Full text of Federal Reserve Bulletin : October 1954

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F E D E R A L




R E S E R V E

BULLETIN
OCTOBER 1954

BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEI
WASHINGTON

FEDERAL
VOLUME 40

RESERVE
October

1954

BULLETIN
NUMBER 10

WORLD TRADE AND PRODUCTION IN 1953-54
United States exports, after a year and a INDUSTRIAL PRODUCTION
half of little change, increased moderately Seasonally adjusted, 1950=100
140
in the spring and early summer of 1954, responding to foreign demand associated with
high levels of economic activity abroad.
120
WESTERN EUROPE /
Despite the decline in United States industrial production and imports in the latter
half of 1953, production in Western Europe
UNITED STATES
100
continued to rise, and advanced further in
the first eight months of 1954. World markets showed on the whole a high degree of
80
stability, with considerable strength for some
industrial materials.
European countries made further progress
60
in relaxing restrictions upon expenditures of
1948
1950
1952
1954
Reserve index for United States; latest figdollars. Foreign holdings of gold and dol- ureNOTE.—Federal
shown for third quarter. Organization for European Economic
Cooperation
(OEEC) index for member countries. Dot
lars continued to rise as outpayments from represents preliminary
data for July-August, seasonally adjusted
by Federal Reserve.
the United States remained in excess of forA rising trend of exports first became evieign purchases from the United States.
dent in the latter part of 1953 in sales to
UNITED STATES EXPORTS
Japan, the Netherlands, and certain Latin
From March through August—the latest American countries. In other markets imsix months for which data are available— provement waited until the spring of 1954.
United States exports were at an annual rate Relatively small exports in March, when
of 12.9 billion dollars, exclusive of military many shipments were delayed by the New
shipments under the Mutual Security Pro- York port strike, were followed by excepgram. After allowance for seasonal varia- tionally heavy movements in April, and
tions, this was a gain of about half a billion average exports for the two months together
dollars over the 12.2 billion level of the pre- showed an increase. In May-August exports
ceding year and a half. The increase was remained close to the March-April level.
Gains in export markets were widespread.
one of the factors that checked the decline
in United States production. In view of Even in those countries where United States
continuing large exports by other countries, exports in the first half of 1954 failed to
the gain in United States exports indicated match those of the first half of 1953, declines
did not continue during the spring.
impressive strength of world demand.
OCTOBER 1954




1033

WORLD TRADE AND PRODUCTION IN 1953-54
UNITED STATES FOREIGN TRADE
Millions of dollars
1600

I W

1 military aid

A

— 1200

— 800
—

V
IMPORTS

V
—

I

1

400

1

1948
1950
1952
1954
NOTE.—Three-month moving averages with double weight for
center month, based on Department of Commerce data. Latest
figures shown are for August.

T h e sole instance of significant downturn
beginning this year was in exports to Japan,
which rose sharply up to February 1954 and
declined thereafter. T h e downturn was the
consequence of measures that the Japanese
Government took to cope with a critical
balance-of-payments situation.
Almost all major commodities and commodity groups shared in the increase in
United States exports in the first half of
1954. T h e principal exceptions were fuels,
textiles, certain types of machinery, and
wheat. These are commodities for which
abnormal shortages of world supply existed
in the earlier postwar period; United States
exports of these goods have tended to decline
in the past two years.
IMPORTS AND BALANCE OF TRADE

At the beginning of 1953 import demands
in this country were exceptionally strong.
Subsequently, with the downturn in United
States industrial production and a slackening in the rate of strategic stockpiling, imports of metals and other raw materials de1034




clined. Apart from coffee imports, the low
point (on a daily average basis) was reached
in December and January, when the decline
from peak months of 1953 exceeded 15 per
cent. After a partial recovery in the spring,
the total value of United States imports in
the first half of 1954, excluding coffee, was
11 per cent smaller than the value in the
first half of 1953. Including coffee the decline was only 7 per cent.
W i t h imports reduced in the first half of
1954, the surplus of merchandise exports
over imports was at an annual rate of 2.2
billion dollars as compared with LI billion in the corresponding period of 1953.
Including United States military expenditures abroad, other service transactions, and
remittances, the current account surplus was
at a rate of 1.0 billion dollars, against a small
negative figure the year before.
T h e decline during 1953 in United States
payments for imports was smaller than
many observers in foreign countries had
feared, and the subsequent rise in foreign
purchases from the United States was generally unexpected. Apprehensions had been
widely expressed that even a moderate decline in United States imports would create
balance-of-payments troubles for other countries and would bring deflationary pressures
in world markets. Such fears proved illfounded. Foreign reserves of gold and dollars continued to increase, especially in
Western Europe, and world markets were influenced by a steady growth of real income
in Europe.
Declines in imports of the United States
in 1953-54 were heaviest in purchases from
Western Europe, where few adverse effects
were felt; from the sterling area; and from
certain Latin American countries which do
not produce coffee or petroleum. Many of
the raw material producers that sold less to
the United States sold more to Europe than
FEDERAL RESERVE

BULLETIN

WORLD TRADE AND PRODUCTION IN 1953-54

before. In some cases this meant replacing
dollar earnings with earnings of sterling or
of other nondollar currencies. In view of
the strength of sterling in international exchange markets, pressures to maximize net
earnings of dollars were not so heavy as in
earlier years.
ADDITIONS TO FOREIGN RESERVES

At mid-1954 the gold reserves and official
and private holdings of dollars of foreign
countries (excluding the U.S.S.R.) and of
international institutions totaled 27.4 billion
dollars, as compared with 22.6 billion two
years earlier. The increase in 1953-54 was
2.4 billion dollars, the same as the year
before. Net transfers from the United
States in 1953-54 amounted to 1.7 billion
dollars, compared with 2.1 billion in the
preceding twelve-month period, but additions to foreign reserves of gold from new
production and other sources greatly exceeded those of the previous year.
In the first half of 1954 foreign gains of
gold and dollars from transactions with the
United States were considerably smaller than
in earlier half-year periods. They nevertheless amounted, as shown in the table, to more
than 600 million dollars—an annual rate of
almost 1.3 billion dollars.
United States military expenditures for
goods and services to be used abroad or
transferred to other nations were 1.2 billion
dollars in the first half of 1954, only slightly
more than in the corresponding period of
1953. An increase in payments for offshore
procurement in Europe was offset by a decline in military expenditures in Japan.
Changes in private service transactions and
remittances were relatively small. The principal factors altering the current account
balance were the decline in payments for
commercial imports and the rise in exports.
Another significant change in the overOCTOBER

1954




UNITED

STATES BALANCE OF PAYMENTS AND INCREASE IN

FOREIGN GOLD RESERVES AND DOLLAR

HOLDINGS

[In billions of dollars]
January-June
Item
1954 v
Payments from United
States:
Merchandise imports 1
Services and remittances 1
Military expenditures
Govt. economic aid and loans (net)
U. S. private direct investment (net)

Total
Foreign payments to2 United States:
Merchandise exports
Private investment income
Other exports of services2

Total
Balance available for increase in foreign
assets, etc.:
Unidentified transactions
Net repayments to private U. S. creditors
and repatriation of foreign securities
Miscellaneous foreign assets in U. S
Foreign U. S. dollar holdings 3
Gold purchased from U. S

1953

5.27
1.66
1.20
.62
.36

5.68
1.72
1.16
1.02
.42

9.10

10.00

6.36
.86
1.43

6.23
.83
1.40

.8.64

8.46

+ .46

+1.55

-.01

+ .13
+ .56
+ .06

+ .12
+ .27
+ .02
+ .40
+ .73

+ .63
+ .38
+1.01

+ 1.13
+ .12
+1.25

-.29

Increase in foreign gold reserves and
dollar holdings:
From transactions with United States
Gold entering reserves from other sources...
Totals

P1 Preliminary.
Excluding military expenditures, shown separately.
2
Excluding military transfers under aid programs (1954, 1.82
billion
dollars; 1953, 2.66 billion).
3
Federal Reserve data, including holdings of international
institutions. Dollar holdings include holdings of short-term U. S.
Government securities and also certain long-term U. S. Government securities held for foreign official accounts.
NOTE.—Department of Commerce data, except dollar holdings
and gold entering foreign reserves from sources other than transactions with the United States. Details may not add to totals
because of rounding. The current account balance (on goods,
services, and remittances) may be derived by deducting the first
three items of "payments from United States" from total "foreign
payments to United States."

all balance of payments was a decline of 400
million dollars in the net outflow of Government aid and loans. There was also a small
decline in the outflow of United States private capital for direct investment abroad.
The balance of funds from these sources and
from current account transactions, available
for additions to foreign official gold reserves,
for additions to foreign official and private
assets in the United States, and for repayment of foreign debts to private persons in
the United States or repatriation of foreign
securities, amounted to about 450 million
1035

WORLD TRADE AND PRODUCTION IN 1953-54

dollars, as against 1,550 million in the first
half of 1953.
In the first half of 1953 part of the very
large balance of funds had been absorbed,
as the table on the preceding page shows, by
a substantial flow of repayments and repatriation of securities. In the first half of 1954, on
the other hand, net movements of United
States short-term and portfolio capital were
outward, providing additional funds to foreigners. Thus net acquisitions of dollar holdings and of gold from the United States in
the first half of 1954 amounted, as noted
above, to about 600 million dollars. Gold
entering foreign reserves from other sources
amounted to about 400 million, so that the
total gain for the half year reached 1 billion
dollars. Since midyear there have been further additions to foreign reserves.

purchase of dollar funds in free markets outside the sterling countries. Throughout the
spring and summer the free exchange rate
for transferable sterling against dollars was
within 2 per cent of the dollar rate for
American-held (convertible) sterling.
Western Germany, Belgium, and the
Netherlands have established somewhat similar arrangements for foreign use of their currencies. They have also relaxed restrictions
on the withdrawal of foreign long-term investments. American and Swiss holders, like
others, may now withdraw in their own currency from the Netherlands or Belgium the
proceeds of securities liquidated in those
countries. Blocked accounts in Germany
were replaced in September 1954 by "liberalized capital accounts," which have wider uses
within Germany and may be converted at official rates into other currencies except dollars.
RELAXATION OF EXCHANGE CONTROLS
Residents of these continental countries
The marked improvement in reserve posi- now have considerable freedom to make intions of foreign countries, particularly in vestments abroad. Residents of the United
Europe, has had two major consequences. Kingdom have recently been allowed greater
In conjunction with the maintenance of latitude to invest in Canada.
stable price levels, it has given European
In the field of trade and exchange controls
governments and central banks a wider mar- affecting imports, where liberalization of
gin of freedom to allow expansion of in- intra-European and intra-sterling area transternal demand without risk of balance-of- actions was far advanced by mid-1953, the
payments crises, and it has brought a gradual gradual removal of quotas and other direct
relaxation of trade and exchange controls. restrictions on imports of dollar goods was
A notable development in the field of ex- accelerated in 1954. Among recent acchange controls occurred in March 1954, tions of this kind were those of Sweden in
when the United Kingdom simplified its con- September and Italy in August. Switzertrols over transfers of foreign-held sterling land, Belgium, the Netherlands, and South
among foreigners. "Transferable sterling" Africa are still in the lead among European
still cannot be paid to or used directly by per- and sterling area countries in this respect.
sons in the dollar area, but its other uses are
In the United Kingdom, imports of most
no longer limited by British regulations. Be- raw materials and foodstuffs from the dollar
sides normal trade purchases in nondollar area have been completely freed from concountries and purchases in London of such trols, but manufactured goods, though more
dollar commodities as copper, zinc, sugar, freely admitted than in 1951, are still subject
and coffee, these uses now include capital to discriminatory restriction. In Germany,
transfers among nondollar countries, and the on the other hand, many types of dollar
1036




FEDERAL RESERVE BULLETIN

WORLD TRADE AND PRODUCTION IN 1953-54

manufactures are admitted freely, while imports of foodstuffs and of some materials
are still under direct control.
Germany, Italy, and Japan still make considerable use of bilateral trade agreements
with raw-material-producing countries. Under present conditions these agreements appear to be employed not so much for the
purpose of economizing on dollar expenditure as for obtaining reciprocal advantages
in exporting.
In those countries which have gone the
farthest in removing old restrictions on dollar transactions, important new fields have
been opened up for competition by United
States exporters. At the same time the
loosening of controls has benefited industries abroad that depend upon imported
materials and equipment that they are
now free to buy in the most advantageous
markets. It has stimulated greater efficiency
in those industries which must compete increasingly at home and abroad with products of the United States and other nations.
WORLD EXPORTS
Billions of U. S. dollars, annual rates
OEEC EUROPE
TO OUTSIDE-

15

OUTER STERLING
AREA
10
OTHERS

LATIN AMERICA

CANADA

JAPAN

I
1950

I
1952

1
1954

1
1950

I
1952

I
1954

NOTE.—Based on data from Department of Commerce,
Dominion Bureau of Statistics (Canada), OEEC, and International Monetary Fund. OEEC exports shown are those of
member countries to all others, including dependencies. Outer
sterling area excludes sterling OEEC members: United Kingdom, Ireland, and Iceland. Latest figures shown are for first
half of 1954.
OCTOBER

1954




WORLD IMPORTS
Billions of U. S. dollars, annual rates
OEEC EUROPE
FROM OUTSIDE
20

15
OUTER STERLING
AREA
UNITED STATES

10
OTHERS

_'

LATIN AMERICA

_

—

CANADA

JAPAN

1

I

(

1950
1952
1954 1950
1952
1954
NOTE.—See note for preceding chart. Data are on c.i.f.
basis, except for United States and Canada, which are on f.o.b.
basis. Latest figures shown are for first half of 1954.
EXPANSION OF WORLD TRADE

International trade in general expanded
steadily after the summer of 1952, and the
rise in United States exports this year lagged
considerably behind increases in the exports
of Europe, Japan, and Latin America, as
shown in the chart at the left. Industrial
countries abroad made progress in 1953 toward regaining their prewar shares of world
trade. Latin American exports increased in
volume, and their value was further enlarged
in 1953-54 by rising coffee prices.
A factor of great significance in maintaining growth of world trade after United
States imports turned down in 1953 was the
rise in imports of Western Europe from
other areas, shown in the chart above. This
rise started from a low point in September
1952. By the first half of 1953, though prices
and value were lower than in the 1951 boom,
the physical volume of imports into Western
Europe from outside sources had fully re1037

WORLD TRADE AND PRODUCTION IN 1953-54

sharply, especially in England. The over-all
rise in European industrial production at this
time was not so rapid as the advance then
occurring in the United States, but after mid1953 European output continued to gain.
A number of sources of demand contributed to the further advance in European
production in 1953-54. Housing construction was an important factor in the United
Kingdom and Germany. European exports
to nondollar countries rose throughout 1953
and the first half of 1954, while exports to
the United States remained high until near
the end of 1953. Differences in the timing
of the recovery in different countries also
played a part: in France demand did not
begin to pick up with fresh momentum until the latter half of 1953.
Perhaps the most important factor in the
continuation of the advance of European
production after mid-1953 was the upturn
in business expenditures for fixed capital
EUROPEAN INDUSTRIAL PRODUCTION
investment. With demand for industrial
The rise in European imports from mid- products generally at a high level, numerous
1952 to mid-1954 reflected increasing needs WESTERN EUROPEAN INDUSTRIAL PRODUCTION
based on rising consumption, replenishment Seasonally adjusted, 1950000
140
of business inventories, and expansion of private investment. Over the two years indus130
trial production advanced by about 7 per
cent a year.
The purchasing power of European con120
sumers was enlarged by rising money incomes while prices of finished goods remained stable. Moderately rising hourly
110
wage costs were offset by increasing productivity and by the availability of imported
100
materials at prices substantially lower than
in 1951. There was progressive relaxation
of governmental controls affecting prices or
90
purchases in domestic trade. Saving from
current incomes was generally much higher
80
_L
than in 1951 and earlier postwar years.
1950
1952
In the first phase of the European recovery
NOTE.—OEEC indexes for member countries. Seasonal adfor metal products estimated by Federal Reserve.
after mid-1952, textile production rebounded justment
Latest data shown are preliminary for second quarter 1954.

gained the 1951 level. By the first half of
1954 there was a further increase of 5 per
cent in volume and 3 per cent in value.
Another source of increasing demand in
world trade in the latter part of 1953 was
Japan. Unlike the increase in European imports, the financing of which caused no serious difficulties, the 25 per cent rise in Japanese imports during 1953 led to drains on
Japan's reserves of dollars and sterling, which
were also showing the effect of a decline in
United States military expenditures in Japan.
Late in 1953 the Japanese Government
adopted new policies of import control and
internal stabilization. Import purchases
were cut back considerably and import arrivals declined after March 1954. The financial stabilization program was apparently
successful in halting the inflation of prices
and costs which previously had been retarding exports and overstimulating imports.

1038




FEDERAL RESERVE BULLETIN

WORLD TRADE AND PRODUCTION IN 1953-54

opportunities have been found for modernization and expansion of productive capacity.
As foreign and domestic orders for new
producers' equipment—-as well as sales of
automobiles and other consumers' durable goods—increased, metal-using industries
found their stocks of material inadequate.
In the first half of 1954 output of steel and
other metal-producing industries was rising
in all European countries. New orders for
steel in the summer were at record levels.

Japanese industrial production rose very
sharply in 1953. A gain of about 20 per cent
brought Japanese manufacturing and mining
activity at the beginning of 1954 to a level
approximately 15 per cent above the prewar
year 1938. This spring and summer there
was a slight recession from that level.
WORLD COMMODITY MARKETS

Intimately related to the continuing
growth of European production in 1953-54
was the absence of deflationary tendencies
PRODUCTION IN CANADA AND JAPAN
in world markets. From the point of view
While rising industrial production and of the nondollar world, the strength of raw
business activity in Europe exerted a major material prices meant, on the whole, that
influence on world business conditions, a United States purchases yielded more dolleveling off in demand in the much smaller lars than if price levels had fallen; this
Canadian economy had considerable direct was a factor in the continuing growth of
effect on United States exports. Canada's monetary reserves. Even more important,
industrial production is less than one-tenth and quite apart from currency questions, inof Western Europe's, but our exports to come within primary producing countries
Canada are about as large as our exports to was well maintained. Active markets overWestern Europe: each accounts for about seas were thus provided for the exports of
one-fifth of total United States commercial industrial countries.
exports. In the first half of 1954, when exWhile stability in world markets conports to Western Europe were 8 per cent tributed to growth of European production,
greater than the year before, exports to the high and rising demand of Europe for
Canada were down by 11 per cent.
imports of raw materials was itself a strong
Canadian industrial production in 1953-54 influence toward stability in primary markets
followed a course somewhat similar to that in the face of reduced demand in the United
of United States production, but the net de- States and generally ample supply.
cline from the average for May-July 1953 to
Demand and supply conditions varied
that for May-July 1954 was only 3 per cent among commodities. For many industrial
compared with the 9 per cent decline in this raw materials prices in foreign markets in
country. Output in manufacturing was the spring of 1954 were higher than in the
down 6 per cent compared with 10 per last few months of 1953. For some comcent here. New investment activity, though modities, moreover, price advances had ocsomewhat reduced, continued strong. Farm curred in 1953 at the same time that United
income was reduced in consequence of lower States business activity was declining. Such
prices for wheat and other grains, and the commodities included lead, zinc, and jute,
value of wheat exports fell sharply. Cana- for which European demand was rising in
dian imports continued to exceed total ex- 1953, as well as the beverage commodiports, the deficit in trade being covered by ties—coffee, cocoa, and tea—for which demand was strong in all countries.
the inflow of investment capital.

OCTOBER

1954




1039

WORLD TRADE AND PRODUCTION IN 1953-54
PRICES IN SELECTED COMMODITY MARKETS

[U. S. cents per pound]
AprilJune
1954

Commodity (and market)

AprilJune
1953

Oct.Dec.
1953

Prices higher in April-June 1954
than in April-June 1953:
60
32
51

56
30
49

60

60

1195

*195

5.6

50
160
5.5

9.4

5-5

Coffee (New York)
Cocoa (British W. Africa)
Tea (Ceylon)
Tobacco (Turkey)
Crude petroleum (Venezuela).
Newsprint (Sweden)
,

87
50
61

5.9

Zinc (London)....
Lead (London)....
Jute (Pakistan). . .
Cotton (Pakistan).

9.9
12.0

11.7

10
38

10
34

Copper (London)
Tin (Malaya)
Rubber (Malaya)
Wood pulp (Sweden).

30.4

29.6

89

76

20.5

18.9

8.0

7.6

Wool (Australia)
Sugar (Cuba)
Copra (Philippines)
Wheat (Canada)

71
3.3
6.7

81
3.2
8.6

Prices lower in April-June 1954
than in April-June 1953:

2

183

2

196

31.5
90
22.6
8.2
76
2

3.55
8.0
213

1

Cents per barrel.
Cents per bushel.
NOTE.—Averages of monthly data published by International
Monetary Fund. Jute and cotton averages for April-June 1954
partly estimated by Federal Reserve.
2

Foreign growers' prices for raw cotton
were relatively low in 1953, but strengthened
early in 1954 when it became clear that
European stocks were no longer being reduced and that European consumption was
being maintained at a relatively high level.
For certain other commodities, potentially
in very heavy supply, prices weakened during the greater part of 1953 but advanced
moderately in the first half of 1954. In the
case of copper, rising European consumption
and replenishment of stocks were accompanied by curtailment of production—in
Chile from October 1953 onward and in the
United States somewhat later. In the case
of rubber, most of the decline in United
States consumption was offset by curtailment of synthetic rubber output when low
prices made natural rubber more attractive.
Prices for wool and certain agricultural
products were also lower in the spring of
1040




1954 than they had been a year earlier. European consumption of wool in 1953-54 was
at a very high level but was not rising. The
Cuban sugar price was influenced by expanding production of sugar in other countries. The supply situation for copra and
coconut oil eased considerably in 1954.
Wheat continued to be heavily in surplus
supply on world markets.
INFLUENCE OF THE BALANCE OF PAYMENTS

For countries that depend greatly on foreign trade, domestic expansion always brings
the risk of a worsened balance of payments.
Gold and foreign exchange reserves give protection against this risk, and may therefore
support expansion. When reserves are not
fully adequate for all contingencies, support of the same kind may be given by a
balance-of-payments situation in which reserves are increasing. This, in general, was
the case in Western Europe in 1953-54.
In such a situation, governments and central banks were able to relax foreign trade
controls and could allow a steady growth of
domestic incomes. The consequent growth
of demand for imports presented no serious
danger. Since opportunities were available
for more efficient use of resources, growth of
real income was rapid. Europe's purchases
of imports were large, and provided an element of strength in world markets.
The large flow of dollar payments from
the United States in recent years, by contributing to the maintenance of a favorable
balance-of-payments situation for Europe,
has proved to be a basic influence toward
stability and growth in world trade and production. Against this background, the increase in United States exports this spring,
responding to world demand, was a sign of
increased strength in the world economy.
FEDERAL RESERVE BULLETIN

REGENT FINANCIAL CHANGES IN WESTERN GERMANY1
After heavy reliance on foreign assistance
in the postwar period, Western Germany
after 1951 began to accumulate monetary
reserves in the form of gold and foreign exchange, and also to provide credit to many
of its trading partners. This improvement
in Western Germany's international position
was accomplished within the framework of
a rising standard of living, progressive abolition of direct controls, and over-all financial
stability.
Wholesale prices and the cost of living at
the end of 1953 were both somewhat lower
than in mid-1951, that is to say, at the end of
the last 12-month period when Western Germany had a foreign deficit on current account. Fluctuations during the intervening
period were very small. After rising substantially in the first year after the outbreak
of war in Korea, wholesale and consumer
prices continued to rise very slightly for some
time, remained practically constant throughout calendar year 1952, and then declined
about 3 per cent in 1953.
This large measure of internal financial
stability was maintained over a period when
Western Germany's foreign position on current account shifted from deficit to surplus
by an amount equivalent to about half the
value of the country's private investment in
plant and equipment in 1953. There was a
concurrent shift of the same order of magnitude, also from deficit to surplus, in
the balance of the current payments and
receipts of the government sector with the
1
This article was prepared by Henry K. Heuser, Chief of
the Central and Eastern European Section of the Board's Division of International Finance. Presentation and analysis owe
much to the methodology developed in recent years by the
Central Planning Bureau of the Netherlands and the Nederlandsche Bank.

OCTOBER

1954




private sector and foreign countries. And,
while the value of total supplies—domestic
output and imports—was almost a third
larger in 1953 than in the 12-month period
ending June 1951, domestic use of such supplies had expanded by little more than onefourth.
These developments suggest that, broadly
speaking, internal financial stability in Western Germany was maintained during the
past three years because the effects of two
major financial changes—the shifts from
deficit to surplus on both foreign and government accounts—served as offsets to each
other. Such an interpretation assumes that,
in the absence of a government surplus, private spending would have been greater
rather than private borrowing less.
To recognize that the effects of two major
financial forces offset each other and thus
helped to maintain internal financial stability does not advance the explanation of
stability very far. It would seem worthwhile, therefore, to explore in some detail
the train of causation in the stabilizing process; to ask which of the two forces was the
originating and which the reacting one at
different times during the period.
Examination of major economic changes
over the period seems to support the view
that it was the development of a slack in
domestic demand relative to productive capacity that twice served as the originating
factor in the process of mutual offsetting by
different forces. This was near the beginning (second half of 1951) and again toward
the end of the period (latter part of 1952 and
the first half of 1953). Rising net exports
appear to have been the originating factor
during the middle of the period (most of
1041

RECENT FINANCIAL CHANGES IN WESTERN GERMANY

1952) and perhaps once more at the very end
(second half of 1953).
In the last few years monetary policy was
applied in a manner to meet three different
types of conditions. When, as in 1950-51,
it was imperative to restrain domestic demand in an effort to maintain external solvency, monetary policy was restrictive. As
the need for restriction began to recede in
mid-1952, monetary policy responded with a
gradual reduction in the cost of central bank
credit. Finally, with the further restrictive

effects of growing government surpluses
about balanced by the expansionary forces of
rising net exports during much of 1953,
monetary policy remained largely neutral,
permitting internal financial stability to be
maintained by existing forces.
NOTE ON METHOD

In examining the factors that may have
been responsible for the shifts in the distribution of Western Germany's rising output among the domestic private sector, the

TABLE 1
SOURCES AND USES OF FUNDS IN THE DOMESTIC ECONOMY, 1953 AND 1950-51

Western Germany and West Berlin
[In billions of deutsche marks]
Domestic economy1

Public sector

Private sector

Sources and uses
1953
Nonfinancial sources, net2 (foreign balance on current account
for domestic economy)

1950-51

1953

1950-51

1953

3.9

-1.5

3.5

-0.6

Disposable income plus capital consumption allowances...
Gross national product receipts

141.3
141.3
130.6
10.7

106.5
106.5
99.0
7.5

33.3
22.1

Domestic gross product expenditures
Consumption
Investment

137.4
103.8
33.5
29.0
4.5

108.0
81.8

29.8
322.0
7.8
7.8

19.2
14.7
13.9
0.8
-4.6
1.5
7.6
19.7
315.2
4.5
4.5

108.0
119.2
109.6
9.6
5.7
-1.5
-15.4
107.5
81.8
25.7
21.2
4.5

National income and net national product receipts
Capital consumption allowances
Government transfers and interest
Contribution to social insurance, net
Personal and business direct taxes and related p a y m e n t s . . . .

Fixed assets, gross
Inventories

Financial sources, net. ..
Borrowing, net:
From domestic banks
From private sector (by
public sector) .
From foreign countries 5 6
Grants from foreign countries
Total, above net sources of funds2

26.2
22.1
4.1

Demand deposits
Time deposits
Savings deposits
Currency
Total, above net uses of funds2

6

-0.9
87.3
91.8
85.1
6.7
4.6
— 1.5
-7.6

98.2
66.5
31.7
27.6
4.1

5.5

6.2

0.5

1.2

4.9

5.0

5.6

4.7

-0.4
0.3

-0.7
2.2

()
0.4
-0.1
0.3

-0.9
-0.1

5.6
-0.4
-0.3

5.6
0.1
-0.7

9.4

4.7

4.0

0.6

5.4

4.1

0.2
-0.2
0.4
-0.5
1.5
*-0.6

-0.4
0.1
-0.5
1.0
0.9
*2.7
1.2

-0.2
0.2
-0.4
1.7
1.2
*1.0
0.4

0 6

5.4

4.1

Changes in holdings of domestic liquid assets:
Short-term claims on public sector
Holdings of securities
Redemption of loans

21.0
1.1
-5.7
1.5
15.4

0.5

1950-51

2.3
1.8
4.0
1.2

1.2
2.7
0.4
0.4

9.4

4.7

0.4
-0.1
0.5
1.3
0.9
*1.4
4.0

*Residual.
1
Excludes banking system.
2
Details may not add to totals because of rounding.
3
Consumption by public sector equals current expenditures (all expenditures except transfers to private sector, investment, and
redemption
of government debt).
4
Less than 50 million deutsche marks.
^Errors and omissions in the balance of payments are included in figures for private sector.
foreigners' holdings of deutsche marks are included under domestic economy holdings and not shown as rest-of-the-world holdings.
They are therefore also reflected in domestic economy borrowings from the rest of the world.
Sources.—Bundesministerium fuer Wirtschaft, Deutsches Institut fuer Wirtschaftsforschung, Bank deutscher Laender, Berliner
Zentralbank.

1042




FEDERAL RESERVE BULLETIN

RECENT FINANCIAL CHANGES IN WESTERN GERMANY

public sector, and exports, this analysis makes
use of an experimental technique. The underlying principle of this technique is an attempt to trace simultaneously, but as separate
quantities, the development of incomes, borrowings, and liquid assets. This is accomplished by means of a statistical framework
that combines national accounts and monetary information in consistent statements, as
in Tables 1 and 2.
Table 1 presents the transactions of the
domestic economy (excluding the banking
system) broken down into a public and a
private sector. Table 1 is not a complete system of accounts. Table 2 completes the system of accounts by integrating statements for
the domestic banking system and the rest of
the world with a summary of the transactions
of the domestic economy.
The price paid for the degree of condensa-

tion in Tables 1 and 2—and it rises as the
statement consolidates different economic
groups into fewer and fewer sectors—is the
concealment of financial or other economic
relationships which may provide clues in the
search for causal connections between past
events. At this point of development, conclusions drawn are necessarily subject to this
limitation. Awareness of this possibility
should permit the advantages of this presentation to outweigh its shortcomings.
It is likely that, as the method of presentation is increasingly tailored to fit specific
country situations, the risk of its hiding significant movements will decrease. Analysis
from a distance, however, always runs the
risk of arriving at conclusions that may be
considered odd by informed observers or
policy makers on the spot. It is hoped that,
even where findings may be questioned, the

TABLE 2
FLOW OF FUNDS AMONG DOMESTIC ECONOMY, BANKING SYSTEM, AND REST OF THE WORLD

Western Germany and West Berlin
[In billions of deutsche marks]
Domestic economy1

Domestic banks

Rest of the world2

Sources and uses of funds
1953
Nonfinancial sources of funds, net (foreign balance on current
account)
.
Domestic exports of goods and services
Domestic imports of goods and services
Borrowing, net 3

.

.

.

1953

1950-51

1953

1950-51

3 9

—1 5

-3 9

1 5

22 3
— 18 4

12 7
— 14 2

—22 3
18.4

— 12 7
14.2

5.5

From domestic economy
From domestic banks
From rest of the world (including grants) 4

1950-51

6.2

-5.8

-3.9

0.3

-2.3

-5.6

-4.7

0.1
0.2

-1.5
-0.8

-3.6

-0.8

5.6
-0.1

4.7
1.5

-6.2

Total, above net sources of funds 5

9.4

4.7

-5.8

-3.9

Changes in holdings of domestic liquid assets 6

9.3

4.7

-9.3

-4.7

2 3
1.8
4.0
1.2

1 2
2.7
0.4
0.4

—2 3
-1.8
-4.0
-1.2

—1 2

3.6

0.8

-3.6

-0.8

9.4

4.7

-5.8

-3.9

-3.6

-0.8

Demand deposits
Time deposits
Savings deposits .
Currency

.

Changes in holdings of gold and dollars
Total, above net uses of funds 5

..

.

0.8' '

-2.7
-0.4
-1.2

1
Excluding
2
Signs from
3

banks.
point of view of rest of the world.
For the domestic economy and domestic banks, plus implies increase in liabilities or decrease in assets; minus implies decrease in
liabilities
or
increase
in assets.
4
Includes changes in net short-term foreign exchange holdings other than dollars.
8
Details
may
not
add to totals because of rounding. Also, see note 6, Table 1.
6
Plus implies decrease in liabilities or increase in assets; minus implies increase in liabilities or decrease in assets.
Sources.—See Table 1.
OCTOBER

1954




1043

RECENT FINANCIAL CHANGES IN WESTERN GERMANY
route by which they were reached may nevertheless be of interest to those more familiar
with the sequence of events.
From a time analysis standpoint, the relevant comparisons are between two separate
periods: 1950-51 as approximately the last 12
months when Western Germany and West
Berlin had a deficit on foreign account, and
1953 as the most recent 12-month period for
which the material essential for a financial
analysis is available.
ALLOCATION OF PHYSICAL

RESOURCES

The value of total supplies, that is, of
domestic output plus imports, was about
32 per cent (22 per cent in 1953 prices)
larger in 1953 than in 1950-51. The value
of domestic output had risen about 33 per
cent and that of imports about 30 per cent,
as shown in Table 3. To achieve the improvement of nearly 5.4 billion marks (1.3
billion dollars) in the foreign position on
current account, it was necessary for Western Germany to reduce slightly the proportion of total supplies used at home. The increase in total supplies, while sufficient to
TABLE

3

SUPPLY AND USE OF RESOURCES 1

Western Germany and West Berlin
[In billions of deutsche marks at current prices]

Supply and use

Gross national
product
Imports of goods and
services

Per- Share (per cent)
1953 2 1950-513 centage
increase 1953 1950-51
141.3

106.5

33

18.4

14.2

30

Total supply

159.7

120.7

32

100.0

100.0

Exports
Domestic use
Public sector
Private sector

22.3
137.4
29.8
107.5

12.7
107.9
10.7
88.2

76
27
51
22

14.0
86.0
18.7
67.3

10.6
89.4
16.3
73.1

Total use 4

159.7

120.7

32

100.0

100.0

x
For sources see Table
2
Calendar year.
3
The 12-month period
4

1.

ending June 1951.
Details may not add to totals because of rounding.

1044




permit the value of resources used domestically to grow by about 27 per cent, was not
large enough to prevent a decline of nearly
4 per cent in the relative share of domestic
uses in total supplies. T h e relative share of
exports in total supplies rose by more than
33 per cent from 1950-51 to 1953, with their
value up more than 75 per cent.
T h e slower rate of increase in the domestic
use of resources concealed the increase in
the public sector's relative share in total
supplies, which rose by 15 per cent. T h e
share of the private sector fell about 8 per
cent. This decrease occurred at a time when
direct domestic controls had been largely
abolished and when import restrictions were
being progressively relaxed. Since total supplies available to the private sector were
rising despite the decline in its share, the
standard of living rose: Annual per capita
consumption is estimated to have increased
from 1,380 marks to 1,580 marks, or from
the equivalent of about $330 to $375, from
1950-51 to 1953.
SOURCES AND USES OF FUNDS

A comprehensive review of sources and
uses of funds provides a framework within
which it is possible not only to analyze the
effects of changes in the relationship between
income and expenditures of one sector on the
income of other sectors but also to check the
total net sources of funds for each sector
against its total net uses of funds. T h e availability of such a check should reduce the risk
of misinterpretation of the effects of fiscal
and monetary policy.
T o maintain internal financial stability in
Western Germany, the effects of fiscal measures—planned as well as unplanned—seem
at one time to have operated as an influence
counteracting the unstabilizing effects of developments in other sectors, and at another
FEDERAL RESERVE BULLETIN

RECENT FINANCIAL CHANGES IN WESTERN GERMANY

time to have stood in need of being at least
partly offset themselves. In the final analysis, however, it would seem that the reluctance with which fiscal policy responded
to unplanned surpluses with reduction in
taxes stood general financial policy in good
stead. Restrictive fiscal policies in the past
may well have furthered the progressive
strengthening of general confidence by their
very cautiousness.
Monetary policy, especially in the latter
part of the period, when market forces were
offsetting each other and resulting in highlevel equilibrium at home and solvency
abroad, appears to have neither strongly enforced nor appreciably weakened any specific financial trend.

public sectors taken together, net financial
sources of funds, that is, borrowing from
foreign countries (including grants) as well
as from domestic banks, declined somewhat.
Changes in the distribution of net uses of
funds—various types of bank deposits, currency, and holdings of short-term government paper—reflected in a general way the
shift from deficit to surplus in the public
sector and also an increase in personal saving.
Net nonfinancial sources. Net nonfinancial sources of funds for the domestic economy are equal to the sum of the net nonfinancial sources of funds for the public and private
sectors. For each of these, the net nonfinancial source of funds in this article is the
difference between the sector's disposable income plus capital consumption allowances
TABLE 4
and its purchases of final product from the
SUMMARY OF N E T SOURCES AND N E T USES OF FUNDS
private sector and foreign countries. For the
Western Germany and West Berlin
[In billions of deutsche marks]
domestic economy as a whole, this difference
is the foreign balance on current account (ex1950-513
19532
Sources and uses
cluding grants), transactions within the
Sources of funds:
domestic economy having dropped out as a
3.9
-1.5
Nonfinancial sources, net
106.5
141.3
Gross national product
result of consolidation.
108.0
Domestic gross product expenditures. . . 137.4
6.2
5.5
Financial sources, net
In 1953, net nonfinancial sources for West4.7
5.6
Borrowing from domestic banks
1.5
Borrowing and grants from a b r o a d 4 . . . .
-0.1
ern Germany were 5.4 billion marks larger
4.7
9.4
Total, above net sources5
than in 1950-51, as reflected in the shift from
Financial uses of funds, net:
a 1.5 billion mark deficit on foreign acIncreases in—
2.3
1.2
Demand deposits
count in 1950-51 to a surplus of 3.9 billion in
1.8
2.7
Time deposits
4.0
0.4
Savings deposits
1.2
0.4
Currency
1953. Both domestic sectors moved from
4 5
4.7
Total, above net uses
9.4
over-all deficit to over-all surplus, the private
1
For
sources,
derivation,
and
sector
breakdown,
see
Table
1.
sector
by 1.4 billion marks and the public
2
Calendar year.
3
The
12-month
period
ending
June
1951.
sector
by
a shift of 4.1 billion (Table 1).
4
See note 6, Table 1.
6
Details may not add to totals because of rounding.
In Western Germany, foreign transactions
In both the public sector and the private on current account (excluding grants from
nonbank sector, disposable income rose more abroad) are negligible for the public sector
than expenditures from 1950-51 to 1953; in but sizable for the private sector. Hence the
other words, there was an increase of what shift of the private sector from deficit to surin this article are called net nonfinancial plus had no contracting effect on the public
sources of funds, as is shown in Table 4. sector's income, as it would have had if
There was no decline in net bank credit changes in private expenditures had affected
to the private sector. In the private and only payments to the public sector. As it
1

OCTOBER

1954




1045

RECENT FINANCIAL CHANGES IN WESTERN GERMANY

was, the private sector's shift to surplus was
the result of an improvement of 5.4 billion
marks in the sector's balance with foreign
countries and a change of about 4 billion
from surplus to deficit in the balance with
the public sector.
On the other hand, the shift from deficit
to surplus for the public sector, since it impinged directly only on the domestic economy, tended to have a restraining effect on
the private sector's disposable income. Current revenues in the form of taxes and related payments rose by nearly 14 billion
marks against increased purchases of goods
and services of 10 billion.
Monetary and fiscal policies. Keeping
domestic demand in check was not, except
at the beginning, a necessary aim of monetary policy during the larger part of the
period under consideration. In an effort to
correct the balance-of-payments difficulties
which had resulted primarily from inventory
purchases after the outbreak of the Korean
War, credit was tightened from the fall of
1950 to the early spring of 1951 through a
rise in the discount rate, higher reserve requirements, and ceilings on short-term loans.
From May 1952 until mid-1953, however, the
discount rate was lowered four times and
reserve requirements were reduced three
times. The decline in the private sector's
demand relative to its disposable income is
not readily explained by changes in monetary
policy, except that the previous rigorous use
of monetary policy gave confidence that this
instrument of public financial policy would
be used, if necessary, to safeguard the value
of the mark. Monetary policy in this way
contributed to the climate of financial confidence so essential in fostering a flow of
private savings.
Fiscal operations on the other hand appear
to have played an important role in keeping
1046




domestic demand in check. Gross receipts
of the public sector were about 55 per cent
greater in 1953 than in 1950-51, compared
with an estimated increase of about 33
per cent in the value of national output. T h e
rise in gross receipts resulted in part from
an increase in taxation enacted in July 1951;
in part it was brought about by an increase
in taxable income and transactions as national output grew. In 1953 taxes were
reduced but the change probably did not
affect receipts until the last quarter of the
year.
There is no certainty as to the amounts
by which private consumption or investment
might have risen had not the increase in
private disposable income been restrained by
taxation. Consumption would almost certainly have been somewhat greater, and probably investment also. Balance, instead of a
surplus, on government account would have
tended to result in a greater demand somewhere—either the public sector would have
raised its expenditures to the level of its revenues and thus increased its own demand for
resources, or a reduction in tax collections
down to the level of public expenditures
would have led to an increase in the demand
of the private sector. The restraint on demand exerted by fiscal policy may have
been greater, especially toward the end of
the period, than was required for the maintenance of internal financial stability. But
had there been no restrictive effects of fiscal
policy during 1951 and 1952, monetary policy
would have been confronted by a far different task.
Net financial sources. For the domestic
economy, net borrowing from the banks
and net borrowing from abroad (including
grants and short-term capital movements)
are designated in this article as financial
sources of funds; for individual sectors, longFEDERAL RESERVE BULLETIN

RECENT FINANCIAL CHANGES IN WESTERN GERMANY

term borrowing from each other is shown
with financial sources in Table 1, but changes
in short-term lending between nonbank sectors are shown with other uses of funds for
acquiring liquid assets.
The private sector's net borrowing from
domestic banks expanded as much in 1953
as in 1950-51. The shift from deficit to surplus on private nonfinancial account was not
associated with a lower level of net borrowing from the banks, as might have been the
case had business borrowers not expected a
continued upturn of domestic economic activity. In the public sector the main changes
in net financial sources were the lower level
of foreign aid and the related decrease in
the flow of funds from the public sector to
the commercial banks.
The shift from deficit to surplus for the
private sector of the Western German
economy hides the decrease in saving by businesses which is estimated to have occurred
between 1950-51 and 1953 (Table 5). It
would have been surprising, therefore, if
private net borrowing from the banks had
been less in 1953 than in 1950-51, in view of
probably optimistic expectations in 1953 as a
whole. Gross bank loans to the private sector
in 1953 exceeded the level in 1950-51 by about
the estimated increase in private investment.
Total domestic net borrowing from the
banks was greater in 1953 than in 1950-51
but this was due entirely to a decline in public funds put at the disposal of the commercial banks from nearly one billion marks in
1950-51 to virtually zero in 1953—largely
because the flow to the Federal Government
of Marshall aid counterpart funds, formerly
passed on to the banks for limited periods,
had declined to an amount far below its
volume in 1950-51.
The principal change in nonbank net
financial sources, that is, in long-term borOCTOBER 1954




rowing by sectors from each other and
from foreign countries (including foreign
grants) was a decline in foreign aid. For
the public sector this decline was made up
only in part by a small increase in its longterm borrowing from the private sector.
Saving and investment. The public sector provided much the greater part of the
increase in total saving required to offset
the expansionary impact of rising net exports
and domestic investment (Table 5). Saving
by all public agencies (excess of revenue from
taxation and similar current receipts over
expenditures for all current purposes) is
estimated to have been about 10 billion marks
in 1953 as compared with slightly more than
3 billion in 1950-51.
Private saving rose by 2.5 billion marks
compared with the 7 billion increase in public
saving. More than half of the estimated
increase in saving by households appears to
have been offset by lower retained earnings
by businesses. The share of households in
national income was considerably larger in
TABLE 5
N E T SAVING AND INVESTMENT ACCOUNT

Western Germany and West Berlin
[In billions of deutsche marks]
1953

1950-51

26.7

17.2

10.2
16.6
9.0
7.6

3.2
14.1
12.7
1.4

Net investment, total

26.7

17.2

Fixed assets
Public
Private

18.3
6.7
11.6
4.5
3.9

14.6
3.7
10.9
4.1
-1.5

Item

Net saving, total1
Public sector2 2
Private sector
Business**
Households*

Inventories
..
Foreign b a l a n c e (export s u r p l u s

+)••••

1
Details
2

may not add to totals because of rounding.
Difference between disposable income and consumption. See
Table3 1 for basic figures.
Ratio between saving by businesses and saving by households
as estimated for Western Germany by the Deutsches Institut fuer
Wirtschaftsforschung was applied to total private saving for Western Germany and West Berlin as estimated from material of
Bundesministerium fuer Wirtschaft and Deutsches Institut fuer
Wirtschaftsforschung.
Sources.—See Table 1.

1047

RECENT FINANCIAL CHANGES IN WESTERN GERMANY

1953 than in 1950-51, a development which
helped to raise personal saving as national
income grew. On the other hand, business
saving appears to have been adversely affected
in 1953 by the tendency of wage costs to
rise and of producers' gross returns to fall
or at least to rise less.
Net financial uses of funds. Nonfinancial
sources of funds less expenditures plus net
financial sources as used in this article are
equal to net changes in liquid asset holdings,
that is, to net changes in demand and time
and savings deposits, currency, and shortterm lending between sectors. Changes in
these liquid assets are designated as net financial uses.
In Western Germany the changes from
1950-51 to 1953 in net financial uses of
funds as defined in this article reflected in
a rough general way the shift from deficit
to surplus in the public sector as well as the
higher level of saving by the household
group of the private sector. Total deposits
of public authorities, including an estimated
change in their savings deposits, rose by 3.6
billion marks in 1953, compared with an
estimated increase of around 0.4 billion in
1950-51. A large part of the increase in
public deposits is reported to have represented funds made available by the German
authorities to the occupation forces but not
spent. Total savings deposits, which in 195051 rose by only 0.4 billion marks, increased
by 4.0 billion in 1953.
The principal factors that led to a greater
increase in cash resources in Germany in
1953 than in 1950-51 are summarized in
Table 6. They were a large rise in the annual increase in official gold and dollar reserves and a moderate rise in domestic bank
credit expansion. The 3.8 billion mark improvement in 1953 of the net foreign asset
position of the banking system, as compared
1048




with an unchanging position in 1950-51,
reflected the shift in Western Germany's
balance of payments. Net credit by the banking system to the private sector did not show
an increase since there was an offsetting rise
from 1950-51 to 1953 in the annual volume
of funds flowing into commercial banks in
exchange for bonds issued by these banks in
an effort to attract money to be used for longterm investment.
TABLE 6
CONSOLIDATED CONDITION STATEMENT OF THE
BANKING SYSTEM

Western Germany and West Berlin
[In billions of deutsche marks]
Changes

1953

1950-51

9 4

4 7

Credit t o the domestic economy, net . . . .
Public sector. . . .
Private sector

5.6

4.7
-0.9
5.6

Increase in gold and dollar reserves

3.6

0.8

—0 2

0 8

Changes in net assets, total

Less: net change in other foreign
liabilities (decrease —)
2

Changes in deposits and currency, total .
Demand deposits
Public sector
Private sector
Time deposits. . '
Public sector
Private sector

i

5.6

9.4

4.7

2.3
1.3
1 0

1.2
-0.5
1 7

1.8

.

0 9
0 9

2.7
1.5

1 2

Savings deposits . . . .

4.0

0.4

Currency

1.2

0.4

1

Less than 50 million deutsche marks.
Details may not add to totals because of rounding.
Sources.—Bank deutscher Laender and Berliner Zentralbank.
2

Net uses of funds other than changes in
bank deposits appear to have moved in the
same direction as the bilateral balance of
payments and receipts between the public
and private sectors. Thus, as is shown in
Table 1, the private sector's net short-term
claims on the public sector declined twice
as much in 1953, when the public sector had
a surplus, as it did in 1950-51, when the
public sector had a deficit with the private
sector.
FEDERAL RESERVE BULLETIN

RECENT FINANCIAL CHANGES IN WESTERN GERMANY
CONCLUSIONS

This article provides no objective proof
that in the last few years a growing government surplus and rising net exports served
as offsets to each other in Western Germany.
There is a strong presumption, however, that
total demand would have been greater in the
absence of a rising government surplus.
With a lower level of taxation, private consumption would have tended to be greater.
The disposable income of households would
have tended to rise more than the net earnings of businesses since the larger part of
taxes is probably paid directly or indirectly
by households. At the same time it is probably more difficult for households to make
up for a lower current income by increased
borrowing from the banks. In addition,
business borrowing might well have been
larger rather than smaller in the absence of
a government surplus.
Internal financial stability, therefore, was
probably maintained by a process in which
opposite financial forces offset each other.
The offsetting process did not consist in a
cancelling of the over-all deficit of one sector
against an over-all surplus of the other—in
this case there could have been no foreign
deficit or surplus—but rather in the effects
of shifts in bilateral balances between the
public and private sectors and, in principle,
in the bilateral balance of each with foreign
countries.
According to whether one sector rather
than another operated as the originating
factor in the stabilization process, the span
of time reviewed in this article may be
divided into at least three separate periods.
There were two periods when a weakening of domestic demand relative to productive capacity appears to have been the originating factor. The first of these covered the
second half of 1951 when Western GerOCTOBER

1954




many's foreign position began to shift from
deficit to surplus. Domestic prices at that
time rose by about 2 per cent. Without the
favorable response by net exports to what
must have been at least moderately depressive
effects of restrictive monetary and fiscal policies, the predominating influence on prices
at that time might well have been downward rather than upward.
The second time when domestic downward pressures on prices seem to have been
at least in part offset by rising net exports
was the first half of 1953. According to informed German observers, domestic demand
at that time failed to rise with the increase
in productive capacity, especially in the capital goods industries. An increase in the ratio
of the value of foreign to total transactions
lends support to this view. Without a continued increase in net exports, domestic prices
might well have fallen more than they did.
Even with an export surplus at the 1953
annual rate, and assuming no change in
monetary policy, only part of the surplus on
government account was probably needed in
the first half of 1953 to maintain financial
stability. Without a 2.5 billion mark increase (annual rate) in the surplus of the
government sector from 1952 to the first half
of 1953, compared with a rise (annual rate)
in net exports of about 1.5 billion, demand
would probably have risen. The increase,
while it might have prevented prices from
falling in the first half of 1953, possibly
would not have been enough to force a rise.
In at least one period, and perhaps two,
assuming no change in monetary policies,
it was necessary for a growing surplus on
government account to counteract what
might otherwise have become an unduly
expansionary influence of growing net exports. The first of these periods covered most
of 1952. There was a 22 per cent rise in the
1049

RECENT FINANCIAL CHANGES IN WESTERN GERMANY

average value of German export goods between 1950-51 and 1952, suggesting that net
exports, rather than requiring domestic encouragement as in 1951, would have risen
even without restrictive policies at home. If
not offset by some decline in domestic demand, this increase would have tended to
exert an unopposed upward pressure on
domestic prices. There was progressive relaxation of restrictive monetary measures
from mid-1952 on, implying that the authorities were relying on the restrictive influence of growing public surpluses to prevent the upward movement in German prices
—slight at that time—from becoming excessive.
T h e slackening of domestic demand in
relation to rising productive capacity, observed in the first half of 1953, did not continue in the second half of the year. It is
possible, therefore, that domestic prices
would have risen at that time instead of
fallen, if there had been no surplus whatever on government account, unless monetary policy had once more become restrictive.

1050




Favorable events as well as policy played
a part in maintaining financial stability under
conditions of a large shift in the balance
of payments. T h e continued growth in the
public sector's surplus was not planned as
an offset to the expansionary effect of rising
net exports; a large part of it would not have
emerged had expenditures risen as originally
envisaged. Policy, however, both fiscal and
monetary, played a major part in 1951 in
initiating the process of improvement in the
balance of payments. While this improvement under cautious fiscal policies turned out
to exceed the needs of a restoration of external solvency, a more rapid relaxation of
fiscal restrictiveness might not have been
appropriate at a time when restoration of
confidence was still an important task of
financial policy. After 1951, when strong
forces in opposite directions tended to offset
each other and to produce stability at a high
level of output, monetary policy served the
interests of such stability best by neither
strongly enforcing nor appreciably weakening the power of these forces.

FEDERAL RESERVE BULLETIN

MEMBER BANK EARNINGS, FIRST HALF OF 1954 1
Net profits after taxes amounted to 559
million dollars for all member banks in the
first half of this year. On an annual basis,
they were 9.7 per cent of average total capital accounts compared with 8.0 per cent for
the same period in 1953. Profits on the sale of
securities largely accounted for the increase.
Net current earnings before income taxes
came to 928 million dollars, which was 10
million dollars above those reported for the
first half of last year.2 Cash dividends and
taxes on net income also increased, but both
1
This article was prepared by Oliver H. Jones of the
Board's Division of Bank Operations.
2
Net current earnings are gross current operating earnings
less gross current operating expenses, before adjustments for
losses, recoveries, and transfers to and from valuation reserves,
and before taxes on net income.

were a slightly smaller percentage of profits
before income taxes than in the first half of
1953.
E a r n i n g s . Gross operating earnings
amounted to 2,366 million dollars in the first
half of this year, which was 128 million dollars above the same period last year. Changes
in the factors affecting earnings were mixed,
however, with some factors tending to hold
down the over-all increase.
Substantial declines in the total of commercial and industrial loans, especially in the
central reserve cities, were partly offset in the
first half of this year by increases in real estate
loans and loans for purchasing securities.
The net result was a decline of 565 million
dollars from the year-end total of all loans.

M E M B E R BANK EARNINGS

[Amounts in millions of dollars]
1950
Item

Earnings
On U. S. Government securities
On other securities
On loans
Service charges on deposit accounts
Other earnings

First
half

1951

Second
half

First
half

1952

Second
half

First
half

Second
half

First
half

Second
half

First
half

1,557
435
91
760
84
187

1,707
430
99
874
88
216

1,771
406
102
960
93
209

1,898
426
108
1,043
94
227

1,978
441
113
1,105
98
221

2,141
488
121
1,201
100
231

2,238
495
122
1 ,281
107
233

2,353
516
129
1,351
112
244

2,366
522
133
1,336
123
252

965

^Expenses
Salaries and wages
Interest on time deposits
Taxes other than on net income
Other expenses

465
135
54
310

1,055
535
136
55
329

1,075
529
146
58
342

1,157
597
160
57
344

1,190
586
176
59
370

1,311

658
188
59
405

1,320
645
201
61
414

1,461
727
224
64
446

1,438
692
241
68
437

'Net current earnings before income taxes...

593

652

697

740

788

830

918

891

928

82
67
41

93
81
80

59
86
37

80
116
90

57
71
24

56
155
44

54
115
27

66

298
119
75

Profits before income taxes

566

614

751

686

829

169

584
200

633

Taxes on net income

252

239

337

271

392

Net profits

397

381

375

414

416

438

170
6,859

200
6,840

185
6,815

205
6,798

193
6,765

•Recoveries and profits21
Losses and charge-offs
Net increase in valuation reserves 3

"Gash dividends declared4
Number of banks at end of period

155
6,885

384
190
6,873

216
13
728
300
428
226

6,743

1,032
473
559
211
6,721

1
Includes
2
Includes
3

recoveries credited either to undivided profits or to valuation reserves.
losses charged either to undivided profits or to valuation reserves.
This is the net of transfers from undivided profits to valuation reserves and vice versa, and of losses charged and recoveries credited
"to valuation
reserves.
4
Includes interest on capital notes and debentures.
OCTOBER

1954




1051

MEMBER BANK EARNINGS, FIRST HALF OF 1954

At the same time holdings of United States
Government securities continued the expansion begun during the last half of 1953, rising by 509 million dollars. In addition to
shifts from loans to investments in United
States Government securities, there was a
significant extension in the average maturity
of holdings of Government securities. Investments in other types of securities, including State and local government securities,
increased 820 million dollars. The combined
total of loans and investments rose 764 million dollars above the preceding year-end.
An ample supply of reserve funds supported the greater volume of loans and investments handled during the first half of
the year. As the average rate of return on
loans and United States Government securities rose only slightly, the higher level of
gross operating earnings reflected the increased volume of loans and investments.
The average rate of return was 4.68 per cent
on loans and 2.00 per cent on United States
Government securities in the first half of this
year as compared with rates of 4.62 per cent
and 1.97 per cent in the first half of last year.
Expenses. Gross operating expenses were
1,438 million dollars in the first half of 1954.
This was 118 million dollars or about 9 per
cent above the same period last year. Salaries
and wages continued to be the major expense
item, accounting for about 48 per cent of
total expenses compared with 49 per cent
last year.
A rise of 40 million dollars in the amount
of interest paid on time deposits was due
both to the larger volume and the higher
average rate of interest paid. The average
volume of time deposits was about 3 billion
dollars larger than during the first half of
1953, and the average rate of interest paid
was 1.30 per cent as compared with 1.18 per
cent in the first half of last year.
1052




Profits, recoveries, losses, and transfers
to reserves. During the first six months of
this year, profits from the sale of securities
amounted to 246 million dollars. Total recoveries and profits rose 244 million dollars
above the same period last year to a total
of 298 million dollars, of which 83 per cent
represented profits on the sale of securities.
Losses and charge-offs were 119 million dollars, an increase of 4 million dollars. Valuation reserves were increased by 75 million
dollars; this was 48 million dollars more
than the increase in the first half of 1953.
Nonoperating profit, recovery, and loss
items, together with transfers to and from
valuation reserves, changed from a net loss
of 88 million dollars in the first half of 1953
to a net recovery of 104 million dollars in
the first half of this year. T h e increase in
net profits after taxes between the two periods was largely due to the shift from losses
to profits on security sales.
T a x e s and net profits. Profits before income taxes were 1,032 million dollars, 24
per cent greater than in the first half of
1953, and provisions for income taxes were
21 per cent higher. Net profits after taxes
aggregated 559 million dollars, exceeding
the figure for the first six months of 1953
by 121 million.
Cash dividends. Thirty-eight per cent
of net profits after taxes was distributed as
dividends in the first half of this year. T h e
211 million dollars paid in dividends represented an annual yield of about 3.7 per cent
on average total capital accounts compared
with 3.5 per cent in the first half of 1953,.
when cash dividends amounted to 44 per
cent of net profits.
Details of earnings and expenses for the
first half of 1954 and both halves of 1953
are shown on page 1118 of this BULLETIN.
FEDERAL RESERVE BULLETIN:

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

Foreign Banking Corporations
Amendments to Regulation K
The Board of Governors of the Federal Reserve
System, effective September 29, 1954, amended sections XI and XV of Regulation K entitled "Banking Corporations Authorized to Do Foreign Banking Business under the Terms of Section 25(a) of
the Federal Reserve Act" commonly known as
Edge Act Corporations, so as to broaden the powers
to raise funds through the sale of their notes or
debentures if such corporations are not engaged in
the business of receiving deposits. The amendment also increases the amount of credit that such
a corporation can extend to a single borrower. The
text of the amendment to Regulation K is as
follows:
AMENDMENT TO REGULATION K

Issued by the Board of Governors of the Federal
Reserve System
Effective September 29, 1954, Regulation K is
hereby amended in the following respects:
1. By adding the following new subsection (c)
after subsection (b) of section XI, and relettering
the present subsection (c) to (d):
(c) Notwithstanding subsections (a) and (b) of
this section, a corporation may, at its option, comply with the following requirements in lieu of those
stated in said subsections (a) and (b):
(1) The corporation shall not engage, either
within the United States or abroad, in the business of receiving deposits.
(2) Loans or other credits acquired or guaranteed by the corporation shall have a maturity of
not more than 5 years at the time they are so acquired or guaranteed: Provided, however, That this
limitation shall not apply (i) to a loan or other
credit, or any scheduled installment of a loan or
credit, maturing within 10 years, but the aggregate
amount of loans or credits or installments of loans
or credits excepted under this clause (i) shall not
exceed 100 per cent of the corporation's capital and
surplus; or (ii) to other loans or credits, or sched'OCTOBER 1954




uled installments of loans or credits, maturing
within 10 years to the extent that they are secured
or covered by unconditional guaranties, commitments or agreements to take over or purchase made
by the United States or by any department or establishment of, or corporation wholly owned by, the
United States.
(3) The corporation shall carry on its business
in accordance with sound financial policies including, among other considerations, a proper regard
to the relationship between its assets and the maturities of its obligations, so as to give reasonable assurance that the corporation will be in a position
to pay its obligations as they mature.
(4) All obligations of any kind, regardless of
maturity or payee, issued by the corporation shall
contain a provision, or shall be issued under an
agreement, which shall provide that the corporation
will not, during the time any such obligations remain outstanding—
(/) Issue any obligations if immediately thereafter the assets of the corporation, excluding
notes, drafts, bills of exchange and other evidences of indebtedness that are in default as to
either principal or interest, would be less than
110 per cent of the aggregate principal amount
of all obligations of the corporation;
(ii) Mortgage, pledge or otherwise subject any
of its assets to any lien or charge to secure any
indebtedness for borrowed money or to secure
any other obligation of the corporation, unless
each person holding any of the corporation's unsecured obligations, which would remain outstanding after such transaction, eithef grants his
consent or is provided with security substantially
equivalent in value to that provided by such
mortgage, pledge, lien or charge;
(///') Sell, lease, assign or otherwise dispose of
all or substantially all its assets; or
(iv) Declare or pay any dividend (other than
a dividend payable in stock of the corporation)
or authorize or make any other distribution on
any stock of the corporation otherwise than out

1053

LAW DEPARTMENT
of the earned surplus of the corporation as determined in accordance with generally accepted
accounting principles.
2. By adding the following sentence at the end
of the first paragraph of section XV:
In the case of a corporation which does not engage, either within the United States or abroad,
in the business of receiving deposits, the limitations contained in this paragraph regarding the
total liabilities of one borrower (1) shall be increased from 10 per cent to 20 per cent, and (2)
shall not apply to the extent that the liabilities
are secured or covered by unconditional guaranties, commitments or agreements to take over or
to purchase, made by the United States or by any
department or establishment of, or corporation
wholly owned by, the United States.

"All banks admitted to membership under authority of this section shall be required to comply
with the reserve and capital requirements of this
Act and to conform to those provisions of law imposed on national banks which prohibit such banks
from lending on or purchasing their own stocky
which relate to the withdrawal or impairment of
their capital stock, and which relate to the payment
of unearned dividends. Such banks and the officers, agents, and employees thereof shall also be
subject to the provisions of and to the penalties
prescribed by sections 334, 656, and 1005 of Title 18,
United States Code, and shall be required to make
reports of condition and of the payment of dividends to the Federal Reserve bank of which they
become a member. Not less than three of such reports shall be made annually on call of the Federal
Reserve bank on dates to be fixed by the Board of
Legislation
Governors of the Federal Reserve System. Failure
Correction of Obsolete References
to make such reports within ten days after the date
The Act of Congress approved September 3, 1954 they are called for shall subject the offending bank
(Public Law 779—83d Congress) amended various to a penalty of $100 a day for each day that it fails
statutes and certain titles of the United States Code to transmit such report; such penalty to be collected
principally for the purpose of correcting obsolete by the Federal Reserve bank by suit or otherwise.
references. Among such amendments were the Such reports of condition shall be in such form
following, amending sections 9 and 22(f) of the and shall contain such information as the Board of
Federal Reserve Act and section 5144(d) of the Governors of the Federal Reserve System may reRevised Statutes of the United States:
quire and shall be published by the reporting banks
SEC. 21. Paragraph (d) of section 5144 of the in such manner and in accordance with such reguRevised Statutes, as amended (12 U. S. C, sec. lations as the said Board may prescribe.".
61 (d)), is amended by striking out the reference
SEC. 28. Subsection (f) of section 22 of the Fed"5209 of the Revised Statutes, as amended (U. S. C,
eral
Reserve Act, as amended (12 U. S. C, 503),.
title 12, sec, 592)," and in lieu thereof inserting
is
amended
by inserting, after "thereof,", where it
"1005 of title 18, United States Code", so that such
appears in such subsection, the words "or any of
paragraph will read as follows:
"(d) Every officer, director, agent, and employee the provisions of sections 217, 218, 219, 220, 655,.
of every such holding company affiliate shall be 1005, 1014, 1906, or 1909 of Title 18, United States
subject to the same penalties for false entries in Code,", so that such subsection will read as follows:
"(f) If the directors or officers of any member
any book, report, or statement of such holding
company affiliate as are applicable to officers, direc- bank shall knowingly violate or permit any of the
tors, agents, and employees of member banks under agents, officers, or directors of any member bank to
section 1005 of Title 18, United States Code; and". violate any of the provisions of this section or regu*
#
#
lations of the board made under authority thereof,,
SEC. 27. The sixth paragraph of section 9 of the or any of the provisions of sections 217, 218, 219,.
Federal Reserve Act as amended (12 U. S. C, 324), 220, 655, 1005, 1014, 1906, or 1909 of Title 18^
is amended by striking out, in the second sentence United States Code, every director and officer parof such paragraph, the reference "section fifty-two ticipating in or assenting to such violation shall be
hundred and nine of the Revised Statutes", and in held liable in his personal and individual capacity
lieu thereof inserting "sections 334, 656, and 1005 for all damages which the member bank, its shareof Title 18, United States Code", so that such para- holders, or any other persons shall have sustained in
consequence of such violation.".
graph will read as follows:
1054




FEDERAL RESERVE BULLETIN;

CURRENT EVENTS AND ANNOUNCEMENTS
Federal Reserve Meetings
The Federal Advisory Council held a meeting in
Washington on September 19-21, 1954, and met
with the Board of Governors of the Federal Reserve
System on September 21.
A meeting of the Presidents of the Federal Reserve Banks was held in Washington on September
20 and 21, and on September 22 the Presidents
met with the Board of Governors of the Federal
Reserve System.
On September 22 a meeting of the Federal Open
Market Committee was held.

President and Cashier, The First National Bank of
Logan, Logan, Utah, as a director of the Salt Lake
City Branch of the Federal Reserve Bank of San
Francisco for the term ending December 31, 1954.
Mr. Hanson succeeded Mr. James W. Collins,
Chairman of the Board, Tracy-Collins Trust Company, Salt Lake City, Utah, deceased.
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 August 16, 1954 to September 15, 1954:

Appointments of Branch Directors

Virginia
On October 4, 1954, the Board of Governors of
Richmond—The Bank of Virginia.
the Federal Reserve System announced the appointTables Published Annually and Semiannually, with
ment of Mr. John A. Hannah, President, Michigan
Latest BULLETIN Reference
State College, East Lansing, Michigan, as a director
Semiannually
Issue
Page
of the Detroit Branch of the Federal Reserve Bank
offices:
of Chicago for the term ending December 31, 1954. Banking
Analysis of changes in number of...
Aug. 1954
903
On, and not on, Federal Reserve Par
He succeeded Mr. C. M. Hardin, Dean of AgriculList, number of
Aug. 1954
904
ture, Michigan State College, East Lansing, MichiAnnually
gan, who resigned. Mr. Hannah formerly served
and expenses:
as a director of the Detroit Branch from January 1, Earnings
Federal Reserve Banks
Feb. 1954 208-209
Member banks:
1951 to March 13, 1953, when he resigned to beCalendar year
May 1954 524-534
First half of year
Oct. 1954
1118
come Assistant Secretary of Defense.
Insured commercial banks
May 1954
535
Banks
and
branches,
number
of,
by
class
On October 6, 1954, the Federal Reserve Bank
and State
May 1954 536-537
of San Francisco appointed Mr. R. S. Hanson, Vice Operating ratios, member banks
Aug. 1954 900-902

OCTOBER

1954




1055

NATIONAL SUMMARY OF BUSINESS CONDITIONS
{Released for publication October 14]

Industrial production and employment continued
to show little change in September. Construction
activity was maintained in record volume and retail sales remained close to the levels reached at
midyear. Increased demands were reflected in
higher prices for a number of industrial materials.
Prices of foodstuffs declined with supplies expanding.
INDUSTRIAL PRODUCTION

Industrial production continued to rise seasonally
in September and the Board's preliminary adjusted
index was 124 per cent of the 1947-49 average, unchanged from August and 1 point above the revised July figure. In September a year ago the
seasonally adjusted index was 133.
Production of durable goods in September was
maintained at a seasonally adjusted rate of 135
per cent of the 1947-49 average, or about the level
prevailing since March. Curtailment in auto assemblies was oflset by a rise in steel output and
recovery in lumber production following settlement
of work stoppages. Auto output has been sharply
reduced in September and October, owing mainly
to major model changeovers for leading makes,
but is scheduled to rise rapidly in November.
Steel mill operations increased further by midOctober to a scheduled rate of 72 per cent of rated
INDUSTRIAL PRODUCTION

capacity, as compared with 63 per cent during
July and August and 66 per cent in September.
Production of most major household goods in
August and September remained at the advanced
levels reached at midyear.
Nondurable goods output in September showed
somewhat more than the usual seasonal rise, reflecting mainly further increases in chemicals and
paper production to very high levels and recovery
in tire output following settlement of work stoppages. Output of coal and other minerals showed
little change in September and early October.
CONSTRUCTION

Expenditures for new construction, seasonally adjusted, increased slightly further in September.
Construction awards, following a decline in August, rose substantially in September, as contracts
for all major types of private and public construction increased. Preliminary indications suggest
that the number of housing starts rose contraseasonally in September to an annual rate of well
over 1.2 million.
EMPLOYMENT

Employment at nonagricultural establishments
showed about the usual large seasonal rise in SepCONSTRUCTION CONTRACTS AWARDED
Millions of dollo

RESIDENTIAL
0
800

PRIVATE
NONRESIDENTIAL

Federal Reserve indexes. Monthly figures, latest shown are
for September.

1056




F. W. Dodge Corporation data for 37 Eastern States.
Monthly figures, latest shown are for September.
FEDERAL RESERVE BULLETIN

NATIONAL SUMMARY OF BUSINESS CONDITIONS
tember, reflecting mainly gains in State and local
government and factory employment. The factory workweek at 39.7 hours was unchanged from
August and average weekly earnings were up 80
cents to $71.86, reflecting a rise of 2 cents in hourly
earnings. Unemployment declined about seasonally in September to 3.1 million.
AGRICULTURE

Crop prospects generally changed little during
September, with an, improvement indicated for
cotton. Total meat production, after seasonal
allowance, was about 8 per cent larger than in
the first half of this year and close to that amount
above a year earlier. Egg output in the third
quarter was 6 per cent larger than last year,
while milk production was about the same.

textiles and rubber increased. Prices of television
receivers were advanced.
Consumer prices declined slightly in August,
owing chiefly to decreases in foods—meats, fresh
fruits, and vegetables; since mid-August foods have
declined somewhat further.
DISTRIBUTION

Seasonally adjusted retail sales in September remained at the August level and slightly above a
year ago. Sales of new autos were maintained well
above output in the current changeover period, and
dealers' stocks were reduced further. Sales at department stores were slightly above a year ago.
Stocks at department stores were unchanged in
August after seasonal allowance, continuing 5 per
cent below a year ago.

COMMODITY PRICES

BANK CREDIT AND RESERVES

The average level of wholesale commodity prices
declined slightly further from mid-September to
mid-October as prices of foodstuffs continued to
decrease. Sharply expanded marketings of this
year's larger spring pig crop reduced prices of hogs
and products and continuing large egg supplies
resulted in a contraseasonal decrease in prices.
Cocoa prices declined considerably further. Prices
of industrial materials, on the other hand, strengthened further. Steel scrap and nonferrous metal
prices continued to rise, and cotton and synthetic

Bank holdings of U. S. Government securities increased substantially in early October reflecting
mainly purchases of new intermediate-term notes
offered by the Treasury. Business loans at city
banks increased during September and early October as seasonal borrowing by food processors,
commodity dealers, and trade concerns more than
offset loan repayments by metal manufacturers and
sales finance companies. Real estate loans continued to rise.
Interest rates charged on short-term business
loans by commercial banks in 19 cities averaged
3.56 per cent in the first half of September, as compared with 3.60 per cent in June and 3.72 per cent
in March.
Free reserves of member banks averaged close to
800 million dollars in late September and early
October. The Federal Reserve System made large
purchases of Treasury bills during this period to
supply reserves needed primarily because of a
sharp increase in required reserves after payment
was made for the new Treasury note.

PRICES

AND TRADE

WHOLESALE PRICES
20

^^••••—.—-

/

100

80

^yT

/""""CONSUMER
PRICES

,

-1JAM 1 11111

I

U[)]

DEPARTMENT STOR : TRADE
140
1

,/v:

\ STOCKS

120
RETAIL SALES
100
|

|

,,

'XT

~rjmimn

SALES
nun

Ilimillll | M m m m |

„„.,

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: August for income and department store stocks; September for other series. September consumer prices estimated by Federal Reserve.
OCTOBER 1954




SECURITY MARKETS

During September and early October, yields on
most Government securities advanced slightly. On
October 4 the Treasury received payment for 4.2
billion dollars of 1% per cent notes maturing in
May 1957. Corporate bond yields were stable
while yields on high-grade municipals rose in the
first half of September and then leveled off. Common stock prices advanced further.
1057

FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS
UNITED STATES
PAGE

Member bank reserves, Reserve Bank credit, and related items
Federal Reserve Bank rates; margin requirements; reserve requirements
Reserves and deposits of member banks
Federal Reserve Bank statistics
Regulation V: guaranteed loans, fees, and rates
Bank debits and deposit turnover; Postal Savings System
Money in circulation
Consolidated statement of the monejtary system; deposits and currency
All banks in the United States, by classes
All commercial banks in the United States, by classes
Weekly reporting member banks
Commercial paper and bankers' acceptances
Life insurance companies; savings and loan associations
Government corporations and credit agencies
Security prices and brokers' balances
Money rates; bank rates on business loans; bond and stock yields
Treasury
finance
New security issues

1061-1062
1062-1063
1064
1065-1067
1067-1068
1068
1069
1070
1071-1073
1074-1075
1076-1077
1078
1079
1080-1081
1082
1083
1084-1089
1090

Business

1091-1092

finance

Real estate credit statistics

1093-1095

Statistics on short- and intermediate-term consumer credit

1096-1098

Business indexes

1099-1108

Merchandise exports and imports
Department store statistics

1108
1109-1113

Consumer and wholesale prices

1114-1115

Gross national product, national income, and personal income

1116-1117

Member Bank Earnings

1118

List of tables published in BULLETIN annually or semiannually,
with references for latest data

1055

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.

OCTOBER 1954




1059

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
Wednesday Figures, 1946-1950, Weekly Averages of Daily Figures, )95)-

Billions of Dollars
25

15

* » V * ^ ^

0
35

— 30
MONEY IN (:IRCULATION

I~—
J

GOLD 5TOCK

\

V

1

A

JT

* — 25

20

»ERVE BANK
CREDIT

TREASURY C \SH AND DEP(3SITS

NONMEMBER DEPOSITS

"^

0
30

1946

1947

1948

1949

1950

1951

1952

1953

1954

Latest averages shown are for week ending Sept. 29. See p. 1062.

1060




FEDERAL RESERVE BULLETIN

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

Gold
stock

Deposits, other
Member bank
than member bank Other
Treasreserve balances
reserve
balances,
Fedury
Money Treas- with F. R. Banks
eral
curin
ury
Rerency
circash
Oth- serve
ExReoutculahold- Treas- Forer
cess 2
Total
acstand- tion
eign
ury
ings
de- counts
ing
dedeposposits posits
its

4,858
4,859
4,861
4,862
4,865
4,865
4,868
4,869
4,872
4,872
4,873
4,874
4,874
4,877
4,878
4,878
4,879
4,882
4,883
4,884
4,886
4,889

30,139
,276
30,158
,275
30,145
,280
30,105
,273
30,240
,278
30,479
,274
30,335
,278
,277
30,210
,283
30,275
30,374
,284
30,412
,271
,270
30,305
,282
30,268
30,428 1,283
30,540
784
30,487
786
30,691
777
30,791
774
30,904
778
30,953
769
31,156
763
30,890
773

460
675
738
669
541
574
356
619
642
524
348
530
644

557
551
610
518

664
322
503
522
526
488
224
799
377

453
449
419
429

30,591
30,284
30,083
29,900

770
775
782
795

440
500
443
493

807
818
820
824
820
820
823
810
819
823
831
839
829
837
840
841
834

571
771
629
549
525
559
548
562

397
441
286
278
345
338
346
359
402
346
191
358
363
371
353
388
305
328
357
390
383
379
201
199
339
377
380
400
402
398
428
387
427
417

483
524
506
524
489

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

Bought
outTotal
right

Wednesday
1953
Aug. 5
Aug. 12
Aug. 19
Aug. 26

24,964
24,964
25,008
25,017
25,067
Sept. 2
25,126
Sept. 9
Sept. 16
25,207
25,185
Sept. 23
Sept. 30. . . . 25,235
Oct. 7
25,348
Oct. 14
25,363
Oct. 21
25,348
Oct. 28
25,348
Nov. 4 . . . . 25,447
25,123
Nov. 11
Nov. 18. . . . 24,958
25,022
Nov. 25
Dec. 2
25,081
Dec. 9
25,345
25,457
Dec. 16
25,886
Dec. 23
25,902
Dec. 30

1954
Jan. 6
25,384
Jan. 13
25,318
Jan. 20
25,364
Jan. 27
24,661
Feb. 3
24,774
24.863
Feb. 10
24,806
Feb. 17
24,559
Feb. 24
24,559
Mar. 3
Mar. 1 0 . . . . 24,682
24,582
Mar. 17
24,705
Mar. 24
24,632
Mar. 31
Apr. 7
24,632
Apr. 1 4 . . . . 24,632
Apr. 21
24,632
Apr. 28
24,632
May 5
24,632
May 12
24,632
May 19. . . . 24,687
May 26
24,737
June 2 . . . . 24,812
June 9 . . . . 24,987
June 1 6 . . . . 24,910
June 2 3 . . . . 25,231
June 3 0 . . . . 25,037
July 7 . . . . 25,037
24,902
July 14
24,714
July 21
July 2 8 . . . . 24,517
24,325
Aug. 4
Aug. 1 1 . . . . 24,023
23,956
Aug. 18
23,908
Aug. 25
Sept. 1
24,023
Sept. 8 . . . . 24,044
Sept. 1 5 . . . . 23,987
Sept. 22
23,770
24.045
Sept. 29
End of
month
1953
Aug
Sept
Oct
Nov
Dec
1954
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept

25,348
25,348
25,348
25,348
25,398
24,958
24,958
24,993
25,043
25,143
25,243
25,318
25,318
25,318
25,318
25.364
24,661
24,717
24,806
24,806
24,559
24,559
24,682
24,582
24,632
24.632
24,632
24,632
24,632
24,632
24,632
24,632
24,687
24,737
24,812
24,987
24,910
25,139
25,037
25,037
24,902
24,714
24,517
24,325
24,023
23,876
23,824
23,894
24,044
23,987
23,no
24,045

25,063
25,235
25,348
25,095
25,916

24,989
25,235
25,348
24,993
25,318

24,640
24,509
24,632
24,632
24,812
25,037
24,325
24,023
24,270

24,640
24,509
24,632
24,632
24,812
25,037
24,325
23,894
24,270

* Preliminary.

OCTOBER

24,964
24,964
24,989
24,989
25,014
25,034
25,084
25,185
25,235

DisHeld counts
under
Float
repur- and
adchase
agree- vances
ment

19
28
53
92
123

15

49
165
29
38
202
214
568
584
66

73

92

80
84
129

74
102
598

129

All
oth- Total
er

561
776
815
524

625
609
751
587

26,153
26,352
26,577
26,131

391
491
311
228
329

610
559
943
813
685
606
685
826
599
559
622
933
636

26,071
26,179
26,464
26,228
26,252
26,238
26,322
26,437
26,309
26,830
26,111
26,487
26,428
26,302
26,681
26,921
27,692
26,977

22,227
22,228
22,228
22,228
22,178
22,178
22,178
22,179
22,128
22,128
22,128
22,077
22,077
22,076
22,077
22,076
22,027
22,028
22,028
22,028
22,029
22,029

963
754
977
722
569
509
798
503
861
543
855
569
535

26,519
26,230
26,412
25,495
25,860
25,815
25,897
25,312
25,689
25,638
.5,704
25,625
25,316

22,029
22,030
22,006
22,006
21,956
21,957
21,957
21,958
21,958
21,963
21,964
21,964
21,965

4,890
4,890
4,890
4,890
4,899
4,902
4,905
4,906
4,912
4,917
4,920
4,925
4,935

546
599
704
533

25,357
25,404
25,493
25,383
25,274
25,484
25,528
25,490

4,935
4,943
4,945
4,947

573
506
834
709
511

25,582
25,740
25,844
26,593
25,642
25,736
25,669
25,463
25,263
25,105
25,066
25,183
24,859
24,890
.4,705
25,020
24,651
24,857

21,966
21,966
21,967
21,968
21,969
21,970
21,971
21,972
21,923
21,924
21,925
21,926
21,927
21,928
21,929
21,931
21,907
21,908
21,858
21,858
21,858
21,809
21,809
21.809
21,810
21,810

4,958
4,957
4,956
4,955
4,959
4,959
4,958
4,958
4,959
4,959
4,960
4,960
4,961
4,965
4,967
4,967
4,968
4,971

29,930
29,923
29,821
29,838
29,885
29,870
29,769
29,632
29,707
29,795
29,793
29,673
29,645
29,756
29,759
29,707
29,697
29,934
29,873
29,803
29,735
29,922
30,154
29,981
29,854
29,776
29,893
29,911
29,866
29,786
29,923
30,115
29,998
29,888
29,922

808
799
812
812
809
808
797
801
796

222
86
5
236
457
638
533
509
528
447
51
539
722
570
639
565
499
617
542
418
505
448
250
459
1,220
875
300
557
536
548
677
593
646
596
591
446
510
515
769

343
329
413
369
28

549
685
787
667
935

25,958
26,252
26,550
26,133
26,880

22,178
22,128
22,077
22,028
22,030

4,867
4,872
4,879
4,885
4,894

30,248 1,269
30,275 1,283
30,398 1,275
30,807
766
30,781
761

496
642
654
451
346

156
350
147
172
245
37
184
200
132

640
827
535
576
723
567
672
473
779

25,437
25,688
25,316
25,382
25,781
25,642
25,183
24,696
25.183

956
958
965
969
973
927
908
809
810

899
913
935
951
957
959
960
966
971

405
542
722
579
408
875
716
511
704

281
271
260
359
822
365
594
768

427
792
727
606
268 1,193
435 1,369
100
973
170
156
70
110
515
440
291
249
267
411
265
349
147
177
171
155
217
140
268
177
202
175
177
136
609
37
84
83
93
220
170
487
460
313
293
154
198
170
299

501
582
662
550
593
574
797
751
567
614
683
654
525
609
554
766
637

4,951
4,952
4,956
4,957

29,981
29,904
29,707
29,735
29,870
29,922
29,892
29,929
P29.979

831
825
810
812
811
826
810
808
812

793
811
819
819
820
811
798
811

860 19,614
859 19,593
862 19,641
862 19,440
859 19,325
859 19,104
882 19,771
881 19,486
880 19,309
899 19,303
899 19,557
897 19,567
895 19,334
801 19,779
808 19,630
805 20,044
805 19,775

18,959
18,942
18,865
18,860
18,884
18,731
18,885
18,868
18,816
18,757
18,728
18,817
18,796
18,845
19,026
19,187
19,150

878 19,474
880 19,720
936 20,229
937 20,064
936 20,066

19,161
19,053
19,309
19,297
19,364

836
836
833
831

391
409
388
398

849
848
880
881
877
876
997
999
988
987
985
983
911
907
905
928
927
924
923
935
934
932

19,272
19.293
19,566
19,699
19,207
19,481
19,686
19,617
19,474
20,032
19,914
19,825
19,011
19,406
19,052
19,141
19,136
18,733
18,731
18,776
18,579
18,530
18,274
18,642
18,379
18,331

19,390
794
19,250
978
19,335 1,539
19,217
642
19,089
781
18,937
717
18,921
924
18,853
420
18,827
713
18,792
848
19,224 1,083
18,869
870
18,689
505
18,651
621
18,585
708
18.648
918
18,759
940
18,837
370
18,717
764
18,937
749
18,961
656
18,898
576
18,906 1,126
18,993
921
18,828
997
18,412
599
18,420
986
18,340
712
18,366
775
18.377
759
17,704 1,029
17,665 1,066
17,683 1,093
17,619
960
17,592
938
17,532
742
17,636 1,006
17,602
P777
17,640 P 6 9 1

524
512
448
417
423

325
352
468
367
493

862
880
802
804
839

19,278
19,309
19,460
19,434
20,160

18,802
18,816
18,826
19,087
19,397

476
493
634
347
763

440
490
494
471
527
545
533
477
461

459
491
363
321
645
377
503
501
422

830
909
917
850
878
988
908
925
931

19,384
19,412
19,194
19,528
19,563
19,011
18,702
18,316
18,676

19,016
18,821
18,689
18,844
18,891
18,412
17,763
17,572
17,669

368
591
505
684
672
599
939
744
,007

538
569
507
543
512
484
461
461
471

431
491
464
461
474

477
473
482
461
476
487
528
517
494
491
469
443
469
601
579
533
502
520
563
543
544
545

332
329
390
354
333
363
381
259
352
370
375
358
366
376
534
398
335
339
331
259
427
380

829
828
912
911
908
907
919
919
917
936
935
931
852

20,184
20,228
20,874
19,859
19,870
19,654
19,845
19,273
19,540
19,640
20,307
19,739
19,194

655
651
776
580
441
373
886
618
493
546
829
750
538
934
604
857
625
313
667
920
767
702

For footnotes see following page.

1954




1061

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

Bought
Total outright

DisAll
Held counts
under and Float oth- Total
repur- adchase vances
agreement

Gold
stock

Deposits, other
than member bank
Member bank
reserve
balances, Other
reserve balances
Treasury Money Treas- with F. R. Banks Federal
curury
in
Rerency circash
out- cula- hold- Treas- For- Oth- serve
stand- tion
ings
acer
ury
ReExeign de- counts Total
ing
quired2
dedeposposits posits its

End of
month:
1929—June.
1933—June.
1939—Dec..
1941—Dec..
1945—Dec.
1947—-Dec..
1949—Dec..
1950—Dec.
1951—Dec.
1952—June.
Dec.
1953—June.

216
1,998
2,484
2,254
24,262
22,559
18,885
20,778
23,801
22,906
24,697
24,746

148
1,998
2,484
2,254
24,262
22,559
18,885
20,725
23,605
22,764
24,034
24,718

25,168
25.344
25.172
25,639
25,263
24,770
24,633
24,635
24,689
24,998
24,771
23,989
23,941

25,097
25,341
25,078
25,218
25,149
24,729
24.620
24,632
24,680
24,960
24,761
23,930
23,928

24,812
24,960
24,955
25,018
25,113

24,812
24,960
24,955
24,986
24,980

25,082
24,912
24,765
24,517

25,038
24,912
24,765
24,517

24,325
24,040
23,980
23,813

24,325
24,023
23,876
23,747

23,938
24,013
24,035
23,789
23,868

23,845
23,977
24,035
23,789
23,868

53
196
142
663
28

52
4
164
91
7
94
3
578
249
535
85
534
78
67 1,368
19 1,184
581
59
967
156
601
64

1,400 4,037
2,220 4,031
2,593 17,644
2,361 22,737
25,091 20,065
23,181 22,754
19,499 24,427
22,216 22,706
25,009 22,695
23,551 23,346
25,825 23,187
25,414 22,463

2,019 4,459
2,286 5,434
2,963 7,598
3,247 11,160
4,339 28,515
4,562 28,868
27,600
4
27,741
4,
4 709 29.206
4 754 29,026
4 812 30,433
4,854 30,125

204
264
2,409
2,215
2,287
1,336
1,312
1,293
1,270
1,283
1,270
1,259

36
35
634
867
977
870
821
668
247
333
389
132

6
15
397
774
862
392
767
895
526
548
550
527

21
151
256
586
446
569
750
565
363
298
455
176

374 2,356
346 2,292
251 11.653
291 12.450
495 15,915
563 17,899
706 16.568
714 17,681
746 20.056
783 19,381
777 19.950
951 19,561

2,333
1.817
6,444
9,365
14,457
16,400
15.550
16.509
19.667
19,573
20,520
19,459

23
475
5,209
3,085
1,458
1,499
1,018
1,172
389
-192
-570
102

71
3
94
421
114
41
13
3
9
38
10
59
13

771
468
800
367
744
494
448 1,018
861
118
667
308
712
205
696
151
640
172
710
166
695
104
654
210
725
170

26,410 22,176
26,514 22,102
26,413 22,057
27,107 22,028
26,243 22,015
25,746 21,957
25,553 21,963
25,483 21,966
25,503 21,971
25,876 21,927
25,571 21,926
24,855 21,871
24,838 21,809

4,867 30.328 1,273
4,873 30.366 1,274
4,878 30.555
915
4,885 30.967
767
4,891 30,282
778
4,904 29,903
811
4,920 29 ,800
813
4,941 29,755
825
4,954 29 ,773
830
4,956 29,856
815
4,959 29 ,968
810
4,960 29,896
806
4,967 29,991
796

537
557
497
602
201
568
490
584
486
602
498
591
541

538
463
434
466
453
470
494
481
531
553
632
536
522

354
406
424
390
422
429
352
427
412
321
409
464
431

871
889
805
908
834
870
913
926
864
941
973

19,552
19,536
19,718
19,920
20.179
19,557
19,573
19,392
19.533
19,670
19,164
18,478
18,403

18,834
18,784
19,035
19.227
19,243
18,925
18,881
18,627
18,817
18,813
18,329
17,638

718
752
683
693
936
632
692
765
716
857
835
840

32
133

216
170
142
194
157

613
670
665
920
630

25,642 21,966
25,802 21,924
25,764 21,925
26,134 21,926
25,901 21,926

4,958 29,874
4,958 29,928
4,957 29,870
4,,955 29,793
4,956 29,813

827
452
823
342
813
341
806
757
812 1,010

521 458
549 358
549 227
547 296
579 384

878 19.555
877 19,805
910 19,934
998 19,818
996 19,188

18,912
18,885
19,043
18,958
18,349

643
920
891
860
839

71
68
73
168

675
710
833
590

25,829 21,927
25,691 21,929
25,673 21,931
25,277 21,924

4,959 30,066
4,958 30,099
4.958 29,932
4.959 29,815

821
811
807
806

464
392
499
551

588
765
651
569

986
986
983
963

19,377
19,166
19,261
19,036

18,419
18,404
18,356
18,347

958
762
905
689

175
287
229
178

653
598
723
698

25,154 21,908 4,
,889
24,
,901 4,959 29,932
24,933 21,858 4,
,919
24,
,858 4,961 29,850

803
803
805
807

742
584
558
566

526
544 430
579 452
557

18.6Q8
905 18,
914 18
18,353

185
147
189
141
191

576
598
714
977
627

24,699 21,837
24,759 21,809
24,939 21,809
24,908 21,810
24,687 21,810

808
802
795
793
795

551
479
558
446
652

465
518
559
514
511

926
923
925
934
933

68 1,037

Averages
of daily
figures
Monthly:
1953—Sept
Oct..
Nov.
Dec.
1954—Jan..
Feb..
Mar.
May".
June.
July.
Aug..
Sept..
Weekending:
1954

Sept.
Sept.
Sept.
Sept.
Sept.

1.
8.
15.
22.
29.

44

17
104
66
93
36

4,962 29,887
4,965 30,046
4,967 30,073
4,967 29,969
4,968 29,888

413
359
428
420

516
428
432
435
437

17,666 1,032
17,688
898
17.662
863
17,627
726

18,346 17,603
18,336 17,556
18,373 17,594
18,596 P 1 7 , 6 5 9
18,250 P17.631

743
780
779
P937

P1 Preliminary.
Includes industrial loans and acceptances purchased, which are shown separately in subsequent tables.
2
These figures are estimated.
Back figures.—See Banking and Monetary Statistics, Tables 101-103, pp. 369-394; for description, see pp. 360-366 in the same publication.
MAXIMUM RATES ON TIME DEPOSITS
[Per cent per annum]

MARGIN REQUIREMENTS »
[Per cent of market value]

Nov. 1, 1933- Feb. 1,1935- Effective
Jan. 31, 1935Dec. 31, 1935 Jan. 1,1936
Savings deposits
Postal Savings deposits
Other deposits payable:
In 6 months or more
In 90 days to 6 months. . .
In less than 90 days
NOTE.—Maximum rates that may be paid by member banks as
established by the Board of Governors under provisions of Regulation Q. Under this Regulation the rate payable by a member bank
may not in any event exceed the maximum rate payable by State
banks or trust companies on like deposits under the laws of the State
in which the member bank is located. Maximum rates that may be
paid by insured nonmember banks as established by the F.D.I.C.,
effective Feb. 1, 1936, are the same as those in effect for member banks.

Prescribed in accordance with
Securities Exchange Act of 1934

Regulation T:
For extensions of credit by brokers
and dealers on listed securities
For short sales
Regulation U:
For loans by banks on stocks

Mar. 30, Jan. 17, Effec19491951tive
Jan. 16, Feb. 19, Feb. 20,
1951
1953
1953

50
50

75
75

50
50

50

75

50

1

Regulations T and U limit the amount of credit that may be extended on a security by prescribing a maximum loan value, which is a
specified percentage of its market value at the time of extension; the
"margin requirements" shown in this table are the difference between
the market value (100%) and the maximum loan value.
Backfigures.—SeeBanking and Monetary Statistics, Table 145, p. 504,
and BULLETIN for March 1946, p. 295, February 1947, p. 162, and

February 1953, p. 130.

1062



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
Sept. 30

Boston
New York.. .,
Philadelphia. ,
Cleveland
Richmond
Atlanta
Chicago
St. L o u i s . . . .
Minneapolis. .
Kansas City.
Dallas
San Francisco

Previous
rate

In effect
beginning—

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
Sept. 30
2
2
2
2
2
2
2
2
2

Apr. 27,1954
Apr. 16,1954
May 21, 1954
Apr. 23,1954
May 15, 1954
May 15, 1954
Apr. 14,1954
Apr. 23,1954
Apr. 29,1954
Apr. 23,1954
Apr. 23,1954
Apr. 16,1954

In effect
beginning—

Rate on
Sept. 30

Previous
rate

Apr. 27,1954
Apr. 16,1954
M a y 21, 1954
Apr. 23,1954
M a y 15. 1954
M a y 15, 1954
Sept. 13,1954
Apr. 23.1954
Apr. 29,1954
Feb. 12,1954
Apr. 23,1954
Apr. 16,1954

2

In effect
beginning—
Feb.
Jan.
Jan.
Aug.
Jan.
Feb.
Aug.
May
Jan.
Jan.
Jan.
Jan.

3

V
3

T
2H

5,
16,
16,
17,
23,
9,
13,
18,
26,
16,
23,
20,

Previous
rate

1954
1953
1953
1953
1953
1954
1948
1953
1953
1953
1953
1953

3
3
1
Rates skown also apply to advances secured by obligations of Federal intermediate credit banks maturing within 6 months.
NOTE.—Maximum maturities. Discounts for and advances to member banks: 90 days for discounts and advances under Sections 13 and 13a
of the Federal Reserve Act except that discounts of certain bankers' acceptances and of agricultural paper may have maturities not exceeding
6 months and 9 months, respectively, and advances secured by obligations of Federal intermediate credit banks maturing within 6 months are
limited to maximum maturities of 15 days; 4 months for advances under Section 10(b). Advances to individuals, partnerships, or corporations
under the last paragraph of Section 13: 90 days. Back figures.—See Banking and Monetary Statistics, Tables 115-116, pp. 439-443.
MEMBER BANK RESERVE REQUIREMENTS
[Per cent of deposits]

FEDERAL RESERVE BANK BUYING RATES ON
ACCEPTANCES
[Per cent per annum]
Maturity
1- 90 days
91-120 days
121-180 days

Rate on
Sept. 30

In effect beginning—

Previous
rate

1V2

Apr. 16, 1954
Apr. 16, 1954
Apr. 16, 1954

IM
IK

\%

NOTE.—Effective minimum buying rates on prime bankers' acceptances payable in dollars. Back figures.—See Banking and Monetary
Statistics, Table 117, pp. 443-445.
FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS
AND COMMITMENTS UNDER SECTION 13B
OF THE FEDERAL RESERVE ACT
Maturities not exceeding five years
[In effect September 30. Per cent per annum]
To industrial or
commercial
businesses

To financing institutions

On
loans1

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

On
commitments

Portion
for which
institution is
obligated

Remaining
portion

3-534

3-5^
2^-5

2^-5
3-5
3-5K
2H-s

On
commitments

•^/2
4 2

( )

4

34-1M

3-5 y2
3-534

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

J

H-iH
M-iK

July 9
1954—June 16
June 24
July 29
Aug. 1
In effect Oct. 1, 19544....

X-iX
34-1H
6
3
4-i^
6
K-i^
institutions.

1954




Central
reserve
city
banks

Reserve
city
banks

13

10
15

22f|
26
22*4
26
24
22
20
22
24

20

26

22

24

21
20

23X

19X

23
22H
22
23

19

24

20

22

19

21
20

18

20

18

20

16
25
1
1

18
19

Country
banks

Time
deposits
(all
member
banks)

7

3

iox
2

1......

1...
11
16
18
25
1
11

^-134

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

OCTOBER

Aug.
Aug.
Aug.
Aug.
Aug.
Sept.
1951—Jan.

Jan.
Jan.
Feb.
1953_july

H-iH
M-iH
34-1H
X-iX

234-5
2H~5
2%-5

1917—June 21
1936—Aug. 16
1937—Mar. 1
May 1
1938—Apr. 16
1941—Nov. 1
1942—Aug. 20
Sept. 14
- Oct. 3
1948—Feb. 27
June 11
Sept. 16
Sept. 24
1949_May 1
May 5
June 30
July

On discounts or
purchases

Federal
Reserve
Bank

Net demand deposits 1
Effective date
of change

a*

12
14

5j|
6
5
6

16

271^

15

27
37
36
26

14
13

35
25

12

36

13

2

6

14
13
.
12
12

25
35
5

1

Demand deposits subject to reserve requirements, which beginning
Aug. 23, 1935, have been total demand deposits minus cash items
in process of collection and demand balances due from domestic banks
(also minus war loan and series E bond accounts during the period
Apr.
13, 1943-June 30, 1947).
2
Requirement became effective at country banks.
3
Requirement became effective at central reserve and reserve city
banks.
4
Present legal minimum and maximum requirements on net demand
deposits—central reserve cities, 13 and 26 per cent; reserve cities,
10 and 20 per cent; country, 7 and 14 per cent, respectively; on time
deposits at all member banks, 3 and 6 per cent, respectively.

1063

MEMBER BANK RESERVES AND BORROWINGS
[Averages of daily figures. In millions of dollars]

Month, or
week ending Wednesday

All
member
banks i

Central reserve
city banks

Re-

serve
city
banks

Country
banks 1

New
York

Chicago

20,287
19,653
19,526
19,670
19,164
18,478

5.155
4,838
4,713
4,812
4,508
4,311

1,320
1,292
1,293
1,251
1,198
1,171

7,933
7,808
7,805
7,839
7,780
7,502

5,878
5,713
5,714
5,767
5,678
5,493

18,525
18,353
18,347
18,337
18,373
18,595
18,250

4,337
4,280
4,309
4,228
4,282
4,296
4,273

1,182
1,166
1,171
1,160
1,144
1,153
1,139

7,511
7,489
7,488
7,492
7,493
7,560
7,492

5,495
5,413
5,379
5,456
5,454
5,586
5,346

Total reserves held:
1953—June
July
August
1954—June
July
August
Aug. 18
Aug. 25
Sept. 1
Sept. 8
Sept. 15
Sept. 2 2 . . . .
Sept. 29

Month, or
week ending Wednesday

Aug. 18
Aug. 25
Sept. 1
Sept. 8
Sept. 15
Sept. 22
Sept. 29

ber

banks

1

New
York

Chicago

Reserve
city
banks

Country
banks i

Excess reserves:
1953—June
July
August
1954—June
July
August
Aug. 18
Aug. 25
Sept. 1
Sept. 8
Sept. 15
Sept. 22
Sept. 29

787
784
643
858
836
839

128
53
6
63
40
—9

4
5
1
11
11

164
130
99
153
166
112

491
597
537
630
619
736

865
725
745
780
779

22
—5
25
-11
21
29
-11

7
-4
4
1
-3
6
-9

91
82
99
128
100
123
78

745
652
617
662
661

423
418
650
146
66
115

11
12
53
14

22
40
79
4
1
11

195
245
365
61
26
37

195
121
154
67
38

139
88
95
57
84
36
78

20
23
10

22
2
9
2
20
1
8

58
32
38
21
29
22
38

39
31
38
34
35
13
32

P936
P620

P778
P562

Borrowings at Federal
Reserve Banks:

Required reserves: 2
1953—June
July
August
1954—June
July
August

Central reserve
city banks

All
mem-

19,499
18,868
18,882
18,813
18,329
17,638

5,028
4,786
4,706
4,749
4,468
4,320

1,316
1,288
1,292
1,240
1,187
1,172

7,769
7,678
7,706
7,686
7,614
7,390

17,662
17,627
17,603
17,556
17,594
P17.659
P17.631

4,316
4,285
4,284
4,239
4,261
4,267
4,285

1,175
1,169
1,168
1,159
'.t ,147
1,147
1,148

7,421 4,750
7,407 4.766
7,389 4,762
7,364 4,794
7,393 4,793
7,437 P4.808
7,414 P4.784

5,387
5,117
5,177
5,138
5,058
4,757

1953—June...
July
August
1954—June
July
August
Aug. 18
Aug. 25
Sept. 1
Sept. 8
Sept. 15
Sept. 22
Sept. 29

30

17

*1 Preliminary.
Weekly figures of excess reserves of all member banks and of country banks are estimates. Weekly figures of borrowings of all member
banks2 and of country banks may include small amounts of Federal Reserve Bank discounts and advances for nonmember banks, etc.
See table on preceding page for changes in reserve requirements.
Back figures.—See Banking and Monetary Statistics, pp. 396-399.

DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER BANKS
[Averages of daily figures.l In millions of dollars]

Item

All
member
banks

Central reserve
city banks
New
York

Chicago

Reserve
city
banks

Country
banks

All
member
banks

Central reserve
city banks

August 1954
Gross demand deposits:
Total
Interbank
Other
Net demand deposits2
Time deposits
Demand balances due from domestic banks...
Reserves with Federal Reserve Banks:
Total
Required3
Excess
Borrowings at Federal Reserve Banks

,962
,082
,880
,891
,906

22,811
3,999
18,812
20,685
3,660

6,129
1,341
4,788
5,538
1,282

42,413
6,481
35,932
36,806
15,297

6

,789

41

121

2,028

4,600

18
17

,478
,638

4,311
4,320

1,171
1,172

7,502
7,390
112

115

30

11

37

—9

Country
banks

August 1953

108
13
95
94
38

839

Chicago

New
York

Reserve
city
banks

37,609 107,291
1,262 11,806
36,347 95,485
31,861 94,241
18,667 34,926

22,583
3,747
18,836
20,734
2,416

6,145
1,238
4,906
5,547
1,198

41,674
5,782
35,892
36,170
13,901

36,889
1,039
35,850
31,790
17,411

6,013

37

119

1,871

3,987

5,493
4,757
736

19,526
18,882
643

4,713
4,706
6

1,293
1,292
1

7,805
7,706
99

5,714
5,177
537

37

650

53

79

365

154

1

Averages of daily closing figures for reserves and borrowings and of daily opening figures for other items, inasmuch as reserves required are
based2 on deposits at opening of business.
Demand deposits subject to reserve requirements, i. e., gross demand deposits minus cash items reported as in process of collection and
demand
balances due from domestic banks.
3
See table on preceding page for changes in reserve requirements.

1064




FEDERAL RESERVE BULLETIN

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS
[In thousands of dollars]
End of month

Wednesday figures
Item

1954
Sept. 29

Sept. 22

Sept. 15

1954
Sept. 8

Sept. 1

Sept.

1953
Sept.

Aug.

Assets
Gold certificates
Redemption fund for F. R. notes

20,287,101 20,277,100 20 ,277,100 3,287,103 20,287,103 20,287,101 20,277,105 20,071,104
847,052
837,051
840,241
842,262
840,241
862,363
847,052
842,262

Total gold certificate reserves

21,129,363 21,124,152 21,124,152 21,124,154 21,127,344 21,129,363 21,117,346 20,933,467

F. R. notes of other Banks
Other cash
Discounts and advances:
For member banks
For nonmember banks, etc
Industrial loans
U. S. Government securities:
Bought outright:
Bills
Certificates:
Special
Other
Notes
Bonds

136,982
349,737

147,683
349,774

141,080
346,038

109,374
327,998

129,535
361,198

132,036
351,911

121,210
362,063

198,242
344,110

173,899
125,000
870

64,939
105,000
934

93,009
105,000
973

63,879
90,000
769

203,185
90,000
605

27,374
105,000
978

109,769
90,000
616

' "2,968

329,347

1,324,250 1,049,250 1,266,150 1,323,150 1,173,150 1,549,250 1,173,150 1,943,312
6,599,791 6,599,791
13,029,021 13,029,021
3,092,550 3,092,550

Total bought outright
Held under repurchase agreement.

6,599,791
,599,791 6,599
029,021 13,029,021 13 ,029,021 13,029
3,092,550 ,092,550 3,092

,851,541
6,599,791
13,029,021 13,773,671
,666,150
3,092,550

24,045,612 23,770,612 23,987,512 24,044,512 23 894,512 24,270,612 23,894,512 25,234,674
128,600
128,600

Total U. S. Government securities.

24,045,612 22,770,612 23,987,512 24,044,512 24,023,112 24,270,612 24,023,112 25,234,674

Total loans and securities

24,345,381 23,941,485 24,186,494 24,199,160 24,316,902 24,403,964 24,223,497 25,566,989

22
22
22
22
3,624,895 4,129,324 4,777,814 3,238,254
53,385
53,400
53,656
53,545
143,733
148,486
151,106
158,619

Due from foreign banks
Uncoltected cash items
Bank premises
Other assets
Total assets. .

22
,843,878
50,041
192,809

22
22
22
,440,095 3,547,
3,157,669
53,731
53,
53,724
140,747
159
138,750

49,798,544 49,897,202 50,772,733 49,200,833 49,569,574 49,777,564 49,174,281 51,129,558

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

25,553,572 25,532,604 25,630,101 25,708,879 25,576,049 25,601,422

26,033,313

18,330,877 18,379 162 18 ,641,889 18,274
446
509,566
769,192
514. 506
523
506,171
489,198
524! 282
390
408,893
398,344
388 050

19 ,308,535

18,530,107 18,676,139 18,316
591,043
704,485
511.
476.
483,138
461,465
501,
404,386
421,781

642,404
512,255
351,631

19,987,611 19,806,000 20,066,519 19,635,011 20,008,674 20,263,870 19,805,127 20,814,825

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

3,113,558 3,420
17
17,719

Total liabilities and capital accounts

2,866,736 2,768,038 2,684 978
14,725
17,376
15 080

,158,668
20,693

48,672,460 48,776,502 49,657,688 48,091,706 48,466,184 48,650,706 48,071,546 50,027,499
275,842
625,013
27,543
197,686

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

,943,940 2,732,
15,
17,128

275,809
625,013
27,543
192,335

275,628
625,013
27,543
186,861

275,066
625,013
27,543
181,505

274,872
625,013
27,543
175,962

275,870
625,013
27,543
198,432

274,838
625,013
27,543
175,341

261,550
584,676
27,543
228,290

49,798,544 49,897,202 50,772,733 49,200,833 49,569,574 49,777,564 49,174,281 51,129,558

6,278
2,240

5,481
2,180

5,585
2,156

46.6

46.3

5,279
2,361

5,334
2,793

6,453
1,943

46.5
5,264
2,795

44.7
26,255
3,342

Maturity Distribution of Loans and U. S. Government Securities 1
Discounts and advances—total
Within 15 days
16 days to 90 days
91 days to 1 year
Industrial loans—total
Within 15 days
16 days to 90 days
91 days to 1 year
Over 1 year to 5 years
U. S. Government securities—total
Within 15 days
16 days to 90 days
91 days to 1 year
Over 1 year to 5 years
Over 5 years to 10 years
Over 10 years

298 ,899
190 ,911
107 ,984

198,009
169,939
153,879
132,374
293,185
199,769
90,080
62,092
59,893
34,192
197,146
103,880
107,873
107,843
93,895
98,178
95,814
95,664
56
4
91
4
4
225
225
973
934
769
978
870
605
616
647
624
2
3
571
2
5
18
12
449
11
361
730
364
272
262
281
252
205
209
208
36
37
36
36
37
39
36
24,045 ,612 23,770,612 23,987,512 24,044,512 24,023,112 24,270,612 24,023,112 25
363 ,700
315,750
344,900
347,500
668,500
485,600
283,000
8,243 ,100
,016,050
921,250
975,650
633,250
,548,800
816,150
6,689 ,591 6,689.591 13,972,141 13,972,141
972,141
689,591 13,972,141
6,320 ,750 6,320,750
320,750 6,299,060
299,060
320,750 6,299,060
1,013 ,614 1,013,614
,035,304
013,614
035,304
013,614
035,304
1,414 ,857 1,414,857
414,857
,414,857
414,857
414,857
414,857

329,347
316,337
13,010
"2,968
840
423
1,624
81
,234,674
494,900
,940,162
,558,091
,452,264
,374,400
,414,857

1
Securities held under repurchase agreement are classified as maturing within 15 days in accordance with maximum maturity of the agreements.

OCTOBER

1954




1065

STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON SEPTEMBER 30, 1954
[In thousands of dollars]

Item

Total

Boston

New
York

Philadelphia

Cleveland

Richmond

Assets
Gold certificates. 20,287,101 1,063,858 5,477,248 1,184,304 1,716,207 1,106,665
Redemption fund
for F. R. notes.
842,262
50,523
167,297
54,590
76,395
70,580

Atlanta

Chicago

St.
Louis

Minneapolis

Kansas
City

925,891 3,615,504 810,279 422,950 866,161
54,765

145,354

47,594

24,799

San
Francisco

Dallas

40,081

808,753 2,289,281
29,094

81,190

Total gold certificate reserves. . 21,129.363 1,114,381 5,644,545 1,238,894 1,792,602 1,177,245 980.656 3,760,858 857,873 447,749 906,242 837,847 2,370,471
F. R. notes of
5,745
12,288
5,753
8,359
6,469
132,036
26,736
9,129
7,085
other Banks...
9,639
14,633
15,484
10,716
39,467
9,275
12,376
13,969
18,652
64,764
20,473
39,167
60,784
Other cash
24,026
351,911
31,798
17,160
Discounts and
advances:
Secured by
U. S. Govt.
200
4,802
296
1,910
750
1,940
9,050
950
2,345
securities. . .
26,676
144
4,189
100
10,710
3,990
2,625
3,990
7,770
6,464
30,450
9,660
14,595
Other
105,698
5,355
5,574
4,515
83
895
Industrial loans..
978
U. S. Government
securities:
Bought out24,270,612 1,339,204 6,199,491 1,477,061 2,080,161 1,429,491 1,236,127 4,242,940 1,015,604 596,013 1,047,131 953,689 2,653,700
right
Held under
repurchase
agreement...
Total loans and
24,403,964 1,346,618 6,232,286 1,486,476 2,091,761 1,439,035 1,240,742 4,266,585 1,021,504
securities
Due from foreign
1
2
16
22
1
banks
2
1
Uncollected cash
692,817 219,531 342,775 300,913 237,016 577,263 152,606
3,547,358 243,119
items
6,330
2,849
5,168
5,036
5,929
Bank premises.. .
3,920
4,549
7,255
53,506
9,323
27,726
6,849
13,946
8,705
Other assets
8,595
9,296
39,629
159,404
Total assets

598,921 1,055,923
1

959,407 2,664,706

1

1

191,525
2,458
7,128

170,106
559
7,254

2

308,848
8,434
17,105
49,777,564 2,752,418 12,708,038 2,988,996 4,292,374 2,958,915 2,518,212 8,714,182 2,066,803 1,180,011 2,181,406 1,994,888 5,421,321

Liabilities
F. R. notes
25,601,422
Deposits:
Member bk.—
reserve accts. 18,676,139
U. S. Treas.—
704,485
gen. acct.. ..
461,465
Foreign
421,781
Other
Total deposits... 20,263,870
Deferred availability
cash
items
2,768,038
Other liabilities
and accrued
dividends
17,376

,564,243 5,746,734 1,780,319 2,367,970 1,794,028 1,365,481 4,952,850 1,141,914
830,563 5,569,359

436,272

923,278

52,733
17,138
7,719

21,873
11,275
1,210

36,345
17,138
2,990

855,857

903,999 3,154,152

757,064

470,630

248,192

196,593

444,471

122,164

92,852

903,818 6,183,889

953,016 1,554,353

214,759

172,155

265,380

457,193

992,586 2,368,230

679,474

45,392
23,001
2,757

55,610
33,374
10,769

732,894 2,563,487

107,651
62,689
4,795

784,707

79,915
41,492
10,479

129,968
2
141,236
343,326

586,319 1,005,183

836,923 2,979,017

853,263 1,422,467

41,127
27,511
4,617

110,839
1,019
3,848

46,525
19,393
1,158

39,923
21,197
782

47,423
46,021
31,179

979,751 1,054,488 2,492,853
151,315

154,781

248,183

635
598
1,942
1,553
640
563
787
5,296
989
2,809
816
748
Total liabilities. . 48,650,706 2,683,607 12,393,112 2,906,479 4,189,645 2,898,825 2,466,889 8,554,282 2,021,782 1,150,364 2,136,884 1,942,761 5,306,076

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

275,870
625,013
27,543

38,779
3,011

83,595
176,633
7,319

18,712
45,909
4,489

26,738
57,648
1,006

12,471
31,750
3,349

11,954
28,034
762

36,501
90,792
1,429

9,570
25,465
521

6,140
16,219
1,073

10,596
23,456
1,137

13,981
28,146
1,307

30,823
62,182
2,140

198,432

12,232

47,379

13,407

17,337

12,520

10,573

31,178

9,465

6,215

9,333

8,693

20,100

14,789

Total liabilities
and capital
49,777,564 2,752,418 12,708,038 2,988,996 4,292,374 2,958,915 2,518,212 8,714,182 2,066,803 1,180,011 2,181,406 1,994,888 5,421,321
accounts
46.1%

45.2%

47.3%

45.3%

45.7%

44.4%

43.2%

46.4%

45.2%

42.4%

45.7%

46.9%

46.9%

Contingent liability on acceptances purchased for foreign
correspondents

6,453

384

31,980

466

580

321

271

876

239

158

239

296

643

Industrial loan
commitments..

1,943

480

598

39

110

19

Reserve ratio

697

1
After
2
After
3

deducting £16,000 participations of other Federal Reserve Banks.
deducting $320,210,000 participations of other Federal Reserve Banks.
After deducting $4,473,000 participations of other Federal Reserve Banks.

1066




FEDERAL RESERVE BULLETIN

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

End of month

1954
Sept. 29

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

Sept. 22

Sept. 15

1954
Sept. 8

Sept. 1

Sept.

1953
Sept.

Aug.

26,557,599 26,565,598 26,645,867 26,563,726 26,517,599 26,539,310 26,533,486 27,107,943
11,093,000 11,093,000 11,093,C
093,000
55,846
33,430
37,260
29,570
16,865,000 16 ,865,000 16,865,000 16 ,865,000

Total collateral

11,093,000 11,093,000 11,463,000
191,182
13,156
49,565
16,865.000 16,865,000 16,620,000

28,013,846 26,991,430 27,995,260 27,987,570 27,996,581 27,971,156 28,007,565 28,274,182

EACH FEDERAL RESERVE BANK ON SEPTEMBER 30, 1954
[In thousands of dollars]

Total

Item

Boston

New
York

Philadelphia

Cleveland

Richmond

Atlanta

Chicago

St.
Louis

Minne- Kansas
apolis
City

Dallas

San
Francisco

F. R. notes outstanding (issued
to Bank)
26,539,310 1,627,801 5,917,492 1,864,174 2,480,738 1,845,293 1,410,872 5,058,364 1,198,302 624,384 1,030,010 771,080 2,710,800
Collateral held:
Gold certificates 11,093,000 640,000 2,670,000 800,000 1,000,000 625,000 485,000 2,400,000 355,000 175,000 280,000 283,000 1,380,000
750
1,910
13,156
1,009
4,189
Eligible paper..
200
4,802
296
U. S. Govt. se3,600,000
1,200,000
1,500,000
1,300,000
1,000,000
2,700,000
curities
920,000 500,000 800,000 525,000 1,620,000
16,865,000 1,200,000
Total collateral.. 27,971,156 1,841,009 6,270,000 2,000,750 2,500,000 1,929,189 1,485,000 5,100,000 1,276,910 675,200 1,084,802 808,000 3,000,296

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

End of
year or
month

1945
1946
1947
1948
1949
1950
1951
1952

Applications
approved
to date
Number

Amount

3,511
3,542
3,574
3,607
3,649
3,698
3,736
3,753

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

Participations
Apof
financproved
Loans Commiting instibut not
out- 2 ments
outcom- 1 standing standing tutions
outpleted (amount) (amount)
standing 3
(amount)
(amount)
320
4,577
945
335
539
4,819
3,513
1,638

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

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

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

1953
A u g u s t . . . . 3,760
September. 3,760
October. . . 3,762
November. 3,764
December.. 3,765

793,196
795,496
797,656
800,420
803,429

1,492
997
1,242
1,682
1,951

2,801
2,993
2,685
2,546
1,900

3,355
3,341
3,381
3,097
3,569

2,955
3,134
2,970
3,640
3,469

1954
January. . .
February. .
March
April
May
Tune
July
August....

3,765
3,765
3,766
3,767
3,767
3,768
3,768
3,768

805,115
806,648
808,505
810,051
810,779
812,433
813,465
814,765

1

1,234
1,345
1,720
405
45
195
45
45

1,885
1,792
1,487
1,302
1,298
1,247
1,130
630

3,532
3,145
2,957
2,891
2,373
2,395
2,354
2,794

3,414
3,344
2,666
2,412
1,869
1,855
1,812
1,773

Includes applications approved conditionally by the Federal Reserve
Banks and under consideration by applicant.
2
Includes industrial loans past due 3 months or more, which are not
included in industrial loans outstanding in weekly statement of condition
of Federal Reserve Banks.
3
Not covered by Federal Reserve Bank commitment to purchase or
discount.
NOTE.—The difference between amount of applications approved and
the sum of the following four columns represents repayments of advances, and applications for loans and commitments withdrawn or
expired.

OCTOBER

1954




LOANS GUARANTEED THROUGH FEDERAL RESERVE
BANKS UNDER REGULATION V, PURSUANT TO
DEFENSE PRODUCTION ACT OF 1950
[Amounts in thousands of dollars]

End of
year or
month

1950
1951
1952

Guaranteed loans
authorized
to date

Guaranteed
loans
outstanding

Additional
amount
available to
borrowers
under guarantee agreements
outstanding

Number

Amount

Total
amount

Portion
guaranteed

62
854
1,159

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

8,017
675,459
979.428

6,265
546,597
803,132

8,299
472,827
586,303

1,259
1,269
1,279
1,284
1,294

2,301,987
2,310,182
2,320,187
2,324,612
2,358,387

868,274
860,874
842,529
837,238
804,686

716,618
709,488
695,550
691,727
666,205

444,265
438,091
416,690
375,977
363,667

1,304
1,310
1,316
L.322
1,324
L ,331
1,342
:1,350

2,377,628
2,380,186
2,399,321
2,406,651
2,408,226
2,420,326
2,443,021
2,457,689

788,320
772,647
737,605
684,631
664,122
640,636
604,750
559,859

652,706
640,121
612,265
569,551
552,738
534,695
502,902
466,089

347,969
355,056
321,619
347,823
330,408
299,465
311,191
300,676

1953
August
September
October. . .
November.
December.
1954
January...
February..
March....
April
May
June
July
August....

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.

1067

POSTAL SAVINGS SYSTEM

FEES AND RATES ESTABLISHED UNDER REGULATION V
ON LOANS GUARANTEED PURSUANT T O DEFENSE
PRODUCTION ACT OF 1950
[In effect September 30]
Fees Payable to Guaranteeing Agency by Financing Institution on
Guaranteed Portion of Loan
Percentage of
loan guaranteed
70 or less
75
80
85
90
95
Over 95

Guarantee fee
(percentage of
interest payable
by borrower)

Percentage of
any commitment
fee charged
borrower

10
15
20
25

10
15
20
25

40-50

40-50

30
35

30
35

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

[In millions of dollars]
Assets
Depositors'
balances l

End of month

Total

Cash
in
depository
banks

U. S.
Government
securities

Cash
reserve
funds,
etc.'

1945—December..
1946—December..
1947—December..
1948—December..
1949—December..
1950—December..
1951—December..
1952—December..

2,933
3,284
3,417
3,330
3,188
2,924
2,705
2,547

3,022
3,387
3,525
3,449
3,312
3,045
2,835
2,736

6
6
6
7
7
11
28
33

2,837
3,182
3,308
3,244
3,118
2,868
2,644
2,551

179
200
212
198
187
166
162
151

1953—May
June.......
July
August....
September.
October
November.
December..

2,477
2,457
2,438
2,419
2,401
2,387
2,373
2,359

2,665
2,653
2,648
2,635
2,618
2,596
2,577
2,558

33
33
33
33
33
33
31
31

2,488
2,477
2,469
2,452
2,435
2,428
2,407
2,389

144
143
146
151
150
135
139
138

1954—January...
February..,
March
April
May

2,343
2,326
2,309
2,290
2,271
J>2,251

2,540
2,505
2,470
2,434
2,416

31
31
31
31
31

2,373
2,336
2,299
2,278
2,256

136
139
140
125
130

Tulv
August

P2.2O8

p Preliminary.
1 Outstanding principal, represented by certificates of deposit.
2 Includes reserve and miscellaneous working funds with Treasurer
of United States, working cash with postmasters, accrued interest on
bond investments, and miscellaneous receivables.
Back figures.—See Banking and Monetary Statistics, p. 519; for
description, see p. 508 in the same publication.

BANK DEBITS AND DEPOSIT TURNOVER
[Debits in millions of dollars]
Debits to demand deposit accounts,
except interbank and
U. S. Government accounts

Without seasonal adjustment

Year or month

1943
1944
1945
1946,
1947
1948
1949
1950
1951
1952
1953
1953—July
August
September. . . .
October
November
December
1954—January
February
March
April
May
June
July
August
September

Annual rate of turnover of demand deposits except
interbank and U. S. Government deposits
Seasonally adjusted2
338 other
6
other reporting
centers1 centers

Total, all
reporting
centers

New
York
City

6
other
centers 1

338 other
reporting
centers

New
York
City

757,356
848,561
924,464
1,017,084
1,103,720
1,227,476
1,206,293
1,380,112
1,542,554
1,642,853
1,759,069

281,080
327,490
382,760
406,790
398,464
443,216
446,224
509,340
544,367
597,815
632,801

175,499
194,751
200,202
218,477
246,739
270,912
260,897
298,564
336,885
349,904
385,831

300,777
326,320
341,502
391,817
458,517
513,348
499,172
572,208
661,302
695,133
740,436

20.4
22.3
24.1
25.1
23.8
26.9
27.9
31.1
31.9
34.4
36.7

18.0
18.3
17.5
18.3
19.7
21.6
20.9
22.6
24.0
24.1
25.6

15.3
14.6
13.5
14.1
15.5
16.6
15.9
17.2
18.4
18.4
18.9

147,957
134,386
147,699
149,606
140,992
168,596

51,799
45,516
54,888
54,152
50,470
65,367

32,683
29,958
31,422
31,778
30,477
35,557

63,476
58,913
61,390
63,676
60,046
67,672

36.0
32.2
40.2
35.8
38.4
43.1

25.7
23.6
25.9
23.9
26.4
26.8

19.2
17.8
19.3
18.4
20.2
19.7

36.9
37.2
39.2
36.9
38.8
38.1

26.2
25.8
26.2
24.6
26.0
25.6

19.5
18.9
19.0
18.4
19.1
18.7

154,287
'141,931
171,357
154,763
149,814
163,512
'154,856
'151,510
149,907

62,306
56,115
67,913
60,479
59,535
64,965
61,155
58,316
56,744

30,806
29,341
36,666
33,152
31,159
33,785
31,556
31,526
30,922

61,176
56,475
66,779
61,132
59,120
64,761
'62,144
'61,668
62,241

42.7
42.7
44.6
41.3
41.9
44.2
41.6
40.0
40.4

24.1
25.5
29.2
27.6
25.5
26.8
24.9
24.8
P25.3

18.6
19.2
19.7
18.8
18.8
19.7
18.8
18.5
P19.4

42.5
43.8
43.5
41.9
43.0
40.9
42.7
46.2
39.4

24.6
26.2
26.7
26.8
25.9
26.3
25.4
27.1
P25.6

18.4
19.3
19.8
19.4
19.2
19.7
19.1
19.7
P19.1

338 other
6
other reporting
centers 1 centers

New
York
City

«• Revised.
P Preliminary
i Boston, Philadelphia, Chicago, Detroit, San Francisco, and Los Angeles.
2
Dy tne
York.
These data are
are compnea
compiled by
the federal
Federal Reserve
Reserve Bank
Bank ot
of New
New York.
description of
of earlier----earlier series, see
Statistics,
pp. 230-233; for description of revision in 1942 see BULLETIN
NOTE.—For
--- Banking
"--- 1 *-- and
--•-»Monetary
"
°- ••
for August
1943, description
p. 717; and for description of revision in 1953 covering the period beginning 1943, see BULLETIN for April 1953, pp. 355-357.

1068




FEDERAL RESERVE BULLETIN

UNITED STATES MONEY IN CIRCULATION BY DENOMINATIONS
[Outside Treasury and Federal Reserve Banks. In millions of dollars]
Total
in circulation1

End of year or
month

Coin and small denomination currency2
Total

Coin

*$1

$5

Large denomination currency3

$10

$20

Total

$50

$100

$500 $1,000 $5,000 $10,000

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

7,598
5,553
8,732
6,247
11,160
8,120
15,410 11,576
20,449 14,871
25,307 17,580
28,515 20,683
28,952 20,437
28,868 20,020
28,224 19,529
27,600 19,025
27,741 19,305
29,206 20,530
30,433 21,450

590
559
648
610
695
751
801
880
909
1,019
987
1,156
1,274 1,039
1,361 1,029
,048
1,404
,049
1,464
,066
1,484
,113
1,554
,182
1,654
,228
1,750

36
39
44
55
70
81
73
67
65
64
62
64
67
71

,019
,129
,355
,693
,973
2,150
2,313
,173
2,110
2,047
2,004
,049
,120
2,143

1,772
2,021
2,731
4,051
5,194
5,983
6,782
6,497
6,275
6,060
5,897
5,998
6,329
6,561

1,576
1,800
2,545
4,096
5,705
7,224
9,201
9,310
9,119
8,846
8,512
8,529
9,177
9,696

2,048
2,489
3,044
837
580
730
7,834
8,518
8,850
8,698
8,578
8,438
8,678
8,985

460
538
724
1,019
1,481
1,996
2,327
2,492
2,548
2,494
2,435
2,422
2,544
2,669

919
1,112
1,433
1,910
2,912
4,153
4,220
4,771
5,070
5,074
5,056
5,043
5,207
5,447

191
227
261
287
407
555
454
438
428
400
382
368
355
343

425
523
556
586
749
990
801
783
782
707
689
588
556
512

20
30
24
9
9
10
7
8
5
5
4
4
4
4

32
60
46
25
22
24
24
26
17
17
11
12
12
10

1953—August
September
October. . ,
November
December.

30,248
30,275
30,398
30,807
30,781

21,331
21,321
21,414
21,771
21,636

1,778
1,792
1,802
1,816
1,812

,182
,207
,214
,232
,249

70
69
70
71
72

2,061
2,060
2,071
2,123
2,119

6,531
6,499
6,524
6,659
6,565

9,709
9,694
9,734
9,871
9,819

8,918 2,655
8,956 2,659
8,986 2,665
9,038 2,689
9,146 2,732

5,423
5,458
5,488
5,519
5,581

334
334
333
332
333

494
493
489
487
486

4
4
4
4
4

8
8
8
8
11

1954—January.. ,
February..
March
April
May
June
July
August....

29,981 20,939
29,904 20,908
29,707 20,757
29,735 20,799
29,870 20,946
29,922 20,999
29,892 20,984
29,929 21,015

1,775
1,770
1,776
1,783
1,787
1,795
1,793
1,801

,180
,170
,166
,173
1,182
1,183
1,174
1,183

70
70
70
70
69
71
70
70

2,031
2,021
2,010
2,006
2,036
2,023
2,016
2,023

6,351
6,365
6.304
6,325
6,375
6,377
6,366
6,361

9,531
9,512
9,431
9,443
9,496
9,551
9,564
9,578

9,045
8,999
8,952
8,936
8,926
8,924
8,910
8,916

526
5,502
5,473
5,470
5,463
5,457
5,451
5,461

331
330
328
327
325
324
322
321

484
482
481
478
475
473
471
469

4
4
4
4
4
4
4

8
8
12
8
8
8

2,693
2,674
2,654
2,651
2,651
2,659
2,654
2,653

Unassorted

1
Total
2

of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks.
Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury
as destroyed.
3
Paper currency only; $1 silver coins reported under coin.
Backfigures.—SeeBanking and Monetary Statistics, Table 112, pp. 415-416.
UNITED STATES MONEY, OUTSTANDING AND IN CIRCULATION, BY KINDS
[On basis of circulation statement of United States money. In millions of dollars]
Money held in the T r e a s u r y

Total outstanding, As security
against
Aug. 31,
gold and
1954
silver
certificates

Gold
Gold certificates
Federal Reserve notes
Treasury currency—total
Standard silver dollars
Silver bullion
Silver certificates and Treasury notes of 1890. .
Subsidiary silver coin
Minor coin
United States notes
Federal Reserve Bank notes
National Bank notes
Total—Aug. 31, 1954
July 31, 1954
Aug. 31, 1953

21,809
21,153
26,533
4,966

' "s'2,398' '

491
2,162

237
2,162

21,153

2

657
55
99
36

(5)
(5)
23,551
23,666
23,408

Money in circulation1

Aug. 31,
1954

July 31,
1954

Aug. 31,
1953

35
25,390
4,504

35
25,377
4,479

25,738
4,474

agents

18,302

*2,398
1,280
438
347
179
70
(4)
(4)
(4)

Treasury
cash

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

55"
5
2

811
798
1,269

18,302

18,404
18,177

2,816
1,088
362

36

4

214

213

205

260
60
11
25
2
(5)
4,266
4,341
4,274

2,138
1,165
421
319
177
69

2,123
1,161
419
316
179
70

2,108
1,156
416
319
197
73

29,929

29,892

30,248

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. 1061.
2
Includes $156,039,431 held as reserve against United States notes and Treasury notes of 1890.
3To avoid duplication, amount of silver dollars and bullion held as security against silver certificates and Treasury notes of 1890 outstanding
is not included in total Treasury currency outstanding.
bullion; (ii) as security for Treasury notes of 1890—an equal dollar amount in standard silver dollars (these notes are being canceled and retired on
receipt); (iii) as security for outstanding silver certificates—silver in bullion and standard silver dollars of a monetary value equal to the face
amount of such silver certificates; and (iv) as security for gold certificates—gold bullion of a value at the legal standard equal to the face amount
of such gold certificates. Federal Reserve notes are obligations of the United States and a first lien on all the assets of the issuing Federal Reserve
Bank. Federal Reserve notes are secured by the deposit with Federal Reserve agents of a like amount of gold certificates or of gold certificates
and such discounted or purchased paper as is eligible under the terms of the Federal Reserve Act, or of direct obligations of the United States.
Each Federal Reserve Bank must maintain a reserve in gold certificates of at least 25 per cent against its Federal Reserve notes in actual circulation. Gold certificates deposited with Federal Reserve agents as collateral, and those deposited with the Treasurer of the United States as a
redemption fund, are counted as reserve. "Gold certificates" as herein used includes credits with the Treasurer of the United States payable
in gold certificates. Federal Reserve Bank notes and national bank notes are in process of retirement.

OCTOBER

1954




1069

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

Other

Other
securities

Total
assets,
net—
Total
liabilities
and
capital,
net

216
1,998
2,484
2,254
24,262
22,559
18,885
20,778
23,801
22,906
24,697
24,746

26
131
1,204
1,284
2,867
3,328
3,138
2,888
2,664
2,577
2,571
2,496

11,819
9,863
9,302
8,999
8,577
10,723
12,621
14,741
15,918
17,002
17,374
17,856

64,698
48,465
75,171
90,637
191,785
188,148
191,706
199,009
208,727
211,080
220,865
217,594

55,776
42,029
68,359
82,811
180,806
175,348
177,313
184,385
193,410
194,960
204,220
200,360

8,922
6,436
6,812
7,826
10,979
12,800
14,392
14,624
15,317
16,120
16,647
17,234

Bank credit
Date
Gold

1929—June
1933—June
1939—Dec.
1941—Dec.
1945—Dec.
1947—Dec.
1949—Dec.
1950—Dec.
1951—Dec.
1952—June
Dec.
1953—June

Treasury
currency
outstanding

U. S. Government obligations
Total

Loans,
net

Commercial
and
savings
banks

Federal
Reserve
Banks

5,741
5,499
8,199
10,328
23,105 19,417
29,049 25,511
128,417 101,288
107,086 81,199
100,456 78,433
96,560 72,894
97,808 71,343
96,266 70,783
100,008 72,740
95,350 68,108

Total

Capital
Total
and
deposits misc.
acand
currency counts,
net

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

4,037
4,031
17,644
22,737
20,065
22,754
24,427
22,706
22,695
23,346
23,187
22,463

2,019
2,286
2,963
3,247
4,339
4,562
4,598
4,636
4,709
4,754
4,812
4,854

58,642
42,148
54,564
64,653
167,381
160,832
162,681
171,667
181,323
182,980
192,866
190,277

41,082
21,957
22,157
26,605
30,387
43,023
49,604
60,366
67,597
69,712
75,484
77,071

Aug. 26
Sept. 30
Oct. 28
Nov. 25
Dec. 31

22,200
22,100
22,100
22,000
22,030

4,900
4,900
4,900
4,900
4,894

195,400
195,900
196,700
198,200
199,791

77,700 99,600
78,400 99,300
79,100 99,500
79,500 100,400
80,486 100,935

72,100
71,600
71,700
73,000
72,610

25,000
25,200
25,300
25,000
25,916

2,500
2,500
2,400
2,400
2,409

18,200
18,200
18,200
18,200
18,370

222,500
222,900
223,700
225,100
226,715

204,800
204,900
205,500
207,100
209,175

17,700
18,000
18,100
18,000
17,538

22,000
22,000
22,000
22,000
22,000
21,927
21.900
21,900

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

198,00C
197,300
196,100
197,200
198,800
200,628
200,600
202,500

79,100 100,400
79,300 99,100
80,300 96,800
79,900 98,200
80,100 99,400
81,210 99,827
80,800 100,000
80,200 102,300

73,400
72,000
69,800
71,200
72,400
72,525
73,300
76,200

24,700
24,600
24,600
24,600
24,700
25,037
24,500
23,900

2,400
2,400
2,300
2,300
2,300
2,265
2,200
2,200

18,500
18,900
19,000
19,200
19,300
19,591
19,800
19,900

224,900
224,100
223,000
224,100
225,800
227,514
227,500
229,300

207,100
206,200
205,100
206,200
207,600
209,354
209,100
210,500

17,800
17,900
17,800
17,900
18,200
18,161
18,400
18,800

1954—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.

27
24
31
28
26
30 f
28P
25P

Deposits and Currency
U. S. Government balances

Date

Total

Foreign
bank
Treasury
deposits,
cash
net
holdings

At comAt
mercial Federal
and
Reserve
savings Banks
banks

Deposits adjusted and currency
Time deposits3

Total

Demand
deposits2

Total

Commercial
banks

Mutual
savings
banks*

Postal
Savings
System

Currency
outside
banks

1929—June 29...
1933—June 30...
1939—Dec. 30...
1941—Dec. 31. ..
1945—Dec. 31...
1947—Dec. 31...
1949—Dec. 31...
1950—Dec. 30. ..
1951—Dec. 31...
1952—June 30. ..
Dec. 31...
1953—June 30...

55,776
42,029
68,359
82,811
180,806
175,348
177,313
184,385
193,410
194,960
204,220
200,360

365
50
1,217
498
2,141
1,682
2,150
2,518
2,279
2,319
2,501
2,467

204
264
2,409
2,215
2,287
,336
,312
,293
,270
,283
,270
,259

381
852
846
1,895
24,608
1,452
3,249
2,989
3,615
6,121
5,259
3,942

36
35
634
867
977
870
821
668
247
333
389
132

54,790 22,540
40,828 14,411
63,253 29,793
76,336 38,992
150,793 75,851
170,008 87,121
169,781 85,750
176,917 92,272
185,999 98,234
184,904 94,754
194,801 101,508
192,560 96,898

28,611
21,656
27,059
27,729
48,452
56,411
58,616
59,247
61,450
63,676
65,799
68,293

19,557
10,849
15,258
15,884
30,135
35,249
36,146
36,314
37,859
39,302
40,666
42,245

8,905
9,621
10,523
10,532
15,385
17,746
19,273
20,009
20,887
21,755
22,586
23,589

149
1,186
1,278
1,313
2,932
3,416
3,197
2,923
2,704
2,619
2,547
2,459

3,639
4,761
6,401
9,615
26,490
26,476
25,415
25,398
26,315
26,474
27,494
27,369

Aug. 26...
Sept. 30. ..
Oct. 28...
Nov. 25...
Dec. 31...

204,800
204,900
205,500
207,100
209,175

2,400
2,500
2,600
2,700
2,694

,300
,300
,300
800
761

7,000
6,200
3,800
5,700
4,457

700
600
600
500
346

193,400 97,500
194.300 97,700
197,300 100,300
197,400 100,200
200,917 102,451

68,700
69,100
69,600
69,300
70,375

42,500
42,800
43,200
42,900
43,659

23,800
24,000
24,100
24,000
24,358

2,400
2,400
2,400
2,400
2,359

27,300
27,500
27,400
27,900
28,091

1954—Jan. 27...
Feb. 24. ..
Mar. 31...
Apr. 28...
M a y 26...
June 30...
July 2%pr.
Aug. 25P. .

207,100
206,200
205,100
206,200
207,600
209,354
209,100
210,500

2,800
2,900
3,000
3,100
3,100
3,256
3,400
3,400

800
800
800
800
800
811
800
800

3,400
4,500
5,400
4,500
5,100
5,895
3,900
5,500

200
500
700
500
500
875
500
600

199,800 102,300
197,400 99,600
195,200 96,700
197,300 98,600
198,000 98,700
198,517 98,132
200,400 100,000
200,300 99,400

70,600
71,000
71,700
72,000
72,500
73,292
73,700
74,000

43,700
44,000
44,500
44,700
45,000
45,653
46,000
46,200

24,600
24,700
24,900
25,000
25,200
25,388
25,500
25,600

2.300
2,300
2,300
2,300
2,300
2,251
2,200
2,200

26,900
26,900
26,900
26.700
26,800
27,093
26,800
26,900

r
P1 Preliminary.
Revised.
Treasury funds included are the gold account, Treasury currency account, and Exchange Stabilization Fund.
2
Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
3
Excludes interbank time deposits; United States Treasurer's time deposits, open account; and deposits of Postal Savings
4

System in banks.
Prior to June 30, 1947, includes a relatively small amount of demand deposits.
NOTE.—For description of statement and back figures, see BULLETIN for January 1948, pp. 24-32. The composition of a few items differs
slightly from the description in the BULLETIN article; stock of Federal Reserve Banks held by member banks is included in "Other securities"
and in "Capital and miscellaneous accounts, net" and balances of the Postal Savings System and the Exchange Stabilization Fund with the U. S.
Treasury are netted against "Capital and miscellaneous accounts, net" instead of against U. S. Government deposits and Treasury cash. Total
deposits and currency shown in the monthly Chart Book excludes "Foreign bank deposits, net" and "Treasury cash." Except on call dates, figures
are rounded to nearest 100 million dollars and may not add to the totals. See Banking and Monetary Statistics, Table 9, pp. 34-35, for back figures
for deposits and currency.

1070




FEDERAL RESERVE BULLETIN

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

All b a n k s :
1939—Dec.
1941—Dec.
1945—Dec.
1947—Dec.
1950—Dec.
1951—Dec.
1952—Dec.
1953—June
Aug.
Dec.
1954—Mar.
Apr.
May
June
July
Aug.

30
31
31
313
30
31
31
30
26
31
31
28
26
30
28*"25P

Total

50,884
61,126
140,227
134,924
148,021
154,869
165,626
163,082
168,590
171,497
169,190
170,710
172,560
173,343
174,380
176,790

Loans

U. S.
Government
obligations

Other
securities

Cash
assetsl

Total
assets—
Total
liabilities
Total i
and
capital
accounts2

Deposits
Other
Interbank i

Demand

Total
Number
capital
of
accounts banks

Time

22,165 19,417
26,615 25,511
30,362 101,288
43,002 81,199
60,386 72,894
67,608 71,343
75,512 72,740
77,117 68,108
78,370 72,070
80,518 72,610
80,380 69,800
80,280 71,240
80,870 72,390
81,227 72,525
81,340 73,270
80,690 76,210

9,302
8,999
8,577
10,723
14,741
15,918
17,374
17,856
18,150
18,370
19,010
19,190
19,300
19,591
19,770
19,890

23,292
27,344
35,415
38,388
41,086
45,531
45,584
42,023
39,060
45,811
41,500
40,780
40,210
42,556
40,230
39,480

77,068
90,908
177,332
175,091
191,317
202,903
213,837
207,758
210,410
220,140
213,530
214,450
215,820
218,900
217,640
219,300

68,242
81,816
165,612
161,865
175,296
185,756
195,552
189,159
190,350
201,100
194,160
194,450
195,300
199,508
197,310
198,780

9,874
10,982
14,065
13,033
14,039
15,087
15,321
13,600
12,920
15,957
14,490
14,260
14,110
15,500
14,940
15,210

32,516 25,852
44,355 26,479
105,935 45,613
95,727 53,105
104,744 56,513
111,644 59,025
116,633 63,598
109,389 66,170
110,850 66,580
116,788 "68,354
109,960 69,710
110,180 70,010
110,630 70,560
112,637 71,371
110,590 71,780
111,430 72,140

8,194 15,035
8,414 14,826
10,542 14,553
11,948 14,714
13,837 14,650
14,623 14,618
15,367 14,575
15,791 14,537
15,890 14,532
16,118 14,509
16,350 14,482
16,480 14,472
16,550 14,468
16,664 414,465
16,690 14,457
16,770 14,446

17,238
21,714
26,083
38,057
52,249
57,746
64,163
65,025
66,040
67,593
67,050
66,750
67,120
67,337
67,290
66,450

16,316
21,808
90,606
69,221
62,027
61,524
63,318
58,644
62,590
63,426
60,650
62,130
63,280
63,508
64,340
67,300

7,114
7,225
7,331
9,006
12,399
13,339
14,143
14,287
14,500
14,668
15,090
15,230
15,290
15,538
15,650
15,740

22,474
26,551
34,806
37,502
40,289
44,645
44,666
41,156
38,260
44,828
40,490
39,830
39,330
41,569
39,260
38,540

65,216
79,104
160,312
155,377
168,932
179,465
188,603
181,425
183,790
193,010
185,740
186,520
187,670
190,585
189,190
190,670

57,718
71,283
150,227
144,103
155,265
164,840
172,931
165,531
166,520
176,702
169,220
169,400
170,080
174,068
171,770
173,130

9,874
10,982
14,065
13,032
14,039
15,086
15,319
13,598
12,920
15,955
14,490
14,260
14,110
15,497
14,940
15,210

32,513
44,349
105,921
95,711
104,723
111,618
116,600
109,352
110,810
116,750
109,920
110,140
110,590
112,588
110,540
111,380

15,331
15,952
30,241
35,360
36,503
38,137
41,012
42,581
42,790
43,997
44,810
45,000
45,380
45,983
46,290
46,540

6,885 14,484
7,173 14,278
8,950 14,011
10,059 14,181
11,590 14,121
12,216 14,089
12,888 14,046
13,275 14,009
13,350 14,004
13,559 13,981
13,750 13,954
13,870 13,944
13,930 13,940
14,038 413,937
14,060 13,929
14,120 13,919

33,941
43,521
107,183
97,846
107,424
112,247
119,547
115,789
120,398
122,422
119,840
121,125
122,602
123,185
123,915
126,001

13,962
18,021
22,775
32,628
44,705
49,561
55,034
55,613
56,491
57,762
57,109
56,804
57,205
57,197
57,114
56,453

14,328
19,539
78,338
57,914
52,365
51,621
52,763
48,318
51,859
52,603
50,241
51,690
52,726
53,111
53,832
56,476

5,651
5,961
6,070
7,304
10,355
11,065
11,751
11,858
12,048
12,057
12,490
12,631
12,671
12,876
12,969
13,072

19,782
23,123
29,845
32,845
35,524
39,252
39,255
36,467
33,730
39,381
35,640
35,043
34,545
36,722
34,514
33,819

55,361
68,121
138,304
132,060
144,660
153,439
160,826
154,258
156,217
163,983
157,647
158,438
159,478
162,203
160,748
162,136

49,340
61,717
129,670
122,528
133,089
141,015
147,527
140,830
141,507
150,164
143,608
143,913
144,513
148,252
145,975
147,179

9,410 28,231
10,525 38,846
13,640 91,820
12,403 81,785
«13,448 90,306
14,425 95,968
14,617 100,020
12,933 93,780
12,278 94,995
15,170 99,780
13,801 93,905
13,575 94,277
13,427 94,702
14,733 96,620
14,204 94,616
14,437 95,362

11,699
12,347
24,210
28,340
29,336
30,623
32,890
34,117
34,234
35,213
35,902
36,061
36,384
36,900
37,155
37,380

5,522
5,886
7,589
8,464
9,695
10,218
10,761
11,070
11,116
11,316
11,484
11,585
11,638
11,709
11,724
11,794

6,362
6,619
6,884
6,923
6,873
6,840
6,798
6,765
6,759
6,743
6,733
6,729
6,724
6,721
6,716
6,713

10,216
10,379
16,208
18,641
21,346
22^259
24,003
25,124
25,460
25,810
26,400
26,600
26,870
26,959
27,100
27,300

4,927
4,901
4,279
4,944
8 137
9,862
11,349
12,091
12,330
12,925
13,330
13,530
13,750
13,890
14,050
14,240

3,101
3,704
10,682
11,978
10 868
9,819
9,422
9,464
9,480
9,184
9,150
9,110
9,110
9,017
8,930
8,910

2,188
1,774
1,246
1,718
2 342
2,579
3,231
3,569
3,650
3,701
3,920
3,960
4,010
4,052
4,120
4,150

818
793
609
886
797
886
918
867
800
983

11,852
11,804
17,020
19,714
22 385
23,439
25,233
26,333
26,620
27,130
27,790
27,930
28,150
28,315
28,450
28,630

10,524
10,533
15,385
17,763
20 031
20,915
22,621
23,628
23,830
24,398
24,940
25,050
25,220
25,440
25,540
25,650

3
6
14
17
22
26
33
37
40
38
40
40
40
50
50
50

10,521
10 527
15,371
17,745
20,009
20,888
22,586
23,589
23,790
24,358
24,900
25,010
25,180
25,388
25,490
25,600

1,309
1,241
1,592
1,889
2 247
2,407
2,479
2,516
2,540
2,559
2,600
2,610
2,620
2,626
2,630
2,650

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

All commercial banks:
1939—Dec. 30
1941—Dec. 3 1 .
1945—Dec. 31
1947—Dec. 313
1950—Dec. 30
1951—Dec. 31
1952—Dec. 31
1953—June 30
Aug. 26
Dec. 31
1954—Mar. 31
Apr. 28
May 26
June 30

40,668
50,746
124,019
116,284
126,675
132,610
141,624
137,957
. . 143,130
145,687
142,790
144,110
145,690
146,383
July
28pr.... 147,280
Aug. 25P
149,490

All member banks:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1950—Dec. 30
1951—Dec. 31
1952—Dec. 31
1953—June 30
Aug. 26
Dec. 31
1954—Mar. 31
Apr. 28
May 26
June 30
July 2 8 P
Aug. 25P

All mutual savings
1939—Dec. 30
1941—Dec 31
1945—Dec. 31
1947—Dec. 3 1 3
1950—Dec. 30
1951—Dec. 31. . . . . .
1952—Dec. 31
1953—June 30
Aug. 26
Dec. 31
1954—Mar. 31
Apr. 28
May 26
June 30
July 28pr
Aug. 25P

1,010

950
880
987
970
940

1
2
2
3
3
*3
2
2
2
3
3
3

r
*> Preliminary.
Revised.
"Corrected.
* "All banks" comprise "all commercial banks" and "all mutual savings banks." "All commercial banks" comprise "all nonmember commercial banks" and "all member banks" including one bank in Alaska (total deposits of approximately 3 million dollars) that became a member
bank on Apr. 15, 1954, but excluding three mutual savings banks that became members in 1941. Stock savings banks and nondeposit trust
companies are included with "commercial" banks. Number of banks includes a few noninsured banks for which asset and liability data are not
available. Comparability of figures for classes of banks is affected somewhat by changes in Federal Reserve membership, insurance status, and
the reserve
classifications of cities and individual banks, and by mergers, etc.
1
Beginning June 30, 1942, excludes reciprocal balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and 525
million
at
all
insured commercial banks.
2
Includes "other" assets and liabilities, not shown separately.
For other footnotes see following two pages.

OCTOBER 1954




1071

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

Central reserve city
member banks:
New York City:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1950—Dec. 30
1951—Dec. 31
1952—Dec. 31
1953—June 30
Aug. 26
Dec. 31
1954—Mar. 31
Apr. 28
May 26
June 30
July 28P
Aug. 25P
Chicago:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1950—Dec. 30
1951—Dec. 31
1952—Dec. 31
1953—June 30
Aug. 26
Dec. 31
1954—Mar. 31
Apr. 28
May 26
June 30
July 28P
Aug. 25P
Reserve city member
banks:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1950—Dec. 30
1951—Dec. 31
1952—Dec. 31
1953—June 30
Aug. 26
Dec. 31
1954—Mar. 31
Apr. 28
May 26
June 30
July 28?
Aug. 25?
Country member
banks:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1950—Dec. 30
1951—Dec. 31
1952—Dec. 31
1953—June 30
Aug. 26
Dec. 31
1954—Mar. 31
Apr. 28
May 26
June 30
July 28P
Aug. 25P

Loans

U. S.
Government
obligations

Other
securities

Total
assets—
Total
Cash 1 liabilities
assets
and
capital
accounts5

Deposits
Other
Total i

Interbank i

Demand

Time

Total
Number
capital
of
accounts banks

9,339
12,896
26,143
20,393
20,612
21,379
22,130
20,452
21,407
22,058
21,392
21,680
22,426
22,681
22,727
22,966

3,296
4,072
7,334
7,179
9,729
11,146
12,376
11,883
12,003
12,289
11,726
11,635
12,081
11,619
11,574
11,380

4,772
7,265
17,574
11,972
8,993
8,129
7,678
6,639
7,380
7,765
7,350
7,701
8,065
8,695
8,789
9,233

1,272
1,559
1,235
1,242
1,890
2,104
2,076
1,930
2,024
2,004
2,316
2,344
2,280
2,367
2,364
2,353

6,703
6,637
6,439
7,261
7,922
8,564
8,419
7,879
6,655
8,074
8,028
7,305
6,849
7,524
6,611
6,654

16,413
19,862
32,887
27,982
28,954
30,464
31,053
28.814
28,569
30,684
29,967
29,564
29,881
30,771
29,949
30,220

=14,507
17,932
30,121
25,216
25,646
26,859
27,309
25,244
24,706
27,037
26,382
25,874
26,058
27,225
26,117
26,151

4,238
4,207
4,657
4,464
4,638
4,832
4,965
4,578
4,267
5,214
5,019
5,247
5,057
5,517
5,379
5,241

9,533
12,917
24,227
19,307
19,287
20,348
20,504
18,736
18,605
19,673
19,237
18,529
18,883
19,492
18,379
18,558

736
807
1,236
1,445
1,722
1,679
1,840
1,930
1,834
2,150
2,126
2,098
2,118
2,216
2,359
2,352

1,592
1,648
2,120
2,259
2,351
2,425
2,505
2,544
2,550
2,572
2,614
2,619
2,629
2,630
2,642
2,646

36
36
37
37
23
22
22
22
22
22
22
22
22
22
22
22

2,105
2,760
5,931
5,088
5,569
5,731
6,240
5,627
5,984
6,204
5,568
5,850
5,924
5,975
5,980
6,124

569
954
1,333
1,801
2,083
2,468
2,748
2,552
2,670
2,776
2,638
2,539
2,567
2,589
2,521
2,477

1,203
1,430
4,213
2,890
2,911
2,711
2,912
2,529
2,758
2,856
2,339
2,725
2,774
2,825
2,896
3,077

333
376
385
397
576
552
581
546
556
572
591
586
583
561
563
570

1,446
1,566
1,489
1,739
2,034
2,196
2,010
2,058
2,006
2,115
1,650
2,017
2,013
2,036
1,936
1,902

3,595
4,363
7,459
6,866
7,649
7,972
8,297
7,729
8,037
8,366
7,266
7,920
7,995
8,064
7,971
8,077

3,330
4,057
7,046
6,402
,109
7,402
7,686
7,119
7,357
7,724
6,602
7,261
7,286
7,419
7,270
7,395

888
1,035
1,312
1,217
"1,229
1,307
1,350
1,216
1,224
1,387
1,703
1,200
1,219
1,339
1,281
1,339

1,947
2,546
5,015
4,273
4,778
4,952
5,132
4,696
4,943
5.095
3,695
4,826
4,821
4,813
4,733
4,802

495
476
719
913
1,103
1,143
1,205
1,207
1,190
1,242
1,204
1,235
1,246
1,267
1,256
1,254

250
288
377
426
490
513
541
551
552
566
570
571
578
583
583
587

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

272
,347
108
I040
,685
,694
,583
,352
,397
,755
,802
,353
,836
,056
,400
,586

5,329
7,105
8,514
13,449
17,906
19,651
21,697
22,150
22,552
22,763
22,485
22,317
22,341
22,453
22,405
22,268

5,194
6,467
29,552
20,196
19,084
19,194
19,624
17,756
19,339
19,559
18,783
19,409
19,788
19,813
20,136
21,398

1,749
1,776
2,042
2,396
3,695
3,849
4,262
4,446
4,506
4,434
4,534
4,627
4,707
4,791
4,859
4,920

6,785
8,518
11,286
13,066
13,998
15,199
15,544
14,447
13,546
15,925
13,993
13,928
13,831
14,656
13,818
13,354

19,687
24,430
51,898
49,659
55,369
58,654
61,941
59,587
60,796
63,547
60,674
61,177
61,586
62,624
62,129
62,858

17,741
22,313
49,085
46,467
51,437
54,466
57,357
54,861
55,338
58,663
55,614
55,902
56,156
57,665
56,838
57,523

3,686
4,460
6,448
5,649
6,448
6,976
7,001
6,066
5,760
7,254
5,960
6,007
6,025
6,636
6,366
6,614

9,439
13,047
32,877
29,395
33,342
35,218
37,095
35,052
35,798
37,277
35,120
35,286
35,342
36,073
35,483
35,822

4,616
4,806
9,760
11,423
11,647
12,272
13,261
13,743
13,780
14,132
'14,534
14,609
14,789
14,957
14,989
15,087

1,828
1,967
2,566
2,844
3,322
3,521
3,745
3,874
3,881
3,984
4,037
4,089
4,108
4,124
4,127
4,168

346
351
359
353
336
321
319
321
319
319
309
309
309
310
309
307

10,224
12,518
35,002
36,324
40,558
42,444
45,594
45,359
46,610
47,404
47,078
47,242
47,416
47,474
47,808
48,325

4,768
5,890
5,596
10,199
14,988
16,296
18,213
19,028
19,266
19,934
20,260
20,313
20,216
20,537
20,614
20,328

3,159
4,377
26,999
22,857
21,377
21,587
22,549
21,394
22,382
22,423
21,769
21,855
22,099
21,779
22,011
22,768

2,297
2,250
2,408
3,268
4,193
4,561
4,832
4,936
4,962
5,047
5,049
5,074
5,101
5,158
5,183
5,229

4,848
6,402
10,632
10,778
11,571
13,292
13,281
12,083
11,523
13,268
11,969
11,793
11,852
12,506
12,149
11,909

15,666
19,466
46,059
47,553
52,689
56,349
59,535
58,129
58,815
61,385
59,740
59,777
60,016
60,745
60,699
60,981

13,762
17,415
43,418
44,443
48,897
52,288
55,175
53,606
54,106
56,740
55,010
54,876
55,013
55,943
55,750
56,110

598
822
1,223
1,073
1,133
1,309
1,301
1,073
1,027
1,315
1,119
1,121
1,126
1,241
1,178
1,243

7,312
10,335
29,700
28,810
32,899
35,449
37,289
35,295
35,649
37,735
35,853
35,636
35,656
36,242
36,021
36,180

5,852
6,258
12,494
14,560
14,865
15,530
16,585
17,237
17,430
=17,690
18,038
18,119
18,231
18,460
18,551
18,687

1,851
1,982
2,525
2,934
3,532
3,760
3,970
4,101
4,133
4,194
4,263
4,306
4,323
4,372
4,372
4,393

5,966
6,219
6,476
6,519
6,501
6,484
6,444
6,409
6,405
6,389
6,389
6,385
6,380
6,376
6,372
6,371

c Corrected.
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 nonrnember 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
Figures revised from those shown in the BULLETIN for August 1954, p. 903; two noninsured commercial banks went out of existence prior
to June 30, 1954, but this was not reported until later.
For other footnotes see preceding and opposite pages.

1072




FEDERAL RESERVE BULLETIN

ALL BANKS IN THE UNITED STATES, BY CLASSES *—Continued
PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS—Continued
[Amounts in millions of dollars]
Loans and investments
Class of bank
and date
Total

All insured commercial
banks:
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1951—Dec. 31
1952—Dec. 31
1953—Dec. 31
1954—June 30

Loans

U. S.
Government
obligations

Other
securities

Total
assetsTotal
Cash
assets1 liabilities
and
Total i
capital
accounts2

Deposits
Total Number
capital
of
accounts banks

Other
Inter-1
bank

Demand

Time

49,290
121,809
114,274
130,820
139,770
143,796
144,451

21,259
25,765
37,583
57,256
63,632
67.082
66,805

21,046
88,912
67,941
60,533
62,308
62,381
62,461

6,984
7,131
8,750
13,031
13,831
14.333
15,185

25,788
34,292
36,926
44,176
44,222
44,398
41,164

76,820
157,544
152,733
177,151
186,255
190,638
188,191

69,411
147,775
141,851
162,908
170,971
174,697
172,048

10,654
13,883
12,670
14,777
14,990
15,548
15,044

43,059
104,015
94,300
110,382
115,371
115,538
111,408

15,699
29,876
34,882
37,749
40,610
43.610
45,596

6,844
8,671
9,734
11,902
12,563
13.239
13,714

13,426
13,297
13,398
13,439
13,422
13.412
13,380

National member
banks:
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1951—Dec. 31
1952—Dec. 31
1953—Dec. 31
1954—June 30

27,571
69,312
65,280
75,255
80,180
81,913
82,482

11,725
13,925
21,428
32,317
36,034
37,831
37,672

12,039
51,250
38,674
35,063
35,835
35,482
35,759

3,806
4,137
5,178
7,875
8,341
8,600
9,051

14,977
20,114
22,024
25,951
26,333
26,479
24,636

43,433 39,458
90,220 84,939
88,182 82,023
102,462 94,173
107,830 98,974
109,804 100,654
108,611 99,362

6,786
9,229
8,410
9,788
9,918
10.152
9,750

24,350
59,486
54,335
63,477
66,362
66,343
64,153

8,322
16,224
19,278
20,908
22,694
24,160
25,459

3,640
4,644
5,409
6,653
7,042
7,391
7,686

5,117
5,017
5,005
4,939
4,909
4,856
4,835

State member banks:
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1951—Dec. 31
1952—Dec. 31
1953—Dec. 31
1954—June 30

15,950
37,871
32,566
36,992
39,367
40,509
40,704

6,295
8,850
11,200
17,243
19,030
19,931
19,525

7,500
27,089
19,240
16,558
16,928
17,121
17,353

2,155
1,933
2,125
3,191
3,409
3,457
3,826

8,145
9,731
10,822
13,301
12,922
12,903
12,086

24,688
48,084
43,879
50,977
52,996
54,179
53,593

22,259
44,730
40,505
46,843
48,553
49,510
48,890

3,739
4,411
3,993
4,637
4,699
5.019
4,983

14,495
32,334
27,449
32,491
33,658
33,437
32,467

4,025
7,986
9,062
9,715
10,196
11,054
11,441

2,246
2,945
3,055
3,565
3,719
3,925
4,023

1,502
1,867
1,918
1,901
1,889
1,887
1,886

Insured nonmember
commercial banks:
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1951—Dec. 31
1952—Dec. 31
1953—Dec. 31
1954—June 30

5,776
14,639
16,444
18,591
20,242
21,396
21,288

3,241
2,992
4,958
7,701
8,605
9,328
9,615

1,509
10,584
10,039
8,923
9,556
9,790
9,362

1,025
1,063
1,448
1,967
2,081
2,278
2,310

2,668
4,448
4,083
4,926
4,970
5,020
4,444

8,708
19,256
20,691
23,732
25,451
26,679
26,012

7,702
18,119
19,340
21,912
23,464
24,555
23,819

129
244
266
353
373
378
312

4,213
12,196
12,515
14,415
15,351
15,758
14,789

3,360
5,680
6,558
7,144
7,740
8.419
8,718

959
1,083
1,271
1,686
1,804
1,925
2,007

6,810
6,416
6,478
6,602
6,627
6.672
6,662

Noninsured nonmember, commercial
banks:
1941—Dec. 31
1945—Dec. 31
1947—Dec. 313
1951—Dec. 31
1952—Dec. 31
1953—Dec. 31
1954—June 30

1,457
2,211
2,009
1,789
1,854
1,891
1,932

455
318
474
490
531
511
532

761
1,693
1,280
991
1,010
1,045
1,047

241
200
255
308
312
335
354

763
514
576
469
444
430
405

2,283
2,768
2,643
2,313
2,348
2,372
2,394

1,872
2,452
2,251
1,932
1,960
2,005
2,020

329
181
363
308
329
407
453

1,291
1,905
1,411
1,235
1,229
1,212
1,179

253
365
478
388
402
386
388

329
279
325
314
326
320
325

852
714
783
650
624
569
4
557

All nonmember commercial banks:
1941—Dec. 31
1945—Dec. 31
1947—Dec. 313
1951—Dec. 31
1952—Dec. 31
1953—Dec. 31
1954—June 30

7,233
16,849
18,454
20,380
22,096
23,287
23,220

3,696
3,310
5,432
8,192
9,136
9,838
10,147

2,270
12,277
11,318
9,914
10,567
10,835
10,409

1,266
1,262
1,703
2,275
2,393
2,613
2,664

3,431
4,962
4,659
5,395
5,414
5,450
4,849

10,992
22,024
23,334
26,046
27,799
29,051
28,406

9,573
20,571
21,591
23,843
25,424
26.560
25,838

457
425
629
661
702
784
764

5,504
14,101
13,926
15,650
16,580
16,970
15,968

3,613
6,045
7,036
7,533
8,142
8 806
9,106

1,288
1,362
1,596
1,999
2,129
2,245
2,332

7 ,662
7 ,130
7,261
7,252
7,251
7,241
4 7 ,219>

1,693
10,846
12,683
16,190
17,621
19,252
20,121

642
3,081
3,560
7,523
8,691
10,016
10,804

629
7,160
8,165
6,921
6,593
6,476
6,309

421
606
958
1,746
2,337
2,760
3,008

151
429
675
695
732
799
807

1,958
11,424
13,499
17,129
18,612
20,334
21,237

1,789
10,363
12,207
15,368
16,785
18,383
19,195

12
14
23
30
35
47

1,789
10,351
12,192
15,343
16,753
18,345
19,145

164
1,034
1,252
1,678
1,730
1,819
1,868

52
192
194
202
206
219
219

8,687
5,361
5,957
6,069
6,382
6,558
6,838

4,259
1,198
1,384
2,339
2,658
2,910
3,086

3,075
3,522
3,813
2,897
2,829
2,707
2,708

1,353
641
760
833
895
941

642
180
211
191
187
184
180

9,846
5,596
6,215
6,310
6,622
6,796
7,078

8,744
5,022
5,556
5,547
5,836
6,015
6,246

8,738
5,020
5,553
5,544
5,833
6,013
6,243

1,077
558
637
729
749
740
758

496
350
339
327
323
309
309

Insured mutual savings
banks:
1941—Dec. 31
1947—Dec!
1951—Dec.
1952—Dec.
1953—Dec.
1954—June

31.'.'.'.'..
31
31
31
30

Noninsured mutual
savings banks:
1941—Dec. 31
1945—Dec. 31
1947—Dec. 313
1951—Dec. 31
1952—Dec. 31
1953—Dec. 31
1954—June 30

1,044

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. For revisions
in series prior to June 30, 1947, see BULLETIN for July 1947, pp. 870-871.

OCTOBER

1954




1073

ALL COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES •
LOANS AND INVESTMENTS
[In millions of dollars]
Loans 1

Class of bank
and
call date

Investments

Loans for
U. S. Government obligations
Compurchasing
merTotal
or
carrying
cial,
Other
loans
Direct
in- Agri- securities Real loans
and
to Other
invest- Total i cludculesing
inTotal
ments
tate
To
GuarCertifiopen turdi- loans
al brok- To loans vidancates
Total
marers
of in- Notes Bonds teed
ket
uals
othBills
and
debtpadeal- ers
edper
ers
ness

All commercial
banks: 2
1947—Dec. 3 1 . . . 116,284
1951—Dec. 3 1 . . . 132,610
1952—Dec. 3 1 . ... 141,624
1953—Dec. 3 1 . . . 145,687
1954—June 30. . . 146,383

38,057
57,746
64,163
67,593
67,337

18,167 1,660 830
25,879 3,408 1,581
27,871 3,919 2,060
27,204 4,965 2,361
26,120 5,143 2,462

1,220 9,393 5,723 1,063
980 14,580 10,451 1,681
1,103 15,712 12,684 1,718
1,202 16,694 14,461 1,666
1,256 17,227 14,462 1,657

78,226
74,863
77,461
78,094
79,047

69,221
61,524
63,318
63,426
63,508

2,193
7,337
7,761
5,004
4,704

All Insured commercial b a n k s :
1941—Dec. 3 1 . . . 49,290
1945—Dec. 3 1 . . . 121,809
1947—Dec. 3 1 . . . 114,274
1951—Dec. 3 1 . . . 130,820
1952—Dec. 3 1 . . . 139,770
1953—Dec. 3 1 . . . 143,796
1954—June 3 0 . . . 144,451

21,259
25,765
37,583
57,256
63,632
67,082
66,805

9,214
9,461
18,012
25,744
27,739
27,082
25,976

1,450 614
1,314 3,164
1,610 823
3,321 1,571
3,805 2,050
4,867 2,344
5,057 2,439

4,i
662 4,773
3,606 4,677 2,361
1,190 9,266 5,654
960 14,450 10,378
1,082 15,572 12,603
1,181 16,566 14,373
1,228 17,101 14,370

45

28,031
96,043
76,691
73,564
76,138
76,714
77,646

21 046
88,912
67,941
60,533
62,308
62,381
62,461

2,455
2,124
7,219
7,622
4,895
4,575

M e m b e r banks,
total:
1941—D ec# 3 1 . . , 43,521
1945—Dec. 3 1 . . . 107,183
1947—Dec. 3 1 . . . 97,846
1951—Dec. 3 1 . . . 112,247
1952—Dec. 3 1 . . . 119,547
1953—Dec. 3 1 . . . 122,422
1954—June 3 0 . . . 123,185

18,021
22,775
32,628
49,561
55,034
57,762
57,197

8,671 972 594
8,949 855 3,133
16,962 1,046 811
24,347 2,140 1,551
26,232 2,416 2,032
25,519 3,263 2,321
24,362 3,402 2,411

598 3,494
3,<
3,378 3,455 1,900
1,065 7,130 4,662
851 11,334 8,524
966 12,214 10,396
1,060 13,020 11,911
1,106 13,440 11,840

92

25,500
1,104 84,408
952 65,218
1,535 62,687
1,577 64,514
1,518 64,660
1,513 65,988

19,539
78,338
57,914
51,621
52,763
52,603
53,111

2,275
1,987
6,399
6,565
4,095
3,915

New York City:3
1941 T) e c 31

123
80
111
514
386
383
390

5^ 4

1,002
1,122
1,079

S6
40
51
26
149
109
180
120
211
96
234
74
206

1,806
4,598
3,287
3,264
3,493
3,428
3,386

1,430
4,213
2,890
2,711
2,912
2,856
2,825

256
133
132
334
407
123
113

31. ..
31...
31. . .
31. ..
31. . .
31...
30...

2,760
5,931
5,088
5,731
6,240
6,204
5,975

954

732

6

48

52

1,333
1,801
2,468
2,748
2,776
2,589

760

1,418
1,977
2,080
1,912
1,835

2
3
16
14
158
134

211
73
94
239
286
242

233
87
63
66
75
74

22
36
46
70
67
70
81

Reserve city banks:
1941 Dec. 3 1 . . .
1945—Dec! 31.'.'.
1947—Dec. 3 1 . . .
1951—Dec. 3 1 . . .
1952—Dec. 3 1 . . .
1953—Dec. 3 1 . . .
1954—June 3 0 . . .

15,347
40,108
36,040
42,694
45,583
46,755
47,056

7 105
8,514
13,449
19,651
21,697
22,763
22,453

3 456
3,661
7,088
10,140
10,842
10,568
10,010

300
205
225
513
501
774
953

194
114
427 1,503
484
170
347
203
422
218
456
308
468
326

1 527
1,459
3,147
4,651
5,099
5,453
5,639

1,969
3,518
4,347
4,942
4,797

12,518
35,002
36,324
42,444
45,594
47,404
1954—June 30. .. 47,474

5 890
5,596
10,199
16,296
18,213
19,934
20,537

1,676
1,484
3,096
4,377
4,630
4,822
5,071

659
648
818

1,610
1,901
2,204
2,170

20
42
23
35
43
59
66

183
471
227
178
191
210
200

1,823
1,881
3,827
6,099
6,662
7,114
7,331

1,979
3,906
4,702
5,441
5,618

5,432
8,192
9,136
9,838
10,147

1,205
1,533
1,639
1,685
1,758

1,268
1,503
1,702
1,741

20
30
29
40
51

156
130
137
142
150

2,266
3,252
3,505
3,681
3,795

1,061
1,927
2,288
2,551
2,622

*_/ A •

•

•

*

•

Country banks:
1941—£) ec 31
1945—Dec". 3 1 ! . !
1947—Dec. 3 1 . . .
1951—Dec. 3 1 . . .
1952—Dec. 3 1 . . .
1953—Dec. 3 1 . . .

287
564
920

1,136
1,294
1,220

1 f 12

855

404
366
572
595
611
629

8 243 6 467
31,594 29,552
22,591 20,196
23,043 19,194
23,886 19,624
23,993 19,559
24,603 19,813

14
21
22
34
38

5,276 3,729
9,198 4,141
10,188 3,955
10,821 3,847
11,930 3,608

102
22
14
21
22
33
38

3,651 3 333
3,873 3,258
5,129 3,621
8,989 4,042
9,977 3,854
10,587 3,746
11,682 3,502

7,789
7,657
5,580
10,237
5,572

6,034 53,191
11,408 35,101
11,878 38,077
12,439 35,713
12,376 40,818

19,071
7,552
7,526
5,494
10,076
5,505

3,159
16,045
5,918
11,256
11,714
12.283
12,223

12 797 4 t
51,321
52,334
34,511
37,456
35,093
40,121

16,985
5,816
6,010
4,255
8,287
4,417

3,007
14,271
4,815
9,596
9,835
10,300
10,374

11,729 3,1J32 3,090 2 871
44,792
16 3,254 2,815
10 4,199 3,105
45,286
15 7,528 3,538
29,601
19
8,409 3,342
32,087
31 8,871 3,185
29,890
36 9,890 2,987
34,369

311
477

7,265
17 574
11^972
8,129
7,678
7,765
8,695

Chicago:3
1941—Dec.
1945—Dec.
1947—Dec.
1951—Dec.
1952—Dec.
1953—Dec.
1954—June

KJ A, •

T")er "51

971

8,823
L8,809
13,214
10,233
9,754
9,769
11,062

31. . .
31. ..
31. . .
31. . .
30...

A^f%^.\^%

X—'tV*«

988

298
330
551
539
475
466

1947—Dec.
1951—Dec.
1952—Dec.
1953—Dec.
1954—June

A,

A. 7 ^ T « J

4,072
7 334
7,179
11,146
12,376
12,289
11,619

169
8
412
2,807
3,044
2 453 1 172
5,361
'545 *267
1,219 262
7,852
1,531 286
8,680
8,218 ' *126 1,667 320
7,447 144 1,778 364

12,896
26,143
20,393
21,379
22,130
22,058
22,681

»• 7 ^

194 5

1,181
1,028
1,645
1,683
1,629
1,623

1,623
3 433 3 325
'640 '558
616 1,428
233 1,170
924 1,104 1,130
711 1,454
1,014

235
332
224
450
261

153
749
248
520
607
684
721

1,034 6,982
373 2,358
2,524 2,493
2,387 1,774
1,230 3,357
1,241 1,590

5,653
1,901
3,640
3,854
4,201
4,183

1,467

295

751

3,652 1,670 729
1
10 337
606
9^771
638
"l
1,385
4,960
1 1,453
5,195
1 1,365
4,605
6 1,851
5,510
903

1L19

1,864
2,274
1,526
1,674
1,598
1,731
4 248
15,878
15,560
10,528
11,594
10,746
12,773

L73
5
3
8
14
25
26

1 , " 30
363
707
229
303
322
336
345

6,628
29,407
26,125
26,148
27,381
27,470
26,937

4 377
26,999
22,857
21,587
22,549
22,423
21,779

4,544
2,108
4,008
4,204
4,285
4,017

481

2 926
16,713
17,681
12,587
13,625
12,940
14,355

561
9
6
5
4

111
146
141
148
144

13,021
12,189
12,960
13,449
13,073

11,318 206 1,973 1,219
9,914 939 1,647 1.812
10,567 1,196 1,325 2,043
10,835 909 1,951 2,139
10,409 790 1,155 2,002

7,916
5,510
6,000
5,834
6,460

4
6
3
2
2

110
630
480

2,418
2,692
1,819
1,548

Obligations
of
States Other
and secupolit- rities
ical
subdivisions

5,102
2,583
2,568
2,024
3,374
1,855

182
181
213
351
384
400
387
956

1,126
1,342
2,458
2,934
3,196
3,585

830
629
604
719
623
639
516
193
204
185
201
197
172
174
820
916

1,053
1,390
1,328
1,238
1,206

1 222 1,028
1,342 1,067
2,006 1,262
3,334 1,227
3,639 1,194
5 3,911 1,136
4 4,067 1,090

All nonmember
2

banks:
1947—Dec.
1951—Dec.
1952—Dec.
1953—Dec.
1954—June

31. . .
31. . .
31. . .
31...
30...

18,454
20,380
22,096
23,287
23,220

614

1,078
1,671
1,781
1,951
2,042

625
604
613
662
621

* These figures exclude data for banks in possessions of the United States except for one bank in Alaska (with total deposits of approximately 3
million dollars) that became a member bank on Apr. 15, 1954. During 1941 three mutual savings banks became members of the Federal Reserve
System; these banks are included in "member banks" but are not included in "all insured commercial banks" or "all commercial banks." Comparability of figures for classes of banks is affected somewhat by changes in Federal Reserve membership, insurance status, and the reserve classifications1 of cities and individual banks, and by mergers, etc.
Beginning June 30, 1948, figures for various loan 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.

1074




FEDERAL RESERVE BULLETIN

ALL COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES*—Continued
RESERVES AND LIABILITIES
[In millions of dollars]
Demand deposits

Class of ban k
and
call date

All commeri c a l
banks:2

ReDeBalserves
mand
with
Cash ances
dewith
Federal
in
posits
doRevault mestic
adserve
banks 4 justed 6
Banks

Interbank
deposits
Doformestic4 eign

Time deposits

U. S.
Certi- IndiGov- States
fied viduals
ernand
U. S. States
and
and
partnerment
InterGov- politica offiships, bank and political
ern- subdi- cers' and
corPostal subdiment visions checks poraSav- visions
etc.
tions
ings

31..
31..
31..
31. .
30. .

17 ,796
19 ,911
19 ,809
19 ,995
18 ,924

2 ,216
2 ,697
2 ,753
2 ,512
2 ,660

10 ,216
11 ,969
11 ,875
12 ,103
11 ,033

87
98
101
102
98

,123
,243
,506
,452
,117

11 ,362
13 ,123
13 ,109
13 ,444
12 ,470

1,430
1,413
1,465
1,344
1,328

1 ,343
3 ,359
4 ,941
4 ,146
5 ,591

6 ,799
8 ,426
8 ,910
9 ,546
9 ,925

2 ,581
3 ,166
2 ,956
2 ,996
2 ,789

All insured commercial banks:
1941—Dec. 31. .
1945—Dec. 31. .
1947—Dec. 3 1 . .
1951—Dec. 31. .
1952—Dec. 31. .
1953—Dec. 31. .
1954—June 30. .

12 ,396
15 ,810
17 ,796
19 ,911
19 ,809
19 ,995
18 ,924

1 ,358
1 ,829
2 ,145
2 ,665
2 ,720
2 ,482
2 ,627

8 ,570
11 ,075
9 ,736
11 ,561
11 ,489
11 ,724
10 ,688

37 ,845
74 ,722
85 ,751
97 ,048
100 ,329
101 ,289
96 ,983

9 ,823
12 ,566
11 ,236
12 ,969
12 ,948
13 ,221
12 ,252

673 1 ,761
1,248 23 ,740
1,379 1 ,325
1,381 3 ,344
1,437 4 ,912
1,296 4 ,116
L ,287 5 ,562

3 ,677
5 ,098
6 ,692
8 ,288
8 ,776
9 ,407
9 ,776

1 ,077
2 ,585
2 ,559
3 ,147
2 ,938
2 ,978
2 ,765

Member banks,
total:
1941—Dec. 31. .
1945—Dec. 31. .
1947—Dec. 31. .
1951—Dec. 31. .
1952—Dec. 31. .
1953—Dec. 3 1 . .
1954—June 3 0 . .

12 ,396 1 ,087
15 ,811 1 ,438
17 ,797 1 ,672
19 ,912 2 ,062
19 ,810 2 ,081
19 ,997 1 ,870
18 ,925 2 ,001

6 ,246
7 ,117
6 ,270
7 ,463
7 378
7 ,554
7 ,062

33 ,754
64 ,184
73 ,528
83 ,100
85 ,543
86 ,127
82 ,783

9 ,714
12 ,333
10 ,978
12 ,634
12 ,594
12 ,858
11 ,956

671 1 ,709
1 ,243 22 ,179
1 ,375 1 ,176
1 ,369 3 101
1 ,431 4 567
] ,291 3 ,756
1 ,280 5 ,165

3 ,066 1 ,009
4 ,240 2 ,450
5 ,504 2 ,401
6 666 2 ,961
7 ,029 2 ,744
7 ,530 2 ,783
7 ,839 2 ,581

607
866
1 ,105 6 940
1 ,217
267
858
1 ,128
1 ,154 1 143
1 ,021
778
1 ,033 1 378

1947—Dec.
1951—Dec.
1952—Dec.
1953—Dec.
1954—June

New York City:*
1941—-Dec. 3 1 .
1945—Dec. 3 1 . .
1947—Dec. 3 1 . .
1951—Dec. 3 1 . .
1952—Dec. 31. .
1953—Dec. 3 1 . .
1954—June 30. .

5 ,105
4 ,015
4 ,639
5 ,246
5 059
4 846
4 ,614

93
111
151
159
148
129
131

141
78
70
79
84
70
60

10 ,761
15 ,065
16 ,653
16 ,439
16 ,288
15 ,901
15 ,430

3 ,595
3 ,535
3 ,236
3 ,385
3 ,346
3 ,363
3 ,237

Chicago:*
1941—Dec.
1945—£)ec>
1947—Dec.
1951—Dec.
1952—Dec.
1953—Dec.
1954—June

1 021
942
1 070
1 407
1 144
1 287
1 290

43
36
30
32
32
34
30

298
200
175
165
169
166
154

2 ,215
3 ,153
3 ,737
4 ,121
4 ,126
4 ,211
3 ,844

1 ,027
1 ,292
1 ,196
1 ,269
1 ,308
1 ,339
1 ,287

8
20
21
38
37
39
34

127
1 552
72
242
343
259
410

54
110
131
192
230
219
202

491
8 221
405
1 124
1 814
1 504
2 015

31. .
31. .
31. .
31..
31..
31. .
30. .

Reserve city banks:
1941—Dec. 31. .
1945—Dec. 3 1 . .
1947—Dec. 3 1 . .
1951—Dec. 3 1 . .
1952—Dec. 3 1 . .
1953—Dec. 31. .
1954—June 3 0 . .

4
6
7
7
7
8
7

060
326
095
582
788
084
553

425
494
562
639
651
568
611

2
2
2
2
2
2
2

590
174
125
356
419
463
352

11
22
25
29
30
30
29

,117
,372
,714
,489
,609
,986
,940

4 ,302
6 ,307
5 ,497
6 ,695
6 ,662
6 ,869
6 ,220

Country banks:
1941—Dec. 3 1 . .
1945—Dec. 3 1 . .
1947—Dec. 31. .
1951—Dec. 3 1 . .
1952—Dec. 31. .
1953—Dec. 31. .
1954—June 30. .

2
4
4
5
5
5
5

210
527
993
676
820
780
468

526
796
929
231
250
140
230

3
4
3
4
4
4
4

216
665
900
862
706
855
496

9 ,661
23 ,595
27 ,424
33 ,051
34 ,519
35 ,029
33 ,569

790
1 ,199
1 ,049
1 ,285
1 ,278
1 ,288
1 ,211

544
635
672
642
658

3 , 947
4 , 507
4 , 498
4 , 550
3 , 972

All n o n m e m b e r
banks:2
1947—.£)ec< 31
1951—D ec# 31
1952—Dec. 31. .
1953—/Dec# 31
1954—June 30

1
1
1
1

13
15
15
16
15

595
144
964
325
334

385
489
516
586
514

84 ,987
96 ,666
99 ,793
100 ,062
94 ,282

240
550
744
1 ,167
1 ,699

111
278
346
338
331

36
72
83
95
98
99
93

158
,544
70
,593
54
,723
427
,604
605
,746
,038 1 ,031
,306 1 ,506

59
103
111
278
346
338
331

33
62
72
83
85
85
81

,061

50
99
105
257
321
308
300

1,238
1,303
1,595
1,912

11
23
27
29
31
33
34

1 ,246

10
12
43
59
53
51

29
20
14
22
29
139
151

1
1
1
1
1
2

206
418
614
752
958
014

9
11
11
10
10

1
1
1
1

476
719
902
128
190
229
253

950
704

,240
680
711
034

140
64
50
422
592
1 ,021
1 ,497

866

IndiCapividuals Bortal
partner rowacings
ships,
counts
and corporations

1,536
1,620
1,944
2,319
492
496
826

1,485
1,564
1,891
2,264
418
399
693

34 ,383
36 ,323
39 ,046
41 ,714
43 ,334

65
34
188
62
55

10 ,059
12 ,216
12 ,888
13 ,559
14 ,038

15 ,146
29 ,277
33 ,946
35 ,986
38 ,700
41 ,381
43 ,001

10
215
61
30
181
54
50

6 ,844
8 ,671
9 ,734
11 ,902
12 ,563
13 ,239
13 ,714

878
712
542
128
266
311
687

4
208
54
26
165
43
38

5 ,886
7 ,589
8 ,464
10 ,218
10 ,761
11 ,316
11 ,709

319
237
290
321
322
315
404

450
1 ,338
1 ,105
1 ,289
1 ,120
1 ,071
1 ,109

11
15
17
17
17
17
16

282
712
646
880
919
509
601

233
237
285
240
242
272
297

34
66
63
66
56
64
74

2
3
3
4
4
4
4

152
160
853
404
491
500
032

1
5
9
18

2
5
4
3
4

1
1
2
2
2
2
2

144
763
282
550
693
880
877

286
611
705
822
791
828
677

11
22
26
30
31
32
30

127
281
003
722
798
065
503

104
30
22
90
109
166
214

20
38
45
85
105
98
97

243
160
332
714
739
830
992

4
9
11
11
12
13
13

542
563
045

2
225
8 5 465
7
432
11
876
11 1 267
12 1 216
11 1 362

1
2
2
3
3
4
4

370
004
647
554
772
063
261

239
435
528
783
777
820
720

8
21
25
30
31
31
29

500
797
203
234
473
636
898

30
17
17
13
13
15
19

31
52
45
125
152
153
148

146
219
337
491
525
615
759

6
12
14
14
15
16
17

082
224
177
914
908
921
553

4 1 982
11 2 525
23 2 934
16 3 760
25 3 970
20 4 194
26 4 372

55
44
34
52
48

1, 295
1, 761
1 , 881
2 , 016
2 , 085

180
205
212
213
209

1 2 , 284
1 3 , 426
1 4 , 113
1 4 , 351
1 3 , 248

190
128
152
146
202

6
22
25
30
30

172
298
317
350
407

858
213
800
426
669

12 1 596
8 1 999
23 2 129
19 2 245
17 2 332

167
258
374
390
426

6
17
12
318
465
831

6
7
7
8,
8

778

473
417
203
867

195
30
5
132
23
1

1
2
2
2
2
2
2

648
120
259
425
505
572
630
288
377
426
513
541
566
583

2
1
4
8

ii

1
2
2
3
3
3
4

967
566
844
521
745
984
124

2
Breakdown of loan, investment, and deposit classifications is not available prior to 1947; summary figures for earlier dates appear in the
preceding
table.
3
Central
reserve city banks.
4
Beginning June 30, 1942, excludes reciprocal bank balances, which on Dec. 31, 1942, aggregated 513 million dollars a all member banks and
525 million
at
all insured commercial 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.

OCTOBER

1954




1075

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE
LOANS AND INVESTMENTS
[Monthly data are averages of Wednesday figures.
Loans

Date or month

Total
loans
and
investments Total i

In millions of dollars]

l

Investments

For purchasing
or carrying securities
Commercial,
To brokers
indus- and dealers To others Real Loans Other
trial,
estate
to
Total
and
loans banks loans
agri- U. S. Other U.S. Other
culGovt. se- Govt. setural
obobliga- curi- liga- curitions ties tions ties

U. S. Government obligations

Total

Bills

CerOther
tifisecucates
of in- Notes Bonds2 rities
debtedness

Total—
Leading Cities
1953—September. 79,164 40,014 23,071

1,809

731

6,382

7,980 39,150 31,594

2,197 5,223 6,028 18,146 7,556

81,183 39,103 21,614
1954—July
A u g u s t . . . . 83,163 38,550 20,783
September. 82,947 38,738 20,934

2,151
2,343
2,208

882
901
919

6,699
6,781
6,865

602 7,809 42,080 33,841
577 7,820 44,613 36,321
600 7,871 44,209 35,756

2,737 2,749 6,667 21, 688 8 ,239
3,536 3,456 6,689 22,640 8,292
3,018 2,520 6,662 23, 556 8 ,453

1954—July
1...
July 14 . . .
July 2 1 . . .
July 2 8 . . .

81,101
81,076
81,111
81,445

39,280
39,314
38,867
38,953

21,728
21,647
21,558
21,524

2,263
2,271
2,067
2,005

890
891
874
875

6,674
6,698
6,705
6,718

543
639
526
699

33,575
33,549
34,018
34,221

2,518
2,522
2,861
3,045

2,755
2,729
2,758
2,754

6,651
6,665
6,671
6,680

21,651
21,633
21,728
21,742

8,246
8,213
8,226
8,271

Aug. 4 . . . 83,548
Aug. 11. . . 83,267
Aug. 18. . . 82,861
Aug. 25 . . . 82,977

38,603
38,619
38,405
38,572

20,770
20,829
20,759
20,773

2,368
2,409
2,308
2,286

884
917
907
897

6,736
6,766
6,801
6,823

698 7,803 44,945 36,605
547 7,806 44,648 36,389
456
44,456 36,185
609 7,839 44,405 36,107

3,728
3,578
3,414
3,423

4,382
4,256
2,614
2,573

6,708
6,690
6,701
6,658

21,787
21,865
23,456
23,453

8,340
8,259
8,271
8,298

Sept. 1. . .82,778
82,670
Sept. 8...
Sept. 15. ..83,084
Sept. 22 . . 82,980
.
Sept. 29. ..83,222

38,541
38,684
38,819
38,617
39,028

20,798
20,829
21,023
21,005
21,015

2,228
2,265
2,145
1,999
2,403

904
904
913
932
941

6,831
6,838
6,871
6.884
6,902

574
650
644
599
533

7,866 44,237
7,856 43,986
44,265
7,858 44,363
7,893 44,194

35,862 3,135
35,526 2,876
35,790 3,090
35,908 3,124
35,696 2,868

2,559
2,505
2,534
2,497
2,504

6,653
6,648
6,671
6,668
6,670

23,515 8,375
23,497 8,460
23,495 8,475
23,619 8,455
23,654 8,498

1953—September. 21,548 12,309

8,460

362 1,023

186

394

403

1,640 9,239

7,198

636

1,098

1,034 4,430 2,041

22,492 11,705
1954—July
August. . . . 23,073 11,531
September. 22,750 11,437

7,519
7,297
7,266

606 1,057
705 1,050
558 1,090

336
345
338

392
406
418

382
323
370

,587 10,787
,583 11,542
,577 11,313

8,448
9,201
8,874

912
1,172
903

1954—July 7 . . .
July 14. ..
July 2 1 . . .
July 2 8 . . .

22,493
22,403
22,400
22,671

11,856
11,764
11,581
11,618

7,595
7,541
7,486
7,455

696
659
558
510

1,071
1,065
1,044
1,047

337
336
334
336

389
392
395
392

348
347
351
481

590
,596
,591
,573

8,278
770
8,313
784
8,506
948
8,697 1,147

Aug. 4 . . .
Aug. 1 1 . . .
Aug. 18. . .
Aug. 2 5 . . .

23,616
23,053
22,713
22,913

11,769
11,581
11,341
11,435

7,332
7,333
7,264
7,261

1,044
731 1,055
662 1,039
625 1,062

344
360
344
333

396
409
408
413

447
288
218
338

,582 11,847 9,473
584 11,472 9,153
,584 11,372 9,043
,581 11,478 9,134

Sept. 1... 22,719
Sept. 8... 22,604
Sept. 15. ..22,727
Sept. 22 ... 22,808
Sept. 29. .. 22,894

11,305
11,447
11,448
11,431
11,556

7,270

590
630
586
437
547

1,023
1,046
1,050
1,090
1,242

332
332
337
343
345

411
417
424
420
419

,572 11,414 9,010
310
409
,561 11,157 8,715
348 1,586 11,279 8,829
457 1,581 11,377 8,938
324 1,588 11,338 8,878

1,041
789
883
949
852

575
550
566
579
578

4,125

7,836 41,821
7,823 41,762
7,790 42,244
7,787 42,492

New York City

10,637
10,639
10,819
11,053

676 1,425
883 1,437
570 1,429

5,435 2,339
5,7092 ,341
5,972 2,439

1,400
1,427
1,427
1,445

5,439 2,359
5,
,326
5,448 2 ,313
5,,428 2 ,356

669
677
683
677

1,349 1,241 1,450 5,433 2,374
1,074 1,155 1,428 5,496 2 ,319
1,080
561 1,435 5,967 2,329
1,183
573 1,436 5,942 2,344
1,431
1,420
1,422
1,427
1,446

5,963
5,956
5,
5,983
6,002

2 ,404
2,442
,450
2,439
2,460

Outside
New York City
1953—September. 57,616 27,705 14,611

424

517

5,988

260 6,340 29,911 24,396

1,561

58,691 27,398 14,095
1954—July
August.... 60,090 27,019 13,486
September. 60,197 27,301 13,668

488
588
560

528
541
567

6,307
6,375
6,447

220 6,222 31,293 25,393
254 6,237 33,071 27,120
230 6,294 32,896 26,882

1,825 2,073 5,242 16,253 5,900
2,364 2,573 5,252 16,931 5,951
2,115 1,950 5,233 17,584 6 ,014

1954—July 7 . . .
July 14. . .
July 2 1 . . .
July 2 8 . . .

58,608
58,673
58,711
58,774

27,424
27,550
27,286
27,335

14,133
14,106
14,072
14,069

496
547
465
448

531
534
525
523

6,285
6,306
6,310
6,326

195
292
17
218

6,246
6,227
6,199
6,214

31,184
31,123
31,425
31,439

25,297
25,236
25,512
25,524

1,748
1,738
1,913
1,898

2,086
2,052
2,075
2,077

5,251
5,238
5,244
5,235

16,212 5,887
16,208 5 ,887
16,280 5 ,913
16,314 5 ,915

Aug. 4...
Aug. 11. ..
Aug. 18. ..
Aug. 25...

59,932
60,214
60,148
60,064

26,834
27,038
27,064
27,137

13,438
13,496
13,495
13,512

522
623
607
599

525
543
548
549

6,340
6,357
6,393
6,410

251
259
238
271

6,221
6,222
6,247
6, 258

33,098
33,176
33,084
32 ,927

27,132
27,236
27,142
26,973

2,379
2,504
2,334
2,240

3,141
3,101
2,053
2,000

5,258
5,262
5,266
5,222

16,354 5 ,966
16,369 5,940
17,489 5 ,942
17,511 5,954

60,059
Sept. 1.
60,066
Sept. 8.
Sept. 15. .. 60,357
Sept. 22...60,172
Sept. 29. .. 60,328

27,236
27,237
27,371
27,186
27,472

13,552
13,597
13,726
13,722
13,745

615
589
509
472
614

557
558
562
575
582

6,420
6,421
6,447
6,464
6,483

264
241
296
14:
209

6,294 32,823
6,295 32,829
6,296 32,986
6,27 32,986
6,305 32,856

26,852
26,811
26,961
26,970
26,818

2,094
2,087
2,207
2,175
2,016

1,984
1,955
1,968
1,918
1,926

5,222 17,552 5,971
5,228 17,541 6,018
5,249 17,537 6,025
5,241 17,636 6,016
5,224 17,652 6,038

4,994 13,716 5,515

figures for various loan items are shown gross (i. e., before deduction of valuation reserves); they do not add to the total, which is shown net.
Includes guaranteed obligations.
For other footnotes see opposite page.

2

1076




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

Date or month

Reserves
DeBalwith Cash ances mand
Fedwith
dein
eral vault
doposits
Remestic ad- 3
serve
banks justed
Banks

IndividCertiuals, States
and
fied
part- politand
nerical
offiships, subcers'
and
divi- checks,
cor- sions
etc.
porations

Time deposits,
except interbank

Interbank
deposits

IndividU. S.
uals, States
Govand
U. S. part- politernment
Gov- nerical
and
ern- ships, subment and
divi- Postal
Savcor- sions
ings
porations

Demand
Time
Domestic

Borrowings

Capital
accounts

Foreign

TotalLeading Cities
1953—September

14,170

941

1954—July
August
September

13,979
13,622
13,431

953 2, 733 54,098 55,145
918 2,620 54 ,077 54,775
941 2,641 54,432 55,734

1954—July 7
July 14
July 21
July 28

14,131
13,920
13,913
13,952

931
986
930
966

2, 853 53 ,311
2,745 53,652
2, 760 54,481
2,573 54,949

54,264
55,518
55,436
55 ,360

4,026
3,905
3,922
4,033

1,5
2,355
1,813
1,695

3,547
2,690
2,335
2,091

18,256
18,301
18,309
18,337

4
11
18
25

13,472
13,648
13,748
13,621

883
941
914
932

2,816
2, 629
2,571
2,466

54,217
54,127
53,748
54,215

54 ,564
55,107
54 ,736
54,693

4,046
3,951
3,904
3,826

2,612
1,591
1,723
1,682

3,683
3,413
3,688
3,495

Sept. 1
Sept. 8
Sept.-15
Sept. 22

13,522
13,327
13,569
13,297
13,438

885
943
936
951
992

2,489 54,066
2,634 54,013
54,490
54,547
2,544 55,043

54 ,746
55,000
57 ,230
55,812
55,884

3,939
3,738
3,754
3,579
3,756

1,864
1,617
2,089
1,700
2,228

3,247
2,731
2,400
2,681
2,605

4,721

140

15,272 16,275

268

Aug.
Aug.
Aug.
Aug.

Sept. 29

2,589 53,047 54,584

3,664 1,712 4,195 17,169

811

189 10,511

3,971 1,940 2,666 18,301 1,248
3,932 1,902 3,570 18,411 1,267
3,753 1,900 2,733 18,491 1,218

188 11,040
196 11,170
198 11,298

1,267

,292 1,505
,323 ,543
,269 ,561

486
688
545

7,818
7,852
7,886

1,154
1,277
1,277
1,285

188
189
187
186

11,403
11,306
10,936
10,516

,293
,260
,261
,355

,466
,491
,527
,535

548
371
613

7,823
7,815
7,805
7,831

18,382
18,405
18,411
18,443

1,273
1,267
1,265
1,263

195
196
197
196

11,494
11,361
11,115
10,710

1,345
1,325
1,324
1,297

,553
,539
,534
,547

533
793
717
710

7,848
7,852
7,850
7,859

18,433
18,487
18,501
18,514
18,520

1,257
1,253
1,193
1,194
1,195

197
197
199
199
200

10,911
11,354
11,970
11,277
10,977

1,301
1,272
1,252
1,257
1,262

,560
,566
,562
1,565
1,552

583
571
585
451
537

7,886
7,888
7,878
7,880
7,897

7,483

728

New York City
1953—September
1954—July
August
September
1954—July 7
July 14
July 21
July 28
Aug. 4
Aug. 11
Aug. 18
Aug. 25
Sept. 1
Sept. 8
Sept. 15
Sept. 22
Sept. 29

842 1,499 1,750

41

49 2,911 1,026

224 2,526

4,497
4,508
4,428

146
139
146

15,593 16,474
15,530 16,297
15,665 16,584

329 1,057
310 1,064
306 1,021

781
1,262
841

1,954
1,976
1,993

250
278
248

3,142 1,038 1,249
3,005 1,056 1,270
3,061 1,017 1,287

214
426

2,605
2,611
2,613

4,584
4,437
4,531
4,435

145
153
139
147

15,379
15,335
15,714
15,943

16,261
16,367
16,543
16,725

327
359
293
337

995 1,153
1,454
786
937
654
842
530

,948
,958
,945
,966

165
276
276
283

3,248
3,147
3,170
3,003

1,040 1,216
1,016 1,241
1,009 1,267
1,088 1,269

183
314
119
239

2,607
2,604
2,604
2,606

4,327
4,597
4,614
4,492

135
146
134
141

15,760
15,483
15,369
15,508

16,442
16,285
16,192
16,267

317
334
314
276

1,706
783
866
902

1,358
1,267
1,254
1,170

,976
,976
,970
1,981

275
280
279
278

3,151
3,015
2,955
2,898

1,079 1,277
1,061 1,265
1,054 1,261
1,031 1.276

287
538
408
470

2,616
2,614
2,609
2,606

4,537
4,417
4,455
4,182
4,551

134
150
140
146
159

15,505
15,513
15,613
15,604
16,092

16,377
16,266
16,868
16,475
16,932

307
271
342
278
334

973 1,091
904
820
711
1,144
845
773
1,323
727

1,960
1,988
2,004
2,007
2,008

273
270
233
233
232

2,963
3,019
3,236
3,082
3,004

1,039
1,012
1,005
1,007
1,022

1,292
1,292
1,285
1,287
1,277

329
248
261
153
240

2,619
2,616
2,614
2,609
2,609

870 2,696

Outside
New York City
1953—September

9,449

801

2,550 37,775 38,309 3,396

15,419

770

566

4,957

1954—July
August
September

9,482
9,114
9,003

807
779
795

2,687 38, 505 38 ,671
2,583 38,547 38,478
2,602 38,767 39,150

3,642
3,622
3,447

883
838
879

1 ,885 16,347
2,308 16,435
1,892 16,498

998
989
970

137
143
145

7,898
8,165
8,237

254
267
252

256
273
274

272
262
299

5,213
5,241
5,273

1954—July 7
July 14
July 21
July 28

9,547
9,483
9,382
9,517

786
833
791
819

2,793
2,703
2,717
2,536

37,932 38,003
38,317
,151
38,767 38,893
39,006 38 ,635

3,699
3,546
3,629
3,696

903
901
876
853

2,394
1,904
1,681
1,561

16,308
16,343
16,364
16,371

989
1,001
1,001
1,002

137
138
136
135

8,155
8,159
7,766
7,513

253
244
252
267

250
250
260
266

227
234
252
374

5,216
5,211
5,201
5,225

7,600

Aug.
Aug.
Aug.
Aug.

4
11
18
25

9,145
9,051
9,134
9,129

748
795
780
791

2,779 38,457 38,122
2,593 38,644 38 ,822
2,532 38,379 38 ,544
2,430 38,707 38 ,426

3,729
3,617
3,590
3,550

906
808
857
780

2,325
2,146
2,434
2,325

16,406
16,429
16,441
16,462

998
987
986
985

143
143
144
143

8,343
8,346
8,160
7,812

266
264
270
266

276
274
273
271

246
255
309
240

5,232
5,238
5,241
5,253

Sept.
Sept.
Sept.
Sept.
Sept.

1
8
15
22
29

8,985
8,910
9,114
9,115
8,887

751
793
796
805
833

2,451
2,601
2,761
2,692
2,503

38,561 38,369
38,500 38 ,734
38,877 40 ,362
38,943 39 ,337
38,951 38,952

3,632
3,467
3,412
3,301
3,422

891
797
945
855
905

2,156
1,827
1,689
1,908
1,878

16,473
16,499
16,497
16,507
16,512

984
983
960
961
963

7,948
144 8,335
8,734
8,195
147 7,973

262
260
247
250
240

268
274
277
278
275

254
323
324
298
297

5,267
5,272
5,264
5,271
5,288

* Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
Back figures.—For description of revision beginning Mar. 4, 1953, see BULLETIN for April 1953, p. 357, and for figures on the revised basis
beginning Jan. 2, 1952, see BULLETIN for May 1953, pp. 550-555. For description of revision beginning July 3, 1946, and for revised figures
July 1946-June 1947, see BULLETINS for June and July 1947, pp. 692 and 878-883, respectively. For old series, see Banking and Monetary Statistics,
pp. 127-227.

OCTOBER

1954




1077

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
PetroFood, Textiles, metal
leum,
coal,
liquor, apparel, products
Other
(incl. chemical,
and
and
and
tobacco leather machinery and rubber
trans,
equip.)

Trade
(wholesale
and
retail)

Commodity
dealers

Sales
finance
companies

Public
utilities
(incl.
transportation)

Construction

Comm'I.
ind'l,
and
All
Net
agr'l.
other changes
change—
type9
classitotals
of
fied
business

-243
932

116
-361

275
873

48
125

60
141

62
16

-421
722

63
30

175
351

44
-98

8
37

186
2,769

18
2,372

-868
754
1953—Jan.-June. .. -621
501
July-Dec.. . .

-73
-40

1,111

176
250

76
36

-105
141

-634
662

-217
544

-2
-57

18
13

-28
191

-546
2,494

-637
2,435

151
-101

446
-351

-10
102

208
1

-632
380

-90
-138

84
18

18
-23

-8
98

-360
433

-593
583

-41

-363

-175

126

71

106

-1,314

-1,496

16
19
2

-29
3
81

-245
-64
229

-360
-751
242

11

-102
-39
-68
-36

-156
-81
-89
-34

1951—April-June. .
July-Dec
1952—Jan.-June. ..
July-Dec

1954—Jan.-June. . . - 5 0 5

55

-577

-10

95
-54
-1

Monthly:
1954—July
August
September. .

5
-24
164

36
40
20

-133
-99
-174

-64
2
24

-13
2
9

-27
9
63

66
45
124

-14
-44
-84

-88
-16

Week ending:
1954—July 7
July 14
July 21: . . .
July 28

-3
-28
15
21

8
13
8
7

-33
-14
-44
-42

-27
3
-12
-28

-3
-4
-5

4
1
-18
-13

17
18
14
18

8
-25
-8
11

-48
-16
-7
-17

5

-28
4
-11
6

Aug.
Aug.
Aug.
Aug.

4
11
18
25

16
7
-31
-17

5
15
15
4

-22
-25
-45
-8

8
9
-18
2

4
2
-4

10
-1

7
10
23
6

-21
-13
-3
-7

-7
-4
— 16
10

8
3
3
5

-20
15
-2
11

-25
31
-71
2

-754
59
-70
14

Sept.
Sept.
Sept.
Sept.
Sept.

1
8....
15
22
29

24
6
65
24
45

6
6
10
-7
5

-50
-31
-19
-28
-46

16
6
14
-5
-6

-1
-6
11
9
-3

-10
25
28
6
13

17
15
20
40
32

10
-8
-8
-44
-35

4
-2
11
-4
-9

-3
1
6
-4
2

21
2
41
5
12

34
13
180
-8
10

25
31
194
-18
10

1
Sample includes about 220 weekly reporting member banks reporting changes in their larger loans; these banks hold over 90 per cent of
total 2commercial and industrial loans of all weekly reporting member banks and nearly 70 per cent of those of all commercial banks.
Figures for other than weekly periods are based on weekly changes during period.
'Net change at all banks in weekly reporting series, according to the old series in 1951 and the revised series thereafter. For description of
revisions in the weekly reporting series see BULLETIN for April 1953, p. 357.

COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars)
Dollar acceptances outstanding

End of month

Commercial
paper
Total
out- 1
outstanding standing

Held by

Based on

Accepting banks

Total

Own
bills

Federal
Reserve
Banks (for
account Others
Bills of foreign
correbought
spondents)

Imports
into
United
States

Exports
from
United
States

Dollar
exchange

Goods stored in or
shipped between
points in
United
States

Foreign
countries

1948—December
1949—December
1950—December
1951—December
1952—December

269
257
333
434
539

259
272
394
490
492

146
128
192
197
183

71
58
114
119
126

76
70
78
79
57

3
11
21
21
20

109
133
180
272
289

164
184
245
235
232

57
49
87
133
125

2
23
39

25
30
28
55
64

12
9
32
44
32

1953—August
September....
October
November
December

451
475
535
582
552

478
515
517
534
574

148
159
160
170
172

108
110
122
125
117

40
49
38
45
55

25
26
23
20
24

304
329
334
344
378

211
237
227
246
274

128
135
145
139
154

64
66
56
49
29

36
40
56
59
75

38
38
34
41
43

1954—January
February
March

620
701
720
672
618
656
749
794

586
545
580
623
616
589
589
563

195
185
198
228
227
220
205
198

144
149
149
165
171
164
164
155

51
36
50
63
56
56
41
43

17
10
13
17
14
14
9
5

373
350
369
379
374
355
376
360

266
238
247
270
277
246
225
205

157
151
139
142
143
143
136
134

45
44
47
38
36
60
92
75

73
71
107
127
115
96
91
101

46
41
39
46
45
43
46
47

May
June
July
August

1

*As reported by dealers; includes some finance company paper sold in open market.
Back figures.—See Banking and Monetary Statistics, Table 127, pp. 465-467; for description see p. 427.

1078




FEDERAL RESERVE BULLETIN

PRINCIPAL ASSETS OF SAVINGS INSTITUTIONS
UNITED STATES LIFE INSURANCE COMPANIES
[In millions of dollars]
Government securities
Date

Total
assets

Total

Business securities

2
United State anc
States
local1 Foreign

Total

Bonds 3

Stocks

7 ,929
8 ,624

Mortgages

Real
estate

Policy
loans

5,669
5,958
6,442
6,726
6,714
6,686
6 636
7,155
8 675
10,833
12 906
16,102
19,314
21,251
23,322

2 ,134
2 ,060
1 878
1 ,663
1 352
1 ,063
857
735
860
1 ,055
1 ,247
1 ,445
1 ,631
1 ,903
2 ,020

3 ,248
3 ,091
7 ,919
2 ,683
373
2 ,134
962
1 ,894
1 937
2 ,057
9 240
2 ,413
2 ,590
,713
2 ,914

1,808
2 124
2,160
2 245
2,591
2,872
3 088
3,302

1 ,617
1 ,868

9 ,575
2 ,699

2 - 879
M35
,121
,100
,156
3 ,201
,321

End of year: 4
1939.
1940.
1941
1942.
1943
1944.
1945
1946.
1947
1948.
1949
1950.
1951.
1952 .
1953.

29 ,243
30 ,802
,731
34 ,931
,766
37
41 ,054
44 ,797
48 ,191
,743
55 ,512
59 ,630
64 ,020
68 ,278
73 ,375
78 ,533

7,697
8,359
9,478
11,851
14,994
18,752
22,545
23,575
22,003
19,085
17,813
16,066
13,667
12,774
12,405

5,373
5,857
6,796
9,295
12,537
16,531
20,583
21,629
20,021
16,746
15,290
13,459
11,009
10,252
9,829

2,253
2,387
2,286
2,045
1,773
1,429
1,047
936
945
1,199
1,393
1,547
1,736
1,767
1,990

71
115
396
511
684
792
915
1,010
1,037
1,140
1,130
1,060
922
755
586

8 ,465
9 ,178
10 ,174
10 ,315
10 ,494
10 ,715
11 ,059
13 ,024
16 ,144
20 ,322
73 ,179
25 ,403
28 ,204
,646
34 ,570

9 ,707
9 ,842
9 ,959
10 ,060
11 ,775
14 ,754
18 ,894
71 ,461
23 ,300
25 ,983
?9 ,200
31 ,997

536
554
601
608
652
756
999
1 ,249
1 ,390
1 ,428
1 ,718
2 ,103
2 ,221
,446
2 ,573

End of month: 5
1951-—December
1952—December

67 ,983
73 ,034

13,579
12,683

10,958
10,195

1,702
1,733

919
755

78 ,042
31 ,404

,975
29 ,226

7 ,067
2 ,178

19,291
21,245

1953—Alienist
September
October
November
Dpcemher

76 ,244
76 ,612
77 ,121
77 ,552
78 ,201

12,436
12,397
12,395
12,365
12,322

9,994
9,930
9,913
9,830
9,767

1,861
1,880
1,897
1,945
1,968

581

33 ,349
33 ,614
33 ,887

31 ,079
31 ,319
31 ,585
31 ,781
3? ,056

,270

587
585

2 ,295
2 ,302
2 ,315
7 ,339

1954—Tannarv
February . .
March
April

78 ,866
79 ,251
79 ,649
80 ,114

12,470
12,498
12,416
12,424
12,452
12,294
12,222
12,197

9,779
9,781
9,661
9,635
9,539
9,343
9,189
9,171

2,105
2,122
2,170
2,208
2,326
2,363
2,456
n.a.

22,552
22,698
22,842
23,017
23,275
23,435
23,570
23,769
24,005
24,174
24,384
24,572
24,795

July
August

80 ,547
80 ,981
81 ,510
81 965

590
587
586
595
585
581

587
588
577
n.a.

34 ,096
34 ,395
34 ,639
34 ,816
35 ,053

,216
35 ,371
3S ,683
35 ,943
36 ,094

9 ,573

37 ,266
3? ,430

,635
3? ,759
32 ,871
33 ,150
33 ,369
33 ,498
37

,373
,386
,418
,457
2 ,500
7 533
2 ,574
2 ,596
7
7

1 ,972
1 ,990

1 ,967

9 ,819

2 ,000
1 ,994

,831
,851
2 ,873
7 ,894

,039
,053

,905
,923
,956
7 ,978
3 ,000
3 ,023
3 ,045
3 ,066

7

2 ,066
2 ,086
2 ,102

,129
2 ,147
2 ,177

7

7
7
9

Other
assets

2,030
2,156
L 840
1,693
L 839
1,704
7.3 X

•x
~\
7

378

,391
389
1 ,405
3 ,448

468
3 ,581
3 ,636

n.a.
Not available.
1
Includes United States and foreign.
2
Central government only.
3
Includes International Bank for Reconstruction and Development.
4
These represent annual statement asset values, with bonds carried on an amortized basis and stocks at end-of-year market value.
5
These represent book value of ledger assets. Adjustments for interest due and accrued and differences between market and book values
are not made on each item separately, but are included in total in "Other assets."
Source.—Institute of Life Insurance—end-of-year figures, Life Insurance Fact Book, 1952; end-of-month figures, The Tally of Life Insurance
Statistics and Life Insurance News Data.

ALL SAVINGS AND LOAN ASSOCIATIONS IN THE UNITED STATES
[In millions of dollars]
Assets
End of
year

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

Total 1

Mortgages2

U. S.
Government
obligations

5,597
5,733
6,049
6,150
6,604
7,458
8,747
10,202
11,687
13,028
14,622
16,846
19,164
22,585
26,726

3,806
4,125
4,578
4,583
4,584
4,800
5,376
7,141
8,856
10,305
11,616
13,622
15,520
18,336
21,929

73
71
107
318
853
1,671
2,420
2,009
1,740
1,455
1,462
1,489
1,606
1,791
1,923

Assets

Cash

Others

274
307
344
410
465
413
450
536
560
663
880
951
1,082
1,306
1,481

1,124
940
775
612
493
391
356
381
416
501
566
692
866
1,072
1,315

Savings
capital

4,118
4,322
4,682
4,941
5,494
6,305
7,365
8,548
9,753
10,964
12,471
13,978
16,073
19,143
22,823

End of
quarter
Total i

Mortgages2

U. S.
Government
obligations

Cash

18,429
19,164

15,058
15,520

1,577
1,606

852
1,082

852
866

15,317
16,073

1952—1
19,688
2
20,599
3 . . . . 21,295
4. . . . 22,585

16,057
16,875
17,696
18,336

1,690
1,687
1,765
1,791

1,080
1,182
1,044
1,306

774
770
708
1,072

16,811
17,656
18,198
19,143

1953—1P... 23,506
2 P . . . 24,772
3 P . . . 25,633
4 P . . . 26,726

19,105
20,133
21,145
21,929

1,931
2,003
1,990
1,923

1,263
1,337
1,200
1,481

1,121
1,216
1,215
1,315

20,105
21,154
21,742
22,823

1954—1 P . . . 27,659
2 P . . . 29,080

22,684
23,809

1,942
1,976

1,616
1,785

1,341
1,438

23,880
25,129

1951—3. . . .
4

Others

Savings
capital

P1 Preliminary.
Includes gross mortgages with no deduction for mortgage pledged shares.
2
Net of mortgage pledged shares.
3
Includes other loans, stock in the Federal home loan banks and other investments, real estate owned and sold on contract, and office building
and fixtures.
Source.—Federal Savings and Loan Insurance Corporation.

OCTOBER

1954




1079

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 quarter

End of year
Asset or liability, and agency

1953
1944

Loans, by purpose and agency:
To aid agriculture, total
Banks for cooperatives
Federal intermediate
credit banks
Federal land banks 2
Federal Farm Mortgage Corporation..
Farmers Home Administration 3
Rural Electrification Administration. .
Commodity Credit Corporation
Other agencies

1945

1946

1947

1948

1949

1950

1954

1952

4,161 5,070 5,512 6,811 7,370
3,385 2,878 2,884 2,299 3,632 4,362 3,8
425
336
377
197
276
305
424
354
189
232
302
345
633
781
590
231
336
426
673
658
257
273
510
437
1,220 1,088
986
34
20
18
25
351
242
149
109
80
45
17
60
648
643
604
590
558
539
596
658
525
523
535
739
361
407
528
734
999 1,301 1,543 1,742 1,920 2,062 2,096 2,130
353
120
280 1,293 1,729
782 1,426 1,651 3,076 3,468
99
898
10
6
5
7
6
6
9
5
5
5
9
7.
1,237
52
81
1,091
12
1

896
7
24
852
12
1

659
6
6
636
10
1

556
4

768 1,251 1,528 2,142 2,603 2,986 2,930 2,858
,850 2,242 2,540 2,462 2,366
199
828 1,347

486
61
65

369
177
22

231
168
24

10
137
35

To railroads, total
Reconstruction Finance Corporation 5 . .
Other agencies

343
321
21

223
205
18

171
153
18

147
145
3

140
138
3

114
112
3

110
108
2

To other industry, total
Reconstruction Finance Corporation 5 7 .
Other agencies

191
118
73

232
149
83

192
151
41

272
241
31

310
272
38

462
423
38

To financing institutions, total
Reconstruction Finance Corporation 5 .
Federal home loan banks
Other agencies

216
66
131
20

267
60
195
12

314
14
293
7

447
7

525
6
515
4

Foreign, total
Export-Import Bank
Reconstruction Finance Corporation 5 7 .
Other agencies11

225
225

0°)

All other purposes, total
Reconstruction Finance Corporation 5 7 .
Public Housing Administration 12
Other agencies

1,237
"827
305

707
309
286
112

623
232
278
113

714
6340
278

438

478

To aid home owners, total
Federal National Mortgage Assn
RFC Mortgage Corporation 4
Home Owners' Loan Corporation 2 5
Reconstruction Finance Corporation .
Other agencies

Less: Reserve for losses

"106

448

Total loans receivable (net).
Investments:
U. S Government securities, total
Banks for cooperatives
Federal intermediate credit banks
Production credit corporations
Federal land banks 2
Federal home loan banks
Federal Savings and Loan Insurance
Corp
Home Owners' Loan Corporation 2
Federal Housing Administration
Public Housing Administration12
Reconstruction Finance Corporation 5 7
Federal Deposit Insurance Corporation
Other agencies
Investment in international institutions.
Other securities, total
Reconstruction Finance Corporation 5 .
Production credit corporations
Other agencies
Commodities, supplies, and materials, total.
Commodity Credit Corporation
Reconstruction Finance Corporation 5 7
Other agencies
Land, structures, and equipment,
total
Public Housing Administration12
Reconstruction Finance Corporation 5 7
Tennessee Valley Authority 2
U. S. Maritime Commission
War Shipping Administration 2
Federal Maritime
Board and Maritime Adm. 2 .
Other agencies13
Bonds, notes, and debentures
guaranteed), total
Banks for cooperatives
Federal intermediate
credit banks
Federal land banks 2
Commodity Credit Corporation
Federal home loan banks

(10)

payable (not

6,387

436
4

123
169

115
246

110
337

108
361

106
386

82
80
2

79
77
2

79
77
2

79
77
2

458
400
58

101
99
2
488
415
74

516
457

536
473

509

492
270
223

445
8
433
4

824
8
816

814
8
806

584
190
294
100

484
88
297
99

531
59

368

476

58
864

63

8294
8214

802
(9)
801

952

P52

630
(9)
630

864
526 2,284 5,673 6,102 6,090 6,078 6,110 7,736 8,010 8,043 7,987
252 1,249 1,978 2,145 2,187 2,226 2,296 2,496 2,758 2,833 2,783
274
52
235
246
154
101
58
52
206
64
45
800 3,450 3,750 3,750 3,750 3,750 5,182 5,199 5,157 5,159

5,290 6,649

96
395
9,714

11,692 12,733

1,630 1,683 1,873 1,685 1,854 2,047
48
43
43
43
43
43
48
44
39
43
74
47
72
66
60
67
39
70
220
145
136
144
118
139
274
145
275
161
184
151
172
214
199
15
15
17
12
12
87
106
132
122
144
188
7
8
8
49
75
48
760
897 1,045 1,020 1,064 1,205
30
1
20
21
28
1
318 3,385 3,385
3,385
325
424
154
133
230
107
244
289
159
108
98
63
55
35
46
29
83
71
26
24
11
6
22
2
2,942 2,288 1,265
822
627 1,549
1,450 1,034
463
448
437 1,376
1,053 1,131
667
157
235
142
438
134
122
32
138
30

366

105
185
13,228

779 1,095
50
61
919
609
126
109
173

140

14,422 17,826

830
57
612

763
57
535

641
29
428

160

171

184

252

203

181

18,502 19,883 19,877

2,075 2,226 2,421 2,586 2,602 2,969
43
43
43
43
43
43
62
51
60
63
46
50
43
43
45
45
43
42
199
193

249
200

311
208

244

285

316

397
211

387
217

706
222

319

310

()
1,307 1,353 1,437 1,509 1,526 1,593
1
1
1
1
1
1
3,385 3,385 3,385 3,385 3,385
3,385
44
40
78
40
38
35
71
66
11
5
16
5
35
1
1
1
1
5
1
1,774 1,461 1,280 2,259 2,514 2,696
978 1,884 2,086 2,202
1,638 1,174
134
172
156
108
129
168
241
131
272
159
327
28

21,017 16 ,924 12,600 3,060 2,962 2,945 3,358 3,213 7,911 8,062 8,035
222
227
204 1,448 1,352 1,248 1,251 1,173 1,030 1,018
958
6,919 2,861
175
35
630
611
605
594
199
181
169
721
727
754
793
830
886 1,048 1,251 1,405 1,475 1,549
3,395 3,301 3,305
7,813 7,764 6,507
P 4 , 8 0 2 4,834 4,849
262 1,948 2,044 1,793
590
206
465
493
561
189
168
511

16,237
200
6,526
710
3,113
5,427

1,395 1,113 1,252
24
8
33
274
245
293
818
792
756
212
67
169
69

689
69
358

965
70
480

772 1,190 1,369 1,330 1,243 1,182
170
181
150
110
119
78
704
674
520
776
619
490

949
133
626

262

415

204

414

190

560

445

349

For footonotes see following page.

1080




FEDERAL RESERVE BULLETIN

GOVERNMENT CORPORATIONS AND CREDIT AGENCIES—Continued
PRINCIPAL ASSETS AND LIABILITIES
[Based on compilation by United States Treasury Department. In millions of dollars]
Liabilities, other than
interagency items

Assets, other than interagency items 1

Date, and corporation or agency
Total

All agencies:
1944—Dec.
1945—Dec.
1946—Dec.
1947—Dec.
1948—Dec.
1949—Dec.
1950—Dec.
1951—Dec.
1952—Dec.

Cash

CommodiLoans ties,
resupceiv- plies,
able
and
materials

U. S.
Govt.
securities

1,632
1,683
1,873
1,685
1,854
2,047
2,075
2,226
2,421

31,488
33,844
30,409
30,966
21,718
23,733
24,635
26,744
29,945

756 6,387
290
925
1,398 6,649
1,481 9,714
630 11,692
441 12,733
642 13,228
931 14,422
944 17,826

1953—Sept. 30 2
Dec. 31
1954—Mar. 31

37,141
38,937
39,313

1,096 18,502 2,259 2,586 3,429
1,190 19,883 2,514 2,602 3,425
1,139 19,877 2,696 2,969 3,425

Department of Agriculture:
Rural Electrification Administration
Commodity Credit Corporation
Farmers Home Administration3
Federal Crop Insurance Corp
Housing and Home Finance Agency:
Home Loan Bank Board:
Federal home loan banks
Federal Savings and Loan Insurance Corp.
Public Housing Administration
Federal Housing Administration
Office of the Administrator:
Federal National Mortgage Association..
Other
Reconstruction Finance Corporation:
Assets held for U. S. Treasury 5 "
Other 5
Export-Import Bank
Federal Deposit Insurance Corp
Tennessee Valley Authority
Federal Maritime Board and Maritime Adm...
All other

421
730
49

Other
liabilities

U. S.
Government
interest

424 16,237 3,111 1,537 1,395 4,196 23,857

31
31
31
312
312
31
31
312
312

Classification bv agency,
Mar. 31, 1954
Farm Credit Administration:
Banks for cooperatives
Federal intermediate credit banks
Production credit corporations
Agricultural Marketing Act
Federal Farm Mortgage Corp

2,942
2,288
1,265
822
627
1,549
1,774
1,461
1,280

Bonds, notes,
and debentures payable
Land,
structures, Other
asand
Fully
Other equip- sets
guarsecu- ment
anteed Other
rities
by
U. S.

Investments

325 21,017 2,317
547 16,924 1,753
3,539 12,600 1,125
3,518
,060
337
3,492 2,962
509
3,473 2,945
499
3,463 3,358
882
3,429 3,213
832
7,911
8,062
8,035

1,357
1,261
1,173

Privately
owned
interest

555 1,113 4,212 27,492
261 1,252 3,588 24,810
689 2,037 28,015
82
965 1,663 18,886
38
772 1,720 21 ,030
28
23 1,190 1,193 21,995
43 1,369 1,161 23,842
53 1,330 1,728 26,456

504
472
498
143
166
183
234
329
378

63 1,243 2,075 33,335
75 1,182 3,818 33,429
949 4,920 32,899

424
434
470

351
658

133
626

259
96
48

27

17
2,268
5,994
729
27

2,128
3,448 2,202
628

630

1,374
246
1,565
543
27
367
591
2,811
1,610
1,1
5,432
10,126

706
222

436
43

2,3

1
115

310

958
1

95
217
25
1

5
7
96
127

() 2,268
3,348 2,646
723
7
22
5
190
75

745

-4
238
29 1,536
218
250

11
4

2,366
87
1
491
2,793

168

303
178
187 5,801

26
47
253

168
1,593

()
1,549
4,849
3,385
372

28
16
18
15
10
357
128

2,376
139

29
68
136
57
179
73

367
562
2,744
1,475
1,830
5,253
10,053

1
p Preliminary.
Loans by purpose and agency are shown on a gross basis; total loans and all other assets are shown on a net basis,
i. e., after reserve for losses.
2
Several changes in coverage have been made over the period for which data are shown. The more important are: exclusion of the following
agencies following repayment of the U. S. Government interest—Federal land banks after 1946 and the Home Owners' Loan Corporation after
June 1951; exclusion of the United States Maritime Commission (including War Shipping activities) after 1947, when this agency ceased to report
to the U. S. Treasury; and inclusion of the Mutual Security Agency beginning June 1952 and of the Federal Maritime Board and Maritime Administration beginning June 1953.
3 This agency, successor to the Farm Security Administration, took over the continuing functions of the latter agency in 1946. Earlier figures
have been adjusted to include the FSA. Figures for 1944 and 1945 also include Emergency Crop and Feed Loans of the Farm Credit Administration, transferred to the FSA in 1946. Figures through 1948 include the Regional Agricultural Credit Corporation, the assets and liabilities of
which have been administered by the Farmers Home Administration since dissolution of the RACC in 1949. These activities are reported currently in the Treasury compilation as "Disaster Loans, etc., Revolving Fund."
4
Assets and liabilities transferred to the Reconstruction Finance Corporation on June 30, 1947.
5
RFC figures for the end of the third quarter 1953 were for Sept. 28; on Sept. 29, pursuant to the act approved July 30, 1953 (67 Stat. 230),
the RFC started liquidation of its activities except those which existing law or this law permitted to be transferred elsewhere.
6
Reconstruction Finance Corporation loans to aid home owners, which increased steadily through the first three quarters of 1947 and during
1948, appear to have been included with "other" loans in the statement for Dec. 31, 1947.
7
Figures have been adjusted to include certain affiliates of the Reconstruction Finance Corporation. Several of these—including the Defense
Plant Corporation, Defense Supplies Corporation, Metals Reserve Company, and Rubber Reserve Company—were merged with the parent
effective July 1, 1945. Most of their activities were reflected under "Commodities, supplies, and materials" and "Land, structures, and equipment."
8
Reflects transfer of RFC lending under Defense Production Act of 1950 from the RFC to the Treasury Department.
9
Less than $500,000.
10
Foreign loans, except for the Export-Import Bank, are included with "all other purposes" until 1945.
11
Treasury loan to the United Kingdom (total authorized amount of which was 3,750 million dollars) and, beginning with the balance sheet
for June 30. 1952, outstanding loans of the Mutual Security Agency (totaling about 1,500 million on that date).
12
Reflects activities of the Federal Public Housing Authority under the U. S. Housing Act, as amended, until July 27, 1947, when these activities were transferred to the newly established Public Housing Administration. War housing and other operations of the Authority—shown on
the Treasury Statement with "other agencies" through 1947—were not transferred to the PHA until 1948.
13
Beginning 1951, includes figures for Panama Canal Company, a new corporation combining the Panama Railroad Company (included in
earlier Treasury Statements) and the business activities of the Panama Canal (not reported prior to that time). See also footnote 12.
14
Assets representing unrecovered costs to the Corporation in its national defense, war, and reconversion activities, which are held for the
P
Treasury for liquidation purposes in accordance with provisions of Public Law 860, 80th Congress.
••**
NOTE.—Statement includes certain business-type activities of the United States Government. Figures for some agencies—usually small
ones—may be for dates other than those indicated. Comparability of the figures with those for years prior to 1944 has been affected by (1) the
adoption of a new reporting form beginning Sept. 30, 1944, and (2) changes in activities and agencies included (see footnote 2). For back figures
see Banking and Monetary Statistics, Table 152, p. 517.

OCTOBER 1954




1081

SECURITY MARKETS 1
Bond prices

Stock prices
Common

U. S. Govt.
(long-term)

Mu- Corponicipal rate
Pre(high- (high- ferred*
4
New grade)* grade)
seTories 3
tal

Year, month,
or week
Old
series 2

Number of issues..

Industrial

Railroad

Volume
of
trad-6
ing
(in
Manufacturing
Trade,
thoufinsands
Trans- Public ance, Min- of
porta- utilDu- Nonand
ing shares)
Todution
raservity
ratal
ble
ice
ble

Securities and Exchange Commissi on series
(index. 1939—100)

Public
utility

Total

480

420

20

40

265

170

98

72

21

29

31

14

133.0 117.7 170.4 177
129.3 115.8 169.7 188
119.7 112.1 164.0 189

192
204
204

149
169
170

112
118
122

185
195
193

207
220
220

179
189
193

233
249
245

199
221
219

113
118
122

208
206
207

205
276
241

1,684
1,313
1,419

101.00
103.30
103.67
104.93

116.9
119.7
121.4
122.3

110.9
112.6
113.6
113.5

162.8
167.3
168.8
166.5

179
183
188
191

193
197
202
206

156
157
159
157

120
122
124
125

181
187
191
193

205
214
219
222

175
184
190
192

232
240
245
249

199
202
204
200

119
121
123
125

198
201
207
209

219
219
231
230

1,294
1,225
1,482
.644

97.42 106.16
98 62 107 04
99.87 109.11
100 36 109 65
99.68 109.39
99 49 109 74
100 36 111.07
100.28 111.50
99.92 110.68

123.6
125.5
125.6
123 9
123.6
123 9
126.9
128.4
127.2

"114.6
116 5
117.9
118 1
117.5
117 0
117.5
117.8
117.6

168.7
171.8
173.3
174.3
173.8
172 9
173.3
174.7
115.8

195
200
205
213

"212
217
223
233

160
166
165
164

127
129
131
133

198
203
207
216

228
234
240
253

199
204
210
223

256
261
268
280

206
215
212
212

126
128
130
132

213
216
215
220

239
250
259
266

220
222
231
236

173
176
184
187

135
135
140
142

223
224
233
237

263
263
275
280

233
237
254
257

291
288
294

134
134
139
141

226
228
236
243

264

182

141

240

286

260

"301
309

221
225
234
237

239

242
244
255
261

236

140

247

270
266
257
263

268

1,669
1,752
1,919
2,089
2,096
1,919
2,469
2,588
1,963

128.2
127.9
126.9
126.6
126.6

117.6
117.5
117.5
117.6
117.6

174.8
174.2
175.8
176.9
177.2

233
235
238
242
245

257
259
264
269
273

178
180
184
185
182

140
141
140
141
141

235
237
242
247
246

278
281
289
295
294

253
257
263
269
268

300
304
312
320
317

231
234
237
242
237

140
139
140
140
140

242
245
248
253
251

266
269
268
269
270

1,923
1,849
2,080
2,155
1,899

3-7

1951 average
1952 average
1953 average

98.85
97.27
93.90

1953—Sept
Oct
Nov
Dec
1954—j a n
Feb
Mar
Apr.
May
June
July
Aug
Sept

93.40
95.28
94 98
95.85

Week ending:
Sept. 4
Sept. 11
Sept. 18
Sept. 2 5 . . . .
Oct. 2

Standard and Poor's series
(index. 1935-39=100)

99.96
99.96
99.90
99.91
99.88

1

110.89
110.80
110.68
110.62
110.45

15

15

17

c
Corrected.
1
Monthly and weekly data for U. S. Government bond prices and volume of trading are averages of daily figures; for other series monthly
and weekly data are based on figures for one day each week—Wednesday closing prices for municipal and corporate bonds, preferred stocks, and
common
stocks (Standard and Poor's Corporation) and weekly closing prices for common stocks (Securities and Exchange Commission).
2
Fully taxable, marketable 2% per cent bonds first callable after 12 years. Of these
the 1967-72 bonds are the longest term issues. Prior
3
to Apr.
1,
1952, only bonds due or first callable after 15 years were included.
The 3 ^ per cent bonds of 1978-83, issued May 1, 1953.
4
Prices
derived
from
average
yields,
as
computed
by
Standard
and
Poor's
Corporation,
on basis of a 4 per cent 20-year bond.
5
Standard and
Poor's Corporation. Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual
6
dividend.
Average daily volume of trading in stocks on the New York Stock Exchange.
Back figures.—See Banking and Monetary Statistics, Tables 130, 133, 134, and 136, pp. 475, 479, 482, and 486, respectively, and BULLETIN
for May 1945, pp. 483-490, and October 1947, pp. 1251-1253.

CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE
FIRMS CARRYING MARGIN ACCOUNTS
[Member firms of New York Stock Exchange. Ledger balances in millions of dollars]
Credit balances

Debit balances
End of month

Debit
Debit
Customers' balances in balances in
partners'
firm
debit
balances investment investment
and trading and trading
(net)i
accounts
accounts

1951—June
December...
1952—June
December...
1953—June

1,275
1.292
1,327
1,362
1,684

1953—August
September. .
October
November..
December...
1954—January....
February...
March
April
May
June
July
August

31.682
31,624
31,641
31,654
1.694
31,690
31,688
31,716
31,786
31,841
1,857
31,926
31,998

10
12
9
8
7

375
392
427
406
347

Customers'
credit balances 1

Cash on
hand
and in
banks

Money
borrowed 2

364
378
365
343
282

8

404

297

10

492

309

Other credit balances
In firm
In partners'
investment investment In capital
and trading and trading accounts
(net)
accounts
accounts

Free

Other
(net)

680
695
912
920
1,216

834
816
708
724
653

225
259
219
200
163

26
42
23
35
23

13
11
16
9
16

319
314
324
315
319

31,182
31,070
31,098
31,127
1,170
31,108
31,062
31,054
31,094
31,186
1,173
31,169
31,194

3641
3674
3672
*682
709
3741
3 768
3 787
3819
3836
838
3877
3910

208

28

31

313

248

23

45

372

1
Excludes balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2)
firms'2 own partners.
Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges).
3
As reported to the New York Stock Exchange. According to these reports, the part of total customers' debit balances represented by balances
secured by U. S. Government securities was (in millions of dollars): May, 45; July, 33; August, 31.
NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the
method by which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last
column is not to be taken as representing the actual net capital of the reporting firms.
Back figures.—See Banking and Monetary Statistics, Tables 143 and 144, pp. 501-503.

1082




FEDERAL RESERVE BULLETIN

BANK RATES ON BUSINESS LOANS
AVERAGE OF RATES CHARGED ON SHORT-TERM LOANS
TO BUSINESS BY BANKS IN SELECTED CITIES
[Per cent per annum]
Size of loan
All
Area and period
loans $1,000- $10,000- $100,000- $200,000
$10,000 $100,000 $200,000 and over

OPEN MARKET MONEY RATES IN NEW YORK CITY
[Per cent per annum]

Year,
month, or
week

Prime
commercial
paper,
4- to 6months1

U. S. Government
securities (taxable)
Prime
bankers'
accept- 3-month bills
ances,
9- to 12- 3- to 590
month
year
days 1 Market Rate issues 2 issues 3
new
yield on
issues

1951 average
1952 average
1953 average

2.17
2.33
2.52

11.60
11.75
11.88

L.52
L.72
1.90

1.552
1.766
1.931

1L .73

L.81
2.07

1.93
2.13
2.57

1953—September.
October
November.
December..

2.74
2.55
2.32
2.25

1L .88
L .88
L .88
L.88

L .79
L.38
L.44
L.60

1.876
1.402
1.427
1.630

'.17
L.72
L .53
L .61

2.69
2.36
2.36
2.22

1954—January...
February. .
March
April
May
June
July
August....
September.

2.13
2.00
2.00
1.77
1.59
1.56
1.43
1.33
1.31

1.88
L.69
1.48
.25
L .25
1.25
.25
L .25
] .25

L.18
.97
1.03
.96
.76
.64
.72
.92
1L .01

1.214
.984
1.053
1.011
.782
.650
.710
.892
1.007

L33
L.01
L.02
.90
.76
.76
.65
.64
.89

2.04
1.84
1.80
1.71
1.78
1.79
1.69
1.74
1.80

Week ending:
Sept. 4 . . .
Sept. 11. . .
Sept. 18. . .
Sept. 2 5 . . .
Oct. 2 . . .

1.31
1.31
1.31
1.31
1.31

1 .25
\ .25
1 .25
1 .25
1 .25

\ .03
\ .02
\L.02
.99
.99

1.023
1.016
1.024
.986
.984

.80
.85
.89
.91
.97

1.75
1.77
1.79
1.82
1.84.

Annual averages:
19 cities:

2.2
2.1
2.1
2.5
2.7
2.7
3.1
3.5
3.7

4.3
4.2
4.2
4.4
4.6
4.5
4.7
4.9
5.0

3.2
3.1
3.1
3.5
3.7
3.6
4.0
4.2
4.4

2.3
2.2
2.5
2.8
3.0
3.0
3.4
3.7
3.9

2.0
1.7
1.8
2.2
2.4
2.4
2.9
3.3
3.5

3.76
3.72
.60
.56

4.98
4.99
4.97
4.99

4.39
4.37
4.35
4.32

3.96
3.94
3.89
3.82

3.57
3.52
3.37
3.32

New York City:
1953—Dec
1954—Mar
June
Sept

3.51
3.50
3.34
3.29

4.70
4.79
4.75
4.81

4.25
4.27
4.24
4.21

3.77
3.75
3.71
3.54

3.38
3.37
3.19
3.13

7 Northern and Eastern cities:
1953—Dec
1954—Mar
June
Sept

3.79
3.74
3.61
3.57

5.07
5.06
5.04
5.07

4.40
4.36
4.31
4.34

3.96
3.97
3.83
3.94

3.63
3.57
3.42
3.36

4.10
4.03
3.98
3.95

5.06
5.05
5.05
5.03

4.46
4.43
4.43
4.39

4.09
4.03
4.05
3.91

3.86
3.76
3.67
3.68

1945
1946
1947
1948
1949
1950
1951
1952
1953

Quarterly:
19 cities:
1953—Dec
1954—Mar
June
Sept

1
2

Monthly figures are averages of weekly prevailing rates.
Series includes certificates of indebtedness and selected note and
bond
issues.
3
Series includes selected note and bond issues.
Back figures.—See Banking and Monetary Statistics, Tables 120-121,
pp. 448-459, and BULLETIN for May 1945, pp. 483-490, and October
1947, pp. 1251-1253.

11 Southern and
Western cities:
1953—Dec
1954—Mar
June
Sept

NOTE.—For description of series see BULLETIN for March 1949,
pp. 228-237.
BOND AND STOCK YIELDS i
[Per cent per annum]
Bonds
U. S. Govt.
(long-term)

Year, month,
or week

Old
series 2
Number of issues...

Corporate (Moody's)
Municipal
(highgrade) 4

New
series^
1

Industrial stocks
5

By groups

By ratings
Total
Aaa

Aa

A

Dividends/
price ratio

Baa

Industrial

Railroad

Public
Preutility ferred 6

Common7

Earnings/
price
ratio
Common*

15

120

30

30

30

30

40

40

40

15

125

125

3.16

2.00
2.19
2.72

3.08
3.19
3.43

2.86
2.96
3.20

2.91
3.04
3.31

3.13
3.23
3.47

3.41
3.52
3.74

2.89
3.00
3.30

3.26
3.36
3.55

3.09
3.20
3.45

4.11
4.13
4.27

6.29
5.55
5.51

10.42
9.49
10.14

3.19
3.06
3.04
2.96

2.88
2.72
2.62
2.59

3.54
3.45
3.38
3.39

3.29
3.16
3.11
3.13

3.43
3.33
3.26
3.28

3.56
3.47
3.40
3.40

3.88
3.82
3.75
3.74

3.40
3.33
3.27
3.28

3.65
3.56
3.51
3.52

3.58
3.46
3.38
3.37

4.30
4.19
4.15
4.21

5.76
5.60
5.53
5.54

2.68
2.60
2.51
2.47
2.52
2.54
2.47
2.48
2.51

2.90
2.85
2.73
2.70
2.72
2.70
2.62
2.60
2.64

2.50
2.39
2.38
2.47
2.49
2.48
2.31
2.23
2.29

3.34
3.23
3.14
3.12
3.13
3.16
3.15
3.14
3.13

3.06
2.95
2.86
2.85
2.88
2.90
2.89
2.87
2.89

3.22
3.12
3.03
3.00
3.03
3.06
3.04
3.03
3.04

3.35
3.25
3.16
3.15
3.15
3.18
3.17
3.15
3.13

3.71
3.61
3.51
3.47
3.47
3.49
3.50
3.49
3.47

3.23
3.12
3.05
3.04
3.06
3.10
3.10
3.07
3.07

3.47
3.35
3.24
3.19
3.21
3.23
3.23
3.21
3.22

3.31
3.23
3.14
3.13
3.13
3.15
3.13
3.12
3.13

4.15
4.08
4.04
4.02
4.03
4.05
4.04
4.01
3.98

5.28
5.29
5.07
4.86
4.81
4.74
4.54
4.66
4.31

2.50
2.51
2.51
2.51
2.51

2.63
2.64
2.64
2.65
2.65

2.24
2.26
2.31
2.33
2.33

3.13
3.13
3.13
3.14
3.14

2.88
2.89
2.89
2.89
2.89

3.03
3.04
3.04
3.05
3.05

3.13
3.13
3.13
3.14
3.14

3.47
3.47
3.47
3.48
3.48

3.06
3.06
3.07
3.07
3.06

3.21
3.21
3.21
3.22
3.23

3.12
3.12
3.13
3.13
3.12

4.01
4.02
3.98
3.96
3.95

4.57
4.49
4.40
4.31
4.31

3-7

1951 average
1952 average
1953 average

2.57
2.68
2.93

1953—September...
October
November...
December...

2.97
2.83
2.85
2.79

1954—January
February
March
April
May
June
July
August
September...
Week ending:
Sept. 4
Sept. 11
Sept. 18
Sept. 25
Oct. 2

10.76
10.49
9.06
r

8.74

r
Revised.
1
Monthly and weekly data are averages of daily figures, except for municipal bonds and for preferred stocks, which are based on figures for
Wednesday.
Figures for common stocks, except for annual averages, are as of the end of the period (quarterly in the case of earnings/price ratio).
2
Fully taxable, marketable 2% per cent bonds first callable after 12 years. Of these the 1967-72 bonds are the longest term issues. Prior to
Apr. 31, 1952, only bonds due or first callable after 15 years were included.
The 3M per cent bonds of 1978-83, issued May 1, 1953.
*Standard a n d Poor's Corporation.
6
Moody's Investors Service, week ending Friday. Because of a limited number of suitable issues, there has been some variation in the number of
bonds included in some of the groups.
6
Standard and Poor's Corporation. 8 Ratio is based on 9 median yields in a sample of noncallable issues, 12 industrial and 3 public utility.
7
Moody's Investors Service.
Computed by Federal Reserve from data published by Moody's Investors Service.
Back figures.—See Banking and Monetary Statistics, Tables 128-129, pp. 468-474, and BULLETIN for May 1945, pp. 483-490, and October
1947, pp. 1251-1253.

OCTOBER

1954




1083

TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS
[On basis of daily statements of United States Treasury unless otherwise noted.

In millions of dollars]

Summary
Budget receipts and
expenditures

Excess of receipts
or expenditures (—)

Period
Net
receipts

Cal. yr.—1950
1951
1952
1953
Fiscal yr.—1951. . .
1952...
1953...
19542. .
Semiannual totals:
1951—Jan.-June.
July-Dec..
1952—Jan.-June.
July-Dec..
1953—Jan.-June.
July-Dec..2
1954—Jan.-June
Monthly:
1953—Sept
Oct
Nov.
Dec
1954—Jan 2
Feb.
Mar
Apr
May
June
July
Aug
Sept

Expenditures

Surplus
or
deficit

(-)

Sales and
Trust redemptions
Clearand
in
market
ing
other
of
Govt.
acacagency
count
counts obligations

Increase or
decrease (—)
during period

Gross
direct
public
debt

General fund of the Treasury
(end of period)
Balance
in
general
fund

General
fund
balance

Deposits in
F. R. Banks
Special
Avail- I nessprocof deposable
funds

collec-

itaries

Other
net
assets

tion

37,834 138,255
53,488 56,846
65,523 71,366
64,469 73,626
48,143 144,633
62,129 66,145
65,218 74,607
64,550 67,579

1-422
-3,358
-5,842
-9,157
13,510
-4,017
-9,389
-3,029

i-38
759
49
82
1295
219
462
393

349
56
-90
19
384
-72
-25
-4

87
-106
-319
-209
-214
-401
-312
-452

-423
2,711
7,973
7,777
-2,135
3,883
6,966
5,189

-447
62
1,770
-1,488
1,839
-388
-2,299
2,096

4,232
4,295
6,064
4,577
7,357
6,969
4,670
6,766

690
321
389
346
338
333
132
875

129
146
176
131
250
355
210
274

2,344
2,693
4,368
3,358
5,680
5,106
3,071
4,836

1,069
1,134
1,132
742
1,089
1,175
1,256
781

29,679
23,809
38,320
27,204
38,014
26,454
n.a.

25,570
31,276
34,869
36,497
38,110
35.515
n.a.

4,109
-7,467
3,451
-9,293
-96
-9,061
n.a.

468
291
-72
121
341
-259
n.a.

-8
64
-136
46
-71
90
n.a.

40
-146
-255
-64
-248
40
n.a.

-1,486
4,197
-313
8,286
-1,320
9,097
-3,909

3,124
—3,062
2,674
-904
-1,394
-94
2,190

7,357
4,295
6,969
6,064
4,670
4,577
6,766

338
321
333
389
132
346
875

250
146
355
176
210
131
274

5,680
2,693
5,106
4,368
3,071
3,358
4,836

1,089
1,134
1,175
1,132
1,256
742
781

6,041
2,659
4,695
5,183
34,471
5,444
11,434
2,751
3,592
10,539
2,827
3,911
n.a.

6,119
5,477
5,423
6,387
35,071
4,707
5,555
5,296
5,203
7,115
4,827
6,731
n.a.

-79
-2,818
-728
-1,204
-600
737
5,879
-2,545
-1,611
3,424
-2,000
-2,820
n.a.

-40
-149
-37
-72
-144
527
253
-375
271
42
-150
387
n.a.

75
-70
116
-59
-28
-117
-60
-53
123
32
-34
-83
n.a.

117
235
-376
29
559
-135
-160
593
-511
-3
-82
-222
n.a.

-269
449
1,822
-40
-320
-67
-4,546
811
2,428
-2,215
-276
3,971
-145

-196
-2,352
797
-1,346
-533
944
1,366
-1,567
700
1,280
-2,542
1,233
-313

7,478
5,126
5,923
4,577
4,044
4,988
6,355
4,787
5,487
6,766
4,224

642
662
451
346
404
548
722
579
422
875
727
511
704

183
185
81
131
363
167
462
180
146
274
196
101
170

5,255
2,892
4,545
3,358
2,406
3,458
4,379
3,273
4,095
4.836
2,538
4,078
3,469

1,398
1,387
847
742
871
816
792
756
824
781
764
767
801

5,457
5,145

Budget expenditures
Major national security programs
Period

Cal. yr.—1950
1951
1952
1953
Fiscal yr.—1951....
1952....
1953....
19542...
Semiannual totals:
1951—Jan.-June..
July-Dec. .
1952—Jan.-June..
July-Dec. .
1953—Jan.-June..
July-Dec 2 .
Monthly:
1953—Aug
Sept
Oct
Nov,
, .
Dec
1954—Jan 2
Feb.
Mar
Apr
May
June
July
Aug

Total*

National
defense

Military
assistance
abroad

VetSocial
erans
Inter- Atomic InterseAgriest Adminnacurity
culon
istrational Energy
pro- 8 ture7
Comdebt
tion*
ecograms
misnomic
sion
aid*

38,255
56,846
71,366
73,626
44,633
66,145
74,607
67,579

18,509
37,154
51,121
52,817
25,891
46,319
52,847
P48.259

13,476
30,275
43,176
44,465
19,955
39,033
44,584
P40.638

291
1,559
2,975
3,810
884
2,228
3,760
3,520

4,012
3,560
2,652
2,190
3,863
2,904
2,272

25,570
31,276
34,869
36,497
38,110
35,515

16,041
21,113
25,206
25,915
26,932
25,885

12,450
17,825
21,208
21,968
22,616
21,848

637
921
1,306
1,669
2,092
1,718

6,042
6,119
5,477
5,423
6,387
35,071
4,707
5,555
5,296
5,203
7,115
4,827
6,731

4,172
4,392
4,266
4,034
4,377
P3,681
P3.809
P3.916
P3.847
P3,565
P4.245
P3.188
P3.553

3,519
3,787
3,647
3,540
3,465
3,001

197
232
155
198
484
385
194
321
343
331
407
334
228

258
169
175
162
141
*104
P183

Total

P3,225

P3.339
P3,195
P2.884
P 3 , 554
P2.565
P2,984

Housing
and
home
finance

Public office
works def-

1,551
1,438
1,573
L.685
1,458
1,515
1,655
L,513

643
684
775
525
624
740
660
462
364
320
420
355
305
220

Post
icit

PI.599

611
1,278
1,813
1,889
908
1,648
1,802
1.893

5,580
5,983
6,065
6,357
5,613
5,859
6,508
6,371

1,499
5,714 1,351
1,010
5,088 1,463
1,564
4,433 1,508
4,157 1,630 3,238
635
5,288 1,415
1,219
4,748 1,424
4,250 1,593 3,063
4,176 Pl.670 P2.842

-17
694
646
-159
460
614
382
-614

2,170
1,389
1,514
1,137
1,134
1,056

567
711
937
876
926
963

3,223
2,761
3,099
2,966
3,542
2,816

2,610
2,479
2,269
2,164
2,086
2,072

745
718
706
802
791
839

470
540
679
885
2,178
1,059

302
392
222
424
—42
-117

580
858
657
916
740
945

157
206
155
560
208
354
95
164
231 1,294
142
245
160
372
181
588
164
350
169
249
109 1,752
174
213
169
332

330
323
336
343
371
340
340
334
375
346
370
333
333

120
101
211
123
108
172
P128
P114
P120
P124
P171

377
275
-12
302
-137
309

95
34
—46
-89
-32
-31
P-135
-104
P194
-54
P468 -195
P694
-14
P248 - 8 4
P141
P27O
49
P121 P2.039
-39

155
158
161
157
140
97
P90
P102
P116
P109
P109
P156
*>137

P54

P117
P126
P52
P84
P100

p

160
60

"42*
91

'in'

Transfers
to
trust Other
accounts

961 2,464
1,016 2,315
1,193 2,487
783 2,593
972 2,276
1,305 2,402
1,079 2,570
152 P2.747
168
848
457
737
342
441

1,066
1,249
1,153
1,333
1,236
1,357

157
60
18
95
57
316
5
6
9
5
6
55
P2

270
217
189
234
209
P241
P161
P263
P205
P123
P188
P421

P253

pPreliminary.
n.a. Not available.
1
Beginning November 1950, investments of wholly owned Government corporations in public debt securities are excluded from Budget expenditures,
and
included
with
other such investments under "Trust and other accounts."
2
Fiscal year totals on new reporting basis, described in Treasury Bulletin for April 1954, p. A2. Monthly breakdown on new basis not yet
available
prior
to
February
1954
for most items.
3
Not adjusted for Treasury's revised treatment of carriers' taxes. 4 Includes the following not shown separately: Maritime activities, special
defense
production
expansion
programs,
Economic Stabilization Agency, and Federal Civil Defense Administration.
5
Consists of foreign economic and technical assistance under the Mutual Security Act, net transactions of the Export-Import Bank, and
other nonmilitary foreign aid programs, as well as7 State Department and United States Information Agency expenditures. 6 Excludes transfers
to trust accounts, which are shown separately.
Includes Farm Credit Administration and Agriculture Department, except expenditures for
forest development of roads and trails which are included with public works.

1084




FEDERAL RESERVE BULLETIN

TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS—Continued
[On basis of daily statements of United States Treasury, unless otherwise noted.

In millions of dollars]

Treasury receipts
Internal revenue collec tions
(on basis of Internal Re venue
Service)

Budget receipts, by principal sources
Income
and old-age
insurance taxes

Period

Withheld
by
employers
Cal. yr.—1950
1951
1952
1953
Fiscal yr.—1951 . . .
1952
1953 . .
1954 1 ...
Semiannual totals:
1951—Jan.-June...
July D e c . . .
1952—Jan.-June...
July-Dec...
1953—Jan.-June...
July-Dec. 1 .
Monthly:
1953—Aug
Sept
Oct
Nov
Dec
1954—j an
Feb.i
Mar.
Apr
May

June
July
Aug

Miscellainternal

Other
Corporation

enue

13,775
1 7 , 361
19,392
26, 876
34, 174
23,658
26,323
30, 524
16,654
24, 218
21,889
3 3 , 026
25,058
3 3 , 101
26,210 10,761 21,483

8,771
9,392
10,416
11,211
9,423
9,726
10,870
10,987

17, 376
9, 499
23, 526
10, 647
22, 454
2,799 5,272
79
1,689

9,445
9,947
11,942
11,716
13,342
12,981
3,500
1,837
1,138
3,416
1,838
904

3,664
2,002
1 387
3,360
1,816
1 252
3,321

Individual

326
1,636

159
89
309

385
336

396
7,353

1,357

6,916

252
93

532
300

Total Approbudget priaretions
ceipts to oldage
trust
fund

•A4.U —

receipts

7, 384

994
902
888

9,937
16,565
22,140
19,195
14,388
21,467
21,595

658
801
849
923
730
833
891
935

4,644
4,748
4,978
5,438
5,432
5,779

494
449
545
357
545
352

1,223
1,114
1,251
L,388
[,137
,433

33,184
25,757
42,242
29,546
42,910
28,614

1,709
1,646
1,922
1,891
2,195
1,723

1,796
302
2,000
451
2,700
437

29,679
23,809
38,320
27,204
38,014
26,454

9,043
9,798
11,515
11,574
13,176
12,986

8, 027
2, 335
9, 210
2, 770
8, 834
2, 567

9,416
7,149
14,318
7,821
13,773
5,422

427
374
459
390
502
422

955
981
1,019

106
55

187
203

5,153
6,402
2,894
5,144
5,403
4,619
6,425
13,013
3,956
5,037
11,241
3 148
4,801

519
299

65
63

4,568
6,041
2,659
4,695
5,183
2
4,471
35,444
11,434
2 751
3,592
10,539
2 827
3,911

4,434
313
1,934
4,398

91
1 631

326
1,767

160
388
151
84

75
60
69
64

60
64
96
56
63
65
86
119
96
73
73
77
n.a.

968
919
749

645
358

16
107
48
21

176
229
351
332

860
954

261
56

199
193

860
877
852
790
828

26
88
47
23
92

231
214
253
299
167

598
589

278
759
507
217
743

Manufacturers'
and retailers'
excise

8,150
8,682
9,558
9,714
8,704
8,971
9,946
9,517

2,419
2,460
2,727
2,819
2,547
2,549
2,781
2,783

1,348
1,446
1,662
1,614
1,380
1,565
1,655
1,580

2,519
2,790
3,054
3,262
2,841
2,824
3,359
3,127

1 936
2 ,032
2 ,152
2 ,027

4,440
4,531
5,027
4,919
4,795
4,722

1,304
1,245
1,482
1,299
1,521
1,262

748
817
845
810
804
777

1,343
1,481
1,573
1,786
1,476
1,651

1 ,045
988
1 ,127
1 ,025
995
1 ,032

793
H72
608
1,442

225
266

145
140

267
4

156
61

587

294
276
216

166
181

147
126
120

123
111

74
773
46

94
?67
204

629

224

135

223
222

130
130

561
713

246
226

147
123

n.a.

11
38

n.a.

906
616
150
85
70

115

1,115
n.a.

478
318

1,882
445

n.a.

n.a.

(4)

Social security
retirement, and
insurance accounts

Tobacco

45
757
60
50
727

306
940

79
77
364
2 372

ro

(4)

T r u s t a n d other accounts

Liquor

n.a.

profits
taxes

10, 362
11 ,980
11, 401
9, 908
It , S4S
11 ,604

Total

n.a.

Other

12,963
18,840
23,090
26,162
15,901
21,313
24,750

Excise and miscellaneous taxes

477
1,343

and

Withheld

Estate
and
gift
taxes

37,834
53,488
65,523
64,469
48,143
62,129
65,218
64,550

4

395
1 316

Corporation
income

2,156
2,098
2,451
3,137
2,107
2,302
3,151
3,377

Treasury receipts—Continued

Cal. yr.—1950
1951
1952
1953 . . .
Fiscal yr.—1951
1952
1953....
1954
Semiannual totals:
1951—July-Dec...
1952—Jan.-June..
July-Dec..
1953—Jan.-June..
July-Dec..
1954—Jan.-June..
Monthly:
1953—Aug
Sept.
Oct.
Nov
Dec.
1954—Jan
Feb
Mar.
. .
Apr
May
June
Tulv
Aug

of

receipts

Individual income and oldage insurance
taxes

2,667
3,355
3,814
3,918
3,120
3,569
4,086
4,537

770

944
902
896
811

Internal revenue collections—cont.
(on basis of Internal Revenue Service)
Period

Refunds

Net
budget
receipts

42,657
58,941
71,788
71,524
53,369
67,999
72,455
73,067

490

808
140

Deduct

L980
2,337
2,639
2,570
2,263
2,364
2,525
2.737

1,938

2,122
1,044
2,454

Taxes
on
carriers
and on
employers
of 8 or
more

1 ,864
1 987
? 115

l

Others

6,214
4,507
4,942
5,811
3,752
4,885
5,257
6,846

-22
271
329
196
275
242
357

153

-333
786
508
310
353
530
489
584

1,352
2,009
1,495
1,564
823
n.a.

2,398
2,486
2,456
2,802
3,009
n.a.

52
223
106
136
17
n.a.

126
404
105
385
-74
n.a.

409
16

462
506

-80
199
188

537
502
533

-14
55

4
40
-39

86
87
— 16
-113
14
184
244
144
-102
80
34
32
104

Investments

Expenditures

295
219
462
1393

82

6,543
7,906
8,315
8,123
7,251
8,210
8,531
8,698

56
3,155
3,504
2,387
3,360
3,361
3,059
1,687

291
-72
121
341
-259
n.a.

3,967
4,242
4,073
4,458
3,665
n.a.

299
—40
-149

1,070
449

-38
759
49

? 070

Investments 8

Receipts

Other

Other accounts 7

61
267

-144
!527

-37
-72

328
817
597

207
965

-334
28

581
627

211

253

768

-74

689

44

375

888
-98
281

651
648
606

-90
7
30

74
263

-375
271

157

42

436
1,212
1,458

387

1,200

n.a.

-150

25
330

665
630

288
27
18
61

n.a. N o t available. lBeginning F e b r u a r y 1954, on new reporting basis. See footnote 2 on preceding page. 2 N o t adjusted for T:reasury s
3
4
revised t r e a t m e n t of carriers' taxes.
Carriers' taxes deducted.
Beginning March, income and profits taxes announced in t h e Ti reasury's
M o n t h l y S t a t e m e n t . 5 Reporting of some excises changed to quarterly basis. 6 Excess of receipts, or expenditures (—).
7
Consists of miscellaneous trust funds and accounts and deposit fund accounts. T h e latter reflect principally net transactions of quasi Governm e n t corporations, European P a y m e n t s Union deposit fund, and suspense accounts of Defense and other Government d e p a r t m e n t s . I n v e s t m e n t s
of wholly owned Government corporations are included as specified in footnote 8, b u t their operating transactions are included in Budget expenditures.
8
Consists of net investments in public debt securities of quasi Government corporations and agencies and other t r u s t funds beginning with
J u l y 1950, which prior to t h a t d a t e are not separable from the next column; and, in addition, of net investments of wholly owned G o v e r n m e n t
corporations and agencies beginning with N o v e m b e r 1950, which prior to t h a t date are included with Budget expenditures (for exceptions see
9
footnote 1 on previous page).
Includes undistributed depositary receipts.

OCTOBER

1954




1085

TREASURY CASH INCOME, OUTGO, AND BORROWING
DERIVATION OF CASH RECEIPTS FROM AND PAYMENTS TO THE PUBLIC
[On basis of daily statements of United States Treasury and Treasury Bulletin. In millions of dollars]
Cash operating income, other than debt
Plus: Trust
acct. receipts

Net Budget
receipts

Period

Cal. yr.—1950
1951
1952
1953
Fiscal yr.—1951
1952
1953....
19547...
Semiannual totals:
1951—Jan.-June. .
July-Dec.. .
1952—Jan.-June. .
July-Dec.. .
1953—Jan.-June.7 .
July-Dec .
Monthly:
1953—Sept
Oct
Nov
Dec
1954—Jan
Feb. i,
Mar
Apr
May
June
July
Aug
Sept

Total
Less:
net
Nonreceipts cash 1

Total

37,834
53,488
65,523
64,469
48,143
62,129
65,218
64,550

171
222
184
275
256
138
210
n.a.

7,001
8,582
8,707
8,596
7,796
8,807
8,932
9,152

29,679
23,809
38,320
27,204
38,014
26,454

164
58
77
107
104
171

6,041
2,659
4,695
5,183
84,471
5,444
11,434
2,751
3,592
10,539
2,827
3,911
n.a.

43
10
4
80
51
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.

Less:
Noncash 2

Equals:
Cash
operating
income

Cash operating outgo, other than debt
Budget expenditures
Less: Noncash
Total

Accru- Intraals to Govt.
public 3 trans. 4

Plus: Tr. acct.
expenditures

Plus:
Exch.

Total

ClearLess: Stabiing aclizaNontion
cash s Fund 6 count

Equals:
Cash
operating
outgo

Net
cash
operating income
or
outgo

42,451
59,338
71,396
70,440
53,439
68,093
71,344
71,781

38,255
56,846
71,366
73,626
44,633
66,145
74,607
67,579

503
567
734
575
477
710
694
509

2,307
2,625
2,807
2,585
2,360
2,837
2,774
n.a.

6,923
4,397
4,825
5,974
3,945
4,952
5,169
6,716

65
90
28
34
138
5
31
n.a.

-262
-26
38
-82
-13
9
-28
-109

-87
106
319
209
214
401
312
452

41.969
58,034
72,980
76,529
45,804
67,956
76,561
71,933

482
1,304
-1,583
-6,090
7,635
137
-5,217
-152

4,234
4,349
4,458
4,248
4,683
3,913

>,211
>,508
>,649
>,347
1,244:
1,705
1,595
n.a.
1,210
1,298
1,406
1,243
1,351
996

32,537
26,799
41,293
30,104
41,241
29,199

25,570
31,276
34,869
36,497
38,110
35,515

196
371
338
396
298
277

1,279
1,346
1,488
1,319
1,456
1,129

1,744
2,653
2,298
2,527
2,642
3,332

82
8
—4
32
-2
36

-13
-13
22
16
-44
-38

-40
146
255
64
248
-40

25,700
32,334
35,622
37,357
39,203
37,326

6,839
-5,534
5,671
-7,254
2,038
-8,128

482
378
839
627
237
993
824
479
1,230
1,445
419
1,224
n.a.

107
78
133
391
855
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.

6,373
2,950
5,396
5,339
4,602
6,529
12,260
3,036
4,882
11,265
2,956
5,375
5,280

6,119
5,477
5,423
6,387
«5,O71
4,707
5,555
5,296
5,203
7,115
4,827
6,731
n.a.

21
-1
40
82
72
16
8
19
43
76
70
38
57

108
91
133
483
897
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.

451
604
636
549
427
411
601
810
568
604
660
526
n.a.

41
-3
3
-12
8
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.

11

-117
-235
376
-29
-559
135
160
-593
511
3
82
222
n.a.

6,294
5,759
6,258
6,294
4,749
5,300
6,232
5,303
6,228
6,881
5,142
7,788
5,364

78
-2,809
-862
-956
-147
1,228
6,028
-2,267
-1,347
4,384
-2,186
-2,412
-84

-60
-12
-39
13
—33
-31
16
-112

n.a. Not available.
* Represents principally
interest paid to Treasury by Government agencies and repayment of capital stock and paid2
in surplus by quasi Government corporations.
Represents principally interest on investments in U. S. Government securities, payroll deductions3 for Government employees' retirement accounts, and transfers shown as Budget expenditures.
Represents principally excess of interest accruals over payments on savings bonds and Budgetary expenditures involving issuance of Federal
securities; the latter include mostly armed forces leave bonds and notes issued to the International Bank and Monetary Fund, which are treated
as noncash
expenditures at the time of issuance and cash expenditures at the time of redemption.
4
Represents principally noncash items shown under trust account receipts (described in footnote 2); also includes small adjustments for
noncash
interest
reflected in noncash Budget receipts (see footnote 1) and in noncash trust account expenditures (see footnote 5).
8
Represents principally repayments of capital stock and paid-in surplus by quasi Government corporations, as well as interest receipts by
such corporations on their investments in the
public debt (negative entry).
«Cash transactions between Intl. Monetary Fund and Exchange
7
Stabilization
Fund. (See footnote 3.)
Beginning February 1954, on new reporting basis. See footnote 8 on following page.
8
Not adjusted for Treasury's revised treatment of carriers' taxes.

DERIVATION OF CASH BORROWING FROM OR REPAYMENT OF BORROWING TO THE PUBLIC
Less: Noncash debt transactions
Equals:
InPlus: Cash
Detai s of net cash borrowing from or
crease,
issuance oi
Net cash repayment v —; oi uorrowing t o t n e puDiic*
Accruals <,o public 1
or desecurities of
borrowNet inv.
Postal
crease
Federal agencies
in Fed.
ing, or
Direct Savings
sec. by Int. on sav. Payts. in repayt. mktable. bonds Savings Sav. Sys. O t h e r 4
Non- Govt.
gross
(-)of
bonds
and
form
of
agen.
Guarnotes
special
(issue
&
conv.
3
guardir. pub. anteed
issues
issues
price)
anteed & tr. funds Treas. bills Fed. sec. borrowdebt
ing
602
94
163
-929
1,021
198
—2,649
—6
355
—250
751
—423
718
-125
3,418
—1,242
—997
46
1,999 — 1,191 — 1,099
18
37
2 711
770
-74
3,833
-102
—122
12
3,353
— 113
7,973
5,778 - 4 0 6 - 1 , 7 8 4
5
591
66
-3
30
4,829 *— 344
22
2,540
4,601
248
— 162
7 777
638
3,557
— 149
-467
374
-5,795
-657
365
10
-1,093
-2,135
-3,943
1
,
2
0
9
1
5
5
8
2
16
8
8
779
7
9
-717
3,883
1,639
3,636
-525
-100
7
-32
719
3
-9
6,966
«5,294 6-103 - 2 , 1 6 4
3,301
2,918
628
—239
2
4
3
29
524
94
-381
5,189
2,483
-250
2,101
2,248
A

Period

Cal. yr.—1950
1951
1952
1953
Fiscal yr.—1951
1952
1953
19548
Semiannual totals:
1951—Jan.-June. . . - 1 , 4 8 6
July-Dec.. . . 4,197
1952—Jan.-June. . . - 3 1 3
July-Dec.. . . 8,286
1953—Jan.-June. . . - 1 , 3 2 0
July-Dec.. . . 9,097
1954—Jan.-Juneo.. - 3 , 9 0 9
Monthly:
1953—Sept.
—269
Oct

Nov.
Dec
1954_jan
Feb. 6 . .
Mar
Apr

May...

June

July
Aug
Sept

449

1,822

—40

-320

5
13
3
8
-2
24
6

2
g
2

—1

—67

2

811

3

-4,546

2,428
—2,215
—276
3,971
-145

1
1
—61
6
1

-13
51

-139

37
-69
66

n.a.
75
—72
108
-61
-27
-126
-89
— 74
74
—2
1
44

2,014
1,404
2,232
1,601
1,700

840

n.a.
71
—76
240
150
—46
77
-20
35
380
815
-84
312
-40

/

\

301
417
361
409
308
283
241

-92
-33
-45
-29
34
32
63

-3,714
2,472
-2,998
6,351
-3,433
8,034
n.a.

-1,184
3,183
-1,544
7,322
«-2,028
6,857
n.a.

-758
-432
-285
-121

22

— 12
—1
—1
59
11
-1
38
-14
32
—1
30
-17
111

-274

—931
—51
1,647
-70
— 178
— 74

—90
—36
—22
—41
—92
18
75
32
5
—57
— 137
33
-44

41
83
73
17
9
20
44
76
71
39
58

457

1,659
—391
-386
-284
-4,662
699

2,046
—3,104
—356
3,645
-229

-4,304
838

2,144
—2,779
—85

3,678
-113

518

-362
-19

r

t

r -

-845
-255
-955
-829
-1,335
1,583
-955
662
618
—53
— 167
-73
—71
—310
—82
— 152
—267
—88
—64
-101

_ . A_ _

4_t

t_i"_<>

-923
-74
-81
-32
-68
-94
-145
— 16
—7
—36
— 18
— 12
—37
-37
—21
—22
— 16
7
-7
-8

-5
51
-134
11
-20
50

n.a.
101
—67
123
—95
—31
— 120
-86
—67
71
15
—54
5
36

n.a.
Not available.
1
Differs from "accruals to the public" shown in preceding table, principally because adjustments to Exchange Stabilization Fund are included.
2
Includes
redemptions of tax anticipation securities and savings notes used in payment of taxes.
3
Most changes in convertible Series B investment bonds, 1975-80, reflect exchanges of, or conversions into, marketable issues and thus cancel
out in
this
column.
An exception was the sale for cash of about 300 million dollars in June 1952.
4
Includes cash issuance in the market of obligations of Government corporations and agencies and some miscellaneous debt items.
s
Excludes
exchanges
of savings bonds into marketable bonds, in the amount of 417 million dollars, of which 409 million represents issue price.
6
Beginning February 1954, on new reporting basis.
See footnote 8 on following page.
This table is based on Treasury daily statement,
which differs from monthly budget statement.

1086




FEDERAL RESERVE BULLETIN,

TREASURY CASH INCOME, OUTGO, AND BORROWING—Continued
DETAILS OF TREASURY CASH RECEIPTS FROM AND PAYMENTS TO THE PUBLIC
[Classifications derived by Federal Reserve from Treasury data. In millions of dollars]
Cash operating income
Period

42,451
59,338
71,396
70,440
53,439
68,093
71,344
71,781

19,191
27,149
32,728
34,807
24,095
30,713
33,370
33,514

9,937 8,113
16,565 8,591
22,140 9,567
19,045 10,288
14,388 8,693
21,467 8,893
21,595 9,978
21,650 9,694

5,121
6,362
6,589
6,693
5,839
6,521
6,858
7,196

2,245
2,769
2,823
2,744
,531
,801
,694
3,147

2,156
2,098
2,451
3,137
2,107
2,302
3,151
3,419

41,969
58,034
72,980
76,529
45,804
67,956
76,561
71,933

18 347
37, 279
51, 195
52, 753
26,038
46, 396
52, 843
P48, 164

4,072
4,137
4,230
4,589
4,052
4,059
4,658
4,633

Social
Veterans security Other
pro- 6
programs grams 7
4,400 6,286
8,864
6,121
4,915 5,582
5,209
5,617 6,729
4,885
6,648 7,654
5,980
4,458 5,276
5,826
5,206 6,469
4,920
6,124 8,016
4,947 P7.675 P6.514

32,537
26,799
41,293
30,104
41,241
29,199

16,124
11,025
19,687
13,041
20,329
14,478

9,416
7,149
14,318
7,821
13,773
5,272

4,217
4,374
4,519
5,048
4,931
5,357

3,228
3,135
3,386
3,202
3,656
3,037

,348
,418
,383
,443
,252
,492

1,796
302
2,000
451
2,700
437

25,700
32,334
35,622
37,357
39,203
37,326

16,133
21,146
25,250
25,944
26,898
25,854

2,058
2,079
1,984
2,246
2,413
2,176

3,003
3,117
2,709
2,500
2,420
2,465

2,450
2,465
2,741
2,876
3,247
3,401

2,056
3,527
2,938
3,791
4,225
3,430

6,373
2,950
5,396
5,339
4,602
6,530
12,260
3,036
4,882
11,265
2,956
5,375
5,280

3,292
1,233
3,172
2,059
3,008
355
185
791
2,875
859
1,120
2,985
2,936

1,636
385
336
1,938
490
469
7,356
763
397
6,903
549
302
1,108

917
923
912
856
683
741
673
735
787
797
702
760
722

399
266
791
256
170
1,093
718
378
1,188
616
304
1,177

192
218
245
299
315
177
267
277
251
240
363
220
204

63
75
60
69
64
306
940
907
616
150
82
69
60

6,294
5,759
6,258
6,294
4,749
5,302
6,231
5,303
6,228
6,881
5,142
7,788
5,364

4,404
4,268
4,034
4,318

525
322
122
901
170
352
563
299
196
877
152
314
461

378
456
393
423
393
411
428
414
392
444
194
381
375

509
625
572
586
697

478
88
1,137
66
p-181

P674

P55
P634
P9
PI.415
P552

Total
Cal. yr.—1950
1951
1952
1953
Fiscal yr.—1951
1952
1953
19548...
Semiannual totals:
1951—Jan.-June..
July-Dec...
1952—Jan.-June..
July-Dec...
1953—Jan.-June..
July-Dec. 8 ,
Monthly:
1953—Sept
Oct
Nov
Dec
1954—Jan
Feb.s
Mar
Apr
May
June
July
Aug
Sept

Cash operating outgo

Direct Excise
Direct
taxes on taxes on and
corpor-1 misc.
individ1
ations
uals
taxes

Social
ins. re-2
ceipts

37

Other Deduct:
cash Refunds
inof recome 3
ceipts

Total

Major
Internatl. sec. est
on
programs 4 debts

P3,670
P3,810
P3,878

P3,862
P3.533
P4.246
P3,158

P3.57O
n.a.

P729
P718
P692
P763

P677

P961

P716

P2,807

n.a.

n.a.

P Preliminary.
n.a. Not available.
i n c o m e taxes include current and back taxes; individual taxes also include estate and gift taxes and, prior to July 1953, adjustment to
Treasury
daily
statement.
Income
taxes through June 1953 are from internal revenue service reports, thereafter from Treasury daily statement.
2
Includes taxes for old-age and unemployment 4insurance, carriers taxes, and veterans life insurance premiums.
3
Represents mostly nontax receipts.
Represents Budget expenditures adjusted for net redemptions of armed forces leave bonds
and special
International Bank and Monetary Fund notes.
5
Represents Budget expenditures less the excess of interest accruals over payments on savings bonds and Treasury bills and less interest
paid 6by the Treasury to (1) trust funds and accounts and (2) Government corporations not wholly owned.
Represents Budget outlays plus payments to the public from veterans life insurance funds and redemptions of adjusted service bonds.
7
Represents Budget outlays plus benefit payments and administrative expenses of trust funds for old-age and unemployment insurance and
Government employees and Railroad retirement funds. 8 Fiscal year totals on new reporting basis, described in Treasury Bulletin for April 1954
p. A2. Monthly breakdown on new basis not yet available prior to February 1954 for most items.

UNITED STATES SAVINGS BONDS AND NOTES—SALES, REDEMPTIONS, AND AMOUNT OUTSTANDING
[In millions of dollars]
Savings bonds
Year or
month
Sales
1945
1946
1947
1948
1949
1950
1951
1952
1953
1953—Aug...
Sept..
Oct.. .
Nov. .
Dec...
1954—Jan.. .
Feb.. .
Mar..
Apr.. .
May..
June..
July..
Aug...

Series F, G, J and K

Series A-E and H

All series
Redemp- Outstandtions and ing (end of
maturities
period)

Sales

Redemp- Outstandtions and ing (end of
period)
maturities

Sales

Redemp- Outstandtions and ing (end of
maturities
period)

Tax and savings notes

Sales

Redemp- Outstandtions and ing (end of
period)
maturities

12,937
7,427
6,694
7,295
5,833
6,074
3,961
4,161
4,800

5,503
6,278
4,915
4,858
4,751
5,343
5,093
4,530
5,661

48,183
49,776
52,053
55,051
56,707
58,019
57,587
57,940
57,710

9,822
4,466
4,085
4,224
4,208
3,668
3,190
3,575
4,368

5,135
5,667
4,207
4,029
3,948
4,455
4,022
3,622
3,625

34,204
33,410
33,739
34,438
35,206
34,930
34,728
35,324
36,663

3,115
2,962
2,609
3,071
1,626
2,406
770
586
432

368
611
708
829
803
888
1,071
908
2,035

13,979
16,366
18,314
20,613
21,501
23,089
22,859
22,616
21,047

5,504
2,789
2,925
3,032
5,971
3,613
5,823
3,726
5,730

7,111
5,300
3,266
3,843
2,934
2,583
6,929
5,491
5,475

8,235
5,725
5,384
4,572
7,610
8,640
7,534
5,770
6,026

371
368
384
369
423
561
515
602
511
464
523
508
546

421
457
419
390
2590
652
496
525
479
458
1579
!644
513

57,851
57,795
57,775
57,806
257,710
57,736
57,797
57,902
57,967
58,025
58,061
58,005
58,078

346
343
357
339
381
485
422
474
390
354
392
393
415

280
331
289
270
309
330
308
347
310
289
1386
!346
P339

36,264
36,311
36,391
36,509
36,663
36,887
37,029
37,175
37,279
37,393
37,482
37,597
37,714

25
25
27
29
42
77
93
128
122
110
130
115
131

141
125
129
120
2281
322
188
179
169
169
193
298
P174

21,587
21,484
21,385
21,297
2
21,047
20,848
20,769
20,728
20,687
20,633
20,579
20,409
20,364

479
952
687
2

208
290
68
55
178
70
68
306
81
156
265
86
64

4,977
5,639
6,258
6,204
6,026
5,956
5,887
5,581
5,500
5,344
5,079
4,993
4,929

if E bonds in June and July 1954 was not broken down as to issue

OCTOBER

1954




1087

UNITED STATES GOVERNMENT DEBT—VOLUME AND KIND OF SECURITIES
[On basis of daily statements of United States Treasury. In millions of dollars]
Public issues3
Total
gross
debt1

Total
gross
direct
debt 2

Total

1940—Dec
1941—Dec
1942—Dec
1943—Dec
1944—Dec
1945—Dec
1946—Dec
1947—Dec
1948—Dec
1949—Dec
1950—June
Dec
1951—June
Dec
1952—June
Dec
1953—June

50,942
64,262
112,471
170,108
232,144
278,682
259,487
256,981
252,854
257,160
2o7,377
256,731
255,251
259,461
259,151
267,445
266,123

45,025
57,938
108,170
165,877
230,630
278,115
259,149
256,900
252,800
257,130
257,357
256,708
255,222
259,419
259,105
267,391
266,071

1953—Sept..
Oct
Nov
Dec
1954—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept

273,001
273,452
275,282
275,244
274,924
274,859
270,312
271,127
273,555
271,341
271,005
274,982
274,838

272,937
273,386
275,209
275,168
274,849
274,782
270,235
271,047
273,475
271,260
270,984
274,955
274,810

End of
month

Nonmarketable

Marketable
Certificates of
indebt- Notes
edness

Total

Bills

39,089
50,469
98,276
151,805
212,565
255,693
233,064
225,250
218,865
221,123
222,853
220,575
218,198
221,168
219,124
226,143
223,408

35,645
41,562
76,488
115,230
161,648
198,778
176,613
165,758
157,482
155,123
155,310
152,450
137,917
142,685
140,407
148,581
147,335

1,310
2,002
6,627
13,072
16,428
17,037
17,033
15,136
12,224
12,319
13,533
13,627
13,614
18,102
17,219
21,713
19,707

10,534
22,843
30,401
38,155
29,987
21,220
26,525
29,636
18,418
5,373
9,509
29,078
28,423
16,712
15,854

229,785
230,403
232,115
231,684
231,623
231,466
226,821
227,806
229,913
226,681
226,528
230,214
230,033

152,804
152,977
154,726
154,631
154,631
154,500
150,081
151,104
153,325
150,354
150,342
154,020
153,963

19,508
19,509
19,509
19,511
19,512
19,510
21,013
22,014
22,019
19,515
19,512
19,508
19,510

26,369
26,385
26,386
26,386
26,386
25,278
19,377
19,377
18,577
18,405
18,405
18,277
18,184

Bonds
Bank
eligible*

Bank
restricted

6,178
5,997
9,863
11,175
23,039
22,967
10,090
11,375
7,131
8,249
20,404
39,258
35,806
18,409
18,963
30,266
30,425

28,156
33,563
44,519
55,591
66,931
68,403
69,866
68,391
61,966
55,283
53,319
44,557
42,928
41,049
48,343
58,874
64,104

4,945
12,550
24,850
52,216
49,636
49,636
49,636
49,636
49,636
49,636
36,061
36,048
27,460
21,016
17,245

33,578
33,736
33,249
31,406
31,419
26,866
26,787
26,809
31,923
31,960
31,964
31,967
32,001

59,944
59,942
62,181
63,927
63,916
74,171
74,134
74,230
72,133
71,802
71,790
75,596
75,597

13,406
13,404
13,402
13,400
13,398
8,675
8,674
8,674
8,674
8,672
8,671
8,671
8,671

Convertible
bonds

Tax
and
savings
notes

Special
issues

Total«

Savings
bonds

12,060
13,095
12,500
12,340

3,444
8,907
21,788
36,574
50,917
56,915
56,451
59,492
61,383
66,000
67,544
68,125
66,708
66,423
65,622
65,062
63,733

3,195
6,140
15,050
27,363
40,361
48,183
49,776
52,053
55,051
56,707
57,536
58,019
57,572
57,587
57,685
57,940
57,886

2,471
6,384
8,586
9,843
8,235
5,725
5,384
4,572
7,610
8,472
8,640
7,818
7,534
6,612
5,770
4,453

5,370
6,982
9,032
12,703
16,326
20,000
24,585
28,955
31,714
33,896
32,356
33,707
34,653
35,902
37,739
39,150
40,538

12,168
12,025
12,012
11,989
11,976
11,957
11,932
11,910
11,899
11,861
11,857
11,853
11,820

64,814
65,402
65,377
65,065
65,017
65,009
64,807
64,792
64,690
64,465
64,329
64,341
64,250

57,795
57,775
57,806
57,710
57,736
57,797
57,902
57,967
58,025
58,061
58,005
58,078
58,088

5,639
6,258
6,204
6,026
5,956
5,887
5,581
5,500
5,344
5,079
4,993
4,929
4,829

40,958
40,888
41,013
41,197
41,009
41,070
41,002
41,049
41,367
42,229
42,152
42,479
42,407

'ii!573

1
Includes some debt not subject to statutory
debt limitation (such debt amounted to 534 million dollars on Sept. 30, 1954) and fully guar2
anteed
securities, not shown separately.
Includes noninterest-bearing debt, not shown separately.
3
Includes amount held by Government agencies and trust funds, which aggregated 7,032 million dollars on Aug. 31, 1954.
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
debt
agencies and1
(includtrust funds
ing guaranteed
Special Public
securiissues
issues
ties)

Held by the public

Total

Federal
Reserve
Banks

Commercial2
banks

Mutual
savings
banks

Insurance
companies

Other
corporations

State
and
local
governments

Individuals

Miscellaneous
invesSavings Other
bonds securities tors 3

1940—Dec
1941—Dec
1942—Dec
1943—Dec
1944—Dec
1945—Dec
1946—Dec
1947—Dec
1948—Dec
1949—Dec
1950—June
Dec
1951—June
Dec
1952—June
Dec
1953—June

50,942
64,262
112,471
170,108
232,144
278,682
259,487
256,981
252,854
257,160
267,377
256,731
255,251
259,461
259,151
267,445
266,123

5,370
6,982
9,032
12,703
16,326
20,000
24,585
28,955
31,714
33,896
32,356
33,707
34,653
35,902
37,739
39,150
40,538

2,260
2,558
3,218
4,242
5,348
7,048
6,338
5,404
5,614
5,464
5,474
5,490
6,305
6,379
6,596
6,743
7,022

43,312
54,722
100,221
153,163
210,470
251,634
228,564
222,622
215,526
217,800
219,547
217,533
214,293
217,180
214,816
221,552
218,563

2,184
2,254
6,189
11,543
18,846
24,262
23,350
22,559
23,333
18,885
18,331
20,778
22,982
23,801
22,906
24,697
24,746

17,300
21,400
41,100
59,900
77,700
90,800
74,500
68,700
62,500
66,800
65,600
61,800
58,400
61,600
61,100
63,400
58,800

3,200
3,700
4,500
6,100
8,300
10,700
11,800
12,000
11,500
11,400
11,600
10,900
10,200
9,800
9,600
9,500
9,500

6,900
8,200
11,300
15,100
19,600
24,000
24,900
23,900
21,200
20,100
19,800
18,700
17,100
16,500
15,700
16,100
16,000

2,000
4,000
10,100
16,400
21,400
22,000
15,300
14,100
14,800
16,800
18,400
19,700
20,000
20,500
18,900
20,200
18,700

1,000
2,100
4,300
6,500
6,300
7,300
7,900
8,100
8,700
8,800
9,400
9,600
10,400
11,100
12,000

2,800
5,400
13,400
24,700
36,200
42,900
44,200
46,200
47,800
49,300
49,900
49,600
49,100
49,100
49,000
49,200
49,300

7,800
8,200
10,300
12,900
17,100
21,400
20,100
19,400
17,600
17,000
17,600
16,700
16,400
15,700
15,600
15,700
16,800

2,300
4,400
7,000
9,100
8,100
8,400
8,900
9,400
9,700
10,500
10,700
10,600
11,600
11,700
12,800

1953—July
Aug
Sept
Nov
Dec

21'2,732
273,269
273,001
273,452
275,282
275,244

40,594
40,988
40,958
40,888
41,013
41,197

7,007
6,986
7,076
7,078
7,156
7,116

225,131
225,295
224,967
225,486
227,113
226,931

24,964
25,063
25,235
25,348
25,095
25,916

63,500
62,700
62,600
62,800
63,900
63,700

9,500
9,500
9,500
9,300
9,300
9,200

16,000
16,000
15,900
15,900
15,900
15,800

20,000
20,700
20,400
20,900
21,700
21,500

12,200
12,300
12,400
12,400
12,500
12,500

49,300
49,300
49,300
49,200
49,300
49,300

16,600
16,300
16,400
16,100
16,000
16,100

13,200
13,400
13,300
13,500
13,500
12,900

1954—Jan
Feb
Mar
Apr
May
June
July

274,924
274,859
270,312
271,127
273,555
271,341
271,005

41,009
41,070
41,002
41,049
41,367
42,229
42,152

7,245
7,223
7,203
7,151
7,182
7,111
7,081

226,670
226,566
222,107
222,927
225,006
222,001
221,771

24,639
24,509
24,632
24,632
24,812
25,037
24,325

64,100
63,100
60,900
62,500
63,500
63,700
64,900

9,200
9,200
9,200
9,200
9,200
9,100
9,000

15,700
15,700
15,600
15,600
15,500
15,300
15,100

21,500
22,100
19,500
18,900
19,300
16,100
15,900

12,600
12,600
12,700
12,800
13,100
13,200
13,100

49,400
49,400
49,400
49,500
49,500
49,600
49,600

16,200
16,300
16,700
16,400
16,600
16,500
16,300

13,300
13,600
13,500
13,500
13,500
13,700
13,700

Oct

500
700

700
900

1

Includes the Postal Savings System.
holdings by banks in territories and insular possessions, which amounted to 250 million dollars on June 30, 1954.
Includes savings and loan associations, dealers and brokers, foreign accounts, corporate pension funds, and nonprofit institutions
NOTE.—Holdings of Federal Reserve Banks and U. S. Government agencies and trust funds are reported figures; holdings of other investor
groups are estimated by the Treasury Department.
2
Includes
3

1088




FEDERAL RESERVE

BULLETIN

UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES
Direct Public Issues Outstanding September 30, 1954
[On basis of daily statements of United States Treasury. In millions of dollars]
Issue and coupon rate

Certificates

Treasury bills
Oct.
Oct.
Oct.
Oct.

7,1954
14, 1954
21, 1954
28, 1954

1,501
1,500
1,500
1,500

Nov. 4, 1954
Nov. 12, 1954
Nov. 18, 1954
Nov. 26, 1954

501
501
501
501

Dec.
Dec.
Dec.
Dec.
Dec.

2,
9,
16,
23,
30,

Issue and coupon rate

Amount

1

Feb.
Mar.
May
Aug.

^old on discount basis.
Called for redemption.

1955
19552
1955
1955

Treasury notes
Dec. 15, 1954

1,500
1,502
1,500
1,500
1,502

1954
1954
1954
1954
1954

15,
22,
17,
15,

Mar.
Dec.
Apr.
Oct.
Mar.
Apr.
Oct.
Apr.
Oct.
Feb.
Apr.

15, 1955
15, 1955
1956
, 1956
15, 1957
1,1957
1, 1957
1,1958
1,1958
15, 1959
1, 1959

Amount

1%
1
\V%
1H

7,007
3,734
3,886
3,558

\y%

8,175
5,365
6,854
1,007
550
2,997
531
824
383
121
5,102
91

1"
\\
13
13
2%
13
}
1}
13
3

Issue and coupon rate

Treasury bonds
Dec. 15,
Dec. 15,
Mar. 15,
Mar. 15,
Sept. 15,
Sept. 15,
Mar. 15,
June 15,
June 15,
Dec. 15,
June 15,
Dec. 15,
Nov. 15,
Dec. 15,
Sept. 15,
Nov. 15,
June 15,

1954
19543
1955-60*.. 2
1956-58. . .2
1956-59*..2
1956-59...2
1957-59... 2
1958
2
1958-63*..2
1958
2j
1959-62... 2
1959-62... 2
1960
23
1960-65*. .2
1961
2
1961
2
1962-67. ,.2

See table on Open Market Money Rates, p. 1083.
4
6
Partially tax-exempt.
Restricted.

3

2

Issue and coupon rate

Amount

Amount

Treasury bonds—Cont.

8,662 Dec. 15, 1963-68. . .2H
510 June 15, 1964-69.
2,611
Dec. 15, 1964-69.
1,449
Mar. 15, 1965-70.s
982
Mar. 15, 1966-71
3,822
June 15, 1967-72 «
927 Sept. 15, 1967-72. . .2H
4,245
Dec. 15, 1967-72 *.. 2H
919 June 15, 1978-83...3M
2,368
5,277 Postal Savings
3,465
bonds
2}$
3,806 Panama Canal Loan. .3
1,485
2,239
11,177 Convertible bonds
2,116
Investment Series B
Apr. 1, 1975-80... 2M

2,826
3,754
3,830
4,71f
2,961
1,888
2,716
3,822
1,606
35
50

11,820

Tax anticipation series.

SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES •
Marketable and Convertible Direct Public Securities
[Par value in millions of dollars]

U.S.
End of month

Type of security:
Total marketable
and convertible:
1951—Dec
1952—June
Dec
1953—June
Dec

Total
outstanding

Govt.
agencies
and
trust
funds

U.S.
FedComeral
merRecial
serve banks
Banks

Mutual
savings
banks

154 ,745
153 ,502
161 ,081
159 ,675
166 ,619

6,251
6,467
6,613
6,899
6,989

1954—June
July
Treasury bills:
1951—Dec
1952—June
Dec
1953—June
Dec

162 ,216
162 ,199

6,985 25 ,037 56 199 8 ,353
6,955 24 325 57 362 8 ,287

18 ,102
17 ,219
21 ,713
19 ,707
19 ,511

50
41
86
106
102

1954—June
July
Certificates:
1951—Dec
1952—June
Dec
1953—June
Dec

19 ,515
19 ,512

46
36

23 801
22 906
24 697
24 ,746
25 ,916

54
54
55
51
55

302
038
828
365
933

Insurance
companies
Other

End of month

9 ,123 1C ,289 4,301
8 ,843 S ,613 4,246
,514 4,711
8 ,740
8 ,816
,347 4,808
8 ,524 c ,120 4,905

46
47
50
53
55

679
391
979
694
233

Type of security:
Convertible bonds
(Investment
Series B):
1951—Dec
1952—June
Dec
1953—j u n e
Dec

,667 4,854 52 121
g ,526 4,842 51 903

71
103
137
120
126

428
504
464
327
410

2 316 4 187
1 604 5 167

98
107

520
441

1954—June
July .•;.'.•;
080 Marketable secu268
rities, maturing:
518 Within 1 year:
155
1951—Dec
402
1952—June
Dec
1953—June
101 12 248
Dec
101 12 055

445 8
378 9
317 6
310 6
445 10

6
5
7
4
4

104
92
119
132
109

10
10
12
13
11

29
28
16
15
26

078
423
712
854
386

49 12 793 6 773
60 11 821 6 877
27 5 061 4 791
30 4 996 4 351
63 5 967 9 215

41
120
37
87
184

217
76
56
27
37

1954—June... . 18
July
18
Treasury notes:
1951—Dec
18
1952—June
18
Dec
30
1953—June
30
Dec
31

405
405

41
39

101
95

7
3

202
199

761
1954—June
092
July
424 1-5 years:
052
1951—Dec
1952—June
475
Dec
6 511
1953—June
6 520
Dec

409
963
266
425
406

3 5 068 10
2 5 568 10
16 13 774 10
23 13 774 10
8 13 289 11

465
431
955
355
510

67
42
49
62
130

1
5
8
5
52

315
327
486
529
605

2
2
4
5
5

64 13 029 11 423
72 13 029 11 468

221
204

99
69

592
599

697
221
165
232
820

6 ,720
5 ,855
5 ,807
5 ,855
5 ,686

1954—June
July
Marketable bonds: 1
1951—Dec
1952—June
Dec
1953—June
Dec
1954—June
July

31 960
31 964

6 600 4 942
6 600 4 949

7
7
7
7
6

77,097
75 802
79 890
81 349
77 327

3,243
2,928
3,046
3,300
3,377

4 130
4, 422
4, 522
4, 522
3, 667

80 474
80 462

3,395
3,369

3 , 093 35, 481 6 669 5 ,164
3, 093 35, 613 6 616 5 ,136

30, 119
30, 710
32, 849
32, 066
30, 671

489
1954—June
587
July
978 5-10 years:
678
1951—Dec
814
1952—June
Dec
6 531
1953—June
Dec
6 523

22, 068
1954—June
July
21, 580
23, 072 After 10 years:
24, 890
1951—Dec
23, 688
1952—June
Dec
3,641 23 032
1953—June
Dec
3,627 23, 008
3,120
3,087
3,429
3,484
3,418

1954—June
July

Insurance
companies

Life

funds

Other

Life

773
828
047
411
368

596
381
1 341
1 455
2 993

FedCom- MuTotal Govt.
ageneral
tual
outmercies
Resavstand- and
cial
serve
ings
ing
trust Banks banks banks

Other

1 ,246 2 ,923
1 ,356 3 ,172

3 ,179
3 ,133
2 ,935

318
362
360
353
328

3 ,281
3 ,864
3 ,987
3 ,919
3 ,854

165 1 ,265 2 ,876
165 1 ,264 2 ,876

317
316

3 800
3 ,798

12 060
13 ,095
12 ,500
12 340
11 989

2,905
3,437
3,438
3 439
3,439

11 861
11 857

3 439
3^439

48 204
45 642
56 953
64 589
73,235

112
101
133
163
175

13 ,437
12 ,202
14 ,749
15 ,505
16 ,972

081
705
996
580
062

182
223
263
476
475

576 19 ,167
648
470 19 ,360
581
733 23 ,547
532
390 1 ,082 27 ,393
468 1 ,061 29 ,023

60 123
60 154

107
104

16 ,280 17 684
15 ,568 18 649

294
310

537
463

652 24 ,568
644 24 ,416

44
44
37
32
29

401
945
713
330
367

45
46
31
152
192

6 ,688
7 ,188
7 ,146
6 ,452
6 ,155

991
858
381
344
056

419
370
259
464
431

132
63
48
109
123

992
996
910
914
980

8 ,133
8 ,424
6 ,938
5 ,895
5 ,430

27 965
27 923

205
173

6 ,307 14 624
6 ,307 14 693

476
459

155
119

890
887

5 ,308
5 ,284

8
15
22
18
20

914
122
834
677
292

152
387
546
422
418

34
693
1 ,387
1 ,374
1 ,374

118
201
497
765
885 1 ,348
745 1 ,104
725 1 ,198

1 ,454
3 ,684
5 ,835
4 ,865
5 ,211

30 542
30 542

494
497

1 ,035 18, 741
1 ,035 18, 745

1 ,389
1 ,383

516
521

1 ,655
1 ,662

6 ,711
6 ,698

2 ,428
2 ,109
1 ,415
1 ,415
1 ,415

5, 177
5, 544
5, 207
4, 488
4, 595

7 ,202 6 470
5 ,537 5 301
5 ,091 4 870
5 ,167 4 969
5 ,039 4 868

2 ,213
1 ,652
1 ,361
1 ,356
1 ,339

14 ,643
12 ,059
10 ,673
11 ,621
11 ,716

1 ,415
1 ,415

4, 985 4 .930
5, 111 4 ,870

4 582
4 547

1 ,339
1 ,333

11 ,734
11 ,708

41
34
31
31
31

168
698
081
739

3,036
2,496
2,464
2,723
736 2,765

31 725
31 724

2,740
2,742

1 ,214
714

0 ther

172
191
185
182
168

14
12
16
19
25

27
27
22
18
16

1 ,352
1 ,314
1 ,264

73
6, 881
7, 740 1 ,357
11, 058 1 ,775
8, 772 1 ,395
10, 051 1 ,315

* Commercial banks, mutual savings banks, and insurance companies included in the survey account for over 90 per cent of total holdings
by these institutions. Data are complete for Federal agencies and trust funds and Federal Reserve Banks. Figures in column headed "other"
are residuals.
1
Includes Treasury bonds and minor amounts of Panama Canal and Postal Savings bonds.

OCTOBER

1954




1089

NEW SECURITY ISSUES ]
[Estimates, in millions of dollars]
Proposed uses of net proceeds,
all corporate issuers 6

Gross proceeds, all issuers2
Noncorporate
Year or
month
Total

U.S.
FedGovern- eral
ments agency

Corporate
Bonds

State

5,926
5,687
6,564

2,480
2,332
2,517

115
13
109

1,108
1,128
1,238

69
50
24

1941
1942
1943
1944
1945

15,157
35,438
44,518
56,310
54,712

11,466
33,846
42,815
52,424
47,353

38
1
2
1
506

956
524
435
661
795

1946
1947
1948
1949
1950

18,685
19,941
20,250
21,110
19,893

10,217
10,589
10,327
11,804
9,687

357

1951
1952
1953

21,265
26,929
28,824

9,778
12,577
13,957

1953—Aug...
Sept..
Oct.. .
Nov..
Dec.

1,453
2,599
2,291
3,506
2,736

853
1,320
1,070
2,610

1954—Jan...
Feb...
Mar..
Apr...
May..
June..
July ..
Aug. .

1,655
1,386

561
515
602
511
2,669
508
546

Pre- ComNew 7
mon Total money
Pri- ferred
Pubstock
stock
Total licly vately
offered placed

and
mu- Other« Total
nicipal

1938
1939
1940

1^947
4,386
2,438
••1,970
1,219

New capital

2,155 2,044
2,164 1,979
2,677 2,386

1,353
1,276
1,628

Retirement
of
bank
debt,
etc.s

Miscellaneous
purposes

Retirement
of
securities

691
703
758

86
98
183

25
87
108

681
325
569

7
26
19

215 1,206
69 1,695
174 1,854

2,667 2,389 1,578
811
1,062
917
506
411
1,170
369
990
621
3,202 2,670 1,892
778
6,011 4,855 3,851 1,004

167
112
124
369
758

868
110 1,040
34
647
474
56
408
308
163
753
657
397 1,347 1,080

28
35
27
47
133

144 1,583
396
138
789
73
49 2,389
134 4,555

216
30

1,157
2,324
2,690
2,907
3,532

30
5
97
22
47
56
451
156
132
282

891
778
614
736
811

231
168
234
315
364

379 2,868
356 1,352
307
488
401
637
620 1,271

110
459
106

3,189
4,121
5,558

446
237
306

7,741 5,691 2,364 3,326
9,534 7,601 3,645 3,957
8,898 7,083 3,856 3,228

76

260
476
483
411
777

4
36
60
27
57

71
80

399
414
522
735
783
855
'280
227

123
1
63
1
5
4
2
6

123

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

336
263
768
676
603
375
459
353
1,478 1,385
571
456
726
628
850
1,057
1,057
439

462
366
513
408
647
808
920
364

1,862 1,126
2,147 761
3,010 492
2,455 424
2,560 631

903
420
762

3,889
5,115
6,651
5,558
4,990

3,279
4,591
5,929
4,606
4,006

838
564
489

1,212 7,120 6,531
1,369 8,716 8,180
1,326 8,495 7,960

110
449
153
95
1,057

153
226
222
258
327

7
44
18
37
43

284
178
226
216
424
343
714
166

178
188
286
192
224
465
206
198

20
27
69
110
130
131
49
46

226 363
537
535

486
664
260

325
270
65
48
753
691
210
577
550
69
429
406
51 1,438 1,413

55
62
28
23
25

5
4
12
22
26

544
439
660
486
652
859
727
338

13
29
70
16
38
47
42
34

18
9
53
129
183
182
316
94

90
63
144
111
73
118
87
29

531
410
590
471
614
812
684
304

Proposed uses of net proceeds, by major groups of corporate issuers

Year or
month

Commercial and
miscellaneous

Manufacturing

New Retire- Total
net
10
capproital" ments ceeds

New Retire- Total
net
10
capproital' ments
ceeds

New Retire- Total
net
cap10
proital' ments ceeds

New Retirecap10
ital* ments

2,180
1,391
1,175
3,066
3,973
2,218

2,126
1,347
1,026
2,846
3,712
2,128

54
44
149
221
261
90

403
338
538
518
536
542

310
474
462
512
502

748
795
806
490
983
589

784
609
437
758
553

56 2,150
11 2,276
196 2,608
53 2,412
225 2,626
36 2,972

2,005
2,043
1,927

1953—August....
September.
October...
November.
December.

46
132
56
99
418

44
131
53
93
409

2
1
2

19
19
49
25
104

17
18
47
25
100

15
32
36
32
88

15
32
36
32
84

97
242
356
245
200

97
241
350

1954—January...
February..
March....
April
May
June
July
August

134
52
107
86
204
305

118
51
107
79
196
284
412

16

50
26
68
86
44
88
60
76

48
25
62
72
42
84
31
56

65
43
58
58
20
37
78
43

65
36
57
46
20
37
54
43

276
269
362
309
501
442
295
156

275
269
316
237
328

415

113

96

r
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

Communication

Public utility

Total
net
proceeds
1948
1949
1950
1951
1952
1953

Total
net
proceeds

Transportation

25

2^539
2,905

144
233
682
85
88
67

191

165
102

46
73
173
60
129
54

Real estate
and financial

New Retire- Total
net
10
capproital' ments ceeds

New Retirecap10
ital* ments

891
567
395
605
753
874

890
517
314
600
747
871

30
89
13
5

30
88
13
5
608

123
243
80
45
47

122
242
77
45
46

26
7
30
26
40
9
3
27

12
51
88
51
26
159
191
19

12
51
88
27
25
63
61
15

587
557
593
558
739
639
515
449
508
448
1,561 1,536

30
35
100
66
60
24

25
1
97
130
4

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.
"•Retirement of securities only.
Source.—Securities and Exchange Commission.

1090




FEDERAL RESERVE

BULLETIN

SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS
[In millions of dollars]
Annual

Quarterly

Industry

1952
1948

1949

1950

1951

1952

1953

1954

1953
4

1

2

3

1

4

2

Manufacturing
Total (200 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
Nondurable goods industries (94 corps.): 1
Sales
Profits before taxes
Profits after taxes
Dividends
Durable goods industries (106 corps.) 2
Sales
. . . .
Profits before taxes
Profits after taxes.
Dividends
Selected industries:
Foods and kindred products (28 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
Chemicals and allied products (26 corps.)
Sales
Profits before taxes
Profits after taxes
Dividends
Petroleum refining (14 corps.):
Sales
. . .
Profits before taxes
Profits after taxes
Dividends
Primary metals and products (39 corps.):
Sales
..
Profits before taxes
Profits after taxes. .
Dividends
Machinery (27 corps.):
Sales
Profits before taxes
Profits ater taxes
Dividends
Automobiles and equipment (15 corps.):
Sales
Profits before taxes
. .
Profits after taxes
Dividends

38,341 37 ,948 45 ,351 52 ,444 53 ,905 62 ,665 15 ,316 15 ,739 16 ,566 15 ,459 14 .902 14 ,232 14 ,758
5,468 5 ,168 8 ,042 8 ,702 7 ,147 8 ,225 1 ,998 2 ,254 2 ,484 2 ,093 1 ,395 1 ,753 1 ,925
3,411 3 ,186 4 ,143 3 ,486 3 ,117 3 ,560
928
965
855
928
885
892
880
1,446 1 ,710 2 ,295 2 ,036 2 ,036 2 ,110
565
523
493
491
495
631
524
5 ,082
783
376
222

5 ,084
581
371
97S

4 960 4 ,973
660
677
375
364
990
998

23,602 23 ,897 29 ,357 33 ,774 34 ,997 42 , 3 9 0 10 ,329 10 ,745 11 ,450 10 ,377
3,108 3 ,193 5 ,195 5 ,378 4 ,432 5 ,317 1 ,328 1 ,493 1 ,702 1 ,309
511
579
509
1,837 1 ,888 2 ,544 2 ,005 1 ,804 2 , 1 1 4
573
30 S
9S0 1 ,3S9 1 ,14? 1 ,119 1 ,176
?7S
?74
748
?79

9 ,817
814
521
3S6

9 272
1 084
515
706

1 304
107
54
45

t 337 1 ,3-SI

37

1 3SS
131
57
37

14,739 14 ,051 15 ,994 18 ,670 18 ,908 20 ,276
2,360 1 97S 9 847 3 394 9 71 S 9 ,908
1,574 1 ,297 1 ,599 1 ,481 1 ,313 1 , 4 4 6
919
949
894
934
698
759

4,528
455
285
148

4 ,??S
434

4 ,409

4 ,909
473

s ,049 s

4 ,987
671
349
9SS

1 31S
104

4 ,994
761
345
218

t ,316

5 ,116
782
355
219

1 346
1?8

9 ,786
1 ,248
590
90S

446

411
46 S

997

904

911

SO

161

159

154

154

43

100
46
35

S77
133
572
448

S S74
1 491
496
363

S 60S
1 900
458
381

6 071
1 960
493
398

1 570
304
128
114

1 S4S
360
123
90

1 S68
346
125
90

1 S06
330
124
91

1 4S3
224
121
127

1 434

4 960
673
164

4 966

s

s

1 473

191

993

947

968

79

1 408
176
157
74

1 470
?14
147
68

1 44?

10S
190

??0

40 S

1 ,376
10S
131
66

1 410

869
S39

1 304
164

498

8 187 10 446 19 497 11 SS7 13 7 SO 3 404
99 3 1 700 7 0 9 ? 1 161 1 8?4
431
S7S
793
776
S78
RS4
917
?8S
381
106
367
377
377

3 ,498
4S7
183
88

3 6S3
S60

3 476
S10
203
88

3 104

9 010

70S

301
140
100

3 000
.359
170

oso

9 038

96R

S39
989

149

3,674
674
420
263

3 680 4
1
693
415
S?1

3,983
775
588
184

3 907

9,066
1,174
720
270

ss9

4,563 4 363
S?0
570
391
334
138
127

5 071 6 183
8 SO 1 00,3
370
49 S
19?
?08

7

9Q0
680

089

974
380
?00

757
796
S71
?74

197

8 009
1 009

? 066
?00

409

198

7.30

S3

8,093 9 S77 11 80S 1? 4 9 6 1? 87S 16 377
1,131 1 473 9 30 S 1 Q13 1 0 4 S 9 0 4 8
698
747
705
639
861 1 087
470
469
4S1
463
671
282

S4

155
67

66

?1?

88

1 ,067
776

? 04 S
?08
80
103
40
SO

1

?41
OS

196
113
10,3
11S

40

00

00

46
36
?79

133
07

1 017
?,s?
117
S8

137,
63
37
1 470
?73
136
08
180

137
68

0?

1 037
237
107
64

3 48 S 3 731
5.3?
434
746
204
11.3
114

3 684 4 308
648
SO 3
200
190
117
117

4 6S7
714
211
114

3 017
4S1
168
114

,3 4 0 S

9 898

? S06

9 739

9, 97S

336
186

,307
931

9 7SS
300
934

9 S89

407
304
118

97

73

79

?7?
219
162

1S6
88
96
1 074
S71
,3?4

1 800
487

91?

210

1 178

1 ,174

948

?49

17?
108

116
109

1 910
262
175
111

73S

168
117

Public Utility
Railroad:
Operating revenue
Profits before taxes
Profits after taxes
Dividends
Electric power:
Operating revenue
Profits before taxes
Profits after taxes
Dividends
Telephone:
Operating revenue
Profits before taxes
Profits after taxes
Dividends

9,672
1,146
698
289

8 S80
700
438
252

0 473 10 3 9 1 10 581 10 664
1 3 8 S 1 9 6 0 1 4S1 1 404
839
693
871
784

312

328

338

412

4,830
983
657
493

S 060
1 ,1 9 0
7S7

S S?8
1 313

6 OSS
1 ,4 8 9

814
6S1

6 S40
1 ,740
047
7?S

7 113
1 ,8Q3
1 046
771

1 797 1 8S0 1 7?S 1 716 1 891

899
619

2,694
292
186
178

9, 967
333
907

3, 3 4 9

3, 7?9
691

341
318

4 136
787
384
355

4 S9S
99 S
45?
412

1 084

S80

331
276

S60

213

446
9 S3
103

906

104
93

SSI
?04
189

4S6
?40

498
93S

180

194

1 00?
??3
100
100

1 1?6

1 190
220
107
104

934

114
101

4S8
?68
906

9 33S
100

136
73

968

1

Includes 26 companies in groups not shown separately, as follows: textile mill products (10); paper and allied products (15); miscellaneous (1).
2
Includes 25 companies in groups not shown separately, as follows: building materials (12); transportation equipment other than automobile
(6); and miscellaneous (7).
NOTE.—Manufacturing corporations. Data are from published company reports, except sales which are obtained from the Securities and
Exchange Commission.
Railroads. Figures are for Class I line-haul railroads (which account for 95 per cent of all railroad operations) and are obtained from reports
of the Interstate Commerce Commission.
Electric power. Figures are for Class A and B electric utilities (which account for about 95 per cent of all electric power operations) and are
obtained from reports of the Federal Power Commission, except that quarterly figures on operating revenue and profits before taxes are partly
estimated by the Federal Reserve, to include affiliated nonelectric operations.
Telephone. Revenues and profits are for telephone operations of the Bell System Consolidated (including the 20 operating subsidiaries and
the Long Lines and General departments of American Telephone and Telegraph Company) and for two affiliated telephone companies, which
together represent about 85 per cent of all telephone operations. Dividends are for the 20 operating subsidiaries and the two affiliates. Data
are obtained from the Federal Communications Commission.
All series. Profits before taxes refer to income after all charges and before Federal income taxes and dividends. For description of series
and back figures, see pp. 662-666 of the BULLETIN for June 1949 (manufacturing); pp. 215-217 of the BULLETIN for March 1942 (public utilities);
and p. 908 of the BULLETIN for September 1944 (electric power).

OCTOBER 1954




1091

NET CHANGE IN OUTSTANDING CORPORATE SECURITIES *
[Estimates, in millions of dollars]

PROFITS, TAXES, AND DIVIDENDS OF
UNITED STATES CORPORATIONS
[Quarterly estimates at seasonally adjusted annual
rates. In billions of dollars]
Year or
quarter

Profits
before
taxes

1939
1941
1943
1945

6.4
17.0
24.6
19.0

1.4
7.6
14.1
10.7

5.0
9.4
10.5
8.3

3.8
4.5
4.5
4.7

1.2
4.9
6.0
3.6

1946
1947
1948
1949
1950

22.6
29.5
32.8
26.2
40.0

9.1
11.3
12.5
10.4
17.8

13.4
18.2
20.3
15.8
22.1

5.8
6.5
7.2
7.5
9.2

7.7
11.7
13.0
8.3
12.9

1951
1952
1953

41.2
37.2
39.4

22.5
20.0
21.1

18.7
17.2
18.3

9.1
9.1
9.4

9.6
8.1
8.9

1953—1
2
3
4

42.4
41.9
40.9
32.5

22.7
22.5
21.9
17 A

19.7
19.5
19.0
15.1

9.1
9.3
9.5
9.6

10.6
10.2
9.5
5.5

1954—1
21. . .

34.5
34.5

17.0
17.0

17.5
17.5

9.6
9.6

7.9
7.9

Stocks

Bonds and notes

All types

Year or
quarter

In- Profits Cash Undiscome after
divi- tributed
taxes taxes dends profits

New Retire- Net
Net
New Retireissues ments change issues ments change

Net
New Retireissues ments change

-1,072 1 ,533

910

623

? ,4SQ

1,173

1 867

512

1 ?86
1 , 355

1945

6,457

6 ,906

-449

4,924

5 ,996

1946
1947.. .
1948
1949..
1950

7,180
6,882
7,570
6,731
7,224

4 798
? ,523
1 ,683
1 ,875
3 ,501

2.38?
5 ,887
4 ,856
3 ,724

4,721
5,015
5,938
4,867
4,806

3 625
? ,011
1 ,283
1 ,583
2 ,802

1,096
3,004
4,655
3,284
2,004

9,048
10,679
9,594

2 ,772
? , 7S1
? ,335

6 ,277 5,682
7 Q?7 7,344
7 ,?SQ 6,705

2 ,105
? 403
1 ,820

3,577 3 ,366
4,940 3 3,3 S
4,885 ? ,889

666
348
514

2 ,700
7 ,987
? 37.S

1953—2. . . 2,932
3 . . . 1,867
4 . . . 2,465

607
530
584

2 ,325
1 ,337
1 ,882

2,096
1,327
1,789

458
417
464

1,638
910
1,325

836
540
676

148
113
119

687
427
557

1954—1. . . 2,700
2. . . 2,858

1 ,139

977

1 ,724
1 ,719

1,619
1,863

758
847

862 1 ,081
995
1,016

219
292

862
703

1951
1952
1953

4

1 ,632
1 864
2 ,418

400
292
698

1 ,232
1 57?.
1 ,77,0

1
Reflects cash transactions only. As compared with data shown on p. 1090, new
issues exclude foreign and include investment company offerings, sales of securities
held by affiliated companies or R F C , special offerings to employees, and also new
stock issues and cash proceeds connected with conversions of bonds into stocks. Retirements include the same types of issues, and also securities retired with internal
funds or with proceeds of issues for that purpose shown on p. 1090.
Source.—Securities and Exchange Commission.

i 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 assets
End of year
or quarter

Net
working
capital

Total

Cash

U. S.
Government
securities

Current liabilities

Notes and accts.
receivable

Inventories

Notes and accts.
payable
U. S.
Govt. 3

Other

Federal
income
tax
liabilities

30.0
40.7
51.6
45.8

.0
.8
2.2
.9

21.9
25.6
24.1
24.8

1.2
7.1
16.6
10.4

6.9
7.2
8.7
9.7

.6
.6
.4
.7

.7

51.9
61.5
64.4
60.7
79.8

.1

31.5

11.8
13.2
13.5
14.0
14.9

Other

U. S.
Govt.2

Other
22.1
27.4
21.9
23.2

18.0
25.6
27.6
26.3

.4
.4
.3
.4

30.0

Total

Other

1939
1941
1943
1945

24.5
32.3
42.1
51.6

54.5
72.9
93.8
97.4

10.8
13.9
21.6
21.7

2.2
4.0
16.4
21.1

.0
.6
5.0
2.7

1946
1947
1948
1949
1950

56.2
62.1
68.6
72.4
81.7

108.1
123.6
133.0
133.1
161.5

22.8
25.0
25.3
26.5
28.1

15.3
14.1
14.8
16.8
19.7

.7
1.1

55.7

37.6
44.6
48.9
45.3
55.1

47.9

8.5
10.7
11.5
9.3
16.7

1951
1952
1953—3
4
1954—1
2

86.5
90.1

179.1
186.2

30.0
30.6

20.7
20.4

2.7
2.8

58.8
64.7

64.9
65.4

2.1
2.4

92.6
96.1

1.3
2.3

53.6
57.8

21.3
17.7

16.5
18.3

93.5
92.6

191.0
189.7

30.0
30.7

20.6
21.5

2.7
2.6

66.9
65.0

68.3
67.5

2.4
2.4

97.5
97.1

2.5
2.2

57.5
57.3

17.9
18.7

19.6
18.9

92.9
94.1

183.3
178.7

27.8
28.7

19.7
16.8

2.8
2.4

63.2
62.9

67.3
65.3

2.5
2.6

90.4
84.6

2.5
2.4

53.9
52.0

14.9
11.6

19.1
18.6

38.3
42.4
43.0

.4

37.6
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]

Year

1939
1945. . . .

Total

5,512
8,692

Manufacturing

Mining

Railroads

1,943
3,983

326
383

280
548

1946
1947
1948
1949
1950

14,848
20,612
22,059
19,285
20,605

6,790
8,703
9,134
7,149
7,491

1951
1952
1953
1954*

25,644
26,493
28.391
26,687

10,852
11,632
12.276
11,332

427
691
882

792
707
929
985
1.011
1,008

Transportation
other
than
rail
365
574

Public Comutilimuni- Other»
ties
cations

520
505

302
321

1,776
2,378
4,516
6 093
5 154
4,660
5,671

583
889
1,319
1,352
L ,111

1 298
1,285
887
1,212

1 539
2,543
3,125
3,309

1,399
1,742
1,320
1,104

1,474
1,396
I 312
851

1,490
1,500
1.464
1,405

3,664
3,887
4.548
4,274

1,319 5,916
7, 094
7. 778
7, 818

923

792

817

Total

Manufacturing
and
mining

1952—4

7 206

3 490

728

1953—1

6,339
7 289
7 098
7 666

2,972
3 426
3 210
3 680

650
725
686
717

1 158
1 219
1 246

1,792
1 979
1 984
2 023

6,240
6,918
6,980
6,549

2,864
3,198
3,255
3,022

608
600
559
490

910
1,108
1,179
1,078

1,859
2,013
1,987
1,960

Quarter

2.
3
4.

1954—i
2
3*
44. . .

Transportation
ind.
railroads

Public
utilities

1 150
925

All
other*

1 839

2
Corporate and noncorporate business, excluding agriculture.
Includes trade, service, finance, and construction.
4
Includes communications and other.
Anticipated by business.
Sources.—Department of Commerce and Securities and Exchange Commission.
3

1092




FEDERAL RESERVE BULLETIN

REAL ESTATE CREDIT STATISTICS
MORTGAGE DEBT OUTSTANDING, BY TYPE OF PROPERTY MORTGAGED AND TYPE OF MORTGAGE HOLDER
[In billions of dollars]

^onfarm

All properties

End of year
or quarter

All
holders

Other
holders
Financial
insti- Selected Inditutions Federal viduals
agenand
cies
others

All
holders

14 9
14.2
13.6
13.3
13.7
15.1
16.6
17 8
18.7
19.7
20.7
21 9
23.1

31 2
30.8
29.9
29.7
30.8
36.9
43.9
50.9
57.1
66.7
75.6
84 0
93.2

18.4
18.2
17.8
17.9
18.5
23.1
28.2

57.0
58.7

86.0
88.6
91.1
93.2

60.3
62.4
64.3
65.9

48.4
50.2
51.9
53.4

11.9
12.2
12.4
12.5

95.1
98.0

67.4
69.5

54.8
56.8

12.6
12.7

88.9
91.1

2.3
2.4

21.6
21.9

81.8
84.0

93.4
1953—March
96.1
June
98.6
September....
December. . . . 100.9

68.6
70.9
73.0
75.0

2.6
2.7
2.8
2.8

22.2
22.5
22.8
23.1

1954—MarchP
June?

76.8
79.5

2.7

23.4
23.9

1952—September
December

102.9
106.0

2.6

Total

12 9
12.5
12.1
11.8
12.2
13.8
15.7
17.6
19.6
21.6
23.7
25.3
27.3
24.9
25.3

65.0
66.8

2.8

Finan- Other
cial
insti- holdtutions ers

6.7
6.3
6.2
6.4
7.0
7.6
8.3
9.1
9.8
10.7
11.7
12.5
11.4
11.7

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

• .

1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953

Total

Finan- Other
cial
insti- holdtutions ers

Multi-family and
commercial properties1

11.2
11.5
11.5
11.7
12.2
16.0
20.5
25.0
28.4
35.3
41.2
47.0
53.4
45.6
47.0

37 6
36.7
35.3
34.7
35.5
41 8
48.9
56 2
62.7
72 8
82.1
91 1
100.9

1941

2 0
1.8
1.4
1.1
.9
.6
.5
.6
1.1
1 4
2.0
2 4

1- to 4-family houses

Farm

33.3
37.5
45.1
51.9
58.7
65.9

7.2

80
7.8
7.4
7.2

All
holders

4 8
4.7
4.6
4.6
4.7
5.4
6.1
6.7
7.2
7.6
8.0
8.3

Financial
Other
insti- holders2
tutions

3.0

4 9
4.5
4.1
3.7
3.4
3 4
3.3
3 4
3.5
3 7
4.0
4 3
4 7

8.8

6 4
6.0
5.4
4 9
4.8
4 9
5.1
5 3
5.6
6 1
6.6
72
7.7

16.6
17.0

8.2
8.3

7.1
7.2

2.8
2.8

4.3
4.3

25.7
26.2
26.7
27.3

17.3
17.7
18.1
18.6

8.4
8.5
8.6
8.8

7.3
7.5
7.6
7.7

2.9
3.0
3.0
3.0

4.4
4.5
4.6
4.7

27.7
28.5

18.9
19.5

8.8

7.8

3.1

9.0

8.0

3.2

4 8
4.8

7.5
8.4
9.6
10.9
12.4
14.0
15.7
17.0
18.6

L.4
i.3
3
1.3
S
7

1 9
2.1
2 3
2.6
2 8

p
Preliminary.
1
2
Derived figures, which include negligible amount of farm loans held by savings and loan associations.
Derived figures, which include
debt held by Federal land banks and Farmers Home Administration.
NOTE.—Figures for first three quarters of each year, and all figures for December 1953 except those on total farm (preliminary estimate from
Dept. of Agriculture), are Federal Reserve estimates. Financial institutions include commercial banks (including nondeposit trust companies
but not trust departments), mutual savings banks, life insurance companies and savings and loan associations. Federal agencies include HOLC,
FNMA, and VA (the bulk of the amounts through 1948 held by HOLC, since then by FNMA). Other Federal agencies (amounts small and
separate data not readily available currently) are included with "Individuals and others."
Sources.—Federal Deposit Insurance Corporation, Home Loan Bank Board, Institute of Life Insurance, Departments of Agriculture and
Commerce, Federal National Mortgage Association, Veterans Administration, Comptroller ofithe^Currency, and Federal Reserve.

MORTGAGE LOANS HELD BY BANKS *
[In millions of dollars]

End of year
or quarter

Commercial bank holdings2

Mutual savings bank holdings4

Nonfarm

]Vonfarm

Residential^

Total
Total

4,340
4,256
4,058
3,967
4,251
6,533
8,623
10,023
10,736
12,695
13,728
14,809
15,768

FHA- VA- ConTotal in- guar- vensured anteed tional

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

4,906
4,746
4,521
4 430
4,772
7,234
9,446
10,897
11,644
13,664
14,732
15,867
16,850

3,292
3,332
3,256
3,218
3,395
5,146
6,933
8,066
8,676
10,431
11,270
12,188
12,925

3
'2*921
3 67S 3,012
3 Q1? 3,061

1952—September
December

15,590 14,530 11,970
15,867 14,809 12,188

3 ,580 3,000
3 ,675 3,012

1953—Marrh
Tune
September
December

16,080
16,387
16,640
16,850

1954—MarrhP
June?

16,960 15,865 13,000
17,350 16,225 13,275

15,000
15,283
15,550
15,768

Residential 3

12,320
12,545
12,770
12,925

Other

Farm

Total

Farm

Total
Total

566 4,812
491 4,627
463 4,420
749
463 4,305
521 4,208
856
70? 4,441
1,387
823 4,856
1,690
1,957
874 5,806
909 6,705
2,060
2,264
968 8,261
4 Q ? Q 2,458 1 004 9,916
501 2,621 1 058 11,379
s 9S1 2,843 1 0 8 ? 12,943
5 ,390 2,560 1 ,060 10,940
5 ,501 2,621 1 ,058 11,379

1,048
924
802

4,784
4,601
4,395
4,281
4,184
4,415
4,828
5,773
6,668
8,218
9,869
11,327
12,890

3,884
3,725
3,558
3,476
3,387
3,588
3,937
4,758
5,569
7,054
8,595
9,883
11,334

FHA- VA- Coninguar- vensured anteed tional

Other

900

28

876
837

26
25

805

24

797
8?7
891
1 ,015
1 0Q9
1 ,164
ry
S67 1,726 4 303 1 ?74
3 168 2,237 4 477 1 444
3 489 3,053 4 7 9 ? 1 SS6

24
26
28
34
37
44
47
53

9,490
9,883

1 ,400
1 ,444

50
53

080 11,680
2,680
2,738 1 104 12,112
2,780 1 ,090 12,500
2,843 1 ,082 12,943
3 940 3,100 S 960 2,865 1 09 S 13,355 13,300 11,710
3 ,975 3,175 6 ,125 2,950 1 ,125 13,907 13,850 12,210

1 465
1 ,520
1 ,556

50
50
50
53

3 S90 3,290 4 830 1 5Q0
4 910 1 ,640

55
57

SQ1
3 719 3,010
5 734
3 ,860 3,040 5 ,870
3 ,912 3,061 5 ,951

3 798 3,013

3 025 2,069 4 396
3 168 2,237 4 477
11,630 10,165 3 ?30 2,395 4 540
12,062 10,574 3
2,590 4 658
12,450 10,930 3 405 2,785 4 740
12,890 11,334 3 489 3,053 4 792

53

10,890
11,327

3 700 3,600

1 488

P Preliminary.
includes all banks in the United States and possessions. 2 Includes loans held by nondeposit trust companies but excludes holdings of
trust departments of commercial banks. March and September figures are Federal Reserve estimates based on data from Member Bank Call
Report and from weekly reporting member banks. For 1940, figures except for the grand total are Federal Reserve estimates based on data for
insured
commercial banks.
3
Data not available for all classifications prior to December 1951.
4
Through 1946, figures except for the grand total are estimates based on Federal Reserve preliminary tabulation of a revised series of banking
statistics. March and September figures are Federal Reserve estimates based in part on data from National Association of Mutual Savings Banks.
Sources.—All bank series prepared by Federal Deposit Insurance Corporation from data supplied by Federal and State bank supervisory
agencies; Comptroller of the Currency, and Federal Reserve.
OCTOBER

1954




1093

REAL ESTATE CREDIT STATISTICS—Continued
MORTGAGE ACTIVITY OF ALL UNITED STATES LIFE INSURANCE COMPANIES
[In millions of dollars]
Loans outstanding (end of period)

Loans acquired

Nonfarm

Nonfarm

Year or month
Total
Total
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953

898
855
935
976

FHAinsured

Farm

1,202
1,350
1,486
1,058
864

1,294
429

819

457

1,469
1,546
1,642
2,108
2,371
2,313
2,642

62
57

32
40

185
192

26
24

42
56
81

207
211
286

29
25
45

305
313

279
289

338
352
478

309
327
433

60
60
66

1954—January . .
February
March

282

277
372

51

319
419
443
342
451

403
318
410

47
48
60

318

393
435

421
464

44
68
51
53

600
366
131
938

178
266
293
307
362

411
372
417

174

57

36

187
227

46
77

42
47

270
185
250

86
85
100

98
133

FHAinsured

Total

1,483
2,520
3,114
3,123
4,532
4,723
3,606
3,918

451

Total

Other

1,661
2,786
3,407
3,430
4,894
5,134
3,978
4,335

1953—August
September . . . .
October
November
December .

May. . .
June..
July
August

VAguaranteed

40
24
41

244
249

28
29

Farm

VAguaranteed

Other

5,972
6,442
6,726
6,714
6,686
6,636
7,155
8,675
10,833
12,906
16,102
19,314
21,251
23,275

5,073
5,529
5,830
5,873
5,886
5,860
6,360
7,780
9,843
11,768
14,775
17,787
19,546
21,403

1,096
1,286
1,408
1,394
1,228
1,398
2,381
3,454
4,573
5,257
5.681
6,015

1,106
1,224
2,026
3,131
3,347
3,563

4,876
5,538
6,356
7,090
8,176
9,399
10,518
11,825

,138
,327
,527
,705
,872

22,552
22,698
22,842
23,017
23,275

20,722
20,860
20,993
21,161
21,403

5,924
5,943
5,963
5,983
6,015

3,430
3,448
3,473
3,511
3,563

11,368
11,469
11,557
11,667
11,825

1,830
,838
1,849
,856
,872

23,435
23,570
23,769
24,005
24,174
24,384
24,572
24,795

21,538
21,660
21,845
22,060
22,212
22,403
22,575
22,786

6,027
6,037
6,066
6,081
6,088
6,091
6,095
6,100

3,599
3,626
3,683
3,746
3,804
3,886
3,951
4,048

11,912
11,997
12,096
12,233
12,320
12,426
12,529
12,638

,897
,910
L.924
11,945
,962
1,981
1,997
2,009

668
815

256
844

899
913
896
841
800
776
795
895
990

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.
M O R T G A G E J ACTIVITY OF ALL SAVINGS AND LOAN
ASSOCIATIONS
[In millions of dollars]
Loans outstanding (end of period)2

Loans made by purpose
Year or
month

Total

1,200
1,379
. .. 1 051
1 184
1,454
1,913
3,584
3,811
3,607
3,636
5,237
5 250
6,617
7,767
1953-Aug ..
707
Sept...
684
Oct....
688
586
Nov...
584
Dec....

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

1954-Jan.
Feb....
Mar...
Apr...
May
June....
July..
Aug...

New
construction
399

437
190
106

95
181
616
894
1,046
1,083
1,767
1 657

2,105
2,475

495
539
710
732
728
810
802
841

218
208
219
190
187
152
176
246
257
254
283
281
289

FHAHome Other
inpurpur- Total*
sured
chase poses1
426

581
574
802

1,064
1,358
2,357
2,128
1,710
1,559
2,246
2 357
2.955
3,488
340
328
318
265
259
217
220
288
298
301
341
349
372

375

361
287
276
295
374
611
789
851
994
1,224
1 236

1,557
1,804
149
148
151
131
138
126
143
176
177
173
185
173
180

VA- Conguar- venanteed tional'

273
275
278
845
255

J 7ftQ
1,729
1,746
1,549
1,622

671
654
658
564
569

122
125
123
114
126

310
315
320
290
291

1954-Jan....
Feb....
Mar...
17,495
Apr...
May.
June...
18,437
July . .
Aug...

218
229
281
280
278
303
306
312

1,372
1,425
1,784
1,793
1,805
1,990
> 027
2,086

467
517
666
669
675
741
734
770

108
105
124
130
124
146
155
166

263
274
335
333
330
368
371
369

21,929 1,048

3,973

4,271

1940
1941
1942
1943
1944
1945
ig46
1947
1948
1949
1950
1951
1952
1953

. .

16,385

alterations, refinancing, etc.
classifications shown.
Excludes shares pledged against mortgage loans.
Source.—Home Loan Bank Board,




Sav- Insurings & ance
loan
comassns. panies

1953-Aug...
Sept...
Oct....
Nov...
Dec...
16,908

3,745

23,809 1,101

Total

1,283
1,490
1 170
1,237
1,560
2,017
3,483
3,650
3,629
3,646
5,060
5 295
6,452
7,365

21,145 1,015

4,106

Number

4,031
4,732
3 943
3,861
4,606
5,650
10,589
11,729
11,882
11,828
16,179
16 405
18,018
19,747

2,397
7,345
2,586
8,313
2,969
9,812
3 125 11 530
3,385 14,047
3.973 16,908

1,083

Average
amount
Com- Mutual
remersav- Other corded
cial
ings
(dollars)
banks banks

Amount, by type of lender
Year
or
month

1,456
1,628
1,351
1,274
1,446
1,639
2,497
2,567
2,535
2,488
3,032
2 878
3,028
3,164

4,125
4,578
4 583
4,584
4,800
5,376
7,141
8,856
563
10,305
11,616
717
841
13,622
15 520
864
904
18,336
21,929 1,048

22,684

1
Includes loans for repair, additions and
2
Prior to 1948, data are not available for
3

1094

NONFARM MORTGAGE RECORDINGS OF $20,000 OR LESS
[Number in thousands; amounts (except averages) in millions of dollars]

1,006
1,166
886
753
280
878
257
250 1,097
503 2,712
847 3,004
1,016 2,664
1,046 2,446
1,618 3,365
1 615 3 370
1,420 3,600
1,480 3.680
334

404
362

170
218
166

1,238
1,454
1 359
152
1,439
165 1,746
217 2,069
548 3,343
597 3,631
745 3,828
750 3,940
1,064 5,072
1 013 5 112
1,137 5,409
1,327 5,895
111
495
123
512
123
522
468
113
508
128
85
85
103
112
118
133
141
138

2,769
2,906
2 918
3,031
3,186
3,448
4,241
4,570
4,688
4,755
5,335
5 701
5.950
6,241
6,270
6,276
6,283
6,311
6,372

449 6,292
444 6,223
556 6,339
550 6,411
558 6 484
602 6,573
626 6,625
643 6,684

Source.—Home Loan Bank Board.

FEDERAL RESERVE BULLETIN

REAL ESTATE CREDIT STATISTICS—Continued
GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE

MORTGAGE DEBT OUTSTANDING ON
NONFARM 1- TO 4-FAMILY PROPERTIES
[In billions of dollars]

[In millions of dollars]
VA-guaranteed loans 8

FHA-insured loans
Home
mortgages

Year
or
month

Total

1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1953—Aug....
Sept
Oct
Nov...
Dec.. . .
1954—Jan
Feb....
Mar. . .
Apr....
May...

Total

925
991

925
991

1,152
1,121

1,152
1,121

934
877
857

934
877
665
756

3,058
5,074 1,788
5,222 3,341
5,250 3,826
7,416 4,343
6,834 3,220
5,830 3,113
6,946 3,882

June . . .

July....
Aug.. . .

New
properties
486
588
728
766
553
484
257
120
477

969

208
175
183
208
210
224
217
302
418
684
892
856
713
974

1,259

1,030

1,434
1,319
1,637
1,216

Property
im- Total
provement2
loans

Projecttype
Ex- mortisting gages1
properties
52
13
14
21
85
56
20
13
360
609

179
216
228
126
86
114
171
321
534
614
594
694
707
848

1,021
1,157

Home
mortgages
New
properties

Alteration
Exand
isting repair2
properties

192

2,302
3,286
1,881
1,424
3,073
3,614
2.721
3,064

793

597

349

106

87

584
322
259
23

133

248

166

82

.3
.5
.6
.6
.6
.3

629
661

320
368

106
113

80
80

12
23

122
151

309
293

197
193

112
99

694
556

408
304

105
110

68
63

25
15

210
116

286
252

192
170

93
82

.4
.5

.5
.4

512
488
471
493
512
579
531
680

265
221
246
245
243
270
238
262

117
94
95
83
74
86
75
72

66
60
67
70
72
79
79
79

12
13
16
17
25
24
14
40

69
54
69
76
71
82
70
71

247
267
225
248
269
309
293
418

174
188
160
163
171
200
178
251

73
79
65
85
98
109
115
167

4
.4
.4
.8
.3
.3
.3
.2

1,334

629

1,865 1,202
2,667
942
890
1,824
2,045 1,014

1

Monthly figures do not reflect mortgage amendments included in annual t otals.
FHA-insured property improvement loans are not ordinarily secured by mortgages ; VAguaranteed alteration and repair loans of $1,000 or less neea ilot De secured, wnereas tnose
for more than that amount must be.
•Prior to 1949, data are not available for chissifications shown.
NOTE.—FHA-insurec 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.
a

End of year
or month

1948
1949
1950
1951.
1952
1953

Mortgage holdings

Mort- Mortgage
gage
pursales
chases
(during (during
period) period)

Total

FHAinsured

VAguaranteed

188
403
169
204
320

198
672
1,044
677
538

469
111
56

550

638

199
828
1,347
1,850
2,242
2,462

621

11
425
1,178
1,646
1.922
1,841

542

221

1953—September...
October
November . . .
December....

566
556
552
550

544
568
608
638

2,540
2,526
2,490
2,462

556
585
594
621

1,984
1,941
1,896
1,841

26
39
30
42

19
44
59
61

1954—January
February....
March
April

550
542
539
539
560
570
540

666
685
745
812
791
779
737

625
641
653
667
680
700
724

57
50
98
108
30
37
37

594
631

700
654

1,809
1,783
1,713
1,632
1,619
1,601
1,647
1,622
1,618

37
47
49
50
38
50
120

August
September...

2,434
2,424
2,366
2,299
2,299
2,301
2,371
2,355
2,362

33
38

39
19

May
June
Tuly

528
848
918
661
1.085

227
824
485
239
323

Source.—Federal National Mortgage Association.

733
745

Governmentunderwritten

Conventional

Total

Total

FHA- VAguarinsured anteed

16 3
17 3
18 4
18 2
17 8
17 9
18 5
23 1
28 2
33 3
37 5
45 1
51 9
58 7
65.9

1 8
2 3
3 0
3 7
4 1
4 2
4 3
6 1
9 3
12 5
15 0
18 9
22 9
25 4
28.1

1 8
2 3
3 0
3 7
4 1
4 2
4 1
3 7
3 8
5 3
6 9
8 6
9 7
10 8
12.0

1951—Sept.. 50.4
Dec... 51.9
1952—Mar. . 53.3
June.. 55.1
Sept.. 57.0
Dec... 58.7

22.0
22.9
23.5
24.0
24.7
25.4

9.5
9.7

10.1
10.4
10.8

1953—Mar. . 60.3
June.. 62.4
Sept.. 64.3
Dec... 65.9

26.1
26.7
27.5
28.1

11.1
11.4
11.7
12.0

1954—Mar. P. 67.4
JuneP. 69.5

28.6
29.2

12.2
12.4

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

1952P

1953?

9.9

2

24
55
72
8 1
10 3
13 2
14 6
16.1

14 5
15 0
15 4
14 5
13 7
13 7
14 2
17 0
18 9
20 8
22 5
26 2
29 0
33 3
37.8

12.5
13.2
13.6
13.9
14.3
14.6

28.4
29.0
29.8
31.1
32.3

15.0
15.3
15.8
16.1
16.4
16.8

34.2
35.7
36.8
37.8
38.8
40.3

33.3

P Preliminarv.
NOTE.—For total debt outstanding, figures for

first three quarters are Federal Reserve estimates.
For conventional, figures are derived.
Sources.—Home Loan Bank Board. Federal Housing Administration, Veterans Administration, and
Federal Reserve.

FEDERAL HOME LOAN BANK LENDING
[In millions of dollars]

FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY
[In millions of dollars]
Author- Comized
mitfunds
ments
ununcomdismitted bursed

End of
year or
quarter

20

Advances outstanding
(end of period)
Year or month

Advances

Repayments

Total

Shortterm1

Long-2
term

278
329
351
360
256
675
423
586
674

213
231
209
280
337
292
433
528
611

195
293
436
515
433
816
806
864
952

176
184
218
257
231
547
508
565
634

19
109
217
258
202
269
298
299
317

1953—September.
October...
November.
December.

83
62
71
79

28
45
25
14

801
819
865
952

557
564
589
634

244
255
276
317

1954—January...
February.
March...
April
May
June
July
August
September.

26
15
36
35
28
106
53
59
69

226
88
84
51
33
39
98
31
38

751
677
630
613
608
675
630
659
689

496
438
396
382
377
428
406
422
452

255
239
233
231
231
247
223
236
237

1945
1946
1947
1948
1949
1950
1951
1952
1953

1
2

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.

OCTOBER

1954




1095

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

Total

Other
Automobile consumer
paper i
goods
paper i

Total

Noninstalment credit

Repair
and modernization
loans 2

Personal
loans

Total

Singlepayment
loans

Charge
accounts

Service
credit

7,222
8,338
9,172
5,983

4,503
5,514
6,085
3,166

1,497
2,071
2,458
742

1,620
1,827
1,929
1,195

298
371
376
255

1,088
1,245
1,322
974

2,719
2,824
3,087
2,817

787
800
845
713

1 ,414
1,471
1,645
1 ,444

518
553
597
660

5,665
8,384
11,570
14,411
17,104
20,813
21,468
25,827
28,896

2,462
4,172
6,695
8,968
11,516
14,490
14,837
18,684
21,807

455
981
1,924
3,054
4,699
6,342
6,242
8,099
10,289

816
1,290
2,143
2,842
3,486
4,337
4,270
5,328
5,605

182
405
718
843
887
1,006
1,090
1,406
1,606

1,009
1,496
1,910
2,229
2,444
2,805
3,235
3,851
4,307

3,203
4,212
4,875
5,443
5,588
6,323
6,631
7,143
7,089

746
1,122
1,356
1,445
1,532
1,821
1,934
2,094
2,127

1,612
2,076
2,353
2,713
2,680
3,006
3,096
3,342
3,249

R4«?
,014

,166
.285
,376
,496
,601
.707
1,713

1953—August
September
October
November
December

27,810
27.979
28,166
28,252
28,896

21,218
21,347
21.486
21,586
21,807

10,136
10,232
10,337
10,358
10,289

5.362
5.352
5,366
5,406
5,605

I 534
1,562
1,585
1.604
1,606

4 186
4 201
4,198
4,218
4,307

6,592
6,632
6.680
6.666
7,089

2,131
2,130
2,131
2,100
2,127

2,668
2,716
2,811
2,840
3,249

1,793
1,786
1,738
1,726
1,713

1954—January
February
March
April
May
Tune
July
August

28.125
27,478
27,151
27.330
27,520
27,791
27,835
27,932

21 444
21 151
20.900
20,909
20,932
21,122
21,246
21,310

10.084
9,915
9.800
9.798
9,838
9,980
10,103
10,158

5,495
5,377
5,220
5,188
5,142
5,134
5.004
5,069

1,587
1 ,570
1,554
1,554
1,565
1,563
1 ,566
1,569

4,278
4.289
4.326
4,369
4,387
4,445
4,483
4,514

6.681
6,327
6,251
6,421
6,588
6,669
6,589
6,622

2,083
2,054
2,073
2,105
2,181
2,215
2 ,193
2,203

2 893
2,550
2,438
2,566
2,639
2,679
2,614
2,642

1,705
1,723
1,740
1,750
,768
1,775
1,782
1,777

1939
1940
1941
1Q42
1945
1946
1947
1948
1949
1950
1951
1952
1953

. . .

. ..

1
Includes all consumer instalment credit extended for the purpose of purchasing automobiles and other consumer goods and secured by the
items purchased, whether held by retail outlets or financial institutions. Includes credit on purchases by individuals of automobiles or other
consumer
goods that may be used in part for business.
2
Includes only repair and modernization loans held by financial institutions; such loans held by retail outlets are included in "other consumer
goods paper."
NOTE.—Monthly figures for the period December 1939 through 1951 and a general description of the series are shown on pp. 336-354 of the
BULLETIN for April 1953. Revised monthly figures for 1952 are shown on p. 1214 of the BULLETIN for November 1953. A detailed description
of the methods used to derive the estimates may be obtained from Division of Research and Statistics.

INSTALMENT CREDIT, BY HOLDER
[Estimated amounts outstanding, in millions of dollars]
Retail outlets

Financial institutions
Total
instalment
credit

Total

Commercial
banks

Sales
finance
companies

4,503
5.514
6,085
3.166

3,065
3,918
4.480
2,176

1,079
1,452
1,726

1,197
1,575
1,797

862

588

2.462
4.172
6.695
. . . 8,968
11 .516
14.490
14.837
18.684
21.807

1,776
3,235
5,255
7,092
9,247
11,820
12,077
15,410
18,534

745

1,567
2,625
3,529
4,439
5,798
5,771
7,524
8,856

300
677

1,355
1,990
2,950
3,785
3,769
4,833
6,147

1953—August
September
October
November
December

21 ,218
21.347
21.486
21,586
21.807

18,205
18.328
18 439
18 495
18.534

8.879
8,893
8 908
8.881
8.856

1954—January
February
March
April
May
June
JulyAugust

21.444
21 151
20,900
20,909
20,932
21 ,122
21.246
21,310

18,276
17,999
17,845
17.859
17,896
18,069
18.198
18,258

8,723
8.534
8,452
8,417
8,386
8,401
8.379
8,348

End of year
or month

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

..

Furniture
stores

Household
appliance
stores

Automobile
dealers 2

Other

354
394
320
181

439
474
496
331

183
196
206
111

123
167
188
53

339
365
395
314

131
209
379
470
595
743
920

1.117
1.068

240
319
474
604
724
791
760
866
866

17
38
79
127
168
239
207
244
276

28
47
101
159
239
284
255
308
407

270
324
407
516
543
613
618
739
656

3 013
3 019
3 047
3.091
3.273

931
943
957
983
1.068

813
811
812
826
866

263
265
266
270
276

396
399
406
408
407

610
601
606
604
656

3.168
3 152
3.055
3.050
3.036
3.053
3.048
3,052

1.031
1 .094
1,056
1,058
1,051
1,061
1 .055
1,056

836
814
795
789
787
78 S
783
785

270
265
261
260
257
259
262
260

400
393
388
388
390
397
404
408

555
555
551
551
544
543

Credit
unions

Other

Total

132
171
198
128

657
720
759
598

1,438
1,596
1,605

102
151
235
334
438
590
635
837

629
840

686
937

1.064

1,040
1,239
1,420
1.647
1.902
2.216
2,467

1.440
1,876
2,269
2,670
2,760
3.274
3,273

5.924
6,005
6.093
6.147
6.147

L 009
L.029
1.041
I ,050
1,064

2 393
2 401
2 397
2 417
2.467

6,062
5.974
5,892
5.901
5,944
6,060
6.189
6,256

1.043
I .055
1,074
1.096
1,115
1,145
1,165
1,185

2.448
2.436
2.427
2,445
2,451
2,463
2.465
2,469

990

Depai tment
stores 1

631
586

includes mail-order houses.
Includes only automobile paper; other instalment credit held by automobile dealers is included with "other" retail outlets

3

1096




FEDERAL RESERVE BULLETIN

STATISTICS ON SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT— Continued
INSTALMENT CREDIT HELD BY COMMERCIAL BANKS,
BY TYPE O F CREDIT

NONINSTALMENT CREDIT, BY HOLDER
[Estimated amounts outstanding, in millions of dollars]

[Estimated amounts outstanding, in millions of dollars]

End of year
or month

Total
noninstalment
credit

Retail
outlets
(charge
accounts)

Financial
institutions
(single-payment loans)
Commercial
banks

Other

Service
credit

Department 1
stores

Other

1939
1940
1941
1942

2,719
2,824
3,087
2,817

625
636
693
593

162
164
152
120

236
251
275
217

1,178
1,220
1,370
1,227

518
553
597
660

1945
1946
1947
1948
1949
1950
1951
1952
1953

3,203
4,212
4,875
5,443
5,588
6.323
6,631
7,143
7,089

674
1,008
1,203
L.261
1,334
L.576
1,684
,844
1,848

72
114
153
184
198
245
250
250
279

290
452
532
57S
584
641
685
730
769

1,322
1,624
1,821
2,138
2,096
2,365
2,411
2,612
2.480

845
1,014
1,166
1,285
1,376
1,496
1,601
1,707
1,713

1953—August
September.
October. . .
November.
December.

6,592
6,632
6,680
6,666
7,089

1,870
1,857
1,867
L .798
L.848

261
273
264
302
279

453
500
524
578
769

2,215
2,216
2,287
2,262
2,480

L ,793
1,786
L ,738
1,726
1,713

1954—January- • •
February..
March....
April
May
June
July
August....

6,681
6,327
6,251
6,421
6,588
6,669
6,589
6,622

,824
L ,782
,780
,812
,841
,893
,908
,907

259
272
293
293
340
322
285
296

631
541
497
515
512
509
459
457

2,262
2,009
1.941
2,051
2,127
2,170
2,155
2,185

1,705
L ,723
,740
,750
,768
,775
,782
,777

1

End of year
or month

ment
credit

1939
1940
1941
1942

1945
1946
1947
1948
1949
1950 .
1951
1952
1953

Automobile
paper

1,197
1,575
1,797

1,187
1,363

588

341

300

878

164

Other
consumer
goods
paper
115
136
167
78
24

Repair
and
modernization
loans
148
190
201
117
58

67
185
232
303

141
242
216
83

313

57

Personal
loans

56
62
66
52
54

92
126
164
139

377
802
1,378
2,425
3,257
3,183
4,072
5,306

241
332
367

70
82
83

275
347
391

5,924
1953—August
September. . . 6,005
6,093
October
November. . . 6,147
6,147
December

5,108
5,186
5,272
5,321
5.306

374
375
372
368
367

72
74
76
79
83

370
370
373
379
391

6,062
5,974
5,892
5,901
5,944
6,060
6,189
6,256

5,228
5,150
5,079
5,089
5,136
5,249
5,371
5,436

359
351
340

86
85
84

389
388
389

336
331
331

84
83
83

392
394
397
401
403

June

July
August

OCTOBER

1954




237
339
447
149

178
276
338
134

166
232
309
153

135
165
161
124

363
440
471
302

745

66
169
352
575
849

143
311
539
753
946

114
299
550
794

11,177
11,135
11,633

J.135

1,294
1,311
1,629
1,884

1,016
1,456
1,315
1,751
2,038

110
242
437
568
715
834
888

1,137
1,301

312
546
747
839
913
1,037
1,122
1,374
1.498

1,567
2,625
3,529
4,439
5,798
5,771
7,524
8,856

1953—August
September.
October. . .
November.
December.

8,879
8,893
8,908
8,881
8,856

>,123
>,141
A
'',157
x
>,150
2,135

1,957
1,948
1,939
1,920
1,884

2,056
2,036
2,032
2,027
2,038

1,251
L,273
1,291
1,303
1,301

1,492
1,495
1,489
1,481
1,498

1954—January.. .
February..
March....
April
May
June
July
August....

8,723
8,534
8,452
8,417
8,386
8,401
8,379
8,348

>,079
>,024
,994
,980
,969
,979
,978
,971

1,834
1,809
1,799
1,794
1,791
1,792
1,783
1,769

2,037
1,937
1,887
1,862
1,839
1,821
1,791
1,767

1,283
1,267
L,253
L .252
1,259
1,257
1,261
1 ,262

1,490
1,497
1,519
1,529
1,528
1,552
1,566
1,579

:
r

[Estimated amounts outstanding, in millions of dollars]

End of year
or month

677
1,355
1,990
2,950
3,785
3,769
4,833
6,147

1954—January
February....
March
April
May

Personal
loans

1,079
1,452
1,726
862

[Estimated amounts outstanding, in millions of dollars]

1939
1940
1941
1942

Direct

Repair
and
modernization
loans

1945
1946
1947
1948
1949
1950
1951
1952
1953

INSTALMENT CREDIT HELD BY SALES FINANCE
COMPANIES, BY TYPE OF CREDIT

Total
instalment
credit

Purchased

Other
consumer
goods
paper

INSTALMENT CREDIT HELD BY FINANCIAL INSTITUTIONS OTHER THAN COMMERCIAL BANKS AND SALES
FINANCE COMPANIES, BY TYPE OF CREDIT

Includes mail-order houses.

End of year
or month

Automobile
paper

Total
instal-

335
335

82
82

158

Total
instalment
credit
789

1939
1940
1941
1942

891
957
726

1945
1946
1947
1948
1949
1950
1951
1952
1953

1,275
1,573
1,858
2,237
2,537
3,053
3,531

3,402
1953—August
September. . . 3,430
October
3,438
November. . . 3,467
December
3,531
3,491
3,491
3,501
3,541
3,566
3,608
3,630
3,654

1954—January
February....
March
April
May
June
July
August

731
991

Automobile
paper

Other
consumer
goods
paper

Repair
and
modernization
loans

Personal
loans

81
102
122
65

24
30
36
27

15
16
14
14

669
743
785
620

54

20

77
130
189
240
330
358
457
557

34
69
99
137
182
209
279
334

14
22
39
59
89
115
132
187
222

643
858
1.037
1,226
1,392
1,610
1,838
2,130
2,418

552
558
563
559
557

315
321
321
328
334

211
215
218
222
222

2,324
2,336
2,336
2,358
2,418

543
539
540
547
552
563
567
574

331
330
326
328
326
326
324
323

218
218
217
218
223
223
223
225

2,399
2,404
2,418
2,448
2,465
2,496
2,516
2,532

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.

1097

STATISTICS ON SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT—Continued
INSTALMENT CREDIT EXTENDED AND REPAID
[Estimates, in millions of dollars]
Automobile
paper

Total
Year or mouth
Extended

Repaid

8.219
9,425

Other consumer
goods paper

Repair and
modernization loans

Personal
loans

Extended

Repaid

7.208
8.854

3.086
3.823

2,512
3,436

2.588
2,929

2.381
2,827

328
312

255
307

2 217
2.361

2.060
2,284

5,379
8,495
12,713
1S,540
18,002
21,256
22,791
28,397
29,812

5.093
6.785
10,190
13,267
15,454
18,282
22,444
24,550
26,689

999
1 ,969
3,692
5,280
7,182
8,928
9,362
12,306
13,553

941
1,443
2,749
4,150
5,537
7,285
9,462
10,449
11,363

2,024
3,077
4,498
5,280
5,533
6,458
6,518
7,959
7,741

1,999
2,603
3,645
4,581
4,889
5,607
6,585
6,901
7,464

206
423
704
702
721
826
853
1,243
1,340

143
200
391
577
677
707
769
927
1,140

2,150
3,026
3,819
4,278
4,566
5,044
6,058
6.889
7,178

2,010
2,539
3,405
3,959
4,351
4,683
5,628
6,273
6,722

1953—August
September
October
November
December

2,436
2,389
2,486
2,297
2,598

2,222
2,260
2,347
2,197
2,377

1,126
1,089
1,121
974
947

963
993
1,016
953
1,016

619
625
668
646
824

608
635
654
606
625

120
120
131
108
98

102
92
108
89
96

571
555
566
569
729

549
540
569
549
640

1954—January
February
March
April
May
June
July
August

1.869
1,864
2,285
2,315
2,299
2,603
2.472
2,424

2,232
2,157
2,536
2,306
2,276
2,413
2,348
2,360

750
776
985
998
1,005
1,202
1 ,136
1,092

955
945
1,100
1,000
965
1,060
1,013
1,037

517
470
540
594
580
624
591
594

627
588
697
626
626
632
631
619

67
81
94
98
113
101
103
107

86
98
110
98
102
103
100
104

535
537
666
625
601
676
642
631

564
526
629"
582
583
61&
604
600

1953—August
September
October
November
December

2,358
2 409
2,393
2,441
2,331

2,273
2,252
2,249
2,294
2,283

1,044
1,102
1,117
1,080
1,035

967
962
963
1,006
1,015

621
600
589
631
593

643
633
633
619
604

108
112
111
106
102

100
94
100
92
94

585
595
576
624
601

563
563
553
577
570

1954—January
February
March
April
May. .

2,211
2,243
2,200
2,272
2,224
2,398
2,379
2,355

2,301
2,320
2,412
2,308
2,333
2,354
2,296
2,413

872
919
924
926
943
1,075
1,035
1,013

977
1,028
1,042
1,009
988
1,038
987
1,041

661
586
566
621
577
614
633
599

636
612
667
610
635
628
637
655

87
109
103
101
107
88
94
96

81
99
107
104
113
103
95
102

591
629
607
624
597
621
617
647

607
581
596
585
597
585
577
615

1940
1941
1945
1946
1947
1948
1949 .
1950
1951
1952
1953

Extended

Repaid

Extended

Repaid

Extended

Repaid

WITHOUT SEASONAL ADJUSTMENT

. .
.. .

SEASONALLY ADJUSTED*

June

...

July
August

. . .

* Includes adjustment for differences in trading days.
N O T E . — B a c k figures by months beginning January 1940, together with a discussion of the composition and characteristics of the d a t a and a
description of the methods used to derive the estimates, are shown in the BULLETIN for J a n u a r y 1954, pp. 9-22. Estimates of instalment credit
extended and repaid are based on information from accounting records of retail outlets and financial institutions and include finance, insurance,
and other charges incurred under the instalment contract. Renewals and refinancing of loans, repurchases and resales of instalment paper, and
certain other transactions may increase the amount of both credit extended and credit repaid without adding to the amount of credit o u t s t a n d i n g .

RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE *

FURNITURE STORE STATISTICS

Item

Net sales:
Total
Cash sales
Credit sales:
Instalment
Charge account
Accounts receivable, end
of month:
Total ..
Instalment
Charge accounts
Inventories, end of
month, at retail value.

Percentage change
from preceding
month

Percentage change
from corresponding
month of preceding
year

Aug.
1954

July
1954

June
1954

Aug.
1954

July
1954

Tune
1954

+7
+4

-3
-2
-3
-2

+2

-6
-7
-6

-4
-7
-4

-8
-9

+7
+ 14

0

+2

0

+2

+3

-9
-5

Instalment accounts
Year or month

August
September
October
November
December

1953

Charge
accounts

Household ap- Department
pliance
stores
stores

Department
stores

Furniture
stores

14
14
14
14
14

12
12
12
11
11

10
10
10
9
9

45
46
48
47
46

13
14
15
14
14
14
14
13

12
11
13
12
12
12
12
12

9
9
10
9
10
10
10
10

45
43
48
45
46
47
45
45

1954

+7
0

0
0

+1
•?

0
0
-1

-3
-3
-2

-4
-4
-6

-5
-3
-10

-5

-9

-9

-9

January
February
March
April
May
June
July
August

1
Collections during month as percentage of accounts outstanding at
beginning of month.

1098




FEDERAL RESERVE BULLETIN

BUSINESS INDEXES
[The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation]
Construction
contracts 2
awarded (value)
1947-49 = 100

Industrial production
(physical volume)* 1
(1947-49 = 100)

Employment and payrolls 3
1947-49 = 100

Manufactures

Year
or month
Total

Total

Durable

Nondurable

Minerals

Total

Ad- t AdAdUnad- AdAdAdjusted justed justed justed justed justed justed

Residential

other

Nonagricultural
employment

Manufacturing
production workers

Employment

Payrolls

AdAdAdAdUnad- Unadjusted justed justed justed justed justed

DepartWholeFreight ment
Consale
carload- store
sumer
comings*
sales* prices 3 modity3
1947-49 (retail 1947-49 prices
= 100 value) 4 -1C0 1947-49
1947-49
= 100
= 100

Adjusted

Adjusted

Unadjusted

Unadjusted

1919
1920
1921
1922
1923
1924
1925

39
41
31
39
47
44
49

38
39
30
39
45
43
48

38
42
24
37
47
43
49

37
36
34
40
44
42
46

45
53
42
45
62
57
59

34
34
30
43
45
51
66

26
18
27
41
49
57
75

39
45
32
43
42
46
59

61 4
62.0
55.2
58 5
64.4
63 5
65.2

68 7
69 0
52.8
58 4
66.9
62 1
64.2

31 1
37 1
24.0
25 7
32.6
30 4
32.1

90
98
83
92
107
105
110

27
32
30
30
34
34
36

74 0
85 7
76 4
71 6
72 9
73 1
75.0

1926
1927
1928
1929
1930

51
51
53
59
49

50
50
52
58
48

52
49
53
60
45

48
50
51
56
51

63
64
63
68
59

69
69
73
63
49

73
71
76
52
30

67
68
70
70
62

67.6
67.9
68.0
71.0
66.7

65.5
64.1
64.2
68.3
59.5

33 0
32.4
32.8
35 0
28.3

115
111
112
115
99

37
37
37
38
35

75 6
74 2
73.3
73 3
71.4

65 0
62 0
62.9
61 9
56.1

1931
1932
1933
1934
1935

40
31
37
40
47

39
30
36
39
46

31
19
24
30
38

48
42
48
49
55

51
42
48
51
55

34
15
14
17
20

22
8
7
7
13

41
20
18
24
25

60.4
53.5
53.7
58 8
61.3

50.2
42 6
47.2
55 1
58.8

21.5
14 8
15.9
20 4
23.5

79
59
62
67
69

32
24
24
27
29

65.0
58 4
55.3
57 2
58 7

47.4
42 1
42.8
48 7
52 0

1936
1937
1938
1939
1940

56
61
48
58
67

55
60
46
57
66

49
55
35
49
63

61
64
57
66
69

63
71
62
68
76

30
32
35
39
44

22
25
27
37
43

35
36
40
40
44

65.9
70 3
66.1
69 3
73.3

63.9
70 1
59.6
66 2
71.2

27.2
32 6
25.3
29 9
34.0

81
84
67
76
83

33
35
32
35
37

59.3
61 4
60.3
59 4
59 9

52.5
56 1
51.1
50 1
51 1

1941
1942.......
1943
1944
1945

87
106
127
125
107

88
110
133
130
110

91
126
162
159
123

84
93
103
99
96

81
84
87
93
92

66
89
37
22
36

54
49
24
10
16

74
116
45
30
50

82.7
90.8
96 2
94 9
91.7

87.9
103.9
121 4
118 1
104.0

49 3
72.2
99 0
102 8
87.8

98
104
104
106
102

44
50
56
62
70

62 9
69.7
74 0
75 2
76.9

56 8
64.2
67 0
67 6
68.8

1946
1947
1948
1949
1950

90
100
104
97
112

90
100
103
97
113

86
101
104
95
116

95
99
102
99
111

91
100
106
94
105

82
84
102
113
159

87
86
98
116
185

79
83
105
111
142

94 8
99.4
101 5
99.1
102.3

97 9
103 4
102.8
93.8
99.6

81 2
97.7
105.1
97.2
111.7

100
108
104
88
97

90
98
104
98
105

83 4
95 5
102.8
101 8
102.8

78 7
96 4
104.4
99 2
103.1

1951
1952
1953

120
124
?134

121
125
P136

128
136
P153

114
114
P118

115
114
P116

171
183
192

170
183
178

172
183
201

108 2
110.5
113.6

106 4
106.3
112.0

129 8
136.6
151.6

101
95
96

109
110
112

111 0
113.5
114.4

114 8
111.6
110.1

136
137
136
137
136
133
132
129
126

136
136
136
129
136
135
136
130
124

138
139
138
139
138
135
134
131
127

155
156
154
157
157
152
151
146
142

121
123
121
121
119
117
117
115
112

115
117
119
120
119
118
114
111
113

179
161
169
172
205
218
230
224
208

179
164
174
175
184
180
183
176
177

179
159
166
170
220
243
262
255
229

113 8
113.9
114.1
114.2
114 1
113.7
113.7
113.1
112.4

112.7
112.3
113.1
112.2
113 8
113.7
112.0
109.4
107.7

152.0
151.9
153.9
151.1
154 0
153.4
152.6
148.0
147.2

97
98
97
93
98
96
95
92
88

111
117
115
113
112
107
110
113
112

113.7
114 0
114.5
114 7
115 0
115.2
115.4
115.0
114.9

109.4
109.8
109.5
110 9
110 6
111.0
110.2
109.8
110.1

125
125
123
123
125
124
'123
124
P124

124
126
126
124
'•124
124
116
124
P126

127
126
125
125
126
125
r
124
125
P125

141
139
135
134
'136
••135
134
135
P135

113
114
114
'115
117
'116
115
115
P116

113
113
112
109
111
114
'112
109
P109

195
196
191
196
193
207
206
218

185
201
205
213
216
227
233
244

202
192
182
184
178
193
188
202

111.7 105.6 105.1 140.8
111.2 104.6 104.3 140.5
110 8 103.8 103.6 138.4
110.4 102.7 101.8 135.0
110 2 102.1 100.5 135 1
110 1 101.8 100.9 136.6
109.8 '100.0 '98.7 '132.3
99.7 100.6 135.1
109.7
P109.9 P99.9 P101.8 "138.2

90
88
85
84
84
84
82
84
84

107
109
105
111
108
112
111
P112
"108

115.2
115.0
114.8
114.6
115 0
115 1
115.2
115.0

110.9
110.5
110.5
111.0
110 9
110 0
110.4
110.5
110.0

1953
April
May

June
July

August .
September..
October
November..
December. .

113.6
114.0
114.0
113.6
112 7
111.7
110.6
108.7
107.1

1954
January.. . .
February.. .
March
April
May

June
July
August
September..

Estimated.
^Preliminary.
'Revised.
*Average per working day.
Revised index; for description see BULLETIN for December 1953.
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. 1107.
3
The indexes of employment and payrolls, wholesale commodity prices, and consumer prices are compiled by the Bureau of Labor Statistics.
Seasonably adjusted employment figures formerly compiled by the Federal Reserve from unadjusted data of the Bureau of Labor Statistics have
been compiled by the Bureau beginning September 1954. Nonagricultural employment covers employees only and excludes personnel in the armed
forces. The consumer prices index is the revised series, reflecting beginning January 1953 the inclusion of some new series and revised weights;
prior to January 1953 indexes are based on the "interim adjusted" and "old" indexes converted to the base 1947-49 = 100.
4
For indexes by Federal Reserve districts and for other department store data, see pp. 1109-1113.
Back figures in BULLETIN.—Industrial production, Dscember 1953, pp. 1324-1328; department store sales, December 1951, pp. 1490-1515.
1

2

OCTOBER 1954




1099

INDUSTRIAL PRODUCTION
[Federal Reserve indexes, 1947-49 average = 100]

Industry

1947-49 Annual
1953
proportion
1952 1953* Aug. Sept. Oct. Nov. Dec. Jan.

Feb. Mar. Apr. May June July Aug.

1954

SEASONALLY ADJUSTED

Industrial Production—Total

100.00

124

134

136

133

132

129

126

125

125

123

123

125

124

123

Manufactures—Total

90.02

125

136

138

135

134

131

127

127

126

125

125

126

125

124

125

Durable Manufactures—Total

43.17

136

153

137

132

131

146

142

141

139

135

134

°136

134

135

6.70

116

132

137

130

128

122

113

111

109

103

103

106

108

103

106

28.52
5.73
13.68
9.04
4.64
7.54
1.29

146
121
147
136
167
154
142

167
136
160
143
194
189
155

171
140
165
145
203
191
156

166
135
161
141
200
186
155

166
134
159
141
193
189
154

159
130
152
136
184
180
155

156
126
146
133
172
182
154

155
126
143
130
169
185
148

151
123
141
130
163
179
147

147
120
138
125
163
173
144

147
119
138
125
163
174
139

"148
121
138
124
163
"178
138

'147
122
139
124
170
'170
135

'147
122
'141
125
173
170
136

148
124
145
126
181
167
136

Clay, glass, and lumber products
Stone, clay, and glass products
Lumber and products

5.91
2.82
3.09

118
125
111

125
133
118

125
135
116

124
134
114

124
133
117

123
132
115

119
129
110

120
125
115

125
130
120

123
130
116

121
128
114

125
130

118
129
108

113
131
96

113
131
97

Furniture and misc. manufactures
Furniture and fixtures
Miscellaneous manufactures

4.04
1.64
2.40

118
113
122

131
117
140

135
119
146

129
114
140

129
113
140

126
109
138

124
106
136

120
105
130

120
103
132

119
104
130

117
103
127

120
104
131

nzo

102
128

123
109
132

nu

Primary metals
Metal fabricating
Fabricated metal products
Machinery
Nonelectrical machinery
Electrical machinery
Transportation equipment
Instruments and related products...

106
130

124

44.85

114

118

119

117

117

113

112

113

114

114

115

117

11.87
6.32
5.55

105
103
108

107
104
110

106
104
109

102
100
104

102
98
107

98
95
101

95
90
101

97
90
104

98
90
106

99
91
108

101
93
1 09

'101
95
108

99
92
106

'100
'95
106

99
93
105

Rubber and leather Products
Rubber products
Leather and products

3.20
1.47
1.73

107
116
99

113
128
99

111
127
97

105
121
91

105
120
93

103
118
91

104
116
93

103
112
94

102
110
94

103
113
93

103
113
94

106
119
94

'107
••120
95

'98
96
100

96
95
96

Paper and Printing
Paper and allied products
Printing and publishing

8.93
3.46
5.47

118
120
116

125
132
121

126
133
121

126
135
121

126
132
123

125
132
121

122
125
120

122
126

123
129
119

124
131
119

125
133
120

126
137
120

126
136
121

126
133
12,1

126
135
121

Chemical and Petroleum products
Chemicals and allied products
Petroleum and coal products

9.34
6.84
2.50

133
137
123

142
147
130

143
148
132

143
147
131

142
146
129

141
145
129

140
145
128

138
143
124

141
146
126

139
146
122

140
146
124

142
148
125

142
148
124

148
122

11.51
10.73
.78

106
105
110

107
107
108

108
108
104

108
'108
104

108
108
106

108
108
108

103
103
112

105
105
100

105
106
98

106
106
103

106
107
103

110
110
108

'108
108
107

rlO5
105
101

Nondurable

Manufactures—Total

Textiles and apparel
Textile mill products
Apparel and allied products 1

Foods, beverages, and tobacco
Food and beverage manufactures. . .
Tobacco manufactures

r

125

Minerals—Total

9.98

114

116

119

118

114

111

113

113

113

112

109

111

114

'112

Mineral fuels
Coal
Anthracite
Bituminous coal. . .
Crude oil and natural gas

8.35
2.68
.36
2.32
5.67

113
83
78
84
128

115
78
57
81
133

119
86
59
90
135

118
81
57
84
136

113
76
54
80
131

111
70
50
73
131

112
69
55
71
133

114
70
62
72
134

113
68
59
69
135

112
62
52
63
137

HI
58
46
60
136

112
65
44
68
134

114
69
48
72
136

112
70
56
72
133

Metal, stone, and earth minerals
Metal mining
Stone and earth minerals

1.63
.82
.81

115
108
123

119
113

120
117
124

120
117
123

116
108
124

114
103
125

114
101
127

111
103
119

112
101
124

110
96
124

99
78
120

106
91
121

110
rOQ
122

108
91
125

142
149
P121

106
106
109
PIIO

68
50
71

P130

106
P90

122

WITHOUT SEASONAL ADJUSTMENT

INDUSTRIAL PRODUCTIONTOTAL

100.00

124

134

136

135

136

130

124

124

126

126

124

124

124

116

124

MANUFACTURES—TOTAL

90.02

125

136

137

137

138

132

125

126

128

128

125

125

125

116

125

Durable Manufactures—Total..

45.17

136

153

153

151

154

146

140

140

141

140

137

136

135

125

132

Primary metals
Ferrous metals
Pig iron and steel
Pig iron
Steel
Carbon steel
Alloy steel
Ferrous castings and forgings..
Iron and steel castings
Steel forgings

6.70
5.03
3.51
.37
3.05
2.62
.43
1.52
1.29
.23

116
115
115
107
117
112
144
114
109
143

132
133
138
130
139
135
165
121
115
154

130
131
138
131
138
133
169
116
112
141

127
127
134
130
134
131
152
113
109
137

129
130
136
132
136
138
126
117
113
139

122
122
128
127
129
131
113
108
103
134

110
110
114
117
114
116
105
101
98
122

113
111
115
113
115
115
115
103
98
130

113
111
113
108
114
113
119
106
103
125

108
104
105
100
106
105
114
101
100
111

107
102
104
93
105
103
113
98
98
104

108
104
107
94
108
108
109
97
96
100

109
105
108
99
109
111
102
97
96
101

'94
91
95
94
96
96
93
80
79
87

101
95
96
93
97
96
104

e
*1 Preliminary.
«• Revised.
Corrected.
Indexes for women's outerwear have been revised beginning Jaauary 1954 on the basis of a change from quarterly to monthly reporting
by the Bureau of the Census.
NOTE.—A number of groups and subgroups include individual series not published separately, and metal fabricating contains the ordnance
group in addition to the groups shown. Certain types of combat materiel are included in major group totals but not in individual indexes for
autos, farm machinery, and some other products, as discussed in the BULLETIN for December 1953, pp. 1269-1271.
For description and back figures, see BULLETIN for December 1953, pp. 1247-1293 and pp. 1298-1328, respectively.

1100




FEDERAL RESERVE BULLETIN

INDUSTRIAL PRODUCTION—Continued
[Federal Reserve indexes, 1947-49 average = 100]
1947-49
Annual
proportion
1952 1953

Industry

WITHOUT SEASONAL ADJUSTMENT
—Continued
Mmary metals—Continued
Nonferrous metals
Primary nonferrous metals
Copper smelting
Copper refining
Lead
Zinc
Aluminum
Secondary nonferrous metals
Nonferrous shapes and castings..
Copper mill shapes
Aluminum mill shapes
Nonferrous castings
Metal Fabricating
Fabricated metal products
Structural metal parts
Stampings and misc. metal products.
Tin cans
Furnaces, gas ranges, and heaters...
Machinery

1953

1954

Aug. Sept. Oct. Nov. Dec

Jan. Feb. Mar. Apr. May June July Aug.

1.67
.38
.09
.06
.04
.10
.09
.13
1.16
.63
.20
.33

119
123
106
99
100
112
156
114
119
113
140
115

129
144
112
116
101
113
209
114
126
112
168
130

128
141
105
107
84
115
217
110
125
112
169
124

126
147
111
116
97
115
222
107
121
108
163
122

128
147
114
124
99
115
213
111
123
110
158
127

121
146
109
121
120
107
215
106
114
103
136
121

108
145
109
121
108
108
217
101
96
78
126
114

118
145
104
110
108
107
228
96
112
100
136
120

120
147
102
113
103
102
240
103
113
100
139
122

147
101
115
113
97
240
107
111
96
143
118

147
99
114
107
100
245
115
114
101
154
116

28.52

146

167

166

164

167

158

155

155

155

153

150 '148

5.73
2.68
2.12
.30
.63

121
121
121
122
89

136
137
138
129
93

140
137
136
199
108

137
135
133
182
106

137
136
133
139
113

130
134
130
124
82

126
135
131
69
63

124
129
127
104
74

123
127
124
107
73

121
125
121
105
78

120
123
117
122
84

120
147
97
107
109
102
246
108
113
102
149
112

121
125
116
125

122
149
109
114
97
102
245
109
115
101
162
112

103 P117
142 P138
'93
74
105 102
98
79
97 P98
248 246

piii'
76
145

100
163

138

145

122 '116
126 123
114 106
143 153
75
'93

124
124
109

13.68

147

160

157

158

161

154

149

146

147

145

141

138

137

128

138

Nonelectrical machinery
Farm and industrial machinery
Farm machinery
Industrial and commercial machinery
Machine tools and presses
Laundry and refrigeration appliances

9.04
8.13
1.02

136
135
103

143
139
96

137
136
93

137
135
86

138
135
79

135
133
73

137
134
74

132
130
76

134
129
80

132
127
84

128
124
85

126
122
84

125 119
121 '117
79
84

118
116
75

7.11
.68
.69

140
179
108

145
188
128

142
183
94

142
187
104

143
188
112

141
185
99

142
186
110

138
181
106

136
181
129

134
177
122

129
167
120

127
161
112

127 '122
157 152
111

122
150
91

Electrical machinery
Electrical apparatus and parts.
Radio and television sets

4.64
3.23
.74

167
162
184

194
179
230

197
178
242

200
179
249

205
178
276

191
176
230

172
176
157

172
169
173

172
167
170

172
164
182

166
160
172

162
159
156

162
156
166

145
151
116

176
153
234

Transportation equipment.
Autos, trucks, and parts
Autos
Trucks
Light trucks
Medium trucks
Heavy trucks
Truck trailers
Auto and truck parts
Aircraft and parts
Shipbuilding and repair
Railroad equipment
Railroad cars

7.54
4.80
1.50
.66
.22
.19
.14
.07
2.58
1.30
.81
.53

154
102
103
111
105
69
194
137
98
368
136
74
62

189
126
146
118
112
58
183
229
117
465
135
72

189
126
153
127
118
62
186
282
110
473
135
66

182
114
134
115
114
54
151
275
102
480
130
64

189
122
151
106
106
50
146
232
109
481
127
83

173
103
107
95
85
47
134
229
102
463
124
67

174
101
107
98
100
56
150
149
99
483
127
53
41

183
115
135
103
112
67
145
137
106
483
124
59

183
114
138
103
103
62
164
143
104
489
124
54

182
114
142
101
104
66
152
133
100
485
124
54

181 «180 '175 '165
117 116 111 '96
151 146 143 125
96 •78
101 101
99
104 104
86
63
64
68
57
150 148 132
99
132 141 146 102
96
85
101 102
475 472 472 '469
120 '118 '115 '112
39 "•26
43
49
25
17
39
32

165
98
123
80
81
54
113

Instruments and related products..
Clay, Glass, and Lumber

Products.

.35

Stone, clay, and glass products
Glass and pottery products
Flat glass and vitreous products. . .
Flat and other glass
Glass containers
Home glassware and pottery
Cement
Structural clay products
Brick
Clay firebrick, pipe, and tile
Concrete and plaster products
Misc. stone and earth manufactures..

5.91
2.82
1.09
.60
.47
.26
.23
.32
.35
.12
.20
.48
.58

Lumber and products..
Lumber
Mill work and plywood.
Millwork
Softwood plywood. . .
Wood containers
Furniture and Misc.

Manufactures

142

1.29

118

64

56

55

83

61

155

153

155

156

156

155
113

125
114
122
124
112
94
124
112
108
116
155
131

125
133
123
136
139
120
91
132
110
106
115
163
143

129
137
123
134
135
132
86
143
114
114
117
175
143

128
136
122
136
139
121
84
144
116
118
115
169
145

131
139
128
141
145
127
93
145
116
116
118
170
146

123
134
122
139
143
114
86
137
112
109
116
163
143

128
116
136
140
102
77
119
106
97
113
157
146

3.09
2.05
.60
.39
.12
.29

111
105
138
118
167
99

118
112
149
118
199
99

122
123
135
115
164
98

121
118
147
117
194
94

123
120
148
116
198
96

114
110
141
101
206
94

49

42

44

148

147

145

140

138

135

132

466
109
33
22
134
117

120
126
120
130
133
121
92
110
101
90
110
148
141

122
128
121
130
131
125
93
118
107
102
111
152
139

124
128
117
124
126
121
93
132
111
115
110
157
135

126
130
117
124
126
126
87
137
111
113
112
161
135

122
131
115
123
125
127
81
138
115
124
111
164
136

109
'128
107
'119
'119
118
'63
150
'111
116
'109
'170
'134

99
93
124
87
184
94

122
115
130
132
115
79
104
97
81
110
143
140
104
98
140
96
212
88

116
109
160
110
241
90

117
109
164
109
253
90

119
113
163
111
248
90

122
117
161
119
229
91

115
106
154
128
195
92

90
91
92
88
95
'85

172
138
102
98
127
115
145
83

112

134
117
127
128
125
84
151
116

iii'

4.04

118

131

132

132

135

132

127

119

122

121

115

114

116

112

121

Furniture and fixtures
Household furniture
Fixtures and office furniture...

1.64
1.10
.54

113
113
112

117
118
116

116
116
117

115
114
118

116
116
117

114
113
115

112
109
117

106
103
113

107
105
110

106
105
107

101
100
103

98
96
103

100 '99
98
98
105 '100

107
107
106

Miscellaneous manufactures.

2.40

122

140

143

144

148

145

138

128

133

131

125

124

127

121

130

r
v Preliminary.
Revised.
For other footnotes see preceding page.

OCTOBER 1954




e

Corrected.

1101

INDUSTRIAL PRODUCTION—Continued
[Federal Reserve indexes, 1947-49 average = 100]

Industry

947-49
proportion

Annual
952

1953P

1953
Aug. Sept. Oct. Nov. Dec.

Jan.

Feb. Mar. Apr. M a y June

July Aug,

WITHOUT SEASONAL ADJUSTMENT

—Continued
Nondurable Manufactures—Total... 44.85

114

118

121

122

122

118

110

111

115

115

114

114

115

107

117

Textiles and Apparel.

11.87

105

107

HI

104

103

98

92

99

105

104

100

98

95

'86

103

Textile mill products
Cotton and synthetic fabrics.
Cotton consumption
Synthetic fabrics
Fabric finishing
Wool textiles
Wool apparel yarns
Wool fabrics
Knit goods
Hosiery
Full-fashioned hosiery...
Seamless hosiery
Knit garments
Floor coverings
Woven carpets

6.32
3.72
2.30
.97
.45
.97
.16
.75
1.15
.65
.45
.20
.50
.48
.31

103
105
104
112
102
85
96
83
115
116
121
105
113
95
80

104
107
104
115
101
78
91
75
116
113
118
102
119
99
86

107
110
107
119
100
82
102
77
118
114
117
105
125
94
80

102
105
104
109
100
73
93
68
116
115
119
104
117
97
83

100
101
103
102
87
74
82
73
115
114
118
104
116
101
89

96
102
101
105
96
64
68
63
108
109
114
98
107
87
69

87
90
89
95
83
61
59
62
97
94
97
87
101
88
72

91
97
100
89
91
58
68
56
103
113
120
96
90
89
76

95
100
101
98
97
58
72
54
109
119
127
102
95
96
85

94
100
100
100
97
60
72
58
105
112
120
93
96
94
83

93
99
97
102
92
63
80
59
103
111
119
91
93
90
77

94
99
95
107
91
68
84
64
105
110
116
95
99
81
68

92
96
92
110
76
'70
81
'68
106
106
110
98
106
80
66

'81
85
80
105
62
68
78
66
'89
78
79
77
103
'64

96
99
99
102
93

Apparel and allied products. . .
Men's outerwear
Men's suits and coats
Men's suits
Men's outercoats
Shirts and work clothing
Women's outerwear1
Women's suits and coats
Misc. apparel and allied mfrs.. .

5.55
1.78
.73
.50
.13
.99
1.85
.76
1.92

108
105
87
83
83
114
108
123
111

110
113
96
92
89
124
103
117
112

115
117
107
94
133
122
111
145
112

106
113
94
83
115
125
92
106
108

107
105
90
83
94
114
96
118
114

100
104
88
86
71
113
83
90
109

98
87
78
81
46
90
98
122
105

107
111
96
102
52
120
113
144
98

115
117
92
96
56
133
126
164
104

116
102
77
80
48
118
138
165
107

108
111
79
78
65
132
116
102
96

103
108
88
84
80
121
105
80
97

99
95
81
75
87
101
104
114
98

91
'80
'56
52
57
94
96
127
'97

110
110
98
92
98
118
114
147
105

Rubber and Leather Products.

3.20

107

113

112

107

111

103

98

103

108

108

104

103

106

86

97

Rubber products
Tires and tubes
Auto tires
Truck and bus tires
Miscellaneous rubber products.

1.47
.70
.40
.30
.77

116
115
106
128
117

128
117
117
118

122
106
112
99
137

122
103
104
102

127
108
109
106

120
101
99
103

111
93
89
99

114
96
92
102

114
112
111
114

118
108
113
101

116
111
120
99

118
111
122
96

121
119
133
100

85
84
94
71

92
75
81
69

Leather and products
Leather
Cattlehide leathers
Skin leathers
Shoes and slippers
Miscellaneous leather products.

1.73
.44
.29
.15
.90
.39

99
87
87
86
104
101

99
91
92
89
103

103
93
94
90
109
102

94
85
86
83
97
96

97
91
94
87
97
101

89
87
91
79
85
99

87
81
86
72
88
92

94
87
93
74
102
85

102
95
101
82
110
91

100
89
92
82
109
91

94
86
93
73
103
82

89
90
96
79
93
79

'94
'89
'93
81
100
84

'87
72
75
65
94
87

102

Paper and Printing

8.93

118

125

123

127

132

129

121

120

124

127

128

126

126

116

124

Paper a n d allied p r o d u c t s . . . .

3.46
1.76
.51
1.25
.22
.14
.20
.18
.41
.10
1.70
.51
.11

120
120
132
116
111
117
112
123
117
112
120
120
126

132
130
142
125
119
116
118
129
134
118
134
133
138

135
133
146
127
121
118
118
127
141
121
137
138
134

135
130
141
126
118
118
118
128
137
122
140
141
139

140
138
151
132
124
121
127
136
143
123
143
140
151

135
133
147
127
120
120
124
131
137
108
136
135
139

119
117
129
113
112
109
113
123
115
92
121
118
131

126
128
142
122
120
112
122
135
128
96
123
115
147

133
132
145
127
122
121
125
139
130
113
134
126
155

135
133
148
127
124
121
122
138
131
121
137
133
149

136
131
146
125
121
121
116
137
128
124
141
135
158

134
132
148
125
117
120
117
134
132
125
136
133
144

136
136
153
129
120
123
119
136
136
137
135
132
144

120
116
133
109
99
96
102
126
"112
123
124
119
139

137
135
150
128
121
122
121
137
133
131
139
136
146

Printing and publishing
Newsprint consumption
Job printing and periodicals.

5.47
1.85
3.62

116
115
117

121
118
122

116
106
121

122
119
123

126
129
125

126
131
123

122
117
125

116
108
121

118
114
120

121
120
121

122
129
119

121
125
119

119
119
120

113
102
'119

116
107
120

Chemical and Petroleum Products

9.34

133

142

141

142

145

145

141

140

144

142

140

139

139

rl33

139

Chemicals and allied products
Industrial chemicals
Basic inorganic chemicals
Industrial organic chemicals
Plastics materials
Synthetic rubber
Synthetic
fibers
#
Miscellaneous organic chemicals.
Vegetable and animal oils
Vegetable oils
Grease and tallow
Soap and allied products
Paints
Fertilizers

6.84
2.54
.57
1.97
.24
.11
.59
1.03
.64
.48
.16
.71
.66
.23

137
140
137
141
157
175
141
133
112
110
119
110
112
122

147
154
149
155
183
186
156
144
116
112
131
113
118
124

143
157
147
160
175
176
167
150
94
83
125
97
119
104

145
151
138
154
181
162
148
150
109
106
120
116
118
112

151
151
153
150
179
147
143
148
140
144
129
134
117
108

150
149
153
148
173
152
135
149
141
141
140
128
117
101

146
147
148
147
166
153
136
149
135
137
127
117
116
106

146
145
141
145
168
148
133
147
138
138
138
118
114
112

150
150
157
148
192
152
135
144
138
138
140
124
115
136

150
150
159
148
193
144
142
141
122
122
122
127
115
170

147
150
157
148
190
127
146
141
114
109
131
111
116
173

145
150
159
147
179
120
149
141
104
95
132
104
116
137

144
152
155
151
183
122
157
143
96
85
127
99
117
107

138
146
148
'145
148
121
151
143
91
80
126
69
117
95

145

Pulp and paper
Wood pulp
Paper and board
Printing paper
Fine paper
Coarse paper
Miscellaneous paper
Paperboard
Building paper and board.
Converted paper products
Shipping containers
Sanitary paper p r o d u c t s . . . .

71
109
106
108
100
114

111
94

151
150'
126
155
146
96
84
129
104
117
100

r
P Preliminary.
Revised.
iIndexes have been revised beginning January 1954 on the basis of a change from quarterly to monthly reporting by the Bureau of the Census.
NOTE.—A number of groups and subgroups include individual series not published separately. For description and back figures, see BULLETIN for December 1953, pp. 1247-1293 and pp. 1298-1328, respectively.

1102




FEDERAL RESERVE

BULLETIN

INDUSTRIAL PRODUCTION—Continued
[Federal Reserve indexes, 1947-49 average = 100]

Industry

1947-49 Annual
proportion
1952 1 9 5 3 P

1954

1953
Aug. Sept. Oct.

Nov. Dec. Jan.

Feb. Mar. Apr. M a y June July Aug.

WITHOUT SEASONAL ADJUSTMENT

—Continued
Petroleum
coal products
Petroleumand
refining
Gasoline. . .
Automotive gasoline
Aviation gasoline
Fuel oil
Distillate fuel oil
Residual fuel oil
Kerosene
Lubricating oil
Coke

2.50
1.97
1.04
.98
.06
.56

123
128
132
128
194
128

130
135
144
139
227
130

135
138
150
144
243
128

133
136
147
141
247
128

131
135
143
138
220
128

131
137
147
143
211
130

128
137
146
141
228
129

126
136
141
136
227
135

155
101
117

152
100
105

153
98
108

120
128
137
132
215
121

124
131
141
136
235
122

151
102
119

121
129
135
131
212
127

123
130
140
136
218
121

.30
.26
.10

125
134
140
136
214
131

155
97
116

155
100
116

153
102
124

156
104
128

164
102
135

155
96
116

146
93
106

145
94
99

148
92
100

.17
.26
.15

112
97
102

106
111
99

110
112
139

112
110
123

111
109
121

11.51

106

107

118

123

120

Food and beverage manufactures.. 10.73
8.49
Food manufactures
Meat products
1.48
.46
Beef
.83
Pork
.69
Dairy products
.14
Butter
.07
Natural cheese
.19
Concentrated milk
.28
Ice cream
1.13
Canned and frozen foods
1.16
Grain-mill products
.46
Wheat flour
.70
Cereals and feeds
1.64
Bakery products
Sugar
.27
.11
Cane sugar
.13
Beet sugar
.71
Confectionery
Miscellaneous food preparations . . . 1.41
2.24
Beverages
.54
Bottled soft drinks
1.70
Alcoholic beverages
1.02
Beer and ale
.17
Liquor distilling
. .
.37
Liquor bottling

105
106
114
100
119
98
92

107
108
115
129
104
105
108

118
118
102
132
82
118
111

124
127
111
139
92
99
88

120
121
123
144
107
85
82

103
91
102
117
108
84
124

112
93
106
121
106
81
122

116
94
135
209
109
83
126

102
72
118
233
111
84
128

89
67
94
154
111
90
125

.78
.46
.17

110
114
105

Foods, Beverages, and Tobacco

Tobacco manufactures
Cigarettes
Cigars

101
104
109
94
102

100
102
116
98

102
54
99

100
113
113
108
102

104
105
100

103
60
107
108
111
108

101
75
124
27
92

108
118
108

129
33
92
117
123
110

102
106

101
250

121
89
135

105
370
135

113
113

108

111
67
115

111
115
110

110
116
118

100
122
148

116
118
120

112
107
90

109
102
53

111

109
80
118

105
97
57

111
90
67

98

97

96

98

98 rlO4

111
114
135
139
128
80
86

99
102
125
134
116
81
94

97
101
126
141
114
86
110

96
98
112
129
99
96
115

98
98
115
132
102
104
124

98
97
106
127
91
119
128

86
68
80
104
103
82
117

93
74
73
86
101
76
117

100
78
72
76
106
86
119

109
84
87
72
104
83
118

117
95
92
71
101
78
116

133

103
100
105
132
87
135
152

99
277

97
177

97
429
128

96
242
88

100

80

107
99

102
84

95
89

97
77
111

100
82
78

97
63

104
24
110

103
89
86

104
86
78

96
58

116
2
99

105
98
98

79
88
146

76
65
89

79
61
79

86
71
88

102
69'
101

111
110
122

92
96
90

98
105
90

96
100
96

101
106
97

103
80
103

122 P 1 2 4
130 P\31
141 P141
136
229
122 P122
150
89
97

111
79
135

104
77
110

127

no

rlO8

115

110 '109
107
108 '102
137 135
81
89
145 129
115
145

115
116
108
138
88
115

161
139
139
99
114
78
137
'98

129
109
144
138
112
78

75

Q9

107
75
99
75
114

159
139
110
85
106
76
127

103
24
89

76
109
42
81

112
32
66

103
103

105
115

121
43
80

108 '109
126 '118

107
112

100

108

112
39
85

11 5

96
63

'99
73

117
64
104

114

106
64
98

128
62
104

'103
122
42
85

99
103
95

108
112
109

113
119
111

92
98
83

113
94
133
194
111
130
98

91

98

MINERALS—TOTAL

9.98

114

116

122

122

118

113

111

111

110

109

109

112

114

'110

Mineral Fuels

8.35

113

115

119

119

116

113

113

115

113

112

111

111

113

108

Coal
Anthracite
Bituminous coal

2.68

83
78
84

78
57
81

85
56
90

84
60
88

84
66
87

76
55
79

71
51
74

74

2.32

75

68
59
69

61
48
63

58
44
60

62
45
65

63
50
65

57
44
59

68
48
71

Crude oil and natural gas
Oil and gas extraction
Crude oil
Natural gas
Natural gas liquids
Oil and gas well drilling

5.67
4.82
4.12

128
125
120

133
129
124

135
131
126

136
130
126

.34
.36

159
145

133
128
120

134
128
120

135
130
122

136
132
127

134
129
124

136
129
125

133
124
120

156
158

131
128
120

137
131
125

P118

167
157

131
126
120
150 -165
160

.85

144

154

160

167

179
162

188
166

190
163

182
167

182
161

165

163

163

156

151

163

155

170

156

176

179

Metal, Stone, and Earth Minerals .

1.63

115

119

137

135

127

110

98

91

94

93

99

116

123

119

119

Iron ore
Nonferrous metal mining
Copper mining
Lead mining
Zinc mining

.82
..33
49
.24
.09
.06

108
104
110
114
97
107

113
128
104
114
86
87

140
199
100
112
80
80

139
198
100
112
81
76

122
155
100
114
79
72

95
85
101
116
78
74

74
40

74
39
98

79
58
93
102
82
78

106
78
78

119
152
'98
108
'80
79

108
139
87
95
74
72

P109

111
75
75

73
39
95
102
87
77

108

110
80
71

76
42
98
105
91
80

Stone and earth minerals

.81

123

124

133

131

132

126

122

108

113

114

119

125

127 '130

130

Metal mining

.36

159

158

147

163

97

6?

96

111
P110

75

r
P Preliminary.
Revised.
For other footnotes see preceding page

OCTOBER

1954




1103

OUTPUT OF CONSUMER DURABLE GOODS
[Federal Reserve index numbers, 1947-49 average=100]
1953
1947-49 Annual
prc~
portion 1952 1953 Aug. Sept. Oct. Nov. Dec.

Product

1954

Jan. Feb.

Mar. Apr.

May

June July Aug.

SEASONALLY ADJUSTED

CONSUMER DURABLES—TOTAL.. 100.00

105

127

129

121

118

112

109

112

113

112

116

119

119

'117

115

69.72
32 10
36.13
15.32
11.31
4.01
15.60
11.88
2 60
4.98
2.51
3.72
5.21
3.42
1.79

109
103

138

142
150

130
137
125

126
132

117
127

119

121

119

126

130

128 '127

126

110
102
109
84

108
98
102
87

110
99
103
87

133
109
99
103
86

139
116
97
102
82

136
124
96
102
79

121
131
107
110
98

104
108

111
117

105
109

114
117

145
120
96
100
84

127

121
107
112
93

114
127
104

70
114
145

85
131
140

84
118
129

76
136
134

AutO8

•

Major household goods
Household furniture
Appliances and heaters
Ranges
. •
Refrigeration appliances
Heating apparatus
Radio and television sets
Television sets

115
109
113
95

146
132
113
118
99

99
100

118
123

109
111

75
106
115

90
137
141

89
113
143

136
115
118
104

109
113
98

99
101
85
96
136

101
104
77
105
137

99
104
87

93
98

95
100

68
98
136

67
108
125

94
184

100
230

101
279

91
248

92
221

79
185

79
145

53
436

67
541

72
676

60
606

65
518

66
413

59
307

95

101

101

101

133

90
148

58
321

134

89
142

91
151

47
325

43
356

125
146
270
56
678

45
631

47
624

93
89

93
90

96

111

88

89

112

110

106

101

102

100

96

CONSUMER DURABLES—TOTAL.. 100.00

105

127

127

122

131

110

103

112

117

119

69.72
32.10
36.13
15 32
11.31
4.01
15.60
11.88
2.60
4.98
2.51
3.72
5.21
3.42
1.79

109
103
115
109
113
95
99

138

138
153
125
110
116
94
101

130
134
129
110
114
97
108

142
151
137
112
116
102
114

113

106

121

127

129

107

107

135

138

120
106
113
87
96

106
104
109
88
92

109
99
103
89
98

119
103
105
96
117

100
75
106
115
94
184
53
436

123
90
137
141
100
230
67
541

95
83
89
126
120
242
65
581

105
92
95
145
117
249
62
606

110
86
100
160
127
276
68
673

98
75
86
149
90
230
68
541

100
66
111
122
68
156
57
347

106

130
91
145
159

30.28

95

102

103
93
112

103

96

91
111

104
95
111

106

90
100

93

89
115

84
107

109
113

83
135
136

43
493

111

96

81
131
113

43
436

101
89

97
95
88 ' 88

110 '115
111 '119

83
144
124

101
245

102
91
111

89

117
120

107
246

100

90

102
104
'97

106
198

103
178

14 00
16.28

30.28

Other Consumer Durables
Auto parts and tires
Misc. home and personal goods

'128

96

'93
89

96

96

'96

98

119

116

116

'102

113

131

126

125 '107

142

151

125

123

116
97
100
90
116

146

143

120
102
105
94
117

110
92
96
81
112

112
93
98
80
112

'92
89
98
'64
'88

121
102
108
88
101

129
93
144
151
79
182
49
435

124
79
153
130
91
172
49
406

117
80
147
111
96
155
48
360

114
76
141
117
104
165
44
397

'88
53
109
90
86
116
29
281

95

94
85
102

92
87
96

92
90
94

94

'90
91
'89

94
88

90

92

WITHOUT SEASONAL ADJUSTMENT

Autos
Major household goods
Furniture and floor coverings
Household furniture
Floor coverings
. •
Appliances and heaters
Ranges
.
. . .
Refrigeration appliances
Laundry appliances
Heating apparatus
Radio and television sets
Radio sets
Television sets

Other Consumer Durables

14 00
16.28

Auto parts and tires
Misc. home and personal goods

146

132
113
118
99
118

117

71
114
135
73
173
58
391

75
170
51
397

92
84
99

87
103

95

96
93

121

99
128
234
51
583
94
98

••Revised.
NOTE.—Individual indexes without seasonal adjustment for woven carpets, appliances, heating apparatus, radio sets, and television sets may
be obtained from the Division of Research and Statistics. For a description of this index, see BULLETIN for May 1954, pp. 438-447.
PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES
[Compiled by Bureau of Labor Statistics. In thousands of persons]
1953

1954

Industry group

Jan.

June

Feb.

Mar.

13,063

12 ,935
7 ,509

184
667
70S
446
1 ,069
866
1 ,226
866
1 ,487

7,621
177
653
289
432
1,044
865
1,212
847
1,470

12,840 12 ,705 12,632 12,589 ' 1 ? 371 1? J&35 12,361
7,405 7 ,295 7,227 7,182 ' 7 ,020 6 ,974 6,974
H7
150
120
125
'117
113
113
663
656
676
684
'592
586
635
784
294
284
9Q?
287
284
429
426
427
425
430
432
430
Q91
1,005
981
rQ7Q
074
983
969
844
836
837
'834
839
827
819
1,184
1 ,169
1,153
1,140 ' 1 ,119 1 ,125 1,129
700
819
811
799
784
807
r7QS
1 ,380
1,342
1,409
1,324 ' 1 ,277 1 ,237 1,183

74?
409
5 ,579
1 ,135
04
1 ,036

739
403
5 ,503
1 ,114
97
1 ,013

236
396
5,442
1,102
96
987

737
393
5 ,426
1 ,103
94
980

228
387
5,435
1,109
93
979

773
382

221
382

5 ,410
1 ,110

03
979

1,087
448

1 ,085

1 ,068
435

1,051
436

1 ,051

442

435

1,064
434

521
552
185
221

520
547
185
214

S17
543
184
?07

517
537
182
?06

514
540
180
204

517
533
180
70?

517
531
179
199

339

336

336

334

332

331

330

Nov.

Dec.

13,821 13,680

13 ,447

13 ,251

8,154
194
697
313
465
1,129
939
1,294
941
1,520

8,062
193
699
307
463
1,112
919
1,280
924
1,507

7 ,868

7 ,748

187
685
300
457
1 ,088
898
1 ,253
900
1 ,449

242
420
5,667
1,133
93
1,099

241
417
5,618
1,122
92
1,067

1,072
452

Sept.

Oct.

Apr.

May

July

Aug.

Sept.

SEASONALLY ADJUSTED

Total
Ordnance and accessories
Lumber and wood products
Furniture and fixtures
Stone, clay, and glass products..
Primary metal industries
Fabricated metal products
Machinery except electrical
Transportation equipment
Instruments and related products
Misc. manufacturing industries..
Food and kindred products
Tobacco manufactures
Textile-mill products
Apparel and other finished texPaper and allied products
Printing, publishing and allied
industries
.
Chemicals and allied products...
Products of petroleum and coal.
Rubber products
Leather and leather products. . .

165
657
786
431
1 0?7
855
1 ,202
831
1 ,435

5,405
1,111
94
974

r?H
216
383
'382
5,407 '5 ,351
1,106 '1 ,084
94
95
986
977

91S
376
5 ,361
1 ,081
93
1 ,002

216
379
5,387
1,077
95
998

1 ,046
433

1,037
435

1,034
438

' 1 ,026

1 ,025

438

1,028
444

519
529
178
196
327

518
530
180
198
328

519
525
180
199

'518
'523
'179
178
'332

517
523
176
176

520
525
176
195

330

329

326

439

For footnote see following page.

1104




FEDERAL RESERVE BULLETIN

PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES—Continued
[Compiled by Bureau of Labor Statistics.

In thousands of persons]
1954

1953
Industry group
Sept.

Oct.

Nov.

Dec,

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept,

WITHOUT SEASONAL ADJUSTMENT

Total

14,061 13,852 13,534 13,319 13,00

Durable goods
Ordnance and accessories
Lumber and wood products
Furniture and fixtures
Stone, clay, and glass products..
Primary metal industries
Fabricated metal products
Machinery except electrical
Electrical machinery
Transportation equipment
Instruments and related products
Misc. manufacturing industries..

Nondurable goods
Food and kindred products
Tobacco manufactures
Textile-mill products
Apparel and other finished textiles
Paper and allied products
Printing, publishing and allied
industries
Chemical and allied products....
Products of petroleum and coal.
Rubber products
Leather and leather products. . .

12,906 12,818 12,590 12,437 12,480 12,212 12,448 12,593

8,161

8,088

7,910

7,791

7,616

7,520

7,430

7,309

7,208

7,177

'6,917

6,936

6,979

194
721
315
467
1,129
939
1,262
941
1,520

193
713
313
465
1,112
924
1,254
933
1,507

187
695
308
459
1,088
902
1,240
913
1,449

184
654
301
448
1,074
875
1,238
883
1,487

177
617
293
428
1,049
874
1,230
855
1,470

165
627
292
427
1,027
864
1,220
839
1,435

150
643
290
429
1,010
852
1,202
827
1,409

137
649
283
428
991
840
1,187
811
1,380

125
679
277
427
976
833
1,165
791
1,342

'117
120
'604
701
'272
275
424
427
'969
983
'809
831
1,151 '1,108
'765
776
1,324 '1,277

113
609
288
434
969
819
1,097
783
1,237

113
657
295
432
969
819
1,101
807
1,183

242
430

242
434

243
425

241
407

237
386

233
393

229
389

224
380

215
375

'210
'363

211
376

216
388

5,900

5,764

5,624

5,528

5,386

5,386

5,388

5,281

5,303

'5,295

5,512

5,614

1,326
112
1,088

1,224
109
1,067

1,149
101
1,046

1,083
104
1,028

1,024
97
997

1,009
90
995

1,009
84
989

1,011
82
979

'1,142
83
953

1,222
102
987

1,264
114
988

1,099
450

1,103
448

1,085
446

1,084
442

1,062
438

1,088
437

1,101
436

1,030
433

1,031
82
969
985
433

1,079
82
981
987
436

'980
430

1,045
436

1,054
442

521
555
188
221
341

525
552
185
216
334

522
548
184
210
334

525
540
181
209
332

514
540
178
206
332

514
536
178
203
339

517
539
177
199
338

516
534
176
195
325

515
525
179
197
315

519
517
181
198
324

'513
'513
'181
173
'327

512
515
180
174
338

520
528
179
195
331

220
374
5,229

'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 September 1954 are preliminary. Seasonally
adjusted figures formerly compiled by the Federal Reserve from unadjusted data of the Bureau of Labor Statistics have been compiled by the
Bureau beginning September 1954. Back data may be obtained from the Bureau of Labor Statistics.

HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES
[Compiled by Bureau of Labor Statistics]
Average weekly earnings
(dollars per week)
Industry group

1953

1954

Average hours worked
(per week)
1953

Sept.

70.92

71.06

71.86

39.9

39.4

75.83

76.59

76.99

40.6

39.7

79.13
66.97
62.78
71.10
85.63

'79.80
'63.24
62.02
'71.33
'80.81

80.20
66.04
63.59
72.04
81.27

78.01
70.38
63.43
72.67
82.47

41.0
40.1
40.5
40.4
40.2

-•40.1
'40.8
39.5
'40.3

75.70
82.57
72.09
84.23
74.16
63.36

'75.60
80.60
'71.53
84.38
'72.29
'62.79

76.55
81.20
72.22
85.20
72.83
64.00

76.95
80.60
72.76
85.60
73.60
64.48

40.7
41.7
40.5
40.3
41.2
40.1

63.57

64.74

64.45

64.91

Food and kindred products
Tobacco manufactures
Textile-mill products
Apparel and other finished products....
Paper and allied products

67.04
46.92
51.65
47.12
73.87

69.72
'51.54
'51.41
47.17
'74.62

67.98
49.54
52.36
48.78
74.80

Printing, publishing and allied products.
Chemicals and allied products
Products of petroleum and coal
Rubber products
Leather and leather products

87.14
77.83
94.35
74.88
48.99

'86.94
'79.35
'94.53
'76.83
51.38

87.62
78.72
92.84
76.05
51.10

July

Total

71.42

Durable goods

77.14

Ordnance and accessories
Lumber and wood products
Furniture and fixtures
Stone, clay, and glass products
Primary metal industries
Fabricated metal products
Machinery except electrical
Electrical machinery
Transportation equipment
Instruments and related products
Miscellaneous manufacturing industries.
Nondurable goods

'Revised.
n.a. Not available.
NOTE.—Data are for production and related workers.
Bureau of Labor Statistics.

OCTOBER

1954




Sept.

1954

Aug.

Sept.

Average hourly earnings
(dollars per hour)
1953

1954

Sept.

Sept.

July

Aug.

Sept.

39.7

39.7

1.79

1.80

1.79

1.81

40.1

40.1

1.90

1.91

1.91

1.92

40.1
41.8
40.5
40.7
38.7

39.4
41.4
40.4

1.99
'1.55
1.57
1.77
2.11

1.57

38.9

1.93
1.67
1.55
1.76
2.13

40.0
40.1
'39.3
39.8
'39.5
39.0

40.5
40.2
39.9
40.0
39.8
40.0

40.5
39.9
40.2
40.0
40.0
39.8

1.86
1.98
1.78
2.09
1.80
1.58

'1.89
2.01
1.82
2.12
1.83
'1.61

1.60

1.90
2.02
1.81
2.14
1.84
1.62

39.0

39.0

39.3

39.1

1.63

1.66

1.64

1.66

68.56
48.19
52.33
48.96
75.65

41.9
39.1
37.7
34.9
42.7

41.5
•37.9
•37.8
35.2
42.4

42.5

41.3
39.5
38.2
36.0
42.5

1.35
1.73

1.68
'1.36
1.36
1.34
'1.76

1.65
1.29
1.36
1.34
1.76

1.66
1.22
1.37
1.36
1.78

87.78
79.90
94.76
n.a.
49.90

38.9
41.4
41.2
39.0
35.5

•38.3
40.9
41.1
-39.4
37.5

38.6
41.0
40.9
38.8
37.3

38.5
41.4
41.2
n.a.
35.9

2.24
88
29
1.92
1.38

'2.27
'1.94
'2.30
1.95
1.37

2.27
1.92
2.27
1.96
1.37

2.28
1.93
2.30
n.a.
1.39

July

Aug.

Figures for September 1954 are preliminary.

1.98

Back data may be'obtained from the

1105

EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS BY INDUSTRY DIVISION
[Compiled by Bureau of Labor Statistics. In thousands of persons]
Year or month

Manufacturing

Total

Mining

Contract
:onstruction

Transportation and
public
utilities

Trade

Finance

Service

Federal,
State, and
local
government

40,069
41,412
43,438
44,382
43,295
44,696
47,289
48,306
49,660

15,302
14,461
15,290
15,321
14,178
14.967
16,104
16,334
17,259

826
852
943
982
918
889
916
885
844

1,132
1,661
1,982
2,169
2,165
2,333
2,603
2,634
2,644

3,872
4,023
4,122
4,141
3,949
3,977
4,166
4,185
4,224

7,522
8,602
9,196
9,519
9,513
9,645
10,012
10,281
10,533

1,394
1,586
1,641
1,711
1,736
1,796
1,862
1,957
2,025

4,055
4,621
4,807
4,925
5,000
5,098
5,278
5,423
5,486

5,967
5,607
5,456
5,614
5,837
5,992
6,348
6,609
6,645

1953—September
October
November
December

49,707
49,711
49,422
49,109

17,263
17,125
16,901
16,704

835
826
825
818

2,679
2,725
2,708
2,686

4,247
4,245
4,205
4,176

10,523
10,563
10,577
10,579

2.041
2,050
2,044
2,050

5.484
5,506
5,494
5,490

6,635
6.671
6,668
6,606

1954—January
February
March
April
May
June
July
August
September

48,812
48,607
48,441
48,268
48,177
48,102
'•47,982
47,939
48,031

16,497
16,349
16,262
16,122
16,038
15,994
••15,775
15,736
15,769

805
794
772
753
744
740
742
729
722

2,581
2,618
2,654
2,641
2,634
2,624
'2,637
2,630
2,623

4,118
4,087
4,012
4,015
4,011
4,016
'4,014
3,999
4,012

10,577
10,543
10,552
10,524
10,494
10,480
"10,507
10,508
10,483

2,054
2.065
2,067
2,075
2,081
2,083
2,095
2,094
2,111

5,487
5,490
5,488
5,506
5,508
5,518
'5,555
5,552
5,522

6,693
6.661
6,634
6,632
6,667
6,647
'6,657
6,691
6,789

1953—September
October
November
December

50,200
50,180
49,851
50,197

17,510
17,301
16,988
16,765

839
826
829
822

2,866
2,889
2,789
2,632

4,265
4,257
4,216
4,187

10,523
10,669
10,828
11,361

2,041
2,040
2,034
2,040

5,566
5,506
5,467
5,435

6,590
6,692
6,700
6,955

1954—January
February
March
April
May
June
July
August
September

48,147
47,880
47,848
48,068
47,935
48,137
'47,808
48,031
48,511

16,434
16,322
16,234
16,000
15,836
15,888
'15,627
15,860
16,007

805
790
772
749
737
744
735
736
726

2,349
2,356
2,415
2,535
2,634
2,729
'2,795
,840
2,807

4,069
4,039
3,992
4,008
4,008
4,032
'4,043
4,028
4,028

10,421
10,310
10,305
10,496
10,375
10.414
'10,377
10,3 S3
10,483

2,033
2,044
2,057
2,075
2.081
2.104

5,377
5,380
5,406
5,506
5,563
5,601
'5,638
5,635
5,605

6,659
6,639
6,667
6,699
6,701
6,625
'6,467
6,454
6,744

1945
1946
1947
1948
1949
1950
1951
1952
1953
SEASONALLY ADJUSTED

WITHOUT SEASONAL ADJUSTMENT

2,126
2,125
2,111

LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT
[Bureau of the Census estimates without seasonal adjustment. Thousands of persons 14 years of age and over]
Civilian labor force
Employed1

Total noninstitutional
population

Total
labor
force

Total

105,370
106,370
107,458
108,482
109,623
110,780
111,924
113,119
115,046

65,140
60,820
61,608
62,748
63,571
64,599
65,832
66,410
66,965

1953—August
September
October
November
December

115,232
115,342
115,449
115,544
115,634

1954—January2
February
March
April
May
June
July
August
September

115,738
115,819
115,914
115,987
116,083
116,153
116,219
116,329
116,432

Year or month

1945
1946. .
1947
1948
1949
1950
1951
1952
1953

. .

Unemployed

Not in the
labor force

Total

In nonagricultural industries

In
agriculture

53,860
57,520
60,168
61,442
62,105
63,099
62,884
62,966
63,417

52,820
55,250
58,027
59,378
58,710
59,957
61,005
61,293
61,894

44,240
46,930
49,761
51,405
50,684
52,450
53,951
54,488
55,366

8,580
8,320
8,266
7,973
8,026
7,507
7,054
6,805
6,528

1,040
2,270
2,142
2.064
3,395
3,142
J .879
L,673
1,523

40,230
45,550
45,850
45,733
46,051
46,181
46,092
46,710
48,081

68,238
67,127
66,954
66,873
66,106

64,648
63,552
63,404
63,353
62,614

63,408
62,306
62,242
61,925
60,764

56,134
55,044
55,083
55,274
55,326

7,274
7,262
7,159
6,651
5,438

L,240
1,246
1,162
1,428
1,850

46,994
48,215
48,495
48,671
49,528

66,292
67,139
67,218
67,438
67,786
68,788
68,824
68,856
68,565

62,840
63,725
63,825
64,063
64,425
65,445
65,494
65,522
65,243

59,753
60,055
60,100
60,598
61,119
62,098
62,148
62,276
62,144

54,469
54,351
54,225
54,522
54,297
54,470
54,661
55,349
54,617

5,284
5,704
5,875
6,076
6,822
7,628
7,486
6,928
7,527

$,087
5,671
5,725
5,465
5,305
5,347
5,346
3,245
3,099

49,447
48,679
48,696
48,549
48,297
47,365
47,395
47,473
47,866

"Corrected
self-employed, unpaid family, and domestic service workers.
Monthly estimates of the labor force beginning 1954 are based on an improved sample covering a larger number of areas and are, therefore,
not strictly comparable with earlier data.
NOTE.—Details do not necessarily add to group totals. Information on the labor force status of the population is obtained through interviews of households on a sample basis. Data relate to the calendar week that contains the eighth day of the month. Back data may be obtained
from the Bureau of the Census.
1
Includes
2

1106




FEDERAL RESERVE BULLETIN

VALUE OF NEW CONSTRUCTION ACTIVITY
[Seasonally adjusted. In millions of dollars]

Private

Total

1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1953—September
October.
November.
December
1954—January
February....
March.. ..
April
May. .

June
July? ..
August?
Septembers

Preliminary.

Business

Total

Year or month

Public

8,198
8,682
11,957
14,075
8,301
5,259
5,633
12,000
16,689
21,678
22,789
28,454
31,182
33,008
35,256

4,389
5,054
6,206
3,415
1,979
2,186
3,235
9,638
13,256
16,853
16,384
21,454
21,764
22,107
23,877

2,925
2,880
2,936
2,955
2,956
3,050
3,001
3,025
3,066
3,070
3,084
3,123
3,160

1,994
1,982
2,002
1,992
1,992
2,004
2,017
2,063
2,116
2,113
2,161
2,199
2,210

Residential

Total

2,680
2,985
3,510
1,715

1,229
1,561
2,082
1,287

885
815

759
989

Other
nonresidential

Indus- Com- Public
trial mercial utility

Total

827
1,374
2,338
3,043
3,323
3,330
3,729
4,003
4,416

463
1,428
2,050
2,580
2,795
3,174
3,574
3,547
3,511

173
164
164

203
1,132
856
1,253
1,027
1,288
1,371
1,137
1,787
163
173
187

3,809
3 628
5 751
10,660
6 322
3,073
2,398
2,362
3,433
4 825
6,405
7,000
9,418
10,901
11,379

374
373
375

289
293
300

718

164

188

366

729
736
738
726
722
718
718
730
727

170
176
182
184
176
171
168
165
157

189
187
176
165
171
172
174
187
191

370
373
380
377
375
375
376
378
379

254
442
801
346
156
208

1,100
4,015
6,310
8,580
8,267
12,600
10,973
11,100
11,930

1,672
4,195
4,896
5,693
5,322
5,680
7,217
7,460
8,436

1,062
2,117
2,320
2,229

995
979
976

710
710
726

981

971
972
981
1,032
1,081
1,085
1,128
1,160
1,178

642
1,689
1,702
1,397
972

292
348
409
155
33
56

683
771
872
786
570
725

Military

Highway

125
385

1,381
1 302
1 066

Conser- All
vation other

177
887
1,388
1,307

398
895
1,451
1,774
2,131
2,272
2,518
2,820
3,165

881
853
854
830

1,733
1 413
2 565
4,553
3 041
1,711
1,180
1,039
1,384
2 264
3,344
3,670
5,160
5,839
6,077

931
898
934

97
79
75

287
267
277

60
58
59

487
494
523

293

963

69

289

64

541

292
296
298
305
313
310
315
309
305

964
1,046
984
962
950
957
923
924
950

80
81
75
73
68
88
74
68
68

271
329
302
295
299
294
294
289
301

62
61
64
66
66
63
62
59
55

551
575
543
528
517
512
493
508
526

480
508
614
413
335
382

1 620
5,016
2,550
837

690
188
204
158
137

570
528
500
357
285
163

734
446
362

130
240
394
629
793

Source.—Joint estimates of the Departments of Commerce and Labor.

CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF OWNERSHIP AND BY TYPE OF CONSTRUCTION
[Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions]
By type of
ownership
Year or month

Total
Public

1947
1948
1949
1950
1951
1952
1953
1953—September
October
November
December
1954—January....
February
March
April
May

. .

June

Tulv
August
Se tember

Private

By type of construction

Residential
building

Nonresidential building
Factories

Commercial

Educational

785

392

Other

Public
works
and
public
utilities

7,760
9,430
10,359
14,501
15,751
16,775
17,443

2,296
3,107
3,718
4,409
6,122
6,711
6,334

5,464
6,323
6,641
10,092
9,629
10,064
11,109

3,154
3,608
4,239
6,741
6,205
6,668
6,479

840
559
1,142
2,883
2,562
2,051

975
885
1,208
915
979
1,489

725
824
1,180
1,335
1,472
1,720

1,127
1,376
1,651
1,689
1,686
1,695

597

1,890
2,155
2,476
2,578
2,723
3,408
4,008

1,742
1,892
1,394
1,300

725
689

1,017
1,203

507
635

383
235

145
171

138
153

116
200

451
500

483

911

232

101

136

138

298

479

97

140

821

484

1,152
1,221
1,528
1 692
1,925
1,733
1,837
1 ,573
1,816

363
436
484

789

462
509
668

111
106
80
94
86
107

114
93
134

132
144
179

117
125
140

216
244
328

178

171

163

108
93

145
141

201
181

290
428
357
450
330

477

669
625
681
509
589

785

1,043
1,215
1,256
1,108
1,156
1,064
I 227

434

796

825
720
745
693

941

179
192

176

189
186

131

218
172
187
136

326

CONSTRUCTION CONTRACTS AWARDED, BY DISTRICTS
[Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts, in millions of dollars]
Federal Reserve district
Month

Total
(11 districts)

Boston

New
York

Philadelphia

Cleveland

Richmond

Atlanta

Chicago

St
Louis

Minneapolis

Kansas
City

Dallas

1953—Tune
July
August

1,116
1 .793
1,414

63
94
90

223
299
242

79
117
77

165
221
221

115
149
152

112
199
123

156
334
217

74
121
90

-10
98
48

41
63
59

98
99
94

1954—June
July
August

1,733
1,837
1,573

93
95
109

267
270
198

117
143
106

177
207
193

165
163
133

208
167
175

343
394
306

105
110
85

57
86
76

91
90
90

111
112
102

OCTOBER

1954




1107

PERMANENT NONFARM DWELLING UNITS STARTED
fin. thousands of units]

Year or month

Total

1939
1941
1945
1946
1947
1948
1949
1950
1951
1952
19531

. .

20
28
9
24
34
46
35
42
40
46
42

66
58
15
48
72
104
162
159
88
84
94

57

565

373
533
185
590
740
763
792
1,151
892
939
933

95
90

47
43

48
47

82
66

39

43
31

92
90
80
65

81
79
70
54

3
4

8
7
7

3
0)2

>65
»74
*93
P107
P107
P113
J»109
PllO
P112

53
65
83
96
98

n.a.
n.a.
n.a.
n.a.

»66

J>95
P108
*109
P117
J>112
Pill
P114

May

July .
August
September
P Preliminary.

family

458
620
208
663
846
914
989
1,352
1,020
1,069
1,068

*75

March
April..

Multifamily

2family

1-

Total

156
272
75
267
369
407
436
568
496
517
539

1,025
1,396
1,091
1,127
1,104

October
November
December
1954—January
February

farm

Government-underwritten
Public

359
434
134
404
480
525
589
828
595
610

515
706
209
671
849
932

1953—September

Private

Rural
non-

Urban

35

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.
1

n.a. Not available.

3
3

87
1
8
3
18
36
44

71

58
36

Total

FHA

VA

158
220
47
152
440
393
466
686
413
420
407

158
220
41
69
229
291
361
486
264
279
252

6
S3
211
102
105
200
149
141
155

36
37

22
22

14
15

20
15

13
12

8

1

33
27

2

10
7
7

13

16
21

12

7
7

30
37

3
3

91
91
»2
J»l
91

n.a.
n.a.

n.a.

44
49
56
52

24
24
28
25

20
25
28
27

2
3

P4
P3
PI

n.a.
n.a.

n.a.
n.a.

25

n.a.

60
60

P2

11
16

27
26

33
34

Less than 500 units.

NOTE.—Government underwritten units are those started under commitments of FHA or VA to insure or guarantee the mortgage. VA
figures after June 1950 and all FHAfiguresare based onfieldoffice reports of first compliance inspections; VAfiguresprior 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—without seasonal adjustment

Monthly—seasonally adjusted
Annual

Class

1954

1953

June

July

Aug.

Aug.

Mar.

Apr.

May

June

July

Aug.

Ill

112

111

109

Ill

134

105

108

114

116

114

114

79
98
134
62
127
136

84

85
95
155
54
127
164

90
90
138
59
119
145

112
162
142
55
153
331

78

79
96
118
55
127
88

84

94
144
58
128
136

80
94
151
54
119
159

85
93
158
41
132
255

80
91
181
47
120
255

90
87
149
56
125
217

1953

Aug.

Mar.

Apr.

Total

126

127

130

112

Coal

109
168
142
69
144
181

103
171
135
63
143
215

112
169
131
58
145
221

78

Ore
Miscellaneous
Merchandise, 1. c. 1

140
46

143
43

145
44

104
127
64
126
177

132
41

1954

May

1952

Coke
Grain
Livestock

1953

130
39

128
39

125
38

125
38

126
40

146
44

105
117
51
126
51

125
41

128
40

93
127
53
133
224

130
39

129
38

126
38

129
40

NOTE.—For description and back data, see BULLETIN for June 1941, pp. 529-533. Based on daily average loadings. Basic data compiled by
Association of American Railroads. Total index compiled by combining indexes for classes with weights derived from revenue data of the Interstate Commerce Commission.
MERCHANDISE EXPORTS AND IMPORTS
[In millions of dollars]
Merchandise exports 1

Merchandise exports excluding
2
military-aid shipments

Merchandise imports3

Month

January
February
March
April
May
.
June
July
August
September
October

.
.

...

December
January-August .

..

.

1952

1953

1954

1952

1953

1954

1,254
1,344
1,447
1,355
1,480
1,171
1,030
1,087
1,229
1,216
1,190
1,391

1.293
1,199
1,391
1,394
1,453
1L,384
11,358
1,187
1,256
r]_1.259
1,253
1 353

1,092
1,182
1,124
•"1,426
1,399
1,474
Pl.290
•1,177

1,189
1,260
1,330
1,187
1,244
1,058

1,016
926
1,053
1,054
1,085
1,013

922
'998
921
'1,258
1,135
1,114
Pl.022
e974

10,168

10,659

no ,164

893

916
981
1,043

960

1,108

911
1,051
1,019
1,031
1,137

9,077

8,018

995

«8,344

1952

1953

1954

922
893
964
933
835
861

922
856
1,005
1,013
902
933

839

908

833
809
858
r
957
829
945
P821
•835

1,053

805

849
907

7,065

7,379

818
877
918

840
926
814

«6,887

^Preliminary.
•Estimated.
'Revised.
1
Exports of domestic and foreign merchandise.
a
Department of Defense shipments of grant-aid military equipment and supplies under the Mutual Security Program.
'General imports including imports for immediate consumption plus entries into bonded warehouses.
Source.—Bureau of the Census, Department of Commerce.

1108




FEDERAL RESERVE BULLETIN

DEPARTMENT STORE STATISTICS
[Based on retail value figures]
SALES AND STOCKS, BY FEDERAL RESERVE DISTRICTS
[Index numbers, 1947-49 average = 100]
Federal Reserve district
United
States

Year or month

Boston

New
York

Philadelphia

Cleveland

Richmond

Atlanta

Chicago

St.
Louis

98
104
98

99
102
99

99
103
98

96
104
100

97
105
98

97
103
100

96
103
101

105
109
110
112

103
105
104
105

101
105
101
102

106
109
109
110

105
111
110
113

105
113
118
119

109
115
124
126

99
104
97
104
108
106
111

97
104
98
104
107
110
112

112
107
110
113

99
105
107
107

99
98
104
102

116
104
106
108

120
109
110
115

116
114
117
118

130
119
128
128

112

108

101

108

112

121

127

109
106
109
113
115

107

105

101

106

104

109

122

109
105
111
108
112
111

109
102
105
102
106
107
104

102
99
102
100
102
101
105

111
106
109
105
109
109
107

104
92
104
98
107
105
108

117

••117

123
117
127
122
129
132

120

Minne- Kansas Dallas
City
apolis

San
Francisco

98
104
99

98
103
99

94
105
102

99
104
98

105
104
104
104

108
111
113
112

113
117
124
125

105
109
114
115

110
102
108
114
113

102
100
103
105

112
103
108
112

127
112
122
127

114
110
111
112

107

114

125

109

108
112
108
114
106
122
••112
110

104

110

119

108

108
95
100
104
103
105
105

109
103
113
109
115
118
112

121
115
120
123
127
132
127

107
111
111
114
114

P131

106
107
101
111
108
110
106
107

99
121
122
144
211

114
122
130
146
219

98
113
112
137
188

100
109
119
136
185

97
110
118
121
171

104
109
114
129
189

115
119
128
144
209

109
111
111
131
195

80
89

94
101
110
129
120
114
106

83
88
92
112
106
110

75
83
79
101
104
96

••89

••84

100

99

83
86
90
110
109
108
97
104

94
98
102
119
119
112
111
115

85
86
88
107
107
105
100
111

SALESi
1947
1948
1949
1950 .
1951
1952 .
1953
SEASONALLY ADJUSTED
1953—August
September
October
November
December
1954—January
February
March

..

...

May
July .
August

P112

'119

122
••115

120

••115

116

WITHOUT SEASONAL ADJUSTMENT
1953—August
September
October
November
December

98
112
115
136
192

79
112
107
129
194

75
102
110
129
178

92
108
114
142
188

104
114
115
142
187

1954—January
February
March
April....
May
June
July ..
August

83
86
89
110
106
106
88
2>97

83
81
86
108
102
106
77
83

81
83
85
101
98
99
73
80

80
84
91
109
104
104
78
85

80
80
82
105
98
100
82
94

93
107
100
109
129
118
126

95
105
100
109
124
111
116

98
105
97
105
124
113
116

93
107
99
108
127
113
119

131
128
128
127
123

119
117
117
115
112

121
117
116
115
113

120
119
121
121
122
124

114
112
118
117
120
117
116

*124

1953—August
September
October
November
December
1954—January
February
March
April

..

93
102

P115

82
83
86
109
108
108
86
97

93
107
100
106
128
111
119

94
105
101
113
133
130
141

90
108
102
120
140
135
146

89
111
100
110
128
115
123

93
102
96
107
128
117
126

91
110
100
104
117
107
115

93
108
100
113
132
124
136

89
110
101
112
132
126
138

93
107
100
110
131
125
133

122
122
122
120
117

124
121
124
121
121

149
139
143
144
132

141
148
148
149
142

128
127
126
124
122

134
129
124
121
118

120
122
113
115
111

145
141
138
137
13i

142
141
139
136
131

135
132
132
133
129

111
107
111
113
115
114
117

114
113
112
114
116
117
116

115
113
112
113
117
115
117

133
132

142
141
141
135
137
135
137

106
110
111
111
111
112
113

128
128
129
125
127
131
133

128
130
127
127
128
131
133

115

115

116

117
117
121
122
122
122
122
124

117
127
120
116
118
119
129

119

••136
••135
••137
••139
••139
139

116

119

P138

123
121
124
116
119
122
129
129

126

114

rH7

116

119

••148

141

115

137

139

120
132
134
105

123
130
132
104

127
139
137
103

127
137
136
106

143
154
151
115

152
161
165
125

121
129
139
143
111

130

132
141
142
109

138
138
132
104

123
126
128
101

144
149
152
117

147
152
151
120

128
137
148
144
108

108
114
126

102
106
120
122
121
110
105
115

98
104
116
118
118
107
104
111

99
111
120
123
119
109
103
109

104
111
119
120
119
109
106
112

120
127
142
146
146
133
135
139

130
139
147
143
138
128
128

108
114
126
126
124
116
114
118

99
108
123
124
123
119
120
119

100
106
115
116
113
107
109
114

118
125
133
134
134
127
125

115
127
136
135
130
121
123

P129

P129

111
113
125
125
129
122
125
122

••97
••124
••114

••113

STOCKSi
1947
1948. . .
1949
1950... .
1951
1952... .
1953
SEASONALLY ADJUSTED
1953—August
September
October
November
December
1954—January
February
March
April
M!ay

..

July
August

'120

P136

P131

WITHOUT SEASONAL ADJUSTMENT

May
June
July
August

••127

126
116
115
P120

P136

'Preliminary.
'Revised.
1
Figures for sales are the average per trading day, while those for stocks are as of the end ot the month or the annual average.
NOTE.—For description and monthly indexes for back years, see BULLETIN for December 1951, pp. 1463-1515.

OCTOBER

1954




1109

DEPARTMENT STORE STATISTICS—Continued
[Based on retail value figures]
DEPARTMENT STORE MERCHANDISING DATA
Ratios to sales1

Amounts (In millions of dollars)
Sales 2
(total
for
month)

Year or month

Stocks 2
(end
of
month)

Outstanding
orders 2
(end of
month)

Receipts 3
(total
for
month)

New
orders 3
(total
for
month)

Outstanding
orders

Stocks

Stocks
plus
outstanding
orders

Receipts

1.0
10
1.1
10
1.0
1.0
1.1
1.0
10
1.0

246
276
345
365
381
361
376
391
397
402

574
604
767
887
979
925
1,012
1,202
1,097
1,157

596
775
964
588
494
373
495
460
435
421

244
277
373
366
386
358
391
390
397
403

256
291
354
364
363
358
401
379
401
397

2.4
2.3
2.3
2.5
2.7
2.7
2.8
3.2
2.9
3.0

2.5
3.0
3.0
1 .7
L.4
L.I
L.4
1.3
L .2
L.I

1953—August
September
October
November
December

'345
388

rl,142
1,206
1,297
1,327
1,042

'492
492

'403
'452

'369

3.3
3.1

L.4
3

5.0
5.3
5.3
43
4.1
3.8
4.2
4.4
41
4.2
4.7
4.4

462

531

2.9

L.I

4.0

3.6
1.8

n.2
1.2
1.2
1.1
0.6

1954—January .
February
March
April
May
Tune.
Tuly.
August?

310

1,010
1,075
1,176
1,183
1,161
1,067
1,042
1,096

370

4.5

0.9

1944
1945
1946
1947
1948
1949
1950
1951
1952
1953

average
average.
average
average
average...
average
average
average
average
average..

440

477
725
299
351
402

372
378
306
349

371
288

••452
501
416
357

507
440
278

360
397
392
345
318
423
363
395

364
452
409
350
284

403
343
279

247
386

281
403

468
460

2.8
1.4

0.8
0.4

3.3

1.2

3.6
3.4
2.9

0.7

0.7
1.0

3.4
3.1

4.9
4.3
3.6
3.8
3.8

1.5
1.3

4.9
4.5

1.3
1.0

3.1
2.8

1.2
1.3
1.0

0.9
0 8
0.9
1.1

pPreliminary.
'Revised.
*The first three ratios are of stocks and/or orders at the end of the month to sales during the month. The final ratio is based on totals of
sales 2and receipts for the month.
These figures are not estimates for all department stores in the United States. They are the actual dollar amounts reported by a group of
department stores located in various cities throughout the country. In 1953, sales by these stores accounted for about 50 per cent of estimated
total department store sales.
3Receipts of goods are derived from the reported figures on sales and stocks. New orders are derived from receipts and reported figures on
outstanding orders.
NOTE.—For description and monthly figures for back years, see BULLETIN for October 1952, pp. 1098-1102.
WEEKLY INDEX OF SALES
[Weeks ending on dates shown.

1947-49 =100]

Without seasonal adjustment
1950

1952

1951

1951

1953

Nov. 4
11
18
25

109 Nov. 3
118
10
127
17
110
24

121 Nov. 1
127
8
130
15
123
22

115 Nov. 7
118
14
130
21
134
28
138

121 VI ay 5
133
12
131
19....
133
26

2
9
16
23
30

1
153 Dec.
191
8
220
15
221
22
82
29

161 Dec. 6
191
13
213
20
228
27
92

195 Dec. 5
223
12
237
19
146
26

190
216
234
163

Dec.

1951

une

81 [uly 7
94
14
85
21 . . . .
86
28
85

75 July 5
83
12
81
19
80
26

81 Feb. 2
94
9
94
16
95
23

84 Feb.
7
87
14
89
21
83
28

88 Feb. 6
92
13
85
20
93
27

86 Aug. 4
91
11 . . . .
86
18
90
25

88 Aug. 2
87
9
93
16
97
23

99 Mar. 1
105
8
101
15
105
22
89
29

85 Mar. 7
88
14
90
21
94
28
101

96 Mar 6
100
13
109
20
112
27

101 Apr. 5
100
12
97
19
101
26....

109 Apr. 4
118 Apr. 3
111
10.. . .
11. . . . 97
97
105
17
18
104
105
24....
25

Feb.

3
10
17
24

Mar. 3
10
17
24
31

78 Jan.
92
90
83

114 M a y
1 ....
128
8
105
15. . . .
112
22
97
29

112
123
97
106
104

79 July 3
92
10
84
17
83
24....

93
77
88
84
87

1954
2
81 Jan.
89
9
92
16
86
23
87
30

98 Jan.
5
105
12
104
19
96
26

1954

1953
2
111 M a y
117
9. . . .
99
16
105
23....
97
30

31
2 . . . . 95 June 7
97
111 June 6. . . . 118 June 5
111
112
116
108
12
13
14
9
106
19. . . . 115
2 0 . . . . 111
2 1 . . . . 98
16
94
91
97
26
27
28
2 3 . . . . 92
89
30

3
10
17
24
31

6
13
20
27

7. . . .
14....
21
28

1953

1952

Jan.

Apr.

29

1952
113 M a y 3
110
10....
99
17
100
24....

30

85 Sept. 1. . . . 105 Sept. 6
100
92
13....
8
114
95
20
15
111
10C
27. . . .
22
114
29
103 Oct. 6
113
13
118
20
101
27

110 Oct. 4
117
11
116
18
113
25

79
83
82
79

July

4
11
18
25. . . .

31

87 Aug. 1
86 Aug. 7
92
92
90
97
8
14
95
1 5 . . . . 95
21 . . . . 100
100
100
102
22
28
110
101
29
100 Sept. 5
114
12. . . .
113
19
112
26

101 Sept. 4
102
11
120
18
114
25

116 Oct. 3
126
10
124
17
122
24

112 Oct.
120
118
113
113

31

'•113
97
120
117

2 . . . . .110
9
16
23.

30....

r

Revised.
NOTE.—For description and weekly indexes for back years, see BULLETIN for April 1952, pp. 359-362.

1110




FEDERAL RESERVE BULLETIN

DEPARTMENT STORE STATISTICS—Continued
[Based on retail value figures]
SALES BY FEDERAL RESERVE DISTRICTS, METROPOLITAN AREAS, AND CITIES
[Percentage change from corresponding period of preceding year]
Federal Reserve Aug. July
district,
1954 1954 rnos.
1954
area, or city
United States
Boston

3 Cleve.-cont.

+4

Met. Areas*
Portland
Boston
Downtown
Boston
Suburban
Boston
Cambridge.
LowellLawrence . . .
New Bedford.. .
Worcester 2 .. . .

+7
+7
+8

+1

+

+8
+1

-2
-9

+
_3
-6

Cities
Springfield 2
Providence .. .

0
-3

+2
+3

New York

+6

-2

Met. Areas1
Albany-Schenectady-Troy
+3
Albany
+3
+4
Schenectady..
-1
Binghamton... .
-1
Buffalo 2
-1
Buffalo
+4
Niagara Falls.
New York-N. E.
New Jersey.. . +8
Newark 2 2
+ 11
N. Y. C i2t y . . . +6
Rochester2
+ 15
Syracuse
+ 11^
Utica-Rome. . . .
Utica
+1

Philadelphia . .
Met. Areas
Wilmington....
Trenton 2 2
Lancaster 2
Philadelphia ..
Reading 2
Scranton
Wilkes-BarreHazleton 2
City 2
York
Cleveland
Met. Areas
Lexington
Akron 2 2
Canton 2
Cincinnati2 . . . .
Cleveland 2
Columbus 2
Springfield
....
Toledo 2
2
Youngstown
...
Erie 2
2
Pittsburgh ....

-3
0
-8
0

zl
0
_2
-6
-2
-4
-9
0

+4
-2
-1

+2

+2

-8

-7

+5

-1
-4

-1
-9
-3
-14
-7
-17

Met. Areas-cont.
WheelingSteubenville 2

-7
^

-6
-10
2
-8
-4

—7 -11
-J
-5
2
-8
-1
+2
-8
-3
-6
-1
-10 - 1 0
-6
-12

-1

-3

- 2 \City

2
+ 1 +2 Portsmouth . . .

+5

Cities
Bridgeport 2 . . . .
Elmira
Poughkeepsie...

8
Federal Reserve
Julv
district,
1954
1954
1954
area, or city

+r

-4

C
Richmond
[Met. Areas1 2
-I-Q
+4
+6 Washington . . .
+2 Downtown
Wash 2
+7 — 3
- 2 Baltimore
+3 — 2
- 5 Asheville2
-11
+1
- 5 Raleigh 2
—1
+1
Winston-Salem 25 +2 +38
S.C.
0
-1
2
+ 1 Charleston,
0 + 11
- 3 Columbia
Greenville2
-8
+9
Norfolk2
-7
-4
Portsmouth
..
2
Richmond
+?2 +-c
Roanoke 2
+ lf
- 2 Charleston,
- 8 -11
W. Va. 2
-2
2
-2
-3
-3

iCities
CumberlandI Hagerstown . . .
Spartanburg..
+2 Lynchburg 2 . .
News.
+ 1i Newport
Huntington 2 . .
Parkersburg.
. ..
0
+4 Atlanta
-1
- 5 Met. Areas1
< Birmingham 2 ..
Mobile
Montgomery.
..
2
. ..
- 7 Jacksonville
Miami 2 .
+ 1 Orlando
St. PetersburgTampa
-5
St. Petersburg
Tampa22
+1
- 1 0 Atlanta
Augusta
5 Columbus
- 2 Macon 2
- 8 Savannah
- 3 Baton Rouge 2 .
New Orleans 2 . .
Jackson 2
2
Chattanooga
.
2
- 6 Knoxville 2
Nashville ....
-10
Cities
- 2 Rome
- 7 Meridian
- 9 Bristol
-4
Chicago. . .
y
1
- 1 Met. Areas
2
- 1 0 Chicago ...
Aurora....
- 1 1 Elgin.2
- 9 Joliet
Gary.

_4
-4
0
-9

-5
-8
-8
0
-8
-3

c

-4

+4

P+1

+3
+6

-3

+6

+ 1 + 16

+3 + 10
+5 +2
+6 + 14
+5 +8
+7 + 10
+4 +7
P+3
+7
o
+3
PQ
+—121
-12

^

-7

-1
P+6

+7

—6

+5
-2
+2
+3

-3

-8

+8
-5

-11

—4

—7
—5
P - 3

+1
-8

+3
+2

-12

r

Chicago-cont.
Met. Areas-cont.
2
Decatur
2
- 8 Peoria
Rockf ord
Tri-Cities 2
+2 (Moline,
Rockland;
Davenport)
-3
Fort Wayne 22. .
Indianapolis2 . .
+ 1 South
Bend .
Terre
Haute 2 . .
- 2 Cedar Rapids.. .
- 1 Des Moines. . . .
- 5 Dubuque
- 5 Sioux City
+4 Waterloo
0 Detroit 2
+2 Flint 2
- 5 Grand Rapids 2
2
_ 7 Jackson
Kalamazoo
- 2 Lansing 2
- 4 Saginaw
Green Bay
- 9 Madison
Milwaukee 2
-9

Q

-4
-10
-7
-11

-5
-2
-2

+2

+1
+2
-1

-3

+1
+
1
-5

+
1
-3
-2

+3
-4

-2

-2

-3

-1
-17

Met. Areas
Fort Smith 2
Little Rock
... .
Evans ville2
Louisville2
Springfield2
St. Louis 2
Memphis ....
Cities
Quincy
Paducah

0 Minneapolis. .
-8
-6
1
0 Met. Areas

-9
-3
-6

+3

Cities
Danville
Battle Creek. . .
Muskegon
Port Huron. . . .
Sheboygan

- 1 St. Louis

+7

0
-2

Federal Reserve Aug. Tuly
district,
1954 1954 mos.
1954
area, or city

Mpls.-St. Paul-'
Minneapolis 2 . .
St. Paul 2
Sioux Falls.

Cities
Mankato
,
Duluth- 2
Superior .. . . .
Great Falls
Grand Forks. . .
LaCrosse

0 Kansas City
-12
0 Met. Areas
- 8 Denver. . .
- 1 3 Topeka.. .

Federal Reserve
Aug. July
district,
area, or city
1954

Kan. City-cont.
-7

Met. Areas-cont.
Wichita
St. Joseph
Omaha
Albuquerque. .
Oklahoma City
Tulsa

-3

7

~ |
—Q
c

+ 13

+8
-1

-4

=?
-17
-5

+6

+1
+2

-4
-2

+ 10
+9
+ 17
+3
+ 13
+5
+7

+2

+3

+3
+4
+4
+4
0

+2
+3
0

+ 1 +7

-1

-6
-4
^
-3

+ 11
+1
-1
-4
0
-4

+8
+ 12
+ 18

-7
-3
-2
_2
2

+6

-3

+9
+8
+8
+2
+5
+4
+ 15

-2
-3
-2
-6
-5
-3
-3

+2

-5

+3

Cities
Tucson
-1
Bakersfield2. . .
Boise and
'+10
Nampa
-5
Idaho Falls
+5
+9
- 2 Twin Falls
Bellingham
0
2
12
Everett
2
v
—'
Walla Walla
..
.
P—\
Yakima 2

-1

+8

+6

+2

-5

-3

+ 10

1

Met. Areas
- 5 -13
Phoenix 2
-3
-9
-5
Fresno 2
-7
2
-2
Los Angeles . .
+3
Downtown
2
c
-1
-4
L. A.
-2
Westside L.A.* +3 +4 -1
+1 -4
Long Beach 2 ..
0
+2 -1
Pasadena
0
- 2 Santa Monica.. +3 +6 - 3
Riverside
and
+1 San Ber-13
nardino 2
-3
+6 - 3
-4
. . . +5 +7 - 4
- 4 Sacramento
2
-1
P-4
San
Diego
-1
Francisco0 San
P+2
Oakland 2
+4
Oakland+ 1 Berkeley 2 .... -4 +4
-25
Downtown2
Oakland .
-3
+8 - 5
-1
San Francisco 2
+4 +4 - 2
-4
Vallejo 2
0
-3
-1
San Jose 2
-3 + 1 2
-12
Stockton
-10
-10
+ 1 Portland 2
P+2 +3 - 5
-8
City 2 .
+ 1 Salt Lake
r-2
2
+3 +7 -1
0 Seattle
-6
Spokane22
-4
+5 +3 - 3
+1 Tacoma

+ 1 +2
+2

-3

+

-4
-6

+4+4

+ 2 0

San Francisco.
-9
-12
-12
-12
-2

+2
+3
+7
-4

-4

+7
-2
+7

-1

+1
-11
-9
-6
-13

i

+2
+ 10

+8

+6 Cities
-6
-4
Greeley
- 1 8 -18 - 1 8 Hutchinson...
—5
-2
7 Joplin
+9
-3
Kansas City..
0 +4 +2 Enid
+ 1 -7
-3
-11
c Dallas.
0 +2
-5
-6
-6
+4 - 6 Met. Areas
-1
- 5 Shreveport....
r
+1
- 4 Corpus Christi.
-6
-9
+ 1 —4
Dallas 2
+2 + 11 +5 El Paso
-1
- 8 Fort Worth. . .
-6
P+6
+3 Houston 2
0
+2
Waco

+2

+ 13

-4

-11
-6

+1
-6

+1
-6
Q

-4

-4
-6
-7
2
-13
— 14
-7

lecessarily include all portions of such areas,
these areas and cities and may be obtained upon request from the Federal

OCTOBER

1954




1111

DEPARTMENT STORE STATISTICS—Continued
SALES AND STOCKS BY MAJOR DEPARTMENTS
[Based on retail value figures]
Percentage
change from a
year ago
Sales
during
period

Department

July
1954
GRAND TOTAL—entire stores
MAIN STORE—total
Piece goods and household textiles

. .

Piece goods
Silks, velvets, and synthetics
Woolen yard goods

Small wares
Laces, trimmings, embroideries, and ribbons
Notions
Toilet articles, drug sundries

Books and stationery
Books and magazines
Stationery

July
1954

Sales during
period

July

1954
1954

Stocks at end
of month

1953

1954

1953

1953
July

June

75

94

July

June

76

106

110

111

101

99

106

July

July

-3

-4

3 7

3 8

-1

-4

4.0

4.1

-2

-2

-5

4.3

4.4

73

75

74

0
-8

0
-4
-11

-7
-10
-11
0

4.7
5.9
9.4
2.8

5.1
6.0
10.7
3.1

49
35
27
91

60
43
14
118

49
38
27
84

82
73
86
102

78
71
77
98

89
82
97
102

—3
_2
-4
-1

—2
-4

—4
-4
-6
-3

4 0
4.6
3.3
4.4

4 1
4.6
3.4
4.5

89
83
104
83

85
82
84
91

92
85
109
84

110
102
135
111

111
102
135
106

115
105
143
114

0

-1

0
2
2
0

4.5

4.6

74

95

74

105

111

106

4.7
4.2
3.7

4.6
4.1
3.8

65
80
91

96
116
105

68
84
88

97
117
101

109
125
105

99
119
100

0

5.7
7.8
3.1
10.1

5.9
8.3
3.1
10.2

65
61
74
54

96
95
97
93

64
61
72
52

106
121
91
92

113
127
96
116

106
130
91
89

+3
+2
0
+3
+5

Art needlework

Seven
months
1954

without seasonal adjustment,
1947-49 average = 1002

-3

-4
-4

Silverware and jewelry
Silverware and clocks
Costume jewelry
Fine jewelry and watches

Stocks
(end of
month)

] federal Reserve index numbers

-2

+2
+8

Household textiles
Linens and towels
Domestics—muslins, sheetings
Blankets, comforters, and spreads

Ratio of
stocks 1to
sales

+7
-1

—5
-2
0
0
-1

+1

+1
+3

—4

-5

-1

6.1

5.9

60

61

63

101

104

102

0
-2

0
-3

0
2

4.7
3.9

4.7
3.9

66
67

82
74

66
68

108
98

113
102

108
100

0

+1

+1

+2

5.0

5.0

66

87

65

112

118

110

Women's and misses' apparel and accessories

-3

-3

-4

3.3

3.4

70

91

72

107

106

112

Women's and misses' ready-to-wear accessories

-2

-2

4.0

-2
-8
-12
-6

-3
-6
-7
-7

-3
-1
-9
-10
—7

4.0

+2

+2

+3

112
111
70
76
87
129
104

Handkerchiefs
Millinery
Women's and children's gloves
Corsets and brassieres
Women's and children's hosiery

+1
-8

Infants' wear
Handbags and small leather goods

-3

Women's and misses' coats and suits
Coats
Suits

...

Juniors' and girls' wear
Juniors' coats, suits, and dresses
Girls' wear
Inexpensive dresses
Better dresses
Blouses skirts and sportswear
Aprons, housedresses, and uniforms
Furs
Men's and boys' wear
Men's clothing

3.0
2.8

-5

-5
-7
0

+2

-1
0

-4
-2

4.0
3.2

+2

. . .

10.0
3.3
3.2
3.0

70

91

71

109

112

79
39
36
29
109

104
51
53
45
144

80
43
41
31
106

111
63
69
81
132

115
66
68
81
140

57

71

59

104

110

78

96

78

96

107
95

92
72

122
88

106

3.2
3.1

92
73

71

85

77

78

88

101
128
95
79

74
64

84
93

76
63

113
97

110
102

119
99

74

105

128
128
130

130
131
129

-1

-1

-2
-1

0
-1

-2
-1
-3

6.5

6.7
6.5

67
75

-4
-15
-16
-10

-3
-10
-9
-12

-6
-15
-17
-16

2.8
4.6
5.0
3.8

2.8
4.6
5.0
4.1

0
-3

-1

-4
0
-6

3.0
2.3
3.8

+1

1.6
1.2
2.2

-4
-6
-2

....

2.3

2.6
5.0
2.0

2.1
4.0
3.3
6.6

0

-6

+3

•?

-3
-4
-3
0

-3
-3

-1

-3

+2

-4
-2
-2
-2

-2

Men's and boys' shoes and slippers

0

+2
.

3.3
2.8

-1

Underwear, slips, and negligees
Knit underwear
Silk and muslin underwear, and slips
Negligees, robes, and lounging apparel . .

^Tomen's and children's shoes
Children's shoes
^Vomen's shoes

0

2.7
5.0
2.0
9.9
3.3

+1

+4
-2

-3

6.7
6.4

2.5

-12

+2

1.7
9.8

_

3

5.2

-2
-4

5.7
4.4
6.3
6.4

-7

+1

138
97

75

128

91
110

68
76

129
126

70
33
29
41

91
27
22
37

73
39
35
45

105
91
91
80

98
65
58
71

111
107
109
96

3.1
2.2
4.2

70
68
73

89
88
90

70
69
71

118
107
128

100
90
108

123
107
136

1.6
1.1
2.2

74
79
70

113
129
96

77
84
72

80
77
81

98
101
92

79
74
83

2.6

104

136

133

129

114
88

137
92
128

1.6
11.5

104

102
42

148
15

109
41

94
112

5.3

70

119

70

110

118

114

5.9
4.5
6.7
6.4

75
70
56
84

121
129
81
132

74
71
57
83

119
104
103
119

130
115
99
128

121
108
111
117

For footnotes see following page.

1112




FEDERAL RESERVE BULLETIN

DEPARTMENT STORE STATISTICS—Continued
SALES AND STOCKS BY MAJOR DEPARTMENTS—Continued
[Based on retail value figures]
Percentage
change from a
year age

Department

Sales
during
period

July
1954

Homef u r n i s h i n g s .
Furniture and bedding
Mattresses, springs, and studio b e d s . . . .
Upholstered and other furniture
Domestic floor coverings
Rugs and carpets
Linoleum
Draperies, curtains, and upholstery
Lamps and shades
China and glassware
Major household appliances
Housewares (including small appliances). .
Gift shop

Ratio of
stocks to
sales1

Stocks
(end of
month)

Seven
months
1954

Federal Reserve index numbers
without seasonal adjustment,
1947-49 average = 1002

Sales during
period

July

1954
July
1954

1954

Stocks at end
of month

1954

1953

1953

1953
July

June

July

July

June

July

_i

-5

-6

4.3

4.5

85

94

87

107

113

113

-2
-2
-3

—7
-6
-8

-8
-11
-8

3.7
1.7
4.6

4.0
1.9
4.8

110
134
102

104
121
98

112
137
105

109
119
109

116
130
117

119
134
119

—1
—2
-15

-9
-10
-13

-9
_9
-16

5.9
6.0
4.8

6.5
6.5
4.8

61
63
49

62
65
53

61
64
58

97
103
60

99
105
61

106
114
71

-4

c

-6
—6

+ 11

-3
-6
_3
-10

—2
—5

-6
—5
-4
9
-4

—2

5.1
5.4
9.9
1.9
4.0
6.6

5.1
5.4
9.6
2.4
3.9
6.4

76
59
71
92
93
79

98
68
92
88
118
96

80
63
75
83
96
83

106
101
126
84
117
127

113
109
129
90
125
133

110
107
130
93
115
129

3.5
3.0
5.3

4.2
3.6
5.6

73
72
76

73
65
73

73

75
73

91
87
105

96
86
93

108
111
106

+2

Radios, phonographs, television, records, etc..
Radios, phonographs, television
Records, sheet music, and instruments

-1
-4

-3
-9

+4

+ 13

-15
-21
-1

Miscellaneous m e r c h a n d i s e d e p a r t m e n t s . .

0

-1

-2

3.2

3.2

79

93

7)

131

ir»3

103

1

-1
-1
-2

-1
-3

4.7
5.2
4.3

4.7
5.0
4.4

77
62
102

93
75
126

78
65
100

114
118
109

115
127
105

109

102
62

134
68

105
61

105

78

110
83

113
72

98

102

104
118

Toys, games, sporting goods, cameras
Toys and games
Sporting goods and cameras

+2

Luggage.
Candy...

-3

_q

_7

+1

+?

+8

3.3
1.4

3.5
1 .3

2.7

2.7

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

c

115

m

-6

-4

-6

9

-6

-6

3.0

2.9

90

93

100

111

111

-7

-5

-7

2.1

2.1

71

99

77

92

96

99

-1
-^
0
-12
—9
0

-3
-4
-2
— 22
_5
n
-8
—6
—7

2.4
2.6
2.3
4.0
1.0
1.6
2.7
3.1
1.8

2.4
2.5
2.3
4.4
0.9
1.8
3.0
3.3
1 .5

89
(4)
(4)
25
83
102
69
75
4
()

110
(4)
(4)
28
133
140
100

92
(4)
(4)
29
96
102
69

• 92
(4)

77
(4)

106
(4)
(4)
74
76
98
109
111
(4)

109
(4)
(4)
58
95
107
103
107
(4)

109
(4)
(4)
95
80
108
118
118
(4)

-4

3.0

3.1

81

137

82

104

111

108

—2
-1
-3

2.8
3.0
2.6

2.8
3.1
2.6

85
92
83

149
147
154

86
88
87

104
111
99

114
122
110

106
112
102

—3
—5
-3
-15
-13
0
-1
— ~>

-22

+
1
_1
-11

M e n ' s and boys' wear

— 1

Men's wear
Men's clothing
Men's furnishings

-1

+1
+1

+4*

+ ^>0

Boys' wear

+1

—1

74

l?A

7)

0

-9

3.8

4.1

69

93

69

111

102

122

Homef urnishings

-5

-7

-6

4.0

4.0

66

84

70

105

109

111

Shoes

-6

-2

-3

4 2

4.0

78

113

83

1C4

108

1C7

0

0

(4)

(4)

(4)

97

107

97

4

()

4

()

(4)

+5

+8

(0

0)

(4)

145

145

137

0)

(4)

(4)

NONMERCHANDISE—total
Barber and beauty shop

J
The ratio of stocks to sales is obtained by dividing stocks at the end of the month by sales during the month and hence indicates the number
of months'
supply on hand at the end of the month in terms of sales for that month.
2
The 1947-49 average of monthly sales and of end-of-month stocks for each department is used as a base in computing the sales and stocks
indexes,
respectively,
for that department. For description of indexes, see BULLETIN for November 1953, pp. 1146-1149.
3
For movements of total department store sales and stocks, see the indexes tor the United States on p. 1109.
4
Data not available.
NOTE.—Based on reports from a group of large department stores located in various cities throughout the country. In 1953, sales and stocks
at these stores accounted for almost 50 per cent of estimated total department store sales and stocks. Not all stores report data for all of the
departments shown; consequently, the sample for the individual departments is not so comprehensive as that for the total.

OCTOBER

1954




1113

PRICES
CONSUMER PRICES
[Bureau of Labor Statistics index for city wage-earner and clerical-worker families.

1947-49 =100]

Housing
Year or
month

Other
goods
and
services

97.6
101.3
101.1
101.1
110.5
111.8
112.8

95.5
100.4
104.1
103.4
106.5
107.0
108.0

96.1
100.5
103.4
105.2
109.7
115.4
118.2

121.8
122.6
122.8
123.3
123.6

112.7
112.9
113.2
113.4
113.6

107.6
107.8
108.6
108.9
108.9

118.4
118.5
119.7
120.2
120.3

123.7
124.1
124.4
124.9
125.1
125.1
125.2
125.5

113.7
113.9
114.1
112.9
113.0
112.7
113.3
113.4

108.7
108.0
108.2
106.5
106.4
106.4
107.0
106.6

120.3
120.2
120.1
120.2
120.3
120.1
120.3
120.2

Personal
care

97.2
102.6
100.1
101.2
109.0
111.8
115.3

55 6
64 9
67 8
72 6
76.3
83 7
97.1
103.5
99.4
98.1
106.9
105.8
104.8

90.6
100.9
108.5
111.3
118.4
126.2
129.7

94.9
100.9
104.1
106.0
111.1
117.3
121.3

107.4
108.1
108.1
108.3
108.1

115.8
116.0
116.6
116.9
117.0

104.3
105.3
105.5
105.5
105.3

130.6
130.7
130.7
130.1
128.9

107.2
107.2
107.2
106.1
105.9
105.8
105.7
105.4

117.2
117.3
117.5
116.9
117.2
117.2
117.2
117.3

104.9
104.7
104.3
104.1
104.2
104.2
104.0
103.7

130.5
129.4
129.0
129.1
129.1
128.9
126.7
126.6

1929

73.3

65.6

117.4

60.3

1933

55.3

41.6

83 6

45.9

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

62.9
69.7
74.0
75.2
76.9
83.4
95.5
102.8
101.8
102.8
111.0
113.5
114.4

52.2
61.3
68.3
67.4
68.9
79.0
95.9
104.1
100.0
101.2
112.6
114.6
112.8

95.0
101.7
103.3
106.1
112.4
114.6
117.7

88 4
90 4
90 3
90 6
90.9
91 4
94.4
100.7
105.0
108.8
113.1
117.9
124.1

97.6
100.0
102.5
102.7
103.1
104.5
106.6

88.8
104.4
106.8
110.5
116.4
118.7
123.9

97.2
103.2
99.6
100.3
111.2
108.5
107.9

1953—Aug....
Sept...
Oct
Nov
Dec....

115.0
115.2
115.4
115.0
114.9

114.1
113.8
113.6
112.0
112.3

118.0
118.4
118.7
118.9
118.9

125.1
126.0
126.8
127.3
127.6

106.9
106.9
107.0
107.3
107.2

123.9
124.6
125.7
125.9
125.3

1954—Jan
Feb.. . .
Mar....
Apr.. . .
May...
June...
July...
Aug....

115.2
115.0
114.8
114.6
115.0
115.1
115.2
115.0

113.1
112.6
112.1
112.4
113.3
113.8
114.6
113.9

118.8
118.9
119.0
118.5
118.9
118.9
119.0
119.2

127.8
127.9
128.0
128.2
128.3
128.3
128.5
128.6

107.1
107.5
107.6
107.6
107.7
107.6
107.8
107.8

125.7
126.2
125.8
123.9
120.9
120.9
121.1
121.9

Rent

and
recreation

Medical
care

Foods
Total

Reading

Transportation

Apparel

All
items

Gas
Solid House- HouseOther
and
fuels
furhold
shelter i elecnish- operaand
tricity fuel oil ings
tion

1
Indexes for this subgroup are not yet available.
NOTE.—Revised indexes, reflecting beginning January 1953 the inclusion of new series (i. e. home purchases and used automobiles) and revised
weights. Prior to January 1953 indexes are based on the "interim adjusted" and "old" indexes, converted to the base 1947-49 = 100.
Source.—Bureau of Labor Statistics, Department of Labor.

WHOLESALE PRICES, BY GROUPS OF COMMODITIES
[Index numbers of the Bureau of Labor Statistics, 1947-49 = 100]
Other commodities

Year or
month

All
com- Farm Processed
modi- products foods
ties

Total

Ma- FurniTex- Hides, Fuel, ChemPulp,
Toture Nontile
power, icals Rub- LummeMetals chinbacco
ber paper,
and
ery
prod- skins,
and
Misber
and
and
and allied metal and other tallic mfrs.
and light- and
ucts leather
and wood
cellaand
mo- house- minand prod- ing allied
prodprodneous
prodtive
hold erals— bottled
apma- prod- ucts products
ucts products
dura- struc- bevparel ucts terials ucts
ucts
bles tural erages

1947
1948
1949
1950
1951
1952
1953

96.4
104.4
99.2
103.1
114.8
111.6
110.1

100.0
107.3
92.8
97.5
113.4
107.0
97.0

98.2
106.1
95.7
99.8
111.4
108.8
104.6

95.3 100.1 101.0 90.9 101.4 99.0 93.7
103.4 104.4 102.1 107.1 103.8 102.1 107.2
101.3 95.5 96.9 101.9 94.8 98.9 99.2
105.0 99.2 104.6 103.0 96.3 120.5 113.9
115.9 110.6 120.3 106.7 110.0 148.0 123.9
113.2 99.8 97.2 106.6 104.5 134.0 120.3
114.0 97.3 98.5 109.5 105.7 125.0 120.2

1953
August
September
October
November...
December...

110.6
111.0
110.2
109.8
110.1

96.4
98.1
95.3
93.7
94.4

104.8
106.6
104.7
103.8
104.3

114.9
114.7
114.6
114.5
114.6

97.5
96.9
96.5
96.2
95.8

111.0
110.9
111.2
111.2
111.1

106.3
106.7
106.7
107.2

1954
January
February
March
April
May
June
July
August

110.9
110.5
110.5
111.0
110.9
110.0
110.4
110.5

97.8
97.
98.4
99.4
97.9
94.8
96.2
95.

106.2
104.8
105.3
105.9
106.8
105.0
106.5
106.3

114.6
114.4
114.2
114
114.5
114.2
114.3
114.4

96.1 95.3 110.8
95.3 94.9 110.5
95.0 94
109.
94.6 108.6
94.
94.8 96.0 108.
94.9 95.6 107.8
95.1 '94.9 106.2
95.3 94.2 106.8

107
107
107
107
107
106
106
106.8

99.9
99.7
97.1
97.1
95.6

92.5
100.9
106.6
108.6
119.0
121.5
123.0

95.6
101.4
103.1
105.3
114.1
112.0
114.2

93.9
101.7
104.4
106.9
113.6
113.6
118.2

98.0
100.4
101.6
102.4
108.1
110.6
115.7

123.7
124.0
124.1
124.2
127.5 124.3

114.8
114.9
114.8
114.9
115.0

119.6
120.7
120.7
120.8
120.8

115.6 96.4
116.2 94.7
118.1 94.4
118.1 93.2
118.1 100.1

124.4
124.5
124.5
124.4
124.4
124.3
124.3
124.3

115.2
115.1
115.0
115.6
115.5
115.4
115.3
115.4

120.9
121.0
121.0
120.8
119.3
119.1
120.4
120.5

118.2
118.0
117.9
121.5
121.4
121.4
121.4
121.5

98.6
102.9
98.5
100.9
119.6
116.5
116.1

91.3
103.9
104.8
110.3
122.8
123.0
126.9

123.5
124.0
124.2
124.3
107.1 124.8

120.4
119.2
118.1
117.3
117.4

116.2
116.9
117.5
117.3
117.1

129.4
128.5
127.9
127.9

124.8
124.6
124.9
125.0
125.1
126.1
126.8
126.4

117.0
116.8
116.7
116.2
116.1
116.3
'•119.1
119.2

117.0
117.1
116.6
116.3
115.8
115.8
116.2
116.3

127.2
126
126.3
126.8
127
127.1
128.0
128.6

100.8
103.1
96.1
96.6
104.9
108.3
97.8

101.1
102.8
104.9
110.3
109.2
105.1
103.9
102.3

r
Revised.
Source.—Bureau of Labor Statistics, Department of Labor.
Back figures.—See BULLETIN for March 1952, pp. 311-313.

1114




FEDERAL RESERVE BULLETIN

PRICES—Continued
WHOLESALE PRICES, BY GROUPS OF COMMODITIES—Continued
[Index numbers of the Bureau of Labor Statistics, 1947-49=100]
1954

1953

1953

Subgroup
Aug.

June

July

98.0
86.5
88.1
103.9
97.6
113.8
85.1
144.3

96.6
86.5
87.7
106.9
83.7
70.8
96.0
181.7

110.9
88.1
83.2
107.2
••87.7
'84.4
94.8
184.0

108.4
93.6
110.7

113.5
92.3
102.4

114.0
94.1
105.1

104.7
110.5
169.8
116.7

104.7
113.3
231.3
96.8

104.7
113.7
231.3
101.4

94.1
111.8
86.7
134.7
99.3
86.5

88.4
110.1
85.6
123.9
98.1
79.0

88.9
109.8
'85.7
124.2
»-98.4
79.1

89.1
110.3
85.7
126.3
98.6
79.8

74.6
95.0
111.8
99.5

60.6
87.4
111.9
97.5

58.2
86.5
111.8
'97.0

111.7
131.8
105.7
99.1
116.5

104.7
132.4
107.8
101.8
110.9

104.9
132.4
105.4
101.8
108.2

55.8
84.2 Furniture and Other Household Durables:
112.3
96.8
Household furniture
Commercial furniture
Floor covering
105.2
Household appliances
Radio
132.4
Television
105.4
Other household durable goods
101.8
109.3
Nonmetallic Minerals—Structural:

120.2
110.7
96.0
93.5
46.9
111.2
113.8
102.9

117.0
112.8
96.8
94.0
55.7
109.9
111.6
107.7

117.1
112.8
97.6
94.0
52.0
109.7
112.1
107.9

117.4
112.8
97.8
94.0
53.5
109.8
112.1
107.7

120.0
125.1
123.2

122.8
129.3
123.7

126.5
129.3
123.7

123.5
129.6
123.7

119.3
131.7
112.4

115.5
130.8
99.7

118.6
130.7
103.0

118.7
130.1
105.4

108.8
98.5
125.9

109.7
70.1
126.5

109.6
79.2
126.5

109.6
80.0
126.5

Farm Products:
Fresh and dried produce
Grains
Livestock and poultry
Plant and animal fibers
Fluid milk
Eggs
Hay and seeds
Other farm products
Processed Foods:
Cereal and bakery products
Meats, poultry, and fish
Dairy products and ice cream
Canned, frozen fruits, and vegetables
Sugar and confectionery
Packaged beverage materials
Other processed foods

Aug.
Pulp, Paper and Allied Products—
Continued
108.3
Paperboard
91.2
Converted paper and paperboard..
83.4
Building paper and board
106.7
88.8
86.4 Metals and Metal Products:
94.2
Iron and steel
168.8
Nonferrous metals
Metal containers
Hardware
113.2
Plumbing equipment
Heating equipment
92.0
Fabricated structural metal prod105.8
ucts
104.6
Fabricated nonstructural metal
products
114.5
226.5
109.6 Machinery and Motive Products:

Textile Products and Apparel:
Cotton products
Wool products
Synthetic textiles
Silk products
Apparel
Other textile products
Hides, Skins, and Leather Products:
Hides and skins
Leather
Footwear
Other leather products
Fuel, Power, and Lighting Materials:
Coal
Coke
Gas
Electricity
Petroleum and products
Chemicals and Allied Products:
Industrial chemicals
Prepared paint
Paint materials
Drugs, Pharmaceuticals, cosmetics
Fats and oils, inedible
Mixed fertilizers
Fertilizer materials
Other chemicals and products
Rubber and Products:
Crude rubber
Tires and tubes
Other rubber products
Lumber and Wood Products:
Lumber
Millwork
Plywood
Pulp, Paper, and Allied Products:
Woodpulp
Wastepaper
Paper

1954

Subgroup

Agricultural machinery and equipment
Construction machinery and equipment
Metal working machinery
General purpose machinery and
equipment
Miscellaneous machinery
Electrical machinery and equipment
Motor vehicles

Aug.

June

July

Aug.

123.6
112.1
123.0

124.2
111.5
127.9

124.2
111.9
127.9

124.2
112.0
127.9

136.2
124.5
128.6
135.6
118.7
115.6

131.8
123.7
130.0
137.9
118.5
113.8

133.6
124.2
130.3
138.2
118.5
114.0

133.8
125.1
131.2
138.5
118.5
114.0

117.8

115.9

115.9

117.7

126.3

125.3

125.3

126.0

122.3

122.3

122.3

122.4

130.5
131.9

131.5
132.6

131.5
132.6

131.5
132.6

126.9
123.9

128.2
125.5

127.8
125.5

127.9
125.6

125.6
118.6

125.9
118.9

125.8
118.9

125.8
118.9

113.8
125.8
125.3
108.9
95.0
74.0
126.9

113.1
126.2
122.6
109.8
95.6
70.6
130.4

112.8
126.2
122.7
109.7
95.6
'70.3
130.4

112.9
126.2
123.5
109.7
95.6
70.3
130.5

124.7
118.6
116.1
131.4
122.1
105.8
117.8

124.7
120.1
117.5
132.0
122.1
94.2
120.2

124.7
122.1
117.7
132.0
122.1
'98.5
120.2

124.7
122.2
118.1
132.1
122.1
98.6
120.2

124.0
103.5
120.7
110.0
125.1

124.0
103.5
120.7
114.2
148.1

124.0
103.7
121.4
114.2
148.1

124.0
103.7
121.4
114.3
148.1

Toys, sporting goods, small arms.. 114.0
85.0
Manufactured animal feeds
93.5
Notions and accessories
Jewelry, watches, photo equipment. 101.8
119.6
Other miscellaneous

113.6
100.6
101.6
102.7
121.3

113.5
98.3
101.6
102.7
121.2

113.5
95.2
101.6
102.7
121.2

Flat glass
Concrete ingredients
Concrete products
Structural clay products
Gypsum products
Prepared asphalt roofing
Other nonmetallic minerals.
Tobacco Manufactures and Bottled
Beverages:
Cigarettes
Cigars
Other tobacco products
Alcoholic beverages
Nonalcoholic beverages
Miscellaneous:

••Revised.
Source.—Bureau of Labor Statistics, Department of Labor.
Back figures.—See BULLETIN for March 1952, pp. 131-313.

OCTOBER

1954




1115

GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME
[Estimates of the Department of Commerce, in billions of dollars]
RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING
Seasonally adjusted annual rates
by quarters

Annual totals

1954

1953
1929

Gross national product
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
Less: Corporate profits and inventory
valuation adjustment
Contributions for social insurance.
Excess of wage accruals over disbursements
Plus: Government transfer payments...
Net interest paid by government. .
Dividends
Business transfer payments
Equals: Personal income
Less: Personal tax and related payments..
Federal
State and local
Equals: Disposable personal income.
Less: Personal consumption expenditures

104.4

1933

1941

56.0 125.8 257.3 257.3 285.1 328.2 346.1 364 9 369 9 367.2 360.5 355.8 356.0

8.6

7.2

9.0

16.5

18.4

20.5

23.5

25.3

27.2

27.4

27.4

27.9

28.2

29.0

7.0
.6
.3

7.1
.7
.9

11.3
.5
.4

20.4
.7

21.6
.8
.1

23.7
.8
.2

25.6
1.0
1.3

28.0
1.0

30.0
1.0
1.0

30.2
1.0
2.6

30.1
1.0
2.1

30.3
1.0

30.3
1.0

30.2
1.0
n.a.

-.1

.0

.1

-.2

.2

.2

-.5

-.6

-.4

.6

-3.0

305.0 308.2 306.2

-.8

-.4

87.8

40.2 104 7

10.1
.2

-2.0
.3

.0
.9
1.0
5.8
.6

.0
1.5
1.2
2.1

85.8
2.6
1.3
1.4

.7
47.2
15
.5

-2.1
-.2

221.6
14.5 30.6
2.8
5.2

216.2 240.0 277.0
28.1
5.7

35.1
6.9

3.3
2.0
1.3

21.1
19.0
2.1

18.7
16.2
2.5

20.9
18.2
2.7

93 0 187.6 188.2 206.1

79.0

45.7

81.9 177.6 180.6 194.0

4.2

46.4

11.1

Equals: Personal saving. ..

291.0
39.9 38.2
8.7
8.2
.1
.0
11.6 12.1
4.8
4.9
9.1
9.1
1.0
1.0

38.5
8 8

41
8
12
5
9
1

0
9
1
6
0
3
0

299.9 298.9
38.3 33.1 34.1
9.8
8.6
8.7

n.a.
9.7

.0
.0
-.1
.0
.0
- 1
-.1
.0
.0
12.6 13.3 14.2 14.8
12 8
2.6 10.5 11.6 14.3
5.2
5.1
5.3
4.4
5 0
5.2
1.3
4.6
4.7
9.6
9.5
9.6
7.2
9.4
9.6
7.5
9.2
4.5
1.0
1.0
1.0
1.0
1.0
.7
.8
.5
96.3 208.7 206.8 227.1 255.3 271.2 286 1 286 4 287.5 287.3 285.1 285 7

1.0

83.1

.6
-.2

10.0

7.6

12.1

29.3
26.3

34.4
31.1

36 0
32.5

35 9
32 5

3.0

3.2

3.5

3 5

226.1 236.9 250.1 250.4
208.3 218.4 230.1 230.8
17.7

18.4

20.0

36.3
32.8
3.5
251.2
231.2
20.0

19.6

36.1
32.6

32.8
29.1

32.9
29.2

3.6

3.7

3.7

251.2 252.3 252.9
229.7 230.5 233.1
21.5

21.8

19.7

-.6
NATIONAL INCOME, BY DISTRIBUTIVE SHARES
Seasonally adjusted annual rates
by quarters

Annual totals

1953
1929

1933

1941

1948

1949

1950

1952

1953

National i n c o m e

87.8

40.2 104.7 221.6 216.2 240.0 277.0 291.0 305.0 308.2 306.2 299.9 298.9

Compensation of employees
Wages and salaries1
Private
Military
Government civilian
Supplements to wages and salaries..

51.1
50.4
45.5
.3
4.6
.7

29.5
29.0
23.9
.3
4.9
.5

Proprietors* 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

20.9
10.9
6.5
3.5

45.6
21.6
16.7
7.2

42.0
21.4
12.7
7.9

44.6
22.9
13.3
8.5

49.9
24.8
16.0
9.1

49.9
25.7
14.2
10.0

49.0
26.2
12.2
10.6

48.9
26 3
12.1
10.5

47.8
26.1
11.1
10.6

49.1
25.9
12.3
10.8

49.4
25.6
13.0
10.8

49 0
25.9
12.2
10.9

Corporate profits and inventory
valuation adjustment
Corporate profits before tax
Corporate profits tax liability....
Corporate profits after tax
Inventory valuation adjustment.. . .

10 1
9.6
1.4
8.3

-2.0
.2
.5
-.4
-2.1

14 5
17 0
7.6
9.4
-2.5

30 6
32 8
12.5
20.3
-2.2

28 1
26 2
10.4
15.8
1.9

35 1
40 0
17.8
22.1
-4.9

39 9
41 2
22
18
-1

38 2
37 2
20.0
17 2
1.0

38.5
39 4
21.1
18 3
-1.0

41.0
41.9
22.5
19.5
- 9

38.3
40.9
21.9
19.0
-2.6

33 1
32.5
17.4
15.1
.6

34.1
34.5
17.0
17.5
-.4

n.a.
n.a
n.a.
n.a.
.4

6.4

5.0

45

4.5

5 2

5.9

6 8

7.4

8.4

8 3

8 6

8 9

9 0

9.1

Net interest

n.a.
64 8 140.9 140.9 154.3 180.4 195.4 209.1 210.0 211.4 208.8 206.4 206.6
62.1 135.2 134.3 146
170 9 185 0 198.0 198.9 200.3 197.6 194.6 194.9
51.9 116.4 113.9 124.3 142.1 152.2 164.5 165.3 166.7 164.1 161.2 161.5
4.2
4.0
1.9
10.5
5.0
10.2 10.4 10.2
9.7
8.7
9.5
9.9
14.8 16.2 17.2 20.1 22.4
8.3
23.3 23.2 23.4 23.5 23.7 23.8
2.7
6.5
5.8
10.4
9.5
7.8
11.1 11.1 11.1 11.2 11.8 11.7

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.

1116




FEDERAL RESERVE BULLETIN

GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME— Continued
[Estimates of the Department of Commerce, in billions of dollars]
GROSS NATIONAL PRODUCT OR EXPENDITURE
Seasonally adjusted annual rates
by quarters

Annual totals

1953
1929

Gross national product

1933

104.4

Personal consumption
expenditures
Durable goods
Nondurable goods
Services

Gross private domestic
investment 1

New construction
Residential, nonfarm
Other
Producers' durable equipment
Change in business inventories....
Nonfarm only

1948

1949

1950

1951

1952

1954

1953

56.0 125.8 257.3 257.3 285.1 328.2 346.1 364.9 369.9 367.2 360.5 355.8 356.0

79.0
9.2
37.7
32.1

46.4
3.5
22.3
20.7

81.9 177.6 180.6 194.0 208.3 218.4 230.1 230.8 231.2 229.7 230.5 233.1
9.7 22.2 23.6 28.6 27.1 26.8 29.7 30.3 30.3 28.0 28.0 28.8
43.2 98.7 96.9 100.4 111.1 116.0 118.9 119.6 118.6 118.7 118.8 120.0
29.0 56.7 60.1 65.0 70.1 75.6 81.4 80.9 82.3 83.0 83.6
84.3

16.2
8.7
3.6
5.1
5.9
1.7
1.8

1.4
1.4
.5
1.0
1.6
-1.6
-1.4

18.1
6.6
3.5
3.1
6.9
4.5
4.0

41.2
17.9
8.6
9.3
19.1
4.2
3.0

32.5
17.5
8.3
9.2
17.8
-2.7
-1.9

51.2
22.7
12.6
10.1
21.1
7.4
6.4

56.9
23.3
11.0
12.4
23.2
10.4
9.0

50.7
23.7
11.1
12.6
23.3
3.6
3.0

51.4
25.5
11.9
13.6
24.4
1.5
2.2

.8

.2

1.1

2.0

.5

-2.2

.2

-.2

8.5
1.3
1.3
.0
7.2

8.0
2.0
2.0
.0
6.0

24.8
16.9
13.8
3.2
.0
7.8

36.6
21.0
16.0
5.6
.5
15.6

43.6
25.4
19.3
6.6
.4
18.2

42.0
22.1
18.5
3.9
.3
19.9

62.8
41.0
37.3
4.2
.4
21.8

77.2
54.0
48.5
5.8
.4
23.2

Net foreign investment
Government purchases of
goods and services
Federal
National security
Other
Less: Government sales2
State and local

1941

55.9
25.9
12.2
13.7
24.6
5.4
6.2

52.4
25.6
12.1
13.5
24.8
2.0
2.9

45.5
25.7
11.7
13.9
24.0
-4.2
-3.7

44.5
26.0
11.7
14.3
22.7
-4.2
-4.2

45.6
27.0
12.8
14.2
22.4
-3.8
-4.0

-1.9

-3.3

-1.8

-.6

-1.1

-1.0

85.2
60.1
52.0
8.5
.4
25.1

86.6
62.2
54.3
8.3
.4
24.4

85.4
60.3
52.3
8.4
.4
25.1

86.0
59.8
50.6
9.6
.3
26.2

81.9
55.0
46.9
8.4
.3
26.9

78.3
51.3
44.7
6.9
.3
27.0

PERSONAL INCOME
[Seasonally adjusted monthly totals at annual rates]
Wage and salary disbursements
Personal
income

1929
1933
1941
1947
1948
1949. . .
1950
1951
1952
1953

Other
labor
income3

DiviProdends
prietors'
and
and
perrental 4
sonal
income interest
income

Transfer
payments 5

Less
personal
Noncontributions agricultural
for
social income7
insur-8
ance

Total

Commodity
producing industries

Distributive
industries

Service
industries

Government

85.8
47 2
96.3
190 5
208.7
206 8
227.1
255.3
271.2
286.1

50.4
29 0
62.1
122 8
135.1
134 4
146.5
170.8
185.1
198 1

21.5
9 8
27.5
54 3
60.2
56 9
63.5
74.9
80.6
88.1

15.6
8.8
16.3
35.2
38.8
39 0
41.3
45.8
48.7
51.7

8.4
5.2
8.1
16 0
17.4
18 0
19.5
21.3
23.0
24.8

4.9
5 1
10.2
17 3
18.7
20 5
22.2
28.8
32.8
33.6

.6
4
.7
2 3
2.7
3 0
3.8
4.8
5.5
6.3

20.2
7 6
20.9
40 9
45.6
42 0
44.6
49.9
49.9
49.0

13.2
8 3
10.3
14 7
16.2
17 2
19.8
20.7
21.4
22.8

1.5
2 1
3.1
11 8
11.3
12 4
15.1
12.6
13.1
13 8

.1
2
.8
2 1
2.2
2 2
2.9
3.4
3.8
4 0

77.2
43 4
88.0
172 8
188.5
190 8
210.5
235.7
253.3
270 0

1953—August.
September
October. .
November
December

286.4
287.7
287 8
287.2
287.0

200.6
199.2
199 1
197.9
196.0

89.2
88.0
87 9
87.0
85.5

52.4
52.5
52.5
52.4
52.1

25.2
24.9
25.0
25.0
25.0

33.8
33.8
33.7
33.5
33.4

6.5
6.5
6.6
6.6
6.7

46.6
48.9
48.0
49.1
50.2

23.2
23.4
23 5
23.7
23.8

13.6
13.7
14 6
13.9
14.4

4.1
4.0
4 0
4.0
4.1

272.6
271.9
272 7
271.3
269.6

1954—January.
February
March....
April
May
June . . .
July
August?

284.9
285.0
285 0
284.4
286.2
286 5
285.7
285.4

194.7
194.7
194 5
194.3
195.0
195 5
195.7
195.5

84.5
84.6
84 2
83.7
84.2
84 0
83.4
82.9

51.9
51.8
52 0
52.0
52.3
52.5
53.1
52.9

24.8
24.9
25.0
25.2
25.2
25.5
25.4
25.7

33.5
33.4
33 3
33.4
33.3
33.5
33.8
34.0

6.6
6.6
6.6
6.6
6.6

49.6
49.6
48 9
48.2
49.4
49.2
47.9
48.2

23.9
23.9
23 9
24.0
24.0
24 1
24.2
24.3

14.8
15.0
15 8
15.9
15 8
15 8
15.8
15.5

4.7
4.8
4 7
4.6
4 6
4 7
4.5
4.7

267.9
268.2
268 8
269.1
269 7
270 3
270.6
270.1

Year or month

6.6

6.6
6.6

^Preliminary.
1
Includes construction expenditures for crude petroleum and natural gas drilling.
2
Consists of sales abroad and domestic sales of surplus consumption goods and materials.
3
Includes compensation for injuries, employer contributions to private pension and welfare funds, and other payments.
4
Includes business and professional income, farm income, and rental income of unincorporated enterprise; also a noncorporate inventory
valuation
adjustment.
e
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.

OCTOBER

1954




1117

MEMBER BANK EARNINGS
ALL MEMBER BANKS, BY CLASSES, FIRST HALF OF 1954
[Amounts in thousands of dollars]
Central reserve
city member banks

All member banks
Iten

New York

Chicago

Reserve
city
member
banks

Country
member
banks

First half
of 1953

Second half
of 1953

First half
of 1954

Earnings
Interest on U. S. Government securities. . .
Interest and dividends on other securities.
Interest and discount on loans
Service charges and fees ^n loans
Service charges on deposit accounts
Other charges, commissions, fees, etc
Trust department
Other current earnings

2,237,645
495,002
122,293
1,260,124
20,797
106,650
44,021
99,022
89,736

2,352,591
515,998
129,484
1,331,359
19,741
112,181
48,303
108,196
87,329

2,365,720
521,876
132,520
1,312,836
23,260
123,093
49,467
109,455
93,213

384,311
72,336
23,404
207,280
3,876
10,374
8,851
37,119
21,071

96,147
27,784
6,486
46,059
785
1,037
2,321
8,701
2,974

926,087
197,347
48,644
522,195
12,474
50,298
17,827
41,379
35,923

959,175
224,409
53,986
537,302
6,125
61,384
20,468
22,256
33,245

Expenses
Salaries—officers
Salaries and wages—others
Directors' and committee members' fees. . .
Interest on time deposits
Interest on borrowed money
Taxes other than on net income
Recurring depreciation
Other current expenses

1,320,143
209,589
435,001
10,772
200,880
13,474
61,039
29,832
359,556

1,461,375
237,553
489,347
12,942
223,858
9,183
64,153
37,215
387,125

1,437,979
224,619
467,351
11,750
240,969
4,298
68,053
33,658
387,281

211,035
27,189
85,539
852
19,986
1,270
7,001
2,088
67,110

52,151
7,373
18,135
128
7,889
412
2,312
527

563,591
75,452
195,759
2,171
100,985
1,743
29,989
12,592

611,202
114,605
167,918
8,599
112,109
875
28,751
18,451

917,502

891,216

927,741

173,276

60,127

Net current earnings before income taxes.
Recoveries, profits, etc
On securities:
Recoveries
Transfers from valuation reserves
Profits on securities sold or redeemed.
On loans:
Recoveries
Transfers from valuation reserves
All other

First half of 1954

15,375

144,900

159,896

43,996

362,496

347,973

72,147

306,603

51,630

16,163

138,967

99,843

3,471
11,889
11,600

6,376
13 Q88
23,003

6,530
15,406
246,145

11,330
6,941
10,509

11,388
13,600
13,534

86
395
12,837
60
2,379
406

2,820
11,232
114,097

11,8?8
8,788
12,551

1,074
1,614
39,049
3, 0*9
5,389
1,435

Losses, charge-offs, etc
On securities:
Losses and charge-offs
Transfers to valuation reserves
On loans:
Losses and charge-offs
Transfers to valuation reserves
All other

148,181

235,296

202,671

27,050

9,335

104,223

2,550
2,165
80,162
5,373
4,430
5,163
62,063

43,050
22,587

96,830
25,712

32,156
71,158

1,759
11,732

3,057
3,554

15,622
45,536

11,71810,336

7,574
47,660
27,310

12,842
64,316
35,596

6,601
55,752
37,004

37
7,529
5,993

194
1,880
650

745
24,792
17,528

5,625
21,551
12,833

2,886
1,402
6,530

Profits before income taxes

829,448

728,067

1,031,673

197,856

50,824

397,249

385,753

Taxes on net income
Federal
State

391,836
375,593
16,243

300,416
284-, 613
15,802

472,503
450,778
21,725

88,821
79,736
9,085

22,383
22.383

192,343
184,123
8,220

168,956
164,536
4,420

Net profits

437,612

427,651

559,170

109,035

28,441

204,897

216,797

Gash dividends declared
On preferred stock1
On common stock

192,701
942
191,759

225,951
1,013
224,938

210,816
980
209,836

51,111
28
51,083

12,079
34
12,045

86,327
123
86,204

61,299
795
60,504

246
14,461

521
14,469

1.227
18,995

42
1,279

1,564

328
8,998

857
7,154

13,396
24,055
54,010
315,601
6,765

20,530
50,439
54,639
315,972
6,743

10,122
32,853
55,851
324,243
6,721

5
5,491
3,766
48,533
22

121
1,040
986
10,214
13

8,550
13,008
15,286
129,379
310

1,446
13,314
35,813
136,117
6,376

16.9
8.0
3.5

15.9
7.6
4.0

16.1
9.7
3.7

13.3
8.4
3.9

15.4
10.0
4.2

17.9
10.1
4.3

16.3
10.2
2.9

2.89
1.18
.56

2.97
1.13
.54

2.96
1.16
.70

2.57
1.16
.73

2.41
1.10
.71

4.62
1.97
2.06

4.76
2.00
2.16

4.68
2.00
2.13

3.57
1.84
2.10

3.60
2.01
2.24

4.75
2.02
2.12

3.18
1.15
.72
5.39
2.03
2.13

7.0
15.7
7.7
24.1
1.18

7.1
15.8
7.8
24.6
1.27

7.2
16.0
7.9
25.5
1.30

8.7
17.8
9.9
12.1
1.26

7.2
17.7
7.8
17.1
1.26

6.5
14.5
7.1
25.9
1.37

7.1
16.5
7.7
32.5
1.24

Memoranda items:
Recoveries credited to reserves (not included in recoveries above):
On securities
On loans
Losses charged to reserves (not included in losses above)
On securities
On loans
Number of officers at end of period
Number of employees at end of period
Number of banks at end of period
Ratios:
Percentage of total capital accounts:2
Net current earnings before income taxes
Net profits
Cash dividends declared1
,
Percentage of total assets:2
Total earnings
Net current earnings before income taxes
Net profits
Percentage of earnings to related assets:2
Earnings on loans
Interest on U. S. Government securities
Interest and dividends on other securities
Total capital accounts to:
Total assets
Total assets less Govt. securities and cash assets. . .
Total deposits
Time deposits to total deposits
Interest on time deposits to time deposits2

1
2
Includes interest on capital notes and debentures.
Annual basis.
NOTE.—The figures of assets, deposits, and capital accounts used in computing ratios are averages of the amounts reported for the call dates
at the beginning and end of each period plus the last-Wednesday-of-the-month figures for the intervening months. Data may not add to totals
because of rounding.

1118




FEDERAL RESERVE BULLETIN

INTERNATIONAL FINANCIAL STATISTICS

PAGE

International capital transactions of the United States

1120-1124

Gold production

1124

Estimated foreign gold reserves and dollar holdings

1125

Reported gold reserves of central banks and governments

1126

Net gold purchases and gold stock of the United States.

1127

International Monetary Fund and Bank

1128

Central banks

1128-1132

Money rates in foreign countries

1133

Commercial banks

1134

Foreign exchange rates

1135

Price movements in principal countries:
Wholesale prices

1136

Consumers' price indexes

1137

Security prices

1137

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.

OCTOBER 1954




1119

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, i n millions of dollars]

Date

Total foreign
countries

International
institutions 2

Official
and
private

1950—Dec. 3 1 . . . 1,527.8
1951—Dec. 3 1 . . . 1,641.1
1952—Dec. 31 . . 1,584.9

Official*

7,116.9 3,620.3
7,661.1 3,547.6
8,961.2 4,654.2

United
NethKing- France erdom
lands

Switzerland

Italy

656.6 260.7 193.6
642.6 289.4 148.8
817.9 342.6 203.1

553.0
521.3
641.8

314.7 1,007.8 2,986.3
899.0 1,612.9 1,364.2 254.5
300.5 1,103.4 3,005.9 1,307.1 1,455.2 1,595.5 297.4
308.9 1.441.3 3,755.5 1,420.7 1,612.9 1.836.5 335.6

Other
Total
Europe Europe

Canada

Latin
America

Asia

All
other

1953—Aug. 3 1 . . 1,511.2 9,685.9 5,242.0
Sept. 3 0 . . 1,501.8 9,902.0 5,453.6
Oct. 3 1 . . 1,575.6 9,946.3 5,511.9
Nov. 3 0 . . 1,563.9 10,127.5 5,651.9
Dec. 3 1 . . 1,629.4 10,019.0 5,666.9

890.0
900.8
916.3
907.8
708.9

362.6
375.8
425.6
423.4
428.5

243.1
230.7
241.2
252.8
242.9

663.7
664.4
661.2
653.7
674.2

353.9
368.2
390.8
430.1
465.7

1,910.7
1,985.3
2,037.3
2,127.7
2,213.4

4,424.1
4,525.2
4,672.5
4,795.3
4,733.6

1,147.5
1,197.1
1,205.7
1,260.3
1,295.5

1,815.4
L,839.7
1,734.9
1,762.4
1,768.4

1,955.0 343.9
1,986.9 353.2
1,984.2 349.0
1,985.7 323.8
1,895.5 326.1

1954—Jan. 31..
Feb. 2 8 . .
Mar. 31*.
Apr. 306
May 31. .
June 3 0 P .
July 31 P.
Aug. 31 P.

714.0
734.4
797.9
899.5
952.2
986.1
942.2
851.0

412.0
435.6
419.9
285.9
387.0
439.5
375.1
414.8

211.6
215.6
215.4
226.9
250.4
272.3
305.7
252.8

670.4
671.7
665.2
664.8
651.8
638.2
674.0
679.6

474.5
491.8
494.6
519.2
483.0
456.6
456.8
500.7

2,315.8
2,391.7
2,417.3
2,501.4
2,550.9
2,515.8
2,636.6
2,646.4

4,798.3
4,940.8
5,010.3
5,097.7
5,275.4
5,308.6
5,390.4
5,345.3

1,334.9 1,772.5
1,348.4 L,788.1
1,340.4 1,866.8
1,282.3 1,998.6
1,286.6 L.993.9
1,320.0 1,955.5
1,342.0 2,040.6
1,343.4 1,916.6

1,901.9 319.3
1,892.0 330.8
1,801.7 330.9
L,762.1 319.9
L, 711.0 308.7
L,688.1 298.5
L.692.7 285.6
1,747.6 274.5

1,702.1
1,677.6
1,698.5
1,678.0
1,679.0
1,633.0
1,649.7
1,745.2

10,127.0
10,300.1
10,350.0
10,460.6
10,575.7
10,570.7
10,751.3
10,627.4

5,741.2
5,903.1
5,925.2
6,062.9
6,265.0
6,303.5
6,422.2
6,265.5

Table la.—Other Europe

Date

Other AusEurope tria

1950—Dec. 3 1 . . 1,007.8
1951—Dec. 3 1 . . 1,103.4
1952—Dec. 3 1 . . 1,441.3

DenBel- Czechoslo- mark
gium vakia

41.9 128.2
57.1 134.7
91.1 123.9

5.6
1.3
.6

Finland

45.5 18.3
45.3 27.0
70.4 28.5

1953—Aug. 3 1 . . 1,910.7
Sept. 30. . 1,985.3
Oct. 31. . 2,037.3
Nov. 30. . 2,127.7
Dec. 3 1 . . 2,213.4

144.4
161.1
169.9
182.2
190.9

139.8
148.0
118.2
126.9
130.3

.6
.5
.5
.6
.6

77.2
81.7
88.1
92.8
95.7

32.8
30.7
33.5
35.7
37.9

2,315.8
2,391.7
2,417.3
2,501.4
2,550.9
2,515.8
2,636.6
2,646.4

199.7
208.4
217.4
227.6
234.3
238.5
258.0
273.1

135.1
133.9
142.1
121.2
122.9
111.6
118.0
99.3

.6
.6
.6
.9
.7
.6
.6
.6

104.2
97.0
102.4
102.0
92.4
92.7
80.7
79.5

39.7
42.5
44.7
39.1
41.6
44.3
42.4
41.0

1954—Jan. 3 1 . .
Feb. 28..
Mar. 31*.
Apr. 30«.
May 3 1 . .
June 30P .
July 31 P .
Aug. 3 1 P .

Germany,
Nor- Po- Por- RuSweFed. Greece way land tugal mania Spain den
Rep.
of
221.6
405.6
551.1

32.3 43.6
45.8 99.7
47.3 110.3

4.2
2.8
3.4

45.7
40.7
57.4

6.1
6.1
6.1

21.3 115.3 14.3
17.1 71.7 14.1
19.2 91.0 8 . 4

4.0
2.5
1.7

13.2 246.8
7 . 1 124.7
12.0 218.8

110.3
113.7
115.7
117.6
118.5

2.9
3.4
2.2
2.9
2.2

70.3
66.7
70.0
73.1
72.4

5.8
5.8
5.8
6.0
5.8

22.1
23.4
32.7
35.9
36.0

94.3
103.5
96.0
105.2
116.7

14.2
16.7
22.6
14.2

8.0
8.3
2.0
2.8
2.0

13.2 334.0
7 . 4 345.3
9 . 0 364.8
7.7 373.6
6 . 9 383.5

118.5
118.7
122.0
130.1
130.6
131.2
127.2
129.1

2.9
3.8
2.4
2.8
2.2
2.2
2.2
1.7

71.9
74.2
76.1
77.0
83.5
86.3
88.5
83.8

5.7
7.8
7.9
7.8
7.8
7.9
7.9
7.9

32.6
22.0
21.9
20.5
22.1
26.2
37.5
46.0

124.7 10.9
129.4 8 . 8
119.2 9 . 4
121.0 9 . 2
120.4 7 . 9
123.1 7 . 4
157.0 6 . 4
173.6 6 . 2

3.1
2.3
1.8
2.5
2.2
3.1
2.8
3.0

773.3 73.3
793.7 77.9
827.2 85.1
850.0 92.0
898.8 100.9
943.1
971.7
994.3
1,039.3
1,051.2
1,084.9
1,222.1
1,225.1

Tur- U.S.S.R. Yugo- All
slavia other
key

106.5
110.8
112.4
109.3
116.0
114.0
112.1
104.5

8.4

6.1
6.3
5.8
4.8
6.2
5.9
6.8
6.4

410.4
453.3
436.8
486.3
509.0
435.9
366.4
365.5

Table lb.—Latin America
NethDo-

Date

Latin
America

Co-

Argen- Bo- Brazil Chile
tina livia

lom-

Cuba

bia

minican Guate- Mexico
Remala
public

erPanlands ama,
West
ReIndies puband lic of
Suri-

El

Other
Vene- Latin
zuela America

Peru

Salvador

Uruguay

75.1 85.2
84.7 71.9
94.1 145.5

nam

1950—Dec. 31. 1,612.9 301.8
1951—Dec. 31. 1,455.2 249.7
1952—Dec. 31. 1,612.9 138.8

20.4 226.0
27.8 100.3
24.5 72.5

79.5 53.4
54.0 106.4
79.3 118.2

259.1 42.7
263.6 45.8
301.2 44.2

25.4 207.1
27.3 158.2
34.3 231.2

30.2
34.9
44.3

59.2
67.7
80.8

60.2
47.2
60.9

16.1
27.8
25.6

71.3
87.8
117.4

1953—Aug. 31.
Sept. 30.
Oct. 31.
Nov. 30.
Dec. 31.

1,815.4
1,839.7
1,734.9
1,762.4
1,768.4

145.9
146.6
143.1
137.1
130.0

20.6
20.3
19.9
18.8
19.1

132.5
164.4
110.0
148.9
101.7

84.1
92.1
86.0
81.5
78.8

129.9
115.6
116.2
132.0
150.2

402.1
391.0
385.0
352.6
340.8

48.9
45.0
41.9
42.4
39.3

40.3
36.4
32.7
32.1
37.9

160.5
170.3
180.2
189.3
183.2

45.1 108.1
43.6 101.9
49.0 82.8
52.2 79.9
51.5 89.9

62.0
60.0
68.2
73.5
68.0

39.2 89.6
33.7 89.0
28.7 93.5
24.9 89.4
26.8 109.6

165.2
197.8
173.1
184.1
222.4

141.2
131.7
124.6
123.5
119.2

1954—Jan. 31.
Feb. 28.
Mar. 31*
Apr. 30«
May 31.
June 30P
July 31 P
Aug. 31 P

1,772.5
1,788.1
L.866.8
1,998.6
1,993.9
L.955.5
2,040.6
1,916.6

139.2
160.8
170.4
175.4
173.8
176.7
181.8
191.1

18.8
20.3
27.1
26.5
28.5
31.4
28.0
27.3

101.4
90.1
110.1
100.7
92.6
96.1
167.4
102.6

68.6
65.7
60.5
56.4
55.8
63.7
73.9
78.9

152.5
151.2
160.6
170.5
190.5
232.6
236.2
215.0

345.1
353.5
362.2
376.0
377.1
346.5
332.4
296.0

42.8
45.4
49.2
52.7
53.4
55.8
61.1
60.9

44.7
52.0
53.1
53.5
54.1
48.0
44.9
40.4

184.9
187.4
167.1
233.5
203.5
201.5
210.0
236.8

53.3
55.7
52.4
52.8
49.1
51.5
50.9
50.1

87.8
89.3
92.8
94.3
88.3
87.4
91.6
86.2

73.7
69.9
73.0
68.9
67.2
66.6
66.6
69.2

38.0
42.5
47.2
50.2
44.9
41.6
36.3
30.5

201.4
179.2
188.7
241.0
269.8
218.0
208.2
191.1

120.8
126.0
150.2
141.1
140.3
134.0
138.7
136.6

99.5
99.1
102.3
104.9
105.2
104.1
112.6
104.1

^Preliminary.
For footnotes see following page.

1120




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

Asia

Date

KoFormosa
rea,
All
and Hong India Indo- Iran Israel Japan Re- Phil- Thai- Other
pub- ippines land Asia other
China Kong
nesia
lic
Mainof«
land

Egypt
and
Union
Bel- Angloof
Aus- gian
tralia Congo Egyp- South Other
tian Africa
Sudan

81.7 86.1 55.7 114.7 20.3 12.6 458.5 19.5 374.4 48.2 92.4 254.5 19.1 58.1 75.6
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

1950—Dec. 31. 1,364.2
1951—Dec. 31. 1,595.5
1952—Dec. 31. 1,836.5

44.0
23.6

57.7
86.8
86.5

7.0

1953—Aug. 31.
Sept. 30.
Oct. 31.
Nov. 30.
Dec. 3 1 .

1,955.0
1,986.9
1,984.2
1,985.7
1,895.5

73 3
75.9
77.1
77.2
73.6

68.5
68.8
67.9
68.7
68.0

93.5
92.7
95.3
100.0
99.0

33.6
35.1
34.7
34.0
39.3

22.9
31.0
47.4
42.6
43.6

19.6
19.5
18.3
14.4
18.0

919.4
932.2
912.0
914.9
827.9

76.2
76.5
76.8
88.2
91.5

309.8
308.8
303.3
299.2
295.5

188.2
191.3
187.1
177.0
167.9

150.2
155.1
164.2
169.6
171.2

343.9 53.9 112.5
353.2 54.0 116.8
349.0 58.9 110.6
323.8 58.5 94.0
326.1 59.2 89.6

44.5
43.9
44.7
40.9
43.3

39.6
38.9
44.7
38.0
38.2

93.4
99.4
90.1
92.4
95.7

1954—Jan. 31.
Feb. 28.
Mar. 314
Apr. 305
May 31.
June 30P
July 31*
Aug. 31 P

1,901.9
1,892.0
1,801.7
1,762.1
1,711.0
1,688.1
1,692.7
1,747.6

77.0
79.2
79.6
79.0
76.7
75.8
75.1
74.2

68.0
65.8
65.3
66.3
66.8
73.1
64.6
63.7

97.5
120.2
82.2
85.1
86.7
91.3
79.2
75.5

75.7
74.6
68.3
65.2
63.8
59.2
60.5
81.9

41.5
40.5
47.7
45.4
39.4
34.0
28.6
23.3

26.0
20.0
33.7
31.0
27.4
28.9
25.1
36.0

795.4
737.7
675.8
639.7
616.9
615.0
612.1
639.9

98.7
95.5
102.8
103.7
104.7
105.9
104.6
101.5

298.1
313.0
309.9
317.7
303.1
296.9
308.2
314.2

153.3
157.5
155.1
144.6
139.3
130.1
127.1
126.2

170.7
188.0
181.2
184.3
186.3
177.8
207.6
211.2

319.3
330.8
330.9
319.9
308.7
298.5
285.6
274.5

91.1
87.7
83.3
81.1
74.1
63.6
51.3
45.5

44.0
45.9
49.7
51.8
51.3
51.7
51.5
47.7

34.5
44.8
43.9
32.8
34.2
37.8
38.6
37.9

98.1
99.0
104.3
104.8
99.5
97.4
101.3
102.1

51.5
53.4
49.6
49.5
49.6
48.0
42.8
41.3

Table Id.—Supplementary Areas and Countries 7
End of year

End of year

Area or country

Area or country
1950

Other Europe:
Albania
Azores
British dependencies.
Bulgaria
Estonia
Hungary
Iceland
Ireland, Republic of.
Latvia
Lithuania
Luxembourg
Monaco
Trieste
Other Latin America:
British dependencies
Costa Rica
Ecuador
French West Indies
Guiana
Haiti
Honduras
Nicaragua
Paraguay

and

French

1951

1950

1951

1952

1953

Other Asia:
Afghanistan
British dependencies.
Burma.
Ceylon
French India
Indochina
Iraq
Jordan
Lebanon
Pakistan
Portuguese dependencies .
Saudi Arabia
Syria

8.3
23.7
.4
3.4
.8
3.1
2.9
.5
12.3
13.0
.7
7.9
6.8

10.6
21.0
9.5
19.2
1.3
7.3
12.9
.5
15.3
13.1
2.7
13.2
5.4

4.0
25.5
16.9
13.9
1.8
7.7
14.1
.6
19.3
14.4
2.8
15.9
11.4

n.a.
19.8
n.a.
n.a.
n.a.
6.9
13.8
.9
23.9
9.7
5.3
18.5
20.5

All other:
British dependencies
Ethiopia
French dependencies
Italian Somaliland
Liberia
Libya
New Zealand
Portuguese dependencies
Spanish dependencies
Tangier

.9
3.3
26.5
.2
1.6
.3
2.7
3.0
.2
16.9

1.2
6.9
36.5
.1
6.1
.5
5.2
4.3
.2
21.5

1.6
3.0
27.0
1.1
10.3
2.3
3.5
6.3
.2
26.7

1.6
n.a.
22.2
.3
11.8
n.a.
2.1
5.0
.2
36.1

1952 1953

.6
2.9
1.1
2.1
9.2
6.4
1.0
11.9
2.9
4.1

.6
2.7
1.0
3.5
15.9
1.3
.6
11.8
3.2
5.6

.6
1.9
1.0
3.7
12.6
1.3
.6
5.0
2.6
4.1

n.a.
n.a.
.4
.6
1.9
1.0
7.5
n.a.
1.3
.4
4.0
3.0
2.5

8.7
6.5
19.3

14.6
8.7
11.4

14.6
12.1
23.7

18.0
13.4
17.7

.2
7.7
9.8
5.7
4.1

.8
10.3
17.2
8.3
5.4

2.2
11.6
15.4
13.4
5.0

.6
9.3
n.a.
16.0
6.0

pPreliminary.
n.s. Not available.
i "Short-term liabilities" reported in these statistics represent principally demand deposits and U. S. Government obligations maturing in
not more than one year from their date of issue, held by banking institutions in the United States; small amounts of bankers' acceptances and
commercial
paper and of liabilities payable in foreign currencies are also included.
2
Includes International Bank for Reconstniction and Development, International Monetary Fund, and United Nations and other international
organizations.
Excludes Bank for International Settlements, reported under "Other Europe."
3
Represents funds held with banks and bankers in the United States (and in accounts with the U. S. Treasury) by foreign central banks
and by foreign central governments and their agencies (including official purchasing missions, trade and shipping missions, diplomatic and consular
establishments,
etc.).
4
Beginning Mar. 31, 1954, banks whose total liabilities to foreigners are less than $500,000 are excluded. Banks claiming this exemption
reported
a
total
of 15.9 million dollars of such liabilities on that date.
6
Beginning Apr. 30, 1954, includes liabilities to foreigners held by banks in the territories and possessions of the United States. These banks
reported a total of 16 million dollars of such liabilities on that date.
•Through 1952, reported by banks in the Second (New York) Federal Reserve District only.
7
These data are based on reports by banks in the Second (New York) Federal Reserve District only and represent a partial breakdown of
the amounts shown in the "other" categories in Tables la-lc. For each date the Second District reported at least 90 per cent of the total amount
in the "other" categories.
NOTE.—The statistics in this section are based on reports by banks, bankers, brokers, and dealers. Certain changes in the reporting forms
and instructions were made as of Mar. 31, 1954, and there were also changes, beginning with the BULLETIN for June 1954, in the content, 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.

OCTOBER

1954




1121

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
TABLE 2.—SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES,
BY COUNTRIES *
[Amounts outstanding, in millions of dollars]
Date
1950—Dec. 31
1951—Dec. 31
1952—Dec. 31
1953—July
Aug.
Sept.
Oct.
Nov.
Dec.

31
31
30
31
30
31

1954—Jan.
Feb.
Mar.
Apr.
May
June
July

31
28
312
30
31
30P
31 J»

Total

United
King- France
dom

Netherlands

Switzerland

898.0
968.4
1,048.7

105.7
35.0
30.3

31.4
10.1
31.9

3.4
5.0
4.4

11.2
7.1

20.7
10.3
17.8

919.5
917.8
901.8
906.5
910.0
904.5

28.5
26.6
33.9
39.5
48.1
70.5

10.5

5.2
5.7
7.2
9.1
6.3
8.6

14.0
13.4
14.7
15.4
16.8
17.9

923.8
901.5
867.1
879.9
915.4
967.1
1,111.1

66.9
59.9
59.5
87.0
79.7
79.7
86.0

7.4
7.1
9.6
9.2
8.9

6.2
9.4

13.1

10.7

11 .9

18.1
16.1
12 8
12.5
10.7
12.1
14.6

9.7
9.9
9.8
8.2

10.6

7.9
8.8

9.5

9.3

8.7

Other
Total
Europe Europe

Canada

Latin
America

Asia

68 . 0
111 . 8
120 .7

237.9
183.4
212.2

125 8
92 0
62 3

378. 8
489. 3
662. 0

95 4
161 8

60.0
41.9
22.4

22.1
22.2
21.7
20.0
20.3
18.8

84 . 1
88 .5
91 .7
103 .1
97 .6
109 .5

164.3
166.2
179.1
196.8
197.2
235.9

49
42
56
80
67
56

6
0
7
7
1
4

590. 2
594. 1
540. 4
502. 4
506. 5
472. 7

94 9
95 7

105.3
104 3
117 7
114 8

20.4
19.8
20.3
22.3
21.6
24.9

16.7
17.5
13.7
14.4
14.4
15.3
16.7

132 . 3
131 .1
134 .7
138 .2
149 .3
129 .8
128 .4

247.6
241.2
243.5
269.2
271.7
259.5
264.5

51 7
59 .2

473. 3
450. 4
426. 4
433. 3
447. 9

495 8
627. 3

125 5
126 7
111 .4
101 9
114 6
113 .3
116 .7

25.7
24.0
25.8
27.9
28.6
33.3
36.2

Norway

Portugal

Spain

Sweden

Turkey

Yugoslavia

All
other

Italy

60.0
47 .5
52 .6
65 .2
66 .4

89.8

All
other

Table 2a.—Other Europe

Other
Europe

Date

Austria

Belgium

Denmark

Finland

Germany, Greece
Fed.
Rep. of

1950—Dec. 31
1951—Dec. 31
1952—Dec. 3 1 . . .

68.0
111.8
120.7

.2
(J)
.8

21.5
39.6
16.2

3.2
4.8
2.1

2.2
3.1
5.6

25.4
28.3
26.8

.2
.2
.2

2.5
1.9

1.4

.5
.8
.5

1.6
18.8
11.2

6.9
5.4
2.5

.9
.6
38.8

3.9
8.6

4.0
4.0
5.4

1953—July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31

84.1
88.5
91.7
103.1
97.6
109.5

.2
.4
.3
.1
.2
.8

12.2
10.3
11.1
11.0
12.3
13.0

2.3
3.5
4.3
5.7
5.3
6.2

3.5
3.4
2.3
2.7
1.8
1.9

27.0
30.3
33.6
37.3
31.3
30.5

.1
.2
.4
.5
.7
1.3

.8
.8
1.0
.9
.8
1.0

.5
.4
.5
.4
.6
.6

14.4
20.3
24.1
22.6
22.8
24.3

2.6
1.8
2.2
1.7
2.4
2.7

8.7
4.5
1.0
7.7
7.7
15.7

5.3
5.8
4.2
5.3
4.3
4.8

6.4
6.9
6.7
7.1
7.5
6.8

1954—Jan.
Feb.
Mar.
Apr.
May
June
July

132.3
131.1
134.7
138.2
149.3
129.8
128.4

.2
.2
.2
.2
.1
.2
.1

13.4
14.3
13.2
14.9
15.2
14.8
15.3

6.0
4.1
2.9
4.3
3.5
4.1
4.2

1.5
1.3
1.3
1.6
1.6
1.9
1.8

40.1
43.6
53.4
58.9
57.0
52.0
52.5

[A

1.2
1.6
1.3
1.4
1.3
1 .3
1.5

.4
.5
.4
.6
.6
.6
.7

24.4
19.8
12.2
10.6
5.7
3.5
2.1

2.1
1.7
1.4
2.2
1.9
2.4
2.7

29.2
31.0
35.4
29.8
49.2
35.9
32.7

4.5
5.4
5.9
5.2
5.1
5.3
5.7

7.9
6.2
5.6
6.6
6.1
6.2
6.5

31
28
312
30
31
30P
31P

L.4
L.5
>.O
1.9
1.8
1.6

Table 2b.—Latin America

Latin
BoAmer- Argentina
livia
ica

Date

Brazil Chile

Colombia

Cuba

NetherDolands
minican Guate- Mex- West
ico Indies
Re- mala
and
pubSurilic

Panama,
Republic of

Peru

El
Salvador

Uruguay

Other
Vene- Latin
zuela America

8 .0
10 . 5
14 . 3

49 . 4
41 .7
36 .7

14.6
14.5
13.7

nam
8.7
7.5
5.8

78.0 6 . 8
185.0 24.8
356.4 26.4

42.5
43.7
41.7

27.6
32.3
32.5

1.9
1.8
1.6

2.6
3.8
4.2

70.6
90.6
88.6

1.3
1.2
1.3

3.1
3.0
6.5

11.0
11.8
14.8

6 8
9 5
9 1

8 .0
7 .6
7 .5
7 .0
6 .7
7 .1

14.3
13.4
13.2
11.9

316.2 7 . 7
319.6 7 . 5
273.7 7 . 5
203.6 6 . 1
186.5 7 . 1
125.1 22.6

44.4
48.9
47.4
47.1
52.0
56.9

28.8
24.0
21.6
41.7
49.4
51.2

1.9
1.9
1.7
1.7
1.7
1.9

3.2
3.0
3.6
4.2
4.7
4.1

86.4
89.0
79.3
86.3
90.1
92.9

2.4
2.2
1.8
3.0
1.6
2.6

5.6
5.4
5.8
4.9
7.4
4.6

13.7
15.1
16.8
17.7
18.5
20.2

3
3
4
6
7
8

3
7
8
0
9
2

3 .3
3 .2
3 .4
3 .8
4 .4
3 .7

35 .6
35 .4
36 . 3
39 .2
40 .3
41 .6

15.5
14.2
16.1
18.2
18.6
19.3

7 .3
7 .2
5 .4
6 .2
5 .6
7 .7
5 .8

9.2
8.7
1.9
1.7
2.3
2.0
2.9

121.9
116.7
117.3
117.4
129.1
164.2
278.0

53.1
50.6
47.8
54.4
59.1
66.4
64.6

60.0
62.2
58.4
55.2
55.9
56.8
56.9

2.0
1.8
1.6
2.2
2.4
2.5
2.4

3.4
3.4
2.6
3.2
3.0
2.9
3.0

98.1
87.2
85.3
77.3
76.6
81.7
85.5

2.6
1.8
1.1
1.5
1.8
2.5
2.1

5.7
6.2
7.1
7.4
6.2
7.7
8.5

18.8
17.2
14.7
16.4
15.2
16.0
15.7

8 .9
7 .4
5 .5
5 .0
4 .1
4 .6
5 .4

2 .8
3 .3
2 .1
2 .7
3 .2
6 .3
3 .9

40 . 8
38 . 8
38 . 9
45 .7
47 .7
44 .5
51 .6

17.8
17.8
16.9
17.3
17.1
17.6
20.1

1950—Dec. 3 1 . .
1951—Dec. 3 1 . .
1952—Dec. 3 1 . .

378 8 45 .9
489 3
662 0

7 .6
8 .2

1953—July
Aug.
Sept.
Oct.
Nov.
Dec.

31. .
31. .
30. .
31. .
30..
31. .

590
594
540
502
506
472

2
1
4
4
5
7

1954—Jan.
Feb.
Mar.
Apr.
May
June
July

31. .
28. .
312.
30..
31..

473
450
426
433
447
495
627

3
4
4
3
9
8
3

30P.
31P.

9.7

10.8

20.9
20.1
19.9
19.6
18.5
12.2
21.0

^Preliminary.
1
"Short-term claims" reported in these statistics represent principally the following items payable on demand or with a contractual maturity
of not more than one year: loans made to and acceptances made for foreigners; drafts drawn against foreigners that are being collected by banking institutions on behalf of their customers in the United States; and foreign currency balances held abroad by banking institutions and their
customers in the United States. The term "foreigner" is used to designate foreign governments, central banks, and other official institutions,
as well as banks, organizations, and individuals domiciled outside the United States, including U. S. citizens domiciled abroad and the foreign
subsidiaries
and offices of U. S. banks and commercial firms.
a
Beginning Mar. 31, 1954, banks whose total claims on foreigners are less than $500,000 are excluded. Banks claiming this exemption reported
ft total of 9.6 million dollars of such claims on that date.
•Less than $50,000.

1122




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

1950—Dec. 3 1 . . 95.4
1951—Dec. 3 1 . . 161 8
1952—Dec. 3 1 . . 89.8

Formosa
Korea,
IndoRePhil- Thai- Other All
and Hong
China Kong India nesia Iran Israel Japan pub- 1 ippines land Asia other
Mainlic of
land
18.2
10 1
10.1

3.0

94.9
95 7
105.3
104.3
117.7
114.8

8.2

2.3

7 9

2 9

2 7

8.5
8.5
8.5
8.1

2.9
2.6
4.3
3.1

2.9
3.4
4.1
3.7

1954—Jan. 3 1 . . 125.5
Feb. 28. . 126.7
Mar. 3 1 2 . 111.4

8.1
8.1
8.4
8.1
8.2
8.1
8.1

2.3
2.2
2.2
3.2
3.4
3.1
3.6

2.9
3.2
4.1
3.9
5.1
3.5
3.4

I953_july
Aug.
Sept.
Oct.
Nov.
Dec.

3i.
31
30.
31.
30.
31.

.
.
.
.

Apr. 30. .
May 31 ..
Tune 3 0 P .
July 31 P.

101.9
114.6
113.3
116.7

16.2
3 1 13.4
1.2

4.3

2.5

.2
.3
.9

6 . 6 18.9 12.1
9 . 3 30.0 12.2
10.2 15.1 12.5

4.9

1.2 13.3
1 6 13 9
1.1 13.0
.6 14.2
.6 13.3
.8 13.8

17.8
18 8
24.4
25.9
23.4
22.9

18.8
17.1
20.5
17.7
26.6
25.6

14.7
14.7
14.3
15.1
15.3
16.0
17.5

32.7
27.6
22.1
16.2

28.5
31.7 . . . . . .
32.8
30.6
(•)
36.7
.1
.2
38.6
.2
33.3

1.0
.9

.7

.5
1.4
.6
.6

8.8
8.0
8.4

13.9
51.6
24.6

60.0
41 9
22.4

40.8
22 8
10.1

15.5
15 5
16.7
19.7
24.9
24.7

20.4
19 8
20.3
22.3
21.6
24.9

6.3

5.9
6.2
6.8
6.1
5.5
5.2
4.3
4.9
5.7
6.2
5.6

23.9
25.0
17.5
13.0
19.5
20.1
26.3

25.7
24.0
25.8
27.9
28.6
33.3
36.2

1.5

29.3

2 5

7.6

3.3

10.8
10 1

4 5
52

9.4
5.5
5.2
5.8
6.0
8.0
4.9
6.4

10.5
8.7
9.7

Egypt
and
Union
Bel- AngloAus- gian
of
tralia Congo Egyp- South Other
tian Africa
Sudan
4.4

.3
2
.5

5 7
6.0
7.1

7.3

7.2

6 7

6 5

2.0

3.8

6 3

5 9

3.9

5.7
5.7
5.8
6.3

.2
.2
.1
.2
.4
.5

2.9

7.0
5.8
5.7
8.0

2.3
2.7
2.3
2.4

5.1
7.8
7.4
7.8

6.9
7.2
7.6
8.7
7.7
8.2

6.5
6.5
6.7
6.4
7.1
7.8
7.9

.7
.5
1.3
.3
.5
.3
.2

4.7
5.1
4.5
5.5
5.8
5.9
5.3

6.8
4.6
5.7
7.0
7.6

12.1

4 6

2 9

11.1
10.7

TABLE 3.—PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPES*
[In millions of dollars]
U. S. corporate Donds
and stocks

U. S. Government bonds
and notes
Year or month

1950
1951
1952
1953
1953—July
August
September
October.
November
December
1954—January
February
March
April
May
June?
JulyP ..

Purchases

Sales

Net
purchases
or sales
(-)

Purchases

Sales

Net
purchases
or sales
(-)

761.0
837 7

731.4

2 4
98.7
12 6
70.5

589 2
500.4
495 3
542.5

710 2
801.0
677 4
621.5

— 121 0
-300.6
— 182 1
-79.0

173 8
272.3
293 9
310.1

198 2
348.7
329 6
303.4

—24 4
-76.4
—35 8
6.8

56.2
49.7
68.2
53.3
57.5
75.4

48.3
47.3
45.1
50.8
60.4
64.1

7.9
2.4
23.1
2.5
-3.0
11.3

46.2
20.0
23.2
83.9
34.6
39.5

50.3
17.9
16.9
120.6
79.6
64.0

-4.1
2.1
6.3
-36.7
-45.0
-24.4

23.1
18.6
23.9
23.1
25.6
34.5

21.2
18.5
16.3
18.4
25.6
30.9

2.0
.1
7.7
4.7
(3)
3.6

68.7
77.1
98.0
112.1
110.8
107.2
132.8

71.6
85.7
95.8
96.5
96.4
99.9
100.5

-2.9
-8.6
2.2
15.6
14.4
7.3
32.2

58.6
64.8
46.8
54.3
37.3
53.2
46.0

234.4
35.6
82.6
80.0
34.3
43.1
51.6

-175.9
29.1
-35.8
-25.7
3.0
10.0
-5.7

28.1
26.9
32.6
31.3
29.5
28.7
34.8

26.9
38.9
41.6
46.5
56.1
79.0
38.6

1.2
-12.0
-9.0
-15.2
-26.6
-50.3
-3.8

Purchases

1 236 4 294 3
673.6 1,356.6
533 7
231 4
728.0
646.0

942 1
-683.0
302 3
-82.0

774 7
859.8
850 3
801.9

36.6
30.1
43.1
24.4
37.0
191.1

82.3
29.3
116.4
28.8
38.6
192.6

-45.7
.8
-73.3
-4.4
-1.6
-1.5

33.7
87.4
55.0
65.2
87.3
48.9
33.4

38.0
99.9
22.1
30.0
88.4
27.3
24.3

-4.3
-12.6
32.9
35.2
-1.2
21.6
9.1

Sales

Foreign stocks

Net
purchases
or sales
(-)

Net
purchases
or sales
(-)

Purchases

Foreign bonds

Sales

772 3

TABLE 4.—NET PURCHASES BY FOREIGNERS OF LONG-TERM UNITED STATES SECURITIES, BY COUNTRIES
[Net sales, (—). In millions of dollars]
International
institutions

Total
foreign
countries

United
Kingdom

1950
1951
1952
1953

823.2
121.2
— 15.9 —568.4
300.2
14.7
22^7
—34! 3

64.0
21.4
70.4
71.3

1953—July. . .
Aug
Sept...
Oct....
Nov....
Dec....

.5

-38.3

-4.2
-14.1
-8.2

-36.2

Year or
month

1954—Jan
Feb.. ..
Mar....
Apr,.-. .
May. . .
June?..
Julyp. .

8.5

-4.4
.9

.7
.5
.6

21.8
.5

-4.4

6.3

9.0
6.8
2.6
4.2

-13.0
14.2

-2.5
25.7

-8.1
-21.8
34.5
50.1
-8.6
28.3
45.7

9.0
6.1
9.2
5.0
3.4
3.5
5.7

7.4

France

Nether- Switzerland
lands

Italy

Other
Europe

Total
Europe

Canada

73.8
-43.8

347.5

458.2
-595.5
191 6
— 120.6

—41.7

—6.3
—22.2
—21.9
—21.3

19.0
45.9
50 7
57.1

-.7

6.0
5.5

-49.0

-1.9

1.0
.7
.3
.2
1.1

-.5
-.8

2.5
5.5
9.6
1.3
2.1
1.2

.4
.1
(3)
(3)
A

.5
1.6
(3)
1.6

1.1
.1
2.3

(3)
-.1
-.4
.1
-.4
.2
(3)

1.0
1.9
1.4
2.7
3.6
1.5
.9

197 8

-7.1
-16.2
21.4
36.1
2.2
1.5
3.0

-2.8
-.1

-1.1
-2.0
-2.9
-3.7
-4.6
-3.4
-1.9
-1.5

10.5
5.4

_ 2

24.8

1.9
5
-.5

6.2

-2.5
2.6

-1.5

9.2

111.4
62.4
-36.3
11.4
12.7
4.7
-.7

28.5
2.1

-11.1
30.2
49.7
10.8
4.6

32.8

Latin
America
30.1
13.9

— 15.3

4.7

—9 5

24.9

-3.1
-6.5
-50.5
-9.9
-14.9
-17.4

11.8

-6.8
-6.7

-3.3
-2.9

-5.2
-34.3
-8.3
-3.5

14.8
31.2
15.8

-.3

Asia

1.5
2.3
.3
3.9
2.7

3.2
3.3

All
other

(3)

2.7
7
1.9
— .9

— .2
.5
.4
.1
-.5
-.5

-.1
-.3
1.0
3
-.8
.9

-.3
-.1
(3)
.8
-.2
.1
.6

.3
-1.0
1.4
1.4
.4
.7
.1

4.8

P Preliminary.

*Not reported separately until Mar. 31, 1954.
2
See footnote 2 on opposite page.
3Less
than $50,000.
4
Includes transactions of international institutions.
OCTOBER

1954




1123

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
TABLE 5.—NET PURCHASES BY FOREIGNERS OF LONGTERM FOREIGN SECURITIES OWNED IN T H E
UNITED STATES, BY AREAS
[Net sales, ( - ) .
Year or
month

1953—July...
Aug.. .
Sept...
Oct....
Nov.. .
Dec...

-2.2
-.3
^)

.1
2.5

14.0
-73.1
41.1
.6 -45.5
— .5 -20.3

1954—Jan.... - 1 0 0 . 6
Feb. . .
10.5
.1
Mar...
.7
Apr....
May. .
-4.7
June?.
0)
-1.1
Julyp..

[In millions of dollars]

In millions of dollars]

Inter- Total
national foreign Total
insticoun- Europe
tutions tries
- 3 . 6 -141.8
—152.7 —224 3
—118.1 -99.8
- 6 1 . 2 -11.0

1950
1951
1952
1953

TABLE 6.—DEPOSITS AND OTHER DOLLAR ASSETS HELD
AT FEDERAL RESERVE BANKS FOR FOREIGN
CORRESPONDENTS *

Canada

13.4
28 5
19.9
96.3

-190.0
—258.6
-141.0
-137.8

.5

-18.0

— .2
6.5

33.7
4.8
4.7

-74.0
8.9
6.7
10.7
8.3
-44.8
-41.6 - 5 . 9
-18.8 -18.6
-40.3 - 9 . 9
2.2
-8.4

.3
5.1

-9.8
-49.6
-23.3
-95.3
8.0

-53.2
-35.9
-.9

-28.5
-18.0

Latin
Acia
Amer- risia

Assets in custody

All
other

ica

29.8
1.0
33.8 - 3 6 . 0
25.3 - 1 0 . 0
34.6 - 2 9 . 9

25.8

-2.7

18.1

-.4

1.4
.7
8.8
.5
2.1

2.1
1.4
2.4
9.3
2.2
1.6

3.9
7.9
6.0

— .7

-.8

-3.5
-5.4
-2.6
-4.8
-2.2
-2.5
-3.6
-4.7
-3.0

5.6
.1
1.3
1.7
3.9

2.6
2.4

Deposits

Date

9.4

-7.4

1.0
.9
.4

.3
8.0

» Preliminary.
iLess than $50,000.

U. S. Govt.
Miscelsecurities 2 laneous 3

1952—Dec. 31..

550

2,156

86

1953—Sept. 30. .
Oct. 31. .
Nov. 30. .
Dec. 31. .
1954—Jan. 31. .
Feb. 28. .
Mar. 31. .
Apr. 30. .
M a y 31. .
June 30. .
July 31..
Aug. 31. .
Sept. 30. .

512
448
417
423
440
490
494
471
527
545
533
477
461

2,641
2,674
2,694
586
632
716
784
840
969
2,900
3,033
2,989
3,013

94
97
99
106
99
88
92
96
93
87
85
82
101

1954—Sept.
Sept.
Sept.
Sept.
Sept.

483
524
506
524
489

2,981
2,957
2,982
2,993
2,995

82
81
84
99
100

1. .
8. .
15..
22. .
29. .

1
Excludes assets held for Intl. Bank and Monetary Fund and earmarked gold. See footnote 4, p. 1127, for total gold under earmark
at 2Federal Reserve Banks for foreign and international accounts.
U. S. Treasury bills, certificates of indebtedness, notes and/or bonds.
3
Includes bankers' acceptances, commercial paper, foreign and
international bonds.
NOTE.—For explanation of table and for back figures see BULLETIN
for May 1953, p. 474.

GOLD PRODUCTION
OUTSIDE U. S. S. R.
[In millions of dollars]
Production reported monthly
Year or
month

Estimated
world
production Total
outside
reported
U.S.S.R.i monthly

North and South America

Africa
South
Africa

Rhodesia

West Belgian United CanAfrica* Congo2 States 3 ada

Mexico

Other

Colom- Chile
bia

Nica- Australia
India3
ragua4

j
$1 = 15 H i grains of gold tfo fine: i. e., an ou nee of fine gold = U5.
1947
1948
1949
1950
1951
1952
1953 . . .
1953—July
August..
September.
October
November.
December.
1954—January
February..
March
April......
May

June
July

766 5
805 0
840.0
864.5
840 0
864.5

705 5
728 1
753.2
777.1
758 3
780.9
'776.5

392.0
405.5
409.7
408.2
403.1
413.7
417.9

18.3
18 0
18.5
17.9
17 0
17.4
17.5

19.3
23.4
23.1
24.1
22.9
23.8
25.4

10.8
11.1
12.9
12.0
12.3
12.9
13.0

67.0
66 0
65.7
64 9
64.3
64.4

35.9
35.6
35.0
35.6
35.1
35.7

1 S

1.5
L.5

2.1
2.1
2.1
2.2
2.2
2.2

1.1
1.2
1.2
1.2
1.1
.9

35.7
34.5
37.5
37.0
38 3
38 3
39.4

s

2.1
2.2

5
L.5

s
«;
6

1
1 6

2.2
2.2
2 3
2 3
2.3

75.8
70.9
67.3
80.1
66.3
67.4
••69.0

107.5
123.5
144.2
155.4
153.7
156.5
142.4

16.3
12.9
14.2
14.3
13.8
16.1
16.9

13.4
11.7
12.6
13.3
15 1
14.8
15.3

4.6

9.1

6.8
6.2
6.2
6.8
6.2
6.1

12.9
11.5
11.7
10.0
9.6
9.6

1.1
1.4
1.3
1.4
2.0
2.1

1.1
1.1
1.9
1.3
1.6
1.1

.3
.3
.4
.5
.4
.4

.9
.8
.7
8
.7
.7

1.5

5.1
4.9

10.3
10.9
12.9
12.5
13 4
13 2
13.3

4

1.1

7
.7
.7
.7

1.2
1.1
1 0

5.4
4.9
5 0

1.0
1.0

6.1
6.1

1 4
1.2

1 l
.9

1 0
12

5.9
5.7

6.3
6.7
6 1
6.2

.3

7.4

7 8
7.7
8.0
8 8
8.9

7
7
8

32.8
31 2
31.3
30.4
31 3
34.3
37.7

6.1

2.8
3.7
3.0
3 1
3.3
3.7
2 9
3 0

.7
.6
.7
.6
.6
.5

3.2

6 5
5.7
6.7
7.9
8.9

7.8

6
.6

.7
.7
6
7
.7

'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.
i3 Estimates of United States Bureau of Mines.
Reported by American Bureau of Metal Statistics.
3Yearly figures are estimates of United States Mint. Monthly figures are estimates of American Bureau of Metal Statistics.
*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, p p .
542-543; for figures subsequent to 1941 see BULLETIN for April 1953, p. 427.

1124




FEDERAL RESERVE BULLETIN

ESTIMATED GOLD RESERVES AND DOLLAR HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL INSTITUTIONS
[Amounts outstanding, in millions of dollars]
1950

1951

Dec. 31

Dec. 31

1952

1954

1953

Area and country

Continental Western Europe:
Austria
Belgium-Luxembourg (and Belgian
Congo)
France (and dependencies) * .
Germany (Federal Republic of) . . .
Italy..
Netherlands (and Netherlands
West Indies and Surinam)
Norway
Portugal (and dependencies)
Spain (and dependencies)
Sweden
Switzerland .
Turkey
Others
Total
Sterling Area:
United Kingdom
United Kingdom dependencies....
India
Union of South Africa
Other
Total

.

. .

Canada
Latin America:
Argentina
Brazil. .
Chile
Cuba
Mexico
Uruguay
Venezuela
Other

. .

Total
Asia:
Indonesia .
Iran
Japan
Philippines
Thailand
Other

. . .

June 30 Sept. 30 Dec. 31 Mar. 31 June 30 Sept. 30 Dec. 31 Mar. 31 June 30*

92

107

102

126

143

154

166

208

238

267

289

848

898

969

834
222
571

896
434
633

906
545
613

1,036
1,022
604
638

1,035
967
691
655

1,052
883
770
651

1,044
926
893
660

1,081
1,003
1,053
714

1,098
1,049
1,225
812

1,124
1,060
1,381
841

1,055
1,090
1,503
803

559

524

603

734

815

905

953

1,022

1,055

1,064

1,122

94
257

150
331

145
342

154
356

160
374

171
391

169
437

171
469

169
499

178
516

132
205
2,023
164

128
224
1,973
165

129
281
2,009
171

131
280
2,010
155

130
275
2,053
151

130
283
2,051
153

164
412

138
309
2,120
157
1,091

150
335
2,133
157
1,183

136
337
2,134
153
1,292

142
342
2,107
151
1,320

828

651

822

947

919

980

134
280
2,091
152
1,032

6,829

7,114

7,637

8,193

8,368

8,574

8,907

9,502

10,075

10,457

10,618

3,557
120
303

2,843
99
309

2,218
103
306

2,241
109
302

2,318
113
312

2,627
113
323

2,886
109
334

3,051
111
340

3,009
108
346

3,198
105
329

3,536
113
338

241
232

197
326

159
348

170
353

194
347

207
356

212
369

214
354

214
375

221
372

225
376

4,453

3,774

3,134

3,175

3,284

3,626

3,910

4,070

4,052

4,225

4,588

1,988

2,157

2,396

2,437

2,492

2,435

2,238

2,292

2,417

2,487

2,462

518
543
120

518
417
99

415
398
96

398
406
100

427
390
121

485
393
128

519
451
129

520
481
134

503
423
121

543
431
102

550
417
106

530
415
311
458
560

575
366
306
445
634

635
266
309
503
679

601
320
302
527
683

515
375
301
519
721

527
393
309
490
812

579
339
311
530
814

587
325
311
571
779

531
341
337
595
772

548
329
329
562
868

3,455

3,360

3,301

3,337

3,369

3,537

3,672

3,708

3,623

3,712

3,724

324
160
587
166
256

421
163
729
337
210
325

456
159
849
341
240
310

367
156
898
329
271
355

296
157
936
324
294
360

166
185
807
319
268
451

140
171
747
306
243
444

377

275
156

246
155

198
168

1,026

1,022

1,062

334
306
401

316
311
363

318
304
374

184
181
958
304
281
401

532

3288
331
621
879

1,870

2,185

2,355

2,376

2,367

2,498

2,413

2,424

2,309

2,196

2,051

Eastern Europe 4

344

309

307

310

307

307

306

314

306

308

309

All other:
Egypt

173

285

292

266

234

218

217

224

226

42

38

44

49

227
57

229

28

61

63

67

74

68

201

327

330

310

283

284

290

281

284

298

294

19,140

19,226

19,460

20,138

20,470

21,261

21,736

22,591

23,066

23,683

24,046

3,090

3,171

3,150

3,266

3,287

3,249

3,272

3,212

3,331

3,401

3,360

22,230

22,397

22,610

23,404

23,757

24,510

25,008

25,803

26,397

27,084

27,406

Total

Other
Total
Total foreign countries
International5
Grand total

P1 Preliminary.
Includes gold reserves of Bank of France and French dependencies only.
2
Includes holdings of other Continental OEEC countries, Finland, Yugoslavia, Bank for International Settlements, (both for its own and
European Payments Union account), gold to be distributed by the Tripartite Commission for Restitution of Monetary Gold, and unpublished
gold 3reserves of certain Western European countries.
Includes latest available figure for Mexican gold reserves (May 31). Estimated change for remainder of quarter is included in "Other Latin
America."
4
Excludes gold reserves of the U. S. S. R.
includes holdings of International Bank for Reconstruction and Development, International Monetary Fund, and United Nations and other
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.

OCTOBER

1954




1125

REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]

End of
month

1949—Dec
1950—Dec
1951—Dec.. . .
1952—Dec
1953—Aug
Sept....
Oct
Nov.. . .
Dec

Estimated
United States
otal world
(excl.
U.S.S.R.) 1 Treasury TotaP
35,410
35,820
35,970
36,280
36,480
36,710''

1954—Jan
Feb.
Mar. . .
36,920
Apr
May. . .
J u n e . . . P37,095'
Tuly .
Aug.. . .

End of
month

Egypt

Argentina

Belgium

Bolivia

Brazil

Canada

Chile

698
587
621
706

23
23
23
21

317
317
317
317

496
590
850
896

40
40
45
42

22,275
22,220
22,146
22,112
22,091

715
721
754
766
776

21
21
21
21
21

317
317
317
317
321

960
970
976
984
996

21,956
21,958
21,965
21,969
21,973
21,927
21,908
21,809

22,044
22,036
22,035
22,083
22,039
22,027
21,960
21,897

779
787
787
788
779
765
765
756

21
21

321
321
321
321
321
321
322

,005
,017
L,022
1,030
1,034
1,042
I ,050
052

France 3

Germany,
Federal
Republic
of

24,427
22,706
22,695
23,186

24,563
22,820
22,873
23,252'

22,178
22,128
22,077
22,028
22,030

216
216
268

Guatemala

India

Indonesia

Iran

Italy

Colombia

Cuba

Denmark

Ecuador

299
271
311
214

32
31
31
31

21
19
22
23

41
42
42
42
42

196
196
186
186
186

31
31
31
31
31

23
23
23
23
23

42
42
42
42
42
42
42

186
186
186
186
186
186

31
31
31
31
31
31
31
31

23
23
23
23
23
23
23
23

52
74

Mexico

Netherlands

Norway

Pakistan

Peru

1949—Dec
1950—Dec
1951—Dec
1952—Dec

53
97
174
174

523
523
548
573

28*
140

27
27
27
27

247
247
247
247

178
209
280
235

140
140
138
138

256
256
333
346

52
208
208
144

195
311
316
544

51
50
50
50

27
27
27
38

28
31
46
46

1953—Aug
Sept.. . .
Oct,
Nov
Dec

174
174
174
174
174

576
576
576
576
576

247
259
282
303
326

27
27
27
27
27

247
247
247
247
247

168
163
150
150
145

137
137
137
137
137

346
346
346
346
346

174
155
156
158
158

683
723
733
733
737

55
55
55
55
52

38
38
38
38
38

46
46
36
36
36

1954—Jan
Feb
Mar
Apr
May...
June...
July.. . .
Aug

174
174
174
174
174
174
174
174

576
576
576
576
576
576
576
576

340
369
387
414
406
418
478

27
27
27
27
27
27

247
247
247
247
247
247
247

137
137
137
137
137
137
137
137

346
346
346

160
161
162
86
87

787
772
772
772
772

48
47
47
47
47
47
45
45

38
38
38
38
38
38
38
38

36
36
36
36
36
36
34

Portugal

El Salvador

1949—Dec
1950—Dec
1951—Dec
1952—Dec...

178
192
265
286

17
23
26
29

128
197
190
170

85
61
51
51

70
90
152
184

L.504
1,470
L.452
L ,411

1953—Aug....
Sept.. .
Oct.. . .
Nov.. .
Dec...

331
337
348
350
361

29
29
29
29
29

176
175
175
175
176

54
54
54
54
54

204
206
219
219
218

1954—Jan....
Feb....
Mar.. .
Apr
May...
June...
July...
Aug....

373
379
386
391
393
393
403

29
29
29
29
29
29
29
29

176
177
177
180
180
187
188

54
54
54
54
55
56
56

218
218
218
218
218
219
219
219

End of
month

South
Africa

Spain

Sweden

Switzerland

P774

P794

International
Monetary
Fund

Bank for
International
Settlements

Turkey

United
Kingdom

118
118
113
113

154
150
151
143

41,688
43,300
42,335
41,846

178
236
221
207

373
373
373
373

1,451
1,495
1,530
1,692

68
167
115
196

1,452
1,456
1,460
1,460
1,459

113
113
113
113
113

143
143
143
143
143

42,469
42,486
42,520
42,561
42,518

222
222
222
222
227

373
373
373
373
373

1,700
1,700
1,700
1,701
1,702

188
198
195
190
193

1,458
1,469
1,469
1,471
1,450
1,469
1,485
1,515

113
113
113
113
113

144
144
144
144
144
144
144
144

42,543
42,583
42,685
42,820
42,985
43,017
43,013
4
2,918

227
227
227
227
227

373
373
373
373
373
403
403
403

1,702
1,702
1,703
1,719
1,727
1,727
1,733

194
190
199
197
186
182
186
193

Thailand

Uruguay

Venezuela

^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."
^Represents gold holdings of Bank of France (holdings of French Exchange Stabilization Fund are not included).
4
Exchange Equalization Account holdings of gold, U. S. and Canadian dollars, as reported by British Government. (Gold reserves of Bank
of England have remained unchanged at 1 million dollars since 1939, when Bank's holdings were transferred to Exchange Equalization Account.)
NOTE.—For description of figures, including details regarding special internal gold transfers affecting the reported data, see Banking and
Monetary Statistics, pp. 524-535; for back figures through 1941 see p. 526 and Table 160, pp. 544-555, in the same publication and for those subsequent to 1941 see BULLETIN for January 1953, p. 74; April 1951, p. 464; February 1950, p. 252; and November 1947, p. 1433. For revised back
figures for Argentina and Canada, see BULLETIN for January 1949, p. 86, and February 1949, p. 196, respectively.

1126




FEDERAL RESERVE BULLETIN

NET GOLD PURCHASES BY THE UNITED STATES, BY COUNTRIES
(Negative figures indicate net sales by the United States)
[In millions of dollars at $35 per fine troy ounce]

Year or quarter

1945
1946
1947
1948
1949
1950
1951
1952
1953

Total

United
Kingdom

Belgium

-452.9
721.3
2,864.4
1,510.0
193.3
1,725.2
75.2
393.7
1,164.3

-.2
406.9
734.3
446.3
-1,020.0
469.9
440.0
-480.0

31.1
14.2
222.8
69.8
-41.0
-55.0
-10.3
-3.8
-84.9

France

Netherlands

Portugal

130.8
40.7
-23.5
-79.8
-4.5
-100.0
-65.0

-47.9
-10.0
116.0
63.0
14.0
-15.0
-34.9
-5.0
-59.9

278.5
264.6
15.8
-84.8
-20.0

Sweden

80.2
238.0
3.0
-22 .9
-32.0

Switzerland

Other
Europe 1

-86.8
-29.9
10.0
-5.6
-40.0
-38.0
-15.0
22.5
-65.0

-7.4
27.3
86.6
5.8
2
-159.9
-68.0
-60.1
-27.3
3
-241.8

Canada

36.8
337.9
311.2
-100.0
-10.0
7.2

Argentina
-224.9
153.2
727.5
114.1
-49.9
-49^9
-20.0
-84.8

Cuba

Mexico

-85.0
-30.0
-65.0
-10.0
-10.0
28.2
-20.0

-23.8
36.9
45.4
61.6
-16.1
-118.2
-60.2
87.7
-28.1

1952
Jan.-Mar
Apr.-June... .
July-Sept
Oct.-Dec

557.3
105.7
— 1.3
-268.C

22.5

11.3
101.4

6.9
.3
-80.0

-5.0

-17.2

-20.0

-25.0

-75.0
-18.8
-82.8
-65.3

-54.9
-20.0
-10.0

-28.1

1953
Jan.-Mar
Apr.-June... .
July-Sept
Oct.-Dec

-599.1
-128.2
-306.6
-130.3

-320.0
-40.0
-120.0

-25.0 -15.0
-15.0
-40 "0 -15.0
-15.0

-36.5
-3.4
-12.4
-32.6

-10.0

-20.0
-25.0
-15.0
-5.0

1954
Jan.-Mar
Apr.-June... .

-63.0
-19.6

3

-20.0
-5.0

-50.0

-42.3
3-16.8

80.3

NET GOLD PURCHASES BY THE UNITED STATES,
BY COUNTRIES—Continued

ANALYSIS OF CHANGES IN GOLD STOCK OF
UNITED STATES

(Negative figures indicate net sales by the United States)

[In millions of dollars]

[In millions of dollars at $35 per fine troy ounce]

Year or
quarter

Uruguay

Venezuela

Other
Latin
America

Asia
and
Oceania

Union
of
South
Africa

Gold stock at
end of period
All
other

P(;riod
Treas-

Total 1

EarNet
marked DomesIncrease gold
imgold:
de- tic gold
in total port or crease
gold
producexport
or
instock
tion
crease

ury

1945
1946
1947
1948
1949
1950
1951
1952
1953

-37.9 -73.1
—4 9
—9 2
25.1
-3.7
10 7 — 108 0
-14.4 -50.0
—64 8
p
22.2
14.9
— 15 0

- 2 7 . 8 4-188.3
25 0
13 7
1.0
79.1
13 4
—4 1
- 5 2 .1
-7.5
— 17 2 —35 4
- 1 7 . 2 6-50.1
-7.0
-25.1
—6.1
—3 8

3.7
22 9
94 3
256.0
11.9
6 9
498 6
-1.6
195.7
13 1 5—47 2
52.1 5-84.0
-2.0
11.5
-9.9

1952
Jan -Mar
Apr -June
July-Sept
Oct.-Dec

10 0
4^8

— 17 6
-7.4
-2.0
2.0

-3 2
-2.4
.4
-1.8

—3 6

—1 1
-1.2
-1.4
-2.4

4 3
7.2

-.1
-1.9

1953
— 10 0
-5.0

Jan.-Mar. ..
Apr.-June
July-Sept
Oct -Dec

-.1
-.1

-9.9

1954
—5 0

Jan -^lar
Apr.-June

-30.0

13.2
2.0

-8.9
-.1

includes Bank for International Settlements.
Includes sale of 114.3 million dollars of gold to Italy.
Includes sales of gold to Federal Republic of Germany as follows:
1953, 130.0 million dollars; 1954, Jan.-Mar., 40.0 million; Apr.-June,
15.6
million.
4
Includes sales of 185.3 million dollars of gold to China.
^Includes sales of gold to Egypt as follows: 1950, 44.8 million
dollars; and 1951, 76.0 million.
6Includes sales of 45.0 million dollars of gold to Indonesia.
2
3

OCTOBER

1954




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

(-)

-23.0
315.7 - 4 5 8 . 4 125.4
-757.9
68.9 - 8 0 3 . 6 48.3
- 1 , 3 4 9 . 8 -845.4 - 4 5 9 . 8 35.8
- 5 4 7 . 8 -106.3 - 3 5 6 . 7 32.0
623.1 311.5
465. 4 51 2
22,162.1 1,866.3
210. 0 75.8
1,530.4 1,680.4 - 1 5 9 . 2 70.9
164.6 686.5 - 4 9 5 . 7 67.3
- 1 , 7 4 3 . 3 -371.3 -1,352. 4 80.1
617 6
52 7 —549.0
66 3
378.9 684.3 - 3 0 4 . 8 67.4
2
.
2
— 1,161.0
-1,170. 8 69.7

22,726
21,938
20,619
20,065
20,529
22,754
24,244
24,427
22,706
22,695
23,186
22,030

22,739
21,981
20,631
20,083
20,706
22,868
24,399
24,563
22,820
22 873
23,252
22,091

.
.
.
.

22,128
22,077
22,028
22,030

22,220
22,146
22,112
22,091

-55.6
-73.3
-34.0
-21.9

1954—Jan.. .
Feb...
Mar. .
Apr...
May. .
Tune..
July. .
Aug.. .
Sept.. .

21,956
21,958
21,965
21,969
21,973
21,927
21,908
21,809
P21.810

22,044
22,036
22,035
22,083
22,039
22,027
21,960
21,897
P21,863

-46.6
-7.7
-1.5
47.9
-44.1
— 11.6
-66.5
-63.6
P-33A

1953—Sept.
Oct..
Nov.
Dec..

0
5
1
2

6.2
6.8
6.2
6.1

-43 3
Q 9
-2 0
37 5
-48 4
-16 9
-72 7
1 .7 4 - 6 5 4
(3)
-34 6

5.1
4.9
5.4
4.9
5.0
6.1
6.1
5.8
(3)

-.1
.6
-.6

— 1.4
-5.5
1 .6
9.0
2.4
1.2
3.3
1.5

-55
-72
-35
-21

^Preliminary.
1
See footnote 2 on opposite page.
2
Change includes transfer of 687.5 million dollars gold subscription
to International Monetary Fund.
3
Not yet available.
4
Gold held under earmark at the Federal Reserve Banks for foreign
account, including gold held for the account of international institutions, amounted to 6,739.4 million dollars on Sept. 30, 1954. Gold
under earmark is not included in the gold stock of the United States.
NOTE.—For back figures and description of statistics, see Banking
and Monetary Statistics, Table 156, pp. 536-538, and pp. 522-523.

1127

INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT
AND INTERNATIONAL MONETARY FUND
[End-of-month figures. In millions of dollars]
1954

1953

1954
June

Mar.

Dec.

Sept.

July

June

414
427
379
Dollar deposits and U. S. securities
415
468
Other currencies
and securities 1 . 1,034
990 1,011 1,018 1,035
2
1,417
1,408
1,562
1,535
Effective loans
1,663
16
21
25
31
33
Other assets3
556
567
653
777
742
IBRD bonds outstanding
398
325
357
Undisbursed loans
380
401
6
5
Other liabilities
10
7
114
122
129
Reserves3
137
146
1,807
Capital
1,830 1,808 1,808

Gold
Currencies:1
United States
Other
Unpaid member subscriptions...
Member subscriptions
Accumulated net income

Loans as of August 31, 1954
Country 8
Country*
Principal

Total

Quota

Outstanding

Australia
Belgium
Brazil
Chile
Colombia
Denmark
Finland
France
India
Japan
Mexico
Netherlands
Norway
Pakistan
Thailand
Turkey
Union of S. Africa.
United Kingdom...
Uruguay
Yugoslavia
Other

1953

Monetary Fund

International Bank

UndisDisbursed bursed

204.0
86.0
194.1
37.3
69.3
40.0
38.1
257.5
100.5
40.2
141.3
221.5
25.0
44.5
25.4
63.4
110.0
42.0
33.0
60.7
132.3

162.6
86.0
128.5
17.0
37.1
40.0
31.5
250.0
56.0
9.0
63.1
221.5
20.0
14.8
22.1
23.4
96.2
34.4
26.2
48.1
71.9

41.4
65.6
20.3
32.2
6.6
7.5
44.5
31.2
78.3
5.0
29.6
3.3
40.0
13.8
7.6
6.8
12.6
60.4

Repaid

Total

1.0
1.8
3.2
2.9
1.2
4.7
5.3
12.5
2.9
72.7
1.3
.2
.1
.6
2.7
2.3

Sold
to
others5

162.6
85.0 17.4
126.7 4.3
13.7
.2
34.2
.9
38.8 1.0
26.8
244.7 3.5
43.5 4.9
9.0 6.1
60.1
.2
148.8 12.0
20.0 2.0
13.6
.5
21.8
.2
23.3
.1
95.6 6.1
34.4 4.9
26.2
.5
45.4
69.7 3"A'

61,966.0 1,459.3 506.8 115.5 1,343.8 768.1

200
Australia
150
Brazil
Denmark
68
525
France
330
Germany
400
India
Japan
250
90
Mexico
43
Turkey
United Kingdom.. 1,300
United S t a t e s . . . . 2,750

Apr.

Jan.

Oct.

1,702

1,700 1,699

1,733 1,719

July

1,472 1,408 1,386 1,310 1,332
4,746 4,824 4,847 4,920 4,885
892
889
796
799
812
8,853 8,849 8,739 8,739 8,737
—9
-8
Cumulative net drawings
on the Fund 9

Subscription
paid
in
gold

1954
July

8.4
37.5
5.9
108.1
33.0
27.5
62.5
22.5
10.8
236.3
687.5

June

1953

July

May

26.0
26.0
32.0
50.0
65.5
65.5
65.5
37.5
10.2
10.2
10.2
10.2
105.0 125.0 125.0 125.0
—46.1 - 4 6 . 1 - 4 6 . 1
53.2
63.8
63.8 100.0
62.4
62
62.4
22.5
22.5
22.5
27.0
27.0
27.0
10.0
108.3 108.3 108.3 266.0
-558.7 -584.2 -589.7 -704.2

1
Currencies include demand obligations held in lieu of deposits.
2
Represents total principal of authorized loans, less loans not yet
effective, repayments, the net amount outstanding on loans sold or
agreed
to be sold to others, and exchange adjustment.
3
Excludes uncalled portions of capital subscriptions.
4
Loans to dependencies of member countries are included with
member.
^Includes also effective loans agreed to be sold but not yet disbursed.
8
Includes 161 million dollars in loans not yet effective.
7
Of this amount, 25 million dollars is guaranteed and 43 million is
not8 guaranteed by the Bank.
Includes countries having cumulative net drawings of 10 million
dollars ( + or —) on the latest date.
•Represents for each country purchases of other currencies from
Fund less purchases of own currency by it or other countries.

CENTRAL BANKS
Bank of England
(Figures in millions of
pounds sterling)

1944—Dec.
1945—Dec.
1946—Dec.
1947—Dec.
1948—Dec.
1949—Dec.
1950—Dec.
1951—Dec.
1952—Dec.

Assets of issue
department

Goldi

Other
assets2

Assets of banking
department
Notes
and
coin

Discounts
and advances

Securities

Liabilities of banking department
Note
circulation 3

Deposits
Bankers'

Public

ECA

Other

Other
liabilities and
capital
17.8
17.8
18.
18.
18.
18.
18.
18.
18.

27
26
25
31
29
28
27
26
31

.2
.2
.2
.2
.2
.4
.4
.4
.4

,250.0
,400.0
,450.0
,450.0
,325.0
,350.0
,375.0
,450.0
,575.0

13.5
20.7
23.4
100.8
36.1
33.7
19.2
14.1
51.3

5.1
8.4
13.6
15.2
16.7
14.8
29.2
18.2
11.2

317.4
327.0
327.6
331.3
401.1
489.6
384.0
389.2
371.2

1,238.6
1,379.9
1,428.2
1,349.7
1,293.1
1,321.9
1,357.7
1,437.9
1,525.5

260.7
274.5
278.9
315.1
314.5
299.2
313.5
299.8
302.8

5.2
5.3
10.3
18.6
11.7
11.6
15.4
13.4
10.0

17.4
97.9
.4
.6
24.3

52.3
58.5
57.3
95.5
92.1
111.2
85.0
89.8
78.5

1953—Sept. 30
Oct. 28
Nov. 25
Dec. 30

.4
.4
.4
.4

,575.0
,575.0
,575.0
,675.0

45.2
45.5
27.9
57.8

5.2
12.9
7.6
4.9

356.6
343.2
362.9
338.1

1,532.7
1,532.4
1,549.9
1,619.9

287.3
287.3
288.8
290.2

10.7
9.9
10.4
14.9

19.9
17.6
11.5
7.2

70.6
68.9
69.9
70.4

18.6
17.8
17.9
18.2

1954—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.

.4
.4
.4
.4
.4
.4
.4
.4

,575.0
,575.0
,625.0
,625.0
,625.0
,675.0
M,
750.0
4
1,700.0

42.6
29.9
51.3
15.5
14.7
30.2
36.8
48.7

15.4
14.0
15.2
7.5
7.0
11.7
8.2
7.0

330.2
340.1
319.3
369.5
352.5
374.6
338.7
310.1

1,535.2
1,547.9
1,576.9
1,612.6
1,613.4
1,647.4
1,715.8
1,654.0

278.6
284.0
262.7
289.3
267.8
307.7
269.1
267.2

10.7
10.9
30.6
11.7
14.0
10.6
14.8
14.6

12.5
4.7
1.0
6.6
4.6
8.7
10.2
1.7

68.1
65.9
72.9
67.1
69.8
71.3
71.3
63.8

18.3
18.4
18.6
17.8
18.0
18.2
18.3
18.4

27
24
31
28
26
30
28
25

*On June 9, 1945, the official buying price of the Bank of England for gold was increased from 168 shillings to 172 shillings and threepence
per fine ounce, and on Sept. 19, 1949, it was raised to 248 shillings. For details regarding previous changes in the buying price of gold and for
internal
gold transfers during 1939, see BULLETIN for March 1950, p. 388, footnotes 1 and 4.
2
Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure.
3
Notes issued less amounts held in banking departments
^Fiduciary issue decreased by 50 million pounds on Jan. 6, by 25 million on Jan. 13 and Jan. 27 and increased by 50 million on Mar. 17,
June 2 and July 13, by 25 million on July 28, and by 50 million on Aug. 18. For details on previous charges, see BULLETIN for February 1954,
p. 222.
NOTE.—For back figures, see Banking and Monetary Statistics, Table 164, pp. 638-640; for description of statistics, see pp. 560-561 in same
publication.
1128




FEDERAL RESERVE BULLETIN

CENTRAL BANKS—Continued
Liabilities

Assets

Bank of Canada
(Figures in millions of
Canadian dollars)

Gold»

Sterling
and United
States
dollars

Dominion and provincial government
securities
Short-3
term

Other

Deposits
Other
assets

Note
circulation1

Chartered Dominion
governbanks
ment

Other

Other
liabilities
and
capital4

31.
31.
31.
30.
31.
31.
31.
31.
31.
30.
31.
31.

200.9
.5
.6
172.3
156.8
1.0
2.0
.4
74.1
111.4
117.8
77.1

391.8
807.2
787.6
906.9
,157.3
,197.4
,022.0
,233.7
,781.4
,229.3
,141.8
,459.8

216.7
209.2
472.8
573.9
688.3
708.2
858.5
779.1
227.8
712.5
1,049.3
767.2

33.5
31.3
47.3
34.3
29.5
42.1
43.7
45.4
42.5
297.1
135.2
77.3

496.0
693.6
874.4
,036.0
,129.1
,186.2
,211.4
,289.1
,307.4
,367.4
,464.2
,561.2

232.0
259.9
340.2
401.7
521.2
565.5
536.2
547.3
541.7
578.6
619.0
626.6

73.8
51.6
20.5
12.9
153.3
60.5
68.8
98.1
30.7
24.7
94.9
16.2

6.0
19.1
17.8
27.7
29.8
93.8
67.5
81.0
126.9
207.1
66.1
44.5

35.1
24.0
55.4
209.1
198.5
42.7
42.4
43.1
119.2
172.6
200.0
132.9

1953—Sept. 30.
Oct. 31.
Nov. 30.
Dec. 31.

69.0
70.5
61.2
54.9

,385.7
,469.9
,378.6
,376.6

824.9
812.1
894.9
893.7

81.0
118.6
89.7
112.0

,552.5
,555.9
,559.3
,599.1

616.9
733.6
625.6
623.9

15.4
3.8
50.3
51.5

37.8
37.2
43.4
29.5

138.0
140.8
145.7
133.1

1954—Jan. 30.
Feb. 27.
Mar. 31.
Apr. 30.
May 31.
June 30.
July 31.
Aug. 31.

61.6
53.0
50.0
58.3
61.5
54.2
53.6
56.9

,328.3
,374.8
,552.8
,703.8
,740.4
1,568.5
1,651.2
1,669.9

880.6
900.8
636.3
568.0
520.5
702.0
502.3
502.4

103.1
116.7
146.2
101.2
103.2
112.9
109.9
77.2

,519.2
,506.2
,512.6
,535.7
,546.6
,553.5
,572.1
1,573.0

634.4
676.6
660.0
661.7
589.3
624.4
543.9
531.0

48.8
126.1
81.8
86.0
143.8
99.0
50.5
49.6

29.5
34.4
28.9
27.3
30.3
41.4
30.9
31.5

141.6
102.0
102.0
120.6
115.7
119.2
119.5
121.3

1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
1947—Dec.
1948—Dec.
1949—Dec.
1950—Dec.
1951—Dec.
1952—Dec.

Liabilities

Assets

Bank of France
(Figures in
millions of francs)

1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
1947—Dec.
1948—Dec.
1949—Dec.
1950—Dec.
1951—Dec.
1952—Dec.

31.
31.
30.
28.
27.
26.
31.
30.
29.
28.
27.
31.

Gold*

Foreign
exchange

Domestic bills

Advances to
Government6

Other
assets0

Note
circulation

Deposits7
Government

Open
market

Special

Other

Current

Other

6,812
38
84,598
8,420
37
84,598
37
9,518
84,598
42 12,170
75,151
68 17,980
129,817
7 37,618
94,817
12 67,395
65,225
30 97,447
65,225
62,274 61,943 137,689
182,785 162,017 136,947
191,447 28,320 234,923
200,187 31,068 274,003

12
169
29
48
303
3,135
64
8,577
28,548
34,081
31,956
57,042

4,517
5,368
7,543
18,592
25,548
76,254
117,826
238,576
335,727
393,054
741,267
937,459

69,500
68,250
64,400
15,850
67]900
147,400
150,900
157,900
158,900
160,000
172,000

182,507
250,965
366,973
475,447
445,447
480,447
558,039
558,039
560,990
481,039
481,039
479,982

17,424 270,144 1,517
16,990 382,774
770
16,601 500,386
578
20,892 572,510
748
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

ECA

Other

Other
liabilities
and
capital

25,272 868,474
29,935 821,318
33,137 815,596
37,855
7,078
57,755
4,087
63,468
7,213
82,479 10,942
171,783 16,206
158,973
19,377
15,058 161,720 24,234
10,587 166,226 41,332
897 137,727 49,305

1953—Sept. 24. 201,282
Oct. 29. 201,282
Nov. 26.
01,282
Dec. 31. 201,282

4,803
9,319
12,444
15,421

260,777
272,559
255,680
292,465

23,441
49,968
59,533
61,108

905,862
877,283
836,117
891,560

200,000
200,000
200,000
200,000

617,049
632,149
654,949
679,849

133,385 2,141,807
152,085 2,193,383
150,222 2,168,977
169,964 2 ,310,452

73
96
78
21

394
479
458
2,061

139,313
139,662
131,490
142,823

65,011
61,023
69,224
56,292

1954—Jan. 28.
Feb. 25.
Mar. 25.
Apr. 29.
May 26.
June 24.
July 29.
Aug. 26.,

18,596
20,807
23,646
27,862
31,344
34,133
37,884
41,059

262,211
272,186
227,003
218,436
208,288
217,399
264,197
265,330

56,988
51,577
40,319
33,162
26,612
18,317
12,206
5,129

895,508
870,066
905,854
982,829
934,538
946,002
1,018,726
980,146

195,000
195,000
195,000
195,000
195,000
195,000
195,000
195,000

657,549 162,772 ,253,485
667,549 159,027 ,257,405
672,949 146,195 ,235,417
663,349 192,424 ,322,140
651,849 210,331 ,272,409
656,749 185,682 ,270,081
652,449 196,282 ,386,357
648,049 9191,874 2 ,333,133

72
42
70
15
17
84
70
100

628
627
79
98
134
202
348
83

133,398
131,996
114,617
132,387
128,816
119,155
132,203
128,178

62,323
47,425
62,064
59,704
57,869
65,043
59,047
66,377

201,282
201,282
201,282
201,282
201,282
201,282
201,282
201,282

*On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term Government securities (see BULLETIN for
July 1940, pp. 677-678).
Securities maturing in two years or less.
34 Includes notes held by the chartered banks, which constitute an important part of their reserves.
Beginning November 1944, includes a certain amount of sterling and United States dollars.
6
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.
«For explanation of these items, see BULLETIN for January 1950, p. 117, footnote 6.
7
Beginning January 1950, when the Bank of France modified the form of presentation of its statement, the figures under this heading are
not strictly
comparable with those shown for earlier dates.
8
Includes the following amounts (in millions of francs) for account of the Central Administration of the Reichskreditkassen: 1941, 64,580;
1942, 16,857; 1943, 10,724.
^Includes advance to Stabilization Fund, amounting to 61.9 billion francs on Aug. 26.
NOTE.—For back figures on Bank of Canada and Bank of France, see Banking and Monetary Statistics, Tables 166 and 165, pp. 644-645
and pp. 641-643, respectively; for description of statistics, see pp. 562-564 in same publication. For last available report from the Reichsbank
(February 1945), see BULLETIN for December 1946, p. 1424.

OCTOBER

1954




1129

CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)
Central Bank of t h e Argentine
Republic (millions of pesos):
Gold reported separately
Other gold and foreign exchange.
Government securities
Rediscounts and loans to banks..
Other assets
Currency circulation
Deposits—Nationalized
Other sight obligations
Other liabilities and capital
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 c a p i t a l . . . . .
Austrian National Bank (millions
of schillings):
Gold
Foreign exchange
Loans and discounts
Claim against Government
Other assets.
Note circulation
Deposits—Banks
Other
Blocked
National Bank of Belgium
(millions of francs):
Gold
Foreign claims and balances (net)
Loans and discounts
Consolidated Government debt. .
Government securities
Other assets
Note circulation
Deposits—Demand
ECA
Other liabilities and capital
Central Bank of Bolivia—Monetary dept. (millions of bolivianos):
Gold at home and abroad
Foreign exchange (net) x
Loans and discounts
Government securities
Other assets
Note circulation
Deposits
Other liabilities and capital
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 c a p i t a l . . . .
Central Bank of Chile (millions
of pesos):
Golds
Foreign exchange (net) 3
Net claim on Int'l. Fund
Discounts for member banks. . .
Loans to Government
Other loans and discounts
Other assets
Note circulation
Deposits—Bank
Other
Other liabilities and c a p i t a l . . . .
Bank of the Republic of Colombia
(thousands of pesos):
Gold and foreign exchange
Net claim on Int'l. Fund 3

1954
Aug.

July

1953

June

623
1,623
707
1,767
758
3,771
109 62,798
305
254
406 26,213
077 39,124
529
464
490
4,412
460 ;05,414
445 13,552

449,507
7,054

438,647 447,073 457,739
67,872 70,566 64,936
347,577 345,077 343,827
331,370 334 670 351,920
31,826 50 859 54,405
252,307 258, 939 291,490
413
9,758
5,199
1,777
29
11,265
3,257
771
1,884

328
,423
,182
,777
32
,302
,901
676
,863

271
8,919
5,298
1,777
33
10,959
2,817
730
1,793

37,777
11,147
8,463
34,660
8,880
4,490
100,140
1,498
125
3,654

38, 270
10, 857
10, 735
34, 660
7 806
4' 406
100 951
908
114
76:

38,265
11,986
6,658
34,660
8,238
4,453
98,216
1,65
119
4,273
Mar.)*
1,903
12,643
6,401
2,505
220
13,229
3,929
6,51

450,108 437 ,919 446,213
25,000
,700
25,212
,293 47,53
,338
9,120
4,209
,631 357,526
368,700
,467 14,98
3,108
,759 78,815
88,32.
,393 46,63
49,309
5,710
758

772 2,870
46" 11,469
08
9,437
309 3,45'
843 21,372
52'
4,69
865
9V
135 6,72
455,409
24,377

24

492,623
24,377

Aug.

Central Bank
(Figures as of last report
date of month)

1954
Aug.

July

1953
Aug.

June

Bank of the Republic of Colombia—Cont.
Loans and discounts
395,838 365,792 163,019
Government loans and securities. 289,645 57,266 158,912
Other assets
20,762 38,625 37,594
Note circulation
547,218 568,904 684,064
Deposits
16,874 501,550 472,697
Other liabilities and capital
21,941 15,416 19,765
Central Bank of Costa Rica
(thousands of colones):
Gold
11,503 11,503 11,503
Foreign exchange
72,251 83,957 96,939
Net claim on Int'l. Fund 3
7,032
7,032
7,032
496,335
Loans and discounts.
09,112 08,471 01,828
5,275
Securities
1,195
1,963
3,762
Other assets
24,847 25,468 24,813
410,094
Note circulation
36,752 37,908 38,440
47,485
Demand deposits
62,046 71,358 76,303
331,863
Other liabilities and capital
29,709 29,128 28,567
National
Bank
of
Cuba
278,230
(thousands
of
pesos):
37,272
Gold
185,871
311,824
Foreign exchange (net)
27,579
Foreign exchange (Stabilization
Fund)
304,480
101
Silver
5,109
Net claim on Int'l. Fund 3
12,512
6,165
Loans and discounts
33,098
1,893
Credits to Government
41,929
31
Other assets
77,496
9,608
Note circulation
420,071
1,139
Deposits
245,722
468
Other liabilities and capital
17,176
2,084 National Bank of Czechoslovakia 4
National Bank of Denmark
(millions of kroner):
35,76'
Gold
69
69
69
15,187
Foreign exchange
958
810
886
7,192
Loans
and
discounts
191
212
181
34,660
Securities
517
513
514
8,945
Govt. compensation account. . . . 3,216 3,218 3,219
4,394
Other assets
132
150
337
99,207
Note circulation
2,000
1,954
1,896
1,403
Deposits—Government....
1,303
1,266
1,271
190
Other
1,551
1,593
1,722
5,343
Other liabilities and capital
231
235
238
Central Bank of the Dominican
Republic (thousands of pesos):
4,418
Gold
12,076 12,076 12,076
7,
Foreign exchange (net) 3
27,333 26,778 25,024
2,893
Net claim on Int'l. Fund
1,250
1,250
1,250
2,505
Loans and discounts
2,310
2,284
2,371
19
Government securities
9,420
9,420
9,420
9,77
Other assets
7,015
7,078
7,131
1,885
Note circulation
38,010 39,156 37,373
6,238
Demand deposits
19,356 17,565 17,60:
Other liabilities and capital
2,120
2,166
2,214
326,525 Central Bank of Ecuador
(thousands of sucres):
13,300
Gold
163,497
342,656 342,633 342,539
Foreign exchange ( n e t ) . .3. .
7,643
126,640 137,464 106,442
Net claim on Int'l. F u n d . .
376,7OC
18,757 18,75' 18,757
Credits—Government
44
383,947 361,760 358,147
Other
91,45i
266,308 241,819 216,907
Other assets
42,37
209,616 191,486 213,895
Note circulation
713,130 691,330 646,867
Demand deposits—Private banks. 223,968 208,081 222,168
Other
1,253
172,176 169,028 154,903
Other liabilities and capital
273
238,650 225,479 232,74<
38 National Bank of Egypt (thou
2,86
sands of pounds):
4,021
Gold
60,553 60,553 60,553
10,92
Foreign exchange
20,000 22,26: 20,627
1,99
Foreign and Egyptian
15,07
Government securities
243,079 243,753 247,429
3,29?
Loans and discounts
22,575 21,108 12,998
46'
11
Advances to Government
2,87?
2,009
2,510
Other assets
3,228
Note circulation
163,102 168,143 166,54Deposits—Government
47,573 47,737 51,968
349,15
Other
129,110 124,852 114,551
24,374
Other liabilities and c a p i t a l . . . .
9,455 10,553
9,661
1,623
1,063
3,201
53,796
316
22,756
33,063
465
3,715

342,459
198,446
100,103
545,237
382,375
86,922

11,511
105,861
7,031
77,379
1,376
23,736
133,722
67,060
26,113

195,748
57,494
247,561
12,412
12,511
42,251
27,419
68,941
416,697
232,765
14,873

69
830
106
455
3,258
150
1,803
1,450
1,419
196

12,076
17,832
1,250
1,059
9,950
1,517
33,880
7,828
1,975
339,373
115,779
18,757
308,705
256,983
182,645
602,855
177,898
192.332
249,156
60,553
19,831
281,252
15,143
1,142
2,479
175,762
60,689
133,829
10,120

•Latest month available.
1 Represents chiefly bills secured by stocks of mined tin not yet sold in world markets.
2
On Oct. 5, 1953, gold revalued from 0.0286668 to 0.00807883 grams of fine gold per peso.
3
This figure represents the amount of the country's subscription to the Fund less the bank's local currency liability to the Fund.
4
For last available report (March 1950), see BULLETIN for September 1950, p. 1262.

1130




FEDERAL RESERVE

BULLETIN

CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)
Central Reserve Bank of El Salvador (thousands of colones):
Gold
..
Foreign exchange (net) 1
Net claim on Int'l. Fund
Loans and discounts
Government debt and securities..
Other assets
Note circulation
Deposits
Other liabilities and capital
Bank of Finland (millions of markkaa):
Gold
Foreign assets (net) . . . .
Clearings (net)
Securities
Other assets
..
Note circulation
Deposits
Other liabilities and capital. . .
Bank of German States 2
(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 (billions of drachmae):
Gold and foreign exchange (net).

1954
Aug.

July

June

72,089
45,287
1,568
33,182
7,103
7,246
90,849
65,053
10,573

72,157
54,538
1,568
27,890
7,774
7,652
93,779
67,338
10,462

72,223
65,584
1,568
17,205
11,549
8,001
94,554
71,077
10,499

6,973
17,397
7,722
33 059
2,244
1,985
45,850
7,996
15,534

6,973
16,671
7,962
36,321
2,212
2,425
44,720
12,900
14,943

6,973
14,865
8,503
41 924
2,217
2,142
44,605
17,347
14,671

2,006
8,177
1,828
4,794

1,754
8,154
2,370
4,452

809

936

11,732 11,542
1,155
1,162
2,632 2,843
263

1,832

Advances—Government
Other
Other assets
Note circulation
Deposits—Government
relief acts
Other
Other liabilities and capital
Bank of Guatemala (thousands of
quetzales):
Gold
Foreign exchange (net) . .
Gold contribution to Int'l Fund
Rediscounts and advances
Other assets
Circulation—Notes
Coin
Deposits—Government .
Banks
Other liabilities and capital
National Bank of HungaryS
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 4 (millions of rupiah):
Gold and foreign exchange (net) 5 .
Loans and discounts
Advances to Government
Other assets

1953

248

1,870

4,866
141
9,147
4,386
1,809
3,376
1,343

4,886
148
8,690
4,082
1,925
3,272
1,246

6,749
3,710
5,169

6,749
3,217
5 246
27,228
12,803
1,250
13,003
35 312
54,131
3,695
2,506
13 577
15,686

400

400

444

382
904
67
11

6,232 6 532
4,212 4,212
1 ,027
983
11,427 11,745
1 ,091
14

582
717
7,707
299

1,188
2,370

1,252
2,237

367

378

444
639
7,514
287

366
569
7,249
247

Aug.

Central Bank
(Figures as of last report
date of month)

Bank Indonesia—Cont.
Note circulation
Deposits—ECA
72,940
Other
58,665
1,566
Other liabilities and capital
16,891 Central Bank of Ireland (thousands
of pounds):
4,078
Gold
2,362
85,420
Sterling funds
62,888
Note circulation
8,193 Bank of Italy (billions of lire):
Gold
Foreign exchange
5,862
Advances to Treasury
Loans and discounts
10,690
Government securities
5,938
41 278
Other assets .. .
Note circulation
1,661
2,386
Deposits—Government
45,075
Demand
Other
4,605
Other liabilities and capital. . .
18,136
Bank of Japan (millions of yen):
Bullion
1,035
Advances to Government
Loans and discounts
6,045
2,195
Government securities
Other assets
6,707
998
Note circulation
Deposits—Government
11,124
1,335
Other
Other liabilities
2,477
241 Bank of Mexico (millions
of pesos):
Monetary reserve 8
1 ,801
"Authorized" holdings of securities, etc
Bills and discounts
4,500
Other assets... .
164
Note circulation
8,766
3,248
Demand liabilities
Other
liabilities and c a p i t a l . . .
2,172
2,760 Netherlands Bank (millions of
guilders):
1,298
Gold
Silver (including subsidiary coin).
7,023
2,291
Foreign assets (net)
Loans and discounts
5 469
Govt. debt and securities
Other assets
Note circulation—Old
27,228
New
13,761
1 250
Deposits—Government
ECA
9,927
Other
28 299
Other liabilities and capital
43,816
3,516 Reserve Bank of New Zealand
(thousands of pounds):
6,031
Gold
11 062
16,039
Foreign exchange reserve
Loans and discounts
Advances to State or State undertakings .
Investments
Other assets
400
Note circulation
5,582
Demand deposits
4,249
943
Other liabilities and capital
10,829 Bank of Norway (millions of kroner):
Gold
344
Foreign assets (net)
1,412
Clearing accounts (net)
Loans and discounts
48
4
Securities
Occupation account (net)
1,049
2,648
Other assets
210
Note circulation
Deposits—Government
Banks
1,915
644
FOA—MSA
Other liabilities and capital
4,092
257

1953

1954

Aug.

Aug.

July

June

6,212
495
2,116
482

6,031
495
1,890
468

5,938
495
1,532
466

4,840
495
1,115
457

2,646 2,646 2,646
64,135 65,288 64,003
66,781 67,934 66,649

2,646
61,076
63,722

4
77
567

4
74
567

4
71
567

364
311
774

333
320
791

349
290
725

307
256
734

1,289

1,395

1,392

1,341

30

29

35

71
435

4

56
567

65

66
389

69
475

58
479

129

131

126

114

448
1,400
435,759
193,934
82,562
521,725
42,423
75,366
74,590

448
1,400
430,667
199,245
87,952
524,002
40,743
78,043
76,923

448
1,400
444,595
202,991
93,369
534,215
63,217
68,573
76,799

448
37,344
458,828
136,644
134,559
526,992
137,111
55,687
48,033

1,271

1,218

1,201

1,155

3,393
475
729
3,745
1,340

3,210
495
734
3,666
1,207
784

2,775
723
456
3,141
1,479

783

3,277
793
1,054
3,537
1,268
1,520

3,015

3,006

2,930

2,588

488

18

17

16

16

1,335

1,547

1,628

1,510

28

30

37

695
436
29
3,418

670
439
29
3,395

713
421
29
3,357

406
801
640
232

550
821
685
229

624
797
723
214

6,172 6,171 6,170
85,822 89,442 93,957
13,369 13,542 10,556
30,847
23,964
1,475
67,930
85,469
8,249

28,154
23,957
1,615
66,979
87,974
7,927

32

1,217
461
32
3,176
691

1,195
521
209

6,024
66,421
6,019

36,300 58,719
23,950 36,990
1,517
1,412
67,479 62,647
96,969 105,036
7,896
8,007

203
176

203
185
-78
55
30

2*18
132
-68
62
30

281
69

-75
52
26

5,546

5,546

5,546

5,546

39
53
43

57

76

62

49

3,119
1,341
741
207

3,122
1,453
699
205

3,078
1,708
532
174

578

539

491

2,914
1,672
759
278
456

l
This
2

figure represents the amount of the country's subscription to the Fund less the bank's local currency liability to the Fund.
Combined figures for the Bank of German States and the nine Land Central Banks.
3For
last
available report (February 1950), see BULLETIN for September 1950, p. 1263.
4
As of July 1, 1953, the Java Bank became the Bank Indonesia and established an Issue and a Banking Department. Figures shown represent
Issue5 and Banking Departments combined.
Gold not reported separately beginning January 1954.
6
Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities.

OCTOBER

1954




1131

CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)
State Bank of Pakistan (millions of
rupees):
Issue department:
Gold at home and abroad...
Sterling securities
Pakistan Goyt. securities. . .
Govt. of India securities....
India currency
Rupee coin
Notes in circulation
Banking department:
Notes of issue department. .
Bills discounted
Loans to Government
Other assets
Deposits
Other liabilities and capital..
Central Bank of Paraguay 1
(thousands of guaranies):
Gold2
Foreign exchange (net) 3
Net claim on Int'l. Fund
Loans and discounts
Government loans and securities.
Other assets
Note and coin issue
Deposits—Government
Other
Other liabilities and capital
Central Reserve Bank of Peru
(millions of soles):
Gold and foreign exchange
Net claim on Int'l. Fund 3
Loans and discounts to banks. . .
Loans to Government
Other assets
t
Note circulation
Deposits
Other liabilities and capital
Central Bank of the Philippines
(thousands of pesos):
Gold
Foreign exchange
Net claim on Int'l. Fund 3
Loans
Domestic securities
Other assets
Circulation—Notes
Coin
Demand deposits
Other liabilities and capital
Bank of Portugal (millions of
escudos):
Gold
Foreign exchange (net)
Loans and discounts
Advances to Government
Other assets
Note circulation
Demand deposits—Government..
ECA
Other
Other liabilities and capital
South African Reserve Bank
(thousands of pounds):
Gold
Foreign bills
Other bills and loans
Other assets
Note circulation
Deposits
Other liabilities and capital
Bank of Spain (millions of pesetas):
Gold
Silver
Government loans and securities.
Other loans and discounts

1954
Aug.

July

1953
June

Central Bank
(Figures as of last report
date of month)

Aug.

81
381
1,300
147
300
57
2,164

81
400
,281
147
300
58
,167

81
416
1,367
146
300
55
2,240

81
424
1,118
126
300
68
2,009

102
6
73
420
508
93

99
5
65
424
496
98

124

108
1
124
492

75
304
387
115

640

85

(May)*
2,846
91,307
28
450,566
537,452
229,189
625,964
138,965
155,762
390,697

1,138
54,782
11
248,398
363,569
361,105
465,554
121,746
152,512
289,192

327
67
575
1,225
100
1,703
355
237

470
67
461
1,023
181
1,545
386
272

18,813
18
438 474 447,130
29 504 29,504
1,584
714 240,066
227 970
156,923
161
584 708 587,486
84 802 84,701
154 484 170,775
53 048 51,058

18,813
452,098
29,504
17,374
224,061
155,835
551,447
86,106
204,202
55,931

,381 5,345
,204 13,198
645
639
,408 1,412
978
979
,525 9,501
,761 1,734
6
6
177 8,178
,143 2,161

4,768
12,146
677
1,427
668
9,137
1,690
6
6,703
2,150

66,120
47,589
7,041
47,517
98,988
51,956
17,323

62,259
26,389
30,914
39,634
93,468
47,665
18,063

613
613
323
323
,247 15,743
,751 26,642

596
338
15,991
23,082

325
67
689
,216
73
,801
356
212

66 ,615
41 ,174
14 ,137
44 ,262
100 ,218
47 ,686
18 ,283

1954
Aug.

July

1953

June

Bank of Spain—Cont.
37,138 37,389
Other assets
Note circulation
39,446 37,728
6,236 7,104
Deposits—Government
3,438 3,329
Other
31,953 32,548
Other liabilities and capital. . . . .
Bank of Sweden (millions of kronor):
482
482
Gold
482
Foreign assets (net)
1,359 1,331 1,356
Net claim on Int'l.*Fund 3
129
129
129
Swedish Govt. securities and ad- 4
2,572 2,530 2,405
vances to National Debt Office
56
433
Other domestic bills and advances
46
849
896
Other assets
860
Note circulation
4,523 4,463 4,593
100
376
150
Demand deposits—Government..
121
40
78
Other
693
697
693
Other liabilities and capital
Swiss National Bank (millions of
francs):
6,221 6,198 6,131
Gold
509
537
530
Foreign exchange
117
102
108
Loans and discounts
92
90
93
Other assets
4,957 4,956 4,967
Note circulation
Other sight liabilities
1,785 1,746 1,706
203
Other liabilities and capital
204
203
Central Bank of the Republic of
Turkey (millions of pounds):
Gold
402
402
402
Foreign exchange and foreign
225
237
clearings
216
Loans and discounts
2,385 2,310 2,190
30
30
Securities
30
88
90
Other assets
92
Note circulation
1,469 1,449 1,432
154
154
Deposits—Gold
154
957
875
Other
983
495
488
Other liabilities and capital
519
Bank of the Republic of Uruguay
(thousands of pesos):
(May)*
Gold
344,167
Silver
8,672
Advances to State and Govern123,343
ment bodies
375,715
Other loans and discounts
609,949
Other assets
456,400
Note circulation
148,591
Deposits—Government
333,215
Other
523,640
Other liabilities and capital
Central Bank of Venezuela (millions of bolivares):
1,232 1,232 1,232
Gold
277
374
212
Foreign exchange (net)
149
123
142
Other assets
986
999
992
Note circulation
258
269
223
Deposits
414
463
371
Other liabilities and capital
Bank for International Settlem e n t s (thousands of Swiss gold
francs):
591,111 570,287 558,106
Gold in bars
Cash on hand and with banks. . . 88,699 99,151 51,144
1,528 1,484 1,491
Sight funds at interest
Rediscountable bills and accept300,056 174,970
293,325
ances (at cost)
386,345 409,462 374,355
Time funds at interest
508,495 539,690
441,820
Sundry bills and investments....
297,201 297,201 297,201
Funds invested in Germany
7,105 8,555
6,615
Other assets
435,794 432,775 434,282
Demand deposits (gold)
Short-term deposits:
Central banks—Own account.. 1,133,898 1,231,904 1,032,386
26,598 19,089 26,373
Other
228,909 228,909 228,909
Long-term deposits: Special
281,446
280 565 283,561
Other liabilities and capital

Aug.
30,777
37,124
3,721
2,983
26,957
450
1,327
129
2,376
365
856
4,321
228
233
720
6,056
536
211
56
4,861
1,787
211
402
184
1,831
26
108
1,370
153
711
316
336,572
9,276
116,460
341,293
601,562
400,046
128,965
367,271
508,881
1,141
197
83
917
293
211

575,696
75,439
3,322
288,133
23,706
254,143
297,201
1,399
433,012
540,115
42,848
228,909
274,154

* Latest month available.
!The new Central Bank of Paraguay began operations on July 1, 1952. Central banking functions previously performed by the Monetary Department
of the Bank of Paraguay were transferred to the new institution.
2
On Jan. 1, 1954, gold revalued from 0.148112 to 0.0592447 grams of fine gold per guarani.
3
This
figure represents the amount of the country's subscription to the Fund less the bank's local currency liability to the Fund.
4
Includes small amount of non-Government bonds.

1132




FEDERAL RESERVE BULLETIN

MONEY RATES IN FOREIGN COUNTRIES
DISCOUNT RATES OF CENTRAL BANKS
[Per cent per annumj
Central bank of—
Date
effective

Central
bank of—

SwitzUnited
Ger- Bel- Nether- SweerKing- France many
gium lands
den land
dom

In effect Dec. 31,
1948
May 27, 1949
July 14
Oct
6
June 8, 1950. .
Sept 11
Sept. 2 6 . . .
Oct 27
Dec. 1 . . .
Apr. 17, 1951. .
July 5 . . .
Sept 13
Oct. 1 1 . .
Nov. 8
Nov. 9
Jan. 22, 1952. .
Mar. 12
May 29
Aug. 1 ..
Aug. 21
Dec 18
Jan. 8, 1953
Apr 7
June 11
Sept. 17
Oct. 29 ..
Nov 20
Feb. 4, 1954. .
May 13
May 20
In effect Aug.
31, 1954

2

3

15
14

IX
2

Rate
Aug.
31

Argentina
Austria
Belgium
Bolivia

Date
effective

Mar.
June
Oct.
Sept.

1,
3,
29,
30,

Oct.
June
June
July
Feb.

June
May
Nov.
Mar.
Dec.

Central
bank of—

1936
1954
1953
1950

Mar. 25, 1952
4
Apr. 6, 1950
5.84 Oct. 1, 1951
434 June 4, 1942

17. 1950
11, 1954
13, 1935
18, 1933
1, 1950

Netherlands.
New Zealand.
Norway
Pakistan. . . .

iy2
3y2

Apr. 7, 1953
Apr. 12, 1954
Jan. 9, 1946
July 1, 1948

23, 1954
13, 1948
15, 1952
22, 1950
16, 1951

Peru
Portugal....
South Africa.
Spain
Sweden

6
2Y2
4

Nov.
Jan.
Mar.
July
Nov.

3M Feb. 4, 1954
May 20, 1954
13
Jan. 1, 1954
Nov.
15, 1951
10
Apr. 1, 1946
3

Switzerland..
Turkey
United Kingdom
U.S.S.R

3%
"3"
4

31/

2

Canada
Ceylon
Chile
Colombia
Costa Rica

3
16

4
4

2

3H

3

iy2

Date
effective

Ireland
Italy
Japan
Mexico

2%
6

3M
234

Rate
Aug.
31

Denmark....
Ecuador
Egypt
El Salvador. . .
Finland....

4

3}/
4
15

3

1434

10 2
3
3
5M

13, 1947
12, 1944
27, 1952
1, 1954
20, 1953

3
14

"ilk

13 V
334

334

France
Germany
Greece
India
Indonesia

2%
"2%

3

3H

3M

13

2%

2Y2

2M

Nov. 26, 1936
Feb. 26, 1951

3
4

May 13, 1954
July 1, 1936

1
Rates established for the Land Central banks.
NOTE.—Changes since Aug. 31: None.

13

3

3

IX

OPEN MARKET RATES
[Per cent per annum]
United Kingdom

Canada
Month

France
Day-to-

Bankers'
acceptances
3 months

Treasury
bills
3 months

Day-today

allowance

money

on deposits

money

.38
.36

1.03
1.03

1.00
1.00

1.13
1.13

.40

.53
.53
.56
.63

.63

.50
.50
.50
.50
.50
.50
.50
.50
2.00
2.00

1.49
1 .25
1.30
1.51
2.04
P2.34
2.59
2.57
3.84
4.13

Treasury
bills
3 months

Bankers'

day

I944—July
1945—July
1946—July
1947—July
1948—July
1949—July
1950—July
1951—July
1952—July
1953—July

.93

.51
.51
.51
.52
.51
.51

1 .11
1.76

3.00
3.00

2.46
2.35

2.25
2.25

1953—August
September. . . .
October
November....
December

1 .80
1.91
1.93
1.90
1.88

3.00
2.67
2.19
2.19
2.19

2.36
2.27
2.11
2.10
2.11

2.25
2.09
1.94
.94
.94

2.00
.88
L.75
L.75
L.75

4.18
4.34
3.91
4.00
3.75

1954—January
February
March
April
Mav
June
July

1.88
1.74
1.61
1.56
1.59
1 60
1.39

2.19
2.15
2.16
2.17
1.89
1 .66
1.60

2.12
2.07
2.10
2.09
1.79
1 .61
1.57

.94
.94
.94
L.94
.63
.44
.44

L.75
L.75
1.75
L.75
1.44
L.25
1.25

3.66
3.55
3.42
3.55
3.54
3.57
3.79

.41
.41
.51
.51
.77

.69

.63
.63
.63

.63
.63

Netherlands
Treasury
bills
3 months

Day-to-

day
money

Sweden

Switzerland

Loans
up to
3 months

Private
discount
rate

3-534
2 34-5

.91
.75
.50

3-5
3-5
3-5

1 .25
1.25
1.25
1.25
1.63
1.50
1.50
1.50
1.50
1.50

.50
.43
.38
.28
.03

.50
.50
.50
.50
.50

3-5
3-5
3-5
3-5
3-5

1.50
1.50
1.50
1.50
1.50

.23
.25
.45
.41
.38
.38
.40

.50
.50
.50
.50
.50
.50
.50

2H-5

L.52

L.52
L.56
L.43
L.57
L.39
L.05
.50

"" "i'.ii" * " 22 13^-43^
^—41^
1.09
1.35

.83

1.10

2 34^434
234~434
21^-41^

2%—S
2%-h
2%—5
2%—5
2%-S

2H-5

1.50
1.50
1.50
1.50
1.50
1 .50
1.50

P Preliminary.
NOTE.—For monthly figures on money rates in these and other foreign countries through 1941, see Banking and Monetary Statistics, Table 1 72,
pp. 656-661, and for description of statistics see pp. 571-572 in same publication.

OCTOBER

1954




1133

COMMERCIAL BANKS
United Kingdom*
(11 London clearing
banks. Figures in
millions of pounds
sterling)

Assets
Cash
reserves

Money at
Treasury
call and Bills dis- deposit Securities Loans to
customers
short
counted receipts2
notice

1948—December.
1949—December.
1950—December.
1951—December.
1952—December.

502
532
540
531
549

485
571
592
598
529

1953—September
October...
November
December.

515
518
520
542

476
476
469
501

1954—January. .
February.
March....
April
May
June
July
August. . .

526
504
512
535
501
531
534
534

483
454
468
489
463
455
428
438

Canada 8
(11 chartered banks.
End of month figures
in millions of
Canadian dollars)

Liabilities

741

1,109
1,408
972

1,397
793
456
102

1,248
1,376
1,340
1,354
1,417
1,330
1,113
1,078
1,088
1,122
1,170
1,185
1,209

Deposits

Other
assets

Demand

Time

1,478
1,512
1,528
1,965
2,148

1,396
1,534
1,660
,950
,764

621
579
735
867
748

6,200
6,202
6,368
6,333
6,460

4,159
4,161
4,262
4,290
4,232

2,041
2,041
2,106
2,042
2,228

420
427
550
651
528

2,137
2,238
2,245
2,275

,675
,666
,687
,725

623
607
626
729

6,320
6,373
6,419
6,694

4,004
4,041
4,080
4,327

2,316
2,332
2,339
2,368

482
472
483
495

2,277
2,275
2,269
2,280
2,305
2,311
2,351
2,348

,706
,754
,773
,786
,804
,856
,836
,840

633
638
632
699
643
711
643
656

6,457
6,237
6,243
6,378
6,335
6,533
6,466
6,519

4,124
3,954
3,957
4,056
4,005
4,193
4,121
4,173

2,333
2,283
2,286
2,321
2,330
2,340
2,345
2,346

499
501
489
499
502
501
510
505

Assets

Liabilities

Security
loans
abroad
and net Securities
Other due from
Security loans
and foreign
loans
discounts banks

Deposits payable in Canada
excluding interbank deposits

Entirely in Canada
Cash

Total

Other
liabilities
and
capital

Other
assets

Notes*
Total

Demand

Time

7,027
7,227
7,828
7,896
8,421

2,970
2,794
3,270
3,284
3,497

4,057
4,433
4,558
4,612
4,924

,537
,477
,667
,714
,736

1948—December.
1949—December.
1950—December.
1951—December.
1952—December.

749
765
824
907
916

101
133
134
107
155

2,148
2,271
2,776
3,028
3,289

144
146
171
227
326

4,268
4,345
4,286
3,876
3,955

1,169
1,058
1,304
,464
,516

1953—July
August. . .
September
October...
November
December.

877
883
897
962
899
906

125
135
110
144
152
154

3,649
3,732
3,772
3,838
3,977
3,897

328
353
330
342
390
424

3,872
3,886
3,918
3,789
3,789
3,831

,359
,329
,372
,432
,512
,510

8,496
8,651
8,692
8,744
8,918
8,881

3,344
3,445
3,466
3,596
3,851
3,847

5,152
5,206
5,226
5,148
5,068
5,034

,713
,667
,706
,763
,801
,841

1954—January. .
February.
March....
April
May
June

881
898
923
892
866
872

143
197
167
144
215
238

3,929
3,951
3,899
3,925
3,925
3,943

370
370
421
398
382
360

3,944
3,885
3,775
3,780
3,780
3,806

,337
,332
,426
,408
1,481
1,540

8,772
8,843
8,780
8,708
8,818
8,929

3,679
3,681
3,535
3,397
3,441
3,506

5,093
5,162
5,245
5,312
5,378
5,423

,832
,791
,830
,839
,830
1,829

France
(4 large banks. End
of month figures in
millions of francs)

16
14

Other
Liabilities
and
capital

Liabilities

Assets
Cash
reserves

Due from
banks

Bills discounted

Loans

Deposits

Other
Total

Demand

Own
acceptances

Other
liabilities
and
capital

Time

1948—December .
1949—December.
1950—December.
1951—December.
1952—December.

45,397
40,937
48,131
60,215
51,155

35,633
42,311
52,933
72,559
68,243

354,245
426,690
527,525
627,648
636,624

126,246
129,501
135,289
165,696
170,298

34,030
29,843
31,614
38,114
29,734

552,221
627,266
749,928
906,911
902,547

545,538
619,204
731,310
879,767
870,504

6,683
8,062
18,618
27,145
32,043

30,638
26,355
28,248
33,774
24,957

12,691
15,662
17,316
23,547
28,551

1953—July
August....
September.
October. ..
November.
December P
1954—January...
February..
March
April
May
June

47,903
50,451
47,177
46,003
47,103
50,763

85,806
89,197
81,649
74,964
78,797
85,739

661,082
651,314
644,000
694,021
696,942
743,686

189,591
198,784
199,498
185,109
189,753
183,302

49,269
49,226
50,250
54,393
60,636
68,819

952,454
956,528
939,282
965,798
978,019
1,029,660

913,188
917,027
900,010
924,602
935,267
987,111

39,265
39,501
39,272
41,196
42,752
42,549

27,446
25,209
22,928
24,355
28,142
30,308

53,751
57,234
60,364
64,338
67,070
72,341

46,077
44,083
43,889
43,467
49,186
45,701

76,601
75,183
80,266
78,411
79,438
85,313

782,293
770,445
714,717
710,596
719,284
721,240

180,524
193,050
201,349
206,008
213,557
214,988

37,840
40.242
45,611
45,340
46,594
48,348

,056,908
,054,531
,011,093
,007,632
,030,758
,034,079

1,013,546
1,010,245
968,648
967,024
989,474
993,533

43,363
44,286
42,444
40,608
41,284
40,546

31,301
32,539
34,322
31,538
29,721
28,422

35,126
35,933
40,416
44,652
47,580
53,090

P Preliminary.
!This table represents aggregates offiguresreported by individual banks. Data are compiled on the third Wednesday of each month, except
in June
and December when the statements give end-of-month data.
2
Represent six-month loans to the Treasury with a yield of */% per cent after October 1945.
3
Beginning December 1953, when a new bank was added, figures are for 11 banks.
* In January 1950, the Bank of Canada assumed responsibility for these notes.
NOTE.—For details concerning data in earlier years, see BULLETIN for April 1952, p. 466; for back figures and figures on German commercial banks, see Banking and Monetary Statistics, Tables 168-171, pp. 648-655, and for description of statistics, see pp. 566-571 in same publication.

1134




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]

\rgentina
(peso)
Year or month

1948
1949
1950
1951
1952
1953

. ..

1953—October
November
December

..

February
April
May
June
July
August
September

#

•
•

Year or month

Austria Belgium
(schilling) (franc)

Basic

Preferential

Free

29.773
29.774
26 571
20.000
20 000
20.000

13 333
13.333
13 333
13.333

8 289
7.067
7 163
7.198

321.22
293.80
223.15
223.07
222 63
224.12

23.8580

2.2816
2.2009
1 9908
1.9859
1 9878
2.0009

20.000
20 000
20.000

13.333
13 333
13.333

7.198
7 198
7.198

223.57
223 97
223.93

23 8580
3.8580

2.0063
2 0062
2.0053

20.000
20 000
20.000
20.000
20 000
20 000
20 000
20 000
20.000

13.333
13 333
13.333
13.333
13.333
13 333
13 333
13 333
13.333

7.198
7 198
7.198
7.198
7.198
7 198
7.198
7 198
7.198

224.01
224 13
224.27
224.55
224.58
224 56
224.51
224 13
223.18

3.8580
3 8580
3.8580
3.8580
3.8580
3 8580
3.8580
3 8580
3.8580

2.0023
2 0036
1.9152
1.9868
1 9909
2 0032
2 0009
1 9994
2.0007

Ceylon
(rupee)

Denmark
(krone)

Finland
(markka)

1948
1949
1950
1951
1952
1953

27.839
20.850
20.849
20.903
21.046

1953—October
November
December
February
March
April
May
June
July
August
September

Year or month

Australia
(pound)

France
(franc)
Official
.4929
.4671

Free

Germany
(deutsche
mark)

Brazil 1
(cruzeiro)

5.4406
5.4406
5 4406
5.4406
5 4406
»5.4420
3
5.4466
4 2808
3 Wtfi
4.2808
3.5261

British
Malaysia
(dollar)

42.973
32 788
32 849
32 601
32.595

Canada
(dollar)
Official

Free

100 000
97.491
90 909

91 691
92.881
91 474
94 939
102 149
101.650

32 596
32 641
32.635

101 762
102 266
102.754

4.2808
4 2808
4.2808
4.2808
4.2808
4 2808
4 2808
4
4 2808

3 5261
3 5261
3 5261
3.5261
3 5261
3 5261
3 5261
4
3 5261

32 646
32 656
32 668
32.689
32 681
32 666
32 689
32 644
32.558

102 781
103 439
102 996
101.786
101 575
101 882
102 611
103 060
103.112

India
(rupee)

Ireland
(pound)

Mexico
(peso)

NethNew
erlands Zealand
(guilder) (pound)

30.169
27.706
20.870
20.869
20.922
21.049

280.38
279 68
281.27

18.860
12 620
11.570
11.564
11 588
11.607

37.668
34 528
26 252
26.264
26 315
26.340

350.48
365 07
277.28
277.19
276.49
278.48

.4354
.4354
.4354

.3240
.3017
.2858
.2856
.2856
.2856

21.004
21.041
21.037

.4354
.4354
.4354

.2856
.2856
.2856

21.005
21.044
21.039

280.58
281.09
281.03

11.624
11.627
11.626

26.400
26.410
26.410

277.80
278.30
278.25

21.038
21.044
21.052
21.079
21.078
21.077
21.094
21.059
20.968

.4354
.4354
.4354
.4354
.4354
.4354
.4354
.4354
.4354

.2856
.2856
.2856
.2856
.2856
.2856
.2856
.2856
.2856

623.838
23.838
23.838
23.838
23 838
23.838

21.039
21.047
21.056
21.084
21.084
21.085
21.094
21 061
20.970

281.14
281.29
281.45
281.81
281.85
281.82
281.76
281 29
280.08

11.619
11.614
11.608
69,965
7.995
7.995
8.000
8 005
8.005

26.405
26.408
26.408
26.413
26.418
26.426
26.415
26 396
26.364

278.35
278.50
278.67
279.02
279.06
279.03
278.97
278 50
277.31

Norway
(krone)

PhilipPortupine
gal
Republic (escudo)
(peso)

South
Africa
(pound)

Sweden
(krona)

Switzerland
(franc)

United
Kingdom
(pound)

20 857
19.117
14.494
14.491
14.492

23.838
23.838
23.838

Uruguay 7
(peso)

1948
1949
1950
1951
1952
1953

20.159
18.481
14 015
14.015
14 015
14.015

49.723
49 621
49.639
49 675
49.676

4.0183
3.8800
3.4704
3.4739
3.4853
3.4887

400.75
366.62
278.38
278.33
278.20
280.21

27.824
25.480
19 332
19.327
19.326
19.323

23.363
23.314
23 136
23.060
23 148
23.316

403.13
368.72
280 07
279 96
279 26
281.27

65 830
65.830
65 833
65 833
65 833
8
65.833

56 182
56.180
56 180
56 180
56 180
8
56.180

42.553
42 553
42 553
42 553
842.553

1953—October
November . . . .

14.015
14.015
14.015

49.677
49.677
49.677

3.4896
3.4899
3.4900

279.53
280.04
279.98

19.323
19.323
19.323

23.310
23.255
23.289

280.58
281.09
281.03

65.833
65.833
8
65 833

56.180
56.180
8
56 180

42.553
42.553
8
42 553

1954—January

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

280.09
280.23
280.40
280.76
280.80
280.76
280.71
280.24
279.04

19.333
19.333
19.333
19.333
19.333
19.333
19.333
19.333
19.333

23 308
23.315
23 308
23.313
23.333
23.334
23.320
23.322
23.325

281 14
281.29
281 45
281 81
281.85
281.82
281.76
281.29
280.08

March
May
June
July
August
September

934.217
8

34.791
33.567
32 573

J
For figures on free rate
for the period Feb. 25-Oct. 9, 1953, inclusive, see BULLETIN for November 1953, p. 1231. The average for this
2
period was 2.3274.
Based on quotations beginning Nov. 30, 1953.
3Official rate, based on quotations through Oct. 9, 1953. Effective Oct. 12, 1953, the Brazilian authorities introduced new exchange ratios
for Brazilian exports. Under the new system premiums of 5 and 10 cruzeiros, depending upon type of merchandise, were added to the former
rate of 5.4466 cents, thus establishing two rates—4.2808 and 3.5261 cents, respectively. For the period Oct. 13-Oct. 30 the averages of these
two rates
were 4.2808 and 3.5261, respectively.
4
5
Based on quotations through Aug. 13, 1954.
Based 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.
7
Rate applied (except free rate) depends upon type of merchandise. In addition to the rates shown, a fifth rate was certified May 8-Dec. 4,
1953, inclusive; the average for this period was 53.1914. 9
•Based on quotations through Dec. 4, 1953.
Free rate, based on quotations Feb. 10-Dec. 4, 1953, inclusive.
NOTE.—For back figures, see Banking and Monetary Statistics, Table 173, pp. 662-682. For description of statistics, see pp. 572-573 in same
publication, and for further information concerning rates and averages for previous years, see BULLETIN for December 1953, p. 1409.

OCTOBER

1954




1135

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
WHOLESALE PRICES—ALL COMMODITIES
[Index numbers]
United
States

Canada

(1947-49
=100)

(1935-39
=100)

Mexico
(1939=
100)

68
69
79
96
104
99
103
115
112
110

131
132
139
163
193
198
211
240
226
221

1953—August

111
111
110
110
110

1954—January
February
March
April
May
June
July
August

111
111
111
111
111
110
110
111

Year or month

1944
1945
1946
1947
1948
1949
1950
1951
1952
1953

September
October
November
December

United
Kingdom
(1930=
100)

France
(1949=
100)

179
199
229
242
260
285
311
386
400
393

166
169
175
192
219
230
262
320
328
328

14
20
34
52
89
100
108
138
145
138

222
221
220
219
219

395
398
401
396
396

327
326
326
328
326

137
137
136
137
138

220
219
219
218
218
218
217
216

396
397
401
411
431
437
437
441

326
326
329
330
331
P332
P333
P330

138
138
136
137
139
135
P134
P136

Japan

Netherlands

Sweden

(1948=
100)

(1935=
100)

(Aug. 1939
=100)

2
4
16
48
128
209
246
343
349
354

100
104
117
143
140
134

196
194
186
199
214
216
227
299
317
298

207
205
200
208
217
206
203
227
220
213

5,270

5,246
5,237
5,222
5,256

355
357
359
360
361

133
133
133
134
134

296
295
295
297
296

212
212
212
212
211

5,286
5,328
5,336
5,295
••5,292
5,262

368
369
368
364
358

135
136
135
136
137
137
134

296
296
296
297
296
298
P297

213
213
214
215
214
215
214
214

Italy
(1938=
100)

(1934-36
average
=1)

5,159
5,443
5,169
4,897
5,581
5,270
5,250

Switzerland

r
P Preliminary.
Revised.
NOTE.—For sources and references concerning changes in the structure of price indexes for various countries, see BULLETIN for December
1952, p. 1356.

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

Other
Processed commodFarm
Farm
foods
products
products
ities

69
72
83
100
107
93
98
113
107
97

n.a.
n.a.
n.a.

1953—August

1954—January
February
March
April
May
June
July
August

1944
1945
1946
1947 . ,
1948
1949
1950
1951
1952
1953

September
October
November
December

United Kingdom
(1930=100)

Raw and Fully and
partly
chiefly
manumanufactured factured
goods
goods

Foods

Industrial
products
170
175
184
207
242
249
286
»364
*352

Netherlands
(1948=100)

Foods

Industrial raw
products

Industrial
finished
products

100
101
112
122
129
123

100
108
128
171
166
156

100
104
116
143
135
132

98
106
96
100
111
109
105

70
71
78
95
103
101
105
116
113
114

155
165
177
190
230
226
237
269
250
220

134
136
140
164
196
197
213
238
219
207

129
130
138
162
192
199
211
242
231
229

158
158
158
165
181
197
221
247
284
307

96
98
95
94
94

105
107
105
104
104

115
115
115
115
115

214
209
209
205
207

210
207
205
203
204

230
230
229
228
228

309
307
304
305
302

119
121
120
122
122

155
155
154
153
153

131
132
132
132
132

98
98
98
99
98
95
96
96

106
105
105
106
107
105
'107
106

115
114
114
115
115
114
114
114

209
209
207
206
210
210
214
208

207
205
204
206
208
207
207
205

228
227
227
225
225
225
224
222

302
305
311
310
310
P311
P313
P304

127
128
126
127
129
131
118

153
153
154
1.S3
155
155
154

133
133
133
133
133
134
133

r
n.a. Not available.
P Preliminary.
Revised.
NOTE.—For sources and references concerning changes in the structure of price indexes for various countries, see BULLETIN for December
1952, p. 1356.

1136



FEDERAL RESERVE BULLETIN

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued
CONSUMERS' PRICE INDEXES
All items

United
States
(1947-49
= 100)1

Canada
(1949
= 100)

1946
1947
1948
1949
1950
1951
1952
1953

83
96
103
102
103
111
114
114

78
85
97
100
103
114
116
115

1953—August
September
October
November
December

115
115
115
115
115

1954—January
February
March
April
May
June
July
August

115
115
115
115
115
115
115
115

Year or month

Food

SwitzUnited
erKing- France Netherland
dom
lands
(1949
(1949
(Aug.
(Jan.
= 100)
1939 =
15, 1952 = 100)
100)
= 100)

United
States
(1947-49
= 100)1

100
109
119
120
120

152
158
163
162
159
167
171
170

79
96
104
100
101
113
115
113

143
141
141
141
142

120
121
121
120
120

170
170
170
170
170

143
144
144
142
144
144
142
P142

123
124
124
125
126
127
127
126

170
170
169
170
170
171
171
P172

84
86
95
103
106

35
57
90
100
111
130
145
144

116
116
117
116
116

106
106
106
106
106

116
116
116
116
116
116
116
117

106
106
107
107
107
107
109

Canada
(1949
= 100)

United
SwitzKing- France Nethererland
dom
lands
(1949
(Jan.
(1949
(Aug.
15, 1952 = 100)
= 100)
1939== 100)
100)

100
103
117
117
113

67
72
76
82
91
105
112

36
57
92
100
111
128
141
137

100
111
121
123
124

160
170
176
174
176
181
184
184

114
114
114
112
112

113
114
116
113
112

112
111
111
111
110

136
132
132
132
134

123
126
125
124
122

185
186
187
187
186

113
113
112
112
113
114
115
114

112
112
111
110
110
112
112
114

110
110
112
113
112
114
118

136
137
136
134
137
136
133

124
126
127
129
131
134
132

185
185
184
185
186
187
188

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 1953 indexes are based on the "interim adjusted" and "old" indexes, converted to the base 1947-49=100.
N O T E . — F o r sources and references concerning changes in the structure of price indexes for various countries (except the United States), see
B U L L E T I N for December 1952, p. 1357.

SECURITY PRICES
[Index numbers except as otherwise specified]
Common stocks

Bonds
Year or month

United
Kingdom
(December
1921=100)

295

27

122.1
118.3
121.0
'121.9
117.7
115.8
112.1

118.5
105.0
107.6
109.6
95.7
86.1
83.6

130.8
129.9
126.5
121.2
117.6
108.3
112.0

120.0
106.4
100.0
99.8
101.4
111.1
113.5

105.6
107.1
106.8
106.7
87.0
85.6
100.2

123.0
124.4
121.4
146.4
176.5
187.7
189.0

106.0
112.5
109.4
131.6
168.3
173.1
160.3

94.6
92.0
87.6
90.0
97.1
91.1
92.2

100
90
112
143
159

233
240
219
217
215
192
212

111.4
110.9
112.5
113.6
113.5

82.6
82.3
82.8
84.2
85.3

112.0
112.8
114.2
114.9
114.2

114.1
115.0
114.7
114.4
113.8

101.8
102.1
104.0
104.0
103.4

187.3
179.2
183.4
187.5
190.7

161.2
152.9
151.9
154.2
153.6

92.5
91.4
92.1
93.7
93.5

162
165
167
169
170

218
215
217
223
230

«114.6
116.5
117.9
118.1
117.5
117.0
117.5
117.8

87.0
88.7
95.5
99.8
100.3
100.3
102.1
102.8

114.3
114.8
115.3
116.6
117.3
116.0
118.5
119.7

114.6
114.9
116.0
115.7
115.4
114.9
114.9

103.7
101.8
100.0
100.6
103.4
106.3
104.3
103.7

195.4
199.6
204.9
212.7
219.8
221.8
231.1
236.4

157.4
163.2
165.0
173.6
179.5
180.5
182.3
187.0

94.1
95.8
95.6
97.0
97.8
98.5
100.0
101.7

180
184
187
194
199
194
198

239
245
250
256
261
269
282
285

17

Number of issues. . .
1947
1948
1949
1950
1951
1952
1953

. ..

1953—August
September. . .
October
November. . .
December
1954—January
February....
March
April
May
June
July
August

United
States
(1935-39
=100)

Canada
(1935-39
=100)

United
States^
(high
grade)

C

87

France
(1949
=100)
60

Netherlands 2
14

480

Canada
(1935-39
=100)
99

United
France
Kingdom
(1926=100) (1949=100)
278

Netherlands 3

e
Corrected.
1
Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a
2
Represents
the reciprocals of average yields. The average yield in the base period (January-March
3

4 per cent 20-year bond.
1937) was 3.39 per cent.
Average of the ratios of current prices to nominal values, expressed as a percentage.
NOTE.—For sources and references concerning changes in the structure of price series for various countries, see BULLETIN for December
1952, p. 1357.

OCTOBER

1954




1137

BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
W M . M C C . MARTIN, JR., Chairman
M. S. SZYMCZAK
JAMES K. VARDAMAN, JR.

A. L. MILLS, JR.
J. L. ROBERTSON

PAUL E. MILLER
C. CANBY BALDERSTON

WOODLIEF THOMAS, Economic Adviser to the Board

WINFIELD W. RIEFLER, Assistant to the Chairman
ALFRED K. CHERRY, Legislative Counsel

OFFICE OF T H E SECRETARY

DIVISION OF EXAMINATIONS

ELLIOTT THURSTON, Assistant to the Board

S. R. CARPENTER, Secretary
MERRITT SHERMAN, Assistant Secretary
KENNETH A. KENYON, Assistant Secretary

GEORGE S. SLOAN, Director

C. C. HOSTRUP, Assistant

Director

FRED A. NELSON, Assistant Director

ARTHUR H. LANG, Chief Federal Reserve Examiner
LEGAL DIVISION
GEORGE B. VEST, General Counsel

FREDERIC SOLOMON, Assistant General Counsel
HOWARD H. HACKLEY, Assistant General Counsel
DAVID B. HEXTER, Assistant General Counsel
G. HOWLAND CHASE, Assistant General Counsel

ROBERT C. MASTERS, Assistant Director
GLENN M. GOODMAN, Assistant Director
HENRY BENNER, Assistant Director

DIVISION OF BANK

OPERATIONS

ROBERT F. LEONARD, Director

J. E. HORBETT, Assistant

Director

LOWELL MYRICK, Assistant Director

DIVISION OF RESEARCH AND STATISTICS
RALPH A. YOUNG, Director

FRANK R. GARFIELD, Adviser on Economic Research
KENNETH B. WILLIAMS, Assistant Director
SUSAN S. BURR, Assistant Director

GUY E. NOYES, Assistant

Director

DIVISION OF PERSONNEL

ADMINISTRATION

H. FRANKLIN SPRECHER, JR., Assistant Director

DIVISION OF ADMINISTRATIVE

SERVICES

LISTON P. BETHEA, Director

JOSEPH E. KELLEHER, Assistant Director

C. RICHARD YOUNGDAHL, Assistant Director

OFFICE OF DEFENSE
DIVISION OF INTERNATIONAL

FINANCE

ARTHUR W. MARGET, Director

LEWIS N . DEMBITZ, Assistant Director

LOANS

GARDNER L. BOOTHE, II,

Administrator

OFFICE OF T H E CONTROLLER
EDWIN J. JOHNSON, Controller

Special Assistants to the Board—CHARLES MOLONY AND CLARKE L. FAUVER

FEDERAL OPEN
MARKET COMMITTEE
W M . M C C . MARTIN, JR., Chairman
ALLAN SPROUL, Vice Chairman
C. CANBY BALDERSTON J. L. ROBERTSON
MALCOLM BRYAN
M. S. SZYMCZAK
H. G. LEEDY
JAMES K. VARDAMAN, JR.
PAUL E. MILLER
ALFRED H. WILLIAMS
A. L. MILLS, JR.
C. S. YOUNG
WINFIELD W. RIEFLER, Secretary

ELLIOTT THURSTON, Assistant Secretary
GEORGE B. VEST, General Counsel

FREDERIC SOLOMON, Assistant General Counsel
WOODLIEF THOMAS, Economist

KARL R. BOPP, Associate Economist
GEORGE W. MITCHELL, Associate Economist
EARLE L. RAUBER, Associate Economist

FEDERAL
ADVISORY COUNCIL
WILLIAM D . IRELAND,

BOSTON DISTRICT

HENRY C. ALEXANDER,

N E W YORK DISTRICT

GEOFFREY S. SMITH,

PHILADELPHIA DISTRICT

GEORGE GUND,

CLEVELAND DISTRICT

ROBERT V. FLEMING,

RICHMOND DISTRICT

Vice

President

WALLACE M. DAVIS,

ATLANTA DISTRICT

EDWARD E. BROWN,

CHICAGO DISTRICT

President
W . W. CAMPBELL,

ST. LOUIS DISTRICT

JOSEPH F. RINGLAND,

MINNEAPOLIS DISTRICT

CHARLES J. CHANDLER,

KANSAS CITY DISTRICT

H. V. ROELSE, Associate Economist
CLARENCE W. TOW, 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
Market Account
1138




HERBERT V. PROCHNOW, Secretary

FEDERAL RESERVE BULLETIN

CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS
Federal Reserve
Bank of

Chairman 1
Deputy Chairman

President
First Vice President

Boston.

Harold D. Hodgkinson
Ames Stevens

J. A. Erickson
Alfred C. Neal

Robert B. Harvey 3 Carl B. Pitman
E. O. Latham
O. A. Schlaikjer
R. F. Van Amringe

New York

Jay E. Crane
William I. Myers

Allan Sproul
William F. Treiber

H. A. Bilby *
John E. Exter
H. H. Kimball A. Phelan
H. V. Roelse

Robert G. Rouse
T. G. Tiebout
V. Willis *
R. B. Wiltse
J. H. Wurts -

Philadelphia. . .

William J. Meinel
Henderson Supplee, Jr.

Alfred H. Williams
W. J. Davis

Karl R. Bopp
Robert N. Hilkert
E. C. Hill
Wm. G. McCreedy

P. M. Poorman
J. V. Vergari4
Richard G. Wilgus 2

Cleveland.

John C. Virden
Leo L. Rummell

W. D. Fulton
Donald S. Thompson

Dwight L. Allen
Roger R. Clouse
A. H. Laning 3

Martin Morrison
H. E. J. Smith
Paul C. Stetzelberger

Richmond.

John B. Woodward, Jr.
W. G. Wysor

Hugh Leach
Edw. A. Wayne

N. L. Armistead
Aubrey N. Heflin
Upton S. Martin
J. M. Nowlan 2

James M. Slay
C. B. Strathy
Chas. W. Williams

Atlanta.

Rufus C. Harris
Paul E. Reinhold

Malcolm Bryan
Lewis M. Clark

V. K. Bowman
J. E. Denmark 3
John L. Liles, Jr.
Harold T. Patterson

L. B. Raisty
Earle L. Rauber
S. P. Schuessler
.

Chicago.

John S. Coleman
Bert R. Prall

C. S. Young
E. C. Ha

Neil B. Dawes
W. R. Diercks
W. A. Hopkins
L. H. Jones 2

L. G. Meyer
George W. Mitchell
A. L. Olson
Alfred T. Sihler
W. W. Turner

St. Louis

M. Moss Alexander
Caffey Robertson

Delos C. Johns
Dale M. Lewis
Frederick L. Deming Wm. E. Peterson

H. H. Weigel
J. C. Wotawa

Minneapolis. . .

Leslie N. Perrin

O. S. Powell
A. W. Mills

H. C. Core
E. B. Larson
H. G. McConnell

Otis R. Preston
M. H. Strothman, Jr.
Sigurd Ueland

Kansas City...

Raymond W. Hall
Cecil Puckett

H. G. Leedy
Henry O. Koppang

John T. Boysen 2
Clarence W. Tow

E. D. Vanderhoof
D. W. Woolley

Dallas

J. R. Parten
Robert J. Smith

Watrous H. Irons
W. D. Gentry

E. B. Austin
I. L. Cook 3
T. W. Plant

L. G. Pondrom
Morgan H. Rice
Harry A. Shuford

C. E. Earhart
H. N. Mangels

E. R. Millard
H. F. Slade

Eliot J. Swan 3
O. P. Wheeler

San Francisco.., A. H. Brawner
Y. Frank Freeman

Vice Presidents

(Vice Presidents in charge of branches are listed in
lower section of this page)

VICE PRESIDENTS IN CHARGE OF BRANCHES OF FEDERAL RESERVE BANKS
Federal Reserve
Bank of
New York
Cleveland

Atlanta

Chicago
St. Louis

Also Federal Reserve Agent.

OCTOBER

Vice Presidents

Buffalo
Cincinnati
Pittsburgh
Baltimore
Charlotte
Birmingham
Jacksonville
Nashville
New Orleans
Detroit
Little Rock
Louisville
Memphis

Richmond

1

Branch

1954




Branch

Vice Presidents

I. B. Smith
R. G. Johnson

Minneapolis

Helena

C. W. Groth

J. W. Kossin

Kansas City

Denver
Oklahoma City
Omaha

G. A. Gregory
R. L. Mathes
P. A. Debus

Dallas

El Paso
Houston
San Antonio

C. M. Rowland
W. H. Holloway
W. E. Eagle

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

Federal Reserve
Bank of

Cashier.

3

San Francisco.... Los Angeles
Portland
Salt Lake City
Seattle

Also Cashier.

1

W. F. Volberg
J. A. Randall
W. L. Partner
J. M. Leisner

Counsel.
1139

FEDERAL RESERVE BOARD PUBLICATIONS

The material listed below may be obtained from
the Division of Administrative Services, Board of
Governors of the Federal Reserve System, Washington 25, D. C. Where a charge is indicated,
remittance should be made payable to the order
of the Board of Governors of the Federal Reserve
System.
THE FEDERAL
FUNCTIONS.

RESERVE

SYSTEM—PURPOSES AND

Revised edition.

July 1954. 224

subscription to monthly chart book includes one
issue of supplement. Single copies, 60 cents each;
in quantities of 10 or more copies for single
shipment, 50 cents each. (Domestic rates)
Statistics of
banking, monetary, and other financial developments. November 1943. 979 pages. $1.50 per
copy. No charge for individual sections (unbound).

BANKING AND MONETARY STATISTICS.

pages.
of the Board of Governors of the
Federal Reserve System. Issued each year.

ANNUAL REPORT

Issued monthly. Subscription price in the United States and its possessions, Bolivia, Canada, Chile, Colombia, Costa
Rica, Cuba, Dominican Republic, Ecuador,
Guatemala, Haiti, Republic of Honduras, Mexico,
Nicaragua, Panama, Paraguay, Peru, El Salvador,
Uruguay, and Venezuela is $2.00 per annum or
20 cents per copy; elsewhere $2.60 per annum or
25 cents per copy. Group subscriptions in the
United States for 10 or more copies to one address, 15 cents per copy per month, or $1.50
for 12 months.

FEDERAL RESERVE BULLETIN.

FEDERAL RESERVE CHARTS ON BANK CREDIT, MONEY
RATES, AND BUSINESS. Issued monthly. $6.00

per annum including edition of historical supplement (listed below) available when subscription
is entered or renewed. 60 cents per copy; in
quantities of 10 or more copies of a particular
issue for single shipment, 50 cents each. (Domestic rates)
HISTORICAL SUPPLEMENT TO FEDERAL RESERVE
CHARTS ON BANK CREDIT, MONEY RATES, AND
BUSINESS. Issued annually in September. Annual
a

A more complete list, including periodic releases and
reprints, appeared on pp. 676-79 of the June 1954 BULLETIN.

1140




A STATISTICAL STUDY OF REGULATION V LOANS.

September 1950. 74 pages. 25 cents per copy;
in quantities of 10 or more copies for single
shipment, 15 cents each.
THE DEVELOPMENT OF BANK DEBITS AND CLEARINGS AND THEIR USE IN ECONOMIC ANALYSIS.

January 1952. 175 pages. 25 cents per copy; in
quantities of 10 or more copies for single shipment, 15 cents each.
as amended to November 1, 1946, with an Appendix containing provisions of certain other statutes affecting the
Federal Reserve System. 372 pages. 50 cents per
paper-bound copy; $1.00 per cloth-bound copy.

THE FEDERAL RESERVE ACT,

COMPILATION OF FEDERAL AND STATE LAWS RELATING TO BRANCH BANKING WITHIN THE UNITED
STATES. (July 1, 1951.) December 1951. 33

pages.
RULES OF ORGANIZATION AND RULES OF PROCEDURE

—Board of Governors of the Federal Reserve
System (with Amendments). September 1946.
31 pages.
REGULATIONS OF THE BOARD OF GOVERNORS OF THE
FEDERAL RESERVE SYSTEM. Individual regulations

with amendments and supplements thereto.

FEDERAL RESERVE BULLETIN

FEDERAL RESERVE BOARD
REPRINTS

PUBLICATIONS

REVISED INDEXES OF DEPARTMENT STORE SALES AND
STOCKS, BY MAJOR DEPARTMENTS.
November

(From Federal Reserve Bulletin unless preceded by an asterisk.)

CHANGES IN INSTALMENT CREDIT TERMS. May 1952.

6 pages.

1953. 65 pages.
FEDERAL RESERVE MONTHLY INDEX OF INDUSTRIAL

EXCESS PROFITS TAXES

OF COMMERCIAL

BANKS.

June 1952. 18 pages.

PRODUCTION, 1953 Revision. December 1953. %
pages.
EXTENSIONS AND REPAYMENTS OF CONSUMER I N -

REAL ESTATE LOANS OF REGISTRANTS UNDER REGU-

STALMENT CREDIT. January 1954. 14 pages.

LATION X. June 1952. 18 pages.
BANK CREDIT AND MONEY IN 1953. February 1954.
PROBLEMS OF TRADE EQUILIBRIUM.

October 1952.

9 pages.
REVISED

SERIES

INTERNATIONAL
ON DEPARTMENT

STORE

SALES,

CREDIT EXPANSION.

December

1952.

GOLD

AND DOLLAR

MOVEMENTS.

March 1954. 9 pages. (Also, similar article from
March 1953 BULLETIN.)

STOCKS, AND ORDERS. October 1952. 5 pages.
RECENT

6 pages.

7

pages.

1954 SURVEY OF CONSUMER FINANCES—PRELIMINARY
FINDINGS OF THE 1954 SURVEY OF CONSUMER

FINANCES. March 1954. 4 pages. PURCHASES OF
CREDIT AND MONETARY REVIEW FOR 1952. February

1953. 7 pages.
T H E MONETARY SYSTEM OF THE UNITED STATES.

February 1953. 16 pages.
INFLUENCE OF CREDIT AND MONETARY MEASURES ON

ECONOMIC STABILITY. March 1953. 16 pages.
FEDERAL FINANCIAL MEASURES FOR ECONOMIC STA-

BILITY. May 1953. 7 pages.
REVISION OF CONSUMER CREDIT STATISTICS.

April

DURABLE GOODS AND HOUSES IN 1953. June 1954.
17 pages. T H E FINANCIAL POSITION AND COM-

MITMENTS OF CONSUMERS.

July 1954. 20 pages.

Also, similar surveys for earlier years from 1946,
1947, 1948, 1949, 1950, 1951, 1952, and 1953
BULLETINS.)
N E W INDEXES OF OUTPUT OF CONSUMER DURABLE

GOODS. May 1954. 15 pages. (Also, similar reprint from October 1951 BULLETIN.)
ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS

AND BUSINESSES. July 1954. 2 pages. (Also,
similar article from July 1953 BULLETIN.)

1953. 19 pages.
^DETAILED DESCRIPTION OF SOURCES AND METHODS
USED IN REVISION OF SHORT- AND INTERMEDIATETERM CONSUMER CREDIT STATISTICS (supplemen-

MONETARY AND CREDIT DEVELOPMENTS SINCE MID-

tary details for item listed above), April 1953.
25 pages.

FINANCING OF LARGE CORPORATIONS IN 1953. August

T H E TRANSITION TO FREE MARKETS.

April 1953.

6 pages.
FEDERAL

RESERVE

RESPONSIBILITIES.

May

STATES POSTWAR

INVESTMENT

IN LATIN

WARTIME AND POSTWAR CREDIT DEMANDS OF LARGE

CORPORATIONS. July 1953. 12 pages.




T H E BALANCE SHEET OF AGRICULTURE, 1954. August

13 pages.

T H E PRIVATE DEMAND FOR GOLD, 1931-53.

Sep-

tember 1954. 10 pages.

AMERICA. May 1953. 6 pages.

OCTOBER 1954

July 1954. 8 pages.

1954. 9 pages.
1954.

BANK

1953. 5 pages.
UNITED

1953.

WORLD TRADE AND PRODUCTION IN 1953-54. October

1954. 8 pages.
RECENT

FINANCIAL

CHANGES

IN WESTERN GER-

MANY. October 1954. 10 pages.

1141

FEDERAL RESERVE SYSTEM
BOUNDARIES OF FEDERAL RESERVE DISTRICTS
AND THEIR BRANCH TERRITORIES

j

w

w

= =

J0




if
<S>
•

BOUNDARIES OF FEDERAL RESERVE DISTRICTS
BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
FEDERAL RESERVE BANK CITIES
FEDERAL RESERVE BRANCH CITIES