
97.7
96.0
99.9
115.4
107.9
109 8
120.0
44.5
47.0
40.1
47.0
51.6
51.6
47.7
42 4
35.5
38.9 707.3
40.7 700.1
45.3 714.2
44.7 709.1
43.1 720.1
41.2 757 4
43.1 773.8
54 9 803 6
46.5 864.6
98.9
96.8
96.5
98.4
105.8
107.9
106.2
101 6
99.6
264.9
263.2
253.6
249.3
249.3
252.0
258.5
260 5
253.1
131.6
133.1
132 0
130.2
128.8
129 9
121.2
122 0
122.9
221.9
232.6
261.9
265.9
261.1
299 1
297.7
291 0
321.3
267.4
284.3
289.8
297.9
305.4
301.0
301.4
316 5
328.9
44 4
58.6
56.8
60.4
70.2
64 2
70.0
74 9
72.3
45 9
42.7
44.3
44.4
42.9
42 6
42.2
45 9
44.3
48.6
52.0
53.6
53.9
48.3
50.3
45.0
46 9
59.6
31.4
36.2
33.4
35.9
33.8
30.1
32.8
36.8
36.9
Sept. 30.
Oct. 31.
Nov. 30.
Dec. 31.
1955—Jan. 31.
Feb. 28.
Mar. 31.
Apr. 30.
May 31.
June 30.
July 31 P
Aug. 31 P
Sept. 30P
47.6
7.0
23.6
38.2
86.8
86.5
95.7
99.7
99.0
97.5
94.0
97.1
94.8
101.8
103.4
110.2
113.8
111.4
111.9
115.8
Table Id.—Supplementary Areas and Countries 5
End of year
End of year
Area or country
Area or country
Other Europe:
Albania
Azores
British dependencies
Bulgaria
Czechoslovakia
Eastern Germany
Estonia
Hungary
Iceland
Ireland, Republic of
Latvia
Lithuania
Luxembourg
Monaco
Trieste
Other Latin America:
British dependencies
Costa Rica
Ecuador
French West Indies
Guiana
Haiti
Honduras
Nicaragua
Paraguay
and
French
1951
1952
1953
.1
.3
.6
.6
1.3
n.a.
2.7
1.0
3.5
15.9
1.3
.6
11.8
3.2
5.6
.2
.3
.4
.6
.6
n.a.
1.9
1.0
3.7
12.6
1.3
.6
5.0
2.6
4.1
.2
.4
.4
.6
.6
n.a.
1.9
1.0
7.5
14.1
1.3
.4
4.0
3.0
2.5
14.6
8.7
11.4
14.6
12.1
23.7
18.0
13.4
17.7
10.3
17.2
8.3
5.4
2.2
11.6
15.4
13.4
5.0
.6
9.3
18.7
16.0
6.0
1954
Other Asia:
.2
Afghanistan
n.a.
British dependencies
Burma
.6
.6
Ceylon
.7
Iraq
Jordan
1.2
Lebanon
n.a.
Pakistan
1.0
8.9
Palestine
n.a.
Portuguese dependencies
Saudi Arabia.
1.0
Syria
.5
4.5
Viet-Nam
5.3
2.2 All other:
British dependencies
Ethiopia and Eritrea.
19.0
French dependencies
15.3
Italian Somaliland
21.2
Liberia
Libya
.4
New Zealand
12.7
Portuguese dependencies
n.a.
Spanish dependencies.
10.3
Tangier
3.6
1951
1952
1953
1954
10.6
21.0
9.5
19.2
12.9
.5
15.3
13.1
2.7
13.2
5.4
n.a.
4.0
25.5
16.9
13.9
14.1
.6
19.3
14.4
.1
2.8
15.9
11.4
n.a.
2.7
19.8
23.0
17.1
13.8
.9
23.9
9.7
.1
5.3
18.5
20.5
n.a.
21.1
29.7
n.a.
10.0
.8
16.5
3.8
.1
1.8
61.5
21.5
8.1
1.2
6.9
36.5
.1
6.1
.5
5.2
4.3
.2
21.5
1.6
3.5
27.0
1.1
10.3
2.3
3.5
6.3
.2
26.7
1.6
9.1
22.3
.3
11.8
3.0
2.1
5.0
.2
36.1
1.4
n.a.
16.8
n.a.
5.6
n.a.
2.3
n.a.
.5
35.7
P Preliminary.
n.a. Not available.
^'Short-term liabilities" reported in these statistics represent principally deposits and U. S. Government obligations maturing in not more
than one year from their date of issue, held by banking institutions in the United States; small amounts of bankers' acceptances and commercial
paper2 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
and by foreign central governments and their agencies (including official purchasing missions, trade and shipping missions, diplomatic and consular
establishments,
etc.).
4
Through 1952, reported by banks in the Second (New York) Federal Reserve District only.
6
These data are based on reports by banks in the Second (New York) Federal Reserve District only and represent a partial breakdown of
the amounts shown in the "other" categories in Tables la-lc. For each date the Second District reported at least 90 per cent of the total amount
in the "other" categories.
NOTE.—The statistics in this section are based on reports by banks, bankers, brokers, and dealers. Certain changes in the reporting forms
and instructions were made as of Mar. 31, 1954, and there were also changes, beginning with the BULLETIN for June 1954, in the content, order,
and selection of the material published, as explained on p. 591 of that issue. For discontinued tables and data reported under previous instructions, see BULLETIN for May 1954, pp. 540-545.
NOVEMBER
1955
1287
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
TABLE 2.—SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES,
BY COUNTRIES 1
[Amounts outstanding, in millions of dollars]
Total
Date
1951—Dec. 31 i
1952—Dec. 3 1 . . .
1953—D e c < 3 1 . . .
.
...
1954-r— Aug. 31
.
Sept. 30
Oct. 31
N o v . 30 . . . .
Dec. 31
1955—Jan
Feb.
Mar.
Apr.
May
June
July
Aug.
. . . .
31
28 . . . .
31
30
31
30 .
.
31 P
31 P
. . . .
GerFrance many,
Fed.
Rep. of
Italy
Switz- United Other
Total
erKing- Europe Europe
dom
land
Canada
Latin
America
Asia
All
other
968.4
1.048.7
904.5
10.1
31.9
10.6
28 3
26 8
30.5
10 3
17 8
18.8
11.2
7.1
17.9
35.0
30.3
70.5
88.5
98.2
87.5
183.4
212.2
235.9
92.0
62.3
56.4
489.3
662.0
472.7
161 8
89.8
114.8
41.9
22.4
24.9
1,108.6
1,187.4
1,290.6
1,315 5
'•1,386.5
7.5
14.1
7.1
10 3
14.2
51.9
48 4
47 3
56 1
r
70 2
13.4
12 9
15 8
19 3
19.7
16 1
17.4
16 4
12 6
16.2
94.4
128.7
126.2
128 2
173.5
87.4
87.7
107.5
114 4
108.6
270.7
309.2
320.4
340 7
r
402.5
65.6
70.9
68.0
66.2
75.6
613.9
646.5
740.3
750 2
728.1
125.7
125.6
128.1
125.9
143.3
32.8
35.2
33.9
32 5
37.0
1,380.2
1,367.8
1,365 7
1,380.2
1,414 7
1,450 4
1,417.5
1,413.9
12.5
12.0
75
85
10 3
99
11.7
9.8
'72.7
'80.1
r
73 6
78 8
77 2
83 7
79.9
73.8
20.2
21.9
22 6
22 9
26 3
27 7
26.3
30.3
18.5
21.9
19 3
20.2
22 0
20.5
20.9
21.5
145.9
115.9
119.1
96.3
98 5
90.8
70.3
74.4
137.5
142.6
140 0
127.4
135 0
142.7
153.9
150.8
'407.3
••394.4
'"382.1
354.1
369 3
375 3
363.0
360.6
103.6
105.3
91.0
103.8
107 6
122.3
118.2
112.2
677.2
670.6
686 2
694.3
683 7
670.8
653.0
665.5
152.3
160.0
169 8
189.6
213 1
239.1
241.0
236.3
39.8
37.6
36.5
38.5
41 1
42.9
42.2
39.4
Norway
Portugal
Spain
Sweden
Turkey
Yugoslavia
All
othtr
Table 2a.—Other Europii
Other
Europe
Date
Austria
Belgium
Denmark
Finland
Greece
Netherlands
88.5
98.2
87.5
(2)
.8
8
39.6
16 2
13.0
48
21
6.2
3 1
5 6
1 9
2
2
1 3
50
4.4
86
2.5
19
10
.8
.6
IS. 8
1! 2
24.3
5.4
2.5
2.7
.6
38.8
IS.7
3.9
8.6
4.8
4.0
5.4
6.S
1954—Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
87.4
87.7
107.5
114.4
108.6
.2
.2
.2
.3
.4
14.7
16.0
14.2
17.0
19.6
3.5
4.8
6.0
7.5
9.7
1.4
2.0
2.3
2.1
2.5
26
3.6
3.6
3.4
3.3
9.4
10.9
11.2
14.6
15.9
1.4
1.7
1.4
1.7
2.1
.5
.5
7
.6
.5
3.5
4,0
4.0
5.5
4.0
2.6
2.4
2.8
3.0
4.1
37.0
33.3
55.0
52.4
40.7
4.2
3.0
.6
1.0
1.3
6.3
5.3
5.6
5.3
4.6
1955—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
137.5
142.6
140.0
127.4
135.0
142.7
153.9
150.8
.7
1.2
.7
.4
.6
.4
.4
.5
19.3
19.1
18.9
17.7
17.8
15.2
13.9
12.5
9.1
9.1
7.3
7.0
7.2
6.8
6.7
8.7
2.2
2.0
2.9
2.2
2.4
2.9
2.9
3.0
3.4
3.3
3.7
3.6
•4.5
3.2
3.0
3.5
18.3
18.0
18.8
14.8
14.6
13.3
11.5
11.7
2.3
2.9
2.8
2.7
2.4
2.2
1.9
3.2
.6
1.0
.7
.8
1.0
.9
.9
.7
3.1
3.6
2.7
3.9
4.3
5.3
8.0
5.7
4.2
3.4
4.1
3.0
4.1
5.1
5.1
5.7
66.4
67.5
68.4
62.1
67.5
80.1
89.4
88.5
2.9
6.2
4.4
4.3
4.3
2.6
2.0
.5
5.1
5.3
4.6
5.0
4.4
4.5
8.1
6.7
1951—Dec. 31
1952—Dec. 31
1953—Dec. 31
....
31
28
31
30
31
30
31 P
31 P
Table 2b.—Latin A\mencf i
Latin
BoAmer- Argenlivia
tina
ica
Data
Brazil Chile
Colom- Cuba
bia*
185.0 24 . 8
356.4 26 .4
125.1 22 . 6
43 7
41 7
56 9
£1
Salvador
Uruguay
Other
Vene- Latin
zuela America
1.8
1.6
1.9
3.8
4.2
4.1
90.6
88.6
92.9
1.2
1.3
2.6
3 .0
6 .5
4 .6
11 .8
14 . 8
20 2
9.5
9.1
8.2
10 5
14 3
3 7
41.7
36.7
41.6
14.3
13.7
19.3
0
2
9
8
0
59 .7
62 .7
64 .9
63 .1
70 .7
2.4
2.4
2.2
2.5
2.6
3.2
3.6
3.3
4.9
3.9
91.7
94.7
99.2
114.7
115.7
2.0
1.8
1.3
1.3
1.4
5 .4
6 .4
7 .7
12 . 0
8 .8
14 .2
13 . 9
14 .2
14 . 6
16 .2
5.1
7.1
9.5
3 .3
3 2
3.7
5 .8
6 .9
50.4
52.7
57.3
61.4
62.7
20.4
20.2
22.3
23.8
26.5
97 0
89 5
87 . 6
96 6
116 5
132 3
124 7
131 9
52 .7
47 .6
64 .5
69 .0
70 .6
64 .5
59 .6
55 .9
3.6
3.8
4.4
4.4
4.0
3.9
3.9
3.8
3.8
3.8
4.0
4.4
4.6
3.7
3.8
3.7
111.4
111.0
127.7
124.6
121.8
124.6
133.1
141.3
1.9
1.9
1.4
1.4
1.6
2.5
4.0
1.2
12 .8
14 .6
17 .7
17 .9
20 .4
17 .9
15 .2
14 .9
15 .2
14 .7
15 . 1
16 .1
15 ,7
16 . 4
18 .1
20 . 4
6 7
6 .5
8 .4
62.9
76.3
78.7
79.1
81.2
82.9
84.8
89.0
25.5
24.5
23.6
25.0
27.1
31.7
31.9
31.9
489.3
662.0
472.7
7.6
8.2
7.1
7.5
58
10.8
1954—Aug. 3 1 . .
Sept. 30..
Oct. 3 1 . .
Nov. 30..
Dec. 3 1 . .
613.9
646.5
740.3
750.2
728.1
5.8
5.8
6.1
5.8
5.6
1.7
2.5
2.2
2.2
2.5
269.6
288.0
360.5
321.6
273.5
14.9
11 . 3
6 .8
11 . 8
14 . 1
64
70
78
91
107
1955—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
677.2
670.6
686.2
694.3
683.7
670.8
653.0
665.5
5.8
5.8
5.5
5.5
5.7
8.1
6.3
5.9
2.1
2.2
3.0
3.1
3.5
2.8
2.8
2.8
252.0
249.3
220.5
221.1
188.8
153.5
136.8
132.7
15 .2
11 .9
18 .5
13 . 0
10 . 8
15 . 4
17 .1
14 . 8
31P.
Peru
32 . 3
32 .5
51 .2
1951—Dec. 3 1 . .
1952—Dec. 3 1 . .
1953—Dec. 3 1 . .
31. .
28..
31..
30. .
31. .
30. .
31*.
NethuoerPanminlands ama,
ican Guate- Mex- West Remala
ico
ReIndies pubpuband lic of
lic
Surinam
12.7
10.0
8.6
7.2
5.8
6.4
4.8
4.9
5.9
5.6
6.6
6 .7
5 .7
5 .1
9 .6
pPreliminary.
'Revised.
i "Short-term claims" reported in these statistics represent principally the following items payable on demand or with a contractual maturity
of not more than one year: loans made to and acceptances made for foreigners; drafts drawn against foreigners that are being collected by banking institutions on behalf of their customers in the United States; and foreign currency balances held abroad by banking institutions and their
customers in the United States. Claims on foreigners with a contractual maturity of more than one year reported by U. S. banking institutions
(excluded from these statistics) amounted to 498 million dollars on Aug. 31, 1955. 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
Less than $50,000,
1288
FEDERAL RESERVE BULLETIN
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
TABLE 2.—SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES,
BY COUNTRIES!—Continued
[Amounts outstanding, in millions of dollars]
Table 2c—Asia and All Other
Asia
Date
Formosa
Korea,
Phil- Thai- Other All
Reand Hong
IndoChina Kong India nesia Iran Israel Japan pub- 2 ippines land Asia other
lic of
Mainland
3.1 13.4
1.2 4.3
3.1 3.7
.3 9.3 30.0 12.2
.9 10.2 15.1 12.5
.8 13.8 22.9 25.6
8.2
8.1
8.1
8.1
8 1
2.8
2.4
2.6
3.3
3.4
3.9
4.5
4.8
4.4
4.9
.4
.6
.6
.8
.7
20.3 9.3
16.9 9.3
17.7 8.2
16.7 9.4
15.8 10.7
30.9
30.0
33.3
29.9
50.0
8.1
3.4
3.6
.9
18.2 10.8 48.1
18.7 8.3 60.3
16.4 7.5 60.3
18.8 7.4 69.6
19.1 7.4 87.1
19 9 7.7 92.5
21.3 7.9 105.8
22.4 9.9 108.4
1951—Dec. 3 1 . . 161.8
1952—Dec. 3 1 . . 89.8
1953—Dec. 3 1 . . 114.8
10.1
10.1
8.1
125.7
125.6
128.1
125.9
143 3
1954—Aug. 3 1 . .
Sept. 3 0 . .
Oct. 3 1 . .
Nov. 3 0 . .
Dec. 31 .
1955—Jan. 3 1 . . 152.3
Feb. 28. . 160.0
Mar. 31 . 169 8
Apr. 3 0 . . 189.6
May 31. . 213.1
June 3 0 . . 239.1
July 31P. . 241.0
Aug. 31 P . . 236.3
8.1
8 0
8.1
8.0
7 8
7.8
7.9
3.3
40
4.7
4.5
3 5
4.1
3.9
4.4
4 9
4.7
3.9
3 8
3.5
3.6
1.4
.5
.4
.3
.4
.5
.7
Egypt
and Union
Bel- AngloAus- gian
of
tralia Congo Egyp- South Other
tian Africa
Sudan
29.3
7.6
5.8
2.5
3.3
6.1
51.6
24.6
24.7
41.9
22.4
24.9
22.8
10.1
8.0
5.7
6.0
6.3
.2
.5
.5
.5
.2
.4
.3
.2
12.0
12.3
10.8
10.7
7.3
6.2
6.7
6.9
7.1
6.3
31.3
34.5
34.8
35.3
36.0
32.8
35.2
33.9
32.5
37.0
10.1
10.5
10.9
10.4
14.1
7.5
6.9
6.8
6.6
6.3
.4
.5
.5
.4
1.0
5.2 9.5
5.3 12.1
5.2 10.4
5.8 9.4
5.9 9.6
.4
9.6
13.5
11.2
11.9
15.3
17.2
19.6
12.9
11.2
35.9
35.2
46.0
47.7
47.0
68.3
60.3
52.4
39.8
37.6
36.5
38.5
41.1
42.9
42.2
39.4
13.4
11.7
10.9
10.5
11.3
10.3
10.2
9.3
6.2
6.0
5.6
5.5
5.1
5.3
5.1
4.7
1.1
.9
1.0
1.3
1.8
3.3
1.5
1.6
7.5
8.3
6.8
6.4
7.9
6.9
6.7
7.1
.5
.5
.3
.6
.8
.4
.5
8.7
9.8
12.6
17.8
14.8
16.7
15.2
6.5
3.8
7.8
6.7
2.0
2.4
11.7
10.8
12.3
14.9
15.1
17.2
18.7
16.7
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
Net
purchases
or sales
(-)
Year or month
Purchases
Sales
Purchases
Sales
Foreign bonds
Net
purchases
or sales
(-)
Purchases
Sales
Net
purchases
or sales
(-)
Purchases
98.7
12.6
70.5
141.1
500.4
495.3
542.5
792.4
801.0
677.4
621.5
841.3
-300.6
—182.1
—79.0
-48.8
272.3
293.9
310.1
393.3
2.1
17.2
37.5
78.7
53.4
46.3
69.3
33 2
47.3
50.1
1.9
6.6
37.5
30.5
35.7
38 0
38.6
101 4
41.0
49.5
62 5
61.2
62.7
70 3
30.0
45.7
27.4
34 1
30.5
20.0
13.0
60 7
29.3
3 5
17.7
36 2
28.0
20.5
42.3
43 3
54.3
47 8
54.4
68 9
55 0
53.7
87.7
70 3
74.9
57 7
55 8
91 8
68 6
73.7
1951
1952
1953
1954
673.6 1,356.6
231.4
533.7
646.0
728.0
800.9
792.7
-683.0
761.0
859.8
837.7
302.3
850.3
—82.0
731.4
801.9
8.2 1.404.8 1,263.7
1954—August
September
October
November
86 9
38.6
48.0
115.1
101.3
33.9
39.2
25.9
101.8
261.3
53.0
— .6
22.1
13.3
-160.0
110.6
103.8
117.2
168.9
197.4
108.5
86.6
111.4
130.2
180.5
38.7
16.9
70.7
126.0
103.5
48.2
75.9
120.8
360 8
83.3
48 4
249.0
14 1
44.2
180.6
81.1
216.0
72.1
44 8
142.4
17 1
23.9
24.3
39.7
144.8
11.2
3.6
106.6
—3 0
20.3
156.3
177.0
159.5
184.6
135.4
147.5
176 1
166.9
134.8
148.7
161.2
162.9
130.1
132.6
157 5
135.7
115.8
28.2
-1.7
21.7
5.3
14.9
18.6
31.2
19.1
75.7
130.9
59.3
49.2
45.1
70 4
58.6
40.5
February
M!arch
April .
May
June
July?
August P
Foreign stocks
5.7
Sales
Net
purchases
or sales
(-)
348.7
-76.4
329 6 —35 8
303.4
6 8
644.9 - 2 5 1 . 6
—63
—10
-13
—24
—22
9
5
8
6
6
—45 4
—27 0
-20.6
—9 9
—1 4
—22 9
— 13 6
-19.9
TABLE 4.—NET PURCHASES BY FOREIGNERS OF LONG-TERM UNITED STATES SECURITIES, BY COUNTRIES
[Net sales, (—). In millions of dollars]
Year or
month
1951
1952
1953
1954
1954—Aug
Sept....
Oct
Nov....
Dec...
1955—Jan... .
Feb....
Mar....
Apr
May...
June...
July?. .
Aug.?..
International
institutions
Total
foreign
countries
—15.9
14.7
22.7
77.7
—568.4
300.2
-34.3
71.6
41.2
13.8
14.6
2.0
25.6
-.6
-11.2
2.0
10.2
.3
.4
2.2
52.6
-132.0
66.0
133.0
32.5
8.6
-44.2 , 165.6
.7
14.9
3.0
48.6
2.8
172.6
France
6.0
5.5
-41.7
17.0
.1
.2
.9
3.0
-27.9
2.4
.7
1.3
2.1
-1.2
.7
.3
1.7
Germany,
Federal
Republic of
(4)
.2
.2
— .1
(4)
-.1
(4)
Italy
1.9
.5
-.5
— .6
(4)
Total
Europe
45.9
50.7
57.1
73.4
21.4
70.4
71.3
69.8
-66.0
-15.9
-24.0
-20.5
111.4
62.4
138.9
.5
1.2
4.5
-2.4
-1.7
-6.4
-8.3
20.3
-4.0
.3
.2
13.0
10.2
.5
20.1
15.1
19.9
17.9
22.0
-1.7
26.9
27.5
41.1
14.8
13.5
-1.0
-1.2
.1
.1
-5.0
(4)
1.9
.9
.1
.6
- 24 . 4
.3
()
(4)
__
Other
Europe
6.5
.7
5.9
8.0
6.8
.6
.1
(«)'
Switzer- United
Kingland
dom
i
2.5
-.8
9.0
4.0
5.3
3.8
1.4
39.3
-1.3
9.3
4.3
9.2
5.2
7.3
8.6
17.9
-19.1
44.7
53.2
15.8
7.6
80.4
24.0
49.9
32.9
Canada
-595.5
191.6
-120.6
-187.2
-1.7
-4.5
-5.2
-2.3
-108.0
-7.9
76.3
-5.2
-5.0
1 78.4
-8.6
-4.6
132.0
Latin
America
13.9
4.7
24.9
113.2
10.5
11.2
.1
36.3
-6.9
29.1
3.3
6.0
4.4
6.2
-1.9
.6
6.7
Asia
4.8
—9.5
(4)
3.5
-.3
.5
.1
.1
1.4
.3
.2
14.6
1.2
(4)
1.2
1.4
.3
All
other
— .7
1 9
— .9
3.2
.1
.1
-1.4
.6
.6
-.2
(4)
1.3
.4
.7
.1
1.3
.6
p Preliminary.
2
!See footnote 1 on preceding page.
Not reported separately
until Mar. 31, 1954.
4
3 Includes transactions of international institutions.
Less than $50,000.
NOVEMBER
1955
1289
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
CORRESPONDENTS1
[Net sales, ( - ) . In millions of dollars]
[In millions of dollars!
Year or
month
1951
1952
1953
1954
Inter- Total
national foreign Total
insti- coun- Europe
tutions tries
Can-
-152.7 -224.3
28.5
—118.1 —99.8 19.9
—61 2 — 11 0 96 3
—163.9 —136.5 - 9 . 1
-258.6
—141.0
— 137 8
-133.2
33.8
25 3
34.6
32.8
—36.0
— 10.0
—29.9
-34.2
1.8
8.6
-1.4
7.7
2
-l!6
-9.8
-1.8
ada
1954—Aug...
Sept...
Oct....
Nov...
Dec...
-6.0
-54.6
-2.9
-1.9
-2.6
-24.7
-.7
91.4
25.9
39.2 - 4 . 1
-20.8 -11.7
-13.4 -3.4
-28.2
52.7
38.6
1955—Jan....
Feb....
Mar.. .
Apr. . .
May..
-2.6
10.9
-29.9 -22.7
22.8 - 8 . 4
.3
-3.7
-4.0 -8.1
20.5
'.7
13.3 - 2 1 . 2
24.1 - 8 . 1
-.2
-1.3
June..
July*..
Aug. P..
.3
-2.4
-4.1
.1
-9.7
.8
Assets in custody
Latin
Amer- Asia
ica
All
4.7
-1.4
-2.8
-6.4
-3.3
-14.6
34.6
3.6
2.0
-5.3
-3.7
16.2
30.2
32.7
2
7.2
1.9
-.3
6.3
6.2
7.9
6.0
25.8
4.0
2.3
-.8
-1.9
9.2
-.9
.6
-2.4
-2.3
-2.3
-3.3
-4.4
.4
.8
4.8
1.6
2.7
Deposits
Date
other
C1)
r5.1
1.7
1.2
3.1
^Preliminary. rRevised.
iLess than $50,000.
U. S. Govt.
Miscelsecurities2 laneous*
1953—Dec. 31
423
2,586
106
1954—Oct. 31
Nov. 30
Dec. 31
426
397
490
3,050
3,002
2,908
99
104
105
1955—Jan. 31
Feb. 28
Mar. 31
Apr. 30 . .
May 31
June 30
July 3 1 . .
Aug. 31
Sept. 30
Oct. 31
441
320
351
360
402
374
410
387
385
3,000
2,966
3,062
3,137
3,264
3,295
3,288
3,373
3,463
3,506
117
128
131
137
141
139
135
141
142
1955—Oct. 5
Oct. 12
Oct. 19
Oct. 26
388
385
3,462
3,471
3,479
3,482
142
143
402
379
407
138
142
139
1
Excludes assets held for Int'l. Bank and Monetary Fund and earmarked gold. See footnote 4, p. 1293, for total gold under earmark
at 2Federal Reserve Banks for foreign and international accounts.
U. S. Treasury bills, certificates of indebtedness, notes and/or bonds.
3 i nc i U( ies bankers' acceptances, commercial paper, foreign and
international bonds.
NOTE.—For explanation of table and for back figures see BULLETIN
.or May 1953, p. 474.
GOLD PRODUCTION
OUTSIDE U. S. S. R.
[In millions of dollars]
Production reported monthly
Year or
month
Estimated
world
production Total
outside
U.S.S.R.i reported
monthly
Africa
South
Africa
Rhodesia
North and South America
West Belgian United
Africa2 Congo2 States 3
Canada
Mexico
Other
Colom- Chile
bia
Nica- Austra- India 2
lia
ragua 4
$1= 15 Hi grain.f of gold Ho fine: i e., an oimce of fitte gold = $35.
758.3
780.9
776.5
826.2
403.1
413.7
417.9
462.4
17.0
17.4
17.5
18.8
22.9
23.8
25.4
27.5
12.3
12.9
13.0
12.8
66.3
67.4
69.0
65.1
153.7
156.5
142.4
152.8
13.8
16.1
16.9
13.5
15.1
14.8
15.3
13.2
1954—August
SeDtember
October
November
December
71.4
70 2
71.3
72 0
71.3
39.8
39.9
40.5
40.7
40.8
1.6
1.5
1.7
1.6
1.5
2.4
2.4
2.3
2.3
2.3
1.4
1.1
.9
.9
.9
5.8
5.1
5.6
5.6
5.8
12.9
13.1
13.3
13.5
13.5
1.4
.9
1.4
1.2
.8
1.2
1955—January...
February
70.4
67.9
40.7
38.8
42.3
41.7
42 8
42.7
43.7
44.4
1.4
2.2
5.0
12.8
12.3
13.0
12.9
13 4
13.0
13.5
.9
1.8
840.0
864.5
195i
1952
1953
1954
857.5
April
IVIay
June
July
August
1.5
1.6
1.5
2.2
2.2
1.2
1.2
4.8
5.4
1.6
1.6
1.5
2.2
2.1
1.3
1.1
5.0
5.3
2.2
2.2
2.2
5.6
4.1
5.9
6.1
8.8
8.9
9.1
8.2
31.3
34.3
37.7
39.1
7.9
8.9
7.8
8.4
.7
7
.6
6
3.2
1.1
1.2
.8
.3
4
.3
4
.4
7
6
.6
6
6
1.6
.5
.6
1 1
1.1
1.2
1.1
9
1.2
6.2
4.6
4.4
.3
.5
.4
5
7
3 4
3.1
3 3
3 4
2.8
.6
6
2.7
3 3
7
8
8
.8
2.8
7
3 0
5
.5
6
5
6
.6
.6
.6
'•Revised.
Gold production in U.S.S.R.: No regular government statistics on gold production in U.S.S.R. are available, but data of percentage changes
irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual
production
as follows: 1934, 135 million dollars; 1935, 158 million; 1936, 187 million; 1937, 185 million; and 1938, 180 million.
1
Estimates of United States Bureau of Mines.
2
Reported
by American Bureau of Metal Statistics.
3
Yearly figures reported by United States Mint. Monthly figures reported by American Bureau of Metal Statistics.
4
Gold exports reported by the National Bank of Nicaragua, which states that they represent approximately 90 per cent of total production.
NOTE.—For explanation of table and sources, see BULLETIN for June 1948, p. 731, and Banking and Monetary Statistics, p. 524. For annual
estimates compiled by the United States Mint for these and other countries in the period 1910-1941, see Banking and Monetary Statistics, pp.
542-543; for figures subsequent to 1941 see BULLETIN for April 1953, p. 427.
1290
FEDERAL RESERVE BULLETIN
ESTIMATED GOLD RESERVES AND DOLLAR HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL INSTITUTIONS
[Amounts outstanding, in millions of dollars]
1951
1952
1953
1954
1955
Area and country
Dec. 31
Continental Western Europe:
Austria
. . . .
Belgium-Luxembourg (and Belgian
Congo)
Denmark
Finland
France (and dependencies) 1
Germany (Federal Republic o f ) . . .
Greece
Italy
Netherlands (and Netherlands
West Indies and Surinam)
Norway
Portugal (and dependencies)
Spain (and dependencies)
Switzerland
Turkey
Others
Total
...
Other
Total
Latin America:
Argentina
Bolivia
Brazil
Chile
Cuba
Dominican R e p u b l i c . . . .
107
143
166
208
238
267
289
335
333
335
329
1,035
101
1,044
102
1,081
113
1,098
127
1,124
133
1,055
124
1,024
107
1,039
102
1,087
100
1,108
85
53
55
60
57
64
71
69
926
893
82
660
1,049
1,225
112
812
1,060
1,381
123
841
1,092
1,503
125
802
1,124
1,822
105
874
72
69
69
967
691
57
655
1,003
1,053
89
714
73
896
434
49
633
1,358
1,999
124
925
1,417
2,125
141
957
1,452
2,155
138
992
524
150
815
160
953
164
1,022
169
1,055
171
1,064
169
1,125
178
1,118
177
437
138
309
469
150
335
499
136
337
1,109
109
1,107
116
374
130
275
412
134
280
1,118
148
331
128
224
516
142
342
537
174
399
560
188
406
570
209
386
571
225
383
2,170
2,053
2,091
2,120
2,133
2,134
2,105
2,172
2,185
151
712
152
795
157
839
157
887
153
972
151
1,004
150
928
2 149
165
477
152
943
154
156
1,012
1,235
7,118
8,374
8,914
9,509
10,082
10,464
10,626
11,115
11,652
11,929
12,291
2 843
99
309
2,318
113
312
2,886
109
334
3,051
111
340
3 009
108
346
3,198
105
329
3,536
105
338
3,388
104
320
3,190
103
334
3 139
102
344
197
326
194
347
212
369
214
354
214
373
221
371
225
373
234
371
3 137
103
334
232
381
236
395
242
405
3,774
3,284
3,910
4,070
4,050
4,224
4,577
4,417
4,240
4,205
4,232
2,157
2,492
2,238
2,292
2,417
2,487
2,463
2,543
2,616
2 493
2,539
518
51
427
45
518
41
501
40
541
35
548
36
576
35
531
32
523
26
528
28
423
121
431
102
417
103
413
117
442
112
417
118
442
136
519
47
390
121
451
129
481
134
575
58
54
366
68
515
56
61
375
81
579
59
72
339
97
587
57
63
325
102
531
51
65
341
90
93
54
306
107
55
301
109
74
311
106
63
311
Venezuela
Other
445
256
519
326
530
356
571
347
104
56
337
Total
3,360
3,379
3,672
Asia:
Indonesia
Iran
421
163
296
157
729
929
337
210
324
294
246
155
1,015
316
311
Mexico
Panama, Republic of
Peru
El Salvador
Philippines
Thailand
Other
June 30
898
76
1 973
Sterling Area:
United Kingdom
United Kingdom dependencies. ."..
India
Dec. 31 June 30 Sept. 30 Dec. 31 Mar. 31 June 30 Sept. 30 Dec. 31 Mar. 31
417
99
532
68
75
258
88
477
73
64
315
76
109
80
329
103
74
335
110
58
329
595
366
562
410
118
59
317
621
463
614
401
114
72
308
597
441
591
322
664
327
3,706
3,621
3,710
3,721
3,658
3,671
3,564
3,708
198
168
1,055
318
304
184
181
166
185
140
172
168
164
181
169
800
740
794
851
194
178
211
190
951
884
319
268
841
308
243
318
238
266
236
264
245
263
243
304
281
548
61
80
329
93
423
72
62
391
74
420
75
72
427
79
431
83
78
419
84
118
79
291
325
360
363
374
401
451
444
465
520
551
601
2,185
2,360
2,406
2,417
2,302
2,189
2,047
2,147
2,223
2,273
2,392
Eastern Europe 3
309
307
306
314
306
308
309
308
309
310
311
All other:
Egypt
Other
285
42
234
49
229
61
218
63
217
67
224
74
226
67
219
70
221
69
228
71
224
84
Total
Total
Total foreign countries
I iternational 4
Grand total
327
283
290
281
284
298
293
289
290
299
308
19,230
20,479
21,736
22,589
23,062
23,680
24,036
24,477
25,001
25,073
25,781
3,171
3,287
3,272
3,212
3,331
3,401
3,364
3,536
3,560
3,565
3,677
22,401
23,766
25,008
25,801
26,393
27,081
27,400
28,013
28,561
28,638
29,458
1
Includes gold reserves of Bank of France and French dependencies only.
2
Includes holdings of other Continental OEEC countries, Yugoslavia, Bank for International Settlements (both for its own and European
Payments Union account), gold to be distributed by the Tripartite Commission for Restitution of Monetary Gold, and unpublished gold reserves
of certain Western European countries.
3 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.
NOVEMBER
1955
1291
REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]
End of
month
Estimated
United States
total world
(excl. 1
U.S.S.R.) Treasury Total*
Argentina
216
216
268
Belgium
1949—Dec
1950—Dec
1951—Dec
1952—Dec
1953—Dec
35,400
35,830
35,970
36,290
36,710
24,427
22,706
22,695
23 4 8 7
22,030
24,563
22,820
22,873
23,252
22,091
371
698
587
621
706
776
1954— Sept....
Oct...
37,210
Dec...
37,350
21,810
21,759
21,710
21,713
21,863
21,827
21,791
21,793
371
371
371
371
760
760
767
778
21,714
21,716
21,719
21,671
21,674
21,678
21,682
21,682
21,684
21,786
21,788
21,763
21,724
21,727
21,730
21,734
21,732
'21,745
371
371
371
371
371
371
371
371
781
797
824
839
848
839
845
850
877
1955—Jan
Feb
Mar.. . .
Apr....
May. . .
June...
July...
37,500
37,730
Aug.. . .
Sept,... *>37,87O
End of
month
Egypt
Germany,
France4 Federal GuateRepublic mala
of
India
52
74
299
271
311
214
186
32
31
31
31
31
21
19
22
23
23
42
42
42
42
186
186
186
186V
31
31
31
31
23
23
23
23
43
43
43
43
43
42
42
42
42
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
Canada
23
23
23
21
21
317
317
317
317
321
496
590
850
896
996
40
40
45
42
42
5
5
3
3
322
322
322
322
1,059
1,065
1,071
1,080
322
322
322
322
322
322
322
1,083
1,086
1,097
1,103
1,111
1,112
1,122
1,134
1,141
(3)
3
( )
Indonesia
Iran
Italy
Ecuador
Cuba
Brazil
(3)
Denmark
Colombia
Bolivia
Chile
86
Mexico
N.etherlands
Norway
Pakistan
Peru
140
140
138
138
137
256
256
333
346
346
52
208
208
144
158
195
311
316
544
737
51
50
50
50
52
27
27
27
38
38
28
31
46
46
36
247
247
247
247
138
138
138
138
346
346
346
346
60
61
62
62
796
796
796
796
45
45
45
45
38
38
38
38
34
34
34
35
27
27
27
27
27
27
27
247
247
247
247
247
247
247
247
138
138
138
138
138
138
138
138
346
346
346
346
346
346
63
63
64
65
77
78
796
796
798
800
804
804
804
804
804
45
45
45
45
45
45
45
45
45
38
38
38
38
38
38
48
48
48
35
35
35
35
35
35
35
35
35
Spain
Sweden
Thailand
Turkey
United
Kingdom
128
197
190
170
176
85
61
51
51
54
70
90
152
184
218
1,504
1,470
1,452
L,411
1,459
118
118
113
113
113
154
150
151
143
143
61,688
63,300
52,335
51,846
6
2,518
178
236
221
207
227
373
373
373
373
373
,451
,495
,530
,692
,702
68
167
115
196
193
29
29
29
29
195
199
194
199
56
56
56
56
1,503
1,513
1,513
L ,513
113
113
113
113
144
144
144
144
6
2,901
6
2,936
5
2,925
5
2,762
227
227
227
227
403
403
403
403
,734
,734
,736
1,740
195
193
193
196
29
29
29
29
29
29
29
29
28
195
201
203
208
207
212
215
212
214
56
56
56
56
56
56
56
56
56
219
224
246
265
265
265
265
258
263
264
264
264
264
L,512
,501
L,499
1,493
L,473
1,485
1,495
L,501
L ,513
113
113
113
113
113
113
112
112
144
144
144
144
144
144
144
144
62,763
52,681
5
2,667
62,686
62,686
62,680
52,544
52,457
52,345
227
227
227
227
227
227
227
227
216
403
403
403
403
403
403
403
403
403
L,744
,744
1,744
L,744
1,745
1,745
L.747
1,751.
198
209
204
204
207
230
227
226
215
140
326
27
27
27
27
27
247
247
247
247
247
576
576
576
576
574
599
612
626
27
27
27
27
174
174
174
174
174
174
174
174
174
576
576
576
576
576
576
576
576
576
650
700
714
722
740
758
776
802
825
End of
month
Portugal
El Salvador
South
Africa
1949—Dec
1950—Dec
1951—Dec
1952—Dec
1953—Dec
178
192
265
286
361
17
23
26
29
29
1954—Sept
Oct
Nov.. . .
Dec
416
422
427
429
1955—Jan. . ,
Feb
Mar.. . .
Apr
May....
June
July....
Aug
Sept
431
431
438
438
438
436
422
425
1949—Dec
1950—Dec
1951—Dec
1952—Dec...
1953—Dec
53
97
174
174
174
523
523
548
S73
576
1954—Sept
Oct
Nov
Dec.. . .
174
174
174
174
1955—Jan
Feb
Mar
Apr....
May....
June
July....
Aug
Sept
'""is
178
209
280
235
145
Switzerland
Uruguay
Venezuela
Inter- Bank for
national InterMone- national
Settletary
ments
Fund
^Preliminary.
1
Includes reported gold holdings of central banks and governments and international institutions, unpublished holdings of various central
banks and governments, estimated holdings of British Exchange Equalization Account based on figures shown below under United Kingdom,
and estimated
official holdings of countries from which no reports are received.
2
Includes gold in Exchange Stabilization Fund. Gold in active portion of this Fund is not included in regular statistics on gold stock (Treasury
gold) used in the Federal Reserve statement "Member Bank Reserves, Reserve Bank Credit, and Related Items" or in the Treasury statement
"United States Money, Outstanding and in Circulation, by Kinds."
sLess
than $500,000.
4
Represents gold holdings of Bank of France (holdings of French Exchange Stabilization Fund are not included).
6
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.
«
1292
FEDERAL RESERVE BULLETIN
NET GOLD PURCHASES BY T H E UNITED STATES, BY COUNTRIES
(Negative figures indicate net sales by the United States)
[In millions of dollars at $35 per fine troy ounce]
Year or
quarter
United
Kingdom
Total
1945
—452.9
721.3
1946
2,864.4
1947 ,, ,
1,510.0
1948
1949
193.3
1 9 5 0 . . . .-. - 1 , 7 2 5 . 2
75.2
1951
393 7
1 9 5 2 ..
1953
- 1 , 1 6 4 . 3
1954
- 3 2 6 . 6
- . 2
406.9
734.3
446.3
—1,020.0
469.9
440.0
- 4 8 0 . 0
- 5 0 . 0
Belgium
France
31.1
14.2
222.8
69.8
- 4 1 . 0
—55.0
- 1 0 . 3
—3.8
- 8 4 . 9
278.5
264.6
15.8
- 8 4 . 8
- 2 0 . 0
Germany,
Fed.
Rep.
of
Netherlands
130.8
40.7
- 2 3 . 5
—79.8
- 4 . 5
—10 0 — 100.0
- 1 3 0 . 0 - 6 5 . 0
- 2 2 5 . 6
Portugal
—47.9
- 1 0 . 0
116.0
63.0
14.0
—15.0
- 3 4 . 9
—5.0
- 5 9 . 9
- 5 4 . 9
Sweden
80.2
238.0
3.0
- 2 2 ! 9
- 3 2 . 0
-20.6
-15.0
Switzerland
Other
Europe1
Canada
Argentina
—7.4
—86.8
36.8
-29.9
27.3
337.9
10.0
86.6
311.2
—5.6
5.8
—40.0 a-159.9
3.4
—38.0
—68.0 — 1 0 0 . 0
-60.1
-15.0
- 1 0 . 0
22.5
—17.3
7.2
-65.0
-111.8
-17.4
-15.5
—224.9
153.2
727.5
114.1
- 4 9 . 9
-45.0
-8.8
-42.8
-15.3
- 5 4 . 9
- 2 0 . 0
- 1 0 . 0
- 4 9 . 9
—20.0
- 8 4 . 8
1953
1
2
6
3
- 3 2 0 . 0
- 4 0 . 0
- 1 2 0 . 0
—63.0
- 1 9 . 6
- 1 7 1 . 8
—72.3
- 5 0 . 0
- 5 9 9 .
- 1 2 8 .
- 3 0 6 .
—130.
Jan.-Mar..
Apr.-June.
July-Sept..
Oct.-Dec..
- 3
- 1
- 3
6
3
2
2
.
.
.
.
5
4
4
6
.......
- 3 0 . 0
- 2 5 . 0 —10.0
- 4 0 . 0 ' -40'.6 —50.0
1
1
1
1
5
5
5
5
.
.
.
.
0
0
0
0
-10.0
-20.0
-25.0
-i6!p* -15.0
-5.0
Cuba
Mexico
—85 0
- 3 0 . 0
- 6 5 . 0
— 10.0
- 1 0 . 0
28.2
- 2 0 . 0
—23 8
36.9
45.4
61.6
- 1 6 . 1
—118 2
- 6 0 . 2
87 7
- 2 8 . 1
80.3
z
- 2 8 . 1
1954
Apr.-June.
July-Sept..
Oct.-Dec..
—40
— 1
- 1 4 0
—30
.
5
.
.
—20.0
—5.0
- 2 0 . 0
- 1 0 . 0
0
.6
0
0
-15"6*
-8.6
-7.5
—2.4
— 1.1
-2.5
-11.3
80.3
1955
Jan -M!ar.
Apr.-June.
—22 5
—45 0
—36 9
- 4 1 . 7
- 5 Q
—10 0
3.5
NET GOLD PURCHASES BY T H E UNITED STATES,
BY COUNTRIES—Continued
ANALYSIS OF CHANGES I N GOLD STOCK OF
UNITED STATES
(Negative figures indicate net sales by the United States)
[In millions of dollars]
[In millions of dollars at $35 per fine troy ounce]
Year or
quarter
1945
1946
. ...
1947
1948
1949
.......
1950. ..
1951
1952
1953
. ...
1954
Uruguay
Venezuela
—73.1
- 3 7 . 9
- 9 . 2
- 4 . 9
—3.7
25.1
10.7 —108.0
- 1 4 4 —50 0
- 6 4 . 8
22 2
— .9
14.9
— 15 0
- 5 . 0
- 3 0 . 0
Other
Asia
Latin
and
Amer- Oceania
ica
— 2 7 . 8 s-188.3
25.0
13.7
79.1
1.0
13.4
—4.1
—52.1
—7.S
—35.4
-17.2
5
—50.1
—17.2
- 7 . 0
-25.1
- 6 . 1
- 3 8
— 10.4
17.2
Union
of
South
Africa
Gold stock at
end of period
All
other
.
—10 0
—5.0
—3 6
— .1
— .1
Oct -Dec
—1 1
— 1.2
—1.4
—2 4
- 9 . 9
1954
Jan.-Mar
Apr.-June.......
July-Sept
Oct.-Dec
- 5 . 0
' -30.6
13.2
2.0
1.9
- 8 . 9
—1.2
— .1
- . 4
— 1
- 2 . 7
1955
Jan -IMar.
1
2
3 4
— .1
Includes Bank for International Settlements.1
Includes sale of 114.3 million dollars of gold to Italy.
• Includes sales of 185.3 million dollars of gold to China.
^Includes sales of gold to Egypt as follows: 1950, 44.8 million
dollars; and 1951, 76.0 million.
^Includes sales of 45.0 million dollars of gold to Indonesia.
NOVEMBER 1955
Treasury
Total1
1943....
1944.......
1945
1946
.
1947
1948
1949
1950
1951........
1952
1953
1954
21,938
20,619
20,065
20,529
22,754
24,244
24,427
22,706
22,695
23,187
22,030
21,713
21,981
- 7 5 7 . 9
68.9
-803.6
2 0 , 6 3 1 - 1 , 3 4 9 . 8 - 8 4 5 . 4 -459.8
20,083
- 5 4 7 . 8 - 1 0 6 . 3
-356.7
20,706
623.1
311.5
465.4
22,868 22,162.1 1,866.3
210.0
24,399
1 , 5 3 0 . 4 1 , 6 8 0 . 4 -159.2
24,563
164.6
6 8 6 . 5 -495.7
2 2 , 8 2 0 - 1 , 7 4 3 . 3 - 3 7 1 . 3 -1,352.4
22,873
52.7 —549.0
617.6
23,252
379.8
6 8 4 . 3 -304.8
22,091 —1,161.9
2 . 2 -1,170.8
21,793
- 2 9 7 . 2
16.6
-325.2
1954—Oct....
Nov...
Dec...
21,759
21,710
21,713
21,827
21,791
21,793
—36.7
- 3 5 . 9
2.6
1.6
1.5
.7
-34.6
-36.7
1.8
5.6
5.6
5.8
1955—Jan..
Feb...
Mar...
Apr-...
M a y . .
June. .
July..
Aug.. .
Sept..,
Oct....
21,714
21,716
21,719
21,671
21,674
21,678
21 J682
21,682
21,684
2>21,685
21,786
21,788
21,763
21,724
21,727
21,730
21,734
21,732
21,745
J»21,746
- 7 . 3
1.6
- 2 4 . 7
- 3 9 . 4
2.9
3.1
4.4
- 2 . 2
12.7
Pl.6
2.2
3.2
2.7
2.5
4.5
3.8
1.6
3.6
4.4
3
( )
-9.7
-.8
-27.7
-41.8
—1.0
-.9
5.0
4.8
5.4
5.0
5.3
5.6
4.1
5.9
7.0
(3)
3.7
94.3
22.9
256.0
11.9
6.9
498.6
195.7
— 1.6
13.1 * - 4 7 . 2
52.1 4 — 8 4 . 0
- 2 . 0
11.5
- 9 . 9
_ 4
1953
Ja.n -Mar.
Period
EarNet
marked DomesIncrease gold
imgold:
de- tic gold
in total port or
crease producgold
export
or
instock
tion
crease
(-)
4
-2^9
10.6
-7.1
48.3
35.8
32.0
51.2
75.8
70.9
67.3
80.1
66.3
67.4
69.0
65.4
Px Preliminary. '
See footnote-2 on opposite page.
2
Change includes transfer of 687.5 million dollars gold subscription
to International Monetary Fund.
3
Not yet available.
4
Gold held under earmark at the Federal Reserve Banks for foreign
account, including gold held for the account of international institutions, amounted to 6,890.4 million dollars on Oct. 31, 1955. Gold
under earmark is not included in the gold stock of the United States.
NOTE.—For back figures and description of statistics, see Banking
and Monetary Statistics, Table 156, pp. 536-538, and pp. 522-523.
1293
INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT
AND INTERNATIONAL MONETARY FUND
[End-of-month figures. In millions of dollars]
1955
1954
1955
Sept.
Dollar deposits and U. S. securities
Other currencies
and securities1.
2
Effective loans
8
Other assets
IBRD bonds outstanding
Undisbursed loans
Other liabilities
Reserves
Capital*
June
Mar
Dec.
Sept,
464
485
466
478
440
977
996 1,001 1,010 1,049
,837 1,796 1,694 1,738 1,620
35
52
37
33
36
838
852
849
850
849
386
456
420
336
429
11
10
11
9
9
174
184
165
154
193
,810 1,806 1,806 1,806 1,831
Gold
Currencies:1
United States
Other
Unpaid member subscriptions...
Member subscriptions
Accumulated net income
Country 9
Country*
Principal
Total
Quota
Outstanding
Undisbursed
Disbursed
258.5
106.0
194.1
37.3
94.7
40.0
50.1
267.5
126.0
90.0
40 2
27.0
141.3
221.5
50.0
77.3
36.0
37.4
61.0
110.0
66.0
38.5
60.7
154.5
216.2
91.9
145.2
19.4
50.6
40.0
38.6
253.7
61.2
32.8
31.8
42.3
14.1
48.8
17.9
44.2
'HA
13.8
64.8
57.2
8.4
27.0
46.4
94.9
221.5
50.0
31.0
9.8
24.2
38.1
110.0
60.5
31.4
55.4
59.6
46.2
26.2
13.2
22.9
5.5
7.1
5.3
94.9
62,385.6 1,767.9
617.7
Repaid
1.6
2.5
4.7
4.3
6.3
1.9
8.1
8.3
16.2
4.9
134.6
3.4
.6
.7
.3
3.4
1.7
3.4
10.3
Sold
to
others5
Total
214.7
89.4
140.5
15.1
44.2
38.1
30.6
245.4
45.1
32.8
31.8
20.1
17.7
3.5
.6
3.0
1.0
2.3
21.6
5.7
6.0
6.1
90.0
86.8
50.0
27.6
9.2
23.4
37.8
106.6
60.5
29.7
52.0
49.4
2.4
8.0
2.0
1.8
2.8
13.1
14.5
.2
3.9
Brazil
Colombia
France
Germany
India...
Indonesia
Japan
Philippines
Turkey
. .
United States
150
50
525
330
400
110
250
15
43
2,750
July
Apr.
Jan.
1,747
1,744 1,744 1,734 1,733
Oct.
July
1,643 1,609 1,567 1,574 1,472
4,656 4,691 4,734 4,738 4,746
805
798
798
798
892
88,863 8 8,853 «8,853 8,853 8,853
-11
-9
-10
-11
-9
Subscription
paid
in
gold
Loans as of September 30, 1955
Australia
Belgium
Brazil
Chile
Colombia
Denmark
Finland
France
India
Italy
Japan
Lebanon
Mexico
Netherlands
Norway
Pakistan.
Peru
Thailand
Turkey
Union of S. Africa
United Kingdom..
Uruguay
Yugoslavia
Other
1954
Monetary Fund
International Bank
Cumulative net drawings
on the Fund 1 0
1955
Aug.
July
1954
June
Aug.
37.5
65.5
65.5
65.5
65.5
12.5
25.0
25.0
25.0
108.1
105.0 105.0 105.0 105.0
33.0
-49.5 -49.5 -49.5 -46.1
27.5
12.6
12.6
27.6
53.3
15.5
15.0
15.0
15.0
15.0
62.5
62.4
62.4
62 4
62.4
3.8
10.0
10.0
10.0
10.8
20.0
20.0
20.0
27.0
687.5 -382.9 -382.9 -397.9 -461.8
1
2
Currencies include demand obligations held in lieu of deposits.
Represents total principal of authorized loans, less loans not yet
effective, repayments, the net amount outstanding on loans sold or
agreed to be sold to others, and exchange adjustment.
s Excludes uncalled portions of capital subscriptions.
*Loans to dependencies are included with member.
•Includes also effective loans agreed to be sold but not yet disbursed
includes 189 million dollars in loans not yet effective.
T
Includes 118 million dollars not guaranteed by the Bank.
8
Includes 125 million dollar subscription of withdrawing member
(Czechoslovakia).
includes countries having cumulative net drawings of 10 million
dollars
( + or —) on the latest date.
10
Represents for each country purchases of other currencies from
Fund less purchases of own currency by it or other countries.
1,550.9 7136.4
CENTRAL BANKS
Bank of England
(Figures in millions of
pounds sterling)
Assets of issue
department
Gold1
Assets of banking
department
Other
assets
Notes
and
coin
Discounts
and advances
Securities
Liabilities of banking department
Note
circulation
Deposits
Bankers'
Public
EGA
Other
Other
liabilities and
capital
29
28
27
26
31
30
.2
.4
.4
.4
.4
.4
L,325.0
1,350.0
1,375.0
L,450.0
I,575.0
1,675.0
36.1
33.7
19.2
14,1
51.3
57,8
16.7
14.8
29.2
18.2
11.2
4.9
401.1
489.6
384.0
389.2
371.2
338.1
1L,293.1
:L,321.9
1,357.7
L,437.9
1,525.5
1,619.9
314.5
299.2
313.5
299.8
302.8
290.2
11.7
11.6
15.4
13.4
10.0
14.9
17.4
97.9
.4
,6
24.3
7.2
92.1
111.2
85.0
89.8
70.4
18.1
18.1
18.1
18.1
18.1
18.2
1954—Oct. 27
Nov. 24
Dec. 29
.4
.4
.4
I,675.0
1,675.0
1,775.0
41.7
25.9
26.0
2.1
4.5
8.9
351.1
374.9
350.7
1,635.9
1,651.9
1L,751.7
295.6
293.7
276.1
9.8
11.7
15.4
6.3
9.6
9.6
65.4
72.3
66.3
17.8
17.9
18.1
1955—Tan. 26
Feb. 23
Mar. 30
Apr. 27.
May 25
June 29
July 2 7 . . .
Aug. 31
Sept. 28
.4
.4
.4
.4
.4
.4
.4
.4
.4
,725.0
,725.0
,725.0
,750.0
,775.0
,825.0
,875.0
,825.0
,800.0
62.8
68.8
31.5
21.3
25.6
45.1
16.9
45.5
36.4
16.4
52.4
16.1
18.0
11.8
5.7
21.0
20.0
11.1
298.0
248.1
328.8
319.2
307.2
301.6
305.9
280.2
295.8
:1,664.9
1,658.9
1,696.3
1,731.5
1,752.2
L.782.7
1,860.9
1,782.3
L,766.4
251.9
271.1
275.7
253.9
240.5
246.6
240.8
243.6
239.3
16.3
11.3
11.7
18.6
13.7
14.2
13.6
10.9
14.5
4.7
4.7
4.1
4.6
6.9
.5
2.2
2.7
2.6
85.9
63.7
66.4
63.6
65.6
72.9
68.8
70.0
68.2
18.3
18.4
18.5
17.8
18.0
18.2
18.3
18.5
18.6
1948—Dec.
1949—Dec.
1950~Dec.
1951—Dec.
1952-Dec.
1953—Dec.
2
2
2
2
1
2
2
2
78.5
x
On Sept. 19, 1949, the official buying price of the Bank of England for gold was increased from 172 shillings and threepence to 248 shillings
per fine ounce. For details regarding previous changes in the buying price of gold and for internal gold transfers during 1939, see BULLETIN for
March
1950, p. 388, footnotes 1 and 4.
2
Fiduciary issue decreased by 50 million pounds on Jan. 20 and Aug. 17, and by 25 million on Sept. 7; increased by 25 million on Apr. 6 and
May 4, and by 50 million on June 8 and July 20. For details on previous changes, see BULLETIN for February 1955, p. 226.
NOTE.—For back figures, see Banking and Monetary Statistics, Table 164, pp. 638-640; for description of statistics, see pp. 560-561 in same
publication. For details relating to individual items, see BULLETIN for April 1955, p. 442.
1294
FEDERAL RESERVE BULLETIN
CENTRAL BANKS—Continued
Assets
Bank of Canada
(Figures in millions of
Canadian dollars)
Goldi
Sterling
and United
States
dollars
Liabilities
Dominion and provincial government
securities
Shortterm
Other
31.
31.
31.
31.
31.
30.
31.
31.
31.
156.8
1.0
2.0
.4
74.1
111.4
117.8
77.1
54.9
,157.3
,197.4
s 022.0
,233.7
,781.4
,229.3
,141.8
,459.8
,376.6
688.3
708.2
858.5
779.1
227.8
712. S
1,049.3
767.2
893.7
1954—Oct. 30.
Nov. 30.
Dec. 31.
52.3
57.7
54.2
,438.2
,444.3
,361.5
1955—Jan. 31.
Feb. 28.
Mar. 31.
Apr. 30.
May 31.
June 30.
July 30.
Aug. 31.
Sept. 30.
51.5
52.4
50.8
59.0
52.3
55.8
59.6
57.7
60.6
,249.8
,320.6
,325.6
,385.5
,357.6
,451.9
,233.4
,185.2
1,103.2
1945—Dec.
1946—Dec.
1947—Dec.
1948—Dec.
1949—Dec.
1950—Dec.
1951—Dec.
1952—Dec.
1953—Dec.
Deposits
Other
assets
Note
circulation
Chartered
banks
29.5
42.1
43.7
45.4
Dominion
government
(Figures in
millions of francs)
Gold*
Foreign
exchange
Domestic bills
297.1
135.2
77.3
112.0
521.2
565.5
536.2
547.3
541.7
578.6
619.0
626.6
623.9
153.3
60.5
68.8
98.1
30.7
24.7
94.9
16.2
51.5
29.8
93.8
67.5
81.0
126.9
207.1
66.1
44.5
29.5
119.2
172.6
200.0
132.9
133.1
809.9
837.5
871.1
105.5
85.1
114.1
1,579.8
1,587.1
1,623.5
595.2
528.8
529.6
49.8
141.1
56.3
31.4
36.0
30.5
149.5
131.5
161.0
876.0
815.1
821.6
808.4
817.5
834.9
1,032.4
1,149.3
1,196.5
87.7
82.1
101.4
123.6
87.1
121.5
134.9
73.2
156.6
1,545.9
1,541.7
1,552.9
1,579.3
1,597.7
1,618.8
1,651.8
1,653.9
1,665.8
528.7
503.8
541.9
570.7
516.9
577.0
532.9
538.7
565.7
56.5
63.2
57.5
50.8
50.6
71.3
52.9
59.5
63.4
38.6
47.3
42.7
40.5
35.6
36.5
45.2
38.1
29.1
95.4
114.1
104.3
135.2
113.7
160.4
177.5
175.2
192.8
42.S
Advances to
Government
Special
Other
Current
Other
68
129,817
17,980
7 37,618
94,817
65,225
12 67,395
65,225
30 97,447
62,274 61,943 137,689
182,785 162,017 136,947
191,447 28,320 234,923
200,187 31,068 274,003
15,421 292,465
201,282
303
3,135
64
8,577
28,548
34,081
31,956
57,042
61,108
25,548
76,254
117,826
238,576
335,727
393,054
741,267
937,459
891,560
67,900
147,400
150,900
157,900
158,900
160,000
172,000
200,000
445,447
480,447
558,039
558,039
560,990
481,039
481,039
479,982
679,849
1954—Oct. 28.
Nov. 25.
Dec. 30.
201,282
201,282
201,282
32,697 1,027,934 195,000 626,249
44,593 1,013,121 195,000 619,549
48,925 1,130,183 195,000 617,649
1955—Jan. 27.
Feb. 24.,
Mar. 31..
Apr. 28.
May 26.
Tune 30.
July 28.
Aug. 25..
Sept. 29.
201,282
201,282
201,282
201,282
201,282
201,282
201,282
201,282
201,282
27.
26.
31..
30.
29.
28.
27.
31.
31.
48,971 264,861
51,939 224,487
57,291 236,765
60,482
66,689
86,467
121,962
153,030
183,869
200,145
200,186
200,195
226,244
172,750
160,613
200,233
210,448
245,543
247,564
190,030
235,818
46,054
40,224
32,564
28,526
26,545
16,393
11,343
7,462
14,853
198.5
42.7
42.4
43.1
Liabilities
Open
market
1945—Dec.
1946—Dec.
1947—Dec.
1948—Dec.
1949—Dec.
1950—Dec.
195I—Dec.
1952—Dec.
1953—Dec.
Other
1,129.1
1,186.2
1,211.4
1,289.1
1,307.4
1,367.4
1,464.2
1S561.2
1,599.1
Assets
Bank of France
Other
liabilities
and
capital
1,063,937 190,000
1,062,552 190,000
1,138,808 190,000
1413,385 190,000
,028,496 190,000
,054,765 190,000
1,061,877 190,000
,042,874 190,000
,076,626 190,000
Other
assets
Note
circulation
Deposits
Government
24,734 570,006 12,048
33,133
721,865
765
59,024 920,831
733
57,622 987,621
806
112,658 ,278,211
1,168
212,822 ,560,561
70
190,830 ,841,608
29
159^727 2,123,514
27
169,964 ,310,452
21
ECA
Other
57,755
63,468
82,479
171,783
158,973
15,058 161,720
10,587 166,226
897 137,727
2,061 142,823
Other
liabilities
and
capital
4,087
7,213
10,942
16,206
19,377
24,234
41,332
49,305
56,292
218,288 2 ,428,122
218,584 2,386,103
277,215 2,538,455
93
65
76
98
3,304
3,744
119,406
106,920
154,100
67,563
72,162
67,935
2,472,650
,482,667
,583,654
2,544,115
2,523,444
,629,933
,642,828
2,588,468
2 ,692,538
97
61
24
51
20
45
93
83
95
3,733
137
7,351
11,302
11,120
11,713
11,680
8,841
4,223
125,962
121,699
115,374
128,552
129,730
126,899
133,666
116,452
133,979
64,006
53,062
54,064
54,410
64,823
58,283
59,308
68,919
55,683
592,249
286, 200
617,649 306 480
597,449 353 285
546,749 336, 294
584,949 334 389
579,449 355 574
579,849
355 485
579,349
371 580
557,949 3409 794
x
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).
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.
3
Includes advance to Stabilization Fund, amounting to 277.3 billion francs on Sept. 29.
NOTE.—For details relating to individual items, see BULLETIN for April 1955, p. 443. For back figures on Bank of Canada and Bank of France,
see Banking and Monetary Statistics, Tables 166 and 165, pp. 644-645 and pp. 641-643, respectively; for description of statistics, see pp. 562-564
i n same publication. For last available report from the Reichsbank (February 1945), see BULLETIN for December 1946, p. 1424.
NOVEMBER
1955
1295
CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)
Central Bank of the Argentine
Republic (millions of pesos):
Gold reported separately
Other gold and foreign exchange.
Government securities
Rediscounts and loans to banks..
Other assets
Currency circulation
Deposits—Nationalized
Other sight obligations
Other liabilities and capital
Commonwealth Bank of Australia (thousands of pounds):
Gold and foreign exchange
Checks and bills of other banks..
Securities (incl. Government and
Treasury bills)
Other assets
Note circulation
Deposits of Trading Banks:
Special
Other
Other liabilities and capital
Austrian National Bank (millions
of schillings):
Gold.....
Foreign exchange (net)
Loans and discounts
Claim against Government
Other assets
Note circulation
Deposits—Banks
Other
Blocked.....
Other liabilities and capital
National Bank of Belgium
(millions of francs):
Gold
Foreign claims and balances (net)
Loans and discounts.
Consolidated Government debt.
Government securities
Other assets
Note circulation
Deposits—Demand
ECA
Other liabilities and capital
Central Bank of Bolivia—Monetary dept. (millions of bolivianos):
Gold at home and abroad
Foreign exchange (net)
Loans and discounts
Government securities
Other assets
Note circulation
Deposits
Other liabilities and c a p i t a l . . . . .
Central Bank of Ceylon (thousands
of rupees):
Foreign exchange
Advances to Government
Government securities
Other assets
Currency in circulation
Deposits—Government
Banks
Other liabilities and capital
Central Bank of Chile (millions
of pesos):
Gold
Foreign exchange (net).
Discounts for member banks. . .
Loans to Government
Other loans and discounts
Other assets
Note circulation
Deposits—Bank
Other
Other liabilities and capital
Bank of the Republic of Colombia
(thousands of pesos):
Gold and foreign exchange
Net claim on Int'l. Fund2
Loans and discounts
Government loans and securitiei.
Other assets
Note circulation
1955
Sept.
Aug.
1954
July
Sept.
1954
Central Bank
(Figures as of last report
date of month)
Sept.
Aug.
July
Sept.
Bank of the Republic of Colom-
1,623
678
4,056
77,008
362
32,042
45,385
812
5,489
1,623
748
4,062
75,968
342
31,811
44,867
744
5,321
1,623
1,685
3,712
64,909
274
27,412
39,514
562
4,714
313,286 333 ,104 354,827 425,470
5,673
4,304 5,632 5,246
508,739 499,780 470 ,785 485,057
66,100 59,620
65,582
370,253 367,753 363 ,003 351,077
265, 444 265,444 265,559 311,870
35,950 34,441 38,137 35,157
220,263 229 ,435 230,259 277,717
557
557
1,742
8,038 8,351
7,881
5,492
5,437
5,426
1,803
1,857
1,557
467
498
822
12,508 12,660 12,843
1,535
1,650
1,465
567
533
739
1,626
1,643
1,424
1,292
43,831
10,555
6,956
34,660
9,352
5,185
105,047
1,853
56
3,583
42,518
10,769
8,055
34,660
8,238
5,179
104,629
1,175
55
3,560
442
9,898
5,111
1,777
23
11,355
3,105
883
1,907
42,236
37,993
10,607
11,684
10,151
8,444
34,660 34,660
8,694
7,838
4,599
5,067
101,162
105,806
1,342
1,553
68
99
3,260
3,343
(Mar.)*
495
1,515
778 112,509
26,370
10,778
2,505
2,505
3,508
965
18,049
21,882
6,090
5,045
6,676
4,186
640,579 638,115 624,148 467,456
65,800
18,543
19,050 19,150 18,276
8,037
7,937
6,017
10,085
409, 372 394,367 391,502 377,987
13,697
47,951 103,031 94,311
153, 530 110,627 109,912 115,930
50,202
58,861 57,277 54,635
5,704
1,420
3,307
5,804
5,811
5,811
402
295
1,052
5,493 4,709
5,147
16,270 16,270 15,870
15,034 14,711 14,685
5,608
5,520
6,195
36,802 36,177 35,789
4,828
4,943
4,196
1,734
2,113
1,440
6,325
5,703 4,638
11,469
9,488
3,332
22,052
3,964
986
7,717
268,339 282 ,871
24,380 24,380
610,014 602 ,216
461,256 463 ,064
99,905 98,194
628,089 638,303
383,270
24,377
420,093
322,058
111,331
634,849
bia— Cont.
Deposits
,
664,210 655,623
Other liabilities and capital
.
171,595 176,800
Central Bank of Costa Rica
(thousands of colones):
Gold..
11,503 11 503 11,503
Foreign exchange
117,950 124 649 135,166
Net claim on Int'l. Fund 2
7 032
7,032
7,032
Loans and discounts
74,472 68 363 62,785
Securities
4,158
3,828
2. 858
Other assets
28,129 24 344 24,148
Note circulation
147,068 146 332 146,914
Demand deposits
63,242 60 125 65,753
Other liabilities and capital
32,934 32 292 31,795
National Bank of Cuba
(thousands of pesos):
Gold.
185,875
Foreign exchange (net)
105,756
Foreign exchange (Stabilization
Fund)
198,909
Net claim on Int'l. Fund 2
12,512
Loans and discounts
48,997
Credits to Government.
60,901
Other assets
79,570
Note circulation
416,740
Deposits
256,645
Other liabilities and capital
19,136
National Bank of Czechoslovakia 3
National Bank of Denmark
(millions of kroner):
Gold
68
68
68
Foreign exchange
658
688
673
Loans and discounts
179
176
276
Securities
.#
477
475
480
Govt. compensation account... . 3,124 3,125 3,125
Other assets
919
674
837
Note circulation
1,926
1,959
1,956
Deposits—Government
1,429
1,458
1,360
Other
1,816
1,698
1,724
Other liabilities and capital
256
259
251
Central Bank of the Dominican
Republic (thousands of pesos):
Gold
12,076 12,076 12,076
Foreign exchange (net) 2
13,339 12,134 10,893
s
Net claim on Int'l. Fund
1,250
1,250
1,250
Loans and discounts
3,030 3,274 3,299
Government securities
8,890 8,890 8,890
Other assets
14,917 14,783 14,591
Note circulation
41,879 41,582 41,612
Demand deposits
8,179
8,917
6,802
Other liabilities and capital,.. .
2,646
2,706
2,585
Central Bank of Ecuador
(thousands of sucres):
Gold
343, 526 343 ,477 343,460
48,590
,393 -7,301
Foreign exchange (net) 2
18,757
,757 18,757
Net claim on Int'l. Fund
398,052
145 431,101
Credits—Government
244,807
234 249,033
Other
275,076
052 256,670
Other assets
683,145
907 669,396
Note circulation
468 213,814
Demand depositsi—Private banks. 188,923
170,962
231 159,703
Other
285,778
453
248,808
Other liabilities and capital
National Bank of Egypt (thousands of pounds):
60,553 60 553 60,553
Gold
164,131 170 780 170,074
Foreign assets4
74,290 74 205 75,616
Egyptian Govt. securities
Clearing and other accounts (net) -18,578 -18 545 -16,603
17,488 15 699 23,621
Loans and discounts
2,680
2 509
3,252
Other assets
160,791 157 117 167,675
Note circulation
040 36,304
24,814
29
Deposits—Government..........
93,310 96 805 93,894
Other
Other liabilities and capita! . . . 21,649 22 239 18,640
Central Reserve Bank of El Salvador (thousands of colones):
71,229 71,280 71,331
Gold
39,995 47,013 63,202
Foreign exchange (net) 2
1,569
1,569
Net claim on Int'l. Fund
1,569
50,076 49,876 40,803
Loans and discounts
Government debt and securities.. 9,071 7,366 7,303
7,405
7,373
Other assets
7,312
87,845 87,953 89,871
Note circulation
81,609 86,803 92,176
Deposits
Other liabilities and capital
9,890 9,719
9,472
501,777
124,504
11,503
60,461
7,032
116,687
3,828
24,480
138,705
54,989
30,297
185,876
32,536
266,566
12,512
33,660
52,006
77,264
408,034
233,837
18,549
69
781
280
510
3,216
295
1,919
1,269
1,723
241
12,076
25,569
1,250
2,459
9,420
7,309
38,076
17,764
2,242
342,663
149,688
18,757
382,112
256,359
203,265
720,045
219,134
175,570
238,095
60,553
18,830
243,176
25,751
2,368
165,620
52,431
120,904
11,722
72,027
35,635
1,568
37,929
5,789
7,453
88,524
61,172
10,703
•Latest
month available.
1
Represents chiefly bills secured by stocks of mined tin not yet sold in world markets.
2
Represents the amount of the country's subscription to the Fund less the bank's local currency liability to the Fund.
3For last available report (March 1950). see BULLETIN for September 1950, p. 1262.
4
Beginning December 1954, includes foreign government securities formerly shown with Egyptian Government securities.
1296
FEDERAL RESERVE BULLETIN
CENTRAL BANKS—Continued
1955
Central Bank
(Figures as of last report
date of month)
Bank of Finland (millions of rnarkkaa):
Gold
Foreign assets and liabilities (net).
Loans and discounts
Securities—Government
Other
Other assets
Note circulation
Deposits.
,
Other liabilities and capital
Bank of German States 1
(millions of German marks):
Gold
..
Foreign exchange
Loans and discounts
Loans to Government
Other assets.
Note circulation
Deposits—Government
Banks
Other
Other liabilities and capital
Bank of Greece (millions of drachmae):
Gold and foreign exchange (net).
Loans and discounts
Advances—Government
Other
Other assets
Note circulation
Deposits—Government
Reconstruction and
relief accts
Other
Other liabilities and capital
Bank of Guatemala (thousands of
quetzales):
Gold
Foreign exchange (net)
Gold contribution to Int'l. Fund.
Rediscounts and a d v a n c e s . . . . . .
Other assets
Circulation—Notes
Coin
Deposits—Government
Banks
Other liabilities and capital
National Bank of Hungary 2
Reserve Bank of India (millions of
rupees):
Issue department:
Gold at home and abroad
Foreign securities
Indian Govt. securities
Rupee coin.. ;
Note circulation
Banking department:
Notes of issue department.. . .
Balances abroad
Bills discounted
Loans to Government
Other assets
Deposits
Other liabilities and capital. . .
Bank Indonesia (millions of rupiahs):
Gold and foreign exchange (net)..
Loans and discounts
Advances to Government
Other assets. ;
Note circulation
Deposits—ECA
Other
Other liabilities and capital
Bank Melli Iran^ (millions of rials):
Gold.
Foreign exchange
Gold contribution to Int'l. Fund.
Government-secured debt
Government loans and discounts.
Other loans and discounts
Securities
Other assets
Note circulation
Deposits—Government
Banks
Other
Other liabilities and capital
Sept.
Aug.
7,096
28,522
20,925
20,000
2,040
11,075
50,634
19,699
19,325
6,882
26,846
18,864
20,000
2,064
9,160
50,376
16,866
16,573
1954
July
6,882
'31,578
••27,929
20,000
2,050
1,942
49,903
21,732
18,745
3,370 3,258
3,463
9,008 8,952 9,082
2,348
1,961
3,061
4,246 4,126
4,177
1,020
933
882
13,337 12,920 13,028
1,727
1,613
2,309
3,127 2,985 3,088
218
204
224
1,814
1,594 1,700
5,619
208
9,425
4,940
1,627
4,273
1,195
5,544
168
9,489
4,970
1,564
4,130
1,197
5,709
158
8,924
5,012
1,710
3,967
1,246
7,611
4,042
4,699
7,611
4,054
4,742
7,507
4,020
4,772
27,227
25,054
1,250
5,193
36,931
47,548
3,689
10,619
16,856
16,942
400
400
400
6,718 6,220 6,370
4,889 5,437 5,436
1,085
1,101
1,121
12,802 12,851 12,915
326
477
143
20
851
1,488
329
307
955
123
8
1,027
2,087
333
377
800
78
10
903
1,699
469
1,403
477
9,619
404
8,236
495
2,281
892
1,266
423
9,581
379
8,210
495
2,077
868
1,135
390
9,760
345
8,203
495
2,023
909
4,242 4,242 4,242
244
244
244
282
282
282
7,187
7,187 7,187
10,749 11,073 11,155
4,849 4,476 4,410
411
411
410
2,855 2,905 3,085
9,873 9,912 10,021
5,169 5,114 5,185
1,177
1,198 1,262
11,421 11,317 11,583
3,157 3,215 3,050
Sept.
1955
Central Bank
(Figures as of last report
date of month)
Central Bank of Ireland (thousands
of pounds):
Gold
6,973
Sterling funds
'27,629
Note circulation
.
17,146
20,000 Bank of Israel 4 (thousands of pounds)
Gold
2,214
Foreign exchange
2,025
Clearing accounts (net)
45,080
Loans and discounts
15,250
Advances to G o v e r n m e n t . . . . . . .
15,657
Other Government accounts
Government securities.
Other assets
2,413
Notes and coin in circulation. . . .
8,198
Deposits—Government
1,734
Other
4,167
Other liabilities and capital
1,106
11,966 Bank of Italy (billions of lire):
1,122
Gold
2,412
Foreign exchange
293
Advances to Treasury
1,825
Loans and discounts
Government securities
Other assets
Note circulation
4,684
Deposits—Government
187
Demand
8,801
Other
4,472
2,119
Other liabilities and capital
3,612 Bank of J a p a n (millions of yen):
1,511
Bullion
Advances to Government
Loans and discounts
7,006
Government securities
3,019
Other assets
5,114
Note circulation
Deposits—Government
Other
27,228
Other liabilities
7,547
1,250 Bank of Mexico (millions of pesos):
Monetary reserve6
9,824
"Authorized" holdings of secu45,526
rities, etc
51,370
Bills and discounts
3,699
Other assets..
5,575
Note circulation
12,277
Demand liabilities
18,455
Other liabilities and capital
Netherlands Bank (millions of
guilders):
Gold
Silver (including subsidiary coin).
400
Foreign assets (net)
6,132
Loans and discounts
4,177
Govt. debt and securities
1,064
Other assets
11,471
Note circulation—Old
New
302
Deposits*—Government
1,174
ECA
80
Other
9
Other liabilities and capital
1,209
2,523 Reserve Bank of New Zealand
252
(thousands of pounds):
Gold
769
Foreign exchange reserve
424
Loans and discounts
8,013
Advances to State or State un319
dertakings
6,321
Investments
495
Other assets..
2,207
Note circulation
502
Demand deposits
Other liabilities and capital. . . . .
4,242 Bank of Norway (millions of kroner):
244
Gold
282
Foreign assets (net)
6,354
Clearing accounts (net)
10,186
Loans and discounts
3,875
Securities
848
Occupation account (net)
1,841
Other assets.
9,871
Note circulation
3,617
Deposits—Government
1,007
Banks
10,136
FOA
3,241
Other liabilities and capital
Sept.
Aug.
1954
July
646 2,646 2,646
558 67,274 68,734
204 69,920 71,380
4
76
567
374
381
935
,506
29
83
566
153
2,026
101,004
6,006
10,074
25,100
17,228
125,096
15,371
179,586
8,015
100,124
14,179
2,025
73,577
9,125
7,335
32,335
12,019
141,502
15,012
182,570
4,859
92,026
13,498
4
76
567
381
366
859
1,481
35
83
510
143
4
74
567
363
376
864
1,508
32
83
486
139
Sept.
2,646
65,034
67,680
4
79
567
357
322
835
1,410
35
60
523
136
448
448
448
448
,250 1,250
1,377
250
892 181,554 202,209 415,913
215 413 ,334 384,445 200,379
376 164 881 160,490 92,467
847 540,849 537,882 515,346
58,685 41,533
69,310 75,766
82,966
77,939
1,614
1,582
1,535
1,288
611
412
519
,369
,087
700
4,457
474
504
4,374
1,953
690
4,343
485
480
4,315
1,824
703
3,436
486
720
3,728
1,423
779
046
32
441
31
622
395
28
715
274
514
831
205
3,046
30
1,423
30
623
400
28
3,770
345
514
693
203
3,046
27
1,478
26
628
360
28
3,728
236
534
842
198
3,015
18
1,324
30
703
463
29
3,373
420
801
696
234
6,161
6,161
161
919 55,117 56,905
739 27,948 30,342
6,173
73,940
11,019
779
263
767
618
227
783
18,946
33,257
1,276
68,344
65,826
8,534
11,487
33,257
1,514
68,318
63,172
8,176
26,906
33,413
1,819
67,916
77,043
8,311
203
-49
-44
75
84
,546
83
,156
,415
439
103
784
203
-96
-50
77
76
5,546
56
3,168
1,278
491
'103
'771
203
-266
-42
97
109
5,546
73
3,184
1,132
493
'102
203
82
-83
50
26
5,546
94
3,100
1,343
626
207
643
••Revised.
Combined figures for the Bank of German States and the nine Land Central Banks.
For last available report (February 1950), see BULLETIN for September 1950, p. 1263.
3 Items for issue and banking departments consolidated.
4
Bank began operations in December 1954.
6
Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities.
1
2
NOVEMBER 1955
1297
CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)
State Bank of P a k i s t a n (millions of
rupees):
Issue department:
Gold at home and abroad 1 ..
Sterling securities
Pakistan Goyt. securities. . .
Govt. of India securities....
India currency
Rupee coin
Notes in circulation
Banking department:
Notes of issue department.. .
Bills discounted
Loans to Government
Other assets
Deposits
Other liabilities and capital. .
Central Bank of Paraguay
(thousands of guaranies):
Gold
Foreign exchange (net) 2
Net claim on Int'l. Fund
Loans and discounts
Government loans and securities.
Other assets
Note and coin issue
Deposits—Government
Other
Other liabilities and capital
Central Reserve Bank of Peru
(millions of soles):
Gold and foreign exchange
Net claim on Int'l. F u n d 2 . . . . . . .
Loans and discounts to b a n k s . . . .
Loans to Government
Other assets
Note circulation
Deposits
Other liabilities and capital
Central Bank of the Philippines
(thousands of pesos):
Gold
Foreign exchange
Net claim on Int'l. Fund 2
Loans
Domestic securities
Other assets.
Circulation—Notes
Coin
Demand deposits
Other liabilities and capital
Bank of Portugal (millions of
escudos):
Gold
Foreign exchange (net)
Loans and discounts
Advances to Government
Other assets
Note circulation
Demand deposits—Government..
EGA
Other
Other liabilities and capital
South African Reserve Bank
(thousands of pounds):
Gold
Foreign bills
Other bills and loans
Other assets
Note circulation
Deposits
Other liabilities and capital
Bank of Spain (millions of pesetas) :
Gold
Silver
Government loans and securities.
Other loans and discounts
Other assets
Note circulation
Deposits—Government
Other
Other liabilities and capital
1955
Sept.
Aug.
1954
July
Sept.
114
594
1,024
275
431
40
2,407
114
594
,024
275
431
46
,380
114
413
1,391
222
300
46
2,400
81
382
1,299
147
300
57
2,171
73
2
12
642
642
86
104
85
1
30
466
492
89
101
363
463
96
3,984
30,853
7,915
1,101,775
496,375
281,092
845,299
194,739
147,398
734,557
3,984
58,730
40
469,142
489,182
368,608
604,602
152,644
159,663
472,778
636
67
562
1,156
146
1,895
446
227
364
67
669
1,160
105
1,737
384
244
099 23,598
656 331,071
504 9,504
254 79,010
933 297,288
078 163,027
991 575,641
767 86,958
102 194,724
663 46,174
18,813
425,235
29,504
20,037
224,059
166,141
601,737
84,992
138,684
58,376
496 5,435
175 13,007
912
804
383 1,384
353 1,059
484 10,194
732 1,531
101
99
424 7,648
579 2,217
5,463
13,098
890
1,408
1,087
10,052
2,165
17
7,464
2,248
"30
601
643
92
548
67
648
,129
174
,842
469
256
25,297 25
331,870 345
9,504 9
11,964 76
353,326 303
166,547 166
587,259 582
86,613 86
174,717 208
49,919 48
95
75,936 75 ,063 76,318 68,975
31,020 38 ,980 39,010 47,289
24,527 21 ,796 22,320
8,181
54,349 53 ,983 52,733 47,836
107,357 107 ,154 106,100 101,507
61,366 65.,461 66,502 52,702
17,109 17,,206 17,780 18,072
615
323
15,783
32,020
41,100
44,849
4,496
4,608
35,888
615
323
,940
,233
,235
,948
,992
,490
,916
615
323
16,239
31,322
40,845
44,047
6,319
4,212
34,767
613
323
16,191
27,032
37,579
40,517
5,469
3,209
32,543
Central Bank
(Figures as of last report
date of month)
1955
Sept.
Aug.
1954
July
Bank of Sweden (millions of kronor):
582
582
Gold
582
1,002
Foreign assets
,087 1,047
129
Net claim on Int'l. Fund 2
129
129
Swedish Govt. securities and ad- 3
vances to National Debt Office
,839 2,866 3 ,006
68
42
159
Other domestic bills and advances
1,011
,017 1,015
Other assets
Note circulation
,861 4,775 4,735
106
93
Demand deposits—Government..
97
131
240
Other
96
704
Other liabilities and capital
695
760
Swiss National Bank (millions of
francs):
Gold
,323 6,268 6,243
561
Foreign exchange
627
683
149
177
158
Loans and discounts
101
98
102
Other assets
,228 5,131 5,123
Note circulation
,788 1,743 1,858
Other sight liabilities
209
204
Other liabilities and capital
205
Central Bank of the Republic of
Turkey (millions of pounds):
402
402
Gold
402
Foreign exchange and foreign
188
198
clearings
171
Loans and discounts
,438 3,235 3,237
30
30
Securities
30
131
118
Other assets
128
1,811
Note circulation
,936 1,759
154
154
Deposits—Gold
154
1,503
Other
,559 1,551
Other liabilities and capital
520
521
516
Bank of the Republic of Uruguay
(thousands of pesos):
344,167
Gold
Silver
10,508
Advances to State and Govern141,704
ment bodies
466,454
Other loans and discounts
827,901
Other assets
468,959
Note circulation
149,127
Deposits—Government
334,568
Other
838,080
Other liabilities and capital
Central Bank of Venezuela (millions of bolivares):
Gold
234 1,234 1,234
380
321
Foreign exchange (net)
425
151
164
Other assets
123
Note circulation
016 1,022 1,013
297
281
260
Deposits.
399
469
506
Other liabilities and capital
National Bank of Federal People's
Republic of Yugoslavia (millions
of dinars):
4 612 4 589 4,566
Gold
Gold contribution to Int'l. Fund. 2 369 2 369 2,369
57 647 57 763 55,687
Foreign assets
730 298 715 891 704,423
Loans (short-term)
17 619 27 102 34,594
Government debt (net)
52 366 51 275 50,737
Other assets
Notes and coin in circulation.... 87! 067 86 891 87,665
196. 038 94 062 187,714
Demand deposits
103, 398 102 130 102,236
Foreign liabilities
753 368 290 373,465
367!
Long-term liabilities (net)
110 655 107 616 101,296
Other liabilities and capital
Bank for International Settlements (millions of Swiss gold
francs):
692
696
658
Gold in bars
79
67
Cash on hand and with b a n k s . . . .
77
Rediscountable bills and accept296
287
336
ances (at cost)
152
151
153
Time funds at interest
391
398
380
Sundry bills and investments....
297
297
297
Funds invested in Germany
1
1
2
Other assets
456
456
464
Demand deposits (gold)
Short-term deposits:
866
893
945
Central banks—Own account..
27
29
28
Other
229
229
229
Long-term deposits: Special
287
285
286
Other liabilities and capital
Sept.
482
1,439
129
2,477
84
868
4,615
149
33
682
6,278
527
109
98
5,052
1,754
205
402
198
2,529
30
92
1,500
154
1,092
506
344,167
8,756
147,986
374,147
571,105
457,222
157,027
350,452
481,460
1,232
293
174
982
253
464
4,228
2,369
59,678
713,295
-17,904
47,497
78,620
173,405
107,684
363,761
85,693
596
262
369
466
297
5
431
1,079
25
229
282
^-Revised.
x
On July 31, 1955 gold revalued from 115.798 to 166.667 rupees per troy ounce of
2
Represents the amount of the country's subscription to the Fund less the bank's
3
Includes small amount of non-Government bonds.
1298
fine gold.
local currency liability to the Fund.
FEDERAL RESERVE BULLETIN
MONEY RATES IN FOREIGN COUNTRIES
DISCOUNT RATES OF CENTRAL BANKS
[Per cent per annum]
Central bank of—
Date
effective
In effect Dec. 31,
1949
June 8 1950
Sept. 11. .
Sept. 26
Oct. 17
Oct. 27
Dec.
1
Apr. 17, 1951..
July
5
Sept. 13
Oct. 11
Nov. 8
Nov. 9
Jan. 22, 1952
Mar. 1 2 . . . .
May 29
Aug. 1
Aug. 21,
Dec. 18
3
2X
2
4
3K
2X
Rate
Sept.
30
Central
bank of—
Ger-1 Bel- NethCan- United
France many
er- Swegium lands
ada Kingden
dom
Central
bank of—
Argentina
zy2 Mar. 1,1936
Belgium
Bolivia .
3
6
2X Austria
3%
Date
effective
3
Rate
Sept.
30
Date
effective
May 20, 1955
Aug. 4, 1955
Sept. 30, 1950
Ireland
Italy
Japan
Mexico
3
4
7.3
4^
May 25, 1954
Apr. 6, 1950
Aug. 10, 1955
June 4, 1942
2
6
3
Canada
2
Chile
4^
4
5
Aug.
June
June
July
Apr.
5, 1955
11, 1954
13, 1935
18, 1933
1, 1954
Netherlands .
New Zealand.
Norway
Pakistan....
2y2
6
3H
Apr.
Sept.
Feb.
July
7,
5,
14,
1,
1953
1955
1955
1948
5y2
10
3
3
5
June
May
Nov.
Mar.
Dec.
23,
13,
15,
22,
1,
1954
1948
1952
1950
1954
Peru
Portugal. . . .
South Africa.
Spain
Sweden
6
2H
Nov.
Jan.
Sept.
July
Apr.
13,
12,
29,
1,
19,
1947
1944
1955
1954
1955
3
3%
9
Dec.
Aug.
Jan.
Nov.
Apr.
2,
4,
1,
15,
1,
1954
1955
1955
1951
1946
Switzerland..
Turkey
United Kingdom . . . . . .
U.S.S.R.
4
3%
3%
3
Costa Rica
4
3X
4
5
*H
Jan. 8, 1953..
Apr. 7
June 11
Denmark
Ecuador
Egypt
El Salvador. . .
Finland
3
3
4
Sept. 17
Oct. 2 9 . .
Nov. 20
Feb
4 1954
May 13
May 20,
Dec. 2
Jan. 27, 1955
Feb. 15
Feb 24
Apr 19
Aug. 4
Aug. 5
In effect Sept.
30, 1955
2%
"in
3H
3
France 1
Germany
Greece
India...
Indonesia
I*
3
3
3X
*X
2
3
2
3/%
3K
2X
3H
3X
3X
4X
3V2
3
sy2
3
3%
iy2
IX
±y2
±y2
4
Nov. 26, 1936
June 28, 1955
Feb. 24, 1955
July 1, 1936
1
Rates established for the Land Central banks.
NOTE.—Changes since Sept. 30: Canada—Oct. 12, from 2 to 2M; New Zealand—Oct. 19, from 6 to 7 per cent.
3M
OPEN MARKET RATES
[Per cent per annum]
United Kingdom
Canada
Month
Treasury Day-tobills
day
3 months 1 money 2
Bankers' Treasury
acceptbills
ances
3 months 3 months
Day-today
money
France
Bankers'
allowance Day-today
on
money
deposits
Netherlands
Sweden Switzerland
Treasury Day-toLoans
Private
bills
day
up to
discount
3 months money 3 months
rate
.41
.51
.55
.79
1.10
1.81
1.32
1.06
3.00
3.00
1.61
1.00
.51
.51
.51
.52
.51
.51
2.46
2.36
1.60
1954—September.
October
November.
December..
1.21
1.18
1.17
1.08
.95
.96
.78
.76
1.64
1.62
1.62
1.78
1.63
1.59
1.60
1.78
1.44
1.44
1.44
1.45
.25
.25
.25
.25
3.77
3.65
3.51
3.29
.88
.87
.77
.51
.63
.50
.57
1.50
1.50
1.50
1.50
1955—January
February...
March
April
May
June
July
August
.99
.90
1.13
1.23
1.24
1.36
1.43
1.60
.69
.69
.98
.97
.77
1.11
1.11
1.36
2.02
2.58
3.81
3.83
3.94
3.99
4.00
4.06
2.05
.68
3.80
3.81
3.92
3.97
3.97
4.00
1.55
2.15
3.29
3.17
3.33
3.21
3.14
3.24
.29
.67
2.50
2.50
2.50
2.50
2.50
2.50
3.27
3.25
3.28
3.23
3.27
3.19
3.30
3.06
.79
.79
1.16
1.04
1.49
.91
.75
.80
.58
.53
.71
.58
.90
.62
.50
.56
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1945—August
1946—August
1947—August
1948—August
1949—August
1950—August
1951—August.
1952—August
1953—August
1954—August
.
1.03
.53
.53
.56
.67
.69
.36
.40
.41
«1.00
1.13
.63
.63
.63
.63
.63
.63
2.25
2.25
1.44
.50
.50
.50
.50
.50
.50
.50
2.00
2.00
1.25
1.50
1.32
1.46
1.88
P2.06
2.35
2.64
3.77
4.18
3.82
1.41
1.30
1.35
1.25
1.44
1.38
.85
.50
.75
1.18
1.00
1.06
.91
.95
1.00
.58
.50
.53
1.25
1.25
1.25
1.63
1.50
1.50
1.50
1.50
1.50
1.50
^Preliminary.
'Revised.
1
Beginning January 1953, these figures have been revised to show average rate at tenders. Figures prior to that date represent tender rates
made2 nearest to the 15th of each month.
Represents an average of closing rates.
NOTE.—For monthly figures on money rates in these and other foreign countries through 1941, see Banking and Monetary Statistics, Table 172,
pp. 656-661, and for description of statistics see pp. 571-572 in same publication.
NOVEMBER
1955
1299
COMMERCIAL BANKS
Assets
United Kingdom1
(11 London clearing
banks. Figures in
millions of pounds
sterling)
Cash
reserves
Money at
Loans to
call and Bills dis- Treasury
deposit 2 Securities customers
short
counted receipts
notice
Deposits
Other
Total
Demand
Time
Other
liabilities
and
capital
1,512
1,528
1,965
2,148
2,275
1,534
1,660
,950
,764
,725
579
735
867
748
729
6,202
6,368
6,333
6,460
6,694
4,161
4,262
4,290
4,232
4,327
2,041
2,106
2,042
2,228
2.368
427
550
651
528
495
1,296
1,300
1,313
2,364
2,364
2,353
,836
,871
,920
691
725
881
6,609
6,684
6,941
4,214
4,244
4,485
2,396
2,440
2,456
545
562
595
1,283
1,072
966
973
1,011
996
1,015
1,113
1,177
2,351
2,298
2,281
2,217
2,141
2,099
2,098
2,082
2,084
1,904
2,013
2,037
2,080
2,116
2,207
2,149
2,116
1,995
759
810
843
811
829
879
807
801
780
6,718
6,525
6,402
6,381
6,361
6,510
6,406
6,406
6,345
4,303
4,112
4,017
4,033
4,040
4,155
4,068
4,101
4,043
2,415
2,413
2,384
2,348
2,321
2,356
2,339
2,305
2,302
611
637
677
673
668
637
655
645
638
1949—December.
1950—December.
1951—December.
1952—December.
1953—December.
532
540
531
549
542
571
592
598
529
501
1,109
1,408
972
1,248
1,417
1954—October. .
November
December.
532
534
571
437
452
498
1955—January..
February.
March
April
May
June
July
August. . .
September
546
525
514
539
515
526
535
515
526
486
445
438
434
417
440
458
424
422
Canada
Liabilities
793
456
102
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
3
(10 chartered banks.
End of month figures
in millions of
Canadian dollars)
Entirely in Canada
Cash
reserves
Other
assets
Total
Demand
Time
Other
liabilities
and
capital
7,227
7,828
7,896
8,421
8,881
2,794
3,270
3,284
3,497
3 ,847
4,433
4,558
4,612
4,924
5,034
1,477
1,667
1,714
1,736
1,841
Notes*
1949—December.
1950—December.
1951—December.
1952—December.
1953—December.
765
824
907
916
906
133
134
107
155
154
2,271
2,776
3,028
3,289
3,897
146
171
227
326
424
4,345
4,286
3,876
3,955
3,831
1,058
1,304
1,464
1,516
1,510
1954—September
October...
November
December.
802
833
810
810
175
293
297
211
3,890
3,892
3,984
3,952
322
330
334
325
4,337
4,442
4,473
4,429
1,396
1,454
1,428
1,706
9,226
9,469
9,462
9,579
3,641
3,781
3,930
3,964
5,585
5,687
5,532
5,615
.695
,777
,864
,854
1955—January..
February.
March
April
May
June
July
August. . .
806
760
791
802
805
793
790
838
176
214
197
230
250
244
269
230
3,876
3,857
3,873
3,954
3,955
4,044
4,122
4,189
288
285
252
255
275
255
254
275
4,625
4,707
4,795
4,812
1,488
1,663
1,619
1,618
1,730
1,921
1,721
1,672
9,402
9,608
9,650
9,788
9,946
10,202
10,200
10,234
3,656
3,728
3,678
3,667
3,825
4,018
3,961
3,939
5,746
5,880
5,972
6,120
6,122
6,184
6,238
6,295
,857
,879
,877
,883
1,942
1,924
1,909
1,919
Assets
France
(4 large banks. End
of month figures in
millions of francs)
874
869
4,953
4,948
14
Cash
reserves
Due from
banks
Bills discounted
Liabilities
Loans
Deposits
Other
Total
Demand
Time
Own
acceptances
Other
liabilities
and
capital
1949—December.
1950—December.
1951—December.
1952—December.
1953—December.
40,937
48,131
60,215
51,155
50,746
42,311
52,933
72,559
68,243
86,273
426,690
527,525
627,648
636,624
744,076
129,501
135,289
165,696
170,298
184,930
29,843
31,614
38,114
29,734
35,673
627,266
749,92&
906,911
902,547
1,037,169
619,204
731,310
879,767
870,504
994,620
8,062
18,618
27,145
32,043
42,549
26,355
28,248
33,774
24,957
30,308
15,662
17,316
23,547
28,551
34,222
1954—August... .
September
October. . .
November,
December.
47,292
46,676
51,991
47,696
53,346
84,294
87,028
83,631
82,270
84,873
719,014
730,466
820,800
797,574
849,368
227,750
223,746
214,681
229,729
225,030
49,845
52,147
56,909
63,785
41,311
1,043,036
1,052,196
1,133,087
1,119,354
1,183,308
999,131
1,007,956
1,087,933
1,071,500
1,163,648
43,905
44,241
45,154
47,854
46,085
24,248
23,179
25,355
28,515
31,372
60,910
64,688
69,570
73,185
39,250
1955—January...
February..
March. . ..-..
April......
May
..
June
i July., A-.'.
46,988
44,424
44,381
49,515
49,995
47,724
50,210
84,521
79,631
78,810
83,746
79,657
82,363
85,419
823,669
815,1141
833,482
931,684
854,865
849,846
969,559
231,670
241,070
234,246
220,980
240,985
249,129
234,263
39,982
45,850
48,261
51,883
54,806
57,989
62,116
1,158,280
1,155,013
1,164,788
1,256,477
1,196,037
1,186,981
1,295,223
1,113,206
1,111,675
1,122,034
1,211,953
1,152,548
1,142,713
1,252,485
45,074
43,338
42,754
44,524
43,489
44,268
42,738
32,205
33,543
32,406
33,910
33,528
31,766
32,808
36,344
37,559
41,986
47,420
50,743
68,304
73,536
JThis 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.
3In accordance with the Bank Act of 1954, the form of presentation of the banks' statement was revised beginning July 1954, and figures
shown
may not be strictly comparable with those for earlier dates. Beginning February 1955, when two banks5 merged, figures are for 10 banks.
4
In January 1950, the Bank of Canada assumed responsibility for these notes.
NOTE.—For details concerning data in earlier years, see BULLETIN for April 1952, p. 466; for back figures and figures on German commercial banks, see Banking and Monetary Statistics, Tables 168-171, pp. 648-655, and for description of statistics, see pp. 566-571 in same publi-
1300
FEDERAL RESERVE BULLETIN
FOREIGN EXCHANGE RATES
[Average of certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency]
i
irgentina
(peso)
Year or month
Basic
Preferential
Free
AusAustria Belgium
tralia
(pound) (schilling) (franc)
Brazil
(cruzeiro)
British
Malaysia
(dollar)
Canada
(dollar)
Official
97.491
90.909
Frea
1949
1950
1951
1952
1953
1954
29.774
26.571
20 000
20.000
20 000
20.000
13'.333
13 333
13.333
13 333
13.333
"8.289
7 067
7.163
7 198
7.198
293.80
223.15
223 07
222.63
224 12
223.80
3 8580
3.8580
2.2009
1.9908
1 9859
1.9878
2 0009
1.9976
1954—November
December
20.000
20.000
13.333
13.333
7.198
7.198
222.67
222.10
3.8580
3.8580
1.9982
1.9954
32.625
32.544
103.160
103.292
20.000
20 000
20.000
20.000
20.000
20 000
20.000
20.000
20.000
2
20.000
13.333
13.333
13.333
13.333
13.333
13.333
13.333
13.333
13.333
2
13.333
7.198
7.198
7.198
7.198
7.168
7.175
7.175
7 173
7.175
27.175
221.92
221.80
222.42
222.83
222.78
222.29
221.91
222 04
221 98
222.47
3.8580
3 8580
3.8580
3 8580
3.8580
3 8580
3.8580
3 8580
3.8580
3.8580
1.9959
1.9938
1.9856
1.9890
1.9896
1,9871
1.9864
1 9874
1.9874
1.9911
32.538
32.535
32.608
32.675
32 686
32 614
32.544
32 577
32.568
32.639
103.498
102.384
101.587
101.404
101.405
101.568
101.555
101 502
101.228
100.474
Ceylon
(rupee)
Denmark
(krone)
Finland
(markka)
1955—January
.
!March
April. . .
IVIay
June
July
August....
SeDtember
October
Franc©
(franc)
5.4406
5.4406
5 4406
5.4406
5 44?fs
H.2808 *3.5261
42.973
32.788
32 849
32.601
32 595
32.641
92.881
91.474
94 939
102.149
101 650
102.724
Germany
(deutsche
mark)
India
(rupee)
Ireland
(poundl
Mexico
(peso*
Netherlands
(guilder!
.4354
4354
.4354
.4354
3017
,2858
23.838.
.2856
23.838
.2856
23.838
,2856
.2856 '3231838'
27 706
20.870
20.869
20.922
21.049
21.020
280.38
279.68
281.27
280.87
12 620
11.570
11.564
11.588
11.607
4
9.052
34 528
26 252
26.264
26 3 IS
26.340
26.381
20.920
20.863
.4354
.4354
.2856
.2856
23.838
23.838
20.922
20.863
279.45
278.74
8.005
8.006
26.290
26.346
20 843
20.834
20.892
20.930
20.927
20 877
20.847
20 861
20.852
20.907
4354
.4354
.4354
4354
.4354
4354
.4354
4354
4354
.4354
.2856
.2856
.2856
.2856
.2856
2856
2856
.2856
2856
.2855
23.838
23.838
23.838
23.834
23.744
23 733
23.732
23.729
23 726
23.724
20.843
20 834
20.892
20 930
20.927
20 877
20 847
20.861
20 852
20.907
278.52
278.36
279.14
279.65
279.59
278 98
278.50
278.67
278.58
279.21
8.006
8.006
8.006
8.006
8.006
8 006
8.006
8.006
8.006
8.006
26.349
26.290
26.297
26.307
26.302
26 228
26.166
26.127
26 148
26.213
New
Zealand
(pound)
Norway
(krone)
Philip- Portupine
gal
Republic (escudo)
(peso)
South
Africa
(pound)
Sweden
(krona)
Switzerland
(franc)
United
Kingdom
(pound)
1949
1950
1951
1952
1953
1954..
365.07
277.28
277.19
276.49
278.48
278.09
18.481
14.015
14.015
14.015
14.015
14.008
49.723
49.621
49.639
49.675
49.676
49.677
3.8800
3.4704
3.4739
3.4853
3.4887
3.4900
366.62
278.38
278.33
278,20
280.21
279.82
25.480
19.332
19.327
19.326
19 323
19.333
23,314
23.136
23.060
23.148
23.316
23.322
368.72
280 07
279.96
279.26
281.27
280.87
1954—November
December
276.68
275 98
14.008
14 008
49.677
49 677
3.4900
3 4900
278.40
277 69
19.333
19 333
23.328
23 335
279.45
278 74
275.76
275.60
276.38
276.88
276 82
276.22
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
3.4900
3.4900
3 4900
3.4900
3 4900
3 4900
3.4900
3.4900
3.4900
3.4900
277.48
277.32
278 10
278.61
278 54
277 94
277.45
277.62
277 54
278.16
19.333
19.333
19 333
19.333
19 333
19.333
19.333
19.333
19.333
19.333
23.326
23.319
23 329
23.330
23 333
23 335
23.332
23.331
23 334
23.332
278.52
278.36
279 14
279.65
279 59
278 98
278.49
278.66
278 58
279.20
Year or month
27 839
20.850
20.849
20.903
21.046
21.017
1949
1950
1951
1952
1953
1954
December
...
1955— Tanuarv
February
March
.
April
May. . . .
June
July
August
September
October
Year or month
1955—January
February . .
March
April
IVIay
June
July
August
September
October
.
275.74
275.91
275 82
276.44
19.117
14.494
14.491
14,492
49.677
Official
4671
Free
Uruguay 5
(peso)
65.830
65 833
65,833
65.833
65.833
56,180
56 180
56.180
56.180
56.180
42.553
42 553
42.553
42.553
42.553
1
Based
2
Based
8
Based
4
on quotations through Aug. 13, 1954.
on quotations through Oct. 27, 1955.
on quotations beginning Apr. 1, 1954.
The Mexican peso was devalued, effective Apr. 19, 1954, from a par value of 8.65 to 12.50 pesos per U. S. dollar.
$For figures on free rate for the period Feb. 10-Dec. 4, 1953, inclusive, see BULLETIN for December 1954, p. 1333. The average for this
period was 34.217.
NOTE.—For back figures, see Banking and Monetary Statistics, Table 173, pp. 662-682. For description of statistics, see pp. 572-573 in same
publication, and for further information concerning rates and averages for previous years, see BULLETIN for December 1954, p. 1333.
NOVEMBER
1955
1301
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
WHOLESALE PRICES—ALL COMMODITIES
[Index numbers]
United
States
(1947-49
-100)
Canada
(1935-39
-100)
Mexico
(1939 100)
United
Kingdom
(1930100)
France
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
69
79
96
104
99
103
115
112
110
110
132
139
163
193
198
211
240
226
221
217
199
229
242
260
285
311
386
400
393
429
169
175
192
219
230
262
320
328
328
330
1954—September
October
November
December
110
110
110
110
215
214
215
215
439
450
454
460
1955—January
February
March
April
May
June
July
August
September
110
110
110
111
110
110
111
111
112
216
217
217
219
218
219
218
220
221
463
468
478
483
482
485
Year or month
Netherlands
Sweden
(1948 100)
(1935 100)
Switzerland
(Aug. 1939
-100)
4
16
48
128
209
246
343
349
352
349
100
104
117
143
140
134
136
194
186
199
214
216
227
299
317
298
297
205
200
208
217
206
203
227
220
213
214
5,267
5,276
5,320
5,350
344
343
346
344
134
136
136
136
295
296
298
299
215
215
216
217
5,353
5,322
5,317
5,325
5,328
5,321
r
5,294
5,277
345
346
348
344
342
339
341
342
138
137
136
136
136
136
136
136
300
302
304
305
307
308
313
P311
216
215
215
215
214
215
215
215
216
Italy
(1938100)
Japan
(1934-36
average
-1)
20
34
52
89
100
108
138
145
138
136
5,159
5,443
5,169
4,897
5,581
5,270
5,250
5,293
329
329
331
336
135
134
135
135
337
338
335
334
333
336
342
P343
P343
136
135
135
135
137
133
134
P135
(1949100)
P137
pPreliminary.
^Revised.
NOTE.—'For sources and references concerning changes in the structure of price indexes for various countries, see BULLETIN for December
1952, p. 1356.
WHOLESALE PRICES—GROUPS OF COMMODITIES
[Indexes for groups included in total index above]
Canada
(1935-39-100)
United States
(1947-49-100)
Year or month
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
Raw and Fully and
Other
partly
chiefly
Farm
Farm
Processed commodmanumanuproducts factured
products
foods
factured
ities
goods
goods
December
195 5—"January
February
IWLarch
April
May
June
July
August
September
Foods
Industrial
products
72
83
n.a.
n.a.
71
78
166
180
136
140
130
138
158
158
175
184
100
107
98
106
95
103
229
237
164
196
197
213
162
192
199
211
165
181
197
221
207
242
101
105
192
232
113
107
97
111
109
105
105
269
250
222
238
219
207
242
231
229
210
205
224
247
284
307
96
116
113
114
94
93
93
90
106
104
104
104
114
115
115
115
205
202
204
205
203
201
202
204
223
222
222
222
93
93
92
94
91
92
90
88
89
104
103
102
103
102
104
103
102
102
115
116
116
116
116
116
117
118
118
207
207
204
213
213
212
210
205
203
205
208
206
210
210
210
210
211
212
222
223
224
224
223
224
224
225
226
93
98
1954—September
October. . .
United Kingdom
(1930-100)
96
100
115
Netherlands
(1948-100)
Foods
100
IndusIndustrial
trial raw finished
products products
ioo
100
101
112
108
128
104
116
122
129
123
171
166
156
143
135
132
302
301
305
315
116
122
124
123
156
156
156
156
135
135
135
136
315
, 311
303
301
298
305
313
305
P305
123
120
117
116
116
117
116
158
158
158
159
159
160
161
139
139
138
138
138
138
137
114
161
137
308
249
286
>364
P352
124
155
134
n.a. Not available.
PPreliminary.
NOTE.—For sources and references concerning changes in the structure of price indexes for various countries, see BULLETIN for December
1952, p. 1356.
1302
FEDERAL RESERVE BULLETIN
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued
CONSUMERS' PRICE INDEXES
All items
United
States
(1947-49
==100)i
Year or month
Canada
(1949
= 100)
Food
SwitzUnited
erKing- France Netherland
dom
lands
(1949
(1951 2
(Jan.
(Aug.
=
100)
15, 1952
= 100)
1939 =
= 100)
100)
1947
1948
1949
1950
1951
1952
1953
1954
96
103
85
97
77
82
102
103
111
114
100
103
114
116
84
86
95
103
114
115
106
115
116
108
57
90
100
111
130
145
144
143
1954—September
October
November
December. „
115
115
115
114
117
117
117
117
108
109
109
110
114
114
114
114
114
116
116
116
116
116
110
110
110
111
111
114
115
115
115
116
116
116
117
113
113
113
113
1955—January
February
March
April
May
June
July
August
September
. ....
United
States
(1947-49
=100)i
Canada
(1949
= 100)
United
Kingdom
(Jan.
15,1952
= 100)
etherFrance Nlands
(1949
(1951
= 100)
= 100)2
Switzerland
(Aug.
1939=100)
158
163
96
104
67
72
57
92
170
176
100
101
162
159
167
171
100
101
113
115
100
103
117
117
76
82
91
105
100
111
128
141
101
170
100
103
174
176
181
184
113
113
112
137
171
113
112
114
104
184
105
135
108
188
143
143
144
145
106
105
106
106
172
173
173
173
112
112
111
110
114
114
113
113
115
116
117
118
134
134
135
136
109
108
108
109
191
192
192
192
145
145
145
145
146
145
143
143
*>145
107
107
107
106
106
172
172
172
172
172
111
111
111
111
111
112
112
111
111
112
119
119
119
120
120
137
136
136
136
137
112
111
111
109
109
190
189
189
189
189
107
107
106
105
172
172
173
173
111
112
111
112
111
112
112
114
125
126
122
124
136
133
133
P135
112
112
109
189
189
190
191
p Preliminary.
1
These series are the revised indexes, reflecting, beginning January 1953, the inclusion of some new series and revised weights, Prior to January 2 1953_ indexes are based on the "interim adjusted" and "old" indexes, converted to the base 1947-49 = 100.
In February 1955 the base period for this index was changed from 1949 = 100 to 1951 = 100.
NOTE.—For sources and references concerning changes in the structure of price indexes for various countries (except the United States), see
BULLETIN for December 1952, p. 1357.
SECURITY PRICES
[Index numbers except as otherwise specified]
Common stocks
Bonds
Year or month
Number of issues. . .
United
States
(high
grade) *
Canada
(1935-39
= 100)
United
Kingdom
(December
1921 = 100)
France
(1949
= 100)
60
Netherlands 2
14
United
States
(1935-39
= 100)
480
Canada
(1935-39
= 100)
United
France
Kingdom
(1926 = 100) (1949 = 100)
278
Netherlands
(1953
= 100)3
295
26
1948
1949
1950
1951
1952
1953
1954
118.3
121.0
121.9
117.7
115.8
112.1
117.2
105.0
107.6
109.6
95.7
86.1
83.6
98.6
129.9
126.5
121.2
117.6
108.3
112.0
117.4
106.4
100.0
99.8
101.4
111.1
113.5
116.4
107.1
106.8
106.7
86.9
85.6
100.2
103.2
124.4
121.4
146.4
176.5
187.7
189.0
226.7
112.5
109.4
131.6
168.3
173.1
160.3
181.2
92.0
87.6
90.0
97.1
91.1
92.2
99.8
100
90
112
143
159
214
113
102
102
101
91
100
125
1954—September. . .
October
November. . .
December
.
117.6
117.5
117.4
117.0
102.1
101.9
101.2
101.1
118.9
119.4
119.7
118.1
116.4
117.6
119.6
120.1
103.4
104.3
106.3
108.3
238.5
243.5
252.2
264.5
189.5
190.2
199.5
206.8
102.1
103.8
105.3
106.1
234
240
260
271
130
134
141
141
1955—January
February. . . .
March
April
May
June
July
August
September. . .
116.7
115.7
115.4
115.3
114.7
114.5
114.3
113.2
113.1
100.3
103.3
104.3
105.0
104.0
104.5
103.5
98.5
97.9
117.7
114.9
112.5
114.7
111.2
111.2
111.3
108.6
106.6
121.0
122.4
124.3
126.6
127.1
127.4
127.9
129.3
105.9
105.0
106.9
106.6
107.6
107.6
107.3
105.0
103.4
268.8
278.1
277.5
286.2
285.0
300.7
315.3
311.0
323.2
207.3
214.7
213.7
216.5
222.1
237.1
246.5
245.3
255.9
109.1
110.0
106.7
108.6
109.5
113.2
114.4
112.2
112.7
282
290
308
337
301
288
297
310
141
142
147
150
152
154
166
172
175
87
17
99
1
Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond.
2
Represents the reciprocals of average yields. The average yield in the base period (January-March 1937) was 3.39 per cent.
3
For a detailed description of this weighted index, which replaces the series of monthly averages, see Maandstatistiek van het financiewezen
for April 1955, p. 115.
NOTE.—For sources and references concerning changes in the structure of price series for various countries, see BULLETIN for December
1952, p. 1357.
NOVEMBER
1955
1303
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
W M . MCC. MARTIN, JR., Chairman
C. CANBY BALDERSTON, Vice Chairman
M. S. SZYMCZAK
JAMES K. VARDAMAN, JR.
A. L. MILLS, JR.
J. L. ROBERTSON
ELLIOTT THURSTON, Assistant to the Board
WOODLIEF THOMAS, Economic Adviser to the Board
CHAS. N. SHEPARDSON
WINFIELD W. RIEFLER, Assistant to the Chairman
ALFRED K. CHERRY, Legislative Counsel
Special Assistant to the Board, CHARLES MOLONY
OFFICE OF THE SECRETARY
S. R. CARPENTER, Secretary
MERRITT SHERMAN, Assistant Secretary
KENNETH A. KEN YON, Assistant Secretary
CLARKE L. FAUVER, Assistant Secretary
LEGAL DIVISION
GEORGE B. VEST, General Counsel
FREDERIC SOLOMON, Assistant General Counsel
HOWARD H. HACKLEY, Assistant General Counsel
DAVID B. HEXTER, Assistant General Counsel
G. HOWLAND CHASE, Assistant General Counsel
DIVISION OF RESEARCH AND STATISTICS
DIVISION OF BANK OPERATIONS
ROBERT F. LEONARD, Director
J. E. HORBETT, Associate Director
LOWELL MYRICK, Assistant Director
GERALD M. CONKLING, Assistant Director
JOHN R. FARRELL, Assistant Director
DIVISION OF EXAMINATIONS
GEORGE S. SLOAN, Director
C. C. HOSTRUP, Assistant Director
FRED A. NELSON, Assistant Director
ARTHUR H. LANG, Chief Federal Reserve Examiner
ROBERT C. MASTERS, Assistant Director
GLENN M. GOODMAN, Assistant Director
HENRY BENNER, Assistant Director
DIVISION OF PERSONNEL ADMINISTRATION
RALPH A. YOUNG, Director
EDWIN J. JOHNSON, Director
FRANK R. GARFIELD, Adviser on Economic Research
H. FRANKLIN SPRECHER, JR., Assistant Director
KENNETH B. WILLIAMS, Assistant Director
DIVISION OF ADMINISTRATIVE SERVICES
SUSAN S. BURR, Assistant Director
LISTON P. BETHEA, Director
GUY E. NOYES, Assistant Director
JOSEPH E. KELLEHER, Assistant Director
ALBERT R. KOCH, Assistant Director
DIVISION OF INTERNATIONAL FINANCE
ARTHUR W. MARGET, Director
LEWIS N. DEMBITZ, Assistant Director
FEDERAL OPEN
MARKET COMMITTEE
WM. MCC. MARTIN, JR., Chairman
ALLAN SPROUL,
C. CANBY BALDERSTON
C. E. EARHART
W. D. FULTON
W. H. IRONS
HUGH LEACH
Vice Chairman
A. L. MILLS, JR.
J. L. ROBERTSON
CHAS. N. SHEPARDSON
M. S. SZYMCZAK
JAMES K. VARDAMAN, JR.
WINFIELD W. RIEFLER, Secretary
ELLIOTT THURSTON, Assistant Secretary
GEORGE B. VEST, General Counsel
FREDERIC SOLOMON, Assistant General Counsel
WOODLIEF THOMAS, Economist
J. DEWEY DAANE, Associate Economist
L. MERLE HOSTETLER, Associate Economist
MORGAN H. RICE, Associate Economist
OFFICE OF DEFENSE LOANS
GARDNER L. BOOTHE, II, Administrator
OFFICE OF THE CONTROLLER
EDWIN J. JOHNSON, Controller
M. B. DANIELS, Assistant Controller
FEDERAL
ADVISORY COUNCIL
WILLIAM D. IRELAND,
BOSTON DISTRICT
HENRY C. ALEXANDER,
N E W YORK DISTRICT
WILLIAM R. K. MITCHELL, PHILADELPHIA DISTRICT
FRANK R. DENTON,
CLEVELAND DISTRICT
ROBERT V. FLEMING,
RICHMOND DISTRICT
Vice President
WALLACE M. DAVIS,
ATLANTA DISTRICT
EDWARD E. BROWN,
CHICAGO DISTRICT
President
W. W. CAMPBELL,
ST. LOUIS DISTRICT
JOSEPH F. RINGLAND,
MINNEAPOLIS DISTRICT
CHARLES J. CHANDLER,
KANSAS CITY DISTRICT
H. V. ROELSE, Associate Economist
O. P. WHEELER, Associate Economist
GEO. G. MATKIN,
DALLAS DISTRICT
RALPH A. YOUNG, Associate Economist
JOHN M. WALLACE,
SAN FRANCISCO DISTRICT
ROBERT G. ROUSE, Manager of System Open
Mar\et Account
1304
WILLIAM J. KORSVIK, Acting Secretary
FEDERAL RESERVE BULLETIN
CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS
Federal Reserve
Bank of
Chairman l
Deputy Chairman
President
First Vice President
Boston....
Harold D. Hodgkinson
Robert C. Sprague
J. A. Erickson
Alfred C. Neal
D. H. Angney
E. O. Latham
J. E. Lowe 2
Carl B. Pitman
O. A. Schlaikjer
New York.
Jay E. Crane
Forrest F Hill
Allan Sproul
William F. Treiber
H. A. Bilby
John Exter
H. H. Kimball
A. Phelan
H. V. Roelse
Robert G. Rouse
T. G. Tiebout
V. Willis
R. B. Wiltse
J. H. Wurts
Philadelphia...
William J. Meinel
Henderson Supplee, Jr.
Alfred H. Williams
W. J. Davis
Karl R. Bopp
Robert N. Hilkert
E. C. Hill
Wm. G. McCreedy
P. M. Poorman
J. V. Vergari
Richard G. Wilgus 3
Cleveland.
John C. Virden
Sidney A. Swensrud
W. D. Fulton
Donald S. Thompson
Dwight L. Allen
Roger R. Clouse
G. H. Emde 2
A. H. Laning
Martin Morrison
H. E. J. Smith
Paul C. Stetzelberger
Richmond.
Hugh Leach
John B. Woodward, Jr.
Alonzo G. Decker, Jr.
Edw. A. Wayne
N. L. Armistead
Aubrey N. Heflin
Upton S. Martin
J. M. Nowlan 2
James M. Slay
C. B. Strathy
Chas. W. Williams
Atlanta.
Rufus C. Harris
Harllee Branch, Jr.
Malcolm Bryan
Lewis M. Clark
V. K. Bowman
L. B. Raisty
J. E. Denmark 3
Earle L. Rauber
John L. Liles, Jr.
S. P. Schuessler
Harold T. Patterson
Chicago.
John S. Coleman
Bert R. Prall
C. S. Young
E. C. Harris
Neil B. Dawes
W. R. Diercks
L. H. Jones 2
L. G. Meyer
St. Louis.
M. Moss Alexander
Caffey Robertson
Minneapolis
Leslie N. Perrin
O. B. Jesness
Kansas City...
Raymond W. Hall
Joe W. Seacrest
Delos C. Johns
Wm. J. Abbott, Jr.
Frederick L. Deming Dale M. Lewis
Wm. E. Peterson
O. S. Powell
C. W. Groth
A. W. Mills
E. B. Larson3
H. G< McConnell
H. G. Leedy
John T. Boysen 3
Clarence W. Tow
Henry O. Koppang
Dallas
Robert J. Smith
Hal Bogle
Watrous H. Irons
W. D. Gentry
San Francisco... A. H. Brawner
Y. Frank Freeman
C. E. Earhart
H. N. Mangels
Vice Presidents
{Vice Presidents in charge of branches are listed in
lower section of this fage)
George W. Mitchell
A. L. Olson
Alfred T. Sihler
W. W. Turner
H. H. Weigel
J. C. Wotawa
Otis R. Preston
M. H. Strothman, Jr.
Sigurd Ueland
E. D. Vanderhoof
D. W. Woolley
L. G. Pondrom
E. B. Austin
Morgan H. Rice
Howard Carrithers
3
Harry A. Shuford
W.H.Holloway
T. W. Plant
Eliot J. Swan 3
E. R. Millard
O. P. Wheeler
H. F. Slade
VICE PRESIDENTS IN CHARGE OF BRANCHES OF FEDERAL RESERVE BANKS
Federal Reserve
Bank of
Branch
New York
Cleveland.......
Buffalo
Cincinnati
Pittsburgh
Baltimore
Charlotte
Birmingham
Jacksonville
Nashville
New Orleans
Detroit
Little Rock
Louisville
Memphis
Richmond
Atlanta
Chicago
St. Louis
1
Also Federal Reserve Agent.
NOVEMBER
1955
Vice Presidents
1. 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
2
Cashier.
3
Federal Reserve
Bank of
Branch
Vice Presidents
Minneapolis
Helena
Kyle K. Fossum
Kansas City
Denver
Oklahoma City
Omaha
Cecil Puckett
R. L. Mathes
P. A. Debus
Dallas
El Paso
Houston
San Antonio
C. M. Rowland
J. L. Cook
W. E. Eagle
San Francisco.... Los Angeles
Portland
Salt Lake City
Seattle
W. F. Volberg
J. A. Randall
W. L. Partner
J. M. Leisner
Also Cashier.
1305
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
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 $6.00 per annum or
60 cents per copy; elsewhere $7.00 per annum or
70 cents per copy. Group subscriptions in the
United States for 10 or more copies to one address, 50 cents per copy per month, or $5.00
for 12 months.
FEDERAL RESERVE BULLETIN.
FEDERAL RESERVE CHARTS ON BANK CREDIT, MONEY
RATES, AND BUSINESS. Issued monthly. Annual
subscription includes one issue of Historical Supplement listed on this page. Subscription price
in the United States and the countries listed above
is $6.00 per annum, 60 cents per copy, or 50
cents each in quantities of 10 or more of a particular issue for single shipment; elsewhere $7.00
per annum or 70 cents per copy.
HISTORICAL SUPPLEMENT TO FEDERAL RESERVE
CHARTS ON BANK CREDIT, MONEY RATES, AND
BUSINESS. Issued annually in September. An-
nual subscription to monthly chart book includes
*A more complete list, including periodic releases and
reprints, appeared on pp. 736-39 of the June 1955 BULLETIN.
1306
one issue of Supplement. In the United States
and countries listed under Federal Reserve Bulletin on this page, single copies 60 cents each
or in quantities of 10 or more for single shipment
50 cents each; elsewhere 70 cents per copy.
FLOW OF FUNDS IN THE UNITED STATES, 1939-53. A
new accounting record designed to picture the
flow of funds through the major sectors of the
national economy. December 1955. 390 pages.
$2.75 per copy.
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.
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.
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.
as amended to November 1, 1946, with an Appendix containing provisions of certain other statutes affecting the
Federal Reserve System. 372 pages. $1.00 per
cloth-bound copy.
THE FEDERAL RESERVE ACT,
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
USE OF MONETARY INSTRUMENTS SINCE M I D - 1 9 5 2 .
December 1954. 8 pages.
(From Federal Reserve Bulletin unless preceded by an asterisk)
THE
PUBLICATIONS
MONETARY SYSTEM OF THE UNITED STATES.
DIRECTLY PLACED FINANCE COMPANY PAPER.
De-
cember 1954. 8 pages.
February 1953. 16 pages.
CREDIT AND MONETARY EXPANSION IN 1954.
INFLUENCE OF CREDIT AND MONETARY MEASURES
Feb-
ruary 1955. 8 pages.
ON ECONOMIC STABILITY. March 1953. 16 pages.
T H E FEDERAL BUDGET FOR 1956.
FEDERAL FINANCIAL MEASURES FOR ECONOMIC STA-
BILITY.
May 1953. 7 pages.
BANKING AND MONETARY STATISTICS, 1954.
REVISION OF CONSUMER CREDIT STATISTICS.
1953.
February 1955.
11 pages.
April
19 pages.
*DETAILED DESCRIPTION OF SOURCES AND METHODS
USED IN REVISION OF SHORT- AND INTERMEDIATE-
(Se-
lected series of banking and monetary statistics
for 1954 only) February and May 1955. 12
pages.
DOLLAR
FLOWS
AND INTERNATIONAL
FINANCING.
March 1955. 8 pages.
TERM CONSUMER CREDIT STATISTICS (supplemen-
SEASONAL ADJUSTMENT FACTORS FOR DEMAND D E -
tary details for item listed above), April 1953.
25 pages.
POSITS ADJUSTED AND CURRENCY OUTSIDE BANKS.
FEDERAL
RESERVE
BANK
RESPONSIBILITIES.
May
1953. 5 pages.
March 1955. 4 pages.
UNITED STATES BANKS AND FOREIGN TRADE FINANC
ING. April 1955. 11 pages.
BANKERS' ACCEPTANCE FINANCING IN THE UNITED
UNITED STATES POSTWAR INVESTMENT IN LATIN
AMERICA. May 1953. 6 pages.
STATES.
May 1955. 13 pages.
1955 SURVEY OF CONSUMER FINANCES—From March,
WARTIME AND POSTWAR CREDIT DEMANDS OF LARGE
CORPORATIONS. July 1953. 12 pages.
May, June, and August issues of BULLETIN. 52
pages. (Also, similar Surveys are available for
most earlier years from 1947, 1948, 1949, 1950,
1951, 1952, 1953, and 1954 BULLETINS.)
DEPARTMENT STORE SALES AND STOCKS, BY MAJOR
DEPARTMENTS (Revised
1953. 65 pages.
Indexes)
November
ESTIMATES OF CONSUMER INSTALMENT CREDIT E X -
TENDED AND REPAID, 1929-1939.
June 1955. 8
pages.
FEDERAL RESERVE MONTHLY INDEX OF INDUSTRIAL
PRODUCTION, 1953 Revision. December 1953. 96
pages.
EXTENSIONS AND REPAYMENTS OF CONSUMER I N -
STALMENT CREDIT. January 1954. 14 pages.
FINANCING OF LARGE CORPORATIONS IN 1954.
June
1955. 8 pages.
SELECTED LIQUID ASSET HOLDINGS OF INDIVIDUALS
AND BUSINESSES. July 1955. 2 pages. (Also,
similar article from July 1954 BULLETIN)
CREDIT AND MONEY IN 1955. July 1955. 8 pages.
N E W INDEXES OF OUTPUT OF CONSUMER DURABLE
GOODS. May 1954. 15 pages. (Also, similar reprint from October 1951 BULLETIN)
T H E BALANCE SHEET OF AGRICULTURE, 1955.
Au-
gust 1955. 10 pages.
A FLOW-OF-FUNDS SYSTEM OF NATIONAL ACCOUNTS,
THE
PRIVATE DEMAND FOR GOLD, 1931-53.
Sep-
tember 1954. 10 pages.
RECENT FINANCIAL CHANGES IN WESTERN GER-
MANY. October 1954. 10 pages.
NOVEMBER 1955
ANNUAL ESTIMATES, 1939-54. October 1955. 40
pages.
BALANCE OF INTERNATIONAL PAYMENTS IN 1954-55.
October 1955. 8 pages.
1307
FEDERAL RESERVE SYSTEM
BOUNDARIES OF FEDERAL RESERVE DISTRICTS
AND THEIR BRANCH TERRITORIES
g
I
td
= = . BOUNDARIES OF FEDERAL RESERVE DISTRICTS
BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES
-jAr BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
®
FEDERAL RESERVE BANK CITIES
•
FEDERAL RESERVE BRANCH CITIES
INDEX TO STATISTICAL TABLES
Acceptances, bankers', 1244, 1249
Agricultural loans of commercial banks, 1240
Agriculture, Govt. agency loans, 1246, 1247
Assets and liabilities (See also Foreign liabilities and claims
reported by banks):
Banks and the monetary system, consolidated, 1236
Corporate, current, 1258
Domestic banks, by classes, 1237, 1240, 1242
Federal Reserve Banks, 1231, 1232, 1233
Foreign banks, 1294, 1300
Govt. corporations and credit agencies, by type and
agency, 1246, 1247
Automobiles:
Consumer instalment credit, 1262, 1263, 1264
Production index, 1267, 1270
Bankers' balances, 1241, 1243
(See also Foreign liabilities and claims reported by banks)
Banks and the monetary system, consolidated statement, 1236
Bonds (See also U. S. Govt. securities):
New issues, 1256, 1258
Prices and yields, 1248, 1249, 1303
Brokers and dealers in securities, bank loans to, 1240, 1242
Business expenditures on new plant and equipment, 1258
Business indexes, 1265
Business loans (See Commercial and industrial loans)
Capital accounts:
Banks, by classes, 1237, 1241, 1243
Federal Reserve Banks, 1231, 1232
Carloadings, 1265, 1274
Central banks, foreign, 1292, 1294, 1299
Coins, circulation of, 1235
Commercial banks:
Assets and liabilities, 1237, 1240, 1300
Consumer loans held, by type, 1263
Number, by classes, 1237
Real estate mortgages held, by type, 1259
Commercial and industrial loans:
Commercial banks, 1240
Weekly reporting member banks, 1242, 1244
Commercial paper, 1244, 1249
Commodity Credit Corporation, loans, etc., 1246, 1247
Conditions statements (See Assets and liabilities)
Construction, 1265, 1273, 1274
Consumer credit:
Instalment credit, 1262, 1263, 1264
Major parts, 1262
Noninstalment credit, by holder, 1263
Ratio of collections to accounts receivable, 1264
Consumer durable goods output indexes, 1270
Consumer price indexes, 1265, 1280, 1303
Consumption expenditures, 1282, 1283
Corporate sales, profits, taxes, and dividends, 1257, 1258
Corporate security issues, 1256, 1258
Corporate security prices and yields, 1248, 1249, 1303
Cost of living (See Consumer price indexes)
Customer credit, stock market, 1248
Debits to deposit accounts, 1234
Demand deposits:
Adjusted, banks and the monetary system, 1236
Adjusted, commercial banks, by classes, 1241
Banks, by classes, 1237, 1243
Type of holder, at commercial banks, 1241
Department stores:
Merchandising data, 1276
Sales, 1265, 1275, 1276, 1277, 1278
Stocks, 1275, 1278
NOVEMBER
1955
Deposits (See also specific types of deposits):
Adjusted, and currency, 1236
Banks, by classes, 1237, 1241, 1243
Federal Reserve Banks, 1231, 1232, 1290
Postal savings, 1228, 1234, 1236
Turnover of, 1234
Deposits, reserves, and borrowings, by class of member
bank, 1230
Discount rates, 1229, 1299
Discounts and advances by Federal Reserve Banks, 1227, 1231
Dividends, corporate, 1257, 1258
Dollar assets, foreign, 1290, 1291
Dwelling units started, 1274
Earnings and hours, manufacturing industries, 1265, 1271
Employment, 1265, 1270, 1272
Export-Import Bank, loans, etc., 1246, 1247
Farm mortgage loans, 1246, 1259, 1260
Federal Deposit Insurance Corporation, assets, etc., 1246, 1247
Federal home loan banks, loans, etc., 1246, 1247, 1261
Federal Housing Administration, loans, etc., 1246, 1247,
1259, 1260, 1261
Federal National Mortgage Association, loans, etc., 1246,
1247, 1261
Federal Reserve Banks:
Condition statement, 1231, 1232
U. S. Govt. securities held by, 1227, 1231, 1232, 1254,
1255
Federal Reserve credit, 1227, 1231, 1232
Federal Reserve notes, 1231, 1232, 1233, 1235
Finance company paper, 1244, 1249
Foreign central banks, 1292, 1294, 1299
Foreign commercial banks, 1300
Foreign deposits in U. S. banks, 1227, 1231, 1232, 1236,
1241, 1243
Foreign exchange rates, 1301
Foreign liabilities and claims reported by banks, 1286, 1288,
1290
Foreign trade, 1274
General fund balance, 1250
Gold:
Earmarked, 1293
Net purchases by U. S., 1293
Production, 1290, 1293
Reserves of central banks and governments, 1292
Reserves of foreign countries and international institutions, 1291
Stock, 1227, 1236, 1293
Gold certificates, 1231, 1232, 1233, 1235
Govt. agencies, assets and liabilities, by type and agency,
1246, 1247
Govt. debt (See U. S. Govt. securities)
Gross national product, 1282, 1283
Home owners, Govt. agency loans, 1246, 1247
Hours and earnings, manufacturing industries, 1265, 1271
Industrial advances by Federal Reserve Banks, 1229, 1231,
1232, 1233
Industrial production indexes, 1265, 1266, 1270
Instalment loans, 1262, 1263, 1264
Insurance companies, 1245, 1254, 1255, 1260
Insured commercial banks, 1239, 1240
Interbank deposits, 1237, 1241, 1243
1309
INDEX TO STATISTICAL TABLES— Continued
Interest rates:
Bond yields, 1249
Business loans by banks, 1249
Federal Reserve rates, 1229
Foreign countries, 1299
Open market, 1249, 1299
Regulation V loans, 1234
Stock yields, 1249
Time deposits, maximum rates, 1228
Internal revenue collections, 1251
International capital transactions of the U. S., 1286
International financial institutions, 1291, 1292, 1294
Inventories, 1283
Investments (See also specific types of investments):
Banks, by classes, 1237, 1240, 1242
Federal Reserve Banks, 1231, 1232
Govt. agencies, etc., 1246, 1247
Life insurance companies, 1245
Savings and loan associations, 1245
Labor force, 1272
Loans (See also specific types of loans):
Banks, by classes, 1237, 1240, 1242
Federal Reserve Banks, 1227, 1229, 1230, 1231, 1232,
1233
Govt. agencies, etc., 1246, 1247
Insurance companies, 1245, 1260
Savings and loan associations, 1245, 1260
Loans insured or guaranteed, 1233, 1259, 1260, 1261
Manufacturers, production indexes, 1265, 1266, 1270
Margin requirements, 1228
Member banks:
Assets and liabilities, by classes, 1237, 1240
Borrowings at Federal Reserve Banks, 1227, 1230
Deposits and reserves, by classes, 1230
Number, by classes, 1237
Reserve requirements, by classes, 1229
Reserves and related items, 1227
Weekly reporting series, 1242
Minerals, production indexes, 1265, 1266
Money in circulation, 1227, 1235
Money rates (See Interest rates)
Mortgages (See Real estate loans)
Mutual savings banks, 1236, 1237, 1239, 1254, 1255, 1259
National banks, 1239
National income, 1282
National security expenditures, 1250, 1283
Nonmember banks, 1231, 1239, 1240
Payrolls, manufacturing, index, 1265
Personal income, 1283
Postal Savings System, 1228, 1234, 1236
Prices:
Consumer, 1265, 1280
Foreign, 1302, 1303
Security, 1248
Wholesale commodity, 1265, 1280
Production, 1265, 1266, 1270
Profits, corporate, 1257, 1258
Real estate loans:
Commercial banks, 1240, 1242, 1259
Type of mortgage holder, 1259, 1260, 1261
Type of property mortgaged, 1259, 1260, 1261
1310
Regulation V, loan guarantees, 1233, 1234
Reserve requirements, member banks, 1229
Reserves:
Commercial banks, 1241
Federal Reserve Banks, 1231, 1232
Foreign central banks and governments, 1292
Foreign countries and international institutions, 1291
Member banks, 1227, 1230, 1231, 1232, 1241, 1243
Residential mortgage loans, 1259, 1260, 1261
Sales finance companies, consumer loans of, 1262, 1263
Savings, 1282
Savings bonds, sales and redemptions, 1253
Savings deposits (See Time deposits)
Savings institutions, principal assets, 1245
Savings and loan associations, 1245, 1260
Securities, international transactions, 1289, 1290
Security issues, 1256, 1258
Silver coin and silver certificates, 1235
State member banks, 1239
State and municipal securities:
New issues, 1256
Prices and yields, 1248, 1249
States and political subdivisions:
Deposits of, 1241, 1243
Holdings of U. S. Govt. securities, 1254
Ownership of obligations of, 1240, 1245
Stock market credit, 1248
Stocks:
New issues, 1256
Prices and yields, 1248, 1249, 1303
Tax receipts, Federal, 1251
Time deposits, 1228, 1230, 1236, 1237, 1241, 1243, 1300
Treasury cash, 1227, 1236
Treasury currency, 1227, 1235, 1236
Treasury deposits, 1227, 1231, 1232, 1250
Treasury finance:
Cash income, outgo, and borrowing, 1252
General fund balance, 1250
Receipts and expenditures, 1250
Unemployment, 1272
U. S. Govt. balances:
Commercial bank holdings, by classes, 1241, 1243
Consolidated monetary statement, 1236
Treasury deposits at Federal Reserve Banks, 1227, 1231,
1232, 1250
U. S. Govt. securities:
Bank holdings, 1236, 1237, 1240, 1242, 1254, 1255
Federal Reserve Bank holdings, 1227, 1231, 1233, 1254,
1255
International transactions, 1289
New issues, gross proceeds, 1256
Ownership of, 1254, 1255
Prices and yields, 1248, 1249
Volume and kind outstanding, 1253, 1254, 1255
United States notes, outstanding and in circulation, 1235
Veterans Administration, loans, etc., 1246, 1247, 1259, 1260,
1261
Yields (See Interest rates)
FEDERAL RESERVE BULLETIN
@FedFRASER