Full text of Federal Reserve Bulletin : October 1955
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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 Subscription Price of Bulletin A copy of the Federal Reserve BULLETIN is sent to each member bank without charge. The subscription price in the United States and its possessions, Bolivia, Canada, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, and Venezuela is $6.00 per annum or 60 cents per copy; elsewhere, $7.00 per annum or 70 cents per copy. Group subscriptions in the United States for 10 or more copies to one address, 50 cents per copy per month, or $5.00 for 12 months. 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. 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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. 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(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