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F E D E R A L

R E S E R V E

BULLETIN
OCTOBER 1955

1-1

<T-

-^r?

/»/»„_

^* •

BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
WASHINGTON

EDITORIAL COMMITTEE
ELLIOTT THURSTON

WOQPLIEF THOMAS

WINFIELD W. RIEFLER

RALPH A, YOUNG

SUSAN S. BURR

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

CONTENTS
PAGE

Balance of International Payments in 1954-55.

1075-1082

Member Bank Earnings, First Half of 1955. .

1083-1084

A Flow-of-Funds System of National Accounts, Annual Estimates, 1939-54.

1085-1124

Law Department

1125

Current Events and Announcements. ,

1126

National Summary of Business Conditions.

1127-1128

Financial, Industrial, Commercial Statistics, U. S. (See p. 1129 for list of tables)

1129-1188

International Financial Statistics (See p. 1189 for list of tables). .

1189-1207

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

1208

Senior Officers of Federal Reserve Banks; Managing Officers of Branches

1209

Federal Reserve Board Publications
Map of Federal Reserve Districts.

1212

Index to Statistical Tables.




1210-1211

1213-1214

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TIN
VOLUME 41

October 195 5

NUMBER 10

BALANCE OF INTERNATIONAL PAYMENTS IN 1954-55
The rapid upswing in world trade in the
latter part of 1954 and early months of 1955
was followed by a leveling off. During
the spring and summer several important
countries reduced their external purchases,
relieving strains that had developed in the
balance of payments. After midyear, however, there were signs of renewed expansion
in world trade, but at a more moderate pace
than before.
Underlying these developments was a
rapid increase in world industrial production
between mid-1954 and mid-1955. The conjunction of rising demand in this country
and abroad put severe strain on supplies of
some industrial materials. World prices of
some basic commodities rose sharply, especially those of metals and rubber. On the
other hand, prices of coffee, cocoa, and tea
underwent large downward readjustments
in the latter part of 1954 or early 1955, following steep increases earlier.
General price levels had not risen much
by mid-1955 in the majority of industrial
countries, despite the pressure of demand
upon supplies of materials and of labor.
Advances in wage rates were accompanied
by gains in man-hour productivity. World
supplies of agricultural products were generally ample, and on the average their prices
declined. Timely action of central banks
and governments in many countries kept
expansion of money within moderate bounds.
Nevertheless, in recent months the pressures
OCTOBER 1955




WORLD INDUSTRIAL PRODUCTION
Points in total index, 1948 totaMOO
200

150

100

1951

1953

1955

NOTE.—Seasonally adjusted, quarterly data, OEEC index
for Western Europe, Federal Reserve index for U. S., and an
index for other countries derived from United Nations indexes
and seasonally adjusted by Federal Reserve; U. N. weights
used in combining. "Other countries" exclude U.S.S.R., Eastern Europe, and China Mainland. Latest figures shown are for
second quarter of 1955.

of demand have been very strong in certain
fields of activity, especially in those related
to the production of investment goods and
consumer durables.
Demand for imports, both in the industrialized countries and in countries that are
large exporters of primary materials, was
strongly stimulated in 1954-55 by expanding
economic activity and by gains in real income* In these circumstances, the positive
measures of credit restraint adopted in a
1075

BALANCE OF INTERNATIONAL PAYMENTS IN 1954-55

number of countries, including several European nations, helped to maintain balance in
the external transactions of the countries
concerned. Such measures helped to moderate the increase in demand not only for
imports, but also for domestic resources
usable in exports.
More generally, credit restraint in all major industrial nations, including the United
States, has helped to maintain general price
stability and so to moderate the swings in
the value of world trade. There are very
few signs of emergence of such serious
balance-of-payments difficulties as those that
followed the worldwide inflation of 1950-51.
United States exports in 1954-55 rose
closely in line with aggregate world trade.
With some lag, due partly to foreign conditions of supply and demand, United States
imports also rose.
The balance of payments of the United
States, including merchandise trade and all
other transactions, involved transfers of
1.5 billion dollars of gold and liquid dollar
assets to other countries between mid-1954
and mid-1955. Within the period, there
were important variations in nontrade transactions, including a diminution in the outflow of capital at the beginning of 1955 and
an increase in Government payments for
military expenditures, grants, and loans. In
June 1955, and also in July and August, additions to foreign gold and dollar assets
through United States transactions were at
a considerably slower rate than in preceding months. There was no corresponding
change at that time in the balance of trade.

the summer of 1954. World averages of
metal and fuel prices started to rise at that
time, and after the beginning of 1955 prices
of other raw materials and of manufactured
products in world trade also moved up somewhat. For internationally traded foodstuffs,
especially the beverage commodities, the
price movement was downward through
most of the 1954-55 period.
The advance in exports continued into the
first quarter of 1955, as is indicated in the
chart by the less than seasonal decline from
the preceding quarter. From about February until May there was some easing in
sensitive commodity markets and some
slackening in the volume of world trade.
This slackening—shown in the export chart
as a less than seasonal rise in the second
quarter—was most marked in British buying.
New price rises and a pickup in buying occurred in the summer, followed again by
some easing in sensitive markets in September. Thus, the trend of world trade
through this summer can be described as rising gradually after the earlier sharp advance.
WORLD EXPORTS
Billions of U. S. dollars, annual rates
90

-

VALUE AT .*
1953 PRICES if

S\J

80

AA/
CURRENT

70

VALUE

60

WORLD EXPORTS

After rising at an annual rate of about 7
per cent in volume and 5 per cent in value
during 1953 and the first half of 1954, world
trade increased at an accelerated pace after
1076




_,

,
1952

,

I

!
1953

1954

,
1955

NOTE.—Current value from International Monetary Fund
International Financial Statistics, excluding U. S. military
shipments under aid programs. Value at 1953 prices derived
using United Nations world-export unit-value index. For
second quarter of 1955, figures include Federal Reserve estimates for about 12 per cent of world exports.
FEDERAL RESERVE

BULLETIN

BALANCE OF INTERNATIONAL PAYMENTS IN 1954-5 5

In the first half of 1955 the value of world
exports was about 9 per cent greater than a
year before, and the volume at constant
prices about 10 per cent larger. Most industrial countries in Western Europe and North
America had increases about equal to, or a
little above, the world average. Increases
in the value of exports were most marked in
a few European countries, including Germany , France, and Belgium; in Japan and
Mexico, where there had been brief recessions in the first part of 1954; in countries
such as Malaya and Chile, leading exporters
respectively of rubber and copper; and in
the oil-producing countries of the Middle
East. Significant decreases were few, but
severe declines were experienced by Brazil
and Colombia, the major exporters of coffee,
and also by Egypt, an exporter of cotton.
IMPORTS AND THE BALANCE OF PAYMENTS

While international trade as a whole expanded markedly in 1954-55, imports increased at varying rates in different countries, depending in part on internal economic
forces and on national policies. In some
countries, strains developed in the balance
of payments. By mid-1955, however, these
strains had been relieved in a number of
instances.
Western Europe. Much of the impetus
for expansion of world trade proceeded from
the steady advance in economic activity in
Western Europe, where for two years in succession industrial production rose 9 per cent
from the second quarter of one year to the
second quarter of the next.
The average increase in imports of Western European countries was 15 per cent from
the first half of 1954 to the first half of
1955. For Germany the increase was nearly
one-third. In Germany, and also in France,
Belgium^ and Switzerland, the enlargement
OCTOBER




1955

of imports went forward without difficulty
because monetary reserves were large and
continued to grow as exports also rose.
French and German reserves increased
markedly in 1954-55. The 800 million dollar gain in French official holdings of gold
and foreign exchange (net of debt to the
European Payments Union) reflected large
United States grants and expenditures related to military programs, a French surplus in EPU payments, and perhaps some
private dishoarding of gold within France.
In several European countries, including
Great Britain, the Netherlands, the Scandinavian countries, and Austria, the pressure
of internal demand upon the available resources of materials and labor led to exceptionally rapid increases in imports toward
the end of 1954, continuing into the first
few months of 1955 in Britain, Sweden, and
Austria. Except in the Netherlands, where
earlier gains had restored the country's gold
and dollars reserves to a satisfactory position,
the sharp expansion of imports was regarded
as a symptom of inflationary developments,
and measures were accordingly taken by the
central banks to moderate the expansion of
bank credit. In Denmark and Sweden certain taxes were increased, and in all the
Scandinavian countries other measures were
taken to hold down internal expenditures
for investment purposes, including construction of housing.
In contrast to previous postwar occasions
when balance-of-payments difficulties arose,
Great Britain and most of the other European countries affected took no new steps
to restrict imports directly through foreign
exchange controls; on the contrary, the
general movement toward establishment of
conditions for convertibility of currencies
continued to influence actions of the governments.
1077

BALANCE OF INTERNATIONAL PAYMENTS IN 1954-55
Partly as a result of the tightening of
credit and other measures affecting internal
demand, imports of these countries leveled
off in the first half of 1955. By the summer—
with the help of improvement in exports or,
in the case of Norway, of large earnings
from shipping—a fair degree of balance was
restored in the payments of each of the continental countries.
In the United Kingdom main reliance for
moderating the rise in demand was put on
a restrictive monetary policy, in force since
February. The drop in British imports in
the second quarter was accentuated by a
dock strike in June. Imports were larger
again in July and August, and for the first
eight months of the year they were 16 per
cent above those of the corresponding
period of 1954, while exports were up only
5 per cent. In September imports were
significantly lower than in July-August,
while the flow of exports was well maintained.
From mid-1954 to mid-1955, the official
gold and dollar reserves of the United Kingdom declined 340 million dollars, and there
was a further drop of 330 million in the
third quarter of 1955. These losses, relatively small compared to the drain of more
than 2 billion dollars in 1951-52, followed
steady gains from mid-1952 to mid-1954.
Apart from repayments of about 230 million on dollar debts previously incurred to
the International Monetary Fund and the
European Payments Union, important factors in the reversal of earlier reserve gains
were an increase in British imports of agricultural products, coal, and industrial materials, especially from the United States and
Canada, and a worsening of the trade balance with Europe. Although the dollar
earnings of British dependencies were larger
in the twelve months to mid-1955 than in
1078




the preceding period, transactions of some of
the independent sterling-area countries with
the dollar area and Europe added to the
drain on British reserves.
An adverse movement of short-term capital developed in the summer, necessitating
additional dollar payments to EPU« After
mid-September 1955 there were signs that
the movement of funds out of sterling was
diminishing.
Other areas. Outside Europe, expansion
of exports and gains in national income in
1954-55 induced corresponding increases in
imports in many countries, as, for example,
in Canada, Venezuela, and Malaya. A sharp
rise in Japaiiese exports in the last half of
1954, which served to check the internal
business recession that had developed in the
first half of that year, led to a recovery of
Japanese imports in the first half of 1955.
With export receipts at a postwar high and
United States military expenditures in Japan
continuing, Japan's reserve position improved despite this rise in imports.
In India, where a 13 per cent advance in
industrial production in the course of 1954
was followed by a slower rise in the first half
of 1955, a strong upswing in imports stopped
in the spring. In South Africa, also, secondquarter imports were below the first-quarter
peak. At mid-1955 the gold and foreign
exchange reserves of both these countries
were little changed from a year before.
In a few of the countries that had rising
exports and gains in reserves, imports nevertheless did not rise in 1954-55. In Indonesia,
for example, imports continued to decline
until the end of 1954 as the result of direct
controls on imports, adopted to counter the
effects on the balance of payments of inflationary financing of government deficits
over several years. In Mexico, the change
of par value for the peso in April 1954
FEDERAL RESERVE BULLETIN

BALANCE OF INTERNATIONAL PAYMENTS IN 1954-5 5

served to hold imports in check during
1954-55. In Ceylon, direct controls on imports were backed up by anti-inflationary
tax and credit policies and by conservative
spending practices of the tea companies.
New Zealand lost reserves in 1954-55, in consequence of inflationary pressures that developed the year before; its exports were relatively stable, and measures of credit restraint
were used to check the rise in imports.
There were very few instances of balanceof-payments deficits being aggravated by a
rise in imports continuing through the first
half of 1955. This was the situation, however, in Australia, where the expansion of
imports reflected internal inflationary pressures. The recovery in wool export prices for
several months after November 1954 helped
temporarily to alleviate the Australian difficulties, but imports continued to rise despite
tightening of direct controls. At the end of
September, when further cuts in licenses
were announced, financial policies in Australia were also made more restrictive.
Somewhat similar problems faced the two
leading producers of coffee, Brazil and Colombia. Both had to cope with the effects
of inflated internal demand upon imports,
and with reserve losses occasioned by large
imports and by sharp declines in the value
of coffee exports. There was little further
expansion of bank credit to private borrowers
in Brazil between September 1954 and mid1955, but credit to the government increased
in both countries, and demand for imports
remained high. Colombia, using measures
of exchange rate management that made
imports more expensive in the domestic currency, halted the rise in its imports but failed
to bring them down. More drastic exchange
control measures, also involving selective depreciation of exchange rates, brought about
a severe contraction of Brazilian imports.
OCTOBER 1955




Summary. In their aggregate impact upon
world exports, the declines in purchases that
were reflected in lower imports by some
countries—by Brazil after September 1954,
by the Netherlands and Denmark after the
beginning of 1955, and by Sweden, Norway,
and India after March — partially counterbalanced the further growth of imports in
some other countries, as illustrated in the
chart. The easing off in British purchases
IMPORTS OF SELECTED COUNTRIES
Billions of

U. S. dollars, annual rates
20

CANADA, W. GERMANY,
FRANCE, AND SWITZERLAND

15
UNITED STATES

10

SCANDINAVIA,
NETHERLANDS, AND INDIA
UNITED KINGDOM

IAPAN

AUSTRALIA
BRAZIL
t

1953

1955

I » i

i

1953

I

i

i i

I

i

i

i

1955

NOTE.—International Monetary Fund quarterly data on c.i.f.
basis (partly estimated for U. S., Canada, and Australia).
U. S. imports shown here differ from data used elsewhere
because of inclusion of estimated freight and insurance for
comparability with other countries. Latest figures plotted
(except for Brazil) are for July-August 1955, converted to
dollars and adjusted to c.i.f. basis by Federal Reserve. Grouping of countries is designed to show divergent changes in 1955;
trends before 1955 as shown by group totals are not necessarily
characteristic of each country included. In reading the chart
allowance should be made for seasonal variation.

in the spring, even though not extended into
the summer, contributed decisively to halting the earlier sharp upswing in the value
of world trade.
Insofar as the halting of expansion in imports—and their reduction in some countries
—was accomplished or accompanied by
measures designed to restore equilibrium in
the internal as well as in the international
financial positions of the countries concerned,
1079

BALANCE OF INTERNATIONAL PAYMENTS IN

1954-55

to Canada, however, recovered rapidly in
the spring.
Gold and dollar movements.
In the 12
months from mid-1954 to mid-1955, net sales
UNITED STATES BALANCE OF PAYMENTS
of gold by the United States to other counUnited States export sales responded to tries were 300 million dollars, and the rest
the accelerated advance in world expendi- of the world added 1.2 billion dollars to its
tures after the summer of 1954. With ex- holdings of short-term dollar assets and
ports reaching a very high level by the spring United States 'Government securities. The
of 1955, further additions to foreign reserves net transfer of 1.5 billion dollars in gold and
of gold and dollars were nevertheless made dollars represented the excess of payments
possible by increases in United States Gov- made from the United States on all current
ernment payments for military expenditures, and capital transactions over payments made
grants, and loans, and by expansion of to the United States.
United States purchases of imports.
With other additions to foreign official
gold
reserves of 600 million dollars from new
Exports. Exports rose markedly after September 1954, and the sharp advance con- production and other sources, total gold retinued, with seasonal fluctuations, into the serves and dollar holdings outside the United
first quarter of 1955. In the second quarter States (excluding the U.S.S.R.) rose 2.1 bilexports rose less than usual. T h e seasonal lion dollars. Gains in holdings of Germany
slackening in July and August, however, was and France were relatively large. Official
and private holdings of the United Kingdom
somewhat less than normal.
Unusually tight European supply positions declined 400 million dollars. Aggregate
for certain materials had a large influence holdings of all other countries and of interin the expansion of United States exports. national institutions increased by 6 per cent
Well over a third of the 1.3 billion dollar of their total at June 30, 1954.
Apart from the increase in liquid dollar
increase in the annual rate of exports—from
12.7 billion dollars in the first half of 1954 assets referred to above, foreign investment
to 14 billion in the first half of 1955—was in the United States through transactions in
due to a 50 per cent increase in exports of private securities and direct investment was
steel (including scrap), coal, paper, and pulp. about 300 million dollars.
Capital movements, grants, and military
The rise in exports was heavily weighted
with large increases in exports to the United expenditures. To pay 18.6 billion dollars for
Kingdom, to the continental European coun- United States goods and services (including
tries, and to sterling-area countries outside payments of interest and dividends) and to
Europe. In contrast, the rise in exports to add 1.5 billion to their gold and liquid dollar
most Latin American countries was only assets and 300 million dollars to their investmoderate, and there was a sharp fall in ex- ments in the United States, other countries
obtained payments from the United States
ports to Brazil.
In the second quarter of 1955, exports to aggregating 20.4 billion dollars. As in earBritain, Australia, and India, and to most of lier years, a part of these payments came
the countries of continental Europe, were from United States Government grants and
not so large as in the first quarter. Exports military expenditures abroad.

the longer-run effect will be to help maintain a sound structure of world production
and trade, capable of steady growth.

1080




FEDERAL RESERVE BULLETIN

BALANCE OF INTERNATIONAL PAYMENTS IN 1954-5 5

Grants (exclusive of transfers of military
supplies and services) amounted to 1.9 billion dollars. A considerable part of the 1.0
billion of grants to Europe went to France,
where military expenditures were also sizable. Military expenditures totaled 2.7 billion dollars, of which 1.6 billion was spent
in Europe. This included payments on offshore procurement contracts for military
goods to be transferred to foreign use as well
as other military purchases and local expenditures by troops from their pay.
A third source of funds to cover the value
of United States exports was a net increase
of 200 million dollars in United States Government claims on foreign countries. Much
of this was in the form of local currencies
taken in special sales of agricultural products.
These three types of funds came to a total
of 27 billion dollars in the first half of 1955,
as the table shows, compared with 2.1 bil-

lion in the preceding half year. This increase in 1955 helped make it possible for
foreign countries to continue adding to their
reserves while purchasing more heavily from
the United States. The increase in United
States imports discussed below had the same
effect. Direct investment abroad of private
American capital was a fairly steady source
of finance, amounting to nearly 350 million
dollars in each half year.
Fluctuations in the outflow of United
States private short-term and portfolio capital, on the other hand, were such as to provide about 600 million dollars of additional
funds in the second half of 1954, when exports were rising rapidly, but only a negligible amount in the subsequent period.
This outflow in the first period included
350 million dollars to Latin American countries, 80 million to continental European
countries, and 140 million to Great Britain

U N I T E D STATES BALANCE OF PAYMENTS

[In billions of dollars]
1953

1954

1955

Item

Jan.-June July-Dec

Jan.-June

July-Dec.

Jan.-June?

Foreign purchases and acquisition of assets in United States:
United States exports of goods and services1

8.44

8.53

8.64

9.12

9.51

Gold and liquid dollar assets
Foreign gold purchases from U. S
Increase in foreign liquid dollar holdings 2
Other foreign investments in U. S

1.07
( .73)
( .33)

1.00
( .43)
( -57)

.68
( .06)
( .62)

.85
( .23)
( .62)

.63
( .06)
( .56)

.08
.16

.13
.11

.08
.19

.15
-.15

.14
.16

9.74

9.76

9.59

9.97

1.01
1.17
.02

.82
1.34
.20

.75
1.31
-.10

.83
1.29
.01

1.08
1.40
.20

2.20

2.36

1.96

2.13

2.68

.41
-.27
.31
7.09

.32
-.08

.42
.27

.34
.59

.33
.02

.30
6.86

.29
6.66

.29
6.61

.29
7.12

9.74

9.76

9.59

9.97

10.44

Unidentified transactions
Total
P a y m e n t s from United S t a t e s :
Government grants 1
Military expenditures abroad
Government
loans and short-term assets (net)
Subtotal.
Private U. S. direct investments
Private U. S. short-term and portfolio capital. . .
Remittances, pensions, etc. (net)
Nonmilitary imports of goods and services.
Total

p1 Preliminary.
Excluding military transfers under aid programs.
2
Short-term assets and U. S. Government long-term securities.
NOTE.—Based on Department of Commerce data. Details may not add to totals because of rounding. The balance on goods, services, and remittances, derived from the first, ninth, and last two lines of figures, was .93 billion dollars in July-Dec. 1954 and .71 billion
in Jan.-June 1955.
OCTOBER




1955

1081

BALANCE OF INTERNATIONAL PAYMENTS IN 1954-5 5

and other sterling-area countries, besides outflows to certain other regions. In the first
half of 1955 there were outflows in some
directions, but withdrawals of over 80 million dollars from sterling-area countries. In
both periods redemptions of Canadian securities exceeded new issues in this country.
United States imports. The major source
of funds for foreign purchases from the
United States consists of payments from this
country for nonmilitary purchases of merchandise imports and services, and for remittances and pensions. Such payments
totaled 6.9 billion dollars in each half of
1954 and 7.4 billion in the first half of 1955.
There was a significant increase in tourist
expenditures, but most of the increase was
for imports of goods.
Recovery in imports of goods after the
1953-54 recession began in the second quarter of 1954, but was interrupted in the summer. From October 1954 to March 1955
there was a sharp increase.
Coffee fell in price and the physical volume of coffee imports was abnormally low
from the summer of 1954 to the spring of
1955 while roasters were reducing their inventories. For most metals, the recovery
in imports after October was limited by the
pressure of foreign demand on available
supplies. Among the commodities the imports of which increased to record or nearrecord levels were petroleum, newsprint,
lumber, and iron ore.
In the six months March-August 1955, imports were valued at 5.7 billion dollars, 8 per
cent higher than in the corresponding period
of 1954. After allowance for price changes,
the volume of imports was up about 10 per
cent from the 1954 period, and within 1 per
cent of the quantity in March-August 1953.

1082




A significant development of the last several years has been a fairly steady advance
in imports of finished manufactures. While
the relationship of total imports to gross national product remains considerably lower
than in the 1920's, the proportion of finished
manufactures within total imports, shown
in the upper half of the chart, has risen
IMPORT RELATIONSHIPS - UNITED STATES
Per cent
FINISHED MANUFACTURES
AS PERCENTAGE OF
TOTAL IMPORTS

20

10

I I I 1 I 11

1 1 1 I I

1 ((1

-Vv

TOTAL IMPORTS
AS PERCENTAGE OF G N P

I ,
'22

1930

1940

1950

'55

NOTE.—Department of Commerce data for total imports and
for imports of finished manufactures adjusted to exclude burlap
and newsprint, and for gross national product 1929-55. Break
in 1929 in lower panel indicates change in basis of estimating
gross national product. Latest figures plotted are for first half
of 1955.

steadily since 1950. Recently this proportion has been about equal to that of 1926-27.
The value of these imports (according to
the classification used in the chart) increased
from 960 million dollars in 1950 to an annual rate of 1,800 million in the first half
of 1955. Of the 1954 total of 1,530 million,
870 million dollars represented purchases
from Europe. The rise in foreign sales of
manufactures to this country has played an
important role in the postwar restoration of
international balance.

FEDERAL RESERVE BULLETIN

MEMBER BANK EARNINGS, FIRST HALF OF 1955 1
Total earnings of all member banks in
the first half of the year were 189 million
dollars higher in 1955 than in 1954. Net
profits, however, were 75 million lower because of larger expenses and a decline in
profits on the sale of securities. On an annual basis, the ratio of net profits to total
capital accounts was 1.8 percentage points
below the ratio for the first half of 1954.
Although current expenses increased, net
current earnings before income taxes were
7.6 per cent more than in the corresponding
period of 1954.2 On an annual basis they
1
This article was prepared by Lee W. Langham of the
Board's Division of Bank Operations.
2
Net current earnings are gross current operating earnings less gross current operating expenses, before adjustments for losses, profits on sales of securities, recoveries, and
transfers to and from valuation reserves, and before taxes on
net income.

MEMBER

were 16.2 per cent of total capital accounts,
slightly higher than in the first half of 1954.
Taxes on net income were lower, and dividends were higher.
Earnings. Gross current operating earnings continued their upward trend. The
increase of 189 million dollars was largely
in earnings on loans, but included increases
in all other earnings categories.
Earnings on loans amounted to 57 per
cent of total earnings, compared with 56
per cent in the first half of 1954. The increase resulted from larger volume of average loan holdings; average yield on loans
remained unchanged at 4.68 per cent.
Earnings on United States Government
securities were 34 million dollars above the
first half of 1954, reflecting an increase of

BANK

EARNINGS

[Amounts in millions of dollars]
1955

1952
Item
First
half

Second
half

First
half

Second
half

First
half

Second
half

First
half

Second
half

First
half

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

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

2,460

522
133
1,336
123
252

545
140
1,375
129
271

2,555
556
144
1,447
134
274

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

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

1,561
771
253
72
465

1,556
737
263
73
482

697

740

788

830

918

891

928

900

999*

59
86
37

80
116
90

57
71
24

56
155
44

54
115
27

66
216
13

298
119
75

194
136
90

86
126
44

Profits before income taxes.
Taxes on net income

633
252

614
239

751
337

686
271

829
392

728
300

1,032
473

869
332

915
431

Net profits

381

375

414

416

438

428

559

537

484

Gash dividends declared 4

170

200

185

205

193

226

211

245

232

6,859

6,840

6,798

6,765

6,743

6,660

6,611

Net current earnings before i n c o m e t a x e s . . .
Recoveries and profits 1
Losses and charge-offs2
Net increase in valuation reserves 3

Number of banks at end of period. .

6,815

6,721

1

Includes recoveries credited either to undivided profits or to valuation reserves.
Includes 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.
2

3

OCTOBER 1955




1083

MEMBER BANK EARNINGS, FIRST HALF OF 195 5
approximately 3 billion dollars in average
holdings and a slight increase in average
yield on an annual basis. These earnings
continued to be 22 per cent of total earnings.
Expenses. Gross operating expenses, excluding taxes on net income, were 1,556
million dollars or 8.2 per cent above the
corresponding period in 1954. Salaries and
wages accounted for 47 per cent of total expenses, amounting to 737 million dollars.
This was more than in the first half of 1954
but less than in the second half. A decline
in salaries and wages from the second half
of a year to the first half of the following
year has been a seasonal pattern in recent
years.
Interest paid on time deposits amounted
to 263 million dollars, an increase of 22
million over the first half of 1954. The
average volume of time deposits was about
2 billion dollars larger than during the
comparable period last year, and the average
rate of interest paid was higher by .03 percentage points. Increases in the average
interest rate paid at reserve city and country banks were partly offset by a decrease
at central reserve city banks in N e w York
City.
Profits, recoveries, losses, and transfers
to reserves. Profits on s e c u r i t i e s sold
amounted to 30 million dollars, a sharp decline from the 246 million reported for the
first half of 1954 when prices of securities

1084




were rising. Recoveries changed little, and
losses and charge-offs were 7 million dollars above the first half of 1954. The 44
million dollar increase in net valuation reserves, although only about half the increases reported in either half of 1954, was
larger than the additions provided in the
first half of any other recent year.
The nonoperating profit, recovery, and
loss items, including transfers to and from
valuation reserves, resulted in a net loss
of 84 million dollars in the current period,
about the same as that recorded for the first
half of 1953, but it was in contrast to the
gain of 104 million in the first half of 1954.
Taxes and net profits. Profits before income taxes and taxes on net income were
both lower than in the first half of 1954.
Net profits after taxes were lower than in
either half of 1954, but they exceeded the
net profits of any previous half-year period.
Gash dividends. About 48 per cent of
net profits was paid out in cash dividends.
The 232 million dollars so distributed represented an annual yield of 3.8 per cent of
average total capital accounts. In the first
half of last year, dividends amounted to 38
per cent of net profits, a yield of 3,7 per
cent.
Details of earnings and expenses for the
first half of 1955 and both halves of 1954 are
shown on page 1188 of this BULLETIN.

FEDERAL RESERVE BULLETIN

A .FLOW-OF-FUNDS SYSTEM OF NATIONAL ACCOUNTS
ANNUAL ESTIMATES, 1939=54

This article describes a new accounting record designed to picture the flow of funds
through the major sectors of the national economy. Summary tables setting forth sources
and uses of funds statements for all sectors are included for the years 1939-54. The
accounts provide for transactions in existing assets and financial instruments as well as
transactions in currently produced goods and services.
The text of the article is an advance printing of the opening chapter of a detailed
statistical report on the Flow of Funds in the United States, 1939-53, to be published by the
Board of Governors before the end of the year} The price will be $2.75.
Insight into the functioning of an economy
can be greatly enhanced by casting available information into a systematic and comprehensive structure of economic accounts.
Application of accounting discipline to the
organization of economic data aids in both
collection and interpretation of economic
knowledge, for it highlights gaps in the
basic statistics and clarifies interrelations
among the parts of the structure.
In recent years, the economist's tools for
analysis have been enlarged by the development of two systems of economic accounting, one for the nation's income and its ex-

penditures on current production, and the
other for input-output interrelations among
major industrial groups. Both systems of accounts have contributed substantially to understanding of production and distribution
processes.
Analysis of a modern economy with a
complex financial structure calls for additional tools of different orientation. In a
highly interdependent economy such as ours,
credit and monetary developments necessarily play a strategic role. Changes in liquidity, portfolio composition, credit availability, and incentives to use credit are re-

x
The exploratory work in developing this new accounting record was carried through by Professor Morris A. Copeland, now of Cornell University, under the sponsorship of
the National Bureau of Economic Research and the Committee for Economic Development, with the cooperation of
the Board of Governors. This exploration demonstrated the
feasibility of a flow-of-funds record that could be maintained
on an annual basis. Accordingly, the Board of Governors,
in view of the public interest in this type of record as well
as of its own needs for information, requested its Division
of Research and Statistics to undertake the project.
Compilation of the flow-of-funds accounts would not have
been possible without the wealth of statistical information
that has become available over the past decades. The Division is greatly indebted to many Government and private
agencies and to many individuals for their generous cooperation and advice in compiling the record. The need for a

flow-of-funds record is a continuing one and the present
form of the accounts is not necessarily final. It is expected
that both,the form- of the accounts and the estimates contained in them will change with the availability of improved
data and statistical techniques and with^tk% changes that are
constantly taking place in the economy itself.
Preparation of the Board's flow-of-funds accounts has been
under the immediate staff direction of Daniel H. Brill, who
was responsible for their conceptual and statistical framework
and form of presentation. Stanley J. Sigel had immediate
charge of integrating concepts and data for the several accounts. Other staff members participating in the work include Dorothy S. Projector, Stephen P. Taylor, Evelyn M.
Hurley, and Helmut Wendel. Conduct of the project has
been under the general guidance of Kenneth B. Williams,
Assistant Director of the Board's Division of Research and
Statistics.

OCTOBER




1955

1085

A FLOW-OF-FUNDS SYSTEM OF NATIONAL ACCOUNTS

fleeted in markets for goods and services
and thereby in the changing total and composition of spending and output. Likewise,
changes in the level and pattern of income,
prices, expenditures, and output influence
the flow of funds through financial channels.
The nature and extent of interdependence
among these financial and nonfinancial processes can be seen most clearly when measurements of both types of activity are organized into a single internally consistent economic record. To be of maximum usefulness for such purposes, the record must be
extensive in scope and encompass all major
types of transactions in which financial factors influence and are influenced by other
economic developments. The record needs
also to be detailed to permit identification of
the economic groups participating in each
major type of economic activity and to permit varied combinations of these groups and
activities for testing analytic hypotheses.
Finally, to permit meaningful comparison
and aggregation of component parts, the
record should be consistent in definition and
measurement.
The flow-of-funds system of national accounts is an important step toward meeting
these standards. The system encompasses
all transactions in the economy that are effected by a transfer of credit and/or money.
The boundaries of the system extend: beyond
the measurements of national output alone.
Since flows of fund£ arise in transfers of
existing assets as well as in purchases and
sales of current production, the accounts, include measures of transactions in land, existing homes, and used automobiles in addition to measures of puirehases and sales of
new homes amd new automobiles. Flows of
funds also arise out of shifts in composition
of portfolios. Therefore, transactions in

1086




mortgages, securities, trade credit, and other
financial instruments, as well as changes in
cash balances, are measured in the system.
In the flow-of-funds system, records of all
these flows are organized into detailed statements of the sources and uses of funds for
each of 10 major groups or sectors into
which the economy is divided, In general,
each group is composed of economic units
similar with respect to function and institutional structure. The flow-of-funds sectors
are:
Consumers
Corporate business
Nonfarm noncorporate business
Farm business
Federal Government
State and local governments
Banking system
Insurance
Other institutional investors
Rest of the world
The three major financial sectors are further subdivided into component groups for
which flow-of-funds accounts are also provided. Thus, the sector account for the banking system is built up by consolidatihg accounts for four subsectors: (1) commercial
banks, (2) mutual savings banks and the
Postal Savings System, (3) the Federal Reserve System, and (4) Treasury monetary
funds. The insurance sector statement is the
summation of three subsector accounts: (1)
life insurance companies, (2) self-administered pension plans, and (3) other insurance
companies. The account for other institutional investors is developed by combining
statements of sources and uses of funds for
three subsectors: (1) nonprofit organizations,
(2) savings and loan associations, and (3)
other financial institutions.
T h e flow-of-funds sector accounts can be
visualized as a set of interlocking balance-

FEDERAL RESERVE BULLETIN

A FLOW-OF-FUNDS SYSTEM OF NATIONAL ACCOUNTS

of-payments statements, each of which, in
major respects, is similar in format to balance-of-payments statements that have been
developed to record the flow of international
payments. Each flow-of-funds sector account
records the sector's purchases and sales of
commodities and services, its credit and capital outflows and inflows, and the changes in
its monetary balances.
Each transaction recorded is reflected in at
least four entries in the accounts of participating sectors. For example, a transaction
consisting of a purchase of goods for cash is
entered as a purchase of goods by the buyer,
a sale of goods by the seller, a reduction in
cash for the buyer, and an increase in cash
for the seller.2 Such a transaction has two
nonfinancial entries—the purchase and sale
—and two financial entries—the reduction
and the increase in cash. Some transactions
are entirely financial in character, for example, purchases of securities for cash or repayments of debt in cash; in these cases, all
entries reflect changes in financial claims.3
It has been found convenient in describing
the accounts to refer to the nonfinancial entries of the transactions recorded as "nonfinancial transactions" and to call the financial entries "financial transactions."
For many analytic purposes, it is useful
to distinguish, in the nonfinancial transactions, the types of goods and services exchanged, or the immediate purpose served
by the exchange; and, in the financial transactions, the types of financial instruments
used in payment or exchanged against other
financial claims. Accordingly the transactions of the individual sectors in the flow-offunds accounts are classified into 12 nonfinancial and 9 financial categories:
2
Some transactions, such as purchases involving part cash
and part credit payment, involve more than four entries.
3
Transactions that are entirely nonfinancial (barter, for
example) are not recorded in the accounts.

OCTOBER




1955

Nonfinancial
Payroll
Interest
Rents and royalties
Dividends
Net withdrawals by proprietors
Insurance premiums
Insurance benefits
Grants and donations
Taxes
Tax refunds
Real estate transfers
Other goods and services

Financial

Currency and deposits
Gold and Treasury
currency
Bank loans other than
mortgages
Federal obligations
State and local obligations
Corporate securities
Mortgages
Trade credit
Misc. financial assets
and liabilities

These classifications are carried through
all sector accounts consistently, so that each
sector's contribution to particular phases of
economic activity can be traced. In addition
to being recorded in the sector accounts,
transactions in each of these categories are
summarized in transaction accounts. Significant components of these transaction categories are also recorded in the accounts, and
for most of the financial transaction categories estimates have been developed of the
stock of assets and liabilities outstanding as
well as of the net flows of these claims. The
transaction classifications used in the flow-offunds accounts do not single out any particular concepts of income, consumption,
saving, or investment. Rather, the transaction detail permits the user to make combinations of data that will serve alternative
formulations of these concepts.
This cross-classification of the data by sectors and transactions provides a valuable statistical control over the estimates incorporated in the accounts. The transaction
groups are so defined that the sum of all
payments should equal the sum of all receipts in each category. Concomitantly, each
sector's sources of funds should equal its uses
of funds. The discrepancies that arise in
many sector and transaction accounts are im1087

A FLOW-OF-FUNDS SYSTEM OF NATIONAL ACCOUNTS

portant guides to the improvement of estimating procedures.
STRUCTURE OF ACCOUNTS IN SUMMARY

A summary of the structure of the accounts
depicting the interrelations of all transactions
in the economy for one year, 1953, is presented in the accompanying table. Similar
summaries for each year covered by the accounts are presented at the end of this article.
For each sector of the economy, the columns of the table record sources of funds
(receipts) and uses of funds (payments)
in terms of several groupings of nonfinancial
and financial transactions.4 When read
across, the table shows the participation of
each sector in each group of transactions.
The kind of information provided by the
summary table can be illustrated by answering the following question about the economic activities of the consumer sector in
1953: How did consumers as a group make
purchases of goods and services amounting to
238 billion dollars (including 64 billion for
new and old houses and consumer durables),
provide for insurance, retirement and gifts to
the extent of 23 billion, pay taxes to the
amount of 41 billion, and add nearly 13 billion to their cash and other financial assets
—a grand total of 314 billion dollars ?
The funds available to consumers from
cash wages and salaries, it can be seen,
amounted to roughly three-fifths of this sum.
Another fifth of the payments was made out
of investment income of various kinds.
There remains then about one-fifth to be accounted for, or a sum of around 60 billion
dollars.
From the table it can be seen that over
one-third of this balance was covered from
4
The coverage of these transaction groupings is indicated
in the notes following the summary tables at the end of the
article.

1088




receipts from the sale of tangible capital
assets—houses and other real estate, automobiles, and the like. Somewhat more than this
came from insurance benefits, pension receipts, gifts, and public and private aid. Tax
refunds were the source of another 3 billion
dollars.
Consumers financed the remaining 11 billion dollars of their total expenditures and
acquisition of assets through borrowing.
One-third of this borrowing was from banks.
Consumer mortgage debt rose during the
year by 6 billion dollars and other indebtedness increased in round numbers by 5 billion.
Thus we have a full accounting of consumer
receipts, expenditures, and finances in a
single statement.
At the same time the table shows these
consumer transactions in their relation to
transactions of all ©ther sectors. For example, of the 196 billion dollars of payroll
received by consumers, corporate business
paid three-fifths, governments one-sixth, noncorporate business a little less, and all other
groups less than one-twelfth.
Examples of the interrelations can also be
drawn from the financial area. Thus the increase in consumer mortgage debt was twothirds of the total increase of 10 billion dollars in mortgage debt for the economy. Of
the 10 billion increase in mortgages, the banking system took 2.5 billion, and this was onethird of the total increase in bank credit.
The increase in bank assets was associated
with an increase of 5 billion dollars in currency and demand and time deposits. All
sectors except the Federal Government increased their holdings of currency and deposits and the consumer sector's increase exceeded 4 billion dollars, or one-third of that
sector's total increase in financial assets.
The table is also relevant to other questions
concerning relations among sectors and
FEDERAL RESERVE BULLETIN

o

SUMMARY OF FLOW-OF-FUNDS ACCOUNTS FOR 1953
S =Sources of Funds, U =Uses of Funds
(Annual flows, in billions of dollars)

Consumer
Corporate

Transactions

S

U

S.

U

Noncorporate
S

Financial institutions

Government

Business
Sectors

U

Federal

Farm
S

U

St. and loc.

U

S

S

U

Banking
S

Insurance

U

S

U

Rest of
the world

Total

Other
S

u

1.7
5.7

4.4
1.5
1.4

• S

S

U

U

Nonfinancial
A
B
C
D
E
F
G
H
I

Payroll
Receipts from and payments on investment
Insurance and grants
Taxes and tax refunds
Capital acquisitions
Net change in inventories
. ..
New fixed capttal
Other
Purchases and sales of other goods and
services
Total

195.5

2.7

59.4
23.9
2.6
22 0

16.3
22.7
40.9
63 8

118.7
9.7
1.3
.5
2

1.6

1.1 13.0
.4 1 .4l
4

.3

.9

24 9
.2
.2

13.5
19.0
.8 1.0 6.2
1.0 5.5
7.5 14.4 11.9 11.7 *
64 8 3 1 21 4
1
4.2
50 *
7 8
2.6

30.0

20.0 17.5 40.0
12.2
1.0 3.0
36.0
6 8
26.7
1 5 6 0

46

72
22.0
1.5
.4
.1
.5
*
155 4 538 3 341.8 195 8 130.2 29.8 10.8 5.0 38.8 5.8 6.4
303.4 301.8 550.0 555.3 215.9 215.9 31.7 32.8 78.4 85.1 40.0 40.4
39 4
24.4

5 1
#

2.6
1.9
.3
2.1 3.5
.3 29.0 16.7
8
7
1

42
.1

i
.8
7.0

21

2

*

*
.5
2.2

21

.2

195.5
101.4
82.8
89.4

101.4
83.0
89.6

\ 820.9

819.5

1.9
.3
*

195.5

i

.7
.5 3.4 4.9 3.0 15.8 14.3
5.9 33.0 23.9 12.3 12.4 18.4 16.5 1,290.0 1,290.0

Financial i
K
L
M
N
O
P

Currency and deposits..
Federal obligations
Mortgages .
Corporate securities and State and
local obligations
Other
Total

Q

Grand total

R
S

Memoranda:
G N P identifiable in J
Bank credit in P




6 2

4 4
.3
6

.1
1 l
1 3

*

.4
1.8

.6
.5

5 2
.4

1.0
18

-1.6
.3

5.0

.9
2.5

.2

.2
2.1

*

*

— 2
3.7

.3
.6

5.0
5.2
9.8

5.0
5.1
9.8
10.8
10.8

10.9
.1
6.5
.4
.1
.1 1.1
.3
.3
-.3
3.6
11.8
.1
.9
.2 1,4 "".3
.2
.6 1.4
.6 *
2
4.5
5.0
42.6
.3 9.1
1.6
5.3 - 1 . 4
.6 2.3
10.7
3.5 3.2
3.6 3.0 5.2 5.8
7.4
41.5
1.0 *
5.0
12.9
17.3 19.0 19.0 1,332.7 1,332.7
314.4
557.4 557.4 219.3 219.3 32.8 32.8 83.7 83.7 43.6 43.6 12.2 12.2 33.3 33.3
17.3
314.4
4.5

3.2

4.4

6.7
-.6

215 1
3.5

.3
.1

29.5
.5

1.6

1 2

— .6
2.3

6.9

6

6.9

9

57.9

7

24.4

#' '

1.4
69

*Less than 50 million dollars.
1
Financial sources of funds represent net changes in liabilities; financial uses of funds represent net changes in financial assets.
NOTE.—'For contents of each line, see notes to summary tables, pp. 1123-24.

*

'_!' j

10.7

_L ?

-1.9

"6.9

350.9
6.9

A FLOW-OF-FUNDS SYSTEM OF NATIONAL ACCOUNTS

among transactions. For instance, what
sources of funds financed the 38 billion dollars of business capital investment? H o w
did the Federal Government finance payr
ments of 85 billion dollars when its tax receipts were 65 billion ? H o w did insurance
underwriters dispose of their 33 billion dollars of insurance premiums and investment
income receipts? The general function of
this summary table is to facilitate quick accounting answers to these and comparable
questions.
Many readers will be interested in the
amounts of gross national product, as presented in the national income accounts of
the Department of Commerce, that are reflected in the nonfinancial transactions of the
various flow-of-funds sectors. These are
shown in line R of the table. The amounts
shown for each sector include the pertinent
elements of all components of G N P . T h e
entry for the consumer sector, for example,
reflects consumer purchases of new residential housing for owner-occupancy, which are
part of the gross private domestic investment
component of G N P , as well as the elements
of personal consumption expenditures that
are in the nonfinancial transactions of that
sector.
It needs to be emphasized that the table
serves only to bring together in summary
form the many measurements compiled on
flows of funds. It presents a highly simplified
picture of the flow of funds through the
economy in a single year. More significant
information can be obtained by examining
both the changing patterns of these flows
over time and the substantially greater
detail recorded in the full sector and transaction statements presented and described
in the separate chapters of the report.
Data cast in the sector and transaction
groupings adopted for the accounts provide
1090




the bases for many different investigations
of the functioning of the economy. They
make it possible, for example, to observe
changing patterns in utilization of credit
and capital markets as fluctuations in production and consumption occur. The accounts
indicate the financial channels and instruments used by each sector in accumulating
financial assets and in financing expenditures. In particular, relationships of the
banking system to the rest of the economy
through changes in bank credit and the
money supply are presented in the full context of each sector's sources and uses of funds.
The scope of the accounts and their structural
interdependence are designed to facilitate inquiry into how financial factors influence,
and are influenced by, other economic developments.
The flow-of-funds record has already
proved itself to be of value in these types of
inquiry. By supplementing the accounts
with collateral data, it has been possible to
trace and evaluate changes in the structure
of private debt since the end of the war. T h e
record has been particularly helpful in identifying the economic groups borrowing, the
types of expenditures financed by debt, the
financial channels through which funds were
obtained, and the relationship of the rise in
debt to the commitment of income for servicing debt.
The structure has also contributed helpful
perspective on current and prospective economic developments by providing a framework for integrating measures of income,
consumption and capital expenditures, and
borrowing and lending. The period for
which the accounts have been developed—
from 1939 to the present—is long enough for
the record to be used in drawing some tentative inferences with respect to cyclical and
trend relationships among spending, saving,
FEDERAL RESERVE BULLETIN

A FLOW-OF-FUNDS SYSTEM OF NATIONAL ACCOUNTS

and financing. Since the accounts are now
available only on an annual basis, their application to observation of seasonal and other
short-term fluctuations is limited. As the
record goes forward and the frequency of recording increases, however, the usefulness of
the accounts in evaluating trends will grow.

sets forth some of the more important decisions that underlie the flow-of-funds accounts. Areas of decision discussed relate
to the scope of the accounts, the classification of transactors, the classification of transactions, and other technical features..
SCOPE OF THE ACCOUNTS

ORGANIZATION OF THE ACCOUNTS

The organization of the flow-of-funds
structure of accounts derives from its main
objective, namely, to provide a comprehensive and systematic economic record that will
facilitate study of the interrelations among
financial and nonfinancial processes. Four
basic principles of organization are applied in meeting this objective. First, transactors are grouped into sectors according to
dominant economic characteristic. Second,
transactions are grouped to distinguish types
of goods or services bought or sold and channels of financing used. Third, each sector
account is comprehensive with respect to the
sector's use of credit and money. Finally,
all sectors' flows of funds are classified in a
broadly comparable pattern.
Basic principles, however, do not adequately define any national accounting system. Analytic orientation shapes not only
the over-all framework of the system of accounts but also the treatment of each transaction recorded in the accounts. Frequently
alternative treatments seem equally valid in
terms of objectives of the system; even more
frequently lack of data requires some compromising of general principles. It is only
through a detailed study of the decisions
made in constructing a comprehensive national accounting system—the choices of concept and statistical procedure—that the potential usefulness of the end product can be
assessed.
Accordingly, the following description
OCTOBER




1955

The flow-of-funds accounts include all
transactions which (1) involve at least two
separate economic units and (2) are effected
through transfers of credit and money. This
perspective results in the exclusion, so far as
possible, of transactions internal to the accounts of a single economic unit, such as a
corporation or a family, and of barter and
imputed transactions.
Internal transactions are such bookkeeping
transfers as allocations of funds to various
reserve accounts, and interplant transfers
among the establishments of a single enterprise. Such internal transactions are not recorded in the flow-of-funds system because
they do not involve two separate economic
units and are not effected through the transfer of money or credit.5 Some of these internal entries, however, have economic significance. For example, charges to depreciation reserves directly affect tax liabilities and
also have a bearing on investment, dividend,
and other business policies of the economic
unit. Similarly, charges to reserves for bad
debts by financial institutions may exert an
influence on credit availability. Business net
income, although a significant influence on
many business decisions, is not treated as a
flow-of-funds transaction, since it is an entry
on the books of a single transactor, transferring the net excess of credits over debits
5
While the accounts do not record internal transactions
of a single economic unit, transactions among the component units of each sector are recorded, except in the
consolidated accounts for certain sectors-—banking, the
Federal Government, and the rest of the world.

1091

A FLOW-OF-FUNDS SYSTEM OF NATIONAL ACCOUNTS

in the operating account of the business to
some capital account of the same transactor.6
For many types of economic analysis, these
internal transactions must be considered.
Therefore, while they are excluded from the
regular structure of accounts, several of the
most important of them are shown as memoranda items or valuation adjustments in the
appropriate sector accounts or in accompanying tables.
Since the flow-of-funds accounts are
oriented toward transactions effected through
the use of credit or money, barter or payments in kind and most imputed transactions
are excluded. Thus imputations such as
those related to the national income treatment of home ownership are not included
in the flow-of-funds accounts.
The flow-of-funds accounts do, however,
record some transactions in a form different
from that given by the actual pattern of
flows. Thus, although employers deduct
withholding taxes from wages and transmit
the taxes directly to the Government, the
flow-of-funds accounts present the transaction as one in which gross wages are paid
to employees and the employees in turn pay
the tax to the Government. This treatment
provides a more meaningful presentation of
the distribution of direct tax payments among
taxpayers.
Another transaction that is recorded in a
form other than that in which it occurs is the
payment of insurance premiums through
brokers, who deduct commissions and expenses and remit the balance to the principal
insurance company. In the flow-of-funds
accounts the premium payments are recorded
as going directly to the insurance company,
e
I t should be noted that while the flow-of-funds accounts do not record profits and net income as such, they
do record on a gross basis the transactions with other transactors that, together with certain internal transactions, determine corporate profits and noncorporate net income.

1092




with the company in turn remitting to the
brokers the amounts due for brokers' charges.
The flow-of-funds transaction category
"net withdrawals by proprietors" records
transactions between unincorporated businesses and their proprietors as consumers.
To the extent that proprietors make no separation or distinction between business and
consumer accounts, this transaction category
contains some imputations.7
CLASSIFICATION OF TRANSACTORS

The grouping of economic units or transactors in the flow-of-funds system takes into
account the nature and extent of their participation in financial flows as well as in transactions for goods and services. In light of
the analytic objectives of the system, some
groupings of transactors are obvious: businesses should be distinguished from consumers, and governments from both of these.
Such distinctions are essential, but others
are also needed. Financial patterns of corporate and unincorporated businesses are sufficiently different to require separate accounts. Agriculture operates within an institutional complex substantially different
from that relating to other types of business;
the differences call for a separate accounting
for farm business activities. Essential differences between the Federal Government and
the State and local governments suggest the
value of keeping separate records of their
transactions. The importance of financial
institutions in the problems to which the
flow-of-funds accounts are addressed, and
the differences in their portfolio management practices, require separate accounting
for each of the major types of financial institutions—the banking system, insurance
companies, other institutional investors—and
7
This does not apply to all unincorporated business, as
indicated in note 8 following.

FEDERAL RESERVE BULLETIN

A FLOW-GF-FUNDS SYSTEM OF NATIONAL ACCOUNTS

for the main components of each type.
In combining individual transactors into
these sectors and subsectors, an attempt has
been made to record all of the transactionscurrent and capital, financial and nonfinancial—of each transactor in a single sector account. In some cases, however, this is not
feasible. For example, business activities of
all unincorporated enterprises (other than
farms) are recorded in one sector account,
and the consumer activities of proprietors
of these enterprises are recorded with those
of other consumers in the consumer account.
This involves some division of the activities
of single transactors since the business and
personal accounts of some proprietors are so
commingled as to prevent any distinction or
to make artificial any analytic separation.8
Data for more satisfactory solutions to this
problem are not available.
There is one other significant departure
from the principle of recording all transactions of a given transactor in the same sector
account, but this is the result of deliberate
choice rather than lack of data. Certain
credit and monetary activities of the Federal
Government—the Postal Savings System, the
Exchange Stabilization Fund, the gold account> the silver account, and other elements
in Treasury currency accounting—are classified as part of the banking sector in the flowof-funds structure, rather than as part of the
Federal Government sector. Placing these
accounts in the banking sector combines in
one sector account all of the economy's monetary liabilities and reserves. This combination of activity and institutional sectoring has
proved of value in clarifying relationships
8
This difficulty relates primarily to sole proprietorships— *
enterprises with single owners—and to some extent to
corporations entirely family owned. Presumably the accounts of partnerships, of corporations with dispersed ownership, and of many sole proprietorships make the distinction
more clearly.

OCTOBER




1955

between bank credit and the money supply.
One penalty for sectoring along institutional lines is some degree of impermanence
in the basic organization of the accounts.
As new functional and institutional arrangements arise, the classification of sectors will
have to be revised. This need has already
been demonstrated; in the brief period since
exploratory studies were first undertaken,
several changes in sector structure have been
made. Some of these have resulted from the
changing availability of data; others—such
as the separate subsector accounts provided
for private pension systems and savings
and loan associations—reflect recent growth
in the importance of these institutions in
channeling flows of funds.
CLASSIFICATION OF TRANSACTIONS

The focus of the flow-of-funds accounts
on the interrelations among financial and
nonfinancial processes is a major determinant
of the way in which transactions are classified. As a primary distinction in each sector
account, financial transactions—transactions
in financial assets and liabilities—are recorded separately from transactions in goods
and services. Within each of these broad
groups^ further distinctions are made. Nonfinancial transactions that have greatest bearing on credit developments are distinguished
in the sector accounts from others whose relationship to financial developments is more
remote. In the financial area, the classifications distinguish different types of credit instruments, credit institutions, or borrower
groups.
The definition of each transaction category is carried through uniformly in all sector accounts. As noted earlier, some 21 types
of transactions are identified. They are defined, in general, so that the total flow of
funds balances for each transaction category;
1093

A FLOW-OF-FUNDS SYSTEM OF NATIONAL ACCOUNTS

that is, the sum of all sector payments equals
the sum of sector receipts for each type of
nonfinancial transaction* and net borrowing
equals net lending for each type of financial
transaction.
In addition, certain components of these
major transaction groups are identified—in
either sector or transaction accounts—where
such detail is of value in analysis. Thus,
supplementing the over-all record offlowsof
insurance premiums, there are separate subsidiary accounts for premium transactions
under government insurance programs and
private insurance contracts. Comparable detail is given for insurance benefits. Tax payments and receipts are cross-classified by type
of tax, by level of government receiving the
tax, and by sector paying the tax. Bank
credit is identified by type of bank asset and
by borrowing sector. A complete account
of receipts and payments is presented for
each of the major transaction classifications
and subclassifications, and much of this detail is also given in individual sector accounts.
In addition to detail within the transaction classifications, the sector accounts in
some cases show further transaction detail
for which it is not possible to develop complete subsidiary transaction accounts, that is,
transaction detail that cannot be identified
in terms of both receipts and payments. This
detail relates for the most part to business
and consumer capital outlays. It is possible
to indicate the sectors making such outlays,
but it is not possible, in the available statistics on business sales, to identify by sector all
the receipts arising from these expenditures.
To make the accounts as useful as possible,
these business and consumer capital outlays
are recorded separately in the individual sector accounts, even though receipts from these
transactions are not segregated. In addition,
1094




some groupings of transactions in the sector
accounts cut across the standard transaction
classification system; this occurs mainly with
respect to capital outlays.
In summary, the sector statements differ
one from another with respect to the amount
of detail shown. Some detail can be carried
through all accounts but is included only
where it has significance; some detail shown
in certain accounts cannot be identified consistently throughout the structure. Because
of space limitations, some of the pertinent
detail is shown in the transaction accounts
rather than in the sector accounts. The table
on page 1095 shows the extent to which detail within the 21 major transaction categories is recorded in two of the major sector
accounts—those for consumers and for corporate business. Items marked with an asterisk are presented in even more detail in
the transaction accounts.
No one system of transaction classification,
of course, can be pertinent for all possible
applications of the accounts. Transaction
groupings in the accounts are designed so
that they can be easily rearranged to meet
special needs. For example, the flow-offunds accounts impose no specific concepts
of saving or of investment on the data; the
analyst is free to combine various transaction categories or subcategories into any of
several saving or investment concepts in order to test particular hypotheses of behavior
patterns.
While transactions in financial claims, are
distinguished, in general, from transactions
in goods and services, some difficulties are
encountered in trying to carry through this
distinction consistently. One major prob1
lem arises in classifying flows between proprietors of unincorporated business and their
enterprises. It is impossible to determine
separately the amounts proprietors withdraw
FEDERAL RESERVE

A FLOW-OF-FUNDS SYSTEM OF NATIONAL ACCOUNTS
TRANSACTION D E T A I L SHOWN IN T W O SECTOR

ACCOUNTS

Detail shown in consumer sector account
Major transaction classifications
Nonfinancial:
Payroll
Interest
Rents and royalties

Payroll
Interest*

Dividends and branch profits. . .
Net withdrawals by proprietors.
Insurance premiums

Sources

Dividends
Net withdrawals by
proprietors*

.

Insurance benefits.. .

Grants and donations...

Taxes and renegotiations.

Tax refunds
Real estate transfers
Other goods and services. . .

Insurance benefits:
Private—
Life, etc.*
Other*
Government*
Grants and donations:
Fed. Govt.
State and local
Private*

Tax refunds
Sales receipts:
Homes
Autos, etc.

Financial:
Currency and deposits. . .
Gold and Treasury currency
Bank loans other than mortgages.

Federal obligations
State and local obligations
Corporate securities
Mortgages....

Uses
Payroll
Interest
Rents

Insurance premiums:
PrivateLife, etc.
Other*
Government*

Grants and donations*

Detail shown in corporate sector account
Sources

Uses

Interest
Rents and royalties
Dividends and
branch profits*

Payroll
Interest
Rents and royalties
Dividends and
branch profits*
Insurance premiums:
Employment
taxes*
Other*

Insurance benefits*

Grants and donations

Taxes:*
Income*
Property
Other*
Home purchases:
New*
Existing
Durable goods
Nondurable goods
"Other" services

Profits tax payments*
Other taxes*
Renegotiations
Tax refunds
Real estate transfers
Sales and receipts
from operations

Currency and
deposits:
Time deposits
Consumer credit
from banks
Security loans
from banks

Banks
Other
Mortgages:

Trade credit.. .

Consumer credit
from nonbank
lenders

Miscellaneous financial transactions.

Other security loans
Policy loans

Federal obligations*
State and local
obligations
Corporate securities
Mortgages

Miscellaneous assets :
Savings and loan
shares
Credit balances at
brokers
Other*

Grants and donations*

Capital expenditures:
Plant and equipment
Other
Change in inventory
Operating uses n.e.c.

Currency and
deposits
Bank loans other
than mortgages:
Commercial and
industrial
Other*

Federal obligations*

Corporate securities:
Net bank pchses.

Corporate securities*

Mortgages:
Owed to banks
Trade debt:
Federal Government advances
and prepayments
Other trade debt
Miscellaneous
liabilities

Trade credit:
Receivables from
Federal Government
Other trade credit

*Indicates items for which more detail is given in transaction accounts or detailed taDles accompanying them.

from their enterprises as reductions in capital company stock he owns; in turn, these can be
and the amounts they withdraw as compen- distinguished from proceeds of any sales of
sation for their managerial or labor func- this stock or any payments made to acquire
tions. For an official of a corporate organiza- additional stock. For the proprietor of an
tion, it is possible to distinguish the salary unincorporated business, all of these flows
he receives from any dividends he gets on must be combined, for statistics are not availOCTOBER 1955




1095

A FLOW-OF-FUNDS SYSTEM OF NATIONAL ACCOUNTS

able to effect a separation. The flow-offunds transaction category "net withdrawals
by proprietors" is equivalent, therefore, to a
mixture of several financial and nonfinancial
flows.
The treatment of proprietors' incomes described above, while representing a departure
from general classification principles used in
the accounts, does not give rise to any statistical discrepancy in either sector or transaction accounts, for the transaction is classified
and treated in the same way for both the
paying and receiving sectors.
There are classification inconsistencies in
the accounts related to the treatment of gold
and silver. Gold and silver are products to
the companies that mine them and raw materials to industrial and artistic users. To the
banking system, however, these metals are
part of the monetary base. This basic difference in significance for different groups in the
economy is reflected in classification inconsistencies in the flow-of-funds accounts.
Thus changes in the United States gold stock
are considered to be financial transactions for
the banking sector (and also for the rest of
the world sector, if the gold is purchased
from or sold to foreign countries) but sales
of gold by domestic mining companies and
domestic purchases of gold for industrial and
artistic use are classified as nonfinancial
transactions of the business sectors. Comparable differences exist in the case of silver,
not only with respect to domestic production
and industrial use but also with respect to
imports. International transactions in silver
are classified as nonfinancial rather than
financial flows in both the conventional balance-of-payments statement and the flow-offunds accounts.
These inconsistent classifications give rise
to minor statistical imbalances that are compensating within transactions accounts and
1096




do not contribute to any sector account discrepancies. The discrepancies in the gold
and Treasury currency transaction account
arising from the difference in classification
are matched by part of the discrepancy in
the transaction account for other goods and
services.
CROSS-CLASSIFICATION OF TRANSACTORS AND
TRANSACTIONS

The extent to which specific participants
in intersector flows can be identified in the
accounts falls short of a complete "to-whomfrom-whom" arrangement. Such an arrangement would be one in which each sector's disbursements and receipts are classified not only in terms of the types of activity
involved, blit also in terms of the sectors
with which each type of transaction is effected. Statistical information currently
available does not permit such complete identification of credit and money transactions.
Where data permit, specific identification
is provided of the sectors to which particular
payments are made or from which particular
receipts have come. In the nonfinancial area,
this identification is made in the transaction
categories for payroll, insurance premiums
and benefits, grants and donations, taxes,
tax refunds, and net withdrawals by proprietors of unincorporated businesses. It is
not possible, however, to provide all of this
detail for the other nonfinancial transaction categories: interest, rents, dividends, real
estate transfers, and purchases and sales of
other goods and services.
Most financial flows of funds can be measured only in terms of net changes in stocks
of assets and in liabilities, rather than in
terms of gross flows of acquisitions and sales
and extensions of credit and repayments.
Since gross flows data are necessary in order
to identify the sectors participating, it is not
FEDERAL RESERVE BULLETIN

A FLOW-OF-FUNDS SYSTEM OF NATIONAL ACCOUNTS

possible to construct a "to-whom-fromwhom" statement for financial transactions.
However, a "who-owes-what-to-whom" arrangement of data has been constructed for
many categories of financial transaction.
This has been possible for transactions in
which one sector alone is either the debtor
or creditor, such as the transaction categories
for currency and deposits, bank loans, Federal obligations, and State and local obligations, and also for components of other financial categories.
TIMING OF THE ACCOUNTS

Another aspect of the flow-of-funds system to be considered is the timing basis for
recording transactions in the accounts. Some
transactions are recorded on a payments or
cash accounting basis; that is, as of the time
payment for the transaction is made. Others
are recorded on an accrual basis; that is, entries are made as of the time payment is
earned or an obligation is incurred.
For each type of transaction, the choice
of timing basis rests on particular analytic
considerations. Taxes are recorded in the
accounts when received by the government
because analysis of the impact of government
financing on capital markets is facilitated by
data recording fluctuations in government
cash revenues. On the other hand, purchases and sales of goods are recorded on an
accrual basis, that is, as of the time the title
to goods is transferred and an obligation to
pay arises, because the total volume of sales
is considered to be a more significant economic fact than is the volume of cash receipts
from sales. Also, the credit extensions in
such accrual transactions give rise to financial
instruments that may often be negotiable or
capable of use as collateral for other borrowing. Measurements of fluctuations in trade
credit—business, consumer, and government
OCTOBER




1955

—are an integral part of any picture of the
total flow of funds through financial channels.
While both cash and accrual measures are
used in the flow-of-funds accounts, the two
are not combined in any given transaction.
Thus insurance premium transactions are on
a cash basis in both paying and receiving sector accounts, as of the time the premiums are
received by the insurance sector. On the
other hand, consumer purchases from business and the corresponding sales by business
are recorded as of the time ownership is
transferred.
The use of both cash payment and accrual
bases of accounting does not give rise to discrepancies between receipts and payments for
transaction accounts or for sector accounts
so long as there is consistent timing of the
four entries for each transaction. When consumers purchase goods from business on
credit, the purchases enter the consumer sector account as nonfinancial uses of funds at
the time consumers acquire title to the goods.
At the same time, a source of funds is recorded in the consumer account to reflect the
increase in consumer liabilities for the
amounts owed to the seller. A corresponding sale simultaneously enters one of the
business sector nonfinancial accounts as a
source of funds and an increase in trade receivables is recorded as a business use of
funds. Conceptually, the four entries for
each transaction insure a balance in both the
sector sources and uses of funds accounts and
in the transaction receipts and disbursements
accounts.
If both participants in each transaction
recorded all entries simultaneously, no timing discrepancies would arise in the accounts.
This concurrence is infrequent, however,
and imbalances in the accounts result. For
example, debtors usually reduce their records
1097

A FLOW-OF-FUNDS SYSTEM OF NATIONAL ACCOUNTS

of the amounts they owe when a check in
payment is mailed, but creditors may not
write down their comparable asset until after
the check has been received. At any point
in time, holder records of the amounts owned
of a particular financial asset tend to differ
from the sum of debtor records of the
amounts owed.
This lack of simultaneity in recording debt
repayments also introduces a discrepancy
into another transaction account, that for currency and deposits. The debtor's record of his
cash balance is immediately reduced by the
amount of the check written; the creditor's
record of his cash balance is not increased
until the check is received; bank records of
deposits are not changed at this stage of the
transaction. Thus, the total liability for deposits as recorded in bank records tends to be
larger than the sum of individual holder records of deposit balances by the amount of
checks in the mail.
Other lags are also reflected in the flow-offunds system. For example, withholding
taxes deducted from wages by employers are
recorded in the accounts as paid by consumers at the time they are withheld. However,
some time usually elapses before the amounts
withheld actually enter Treasury records because of the schedule according to which the
withholdings are deposited by employers in
Treasury accounts at depositary banks or are
transmitted to Internal Revenue collectors
and thence to the Treasury. This, and other
timing lags, resulted in a substantial discrepancy in the account for tax payments and
receipts in 1943, when the withholding tax
was first introduced, and in small discrepancies in subsequent years.
For the most part, timing discrepancies
arise in cases of reliance on two sources of
data for the same transaction. When the
books of one participant to a transaction
1098




serve as a basis for estimating the amount
of the transaction for another sector, usually
no timing discrepancy enters the accounts.
NETTING IN THE ACCOUNTS

Another aspect of the system worthy of
note is the extent of netting in the accounts,
that is, the extent to which receipts or expenditures are recorded separately or have been
offset against each other. For most analytic
purposes, it is desirable to have available
measures of receipts and disbursements on a
gross basis. This is particularly true in dealing with aggregates for unlike types of
transactors or transactions, for the net figure
often conceals significant deviations in behavior.
The effect of fiscal policy on the economy,
for example, can be appraised more clearly
when Government revenues and expenditures are each considered separately than
when only the net deficit or surplus is considered. Similarly, net changes in public or
private debt may be an inadequate measure
of the role of financial flows in the economy.
Data on gross borrowing and debt repayments, as well as measures of the debt outstanding, are desirable in order to assess the
relation of the financial situation to developments in production and expenditures.
Unfortunately, available data on gross
flows are limited. This is particularly true
in the financial area. In the nonfinancial
area, it has been possible to construct gross
measures for most types of transactions—
wages, interest, dividends, rents, insurance,
taxes, grants and donations, and "other goods
and services."
In the financial area, however, only net
changes in each type of asset and liability
can be carried through the accounts consistently. Measures are available of gross
FEDERAL RESERVE BULLETIN

A FLOW-OF-FUNDS

SYSTEM OF NATIONAL

borrowing and repayment on certain types of
financial instruments, but there are few, if
any, measures of gross flows for each of the
sectors participating. For example, the Securities and Exchange Commission provides
estimates of gross new issues and gross retirements of corporate securities, but there
exist only fragmentary data relating to the
gross sales and purchases of these issues by
the sectors investing in these securities.
Gross home mortgage borrowing and apparent retirements of home mortgages can
be estimated with some degree of confidence,
but there are few statistical clues to provide
even a crude measure of the gross turnover
of mortgages on nonresidential and multifamily properties in specific lender portfolios.
For an interlocking system of accounts
measuring the flow of funds through the
financial as well as the nonfinancial sectors
of the economy, the only practical expedient
in view of the limited availability of gross
financial flows is to use net changes in each
type of asset and debt to represent flows of
financial funds. In application to problems
of analysis, however, the accounts can be supplemented by the data on gross financial
flows that are available.
COMBINATION AND CONSOLIDATION IN THE
ACCOUNTS

Most sector accounts record intrasector as
well as intersector flows of funds. In other
words, most sector accounts are on a combined as distinct from a consolidated basis.
For example, transactions among consumers
such as payment of wages to domestic servants, or mortgage loans extended by one
consumer to another, are included in the consumer sector account. Transactions among
corporate businesses or among farm busiOCTOBER




1955

ACCOUNTS

nesses are also included in the corporate and
farm business sector accounts, respectively.
Inadequacies in basic statistics prevent estimation of all intrasector flows within the
consumer and business sectors. Thus, there
are no measures of interbusiness exchanges of
existing plant and equipment in the accounts,
nor of the flows among consumers of gifts
or short-term loans. To the extent that data
permit, intrasector transactions are recorded
in the following sector accounts: consumer,
corporate business, noncorporate business,
farm business, State and local governments,
insurance, and other investors.
There are three sector accounts—banking,
Federal Government, and rest of the world
—that have been recorded on a consolidated basis rather than on a combined basis.
This has been done in order to highlight the
significance of the activities of these sectors
with respect to other sectors of the economy.
The banking sector account is a consolidated
statement for all components of the banking
and monetary system. Transactions among
these components, particularly between the
Federal Reserve System and the private banking system, are given in subsector accounts,
but the full sector account shows only transactions between the banking and monetary
system and the other sectors. Similarly, the
Federal Government sector account is on a
consolidated basis. Transactions among
various branches of the Government are not
shown, in order that transactions of the Federal Government with other sectors may be
more clearly indicated. Finally, the rest of
the world sector account is a consolidated
statement, recording transactions of foreign
countries with the United States. Transactions among foreign countries, which do not
enter directly into the United States balance
of payments, are not shown.
1099

A FLOW-OF-FUNDS

SYSTEM OF NATIONAL

CONTRAST WITH OTHER NATIONAL
ACCOUNTING SYSTEMS

The principles of sector organization and
transaction coverage and classification described above broadly distinguish the flow-offunds accounts from other national accounting systems which have different aims. In
part, the differences reflect the different analytic orientations of the various systems.
Both the national income accounts and the
interindustry accounts (also known as the
input-output accounts) focus on transactions
in goods and services. The objective of the
national income system of accounts is to
measure the market value of current productive activities and the distribution of this
value among the factors of production. The
focus of the input-output accounts centers on
interindustry technological relationships—in
other words, the interdependence of the
structure of production. Financial flows, such
as transactions in cash balances, securities,
or other financial instruments, are not recorded in either system.
Neither of these accounting systems is organized primarily in terms of groupings of
whole decision-making units. No attempt is
made in these systems to record all the activities of each economic unit in a single account. In fact, the separation of activities
of given units is a central characteristic of
the organization of these systems.
In the input-output structure, the main
system of classification distinguishes industries, products, or industrial processes. Thus,
transactions of a multiproduct enterprise
may be allocated to several industrial classifications, by product where feasible, by establishment where necessary. Processes and
products may be divorced from the enterprise if greater stability of technological relationships can thus be obtained.
In the national income accounts, classi1100




ACCOUNTS

fication is based on a combination of activity
and economic unit consideration. The focus
of the national income structure is on production and on utilization ©f resources for
both current consumption and additions to
capital goods. These are the main classification bases of the structure. Transactions
representing utilization of resources for current consumption, such as consumer expenditures for food or clothing, or business current outlays for wages and salaries, are recorded in sector accounts broadly akin to the
groupings in the flow-of-funds accounts.
Transactions in capital items—investment in
plant and equipment by business and home
purchases by consumers, however, are consolidated into a single account in which are
recorded investment activities of all private
sectors of the economy.
The focus of the flow-of-funds accounts on
the interplay between financial and nonfinancial factors in the economy results in
a substantially different selection and organization of economic data from those found in
these other widely used systems of national
accounts. The inclusion of transactions in
existing assets and in financial claims, the
inclusion in each sector account of all transactions in which the components of the sector engage, and the grouping of economic
units so as to distinguish participants in credit
as well as goods and service transactions reflect the analytic orientation of the system,
an orientation toward problems in which
economic decisions are influenced by flows
and stocks of financial claims as well as by
current production, income, and consumption.9
9
A more complete discussion of the differences among
the national income accounts, the input-output accounts,
and the flow-of-funds accounts is given in a paper by
Stanley J. Sigel, "A Comparison of the Structures of Three
Social Accounting Systems," included in Studies in Income
and Wealth, Vol. 18, National Bureau of Economic Research, New York, 1955.

FEDERAL RESERVE BULLETIN

A FLOW-OF-FUNDS SYSTEM OF NATIONAL

These general differences among the systems as a whole are reflected in specific differences between particular series in the flowof-funds accounts and related series in other
systems. These specific differences are discussed in the next section.
METHODS USED IN COMPILING THE ACCOUNTS

The flow-of-funds accounts as presently
constructed have been developed from available statistical series; no special direct compilations of new data have been made. Extensive adaptation of existing series has been
required, however, to make use of them in
the accounts. It has also been necessary to
estimate some figures from sample and
benchmark data, and in some cases from
quite fragmentary evidence using crude
methods of estimation.
A great variety of sources of data has
been utilized in compiling accounts. The
most important single source of data on
nonfinancial transactions has been the statistical material underlying the national income accounts. Through the generosity of
officials of the National Income Division of
the Office of Business Economics of the
United States Department of Commerce,
basic statistics used in compiling their national accounts have been made available for
rearrangement into sector and transaction
categories for the flow-of-funds system.
Data compiled by many other Government
agencies have also been used. United States
Treasury data, both those pertaining to operations of the Federal Government and
those obtained from tabulations of tax returns, have been a key source of information. Financial materials compiled by the
Securities and Exchange Commission and
the Housing and Home Finance Agency,
as well as the banking and other financial
data compiled by the Federal Reserve SysOCTOBER




1955

ACCOUNTS

tem, the Comptroller of the Currency, and
the Federal Deposit Insurance Corporation,
have provided a foundation for the financial
components of the flow-of-funds accounts.
Other sources have included various Census
compilations, Spectator insurance reports,
Department of Agriculture occasional and recurrent studies, and others too numerous to
list here.
Construction of the accounts has been
mainly a task of integrating this mass of
data into the framework of the flow-offunds system—assigning transactions to appropriate sectors, adjusting transactions to
appropriate timing bases, eliminating duplicate transactions, and filling transaction gaps.
The differences between flow-of-funds
series and comparable series in other statistical compilations can be classified into a
number of types. These types of differences
are described and illustrated below. This
classification of differences is applicable both
to the derivation of flow-of-funds series and
to the comparison of these series to published
data not used in their derivation. In most
cases the illustrations contrast usage of data
in the consumer sector of the flow-of-funds
accounts with usage in the personal sector of
the national income accounts.
Transaction coverage adjustments. Since
the scope of the flow-of-funds system is wider
than that of the accounts from which source
data are obtained, it is often necessary to supplement these sources with other information. In the national income accounts, for
example, transactions in land and existing
homes are not measured, for these are not a
part of current productive activity that it is
the purpose of these accounts to describe.
The significance of such transactions for
financial analysis requires their inclusion in
the flow-of-funds record. Estimates of consumer purchases of existing homes and of
1101

A FLOW-OF-FUNDS SYSTEM OF NATIONAL ACCOUNTS
the cost of land for new homes, accordingly,
are utilized to supplement the measurements
of consumption expenditures and construction activity in the national income system
in deriving the consumer sector account in
the fiow-of-funds system.
Transaction classification adjustments.
There are a number of differences in the
classification and grouping of transactions
as between the flow-of-funds accounts and
the national income accounts. In the latter
system, for example, some consumer purchases of services from governmental units,
such as payments for tuition to State universities, or fees paid to public hospitals,
are classified in the category "personal taxes
and nontaxes," rather than with the comparable purchases from private enterprises
which are classified as consumption expenditures. In the flow-of-funds consumer sector,
payments for services, whether to governments or businesses, are combined in a single
transaction category.
Sector coverage adjustments. There are
also differences in the groupings of transactors between the flow-of-funds and other
accounting systems. For example, the personal sector account in the national income
structure includes expenditures by nonprofit
institutions and disbursements by pension
plans as well as those by consumers. In the
flow-of-funds system, separate sector accounts
are provided for the receipts and disbursements of nonprofit organizations, pension
plans, and consumers.
Sector allocation adjustments. These adjustments result from differences in the allocation of transactions to sectors, even where
comparable groupings of transactors exist*
In the national income accounts, operating
and maintenance expenditures on owner-occupied homes—including interest payments
on mortgages—are classified as payments by
1102




the business sector rather than by the personal
sector. In the flow-of-funds accounts, expenditures for home ownership and maintenance paid by owner-occupants are classified
as payments by the consumer sector.
Netting adjustments* To the extent possible, nonfinancial transactions are recorded
on a gross basis in the flow-of-funds accounts.
In the data sources used in compiling the
flow-of-funds accounts, receipts and expenditures are sometimes offset against each other*
For example, in the personal sector of the
national income system, tax refunds received
by persons are netted against their tax payments. Such tax payments and the refunds
are treated on a gross basis in the consumer
sector account of the flow-of-funds structure.
Consolidation adjustments. These adjustments refer to the extent to which interunit flows within each sector are recorded in
the accounts. For example, as noted above,
the national income account for the personal
sector consolidates the activities of nonprofit
organizations with those of consumers. In
this consolidation, flows between component
groups of the sector are eliminated. Thus,
personal donations to, and grants from, philanthropic institutions are not recorded in
the national income accounts, nor are consumer purchases of services from schools, hospitals, and other nonprofit institutions. In
the flow-of-funds accounts, philanthropic,
religious, educational, and other nonprofit
organizations are classified in the sector account for other institutional investors, and
transactions of these groups with consumers
are specifically recorded.
Timing adjustments. Transactions are
sometimes entered in the flow-of-funds accounts on a different timing basis than that
employed in other national accounting systems. For instance, armed forces leave
bonds issued to enlisted men in connection
FEDERAL RESERVE BULLETIN

A FLOW-OF-FUNDS SYSTEM OF NATIONAL

with their World War II services are recorded in the personal sector account of the
national income system as transfer payments
received by persons as of the time these
bonds were redeemed. In the flow-of-funds
accounts, they are recorded as consumer receipts as of the time the bonds were issued.
Adjustments for valuation differences.
Some transactions are recorded in the flow-offunds accounts with valuations different
from those in other accounting systems. An
example is the difference in recording
changes in farm inventories as between the
national income accounts and the flow-offunds accounts. In the national income accounts, changes in farm inventories are estimated as the market value of the change in
physical stocks. In the flow-of-funds accounts, the change is valued on a cost basis,
comparable to the basis used in recording
nonfarm inventory changes in both the flowof-funds and the national income systems.
Adjustments for differing estimates.
Some measurements incorporated in the
flow-of-funds accounts differ statistically
from measurements of the same transactions
in other accounting systems, even though no.
difference in concept is evident. Such differences can be illustrated from the business
investment area. Flow-of-funds measures
of business capital outlays are derived from
the Securities and Exchange CommissionDepartment of Commerce survey of plant
and equipment expenditures. The measures
of analogous expenditures in the national
income system are derived from a combination of sources that are independent of the
SEC-Commerce data for most years. After
allowance for conceptual differences between
the two series there remains a statistical difference that must be recognized in reconciling the national income and flow-of-funds
accounts.
OCTOBER 1955




ACCOUNTS

ILLUSTRATION OF ADAPTATION OF DATA

Tables are presented in the report in connection with the sector and transaction accounts explaining relationships between flowof-funds series and corresponding series in
other accounting systems and in other bodies of statistical compilations. The detailed
differences between series are grouped in
terms of the types of adjustments discussed
above.
An illustration of the relationship tables
and of the adaptation of existing data to
flow-of-funds accounting is given in the
tables on page 1104. These tables show the
steps necessary to move from the national
income accounts measures of personal income and personal consumption expenditures
to the flow-of-funds measures of consumer
nonfinancial receipts and expenditures. The
figures, which pertain to 1950, indicate the
order of magnitude of the different types of
adjustments made.
Many of the other relationship tables presented throughout the report are also comparisons between flow-of-funds concepts and
series and national income system concepts
and series. In addition, other comparisons
between these two systems can be made by
appropriate identification of lines in the flowof-funds accounts rather than in relationship
tables. Relationships to the national income
system are not brought together in any single
place but are shown in the appropriate chapters of the report.
REVISION OF ESTIMATES

In the preparation of this report for publication, it was necessary to set a relatively
early cut-off date for the figures used. The
tables in the report incorporate data that
were available at the end of 1954; they do
not reflect revisions and new data that have
become available since that time.
1103

RELATIONSHIP

OF CONSUMER

NONFINANCIAL

SOURCES OF FUNDS IN FLOW-OF-FUNDS ACCOUNTS

TO PERSONAL INCOME IN NATIONAL INCOME ACCOUNTS,

1950

fin billions of dollars]
227.0

Personal income in national Income accounts.
B
C
D
E
F
G

Adjustments for differences in transaction coverage:1
Minus: Imputed and in-kind income in wages and salaries and in interest
Minus: Imputed and in-kind income in proprietors' and rental income
Plus:
Interest on tax refunds
Plus:
Receipts from sales of homes, cars, and other goods
Plus: ^ Benefits from private life insurance annuity and retirement programs2
Plus: * Benefits netted against nonlife insurance premiums in personal consumption expenditures3

H

Plus:

Net issues of armed forces leave bonds and adjusted service bonds. .

Plus:
Plus:

Grants and donations received from nonprofit organizations
Insurance benefits received from self-administered pension plans

K
L

o Minus:

Plus:

Adjustment for differences in timing:
Adjustments for differences in consolidation:

Adjustments for differences in transaction classification:
Consumer bad debts in personal income
Personal contributions for social insurance deducted in calculation of personal income

N

Adjustments for differences in sector coverage:
Minus: Interest, 4dividends, and transfer payments received by nonconsumers in personal sector of national income accounts
"•': :
Minus: Employer contributions to self-administered pension plans

O
P
Q
R

Minus:
Minus:
Minus:
Plus:

Adjustments for differences in sector allocation:
Interest receipts of nonfinancial nonfarm noncorporate business.
Employer contributions to insured pension plans and insurance programs
Net funds left in and invested in noncorporate businesses by consumer sector
Benefits from real property insurance received by nonfarm home owner-occupants. .

S
T

Plus:
Plus:

Tax refunds
Personal cash remittances from abroad netted in personal consumption expenditures.

U

Equals: Consumer nonfinancial sources of funds in flow-of-funds accounts

M

6.7
5.4
.1
16.1
4.0
1.7

.1
1.4
.1
.2

Adjustments to put net items on gross basis:

1.7
*
238.6

NOTE.-—Details may not add to totals because of rounding.
*Less than 50 million dollars.
1
Government benefit payments under deposit insurance programs are too small to be shown separately but are reflected in line U.
2
Excludes benefits received from self-administered pension plans, which are entered as line / below.
^Benefits from private insurance policies covering automobiles and other personal property and from accident and health and hospitalization policies. Benefits from life insurance, real property insurance, and private pension plans are included in other adjustments
to personal
income on lines F, J, and R.
4
Consists of interest, dividend, and transfer receipts of nonprofit organizations; interest received by self-administered pension plans;
profits of Military post exchanges, Navy exchanges and ships' stores.
RELATIONSHIP OF CONSUMER NONFINANCIAL USES OF FUNDS IN FLOW-OF-FUNDS ACCOUNTS
TO PERSONAL CONSUMPTION EXPENDITURES IN NATIONAL INCOME ACCOUNTS, 1950

[In billions of dollars]
194.0

Personal consumption expenditures in national income accounts
B
C
D
E
F
G

Minus
Minus
Plus:
Plus:
Plus:
Plus:

H

Plus

Plus
J
Plus
EC Plus

Adjustments for differences in transaction coverage:
Imputed expenditures for food, clothing, shelter and services1
Imputed expenditures *or cost element in life insurance premiums2
Insurance premiums for private life insurance, annuity and retirement programs3
Nonlife insurance benefits netted
against premiums in personal consumption expenditures.
Purchases of existing houses4
Gross purchases of used goods from dealers less dealers' margins included in A

19.6
2.0
6.6
1.7
12.9
3.6

Adjustment to put net items on a gross basis:
Personal cash remittances from abroad netted in personal consumption expenditures. . .
Adjustments for difiempees^ in consolidation:
Purchases from nonprofit organizations
Grants and donations to nonprofit organizations
Insurance premiums to self-administered pension plans

3.3
4.2
.3

M
N
O

Adjustment for differences in sector coverage:
Minus: Current expenditures of nonprofit organizations in personal consumption expenditures . . .
Adjustments for differences in transaction classification:
Plus:
Taxes paid by consumers in flow-of-funds accounts5.
Plus:
Payments to public institutions included with personal taxes and nontaxes
in national income accounts
Plus:
Consumer contributions for social insurance in flow-of-funds accounts 6 .

23.9
1.0
2.9

P
Q
R

Adjustments for differences in sector allocation:
Minus: Premiums for accident and health and group hospitalization
insurance paid by business
Plus:
Operating expenses of nonfarm owner-occupied homes7
Plus:
Purchases of new homes (including land costs)

.5
5.3
10.7

S

Equals: Consumer nonfinancial uses of funds in flow-of-funds accounts

L

241.6

NOTE.—Details may not add to totals because of rounding.
*Less than 50 million dollars.
1
Includes imputed purchases of services of financial intermediaries other than life insurance companies.
2
Equal
to
those
operating
expenses
of
life
insurance
companies
and
fraternal orders arising in handling of life insurance policies.
3
Excludes premiums paid to self-administered pension plans, which are entered on line K.
4
Gross
prices
paid
by
buyers.
Includes
also
sellers'
payments
of
commissions
to real estate brokers.
5
The relationship between personal taxes and nontaxes in national income accounts and consumer taxes in flow-of-funds accounts
is described
in
the
report.
6
Equal to "personal contributions for social insurance" in the national income accounts.
7
Maintenance and repair costs, mortgage interest, real property insurance premiums, and premiums for Federal Housing Administration insurance on home mortgages. Taxes on owner-occupied properties are included in line M.

1104




FEDERAL RESERVE BULLETIN

A FLOW-OF-FUNDS SYSTEM OF NATIONAL ACCOUNTS

major sectors of the economy. These sectors
divide the economy in terms of types of
economic unit rather than types of activity.
In general, all transactions of an economic
unit are recorded in a single sector account.
There are two exceptions to this general rule.
First, the business activities of proprietors
of noncorporate enterprises are separated
from their activities as consumers. Second,
certain Federal monetary funds are recorded
in the banking sector account rather than
in the Federal Government sector account.
3. Similar transactions are grouped together. The main system for classifying
transactions is a balancing one that measures receipts and payments for each kind of
transaction consistently throughout all sector
accounts. There are 12 categories of nonfinancial transactions representing purchases
and sales of goods and services, returns on
investments, insurance, tax payments, and
transfers for charitable and similar purposes.
There are 9 categories of financial flows,
representing net changes in major types of
financial claims.
For many problems, it is desirable to have
a breakdown of these balancing categories
into significant components. Therefore,
balancing subcategories are provided for
SUMMARY
many of the transaction accounts. For othThe key features of the flow-of-funds ac- ers, identical breakdowns cannot be carried
counts may be summarized as follows:
through for all sector accounts, but detail
1. The accounts include all transactions useful in analysis is presented in the sector
that involve at least two separate economic accounts to the extent possible.
4. For certain kinds of transaction it is
units and that are effected through transfers
of credit or money. They exclude barter, possible to trace each sector's dealings with
bookkeeping transfers among the internal other sectors. This type of "to-whom-fromaccounts of a single transactor, and imputed whom" arrangement of the data is presented
transactions. Some of the internal transfers for several of the nonfinancial transaction
excluded from the accounts proper are re- categories, and "who-owes-what-to-whom"
arrangements are presented for a number of
corded as memoranda.
2. Measures of the flow of funds are organ- the financial transaction groups. Because the
ized into sources and uses statements for 10 necessary data are not available, it is not pos-

The problem of statistical revision is a
continuing one. For recent years in particular, many data represent preliminary estimates pending the availability of final
benchmark information.
For example,
Statistics of Income, an important benchmark source of data, is published annually
by the Internal Revenue Service from taxreturn tabulations. These tabulations are
usually published about two years after the
close of the calendar year. When they become available final estimates dependent on
tax data are made for the year covered, and
the preliminary estimates for following years
are adjusted to reflect the new tax-return
information. Revisions are necessary over
longer periods of years when new Censuses
become available and when data are gathered on previously unexplored parts of the
economy.
It is also reasonable to expect that in the
future there will be modification in the structure of the accounts or alterations in the type
of detail shown as changes occur over time
in the relative importance of types of transactor or transaction and as new sources of
data and calculation techniques become
available.

OCTOBER




1955

1105

A FLOW-OF-FUNDS SYSTEM OF NATIONAL ACCOUNTS

sible to carry through this organization of
the data completely.
5. The flow-of-funds accounts utilize both
payment and accrual accounting. Some
transactions are recorded on a payments basis
(as of the time of cash settlement), while
others enter on an accrual basis (as of the
time an obligation to pay is incurred). Objectives of the accounts determine the basis
used to record each type of transaction. Once
the appropriate timing basis is determined
for a transaction category, it is applied uniformly, with minor exceptions, throughout
all sector accounts. Financial transactions
reflect the timing bases on which the nonfinancial transactions are recorded. For example, purchases on credit are reflected at
full value in the nonfinancial transaction
entries, and a concomitant increase is recorded in the financial asset and liability
entries for the debt arising in the transaction.
The variety of time bases used does not in
itself introduce discrepancies between the
sources and uses of funds for any sector account, or between receipts and payments in
any transaction account.
6. Gross flows of funds are recorded for
most nonfinancial transactions, but only the
net changes in each type of financial asset
and liability are incorporated in the sector
accounts. Some measures of gross financial
flows are available. These are not in sufficient detail, however, to be carried through
consistently in both debtor and creditor sector accounts.
7. Measurements shown in the accounts

1106




are derived by adapting existing data to the
definitional criteria of the flow-of-funds accounting system. Where source data have
been inadequate, it has been necessary to
prepare special estimates. In some areas, as
in the noncorporate business sector, estimating procedures have had to be relatively
crude. T h e user of die accounts is cautioned
to become familiar with the flow-of-funds
statistical and accounting procedures explained in detail in the report.
A comprehensive system of national accounts serves to highlight important statistical gaps and thereby to stimulate and direct
efforts to improve the quantitative information available. At the same time, even blank
cells in a structure of accounts aid in preventing omission from consideration of such
qualitative information as may be brought
to bear on the unmeasured cells.
8. The structure of the flow-of-funds accounts is intended to reflect those functional
and institutional features of importance in
analyzing the role of financial factors in economic fluctuation and growth. As these
features change, it has been, and will continue to be, necessary to modify the structure
of the accounts. Also as new data are collected and improvements made in existing
data, the estimates incorporated in the flowof-funds accounts will be revised.
9. The organization of accounts is directed
to the economy of this country; it is not applicable without modification to other economies in which institutional structures and
available data differ markedly.

FEDERAL RESERVE BULLETIN

8
SUMMARY OF FLOW-OF-FUNDS ACCOUNTS FOR 1939
S = Sources of Funds,

U = Uses of Funds

(Annual flows, in billions of dollars)
Business
Sectors

Corporate

U

S

Transactions

Financial institutions

Government

Rest of
the world

Consumer

U

S

Noncorporate
S

Farm

U

S

U

Federal

S

St. and loc.

U

U

S

Insurance

Banking

S

U

Total

Other

S

U

1.4
6.4

.1
4.0
2
*

S

U

S

U "

S

U

45.3

45.3

35.3
21.2
12.3

35.3
21.2
12.3

192.6

193.9

Nonfinancial
A
B
C
D
E
F
G
H
I

Payroll
Receipts from and payments on investment
Insurance and grants
Taxes and tax refunds
.
. . .
Capital acquisitions
Net change in inventories
New fixed capital . . .
Other capital acquisitions
Purchases and sales of other goods and
services

45 3

1.0

18.3
6.3
*
2.7

6.0
6.5
2.9
11.3

2.7

9.8
2.3
6.3
5.4
3
5 0
.1

8

6 2
7.0
.2

.4
7

3.5
.1
4
.8
— i
9

4 0
.4
1.8
4 5

1.2
2.9
1
.6

.9
4 2

8

6

4 2
.2
4.1
7 7

2.0

1 l
.5
4

-.1

49.8

33.8

8.0

2.8

.7

1.6

1.6

2.2

.3

.1

.2

.9

1.1

.8

3.1

3.7

73.1 129.5 130.8 57.4

56.7

8.9

8.4

7.5

10.3

13.7

13.6

2.3

1.7

8.0

6.0

3.2

3.0

3.6

4.3

306.7

308.0

.4
*
— .2

— .1
1

5.2

.2
_ 2
..2

.2

1.0
*

2

5.2
2.1
.4

5.0
2.2
.4

-.2
.2

-.1
4_

-.1

-.5
1.7

-.5
2.7

8 0
3.4

80.2

5

.8
.1
1

.6
1.3

11.9
.7
2.3
" ^4
1.8
.1
1 7
*
.4

45.5 124.5
72.6

Total

26 8
4.7
.3
*

2.1

*

2 1

*

*

.2

*

*

.2
2

.5
*

.3
.3

- .1

2

Financial 1
K
L
]V[
N
O

Currency and deposits
Federal obligations
IVTortgages
Corporate securities and State and
local obligations
.
. . . .
Other

P

Total

Q

Grand total.

R
S

Memoranda:
GNP identifiable in J
Bank credit in P
...




.2

.6

2.7
2
1

.2

.6

-.8
.3

-.5
1.1

.1
.7

' .1

.3

-A

1.2

2.5

.8

1 9

— 1

4

— 3

74.1

74.1

130.3 130.3

57.4

57.4

61.5

5.8

3

1.0

.2

2

-.7
2 1

*

2.0
^

8.6

1 5
.3

-.2
-.1
.2

.1

2 1

— 7

1

1

9.6

9.6

13.8

13.8

*
2
8.6

5.1

1.9
1.5

8.0
.2

^
-!l

-.4
3.9

5 0

5 3

i

7.3

7.3

8.1

.5
2.0

*Less than 50 million dollars.
1
Financial sources of funds represent net changes in liabilities; financial uses of funds represent net changes in financial assets.
NOTE.—For contents of each line, see notes to summary tables, pp. 1123-24.

' .i

.3
5
.2

*

.9

*

-.1
1.8
8.1

.3
.3

.2

-.3

3.5

3.5

3.3

*

2.6
i

-2.8
-1.8
3.3

9.0

9.9

316.0

316.0

2.0

88.1
2.0

.7
I

SUMMARY OF FLOW-OF-FUNDS ACCOUNTS FOR 1940
S = Sources of Funds, U = Uses of Funds
(Annual flows, in billions of dollars)
Business
Sectors

Corporate
Transactions

Financial institutions

Government

Rest of
the world

Consumer

S

U

U

S

Noncorporate
U

S

Federal

Farm
U

S

St. and loc.

U

S

U

S

Banking
S

Insurance

U

S

U

1.4
6.7

.1
4.2
2

Other
U

S

U

S

Total

S

U

49.1

49.1

37.4
22.4
13.4

37.4
22.5
13.4

213.3

214.1

Nonfinancial
A
B
C
D
K
F
G
H
I

Payroll
Receipts from and payments on investment
Insurance and grants
Taxes and tax refunds
Capital acquisitions
Net change in inventories
New fixed capital
Other capital acquisitions
Purchases and sales of other goods and
services

Total

49 1

1.0

29.7

6 8

19.9
6.7

6.3
6.7

4.9 10.1
.3 2.6
1
7 1

7.3 13.2
.3
.7
2 5
4
2 4

*
3.7

3.7

3.1

13.9

8.0
1.6

9 4
4.5

6 3
.1

3.8
.1

— l

1 3

4

.3

.4

2 1
*

4 0

8

.4
.6

.4
2.1
5 3

1.3
3.0

1

1

1 0

1

1.0
*

.7

1.3

8.6

6

4.3

.2
4.1
8 1

.9
4.5

2.0
*

1.7

*

*

.3

_ *

1 0

48.1 139.7 88.5 53.6 35.8

8.1

2.9

79.4 79.1 145.0 146.1 61.5 61.3

9.1

9.3

.8
.1
1

*

*

.6
1.3
.2

*

1 7

*

1.1

.8

*

.4
.4

.2
.3

.6
.1
*

.2
.3

*

.2

2.3

.3

.2

.2

1.0

1.2

.8

3.4

4.6

10.6 14.3 13.7

2.3

1.8

8.4

6.3

3.3

3.1

3.9

5.3

335.8

336.6

.4

6.9

.7

6.9
2.3
1.0

6.1
2.4
1.0

1.8

Financial 1
K.

Currency and deposits

M
N

Mortgages
Corporate securities and State and
local obligations
Other

O

P
*TJ Q
2

73 R
> S




Total
Grand total

^. .

2 1
1 l

.1

2.2
_ 2

7

2

*
1

.3

-.6

A

3

4

81.5 81.5 146.6 146.6 61.8 61.8

9.4

.7
1 8

— 7 — 3 — l
.4 1.8
1.9
2 4

1 6

65.9
.7

3 8

8 5
.7

—6
2 3

— i

Memoranda:

GNP identifiable in J
Bank credit in P.

5
1

A

1

2

— .1

3

7

7.3

7.5

9.4 11.0 11.0 14.6 14.6

9.6

9.6

*

3.0

.2

2 5

.2

4

5.9
1.4

6
3

3

.2

.1

7 7
.3

-.1
.5

.1
— .1

.3
1 4

.3

*

2 4

2 6

1

— l

*Less than 50 million dollars.
financial sources of funds represent net changes in liabilities; financial uses of funds represent net changes in financial assets.
NOTE.—For contents of each line, see notes to summary tables, pp. 1123-24.

*

*

.9
-.2

.1

-.2
- . 2 -3.2

*

.2

3.9

5.0

.2

1 9

.2

.2

- . 2 -2.8

14.2

14.6

8.6

8.6

3.5

3.5

3.7

350.3

350.3

3.0

97.6
3.0

5.7 "".2

.4

*

.3
?

*

3.7

2.7
-.1

1.4
-.1

o
w
w

SUMMARY OF FLOW-OF-FUNDS ACCOUNTS FOR 1941
S = Sources of Funds, U = Uses of Funds
(Annual flows, in billions of dollars)
Business
Sectors

Corporate
U

S

Transactions

Government

Financial institutions
Rest of
the world

Consumer

u

S

Noncorporate
S

Farm
U

S

U

Federal

St. and loc.
S

U

S

U

Banking

u

S

Other

Insurance
U

S

U

S

S

U

Total

S

u

61.0

61.0

41.8
23.7
16.7

41.8
23.7
16.7

271.2

272.7

Nonfinancial
A
B
C
D
E
F
G
H
I
T

j£
L
M
N
O

P

61.0 1.0
Payroll
Receipts from and payments on invest23.1 6.8 5.2
ment
6.6 7.6
.3
Insurance and srants
*
.1
3.8
Taxes and tax refunds
4.5 17.5
Capital acquisitions. . . .
Net change in inventories
11.7
New fixed capital . .
Other capital acquisitions
"4.5
5.7
Purchases and sales of other goods and
181.7
services
54.7
187.3
95.1
Total
91.3
Financial 1
Currency and deposits
Federal obligations
Mortgages
Corporate ^ securities and State and
local obligations
Other

Total

Q

Grand total

R
S

Memoranda:
GNP identifiable in J
Bank credit in P




38.0
10.7
3.1
9.4
11.8
3.3
8 4
.1

.5
.5
*

*

115.2 63.3 40.9 11.1

5.3

5.2

.4

.1
4
1.6
.2
1 4

2.4
8 1

1 3
2.7
1

.1

3.7

3.3

.1

4.2
8 5

3 6
.1

1.4

.1

8

.1
1
*

1

1 5
7.3
.2

4.2
2

.1

3
2

,2

1.3

.8

4.3

5.2

188.1 72.1 71.1 12.1 11.7 12.5 22.3 14.9 13.6

2.6

1.9

9.1

6.5

3.9

3.5

4.7

5.9

414.3

415.8

*

4

-.4
.2

7.6
11.4
1.1

7.0
11.3
1.1

-.3
-.8

-.3
7.0

-.3

3 —1 3

26.9

5.0

441.5

5
.5
.1 - . 1

Q

.1

9

.6

3.8

4.0

1.0

.7

.2

1 7

5.8

3 8

6.7

1.1

1.9

1

2.0
2

5
11.4

2.0

4

1 7

2

7 6

-.2

.1

.1

— 1
1 1

4 7

5

.3
*

— .2 - . 5
*
3.5

.1

1 1
-.2

7 4

8 0

1

2 4

97.1 97.1 191.2 191.2 73.2 73.2 12.2 12.2 24.6 24.6 14.7 14.7 10.0

10.0

9.3

12.4
i!3

.3

*

5
.1

1.0

.5

.7

.2

2
.3

.2

-.1

75.4

6
.5

*

*

*

1.2
6
1.8

.2

2.5
.1

9.3

2.1
*

1 4

.8

.6

8
4.5

.4

1.2

1.6

4.5
3

2.5

9

3.5

1.0

8.5

7 9 15 0
.3
.9
2 7
.5
3.1
.7
2 3
.5

3.3
!3

.7
5

12 2

2.7
.2

i'.7

-.3

.7
2 3 _ 3

16.7

— .2

6

7.7

'*' '

.4
7 1

*Less than 50 million dollars.
1
Financial sources of funds represent net changes in liabilities; financial uses of funds represent net changes in financial assets.
NOTE.—For contents of each line, see notes to summary tables, pp. 1123-24.

9.3

1
*

.4

.4

4
4.3

*
1

*

.3

*

.3
9

4.3
2.9

5.0
*

1.1

"Y.i

8.5
27.7
441.5
122.7
7.1

SUMMARY OF FLOW-OF-FUNDS ACCOUNTS FOR 1942
S = Sources of Funds, U = Uses of Funds
(Annual flows, in billions of dollars)

Rest of
the world

Consumer
Corporate

Transactions

Financial institutions

Government

Business
Sectors

u

S

S

U

Noncorporate
U

S

Federal

Farm

U

S

St. and loc.

U

S

S

U

Banking
U

S

Other

Insurance
U

S

U

S

U

S

Total

U

S

Nonfinancial
A
B
C
D
E
F
G
H

I

Payroll.
Receipts from and payments on investment
Insurance and grants
Taxes and tax refunds
Capital acquisitions
Net change in inventories
New fixed capital
Other capital acQuisitions

80.0

8.3
3.9

Purchases and sales of other goods and
services

5.5
62.9

117.0

Total

1.2

26.5 6.9
6.6 8.6
*
6.5
3.9 13.8

99.9

1.3

11.1

48.8

4.3 9.6 8.7 17.3
.6 3.8
1.0
.4
.1 14.2
2.9
6.8 "i'.b 1.2
5
2
6 2
1 0
1
1 0 *

.7
.6
*
*

1

212.1 124.6 77 A 48.9 15 3

4 1

4.5

10.1

.5
7.1
.1 3.3
.5 15.8
2.0
.1
6
1 3

1.7
3.2
.1
9.5

.3
4.5
8.6

9 3
2

4 1 39 9

217.1 207.7 87.4 82.4 16.6 15.0 23.7 64.5

2.1
*

' "lA

A

1 i
*

.1

.7
.2
.2

1.5
7.7
"".2

.1
4.4
.2

*

1.3

.9

.7

.8
4.7

.6
2.4
' .1

*

.6
.6

*

.2

*

.5
.1

.2
.4

2
,1

2

2 8

4

1

2

1.0

1.3

1.0

4.2

4.2

15.5 13.8

2.6

1.8

9.6

6.6

4.5

3.6

4.8

4.8

*

.1
.7

.1

*

.1

22

80.0

80.0

45.3
26.5
24.4

45.3
26.5
24.5

322.6

324.0

498.8

500.2

21.5

45.4

20.1
45.3

Q

-1.0

Financial 1
K
L
M
N
O

Currency and deposits
Federal obligations
..
Mortages
Corporate securities and State and
local obligations
Other

.4

—3 7

6.3
8.7

— .2

-.5

4

3.7
6 1
.1
— .2
— 6

1.9
1 6
— 1 1 — .2
^

— .1
5

8.8 - 1 . 2

3.7

— .2
— 7

1.0

45 4

— .3
2

.2 21.5
24 4
.3

7.3
— 4

-.7
-2.0

.1

*
-.3

.3

.5
-.2

.5 21.2 21.4

.1

2.9

.3

1.2

.2

73.0 14.7 14.7 23.8 23.8

9.8

9.8

4.8

4.8

5.0

-.1 - . 8
3 9 1 7
1.0 49.3 8.5 - . 8

*

-.1
i

- 3 . 2 14.7

•Tj Q

Grand total

114.1 114.1 216.4

2
h R
*** S

Memoranda:
GNP identifiable in J
Bank credit in P

e

*Less than 50 million dollars.
1
Financial sources of funds represent net changes in liabilities; financial uses of funds represent net changes in financial assets.
NOTE.—For contents of each line, see notes to summary tables, pp. 1123-24.

w

5

I




— 1.0

-.7

80 4

216.4 86.2 86.2
7 3

—2 1

*

1 4

-.6

16.0 16.0 73.0
—l

3 1

24 4

55 5

-.3

7.5

*

5
21.0

*

*
.4

.3

Total . .

P

-.3
3.2

-.3

*

-.9
-.8

-.2
.2

-!3

5.0

64.7

*

3.0
-.1

563.8
21.0

62.8
563.8
158.8
21.0

SUMMARY OF FLOW-OF-FUNDS ACCOUNTS FOR 1943
S = Sources of Funds, U = Uses of Funds
(Annual flows, in billions of dollars)
Government

Business
Sectors

Corporate
Transactions

Financial institutions
Rest of
the world

Consumer

U

S

S

U

NoncorporatU

S

Farm

Federal

U

S

S

U

St. and loc.
S

U

Insurance

Banking
U

S

S

U

1.5
81

.1
4.3
3

Other
U

S

U

S

Total

S

U

Nonfinancial
A
B
C
D
E
F
G
H
I
T

59.2
102.3 1.4
1.7
19.5
Payroll
12 7
Receipts from and payments on invest31.1 6.8 4.3 9.8 9.0 18.9
.6 2.5
.7 10.1
ment
.1 4.5 3.4
Insurance and grants
6.4 10.1 1.1 4.5
.6
.3 1.0
1
21.6
18.4 *
5 33 5
Taxes and tax refunds
3 0
*
4.6
13.0
5.7
1.0
.1
Capital acquisitions
.8
.4
.5
4.3
*
- 5
Net change in inventovies
— 2
1 1
7.0
5.1
9
5 6
New fixed capital
*
1
1
4
4.3
6.0
Othev capital acquisitions
Purchases and sales of other goods and
71.7 242.8 139.7 88.7 55.8 19.5 5.8
services
7.3 67.8
144.2 121.3 248.2 239.3 98.4 92.2 21.3 19.2 46.0

Total

98.9

.7

4.8

.4
4.5
8.7

.6
3.0

2.3

.7

.2

.2

.1

.2

j

I

.7

.2
2

7

*

*

1.5

.9

.7
4.6

*

.5
.7

.2
.4

*

.5
.1

*

102.3

102.3

50.6
28.9
42.3

50.6
28.9
43.9

374.3

375.6

2.3

2.7

A

.2

.3

1.1

1.5

1.2

5.8

3.9

15.9

13.5

2.8

2.0

10.2

6.6

5.2

3.9

6.3

4.5

598.5

601.4

.4
1 3
*

*

*

.6
.6

23.7
52.9
-1.4

22.7
52.6
-1.4

-1.9
1.3

-1.3
1.6

Financial 1
K
L
M
N
O

Currency and deposits
Federal obligations
Mortgages
Corporate securities and State and
local obligations
Other

P

Total

Q

G r a n d total

R
S

Memoranda:
GNP identifiable in J
Bank credit in P




.2

10.5
11 9
— .2 — .3

4.3
6.2
Q

3.0
1 8
*
-.4

1.9

1.4
52 9

.4 23.7
1 1
25 8
— .4

-.7

.4

3

1.8

- . 1 -1.2
.7

5.1

-.8

1.4 54.6

1.8 - 1 . 2

1.3

23.3

143.6 143.6 247.4 247.4 97.4 97.4 20.5 20.5 100.7 100.7 14.8

14.8

26.1

-1.0

-.4
.9

-.8
.3

-.1
-.4

-.8

22.7

-.8

10.1 - 1 . 0

— .2

87.8

-.2

5.3

— .1

— 1

1.1

— .3

85.1

2.3

— .2

25.8

— .4

-.8

— .2

-.3

7.2

.2
3 9

*

-.4
24.2
26.1

.2

.3
-.3

.2

3.9

.7

1.9

1.

10 3 10 3

5.9

5.9

6 4

.7

*Less than 50 million dollars.
1
Financial sources of funds represent net changes in liabilities; financial uses of funds represent net changes in financial assets.
NOTE.—For contents of each line, see notes to summary tables, pp. 1123-24.

*

*
.7
1.9
6 4

74.4

74.2

673.2

673.2

24.5

190.8
24.5

-1 8

3.3

.5

24.5

.1
.1

.2

—

l

SUMMARY OF FLOW-OF-FUNDS ACCOUNTS FOR 1944
S = Sources of Funds, U = Uses of Funds
(Annual flows, in billions of dollars)

Rest of
the world

Consumer
Corporate

Transactions

Financial institutions

Government

Business
Sectors

U

S

U

S

Noncorporate
U

S

Farm

Federal

U

S

S

U

St. and loc.
S

S

U

Insurance

Banking
U

S

U

1.6
9.1

.1
4.6
.3

Other
U

S

U

S

Total

S

U

Nonfinancial
A
B
C
D
E
F
G
H
I

Payroll
14.0
1.9
24.9
113.0 1.7
62.1
Receipts from and payments on investment
. 8 10.6
34.1 6.8 4.6 10.1 8.8 21.0
.6 3.2
.1 4 9 4.4
Insurance and grants
....
.3 1 1
.7
7.4 11.3 1 4 4 8
Taxes and tax refunds
. 5 27.5
.5 42.9
.3 19.8
3.3
.9
1.3
.1 2.6
Capital acquisitions
1.7 "".5
4.4 "".7
5.2 14.2
2
Net change in inventories
.5
—1.1
New fixed capital
2 5
7 2
1 2
1 5
5 4
.1
.1
Other capital acquisitions
.5
5 2 7 0
.7 *
.1
Purchases and sales of other goods and
9.8 73.0
78.7 254.7 149.6 100.7 65.2 20.3 6.2
services
.. .

Total

5.0
.4
4.5

.8

.7
4.6

2.5
*

"".6

''.1

"".3

6

.6
3.4
.1

2.9

.4
3.1

*

.5
.9

.2
.5

.1

.6
.2
*

.1

.1

160 1 132.5 261 3 258.4 110.5 106 3 22.3 20.6 58.2 109.0 16.5 13.9

*

1.7

.9

*

*
2.5

*

.8
.2
.2

.1

.3

.2

113.0

113.0

54.3
32.2
52.9

54.3
32.2
52.5

403.6

407.8

.3

1.1

1.6

1.3

6.4

4.7

2.2 11.3

7.1

5.7

4.5

7.1

5 5

656.0

659.8

.4
1.6
.2

.1

*

.1
.6

28.0
58.0
— .6

28.1
58.5
-.6

.2
-.1

.1
.1

*
1.3

-1.5
6.1

-1.0
2.9

Financial1
K
L
]V1
N
O
P

Currency and deposits
Federal obligations
]VXortgages
Corporate securities and State and
local obligations
Other
Total

.5

13.9
13.3
*

.4
4.9

*

-.6

1.6
2.7
*

1.4

58^6
-.4

10.3

-.2

*
*

"".6

.3
-.3

28.0 29.1

.6

5.0

1.1

2.4

.3

2.0

90.1

88.0

161 4 161.4 261 5 261.5 111.5 111.5 21.9 21.9 117.5 117.5 15.3 15.3 31.1 31.1 11.8 11.8

6.8

6.8

7.4

7.4

746.2

746.2

"3o!3

206.0
30.3

1.2

— 9 — 6

*

1.5

.8

—A

27.8

.2

5.0

1.6

.8

.1

.9

5.1

-.3

*

1.4

- . 1 -1.1
1.3 - 1 . 2

59.3

8.5 - 1 . 1

-.5

1.9

Grand total

^
Jd R
I3* S

Memoranda:
GNP identifiable in J
Bank credit in P

1

*Less than 50 million dollars.
1
Financial sources of funds represent net changes in liabilities; financial uses of funds represent net changes in financial assets.
NOTE.—For contents of each line, see notes to summary tables, pp. 1123-24.

I




*
1.0

.1
1.2

.7

*TJ Q

td

-.2
5.2

.2 28.0
27!9
2.2

— .6

95.3.
6

" ' "p

5.2

"' '4

2.1

90.7

2.7

27 9

7.3
1

'*'

.5
30.3

A

*

3.8

'*'

—1.6

o
Q
o

SUMMARY OF FLOW-OF-FUNDS ACCOUNTS FOR 1945
S = Sources of Funds, U = Uses of Funds
(Annual flows, in billions of dollars)
Government

Business
Sectors

Consumer
Corporate

Transactions

U

S

U

S

Noncorporate
S

U

Farm
S

Federal

U

S

U

Financial institutions

St. and loc.
U

S

Banking

S

u

.8

1.0

.9
.2
.3

1.7

*
5.0
.3

U

S

Insurance

Rest of
the world

Total

Other
U

S

U

S

S

U

Nonfinancial
A
B
C
D
E
F
G
H
I

113.2 1.9
Payroll
Receipts from and payments on invest36.4 6.8 4.7
ment
10.2 12.0 1.5
Insurance and grants
1.3 22.7
.8
Taxes and tax refunds
6.0 16.5
Capital acquisitions. .
Net change in inventories
8.5
New fixed capital
Other capital acquisitions
6 0 7 9
Purchases and sales of other goods and
88.1 246.9
services

Total

15.4

58.8

2.0

26.1

.8 11.4
10.1 8.9 22.2
.6
.2 4.7
4.7
.4 1.2
.7
3.6
.7 43.7
25.9
1.0 *
6.1
2.5 "".5
4
—1 0
— 4
2.1
1.5
7.0
"".5
.1 ' "l'.O *

4.1
7.2
2.1
1.8

5.5
.5

4.6
9.5

.7
5.0

2 9
*

*

"".7

9.9
"".2

.7
3.4

*

.6
.9

2
1.1

*

.6
.2

2
2

.7

1.7
.1

*

1.8

2

113.2

113.2

57.4
36.6
55.4

57.4
36.6
55.5

410.4

414.4

3 0

.4

.3

.3

1.3

1 9

1 4

7 1

6.7

167.2 148.0 253.8 255.8 121.8 117.9 23.8 22.1 59.0 95.8 17.4 14.9

3.4

2.5

12.1

7.7

6.0

4.9

8.5

7.5

672.9

677.0

150.3 111.5 73.0 21.8

7 0

9.9

54.5

2 8

Financial 1
K
L
M
N
O

P
Q
R
S




Currency and deposits
Federal obligations
Mortages
Corporate securities and State and
local obligations
Other
. . . .

Total .
Grand total

14 2
9 5

_ 3
6

.9

.3

.1

-1.4
2 1

-.7

1 1

Memoranda:
GNP identifiable in J
Bank credit in P
. .

. .

1 4

2 9
1 9

41 6

7 24 8
21 7
2 2

4 4
— .6

.4

-.1

*
— 6 2 5

1 1

—1

*

2.5

6.3

-.2

1.4 40.1

.2

— .1 - . 6
—1 5 — 4

1
4 7
-.1

.6
8
.6

.2

*

.6
.6

24.8
41.6
.9

24.3
41.9
.9

.1
1.5

.4
.1

.2
1.1

2

-.9
4.2

.2
7.3

1.6

.1

.9

.1

3.6

.2

.8
-.2

2.6 25.0 26.5

.2

5.4

1.7

2.5

2.5

70.8

74.8

169.3 169.3 252.5 252.5 124.3 124.3 23.5 23.5 99.0 99.0 16.8 16.8 28.4 28.4 12.3 12.3

7.7

7.7 10.0 10.0

743.9

743.9

26.8

204.4
26.8

2.0 24.7 - 1 . 4

.

*

1 2

105.9

-.3

7.0
1 4

3.0
1 7

#

2.6

3.2

74.4
21 7

-.6

4

-.3

7 8

*

.6
26.8

*Less than 50 million dollars.
1
Financial sources of funds represent net changes in liabilities; financial uses of funds represent net changes in financial assets.
NOTE.—For contents of each line, see notes to summary tables, pp. 1123-24.

*

1

4.1

2

—1 0

SUMMARY OF FLOW-OF-FUNDS ACCOUNTS FOR 1946
S = Sources of Funds,

U = Uses of Funds

(Annual flows, in billions of dollars)
Business
Sectors

Corporate
Transactions

Financial institutions

Government

Rest of
the world

Consumer

S

U

S

U

Noncorporate

Farm

U

S

Federal

U

S

S

U

St. and loc.
U

S

Banking

Insurance

U

S

U

S

Other
U

S

U

S

Total

U

S

Nonfinancial
A
B
C
D
E
F
G
H

I
T

109.6 1.9
Payroll. . .
Receipts from and payments on investment . . .
44.5 7.2
16.6 12.5
Insurance and grants
1.7 21.0
Taxes and tax refunds
. .
10.3 30.7
Capital acquisitions
Net change in inventories
New fixed capital .
. . . .
Other capital acquisitions

Purchases and sales of other goods and
services
Total
Financial

K
L
M
N
O
P

Total
Grand t o t a l . . .

R
S




Memoranda:
GNP identifiable in J
Bank credit in P

17.8
9.9 27.5
.5 1.4
4.1
5.1
i!i
4
3 9
.8
I.I

106.0 279.5 179.6 129.5 85.3 24.8

1.0

6.3

13.1

2.2

.4 4.8
.5
.9 13.6
.8
.2 4.0 12.6 5.7
38.2
10.6
2.7
.6
1.0
' A 2.0 *
~ 2
9
2 3
*
*
.4

.7
5.9

3.3

1^5

3.5

.5

3.8

3.0

11.9 15.4

3.1

*

2.1
.8
3.6

.7
1.0
*
.6

.2
1.0

.8
.2

6

2

.1

.4

1.6

13.7

9.0

.1

182.7 179.4 287.2 302.1 140.9 141.1 27.0 26.5 54.6 49.6 19.8 17.9

.1
5.6
.3
.1
*

1

1 4

.3

7.9

1.3

.9 1.7
.2 11.4
.4
.1
' .2

109.6

109.6

67.8
44.6
51.6

67.8
44.7
51.5

470.3

473.6

2.2

1.7

6.4

11.6

6.6

6.1

7.6

12.5

743.9

747.3

.3 - . 3
— 6

.2
-.5

-9.1
-22.5
6.2

-10.5
-22.4
6.2

-.1 -.2
3.8 - 1 . 3

1.9
9.6

2.0
11.3

3.4 - 1 . 7

-14.2

-13.7

11.1 11.1

729.8

729.8

-9.0

202.3
-9.0

1

Currencj^ and deposits
Federal obligations
Mortages
Corporate securities and State and
local obligations
Other

Q

10.3

18 3
12.3

63.9
5.5 11.6
1.1 4.9
1.1 22.4
.1 19.6
6.0
12 4
.1 1.3

. . . .

7.8
1.2

-.8
9
1 2

2.2
6 0

*
4 8

9.0

9.4

-.8

3.6

4.8

.8

1.0
-6 7

4
.7

.6

o

*

1.3

.9

7

4
5

2

2.1

1.7

.2

-22 5

-22.8
— .4
-.1
2 5

-.4

.6 -25.8 -20.8

-.4

—3 3

1.1 - 9 . 1
— 2
-15 3

.2
1 3

2.7

.5

.1

.6
3.7

2.1
— .2 - . 1

.2
1.3

-.5

*
-.3

.4 - 9 . 5 - 8 . 3

187.7 187.7 296.6 296.6 143.0 143.0 27.2 27.2 28.8 28.8 19.4 19.4 - 5 . 7 - 5 . 7
134.0
2 0

3 0

19.7

4 9
1 1

2

3 8

-15 3

19 4

4

9 7

.7
-9.0

*Less than 50 million dollars.
1
Financial sources of funds represent net changes in liabilities; financial uses of funds represent net changes in financial assets.
NOTE.—For contents of each line, see notes to summary tables, pp. 1123-24.

4.0

1.5

13.6 13.6

8.1

-.2

*
-.4

— l

1.8

.4
.2
2.1
8.1
5.1

1

4.9

SUMMARY OF FLOW-OF-FUNDS ACCOUNTS FOR 1947
S = Sources of Funds,

U = Uses of Funds

(Annual flows, in, billions of dollars)
Government

Business
Sectors

Corporate

S

Transactions

Financial institutions
Rest of
the world

Consumer

U

S

U

Noncorporate
S

Farm

U

Federal

U

S

S

U

St. and loc.

U

S

Banking

S

U

S

Total

Other

Insurance

U

U

S

S

U

S

U

Nonfinancial
A
B
C
D
E
F
G
H
I

2.4
2.1
121.0
75.1
Payroll
19.5
Receipts from and payments on invest1.0 16.3
.4
50.2
8.1
6.2 13.2 11.2 30.0
ment
3
4.7
16.9 13 8
6.1
Insurance and grants
.6
1 6
.4
.7
.7 38.2
1.7 24.0
.9 20.7
4.3
Taxes and tax refunds
*
' .4
2 2
10 0 37 7
17
Capital acquisitions
5 6
2 19.4
-1.2
1.2
A
Net change in inventories
25 0
17 5
New fixed capital
3 5
5 1
.2
A
Other capital acquisitions
.6
10.0 12.6
1.7
A
Purchases and sales of other goods and
9.2
118.1 357.0 235.9 141.4 96.3 29.7 10.5
services
...
199.8 203.7 365.0 370.5 154.9 157.4

Total

31.5

32.3

52.5

9.3
4.6
11.7
2.6
1.0

7.5
.5
6.7
12.1

.7
6.9

1.1
.3
c
1

2 7
'

25
.2

10
*

1.4

1.1
3.5
*

1.8
13 3
1

.1
6 5
3
2

.1

.2

.8
1 0

.2
1 0

1.1
4

121.0

121.0

76.0
48.5
52.8

76.0
48.6
53.1

564.4

567.8

8

i

1

*

2.5
.9
4 1

8

12.6

3.4

4.2

.6

.4

.5

1.9

2.7

1.9

7.7

16.3

41.7

22.7

22.0

4.0

3.5

15.7

10.4

7.7

7.0

8.9

17.8

862.8

866.4

9
9

3 7

*
— 4
2 6

.1

-.3
.6

3.7
-6.3
7.2

4.9
-6.3
7.2

5.9

5.9
2.1.0

Financial 1
K
L
M
N
O

Currency and deposits
Federal obligations
Mortgages
..
Corporate securities and State and
local obligations
Other

P

Total

Q

Grand t o t a l . . .

R
S




Memoranda:
GNP identifiable in J
Bank credit in P

2 7
1 8
.5

1.2

3.2

2
1.6

4 2
6.9

6 8 12 3

—6 3

Q

1.6

.9

.1

2.1

2
1.0

.5

1 0

.6
32.1

3 7

6.0

20.3

153.8
3 0

8.5

2 5

1 4

— 6

4

—6 6
2.6

-1.0
1.6

207.5 207.5 377.3 377.3 158.6 158.6

7 5

. .

*
7.6

— 2

_ 2

2 1
— 1.2

4.2

-1.1
-

2 -7 4

32.1

45.1

3 4

1 6

1 9

45.1

24.2

24.2

15.2

4.3
—6 6

.1

5.0

9

12.5

*
1.0

1.1
7.6 "".2

4
7
1.5

*

3.8
*

.2
2.1

.7
.4

4 7

4 7

2

5 1

2 3

3 4

8.7

8.7

16.0

16.0

10.1

10.1

.9
2.5

*Less than 50 million dollars.
1
Financial sources of funds represent net changes in liabilities; financial uses of funds represent net changes in financial assets.
NOTE.—For contents of each line, see notes to summary tables, pp. 1123-24.

.1

*
-.2
7.9 - 2 . 0
8 0 —1 9
16.8

33.3
8%. 4

8 9

6 0
.4

16.8

22.8

.4

2.5

32.8
896.4
228.1
2.5

SUMMARY OF FLOW-OF-FUNDS ACCOUNTS FOR 1948
S = Sources of Funds, U = Uses of Funds
(Annual flows, in billions of dollars)

Consumer
Corporate

Transactions

S

U

U

S

Noncorporate
S

u

Financial institutions

Government

Business
Sectors

Federal

Farm
U

S

S

u

St. and loc.
S

U

S

U

S

Other

Insurance

Banking

U

S

U

Rest of
the world

U

S

Total

S

U

Nonfinancial
A
B
C
D
K
F
G
H
I
T

Payroll
9 5
83 5
21 1
25
133 2 2 1
Receipts from and payments on invest.5 4.7
ment
.6
54.7 9.4
7.1 15.0 12.3 34.8 1.0 15.2
16.6 15.0
.3 4.6 11.5 7.7
Insurance and grants
.7 6.7
.6 1.8
.4
5 23 7
4 8
Taxes and tax refunds
1 8 23 8
.8 40.2 2.2 13.8
1.2
5.0
5.4 *
Capital acquisitions .
10.7 42.5
.2 22.0 2 . 0
.4
1 l
21
1 0
Net change in inventories
28.9
19.7
4.0
New fixed capital
4.3 * ' * ' 1.2
.2 "h'.'o * ""A
Other capital acquisitions
' 10.7 13.7 "".2
Purchases and sales of other goods and
6.0
12.2 3.8
126.4 398.6 260.2 152.5 103.4 29.1 9.0
services
216.9 219.3 407.0 411.0 167.4 170.9 30.9 33.2

Total

51.3

87
. 7 3.9
8.2 *

O
P
W Q

§

>1
t"

R
S

8

I




Federal obligations.
Mortages
Corporate securities and State and
local obligations
Other
Total
Grand total

4 0

3

1.1

.7

6

2.8

2.2
1.4

6.8

4.9

3.6
2
4.7

.6

41.4 25.9 26.3

4.5

1 4
5.8 *
1.6 4.1
8.9 5.2

1 3

1 0
-.7
.6

2.3

— 4
1.4

3.6

-.1

-6.8

8

8

2

1 1
*
1.4

167.4
2.1

9

23.7

i o

5.8

12

7.4
—6!2

18.9

1.2 2.0
.3 14.7
4

.2
7.2
.4

' .4

5.4

*

.3
2.4

1.3
.3
*

1.2

3.1
8.6

9.8 12.8
8.1 12.5 14.5

.5
.1
.1
.3 1.9
1.5
.2 5.3 1.6 2.2 1.9
1.1
5.4 17.5 17.5 10.2 10.2 14.4

-.2
-1.5
-1.2
14.4

1.0
— .4

*Less than 50 million dollars.
1
Financial sources of funds represent net changes in liabilities; financial uses of funds represent net changes in financial assets.
NOTE.—For contents of each line, see notes to summary tables, pp. 1123-24.

2.2

*

5.5
.1

.1

*

133.2
83.4
52.3
56.2

133.2

617.2

615.0

942.3

939.9

.8
-6.8
7.0
8.3
11.7

1.3
-7.3

20.9

21.3

963.5

963.5

"—'. 4

248.6
-.4

83.4
52.3
56.0

2.1

.4
.1

.5
4.8
.9

*
-2.5

.8
1.1
*
1.2

.3 - . 1
-1.5
.4

-6.2

.1

15.2

1.0
4.5

.3

.1
.2
.4
.5
2.1
3.7 17.3
11.7

2.1
2.3

*

*

2.9

.1

.6

*

-.5
1.8 *
2.0 - . 3 - 7 . 3 2.6 2.3 1.5
224.0 224.0 415.9 415.9 171.0 171.0 32.9 32.9 44.1 44.1 28.3 28.3

Memoranda:

GNP identifiable in J
Bank credit in P

— 4

1.6

.1

3.9

Financial 1
L
M
N

1 3

7.1

.2

2.0

7.0

8.4

12.0

o

e
i

SUMMARY OF FLOW-OF-FUNDS ACCOUNTS FOR 1949
S = Sources of Funds, U = Uses of Funds
(Annual flows, in billions of dollars)
Business
Sectors

Consumer
Corporate

Transactions

S

U

S

u

Government

Noncorpo ma-

s'

u

Farm

Federal

U

S

St. and loc.

u

S

Financial institutions

U

S

Banking
U

S

S

U

Rest of
the world

Other

Insurance

U

S

U

S

Total

U

S

Nonfinancial
A
B
C
D
K
F
G
H
I

Payroll
132.6 2.1
Receipts from and payments on invest52 3 10.6 7 . 3
ment
.6
18.4 15.4
Insurance and grants
. . .
2 4 22 2
Taxes and tax refunds
.4
.2
12.5 43.6
Capital acquisitions
Net change in inventories
New fixed capital
28 9
.2
Othev capital acquisitions
.
12.5 14.7
Purchases and sales of other goods and
125.8 380.3
services

Total

80.7

2.4

21.1

15.6 13.1 33.4
7.0
.6
1.9
24.9
5 0
15.9 1.6 3.9
—1 6
— 2
17 A
4.1
.2 1.6
*

.9
.3
.3

13.5
.6
.3 4.7
38.5
.8
4.4 #
— .2
4.5

9.3

5.2

9.6
.8
9.6

4 1
*

1.3

1.8

1.4 2 . 3
.3 15.6
.4

.2
7.6
4

1.5

5.2

.1

1.5

4.9
3

.1

*

.3

245.4 152.0 102.6 27.4

10.3
4.8
.6
14.6 9.4
2.8 15.2

4.5

.6

218.1 219.7 388.8 389.5 167.3 167.9 28.9 30.7 49.0 48.5 29.4 30.4

4.8

.3

9
1.1
*

.2

1.6

.1

1 6

.2

5.2

14.4

4.2

*

2.1

3.3

2.2

3.9 18.2 12.3

8.9

9.0

.4

*

3.2
1 l

3
4.1

1 4
.4
*

9.1

12.3

13.6 14.1

132.6

132.6

82.6
58.1
56.5

82.6
58.1
56.6

597.1

596.2

926.9

926.1

.7
2.1
6.5

Financial1
K
L
M
N
O

Currency and deposits
Federal obligations
Mortages
Corporate securities and State and
local obligations
Other

P
Q

Total
Grand total

R
S

Me'moranda:
GNP identifiable in J
Bank credit in P




1.2

—1.1
3 6

1.3
6

1.2

*

.2

.5

-.6

.3
— .3

2.0

i.3

.4

2.0

1.8 4.6
1.8 - 2 . 2

168.1
19

.6

17.6
—i 6

1.5

i!3

— .2
1.7

.9

4.4

*

6.2
.2

-.4

A

.1

.1

.1
.1

1.2
2.0
6.5

.2
.3

*
1.2

*
— .3

7.3
6.2

1.8

1.2

-.1

23.3

18.4 18.4 10.8 10.8 14.8 14.8

950.5

— .4

-.7

24.2

17.8
9

*
.3

1.3
*

1.5

2.4

6.2

6.2
.8
2.2

*Less than 50 million dollars.
1
Financial sources of funds represent net changes in liabilities; financial uses of funds represent net changes in financial assets.
NOTE.—For contents of each line, see notes to summary tables, pp. 1123-24.

— .1
1 4

2 1

*

"".2

4.5
.2

.3
1.6

.2

6.2

1.9

1.6

- . 1 2.5
.5
1.2
2.1 2.5 1.1
1.6
1.8 1.2 - . 6
6.9 4.4 3.6 3.7 2.7
225.4 225.4 392.4 392.4 170.0 170.0 30.1 30.1 50.5 50.5 31.9 31.9
3.3

1.2

.2
.5

.3

.1

1

7.9

_ 2

.5

""2.*4

7.9
5.5
22.7
950.5
247.5
2.2

SUMMARY OF FLOW-OF-FUNDS ACCOUNTS FOR 1950
S = Sources of Funds,

U== Uses of Funds

(Annual flows, in billions of dollars)
Business
Sectors

Transactions

Consumer

S

NonCorporate , corporate

u

S

U

S

Financial institutions

Government
Farm
S

U

Federal

U

S

St. and loc.

U

S

u

Banking

Insurance

'U

S

S

Rest of
the world

Other

U

S

U

u

S

Total

S

U

Nonfinancial
A
B
C
D
E
F
G
H
I

Payroll
144.6 2.3
Receipts from and payments on investment.
54 3 12 0 8.2
Insurance and grants
.8
21.9 17.2
Taxes and tax refunds
1 7 23 9
.4
.2
Capital acquisitions
16.1 55.4
Net change in inventories
New fixed capital
37 2
Other capital acquisitions
.2
16.1 18,3
Purchases and sales of other goods and
services
130.7 443.0
Total

88.7

2.3

22.8

17.8 14.3 33 9
8.5
2.2
.7
23 7
5 4
24.0 1.5 7.4
4 9
1 5
18 8
5 9
*
.2 1.5

10.3

11.3

5.0
.8
.6
.6
1.0 13.5
.4
.3 5.8 16.5 10.1 10.7
.9 37.9 2.2 16 5
.4
4.8 *
1.7
5 7
*
4.8

1.6

*

.4

1

6.0

.7
5.1

4.7

12.7

4.8

*

.4

.3
11.5
.6

*

3.4
1.2
4.9

2
.1

*

238.6 241.6 452.6 453.0 180.9 183.0 31.0 31.7 49.1 49.4 31.9 33.5

290.3 164.4 111.2 29.2 10.0

1.5 2.5
.3 20.1
.5
.1

5.4
4

*

1.9

1-4
4.4
*

1.1
1.1
*
1 9

.3
3.5

1.6
.3
*

1.9

.2

144.6

144.6

87.4
68.4
56.5

87.4
68.5
57.1

680.4

678.8

2.4

3.6

2.4

4.2 23.1 16.8

9.7

10.0

.2

*

*
— .1
2 1

.3
1.4

7.1
-.1
10.1

3.7
-.2
10.1

.4

11.5

11.3

15.4 13.2 1,037.3 1,036.4

Financial 1
K
L
]Vf
N
O
P
W Q

2

ja
>
t"1

R
S

Currency and deposits
Federal obligations
M^ortages .
Corporate securities and State and
local obligations
Other
Total
Grand total
Memoranda:
GNP identifiable in J
Bank credit in P

1 2

17

2
6

2.9

8
— .5
4

c

i 7

1 4

4.7

6
3 4
2
2.3 11.1 13.8

2.9

1.0

-.2

11 2

4 9 16.2 18 6

4.3

2.0

.2

6 5

— .1

4

3

-.5

1.2

.8

1.2

.9

7 1

.7

3
1

*

6

— 3

3 3
3 3

.5

1.8

-.6

1 7
5.6

.2

4.0
.2

.3
2.7

.5
.3

.3
.9

*
1.9

7.3
23.0

8.0
25.9

6.5

7.3

.2

6.3

3.0

2.7

1.4

3.6

47.7

47.7

1

250.2 250.2 468.9 468.9 185.2 185.2 31.2 31.2 50.3 50.3 35.2 35.2 11.6 11.6 23.2 23.2 12.7 12.7 16.8 16.8 1,085.3 1,085.3

4i

183.3

32

26.0
3 6

8.1

6.5

23.1
—3.6

i6

19.4

' '*' '

1.1
9.0

bd

8

i




.2
— 1.2
3.2

-3.5
3 5

*Less than 50 million dollars.
1
Financial sources of funds represent net changes in liabilities; financial uses of funds represent net changes in financial assets.
NOTE.—For contents of each line, see notes to summary tables, pp. 1123-24.

.1
.3

8.8

"'. i

-2.2

274.1
9.0

I
SUMMARY OF FLOW-OF-FUNDS ACCOUNTS FOR 1951
S = Sources of Funds, U = Uses of Funds
(Annual flows, in billions of dollars)
Business
Sectors

Consumer
Corporate

Transactions

U

S

S

U

Government

Noncorporate
S

Farm
S

U

St. and loc.

Federal
U

S

U

Financial institutions

S

U

Banking

Insurance
U

S

U

4.9
*

1.6
2.8
.2
.3 23.1 13.6
.6
.6
.1
.2

S

Rest of
the world

Other
U

S

Total

U

S

S

U

Nonfinancial
A
B
C
D
K
F
G
H
I

Payroll .
Receipts from and payments on investment
...
Insurance and grants
Taxes and tax refunds
Capital acquisitions
Net change in inventories.
New fixed capital
......
Other capital acquisitions
Purchases and sales of other goods and
services
•
Total. .

168.0

2.5

57.6
20 5
1.8
17.1

13.2
19.1
32.8
55.4

36.1
17.1 19.3

102.0

11.3

16.3

2.5

26.1

8.7
1.1
.3
.2

18.4 15.7 36.4 1.1 14.8
.6
.8
.7 5.2
10.3
.9 2.6
.3 7.1 13.8 10.7 10.6
.4
31.2
5.9
1.0 53.0 2.1 18.2
30.8 "]L3 5.7 " .6 6.2
o\9
3.0
8.1
.9
.6
3.0
22.5
4.8
6.4
5.6
.4
.1 *
.2
.2 1.3 *
.6
*

142.6 500.0 325.4 181.4 122.4 33.0 11.2

1.6

*
.7

.5

265.0 265.6 510.4 518.1 199.2 199.1 35.1 36.0 66.1 65.4 34.7 35.6

5.6

4.6

5.2

1.3
1.2
*
2 1
2 1

3 9

2 6 14 5 15.8

.2
.4

2.9

*

3.7
1.3
5.3

.1

6.0

5.4 25.0

2.1

.4
2.9

1.9
.3
*

168.0

168.0

93.8
72.0
73.3

93.8
72.0
74.2

763.6

765.0

26.3 19.7 10.5 10 9 17 8 18 0 1,170.8 1,173.0

Financial 1
K
L
M
N
O

Currency and deposits
Federal obligations
Mortgages
Corporate securities and State and
local obligations
.
...
Other

P

Total

Q

Grand total...

R
S




Memoranda:
GNP identifiable in J
Bank credit in P

4 1
1 4

1 8
1 0

5.8

.6

1.6

.8

2 8
2.4

5 7
7.1

6.6

8.5 14.5

2
4.7
7.8

4

12
1.4

2
.2

1.8

2 0

1

3 2

.9

1.3

*

1.6

.4

1.0

.2
.7

2.5

1.7

2 5

.2
4

.2

1 6

2

9 0

.6

j

3.2

6
8

6
.4

9 6

2.7

2 3
3 2

4

.6
3
2 0

1.2
5 0 " "*2

5.4
2

.4
3 6

15

9 7

2

6 7

4 1

A

4 0

-.1

.4
1 0
1 2

-.2
*

9.0
-.6
9.4

.1
7

9.1
17.6

5

44.2

272.0 272.0 524.8 524.8 202.4 202.4 36.4 36.4 67.1 67.1 37.2 37.2 15.3 15.3 26.6 26.6 14.6 14.6 19.0 19.0 1,215.3
195.4
1.7

33.3
4.8

-.1

6.6

40.7

8.1
.5

.8

1 1

21.2

#

1.1
9 7

*Less than 50 million dollars.
1
Financial sources of funds represent net changes in liabilities; financial uses of funds represent net changes in financial assets.
NOTE.—For contents of each line, see notes to summary tables, pp. 1123-24.

*
4

9.5

4

.2

8.9
9.4
9.7
17.4
44.1
1,215.3
316.3
9.7

O

SUMMARY OF FLOW-OF-FUNDS ACCOUNTS FOR 1952
S = Sources of Funds, U = Uses of Funds
(Annual flows, in billions of dollars)
Business
Sectors

Consumer
Corporate

Transactions

S

U

S

U

Rest of
the world

Noncorporate

Farm

Federal

U

S

U

S

Financial institutions

Government

S

St. and loc.

U

S

u

Banking

Insurance

U

S

U

S

Total

Other
S

U

U

S

S

U

Nonfinancial
A
B
C
D
E
F
G
H
I
T

Payroll
182.3 2.5
Receipts from and payments on investment
61.0 14.6 9.1
22.0 21.0 1.2
Insurance and grants
.3
Taxes and tax refunds
2.1 38.5
.3
Capital acquisitions
21.7 59.7
Net change in inventories
New fixed capital
35.8
.3
Other capital acquisitions
"21.7 23.9
Purchases and sales of other goods and
150 0 512.4
services
Total

109.4

2.5

28.1

19.1

12.5

1.8

19.1 16.6 41.2 1.2
13.8
.9 5.4
.7
.9
.4 7.3 13.6 11.3 11.3
11.3
.9 2.8
.4
6.3
1.1 65.1 2.5 20.0
38.2
6.0 *
26.3 "\.2
4.3
.1 ' '7^2
4.8 "".5
7
2.8
2
23.3
4.2
5.3
4.6
6.7
.1
.2 1.2 *
" .5
.1
.5
328.7 187 3 124.5 31.8 11.2 5 . 5 34.3 5 5 6.0

5.6
*

.8

.6

289.1 286.2 523.4 532.9 206 0 207.8 33.9 34.9 78.8 79.1 37 5 37.9

6.3

5.4

.1

4.1

2.3

1.8
3.2
.2
.3 26.2 15.1
.8
.6
.1
.3
'

•

'

' # '

*

'

1.5
5.5

"

'

.4

*

1.4
1.3
*
2.0

.4
2.2

*

182.3

182.3

1.8
.2
*

100.2
77.2
87.5

100.2
77.3
88.0

786.9

787.5

2.0

.3
3.3

4.4

2.8

15.1 15.5

29.8 21.9 11.4 11.6 17.7 17.6 1,234.1 1,235.3

Financial 1
K
L
M
N
O
P

Currency and deposits
Federal obligations
Mortgages
Corporate securities and State and
local obligations
Other
Total

7.4
*

.6

-.5

.7

1.1

4.6

3.1
3.4

7.3
5.9

10.5 14.8 14.3

.2

1.5

2
.3

.5

.2
6.0

1.3

2
1.0

.8

6.5

2.8

.8

1.2

— 3

5.9

4 4

.6

1.9

1 5

.5

.2

.4

3
1.8

3 2

4.8

4.5

3.2

10.8

1

2

.2

2 2
2.6
.3

6.5
.1

.5
4.0

2.3 11.6 12.1

.3

8.6

4.6

299.9 299.9 537.7 537.7 208.9 208.9 35.1 35.1 83.6 83.6 40.7 40.7 17.9 17.9 30.1 30.1 16.0

Grand total

2
£3 R
> S

Memoranda:
GNP identifiable in J
Bank credit in P
...

i

*Less than 50 million dollars.
1
Financial sources of funds represent net changes in liabilities; financial uses of funds represent net changes in financial assets.
NOTE.—For contents of each line, see notes to summary tables, pp. 1123-24.

I




*

1 5
5.9

.7

hrj Q

r1

2
2.0

203.9
3 6

29 0
3 2

8

5.8

6

8.0

53.4
2 2

i 2

22.6

*

1.3
11 5

*
*

.6
.3
2.9

*

-.1
.7
4.4
16.0
10.0

.4
1.0

10.8
4.4
9.0

11.3
4.3
9.0

.2
1.3

*
-.2

11.3
19.1

11.9
18.7

1.6

1.2

54.8

55.4

19.3 19.3 1,289.2 1,289.2

2

— .2

11.6

333.8
11.5

o
9
o

I

SUMMARY OF FLOW-OF-FUNDS ACCOUNTS FOR 1953
S = Sources of Funds,

U =Uses of Funds

(Annual flows, in billions of dollars)

Consumer
Corporate

Transactions

S

S

U

U

Noncorporate
S

Financial institutions

Government

Business
Sectors

Farm

Federal

U

S

U

S

Rest of
the world

St. and loc.
S

U

U

Banking

Insurance

S

U

6.2
*

.3
2.1 3.5
.3 29.0 16.7
.8
.7
.1
.2

S

U

Total

Other
S

U

U

S

S

U

Nonfinancial
A
B
C
D
K

195.5 2.7
Payroll
Receipts from and payments on invest59.4 16.3
ment
23.9 22.7
Insurance and grants
2.6 40.9
Taxes and tax refunds
22 0 63 8
Capital acquisitions

F
G

Net change in
inventories
New fixed capital .
. . . .

H

Other

I
T

22.0

Purchases and sales of other goods and
services
Total

39 4
24.4

118.7

2.6

30.0

13.5

19.0

.8 1.0
20.0 17.5 40.0 1.1 13.0 1.0 5.5
.4 7.5 14.4 11.9 11.7
.4
12.2 1.0 3.0
1.1 64.8 3.1 21.4
36.0
6.8
.1 7.8
4 2
26 7 1 5
6 0 ' ' ' ' 4 5.0
*
g
3
1 6
24 9
7.2
4 6
4 2
5 1
*
*
.1
.1
.5
.2
.2 1.5
.4

9.7
1.3
.5
2

1.9

*
.8

.7

303.4 301.8 550.0 555.3 215.9 215.9 31.7 32.8 78.4 85.1 40.0 40.4

7.0

5.9

5.0 38.8

5.8

1.7
5.7

*

.1

6.4

155.4 538.3 341.8 195.8 130.2 29.8 10.8

4.4

2.6

1.5
1.4
*
2.1

.5
2.2

*

195.5

195.5

1.9
.3
*

101.4
82.8
89.4

101.4
83.0
89.6

820.9

819.5

2.1

.2
.5

3.4

4.9

3.0

15.8 14.3

33.0 23.9 12.3 12.4 18.4 16.5 1,290.0 1,290.0

Financial 1
K
L
1VI
N
O

Currency and deposits
Federal obligations . .
IVtortgages
Corporate securities and State and
local obligations
Other

P

Total

Q

Grand total

R
S

Memoranda:
G N P identifiable in J
Bank credit in P




.1
1 l

4.4
6 2

3
6

1 3

*

.4
.5

.4

3.2

6.7

.3

4.4

-.6

.1

1.6

— .6
2.3

.6

*

10 7 12 9

7 4

1 6

3 5

3 2

1 0

*

4.5

— 1.6
5 2

6
1.8

3

1.0
1 8

5.0

.2
.9

2.1

*

6.5
.2

.4
4.5

.3
.9

9.1

5.0

5 0

-.3
.2

3.6

.3

.1
.2

1.1
1.4

5 3 -1 4

3.6

3.0

5.2

5.8

.1

.2
— 2
3.7

2 5

.3

*

.3
.6

5.0
5.2
9.8

5.0
5.1
9.8

.1
.6

.1
1.4

10.9
11.8

10.8
10.8

6

2 3

42.6

41.5

314.4 314.4 557.4 557.4 219.3 219.3 32.8 32.8 83.7 83.7 43.6 43.6 12.2 12.2 33.3 33.3 17.3 17.3 19.0 19.0 1,332.7 1,332.7
215 1
3.5

5

29.5
1 2

6 9

6.9
6

9

57.9

7

24.4

*

1.4
6.9

*Less than 50 million dollars.
1
Financial sources of funds represent net changes in liabilities; financial uses of funds represent net changes in financial assets.
NOTE.—For contents of each line, see notes to summary tables, pp. 1123-24.

*
— 1

10.7

2

-1.9
6.9

350.9
6.9

SUMMARY OF FLOW-OF-FUNDS ACCOUNTS FOR 1954
S=Sources of Funds, U=Uses of Funds
(Annual flows, in billions of dollars)
Business
Sectors

Consumer
Corporate
S

Transactions

U

S

u

Government

Rest of
the world

Noncorporate

Farm

U

S

Financial institutions

Federal

U

S

St. and loc.

u

S

S

U

Banking
S

Insurance

U

S

Total

Other

U

S

U

S

U

S

U

Nonfinancial
A
B
C
D
K
F
G
H
1

K.
L
M
N
O

29 8
2 6
14 8
193 7 2 5
116 3
18 1
Payroll
Receipts from and payments on invest64.9 17.2 9.6 21.8 17.8 40.9 1.1 15.1 1.1
.8 1.1
5.7
ment
3.1
27.0 24.2 1.4 12.8 1.1
.5 8.4 16.6 13.2 13.0
Insurance and grants
....
.5
.4 36.2
7.1
1.1 61.7 3.3 22.8
2.9 38.4
Taxes and tax refunds
1.8
5.4
.2 20.9
.4
4.5 *
.1
3.5
9.0
Capital acquisitions24.5 66.3
-.5
-3.0
.3
• Net change in inventories
40.2
5.9
4.2
23.7
3.4
8.4
New fixed capital
4
2 18
24 5 26 0 " "k
.1
Other capital acquisitions
*
.7
Purchases and sales of other goods and
155.5 521.1 330.3 193.5 128.2 30.2 9.7
6.1 32.4 6.0
services
6.5
313.0 304.1 532.8 538.4 214.2 214.5 32.2 33.3 77.3 79.7 42.9
Total
44.5
Financial 2
Currency and deposits
Federal obligations
Mortgages
Corporate securities and State and
local obligations
Other

P

Total

Q

Grand total

R
S

Memoranda:
GNP identifiable in J
Bank credit in P
...

w
W




7
-1.7

6 5
-1.8
8.5

2 1

.6

2.7 5.7
5 5 —2 2

10.6 13.6

5.1

7
— .1

i.8

1.6

1.1

_ 3

.8
1.7

4
2.2

1

A

— 3

4

.3

2.2

1.6

.8

*

-.3

2

2.4

*

2

4 4

*

4.4

4

1.9
5.9

.8
7.3

.8

.6

2 6

1

2 6

3.9

5.2

3.7

.4
2.3

*

193.7

193.7

2.2
.3
*

108.2
90.4
87.9

108.2
90.4
88.0

805.7

798.9

15.2 15.2

6.8 35.3 26.3 13.0 14.1 18.0 17.7 1,285.9 1,279.3
*
-.5
2.7

9.7
3.9
2
2

1.7
1.4

.3

.2

3 7

_ 3
_ 1

4 7

2 8

2.3 4.2
.3
.3 30.5 18.1
1.0
.9
.2

— i

.4

.1
12

2 1
6.4
*

2 1
1 3

2.9 10.2 11.0

4

8.4
2

.4 10.7

.7
5
4.4

.2

.7
.5

9.7
2.2
12.5

10.1
2.4
12.5

.5 - . 9
6
5 8

.3
1 0

.1
5

11.1
8.2

12.7
9.0

5.4

1.5

1.8

43.8

46.8

.1

6.3

324.0 324.0 537.8 537.8 216.4 216.4 33.0 33.0 79.7 79.7 47.3 47.3 17.5 17.5 35.6 35.6 19.3 19.3 19.5 19.5 1,330.2 1,330.2

"3.6

220.2

24.1

"ill

6.4
' ^5

6.2

"i!9

49.0

2.6

26.9

1.5
' ' * ' ' 11.2

.1

_ 3

11 7
.2

8

11.3

*Less than 50 million dollars.
iThis table is not fully comparable with the summary tables for previous years, since it reflects data available in 1955; all other tables reflect data available at end of 1954.
2
Financial sources of funds represent net changes in liabilities; financial uses of funds represent net changes in financial assets.
NOTE.—For contents of each line, see notes to summary tables, pp. 1123-24.

345.8
11.2

A FLOW-OF-FUNDS SYSTEM OF NATIONAL ACCOUNTS
Notes to Summary Tables
These notes describe, line by line, the contents of
the transaction groupings used in the preceding
summary tables. More detailed tables and more
detailed descriptions are given in the appropriate
chapters of the report.
Line A—payroll. Mainly cash wages and salaries
before withholdings for income taxes and for employee contributions to social insurance. Excludes
wages paid in kind and employer contributions to
social insurance funds and to private pension and
welfare funds.
Line B—receipts from and payments on investment. Gross payments and receipts of monetary
interest, rents and royalties, dividends and branch
profits, and net withdrawals of funds by proprietors
from unincorporated enterprises. Excludes imputed interest and imputed rents.
Line C—insurance and grants. Insurance premiums and benefits and gross payments and receipts of grants and donations. The insurance
transactions cover all types of private and government insurance, including retirement and pension
programs. Employment taxes and benefits under
the various social insurance programs are included.
Grants and donations include intergovernmental
grants both foreign and domestic, donations to and
by nonprofit organizations, and government and
business grants to consumers, etc. Excludes gifts
in kind.
Line D—taxes and tax refunds. Includes all taxes
other than employment taxes, which are recorded
under insurance premiums in line C. Also includes cash transactions arising from renegotiation
of government contracts. All taxes and refunds
are recorded as of the time paid^nd received, not
as of the time accrued.
Line E—capital acquisitions. Expenditures under capital acquisitions are shown in a three-way
breakdown. Sources of funds on this line consist
mainly of receipts from the sales of real estate. Receipts corresponding to capital purchases other than
of real estate are in general recorded in line I rather
than in line E.
Line F—net changes in inventories. Include inventory valuation adjustment. Shown only for
business sectors. Changes in farm inventories are
at cost rather than market value and include
changes in inventories held under CCC direct and
guaranteed loans. All of line F is part of the flowOCTOBER 1955




of-funds transaction category "other goods and
services."
Line G—expenditures for new durable equipment and for construction. For consumer sector:
purchases of new consumer durable goods and purchases of new nonfarm homes (excluding cost of
land). For business sectors: expenditures for new
plant and equipment; corporate and noncorporate
business expenditures for purchases of new nonfarm residential housing for tenant-occupancy and
net change in work in process on all nonfarm residential construction; farm business expenditures for
outlays for new farm dwellings as well as for new
service buildings. For government sectors: expenditures for construction. For financial institution sectors: expenditures for construction and
equipment. All of line G is part of the flow-offunds transaction category "other goods and services."
Line H—other capital acquisitions. For consumer sector: purchases of existing houses, land,
used consumer durable goods, and brokerage fees
and settlement costs in connection with home purchases; sales of existing homes, land, and used consumer durable goods. For business sectors: corporate—purchases of used equipment from Federal
Government, purchases of land in connection with
residential construction, security flotation costs,
brokerage fees and settlement costs; sales of properties under lease-back agreements. Noncorporate
—purchases of used equipment from Federal Government; net receipts from real estate transfers.
Farm—net receipts from transfers of farm land.
For Government sectors: purchases of land; sales
of land. For financial institution sectors: purchases
of properties in connection with lease-back agreements; net receipts from transfers of foreclosed
properties. Line H consists of all transactions in
the flow-of-funds real estate transfers category and
some transactions in the "other goods and services"
transaction category.
Line I—purchases and sales of other goods and
services. All expenditures for and receipts from
the sale of goods and services other than those listed
separately in the summary tables. Consists of all
transactions in the flow-of-funds category "other
goods and services" except for the capital transactions covered in line E.
Purchases and sales under capital acquisitions
(line E) and purchases and sales of other goods and
services (line I) together make up the two flow1123

A FLOW-OF-FUNDS SYSTEM OF NATIONAL ACCOUNTS
of-funds transaction categories—real estate transfers and "other goods and services." All purchases
and sales in the real estate transfer category are
included in line E and also included in line H.
Purchases and sales of "other goods and services"
are divided between lines E and I. Capital expenditures in the transaction category "other goods and
services" are shown in line E but, in general, the
corresponding sales are in line I.
Line J—total nonfinancial transactions. The sum
of lines A through E and line I.
Financial transactions. Lines K through P present net changes in each sector's liabilities (with
appropriate sign) under sources of funds and net
changes in each sector's financial assets (with appropriate sign) under uses of funds. The financial
parts of the sources and uses columns for each sector are thus in terms of changes in liabilities and
in financial assets respectively rather than in terms
of gross financial sources and uses of funds. The
row totals for each financial transaction category
should be interpreted in the light of this treatment.
Line K—currency and deposits. Changes in currency, demand deposits and time deposits. Changes
in the banking sector's liability for currency and
deposits differ from changes in the sum of holder
records principally because of fluctuations in mail
float. The currency and deposit totals shown in
the total column reflect the netting of rest of the
world liabilities for American-held foreign currency and deposits against foreign holdings of
American currency and deposits; these are shown
gross in the sector column for the rest of the world.
Line L—Federal obligations. Changes in Federal
Government debt—direct, fully guaranteed, and
not guaranteed—other than changes in currency
items in the public debt and changes in debt held
by agencies or funds of the Federal Government
sector. Includes changes in debt for accrued interest and for securities not issued for cash. Excludes government debt for accounts payable and
trust and deposit liabilities, which are included in
"other" financial transactions on line O.
Line M—mortgages. Changes in all debt and
holdings of debt secured by real estate.
Line N—corporate securities and State and local
obligations. Net issues, sales, and purchases of private corporate debt and equity securities, of foreign
securities, and of debt of State and local governments.

1124




Line O—other financial transactions. Covers
all other financial instruments: trade credit; bank
loans other than mortgages; gold and Treasury currency; and miscellaneous financial transactions such
as savings and loan and credit union shares, Federal
Government loans to foreign and domestic borrowers, Government subscriptions to international organizations, customers' credit and debit balances,
policy loans, capital stock and bonds of various agricultural credit institutions, private interest in partlyowned government corporations.
Line P—total financial transactions. The sum of
lines K through O. The totals under sources represent total net changes in liabilities; the totals under uses represent total net changes in financial
assets.
Line Q—grand total. Sum of line J, line P, and
valuation adjustments and statistical discrepancies
not shown separately on the summary tables. The
size of the totals on line Q for each sector is dependent upon the method of presentation of the
financial transactions and hence these totals have
no particular significance as the total sources of
funds and the total uses of funds of the sectors.
Differences between total sources of funds and
total uses of funds for each transaction category
(as shown in the "total" column) are attributable
to valuation differences, timing differences, and
other statistical inconsistencies.
Line R—GNP identifiable in flow-of-funds nonfinancial transactions. Line R records the amount of
total gross national product, as presented in the national income accounts of the Department of Commerce, that can be said to be covered by the nonfinancial transactions of each flow-of-funds sector.
While the memorandum line is shown under uses
of funds in the summary tables, to some extent line
R is net of receipts included in flow-of-funds nonfinancial sources of funds because of the net basis
of several elements in GNP. The contents of the
line, its derivation, and the exact relationship to
GNP are described in an appendix to the report.
Line S—ban\ credit in line P. Net changes in
each sector's obligations held by the banking system. Bank credit recorded for banking sector on
line S differs from banking sector's total change
in all financial assets shown on line P in that the
former excludes changes in holdings of gold, silver,
and other Treasury currency assets.

FEDERAL RESERVE BULLETIN

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

Savings Deposits
Agreement Without Passbook

The Board has received an inquiry as to whether
the proposed use by a national bank of a particular form of "Savings Deposit Receipt" complies with the definition of "savings deposit" contained in section l(e) of Regulation Q, as amended
effective May 16, 1955.
The purpose of the May 16, 1955, amendment
was to permit member banks, at their option, to
classify deposits as "savings deposits," although
not evidenced by a passbook. However, any such
deposit must be evidenced by a written receipt or
agreement, and the deposit must be one in respect to which the depositor is required or may
at any time be required, by the bank to give notice in writing of an intended withdrawal not less
than 30 days before such withdrawal is made,
and withdrawals are permitted only through payment to the depositor himself but not to any
other person whether or not acting for the depositor. Furthermore, the amendment made no
change in the classes of persons whose deposits
may be classified as "savings deposits."
The "Savings Deposit Receipt" in question certifies that a certain sum has been deposited with
the bank by a named depositor. It recites that

OCTOBER




1955

payment of such amount "will be made to the
named depositor" plus interest at 2% per cent
per annum from date of the deposit, upon surrender of the receipt; that, upon request, interest
will be paid and endorsed upon the receipt every
six months; and that the bank shall have the option of redeeming the receipt at any time upon
six months' written notice to the depositor. The
receipt then states that "The bank reserves the
right to require thirty days' prior notice in writing before paying this savings deposit receipt."
Finally, the receipt states that it is "non-negotiable." It appears that the receipt constitutes the
deposit contract between the bank and the named
depositor.
The inquiry explained that the national bank
intended to use the savings deposit receipt "only
in connection with deposits of school districts and
any other savings deposits that might qualify
under Regulation Q." The Board has indicated
in earlier interpretations that deposits of "school
districts" may be classified as "savings deposits."
In the circumstances as outlined above, including the specific limitation in the savings deposit
receipt that "Payment will be made to the named
depositor," the Board is of the view that a deposit represented by the receipt described may
be classified as a "savings deposit" under Regulation Q.

1125

CURRENT EVENTS AND ANNOUNCEMENTS
Federal Reserve Meetings

The Federal Advisory Council held a meeting
in Washington on September 18-20, 1955, and met
with the Board of Governors of the Federal Reserve System on September 20.
A meeting of the Presidents of the Federal Reserve Banks was held in Washington on October
3 and 4, 1955, and on October 4 the Presidents
met with the Board of Governors of the Federal
Reserve System.
On October 4 a meeting of the Federal Open
Market Committee was held.
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, 1955 to September 15, 1955:

1126




Grayling. .

Michigan
Grayling State Savings Bank

Tables Published Annually and Semiannually, with
Latest BULLETIN Reference
Semiannually
Issue
Page
Banking offices:
Analysis of changes in number of. . . Aug. 1955
944
On, and not on, Federal Reserve Par
List, number of
Aug. 1955
945
Stock Exchange firms, detailed debit
and credit balances
Sept. 1955 1046-1047
Annually
Earnings and expenses:
Federal Reserve Banks
Member banks:
Calendar year
First half of year
Insured commercial banks
Banks and branches, number of, by
class and State
Operating ratios, member banks
Banking and monetary statistics, 1954

Feb.

1955

206-207

May 1955
Oct. 1955
May 1955

564-572
1188
573

Apr. 1955
June 1955
{ ^
\99\\

430-431
712-714
574I577

FEDERAL RESERVE BULLETIN

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

Economic activity expanded in September, with
industrial production, retail sales, and nonagricultural employment and incomes up further. Prices
of industrial commodities continued to advance,
while prices of some farm products declined. Bank
loans to business rose substantially further.

Production of paper, chemicals, and petroleum
products increased slightly, while most other nondurable goods showed little change. Output of
metallic ores and stone and earth minerals increased moderately.
CONSTRUCTION

INDUSTRIAL PRODUCTION

The Board's preliminary seasonally adjusted index of industrial production was 141 per cent of
the 1947-49 average in September as compared
with 140 in August and 139 in June and July.
Durable manufacturers' output reached a new high
level, and production of nondurable goods and
minerals showed little change.
Output of primary metals showed a substantial
gain, as steel production increased to 96 per cent
of rated capacity from 90 per cent in August, and
copper output continued to recover rapidly from
lows reached during the work stoppages in July.
Steel mill operations rose slightly further in the
first half of October. Production of both consumer electrical goods and industrial electrical
equipment increased further in September. Activity in the transportation equipment group reached
a new high, after allowance for model changeover
influences on output of autos, trucks, and parts;
railroad equipment showed a strong rise.
INDUSTRIAL PRODUCTION
TOTAL

-S

- 140

DURABLE
MANUFACTURES

_

100
140

_ ^

y\

/ ' -

MINERALS.

r

^

NONDURABLE
MANUFACTURES

100

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




1955

EMPLOYMENT

Employment in nonfarm establishments expanded somewhat further in September to a seasonally adjusted level of close to 50 million persons.
Employment at factories showed little change, and
average hours of work rose slightly further, to
41 hours. Average weekly earnings at factories
of about $78 were at a new high, 8 per cent above
a year ago, reflecting a longer workweek and
higher wage rates. Unemployment totaled 2.1
million, down seasonally from August as some
young jobseekers returned to school.
AGRICULTURE

120

120

Expenditures for new construction, seasonally
adjusted, rose slightly in September, reflecting increases in nonresidential types. Total value of contract awards also increased, although awards for
residential building declined further and, for the
first time this year, were below their level of a
year ago. The number of housing starts, following a contra-seasonal rise in August, declined in
September and were at a seasonally adjusted annual
rate of 1.2 million.

Crop prospects improved in September, particularly for cotton, and the crop harvest forecast
on October 1 was near the 1948 record and 5 per
cent above last year. The cotton crop was forecast at 13.9 million bales, 2 per cent above last year
despite a 14 per cent reduction in acreage. Livestock marketings have expanded further since July,
providing a meat supply about one-tenth larger
than during the corresponding period last year.
DISTRIBUTION

Reflecting continued strength in most sectors,
total retail sales rose further in September, after
1127

NATIONAL SUMMARY OF BUSINESS CONDITIONS
seasonal adjustment, and were 11 per cent above
a year ago. Sales at department stores remained
at their high August rate in September and early
October. Auto sales have been maintained at
unusually high levels during the model changeover period. Dealers' stocks of new cars declined
by almost one-third in September to near their
year-ago level.
COMMODITY PRICES

Average prices of industrial commodities have
continued to advance since mid-September. Copper scrap and crude rubber, which had risen sharply
to very advanced levels, declined, but steel scrap,
lead, paperboard, glass, cement, and lumber increased, and prices of various finished goods were
raised. Farm products and foods declined to about
the mid-August level, reflecting decreases in livestock, meat, eggs, and cotton under the influence
of a further expansion in supplies.
BANK CREDIT AND RESERVES

Loans and investments at city banks increased
somewhat between early September and early
October as further substantial loan expansion more
than offset reductions in bank holdings of U. S.
Government securities. Business loans showed an
increase of about 600 million dollars, more than
double the increase in the corresponding period
last year. Real estate and consumer loans rose fur-

ther. On October 11 bank holdings of U. S. Government securities increased as a result of acquisitions of new Treasury tax-anticipation certificates.
Member bank borrowings from the Reserve
Banks averaged close to 850 million dollars during
September and the first half of October. Excess
reserves continued to average around 600 million.
Over the period reserves supplied through System
purchases of U. S. Government securities and an
increase in float were absorbed largely through a
currency outflow.
SECURITY MARKETS

Spreads between yields on short- and long-term
Government securities were sharply narrowed between mid-September and mid-October. Yields on
short-term Government securities advanced nearly
twenty-five basis points, reflecting continued tightness in the money market and the addition to shortterm supply of nearly 3 billion dollars of 2%. per
cent June tax certificates which were sold for cash
early in October. By mid-October the yield on
three-month Treasury bills had reached the discount rate level. Yields on intermediate and longterm Treasury issues, on the other hand, moved
steadily lower. Municipal bond yields declined
moderately, while corporate bond yields were relatively stable. Common stock prices declined
sharply near the end of September and by October
13, after considerable fluctuation, they were down
moderately further.

PRICES AND TRADE
Per cent, 1947-49 = 100

MONEY RATES

WHOLESALE PRICES

OTHER
"• \

CONSUMER
PRICES

ALL
COMMODITIES

\

FARM
"\
PRODUCTS
II.UIJX1.LK>
STORE TRADE

DISPOSABLE PERSONAL

A/

^

TOTAL
RETAIL SALES

I
1952

1
1953

mn
1954

-

I I 1 1 1 1 1 1 J.N
100

1955

LMIIIIIIIIIIIIIIMIIMIIIM

1952

1953

1954

ill

IUJJ

100

1955

Seasonally adjusted, except for price indexes. Prices, Bureau of Labor Statistics; disposable personal income and total
retail sales, based on Department of Commerce data; department store trade, Federal Reserve. "Other" wholesale prices
exclude processed foods, included in total but not shown separately. Monthly figures, latest shown: August for income,
consumer prices, and department store stocks; September for
other series.

1128




Figures except for Federal Reserve discount rate are monthly
average market yields. Corporate Aaa bonds, Moody's Investors Service; U. S. Government long-term (excludes 3J4 per
cent bonds issued May 1, 1953), U. S. Treasury Department
and Federal Reserve; municipal high-grade bonds, Standard
and Poor's Corporation; Treasury bills, Federal Reserve.
Latest figures shown are for Oct. 8.
FEDERAL RESERVE BULLETIN

FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS
UNITED STATES
PAGE

Member bank reserves, Reserve Bank credit, and related items
Federal Reserve Bank rates; margin requirements; reserve requirements
Reserves and deposits of member banks. ..
Federal Reserve Bank statistics
Regulation V: guaranteed loans, fees, and rates
Bank debits and deposit turnover; Postal Savings System. .
Money in circulation
Consolidated statement of the monetary system; deposits and currency
All banks in the United States, by classes
All commercial banks in the United States, by classes. .
Weekly reporting member banks
Commercial paper and bankers' acceptances
Life insurance companies; savings and loan associations. ..
Government corporations and credit agencies...
Security prices and brokers' balances
Money market rates; bank rates on business loans; bond and stock yields
Treasury
finance
...
New security issues..
Business
finance
Real estate credit statistics
Statistics on short- and intermediate-term consumer credit. ..
Business indexes
Merchandise exports and imports. .
Department store statistics. . . .
Consumer and wholesale prices
Gross national product, national income, and personal income. .
Member bank earnings.
Index to statistical tables
....
List of tables published in BULLETIN annually or semiannually,
with references for latest data. .

1131-1132
1132-1133
1134
1135-1137
1137-1138
1138
1139
1140
1141-1143
1144-1145
1146-1147
1148
1149
1150-1151
1152
1153
1154-1159
1160
1161-1162
1163-1165
1166-1168
1169-1178
1178
1179-1183
1184-1185
1186-1187
1188
1213-1214
1126

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




1955

1129

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
Wednesday figures, 1949-1950, weekly averages of daily figures, 1951-

Billions of dollars
25

MEMBER BANK
RESERVE BALANCES
20

15
EXCESS RESERVES

MONEY IN CIRCULATION

TREASURY CASH AND DEPOSITS
1

L NONMEMBER DEPOSITS J
30

FEDERAL RESERVE CREDIT
U.S. GOVERNMENT SECURITIES:

25

20

HELD UNDER
REPURCHASE AGREEMENTS
L
_
A

2
0

DISCOUNTS AND ADVANCES

I FEDERAL RESERVE FLOAT

1949

1950

1951

1952

1953

1954

1955

Latest averages shown are for week ending Sept. 28. See p. 1131.

1130




FEDERAL RESERVE

BULLETIN

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
[In millions of dollars]
Reserve Bank credit outstanding
Gold
stock

Deposits, other
Member ba nk
than member bank Other
Treasreserve balaiices
reserve
ury Money Treas- with F. balances,
FedR.
Banks
cureral
in
ury
rency
Recircash
outcula- hold- Treas- For- Oth- serve Total
ReExerstand- tion
ings
ury
eign
acquired2 cess2
deing
dedecounts
posits posits posits

25,154
24,925
24,933
24,690
24,699
24,759
24,939
24,908
24,687
25,338
25,465
25,699
25,360
25,436
25,701
25,708
25,900
25,918
26,080
26,172
1 26,612
1 26,433

21,908
21,901
21,858
21,858
21,837
21,809
21,809
21,810
21,810
21,810
21,810
21,788
21,759
21,759
21,752
21,709
21,709
21,710
21,710
21,711
21,712
21,712

4,960
4,959
4,960
4,961
4,962
4,965
4,967
4,967
4,968
4,971
4,972
4,973
4,973
4,976
4,977
4,978
4,980
4,982
4,982
4,982
4,982
4,982

29,890
29,932
29,919
29,850
29,887
30,046
30,073
29,969
29,888
30,010
30,143
30,125
30,028
30,088
30,206
30,262
30,318
30,466
30,623
30,755
30,885
30,828

960

11
14
15
15
15
24
21
18
19

26,176
25,792
25,482
24,942
25,042
25,212
24,964
24,932
24,892
24,873
24,809
25,327
25,028
24,918
25,159
25,175
25,031
24,971
24,924
24,908
24,834
25,001
25,044
24,956
25,055
24,815
25,265
25,571
25,432
25,506
25,638
25,584
25,495
25,425
25,217
25,401
25,577
25,613
25,478

21,712
21,713
21,714
21,714
21,714
21,715
21,715
21,716
21,716
21,717
21,717
21,718
21,719
21,719
21,669
21,670
21,671
21,671
21,671
21,672
21,673
21,674
21,675
21,676
21,676
21,677
21,678
21,679
21,680
21,681
21,682
21,682
21,682
21,682
'21,682
21,682
21,682
21,683
21,683

4,984
4,984
4,985
4,985
4,988
4,988
4,989
4,990
4,995
4,995
4,995
4,995
4,997
4,997
4,996
4,997
4,998
4,999
4,999
4,999
4,999
5,001
5,002
5,001
5,001
5,001
5,003
5,003
5,003
5,002
5,003
5,003
5,003
5,005
5,005
5,005
5,006
5,006
5,006

30,501
30,361
30,079
29,866
29,767
29,794
29,782
29,771
29,796
29,819
29,833
29,793
29,716
29,831
29,940
29,793
29,686
29,767
29,859
29,877
29,826
29,961
30,059
30,058
30,035
30,021
30,299
30,416
30,287
30,157
30,237
30,285
30,335
30,288
30,268
30,436
30,520
30,401
30,323

725
720
769
992
805
710
804
838
798
878
940
746
924

1
1
1
1
1
1
1
16
15
16
14
14
20

24,838
25,459
25,776
26,317
25,449
25,021
24,989
25,070
24,924
24,958
25,497
25,450
25,525

21,809
21,787
21,724
21,711
21,714
21,715
21,718
21,680
21,673
21,676
21,680
21,682
21,682

4,967
4,973
4,979
4,982
4,985
4,990
4,996
4,997
4,999
5,001
5 ,003
5,004
5,006

29,991
30,078
30,287
30,749
30,110
29,784
29,790
29,807
29,861
30,050
30,284
30,289
30,420

U.S. Govt. securities
DisHeld counts
All
Bought under and Float othTotal
Total out- repur- a d er 1
right cnase vances
, agreement

Period

Averages
of daily
figures
Week ending:
1954
Aug. 4
Aug. 11
Aug. 18
Aug. 25
Sept. 1
Sept. 8
Sept. 1 5 . . . .
Sept. 2 2 . . . .
Sept. 2 9 . . . .
Oct. 6
Oct. 13
Oct. 20
Oct. 2 7 . . . .
Nov. 3 . . . .
Nov. 10
Nov. 17
Nov. 24 . . .
Dec. 1
Dec. 8
Dec. 15 . . .
Dec. 22 . . .
Dec. 29

24,325
24,040
23,980
23,813
23,938
24,013
24,035
23,789
23,868
24,492
24,606
24,487
24,381
24,464
24,754
24,685
24,553
24,722
24,891
24,919
24,928
24,918

24,325
24,023
23,876
23,747
23,845
23,977
24,035
23,789
23,868
24,492
24,581
24,456
24,381
24,448
24,745
24,685
24,553
24,715
24,889
24,888
24,888
24,888

24,918
24,532
24,155
23,683
23,852
24,016
23,908
23,732
23,604
23,604
23,606
23,664
23,604
23,643
23,682
23,604
23,604
23,666
23,839
23,687
23,513
23,603
23,683
23,588
23,554
23,554
23,763
23,957
23,943
24,140
24,044
24,055
23,891
23,796
23,761
23,826
23,813
23,564
23,598

24,874
24,511
24,128
23,671
23,844
23,902
23,827
23,732
23,604
23,604
23,604
23,604
23,604
23,604
23,604
23,604
23,604
23,613
23,702
23,664
23,513
23,600
23,683
23,588
23,554
23,554
23,692
23,943
23,943
24,035
23,982
23,983
23,891
23,796
23,761
23,761
23,744
23,564
23,587

Monthly:
1954-Sept... 23,941
O c t . . . 24,485
Nov.. . 24,661
Dec... 24,917
1955-Jan... 24,200
F e b . . . 23,838
Mar... 23,619
Apr. . . 23,632
May.. 23,666
June.. 23,598
July... 23,967
Aug.. . 23,886
Sept... 23,709

23,928
24,472
24,654
24,888
24,182
23,787
23,604
23,604
23,617
23,596
23,925
23,870
23,668

1955
Jan. 12
5....
Jan.
Jan. 19
Jan. 2 6 . . . .
Feb. 2 . . . .
Feb. 9
Feb. 1 6 . . . .
Feb. 23 . . .
Mar. 2
Mar. 9
Mar. 16
Mar. 23
Mar. 30
Apr. 6 . . . .
Apr. 13
Apr. 20
Apr. 2 7 . . . .
May 4
May 11
May 18
May 25
June 1 . . . .
June 8 . . . .
June 15
J u n e 22
June 2 9 . . . .
July
6
J u l y 13
J u l y 20
July 2 7 . . . .
Aug.
Aug.
Aug.
Aug.
Aug.

3....
10....
17
24
31. . . .

Sept. 7 . . . .
Sept. 14
Sept. 21
Sept. 28

P Preliminary.
OCTOBER




1955

175
287
229
178

653
598
723
698

185
147
189
141
191

576
598
714
977
627

179
259
284
257

667
599
927
721

16
9

355
277
271
300

617
669
751

7
2
31
40
30

498
465
442
311
377

44
21
27
12

372
504
445
453

885

8
114
81

524
555
387
395
490
479
483
630
745
613
662
521
544
544
374
317
427

666
640
668
804
797
789
719

17
104
66
93
36

25
31

2

60

39
78

53
137
23
3

11
14
105
62
72

65
69

a
13
13
7
29
18
51
15
28
49
2
42
16
41

'Revised.

612
533
558
348
456
688
685
357
439
781
888
796
724
770
865
918
768
901
170
254
345
407
444
473
566
585
445
465
576
803
872

1,046
698
724
810

1,373
1,138

1
1
1
1

756

881
806

1
1
1
(8)

1,032
677

656
801

7

1,031
861

14
19
21

743
696
888
880

17
15
15
14

772

14
17
17
16
16

812
793

1,137

789

858
913

1,118
915

802
627
794
891
671
687
826

1,263

16
16
14
12

802
803
805
807

742
584
558
566

526
544
579
557

455
430
452
450

908
905
914
927

808
802
795
793
795

551
479
558
446
652

465
518
559
514
511

516
428
432
435
437

926
923
925
934
933

793
790
796
801

676
594
570
567

484
466
443
442

452
472
440
411

948
950
950
949

806
796
799
800

669
362
397
576

432
423
425
409

472
394
324
399

895
886
883
882

806
806
812
800
801

605
535
363
345
453

396
361
405
443
523

405
408
398
346
295

881
877
891
975
976

804
814
818
827

449
378
275
272

527
493
516
422

413
409
413
280

916
905
902
901

834
827
824
825

431
472
399
490

441
447
486
390

419
480
458
486

899
895
913
959

827
828
817
818
826

575
548
356
887

1,000

324
364
422
339
338

957
955
957
964
964

821
812
820
813

559
325
483
541

344
349
419
367

481
476
358
435
490
492
553
454
438

815
811
821
818

360
363
417
394

823
835
832
818
814

675
280
310
437
582
440
304
213
323

814
803
793
798

420
440
416
480

803
800
797
803
803
806
803
794
787

638
o46
507
594
479
447
431
579
693

796
797
800
805
819
826
823
816
818
825
801
801
797

541
610
492
443
341
477
690
501
421
329
461
569
540

18,698
18,586
18,525
18,353
18,346
18,336
18,373
18,596
18,250
18,756
18,832
19,136
18,895
18,810
19,364
19,306
19,205
19,052
19,162
19,241
19,512
19,250

379
419
377
370

443
442
377
421
478
416
387
278
275
468
419
415
403
412
396
400
393
394
393
400
394
386

900
885
910
9*6
946
943
942
990
990

19,263
19,130
19,176
19,074
18,952
19,000
18,806
18,716
18,642
18,596
18,779
18,804
18,408
18,611
18,868
18,895
18,877
18,659
18,920
18,853
18,673
18,496
18,648
18,678
18,998
18,653
18,609
18,779
18,774
18,945
18,910
18,824
18,757
18,673
18,614
18,685
18,750
18,767
18,618

522
455
416
439
477
420
363
370
389
412
423
431
386

431
444
393
365
383
473
442
481
432
345
423
398
392

929
944
883
929
903
927
960
973
928
959
962
918
968

18,403
18,893
19,207
19,279
19,114
18,819
18,635
18,800
18,746
18,715
18,824
18,728
18,711

400
387
434
408
425
367
425
460
439
422
434
474
415
399

976
979
978
978
923
920
924
937
936
935
940
981
981
970
971
970
967

17,666 1,032
17,688
898
17,662
863
17,627
726
17,603
743
17,556
786
17,594
779
17,691
905
17,663
587
17,894
862
18,201
631
18,269
867
18,224
671
18,233
577
18,244 1,120
18,423
883
18,524
681
18,464
588
718
18,444
18,555
686
822
18,690
18,630
620
18,580
18,436
18,383
18,429
18,361
18,272
18,236
18,108
18,089
18,018
18,149
18,123
17,918
18,055
18,214
18,253
18,260
18,201
18,176
18,207
18,192
18,063
18,036
18,099
18,301
18,164
18,085
18,047
18 209
18,386
18,320
18,163
18,155
18,100
18,130
18,111
18,142
*18,163
17,628
18,173
18,393
18,576
18,432
18,195
18,050
18,210
18,166
18,146
18,205
18,152

P18,101

683
694
793
645
591
728
570
608
553
578
630
681
490
556
654
642
617

458
744
646
481
433
612
579
697
489
524
732
565
559
590
661
602
573
484
574
608
P504
P517

775
720
814
703
682
624
585
590
580
569
619

576

For footnotes see following page.

1131

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS—Continued
[In millions of dollars]
Deposits, other
Member bank
than member bank
reserve
balances, Other
reserve balances
TreasU. S. Govt. securities
ury Money Treas- with F. R. Banks Federal
in
ury
Gold curDisRecircash
Oth- serve
stock rency
All
Held counts
outForculaholdTreaser
and Float oth- Total
acstand- tion
ings
Bought under
ury
eign deReExrepur- ading
Total out- chase
dede- pos- counts Total quired2 cess2
vances
right agreeposits posits its
ment
Reserve Bank credit outstanding

Date
or
period

Midyear or
year-end:
216
1,998
2,484
2,254
24,262
22,559
18,885
20,778
23,801
24,697
24,746
25,916

148
1,998
2,484
2,254
24,262
22,559
18,885
20,725
23,605
24,034
24,718
25,318

52
68 1,037
164
4
7
91
3
94
249
578
85
535
78
534
67 1,368
53
19 1,184
196
156
967
663
64
601
28
28
935
598

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
25,825 23,187
25,414 22,463
26,880 22,030

2,019 4,459
2,286 5,434
2,963 7,598
3,247 11,160
4,339
,339 28,515
28
4,562 28,868
^,600
4,598 27
4,636 27,741
4,709 29!,206
4,812 30;,433
4,854 30i,125
4,894 30,,781

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

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

6
15
397
774
862
392
767
895
526
550
527
423

21
151
256
586
446
569
750
565
363
455
176
493

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
777 19,950
951 19,561
839 20; 160

2,333
1,817
6,444
9,365
14,457
16,400
15,550
16,509
19,667
20,520
19,459
19,397

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

1954
Sept..
Oct..
Nov..
Dec.

24,270
24,381
24,888
24,932

24,270
24,381
24,888
24,888

132
297
398
143

779
721
657
808

25,183 21,810
21,759
944 21,710
25^85 21,713

4,972 29,985
4,977 30,074
4,982 30,500
4,985 30!,509

786
806
800
796

704
729
694
563

461
426
397
490

422
496
381
441

931
884
880
907

18,676
18,722
18,985
18,876

17,724
18,251
18,467
18,618

952
471
518
258

1955
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept

23,885
23,605
23,612
23,612
23,662
23,607
24,090
23,761
23,834

23,882
23,605
23,604
23,604
23,662
23,554
23,982
23,761
23,729

475
485
391
560
460
128
754
470
603

600
678
659
799
643
850
864
665
792

24,960 21,714 4, 989 29,789
24,769 21,716 4, 996 29,817
998 29,800
24,667 21,719
24,988 21,671 4, 999 29, 769
24,780 21,674 5,002 30,009
" " ' 21,678 5,002 30,229
25,719 21,682
003 30,244
24,911 21,682 5,005 30,317
422
5 P21,684 P5.OO7
25,250

837
828
819
809
828
812
798
804
*>788

360
564
724
812
649
380
623
393
554

441
320
351
360
402
374
410
387
385

419
433
448
490
413
448
419
383
379

918
899
,562
957
959
,283
923
,495
936
,221
972
,066
910
,999
945
,368
990 18,423

18,337
18,091
17,871
18,161
18,029
18,139
18,311
18,151
P18.200

581
471
412
334
192
-73
688
217
P223

1955
July 6 . .
July 13..
July 20..
July 27..

23,848
23,943
23,943
24,146

23,844
23,943
23,943
24,038

599
503
570
549

843
892
985
710

25,305 21,678
25,355 21,679
25,512 21,681
25,417 21,681

5,003
5,003
5,003
5,003

30,421
30,327
30,197
30,120

818
801
802
803

468
338
564
458

382
449
439
443

451
395
415
391

970 18,475
970 18,757
969r 18,810
967 18,919

18,034
18,091
18,319
18,377

441
666
491
542

Aug.
Aug.
Aug.
Aug.
Aug.

23,983
23,983
23,855
23 ,796
23,761

23,983
23,983
23,855
23,796
23,761

947
565
632
433
470

703
575
883
643
665

25,645 21,682
25,135 21,683
25,387 21,682
24,887 21,682
24,911 21,682

5,003 30,238
5 , 003
" " 30,289
5, 003 30,310
5, 005 30,232
317
5,005

805
803
806
809

684
499
542
585
393

429
459
458
410
387

400
390
396
377
383

886
884
947
946
945

18,888
18,496
18,614
18,215
18,368

18,279
18,133
18,134
18,080
18,151

609
363
480
135
217

23,761
23,673
23,563
23,702

23,761
23,673
23,563
23,680

598
659
536
956
872 1,064
662
788

25,034 21,682
21,682
25,518 21,683
25,172 21,683

5, 005 30,536
5,005 30,452
5, 006 30,332
5,007 30,338

810
805
793
791

475
427
717
512

377
410
403
383

374
382
383
372

942
941
990
989

18,207
18,452
18,589
18,475

18,088
18,181
P18.147
P18.145

119
271
J>442

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

53
108
105

Wednesday

Sept.
Sept.
Sept.
Sept.

3..
10..
17. .
24..
31..
7..
14..
21..
28..

22

r

^Preliminary.
Revised.
1
Includes industrial loans and acceptances, which are shown separately in subsequent tables.
2
These figures are estimated.
3Less than $500,000.
Back figures.—See Banking and Monetary Statistics, Tables 101-103, pp. 369-394; for description, see pp. 360-366 in the same publication.
MARGIN REQUIREMENTS *
[Per cent of market value]

MAXIMUM RATES ON TIME DEPOSITS
[Per cent per annum]
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.

1132




Prescribed in accordance with
Securities Exchange Act of 1934

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

Feb. 20, Jan. 4, Effec-O
tive
19531955Jan. 4, Apr. 22, Apr. 23,
1955
1955
1955

50
50

60
60

70
70

50

60

70

1

Regulations T and U limit the amount of credit that may be extended on a security by prescribing a maximum loan value, which is a
specified percentage of its market value at the time of extension; the
"margin requirements" shown in this table are the difference between
the market value (100%) and the maximum loan value. Changes on
Feb. 20, 1953, and Jan. 4, 1955, were effective after the close of business
on those dates.
Back figures.—See Banking and Monetary Statistics, Table 145, p. 504,
and Annual Report for 1948, p. 77, and 1953, p . 76.

FEDERAL RESERVE

BULLETIN

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

Federal Reserve Bank

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

Boston.. .
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
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. lO(b)]

Rate on
Sept. 30

In effect
beginningSept. 13,
Sept. 9,
Sept. 2,
Aug. 4,
Sept. 9,
Aug. 26,
Sept. 9,
Aug. 30,
Sept. 12,
Sept. 9,
Sept. 9,
Sept. 9,

Sept. 13,1955
Sept. 9, 1955
Sept. 2, 1955
Aug. 4, 1955
Sept. 9, 1955
Aug. 26,1955
Sept. 9, 1955
Aug. 30, 1955
Sept. 12,1955
Sept. 9, 1955
Sept. 9, 1955
Sept. 9, 1955

Previous

In effect
beginning—

Rate on
Sept. 30

rate

1955
1955
1955
1955
1955
1955
1955
1955
1955
1955
1955
1955

Sept. 13,
Sept. 9,
Apr. 22,
Aug. 17,
Jan. 23,
Feb. 9,
Apr. 22,
May 18,
Sept. 12,
Sept. 9,
Aug. 5,
Sept. 9,

3M

S3 *
3

3M

3
3
3%

Previous

rate

1955
1955
1955
1953
1953
1954
1955
1953
1955
1955
1955
1955

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

FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS
AND COMMITMENT'S UNDER SECTION 13b
OF THE FEDERAL RESERVE ACT
Maturities not exceeding five years
[In effect September 30. Per cent per annum]
To industrial or
commercial
businesses

On
loans1

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

On
commitments

Net demand deposits1
Effective date
of change

To financing institutions

On discounts or
purchases

Federal
Reserve
Bank

MEMBER BANK RESERVE REQUIREMENTS
[Per cent of deposits]

Portion
for which
institution is
obligated

Remaining
portion

On
commitments

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

()
(2)
(2)

M2
(2)

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

institutions.

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

Sept. 16
Sept. 24
1949—May 1
May 5
June 30
July 1
Aug. 1
Aug. 11
Aug. 16
Aug. 18
Aug. 25
Sept. 1.
1951—Jan. 11
Jan. 16
Jan. 25
Feb. 1
1953—July 1
July 9
1954—June 16
June 24
July 29
Aug. 1
In effect Oct. 1, 1955 4 .

Central
reserve
city
banks

Reserve
city
banks

13

10
15
17
20

22%
26
22M
26
24
22
20

Country
banks

Time
deposits
(all
member
banks)

14
12
14

22
24
26

22

24

21
20

16
15
14
13

23 V2

27
37
36
2
6

12

35
2
5

13

36
2
6

23
223^

22
23

18
19

3

26
22

19

21
20

18

20

18

14
13
25
35

12
12

1
Demand deposits subject to reserve requirements, which beginning
Aug. 23, 1935, have been total demand deposits minus cash items
in process of collection and demand balances due from domestic banks
(also minus war loan and series E bond accounts during the period
Apr.
13, 1943-June 30, 1947).
2
Requirement became effective at country banks.
3 Requirement became effective at central reserve and reserve city
banks.
4
Present legal minimum and maximum requirements on net demand
deposits—central reserve cities, 13 and 26 per cent; reserve cities,
10 and 20 per cent; country, 7 and 14 per cent, respectively; on time
deposits at all member banks, 3 and 6 per cent, respectively.

OCTOBER




1955

1133

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

Month, or
week ending Wednesday

All
member
banks

Central reserve
city banks
New
York

Chicago

Reserve
city
banks

Month, or
week ending Wednesday

Country
banks

Reserve
city
banks

Country
banks

153
166
112
61
87
54

630
619
736
496
516
514

2
-6
8
2

54
65
56
78
67
40
51

526
505
408
491
534
2>558
P446

New
York

Chicago

858
836
839
569
619
577

63
40
-9
15
9
10

11
11

601
572
484
574
609
P604

20
2
17
3
14
-2
17

Excess reserves: 1

Total reserves held:
1954—June
July
August
1955—June
July
August
Aug.
Aug.
Aug.
Sept.
Sept.
Sept.
Sept.

Central reserve
city banks

All
member
banks

17
24
31
7
14
21
28

19,670
19,164
18,478
18,715
18,825
18,728

4,812
4,508
4,311
4,388
4,371
4,286

1,251
1,198
,171
1,135
,148
,140

7,839
7,780
7,502
7,680
7,759
7,737

5,767
5,678
5,493
5,512
5,546
5,565

18,757
18,673
18,614
18,685
18,750
18,767
18,618

4,287
4,242
4,282
4,243
4,261
4,262
4,250

,141
,127
1,144
1,143
1,129
1,126
1,122

7,751
7,742
7,735
7,733
7,743
7,732
7,723

5,577
5,563
5,453
5,566
5,617
5,648
5,523

1954—June
July
August
1955-June
July
August
Aug.
Aug.
Aug.
Sept.
Sept.
Sept.
Sept.

Aug. 17
Aug. 24
Aug. 31
Sept. 7
Sept. 14
Sept. 21
Sept. 28

P516

1

3'

Borrowings at Federal
Reserve Banks:

Required reserves: 1 2
1954-June
July
August
1955—June
July
August

17
24
31
7
14
21
28

-3
8

—1

18,813
18,329
17,638
18,146
18,205
18,152

4,749
4,468
4,320
4,373
4,362
4,277

1,240
1,187
1,172
1,138
1,140
1,141

7,686
7,614
7,390
7,619
7,673
7,682

18,155
18,100
18,130
18,111
18,142
*>18,163
018,101

4,267
4,239
4,265
4,240
4,247
4,264
4,233

1,140
1,126
1,142
1,141
1,136
1,118
\ ,119

7,697 5,051
7,677 5,058
7,678 5,045
7,655 5,075
7,676 5,083
7,692 P 5 , 0 8 9
7,672 *>5,O77

1954—June
July
August
1955—June
July
August

5,138
5,058
4,757
5,016
5,030
5,052

Aug.
Aug.
Aug.
Sept.
Sept.
Sept.
Sept.

17
24
31
7
14
21
28

146
64
115
401
527
765

30
13
78
149

14

4
1
11
40
33
60

61
24
37
229
306
395

67
39
37
119
110
161

751
689
740
838
891
741
888

131
79
92
169
187
51
126

88
72
60
85
93
153
124

360
389
414
450
479
434
513

172
149
174
134
132
103
125

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

DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER BANKS
[Averages of daily figures.1 In millions of dollars]

Item

All
member
banks

Central reserve
city banks
New
York

Reserve
city
banks

Chicago

Country
banks

All
member
banks

Central reserve
city banks
New
York

August 1955
Gross demand deposits:
Total
Interbank
Other
Net demand deposits 2
Time deposits
Demand balances due from domestic banks...
Reserves with Federal Reserve Banks:
Total....
Required
Excess
Borrowings at Federal Reserve Banks

Chicago

Reserve
city
banks

Country
banks

August 1954

112,510
12,462
100,048
98,139
40,206

22,751
3,892
18,859
20,551
3,329

6,017
1,200
4,818
5,379
1,301

44,267
6,137
38,130
38,169
16,240

39,475
1,233
38,242
34,040
19,336

108,962
13,082
95,880
94,891
38,906

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

37,609
1,262
36,347
31,861
18,667

6,227

56

105

1,907

4,159

6,789

41

121

2,028

4,600

18,728
18,152
577

4,286
4,277
10

1,140
1,141

7,737
7,682
54

5,565
5,052
514

18,478
17,638
839

4,311
4,320
—9

1,171
1,172

7,502
7,390
112

5,493
4,757
736

765

149

60

395

161

115

30

11

37

37

-i

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.

1134




FEDERAL RESERVE BULLETIN

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

End of month

1955
Sept. 28

Sept. 21

Sept. 14

1955
Sept. 7

Aug. 31

Sept.

1954
Aug.

Sept.

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

20,153,351 20,155,352 20 ,145,353 20, 145,355 20. 145,352 20 ,153,353 20,145,352 20 ,287,101
840,654
842,064
845,051
840,652
842,262
847,549
847,549
847,549

Total gold certificate reserves.

20,994,005 20,997,416 20,990,404 20,992,904 20,992,901 20,994,005 20,992,901 21,129,363

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

2,520 076 2,520,076 2,520,076 2,520,076 2,520,076 2,520,076
,520,076 6,599,791
17,399 536 17,399,536 17,399,536 17,399,536 17,399,536 17,399,536 17 ,399,536 13,029,021
2,801 750 2,801,750 2,801,750 2,801,750 2,801,750 2,801,750
,801,750 3,092,550

Total bought outright
Held under repurchase agreement.

23,679 508 23,563,108 23,672,208 23,760,408 23,760,408 23, 728,508 23 760,408 24,270,612
22, 500
105,200

268,780
363,933

282,960
369,973

259,416
351,031

204,879
330,538

214,237
362,191

257,594
370,533

214,237
362,191

132,036
351,911

648,752
13,333
719

845,603
26,667
706

509,019
26,667
722

570,843
26,667
562

443.338
26,667
585

589,193
13,333
700

443,338
26,667
585

27,374
105,000
978

17,228
2.234

17,217

17,292

16,408

17,216
4,156

14,418

958,146

841,746

950,846 1,039,046 1,039,046 1,007,146 1,039,046 1,549,250

Total U. S. Government securities

23,702,008 23,563,108 23,672,208 23,760,408 23,760,408 23,833,708 23,760,408 24,270,612

Total loans and securities

24,384,274 24,453,301 24,225,908 24,374,888 24,245,416 24,458,306 24,245,416 24,403,964
22
22
22
22
22
22
4,300 431 4,995,409 5,197,749 3,599,964 3,838,819 3,953,199
59 156
59,023
58,915
58,668
58,016
59,097
149. 220
141,225
184,378
176,220
168,094
150,593

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

22
22
,838,819 3,547,358
53,506
58,016
159,404
168,094

50.519,821 51,299,329 51,267,823 49,738,083 49,879,696 50,243,349 49,879,696 49,777,564

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

26,066,334 26,086,236 26,170,231 26,186,615 26,003,697 26,141,757 26,003,697 25,601,422
18,475.
511 ,
383.
372.

18,589,017 18,452,172 18 206,568
716,541
427,488
475,237
403,343
410,459
377,168
383,175
381,677
374,319

,367,675 18,423,112 18,367,675 18,676,139
704,485
393,495
553,587
393,495
461,465
387,189
385,321
387,189
421,781
383,257
378,805
383,257

19,742,841 20,092,076 19,671,796 19,433,292 19,531,616 19,740,825 19,531,616 20,263,870

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

3,512,
17,

Total liabilities and capital accounts.

,173,643 3,161,280 3,173,643 2,768,038
17,376
14,850
14,850
17,249

49,339,339 50,124,973 50,099,668 48,576,020 48,723,806 49,061,111 48,723,806 48,650,706
297,671
660,901
27,543
194,367

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.

3,931,147 4,241,538 2,941,005
15,514
15,108
16,103

297., 479
660,901
27,543
188,433

297,211
660,901
27,543
182,500

296,996
660,901
27,543
176,623

296,872
660,901
27,543
170,574

297,682
660,901
27,543
196,112

296,872
660,901
27,543
170,574

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

50,519,821 51,299,329 51,267,823 49,738,083 49,879,696 50,243,349 49,879,696 49,777,564

27,149
2,787

27,268
2,811

45.8

46.0

27,221
2,797

27,222
3,417

46.1
27,186
3,417

27,126
2,795

27,186
3,417

6,453
1,943

602,526
578,068
24,454
4
700
15
80
498
107
21,372
7,727
13,645

470,005
436,800
33,141
64
585
15
93
357
120
14,418
5,227
9,191

132,374
34,192
98,178
4
978
3
730
209
36

23,760,4
223,400
815,646
18,205,764
2,087,127
1,013,614
1,414,857

>4,270,612
283,000
8,548,800
6,689,591
6,320,750
1,013,614
1,414,857

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
Acceptances—total
Within 15 days
16 days to 90 days
91 days to 1 year
U. S. Government securities—total.
Within 15 days
16 days to 90 days
91 days to 1 year
Over 1 year to 5 years
Over 5 years to 10 years
Over 10 years

662,085
642,469
19,609
7
719
102
4
497
116
19,462
6,202
13,260

872,270
851,204
21,057
9
706
101
4
485
116
17,217
4,326
12,891

535,686
516,651
19,026
9
722
15
90
499
118
17,292
4,669
12,623

,702,008 23 ,563,108 23 ,672. 208
452,950
444.
440,350
505,
,293,995 6,142,495
,452,065 12,452,065 18,205,
,087,127 2,087,127 2,087,
,013,614 1,013,614 1,013,
,414,857 1,414,857 1,414,

597,510
579,115
18,395
562
15
87
342
118
16,408
4,756
11,652

470,005
436,800
33,141
64
585
15
93
357
120
14,418
5,227
9,191

23,760,408 23 ,760,408 23,833
223,400
277
238,750
815,646 6,588
800,296
18,205,764 18,205,764 12,452
2,087,127 2,087,127 2,087
1,013,614 1,013,614 1,013
1,414,857 1,414,857 1,414

708
850
195
065
127
614
857

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

OCTOBER 1955




1135

STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON SEPTEMBER 30, 1955
fin thousands of dollars}

Item

Total

Boston

New
York

Philadelphia

Cleveland

Richmond

Atlanta

Chicago

St.
Louis

Assets
Gold certificates. 20,153,353 1,013,240 5,212,692 1,198,309 1,774,746 1,287,814 865,688 3,562,153 849,434
Redemption fund
58,252
75,300
49,883 147,250
45,130
176,133
69,527
840,652
51,025
for F. R. notes.

Minneapolis

Kansas
City

299,718

806,923

23,932

40,229

Total gold certificate reserves. . 20,994,005 1,064,265 5,388,825 1,256,561 1,850,046 1,357,341 915,571 3,709,403 894,564 323,650

847,152

other Banks...
Other cash

257,594
370,533

16,471
28,147

42,381
76,281

25,399
18,726

13,284
39,482

44,137
28,902

20,228
20,962

21,043
55,384

advances:
Secured by
U. S. Govt.
22,025
16,300
19,100
26,712
77,150 207,300
588,937
securities. . .
4,905
973
1,867
1,213
3,893
667
573
13,589
Other
800
635
700
Industrial loans..
Acceptances:
Bought
outright....
17,216
17,216
Held under
repurchase
agreement. .
4,156
4,156
U. S. Government
securities:
Bought
o u t r i g h t . . . . 23,728,508 1,310,383 6,030,482 1,444,164 2,039,299 1.397,941 1,224,818 4,138,892
repurchase
105,200
105,200
agreement. .

Dallas

San
Francisco

761,345 2,521,291
27,358

76,633

788,703 2,597,924

9,362
18,563

11,661
8,864

9,484
13,420

13,893
14,609

30,251
47,193

7,950
507

101,150
433
65

77,145
507

16,000
783

13,200
1,373

984,686

575,013 1,031,953

951,466 2,599,411

Total loans and
24,458,306 1,316,088 6,180,047 1,467,797 2,056,812 1,425,320 1,302,541 4,348,059 993,143 676,661 1,109,605 968,249 2,613,984
securities
Due from foreign
1
1
1
1
1
1
1
1
2
2
3
2
6
22
banks

Uncollected cash
3,953,199
items
59,097
Bank premises...
150,593
Other assets

Total assets

234,465 387,661 307,866 266,364 662,565 163,877 113,476 184,256 183,338 412,698
3,389
5,403
4,783
4,289
3,416
1,843
10,073
5,117
6,110
1,471
13,189
8,612
8,395
6,079
6,377
7,317
16,149
3,591
8,745
27,477
50,243,349 2,721,900 12,485,110 3,016,812 4,365,879 3,145,113 2,570,200 8,830,044 2,089,005 1,139,375 2,173,684 1,977,953 5,728,274
283,021
5,703
8,204

753,612
7,500
36,458

Liabilities
F. R. notes

26,141,757 1,563,210 5,903,572 1,779,142 2,419,855 1,959,605 1,329,908 5,071,568 1,189,546

Member bk.—
reserve accts. 18,423,112
553,587
gen. acct.. •.
385,321
Foreign
378,805
Other
Total deposits. . . 19,740,825

ability cash
items
Other liabilities
and accrued
dividends

764,490 5,188,300
45,365
22,200
2,779

92,199
2123,336
306,363

834,834 5,710,198

870,824 1,455,021
47.402
27,010
11,094

786,577

894,027 2,934,004

538,865 1,037,454

716,337 2,632,695
989,583 2,540,813

677,223

439,323

882,927

75,518
51,800
750

23,621
14,060
6,528

23,033
9,2.50
1,585

37,605
14,060
1,539

855,956

957,061 3,062,072

721,432

473,191

43,985
33,670
4,504

48,535
18,500
2,344

956,330 1,537,180

45,606
15,910
1,518

36,665
17,390
970

34,053
38,135
38,831

936,131 1,044,608 2,651,832

3,161,280

251,824

535,500

195,197

300,074

266,177

228,119

525,244

130,379

95,742

152,445

160,754

319,825

17,249

844

4,964

924

1,984

746

863

2,796

700

505

678

612

1,633

Total liabilities. . 49,061,111 2,650,712 12,154,234 2,931,593 4,259,093 3,082,484 2,515,951 8,661,680 2,042,057 1,108,303 2,126,708 1,922,311 5,605,985
Capital
Accounts
Capital paid in. .
Surplus (Sec. 7)..
Surplus (Sec. 13b)
accounts

297,682
660,901
27,543

15,797
40,309
3,011

89,083
188,070
7,319

19,575
47,773
4,489

28,364
60,222
1,006

13,440
33,480
3,349

13,342
29,480
762

39,564
96,566
1,429

10,399
26,619
521

6,777
16,918
1,073

11,737
24,755
1,137

15,718
29,985
1,307

33,886
66,724
2,140

196,112

12,071

46,404

13,382

17,194

12,360

10,665

30,805

9,409

6,304

9,347

8,632

19,539

Total liabilities
and capital
50,243,349 2,721,900 12,485,110 3,016,812 4,365,879 3,145,113 2,570,200 8,830,044 2,089,005 1,139,375 2,173,684 1,977,953 5,728,274
accounts
Reserve ratio

45.8%

44.4%

46.4%

45.9%

46.8%

48.2%

40.0%

45.6%

46.8%

32.0%

42.9%

44.8%

49.2%

Contingent liability on acceptances purchased for foreign
correspondents

27,126

1,626

37,940

1,978

2,466

1,355

1,165

3,794

1,030

677

1,030

1,274

2,791

Industrial loan
commitments..

2,795

129

327

11

83

2,245

1
After
2

deducting $16,000 participations of other Federal Reserve Banks.
After deducting $261,960,000 participations of other Federal Reserve Banks.
3 After deducting $19,186,000 participations of other Federal Reserve Banks.

1136




FEDERAL RESERVE BULLETIN

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

End of month

1955

Item
Sept. 28

Sept. 14

Aug. 31

Sept. 7

Sept.

1954
Sept.

Aug.

97 ,063 ??o 27,099 49 5 27,013 363 26,899 6SS ?6 ,141 ,757 26,899,655 ?6 ,539,310

97 038

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

Sept. 21

1955

11 363 ,000 11 ,363 ,000 11,363 000 11,173 000 11,153 ,000 11 ,363 ,000 11,153,000 11 ,093,000
? ? ? 477
? 3 9 988
?QS 034
203 113
176 366
208 S93
203,113
13,156
16 935 ,000 16 ,935 ,000 16,935 ,000 17,055 000 17,055 ,000 16 ,935 ,000 17,055,000 16 ,865,000
28 520 ,477 28 ,593 ,034 28,474 ,366 28,436 523 28,411 ,113 28 ,537 ,988 28,411,113 27 ,971,156

Total collateral

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

Total

Item

Boston

New
York

Philadelphia

Cleveland

Richmond

Atlanta

Chicago

St.
Louis

Minne- Kansas
City
apolis

Dallas

San
Francisco

F. R. notes outstanding (issued
26,141,757 1,563,210 5,903,572 1,779,142 2,419,855 1,959,605 1,329,908 5,071,568 1,189,546 538,865 1,037,454 716,337 2,632,695
to Bank)
Collateral held:
Gold certificates 11,363,000 640,000 2,670,000 725,000 1,070,000 745,000 500,000 2,400,000 400,000 150,000 280,000 283,000 1,500,000
22,025
26,713
239,988
4,905
7,950 101,250 77,145
Eligible paper..
U. S. Govt. se16,935,000 1,200,000 3,600,000 1,200,000 1,500,000 1,300,000 1,000,000 2,900,000 910,000 500,000 800,000 525,000 1,500,000
curities
Total collateral... 28,537,988 1,844,905 6,270,000 1,947,025 2,570,000 2,071,713 1,500,000 5,300,000 1,317,950 751,250 1,157,145 808,000 3,000,000

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

End of
year or
month

Number
1945
1946
1947
1948
1949
1950
1951
1952
1953

ParticiCommit- ofpations
financproved
Loans
ments
ing instibut not
outouttutions
com- 1 standing 2 standing
outpleted (amount) (amount)
standing 3
Amount (amount)
(amount)

Applications
approved
to date

3,511
3,542
3,574
3,607
3,649
3,698
3,736
3,753
3,765

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

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

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

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

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

1954
August....
September.
October,...
November.
December..

3,768
3,769
3,769
3,770
3,771

814,765
815,449
816,582
817,605
818,224

45
395
395
520
520

630
991
812
652
719

2,794
1,943
1,896
1,898
1,148

1,773
1,559
1,343
1,202
1,027

1955
January. . . 3,772
February. . 3,772
3,775
March
3,775
April
3,775
May
3,775
June
3,775
July
A u g u s t . . . . 3,777
1

821,407
822,063
823,195
823,359
823,754
824,441
824,847
825,161

170
170
315
270
170
170
170
45

629
542
521
675
707
460
489
586

3,152
3,227
3,519
3,389
3,410
3,571
3,265
3,416

1,504
1,498
1,564
1,576
1,586
1,577
1,305
1,392

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.
P 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




1955

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

End of
year or
month

1950....
1951
1952
1953

Guaranteed loans
authorized
to date

Guaranteed
loans
outstanding

Number

Amount

Total
amount

Portion
guaranteed

Additional
amount
available to
borrowers
under guarantee agreements
outstanding

62
854
1,159
1,294

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

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

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

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

1,350
1,355
1,357
1,361
1,367

2,457,689
2,477,939
2,478,939
2,481,669
2,499,634

559,859
546,930
527,074
504,708
471,947

466,089
455,618
416,713
395,388
367,694

300,676
295,805
283,510
266,798
272,903

1,370
1,375
1,380
1,384
1,388
1,390
1,392
1,396

2,501,179
2,504,169
2,511,829
2,522,864
2,530,259
2,542,819
2,544,344
2,552,549

454,209
437,185
442,268
425,394
398,867
394,343
295,711
291,416

347,008
333,717
333,269
320,557
298,354
293,507
224,659
221,444

264,549
263,248
254,840
255,248
272,484
234,634
211,296
207,196

1954
August..
Septembe r.
October.
Novembe r.
Decembei
1955
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.

1137

FEES AND RATES ESTABLISHED UNDER REGULATION V
ON LOANS GUARANTEED PURSUANT TO 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

Guarantee fee
(percentage of
interest payable
by borrower)

Percentage of
any commitment
fee charged
borrower

10
15
20
25
30
35
40-50

10
15
20
25
30
35
40-50

70 or less
75
80

85
90
95
Over 95

. . .

. . .

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

POSTAL SAVINGS SYSTEM
[In millions of dollars]
Assets
Depositors'
balances 1

End of month

Total

Cash
in
depository
banks

U.S.
Cash
Govern^ reserve
ment
funds,
securietc.2
ties

1945—December..
1946—December..
1947—December..
1948—December..
1949—December..
1950—December..
1951—December..
1952—December..
1953—December..

2,933
3,284
3,417
3,330
3,188
2,924
2,705
2,547
2,359

3,022
3,387
3,525
3,449
3,312
3,045
2,835
2,736
2,558

6
6
6
7
7
11
28
33
31

2,837
3,182
3,308
3,244
3,118
2,868
2,644
2,551
2,389

179
200
212
198
187
166
162
151
138

1954—May
June
July
August....
September.
October
November.
December..

2,271
2,251
2,230
2,208
2,189
2,171
2,154
2,136

2,416
2,399
2,379
2,360
2,339
2,304
2,287
2,292

31
31
31
31
31
31
31
31

2,256
2,240
2,220
2,196
2,176
2,156
2,134
2,134

130
128
129
133
133
118
123
127

1955—January....
February. .
March
April
May
June
July
August

2,115
2,095
2,074
2,051
*»2,029
P2.OO7
Pi,983
Pl,960

2,253
2,231
2,237
2,186

31
31
31
31

2,101
2,074
2,074
2,044

122
127
132
111

ppreliminary.
1
Outstanding principal, represented by certificates of deposit.
2
Includes reserve and miscellaneous working funds with Treasurer
of United States, working cash with postmasters, accrued interest on
bond investments, and miscellaneous receivables.
Back figures.—See Banking and Monetary Statistics, p. 519; for
description, see p. 508 in the same publication.
BANK DEBITS AND DEPOSIT TURNOVER
[Debits in millions of dollars]
Debits to demand deposit accounts,
except interbank and
U. S. Government accounts
Year or month

1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
1954—Tulv
August
September
October .
N o vember
December
1955—Tanuarv
February
M^arch
April
June
Tulv
August
September

. .

.

. . . .

..

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

Seasonally adjusted3

Total, all
reporting
centers

New
York
City

6
other
centers*

337 other
reporting
centers2

New
York
City

848,561
924,464
1,017,084
1,103,720
1,227,476
1,206,293
1,380,112
1,542,554
1,642,853
1,759,069
1,887,366

327,490
382,760
406,790
398,464
443,216
446,224
509,340
544,367
597,815
632,801
738,925

194,751
200,202
218,477
246,739
270,912
260,897
298,564
336,885
349,904
385,831
390,066

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

22 3
24 1
25.1
23 8
26 9
27.9
31 1
31.9
34 4
36 7
42.3

18 3
17 5
18.3
19 7
21 6
20.9
22 6
24.0
24 1
25 6
25.8

14 6
13 5
14 1
15 5
16 6
15 9
17 2
18.4
18 4
18 9
19 2

154,848
151,504
149,898
152,322
156,843
186,317

61,155
58,316
56,744
58,792
58,787
73,817

31,556
31,526
30,922
30,706
32,230
38,217

62,137
61,662
62,232
62,823
65,826
74,282

41.6
40 0
40.4
39 3
42.2
48.1

24.9
24 8
25.3
23 6
26.3
28.1

18.8
18 5
19.4
18 6
20.7
21.0

42.7
46 2
39.4
40 5
42.6
42.6

25 A
27 1
25.6
24 3
25.9
26.9

19.1
19 7
19.1
18 6
19.6
19.9

163,393
149,744
178,924
158,296
'167,714
•177,917
161,748
167,365
169,001

62,642
57,091
67,242
57,634
62,211
67,634
58,904
58,980
62,550

33,531
31,595
39,908
34,494
36,570
37,569
34,123
35,863
35,126

67,220
61,058
71,774
66,168
'68,933
72,714
68,721
••72,522
71,324

42.0
41.9
41.7
37 3
42.7
44.7
40.7
38.2
43.5

25.4
26.4
30.2
27 1
28.4
28.3
26.6
25.9
»2-7.5

19.6
19.6
20.0
19 2
20.6
20.8
20 4
19.9
^21.1

41.8
43.0
40.7
37 9
43 8
41.4
41 7
44.2
42.4

25.9
27.1
27.6
26 3
28 8
27.7
27 1
28.3
P27.8

19.4
19.7
20.1
19 8
21 0
20.8
20 7
21.2
P20.8

6
337 other
other reporting
centers* centers2

New
York
City

6
337 other
other reporting
centersl centers2

r
Re vised.
ppreliminary.
i2 Boston, Philadelphia, Chicago, Detroit, San Francisco, and Los Angeles.
338 centers prior to April 1955; the decrease resulted from the combination of two cities for which separate figures are no longer available
because
of centralized accounting.
8
These data are compiled by the Federal Reserve Bank of New York.
NOTE.—For description of earlier series, see Banking and Monetary Statistics, pp. 230-233; for description of revision in 1942 see BULLETIN
for August 1943, p. 717; and for description of revision in 1953 covering the period beginning 1943, see BULLETIN for April 1953, pp. 355-357.

1138




FEDERAL RESERVE BULLETIN

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

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

.

Coin and small denomination currency 2

Total
in circulation 1

End of year or
month

Total

Coin

3$1

$2

$5

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
30,781 21,636

590
648
751
880
1,019
1,156
1,274
1,361
1,404
1,464
1,484
1,554
1,654
1,750
1,812

559
610

36
39

695
801
909
987

44

. .

.
...
.

Large denomination currency 2

$10

$20

Total

1,039
1,029
1,048
1,049
1,066
1,113
1,182
1,228
1,249

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

1,019
1,129
1,355
1,693
1,973
2,150
2,313
2,173
2,110
2,047
2,004
2,049
2,120
2,143
2,119

1,772
2,021
2,731
4,051
5,194
5,983
6,782
6,497
6,275
6,060
5,897
5,998
6,329
6,561
6,565

1,576
1,800
2,545
4,096
5,705
7,224
9,201
9,310
9,119
8,846
8,512
8,529
9,177
9,696
9,819

2,048
2,489
3,044
3,837
5,580
7,730
7,834
8,518
8,850
8,698
8,578
8,438
8,678
8,985
9,146

460
919
538 1,112
724 1,433
1,019 1,910
1,481 2,912
1,996 4,153
2,327 4,220
2,492 4,771
2,548 5,070
2,494 5,074
2,435 5,056
2,422 5,043
2,544 5,207
2,669
2,732 5,447
5,581
2,653
2,648
2,650
2,677
2,720

$50

$100

$500 $1,000 $5,000 $10,000
191
227

425
523

261
287
407
555
454
438

556
586
749
990
801
783

428
400
382
368
355
343

20
30
24
9
9
10
7

32
60

8

782
707
689
588
556
512

5
5
4
4
4
4

Unassorted
2
4

46
25
22
24
24
26

4
3
2
3
2
3

2

17
17
11
12
12
10

3
3
3
2
2
2

333

486

4

11

1954—August
September...
October
November...
December...

29,929
29,985
30,074
30,500
30,509

21,015
21,054
21,118
21,473
21,374

1,801
1,811
1,819
1,836
1,834

1,183
1,200
1,212
1,236
1,256

70
70
70
71
71

2,023
2,034
2,049
2,091
2,098

6,361
6,378
6,400
6,524
6,450

9,578
9,561
9,568
9,716
9,665

8,916
8,932
8,958
9,028
9,136

5,461
5,486
5,514
5,555
5,612

321

469

4

320
318
320
321

466
464
465
464

4
3
3
3

8

8
8
8
15

2
2
2
2

1955—January
February....
March
April
IVIay
June . .
July
August

29,789 20,777
29,817 20,845
29,800 20,854
29,769 20,856
30,009 21,098
30,229 21,312
30,244 21,351
30,317 21,406

1,808
1,810
1,822
1,831
1,843
1,858
1,865
1,878

1,191
1,190
1,196
1,202
1,219
1,226
1,228
1,234

71
71
70
71
71
72
72
72

2,017
2,020
2,021
2,020
2,051
2,061
2,052
2,055

6,267
6,316
6,324
6,309
6,394
6,471
6,466
6,476

9,425
9,438
9,421
9,425
9,520
9,625
9,668
9,692

9,014 2,673 5,550
8,974 2,660 5,527
8,946 2,647 5,512
8,914 2,641 5,492
8,912 2,647 5,489
8,917 2,658 5,487
8,894 2,652 5,475
8,911 2,657 5,489

317
316
317

460
457
457
454
451
448
445
444

4
3
4

9
9
9

2
2
1

4
3
3

9
9
9

(4)

3
3

9
9

(4)

314
313
312

310
309

1

1
1

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.
sPaper currency only; $1 silver coins reported under coin.
*Less than $500,000.
Back figures.—Set Banking and Monetary Statistics, Table 112, pp. 415-416.
UNITED STATES MONEY, OUTSTANDING AND IN CIRCULATION, BY KINDS
[On basis of circulation statement of United States money. In millions of dollars]
Money in circulation 1
Money
held by
For
Federal
Federal
Reserve
31, July 31, Aug. 31,
Reserve Banks and Aug.
1955
1955
1954
Banks and
agents
agents

Money held in the Treasury
Total outstanding, As security
Aug. 31,
against
gold and
1955
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
Miinor coin
United States notes
Federal Reserve Bank notes
National Bank notes
Total

An°- 31 19SS
July 31 1955
Aug. 31. 1954

^l 682
21,027
26,900
5,005
490
2,192
32,408
1,296
451
347
162
67
(4)
(i)
4

( )

21,027

Treasury
cash

2

655

32,408

73
77

216

42

18,177

2,192
27
5
2

23,435
23,447
23,551

804
798
811

18,177
18,179
18,302

2,816
1,110
362

34

25,717
4,566

34

25,644
4:, 566

35

25,390
4,504

5

226

224

214

264
56
8
27
2
1

2,144
1,213
439
317
160
66

2,156
1,206
435
317
161
67

2,138
1,165
421
319
177
69

4,288
4,308
4,266

30,317

30,244

29,929

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. 1131.
includes
$156,039,431 held as reserve against United States notes and Treasury notes of 1890.
8
To avoid duplication, amount of silver dollars and bullion held as security against silver certificates and Treasury notes of 1890 outstanding
is not4 included in total Treasury currency outstanding.
Because some of the types of money shown are held as collateral or reserves against
other types, a grand total of all types has no special
6
significance and is not shown. See note for explanation of these duplications.
Less than $500,000.
NOTE.—There are maintained in the Treasury—(i) as a reserve for United States notes and Treasury notes of 1890—$156,039,431 in gold
bullion; (ii) as security for Treasury notes of 1890—an equal dollar amount in standard silver dollars (these notes are being canceled and retired on
receipt); (iii) as security for outstanding silver certificates—-silver in bullion and standard silver dollars of a monetary value equal to the face
amount of such silver certificates; and (iv) as security for gold certificates—gold bullion of a value at the legal standard equal to the face amount
of such gold certificates. Federal Reserve notes are obligations of the United States and a first lien on all the assets of the issuing Federal Reserve
Bank, Federal Reserve notes are secured by the deposit with Federal Reserve agents of a like amount of gold certificates or of gold certificates
and such discounted or purchased paper 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




1955

1139

CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM
ALL COMMERCIAL AND SAVINGS BANKS, FEDERAL RESERVE BANKS, POSTAL SAVINGS SYSTEM,
AND TREASURY CURRENCY FUNDS *
[Figures partly estimated except on call dates. In millions of dollars]
Liabilities
and Capital

Assets

Other
securities

Total
assets,
net—
Total
liabilities
and
capital,
net

Bank credit

Date

Treasury
currency
outstanding

Gold

U. S. Government obligations
Total

Loans,
net

Total

29.
30.
30.
31.
31.
31.
30.
31.
31.
30.
31.
30.

4,037
4,031
17,644
22,737
20,065
22,754
22,706
22,695
23,187
22,463
22 030
21,927

2,019
2,286
2,963
3,247
4,339
4,562
4,636
4,709
4,812
4,854
4,894
4,959

58,642
42,148
54,564
64,653
167,381
160,832
171,667
181,323
192,866
190,277
199,791
200,628

41,082
5,741
21,957
10,328
22,157
23,105
26,605
29,049
30,387 128,417
43,023 107,086
60,366
96,560
67,597
97,808
75,484 100,008
77,071
95,350
80,486 100,935
81,210
99,827

1954—Aug. 25.
Sept. 29.
Oct. 27.
Nov. 24.
Dec. 31.

21,900
21,800
21,800
21,700
21,713

5,000
5,000
5,000
5,000
4,985

202,500
204,000
207,700
209,700
210,988

80,200
81,400
81,900
83,900
85,730

1955—Jan. 26
Feb. 23
Mar. 30
Apr. 27.
May 25.
June 30.
July 27*>
Aug. 31 P

21,700
21,700
21,700
21,700
21,700
21,678
21,700
21,700

5,000
5,000
5,000
5,000
5,000
5,002
5,000
5,000

209,600
208,200
207,000
209,100
209,100
209,872
211,400
211,100

85,200 103,600
85,800 101,400
87,100 98,700
87,900 100,100
89,000
99,300
91,349
97,572.
92,000
98,600
93,200
96,900

1929—June
1933—June
1939—Dec.
1941—Dec.
1945—Dec.
1947—Dec.
1950—Dec.
1951—Dec.
1952—Dec.
1953—June
Dec.
1954^June

102,300
102,400
105,600
105,600
104,819

Capital
Total
and
deposits misc.
and
accurrency counts,
net

Commercial
and
savings
banks

Federal
Reserve
Banks

Other

5,499
8,199
19,417
25,511
101,288
81,199
72,894
71,343
72,740
68,108
72,610
72,525

216
1,998
2,484
2,254
24,262
22,559
20,778
23,801
24,697
24,746
25,916
25,037

26
131
1,204
1,284
2,867
3,328
2,888
2,664
2,571
2,496
2,409
2,265

11,819
9,863
9,302
8,999
8,577
10,723
14,741
15,918
17,374
17,856
18,370
19.591

64,698
48,465
75,171
90,637
191,785
188,148
199,009
208,727
220,865
217,594
226,715
227,514

55,776
42,029
68,359
82,811
180,806
175,348
184,385
193,410
204,220
200,360
209,175
209,354

8,922
6,436
6,812
7,826
10,979
12,800
14,624
15,317
16,647
17,234
17,538
18,161

76,200
76,200
79,000
78,900
77,728

23,900
24,000
24,400
24,600
24,932

2,200
2,200
2,200
2,200
2,159

19,900
20,200
20,300
20,300
20,439

229,300
230,800
234,400
236,400
237,686

210,500
211,800
215,400
217,200
218,882

18,800
19,000
19,100
19,200
18,806

77,800
75,600
73,000
74,400
73,700
71,947
72,400
71,200

23,700
23,700
23,600
23,600
23,500
23,607
24,100
23,800

2,100
2,100
2,100
2,100
2,000
2,018
2,000
2,000

20,900
21,000
21,200
21,200
20,900
20,951
20,900
20,900

236,300
234,900
233,700
235,800
235,800
236,552
238,100
237,800

217,500
216,000
214,500
216,900
216,600
217,595
218,800
218,200

18,800
18,900
19,100
18,900
19,200
18,956
19,300
19,600

Details of Deposits and Currency

Date

29. .
30. .
30. .
31. .
31. .
31..
30. .
31. .
31..
30. .
31. .
30..

365
50
1,217
1,498
2,141
1,682
2,518
2,279
2,501
2,467
2,694
3,256

1954—Aug. 25. .
Sept. 29. .
Oct. 2 7 . .
Nov. 24. .
Dec. 31. .

3,400
3,300
3,200
3,200
3,329

1955—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.

3,200
3,100
3,200
3,100
3,200
3,247
3,300
3,100

1929—June
1933—June
1939—Dec.
1941—Dec.
1945—Dec.
1947—Dec.
1950—Dec.
1951—Dec.
1952—Dec.
1953—June
Dec.
1954—June

26..
23..
30..
27. .
25. .
30. .
27 P?
31P.

At
At
Treas- comury mercial F. R.
cash
and
Banks
hold- savings
ings
banks

Seasonally adjusted series 5

Deposits adjusted and currency

U. S. Govt. balances
Foreign
bank
deposits,
net

Time deposits2

Total
Total

Demand
Com- Mutual Postal
demercial savings
Savings posits4
banks banks3 System

Currency
outside
banks

Total
demand
deposits
adjusted
and
currency

Demand
deposits
adjusted

Currency
outsides
bank

17^746
20,009
20,887
22,586
23,589
24,358
25,388

149
1,186
1,278
1,313
2,932
3,416
2,923
2,704
2,547
2,459
2,359
2,251

22,540
14,411
29,793
38,992
75,851
87,121
92,272
98,234
101,508
96,898
102,451
98,132

25,'398
26,315
27,494
27,369
28,091
27,093

111,100
114,300
120,100
124,700
126,100
126,700
126,700

85,200
89,700
94,400
97,800
98,800
99,500
99,700

25,900
24,600
25,700
26,900
27,300
27
27,200
27 ,000

46,200
46,400
46,700
46,300
46,844

25,600
25,800
25,900
25,900
26,302

2,200
2,200
2,200
2,200
2,136

99,400
101,200
103,100
104,000
106,550

26,900
26,900
26,900
27,500
27,852

127,800
129,200
128,700
129,500
129,700

100,900
102,400
101,900
102,600
102,800

26 ,900
26 ,800
26 ,800
26 ,900
26 ,900

46,800
47,000
47,200
47,200
47,400
47,846
47,700
48,000

26,500
26,600
26,900
26,900
27,100
27,277
27,400
27,500

2,100
2,100
2,100
2,100
2,000
2,007
2,000
2,000

107,000
104,500
102,400
104,500
103,300
103,234
103,900
103,900

26,800
26,800
26,700
26,700
26,800
27,375
27,100
27,300

131,200
131,200
131,500
132.600
131,700
131,900
132,700
132,700

104, 200
104, 300
104, 600
105,600
104, 800
104.900
105, 500
105,500

27,000
26,900
26,900
27,000
26,900
27,000
27,200
27,200

204
381
852
264
846
2,409
1,895
2,215
2,287 24,608
1,452
1,336
2,989
1,293
3,615
1,270
5,259
1,270
3,942
1,259
4,457
761
5,895
811

36
35
634
867
977
870
668
247
389
132
346
875

54,790
40,828
63,253
76,336
150,793
170,008
176,917
185,999
194,801
192,560
200,917
198,517

28,611
21,656
27,059
27,729
48,452
56,411
59,247
61,450
65,799
68,293
70,375
73,292

19,557
10,849
15,258
15,884
30,135
35,249
36,314
37,859
40,666
42,245
43,659
45,653

800
800
800
800
796

5,500
4,400
6,100
6,900
4,510

600
800
600
500
563

200,300
202,500
204,700
205,800
209,684

74,000
74,400
74,800
74,300
75,282

800
800
800
800
800
812
800
800

3,800
4,600
4,400
5,000
5,500
5,418
6,100
5,200

400
600
900
600
400
380
500
400

209,200
206,900
205,300
207,400
206,700
207,738
208,100
208,600

75,400
75,700
76,200
76,200
76,500
77,129
77,100
77,400

8,905
9,621
10,523
10,532

3,639
4,761
6,401
9,615
26,490

r
^Preliminary.
Revised.
1
Treasury funds included are the gold account, Treasury currency account, and Exchange Stabilization Fund.
2
Excludes interbank time deposits; United States Treasurer's time deposits, open account; and deposits of Postal Savings System in banks.
3
Prior to June 30, 1947, includes a relatively small amount of demand deposits.
^Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
^Seasonally adjusted series begin in 1947 and are available only for last Wednesday of the month. For seasonal adjustment factors used in
deriving these figures and for back figures, see BULLETIN for March 1955, pp. 252-255.
NOTE.—For description of statement and back figures, see BULLETIN for January 1948, pp. 24-32. The composition of a few items differs
slightly from the description in the BULLETIN article; stock of Federal Reserve Banks held by member banks is included in "Other securities"
and in "Capital and miscellaneous accounts, net," and balances of the Postal Savings System and the Exchange Stabilization Fund with the U. S.
Treasury are netted against "Capital and miscellaneous accounts, net'' instead of against U. S. Government deposits and Treasury cash. Total
deposits and currency shown in the monthly Chart Book excludes "Foreign bank deposits, net" and "Treasury cash." Except on call dates, figures
are rounded to nearest 100 million dollars and may not add to the totals. See Banking and Monetary Statistics, Table 9, pp. 34-35, for back figures
for deposits and currency.

1140




FEDERAL RESERVE BULLETIN

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

Class of bank
and date
Total

All banks:
1939—Dec.
1941—Dec.
1945—Dec.
1947—Dec.
1950—Dec.
1952—Dec.
1953—Dec.
1954—June
Aug.
Dec.
1955—Mar.
Apr.
May
June
July
Aug.

Loans

U.S.
Government
obligations

Deposits

Other
securities

Cash
assets1

Total
assets—
Total
liabilities
and
capital
accounts2

Other

Total i

Interbank!

NumTotal
ber
capital
of
accounts banks

Demand
U.S.
Government

Time
Other

50,884
61,126
140,227
134,924
148,021
165,626
171.497
173,343
176,790
183,784
182,050
184,210
184,410
184,253
186,190
186,070

9,874
77,068
68,242
22,165
19,417 9,302 23,292
8,999 27,344 90,908
81,816 10,982
26,615
25,511
8,577 35,415 177,332 165,612 14,065
30,362 101,288
43,002
81,199 10,723 38,388 175,091 161,865 13,033
60,386
72,894 14,741 41,086 191,317 175,296 14,039
75,512
72,740 17,374 45,584 213,837 195,552 15,321
80,518
72,610 18,370 45,811 220,140 201,100 15,957
81,227
72,525 19,591 42,556 218,900 199,508 15,500
80,690
76,210 19,890 39,480 219,300 198,780 15,210
85,617
77,728 20,439 44,585 231,654 211,115 16,811
87,860
72,980 21,210 40,230 225,660 203,400 14,670
88,640
74,390 21,180 40,850 228,550 206,480 14,570
89,790
73,740 20,880 39,650 227,410 205,100 14,020
91,355
71,947 20,951 42,014 229,631 208,850 15,245
92,930
72,410 20,850 40,720 230,240 207,900 14,490
93,940
71,190 20,940 40,610 230,060 207,750 14,570

32,516
44,355
105,935
1,346 94,381
2,809 101,936
4,944 111,690
4,149 112,639
5,594 107,043
5,140 106,290
4,176 116,617
4,070 110,200
4,610 112,760
5,130 111,110
5,081 113,034
5,740 112,240
4,860 112,490

25,852
26,479
45,613
53,105
56,513
63,598
68,354
71,371
72,140
73,510
74,460
74,540
74,840
75,491
75,430
75,830

8,194
8,414
10,542
11,948
13,837
15,367
16,118
16.664
16,770
17.270
17.410
17,490
17,630
17,663
17,750
17,890

15,035
14,826
14,553
14,714
14,650
14,575
14,509
14.465
14,446
14,367
14,330
14,314
14,312
14,309
14,303
14,290

30
27
25
30
27Pr. ..
31*>. . . .

40,668
50,746
124,019
116,284
126,675
141,624
145,687
146,383
149,490
155,916
153,490
155,540
155,570
155,264
156,990
156,680

17,238
21,714
26,083
38,057
52,249
64,163
67,593
67,337
66,450
70,619
72,310
72,920
73,850
75,183
76,570
77,340

16,316
21,808
90,606
69,221
62,027
63,318
63,426
63,508
67,300
68,981
64,180
65,630
65,000
63,271
63,700
62,490

7,114
7,225
7,331
9,006
12,399
14,143
14,668
15,538
15,740
16,316
17,000
16,990
16,720
16,809
16,720
16,850

22,474
26,551
34,806
37,502
40,289
44,666
44,828
41,569
38,540
43,559
39,250
39,920
38,700
41,025
39,790
39,680

65,216
79,104
160,312
155,377
168,932
188,603
193,010
190,585
190,670
202,378
195,700
198,540
197,210
199,249
199,710
199,340

57,718
71,283
150,227
144,103
155,265
172,931
176,702
174,068
173,130
184,757
176,460
179,500
177,990
181,516
180,470
180,200

9,874
10,982
14,065
13,032
14,039
15,319
15,955
15,497
15,210
16,809
14,670
14,570
14,020
15,24:
14,490
14,570

32 ,513
44 ,349
105 ,921
1,343 94,367
2,806 101,91"
4,941 111,659
4,146 112,604
5,591 106,996
5,140 106,240
4,172 116,567
4,070 110,150
4,610 112,710
5,130 111,060
5,078 112,983
5,740 112,190
4,860 112,440

15,331
15,952
30,241
35,360
36,503
41,012
43,99"
45,983
46,540
47,209
47,570
47,610
47,780
48,214
48,050
48,330

6,885
7,173
8,950
10,059
11,590
12,888
13,559
14,038
14,120
14,576
14,680
14.770
14,890
14,906
14,980
15,100

14,484
14,278
14,011
14,181
14,121
14,046
13,981
13,937
13,919
13,840
13,803
13,786
13,784
13,781
13,776
13,763

All member banks:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1950—Dec. 30
1952—Dec. 31
1953—Dec. 31
1954—June 30
Aug. 25
Dec. 31
1955—Mar. 30
Apr. 27
May 25
June 30
July 27P>\ . .
Aug. 3 1 P

33,941
43,521
107,183
97,846
107,424
119,547
122,422
123,185
126,00
131,602
129,298
131,19
131,03.
130,788
132,33
131,897

13,962
18,021
22,775
32,628
44,705
55,034
57,762
57,197
56,453
60,250
61,766
62,329
63 ,111
64,315
65,647
66,291

14,328
19,539
78,338
57,914
52,365
52,763
52,603
53,111
56,476
57,809
53,410
54,767
54,083
52,543
52,838
51,642

5,651
5,961
6,070
7,30'
10,355
11,75
12,05
12,876
13,072
13,543
14,122
14,095
13,84:
13,930
13,846
13,964

19,782
23,123
29,845
32,845
35,524
39,255
39,381
36,722
33,819
38,076
34,34
34,979
34,0736,300
35,152
35,018

55,361
68,121
138,304
132,060
144,660
160,826
163,983
162,203
162,136
172,242
166,256
168,891
167,702
169,686
170,058
169,535

49,340
61,717
129,670
122,528
133,089
147,527
150,164
148,252
147,179
157,252
149,750
152,638
151,282
154,670
153,657
153,215

9,410
10,525
13,640
12,403
13,448
14,61"
15,170
14,733
14,437
15,983
13,941
13,853
13,320
14,462
13,74.
13,811

11,699
12,347
24,210
28,340
29,336
32,890
35,213
36,900
37,380
37,950
38,234
38,27:
38,410
38,810
38,653
38,855

5,52:
5,886
7,589
8,464
9.695
10,761
11,316
11,709
11,794
12,210
12,263
12,348
12,446
12,461
12,51
12,61

6,362
6,619
6,884
6,923
6,873
6,798
6,743
6,721
6,713
6.660
6,625
6,613
6,619
6,611
6,603
6,589

All mutual savings
banks:
1939—Dec. 30.
1941—Dec. 31.
1945—Dec. 31.
1947—Dec. 313
1950—Dec. 30.
1952—Dec. 31.
1953—Dec. 31.
1954—June 30.
Aug. 25.
Dec. 31.
1955—Mar. 30.
Apr. 27.
May 25.
June 30.
July 27 P
Aug. 31 P

10,216
10,379
.16,208
18,641
21,346
24,003
25,810
26,959
27,300
27,868
28,560
28,670
28,840
28,990
29,200
29,390

4,92
4,901
4,279
4,944
8,137
11,349
12,925
13,890
14,240
14,998
15,550
15,720
15,940
16,17
16,360
16,600

3,101
3,704
10,682
11,978
10,868
9,422
9,184
9,017
8,910
8,748
8,800
8,760
8,740
8,675
8,710
8,700

2,188
1,774
1,246
1,718
2,342
3,231
3,701
4,05
4,150
4,123
4,210
4,190
4,160
4,142
4,130
4,090

818
793
609
886
79
918
983
98
940
,026
980
930
950
98'
930
930

11,852
11,804
17,020
19,71
22,385
25,233
27,130
28,315
28,630
29,276
29,960
30,010
30,200
30,38
30,530
30,720

10,5210,533
15,385
17,763
20,031
22,621
24,398
25,440
25,650
26,359
26,940
26,980
27,110
27,3327,430
27,550

10,521
10,527
15,371
17,745
20,009
22,586
24,358
25,388
25,600
26,302
26,890
26,930
27,060
27,277
27,380
27,500

1,309
1,241
1,59:
1,889
2,24"
2,479
2,559
2,626
2,650
2,694
2,730
2,720
2,740
2,757
2,770
2,790

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

30
31
31
31 *
30
31
31
30
25
31
30
27
25
30
27pr...
31 P. . . .

All commercial banks:
1939—Dec. 30
1 9 4 1 — D e c . 31
1945—Dec. 3 1 . , . . .
1947—Dec. 313
1950—Dec. 30
1952—Dec. 31
1953—Dec. 31
1954—June 30
Aug. 25.
Dec.

3 1 . .

1955—Mar.
Apr.
May
June
July
Aug.

s

. .

743
1,709
22,179
1,176
2,523
4,567
3,756
5,165
4,699
3,715
3,608
4,170
4,624
4,656
5,264
4,424

27,489
37,136
69,640
80,609
87,783
95,453
96,024
91,455
90,663
99,604
93,967
96,343
94,928
96,74:
95,996
96,125

^Preliminary.
'•Revised.
*"A11 banks" comprise "all commercial banks" and "all mutual savings banks." "All commercial banks" comprise "all nonmember commercial banks" and "all member banks" including one bank in Alaska that became a member bank on Apr. 15, 1954, and a noninsured State
member nondeposit trust company, but excluding three mutual savings banks that became members in 1941. Stock savings banks and nondeposit trust companies are included with "commercial" banks. Number of banks includes a few noninsured banks for which asset and liability
data are not available. Comparability 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




1955

114.1

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

Loans and investments
Total
assets—
Total

U.S.

Class of bank
and date
Total

Central reserve city
m e m b e r banks:
N e w York City:
1939—D e c 30
1941—Dec. 31
1945—Dec 31
1947—Dec. 31
1950—Dec. 30 . .
1952—Dec. 31
1953—Dec. 31
I954—j u n e 30
Aug. 25
Dec. 31
1955—Mar. 30
Apr. 27.'
May 25.
June 30
July 27*'
Aug. 31 P

Q 339
17.896

96 143
90, 393
90 612
99
99
99

130
058
681

22
?1
?1
23

966
880

93
23
23
22

Chicago:
1939—Dec. 31
30
1941—Dec
1945—Dec. 31
1947—Dec. 31
1950—Dec. 30
1952—Dec. 31
1953—Dec. 31 . ...
1954—June 30
Aug. 25
Dec. 31
1955—Mar 30
Apr. 27. ..
M a y 25
June 30
July 27P
Aug. 31P
Reserve city m e m b e r
banks:
1939—Dec. 30
1941—Dec. 31 .. .
1945—Dec. 31
1947—Dec. 31
1950—Dec. 30
1952—Dec. 31
1953—Dec. 31
1954—j un e 30
Aug. 25
Dec. 31
1955—Mar. 30
Apr. 27
M a y 25. ...
June 30
July 27*"1
Aug.

31P.

27P'...

Aug. 3 1 P

717
257
099
445
915

9 105
760
931
088
569

2
S
5
s
6
6
S
6
6
6
6
6

240

204
975
124
518
056
194
170
288
6 276
6 235

12 272
15 347
40 108
16 040
40 685
4S ,583
46 ,755
47 ,056
48 ,586
SO ,738
49 ,971
,807
so ,705
50

50 ,596
S1 ,338
. . . 51 ,293

Country m e m b e r
banks:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1950—Dec. 30
1952—Dec. 31......
1953—Dec. 31
1954—June 30
Aug. 25
Dec. 31
1955—Mar. 30.....
Apr. 27
May 25
June 30
July

238

10 ,224
1? ,518
35 ,002
36 ,324
40 ,558
4S ,594
47,404
47 ,474
48 ,325
50 ,466
50 ,033
50 ,473
50 ,903
50 ,806
51 ,272
51 ,454

Loans

Government
obligations

Other
securities

Cash
assets1

Other

bilities
and
capital
accounts2

Total 1

6 703
6 637
6 430
7 ?61
7 ,922
8 410
8 ,074
7 S?4

16,413
10,862
1?,887
?7,982
98,954
11 ,053
10 684
10,771

14,507
17,932
10,121
216
?s 646
?7 309
97 037
?7 225

11 380
1? 0,39
1? 73,3
12 977
19 046
13 016
13 618
13 596

9,233
0 342

2 353
? 499

26, 151
?8 252

7 918
8 281
010
8
7 782
7 557
6 959

? S87

6 654 30, 220
7 S81 1? 193

7 030 11 013

?6 678

459
301
300
270
360

6 ,673
6 668
7 ,748
6 ,979
6 ,993

31, 179
10 646
31, 559
31, 099
30 595

27 103
96 464
27, 791
26, 927
26 471

S60
954
333
801
083

1 203
1 430
213
4
2 890

333
376
385
397
576

748

? 912
2 856

1 446
1 ,566
1 ,489
1 ,739
9 034
9 ,010
2 ,115
9 ,016
1 ,902
1 0S4
,656
1 ,804
1 ,836
1 ,763
1 ,844
1 ,875

776
S80
477
784
647
64 S
698
9 846
2 862
2 887

9 911

581

9 825
3 077
3 120
2 734
9 861
2 807
9 742
2 712
2 637

572
561
570
614
675
688
665
699
702
711

5 ,329
5 194
6 467
7 ,105
8 S14 99 552

1 749
1 776
9 042

13 449 ?0 196
17,906 10 084
?1 ,6Q7 10 624
9? ,763 19 559
22 ,453
22 ,268
?1 ,986
24 ,637
?4 ,7S8
25 ,114
25 ,654
96 101
26 ,630

19 813
21 398
?1 ,718
20 062
?0 ,730
20 ,354
19 ,697
10 ,954
19 ,476

4 ,768
S ,890
5 ,596
10 ,199
14 ,988
18,?13
19,034
20 ,537
20 ,328
21 ,442
21 ,749
21 ,949
22 ,353
22 ,799
22 ,974
23 ,178

3 ,159
4 377
26 ,999
22 ,857
91 ,377
?? ,549
99

423

21 ,779
22 ,768
23 ,629
22 ,696
22 ,895
22 ,912
22 ,321
22 ,615
22 ,570

1
4
7
6
7

595
363
459
866
649

8 297
8,366
8 064
8 077
8 520
7 761
8 144
8 055
102
8 171
8 166

3
4
7
6
7

330
057
046
402
109

7
7
7
7
6
7
7
7
7
7

724
419
395
845
773
374
321
431
408
414

7 686

4 ,238
4 ,207
4 ,657
4 ,464
4 ,638
4 ,965
«i,214
«i,517
c ,241
,709
q ,103
s
,136
4 ,982
c ,454
,138
,037
888
: ,035

40 659
ss 369
61 941
1S 925 61 547

46 467
S1 437
S7 357
S8 663

5 .187

14 ,656
13 ,354
1 S 424
13 ,909
14 ,4S8
14 ,152
14 ,696
14 484
14 ,195

62 624
62 858
67 165
64 909
66 317
65 ,883
66 293
66 845
66 535

57 665
57 523
61 796
58 943
60 233
59 ,744
60 854
60 723
60 415

3,686
4,460
6448
>,649
(5,448
r.ooi
f,254
(3,636
<5,614
r,444
(5,292
(5,346
(5,059
(5,545
(5,234
<5,332

2 ,297
? 250
2 ,408
3 ,268
4 193
4 ,832

4 ,848
6 402
10 ,632
10 ,778
11 ,S71
11,?81

15 ,666
10 466
46 ,059
47 ,553
S9 689
SO,535

s 047

11 268 61 385

13 ,762
17 ,415
43 ,418
44 ,443
48 ,897
SS,175
S6,740
55 ,943
56 ,110
59 ,360
57 ,356
57 ,928
57 ,753
58 ,594
58 ,599
58 ,915

598
822
1,223
1,073
1,133
1,301
1,315
1,241
1,243
1,508
1,218
1,216
1,153
1,283
1,209
1,220

5 ,158
5 ,229
5 ,395
5 ,588
5 ,629
5 ,638
5 ,685
5 ,683
5 ,706

12 ,506
11 ,909
13 ,117
11 ,749
11 ,954
11 ,418
12 ,092
11 ,845
11 ,955

60 ,745
60 ,981
64 ,364
62 ,573
63 ,251
63 ,118
63 ,732
63 ,943
64 ,239

1 ,160
1 ,178
1 ,131
1 ,471
995

18
18
18
18
18

496
097
926
131
210

80
127

867
419
46?
201
604

40S
476
710
913
1 101

250
288
377
426
490

1
1
1
1
1
1
1
1
1
1
1

14
13
12
14
13

?05

541

13

242
?67
254
?os
266
?0,l
291
101
286
280

566
583
587
600
601
602
605
612
613
621

13
13
13
13
13
13
13
13
13
13

9 004 4
12 557 4
?4 6SS 0
?8 000 11

616
806
760
4?,3

1 828
1 967
? 566

346
351
359
35.1

736

17 391
10 414

18 555

72
174

1
2
1
4
4

343

4 780

259
410
365
251
230
256
296
343
382
296

4
4
4
4
3
4
4
4
4
4

435
491
,221

17 741
22 313
40 085

0 4S0
1? 0S1
17 ?87
10 040
18 816
10 ,161
18 804
18 114

657

1 552

19 687
24 430
S1 898

Other

716
807
1,?16
1,445
1 7??
1,840
?, 1S0
?,?16
2 352
? 10?
?, 363
2 311
? ?,77
2,281
2 187
2 229

74
866
6 ,940
267
451
1,143
778
1,378
1,167

,312
,217
,229
,350
,387
,339
,339
,321
,328
,155
,126
1 .180
1,163
1,222

6 ,785
8 ,518
11 ,286
11,066
11,008
1S,544

? 396
3 695
4 262
4 434
4 791
4 920
s 034
5 272
,319
5s ,237
5 ,245
s ,191

Time

U. S.

1 272
1,559
1 ,
235
1 ,
242
1 890
9 076
9 004
9 367

1
1
?
?
2
?
2
?
2
?
2

Interbank*

Demand

Government

1,?96 4,772
4 07? 7,265
7 314 17,574
7 179 11, 972
Q 799
8,993
1? 376 7 678
19 980
7 765
11 619 8,695

2
?
2
2
2

N umTotal
1:>er
capital
of
accounts ba nks

ij

405
976
1 814
1,504
2 ,015
1 ,753
1 ,457
1 ,446
1 ,520
1 ,730
1 ,843
1 ,891
1,754

154
225

c5,465

432
922
,267
,216
,362
,414
,271
,275
:
L.234
,420
L,339
1,520
1,379

837
401
437
077
949
670
608
606
577
616

1 ,
592
1 ,
648
?,120
?,259
9, 351
?,505
?,572
?,630

36
36
37
37
23
22
22
22

2,646
? 803

22
21

? 687

20

2,697
? 717
2, 715
2 716
2 746

18
18
18
18
18

?, 844
1? 166 11 647 1 322
IS 281 11 ?61 3 745
IS 773 14 11? 1 984

336
319
319

125
168
300
4 387
4 434
4 ,473
4 492
4 510
4 543

310
307
300
296
297
296
297
297
296

7 ,158 5 852 1 851
10 ,109 6 ?S8 1 ,982
24 ,235 12 ,494 2 ,525
28 ,378 14 ,560 2 ,934
11 ,077 14 86 S 1 ,532
!6 0?? 16 585 3 ,970
16 , s?o 17 600 4 ,194
34 ,879 18 ,460 4 ,372
34 ,766 18 687 4 ,393
37 ,794 18 ,787 4 ,506
35 ,970 18 ,893 4 ,588
36 ,542 18 ,936 4 ,615
36 ,153 19 ,027 4 ,651
36 ,751 19 ,220 4 ,642
36 ,629 19 ,241 4 ,678
36 ,954 19 ,362 4 ,707

5 ,966
6 ,219
6 ,476
6 ,519
6 ,501
6 ,444
6 ,389
6 ,376
6 ,371
6 .326
6 ,296
6 ,285
6 ,292
6 ,283
6 ,275
6 ,262

34 ,058
34 069
17 418
35 493
16 61S
36 ,140
36 ,459
16 ,659
36 ,345

14 957
15 087
1S 476
15 712
IS 7.1?
15 ,815
16 007
15 010
15 984

i

3
Beginning with Dec. 31, 1947, the all bank series was revised as announced in November 1947 by the Federal bank supervisory agencies.
At that time a net of 115 noninsured nonmember commercial banks with total loans and investments of approximately 110 million dollars was
added, and 8 banks with total loans and investments of 34 million were transferred from noninsured mutual savings to nonmember commercial
banks.
4
Less than 5 million dollars.
For other footnotes see preceding and opposite pages.

1142




FEDERAL RESERVE BULLETIN

ALL BANKS IN THE UNITED STATES, BY CLASSES *—Continued
PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS—Continued
[Amounts in millions of dollars]
Deposits

Loans and investments
lotai
assets—
Total
Class of bank
and date

Total

liaU.S.
Cash
Govern- Other assets1 bilities
and
secuLoans ment
capital
obliga- rities
actions
counts2

Other
Total1

Total Numcapital ber
ac-

Demand

Tnt#»r

inter-

bank1

of

counts banks
Time

U.S.
Govern- Other
ment

AH insured commercial
banks:
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1953—Dec. 31
1954—June 30
Dec. 31
1955—June 30
National member
banks:
1941—Dec. 31
1945—Dec. 31.. . . . .
1947—Dec. 31
1953—Dec. 31
1954—June 30.
Dec. 31
1955—June 30
State member banks:
1941—Dec. 3 1 . . . . . .
1945—Dec. 31
1947—Dec. 31
1953—Dec. 31
1954—June 30
Dec. 31
1955—June 30
Insured nonmember
commercial banks:
1941—Dec. 3 1 . . . . . .
1945—Dec. 31
1947—Dec. 31
1953—Dec. 31
1954—June 30
Dec. 31
1955—June 30
Noninsured nonmember commercial
banks:
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31 a
1953—Dec. 31.
1954—June 30
Dec. 31
1955—June 30

All nonmember commercial banks:
1941—Dec. 31..
1945—Dec. 31
1947—Dec. 31»
1953—Dec. 31
1954—June 30
Dec. 31
1955—June 30
Insured mutual savings
1941—Dec.
1945—D ec
1947—Dec.
1953—Dec.
1954—j u n e
Dec.

3i
3i
31
31
30 . . .
31

1955—June 30
Noninsured mutual
savings banks:
1941—Dec 3i
1945—Dec# 3i
1947—Dec. 31»
1953—Dec. 31
1954—june 30
Dec. 31
1955—June 30

49,290
121,809
114,274
143,796
144,451
154,115
153,488

21,259
25,765
37,583
67,082
66,805
70,127
74,692

21,046
88,912
67,941
62,381
62,461
68,012
62,342

6,984
7,131
8,750
14,333
15,185
15,976
16,454

25,788
34,292
36,926
44,398
41,164
43,161
40,685

76,820
157,544
152,733
190,638
188,191
200,127
197,077

27,571
69,312
65,280
81,913
82,482
88.509
83,315

11,725
13,925
21.428
37,831
37,672
39,712
39,424

12,039
51,250
38,674
35,482
35,759
39,392
34,673

3,806
4,137
5,178
8,600
9,051
9,405
9,219

14,977
20,114
22,024
26,479
24,636
25.662
22,892

43,433 39,458 6,786 1,088
90,220 84,939 9,229 14,013
795
88,182 82,023 8,410
109,804 100,654 10,152 2,525
108,611 99,362 9,750 3,325
115,835 105,851 10,714 2,508
107,741 98,636 8,314 2,849

23,262
45,473
53,541
63,819
60,827
66,426
60,919

8,322
16,224
19,278
24,160
25,459
26,202
26,554

3,640
4,644
5,409
7,391
7,686
8,085
7,714

5,117
5,017
5,005
4,856
4,835
4,789
4,744

15,950
37,871
32,566
40,509
40,704
43.093
47,473

6,295
8,850
11,200
19,931
19,525
20,538
24,891

7,500
27,089
19,240
17,121
17,353
18.417
17,870

2,155
1,933
2,125
3,457
3,826
4,138
4,711

8,145
9,731
10,822
12,903
12,086
12,414
13,408

24,688
48,084
43,879
54,179
53,593
56,407
61,945

22,259
44,730
40,505
49,510
48,890
51,401
56,034

3,739
4,411
3,993
5,019
4,983
5,269
6,148

621

13,874
24,168
27,068
32,206
30,627
33,177
35,823

4,025
7,986
9.062
11,054
11,441
11.748
12,256

2,246
2,945
3,055
3,925
4,023
4.125
4,747

1,502
1,867
1,918
1,887
1,886
1.871
1,867

5,776 3,241 1,509
14,639 2,992 10,584
16,444 4,958 10,039
21,396 9,328 9,790
21,288 9,615 9,362
22,536 9.886 10.215
22,723 10,385 9,811

1,025
1,063
1,448
2,278
2,310
2,436
2,527

2,668
4,448
4,083
5,020
4,444
5,088
4,388

8,708
19,256
20,691
26,679
26,012
27,911
27,417

7,702
18,119
19,340
24,555
23,819
25,657
25,082

129
244
266
378
312
393
332

4,162
10,635
12,366
15,398
14,392
15,879
15,251

3,360
5,680
6,558
8,419
8,718
8,947
9,090

959

1,083
1,271
1,925
2,007
2,044
2,121

6,810
6,416
6,478
6,672
6,662
6,647
6,660

763
514
576
430
405
397
340

2,283
2,768
2,643
2,372
2,394
2,250
2,172

1,872
2,452
2,251
2,005
2,020
1.871
1,788

329
181
363
407
453
433
448

253
365
478
386
388
335
337

329
279
325
320
325
324
327

852
714
783
569
557
536
513

3,431
4,962
4,659
5,450
4,849
5,485
4,728

10,992
22,024
23,334
29,051
28,406
30,161
29,589

9,573
20,571
21,591
26,560
25,838
27,528
26,870

457
425
629
784
764
825
780

3,613
6,045
7,036
8,806
9,106
9,282
9,427

1,288
1,362
1,596
2,245
2,332
2.368
2,448

7,662
7,130
7,261
7,241
7,219
7,183
7,173

151
429
675
799
807
832
808

1,958
11,424
13,499
20,334
21,237
21.981
22,761

1,789
10,363
12,207
18,383
19,195
19,885
20,590

12
33
45
48
49

1,789
10,351
12,192
18,345
19,145
19,831
20,536

164

1
2
3
3
2

1,034
1,252
1,819
1,868
1.920
1,965

52
192
194
219
219

642
180
211
184
180
194
180

9,846

8,744

2
2
1
2
2

8,738
5,020
5,553
6,013
6,243
6,471
6,741

1,457
2,211
2,009
1,891
1,932
1,800
1,776

455
318
474
511
532
492
491

761

1,693
1,280
1,045
1,047
969
930

7,233 3,696 2,270
16,849 3,310 12,277
18,454 5,432 11,318
23,287 9,838 10,835
23,220 10,147 10,409
24,337 10.378 11,184
24,499 10,876 10,741
1,693
10 846
12,683
19,252
20,121
20,830
21,617

8,687
5,361

5,957
6,558
6,838
7,038
7,373

642

629

3,081
3,560
10,016
10,804
11,651
12,567

7,160
8,165
6,476
6,309
6,117
5,998

4,259
1,198
1,384
2,910
3,086
3,346
3,605

3,075
3,522
3,813
2,707
2,708
2,630
2,677

241
200

255
335
354
339
355

1,266
1,262
1,703
2,613
2,664
2,775
2,881
421
606
958

2,760
3,008
3.062
3,052
1,353
641
760
941

1,044
1,061
1,090

5,596
6,215
6,796
7,078
7,295
7,621

69,411
147,775
141,851
174,697
172,048
182,886
179,728

5,022
5,556
6,015
6,246
6,474
6,743

10,654 1,762 41,298 15,699 6,844 13,426
13,883 23,740 80,276 29,876 8,671 13,297
12,670 1,325 92,975 34,882 9,734 13,398
15,548 4,116 111,423 43,610 13,239 13,412
15,044 5,562 105,847 45,596 13,714 13,380
16,376 4,154 115,482 46,874 14,252 13,303
14,794 5,064 111,993 47,876 14,579 13,267

8,166
381

1,232
1,840
1,207
1,807

53

1,560
149
360
396
439
408

18
30
30
18
13

1 ,291
1 ,905

1,392
1,182
1,150
1,085
990

5 ,504
14 ,101
167
13.758
390
16,580
426
15,542
457
16,964
422
16,241

12
2
2
2
3
2

(

Is
1 '
1
1
1
1

1,077
558
637
740
758
774
792

218
218

496
350
339
309
309
309
310

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




1955

1143

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

Class of ba nk
and
call date

All commercial
banks:*
1947—Dec.
1953—Dec.
1954—June
Dec.
1955—June

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

All insured commercial banks:

Loans for
Compurchasing
merTotal
or carrying
Other
cial,
loans
securities
inAgriReal loans
and
to
esinvest- Total * clud- culin- Other
ing
tur- To
tate
loans Total
ments
diopen
al brok- To loans vidmarers othuals
ket
and
padeal- ers
per
ers

[ 660

38,
67,
67,
70
155 264 75

057
593
337
619
183

18,
27,
26,
26,
28

167
204
120
867
872

4'
5
5
4

965
143
200
391

2,361
2,462
2,929
2,859

259
765
583
082
805
127
692

1
1
1
4
5
5
4

450
314
610
867
057
108
319

3,164 3,606
823 1,190
2,344 1,181
2,439 1,228
2,907 1.501
2,834 1,589

1
3
3
3
2

972
855
046
263
402
529
799

3,133 3,378
811 1,065
2,321 1,060
2,411 1,106
2,881 1,363
2,808 1,440

116, 284
145, 687
146, 383
155, 916

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

49
121
114
143
144
154
153

290
809
274
796
451
115
488

21
25
37
67
66
70
74

9
9
18
27
25
26
28

214
461
012
082
976
731
729

Member banks,
total:
1941—.Dec. 31
1945—Dec. 3 1 . . .
1947—Dec. 3 1 . . .
1953—Dec. 3 1 . . .
1954—June 3 0 . . .
Dec. 3 1 . . .
1955—June 30. ..

43
107
97
122
123
131
130

521
183
846
422
185
602
788

18 021 8
22 775 8
32 628 16
57 762' 25
57 1971 24
60 250 25
64 315 26

671
949
962
519
362
007
894

New York City:*
1941—Dec. 3 1 . . .
1945—Dec. 31
1947—Dec. 3 1 . . .
1953—Dec. 3 1 . .
1954—June 3 0 .
Dec. 3 1 . .
1955—June 30. ..

12
26
20
22
22
23
23

896
143
393
058
681
880
099

4 O72!
7 334
7 179
12 289
11 619
12 039
13 016

807
044
361
218
447
231
928

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

2 760
5 ,931
5 ,088
6 ,204
5 ,975
6 ,518
6 ,288

954
1 ,333
1 ,801
2 ,776
2 ,589
2 ,784
2 ,846

1 835
1 847
1 940

Reserve city banks:
1941—Dec. 3 1 . . .
1945—Dec. 3 1 . . .
1947—Dec. 3 1 . ..
1953—Dec. 3 1 . . .
1954—June 3 0 . . .
Dec. 3 1 . . .
1955—June 30. ..

15 ,347
40 ,108
36 ,040
46 ,755
47 ,056
50 ,738
50 ,596

7 ,105
8 ,514
13 ,449
22 ,763
22 ,453
23 ,986
25 ,654

Country banks:
1941—Dec. 3 1 . . .
1945—Dec. 3 1 . . .
1947—Dec. 3 1 . . .
1953—Dec. 3 1 . . .
1954—June 3 0 . . .
Dec. 3 1 . . .
1955—June 30. . .

12 ,518
35 ,002
36 ,324
47 ,404
47 ,474
50 ,466
50 ,806

1941—Dec.
1945—Dec.
1947—Dec.
1953—Dec.
1954—June
Dec.
1955—June

investments

2
3
5
8
7
7
7

8

830 1,220 9 , 393
1,202 16, 694
1,256 17, 227
1,525 18, 418
1,613 19, 779

614

594

662

598

412

169

545

267
320
364
432
466

2,453 1 172

5 , 723
14, 461
14, 462
14, 750
16, 365

4
4
9
16
17
18
19

773
677
266
566
101
302
661

2 361
5 654
14 373
14, 370
14 676
16 283

3
3
7
13
13
14
15

494
455
130
020
440
433
594

1
4
11
11
12
13

123
80
111
383
390
467
656

287^

7 8 , 226
7 8 , 094
7 9 , 047
85 297
80 081

6 9 , 221 ,193 7 789 6 , 034
6 3 , 426 5 ,004 10 237 12, 439
6 3 , 508 4 ,704 5 572 1 2 , 376
6 8 , 981 5 ,065 5 361 14, 672
6 3 , 271 ,220 1 710 16, 640

181
028
629
623
973
400

28
96
76
76
77
83
78

031
043
691
714
646
988
796

21
88
67
62
62
68
62

046
912
941
381
461
012
342

988
3 , 159 1 2 , 797 4 102 3,651 >,333
2 ,455 19 071 16 045 51 321
22 3,873 1,258
2 ,124 7 552 5 918 52 334
14 5,129 ; ,621
4 ,895 10 076 12 283 35 093
33 10,587 [ ,746
4 ,575 5 505 12 223 4 0 , 121
38 11,682 ; ,502
4 ,901 5 279 14 523 4 3 , 287
21 12,352 ; ,624
2 ,996 1 667 16 479 41 185
15 12,549 3 ,906

92
1 104
952
1 518
1 ,513
1 ,858
2 ,285

25
84
65
64
65
71
66

500
408
218
660
988
352
473

19
78
57
52
53
57
52

539
338
914
603
111
809
543

971
2 ,275 16
,987 5
4 ,095 8
3 ,915 4
4 ,075 4
2 ,377 1

54

8
18
13
9
11
11
10

823 7 265
809 17 574
214 11 972
769 7 765
062 8 695
841 9 342
083 7 782

1
1
1
1
1
2

311
477

985
816
287
417
307
281

256
133
132
123
113
70
76

1 ,467
235
450
261
241
66

153
749
248
684
721
855
812

40
26
96
74
105
139

1 806
4 598
3 ,287
3 ,428
3 386
3 ,734
3 441
8 ,243
31 ,594
22 ,591
23 ,993
24 ,603
26 ,752
24 ,942

6 467
29 ,552
20 ,196
19 ,559
19 ,813
21 ,718
19 ,697

295
1 ,034 *6 ,982
373 2 ',358
1 ,230 3 ,357
1 ,241 1 ,590
1 ,326 1 ,695
503
481
110
630 "5 ',102
480 2 ,583
1 ,819 3 ,374
1 ,548 1 ,855
1 ,893 1 ,774
1 ,261
587

158
134
140
102

48
211
73
286
242
345
270

3 ,456
3 ,661
7 ,088
10 ,568
10 ,010
10 ,624
11 ,210

300
205
225
774
953
956
700

114
194 1 ,527
1,512
404
427 1,503 1 ,459
855
366
170
484 3 ,147 1 ,969
611
308
456 5 ,453 4 ,942
629
326
468 5 ,639 4 ,797
720
407
622 6 ,134 4 ,912
954
444
651 6 ,603 5 ,500

5 ,890
5 ,596
10 ,199
19 ,934
20 ,537
21 ,442
22 ,799

1 ,676
1 ,484
3 ,096
4 ,822
5 ,071
5 ,306
5 ,815

659
648
818

18 ,454 5 ,432
23 ,287 9 ,838
23 ,220 10 ,147
^ 2 4 ,337 10 ,378
24 ,499 10 ,876

1 ,205
1 ,685
1 ,758
1 ,859
1 ,979

11
44
45
29
34
36
34

785
537

96
51
149
234
206
223
244

6

007
271
815
300
374
464
969

4 1 , 685

1 623 3
3 325 10
558 9
1 130 4
1 454 5
1 924 6
1 830 5

298
330
475
466
644
754

1,667
1,778
2,041
2,034

3
14
4
10
10
12
13

53, 191
35, 713
40, 818
43, 861

3 433
640
1 104
711
597
146

564
294
220
232
379

126
144
204
16

1
1
1
1

Total

Obligations
Direct
of
States Other
secuCertifiGuar- and rities
cates
an- political
of
inBills debt- Notes Bonds teed subdiviedsions
ness

063
666
657
000
428

1
1
1
2
2

4,545

3,t
900
662
911
840
127
489

S. Government obligations

,002
924

,014

14
34
38
22
16

5,276
10,821
11,930
12,586
12,785

,729

i ,847
i ,608
1,729

,025

729 3,832 3,090 ,871
792
16 3,254 • ,815
286
10 4,199 [ ,105
890
31 8,871 3 ,185
369
36 9,890 2 ,987
944
20 10,449 I ,094
903
13 10,584 3 ,346
652 1,679
729
1
337
606
771
638
605 ""i 1,365
510
6 1,851
026
10 1,977
262
7 1,754

830
629
604
639
516
523
547

903
864
274
598
731
953
788

182
181
213
400
387
415
456

193
204
185
172
174
199
243

956

820
916
1 ,053
1 ,238
1 ,206
1 ,252
1 ,330

3

Chicago:
1941—Dec.
1945—.Dec.
1947—Dec.
1953—Dec.
1954—June
Dec.
1955—June

31

31. . .
31

All nonmember
banks: 2
1947—Dec. 3 1 . . .
1953—Dec. 3 1 . . .
1954—June 3 0 . . .
Dec. 3 1 . . .
1955—June 3 0 . . .

732
760
1 418

,912

52
233

87
75
74
89
88

22
36
46
70
81
91
122

1
4
2
2
2
3
2

430
213
890
856
825
120
742

2 ,204
2 ,170
2 ,229
1 ,980

20
42
23
59
66
89
61

183
471
227
210
200
220
234

1 ,823
1 ,881
3 ,827

707
1 ,979

5 ,441
5 ,618
5 ,760
0 ,366

363
229
336
345
388
439

6 ,628
29 ,407
26 ,125
27 ,470
26 ,937
29 ,024
28 ,006

4 ,377
26 ,999
22 ,857
22 ,423
21 ,779
23 ,629
22 ,32

614
1 ,702
1 ,741
1 ,671
1 ,592

20
40
51
49
51

156
142
150
161
173

2 ,266 1 ,061
3 ,681 2 ,551
3 ,795 2 ,622
3 ,993 2 ,623
4 ,194 2 ,875

111
148
144
143
143

13 ,021
13 ,449
13 ,073
13 ,959
13 ,622

11 ,318
10 ,835
10 ,409
11 ,184
10 ,74

7 ,114
7 ,331
7 ,742
8 ,214

1,530

206
909
790
991
843

751

1
2
1
1
1
1

119

4 248 1,173
5
3
25
26

5 653 15 878
1 901
4 201
4 183
4 ,954
5 773

15 560
10 746
12 773
13 ,736
12 937

481
4 ,544
2 ,108
4 ,285
4 ,017
4 ,731
5 ,554

2 ,926
16 ,713
17 ,681
12 ,940
14 ,355
15 ,228
14 ,916

1 ,973 1 ,219 7 ,916
1 ,951 2 ,139 5 ,834
1 ,155 2 ,002 6 ,460
1 ,054 2 ,209 6 ,928
429 2 ,672 6 ,794

3

1,126
1,342
3,196
3,585
3,782
3,916

861 1,222 1 ,028
9 1,342 1 ,067
6 2,006 1 ,262
c 3,911 1 ,136
4 4,067 1
4,275 1 ',120
3 4,458 1 ,227

L

't
3

1,078
1,951
2,042
2,139
2,203

625
662
621
636
679

*These figures exclude data for banks in possessions of the United States except for one bank in Alaska that became a member bank on Apr. 15,
1954. During 1941 three mutual savings banks became members of the Federal Reserve System; these banks are included in "member banks" but are
not included in "all insured commercial banks" or "all commercial banks." Comparability of figures for classes of banks is affected somewhat by changes
in Federal
Reserve membership, insurance status, and the reserve classifications of cities and individual banks, and by mergers, etc.
1
Beginning June 30, 1948, figures for various loan items are shown gross (i. e., before deduction of valuation reserves); they do not add to the
total and are not entirely comparable with prior figures. Total loans continue to be shown net.
For other footnotes see opposite page.

1144




FEDERAL RESERVE BULLETIN

ALL COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES *—Continued
RESERVES AND LIABILITIES
[In millions of dollars]
Demand deposits

Class of bank
and
call date

All commercial
banks: 2
1947—Dec. 3 1 . .
1953—Dec. 3 1 . .
1954—June 30. .
Dec. 31. .
1955—June 30. .
All insured commercial banks:
1941—Dec. 31 ..
1945—Dec. 3 1 . .
1947—Dec. 3 1 . .
1953—Dec. 3 1 . .
1954—June 30. .
Dec. 31. .
1955—June 30. .
Member banks,
total:
1941—Dec. 3 1 . .
1945—Dec. 3 1 . .
1947—Dec. 31..
1953—Dec. 3 1 . .
1954—June 30. .
Dec. 3 1 . .
1955—June 30. .
New York City:*

ReBalDeserves
ances mand
with
Cash
with
deFederal in
doposits
Revault mestic
adserve
banks* justed 8
Banks

Interbank
deposits
DoFormestic* eign

Time deposits

Certifled
and
officers'
visions checks,
etc.

U.S. States
and
Govern- political
ment subdi-

U.S.

IndiGov- States
viduals,
and
ernpartnerment politships, Inter- and
ical
and cor- bank Postal subdiporaSav- visions
tions
ings

17,796
19,995
18,924
18,734
17,941

2,216
2,512
2,660
2,469
2,681

10,216
12,103
11,033
12,202
10,529

87,123
102,452
98,117
106,540
103,221

11,362
13,444
12,470
13,511
11,906

1,430
1,344
1,328
1,539
1,577

1,343 6,799
4,146 9,546
5,591 9,925
4,172 9,902
5,078 10,278

2,581
2,996
2,789
3,199
3,154

84,987
100,062
94,282
103,466
99,550

12,396
15,810
17,796
19,995
18,924
18.734
17,941

1,358
1,829
2,145
2,482
2,627
2,444
2,655

8,570
11,075
9,736
11,724
10,688
11,854
10,241

37,845
74,722
85,751
101,289
96,983
105.471
102,247

9,823
12,566
11,236
13,221
12,252
13,392
11,801

673

1,248
1,379
1,296
1,287
1,497
1,534

1,761 3,677
23,740 5,098
1,325 6,692
4,116 9,407
5,562 9,776
4,154 9,763
5,064 10,150

L.O77
2,585
2,559
2,978
2,765
3,176
3,131

36,544
72,593
83,723
99,038
93,306
102,543
98,712

12,396
15,811
17,797
19,997
18.925
18,735
17,942

1,087
1,438
1,672
1,870
2,001
1,843
2,017

6,246
7,117
6,270
7,554
7,062
7,613
6,704

33 ,754
64,184
73,528
86,127
82,783
89,836
87,207

9,714
12,333
10,978
12,858
11,956
13,015
11,482

1,243
1,375
1,291
1,280
1,493
1,531

1,709
22,179
1,176
3,756
5,165
3,715
4,656

3,066
4,240
5,504
7,530
7,839
7,781
8,117

1,009
2,450
2,401
2,783
2,581
2,964
2,919

33,061
62,950
72,704
85,711
81,034
88,859
85,706

607

866

319
237
290
315
404
368
374

1,338
t ,105
1,071
1,109
1,223
1,252

233
237
285
272
297
274
288

34
66
63
64
74
80
79

2,152
3,160
3,853
4,500
4,032
4,622
4,238

1,504
2,015
1,457
1,843

1,144
1,763
2,282
2,880
2,877
2,876
3,021

286
611
705
828
677
866
757

225
2
8 5,465
432
7
12 1,216
11 1,362
17 1,271
15 1,339

1,370
2,004
2,647
4,063
4,261
4,263
4,433

55
52
48
46
47

1,295
2,016
2,085
2,121
2,162

671

1941—Dec.
1945—Dec.
1947—Dec.
1953—Dec.
1954—June
Dec.
1955—June

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

5,105
4,015
4,639
4,846
4,614
4.398
4,399

93
111
151
129
131
126
138

141
78
70
70
60
67
87

10,761
15,065
16,653
15,901
15,430
16,500
15,859

3,595
3,535
3,236
3,363
3,237
3,336
3,129

Chicago:3
1941—Dec.
1945—Dec.
1947—Dec.
1953—Dec.
1954—June
Dec.
1955—June

31..
31 \ .
31
31..
30. .
31. .
30. .

1,021

1,070
1,287
1,290
1,177
1,021

43
36
30
34
30
29
28

298
200
175
166
154
162
127

2,215
3,153
3,737
4,211
3,844
4,400
4,024

1,027
1,292
1,196
1,339
1,287
1,264
1,125

8
20
21
39
34
40
39

Reserve city banks:
1941—Dec. 3 1 . .
1945—Dec. 3 1 . .
1947—Dec. 31 ..
1953—Dec. 3 1 . .
1954—June 30. .
Dec. 31 . .
1955—June 3 0 . .

4,060
6,326
7,095
8,084
7,553
7,783
7,359

425
494
562
568
611
558
634

2,590
2,174
2,125
2.463
2,352
2.327
2,232

11,117
22,372
25,714
30,986
29,940
32,694
32,024

4,302
6,307
5,497
6,869
6,220
6,946
5,979

54
110
131
219
202
259
289

Country banks:
1941—Dec. 3 1 . .
1945—Dec. 31 ..
1947—Dec. M . .
1953—Dec. 3 1 . .
1954—June 30. .
Dec. 3\
1955—June 30 . .

2,210
4,527
4,993
5,780
5,468
5,377
5,163

526
796
929

1,140
1,230
1,129
1,217

3,216
4,665
3,900
4,855
4,496
5,057
4,259

9,661
23,595
27,424
35,029
33,569
36,242
35,299

1,199
1,049
1,288
1,211
1,469
1,249

544
642
658
627
664

3,947
4,550
3,972
4,590
3,825

13,595
16,325
15,334
16,704
16,014

385
586
514
496
424

942

790

1,105 6,940
267
1,217
778
1,021
1,033 1,378
736
1,177
1,187 1,131
127

1,552

72
259
410
251
343
491

8,221

405

IndiCapividuals, Bortal
partner- row- acships, ings counts
and corporations

34,383
41,714
43,334
44,441
45,410

65
62
55
31
150

10,059
13,559
14,038
14,576
14,906

15,146
29,277
33,946
41,381
43,001
44,160
45,135

10
215
61
54
50
21
137

6,844
8,671
9,734
13,239
13,714
14.252
14,579

1,595
1,912
1,966
1,968

11,878
23,712
27,542
33,311
34,687
35,650
36,504

4
208
54
43
38
15
115

5,886
7,589
8,464
11,316
11,709
12,210
12,461

57

29
20
14
139
151
192
110

1,206
1,418
1,958
2,014
2,146
2,114

195
30
23
1
1
10

1,648
2,120
2,259
2,572
2,630
2.803
2,715

9
18
18
16

2
3
4
6
6

9
10
10
10
10

11,127
22,281
26,003
32,065
30,503
33,677
32,081

104
30
22
166
214
239
277

20
38
45
98
97
111
117

243
160
332
830
992
965

239
435
528
820
720
795
831

8,500
21,797
25,203
31,636
29,898
32,736
31,487

30
17
17
15
19
22
19

31
52
45
153
148
163
158

146
219
337
615
759
799
830

6,082
12,224
14,177
16,921
17,553
17,826
18,232

4
11
23
20
26
11
55

1,982
2,525
2,934
4,194
4,372
4,506
4,642

180
213
209
235
235

12,284
14,351
13,248
14,608
13,844

190
146
202
284
309

6
30
30
31
30

172
350
407
436
468

6,858
8,426
8,669
8,814
8,929

12
19
17
16
35

1,596
2,245
2,332
2.369
2,448

450

240

1,167
1,699
1,759
1,759

158
70
54

1,031
1,506
1,487
1,459

140
64
50

1,021
1,497
1,475
1,449

6
11,282
15,712
17
12
17,646
831
17,509
16,601 1,246
17,823 1,196
17,300 .1,137

111
338
331
365
368

59
103
111
338
331
365
368

50
99
105
308
300
334
338

10
12
53
51
54

866

1,944
2,319
2,402
2,435
492
496
826

1,891
2,264
2,348
2,374
418
399
693

778

476
719
902

288
377
426
566
583
600
612

1,229
1,253
1,280
1,287

4,542
9,563
11,045
13,203
13,867
14,399
1,018 14,871

1,967

2 2,566
1 2,844

3,984

11 4,124
3 4,300
50 4,492

All nonmember
banks:2
1947—Dec.
1953—Dec.
1954—j u n e
Dec.
1955—June

31 ..
3\ . .
30..
31
30

167
390
426
457
422

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.
^Beginning June 30, 1942, excludes reciprocal bank balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and
525 million
at all insured commerical banks.
5
Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
For other footnotes see preceding page.
Back figures.—See Banking and Monetary Statistics, Tables 18-45, pp. 72-103 and 108-113.

OCTOBER




1955

1145

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE
LOANS AND INVESTMENTS
[Monthly data are averages of Wednesday figures. In millions of dollars]
Loans1

Total Loans
and
loans investand
ments
Loans
investad- 1
adments justed
justed3

Month or date

Commercial,
industrial,
and
agricultural

U. S. Government obligations

For purchasing
or carrying securities
To brokers
and dealers

To others

U.S.
U. S.
Govt. Other Govt. Other
seobobliga- cun- liga- curitions ties tions ties

Real
estate Other
Total
loans loans

CerOther Loans
tifisecu- to
cates
Bills of in- Notes Bonds5 rities banks
debtedness

TotalLeading Cities
1954—September. 82,947 82,347 38,138 20,934

2,208

919

6,865 7,871 35,756 3,018

85,629 84,547 43,798 23,436
1955—July
85,401 84,403 44,335 23,893
August
85,432
84,473 45,072 24,427
September.

2,746
2,524
2,398

1,203
1,191
1,197

1,074
7,933 9,212 __,046
32
8,062 9,401 31,358 1,036
8,199 9,588 30 ,656 1,011

2,520 6,662 23,556 8,453

600

912 8,843 21,217 8,703 1,082
998
746 8,545 21,031 8,710
959
564 8,212 20,869 8 ,745

1,030
1,085
1,026
1,186

July 6. . . 85,125
July 13. . . 85,098
July 20. .. 86,195
July 27. . . 86,100

84,095
84,013
85,169
84,914

43,518
43,687
43,925
44,064

23,326
23,465
23,429
23,526

2,673
2,647
2,856
2,808

1,203
,199
,204
,206

7,893
7,923
7,937
7,978

729 8,903 21,251
9,152 31 ,797 914
869
709 8,870 21 ,215
9,185 31,663
1,318
,565
1,126 8,860 21 ,261
9,232
9,280 32 ,161 1,196 1,086 8,739 21,140

Aug.
Aug.
Aug.
Aug.
Aug.

3 . . . 85,765
10. . . 85,438
17. . . 85,132
24. . . 85,192
31. . . 85,478

84,878
84,416
84,210
84,098
84,412

44,113
44,164
44,262
44,443
44,696

23,550
23,754
23,940
24,050
24,171

2,775
2,558
2,409
2,413
2,467

,190
,197
,196
,189
1,184

7,993
8,028
8,069
8,100
8,120

9,340 31,975 1,160
9,364 31,634 1,123
9,384 311,261
997
9,428 303,972
916
9,492 303,948
985

932
813
706
651
625

887
8,806 21 ,077 8,790
8,645 21,053 8 ,618 1,022
922
8,495 21,063 ,687
8,408 20,997 8,683 1,094
8,373 20 ,965 8,768 1,066

Sept. 7...85,189
Sept. 14. ..85,824
Sept. 21. ..85,318
Sept. 28. . 85,399
.

84,150
84,735
84,516
84,493

44,570
45,029
45,241
45,449

24,080
24,400
24,570
24,660

2,392
2,404
2,391
2,406

1,188
1,200
1,206
1,194

8,135
8,188
8,216
8,257

9, 513 30,791 890
9,575 30,940 1,150
9, 595 30,546 1,009
9, 669 30,347 994

607
617
537
496

8,352
8,267
8,160
8,070

1954—September. 22,750 22,380 11,067

7,266

1,090

338

418 1,577

8,874

903

570 1,429

5,972 2,439

370

23,165 22,590 12,884
1955—July
August. . . . 22,871 22,309 12,998
September. 22,765 22,166 13,083

7,967
8,257
8,484

250 1,835
187 1,698
149 1,538

12
12
13

460
446
441

653 1,926
676 1,942
699 1,978

7,439
7,025
6,731

440
324
294

159 1,710
129 1,632
74 1,523

5,130 2 .267
4,940 2 286
4,840 2 ,352

575
562
599

1955—July 6 . . . 23,030
July 13 . . . 22,914
July 2 0 . . . 23,362
July 27 . . . 23,354

5,180
5,135
5,143
5,062

2,317
2,255
2,238
2,256

519
579
546
656

5,038 2,293
4,970 2 ,242
4,947 2,276
4,889 2 ,270
4,,854 2 ,346

515
582
487
622
602

4,851 2,371
4,,856 2 371
,328
4,
4,804 2 338

717
712
448
517

20,942
20,906
20,840
20,787

8,780
8,663
8,679
8 ,689

8,789 1,039
8 ,766 1,089
802
8 ,729
906
8,697

New York City

22,511
22,335
22,816
22,698

12,806
12,803
12,931
12,997

7,959
7,969
7,939
7,999

177
168
294
361

1,862
1,832
1,862
1,784

13
13
12
11

461
461
461
457

649
657
652
655

1,904
1,922
1,930
1,949

7,388
7,277
7,647
7,445

342
324
609
485

114
108
191
225

3 . . . 23,151
10. .. 22,925
17'. . . 22,664
2 4 . . . 22,780
31 . . . 22,833

22,636
22,343
22,177
22,158
22,231

13,039
12,948
12,940
13,025
13,041

8,083
8,163
8,286
8,355
8,399

327
215
124
111

1,770
1,726
1,685
1,694
1,616

11
13
14
13
11

453
446
443
444
442

658
665
682
689

1,957
1,940
1,926
1,939
1,948

7,304
7,153
6,961
6,863
6,844

387
377
289
267
300

200
148
103
95
99

22,725
23,004
22,576
22,756

22,008
22,292
22,128
22,239

12,859
13,096
13,140
13,237

8,302
8,490
8,547
8,600

137
167
136
156

1,556
1,524
1,537
1,533

13
14
13
13

442
439
441
440

688
700
703
705

1,940
1,981
1,982
2,009

6,778
6,825
6,660
6,664

233
344
298
303

98
100
53
47

1954—September. 60,197 59,967 27,071

Aug.
Aug.
Aug.
Aug.
Aug.

Sept. 7...
Sept. 14. ..
Sept. 21. ..
Sept. 28. ..

1,752
1,710
1,704
1,673

1,596
1,525
1,461
1,510

Outside
New York City
13,668

560

567

6,447 6,294 26,882 2,115 1,950 5,233 17,584 6,014

62,464 61,957 30,914 15,469
1 955—July
August.... 62,530 62,094 31,337 15,636
September. 62,667 62,307 31,989 15,943

661
639
711

731
733
743

7,280 7,286 24 ,607
7,386 7,459 24 ,333
7,500 7,610 23 ,925

634
712
717

753 7,133 16,087 6,436
617 6,913 16,001 6,424
490 6,689 16,029 6 ,393

1955—July 6. . .
July 13. . .
July 20. . .
July 27. . .

507
436
360

62,095
62,184
62,833
62,746

61,584
61,678
62,353
62,216

30,712
30,884
30,994
31,067

15,367
15,496
15,490
15,527

634
647
700
663

729
725
731
738

7,244
7,266
7,285
7,323

7,248 24 ,409
7,263 24,386
7,302 24,918
7,331 24,716

572
545
709
711

615
601
935
861

7,151
7,160
7,156
7,066

16,071 6,463
16,080 6 ,408
16,1186 ,441
16,078 6 ,433

511
506
480
530

. . 62,614
.. 62,513
. . 62,468
.. 62,412
. . 62,645

62,242
62,073
62,033
61,940
62,181

31,074
31,216
31,322
31,418
31,655

15,467
15,591
15,654
15,695
15,772

678
617
600
608
694

726
738
739
732
731

7,335
7,363
7,387
7,411
7,432

7,383 24,671
7,,424 24 ,481
7,458 24 ,300
7,,489 24 ,109
7,,544 24 ,104

773
746
708
649
685

732
665
603
556
526

7,127
6,987
6,873
6,796
6,782

16,039 6 ,497
16,083 6 ,376
16,1166 ,411
16,108 6 ,413
16,111 6,422

372
440
435
472
464

Sept. 7...62,464
Sept. 14. ..62,820
Sept. 21. . .62,742
Sept. 28...62,643

62,142
62,443
62,388
62,254

31,711
31,933
32,101
32,212

15,778
15,910
16,023
16,060

699
713
718
717

733
747
752
741

7,447
7,488
7,513
7,552

7,573 24,013
7,594 24,115
7,613 23,886
7,660 23 ,683

657
806
711
691

509
517
484
449

6,756
6,742
6,699
6,560

16,091 6,418
16,050 6 ,395
15,992 6,401
15,983 6,359

322
377
354
389

Aug.
Aug.
Aug.
Aug.
Aug.

3.
10.
17.
24.
31.

1
2

Exclusive of loans to banks and after deduction of valuation reserves; individual loan items are shown gross.
Includes guaranteed obligations.
For other footnotes see opposite page.

1146




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
ReBalIndiserves
Dewith Cash ances mand vid- States Certiwith
deuals,
Fedin
fied
posits part- and
doeral vault
and
mestic ad- 8 ner- politReical
offibanks justed ships, subserve
cers'
and
Banks
divi- checks,
cor- sions
etc.
porations

Month or date

Time deposits,
except interbank

Interbank
deposits

IndiU. S.
vidDemand
Govuals, States
and
U. S. part- politernGov- nerical ment
ern- ships, suband
ment and
Dodivi- Postal
ForSav- mescor- sions
eign
ings
tic
porations

Borrowings

CapFrom
ita]
FedacFrom counts
eral
Time Reothers
serve
Banks

Total—
Leading Cities
941 2,641 54,432 55,734 3,753 1,900 2,733 18,491 1,218

198 11,298

1,269

970 2,527 55,932 58,014 3.887 1,901 3,322 19,102 1,045
13,639
1955—July
942 2,404 55,694 57,148 3,909 1,726 3,199 19,123 1,014
August. . . 13,362
September 13,262 •1,000 2,480 56,058 58,567 3,696 1,856 2,369 19 ,176 1,015

211 10,570
10,371
203 10,695

1,500 1,420
1 ,431 1,419
1,441 1,416

405
458
537

795
635
575

8,287
8.327
8,348

1,500
1,475
1,501
1,524

1,425
1,419
1,404
1,433

483
334
433
371

767
839
741
832

8,293
8,288
8,277
8,290

10,441
10,579
10,638
10,031
10,163

1,471 1,427
1,435 1,434
1,414 1,433
1,416 1,407
1,418 1,396

802
395
494
275
322

498
698
606
726
647

8,311
8,312
8,319
8,326
8,366

1,423 1,402
1,442 1,417
1,436 1,421
1,464 1,425

467
404
737
538

608
802
388
501

8,356
8,342
8,339
8,353

1954—September 13,431

57,157
58,928
58,050
57,921

4,083
3,851
3,729
3,886

1,885
1,810
2,101
1,810

2.832
2,374
4,145
3,937

19,125
19,093
19,108
19,082

1,059
1,053
1,045
1,021

10,862
211 10,934
211 10,529
210 9,955

2,372 55,865
2,397 55,645
2,504 55,360
2,358 55,669
2,390 55,931

56,984
56,993
57,454
56,786
5.7,523

3,963
3,900
3,853
3,838
3,990

1,757
1,658
1,730
1,587
1,901

3,374
3,035
3,168
3,162
3,256

19,104
19,142

1,018
991

19 ,110 1,021
19,111
19,146

1,010
1,032

211
210
209
211
207

2,361
2,657
2,474
2,426

57,310
59,946
58,699
58,316

3,734
3,642
3,636
3,772

1,667
1,931
1,903
1,923

2,522
2,102
2,219
2,635

19,128
19,158
19,209
19,210

1,031
1,028
1,007
993

207 10,665
202 11,401
202 10,524
10,188

926 2,582 55,336
1955—July 6 . . 13,406
July 13. . 13,605 1,020 2,599 56,113
951 2,543 55,866
July 20. . 13,732
981 2,386 56,416
July 27. . 13,812

1,561

7,886

545

13,647
13,277
13,444
13,131
13,308

912
951
938
960
947

.13,116
.13,198
.13,364
.13,370

973
1,031
967
1,030

1954—September 4,428

146

15,665 16,584

306 1,021

841

1,993

248

3,061 1,017

4,437
1955—July
August. . . 4.220
September 4,08.

146
135
148

15,749 16,906
15,582 16.646
15,758 17,035

298
253
269

1,150
1,060
654

1,997
1,981
2,030

112
104
95

2,977 1,159 1.119
2,838 1,096 1.111
2,894 1,105 1,097

72
70
21

391
346
281

2,685
2,701
2,693

1955—July 6 . . 4,321
July 13. . 4,421
July 20. . 4,499
July 2 7 . . 4,505

145
154
137
146

15,610
15,810
15,682
15,893

16,697
17,083
16,920
16,922

879
319
870
307
698
786
272 1,089 1,554
888 1,477
292

2,019
2,004
1,991
1,975

118
115
114
101

3,056
3,057
2,983
2,813

1,152 1,123
1,143 1,123
1,156 1,107
1,183 1,124

70
50
108
60

461
457
307
340

2,686
2,687
2,686
2,682

Aug.
Aug.
Aug.
Aug.
Aug.

3. .
10. .
17..
24. .
31. .

Sept.
Sept.
Sept.
Sept.

7.
14.
21.
28.

55,555
56,110
56,263
56,306

New York City

910
774
883

1,287

246

2,613

Aug.
Aug.
Aug.
Aug.
Aug.

3. .
10. .
17. .
24. .
31 . .

4,467
4,083
4.241
4,066
4,241

133
141
133
136
133

15,715
15,478
15,469
15,554
15,694

16,627
16,465
16,651
16,514
16,975

272
246
241
223
283

815
710
722
684
938

1,251
1,085
999
965
999

1,972
1,980
1,972
1,971
2,009

108
108
106
102
100

2,812
2,843
2,896
2,794
2,844

1,135
1,094
1,076
1 ,086
1,091

1,123
1,126
1,123
1,097
1,085

329
6
5
4
5

276
402
359
341
350

2,700
2,700
2,699
2,692
2,713

Sept.
Sept.
Sept.
Sept.

7. .
14. .
21 . .
28. .

3,961
3,988
4,150
4,239

145
152
139
154

15,647
15,729
15,827
15,829

16,668
17,304
17,024
17,143

242
265
271
297

733
942
876
984

769
609
540
698

1,990
2,028
2,049
2,054

99
99
96
85

2,833
3,042
2,854
2,845

1 ,081
1,110
1,099
1,132

1,090
1,096
1,099
1,104

24
21
13
25

233
360
221
310

2,699
2,696
2,689
2,688

Outside
New York City
1954—September 9,003

2,602 38,767 39,150 3,447

879

1,892

16,498

970

145

8,237

252

274

9,202
1955—July...
August. . . 9,142
September 9,177

824 2,469 40,183 41,108 3,589
353 40,112 40,502 3,656
807
424 40,300 41,532 3,427
852

991
952
973

2,172 17,105
2,139 17,142
1,715 17,146

933
910
920

154
152
147

7,593
7,533
7,801

341
335
336

301
308
319

333
388
516

404
289
294

5,602
5,626
5,655

1955 -July 6. . 9,085
July 13. . 9,184
July 20. . 9,233
July 2 7 . . 9,307

781
866
814
835

2,519
2,546
2,476
2,336

3,764 1,006 1,962 17,106
3,544 1,024 1,676 17 ,089
3,457 1,012 2,591 17,117
3,594
922 2,460 17,107

941
938
931
920

154
154
154

7,806
7,877
7,546
7,142

348
332
345
341

302
296
297
309

413
284
325
311

306
382
434
492

5,607
5,601
5,591
5,608

9,180
9,194
9,203
9,065
9,067

779
810
805
824
814

2,319 40,150
2,345 40,167
2,454 39,891
2,31640,115
2,33340,237

942
123
40,357 3,691
950
948
40,528 3,654
3,612
1,008
40,803
903
40,272 3,615
963 2,257
40,548 3,707

17,132
17,162
17,138
17,140
17,137

910
883
915
908
932

154
153
153
154
150

7,629
7,736
7,742
7,237
7,319

336
341
338
330
327

304
308
310
310
311

473
389
489
271
317

222
296
247
385
297

5,611
5,612
5,620
5,634
5,653

9,155
9,210
9,214
9,131

828
879
828
876

2,318
2,594
2,415
2,365

42,642
41,675

934 1,753
40,642 3,492
3,377
989 1,493
3,365 1,027 1,679
41,173 3,475
939 1,937

17,138
17,130
17,160
17,156

932
929
911
908

151
146
146
146

7,832
8,359
7,670
7,343

342
332
337
332

312
321
322
321

443
383
724
513

375
657
442
646
167
650
191 5,665

Aug.
Aug.
Aug.
Aug.
Aug.

3. .
10. .
17. .
24. .
31. .

Sept. 7..
Sept. 14. .
Sept. 21..
Sept. 28. .

39,726
40,303
40,184
40,523

39,908
40,381
40,436
40,477

40,460
41,845
41,130
40,999

299

5,273

3 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
Back figures.—For description of revision beginning Mar. 4, 1953, see BULLETIN for April 1953, p. 357, and for figures on the revised basis
beginning Jan. 2, 1952, see BULLETIN for May 1953, pp. 550-555. Figures for total leading cities for full year 1954 are shown on pp. 212-213 of the
BULLETIN for February 1955 except for the December 29 revisions in commercial, industrial and agricultural loans, other loans, and loans to banks.
For description of revision beginning July 3, 1946, and for revised figures July 1946-June 1947, see BULLETINS for June and July 1947, pp. 692
and 878-883, respectively. For old series, see Banking and Monetary Statistics, pp. 127-227-

OCTOBER




1955

1147

CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS OF A SAMPLE OF WEEKLY REPORTING MEMBER BANKS
BY INDUSTRY *
[Net declines, ( - ) . In millions of dollars]
Business of borrower
Manufacturing and mining
Period 2

Metals
and
Petrometal
leum,
Textiles,
Food,
products
coal,
liquor, apparel,
(incl.
Other
chemical,
and
and
and
tobacco leather machinery and rubber
trans,
equip.)

Trade
(wholesale
and
retail)

Commodity
dealers

Sales
finance
companies

Public
utilities
(incl.
transportation)

All
Conother
struc- types
tion
of
business

Comm'l
ind'l
and
Net
agr'l
changes change—
classitotal
fied

1953—Jan.-June...
July-Dec

-657
537

156
-107

420
-326

-45
138

90
—49

215

-644
392

-91
-137

12
91

18
—23

-11
101

-536
610

1954—Jan.-June...
July-Dec

-505
498

55
-26

-577
-548

—1
-62

-41
120

-363
539

-175
32

126
-225

71
82

106
132

-1,314
630

-1,496
539

153

146

-461

589

384

134

143

1,257

1,078

-805
795

1955—Jan.-June...

-540

220

177

-10
88
313

Monthly:
1955—July....
August
September. .

-65
60
128

28
78
75

-46
33
5

18
20
17

29
17
20

30
31
62

66
29
113

-37
274
-126

2
41
50

36
2
26

65
120
38

125
705
407

25
645
489

Week ending:
July 6
July 13
July 2 0 . . . .
July 27

-21
-20
-6
-17

8
8
1
11

-44
10
-8
—4

14
9
-7
1

-2
20
7
4

9
13
8

4
21
27
14

-36
6
-24
17

-31
20
-15
28

-7
18
16
8

15
30
-5
25

-101
131

-175
139
-36
97

7
8
7

-4
8
7
7
12

90
69
47
11
58

5
20
28
12
-23

—11
13
-1
1

21
39
18
22
20

170
171
164
101
99

24
204
186
110
121

-3
34
47
35

-171
25
20

8
14
11
18

2
14
9
1

4
28
13
-7

-120
288
134
105

-91
320
170
90

Aug.
Aug.
Aug.
Aug.
Aug.

3
10
17
24... .
31....

4
9
2
26
19

33
14
20
10
1

11
-17
29
-3
12

8
6
-17
10
15

-6

5
16
11
9
-10

Sept.
Sept.
Sept.
Sept.

7
14. . . .
21
28....

29
35
21
43

4
80
-7
-2

-8
5
17
-10

-11
16
1
10

11
10
-6
5

15
27
8
12

95

1
Sample includes about 210 weekly reporting member banks reporting changes in their larger loans; these banks hold over 90 per cent of
total 2commercial and industrial loans of all weekly reporting member banks and nearly 70 per cent of those of all commercial banks.
Figures for other than weekly periods are based on weekly changes during period.
NOTE.—Monthly and weekly data for the full year 1954 are shown on p. 214 of the BULLETIN for February 1955, except for Dec. 29 revision
shown on p. 524 of the BULLETIN for April 1955.

COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES
fin millions of dollars]
Dollar acceptances outstanding

Commercial and finance
company
paper outstanding
End of month
Total

Held b y

Total
Placed
outPlaced direct- standing
through
ly
dealers! (finance2
paper)

1949—December... .
1950—December
1951—December..
1952—December
1953—December

1,331
1,745
1,966

449
552
564

882
1,193
1,402

490
492
574

1954—August
September
October
November
December

2,228
2,192
2,048
2,032
1,924

794
803
762
769
733

1,434
1,389
1,286
1,263
1,191

563
609
687
768
873

1955—January
February

2,064
2,187
2,191
2,171
2,335
2,303
2,411
2,359

713

1,351
1,484
1,510
1,548
1,763
1,731
1,818
1,779

869

837
920

270
345

567
575

OUTSTANDING

272
394

Accepting banks
Total

128
192

197
183
172

198
259
271
313
289

Based on
F. R.
Banks

Goods stored in or
ImExshipped between
ports
Dollar
points in
ports
Othexfrom
into
Own Bills Own ForUnited United change
bills bought acct. eign
States States
United Foreign
corr.
States countries
58
114

70
78

119
126
117

79
57
55

155
178
217
241
203

43
81
55
71
86

11
21

133
180

21
20
24

272
289
378

5
6
14
19
19

360
344
402
437
565

184
245

49
87

2

235
232
274

133
125
154

23
39
29

205
207
207
248
285

134
139
148
164
182

75
85
72
42
17

30
28

9
32

101
130
205
247
300

47
48
55
66
89

55
64
75

564
77
23
273
187
17
303
28 561
235
61
178
41
283
29 538
227
182
56
49 . . . 4 .
248
623
206
767
164
42
17
28
517
229
April
189
68
190
572
192
14
686
143
49
26 453
207
188
May •
150
53
655
138
44
16
26
431
216
189
June
125
40
572
182
593
184 144
650
10
40
23 433
223
July
186
41
108
580
655
186
August
220
182
111
142
14
44
27 427
41
*As reported by dealers; includes finance company paper as well as other commercial paper sold in the open market.
2
As reported by finance companies that place their paper directly with investors.
Back figures.—For bankers' acceptances, see Banking and Monetary Statistics, Table 127, pp. 465-467; for description see p. 427.

March

1148




703
681

831
807

282

242
236

206

182
187

44
32
43

90

93
93
92

88
85
92
101

FEDERAL RESERVE BULLETIN

PRINCIPAL ASSETS OF SAVINGS INSTITUTIONS
UNITED STATES LIFE INSURANCE COMPANIES
[In millions of dollars]
Government securities
Date

Total
assets

Business securities

United State and
States
local i Foreign 2

Total

Mortgages

Real
estate

Policy
loans

Other
assets

2,060
1,878
1,663
1,352
1,063

1,249
1,390
1,428
1,718
2,103
2,221
2,446
2,573
3,268

5,958
6,442
6,726
6,714
6,686
6,636
7,155
8,675
10,833
12,906
16,102
19,314
21,251
23,322
25,976

1,055
1,247
1,445
1,631
1,903
2,020
2,298

3,091
2,919
2,683
2,373
2,134
1,962
1,894
1,937
2,057
2,240
2,413
2,590
2,713
2,914
3,127

2,156
1,840
1,693
1,830
1,704
1,738
1,808
2,124
2,160
2,245
2,591
2,872
3,088
3,302
3,523

Total

Bonds 3

Stocks

8,624
9,573
9,707
9,842
9,959
10,060
11,775
14,754
18,894
21,461
23,300
25,983
29,200
31,997
34,194

554
601
608
652
756
999

922
755
586
481

9,178
10,174
10,315
10,494
10,715
11,059
13,024
16,144
20,322
23,179
25,403
28,204
31,646
34,570
37,462

End of year: 4
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952.
1953
1954

30,802
32,731
34,931
37,766
41,054
44,797
48,191
51,743
55,512
59,630
64,020
68,278
73,375
78,533
84,486

8,359
9,478
11,851
14,994
18,752
22,545
23,575
22,003
19,085
17,813
16,066
13,667
12,774
12,405
12,100

5,857
6,796
9,295
12,537
16,531
20,583
21,629
20,021
16,746
15,290
13,459
11,009
10,252
9,829
9,070

2,387
2,286
2,045
1,773
1,429
1,047

End of month: 5
1952—-December..
1953—December..

73,034
78,201

12,683
12,322

10,195
9,767

1,733
1,968

755
587

31,404
34,395

29,226
32,056

2,178
2,339

21,245
23,275

1,868
1,994

2,699
2,894

3,135
3,321

1954—July
August
September
October. . .
November.
December

81,510
81,965
82,362
82,850
83,338
84,052

12,222
12,197
12,094
12,013
11,992
12,037

9,189
9,171
9,086
9,024
8,936
9,021

2,456
2,471
2,485
2,509
2,575
2,533

577
555
523
480
481
483

35,943
36,094
36,326
36,579
36,663
36,843

33,369
33,494
33,717
33,979
34,040
34,147

2,574
2,600
2,609
2,600
2,623
2,696

24,572
24,795
25,035
25,260
25,574
25,927

2,147
2,177
2,205
2,241
2,260
2,275

3,045
3,066
3,049
3,061
3,075
3,087

3,581
3,636
3,653
3,696
3,774
3,883

1955—January
February
March
April
May
June
July

84,912
85,324
85,627
86,061
86,515
86,967
87,636

12,348
12,323
12,153
12,167
12,099
12,086
12,138

9,233
9,242
9,091
9,105
9,058
9,046
9,096

2,643
2,664
2,649
2,643
2,632
2,629
2,643

472
417
413
419
409
411
399

37,061
37,130
37,384
37,524
37,693
37,830
38.081

34,305
34,367
34,611
34,733
34,906
35,001
35,212

2,756
2,763
2,773
2,791
2,787
2,829
2,869

26,223
26,474
26,727
26,949
27,217
27,483
27,748

2,310
2,344
2,367
2,381
2,407
2,420
2,453

3,127
3,144
3,159
3,177
3,190
3,207
3,230

3,843
3,909
3,837
3,863
3,909
3,941
3,986

936
945

1,190
1,393
1,547
1,736
1,767
1,990
2,549

115
396
511
684
792
915

1,010
1,037
1,140
1,130
1,060

857
735
860

1
Includes United States and foreign.
2
Central government only.
3
Includes International Bank for Reconstruction and
4
These represent annual statement asset values, with
5

Development.
bonds carried on an amortized basis and stocks at end-of-year market value.
These represent book value of ledger assets. Adjustments for interest due and accrued and differences between market and book values
are not made on each item separately, but are included in total in "Other assets."
Source.—-Institute of Life Insurance—end-of-year figures, Life Insurance Fact Book, 1952; end-of-month figures, The Tally of Life Insurance
Statistics and Life Insurance News Data.

ALL SAVINGS AND LOAN ASSOCIATIONS IN THE UNITED STATES
[In millions of dollars]
Assets

Assets
End of
year

1940 . . .
1941.
1942
1943
1944
1945 .
1946
1947
1948
1949
1950
1951
1952
1953
1954P

Total i

Mortgages2

5,733
6,049
6,150
6,604
7,458
8,747
10,202
11,687
13,028
14,622
16,846
19,164
22,585
26,638
31,680

4,125
4,578
4,583
4,584
4,800
5,376
7,141
8,856
10,305
11,616
13,622
15,520
18,336
21,882
26,142

U. S.
Government
obligations

Cash

Other 3

71
107

307
344

940
775

318
853
1,671
2,420
2,009
1,740
1,455
1,462
1,489
1,606
1,791
1,923
2,026

410
465
413
450

612
493
391
356

536

381

560
663
880
951
1,082
1,306
1,500
1,958

416
501
566
692
866
1,072
1,258
1,481

Savings
capital

4,322
4,682
4,941
5,494
6,305
7,365
8,548
9,753
10,964
12,471
13,978
16,073
19,143
22,778
27,259

End of
quarter

Savings
capital

TotaU

Mortgages 2

U. S.
Government
obligations

Cash

Others

1952—3
4

21,295
22,585

17,696
18,336

1,765
1,791

1,044
1,306

1,072

18,198
19,143

1953—i
2
3
4

23,442
24,724
25,582
26,638

19,051
20,099
21,116
21,882

1,926
1,997
1,982
1,923

1,259
1,333
1,196
1,500

1,128
1,218
1,212
1,258

20,072
21,140
21,735
22,778

1954—1P. . .
2P. . .
3P. . .
4P.. .

27,667
29,105
30,168
31,680

22,722
23,847
25,053
26,142

1,928
1,961
1,972
2,026

1,613
1,782
1,671
1,958

1,330
1,442
1,400
1,481

23,901
25,163
25,895
27,259

1955—1P. . . 33,006
2P...
34,946

27,313
28,988

2,207
2,287

1,911
1,948

1,514
1,652

28,398
29,839

708

^Preliminary.

1
Includes gross mortgages
2
Net of mortgage pledged
3

with no deduction for mortgage pledged shares.
shares.
Includes other loans, stock in the Federal home loan banks and other investments, real estate owned and sold on contract, and office building
and fixtures.
Source.—Federal Savings and Loan Insurance Corporation.

OCTOBER 1955




1149

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

1954

Asset or liability, and agency
1946

1947

1948

1949

1950

1951

2

Loans, by purpose and a g e n c y :
To aid agriculture total
.
.
Banks for cooperatives
Federal intermediate
credit banks
2
Federal land banks
Federal Farm Mortgage Corporation
.
Farmers Home Administration 3
Rural Electrification Administration
Commodity Credit Corporation.
Other agencies
To aid home owners, total
Federal National Mortgage Assn.2
Home Owners' Loan Corporation
Reconstruction Finance Corporation 4
Veterans Administration
Other agencies* .

.

4

3

1

2,884 2,299 3,632 4 362 3,884 4,161 5,070 6,811 6,389 6,527 6,929 7,466
377
309
343
232
425
424
276
305
367
345
340302
590
273
336
633
638
426
673
510
774
754
725
437
986
18
34
149
13
16
15
109
80
25
45
12"
. . .
60
648
590
539
596
701
535
754
754
558
525
774
523
528
734
999 1,301 1,543 1,742 1,920 2,096 2,164 2,200 2,226 2,253*
120
280 1,293 1,729
782 1,426 3,076 2,368 2,457 2,981 3,357
898
4
4
5
6
7
6
6
4
5
4
7
9
. ..

5

.

Reconstruction Finance Corporation 5
Department of the Treasury
Other agencies

To financing institutions, total
Reconstruction Finance Corporation ^
Federal home loan banks
Other agencies
.
Foreign, total
Export-Import Bank
Reconstruction Finance Corporation ^
U. S. Treasury Department 8
Foreign Operations Administration 2
All other purposes, total
5
Reconstruction Finance Corporation
Public Housing Administration 1 °
Other agencies
Less: Reserve for losses

Total loans receivable (net)
Investments:
U. S. Government securities, total . .
. .
Banks for cooperatives
Federal intermediate credit banks
Production credit corporations
...
Federal land banks 2 . .
Federal home loan banks
Federal Savings and Loan Insurance
Corp....
Home Owners' Loan Corporation 2
Federal Housing Administration
Reconstruction Finance Corporation *
Federal Deposit Insurance Corporation
Other agencies

659

556

6
636

4
486

10
6

To railroads, total
Reconstruction Finance Corporation 5
Other agencies
T o o t h e ri n d u s t r y , t o t a l .

1955

1953

1952

.

61

65

768 1 251 1,528 2,142 2,603 2,930 2,814 2,818
828 1,347 1,850 2,242 2,462 2,301 2,392

199
369

177
22

231

10

168
24

137
35

123
169

108
115
246 /\ 300
60

104
348
62

110
108
2
458
400
58

101
99
2
488
415
74

79
82
77
80
2
2
509
516
294
457
58 \/ 174
40

171
153
18

147
145
3

140
138
3

114
112
3

192
151
41

272
241
31

310
272
38

462
423
38

2,907 3,0132,461 2,538

367
59

383
63

40867"

12
10
2

12

12

It

12

12

11

415
191
179
45
678

413

420

42$

349
64

353
67

353"
73

952
691
447
525
314
814
870
824
864
704'
445
(7)
(7)
(7)
6
8
8
8
14
7
952
689
675
436
515
293
806
864
868
816
702
433
2
3
4
2
4
4
7
2
2,284 5,673 6,102 6 090 6,078 6,110 7,736 8,043 7,965 7,968 8,001 7,968
1,249 1,978 2,145 2 187 2,226 2,296 2 496 2,833 2,762 2,788 2,806 2 768
235
800

246

206

154

101

64

58

714

584
190
294

484
88
297

531
59
366

779
61
609

1,095

99

105

109

476

185

173

52

42

3,450 3,750 3,750 3,750 3,750 3,667 3,620 3,618 3,618 3,570 3,570
»1,515 1,537 1,544 1,563 1,624 1,630*

623
232
278

6340

113

96

478

395

278

100

368

763

451

438

32
245

144

171

195

307

113

325

332

203

255

276

228

259

50
919

57
535

126

140

471

451
119

6,649 9,714 11,692 12,733 13,228 14,422 17,826 19,883 18,489 18,603 19,348 19,782
1,873

1,685

1,854

2,226

2,421

2,602

2,911

2,988

2,967

48
48
72

43
44
66

43
74
39

43
46
42

43
51
43

43
60
43

43
63
45

52
50
42

43
58
42

3 187

43
47
70
136
145

43
61
42

43
60

139

274

275

199

249

311

387

672

687

641

771

Investment in international institutions

318 3,385

3,385

3,385

3,385

3,385

3,385

3,385

3,385

3,385

3,385

3,385'

Other securities, total
Reconstruction Finance Corporation 5
Production credit corporations.. .
Department of the Treasury
Other agencies . . .

230
159

133
98

107
83

88
71

78
66

44
36

40
35
5

54
50
4

48

47

44*

1

3
42
2

3

1

4
43
2

Commodities, supplies, and materials, total
Commodity Credit Corporation
Reconstruction Finance Corporation ^
Department of the Treasury
Other agencies

217
228
222
184
172
199
208
200
228
193
234
214
17
12
12
8
324
319
257
122
144
132
244
327
316
285
344
188
1
48
1,045 1,020 1,064 1,205 1,307 1,353 1,437 1,526 1,609 1,610 1,624 1 692a
1
1
1
1
28
29
1
1
1
9
1
2

154
108

46
24

35
11

1,265
463
667
134

822
448
235
138

16,924 12,600
Land, structures, and equipment,
total
Public Housing Administration 10
227
204
2,861
35
Reconstruction Finance Corporation *
754
727
Tennessee Valley Authority 2
U. S. Maritime C o m m i s s i o n2 . . . .
. . . . 3,301 3,305
War Shipping Administration
7,764 6,507
Federal Maritime Board and Maritime Adm. 2
2,044 1,793
Other agencies. * °
Bonds, notes, and debentures payable (not
guaranteed), total
.
. . . .
Banks for cooperatives
Federal intermediate
credit
banks
Federal land banks 2
Federal home loan banks

2 047 2,075

1,252
33
293
756
169

689
69

29
6

22
2

16
1

11
1

8
I

627 1,549 1,774 1,461 1,280 2,514 3,369 3,709
437 1 376 1,638 1,174
978 2,086 2,802 3,059
156
129
157
172
91
108
142
95
159
32
28
131 ( 272
30
476
556
3,060 2,962 2,945 3,358 3,213 8,062 8,077 8,061
823
128
1,448 1 352 1,248 1,251 1,173 1,018
594
175
161
630
605
199
611
793
886 1,048 1,251 1,475 1,630 1,685
830

189
965
70

168

206

465

590

3

3,852 3,612
3,302 2,983
80
65
470
564
8,046 7,982*
96
80*
1,739

1,781

4,834 4,829 4,782 4,798 4 749
561
634 121,466 1,412 1,372*

772 1,190 1,369 1,330 1,182
78
170
110
150
181

358

480

490

520

674

704

619

262

415

204

560

525

445

414

971 1,072 1,068 1,561
131
120
156
139*
736

762

640

71$

115

179

272

139s
57O

For footnotes see following page.

1150




FEDERAL RESERVE BULLETIN.

GOVERNMENT CORPORATIONS AND CREDIT AGENCIES—Continued
PRINCIPAL ASSETS AND LIABILITIES
[Based on compilation by United States Treasury Department. In millions of dollars]
Liabilities, other than
interagency items

Assets, other than interagency items1

Date, and corporation or agency
Total

All agencies:
1948—Dec.
1949—Dec.
1950—Dec.
1951—Dec.
1952—Dec.
1953—Dec.

31
31
31
3 1 22
31
312

? 1 718
? 3 ,733
? 4 63S
? 6 744
7 9 Q4S

Cash

Loans
receivable

630 11,692
441 12,733

InvestComments
modities,
supplies, U. S. Other
and Govt. secumate- secu- rities
rials rities

627

1,549
1,774
1,461
1,280
2,514

Bonds, notes,

Pri-

U.S.

1 854 3 518 3 060
047 3 49? 7 0 6 7
075 3 47.3 ? Q4 5
??6 3 46 3 3 358
3 713

337
509
499
882
832

602 3 425 8 062

1,261

?

7
?
7
2

U. S.

and debenGov- vately
Land,
tures payable
ern- owned
struc- Other
m
e n t interOther intertures, asliabilest
and
est
Guarities
equip- sets anteed
ment
Other
by

38
28
23
43
53

965
772

1 ,663
1 720
1 ,193
\ ,161
1 ,778

18 886
21 030
21,995
23 842
26,456
3 ,818 33,429

166
183
234
329
378

38 ,937

13,228
14,422
17,826
1 ,190 19,883

1954—June 30
Sfept. 30
Dec 31

39 ,602
40 443
41 ,403

1 ,232 18,489 3,369 2 911 3 439 8 077 2,085
1 3?4 18,603 3,709 ? Q88 3 433 8 061 2,325
1 ,371 19,348 3,852 2 967 3 432 8 046 2,387

81
971 4 ,033 34,030
28 1,072 7 ,357 36,488
33 1,068 4 ,183 35,610

486
498
508

1955—Mar. 31

41 ,996

1 ,375 19,782 3,612 3 187 3 429 7 982 2,629

31 1,561

4 ,013 35,848

543

Classification by agency,
Mar. 31, 1955
Farm Credit Administration:
Banks for cooperatives
Federal intermediate credit banks
Production credit corporations
Federal Farm Mortgage Corp.
...
Department of Agriculture:
Rural Klectrification Administration
Commodity Credit Corporation
Farmers Home Administration
Federal Crop Insurance Corp.
Housing and Home Finance Agency:
Home Loan Bank Board:
Federal home loan banks
Federal Savings and Loan Insurance Corp..
Public Housing Administration 10
Federal Housing Administration
Federal National Mortgage Association
Office of the Administrator
Small Business Administration
Export-Import Bank
....
Federal Deposit Insurance Corp
.
Tennessee Valley Authority
Federal Maritime Board and Maritime Adm.. .
Panama Canal Company
...
Veterans Administration
Department of the Treasury
Foreign Operations Administration
All other. .
1

411
819

64?
931
944

27
96

46

15
2 ,393
6 ,99?
770

20
1 1S13

242
33?
565
2 ,650
921

31

? 809

1 ,709
1 996
5 ,380
46Q

576
8 794
1 ,647
899

2

471

(7)

43
60

336
725

5
7

3

4?

12

1

667

(

1
1 SI

1
29
7 2,789
3
176
255
31
134
409
3,935
7 1,630
127
117

m

1
8

8

108
571

7

27

1

18
33
702
1
??
118
33
50
92 2,540
198
88

139
713
(7)

35 2,250
73 3,265 2,983
7S

3 4?9

1,190
1 369
1,330
75 1,182

?

771
234

(7)

(
344

4

(
80

1
(
596
1

(7)
(

6
8
112
137
18
39

\«

45
13
3
65
475

1 ,692
(7)

15
1 781
11
4 749
331
4?1
4
3
28
3 473
137 1,059
10
117
63

139
31

"576

242
98
45
14

434

28

1 2,392
4,698
,794
13
757
4
15
86?
—3
10
232
308
74
175
360
27 2,052
8
914

515

31
2,697
1,567
1 949
5,197
457
7
569
78 8,766
6 1,641
48
851

112
142
47
184
1?

Loans by purpose and agency are shown on a gross basis; total loans and all other assets are shown on a net basis, i.e., after reserve for

2

Several changes in coverage have been made over the period for which data are shown. The more important are: exclusion of the following
agencies after repayment of the U. S. Government interest—Federal land banks after 1946 and the Home Owners' Loan Corporation after June
1951; exclusion of the United States Maritime Commission (including War Shipping activities) after 1947, when this agency ceased to report to
the U. S. Treasury; and inclusion of the Mutual Security Agency (superseded by the Foreign Operations Administration) beginning June 1952
and of
the Federal Maritime Board and Maritime Administration beginning June 1953.
3
Figures for this agency for the early years shown have been adjusted to include activities of its predecessor, the Farm Security Administration, 4and of the Regional Agricultural Credit Corporation and also the Emergency Crop and Feed Loans of the Farm Credit Administration.
Figures for RFC Mortgage Co., whose assets and liabilities were taken over by the Reconstruction Finance Corporation in 1947, are included
with "Other agencies" in 1946.
5
The RFC Liquidation Act approved July 30, 1953 (67 Stat. 230) terminated the RFC's lending authority effective Sept. 28, 1953. Its lending
activities under the Federal Civil Defense Act of 1950 and the Defense Production Act of 1950 were transferred to the Treasury on that date.
When the Corporation went out of existence on June 30, 1954, certain loans, securities, and other assets were transferred to the Federal National
Mortgage Association, the Small Business Administration, and the Export-Import Bank, and the Treasury assumed responsibility for completing
liquidation
of other activities.
6
Reconstruction Finance Corporation loans to aid home owners, which increased steadily through the first three quarters of 1947 and during.
1948, 7 appear to have been included
with "other" loans in the statement for Dec. 31, 1947.
8
Less than $500,000.
Figures represent largely the Treasury loan to United Kingdom and through 1952 are based in part on information
not shown
in Treasury compilation.
9
Represents lending under Mutual Security Agency (predecessor of FOA) included in the Treasury compilation beginning with balance
sheetI for June 30, 1952; figure not published in Treasury compilation, but derived by Federal Reserve.
°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. Effective July 1, 1954, the public war
housing program of the PHA (represented largely by "Land, structures, and equipment") and several small housing programs managed by the
Office of the Administrator, Housing and Home Finance Agency, were designated to be liquidated by the Office of the Administrator.
II
Beginning 1951, includes figures for Panama Canal Company, a new corporation combining the Panama Railroad Company (included in
earlier Treasury Statements) and the business activities of the Panama Canal (not reported prior to that time). See also footnote 10.
i 2 See footnote 10.
NOTE.—Statement includes certain business-type activities of the United States Government. Figures for some agencies—usually smalJ
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




1955

1151

SECURITY MARKETS l
Bond prices

Stock prices
Common

U. S. Govt.
(long-term)

CorMupoPrenicipal rate
(high-4 (high- ferred 8
4
New grade) grade)
Tosetal
riesa

Year, month,
or week
Old
series 2

Number of issues
1952 average
1954 average

Standard and Poor's series
(index, 1935-39=100)

1

InPubdus- Rail- lic Totri- road util- tal
al
ity

480

420

20

40

265

170

98

72

21

29

31

14

129.3 115.8 169.7 188
97.27
93.90 i6i.46 119.7 112.1 164.0 189
99.51 109.60 125.8 117.2 174.5 227

204
204
250

169
170
180

118
122
136

195
193
230

220
220
271

189
193
245

249
245
295

221
219
233

118
122
136

206
207
236

276
240
267

1,404
1,419
2,270
1,963
2,103
3 196
3,475

3-7

17

15

14

Volume
of
trading*
(in
Manufacturing
Trade,
thoufisands
Trans- Public nance, Min- of
Non- porta- utiland
ing shares)
To- Dudu- tion
servraity
tal
rable ble
ice

Securities and Exchange Commission series
(index, 1939=100)

1954—Sept. . .
Oct
Nov.
.
Dec
1955—j an
Feb
Mar.
Apr
MayJune
July
Aug. .
Sept

110.68
110.59
109.88
109.91

127.2
126.9
127.4
126.6

117.6
117.5
117.4
117.0

175.8 239
178.1 244
178.9 252
178.3 265

97.88 108.43
96.97 103.51
97 08 103.63
96.31 103.43
96 53 103.66
96.37 103.75
94.96 102.73
94 51 101.57
94.87 101.95

125.4
125.0
124.4
124.9
125.1
123.9
121.4
120.5
121.3

116.7
115.7
115.4
115.3
114.7
114.5
114.3
113.2
113.1

175.7 269
175.0 278
174.6 278
176.0 286
175.6 285
175.8 301
176.7 315
174.3 311
172.7 323

Week ending:
Sept. 3
Sept. 1 0 . . . .
Sept. 17..
Sept. 2 4 . . . .
Oct. 1 . . . .

94.46
94.84
94.77
94.82
95.17

101.61
101.77
101.72
102.04
102.34

120.2
120.3
121.0
121.7
122.1

113.0
113.0
113.1
112.9
113.2

171.9
172.9
172.9
173.1
172.0

99 92
99.69
99 27
98.97

316
320
326
328
319

264

182

141

240

286

260

309

236

140

247

268

271
282
297

187
197
218

139
141
144

244
254
268

291
305
323

267
284
298

313
324
345

240
259
285

138
141
144

249
260
268

269
278
310

302
312
311
322
320
341
360
354

222
232
238
252
251
259
256
250

145
150
150
152
152
153
156
156

271
281
280
287
289
303
319
315

326
340
337
347
350
370
395
390

307
320
318
327
324
344
366
368

344
358
354
365
372
393
421
410

288
300
305
320
326
337
334
324

145
150
151
152
154
154
157
156

270
276

314
315
315
311
303
314
317
311

317

3,555
3,201
2,907
2,689
2 163
2,643
2,423
1 818
2,862

314
320
324
321
307

1,812
2,426
2,620
2,408
4,339

371
"361
367
374
377
366

257
253
258
261
261
248

155
155
154
156
156
153

327
323
325
331
334
320

407

402
405
414
417
398

387
380
382
393
398
381

425

331

422
425
432
434
413

327
335
338
338
319

275
277
280
294
304
302

155

320

156
155
156
157
153

309
313
324
335
317

"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. Prior to Apr. 1, 1952, only bonds due or first callable after 15
years were included.
3The
3 ^ per cent bonds of 1978-83 and, beginning Feb. 1, 1955, the 3 per cent bond of February 1955.
4
Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond.
B
Standard and Poor's Corporation. Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual
dividend.
« Average daily volume of trading in stocks on the New York Stock Exchange for a five and one-half hour trading day.
Back figures.—See Banking and Monetary Statistics, Tables 130, 133, 134, and 136, pp. 475, 479f 482, and 486, respectively, and BULLETIN
for May 1945, pp. 483-490, and October 1947, pp. 1251-1253.
STOCK MARKET CREDIT
[In millions of dollars]
Customer credit

Broker and dealer credit

Excluding U. S. Government securities
End of month or
last Wednesday
of month
Total

Bank loans
to others
Money
Net debit
Bank loans to
for
borrowed
balances
Net debit
others for purpurchasing
except on
secured
balances
chasing or carryor carrying
U.S.
by U. S.
excluding
ing securities
U.S.
Government
Government1
balances
except U. S.
obligations Government2 obligations1
secured by U. S.
Government2
obligations
Government1
obligations
obligations

Money
borrowed
on
U. S.
Government1
obligations

Customers'
net free
credit
balances1

1951—December
1952—December
1953—December

1,826
1,980
2,445

1,253
1,332
1,665

573
648
780

40
33
31

118
149
88

659
877
1,074

36
30
88

822
727
713

1954—August
September
October
November
December

2,830
2,953
3,050
3,203
3,436

1,967
2,048
2,095
2,202
2,388

863
905
955
L,001
L,048

31
34
36
40
41

34
36
38
31
65

1,125
1,225
1,295
1,353
1,529

69
66
69
63
69

910
924
924
972
1,019

3,537
3,643
3,732
3,785
3,787
3,871
3,911
3,865

2,517
2,590
2,652
2,704
2,684
2,711
2,734
2,710

1,020
L,053
1,080
1,081
1,103
1,160
1,177
L ,155

42
63
49
48
47
46
45
43

35
39
33
27
28
31
29
29

1,620
1,666
1,861
1,988
2,047
2,020
2,003
1,994

77
113
78
74
72
73
77
71

1,069
1,063
1,022
973
928
917
918
887

1955—January
February
March
April
May
June
July
August..

...

1
Ledger balances of member firms of the New York Stock Exchange carrying margin accounts, as reported to the Exchange. Customers'
debit and free credit balances exclude balances maintained with the reporting firm by other member firms of national securities exchanges and
balances of the reporting firm and of general partners of the reporting firm. Balances are net for each customer—i. e., all accounts of one customer
are consolidated. Money borrowed includes borrowings from banks and from other lenders except member firms of national securities exchanges.
Data2are as of the end of the month, except money borrowed, which is as of the last Wednesday of the month beginning June 1955.
Data, except as noted below, are for all weekly reporting member banks, which account for about 70 per cent of all loans to others for purchasing or carrying securities. Figures are for the last Wednesday of the month. Some loans for purchasing or carrying U. S. Government
securities may be included in column 3 after 1952; loans for that purpose are shown separately in column 5 for all weekly reporting member banks
in 1951 and 1952 and for New York and Chicago banks thereafter.

1152




FEDERAL RESERVE BULLETIN

MONEY MARKET RATES
[Per cent per annum]

Prime
commercial
paper,
4- to 6months 1

Year,
month, or
week

Finance
company
paper
placed
directly,
3- to 6-1
months

U. S. Government
securities (taxable)
Prime
bankers'
accept- 3-month bills
ances,
9-to 12- 3- to 590
month
year
days 1 Market Rate issues 2 issues 3
on
new
yield
issues

1952 average. . . .
1953 average
1954 average. . . .

1.33
1.52
:L .58

2.16
2.33
«1.42

1.75
1.87
1.35

1.72
1.90
.94

1.766
1.931
.953

1 .81
5.07
.92

2.13
2.56
1.82

1954—Sept
Oct
Nov
Dec

L .31
1.31
L .31
1.31

1.25
1.25
1.25
1.25

1.25
1.25
1.25
1.25

1.01
.98
.93
1.14

1.007
.987
.948
1.174

.89
[.03
.94
1.10

1.80
1.85
1.90
1.94

1955—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept

L.47
L.68
L.69
L.90
2.00
2.00
2.11
2.33
2.54

1.37
1.50
1.50
1.73
1.88
1.82
1.87
2.02
2.28

1.33
1.38
1.38
1.43
1.50
1.50
1.50
1.67
2.08

1.23
1.17
1.28
1.59
1.45
1.41
1.60
1.90
2.07

1.257
1.177
1.335
1.620
L.491
L.432
L.622
L .876
2.086

L.36
:L .41
1.49
L .71
L .72
L.71
i. .88
2.12
>.14

2.11
2.18
2.30
2.39
2.40
2.42
2.54
2.73
2.72

Week ending:
Sept. 3 . . .
Sept. 1 0 . . .
Sept. 1 7 . . .
Sept. 2 4 . . .
Oct. 1 . . .

2.48
2.50
2.55
2.56
2.58

2.20
2.25
2.25
2.30
2.31

1.85
2.00
2.13
2.13
2.13

2.08
2.10
2.06
1.99
2.11

2.088
2.134
2.104
1.981
2.122

2.22
2.16
1.10
1.13
2.15

2.80
2.77
2.76
2.70
2.61

BANK RATES ON BUSINESS LOANS
AVERAGE RATES ON SHORT-TERM LOANS IN
SELECTED CITIES
[Per cent per annum]
Size of loan (thous. of dol.)
A 11

Area and period

loans

Annual averages:
19 cities:
1948
1949
1950
1951
1952
1953
1954 . . .
Quarterly:
19 cities:
1954—Dec
1955—Mar
June.,.
Sept.. .
New York City:
1954—Dec
1955—Mar
Tune
Sept.. .
7 Northern and Eastern cities:
1954—Dec
1955—Mar...
June...
Sept
11 Southern and
Western cities:
1954—Dec#
1955—Mar
Tune
Sept

2 5

110

10100

100200

200
and over

4.4
4.6

3 5

2 8

2.7

3.7

3.0

2.7
3.1
3.5
3.7
3.6

4.5
4.7
4.9
5.0
5.0

3.6
4.0
4.2
4.4
4.3

3.0
3.4
3.7
3 9
3.9

2 2
2 4
2.4
2 9
3.3
3 5
3.4

3.56
3 76

3.55
3.54

4.92
4.93
4.92
4 98

4.29
4.29
4.29
4 43

3.84
3.83
3.83
3 99

3 31
3.30
3.33
3 54

3 30
3.29
3.30
3 54

4.66
4.68
4.73
4 83

4.15
4.14
4.18
4 39

3 64
3.65
3.62
3 87

3 15
3.14
3.15
3 39

3 55
3.55
3.55
3 76

4.99
5.02
4.97
5.06

4.31
4.32
4.29
4.43

3 89
3.84
3.78
3 99

3 33
3.35
3.37
3 58

c
3.90
5.01 4.36 3.93
Corrected.
5.00 4.35 3 92
3.87
*Data
are averages of daily prevailing rates.
2
4.98 4.34 4.01
3.95
Series
includes
certificates
of
indebtedness
and
selected
note
and
bond
issues.
3
4.07
5.01 4.47 4.07
Series includes selected note and bond issues.
/ Back figures—See Banking and Monetary Statistics, Tables 120-121, pp.
NOTE.—For description of series see BULLETIN for
448-459, and BULLETIN for May 1945, pp. 483-490, October 1947, pp. 12511949, pp. 228-237.
1253, and February 1955, p. 215.
BOND AND STOCK YIELDS *
[Per cent per annum]

Bonds

Year, month,
or week

Corporate6

Old
series2

New
series 3

General obligations4
By selected
ratings
Total
Aaa

Revenue
bonds 5

March

Industrial stocks

State and local government
U. S. Govt.
(long-term)

3.60
3 54
3.67
3.82

By selected
ratings

Dividends /
price ratio

By
groups

Earnings/
price
ratio

Total
Aaa

Baa

Baa

Industrial

Railroad

Public Preutility ferred7

Common 8

Common9

Number of issues..

3-7

1

20

5

10

120

30

30

40

40

40

14

125

125

1952 average
1953 average
1954 average

2.68
2.93
2.53

3.16
2.70

2.22
2.82
2.46

1.80
2.31
2.04

2.70
3.41
3.09

2.45
3.02
2.81

3.19
3.43
3.16

2.96
3.20
2.90

3.52
3.74
3.51

3.00
3.30
3.09

3.36
3.55
3.25

3.20
3.45
3.15

4.13
4.27
4.02

5.55
5.51
4.70

9.49
10.14
8.75

1954—September..
October
November..
December. .

2.51
2.52
2.55
2,57

2.64
2.65
2.68
2.68

2.34
2.37
2.34
2.40

1.93
1.97
1.95
2.01

2.98
3.00
2.96
2.99

2.80
2.77
2.76
2.76

3.13
3.13
3.13
3.13

2.89
2.87
2.89
2.90

3.47
3.46
3.45
3.45

3.07
3.06
3.06
3.07

3.22
3.23
3.22
3.23

3.13
3.11
3.10
3.10

3.98
3.93
3.92
3.93

4.31
4.43
4.29
4.09

7.42

1955—January....
February...
March
April
May
June.......
July.......
August....
September..

2.65
2.72
2.71
2.77
2.75
2.76
2.87
2.91
2.88

2.76
2.92
2.92
2.92
2.91
2.91
2.96
3.02
3.00

2.48
2.49
2.49
2.50
2.48
2.49
2.62
2.69
2.70

2.09
2.10
2.09
2.08
2.06
2.09
2.23
2.33
2.31

3.04
3.05
3.07
3.08
3.07
3.08
3.17
3.22
3.24

2.77
2.79
2.80
2.79
2.77
2.80
2.86
2.92
2.92

3.15
3.18
3.20
3.21
3.23
3.23
3.24
3.29
3.31

2.93
2.99
3.02
3.01
3.04
3.05
3.06
3.11
3.13

3.45
3.47
3.48
3.49
3.50
3.51
3.52
3.56
3.59

3.08
3.12
3.14
3.14
3.17
3.18
3.18
3.25
3.25

3.25
3.28
3.31
3.30
3.32
3.31
3.32
3.36
3.40

3.12
3.15
3.17
3.17
3.19
3.21
3.22
3.26
3.29

3.98
4.00
4.01
3.98
3.99
3.98
3.96
4.01
4.06

4.10
4.14
4.18
4.03
4.05
3.71
3.63
3.76
3.76

Week ending:
Sept. 3
Sept. 10
Sept. 17... .
Sept. 24
Oct. 1 . . . .

2.91
2.88
2.89
2.89
2.86

3.02
3.01
3.01
3.00
2.98

2.71
2.72
2.71
2.68
2.66

2.34
2.34
2.32
2.27
2.27

3.23
3.25
3.25
3.25
3.23

2.95
2.93
2.92
2.90
2.90

3.31
3.32
3.31
3.31
3.31

3.13
3.14
3.13
3.13
3.12

3.58
3.59
3.59
3.58
3.59

3.27
3.27
3.25
3.25
3.24

3.38
3.40
3.40
3.40
3.39

3.29
3.29
3.29
3.29
3.29

4.07
4.05
4.05
4.05
4.07

3.74
3.71
3.64
3.59
3.76

5

8.15
8.25
8.17

1
Monthly and weekly yields are averages of daily figures for U. S. Government and corporate bonds. Yields of State and local government
general obligations are based on Thursday figures; of revenue bonds, on Friday figures; and of preferred stocks, on Wednesday figures. Figures
for common
stocks are as of the end of the period, except for annual averages.
2
Fully taxable, marketable 23^ per cent bonds first callable after 12 years. Of these the 1967-72 bonds are the longest term issues. Prior
to Apr. 1, 1952, only bonds due or first callable after 15 years were included.
3The
3M per cent bonds of 1978-83 and, beginning Feb. 1. 1955, the 3 per cent bond of February 1995.
4
5
Moody's Investors Service. The total includes bonds rated Aa and A, data for which are not shown separately.
Dow-Jones and Co.
*Moody's Investors Service. Because of a limited number of suitable issues, the number of bonds in some groups has varied somewhat
The total
includes
bonds
rated
Aa
and
A,
data
for
which
are
not
shown
separately.
7
Standard and Poor's Corporation. Ratio
is based on 9 median yields in a sample of noncallable issues, 12 industrial and 2 public utility.
8
9
Moody's Investors Service.
Computed by Federal Reserve from data published by Moody's Investors Service.

OCTOBER




1955

1153

TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS
[On basis of monthly statements of United States Treasury]
Summary
Budget receipts and
expenditures

Excess of receipts
or expenditures (—)

Increase or
decrease (—)
during period

Account of Treasurer of the United
States (end of period)
Deposits in

Period

Sales and
Trust redemptions
Clearand
ing
in
market
other
acof Govt.
account
agency
counts obligations

Net
receipts

Expenditures

Surplus
or
deficit
(-)

Cal. yr.—1951
1952
1953
19541m . .

52,979
64,840
63,841
61,171

56,337
70,682
72,997
64,854

-3,358
-5,842
-9,157
-3,683

759
49
82
812

56
-90
19
-73

-106
-319
-209
-34

Fiscal yr.—1952...
19531..
1954...
1955...
Semiannual totals:
1952—July-Dec.
1953—jan.-June.1
July-Dec.
1954—Jan.-June.
July-Dec.
1955—Jan.-June.
Monthly:
1954—Sept
Oct
Nov
Dec
1955—Tan.
Feb
Mar,
Apr
May
June
July
Aug
Sept

61,391
64,825
64,655
60,303

65,408
74,274
67,772
64,494

-4,017
-9,449
-3,117
-4,192

219
460
332
-612

-72
-25
-4
881

26,893
37,703
25,757
38,899
22,272
38,031

36,186
37,801
34,484
33,288
31,566
32,928

-9,293
-98
-8,728
5,611
-9,294
5,102

121
341
-317
648
164
-775

46
-71
99
-103
30
851

-401
-250
-303
257
-64
-248
-246
-57
23
234

4,951
2,639
4,201
3,742
4,655
5,427
9,741
3,732
4,438
10,038
2,765
4,734
n.a.

5,019
4,857
3,842
6,288
4,942
4,831
5,894
5,228
5,356
6,677
5,382
6,225
n.a.

-68
-2,218
358
-2,546
-287
596
3,846
-1,496
-919
3,361
-2,617
-1,491
n.a.

-283
-288
358
126
-179
26
-80
-193
-79
-269
-261
-338
n.a.

163
-23
33
-26
511
-37
73
29
36
238
27
120
n.a.

21
104
-209
425
-186
354
36
309
-384
104
237
-74
n.a.

Gross
direct
public
debt

F. R. Banks

Other
net
assets

General
fund
balance

Balance

2,711
7,973
7,777
3,582

62
1,770
-1,488
603

4,295
6,064
4,577
5,180

321
389
346
563

146
176
131
111

2,693
4,368
3,358
3,461

1,134
1,132
742
1,045

3,883
6,966
5,189
3,115

-388
-2,299
2,096
-551

6,969
4,670
6,766
6,216

333
132
875
380

355
210
274
343

5,106
3,071
4,836
4,365

1,175
1,256
781
1,127

8,286
-1,320
9,097
-3,909
7,490
-4,376

-904
-1,394
-94
2,190
—1,587
1,036

6,064
4,670
4,577
6,766
5,180
6,216

389
132
346
875
563
380

176
210
131
274
111
343

4,368
3,071
3,358
4,836
3,461
4,365

1,132
1,256
742
781
1,045
L ,127

-145
3,942
101
-103
-311
-257
-4,134
2,601
824
-3,098
3,210
725
-833

-313
1,518
641
-2,124
-451
682
—260
1,250
-522
336
595
-1,058
-378

5,145
6,663
7,304
5,180
4,728
5,411
5,151
6,401
5,880
6,216
6,811
5,753
5,376

704
736
694
563
360
564
724
814
649
380
624
393
554

170
175
137
111
320
196
149
362
153
343
179
143
191

3,469
4,936
5,584
3,461
2,907
3,561
3,203
4,023
4,054
4,365
4,972
4,188
3,638

801
816
889
1,045
1,142
L ,089
1,074
1,201
1,023
1,127
1,036
1,028
993

Special
deposAvail- Inessprocof itaries
able
funds collection

Budget expenditures
National security
Period

Total
Total 2

InterVetSocial
nat'l. Inter- erans
seaffairs
est Admin- curity
De- Mutual
on
mili- Atomic and
fense
istraprodebt
tary energy
fiDept.,
tion * grams
pronance 3
miligram
tary

Agriculture

TransHousfers
Post
ing
to
and Public office
Other
trust
home works defacfiicit
counts
nance

Cal. yr.—1951 . ,
1952
1953
19541

56,337
70,682
72,997
64,854

33,044
47,936
49,363
42,820

29,432
42,078
42,953
36,807

1,594
3,052
3,784
3,249

1,278
L ,813
1,889
L,937

3,524
2,574
2,082
1,265

5,983
6,065
6,357
6,567

5,088
4,433
4,156
4,206

1,463
1,508
1,630
1,653

1,010
1,564
3,238
3,437

694
646
-159
-393

1,438
1,573
1,685
1,526

684
775
525
241

507
510
154
182

2,901
3,098
3,966
3,350

Fiscal yr.—1952
19531...
1954....
1955....
Semiannual totals:
1952—July-Dec.
1953—Jan.-June..
July-Dec, i
1954—Jan.-June..
July-Dec..
1955—Jan.-June..
Monthly:
1954—Aug
Sept
Oct
Nov
Dec.
1955—Jan
Feb
Mar
Apr
May
June
July
Aug

65,408
74,274
67,772
64,494

42,867
50,276
46,522
6
40,989

38,077
43,611
40,336
35,730

2,292
3,956
3,629
5
1,895

1,648
L ,791
1,895
1,856

2,839
2,184
1,553
5
1,175

5,859
6,504
6,382
6,389

4,748
4,249
4,176
4,376

1,424
1,532
1,640
1,669

1,219
3,134
2,841
4,689

614
385
-615
127

1,515
1,660
1,519
1,472

740
659
312
366

567
462
164
157

3,015
3,229
3,277
:3,086

24,491 21,426 1,699
25,596 22,134 2,113
23,750 20,819 1,671
22,773 19,517 1,958
20,047 17,290 1,292
20,650 18,440
605

876
926
945
950
987
869

1,107
1,113
968
585
680
787

2,966
3,542
2,816
3,567
3,000
3,389

2,164
2,086
2,070
2,106
2,100
2,277

802
791
806
834
819
850

885
2,178
1,237
1,604
1,833
2,856

424
-42
-176
-439
46
81

916
740
900
619
907
565

355
305
220
92
149
216

426
31
118
46
137
20

1,650
1,462
1,774
1,502
1,847
1,239

3,370
3,261
3,300
3,316
3,739
3,176
3,048
63,759
3,382
3,346
3,939
2,863
3,420

169
160
170
156
158
158
151
153
134
126
147
138
138

94
152
73
89
192
171
148
6109
78
184
97
48
89

332
541
346
368
1,200
222
396
478
355
443
1,495
592
522

333
320
341
372
401
373
364
386
379
378
397
357
370

118
2,039
137
144
171
170
131 - 1 , 0 3 4
123
244
181
381
119
269
119
690
153
781
133
390
145
345
159
346
165
933

-39
-5
6
96
-61
35
36
-17
26
34
-33
28
-1

137
158
164
142 ' l 4 8 '
149
2
101
23
89
72
85
16
99
31
108
43
84
32
151
85
132
59

4
1
9
1
65

344
309
279
212
234
272
288
269
-60
294
175
412
476

36,186
37,801
34,484
33,288
31,566
32,928
6,731
5,019
4,857
3,842
6,288
4,942
4,831
5,894
5,228
5,356
6,677
5,382
6,225

2,913
2,843
2,908
2,853
3,280
3,092
2,705
3,261
3,020
3,017
3,345
2,547
3,111

228
210
187
181
152
-113
163
63
122
99
271
92
88

7

3
1
5
3
1
341
61

n.a.
Not available.
1
Beginning new reporting basis, described in Treasury Bulletin, April 1954, p. A2.
2
Includes stockpiling and, beginning with March 1955 and fiscal year 1955, direct forces support (formerly included with "International
affairs8 and finance"), not shown separately.
Consists of foreign economic and technical assistance under the Mutual Security Act, net transactions of the Export-Import Bank, other
nonmilitary
foreign aid programs, and State Department.
4
Excludes
transfers to trust accounts, which are shown separately.
6
Monthly figures do not add to total because figures for reclassified items are not available for July-February.

1154




FEDERAL RESERVE BULLETIN

TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS—Continued
[On basis of monthly statements of United States Treasury, unless otherwise noted .

In millions of dollars

Budget receipts
Income and profits taxes
Individual

Period

Cal. yr.—1951
1952
1953
19543
Fiscal yr.—1952
19533...
1954
1955
Semiannual totals:
1952—July-Dec...
1953—Jan.-June.3
July-Dec. .
1954—Jan.-June..

Corporation 1

Deduct
Estate
and
gift
taxes 1

Excise1
taxes

UnemployTotal
Other
ment
budget
insur- receipts 2 receipts
ance
taxes

Withheld

Other 1

16 037
?0 045
9 ? 605
90, 787

10,311
11,834
11,279
10,477

16,565
22,140
19,045
19,915

801
849
923
960

8,591
9,566
10,288
9,136

521

21,467
21,595
21,523
18,265

833
891
945
936

8,893
9,934
10,014
9,194

?E!9
?77

21 635
21' 242

11,359
11,417
10,747
10,407

9, 825
11 347
1 1 , 078
10 558
10 230
11 013

2,826
8,481
2.593
8,154
2,323
8,084

7,821
13,773
5,375
16,148
3,767
14,498

390
502
405
540
420
516

5,048
4,931
5,405
4,609
4,527
4,666

2 , 578

93
1,429

300
1,104
361
290

64
72

759

199
78
272

1,181

881
745

6,812

21' 351

1955—Jan.-June..
Monthly:
1954—August....
September.
October....
November.
December..
1955—January...

422
1 ,077
1 ,359

March .
May

June

July
August....

884
2 916
1 721
967

2,239

2, 991
1 ,534

2,190
602
1,428

884
3 , 004

277
115

355
274

65
61
82
62
67
151

58,941
71,788
71,524
70.217

3,355
3,814
3,918
5,121

509
683
628
604

2,098
2,451
3,137
3,322

52
64
63
61

979
840
841
171

2,364
2,478
2,882
$.104

67,999
72,649
73,173
69,368

3,569
4,086
4,537
5,040

738
620
603
600

2,302
3,118
3,377
3,426

61
64
64
60

391
825
655
303

4?
234
40
74s?
40

1,388
L.137
1,255
1,627
1,305
1,800

29,546
42,910
28,195
44,978
25,239
44,129

1,891
2,195
1,722
2,815
2,305
2,734

311
311
321
282
322
278

766
767

16

166
164

76
47

70
8

4
16
(*>

187
272
216
483
321
191
171

4,801
5,280
2,887
4,905
4,217
4,833
5,954
11,089
4,941
6,119
11,193
3,089
5,848

743
274

785
781
715
649
709
841
717

188
554
329
113
255
562
316

21
94
64
17
64
46
19

39
56
82
48
208
741
874

478

377
6,201

77
94
64

843
907

547
328

79
77

796
867

?79

167
90

4
15
2

333
301

16

290
446

Cal. yr.—1951
1952
1953.. .
1954
Fiscal yr.—1952
1953
1954
1955
Semiannual totals:
1952— July-Dec...
1953—Jan.-June..
July-Dec...
1954—Jan.-June..
July-Dec...
1955—Jan.-June..
Monthly:
1954—Aug.
Sept....
Oct.
Nov
Dec
1955—Jan .
Feb
Mar. .
Apr
June....
July......
Aug

Investments

Expenditures

7 906
8 315
8 123

3 155
3 504
387
1 177
3 361
3 059
1 687
1 222

4 ,507
4 ,942

1 495

564
823
864
313
909

281
-82

8,682
9,558
9,714
9,248
8,971
9,946
9,517
9,201

2 , 460
2 , 7?7
2 , S19

1 ,543
1 ,565
1 ,655
1 ,580
1 ,571

2,790
3,054
3,262
3,131
2,824
3,359
3,127
3,169

1, 987
115
2 , 0?0

707
549
781
783
726

1 ,446
1 ,662
1 ,614

1,867
2,032
2,151
2,027
1,735

3812
219
3460
332
-612

5,027
4,919
4,795
4,722
4,527
4,674

1, 482
1, 299
1, 521
1, 262
1, 445
1, 281

845
810
804
777
766
804

1,573
1,78*
1,476
1,651
1.48C
1,688

1,127
1,025
995
1,031
835
900

121
341
3-317
648
164
-775

4 073
4 ,458
3 655
5 ,052
4 143
4 953

765
766

207
250

141
137

273
280
209
155
181
246
209
224
267

134
124
108
131
119
139
122
143
150

692
3

-276
377

786
778
719
654
707
844
718
844
908

387
—283
—288

1 200
4J4

n.a.
n.a.

n.a.
ti.a.

Other

•m

—322
391
340

—269
360
378

754

-277

123

368

n.a.
n.a.

339

817
399
110
118

26 893
37 703
25,757
38 899
22 272
38,031
3,911
4 951
2,639
4 201
3,742
4,655
5,427
9 741
3,732
4,438
10 038
2,765
4,734

Other accounts 8

Receipts

Tobacco

n.a.
n.a.

2,982
3,087

15
85

Totals

Liquor

42
696
1C
27
676
95
5

395

80
53

198
912

Social security,
retirement, and
insurance accounts

Total

2,
2,
2,
2,
2,

785
703

451

2,700

Trust and other accounts

Excise and miscellaneous taxes
Manufacturers'
and retailers'
excise

Net
Refunds budget
receipts
of
Railroad
Old-age retire- receipts
trust
ment
fund
account

2,337
2,639
2,570
2,932

269
?8S

Internal revenue collections
(on basis of Internal Revenue Service reports)
Period

Appropriations to:

n.a.
n.a.

759
49
82

358
126

—179
26
-80

— 193
—79

-269
—261
-338

9
8
8
8
9

191
210
529
708
096

334
956
850
227
569
729
489
1 298
1 641

692
1 465

— 148
111
249
—334
-126
39
-358
644
1 044

252
982

,811
7 ,717
4 ,885
5 ,257
6 ,846
8 ,100

[nvesttnents 7

271
329
153

Other*

786
508
310

405
275
242
367
312

919
530
4S9
524
-74

2 ,456
2 ,802
3 ,003
3 ,843
3 ,874
A ,226

106
136
37
331
74
238

105
385
-109
633
282
-356

606
682

30
34

640
641
657
704
697
733
700
705
686

6
56
-58
200
47
58
-55
-62
50

104
—63
— 124

671
673

-133
-37

210
124
164
75
21

—395
—91

-130
-164
-185

n.a.
Not available.
1
Corporation and estate and gift taxes are from Internal Revenue Service reports prior to July 1953.
Excise taxes and nonwithheld individual
taxes
for that period are obtained by subtracting IRS data from appropriate Treasury daily statement totals.
2
Excludes employment and carriers taxes, which are appropriated directly4 to trust accounts.
3
Beginning new reporting basis. See footnote 1 on preceding page.
Less than $500,000.
^Excess of receipts, or expenditures (—).
• Consists of miscellaneous trust funds and accounts and deposit fund accounts. The latter reflect principally net transactions of Government sponsored corporations, European Payments Union deposit fund, and suspense accounts of Defense and other Government departments.
Investments of wholly owned Government corporations are included as specified in footnote 7, but their operating transactions are included in
Budget
expenditures.
7
Consists of net investments in public debt securities of Government owned and of Government sponsored corporations and agencies and
oFother trust funds.

OCTOBER




1955

1155

TREASURY CASH INCOME, OUTGO, AND BORROWING
DERIVATION OF CASH RECEIPTS FROM AND PAYMENTS TO THE PUBLIC
[On basis of monthly and daily statements of United States Treasury and Treasury Bulletin. In millions of dollars]
Cash withdrawals, other than debt

Cash deposits, other than debt

Less:

Plus:

Plus:
Less: Plus: Equals: Budget Plus:
Exch. Clear- Trans, Other
Net
Trust
Trust Intra- Other Cash
exoutadBudget acct.
ing
adGovt.1 justdependi- and Intra- Accru- Stabiside justrec'ts. rec'ts. trans.
acposits tures other Govt.1 als to liza2
ments5
accts. trans. public* tion4 count Treas.
Fund
acct. 6 ments

Period

Excess
of deEquals: posits
or
Cash
withwithdraw- drawals
als

()

Cal. yr.—1951
1952
1953
1954«

52,979
64,840
63,841
61,171

8,582
8,707
8,596
9,571

2,221 n.a.
2,150 n.a.
1,989 n.a.
2,086 -65

59,338
71,396
70,440
68,595

56,337
70,682
72,997
64,854

4,397
4,825
5,974
7,182

2,221
2,150
1,989
2,086

567
734
575
565

-26
38
-82
-188

106
n.a.
319
n.a.
209
n.a.
34 -274 -35

58,034 1,304
72,980 -1,583
76,529 -6,090
-301
68,896

Fiscal y r . — 1 9 5 2 . . . .
1953«...
1954
1955
Semiannual totals:
1952—July-Dec...
1953—Jan.-June. .
July-Dec.6.
1954—Jan.-June. .
July-Dec...
1955—Jan.-June..
Monthly:
1954—Sept
Oct
Nov
Dec
1955—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept

61,391
64,825
64,655
60,303

8,807
8,929
9,155
9,538

2,104
2,194 -215
101
2,097
2,009 -62

68,093
71,345
71,815
67,769

65,408
74,274
67,772
64,494

4,952
5,169
6,769
8,616

2,104
2,194
2,097
2,009

710
694
509
488

401 -170
9
250 -155 -215
-28
303 -274
-109
118
-156 -257
-300

307
67,786
76,407 -5,062
71,974
-159
69,899 -2,130

26,893
37,703
25,757
38,899
22,272
38,031

4,248
4,683
3,953
5,203
4,368
5,170

1,039
1,144
849
1,248
838
1,170

30,104
41,241
29,199
42,615
25,980
41,790

36,186
37,801
34,484
33,288
31,566
32,928

2,527
2,642
3,405
3,364
3,817
4,798

1,039
1,144
849
1,248
838
1,170

396
298
277
234
331
157

64
16
n.a.
248
-44
n.a.
-38
246 -71
374
-71
57 -202 —223
-117
-23
-94
188
-39 -234
-395

37,357 -7,254
39,203 2,038
37,244 -8,045
34,730 7,886
34,167 -8,187
35,732 6,057

4,951
2,639
4,201
3,742
4,655
5,427
9,741
3,732
4,438
10,038
2,765
4,734
n.a.

457
370
994
890
268
600
778
528
1,320
1,677
745
1,502
n.a.

n.a.
n.a.
376
-242
177
-241

100 -28
-84
5,280 5,019
100
57 -112
5,364
788
-21
- 8 -145
- 6 -104
74 —318 2,617 4,857
74
50
800
-7 -320 5,096 -2,478
_o
58 -14
748
5,122 3,842
58
45
4,374
469
209
—1
-33
427
421 4,626 6,288
25 -425
427
71
573
-11
449 6,401 -1,775
42 -582
-710
4,299 4,942
42
51
5,009
581
186 -24 -582
53
332 6,306 4,831
825
"-8 -354
53 -18
653
-40
434 5,481
64
488 10,943 5,894
4,010
64
4
-36
761
-36
-63
479 6,932
78 -532
3,651 5,228 1,134
31
5,355 -1,704
78
— 6 -309
-584
59 -152
-731
5,547 5,356
39
6,278
817
59
384
— 182
874
20^ 11,045 6,677
4,368
51
6,677
852
874
-104
167
394 -121
2,994 5,382
68
5,352 -2,358
887
394
-46 -237
P171
6,333 6,225
31
7,256
-923
895 n.a.
74
n.a.
n.a.
5,988
40
5,904
-84
n.a.
n.a.
n.a.
n.a.
1
n.a. Not available.
^Preliminary.
Represents principally (1) interest payments between Treasury and Government agencies and
trust 2funds, (2) transfers shown as Budget expenditures, and (3) payroll deductions for Federal employees retirement funds.
Represents principally adjustment for differences in reporting bases as between the monthly and daily Treasury statements.
3
Represents principally excess of interest accruals over payments on savings bonds and Budgetary expenditures involving issuance of Federal securities; the latter include mostly armed forces leave bonds and notes issued to the International Bank and Monetary Fund, which are
treated
as noncash expenditures at the time of issuance and cash expenditures at the time of redemption.
4
Cash transactions between International Monetary Fund and Exchange Stabilization Fund. (See footnote 3).
5
To exclude net transactions not cleared through Treasurer's account in securities by Government agencies, adjusted in table below.
©Beginning new reporting basis. See Treasury Bulletin for April 1954, p. A2. Cash withdrawals on the old daily statement basis are not
comparable to the new reporting basis, because data were not available for adjustments described in footnotes 2 and 5.

DERIVATION OF CASH BORROWING FROM OR REPAYMENT OF BORROWING TO THE PUBLIC

Period

Cal. yr.—1951
1952
1953
19547...
Fiscal yr.—1952...
19537..
1954...
1955...
Semiannual totals:
1952—July-Dec.
1953 —Jan.-June
July-Dec'
1954—Jan.-June
July-Dec.
1955—Jan.-June
Monthly:
1954—Sept
Oct
Nov
Dec
1955—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept......

Plus:

Increase,
or de^crease
( - ) . in
gross
direct
public
debt

Guaranteed

Nonguaranteed

2,711
7,973
7,777
3.582
3,883
6,966
5.189
3,115

18
12
22
-42
16
7
29
-37

37
—102
-3
-31
-88
-32
-33
918

8,286
-1,320
9,097
-3,909
7,49@
-4,376

8
-2
24
6
-47
10

37
-69
76
-109
78
841

-145
3,942
101
-103
-311
-257
-4,134
2,601
824
-3,098
3,210
725
-833

1
5
1
(8)
-10
3
6
5
5
1
-3
2
4

161
-28
32
-25
521
-40
67
24
31
237
29
118
n.a.

Cash issuance of
securities of#
Federal agencies

Less: Noncash
debt transactions
Adjustment
for
trans,
outside
Treas.1
acct.
n.a.
n.a.
n.a.
-266
-170
-155
r
-256
P-238

n.a.
n.a.
-71
-183
-83
P-154

-125
-9
-20
17
-24
'63
-72
-52
-30
P-38

-50
n.a.
n.a.

Net inv. Accruals to
in Fed.
Int. on
sec. by
sav.
Govt.
bonds
agen.
and
and tr.
Treas.
funds
bills

public 2
Payts.
in
form
of
Fed.
sec.

Details of net cash borrowing from or
Equals: repayment ( —) of borrowing to the public 3
Net
cash
borrow- Direct
Postal
ing, or mktable. SavSav.
ings
Savrepayt.
Sys. Other 5
bonds
and
ings
( - ) , of
conv.4 (issue notes special
borrow- issues
issues
price)
ing

3,418
3,833
2,540
1,582
3,636
3,301
2,054
1,534

718
770
591
577
779
719
524
497

-125
-74
66
176
-79
3
94
147

-1,242
3,353
4,601
906
-695
2,763
2,255
1,579

1,601
1,700
860
1,194
387
1,147

409
308
283
241
336
161

-29
34
30
64
112
35

6,351
-3,433
7,952
-5,694
6,600
-5,021

7,322
•-2,028
6,837
-4,307
7,378
-3,090

-121
—829
«18 - 1 , 3 3 5
-362 1,583
-19
-955
-156
-514
147 - 2 , 6 5 4

-48
-142
167
191
-134
-79
97
-413
582
1,094
119
944
n.a.

58
51
45
72
51
-17
5
31
39
51
69
31
41

111
5
9
-26
-1
7
35
5
(8)
-11
45
-1
-1

-229
3,996
-107
-349
259
-143
-4,270
2,955
209
-4,031
2,953
-135
-462

-105
4,129
-50
-198
-211
-241
-4,291
3,144
1,778
-3,270
3,306
229
*>510

-101
-44
-64
-12
-62
12
-136
-9
-56
51
-59
169
94 - 1 2 9
-42
-88
-32 - 1 , 4 7 6
-891
-48
-259
-39
8 -453
-771
-197

1,999 —1,191 - 1 , 0 9 9
5,778
-406 - 1 , 7 8 4
248
84,829 6-344
3,071
—175 —1,469
1,639
-717 - 1 , 2 0 9
«5,294 «-94 - 2 , 1 6 4
628
2,530
-381
4,288
-10 -3,168

—997
-113
-162
-195
-155
-100
—239
-122

46
-122
-30
-326
-252
-173
—283
590

11
-32
-20
-68
—
12
-94
-145 -268
5
8
—50
648
-72
-8
-20
-22
-26
-27
62
-30
-25
-26
-20
-25

28
-37
15
-6
501
16
-5
-30
-36
203
-35
106
9-5

r
n.a. Not available.
' ^Preliminary.
Revised.
Adjustment described in footnote 5 above, plus other small adjustments for differences in reporting bases.
2
Differs
from
"accruals
to
the
public"
shown
in
preceding
table, principally because adjustments to Exchange Stabilization Fund are included.
8
Includes redemptions of tax anticipation securities and savings notes used in payment of taxes.
4
Most changes in convertible Series B investment bonds, 1975-80, reflect exchanges of, or conversions into, marketable issues and thus cancel
out in this column. An exception was the sale for cash of about 300 million dollars in June 1952.
includes cash issuance in the market of obligations of Government corporations and agencies and some miscellaneous debt items.
^Excludes exchanges of savings bonds into marketable bonds in 8the amount of 409 million dollars.
7
Beginning new reporting basis. See footnote 6 above.
Less than $500,000.

1156




FEDERAL RESERVE

BULLETIN

TREASURY CASH INCOME, OUTGO, AND BORROWING—Continued
DETAILS OF TREASURY CASH DEPOSITS A N D WITHDRAWALS *
[Classifications derived by Federal Reserve from Treasury data. In millions of dollars]
Cash deposits

Cash withdrawals

Total

Direct
;axes on
individuals 2

Cal. yr.—1951..
1952..
1953..
19549.

59,338
71,396
70,440
68,595

27,149
32,728
34,807
31,785

16,565 8,591
22,140 9,566
19,045 10,288
20,280 8,801

6,362
6,589
6,693
7,655

2,769
2,823
2,744
3,433

Fiscal yr.—1952.,
19539
1954
1955
Semiannual totals:
1952—July-Dec..
1953—Jan.-June.9
July-Dec.
1954—Jan.-June.
July-Dec..
1955—Jan.-June.
Monthly:
1954—Sept
Oct
Nov
Dec
1955—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept

68,093
71,345
71,815
67,769

30,713
33,370
33,363
32,563

21,467
21,595
21,817
18,201

8,893
9,978
9,679
9,109

6,521
6,849
7,197
7,919

30,104
41,241
29,199
42,615
25,980
41,790

13,041 7,821
20,329 13,773
14,478 5,272
18,885 16,545
12,899 3,734
19,663 14,466

5,048
4,931
5,357
4,322
4,479
4,630
722
768
783
744
644
703
864
694
802
922
812
899
820

Period

5,280
2,617
5,122
4,626
4,299
6,306
10,943
3,651
5,547
11,04
2,994
6,333
5,988

2,936
1,040
2,881
1,938
2,806
4,096
2,984
2,688
3,743
3,346
1,097
3,341
3,413

Direct Excise
taxes on and
corpo- misc.
rations taxes

1,108
352
271
1,153
353
330
6,844
444
394
6,102
616
343
1,090

Other Deduct:
cash Refunds
of reincome 4 ceipts

Social
Vetseerans curity
proprograms ' grams 5

Total

Nat'l.
Int'l
sec.
af- 6
pro- 5 fairs
grams

2,098
2,451
3,137
3,358

58,034
72,980
76,529
68,896

33,194
47,971
50,294
42,400

6,121
5,209
4,885
4,664

4,915
5,617
6,648
8,587

6,169
7,341
8,113
7,285

2,801
2,704
3,178
3,422

2,302
3,151
3,419
3,444

67,786
76,407
71,974
69,899

5,206
6,063
7,645
9,057

6,912
8,360
6,682
9,786

3,202
3,656
3,031
4,165
3,490
4,430

,443
,252
,498
,680
,754
,669

451
2,700
437
2,982
376
3,068

37,357
39,203
37,244
34,730
34,167
35,732

42,935 2,848 4,059 5,826
50,250 2,156 4,658 4,920
46,422
4,838 4,943
1040,325 101,444 4,947 4,766
1,019
24,505 1,123
2,246 2,500
25,606 1,069
2,413 2,420
24,398
930 2,334 2,465
22,024
526 W2,299 102,482
20,376
563 2,367 2,186
20,363
748 2,580 2,579

371
260
939
439
197
1,019
715
464
1,215
819
280
1,405
548

204
237
296
432
350
346
241
235
221
275
313
466
220

60
39
47
80
52
189
705
874
829
420
125
121
103

Social
ins.
receipts 3

5,364 3,251
5,096 3,149
4,374
3,314
6,401
3,552
5,009 3,191
5,481
3,100
6,932 i°3,808
5,355 3,084
6,278 3,253
6,677
3,927
5,352
2,758
7,256
3,668
5,904
n.a.

3,498
2,612
2,000
1,089

40
67
80
217
171
140
1073

72
184
108
3
89
n.a.

Interest on
debt

4,137
4,230
4,589
4,870

10^445
286
328
826
183
424
470
314
481
707
157
448
505

Other

2,876 4,107
3,247 4,448
3,368 3,748
4,277 "•3,121
4,311
4,364
4,747 4,717

375
374
419
443
430
409
439
434
432
436
379
456
401

716
758
720
730
834
768
792
794
783
775
769
786
n.a.

10^536
462
-488
635
200
641
1,351
657
1,144
723
1,287
1,809
n.a.

r
n.a.
Not available.
Revised.
1
Beginning with July 1953, data are from the daily statement of cash deposits and withdrawals of the U. S. Treasury where available; otherwise 2from the monthly Budget statement. For a description of classifications prior to that date, see earlier issues of the BULLETIN.
Includes estate and gift taxes.
3
Includes taxes for old-age and unemployment insurance, carriers taxes, and veterans life insurance premiums.
4
Represents
mostly nontax receipts.
includes net redemptions of 7armed forces leave bonds.
6
Includes
special International Bank and Monetary Fund notes.
Includes payments from veterans life insurance funds.
8
Includes
benefit
payments
for
old-age
and
unemployment
insurance and Government employees and railroad retirement funds.
9
Beginning
new
reporting
basis,
described
in
Treasury
Bulletin
for
April
1954,
p. A2.
18
Monthly figures do not add to fiscal year because figures for unclassified items are not available for August-June.

UNITED STATES SAVINGS BONDS—SALES, REDEMPTIONS, A N D AMOUNT OUTSTANDING
[In millions of dollars]
All series
Calendar year
or month

1946
1947
1948
1949
1950

. ..

1951
1952
1953
1954
1954—Sept. . .
Oct
Nov
Dec.
1955—j a n
Feb
Mar
Apr
May
June.
July
Aug. .
Sept

Redemptions

1

Series F, G, J and K

Series A - E and H[
Redemptions

1

Redemptions 1

Outstanding
(end of
period)

Sales

Outstanding
(end of
period)

Total

Before
maturity

Outstanding
(end of
period)

7,427
6,694
7,295
5,833
6,074

6,243
4,889
4,840
4,708
5,323

5,951
4,529
4,408
4,079
4,583

49,776
52,053
55,051
56,707
58,019

4,466
4 085
4,224
4,208
3,668

5,632
4,181
4,011
3,905
4,435

5,340
3 821
3,579
3,276
3,695

33,410
33,739
34,438
35,206
34,930

2,962
2,609
3,071
1,626
2,406

3,961
4,161
4,800
6,173

5,150
4,565
5,552
6,348

4,571
3,806
3,613
3,655

57,587
57,940
57,710
57,672

3,190
3 575
4,368
4.889

4,079
3,657
3,643
3.920

3,500
2 896
2,629
2,804

34,728
35,324
36,663
38,233

432
1,284

1,909
2.428

464
456

508
468

352
308

323
293

257
224

454

226

384

294

306

58,088
58,126
58,186
57,672

367
369

466

445

348

196

232

37,808
37,930
38,069
38,233

97
87
82
112

218

74

20,280
20,196
20,118
19,439

742
602
614
535
488
496
494
487
462

691
433
520
623
520
544
532
480
659

368
—134
161
332
255
263
324
256
402

57,967
58,225
58,366
58,326
58,346
58,365
58,407
58,450
58,290

573
465
518
448
419
428
439
439
414

337
257
336
330
343
373
353
344
340

190
63
176
229
236
230
242
223
P228

38,515
38,721
38,914
39,063
39,181
39,285
39,432
39,553
39,656

169
137
95
87
69
68
55
48
48

354
176
184
293
177
171
180
136
319

178
-197
-15
103
19
33
82
33
J»174

19,451
19,504
19,452
19,263
19,166
19,080
18,975
18,897
18,635

Sales

557

566

Sales
Total

Before
maturity 2

Total

770
586

Before
maturity

829
803
888

829
803
888

611
708

16,366
18,314
20,613
21,501
23,089

1,071

1,071

908

908

22,859
22,616
21,047
19,439

185
175

95
84

160

30

611
708

984
851

^Preliminary.
iA change in procedure for processing redeemed savings bonds, beginning in June 1954, resulted in a high level of redemptions which were not
classified between matured and unmatured bonds. This and t h e subsequent distribution of these redemptions temporarily obscured relationships 2 between matured and unmatured classifications.
Redemptions of extended Series E bonds are included with matured issues.
NOTE.—Sales and redemptions (the latter including exchanges) of bonds are shown a t issue price; amounts outstanding are a t current redemption value and include only interest-bearing issues.

OCTOBER




1955

1157

UNITED STATES GOVERNMENT DEBT—VOLUME AND KIND OF SECURITIES
[On basis of daily statements of United States Treasury. In millions of dollars]
Public issues8
Total
gross
direct
debts

Total

50,942
64,262
112,471
170,108
232,144
278,682
259,487
256,981
252,854
257,160
256,731
259,461
259,151
267,445
266,123
275,244
271,341

45,025
57,938
108,170
165,877
230,630
278,115
259,149
256,900
252,800
257,130
256.708
259,419
259,105
267,391
266,071
275.168
271,260

1954—Sept
Oct
Nov
Dec

274,838
278,786
278,888
278,784

1955—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept

278,463
278,209
274,080
276,686
277,515
274,418
277,626
278,352
277,524

End of
month

1940—Dec
1941— Dec.
1942—Dec
1943—Dec
1944—Dec
1945—Dec..
1946—Dec
1947—Dec
1948—Dec
1949—Dec
1950—Dec
1951—Dec.
1952 June
Dec
1953—June
Dec
1954—June

.

Nonmarketable

Marketable

Total
gross
debti

Certificates of Notes
indebtedness

Bonds

Special
issues

Convertible
bonds

Total«

Savings
bonds

3,195
6,140
15,050
27,363
40,361
48,183
49,776
52,053
55,051
56,707
58,019
57,587
57,685
57,940
57,886
57.710
58,061

2,471
6,384
8,586
9,843
8,235
5,725
5,384
4,572
7,610
8,640
7,534
6,612
5,770
4,453
6.026
5,079

5,370
6,982
9,032
12,703
16,326
20,000
24,585
28,955
31,714
33,896
33,707
35,902
37,739
39,150
40,538
41,197
42,229

Tax
and
savings
notes

Bank
eligible^

Bank
restricted

28,156
33,563
44,519
55,591
66,931
68,403
69,866
68,391
61,966
55,283
44,557
41,049
48,343
58,874
64,104
63,927
71,802

4,945
12,550
24,850
52,216
49,636
49,636
49,636
49,636
49,636
36,048
27,460
21,016
17,245
13,400
8,672

12,060
13,095
12,500
12,340
11,989
11,861

3,444
8,907
21,788
36,574
50,917
56,915
56,451
59,492
61,383
66,000
68,125
66,423
65,622
65,062
63,733
65,065
64,465

230,033
234,161
234,160
233,165

153,963 19,510 18,184 32,001 75,597
158,148 19,509 18,184 36,188 75,597
158,152 19,507 18,184 36,196 75,596
157,832 19,506 28,458 28,033 76,129

8,671
8,669
8,668
5,706

11,820
11,787
11,780
11,767

64,250
64,226
64,228
63,565

58,088
58,126
58,186
57,672

4,829
4,766
4,704
4,548

42,407
42,238
42,351
42,566

233,427
233,517
229,103
232,233
232,563
228,491
231,615
231,472
230,988

157,834
157,752
153,350
156,578
158,404
155,206
158,571
158,860
159,475

11,764
11,738
11,710
11,692
11,687
11,676
11,659
11,637
11,538

63,830
64,027
64,043
63,963
62,473
61,609
61,384
60,975
59,975

57,967
58,225
58,366
58,326
58,346
58,365
58,407
58,450
58,290

4,498
4,443
4,318
4,279
2,804
1,913
1,655
1,202
399

42,268
42,047
42,097
41,691
42,240
43,250
43,340
44,238
43,891

Tota

Bills

39,089
50,469
98,276
151,805
212,565
255,693
233,064
225,250
218,865
221,123
220,575
221,168
219,124
226,143
223,408
231,684
226,681

35,645
41,562
76,488
115,230
161,648
198,778
176,613
165,758
157,482
155,123
152,450
142,685
140,407
148,581
147,335
154,631
150,354

1,310
2,002
6,627
13,072
16,428
17,037
17,033
15,136
12,224
12,319
13,627
18,102
17,219
21,713
19,707
19,511
19,515

274,810
278,752
278,853
278,750
278,439
278,182
274,048
276,649
277,472
274,374
277,584
278,309
277,476

19,507
19,505
19,505
19,507
19,511
19,514
19,913
20,311
20,810

10,534
22,843
30,401
38,155
29,987
21,220
26,525
29,636
5,373
29,078
28,423
16,712
15,854
26.386
18,405

28,462
21,455
17,722
20,932
17,046
13,836
16,037
9,047
9,047

6,178
5,997
9,863
11,175
23,039
22,967
10,090
11,375
7,131
8,249
39,258
18,409
18,963
30,266
30,425
31,406
31,960

28,037
35,280
34,989
35,007
40,718
40,729
40,746
47,608
47,707

81,828
81,512
81,134
81,132
81,130
81,128
81,875
81,894
81,861

1
Includes some debt not subject to statutory
debt limitation (such debt amounted to 479 million dollars on Sept. 30, 1955) and fully guar2
anteed
securities, not shown separately.
Includes noninterest-bearing debt, not shown separately.
3
Includes amounts held by Government agencies and trust funds, which aggregated 7,315 million dollars on Aug. 31, 1955.
* Includes Treasury bonds and minor amounts of Panama Canal and Postal Savings bonds.
includes Series A investment bonds, depositary bonds, armed forces leave bonds, and adjusted service bonds, not shown separately.

OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES , DIRECT AND FULLY GUARANTEED
Par value in millions of dollai•si
Held by
Total
u. agencies
o. \jrovernment
gross
and
debt
(includtrust funds1
ing guaranteed
Special Public
securiissues
issues
ties)
TT

End of month

C5

Held by the public

("^ *"*•» T** »••••» • * > M A * » +

Total

Federal
ComReserve mercial2
Banks 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— Dec
1951 _ June
Dec
1952—June
Dec......
1953—June
.
Dec
1954—June.... ,

50,942
64,262
112,471
170,108
232,144
278,682
259,487
256,981
252,854
257,160
256,731
255,251
259,461
259,151
267,445
266,123
275,244
271,341

5,370
6,982
9,032
12,703
16,326
20,000
24,585
28,955
31,714
33,896
33,707
34,653
35,902
37,739
39,150
40,538
41,197
42,229

2,260
2,558
3,218
4,242
5,348
7,048
6,338
5,404
5,614
5,464
5,490
6,305
6,379
6,596
6,743
7,022
7,116
7,11!

43,312
54,722
100,221
153,163
210,470
251,634
228,564
222,622
215,526
217,800
217,533
214,293
217,180
214,816
221,552
218,563
226.931
222,001

2,184
2,254
6,189
11,543
18,846
24,262
23,350
22,559
23,333
18,885
20,778
22,982
23,801
22,906
24,697
24,746
25,916
25,037

17,300
21,400
41,100
59,900
77,700
90,800
74,500
68,700
62,500
66,800
61,800
58,400
61,600
61,100
63,400
58,800
63,700
63,600

3,200
3,700
4,500
6,100
8,300
10,700
11,800
12,000
11,500
11,400
10,900
10,200
9,800
9,600
9,500
9,500
9,200
9,100

6,900
8,200
11,300
15,100
19,600
24,000
24,900
23,900
21,200
20,100
18,700
17,100
16,500
15,700
16,100
16,000
15,800
15,300

2,000
4,000
10,100
16,400
21,400
22,000
15,300
14,100
14,800
16,800
19,700
20,000
20,700
18,900
19,900
18,400
21,000
16,400

1,000
2,100
4,300
6,500
6,300
7,300
7,900
8,100
8,800
9,400
9,600
10,400
11,100
12,000
12,900
14,300

2,800
5,400
13,400
24,700
36,200
42,900
44,200
46,200
47,800
49,300
49,600
49,100
49,100
49,000
49,200
49,300
49,400
49,500

7,800
8,200
10,300
12,900
17,100
21,400
20,100
19,400
17,600
17,000
16,700
16,400
15,500
15,600
16,000
17,100
15,800
15,000

2,300
4,400
7,000
9,100
8,100
8,400
8,900
9,400
10,500
10,700
10,600
11,600
11,700
12,800
13,200
13,700

1954—July
Aug
Sept
Oct
Nov
Dec.

271,005
274,982
274,838
278,786
278,888
278,784

42,152
42,479
42,407
42,238
42,351
42,566

7,081
7,032
7,042
7,047
7,080
7,043

221,772
225,471
225,389
229,501
229,457
229,175

24,325
24,023
24,271
24,381
24,888
24,932

64,800
67,100
67,100
70,100
69,700
69,200

9,000
9,000
8,900
8,900
8,800
8,800

15,100
15,100
15,100
15,100
15,000
15,000

16,400
18,100
18,100
18,700
19,300
19,300

14,300
14,400
14,400
14,500
14,600
14,600

49.600
49,700
49.700
49,800
49,900
50,000

14,600
14,500
14,100
14,000
13,600
13,400

13,700
13,600
13,700
14,000
13,800
13,900

1955—Jan
Feb
Mar
Apr
May
June
July....;

278,463
278,209
274,080
276,686
277,515
274,418
277,626

42,268
42.047
42,097
41,691
42,240
43,250
43,340

7,167
7,202
7,257
7,229
7,223
7,290
7,300

229.028
228,960
224,726
227,766
228,052
223,878
226,986

23,885
23,605
23,613
23,612
23,662
23,607
24,091

68,700
66,900
64,200
65,700
64,700
63,400
63,600

8,800
8,800
8,800
8,800
8,800
8,700
8,800

15,200
15,200
15,000
15,000
14,900
14,800
14,900

20,000
21,200
19,000
20,100
21,200
18,500
19,600

15,000
15,300
15,500
15,700
15,900
16,000
16,300

50,000
50,100
50,200
50,200
50,200
50.200
50,300

13,600
13,900
14,300
14,300
14,300
14,300
14,400

13,900
13,900
14,200
14,400
14,400
14,400
15,000

500
700

700
900

1
Includes
2
Includes
3

the Postal Savings System.
holdings by banks in territories and insular possessions, which amounted to 300 million dollars on Dec. 31, 1954.
Includes savings and loan associations, dealers and brokers, foreign accounts, corporate pension funds, and nonprofit institutions.
NOTE.—Holdings of Federal Reserve Banks and U. S. Government agencies and trust funds are reported figures; holdings of other investor
groups are estimated by the Treasury Department.

1158




FEDERAL RESERVE

BULLETIN

UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES
Direct Public Issues Outstanding August 31, 1955
[On basis of daily statements of United States Treasury. In millions of dollars)
Issue and coupon rate

Issue and coupon rate

Amount

Treasury Bills
Oct. 6,1955
Oct. 13, 1955
Oct. 20, 1955
Oct. 27, 1955

1,600
1,600
1,600
1,601

Nov.
Nov.
Nov.
Nov.

3,
10,
17,
25,

1955
1955
1955
1955

1,601
1,601
1,601
1,600

Dec.
Dec.
Dec.
Dec.
Dec.

1,
8,
15,
22,
29,

1955
1955
1955
1955
1955

1,600
1,602
1,602
1 601
1,601

IK

Mar. 22, 1956 2
June 22, 1956

5,359
2,202
1,486

1%
2

Treasury notes
Dec. 15, 1955
1%
Mar. 15, 1956
\%
Apr. 1,1956
IK
Aug. 15, 1956
2
Oct. 1,1956
AH
Mar. 15, 1957
2%
Apr. 1,1957
\H
May 15, 1957
\%
Aug. 15, 1957
2
Oct. 1,1957..
\H
Apr. 1,1958
IH
Oct. 1, 1958.... .AH
Feb. 15, 1959
\%
1, 1959
1,1959
1,1960

1H
IH
\y%

6,854
8,472
1,007
12,547
550
2,997
531
4,155
3,792
824
383
121
5,102
119
99
154

Mar. 15, 1 9 5 6 - 5 8 . . . 2 }
Sept. 15, 1 9 5 6 - 5 9 3 . . 2 ]
Sept. 15, 1 9 5 6 - 5 9 . . . 2 i
Mar. 15, 1 9 5 7 - 5 9 . . . 2 •
21
June 15, 1958
June 15, 1958-633..2 !
Dec. 15, 1 9 5 8 . . . . . . 2 ]
June 15, 1959-62...2;
Dec. 15, 1959-62...2)4
2%
Nov. 15, 1960
Dec. 15, 1960-653.. 2
Sept. 15, 1961
2
Nov. 15, 1 9 6 1 . . . . . . 2
Aug. 15, 1963
23
June 15, 1962-67...23

Issue and coupon rate

Amount

Treasury bonds

Dec. 15, 1955 2

Apr.
Oct.
Apr.

Issue and coupon rate

Amount

Certificates

1

1,449
982
3,821
927
4,245
919
2,368
5,276
3,464
3,806
1,485
2,239
11,177
6,755
2,116

Amount

Treasury bonds— Cont.
Dec. 15, 1963-68. . ,2H
June 15, 1964-69. . .2H
Dec. 15, 1964-69... 2 H
Mar. 15, 1965-70... 2 H
Mar. 15, 1966-71... 2 H
June 15. 1967-72. ..2H
Sept. 15, 1967-72. . .2H
Dec. 15, 1967-72... 2*4
June 15, 1978-83... 3 M
Feb. 15, 1995
3
P a n a m a Canal Loan. .3
Convertible bonds
Investment Series B
Apr. 1, 1975-80...2

2,825
3,753
3,829
4,717
2,960
1 ,881
2,716
3,808
1,606
2,735
50

11,538

JSold on discount basis. See table on Money Market Rates, p. 1153.
3
Tax anticipation series.
Partially tax-exempt.

2

SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES *
Marketable snd Convertible Direct Public Securities
[Par value in millions of dollars]

Total
outstanding

End of month

Type of security:
Total marketable
and convertible:
161,081
1952—Dec
159 675
1953 June
166,619
Dec
162,216
D e c . . . . . . 169,599
166,882
1955—June
170,230
July
Treasury bills:
1952—Dec
1953—June
Dec
1954—June
Dec
1955-June
July

21,713
19,707
19,511
19,515
19,507
19,514
19,913

Certificates:
1952—Dec
1953—j une
Dec
1954—June
Dec
1955—June
July
Treasury notes:
1952—Dec
1953—j une
Dec
1954—j u n e '
Dec
1955—June
July
Marketable bonds:*
1952—Dec
1953—June
Dec.
1954—June....!
Dec
1955-June
July

16,712
15,854
26,386
18,405
28,458
13,836
16,037

U.S.
Govt.
agencies
and
trust
funds

Fed- Com- Mueral
tual
merResavcial
serve banks ings
Banks
banks

Insurance
companies
Other
Life

6,613
6,899
6,989
6,985
6,918
7,162
7,177

24,697
24 746
25,916
25,037
24,932

86
106
102
46
51
40
48

1,341
1,455
2,993
2,316
2,204
886
1,261

8,740
8 816
8,524
8,353
8,113
8,069
8,100

9,514
9,347
9,120
8 667
8,371
8,339
8,429

4,711
4 808
4,905
4,854
4,958
4,779
4,789

50,979
53,694
55,233
52,121
55,226
59,260
61,804

7,047
4,411
4,368
4,187
4,399
2,721
2,775

137
120
126
98
75
84
87

464
327
410
520
537
537
528

119
132
109
101
125
93
88

12,518
13,155
11,402
12,248
12,115
15,153
15,126

27 5,061 4,791
30 4,996 4,351
63 5,967 9,215
41 6,600 4,942
4 13,882 4,835
8 8,274 1,455
8 8,382 1,978

37
87
184
101
57
53
43

56
27
37
7
4
4
12

317 6,424
310 6,052
445 10,475
202 6,511
179 9,496
70 3,973
77 5,537
486 4,978
529 5,678
605 5,814
592 6,531
675 7,310
718 12,502
713 12,830

16
23
8
64
46
119
1.18

13,774
13,774
13,289
13,029
6,044
11,646
11,646

10,955
10,355
11,510
11,423
13,649
15,385
15,091

49
62
130
221
242
289
287

8
5
52
99
67
71
61

79,890
81,349
77,327
80,474
81,835

3,046
3,300
3,377
3,395
3,378
3,556
3,564

4,522
4,522
3,667
3,093
2,802
2,802
2,802

32,849
32,066
30,671
35,481
38,037
35,942
35,834

7,165
7,232
6,820
6,669
6,499
6,422
6,462

5,807
5,855
5,686
5,164
4,898
4,873
4,984

81,128
81,875

Other

55,828
51,365
55,933
56.199
61,082
23,607 55,667
24,091 55,842

30,266
30,425
31,406
31,960
28,033
40,729
40,746

End of month

Total
outstanding

3,429
3,484
3,418
3,641
3,673
3,606
3,620

Type of security:
Convertible bonds
(Investment
Series B):
1952—Dec
1953—June
Dec
1954—June
Dec
1955—June
July
Marketable securrities, maturing:
Within 1 year:
1952—Dec
1953—June
Dec
1954—June
Dec
1955—June
July
1-5 years:
1952—Dec
1953—June
Dec
1954—June
Dec
1955—June
July
5-10 years:
1952—Dec
1953—June
Dec
1954—June
Dec
1955—June
July

23,072
24,890
23,688 After 10 years:
1952—Dec
23,032
1953—June
22,548
Dec
23,927
1954-June
24,611
Dec
1955—June
July

U.S.
Govt.
agencies
and
trust
funds

Fed- Com- Mueral
mer- tual
Resavcial
serve banks
ings
Banks
banks

Insurance
companies
Other
Life

Other

12,500
12,340
11,989
11,861
11,767
11,676
11,659

3,438
3,439
3 439
3,439
3,439
3,439
3,439

56,953
64,589
73,235
60,123
62,827
49,703
52,283

133
163
175
107
70
74
78

14,749
15,505
16,972
16,280
19,417
17,405
17,889

16,996
19,580
25,062
17,684
15,738
7,187
7,617

263
476
475
294
159
164
157

532
733 23,547
390 1,082 27,393
468 1,061 29,023
537
652 24,568
546
598 26,301
554
256 24,062
550
257 25,736

37,713
32,330
29,367
27,965
29,606
38,188
38,205

31
152
192
205
137
199
192

7,146
6,452
6,155
6,307
3,087
3,773
3,773

22,381
18,344
16,056
14,624
18,846
21,712
21,388

259
464
431
476
502
533
524

48
910 6,938
109
914 5,895
123
980 5,430
155
890 5,308
158 1,022 5,855
152 1,187 10,633
139 1,206 10,983

22,834
18,677
20,292
30,542
33,677
33,687
33,687

546
422
418
494
477
506
475

1,387
1,374
1,374
1,035
1,014
1,014
1,014

11,058
8,772
10,051
18,741
21,101
21,110
21,083

1,775
1,395
1,315
1,389
1,544

31,081
31,739
31,736
31,725
31,719
33,628
34,397

2,464
2,723
2,765
2,740
2,796
2,944
2,992

185
182
168
165
163
164
163

1,405
1,367

5,091
5,167
5,039
4,930
4,668
1,415 5,494 4,746
1,415 5,590 4,830
1,415
1,415
1,415
1,415
1,415

5,207
4,488
4,595
4,985
5,234

1 352
1,314
1 264
1,265
1,239
1,222
1,222

3,179
3,133
2,935
2,876
2,865
2,854
2,843

885
745
725
516
439
388
388

360
353
328
317
305
291
292

1,348
1,104
1,198
1,655
1,664
1,639
1,634

3,987
3,919
3,854
3,800
3,756
3,706
3,700

5,835
4,865
5,211
6,711
7,439
7,626
7,726

1,361 10,673
1,356 11,621
1,339 11,716
1,339 11,734
1,369 11,874
4,390 1,406 13,233
4,509 1,401 13,660
4,870
4,969
4,868
4,582
4,364

•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




1955

1159

NEW SECURITY ISSUES1
[Estimates, in millions of dollars]

Proposed uses of net proceeds,
all corporate issuers8

Gross proceeds, all issuers5
Noncorporate
Year or
month

Total

5,687
6,564

1939
1940

U.S.
FedGovern- eral 4
ment* agency

?

Corporate
Bonds

Pre- ComNew 7 lanemon Total money
PubPri- ferred
ous
stock
stock
Total licly vately
puroffered placed
poses
1,979
2,386

109

1,128
1,238

50

466

38

956

30

2
1

435
661

24

2,164
2,677

1,276
1,628

703

*?0

87

98

325

108

762

811
2,667 2,389 1,578
1,062
506
917
411
621
369
1,170
990
3,202 2,670 1,892
778
6,011 4,855 3,851 1,004

167

110 1,

Di40

868

28

144 1,583

547

474

35

138

396

133

789
73
49 2,389
134 4,555

3 ?79
4 ,591

231
168
234
315
364

379
356
488
637
620

2,868
1,352

363
226
537
535
709

486
664
260

569

846
4 2 , 815
47, 3 S3

506

795

1946
1947..
1948
1949 ..
1950.,

18,685
19,941
20,250
21,110
19,893

10
10,
10
11,
9,

717
S89
327
804
687

357
216
30

1,157
2,324
2,690
2,907
3,532

56
451
156
132
282

6,900
6,577
7 078
6,052
6,361

4,881
5,035
5,973
4,890
4,920

3,019
2,888
2 963
2,434
2,360

21,265
27,209
28,824
29,765

Q, 778
1? S77
QS7
12,

110
459
106
458

3,189
4,401
5,558
6,969

446
237
306
289

7,741 5,691
9,534 7,601
8,898 7,083
9,516 7,488

2,364
3,645
3,856
4,003

3,326
3,957
3,228
3,484

838
564
489
816

1,279
2,125
6,544
1,350
2,552

S46
464
4, 611
466

184

300
652
615
459

1,008
1,130

906

8
2
3
4

71

1,019

422

352
886
813
321

166
581
470
116

186
305
343
205

45
60
52
37

62

103

504

515

2,706
1 431
2,583
1,654
4,399
1,915
'2,424
1,620

74?

541

35

672

484

252

232

53

135

S46

501

2
4

998
796

694
533

156
524
297

465
190

208
346
178

25
37
54

113
512
146

136

675

364
871
475

4

685
870

540
660

136
508

405
152

52
10

1951
1952...
1953 .
1954

. .

1954—Aug
Sept
Oct.
Nov..
Dec.
1955—j an>
Feb
Mar
Apr. . . .
IMisLy

June
July
Aug

n,

557
716

602
614
SIS

524

328
540
429

3 , 020

4-96
1,

350
651
»-470

509

240

30

5

97
22
47

1
9
15

69 1,695
174 1,854

26

183

15,157
35,438
44,518
56,310
54,712

1

Retirement
of
securities

758

1941.. .
1942
1943..
1944
1945

Hi

Retirement
of
bank
debt,
etc.*

Mis-

State
and
mu- Others Total
nicipal

2 , 517

13

New capital

424

1,420

288

854

112

34

124
369

56
163

758

397

1 U7

1,862 1,126
2,147
761
492
3,010
2,455 424
2,560 631

891
778
614
736
811

3 *8Q
s, MS
6 ">S1
s, SS8
4 , 590

566

229
344

19

308
657
1 ,080

408
7SS

27
47

s ,929
4 ,606
4 ,006

1,212 7,
6 ,531
1,369 8, 716 8 ,180
1,326 8 , ' 19 S 7 ,960
1,213 7, 190 6 ,780
^S
747
1 103

27
62
265
64

1
4-94

209
206

95
57

304
705
856
244

903
507

92
200

639

307
401

1,271

1,875

31
42
146
46

82
247
109
123

465

81

114

362
1 190
444

791
635

74
71
50

112
62

56
135
165

466
610

64
29

142
215

400

89

74
81

Proposed uses of n e t proceeds , by m a j o r g r o u p s of c o r p o r a t e issuers

Year or
month

Commercial and
miscellaneous

Manufacturing

Total
net
10
cap- Retireproital* ments ceeds

1,391
1,175
3,066
3,973
2,218
2,234

1,347
1,026
2,846
3,712
2,128
2,044

149
221
261
90
190

538
518
536
542
923

474
462
512
502
831

63
56
24
40
93

806
490
983
589
771

609
437
758
553
501

196
53
225
36
270

? ,276
2 ,608
2 ,412
2 ,626
2 ,972
3 ,665

1 927
2 326
2 539
905
2 675

1954—August
September..
October
November
December..

116
149
278
108
187

107
109
273
105
123

10
40
5
3
64

55
58
144
74
137

41
58
127
73
132

14
1
16
4

46
163
47
69
70

46
40
22
18
52

123
25
51
18

158
247
272
61
459

1955—January....
February .
March
April
May
June
July.. .
August... .

186
84
632
167
424
174
349
169

163
68
547
141
376
164
212
119

23
16

50
100

45
88
94
37
42
110
54
34

5
12
3
1
4
11
3
2

80
8
36
107
55
57
17
187

37
8
36
18
55
52
16
29

43
89

1949
1950
1951 .
1952
1953
1954 .

44

85

26
48
10
137
50

96

38
46
121
57
36

New Retire- Total
net
cap- ments10 proital*
ceeds

Total
Retire-10 net
proital* ments ceeds

New

310

28

795

New

784

11

5
1
158

]New

?

043

Real estate
and financial

Communication

Public utility

Total
net
proceeds

ital9

Total
Retire-10 net
ments proceeds

Transportation

?33

New Retire- Total
net
cap- ments10 proital*
ceeds

New Retirecap- ments19
ital*

682
85
88
67
990

395
605
753
874
711

567

517

49

593

558

104
174
212
46
153

55
74
60
15
305

27
329
98
74
44

25
326
98
20
43

1
3

14
47
274
27
108

12
41
270
26
100

239
108

198
101

7
44

6
26

97
148

97
145

214
247
275
82
75

27

21

178

41
8
9,7
36
17
15

381

368

260
82
75

18
24
70
43
90

314
600
747
871
651

12
24
31
43
90

639
739
81
449
5
515
6
448
508
3 1,561 1,536
60 1,061
788

54

1

2
18
6
6
39

114
181
80
124
295

108
177
78
123
291

35

100
66
60
24
273
2
7
4
1
8
2
13

6
5
2

4

••Revised.

1
Estimates
2

of new issues sold for cash in the United States.
Gross proceeds are derived by multiplying
principal amounts or number of units by offering price.
4
3Includes
issues guaranteed.
Issues not guaranteed.
8
Includes
foreign
government;
International
Bank; and domestic eleemosynary and other nonprofit.
8
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.
includes all issues other than those for retirement of securities.
^Retirement of securities only.
Source.—Securities and Exchange Commission.

1160




FEDERAL RESERVE BULLETIN

SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS
[In millions of dollars]
Annual
Industry

1949

1950

1951

Quarterly

1952

1953

1953

1954

1955

1954
1

1

2

3

4

1

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
Dividends

.

38 176 4 5 598 59 693 S4 ?66 63 100 57 898
5, 250 8, 133 8, 806 7, 271 8, 338 7, 198
3 ?44 4 900 3, 530 3 191 3 63? 3 815
1, 737 2, 327 2, 064 2, 062 2, 066 2 , 368

14 ?81 16 ?38 18 903 19, 9SS 90 704 20
2 0 5 4 2 932 3 420 2 833 3 018 2
1 3 S3 1 6 S3 1 5?? 1 384 1 517 1
974
942
785
920
964 1
...

. . . .

Selected industries:
Foods and kindred products (28 corps.):
Sales
Profits before taxes
Dividends
Chemicals and allied products (26 corps.):
Sales
Profits before taxes
..
.
Profits after taxes
Petroleum refining (14 corps.):
Sales
Profits before taxes
Profits after taxes .
Dividends
Primary metals and products (39 corpSi).'
Sales
Profits before taxes
.•
Profits after taxes
Dividends
.
Machinery (27 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
•
Automobiles and equipment (15 corps.):
Sales
Profits after taxes
Dividends

......

621
756
S9?
053

23 895 29 360 33 790 35 011 42 396 37 277
3 196 s 901 s 386 4 438 S 390 4 44?
9 547
1 354

5 014 4 349 14 887
1 420 1 780 1 947
999
91 S
908
643
530
529

3 494
1 570
803
525

s, 175 16 545 17 8 5 9
1, 899 2 444 2 753
1 ,109 1 910 1 385
782
574
576

5 196 5 ,066
607
695
381
394
287
233

5 079

5 046

5 , 429
705
448
345

9 818
814
5?1
356

9 ,276
1 ,085

9 ,808
1 948
601
294

8 448 9, 746 11 037 12 108
913 1 ,194 1 646 1 908
433
661
770
916
288
437
317
319

1 351
132
63
36

1 339
122
59
39

1 437

1 518
277
137
99

699
391
236

9 008
1 143

1 807
1 120

9 115
1 102

9 ??3
1 315

4 9?3 4 40? 4 909
434
532
473
?68
989
997
149
159
161

5 04?
446
904
154

5 411
465
911
154

5 464

1 394
107
54
45

1 ,337

994
156

6 189
1 175
612
49

1 5?8
232
128
1.35

1 ,509
282
138
100

1 540
282
142
109

6 01
746
564
292

1 530
188
166
77

1 ,511

1 473

223
154
71

195
149
71

8 184 10 448 19 507 11 S64 13 750 11 S99
996 1 ,706 2 ,099 1 ,166 1 ,825 1 ,375
580
793
71
778
857
578
286
378
382
368
378
409

3 ,193
295
196
113

9 919

302
151
100

? ,039
193
115
91

1? 496 1? 8? 16 37 13 94(1 3 495
9 ,048 1 ,74
1 91
1 ,94
?35
698
747
82
705
168
117
46
463
479
52

1 890

951

s

3 904
734
441
338

4 817
1 ,178

88?
1 490
521
381

5 96 S 6 373
1 257 1 308
485
520
396
413

4 003
582
454
204

4 369
709
490
235

s

s

4 366
520
32
138
0 57
1 ,47
86
45

597
467

5 07
85
426
209
11 80
9 30
1 ,08
67

099
907
557
261

6 189
1 ,005
370
192

418
722
590
282

7 089
975
38
200

s

891
834
S99
287

8 01
1 ,010
402
163

461

7 75
899
470
263

S97
296

657
370
237

5 508
797
441
255

5 744
845
469
259

45

1 355
99
46
36

1 465
132
64
36

1 699
334
194
194

1 791
367
183
114

1 811
381
193
115

1 471
174
134
72

1 560
154
134
76

1 ,567
207
148
76

1 619
198
145
76

3 0?1
360
180
92

? 715
306
151
92

9 874
407
935
125

3 ,301
487
941
115

3 ,847
630
319
110

1 919

1 939

252
117
58

237
107
64

1 866
199
102
65

? 030
209
143
76

1 9SS
232
110
67

9 ,046
251
121
67

3 485

3 731
539

9 9??
909
127
106

3 80?
476
229
196

4 799
819

s

257
113

367
108

031
885
415
113

2 ,335
199
136
73

2 ,366
996
172
74

2 395
319
277
136

2 ,302
9^9
175
101

2 ,521
358
242
90

1 ,819
487
966
210

1 ,831
478
964
211

1 976
513
988
224

2 ,171
636
341
225

1 ,993
523
296
229

1 910
262
19S
111

1 ,933
262
141
112

1 9RS
284
143
116

1 ,998
306
159
118

1 340
315
156
122

99
46
36

434
214
114

108
56

Public Utility
Railroad:
Operating revenue
Profits after taxes
Dividends
Electric power:
Operating revenue
Profits before taxes
Profits after taxes
Telephone:

•

•»

•

•

. . .

8 ,58
9 ,473 10 ,39 10 ,58
1 ,960 1 ,45
70(1 1 ,38
43
78
83
693
25
33
31
328

5 ,06
1 ,12
75
56
9 ,96

33
90
213

10 ,664
1 ,404
87
412

9 ,37

2 ,582
979
219
162

2 ,275

90
67
37

188sr
96

5 ,528
1 ,313
89
61

6 ,058
1 ,482
814
65

6 ,54
1 ,74
94
72

7 ,136
1 ,895
1 ,030
780

7 ,61
2 ,04
1 ,14
85

1 ,826
460
960
212

1 ,984

3 .34
580
33

3 ,799
69
34
318

4 13
78
38
35

4 i59
925
45
412

4 90
1 ,05
59
44

1 178
248
199
108

1 ,174

276

570
321
212
242
116
109

1
Includes
2

26 companies in groups not shown separately, as follows: textile mill products (10); paper and allied products (15); miscellaneous (1).
Includes 25 companies in groups not shown separately, as follows: building materials (12); transportation equipment other than automobile
(6); and miscellaneous (7).
NOTE.—Manufacturing corporations. Data are from published company reports, except sales which are obtained from the Securities and
Exchange Commission.
Railroads. Figures are for Class I line-haul railroads (which account for 95 per cent of all railroad operations) and are obtained from reports
of the Interstate Commerce Commission.
Electric power. Figures are for Class A and B electric utilities (which account for about 95 per cent of all electric power operations) and are
obtained from reports of the Federal Power Commission, except that quarterly figures on operating revenue and profits before taxes are partly
estimated by the Federal Reserve to include affiliated nonelectric operations.
Telephone. Revenues and profits are for telephone operations of the Bell System Consolidated (including the 20 operating subsidiaries and
the Long Lines and General departments of American Telephone and Telegraph Company) and for two affiliated telephone companies, which
together represent about 85 per cent of all telephone operations. Dividends are for the 20 operating subsidiaries and the two affiliates. Data
are obtained from the Federal Communications Commission.
All series. Profits before taxes refer to income after all charges and before Federal income taxes and dividends. For description of series
and back figures, see pp. 662-666 of the BULLETIN for June 1949 (manufacturing); pp. 215-217 of the BULLETIN for March 1942 (public utilities);,
and p. 908 of the BULLETIN for September 1944 (electric power).

OCTOBER




1955

1161

NET CHANGE IN OUTSTANDING CORPORATE SECURITIES 1
[Estimates, in millions of dollars]

PROFITS, TAXES, AND DIVIDENDS OF
UNITED STATES CORPORATIONS
[Quarterly estimates at seasonally adjusted annual
rates. In billions of dollars]

All types
Year or
quarter

Profits
before
taxes

Year or
quarter

In- Profits Cash Undiscome after
divi- tributed
taxes taxes dends profits

1939
1945

6.4
19.0

1.4
10.7

5.0
8.3

1947
1948
1949..
1950

29.5
32 8
26.2
40.0

11.3
12 5
10.4
17.8

1951
1952. .
1953....
1954

41 2
35.9
38.3
34.0

1954—1
2
3
4
1955—1
2

18.2
20 3
15.8
22.1

3.8
4.7
6.5
72
7.5
9.2

11.7
13 0
8.3
12.9

22 5
19.8
21.3
17.1

18 7
16.1
17.0
17.0

9 1
9.0
9.3
10.0

9 6
7.2
7.7
6.9

32.7
33.7
33.5
36.0

16.4
16.9
16.8
18.1

16.3
16.8
16.7
17.9

9.7
9.8
10.0
10.6

6.6
7.0
6.7
7.3

40.9
43 0

20.5
21.6

20.4
21 A

10.2
10.7

10.2
10.7

1.2
3.6

Bonds and notes

Stocks

New Retire- Net
New Retire- Net
New Retire- Net
issues ments change issues ments change issues ments change

1947
1948
1949
1950

6,882
7,570
6,731
7,224

2,523
L.683
1,875
$,501

4,359
5,887
4,856
3,724

5,015
5,938
4,867
4,806

2,011
1,283
1,583
2,802

3,004
4,655
3,284
2,004

1,867
1,632
1,864
2,418

512
400
292
698

1,355
1,232
1,572
1,720

1951
1952
1953
1954

9,048
10,679
9,550
11,715

2,772
2,751
2,428
5,353

6,277
7,927
7,121
6,361

5,682
7,344
6,651
7,872

2,105
2,403
1,896
3,897

3,577
4,940
4,755
3,975

3,366
3,335
2,898
3,843

666
348
533
1,456

2,700
2,987
2,366
2,386

1954—2. . . 2,858
3 . . . 3,027
4. . . 3,128

1,139
L.314
1,923

1,719
1,714
1,205

1,863
2,314
2,075

847
938
1,354

1,016
995
713
1,377
721 1,053

292
376
569

703
337
484

1955—1. . . 3,065
2 . . . 3,084

L.347
L.677

1,719
1,407

1,681
1,802

702
767

979 1,384
1,034 1,282

645
910

740
373

1
Reflects cash transactions only. As compared with data shown on p. 1160, new
issues exclude foreign and include investment company offerings, sales of securities
held by affiliated companies or RFC, special offerings to employees, and also new
stock issues and cash proceeds connected with conversions of bonds into stocks. Retirements include the same types of issues, and also securities retired with internal
funds or with proceeds of issues for that purpose shown on p. 1160.
Source.—Securities and Exchange Commission.

Source.—Department of Commerce.

CURRENT ASSETS AND LIABILITIES OF UNITED STATES CORPORATIONS *
[Estimates, in billions of dollars]
Current liabilities

Current assets
End of year
or quarter

Net
working
capital

Total

Cash

U. S.
Government
securities

1939
1945

24.5
51.6

54.5
97 4

10.8
21.7

21 1

1948
1949.,
1950

68.6
72.4
81.6

133.0
133.1
161.5

25.3
26.5
28.1

14 8
16.8
19 7

1951
1952 .
1953

86.5
90 1
. 92.6

179.1
186 2
189.6

30.0
30 8
30.9

20.7
19 9
21.0

95.5
95.8

183.9
187.3

30 3
31.7

18 1
19.3

98.1
100.6

187.9
190.1

30.3
30.8

19 0
18.8

1954—3
4
i955—im
2

Notes and accts.
receivable
U. S.
Govt.2

2.2

Inventories

Notes and accts.
payable
Other

Federal
income
tax
liabilities

21.9
24.8

10.4

Total

Other

U. S.
Govt.2

Other

Other

22.1
23.2

18.0
26.3

1.4
2.4

30.0
45.8

.0
.9

1.1

55.7

48.9
45.3
55.1

1.6
1.4
1.7

64.4
60.7
79.8

.4

47.9

16.7

13.5
14.0
14.9

2.7
2 8

64.9
65 8

67.9

2.1
2.4
2.4

92.6
96 1
97.0

1.3

2 3

2.6

58.8
64 6
64.8

2.2

53.6
57.0
56.3

21.3
18.1
19.2

16.5
18.7
19.3

2.3
2.4

65.1
66.2

65.4
65.1

2.7
2.6

88.4
91.5

2.6
2.4

52.3
54.0

14.0
15.7

19 5
19 A

2 2

67.8
70.1

65.8
65.5

2 8

89 8
89.6

2.5
2.3

54.2
54.9

13.4
12.1

19.7
20.1

.0

2 7
42 . 4
43 . 0

2.1

2.8

39 . 3
37 . 5

1.2

11.5
9.3

6.9
9.7

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]
Transporta- Public Comtion
utili- muni- Other2
other
ties cations
than
rail

Total

Manufacturing

Mining

Railroads

1939
1945

5,512
8,692

1,943
3,983

326
383

280
548

365
574

520
505

302
321

1,776
2,378

1948
1949
1950
1951.

22,059
19,285
20,605
25,644

9,134
7,149
7,491
10,852

882
792
707
929

1,319
L.352
L.lll
1,474

1,285
887
1,212
1,490

2,543
3,125
3,309
3,664

1,742
1,320
1,104
1,319

5,154
4,660
5,671
5,916

26,493
28,322
26,827
27,896

11,632
11,908
11,038
11,193

985
986
975
895

L.396
1,311
854
910

1,500
1,565
1,512
1,563

3,887
4,552
4,219
4,445

1,537 5,557
1,690 6,310
1,717 6.513
8,891

Year

1952
1953
1954.
1955*

. ..

*»

Total

Manu- Transfactur- porta- Public
tion
All
ing
utili- others
incl.
and
ties
railminroads
ing

1953—3
4

7,084
7,625

3,116
3,565

708
743

1954—1
2
3
4

6,266
6,932
6,640
6,988

2,788
3,120
2,896
3,209

5,847
7,009
7,724
7,316

2,435
3,030
3,315
3,308

Quarter

2
3*

2,039
2,070

634
620
553
559

1,221
1,247
929
1,121
1,060
1,109

538
637
666
632

845
1,052
1,313
1,235

2,030
2,290
2,430
2,141

1,916
2,071
2,133
2,110

1
2
Corporate and noncorporate business, excluding agriculture.
Includes trade, service, finance, and construction.
3 Includes communications and other.
* Anticipated by business.
Sources.—Department of Commerce and Securities and Exchange Commission.

1162




FEDERAL RESERVE

BULLETIN

REAL ESTATE CREDIT STATISTICS
MORTGAGE DEBT OUTSTANDING, BY TYPE OF PROPERTY MORTGAGED AND TYPE OF MORTGAGE HOLDER
[In billions of dollars]
Nonfarm

All properties

End of year
or quarter

1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954

All
holders

...

1953—December
1954—March
June . . . . .
September....
December....
1955—March.
June

Other
holders
Financial
insti- Selected Inditutions Federal viduals
and
agenothers
cies

All
holders

Farm

1- to 4-family houses

Multi-family and
commercial properties1

Financial
institutions

Other
holders

Financial
institutions

Other
holders

7.2
6.7
6.3
6.2
6.4
7.0

'8.1

4.8
4.7
4.6
4.6
4.7
SA
6.1
6.7
7.2

Total

37.6
36.7
35.3
34.7
35.5
41.8
48.9
56.2
62.7
72 8
82.2
91.2
101 0
113.5

20.7
20.7
20.2
20.2
21.0
26.0
31.8
37.8
42.9
51.6
59.5
66.8
75.0
p
85.7

2.0
1.8
1.4
1.1
.9
.6
.5
.6
1.1
1.4
2.0
2.4
2.8
2.8

14.9
14.2
13.6
13.3
13.7
15.1
16.6
17.8
18.7
19.8
20.7
21.9

18.4
18.2
17.8
17.9
'18.6
'23.0
28.2

'23.3
25.0

31.2
30.8
29.9
29.7
30.8
36.9
43.9
50.9
57.1
66.7
75.6
84.0
'93.4
105.4

33.3
'37.6
'45.2
'51.7
'58.4
'66.0
'75.7

11.2
11.5
11.5
11.7
12.2
16.0
'20.6
25.0
'28.5
'35.4
'41.0
'46.8
'53.5
'62.4

101.0

75 0

2.8

r23.3

'93.4

'66.0

'53.5

103.1
106 2
109.7
113.5

'76.9
'79.5
'82.5
'85.7

2.7
2.7
2.7
2.8

23.6
'24.1
'24 5
25.0

••95,3
98.2
101.6
105.4

'67.6
'69.9

'55.0
••57.2
'59.7
'62.4

'117 2
121.9

'88.7
'92.6

2.9
3.0

'25.5
'26.3

108.7
113.1

'78.5

••72.7

'75.7

'65.0
'68.2

7.6
8.3
9.1
9.8

10.7
11.7
12.5
13.2
12.5
12.5
12.6
12.9
13.2
13.5
13.8

Total

12.9
12.5
12.1
11.8
12.2
13.8
15.7
17.6
19.5
21.6
'23.9
'25.6
'27.4
'29.7

7.8
7.4
7.2

'27.4
'27.7
'28.3
'29.0
'29.7
'30.3
'31.0

'7.4
'8.5
'9.5
10.9
12.3
13.9
15.9
17.2
18.5
'20.0
18.5
18.7
19.1
19.5
'20.0
'20.4
'20.9

All
holders

7.6
8.0
8.3
8.9
9.7

8.9
9.0
o2
'9.4
9.7
9.9
10.2

FinanOther
cial
insti- holders2
tutions

6.4
6.0
5.4
4.9
4.8
4.9
5.1
5.3
5.6
6.1
6.6
7.2
7.7
8.2

S5
S.7
1.9
2.1
2.3
2.6
2.8
3.0
3.3

4.9
4.5
4.1
3.7
3.4
3.4
3.3
3.4
3.5
3.7
4.0
4.3
4.6
4.9

7.7

3.0

4.6

7.8
8.0
8.1
8.2

3.1
3.2
3.2
3.3

4.8

8.4
8.8

3.4
3.5

1.5
1.4
1.3
1 ,1

4.7
4.9
4.9
5.1
5.3

'Revised. The major part of the revision for recent quarters and the entire revision for earlier years is due to revised estimates of mortgage
debt 1held by life insurance companies.
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 Ho*ne Administration.
NOTE.—Figures for first three quarters of each year are Federal Reserve estimates. Financial institutions include commercial banks (including nondeposit trust companies but not trust departments), mutual savings banks, life insurance companies and savings and loan associations.
Federal agencies include HOLC, FNMA, and VA (the bulk of the amounts through 1948 held by HOLC, since then by FNMA).
Other Federal
agencies (amounts small and separate data not readily available currently) are included with "Individuals and others."
Sources.—-Federal Deposit Insurance Corporation, Home Loan Bank Board, Institute of Life Insurance, Departments of Agriculture and
Commerce, Federal National Mortgage Association, Veterans Administration, Comptroller of the Currency, and Federal Reserve.

MORTGAGE LOANS HELD BY BANKS *
fin millions of dollars]

End of year
or quarter

Commercial bank holdings 2

Mutual savings bank holdings4

Nonfarm

Nonfarm

Residential

Total
Total
Total

4,906
4,746
4,521
4,430
4,772
7,234
9,446
10,897
11,644
13,664
14,732
15,867
16,850
18,573

1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951.
1952
1953
1954.

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
17,415

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
14,152

1953—December

16,850 15,768 12,925

1954—"March

16,970 15.870
17,382 16,242
17,920 16.770
18,573 17,415

Tune

September.
December
1955—March r.
June r

8

FHA- VA- Conguar- veninsured anteed tional

924
802
749
856

3,421
3,675
3,912
'4,106

2
3
3
'3

921 4 929
01.2 5 501
061 5 951
350 ' 6 695

Farm

Total

Residential*
Total

Total
1,048

1,387
1,690
1,957
2,060
2,264
2,458
2,621
2,843
'3,263

566
491
463
463
571
70?
874
909
968
1 ,004
1 ,058
1 ,082
' 1 ,159

4,812
4,627
4,420
4,305
4,208
4,441
4,856
5,806
6,705
8,261
9,916
11,379
12,943
15,007

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
14,951

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
13,211

2,905 1 ,100 13,345
'3,010 1 140 13,881
3,115 1 ,150 14,415
'3,263 1 ,159 15,007

13,292
13,826
14,360
14,951

FHA- VA- Coninguar- vensured anteed tional

Other

Farm

900
876
837
805
797
827
891
1 ,015
1 ,099
1 164
1 ,774
1 ,444
1 ,556
1 ,740

28
26
25
24
24
26
28
34
37
44
47
53
53
56

3,489 3,053 4 ,792

1 ,556

53

11,700 3,560 3,295 4 84 S
12,181 3,659 3,579
12,665 3,725 3,900 5 040
13,211 3,800 4,262 5 149

1 ,592
1 645
1 ,695
1 ,740

53
55
55
56

1 ,758
3,895 4,600 s
4,000 4,976 5 362 1 ,775

57
59

3,912 3 061 5 951 2,843 1 ,082 12,943 12,890 11,334

3,920 3 075 5 970
117 ' 6
^3,962
4,020 3 235 6 400
'4,106 '3 350 '6 695
19,125 17,920 14,535 4,205 3 450 6 880
19,940 18,677 15,128 4,361 3 601 7 166
12,965
13,232
13.655
14,152

Other

3,385 1 , 7,05 15,560 15,503 13,745
3,549 1 ,263 16,173 16,114 14,339

2,567
3,168
3,489
3,800

1,726 4 ,303
2,237 4 ,477
3,053 A ,79?
4,262
149

'Revised.
1
Includes all banks in the United States and possessions. 2 Includes loans held by nondeposit trust companies but excludes holdings of
trust departments of commercial banks. March and September figures are Federal Reserve estimates based on data from Member Bank Call
Report and from weekly reporting member banks.
s 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




1955

1163

REAL ESTATE CREDIT STATISTICS—Continued
MORTGAGE ACTIVITY OF ALL UNITED STATES LIFE INSURANCE COMPANIES
[In millions of dollars]
Loans acquired

Loans outstanding (end of period)

Nonfarm

Nonfarm

Year or month

Total
Total

1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954

898
855
935
976

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

FHAinsured

VAguaranteed

Farm

Total

Other

Total

FHAinsured

1,377

1,469
1,546
1,642
2,108
2,371
2,313
2,653
2,871

178
266
293
307
362
411
372
420
413

5,972
6,442
6,726
6,714
6,686
6,636
7,155
8,675
10,833
12,906
16,102
19,314
21,251
23,322
'25,976

53
53
56
80
62

133
156
148
183
208

249
250
242
275
318

29
25
25
33
43

24,795
'25,083
25,260
25,574
'25,976

22,786
23,062
23,235
23,540
'23,928

6,100
'6,092
6,103
6,133
'6,116

69
66
77
71
76
71

161
118
154
128
135
151
118
140

249
259
262
232
270
256
264
286

42
52
70
49
44
41
34
33

26,223
26,474
26,727
26,949
27,217
27,483
27,748
28,001

24,171
24,405
24,629
24,824
25,067
25,310
25,551
25,787

6,132
6,156
6,166
6,171
6,200
6,202
6,225
6,244

1,661
2,786
3,407
3,430
4,894
5,134
3,978
4,345
5,334

1,483
2,520
3,114
3,123
4,532
4,723
3,606
3,925
4,921

1,202
1,350
1,486
1,058

1,294

864
817
673

464
484
471
571
631

435
459
446
538
588

521
495
563
480
525
519
488
536

479
443
493
431
481
478
454
503

45i

72
77

600
366
131
938
429
455

Farm

VAguaranteed

Other

5,073
5,529
5,830
5,873
5,886
5,860
6,360
7,780
9,843
11,768
14,775
17,787
19,546
21,436
'23,928

1,096
1,286
1,408
1,394
1,228
1,398
2,381
3,454
4,573
5,257
5,681
6,012
'6,116

4,405
4 714
4 734
4 587
4 478
4 466
'254
'4 878
'843 '5,539
'1,104
'6,358
'1,223
'7,091
'2,025
'8 177
'9,400
'3,130
'3,346 '10,519
3,560 11,864
'4,643 '13,169

1,138
1 327
1,527
1,705
1,886
'2,048

4 048 12 638
'4,193 '12,777
4 302 12 830
4,451 12 956
'4,643 '13,169

2 009
'2,021
2 025
2 034
'2,048

668
815

4,771
4,861
4,982
5,070
5,168
5,297
5,373
5,468

13,268
13 388
13,481
13 583
13,699
13,811
13 953
14,075

899
913
896
841
800
776
795
895
990

2,052
2 069
2,098
2 125
2,150
2,173
2,197
2,214

'Revised.
NOTE.—For loans acquired, monthly figures may not add to annual totals, and for loans outstanding, end-of-December figures may differ
from end-of-year figures, because monthly figures represent book value of ledger assets whereas year-end figures represent annual statement asset
values, and because year-end adjustments are based on more nearly complete data. Prior to 1947, complete data are not available for all classifications shown.
Sources.—Institute of Life Insurance: end-of-year figures, Life Insurance Fact Book; end-of-month figures, the Tally of Life Insurance Statistics
and Life Insurance News Data.
MORTGAGE ACTIVITY OF ALL SAVINGS AND LOAN
ASSOCIATIONS
[In millions of dollars]

1941
1942
1943
1944

1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
1954-Aug...
Sept...
Oct....
Nov...
Dec...
1955-Jan....
Feb....
Mar...
Apr....
May...
June...
July...
Aug....
1
2

Total

New
construction

1,379
1,051
1,184
1,454
1,913
3,584
3,811
3,607
3,636
5,237
5,250
6,617
7,767
8,969

4,578
361
581
437
287 4,583
574
190
276 4,584
802
106
295 4,800
95 1,064
374 5,376
181 1,358
7,141
611
2,357
616
789 8,856
894 2,128
10,305
563
851
1,710
1,046
717
994 11,616
1,083 1,559
13,622
841
1,224
2,246
1,767
864
1,657 2,357 1,236 15,520
904
2,105 2,955 1,557 18,336
2,475 3,488 1,804 21,882 1,044
26,142
1,171
2,047
3,846
3,076

841
828
824
807
853
744
775
1,026
1,016
1,069
1,157
1,054
1,171

289
282
283
278
295
252
265
386
380
395
418
371
416

ConFHA- VAHome Other
guar- ven-3
pur- Total 3 inpursured anteed tional
chase poses 1

372
369
364
357
369

180
177
177
172
189

326
340
427
430
470
536
494
553

166
171
212
205
205
203
188
201

2,397
2,586
2,969
3,125
3,385
3,961
4,714

25,053 1,150 4,503
26,142 1,171

27,313
28,988

4,714




Amount, by type of lender
Year
or
month

1941.
1942.
1943.
1944.
1945.,
1946..
1947.,
7,345 1948
8,313 1949
9,812 1950.
11,530 1951
14,047 1952
16,877 1953
1953
20,257 1954
1954-Aug.
Sept.
Oct..
Nov.
Dec.
20,257
19,400

1955-Jan..
Feb..
Mar.
4,946 21,135
Apr..
May.
June.
1,283 5,318 22,387
July..
Aug..

Includes loans for repair, additions and alterations, refinancing, etc.
Prior to 1948, data are not available for classifications shown.
'Excludes shares pledged against mortgage loans.
Source.—Home Loan Bank Board.

1164

[Number in thousands; amount (except averages) in millions of dollars]

Loans outstanding (end of period)2

Loans made, by purpose
Year or
month

N O N F A R M MORTGAGE RECORDINGS O F $20,000 OR LESS

Number

Total

Sav- Insurings & ance:
loan
companies

Average
amount
Com- Mutual
remersav- Other corded
cial
ings
(dolbanks banks
lars)

1,628
1,351
1,274
1,446
1,639
2,497
2,567
2,535
2,488
3,032
2,878
3,028
3,164
3,458

4,732
3,943
3,861
4,606
5,650
10,589
11,729
11,882
11,828
16,179
16,405
18,018
19,747
22,974

1,490
1,170
1,237
1,560
2,017
3,483
3,650
3,629
3,646
5,060
5,295
6,452
7,365
8,312

404
362
280
257
250
503
847
,016
,046
,618
,615
,420
,480
,768

1,166
886
753
878
1,097
2,712
3,004
2,664
2,446
3,365
3,370
3,600
3,680
4,239

218
166
152
165
217
548
597
745
750
1,064
1,013
1,137
1,327
1,501

1,454
1,359
1,439
1,746
2,069
3,343
3,631
3,828
3,940
5,072
5,112
5,409
5,895
7,154

2,906
2,918
3,031
3,186
3,448
4,241
4,570
4,688
4,755
5,335
5,701
5,950
6,241
6,644

312
313
314
307
318

2,086
2,122
2,156
2,148
2,267

770
766
765
757
784

166
164
178
177
191

369
383
393
399
420

138
141
140
147
158

642
668
679
667
714

6,684
6,789
6,874
7,004
7,131

284
277
343
328
344
360
335
366

2,024
1,958
2,455
2,357
2,483
2,636
2,463
2,697

688
702
928
900
950
1,024
953
1,060

165
151
174
165
163
174
161
163

379
365
458
456
482
516
472
521

128
116
134
136
153
171
168
179

665
624
761
700
734
750
708
773

7,120
7,077
7,153
7,182
7,215
7,312
7,348
7,362

Source.—Home Loan Bank Board.

FEDERAL RESERVE BULLETIN

REAL ESTATE CREDIT STATISTICS —Continued
MORTGAGE DEBT OUTSTANDING ON
NONFARM 1- TO 4-FAMILY PROPERTIES
[In billions of dollars]

GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE
[In millions of dollars]
VA-guaranteed loans 3

FHA-insured loans

Year
or
month

Home
mortgages

Total
Total

New
properties
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954

Projecttype
Ex- mortisting gages
1
properties

Property
improve- Total
ment 2
loans

20
171
192
257
217
13
321 2,302
120
302
360
534 3,286
477
418
609
614 1,881
1,434
684
594 1,424
1,319
892 1,021
694 3,073
1,637
856 1,157
582
708 3,614
1,216
713
322
848 2,721
969
974
259 1,334 3,064
1,259 1,030
232
891 4,257
1,035
907

Home
mortgages

Alter
ation
and 2
ExNew isting repair
prop- properties erties

857
3,058
5,074
5,222
5,250
7,416
6,834
5,830
6,946
7,323

665
756
1,788
3,341
3,826
4,343
3,220
3,113
3,882
3,066

1954—Aug...
Sept...
Oct....
Nov...
Dec.. .

680
679
770
760
843

262
269
252
266
287

72
77
80
91
92

79
59
74
92
109

40
33
9
7
23

71
101
89
76
63

418
410
518
494
556

251
252
307
304
3B7

167
157
211
189
219

.2
.5
.4
.5
.4

1955—Jan....
Feb...
Mar...
Apr...
May. .
June..
July...
Aug.. .

931
840
856
809
832
888
803
967

309
274
324
294
284
336
283
350

107
89
109
93
93
107
92
113

145
138
160
151
136
163
138
166

5
12
9
5
3
5
3
4

52
36
46
45
51
62
50
67

622
567
532
515
548
552
520
617

390
357
345
319
341
348
332
386

231
209
186
195
207
204
187
230

1.2
.7
.6
.6
.5
.6
.5
.8

793
629
1,865 1,202
2,667
942
1,824
890
2,045 1,014
2,686 1,566

1948
1949
1950
1951
1952
1953
1954

528
848
918
661

1,085

550
1

C)

1954—August....
September.
October. . .
November.
December.
1955—January...
February..
March
April
May
June
July
August

594
631
678

8
80)
8
80)

Mortgage holdings

Total
199
828

FHAinsured

VAguaranteed

MortMortgage
gage
pursales
chases
(during (during
period) period)

227
824
485
239
323
638
476

188
403
169
204
320
621
802

11
425

198
672

1,347
1,850
2,242
2,462
2,434

1,178
1,646
1,922
1,841
1,632

1,044

677
538
542
614

20
469
111
56
221
525

700
654
603
547
476

2,355
2,362
2,368
2,396
2,434

733
745
752
773
802

L,622
1,618
1,616
L.623
]1,632

33
38
39
50
64

39
19
23
11
15

418
359
287
215
163
127
116
104

2,462
2,488
2,512
2,545
2,562
2,567
2,567
2,573

817
832
839
855
860
867
868

1L,645
:L,656

48
48
54
58
39
21
15
19

10
8
18
11
7
3
1
1

877

L.673
1,690
1,702
1,700
1,699
] ,696

*No authorization figures shown after October since under its new charter,
effective Nov. 1,1954, FNMA maintains three separate programs, for which the
type of fund authorization varies. Other figures represent the combined programs: secondary market, special assistance, and management and liquidation.
Source.—Federal National Mortgage Association.

OCTOBER




1955

FHA- VAinguarsured anteed

4.3
6.1
9.3
12.5
15.0
18.9
22.9
25.4
28.1
32.1

4.1
3.7
3.8
5.3
6.9
8.6
9.7
10.8
12.0
12.8

.2
2.4
5.5
7.2
8.1
10.3
13.2
14.6
16.1
19.3

1952—Sept... '56.7
D e c . . . '58.4

24.7
25.4

10.4
10.8

14.3 '32.0
14.6 '33.0

1953—Mar...
June...
Sept...
Dec...

'60.1
'62.3
'64.4
'66.0

26.1
26.7
27.5
28.1

11.1
11.4
11.7
12.0

15.0
15.3
15.8
16.1

'34.0
'35.6
'36.9
'37.9

1954—Mar...
June...
Sept...
Dec...

'67.6
'69.9
'72.7
'75.7

28.8
29.7
30.5
32.1

12.2
12.4
12.6
12.8

16.6
17.3
17.9
19.3

'38.8
'40.2
'42.2
'43.6

1955—Mar. . . '78.5
June... '82.1

33.5
35.5

13.2
13.5

20.3 '45.0
22.0 '46.5

'14.3
'16.9
18.9
20.8
'22.6
'26.3
'28.8
'33.0
'37.9
'43.6

••Revised. The major part of the revision for
recent quarters and the entire revision for earlier
years is due to revised estimates of mortgage debt
held by life insurance companies.
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

Conventional

18.6
'23.0
28.2
33.3
'37.6
••45.2
'51.7
'58.4
'66.0
'75.7

1945
1946
1947
1948
1949
1950
1951
1952
1953
1954

Monthly figures do not reflect mortgage amendments included in annual totals.
FHA-insured property improvement loans are not ordinarily secured by mortgages; VAguaranteed alteration and repair loans of $1,000 or less need not be secured, whereas those
for more than that amount must be.
3 Prior to 1949, data are not available for classifications shown.
NOTE.—FHA-insured loans represent gross amount of insurance written; VA-guaranteed loans, gross amount of loans closed. Figures do not take account of principal repayments on previously insured or guaranteed loans. For VA-guaranteed loans, amounts by
type are derived from data on number and average amount of loans closed.
Sources.—Federal Housing Administration and Veterans Administration.

End of year
or month

Total

Total

3
5
6
6
6
5

1
2

Governmentunderwritten

End of
year or
quarter

Year or month

Advances

Repayments

Advances outstanding
(end of period)
Total

Shortterm1

Long-2
term

1945
1946
1947
1948
1949
1950
1951
1952
1953
1954

278
329
351
360
256
675
423
586
728
734

213
231
209
280
337
292
433
528
640
818

195
293
436
515
433
816
806
864
952
867

176
184
218
257
231
547
508
565
634
612

19
109
217
258
202
269
298
299
317
255

1954—September.
October...
November.
December.

69
63
74
171

38
45
38
47

689
708
743
867

452
471
495
612

237
236
248
255

1955—January...
February..
March....
April
May
June
July
August. . .
September.

38
34
71
85
104
237
152
156
115

188
63
58
33
37
42
107
30
27

717
688
702
754
821
1,017
1,061
1,187
1,275

491
466
464
497
542
715
748
822
885

226
223
238
257
279
302
313
365
390

1
Secured or unsecured loans maturing in one year or less.
2
Secured loans, amortized quarterly, having maturities of
more than one year but not more than ten years.
Source.—Home Loan Bank Board.

1165

STATISTICS ON SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT
CONSUMER CREDIT, BY MAJOR PARTS
[Estimated amounts outstanding, in millions of dollars]
Instalment credit
End of year
or month

Other
consumer
Automobile
goods
paper 1
paper i

Total
Total

Noninstalment credit

Repair
and modernization
loans 2

Personal
loans

Total

Singlepayment
loans

Charge
accounts

Service
credit

7,222
8,338
9,172

4,503
5,514
6,085

1,497
2,071
2,458

1,620
1,827
1,929

298
371
376

1,088
1,245
1,322

2,719
2,824
3,087

787
800
845

1,414
1,471
1,645

518
553
597

1945
1946
1947
1948
1949
1950
.
1951
1952
1953. .
1954

5,665
8,384
11,570
14,411
17,104
20,813
21,468
25,827
29,537
30,125

2,462
4,172
6,695
8,968
11,516
14,490
14,837
18,684
22,187
22,467

455
981
1,924
3,054
4,699
6,342
6,242
8,099
10,341
10,396

816
1,290
2,143
2,842
3,486
4,337
4,270
5,328
5,831
5,668

182
405

1,006
1,090
1,406
1,649
1,616

1,009
1,496
1,910
2,229
2,444
2,805
3,235
3,851
4,366
4,787

3,203
4,212
4,875
5,443
5,588
6,323
6,631
7,143
7,350
7,658

746
1,122
1,356
1,445
1,532
1,821
1,934
2,094
2,219
2,420

1,612
2,076
2,353
2,713
2,680
3,006
3,096
3,342
3,411
3,518

845
1,014
1,166
1,285
1,376
1,496
1,601
1,707
1,720
1,720

1954—August
September
October
November
December

28,736
28,856
28,975
29,209
30,125

21,901
21,935
21,952
22,014
22,467

10,349
10,365
10,340
10,296
10,396

5,294
5,287
5,324
5,398
5,668

1,642
1,642
1,637
1,631
1,616

4,616
4,641
4,651
4,689
4,787

6,835
6,921
7,023
7,195
7,658

2,312
2,335
2,377
2,407
2,420

2,734
2,807
2,892
3,042
3,518

1,789
1,779
1 . 7S4
1,746
L.72O

1955—January
February . . . .
IViarch
April
May

29,760
29,518
29,948
30,655
31,568
32,471
32,896
33,636

22,436
22,508
22,974
23,513
24,149
24,914
25,476
26,155

10,459
10,641
11,053
11,482
11,985
12,561
13,038
13,547

5,609
5,484
5,479
5,492
5,555
5,639
5,676
5,762

1,574
1,550
1,530
1,534
1,546
1,562
1,570
1,589

4,794
4,833
4,912
5,005
5,063
5,152
5,192
5,257

7,324
7,010
6,974
7,142
7,419
7,557
7,420
7,481

2,371
2,427
2,481
2,496
2,589
2,686
2,595
2,629

3,225
2,831
2,735
2,859
3,011
3,040
2,991
3,019

1,728
L ,752
t ,758
1,787
1,819
1,831
1,834
L 833

1939
1940
1941

June

July
August

718
843
887

•

1
Includes all consumer instalment credit extended for the purpose of purchasing automobiles and other consumer goods and secured by the
items purchased, whether held by retail outlets or financial institutions. Includes credit on purchases by individuals of automobiles or other
consumer
goods that may be used in part for business.
2
Includes only repair and modernization loans held by financial institutions; such loans held by retail outlets are included in "other consumer
goods paper."
NOTE.—Monthly figures for the period December 1939 through 1951 and a general description of the series are shown on pp. 336-354 of the
BULLETIN for April 1953. Revised monthly figures are shown in later BULLETINS: 1952, November 1953, p. 1214; 1953, November 1954, p. 1212.
A detailed description of the methods used to derive the estimates may be obtained from Division of Research and Statistics.

INSTALMENT CREDIT, BY HOLDER
[Estimated amounts outstanding, in millions of dollars]
Financial institutions

Retail outlets

Total
instalment
credit

Total

Commercial
banks

Sales
finance
companies

Credit
unions

4,503
5,514
6,085

3,065
3,918
4,480

1,079
1,452
1,726

1,197
1,575
1,797

132
171
198

657
720
759

1945
1946
1947
1948
1949
1950
1951
1952
1953
1954.....

2,462
4,172
6,695
8,968
11,516
14,490
14,837
18,684
22,187
22,467

1,776
3,235
5,255
7,092
9,247
11,820
12,077
15,410
18,758
18,935

745
1,567
2,625
3,529
4,439
5,798
5,771
7,524
8,998
8,633

300
677
1,355
1,990
2,950
3,785
3,769
4,833
6,147
6,421

102
151
235
334
438
590
635
837
1,124
1,293

1954—August...
September
October. .
November
December.

21,901
21,935
21,952
22,014
22,467

18,731
18,753
18,726
18,719
18,935

8,731
8,688
8,637
8,586
8,633

6,256
6,294
6,315
6,325
6,421

1955—January..
February.
March...
April
May
June
July
August. . .

22,436
22,508
22,974
23,513
24,149
24,914
25,476
26,155

18,977
19,153
19,613
20,127
20,718
21,432
21,980
22,605

8,651
8,688
8,844
9,020
9,228
9,495
9,656
9,871

6,462
6,570
6,808
7,077
7,390
7,747
8,087
8,422

End of year
or month

1939
1940
1941

1
2

Department
stores 1

Furniture
stores

Household
appliance
stores

Automobile
dealers 2

1,438
1,596
1,605

354
394
320

439
474
496

183
196
206

123
167
188

339
365
395

629
840
1,040
1,239
1,420
1,647
1,902
2,216
2,489
2,588

686
937
1,440
1,876
2,269
2,670
2,760
3,274
3,429
3,532

131
209
379
470
595
743
920
,117
,040
,201

240
319
474
604
724
791
760
866
903
890

17
38
79
127
168
239
207
244
291
293

28
47
101
159
239
284
255
308
380
394

270
324
407
516
543
613
618
739
815
754

1,250
1,267
1,270
1,282
1,293

2,494
2,504
2,504
2,526
2,588

3,170
3,182
3,226
3,295
3,532

,032
,041
,063
,098
,201

821
822
830
846
890

276
278
282
283
293

389
390
390
390
394

652
651
661
678
754

1,282
1,298
1,330
1,360
1,395
1,434
1,458
1,495

2,582
2,597
2,631
2,670
2,705
2,756
2,779
2,817

3,459
3,355
3,361
3,386
3,431
3,482
3,496
3,550

,158
,108
,123
,138
,150
,160
,155
1,167

862
848
838
834
842
851
856
871

291
286
280
278
277
279
281
284

397
404
420
437
457
481
501
523

751
709
700
699
705
711
703
705

Other

Total

Other

Includes mail-order houses.
Includes only automobile paper; other instalment credit held by automobile dealers is included with "other" retail outlets.

1166




FEDERAL RESERVE BULLETIN

STATISTICS ON SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT—Continued
NONINSTALMENT CREDIT, BY HOLDER

INSTALMENT CREDIT HELD BY COMMERCIAL BANKS,
BY TYPE OF CREDIT

[Estimated amounts outstanding, in millions of dollars]

[Estimated amounts outstanding, in millions of dollars]

Total
noninstalment
credit

End of year
or month

Financial
institutions
(single-payment loans)
Commercial
banks

Other

2,719
2,824
. . . 3,087

625
636
693

3,203
1945
4,212
1946
4,875
1947 . .
1948
. 5,443
5,588
1949
1950
. . . . . 6,323
1951. .
6,631
7,143
1952
. . .
1953
7,350
7,658
1954

674

1,008
1,203
1,261
1,334
1,576
1,684
L.844
L.899
2,085

1954—August
September.
October. . .
November.
December.

6,835
6,921
7,023
7,195
7,658

1,985
1,997
2,067
2,049
2,085

1955—January.. .
February..
March....
April
May
June
July
August....

7,324
7,010
6,974
7,142
7,419
7,557
7,420
7,481

2,048
2,085
2,114
2,165
2,199
2,303
2,268
2,277

1939. .
1940
1941

c
1

Retail
outlets
(charge
accounts)

Service
credit

Department 1
stores

Other

162
164
152

236
251
275

1,178
1,220
1,370

518
553
597

72
114
153
184
198
245
250
250
320

290
452
532
575
584
641
685
730
748

764

1,322
1,624
1,821
2,138
2,096
2,365
2,411
2 612
2,663
2,754

1,014
L ,166
L ,285
L,376
1,496
1,601
1,707
1,720
1,720

327
338
310
358
335

446
488
517
574
764

2,288
2,319
2,375
2,468
2,754

1,789
L ,779
1,754
L,746
L.72O

323
342
367
331
390
383
327
352

623
535
507
526
532
518
474
475

2,602
2,296
2,228
2,333
2,479
2,522
2,517
2,544

1,728
1,752
1,758
L ,787
L ,819
831
«1,834
1,833

335

845

Corrected.
Includes mail-order houses.

End of year
or month

Direct

Personal
loans

1,079
1,452
1,726

237
339
447

178
276
338

166
232
309

135
165
161

363
440
471

1945
1946
1947
1948
1949
1950
1951
1952
1953..
1954

745

1,567
2,625
3,529
4,439
5,798
5,771
7,524
8,998
8,633

66
169
352
575
849

143
311
539
753
946

114
299
550
794

1,177
1,135
1,633
2,215
2,198

1,294
1,311
1,629
1,867
1,645

1,016
1,456
1,315
1,751
2,078
1,839

110
242
437
568
715
834
888

1,137
1,317
1,275

312
546
747
839
913
1,037
1,122
1,374
1,521
1,676

1954—August
September.
October. ..
November.
December.

8,731
8,688
8,637
8,586
8,633

2,230
2,224
2,207
2,188
2,198

1,707
1,686
1,663
1,636
1,645

1,857
1,835
1,822
1,822
1,839

1,299
1,299
1,296
1,287
1,275

1,638
1,644
1,649
1,653
1,676

1955—January...
February..
March....
April
May
June
July
August... .

8,651
8,688
8,844
9,020
9,228
9,495
9,656
9,871

2,208
2,241
2,309
2,371
2,466
2,591
2,656
2,765

L,656
L.680
1,751
1,818
[,880
1,940
1,995
2,041

1,859
1,845
1,846
1,842
1,865
1,897
1,921
1,950

1,241
1,219
1,201
1,205
1,211
1,223
1,231
1,243

1,687
1,703
1,737
1,784
1,806
1,844
1,853
1,872

Other
consumer
goods
paper

Repair
and
modernization
loans

End of year
or month

Automobile
paper

1939
1940
1941

1,197
1,575
1,797

878
1,187
1,363

115
136
167

148
190
201

56
62
66

1945
1946
1947
1948
1949
1950
1951
1952
1953
1954

300
677
1,355
1,990
2,950
3,785
3,769
4,833
6,147
6,421

164
377
802
1,378
2,425
3,257
3,183
4,072
5,306
5,563

24
67
185
232
303
313
241
332
367
351

58
141
242
216
83
57
70
82
83
81

54
92
126
164
139
158
275
347
391
426

1954—August
September. . .
October
November. . .
December....

6,256
6,294
6,315
6,325
6,421

5,436
5,474
5,491
5,491
5,563

335
336
337
340
351

82
81
81
81
81

403
403
406
413
426

1955—January
February. . . .
March
April
May
June
July,
August

6,462
6,570
6,808
7,077
7,390
7,747
8,087
8,422

5,603
5,709
5,945
6,207
6,512
6,857
7,180
7,496

350
349
348
348
353
361
372
384

79
78
76
76
77
78
78
80

430
434
439
446
448
451
457
462




Purchased

and

modernization
loans

[Estimated amounts outstanding, in millions of dollars]

Total
instalment
credit

1955

Repair
Other
consumer
goods

INSTALMENT CREDIT HELD BY FINANCIAL INSTITU.
TIONS OTHER THAN COMMERCIAL BANKS AND SALES
FINANCE COMPANIES, BY TYPE OF CREDIT

[Estimated amounts outstanding, in millions of dollars]

OCTOBER

Automobile
paper

1939.
1940
1941

INSTALMENT CREDIT HELD BY SALES FINANCE
COMPANIES, BY TYPE OF CREDIT

End of year
or month

Total
instalment
credit

Personal
loans

1939
1940
1941 .

Total
instalment
credit
789

891
957

Automobile
paper

81

102
122

Other
consumer
goods
paper
24

30
36

Repair
and
modernization
loans
15

16
14

731

54

20

14

991

77
130

34
69

22
39

Personal
loans

669

743
785

1945 . . . .
1946
1947
1948
1949
1950
1951
1952 . . .
1953
1954

1,275
1,573
1,858
2,237
2,537
3,053
3,613
3,881

189
240
330
358
457
573
596

99
137
182
209
279
337
340

59
89
115
132
187
249
260

1,037
1,226
1 392
1,610
1 838
2,130
2 454
2,685

1954—August . .
September. . .
October...
November. . .
December....

3,744
3,771
3,774
3,808
3,881

587
591
589
591
596

321
324
329
331
340

261
262
260
263
260

2,575
2,594
2,596
2,623
2,685

1955—January
February....
March
April

3,864
3,895
3,961
4,030
4,100
4,190
4,237
4,312

595
607
628
649
670
692
706

338
339
344
353
363
380
388

254
253
253
253
258
261
261

722

401

266

2,677
2,696
2 736
2,775
2,809
2,857
2,882
2,923

May

June......
July
August

643
858

^—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.

1167

STATISTICS ON SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT—Continued
INSTALMENT CREDIT EXTENDED AND REPAID
[Estimates, in millions of dollars]
Other consumer
goods paper

Automobile
paper

Total
Year or month

Repair and
modernization loans

Extended

Repaid

Extended

Repaid

Extended

Repaid

1949
1941

8,219
9,425

7,208
8,854

3,086
3,823

2,512
3,436

2,588
2,929

2,381
2,827

328
312

1945
1946
1947
1948
1949
1950
1951
1952
1953
1954

5,379
8,495
12,713
15,540
18,002
21,256
22,791
28,397
30,321
29,304

5,093
6,785
10,190
13,267
15,454
18,282
22,444
24,550
26,818
29,024

1,969
3,692
5,280
7,182
8,928
9,362
12,306
13,621
12.532

1,443
2,749
4,150
5,537
7,285
9,462
10,449
11,379
12,477

941

2,024
3,077
4,498
5,280
5,533
6,458
6,518
7,959
8,014
7,700

1,999
2,603
3,645
4,581
4,889
5,607
6,585
6,901
7,511
7,863

206
423
704
702
721
826
853

1,243
1,387
1,245

2,477
2,441
2,454
2,554
3,046

2,425
2,407
2,437
2,492
2,593

1,114
1,062
1,031
L.040
1,184

1,063
1,046
1,056
1,084
1,084

607
629
687

641
636
650

716

936

642

2,389
2,416
3,159
3,089
3,206
3,443
3,131
3,436

2,420
2,344
2,693
2,550
2,570
2,678
2,569
2,757

1,060
1,167
1,569
1,512
L.616
1,766
1,594
1,745

997
985
1,157
1,083
1,113
1,190
1,117
1,236

616
529
708
703
741
766
711
793

2,409
2,474
2,461
2,612
2,762

2,480
2,404
2,424
2,500
2,488

1,035

1,068
]1,109
]1,298

1,067
1,014
1,039
1,098
1,083

2,823
2,898
3,035
3,017
3,091
3,165
3,122
3,200

2,496
2,521
2,562
2,552
2,634
2,612
2,602
2,714

1,233
1,382
1,472
1,404
1,517
1,580
.510
1,559

1,020
1,071
1,096
1,093
1,139
1,165
1,132
1,195

999

Extended

Repaid

Personal
loans
Extended

Repaid

255
307

2,217
2,361

2 060
2,284

143
200
391
577
677
707
769
927

1,144
1,278

2,150
3,026
3,819
4,278
4,566
5,044
6,058
6,889
7,299
7,827

2,010
2,539
3,405
3,959
4,351
4,683
5,628
6,273
6,784
7,406

112
115
106

107
115
111

644
635
630

614
610
620

108

114

110

690

652

95

831

733

675
654
713
690
678
682
674
707

67
72
99
106
121
125
111
130

109
96
119
102
109
109
103
111

646
648
783
768
728
786
715
768

639
609
704
675
670
697
675
703

613
609
633
677
679

678
634
652
631
643

100
106
92
101
99

105
118
106
113
108

661
682
668
725
686

630
638
627
658
654

788
660
741
736

684
680
683
672

87
97
109
109

104
97
116
109

715
759
713
768

688
673
667
678

736
754
791
770

687
678
697
720

115
109
107
113

122
109
102
105

723
722
714
758

686
660
671
694

WITHOUT SEASONAL ADJUSTMENT
1054—Aumist
September
October
December
io^5—Tanuarv
February
March
April
May

June

•

July
August

..

666

SEASONALLY ADJUSTED*

1954—August
September
October
November
December
1955—January
Tvtarch

. .

July
August

.L,O77

* Includes adjustment for differences in trading days.
NOTE.—Back figures by months for the period 1940-52, together with a discussion of the composition and characteristics of the data and a
description of the methods used to derive the estimates, are shown in the BULLETIN for January 1954, pp. 9-22. Monthly figures for 1953 are
shown in the BULLETIN for November 1954, p. 1212. Estimates of instalment credit extended and repaid are based on information from accounting
records of retail outlets and financial institutions and include finance, insurance, and other charges incurred under the instalment contract. Renewals and refinancing of loans, repurchases and resales of instalment paper, and certain other transactions may increase the amount of both
credit extended and credit repaid without adding to the amount of credit outstanding.
FURNITURE STORE STATISTICS

Item

Percentage change
from preceding
month
Aug.
1955

July
1955

+8
+9
+7
+12

-3
-4
-1
-3

Accounts receivable, end
of month:
Total
Instalment
Charge accounts

+4
+2
+9

Inventories, end of
month, at retail value.

+1

Net sales:
Total
Cash sales
Credit sales:
Instalment
Charge account

June
1955

RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE *

Percentage change
from corresponding
month of preceding
year
Aug.
1955

July
1955

June
1955

+14
+13

+9
+5
+8
+14

+3

+15
+17

+9
+2
+12
+12

+12

0

+2
+1
+4

+9
+6
+15

+7
+5
+15

+8
+4
+19

-3

-3

+3

+3

+2

-i

-1
-1

Instalment accounts
Month

Department
stores

Charge
accounts

House- DepartFurni- hold
ap- ment
ture
pliance
stores
stores
stores

1954—August. . .
September
October. .
November
December.

13
13
14
13
14

12
12
12
12
12

10
10
10
10
9

45
46
47
48
46

1955—January. .
February.
March....
April
May
June
July
August. . .

14
14
15
15
15
15
14
14

12
11
13
12
12
12
12
13

9
9
9
9
9
9
9
9

44
43
48
44
45
46
43
46

1
Collections during month as percentage of accounts outstanding at
beginning of month.

1168




FEDERAL RESERVE BULLETIN

BUSINESS INDEXES
[The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation]
Construction
contracts
awarded (value)l
1947-49=100

Industrial production
(physical volume)*
1947-49=100

Manufactures

Year
or month

Total
Total

Du- Nondurable rable

erals

Total

Employment and payrolls2
1947-49=100

Resi- A11
den- other
tial

Nonagricultural
employment

Freight
carloadManufacturing
ings*
production workers 1947-49
= 10Q
Employment

Payrolls

Ad- Ad- Unad- Unad- AdAdAdAd- AdAd- AdAd- Unad- Adjusted justed justed justed justed justed justed justed justed justed justed justed justed justed
34
34
30
43
45
51
66

26
18
27
41
49
57
75

63
64
63
68
59

69
69

73
71
76
52
30

48
42
48
49
55

51
42
48
51
55

34
15
14
17
20

22
8
7
7

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

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

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

120
124
»134
J>125

128
136

114
114

115
114

»136
»127

»153
P137

2116

#111

171
183
192
216

170
183
178
232

61.4
62.0
55.2
58.5
64.4
63.5
65.2
67 67.6
68 67.9
70 68.0
70
71.0
62
66.7
41
60.4
20
53.5
18
53.7
24
58.8
25
61.3
35
65.9
36
70.3
40
66.1
40
69.3
44
73.3
74
82.8
116
90.9
45
96.3
30
95.0
50
91.5
79
94.4
83
99.4
105 101.6
111
99.0
142 102.3
172 108.2
183 110.4
201 113.6
204 110 4

125
126
125
124

134
136
135
134

196
193
207
206

213
216
227
233

184
178
193
188

110.3
110.2
110.1
109.8
109.8
109.8
110.0
110.6
110.6
110.6
110.7
111.5
111.7
112.5
113.2
113.5
113.7
*113.9

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

1926
1927
1928
1929
1930

51
51
53
59
49

50
50
52
58

52
49

48

53
60
45

48
50
51
56
51

1931
1932
1933
1934
1935

40
31
37
40
47

39
30
36
39
46

31
19
24
30
38

1936
1937
1938
1939
1940

56
61
48
58
67

55
60
46
57
66

1941
1942
1943
1944
1945

87
106
127
125
107

1946
1947
1948
1949
1950
1951
1952
1953
1954

121
125

57
59

73
63
49

13

68.7
69.0
52.8
58.4
66.9
62.1
64.2
65.5
64.1
64.2
68.3
59.5
50.2
42.6
47.2
55.1
58.8
63.9
70.1
59.6
66.2
71.2
87.9
103.9
121.4
118.1
104.0
97.9
103.4
102.8
93.8
99.6
106.4
106.3
111.8
101.8

31.1
37.1
24.0
25.7
32.6
30.4
32.1
33.0
32.4
32.8
35.0
28.3
21.5
14.8
15.9
20.4
23.5
27.2
32.6
25.3
29.9
34.0
49.3
72.2
99.0
102.8
87.8
81.2
97.7
105.1
97.2
111.7
129.8
136.6
151.4
137.7

102.4
101.8
101.4
99.7
99.4
99.8
100.6
101.6
101.7

101.4
100.2
100.5
98.5
100.4
101.7
102.0
102.3
102.2

134.5
134.6
135.8
131.9
134.8
138.0
139.1
142.2
143.1

101.8
102.5
103.5
104.6
105.8
106.7
106*1
106.4

101.2
102.3
103.3
103.6
104.1
105.8
104.7
107.4

141.5
144.4
146.6
146.7
150.1
152.1
151.0
154.8
159.4

39
45
32
43
42
46
59

Department
Constore sumer
sales* prices 2
(retail 1947-49
value) 3 = 100
1947-49
= 100

Adjusted

90
98
83
92
107
105
110

27
32
30
30
34
34
36

115
111
112
115
99

37
37
38
35

79
59
62
67
69

32
24
24
27
29

81
84
67
76

33
35
32
35

37

83

37

98
104
104
106
102

44
50
56
62

100
108
104
88
97

Unad
justed
74 0
85 7
76 4
71.6
72 9
73.1
75 0
75 6
74 2
73 3
73.3
71 4
65 0
58.4
55 3
57.2
58 7
59
61
60
59
59

3
4
3
4
9

Wholesale
commodity2
prices
1947-49
= 100

Unadjusted

65
62
62
51
56

0
0
9
9
1

47
42
42
48
52

4
1
8
7
0

52
56
51
50
51

5
1
1
1
1

70

62.9
69 7
74 0
75 2
76.9

56 8
64 2
67 0
67 6
68 8

90
98
104
98
105

83.4
95 5
102 8
101 8
102 8

96 4
104 4
99 2
103 1

101
95
96
86

109
110
112
111

111 0
113 5
114 4
114 8

114
111
110
110

84
84
82

110
108
111
112

114.6
115.0
115.1
115.2
115.0
114.7
114.5
114.6
114.3

111 0
110 9
110.0
110.4
110.5
110.0
109.7
110.0
109.5

92
92
93
93

119
112
115
119

96
94

117
114
124

114.3 110.1
114.3 110.4
114.3 110.0
114.2 110.5
114.2 109.9
114.4 110.3
114.7 110.5
114.5 110.9
111.6

78 7

8
6
1
3

1954

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

123
125
124
123
123
124
126
128
130

124
124
124
116
123
126
130
130
128

132
133
135
136

132
135
138
138
138
139
130
139
P141

115

109

117
116

in

114

114

112

125
126
128
130
131

135
137
139
142
143

114
115
117
118
119

109
108
109
113
116

218
231
241
255
259

244
253
263
264
277

202
217
226
250
248

133
134
136
138

145
147
148
151

121
121
124
126

120
123
121
119

261
261
260
253

288
297
291
286

243
238
239
230

140
141
141
142

153
155
155

127
128
126

121
122
120

245
253
257

280
290
296

120
P121

259

278

221
228
231
246

84
84
84
87
89
93

111
111
112
113
116

1955
January....
February,..
March
April
June
July
August....
September.

138
139
139

140
P141

158
P160

125
s>125

95

96
96

P119
•119

e
Estimated.
1

^Preliminary.
'Revised.
*Average" per working day.
Three-month moving average, based on F. W. Dodge Corporation data. A description of the index may be obtained from the Division of
Research
and
Statistics.
For
monthly
data
(dollar
value)
by
groups, see p. 1177.
2
The indexes of employment and payrolls, wholesale commodity prices, and consumer prices are compiled by the Bureau of Labor Statistics.
Nonagricultural employment covers employees only and excludes personnel in the armed forces. The consumer prices index is the revised series,
reflecting, beginning January 1953, the inclusion of some new series and revised weights; prior to January 1953 indexes are based on the "interim
adjusted"
and "old" indexes converted to the base 1947-49=100.
3
For indexes by Federal Reserve districts and for other department store data, see pp. 1179-1183.
Backfiguresin BULLETIN.—Industrial production, December 1953 pp* 1324-1328; department store sales, December 1951, pp. 1490-1515.

OCTOBER




1955

1169

INDUSTRIAL PRODUCTION
[Federal Reserve indexes, 1947-49 average=100]
1955
1954
1947-49
Annual
proportion 1953? 1954P Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. M a y June July A u g

Industry

SEASONALLY ADJUSTED

too.@o

134

125

123

124

126

128

130

132

133

135

136

138

139

139

140

Manufactures—Total

90.02

136

127

125

126

128

130

131

133

134

136

138

140

141

141

142

Durable

45.17

153

137

135

137

139

142

143

145

147

148

151

153

155

155

158

6.70

132

108

105

105

111

118

121

127

131

136

138

140

143

134

139

28.52
5.73
13.68
9 04
4.64
7.54
1.29

167
136
160
143
194
189
155

150
123
142
125
177
175
140

148
123
144
125
181
166
135

149
122
147
125
189
167
137

150
124
147
123
194
169
137

152
125
148
122
198
175
138

154
125
145
120
193
187
140

155
125
145
124
187
191
140

157
126
146
125
187
193
142

157
129
146
126
184
195
143

160
130
149
131
185
197
143

162
134
151
134
183
199
142

163
135
155
136
193
194
149

167
135
158
138
197
'203
151

170
138
161
139
205
205
152

Clay, glass, and lumber Products
,
Stone, clay, and glass products. . . .
Lumber and products

5 91
2,82
3.09

125
133
118

123
131
115

114
132
97

124
134
116

130
132
128

130
136
124

133
135
131

132
136
129

132
138
127

135
143
127

136
146
127

138
149
128

143
153
133

'138
152
125

140
153
128

Furniture and misc. manufactures.
Furniture and fixtures
Miscellaneous manufactures

4 04
1.64
2.40

131
117
140

121
106
131

123
108
133

123
109
132

123
110
132

123
108
132

122
108
131

122
109
132

'124
109
133

'127 '132 '136 '134
117
121
113
122
142 145
143

136
125
144

Industrial Production—Total
Manufactures—Total....

Primary metals
Metal fabricating
Fabricated metal products
Machinery
Nonelectrical machinery
Electrical machinery
Transportation equipment
Instruments and related products. .

44.85

118

116

114

115

117

118

119

121

11.87
6.32
5.55

107
104
110

100
95
105

99
94
103

98
95
101

102
101
103

103
101
105

104
101
107

106
103
108

Rubber and leather products
Rubber products
Leather and products

3.20
1.47
1.73

113
128
99

104
115
95

97
98
96

103
117
91

108
125
94

108
122
96

115
133
100

123
143
105

Paper and printing
Paper and allied products
Printing and publishing

8.93
3.46
5.47

132
121

125
134
120

126
135
121

127
137
121

127
138
121

127
137
120

9.34
6.84
2.50

142
147
130

142
148
125

141
149
121

144
150
125

143
150
124

11.51
10.73
.78

107
107
108

106
106
103

105
105

105
105
102

105
105
102

Nondurable

Manufactures—Total

Textiles and apparel
Textile mill products
Apparel and allied products

Chemical and petroleum products
Chemicals and allied products
Petroleum and coal products

,

,
,

Foods, beverages, and tobacco
Food and beverage manufactures. . .
Tobacco manufactures
Minerals—Total
Mineral fuels
Coal
Anthracite
Bituminous coal. .
Crude oil and natural gas
Metal, stone, and earth minerals
Metal mining
Stone and earth minerals

,

112

-•136 136
124

126

127

128

126

125

104
103
106

109
104
115

112
109
114

112
109
115

110
106
116

110
106
113

108
105
111

120
138
104

122
140
105

123
144
105

"125
147
105

127
149
107

"120
137
106

119
138
102

127
136
121

'134 '135 "138 "139 "139
'130
147
140
143
156
156 155
151
'123 '123 '125 '125 '126 128 128

138
153
128

145
152
127

148
155
129

148
'155
131

151 '154 '156 "159 '161 160
"158 161
168 170
170
163
134
134
134
136 134
136

159
168
135

106
106
100

106
106
101

107
107
107

121
r

106
106
106

108
109
107

110
110
103

110
110
109

110
110
109

"107
107
101

106
107

9.98

116

111

109

108

109

113

116

120

123

121

119

121

122

120

120

8.35
2.68
.36
2.32
5.67

115
78
57
81
133

113
67
52
70
134

110
68
50
71

109
67
49
70
129

110
70
43
74
130

115
69
51
72
136

117
73
66
74
138

120
74
55
77
142

123
79
61
82
144

121
72
45
76
'145

121
72
41
77
143

121
81
42
87
"139

122
86
43
92
139

122
87
53
92
139

121
82
41
89
P139

1.63
.82
.81

119
113
124

106
90
123

102
83
121

102
82
121

101
81
121

105
86
125

115
103
127

118
110
126

119
114
124

123
113
132

114
100
129

120
111
129

123
111
129

110
rQO
130

118
105
130

WITHOUT SEASONAL ADJUSTMENT

INDUSTRIAL P R O D U C T I O N TOTAL

100.00

134

125

123

126

130

130

128

132

135

138

138

138

139

130

139

MANUFACTURES—TOTAL

90.02

136

127

125

127

132

132

129

133

136

140

140

140

141

132

141

Durable M a n u f a c t u r e s — T o t a l . . . .

45.17

153

137

132

135

140

143

143

147

151

154

155

155

155

146

154

Primary m e t a l s
Ferrous metals
Pig iron and steel
Pig iron
Steel
Carbon steel
Alloy steel
Ferrous castings andforgings....
Iron and steel castings
Steel forgings

6.70
5.03
3.51
.37
3.05
2.62
.43
1.52
1.29
.23

132
133
138
130
139
135
165
121
115
154

108
105
108
101
109
108
115
97
95
106

160
95
96
93
97
96
104
90
90
91

103
98
101
93
102
101
111
90
89
98

112
107
111
101
112
111
120
97
95
106

118
114
121
110
122
119
138
98
96
107

117
115
121
113
121
118
145
101
99
110

129
124
128
117
130
125
155
113
111
127

136
132
136
122
138
134
165
121
119
133

142
138
144
131
146
143
165
124
123
132

144
143
147
134
148
145
171
133
132
140

143
143
149
138
151
148
169
128
127
132

144
141
146
137
147
144
169
129
127
139

122
125
132
129
133
130
147
108
108
108

132
132
140
134
141
136
168
114
114
115

r
^Preliminary.
Revised,
NOTE.—A number of groups and subgroups include individual series not published separately, and metal fabricating contains the ordnance
group in addition to the groups shown. Certain types of combat materiel are included in major group totals but not in individual indexes for
autos, farm machinery, and some other products, as discussed in the BULLETIN for December 1953, pp. 1269-1271.
For description and back figures, see BULLETIN for December 1953, pp. 1247-1293 and pp. 1298-1328, respectively.

1170




FEDERAL RESERVE BULLETIN

INDUSTRIAL PRODUCTION—
[Federal Reserve indexes, 1947-49 average = 100]

1947-49
proportion

Industry

1954

Annual
1953P

1955

1954* Aug. Sept. Oct. Nov. Dec.

Jan. Feb.

Mar. Apr.

May

149
167
140
134
99
119
253
125

155
169
134
133
112
122
256
133

148
166
133
124
115
118
257
124

144
166
132
133
101
118
258
123

154
167
130
133
110
119
259
121

196

202

204

209

228

215

June July Aug.

WITHOUT SEASONAL ADJUSTMENT

—Continued
P r i m a r y metals—Continued
Nonferrous metals
Primary nonferrous metals

1.67

Copper refining . .
....
Lead
Zinc
Aluminum
Secondary nonferrous metals
Nonferrous shapes and castings....

Fabricated metal products
Structural metal parts
Stampings and misc. metal products..
Tin cans
Furnaces, gas ranges, and heaters....
IVtachinerv
Nonelectrical machinery
Farm and industrial machinery. •
Farm machinery
Industrial and commercial machinery.

120
147
101
109
105
101
244
105

.20

168

154

113
100

117
139

129

76
102
98
98
246
105

118
137
88
89
109
84
244
105

127
142
98
91
114
90
246
108

158
124
118
107
112
246
107

163

159

160

162

.33

130

114

103

107

121

122

167

150

144

145

150

154

156

5.73

111
100

114
103

124
115

123
111

163

131

134

135

130

139

129
111
108

129
126
107

131
143
105

136

132

124
130
124
102
78

124
127
124
110
87

126
129
125
107
99

13.68

160

142

138

145

150

150

146

148

152

143

125

118

122

121
116
75

123

126

132

134

116
75

121
116
73

152
129

154

9.04

119
85

121
90

124
94

126
95

129
95

7.11

139
96

121
79

116
74

119
80

131

132

136

127
203
132

151

153 '142

154

135

137

131
'128

131

145
188

127
160

122
150

122
150

122
147

122
146

125
149

124
148

125
149

128
152

131
154

134
157

.69

128

114

91

125

123

124

122

146

155

164

161

155

4.64
3.23

194

177

176

189

207

206

191

191

196

195

189

181

.74

7.54
4.80
1.50
.66
.22
.19
.14
.07

2.58
1.30
.81

.53
.35

179
230

160
214

152
234

154
280

189
126

175
109

165
98

155
81

146
118
112
58
183
229
117
465
135
72
64

131
92
95
59
133
130
101
474
112
39
29

158
341

159
90

162
325

165
258

165
261

179
120

191
136

200
150

213
171

209
165

113
199

143

176
250

200 '197
151 rl47

193
140

'469
'114

468
111
45
32

192

142

140

142

145

144

142

149

147

149

125

124

129

133

137

139

146

133

145

134
120
148
151

132
126
148
151

134
129
147
150

140
131
149
152

146
132
150
152

149
131
152
152

'149
'123
'139
'136

156
134
146

93

114

124

124

125

155
136
154
154
138

130

2.82
1.09
.60
.47

133
123
136
139

131
118
131
133

136
118
134
136

139
125
141
144

137
124
144
148

.26

120

117

85
135
111
113

134
116
126
127
125
80
151
116
126

112

119

105

115
163

111
161

112
172

.58

143

3.09
2.05

118
112

140
115
106

161
123
222

209
163

184 '165
176 '169

135
166

140

Stone, clay, and glass products
Glass and pottery products
Flat glass and vitreous products...

149
118
199

205
157

'133
'160
116

138
136

.60
.39
.12

175
190

157

128
83

137

144
93
99
58
134
135
113
471
106
24
12

129

.20
.48

171
228

136
161

92

70
78
74
46
121
132
105
464
106
28
18

Products..

91
132
110
106

169
261

131
95

81
74
76
43
110
119
84
470
104
33
25

Clay, Glass, and Lumber

.23
.32
.35
.12

167
272

128
149
117

123
79
81
54
113
109
88
465
107
32
22

130

Home glassware and pottery
Cement
Structural clav products
Brick
Clay firebrick pipe and tile
Concrete and plaster products
Misc. stone and earth manufactures..

137

125
168
'89

.68

132

Fixtures and office furniture
Miscellaneous manufactures

163 '157

122
103
99

118

Household furniture

155
165

125

140

Manufactures.

168
166

126
127
115
142
121

8.13
1.02

127
91

163

111
172
109

129

154 '108
128
75
188
158 124

132
149
95
97
82
P116
263

165

124
125

49
SO
53
116
261
101

155

109
196
104

125

'112
'127

162

124

123

Furniture and Misc.

139
110

123
126
117
131
90

155

Lumber
M^illwork and plywood
Millwork
Softwood Dlvwood
Wood containers

144
114

136
137
138
129
93

123

. . .

153
133

2.68
2.12
.30
.63

5.91

.

159

146
125

130

1.29

L u m b e r and products

146
159
118
122
99
118
252
114

28.52

126
112

Railroad cars
Instruments and related products..

Flat and other glass

124
160
121
131
103
116
250
107

114 '146
90 135
168 "183
128 144

Laundry and refrigeration appliances.
Electrical machinery
Electrical apparatus and parts
Radio and television sets
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

129
144
112
116
101
113
209
114

1.16
.63

Aluminum mill shapes
Nonferrous castings

Metal Fabricating

.38
.09
.06
.04
.10
.09
.13

174
94
103
59
130
131
125
478
110
31
20

92
152
115
121

93
145
117
124

80
131
113
112

112
169

113
168

114
166

115
162

140

144

146

102
98

123
110

134
119

146
123
107

149
116
100

128
116
145

84
155
118
128

187
157
232

207
164
274

191
139
275

186
137
264

195
98
102
64
143
138
137
479

32
20

82
119
107
101

210
87

77

48
144
160
145
477
113
36
25

215
104
109
67
141
170
148
479
115
35
26

89
115
111
106

92
132
119
121

114
155

115
155

147
117
101

151
125
108

193
143
274

206
151
294

88

223
137
148
89
193
185
150
472
117
38
28

205
132
139
88
192
176
150
469
115
47
39

123

184
134
124
81
220
205
137
466
118
41
29

195
126
119
81
203
174
125
'37
22

94
151
121
127

88
159
125
132

120
165

120
174

122
184

155

160

164

75
161
128
134
128 '126
190 '191
170 '167

126 '129
109 115

129
116

137
122

210
155
298

201
148
288

195
139
285

89

91

86
163
134
146

118
108

166
106
93
65
167
192

145
143
92
163
136
146
131
194

174
134
119

207
151
299

160
121
224

94

'85

86

'125 '127

rl31

125

134

111

113

113

114

116

107

111

206
148
299

.29

99

88

83

87

91

88

88

88

91

4.04

131

121

121

125

129

128

125

121 rl26

rl28

1.64

117

106

107

111

113

106

108

112

115

112

113

114

116

115

109

112

107

106

108

107

107

108

106

109

109

118

114

113
'114
111

124

116
140

131

130

136

144

139

134

129

134 '137 '135 '137 '141

133

141

1.10
.54

2.4©

118

110

115

116

124

123

r
pPreliminary.
Revised.
For other footnotes see preceding page.

OCTOBER




1955

1171

INDUSTRIAL PRODUCTION—Continued
[Federal Reserve indexes, 1947-49 average =100]
1947-49
1954
Annual
proportion 1953* 1954P Aug. Sept. Oct.

Industry

1955

Nov Dec. Jan. Feb. Mar Apr. May June July Aug.

WITHOUT SEASONAL ADJUSTMENT
—Continued
44.85

118

116

117

119

123

120

122

125

124

124

127

11.87

107

100

103

99

105

104

98

108

112

115

113

no

rlO8

6.32
3.72
2.30
.97
.45
.97
.16
.75
1.15
.65
.45
.20
.50
.48
.31

104
107
104
115
101
78
91
75
116
113
118
102
119

95
100
97
108
93
66
76
64
106
108
113
97
103

102
110
104
126
102
69
72
69
110
109
112
102
111

98
104
95
127
90
70
68
71
103
102
105
93
104

104

108
116
106
138
109
7?
85
69
112
119
124
106
104

109

109
118
103
154
107
79
89

108

106

92

110
100
135
85
84
86
113
108
111
102
119

96
84
133
67
73
81
72
98
85
86
82
116

86

71

70

79

82

62

71

84

83

81

"•44

70

5.55
1.78
.73
.50
.13
.99
1.85
.76
1.92

110
113
96
92
89
124
103
117
112

105
103
83
82
67
116
109
129
103

110

101

106

107

113

110
98
92
98
118
114
146

95
76
73
72
106
100
130

108
82
80
72
124
102
127

115
98
102
60
126
120
152

105

107

110

108
88
88
66
121
102
130
110

99
96
87
90
52
99
93
115
106

103

116
113
97
100
59
124
125
160
109

95
123 117 113 1 1 0
84
113 118 119 107
59
88
92 105
92
55
91
90 100
86
55
76 101
92 '60
98
130 135 127 117
143 129 116 114
98
165 109
96 123 129
112 103 104 108 103

117
122
110
102
115
130
117
145
112

a.20

113

104

98

105

114

108

no

123

127

128

124

121

126

1.47
.70
.40
.30
.77

128
117
117
118
133

115
105
110
99
124

94
75
81
69

118
104
107
99

132 124

145
130
136
121

144

151

132

134
141
125
153

146
133
145
117
158

147 146

111

128
116
119
113
139

128
140
113
164

1.73
.44
.29
.15
.90
.39

99
91
92
89

95

101

105

92

87
75

87
91
78

94
83
89

94
101
80

112
98
104
86

113
94
101
80

100

90

94

100

8.93

123

125

3.46
1.76
.51
1.25

132
130
142
175

.14
.20
.18
.41
.10
1.70
.51
.11

145

146

5.47
1.85
3.62

121
118
122

120
119
121

116
107
120

Chemical and Petroleum Products.. 9.34

142

142

6.84
2.54
.57
1.97
.24
.11
.59
1.03
.64
.48
.16
.71
.66
.23

147
154
149
155
183
186
156
144
116
112
131
113
118
124

Nondurable Manufactures—Total...
Textiles and Apparel
Textile mill products
Cotton and synthetic fabrics .
Synthetic fabrics ..
Fabric finishing
Wool textiles
Wool apparel yarns
Wool fabrics
Hosiery
Full-fashioned hosiery ..
Knit garments

...

..

...

Apparel a n d allied products
Men's outerwear
Men's suits
Shirts and work clothing
Women's suits and coats
Misc. apparel and allied mfrs
Rubber

and Leather Products

Tires and tubes

...

.

Truck and bus tires
.
Miscellaneous rubber products . ...
Leather a n d products
Leather
Cattlehide leathers
Miscellaneous leather products
Paper and Printing
Pulp and paper
Paper and. board.
Printing paper
Fine paper
Coarse paper
Miscellaneous paper
Paperboard
..
Building paper and board
Converted paper products

.22

.

Sanitary paper products
Printing a n d publishing
Job printing and periodicals

Chemicals a n d allied products
Industrial chemicals
Basic inorganic chemicals
Plastics materials
Synthetic fibers
Miscellaneous organic chemicals.
Vegetable oils
Grease and tallow
Fertilizers

97

97

103

101
99
104
98
74
86
71

100
96
112
86
67
73

109
104
121
101
69
77
67

109

66
113

113

106
108
100
113

113
116
107
112

115
118
107
112

116
117
114
147

110
111
110
137

115 1 2 0

114
105
132
107
70
79
67
105
110
114
100
98

158

105
95
102
82

100
93
99
80

105
95
101
83

r92

108

103

92

89

96

97

103

rl32 137

137

137 135

128

135

152
150
170
142
133
134
134
153
149
141
153
153
152

154

148
169
140
127
131
130
160
147
139
159
156
166

153
151
171
143

139
135
156
126
112
107
117
148
133
133
144
141
153

155
151
173
141
127
126
157
155
151
159
160
152
123
116
127

97

98

94

91

124

128

133

131

125

127

134

137

140
139
160
131

129
127
142
120

148

134
150
128

146
137
133 . 140

140

132
148
125

119

118

140
158
132

147
166
139

116
118
129
134
118
134
133
138

120
119
137

123
132
124
150

132
154

130
124
136
133

136
122
141
135

145
126
149
146

156

156

120

120

122
130

121
137

118
136

133
131
139
136

129
137
141
141

r

107
99
123

132
116
125
104
147

70

122

71

77

121
146 127
161 138
126 111
155 1 1 5

95

121

85

90
113
104

135
150
116
155

88
94
75

158
133

86

77

»-92

108
115
106
134
105
79

119

94
88
95
73

148
126

108
109
116
93
106

116
104
146
103
83
91
82
108
103
108
92
113

128

93 112

105

98
88
96
17.

94

118
105
147
106
74
82
72
110
111
118
96
108

118

156
154
175
145
130
138
130
159
158
142
158
1S9
154

74
80

63

121

112

141

124
145
138
135
152
151
153

127
124
142
137
129
140
140
141

124
112
135
122
115
131
131
128

122
120
123

125
129
122

125
130
122

123 1 1 9 1 2 2 128 127 127 127 121
123 114 121 132 134 135 131 112
124 ••122 1 2 3 125 124 124 125 125

139

143

147

149

149 nsi 1 5 5

148
153
157
152

144
150
151
150

149
153
155
152

184
136
152

170
126
152

195
137
148

146
118

146
96

147
109

113

84

10J

133
108
116

129
104
117

131
116
115

122

99

109

155
160
161
159
197
143
165
148
138
139
134
117
115
113

156
165
171
164
200
147
174
151
140
140
137
105
117
108

156 158 162 166 165 165 165 158 163
166 169 1 7 7 184 182 182 185 176 182
170 175 181 184
180 185 179 159 166
165 168 175 184 182 182 186 181 187
196 206 231 243 247 244 246 209
151 180 193 202 202 211 208 211 . . . •.
173 172 181 196 189 178 184 177 185
154 155 157 160 161 166 171 174 176
130 127 128 117 108 109 105
99 103
90
93
126 125 123 111
99
87
98
139 135 145 136 134 142 143 133 145
105 109 1 1 5 108 108 c105 *103 C79 104
118 116 116 119 122 125 131 130 130
112 116 124 177 176 154 109
91

127

138

128

148
129
158
151
142
154
154
152

157 '156 r156

157

152

122

156

fPreliminary.
'Revised.
"Corrected.
1
Publication suspended pending revision of data for the period 1952 to date.
Publication suspended pending adjustment to revised Census productionfiguresfor the period 1950 to date.
NOTE.—A number of groups and subgroups include individual series not published separately. For description and backfigures,see BULLETIN for December 1953, pp. 1247-1293 and pp. 1298-1328, respectively.

1172




FEDERAL RESERVE BULLETIN

INDUSTRIAL PRODUCTION—Continued
[Federal Reserve indexes, 1947-49 average = 100]
1954
1947-49 Annual
1955
proportion 1953* 1954* Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug.

Industry

WITHOUT SEASONAL ADJUSTMENT
—Continued

125
133
141
136
221
128
158
93
110
108
84
103

124
131
142
137
233
123
154
87
99
109
75
127

127
133
142
138
215
127
161
89
98
111
77
147

126 129

129 132 134 133

.26
.15

130
135
144
139
227
130
155
101
117
106
111
99

132
140
135
214
128
164
87
101
106
84
133

136
143
139
214
135
172
92
116
110
90
106

140
146
141
232
140
177
97
125
108
93
62

142
146
142
216
146
184
101
134
109
96
70

144
147
143
209
152
196
101
123
105
98
75

139
143
140
205
142
181
97
117
110
102
110

132
136
144
140
212
129
163
91
102
124
104
131

131
135
146
141
226
128
161
91
97
113
105
124

136
140
152
146
246
133
173
88
88
118
103

11.51

107

106

114

119

116

109

99

99

97

100

101

105

112

Food and beverage manufactures... 10.73
8.49
Food manufactures
1.48
Meat products
•.
.
.46
Beef
.83
pork
.69
.14
Butter
.. .
.07
Natural cheese..
.19
Concentrated milk .
.28
Ice cream
1.13
1.16
Grain-mill products..... ... .
.46
Wheat flour
.70
Cereals and feeds. ...
1.64
Bakery products
.27
Sugar
..
.11
Cane sugar
.13
Beet sugar
.
. .
.71
Confectionery • •
.
Miscellaneous food preparations. . . 1.41
2.24
Beverages
...
.54
1.70
Alcoholic beverages
1.02
Beer and ale
.17
.37
Liquor bottling
.

107
108
115
129
104
105
108
112
93
106
121
106
81
122
100
113
113
108
102
104
105

106
107
117
135
103
106
110
116
94
104
112
107
81
124
97
117
106
121
99
105
103

115
117
108
138
88
115
99
114
94
133
194
110
82
129
98
94
115
71
91
108
108

120
124
120
141
104
97
84
98
76
113
212
114
86
132
98
109
115
99
131
106
107

117
118
127
142
115
85
81

101
104
136
132
134
79
85
91
70
74
87
101
80
115
98
176
87
248
87
101
88

98
102
138
140
133
85
99
95
76
78
77
103
87
114
94
93
100
81
106
100
84

97
99
124
129
117
91
101
102
86
84
72
102
85
113
95
61
106

100
100
128
134
121
104
104
113

112
101
89

100
74
101
83
113
95
67
110
24
96
101
101

101
100
118
133
106
117
119
133
116
107
81
102
79
116
94
64
101
27
93
103
107

104
102
114
138

66
95
141
110
90
123
99
258
105
385
123
108
110

110
113
135
136
131
78
79
87
65
81
99
103
84
117
98
273
90
427
125
105
97

140
143
164
143
122
87
104
76
122
97
64
102
28
78
106
113

112
108
114
147
93
145
139
165
138
139
110
110
80
129
100
71
108
35
86
110
127

100
103
60
107

98
99
68
102

96
112
39
85

98
93
69
115

107
84
121
142

99
79
92
139

84
83
67
90

80
85
61
76

86
84
67
93

100
101
66
109

106
113
68
104

107
120
58
96

117
126
58
120

106
122
40
99

.78
.46
.17

108
111
107

103
106

111

109
111
113

111

103
102
113

83
86
82

105
111
99

104
106
107

105
108
106

99
102
99

109
115
105

116
121
111

99

MINERALS—TOTAL

9.98

116

Mineral Fuels

8.35

115

Coal
Anthracite
Bituminous coal

2.68
.36
2.32

78
57
81

5.67
4.82
4.12
.34
.36
.85

133
129
124
167
157
154

167

166

159

1.63
Metal, Stone, and Earth Minerals...

119

106

115

113

.82
.33
.49
.24
.06

113
128
104
114
86
87

90
84
94
103
80
75

100
132
78
77
83
75

98
117
85
92
76
67

92
87
95
106
78
71

.81

124

123

130

129

129

2.50
1.97
1.04
.98
.06
.56
.30
.26
.10

Petroleum
coal products
Petroleumand
refining
Automotive gasoline
Aviation gasoline
Fuel oil
Distillate fuel oil
Residual fuel oil
Kerosene
Lubricating oil
Coke
Asphalt roofing and siding

.17

Foods, Beverages, and Tobacco

Tobacco manufactures ...
Cigarettes .
Cigars

Oil and gas extraction
Crude oil
Natural gas
Natural gas liquids

...

Iron ore
•
Nonferrous metal mininc
Lead mining
Stone and earth minerals

.09

115

105 112
111 111
113 no
67 68
52 48
70 71
134 13d

87

111
121

17

100

98

134

33

141
156
151
247
131 *>131
167
89
94
108
101 104
114
116

mi
104
137
83
132
116
130
107
153
142
110
80
130
100

73
121
26
65
113
121

116
118
118
151
96
121
90

114
94
152
201
106

77

125
98

79
112

92
82

114 117 119 118
122 121 119 123
110 113 117 117 121 123 121 '120 120 118
121
75
75 77 79 71
77
7©
72
77
82
77
74
111

112

114

51
72

52
81

57
78

160

136
130
122
184
170
171

110

102

99

79
43
103
118
82
74

76
37
102
116
83
73

126

122

128
122
172

123
118
157

129
124
118
159

130
124
118
167

160

151

159

163

61

55

61

77 81 82
138 142 144

41
76

39
77

43
83

46
78

42
82

143 '139
138 133
132 128

139
132
127

139

183

170

173

161
174

157
175

157
177

39
89

140
131
207
176
168

139
132
194
169
175

97

99

104

114

132

138 rl21

133

79
36
108
124
83
80

85
39
117
134
89
83

86
41
117
133

131 '141 '107
152 179 168
117 '116
66
135 '133
50
88
87
81
86
84
84

127

85

101
79
115
132
87
83

115

113

122

128

133

139

132 '138
123 130
199 202
172 175
171 163

91

134

132 P133

127

P128

159
178

135

^93

^Preliminary.
'Revised.
For other footnotes see preceding page.

OCTOBER




1955

1173

OUTPUT OF CONSUMER DURABLE GOODS
[Federal Reserve indexes, 1947-49 average=100]
1954
1955
1947-49 Annual
pro
portion 1953 1954 Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug

Product

SEASONALLY ADJUSTED

CONSUMER DURABLES—TOTAL..
Major Durables
Autos
Major household goods
Furniture and floor coverings.
Household furniture
Floor coverings1
Appliances and heaters.......
Major appliances
Ranges
Refrigeration appliances..
Laundry appliances
Heating apparatus
Radio and television sets
Radio sets
Television sets
Other C o n s u m e r Durables
Auto parts and tires
Misc. home and personal goods

100.00

127

116

115

114

112

119

125

131

135

139

144

145

147

153

153

69.72
32.10
36.13
15.32
11.31
4.01

138
146
132
113
118

125
131
122
101
106

125
121
131
106
109

121
110
132
107
111

117
104
131
106
111

128
127
130
103
111

137
149
129
105
110

145
160
133
107
110

151
172
135
107
113

156
179
138
109
114

163
190
142
110
115

164
189
143
113
118

164
180
153
117
122

173
195
156
'117
121

173
194
157
121
126

15.60
11.88
2.60
4.98
2.51
3.72
5.21
3.42
1.79

118
123
90
137
141
100
230
67
541

111
115
79
124
148
97
214
52
522

109
113
74
125
146
98
270
56
678

112
117
80
117
169
96
267
46
687

110
114
79
110
170
97
270
62
667

114
120
77
122
174
95
259
70
620

115
119
82
117
181
100
242
70
571

128
132
79
137
190
115
225
73
515

131
135
96
140
181
120
226
68
527

137
139
97
152
172
131
222
71
512

145
152
101
166
199
121
226
65
532

146
153
105
169
188
125
222
68
516

150
156
122
178
163
132
269
66
658

r

30.28
14.00
16.28

102
01
111

95
01
99

91
85
97

98
95
101

98
96
100

97
93
101

96
94
97

98
100
97

99
97
100

100
96
102

100
98
102

103
101
104

100.00
69.72
32.10
36.13

127

116

113

108

109

129

132

142

151

155

156

138
146
132
113
118

125
131
122
101
106

121
123
121
102
108

111
81
139
108
112

111
70
149
111
116

142
144
142
108
115

149
174
130
109
115

163
195
137
108
110

174
210
146
111
115

179
215
151
114
116

180
223
145
111
113

15.60
11.88
2.60
4.98
2.51
3.72
5.21
3.42
1.79

118
123
90
137
141
100
230
67
541

111
115
79
124
148
97
214
52
522

101
96
68
99
128
116
234
51
583

122
121
87
116
181
124
279
48
722

124
121
87
104
199
133
338
64
860

116
118
83
106
192
107
324
71
806

108
116
77
112
177
84
258
67
623

124
134
81
147
177
93
260
73
618

138
149
104
152
207
102
272
74
648

151
163
110
180
201
114
260
80
604

30.28
14.00
16.28

102
01
111

95
91
99

94
90
97

101
100
102

104
101
106

100
93
105

94
89
98

95
95
95

97
93
101

99
93
105

150
'159
119
173
'193
121
290
76
698

206

106
104
108

106
103
109

107
103
110

147

144

137

140

167
205
136
109
114

160
184
141
113
118

152
195
115
105
'114

153
166
143
117

150
162
106
187
193
113
228
74
521

145
156
100
183
181
113
189
75
408

152
160
117
191
168
128
192
65
434

'116
120
76
144
131
103
143
49
321

99
96
102

102
101
102

106
107
105

103
104
101

289"
63
720

WITHOUT SEASONAL ADJUSTMENT

CONSUMER DURABLES—TOTAL..
Major Durables
Autos. . .
Major household goods
Furniture and floor coverings.
Household furniture
Floor coverings *
Appliances and heaters
Major appliances
Ranges
Refrigeration appliances..
Laundry appliances
Heating apparatus
Radio and television sets
Radio sets
Television sets
Other C o n s u m e r Durables

Auto parts and tires
Misc. home and personal goods

15.32
11.31
4.01

181
250*
56
619
110
109

1
Publication suspended pending revision of data for the period 1952 to date.
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]
1954
Industry group

Sept.

1955
Nov.

Oct.

Dec.

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

SEASONALLY ADJUSTED

12 ,346 12 ,445 12 ,572 12 ,580 12 ,586 12,673 12 ,798 12,934 13,081 13, ?00 1 3 , 1 1 9 13,158 13,170
Total
6 ,957 7 ,054 7 ,159 7 ,177 7 ,191 7,269 7 ,350 7,443 7,549 7, 634 '7,609 7,615
Durable goods
7,613
94
96
94
98
97
91
10?
100
90
8Q
89
88
Ordnance and accessories
87
669
654
674
668
675
658
678
649
680
702
709
'706
703
Lumber and wood products
289
290
295
291
294
298
?,97
795
306
310
319
313
Furniture and fixtures
soo
438
434
442
435
448
436
436
435
456
467
464
468
471
Stone, clay, and glass products..
1,027 1 ,052
969
988
997
1 ,008
1,076 1,102 1, 11S 1 109 1 125 1 134
965
Primary metal industries .
836
851
835
826
864
840
875
871
881
8Q3
r890
888
894
Fabricated metal products
1,108 1 ,127
1 ,095
1,147 1,162 1, 170 1,172
1 ,093
1 ,115
1 ,103
1 ,125
1,182
1,165
Machinery except electrical
795
795
799
792
793
804
797
817
'•831
850
8?4
867
Electrical machinery
785
1 ,375
1 ,400
1,426 1 ,447
1,462 1,456 \) 447 1,420
1 ,249
1 ,334
1 ,183
1,383 1,365
Transportation equipment
Instruments and related prod??1
718
212
215
222
?16
216
217
'223
225
217
217
ucts
218
387
371
369
393
392
388
375
369
378
375
378
389
377
Misc. manufacturing industries..
5,532
5,404
'5,510
5 ,448 5,491
5,543 5,557
5 ,413 5 ,403 5 ,395
5, 566
5 ,389 5 ,391
Nondurable goods
1,078 1 ,091
1,113 1,116 1, 119 1,090
1 ,085
1,098 1,090
1 ,082
1 ,097
1 ,094
1 ,086
Food and kindred products

Textile-mill products
Apparel and other finished textiles
Paper and allied products
Printing, publishing and allied

9?

94

96

93

90

93

92

90

91

94

988

979

973

968

967

970

975

983

970

979

91
'978

1 , 033

1 041

1 057
435

1 ,058
435

1 ,077

1,096

435

1,073

444

1 060
440

1,064

447

437

441

446

1, 108
453

518

515

513

511

512

515

516

519

519

521

Chemicals and allied products...
Products of petroleum and coal.

526
174
196

529
175
200

52&
173
199

531
173
204

Leather and leather products...

329

332

334

337

534
171
207
336

532
172
208
337

540
174
212 0

546
175
212

339

339

556
176
217
345

553
175
220
344

96

98

997

996

1,073
'457

1,079

1,088

460

466

'523
'553
175
'223
'347

524

529

553
174
220

549
174
221

342

346

For footnote see following page.

1174




FEDERAL RESERVE BULLETIN

PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES—Continued
[Compiled by Bureau of Labor Statistics. In thousands of persons]
1954

1955

Industry group
Sept.

Nov.

Oct.

Dec.

Jan.

Feb.

Mar.

Apr.

May

June

1?, 88?

13 ,086 '12,951

July

Aug.

Sept.

WITHOUT SEASONAL ADJUSTMENT

t? ,577 12,612 12,657 12,645 1?

Total
Durable goods
Ordnance and accessories
Lumber and wood products
Furniture and fixtures
..
Stone, clay, and glass products..
Primary metal products . . .
Fabricated metal products
Machinery except electrical
Electrical machinery
Transportation equipment
Instruments and related products
Misc. manufacturing industries.
Nondurable goods
Food and kindred products
Tobacco manufactures
Textile-mill products
Apparel and other finished textiles . .
Paper and allied products
Printing, publishing and allied
products
Chemical and allied products. . .
Products of petroleum and coal.
Rubber products
Leather and leather products. . .

1? 649

j778 12,816

7,623

1,160
'802
1,420

88
730
314
470
1,119
879
1,152
833
1,383

87
728
315
473
1,134
894
1,136
867
1,365

'219
372

220
388

225
399

5 ,456

'5,452

5,705

5,776

1, 035
80
965

1 ,089
89
974

1,150
79
'954

1,248
106
982

1,267
118
986

1,057
441

1 041
444

1 0S8

1,025

1,101
458

1,115
464

S16
550
175
916
331

591
545
176
219

'518
'542
177
'216
'342

519
545
177
218

529
552
177
221

351

348

7,081

7,198

7,218

7 ,182

7 ,282

7 ,375

7,457

7 , 530

7 ,630

98
685
301
438
988
844
1,092
811
1,334

97
661
297
437
1,002
843
1,106
809
1,375

96

672
908
437
965
821
1 ,097
785
1 ,183

100
692
301
438
969
829
1,093
800
1,249

430
1 ,013
834
1 ,109
800
1 ,400

04
639
906
434
1 032
844
1 125
803
1 426

04
634
908
442
1 ,057
860
1 ,144
803
1 ,447

91
651
297
450
1,076
868
1,164
804
1,462

00
683
908
456
1, 096
877
1, 174
809
1, 456

80
727
300
466
1 ,115
884
1 ,182
816
1 ,447

918
386

218
393

218
390

218
373

360

916
371

219
377

218
376

911
379

990
385

5 ,612

5,531

5,459

5,427

5 ,341

5 367

5 ,403

5,359

5, 352

985
80
985

991
985

1,011
80
983

631

13,281 13,399
7,576

6 ,965

I ,268
110
978

1,180
112
979

1,111
103
983

1,062
100
983

1 ,007
01
977

1 ,0S9
445

1,057
444

1,060
444

1,073
442

1 ,060
437

1 101

437

1 ,110
439

S18
529
177
196

520
534
175
202

518
533
173
202

519
534
172
207

517
534
169
900

516
548
172
212

516
551
173
211

331

330

332

335

336

51?
535
170
?09
345

347

337

89

'720
298
460
1,098

451

342

'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 1955 are preliminary. Back data may be
obtained from the Bureau of Labor Statistics.

HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES
[Compiled by Bureau of Labor Statistics]
Average weekly earnings
(dollars per week)
Industry group

Average hours worked
(per week)
1955

1955
Sept.

Average hourly earnings
(dollars per hour)

July

Aug.

Sept.

Sept.

July

Aug.

Sept.

Sept.

40.6

July

Aug.

Sept.

Total

71.86

76.36

76.33

77.90

39.7

1.88

1.90

'82.62

82.61

84.45

40.1

41.1

41.0
41.6

1.89

77.39

40.4
40.9

1.81

Durable goods

1.93

'2.02

2.01

2.03

Ordnance and accessories
Lumber and wood products
Furniture and fixtures
Stone, clay, and glass products
Primary metal industries

80.60
67.40
64.46
72.85
82.39

r

82.62
'69.66
^•64.96
'77.23
'92.57

82.21
73.15
68.62
77.75
92.39

83.85
73.33
69.11
79.00
95.40

40.1
40.6
40.8
40.7
38.5

-•40.3
'40.5
'40.6
'41.3
'40.6

40.3
41.8
42.1
41.8
40.7

40.9
41.9
42.4
41.8
41.3

2.01
1.66
1.58
1.79
2.14

'2.05
1.72
'1.60
1.87
'2.28

2.04
1.75
1.63
1.86
2.27

2.05
1.75
1.63
1.89
2.31

Fabricated metal products
Machinery except electrical
Electrical machinery
Transportation equipment. .
Instruments and related products
Miscellaneous manufacturing industries

77.74
81.81
72.98
86.40
73.82
64.40

81.99
'86.11
'74.82
'92.99
'76.38
'65.51

83.20
86.32
76.33
91.62
77.16
66.50

84.02
88.20
78.44
94.02
78.14
67.97

40.3
40.1
40.0
39.9
40.0

41.2
'41.4
••39.8
'41.7
'40.2
'39.7

41.6
41.5
40.6
40.9
40.4
40.3

41.8
42.0
41.5
41.6
40.7
40.7

1.61

1.99
2.08
1.88
'2.23
1.90
1.65

2.00
2.08
1.88
2.24
1.91
1.65

2.01
2.10
1.89
2.26
1.92
1.67

65.24

67.89

67.83

68.57

39.3

39.7

39.9

40.1

1.66

1.71

1.70

1.71

Food and kindred products
Tobacco manufactures
Textile-mill products
Apparel and other finished products... .
Paper and allied products

68.48
48.86
52.50
48.82
75.40

'72.07
'54.00
54.25
47.88
79.30

71.45
50.43
55.07
49.82
79.92

71.97
49.25
56.56
49.91
80.72

41.5
39.4
38.6
35.9
42.6

'41.9
'38.3
39.6
36.0
43.1

41.3
39.4
40.2
36.9
43.2

41.6
40.7
40.4
36.7
43.4

1.65
1.24
1.36
1.36
1.77

1.72
1.41
1.37
1.33
1.84

1.73
1.28
1.37
1.35
1.85

1.73
1.21
1.40
1.36
1.86

Printing, publishing and allied products
Chemicals and allied products
Products of petroleum and coal
Rubber products
Leather and leather products

88.39
79.52
95.58
77.42
49.96

90.95
'83.22
'99.53
'86.32
'52.40

91.18
82.81
98.06
86.73

92.43
84.44
99.95
87.36
52.59

38.6
41.2
41.2
39.3
36.2

38.7
41.2
'41.3
'41.3
37.7

38.8
41.2
41.2
41.3
38.2

39.0
41.8
41.3
41.8
37.3

2.29
1.93
2.32
1.97
1.38

2.35
'2.02
2.41
'2.09
1.39

2.35
2.01
2.38
2.10
1.40

2.37
2.02
2.42
2.09
1.41

Nondurable goods

53.48

'Revised.
NOTE.—Data are for production and related workers. Figures for September 1955 are preliminary. Back data are available from the Bureau
of Labor Statistics.

OCTOBER




1955

1175

EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS BY INDUSTRY DIVISION
[Compiled by Bureau of Labor Statistics. In thousands of persons]

1948 . . . .
1949
1950 .
1951
1952
1953
1954 .

Manufacturing

Total

Year or month

Mining

Contract
construction

Transportation and
public
utilities

Trade

Finance

Service

*
.

Federal,
State, and
local
government

44,448
43,315
44,738
47,347
48,303
49,681
48,285

15,321
14,178
14,967
16,104
16,334
17,238
15,989

982
918
889
916
885
852
770

2,169
2,165
2,333
2,603
2,634
2,622
2,527

4,141
3,949
3,977
4,166
4,185
4,221
4,008

9,519
9,513
9,645
10,012
10,281
10,527
10,498

1,741
1,765
1,824
1,892
1,967
2,038
2,114

4,925
4,972
5,077
5,264
5,411
5,538
5,629

5,650
5,856
6,026
6,389
6,609
6,645
6,751

48,020
48,129
48,386
48,380

15,739
15,835
15,972
15,992

740
743
745
743

2,521
2,502
2,522
2,476

4,007
3,995
3,976
3,986

10,447
10,443
10,496
10,575

2,141
2,147
2,145
2,147

5,634
5,660
5,650
5,644

6,791
6,804
6,880
6,817

48,398
48,440
48,766
48,881
49,214
49,505
r
49,640
49,750
49,821

15,993
16,091
16,229
16,380
1*6,545
16,688
16,635
16,682
16,686

741
741
739
743
749
756
••757
751
755

2,458
2,410
2,478
2,499
2,526
2,514
2,548
2,531
2,551

3,974
3,984
3,986
3,946
4,000
4,064
•"4,082
4,103
4,135

10,574
10,541
10,633
10,600
10,655
10,711
10,765
10,802
10,793

2,145
2,154
2,161
2,161
2,171
2,184
•"2,204
2,207
2,220

5,646
5,649
5,656
5,674
5,676
5,690
'5,730
5,733
5,704

6,867
6,870
6,884
6,878
6,892
6,898
6,919
6,941
6,977

48,490
48,580
48,808
49,463

15,972
16,007
16,057
16,050

744
743
749
747

2,698
2,652
2,598
2,426

4,023
4,005
3,986
3,996

10,447
10,548
10,745
11,354

2,141
2,136
2,134
2,136

5,719
5,660
5,622
5,588

6,746
6,829
6,917
7,166

47,741
47,753
48,212
48,643
48,918
49,508
••49,420
49,864
50,300

15,925
16,060
16,201
16,255
16,334
16,577
16,475
16,819
16,925

741
737
739
739
742
760

2,237
2,169
2,255
2,399
2,526
2,615
2,701
2,733
2,730

3,927
3,937
3,966
3,939
3,997
4,081
•"4,113
4,134
4,152

10,419
10,309
10,408
10,549
10,534
10,643
10,633
10,643
10,793

2,124
2,132
2,150
2,161
2,171
2,206
••2,237
2,240
2,220

5,533
5,536
5,571
5,674
5,733
5,775
••5,816
5,819
5,790

6,835
6,873
6,922
6,927
6,881
6,851
6,696
6,717
6,931

SEASONALLY ADJUSTED

1954—September
October
November
1955—January
February
March

.

May

June

July
August
September
WITHOUT SEASONAL ADJUSTMENT

1954—September
November

February
April
May

. . ..

June . .

July
August
September

••749

759
759

••Revised.
NOTE.—Data include all full- and part-time employees who worked during, or received pay for, the pay period ending nearest the 15th of the
month. Proprietors, self-employed persons, domestic servants, unpaid family workers, and members of the armed forces are excluded. Figures
for September 1955 are preliminary. Back data may be obtained from the Bureau of Labor Statistics.

LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT
[Bureau of the Census estimates without seasonal adjustment.

Thousands of persons 14 years of age and over]
Civilian labor force

Total noninstitutional
population

Year or month

1948
1949
1950
1951
1952
1953 2
1954
1954—August
October
.
November

February
April
May

June
July

September

. .

Total
labor
force

Employed1
Total
Total

In nonagricultural industries

In
agriculture

Unemployed

Not in the
labor force

108,482
109,623
110,780
111,924
113,119
115,095
116,220

62,748
63,571
64,599
65,832
66,410
67,362
67,818

61,442
62,105
63,099
62,884
62,966
63,815
64,468

59,378
58,710
59,957
61,005
61,293
62,213
61,238

51,405
50,684
52,450
53,951
54,488
55,651
54,734

7,973
8,026
7,507
7,054
6,805
6,562
6,504

2,064
3,395
3,142
1,879
1,673
1,602
3,230

45,733
46,051
46 181
46,092
46 710
47,732
48 402

116,329
116,432
116,547
116,659
116,763

68,856
68,566
68,190
67,909
66,811

65,522
65,244
64,882
64,624
63,526

62,277
62,145
62,141
61,732
60,688

55,349
54,618
54,902
55,577
55,363

6,928
7,527
7,239
6,154
5,325

3,245
3,100
2,741
2,893
2,838

47,473
47,865
48 357
48,750
49,952

116,855
116,901
117,051
117,130
117,236
117,318
117,404
117,517
117,634

66,700
66,550
66,840
67,784
68,256
69,692
70,429
70,695
69,853

63,497
63,321
63,654
64,647
65,192
66,696
67,465
67,726
66,882

60,150
59,938
60,477
61,685
62,703
64,016
64,994
65,488
64,733

54,853
54,854
54,785
55,470
55,740
56,335
57,291
57,952
56,858

5,297
5,084
5,692
6,215
6,963
7,681
7,704
7,536
7,875

3,347
3,383
3,176
2,962
2,489
2,679
2,471
2,237
2,149

50,156
50 352
50,212
49,346
48 979
47,626
46 975
46,823
47,781

1
Includes self-employed, unpaid family, and domestic service workers.
2
Monthly estimates of the labor force beginning 1954 are based on an improved sample covering a larger number of areas and are, therefore,
not strictly comparable with earlier data.
NOTE.—Details do not necessarily add to group totals. Information on the labor force status of the population is obtained through interviews of households on a sample basis. Data relate to the calendar week that contains the eighth day of the month through June 1955. Beginning
July 1955, data relate to the calendar week that contains the fifteenth day of the month. Back data may be obtained from the Bureau of the
Census.

1176




FEDERAL RESERVE BULLETIN

VALUE OF NEW CONSTRUCTION ACTIVITY
[Seasonally adjusted. In millions of dollars]

Private
Year or month

Business

Total
Total

8,682

Public

Residential

Total

Industrial

Com-^ Public
mercial utility

Other
nonresidential

Total

Military

Highway

856

771
872
786
570
725
827
1,374
2,338
3,043
3,323
3,330
3,729
4,003
4,416
4,341

508
614
413
335
382
463
1,428
2,050
2,580
2,795
3 174
3 574
3,547
3 511
3,689

385
3,628
5,751 1,620
10,660 5,016
6,322 2,550
837
3,073
690
2,398
2,362
188
204
3,433
4,825
158
137
6,405
177
7,000
887
9,418
10,901 1,388
11,394 1,307
11,809 1,030

1,302
1,066
734
446
362
398
895
1,451
1,774
2,131
2 272
2,518
2,820
3,160
3,750

528
500
357
285
163
130
240
394
629
793
881
853
854
830
704

1,413
2,565
4,553
3,041
1,711
1,180
1,039
1,384
2,264
3,344
3,670
5,160
5,839
6,097
6,325

Conser- All
vation other

14,075
. . 8,301
5,259
5,633
12,000
16,689
21,678
22,789
28 454
31,182
33,008
35 271
37,577

5,054
6,206
3,415
1,979
2,186
3,235
9,638
13,256
16,853
16,384
21,454
21,764
22,107
23,877
25,768

1,100
4,015
6,310
8,580
8,267
12,600
10,973
11,100
11,930
13,496

1,672
4,195
4,896
5,693
5,322
5 680
7,217
7,460
8 436
8 583

1,062
2,117
2,320
2,229
2,030

1,253
1,027
1,288
1,371
1,137
1,791
2,212

1954—September
October
November
December

3.199
3,136
3,254
3.429

2,247
2,238
2,269
2,350

1,215
1,210
1,229
1,307

724
722
724
730

159
165
173
180

202
193
186
184

363
364
365
366

308
306
316
313

952
898
985
1,079

81
87
90
97

314
266
320
393

53
51
53
55

504
494
522
534

1955—January
February
March..
April

3,428
3,451
3,442
3,493
3,531
3,506
3,491
3,466
3,497

2,396
2,435
2,446
2,498
2,502
2,486
2,514
2,499
2,516

1,336
1,345
1,330
1,366
1,366
1,358
1,372
1,337
1,334

747
776
798
810
814
817
829
855
875

181
183
188
188
191
197
202
205
206

198
222
235
246
247
244
251
274
293

368
371
375
376
376
376
376
376
376

313
314
318
322
322
311
313
307
307

1,032
1,016
996
995
1,029
1,020
977
967
981

98
103
94
105
115
115
113
108
107

344
341
321
319
340
325
319
315
319

55
51
54
57
59
54
50
48
46

535
521
527
514
515
526
495
496
509

1940
1941
1942
1943
1944
1945 . . . .
1946
1947
1948
1949
1950
1951
1952
1953
1954..

. . . . 11,957

June
July?
August?

September**.
^Preliminary.

2,985
3,510
1,715
885
815

1,561
2,082
1,287
759
989

442
801
346
156
208
642

1,689
1,702
1,397
972

348
409
155
33
56
203

1,132

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

1948
1949
1950
1951
1952
1953
1954
1954—September
November
December

.

1955—January
March
April
May
June
July
August
September

Private

By type of construction

Residential
building

Nonresidential building
Factories

Public
works
and
public
utilities

Commercial

Educational

975
885

1,127
t ,376
1,651
L.689
1,686
1,695
1,958

2,155
2,476
2,578
2,723
3,408
4,008
4,142

Other

9,430
10,359
14,501
15,751
16,775
17,443
19,770

3,107
3,718
4,409
6,122
6,711
6,334
6,558

6,323
6,641
10 092
9,629
10 064
11,109
13,212

3,608
4,239
6,741
6,205
6,668
6,479
8,518

840
559
1,142
2,883
2,562
2,051
1,274

1,489
1,815

725
824
1,180
1,335
1,472
1,720
2,063

1.816
1,965
1,499
1,829

589
633
475
617

1,227
1,332
1,024
1,212

777
852
709
762

160
145
82
104

130
186
129
194

182
155
140
204

175
186
141
200

392
443
299
366

1,504
.581
2,135
2,322
2,185
2,255
2,272
1,895
2,035

480
472
677
676
675
757
761
549

1,024
1,109
1,458
1,646
1,510
1,498
1,511
1,346

690
744
990
1,070
1,011
951
959
835
733

85
113
176
142
171
163
146
170
201

166
133
194
174
183
228
288
215
197

131
135
201
195
201
181
231
153
163

184
153
189
195
171
270
227
144
148

249
303
386
546
448
461
420
378
593

1,208
915
979

CONSTRUCTION CONTRACTS AWARDED, BY FEDERAL RESERVE DISTRICTS
[Figures for 37 States east of the Rocky Mountains, as reported by the F . W. Dodge Corporation. Value of contracts, in millions of dollars]
Federal Reserve district

Total
(11 districts)

Boston

New
York

1954—j u n e
July
August..

1,733
1,837
1,573

93
95
109

267
270
199

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

1955—June
July
August

2,255
2,272
1,895

116
116
110

337
398
310

140
145
112

249
262
233

221
210
151

253
223
206

467
398
357

121
115
87

88
94
64

129
133
125

133
178
139

Month

OCTOBER




1955

Philadelphia

Cleveland

Richmond

Atlanta Chicago

St.
Louis

Minneapolis

Kansas
City

Dallas

1177

PERMANENT NONFARM DWELLING UNITS STARTED
[In thousands of units]

Total

Year or month

1948
1949
1950
1951
1952
1953
1954
1954—September
October
November..
December

.

.

1955—January
February
March
April
May...
June
July
August
September

.

763
792

n.a
n.a
n.a

113
111
103
90

104
100
93
80

n.a.

n.a

87

78

2

n.a.
n.a.
n.a.

88
113
131
135

3
4
3
3

n.a

131

79
100
120
122

121

n.a

P114
P122

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.

88

n.a
n.a
n.a
n.a

n.a.
n.a.
n.a.

90
114
132
138

. .

135

n.a.
n.a.

P123

P113

n.a
n.a

892
939
933

1,077

Public

Multi-

2family

1,151

116
111
104
91

. .

1family

914
989

407
436
568
496
517
539

1,025
1,396
1,091
1,127
1,104
1,221
....

Total

Government-underwritten

1,352
1,020
1,069
1,068
1,202

525
589
828
595
610
565

932

Private

Rural
nonfarm

Urban

Total

FHA

VA

18
36
44
71
58
36
19

393
466
686
413
420
407
585

291
361
486
264
279
252
277

102
105
200
149
141
155
308

2

0)
0)1

60
59
62
51

26
25
26
22

34
34
36
29

7
6
9
8
10

0)

46

20

26

2
1
2
3

45
54
61
66

17
24
26
28

28
30
35
38

8

3
Pi
Pi
Pi

72
63
68
58

32
26
27
25

40
37
41
33

family

46
35
42
40
46
42
34

104
162
159
88
84
94
90

3
3
3

6
8

8
7

3

3

n.a.

n.a.
n.a.

N O T E . G o v e r n m e n t underwritten
figures after June 1950 and all FHA figu
b
d on loans
l
l d information.
i f i
O
based
closed
Other figures are estimated by Burea
reported starts of public units, and a sample of places not issuing permits.
FREIGHT CARLOADINGS, BY CLASSES
[Index numbers, 1935-39 average=100]
Monthly—seasonally adjusted

Monthly—without seasonal adjustment

Annual
1954

Class

1955

1954

1953

1954

Aug.

Mar.

Apr.

May

June

July

Total

127

114

Ill

123

123

128

125

Coal
Coke
Grain
Livestock
Forest products

103
171
135
63
143
215
143
43

92
105
141
62
132
144
129
40

90
90
138
59
119
145
126
40

91
133
130
62
135
204
144
40

95
144
140
65
133
177
142
39

105
149
155
57
139
177
144
40

99
151
152
50
147
191
140
42

Ore

Miscellaneous
Merchandise, 1. c. 1

1955

Aug.

Aug.

Mar.

Apr.

125

126

114

115

104
156
164
50
145
190
139
43

109
166
141
51
148
202
140
40

90
87
149
56
125
217
127
40

91
134
120
49
135
59
137
40

May

June

July

Aug.

120

130

130

131

131

95
142
123
58
133
136
140
39

105
147
133
52
145
271
146
40

99
148
155
41
153
296
144
42

104
151
197
41
146
305
140
42

109
160
152
49
156
303
142
41

NOTE.—For description and back data, see BULLETIN for June 1941, pp. 529-533. Based on daily average loadings. Basic data compiled by
Association of American Railroads. Total index compiled by combining indexes for classes with weights derived from revenue data of the Interstate Commerce Commission.
MERCHANDISE EXPORTS AND IMPORTS
[In millions of dollars]
Merchandise exports 1

Month

January
February
March
April
May

..

.

June

July
August
September
October .

.

.

.

December
January-August
^Revised,

P Preliminary.

.

.

.

.

Merchandise exports excluding
military-aid shipments 2

Merchandise imports3

1953

1954

1955

1953

1954

1955

1953

1954

1.293
1,200
1,390
1,394
1,453
1,385
1,363
1,187
I ,256
L.253
1.247
1,353

1,092
1,183
1,126
1,426
1,401
1,474
1,291
1,156
1 114
1,265
1,249
1,318

1,167
1,238
1,343
1,260
1,320
1,318
1,268

1,016

923
998

1,082
1,143
1,250
1,166
1,189
1,190
1J40
P\ 100

922
856

833
809

870
850

1,004
1,013
902
933
908
840

864
957
829
947
822
825

1,019
871
966
940
P885
973

10,665

10,149

P10.141

6,886

7,374

927

1,052
1,054
1,085
1,013
965
911
1 052
1,019
1,031
1,138

923
1,258
1,137
1,115
1,024
955

8,023

8,333

961

926
813
849
907

1,161
1,164
1,221
P9,260

7,378

1955

780
763
840
942

•'Estimated.

1
Exports of domestic and foreign merchandise.
2
Department of Defense shipments of grant-aid
3

military equipment and supplies under the Mutual Security Program.
General imports including imports for immediate consumption plus entries into bonded warehouses.
Source.—Bureau of the Census, Department of Commerce.

1178




FEDERAL RESERVE BULLETIN

DEPARTMENT STORE STATISTICS
[Based on retail value figures]
SALES AND STOCKS, BY FEDERAL RESERVE DISTRICTS
[Index; numbers, 1947-49 average=109]
Federal Reserve district
United
States
Boston

New
York

Philadelphia

Cleveland

Richmond

Atlanta

Chi-

St.
Louis

104
98
105
109
110
112
111

102
99
103
105
104
105
107

103
98
101
105
101
102
104

104
100
106
109
109
111
108

105
98
105
110
110
113
105

103
100
105
113
118
121
121

103
101
109
115
124
126
129

104
97
104
108
106
111
109

104
98
104
107
110
112
112

104
98
105
104
104
104
105

103
99
108
111
113
112
115

105
102
113
117
124
125
127

104
98
105
109
114
115
113

111
111
112
113
116

104
108
109
110
110

105
105
102
106
106

105
108
108
111
113

103
105
106
107
110

122
119
122
124
128

129
126
135
133
135

108
108
108
109
112

110
109
112
114
117

104
105
106
104
111

115
116
118
116
120

126
122
131
131
136

115
114
116
115
118

119
112
115
119
117
114
124
P119

114
109
107
108
111
107
114
107

108
101
105
102
103
104
108
105

113
108
111
115
115
114
121
118

111
108
107
116
113
108
124
114

133
122
129
126
128
123
136

137
134
133
142
137
136
152

116
109
114
119
117
114
122
114

123
114
116
122
120
108
132
P120

112
103
108
107
107
103
111
107

124
114
120
126
120
118
136
124

140
129
134
142
134
132
145
139

125
118
118
120
118
118
123
122

1954—August
September
October
November
December

98
113
118
137
201

83
115
110
133
200

81
107
109
134
186

85
111
113
146
197

94
105
111
133
191

103
122
130
153
231

116
123
141
154
234

113
114
133
188

99
111
122
120
180

108
116
124
133
205

117
122
138
149
228

111
112
116
134
209

1955—January
February
March
April
May
June
July
August

91
88
100
114
116

85
82
93
99
101
100
77
81

85
83
101
109
114
107

98
P105

90
82
90
108
111
107
82
86

91
91
111
125
129
118
107
P112

106
107
129
141
134
121
122

96

87
83
93
112
110
104
96
104

100
111
123
137
194
92
89
101
118
120
106
102

80
81
88
108
108
95
89
102

94
89
104
123
119
113
111
117

110
103
120
136
133
120
123
129

97
93
97
112
116
113
107
118

107
99
109
128
118
126
122

105
100
109
124
111
116
117

105
97
105
124
113
116
114

107
99
108
127
113
119
116

107
100
106
128
111
118
114

105
101
113
133
130
143
139

108
102
120
140
136
146
141

108
97
108
125
112
122
120

107
100
106
125
114
124
116

110
99
104
116
107
115
115

108
100
111
130
121
133
126

110
101
112
132
126
138
132

107
100
110
131
126
134
125

122
122
122
123
124

118
118
116
118
119

115
115
115
114
114

114
115
115
117
121

115
114
114
114
117

137
141
143
141
144

140
142
142
143
144

119
118
117
119
120

113
114
113
114
118

117
118
118
119
119

126
126
126
128
130

133
134
134
133
139

127
128
126
128
128

123
123
124
124
123
127
127

118
118
119
121
120
124
121
122

113
113
113
113
111
115
116
117

118
117
118
116
119
124
125
122

114
114
113
113
113
116
118
118

140
142
144
144
139
143
145

146
147
150
149
148
151
148
154

118
118
119
120
122
124
121
123

121
120
117
120
121
126
126
P126

116
116
116
113
117
123
119
124

129
129
131
131
132
136
134
136

134
136
139
137
137
143
143
P145

131
127
129
128
126
130
131
138

1954—August
September
October
November
December

119
128
137
138
110

114
121
131
138
111

113
121
129
131
104

110
121
132
134
107

111
120
128
129
104

140
146
158
152
120

137
148
155
162
127

116
123
133
138
108

113
123
127
129
106

114
124
128
133
107

125
131
137
142
117

132
142
148
147
126

122
133
144
141
108

1955—January
February
March
April
May
June
July
August

110
117
127
129
127
121
119
P126

107
111
122
125
123
115
109
118

101
106
116
119
115
108
105
114

103
112
122
124
124
116
112
117

101
109
117
119
117
110
109
114

125
132
149
153
146
139
142

134
145
156
155
150
142
139
151

106
112
121
123
123
116
114
120

105
114
124
126
121
116
116
P126

107
111
119
118
118
116
115
120

116
125
135
136
135
131
129
134

119
132
144
144
139
133
136
0144

116
118
129
133
136
131
130
133

Year or month
SALES*

1948
1949.
1950
1951
1952
1953
1954

Minne- Kansas Dallas
apolis City

San
Francisco

SEASONALLY ADJUSTED

1954—August
September
October
November.
December
1955—January
February
March
April
May
June
July
August
WITHOUT SEASONAL ADJUSTMENT

1948
1949
1950
1951
1952
1953
1954

mo

,

STOCKS1

r 90

84
98
114
116
112
96
103

SEASONALLY ADJUSTED

1954—August
September
October
November,
December
1955—January
February
March
April
May
June
July
August
WITHOUT SEASONAL ADJUSTMENT

p Preliminary.
^-Revised.
1
Figures for sales are the average per trading day, while those for stocks are as of the end of the month or the annual average.
NOTE.—For description and monthly indexes for back years, see BULLETIN for December 1951, pp. 1463-1515.

OCTOBER




1955

1179

DEPARTMENT STORE STATISTICS—Continued
[Based on retail value figures]
D E P A R T M E N T STORE MERCHANDISING DATA
Amounts (In millions of dollars)
Sales i
(total
for
month)

Year or month

Stocks 1
(end
of
month)

345

1947
1948
1949
1950
1951
1952
1953

average
average
average
average
average
average
average.

. . . .

407
••351
400
437

March

.

May«

336
307
392
413

.

'404

.

354
364
363
358
401
379
401
401
409

2.3

3.0

1 l
1.0

il . l
t 1.0

"•396
'508
512
488
399

3.1
3.0
2.9

1.3
1.2
1.1

4.5

2.6
1.4

0.8
0.4

3.4
1.8

406
399
430
380
'376
'465
397
444

3.1
3.6

1.1
1.3

4.2
4.9

1.2

4.0

1.4

4.5

366
386

373

358

435
421

397
408

391
390

495
460

407

387
'466
486
477

••402
'488
521

406
301

559
504

1,042
1.105
1,190
1,216
1,189

385
414
367
308

'307

322
370
477
439

••377

1,090
1,156

449
554
550

323
292
448

n.122

390
324
382

July
. . . .
August**

373

588
494

L.096
1,184
1,268
1,318
1,056

•

509
766

1955—January

964

925

397
406

...

New
orders2
(total
for
month)

1,012
L.202
L,O97
1,163
L.136

376
391

. . .

Receipts2
(total
for
month)

887
979

361

1954—August
September...
October
November
December

Outstanding
orders1
(end of
month)

767

365
381

. . .

Ratios to saless
Stocks
plus
outstanding
orders

Outstanding
orders

Stocks

2.5
2.7

3.0
1.7
1.4

2.7

1.1

2.9
3.0

1.2

2.8
3.2

5-3

il . l

3 4

1.0
1.2
1.2
1.1
0.9
0.8
0 9
1.2

4 0
3.7
3 7
5 1

1 7

3.0

1
L.2
1L.2
1
0.7

4.2
4.0

0 9
0.7
0 8

2.9
2.9
2.9

1.1
LO
1 0
0
L.I
0
1 0
1 0
L0

1.3
1.1
5.8
tt.2
i1.4
t

1.4
1.3

3 0

Receipts

*1 Preliminary.
'Revised.
These figures are not estimates for all department stores in the United States. They are the actual dollar amounts reported by a group of
department stores located in various cities throughout the country. In 1954, sales by these stores accounted for about 50 per cent of estimated
total 2department store sales.
Receipts of goods are derived from the reported figures on sales and stocks. New orders are derived from receipts and reported figures on
outstanding
orders.
3
The first three ratios are of stocks and/or orders at the end of the month to sales during the month. The final ratio is based on totals
of sales and receipts for the month.
NOTE.—For description and monthly figures for back years, see BULLETIN for October 1952, pp. 1098-1102.
WEEKLY INDEX OF SALES
[Weeks ending on dates shown.

1947-49 =100]

Without seasonal adjustment
1951
Nov. 3 . . . .
10....
17
24
Dec.

1
8
15
22
29
1952

Jan.

Feb.

115 Nov. 7
14
118
21
130
134
28
138

1?1 Nov. 6. . . ..127 M a y 3
133
13. . . . .130
10
20. . . ..134
131
17
133
24
27. . . ..133

161 Dec. 6 . .
13..
191
20..
213
27..
228
92

.
.
.
.

195 Dec. 5
12
223
19
237
26
146

190 Dec. 4 . . .
216
11...
234
18...
163
25...

81 Jan. 2
9
89
92
16
23
86
30
87

81 Jan.
94

88 Feb. 6
13
92
20
85
27....
93

86 Feb. 5 . . . . .
91
12. . . . .
86
19. . . . .
90
2 6 . . . ..

29..

31

1954

1953

5
12....
19....
26

78 Jan. 3 . .
9?
10..
17..
on
83
24..
31..

.
..
.
.
.

2
9
16
23

84 Feb. 7 . .
87
14..
89
21..
83
28..

.
.
.
.

5
12
19
26

1952

.
.
.
.
.

Mar. 1 . . . . 85 Mar. 7 . .
88
14..
8
21..
1 5 . . . . 90
94
22
28..
29
101
Apr.

1954

1953

1952
1?1 Nov 1 . .
177
8..
130
15
22..
123

. . 96 Mar. 6
13
. . 100
20
. . 109
27
. . 112

109 Apr. 4 . . . .
111
11 . . . .
97
18.. ..
105
7.5
..

118 Apr. 3
10
97
17
105
24
104

..192 fune 7
..224
14
..240
21
..190
28

1953
111 M a y
117
QQ

105
97

1955

1954

2. . .

114 !May 1 .
112 M a y 7
8
128
123
14
21
15. . . . 97
105

9

16. . .
23...
30. . .

112
97

111 June 6 . . .
116
13...
20...
98
27. . .
91

2 2 . . . . 106
2 9 . . . . 104

118 June 5 . .
112
12..
111
19. .
94
26. .

..
..
..
..

97 June
Ill
115
97

79 July 3 . . . .
10
92

93 July
77

134

.108
IIS

28

.114

4
11
18
25

.102
.114
.117
.103

1955
8S
86
8S

1 . . . . . 80 July 5
8. . . . .106
12....
19
15. . . . . 99
2 2 . . . . . 95
26
29 . . . 87
86 Aug. 2
92
9
90
16
93
23
30

79 July 4 . . .
11
8^
8?
79

18
25

84
83

87 Aug. 1. . . . 86 Aug.
90
8 . . . . 92
95
95
15...
100
22. . . 100
110
29. . . 101

17
24
31

7..
14..
21..
28..

88
84
87

.
.
.
.

.
.
.
.

85 Mar. 5. .. .. .98 Sept. 6
92
1 2 . . . ..102
13
95
1 9 . . . ..108
20
100
2 6 . . . ..103
27

100 Sept. 5 . . .
114
12...
113
19...
112
26.. .

103 Apr.
113

116 Oct. 3 . . . . 112 Oct. 2 . , ..
10. . . . 120
9. . ..
1?6
174
17... .118
16. . . .
1??
24. . . . 113
23. ..
3 1 . . . . 113
30.. ..

118
101

2. . . ..114 Oct. 4
11
9 . . . ..122
1 6 . . . ..103
18
2 3 . . . ..112
25
3 0 . . . ..120

.
.
.
.

101 Sept. 4 . .
11..
102
18..
120
2
5..
114

..
..
..
..

2
. 98
9. . . . 87
97
94
23
16

30

92 Aug. 6
13
97
20....
100
27
102

98

..97
.100
.106
.111

3
10
17
24

.125
.108
.125
.121

110 Oct. 1
8
118
15
119
22
123
117
29

.126

113 Sept.
97
120
118

NOTE.—For description and weekly indexes for back years, see BULLETIN for April 1952, pp. 359-362.

1180




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)
8
Federal Reserve Aug. July
district,
1955 1955 mos.
1955
area, or city
United States.. P+11

+7

+7

+2

+11

+2
+1

Boston
Met. Areas*
Portland
Boston
Downtown
Boston2
Suburban
Boston. . . .
Cambridge
Quincy. . .
LowellLawrence. . .
New Bedford.
Worcester 2 ...

+5
+3
+9
+7

+10

-1

+5
+7

+3
+8

+6

+1
+8
+4

New York
Met. Areas*
Albany-Schenectady-Troy
Albany
Schenectady...
Binghamton....
Buffalo 2
Buffalo
Niagara Falls..
New York-N.E.
New Jersey..
Newark2 2
N. Y. City
...
Rochester2
Syracuse2.
Utica-Rome
Utica

+6
+7
+5
+3
+4
+3
+5
+5
_j_2

+2
+5
+3
+5

Cities
Bridgeport 2 ...
Poughkeepsie..
Met. Areas
Wilmington...
Trenton 2 ..
Lancaster2 2
Philadelphia
..
Reading2
Scranton
Wilkes-Barre—
Hazleton2

+6

+15

Cities
Springfield.2 . .
Providence

Philadelphia..

-2

+9
+7

-5
i

+1
0

-3
0
-9

+2
-6

+1
+2

C

—2

+6
+4
+7
-1

+3

+16 -+11

+7 Weve.-cont.

Met. Areas-cont.
Wheeling+4 Steubenville2.. +10

+6

+6

City
+6 Portsmouth 2 ... +7 +2
+3
p+13 +10
Richmond

+3

0

Met. Areas*
+9 Washington 2 ...
+4 Downtown
Wash
+6
Baltimore2
+ 11 Asheville2 2
Raleigh
2
+5 Winston-Salem
Charleston,
2
S. C.
+2 Columbia22
+5 Greenville
Norfolk2
+2 Portsmouth
..
2
Richmond
2
Roanoke
Charleston,
W. Va.2

+1
+4 Cities

CumberlandHagerstown. ..
Spartanburg....
Lynchburg2
Newport News..
Fairmont-i
Morgantown. .
0 Huntington 2 ...
+1 Parkersburg....
-4

+3
+1
+1
+2
+2

+3
+2 Atlanta
+5
+4
+9
+7

+15 +14 +7
+10 +12 +14
+7 +11 +3
+13 ' + 11 +5
+18 +16 +10
-8

+2

0

+12 +14 +10

City 2
York

+ 3 8 +14

Cleveland

+ 1 5 + 1 3 +10

Met. Areas
Lexington
Akron2 2
Canton
Cincinnati 2 . . .
Cleveland22
Columbus 2
Springfield . . .
Toledo2
2
Youngstown
..
Erie 2
2
Pittsburgh ...

+5
+ 14

+5

+9

+10 +5
+ 9 +11

+ 10 + 12
+10
+22
+19
+20

Federal Reserve Aug. Julv 8
Federal Reserve A.ug. Julv 8
district,
district,
1955 1955 1955
1955 1955 1955
area, or city
area, or city

+7

0

MeL Areas* 2
Birmingham ...
Mobile
Montgomery.2 . .
Jacksonville ...
Orlando
St. PetersburgTampa
St. Petersburg.
Tampa22
Atlanta
Augusta
Columbus......
Macon2
Savannah
Baton Rouge 2 ..
New Orleans 2 . .
Jackson2
2
Chattanooga
..
Knoxville22
Nashville
Cities
Rome

+6 Meridian
+ 2 Bristol
+5
+ 6 Chicago

+13 +7
1
+21 +13 Met. Areas
2
+ 15 + 10 Chicago
+19 +11 Aurora
+7 + 6 +1 Elgin
+23 +16 +20

+8

P +14

+ 11 +7
P + 1 3 +3 +3
P+S
+6 +5
+10 +5 +8
+12 +9 +10
+ 13
+7
+39 +39 +34
p+7
+3 +6
+13 +9 +12
P + 13 + 13
+11 +9
+5 + 8

+9
+4

+19 + 1 5

+9

+7 +10
+ 10 +4
+15 +4

+7
+1
+4
+7
+9
+8

+11 +11

+21 +9
+13 +10
+24 +21
P+15

+8

Chicago-cow/.
1
Met. Areas
-cont,
Joliet2
Gary 2
Decatur
Peoria2
Rockford
Tri-Cities2
(Moline,
Rock Island;
Davenport)
Fort Wayne 22...
Indianapolis ..
Muncie
South Bend 22. . ,
Terre Haute ..
Cedar Rapids..
Des Moines...
Dubuque
Sioux City
Waterloo
Detroit2
Flint 2
Grand Rapids 2
Jackson2
Kalamazoo
Lansing2
Saginaw
Green B a y . . . .
Madison 2
Milwaukee

Cities
Danville
Battle Creek. .
Muskegon
Port Huron...
Appleton
+16 Sheboygan....

+9 +11 St. Louis

Met. Areas
+6 +9 +9 Fort Smith 2
+17 +14 +11 Little Rock2 ...
-1
+13
+8 Evansville ...
+11 +1 +5 Louisville2
+10 +3 +9 Springfield....
St. Louis 2 .
+5 - 1 +4 Memphis2

+9

+5

+8

+3
+ 1 Cities
+11 +12 +13 Quincy
-1
+6
+3 Paducah
+24 +13 +20
+14 +5 +8 Minneapolis. .
p+16 +9 +11
+10 +4 +4 Met. Areas*
2
+12 +5 +7 Mpls.-St. Paul2
+3 Minneapolis
—1
.
2
0 St. Paul
+4
+21 +26 +14 Sioux Falls
+16 +14 +9
Cities
Mankato
+19 +9
Duluth- 2
+12 +8
Superior ....
+4 +5 - 4 Great Falls
Grand Forks. .
*+9 +8 +7 LaCrosse......

$1

tl

+4 +4
+5 +10
+4 +9

Kansas City...

+5
+7 Met. Areas
+7 Denver
Topeka

Federal Reserve Aug. Tulv
district,
1955 1955 1955
area, or city

Kan. Gity-cont.
Met. Areas-cont.
+16
+17
+8
Wichita..
+18 +8 +11 St. Joseph
+b +12 +3 Omaha
+ 13 +10 +9 Albuquerque. .
+8 +7 +4 Oklahoma City
(3) +46 4+29 Tulsa
Cities
Greeley
+12 +9 +7 Hutchinson.. .
+10 + 8 +6 Joplin
+17 +17 +10 Kansas City...
+10 +10 + 9 Enid
+7 +13 +5

+7
+3
+8
+5
+7

-6

+4

+3

+4
+1
+7 Met. Areas

— 1 +4 Dallas
e

+6

+17 +13 +11 Shreveport.. .
+22 +18 +12 Corpus2 Christi
+3 +4 +2 Dallas
+18 +11 +8 El Paso
.
+3 + 4 +4 Fort Worth.
2
+33 +27 +19 Houston ....
San
Antonio..
+12 +7 +7
+11 +8 +8 Waco
—5 - 3
-5

+4

+2

-1

+7 +14 +19
+ 8 +9 +5
+ 9 +4 +2
+12 +10 +12
+19 + 11 +14
+2
+13 - 5
+9 +12 +8
+6
+8 +6 +1
+7 +7
+11 +3 +5
- 7 - 2 2 -13
+15

+5 +11

+15

+6 +7
+6 +10
+5 +12
+ 9 +10
+5 +10
+4 +8
+2 +9
+9 +13

0

+18
+11
+19

+9

+15
+28

San Francisco. p+11

+3

+8

+15 +26 +14
+28 +34 +29 Met. Areas*
2
+15 +4 +8
+11 + 11 +11 Phoenix
2
+6
+11 - 1
+12 +5 +7 Fresno
2
P
+9
Los
Angeles
...
3
-11
+2 +7
+1
Downtown
-6
— 1 +4
L. A.2
+3 - 3
WestsideL.A.2 P + 6
P + 1 3 +10 +7
+2
Long Beach 2 . . +15 +6 +
Pasadena
+8 +1 +3
+27 +10 +12 Santa Monica.. +23 +9 +16
+12 +2 +1 Riverside and
San Ber+6 +16 +4
+23 +10 +16
nardino 2
+12 +10 + 6
Sacramento
. . . +6 - 9
+52 +33 +39
2
+8 - 3
+13 +9 +7 San Diego
P+9
+6 +5 San FranciscoOakland2
+11 +4 +9
Oakland- 2
-1
+9 +1 +7
Berkeley
+5 +2
Downtown2
+2 - 5 - 7
Oakland . 2. +5 - 1
+2
P+7
+2 +4 San Francisco . +7 +1 +4
Vallejo 2
-6
0
San Jose
+18 +1 +1
0
+2 4 + 2 Stockton22
+21
(*)
P+10
+5 +12
+ 6 + 3 +4 Portland
2
+11
City
.
0 Salt Lake
+11
+15
+5 +1
2
+5 +6
+5 +6 +3 Seattle 2
+v
Spokane2
+ 9 +4 +7
Tacoma
+17 +9 +14

+5

+1

+6

-2

-2

+1

+4

-2
0

+12

+7

+8

0

Cities

+7 +12
+7 + 10
+11 + 4 + 10
+10 + 3
—1

+12
+1 Tucson
Bakersfield 2 ....
+8
+7 Boise
and
+1

Nampa
+4 Idaho
Falls
+8 Twin Falls

+3
Bellingham
+4
Everett 2
+19
2
+16 +19 +16 Walla Walla
...
9
2
P —3
+15 +6 +4 Yakima ..

0

+3
2

-3

^Preliminary.
-Revised.
1
Breakdowns shown under various metropolitan areas do not necessarily include all portions of such areas.
2
Indexes showing longer term comparisons are also available for these areas and cities and may be obtained upon request from the Federal
Reserve
Bank in the district in which the area or city is located.
3
Data not available.
4
Seven months 1955.

OCTOBER




1955

1181

DEPARTMENT STORE STATISTICS—Continued
[Based on retail value figures]
SALES AND STOCKS BY MAJOR DEPARTMENTS
Percentage change
from a year ago

Department

Sales
during
period

July
1955
GRAND TOTAL—entire store*
MAIN STORE — total
Piece goods and household textiles.
Piece goods
Silks, velvets, and synthetics.
Woolen yard goods
Cotton yard goods
Household textiles
Linens and towels
Domestics—muslins, sheetings. . . .
Blankets, comforters, and spreads.

Seven
months
1955

+4
+5
-2
-10
-9
-6
-10

+4
+5
0
-5
-6

+1
0
+2

+3
+4
0

+

Small wares.
Laces, trimmings, embroideries, and ribbons.
Notions
.#
Toilet articles, drug sundries

Stocks
(end of
month)

+7
+4
-3

Ratio of
stocks 1to
sales

Federal Reserve index numbers
without seasonal adjustment,
1947-49 average =1002
Sales during
period

July

1955

July
1955

Stocks at end
of month

1954

1955

1954

1954
July

June

July

July

June

July

+3

3.6

+3

3.9

4.0

78

96

75

110

114

106

+3

4.4

4.3

71

76

73

104

101

101

+4
+3

5.4
6.6
9.7
3.5

4.7
5.9
9.4
2.8

44
32
26
82

49
35
27
91

86
75
86
113

3.9
4.4
3.2
4.3

90
83
107
84

89
83
104
83

113
104
137
114

80
73
74
106
112
103
130
110

82
73
86
102

4.0
4.5
3.2
4.4

56
40
15
110
90
87
87
98

+11
+2
+2
+2
+3
+3

3.7

110
102
135
111

4.6

4.5

75

99

74

109

115

105

+2
+4
+2

5.0
4.1
3.6

4.7
4.1
3.6

92
118
109

91

99
122
102

112
131
108

97
117
101

5.9
7.4
3.5
10.1

5.7
7.8
3.1
10.0

60
84
92
64
67
68

101
104
97
108

65
61
74
54

111
131
97
98

119
138
103
123

106
121
91
92

6.6

6.1

64

60

101

4.7
3.9
5.0

82
92

66
67
66

112
100
117

116
103
122

108
98
112

+4
+2
-1
+10
-8
+6

+5
+4
+7
+14
+4
+ 11

Art needlework.

-9

-3

+5
+8
+6
+7
+1

Books and stationery. . .
Books and magazines.
Stationery

0
+4
-2

+4
+5
+3
+2

+4
+2
+5
+5

4.8
3.7
5.3
3.4

3.3

66
W
64
71

89

70

113

113

107

0
-1
-9

+1
0

+4
+8

-4

2
-2
+7
+6
+2
+4
+1
0

4.0
2.8
5.2
2.2
9.8
3.4
3.6

3.9
2.7
5 .0
2
9
3.3
3.3

70
78
36
33
29
111
54

90
108
49
52
49
145
72

70
79
39
36
29
109
57

113
119
62
67
79
141
111

117
125
64
63
80
150
117

109
111
63
69
81
132
104

2.8
3.0
2.8
2.2

2.8
2.9
2.8
2.3

78
95
73
72

92
107
89
80

78
92
73
71

98
126
89
78

110
143
102
89

96
122
88
78

4.1
3.2

4.0
3.1

73
66

84
97

74
64

120
103

116
111

113
97

6.4
6.7
6.4

6.4
6.4
6.3

16
68
77

102
89
107

74
67
75

132
136
130

132
135
135

128
129
126

2.8
5.2
5.6
4.7

2.7
4.6
5.0
3.8

72
31
29
32

89
31
26
38

70
33
29
41

98
103
81

106
72
71
67

105
91
91
80

3.1
2.3
3.9

3.0
2.2
3.8

72
68
77

88
86
90

70
68
73

128
111
142

111
98
121

118
107
128

1.7
1.3
2.3

1.6
1.2
2.2

74
79
71

108
119
97

74
79
70

85
83
87

105
111
100

2.5
1.6
11.2

2.4
1.7
9.8

109
112
40

132
136
21

104
102
42

140
99
122

140
126
89

80
77
81
133
94
112

4.9

5.2

74

115

70

111

121

110

5.1
4.1
6.5
6.2

5.7
4.4
6.3
6.4

79
76
59
86

115
125
82
131

75
70
56
84

115
106
114
119

127
119
109
129

119
104
103
119

Silverware and jewelry
Silverware and clocks
Costume jewelry
Fine jewelry and watches

Women's and misses' apparel and accessories.
Women's and misses' ready-to-wear accessories...
Neckwear and scarfs
Handkerchiefs
<
Millinery
)
Women's and children's gloves
Corsets and brassieres
Women's and children's hosiery
Underwear, slips, and negligees
Knit underwear
Silk and muslin underwear, and slips. .
Negligees, robes, and lounging apparel.
Infants' wear
< •••
Handbags, and small leather goods.
Women's and children's shoes.
Children's shoes
Women's shoes
Women's and misses' ready-to-wear apparel.
Women's and misses' coats and suits
Coats
Suits
Juniors' and girls' wear
Juniors' coats, suits, and dresses.
Girls' wear
Women's and misses' dn
Inexpensive dresses
Better dresses
Blouses, skirts, and sportswear
Aprons, housedresses, and uniforms.
Furs
Men's and boys' wear.
Men's clothing
Men's furnishings and hats
Boys' wear
Men's and boys' shoes and slippers.

-7
-2

+2
-6

+1
+3
0
+1
-1

+4
+2
+2
+2
+2y

+3
+3
0
0
+2
0
+2
+6
+3
+2
+3
+2
A

0
-20

-1
-9

+4
+1
+6
0
0
+1
+5
+ 10
-5

+2
+1
+4
+3
+2
+5
+4
+4
+15
+4
+3
+4

+6
+5
+8
+5
+2

n

+6
+6
+3
+6
+3
+7
+8
+14
+1
+8
+4
+11
+6
+7
+7
+6
+5
+9
+1

57
55

101

For footnotes see following page.

1182




FEDERAL RESERVE BULLETIN

DEPARTMENT STORE STATISTICS—Continued
[Based on retail value figures]
SALES AND STOCKS BY MAJOR DEPARTMENTS—Continued

Department

Stocks
(end of
month)

Sales
during
period

Federal Reserve index numbers
without seasonal adjustment,
1947-49 average = 1 0 0 2

Ratio of
stocks to
sales1

Percentage change
from a year ago

Sales during
period

July

1954

1955
July
1955

Homefurnishings
Furniture and bedding
Mattresses, springs, and studio beds
Upholstered and other furniture
Domestic floor coverings
Rugs and carpets
Linoleum

months
1955

July
1955

1955

Stocks at end
of month

1955

1954

1954
July

June

July

July

June

July

+13

+11

+2

3.8

4.3

97

101

86

109

115

107

+4
+6
+2

+ 10
+9
+ 10

+3
+ 12
+2

3.6
1.7
4.4

3.7
1.6
4.4

115
142
104

116
136
108

110
134
102

113
134
111

118
137
118

109
119
109

+4
+4

+ 12
+ 12

-3

+5

+6
+1
+1
0
+3
+2
+3

5.5
5.4
4.9

5.9
6.0
4.8

63
65
48

73
79
55

61
63
49

94
100
63

97
104
61

97
103
60

5.1
5.1
9.6
1.4
3.1
6.7

5.1
5.4
9.5
1.9
4.0
6.6

76
62
69
126
121
79

101
77
99
93
119
102

76
59
71
92
93
79

107
102
125
86
120.
131

115

78
74
90

88
77
88

73
72
76

94
91
107

130
104
130
140
98
89
96

106
101
126
84
117
127

Draperies, curtains, and upholstery
Lamps and shades
China and glassware
Major household appliances
Housewares (including small appliances)
Gift shop

+ 4
+36
+30

0

+3
+7
+3
+28
+ 12
+2

Radios, phonographs, television, records, etc.
Radios, phonographs, television
Records, sheet music, and instruments

+7
+4
+ 19

+6
+5
+6

+4
+5
+2

3.3
2.9
4.4

3.5
2.8
5.3

+2

+5

+5

3.2

3.1

81

99

79

106

110

101

+10
+14
+5
+2

+9
+6
+13

+5
+7
+3

4.4
4.6
4.0

4.7
5.2
4.3

84
70
107

98
73
142

77
62
102

120
127
112

123
140
109

114
118
109

+ 10
+4

+8
+5

3.4
1.5

3.3
1.4

104
58

145
77

102
62

113
82

120
88

105
78

+2
+1

2.7

2.7

76

102

74

101

107

98

3.1

3.0

90

95

90

113

114

111

0

+3
+2
+5

2.2

2.1

72

95

71

96

101

92

+1
+1

+3
+ 12

2.4
3.1
2.3
5.0
1.0
1.6
2.8
3.4
1.6

2.4
2.6
2.3
4.0
1.0
1.6
2.7
3.1
1.8

89

110

89

109

116

106

22
83
106
73
75

28
121
134
100
92

25
83
102
69
75

'81
78
103
119
119

63
104
116
112
112

74
76
98
109
111

Miscellaneous merchandise departments..
Toys, games, sporting goods, cameras
Toys and games
Sporting goods and cameras
Luggage
Candy

0

-6

BASEMENT STORE—total
Domestics and blankets
Women's and misses' ready-to-wear
Intimate apparel
Hosiery
Underwear, corsets and brassieres
Coats and suits
Dresses
Blouses, skirts, and sportswear
Girls' wear
Infants' wear
Aprons, housedresses, uniforms
Men's and boys' wear
Men's wear
Men's clothing
Men's furnishings

+2
1

+1
0
-8

+1
-12
-1

+4
+6
-1

0
-7
-2

+3
+6
+4

+9
+3
+5
+9
+7

no

91
87
105

+5

-5

-8

+8

+6

+4

2.8

3.0

88

136

81

108

119

104

+8
+5

+5
+6
+5

2.6
2.9
2.4

2.8
3.0
2.6

93
97
91

147
151
148

85
92
83

104
112
100

119
127
118

104
111
99

+8

4.0

3.8

73

97

69

125

116

111

Homefurnishings

+6
+4

+1
+1
+1
+13

+8

+1

3.9

4.0

69

89

66

106

109

105

Shoes

-4

0

4.4

4.2

75

109

78

104

110

104

NONMERCHANDISE—total

-1

+1
+1

4

4

107

97

CO

4

()

(4)

Barber and beauty shop

+2

0

142

145

(4)

(4)

(4)

Boys' wear

+10

4

()

()

v. )

96

4

(4)

(4)

147

C)

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-qf-month stocks for each department is used as a base in computing the sales and stocks
indexes,
respectively,
for that department. For description of indexes, see BULLETIN for November 1953, pp. 1146-1149.
3
For movements of total department store sales and stocks, see the indexes for the United States on p. 1179.
4
Data not available.
NOTE.—Based on reports from a group of large department stores located in various cities throughout the country. In 1954, sales and stocks
at these stores accounted for almost 50 per cent of estimated total department store sales and stocks. Not all stores report data for all of the
departments shown; consequently, the sample for the individual departments is not so comprehensive as that for the total.

OCTOBER




1955

1183

PRICES
CONSUMER PRICES
[Bureau of Labor Statistics index for city wage-earner and clerical-worker families. 1947-49=100]
Housing
All
items

Year or month

Foods

Total

Rent

Gas
Solid House- Housefurand
fuels
hold
nish- operaelecand
tricity fuel oil ings
tion

Apparel

Transportation

Medical
care

Personal
care

Reading
and
recreation

Other
goods
and
services

1929

73 3

65 6

117 4

60.3

1933

55 3

41 6

83 6

45 9

1941
1942
1943
1944. .
1945
1946. .
1947
1948
1949
1950 .
1951
1952.
1953
1954

62 9
69 7
74.0
75 2
76 9
83 4
95 5
102 8
101.8
102 8
111.0
113 5
114 4
114.8

52 2
61 3
68.3
67 4
68 9
79 0
95.9
104 1
100.0
101 2
112.6
114 6
112.8
112.6

95.0
101 7
103.3
106 1
112.4
114 6
117.7
119.1

88 4
90 4
90.3
90 6
90 9
91 4
94.4
100 7
105 0
108 8
113.1
117 9
124 1
128.5

97.6
100 0
102.5
102 7
103.1
104 5
106 6
107.9

88.8
104 4
106.8
110 5
116.4
118 7
123.9
123.5

97.2
103 2
99.6
100 3
111.2
108 5
107.9
106 1

97.2
102.6
100.1
101.2
109.0
111.8
115.3
117.4

55 6
64 9
67.8
72.6
76 3
83.7
97.1
103.5
99.4
98.1
106.9
105.8
104.8
104.3

90.6
100.9
108.5
111.3
118.4
126.2
129.7
128.0

94.9
100.9
104.1
106.0
111.1
117.3
121.3
125.2

97.6
101.3
101.1
101.1
110.5
111.8
112.8
113.4

95.5
100.4
104.1.
103.4
106.5
107.0
108.0
107.1

96.1
100.5
103.4
105.2
109.7
115.4
118.2
120.2

1954—August
September
October
November
December

115.0
114 7
114 5
114.6
114.3

113.9
112.4
111 8
111.1
110.4

119.2
119.5
119 5
119.5
119.7

128.6
128 8
129 0
129.2
129.4

107.8
107 9
108 5
108 7
109.1

121.9
122.4
123 8
124.2
125.5

105.4
106.0
105 6
105.4
105.4

117.3
117.4
117 6
117.8
117.7

103.7
104.3
104.6
104.6
104.3

126.6
126.4
125.0
127.6
127.3

125.5
125.7
125.9
126.1
126.3

113.4
113.5
113.4
113.8
113.6

106.6
106.5
106.9
106.8
106.6

120.2
120.1
120.1
120.0
119.9

114 3
114.3
114 3
114.2
114.2
114 4
114.7
114.5

110 6
110.8
110 8
111.2
111.1
111.3
112.1
111.2

119 6
119.6
119 6
119.5
119.4
119 7
119.9
120.0

129 5
129.7
130 0
129 9
130.3
130 4
130.4
130.5

109 4
109 9
110 3
110 3
110.9
110 7
110 8
110.8

126 1
126.2
126 2
125.7
122.5
122.7
123.2
123.8

104.6
104.8
104.6
104.5
103.7
103.8
103.6
103.2

117.7
117.7
117.9
118.1
119.0
119.2
119.4
119.5

103.3
103.4
103.2
103.1
103.3
103.2
103.2
103.4

127.6
127.4
127.3
125.3
125.5
125.8
125.4
125.4

126.5
126.8
127.0
127.3
127.5
127.6
127.9
128.0

113.7
113.5
113.5
113.7
113.9
114.7
115.5
115.8

106.9
106.4
106.6
106.6
106.5
106.2
106.3
106.3

119.9
119.8
119.8
119.8
119.9
119.9
120.3
120.4

..

1955—January
February . . . .
IVfarch
April...... .
June
July
August

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

Tex- Hides,
All
tile skins,
com- Farm Processed
prodmodi- prodand
ucts foods
ucts
ties
Total
and leather
ap- prodparel ucts

Fuel,
power,
and
lighting
materials

Chemicals
and
allied
products

MaPulp, Metals chinRub- Lumber
ery
paper,
ber
and
and
and
and metal
and wood
moallied
prod- prod- prod- prod- tive
ucts ucts ucts ucts products

1948
1949
1950
1951
1952
1953
1954

104.4 107.3 106.1 103.4 104.4 102.1 107.1 103.8 102.1 107.2 102.9 103.9
99.2 92.8 95.7 101.3 95.5 96.9 101.9 94.8 98.9 99.2 98.5 104.8
103.1 97.5 99.8 105.0 99.2 104.6 103.0 96.3 120.5 113.9 100.9 110.3
114.8 113.4 111.4 115.9 110.6 120
106.7 110.0 148.0 123.9 119.6 122.8
111.6 107.0 108.8 113.2 99.8 97.2 106.6 104.5 134.0 120.3 116.5 123.0
110.1 97.0 104.6 114.0 97.3 98.5 109.5 105.7 125.0 120.2 116.1 126.9
110.3 95.6 105.3 114.5 95.2 94.2 108.1 107.0 126.9 118.0 116.3 128.0

1954
August
September,
October...
November.
December.

110.5
110.0
109.7
110.0
109.5

95.8
93.6
93.1
93.2
89.9

106.4
105.5
103.7
103.8
103.5

114.4
114.4
114.5
114.8
114.9

95.3
95.3
95.4
95.2
95.2

106.9
106.9
106.9
107.4
107.5

106.8
106.8
106.9
107.0
107.0

126.4
126.9
128.5
131.4
132.0

119.1
119.3
119.8
119.9
120.0

116.3
116.3
116.3
116.0
115.9

1955
January...
February..
March....
April......
May.
June
July
August....

110.1
11-0.4
110.0
110.5
109.9
110.3
'110.5
110.8

92.5
93.1
92.1
94.2
91.2
91.8
89.5
88.1

103.8
103.2
101.6
102.5
102.1
103.9
103.1
101.9

115.2
115.7
115.6
115.7
115.5
115.6
116.5
117.4

95.2 91.9 108.5
95.2 92.3 108.7
95.3 92.2 108.5
95.0 93.2 107.4
95.0 92.9 107.0
95.2 92.9 106.8
95.3 '93.7 106.4
95.3 93.8 107.3

107.1
107.1
106.8
107.1
106.8
106.8
106.0
105.9

136.8
140.6
138.0
138.3
138.0
140.3
'143.4
148.5

120.3
121.2
121.4
122.4
123.5
123.7
124.1
125.0

116.3
116.6
116.8
117.4
117.7
118.3
119.0
119.9

94.0
93.0
92.4
92.8
91.8

Furni- Non- Toture me- bacco
and
mfrs. Misother tallic
min- and cellahouse- erals—
bottled
hold
bevdura- strucbles tural erages

100.9
106.6
108.6
119.0
121.5
123.0
124.6

101.4
103.1
105.3
114.1
112.0
114.2
115.4

101.7
104.4
106.9
113.6
113.6
118.2
120.9

100.4
101.6
102.4
108.1
110.6
115.7
120.6

128.6
129.1
129.7
129.9
129.8

124.3
124.4
124.3
125.3
125.7

115.3
115.3
115.6
115.6
115.7

120.5
121.7
121.9
121.8
121.8

121.5 102.3
121.5 99.1
121.5 96.7
121.4 97.0
121.4 98.0

130.1
131.5
131.9
132.9
132.5
132.6
136.7
139.3

125.8
126.1
126.1
126.3
126.7
127.1
127.5
128.3

115.5
115.4
115.1
115.1
115.1
115.2
115.5
116.2

122.0
121.8
121.9
122.3
123.2
123.7
125.3
126.1

121.4 97.0
121.6 97.1
121.6 95.6
121.6 94.0
121.6 91.3
121.6 89.1
121.6 '90.8
121.7 89.8

103.1
96.1
96.6
104.9
108.3
97.8
102.5

••Revised.
Source.—Bureau of Labor Statistics, Department of Labor.
Back figures.—See BULLETIN for March 1952, pp. 311-313.

1184




FEDERAL RESERVE BULLETIN

PRICES—Continued
WHOLESALE PRICES, BY GROUPS OF COMMODITIES—Co»rt»
[Index numbers of the Bureau of Labor Statistics, 1947-49=100]
1954

1954

1955

Aug.

June

July

Aug.

108.3
91 2
83 4
106.7
89 7
86.4
94 2
168 8

104.7
90 3
83 1
103.4
87 0
74.4
88 1
143 2

98.7
86 7
79 4
103.8
89 0
78.7
85 6
137 6

99.5
78 6
75.5
102.9
91.9
95.4
81.6
138 6

113.2
92.0
105.9

117.6
91.4
104.6

117.6
88.5
106.0

115.1
86.3
107.8

104 8
114.5
226.5
109.6

104 5 104 6
110.4 110.7
171.9 171.9
101.4 100.5

105.0
110.5
173.7
99.5

89.1
110 3
85 7
126 3
98 6
79 8

90.6
105 5
86 6
124.0
98 6
74 4

'91.0
105 0
86 8
126.8
98 6
74 3

91.7
104 0
86.7
128.7
98 6
72.9

55.8
84.4
111.8
96.7

55.7
83.8
111.4
95.0

58.2
85.1
111.4
'96.5

58 9
85.0
111.4
96.5

105.2
132.4
105 4
102.4
109.3

100 6 101 5
133.4 133.4
110 4 108 9
97.2
'•96.1
111.5 111.6

102.4
136.6
108 9
96.1
113.0

117.4
112 8
97.8
94.0
53.5
109.8
112.1
107.6

117.8
114.8
96.9
93.0
53.8
108.8
111.0
107.6

118.2
114 8
'•97.1
92.8
55.9
108.9
111.7
103.9

118.1
114.8
97.6
92.4
54.6
108.9
112.1
104.0

123 5
129.6
123.7

149 6 159 2
142.3 142.3
132.3 134.7

170 3
1*7.1
136.8

Farm Products:
Fresh and dried produce
Grains
Livestock and poultry
Plant and animal fibers
Fluid milk
Eggs
Hay and seeds .
Other farm products
Processed Foods:
Cereal and bakery products
Meats, poultry, and fish
Dairy products and ice cream
Canned, frozen fruits, and vegetables .
Sugar and confectionery
Packaged beverage materials.....
Other processed foods
Textile Products and Apparel:
Cotton products
Wool products
Synthetic textiles
Silk products
Apparel . . .
Other textile products

..

Hides, Skins, and Leather Products:
Hides and skins
Leather
Footwear
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

...

118.7
129.7
105.4

124 7
128.3
105.6

125 1
128.3
105.7

126 4
128.3
105.7

109.6
80.0
126.5

113.8
104.7
129.2

113.8
125.9
130.7

113.8
129.1
130.5

Pulp, Paper, and Allied Products:
Wastepaper
Paper

1955

Subgroup

Subgroup

Aug.

June

July

Aug.

Paper board
124 2
Converted paper and paperboard.. 112.0
Building paper and board
127.6

126 0
112.3
129.7

126.1
112.3
129.7

128 0
113.5
133.3

133 8
125.1
131.2
138.9
118.5
114.1

135 8 143.1
137.8 139.5
131.4 131.4
144.5 144.9
123.2 123.2
113.5 113.6

144 4
145.0
132.5
146.1
128.1
115.5

117.7

118.7

123.8

126.6

126.0

126.0

127.0

129.4

Pulp, Paper and Allied
Continued

Products-

Metals and Metal Products:
Nonferrous metals
Metal containers
Hardware
Plumbing equipment . .
Heating equipment
Fabricated structural metal products
Fabricated nonstructural metal
products
Machinery and Motive Products:
Agricultural machinery and equipment
Construction machinery and equipment
Metal working machinery
General purpose machinery and
equipment
Miscellaneous machinery
Electrical machinery and equipment
.
Motor vehicles

122 1

121 5

121 5

122 5

131 5
132.7

134.7
142.7

134.7
145.5

136.0
146.5

127 9
125.6

131.8 132.7
127.0 127.4

134.1
129.9

125.7
118 9

126.5 126.7
122 0 122.0

127.6
122.0

112.9
126.2
123.5
109.7
95.4
68.5
130.4

112.9 113.1
129.8 130.0
126.2 126.7
106.4 106.5
94.7
68.9
68.8
132.4 133.1

114.2
134.3
127.6
106.7
94.0
68.7
134.1

124.7
122.2
117.9
132.3
122.1
98.6
120.8

126.0 131.1
124.9 125.0
118.3 118.3
137.3 141.3
122.1 122.1
106.7 110.8
122,4 122.5

131.1
125.3
118.6
1^2.9
122.1
114.5
122.5

124.0
103.7
121.4
114.3
148.1

124.0
103.7
121.4
114.7
148.1

124.0
103.7
121.4
114.7
148.1

124.0
103.7
122.5
114.7
148.1

Toys, sporting goods, small arms.. 113.4
95.2
101.6
Notions and accessories
Jewelry, watches, photo equipment. 102.8
121.2
Other miscellaneous

113.2
70.8
92.9
103.0
121.1

113.1
r
73.9
91.0
103.7
121.2

113.4
71.7
91.0
104.3
121.5

Furniture and Other Household Durables:
Household furniture
Commercial furniture
Floor covering
Household appliances
Radio
Television
Other household durable goods....
Nonmetallic Minerals—Structural:
Flat glass
Concrete products
Structural clay products
Gypsum products
Prepared asphalt roofing
Other nonmetallic minerals
Tobacco Manufactures and Bottled
L Beverages:
Cigarettes
Cigars
Other tobacco products
Alcoholic beverages
Nonalcoholic beverages

.

.

Miscellaneous:

"Revised.
Source.—Bureau of Labor Statistics, Department of Labor.
Back ftgures.—Set BULLETIN for March 1952, pp. 311-313.

OCTOBER 1955




1185

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
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

1949

1950

1951

1952

1953

1955

1954

56.0 125.8 257.3 285.1 328.2 345.2 364.5 360.5 357.6 358.8 367.1 375.3 384.8

8.6

7.2

9.0

18.4

20.5.

23.5

25.5

27.8

30.0

29.6

30.4

30.9

31.2

31.9

7.0
.6
.3

7.1
.7
.9

11.3
.5
.4

21.6
.8
.1

23.7
.8
.2

25.6
1.0
1.3

28.1
1.2
.7

30.3
1.2

30.4
1.2

30.0
1.2

30.7
1.2
.7

31.1
1.2
.7

31.7
1.2
2

-.1

,0

.1

-.2

.2

.2

-.1

30.2
1.2
1.3
4.

-2.3

-1.5

-.3

.3

.4

.3

.0

-.1

87.8

40.2 104.7 216.2 240.0 277.0 289.5 303.6 299.7

10.1
.2

-2.0
.3

14.5
2.8

28.1
5.7

35.1
6.9

39.9
8.2

36.9
8.6

37.2
8.7

33.8
9.6

.0
.9
1.0
5.8
.6

.0
1.5
1.2
2.1

.0
2.6
1.3
4.5
.5

.0
11.6
4.6
7.5
.8

.0
14.3
4.7
9.2
.8

.1
11.6
4.8
9.1
1.0

.0
12.0
4.9
9.0
1.2

— .1
12.8
5.0
9.3
1.2

.0
15.0
5.2
10.0
1.2

85.8

.7
47.2

2.6
1.3
1.4

1.5
.5

83.1

1.0

298.9 298.7
34.0 33.1
9.6
9.6

35.5
9.6

39.6
10.5

42.2
10.8

.0
15.0
5.2
10.0
1.2

.0
15.7
5.2
10.6
1.2

.1
15.9
5.1
10.2
1.2

,4
16 .2

.0
15.1
5.2
9.8
1.2

5.0
10.7
1.2

96.3 206.8 227.1 255.3 271.1 286.2 287.6 286.6 287.3 290.8 293.6 300.5
3.3
2.0
1.3

18.7
16.2
2.5

20.9
18.2
2.7

29.3
26.3
3.0

93.0 188.2 206.1

79.0

45.7

81.9 180.6 194.0

4.2

46.4

11.1

Equals: Personal saving

303.2 311.4 320.7

7.6

12.1

226.1
208.3

34.4
31.2
3.2

35.8
32.4
3.4

32.8
29.1
3.7

32.7
29.1
3.6

32.8
29.1
3.7

33.1
29.3
3.8

32.6
28.8
3.8

33.4
29.5
3.9

236.7 250.4 254.8 253.9 254.5 257.8 261.0 267.1
218.3 230.6 236.5 235.1 237.9 241.0 245.8 250.5
18.4

19.8

18.3

18.8

16.6

16.8

15.3

16.6

17.7

-.6

NATIONAL INCOME, BY DISTRIBUTIVE SHARES
Seasonally adjusted annual rates
by quarters

Annual totals

1955

1954
1929

1933

1941

1949

1950

1951

1952

1953

1954

National income

87.8

40.2 104.7 216.2 240.0 277.0 289.5 303.6 299.7 298.9 298.7 303.2 311.4 320.7

Compensation of employees
Wages and salaries1
Private
Military
Government civilian
Supplements to wages and salaries..

51
50
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

42.0
21.4
12.7
7.9

44.6
22.9
13.3
8.5

49.9
24.8
16.0
9.1

49.9
25.7
14.3
9.9

48.4
25.9
12.3
10.3

48.4
25.9
12.0
10.5

48.2
25.9
11.9
10.5

48.3
26.0
11.7
10.6

48.2
26.3
11.2
10.7

48.8
26.6
11.5
10.7

48.7
27.1
11.0
10.7

10
9.6
1.4
8.3
.5

-2.0
.2
.5

14 5
17.0
7.6
9.4
-2.5

28.1
26.2
10.4
15.8
1.9

35.1

40.0
17.8
22.1
-4.9

39.9
41.2
22.5
18.7
-1.3

36.9
35.9
19.8
16.1
1.0

37.2
38.
21.3
17.0
-1.1

33.8
34.0
17.1
17.0
-.2

34.0
33.7
16.9
16.8
.2

33.1
33.5
16.8
16.7
-.5

35.5
36.0
18.1
17.9

39.6
40.9
20.5
20.4
-1.3

42.2
43.0
21.6
21.4

6.4

5.0

5.2

5.9

6.8

7.4

8.8

9.5

9.5

9.7

9.9

10.3

Corporate profits and inventory
valuation adjustment
Corporate profits before tax
Corporate profits t a x l i a b i l i t y . . . .
Corporate profits after tax.
Inventory valuation adjustment
Net Interest

64.8 140.9 154.3 180.4 195.3 209.2 207.9 207.2 207.8 209.8 213.1 219.5
62.1 134.3 146.5 170 9 185.1 198.5 196.2 195.6 196.1 198.1 200.8 207.0
51.9 113.9 124.3 142.1 152.2 164.7 162 A 162.0 162.1 163.8 166.5 171.7
9.3
8.7 10.5 10.3
5.0
4.2
1.9
9.3
9.1
9.4
9.5
9.5
8.3 16.2 17.2 20.1 22.5 23.5 24.4 24.1 24.5 25.0 25.3 25.9
9.5 10.2 10.8 11.7 11.6 11.7 11.8 12.2 12.5
7.8
6.5
2.7

1

Includes employee contributions to social insurance funds.
Includes noncorporate inventory valuation adjustment.
NOTE.—Details may not add to totals because of rounding.
Source.—Department of Commerce.
2

1186




FEDERAL RESERVE BULLETIN

GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME—Continued
[Estimates of the Department of Commerce, in billions of dollars]
GROSS NATIONAL PRODUCT OR EXPENDITURE
Seasonally adjusted annual rates
by quarters

Annual totals

1955

1954

1929

1933

1941

1949

1951

1950

1952

1954

1953

2

104.4

Gross national product
Personal consumption
expenditures

79.0

46.4

37.7
32.1

22.3
20.7

16/2
8.7
3.6

1.4
1.4
.5

5.1

1.0

9.2

Durable goods
Nondurable goods .
Services

Gross private domestic
investment 1

New construction ..
Residential, nonfarm
Other
Producers' durable equipment
Change in business i n v e n t o r i e s . . . .
Nonfarm only

Net foreign investment
F e d e r a l . . . .

National security
Other
Less: Government sales2
State and local

3.5

5.9
1.6
1.7 - 1 . 6
1.8 - 1 . 4

8

757 3 285 1 328 2

345.2 364.

18. 1 32 5
6. 6 17 f
3.
8. 3
3. 1
9 ?
6. 9 17 8
4. 5 - 2 7
4. 0 —1 9

51.

2

12 6
10. 1
21 1
7. 4
6. 4

56 9
23 ?

51. 4
25 0

47 2
27

23.2
10 4
9,0

49.6
23 7
11.1
12 6
23.1
2.8
2 1

11.
13 8

13 S
14

24. 4
1. 2
1. 0

22 3
2 9
—3 9

22 4
2 7

-2.

0

3

3

84. 5
59 ?

77 0
49 ?
43 ?
6 3

75 9
4<?
43 6
5 4
4
27 . 3

11 0
12 4

.2

1.1

5

-2 2

2

-.2

8.5

8.0

24.8

62 ft

16. 0

43. 6
£5
19. ^
6. 6
4
18 2

42 ft

2.0

22
18.
3. 9

41 0
37.3

77.5
54 J
48.8
5.8
4
23.2

1.3

i".

7.2

2.0
.0

6.0

5 360 5 357 6

1

4
8

2

367.1 375 3 384 8

81. 9 180. 6 194. 0 208 % 218 3 230. 6 236. 5 235 1 1V1 9 241.0 ?45 8 ?-50 5
9. 7 23. 6 28.
27 1 26.6
29. 8 29. 3 29.0 ?Q 4 30.4 34 4 35 1
43. 2 96.9 100. 4 111
116.0 118. 9 120.9 120 4 121 .5 122.5 122.4 125 3
29.
60.1
65, (1 70 i
81. 8 86.4 85 7 87 0 88.1 89.0 90 ?,
75.7
0

.8

. ..

Government purchases of
goods and services

56.0 125

3

\ 3. 2
7. 8

19 9

4 2
4
21 8

51 4
8 5

4

25 0

27 4
8

46.9
27 3
13 0
14
•?

9

50.7
4 5 .9
28 T 29 4
15.0
14 ?
14 4
14
21.9
22 .2
-.6
- 4 .9
—5 4 — 1.0

54 .1
11 z

60 .1
?2 1

21 .5
1 .5
1 5

23 .7
4 .3
4 ?

.7

.9

.4

7

75 8
47 7
4? 1
6 .1

74.5
45 7
40.5
5.5
.3
28.7

75 8
46 4
41 ?

74 9
45 ;?
40 4

4

28 . 1

16 0
15 1

5.5
.3
29 . 4

16 4
1S 7

5 .2
3
29 .7

PERSONAL INCOME
[Seasonally adjusted monthly totals at annual rates]
Wage and salary disbursements
Year or month

Personal
income

Total

Commodity DistribService
utive
produc- indusindusing intries
tries
dustries

Government

Other
m labor
income 8

Dividends
Proand
prietors'
perand
sonal
rental 4
income interest
income

Transfer
payments 5

Less
persona!
Noncontributions agriculfor
turai
social income 7
insur-8
ance

1929
1933
1941
1948
1949......
1950
1951
1952
1953
1954

85.8
47.2
96.3
208,7
206.8
227.1
255.3
271.1
286.2
287.6

50.4
29.0
62.1
135.1
134.4
146.5
170.8
185.2
198.6
196.2

21.5
98
27.5
60.2
56.9
63.5
74.9
80.6
88.2
84.2

15.6
8.8
16.3
38.8
39.0
41.3
45.8
48.7
51.8
52.3

8.4
5.2
8.1
17.4
18.0
19.5
21.3
23.0
24.8
25.9.

4.9
5.1
10 2
18 ?
20 5
2? 2

20.2
7.6
20.9
45.6
42.0
44.6
49 9
49.9
48.4
48.4

13.2
8.3
10.3
16.2
17.2
19.8
20,7
21.3
23.1
24.7

1.5
2.1
3.1
11.3
12.4

28,8
32.9
33.8
33.8

.6
.4
.7
27
30
3.8
48
5.3
6.0
6.6

15.1
n 6
13.2
14.0
16.2

.1
.2
.8
2.2
2.2
2.9
3.4
3.8
3.9
4.5

77.7
43.6
88.0
188.5
190.8
210.5
235.7
253.1
270.2
271.9

1954—August
September
October
November
December.

286.7
287.9
288.4
290.8
293.4

195.8
195.8
196.8
198.6
198.8

83.1
82.8
83.4
85.2
84.8

52.5
52.5
52.7
52.5
53.1

26.3
26.3
26.5
26.6
26.6

33.9
34.2,
34.2
34.3
34.3

6.6
6.6
6.7
6.7
6.7

48.1
49.0
47.5
48.3
48.9

24.7
24.7
24.9
24.9
26.5

16.1
16.3
17.0
16.8
17.1

4.6
4.5
4.5
4.5
4.6

271.5
272.1
273.8
275.9
278.1

1955—January
February
March
April
May
June
July
August^

292.2
293.2
295.7
298.9
301.4
301.6
305.3
305.0

199.3
200.3
202.6
204.6
207.3
208.0

85.4
86.3
87.8
88.9
90.6
90.9
91.7
92.0

52.9
53.0
53.6
53.6
54.5
54.9
55.7
56.0

26.8
26.7
27.0
27.2
27.4
27.4
27.8
27.9

34.2
34.3
34.2
34.9
34.8
34.8
37.2
35.7

6.8
6.8
6.8
6.9
6.9
6.9
7.0
7.0

49.1
48.8
48.5
49.0
48.8
48.5
47.9
48.3

25.0
25.3
25.5
25.9
26.1
26.3
26.4
26.6

17.0
17.0
17.4
17.6
17.5
17.1
16.9
16.8

5.0
5.0
5.1
5.1
5.2
5.2
5.3
5.3

276.5
277.7
280.9
283.7
286.6
287.2
291.7
290.9

212 A

211.6

p Preliminary.
construction expenditures for crude petroleum and natural gas drilling.
of sales abroad and domestic sales of surplus consumption goods and materials.
compensation for injuries, employer contributions to private pension and welfare funds, and other payments.
Includes business and professional income, farm income, and rental income of unincorporated enterprise; also a noncorporate inventory
valuation
adjustment.
5
Includes government social insurance benefits, direct relief, mustering out pay, veterans' readjustment allowances and other payments, as
well as
consumer
bad debts and other business transfers.
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.
1
Includes
2
Consists
3
Includes
4

OCTOBER




1955

1187

MEMBER BANK EARNINGS
ALL MEMBER BANKS, BY CLASSES, FIRST HALF OF 1955
[Amounts in thousands of dollars]
All

Central reserve
city member banks

member banks

First half Second hal First half
of 1954
of 1954
of 1955
Earnings
Interest on U. S. Government securities
Interest and dividends on other securities
Interest and discount on loans
Service charges and fees on loans
Service charges on deposit accounts
Other charges, commissions, fees, etc
Trust department
Other current earnings
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
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
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
Profits before income taxes
Taxes on net income
Federal
State
Net profits
Gash dividends declared
On preferred stock1
On common stock
Memoranda items:
Recoveries credited to reserves (not included in recoveries above):
On securities
On loans
Losses charged to reserves (not included in losses above):
On securities
On loans
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
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

New York

Chicago

Reserve
city
member
banks

Country
member
banks

First half of 1955
100,011 1,000,833 1,039,299
210,825
232,895
29,434
53,543
57,173
7,380
592,927
560,058
47 133
17,010
7,950
691
67,834
55,213
1,089
22,569
19,323
1,145
46,964
24,126
10,307
37,897
33,825
2,832

2,365,720 2,460,393 2,554,615
544,503
521,876
555,589
140,288
132,520
143,683
1,312,836 1,349,332 1,417,332
25,819
23,260
29,480
129,173
123,093
134,360
53,017
49,467
53,588
109,455
126,200
124,630
93,213
92,061
95,953

414,472
82,435
25,587
217,214
3,829
10,224
10,551
43,233
21,399

1,437,979 1,560,556 1,555,972
254,258
240,972
224,619
467,351
516,469
496,488
11,750
13,791
12,508
240,969
252,680
263,162
3,687
4,298
7,614
68,053
72,109
73,196
33,658
41,968
38,436
387,281
405,593
423,596

225,315
29,021
87,936

54,764
7,629
19,883

19,676
2,238
7,091
3,067
75,392

8,237
860
2,765

894

14,703

613,704
81,851
207,405
2,363
112,231
3,231
32,948
14,516
159,159

662,189
122,471
181,264
9,107
123,018
1,285
30,392
20,310
174,342

144

543

927,741

899,837

998,643

189,157

45,247

387,129

377,110

306,603

245,368

150,645

78,268

4,541

32,789

35,047

6,530
15,406
246,145
11,388
13,600
13,534

5,179
27,736
128,465
15,965
40,958
27,065

5,968
17,405
30,367
13,777
66,189
16,939

556
8,509
5,113
5,279
55,284
3,527

304

1,737
5,950
12,604
2,296
4,540
5,662

3,371
2,733
9,217
5,967
6,225
7,534

202,671

276,592

234,583

32,156
71,158
6,601
55,752
37,004

26,393
47,699
11,170
140,388
50,942

37,503
26,485
8,360
131,361
30,874

93,698
6,270
8,844
3,203
69,941
5,440

64,884
14,970
11,264
314
26,575
11,761

69,601
15,348
4,211
4,762
32,061
13,219

1,031,673
472,503
450,778
21,725

868,613
331,685
311,908
19,777

914,705
430,618
411,405
19,213

173,727
80,441
72,960
7,481

43,388
18,775
18,775

355,034
156,711
149,799
6,912

342,556
174,691
169,871
4,820

559,170

536,929

484,087

93,286

24,613

198,323

167,865

210,816
980
"209,836

245,329
1,050
244,280

231,789
876
230,913

58,187
30
58,157

12,688

66,852

12,654

94,062
120
93,942

1,227
18,995

1 709
15,687
5,125
41,893
56,541
323,945
6,660

1 775
17,111

1 220
2,091

840

13,368
36,210
57,998
338,625
6,611

2,030
11 509
4,008
49,298

16.2
7.9
38
3.02
1.18
.57
4.68
2.01
2 07
73
15.7
8.1
25.9
1.33

13.8
6.8
42
2.64
1.20
.59

10,122
32,853
55,851
324,243
6,721
16.1
9.7
37
2.96
1.16
.70

15.1
9.0
41
2.97
1.09
.65

4.68
2.00
2.13
72
16.0
7.9
25.5
1.30

4.75
1.93
2 12
72
16.3
7.9
25.9
1.30

18

3.52
1.95
2 07
88
17.4
10.1
12.8
1.13

213

3,433
235
140

216
6,400
915

2,166
81
2,784
454

34

692

66,160

282

273

1,000
11,044

6,861
8,435
10,784
16,150
135,137

7,319
2,294
12,958
36,840
143,146
6,283

15.0
8.2

17.6
9.0

16.4

609
959
13

297

4.2

4.3

7.3
2.9

2.44
1.10
.60

3.03
1.17
.60

3.28
1.19

3.55
2.01
2.21

4.69
2.03
2.05

5.48
2.02
2.06

7.3

17.6
8.1
17.6
1.26

6.7

14.2
7.3
26.5
1.41

.53

7.2

16.2
7.9
32.5
1.30

1
2
Includes interest on capital notes and debentures.
Annual basis.
NOTE.—Includes figures for all banks that were member of the Federal Reserve System at the end of the report period (including those whose
returns may cover operations for only part of the period), and includes appropriate adjustments for member banks in operation during part of the
period but not at the end. Thefiguresof 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.

1188




FEDERAL RESERVE BULLETIN

PAGE

International capital transactions of the United States..

1190-1194

Gold production

1194

Estimated foreign gold reserves and dollar holdings. .

1195

Reported gold reserves of central banks and governments. .

1196

Net gold purchases and gold stock of the United States. .

1197

International Bank and Monetary Fund..

1198

Central banks .

1198-1202

Money rates in foreign countries. .

1203

Commercial banks . .

1204

Foreign exchange rates..

1205

Price movements in principal countries:
Wholesale prices. .,

1206

Consumers' price indexes. .

1207

Security prices .

1207

Index to statistical tables. .

1213-1214

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 1955




1189

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES
TABLE 1.—SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES,
BY COUNTRIES *
[Amounts outstanding , in millions of dollars]
In-

ternational
institutions2

Date

Total foreign
countries
France

Official

Officials

and

Germany,
Fed.
Rep.

Switz- United
erKingdom
land

Italy

Other
Europe

Total
Europe

Canada

Latin
America

Asia

All
other

of

private
1951—Dec. 31. 1,641.1 7,661.1 3,547.6
1952—Dec. 31. 1,584.9 8,961.2 4,654.2
1953—Dec. 31. 1,629.4 10,019.0 5,666.9

289.4
342.6
428.5

405.6 300.5 521.3
551.1 308.9 641.8
898.8 465.7 674.2

846.6 3,005.9 1,307.1 1,455.2 1,595.5 297.4
642.6
817.9 1,093.3 3,755.5 1,420.7 1,612.9 1,836.5 335.6
708.9 L,557.5 4,733.6 1,295.5 1,768.4 1,895.5 326.1

1954—Aug.
Sept.
Oct.
Nov.
Dec.

31.
30.
31.
30.
31.

1,751.0
1,801.9
1,773.9
1,792.8
1,769.9

10,686.6
10,730.6
10,752.2
10,781.8
11,152.6

6,287.3
6,319.2
6,404.2
6,379.3
6,774.0

418.9
474.2
495.8
502.1
715.4

1,225.1
1,247.6
1,257.2
1,287.2
1,372.5

510.7
528.4
553.9
563.0
578.6

680.8
668.5
645.5
623.7
672.4

851.9
837.9
842.8
829.7
639.5

1,676.7
L.673.3
1,690.1
1,673.7
L,642.1

5,364.0
5,430.0
5,485.3
5,479.2
5,620.5

1,380.4
1,384.1
1,372.8
1,377.8
1,535.7

1,918.7
1,889.6
1,839.5
1,848.1
1,905.9

1,748.2 275.2
1,764.1 262.9
L,782.5 272.1
1,811.8 264.9
1,825.4 265.1

1955—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.

31. 1,752.2
28 1,784.9
31 1,812.8
30 1,820.7
31 1,875.0
30* 1,852.8
31* 1,860.8
31 P 1,858.6

11,100.7
10,924.9
10,915.2
11,066.5
11,177.8
11,267.2
11,276.9
11,182.2

6,749.5
6,540.3
6,508.1
6,632.9
6,711.3
6,766.6
6,656.7
6,552.0

706.5
725.1
749.6
670.7
766.1
785.1
834.7
914.6

1,368.9
1,406.9
1,411.1
1,404.5
1,407.6
1,397.0
1,418.3
1,420.1

591.5
612.2
611.2
629.3
637.7
648.7
675.7
711.7

624.2
634.5
649.9
657.6
672.4
685.2
702.2
675.6

659.2
598.9
637.1
676.7
663.6
689.1
621.5
561.1

1,675.1
,626.7
1,591.1
,659.5
1 .574.2
1,588.6
1,560.8
L,570.2

5,625.4
5,604.4
5,650.1
5,698.4
5,721.5
5,793.7
5,813.1
5,853.2

1,529.1
1,366.9
1,320.7
1,318.9
1,274.7
1,268.3
1,296.5
1,168.8

1,836.6
1,811.6
1,794.7
1,899.1
1,991.4
1,920.5
1,897.9
1,853.1

1 ,842.1
1 ,857.7
\ ,859.9
1 ,852.3
1 ,884.7
11,983 7

267.4
284.3
289.8
297.9
305.4
301.0
L,968.0 301.4
1L,990.7 316.5

Table la.—Other Europe
Other
Europe

Date
1951—Dec. 31
1952—Dec. 31
1953—Dec. 31

...

1954—Aug. 31
Sept. 30
Oct. 31 . . .
Nov. 30
Dec. 31
1955—j an# 3i
Feb. 28
Mar. 31
Apr. 30
May 31
. .
June 30P . . . . . .
Tuly 31P
Aug. 31 P

Austria

Belgium

846.6 57.1 134.7
1,093 3 91 1 123 9
1,557.5 190.9 130.3

Neth- Nor- Po- Por- RuSwe- TurYugo- All
Den- Finerway land tugal mania Spain den key U.S.S.R. slavia other
mark land Greece lands
45.3 27.0 45.8 148.8 99.7
70 4 28 5 47.3 203.1 110.3
95.7 37.9 100.9 242.9 118.5

2.8 40.7
3.4 57.4
2.2 72.4

6.1
6.1
5.8

7 9 46.0
58.3
66.1
70.9
71.3

1,676 7
1,673.3
1,690 1
1,673.7
1,642 1

275 6 99.3
281.9 104.0
283 6 104 6
272.4 103 2
273 2 99 8

79.5
76.4
68 8
69.2
71 1

41.0 104.5 252.9 129.1
37.7 94.3 247.6 132.3
40.6 93 8 248.7 125.8
39.8 110.2 241.4 115.8
41 3 112 5 249.3 103.4

1.7 83.8
1.8 83.5
1.9 85.0
2 . 2 88.9
2 . 1 91.3

7.9
8.1
8.0
7.8

1,675 1
1 626 7
1,591 1
1 659 5
1,574 2
1,588.6
1 560 8
1,570.2

272 8
276 6
274 7
272 3
271 7
268.6
273 4
282.7

76.2
70 3
69.3
69 7
64 3
54.2
56 5
60.3

39.7
41 6
37.8
37 2
40 4
38.5
40 1
41.9

88.8
66.2
64.3
76.8
67.8
71.2
67.6
65.8

2 . 0 92.6
1.7 98.1
2 . 4 91.9
2 . 3 94.6
1.9 94.1
3 . 5 94.4
2 . 2 100.6
1.8 106.4

8.0
8.0
8.2
8.3
8.1
8.0
8.0
7.9

98 1
92 7
98 9
105 5
103 5
107.8
99 5
104.0

129.2
134 2
130.5
134 5
131.0
126.6
124 7
126.2

256.3
219 2
222.1
218 2
194.6
202.3
202.1
190.0

17.1 71.7 14.1
19.2 91.0 8 . 4
36.0 116.7 14.2

78.4
84.7
92.6
99.2
100.6
108.9
112.9
119.3

173.6
180.5
179.4
159.0
141.0

2.5
1.7
2.0

6.2
6.4
8.2
8.1
8.2

3.0
2.1
2.0
5.2
1.8

130.5 9 . 5
129.7 9 . 2
121.0 9 . 9
118.2 11.1
113.9 10.3
118.9 11.8
130.4 9 . 0
143.7 9 . 6

1.8
1.7
1.5
1.8
2.0
3.1
1.1
.9

7 . 1 125.9
12.0 219.3
6 . 9 384.1
6.4
6.9
6.8
9.0
8.6

366.1
351.7
366.7
370.3
359.5

381.9
382.9
358.0
400.9
364.0
10.8 360.1
8 . 4 324.4
9.5 300.2
9.4
9.8
8.0
8.9
6.2

Table lb.—Latin America

Latin
America

Date

Argen- Bo- Brazil Chile
tina livia

Colombia

Cuba

NetherDolands Panminican Guate- Mex- West ama,
ReIndies pubReico
mala
and
pubSuri- lic of
lic

Peru

Other
El
Uru- Vene- Latin
Sal- guay
Amerzuela
vador
ica

nam

54.0 106.4
79.3 118.2
78.8 150.2

263.6 45 8
301.2 44 2
340.8 39 3

27.3 158.2
34.3 231.2
37.9 183.2

34.9
44.3
51.5

67 7
80 8
89 9

47 .2
60 .9
68 . 0

27.8 84 .7 71.9
25.6 94 .1 145.5
26.8 109 .6 222.4

87 8
117 4
119 2

102.6
91.3
139.1
160.3
119.6

78.9
74.7
72.8
73.2
69.6

215.0
168.2
147.7
168.6
222.2

309.6
291.2
269.0
243.7
236.7

60
60
59
59

236.8
254.7
265.4
265.5
328.9

50.1
50.1
46.3
46.9
48.7

86
76
77
75
73

7

60.4

40.4
37.1
34.1
31.5
34.5

9
4
6
8

69 .2
76 . 4
79 .2
79 . 6
83 . 4

136
136
121
121
124

100.4
104.8
95.1
110.7
129.3
119.6
117.7
125.5

73.3
67.3
75.3
75.8
94.8
94.2
88.8
75.3

189.5
138.7
97.4
88.0
90.8
101.5
103.0
105.5

234.2
228.1
234.3
251.7
254.0
244.6
241.3
230.5

68
65
63
67
67
75
70
71

2
4
1
8
3
7
6
0

37.5
42.6
44.5
48.2
51.1
50.5
51.1
46.7

335.8
357.7
363.3
376.0
371.7
341.3
326.8
321.2

42.7
44.7
45.1
43.6
45.2
42.1
44.3
42.9

73 4
75 1
79 2
77 7
73 .7
84 3
81 1
84 7

81 . 0
79 .0
79 . 4
81 .8
81 . 8
83 .1
88 .9
85 .9

30.5 104 .1 179.1
25.0 101 .6 210.5
23.0 98 .5 183.0
20.4 91 .7 202.2
30.4 90 .3 193.6
39.6 86 .8 177.7
46.6 83 . 3 176.8
42.6 80 .9 187.5
46.3 74 .1 243.2
48.4 67 .5 287.1
49.7 63 .9 256.3
45.1 61 . 3 253.1
38.8 59 .6 234.5

1951—Dec. 3 1 .
1952—Dec. 3 1 .
1953—Dec. 3 1 .

1,455.2 249.7
1,612.9 138.8
1,768.4 130.0

27.8 100.3
24.5 72.5
19.1 101.7

1954—Aug.
Sept.
Oct.
Nov.
Dec.

31.
30.
31.
30.
31.

1,918.7
1,889.6
1,839.5
1,848.1
1,905.9

191.1
204.8
190.7
175.3
160.4

27.3
30.2
31.9
32.3
29.2

1955—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.

31.
28.
31.
30.
31.

1,836.6
1,811.6
1,794.7
1,899.1
1,991.4
1,920.5
1,897.9
1,853.1

143.3
144.2
151.7
155.9
167.4
156.6
165.3
173.7

30.8
27.2
26.3
26.5
28.3
27.6
25.7
25.0

30 P
31P
31P

9
7
9
6

6
1
7
9
1

122 4

130.1

129
131
133
129
133
132

0
6
2

5
7

2

r
^Preliminary.
Revised.
For footnotes see following page.

1190




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 COUNTRIES1—<?<mf»m^
[Amounts outstanding, in millions of dollars]
Table lc—Asia and All Other

Date

Asia

ForKorea,
mosa
and Hong India Indo- Iran Israel Japan Re- Phil- Thai- Other
pub- ippines land
nesia
China Kong
Asia
lic
Mainof*
land

All
other

Egypt
and Union
Aus- gian Anglo- of
tralia Congo Egyp- South Other
tian Africa
Sudan

86.8

1951—Dec. 31.
1952 -Dec. 31.
1953-Dec. 31.

1,595.5
1,836.5
1,895.5

87.4 62.4 62.1 140.6 25.5 26.6 596.0 26.2 329.7 96.7 142.2 297.4 38.5 54.5 110.7
76.4 70.9 64.6 61.0 19.2 18.8 808.0 54.4 315.1 181.0 167.1 335.6 47.2 118.6 59.7
73.6 68.0 99.0 39.3 43.6 18.0 827.9 91.5 295.5 167.9 171.2 326.1 59.2 89.6 43.3

1954—Aug. 31.
Sept. 30.
Oct. 31.
Nov. 30.
Dec. 31.

1,748.2
1,764.1
1,782.5
1,811.8
L,825.4

74.2
69.6
71.1
71.3
69.9

64.2
64.3
64.7
64.6
60.8

75.5
73.4
77.7
82.1
86.9

81.9
87.3
95.4
100.6
100.3

23.3
26.1
24.7
28.2
31.4

36.0
33.1
24.7
26.0
41.0

643.4
668.5
695.8
712.6
724.9

98.2
94.9
93.8
88.7
95.6

314.2
308.5
289.7
276.8
257.4

126.2
125.0
117.8
124.2
123.1

211.2
213.3
227.0
236.6
234.1

275.2
262.9
272.1
264.9
265.1

41.3
35.4
41.6
37.3
47.7

45.5
44.2
47.0
44.4
43.6

47.7
45.1
45.2
47.6
47.1

37.9 102.8
38.5 99.7
39.4 99.0
38.1 97.5
32.7 94.0

1955—Jan. 31.
Feb. 28.
Mar. 31.
Apr. 30.
May 31
June 30P
July 31 P
Aug. 31 P

1,842.1
1,857.7
1,859.9
L.852.3
1,884.7
L,983.7
L,968.0
:L990.7

69.2
70.3
70.0
69.1
70.4
69.1
72.3
71.7

60.8
60.1
61.2
59.0
61.0
60.3
61.7
60.2

95.0
101.5
87.5
83.5
93.4
97.0
78.0
73.1

109.3
112.3
97.7
96.0
99.9
115.4
107.9
109.8

44.5
47.0
40.1
47.0
51.6
51.6
47.7
42.4

38.9
40.7
45.3
44.7
43.1
41.0
43.1
54.9

707.3
700.1
714.2
709.1
720.1
758.4
773.8
803.6

98.9
96.8
96.5
98.4
105.8
109.7
106.2
101.6

264.9
263.2
253.6
249.3
249.3
252.0
258.5
260.5

131.6
133.1
132.0
130.2
128.8
129.9
121.2
122.0

221.9
232.6
261.9
265.9
261.1
299.1
297.7
291.0

267.4 44.4
284.3 58.6
289.8 56.8
297.9 60.4
305.4 70 2
301.0 64.2
301.4 70.0
316.5 74.9

45.9
42.7
44.3
44.4
42 9
42.6
42.2
45.9

48.6
52.0
53 6
53.9
48 3
50.3
45.0
46.9

31.4
36.2
33.4
35.9
33.8
30.1
32.8
36.8

7.0
23.6
38.2

86.5
95.7

97.1
94.8
101.8
103.4
110.2
113.8
111.4
111.9

Table Id.—Supplementary Areas and Countries B
End of year

Other Europe:
Albania
Azores
British dependencies
Bulgaria
Czechoslovakia
Eastern Germany
Estonia
Hungary
Iceland
Ireland, Republic of
Latvia
Lithuania
Luxembourg
Monaco
Trieste
Other Latin America:
British dependencies
Costa Rica
Ecuador
French West Indies
Guiana
Haiti
Honduras
Nicaragua
Paraguay

1951

1952

1953

.1
.3
.6
.6
1.3

.2
.3
.4
.6
.6

.2
.4
.4
.6
.6

n.a.

n.a.

n.a.

15.9

3.7
12.6

14.1

1.3
.6
5.0
2.6
4.1

1.3
.4
4.0
3.0
2.5

14.6
12.1
23.7

18.0
13.4
17.7

2.7
1.0
3.5
1.3
.6

11.8
3.2
5.6

14.6
8.7

and

End of year
Area or country

Area or country

French

11.4
.8

10.3
17.2
8.3
5.4

1.9
1.0

2.2

11.6
15.4
13.4
5.0

1.9
1.0
7.5

.6
9.3

18.7
16.0
6.0

1954
Other Asia:
Afghanistan
British dependencies
.6
Burma
.6
Ceylon
.7
Iraq
Jordan.
1.2
Lebanon
n.a.
1.0
Pakistan
8.9
Palestine
Portuguese dependencies
n.a.
1.0
Saudi Arabia
.5
Syria
4.5
Viet-Nam
.2

n.a.

5.3
2.2

19.0
15.3
21.2
.4

12.7
n.a.
10.3

All other:
British dependencies
Ethiopia and Eritrea.
French dependencies
Italian Somaliland
Liberia
Libya
New Zealand
Portuguese dependencies
Spanish dependencies
Tangier

1951

1952

1953

1954

10.6
21.0
9.5
19.2
12.9
.5
15.3
13.1

4.0
25.5
16.9
13.9
14.1
.6
19.3
14.4
.1
2.8
15.9
11.4
n.a.

2.7
19.8
23.0
17.1
13.8
.9
23.9
9.7
.1
5.3
18.5
20.5
n.a.

n.a.
21.1
29.7
n.a.
10.0
.8
16.5
3.8
.1
1.8
61.5
21.5
8.1

1.6
3.5
27.0
1.1
10.3
2.3
3.5
6.3
.2
26.7

1.6
9.1
22.3
.3
11.8
3.0
2.1
5.0
.2
36.1

1.4
n.a.
16.8
n.a.
5.6
n.a.
2.3
n.a.
.5
35.7

2.7
13.2
5.4

1.2
6.9
36.5
.1
6.1
.5
5.2
4.3
.2
21.5

3.6

PPreliminary.
n.a. Not available.
1 "Short-term liabilities" reported in these statistics represent principally deposits and U. S. Government obligations maturing in not more
than one year from their date of issue, held by banking institutions in the United States; small amounts of bankers' acceptances and commercial
paper2 and of liabilities payable in foreign currencies are also included.
Includes International Bank for Reconstruction and Development, International Monetary Fund, and United Nations and other international
organizations.
Excludes Bank for International Settlements, reported under "Other Europe."
3
Represents funds held with banks and bankers in the United States (and in accounts with the U. S. Treasury) by foreign central banks
and by foreign central governments and their agencies (including official purchasing missions, trade and shipping missions, diplomatic and consular
establishments, etc.).
^Through
1952, reported by banks in the Second (New York) Federal Reserve District only.
6
These data are based on reports by banks in the Second (New York) Federal Reserve District only and represent a partial breakdown of
the amounts shown in the "other" categories in Tables la-lc. For each date the Second District reported at least 90 per cent of the total amount
in the "other" categories.
NOTE.—The statistics in this section are based on reports by banks, bankers, brokers, and dealers. Certain changes in the reporting forms
and instructions were made as of Mar. 31, 1954, and there were also changes, beginning with the BULLETIN for June 1954, in the content, order,
and selection of the material published, as explained on p. 591 of that issue. For discontinued tables and data reported under previous instructions, see BULLETIN for May 1954, pp. 540-545.

OCTOBER




1955

1191

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
TABLE 2.—SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES,
BY COUNTRIES 1
[Amounts outstanding, in millions of dollars]
GerFrance many,
Fed.
Rep. of

Total

Date

Italy

Switzerland

United Other
Total
King- Europe Europe
dom

Canada

Latin
America

Asia

All
other

1951—Dec:. 3 1 . .
1952—Dec. 31
1953—Dee. 3 j o

968.4
1,048.7
904 5

10.1
31.9
10.6

28.3
26 8
30.5

10,3
17 8
18.8

11.2
7.1
17.9

35.0
30.3
70.5

88.5
98.2
87.5

183.4
212.2
235,9

92.0
62.3
56.4

489.3
662.0
472.7

161.8
89.8
114.8

41.9
22.4
24.9

1954—July 3 1 . .
Aug. 3 1 . .
Sept. 30
Oct. 31
Nov. 30
Dec. 31
1955—j a n 3i
Feb. 28 . . . .
Mar. 31
Apr. 30
May 3 1 .
June 3QP
July 31». .

1.109.6
1,108.6
1,187.4
1,290.6
1,315.5
1,384.2

9.5
7.5
14.1

52 5
51.9
48 4
47 3
56 1
67 8

16.7
13.4
12 9
15.8
19 3
19 7

14.6
16.1
17.4
16.4
12.6
16.2

85.1
94.4
128.7
126.2
128.2
173.5

85.2
87.4
87.7
107.5
114.4
108.6

263.6
270.7
309.2
320.4
340.7
400.1

66.4
65.6
70.9
68.0
66.2
75.6

625.8
613.9
646.5
740.3
750 2
728.1

117.5
125.7
125.6
128.1
125.9
143.3

36.2
32.8
35.2
33.9
32 5
37.0

70.5
78 5
72 7
78.8
77 2
83.7
79.9

20.2
21 9
22 6
22.9
26 3
27.7
26.3

18.5
21 9
19.3
20.2
22.0
20.5
20.9

145.9
115 9
119.1
96.3
98.5
90.8
70.3

137.5
142 6
140.0
127.4
135.0
142.7
153.9

405.1
392 8
381.2
354.1
369.3
375.3
363.0

103.6
105 3
91.0
103.8
107.6
122.3
118.2

677.2 152.3
670 6 160 0
686.2 169.8
694.3 189.6
683.7 213 1
664.0 239.1
653.0 241.0

39.8
37 6
36.5
38.5
41.1
43.9
42.2

Nor-

Portugal

opam

Sweden

Tur«
key

.8
.5
.6

18.8
11.2
24.3

5.4

.6

2.5
2.7

38.8
IS.7

7

.5

2.1
3.5
4.0
4.0
5.5
4.0

2,7
2.6
2.4
2.8
3.0
4.1

.6
1.0
.7
.8
1.0
.9
.9

3.1
3.6
2.7
3.9
4.3
5.3
8.0

4.2
3.4
4.1
3.0
4.1
5.1
5.1

1,378.1
.366 ?.
1,364.8
••1,380.2
1,414 7
1,444.7
1,417.5

7.1

10 3
14.2
12.5
12 0
7.5
8.5

10 3
9.9
11.7

Table 2a.—Other Europe
Netherlands

Other
Europe

Austria

Belgium

Denmark

Finland

88.5
98.2
87.5

(2)

.8
.8

39.6
16.2
13.0

4.8
2.1
6.2

3.1
5.6
1.9

.2
.2
1.3

5.0
4.4
8.6

2.5
19
10

1954—July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30..
Dec. 31

85.2
87.4
87.7
107.5
114.4
108.6

.1
.2
.2
.2
.3
.4

15.3
14.7
16.0
14.2
17.0
19.6

4.2
3.5
4.8
6.0
7.5
9.7

1.8
1.4
2.0
2.3
2.1
2.5

2.6
2.6
3.6
3.6
3.4
3.3

9.3
9.4

10.9
11.2
14.6
15.9

1.5
1.4
1,7
1.4
1.7
2.1

1955—Jan.
Feb.
Mar.
Apr.
May
June
July

137.5
142.6
140.0
127.4
135.0
142.7
153.9

.7
1.2
.7
.4
.6
.4
.4

19.3
19.1
18.9
17.7
17.8
15.2
13.9

9.1
9.1
7.3
7.0
7.2
6.8
6.7

2.2
2.0
2.9
2.2
2.4
2.9
2.9

3.4
3.3
3.7
3.6
4.5
3.2
3.0

18.3
18.0
18.8
14.8
14.6
13.3
11.5

2.3
2.9
2.8
2.7
2.4
2.2
1.9

Date

1951—Dec. 3 1 . . . . . . . .
i§52—Dec. 3 1 . . . . . . . .
1953—Dec. 31

31
28
31...
30
31
30P
31*

Greece

way

5
.5

7

.6

Yugoslavia

All
othm

3.9
8.6

4 8

4.0
5.4
6.8

32.7
37.0
33.3
55.0
52.4
40.7

5.7
4.2
3.0
.6
1.0
1.3

6.5
6.3
5.3
5.6
5.3
4.6

66.4
67.5
68.4
62.1
67.5
80.1
89.4

2.9
6.2
4.4
4.3
4.3
2.6
2.0

5.1
5.3
4.6
5.0
4.4
4.5
8.1

Table 2b.--Latin America

Dat®

Latin
BoAmer- Argentina
livia
ica

1951—Dec. 3 1 . .
1952—Dec. 3 1 . .
1953—Dec. 3 1 . .

489 3
662 0
472 7

7.6
8 2
7 1

1954—July 3 1 . .
Aug. 31. .
Sept. 30..
Oct. 31. .
Nov. 30..
Dec. 3 1 . .

625 8
613 . 9
646 5
740 3
750 2

728.1

5
5
5
6
5
5

1955—Feb. 28. . 670 6
Mar. 31. . 686 2
Apr. 30. . 694.3
M a y 31. . 683 7
June 3 0 P . 664 0
July 31». 653 0

5
5
5
5
8
6

El
Salvador

Uraguay

Other
Vene- Latin
zuela America

3.8
4.2
4.1

90.6
88.6
92.9

1.2
1.3
2.6

3.0
6.5
4.6

11.8
14.8
20.2

9.5
9.1
8.2

10.5
14.3
3.7

41.7
36.7
41.6

14 5
13 7
19 3

2.4
2.4
2.4
2.2
2.5
2.6

3.0
3.2
3.6
3.3
4.9
3.9

85.5
91.7
94.7
99.2
114.7
115.7

2.1
2.0
1.8
1.3
1.3
1.4

8.5
5.4
6.4

5.4
5.1
7.1
9.5

8.8

15.7
14.2
13.9
14.2
14.6
16.2

3.9
3.3
3.2
3.7
5.8
6.9

51.6
50.4
52.7
57.3
61.4
62.7

20
20
20
22
23
26

3.8
4.4
4.4
4.0
3.9
3.9

3.8
4.0
4.4
4.6
3.7
3.8

111.0
127.7
124.6
121.8
124.6
133.1

1.9
1.4
1.4
1.6
2.5
4.0

14.6
17.7
17.9
20.4
17.9
15.2

14.7
15.1
16.1
15.7
16.4
18.1

6.5
8.4
6.6
6.7
7.4
5.1

76.3
78.7
79.1
81.2
84.5
84.8

24.5

43.7
41.7
56.9

32.3
32.5
51.2

1.8
1.6
1.9

64.6
64.0
74.2
78.9
11.8 91.8
14 . 1 107.0

56.9
59.7
63.7
64.9
63.1
70.7

89.5
87.6
96.6
116.5
132.3
124.7

47.6
64.5
69.0
70.6
54.5
59.6

185 . 0
356 .4
125 .1

24 . 8
26 .4
22 .6

8
8
8
1
8
6

2 .9
1 .7
2 .5
2 .2
2 .2
2 .5

276 . 6
269 . 6
288 . 0
360 .5
321 . 6
273 .5

21 . 0
14 . 9
11 . 3
6 .8

8
5
5

2 .2
3 .0
3 .1
3 .5
2 .8
2 .8

249 .3
220 .5
221 .1
188 . 8
153 .5
136 .8

11 . 9
18 .5
13 . 0
10 . 8
15 .4
17 .1

1
3

Pern

Cuba

Brazil Chile

7 .5
5 .8
10 , 8

7

NetherDolands Panminican Guate- Mex- West ama,
ReRe- mala
ico Indies puband lic of
pubSurilic
nam

Colombia

7.7
12.0

12.7
10.0
7.2
5.8
6.4
4.8
4.9

5.9

23
25
27
31

1
4
2
3
8
5
6
0
1
7

31.9

r

^Preliminary.
Revised.
^'Short-term claims" reported in these statistics represent principally the following items payable on demand or with a contractual maturity
of not more than one year: loans made to and acceptances made for foreigners; drafts drawn against foreigners that are being collected by banking institutions on behalf of their customers in the United States; and foreign currency balances held abroad by banking institutions and their
customers in the United States. Claims on foreigners with a contractual maturity of more than one year reported by U. S. banking institutions
(excluded from these statistics) amounted to 473 million dollars on July 31, 1955. The term "foreigner" is used to designate foreign governments,
central banks, and other official institutions as well as banks, organizations, and individuals domiciled outside the United States, including U. S.
citizens domiciled abroad and the foreign subsidiaries and offices of U. S. banks and commercial firms.
2Less than $50,000.

1192




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 1 —Continued
[Amounts outstanding, in millions of dollars]
Table 2c—Asia and All Other

Asia

Date

Formosa
Korea,
RePhil- Thai- Other All
and Hong
IndoChina Kong India nesia Iran Israel Japan pub- 2 ippines land Asia other
lic of
Mainland

1951—Dec. 31. . 161.8
1952—Dec. 3 1 . . 89 8
1953—Dec. 3 1 . . 114.8

10.1
10.1

3.1
1.2
3.1

13.4

8.1

4.3
3.7

.3
.9
.8

9 . 3 30.0 12.2
10.2 15.1 12.5
13.8 22.9 25.6

117.5
125.7
125.6
128.1
125.9
143.3

8.1
8.2
8.1
8.1
8.1
8.1

3.6
2.8
2.4
2.6
3.3
3.4

4.2
3.9
4.5
4.8
4.4
4.9

,6
.4
.6
.6
.8
.7

17.5 8 . 4
20.3 9 . 3
16.9 9 . 3
17.7 8 . 2
16.7 9 . 4
15.8 10.7

1955—Jan. 3 1 . . 152.3
Feb. 28. . 160.0
Mar. 31 169 8
Apr. 3 0 . . '189.6
May 31 213 1
Tune 30*>. 239.1
July 31». 241.0

8.1
8.1
8.0
8.1

3.4
3.3

3.6
4.4

4 0

4 9

8 0

4 5

3 9

.9
1.4
.5
.4
3
.4
.5

1954—July 31.
Aug. 31. .
Sept. 30. .
Oct. 3 1 . .
Nov. 3 0 . .
Dec. 3 1 . .

7.8
7.8

4.7
3.5
4.1

4.7
3.8
3.5

Australia

Egypt
and Union
.Bel- Anglo- of
gian Egyp- South Other
Congo tian Africa
Sudan

29.3
7.6
5.8

2.5
3.3
6.1

51.6
24.6
24.7

41.9
22.4
24.9

22.8
10,1
8.0

5.7
6.0
6.3

.2
.5
.5

2.0
2,4

6.5
3.8
7.8

6 7

33.3
30.9
30.0
33.3
29.9
50.0

.2
.5
.2
.4
.3
.2

9.7
12.0
12.3
10.8
10.7
7.3

5.6
6.2
6.7
6.9
7.1
6.3

31.3
34.5
34.8
35.3
36.0

36.2
32.8
35.2
33.9
32.5
37.0

12.1
10.1
10.5
10.9
10.4
14.1

7.9
7.5
6.9
6.8
6.6
6.3

.2
.4
.5
.5
.4
i.O

5.3
5.2
5.3
5.2
5.8
5.9

12.1
10.4

18.2 10.8 48.1
18.7 8 . 3 60.3
16.4 7 . 5 r 60 3
18.8 7 . 4 69 6
19 1 7 . 4 87 1
19.9 7 . 7 92.5
2-1.3 7 . 9 105.8

.4
.5
.5
.3
.6
.8
.4

9.6
8.7
9.8

13.5
11.2
11 9
15.3
17 2
19.6
1? 9

35.9
35.2
46.0
47.7
47.0
68.3
60.3

39.8
37.6
36 5
38.5
41 1
43.9
42.2

13.4
11.7
10 9
10.5
11 3
10.3
10.2

6.2
6.0

1.1
.9

5 6

1 0

7.5
8.3
6.8
6.4
7.9
6.9
6.7

11.7
10.8
12 3
14.9
15.1
17.2
18.7

12.6
17 8
14.8
16.7

5.5

1.3

51

1 8

6.3
5.1

3.3
1.5

10.7
9.5
9.4
9.6

TABLE 3.—PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPES »
[In millions of dollars]
U. S. corporate bonds
and stocks

U. S. Government bonds
and notes
Year or month
Purchases

Net
purchases
or sales

Sales

(-)

1951
1952
1953
1954

673.6 1,356.6
231.4
533.7
646.0
728.0
800.9
792.7

1954—j u iy
August
September
October. .
November
December

33 4
86.9
38.6
48 0
115.1
101.3

1955—January
February .
March
April
M^ay
Juried
JulyP

120.8
'360.8
83 3
48.4
249 0
14.1
44.2

Purchases

Sales

Net
purchases
or sales

Purchases

98.7
12.6
70.5
141.1

500.4
495.3
542.5
792.4

(-)

-683.0
859.8
761.0
302.3
850.3
837.7
-82.0
731.4
801.9
8.2 1,404.8 1,263.7

Foreign bonds

Foreign stocks

Net
purchases
or sales
(->

Purchases

801.0
677.4
621.5
841.3

-300.6
—182.1
—79.0
-48.8

272.3
293 9
310.1
393.3

348.7
329 6
303.4
644.9

-76.4
—35 8
6 8
-251.6

Sales

Sales

Net
purchases
or sales

(-)

24 3
9 1
33.9
53.0
39.2
-.6
25 9
22 1
101.8
13.3
261.3 -160.0

133.2
110.6
103.8
117 2
168.9
197.4

100.5
108.5
86.6
111.4
130.2
180.5

32.7
2.1
17.2
5.7
38.7
16.9

57.3
70.7
126.0
103.5
48.2
75.9

49.0
37.5
78.7
53 4
46.3
69.3

8 3
33.2
47.3
50 1
1.9
6.6

34 8
37.5
30.5
35 7
38.0
38.6

39 6
101.4
41.0
49 5
62.5
61.2

—4 8
-63! 9
-10.5
— 13 8
-24.6
-22.6

39.7
'•144.8
11.2

177.0
159.5
184.6
135.4
147 5
176.1
166.9

148.7
161.2
162.9
130.1
132 6
157.5
135.7

28.2
-1.7
21.7

75.7
130.9
59.3
49.2
45 1
72.0
58.6

62.7
70.3
30 0
45.7
27 4
34.1
30.5

13.0
60.7
29 3

42 3
43.3
54 3
47.8
54 4
67 9
55.0

87 7
70.3
74 9
57 7
55 8
91 2
68.6

—45 4
-27.0
—20 6
—9 9
—1 4
—23 3
-13.6

81.1
216.0
72.1
44.8
142 4
23.6
23.9

3.6

106 6
-9.5
20.3

5.3

14.9
18.6
31.2

3.5

17 7
37.8
28.0

TABLE 4.—NET PURCHASES BY FOREIGNERS OF LONG-TERM UNITED STATES SECURITIES, BY COUNTRIES
[Net sales, (—). In millions of dollars]
Year or
month
1951 . ,
1952
1953 ,
1954

...

1954—July. . .
Aug
Sept... .
Oct... .
Nov....
Dec
1955—Jan.. . .
Feb....
Mar....
Apr.. . .
May...
JuneP..
July?. .

International
institutions

Total
foreign
countries

—15.9
14.7
22.7
77.7

-568.4
300.2
—34.3
71.6

-4.4
41.2

46.2
13.8
14.6

2.0

25.6

2.2

France

6.0
5.5

-41.7
17.0
3.0
.1
.2
.9
3.0

52.6
-132.0

-27.9

no.2

66.0
133.0
32.5

2.4
.7
1.3
2.1

-44.2

165.6

-1.2
.7
.3

-.6

-11.2
2.0
.3
.4

.7
3.0

8.6

8.4

48.6

Germany,
Federal
Republic of
(4)

.2
.2

Italy

i.9
.5

— .1

— .5
— .6

4

4

()
(4)
-.1
(4)

Other
Europe

Total
Europe

45.9
50.7
57.1
73.4

21.4
70.4
71.3
69.8

—66.0
-15.9
-24.0
-20.5

111.4
62.4
138.9

24.8

.3
.2

13.0
10.2

5.7
6.5
.7
5.9
8.0
6.8

.5

20.1
15.1
19.9

17.9
22.0
-1.7

Q

41.1
14.8
13.5

( )
.6
.1

-1.2

(4)

United
Kingdom

Switzerland

.1
.1

-5.0

(4)
1.9
.9
.1

-2.4

.3

(4)

-6.5-i

.5
1.2
4.5

2.5

9^0

26.9

4.0

9.2

-.6

32.8

—2.4

5.2
7.3
8.6

5.3

-1.7
-6.4
-8.3
3.8

20.3
-4.0
1.4

39.3
-1.3
9.3

17.9
-19.1
44.7
53.2
15.8
7.6

80.4
17.5
49.9

Canada

-595.5
191.6
-120.6
— 187.2
-3.5
-1.7
-4.5
-5.2
-2.3
-108.0
-7.9
76.3
-5.2
-5.0
78.4
-8.6
-4.6

Latin
America
13.9
4.7

24.9
113.2
15.8
10.5
11.2
.1

36.3
-6.9
29.1
3.3
6.0
4.4
6.2

-1.9

.6

All
other

Asia

4.B
—9.5
3.5

— 7
1.9
— .9
3.2

1.1
-.3
.5
.1
.1
1.4

.1
.1
.1
-1.4
.6
.6

.3
,2

— .2
(4)
1.3
.4

(4)

14.6

1.2
(4)
1.2
1.4

.7
.1
1.3

pPreliminary.
^Revised.
2
!See footnote 1 on preceding page.
Not reported separately
until Mar. 31, 1954.
4
^Includes transactions of international institutions.
Less than $50,000.

OCTOBER 1955




1193

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Con tinned
TABLE 5.—NET PURCHASES BY FOREIGNERS OF LONGTERM FOREIGN SECURITIES OWNED IN THE
UNITED STATES, BY AREAS

TABLE 6.—DEPOSITS AND OTHER DOLLAR ASSETS HELD
AT FEDERAL RESERVE BANKS FOR FOREIGN
CORRESPONDENTS *

[Net sales, (—). In millions of dollars]

[In millions of dollars]

Inter- Total
national foreign Total Caninsticoun- Europe ada
tutions tries

Year or
month
1951
1952
1953
1954

—152 7
—118.1
—61.2
— 163.9

1954—July.. .
Aug...
Sept...
Oct....
Nov...
Dec...

-1.1
-6.0
-54.6
-2.9
-1.9
-2.6

1955—Jan....
Feb....
Mar.. .
Apr. . .
May..
June P.

-2.6
10.9

July

P..

.3

-2.4
-4.1

.1

-9.7

Assets in custody

Latin
Amer- Asia
ica

All
other

—224.3
—99.8
—11.0
—136.5

28.5
19.9
96.3
—9.1

—258 6
-141.0
—137.8
—133.2

33 8
25.3
34 6
32.8

—36.0
— 10.0
—29 9
-34.2

4.7

.2

-2.3
-28.2
52.7
38.6

1.4
1.8
8.6
7.7
-.3

-2.6
-1.4
1.9

8.0
4.0
2.3

-1.4

-2.8
-6.4
-3.3

2
-\.6
-9.8

3.6
2.0

-5.3
-3.7

-1.8

-.7
-24.7
91.4 25.9
39.2 - 4 . 1
-20.8 -11.7
-13.4 - 3 . 4

-29.9 -22.7
22.8 - 8 . 4
.3
-3.7
-4.0 -8.1
20.5 - 3 . 1
14.4 -23.2
24.1 - 8 . 1

-.8
4.7

-14.6
34.6
6.3
6.2

16.2
31.4
32.7

-1.9

-.9

7 9
6.0

25.8
7.2

9.2
.6

-2.4
-2.3
-2.3
-3.3

.4
.8
6.9
1.6

0)8 . 8

Deposits

Date

U. S. Govt.
Miscelsecurities2 laneous8

1953—Dec. 31

423

2,586

106

1954—Sept. 30
Oct. 31
Nov. 30
Dec. 31

461
426
397
490

3,013
3,050
3,002
2,908

101
99
104
105

1955—Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 31.
June 30
July 31
Aug. 31
Sept. 30

441
320
351
360
402
374
410
387
385

3,000
2,966
3,062
3,137
3,264
3,295
3,288
3,373
3,463

117
128
131
137
141
139
135
141
142

Sept. 7
Sept. 14
Sept. 21
Sept. 28

377
410
403
383

3,376
3,356
3,401
3,459

142
141
142
142

1.7
1.2

v Preliminary.
iLess than $50,000.

1
Excludes assets held for Int'l. Bank and Monetary Fund and earmarked gold. See footnote 4, p. 1197, 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 1 reported
U.S.S.R.
monthly

North and South America

Africa
South
Africa

Rhodesia

West Belgian United
Africa2 Congo2 States3

Canada

Mexico

Other

Colom- Chile
bia

Nica- Austra- India 2
lia
ragua 4

$1=* 15 Hi graim* of gold]An fine: i e., an oimce of fit4e gold = $35.
840.0
864.5
857.5

1951
1952
1953
1954
1954—juiy
August. .
September.
October . .
November
December
February
March
April
May

June
July

758.3
780.9
776.5
826.2

403.1
413.7
417.9
462.4

17.0
17.4
17.5
18.8

22.9
23.8
25.4
27.5

12.3
12.9
13.0
12.8

66.3

153.7
156.5
142.4
152.8

13.8
16.1
16.9
13.5

15.1
14.8
15.3
13.2

6.1

67.4
69.0
65.1

71.1
71.4
70.2
71.3
72.0
71.3

39.4
39.8
39.9
40.5
40.7
40.8

1.6
1.6
1.5
1.7
1.6
1.5

2.3
2.4
2.4
2.3
2.3
2.3

1.0
1.4
1.1
.9
.9
.9

6.1
5.8
5.1
5.6
5.6
5.8

13.3
12.9
13.1
13.3
13.5
13.5

1.0
1.4
.9
1.4
1.2
.8

1.0
1.2
1.1
1.1
1.2
.8

70.4
67.9

40.7
38.8
42 3
41.7
42.8
42.7
43 7

1.4
1.6
1 5
1.5
1.6

2.2

1.5

2.2
2 2
2.2
2.1

1.2
1 2
1.3
1.1

5.0

.9
1.8

1.6

2.2

2.2

12.8
12.3
13 0
12.9
13.4
13.0

4.8
5 4
5.0
5.3
5.6
4.1

1.1
1 2
1 1
.9
1.2

8.8
8.9
9.1
8.2

31.3
34.3
37.7
39.1

7.9
8.9
7.8
8.4

.4
.3
.4
.3
.4
.4

.8
.7
.7
.6
.6

3.4
3.2
3.4
3.1
3.3
3.4

.7
.7
.6
.6
.6
.6

.5

.6

2.8

.5
.5

6.2
4.6
4.4

.3
5

.7
.6
6
.7
.8
.8
8

2.7
3 3
2.8

.5
6
.6
.6

Gold production in U.S.S.R.: No regular government statistics on gold production in U.S.S.R. are available, but data of percentage changes
irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual
production
as follows: 1934, 135 million dollars; 1935, 158 million; 1936, 187 million; 1937, 185 million; and 1938, 180 million.
1
Estimates of United States Bureau of Mines.>
2
Reported by American Bureau of Metal Statistics.
3
Yearly figures reported by United States Mint. Monthly figures reported by American Bureau of Metal Statistics.
*Gold exports reported by the National Bank of Nicaragua, which states that they represent approximately 90 per cent of total production.
NOTE.—For explanation of table and sources, see BULLETIN for June 1948, p. 731, and Banking and Monetary Statistics, p. 524. For annual
estimates compiled by the United States Mint for these and other countries in the period 1910-1941, see Banking and Monetary Statistics, pp.
542-543; for figures subsequent to 1941 see BULLETIN for April 1953, p. 427.

1194




FEDERAL RESERVE BULLETIN

ESTIMATED GOLD RESERVES AND DOLLAR HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL INSTITUTIONS
[Amounts outstanding, in millions of dollars]
1951

1953

1952

1955

1954

Area and country
Dec. 31 Dec. 31 June 30 Sept. 30 Dec. 31 Mar. 31 June 30 Sept. 30 Dec. 31 Mar. 31 June 3 0 P
Continental Western Europe:
Austria
Belgium-Luxembourg (and Belgian
Denmark
...
.
Finland
France (and dependencies) *•
Germany (Federal Republic of)...
Greece
.
.
Italy
Netherlands (and Netherlands
West Indies and Surinam). . .
Norway
Portugal (and dependencies)
Spain (and dependencies)
Sweden
....
Switzerland
Turkey
Other2
Total

...

107

143

166

208

238

267

289

335

333

335

329

898
76
53
896
434
49
633

1,035
101
55
967
691
57
655

1,044
102
60
926
893
82
660

1,081
113
57
1 ,003
1 ,053
89
714

t,098

I,055
124
73
1 ,092
1 ,503
125
802

{ ,024

127
64
1 ,049
1 ,225
112
812

1,124
133
71
1 ,060
1 ,381
123
841

107
69
1 ,124
1 ,822
105
874

1,039
102
72
1 ,358
1 ,999
124
925

1 087
100
69
1 ,417
2 ,125
141
957

1,109
85

524
150
331
128
224
1 973
165
477

815
160
374
130
275
,053
151
712

953
164
412
134
280
,091
152
795

1,022
169
437
138
309
?
,120
157
839

,055
171
469
150
335
,133
157
887

1,125
178
516
142
342
? ,105
151
1,004

1,118
177
537
174
399
9 ,172
150
928

1,118
148
560
188
406
?
,185
152
943

1 109
109
570
209
386
7 149
154
1,012

10 ,626

11 ,115

11 ,652

11 ,929

1,107
116
571
225
383
9 ,170
156
1,235
12 ,295

7,118

8 ,374

8 ,914

9 ,509

10,082

t,064
169
499
136
337
?
,134
153
972
10,464

843
99
309
197
326

,318
113
312
194
347

,886
109
334
212
369

3 ,051
111
340
214
354

,009
108
346
214
373

,198
105
329
221
371

3 ,536
105
338
225
373

,388
104
320
234
371

,190
103
334
232
381

137
103
334
236
395

,139
102
344
242
402

Sterling Area:
United Kingdom
United Kingdom dependencies....
India
..
Other

.. . .

Latin America:
Argentina
Bolivia
Brazil
Chile
Cuba
....
Dominican Republic
Guatemala
Mexico
Panama Republic of
Peru
El Salvador
Uruguay •. . .
Venezuela
Other

?

?

,774

3 ,284

3 ,910

4 ,070

4 ,050

4 ,224

4 ,577

4 ,417

4 ,240

4 ,205

4 ,229

2 ,492

2 ,238

2 ,292

2 ,417

2 ,487

2 ,463

2 ,543

2 ,616

2 ,493

2 ,538

518
51
417
99
575
58
54
366
68
93
54
306
445
256

427
45
390
121
515
56
61
375
81
107
55
301
519
326

519
47
451
129
579
59
72
339
97
109
74
311
530
356

518
41
481
134
587
57
63
325
102
106
63
311
571
347

501
40
423
121
531
51
65
341
90
104
56
337
595
366

541
35
431
102
548
61
80
329
93
109
80
329
562
410

548
36
417
103
532
68
75
258
88
103
74
335
621
463

576
35
413
117
477
73
64
315
76
110
58
329
614
401

531
32
442
112
423
72
62
391
74
118
59
317
597
441

523
26
417
118
420
75
72
427
79
114
72
308
591
322

528
28
442
136
431
88
78
3418
84
118
79
291
659
328

,360

,379

3 ,672

3 ,706

621

3 ,710

3,721

,658

,671

,564

,708

421
163
729
337
210
325
,185

296
157
929
324
294
360

246
155
1,015
316
311
363

198
168
1 ,055
318
304
374

184
181
951
304
281
401

166
185
800
319
268
451

140
172
740
308
243
444

168
164
794
318
238
465

181
169
851
266
236
520

194
178
841
264
245
551

211
190
885
263
243
601

?

?

. ..

Total
Asia:
Indonesia

?

2 ,157

Total
Canada

1 ,452
2 ,155
138
995

.

Japan
Philippines
Thailand
Other

,417

7 302

,189

? ,047

? ,147

Eastern Europe 4

309

307

306

314

306

308

309

308

309

310

311

All other:
Egypt
Other

285
42

234
49

229
61

218
63

217
67

226
67

219
70

221
69

228
71

224
84

293

289

290

299

308

24 ,036

24 ,477

25 ,001

25 ,073

25 ,782

9

Total

Total
Total foreign countries
International **
Grand total

?

,360

,406

?

327

283

290

281

284

224
74
298

19 ,230

20 .479

21 ,736

22 ,589

23 062

23 ,680

?

,223

?

,273

9

,393

3 ,171

3 ,287

3 ,272

3 ,212

3 331

3 ,401

3 ,364

3 ,536

3 ,560

3 ,565

3 ,675

22 ,401

23 ,766

25 ,008

25 ,801

26 393

27 ,081

27 ,400

28 ,013

28 ,561

28 ,638

29 ,457

pPreliminary.
1
Includes gold reserves of Bank of France and French dependencies only.
2
Includes holdings of other Continental OEEC countries, Yugoslavia, Bank for International Settlements (both for its own and European
Payments Union account), gold to be distributed by the Tripartite Commission for Restitution of Monetary Gold, and unpublished gold reserves
of certain
Western European countries.
3
Includes latest available figure for Mexican gold reserves (May 31).
*
Excludes
gold reserves of the U. S. S. R.
6
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




1955

1195

REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]
United States
Estimated
total world
(excl. 1
U.S.S.R.) Treasury Total*

End of
month

Argentina

35,400
35,830
35,970
36,290
36,710

24,427
22,706
22,695
23.187
22,030

24,563
22,820
22,873
23,252
22,091

216
216
268

1954^—Aug.. m
37,210
Sept
Ot
Nov
Dec.. . . 37,350
1955—jan
Feb. .
Mar.. . . 37,500
Apr
May .
Tune... P37,720
Julv
Au^

21,809
21,810
21,759
21,710
21,713

21,897
21,863
21,827
21,791
21,793

371
371
371
371
371

21,714
21,716
21,719
21,671
21,674
21,678
21,682
21 682

21,786
21,788
21,763
21,724
21,727
21,730
21,734
?1 732

371
371
371
371
371
371
371

1949—Dec..
1950—Dec..
1951—Dec.,
1952—Dec.,
1953—Dec

..
..
..
..

End of
month

37l'

Germany,
Federal GuateRepublic mala
of

Belgium

Bolivia

Brazil

Canada

698
587
621
706
776

23
23
23
21
21

317
317
317
317
321

496
590
850
896
996

40
40
45
42
42

756
760
760
767
778
781
797
824
839
848
839
845
850

5
5
5
3
3

322
322
322
322
322

l s 052
1,059
1,065.
1,071
1,080

322
322
322
322
322
322
322

1,083
1,086
1,097
1,103
1,111
1,112
1,122
1,134

(33)
()

Indonesia

Egypt

France 4

1949—Dec
1950—Dec.....
1951—Dec
1952—Dec
1953—Dec

53
97
174
174
174

523
523
548
573
576

28
140
326

27
27
27
27
27

247
247
247
247
247

1954—Aug.....
Sept.. . .
Oct
Nov.. . .
Dec.. . .

174
174
174
174
174

576
576
576
576
576

544
574
599
612
626

27
27
27
27
27

1955—Jan
Feb
Mar
Apr. . . .
May....
June
July....
Aug

174
174
174
174
174
174
174
174

576
576
576
576
576
576
576
576

650
700
714
722
740
758
776
802

27
27
27
27
27
27
27

End of
month

Portugal

El Salvador

1949—Dec
1950—Dec
1951—Dec
1952—Dec
1953—Dec

178
192
265
286
361

17
23
26
29
29

128
197
190
170
176

85
61
51
51
54

70
90
152
184
218

L,S04
1,470
1,452
L ,411
L.459

1954—Aug.....
Sept.. . .
Oct
Nov
Dec...

410
416
422
427
429

29
29
29
29
29

193
195
199
194
199

56
56
56
56
56

219
219
224
246
265

1955—Jan
Feb
Mar
Apr
May
Tune....
July....
Aug

431
431
438
438
438
436
422

29
29
29
29
29
29
29
29

195
201
203
208
207
212
215
212

56
56
56
56
56
56
56
56

265
265
265
258
263
264
264
264

South
Africa

Spain

India

Italy

Colombia
52
74

Cuba

Denmark

Ecuador

299
271
311
214
186

32
31
31
31
31

21
19
22
23
23

42
42
42
42
42

186
186
186
186
186

31
31
31
31
31

23
23
23
23
23

43
43
43
43
43
42
42
42

186
186
186
186
186
186
186

31
31
31
31
31
31
31
31

23
23
23
23
23
23
23
23

86

Mexico

Netherlands

Norway

Pakistan

Peru

140
140
138
138
137

256
256
333
346
346

52
208
208
144
158

195
311
316
544
737

51
50
50
50
52

27
27
27
38
38

28
31
46
46
36

247
247
247
247
247

138
138
138
138
138

346
346
346
346
346

59
60
61
62
62

796
796
796
796
796

45
45
45
45
45

38
38
38
38
38

34
34
34
34
35

247
247
247
247
247
247
247

138
138
138
138
138
138
138
138

346
346
346
346
346

63
63
64
65
77

796
796
798
800
804
804
804
804

45
45
45
45
45
45
45
45

38
38
38
38
38
38

35
35
35
35
35
35

Turkey

United
Kingdom

118
118
113
113
113

154
150
151
143
143

51,688
53,300
52,335
51,846
52,518

178
236
221
207
227

373
373
373
373
373

1,451
1,495
1,530
1,692
1,702

68
167
115
196
193

l P 490
1,503
1,513
1,513
1,513

113
113
113
113
113

144
144
144
144
144

52,918
52,901
5
2,936
52,925
52,762

227
227
227
227
227

403
403
403
403
403

1,734
1,734
1,734
1,736
1,740

193
195
193
193
196

1,512
L ,501
1,499
1,493
1,473
1.485
1,495

113
113
113
113
113
113
112

144
144
144
144
144
144
144
144

52,763
52,681
52,667
52,686
5
2,686
52,680
5
2,544
5
2,457

227
227
227
227
227
227
227

403
403
403
403
403
403
403
403

1,744
1,744
1,744
1,744
1,745
1,745
1,747

198
209
204
204
207
230
227
226

Sweden

178
209
280
235
145

Iran

Chile

Switzerland

Thailand

Uruguay

Venezuela

Inter- Bank for
national InterMone- national
tary
SettleFund
ments

p1 Preliminary.
Includes reported gold holdings of central banks and governments and international institutions, unpublished holdings of various central
banks and governments, estimated holdings of British Exchange Equalization Account based on figures shown below under United Kingdom,
and estimated
official holdings of countries from which no reports are received.
2
Includes gold in Exchange 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."
34 Less than $500,000.
Represents gold holdings of Bank of France (holdings of French Exchange Stabilization Fund are not included).
5
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.

1196




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

United
Kingdom

Total

—452.9
1945..,..
721.3
1946.....
2,864.4
1947 . ,
l P 510.0
1948.....
1949..,,.,
193.3
1 9 5 0 . . . , , -1 S 725.2
1951..,,..
75.2
1952 . ,
393 7
1 9 5 3 . . . . . . —1,164,3
-326.6
1954

— .2
406.9
734.3
446.3
-1,020.0
469.9
440.0
—480.0
-50.0

gium

France

31.1
14.2
222.8
69.8
-41.0
-55.0
-10.3
-3 8
-84.9

278.5

Germany,
Fed.
Rep, of

264 6
15.8
-84.8
-20.0

Netherlands

Portugal

-47.9
-10.0
130 8 116.0
40.7 63.0
—23 5 14 0
-79.8 -15.0
-4.5 -34.9
—
100 0 —5.0
— 10 0
— 130 0 —65.0 —59.9
-54.9
-225.6

Sweden

*8(h2
238.0
3.0

-22.9
-32.0
-20,0
-IS.O

Switzerland

Other
Europe1

Canada

Argentina

Cuba

Mexico

-86.8
-29.9
10.0
—5.6
-40.0
-38.0
-15.0
22.5
-65.0
-15.S

-7.4
27.3
86.6

36.8
337.9
311,2

-224.9
153.2
727.5
114.1
-49.9

-85.0
-30.0
-65 0
-10.0
-10.0
28.2
-20.0

-23.8
36.9
45.4
61.6
-16.1
-118.2
-60.2
87.7
—28.1
80.3

2

5.8

-159.9
-68.0 -loo !o
-60.1
-10.0
—17.3
7.2
—111.8
-17.4

-49.9
-20 0
-84.8

1953
-599.1

Jan.-Mar..
Apr.-June.
July-Sept..
Oct.-Dec..

-306! 6
-130.3

-S20.0
-»40.G
-120.0

-36.5
-3.4
-12.4
-32.6

......

-30.0 -25.0
-40.0
-15.0
—40.0 " -40'.6
-50.0
-is!o

-10.0

-io'.o'

-20,0
—25.0

-s!o

-45.0
-8.8
-42.8
-15.3

-54.9
—20.0
-10.0

-8.0
-7.5

—2 4
— 1.1
-2.5
-11.3

-28.1

1954
—63 0
— 19.6
-171.8
-72.3

J a n -IML&x

Apr.-June
July-Sept..
Oct.-Dec..

—50.6

-40.0
-15.6
—140.0
-30.0

—20 0
-5 0
-20.0
-10.0

-10.0

-5.0

SO.3

1955
-36.9
-41.7

Jan.-Mar..
Apr.-June.

-22.5
—45 0

3.5

NET GOLD PURCHASES BY T H E 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 doll ars]

[In millions of dollars at $35 per fine troy ounce]

Uruguay

Year or
quarter

1945

1946
1947
1948
1949
1950

1951
1952
1953
1954

Venezuela

- 3 7 . 9 —73.1
-9.2
-4.9
25.1
-3.7
10.7 - 1 0 8 . 0
..........
-14.4 -50.0
—64.8
........
22.2
-.9
14.9
. ......
-15.0
- 5 . 0 ' '-30! 6
........

..........

Other
Latin
America

Asia
and
Oceania

—27.8 3—188.3
13.7
25.0
1.0
79.1
-4.1
13.4
-52.1
-7.5
-35.4
-17.2
- 1 7 . 2 s-50.1
-7.0
-25.1
-6.1
-3.8
-10.4
17.2

Union
of
South
Africa

Gold stock at
end of period
All
other

3.7
22.9
94.3
11.9
256.0
6.9
498.6
-1.6
195.7
13.1 4-47.2
52.1 4-84.0
-2.0
11.5
-9.9
. —.4

1953

Jan - M a r . . . . . . . . — 10.0
A p r . - J u n e . . . . . . . . —5.0
July-Sept........
Oct -Dec,.. . . . .

— .1
— .1

—1 1
— 1.2
— 1.4
-2.4

13.2

—8 9

—3.6

1954
—5.0

Jan -!Mar
July-Sept.
Oct.-Dec.

-30.0

2.0

-.1

1.9

—1 2
— .1

-.4

3.4

— .1

-2.7

. ..

1955
— 1

Apr -June
1
Includes
3
Includes
8

Bank for International Settlements.
sale of 114.3 million dollars of gold to Italy.
Includes sales of 185.3 million dollars of gold to China.
^Includes sales of gold to Egypt as follows: 1950, 44.8 million
dollars; and 1951, 76.0 million.
includes sales of 45.0 million dollars of gold to Indonesia.

OCTOBER




1955

Period

EarNet
marked
Increase gold
gold: de- Domesin total port imtic gold
or crease producgold
export
or instock
tion
crease
(-)

Treasury

Total*

1943....
1944
1945
....
1946........
1947
1948.
...
1949...
.
1950.
1951...
1952
1953........
1954

21,938
20,619
20,065
20,529
22,754
24,244
24,427
22,706
22,695
23,187
22,030
21,713

21,981
20,631
20,083
20,706
22,868
24,399
24,563
22,820
22,873
23,252
22,091
21,793

-757.9
-1,349.8
-547.8
623.1
22,162.1
1,530.4
164.6
-1,743.3
52.7
379.8
-1,161.9
-297.2

1954—Sept...
Oct....
Nov...
Dec...

21,810
21,759
21,710
21,713

21,863
21,827
21,791
21,793

-33.6
-36.7
-35.9
2.6

1955—Jan. .
Feb...
Mar...
Apr. . .
May. .
June. .
July..
Aug.. .
Sept...

21,714
21,716
21,719
21,671
21,674
21,678
21,682
21,682
P21,684

21,786
21,788
21,763
21,724
21,727
21,730
21,734
21,732
P21,744

-7.3
1.6
-24.7
-39.4
2.9
3.1
4.4
-2.2
P12.5

68.9 -803.6
- 8 4 5 . 4 -459.8
- 1 0 6 . 3 -356.7
465.4
311.5
210.0
1,866.3
1,680.4 -159.2
686.5 -495.7
- 3 7 1 . 3 -1,352.4
617.6
-549.0
684.3 -304.8
2.2 -1,170.8
16.6 -325.2

48.3
35.8
32.0
51.2
75.8
70.9
67.3
80.1
66.3
67.4
69.0
65.4

1.1
1.6
1.5
.7

-34.6
-34.6
-36.7
1.8

5.1
5.6
5.6
5.8

2.2
3.2
2.7
2.5
4.5
3.8
1.6
3.6
3
()

-9.7
-.8
-27.7
-41.8
— 1.0
-.9
-.1
2.9
4
10.6

5.0
4.8
5.4
5.0
5.3
5.6
4.1
5.9
(3)

pPreliminary.
x
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 6,883.3 million dollars on Sept. 30, 1955. Gold
under earmark is not included in the gold stock of the United States.
NOTE.—For back figures and description of statistics, see Banking
and Monetary Statistics, Table 156, pp. 536-538, and pp. 522-523.

1197

INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT
AND INTERNATIONAL MONETARY FUND
[End-of-month figures. In millions of dollars]
1954

1955

1955

June

Mar.

Dec.

Sept.

June

464
415
48=> 46C> 478
Dollar deposits and U. S. securities
996 1,001 1.01C ) 1,049 1,034
Other currencies
and securities 1 .
2
Effective loans
1,796
1,694
I 1 , 7 3 ?I 1,620 1,663
52
31
315
31r
33
Other assets8
83?I
84?>
850
777
852
38(> 42C)
380
456
336
Undisbursed loans.
11
9
11
10
10
Other liabilities....
184
154
16!>
146
174t
>
1,831
1,806
l,80(
1,830
)
l,80<
Capital*

July
Gold
Currencies:1
United States
Other
Unpaid member subscriptions...
Member subscriptions
Accumulated net income

Country 9
Country*
Principal

Disbursed

258.5
106.0
194.1
37.3
94 7
40.0
50.1
267 5
126.0
90 0
40 2
27.0
141.3
221.5
50 0
77.3
36 0
37 4
61 0
110.0
66.0
38 5
60.7
154.5

Finland
India
Italy
Japan
Lebanon
Mexico
Netherlands
....
Norway
Pakistan
Peru
Thailand
Turkey
Union of S. Africa.
United Kingdom...
Uruguay . . . . . . . . .
Yugoslavia
.
Other
6

Total

Quota

Outstanding

207.3
90.8
143 5
19.2
49 4
40 0
38.2
252 8
60.7
20 0
31 2
91 8
221.5
45 0
30.0
8 9
24 1
36 4
110.0
58.9
31.3
55 2
58.6

2,385.6 1,724.7

Undisbursed

51.2
15.2
50 6
18.1
45 3
11.9
14.7
65.3
70 0
9 0
27.0
49.6

Repaid

Sold
Total
to
others5

2.5
4.5
4.3
6.3
1.9

8.1
8.3
16.2

207.3
88.3
139.0
14.9
43.1
38.1
30.1
244.5
44.5
20.0
31 2
86.9
88.5
45 0
26.6

4.8

133.0

50

47.2
27.1
13 3
24 6

"Y.\
7.2
5 5
95.9

3.4
.6
7
.3
1.9
1.7
3.1
9.7

8.3

23 4
36.1
108.1
58.9
29.6
52 1
48.9

21.6
17.7
3 5
.5
3 0
1.0

2.3
21.6
5.7
6.0

6 1
2.4

9.7
2 0
1.8
2.1

13.0
14.5
.2
2.2

Brazil
Colombia
France
Germany
India
Indonesia
Japan
Philippines
Turkey
United States

150
50
525
330
400
110
250
15
43
2,750

Apr.

Jan.

Oct.

July

1,747 1,744 1,744 1,734

1,733

1,643 1,609 1,567 1,574 1,472
4,656 4,691 4,734 4,738 4,746
805
798
798
892
798
8
8,863 88,853 88,853 8,853 8,853
-11
-11
-10
—9
-9
Cumulative net drawings
on the Fund 1 0

Subscription
paid
in
gold

Loans as of August 31 1955

Australia
Belgium . . . . . . .
Brazil
Chile
. . . .
Colombia

1954

Monetary Fund

International Bank

1955
July

37.5
12.5
108.1
33.0
27.5
15.5
62.5
3.8
10.8
687.5

June

1954
July

May

65,5
65.5
65.5
65.5
25.0
25.0
25.0
105.0 105.0 105.0 105.0
-49.5 -49.5 -49.5 -46.1
12.6
27.6
27.6
53,3
15.0
15.0
15.0
62.4
62.4
62.4
62.4
10.0
10.0
20.0
20.0
20.0
27.0
-382.9 -397.9 -418.3 -558.7

1
Currencies
2

include demand obligations held in lieu of deposits.
Represents total principal of authorized loans, less loans not yet
effective, repayments, the net amount outstanding on loans sold or
agreed
to be sold to others, and exchange adjustment.
3
Excludes uncalled portions of capital subscriptions.
4
Loans to dependencies are included with member.
5
Includes also effective loans agreed to be sold but not yet disbursed
^Includes 200 million dollars in loans not yet effective.
T
Includes 119 million dollars not guaranteed by the Bank.
8
Includes 125 million dollar subscription of withdrawing member
(Czechoslovakia).
includes countries having cumulative net drawings of 10 million
dollars
( + or —) on the latest date.
10
Represents for each country purchases of other currencies from
Fund less purchases of own currency by it or other countries.

660.8 211.2 1,513.5 7137.0

CENTRAL BANKS
Assets of issue
department

Bank of England
(Figures in millions of
pounds sterling)

1948 - D e c .
1949 —Dec.
1950 -Dec.
1951 -Dec.
1952 -Dec.
1953—Dec.

29
28
27.
26.
31
30

1954—Sept.
Oct.
Nov.
Dec.

29
27 , , . .
24
29

1955—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.

26 .
23...
30
27
25
29
27
31

Other
assets

Notes
and
coin

Discounts
and advances

Securities

.2
.4
.4
.4
.4
.4

1,325.0
1,350.0
1,375.0
1,450.0
1,575.0
1,675.0

36.1
33.7
19.2
14.1
51.3
57.8

16.7
14.8
29.2
18.2
11.2
4.9

401.1
489.6
384.0
389.2
371.2
338.1

.4
.4
.4
.4

1.675.0
1,675.0
1,675.0
1,775.0

42.3
41.7
25.9
26.0

6.5
2.1
4.5
8.9

.4
.4
.4
.4
.4
.4
.4
.4

21,725.0
1,725.0
1.725.0
21,750.0
21,775.0
21,825.0
2
1,875.0
21,825.0

62.8
68.8
31.5
21.3
25.6
45.1
16.9
45.5

16.4
52.4
16.1
18.0
11.8
5.7
21.0
20.0

Gold*

„

Assets of banking
department

Liabilities of banking department
Note
circulation
Bankers*

Public

ECA

Other

Other
liabilities and
capital

1,293.1
1,321.9
1,357.7
1,437.9
1,525.5
1,619.9

314.5
299.2
313.5
299.8
302.8
290.2

11.7
11.6
15.4
13.4
10.0
14.9

17.4
97.9
.4
6
24.3
7.2

92.1
111.2
85.0
89.8
78.5
70.4

18.1
18.1
18.1
18.1
18.1
18.2

337.6
351.1
374.9
350.7

1,635.4
1,635.9
1,651.9
1,751.7

276.1
295.6
293.7
276.1

16.4
9.8
11.7
15.4

6 3
6 3
9.6
9.6

69.0
65.4
72.3
66.3

18.5
17.8
17.9
18.1

298.0
248.1
328.8
319.2
307.2
301.6
305.9
280.2

1,664.9
1,658.9
1,696.3
1,731.5
1,752.2
1.782.7
1,860.9
1,782.3

251.9
271.1
275.7
253.9
240.5
246.6
240.8
243.6

16.3
11.3
11.7
18.6
13.7
14.2
13.6
10.9

4.7
4.7
4.1
4.6
6.9
.5
2.2
2.7

85.9
63.7
66.4
63.6
65.6
72.9
68.8
70.0

18.3
18.4
18.5
17.8
18.0
18.2
18.3
18.5

Deposits

J
On Sept. 19, 1949, the official buying price of the Bank of England for gold was increased from 172 shillings and threepence to 248 shillings
per fine ounce. For details regarding previous changes in the buying price of gold and for internal gold transfers during 1939, see BULLETIN for
March
1950, p. 388, footnotes 1 and 4.
2
Fiduciary issue decreased by 50 million pounds on Jan. 20; increased by 25 million on Apr. 6 and May 4, and by 50 million on June 8 and
July 20; and decreased by 50 million on Aug. 17. For details on previous changes, see BULLETIN for February 1955, p. 226.
NOTE.—For back figures, see Banking and Monetary Statistics, Table 164, pp. 638-640; for description of statistics, see pp. 560-561 in same
publication. For details relating to individual items, see BULLETIN for April 1955, p. 442.

1198




FEDERAL RESERVE BULLETIN

CENTRAL BANKS—Continued
Assets
Bank of C a n a d a
(Figures in millions of
Canadian dollars)

Gold*

Sterling
and United
States
dollars

Liabilities

Dominion and provincial government
securities

Deposits
Other
assets

Note
circulation

Dominion
government

Other
liabilities
and
capital

Shortterm

Other

156.8
1.0
2.0
.4
74.1
111.4
117.8
77.1
54.9

1,157.3
,197.4
,022.0
,233.7
,781.4
,229.3
,141.8
,459.8
,376.6

688.3
708.2
858.5
779.1
227.8
712.5
1,049.3
767.2
893.7

29.5
42.1
43.7
45.4
42.5
297 1
135.2
77.3
112.0

1,129.1
1,186.2
,211.4
,289.1
,307.4
,367.4
,464.2
,561.2
,599.1

521.2
565.5
536.2
547.3
541.7
578.6
619.0
626.6
623.9

153.3
60.5
68.8
98.1
30.7
24.7
94.9
16.2
51.5

29.8
93.8
67.5
81.0
126.9
207.1
66.1
44.5
29.5

198.5
42.7
42.4
43.1
119.2
172.6
200.0
132.9
133.1

1954—Sept. 30.
Oct. 30.
Nov. 30.
Dec. 31.

57.9
52.3
57.7
54.2

,660.8
,438.2
,444.3
1,361.5

545.6
809.9
837.5
871.1

73.3
105.5
85.1
114.1

,585.3
,579.8
,587.1
,623.5

521.4
595.2
528.8
529.6

81.8
49.8
141.1
56.3

25.8
31.4
36.0
30.5

123.2
149.5
131.5
161.0

1955—Jan. 3 1 .
Feb. 28.
Mar. 3 1 .
Apr. 30.
May 3 1 .
June 30.
July 30.
Aug. 3 1 .

51.5
52.4
50.8
59.0
52.3
55.8
59.6
57.7

1,249.8
1,320.6
1,325.6
1,385.5
1,357.6
1,451.9
1,233.4
1,185.2

876.0
815.1
821
808.4
817.5
834.9
1,032.4
1,149.3

87.7
82.1
101 .4
123.6
87.1
121.5
134.9
73.2

,545.9
,541.7
,552.9
,579.3
,597.7
,618.8
,651.8
1,653.9

528.7
503.8
541.9
570.7
516.9
577.0
532.9
538.7

56.5
63.2
57.5
50.8
50.6
71.3
52.9
59.5

38.6
47.3
42.7
40.5
35.6
36.5
45.2
38.1

95.4
114.1
104.3
135.2
113.7
160.4
177.5
175.2

1945—Dec.
1946—Dec.
1947—Dec.
1948—Dec.
1949—Dec.
1950—Dec.
1951—Dec.
1952—Dec.
1953—Dec.

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

Chartered
banks

Liabilities

Assets
Bank of France
(Figures in
millions of francs)

1945—Dec,
1946—Dec.
1947—Dec.
1948—Dec.
1949—Dec,
1950—Dec.
1951—Dec.
1952—Dec.
1953—Dec.

27.
26.
31.
30.
29.
28.
27.
31.
31.

Gold

2

Foreign
exchange

Domestic bills
Open
market

Special

129,817
68 17,980
94,817
7 37,618
65,225
12 67,395
65,225
30 97,447
62,274 61,943 137,689
182,785 162,017 136,947
191,447 28,320 234,923
200,187 31,068 274,003
15,421 292,465
201,282

303
3,135
64
8,577
28,548
34,081
31,956
57,042
61,108

Other

Advances to
Government
Current

25,548
76,254 67,900
117,826 147,400
238,576 150,900
335,727 157,900
393,054 158,900
741,267 160,000
937,459 172,000
891,560 200 ,000

Other
assets

Other

Note
circulation

Deposits
Government

Other
liabilities
and
capital

ECA

Other

15,058
10,587
897
2,061

57,755
63,468
82,479
171,783
158,973
161,720
166,226
137,727
142,823

4,087
7,213
10,942
16,206
19,377
24,234
41,332
49,305
56,292

445,447
480,447
558,039
558,039
560,990
481,039
481,039
479,982
679,849

24,734 570,006 12,048
765
33,133 721,865
733
59,024 920,831
987,621
806
57,622
112,658 ,278,211 1,168
70
212,822 ,560,561
29
190,830 ,841,608
27
159,727 2 ,123,514
21
169,964 2 ,310,452
224, 089 2,443,797
,428,122
218,
218, 584 2,386,103
277, 215 2,538,455

6
93
65
76

90
98
3,304
3,744

105,192
119,406
106,920
154,100

59,441
67,563
72,162
67,935

200 2 ,472,650
480 2 ,482,667
285 2 ,583,654
294 2 ,544,115
389 2 ,523,444
574 ,629,933
,485 ,642,828
,580 ,588,468

97
61
24
51
20
45
93
83

3,733 125,962
137 121,699

64,006
53,062
54,064
54,410
64,823
58,283
59,308
68,919

1954—Sept. 30.
Oct. 28.
Nov. 25.
Dec. 30.

201,282
201,282
201,282
201,282

45,117
48,971
51,939
57,291

262,922
264,861
224,487
236,765

15,058
32,697
44,593
48,925

1,030,309
1,027,934
1,013,121
1,130,183

195,000
195,000
195,000
195,000

634,749
626,249
619,549
617,649

1955—Jan.
Feb.
Mar.
Apr,
May
June
July
Aug.

201,282
201,282
201,282
201,282
201,282
201,282
201,282
201,282

60,482
66,689
86,467
121,962
153,030
183,869
200,145
200,186

226,244
172,750
160,613
200,233
210,448
245,543
247,594
190,030

46,054
40,224
32,564
28,526
26,545
16,393
11,343
7,462

1,063,937
1,062,552
1,138,808
1,113,385
1,028,496
1,054,765
1,061,877
1,042,874

190,000
190,000
190,000
190,000
190,000
190,000
190,000
190,000

592,249
617,649
597,449
546,749
584,949
579?449
579,849
579,349

27.
24.
31.
28.
26.
30.
28.
25.

Other

286
306
353
336
334
355
355
3371

7,351
11,302
11,120
11,713
11,680
8,841

115,374
128,552
129,730
126,899
133,666
116,452

*On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term Government securities (see BULLETIN for
July 21940, pp. 677-678).
For details on devaluations and other changes in the gold holdings of the Bank of France, see BULLETIN for September 1951, p. 1211; September 1950, pp. 1132 and 1261; June 1949, p. 747; May 1948, p. 601; May 1940, pp. 406-407; January 1939, p. 29; September 1937, p. 853; and
November
1936, pp. 878-880.
3
Includes advance to Stabilization Fund, amounting to 252.3 billion francs on Aug. 25.
NOTE.—For details relating to individual items, see BULLETIN for April 1955, p. 443. For back figures on Bank of Canada and Bank of France,
see Banking and Monetary Statistics, Tables 166 and 165, pp. 644-645 and pp. 641-643, respectively; for description of statistics, see pp. 562-564
in same publication. For last available report from the Reichsbank (February 1945), see BULLETIN for December 1946, p. 1424.

OCTOBER




1955

1199

CENTRAL BANKS—Continued
1954

1955
C e n t r a l Bank
(Figures as of last report
date of month)

Aug.

July

June

C e n t r a l B a n k of t h e Argentine
Republic (millions of pesos):
1,623
Gold reported separately
1,623
748
859
Other gold and foreign exchange.
4,062
4,058
Government securities
Rediscounts and loans to banks.
75,968 75,05.
389
Other assets
342
Currency circulation
31,811 31,612
Deposits—Nationalized
44,86' 44,485
644
Other sight obligations
744
Other liabilities and capital
5,321
5,243
C o m m o n w e a l t h B a n k of Australia (thousands of pounds):
Gold and foreign exchange
333,104 354,827 373,962
Checks and bills of other banks..
5,632
5,246 12,201
Securities (incl. Government and
Treasury bills)
499,780 470,785 494,498
Other assets..
58,557 66,100 73,981
Note circulation
367,753 363,003 362,827
Deposits of Trading Banks:
Special
265,444 265,559 280,644
Other
34,441 38,137 41,217
Other liabilities and capital
229,435 230,259 269,954
Austrian N a t i o n a l Bank (millions
of schillings):
556
557
Gold
557
7,941
8,038
Foreign exchange (net)
8,351
5,673
5,437
Loans and discounts
5,492
1,813
1,857
Claim against Government
1,803
372
498
467
Other assets
12,660 12,843 12,575
Note circulation
1,617
1,535
Deposits—Banks
1,650
536
Other
567
533
1,628
Blocked
1,626
1,643
National Bank of Belgium
(millions of francs):
Gold
, 42,518 42,236 41,936
Foreign claims and balances (net). 10,769 10,607 10,855
9,257
8,055 10,151
Loans and discounts
Consolidated Government debt. . 34,660 34,660 34,660
8,639
8,238
7,838
Government securities
5,049
5,179
5,067
Other assets
104,629 05,806 05,269
Note circulation
1,175
1,893
1,342
Deposits—Demand
55
68
68
ECA
3,167
3,560
3,343
Other liabilities and capital
C e n t r a l B a n k of Bolivia—MoneMar.)*
tary dept. (millions of bolivianos):
495
Gold at home and abroad
778
Foreign exchange (net)
26,370
Loans and discounts
2,505
Government securities
965
Other assets
21,882
Note circulation
5,045
Deposits
4,186
Other liabilities and capital
C e n t r a l Bank of Ceylon (thousands
©f rupees):
538,115
601,582
Foreign exchange
Advances to Government
19,150 18
20,274
Government securities
7
8,037
7,206
Other assets
394,367 391!
377,010
Currency in circulation
03,031
88.427
94
Deposits—Government
10,627 09
10,684
Banks
52,941
Other liabilities and c a p i t a l . . . . . 57,277 54,
Central B a n k of Chile (millions
of pesos):
5,811
5,804
5,803
Gold
295
402
994
Foreign exchange (net)
5,493
4,709
4,617
Discounts for member b a n k s . . . .
16,270
15,870
15,770
Loans to Government
14,711 14,685 13,718
Other loans and discounts
5,7241
5,608
5,520
Other assets. ;
36,177 35,789 34,126
Note circulation
4,828
6,208
4,196
Deposits—Bank
1,734
1,746
2,113
Other
4,546
4,638
5,703
Other liabilities and capital
Bank of t h e Republic of Colombia
(thousands of pesos):
268,339 282,871 274,805
Gold and foreign exchange
24,380 24,380 24,380j
Net claim on Int'l. Fund 2

Aug.

1955

Central Bank
(Figures as of last report
date of month)

Aug.

Bank of t h e Republic of Colombia— Cont.
1,623
Loans and discounts
1,679
Government loans and securities
3,717
Other assets
63,889
Note circulation
273
Deposits
26,984
Other liabilities and capital
39,054 C e n t r a l Bank of Costa Rica
545
(thousands of colones):
4,598
Gold
Foreign exchange
Net claim on Int'l. Fund 2
449,507
Loans and discounts
7,054
Securities
Other assets
438,64
Note circulation
67,87:
Demand deposits
Other liabilities and capital
347,57'
National Bank of Cuba
331,370
(thousands of pesos):
31,826
Gold
252,307
Foreign exchange (net)
Foreign exchange (Stabilization
Fund)
•.
41
Net claim on Int'l. Fund 2
9,758
Loans and discounts
5,199
Credits to Government
1,777
Other assets
29
Note circulation
11,265
Deposits
3,257
Other liabilities and capital
771 National Bank of Czechoslovakia 3
National Bank of D e n m a r k
1,*
(millions of kroner):
Gold
37,777
Foreign exchange
11,147
Loans and discounts
8,463
Securities
34,660
Govt. compensation a c c o u n t . . . .
8,880
Other assets
4,490
Note circulation
100,140
Deposits—Government
1,498
Other
125
Other liabilities and capital
3,654 Central Bank of t h e Dominican:
Republic (thousands of pesos):
1,515
113,338
10,932
2,505
1,047
17,198
5,590
6,548
450,108
25,000
25,212
9,120
368,700
3,108
88,323
49,309
5,699
1,097
2,480
11,469
9,765
3,170
20,668
5,002
449
7,561
455,409
24,377

Foreign exchange (net).
Net claim on Int'l. Fund 2
Loans and discounts
Government securities
Other assets
Note circulation
Demand deposits
Other liabilities and c a p i t a l . . . . .
Central Bank of Ecuador
(thousands of sucres):
Gold
Foreign exchange (net)
Net claim on Int'l. Fund 2
Credits—Government
Other
Other assets
Note circulation
Demand deposits—Private banks.
Other
Other liabilities and c a p i t a l . . . . .
National Bank of Egypt (thousands of pounds):
Gold
Foreign assets 4
Egyptian Govt. securities
Clearing and other accounts (net)
Loans and discounts
Advances to Government
Other assets
Note circulation
Deposits—Government
Other
Other liabilities and capital

1954

July

June

610,014 602,216 634,109
256 463 ,064 466,481
461,""
99,905 98,194 108,485
628,089 638,303 653,704
664,210 655,623 674,598
171,595 176,800 179,958

Aug.

'•364,162
'•321,321
120,762
647,218
516,874
121,941

11,503 11,503 11,503
11,503
124,649 135,166 142,640 72,251
7,032
7,03:
7,032
68,363
59,84: 109,112
2,858
3,828
3,762
24,344
26,300 24,847
146,332
149,479 136,752
60,125
70,289 62,046
32,29:
31,377 29,709
185,87. 185,875 185,871
105,756 111,096 27,767
198,909 202,609 287,542
12,512 12,512
12,512
48,997 41,926 32,012
60,901 55,345 36,052
79,570 79,243
76,949
416,740 418 ,947 411,871
256,645 251,280 228,715
19,136 18,380
18,120

68
658
179
477
3,125
919
1,926
1,429
1,816
256

68
673
276
475
3,125
674
1,956
1,360
1,724
251

68
634
262
475
3,125
747
2,010
1,324
1,730
247

69
810
181
514
3,216
337
1,896
1,271
1,722
238

12,076
12,134
1,250
3,274
8,890
14,783
41,582
8,179
2,646

12,076
10,893
1,250
3,299
8,890
14,591
41,612
6,802
2,585

12,076
13,338
1,250
3,971
8,890
14,684
42,380
9,162
2,667

12,076
27,333
1,250
2,371
9,420
7,131
38,010
19,356
2,214

143,477 143,460
30,393 -7,301
18,757 18,757
=11 ,145 :31,101
152,234 :49,033
165,052 :56,670
»79,907 >69,396
103,468 13,814
63,231 59,703
174,453 48,808

43,407
9,512
18,757
45,091
37,538
45,543
;48,526
22,418
70,934
57,970

342,656
126,640
18,757
383,947
266,308
209,616
713,130
223,968
172,176
238,650

60,553 60,553
70,780 70,074
74,205 75,616
•18,545 -16,603
15,699 23,621

60,553
60,553
74,231
20,000
73,117 243,079
-14,783
21,449 '22',575
11
3,228
2,796
.64,765 163,102
52,992 47,573
80,428 129,110
19,179
9,661

2,509
57,117
29,040
96,805
22,239

3,252
67,675
36,304
93,894
18,640

^Revised.
•Latest month available.
1
Represents chiefly bills secured by stocks of mined tin not yet sold in world markets.
2
This figure represents the amount of the country's subscription to the Fund less the bank's local currency liability to the Fund.
3For last available report (March 1950), see BULLETIN for September 1950, p. 1262.
^Beginning December 1954, includes foreign government securities formerly shown with Egyptian Government securities.

1200




FEDERAL RESERVE BULLETIN

CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)
Central Reserve Bank of £1 Salvador (thousands of colones):
Gold
Foreign exchange (net) 1
Net claim on Int'l. Fund
Loans and discounts
Government debt and securities..
Other assets
Note circulation
Deposits
Other liabilities and capital
Bank of Finland (millions of markkaa):
Gold
Foreign assets (net)
Clearings (net)
Loans and discounts
Securities
Other assets
Note circulation
Deposits
,
Other liabilities and capital
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 (millions of drachmae):
Gold and foreign exchange (net).
Loans and discounts
Advances—Government
Other
Other assets
Note circulation
Deposits—Government
Reconstruction and
relief accts
Other
Other liabilities and capital
Bank of Guatemala (thousands of
quetzales):
Gold
Foreign exchange (net)
Gold contribution to Int'l. Fund.
Rediscounts and advances
Other assets
Circulation—Notes
Coin
Deposits—Government
Banks
Other liabilities and capital
National Bank of Hungary 3
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
t
Other liabilities and capital. . .
Bank Indonesia (millions of rupiahs);
Gold and foreign exchange (net)..
Loans and discounts
Advances to Government
Other assets
Note circulation
Deposits—ECA
Other
Other liabilities
and capital
Bank Melli Iran 4 (millions of rials) :
Gold
Foreign exchange

1955

1954
June

Aug.

71,382
65,851
1,569
36,606
11,915
7,432
91,304
94,055
9,396

72,089
45,287
1,568
33,182
7,103
7,246
90,849
65,053
10,573

6,882 6,882
25,525 23,773
6,053 5,773
47,929 44,382
2,050 2,091
1,972
1,942
49,903 49,584
21,732 18,293
18,745 16,996

6,973
37,397
7,722
33,059
2,244
1,985
45,850
7,996
15,534

3,370
3,258 3,182
8,865
8,952
9,082
2,153
1,961
2,348
4,179
4,246
4,126
964
1,020
'933
12,920 13,028 12,832
1,727
1,508
1,613
2,985
3,088 3,046
218
209
204
1,700
1,750
1,814

2,286
8,148
1,586
4,941
916
11,686
1,096
2,966
306
1,825

5,709
158
8,924
5,012
1,710
3,967
1,246

5,604
140
9,017
4,958
1,569
3,1
1,316

4,852
174
9,116
4,436
2,228
3,468
1,681

7,507
4,020
4,772

7,507
3,998
4,581

6,961
3,092
5,605

27,227
25,054
1,250
5,193
36,931
47,548
3,689
10,619
16,856
16,942

27,227
25,189
1,250
4,386
35,081
48,671
3,701
7,609
16,968
16,184

27,228
10,156
1,250
11,364
44,669
51,940
3,701
8,870
13,321
16,835

400
400
6,370 6,520
5,436
5,436
1,054
1,085
12,915 13,108

400
6,132
4,212
1,049
11,373

Aug.

71,280
47,013
1,569
49,876
7,366
7,373
87,953
86,803
9,719

July

71,331
63,202
1,569
40,803
7,303
7,312
89,871
92,176

9,472

377
800
78
10
903
1,699
469

303
639
108
8
955
1,454
559

419
,154
35
15
,135
,537
221

1,266
423
9,581
379
8,210
495
2,077

1,135
390
9,760
345
8,203
495
2,023
909

1,255
334
9,797
335
8,184
495
2,169
874

582
717
7,707
299
6,212
495
2,116
482

4,242
244

4,242
244

4,242
244

4,242
244

Central Bank
(Figures as of last report
date of month)
Bank Melli Iran—Cont.
Gold contribution to Int'l. Fund.
Government—secured debt
Government loans and discounts.
Other loans and discounts
Securities
Other assets
Note circulation
Deposits—Government
Banks
Other
Other liabilities and capital
Central Bank of Ireland (thousands
of pounds):
Gold
Sterling funds
Note circulation
Bank of Italy (billions of lire):
Gold
Foreign exchange
Advances to Treasury
Loans and discounts
Government securities
Other assets
Note circulation
Deposits—Government
Demand
Other
Other liabilities and capital
Bank of J a p a n (millions of yen):
Bullion
Advances to Government
Loans and discounts
Government securities
Other assets
Note circulation
Deposits—Government
Other
Other liabilities
Bank of Mexico (millions
of pesos):
Monetary reserve5
"Authorized" holdings of securities, etc
Bills and discounts
Other assets
Note circulation
Demand liabilities
Other liabilities and capital
Netherlands Bank (millions of
guilders):
Gold
Silver (including subsidiary coin).
Foreign assets (net)
Loans and discounts
Govt. debt and securities
Other assets
Note circulation—Old
New
Deposits—Government
ECA
Other
Other liabilities and capital
Reserve Bank of New Zealand
(thousands of pounds):
Gold
Foreign exchange reserve
Loans and discounts
Advances to State or State undertakings
Investments
Other assets
Note circulation
Demand deposits
Other liabilities and capital
Bank of Norway (millions of kroner):
Gold
Foreign assets (net).
Clearing accounts (net)
Loans and discounts
Securities
Occupation account (net)
Other assets
Note circulation
Deposits—Government
Banks
FOA—MSA
Other liabilities and capital

1955
Aug.

July

1954
June

Aug.

282
282
282
7,187
7,187
7,187
11,073 11,155 11,775
4,385
4,476
4,410
411
411
411
2,905
3,085
3,456
9,912 10,021 10,150
5,114
5,799
5,185
1,262
1,158
1,177
11,317 11,583 11,605
3,215
3,050 3,269

282
6,354
9,874
3,715
848
1,826
9,818
3,339
936
10,210
3,084

2,646
2,646
2,646
67,274 68,734 67,595
70,241
71,380
69,920

2,646
64,135
66,781

4
71
567
384
362
788
1,428
53
76
474
146

4
77
567
364
311
774
1,395
30
69
475
129

4
76
567
381
366
859
1,481
35
83
510
143
448
1,250
181,554
413,334
164,881
540,849
69,412
67,573
83,633

4
74
567
363
376
864
1,508
32
83
486
139

448
448
448
,250
1,250
1,400
,209 230,657 435,759
,445 374,113 193,934
,490 131,242
82,562
,882 532,674 521,725
,685 58,999
42,423
,310 65,619
75,366
,966 80,419
74,590

1,582

1,535

1,532

1,271

4,457
474
504
4,374
1,953
690

4,343
485
480
4,315
1,824
703

4,288
538
465
4,176
1,951
696

3,393
475
729
3,745
1,340
783

3,046
30
1,423
30
623
400
28
3,770
345
514
693
203

3,046
27
1,478
26
628
360
28
3,728
236
534
842
198

3,046
25
1,504
31
801
427
28
3,638
629
612
694
233

3,015
18
1,335
28
695
436
29
3,418
406
801
640
232

6,161
6,161
56,905 54,714
30,342 28,254

6,172
85,822
13,369

11,487
33,257
1.514
68,318
63,172
8,176

13,018
33,257
1,868
68,581
60,538
8,154

30,847
23,964
1,475
67,930
85,469
8,249

203
-266
-42
97
109
5,546
73
3,184
1,132
493
582
329

203
-189
-33
97
111
5,546
73
3,168
1,260
438
608
335

203
176
-75
52
26
5,546
57
3,119
1,341
741
207
578

203
-96
-50
77
76
5,546
56
3,168
1,278
491
529
344

iThis figure represents the amount of the country's subscription to the Fund less the bank's local currency liability to the Fund.
2
Combined figures for the Bank of German States and the nine Land Central Banks.
3For
last available report (February 1950), see BULLETIN for September 1950, p. 1263.
4
Items for issue and banking departments consolidated.
fi
Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities.

OCTOBER




1955

1201

CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)
State Bank of Pakistan (millions of
rupees):
Issue department:
Gold at home and abroad.,.
Sterling securities
Pakistan Goyt. securities. . .
Govt. of India securities....
India currency
Rupee coin
Notes in circulation
Banking department:
Notes of issue department...
Bills discounted
Loans to Government
Other assets
Deposits
Other liabilities and capital..
Central Bank of Paraguay
(thousands of guaranies):
Gold*
Foreign exchange (net) 2
Net claim on Int'l. F u n d . . .
Loans and discounts
•.-.•••
Government loans and securities.
Other assets
Note and coin issue
Deposits—Government.
Other
Other liabilities and capital
Central Reserve Bank of Peru
(millions of soles):
Gold and foreign exchange
Net claim on Int'l. Fund 2
Loans and discounts to b a n k s . . . .
Loans to Government
Other assets
Note circulation
Deposits
Other liabilities and capital
Central Bank of the Philippines
(thousands of pesos):
Gold
Foreign exchange
Net claim on Int'l. Fund 2
Loans
Domestic securities
Other assets
Circulation—Notes
Coin...
Demand deposits
Other liabilities and capital
Bank of Portugal (millions of
escudos):
Gold.
Foreign exchange (net)
Loans and discounts
Advances to Government
Other assets
Note circulation
Demand deposits—Government..
EGA
Other
Other liabilities and capital
South African Reserve B a n k
(thousands of pounds):
Gold
Foreign bills
Other bills and loans
Other assets.
Note circulation
Deposits
Other liabilities and capital
Bank of Spain (millions of pesetas):
Gold
Silver
Government loans and securities.
Other loans and discounts
Other assets
Note circulation
Deposits—-Government
Other
Other liabilities and capital

1955
Aug.

1954

July

June

Aug.

114
594
1,024
275
431
46
2,380

114
413
1,391
222
300
46
2,400

81
432
1,455
221
300
47
2,417

81
381
1,300
147
300
57
2,164

104

85
1
30
466
492
89

119
2
54
337
404
108

102
6
73
420
508
93

3,984 3,984
30,853 12,878
7,915 7,915

3,984
46,206
40
472,145
559,804
355,216
625,737
150,471
146,069
515,117

30
601
643
92

1,101,775 1,041,616
496,375 499 ,451
281,092 248,861
845,299 818 ,259
194,739 188,907
147,398 170 ,242
734,557 637,299
636
67
562
1,156
146
1,895
446
227

660
67
396
1,182
105
1,789
437
184

333
67
696
,189
88
,759
387
229

25,099 23 598 21,935
18,813
345,656 331 071 334,621 455,454
9,504
504 9,504
29,504
010 80,663
5,217
76,254
303,933 297,288 295 ,217 226,445
168,374 161,113
166,078 163.
571,362 599,715
582,991 575
86,944 84,928
86,767
205,254 157,339
208,102

46,753

54,564

5,496 5,435 5,495
13,175 13,007 12,991
804
912
850
1,383 1,384 1,390
1,353 1,059 1,081
10,484 10,194 10,156
1,732 1,531
1,518
99
101
95
7,424 7,648 7,842
2,579 2,217 2,196

5,369
13,084
737
1,404
1,021
9,834
2,153
6
7,407
2,215

48,663

75,063
38,980
21,796
53,983
107,154
65,461
17,206

76,318
39,010
22,320
52,733
106,100
66,502
17,780

615
323
15,940
31,233
39,235
43,948
4,992
4,490
33,916

615
323
16,239
31,322
40,845
44,047
6,319
4,212
34,767

75,143 68,267
38,785 41,291
28,937 16,737
52,773 45,922
104,739 100,225
74,442 52,887
16,456 19,105
615
323
15,771
27,667
36,755
42,204
2,756
4,279
31,892

613
323
16,202
26,143
36,242
39,738
5,375
3,324
31,087

1202




Aug.

Bank of Sweden (millions of kronor):
Gold
Foreign assets (net)
Net claim on Int'l. Fund 2
Swedish Govt. securities and ad- 3
vances to National Debt Office
Other domestic bills and advances
Other assets
Note circulation
Demand deposits—Government..
Other
Other liabilities and capital
Swiss National Bank (millions of
francs) :
Gold
Foreign exchange
Loans and discounts
Other assets
Note circulation
Other sight liabilities
Other liabilities and capital
Central Bank of the Republic of
Turkey (millions of pounds):
'rold. .

Foreign exchange and foreign
clearings
Loans and discounts
Securities
Other assets
Note circulation
Deposits—Gold
Other
Other liabilities and capital
Bank of the Republic of Uruguay
(thousands of pesos):
Gold
Silver
Advances to State and Government bodies
Other loans and discounts
Other assets
Note circulation
Deposits—Government
Other
Other liabilities and capital
Central Bank of Venezuela (millions of bolivares):
Gold
Foreign exchange (net)
Other assets
Note circulation
Deposits
Other liabilities and capital
National Bank of Federal People's
Republic of Yugoslavia (millions
of dinars):
Gold
Gold contribution to Int'l. Fund.
Foreign assets
Loans (short-term)
Government debt (net)
Other assets
Notes and coin in circulation....
Demand deposits
Foreign liabilities.
Long-term liabilities (net)
Other liabilities and capital
Bank for International Settlem e n t s (millions of Swiss gold
francs):
Gold in bars
Cash on hand and with b a n k s . . . .
Rediscountable bills and acceptances (at cost)
Time funds at interest
Sundry bills and investments....
Funds invested in Germany
Other assets
Demand deposits (gold)
Short-term deposits:
Central banks—Own account..
Other
Long-term deposits: Special
Other liabilities and capital

J
On Aug. 19, 1954, gold revalued from 0.0592447 to 0.0423177 grams of fine gold
2
This figure represents the amount of the country's subscription to the Fund less
3

Includes small amount of non-Government bonds.

1955

Central Bank
(Figures as of last report
date of month)

July

1954

June

Aug.

582
,047
129

582
1,002
129

582
916
129

482
1,359
129

,866
68
,015
,775
106
131
695

3,006
42
1,011
4,735
93
240
704

2,859
442
1,019
4,924
183
147
694

2,572
46
860
4,523
150
78
697

,268
561
149
101
,131
,743
204

6,243
683
158
102
5,123
1,858
205

6,200
747
164
107
5,128
1,888
203

6,221
530
102
92
4,957
1,785
203

402

402

402

402

188
,235
30
131
,759
154
,551
521

198
3,237
30
118
1,811
154
1,503
516

177
2,992
30
111
1,625
154
1,435
497

216
2,385
30
92
1,469
154
983
519

344,167 344,167
8,646
10,726
145,642
462,302
794,265
476,124
144,427
342,451
794,100

138,652
372,356
548,202
462,011
160,354
332,454
457,202

1,234
435
146
1,028
263
525

1,232
212
142
992
223
371

4,541
2,369
49,243
696,453
891 704
19,484
102 34
51,527
275 50
85,623
891 87
164,702
062 187
101,018
130
290 373,465 372,184
100,090

4,190
2,369
53,012
701,881
-8,590
46,589
74,419
167,742
109,646
364,831
82,813

,234
321
164
,022
297
399
4
2
57
715
27
51
86
194
102
368
107

1,234
380
151
1,013
281
469

692
67

696
79

287
151
398
297
1
456
893
29
229
286

591
90

336
153
380
297
1
456

703
49
367
169
365
297
1
453

945
28
229
285

959
23
229
288

,134
27
229
281

293
386
442
297
7
436

per guarani.
the bank's local currency liability to the Fund.

FEDERAL RESERVE BULLETIN

MONEY RATES IN FOREIGN COUNTRIES
DISCOUNT RATES OF CENTRAL BANKS
[Per cent per annum]
Central bank of—
Date
effective

In effect Dec. 31,
1949
June 8, 1950
Sept. 11
Sept. 26
Oct. 17
Oct. 27
Dec.
1..
Apr. 17, 1951..
July
5
Sept. 13
Oct. 1 1 . .
Nov. 8
Nov. 9
Jan. 22, 1952..
Mar. 12
May 2 9 . . . . . .
Aug
1
Aug. 21
Dec. 18
Jan.
8, 1953.
Apr
7
June 1 1 . . . .
Sept 17
Oct. 2 9 . .
Nov. 20. . . . . .
Feb.
4, 1954
May 13
May 20. . . . . . .
Dec.
2
Jan. 2 7 , 1 9 5 5 . .
Feb. 15.
Feb. 24
Apr. 19 .
Aug. 4 . .
Aug. 5
In effect Aug.
31, 1955

2

3

4

3M
3%

2

Rate
Aug.
31

Central
bank of—

Ger-1 Bel- NethCan- United
France many
er- Swegium lands
ada Kingden
dom

Argentina
Austria
Belgium

Mar. 1,
4 \4 May 20,
3
Aug. 4,
6
Sept. 30,

Canada
Ceylon
Chile

2

3
3
4

Ireland
Italy
Japan
Mexico

2*4

Aug. 5, 1955
June 11, 1954
June 13, 1935
July 18, 1933
Apr. 1, 1954

Netherlands .
New Zealand.
Norway
Pakistan

sy2 June 23, 1954

4
5

Costa Rica

3

Date
effective

3
4
7.3

May 25, 1954
Apr. 6, 1950
Aug. 10, 1955
June 4, 1942

3

2

Apr. 7, 1953
July 1, 1955
Feb. 14, 1955
July 1, 1948

4

Denmark
Ecuador
Egypt
El Salvador. . .
Finland

4
5

3

4^

3

May
Nov.
Mar.
Dec.

13,
15,
22,
1,

1948
1952
1950
1954

Peru
Portugal. . . .
South Africa.
Spain
Sweden

3
Dec.
33^ Aug.
Jan.
9
Nov.
3 2 Apr.

2,
4,
1,
15,
1,

1954
1955
1955
1951
1946

Switzerland..
Turkey
United Kingdom
U.S.S.R

10
3
3
5

4

3K

3X

France 1
Germany

2%

2M Greece

India
Indonesia

3
3*

3

4X

2
2

1936
1955
1955
1950

Rate
Aug.
31

6

3y%

••"1M

Central
bank of—

Date
effective

*y2

3

sy2

3

sy2

3

3M

4 2
3%

6

Nov.
Jan.
Mar.
July
Apr.

13,
12,
27,
1,
19,

1947
1944
1952
1954
1955

43J

Nov. 26, 1936
June 28, 1955

t"

Feb. 24, 1955
July 1, 1936

1
Rates established for the Land Central banks.
NOTE.—Changes since Aug. 31: New Zealand—Sept. 5. from 5 to 6; South
Africa—Sept. 29, from 4 to 43^ per cent.

2%

OPEN MARKET RATES
[Per cent per annum]

United Kingdom

Canada
Month

Treasury Day-today
bills
3 months 1 money 2
.36
.40
.41
.41
.51
.51
.77
1.11
1.75
1.38

1954—August
September.
October
November.
December..

1.32
1.21
1.18
1.17
1.08

1955—January..
February.
March...,
April
May
June
,
July

.99
.90
1.13
1.23
1.24
1.36
1.43

1945—July
1946—July
1947—July
1948—July
1949—July
1950—Tuly
1951—July
1952—July
1953—July
1954—July

Bankers' Treasury
acceptbills
ances
3 months 3 months

Treasury
bills
3 months

Day-today
money

.63
.63
.63
2.25
2.25
1.44

1.25
1.30
1.51
2.04
P2.34
2.59
2.57
3.84
4.13
3.79

1.52
1.52
1.56
1.43
1.57
1.39
1.05
.50
.40

1.31
1.09
1.35
.83
1.10
.91
.75
.50
.50

1.60
1.63
1.59
1.60
1.78

1.44
1.44
1.44
1.44
1.45

1.25
1.25
.25
.25
.25

3.82
3.77
3.65
3.51
3.29

.75
.88
.88
.87
.77

.53
.51
.63
.50
.57

2.05
2.68
3.80
3.81
3.92
3.97
3.97

1.55
2.15
3.29
3.17

.29
.67
2.50
2.50
2.50
2.50
2.50

3.27
3.25
3.28
3.23
3.27
3.19
3.30

.79
.79
1.16
1.04
1.49
.91
.75

.58
.53
.71
.58
.90
.62
.50

1.16

.69
.93
3.00
3.00
1.60

1.06
.95
.96
.78
.76

1.61
1.64
1.62
1.62
1.78

.69
.69
.98
.97
.77
1.11
1.11

2.02
2.58
3.81
3.83
3.94
3.99
4.00

.63

1.13

Bankers'
allowance Day-today
on
money
deposits

Netherlands

.50
.50
.50
.50
.50
.50
.50
2.00
2.00
1.25

1.00
.51
.51
.51
.52
.51
.51
2.46
2.35
1.57

1.03
.53
.53
.56

Day-today
money

France

.63
.63
.63

3.33
3.21
3.14

Sweden

Switzerland

Loans
Private
up to
discount
3 months
rate

234-5
2^-43^
2X-±X

1.25
1.25
1.25
1.63
1.50
^50
.50
.50
.50
.50
.50
.50
.50
.50

3K~5^
4^-6^

.50
.50
.50
.50
.50
.50
1.50

r
^Preliminary.
Revised.
1
Beginning January 1953, these figures have been revised to show average rate at tenders. Figures prior to that date represent tender rates
made2 nearest to the 15th of each month.
Represents an average of closing rates.
NOTE.—For monthly figures on money rates in these and other foreign countries through 1941, see Banking and Monetary Statistics, Table 172,
pp. 656-661, and for description of statistics see pp. 571-572 in same publication.

OCTOBER




1955

1203

COMMERCIAL BANKS
Assets

United Kingdom *
(11 London clearing
banks. Figures in
millions of pounds
sterling)

Cash
reserves

Liabilities

Money at
Loans to
call and Bills dis- Treasury
deposit2 Securities customers
short
counted receipts
notice

1949—December.
1950—December.
1951—December.
1952—December.
1953—December.

532
540
531
549
542

571
592
598
529
501

1,109
1,408
972
1,248
1,417

1954—September
October. .
November
December.

521
532
534
571

418
437
452
498

1955—January. .
February.
March
April
May
June
July
August. . .

546
525
514
539
515
526
535
515

486
445
438
434
417
440
458
424

Deposits

Other
assets

Total

Demand

Time

Other
liabilities
and
capital

1,512
1,528
1,965
2,148
2,275

1,534
1,660
1,950
1,764
1,725

579
735
867
748
729

6,202
6,368
6,333
6,460
6,694

4,161
4,262
4,290
4,232
4,327

2,041
2,106
2,042
2,228
2.368

427
550
651
528
495

1,262
1,296
1,300
1,313

2,360
2,364
2,364
2,353

1,828
1,836
1,871
1,920

670
691
725
881

6,539
6,609
6,684
6,941

4,171
4,214
4,244
4,485

2,367
2,396
2,440
2,456

520
545
562
595

1,283
1,072
966
973
1,011
996
1,015
1,113

2,351
2,298
2,281
2,217
2,141
2,099
2,098
2,082

1,904
2,013
2,037
2,080
2,116
2,207
2,149
2,116

759
810
843
811
829
879
807
801

6,718
6,525
6,402
6,381
6,361
6,510
6,406
6,406

4,303
4,112
4,017
4,033
4,040
4,155
4,068
4,101

2,415
2,413
2,384
2,348
2,321
2,356
2,339
2,305

611
637
677
673
668
637
655
645

793
456
102

Liabilities
Canada

3

(10 chartered banks.
End of month figures
in millions of
Canadian dollars)

Security
loans
abroad
and net Securities
Other
due from
Security loans
and foreign
loans
discounts
banks

Deposits payable in Canada
excluding interbank deposits

Entirely in Canada
Cash
reserves

Other
assets

Notes4

Other
liabilities
and
capital

Total

Demand

Time

7,227
7,828
7,896
8,421
8,881

2,794
3,270
3,284
3,497
3,847

4,433
4,558
4,612
4,924
5,034

1,477
1,667
1,714
1,736
1,841

1949—December
1950—December
1951—December
1952—December
1953—December

765
824
907
916
906

133
134
107
155
154

2,271
2,776
3,028
3,289
3,897

146
171
227
326
424

4,345
4,286
3,876
3,955
3,831

1,058
1,304
1,464
1,516
1,510

1954—August
September. . .
October
November. . .
December

809
802
833
810
810

174
175
293
297
211

3,917
3,890
3,892
3,984
3,952

312
322
330
334
325

4,220
4,337
4,442
4,473
4,429

1,280
1,396
1,454
1,428
1,706

9,022
9,226
9,469
9,462
9,579

3,487
3,641
3,781
,930
3,964

5,535
5,585
5,687
5,532
5,615

1,690
1.695
1,777
1,864
1,854

1955—January
February....
March
April
May
June
July

806
760
791
802
805
793
790

176
214
197
230
250
244
269

3,876
3,857
3,873
3,954
3,955
4,044
4,122

288
285
252
255
275
255
254

4,625
4,707
4,795
4,812
4,874
4,869
4,953

1,488
1,663
1,619
1,618
1,730
1,921
1,721

9,402
9,608
9,650
9,788
9,946
10,202
10,200

3,656
3,728
3,678
3,667
3,825
4,018
3,961

5,746
5,880
5,972
6,120
6,122
6,184
6,238

1,857
1,879
1,877
1,883
1,942
1,924
1,909

Assets

France
(4 large banks. End
of month figures in
millions of francs)

14

Cash
reserves

Due from
banks

Bills discounted

Liabilities

Loans

Other
assets

Deposits
Total

Demand

Time

Own
acceptances

Other
liabilities
and
capital

1949—December
1950—December
1951—December
1952—December
1953—December.

40,937
48,131
60,215
51,155
50,746

42,311
52,933
72,559
68,243
86,273

426,690
527,525
627,648
636,624
744,076

129,501
135,289
165,696
170,298
184,930

29,843
31,614
38,114
29,734
35,673

627,266
749,928
906,911
902,547
1,037,169

619,204
731,310
879,767
870,504
994,620

8,062
18,618
27,145
32,043
42,549

26,355
28,248
33,774
24,957
30,308

15,662
17,316
23,547
28,551
34,222

1954—July
August
September
October
November
December

51,277
47,292
46,676
51,991
47,696
53,346

90,693
84,294
87,028
83,631
82,270
84,873

787,897
719,014
730,466
820,800
797,574
849,368

208,091
227,750
223,746
214,681
229,729
225,030

49,709
49,845
52,147
56,909
63,785
41,311

1,103,289
1,043,036
1,052,196
1,133,087
1,119,354
1,183,308

1,061,250
999,131
1,007,956
1,087,933
1,071,500
1,163,648

42,039
43,905
44,241
45,154
47,854
46,085

26,945
24,248
23,179
25,355
28,515
31,372

57,432
60,910
64,688
69,570
73,185
39,250

1955—January
February
March
April
May
June

46,988
44,424
44,381
49,515
49,995
47,724

84,521
79,631
78,810
83,746
79,657
82,363

823,669
815,141
833,482
931,684
854,865
849,846

231,670
241,070
234,246
220,980
240,985
249,129

39,982
45,850
48,261
51,883
54,806
57,989

1,158,280
1,155,013
1,164,788
1,256,477
1,196,037
1,186,981

1,113,206
1,111,675
1,122,034
1,211,953
1,152,548
1,142,713

45,074
43,338
42,754
44,524
43,489
44,268

32,205
33,543
32,406
33,910
33,528
31,766

36,344
37,559
41,986
47,420
50,743
68,304

iThis table represents aggregates of figures reported by individual banks. Data are compiled on the third Wednesday of each month, except
in June
and December when the statements give end-of-month data.
2
Represent six-month loans to the Treasury with a yield of fHs per cent.
sin accordance with the Bank Act of 1954, the form of presentation of the banks' statement was revised beginning July 1954, and figures
shown
may not be strictly comparable with those for earlier dates. Beginning February 1955, when two banks merged, figures are for 10 banks.
4
In January 1950, the Bank of Canada assumed responsibility for these notes.
NOTE.—For details concerning data in earlier years, see BULLETIN for April 1952, p. 466; for back figures and figures on German commercial banks, see Banking and Monetary Statistics, Tables 168-171, pp. 648-655, and for description of statistics, see pp. 566-571 in same publication.

1204




FEDERAL RESERVE BULLETIN

FOREIGN EXCHANGE RATES
[Average of certified noon buying rates in New York for cable transfers. [n cents per unit of foreign currency]
Argentina
(peso)
Year or month
Basic

Preferential

Free

Australia
(pound)

Austria Belgium
(schilling) (franc)

Brazil
(cruzeiro)

British
Malaysia
(dollar)

Canada
(dollar)
Official

Free

97.491
90.909

92.881
91.474
94.939
102.149
101.650
102.724

1949
1950
1951
1952 . .
1953.
1954

29.774
26.571 "i3*.333* "'8*. 289*
20.000
13.333
7.067
20.000
13.333
7.163
20.000
13.333
7.198
20.000
13.333
7.198

293.80
223.15
223.07
222.63
224.12
223.80

3.8S80
3.8580

2.2009
1,9908
1.9859
1.9878
2.0009
1.9976

1954—October
November.......
December.......

20.000
20.000
20.000

13,333
13.333
13.333

7.198
7.198
7.198

222.89
222.67
222.10

3.8580
3.8580
3.8580

1.9977
1.9982
1.9954

32 634
32.625
32.544

103.094
103.160
103.292

1955—January
February
March
April...........

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
7.168
7.175
7.175
7.173
7.175

221.92
221.80
222.42
222.83
222.78
222.29
221.91
222.04
221.98

3.8580
3.8580
3.8580
3.8580
3.8580
3.8580
3.8580
3.8580
3.8580

1.9959
1.9938
1.9856
1.9890
1.9896
1,9871
1.9864
1.9874
1.9874

32.538
32.535
32.608
32.675
32 686
32.614
32 544
32 577
32.568

103.498
102.384
101.587
101.404
101.405
101.568
101.555
101.502
101.228

Ceylon
(rupee)

Denmark
(krone)

Finland
(markka)

June
July
August
September.

Year or month

1949
1950
1951
1952
1953
1954

.

27.839
20.850
20.849
20.903
21.046
21.017

19.117
14.494
14.491
14.492

Franc©
(franc)

5.4406
5.4406
5.4406
5.4406
5 44.7.0
1
4.2808 13.5261

42.973
32.788
32.849
32.601
32.595
32.641

Germany
(deutsche
mark)

India
(rupee)

Ireland
(pound)

Mexico
(peso)

Netherlands
(guilder)

.4354
.4354
.4354
.4354

.3017
.2858 '"2-L838"
.2856
23.838
.2856
23.838
.2856
2
.2856
23.838

27.706
20.870
20.869
20.922
21.049
21.020

280.38
279.68
281.27
280.87

12.620
11.570
11.564
11.588
11.607
»9.052

34.528
26.252
26.264
26.315
26.340
26,381

Official
.4671

Free

1954—October
November
December.

20.935
20.920
20.863

.4354
4354
.4354

.2856
.2856
.2856

23.838
23.838
23.838

20.938
20.922
20.863

279.72
279.45
278.74

8.005
8.005
8.006

26.267
26.290
26.346

1955—January
February
March
April
May
June
July
August
September

20.843
20.834
20.892
20.930
20.927
20 877
20.847
20 861
20.852

.4354
4354
.4354
.4354
.4354
.4354
.4354
.4354
4354

.2856
.2856
.2856
.2856
.2856
.2856
.2856
.2856
.2856

23.838
23.838
23.838
23.834
23.744
23.733
23.732
23.729
23.726

20.843
20.834
20.892
20.930
20.927
20.877
20.847
20.861
20.852

278.52
278.36
279.14
279.65
279.59
278.98
278.50
278.67
278.58

8.006
8.006
8.006
8.006
8.006
8.006
8.006
8.006
8.006

26.349
26.290
26.297
26.307
26.302
26.228
26.166
26.127
26.148

New
Zealand
(pound)

Norway
(krone)

PhilipPortupine
gal
Republic (escudo)
(peso)

South
Africa
(pound)

Sweden
(krona)

Switzerland
(franc)

United
Kingdom
(pound)

1949
1950
1951
1952
1953
1954

365.07
277.28
277.19
276.49
278.48
278.09

18.481
14.015
14.015
14.015
14.015
14.008

49.723
49.621
49.639
49.675
49.676
49.677

3.8800
3.4704
3.4739
3.4853
3.4887
3.4900

366.62
278.38
278.33
278.20
280.21
279.82

25.480
19.332
19.327
19.326
19.323
19.333

23.314 . 368.72
23.136
280.07
23.060
279.96
23.148
279.26
23.316
281.27
23.322
280.87

1954—October
November.......
December

276.95
276.68
275.98

14.008
14.008
14.008

49.677
49.677
49.677

3.4900
3.4900
3.4900

278.68
278.40
277.69

19.333
19.333
19.333

23.320
23.328
23.335

279.72
279.45
278.74

1955—January
February
March
April
May..... . . . . . .
June
July
August
September

275.76
275.60
276.38
276.88
276.82
276.22
275.74
275.91
275.82

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

277.48
277.32
278.10
278.61
278.54
277.94
277.45
277.62
277.54

19.333
19.333
19.333
19.333
19.333
19.333
19.333
19.333
19.333

23.326
23.319
23.329
23.330
23.333
23.335
23.332
23.331
23.334

278.52
278.36
279.14
279.65
279.59
278.98
278.49
278.66
278.58

Year or month

Uruguay 4
(peso)

65.830
65.833
65.833
65.833
65.833

56.180
56.180
56.180
56.180
56.180

42.553
42.553
42.553
42.553
42.553

1
2

Based on quotations through Aug. 13, 1954.
Based on quotations beginning Apr. 1, 1954.
SThe
Mexican peso was devalued, effective Apr. 19, 1954, from a par value of 8.65 to 12.50 pesos per U. S. dollar.
4
For figures on free rate for the period Feb. 10-Dec. 4, 1953, inclusive, see BULLETIN for December 1954, p. 1333. The average for this
period was 34.217.
NOTE.—For back figures, see Banking and Monetary Statistics, Table 173, pp. 662-682. For description of statistics, see pp. 572-573 in same
publication, and for further information concerning rates and averages for previous years, see BULLETIN for December 1954, p. 1333.

OCTOBER




1955

1205

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
WHOLESALE PRICES—ALL COMMODITIES
[Index numbers]
United
States
(1947-49
-100)

Year or month

1945
1946
1947
1948
1949
1950
1951
1952 .
1953
1954

69

1954—August
October
December
19 55—-~January
February
March
April
May

..
....

June

Mexico
(1939100)

132

United
Kingdom
(1930 100)

199

(1938100)

330

20
34
52
89
100
108
138
145
138
136

5 159
5,443
5,169
4,897
5,581
5,270
5,250
5,293

169

139
163
193
198
211
240

229
242
260
285
311
386

175
192
219
230
262
320

112
110

226
221

400
393

328
328

Netherlands
(1948100)

Sweden
(1935 =
100)

16
48
128
209
246
343

100
104
117
143

186
199
214
216
227
299

200
208
217
206
203
227

349
352

140
134

317
298

136

297

220
213

4

Switzerland
(Aug. 1939
-100)

194

205

110

217

ill
110
110
110
110

216
215
214
215
215

441
439
450
454
460

329
329
329
331
336

136
135
134
135
135

5,261
5,267
5,276
5,320
5,350

342
344
343
346
344

134
134
136
136
136

296
295
296
298
299

214
215
215
216
217

110
110
110
111

216
217
217
219

463
468
478
483

337
338
335
334

138
137
136
136

300
302
304
305

216
215
215
215

218

482
485

5,353
5,322
5,317
5,325
5,328
'•5,321
5,292

345
346
348
344

110

136
135
135
135
137
133
P133
*>135

307

214

308

215
215

111

429

Japan
(1934-36
average

Italy

France
(1949 »
100)

79
96
104
99
103
115

110
111

July
August

Canada
(1935-39
-100)

219
218

333

336
P342
P343

220

349

342

136

339
341

136
136

214

P313

215

r

^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
llndexes for groups included in total index above]
Canada
(1935-39-100)

United States
(1947-49 «ioo)
Year or month

Other
Farm
Processed commodFarm
products
foods
products
ities
72

1945
1946
1947
1948
1949
1950
1951
1952
1953
1954

.. .

1954—August
September
....
October
November
December .
i o 55——Tanuarv

February
Miarch
April
May
June
July
August

83
100

n.a.
n.a.
98

71
78
95

166
180
192

United Kingdom
(1930 = 100)

Raw and Fully and
partly
chiefly
manumanufactured factured
goods
goods
136
140
164

130
138
162

Industrial raw
products

Industrial
finished
products

100
101

100
108

100
104

112

122
129

128

171
166

116

123

156

132

155

134

304
302
301

116
116
122

156
156
156

135
135
135

305

124

156

135

Foods

158
158
165

107
93

106
96

103
101

232
229

196
197

192
199

181
197

98

100

105

237

213

211

221

113
107

111
109

97

105

116
113
114

269
250

238
219

242
231

222

207

229

247
284
307

308

Industrial
products

175
184
207
242
249
286
J>352

Foods

124

143
135

115

210

205

106
106
104

114
114
115

208
205
202

205
203
201

222
223
222

93

104

104

115

204

202

222

90

222

315

93

104

115

207

205

222

315

123

158

139

93
92
94

103
102
103

116
116
116

207
204
213

208
206
210

223
224
224

311
303
301

120
117
116

158
158
159

139
138
138

213
212

210
210

96

105

96
94
93

115

91
92

102
104

116
116

90
88

103
102

117
118

205

210
205

204

210
211

224

Netherlands
(1948 -100)

123

156

223
224

298
305

116
117

159
160

224
225

313
P306

116

161

136

138
138
137

n.a. Not available.
^Preliminary.
NOTE.—For sources and references concerning changes in the structure of price indexes for various countries, see BULLETIN for December
1952, p. 1356.

1206




FEDERAL RESERVE BULLETIN

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued
CONSUMERS' PRICE INDEXES
Food

All items

Year or month

1947
1948
1949
1950
1951
1952
1953
1954

United
Kingdom
(Jan.
15,1952
= 100)

United
States
(1947-49
= 100)i

Canada
(1949
= 100)

96
103
102
103
111
114
114
115

85
97
100
103
114
116
115
116

77
82
84
86
95
103
106
108

57
90
100
111
130
145
144
143

. .

. .

France
(1949
= 100)

Switzerland
(Aug.
1939 =
100)

United
States

United
King- France
dom
(1949
(Jan.
15,1952 = 100)
= 100)

Switzerland
(Aug.
1939 =
100)

(1947-49
=100)i

Canada
(1949
= 100)

100
101
101
105

158
163
162
159
167
171
170
171

96
104
100
101
113
115
113
113

100
103
117
117
113
112

67
72
76
82
91
105
112
114

57
92
100
111
128
141
137
135

100
103
104
108
108

190

109
108

191
192
192

Netherlands
(1951
= 100)2

Netherlands
(1951
= 100)2

170
176
174
176
181
184
184
188

1954—August
September
October
November
December

115

117

108

142

105

172

114

114

116

132

115
115

117
117

108
109

143
143

106
105

172
173

112
112

114
114

115
116

134
134

115

117

109

144

106

173

111

113

117

135

108

114

117

110

145

106

173

110

113

118

136

109

192

1955—January
February
March
April
May

114

116

110

145

107

172

111

112

119

137

112

190

114
114
114
114
114
115
115

116
116
116
116
116
116
116

110
110
111
111
113
113
113

145
145
145
146
145
143

107
107
106
106
107
107
106

172
172
172
172
172
172
173

111
111
111
111
111
112
111

112
111
111
112
111
112
112

119
119
120
120
125
126
122

136
136
136
137
136
133
133

111
111
109
109
112
112

189
189
189
189
189
189
190

June
July
August

P143

^Preliminary.
1
These series are the revised indexes, reflecting, beginning January 1953, the inclusion of some new series and revised weights. Prior to January 2 1953 indexes are based on the "interim adjusted" and "old" indexes, converted to the base 1947-49 = 100.
In February 1955 the base period for this index was changed from 1949 = 100 to 1951 = 100.
NOTE.—For sources and references concerning changes in the structure of price indexes for various countries (except the United States), see
BULLETIN for December 1952, p. 1357.

SECURITY PRICES
[Index numbers except as otherwise specified]
Common stocks

Bonds
Year or month

Number of issues. . .

United
States
(high
grade) l

Canada
(1935-39
= 100)

United
Kingdom
(December
1921 = 100)
87

17

France
(1949
=100)
60

Netherlands 2
14

United
States
(1935-39
= 100)
480

Canada
(1935-39
= 100)
99

United
France
Kingdom
(1926 = 100) (1949 = 100)
278

Netherlands
(1953
= 100)3

295

26

1948
1949
1950
1951
1952
1953
1954

118.3
121.0
121.9
117.7
115.8
112.1
117.2

105.0
107.6
109.6
95.7
86.1
83.6
98.6

129.9
126.5
121.2
117.6
108.3
112.0
117.4

106.4
100.0
99.8
101.4
111.1
113.5
116.4

107.1
106.8
106.7
86.9
85.6
100.2
103.2

124.4
121.4
146.4
176.5
187.7
189.0
226.7

112.5
109.4
131.6
168.3
173.1
160.3
181.2

92.0
87.6
90.0
97.1
91.1
92.2
99.8

100
90
112
143
159
214

113
102
102
101
91
100
125

1954—August
September. . .
October
November. . .
December....

117.8
117.6
117.5
117.4
117.0

102.8
102.1
101.9
101.2
101.1

119.7
118.9
119.4
119.7
118.1

116.6
116.4
117.6
119.6
120.1

102.7
103.4
104.3
106.3
108.3

236.4
238.5
243.5
252.2
264.5

187.0
189.5
190.2
199.5
206.8

101.7
102.1
103.8
105.3
106.1

221
234
240
260
271

128
130
134
141
141

1955—January
February.. . .
March
April
May
June
July
August

116.7
115.7
115.4
115.3
114.7
114.5
114.3
113.2

100.3
103.3
104.3
105.0
104.0
104.5
103.5
98.5

117.7
114.9
112.5
114.7
111.2
111.2
111.3
108.6

121.0
122.4
124.3
126.6
127.1
127.4
127.9

105.9
105.0
106.9
106.6
107.6
107.6
107.3
105.0

268.8
278.1
277.5
286.2
285.0
300.7
315.3
311.0

207.3
214.7
213.7
216.5
222.1
237.1
246.5
245.3

109.1
110.0
106.7
108.6
109.5
113.2
114.4
112.2

282
290
308
337
301
288
297

141
142
147
150
152
154
166
172

1
Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond.
2
Represents the reciprocals of average yields. The average yield in the base period (January-March 1937) was 3.39 per cent.
3

For a detailed description of this weighted index, which replaces the series of monthly averages, see Maandstatistiek van het financiewezen
for April 1955, p. 115.
NOTE.—For sources and references concerning changes in the structure of price series for various countries, see BULLETIN for December
1952, p. 1357.

OCTOBER




1955

1207

BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
W M . MCC. MARTIN, JR., Chairman

C. CANBY BALDERSTON, Vice Chairman
M . S. SZYMCZAK

JAMES K. VARDAMAN, JR.

A. L. MILLS, JR.
J. L. ROBERTSON

ELLIOTT THURSTON, Assistant to the Board
WOODLIEF THOMAS, Economic Adviser to the Board

CHAS. N. SHEPARDSON

WINFIELD W. RIEFLER, Assistant to the Chairman
ALFRED K. CHERRY, Legislative Counsel

Special Assistant to the Board, CHARLES MOLONY
OFFICE OF THE SECRETARY
S. R. CARPENTER, Secretary
MERRITT SHERMAN, Assistant Secretary
KENNETH A. KENYON, Assistant Secretary
CLARKE L. FAUVER, Assistant Secretary

LEGAL DIVISION
GEORGE B. VEST, General Counsel
FREDERIC SOLOMON, Assistant General Counsel
HOWARD H. HACKLEY, Assistant General Counsel
DAVID B. HEXTER, Assistant General Counsel
G. HOWLAND CHASE, Assistant General Counsel
DIVISION OF RESEARCH AND STATISTICS

DIVISION OF BANK OPERATIONS
ROBERT F. LEONARD, Director

J. E. HORBETT, Associate Director
LOWELL MYRICK, Assistant Director
GERALD M. CONKLING, Assistant Director
JOHN R. FARRELL, Assistant Director
DIVISION OF EXAMINATIONS
GEORGE S. SLOAN, Director
C. C. HOSTRUP, Assistant Director
FRED A. NELSON, Assistant Director
ARTHUR H. LANG, Chief Federal Reserve Examiner
ROBERT C. MASTERS, Assistant Director
GLENN M. GOODMAN, Assistant Director
HENRY BENNER, Assistant Director

DIVISION OF PERSONNEL ADMINISTRATION

RALPH A. YOUNG, Director
EDWIN J. JOHNSON, Director
FRANK R. GARFIELD, Adviser on Economic Research
H. FRANKLIN SPRECHER, JR., Assistant Director
KENNETH B. WILLIAMS, Assistant Director
DIVISION OF ADMINISTRATIVE SERVICES
SUSAN S. BURR, Assistant Director
LISTON P. BETHEA, Director
GUY E. NOYES, Assistant Director
JOSEPH E. KELLEHER, Assistant Director
ALBERT R. KOCH, Assistant Director

DIVISION OF INTERNATIONAL FINANCE
ARTHUR W. MARGET, Director
LEWIS N. DEMBITZ, Assistant Director

FEDERAL OPEN
MARKET COMMITTEE
WM. MCC. MARTIN, JR., Chairman
ALLAN SPROUL,
C. CANBY BALDERSTON
C. E. EARHART
W. D. FULTON
W. H. IRONS
HUGH LEACH

Vice Chairman

A. L. MILLS, JR.
J. L. ROBERTSON
CHAS. N. SHEPARDSON
M. S. SZYMCZAK
JAMES K. VARDAMAN, JR.

WINFIELD W. RIEFLER, Secretary
ELLIOTT THURSTON, Assistant Secretary
GEORGE B. VEST, General Counsel
FREDERIC SOLOMON, Assistant General Counsel
WOODLIEF THOMAS, Economist

J. DEWEY DAANE, Associate Economist
L. MERLE HOSTETLER, Associate Economist
MORGAN H. RICE, Associate Economist

OFFICE OF DEFENSE LOANS
GARDNER L. BOOTHE, II, Administrator
OFFICE OF THE CONTROLLER
EDWIN J. JOHNSON, Controller
M. B. DANIELS, Assistant Controller

FEDERAL
ADVISORY COUNCIL
WILLIAM D. IRELAND,

BOSTON DISTRICT

HENRY C. ALEXANDER,

N E W YORK DISTRICT

WILLIAM R. K. MITCHELL, PHILADELPHIA DISTRICT
FRANK R. DENTON,

CLEVELAND DISTRICT

ROBERT V. FLEMING,

RICHMOND DISTRICT

Vice President
WALLACE M. DAVIS,

ATLANTA DISTRICT

EDWARD E. BROWN,

CHICAGO DISTRICT

President
W. W. CAMPBELL,

ST. LOUIS DISTRICT

JOSEPH F. RINGLAND,

MINNEAPOLIS DISTRICT

CHARLES J. CHANDLER,

KANSAS CITY DISTRICT

H. V. ROELSE, Associate Economist
O. P. WHEELER, Associate Economist

GEO. G. MATKIN,

DALLAS DISTRICT

RALPH A. YOUNG, Associate Economist

JOHN M. WALLACE,

SAN FRANCISCO DISTRICT

ROBERT G. ROUSE, Manager of System Open

Market Account
1208




HERBERT V. PROCHNOW, Secretary
FEDERAL RESERVE BULLETIN

CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS
Federal Reserve
Bank of

Chairman x
Deputy Chairman

President
First Vice President

Boston....

Harold D. Hodgkinson
Robert C. Sprague

J. A. Erickson
Alfred C. Neal

Robert B. Harvey 3 Carl B. Pitman
E. O. Latham
O. A. Schlaikjer

New York.

Jay E. Crane
Forrest F. Hill

Allan Sproul
William F. Treiber

H. A. Bilby
John Exter
H. H. Kimball
A. Phelan
H. V. Roelse

Robert G. Rouse
T. G. Tiebout
V. Willis
R. B. Wiltse
J. H. Wurts

Philadelphia...

William J. Meinel
Henderson Supplee, Jr.

Alfred H. Williams
W. J. Davis

Karl R. Bopp
Robert N. Hilkert
E. C. Hill
Wm. G. McCreedy

P. M. Poor man
J. V. Vergari
Richard G. Wilgus 2

Cleveland.

John C. Virden
Sidney A. Swensrud

W. D. Fulton
Donald S. Thompson

Dwight L. Allen
Roger R. Clouse
G. H.Emde 2
A. H. Laning

Martin Morrison
H. E. J. Smith
Paul C. Stetzelberger

Richmond.

John B. Woodward, Jr.
Hugh Leach
Alonzo G. Decker, Jr.
Edw. A. Wayne

N. L. Armistead
Aubrey N. Heflin
Upton S. Martin
J. M. Nowlan 2

James M. Slay
C. B. Strathy
Chas. W. Williams

Atlanta.

Rufus C. Harris
Harllee Branch, Jr.

Malcolm Bryan
Lewis M. Clark

V. K. Bowman
L. B. Raisty
J. E. Denmark 3
Earle L. Rauber
John L. Liles, Jr.
S. P. Schuessler
Harold T. Patterson

Chicago.

John S. Coleman
Bert R. Prall

C. S. Young
E. C. Harris

Neil B. Dawes
W. R. Diercks
L. H. Jones 2
L. G. Meyer

St. Louis.

M. Moss Alexander
Caffey Robertson

Minneapolis

Leslie N. Perrin
O. B. Jesness

Kansas City...

Raymond W. Hall

Delos C. Johns
Wm. J. Abbott, Jr.
Frederick L. Deming Dale M. Lewis
Wm. E. Peterson
O. S. Powell
C. W. Groth
A. W. Mills
E. B. Larson3
H. G, McConnell
H. G. Leedy
John T. Boysen 3
Clarence W. Tow
Henry O. Koppang

Dallas.

Robert J. Smith
Hal Bogle

Watrous H. Irons
W. D. Gentry

San Francisco.

A. H. Brawner
Y. Frank Freeman

C. E. Earhart
H. N. Mangels

Vice Presidents

(Vies Presidents in charge of branches are listed in
lower section of this page)

E. B. Austin
W. H. Holloway3
T. W. Plant
E. R. Millard
H. F. Slade

George W. Mitchell
A. L. Olson
Alfred T. Sihler
W. W. Turner
H. H. Weigel
J. C. Wotawa
Otis R. Preston
M. H. Strothman, Jr.
Sigurd Ueland
E. D. Vanderhoof
D. W. Woolley
L. G. Pondrom
Morgan H. Rice
Harry A. Shuford
Eliot J. Swan 3
O. P. Wheeler

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

1955

I. B. Smith
R. G. Johnson
J. W. Kossin
D. F. Hagner
R. L. Cherry
H. C. Frazer
T. A. Lanford
R. E. Moody, Jr.
M. L. Shaw
R. A. Swaney
Fred Burton
V. M. Longstreet
Darryl R. Francis
2

Cashier.

8

Federal Reserve
Bank of

Branch

Vice Presidents

Minneapolis

Helena

Kyle K. Fossum

Kansas City

Denver
Oklahoma City
Omaha

Cecil Puckett
R. L. Mathes
P. A. Debus

Dallas

El Paso
Houston
San Antonio

C. M. Rowland
J. L. Cook
W. E. Eagle

San Francisco.... Los Angeles
Portland
Salt Lake City
Seattle

W. F. Volberg
J. A. Randall
W. L. Partner
J. M. Leisner

Also Cashier.

1209

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.
pages.

RESERVE

HISTORICAL

TO

FEDERAL

RESERVE

BUSINESS. Issued annually in September. Annual subscription to monthly chart book includes
one issue of Supplement. In the United States
and countries listed under Federal Reserve Bulletin on this page, single copies 60 cents each
or in quantities of 10 or more for single shipment
50 cents each; elsewhere 70 cents per copy.

SYSTEM—PURPOSES AND

Revised edition.

SUPPLEMENT

CHARTS ON BANK CREDIT, MONEY RATES, AND

July 1954. 224
BANKING AND MONETARY STATISTICS.

ANNUAL REPORT of the Board of Governors of the

Federal Reserve System. Issued each year.
FEDERAL RESERVE BULLETIN. Issued monthly. Sub-

Statistics of

banking, monetary, and other financial developments. November 1943. 979 pages. $1.50 per
copy. No charge for individual sections (unbound).
A

STATISTICAL STUDY OF REGULATION V

LOANS.

September 1950. 74 pages. 25 cents per copy;
scription price in the United States and its posin
quantities of 10 or more copies for single
sessions, Bolivia, Canada, Chile, Colombia, Costa
shipment,
15 cents each.
Rica, Cuba, Dominican Republic, Ecuador,
Guatemala, Haiti, Republic of Honduras, Mexico,
Nicaragua, Panama, Paraguay, Peru, El Salvador, T H E DEVELOPMENT OF BANK DEBITS AND CLEARUruguay, and Venezuela is $6.00 per annum or
INGS AND THEIR U S E IN ECONOMIC ANALYSIS.
January 1952. 175 pages. 25 cents per copy; in
60 cents per copy; elsewhere $7.00 per annum or
quantities of 10 or more copies for single ship70 cents per copy. Group subscriptions in the
ment, 15 cents each.
United States for 10 or more copies to one address, 50 cents per copy per month, or $5.00
for 12 months.
T H E FEDERAL RESERVE ACT, as amended to November 1, 1946, with an Appendix containing provisions of certain other statutes affecting the
FEDERAL RESERVE CHARTS ON BANK CREDIT, MONEY
Federal Reserve System. 372 pages. $1.00 per
RATES, AND BUSINESS. Issued monthly. Annual
cloth-bound copy.
subscription includes one issue of Historical Supplement listed on this page. Subscription price
in the United States and the countries listed above RULES OF ORGANIZATION AND RULES OF PROCEDURE
—Board of Governors of the Federal Reserve
is $6.00 per annum, 60 cents per copy, or 50
System (with Amendments). September 1946.
cents each in quantities of 10 or more of a par31 pages.
ticular issue for single shipment; elsewhere $7.00
per annum or 70 cents per copy.
REGULATIONS OF THE BOARD OF GOVERNORS OF THE

*A more complete list, including periodic releases and
reprints, appeared on pp. 736-39 of the June 1955 BULLETIN.

1210




FEDERAL RESERVE SYSTEM. Individual regulations

with amendments and supplements thereto.

FEDERAL RESERVE BULLETIN

FEDERAL RESERVE BOARD
REPRINTS

USE OF MONETARY INSTRUMENTS SINCE MID-1952.

December 1954. 8 pages.

(From Federal Reserve Bulletin unless preceded by an asterisk)

THE

PUBLICATIONS

MONETARY SYSTEM OF THE UNITED STATES.

DIRECTLY PLACED FINANCE COMPANY PAPER.

De-

cember 1954. 8 pages.

February 1953. 16 pages.

CREDIT AND MONETARY EXPANSION IN 1954.
INFLUENCE OF CREDIT AND MONETARY MEASURES

Feb-

ruary 1955. 8 pages.

ON ECONOMIC STABILITY. March 1953. 16 pages.
T H E FEDERAL BUDGET FOR 1956.
FEDERAL FINANCIAL MEASURES FOR ECONOMIC STA-

BILITY.

May 1953. 7 pages.

BANKING AND MONETARY STATISTICS, 1954.

REVISION OF CONSUMER CREDIT STATISTICS.

1953.

April

n

19 pages.

February 1955.

11 pages.

^DETAILED DESCRIPTION OF SOURCES AND METHODS
USED IN REVISION OF SHORT- AND INTERMEDIATE-

(Se-

lected series of banking and monetary statistics
for 1954 only) February and May 1955. 12
pages.
DOLLAR

FLOWS

AND INTERNATIONAL

FINANCING.

March 1955. 8 pages.

TERM CONSUMER CREDIT STATISTICS (supplemen-

SEASONAL ADJUSTMENT FACTORS FOR DEMAND D E -

tary details for item listed above), April 1953.
25 pages.

POSITS ADJUSTED AND CURRENCY OUTSIDE BANKS,

FEDERAL

RESERVE

BANK

RESPONSIBILITIES.

May

1953. 5 pages.

March 1955. 4 pages.
UNITED STATES BANKS AND FOREIGN TRADE F I N AN C

ING. April 1955. 11 pages.
BANKERS' ACCEPTANCE FINANCING IN THE UNITED

UNITED STATES POSTWAR INVESTMENT IN LATIN

AMERICA. May 1953. 6 pages.

STATES.

May 1955. 13 pages.

1955 SURVEY OF CONSUMER FINANCES—From March,

WARTIME AND POSTWAR CREDIT DEMANDS OF LARGE

CORPORATIONS. July 1953. 12 pages.

May, June, and August issues of BULLETIN. 52
pages. (Also, similar Surveys are available for
most earlier years from 1947, 1948, 1949, 1950,
1951, 1952, 1953, and 1954 BULLETINS.)

DEPARTMENT STORE SALES AND STOCKS, BY MAJOR

DEPARTMENTS (Revised
1953. 65 pages.

Indexes)

November

ESTIMATES OF CONSUMER INSTALMENT CREDIT EX-

TENDED AND REPAID, 1929-1939.

June 1955. 8

pages.

FEDERAL RESERVE MONTHLY INDEX OF INDUSTRIAL

PRODUCTION, 1953 Revision. December 1953. 96
pages.
EXTENSIONS AND REPAYMENTS OF CONSUMER IN-

STALMENT CREDIT. January 1954. 14 pages.

FINANCING OF LARGE CORPORATIONS IN 1954.

June

1955. 8 pages.
SELECTED LIQUID ASSET HOLDINGS OF INDIVIDUALS

AND BUSINESSES. July 1955. 2 pages. (Also,
similar article from July 1954 BULLETIN)
CREDIT AND MONEY IN 1955. July 1955. 8 pages.

N E W INDEXES OF OUTPUT OF CONSUMER DURABLE

GOODS. May 1954. 15 pages, (Also, similar reprint from October 1951 BULLETIN)

T H E BALANCE SHEET OF AGRICULTURE, 1955.

Au-

gust 1955. 10 pages.
A FLOW-OF-FUNDS SYSTEM OF NATIONAL ACCOUNTS,

THE

PRIVATE DEMAND FOR GOLD, 1931-53.

Sep-

tember 1954. 10 pages.
RECENT FINANCIAL CHANGES IN WESTERN GER-

MANY. October 1954. 10 pages.
OCTOBER 1955




ANNUAL ESTIMATES, 1939-54. October 1955. 40

pages.
BALANCE OF INTERNATIONAL PAYMENTS IN 1954-55.

October 1955. 8 pages.

1211

FEDERAL RESERVE SYSTEM
BOUNDARIES OF FEDERAL RESERVE DISTRICTS
AND THEIR BRANCH TERRITORIES

w
W




•===. BOUNDARIES OF FEDERAL RESERVE DISTRICTS
BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES
-fa BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
®
FEDERAL RESERVE BANK CITIES
•
FEDERAL RESERVE BRANCH CITIES

DECEMBER I, 1954
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

INDEX TO STATISTICAL TABLES
Acceptances, bankers', 1148, 1153
Agricultural loans of commercial banks, 1144
Agriculture, Govt. agency loans, 1150, 1151
Assets and liabilities (See also Foreign liabilities and
claims reported by banks):
Banks and the monetary system, consolidated, 1140
Corporate, current, 1162
Domestic banks, by classes, 1141, 1144, 1146
Federal Reserve Banks, 1135, 1136, 1137
Foreign banks, 1198, 1204
Govt. corporations and credit agencies, by type and
agency, 1150, 1151
Automobiles:
Consumer instalment credit, 1166, 1167, 1168
Production index, 1171, 1174
Bankers' balances, 1145, 1147
(See also Foreign liabilities and claims reported by banks)
Banks and the monetary system, consolidated statement, 1140
Bonds (See also U. S. Govt. securities):
New issues, 1160, 1162
Prices and yields, 1152, 1153, 1207
Brokers and dealers in securities, bank loans to, 1144, 1146
Business expenditures on new plant and equipment, 1162
Business indexes, 1169
Business loans (See Commercial and industrial loans)
Capital accounts:
Banks, by classes, 1141, 1145, 1147
Federal Reserve Banks, 1135, 1136
Carloadings, 1169, 1178
Central banks, foreign, 1196, 1198, 1203
Coins, circulation of, 1139
Commercial banks:
Assets and liabilities, 1141, 1144, 1204
Consumer loans held, by type, 1167
Number, by classes, 1141
Real estate mortgages held, by type, 1163
Commercial and industrial loans:
Commercial banks, 1144
Weekly reporting member banks, 1146, 1148
Commercial paper, 1148, 1153
Commodity Credit Corporation, loans, etc., 1150, 1151
Conditions statements (See Assets and liabilities)
Construction, 1169, 1177, 1178
Consumer credit:
Instalment credit, 1166, 1167, 1168
Major parts, 1166
Noninstalment credit, by holder, 1167
Ratio of collections to accounts receivable, 1168
Consumer durable goods output indexes, 1174
Consumer price indexes, 1169, 1184, 1207
Consumption expenditures, 1186, 1187
Corporate sales, profits, taxes, and dividends, 1161, 1162
Corporate security issues, 1160, 1162
Corporate security prices and yields, 1152, 1153, 1207
Cost of living (See Consumer price indexes)
Customer credit, stock market, 1152
Debits to deposit accounts, 1138
Demand deposits:
Adjusted, banks and the monetary system, 1140
Adjusted, commercial banks, by classes, 1145
Banks, by classes, 1141, 1147
Type of holder, at commercial banks, 1145
Department stores:
Merchandising data, 1180
Sales, 1169, 1179, 1180, 1181, 1182
Stocks, 1179, 1182
OCTOBER




1955

Deposits (See also specific types of deposits):
Adjusted, and currency, 1140
Banks, by classes, 1141, 1145, 1147
Federal Reserve Banks, 1135, 1136, 1194
Postal savings, 1132, 1138, 1140
Turnover of, 1138
Deposits, reserves, and borrowings, by class of member
bank, 1134
Discount rates, 1133, 1203
Discounts and advances by Federal Reserve Banks, 1131, 1135
Dividends, corporate, 1161, 1162
Dollar assets, foreign, 1194, 1195
Dwelling units started, 1178
Earnings and expenses, member banks, 1188
Earnings and hours, manufacturing industries, 1169, 1175
Employment, 1169, 1174, 1176
Export-Import Bank, loans, etc., 1150, 1151
Farm mortgage loans, 1150, 1163, 1164
Federal Deposit Insurance Corporation, assets, etc., 1150,
1151
Federal home loan banks, loans, etc., 1150, 1151, 1165
Federal Housing Administration,
loans, etc., 1150, 1151, 1163, 1164, 1165
Federal National Mortgage Association,
loans, etc., 1150, 1151, 1165
Federal Reserve Banks:
Condition statement, 1135, 1136
U. S. Govt. securities held by, 1131, 1135, 1136, 1158,
1159
Federal Reserve credit, 1131, 1135, 1136
Federal Reserve notes, 1135, 1136, 1137, 1139
Finance company paper, 1148, 1153
Foreign central banks, 1196, 1198, 1203
Foreign commercial banks, 1204
Foreign deposits in U. S.
banks, 1131, 1135, 1136, 1140, 1145, 1147
Foreign exchange rates, 1205
Foreign liabilities and claims reported by banks, 1190, 1192,
1194
Foreign trade, 1178
General fund balance, 1154
Gold:
Earmarked, 1197
Net purchases by U. S., 1197
Production, 1194, 1197
Reserves of central banks and governments, 1196
Reserves of foreign countries and international
institutions, 1195
Stock, 1131, 1140, 1197
Gold certificates, 1135, 1136, 1137, 1139
Govt. agencies, assets and liabilities, by type
and agency, 1150, 1151
Govt. debt (See U. S. Govt. securities)
Gross national product, 1186, 1187
Home owners, Govt. agency loans, 1150, 1151
Hours and earnings, manufacturing industries, 1169, 1175
Industrial advances by Federal Reserve
Banks, 1133, 1135, 1136, 1137
Industrial production indexes, 1169, 1170, 1174
Instalment loans, 1166, 1167, 1168
Insurance companies, 1149, 1158, 1159, 1164
Insured commercial banks, 1143, 1144
Interbank, deposits, 1141, 1145, 1147

1213

INDEX TO STATISTICAL TABLES—Continued
Interest rates:
Bond yields, 1153
Business loans by banks, 1153
Federal Reserve rates, 1133
Foreign countries, 1203
Open market, 1153, 1203
Regulation V loans, 1138
Stock yields, 1153
Time deposits, maximum rates, 1132
Internal revenue collections, 1155
International capital transactions of the U. S., 1190
International financial institutions, 1195, 1196, 1198
Inventories, 1187
Investments (See also specific types of investments):
Banks, by classess, 1141, 1144, 1146
Federal Reserve Banks, 1135, 1136
Govt. agencies, etc., 1150, 1151
Life insurance companies, 1149
Savings and loan associations, 1149
Labor force, 1176
Loans (See also specific types of loans):
Banks, by classes, 1141, 1144, 1146
Federal Reserve Banks, 1131, 1133, 1134, 1135, 1136,
1137
Govt. agencies, etc., 1150, 1151
Insurance companies, 1149, 1164
Savings and loan associations, 1149, 1164
Loans insured or guaranteed, 1137, 1163, 1164, 1165
Manufacturers, production indexes, 1169, 1170, 1174
Margin requirements, 1132
Member banks:
Assets and liabilities, by classes, 1141, 1144
Borrowings at Federal Reserve Banks, 1131, 1134
Deposits and reserves, by classes, 1134
Earnings and expenses, 1188
Number, by classes, 1141
Reserve requirements, by classes, 1133
Reserves and related items, 1131
Weekly reporting series, 1146
Minerals, production indexes, 1169, 1170
Money in circulation, 1131, 1139
Money rates (See Interest rates)
Mortgages (See Real estate loans)
Mutual savings banks, 1140, 1141, 1143, 1158, 1159, 1163
National banks, 1143
National income, 1186
National security expenditures, 1154, 1187
Nonmember banks, 1135, 1143, 1144
Payrolls, manufacturing, index, 1169
Personal income, 1187
Postal Savings System, 1132, 1138, 1140
Prices:
Consumer, 1169, 1184
Foreign, 1206, 1207
Security, 1152
Wholesale commodity, 1169, 1184
Production, 1169, 1170, 1174
Profits, corporate, 1161, 1162
Real estate loans:
Commercial banks, 1144, 1146, 1163
Type of mortgage holder, 1163, 1164, 1165
Types of property mortgaged, 1163, 1164, 1165

1214




Regulation V, loan guarantees, 1137, 1138
Reserve requirements, member banks, 1133
Reserves:
Commercial banks, 1145
Federal Reserve Banks, 1135, 1136
Foreign central banks and governments, 1196
Foreign countries and international institutions, 1195
Member banks, 1131, 1134, 1135, 1136, 1145, 1147
Residential mortgage loans, 1163, 1164, 1165
Sales finance companies, consumer loans of, 1166, 1167
Savings, 1186
Savings bonds, sales and redemptions, 1157
Savings deposits (See Time deposits)
Savings institutions, principal assets, 1149
Savings and loan associations, 1149, 1164
Securities, international transactions, 1193, 1194
Security issues, 1160, 1162
Silver coin and silver certificates, 1139
State member banks, 1143
State and municipal securities:
New issues, 1160
Prices and yields, 1152, 1153
States and political subdivisions:
Deposits of, 1145, 1147
Holdings of U. S. Govt. securities, 1158
Ownership of obligations of, 1144, 1149
Stock market credit, 1152
Stocks:
New issues, 1160
Prices and yields, 1152, 1153, 1207
Tax receipts, Federal, 1155
Time deposits, 1132, 1134, 1140, 1141, 1145, 1147, 1204
Treasury cash, 1131, 1140
Treasury currency, 1131, 1139, 1140
Treasury deposits, 1131, 1135, 1136, 1154
Treasury finance:
Cash income, outgo, and borrowing, 1156
General fund balance, 1154
Receipts and expenditures, 1154
Unemployment, 1176
U. S. Govt. balances:
Consolidated monetary statement, 1140
Commercial bank holdings, by classes, 1145, 1147
Treasury deposits at Federal Reserve Banks, 1131, 1135,
1136, 1154
U. S. Govt. securities:
Bank holdings, 1140, 1141, 1144, 1146, 1158, 1159
Federal Reserve Bank holdings, 1131, 1135, 1137, 1158,
1159
International transactions, 1193
New issues, gross proceeds, 1160
Ownership of, 1158, 1159
Prices and yields, 1152, 1153
Volume and kind outstanding, 1157, 1158, 1159
United States notes, outstanding and in circulation, 1139
Veterans Administration, loans, etc., 1150, 1151, 1163, 1164,
1165
Yields (See Interest rates)

FEDERAL RESERVE BULLETIN