Full text of Federal Reserve Bulletin : September 1954
The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
FEDERAL
E S E RVE
BULLETIN
SEPTEMBER 1954
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
FEDERAL RESERVE
September
VOLUME 40
BULLETIN
1954
NUMBER 9
CONSUMER INSTALMENT CREDIT
Consumer instalment credit outstanding
increased somewhat more than seasonally in
June and July, following a decline in the
first quarter of the year, and little change in
April and May when some seasonal expansion is usual. The recent increases were moderate and reflected mainly a rise in the proportion of sales of automobiles and other
consumer durable goods financed with instalment credit. At the end of July outstanding balances totaled an estimated 21.2 billion dollars, about 600 million dollars less
than at the beginning of the year and only
200 million more than in July 1953.
The slight increase in instalment credit
during the past year contrasts sharply with
the rapid growth during most of the postwar period when outstanding balances increased at an average rate of nearly 2.5 billion dollars a year. For many consumers,
particularly in the middle income groups,
the additions to c u r r e n t buying power
through instalment credit made possible
purchases of automobiles and other consumer durable goods that might otherwise
have been delayed or not made at all. In
this way, the expansion of consumer instalment credit over the postwar years was an
important factor contributing to the high
level of consumer expenditures for durable
goods. The declining rate of expansion in
instalment credit outstanding during the
latter part of 1953 and the contraction in early
SEPTEMBER
1954
1954 were associated with some reduction
in the volume of consumer spending for
durable goods, particularly automobiles.
More moderate increase in outstanding instalment credit over the past year has also
been a factor contributing to easier general
credit conditions. Demand for funds on the
part of consumer credit lenders has decreased, and the shift from expansion to liquidation of instalment credit in early 1954
released funds to other users of credit.
EXTENSIONS AND REPAYMENTS OF CREDIT
Changes in outstanding instalment debt
reflect additions to debt through extensions
of new credit to consumers and reductions
in debt through repayments on existing
contracts. From the suspension of Federal
regulation of instalment credit in May 1952
through March 1953, extensions substantially exceeded repayments and outstanding
instalment credit, after allowance for seasonal factors, increased at the rate of about
400 million dollars a month, as shown in the
chart on the following page. During the remainder of 1953, growth in outstanding balances slowed down, as extensions fell and
repayments rose. New credit extended,
seasonally adjusted, reached a peak of
2.6 billion dollars a month in the first
quarter of 1953 and then declined to 2.2
billion in the first quarter of this year.
The contraction was accompanied by a
929 >
CONSUMER
INSTALMENT
CONSUMER INSTALMENT CREDIT
Seasonally adjusted, billions of dollars
3.0
2.5
REPAID
2.0
1.5
NET CHANGE IN
CREDIT OUTSTANDING
1.0
ll.ll
MTN
-.5
1952
1953
NOTE.—Latest figures shown are for July.
1954
further moderate increase in repayments
on outstanding contracts from the firstquarter-1953 average of 2.2 billion dollars a
month.
Extensions dropped below repayments in
January of this year and continued at the
lower level through May. During this period the decline in outstanding instalment
credit averaged about 100 million dollars a
month, after allowance for seasonal factors.
Extensions expanded to a level slightly above
repayments in June and July, and the increase in outstanding balances averaged 60
million dollars.
The volume of instalment credit extended
reflects the over-all demand for automobiles
and other consumer durable goods, the willingness and ability of consumers to borrow,
and the willingness and the ability of lenders
to extend credit. During the past year and
a half, changes in extensions of instalment
credit have apparently reflected changes in
both the availability of credit to consumers
and their willingness to borrow.
930
CREDIT
Several developments in the instalment
credit market during 1953 and early this
year tended to make lenders more cautious
in extending credit to consumers. Difficulties were reported by some lenders in
maintaining collections on instalment accounts during the latter part of 1953, and
delinquencies and repossessions increased
slightly from the very low rates of most of
the postwar period. A decline in prices of
used automobiles, and the accompanying reduction in their value as collateral for instalment loans, led to some concern that repossessions and losses might increase further.
These developments, together with uncertainty regarding the general economic outlook, resulted in more careful screening of
credit applicants by some financing institutions and in some tightening of contract
terms. In the last few months, however,
some lenders have made credit more readily
available and have relaxed terms somewhat.
On the borrower side of the market, consumers in the latter part of 1953 and early
1954, although generally favorable toward
the use of instalment credit, appeared to be
either less willing or less able than formerly
to incur new instalment debt. This is suggested by the changes in financial positions
and attitudes of consumers, as reported in the
Board's Surveys of Consumer Finances taken
early in 1953 and 1954. Although most consumers reported in early 1954 that they
were earning as much, or more, than they
had in 1953, a larger proportion reported
decreases in income, and a smaller proportion
reported increases, than in the previous year's
Survey. The proportion of consumers who
felt in early 1954 that they were worse off
financially than they had been a year earlier
was larger than it was in early 1953, and
consumer expectations with regard to income were also less favorable.
FEDERAL RESERVE BULLETIN
CONSUMER INSTALMENT CREDIT
An increase during 1953 in volume of instalment credit repayments in relation to disposable income suggests that some consumers
had less flexibility in their finances and, accordingly, were less willing to assume new
obligations. Repayments on instalment debt
reached a level at the end of 1953 equal to
about 11 per cent of total disposable personal
income. For those consumers who had instalment debt—about one-half of all families—repayments averaged about one-fifth
of disposable income. Many individuals
whose payments represented a larger-thanaverage proportion of their incomes probably
were unable to assume further obligations
until their outstanding debts were reduced.
The over-all ratio has remained practically
unchanged this year as both repayments and
disposable income have been relatively stable.
INSTALMENT CREDIT AND CONSUMPTION
EXPENDITURES
INSTALMENT CREDIT OUTSTANDING
Billions of dollars
10
1946
1948
1950
1952
1954
NOTE.—Series is not adjusted for seasonal variation.
Latest figure shown is for July.
of this year current buying power was reduced as consumers, on balance, paid off
outstanding instalment debt. Since May a
seasonal rise in instalment credit has contributed moderately to funds available for
consumer expenditures.
The relationship of consumer instalment
credit to total consumer expenditures in
TYPES OF CREDIT
recent months contrasts with most of the
The net effect of instalment credit on topostwar period when rapid credit expansion
contributed to consumers' current purchas- tal consumer expenditures can be measured
ing power. Growth in instalment credit approximately by the change in the amount
balances was almost continuous from the end outstanding. The impact on the market for
of World War II until this year, as shown particular goods, however, may be better inby the accompanying chart. The only im- dicated by the amount of credit extended
portant exception was the emergency period for the purchase of such goods. Repayments
from late 1950 through early 1952, when of instalment credit tend to affect purchasing
the terms of instalment contracts were sub- power in general rather than consumer deject to Federal regulation and production of mand for particular products.
Automobile paper. Credit used for the
some consumer durable goods was limited
by direct controls. For nearly a year after the purchase of automobiles is the largest comsuspension of consumer credit regulation ponent of instalment credit. As the table on
early in May 1952, consumers added about the following page indicates, this type of
400 million dollars a month to their cur- credit has accounted for the major part of
rent buying power by instalment borrowing. the postwar changes in total instalment
After March 1953 this stimulus to sales grad- credit, both the long period of growth and
ually declined, and during the early months the recent decline.
SEPTEMBER
1954
931
CONSUMER INSTALMENT CREDIT
MAJOR COMPONENTS OF INSTALMENT CREDIT
[In millions of dollars]
Average monthly increase, or decrease (—),
during:
Amount
outstanding,
19541
July 31,
1954
1946-53
Type of credit
JuneJuly
Jan.-
21,246
64
-105
201
Automobile paper
10,103
Other consumer goods paper.. 5,094
Repair and modernization
1,566
loans
4,483
Personal loans
43
-9
-92
-30
102
50
—8
38
1
15
16
34
Instalment credit, total
1
May
Adjusted for seasonal variation.
Changes in automobile sales during the
last year and a half have been closely associated with changes in the amount of automobile instalment credit extended; cash sales
have been relatively stable. From a level of
more than 1,200 million dollars in the first
quarter of 1953, instalment credit extensions
for the purchase of automobiles, seasonally
adjusted, declined during the remainder of
the year, as the chart shows. In the first five
EXTENSIONS AND REPAYMENTS
Of INSTALMENT CREDJT
Seasonally adjusted, millions of dollars
1400
OTHfR
CONSUMER GOODS
AUTOMOBILES
EXTENDED
1200
1200
1000
1000
800
EXTENDED
„E
• /y
' REPAID
600
eoo
400
600
1952
1954
1952
NOTE.—Latest figures shown are for July.
932
1954
months of this year extensions were relatively
stable at a level of about 900 million dollars a
month. A moderate rise occurred after May,
but the level was still below that of a year
earlier.
The relative importance of instalment sales
in the market is indicated by the ratio of
instalment credit extended for the purchase
of automobiles to total sales of automobile
dealers. As shown in the chart on the following page, this ratio reached a postwar
high of about 50 per cent after the removal of
credit regulation in 1952 and fluctuated
around that level until the spring of 1953.
The ratio then declined to 37 per cent in
January of this year, continued near this relatively low level until June, and then increased
to nearly 45 per cent in July.
Changes in the ratio of credit extensions
to dealer sales reflected primarily variations
in the proportion of the number of cars
bought on credit. For new cars the proportion of the purchase price covered by
credit changed relatively little. The average
note financed by sales finance companies was
about $1,800 throughout 1953 and gradually
increased this year to about $1,900. On used
car contracts, the average note purchased by
sales finance companies declined gradually
during 1953 from about $1,100 to about $900,
reflecting primarily a decline in used car
prices.
It is estimated that in early 1953 about twothirds of both new and used cars were purchased on credit. During the early part of
this year, however, only slightly more than
half of used cars and less than half of new
cars were bought in this manner. These proportions have increased somewhat in recent
months.
Some easing in the contract terms on automobiles may have contributed to the recent
FEDERAL RESERVE BULLETIN
CONSUMER INSTALMENT CREDIT
increase in the proportion of purchases made
with credit. For new cars, contracts with
somewhat smaller down payments or longer
maturities than the typical one-third down
and 24 months to pay have become more
common. For used cars, an easing in contract terms represents to some extent a return
to the practices that prevailed in early 1953.
Other consumer goods paper. For durable
goods other than automobiles, recent changes
in instalment credit extensions have been
relatively smaller than for automobiles, as
the chart on the preceding page shows. Extensions expanded sharply after May 1952
and remained at a high level through early
1953. The volume declined slightly during
the late spring and summer of 1953 and then
leveled off. Cash sales continued relatively
steady and total sales of these durable goods
so far this year have been only slightly below
the high level of early 1953.
RATIO OF INSTALMENT CREDIT
EXTENDED TO SALES
—
40
—
30
20
1952
1954
1952
1954
NOTE.—Sales data are Department of Commerce estimates of
total retail sales of automobile dealers and total retail saies of
department and mail-order, furniture, household appliance, and
automobile parts and accessory stores. Latest figures shown
are for July.
SEPTEMBER 1954
The relative importance of instalment
sales in this sector of the market is indicated by the ratio of credit extensions for
the purchase of consumer durable goods
other than automobiles to total sales for
those retail stores that dominate the instalment credit area. This ratio declined from
about 36 per cent during the latter part of
1952 and the first half of 1953 to 29 per cent
in December, as is indicated in the accompanying chart. After January it was practically unchanged at about 33 per cent until
July when it increased to a level only slightly
below a year earlier.
Other instalment credit. Repair and modernization loans are a relatively small part of
total instalment credit. The funds they
provide are used primarily for major alterations and repair of homes, but sometimes for
purchases of various items of household
equipment. After several years of almost
uninterrupted growth, the outstanding
amount of these loans has changed little in
recent months. So far this year both extensions and repayments, seasonally adjusted,
have been at a rate of about 100 million dollars a month.
Personal instalment loans differ from
other major types of consumer instalment
credit in that they provide funds for a wider
variety of purposes, including consolidation
of consumer debts, payment of medical expenses, and occasional purchases of consumer goods where the commodity is not
used as security. Over the past ten years
growth in this type of credit has been gradual
and practically uninterrupted. Outstanding
balances as a proportion of disposable personal income have trebled. Personal loans
are now being extended at an estimated 600
million dollars a month while repayments
are running slightly below this level.
933
CONSUMER INSTALMENT CREDIT
FINANCING INSTITUTIONS
DISTRIBUTION OF INSTALMENT CREDIT HOLDINGS
Instalment credit is extended by a variety
Percentage distribution
Amount
July 31,
of financial institutions and retail organiza1954
Type of institution
(million July 31, July 31, Change
1953 to
tions. Retail stores and automobile dealers
1954
1953
dollars)
1954
write the major proportion of all instalment
100.0
100.0
21,246
contracts. Most contracts, however, are in All institutions, total
8,379
39.4
42.0
-2.6
Commercial banks
6,189
29.1
Sales finance companies.
27.7
+ 1.4
turn sold to commercial banks or sales fiCredit unions
1,165
5.5
4.7
+ .8
Other financial institunance companies, and only a relatively small
tions
2,465
11.6
11.3
+ .3
Retail stores
14.4
14.3
3,048
+ .1
proportion is held by retail outlets.
Commercial banks are the most important
reduced over the year. In 1953 sales finance
source of instalment credit. They provide
and personal loan companies took steps to
funds not only through direct loans to confinance their operations on a longer term
sumers and through purchases of instalment
basis and increased their borrowings from
paper but also through loans to financial
nonbank investors. Security flotations by
institutions and retailers to finance their these companies were several times as large
holdings of instalment credit receivables. as in previous years.
As indicated by the accompanying table,
The impact of consumer instalment credit
banks held 39 per cent of all instalment on the money market so far this year concredit outstanding at the end of July. About trasts sharply with most of the postwar pehalf of this amount was in the form of direct riod. During the 1946-53 period, when inloans and half in the form of purchased stalment credit outstanding was expanding
paper. Moreover, it is estimated that they at an average rate of about 2.5 billion dollars
financed at least an additional 10 per cent a year, it absorbed funds from the money
of the total through loans tofinancecom- markets. In the first quarter of this year,
panies and retail stores.
however, instalment credit without seasonal
The relative importance of commercial adjustment declined about 900 million dolbanks in the instalment credit field has de- lars and, after little change in April and
clined somewhat in the past year. The 39 May, expanded moderately in June and July.
per cent of instalment credit they held in The decline in the demand for funds from
July was about three percentage points less this credit sector released funds for other
than the ratio for July of last year. In ad- uses and contributed to the easing in money
dition, bank loans to finance companies were markets.
934
FEDERAL RESERVE BULLETIN
THE PRIVATE DEMAND FOR GOLD, 1931-53 1
During the past decade the magnitude of
the private demand for gold throughout the
world was unprecedented. Recently this demand subsided, and it seems appropriate to
assemble the available information and statistical data that contribute to an assessment
of the amount of metal involved and the
direction of its movements. This article
analyzes the supplies and uses of gold during
the period from the end of 1930 to the end of
1953, thus bringing up to date a review published in the Federal Reserve BULLETIN for
1937.2
During the years 1944-53, approximately
4.5 billion dollars of gold flowed into private
channels throughout the world; this followed a liquidation from private holdings
of some 1.5 billion during the years 193143. There was very little net change over
the period as a whole in privately held gold
in Middle and Far Eastern countries, as their
acquisitions since the war reconstituted holdings that had been reduced during the thirties. Of the net flow during the entire period (around 3 billion dollars), about onethird was accounted for by uses in industry
and the arts in the United States, and the
remainder represented largely additions to
private gold holdings in all forms in a few
countries of Western Europe.
The aggregate amount of gold absorbed in
the years 1931-53 by private demand throughout the world (excluding the U.S.S.R.) represents about one-seventh of gold production
totaling an estimated 600 million ounces (21
billion dollars, at $35 per ounce). About the
1
This article was prepared by Frank M. Tamagna, Chief,
and Margaret Garber, of the Financial Operations and Policy
Section of the Board's Division of International Finance.
2
BULLETIN for August 1937, pp. 703-708.
SEPTEMBER
1954
same quantity of gold had been produced in
the period 1900-1930, while some 300 million
ounces were produced during the nineteenth
century, and only about 100 million ounces
throughout the preceding three centuries.
It may be surmised, therefore, that gold production over the past four and a half centuries
aggregated perhaps 1.6 billion ounces (56
billion dollars), of which more than 1 billion
ounces (37 billion dollars) are presently held
as official reserves by central banks and governments. On this basis, the total absorption
of gold since the discovery of America into
private holdings, industrial or artistic uses,
and waste and losses may be placed at about
a half billion ounces (19 billion dollars).
The many and varying factors that contributed to the large private demand for
gold in the past decade are related to monetary disorders, political fears, and dangers
of war. The first appears to have been the
most pervasive, as countries where there was
a high preference for gold were generally
among those which suffered from monetary
inflation and loss of public confidence in their
currencies. On the other hand, traditional,
psychological, and institutional factors seem
to have conditioned nations differently; in
many cases the reaction to monetary disorders was flight of capital into foreign assets, speculative investments, and consumer
goods, rather than into gold.
Growth of private demand for gold during the postwar period, under conditions of
restrictions on trade and exchanges, led to
the formation in many countries of so-called
"free" gold markets, whose operations were
circumscribed by government controls. As
gold movements and exchange settlements
935
THE PRIVATE DEMAND FOR GOLD, 1931-53
between such markets in different countries
were generally restricted, their activities involved varying degrees of evasion of governmental regulations, particularly with respect
to import and export of gold and related foreign exchange operations.
Prices of gold varied greatly among these
markets and they fluctuated widely from
time to time. The prevalence until recently
of premium prices—-that is, prices higher
than the official dollar value of gold—was a
phenomenon that arose from attempts of
governments to insulate their respective gold
markets through the imposition of direct
controls. Premium prices seem to have resulted mainly from effective depreciation of
the various currencies involved, but such
prices also reflected, in varying degrees, both
the risks involved in the illegal nature of
many transactions and a speculative preference for gold.
Abatement of private demand and decline
in prices for gold in most markets to official
valuations over the past year have accompanied achievement of financial stability and
relaxation of exchange and trade restrictions
in Western Europe and the Sterling Area. In
any system of general currency convertibility
and free gold movements, such as prevailed
before the war, changes in private demand
for gold would be reflected in fluctuations in
exchange rates and would result in compensatory gold movements. Under such conditions, there would be no room for wide disparities between the price of gold and the
corresponding foreign exdhange rates.
serves during the period; this difference
represents the gold used for industrial or
artistic purposes as well as changes ia private
gold holdings irrespective of their forms.
This article is based in part on regularly
reported figures and in part on incomplete
data and estimates. Statistics on gold production and official gold reserves are believed
to be reasonably reliable. All major producing countries, except the U.S.S.R., provide
information on gold production. Thus, the
annual supply of gold may be measured by
the world production outside the U.S.S.R.
plus any reported transfers from the U.S.S.R.
to other countries. Apart from these reported
transfers, it may be noted, there have been
indications of recent sales of Russian gold
in free markets but the volume of these cannot be accurately gauged.
The figures for the changes in gold held
in official reserves are based on reported gold
holdings of central banks and governments
and international institutions, unpublished
data on holdings of various central tanks
and governments, and estimated official holdings of certain countries from which no current reports are made available—again with
the exception of the U.S.S.R.
The difference between gold supplies, as
defined above, and changes in official gold
reserves (outside the U.S.S.R.) represents industrial or artistic uses of gold, changes in
private gold holdings, and errors and omissions. From this difference may be deducted
the net use of gold in industry and the arts
in the United States since estimates of such
uses and of the return of gold coin and scrap
MEASUREMENT OF GOLD FLOWS
are available for the United States for the
In general terms, estimates of the 'flow of entire period covered by the article.
gold into or out of private channels for any
Residual figures derived on this basis repretime period may be derived by taking the sent the net flow of gold into and out of
difference between the amount of gold pro- private hands in the rest of the world, that
duced and the accretion to official gold re- is, outside the United States and the U.S.S.R.
936
FEDERAL RESERVE BULLETIN
THE PRIVATE DEMAND FOR GOLD, 1931-53
While prewar estimates indicated that approximately the same amount of gold was
normally used in the arts and industry in the
rest of the world as in the United States, there
is no basis for distinguishing between various
forms of private use of gold or holding in
other countries during the postwar years.
In view of the limitless interchangeability between artistic and other forms in which gold
may be privately held, the aggregate residual
for the rest of the world appears to be the
only reliable yardstick of the private demand
outside the United States and the U.S.S.R.
A distribution of this residual between
changes in Eastern countries and in other
areas has been estimated on the basis of
available information on local gold production and sales by monetary authorities within
individual countries, as well as on movements of gold to and from countries and
areas. A number of countries publish figures
on gold movements, but their value is limited
by the incompleteness of the statistics and the
variety of definitions of the items covered.
Furthermore, government restrictions in
most countries on the import and export of
gold have given rise to illegal movements.
Any analysis of the statistics, therefore, depends largely on supplementary information
which may be available from official or unofficial sources. Owing to the inadequacy of
the reported data and information, it is impossible to estimate the quantity of gold
moving from one country to another. An
estimated distribution between broad geographic areas, which is used for some of the
analysis in this article, is subject to a much
wider margin of error than the over-all residual estimate of changes in private holdings.
FLUCTUATIONS IN PRIVATE GOLD HOLDINGS
The table on the following page indicates
that the aggregate supply of gold for the 23SEPTEMBIR 1954
year period 1931-53 may be estimated at 21.6
billion dollars, of which 21.1 billion was obtained from new production and the rest
from the U.S.S.R. Monetary reserves increased an estimated 18.6 billion dollars
(from 18.1 billion at the end of 1930 to 36.7
billion at the end of 1953). The difference
of 3 billion dollars between supplies of gold
and additions to official reserves may be
taken to represent the amount absorbed by
private uses throughout the world.
The gross demand from industry and the
arts in the United States during the entire
period took 1.8 billion dollars. About half
of it was covered by the return of coin and
scrap, which was particularly large in the
thirties. The net private requirements of
this country (840 million dollars) were
covered by domestic production which for
1931-53 totaled 2.4 billion dollars.
After deducting the net private use in the
United States, there is left 2.1 billion dollars,
representing gold used in arts and industries
or added to private holdings in the rest of the
world (outside the U.S.S.R.), as well as
errors and omissions. This residual may
understate the absorption of gold into private channels to the extent of any gold sales
by the U.S.S.R. in free markets, which may
perhaps have reached a few hundred million
dollars over recent years.
The period under discussion may be
divided into two phases. The first phase,
1931-43, was characterized by large sales
from private holdings in Middle and Far
Eastern countries, moderate accretions to private holdings in other areas, and, on balance,
a net liquidation of some L5 billion dollars
from private holdings. In the second phase,
1944-53, substantial growth of private demand in both the East and the West resulted in the addition of around 3.7 billion
dollars of gold to private holdings. On bal937
THE PRIVATE DEMAND FOR GOLD,
1931-53
ESTIMATES OF SUPPLIES AND USES OF GOLD, 1931-53
[In millions of dollars at $35 per fine ounce]
Supplies of gold
Year
New
production
(excluding
U.S.S.R.) 1
Reported
receipts
from
U.S.S.R.*
1931
1932
1933
1934
1935
775
795
825
885
1936
1937
1938
1939
1940
1,040
1,140
1,220
1,310
210
-400
55
55
1,265
45
30
720
970
1941. .
1942
1943
Total,
19S
870
1931-43
12,940
1944
1945
1946
1947
1948
775
740
755
765
805
1949 .
1950
1951
1952....
1953
840
865
840
865
860
Total, 1944-53
-Grand total, 1931-53.
100
80
70
85
25
10
365
45
30
75
Uses of gold
Total
Changes
in
official
gold
reserves
(excluding
U.S.S.R.)
820
510
Flow into private channels
Total
310
855
865
910
910
1,150
460
1.465
975
-295
405
-555
—65
980
1,250
740
1,275
1,365
1,595
1,715
295
1,925
1,710
—615
-465
445
-650
-345
1,310
1,155
870
1,210
980
905
100
175
-35
13,305
14,895
-1,590
United
States
industry
and arts
(net)'
Residual: Changes in private
holdings outside United States
and U.S.S.R., etc. *
Total
Eastern
countries
Other
areas
300
—200
-475
-300
-250
—200
-125
-75
10
15
-610
-470
445
-660
-360
— 75
-175
-50
-485
-395
520
-485
-310
35
45
85
65
130
-120
25
25
150
40
105
-270
10
-10
— 110
-110
—35
^
5
-65
-285
515
-445
-30
-1,525
-1,725
500
190
815
-195
170
200
775
740
800
795
805
385
390
350
420
385
390
350
450
375
420
95
110
155
50
45
295
240
295
325
375
175
125
125
50
225
120
115
170
275
150
840
865
475
410
365
455
110
100
255
355
840
150
865
935
310
430
690
70
620
420
555
505
95
75
460
430
175
150
200
150
125
80
205
310
305
8,110
150
8,260
3,705
4,555
905
3,650
1,500
2,150
21.050
515
21,565
18,600
2,965
840
2,125
-225
2,350
1
1931-37, estimates of U. S. Bureau of the Mint; 1938-52, estimates of U. S. Bureau of Mines; 1953, estimate of Board of Governors
of the Federal Reserve System.
2
Incomplete data. Includes imports by the United States and other countries until 1939 and since then receipts by monetary authorities. Does not include any other sales by U.S.S.R. in gold markets. Data for 1938 have been adjusted to include outflow to U.S.S.R.
of 520
million dollars of gold stated by Bank of Spain to have been sent to the U.S.S.R.
3
Estimates of U. S. Bureau of the Mint for net amount of gold issued for use in industry and the arts; i. e., gold issued by United
States mints and assay offices and private refiners and dealers less return of old jewelry and scrap. In addition, includes return of gold
coin as follows: 1933, 100 million dollars; and 1934, 50 million.
••Includes also gold used in industry and arts and errors and omissions in over-all set of estimates.
ance, for the 23-year period as a whole there
appears to have occurred a moderate decline
in private Eastern holdings, and the net flow
of gold into private channels presumably
related to a few countries of Western Europe.
The net liquidation of gold during the first
phase went through three stages. In the
years 1931-35, the decline in world prices affected especially raw material-producing
countries and depreciation of sterling provided a profitable opportunity to holders in
India and other countries to shift from gold
938
to different types of investments. Under such
conditions Eastern holders may have liquidated during these years about 1.5 billion
dollars of gold, while private holders in
other areas may have acquired nearly the
same amount.
Subsequently, during the period 1936-40,
liquidation of private gold holdings became important in Western countries—exceeding 1 billion dollars—while such liquidation in the East was perhaps only .5 billion
dollars. Many private holders in Europe apFEDERAL RESERVE BULLETIN
THE PRIVATE DEMAND FOR GOLD, 1 9 3 1 - 5 3
parently preferred to dispose of their gold in
order to shift into overseas assets that seemed
to afford greater security from governmental
controls and from the effects of war. In addition, in the later years various governments
required the surrender of gold held by their
nationals, and the German forces requisitioned gold in occupied countries.
In the years 1941-43, which mark the transition between the two phases, there was revival of private demand in the East and some
further liquidation in the West. The Allied
and Japanese Governments sold gold during
these years in the Middle Eastern, Indian,
and Chinese markets as a means for raising
local currency to finance military operations.
The second phase, 1944-53, was characterized by a succession of political disturbances. Strong inflationary pressures prevailed in the early postwar years and it was
not until 1952 that most countries made
decisive progress toward financial stability.
During this period an estimated 3.7 billion
dollars of gold went into private uses outside the United States, representing about
half of foreign gold production of the period. The peak of private demand abroad
appears to have been reached in 1951, when
the equivalent of 80 per cent of that year's
foreign production went into industrial uses
or private holdings, or was otherwise unaccounted for.
prices with other countries or with the nationals of other countries. In compliance
with the Fund's recommendations, member
as well as certain nonmember countries generally tightened their controls over private
gold transactions.
Despite these measures, the amount of gold
flowing into private channels in 1948 was the
largest in many years, and in the first half
of 1949 the flow continued at about the same
level. Increased demand was reflected in a
rising price until mid-1949, when prices in
most markets, as indicated in the chart, were
at or above $50 per ounce.
A decline in these prices followed, as supplies increased and demand showed a tendBAR GOLD PRICES
Dollars or dollar equivalents per fine ounce, end of month
FUHD STATEMENT
ON PREMIUM
SALES
CHINESE
MARKET
CLOSED
EXCHANGE
RATES
ADJUSTMENT
KOREA
HOSTILITIES
REVISED
W
FUNOPOUCT
ON GOLD
REOPENING
OF LONDOH
COLO MARKET
60
35
50
55
35
55
FACTORS INFLUENCING POSTWAR DEMAND
AND SUPPLY
A number of specific developments have
affected the supply and demand in gold markets in the postwar years. In a statement
of June 1947 regarding transactions in gold
at premium prices, the International Monetary Fund recommended that all its members take effective action to prevent international transactions in gold at premium
SEPTEMBER
1954
50
35
1947
1949
1951
1953
NOTE.—International Monetary Fund data. The quotations
for gold bars have been expressed directly in dollars in Tangier
(since 1950) and in Zurich (since 1951). The Zurich quotation
prior to 1951 reflected the price at which gold was traded for
dollars in various markets. In other markets (such as Hong
Kong, Beirut, and Paris) the quotations for gold, expressed in
local currency, have been converted into dollar equivalents at
"free" market exchange rates. Latest figures shown are for
August 1954.
939
THE PRIVATE DEMAND FOR GOLD, 1931—5 3
ency to fall. The supply of gold was aug- of sales by Canadian and Australian producmented as a result of the decision in early ers. In Southern Rhodesia and West
1949 by the Union of South Africa to permit Africa, free market sales were limited to 40
the export of fabricated and semi-processed per cent of output, but this restriction was
gold for private sale. At about the same removed in 1952. Furthermore, the provitime Chinese sources ceased to be net buyers sion that gold had to be in processed form
of gold. For several years China had ab- was removed in Australia, Southern Rhodesorbed large quantities of gold but in mid- sia, and West Africa in 1952 and in South
1949, following the establishment of Commu- Africa and Canada in 1953, thus leaving pronist control, the Chinese liquidated part of ducers free to sell gold in fine bar form.
their holdings.
The amount of gold entering private chanThe world-wide currency adjustments of nels in 1952 was substantially less than in the
September 1949 took place at the time when preceding year. Demand declined throughprices of gold in most markets had declined out the East, particularly in India. Apparto below $50 per ounce. These adjustments ently there was also less demand for gold in
contributed further to the diminishing pri- France until the latter part of the year. In
vate interest in gold, accentuating sharply fact, net sales of 34 tons (38 million dollars)
the decline in prices which by May 1950 from private holdings occurred in the latter
reached a level between $36.50 and $39.50 country in connection with the Pinay gold
per ounce.
loan. Reflecting the decreased demand,
With the outbreak of hostilities in Korea prices of gold in various markets declined
in mid-1950, there was an immediate and to about pre-Korean levels.
widespread renewal of private demand for
In 1953 the flow of gold into private hands
gold. The amount of gold flowing into pri- appears to have been about the same as in the
vate hands in the second half of 1950 reached preceding year. In 1952, however, the rate
an estimated 275 million dollars, compared of absorption was about the same throughwith around 75 million in the first half. out the year, while in 1953 it was higher,
Correspondingly, prices in the various mar- in the first than in the second half. As dekets rose until January 1951, when they were mand contracted, the dollar price of gold in
at or above $42 per ounce.
Zurich and Tangier fell in November below
In 1951 the amount of gold entering pri- the official parity of $35 per ounce, and prices
vate channels reached a new high and gold in other markets fell to close to parity. At
prices fell, the sharpest drop taking place this point South Africa producers ceased sellafter September. At that time the Inter- ing in free markets, and by the end of the
national Monetary Fund announced that it year prices showed again a tendency to rise
would leave to member countries decisions slightly in most markets.
pertaining to the regulation of gold transacGEOGRAPHIC PATTERN OF GOLD FLOWS
tions. Following this announcement, the
gold producers of Canada, Australia, SouthFrom available information it appears that
ern Rhodesia, and West Africa were given private demand for gold in the West was
permission by their respective governments largely concentrated in a few countries. In
to sell gold in processed form on free mar- Western Europe, the greatest demand for
kets. No limit was placed on the amount gold apparently originated in France, and
940
FEDERAL RESERVE BULLETIN
THE PRIVATE DEMAND FOR GOLD, 1931-53
there was evidence of persistent demand these sales accounted for more than half of
from Italy. For some years, there was an the combined production in these areas,
active demand for gold coin by the Greek totaling some 100 million dollars a year.
public. In London, gold has been customThere were reports of intervention in loarily held for the account of nonresidents. cal gold markets by monetary authorities. In
Zurich and Tangier have been important France the Exchange Stabilization Fund
international gold centers. There is no sta- intervened from time to time in the market,
tistical evidence of any significant demand principally as a buyer of bars and a seller of
for gold in other Western European or in coins in view of the higher demand and
Latin American countries.
prices for gold pieces. The Bank of Greece
Private holdings in Middle and Far East- sold gold sovereigns to the public for a numern countries have been subject to few effec- ber of years, such sales amounting to around
tive restrictions and appear to be more wide- 65 million dollars in the period 1946-52. Some
spread than elsewhere. Until the imposition 350 million dollars of gold, mainly in coins,
of restrictions in 1952, Egypt appeared as an was sold before 1948 by the Swiss National
importer of gold. In Saudi Arabia and a few Bank and until 1950 the Bank of Mexico
other countries in the Middle East, gold also sold gold coins. Between 1948 and 1950
coins were used as a medium of exchange. the Government of Saudi Arabia acquired
Until mid-1949 most of the gold entering about 80 million dollars of gold sovereigns
Asia reportedly was destined for China and in payment for oil royalties and in later years
India; afterward the main flow was directed it issued Saudi Arabian gold coins; most of
these gold pieces were exported for sale at a
toward India.
premium,
while some became part of the
Gold entering private channels either for
use in industry and arts or as addition to local currency in circulation.
The flow of gold from producing countries
holdings comes from two sources—new production or sales by monetary authorities from to the various markets of the world and its
official reserves. Between 1950 and 1953, the distribution between major areas can be
Union of South Africa reportedly was sell- analyzed broadly, despite the limitations of
ing in gold markets about 40 per cent of its underlying data described on page 937.
Movement of gold to Western Europe.
annual production of more than 400 million dollars. More than half of the gold During the past decade Western Europe was
produced in other sterling area countries the final destination for part of the gold re(estimated at around 100 million dollars a ceived from producing countries and a tranyear) also went into private uses or holdings. sit area for gold shipped to Middle and Far
In 1952 Canadian producers sold approxi- Eastern markets.
Semi-processed gold from South Africa,
mately 30 per cent of their current gold output (157 million dollars) through foreign the principal source of supply for gold marprivate channels, but such sales appear to kets, moved largely to a few European goldhave declined in 1953. Newly mined gold processing countries. It appears that France,
from Latin America and Asia, after being Switzerland, and the Netherlands were the
refined in the United States and Europe, was immediate recipients and principal transit
also sold in gold markets, largely in the countries, from which processed gold was
Middle and Far East; over the past years moved to other countries and areas. In some
SEPTEMBER
1954
941
THE PRIVATE DEMAND FOR GOLD, 1931-5 3
cases the United Kingdom was the country forms, and exported it to the other Western
to which gold was consigned. Gold im- European countries.
The Tangier market is closely related to
ported into the United Kingdom for refining
and processing can be held there by banks Europe. The exchange and gold markets
and dealers for the account of nonresidents in Tangier have remained completely free
or exported, subject to license, to any coun- for local and foreign residents alike. Durtry outside the Sterling Area, provided the ing the postwar years an active gold marcountry permits the import. Although ket developed with facilities for storage, inthere are no figures available, it would ap- ternational transfer, and settlement of gold
pear that the amount of gold located in Lon- transactions. From 1948 to 1953, according
don vaults for the account of foreigners may to Tangier statistics, net imports for storage
were about 53,000 kilograms (60 million dolbe considerable.
A free gold market has existed in France lars) . Gold came almost entirely from Eurosince early 1948, but legally the market is pean countries.
Movements to Middle and Far East.
restricted to domestic transactions; the import and export of gold require permission Since early 1949 Beirut has become a priof the Bank of France. A considerable mary transit center in the movement of gold
amount of gold and gold alloys moved from West to East. At that time the Govthrough France in recent years, including ernment of Lebanon liberalized the transit
reported imports and exports under license of gold, permitting traders to keep gold for
as well as unreported movements between a period up to four months, and to export
the gold to any destination. In 1952 the
France and neighboring countries.
period was extended to six months to aid
Italy has a free internal gold market. The
Beirut gold traders who were having diffiimport of gold coins into Italy is free but
culty in moving their stocks, owing to falling
the import of gold in other forms and the
Indian demand. According to Lebanese
export of any type of gold are subject to
statistics, an average of 75,000 kilograms of
license. According to Italian statistics, a
gold (84 million dollars) has passed through
considerable quantity of gold coins was imthat country each year since 1950. The prinported into Italy from the Netherlands,
cipal countries of origin have been the
France, and Belgium in the years 1950-52. Netherlands, France, United Kingdom, and
According to statistics of other countries, Switzerland, and it is indicated that most of
semi-processed gold has also moved into the exports have been destined for Kuwait.
Italy. It is impossible to trace the moveIn the Far East, Macao has served as a disment of gold from Italy.
tribution center and a point at which gold
The gold market in Switzerland has been coming from Europe and the Western
completely free since mid-1952 when the Hemisphere is converted into bars and shapes
last of the wartime controls on gold transac- acceptable to local traders. Closely assotions and the import and export of gold ciated with the Macao market, Hong Kong
was removed. Switzerland has been one of has traditionally provided the facilities for
the principal transit centers in the movement arranging and financing international gold
of gold in all forms. Statistics indicate that transactions. Gold can be shipped to and
Switzerland imported gold in semi-processed from Macao with little restriction. Until
942
FEDERAL RESERVE BULLETIN
THE PRIVATE DEMAND FOR GOLD, 1931-53
recently imports of gold into, and exports censes, but an internal free market confrom, Hong Kong were restricted, but gold tinued. Since then this market has been
may now be imported into this colony for supplied by newly mined domestic output
re-export to any destination in the world (around 8 million dollars annually) and by
clandestine imports. From all indications, it
with the exception of Kuwait.
Prior to the middle of 1949, China was appears that sizable amounts of gold reached
a principal market for gold passing through India illegally by two principal routes—
Hong Kong and Macao. With the exodus through Beirut and Kuwait from the West,
of refugees, following the establishment of and through Hong Kong and Bangkok
Communist control in China, this flow was from the East. However, this gold traffic
reversed for a time and there was less ac- apparently began to decrease in March 1952.
tivity in these two markets. At the middle At that time a slump in commodity prices
of 1950, however, with the outbreak of hos- was accompanied by a decline of around 15
tilities in Korea, gold trading in these mar- per cent in the rupee price of gold, leading
kets began to flourish again, reflecting a to a settlement crisis in the local bullion
renewed demand in the area. According to exchange. Forward trading was suspended
estimates of local bullion dealers published for two months, and after the reopening of
in Hong Kong, gold imports into Macao the exchange the price continued to decline
during the period 1948-51 totaled almost through December. In early 1953 the price
300,000 kilograms (338 million dollars) of recovered somewhat and remained relawhich about one-third were imported in tively constant. This development coincided
1951. Imports declined somewhat in 1952, with the tapering off of inflationary presand in 1953 were said to be only about 30,000 sures since 1952.
kilograms (34 million dollars), but recently
DEVELOPMENTS IN 1954
this flow has again shown signs of increasing.
The same sources indicate that Hong Kong
In the first half of 1954 the price of gold
imported gold from Macao and the Philip- in the various markets remained around
pines, and exported it, until November 1952 $35 per ounce. Only a small amount of gold
principally to Bangkok and Singapore and appears to have moved into private chansince then to Singapore, Burma, Indonesia, nels, probably only that required to meet the
Indochina, and Japan.
normal demand for industrial uses.
Bangkok serves as a transit point in the
The most important development in this
movement of gold and also as a center for period was the reopening of the London
gold redirected to India. Until 1952 the gold market on March 22. The market had
import and export of gold were illegal. In been closed since 1939, but authorized gold
October of that year, a syndicate of Thai dealers had been permitted for some time to
banks was granted permission to import a act as agents in arranging transactions belimited amount of gold each month; this tween nonresidents. The London bullion
gold apparently originated in Europe. Im- market consists of the same six firms as
ports by private merchants continued to be before the war, and banks in the United
officially forbidden.
Kingdom are also authorized to deal in gold.
In March 1947 the Reserve Bank of India Residents of the Sterling Area may freely
suspended the issuance of gold import li- sell gold only for resident (that is, inconSEPTEMBER
1954
943
THE PRIVATE DEMAND FOR GOLD, 1931-5 3
vertible) sterling; they may purchase gold
only with a special license from the Bank
of England. Residents of all other countries
may buy or sell gold freely, provided payment is made in American account or Canadian account sterling, or in registered sterling. The latter category of sterling was
established when the gold market was reopened and may be held only by residents
outside the dollar and sterling areas. Registered sterling accounts may be acquired
by selling gold or dollars in London.
South African gold production remains
the most important source of supply for
gold markets. With the reopening of the
London market, past arrangements whereby
South African gold producers were permitted to sell part of their production in free
944
markets were discontinued. Sales of gold
are now handled by the South African Reserve Bank which is committed to sell a
minimum of 4 million ounces (140 million
dollars) a year to the United Kingdom and
as a rule effects any additional gold sales
through the London market.
Private demand for gold is the smallest
in many years. According to press reports,
some gold has moved out of private holdings
in France, as the Exchange Stabilization
Fund has made net purchases in the market.
Reports from India indicate that activity in
the local bullion market continues at a low
ebb. There appears to be some return flow
of gold from Tangier to Europe. These
trends reflect the abatement of private interest in gold in most markets of the world.
FEDERAL RESERVE BULLETIN
LAW DEPARTMENT
Administrative interpretations of ban\ing laws, new regulations issued by the
Board of Governors, and other similar material
National Bank Real Estate Loans
Amendment to Section 24
By Act of Congress approved August 17, 1954
(Public Law 597—83d Congress), the third sentence of the first paragraph of section 24 of the
Federal Reserve Act was amended so as to make
certain limitations and restrictions on real estate
loans made by national banks inapplicable to loans
insured by the Secretary of Agriculture pursuant
to the provisions of the Act of August 28, 1937, as
amended, relating to the conservation of water resources of the United States. The text of the pertinent provision of the Act is as follows:
(f) The first paragraph of section 24, chapter 6, of the Federal Reserve Act, as amended (12
U.S.C., 1952 edition, 371) is hereby amended by
inserting after the phrase "Bankhead-Jones Farm
Tenant Act" the following: ", or the Act of
August 28, 1937, as amended".
Member Banks Dealing in Obligations of
Banks for Cooperatives
Amendment to Section 5136
By Act of Congress approved August 23, 1954
(Public Law 630—83d Congress), the last sentence of paragraph Seventh of section 5136 of the
Revised Statutes of the United States was amended
so as to permit national banks to deal in and underwrite obligations issued by the thirteen banks for
cooperatives organized under the Farm Credit Administration of 1933, or any of them, in lieu of the
present authority which relates only to obligations
issued by the Central Bank for Cooperatives. Such
transactions remain subject to the limitation of 10
per cent of the national bank's capital and surplus.
Subject, of course, to any applicable provision of
State law, the permission also extends to all State
member banks of the Federal Reserve System, as
section 9 of the Federal Reserve Act makes this
provision of section 5136 applicable to State member banks. The text of the pertinent provision of
the Act is as follows:
SEC. 2. The last sentence of paragraph Seven
of section 5136 of the Revised Statutes, as
SEPTEMBER
1954
amended (title 12, U. S. C, 24), is hereby
amended by striking the words "Central Bank
for Cooperatives" and inserting in lieu thereof
the following: "thirteen banks for cooperatives
organized under the Farm Credit Act of 1933,
or any of them".
Housing Act of 1954
Miscellaneous Amendments
The Act of Congress known as the "Housing Act
of 1954", approved August 2, 1954 (Public Law 560
—83d Congress), among other things, amended
section 303 of the National Housing Act so as to
authorize any institution, including a national bank
or State member bank of the Federal Reserve System, notwithstanding any other provision of law,
to make payments to the Federal National Mortgage Association of the nonrefundable capital contributions, to receive stock of the Association evidencing such capital contributions, and to hold or
dispose of such stock. The effect of this provision
is to permit national banks and State member banks
to purchase the stock of the Association regardless
of the provision of section 5136 of the Revised
Statutes of the United States prohibiting the purchase of corporate stocks by such banks.
By section 309(d) of the amended National
Housing Act, the Federal National Mortgage Association was authorized, with the consent of any
Government corporation or Federal Reserve Bank,
or of any board, commission, independent establishment, or executive department of the Government, to avail itself of the use of information, services, facilities, officers and employees thereof, in
carrying out the provisions of the Act. By section
309(g), as amended, the Federal Reserve Banks are
authorized and directed to act as depositaries, custodians and fiscal agents for the Association.
The pertinent provisions of the National Housing Act, as amended, are as follows:
SEC. 303. * * *
(f) Notwithstanding any other provision of
law, any institution, including a national bank
or State member bank of the Federal Reserve
945
LAW DEPARTMENT
System or any member of the Federal Deposit
Insurance Corporation, trust company, or other
banking organization, organized under any law
of the United States, including the laws relating
to the District of Columbia, shall be authorized
to make payments to the Association of the nonrefundable capital contributions referred to in
subsection (b) of this section, to receive stock of
the Association evidencing such capital contributions, and to hold or dispose of such stock, subject to the provisions of this title.
309. * * *
(d) The Chairman of the Board shall have
power to select and appoint or employ such officers, attorneys, employees, and agents, to vest
them with such powers and duties, and to fix and
to cause the Association to pay such compensation to them for their services, as he may determine, subject to the civil service and classification laws. Bonds may be required for the
faithful performance of their duties, and the
Association may pay the premiums therefor.
With the consent of any Government corporation or Federal Reserve bank, or of any board,
commission, independent establishment, or executive department of the Government, the Association may avail itself on a reimbursable basis
of the use of information, services, facilities, officers, and employees thereof, including any field
service thereof, in carrying out the provisions of
this title.
# # # #*
(g) The Federal Reserve banks are authorized
SEC.
and directed to act as depositaries, custodians,
and fiscal agents for the Association in the general performance of its powers, and the Association shall reimburse such Federal Reserve banks
for such services in such manner as may be
agreed upon.
In addition, section 203 of the Housing Act of
1954 specifically amended the next to the last
sentence of section 5136 of the Revised Statutes so
as to permit national banks to deal in and underwrite obligations of the Federal National Mortgage
Association. Subject, of course, to any applicable
provision of State law, the provision also extends
to State member banks of the Federal Reserve System as section 9 of the Federal Reserve Act makes
this provision of section 5136 applicable to State
member banks. The text of this amendment reads
as follows:
SEC. 203. The penultimate sentence of paragraph Seventh of section 5136 of the Revised
Statutes, as amended, is hereby amended by
striking "or obligations of national mortgage associations" and inserting "or obligations of the
Federal National Mortgage Association".
Another provision of the Housing Act of 1954
(section 603) provided for the establishment of a
National Voluntary Mortgage Credit Extension
Committee and directed the Housing and Home
Finance Administrator to request the Board of
Governors of the Federal Reserve System to designate a representative of the Board to serve on the
Committee in an advisory capacity.
CURRENT EVENTS AND ANNOUNCEMENTS
Historical Supplement to Monthly Chart Book on
Bank Credit, Money Rates, and Business
The 1954 edition of the historical supplement
to the monthly Federal Reserve Chart Book on
Bank Credit, Money Rates, and Business will be
available for distribution about the end of September, on the terms indicated on page 1030. As in
the case of the October 1953 edition, a few new
charts have been added and some others have been
revised. All charts will include the latest data
available on September 3, 1954.
Death of Director
Mr. James W. Collins, Chairman of the Board,
946
Tracy-Collins Trust Company, Salt Lake City,
Utah, who had served as a director of the Salt
Lake City Branch of the Federal Reserve Bank of
San Francisco since January 1, 1953, died on
August 14, 1954.
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 July 16, 1954 to August 15, 1954:
Pennsylvania
Pittsburgh—Fidelity Trust Company.
FEDERAL RESERVE BULLETIN
NATIONAL SUMMARY OF BUSINESS CONDITIONS
[Released
for publication
September
15]
Industrial production in August was maintained
at the level of recent months, and construction
activity advanced further. Retail sales were near
the June-July levels. Average wholesale commodity
prices decreased slightly after mid-August; prices
of a few foodstuffs declined while prices of industrial materials strengthened somewhat.
average output rate of 63 per cent in July and
August.
Activity in nondurable goods industries in
August showed mainly a seasonal recovery following widespread vacation shutdowns in July.
After allowance for the usual seasonal rise, output
of textiles and apparel showed some further increase but was still well below a year ago. There
INDUSTRIAL PRODUCTION
was also a further rise in activity at chemical plants.
Activity
in the rubber products industry in August
The Board's seasonally adjusted index of industrial production in August was maintained at 124 continued at reduced rates owing to wage disputes,
per cent of the 1947-49 average, according to pre- which were settled around the end of the month.
Crude petroleum production in August and early
liminary data, as activity in most industries showed
September
was reduced somewhat further and was
the usual recovery from the July seasonal lull.
Output of durable goods continued to show about 5 per cent below a year ago. Coal mining
little over-all change in August. Production of held steady at rates sharply below a year ago but
household durable goods rose somewhat further, somewhat above the lows of March and April.
as output of television and furniture increased.
CONSTRUCTION
Auto assembly declined further in August and
Expenditures
for
new construction increased furthe first half of September, owing in large part to
ther
in
August
from
advanced levels, reflecting
model changeover shutdowns for a number of
gains
in
most
types
of
private
construction. Value
makes. Truck production was also curtailed furof
new
contract
awards
declined
from the very
ther. Output of most building materials continued
high through August; lumber production, which high July total as all major categories of awards
was sharply reduced by work stoppages during showed decreases. Requests to the Veterans Admost of the summer, increased somewhat after ministration for appraisal of new homes increased
mid-August when activity was gradually resumed in August, following three months at a very high
at many mills following extended negotiations. level.
EMPLOYMENT
Steel production in mid-September was scheduled
Seasonally adjusted employment in nonagriculat 66 per cent of rated capacity compared with an
tural establishments declined slightly in August to
47.9 million. Factory employment showed only a
INDUSTRIAL PRODUCTION
small further decrease. The average workweek at
factories rose seasonally to 39.7 hours, which compares with 40.5 a year ago, and average weekly
earnings at $71.06 remained slightly below the yearago level. Unemployment in early August continued at about the level prevailing since May.
Per cent, physicol volume, seasonally adjusted, 1947-19 . 100
AGRICULTURE
1954
Federal Reserve indexes.
for August.
.SEPTEMBER 1954
1950
Monthly figures, latest shown are
Feed crop prospects recovered somewhat during
August, while the indicated cotton crop declined.
Over-all crop conditions changed little during the
month, and as of September 1 production was officially forecast at 4 per cent less than the large
1953 outturn. Meat production expanded in August
and early September as marketings of the larger
spring pig crop started in volume.
947
NATIONAL SUMMARY OF BUSINESS CONDITIONS
DISTRIBUTION
BANK CREDIT AND RESERVES
Outstanding loans and investments of the weekly
reporting member banks decreased slightly after
early August, when banks had purchased a large
volume of the new Treasury anticipation certificates.
The decrease was concentrated in holdings of U. S.
Government securities and in loans on securities,
which had also increased considerably in early
August. Business loans showed little change, with
seasonal borrowing by commodity dealers and
others offset by large loan repayments, mainly by
COMMODITY PRICES
metal producers and fabricators. Real estate loans
The average level of wholesale commodity prices
of banks continued to increase.
declined slightly from mid-August to mid-SeptemFree reserves of member banks have continued
ber, owing chiefly to decreases in a few foodstuffs.
to average about 700 million dollars in recent
Hog prices dropped at the end of August to about
weeks. A substantial part of the reserves supplied
the levels reached in the peak marketing season
to banks in late July and early August through relast autumn. Cattle prices, meanwhile, advanced
ductions in reserve requirements was absorbed
somewhat. Egg prices declined contra-seasonally.
during August through Federal Reserve sales or
Coffee and cocoa fell nearly one-fifth—from very
runoffs of Treasury bills. In late August and early
high levels—following revision in Brazilian foreign
September, however, the Federal Reserve bought
exchange regulations and improvement in the
bills outright and under repurchase agreements
world supply outlook.
with dealers in order to supply reserves to meet
Average prices of industrial materials increased.
usual month-end and holiday drains.
The expanded Government stockpile program and
improved trade demand were reflected in increases
SECURITY MARKETS
at one-half cent per pound in lead and in zinc.
Rates on short-term Government securities rose
Supplies of copper tightened—due chiefly to work
stoppages—and scrap prices advanced. Steel scrap in August and leveled off in early September, with
prices also rose slightly, reflecting anticipations of quotations on 3-month Treasury bills around 1.00
an early upturn in demand. The decline in the per cent. Yields on Government and high-grade
indicated cotton crop tended to strengthen textile corporate bonds increased slightly during late
August and early September, while yields on memarkets.
dium- and lower-grade corporate bonds declined
slightly. Common stock prices declined in late
PRICES AND TRADE
August, but recovered in early September.
Seasonally adjusted sales at department stores in
August and early September continued at the improved rate of the previous two months. Unit volume of auto sales showed little change in August,
and total retail sales, after seasonal adjustment,
held close to the July level. Seasonally adjusted
stocks at department stores rose slightly in July,
but remained 5 per cent below the high year-ago
level.
Per cent, 1947-49 - 100
-
WHOLESALE PRICES
120
OTHER.
7
COMM0CMTIES
v
^
too
A,/#
LOAMS AND INVESTMENTS
MEMBER BANKS IN HADING
Billions of dollo
/^^"^CONSUMIR
PRICES
CITIfS
FARMV
PRODUCTS
KP
A.*.
U.HHML.
L,.
,
80
,
(j
m |
j
DEPARTMENT STORE TRADE
140
/
120
-
100
r
\\ \ \
'**
I STOCKS
"
/
.AAAIV
^
A
SALES
Seasonally adjusted, except for price indexes. Prices, Bureau
of Labor Statistics; disposable personal income and total retail
sales, based on Department of Commerce data; department
store trade^ Federal Reserve. "Other" wholesale prices exclude
processed foods, included in total but not shown separately.
Monthly figures,, latest shown: July for income and department
store stocks; August for other series. August consumer prices
estimated by Federal Reserve.
948
Federal Reserve data. Weekly figures, latest shown are for
Sept. 8.
FEDERAL RESERVE
FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS
UNITED STATES
PAGE
Member bank reserves, Reserve Bank credit, and related items
951-952
Federal Reserve Bank rates; margin requirements; reserve requirements
952-953
Reserves and deposits of member banks
954
Federal Reserve Bank statistics
955-957
Regulation V: guaranteed loans, fees, and rates
957-958
Bank debits and deposit turnover; Postal Savings System
958
Money in circulation
959
Consolidated statement of the monetary system; deposits and currency
960
All banks in the United States, by classes
961-963
All commercial banks in the United States, by classes
964-965
Weekly reporting member banks
966-967
Commercial paper and bankers' acceptances
968
Life insurance companies; savings and loan associations
969
Government corporations and credit agencies
970-971
Security prices and brokers' balances
972
Money rates; bank rates on business loans; bond and stock yields
973
Treasury
finance
New security issues
Business
974-979
980
finance
981-982
Real estate credit statistics
983-985
Statistics on short- and intermediate-term consumer credit
986-988
Business indexes
989-998
Merchandise exports and imports
Department store statistics
998
999-1003
Consumer and wholesale prices
1004-1005
Gross national product, national income, and personal income
1006-1007
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.
SEPTEMBER 1954
949
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
Wednesday Figures, 1946-1950, Weekly Averages of Daily Figure*, 1951-
Billions of Dollars
25
15
«
EAhEJI
RC3CKTE}
-t
2
0
v-.**vwij*jj\^y
I
J^AvV^Jfc^^
*Jy**M^J>y4+*+,
1946
1947
1948
1949
1950
1951
1952
1953 1954
Latest averages shown are for week ending Aug. 25. See p. 952.
950
FEDERAL RESERVE BULLETIN;
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
[In millions of dollars]
Reserve Bank credit outstanding
U.S. Govt. securities
r)ate
DisHeld counts
All
and Float oth
Bought under
eri
Total out- repur- adright agree- vances
ment
Wednesday
1953
July 1. . . . 24 ,766 24 .766
24 ,964 24 ,964
July 8
24 .964 24 ,964
July 15
24 ,964 24 ,964
July 22
24 ,964 24 ,964
July 29
Aug. 5. . . . 24 ,964 24 ,964
24 ,964 24 ,964
Aug. 12
1<
25 ,008 24 ,989
Aug. 19
28
25 ,017 24 ,989
Aug. 26
53
25 ,067 25 ,014
Sept. 2
92
25 ,126 25 ,034
Sept. 9
123
25 ,207 25 ,084
Sept. 16
25 ,185 25 ,185
Sept. 23
25 ,235 25 .235
Sept. 30
7. . . . 25 348 25 ,348
Oct
15
Oct. 14.. . . 25 ,363 25 ,348
25 ,348 25 ,348
Oct. 21
25 ,348 25 ,348
Oct. 28
49
Nov. 4. . . . 25 ,447 25 ,398
165
25 ,123 24 ,958
Nov. 11
24 ,958 24 ,958
Nov. 18
29
25 ,022 24 ,993
Nov. 25
38
25 ,081 25 ,043
Dec. 2
25
202
25 ,345
,143
Dec. 9
214
25 ,457 25 ,243
Dec. 16
568
Dec. 2 3 . . . . 25 ,886 25 ,318
584
25 ,902 25 ,318
Dec. 30
1954
66
25 ,384 25 ,318
Jan. 136 . . . . 25 ,318 25 ,318
Jan.
25 ,364 25 ,364
Jan. 20
24 ,661 24 ,661
Jan. 27
57
24 ,774 24 ,717
Feb. 3
57
Feb. 10. . . . 24 ,863 24 ,806
24 ,806 24 ,806
Feb. 17
24 ,559 24 ,559
Feb. 24
24 ,559 24 559
Mar. 3
24 ,682 24 682
Mar. 10
24 ,582 24 ,582
Mar. 17
73
24 ,705 24 ,632
Mar. 24
24 ,632 24 632
Mar. 31
24 632 24 ,632
Apr. 7
24 .632 24 .632
Apr. 14
24 .632 24 632
Apr. 21
24 ,632 24 ,632
Apr. 28
24 ,632 24 632
May 5
24 632 24 632
May 12
19.. . . 24 687 24 687
24 737 24 737
May 2 6 .
June 2. . . . 24 812 24 812
24 987 24 987
June 9
24 910 24 910
June 16
92
25 231 25 139
June 23
25 037 25 037
June 30
25 037 25 037
July 7
24 902 24 902
July 14
24 714 24 714
July 21
24 517 24 517
July 28
24 325 24 325
Aug. 4
24 023 24 023
Aug. 11
23 956 23 876 " " 8 0
Aug. 18
84
23 908 23 824
Aug. 25
End of
month
1953
24 964 24 964
July
25 063 24 989 " " 7 4
Aug..
25
25
Sept.
25 348 25 348
Oct..
102
25 095 24 993
Nov.
598
25 916 25 318
Dec.
1954
24 640 24 640
Jan.
24 509 24 509
Feb..
632 24 632
24
Mar.
24 632 24 632
Apr..
24 812 24 812
Mav
25 037 2 5 , 037
June.
2 4 , 325 2 4 , 325
July.
2 4 , 023 2 3 , 894 " 129
Aug..
P Preliminary.
SEPTEMBER
245
341
20C
521
747
737
677
756
777
588
561
776
815
524
625
609
751
587
391
491
311
228
329
610
559
943
813
685
281
271
260
359
606
685
826
599
822
365
594
768
559
622
933
636
427
727
268
435
100
3
\
792
606
1,193
1,369
973
Total
25,752
25,984
25,923
26,265
26,301
26,153
26,352
26,577
26,131
26,071
26,179
26,464
26,228
26,252
26,238
26,322
26,437
26,309
26,830
26,111
26,487
26,428
26,302
26,681
26,921
27,692
26,977
177
171
155
217
546
599
704
533
2
1
1
1
140
268
177
202
501
582
662
550
1
1
1
1
175
177
136
609
37
84
83
93
220
593
574
797
751
567
614
683
654
525
1
1
1
1
1
1
1
1
1
170
487
460
313
609
554
766
637
1
1
1
1
26,519
26,230
26,412
25,495
25,860
25,815
25,897
25,312
25,689
25,638
25,704
25,625
25,316
25,357
25,404
25,493
25,383
25,274
25,484
25,528
25,490
25,582
25,740
25,844
26.593
25,642
25,736
25,669
25,463
25,263
25,105
25,066
25,183
24,859
644
343
329
413
369
28
565
549
685
787
667
935
3
3
3
3
3
2
26,176
25,958
26,252
26,550
26,133
26,880
156
350
147
172
245
37
184
200
640
827
535
576
723
567
672
473
2
2
25,437
25,688
25,316
25,382
25,781
25,642
25,183
24,696
170
156
70
110
963
754
977
722
515
440
291
249
569
509
798
503
861
543
855
569
535
267
411
265
349
147
1
Gold
stock
Deposits, other
Member ba nk
than member bank Other
Treasreserve bala aces
reserve
balances,
Fedury Money Treas- with F. R.
Banks
ury
eral
in
curcash
Recirrency
ReExserve
cula- hold- Treas- For- Othouter
Total quired2 cess2
ings
ury
acstand- tion
eign
dededeing
counts
posits posits posits
176
431
640
530
841
521
4*8
561
525
547
174
176
179
323
343
949
948
947
947
863
460
675
738
669
557
551
61f
518
332
329
390
354
860
859
862
862
541
574
356
619
642
538
569
507
543
512
333
363
381
259
352
859
859
882
881
880
524
348
530
644
484
461
461
471
370
375
358
366
899
899
897
895
664
322
503
522
453
449
419
429
376
534
398
335
801
808
805
805
773
526
488
224
799
377
431
491
464
461
474
339
331
259
427
380
878
880
936
937
936
715
19,113
688
19,002
18.253 1,144
644
19,098
515
19,014
19 ,614 18,959
655
19 ,593 18,942
651
19 ,641 18,865
776
19 ,440 18,860
580
19 325 18,884
441
19 104 18,731
373
19 ,771 18,885
886
19 ,486 18,868
618
19 ,309 18,816
493
19 ,303 18,757
546
19 ,557 18,728
829
19 ,567 18,817
750
19 ,334 18,796
538
19 779 18,845
934
19 630 19,026
604
20 044 19,187
857
19 ,775 19,150
625
19 ,474 19,161
313
19 ,720 19,053
667
20 229 19,309
920
20 ,064 19,297
767
20 066 19,364
702
770
775
782
795
222
86
5
236
440
500
443
493
397
441
286
278
836
836
833
831
20
20
20
19
184
228
874
859
807
818
820
824
457
638
533
509
477
473
482
461
345
338
346
359
829
828
912
911
19
19
19
19
870
654
845
273
820
820
823
810
819
528
447
51
539
722
476
487
528
517
494
402
346
191
358
363
908
907
919
919
917
19
19
20
19
19
540
640
307
739
194
823
831
839
829
570
639
565
499
491
469
443
469
371
353
388
305
936
935
931
852
19
19
19
19
272
293
566
699
837
840
841
834
617
542
418
505
601
579
533
502
328
357
390
383
849
848
880
881
19
19
19
19
207
481
686
617
831
825
810
812
811
448
250
459
379
201
199
339
377
474
032
914
825
011
380
400
402
398
877
876
997
999
988
987
985
983
911
19
20
19
19
19
826
810
808
812
875
300
557
536
548
520
563
543
544
545
571
771
629
549
19
19
19
19
406
052
141
136
808
799
812
812
677
593
646
596
525
559
548
562
428
387
427
417
907
905
928
927
18
18
18
18
733
731
776 P 1 7 , 5 8 3
579 P17.574
Pl!005
30,120
30,248
30,275
30,398
30,807
30,781
1,263
1,269
1,283
1,275
548
496
642
654
451
346
566
524
512
448
417
423
346
325
352
468
367
493
862
862
880
802
804
839
19
19,
19,
19,
19
20,
607
278
309
460
434
160
19,017
18,802
18,816
18,826
19,087
19,397
590
476
493
634
347
763
29,981
29,904
29,707
29,735
29,870
29,922
29,892
*>29,925
793
811
819
819
820
811
798
405
542
722
579
408
875
716
511
440
490
494
471
527
545
533
477
459
491
363
321
645
377
503
501
830
909
917
850
878
988
908
925
19,
19,
19,
19
19,
19,
18
18
384
412
194
528
563
011
702
316
19,016
18,821
18,689
18,844
18,891
18,412
17,763
P17.533
368
591
505
684
672
599
939
,227
,228
,228
,228
22 ,178
22 ,178
22 ,178
22 ,179
22 ,128
22 ,128
22 ,128
22 ,077
22 ,077
22 ,076
22 ,077
22 ,076
22 ,027
22 ,028
22 ,028
22 ,028
22 ,029
22 ,029
4,854
4,854
4,853
4,853
4,853
4.858
4,859
4,861
4,862
4,865
4,865
4,868
4,869
4,872
4,872
4,873
4,874
4,874
4,877
4,878
4,878
4,879
4,882
4,883
4,884
4,886
4,889
30.152
30.279
30,163
30,051
30,044
30,139
30,158
30,145
30,105
30,240
30.479
30,335
30,210
30,275
30,374
30,412
30,305
30,268
30,428
30,540
30,487
30,691
30,791
30,904
30,953
31,156
30,890
1.269
1,266
1 .264
1.267
1,264
1,276
1,275
1,280
1,273
1.278
1,274
L ,278
1,277
,283
1,284
1,271
1,270
1,282
1,283
784
786
777
774
778
769
763
,029
,030
,006
,006
21 ,956
21 ,957
21 ,957
21 ,958
21 ,958
21 ,963
21 ,964
21 ,964
21 ,965
21 ,966
21 ,966
21 ,967
21 ,968
21 ,969
21 ,970
21 ,971
21 ,972
21 ,923
21 ,924
21 ,925
21 ,926
21 ,927
21 ,928
21 ,929
21 ,931
21 ,907
21 ,908
21 ,858
21 ,858
21 ,858
4,890
4,890
4,890
4,890
4,899
4,902
4,905
4,906
4,912
4,917
4,920
4,925
4,935
4,935
4,943
4,945
4,947
4,951
4,952
4,956
4,957
4,958
4,957
4,956
4,955
4,959
4,959
4,958
4,958
4,959
4,959
4,960
4,960
4,961
30,591
30,284
30,083
29,900
29,930
29,923
29,821
29,838
29,885
29,870
29,769
29,632
29,707
29,795
29,793
29,673
29,645
29,756
29,759
29,707
29,697
29,934
29,873
29,803
29,735
29,922
30,154
29,981
29,854
29,776
29,893
29,911
29,866
29,786
22 ,277
22 ,178
22 ,128
22 ,077
22 028
22 030
4,859
4,867
4,872
4,879
4,885
4,894
4,899
4,913
4,935
4,951
4,957
927 4,959
908 4,960
809 P4.965
22 ,463
22 ,438
22 ,374
22 ,276
22 ,277
22
22
22
22
22
22
22
22
21
21
21
21
21
21
21
Pl\
956
958
965
969
973
766
761
P815
1,220
19 .828
19 ,69(
19 ,397
19 ,74/
19 ,529
19,390
19,250
19,335
19,217
19,089
18,937
18,921
18,853
18,827
18,792
19,224
18,869
18,689
18,651
18,585
18.648
18,759
18,837
18,717
18,937
18.961
18,898
18,906
18,993
18,828
18,412
18,420
18,340
18,366
18.377
17,704
17,665
794
978
1,539
642
781
717
924
420
713
848
1,083
870
505
621
708
918
940
370
764
749
656
576
1,126
921
997
599
986
712
775
759
1,029
1,066
P783
For footnotes see following page.
1954
951
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS—Continued
[In millions of dollars]
Deposits, other
than member bank
Member bank
reserve balances,
reserve balances
1 IcaaU. S. Govt. securities
with F. R. Banks wtner
Money
TreasFedury
in
ury
eral
DisGold curcash
ReHeld counts
stock rency cirAll
out- cula- hold- Treas- For- Oth- serve
and
under
Float
othTotal
1
Bought repur- ader
standtion
ings
er
eign de- ac- Total
ReExury
Total out- chase vances
ing
counts
dedequired2 cess"
right agreeposits posits posits
ment
Reserve Bank credit outstanding
_
Date
or
period
Ail,..
End of
month:
1929—June.
1933—J une .
1939—Dec..
1941—D ec#
1945—Dec..
1947—Dec
1948—Dec.
1945)—DCC<
1950—Dec.
1951—Dec.
1952—June.
Dec.
1953—June.
216
1, 998
2 , 484
2 , 254
2 4 , 262
2 2 , 559
2 3 , 333
18, 885
2 0 , 778
2 3 , 801
2 2 , 906
2 4 , 697
2 4 . 746
148
1 ,998
2 ,484
2 ,254
24 ,262
22 ,559
23 ,333
18 ,885
20 ,725
23 ,605
22 ,764
24 ,034
24 ,718
68
1,037
53
196
142
663
28
164
7
3
249
85
223
78
67
19
59
156
64
Averages
of dally
figures
Monthly:
1953—Aug..
Sept.
Oct..
Nov.
Dec.
1954—Jan..
Feb..
Mar.
Apr..
May.
June.
July.
Aug..
2 5 , 000
2 5 , 168
2 5 , 344
2 5 , 172
2 5 , 639
2 5 , 263
2 4 , 770
2 4 , 633
2 4 , 635
2 4 , 689
2 4 , 998
2 4 , 771
2 3 , 989
24 ,974
25 ,097
25 ,341
25 ,078
25 ,218
25 ,149
24 ,729
24 ,620
24 ,632
24 ,680
24 ,960
24 ,761
23 ,930
26
71
3
94
421
114
41
13
3
9
38
10
59
658
468
367
494
448
118
308
205
151
172
166
104
210
2 4 , 812
2 4 , 960
2 4 , 955
2 5 , 018
25 113
24
24
24
24
24
32
133
216
170
142
194
157
613
670
665
920
630
71
68
73
168
675
710
833
590
175
287
229
178
653
598
723
698
52
4
91
94
578
535
541
534
1,368
1,184
581
967
601
660
771
800
744
1,018
861
667
712
696
640
710
695
654
1 ,400
2 ,220
2 ,593
2 ,361
25 ,091
23 ,181
24 ,097
19 ,499
22 ,216
25 ,009
23 ,551
4 25 ,825
3 25 ,414
4 ,037
4 ,031
17 ,644
22 ,737
20 ,065
22 ,754
24 ,244
24 ,427
22 ,706
22 ,695
23 ,346
23 ,187
22 ,463
2 ,019 4 ,459
2 ,286 5 ,434
2 ,963 7 ,598
3 ,247 11 ,160
4 ,339 28 ,515
4 ,562 28 ,868
4 ,589 28 ,224
4 ,598 27 ,600
4 ,636 27 ,741
4 ,709 29 ,206
4 ,754 29 ,026
4 ,812 30 ,433
4 ,854 30 ,125
3
3
3
3
2
2
2
2
1
1
1
1
1
26 ,322
26 ,410
26 ,514
26 ,413
27 ,107
26 ,243
25 ,746
25 ,553
25 ,483
25 ,503
25 ,876
25 ,571
24 ,855
22
22
22
22
22
22
21
21
21
21
21
21
21
4 ,860 30 ,167 1,273
4 ,867 30 ,328 1,273
4 ,873 30 ,366 1,274
915
4 ,878 30 ,555
767
4 ,885 30 ,967
30
778
4 ,891
,282
811
4 ,904 29 ,903
29
813
4 ,920 ,800
825
4 ,941 29 ,755
830
4 ,954 29 ,773
815
4 ,956 29 ,856
r 4 ,959 29 ,968
810
4 ,960 29 ,896
806
25 ,642
25 ,802
25 ,764
26 ,134
25 ,901
21
21
21
21
21
95
54
11
10
2
1
1
2
3
5
,226
,176
,102
,057
,028
,015
,957
,963
,966
,971
,927
,926
,871
6
15
397
774
862
392
642
767
895
526
548
550
527
21
151
256
586
446
569
547
750
565
363
298
455
176
374
346
251
291
495
563
590
706
714
746
783
777
2 ,356
2 ,292
11 ,653
12 ,450
15 ,915
17 ,899
20 ,479
16 ,568
17 ,681
20 ,056
19 ,381
19 ,950
951 19 ,561
2 , 333
1, 817
6 , 444
9 , 365
1 4 , 457
16, 400
1 9 , 277
1 5 . 550
1 6 , 509
1 9 , 667
1 9 , 573
2 0 , 520
1 9 , 459
656
537
548
538
463
434
466
453
470
494
481
531
553
632
536
376
354
406
424
390
422
429
352
427
412
321
409
464
861
871
889
805
908
834
870
913
926
864
941
973
916
19 ,526
19 r552
19 ,536
19 ,718
19 ,920
20 ,179
19 ,557
19 ,573
19 ,392
19 ,533
19 ,670
19 ,164
18 ,478
1 8 , 882
18, 834
1 8 , 784
1 9 , 035
1 9 , 227
1 9 , 243
1 8 , 925
1 8 , 881
1 8 , 627
1 8 . 817
1 8 , 813
18, 329
644
718
752
683
693
936
632
692
765
716
857
835
452
342
341
757
458
358
227
296
384
878
877
910
998
996
19 ,555
19 ,805
19 ,934
19 ,818
19 ,188
18. 912
18 885
19 043
18 958
18 349
643
920
891
860
839
204
36
264
35
2,409
634
2,215
867
977
2,287
1,336
870
,325 1,123
1,312
821
668
1,293
1,270
247
1,283
333
1,270
389
1,259
132
557
497
602
201
568
490
584
486
602
498
591
23
475
5,209
3,085
1,458
1,499
1,202
1,018
1,172
389
-192
-570
102
Weekending:
1954
June
June
June
June
June
July
July
July
July
2
9....
16....
23....
30
7
14
21
28
Aug.
4....
A u g . 11
Aug. 1 8 . . . .
Aug. 2 5 . . . .
25
24
24
24
082
912
765
517
24
24
23
23
325
040
980
813
,812
,960
,955
,986
,980
25 ,038
24 ,912
24 ,765
24 ,517
24 ,325
24 ,023
23 ,876
23 ,747
44
17
104
66
,966
,924
,925
,926
,926
25 .829 21 ,927
25 ,691 21 ,929
25 ,673 21 .931
25 ,277 21 ,924
25 ,154 21 ,908
24 ,925 21 ,901
24 ,933 21 ,858
24 ,690 21 ,858
,958 29 ,874
,958 29 ,928
,957 29 ,870
,955 29 ,793
,956 29 ,813
4 ,959 3 0 .066
4 ,958 30 .099
4 ,958 29 ,932
4 ,959 29 ,815
4 ,959 29 ,889
4 ,959 29 ,932
4 ,960 29 ,919
4 ,961 29 ,850
4
4
4
4
4
827
823
813
806
812
1,010
521
549
549
547
579
821
811
807
806
464
392
499
551
588
765
651
569
413
359
428
420
986
986
983
963
19 ,377
19 ,166
19 ,261
19 ,036
18
18
18
18
419
404
356
347
958
762
905
689
803
803
805
807
742
584
558
566
526
544
579
557
455
430
452
450
908
905
914
927
18 ,698 17
18 ,586 17
18 ,525 P 1 7
18 ,353 P 1 7
666
688
583
582
1,032
898
P942
P771
r
v1 Preliminary.
Revised.
Includes industrial loans and acceptances purchased, which are shown separately in subsequent tables.
'These figures are estimated.
Back figures.—See Banking and Monetary Statistics, Tables 101-103, pp. 369-394; for description, see pp. 360-366 in the same publication.
MAXIMUM RATES ON TIME DEPOSITS
[Per cent per annum]
MARGIN REQUIREMENTS s
[Per cent of market value]
Nov. 1, 1933- Feb. 1,1935- Effective
Jan. 31, 1935Dec 31, 1935 Jan. 1,1936
Savings deposits
Postal Savings deposits...
Other deposits payable:
In 6 months or more...
In 90 days to 6 months
In less than 90 days. . .
2H
I
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.
952
Prescribed in accordance with
Securities Exchange Act of 1934
Regulation T:
For extensions of credit by brokers
and dealers on listed securities
For short sales
Regulation U:
For loans by banks on stocks
Mar. 30, Jan. 17, Effec19491951tive
Jan. 16, Feb. 19, Feb. 20,
1951
1953
1953
50
50
75
75
50
50
50
75
50
1
Regulations T and U limit the amount of credit that may be extended on a security by prescribing a maximum loan value, which is a
specified percentage of its market value at the time of extension; the
"margin requirements" shown in this table are the difference between
the market value (100%) and the maximum loan value.
Back figures.—See Banking and Monetary Statistics, Table 145, p. 504,
and BULLETIN for March 1946, p. 295, February 1947, p. 162, and
February 1953, p. 130.
FEDERAL RESERVE BULLETIN
FEDERAL RESERVE BANK DISCOUNT RATES
[Per cent per annum]
Discounts for and advances to member banks
Federal Reserve Bank
Advances secured by Government
obligations and discounts of and
advances secured by eligible
paper
(Sees. 13 and 13a)1
Rate on
Aug. 31
Boston
New York.. ..
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis. .
Kansas City..
Dallas
San Francisco
In effect
beginning—
Previous
rate
Advances to individuals,
partnerships, or corporations other than member
banks secured by direct
obligations of the U. S.
(last par. Sec. 13)
Other secured advances
[Sec. lO(b)]
Rate on
Aug. 31
2
2
2
2
2
2
Apr. 27,1954
Apr. 16,1954
May 21, 1954
Apr. 23,1954
May 15, 1954
May 15, 1954
Apr. 14,1954
Apr. 23,1954
Apr. 29,1954
Apr. 23,1954
Apr. 23,1954
Apr. 16,1954
V
2
2H
In effect
beginning—
Previous
rate
Apr. 27,1954
Apr. 16,1954
May 21, 1954
Apr. 23,1954
May 15, 1954
May 15, 1954
Feb. 11,1954
Apr. 23.1954
Apr. 29,1954
Feb. 12,1954
Apr. 23,1954
Apr. 16,1954
Rate on
Aug. 31
In effect
beginning—
I*
I*
Feb. 5, 1954
Jan. 16,1953
Jan. 16,1953
Aug. 17,1953
Jan. 23,1953
Feb. 9, 1954
Aug. 13,1948
May 18, 1953
Jan. 26,1953
Jan. 16,1953
Jan. 23,1953
Jan. 20,1953
3
34
3
2%
3
2
Previous
rate
1
Rates shown also apply to advances secured by obligations of Federal intermediate credit banks maturing within 6 months.
NOTE.—Maximum maturities. Discounts for and advances to member banks: 90 days for discounts and advances under Sections 13 and 13a
of the Federal Reserve Act except that discounts of certain bankers' acceptances and of agricultural paper may have maturities not exceeding
6 months and 9 months, respectively, and advances secured by obligations of Federal intermediate credit banks maturing within 6 months are
limited to maximum maturities of 15 days; 4 months for advances under Section 10(b). Advances to individuals, partnerships, or corporations
under the last paragraph of Section 13: 90 days. Back figures.—See Banking and Monetary Statistics, Tables 115-116, pp. 439-443.
FEDERAL RESERVE BANK BUYING RATES ON
ACCEPTANCES
[Per cent per annum]
Rate on
Aug. 31
Maturity
Previous
rate
In effect beginning-
Net demand deposits1
Effective date
of change
Apr. 16, 1954
Apr. 16, 1954
Apr. 16, 1954
1- 90 days
91-120 days
121-180 days
NOTE.—Effective minimum buying rates on prime bankers' acceptances payable in dollars. Back figures.—See Banking and Monetary
Statistics, Table 117, pp. 443-445.
FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS
AND COMMITMENTS UNDER SECTION 13B
OF THE FEDERAL RESERVE ACT
Maturities not exceeding five years
{In effect August 31. Per cent per annum]
To industrial or
commercial
businesses
To financing institutions
On discounts or
purchases
Federal
Reserve
Bank
On
loans1
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco...
On
commitments
Portion
for which
institution is
obligated
Remaining
portion
On
commitments
()
()
(2)
^-5
(3)
(3)
1917—Jane 21
1936—Aug. 16
1937—Mar. 1
May 1
1938—Apr. 16
1941—Nov. 1
1942—Aug. 20
Sept. 14
Oct. 3
1948—Feb. 27
June 11
Sept. 16
Sept. 24
ay 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 Sept. 1, 1954*.
Central
Teserve
city
banks
Reserve
city
banks
13
19
22
26
10
15
17
20
17
20
26
24
22
20
Country
banks
12 J<
14
12
14
Time
deposits
(all
member
banks)
I"
5
6
22
24
16
26
22
24
21
20
15
14
13
23
22
22
23
19
18
18
19
24
20
271,
371,
27
37
36
2
6
12
35
25
13
36
2
6
14
13
22
19
21
20
18
20
18
25
35
12
12
2
<)
1
Including loans made in participation with financing
2
Rate charged borrower less commitment
rate.
3
4
institutions.
Rate charged borrower.
Rate charged borrower but not
to 6exceed 1 per cent above the discount rate.
Charge of % per cent per annum is made on undisbursed portion
of loan.
•Charge of )4. P e r cent per annum is made on undisbursed portion
of loan.
Back figures.—See Banking and Monetary Statistics, Table 118, pp*
446-447.
SEPTEMBER
MEMBER BANK RESERVE REQUIREMENTS
[Per cent of deposits]
1954
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.
953
MEMBER BANK RESERVES AND BORROWINGS
[Averages of daily figures. In millions of dollars]
All
member
banks i
Central reserve
city banks
Reserve
city
banks
Country
banks i
Month, or
week ending Wednesday
New
York
Chicago
19,897
20,287
19,653
19,533
19,670
19,164
4,922
5,155
4,838
4,738
4,812
4,508
1,297
1,320
1,292
1,255
1,251
1,198
7,824
7,933
7,808
7,785
7,839
7,780
5,853
5,878
5,713
5,754
5,767
5,678
1953—May
June
July
1954—May
June
July
July
July
Aug.
Aug.
Aug.
Aug.
21
28
4
11
18
25
19,261
19,036
18,698
18,586
18,525
18,353
4,485
4,481
4,393
4,344
4,337
4.280
1,210
1,188
1,180
1,170
1,182
1,166
7,830
7,767
7,481
7,516
7,511
7,489
5,736
5,600
5,644
5,555
5,495
5,418
July
July
Aug.
Aug.
Aug.
Aug.
ber
Reserve
city
banks
Country
banks 1
466
491
597
560
630
619
667
1
New
York
591
787
784
716
858
836
15
128
53
3^
63
40
-2
11
11
108
164
130
124
153
166
904
688
53
13
54
-23
22
-5
19
3
27
-8
7
-4
165
130
195
122
91
82
72
11
12
7
14
54
22
40
8
4
1
569
195
245
65
61
26
249
195
121
1
2
2
21
22
2
26
38
27
33
58
32
29
44
42
39
39
31
banks
Chicago
Excess reserves:
Total reserves h e l d :
1953—May
June
July
1954—May
June
July
Central reserve
city banks
All
mem-
21
28
4
11
18
25
1,032
898
P886
P773
3
4
C/l
Month, or
week ending Wednesday
542
756
807
P766
P700
Borrowings at Federal
Reserve Banks:
Required reserves:
1953—May
June
July
1954—May
June
July
July 2 1 . . .
July 2 8 . . .
Aug. 4. . .
Aug. 1 1 . . .
Aug. 18. . .
Aug. 2 5 . . .
19,306
19,499
18,868
18,817
18,813
18,329
4,908
5,028
4,786
4,704
4,749
4,468
1,295
1,316
1,288
1,257
1,240
1,187
7,716
7,769
7,678
7,661
7.686
7,614
5,387
5,387
5,117
5,194
5,138
5,058
1953—May
June
July
1954—May
June
July
18,356
18.347
17,666
17,688
P17.641
4,432
4,467
4,339
4,367
4,316
4,285
1,191
,185
,153
,179
,175
1,169
7,665
7,637
7,286
7,394
7,421
7,407
5,069
5,058
4,888
4,748
P4,729
July
July
Aug.
Aug.
Aug.
Aug.
P17,579
P4,718
944
423
418
155
146
66
21
28
4
11
18
25
56
84
71
182
139
88
89
20
23
76
67
38
p1 Preliminary.
Weekly figures of excess reserves of all member banks and of country banks are estimates. Weekly figures of borrowings of all member
banks2 and of country banks may include small amounts of Federal Reserve Bank discounts and advances for nonmember banks, etc.
Reserve requirements were reduced in July 1953 and in June-August 1954; see table on preceding page.
Back figures.—See Banking and Monetary Statistics, pp. 396-399.
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
Chicago
Reserve
city
banks
Country
banks
All
member
banks
Central reserve
city banks
New
York
July 1954
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 3
Excess
Borrowings at Federal Reserve Banks
108,551
12,889
95.662
93,925
38,551
22,881
4.079
18,802
20,514
Chicago
Reserve
city
banks
Country
banks
July 1953
3.563
6,006
1,277
4,729
5,368
1,279
42,194
6,310
35,884
36,254
15,191
37,471
1,222
36,249
31,789
18,518
106,408
12,072
94,336
92,976
34,775
22 ,530
3 ,877
18 ,653
20 ,623
2 ,435
6 ,036
,238
4 ,798
5 ,406
,203
41,267
5,894
35,372
35,566
13,848
36,575
1,062
35,513
31,381
17,288
6,691
46
125
2,060
4,460
6,169
40
124
1,957
4,048
19,164
18,329
4,508
4,468
40
1,198
1,187
11
7,780
7,614
166
5,678
5,058
619
19,653
18,868
784
4 ,838
4 ,786
53
1 ,292
1 ,288
5
7,808
7,678
130
5,713
5,117
597
26
38
418
12
40
245
121
836
66
1
Averages of daily closing figures for reserves and borrowings and of daily opening figures for other items, inasmuch as reserves required are
based2 on deposits at opening of business.
Demand deposits subject to reserve requirements, i. e., gross demand deposits minus cash items reported as in process of collection and
demand
balances due from domestic banks.
3
Reserve requirements were reduced June-July 1954; see table on preceding page.
954
FEDERAL RESERVE
BULLETIN
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS
[In thousands of dollars]
Wednesday figures
Item
End of month
1954
Aug. 25
Aug. 18
Aug. It
1954
Aug. 4
July 28
Aug.
1953
July
Aug.
Assets
Gold certificates
Redemption fund for F. R. notes. .
20,327,104 20,327,102 20,327,102 20,367,102 20,367,104 20,277,105 20,367,104 20,195,103
850,554
847,011
840,241
852,726
852,726
797,665
844,476
844,476
Total gold certificate reserves.
21,171,580 21,171,578 21,174,113 21,217,656 21,219,830 21,117,346 21,219,830 20,992,768
F. R. notes of other B a n k s . . .
Other cash
Discounts and advances:
For member banks
For nonmember banks, etc..
Industrial loans
U. S. Government securities:
Bought outright:
Bills
Certificates:
Special
Other
Notes
Bonds
142,038
376,473
132,276
367,413
121,412
374,045
118,927
382,744
131,185
393,554
121,210
362,063
128,304
397,533
181,457
337,150
222,859
90,000
642
369,987
90,000
806
382,486
105,000
1,184
64,986
105,000
1,056
125,132
95,000
999
109,769
90,000
616
79,042
105,000
1,116
342,849
2^ 773
1,103,150 1,155,250 1,301,750 1,603,750 1,795,925 1,173,150 1,603,750 1,697,304
6,599,
13,029,
3,092,
Total bought outright
Held under repurchase agreement.
6,599,791 6,599,791 6,599,791 6,599,791 6,599,791 6,599,791
,995,716
13,029,021 13,029,021 13,029,021 13,029,021 13,029,021 13,029,021 13 ,773,671
,521,975
3,092,550 3,092,550 3,092,550 3,092,550 3,092,550 3,092,550
23,824,
23,876,612 24,023,112 24,325,112 24,517,287 23,894,512 24,325,112 24 ,988,666
80,000
128,600
83, 800
74,500
Total U. S. Government securities.
23,908,312 23,956,612 24,023,112 24,325,112 24,517,287 24,023,112 24,325,112 25,063,166
Total loans and securities
24,221,813 24,417,405 24,511,782 24,496,154 24,738,418 24,223,497 24,510,270 25,408,788
Due from foreign banks.
Uncollected cash items. .
Bank premises
Other assets
3,410,
53,
132,
Total assets.
22
22
22
22
22
22
4,085,677 3,557,645 3,418,325 3,447,068 3,157,669 3,308,803
53,820
53,705
53,724
53,669
53,664
53,703
125,184
140,914
138,750
132,572
127,943
123,828
22
,847,247
49,983
176,705
49,509,301 50,353,375 49,933,638 49,820,064 50,107,608 49,174,281 49,746,374 49,994,120
Liabilities
Federal Reserve notes
Deposits:
Member bank—reserve accounts .
U. S. Treasurer—general account.
Foreign
Other
Total deposits.
25,467,827 25,529,792 25,560,754 25,554,185 25,465,973 25,566,361 25,567,312 25,983,424
18,579,307 18,775,890 18,731,314 18,733,491 19,136,320 18 ,316,012 18,701, 710 19 278,145
646,473
676,740
511,349
715, 622
595,947
593,012
548,124
496,171
547,534
524,706
476,765
532, 898
561,911
559,186
548,891
524,203
427,021
428,201
501,001
503 330
417,132
386,507
397,579
324,733
20,154,297 20,396,918 20,270,019 20,363,138 20,630,914 19,805,127 20,453,560 20,623,252
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
2,773,910 3,320,006
15,314
14,161
Total liabilities and capital accounts.
,684,978 2,636
13,
15,080
,298,336
20,265
48,411,348 49,260,877 48,847,992 48,740,833 49,034,552 48,071,546 48,670,610 48,925,2/7
274,899
625,013
27,543
170,498
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
,003,523 2,809,397 2,922,556
13,696
14,113
15,109
274,747
625,013
27,543
165,195
274,600
625,013
27,543
158,490
273,923
625,013
27,543
152,752
273,663
625,013
27,543
146,83'/
274,838
625,013
27,543
175,341
273,712
625,013
27,543
149,496
261,220
584,676
27,543
195,404
49,509,301 50,353,375 49,933,638 49,820,064 50,107,608 49,174,281 49,746,374 49,994,120
46.4
46.1
46.2
46.2
46.0
46.5
46.1
45.0
5,294
2,778
6,562
2,617
6,789
2,241
8,396
2,390
8,562
2,480
5,264
2,795
8,666
2,354
25,316
3,356
199,769
459,987
220,132
184,042
312,859
487,486
169,986
368,684
103,880
215,320
132,673
84,308
390,443
71,375
95,664
97,314
87,302
89,577
91,076
98,372
96,806
10,157
227
157
225
225
237
239
999
616
642
806
1,184
1,116
1,056
5
3
5
3
5
2
2
532
689
364
806
384
883
754
267
231
267
208
215
259
260
40
39
40
38
38
40
40
23 ,908,312 23 956,612 24,023,112 24,325,112 24,517,287 24,023,112 24,325,112
564,900
592,100
586,800
717,000
606,675
485,600
588,600
,030,075
643,150
,706,175
,877,975
,180,475
598,350
816,150
972,141 13,972,141 12,972,716 12,972,716 12,972,716 13,972,141 12,972,716
,307,260
299,060
299,060
307,260
307,260
299,060
307,260
,035,304
035,304
035,304
,035,304
,035,304
035,304
035,304
,414,857
414,857
,414,857
,414,857
414,857
414,857
414,857
342,849
321,953
20,746
150
2,773
598
318
1,375
482
,063,166
,120,325
,507,304
,194,016
,452,264
,374,400
,414,857
Maturity Distribution of Loans and U. S. Government Securities1
Discounts and advances*—total
Within 15 days
16 days to 90 days
91 days to 1 year
Industrial loans—total
Within 15 days
16 days to 90 days
91 days to 1 year
Over 1 year to 5 years.
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
1
Securities held under repurchase agreement are classified as maturing within 15 days in accordance with maximum maturity of the agreements.
SEPTEMBER
1954
955
STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON AUGUST 31, 1954
[In thousands of dollars]
Item
Total
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
Minneapolis
Kansas
City
San
Dallas
Francisco
Assets
Gold certificates. 20,277,105 1,029,606 5,516,515 1,217,375 1,723,328 1,055,293
Redemption fund
840,241
168,783
55,345
77,028
63,516
for F. R. notes.
50,895
927,019 3,623,148
55,142
145,946
Total gold certificate reserves. . 21,117,346 1,080,501 5,685,298 1,272,720 1,800,356 1,118,809 982,161 3,769,094
F. R. notes of
other Banks...
7,047
12,582
16,782
121,210
10,974
19,956
5,343
12,324
Other cash.
25,964
67,426
23,411
41,167
17,986
31,764
61,469
362,063
Discounts and
advances:
Secured by
U. S. Govt.
securities. . .
23,965
5,195
8,632
109,030
5,410
17,170
8,300
10,030
Other
6,660
90,739
26,100
8,280
4,590
3,870
5,490
12,510
Industrial loans..
520
616
U. S. Government,
securities:
Bought outright
23 894 512 1 318 451 6,103,423 1 454 172 2 047 927 1 407,339 1,216 971 4,177 191
Held under
repurchase
128,600
agreement...
128,600
809,280
465,658
862,956
47,783
24,860
40,211
772,097 2,274,830
857,063
490,518
903,167
5,780
22,211
13,079
7,695
6,674
11,873
3,300
13,133
7,369
37,964
3,150
3,420
4,050
2,250
96
20,428
3,420
4,969
2,700
9,180
29.244
81,488
801,341 2,356,318
t
999,866
586,778 1,030,905
938 911 2,612,578
Total loans and
24,223,497 1,329,351 6,282,088 1,466,547 2,073,377 1,420,561 1,229,141 4,199,731 1,006,436 593,174 1,054,753 943.880 2,624,458
securities
Due from foreign
2
1
2
1
1
1
1
1
1
banks
22
2
3
Uncollected cash
643,012 190,035 282,081 261,488 215,132 473,119 120,298
88,018 154,706 208,339 280,279
items
3,157,669 241,162
8,201
7,619
4,563
1,005
2,463
562
Bank premises...
53,724
5,173
5,062
3,933
5,963
6,327
2,853
15,074
33,719
8,123
3,372
6,325!
6,432
Other a s s e t s . . . . .
138,750
12,273
7,595
8,269
7,639
23,838
6,091
Total assets
49,174,281 2,701,511 12,739,124 2,973,204 4,219,661 2,844,113 2,486,553 8,545,905 2,020,733 1,196,862 2,139,962 1,976,988 5,329,665
Liabilities
F . R. notes
25,566,361 1,566,212 5,735,817 1,788,888 2,374,460 1,752,542 1,357,734 4,948,862 1,132,764
Deposits:
Member bk.—
reserve accts. 18,316,012 766,5 78 5,435,033 856,031 1,412,062 747,183 829,794 2,955,817 675,386
U. S. Treas.—
38,484
37,347
511,349
38,869
gen. acct
37,696 2 146,719
44,743
39,369
38,209
23,975
142,976
34,787
20,214
Foreign
476,765
28,676
43,249
65,344
17,864
2,152
428,310
Other
2,555
9,721
10,838
722
3,786
7,470
501,001
Total deposits... 19,805,127
Deferred availability
cash
items
2,684,978
Other liabilities
and accrued
dividends
15,080
835,505 6,153,038
598,615 1,003,836
737,733 2,568,898
453,195
921,851
945,665 2,317,417
23,124
11,753
1,256
19,148
17,863
4,783
30,833
22,095
749!
16,808
47,969
28,659
939,023 1,510,892
810,657
889,599 3,064,316
738,929
489,328
963,645
999,342 2,410,853
79,405
128,453
188,151
236,226
398
569
504
1,282
231,489
536,698
163,337
231,842
221,738
188,358
374,899
104,382
623
5,108
798
1,649
587
655
2,371
536
Total liabilities.. 48,071,546 2,633,829 12,430,661 2,892,046 4,118,843 2,785,524 2,436,346 8,390,448 1,976,611
1,167,746 2,096,503 1,925,730 5,217,259
Capital
Accounts
Capital paid in. .
Surplus (Sec. 7 ) . .
Surplus (Sec. 13b)
Other capital
accounts
Total liabilities
and capital
274,838
625,013
27,543
14,784
38,779
3,011
83,446
176,633
7,319
18,740
45,909
4,489
26,727
57,648
1,006
12,243
31,750
3,349
11,903
28,034
762
36,377
90,792
1,429
9,509
25,465
521
6,114
16,219
1,073
10,489
23,456
1,137
13,939
28,146
1,307
30,567
62,182
2,140
175,341
11,108
41,065
12,020
15,437
11,247
9,508
26,859
8,627
5,710
8,377
7,866
17,517
49,174,281 2,701,511 12,739,124 2,973,204 4,219,661 2,844,113 2,486,553 8.545,905 2,020,733 1,196,862 2,139,962 1,976,988 5,329,665
46.5%
45.0%
47.8%
46.7%
46.3%
43.6%
43.7%
47.0%
45.8%
45.1%
45.9%
46.1%
47.3%
Contingent liability on acceptances purchased for foreign
correspondents
5,264
323
31,501
392
488
270
228
737
201
133
201
249
541
Industrial loan
commitments..
2,795
1,036
867
45
113
19
Reserve r a t i o . . . .
7151
1
After
2
After
3
deducting £16,000 participations of other Federal Reserve Banks.
deducting $333,771,000 participations of other Federal Reserve Banks.
After deducting $3,763,000 participations of other Federal Reserve Banks.
956
FEDERAL RESERVE BULLETIN
FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS
FEDERAL RESERVE BANKS COMBINED
[In thousands of dollars]
Wednesday figures
End of month
1954
Item
Aug. 25
Aug. 18
Aug. 11
1954
Aug. 4
July 28
1953
Juls
Aug.
Au«
26,500 ,818 26 524 ,550 26 530,708 26 ,532,889 26,554 ,651 26 ,533, 486 26 ,566 741 26 ,922 ,781
R\ R. notes outstanding (issued to Bank)
Collateral held against notes outstanding:
Gold certificates
Eligible paper
U. S. Government securities
11,093 ,000 11 093 ,000 11 093,000 11 ,093,000 11,043 ,000 11 ,093, 000 11 ,043 000 11 ,993 ,000
61 ,930
188 ,?57
56,157
33,997
49,
84
88?
54 ,047
16,865 ,000 16 880 ,000 16 880,000 16 ,880,000 16,945 ,000 16 ,865, 000 16 ,945 000 15 ,650 ,000
28,019 ,930 28 057 ,528 28 029,157 28 ,006,997 28,042 ,047 28 ,007, 565 28 ,021 882 27 ,831 ,257
Total collateral
EACH FEDERAL RESERVE BANK ON AUGUST 31, 1954
[In thousands of dollars]
Item
Total
Boston
New
York
Philadelphia
Cleveland
Richmond
Chicago
Atlanta
St.
Louis
Minne- Kansas
apolis
City
Dallas
San
Francisco
F. R. notes outstanding (issued
26,533,486 1,638,527 5,913,028 1,884,745 2,478,789 1,824,136 1,425,299 5,042,021 1.179,!
to Bank)
179,938 631,317 1,035,824 770,456 2,709,406
Collateral held: i
;5,<
,000 280,000 283,000 1,380,000
Gold certificates 11,093,000 640,000 2,670,000 800,000 1,000,000 625,000 485.000 2,400,000 355,000
175,000
5,195
49,565
5,410
8,632
20,428
2,700
Eligible paper..
3,150 4,050
U. S. Govt. se16,865,000 1,200,000 3,600,000 [,200,000 1,500,000 1,300,000 1,000,000 2,700,000 920,000 500,000 800,000 525,000 1,620,000
curities
Total collateral.. 28,007,565 1,845,410 6,270,000 2,005,195 2,500,000 1,933,632 1,485,000 5,100,000 1,278,150 679,050 1,100,428 808,000 3,002,700
INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS
[Amounts in thousands of dollars]
Number
3,511
3,542
3,574
3,607
3,649
3,698
3,736
3,753
544,961
565,913
586,726
615,653
629,326
651,389
710,931
766,492
320
4,577
945
335
539
4,819
3,513
1,638
1 ,995
554
1 ,387
995
5,178
5,632
-1,687
5,921
1,644
8,309
7,434
1,643
2,288
3,754
6,036
3,210
1,086
2,670
4,869
1,990
2,947
3,745
11,985
3,289
1953
July
August....
September.
October. . .
November.
December..
3,759
3,760
3,760
3,762
3,764
3,765
790,798
793,196
795,496
797,656
800.420
803,429
1,162
1,492
997
1,242
1,682
1,951
1,292
',801
: ,993
5,685
•,546
,900
3,304
3,355
3,341
3,381
3,097
3.569
3,129
2,955
3,134
2,970
3,640
3.469
1954
January . .
February. .
March
April
May
Tune
[uly
[Amounts in thousands of dollars]
Applications
approved
to date
End of
year or
month
1945
1946
1947
1948.
1949
1950
1951
1952
Participations
Apof
financLoans Commitproved
ing
instiout- 2 ments
but not
outtutions
com- 1 standing standing
out- 3
pleted (amount) (amount)
standing
Amount (amount)
(amount)
LOANS GUARANTEED THROUGH FEDERAL RESERVE
BANKS UNDER REGULATION V, PURSUANT TO
DEFENSE PRODUCTION ACT OF 1950
3 765
3,765
3.766
3.767
3,767
3,768
3.768
805,115
806,648
808,505
810,051
810,779
812,433
813,465
1
1,234
1.345
1,720
405
45
195
45
,885
,792
,487
,302
,298
,247
,130
3.532
3,145
2,957
2,891
2,373
2,395
2,354
3,414
3.344
2.666
2.412
1,869
1,855
1 ,812
Includes applications approved conditionally by the Federal Reserve
Banks and under consideration by applicant.
2
Includes industrial loans past due 3 months or more, which are not
included in industrial loans outstanding in weekly statement of condition
of Federal Reserve Banks.
3
Not covered by Federal Reserve Bank commitment to purchase or
discount.
NOTE.—The difference between amount of applications approved and
the sum of the following four columns represents repayments of advances, and applications for loans and commitments withdrawn or
expired.
SEPTEMBER
1954
End of
year or
month
1950
1951
1952
Guaranteed loans
authorized
to date
Guaranteed
loans
outstanding
Additional
amount
available to
borrowers
under guarantee agreements
outstanding
Number
Amount
Total
amount
Portion
guaranteed
62
854
1 ,159
31,326
1,395,444
2,124,123
8,017
675,459
979.428
6,265
546,597
803,132
8,299
472,827
586,303
1,244
,259
,269
,279
,284
1,294
2,292,777
2,301,987
2,310,182
2,320,187
2,324,612
2,358,387
891,865
868,274
860,874
842,529
837,238
804,686
736,723
716,618
709,488
695,550
691,727
666,205
482,394
444,265
438,091
416,690
375,977
363,667
,304
,310
,316
1 ,322
1 ,324
1L ,331
,342
2,377,628
2,380,186
2,399,321
2,406,651
2,408,226
2,420,326
2,443,021
788,320
772,647
737,605
684,631
664,122
640,636
604,750
652,706
640,121
612,265
569,551
552,738
534,695
502,902
347,969
355,056
321,619
347,823
330,408
299,465
311,191
1953
July
August
September
October.. .
November.
December.
1954
January...
February..
March....
April
May
June
July
]
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.
957
POSTAL SAVINGS SYSTEM
FEES AND RATES ESTABLISHED UNDER REGULATION V
ON LOANS GUARANTEED PURSUANT TO DEFENSE
PRODUCTION ACT OF 1950
[In effect August 31]
Fees Payable to Guaranteeing Agency by Financing Institution on
Guaranteed Portion of Loan
Percentage of
loan guaranteed
70 or less
75
80
85
90
95
Over 95
Guarantee fee
(percentage of
interest payable
by borrower)
Percentage of
any commitment
fee charged
borrower
10
15
20
25
10
15
20
25
30
35
40-50
30
35
40-50
Maximum Rates Financing Institution May Charge Borrower
[Per cent per annum]
Interest rate
Commitment rate.
[In millions of dollars]
Assets
Depositors'
balances l
End of month
Total
Cash
in
depository
banks
U. S.
Government
securities
Cash
reserve
funds,
etc.'
1945—December
1946—December....
1947—December....
1948—December
1949—December
1950—December....
1951—December
1952—December
2,933
3,284
3,417
3,330
3,188
2,924
2,705
2,547
3.022
3,387
3,525
3,449
3,312
3,045
2,835
2,736
6
6
6
7
7
11
28
33
2,837
3,182
3,308
3.244
3,118
2,868
2,644
2,551
179
200
212
198
187
166
162
151
1953—May
June
July
August
September. . .
October
November. . ,
December....
2,477
2,457
2,438
2,419
2,401
2,387
2,373
2,359
2,665
2,653
2,648
2,635
2,618
2,596
2,577
2,558
33
33
33
33
33
33
31
31
2,488
2,477
2,469
2,452
2,435
2,428
2,407
2,389
144
143
146
151
150
135
139
138
2,343
2,326
2,309
2,290
P2.270
P2.251
2,540
2,505
2,470
2,434
31
31
31
31
2,373
2,336
2.299
2,278
136
139
140
125
1954—January
February
March
April
May
June
July
P2,229
P Preliminary.
12 Outstanding principal, represented by certificates of deposit.
Includes reserve and miscellaneous working funds with Treasurer
of United States, working cash with postmasters, accrued interest on
bond investments, and miscellaneous receivables.
Back figures.—See Banking and Monetary Statistics, p. 519; for
description, see p. 508 in the same publication.
BANK DEBITS AND DEPOSIT TURNOVER
[Debits in millions of dollars]
Debits to demand deposit accounts,
except interbank and
U. S. Government accounts
Annual rate of turnover of demand deposits except
interbank and U. S. Government deposits
Without seasonal adjustment
Year or month
Seasonally adjusted
6
338 other
other
reporting
centers1 centers
Total, all
reporting
centers
New
York
City
6
other
centers1
338 other
reporting
centers
New
York
City
757,356
848,561
924,464
1,017,084
1,103,720
1,227,476
1,206,293
1,380,112
1,542,554
1.642,853
1,759,069
281,080
327,490
382,760
406,790
398,464
443,216
446,224
509,340
544,367
597,815
632,801
175,499
194,751
200,202
218,477
246,739
270,912
260,897
298,564
336,885
349,904
385,831
300,777
326,320
341,502
391,817
458,517
513,348
499,172
572,208
661,302
695,133
740,436
20.4
22.3
24.1
25.1
23.8
26.9
27.9
31.1
31.9
34.4
36.7
18.0
18.3
17.5
18.3
19.7
21.6
20.9
22.6
24.0
24.1
25.6
15.3
14.6
13.5
14.1
15.5
16.6
15.9
17.2
18.4
18.4
18.9
1953—June
July
August. . .
September
October.. .
November,
December.
153,846
147,957
134,386
147,699
149,606
140,992
168,596
56,623
51,799
45,516
54,888
54,152
50,470
65,367
33,807
32,683
29,958
31,422
31,778
30,477
35,557
63,416
63,476
58,913
61,390
63,676
60,046
67,672
38.9
36.0
32.2
40.2
35.8
38.4
43.1
26.5
25.7
23.6
25.9
23.9
26.4
26.8
19.2
19.2
17.8
19.3
18.4
20.2
19.7
36.0
36.9
37.2
39.2
36.9
38.8
38.1
26.0
26.2
25.8
26.2
24.6
26.0
25.6
19.2
19.5
18.9
19.0
18.4
19.1
18.7
1954—January...
February..
March....
April
May
June
July
August
••154,287
'141,930
••171,357
'154,763
••149,814
••163,512
154,852
151,525
62,306
56,115
67,913
60,479
59,535
64,965
61,155
58,316
30,806
29,341
36,666
33,152
31,159
33.785
31.556
31,526
'61,176
'56,475
'66,779
'61,132
'59.120
'•64,761
62,140
61,683
42.7
42.7
44.6
41.3
41.9
44.2
41.6
40.0
24.1
25.5
29.2
27.6
25.5
26 8
24 9
P24.8
18.6
19.2
19.7
18.8
18.8
19.7
18.8
P18.5
42.5
43.8
43.5
41.9
43.0
40.9
42.7
46.2
24.6
26.2
26.7
26.8
25.9
26.3
25.4
P27.1
18.4
19.3
19.8
19.4
19.2
19.7
19.1
P19.7
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
6
338 other
other reporting
centers1 centers
New
York
City
' Revised.
P1 Preliminary
Boston, Philadelphia, Chicago, Detroit, San Francisco, and Los Angeles.
Seasonally adjusted 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.
958
FEDERAL RESERVE BULLETIN
UNITED STATES MONEY IN CIRCULATION BY DENOMINATIONS
[Outside Treasury and Federal Reserve Banks. In millions of dollars]
1939.
1940
1941....
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952 . .
Total
Coin
7,598
8,732
. . . 11,160
15,410
20,449
25,307
28,515
28,952
28,868
28,224
27,600
27,741
29,206
. . . . 30,433
5,553
6,247
8,120
11,576
14,871
17,580
20,683
20,437
20,020
19,529
19,025
19,305
20,530
21,450
590
648
751
880
1,019
1,156
1,274
1,361
1,404
1,464
1,484
1,554
1,654
1,750
30,120
30,248
30,275
30,398
30,807
30,781
21,237
21,331
21,321
21,414
21,771
21,636
1,769
1,778
1,792
1,802
1,816
1,812
29,981
29,904
29,707
29,735
29,870
. . 29,922
29,892
20,939
20,908
20,757
20,799
20,946
20,999
20,984
1953—j u iy
August
September...
October . . . .
November...
December. . .
1954—January . . . .
February....
March
April
June
July
Coin and small denomination currency3
Total
in circulation i
End of year or
month
3
Large denomination currency3
$1
$2
$5
$10
$20
Total
$50
$100
559
610
695
801
909
36
39
44
55
70
987
81
1,039
1,029
1,048
1,049
1,066
1,113
1,182
1,228
73
67
71
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
1,772
2,021
2,731
4,051
5,194
5,983
6,782
6,497
6,275
6,060
5,897
5,998
6,329
6,561
1,576
1,800
2,545
4,096
5,705
7,224
9,201
9,310
9,119
8,846
8,512
8,529
9,177
9,696
2,048
2,489
3,044
3,837
5,580
7,730
7,834
8,518
8,850
8,698
8,578
8,438
8,678
8,985
460
538
724
1,019
1,481
1,996
2,327
2,492
2,548
2,494
2,435
2,422
2,544
2,669
919
1,112
1,433
1,910
2,912
4,153
4,220
4,771
5,070
5,074
5,056
5,043
5,207
5,447
1,171
1,182
1,207
1,214
1,232
1,249
70
70
69
70
71
72
2,055
2,061
2,060
2,071
2,123
2,119
6,511
6,531
6,499
6,524
6,659
6,565
9,660
9,709
9,694
9,734
9,871
9,819
8,885
8,918
8,956
8,986
9,038
9,146
2,646
2,655
2,659
2,665
2,689
2,732
1,775 1,180
1,770 1,170
1,776 1,166
1,783 1,173
1,787 1,182
1,795 1,183
1,793 1,174
70
70
70
2,031
2,021
2,010
2,006
2,036
2,023
2,016
6,351
6,365
6.304
6,325
6,375
6,377
6,366
9,531
9,512
9,431
9,443
9,496
9,551
9,564
9,045 2,693
8,999 2,674
8,952 2,654
8,936 2,651
8,926 2,651
8,924 2,659
8,910 2,654
65
64
62
64
67
70
69
71
70
$500 $1,000 $5,000 $10,000
Unassorted
191
227
261
287
407
425
523
556
586
749
20
30
24
9
9
32
60
46
25
22
555
990
10
801
783
7
8
24
3
454
438
2
3
428
400
782
707
5
5
24
26
382
368
689
588
4
4
556
4
343
512
4
10
2
5,396
5,423
5,458
5,488
5,519
5,581
335
334
334
333
332
333
496
494
493
489
487
486
4
4
4
4
4
4
8
8
8
8
8
11
1
2
2
2
2
2
5,526
5,502
5,473
5,470
5,463
5,457
5,451
331
330
328
484
482
481
4
4
4
8
8
12
2
2
1
327
325
324
322
478
475
473
471
4
4
4
4
8
8
g
8
355
2
4
4
3
2
17
17
3
3
11
12
3
2
2
12
1
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
a» destroyed.
'Paper currency only; $1 silver coins reported under coin.
Back figures.—See Banking and Monetary Statistics, Table 112, pp. 415-416.
UNITED STATES MONEY, OUTSTANDING AND IN CIRCULATION, BY KINDS
[On basis of circulation statement of United States money. In millions of dollars]
Money held in the Treasury
Total outstanding, As security
against
July 31,
Treasury
gold and
1954
cash
silver
certificates
Gold
Gold certificates •
Federal Reserve notes.
Treasury currency—total
Standard silver dollars
Silver bullion
Silver certificates and Treasury notes of 1890. .
Subsidiary silver coin
!Minor coin
United States notes
Federal Reserve Bank notes
National bank notes
Total—July 31,1954
June 30, 1954
July 31, 1953
21,908
21,255
26,567
4,960
21,255
491
2,158
^2,411
1,278
436
253
2,158
3
2,4H
U
(4)
62
84
18,404
2,816
1,128
398
July 31,
1954
June 30,
1954
July 31,
1953
35
25,377
4,479
35
25,385
4,502
36
25,618
4,466
22
4
213
212
204
54
4
288
63
12
2,123
1,161
419
2,136
1,165
419
2,108
1,151
414
29
1
316
179
70
320
180
70
317
198
73
(5)
(5)
23,666
23,670
23,509
Money in circulation1
2652
2
1
347
181
70
(4)
Money
held by
For
Federal
Federal
Reserve
Reserve Banks and
Banks and
agents
agents
798
811
1,263
18,404
18,423
18,270
4,341
4,273
4,268
29,892
29,922
30,120
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. 951.
2
Includes $156,039,431 held as reserve against United States notes and Treasury notes of 1890.
3To avoid duplication, amount of silver dollars and bullion held as security against silver certificates and Treasury notes of 1890 outstanding
is not4 included in total Treasury currency outstanding.
Because some of the types of money shown are held as collateral or reserves5 against other types, a grand total of all types has no special
significance and is not shown. See note for explanation of these duplications.
Less than $500,000.
NOTE.—There are maintained in the Treasury—(i) as a reserve for United States notes and Treasury notes of 1890—$156,039,431 in gold
bullion; (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.
SEPTEMBER 1954
959
CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM
ALL COMMERCIAL AND SAVINGS BANKS, FEDERAL RESERVE BANKS. POSTAL SAVINGS SYSTEM,
AND TREASURY CURRENCY FUNDS 1
[Figures partly estimated except on call dates. In millions of dollars]
Liabilities
and Capital
Assets
Bank credit
Date
Gold
Treasury
currency
outstanding
U. S. Government obligations
Total
Loans,
net
Total
Commercial
and
savings
banks
Federal
Reserve
Banks
Other
Other
securities
Total
assets,
net—
Total
liabilities
and
capital,
net
Capital
Total
and
deposits misc.
and
accurrency counts,
net
1929—June
1933—June
1939—Dec.
1941—Dec.
1945—Dec.
1947—Dec.
1949—Dec.
1950—Dec.
1951—Dec.
1952—June
Dec.
1953—June
29.
30.
30.
31.
31.
31.
31.
30.
31.
30.
31.
30.,
4,037
4,031
17,644
22,737
20,065
22,754
24,427
22,706
22,695
23,346
23,187
22,463
2,019
2,286
2,963
3,247
4,339
4,562
4,598
4,636
4,709
4,754
4,812
4,854
58,642
42,148
54,564
64,653
167,381
160,832
162,681
171,667
181,323
182,980
192,866
190,277
41,082
21,957
22,157
26,605
30,387
43,023
49,604
60,366
67,597
69,712
75,484
77,071
5,741
10,328
23,105
29,049
128,417
107,086
100,456
96,560
97,808
96,266
100,008
95,350
5,499
8,199
19,417
25,511
101,288
81,199
78,433
72,894
71,343
70,783
72,740
68,108
216
1,998
2,484
2,254
24,262
22,559
18,885
20,778
23,801
22,906
24,697
24,746
26
131
1,204
1,284
2,867
3,328
3,138
2,888
2,664
2,577
2,571
2,496
11,819
64,698
9,863
48,465
9,302
75,171
8,999
90,637
8,577 191,785
10,723 188,148
12,621 191,706
14,741 199,009
15,918 208,727
17,002 211,080
17,374 220,865
17,856 217,594
55,776
42,029
68,359
82,811
180,806
175,348
177,313
184,385
193,410
194,960
204,220
200,360
8,922
6,436
6,812
7,826
10,979
12,800
14,392
14,624
15,317
16,120
16,647
17,234
July
Aug.
Sept.
Oct.
Nov.
Dec.
29.,
26.,
30.,
28.
25.,
31.
22,300
22,200
22,100
22,100
22,000
22,030
4,900
4,900
4,900
4,900
4,900
4,894
195,500
195,400
195,900
196,700
198,200
199,791
77,400 100,200
77,700
99,600
78,400
99,300
79,100
99,500
79,500 100,400
80,486 100,935
72,700
72,100
71,600
71,700
73,000
72,610
25,000
25,000
25,200
25,300
25,000
25,916
2,500
2,500
2,500
2,400
2,400
2,409
18,000
18,200
18,200
18,200
18,200
18,370
222,700
222,500
222,900
223,700
225,100
226,715
205,100
204,800
204,900
205,500
207,100
209,175
17,600
17,700
18,000
18,100
18,000
17,538
27 P
22,000
22,000
22,000
22,000
22,000
21,900
21,900
4,900
4,900
4,900
4,900
5,000
5,000
5,000
198,000
197,300
196,100
197,200
198,800
200,600
200,500
79,100 100,400
79,300
99,100
80,300
96,800
79,900 98,200
80,100
99,400
81,100
99,900
80,700 100,000
73,400
72,000
69,800
71,200
72,400
72,600
73,300
24,700
24,600
24,600
24,600
24,700
25,000
24,500
2,400
2,400
2,300
2,300
2,300
2,300
2,200
18,500
18,900
19,000
19,200
19,300
19,600
19,800
224,900
224,100
223,000
224,100
225,800
227.500
227,400
207,100
206,200
205,100
206,200
207,600
209,400
209,200
17,800
17,900
17,800
17,900
18,200
18,000
18.200
1954—Jan.
Feb.
Mar.
Apr.
May
June
July
24P
31 P
28P
26P,
30P
28?
Deposits and Currency
Deposits adjusted and currency
U. S. Government balances
Date
Total
Foreign
Treasbank
ury
deposits,
cash
net
holdings
At comAt
mercial Federal
and
Reserve
savings Banks
banks
Time deposits3
Total
Demand
deposits2
Total
Commercial
banks
Mutual
savings
banks*
Postal
Savings
System
Currency
outside
banks
1929—June 29..
1933—June 30..
1939—Dec. 30..
1941—Dec. 31. .
1945—Dec. 31..
1947—Dec. 31..
1949—Dec. 31..
1950—Dec. 30.,
1951—Dec. 31.
1952—June 30..
Dec. 31.,
1953—June 30..
55,776
42,029
68,359
82,811
180,806
175,348
177,313
184,385
193,410
194,960
204,220
200,360
365
50
1,217
1,498
2,141
1,682
2,150
2,518
2,279
2,319
2,501
2,467
204
264
2,409
2,215
2,287
,336
,312
,293
,270
,283
,270
,259
381
852
846
1,895
24,608
1,452
3,249
2,989
3,615
6,121
5,259
3,942
36
35
634
867
977
870
821
668
247
333
389
132
54,790
40,828
63,253
76,336
150,793
170,008
169,781
176,917
185,999
184,904
194,801
192,560
22,540
14,411
29,793
38,992
75,851
87,121
85,750
92,272
98,234
94,754
101,508
96,898
28,611
21,656
27,059
27,729
48,452
56,411
58,616
59,247
61,450
63,676
65,799
68.293
19,557
10,849
15,258
15,884
30,135
35,249
36,146
36,314
37,859
39,302
40,666
42,245
8,905
9,621
10,523
10,532
15,385
17,746
19,273
20,009
20,887
21,755
22,586
23,589
149
1,186
1,278
1,313
2,932
3,416
3,197
2,923
2,704
2,619
2,547
2,459
3,639
4,761
6,401
9,615
26,490
26,476
25,415
25,398
26,315
26,474
27,494
27,369
July 29..
Aug. 26..
205,100
204,800
204,900
205,500
207,100
209,175
2,500
2,400
2,500
2,600
2,700
2,694
,300
,300
,300
1,300
800
761
7,500
7,000
6,200
3,800
5,700
4,457
800
700
600
600
500
346
193,000
193,400
194,300
197,300
197,400
200,917
97,400
97,500
97,700
100,300
100,200
102,451
68,400
68,700
69,100
69,600
69,300
70,375
42,300
42,500
42,800
43,200
42,900
43,659
23,700
23,800
24,000
24,100
24,000
24,358
2,400
2,400
2,400
2,400
2,400
2,359
27,200
27,300
27,500
27,400
27,900
28,091
207,100
206,200
205,100
206,200
207,600
209,400
209,200
2,800
2,900
3,000
3,100
3,100
3,200
3,400
800
800
800
800
800
800
800
3,400
4,500
5,400
4,500
5,100
5,800
3,800
200
500
700
500
500
900
500
199,800
197,400
195,200
197,300
198,000
198,700
200,600
102,300
99,600
96,700
98,600
98,700
98,300
100,100
70,600
71,000
71,700
72,000
72,500
73,300
73,700
43,700
44,000
44,500
44,700
45,000
45,600
46,000
24,600
24,700
24,900
25,000
25,200
25,400
25,500
2,300
2,300
2,300
2,300
2,300
2,300
2,200
26,900
26,900
26,900
26,700
26,800
27,100
26,800
Sept. 30..
Oct. 28..
Nov. 25.,
Dec. 31.
1954—Jan. 27P
Feb. 24P
Mar. 31 P
Apr. 28P
May 26P
June 3 0 P
July 28P
P1 Preliminary.
Treasury funds included are the gold account, Treasury currency account, and Exchange Stabilization Fund.
2
Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
3
Excludes
interbank time deposits; United States Treasurer's time deposits, open account; and deposits of Postal Savings System in bank?.
4
Prior to June 30, 1947, includes a relatively small amount of demand deposits.
NOTE.—For description of statement and back figures, see BULLETIN for January 1948, pp. 24-32. The composition of a few items differs
slightly from the description in the BULLETIN article; stock of Federal Reserve Banks held by member banks is included in "Other securities'*
and in "Capital and miscellaneous accounts, net" and balances of the Postal Savings System and the Exchange Stabilization Fund with the U. S.
Treasury are netted against "Capital and miscellaneous accounts, net" instead of against U. S. Government deposits and Treasury cash. Total
deposits and currency shown in the monthly Chart Book excludes "Foreign bank deposits, net" and "Treasury cash." Except on call dates, figures
are rounded to nearest 100 million dollars and may not add to the totals. See Banking and Monetary Statistics, Table 9, pp. 34-35, for back figures
for deposits and currency.
960
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
Deposits
Investments
Class of bank
and date
Total
U.S.
Govern-
Loans
Total
All b a n k s :
1939—Dec.
1941—Dec.
1945—Dec.
1947—Dec.
1950—Dec.
1951—Dec.
1952—Dec.
1953—June
July
Dec.
1954—Feb.
Mar.
Apr.
May
June
July
9,874
10,982
14,065
13,033
14,039
15,087
15,321
13.600
12,960
15,957
14,210
14.490
14,260
14.110
15,460
14,920
32,516
44,355
105,935
95,727
104,744
111,644
116,633
109.389
111,320
116,788
111,760
109,960
110,180
110. MO
112,750
110,670
25,852
26,479
45,613
53,105
56,513
59.025
63,598
66,170
66,340
68,355
69,000
69.710
70,010
70.560
71,370
71,810
8,194
8,414
10,542
11,948
13,837
14,623
15,367
15,791
15,810
16,118
16,290
16.350
16,480
16.550
16,590
16,670
15,035
14,826
14,553
14,714
14,650
14,618
14,575
14.537
14,534
14,509
14,488
14,482
14,472
14.468
14,467
14,457
23,430
29,032
97,936
78,226
74,426
74,863
77,461
72,932
77,560
78,094
78,030
75,740
77,360
78,570
79,090
79,970
16,316
21,808
90,606
69,221
62,027
61,524
63,318
58,644
63,220
63,426
63,030
60,650
62,130
63,280
63,580
64,340
7,114
7,225
7,331
9,006
12,399
13,339
14,143
14,287
14,340
14,668
15,000
15,090
15,230
15,290
15,510
15,630
22,474
26,551
34,806
37,502
40,289
44,645
44,666
41,156
38,420
44,828
40,290
40,490
39,830
39,330
41,710
39,440
57,718
71,283
150,227
144,103
155,265
164,840
172.931
165,531
166,880
176,702
170,270
169,220
169,400
170,080
174,140
171,860
9,874
10,982
14,065
13,032
14,039
15,086
15,319
13,598
12 ,960
15,955
14,210
14,490
14,260
14,110
15,460
14,920
32,513
44,349
105,921
95,711
104,723
111,618
116,600
109,352
111,290
116,750
111,720
109,920
110,140
110,590
112,710
110,630
15.331
15,952
30,241
35,360
36,503
38,137
41,012
42,581
42,630
43,997
44,340
44,810
45,000
45,380
45,970
46,310
6.885
7,173
8,950
10,059
11,590
12,216
12,888
13,275
13,290
13,559
13,700
13,750
13,870
13,930
13,960
14,040
14,484
14,278
14,011
14,181
14,121
14,089
14,046
14,009
14,006
13,981
13,960
13,954
13,944
13.940
13,939
13,929
13,962
18,021
22,775
32,628
44,705
49,561
55,034
55,613
56,128
57,762
57,035
57,109
56,804
57,205
57,180
57,114
19,979
25,500
84,408
65,218
62,719
62,687
64,514
60,176
64,418
64,660
64,737
62,731
64,321
65,397
66,015
66,801
14,328
19,539
78,338
57,914
52,365
51,621
52,763
48,318
52,500
52,603
52,330
50,241
51,690
52,726
53,147
53,832
5,651
5,961
6,070
7,304
10,355
11,065
11,751
11,858
11,918
12,057
12,407
12,490
12,631
12,671
12,868
12,969
19,782
23,123
29,845
32,845
35,524
39,252
39,255
36,467
33,883
39,381
35,365
35,640
35,043
34,545
36,682
34,514
49,340
61,717
129,670
122,528
133,089
141,015
147,527
140,830
141,914
150,164
144,440
143,608
143,913
144,513
148,206
145,975
9,410 28,231
10,525 38,846
13,640 91,820
12,403 81,785
13,447 90,306
14,425 95,968
14,617 100,020
12,933 93,780
n,3i8 95,474
15,170 99,780
13,509 95,421
13,801 93.905
13,575 94,277
13.427 94 ,702
14,711 96,600
14,204 94,616
11,699
12,347
24,210
28,340
29,336
30,623
32,890
34,117
34,122
35,213
35,510
35,902
36,061
36,384
36,895
37,155
5,522
5,886
7,589
8.464
9,695
10,218
10,761
11,070
11,077
11,316
11,440
11,484
11,585
11,638
11,663
11,724
6,362
6,619
6,884
6,923
6,873
6,840
6,798
6.765
6,762
6,743
6,737
6,733
6,729
6,724
6,721
6,716
4,927
4,901
4,279
4,944
8,137
9,862
11,349
12,091
12,220
12,925
13,150
13,330
13,530
13,750
13,910
14,050
5,289
5,478
11,928
13,696
13,209
12,398
12,654
13,033
13,090
12,885
13,050
13,070
13,070
13.120
13,060
13,050
3,101
3,704
10,682
11,978
10,868
9,819
9,422
9,464
9,480
9,184
9,190
9,150
9,110
9.110
9,020
8,930
2,188
1,774
1,246
1,718
2,342
2,579
3,231
3.569
3,610
3,701
3,860
3,920
3,960
4.010
4,040
4,120
818
793
609
886
797
886
918
867
810
983
960
10 524
10,533
15,385
17,763
20,031
20,915
22,621
23,628
23,740
24,398
24,700
24,940
25,050
25,220
25,440
25,540
3
6
14
17
22
26
33
37
30
38
40
40
40
40
40
40
10,521
10,527
15,371
17,745
20,009
20,888
22.586
23.589
23,710
24,358
24,660
24,900
25,010
25,180
25,400
25,500
1,309
1,241
1,592
1,889
2,247
2,407
2.479
2,516
2,520
2,559
2,590
2,600
2,610
2.620
2,630
2,630
551
548
542
533
529
529
529
528
528
17,238
21,714
26,083
38,057
52,249
57,746
64,163
65,025
65,630
67,593
66,870
67,050
66,750
67,120
67,220
67,210
All m e m b e r b a n k s :
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1950—Dec. 30
1951—Dec. 31
1952—Dec. 31
1953—June 30
July 29
Dec. 31
1954—Feb. 2 4 P
Mar. 31 P
Apr. 28*
May 2 6 P
June 3 0 P
July 28*
33,941
43,521
107,183
97,846
107,424
112,247
119,547
115,789
120,546
122,422
121,772
119,840
121,125
122,602
123,195
123,915
10,216
10,379
16,208
18,641
21,346
22,259
24,003
25,124
25,310
25,810
26,200
26,400
26,600
26,870
26,970
27,100
1939—D ec
1941—Dec.
1945—Dec.
1947—Dec.
1950—Dec.
1951—Dec.
1952—Dec.
1953—June
July
Dec.
1954—Feb.
Mar.
Apr.
May
June
July
30
31
31
312
30
31
31
30
29
31
24 P
31P
28P
26P
30P
2SP
Time
68,242
81,816
165,612
161,865
175,296
185,756
195,552
189,159
190,620
201,1C0
194,970
194,160
194,450
10.S, 300
199,580
197,400
40,668
50,746
124,019
116,284
126,675
132,610
141,624
137,957
143,190
145,687
144,900
142,790
144,110
145,690
146,310
147,180
All mutual savings
banks:
Demand
23,292
27,344
35,415
38,388
41,086
45,531
45,584
42,023
39,230
45,811
41,250
41,500
40,780
40,210
42,690
40,410
All commercial b a n k s :
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31 2
1947—Dec. 3 1
1950—Dec. 30
1951—Dec. 31
1952—Dec. 31
1953—June 30
July 29
Dec. 3 1 .
1954—Feb. 2 4 P
Mar. 31 P
Apr. 2 8 P
May 2 6 P
June 3 0 P
July 28P
26P
Total i
Total Number
capital
of
accounts banks
9,302
8,999
8,577
10,723
14,741
15,918
17,374
17,856
17,950
18,370
18,860
19,010
19,190
19,300
19,550
19,750
22,165 28,719
26,615 34,511
30,362 109,865
43,002 91,923
60,386 87,635
67,608 87,261
75,512 90,114
77,117 85,965
77,850 90,650
80,518 90,980
80,020 91,080
80,380 88,810
80,280 90,430
80,870 91,690
81,130 92,150
81,260 93,020
30P
28?
Other
securities
Interbank i
19,417
25,511
101,288
81,199
72,894
71,343
72,740
68,108
72,700
72,610
72,220
69,800
71,240
72,390
72,600
73,270
50,884
61,126
140,227
134.924
148,021
154,869
165,626
163.082
168,500
171,497
171,100
169,190
170,710
172,560
173,280
174,280
30
31
31
312
30
31
31..
30
29
31
24?
31 P
28*
ment
obligations
Other
Cash
assets 1
1,010
950
880
980
970
1
2
2
3
3
2
2
2
2
2
2
2
528
528
528
528
528
528
528
pPreliminary.
* "All banks" comprise "all commercial banks" and "all mutual savings banks." "All commercial banks" comprise "all nonmember commercial banks" and "all member banks" including one bank in Alaska, (total deposits of approximately 3 million dollars) that became a member
bank on Apr. 15, 1954, but, excluding three mutual savings banks that became members in 1941. Stock savings banks and nondeposit trust
companies are included with "commercial" banks. Number of banks includes a few noninsured banks for which asset and liability data are not
available. Comparability of figures for classes of banks is affected somewhat by changes in Federal Reserve membership, insurance status, and
the reserve classifications of cities and individual banks, and by mergers, etc.
i 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.
For other footnotes see following two pages.
SEPTEMBER
1954
961
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
Investments
Class of bank
and date
Central reserve city
member banks:
New York City:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1950—Dec. 30
1951—Dec. 31
1952—Dec. 31
1953—June 30
July 29
Dec. 31
1954—Feb. 24?
Mar. 31P
Apr. 28P
May 26P
June 30P
July 28?
Chicago:
1939—Dec. 30.
1941—Dec. 31.
1945—Dec. 31.
1947—Dec. 31.
1950—Dec. 30.
1951—Dec. 31.
1952—Dec. 31.
1953—June 30
July 29
Dec. 31
t954—Feb. 24P . . .
Mar. 31P. . .
Apr. 28P. . .
May 26P. ..
June 30P . . .
July 28*...
Reserve city member
banks:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1950—Dec. 30
1951—Dec. 31
1952—Dec. 31
1953—June 30
July 29
Dec. 31
1954—Feb. 24P. . .
Mar.
31P...
Apr. 28P. . .
May 26P. . .
June 30P . . .
July 2 8 P . . .
Country member
banks:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1950—Dec. 30
1951—Dec. 31
1952—Dec. 31
1953—-June 30
July 29. . . .
Dec. 31
1954—Feb. 24P . .
Mar. 3 1 P . .
Apr. 28P. .
May 26P. .
June 30P. .
July 2 8 P . .
Total
Total
U.S.
Government
obligations
4,772
7,265
17,574
11,972
8,993
8,129
7,678
6,639
7,838
7,765
7,621
7,350
7,701
8,065
8,695
8,789
Loans
9,339
12,896
26,143
20,393
20,612
21,379
22,130
20,452
21,742
22,058
21,665
21,392
21,680
22,426
22,681
22,727
3,296
4,072
7,334
7,179
9,729
11,146
12,376
11,883
11,914
12,289
11,791
11,726
11,635
12,081
11,619
11,574
6,043
8,823
18,809
13,214
10,883
10,233
9,754
8,560
9,828
9,769
9,874
9,666
10,045
10,345
11,062
11,153
,105
,760
,931
,088
.569
,731
,240
,627
,116
,204
,007
,568
,850
,924
,974
,980
569
954
1,333
1,801
2,083
2,468
2,748
2,552
2,712
2,776
2,570
2,638
2,539
2,567
2,588
2,521
1,536
1,806
4,598
3,287
3,487
3,264
3,493
3,075
3,404
3,428
3,437
2,930
3,311
3,357
3,386
3,459
12,272
15,347
40,108
36,040
40,685
42,694
45,583
44,352
46,252
46,755
46,885
45,802
46,353
46,836
47,068
47,400
5,329
7,105
8,514
13,449
17,906
19,651
21,697
22,150
22,339
22,763
22,706
22,485
22,317
22,341
22,452
22,405
6,944
8,243
31,594
22,591
22,779
23,043
23,886
22,201
23,913
23,993
24,179
23,317
24,036
24,495
24,616
24,995
224
518
002
324
558
,444
594
,359
,436
,404
,215
,078
,242
,416
,472
4,768
5,890
5,596
10,199
14,988
16,296
18,213
19,028
19,163
19,934
19,968
20,260
20,313
20,216
20,521
20,614
5,456
6,628
29,407
26,125
25,570
26,148
27,381
26,330
27,273
27,470
27,247
26,818
26,929
27,200
26,951
27,194
Other
Cash
assets1
Other
securities
Total1
Interbank1
Total Number
capital
of
accounts banks
Demand
Time
272
559
235
242
890
104
076
930
990
2,004
2,253
2,316
2,344
2,280
2,367
2,364
6,703
6,637
6,439
7,261
7,922
8,564
8,419
7,879
6,751
8,074
7,214
8,028
7,305
6,849
7,527
6,611
14,509
17,932
30,121
25,216
25,646
26,859
27,309
25,244
25,205
27,037
25,509
26,382
25,874
26,058
27,225
26,117
4,238
4,207
4,657
4,464
4,638
4,832
4,965
4,578
4,336
5,214
4,956
5,019
5,247
5,057
5,489
5,379
9,533
12,917
24,227
19,307
19,287
20,348
20,504
18,736
18,994
19,673
18,482
19,237
18,529
18,883
19,504
18,379
736
807
1,236
1,445
1,722
1,679
1,840
1,930
1,875
2,150
2,071
2,126
2,098
2,118
2,232
2,359
1,592
1,648
2,120
2,259
2,351
2,425
2,505
2,544
2,546
2,572
2,611
2,614
2,619
2,629
2,638
2,642
36
36
37
37
23
22
22
22
22
22
22
22
22
22
22
22
333
376
385
397
576
552
581
546
588
572
583
591
586
583
561
563
1,446
1,566
1,489
1,739
2,034
2,196
2,010
2,058
1,992
2,115
1,989
1,650
2,017
2,013
2,036
1,936
3,330
4,057
7,046
6,402
7,109
7,402
7,686
7,119
7,397
7,724
7,304
6,602
7,261
7,286
7,419
7,270
888
1,035
1,312
1,217
1,228
1,307
1,350
1,216
1,201
1,387
1,240
1,703
1,200
1,219
1,340
1,281
1,947
2,546
5,015
4,273
4,778
4,952
5,132
4,696
5,000
5,095
4,840
3,695
4,826
4,821
4,812
4,733
495
476
719
913
1,103
1,143
1,205
1,207
1,196
1,242
1,224
1,204
1,235
1,246
1,267
1,256
250
288
377
426
490
513
541
551
547
566
565
570
571
578
582
583
14
13
12
14
13
13
13
13
13
13
13
13
13
13
13
13
5,194
6,467
29,552
20,196
19,084
19,194
19,624
17,756
19,481
19,559
19,639
18,783
19,409
19,788
19,821
20,136
1,749
1,776
2,042
2,396
3,695
3,849
4,262
4,446
4,432
4,434
4,540
4,534
4,627
4,707
4,795
4,859
6,785
8,518
11,286
13,066
13,998
15,199
15,544
14,447
13,575
15,925
14,088
13,993
13,928
13,831
14,666
13,818
17,741
22,313
49,085
46,467
51,437
54,466
57,357
54,861
55,299
58,663
56,362
55,614
55,902
56,156
57,659
56,838
3,686
4,460
6,448
5,649
6,448
6,976
7,001
6,066
5,756
7,254
6,172
5,960
6,007
6,025
6,642
6,366
9,439
13,047
32,877
29,395
33,342
35,218
37,095
35,052
35,819
37,277
35,798
35,120
35,286
35,342
36,069
35,483
4,616
4,806
9,760
11,423
11,647
12,272
13,261
13,743
13,724
14,132
14,392
14,533
14,609
14,789
14,948
14,989
1,828
1,967
2,566
2,844
3,322
3,521
3,745
3,874
3,871
3,984
4,031
4,037
4,089
4,108
4,111
4,127
346
351
359
353
336
321
319
321
321
319
319
309
309
309
310
309
3,159
4,377
26,999
22,857
21,377
21,587
22,549
21,394
22,365
22,423
22,216
21,769
21,855
22,099
21,806
22,011
2,297
2,250
2,408
3,268
4,193
4,561
4,832
4,936
4,908
5,047
5,031
5,049
5,074
5,101
5,145
5,183
4,848
6,402
10,632
10,778
11,571
13,292
13,281
12,083
11,565
13,268
12,074
11,969
11,793
11,852
12,453
12,149
13,762
17,415
43,418
44,443
48,897
52,288
55,175
53,606
54,013
56,740
55,265
55,010
54,876
55,013
55,903
55,750
598
822
,223
,073
,133
,309
,301
,073
,025
,315
,141
,119
1,121
1,126
1,240
1,178
7,312
10,335
29,700
28,810
32,899
35,449
37,289
35,295
35,661
37,735
36,301
35,853
35,636
35,656
36,215
36,021
5,852
6,258
12,494
14,560
14,865
15,530
16,585
17,237
17,327
17,689
17,823
18,038
18,119
18,231
18,448
18,551
1,851
1,982
2,525
2,934
3,532
3,760
3,970
4,101
4,113
4,194
4,233
4,263
4,306
4,323
4,332
4,372
5,966
6,219
6,476
6,519
6,501
6,484
6,444
6,409
6,406
6,389
6,383
6,389
6,385
6,380
6,376
6,372
1 .203
1,430
4 213
2,890
2,911
2,711
2,912
2,529
2,816
2,856
2,854
2,339
2,725
2,774
2,825
2,896
2 Beginning with December 31, 1947, the all bank series was revised as announced in November 1947 by the Federal bank supervisory agencies.
At that time a net of 115 noninsured nonmember commercial banks with total loans and investments of approximately 110 million dollars was
added, and 8 banks with total loans and investments of 34 million were transferred from noninsured mutual savings to nonmember commercial
banks.
For other footnotes see preceding and opposite pages.
962
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
Other
Investments
Class of bank
and date
Total
All insured commercial
banks:
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1951—Dec. 31
1952—Dec. 31
1953—June 30
Dec. 31 . . . .
National member
banks:
1941—Dec. 31
1945—Dec 31
I947—Dec. 31
1951—Dec. 31
1952—Dec. 31
1 9 5 3 _ j u n e 30
Dec. 31
Cash
assets1
Total
U. S.
Government
obligations
Other
securities
Loans
Interbank 1
Total
Number
capital
of
accounts banks
Demand
Time
69,411
147,775
141,851
162,908
170,971
163,650
174,697
10,654
13,883
12,670
14,777
14,990
13,242
15,548
43,059
104,015
94,300
110,382
115,371
108,222
115,538
15,699
29,876
34,882
37,749
40,610
42,186
43,610
6 844
8,671
9,734
11,902
12,563
12,950
13,239
13 426
13 297
13,398
13 439
13,422
13 417
13,412
3,806
4,137
5,178
7,875
8,341
8,471
8,600
14,977 39,458
20,114 84,939
22,024 82,023
25,951 94,173
26,333 98,974
24,279 94,475
26,479 100,654
6,786
9,229
8,410
9,788
9,918
8,594
10,152
24,350
59,486
54,335
63,477
66,362
62,364
66,343
8,322
16,224
19,278
20,908
22,694
23,516
24,160
3,640
4 644
5,409
6,653
7,042
7,221
7,391
5,117
5 017
5 005
4,939
4,909
4,874
4,856
49 290
121 809
114,274
130 820
139 770
136 144
143,796
21 259
25,765
37,583
57,256
63,632
64,522
67,082
28 031
96,043
76,691
73,564
76,138
71,622
76,714
21 046
88,912
67,941
60,533
62,308
57,667
62,381
6 984
7,131
8,750
13,031
13,831
13,955
14,333
27,571
69 312
. . . 65 280
75,255
80 180
77,848
81 913
11,725
13 925
21,428
32,317
36 004
36,420
37,831
15,845
55 387
43,852
42,938
44,176
41,428
44,082
12,039
51 250
38,674
35,063
35,835
32,958
35,482
State member banks:
1941—Dec 31
1945_Dec. 31
I947—Dec 31
1951—Dec. 31
1952—Dec. 31
1953—j une 30
Dec. 31
Total 1
25,788
34,292
36,926
44,176
44,222
40,756
44,398
15
37
32
36
39
37
40
950
871
566
992
367
941
509
6 295
8,850
11 200
17,243
19,030
19 194
19,931
9 654
29,021
21 365
19 748
20,337
18 748
20,578
7 500
27,089
19 240
16,558
16,928
15,361
17,121
2 155
1,933
2 125
3,191
3,409
3,387
3,457
8,145
9,731
10,822
13,301
12,922
12,188
12,903
22,259
44,730
40,505
46,843
48,553
46,355
49,510
3,739
4,411
3,993
4,637
4,699
4,339
5,019
14,495
32,334
27,449
32,491
33,658
31,415
33,437
4,025
7,986
9,062
9,715
10,196
10,601
11,054
2,246
2,945
3 055
3,565
3,719
3,850
3,925
1 505!
1,867
I 918
1,901
1,889
1,891
1.887
5
14
16
18
20
20
21
776
639
444
591
242
375
396
3,241
2,992
4 958
7,701
8,605
8 915
9,328
2 535
11,647
11 486
10 890
11,638
11 460
12,069
1,509
10,584
10,039
8,923
9,556
9,361
9,790
1,025
1,063
1,448
1,967
2,081
2,099
2,278
2,668
4,448
4,083
4,926
4,970
4,292
5,020
7,702
18,119
19,340
21,912
23,464
22,841
24,555
129
244
266
353
373
309
378
4,213
12,196
12,515
14,415
15,351
14,443
15,758
3,360
5,680
6,558
7,144
7,740
8,090
8,419
959
1,083
1,271
1,686
1,804
1,882
L.925
6,810
6,416
6,478
6,602
6,627
6,655
6,672
1,457
2 211
2,009
1 789
1 854
1 813
1 891
455
318
474
490
761
1,693
1,280
991
1,010
241
200
255
308
763
514
576
469
329
279
325
314
852
714
783
650
312
332
335
444
400
430
1,291
1,905
1,411
1,235
1,229
1,130
1,212
253
365
478
388
1,045
1,872
2,452
2,251
1,932
1,960
1,880
2,005
329
181
363
308
531
504
511
1,002
1 893
1,535
1 299
1,322
1,310
1,380
402
395
386
326
325
320
624
592
569
All nonmember commercial banks:
1941—Dec. 31
I945—Dec. 31 2
1947—Dec. 31
1951—Dec. 31
1952—Dec. 31
1953—June 30
Dec. 31
7 233
16 849
18,454
20,380
22,096
22 188
23 287
3,696
3,310
5,432
8,192
9,136
9,419
9,838
3 536
13 539
13,021
12,189
12,960
12,769
13,449
2,270
12,277
11,318
9,914
10,567
10,339
10,835
1,266
1,262
1,703
2,275
2,393
2,431
2,613
3,431
4,962
4,659
5,395
5,414
4,691
5,450
9,573
20,571
21,591
23,843
25,424
24,722
26,560
457
425
784
5,504
14,101
13,926
15,650
16,580
15,572
16,970
3,613
6,045
7,036
7,533
8,142
8,485
8,806
1,288
1,362
1,596
1,999
2,129
2,207
2,245
7,662
7,130
7,261
7,252
7,251
7,247
7,241
Insured m u t u a l savings
banks:
1941—Dec 31
1945—Dec 31
I947—Dec. 31
1951—Dec. 31
1952—Dec. 31
1953—June 30
Dec. 31
1 693
10 846
12 683
16 190
17 621
18,610
19 252
642
1 050
7 765
9 123
8 668
8,930
9,284
9,236
629
3 081
3 560
7,523
8,691
9,325
10,016
7 160
8 165
6,921
6,593
6,642
6,476
421
606
958
151
429
675
695
732
1 789
10,363
12,207
15,368
16,785
17,695
18,383
1
2
2
12
14
23
30
2
2
35
35
1 789
10,351
12,192
15,343
16,753
17,657
18,345
1,034
1,252
1,678
1,730
1,771
1.819
8 687
5*361
5,957
6 069
6 382
6 515
6,558
4 259
1 198
1,384
2 339
2 658
2 766
2,910
4 428
4 163
4,573
3 730
3 724
3 749
3,649
3 075
3 522
3,813
2 897
2 829
2 822
2,707
6
2
3
3
2
2
2
8 738
5,020
5,553
5,544
5,833
5,931
6,013
Insured nonmember
commercial banks:
1941—Dec. 31
1945—Dec.
I947—Dec.
1951—Dec.
1952—Dec.
I953—j u n e
Dec.
31
31
31
31
30
31
Noninsured nonmember, commercial
banks:
1941—Dec. 31.
I945—Dec. 31 2
1947—Dec. 31
1951—Dec. 31
1952—Dec. 31. . . .
1 9 5 3 _ j u n e 30
Dec. 31
Noninsured m u t u a l
savings banks:
1941—Dec 31
1945—Dec 31
1947—Dec. 31 2
1951—Dec 31
1952—Dec 31
1953—June 30
Dec 31
977
1,746
2,337
2,642
2,760
1 353
641
692
799
642
180
760
833
211
191
895
927
941
187
175
184
8 744
5,022
5,556
5,547
5,836
5,933
6,015
329
356
407
629
661
702
665
1 077
558
637
729
749
For footnotes see preceding two pages.
Backfigures.—SeeBanking and Monetary Statistics, Tables 1-7, pp. 16-23; for description, see pp. 5-15 in the same publication.
in eries prior to June 30, 1947, see BULLETIN for July 1947, pp. 870-871.
SEPTEMBER
1954
745
740
52
192
194
202
206
213
219
496
350
339
327
323
315
309
For revisions
963
ALL
COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES •
LOANS AND INVESTMENTS
[In millions of dollars]
Loans1
Loans for
U. S. Government obligations
Compurchasing
merTotal
or
carrying
cial,
Other
loans
Direct
in- Agri- securities
and
Real loans
cludto Other
invest- Total i ing
culesin- loans Total
ments
tate
To
CertifiGuaropen turdial brok- To loans vidcates
Total
anmarers
of
inket
uals
othBills debt- Notes Bonds teed
and
padeal- ers
edper
ers
ness
Class of bank
and
call date
All commercial
banks: 2
1947—Dec. 31. . .
1951—Dec. 31. . .
1952—Dec. 31. . .
1953—Dec. 31. . .
116,284
132,610
141,624
145,687
38,057
57,746
64,163
67,593
18,167
25,879
27,871
27,204
1,660 830 1,220 9,393
3 ,408 1,581 980 14,580
3,919 2 ,060 1,103 15,712
4, 965 2 ,361 1,202 16,694
69 ,221
61 ,524
63,318
",426
63
2,193
7,337
7,761
5,004
7,789
7,657
5,580
10,237
. . 49,290
. . 121,809
.. 114,274
. . 130,820
. .139,770
. 143,796
21,259
25,765
37,583
57,256
63,632
67,082
9,214
9,461
18,012
25,744
27,
27,082
662 4,773
4, 545
28,031 21,046
1,450 614
1,3143,1643 ,606 4,677 2,361 1,181 96,043 88,,912
" " 76,691 67,941
1,610 823 1,190 9,266 5,654 1 ,028
3 ,321 1,571 960 14,450 10,378 1,645 73,564 60;
,533
,805 2,050 1,082 15,572 12,603 1,683 76,138 62,
,308
""" 76J714 62,381
4 ,867 2,344 1,181 16,566 14,373 1, 629
988
2,455
2,124
7,219
7,622
4,895
3 ,159 12,797 4,102
19,071 16,045 51 ,321
7,552 5,918 52 ,334
14
7,526 11,256 34 ,511
5,494 11,714 37 ,456
22
10,076 12,283 35 ,093
All insured commercial banks:
1941—Dec.
1945—Dec.
1947—Dec.
1951—Dec.
1952—Dec.
1953—Dec.
31.
31.
31.
31.
31.
31.
Investments
5,723
10,451
12,684
14,461
1,063
1,681
1,718
1,666
Member banks,
total:
1941—Dec. 31. .
1945—Dec. 31. .
1947—Dec. 31. .
1951—Dec. 31..
1952—Dec. 31. .
1953—Dec. 31. .
1954—Apr. 15. .
43,521
107,183
97,846
112,247
119,547
122,422
120,814
New York City:*
1941—Dec. 31. .
1945—Dec. 31. .
1947—Dec. 31..
1951—Dec. 31. .
1952—Dec. 31..
1953—Dec. 31. . .
1954—Apr. 15..
12,896
26,143
20,393
21,379
22,130
22,058
21,755
4,072
7,334
7,179
11,146
12,376
12,289
11,924
2,807
3,044
5,361
7,852
8,680
8,218
7,860
412
2,453
545
1,219
1,531
126 1,667
163 1,433
169
,172
267
262
286
320
320
2,760
5,931
5,088
5,731
6,240
6,204
5,792
954
1,333
1,801
2,468
2,748
2,776
2,621
732
760
1,418
1,977
2,080
1,912
1,898
6
2
3
16
14
158
154
48
211
73
94
239
286
155
52
233
87
63
66
75
74
15,347
31. .
31. .. 40,108
36,040
31. .
31. . , 42,694
45,583
31. .
31. .. 46,755
15 . . . 46,124
7,105
8,514
13,449
19,651
21,697
22,763
22,515
3,456
3,661
7,088
10,140
10,842
10,568
10,145
300
205
225
513
501
774
934
114 194
427 1,503
170 484
203 347
218 422
308 456
287 449
1,527
1,459
3,147
4,651
5,099
5,453
5,540
1,512
855
1,969
3,518
4,347
4,942
4,759
1,676 659
1,484 648
3,096 818
4,377 1,610
4,630 1,901
4,822 2 ,204
4,934 2 ,405
183
471
227
178
191
210
193
1,823
1,881
3,827
6,099
6,662
7,114
7,187
1,530
707
1,979
3,906
4,702
5,441
5,464
1,205 614
1,533 1,268
1,639 1,503
1,685 1,702
156
130
137
142
2,266
3,252
3,505
3,681
1,061
1,927
2,288
2,551
Chicago:*
1941—Dec. 31..
1945—Dec. 31..
1947—Dec. 31. .
1951—Dec. 31. .
1952—Dec. 31..
1953—Dec. 31. .
1954—Apr. 15. .
18,021
598 3,494
3,692
19,539
972
594
22,775
855 3,133 3,378 3,455 1,900 1,104 84|408 78,338
32,628 16,962 1,046
7,130 4,662 952 65,218 57,914
1,065
811
49,561
,347 2,140 1,551
851 11,334 8,524
51,621
55,034
,232 2,416 2 032 966 12,214 10,396 1,577 64,514 52,763
57,762
,519 3,263 2^21 1,060 13,020 11,911 1,518 64,660 52,603
57,407
,837 3,657 1,939 1,036 13,195 11,650
"50,801
Reserve city banks:
1941—Dec.
1945—Dec.
1947—Dec.
1951—Dec.
1952—Dec.
1953—Dec.
1954—Apr.
78,226
74,863
77,461
78,094
Country banks:
1941—Dec. 31. . . 12,518 5,890
35,002 5,596
1945—Dec. 31. .
36,324 10,199
1947—Dec. 31. .
42,444 16,296
1951—Dec. 31..
45,594 18,213
1952—Dec. 31..
47,404 19,934
1953—Dec. 31. .
47,143 20,346
1954—Apr. 15. .
123
554
80
287
111
564
514
920
386 1,136
383 1,294
394 1,219
298
330
551
539
475
722
96
51
149
180
211
234
209
40
26
109
120
96
114
971
2,275 16,985
1,987 5,816
6,399 6,010
6,565 4,255
4,095 8,287
3,957 4,973
6,034 53 ,191
11,408 35 ,101
11,878 38 ,077
12,439 35 ,713
3,007
14,271
4,815
9,596
9,
10,300
7,488
Obligations
of
States Other
and secupolit- rities
ical
subdivi-
14 5,276 3,729
198 4,141
,955
10,821 3,847
3,651 3,333
873
5| 129
989
9|977
10,587
11,7293, 832 3,090 2 ,871
44,792
16 3,254 2 ,815
45,286
10 4; 199 3,105
29 ,601
" 7,5283,538
,087
19 8,409 3,342
29 ,890
3,185
34 ,348
34 91598 3,008
1,623 3,652 1,679
8,823 7,265
311
729
18,809 17,574
1 606
477 3,433 3,325 10,337
13,214 11,972 1,002
640
558 9,771
638
10,233 8,129 1,122
616 1,428 4,960
2 1,385
9,754 7,678 1,079
233 1,170 5,195
1 1,453
9,769 7,765
924 1,104 1,130 4,605
1 1,365
9,831 7,457
782
516
710 5,447
3 1,789
1,806
4,598
3,287
3,264
3,493
3,428
3,171
1,430
4,213
2,890
2,711
2,912
2,856
2,575
256
133 1,467
132
235
334
332
407
224
123
450
156
280
153
749
248
520
607
684
466
3,258
3,621
4,042
3,854
3,746
903
1,864
2,274
1,526
1,674
1,598
1,672
119
182
181
213
351
384
400
421
830
629
604
719
623
639
585
193
204
185
201
197
172
174
8,243 6,467
404 311594 29,552
366 22 ,591 20,196
572 23,043 19,194
595 23,886 19,624
611 23,993 19,559
760 23,609 19,044
295
1,034
373
2,524
2,387
1,230
1,312
6,982
2,358
2,493
1,774
3,357
1,842
751 4,248 1,173 956 820
916
5,653 15,878
1,126
1,901 15,560
1,342 1,053
3,640 10 ,528
8 2,458 1,390
3,854 11,594
14 2,934 1,328
4,201 10,746
25 3,196 1,238
3,148 12,716
26 3,410 1,155
6,628 4,377
110
630
480
2,418
2,692
1,819
1,707
5,102
2,583
2,568
2,024
3,374
2,334
481 2,926
4,544 16,713
2,108 17,681
4,008 12,587
4,204 13,625
4,285 12,940
3,165 14,514
861 1,222
9 1,342
62 ,006
5 3 ,334
4 3 ,639
5 3 ,911
6 3 ,977
1,028
1,067
1,262
1,227
1,194
1,136
1,094
1,973 1,219 7,916
1,647 1,812 5,510
1,325 2,043 6,000
1,951 2,139 5,834
1,078
1,671
1,781
1,951
625
604
613
662
363 29,407 26,999
229 26,125 22,857
148 21,587
22,549
336 27,470 22,423
358 26,796 21,725
All nonmember
banks:2
1947—Dec.
1951—Dec.
1952—Dec.
1953—Dec.
31.
31.
31.
31.
.
.
.
. ,
18,454 5,432
20,380 8,192
22,096 9,136
23,287 9,838
40
111
146
141
148
13,021
12,189
12,960
13,449
11,318
206
9,914
939
10,567 1,196
10,835
909
* These figures exclude data for banks in possessions of the United States except for one bank in Alaska (with total deposits of approximately 3
million dollars) that became a member bank on Apr. 15, 1954. During 1941 three mutual savings banks became members of the Federal Reserve
System; these banks are included in "member banks" but are not included in "all insured commercial banks" or "all commercial banks." Comparability of figures for classes of banks is affected somewhat by changes in Federal Reserve membership, insurance status, and the reserve classifications1 of cities and individual banks, and by mergers, etc.
Beginning June 30, 1948, figures for various loan item3 are shown gro3s (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.
964
FEDERAL RESERVE BULLETIN
ALL COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES*—Continued
RESERVES AND LIABILITIES
[In millions of dollars]
Demand deposits
Reserves
with
Federa
Reserve
Banks
Class of ba n k
and
call date
Cash
in
vault
Balances
with
domestic
banks 4
Demand
deposits
adjusted 5
[nterbank
deposits
Domestic
Foreign
Time deposits
CertiIndified viduals
States
U. S.
and partnerand
Gov- politica
offiships, Intererncers' and cor- bank
ment subdi- checks
visions
poraetc.
tions
U. S.
Government
and
Postal
Savings
CapiIndiBorStates viduals
tal
rowand
acpolit- partner
ings
ships,
counts
ical
subdi- and corvisions porations
All commerical
banks:2
1947—Dec. 3 1 . .
1951—Dec. 3 1 . .
1952—Dec. 3 1 . .
1953—Dec. 3 1 . .
17 ,796 2 ,216
19 ,911 2 ,697
19 ,809 2 ,753
19 ,995 2 ,512
10 ,216 87,123 11 ,362
11 ,969 98,243 13 ,123
11 ,875 101,506 13 ,109
12 ,103 102,452 13 ,444
1 ,430 1,343
1 ,413 3,359
1 ,465 4,941
1 ,344 4,146
6 ,799 2 ,581 84 ,987
8 ,426 3 ,166 96 ,666
8 ,910 2 ,956 99 ,793
9 ,546 2 ,996 100 ,062
240
550
744
1,167
111
278
346
338
866
1,536
1,620
1,944
34 ,383
36 ,323
39 ,046
41 ,714
65
34
188
62
10 ,059
12 ,216
12 ,888
13 ,559
All insured commercial banks:
1941—Dec. 3 1 . .
1945—Dec. 3 1 . .
1947—Dec. 3 1 . .
1951—Dec. 3 1 . .
1952—Dec. 3 1 . .
1953—Dec. 3 1 . .
12 ,396
15 ,810
17 ,796
19 ,911
19 ,809
19 ,995
1 ,358
1 ,829
2 ,145
2 ,665
2 ,720
2 ,482
8 ,570 37,845 9 ,823
11 ,075 74.722 12 ,566
9 ,736 85,751 11 ,236
11 ,561 97,048 12 ,969
11 ,489 100,329 12 ,948
11 ,724 101,289 13 ,221
673
1 ,248
1 ,379
1 ,381
1 ,437
1 ,296
1,761
23,740
1,325
3,344
4,912
4,116
3 ,677
5 ,098
6 ,692
8 ,288
8 ,776
9 ,407
1 ,077
2 ,585
2 ,559
3 ,147
2 ,938
2 ,978
36 ,544
72 ,593
83 ,723
95 ,604
98 ,746
99 ,038
158
70
54
427
605
1,031
59
103
111
278
346
338
492
496
826
1,485
1,564
1,891
15 ,146
29 ,277
33 ,946
35 ,986
38 ,700
41 ,381
10
215
61
30
181
54
6 ,844
8 ,671
9 ,734
11 ,902
12 ,563
13 ,239
Member banks,
total:
1941—Dec. 3 1 .
1945—Dec. 3 1 .
1947—Dec. 3 1 .
1951—Dec. 3 1 .
1952—Dec. 3 1 .
1953—Dec. 3 1 .
1954—Apr. 15.
.
.
.
.
.
.
.
12 ,396
15 ,811
17 ,797
19 ,912
19 ,810
19 ,997
19 ,229
1 ,087
1 ,438
1 ,672
2 ,062
2 ,081
1 ,870
1 ,824
6 ,246 33,754 9 ,714
7 ,117 64,184 12 ,333
6 ,270 73,528 10 ,978
7 ,463 83,100 12 ,634
7 ,378 85,543 12 ,594
7 ,554 86,127 12 ,858
6 ,377 82,928 11 ,24f
671
1 ,243
1 ,375
1 ,369
1 ,431
1 ,291
1 ,270
1,709
22,179
1,176
3,101
4,567
3,756
3,268
3 ,066
4 ,240
5 ,504
6 ,666
7 ,029
7 ,530
7 ,623
1 ,009 33 ,061
2 ,450 62 ,950
2 ,401 72 ,704
2 ,961 83 ,240
2 ,744 85 ,680
2 ,783 85 ,711
2 ,537 81 ,146
140
64
50
422
592
1,021
1,353
50
99
105
257
321
308
307
418
399
693
1,238
1,303
1,595
1,754
11 ,878
23 ,712
27 ,542
29 ,128
31 ,266
33 ,311
33 ,932
4
208
54
26
165
43
587
5 ,886
7 ,589
8 ,464
10 ,218
10 ,761
11 ,316
11 ,586
New York City:*
1941—Dec. 3 1 . .
1945—Dec. 3 1 . .
1947—Dec, 3 1 . .
1951—Dec. 3 1 . .
1952—Dec. 3 1 . .
1953—Dec. 3 1 . .
1954—Apr. 15. .
5 ,105
4 ,015
4 ,639
5 ,246
5 ,059
4 ,846
4 ,635
93
111
151
159
148
129
134
141
78
70
79
84
70
49
10,761
15,065
16,653
16,439
16,288
15,901
15,486
,595
,535
,236
,385
,346
,363
,039
607
1 ,105
1 ,217
1 ,128
1 ,154
1 ,021
1 ,020
866
6,940
267
858
1,143
778
632
319
237
290
321
322
315
385
450
1 ,338
1 ,105
1 ,289
1 ,120
1 ,071
1 ,074
6
17 ' " 10
12
12
318
43
465
59
831
53
54
1,131
29
20
14
22
29
139
119
778
1 ,206
1 ,418
1 ,614
1 ,752
1 ,958
1 899
" 195
30
5
132
23
237
1 ,648
2 ,120
2 ,259
2 ,425
2 ,505
2 ,572
2 ,611
Chicago:3
1941—Dec.
1945—Dec.
1947—Dec.
1951—Dec.
1952—Dec.
1953—Dec.
1954—Apr.
1 021
942
070
407
144
287
217
43
36
30
32
32
34
27
298
200
175
165
169
166
131
2,215
3,153
3,737
4,121
4,126
4,211
3,896
1 ,027
1 ,292
,196
,269
308
339
172
8
20
21
38
37
39
35
127
1,552
72
242
343
259
218
233
237
285
240
242
272
248
34
66
63
66
56
64
58
9
11
11
10
10
1
1
1
1
476
719
902
128
190
229
218 " " 5
288
377
426
513
541
566
571
1
1
2
2
2
2
2
144
763
282
550
693
880
670
1
2
2
3
3
4
4
31.
31.
31.
31.
31.
31.
15.
.
.
.
.
.
.
.
Reserve city banks:
1941—Dec. 3 1 . .
1945—Dec. 3 1 . .
1947—Dec. 3 1 . .
1951—Dec. 3 1 . .
1952—Dec. 3 1 . .
1953—Dec. 3 1 . .
1954—Apr. 15. .
4
6
7
7
7
8
7
060
326
095
582
788
084
753
425
494
562
639
651
568
571
2
2
2
2
2
2
2
590
174
125
356
419
463
006
Country banks:
1941—Dec. 3 1 . .
1945—Dec. 3 1 . .
1947—Dec. 3 1 . .
1951—Dec. 3 1 . .
1952—Dec. 3 1 . .
1953—Dec. 3 1 . .
1954—Apr. 15. .
2 210
4 , 527
4 , 993
5 , 676
5 , 820
5 780
5 , 624
526
796
929
231
250
140
093
3
4
3
4
4
4
4
216
9,661
665 23,595
900 27,424
862 33,051
706 34,519
855 35,029
191 33,611
544
635
672
642
3,
4,
4,
4,
947
507
498
550
All nonmember
banks:2
1947—Dec. 3 1 . .
1951—Dec. 3 1 .
1952—Dec. 31
1953—Dec. 31
1
1
1
1
3
3
3
3
3
3
3
11,117 4 302
22,372 6 307
25,714 5 497
29,489 6 695
30,609 6 662
30,986 6 869
29,935 5 890
13,595
15,144
15,964
16,325
790
1 199
1 049
1 285
1, 278
1, 288
1, 145
385
489
516
586
54
491
110 8,221
405
131
192 1,124
230 1 ,814
219 1 ,504
203 1,349
2
8
7
11
1 I
12
13
55
44
34
52
225
5,465
432
876
1,267
1,216
1,069
167
258
374
390
11 ,282
15 ,712
17 ,646
17 ,880
17 919
17 509
16 423
2
3
3
4
4
4
4
152
160
853
404
491
500
170
1
5
9
17
2
5
4
3
3
286
611
705
822
791
828
666
11 127
22 281
26 003
3 0 722
31 798
32,065
30 594
104
30
22
90
109
166
188
20
38
45
85
105
98
99
243
160
332
714
739
830
948
4
9
11
11
12
13
13
542
2
563
045
1
4
473
417
8
203
555 ' 234
1
2
2
3
3
3
4
967
566
844
521
745
984
067
370
004
647
554
772
063
321
239
435
528
783
777
820
739
8
21
25
30
31
31
29
500
797
203
234
473
636
959
30
17
17
13
13
15
17
31
52
45
125
152
153
151
146
219
337
491
525
615
677
6
12
14
14
15
16
17
082
224
177
914
908
921
261
4
11
23
16
25
20
111
1
2
2
3
3
4
4
982
525
934
760
970
194
336
1, 295
1, 761
1, 881
2 , 016
180
205
212
213
12, 284
1 3 , 426
14, 113
14, 351
190
128
152
146
6
22
25
30
172
298
317
350
6 , 858
7, 213
7, 800
8 , 426
12 1 596
8 1 999
23 2 129
19 2 245
2
Breakdown of loan, investment, and deposit classifications is not available prior to 1947; summary figures for earlier dates appear in the
preceding table.
3
Central reserve city banks.
4
Beginning June 30, 1942, excludes reciprocal bank balances, which on Dec. 31, 1942, aggregated 513 million dollars a all member banks and
525 million at all insured commercial banks.
5
Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
For other footnotes see preceding page.
Back figures.—See Banking and Monetary Statistics, Tables 18-45, pp. 72-103 and 108-113.
SEPTEMBER 1954
965
WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE
LOANS AND INVESTMENTS
[Monthly data are averages of Wednesday figures. In millions of dollars]
Loans1
Totai
loans
and
invest- Total i
ments
Date or m
Investments
For purchasing
or carrying securities
Commercial,
To brokers
indus- and dealers To others Real Loans Other
estate
trial,
to
Total
loans banks loans
and
agri- U. S. Other U.S. Other
culGovt. se- Govt. seobtural
obliga- curi- liga- curitions ties tions ties
U. S. Government obligations
Total
Bills
CerOther
tifisecucates
r ities
of in- Notes Bonds2
debtedness
Total—
Leading Cities
1,785
741
6 342
654
2,109
2,151
2,343
902
882
6 625
6 699
586 7. 742 41, 725 33 ,515 2 530 2 744 t ,663 21, 578 8 ,210
602 7, 809 42, 080 33 ,841 2 737 2, 749 £ .667 21, 688 8 ,239
577 7 820 4 4 , 613 36 ,321 3 536 3 456 6,689 22 640 8 ,292
1954—June
June
June
June
June
2 . . . 80, 519
9. . . 80 151
1 6 . . . 81, 683
23. . . 80 702
3 0 . . . 81 081
39 ,798
8, 011 3 9 , 785 32 ,243 2 603 4 805
22 886
1954—June
80 827 39 ,102 21 784
July
81 183 39 ,103 21 614
A u g u s t . . . . 83 163 38 ,550 20 783
1953—Augu St. . . . 79 583
,403 1 9 , 432 7 ,542
901
6 781
39 ,219
38 ,688
39 ,393
39 ,076
39 ,136
21
21
21
21
21
599
571
973
896
884
2,141
1,847
2,120
2,059
2,379
915
910
891
893
899
6
6
6
6
6
592
598
623
641
671
895
673
686
492
186
7, 721 41, 300
7, 733 41, 463
7, 743 42, 290
7, 741 41, 626
7, 772 41, 945
33 ,196
33 ,217
34 ,058
33 ,379
33 ,724
2
2
2
2
2
428
370
909
322
619
2 684
2, 684
2, 817
2, 760
2, 777
t
t
t
t
t
,582
,656
,725
,679
,674
21, 502
21, 507
21, 607
21, 618
21, 654
8 ,104
8 ,246
8 ,232
8 ,247
8 ,221
21
21
21
21
,651
,665
,671
,680
21, 651
21, 633
21, 728
21, 742
8 ,246
8 ,213
8 ,226
8 ,271
21
21
23
23
8 ,340
8 ,259
8 ,271
8 ,298
81
81
81
81
101
076
111
445
39 ,280
39 ,314
38 ,867
38 ,953
728
647
558
524
2,263
2,271
2,067
2,005
890
891
874
875
6
6
6
6
674
698
705
718
543
639
526
699
7, 836 41, 821
7, 823 41, 762
7, 790 42, 244
7, 787 42, 492
33 ,575
33 ,549
34 ,018
34 ,221
2
2
2
3
518
522
861
045
2
2
2
2
755
729
758
754
t
t
t
t
. . 83
. . 83
. . 82
. . 82
548
267
861
977
38 ,603 20 770
38 ,619 20 829
38 ,405 20 759
38 ,572 20 773
2,368
2,409
2,308
2,286
884
917
907
897
6
6
6
6
736
766
801
823
698
547
456
609
7, 803 44, 945
7 806 44 648
7 831 44, 456
7 839 44 405
36 ,605
36 ,389
36 ,185
36 ,107
3
3
3
3
728
578
414
423
4
4
2
2
382
256
614
573
6,708
6,690
6,701
6,658
21 587
12 ,126
8 342
259 1,060
28
188
394
360
1 681
7 ,435
798
1 055
945
1954—June
22 551
July.
22 492
A u g u s t . . . . 23 073
11 ,716
11 ,705
11 ,531
7 630
7 519
489 1,093
606 1,057
705 1,050
28
18
332
336
383
392
7 297
15
345
406
400 1 552 10 835 8 ,467
382 1 587 10 787 8 ,448
323 1 583 11 542 9 ,201
1 172
696 1 ,378 5 416 2 ,368
676 1 ,425 5 435 2 ,339
883 ] ,437 5 709 2 ,341
11 ,971
11 ,506
11 ,912
11 ,513
11 ,679
7
7
7
7
7
574
546
707
674
648
439
288
549
445
726
1,193
1,079
1,073
1,061
1,057
37
35
24
23
22
333
329
328
331
342
378
380
383
387
388
648
484
489
237
140
10
10
11
10
10
606
709
063
835
960
8 ,285
8 ,299
8 ,680
8 ,469
8 ,599
913
902
1 139
924
1 005
658
664
733
705
718
,310
,344
,398
,406
,431
5
5
5
5
5
404 2 ,321
389 2 ,410
410 2 ,383
434 2 ,366
445 2 ,361
669
677
683
677
,400
L.427
,427
L.445
July 7. . .
July 14. . .
July 21 . . .
July 28. ..
Aug.
Aug.
Aug.
Aug.
4.
11.
18.
25.
787
865
456
453
New York City
1953—August
1
1
1
1
1
560
556
550
546
549
9 461
977
912
4 637 2 ,026
2...
9...
16...
23...
30...
22
22
22
22
22
577
215
975
348
639
July 7. . .
July 14. . .
July 21. . .
July 28. . .
22
22
22
22
493 11 ,856
403 11 ,764
400 11 ,581
671 11 ,618
7 595
7 541
7 486
7 ,455
696
659
558
510
1,071
1,065
1,044
1,047
22
21
15
16
337
336
334
336
389
392
395
392
348
590 10
347
596 10
351 I 591 10
481 1 573 11
637
639
819
053
8 ,278
8 ,313
8 ,506
8 ,697
770
784
948
1 147
5
5
5
5
439
425
448
428
2 ,359
2 ,326
2 ,313
2 ,356
616
053
713
913
11 ,769
11 ,581
11 ,341
11 ,435
7 ,332
7 ,333
7 ,264
7 ,261
802
731
662
625
1,044
1,055
1,039
1,062
15
14
15
15
344
360
344
333
396
409
408
413
447
288
218
338
1
1
1
1
847
472
372
478
9 ,473
9 ,153
9 ,043
9 ,134
1 ,349 1 241 L.450 5
1 074 1 155 1,428 5
1 ,080
561 1,435 5
1 ,183
573 1,436 5
433
496
967
942
2 ,374
2 ,319
2 ,329
2 ,344
1 9 5 3 — A u g u s t . . . . 57 ,996
27 ,672
14 ,544
466
525
5 ,948
294
6 330 30 324 24 ,808
1 ,805 3 750
4,458 14 795 5 ,516
58 ,276 27 ,386 14 ,154
July.
58 ,691 27 ,398 14 ,095
A u g u s t . . . . 60 ,090 27 ,019 13 ,486
527
488
588
542
528
541
6 ,242
6 ,307
6 ,375
186
220
254
6 190 30 890 25 ,048
6 222 31 ,293 25 ,393
6 237 33 071 27 ,120
1 ,553 2 048
1 ,825 2 073
2 ,364 2 573
5,285 16 162 5 ,842
5.245 16 253 5 ,900
5,252 16 931 5 ,951
1954—June
June
June
June
June
Aug.
Aug.
Aug.
Aug.
4.
11.
18.
25.
. . 23
. . 23
. . 22
. . 22
582
584
584
581
11
11
11
11
Outside
New York City
1954—june
2...
9...
16...
23...
30...
57 ,942
57 ,936
58 ,708
58 ,354
58 ,442
27 ,248
27 .182
27 ,481
27 ,563
27 ,457
14 ,025
14 ,025
14 ,266
14 ,222
14 ,236
509
480
498
553
596
545
546
539
539
535
6 ,214
6 ,218
6 ,240
6 ,254
6 ,283
247
189
197
255
46
6 161 30 694
6 ,177 30 754
6 193 31 227
6 ,195 30 ,791
6 223 30 ,985
24 ,911 1 ,515 2 026 5,272
24 ,918 1 ,468 2 020 5,312
25 ,378 1 ,770 2 084 5,327
24 ,910 1 ,398 2 ,055 5,273
25 ,125 1 ,614 2 059 5,243
16
16
16
16
16
July 7. . .
July 14. . .
July 21. . .
July 28. . .
58 ,608
58 ,673
58 ,711
58 ,774
27 ,424
27 ,550
27 ,286
27 ,335
14 ,133
14 ,106
14 ,072
14 ,069
496
547
465
448
531
534
525
523
6 ,285
6 ,306
6 ,310
6 ,326
195
292
175
218
6 ,246
6 ,227
6 ,199
6 ,214
31 ,184
31 ,123
31 ,425
31 ,439
25 ,297
25 ,236
25 ,512
25 ,524
1 ,748
1 ,738
1 ,913
1 ,898
2 ,086
2 ,052
2 ,075
2 ,077
5,251
5,238
5,244
5,235
16 212
16 ,208
16 280
16 ,314
5 ,887
5 ,887
5 ,913
5 ,915
. . 59 ,932
. . 60 ,214
. . 60 ,148
. . 60 ,064
26 ,834
27 ,038
27 ,064
27 ,137
13 ,438
13 ,496
13 ,495
13 ,512
522
623
607
599
525
543
548
549
6 ,340
6 ,357
6 ,393
6 ,410
251
259
238
271
6 ,221 33 ,098
6 ,222 33 ,176
6 ,247 33 ,084
6 ,258 32 ,927
27 ,132
27 ,236
27 ,142
26 ,973
2 ,379
2 ,504
2 ,334
2 ,240
3 ,141
3 ,101
2 ,053
2 ,000
5,258
5,262
5,266
5,222
16 ,354
16 ,369
17 ,489
17 ,511
5 ,966
5 ,940
5 ,942
5 ,954
1954—June
June
June
June
June
Aug.
Aug.
Aug.
Aug.
4.
11.
18.
25.
098 5 ,783
118 5 ,836
197 5 ,849
184 5 ,881
209 5 ,860
figures for various loan items are shown gross (i. e., before deduction of valuation reserves); they do not add to the total, which is shown net.
Includes guaranteed obligations.
For other footnotes see opposite page.
2
966
FEDERAL RESERVE BULLETIN
WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE—Continued
RESERVES AND LIABILITIES
[Monthly data are averages of Wednesday figures. In millions of dollars]
Demand deposits,
except interbank
Date or month
Reserves
DeBalwith Cash ances mand
Fedwith
dein
eral vault
doposits
Remestic ad- 8
serve
banks justed
Banks
IndividCertiuals, States
and
fied
part- politand
nerical
offiships, subcers'
and
cor- divi- checks,
pora- sions etc.
tions
Time deposits,
except interbank
Interbank
deposits
IndividU. S.
Demand
uals, States
and GovU. S. part- politernGov- nerical ment
and
ern- ships, subPostal Doment and
Forcor- divi- Sav- meseign
pora- sions ings
tic
tions
Time
Borrowings
Capital
accounts
Total—
Leading Cities
1953—August
14,382
928 2,406 53,091 54,046 3,779 1,464 4,995 17,079
1954—June
July
August
14,386
13,979
13,622
928 2,714 54 ,462 55,359 4,225
,098 55 ,145 3,971
953 2,733 54,098
918 2,620 54,077 54,775 3,932
1954—June
June
June
June
June
2
9
16
23
30
14,241
14,675
14,449
14,604
13,961
915
951
913
949
909
2,,528 53 930 54,597
2,664 54,778 55 ,146
2,920 56, 166 57,765
2,476 54, 116 54,572
2,984 53,319 54,715
July 7
July 14
July 21
July 28
14,131
13,920
13,913
13,952
931
986
930
966
853
2,85
2,745
2,760
2, 573
53,311 54,264
53,652 55,518
54,481 55,436
54,949 55,360
4,026
3,905
3,922
4,033
1,898
2,355
1,813
1,695
Aug.
Aug.
Aug.
Aug.
13,472
13,648
13,748
13,621
883
941
914
932
2,816
2,629
2,571
2,466
54,217 54,564
54,127 55,107
53,, 748 54,736
,693
54,
4,046
3,951
3,904
3,826
2,612 3,683 18,382 1,273
1,591 3,413 18,405 1,267
1,723
18,411 1,265
1,682 3,495 18,443 1,263
1953—August
4,828
137
15,226 16,037
658 1,827 1,713
37
2,761 1,037
559
1954—June
July
August
1954—June 2
June 9
June 16
June 23
June 30
4,811
4,497
4,508
143
146
139
15,986 16,853
15,593 16,474
37 15,530 16,297
942 1,951
946
420
329 1,057
781 1,954
310 1,064 1,262 1,976
132
250
278
3,091 1,009
3,142 1,038
3,005 1,056
,205
,249
,270
4,569
4,985
4,780
5,107
4,614
146
152
143
141
134
39 15,798 16,494
36 16,069 16,730
16,691 17,698
15,878 16,670
44 15,492 16,672
541
979 1,063
428
772
724
374
516
893
350 1,029
980
405 1,103 1,380
1,912
1,953
1,945
1,977
1,967
119
118
135
135
153
984
3,007
3,046
996
3,247 1,002
2,922 1,041
3,231 1,025
,199
,194
,211
,208
,213
July 7
July 14
July 21
July 28
4,584
4,437
4,531
4,435
145
153
139
147
15,379 16,261
15,335 16,367
15,714 16,543
15,943 16,725
995 1,153 1,948
327
786 1,958
359 1,454
654 1,945
937
293
530 1,966
842
337
165
276
276
283
3,248
3,147
3,170
3,003
1,040
1,016
1,009
1,088
Aug.
Aug.
Aug.
Aug.
4,327
4,597
4,614
4,492
135
146
134
141
15,760 16,442
15,483 16,285
15,369 16,192
15,508 16,267
317 1,706 1,358 1,976
334
783 1,267 1,976
314
866 1,254 1,970
276
902 1,170 1,981
275
280
279
278
3,151
3,015
2,955
2,898
3,168 15,366
142 7,267
4
11
18
25
819
191 10,028 1,271
,848 2,907 18,159 1,140
,940 2,666 18,301 1,248
,902 3,570 18,411 1,267
188 10,677 1,252
188 11,040 1,292
196 11,170 1,323
,439
,505
,543
552 7,800
486 7,818
688 7,852
4,418 ,842
,555
4,129
,914
4,086
4,163 ,924
4,329 2,004
2,982
2,296
1,983
3,192
4,085
706 1,044 7,452
18,041 1,12
18,110 1,130
18,127 ,175
18,212 ,121
18,304 ,146
189
188
188
187
187
10,386
10,599
11,035
10,214
11,151
1,227
1,235
1,251
1,285
1,260
,427
,421
,440
,447
,459
781
535
541
876
29
7,799
7,802
7,788
7,804
7,806
3,547 18,256 ,154
2,690 18 ,301 ,277
2,335 18,309 ,277
2,091 18,337 1,285
188
189
187
186
11,403
11,306
10,936
10,516
1,293
1,260
1,261
1,355
,466
,491
,527
,535
410
548
371
613
7,823
7,815
7,805
7,831
1,345
,553
1,325
,539
1,324
,534
1,297 1,547
533
793
717
710
7,848
7,852
7,850
7,859
250
214
426
278
232
225
515
2,593
2,605
2,611
,216
,241
,267
,269
183
314
119
239
2,607
2,604
2,604
2,606
1,079
1,061
1,054
1,031
,277
,265
,261
,276
287 2,616
538 2,614
408 2,609
2,606
11,494
11,361
197 11,115
196 10,710
New York City
4
11
18
25
259
2,524
2,594
2,594
2,590
2,587
2,602
Outside
New York City
1953—-August
9,554
791 2,370 37,865 38,009 3,520
1954—June
July
August
9,575
9,482
9,114
785 2,674 38,476 38,506 3,805
807 2,687 38,505 38,671 3,642
779 2,583 38
",547 38,478 3,622
1954—June
June
June
June
June
2
9
16
23
30
9,672
9,690
9,669
9,497
9,347
769
799
770
808
775
2, 489 38 ,132 38,103
2,628 38,709 38,416
2,875 39,475 40 ,067
2,438 38,238 37,902
2, 940 37,827 38,043
July 7
July 14
July 21
July 28
9,547
9,483
9,382
9,517
786
833
791
819
Aug.
Aug.
Aug.
Aug.
9,145
9,051
9,134
9,129
748
795
780
791
4
11
18
25
745 4,928
1,965 16,208 1,008
1,885 16,347
998
989
2,308 16,435
136 7,586
137 7,898
143 8,165
243
254
267
234
256
273
5,207
272 5,213
262 5,241
3,877
3,701
3,712
3,813
3,924
902
883
838
863
831
1,021
895
901
1,919
1,524
1,467
2,212
2,705
16,129 1,010
16 ,157 1,012
16,182 1,040
16,235
986
16,337
993
137
136
136
135
136
7,379
7,553
7,788
7,292
7,920
243
239
249
244
235
228
227
229
239
246
503
303
316
361
28
5,205
5,208
5,198
5,217
5,204
2,793 37,932 38,003
2,703 38,317 39 ,151
2,717 38,767 38,893
2,536 39,006 38,635
3,699
3,546
3,629
3,696
903
901
876
853
2,394
1,904
1,681
1,561
16,308
989
16,343 1,001
16,364 1,001
16,371 1,002
137
138
136
135
8,155
8,159
7,766
7,513
253
244
252
267
250
250
260
266
227
234
252
374
5,216
5,211
5,201
5,225
2,779 38,457 38,122
2,593 38,644 38 ,822
2,532 38,379 38,544
2,430 38 ,707 38,426
3,729
3,617
3,590
3,550
906
808
857
780
2,325
2,146
2,434
2,325
16,406
16,429
16,441
16,462
143
143
144
143
8,343
8,346
8,160
7,812
266
264
270
266
276
274
273
271
246
255
309
240
5,232
5,238
5,241
5,253
998
987
986
985
•Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
Back figures.—For description of revision beginning Mar. 4, 1953, see BULLETIN for April 1953, p. 357 and for figures on the revised basis
beginning Jan. 2, 1952, see BULLETIN for May 1953, pp. 550-555. For description of revision beginning July 3, 1946, and for revised figures
July 1946-June 1947, see BULLETINS for June and July 1947, pp. 692 and 878-883, respectively. For old series, see Banking and Monetary Statistics,
pp. 127-227.
SEPTEMBER
1954
967
CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS OF A SAMPLE OF WEEKLY REPORTING MEMBER BANKS
BY INDUSTRY 1
[Net declines, (—). In millions of dollars]
Business of borrower
Manufacturing and mining
Metals
and
Petrometal
leum,
Textiles,
coal,
apparel, products
(incl.
chemical,
and
and
leather machinery and rubber
trans.
equip.)
Period*
Food,
liquor,
and
tobacco
1951—April-June. .
July-Dec
-243
1952—Jan.-June...
July-Dec....
-868
1953—Jan.-June...
July-Dec
-621
1954—Jan.-June.. .
Monthly:
1954—j u n e
July
August
Commodity
dealers
Sales
finance
companies
Public
utilities
(incl.
transportation)
Construction
Comm'l.
ind'l,
All
and
Net
other
agr'l.
changes change—
types
classitotaP
of
fied
business
116
-361
275
873
48
125
60
141
62
16
-421
722
63
30
175
351
44
-98
8
37
186
18
2,769
2,372
-73
—40
1,111
176
250
76
36
-105
141
-634
662
-217
544
—57
18
13
-28
191
-546
2,494
-637
2,435
151
-101
446
-351
-10
102
95
-54
208
1
-632
380
-90
-138
84
18
18
-23
m
-360
-593
501
98
433
-505
55
-577
-10
-1
-41
-363
-175
126
71
106
-1,314
5 •
36
40
—306
-133
-99
— 18
-64
2
22
-13
2
2
-27
9
—36
66
45
67
-14
-44
183
-88
-16
18
16
19
63
-29
3
-245
-171
-32
10
-46
-67
-50
2
37
-5
-3
-5
-4
28
5
-2
-5
-1
31
-9
-14
-3
-5
— 19
-11
2
9
-7
52
-40
53
8
10
147
13
6
1
3
8
6
4
5
31
14
11
-3
-4
-5
4
1
-18
-13
17
18
14
18
8
-25
-8
11
e— 48
-16
-7
-17
7
10
23
6
—21
-13
—3
-7
932
754
—31
5
—24
Week ending:
1954—June 2
June 9
June 1 6 . . . .
June 23
June 3 0 . . . .
-42
-4
25
-1
Q
-7
-1
16
-1
-1
July 7 . . . .
July 14
July 21
July 28
—3
-28
15
21
8
13
8
7
—33
-14
-44
-42
—27
3
-12
-28
Aug.
Aug.
Aug.
Aug.
16
7
-31
-17
5
15
15
4
—22
-25
-45
-8
-18
2
4....
11
18
25
Other
Trade
(wholesale
and
retail)
8
Q
4
2
-4
10
•_i'
«—28
e 4
11
—7
-4
-16
10
583
-1,496
—30
30
-64
—360
-751
-261
-255
—102
'-39
— 156
-34
365
-74
-26
c
5"
-11
6
-68
-36
8
3
3
5
—20
15
-2
11
—25
31
-71
2
-28
402
-77
-12
-81
-89
-34
-754
59
-70
14
c
1
Corrected.
Sample includes about 220 weekly reporting member banks reporting changes in their larger loans; these banks hold over 90 per cent of
total 2commercial and industrial loans of all weekly reporting member banks and nearly 70 per cent of those of all commercial banks.
Figures for other than weekly periods are based on weekly changes during period.
3
Net change at all banks in weekly reporting series, according to the old series in 1951 and the revised series thereafter. For description of
revisions in the weekly reporting series see BULLETIN for April 1953, p. 357.
COMMERCIAL PAPER A N D BANKERS' ACCEPTANCES
I In millions of dollars!
OUTSTANDING
Dollar acceptances outstanding
End of month
Commercial
paper
Total
out- 1
outstanding standing
Based on
Held by
Accepting banks
Total
Own
bills
Federal
Reserve
Banks (for
account Others
Bills of foreign
correbought
spondents)
Imports
into
United
States
Exports
from
United
States
Dollar
exchange
Goods stored in or
shipped between
points in
United
States
Foreign
countries
1948—December
1949—December
1950—December
1951—December
1952—December
269
257
333
434
539
259
272
394
490
492
146
128
192
197
183
71
58
114
119
126
76
70
78
79
57
3
11
21
21
20
109
133
180
272
289
164
184
245
235
232
57
49
87
133
125
2
23
39
25
30
28
55
64
12
9
32
44
32
1953—July
August
September. . . .
October
November
December
429
451
475
535
582
552
435
478
515
517
534
574
131
148
159
160
170
172
108
108
110
122
125
117
23
40
49
38
45
55
25
25
26
23
20
24
279
304
329
334
344
378
213
211
237
227
246
274
115
128
135
145
139
154
40
64
66
56
49
29
32
36
40
56
59
75
35
38
38
34
41
43
1954—January
February
March
April
May
June
July
620
701
720
672
618
656
749
586
545
580
623
616
589
589
195
185
198
228
227
220
205
144
149
149
165
171
164
164
51
36
50
63
56
56
41
17
10
13
17
14
14
9
373
350
369
379
374
355
376
266
238
247
270
277
246
225
157
151
139
142
143
143
136
45
44
47
38
36
60
92
73
71
107
127
115
96
91
46
41
39
46
45
43
46
1
.1AB reported by dealers; includes some finance company paper sold in open market.
Back figures.—See Banking and Monetary Statistics, Table 127, pp. 465-467; for description see p. 427.
968
FEDERAL RESERVE
BULLETIN
PRINCIPAL ASSETS OF SAVINGS INSTITUTIONS
UNITED STATES LIFE INSURANCE COMPANIES
[In millions of dollars]
Government securities
Total
assets
Date
End of year: 4
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
Business securities
United State and
States
local1 Foreign-
Total
Total
Bonds 3
Stocks
Mortgages
Real
estate
Policy
loans
Other
assets
,243
,802
,731
,931
,766
,054
,797
,191
,743
,512
,630
,020
,278
,375
,533
7,697
8,359
9,478
11,851
14,994
18,752
22,545
23,575
22,003
19,085
17,813
16,066
13,667
12,774
12,405
5,373
5,857
6,796
9,295
12,537
16,531
20,583
21,629
20,021
16,746
15,290
13,459
11,009
10,252
9,829
2,253
2,387
2,286
2,045
1,773
1,429
1,047
936
945
1,199
1,393
1,547
1,736
767
1,990
71
115
396
511
684
792
915
1,010
1,037
1,140
1,130
1,060
922
755
586
8,465
9,178
10,174
10,315
10,494
10,715
11,059
13,024
16,144
20,322
23,179
25,403
28,204
31,646
34,570
7,929
8,624
9,573
9,707
9,842
9,959
10,060
11,775
14,754
18.894
21,461
23,300
25,983
29,200
31,997
536
554
601
608
652
756
999
1,249
1,390
1,428
1,718
2,103
2,221
2,446
2,573
5,669
5,958
6,442
6,726
6,714
6,686
6,636
7,155
8,675
10,833
12,906
16,102
19,314
21,251
23,322
2,134
2,060
1,878
1,663
1,352
1,063
857
735
860
1,055
1,247
1,445
1,631
1,903
2,020
3,248
3,091
2,919
2,683
2,373
2,134
1,962
1,894
1,937
2,057
2,240
2,413
2,590
2,713
2,914
2,030
2,156
1,840
1,693
1,839
1,704
1,738
1,808
2,124
2,160
2,245
2,591
2,872
3,088
3,302
End of month: 5
1951—December
1952—December
67,983
73,034
13,579
12,683
10,958
10,195
1,702
1,733
919
755
28,042
31,404
25,975
29,226
2,067
2,178
19,291
21,245
,617
,868
2,575
2,699
2,879
3,135
1953—Tune
July
August
September
October
November
December
75,403
75,855
76,244
76,612
77,121
77,552
78,201
12,456
12,429
12,436
12,397
12,395
12,365
12,322
10,030
9,991
9,994
9,930
9,913
9,830
9,767
1,840
1,857
1,861
1,880
1,897
1,945
1,968
586
581
581
587
585
590
587
33,021
33,247
33,349
33,614
33,887
34,096
34,395
30,752
30,977
31,079
31,319
31,585
31,781
32,056
2,269
2,270
2,270
2,295
2,302
2,315
2,339
22,221
22,429
22,552
22,698
22,842
23,017
23,275
,935
,943
,967
,972
,990
2,000
1,994
2,789
2,808
2,819
2,831
2,851
2,873
2,894
2,981
2,999
3,121
3,100
3,156
3,201
3,321
1954—January
February
March
April
May
78,866
79,251
79,649
80,114
80,547
80,981
12,470
12,498
12,416
12,424
12,452
12,294
9,779
9,781
9,661
9,635
9,539
9,343
2,105
2,122
170
208
326
2,363
586
595
585
581
587
588
34,639
34,816
35,053
35,216
35,371
35,683
32,266
32,430
32,635
32,759
32,871
33,150
2,373
2,386
2,418
2,457
2,500
2,533
23,435
23,570
23,769
24,005
24,174
24,384
2,039
2,053
2,066
2,086
2,102
2,129
2,905
2,923
2,956
2,978
3,000
3,023
3,378
3,391
3,389
3,405
3,448
3,468
June
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
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953?
Total 1
Mortgages2
U. S.
Government
obligations
5,597
5,733
6,049
6,150
6,604
7,458
8,747
10,202
11,687
13,028
14,622
16,846
19,164
22,585
26,726
3,806
4,125
4,578
4,583
4,584
4,800
5,376
7,141
8,856
10,305
11,616
13,622
15,520
18,336
21,929
73
71
107
318
853
1,671
>,420
J.009
,740
,455
,462
,489
,606
,791
,923
Cash
274
307
344
410
465
413
450
536
560
663
880
951
1,082
1,306
1,481
Others
1,124
940
775
612
493
391
356
381
416
501
566
692
866
1,072
1,315
Total 1
Mortgages2
U. S.
Government
obligations
Cash
18,429
19,164
15,058
15,520
1,577
1,606
852
1,082
852
866
15,317
16,073
1952—1
19,688
2. . . . 20,599
3. . . . 21,295
4. .. . 22,585
16,057
16,875
17,696
18,336
1,690
1,687
1,765
1,791
1,080
1,182
1,044
1,306
774
770
708
1,072
16,811
17,656
18,198
19,143
1953—IP. .. 23,506
2P. . . 24,772
3v.. . 25,633
4 P . . . 26,726
19,105
20,133
21,145
21,929
1,931
2,003
1,990
1,923
1,263
1,337
1,200
1,481
1,121
1,216
1,215
1,315
20,105
21,154
21,742
22,823
1954—1P... 27,659
2 P . . . 29,080
22,684
23,809
1,942
1,976
1,616
1,785
1,341
1,438
23,880
25,129
Savings
capital
End of
quarter
4,118
4,322
4,682
4,941
5,494
6,305
7,365
8,548
9,753
10,964
12,471
13,978
16,073
19,143
22,823
1951—3
4. . . .
Other3
Savings
capital
p 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.
SEPTEMBER
1954
969
GOVERNMENT CORPORATIONS AND CREDIT AGENCIES
SELECTED ASSETS A N D L I A B I L I T I E S , BY C O R P O R A T I O N O R A G E N C Y 1
[Based on compilation, by United States T r e a s u r y D e p a r t m e n t . I n millions of dollars]
E n d of year
Asset or liability, a n d agency
1944
Loans, by purpose and agency:
To aid agriculture, total
Banks for cooperatives
Federal intermediate credit banks
Federal land b a n k s 2
Federal F a r m Mortgage Corporation. .
Farmers Home Administration3
Rural Electrification A d m i n i s t r a t i o n . .
C o m m o d i t y Credit Corporation
O t h e r agencies
1945
1946
1947
1948
1951
1949
5,512 6,811
2,299
3,632 4,362 3,884 4,161 5,070 4,997
2,878
2,884
3,385
377
336
324
425
424
276
345
197
232
305
302
189
781
824
673
336
510
633
273
231
426
437
257
59a
986
1,220 1,088
20
22
34
25
149
109
80
60
45
242
351
648658
646
590
596
558
539
604
525
523
535
643
528
734
407
999 1,301 1,543 1,742 1,920 2 , 0 1 4 2,062 2,096
361
120
280 1,293 1,729
782 1,426 1,163 1,651 3,076898
353
99
5
5
5
6
6
7
6
10
5
7
9
9
2,914
2,498
2,986
2,540
2,9302,462
115
246
111
305
110
337
108:
361
101
99
2
82
80
2
79
77
2
79
77
2
79
77
2
458
400
58
488
415
74
516
457
536
478
58
536
473
63
5091
8294
8214
824
8
816
814
8
806
58
m
864
801
952
(9)
952
2,142 2,603
1,850 2,242
To aid home owners, total
Federal N a t i o n a l M o r t g a g e Assn
R F C Mortgage C o r p o r a t i o n 4
H o m e Owners' L o a n C o r p o r a t i o n 2
Reconstruction F i n a n c e C o r p o r a t i o n 5
Other agencies
1,237
52
81
1,091
12
1
896
7
24
852
12
1
659
6
6
636
10
1
556
4
768
199
1,251
828
486
61
65
369
177
22
231
168
24
10
137
35
123
169
To railroads, total
Reconstruction F i n a n c e C o r p o r a t i o n 5
Other agencies
343
321
21
223
205
18
171
153
18
147
145
3
140
138
3
114
112
3
110
108
2
191
118
73
232
149
83
192
151
41
272
241
31
310
272
38
462
423
38
To financing institutions, total
Reconstruction Finance C o r p o r a t i o n 5 . .
Federal home loan banks
Other agencies
216
66
131
20
267
60
195
12
314
14
293
7
447
7
436
4
525
6
515
4
445
8
433
4
Foreign, total
E x p o r t - I m p o r t Bank
Reconstruction Finance C o r p o r a t i o n 5
O t h e r agencies 11
225
225
526
252
274
To other industry, total
Reconstruction F i n a n c e Corporation 5
O t h e r agencies
7
7
(10)
(10)
All other purposes, total
Reconstruction Finance Corporation 5 7 . . . .
Public Housing Administration 1 2
Other agencies
1,237
to827
305
^106
Less: Reserve for losses
448
Total loans receivable (net)
6,387
Investments:
U. S Government securities, total
Banks for cooperatives
Federal intermediate credit b a n k s
Production credit corporations
Federal land b a n k s 2
Federal home loan b a n k s
Federal Savings a n d Loan Insurance Corp..
H o m e Owners' Loan C o r p o r a t i o n 2
Federal Housing Administration
Public Housing Administration 1 2
Reconstruction Finance Corporation 5 7 . . . .
Federal Deposit Insurance C o r p o r a t i o n . . . .
Other agencies
Investment
in international
718
864
2,284 5,673 6,102 6,090 6,078 6,110 7,736 7,798 8,010 8,043
1,249 1,978 2,145 2,187 2,226 2,296 2,496 2,547 2,758 2,833
52
52
55
58
64
246
206
154
101
235
800 3,450 3,750 3,750 3,750 3,750 5,182 5,196 5,199 5,157
707
309
286
112
623
232
278
113
438
478
5,290
6,649
714
6340
278
96
395
9,714
318 3,385
institutions
584
190
294
100
484
88
2*7
99
368
476
11,692 12,733
531
59
366
779 1,095
50
61
919
609
811
54
626
105
109
126
142
185
173
140
226
13,228 14,422 17,826 17,637
3,385
3,385
3,385
230
159
46
24
154
108
35
11
13,
98
29
6
107
83
22
2
88
71
16
1
78
66
11
1
2,942 2 , 2 8 8
1,450 1,034
1,053 1,131
122
438
1,265
463
667
134
822
448
235
138
627
437
157
32
1,549
1,376
142
30
1,774
1,638
108
28
1,461
1,174
129
159
16,237 21,017 16,924 12,600 3,060
222
200
227
204 1,448
6,526 6,919 2,861
35
630
721
754
793
727
710
3,113 3,395 3,301 3,305
5,427 7,813 7,764 6,507
Land, structures, and equipment, total
Public Housing Administration 1 2
Reconstruction Finance Corporation 5 7
Tennessee Valley A u t h o r i t y
U. S. M a r i t i m e Commission 2
W a r Shipping A d m i n i s t r a t i o n 2
Federal M a r i t i m e Board a n d M a r i t i m e A d m . 2
Other agencies 13
3,385
325
244
55
26
424
289
63
71
Commodities, supplies, and materials, total.
C o m m o d i t y Credit Corporation
Reconstruction Finance Corporation 5 7
O t h e r agencies
payable
1,528
1,347
830
57
612
160
763
57
535
171
252
203
18,502 19,883
2,602
2,421 2,588 2,586
1,873 1,685 1,854 2,047 2,075 2,226
1,630 1,683
43
43
43
43
43
48
43
43
43
43
43
43
62
63
52
51
60
48
44
74
46
43
47
39
45
45
45
43
43
72
66
42
67
70
39
60
145
136
220
397
387
378
274
311
118
145
139
275
249
199
144
217
218
211
208
172
184
214
200
199
193
161
151
12
17
8
15
12
15
318
344
319>
122
132
244
316
106
188
285
144
87
8
8
8
7
8
1
48
49
75
()
897 1,045 1,020 1,064 1,205 1,307 1,353 1,437 1,508 1,509 1,526
760
1
1
1
1
1
21
30
20
1
28
1
Other securities, total
Reconstruction Finance Corporation 5
Production credit corporations
Other agencies
Bonds, notes, and debentures
guaranteed), total
Banks for cooperatives
Federal intermediate credit b a n k s
Federal land b a n k s 2
C o m m o d i t y Credit Corporation
Federal home loan b a n k s
1952
2,962 2 , 9 4 5
1,352 1,248
611
605
830
886
3,385
44
36
8
3,385
45
39
6
1
1,280 2,201
978 1,876
172
114
131
211
3,385
44
38
c
1
2,259 2,514
1,884 2,086
134
156
241
272
3,358 3,213 7,867 7,911 8,062"
1,251 1,173 1,029 1,030 1,018
181
175
185
594
199
1,048 1,251 1,360 1.40J 1,475
262
1,948
2,044
1,793
189
168
206
465
590
491
493
4,834
561
1,395
24
274
818
212
6
1,113
8
245
792
,25:
33
293
756
689
69
358
965
70
480
77:
78
490
1,190
110
520
1,369
170
674
1,330
181
704
1,131
11
788
1,243
119
776
1,182
150
619*
69
169
262
415
204
560
525
445
231
349
414
P4,802 P4,802
(not
40>
35
5
1
For footonotes see following page.
970
FEDERAL RESERVE BULLETIN
GOVERNMENT CORPORATIONS AND CREDIT AGENCIES—Continued
PRINCIPAL ASSETS AND LIABILITIES
[Based on compilation by United States Treasury Department. In millions of dollars]
Liabilities, other than
interagency items
Assets, other than interagency items 1
Date, and corporation or agency
Total
All agencies:
1944—Dec.
1945—Dec.
1946—Dec.
1947—Dec.
1948—Dec.
1949—Dec.
1950—Dec.
1951—Dec.
1952—Dec.
Cash
InvestComments
modiLoans ties,
supceiv- plies, U. S.
Other
and
able
mate- Govt.
secu- securials rities
rities
1,632
1,683
1,873
1,685
1,854
2,047
2,075
2,226
2,421
Bonds, notes,
U. S. Priand debenGov- vately
Land,
tures payable
ern- owned
struc- Other
ment
Other inter- intertures,
asliabilest
and
Fully
est
ities
equip- sets guarment
anteed Other
by
U. S.
31
31
31 2
31 2
31
31
31
3 1 22
31
31,488
33,844
30,409
30,966
21,718
23,733
24,635
26,744
29,945
756
925
1,398
1,481
630
441
642
931
944
1953—June 30 2
Sept. 30
Dec. 31
36,153
37,141
38,937
1,063 17,637 2,201 2,588 3,430 7,867 1,367
1,096 18,502 2,259 2,586 3,429 7,911 1,357
1,190 19,883 2,514 2,602 3,425 8,062 1,261
Classification by agency,
Dec. 31, 1953
?Farm Credit Administration:
Banks for cooperatives
Federal intermediate credit banks
Production credit corporations
Agricultural Marketing Act
Federal Farm Mortgage Corp
451
712
51
(9)
20
6,387
5,290
6,649
9,714
11,692
12,733
13,228
14,422
17,826
2,942
2,288
1,265
822
627
1,549
1,774
1,461
1,280
424 16,237 3,111
325
547
3,539
3,518
3,492
3,473
3,463
3,429
21,017 2,317
16,924 1,753
12,600 1,125
,060
337
2,962
509
2,945
499
3,358
882
3,213
832
1,537
555
261
82
38
28
23
43
53
1,395
1,113
1,252
689
965
772
1,190
1,369
1,330
4,196 23 ,857
4,212 27,492
3,,588 24,810
2,037 28,015
1,663 18,886
1,720 21,030
1,193 21,995
1,161 23,842
1,728 26,456
504
472
498
143
166
183
234
329
378
51 1,131
63 1,243
75 1,182
1,979 32,576
2,075 33,335
3,818 33 ,429
415
424
434
150
619
273
84
51
375
590
(9)
19
18
•Department of Agriculture:
Rural Electrification Administration
Commodity Credit Corporation
Farmers Home Administration 3
Federal Crop Insurance Corp
2,203
5,572
621
31
^Housing and Home Finance Agency:
Home Loan Bank Board:
Federal home loan banks
Federal Savings and Loan Insurance Corp.
Public Housing Administration
Federal Housing Administration
Office of the Administrator:
Federal National Mortgage Association..
Other
1,388
223
1,719
539
952
2,476
134
2,462
31
77
Reconstruction Finance Corporation:
364
Assets held for U. S. Treasury 5 u
687
Others
2,876
Export-Import Bank
1,537
"Federal Deposit Insurance Corp
1,833
Tennessee Valley Authority
iFederal Maritime Board and Maritime Adm... 5,435
10,068
All other
4
1
550
85
2 2,841
4
324
184
177 5,768
2,094
3,035 2,086
539
1
116
CO
387
217
543
40
319
9
C)
156
()
23
48
201
1,526
91
327
20
3
1,018
1
4
6
77
121
)
22
11
4
174
(9)
28
18
33
7
11
370
116
8
()
2,485
1
6
414
75
2,202
3,087
620
25
568 ()
8
216
30 1,690
230
235
406
10 2,466
133
31
42
86
54
173
79
364
656
2,834
1,451
1,778
5,262
9,989
3,385 1,475
4,834
421 and all other assets are shown on a net basis,
* Loans by purpose and agency are shown on a gross basis; total loans
p Preliminary.
•j. e., 2after reserve for losses.
Several changes in coverage have been made over the period for which data are shown. The more important are: exclusion of the following
.agencies following repayment of the U. S. Government interest—Federal land banks after 1946 and the Home Owners' Loan Corporation after
June 1951; exclusion of the United States Maritime Commission (including War Shipping activities) after 1947, when this agency ceased to report
tto the U. S. Treasury; and inclusion of the Mutual Security Agency beginning June 1952 and of the Federal Maritime Board and Maritime Administration
beginning June 1953.
3
This agency, successor to the Farm Security Administration, took over the continuing functions of the latter agency in 1946. Earlier figures
have been adjusted to include the FSA. Figures for 1944 and 1945 also include Emergency Crop and Feed Loans of the Farm Credit Administration, transferred to the FSA in 1946. Figures through 1948 include the Regional Agricultural Credit Corporation, the assets and liabilities of
which have been administered by the Farmers Home Administration since dissolution of the RACC in 1949. These activities are reported currently4 in the Treasury Compilation as "Disaster Loans, etc., Revolving Fund."
Assets and liabilities transferred to the Reconstruction Finance Corporation on June 30, 1947.
5
RFC figures for the end of the third quarter 1953 were for Sept. 28; on Sept. 29, pursuant to the act approved July 30, 1953 (67 Stat. 230),
?the RFC started liquidation of its activities except those which existing law or this law permit to be transferred elsewhere.
6Reconstruction Finance Corporation loans to aid home owners, which increased steadily through the first three quarters of 1947 and during
1948,7 appear to have been included with "other" loans in the statement for Dec. 31, 1947.
Figures have been adjusted to include certain affiliates of the Reconstruction Finance Corporation. Several of these—including the Defense
Plant Corporation, Defense Supplies Corporation, Metals Reserve Company, and Rubber Reserve Company—were merged with the parent
^effective July 1, 1945. Most of their activities were reflected under "Commodities, supplies, and materials" and "Land, structures, and equipment."
•
8
Reflects transfer of RFC lending under Defense Production Act of 1950 from the RFC to the Treasury Department.
»Less
than $500,000.
10
Foreign loans, except for the Export-Import Bank, are included with "all other purposes" until 1945.
11
Treasury loan to the United Kingdom (total authorized amount of which was 3,750 million dollars) and, beginning with the balance sheet
for June
30, 1952, outstanding loans of the Mutual Security Agency (totaling about 1,500 million on that date).
12
Reflects activities of the Federal Public Housing Authority under the U. S. Housing Act, as amended, until July 27, 1947, when these activities were transferred to the newly established Public Housing Administration. War housing and other operations of the Authority—shown on
the Treasury
Statement with "other agencies" through 1947—were not transferred to the PHA until 1948.
11
Beginning 1951, includes figures for Panama Canal Company, a new corporation combining the Panama Railroad Company (included in
.earlier
Treasury
Statements) and the business activities of the Panama Canal (not reported prior to that time). See also footnote 12.
14
Assets representing unrecovered costs to the Corporation in its national defense, war, and reconversion activities, which are held for the
Treasury for liquidation purposes in accordance with provisions of Public Law 860, 80th Congress.
NOTE.—Statement includes certain business-type activities of the United States Government. Figures for some agencies—usually small
ones—may be for dates other than those indicated. Comparability of the figures with those for years prior to 1944 has been affected by (1) the
^adoption of a new reporting form beginning Sept. 30, 1944, and (2) changes in activities and agencies included (see footnote 2). For back figures
see Banking and Monetary Statistics, Table 152, p. 517.
SEPTEMBER 1954
971
SECURITY MARKETS1
Bond prices
Stock prices
Common
U. S. Govt.
(long-term)
Mu- CorpoPrenicipal rate
(high- (high- ferred s
4
New grade)* grade)
seTories 3
tal
Year, month,
or week
Old
series2
Number of issues. .
1951 average
1952 average
1953 average
Standard and Poor's series
(index. 1935-39—100)
1
3-7
98.85
97.27
93.90
Volume
of
Securities and Exchange Commission series
(index. 1939—100)
ing&
(in
thouTrade,
sands
PubfinTrans- lic ance, Min- of
Non- porta- utiland
ing shares)
dution
ity servraice
ble
Manufacturing
Industrial
Railroad
Public
utility
Total
Total
Durable
480
420
20
40
265
170
98
72
21
29
31
14
133.0 117.7 170.4 177
129.3 115.8 169.7 188
119.7 112.1 164.0 189
192
204
204
149
169
170
112
118
122
185
195
193
207
220
220
179
189
193
233
249
245
199
221
219
113
118
122
208
206
207
205
276
241
1,684
1.31S
1,419*
187
179
183
202
193
197
170
156
157
121
120
122
190
181
187
217
205
214
186
175
184
245
232
240
217
199
202
121
119
121
206
198
201
236
219
219
219
190
222
192
245
1.13&
1,294
1,225
1,482
1,644
15
15
17
1953—Aug
92.89
Sept
93.40
Oct
95.28
Nov
94.98
Dec
95.85
1954—j an# ##
97 42
Feb
98 62
Mar
99 87
Apr
100 36
May
99.68
99 49
Tune
July . . . . 100 36
Aug
100.28
100.44
101.00
103 30
103.67
104.93
116.8
116.9
119.7
121.4
122.3
111.4
110.9
112.6
113.6
113.5
163.1
162.8
167.3
168.8
166.5
106 16
107 04
109 11
109 65
109.39
109 74
111 07
111.50
123.6
125.5
125 6
123.9
123.6
123 9
126.9
128.4
114 5
116.5
117 9
118.1
117.5
117 0
117.5
117.8
168.7
171.8
173 3
174.3
173.8
172.9
173.3
174.7
220
222
231
236
242
244
255
261
Week ending:
July 3 1 . . . . 100.49
Aug. 7
100.60
Aug. 14
100.34
Aug. 2 1 . . . . 100.23
Aug. 28
100.13
111.43
111.76
111.68
111.55
111.29
127.9
128.2
128.4
128.4
128.4
117.7
117.8
117.8
117.9
117.7
174.2
174.2
174.3
175.2
175.2
234
237
236
238
235
258
261
260
263
259
188
202
159
124
191
191
206
157
125
193
195
211
160
127
198
228
200
205
213
217
223
233
166
165
164
129
131
133
203
207
216
234
240
253
263
263
233
237
291
288
275
254
294
257
302
237
259
256
258
260
254
301
296
301
307
305
239
236
239
241
232
173
176
135
135
184
140
187
142
223
224
233
237
188
189
188
189
183
142
142
142
143
142
238
235
237
240
236
280
281
277
280
284
279
204
123
207
231
230
249
200
125
199
256
206
126
213
239
204
210
223
261
268
280
215
212
212
128
130
132
250
259
266
221
225
134
134
216
215
220
226
228
270
266
234
139
236
257
243
263
1,6691,752
1,9192,089
2,096
1,919
2,469
2,588
141
140
141
142
140
240
240
242
246
244
261
256
264
268
262
2,610
3,189
2,761
2,495
2,022
141
209
1
Monthly and weekly data for U. S. Government bond prices and volume of trading are averages of daily figures; for other series monthly
and weekly data are based on figures for one day each week—Wednesday closing prices for municipal and corporate bonds, preferred stocks, and
common
stocks (Standard and Poor's Corporation) and weekly closing prices for common stocks (Securities and Exchange Commission).
2
Fully taxable, marketable 2J^ per cent bonds first callable after 12 years. Of these
the 1967-72 bonds are the longest term issues. Prior
3
to Apr.
1,
1952, only bonds due or first callable after 15 years were included.
The 3}/i per cent bonds of 1978-83, issued May 1, 1953.
4
Prices
derived
from
average
yields,
as
computed
by
Standard
and
Poor's
Corporation,
on basis of a 4 per cent 20-year bond.
5
Standard and Poor's Corporation. Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual
dividend.
6 Average daily volume of trading in stocks on the New York Stock Exchange.
Back figures.—See Banking and Monetary Statistics, Tables 130, 133, 134, and 136, pp. 475, 479, 482, and 486, respectively, and BULLETIN
for May 1945, pp. 483-490, and October 1947, pp. 1251-1253.
CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE
FIRMS CARRYING MARGIN ACCOUNTS
[Member firms of New York Stock Exchange. Ledger balances in millions of dollars]
Debit balances
End of month
Debit
Debit
Customers' balances in balances in
firm
partners'
debit
balances investment investment
and trading and trading
(net)i
accounts
accounts
1950—December...
1951—June
December...
1952—June
December...
1,356
1,275
1,292
1,327
1,362
1953—July
August
September. .
October
November. .
December...
1954—January... .
February. . .
March
April
May
June
July
31,664
31,682
31,624
31,641
31,654
1,694
31,690
31,688
31,716
31,786
31,841
1,857
31,926
9
10
12
9
8
399
375
392
427
406
Credit balances
Customers'
credit balances1
Cash on
hand
and in
banks
Money
borrowed2
397
364
378
365
343
8
404
297
10
492
309
Other credit balances
In firm
In partners'
investment investment In capital
and trading and trading accounts
(net)- j '
accounts
accounts
Free
Other
(net)
745
680
695
912
920
890
834
816
708
724
230
225
259
219
200
36
26
42
23
35
12
13
11
16
9
317
319
314
324
315
31,161
31,182
31,070
31,098
31,127
1,170
31,108
31,062
31,054
31,094
31,186
1,173
31,169
3651
3641
3674
3672
3682
709
3741
3768
3787
3819
3836
838
3877
208
28
31
313
248
23
45
372
1
Excludes balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2)
firms'2 own partners.
Includes
money borrowed from banks and also from other lenders (not including member firms of national securities exchanges).
3
As reported to the New York Stock Exchange. According to these reports, the part of total customers' debit balances represented by balances
secured by U. S. Government securities was (in millions of dollars): April, 38; May, 45; July, 33.
NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the
method by which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last
column is not to be taken as representing the actual net capital of the reporting firms.
Back figures.—See Banking and Monetary Statistics, Tables 143 and 144, pp. 501-503.
972
FEDERAL RESERVE BULLETIN;
BANK RATES ON BUSINESS LOANS
AVERAGE OF RATES CHARGED ON SHORT-TERM LOANS
TO BUSINESS BY BANKS IN SELECTED CITIES
[Per cent per annum]
Size of loan
All
Area and period
loans $1,000- $10,000- $100,000- $200,000
$10,000 $100,000 $200,000 and over
OPEN MARKET MONEY RATES IN NEW YORK CITY
[Per cent per annum]
U. S. Government
securities (taxable)
Prime
Prime
bankcomers'
mercial accept- 3-month bills
paper,
ances,
9-to 12- 3- to 54- to 690
month
year
months 1 days 1
Rate
issues 2 issues 3
Market
on new
yield
issues
Year,
month, or
week
1951 average
1952 average
1953 average
2.17
2.33
2.52
1.60
1.75
1.88
.52
.72
L.90
1.552
1.766
1.931
1.73
1.81
2.07
1.93
2.13
2.57
1953—August
September.
October
November.
December..
2.75
2.74
2.55
2.32
2.25
1.88
1.88
1.88
1.88
1.88
L04
L .79
L .38
.44
L60
2.088
1.876
1.402
1.427
1.630
2.33
2.17
1.72
1.53
1.61
2.77
2.69
2.36
2.36
2.22
1954—January...
February. .
March
April
May
June
July
August....
2.13
2.00
2.00
1.77
1.59
1.56
1.43
1.33
1.88
1.69
1.48
1.25
1.25
1.25
1.25
1.25
1 .18
.97
1L.03
.96
.76
.64
.72
.92
1.214
.984
1.053
1.011
.782
.650
.710
.892
1.33
1.01
1.02
.90
.76
.76
.65
.64
2.04
1.84
1.80
1.71
1.78
1.79
1.69
1.74
Week ending:
July 3 1 . . .
Aug. 7 . . .
Aug. 14. . .
Aug. 2 1 . . .
Aug. 2 8 . . .
1.38
1.38
1.31
1.31
1.31
1.25
1.25
1.25
1.25
1.25
.78
.79
.91
.92
.99
.800
.797
.892
.898
.983
.60
.58
.63
.62
.69
1.72
1.74
1.76
1.74
1.74
Annual averages:
19 cities:
1945
1946
1947
1948
1949 .
1950
1951
1952
1953
4.2
4.2
4.4
4.6
4.5
4.7
4.9
5.0
3.1
3.1
3.5
3.7
3.6
4.0
4.2
4.4
2 3
2.2
2.5
2.8
3.0
3.0
3 4
3.7
3.9
2 0
1.7
1.8
2.2
2.4
2.4
2 9
3.3
3.5
3.74
3.76
3.72
3.60
5.01
4.98
4.99
4.97
4.40
4.39
4.37
4.35
3.93
3.96
3.94
3.89
3.54
3.57
3.52
3.37
3.52
3 51
. 3.50
3.34
4.76
4.70
4.79
4.75
4.25
4.25
4.27
4.24
3.76
3.77
3.75
3.71
3.40
3.38
3.37
3.19
3.71
3.79
3.74
3.61
5.08
5.07
5.06
5.04
4.45
4.40
4.36
4.31
3.91
3.96
3.97
3.83
3.52
3.63
3.57
3.42
4.10
4.10
4 0*3
3.98
5.10
5.06
5.05
5.05
4.46
4.46
4.43
4.43
4.06
4.09
4 03
4.05
3.86
3.86
3 76
3.67
2 2
2.1
2.1
2.5
. . 2.7
2.7
3 1
3.5
3.7
Quarterly:
19 cities:
1953—Sept.
Dec
1954—Mar
June
New York City:
1953—Sept
Dec.
1954—Mar. .
June
7 Northern and Eastern cities:
1953—Sept
Dec
1954—Mar
June...
1
Monthly figures are averages of weekly prevailing rates.
2
Series includes certificates of indebtedness and selected note and
bond issues.
3
Series includes selected note and bond issues.
Back figures.—See Banking and Monetary Statistics, Tables 120-121,
11 Southern and
Western cities:
1953—Sept
Dec
1954—Mar#
pp. 448-459, and BULLETIN for May 1945, pp. 483-490, and October
1947, pp. 1251-1253.
June
4.3
3.2
NOTE.—For description of series see BULLETIN for March 1949,
pp. 228-237.
BOND AND STOCK YIELDS 1
[Per cent per annum]
]Bonds
Year, month,
or week
U.S. Govt.
(long-term)
Old
series2
Number of issues...
Aaa
Aa
A
Baa
Industrial
Railroad
Public Preutility ferred6
Com-8
mon
125
10.42
9.49
10.14
30
30
30
30
3.16
2.86
2.96
3.20
2.91
3.04
3.31
3.13
3.23
3.47
3.41
3.52
3.74
40
2.89
3.00
3.30
40
3.26
3.36
3.55
40
3.09
3.20
3.45
15
4.11
4.13
4.27
125
6.29
5.55
5.51
3 22
3.19
3.06
3.04
2.96
2.88
2.88
2.72
2.62
2.59
3.51
3.54
3.45
3.38
3.39
3.24
3.29
3.16
3.11
3.13
3.39
3.43
3.33
3.26
3.28
3.56
3.56
3.47
3.40
3.40
3.85
3.88
3.82
3.75
3.74
3.37
3.40
3.33
3.27
3.28
3.61
3.65
3.56
3.51
3.52
3.54
3.58
3.46
3.38
3.37
4.29
4.30
4.19
4.15
4.21
5.79
5.76
5.60
5.53
5.54
2.68
2 60
2 51
2 47
2 52
2.54
2 47
2.48
2.90
2 85
2.73
2 70
2 72
2.70
2 62
2.60
2.50
2 39
2.38
2 47
2.49
2.48
2.31
2.23
3.34
3 23
3.14
3.12
3.13
3.16
3.15
3.14
3.06
2.95
2.86
2.85
2.88
2.90
2.89
2.87
3.22
3.12
3.03
3.00
3.03
3.06
3.04
3.03
3.35
3.25
3.16
3.15
3.15
3.18
3.17
3.15
3.71
3.61
3.51
3.47
3.47
3.49
3.50
3.49
3.23
3.12
3.05
3.04
3.06
3.10
3.10
3.07
3.47
3.35
3.24
3.19
3.21
3.23
3.23
3.21
3.31
3.23
3.14
3.13
3.13
3.15
3.13
3.12
4.15
4.08
4.04
4.02
4.03
4.05
4.04
4.01
5.28
5 29
5.07
4.86
4.81
4.74
4.54
4.66
2.45
2.44
2.47
2 48
2.49
2.60
2.59
2.59
2 60
2.61
2.26
2.24
2.23
2 23
2.23
3.15
3.14
3.14
3 13
3.13
2.88
2.87
2.87
2.86
2.87
3.04
3.03
3.02
3 02
3.03
3.17
3.16
3.16
3 14
3.13
3.50
3.50
3.49
3.49
3.47
3.09
3.08
3.08
3 06
3.06
3.22
3.22
3.21
3 21
3.21
3.13
3.12
3.12
3.11
3.12
4.02
4.02
4.02
4.00
4.00
4.54
4.53
4.53
4.43
4.54
1
1954—January
Februarv
March
April
Earnings/
price
ratio
Common 7
120
3 00
2.97
2.83
2.85
2.79
Week ending:
July 31
Aug. 7
Aug. 14
Aug. 21
Aug. 28
By groups
By ratings
Total
3.08
3.19
3.43
1953—August
September...
October
November...
December. . .
August
(h?ghgrade) 4
Dividends/
price ratio
15
2.68
2.93
June
July
Corporate (Moody's) *
Munic-
2.00
2.19
2.72
3-7
2 57
1951 average.. .
1952 average
1953 average
May
New
series3
Industrial stocks
10.76
10.49
9.06
8.69
1
Monthly and weekly data are averages of daily figures, except for municipal bonds and for preferred stocks, which are based on figures for
Wednesday.
Figures for common stocks, except for annual averages, are as of the end of the period (quarterly in the case of earnings/price ratio).
2
Fully taxable, marketable 2% per cent bonds first callable after 12 years. Of these the 1967-72 bonds are the longest term issues. Prior to
Apr. 1, 1952, only bonds due or first callable after 15 years were included.
4
3The 3J4 per cent bonds of 1978-83, issued May 1, 1953.
Standard and Poor's Corporation.
sMoody's Investors Service, week ending Friday. Because of a limited number of suitable issues, there has been some variation in the number of6 bonds included in some of the groups.
Standard and Poor's Corporation. 8 Ratio is based on 9 median yields in a sample of noncallable issues, 12 industrial and 3 public utility.
7
Moody's Investors Service.
Computed by Federal Reserve from data published by Moody's Investors Service.
Back figures.—See Banking and Monetary Statistics, Tables 128-129, pp. 468-474, and BULLETIN for May 1945, pp. 483-490, and October
1947, pp. 1251-1253.
SEPTEMBER
1954
973
TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS
[On basis of daily statements of United States Treasury unless otherwise noted.
In millions of dollars]
Summary
Budget receipts and
expenditures
Period
Sales and
Trust redemptions
Clearand
in
market
ing
other
of
Govt.
acacagency
count
counts obligations
General fund of the Treasury
(end of period)
Bal-
5ince
Deposits in
F . R. Banks
Expenditures
Surplus
or
deficit
37,834 138,255
53,488 56,846
65,523 71,366
64,469 73,626
48,143 144,633
62,129 66,145
65,218 74,607
64,550 67,579
i -422
-3,358
-5,842
-9,157
13,510
-4,017
-9,389
-3,029
i -38
-90
19
384
-72
-25
-4
-106
-319
-209
-214
-401
-312
-452
-423
2,711
7,973
7,777
-2,135
3,883
6,966
5,189
1, 770
- 1 , 488
1,839
-388
-2,299
2,096
4 ,232
4 ,295
6 ,064
4 ,577
7 ,357
6 ,969
4 ,670
6 ,766
690
321
389
346
338
333
132
875
129
146
49
82
1295
219
462
393
176
131
250
355
210
274
2,344
2,693
4,368
3,358
5,680
5,106
3,071
4,836
1,069
1,134
1,132
742
1,089
1,175
1,256
781
29,679
23,809
38,320
27,204
38,014
26,454
n.a.
25,570
31,276
34,869
36,497
38,110
35,515
n.a.
4,109
-7,467
3,451
-9,293
-96
-9,061
n.a.
468
291
-72
121
341
-259
n.a.
-8
64
— 136
46
-71
90
n.a.
40
-146
-255
-64
-248
40
n.a.
-1,486
4,197
-313
8,286
-1,320
9,097
-3,909
3,124
-3,062
2,674
-904
-1,394
-94
2,190
7 ,357
4 ,295
6 ,969
6 ,064
4 ,670
4 ,577
6 ,766
338
321
333
389
132
346
875
250
146
355
176
210
131
274
5,680
2,693
5,106
4,368
3,071
3,358
4,836
1,089
1,134
1,175
1,132
1,256
742
781
4,568
6,041
2,659
4,695
5,183
34,471
5,444
11,434
2,751
3,592
10,539
2,827
n.a.
6,042
6,119
5,477
5,423
6,387
35,071
4,707
5,555
5,296
5,203
7,115
4,827
n.a.
-1,473
299
1
-430
75
-70
117
235
536
-269
-1,067
-196
449
—2, 3S?
7 ,674
7 ,478
S ,126
5 ,923
4 ,577
4 ,044
4 ,988
6 ,355
4 ,787
S ,487
6 ,766
4 ,224
5 ,457
496
642
662
451
346
404
548
722
579
422
875
727
511
96
-40
5,825
5,255
2,892
4,545
3,358
2,406
3,458
4,379
3,273
4,095
4,836
2,538
4,078
1,257
1,398
1,387
847
742
871
816
792
756
824
781
764
767
Net
receipts
Cal. yr.—1950 . .
1951 . . . .
1952
1953
Fiscal yr.—1951. . .
1952. . .
1953. 2 . .
1954 .
Semiannual totals:
1951—Jan.-June.
July-Dec..
1952—Jan.-June.
July-Dec..
1953—Jan.-June.
July-Dec..2
1954—Jan.-June
Monthly:
1953—A.ug
Sept
Oct. . .
Nov
Dec.
1954—j a n
Feb.2
Mar
Apr.
May
June
July
Aug
Increase or
decrease (—)
during period
Excess of receipts
or expenditures ( —)
(-)
-79
—2,818
-728
— 1,204
-600
737
5,879
—2,545
-1,611
3,424
-2,000
n.a.
87
349
56
759
-149
-37
-72
-144
527
253
-375
271
42
-150
n.a.
116
-59
-376
29
-28
559
Gross
direct
public
debt
General
fund
balance
in
general
i und
—447
-117
—60
-135
-160
1,822
-40
—320
-67
-4,546
-53
123
32
-34
593
811
-511
-3
-82
n.a.
n.a.
2,428
-2,215
-276
3,971
67
797
^46
-533
944
1, 366
— 1, S67
— 1,
700
1, 780
S4?
1, 233
Special
Avail- Inessprocof deposable
itaries
collecfunds
tion
183
185
81
131
363
167
462
180
146
274
196
101
Other
net
assets
Budget expenditures
Major national security programs
Period
Total
Total*
Cal. yr.—1950. . .
1951
1952
1953 . . .
Fiscal y r . — 1 9 5 1 . . . .
1952....
1953
19542...
Semiannual totals:
1951—Jan.-June..
July-Dec. .
1952—Jan.-June..
July-Dec..
1953—Jan.-June..
July-Dec2.
Monthly:
1953—July
Aug
Sept
Oct.
Nov
Dec
1954—j a n
Feb.2
Mar
May...
June
July
38,255
56,846
71,366
73,626
44,633
66,145
74,607
67,579
Vet- Social
erans
AgriInter- Atomic Interseest
MiliAdminnacurity
cul- 7
Naon
tary
istrational Energy
proture
tional assistdebt
Comtion
•
ecograms*
deance nomic misfense abroad
sion
aid*
5,580
5,983
6,065
6,357
5,613
5,859
6,508
6,371
5,714 1,351
1,499
5,088 1,463
1,010
4,433 1,508
1,564
4,157
1,630 3,238
635
5,288 1,415
1,219
4,748 1,424
4,250 1,593 3,063
4,176 Pl.670 P2.842
170
389
514
137
134
056
567
711
937
876
926
963
3,223
2,761
3,099
2,966
3,542
2,816
2,610
2,479
2,269
2,164
2,086
2,072
745
718
706
802
791
839
151
258
169
175
162
117
237
369
157
155
208
95
231
142
206
560
354
164
330
323
336
343
371
340
177
120
101
211
123
108
172
377
275
—12
302
4
3
7
?
3,
2,
2,
p
l,
012
560
652
190
2,
1,
1,
1,
1,
1,
25,570
31,276
34,869
36,497
38,110
35,515
16,041
21,113
25,206
25,915
26,932
25,885
12,450
17,825
21,208
21,968
22,616
21,848
637
921
1, 306
1, 669
2, 092
1, 718
6,068
6,042
6,119
4,645
4,172
4,392
4,266
4,034
4,377
J»3,681
*3,809
*3,916
P3.847
3,890
3,519
3,787
3,647
3,540
3,465
3,001
J>3,225
*3,339
J>3,195
J>2,884
451
5,477
5,423
6,387
35,071
4,707
5,555
5,296
. 5,203
7,115
4,827
863
904
272
599
1,278
1,813
1,889
908
1,648
1,802
1,893
291
18,509 13,476
37,154 30,275 1 559
51,121 43,176 7 975
52,817 44,465 3 810
884
25,891 19,955
46,319 39,033 2, 228
52,847 44,584 3 , 760
P48.259 P40.638 3 , 520
P3,565
P4.245
P3.188
P3,554
P2,565
197
737
155
198
484
385
194
321
343
331
407
P334
141
»104
J>183
*>54
J»117
P126
J»52
P84
611
1,294
245
160
181
372
588
164
169
109
174
350
249
1,752
213
340
334
375
346
370
333
J»128
*114
*120
P124
P171
P141
Housing
and
home
finance
Post
Public office
works deficit
— 159
460
614
382
-614
1.551
1,438
1,573
1,685
1,458
1,515
1,655
V 1,513
624
740
660
462
470
540
679
885
2,178
1,059
302
392
222
424
-42
-117
580
858
657
916
740
945
364
320
420
355
305
220
254
-78
95
34
—46
—89
—32
—31
-104
—54
— 195
— 14
-84
49
174
155
158
161
157
140
97
J>90
*102
*116
P109
P109
P156
—137
309
P-135
P194
*468
P694
P248
P2 70
—17
694
646
643
684
775
525
160
60
42
91
111
Transfers
to
trust Other
accounts
2,464
2,315
2,487
2 593
783
972 2,276
1,305 2,402
1,079 2,570
P157 P2.742
961
1,016
1,193
168
848
457
737
342
441
1,066
1,249
1,153
1,333
1,236
1,357
53
157
60
18
95
57
3
16
5
6
9
5
237
270
217
189
234
209
*241
P6
P55
P161
P263
P205
P!23
P188
P421
pPreliminary.
n.a. Not available.
1
Beginning November 1950. investments of wholly owned Government corporations in public debt securities are excluded from Budget expenditures,
and included with other such investments under "Trust and other accounts."
2
Fiscal year totals on new reporting basis, described in Treasury Bulletin for April 1954, p. A2. Monthly breakdown on new basis not yet
available
prior to February 1954 for most items.
3
Not adjusted for Treasury's revised treatment of carriers' taxes. 4Includes the following not shown separately: Maritime activities, special
defense
production expansion programs, Economic Stabilization Agency, and Federal Civil Defense Administration.
5
Consists of foreign economic and technical assistance under the Mutual Security Act, net transactions of the Export-Import Bank, and
other nonmilitary foreign aid programs, as well as7State Department and United States Information Agency expenditures. • Excludes transfers
to trust accounts, which are shown separately. Includes Farm Credit Administration and Agriculture Department, except expenditures for
forest development of roads and trails which are included with public works.
974
FEDERAL RESERVE BULLETIN
TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS—Continued
[On basis of daily statements of United States Treasury, unless otherwise noted.
In millions of dollars]
Treasury receipts
Internal revenue collections
Budget receipts, by principa 1 sources
(on basis 3f I n t e r n a l R e v e n u e
Service)
Deduct
Income
and old-age
insurance taxes
Period
Withheld
Miscellaneous
ternal
revenue
Other
by
employers
Cal. yr.—1950
1951
1952
1953
Fiscal yr.—1951
1952
1953
19541
Semiannual totals:
1951—Jan.-June...
July-Dec. . .
1952—Jan.-June...
July-Dec. . .
1953—Jan.-June...
July-Dec. 1.
Monthly:
1953—July
Aug
Sept.
Oct
Nov
Dec
1954—j an 1
Feb. . . . .
Mar
Apr
May
June
July
Indi- Corpovidual ration
13,775
17, 361
19,392
2 6 , 876
23,658
3 4 , 174
26,323
3 0 , 524
16,654
2 4 , 218
33 026
21 889
25,058
3 3 , 101
26,210 10,761 21,483
9,445
9,947
11,942
11,716
13,342
12,981
1,252
3,500
1,837
1,138
3,416
1,838
904
3,664
2,002
1,387
3,360
1,816
1,252
474
79
159
89
309
1,938
2,122
1,044
2,454
808
140
re-
ceipts
and
Withheld
ceipts
profits
taxes
Other
Es-
tate
and
gift
taxes
12,963
18,840
23,090
26,162
15,901
21,313
24,750
7,
10,
11»
11,
9,
11
11,
384
362
980
401
908
545
604
9,937
16,565
22,140
19,195
14,388
21,467
21,595
658
801
849
923
730
833
891
935
4,644
4,748
4,978
5,438
5,432
5,779
494
449
545
357
545
352
1,223
1,114
1,251
1,388
1,137
1,433
33,184
25,757
42,242
29,546
42,910
28,614
1,709
1,646
1,922
1,891
2,195
1,723
1,796
302
2,000
451
2,700
437
29,679
23,809
38,320
27,204
38,014
26,454
9,043
9,798
11,515
11,574
13,176
12,986
8,
2,
9,
2,
8,
2,
027
335
210
770
834
567
9,416
7,149
14,318
7,821
13,773
5,422
427
374
459
390
502
422
937
955
981
19
106
55
16
107
48
21
r
286
187
203
176
229
351
332
199
193
231
214
253
299
3,619
5,153
6,402
2,894
5,144
5,403
4,619
r
206
519
299
160
388
151
84
598
589
278
759
507
217
105
65
63
75
60
69
64
306
940
906
616
150
85
3,308
4,568
6,041
2,659
4,695
2 5,183
4,471
35,444
11,434
2,751
3,592
10,539
2,827
1,792
4,434
651
326
83
60
64
96
56
63
65
86
119
96
73
73
n.a.
1,019
968
919
749
860
954
860
877
852
790
261
56
26
88
47
23
6 425
13,013
3,956
5,037
11,241
3,148
Treasury receipts—Continued
313
1,934
4,398
115
1,115
n.a.
324
91
1 531
79
77
364
2 , 372
(4)
1,767
478
318
1,882
445
n.a.
(4)
(4)
T r u s t a n d other accounts
Internal revenue collections—cont.
(on basis of Internal Revenue Service)
Social security
retirement, and
insurance accounts
Excise' and miscellaneous taxes
Period
re-
budget
37,834
53,488
65,523
64,469
48,143
62,129
65,218
64,550
645
358
532
ceipts
Refunds
of
2,156
2,098
2,451
3,137
2,107
2 302
3,151
3,377
490
396
252
ceipts
tions
to oldage
trust
fund
2,667
3,355
3,814
3 918
3,120
3,569
4,086
4,537
7,353
6,916
re-
Individual income and old- Corpoage insurance ration
intaxes
come
42,657
58,941
71,788
71,524
53,369
67 999
72,455
73,067
385
336
1,357
ployers
of 8 or
more
Other
Net
1,980
2,337
2,639
2,570
2,263
2,364
2,525
2,737
651
326
1,636
em-
Total Approbudget pria-
770
944
902
896
811
994
902
888
5,272
1,689
on
8,771
9,392
10,416
11,211
9,423
9 726
10,870
10,987
17, 376
9 , 499
2 3 , 526
10, 647
2 2 , 454
2,799
Taxes
carriers
and on
Other a c c o u n t s 7
i oiai"
Cal. yr.—1950
1951
1952
1953
Fiscal yr.—1951
1952....
1953
1954
Semiannual totals:
1951—July-Dec...
1952—Jan.-Tune..
July-Dec..
1953—Jan.-June..
July-Dec...
1954—Jan.-June..
Monthly:
1953—July
Aug.
Sept
Oct.
Nov
Dec
1954—Tan
Feb
Mar
Apr
May
Tune
July
Manufacturers'
and retailers'
excise
Total
Liquor
Tobacco
8,150
8,682
9,558
9,714
8,704
8,971
9,946
9,517
2,419
2,460
2,727
2,819
2,547
2,549
2,781
2,783
1,348 •
1,446
1,662
1,614
1,380
1,565
1,655
1,580
2,519
2,790
3,054
3,262
2,841
2,824
3,359
3,127
1
1
2
2
1
2
2
2
864
987
115
020
936
032
152
027
4,440
4,531
5,027
4,919
4,795
4,722
1,304
1,245
1,482
1,299
1,521
1,262
748
817
845
810
804
777
1,343
1,481
1,573
1,786
1,476
1,651
1 045
988
1 127
1 025
995
1 032
895
793
244
225
266
294
276
216
166
181
224
223
222
246
125
145
140
147
126
120
123
111
135
130
130
147
312
267
4
74
773
46
45
757
60
50
727
11
213
156
61
94
267
204
61
267
211
74
263
157
608
1,442
587
395
1,316
629
477
1,343
561
n.a.
n.a.
n.a.
n.a.
Receipts
Investments
-38
759
49
82
295
219
462
6,543
7,906
8,315
8,123
7,251
8,210
8,531
8,698
3,155
3,504
2,387
3,360
3,361
3,059
1,687
291
-72
121
341
-259
n.a.
3,967
4,242
4,073
4,458
3,665
n.a.
1,352
2 ,009
1,495
1,564
405
90
409
16
—80
199
188
Other
n.a.
l
-260
299
-40
— 149
-37
-72
-144
1527
253
-375
2.71
42
-150
1 070
449
328
817
597
207
965
768
436
1,212
1,458
375
56
823
n.a.
-334
28
— 74
25
330
888
-98
Investments8
Others
6,214
4,507
4,942
5,811
3,752
4,885
5,257
6,846
-22
271
329
153
196
275
242
357
-333
786
508
310
353
530
489
584
2,398
2,486
2,456
2,802
3,009
n.a.
52
223
106
136
17
n.a.
126
404
105
385
-74
n.a.
470
462
506
537
502
533
581
627
689
665
630
651
648
-29
— 14
55
4
40
-39
288
27
44
18
61
-90
7
-134
86
87
— 16
-113
14
184
244
144
-102
80
34
32
Expenditures
r
Revised.
n.a. Not available. 1 Beginning February
1954, on new reporting4 basis. See footnote 2 on preceding page. 2 Not adjusted for Treasury's
3
revised treatment of carriers'
taxes.
Carriers' taxes deducted.
Beginning March, income and profits taxes announced in the Treasury's
5
Monthly
Statement. Reporting of some excises changed to quarterly basis. 6Excess of receipts, or expenditures (—).
7
Consists of miscellaneous trust funds and accounts and deposit fund accounts. The latter reflect principally net transactions of quasi Government corporations, European Payments Union deposit fund, and suspense accounts of Defense and other Government departments. Investments
of wholly owned Government corporations are included as specified in footnote 8, but their operating transactions are included in Budget expenditures.
8
Consists of net investments in public debt securities of quasi Government corporations and agencies and other trust funds beginning with
July 1950, which prior to that date are not separable from the next column; and, in addition, of net investments of wholly owned Government
corporations and agencies beginning with November 1950, which prior to that date are included with Budget expenditures (for exceptions see
footnote 1 on previous page).
SEPTEMBER
1954
975
TREASURY CASH INCOME, OUTGO, AND BORROWING
DERIVATION OF CASH RECEIPTS FROM AND PAYMENTS TO THE PUBLIC
[On basis of daily statements of United States Treasury and Treasury Bulletin. In millions of dollars]
Cash operating income, other than debt
Net Budget
Plus: Trust
Cash operating outgo, other than debt
Budget expend itures
Equals:
Cash
Period
Less: Noncash
Accru- Intraals to Govt.
public3 trans.4
Total
503
567
734
575
477
710
694
509
2,307
2,625
2,807
2,585
2,360
2,837
2,774
n.a.
6,923
4,397
4,825
5,974
3,945
4,952
5,169
6,716
25,570
31,276
34,869
36,497
38,110
35,515
196
371
338
396
298
277
1,279
1,346
1,488
1,319
1,456
1,129
1,744
2,653
2,298
2,527
2,642
3,332
6,042
6,119
5,477
5,423
6,387
85,071
4,707
27
21
-1
40
82
72
16
8
19
43
76
70
38
194
108
91
133
483
897
464
451
604
636
549
427
411
601
810
568
604
660
Less:
Total
Nonnet
receipts cash1
Total
Less:
Noncash2
ing
income
Total
37,834
53,488
65,523
64,469
48,143
62,129
65,218
64,550
171
222
184
275
256
138
210
n.a.
7,001
8,582
8,707
8,596
7,796
8,807
8,932
9,152
2,211
2,508
2.649
2,347
2,244
2,705
2,595
n.a.
42,451
59,338
71,396
70,440
53,439
68,093
71,344
71,781
38,255
56,846
71,366
73,626
44,633
66,145
74,607
67,579
29,679
23,809
38,320
27,204
1953—Jan.-June. . 38,014
July-Dec. 7 . 26,454
164
58
77
107
104
171
4,234
4,349
4,458
4,248
4,683
3,913
1,210
1,298
1,406
1,243
1,351
996
32,537
26,799
41,293
30,104
41,241
29,199
3
43
10
4
80
51
1,158
196
107
78
133
391
855
5,526
6,373
2,950
5,396
5,339
4,602
»-6,529
12,260
3,036
4,882
11,265
2,956
5,375
Cal. yr.—1950 . . .
1951
1952
1953
Fiscal yr.—1951
1952
1953
19547...
Semiannual totals:
1951—Jan.-June. .
July-Dec.. .
1952—Jan.-June. .
July-Dec.. .
Monthly:
1953—Aug.
Sept
Oct.
Nov
Dec
1954—Tan.
Feb. 7
Mar.
Apr
May
June
July
Aug
4,568
6,041
2,659
4,695
5 183
84,471
5,444
11,434
2,751
3,592
10 539
2,827
n.a.
n.a.
n.a.
n.a.
n.a.
n.a
n.a.
n.a.
482
378
839
627
237
993
824
479
1,230
1,445
419
n.a.
n.a.
n.a.
n.a.
n.a.
n a.
n.a.
n.a.
Plus: Tr. acct.
5,555
5,296
5,203
7,115
4,827
n.a.
n.a.
n.a.
n.a.
n.a.
na
n.a.
n.a.
Exch.
Less:
Noncash 5
lization
Fund'
65
90
28
34
138
5
31
-262
Clearing account
Cash
ing mor
outgo
ing
outgo
-109
-87
106
319
209
214
401
312
452
41,969
58,034
72,980
76,529
45,804
67,956
76,561
71,933
82
8
-4
32
-2
36
-13
-13
22
16
-44
-38
-40
146
255
64
248
-40
25,700
32,334
35,622
37,357
39,203
37,326
6,839
-5,534
5,671
-7,254
2,038
-8,128
5
41
—3
3
11
11
430
— 12
—60
-12
-559
-39
13
—33
-593
—31
16
n.a.
6,720
6,294
5,759
6,258
6,294
4,749
'5,300
r
6,232
5,303
6,228
6 881
5,142
7,788
-2,809
-862
—956
-147
1,228
6,028
-2,267
-1,347
4 384
—2,186
-2,412
-26
38
-82
-13
9
-28
n.a.
8
n.a.
n.a.
n.a.
n.a.
na
n.a.
n.a.
n.a.
Net
cash
Plus:
— 117
—235
376
—29
135
160
511
3
82
482
1,304
-1,583
-6,090
7,635
137
-5,217
-152
-1,193
78
r
n.a. Not available.
Revised
* Represents principally
interest paid to Treasury by Government agencies and repayment of capital
2
stock and paid-in surplus by quasi Government corporations.
Represents principally interest on investments in U. S. Government securities,
payroll
deductions
for
Government
employees'
retirement
accounts,
and
transfers shown as Budget expenditures.
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
Represents principally noncash items shown under trust account receipts (described in footnote 2); also includes small adjustments for
noncash
interest
reflected in noncash Budget receipts (see footnote 1) and in noncash trust account expenditures (see footnote 5).
6
Represents principally repayments of capital stock and paid-in surplus by cquasi Government corporations, as well as interest receipts by
such corporations on their investments in the
public debt (negative entry).
Cash transactions between Intl. Monetary Fund and Exchange
7
Stabilization
Fund. (See footnote 3.)
Beginning February 1954, on new reporting basis. See footnote 8 on following page.
8
Not adjusted for Treasury's revised treatment of carriers' taxes.
DERIVATION OF CASH BORROWING FROM OR REPAYMENT
Plus: Cash
InLess: Noncash debt transactions
_r
crease,
issuance oi
Accruals to public1
or desecurities of
Net inv.
Period
crease
Federal agencies
in Fed.
(—). in
sec. by Int. on sav. Payts. in
Non- Govt. agen. bonds and
gross
Guarform of
guar- & tr. funds Treas. bills
dir. pub. anteed
Fed. sec.
anteed
debt
94
602
-6
163
Cal. yr.—1950
355
—423
18
37
3,418
718
-125
1951
2,711
770
12
-102
3,833
—74
7,973
1952
22
591
-3
66
7,777
2,540
1953
10
374
638
-149
Fiscal yr.—1951
-2,135
3,557
1952
16
8
8
779
—79
3,883
3,636
1953
7
-32
719
3
6,966
3,301
19546
-250
524
94
29
5,189
2,101
Semiannual totals:
5
-13
301
-92
1951—Jan.-June. . . - 1 , 4 8 6
2,014
July-Dec.. . . 4,197
13
51
417
-33
1,404
3
-139
361
1952—Jan.-June. . . - 3 1 3
2,232
-45
8
37
409
-29
July-Dec.. . . 8,286
1,601
-2
-69
308
34
1953—Jan.-June. . . - 1 , 3 2 0
1,700
24
840
283
32
66
July-Dec.. . . 9,097
6
241
63
1954—Jan.-June6. . - 3 , 9 0 9
n.a.
n.a.
Monthly:
1
395
«28
-12
536
1953—Aug
71
22
-12
75
—269
Sept
—1
2
-72
-76
449
Oct
41
8
240
-1
108
1,822
Nov.
150
83
59
2
-61
-40
Dec
1954—j a n
-1
11
2
7
73
-46
3
2
0
-1
17
2
77
-126
-67
Feb. 6 ..
9
-20
-89
38
Mar
-4,546
-14
35
20
811
Apr.
3
-74
1
44
32
380
74
2,428
May
1
—1
76
815
—2,215
June
-2
-84
71
30
July
-61
—276
-17
312
39
6
1
3,971
Aug
OF BORROWING TO THE PUBLIC
Equals:
_ _ _ _ _
Details of net cash borrowing from or
Dorrowing to uie puum:-"
___ _
,
/
\
_r
t_
•
— j. _
i.1
l_i;_o
Net cash repayment ( —; oi
borrowing, or
Direct Savings
repayt. mktable. bonds
(-)of
& conv.
(issue
borrow- issues3
price)
ing
-2,649
751
—929
1,999 — 1,191
— 1,242
3,353
5,778
-406
4,601
«4,829 5-344
-5,795
-3,943
-467
-525
1,639
-717
2,918
«5,294 S-103
2,248
2,483
-381
1,021
— 1,099
-1,784
248
-657
-1,209
-2,164
628
-250
—997
-113
-162
-1,093
-155
-100
-239
198
46
-122
30
365
-82
-9
-243
-3,714
2,472
-2,998
6,351
-3,433
8,034
n.a.
-1,184
3,183
-1,544
7,322
«-2,028
6,857
n.a.
-758
-432
-285
-121
-845
-255
-955
-829
-1,335
1,583
-955
-923
-74
-81
-32
-68
-94
-145
-5
51
-134
11
-20
50
127
-274
457
1,659
-391
-386
-284
-4,662
699
2,046
—3,104
-356
3,645
—72
-931
—51
1,647
-70
-178
-74
-4,304
838
2,144
—2,779
-85
3,678
7-51
S18
-362
-19
—90
—36
—22
—41
-92
18
75
32
5
—57
-137
33
Postal
Savings Sav. Sys. O t h e r 4
special
notes
issues
271
662
618
—53
— 167
— 73
—71
-310
—82
— 152
—267
-88
-64
— 17
— 16
—7
—36
-18
— 12
—37
-37
—21
-22
— 16
7
-7
n.a.
—4
101
—67
123
—95
—31
— 120
-86
—67
71
15
-54
5
n.a.
Not available.
1
Differs from "accruals to the public" shown in preceding table, principally because adjustments to Exchange Stabilization Fund are included.
2
Includes
redemptions of tax anticipation securities and savings notes used in payment of taxes.
3
Most changes in convertible Series B investment bonds, 1975-80, reflect exchanges of, or conversions into, marketable issues and thus cancel
out in
this
column.
An exception was the sale for cash of about 300 million dollars in June 1952.
4
Includes cash issuance in the market of obligations of Government corporations and agencies and some miscellaneous debt items.
5
Excludes
exchanges
of savings bonds into marketable bonds.
6
Beginning February 1954, on new reporting basis.
See footnote 8 on following page.
This table is based on Treasury daily statement,
7
which differs from monthly budget statement.
See footnote 2 at bottom of following page.
976
FEDERAL RESERVE
BULLETIN
TREASURY CASH INCOME, OUTGO, AND BORROWING—Continued
DETAILS OF TREASURY CASH RECEIPTS FROM AND PAYMENTS TO THE PUBLIC
[Classifications derived by Federal Reserve from Treasury data. In millions of dollars]
Cash operating income
Period
Total
Cal. yr.—1950
1951
1952
1953
Fiscal yr.—1951
1952
1953
19548
Semiannual totals:
1951—Jan.-June
July-Dec
1952—Jan.-June
July-Dec
1953—Jan.-June 8
July-Dec.
Monthly:
1953—Aug
Sept
Oct
Nov
Dec
1954—Jan
Feb.s
Mar
Apr
May
June
July
Aug
Direct
Direct
taxes on taxes on
individcorporuals 1
ations 1
Excise
and
misc.
taxes
Cash operating outgo
Social
ins. receipts 2
Other
cash
income 3
Deduct:
Refunds
of receipts
Total
Major
Internatl. sec. est
on
programs 4 debts
VetSocial
erans security
pro- 6
programs grams 7
Other
451
338
396
,440
,439
,093
,344
,781
19,191
27,149
32,728
34,807
24,095
30,713
33,370
33,514
9,937 8,113
16,565 8,591
22,140 9,567
19,045 10,288
14,388 8,693
21,467 8,893
21,595 9,978
21,650 9,694
5,121
6,362
6,589
6,693
5,839
6,521
6,858
7,196
2,245
2,769
2,823
2,744
2,531
2,801
2,694
3,147
2,156
2,098
2,451
3,137
2,107
2,302
3,151
3,419
41,969
18,347
58,034 37,279
72,980 51,195
76,529 52,753
45,804 26,038
67,956 46,396
76,561 52,843
71,933 P48.164
4,072
4,137
4,230
4,589
4,052
4,059
4,658
4,633
8,864
6,121
5,209
4,885
5,980
5,826
4,920
4,947
P7,675
6,286
5,582
6,729
7,654
5,276
6,469
8,016
P6.514
,537
,799
,293
,104
,241
,199
16,124
11,025
19,687
13,041
20,329
14,478
9,416
7,149
14,318
7,821
13,773
5,272
4,217
4,374
4,519
5,048
4,931
5,357
3,228
3,135
3,386
3,202
3,656
3,037
,348
,418
,383
,443
,252
,492
1,796
302
2,000
451
2,700
437
25,700
32,334
35,622
37,357
39,203
37,326
16,133
21,146
25,250
25,944
26,898
25,854
2,058
2,079
1,984
2,246
2,413
2,176
3,003
3,117
2,709
2,500
2,420
2,465
2,450
2,465
2,741
2,876
3,247
3,401
2,056
3,527
2,938
3,791
4,225
3,430
.526
,373
,950
,396
,339
,602
,530
,260
,036
,882
,265
,956
,375
3,119
3,292
1,233
3,172
2,059
3,008
4,355
4,185
1,791
2,875
2,859
1,120
2,985
326
1,636
385
336
1,938
490
469
7,356
763
397
6,903
549
302
894
917
923
912
856
683
741
673
735
787
797
702
760
991
399
266
791
256
170
1,093
718
378
1,188
616
304
Pl.177
260
192
218
245
299
315
177
267
277
251
240
363
220
65
63
75
60
69
64
306
940
907
616
150
82
69
6,720
6,294
5,759
6,258
6,294
4,749
5,302
6,231
5,303
6,228
6,881
5,142
7,788
4,184
4,404
4,268
4,034
4,318
178
525
322
122
901
170
352
563
299
196
877
152
314
386
378
456
393
423
393
411
428
414
392
444
194
381
P3,670
P3,810
P3,878
P3,862
P3.533
P4,246
J>3,158
n.a.
4,400
4,915
5,617
6,648
4,458
5,206
6,124
522 1,450
509
478
625
88
572 1,137
66
586
697 p-181
P674
P55
P729
P634
P718
P692
P763
P9
PI.415
P552
P961
n.a.
P677
n.a.
p1 Preliminary.
n.a. Not available.
Income taxes include current and back taxes; individual taxes also include estate and gift taxes and, prior to July 1953, adjustment to
Treasury
daily
statement.
Income
taxes through June 1953 are from internal revenue service reports, thereafter from Treasury daily statement.
2
Includes taxes for old-age and unemployment 4insurance, carriers taxes, and veterans life insurance premiums.
3
Represents mostly nontax receipts.
Represents Budget expenditures adjusted for net redemptions of armed forces leave bonds
and special
International Bank and Monetary Fund notes.
5
Represents Budget expenditures less the excess of interest accruals over payments on savings bonds and Treasury bills and less interest
paid 6by the Treasury to (1) trust funds and accounts and (2) Government corporations not wholly owned.
Represents Budget outlays plus payments to the public from veterans life insurance funds and redemptions of adjusted service bonds.
7
Represents Budget outlays plus benefit payments and
administrative expenses of trust funds for old-age and unemployment insurance and
8
Government employees and Railroad retirement funds.
Fiscal year totals on new reporting basis, described in Treasury Bulletin for April 1954
p. A2. Monthly breakdown on new basis not yet available prior to February 1954 for most items.
UNITED STATES SAVINGS BONDS AND NOTES—SALES, REDEMPTIONS, AND AMOUNT OUTSTANDING
[In millions of dollars]
Savings bonds
Tax and savings notes
Year or
month
Sales
1945
1946
1947
1948
1949
1950
1951
1952
1953
1953—July. .
Aug...
Sept..
Oct.. .
Nov. .
Dec.. .
1954—Jan.. .
Feb.. .
Mar..
Apr.. .
May..
June..
July..
Series A-E and H
All series
Redemp- Outstandtions and ing (end of
maturities
period)
Sales
Redemp- Outstandtions and ing (end of
period)
maturities
Series F, G, J and K
Sales
Redemp- Outstandtions and ing (end of
maturities
period)
Sales
Redemp- Outstandtions and ing (end of
maturities
period)
12,937
7,427
6,694
7,295
5,833
6,074
3,961
4,161
4,800
5,503
6,278
4,915
4,858
4,751
5,343
5,093
4,530
5,661
48,183
49,776
52,053
55,051
56,707
58,019
57,587
57,940
57,710
9,822
4,466
4,085
4,224
4,208
3,668
3,190
3,575
4,368
5,135
5,667
4,207
4,029
3,948
4,455
4,022
3,622
3,625
34,204
33,410
33,739
34,438
35,206
34,930
34,728
35,324
36,663
3,115
2,962
2,609
3,071
1,626
2,406
770
586
432
368
611
708
829
803
888
1,071
908
2,035
13,979
16,366
18,314
20,613
21,501
23,089
22,859
22,616
21,047
5,504
2,789
2,925
3,032
5,971
3,613
5,823
3,726
5,730
7,111
5,300
3,266
3,843
2,934
2,583
6,929
5,491
5,475
8,235
5,725
5,384
4,572
7,610
8,640
7,534
5,770
6,026
402
371
368
384
369
423
561
515
602
511
464
523
508
1524
421
457
419
390
2
590
652
496
525
479
458
1579
1644
57,871
57,851
57,795
57,775
57,806
2
57,71O
57,736
57,797
57,902
57,967
58,025
58,061
58,005
370
346
343
357
339
381
485
422
474
390
354
392
393
1343
280
331
289
270
309
330
308
347
310
289
1386
1346
36,168
36,264
36,311
36,391
36,509
36,663
36,887
37,029
37,175
37,279
37,393
37,482
37,597
33
25
25
27
29
42
77
93
128
122
110
130
115
182
141
125
129
120
2
281
322
188
179
169
169
193
298
21,703
21,587
21,484
21,385
21,297
221,047
20,848
20,769
20,728
20,687
20,633
20,579
20,409
472
479
952
687
2
219
208
290
68
55
178
70
68
306
81
156
265
86
4,706
4,977
5,639
6,258
6,204
6,026
5,956
5,887
5,581
5,500
5,344
5,079
4,993
x
Due to changes in Treasury processing, a large amount of redemptions of E bonds in July 1953 and in June and July 1954 was not broken
down as to issue price and accrued discount. Hence, the redemptions figures include some accrued discount, which is being deducted in subsequent
months.
2
Figures include as maturities 126 million dollars of unredeemed Series 1953 F and G bonds. ^ In accordance with Treasury practice all unredeemed bonds of this series were carried as outstanding interest-bearing debt until the entire series matured.
NOTE.—'Sales, redemptions, and maturities of bonds are shown at issue price; amount outstanding at current redemption value. Maturities
of notes and series A-D, and F and G bonds are included as of maturity date (end-of-calendar year) and only interest-bearing debt is included in
amount outstanding.
SEPTEMBER
1954
977
UNITED STATES GOVERNMENT DEBT—VOLUME AND KIND OF SECURITIES
[On basis of daily statements of United States Treasury. In millions of dollars]
Public issues3
Marketable
Nonmarketable
Total
gross
debt1
Total
gross
direct
debt 2
Total
1940—Dec
1941—Dec
1942—Dec
1943—Dec
1944—Dec
1945—Dec
1946—Dec
1947—Dec
1948—Dec
1949—Dec
1950—June
Dec
1951—June
Dec
1952—June
Dec..
1953—June
50,942
64,262
112,471
170,108
232,144
278,682
259,487
256,981
252,854
257,160
257,377
256,731
255,251
259,461
259,151
267,445
266,123
45,025
57,938
108,170
165,877
230,630
278,115
259,149
256,900
252,800
257,130
257,357
256,708
255,222
259,419
259,105
267,391
266,071
39,089
50,469
98,276
151,805
212,565
255,693
233,064
225,250
218,865
221,123
222,853
220,575
218,198
221,168
219,124
226,143
223,408
35,645
41,562
76,488
115,230
161,648
198,778
176,613
165,758
157,482
155,123
155,310
152,450
137,917
142,685
140,407
148,581
147,335
1,310
2,002
6,627
13,072
16,428
17,037
17,033
15,136
12,224
12,319
13,533
13,627
13,614
18,102
17,219
21,713
19,707
10,534
22,843
30,401
38,155
29,987
21,220
26,525
29,636
18,418
5,373
9,509
29,078
28,423
16,712
15,854
6,178
5,997
9,863
11,175
23,039
22,967
10,090
11,375
7,131
8,249
20,404
39,258
35,806
18,409
18,963
30,266
30,425
28,156
33,563
44,519
55,591
66,931
68,403
69,866
68,391
61,966
55,283
53,319
44,557
42,928
41,049
48,343
58,874
64,104
4,945
12,550
24,850
52,216
49,636
49,636
49,636
49,636
49,636
49,636
36,061
36,048
27,460
21,016
17,245
1953—Aug
Sept
Oct
Nov
Dec..
1954—Tan
Feb
Mar
Apr
May
June
July
Aug
273,269
273,001
273,452
275,282
275,244
274,924
274,859
270,312
271,127
273,555
271,341
271,005
274,982
273,206
272,937
273,386
275,209
275,168
274,849
274,782
270,235
271,047
273,475
271,260
270,984
274,955
230,157
229,785
230,403
232,115
231,684
231,623
231,466
226,821
227,806
229,913
226,681
226,528
230,214
153,694
152,804
152,977
154,726
154,631
154,631
154,500
150,081
151,104
153,325
150,354
150,342
154,020
20,208
19,508
19,509
19,509
19,511
19,512
19,510
21,013
22,014
22,019
19,515
19,512
19,508
21,655
26,369
26,385
26,386
26,386
26,386
25,278
19,377
19,377
18,577
18,405
18,405
18,277
30,492
33,578
33,736
33,249
31,406
31,419
26,866
26,787
26,809
31,923
31,960
31,964
31,967
64,099
59,944
59,942
62,181
63,927
63,916
74,171
74,134
74,230
72,133
71,802
71,790
75,596
17,240
13,406
13,404
13,402
13,400
13,398
8,675
8,674
8,674
8,674
8,672
8,671
8,671
End of
month
Total
Bills
Certificates of
indebt- Notes
edness
Bonds
Bank
Bank
eligireble* . stricted
Convertible
bonds
Tax
and
savings
notes
Special
issues
Totals
Savings
bonds
12,060
13,095
12,500
12,340
3,444
8,907
21,788
36,574
50,917
56,915
56,451
59,492
61,383
66,000
67,544
68,125
66,708
66,423
65,622
65,062
63,733
3,195
6,140
15,050
27,363
40,361
48,183
49,776
52,053
55,051
56,707
57,536
58,019
57,572
57,587
57,685
57,940
57,886
2,471
6,384
8,586
9,843
8,235
5,725
5,384
4,572
7,610
8,472
8,640
7,818
7,534
6,612
5,770
4,453
5,370
6,982
9,032
12,703
16,326
20,000
24,585
28,955
31,714
33,896
32,356
33,707
34,653
35,902
37,739
39,150
40,533
12,273
12,168
12,025
12,012
11,989
11,976
11,957
11,932
11,910
11,899
11,861
11,857
11,853
64,190
64,814
65,402
65,377
65,065
65,017
65,009
64,807
64,792
64,690
64,465
64,329
64,341
57,851
57,795
57,775
57,806
57,710
57,736
57,797
57,902
57,967
58,025
58,061
58,005
58,078
4,977
5,639
6,258
6,204
6,026
5,956
5,887
5,581
5,500
5,344
5,079
4,993
4,929
40,988
40,958
40,888
41,013
41,197
41,009
41,070
41,002
41,049
41,367
42,229
42,152
42,479
i3]573
1
Includes some debt not subject to statutory
debt limitation (such debt amounted to 535 million dollars on Aug. 31, 1954) and fully guar2
anteed
securities, not shown separately.
Includes noninterest-bearing debt, not shown separately.
3
Includes amount held by Government agencies and trust funds, which aggregated 7,081 million dollars on July 31, 1954.
4
Includes Treasury bonds and minor amounts of Panama Canal and Postal Savings bonds.
5
Includes Series A investment bonds, depositary bonds, armed forces leave bonds, and adjusted service bonds, not shown separately.
OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED
[Par value in millions of dollars]
Total
Held by
gross
U. S. Government
debt
agencies and1
End of month > (includtrust funds
ing guaranteed
Special Public
securiissues
issues
ties)
Held by the public
Total
Federal
Reserve
Banks
Commercial2
banks
Mutual
savings
banks
Insurance
companies
Other
corporations
State
and
local
governments
Individuals
Miscellaneous
invesSavings Other
3
bonds securities tors
1940—Dec
1941—Dec
1942—Dec
1943—Dec
1944—Dec
1945—Dec
1946—Dec
1947—Dec
1948—Dec
1949—June
Dec
1950—Tune
Dec
1951—Tune
Dec
1952—June
Dec
50,942
64,262
112,471
170,108
232,144
278,682
259,487
256,981
252,854
252,798
257,160
257,377
256,731
255,251
259,461
259,151
267,445
5,370
6,982
9,032
12,703
16,326
20,000
24,585
28,955
31,714
32,776
33,896
32,356
33,707
34,653
35,902
37,739
39,150
2,260
2,558
3,218
4,242
5,348
7,048
6,338
5,404
5,614
5,512
5,464
5,474
5,490
6,305
6,379
6,596
6,743
43,312
54,722
100,221
153,163
210,470
251,634
228,564
222,622
215,526
214,510
217,800
219,547
217,533
214,293
217,180
214,816
221,552
2,184
2,254
6,189
11,543
18,846
24,262
23,350
22,559
23,333
19,343
18,885
18,331
20,778
22,982
23,801
22,906
24,697
17,300
21,400
41,100
59,900
77,700
90,800
74,500
68,700
62,500
63,000
66,800
65,600
61,800
58,400
61,600
61,100
63,400
3,200
3,700
4,500
6,100
8,300
10,700
11,800
12,000
11,500
11,600
11,400
11,600
10,900
10,200
9,800
9,600
9,500
6,900
8,200
11,300
15,100
19,600
24,000
24,900
23,900
21,200
20,500
20,100
19,800
18,700
17,100
16,500
15,700
16,100
2,000
4,000
10,100
16,400
21,400
22,000
15,300
14,100
14,800
15,600
16,800
18,400
19,700
20,000
20,500
18,900
20,200
1,000
2,100
4,300
6,500
6,300
7,300
7,900
8,000
8,100
8,700
8,800
9,400
9,600
10,400
11,100
2,800
5,400
13,400
24,700
36,200
42,900
44,200
46,200
47,800
48,800
49,300
49,900
49,600
49,100
49,100
49,000
49,200
7,800
8,200
10,300
12,900
17,100
21,400
20,100
19,400
17,600
18,000
17,000
17,600
16,700
16,400
15,700
15,600
15,700
2,300
4,400
7,000
9,100
8,100
8,400
8,900
9,600
9,400
9,700
10,500
10,700
10,600
11,600
11,700
1953—June
July
Aug
Sept
Oct
Nov
Dec
266,123
272,732
273,269
273,001
273,452
275,282
275,244
40,538
40,594
40,988
40,958
40,888
41,013
41,197
7,022
7,007
6,986
7,076
7,078
7,156
7,116
218,563
225,131
225,295
224,967
225,486
227,113
226,931
24,746
24,964
25,063
25,235
25,348
25,095
25,916
58,800
63,500
62,700
62,600
62,800
63,900
63,700
9,500
9,500
9,500
9,500
9,300
9,300
9,200
16,000
16,000
16,000
15,900
15,900
15,900
15,800
18,700
20,000
20,700
20,400
20,900
21,700
21,500
12,000
12,200
12,300
12,400
12,400
12,500
12,500
49,300
49,300
49,300
49,300
49,200
49,300
49,300
16,800
16,600
16,300
16,400
16,100
16,000
16,100
12,800
13,200
13,400
13,300
13,500
13,500
12,900
1954—Tan
Feb
Mar
Apr
May
June
274,924
274,859
270,312
271,127
273,555
271,341
41,009
41,070
41,002
41,049
41,367
42,229
7,245
7,223
7,203
7,151
7,182
7,111
226,670
226,566
222,107
222,927
225,006
222,001
24,639
24,509
24,632
24,632
24,812
25,037
64,100
63,100
60,900
62,500
63,500
63,700
9,200
9,200
9,200
9,200
9,200
9,100
15,700
15,700
15,600
15,600
15,500
15,300
21,500
22,100
19,500
18,900
19,300
16,100
12,600
12,600
12,700
12,800
13,100
13,200
49,400
49,400
49,400
49,500
49,500
49,600
16,200
16,300
16,700
16,400
16,600
16,500
13,300
13,600
13,500
13,500
13,500
13,700
500
700
700
900
includes the Postal Savings System.
holdings by banks in territories and insular possessions, which amounted to 300 million dollars on Dec. 31, 1953.
Includes savings and loan associations, dealers and brokers, foreign accounts, corporate pension funds, and nonprofit institutions.
NOTE.—Holdings of Federal Reserve Banks and U. S. Government agencies and trust funds are reported figures; holdings of other investor
groups are estimated by the Treasury Department.
2
Includes
3
978
FEDERAL RESERVE BULLETIN
UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES
Direct Public Issues Outstanding August 31, 1954
[On basis of daily statements of United States Treasury.
Issue and coupon rate
1
Treasury bills
Sept. 2, 1954. .
Sept. 9, 1954. .
Sept. 16, 1954. .
Sept. 23, 1954. .
Sept. 30, 1954. .
1,501
1,500
1.501
1,501
1,501
Oct. 7, 1954. .
Oct. 14, 1954. .
Oct. 21, 1954. .
Oct. 28, 1954. .
1,501
1,500
1,500
1,500
Nov.
Nov.
Nov.
Nov.
1,501
1,501
1,501
1,501
1
3
Issue and coupon rate
Amount
4, 1954. .
12, 1954. .
18, 1954. .
26, 1954. .
Sold on discount basis.
Called for redemption.
Certificates
Sept. 15, 1954
Feb. 15, 1955
Mar. 22, 19552
May 17, 1955
Aug. 15, 1955
Amount
2%
1%
1
1H
1V8
Treasury notes
Dec. 15, 1954
Mar. 15, 1955
Dec. 15, 1955
Apr. 1, 1956
Oct.
1, 1956
Mar. 15, 1957
Apr. 1, 1 9 5 7
Oct.
1, 1957
Apr. 1,1958
Oct. 1, 1958
Feb. 15, 1959. . . .
Apr. 1. 1959. . .
1%
1H
\%
\y2
\y2
2%
\ y
In millions of dollars]
Issue and coupon rate
Treasury bonds
Dec. 15, 1954
Dec. 15, 19543
Mar. 15, 1955-604..
Mar. 15, 1956-58. . .
Sept. 15, 1956-594 . .
Sept. 15, 1956-59. . .
Ma/. 15, 1957-59. . .
8,175
June 15, 1958
5,365
June 15, 1958-634. .
6,854
Dec. 15, 1958
1 007 June 15, 1959-62...
Dec. 15, 1959-62. . .
550
2,997
Nov. 15, 1960
531
Dec. 15, 1960-654. .
824
Sept. 15, 1961
383
Nov. 15, 1961
121
June 15, 1962-67. . .:
5,102
58
93
7.007
3,734
3,886
3,558
See table on Open Market Money Rates, p. 973.
4
5
Partially tax-exempt.
Restricted.
2
Amoum
Issue and coupon rate
Treasury bonds—Cont.
8,662
Dec. 15, 1963-68. . .2H
510
June 15, 1964-69.
2,611
Dec. 15, 1964-69.
1,449
Mar. 15, 1965-70.
982
Mar. 15, 1966-71 5
3,822
June 15, 1967-72s
927
Sept. 15, 1967-72. .
4,245
Dec. 15, 1967-72 s
919
June 15, 1978-83...3
2,368
5,277 Postal Savings
3,465
bonds
2H
3,806 Panama Canal Loan. .3
1,485
2,239
1,177 Convertible bonds
2,116
Investment Series B
Apr. 1, 1975-80. . .2%
Amount
2,826
3,754
3,830
4,719
2,961
1,888
2,716
3,822
1,606
35
50
11,853
Tax anticipation series.
SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES •
Marketable and Convertible Direct Public Securities
[Par value in millions of dollars]
End of month
Type of security:
Total marketable
and convertible:
1951—Dec
1952—June
Dec
1953—June
Dec
U.S.
Govt.
agencies
and
trust
funds
Total
outstanding
FedComeral
merRecial
serve
banks
Banks
54,302
54,038
55,828
51,365
55,933
Mutual
savings
banks
9,123
8,843
8,740
8,816
8,524
Insurance
companies
Other
Other
Life
10,289
9,613
9,514
9,347
9,120
46,679
47,391
50,979
53,694
55,233
154,745
153,502
161,081
159,675
166,619
6,251
6,467
6,613
6,899
6,989
1954—May
June
Treasury bills:
1951—Dec
1952—June
Dec
1953—June
Dec
165,224
162,216
7,055 24,812 55,882 8,449 8,863 4,859 55,303
6,985 25,037 56,199 8,353 8,667 4,854 52,121
18 102
17,219
21,713
19,707
19,511
50
41
86
106
102
1954—May
June
Uertincates:
1951—Dec
1952—June
Dec
1953—June
Dec
22,019
19,515
69
46
1954—May
June
Treasury notes:
1951—Dec
1952—June
Dec
1953—June
Dec
1954—May
June
Marketable bonds:l
1951—Dec
1952—June
Dec
1953—June
Dec
1954—May
June
23,801
22,906
24,697
24,746
25,916
71
103
137
120
126
428
504
464
327
410
2,091 4,145
2,316 4,187
123
98
552
520
29,078
28,423
16,712
15,854
26,386
49 12,793 6,773
60 11,821 6,877
27 5,061 4,791
30 4,996 4,351
63 5,967 9,215
41
120
37
87
184
217
76
56
27
37
18,577
18,405
35
41
6,600 4,908
6,600 4,942
102
101
6
7
18 409
18,963
30,266
dO,425
31,406
3 5,068 10,465
2 5,568 10,431
16 13,774 10,955
23 13,774 10,355
8 13,289 11,510
67
42
49
62
130
31,923
31,960
78 13,029 11,268
64 13,029 11,423
236
221
77,097
75,802
79,890
81,349
77,327
3,243
2,928
3,046
3,300
3,377
80,806
80,474
3,435
3,395
596
381
1,341
1,455
2,993
6 773
5,828
7,047
4,411
4,368
End of month
4,301
4,246
4,711
4,808
4,905
Type of security:
Convertible bonds
(Investment
Series B):
1951—Dec
1952—June
Dec
1953—June
Dec
1954—May
June
.
10,080 Marketable secu10,268 rities, maturing:
12,518 Within 1 year:
13,155
1951—Dec
11,402
1952—June
Dec
103 14,936
1953—June
12,248
Dec
101
104
92
119
132
109
30,119
30,710
32,849
32,066
30,671
7,697
7,221
7,165
7,232
6,820
12,060
13,095
12,500
12 340
11,989
U.S.
Govt. Fed- Com- Muageneral
mer- tual
cies
Resavcial
and
serve banks
ings
trust Banks
banks
funds
Life
2,905
3,437
3,438
3 439
3,439
2,923
3,172
3,179
3,133
2,935
318
362
360
353
328
3,281
3,864
3,987
3,919
3,854
165 1,268 2,903
165 1,265 2,876
320
317
3,804
3,800
1,214
714
11,899 3,439
11,861 3,439
Other
576 19,167
648
581
470 19,360
532
733 23,547
390 1,082 27,393
468 1,061 29,023
1954—May
63,128
445 8,761
60,123
378 9,092
June
317 6,424 1-5 years:
310 6,052
1951—Dec...... 44,401
44,945
1952—June
445 10,475
37,713
Dec
32,330
228 6,698
1953—June
29,367
202 6,511
Dec
116 16,055 17,746
107 16,280 17,684
324
294
570
537
769 27,547
652 24,568
45
46
31
152
192
6,688
7,188
7,146
6,452
6,155
27,991
27,858
22,381
18,344
16,056
419
370
259
464
431
132
63
48
109
123
992
996
910
914
980
8,133
8,424
6,938
5,895
5,430
315
327
486
529
605
27,928
27,965
232
205
6,307 14,435
6,307 14,624
501
476
155
155
849
890
5,449
5,308
8
5
52
100
99
611
592
8,914
15,122
22,834
18,677
20,292
152
387
546
422
418
34
693
1,387
1,374
1,374
73
1,357
1,775
1,395
1,315
118
201
497
765
885 1,348
745 1,104
725 1,198
1,454
3,684
5,835
4,865
5,211
30,542
30,542
505
494
1,035 18,630 1,410
1,035 18,741 1,389
543 1,568
516 1,655
6,850
6,711
41,168
34,698
31,081
31,739
31,736
3,036
2,496
2,464
2,723
2,765
2,428
2,109
1,415
1,415
1,415
2,213
1,652
1,361
1,356
1,339
14,643
12,059
10,673
11,621
11,716
31,727
31,725
2,763
2,740
1,415 4,906 4,946 4,691 1,353
1,415 4,985 4,930 4,582 1,339
11,653
11,734
1
2,489
1954—May
2,587i
June
4,978 5-10 years:
5,678
1951—Dec
5,814
1952—June
Dec
6,601
1953—June
6,531
Dec
6,720
5,855
5,807
5,855
5,686
3,120
3,087
3,429
3,484
3,418
1954—May
Juno
112
101
133
163
175
1,246
1,356
1,352
1,314
1,264
Other
182
223
263
476
475
o
48,204
45,642
56,953
64,589
73,235
172
191
185
182
168
Insurance
companies
14,081
12,705
16,996
19,580
25,062
22,068
1954—May
21,580
June
23,072 After 10 years:
24,890
1951—Dec
23,688
1952—June
Dec
1953—June
3,093 35,397 6,720 5,301 3,597 23,264
Dec
3,093 35,481 6,669 5,164 3,641 23,032
4,130
4,422
4,522
4,522
3,667
Total
outstanding
13,437
12,202
14,749
15,505
16,972
6,881
7,740
11,058
8,772
10,051
5,177
5,544
5,207
4,488
4,595
7,202
5,537
5,091
5,167
5,039
6,470
5,301
4,870
4,969
4,868
I
* 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.
SEPTEMBER
1954
979
NEW SECURITY ISSUES :
[Estimates, in millions of dollars]
Proposed u s e s of n e t proceeds,
all c o r p o r a t e i s s u e r s 6
G r o s s proceeds, all issuers
Corporate
Noncorporate
Year or
month
Total
FedU. S.
eral
Governm e n t 3 agency4
1938
1939
1940
5,926
5,687
6,564
2,480
2,332
2,517
115
13
1941
1942
1943
1944
1945
15,157
35,438
44,518
56,310
54,712
11,466
33,846
42,815
52,424
47,353
38
1946
1947
1948
1949
1950
18,685
19,941
20 250
21,110
19,893
10,217
10,589
10 327
11,804
9,687
1951
1952 ..
1953
1953—| u iy
Aug....
Sept
Oct.
Nov
Dec
1954—j a n <
Feb
Mar
Apr.
May....
21,265
26,929
28,824
9,778
12,577
13,957
June
July
1 928
1,453
2,599
2,291
3,506
2,736
1 655
1,386
1,913
1,947
4,386
2 438
1,948
109
Bonds
State
Pre- Comand
mon Total
mu- Others Total
Pri- ferred
Pubstock
stock
nicilicly vately
0 Total
pal
offered placed
1,108
1,128
1,238
69
50
956
30
524
435
661
795
5
97
22
47
357
1,157
2,324
2,690
2,907
3,532
56
451
156
110
459
106
3,189
4,121
5,558
884
522
853
260
1,320
1,070
2,610
423
76
561
515
602
511
24
1
2
1
506
216
30
2,669
71
80
523
508
123
New capital
132
282
446
237
306
2,155
2,164
2,677
2,667 2,389
1,062
917
1,170
990
3,202 2,670
6,011 4,855
6,900 4,881
6,577 5,035
7,078 5,973
6,052 4,890
6,361 4,920
681
325
7
26
76?
569
19
215 1,206
69 1,695
174 1,854
811
1,578
411
506
621
369
1,892
778
3,851 1,004
167
110
1 r)40
3,019
2,888
2,963
2,434
2,360
112
124
369
758
1,862 1,126
2,147 761
3,010 492
2,455 424
2,560 631
868
1,583
396
138
73
789
49 2,389
134 4,555
34
647
408
56
163
753
397 1 147
474
308
657
1 ,080
35
27
47
133
28
144
R89
5 11S
6 f>51
736 5, 558
811 4, 990
1 ,279
4 ,591
5 ,929
231
168
234
379
356
488
2,868
1,352
226
363
486
891
778
614
4 ,606
4 ,006
315
364
31
82
•81
459
24
7
65
270
55
106
110
768
676
375
603
459
353
1,478 1,385
571
456
726
628
850
1,057
1,057
462
366
513
408
647
808
920
838
564
153
449
153
95
1,057
226
222
258
327
44
18
37
43
284
178
226
216
424
343
714
178
188
286
192
224
465
206
20
27
69
110
130
131
49
7
537
753
S77
429
,• 18
691
550
406
1 ,413
90
63
144
111
73
118
87
544
419
IS60
•86
531
410
590
471
614
812
684
727
664
260
535
48
210
69
51 1
65?
8SQ
307
401
637
620 1,271
301
263
5
4
2
503
•?0
108
6 ,531
8 ,180
7 ,960
336
123
1
63
1
25
87
183
8 716
8 , 495
4
399
414
522
735
783
855
258
86
98
758
1,212
1,369
1,326
407
Retirement
of
securities
691
703
489
520
36
60
27
57
New
lanemoney 7 ous
purposes
7,741 5,691 2,364 3,326
9,534 7,601 3,645 3,957
8,898 7,083 3,856 3,228
2
476
483
411
777
1,353
1,276
1,628
2,044
1,979
2,386
Retirement
of
bank
debt,
etc. 8
Mis-
27
5
62
28
23
25
4
12
22
26
13
29
70
16
38
47
42
18
9
53
129
183
182
316
Proposed uses of net proceeds , by major groups of corporate issuers
Commercial and
miscellaneous
Manufacturing
Year or
Real estate
and financial
Communication
Public utility
Transportation
month
1948
1949
1950
1951
1952
1953
Total
net
proceeds
Total
Retire-10 net
proments
ital»
ceeds
2,180
1 391
1,175
3 066
3,973
2,218
2 ,126
1 347
1,026
,846
3 ,712
2 ,128
1*ew
jap-
>4
14
149
221
261
90
1953—July
August
September..
October....
November
December..
133
46
132
56
99
418
116
44
131
53
93
409
17
2
1
2
1954—January . . .
February...
March
April
May
June
July
134
52
107
86
204
305
415
118
51
107
79
196
284
412
6
fi
9
6*
8
21
3
New Retire10
ital» ments
Total
net
proceeds
New Retirel0
capi t a l ' ments
Total
net
proceeds
56
11
196
53
225
36
2 ,150
,276
\ ,608
,412
2 ,626
2 ,972
207
97
241
350
3
209
97
242
356
245
200
276
269
362
309
501
442
295
275
269
316
237
328
382
165
403
338
538
518
536
542
382
310
474
462
512
502
21
28
63
56
24
40
748
795
806
490
983
589
691
784
609
437
758
553
59
19
19
49
25
104
55
17
18
47
25
100
4
3
1
2
4
46
15
32
36
32
88
46
15
32
36
32
84
50
26
68
86
44
88
60
48
25
62
72
42
84
31
2
1
5
14
2
4
29
65
43
58
58
20
37
78
65
36
57
46
20
37
54
7
2
12
"25'
New Retirecap10
ital" ments
,005
? 043
,927
3?6
,539
S ,905
]
191
144
?,33
682
85
88
67
1
i
5
16
8
46"
73
173
60
129
Total
net
proceeds
891
567
395
605
753
874
20
30
89
13
5
608
7
30
26
40
9
3
New Retire- Total
net
10
capproital" ments ceeds
890
517
314
600
747
871
18
30
88
13
5
608
26
7
30
26
40
9
3
New Retirecap10
ital* ments
2
557
587
49
593
558
81
639
739
5
449
515
(>
508
448
J 1,561 1,536
5
43
123
243
80
45
47
12
51
88
51
26
159
191
40
122
242
77
45
46
30
35
100
66
60
24
3
2
3
1
12
51
88
27 " " 2 5 *
1
25
63
97
61
130
1
Estimates of new issues sold for cash in the United States.
2
Gross proceeds are derived by multiplying
principal amounts
3
4
or number of units by offering price.
Includes issues guaranteed.
Issues not guaranteed.
includes
foreign
government;
International
Bank;
and
domestic
eleemosynary and other nonprofit.
6
Estimated net proceeds are equal to estimated gross proceeds less cost of notation, i.e., compensation to underwriters, agents, etc., and
expenses.
7
Includes proceeds for plant and equipment and working capital.
8
Includes proceeds for the retirement of mortgages and bank debt with original maturities of more than one year. Proceeds for retirement
of short-term
bank debts are included under the uses for which the bank debt was incurred.
9
Includes all issues other than those for retirement of securities.
1
°Retirement of securities only.
Source.—Securities and Exchange Commission.
980
FEDERAL RESERVE BULLETIN
SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS
[In millions of dollars]
Annilal
Industry
1948
1949
1950
Quarterly
1951
1952
1953
1953
1952
4
1
1954
3
2
4
1
2
Manufacturing
Total (200 corps.): 1
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 3
Sales
Profits before taxes
Profits after taxes
Dividends
2
Selected industries:
Foods and kindred products (28 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
Chemicals and allied products (26 corps.)
Sales
Profits before taxes
Profits after taxes
Dividends
....
Petroleum refining (14 corps.): 1
Sales
Profits before taxes
Profits after taxes
Dividends
Primary metals and products (39 corps.):
Sales
Profits before taxes
Profits after taxes. .
Dividends
Machinery (27 corps.):
Sales
Profits before taxes
Profits ater taxes. . .
Dividends
Automobiles and equipment (15 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
38,341
5,468
3,411
1,446
37,948
5,168
3,186
1,710
45,351
8,042
4,143
2,295
52,444
8,702
3,486
2,036
53,905
7,147
3,117
2,036
62,665 15,316 15,739 16,566 15,459 14,902 14,232 14,758
8,225 1,998 2,254 2,484 2,093 1,395 1,753 1,925
3,560
892
880
965
855
928
928
885
2,110
631
524
523
493
565
491
495
14,739 14,051 15,994 18,670 18,908 20,276 4,987 4,994 5,116 5,082 5,084 4,960 4,973
677
581
2 360 1 975 2 847 3 324 2 715 2 908
671
761
783
669
782
371
375
345
355
364
1,574 1,297 1,599 1,481 1,313 1,446
349
376
942
934
229
698
218
219
228
759
894
912
275
222
255
23,602 23,897 29,357 33,774 34,997 42,390 10,329 10,745 11,450 10,377 9,817 r 9,272 9,786
814 1 , 0 8 4 1,248
3 108 3 193 5 195 5 378 4 432 5,317 1,328 1 493 1,702 1,309
590
1,837 1,888 2,544 2,005 1,804 2,114
511
521
579
573
509
'515
295
356
748
950 1,352 1,142 1,119 1,176
305
296
274
275
272
4,528 4,223 4,402 4,909 5,042 5,411 1,315 1,316 1,346 1,355 1,394 1 , 3 3 7 1,351
132
532
465
128
455
473
104 '100
131
107
434
446
99
289
211
46
54
63
285
50
57
54
268
227
204
46
161
154
35
37
148
43
37
45
37
149
154
36
159
3 674 3 680 4 577 5 574 5 695 6 071 1,520 1 545 1,568 1,506 1,453 1,434 1,470
360
224
••272
273
674
304
346
330
693 1,133 1,421 1,200 1,260
121
136
493
123
125
124
133
420
128
415
496
572
458
263
321
448
363
381
398
114
90
90
91
127
97
98
3,983 3,907 4,260 4,966 5,290 5,757 1,394 1,376 1,410 1,473 1,498 1,479 1,442
189
673
796
195
195
176
214
869
164
229
775
552
689
137
464
571
131
157
147
532
129
155
588
428
495
127
274
66
66
67
74
68
184
223
72
68
191
247
268
9,066 8,187 10,446 12,497 11,557 13,750 3,494 3,428 3,653 3,476 3,194 r 2,910 3,000
457
359
560
295
'301
1,174
431
510
993 1,700 2,092 1,161 1,824
854
183
212
196
149
179
793
217
203
720
578
776
575
92
377
377
88
88
113
106
100
270
285
381
367
88
4,563 4,363
570
520
334
321
127
138
8 093 9 577
1,131 1,473
639
861
451
282
5,071 6,183 7,082 8,009 2,066 1,967 2,045 1,959 2,038 1,917 1,937
237
193
850 1 003
298
241
974 1,009
290
252
276
89
107
402
115
117
425
128
103
95
370
380
64
50
49
90
58
208
239
49
192
200
53
11 80512 496 12 825 16 377 3,684 4,308 4,657 r 3,917 3,495 3,485 3,731
532
714
235
648
451
'434
2 305 1 913 1 945 2,048
503
200
168
204
246
1,087
747
211
168
705
190
698
117
114
114
117
114
113
671
463
117
479
462
Public Utility
Railroad:
Operating revenue
Profits before taxes
Profits after taxes
Dividends
Electric power:
Operating revenue
Profits before taxes
Profits after taxes. . .
Dividends
Telephone:
Operating revenue
Profits before taxes
Profits after taxes
Dividends
.
9,672 8,580 9,473 10,391 10,581 10,664 2,828 2,596 2,732 2,755 2,582 2,275 2,335
272
497
336
397
399
156
199
1 146
700 1 385 1,260 1 451 1,404
234
219
136
784
871
304
186
231
88
693
832
698
438
97
162
73
312
412
73
96
118
79
289
252
338
328
4,830 5,069 5,528 6,058 6,549 7,113 1,727 1,850 1,725 1,716 1,821 1 , 9 7 4 1,800
551
458
487
456
428
571
446
983 1,129 1,313 1,482 1,740 1,893
249
235
268
324
268
822
657
814
253
757
947 1,046
294
189
206
212
210
193
194
619
651
493
560
725
771
182
2,694 2,967 3,342 3,729 4,136 4,525 1,084 1,092 1,126 1,129 1,178 1,174 1,210
292
. . .
186
178
333
207
213
580
331
276
691
341
318
787
384
355
925
452
412
206
104
93
223
109
100
234
114
101
220
107
104
248
122
108
242
116
109
262
125
111
r
Revised.
Revised to adjust for mergers of companies in petroleum, paper, and textile groups.
Includes 26 companies in groups not shown separately, as follows: textile mill products (10); paper and allied products (15); miscellaneous (1).
3
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. D a t a 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 t h a t 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. D a t a
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).
1
2
SEPTEMBER
1954
981
NET CHANGE IN OUTSTANDING CORPORATE SECURITIES *
[Estimates, in millions of dollars]
PROFITS, TAXES, AND DIVIDENDS OF
UNITED STATES CORPORATIONS
[Quarterly estimates at seasonally adjusted annual
rates. In billions of dollars!
Income
taxes
1939
1941
1943
1945
6.4
17.0
24.6
19.0
1.4
7.6
14.1
10.7
5.0
9.4
10.5
8.3
3.8
4.5
4.5
4.7
1.2
4.9
6.0
3.6
1946
1947
1948
1949
1950
22.6
29.5
32.8
26.2
40 0
9.1
11.3
12.5
10.4
17 8
13.4
18.2
20.3
15.8
22 1
5.8
6.5
7.2
7.5
9 2
7.7
11.7
13.0
8.3
12 9
1951
1952
1953
41 2
37.2
39 4
22 5
20.0
21 1
18 7
17.2
18 3
9 1
9.1
9 4
9 6
8.1
8 9
1953—1
2
3
4
42.4
41.9
40.9
32.5
22.7
22.5
21.9
17.4
19.7
19.5
19.0
15.1
9.1
9.3
9.5
9.6
10.6
10.2
9.5
5.5
1954—1
21. ..
34.5
34.5
i7.0
17.0
17.5
17.5
9.6
9.6
7.9
7.9
Year or
quarter
quarter
Stocks
Bonds and notes
All types
Profits Cash Undisdivi- tributed
after
taxes dends profits
Profits
before
taxes
New Retire- Net
Net
New Retireissues ments change issues ments change
New Retire- Net
issues ments change
-1,072 1
6? 3
1945
6,457
6 906
—449 4,924
5,996
1946.
1947
1948.
1949
1950.
7,180
6,882
7,570
6,731
7,224
4,798
2,523
1,683
1,875
3,501
2,382
4,359
5,887
4,856
3,724
4,721
5,015
5,938
4,867
4,806
3,625
2,011
1,283
1,583
2,802
1,096
3,004
4,655
3,284
2,004
2 , 459
1 ,867
1 ,632
1 ,864
2 ,418
1,173
512
400
292
698
1951.
1952.
1953.
9,048
10,679
9,594
2,772
2,751
2,335
6,277
7,927
7,259
5,682
7,344
6,705
2,105
2,403
1,820
3,577 3 ,366
4,940 3 ,335
4,885 2 ,889
666
348
514
2 700
2 987
2 375
1953-- 2 . . . 2,932
3 . . . 1,867
4 . . . 2,465
607
530
584
2,325
1.337
1,882
2,096
1,327
1,789
458
417
464
1,638
910
1,325
836
540
676
148
113
119
687
427
557
1954-- 1 . . . 2,700
2. .. 2,858
977
1,139
1,724
1,719
1,619
1,863
758
847
862 1 ,081
995
1,016
219
292
862
703
910
1
1
1
1
1
786
355
232
57?.
720
1
Reflects cash transactions only. As compared with data shown on p. 980, 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. 980.
Source.—Securities and Exchange Commission.
preliminary estimates by Council of Economic
Advisers.
Source.—Department of Commerce.
CURRENT ASSETS AND LIABILITIES OF UNITED STATES CORPORATIONS 1
[Estimates, in billions of dollars]
Current assets
End of year
or quarter
Net
working
capital
Total
Cash
U. S.
Government
securities
Current liabilities
Notes and accts.
receivable
Inventories
Notes and accts.
payable
Other
U. S.
Govt. 2
Other
22.1
27.4
21.9
23.2
18.0
25.6
27.6
26.3
1.4
1.4
1.3
2.4
30.0
40.7
51 6
45.8
0
8
2 2
.9
30 0
1.7
1.6
1.6
1 4
1.7
51 9
61 .5
64 4
60 7
79.8
1
92.6
96.1
U. S.
Govt. 3
1939
1941
1943
1945
24.5
32.3
42.1
51.6
54.5
72.9
93.8
97.4
10.8
13.9
21.6
21.7
2.2
4.0
16.4
21.1
.0
.6
5.0
2.7
1946
1947
1948
1949
1950
56.2
62.1
68.6
72.4
'81.7
108.1
123.6
133.0
133.1
161.5
22.8
25.0
25 3
26 5
28.1
15.3
14.1
14.8
16.8
19.7
.7
1.1
55.7
37.6
44.6
48.9
45.3
55.1
86.5
90.1
179.1
186.2
30.0
30.6
20.7
20.4
2.7
2.8
58.8
64.7
64.9
65.4
92.8
93.5
92.6
186.2
191.0
189.7
29.6
30.0
30.7
18.9
20.6
21.5
2.7
2.7
2.6
65.5
66.9
65.0
67.2
68.3
67.5
2.1
2.4
2.4
2.4
2.4
92.9
183.3
27.8
19.7
2.8
63.2
67.3
2.5
1951 r
1952 *•
1953—2 r
3'
4r
1954—1'-
38.3
42.4
43 0
Other
Other
Federal
income
tax
liabilities
21.9
25.6
24.1
24.8
1.2
7.1
16.6
10.4
6.9
7.2
8.7
9.7
31 5
11.8
13.2
13.5
14.0
14.9
Total
53.6
57.8
93.4
97.5
97.1
1.3
2.3
2.5
2.5
2.2
8.5
10.7
11.5
9.3
16 7
21.3
17.7
56.3
57.5
57.3
15.6
17.9
18.7
19.0
19.6
18.9
90.4
2.5
53.9
14.9
19.1
.4
37.6
39.3
37 =:
47.9
16.5
18.3
l
•"Revised.
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 1
[Estimates, in millions of dollars]
Year
Total
5,512
8,692
1939
1945
Manufacturing
Mining
Railroads
1,943
3,983
326
383
280
548
1946
1947
1948
1949
1950
14,848
20,612
22,059
19.285
20,605
6,790
8,703
9,134
7,149
7,491
427
691
882
792
707
1951
1952
1953 4
1954 '-
25,644
26,493
28,391
26,687
10,852
11,632
12,276
11,332
929
985
1.011
1,008
583
889
1,319
1,352
1,111
L.474
1,396
1.312
851
Transportation
other
than
rail
365
574
923
Public Communi- Other J
utilications
ties
520
505
792
1,776
2,378
302
321
817
4,516
6,093
5,154
4,660
5,671
1,212
1,539
2,543
3,125
3,309
1,399
1,742
1,320
1,104
1,490
1,500
1.464
1,405
3,664
3,887
4,548
4,274
1,319 5,916
7, 094
1,298
1,285
887
7 . 778
7, 818
Total
Manu- Transfactur- portation
ing
incl.
and
railminroads
ing
Public
All
utili- other*
ties
1952—4
7,206
3,490
728
1,150
1953_1
2,972
3 426
3,210
3,680
650
725
686
717
925
2.
3.
6,339
7 289
7,098
7,666
1,792
1 979
1 984
2,023
1954—1
2
34 »•;;;;
44
6,240
6,918
6,980
6,549
2,864
3,198
3,255
3,022
608
910
1,859
2,013
1,987
1,960
Quarter
4
600
559
490
1 158
1 219
1,246
1,108
1,179
1,078
1,839
r
1
2
Revised.
Corporate and noncorporate business, excluding agriculture.
Includes trade, service, finance, and construction.
4
Includes communications and other.
Anticipated by business.
Sources.—Department of Commerce and Securities and Exchange Commission.
3
982
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
1- to 4-family houses
Multi-family and
commercial properties1
Total
Financial
institutions
Other
holders
Total
Financial
institutions
Other
holders
Other
holders
All
holders
Financial
insti- Selected Inditutions Federal viduals
and
agenothers
cies
All
holders
Farm
All
holders
Financial
Other
insti- holders2
tutions
37.6
36.7
35.3
34.7
35.5
41.8
48.9
56.2
62.7
72.8
82.1
91.1
100.9
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
2.0
1.8
1.4
1.1
.9
.6
.5
.6
1.1
1.4
2.0
2.4
2.8
14.9
14.2
13.6
13.3
13.7
15.1
16.6
17.8
18.7
19.7
20.7
21.9
23.1
31.2
30.8
29.9
29.7
30.8
36.9
43.9
50.9
57.1
66.7
75.6
84.0
93.2
18.4
18.2
17.8
17.9
18.5
23.1
28.2
33.3
37.5
45.1
51.9
58.7
65.9
11.2
11.5
11.5
11.7
12.2
16.0
20.5
25.0
28.4
35.3
41.2
47.0
53.4
7.2
6.7
6.3
6.2
6.4
7.0
7.6
8.3
9.1
9.8
10.7
11.7
12.5
12.9
12.5
12.1
11.8
12.2
13.8
15.7
17.6
19.6
21.6
23.7
25.3
27.3
8.0
7.8
7.4
7.2
7.5
8.4
9.6
10.9
12.4
14.0
15.7
17.0
18.6
4.8
4.7
4.6
4.6
4.7
5.4
6.1
6.7
7.2
7.6
8.0
8.3
8.8
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
1.5
1.4
1.3
1.3
1.3
1.5
1.7
1.9
2.1
2.3
2.6
2.8
3.0
4.9
4.5
4.1
3.7
3.4
3.4
3.3
3.4
3.5
3.7
4.0
4.3
4.7
1952—September... .
December
88.9
91.1
65.0
66.8
2.3
2.4
21.6
21.9
81.8
84.0
57.0
58.7
45.6
47.0
11.4
11.7
24.9
25.3
16.6
17.0
8.2
8.3
7.1
7.2
2.8
2.8
4.3
4.3
1953—March
June
September....
December....
93.4
96.1
98.6
100.9
68.6
70.9
73.0
75.0
2.6
2.7
2.8
2.8
22.2
22.5
22.8
23.1
86.0
88.6
91.1
93.2
60.3
62.4
64.3
65.9
48.4
50.2
51.9
53.4
11.9
12.2
12.4
12.5
25.7
26.2
26.7
27.3
17.3
17.7
18.1
18.6
8.4
8.5
8.6
8.8
7.3
7.5
7.6
7.7
2.9
3.0
3.0
3.0
4.4
4.5
4.6
4.7
1954—March?
June?
102.9
106.0
76.8
79.5
2.7
2.6
23.4
23.9
95.1
98.0
67.4
69.5
54.8
56.8
12.6
12.7
27.7
28.5
18.9
19.5
8.8
9.0
7.8
8.0
3.1
3.2
4.8
4.8
1941
1942 . . .
1943
1944
1945
1946
1947
1948
1949
1950.
1951
1952.
1953
P1 Preliminary.
2
Derived figures, which include negligible amount of farm loans held by saving* and loan associations.
Derived figures, which include
debt held by Federal land banks and Farmers Home Administration.
NOTE.—Figures for first three quarters of each year, and all figures for December 1953 except those on total farm (preliminary estimate from
Dept. of Agriculture), are Federal Reserve estimates. Financial institutions include commercial banks (including nondeposit trust companies
but not trust departments), mutual savings banks, life insurance companies and savings and loan associations. Federal agencies include HOLC,
FNMA, and VA (the bulk of the amounts through 1948 held by HOLC, since then by FNMA). Other Federal agencies (amounts small and
separate data not readily available currently) are included with "Individuals and others."
Sources.—Federal Deposit Insurance Corporation, Home Loan Bank Board, Institute of Life Insurance, Departments of Agriculture and
Commerce, Federal National Mortgage Association, Veterans Administration, Comptroller offithe^Currency, and Federal Reserve.
MORTGAGE LOANS HELD BY BANKS *
[In millions of dollars
End of year
or quarter
Commercial bank holdings2
Mutuafsavings bank holdings4
Nonfarm
Nonfarm
Residential
Total
Other
Total
Total
4,340
4,256
4,058
3,967
4,251
6,533
8,623
10,023
10,736
12,695
13,728
14,809
15,768
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
1952—September
December
15,590 14,530 11,970
15,867 14,809 12,188
1953—March
June
September
December
16,080
16,387
16,640
16,850
1954—March?
June?
16,960 15,865 13,000
17,350 16,225 13,275
Farm
Residential3
Total
Total
FHA- VA- Coninguar- vensured anteed tional
3,292
3,332
3,256
3,218
3,395
5,146
6,933
8,066
8,676
10,431
11,270 3,421 2,921 'i]929
12,188 3,675 3,012 5,501
12,925 3,912 3,061 5,951
1941
1942
1943
1944
1945.
1946
1947
1948
1949
1950
1951
1952
1953
15,000
15,283
15,550
15,768
3
Total
566 4,812 4,784
1,048
491 4,627 4,601
924
463 4,420 4,395
802
463 4,305 4,281
749
521 4,208 4,184
856
702 4,441 4,415
1,387
823 4,856 4,828
1,690
1,957
874 5,806 5,773
909 6,705 6,668
2,060
2,264
968 8,261 8,218
2,458 1,004 9,916 9,869
2,621 1,058 11,379 11,327
2,843 1,082 12,943 12,890
3,580 3,000 5,390 2,560 1,060 10,940 10,890
3,675 3,012 5,501 2,621 1,058 11,379 11,327
12,320 3,719 3,010 5,591 2,680
12,545 3,798 3,013 5,734 2,738
12,770 3,860 3,040 5,870 2,780
12,925 3,912 3,061 5,951 2,843
1,080
1,104
1,090
1,082
11,680
12,112
12,500
12,943
11,630
12,062
12,450
12,890
FHA- VA- Coninguar- vensured anteed tional
3,884
3,725
3,558
3,476
3,387
3,588
3,937
4,758
5,569
7,054
8,595 2^567 i]726 4,303
9,883 3,168 2,237 4,477
11,334 3,489 3,053 4,792
Other
Farm
900
876
837
805
797
827
891
1,015
1,099
1,164
1,274
1,444
1,556
28
26
25
24
24
26
28
34
37
44
47
53
53
9,490 3,025 2,069 4,396 1,400
9,883 3,168 2,237 4,477 1,444
50
53
10,165
10,574
10,930
11,334
3,230
3,325
3,405
3,489
2,395
2,590
2,785
3,053
4,540
4,658
4,740
4,792
1,465
1,488
1,520
1 ,556
3,940 3,100 5,960 2,865 1,095 13,355 13,300 11,710 3,590 3,290 4,830 1,590
3,975 3,175 6,125 2,950 1,125 13,907 13,850 12,210 3,700 3,600 4,910 1,640
50
50
50
53
55
57
P1 Preliminary.
Includes all banks in the United States and possessions. 2 Includes loans held by nondeposit trust companies but excludes holdings of
trust departments of commercial banks. March and September figures are Federal Reserve estimates based on data from Member Bank Call
Report and from weekly reporting member banks. For 1940, figures except for the grand total are Federal Reserve estimates based on data for
Insured
commercial banks.
3
Data not available for all classifications prior to December 1951.
4
Through 1946, figures except for the grand total are estimates based on Federal Reserve preliminary tabulation of a revised series of banking
statistics. March and September figures are Federal Reserve estimates based in part on data from National Association of Mutual Savings Banks.
Sources.—All bank series prepared by Federal Deposit Insurance Corporation from data supplied by Federal and State bank supervisory
agencies; Comptroller of the Currency; and Federal Reserve.
SEPTEMBER 1954
983
REAL ESTATE CREDIT STATISTICS—Continued
MORTGAGE ACTIVITY OF ALL UNITED STATES LIFE INSURANCE COMPANIES
[In millions of dollars]
Loans acquired
Nonfarm
Year or month
Total
FHAinsured
Total
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
Loans outstanding (end of period)
898
855
935
976
....
1953—July
August
October
November
December
VAguaranteed
1,661
2,786
3,407
3,430
4,894
5,134
3,978
4,335
1,483
2,520
3,114
3,123
4,532
4,723
3,606
3,918
1,202
1,350
1,486
1,058
131
938
1,294
864
819
405
305
313
338
352
371
279
289
309
327
318
319
419
443
342
451
421
Farm
Total
Other
FHAinsured
Total
i78
Farm
VAguaranteed
Other
5,972
6,442
6,726
6,714
6,686
6,636
7,155
8,675
10,833
12,906
16,102
19,314
21,251
23,275
5,073
5,529
5,830
5,873
5,886
5,860
6,360
7,780
9,843
11,768
14,775
17,787
19,546
21,403
1,096
1,286
1,408
1,394
1,228
1,398
2,381
3,454
4,573
5,257
5.681
6,015
1,106
1,224
2,026
3,131
3,347
3,563
4,876
5,538
6,356
7,090
8,176
9,399
10,518
11,825
,138
,327
L.527
1,705
L ,872
668
815
256
844
899
913
896
841
800
776
795
895
990
266
293
429
457
1,469
1,546
1,642
2,108
2,371
2,313
2,642
71
62
57
60
60
36
32
40
42
56
264
185
192
207
211
34
26
24
29
25
22,429
22,552
22,698
22,842
23,017
23,275
20,614
20,722
20,860
20,993
21,161
21,403
5,905
5,924
5,943
5,963
5,983
6,015
3,412
3,430
3,448
3,473
3,511
3,563
11,297
11,368
11,469
11,557
11,667
11,825
1,815
1,830
1,838
1,849
1,856
1,872
282
51
57
174
36
277
372
403
318
410
393
44
68
47
48
60
51
46
77
86
85
100
187
227
270
185
250
244
42
47
40
24
41
28
23,435
23,570
23,769
24,005
24,174
24,384
24,572
21,538
21,660
21,845
22,060
22,212
22,403
22,575
6,027
6,037
6,066
6,081
6,088
6,091
6,095
3,599
3,626
3,683
3,746
3,804
3,886
3,951
11,912
11,997
12,096
12,233
12 320
12,426
12,529
L.897
1,910
1,924
1,945
1,962
1,981
1,997
433
478
1954—January.
February
March
April
May
June.
July
Nonfarm
600
366
451
66
81
•
307
362
411
372
417
286
98
45
NOTE.—For loans acquired, monthly figures may not add to annual totals, and for loans outstanding, end-of-December figures may differ
from end-of-year figures, because monthly figures represent book value of ledger assets whereas year-end figures represent annual statement asset
values, and because year-end adjustments are based on more nearly complete data. Prior to 1947, complete data are not available for all classifications shown.
Sources.—Institute of Life Insurance—end-of-year figures, Life Insurance Fact Book; end-of-month figures, the Tally of Life Insurance Statistics
and Life Insurance News Data.
M O R T G A G E A C T I V I T Y O F A L L SAVINGS A N D LOAN
ASSOCIATIONS
[In millions of dollars]
1940..
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1953-July...
Aug...
Sept...
Oct....
Nov...
Dec....
1954-Jan....
Feb....
Mar...
Apr...
May...
June....
July..
[Number in thousands; amounts (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 M O R T G A G E R E C O R D I N G S O F $20,000 OR LESS
Amount, by type of lender
Year
or
month
Total
New
construction
FHAVA- ConHome Other
inguar- venpurpur- Total*
sured anteed tional'
chase poses1
1,200
1,379
1,051
1,184
1,454
1,913
3,584
3,811
3,607
3,636
5,237
5,250
6,617
7,767
399
437
190
106
95
181
616
894
1,046
1,083
1,767
1,657
2,105
2,475
426
581
574
802
1,064
1,358
2,357
2,128
1,710
1,559
2,246
2,357
2.955
3,488
375
361
287
276
295
374
611
789
851
994
1,224
1,236
1,557
1,804
4,125
4,578
4,583
4,584
4,800
5,376
7,141
8,856
563
10,305
717
11,616
841
13,622
864
15,520
904
18,336
21,929 1,048
2,397
2,586
2,969
3,125
3,385
3,973
1940
1941
1942
1943
1944 . . .
1945
1946
1947
7,345 1948
8,313 1949
9,812 1950
11,530 1951
14,047 1952
16,908 1953
758
707
684
688
586
584
237
218
208
219
190
187
355
340
328
318
265
259
166
149
148
151
131
138
21,145 1,015
3,745
16,385
21,929 1,048
465
539
710
732
728
810
802
152
176
246
257
254
283
281
217
220
288
298
301
341
349
126
143
176
177
173
185
173
1
Total
1,456
1,628
1,351
1,274
1,446
1,639
2,497
2,567
2,535
2,488
3,032
2,878
3,028
3,164
4,031
4,732
3,943
3,861
4,606
5,650
10,589
11,729
11,882
11,828
16,179
16,405
18,018
19,747
1,283
1,490
1,170
1,237
1,560
2,017
3,483
3,650
3,629
3,646
5,060
5,295
6,452
7,365
334
404
362
280
257
250
503
847
1,016
1,046
1,618
1,615
1,420
1,480
1,006
1,166
886
753
878
1,097
2,712
3,004
2,664
2,446
3,365
3,370
3,600
3.680
170
218
166
152
165
217
548
597
745
750
1,064
1,013
1,137
1,327
1,238
1,454
1,359
1,439
1,746
2,069
3,343
3,631
3,828
3,940
5,072
5,112
5,409
5,895
2,769
2,906
2,918
3,031
3,186
3,448
4,241
4,570
4,688
4,755
5,335
5,701
5.950
6,241
3,973
1953-July...
Aug...
Sept...
Oct....
Nov...
Dec...
16,908
286
273
275
278
845
255
1,798
1,709
1,729
1,746
1,549
1,622
699
671
654
658
564
569
132
122
125
123
114
126
323
310
315
320
290
291
127
111
123
123
113
128
517
495
512
522
468
508
6,282
6,270
6,276
6,283
6,311
6,372
1,083
4,106
17,495
1954-Jan....
Feb....
Mar...
23,809 1,101
4,271
18,437
218
229
281
280
278
303
306
1,372
1,425
1,784
1,793
1,805
1,990
2,027
467
517
666
669
675
741
734
108
105
124
130
124
146
155
263
274
335
333
330
368
371
85
85
103
112
118
133
141
449 6,292
444 6,223
556 6,339
550 6,411
558 6,484
602 6,573
626 6,625
22,684
Includes loans for repair, additions and alterations, refinancing, e t c
'Prior to 1948, data are not available for classifications shown.
'Excludes shares pledged against mortgage loans.
Source.—Home Loan Bank Board.
984
Number
Average
amount
Sav- Insur- Com- Mutual
reings & ance
mersav- Other corded
loan
comcial
ings
(dolassns. panies banks banks
lars)
May.'.'.
June...
July . .
Source.—Home Loan Bank Board.
FEDERAL RESERVE BULLETIN
REAL ESTATE CREDIT STATISTICS—Continued
GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE
MORTGAGE DEBT OUTSTANDING ON
NONFARM 1- TO 4-FAMILY PROPERTIES
[In billions of dollars]
[In millions of dollars]
VA-guaranteed loans 8
FHA-insured loans
Home
mortgages
Year
or
month
1939
1940
1941
1942
1943
1944. .
1945
1946..
1947
1948
1949
1950
1951
1952
1953
1953—July. . .
Aug
Sept
Oct....
Nov
Dec.. . ,
Total
925
991
Total
969
1,259
1,030
363
109
94
120
239
160
79
.3
.5
.6
.6
.6
.4
349
320
106
106
87
80
23
12
133
122
248
309
166
197
82
112
.3
.4
661
368
113
80
23
151
293
193
99
.5
694
556
408
304
105
110
68
63
25
15
210
116
286
252
192
170
93
82
.5
.4
512
488
471
493
512
579
531
265
221
246
245
243
270
238
117
94
95
83
74
86
75
66
60
67
70
72
79
79
12
13
16
17
25
24
14
69
54
69
76
71
82
70
247
267
225
248
269
309
293
174
188
160
163
171
200
178
73
79
65
85
98
109
115
4
.4
.4
.8
.3
.3
.3
934
877
665
756
3,058
5,074
5,222
5,250
7,416
6,834
5,830
6,946
1,788
3,341
3,826
4,343
3,220
3,113
3,882
602
597
629
June . . .
New
properties
486
588
728
766
553
484
257
120
477
1,434
1,319
1,637
1,216
1,021
1,157
179
216
228
126
86
114
192
171
321 2,302
534 3,286
614 1,881
594 1,424
694 3,073
707 3,614
848 2,721
Alteration
Exand
isting repair2
properties
584
322
259
40
934
877
857
July....
52
13
14
21
85
56
20
13
360
609
Home
mortgages
208
175
183
208
210
224
217
302
418
684
892
856
713
974
925
991
1 152 1,152
1,121 1,121
1954—Jan
Feb
Mar...
Apr....
May . . .
Property
im- Total
provement2
loans
Projecttype
Ex- mortNew
1
prop- isting
prop- gages
erties erties
1,334
793
629
1,865 1,202
942
2,667
890
1,824
3,064 2,045 1,014
1
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 itiot De securea, wnereas tnose
for more than that amount must be.
•Prior to 1949, data are not available for ckissifications shown.
NOTE.—FHA-insurec loans represent gross amount of insurance written: VA-guaranteed loans, gross amount of loans closed. Figures do not take account of principal repayments on previously insured or guaranteed loans. For VA-guaranteed loans, amounts by
type are derived from data on number and average amount of loans closed.
Sources.—Federal Housing Administration and Veterans Administration.
a
End of year
or month
Mortgage holdings
Total
FHAinsured
VAguaranteed
Mort- Mortgage
gage
pursales
chases (during
(during period)
period)
528
848
918
661
1,085
550
227
824
485
239
323
638
199
828
1,347
1,850
2,242
2,462
188
403
169
204
320
621
11
425
1,178
1,646
L.922
1,841
198
672
1,044
677
538
542
20
469
111
56
221
1953—August
September...
October
November . . .
December....
586
566
556
552
550
523
544
568
608
638
2,541
2,540
2,526
2,490
2,462
536
556
585
594
621
2,005
1,984
1,941
1,896
1,841
33
26
39
30
42
11
19
44
59
61
1954—January
February....
March
April
May
June
July
August
550
542
539
539
560
570
540
594
666
685
745
812
791
779
737
700
2,434
2,424
2,366
2,299
2,299
2,301
2,371
2,355
625
641
653
667
680
700
724
733
1,809
1,783
1,713
1,632
1,619
L.601
1,647
L,622
37
47
49
50
38
50
120
33
57
50
98
108
30
37
37
39
1948
1949
1950
1951
1952
1953
Source.—Federal National Mortgage Association.
Conventional
Total
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
Total
FHA- VAinguarsured anteed
3
3
4
2
8
9
5
1
2
3
5
1
9
7
1 8
2 3
3 0
3 7
4 1
4 2
4 3
6 1
9 3
12 5
15 0
18 9
22 9
25 4
28.1
1 8
2 3
3 0
3 7
4 1
4 2
4 1
3 7
3 8
5 3
6 9
8 6
9 7
10 8
12.0
50.4
51.9
53.3
55.1
57.0
58.7
60.3
62.4
64.3
65.9
67.4
69.5
22.0
22.9
23.5
24.0
24.7
25.4
9.5
9.7
9.9
10.1
10.4
10 8
12.5
13.2
13.6
13.9
14.3
14 6
26.1
26.7
27.5
28.1
11.1
11.4
11.7
12.0
15.0
15.3
15.8
16.1
28.6
29.2
12.2
12.4
16.4
16.8
16
17
18
18
17
17
18
23
28
33
37
45
51
58
65.9
1953P
1951—Sept. .
Dec...
1952—Mar. .
June..
Sept..
Dec...
1953—Mar. .
June..
Sept..
Dec...
1954—Mar. P.
June P.
14
15
15
14
13
5
0
4
5
7
1 "Z 7
2
2 4
5 5
7 2
8 1
10 3
13 2
14 6
16.1
14
17
18
20
22
26
29
33
2
0
9
8
5
2
0
3
37.8
28.4
29.0
29.8
31.1
32.3
33 3
34.2
35.7
36.8
37.8
38.8
40.3
P Preliminarv.
NOTE.—For total debt outstanding, fienres 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- Commitized
ments
funds
unundiscommitted bursed
Governmentunderwritten
End of
year or
quarter
Year or month
Advances
Repayments
Advances outstanding
(end of period)
Total
Shortterm i
Long-2
term
278
329
351
360
256
675
423
586
674
213
231
209
280
337
292
433
528
611
195
293
436
515
433
816
806
864
952
176
184
218
257
231
547
508
565
634
19
109
217
258
202
269
298
299
317
1953—August
September.
October...
November.
December.
70
83
62
71
79
25
28
45
25
14
746
801
819
865
952
510
557
564
589
634
236
244
255
276
317
1954—January...
February..
March....
April
May
June
July
August....
26
15
36
35
28
106
53
59
226
88
84
51
33
39
98
31
751
677
630
613
608
675
630
659
496
438
396
382
377
428
406
422
255
239
233
231
231
247
223
236
1945
1946
1947
1948
1949
1950
1951
1952
1953
1
Secured or unsecured loans maturing in one year or less.
Secured loans, amortized quarterly, having maturities of
more than one year but not more than ten years.
Source.—Home Loan Bank Board.
2
SEPTEMBER
1954
985
STATISTICS ON SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT
CONSUMER CREDIT, BY MAJOR PARTS
[Estimated amounts outstanding, in millions of dollars]
Noninstalment credit
Instalment credit
End of year
or month
Other
Automobile consumer
goods
paper i
paper i
Total
Total
1939
1940
1941
1942
7,222
8,338
9,172
5,983
4,503
5,514
6,085
3,166
1,497
2,071
2,458
1945
1946
1947
1948
1949
1950
1951
1952
1953
5,665
8 384
11,570
14,411
17,104
20,813
21,468
25,827
28,896
2,462
4,172
6,695
8,968
11,516
14,490
14,837
18,684
21,807
455
981
1,924
3,054
4,699
6,342
6,242
8,099
10,289
1953—July
August
September
October
November
December
27,581
27,810
27,979
28,166
28,252
28,896
21,004
21,218
21,347
21,486
21,586
21,807
1954—January
February
28,125
27,478
27,151
27.330
27,520
••27,791
27,835
21,444
21.151
20,900
20,909
20,932
'21,122
21,246
April
May
Tune
July .
Repair
and modernization
loans 2
Singlepayment
loans
Charge
accounts
Service
credit
Personal
loans
Total
787
800
845
713
1,414
1,471
1,645
1,444
518
553
597
660
746
1,620
1,827
1,929
1,195
298
371
376
255
1,088
1,245
1,322
974
2,719
2,824
3,087
2,817
816
1,290
2,143
2,842
3,486
4,337
4,270
5,328
5,605
182
405
718
843
887
,006
,090
,406
,606
1,009
1,496
1,910
2,229
2,444
2,805
3,235
3,851
4,307
3,203
4,212
4,875
5,443
5,588
6,323
6,631
7,143
7,089
1,122
1,356
1,445
1,532
1,821
1,934
2,094
2,127
1,612
2,076
2,353
2,713
2,680
3,006
3,096
3,342
3,249
,014
,166
,285
,376
,496
,601
,707
,713
9,973
10,136
10,232
10,337
10,358
10,289
5,351
5,362
5,352
5,366
5,406
5,605
,516
,534
,562
1,585
L.604
,606
4,164
4,186
4,201
4,198
4,218
4,307
6,577
6,592
6,632
6,680
6,666
7,089
2,079
2,131
2,130
2,131
2,100
2,127
2,705
2,668
2,716
2,811
2,840
3,249
L,793
,793
1,786
,738
,726
L .713
10,084
9,915
9,800
9,798
9,838
9,980
10,103
5,495
5,377
5,220
5,188
5,142
'5,134
5,094
1,587
L.57O
1,554
1,554
,565
L, 563
1,566
4,278
4,289
4,326
4,369
4,387
4,445
4,483
6,681
6,327
6,251
6,421
6,588
6,669
6,589
2,083
2,054
2,073
2,105
2,181
2,215
2,193
2,893
2,550
2,438
2,566
2,639
2,679
2,614
1,705
1,723
1,740
1,750
1,768
1,775
1,782
742
845
*" Revised.
1
Includes all consumer instalment credit extended for the purpose of purchasing automobiles and other consumer goods and secured by the
items purchased, whether held by retail outlets or financial institutions. Includes credit on purchases by individuals of automobiles or other
consumer
goods that may be used in part for business.
2
Includes only repair and modernization loans held by financial institutions; such loans held by retail outlets are included in "other consumer
goods paper."
NOTE.—Monthly figures for the period December 1939 through 1951 and a general description of the series are shown on pp. 336-354 of the
BULLETIN for April 1953. Revised monthly figures for 1952 are shown on p. 1214 of the BULLETIN for November 1953. A detailed description
of the methods used to derive the estimates may be obtained from Division of Research and Statistics.
INSTALMENT CREDIT, BY HOLDER
[Estimated amounts outstanding, in millions of dollars]
Financial institutions
Total
instalment
credit
Total
Commercial
banks
Sales
finance
companies
4,503
5,514
6,085
3,166
3,065
3,918
4,480
2,176
1,079
1,452
1,726
862
1,197
1,575
1,797
588
1945
1946
1947
1948
1949
1950
1951
1952
1953
2,462
4,172
6,695
8,968
11,516
14,490
14,837
18,684
21,807
1,776
3,235
5,255
7,092
9,247
11,820
12,077
15,410
18,534
745
1,567
2,625
3,529
4,439
5,798
5,771
7,524
8,856
300
677
1,355
1,990
2,950
3,785
3,769
4,833
6,147
1953—July
August
September
October
November
December...
21,004
21,218
21,347
21,486
21,586
21,807
18,000
18,205
18,328
18,439
18,495
18,534
8,818
8,879
8,893
8,908
8,881
8,856
21,444
21,151
. . . . 20,900
20,909
20,932
'21,122
21,246
18,276
17,999
17,845
17,859
17,896
18,069
18,198
8,723
8,534
8,452
8,417
8,386
8,401
8,379
End of year
or month
1939
1940
1941
1942
..
1954—January .
February
March
April
May
....
June
July
r
1
2
...
Retail outlets
Credit
unions
Other
132
657
Total
171
198
128
720
759
598
1,438
1,596
1,605
990
102
151
235
334
1,064
629
840
1,040
1,239
1,420
1,647
1,902
2,216
2,467
686
937
1,440
1,876
2,269
2,670
2,760
3,274
3,273
5,816
5,924
6,005
6,093
6,147
6,147
988
1,009
L.029
1,041
1,050
1,064
2,378
2,393
2,401
2,397
2,417
2,467
3,004
3,013
3,019
3,047
3,091
3.273
6,062
5,974
5,892
5,901
5,944
6,060
6,189
1,043
1,055
1,074
L.096
1,115
1,145
1,165
2,448
2,436
2,427
2,445
2,451
2,463
2,465
3.168
3,152
3,055
3.050
3,036
'3,053
3,048
438
590
635
837
Department
stores 1
354
Furniture
stores
439
Household
appliance
stores
Automobile
dealers 2
183
123
Other
339
394
320
181
474
496
331
196
206
111
167
188
53
365
395
314
131
209
379
470
240
319
474
604
17
38
79
127
28
47
101
159
270
324
407
516
595
724
743
920
1,117
1,068
791
760
239
207
284
255
866
244
866
276
308
923
931
943
957
983
1,068
812
813
811
812
826
866
1,031
1,094
1,056
1,058
1,051
'1,061
1,055
836
814
795
789
787
785
783
168
239
543
613
618
739
407
656
260
263
265
266
270
276
386
396
399
406
408
407
623
610
601
606
604
656
270
265
261
260
257
259
262
400
393
388
388
390
397
404
631
586
555
555
551
551
544
Revised.
Includes mail-order houses.
Includes only automobile paper; other instalment credit held by automobile dealers is included with "other" retail outlets.
986
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
Retail
outlets
(charge
accounts)
Department 1
stores
Other
Service
credit
1939
1940
1941
1942
2,719
2,824
3,087
2,817
625
636
693
593
162
164
152
120
236
251
275
217
J .178
1,220
1,370
,227
518
553
597
660
1945
1946
1947
1948
1949
1950
1951
1952
1953
3,203
4,212
4,875
5,443
5,588
6,323
6,631
7,143
7,089
674
1,008
1,203
1,261
1,334
1,576
1,684
1,844
1,848
72
114
153
184
198
245
250
250
279
290
452
532
575
584
641
685
730
769
1,322
1,624
L.821
2,138
2,096
2,365
2,411
2,612
2,480
845
,014
,166
,285
,376
,496
,601
,707
,713
1953—July
August
September.
October. . .
November.
December.
6,577
6,592
6,632
6,680
6,666
7,089
1,830
1,870
1,857
1,867
1,798
1,848
249
261
273
264
302
279
457
453
500
524
578
769
2,248
2,215
2,216
2,287
2,262
2,480
1,793
1,793
1,786
1,738
1,726
1,713
6,681
6,327
6,251
6,421
6,588
6,669
6,589
1,824
1,782
1,780
1,812
1,841
1,893
1,908
259
272
293
293
340
322
285
631
541
497
515
512
509
459
2,262
2,009
1,941
2,051
2,127
2,170
2,155
L,7O5
1,723
1,740
1,750
1,768
1,775
L ,782
1954—January...
February..
March....
April
May
June
July
1
End of year
or month
Total
instalment
credit
135
165
161
124
363
440
471
302
237
339
447
149
178
276
338
134
166
232
309
153
1945
1946
1947
1948
1949
1950
1951
1952
1953
745
1,567
2,625
3,529
4,439
5,798
5,771
7,524
8,856
66
169
352
575
849
1,177
1,135
1,633
2,135
143
311
539
753
946
,294
,311
,629
,884
114
299
550
794
1,016
1,456
1,315
1,751
2,038
110
242
437
568
715
834
ftftft
1,137
1,301
312
546
747
839
913
1,037
1,122
1,374
1,498
1953—July
August... .
September.
October. . .
November.
December.
8,818
8,879
8,893
8,908
8,881
8,856
2,095
2,123
2,141
2,157
2,150
2,135
L,941
1,957
1,948
1,939
L,920
L,884
2,055
2,056
2,036
2,032
2,027
2,038
L,234
1,251
1,273
1,291
1,303
1,301
1,493
1,492
1,495
1,489
1,481
1,498
1954—January.. .
February..
March....
April
May
June
July
8,723
8,534
8,452
8,417
8,386
8,401
8,379
2,079
2,024
1,994
1,980
1,969
1,979
1,978
1,834
1,809
1,799
1,794
1,791
1,792
1,783
2,037
1,937
1,887
1,862
1,839
1,821
1,791
L.283
1,267
1,253
1,252
1,259
1,257
1,261
1,490
1,497
1,519
1,529
1,528
1,552
1,566
[Estimated amounts outstanding, in millions of dollars]
Other
consumer
goods
paper
Repair
and
modernization
loans
Automobile
paper
1939
1940
1941
1942
1,197
1,575
1,797
588
1,187
1,363
341
1945
1946
1947
1948
1949
1950
1951
1952
1953
802
1,378
2,425
3,257
3,183
4,072
5,306
67
141
1,355
1,990
2,950
3,785
3,769
4,833
6,147
92
185
232
242
216
126
164
303
313
241
83
57
70
139
158
275
1953—j u iy
5,816
5,924
August
September. . . 6,005
6,093
October
November. . . 6,147
6,147
December
5,007
5,108
5,186
5,272
5,321
5,306
6,062
1954—January
February.. . . 5,974
5,892
iMarch
5,901
April
5,944
May
6,060
June
July
6,189
5,228
5,150
5,079
5,089
5,136
5,249
5,371
878
300
164
677
377
115
148
136
167
78
190
201
117
24
332
367
58
Personal
loans
56
62
66
52
54
82
83
347
391
367
374
375
372
368
367
75
72
74
76
79
83
367
370
359
351
340
86
85
84
389
388
389
336
331
331
335
84
83
83
82
392
394
397
401
370
373
379
391
Other
consumer
goods
paper
Repair
and
modernization
loans
Total
instalment
credit
Automobile
paper
1939
1940
1941
1942
789
891
957
726
81
102
122
65
24
30
36
27
15
16
14
14
669
743
785
620
1945
1946
1947
1948
1949
1950
1951
1952
1953
731
991
1,275
1,573
1,858
2,237
2,537
3,053
3,531
54
77
130
189
240
330
358
457
557
20
34
69
99
137
182
209
279
334
14
22
39
59
89
115
132
187
222
643
858
1,037
1,226
1,392
1,610
1,838
2,130
2,418
1953—July
August
September. . .
October
November. . .
December....
3,366
3,402
3,430
3,438
3,467
3,531
544
552
558
563
559
557
311
315
321
321
328
334
207
211
215
218
222
222
2,304
2,324
2,336
2,336
2,358
2,418
1954—January
February. . . .
March
April
May
June
July
3,491
3,491
3,501
3,541
3,566
3,608
3,630
543
539
540
547
552
563
567
331
330
326
328
326
326
324
218
218
217
218
223
223
223
2,399
2,404
2,418
2,448
2,465
2,496
2,516
End of year
or month
Total
instalment
credit
Personal
loans
1,079
1,452
1,726
862
[Estimated amounts outstanding, in millions of dollars]
1954
Direct
Repair
and
modernization
loans
1939
1940
1941
1942
INSTALMENT CREDIT HELD BY SALES FINANCE
COMPANIES, BY TYPE OF CREDIT
SEPTEMBER
Purchased
Other
consumer
goods
paper
INSTALMENT CREDIT HELD BY FINANCIAL INSTITUTIONS OTHER THAN COMMERCIAL BANKS AND SALES
FINANCE COMPANIES, BY TYPE OF CREDIT
Includes mail-order houses.
End of year
or month
Automobile
paper
Personal
loans
NOTE.—'Institutions included are consumer finance companies (operating primarily under State small-loan laws), credit unions, industrial
loan companies, mutual savings banks, savings and loan associations,
and other lending institutions holding consumer instalment loans.
987
STATISTICS ON SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT—Continued
INSTALMENT CREDIT EXTENDED AND REPAID
[Estimates, in millions of dollars]
Automobile
paper
Total
Year or month
Repair and
modernization loans
Extended
Repaid
Extended
Repaid
Extended
Repaid
8,219
9,425
7,208
8,854
3,086
3,823
2,512
3,436
2,588
2,929
2,381
2,827
328
312
5,379
8,495
12,713
15,540
18,002
21,256
22,791
28,397
29,812
5,093
6,785
10,190
13,267
15,454
18,282
22,444
24,550
26,689
999
1,969
3,692
5,280
7,182
8,928
9,362
12,306
13,553
941
1,443
2,749
4,150
5,537
7,285
9,462
10,449
11,363
2,024
3,077
4,498
5,280
5,533
6,458
6,518
7,959
7,741
1,999
2,603
3,645
4,581
4,889
5,607
6,585
6,901
7,464
206
423
704
702
721
826
853
1,243
1,340
2,602
2,436
2,389
2,486
2,297
2,598
2,233
2,222
2,260
2,347
2,197
2,377
1,226
1,126
1,089
1,121
974
947
963
993
1,016
953
1,016
1,869
1,864
2,285
2,315
2,299
'2,603
2,472
2,232
2,157
2,536
2,306
2,276
2,413
2,348
776
985
998
1,005
1,202
1,136
945
1,100
1,000
965
1,060
1,013
2,498
2,358
2,409
2,393
2,441
2,331
2,183
2,273
2,252
2,249
2,294
2,283
1,117
1,044
1,102
1,117
1,080
1,035
921
967
962
963
1,006
1,015
633
619
593
2,211
2,243
2,200
2,272
2,224
r
2,398
2,379
2,301
2,320
2,412
2,308
2,333
2,354
2,296
872
977
661
1940
1941
1945
1946
1947
1948
1949
1950
1951
1952
1953 .
Other consumer
goods paper
Extended
Personal
loans
Extended
Repaid
307
2,217
2,361
2,060
2,284
143
200
391
577
677
707
769
927
1,140
2,150
3,026
3,819
4,278
4,566
5,044
6,058
6,889
7,178
2,010
2,539
3,405
3,959
4,351
4,683
5,628
6,273
6,722
101
630
583
Repaid
255
WITHOUT SEASONAL ADJUSTMENT
1953—July
August
September
October . . .
November
December
1954—January.
February
March
April
.
..
...
.
...
May
June
July
750
945
622
955
604
124
619
625
668
646
824
608
635
654
606
625
120
120
131
108
98
517
627
67
102
92
108
89
96
571
555
566
569
729
549
540
569
549
640
81
94
98
113
535
98
110
98
102
537
666
625
601
564
588
697
626
626
632
101
103
676
618
662
621
609
643
114
108
96
100
633
112
111
106
94
100
92
605
585
595
576
624
557
563
600
604
102
94
601
636
87
81
591
624
597
621
617
470
540
594
580
••624
591
631
103
86
100
642
526
629
582
583
604
SEASONALLY ADJUSTED*
1953—July
August.
September..
October
November
December
..
.
...
.
...
1954—January
February
March
April
May . .
.. .
..
June
July
919
924
926
943
1,075
1,035
589
631
1,028
1,042
1,009
586
566
988
r
1,038
987
621
577
614
633
612
667
109
103
99
107
610
635
628
637
101
107
88
94
104
113
103
95
629
607
563
553
577
570
607
581
596
585
597
585
577
r
Revised.
* Includes adjustment for differences in trading days.
NOTE.—Back figures by months beginning January 1940, together with a discussion of the composition and characteristics of the data and a
description of the methods used to derive the estimates, are shown in the BULLETIN for January 1954, pp. 9-22. Estimates of instalment credit
extended and repaid are based on information from accounting records of retail outlets and financial institutions and include finance, insurance,
and other charges incurred under the instalment contract. Renewals and refinancing of loans, repurchases and resales of instalment paper, and
certain other transactions may increase the amount of both credit extended and credit repaid without adding to the amount of credit outstanding.
RATIO O F COLLECTIONS T O ACCOUNTS RECEIVABLE *
FURNITURE STORE STATISTICS
Item
Net sales:
Total
Cash sales
Credit sales:
Instalment
Charge account
Percentage change
from preceding
month
July
1954
June
1954
May
1954
July
1954
June
1954
May
1954
-3
-2
+2
+8
+7
-8
-9
-11
-9
-3
-2
+2
+9
+5
-4
7
-4
+3
-9
-5
-13
-7
0
0
+1
0
+3
-4
-4
-6
-5
-3
-10
-5
-3
-9
-3
-9
-9
-9
0
0
Accounts receivable, end
of month:
Total
Instalment
Charge accounts
+1
0
0
-1
Inventories, end of
month, at retail value.
-3
-5
Percentage change
from corresponding
month of preceding
year
Instalment accounts
Year or month
July
August
September
October
November
December
1953
Charge
accounts
Household ap- Department
pliance
stores
stores
Department
stores
Furniture
stores
13
14
14
14
14
14
12
12
12
12
11
11
10
10
10
10
9
9
46
45
46
48
47
46
13
14
15
14
14
14
14
12
11
13
12
12
12
12
9
9
10
9
10
10
10
45
43
48
45
46
47
45
1954
January
February
March
April
May
June
July
1
Collections during month as percentage of accounts outstanding at
beginning of month.
FEDERAL RESERVE BULLETIN
BUSINESS INDEXES
[The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation]
Construction
contracts
awarded (value)3
1947-49=100
Industrial production
(physical volume)* 1
(1947-49 = 100)
Year
or month
Employment and payrolls*
1947-49=100
Manufactures
Total
Total
Durable
Nondurable
Minerals
Total
Residential
All
other
Nonagricultural
employment
Freight
carloadManufacturing
ings*
production workers 1947-49
-100
Employment
Payrolls
AdAdAdAdAdAd- Unad- Unad- AdAdAdAd- Unad- Adjusted justed justed justed j u s t e d justed justed justed justed justed justed justed justed justed
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
....
1931
1932
1933
1934
1935
Unadjusted
37
36
34
40
44
42
46
45
53
42
45
62
57
59
34
34
30
43
45
51
66
26
18
27
41
49
57
75
39
45
32
43
42
46
59
61.4
62.0
55.2
58 5
64.4
63 5
65.2
68.7
69.0
52.8
58 4
66.9
62 1
64.2
31.1
37 1
24.0
25 7
32.6
30 4
32.1
90
98
83
92
107
105
110
27
32
30
30
34
34
36
74
85
76
71
72
73
75
0
7
4
6
9
1
0
51
51
53
59
49
50
50
52
58
48
52
49
53
60
45
48
50
51
56
51
63
64
63
68
59
69
69
73
63
49
73
71
76
52
30
67
68
70
70
62
67.6
67 9
68.0
71 0
66.7
65.5
64.1
64.2
68.3
59.5
33.0
32.4
32.8
35 0
28.3
115
111
112
115
99
37
37
37
38
35
75
74
73
73
71
6
2
3
3
4
39
31
48
42
48
49
55
51
42
48
51
55
34
22
41
15
14
17
20
8
7
7
13
20
18
24
25
60.4
53 5
53.7
58.8
61.3
50.2
42.6
47.2
55.1
58.8
21.5
14.8
15.9
20.4
23.5
79
32
59
62
67
69
24
24
27
29
65 0
58.4
55 3
57.2
58 7
47 4
42.1
42 8
48.7
52 0
61
64
57
66
69
63
71
62
68
76
32
35
39
44
30
22
35
65.9
70.3
66 1
69.3
73.3
63.9
70.1
59.6
66.2
71.2
27.2
32.6
25.3
29.9
34.0
81
33
59 3
61.4
60 3
59.4
59.9
52 5
56.1
51 1
50.1
51.1
84
93
103
99
96
81
84
87
93
92
66
54
36
40
40
44
74
89
37
22
49
24
10
116
45
30
36
16
50
62 9
69 7
74 0
75 2
76.9
56 8
64 2
67 0
67 6
68.8
95
99
102
99
111
91
100
106
94
105
82
87
79
84
86
83 4
95 5
102.8
101 8
102.8
78 7
96 4
104.4
99 2
103.1
114
114
P118
115
114
P116
111 0
113 5
114.4
114 8
111 6
110.1
119
121
123
121
121
119
117
117
115
112
115
115
117
119
120
119
118
114
111
113
113 6
113.7
114 0
114 5
114.7
115.0
115.2
115.4
115.0
114.9
110 0
109.4
109 8
109 5
110.9
110.6
111.0
110.2
109.8
110.1
113
••114
114
116
117
115
115
*116
113
113
112
109
111
114
113
Pill
115.2
115.0
114.8
114.6
115.0
115 1
115.2
110.9
110.5
110.5
111.0
110.9
110 0
110.4
110.5
61
48
58
67
30
36
39
46
19
24
30
38
55
49
60
46
57
66
55
35
49
63
87
88
91
106
127
125
110
133
130
126
162
159
107
110
123
90
90
86
100
100
101
104
97
112
1951
1952
1953
Unadjusted
38
42
24
37
47
43
49
56
1946
1947
1948
1949
1950
Adjusted
38
39
30
39
45
43
48
40
1941
1942
1943
1944
1945
sales*
(retail
value) 4
1947-49
-100
WholeConsale
sumer comprices s modity3
1947-49 prices
- 1 0 0 1947-49
-100
39
41
31
39
47
44
49
31
37
40
47
1936
1937
1938
1939
1940
Department
103
97
113
104
95
116
120
121
124
P134
P136
P153
138
137
155
136
136
136
129
138
139
138
139
155
156
154
157
125
128
136
102
113
159
171
183
25
27
37
43
82 7
90.8
96 2
94.9
91.7
87.9 49.3
103.9 72.2
121.4 99 0
118.1 102.8
104.0 87.8
98
116
185
105
111
142
94 8
99.4
101.5
99 1
102.3
170
172 108 2
183 110 5
201 113.6
183
192
178
177
176
179
161
169
172
179
164
174
175
83
84
67
76
83
35
32
35
37
98
44
104
104
106
50
56
62
102
70
97.9 81 2
103.4 97.7
102.8 105.1
93.8 97.2
99.6 111.7
100
90
106.4 129 8
106.3 136.6
112.0 151.6
101
109
95
110
96
112
153.8
152.0
151.9
153.9
151.1
154.0
153.4
152.6
148.0
147.2
99
97
115
140.8
140.5
138.4
135.0
135.1
136.6
132.5
PIOO.9 135.4
90
88
85
84
84
84
82
84
108
104
88
97
98
104
98
105
65
62
62
61
56
0
0
9
9
1
1953
March
April
May
June.
July
August....
September..
October....
November..
December. .
135
136
137
136
137
136
133
132
129
126
136
135
136
130
124
138
135
134
131
127
157
152
151
146
142
125
125
123
123
124
126
'126
124
127
126
125
125
'141
139
135
134
123
124
126
125
135
134
116
P124
125
P125
205
218
230
224
208
184
180
183
176
177
178 113 8
179 113.8
159 113 9
166 114 1
170 114.2
220 114.1
243 113.7
262 113.7
255 113.1
229 112.4
195
196
191
196
185
201
205
213
202
192
182
184
193
207
206
216
227
233
113.4
113.6
114.0
114.0
113.6
112.7
111.7
110.6
108.7
107.1
105.6
104.6
103.8
102.7
102.1
101 8
100.2
P99.9
113.2
112.7
112.3
113.1
112.2
113.8
113.7
112.0
109.4
107.7
98
97
93
98
96
95
92
88
111
117
115
113
112
107
110
113
112
1954
January....
February...
March
April
May...
June
July
August
125
124
124
P124
134
P135
111.7
111.2
110.8
110.4
178 110 2
193 110 1
188 109.8
P109.6
105.1
104.3
103.6
101.8
100.5
100 9
98.9
107
109
105
111
108
112
P112
«112
r
Estimated.
PPreliminary.
Revised.
*Average per working day.
Revised index; for description see BULLETIN for December 1953.
2
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. 997.
3
The unadjusted indexes of employment and payrolls, wholesale commodity prices, and consumer prices are compiled by or based on data
of the Bureau of Labor Statistics. Nonagricultural employment covers employees only and excludes personnel in the armed forces. The consumer prices index is the revised series, reflecting beginning January 1953 the inclusion of some new series and revised weights; prior to January
1953 indexes are based on the "interim adjusted" and "old" indexes converted to the base 1947-49=100.
4
For indexes by Federal Reserve districts and for other department store data, see pp. 999-1003.
Backfiguresin BULLETIN.—'Industrial production, December 1953, pp. 1324-1328; department store sales, December 1951, pp. 1490-1515.
SEPTEMBER
1954
989
INDUSTRIAL PRODUCTION
[Federal Reserve indexes, 1947-49 average =100]
947-49
Annual
1953
proportion
1952 1953? July Aug. Sept. Oct.
Nov. Dec
Jan.
Feb.
Industrial Production—Total
00.00
124
134
137
136
133
132
129
126
125
125
123
123
125
124
Manufactures—Total
90.02
125
136
139
138
135
134
131
127
127
126
125
125
126
125
125
Durable Manufactures—Total
45.17
136
153
157
157
152
151
146
142
141
139
135
134
135
134
134
Industry
1954
Mar. Apr. May June
July
SEASONALLY ADJUSTED
124
6.70
116
132
136
137
130
128
122
113
111
109
103
103
106
108
104
28.52
5.73
13.68
9.04
4.64
7.54
1.29
146
121
147
136
167
154
142
167
136
160
143
194
189
155
171
142
164
145
200
196
156
171
140
165
145
203
191
156
166
135
161
141
200
186
155
166
134
159
141
193
189
154
159
130
152
136
184
180
155
156
126
146
133
172
182
154
755
126
143
130
169
185
148
151
123
141
130
163
179
147
147
120
138
125
163
173
144
147
119
138
125
163
174
139
146
121
138
124
163
173
138
145
122
139
•124
170
166
135
148
124
142
126
173
169
136
Clay, glass, and lumber Products
Stone, clay, and glass products
Lumber and products
5.91
2.82
3.09
118
125
111
125
133
118
127
135
119
125
135
116
124
134
114
124
133
117
123
132
115
119
129
110
120
125
115
125
130
120
123
130
116
121
128
114
125
130
120
118
129
108
113
132
96
Furniture and misc. manufactures
Furniture and fixtures
Miscellaneous manufactures
4.04
1.64
2.40
118
113
122
131
117
140
134
121
143
135
119
146
129
114
140
129
113
140
126
109
138
124
106
136
120
105
130
120
103
132
119
104
130
117
103
127
118
102
128
120
104
131
121
107
130
44.85
114
118
121
119
117
117
115
112
113
114
114
116
111
115
115
11.87
6.32
5.55
105
103
108
107
104
110
111
108
114
106
104
109
102
100
104
102
98
107
98
95
101
95
90
101
90
'106
101
93
111
102
90
104
'99
91
^108
•110
'102
99
96
102
Rubber and leather products
Rubber products
Leather and products
3.20
1.47
1.73
107
116
99
113
128
99
116
130
104
111
127
97
105
121
91
105
120
93
103
118
91
104
116
93
103
112
94
102
110
94
103
113
93
103
113
94
'106
119
99
96
101
Paper and printing
Paper and allied products
Printing and publishing
8.93
3.46
5.47
118
120
116
125
132
121
126
134
121
126
133
121
126
135
121
126
132
123
125
132
121
122
125
120
122
126
120
123
129
119
124
131
119
125
133
120
106
119
94
126
137
120
126
'136
121
126
133
121
Chemical and Petroleum products
Chemicals and allied products
Petroleum and coal products
9.34
6.84
2.50
133
137
123
142
147
130
146
152
132
143
148
132
143
147
131
142
146
129
141
145
129
140
145
128
138
143
124
141
146
126
139
146
122
140
146
124
"142
'148
125
142
148
124
142
149
11.51
10.73
.78
106
105
110
107
107
108
107
108
103
108
108
104
108
109
104
108
108
106
108
108
108
103
103
112
105
105
100
105
106
98
106
106
103
106
107
103
110
110
108
nos
9.98
114
116
120
119
118
114
111
113
113
113
112
109
111
Primary metals
Metal fabricating
Fabricated metal products
Machinery
Nonelectrical machinery
Electrical machinery
Transportation equipment
Instruments and related products...
Nondurable
Manufactures—Total
Textiles and apparel
Textile mill products
Apparel and allied products *
Foods, beverages, and tobacco
,
Food and beverage manufactures. . .
Tobacco manufactures
Minerals—Total
106
106
107
8.35
2.68
.36
2.32
5.67
83
78
84
128
115
78
57
81
133
120
87
68
89
135
119
86
59
90
135
118
81
57
84
136
113
76
54
80
131
111
70
50
73
131
112
69
55
71
133
114
70
62
72
134
113
68
59
69
135
112
62
52
63
137
111
58
46
60
136
112
65
44
1.63
.82
.81
115
108
123
113
124
121
116
125
120
117
124
120
117
123
116
108
124
114
103
125
114
101
127
111
103
119
112
101
124
110
96
124
99
78
120
106
91
121
114
114 '114
70
69
56
48
72
72
136 P135
110 108
98 P92
122 124
INDUSTRIAL PRODUCTIONTOTAL
100.00
124
134
129
136
135
136
130
124
124
126
126
124
123
124
116
MANUFACTURES—TOTAL. . .
90.02
125
136
130
137
137
138
132
125
126
128
128
125
125
125
117
Durable Manufactures—Total.
45.17
136
153
147
153
151
154
146
140
140
141
140
137
136
135
126
6.70
5.03
3.51
.37
3.05
2.62
.43
1.52
1.29
.23
116
115
115
107
117
112
144
114
109
143
132
133
138
130
139
135
165
121
115
154
124
127
136
132
137
131
170
106
101
133
130
131
138
131
138
133
169
116
112
141
127
127
134
130
134
131
152
113
109
137
129
130
136
132
136
138
126
117
113
139
122
122
128
127
129
131
113
108
103
134
110
110
114
117
114
116
105
101
98
122
113
111
115
113
115
115
115
103
98
130
113
111
113
108
114
113
119
106
103
125
108
104
105
100
106
105
114
101
100
111
107
102
104
93
105
103
113
98
98
104
108
104
107
94
108
108
109
97
96
100
109
"105
108
99
109
111
102
97
96
101
95
91
95
94
96
96
93
Mineral fuels
Coal
Anthracite
Bituminous coal
Ciude oil and natural gas
Metal, stone, and earth minerals
Metal mining
Stone and earth minerals
,
,
WITHOUT SEASONAL ADJUSTMENT
Primary metals
Ferrous metals
Pig iron and steel
Pig iron
Steel
Carbon steel
Alloy steel
Ferrous castings and forgings.
Iron and steel castings
Steel forgings
r
P Preliminary.
Revised.
Indexes for women's outerwear have been revised beginning January 1954 on the basis ot a change from quarterly to monthly reporting
by the Bureau of the Census.
NOTE.—A number of groups and subgroups include individual series not published separately, and metal fabricating contains the ordnance
group in addition to the groups shown. Certain types of combat materiel are included in major group totals but not in individual indexes for
autos, farm machinery, and some other products, as discussed in the BULLETIN for December 1953, pp. 1269-1271.
For description and back figures, see BULLETIN for December 1953, pp. 1247-1293 and pp. 1298-1328, respectively.
1
990
FEDERAL RESERVE BULLETIN
INDUSTRIAL PRODUCTION—Continued
[Federal Reserve indexes, 1947-49 average = 100]
1947-49
1953
Annual
proportion
1952 1953* July Aug. Sept. Oct.
Industry
1954
Nov. Dec.
Jan. Feb.
121
118
Mar. Apr. M a y June July
WITHOUT SEASONAL ADJUSTMENT
—Continued
Primary metals—Continued
Primary nonferrous metals
Copper smelting
Copper refining . . . .
..
Lead
Zinc
Aluminum
Secondary nonferrous metals
Nonferrous shapes and castings
1.67
.38
.09
.06
.04
.10
.09
.13
1.16
.63
123
106
99
100
112
156
114
119
113
144
112
116
101
113
209
114
126
112
141
105
107
84
115
217
110
125
112
147
114
124
99
115
213
111
123
110
120
122
147
111
116
97
115
222
107
121
108
146
109
121
120
107
215
106
114
103
145
109
121
108
108
217
101
96
78
122
P104
143
109
120
89
111
215
101
107
85
.20
140
168
174
169
147 147 '149 P140
91
97 '109
99
114 '107 114 105
79
97
109
107
100 102 102 P 9 7
245 246 245
115 108 109
3'
114 113 '115 " 976
101 '102 101
130
109
124
126
136
139
143
154
149
145
115
136
162
.33
158
147
102
113
103
102
240
103
113
100
147
101
115
113
97
240
107
111
96
163
145
104
110
108
107
228
96
112
100
122
118
116
112
112
28.52
146
167
161
166
164
167
158
155
155
155
153
150
147
146
138
5.73
2.68
2.12
.30
.63
121
136
135
140
137
137
130
126
135
137
121
120
135
136
134
135
123
121
137
124
129
127
123
106
13.68
9.04
8.13
1.02
7.11
Nonferrous castings
Metal Fabricating
Fabricated metal products
Structural metal parts
Stampings and misc. metal products. .
Tin cans
Furnaces, gas ranges, and heaters....
Machinery
Nonelectrical machinery
Farm and industrial machinery
Industrial and commercial machinery
Machine tools and presses
Laundry and refrigeration appliances.
Klectrical machinery
Electrical apparatus and parts
Radio and television sets
....
121
121
122
89
129
115
128
126
122
138
129
93
137
160
83
147
160
148
157
136
135
103
143
139
96
138
137
98
137
136
93
.68
140
179
145
188
143
184
142
183
.69
108
128
98
94
142
187
4.64
3.23
.74
167
194
168
197
179
7.54
4.80
1.50
Transportation equipment
Autos, trucks, and parts
Autos
Trucks
. ...
Light trucks
Medium trucks
Heavy trucks
Truck trailers
Auto and truck parts
Aircraft and parts
Shipbuilding and repair
Railroad equipment
119
.66
.22
.19
.14
.07
2.58
1.30
.81
.53
.35
162
136
199
108
128
127
121
133
139
113
130
124
82
158
161
137
135
86
138
135
79
143
188
141
185
133
182
106
104
112
200
205
120
119
125
121
105
78
123
124
107
73
117
122
84
146
147
145
141
138
137
128
132
130
76
134
129
80
132
127
84
128
124
85
126
122
84
125
121
84
119
118
79
127
157
123
152
154
149
135
133
73
137
134
74
142
186
120
122
125 '126
116 114
125 143
94
88
127
104
74
118
99
110
134
177
129
167
127
161
106
129
122
120
112
'111
88
191
172
172
172
172
166
162
145
176
176
169
167
164
160
159
'162
'156
166
174 r'183 '183
'182 '181 '175 '171
101
115 r114 1 1 4 '117 '116 '111
164
176
178
230
136
242
249
276
230
154
189
190
189
182
189
173
102
103
111
105
69
194
137
98
368
136
74
62
126
146
118
112
58
183
229
117
465
135
72
64
131
161
118
113
57
175
247
116
461
139
62
58
126
153
127
118
62
186
282
110
473
135
66
56
114
134
115
114
54
151
275
102
480
130
64
55
122
151
106
106
50
146
232
109
481
127
83
83
103
107
95
85
47
134
229
102
463
124
67
61
178
114
131
69
63
184
179
108
157
107
98
100
56
150
149
99
483
127
53
41
138
181
173
135
103
112
67
145
137
'106
483
124
59
49
136
181
170
182
172 '156
138
103
103
62
164
143
142
101
104
66
1S2
133
151
101
104
68
150
132
489
124
54
42
485
124
54
44
475
120
49
39
'104 '100 '101
146
'101
104
63
148
141
'102
472
119
43
32
143
'96
99
64
132
146
'96
'472
116
39
25
151
116
100
125
81
86
57
99
471
114
32
17
Instruments and related products..
1.29
142
155
151
153
155
156
156
155
148
147
145
140
138 '135
132
Clay, Glass, and Lumber Products.
5.91
118
125
122
129
128
131
123
113
112
120
122
124
126
122
109
Stone, clay, and glass products
Glass and pottery products
Flat glass and vitreous products. . .
Flat and other glass . . .
Glass containers
Home glassware and pottery
Cement
Structural clay products
Brick
Clay firebrick, pipe, and tile
Concrete and plaster products. . .
Misc. stone and earth manufactures..
2.82
1.09
.60
.47
125
114
122
124
133
123
136
139
132
113
128
128
137
123
134
135
128
116
136
140
141
143
145
121
92
110
101
90
110
148
125
93
118
107
102
111
152
141
139
121
93
132
111
115
110
157
68
150
112
143
115
79
104
97
81
110
143
'115
131
102
77
119
106
97
113
157
130 131
117 '115
124 123
126 125
.58
114
86
137
112
109
116
163
126
120
130
133
128
117
124
126
127
93
145
116
116
118
170
122
115
130
132
128
121
130
131
120
91
132
110
106
115
163
132
86
143
114
114
117
175
134
122
139
143
.26
.23
.32
.35
.12
.20
.48
122
65
142
114
113
117
172
139
128
141
145
130
108
118
117
112
94
124
112
108
116
155
136
122
136
139
135
'164
135 136
Lumber and products
Lumber
Millwork and plywood
Millwork
Softwood plywood
Wood containers
3.09
2.05
111
118
112
122
121
.60
.39
.12
.29
105
138
118
167
99
Furniture and Misc. Manufactures
4.04
Furniture and
1.64
1.10
fixtures
Miscellaneous m a n u f a c t u r e s
. . .
112
149
118
199
99
109
128
98
174
101
118
131
113
117
.54
113
112
2.40
122
121
84
144
116
118
115
169
146
123
143
146
140
126
87
137
111
'113
112
161
127
'81
138
124
111
108
171
135
114
99
104
116
117
119
122
115
90
117
161
'154
106
123
135
115
164
98
118
147
117
194
94
120
148
116
198
96
110
141
101
206
94
93
124
87
184
94
98
140
96
212
88
109
160
110
241
90
109
164
109
253
90
113
163
111
248
90
'119
229
91
128
195
92
91
92
88
95
84
125
132
132
135
132
127
119
122
121
115
114
116
112
113
116
115
116
114
112
116
117
114
118
107
106
98
100
116
117
113
115
109
117
101
100
118
116
112
114
106
103
113
105
110
105
107
100
103
96
103
98
105
98
103
140
133
143
144
148
145
138
128
133
131
125
124
127
121
r
P Preliminary.
Revised.
For other footnotes see preceding page.
SEPTEMBER
1954
991
INDUSTRIAL PRODUCTION—Continued
[Federal Reserve indexes, 1947-49 average = 100]
1947-49
Annual
propor1952 1 9 5 3 P July
tion
Industry
1953
Aug.
Sept. Oct.
1954
Nov. Dec. Jan. Feb.
Mar. Apr. May
June
July
WITHOUT SEASONAL ADJUSTMENT
—Continued
44.85
114
118
113
121
122
122
118
110
Ill
'115
115
'114
'114
'115
108
11.87
105
107
97
HI
104
103
98
92
rQQ
rlO5
no4
rlOO
r98
'95
87
6.32
3.72
2.30
.97
.45
.97
.16
.75
1.15
.65
.45
.20
.50
.48
.31
103
105
104
112
102
85
96
83
115
116
121
105
113
95
80
104
107
104
115
101
78
91
75
116
113
118
102
119
99
86
93
95
87
124
74
78
90
75
102
88
89
87
121
67
45
107
110
107
119
100
82
102
100
101
103
102
87
74
82
73
115
114
118
104
116
101
89
96
102
101
105
96
64
68
63
108
109
114
98
107
87
69
87
90
89
95
83
61
59
62
94
97
87
101
88
72
91
97
100
89
91
58
68
56
103
113
120
96
90
89
76
95
100
101
98
97
58
72
54
109
119
127
102
95
96
85
94
100
100
100
97
60
72
58
105
112
120
93
96
94
83
93
99
97
102
92
63
80
59
103
111
119
91
93
90
77
94
99
95
107
91
68
84
64
105
110
116
95
99
81
68
'92
96
92
109
76
69
81
67
106
106
110
98
'106
80
'66
82
85
80
105
118
114
117
105
125
94
80
102
105
104
109
100
73
93
68
116
115
119
104
117
97
83
5.55
1.78
.73
.50
.13
.99
1.85
.76
1.92
108
105
87
83
83
114
108
123
111
110
113
96
92
89
124
103
117
112
102
83
63
57
74
94
111
141
107
115
117
107
94
133
122
111
145
112
106
113
94
83
115
125
92
106
108
107
105
90
83
94
114
96
118
114
100
104
88
86
71
113
83
90
109
98 '107
111
87
96
78
102
81
52
46
90 120
98 r113
122 rl44
105
98
'115
117
92
96
56
133
'126
'164
104
'116 '108
102
111
77
79
80
78
48
65
118 132
'138 r116
'165 '102
107
96
'103
108
88
84
80
121
'105
'80
97
'99
95
81
75
87
101
'104
'114
98
91
3.20
107
113
101
112
107
111
103
98
103
108
108
104
103
106
86
1.47
.70
.40
.30
.77
116
115
106
128
117
128
117
117
118
114
122
109
117
97
119
106
112
99
137
122
103
104
102
127
108
109
106
120
101
99
103
111
93
89
99
114
96
92
102
114
112
111
114
118
108
113
101
116
111
120
99
118
111
122
96
121
119
133
100
85
84
94
71
1.73
.44
.29
.15
.90
.39
99
87
87
86
104
101
99
91
92
89
103
100
91
80
79
81
93
98
103
93
94
90
109
102
94
85
86
83
97
96
97
91
94
87
97
101
89
87
91
79
85
99
87
81
86
72
88
92
94
87
93
74
102
85
102
95
101
82
110
91
100
89
92
82
109
91
94
86
93
73
103
82
89
90
96
79
93
79
'93
88
92
81
100
84
8.93
118
125
116
123
127
132
129
121
120
124
127
128
126
126
116
3.46
1.76
.51
1.25
.22
.14
.20
.18
.41
.10
1.70
.51
.11
120
120
132
116
111
117
112
123
117
112
120
120
126
132
130
142
125
119
116
118
129
134
118
134
133
138
120
117
130
112
108
96
104
118
118
116
124
122
131
135
133
146
127
121
118
118
127
141
121
137
138
134
135
130
141
126
118
118
118
128
137
122
140
141
139
140
138
151
132
124
121
127
136
143
123
143
140
151
135
133
147
127
120
120
124
131
137
108
136
135
139
119
117
129
113
112
109
113
123
115
92
121
118
131
126
128
142
122
120
112
122
135
128
96
123
115
147
133
132
145
127
122
121
125
139
130
113
134
126
155
135
133
148
127
124
121
122
138
131
121
137
133
149
136
131
146
125
121
121
116
137
128
124
141
135
158
134
132
148
125
117
120
117
134
132
125
136
133
144
'136
136
153
129
120
123
119
136
136
'137
135
132
144
120
116
133
109
99
96
102
126
113
123
124
119
139
5.47
1.85
3.62
116
115
117
121
118
122
114
102
119
116
106
121
122
119
123
126
129
125
126
131
123
122
117
125
116
108
121
118
114
120
121
120
121
122
129
119
121
125
119
'119
119
120
114
102
120
Chemical and Petroleum Products.
9.34
133
142
139
141
142
145
145
141
140
144
142
140
139
139
134
Chemicals a n d allied products
6.84
2.54
.57
1.97
.24
.11
.59
1.03
.64
.48
.16
.71
.66
.23
137
140
137
141
157
175
141
133
112
110
119
110
112
122
147
154
149
155
183
186
156
144
116
112
131
113
118
124
141
157
146
160
163
205
171
148
84
70
124
76
122
101
143
157
147
160
175
176
167
150
94
83
125
97
119
104
145
151
138
154
181
162
148
150
109
106
120
116
118
112
151
151
153
150
179
147
143
148
140
144
129
134
117
108
150
149
153
148
173
152
135
149
141
141
140
128
117
101
146
147
148
147
166
153
136
149
135
137
127
117
116
106
146
145
141
145
168
148
133
147
138
138
138
118
114
112
150
150
157
148
192
152
135
144
138
138
140
124
115
136
150
150
159
148
193
144
142
141
122
122
122
127
115
170
147
150
157
148
190
1?7
146
141
114
109
131
111
116
173
'145
'150
'159
147
179
120
149
141
104
95
132
104
116
137
144
152
155
151
183
122
157
143
96
85
127
99
117
107
138
148
Nondurable Manufactures—Total...
Textiles and Apparel
Textile mill products
Cotton and synthetic fabrics
Cotton consumption
.
Synthetic fabrics
Fabric finishing
Wool textiles
Wool fabrics
Knit goods
Hosiery
Full-fashioned hosiery
Seamless hosiery .
Knit garments
Floor coverings
W o v e n carpets
..
Apparel and allied products
Men's outerwear
lien's suits and coats
Men's suits
Mien's outercoats
Shirts and work clothing
Women's outerwear *
Women's suits and coats
Rubber
..
.
.
and Leather Products
R u b b e r products
Tires and tubes
Auto tires
Miscellaneous rubber products
Leather a n d products
Leather
Cattlehide leathers
Skin leathers
Shoes and slippers
.
Paper and Printing
Paper a n d allied products
Pulp and paper
W o o d pulp
Paper and board
Printing paper
Fine paper
..
. ..
Miscellaneous paper
Paperboard
Building paper and board
Converted paper products
Shipping containers
Printing a n d publishing .
Newsprint consumption
Job printing and periodicals
Industrial organic chemicals
Plastics materials
...
.
..
.
.
Synthetic fibers
Miscellaneous organic chemicals..
Vegetable oils
.
Grease and tallow
Paints
Fertilizers
77
97
r
88
78
79
77
101
62
34
82
60
52
57
94
96
127
96
P95
87
147
121
151
143
91
80
126
69
117
95
r
p Preliminary.
Revised.
i Indexes have been revised beginning January 1954 on the basis of a change from quarterly to monthly reporting by the Bureau of the Census
NOTE.—A number of groups and subgroups include individual series not published separately.
TIN for December 1953, pp. 1247-1293 and pp. 1298-1328, respectively.
992
For description and back figures see BULLE-
FEDERAL
RESERVE
BULLETIN
INDUSTRIAL PRODUCTION—Continued
[Federal Reserve indexes, 1947-49 average = 100]
1947-49
Annual
proportion
1952 1953?
Industry
1954
1953
July Aug. Sept
Oct.
Nov. Dec. Jan. Feb.
Mar. Apr. May June July
121
129
135
WITHOUT SEASONAL ADJUSTMENT
—Continued
Petroleum
coal products
Petroleumand
refining
Gasoline
Automotive gasoline
Aviation gasoline
Fuel oil .
Distillate fuel oil
...
Residual fuel oil
Kerosene
Lubricating oil
Coke
Asphalt roofing and siding
Foods, Beverages, and
Tobacco
Food and beverage manufactures..
Food manufactures
M e a t products
Beef
Pork .
Dairy products
Butter
Natural cheese
Concentrated milk
Ice cream
Canned and frozen foods
Grain-mill products
W h e a t flour
Cereals and feeds
Bakery products
Sugar
Cane sugar
Beet sugar
Confectionery
Miscellaneous food preparations ...
Beverages
Bottled soft drinks
Alcoholic beverages
Beer and ale
Liquor distilling
Liquor bottling
2.50
1.97
1.04
.98
.06
123
128
132
130
135
144
132
137
149
135
138
150
133
136
147
131
135
143
131
137
147
128
137
146
125
134
140
126
136
141
128
194
144
234
144
243
143
211
130
155
128
153
128
152
128
153
128
155
130
155
141
228
136
214
128
151
141
247
138
220
.56
.30
139
227
129
153
131
156
136
227
.26
.10
102
119
101
117
100
105
100
105
98
108
97
116
100
116
102
124
.17
.26
112
97
106
111
103
113
110
112
112
110
111
109
.15
102
99
111
139
123
121
11.51
106
107
111
118
123
120
10.73
8.49
1.48
105
106
112
110
118
118
124
127
120
121
.46
.83
.69
114
100
119
98
107
108
.14
.07
92
103
108
112
120
130
111
116
88
102
.19
.28
.27
.11
.13
.71
91
102
117
108
84
124
101
104
109
94
102
93
106
121
106
81
122
100
113
113
108
102
110
149
162
108
78
128
102
73
129
20
64
94
135
209
109
83
126
101
75
124
27
92
72
118
233
111
84
128
102
106
121
89
135
1.41
2.24
100
102
104
105
109
121
108
118
113
113
.54
116
1.13
1.16
.46
.70
'1.64
115
129
104
105
98
127
79
132
102
132
82
118
111
139
92
99
120
123
130
140
131 P 1 3 0
141 P141
136
235
122 P 1 2 2
148
92
100
111
77
79
135
135
164
127
155
104
128
102
135
96
116
112
107
109
102
105
97
111
90
104
86
90
53
57
67
78
111
98
97
96
98
98
'103 rllO
109
111
114
99
102
98
110
105
110
107
131
212
136
218
145
94
99
109
80
118
135
139
128
80
125
134
116
81
126
141
114
86
82
89
86
86
94
93
110
100
96
98
112
129
99
96
115
109
124
117
152
159
145
161
115
129
68
80
104
103
82
117
99
277
97
429
128
74
73
86
101
76
117
97
177
96
242
88
128
133
67
94
154
111
90
125
101
250
105
370
135
78
72
76
106
86
119
95
89
97
77
111
84
87
72
104
83
118
97
63
104
24
110
95
92
71
101
78
116
96
58
116
2
99
115
107
75
109
144
138
112
75
114
96
63
103
24
89
139 139
110 1r3 9
99
85
106 1 1 4
78
76
127 137
97
95
76
86
109 121
42
43
80
81
110
116
107
99
102
84
100
82
103
89
105
98
103
103
105
115
108
126
108
120
114
128
62
104
105
122
123
144
107
85
97
101
98
98
103
100
115
132
102
104
106
127
91
119
105
132
87
135
108
137
89
145
99
1.70
1.02
98
102
100
103
107
127
108
129
108
111
118
100
78
79
86
86
60
41
33
98
102
67
122
88
65
100
106
108
117
54
100
79
80
76
.17
61
71
69
64
64
.37
99
107
90
92
115
148
146
89
79
88
101
98
104
.78
110
108
94
117
111
116
101
111
99
123
98
96
114
111
92
.46
99
115
118
110
96
105
100
106
103
112
.17
105
108
88
110
110
120
122
90
90
96
97
95
109
Tobacco manufactures . .
Cigarettes
Cigars
124
128
137
132
215
121
146
93
106
103
80
103
108
103
135
81
129
135
97
66
42
85
113
119
111
MINERALS—TOTAL
9.98
114
116
117
122
122
118
113
111
111
110
109
109
112
114
Mineral Fuels
8.35
113
115
114
119
119
116
113
113
115
113
112
111
111
113
Coal
Anthracite
Bituminous coal
2.68
83
78
84
78
57
81
69
54
71
85
56
90
84
60
88
84
66
87
76
55
79
71
51
74
74
2.32
75
68
59
69
61
48
63
58
44
60
62
45
65
63
50
65
133
129
124
167
157
135
130
127
154
154
135
131
126
156
158
136
130
126
150
160
131
126
120
165
159
131
133
134
135
134
136
128
120
188
166
163
128
120
190
163
170
130
122
182
132
127
129
124
129 P126
125 P121
167
137
131
125
182
161
136
128
120
.34
.36
128
125
120
159
145
163
165
156
163
155
163
156
176
.36
62
111
P110
57
44
59
Crude oil and natural gas
Oil and gas extraction
Crude oil
Natural gas
Natural gas liquids
..
Oil and gas well drilling
5.67
4.82
4.12
.85
144
154
163
160
167
158
147
Metal, Stone, and Earth Minerals .
1.63
115
119
134
137
135
127
no
98
91
94
93
99
116
123
P119
.82
.33
.49
.24
.09
.06
108
104
110
114
97
107
113
128
104
114
86
87
138
199
98
109
78
79
140
199
100
112
80
80
139
198
100
112
81
76
122
155
100
114
79
72
95
85
101
116
78
74
74
40
97
110
80
71
74
39
98
111
75
75
76
42
98
105
91
80
73
39
95
102
87
77
79
58
93
102
82
78
108
P109
'96
106
78
78
119
152
97
108
78
79
.81
123
124
130
133
131
132
126
122
108
113
114
119
125
127
Metal mining
Iron ore
Nonferrous metal mining
Copper mining
Lead mining
Zinc mining
Stone and earth minerals
179
162
P135
139
129
P Preliminary.
» Revised.
For other footnotes see preceding page.
SEPTEMBER
1954
993
OUTPUT OF CONSUMER DURABLE GOODS
[Federal Reserve index numbers, 1947-49 average=100]
1953
1947-49 Annual
proportion 1952 1953 July Aug. Sept. Oct.
Product
1954
Nov. Dec.
Jan. Feb.
Mar. Apr. M a y
June July
SEASONALLY ADJUSTED
CONSUMER DURABLES—TOTAL.. 100.00
105
127
137
129
121
118
112
109
112
113
112
116
119 '119
118
Major Durables
109
103
115
138
146
132
152
164
143
142
150
136
130
137
125
126
132
121
117
127
110
119
121
134
110
119
133
109
126
139
116
130
145
120
128
127
131
109
113
95
113
118
99
114
127
104
115
120
102
99
100
75
106
115
94
184
115
118
104
107
112
93
102
109
84
109
111
89
113
143
101
279
99
104
87
98
102
87
99
103
86
96
100
84
104
108
70
114
145
90
148
72
60
65
66
676
606
518
58
47
413
95
100
67
108
125
79
145
59
307
99
103
87
97
102
82
118
123
90
137
141
100
230
109
113
98
321
101
101
101
97
95
69.72
32.10
36.13
Autos
Major household goods
Furniture and floor coverings
Household furniture
Appliances and heaters
Major appliances
Ranges
.
Refrigeration appliances . . . .
Laundry appliances
Heating apparatus
Radio and television sets
Television sets
15.32
11.31
4.01
15.60
11.88
2.60
4.98
2.51
3.72
5.21
3.42
1.79
53
67
436
541
123
127
113
138
135
111
285
73
689
95
102
102
101
91
101
104
77
105
137
92
221
99
101
85
96
136
91
248
93
98
68
98
136
79
185
133
108
114
117
76
136
134
103
178
325
105
109
84
118
129
91
151
43
356
436
493
96
94
93
93
111
117
85
131
140
89
142
128
136
'124
96
102
79
••110
111
81
'131
113
108
246
45
631
117
120
83
144
124
106
198
43
43
102
104
94
122
122
135
136
245
47
624
94
30.28
14.00
16.28
100
111
90
112
111
89
88
112
110
88
90
88
89
111
90
106
101
102
100
96
96
96
96
96
CONSUMER DURABLES—TOTAL.. 100.00
105
127
120
127
122
131
110
103
112
117
119
119
116
116
103
109
138
130
130
142
113
106
121
127
129
131
126
108
103
115
146
132
161
103
138
153
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
69.72
32.10
36.13
15.32
11.31
4.01
15.60
11.88
2.60
4.98
2.51
3.72
5.21
3.42
1.79
134
129
151
137
107
120
107
106
135
109
104
109
99
103
138
119
142
120
151
116
146
110
88
92
100
66
89
98
106
71
81
112
117
80
114
135
73
94
117
129
93
90
116
124
79
111
122
68
96
117
130
91
144
151
79
153
130
91
147
111
96
Other C o n s u m e r Durables
Auto parts and tires
Misc. home and personal goods
30.28
14.00
16.28
91
Auto parts and tires
. . .
Misc. home and personal goods
90
89
89
88
97
WITHOUT SEASONAL ADJUSTMENT
Autos
94
101
95
83
97
108
105
92
102
114
110
86
87
96
98
75
89
126
120
95
145
117
100
160
127
86
149
90
136
45
310
242
65
581
249
62
606
276
68
673
230
68
541
156
57
347
173
58
391
170
51
397
182
49
435
172
49
406
155
48
360
125
143
'112
93
98
80
'112
114
76
'141
117
104
165
44
397
99
92
105
104
95
111
103
93
112
106
93
117
103
89
115
96
84
107
92
84
99
95
87
103
94
85
102
92
87
96
92
90
94
94
96
93
109
113
113
118
95
99
100
75
99
118
123
90
67
94
93
72
106
115
94
137
141
100
112
89
95
184
53
436
230
67
541
95
90
100
102
91
111
101
112
125
110
116
110
114
112
116
106
113
103
105
145
159
75
102
105
97
100
92
96
125
94
89
98
62
93
90
109
90
116
29
281
90
'Revised.
NOTE.—Individual indexes without seasonal adjustment for woven carpets, appliances, heating apparatus, radio sets, and television sets are
available on request 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
[Unadjusted, estimates of Bureau of Labor Statistics; adjusted, Federal Reserve. In thousands of persons]
1953
1954
Industry group
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
SEASONALLY ADJUSTED
Total
Durable goods . . .
Ordnance and accessories
Lumber and wood products
Furniture and fixtures
Stone, clay, and glass products. .
Primary metal industries
Fabricated metal products
Machinery except electrical
Electrical machinery
Transportation equipment
Instruments and related products
Misc. manufacturing industries..
Nondurable goods
Food and kindred products
Tobacco manufactures
Textile-mill products
Apparel and other finished textiles
Paper and allied products
Printing, publishing and allied
industries
Chemicals and allied products...
' 1 ? ,589 1?
1?
13,946 13,821 13,680 13,447 13,251 13,063 12,935 12,840 1? ,705 ' 1 ?
8,240 8,154 8,062 7,868 7,748 7,621 7,509 7,405 7 ,295 7 ,227 ' 7 ,182 7 ,035 6 ,997
187
177
193
184
165
11 S
194
150
194
118
657
699
685
667
653
663
697
'684
656
676
584
703
583
286
307
300
295
289
287
313
284
284
284
285
320
287
431
463
457
446
432
429
465
'425
426
430
464
427
427
1,022
1,112
1,088
1,069
1,044
1,005
1,129
'983
991
981
1,144
981
972
919
898
866
865
939
855
844
952
1 ,169
1,253
1,212
1,202
1,280
1,226
1,184
1,294
1 ,153 ' 1 ,140
1 ,124
1 ,131
1,301
700
924
900
847
831
941
866
819
'784
799
951
811
812
rj
1
1
1
1 ,257
1,435
1,507
1,449
1,487
1,470
1,409
1,520
1,547
241
242
239
236
232
228
?93
971
422
5,706
1,130
95
1 110
420
5,667
1,133
93
1,099
417
5,618
1,122
92
1,067
409
5,579
1,135
94
1,036
403
5,503
1,114
97
1,013
396
5,442
1,102
96
393
387
5,426
5,435
1,103
94
1,109
93
382
5 ,410
1 ,110
382
' 5 ,405
1 ,111
04
987
980
979
979
974
1 099
449
1,072
452
1,087
448
1,085
442
1,068
435
1,051
436
1,051
435
1,064
434
1 ,046
1 ,037
515
558
187
223
521
552
185
221
520
547
185
214
517
543
184
207
517
537
182
206
514
540
180
204
517
533
180
202
517
531
179
199
529
178
196
S1S
530
'180
198
'S10
'525
'180
r100
524
180
178
525
176
176
340
339
336
336
334
332
331
330
327
328
326
333
328
242
Products of petroleum and coal.
Rubber products
Leather and leather products. . .
242
213
^383
'5 ,407
' 1 ,106
04
'986
381
,357
1 ,089
95
'1
1
435
977
376
364
1 ,086
94
994
1 030
439
S17
For footnote see following page.
994
FEDERAL RESERVE
BULLETIN
PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES—Continued
[Unadjusted, estimates of Bureau of Labor Statistics; adjusted, Federal Reserve.
In thousands of persons]
1953
1954
Industry group
Aug.
Sept.
Oct.
Nov.
Dec,
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug,
WITHOUT SEASONAL ADJUSTMENT
Total
14,070 14,061 13,852 13,534 13,319 13,002 12,906 12,818 12,590 12,437 '12,480 12,233 12,478
Durable goods
Ordnance and accessories
Lumber and wood products
Furniture and fixtures
Stone, clay, and glass products..
Primary metal industries
Fabricated metal products
Machinery except electrical
Electrical machinery
Transportation equipment
Instruments and related products
Misc. manufacturing industries..
8,195
8,161
8,088
7,910
7,791
7,616
7,520
7,430
7,309
7,208
'7,177
6,933
6,959
194
731
315
466
1,138
942
1,268
932
1,547
194
721
315
467
1,129
939
1,262
941
1,520
193
713
313
465
1,112
924
1,254
933
1,507
187
695
308
459
1,088
902
1,240
913
1,449
184
654
301
448
1,074
875
1,238
883
1,487
177
617
293
428
1,049
874
1,230
855
1,470
165
627
292
427
1,027
864
1,220
839
1,435
150
643
290
429
1,010
852
1,202
827
1,409
137
649
283
428
991
840
1,187
811
1,380
125
679
277
427
976
833
1,165
791
1,342
120
'701
275
'427
'983
'831
'1,151
'776
'1 ,324
215
118
596
274
424
971
810
1,113
771
1,285
209
115
606
283
429
967
820
1,103
796
1,257
207
240
422
242
430
242
434
243
241
407
237
386
233
393
229
389
224
380
220
374
'375
362
376
5,528
5,386
5,386
5,388
5,281
5,229
'5,303
5,300
5,519
425
Nondurable goods
5,875
5,900
5,764
1,289
105
1,093
1,326
112
1,088
1,224
109
1,067
1,121
447
1,099
450
510
550
191
221
349
521
555
188
221
341
5,624
Food and kindred products
Tobacco manufactures
Textile-mill products
Apparel and other finished textiles
Paper and allied products
Printing, publishing and allied
industries
Chemical and allied products....
Products of petroleum and coal.
Rubber products
Leather and leather products. . .
1,083
104
1,028
1,024
97
997
1.009
90
995
1,009
84
989
1,011
82
979
1,031
82
969
'1,079
82
'981
1,148
83
953
1,231
103
979
1,103
448
1,149
101
1,046
1,085
446
1,084
442
1,062
438
1,088
437
1,101
436
1,030
433
985
433
'987
436
977
430
1,051
436
525
552
185
216
334
522
548
184
210
334
525
540
181
209
332
514
540
178
206
332
514
536
178
203
339
517
539
177
199
338
516
534
176
195
325
515
525
179
197
315
'519
'517
'181
'198
324
514
514
182
173
328
512
517
180
174
336
'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 August 1954 are preliminary. Back data, without
seasonal adjustment, may be obtained from the Bureau of Labor Statistics; seasonally adjusted data beginning January 1939 may be obtained
from the Division of Research and Statistics.
HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES
[Compiled by Bureau of Labor Statistics]
Average weekly earnings
(dollars per week)
Industry group
1953
Aug.
Total
Durable goods.
1954
June
July
Average hours worked
(per week)
1953
Aug.
Aug.
1954
June
July
Average hourly earnings
(dollars per hour)
1953
Aug.
Aug.
1954
June
July
Aug.
1.79
71.69
71.68
70.92
71.06
40.5
39.6
39.4
39.7
1.77
1.81
1.80
77.27
76.40
75.83
76.59
41.1
40.0
39.7
40.1
1.88
1.91
1.91
1.91
Ordnance and accessories
Lumber and wood products
Furniture and fixtures
Stone, clay, and glass products.
Primary metal industries
78.12
66.91
62.99
71.10
85.28
'79.40
'68.71
'62.17
'70.70
'80.70
79.40
63.34
62.02
71.51
81.24
40.9
40.8
40.9
41.1
41.0
'40.1
'40.9
'39.6
40.4
'38.8
39.9
1.98
1.68
1.57
'1.75
2.08
1.99
1.56
1.57
1.77
2.11
n.a.
1.58
1.57
1.77
2.11
76.59
82.12
71.63
85.70
73.16
63.74
76.92
'81.41
'72.07
'84.59
72.83
'63.36
76.00
80.60
71.16
84.38
72.65
62.56
41.4
41.9
40.7
41.2
41.1
40.6
40.7
40.5
39.6
39.9
39.8
'39.6
40.0
40.1
39.1
39.8
39.7
39.1
n.a.
41.4
40.5
40.9
38.5
40.7
40.3
39.8
40.0
40.0
39.8
1.91
1.64
1.54
1.73
2.08
Fabrica ted metal products
Machinery except electrical
Electrical machinery
Transportation equipment
Instruments and related products
,
Miscellaneous manufacturing industries.
n.a.
65.41
63.59
72.39
81.24
77.33
81.41
72.44
84.80
73.60
64.08
1.85
1.96
1.76
2.08
1.78
1.57
1.89
'2.01
1.82
'2.12
1.83
1.60
1.90
2.01
1.82
2.12
1.83
1.60
1.90
2.02
1.82
2.12
1.84
1.61
63.76
'64.57
64.74
64.29
39.6
'38.9
39.0
39.2
1.61
1.66
1.66
1.64
41.3
38.9
39.0
36.6
43.3
41.4
38.3
37.8
35.0
'42.4
41.5
37.8
37.7
35.2
42.4
41.2
36.9
38.4
36.0
42.6
1.68
1.35
1.36
1.33
'1.75
1.68
1.37
1.36
1.34
1.75
1.64
1.27
1.36
1.34
1.75
38.9
41.0
41.1
39.8
37.8
38.3
'41.2
41.4
'40.2
36.7
38.4
40.9
41.1
39.5
37.5
38.7
41.0
41.1
39.4
37.5
2.27
'1.92
'2.27
'1.98
1.39
2.26
1.93
2.29
1.95
1.37
2.26
1.94
2.27
1.93
1.37
Nondurable goods.
65.25
47.46
53.04
49.78
73.61
69.55
51.71
51.41
46.55
'74.20
69.72
51.79
51.27
47.17
74.20
67.57
46.86
52.22
48.24
74.55
Printing, publishing and allied products.. 85.58
76.26
Chemicals and allied products
92.06
Products of petroleum and coal
77.21
Rubber products
51.79
Leather and leather products
86.94
'79.10
'93.98
'79.60
51.01
86.78
78.94
94.12
77.03
51.38
87.46
79.54
93.30
76.04
51.38
Food and kindred products
Tobacco manufactures
Textile-mill products
Apparel and other finished products...
Paper and allied products
'Revised.
n.a. Not available.
NOTE.—Data are for production and related workers.
Bureau of Labor Statistics.
SEPTEMBER
1954
38.5
Figures for August 1954 are preliminary.
2.20
1.86
2.24
1.94
1.37
Back data may be obtained from the
995
EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS BY INDUSTRY DIVISION
[Unadjusted, estimates of Bureau of Labor Statistics; adjusted, Federal Reserve. In thousands of persons]
Year or month
1945
1946
1947
1948
1949
1950
1951
1952
1953
..
.
Manufacturing
Total
.
Mining
40,069
41,412
43,438
44,382
43,295
44,696
47,289
48,306
49,660
15,302
14,461
15,290
15,321
14,178
14,967
16,104
16,334
17,259
826
852
943
982
49,849
49,707
49,711
49,422
49,109
17,400
17,263
17,125
16,901
16,704
836
48,812
48,607
48,441
48,268
••48,177
'48,102
47,997
47,909
16,497
16,349
16,262
16,122
'16,038
'15,994
15,785
15,752
805
794
772
753
744
'740
742
49,962
50,200
50,180
49,851
50,197
17,537
17,510
17,301
16,988
16,765
844
839
826
829
48,147
47,880
47,848
48,068
47,935
'48,137
47,824
48,007
16,434
16,322
16,234
16,000
15,836
15,888
15,638
15,881
805
790
772
749
737
'744
918
889
916
885
844
Contract
construction
Transportation and
public
utilities
Trade
Finance
Service
Federal,
State, and
local
government
1,132
1,661
1,982
2,169
2,165
2,333
2,603
2,634
2,644
3,872
4,023
4,122
4,141
3,949
3,977
4,166
4,185
4,224
7,522
8,602
9,196
9,519
9,513
9,645
10,012
10,281
10,533
1,394
1,586
1,641
1,711
1,736
1,796
1,862
1,957
2,025
4,055
4,621
4,807
4,925
5,000
5,098
5,278
5,423
5,486
5,967
5,607
5,456
5,614
5,837
5,992
6,348
6,609
6,645
2,616
2,679
2,725
2,708
2,686
4,243
4,247
4,245
4,205
4,176
10,548
10,523
10,563
10,577
10,579
2,036
2,041
2,050
2,044
2,050
5,518
5,484
5,506
5,494
5,490
6,652
6,635
6,671
6,668
6,606
2,581
2,618
2,654
2,641
2,634
'2,624
2,636
2,624
4,118
4,087
4,012
4,015
4,011
'4,016
4,012
3,997
10,577
10,543
10,552
10,524
10,494
'10,480
10,509
10,466
2,054
2,065
2,067
2,075
2,081
'2,083
2,095
2,094
5,487
5,490
5,488
5,506
5,508
'5,518
5,560
5,555
6,693
6,661
6,634
6,632
6,667
6,647
6,658
6,695
2,825
2,866
2,889
2,789
2,632
4,274
4,265
4,257
4,216
4,187
10,392
10,523
10,669
10,828
11,361
2,067
2,041
2,040
2,034
2,040
5,601
5,566
5,506
5,467
5,435
6,422
6,590
6,692
6,700
6,955
2,349
2,356
2,415
2,535
2,634
r
2,729
2,794
2,834
4,069
4,039
3,992
4,008
4,008
'4,032
4,041
4,026
10,421
10,310
10,305
10,496
10,375
'10,414
10,379
10,312
2,033
2,044
2,057
2,075
2,081
r
2,104
2,126
2,125
5,377
5,380
5,406
5,506
5,563
'5,601
5,643
5,638
6,659
6,639
6,667
6,699
6,701
6,625
6,468
6,458
SEASONALLY ADJUSTED
1953—August
..
September
October
November..
December
...
1954—January
February. .
March
April
May
June
Tulv
August
835
826
825
818
726
WITHOUT SEASONAL ADJUSTMENT
1953—August
September
October . . .
November.
December
....
1954—January
February
March
April
May
June
July
August
822
735
733
'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. August
1954 figures are preliminary. Back data, without seasonal adjustment, are available from the Bureau of Labor Statistics; seasonally adjusted
data beginning January 1939 may be obtained from the Division of Research and 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
Employed 1
Total noninstitutional
population
Total
labor
force
Total
105,370
106,370
107,458
108,482
109,623
110,780
111,924
113,119
115,046
65,140
60,820
61,608
62,748
63,571
64,599
65,832
66,410
66,965
1953—July
August
September
October
November
December
115,132
115,232
115,342
115,449
115,544
115,634
1954—January 2
February
March
April
May
June
July
August
115,738
115,819
115,914
115,987
116,083
116,153
116,219
116,329
Year or month
1945
1946
1947
1948
1949
1950
1951
1952
1953
...
Unemployed
Not in the
labor force
Total
In nonagricultural industries
In
agriculture
53,860
57,520
60,168
61,442
62,105
63,099
62,884
62,966
63,417
52,820
55,250
58,027
59,378
58,710
59,957
61,005
61,293
61,894
44,240
46,930
49,761
51,405
50,684
52,450
53,951
54,488
55,366
8,580
8,320
8,266
7,973
8,026
7,507
7,054
6,805
6,528
1,040
2,270
2,142
2,064
3,395
1,879
1,673
L,523
40,230
45,550
45,850
45,733
46,051
46,181
46,092
46,710
48,081
68,258
68,238
67,127
66,954
66,873
66,106
64,668
64,648
63,552
63,404
63,353
62,614
63,120
63,408
62,306
62,242
61,925
60,764
55,492
56,134
55,044
55,083
55,274
55,326
7,628
7,274
7,262
7,159
6,651
5,438
L,548
L,240
L,246
1,162
1,428
,850
46,874
46,994
48,215
48,495
48,671
49,528
66,292
67,139
67,218
67,438
67,786
68,788
68,824
68,856
62,840
63,725
63,825
64,063
64,425
65,445
65,494
65,522
59,753
"60,055
60,100
60,598
61,119
62,098
62,148
62,276
54,469
"54,351
54,225
54,522
54,297
54,470
54,661
55,349
5,284
«5,704
5,875
6,076
6,822
7,628
7,486
6,928
3 14.9
*
5,087
5,671
1,725
5,465
,305
,347
3 ,346
,245
49,447
48,679
48,696
48,549
48,297
47,365
47,395
47,473
"Corrected
Includes self-employed, unpaid family, and domestic service workers.
Monthly estimates of the labor force beginning 1954 are based on an improved sample covering a larger number of areas and are, therefore,
not strictly comparable with earlier data.
NOTE.—Details do not necessarily add to group totals. Information on the labor force status of the population is obtained through interviews of households on a sample basis. Data relate to the calendar week that contains the eighth day of the month. Back data are available
from the Bureau of the Census.
1
2
996
FEDERAL RESERVE BULLETIN
VALUE OF NEW CONSTRUCTION ACTIVITY
[Seasonally adjusted. In millions of dollars]
Private
Year or month
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
Business
Total
Total
Residential
Total
Industrial
2,680
2,985
3,510
1,715
1,229
1,561
2,082
1,287
254
442
801
346
156
208
642
8,198
8,682
11,957
14,075
8,301
5,259
5,633
12,000
16,689
21,678
22,789
28,454
31,182
33,008
35,256
4,389
5,054
6,206
3,415
1,979
2,186
3,235
9,638
13,256
16,853
16,384
21,454
21,764
22,107
23,877
885
815
759
989
1,100
4,015
6,310
8,580
8,267
12,600
10,973
11,100
11,930
1,672
4,195
4,896
5,693
5,322
5,680
7,217
7,460
8,436
1953—August
September
October
November.
December
2,883
2,925
2,880
2,936
2,955
2,000
1,994
1,982
2,002
1,992
1,005
995
979
976
981
1954—January
February
March
April
May
2,956
3,050
3,001
3,025
3,066
3,070
3,084
3,112
1,992
2,004
2,017
2,063
2,116
2,113
2,161
2,190
971
972
981
1,032
1,081
1,085
1,128
1,151
June**
JulyP
Augusts
Preliminary.
Public
Other
nonresidential
Com- Public
mercial utility
Total
Military
Highway
125
385
1 381
1,302
1,066
Conser- All
vation other
1,062
2,117
2,320
2,229
1,253
1,027
1,288
1,371
1,137
1,787
1,374
2,338
3,043
3,323
3,330
3,729
4,003
4,416
1,428
2,050
2,580
2,795
3,174
3,574
3,547
3,511
3 809
3,628
5,751
10 660
6,322
3,073
2,398
2,362
3 433
4,825
6 405
7,000
9 418
10,901
11,379
705
710
710
726
718
178
173
164
164
164
154
163
173
187
188
373
374
373
375
366
290
289
293
300
293
883
931
898
934
963
99
97
79
75
69
258
287
267
277
289
63
60
58
59
64
463
487
494
523
541
729
736
738
170
176
182
189
187
176
370
373
380
292
296
298
964
1,046
984
271
329
302
62
61
64
551
575
543
165
377
305
962
80
81
75
73
68
88
74
67
295
66
726
722
718
718
730
1,689
1,702
1,397
972
184
176
171
168
165
292
348
409
155
33
56
203
1,132
856
171
172
174
187
683
771
872
786
570
725
827
375
375
376
378
480
508
614
413
335
382
463
313
310
315
309
1,388
1,307
1,451
1,774
2,131
2,272
2 518
2,820
3,165
570
528
500
357
285
163
130
240
394
629
793
881
853
854
830
1 733
1,413
2,565
4 553
3 041
1,711
1 180
1,039
1 384
2,264
3 344
3,670
5 160
5,839
6,077
1,620
5 016
2,550
837
690
188
204
158
137
177
887
950
957
923
922
734
446
362
398
895
299
294
294
289
528
517
512
493
507
66
63
62
59
Source.—Joint estimates of the Departments of Commerce and Labor.
CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF OWNERSHIP AND BY TYPE OF CONSTRUCTION
[Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions]
By type of
ownership
Year or month
Total
Public
1947
1948
1949...
1950
1951 ..
1952
1953
7,760
9,430
10 359
14,501
15 751
16,775
17-443
1953—August
September
October .
November
December
1,414
1,742
L 892
1,394
1,300
. . . .
. ...
1954—January
February
IVIarch
April
May
1,152
I 221
528
692
925
.
June
7^3
July
August
1,837
1,573
Private
By type of construction
Residential
building
Nonresidential building
Factories
Commercial
Educational
941
840
559
785
975
885
392
725
824
Other
Public
works
and
public
utilities
1,890
2,155
2,476
2,578
2,723
3,408
4,008
2,296
3,107
3,718
4,409
6,122
6,711
6,334
5,464
6,323
6,641
10,092
9,629
10,064
11,109
3,154
3,608
4,239
6,741
6,205
6,668
6,479
1,142
2,883
2,562
2,051
1,489
1,180
1,335
1,472
1,720
532
725
882
1,017
1,203
508
507
110
383
111
145
146
138
179
116
235
232
171
101
153
140
200
138
361
451
500
298
326
1,208
915
979
597
1,127
1,376
1,651
1,689
1,686
1,695
911
479
821
635
484
434
136
97
176
131
363
789
462
111
114
132
117
216
436
484
477
669
625
681
1,043
1,215
1,256
1,108
1,156
785
509
668
796
825
720
106
80
94
86
107
93
134
178
179
192
144
179
171
189
186
125
140
163
218
172
244
328
290
428
357
450
330
689
483
745
693
108
93
145
141
201
181
187
136
CONSTRUCTION CONTRACTS AWARDED, BY DISTRICTS
[Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts, in millions of dollars]
Federal Reserve district
Total
Month
(11 districts)
Boston
New
York
302
223
1953—May
June
July
1,606
1,116
1,793
102
63
1954—May
1,925
1,733
1,837
117
93
95
June
July
SEPTEMBER
1954
94
Philadelphia
Cleveland
Richmond
Atlanta Chicago
St.
Louis
Minneapolis
45
Kansas
City
162
115
194
112
252
156
90
74
-10
51
41
117
221
149
199
334
121
98
63
398
119
210
171
168
119
85
91
117
143
177
207
165
163
208
167
324
267
270
299
124
79
188
165
343
394
105
110
57
86
91
90
Dallas
97
98
99
122
111
112
997
PERMANENT NONFARM DWELLING UNITS STARTED
fin thousands of units]
Total
Year or month
1939
1941
1945
1946
1947
1948
1949
1950
1951
1952
1953 .
'.
1954—January
February
March
April
May
2family
20
28
9
24
34
46
35
42
40
46
42
66
58
15
48
72
104
162
159
88
84
94
Total
FHA
57
87
1
8
158
220
47
152
158
220
41
69
3
18
36
440
393
466
229
291
361
44
71
58
36
686
413
420
407
486
264
279
252
200
149
141
155
41
36
37
33
27
23
22
22
20
15
18
14
15
13
12
25
30
37
44
49
56
52
13
16
21
24
24
28
25
12
14
16
20
25
Multifamily
458
620
208
663
849
932
480
525
589
369
407
436
846
914
989
828
595
610
565
568
496
517
539
1,352
1,020
1,069
1,068
373
533
185
590
740
763
792
1,151
892
939
933
46
47
43
39
47
48
47
43
31
92
92
90
80
65
82
81
79
70
54
3
3
4
3
3
8
8
1
3
7
7
8
1
n.a.
n.a.
n.a.
>65
53
65
83
96
98
n.a.
n.a.
n.a.
2
2
3
3
3
n.a.
n.a.
n.a.
10
7
7
7
7
n.a.
n.a.
n.a.
J»95
*108
*»109
P120
July
August
1family
156
272
75
267
*66
*75
June
Total
Public
359
434
134
404
93
95
90
82
66
...
Go vernment-un derwritten
Private
Rural
nonfarm
515
706
209
671
1,025
1,396
1,091
1,127
1,104
1953—August
September
October
November
December
Urban
P112
Pill
35
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
P74
P93
P107
n.a.
n.a.
n.a.
n.a.
n.a.
J>107
P116
P109
P110
*i
*2
v\
Pl
P4
J»3
PI
60
VA
6
83
211
102
105
28
27
33
27
1
p Preliminary.
n.a. Not available.
Less than 509 units.
NOTE.—Government underwritten units are those started under commitments of FHA or VA to insure or guarantee the mortgage. VA
figures after June 1950 and all FHA figures are based on field office reports of first compliance inspections; VA figures prior to June 1950, estimates
based on loans closed information. Other figures are estimated by Bureau of Labor Statistics on the basis of reports of building permits issued,
reported starts of public units, and a sample of places not issuing permits.
FREIGHT CARLOADINGS, BY CLASSES
[Index numbers, 1935-39 average=100]
Monthly—seasonally adjusted
Annual
Class
Monthly—without seasonal adjustment
1954
1953
1954
1953
1952
1953
July
Feb.
Mar.
Apr.
May
June
July
July
Feb.
Mar.
Apr.
May
June
July
Total
126
127
123
117
112
Ill
112
111
109
128
107
105
108
114
116
114
Coal
Coke
Grain
Livestock
Forest products
Ore
Miscellaneous...
...
Merchandise, 1. c. 1
109
168
142
69
144
181
140
46
103
171
135
63
143
215
143
43
94
167
138
60
146
213
139
42
87
109
124
54
133
222
134
41
78
104
127
64
126
177
132
41
79
98
134
62
127
136
130
39
84
94
144
58
128
136
128
39
85
95
155
54
127
164
125
38
80
94
151
54
119
159
125
38
94
162
166
46
147
341
141
42
87
116
122
43
128
55
126
40
78
105
117
51
126
51
125
41
79
96
118
55
127
88
128
40
84
93
127
53
133
224
130
39
85
93
158
41
132
255
129
38
80
91
181
47
120
255
126
38
NOTE.—For description and back data, see BULLETIN for June 1941, pp. 529-533. Based on daily average loadings. Basic data compiled by
Association of American Railroads. Total index compiled by combining indexes for classes with weights derived from revenue data of the Interstate Commerce Commission.
MERCHANDISE EXPORTS AND IMPORTS
[In millions of dollars]
Merchandise exports 1
Merchandise exports excluding
military-aid shipments 2
Merchandise imports 3
Month
1952
1953
January
February....
March
April
May
June
July
August
September...
October
November.. .
December. . .
1,254
1,344
1,447
1,355
1,480
1,171
1,030
1,087
1,229
1,216
1,190
1,391
,293
,199
,391
,394
,453
,384
,358
,187
,256
,253
,247
,353
January-July
9,081
9,472
1954
1952
1953
1954
1952
1953
'1,092
'1,182
••1,124
1,425
1,399
1,189
1,260
1,330
1,187
1,244
1,058
893
916
981
1,043
995
1,108
1,016
926
1,053
1,054
1,085
1,013
960
911
1,051
1,019
'1,031
'1,137
922
997
'921
1,257
1,135
Pl,114
e
l,022
922
893
964
933
835
861
839
818
877
918
805
1,053
922
856
1,005
1,013
902
933
908
840
'926
814
849
907
833
809
'858
'958
829
P947
«832
8,161
7,107
«7,368
6,247
6,539
«6,066
PI.474
•1,291
"8,987
1954
^Preliminary.
'Estimated.
'Revised.
1
Exports of domestic and foreign merchandise.
2
Department
of
Defense
shipments
of
grant-aid
military
equipment and supplies under the Mutual Security Program.
3
General imports including imports for immediate consumption plus entries into bonded warehouses.
Source.—Bureau of the Census, Department of Commerce.
998
FEDERAL RESERVE BULLETIN
DEPARTMENT STORE STATISTICS
[Based on retail value figures]
SALES AND STOCKS, BY FEDERAL RESERVE DISTRICTS
[Index numbers, 1947-49 average = 100]
Federal Reserve district
Year or month
United
States
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
Minne- Kansas Dallas
apolis
City
San
Francisco
SALESi
98
104
98
105
109
110
112
99
103
98
101
105
101
102
96
97
97
96
99
97
98
98
94
102
99
103
105
104
105
104
100
106
109
109
110
105
98
105
111
110
113
103
100
105
113
118
119
103
101
109
115
124
126
104
97
104
108
106
111
104
98
104
107
110
112
104
99
105
104
104
104
103
99
108
111
113
112
105
102
113
117
124
125
99
104
98
105
109
114
115
1953—July
August . . .
September
October
November
December
113
112
107
110
113
112
106
99
105
107
107
108
104
99
98
104
102
101
117
116
104
106
108
108
114
120
109
110
115
112
'122
114
114
117
118
121
127
130
119
128
128
127
110
109
106
109
113
115
107
110
102
108
114
113
105
102
100
103
105
107
111
112
103
108
112
114
'125
127
112
122
127
125
117
113
110
111
112
109
1954—January
February
March
April
May
June
.. .
July
107
109
105
111
108
112
P112
105
109
102
105
102
106
107
101
102
99
102
100
102
101
106
111
106
109
105
109
109
104
104
92
104
98
107
105
109
117
118
'121
114
120
116
122
123
117
127
122
129
P132
106
107
101
111
108
110
106
108
112
108
114
106
122
113
104
108
95
100
104
103
103
110
109
103
113
109
115
119
121
115
120
123
127
132
108
107
111
111
114
114
116
1953—July
August
September
October
November
December
89
98
112
115
136
192
76
79
112
107
129
194
75
75
102
110
129
178
83
92
108
114
142
188
89
104
114
115
142
187
'98
97
121
122
144
211
102
114
122
130
146
219
89
98
113
112
137
188
86
100
109
119
136
185
84
97
110
118
121
171
91
104
109
114
129
189
'105
116
119
128
144
209
101
109
111
111
131
195
1954—January
February .
March
April
May
June
July
83
86
89
110
106
106
83
81
86
108
80
84
91
109
80
80
82
105
80
89
'96
123
94
101
110
129
82
83
86
109
83
88
92
112
75
83
79
101
83
86
90
110
94
98
102
119
104
104
98
100
108
108
106
110
104
96
109
108
119
112
78
82
'112
93
120
114
77
81
83
85
101
98
99
73
P106
86
90
83
P97
111
85
86
88
107
107
105
100
93
107
100
109
129
118
126
95
105
100
109
124
111
116
98
105
97
105
124
113
116
93
107
99
108
127
113
119
93
107
100
106
128
111
119
94
105
101
113
133
130
141
90
108
102
120
140
135
146
89
111
100
110
128
115
123
93
102
96
107
128
117
126
91
110
100
104
117
107
115
93
108
100
113
132
124
136
89
110
101
112
132
126
138
93
107
100
110
131
125
133
130
131
128
128
127
123
117
119
117
'120
122
117
116
115
113
122
122
122
124
124
121
'146
148
141
148
1*25
128
127
131
134
129
117
120
122
146
145
141
'141
148
139
122
120
117
124
121
121
143
144
132
148
149
142
126
124
122
124
121
118
118
115
111
138
137
133
139
136
131
138
135
132
132
133
129
115
'133
106
128
1947
1948
1949
1950
1951
1952
1953
99
SEASONALLY ADJUSTED
P118
WITHOUT SEASONAL ADJUSTMENT
1947
1948
1949
1950
1951
1952
1953
STOCKSi
...
102
106
113
SEASONALLY ADJUSTED
1953—July
August
September
October
November . ...
December
120
119
121
'119
121
122
P124
1954—January
February
March
April
Mi ay
June
July
117
115
112
114
112
118
117
120
117
116
111
107
111
113
115
114
117
142
141
142
117
117
113
113
132
141
117
127
110
128
130
112
114
112
113
141
135
121
122
120
116
111
111
129
125
127
127
116
117
137
122
118
111
117
116
115
117
'135
'134
'136
138
138
135
122
122
119
129
112
111
127
131
114
P137
128
128
131
P129
123
121
124
116
119
122
129
WITHOUT SEASONAL ADJUSTMENT
1953—July
August
September
October
November
December
1954—January
February
March
April
May
June
July
121
126
132
141
142
109
106
132
134
105
'106
118
123
130
132
104
108
114
126
'126
126
116
102
106
120
122
121
110
105
98
104
116
118
118
107
104
•P115
114
120
108
112
117
122
114
137
131
119
127
'142
147
143
137
116
127
141
152
121
129
130
138
115
123
140
147
139
137
103
137
136
106
154
151
115
137
144
161
165
125
139
143
111
138
132
104
126
128
101
149
152
117
152
151
120
99
111
120
123
119
109
103
104
111
119
120
119
109
106
120
127
'141
'145
130
139
147
143
138
128
108
114
126
126
124
116
114
99
108
123
124
123
119
120
100
106
115
116
113
107
107
118
125
133
134
134
127
115
127
136
135
130
121
P125
P120
145
132
134
P128
133
128
137
148
144
108
111
113
125
125
129
122
125
pPreliminary.
'Revised.
1
Figures for sales are the average per trading day, while those for stocks are as of the end oi the month or the annual average.
NOTE.—For description and monthly indexes for back years, see BULLETIN for December 1951, pp. 1463-1515.
SEPTEMBER
1954
999
DEPARTMENT STORE STATISTICS—Continued
[Based on retail value figures]
DEPARTMENT STORE MERCHANDISING DATA
Ratios to sales 1
Amounts (In millions of dollars)
Sales2
(total
for
month)
Year or month
1944 average
1945 average
1946 average
1947 average
1948 average
1949 average
1950 average
1951 average
1952 average
1953 average
246
276
345
365
381
361
376
391
397
402
1953—July
August .
September
October
November
December
'308
343
388
440
477
725
1954—January
February.
March
April
May
310
299
351
402
372
378
306
June
July?
Stocks 2
(end
of
month)
Outstanding
orders 2
(end of
month)
574
604
767
887
979
925
Receipts 3
(total
for
month)
New
orders 3
(total
for
month)
Stocks
plus
outstanding
orders
Outstanding
orders
Stocks
Receipts
596
775
964
588
494
373
495
460
435
421
244
277
373
366
386
358
391
390
397
403
256
291
354
364
363
358
401
379
401
397
2.4
2.3
2.5
2.7
2.7
2.8
3.2
2.9
3.0
2.5
3.0
3.0
1.7
1.4
1.1
1.4
1.3
1.2
1.1
r 1,084
'526
'349
'359
460
501
416
357
3.5
3.3
3.1
2.9
2.8
1.4
1.7
1.4
1.3
1.1
0.8
0.4
0.9
491
492
462
371
288
'283
'394
'5.2
1,135
1,206
1.297
1,327
1,042
4.7
4.4
4.0
3.6
1.8
'1.1
1,010
1,075
1,176
1,183
1,161
1,067
1,041
370
403
343
279
247
386
467
278
364
452
409
350
284
280
360
397
392
345
318
423
361
3.3
3.6
3.4
2.9
3.1
2.8
3.4
1.2
1.3
1.0
0.7
0.7
1.0
1.5
4.5
4.9
4.3
3.6
3.8
0.9
1.2
1.3
1.0
0.9
0.8
0.9
1,012
L.202
1,097
L ,157
459
531
507
440
2 3
5.0
5.3
1.0
1.0
5 3
1 l
4.3
4.1
3.8
4.2
4.4
4.1
4.2
1.0
1.0
1.0
1.1
1.0
1.0
1.0
1.2
1.2
1.1
0.6
3 8
4.9
^Preliminary.
'Revised.
*The first three ratios are of stocks and/or orders at the end of the month to sales during the month. The final ratio is based on totals of
sales 2and receipts for the month.
These figures are not estimates for all department stores in the United States. They are the actual dollar amounts reported by a group of
department stores located in various cities throughout the country. In 1953, sales by these stores accounted for about 50 per cent of estimated
total 3department store sales.
Receipts of goods are derived from the reported figures on sales and stocks. New orders are derived from receipts and reported figures on
outstanding orders.
NOTE.—For description and monthly figures for back years, see BULLETIN for October 1952, pp. 1098-1102.
WEEKLY INDEX OF SALES
[Weeks ending on dates shown.
1947-49 = 100]
Without seasonal adjustment
1952
1951
1953
1952
1951
1950
1954
1953
7
14
21
28
112 Oct. 6
111
13
105
20
108
27
110 Oct. 4
117
11
116
18
113
25
116 Oct. 3
126
10
124
17
122
24
112 Apr. 7. . . . 101 Apr. 5. . . . 109 Apr. 4. . . . 118 Apr. 3 . . . .
97
111
100
120
10
11
12
14
118
17....
1 8 . . . . 105
1 9 . . . . 97
21. . . . 97
104
101
105
113
24
25
26
28
113
103
113
118
101
Nov. 4
11
18
25
109 Nov. 3
118
10
127
17
110
24
121 Nov. 1
127
8
130
15
123
22
115 Nov. 7
118
14
130
21
134
28
138
113 M a y 3 . . . . 111 M a y 2. . . .
121 M a y 5
117
133
9
10
12. . . . 110
131
16
1 7 . . . . 99
1 9 . . . . 99
105
100
133
23
24
26
97
30
31
114 M a y 1. . . .
128
8
105
15. . . .
112
22
97
29
112
123
97
106
104
2
9
16
23
30
153 Dec.
1
191
8
220
15
221
22
82
29
6
161 Dec.
191
13
213
20
228
27
92
195 Dec. 5
223
12
237
19
146
26
190
216
234
163
June 7
118 June 5
112
12
111
19....
94
26
97
111
115
97
Oct.
Dec.
29
1952
1951
5
12
19
26
31
3
10
17
24
31
9
16
23
30
95
108
106
92
89
111 June
116
14
21. . . . 98
91
28
6
13
20
27
1954
1953
78 Jan.
92
90
83
2
9
16
23
30
Jan.
6
13
20
27
Feb.
3
10
17
24
81 Feb.
2
94
9
94
16
95
23
7
84 Feb.
87
14
89
21
83
28
88 Feb.
6
92
13
85
20
93
27
Mar. 3
10
17
24
31
99 Mar. 1
105
8
101
15
105
22
89
29
85 Mar. 7
88
14
90
21
94
28
101
96 Mar. 6
100
13
109
20
112
27
98 Jan.
105
104
96
June 2
81 Jan.
89
92
86
87
July
5
12
19
26
81 July 7
94
14
85
21. . . .
86
28
85
75
83
81
80
86 Aug. 4
91
11
86
18
90
25
88 Aug. 2
87
9
93
16
97
23....
85 Sept. 1
92
8. . . .
15. .
95
22. . . .
100
29....
30
105
100 Sept. 6
114
13....
20....
111
114
27
79
83
82
79
July
4
11
18
25
79
92
84
83
July
3
10
17
24
31
93
77
88
84
87
87 Aug. 1
90
8
95
15
100
22
110
29....
86 Aug. 7. . . . 92
97
92
14
100
95
21
102
100
28
101
100 Sept. 5
12. . .
114
19....
113
112
26
101
102
120
114
Sept. 4
114
11
18
25
NOTE.—For description and weekly indexes for backjyears, see BULLETIN for April 1952, pp. 359-362.
1000
FEDERAL RESERVE BULLETIN
DEPARTMENT STORE STATISTICS—Continued
[ Based on retail value figures]
SALES BY FEDERAL RESERVE DISTRICTS, METROPOLITAN AREAS, AND CITIES
[Percentage change from corresponding period of preceding year]
Federal Reserve July June 7
Federal Reserve July June 7
7
Federal Reserve July June
Federal Reserve July June
mos.
mos.
district,
district,
district,
district,
mos.
1954 1954
1954
1954
1954
1954 1954 mos.
1954 1954 1954
area,
or
city
area, or city
area, or city
area, or city
1954
1954
PO
-3
+2
+3
United States..
Boston
Met. Areas*
Portland
Boston
Downtown
Boston
Suburban
Boston
Cambridge..
LowellLawrence
New Bedford...
Worcester 2
Cities
Springfield 2
Providence ....
New York
Met. Areas1
Albany-Schenectady-Troy
Albany
Schenectady...
Binghamton... .
Buffalo 2
Buffalo
Niagara Falls..
New York-N. E.
New Jersey...
Newark 2 2
N. Y. C i2 t y . . .
Rochester
Syracuse 2
Utica-Rome. . . .
Utica
Cities
Bridgeport 2 . . .
Elmira
Poughkeepsie..
Philadelphia..
Met. Areas
Wilmington.
..
Trenton 2 2
Lancaster 2
Philadelphia ..
Reading 2
Scranton
Wilkes-BarreHazleton 2 ....
City
York 2
Cleveland
Met. Areas
Lexington
Akron2
Canton2
Cincinnati2. . .
Cleveland 2
Columbus2....
Springfield 2 . . .
Toledo 2
Youngstown2..
Erie 2
Pittsburgh2. . .
+2
+ 1 +4
+8
+1
+5
-3
-6
+2
+8
0
-4
Q
+6
+2
+3
+3
-2
+1
-3
0
-8
0
-3
-4
0
-2
-6
2
-4
-9
0
+4
-2
-1
+2
2
0
0
+1
-4
-3
^
+6
Met. Areas-cont.
WheelingSteubenville 2 ..
- 2 City
Portsmouth 2 . . .
+1
+6
+2
-2
-5
-6
-3
-1
-5
2
-2
-7
+3
— 1 + 11
-4
Q
-4
-7
+4
-7
-5
-4
—1
-6
-7
-5
-9
+2 Lynchburg 2 ....
Newport News..
Huntington 2 . . .
Parkersburg.. . .
Atlanta
1
- 5 Met. Areas 2
- 2 Birmingham ...
Mobile
Montgomery.2 . .
...
- 6 Jacksonville
Miami 2
- 7 Orlando
+ 1 St. PetersburgTampa
-5
St. Petersburg,
2
Tampa
+ 1 Atlanta 2
- 1 1 Augusta
- 4 Columbus
-2
Macon 2
- 7 Savannah
9
Baton Rouge22 . .
New Orleans
..
Jackson 2
2
Chattanooga
..
2
- 5 Knoxville2
Nashville
-10
Zities
-4
-7
+2
-8
-6
-10
-1
+5
Richmond
Met. Areas1 2
Washington . . . +4
Downtown
-3
Wash
-2
Baltimore2 2
+1
Asheville
2
+
1
Raleigh
Winston-Salem 2 2 +38
-1
Charleston,
S.C.
+ 11
Columbia 22
+9
Greenville
Norfolk2
-7
Portsmouth
.
.
2
Richmond
+5
Roanoke 2
+ 16
Charleston,
W. Va. 2
-3
—3
- 3 Cities
- 2 Cumberland-3
Hagerstown. . .
- 3 Spartanburg....
+2
+3
2
+1
0
+5 +2
+2 - 3
-1
-10
- 4 Cleve.-cont.
Rome.. . .
-3
- 2 Meridian.
-5
— 7 Bristol
-9
-10
- 4 Chicago. . .
-3
-8
-6
- 1 Met. Areas1
-2
- 1 0 - 1 1 Chicago 2 ...
- 7 Aurora....
-3
Elgin.
— 11 - 1 1
-13
Joliet 2 .
Jo
Gary
-4
-4
0
-9
5
-4
P+4
+2
-1
+4
+1
0
0
-2
+6
+5
+ 11
-6
-4
0
+8
P+2
+6
+ 16
+ 10
P+2
+ 14
+ 11
+2
+6
+3
+ 12
+7
P-3
+5
—2
+2
+3
Met. Areas
Fort Smith 2
Little Rock
...
Evans ville2
+2 Louisville2
0 Springfield. . . .
+2 St. Louis22
Memphis
+ 10
+9
+ 17
+3
+ 13
-7
-3
-1
1
+4
-2
-4
-3
-1
-3
0
0
-4
0
-8
-5
0
0
—3
Quincy
Paducah
Minneapolis. . .
Met. Areas1
Mpls.-St. Paul2 2
Minneapolis ..
St. Paul 2
+2 Sioux Falls
P+5
+7
+3
-14
-1
+2
+3
Cities
-4
+4
Cities
-•;
-3
Mankato
Duluth- 2
Superior
Great Falls
Grand Forks. . .
LaCrosse
- 1 Kansas City
-13
+ 1 Met. Areas
- 1 0 Denver
Topeka
Areas-cont.
+7 - 6
Wichita
St. Joseph
- 2 -12
0
Omaha
+7
Albuquerque. . . +5 +5
Oklahoma City. +19 +10
Tulsa
+20 - 1
- 6 +10
Greeley
-1
-4
Hutchinson.....
Joplin
+8 - 6
Kansas C i t y . . . . +12 - 3
Enid
+18 +2
Dallas.
+6
+9
-5
-7
+4
-5
+1 '+8
+2
+1
+8
-2
-2
+2
+ 10
-1
-2
-4
-4
-3
+3
-3
-1
2
-1
-5
-4
Met. Areas
+9 +3
Shreveport
Corpus Christi.. +8 +6
Dallas 2
+8 - 3
El Paso
+2 - 7
Fort W o2 r t h . . . . +5 - 5
Houston
+4 - 5
Waco
+ 15 - 2 3
1
Met. Areas
2
- 1 5 Phoenix
2
Fresno
Los Angeles2 . . .
Downtown
L. A. 2
-2
Westside L.A.2
Long Beach 2 ..
Pasadena
+4 - 1 Santa
+3 +2 RiversideMonica..
and
-12 -10
San Ber+2 - 4
nardino
+ 1 - 4 Sacramento 2 . . .
-1
-1
San Diego 2
0 San Francisco+2
Oakland 2 . . . .
Oakland- 2
-3
Berkeley
Downtown2
Oakland . .
-2
-2
San Francisco 2
Vallejo 2
San Jose
-1
0 Stockton 2
0
Portland 2
+ 1 Salt
Lake
City 2 .
2
2
+ 1 Seattle
2
Spokane2
Tacoma
+7
-7
-6
+4
Cities
San Francisco.. P + 2
-4
-5
-7
-17
-5
P+6
-2
0
_2
Danville
Battle Creek. .
Muskegon
Port Huron. . .
Sheboygan....
- 1 St. Louis
+7
P-2
Cities
c
-3
-3
+8
+ 10
p+1
Kan. City-cont.
Met.
Areas~cont.
2
-2
-3
Decatur
-3
-6
—4
Peoria 2
-8
-7
Rockford 2
Tri-Cities
4_ 9
+3 (Moline,
Rockland;
Davenport)
-4
Fort Wayne 22 ..
+8 +5 +5
-5
Indianapolis ..
-6
-18
South Bend 22..
-18
-7
-5
Terre
Haute
..
-5
-3
1 +3
+9 +
- 2 Cedar Rapids..
-2
-3
+4
- 4 Des Moines. . .
7
-3
-7
- 5 Dubuque
-6 4
Sioux
City
+4 Waterloo
c
8
+2 - 5
2
0
-6
Detroit
p-4
2
+2 Flint
3
6
+4
2
- 4 Grand Rapids 2
-4
-5
- 1 1 4-10
Jackson 2
- 7 Kalamazoo
-1
4
+3
- 3 Lansing 2
P + 10 +5
+6
- 4 Saginaw
-6
-9
-8
Green Bay
0 +8 +3
Madison 2
-1
Milwaukee ...
+1 +1 - 1
-10
—7 - 9
-4
0
- 9 -11
7
-9
-12 -12
+1
Chicago-cont.
Met.
—5
-5
P+3
P - 1
+4
+1
+2
+6
+6
+7
-1
r
-2
-6
-5
-4
-3
-6
-5
-18
-13
-4
-14
-9
-3
-4
0
-5
-4
-2
-4
2
-5
-2
-4
-10
-12
-9
-3
-5
-8
P+4
-6
-4
+4
+8
+4
-11
P - 1
-3
+ 12
-10
+3
—3
+7
-4
+3
-5
-9
-2
-5
—5
-7
-1
-4
-11 -13
-6
-2
— 10 - 8
-2
+
1
-7
-5
A
2
Cities
P0 - 1 6
Tucson
- 7 -11
Bakersfield 2 ....
Boise and
+1 - 7
Nampa
Idaho Falls
-6
-8
-4
5
Twin Falls
-7
Bellingham
+
1
2
Q
Everett
6
2
Walla Walla
... p - 8 - 1 4
Yakima 2
-6
—4
-12
-6
-6
-8
-10
-2
-14
-15
-6
r
P Preliminary.
Revised.
Breakdowns shown under various metropolitan areas do not necessarily include all portions of such areas.
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
Six months 1954.
1
2
SEPTEMBER
1954
1001
DEPARTMENT STORE STATISTICS—Continued
SALES AND STOCKS BY MAJOR DEPARTMENTS
[Based on retail value figures]
Percentage
change from a
year ago
Department
Ratio of
stocks 1to
sales
Sales
during
period
Stocks
(end of
month)
Six
June months
1954
1954
June
1954
GRAND TOTAL—entire stores.
Federal Reserve index numbers
without seasonal adjustment,
1947-49 average = 1002
1954
1954
3.0
Stocks at end
of month
Sales during
period
June
1953
1954
1953
1953
June
May
June
June
May
June
3.1
MAIN STORE—total
-1
-3
-4
3.3
3.4
94
93
95
110
119
114
Piece goods and household textiles.
-4
-2
-6
4.1
4.3
75
84
77
99
104
106
-2
-10
-19
0
-4
-12
3.7
3.1
18.1
2.2
3.9
3.1
15.9
2.4
60
43
14
118
71
59
17
127
61
48
17
113
78
71
77
98
86
74
78
111
84
79
83
100
4.3
4.7
4.2
4.0
4.4
4.8
4.2
4.0
85
82
84
91
92
83
100
98
89
85
90
94
111
102
135
106
114
104
138
110
119
109
146
112
Piece goods
Silks, velvets, and synthetics.
Woolen yard goods
Cotton yard goods
Household textiles
Linens and towels
Domestics—muslins, sheetings
Blankets, comforters, and spreads.
Small wares.
+7
-7
-10
-7
-1
-5
-4
-7
-3
-2
-4
-1
-1
-6
-6
-7
-5
+1
-2
-2
3.7
3.9
95
95
94
111
116
113
-2
-2
-3
-2
3.6
3.1
3.3
3.6
3.2
3.5
96
116
105
106
115
104
98
115
102
109
125
105
120
133
109
111
129
107
-2
-6
0
4.1
5.1
2.5
7.3
4.3
5.5
2.6
7.7
96
95
97
93
94
80
107
109
93
96
93
89
113
127
96
116
119
128
108
142
115
136
96
117
+4
Laces, trimmings, embroideries, and ribbons.
Notions
Toilet articles, drug sundries
+1
+3
-5
-2
0
Silverware and jewelry
Silverware and clocks
Costume jewelry
Fine jewelry and watches.
+3
0
+4
+5
+1
Art needlework
-5
-5
Books and stationery. . .
Books and magazines.
Stationery
0
-3
0
-4
-1
-3
+1
+1
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
+1
+2
e
-12
-8
-1
+1
-2
-3
-6
-7
-7
-1
-3
A
-3
-3
-1
-10
-11
-6
+3
6.2
6.1
4.0
3.7
4.0
4.0
3.8
4.0
64
64
104
107
107
82
74
87
80
72
83
81
75
86
113
102
118
117
105
120
114
106
116
2.6
2.6
91
97
91
106
120
109
3.1
2.1
4.0
1.3
6.3
2.6
2.8
3.2
2.2
4.2
1.3
6.2
2.7
2.7
91
104
51
53
45
144
71
95
110
54
69
65
131
87
90
102
54
60
49
137
74
112
115
66
68
81
140
110
124
134
70
84
86
148
120
115
117
74
76
87
136
110
2.5
2.9
2.4
2.1
2.7
3.2
2.7
2.0
96
107
95
85
101
120
95
97
94
103
90
91
106
138
' 97
116
144
104
100
112
145
104
89
+5
-4
+2
Underwear, slips, and negligees
Knit underwear
Silk and muslin underwear, and slips...
Negligees, robes, and lounging apparel.
+3
+3
+6
-6
-1
0
+1
-5
0
-6
-5
-7
-1
Infants' wear
Handbags, and small leather goods.
Women's and children's shoes.
Children's shoes
Women's shoes
+1
+3
-1
-1
-5
3.4
2.3
3.6
2.5
84
93
81
103
83
90
110
102
119
117
114
108
0
-2
+1
-1
0
-1
-2
-3
-2
4.6
5.1
4.5
4.7
5.1
4.6
105
91
110
106
82
110
105
93
109
128
128
130
147
144
147
130
132
132
-1
-7
-6
-6
-3
-10
-8
-12
-3
-11
-15
-4
2.0
4.0
4.0
3.7
2.0
4.1
4.4
3.6
91
27
22
37
98
57
51
68
92
29
23
40
98
65
58
71
114
72
59
90
101
73
68
74
-1
-3
-1
+2
2.0
1.5
2.6
2.1
1.5
2.8
89
88
90
93
97
89
89
86
100
90
108
117
109
123
112
i
1.3
1.0
1.7
1.3
0.9
1.7
113
129
96
123
126
111
118
136
99
98
101
92
123
123
117
99
101
93
-1
-2
-12
1.9
1.5
21.2
2.0
1.5
28.5
136
148
15
117
141
32
133
149
13
129
114
A
157
129
79
131
116
99
-3
-2
3.3
3.3
119
82
120
118
134
122
+
3.8
2.6
4.2
4.5
3.8
2.7
4.4
4.3
121
129
81
132
95
75
76
96
122
131
83
137
130
115
99
128
149
132
108
138
129
121
104
127
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 dress<
Girls' wear
+2
Women's and misses' dresses.
Inexpensive dresses
Better dresses
-4
-5
-3
Blouses, skirts, and sportswear
Aprons, housedresses, and uniforms.
Furs
+2
Men's and boys' wear.
Men's clothing
Men's furnishings and hats
Boys' wear
Men's and boys' shoes and slippers.
-1
+5
-1
+ 19
-2
0
-2
2
-4
-3
+1
-3
-4
0
-2
A
-3
-1
0
-5
0
For footnotes see following page.
1002
FEDERAL RESERVE BULLETIN
DEPARTMENT STORE STATISTICS— Continued
SALES AND STOCKS BY MAJOR DEPARTMENTS—Continued
[Based on retail value figures]
Percentage
change from a
year ago
Department
Sales
during
period
June
1954
Homefurnishings
Furniture and bedding
Mattresses, springs, and studio beds
Upholstered and other furniture
Domestic floor coverings
Rugs and carpets
Linoleum
Draperies, curtains, and upholstery
Lamps and shades
China and glassware
Major household appliances
Housewares (including small appliances)
Gift shop
Radios, phonographs, television, records, etc
Radios, phonographs, television
Records, sheet music, and instruments
Stocks
(end of
month)
Six
month*
1954
-3
-6
-6
-6
-7
-7
-6
-7
-6
-20
-10
-11
-13
-3
-6
-5
0
+2
-4
-10
+9
Ratio of
stocks to
sales i
June
1954
June
Federal Reserve index numbers
without seasonal adjustment,
1947-49 average = 1002
Sales during
period
1954
1954
Stocks at end
of month
1954
1953
1953
1953
June
May
June
June
May
June
4.2
4.4
94
95
97
113
118
121
4.3
2.1
5.1
4.4
2.2
5.2
104
121
98
108
121
100
111
128
106
116
130
117
123
137
117
127
146
128
-11
-12
-19
6.0
6.1
4.3
6.3
6.5
4.3
62
65
53
80
81
58
67
70
65
99
105
61
108
110
60
111
120
76
-5
-7
-5
-7
-2
-5
-7
-5
-11
4.3
5.1
7.8
2.1
3.4
5.5
4.3
5.2
7.8
2.4
3.5
5.4
98
68
92
88
118
96
110
78
92
65
111
95
101
72
97
88
116
100
113
109
129
90
125
133
118
116
130
100
131
131
118
118
136
102
124
136
+ 14
-4
-10
-15
-20
-1
3.8
3.3
5.3
4.3
3.7
5.8
73
65
73
73
82
76
75
72
67
96
86
93
101
107
104
112
108
94
-7
+1
-2
-2
-4
2.8
2.9
93
83
95
103
108
108
Toys, games, sporting goods, cameras
Toys and games
Sporting goods and cameras
-3
-6
-1
-1
0
-2
2
-2
-3
4.1
4.6
3.6
3.7
93
75
126
70
52
96
96
80
127
115
127
106
121
118
122
117
129
109
Luggage
+1
+1
+5
2.6
1.4
3.0
1.3
134
68
104
+2
133
67
110
83
116
86
123
79
-3
-5
2.0
2.1
104
107
102
114
108
2.9
3.0
93
99
111
114
120
1.6
1.6
99
101
96
108
101
2.0
2.1
1.9
2.8
0.8
1.3
1.7
2.5
1.4
2.1
2.1
2.1
2.8
0.8
1.4
1.8
2.7
1.4
110
108
()
57
127
111
88
85
110
(
()
32
146
138
96
91
109
()
58
95
107
103
107
()
62
118
110
118
118
()
65
103
112
104
111
1.9
1.9
137
95
137
111
129
114
1.8
2.1
1.6
149
147
98
111
91
148
143
156
114
122
110
134
133
136
116
124
113
Miscellaneous merchandise departments
Candy
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
-6
-3
+1
-4
+2
-12
-9
+1
+4
+1
-4
+1
0
+3
-1
Boys' wear
-6
-5
-4
-1
-2
+1
-12
-8
0
+1
-1
-9
+1
+1
+2
+1
+1
Homefurnishings
-5
-7
Shoes
-2
-2
NONMERCHANDISE—total
+1
+7
+1
+8
Barber and beauty shop
-11
-8
-5
-4
-4
-4
-11
-7
A
-1
-4
-2
-2
-1
-2
-4
-5
-5
2.6
2.8
3.3
3.3
3.0
3.1
()
28
133
140
100
92
154
93
84
113
107
145
77
96
96
96
114
82
93
102
112
106
98
89
109
117
116
100
115
108
125
114
97
106
137
136
!The ratio of stocks to sales is obtained by dividing stocks at the end of the month by sales during the month and hence indicates the number
of months'
supply on hand at the end of the month in terms of sales for that month.
2
The 1947-49 average of monthly sales and of end-of-month stocks for each department is used as a base in computing the sales and stocks
indexes,
respectively,
for that department. For description of indexes, see BULLETIN for November 1953, pp. 1146-1149.
3
For movements of total department store sales and stocks, see the indexes for the United States on p. 999.
4
Data not available.
NOTE.—Based on reports from a group of large department stores located in various cities throughout the country. In 1953, sales and stocks
at these stores accounted for almost 50 per cent of estimated total department store sales and stocks. Not all stores report data for all of the
departments shown; consequently, the sample for the individual departments is not so comprehensive as that for the total.
SEPTEMBER
1954
1003
PRICES
CONSUMER PRICES
[Bureau of Labor Statistics index for city wage-earner and clerical-worker families.
1947-49 =100]
Housing
Year or
month
All
items
Foods
Total
Rent
Gas
and
Other
shelter * electricity
Solid House- Household
fuels
furand
nish- operation
fuel oil
ings
Apparel
Transportation
Medical
care
Personal
care
Reading
and
recreation
Other
goods
and
services
1929
73.3
65.6
117 4
60.3
1933
55.3
41.6
83 6
45.9
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
62.9
69.7
74.0
75.2
76.9
83.4
95.5
102.8
101.8
102.8
111.0
113.5
114.4
52.2
61.3
68.3
67.4
68.9
79.0
95.9
104.1
100.0
101.2
112.6
114.6
112.8
95.0
101.7
103.3
106.1
112.4
114.6
117.7
88 4
90 4
90.3
90 6
90.9
91 4
94.4
100.7
105.0
108.8
113.1
117.9
124.1
97.6
100.0
102.5
102.7
103.1
104.5
106.6
88.8
104.4
106.8
110.5
116.4
118.7
123.9
97.2
103.2
99.6
100.3
111.2
108.5
107.9
97.2
102.6
100.1
101.2
109.0
111.8
115.3
55.6
64.9
67 8
72.6
76 3
83.7
97.1
103.5
99.4
98.1
106.9
105.8
104.8
90.6
100.9
108.5
111.3
118.4
126.2
129.7
94.9
100.9
104.1
106.0
111.1
117.3
121.3
97.6
101.3
101.1
101.1
110.5
111.8
112.8
95.5
100.4
104.1
103.4
106.5
107.0
108.0
96.1
100.5
103.4
105.2
109.7
115.4
118.2
1953—July. . . 114.7
Aug... . 115.0
S e p t . . . 115.2
115.4
Oct
Nov.... 115.0
D e c . . . 114.9
113.8
114.1
113.8
113.6
112.0
112.3
117.8
118.0
118.4
118.7
118.9
118.9
123.8
125.1
126.0
126.8
127.3
127.6
106.4
106.9
106.9
107.0
107.3
107.2
123.7
123.9
124.6
125.7
125.9
125.3
108.1
107.4
108.1
108.1
108.3
108.1
115.7
115.8
116.0
116.6
116.9
117.0
104.4
104.3
105.3
105.5
105.5
105.3
129.7
130.6
130.7
130.7
130.1
128.9
121.5
121.8
122.6
122.8
123'. 3
123.6
112.6
112.7
112.9
113.2
113.4
113.6
107.4
107.6
107.8
108.6
108.9
108.9
118.3
118.4
118.5
119.7
120.2
120.3
115.2
115.0
114.8
114.6
115.0
115.1
115.2
113.1
112.6
112.1
112.4
113.3
113.8
114.6
118.8
118.9
119.0
118.5
118.9
118.9
119.0
127.8
127.9
128.0
128.2
128.3
128.3
128.5
107.1
107.5
107.6
107.6
107.7
107.6
107.8
125.7
126.2
125.8
123.9
120.9
120.9
121.1
107.2
107.2
107.2
106.1
105.9
105.8
105.7
117.2
117.3
117.5
116.9
117.2
117.2
117.2
104.9
104.7
104.3
104.1
104.2
104.2
104.0
130.5
129.4
129.0
129.1
129.1
128.9
126.7
123.7
124.1
124.4
124.9
125.1
125.1
125.2
113.7
113.9
114.1
112.9
113.0
112.7
113.3
108.7
108.0
108.2
106.5
106.4
106.4
107.0
120.3
120.2
120.1
120.2
120.3
120.1
120.3
1954—Jan
Feb.. . .
Mar....
Apr.. . .
May.. .
June.. .
July...
1
Indexes for this subgroup are not yet available.
NOTE.—Revised indexes, reflecting beginning January 1953 the inclusion of new series (i. e. home purchases and used automobiles) and revised
weights. Prior to January 1953 indexes are based on the "interim adjusted" and "old" indexes, converted to the base 1947-49 = 100.
Source.—Bureau of Labor Statistics, Department of Labor.
WHOLESALE PRICES, BY GROUPS OF COMMODITIES
[Index numbers of the Bureau of Labor Statistics, 1947-49 = 100]
Other commodities
Year or
month
All
com- Farm
modi- products
ties
Processed
foods Total
Tex- Hides, Fuel, ChemPulp,
Ma- Furni- Non- Topower, icals Rub- Lumtile
me- bacco
Metals chin- ture
ber paper,
and
and
ber
prod- skins,
mfrs. Misand
and
ery
and allied metal and
and light- and
other tallic
and wood
ucts leather
minand cellaallied
house- erals— bottled
ing
prodand prodprodprodmohold struc- bev- neous
ma- products prodapucts
ucts
tive duraucts
ucts
ucts
terials
parel
prod. bles tural erages
100.1
104.4
95.5
99.2
110.6
99.8
97.3
90.9
107.1
101.9
103.0
106.7
106.6
109.5
101.0
102.1
96.9
104.6
120.3
97.2
98.5
101.4
103.8
94.8
96.3
110.0
104.5
105.7
99.0
102.1
98.9
120.5
148.0
134.0
125.0
93.7
107.2
99.2
113.9
123.9
120.3
120.2
98.6
102.9
98.5
100.9
119.6
116.5
116.1
91.3
103.9
104.8
110.3
122.8
123.0
126.9
92.5
100.9
106.6
108.6
119.0
121.5
123.0
95.6
101.4
103.1
105.3
114.1
112.0
114.2
93.9
101.7
104.4
106.9
113.6
113.6
118.2
98.0
100.4
101.6
102.4
108.
110.6
115.7
114.8
114.9
114.7
114.6
114.5
114.6
97.5 100.0 111.1 106.2 124.6 121.1 115.8 129.3
97.5 99.9 111.0 106.3 123.5 120.4 116.2 129.4
96.9 99.7 110.9 106.7 124.0 119.2 116.9 128.5
96.5 97.1 111.2 106.7 124.2 118.1 117.5 127
96.2 97.1 111.2 107.2 124.3 117.3 117.3 127.9
95.8 95.6 111.1 107.1 124.8 117.4 117.1 127.5
123.4
123.7
124.0
124.1
124.2
124.3
114.7
114.8
114.9
114.8
114.9
115.0
119.4
119.6
120.7
120.7
120.8
120.8
115.6 95.3
115.6 96.4
116.2 94.7
118.1 94.4
118.1 93.2
118.1 100.1
114.6
114.4
114.2
114
114.5
'114.2
114.3
96.1
95.3
95.0
94.7
94.8
94.9
95.1
124.4
124.5
124.5
124.4
124.4
r
124.3
124.3
115.2
115.1
115.0
115.6
115.5
115.4
115.3
120.9
121.0
121.0
120.8
119.3
'119.1
120.4
118.2
118.0
117.9
121.5
121.4
121.4
121.4
1947
1948
1949
1950
1951
1952
1953
96.4
104.4
99.2
103.1
114.8
111.6
110.
100.0
107.3
92.8
97.5
113.4
107.0
97.0
98.2
106.1
95.7
99.8
111.4
108.8
104.6
95.3
103.4
101.3
105.0
115.9
113.2
114.0
1953
July
August
September
October
November
December
110.9
110.6
111.0
110.2
109.8
110.1
97.9
96.4
98.1
95.3
93.7
94.4
105.5
104.8
106.6
104.7
103.8
104.3
1954
January
February
March
April
May
June
July
110.9
110
110.5
111.0
110.9
110.0
110.4
97.8
97.7
98.4
99.4
97.9
94.8
96.2
106.2
104.8
105.3
105.9
106.8
105.0
106.4
95.3
94.9
94.7
94.6
96.0
95.6
95.0
110.8
110.5
109.2
108.6
108.2
'107.8
106.4
107.2
107.5
107.4
107.2
107.1
106.8
106.7
124.8
124.6
124.9
125.0
125.1
126.1
126.8
117.0
116.8
116.7
116.2
116.1
116.3
118.9
117.0
117.1
116.6
116.3
115.8
r
115.8
116.2
127.2
126.2
126.3
126.8
127 A
127.1
128.0
100.8
103.1
96.1
96.6
104.9
108.3
97.8
101.1
102.8
104.9
110.3
109.2
105.1
103.9
r
Revised.
Source.—Bureau of Labor Statistics, Department of Labor.
Back figures.—See BULLETIN for March 1952, pp. 311-313.
1004
FEDERAL RESERVE BULLETIN
PRICES—Continued
WHOLESALE PRICES, BY GROUPS OF COMMODITIES—Continued
[Index numbers of the Bureau of Labor Statistics, 1947-49=100]
1953
1954
1953
Subgroup
Subgroup
May-
June
July
94.7
85.4
95.9
105.0
96.4
106.2
85.5
140.7
104.4
91.2
93.0
107.0
84.1
69.0
95.3
181.2
96.6
86.5
87.7
106.9
'83.7
70.8
96.0
181.7
110.9
88.1
83.2
107.2
87.0
86.3
94.8
184.0
108.5
97.0
110.0
113.3
98.3
101.7
113.5
92.3
102.4
114.0
94.1
105.1
105.0
109.8
169.8
117.3
104.5
113.1
229.6
101.3
'104.7
'113.3
231.3
96.8
104.7
113.4
231.3
99.1 Machinery and Motive Products:
94.1
111.7
87.5
134.7
99.3
85.3
88.3
109.5
85.2
131.6
98.2
78.8
88.4
110.1
85.6
123.9
98.1
79.0
88.9
109.8
85.6
124.2
98.5
79.1
73.4
96.1
111.7
99.7
62.5
87.6
111.9
97.5
60.6
87.4
111.9
••97.5
111.8
131.8
106.1
98.5
116.8
104.6
132.4
109.0
101.8
111.7
104.7
132.4
'107.8
101.8
110.9
58.2
86.4 Furniture and Other Household Durables:
111.8
97.3
Household furniture
Commercial furniture
Floor covering
Household appliances
104.9
Radio
132.4
107.8
Television
101.8
Other household durable goods....
108.2
Nonmetallic Minerals—Structural:
120.2
110.7
95.3
93.6
46.7
110.6
113.8
102.8
117.3
112.8
95.3
94.0
59.3
109.9
114.0
108.1
'117.0
112.8
96.8
94.0
55.7
109.9
111.6
107.7
117.1
112.8
97.6
94.0
52.0
109.7
111.9
108.0
121.1
126.4
124.1
117.5
129.3
123.7
122.8
129.3
123.7
126.2
129.3
123.7
120.2
131.6
112.7
115.0
130.8
101.4
115.5
130.8
99.7
118.5
130.7
101.1
108.8
85.0
125.1
109.7
67.2
126.5
109.7
70.1
126.5
109.6
79.2
126.5
Farm Products:
Fresh and dried produce
Grains
Livestock and poultry
Plant and animal fibers
Fluid milk
Eggs
Hay and seeds
Other farm products
Processed Foods:
Cereal and bakery products
Meats, poultry, and fish
Dairy products and ice cream
Canned, frozen fruits, and vegetables
Sugar and confectionery
Packaged beverage materials. . . .
Other processed foods
Textile Products and Apparel:
Cotton products
Wool products
Synthetic textiles
Silk products
Apparel
Other textile products
Hides, Skins, and Leather Products:
Hides and skins
Leather
Footwear
Other leather products
Fuel, Power, and Lighting Materials,
Coal
Coke
Gas
Electricity
Petroleum and products
Chemicals and Allied Products:
Industrial chemicals
Prepared paint
Paint materials
Drugs, Pharmaceuticals, cosmetic
Fats and oils, inedible
Mixed fertilizers
Fertilizer materials
Other chemicals and products
Rubber and Products:
Crude rubber
Tires and tubes
Other rubber products
Lumber and Wood Products:
Lumber
Millwork
Plywood
Pulp, Paper, and Allied Products:
Woodpulp
Wastepaper
Paper
July
July
May
June
July
124.4
111.5
127.9
124.2
111.5
127.9
124.2
111.9
127.9
131.8
123.6
130.0
137.9
118.2
113.9
131.8
123.7
130.0
137.9
118.5
113.8
133.6
124.2
130.3
138.1
118.5
114.0
Pulp, Paper and Allied Products—
Continued
Paperboard
123.7
Converted paper and paperboard.. 112.1
Building paper and board
123.0
Metals and Metal Products:
Iron and steel
Nonferrous metals
Metal containers
Hardware
Plumbing equipment
Heating equipment
Fabricated structural metal products
Fabricated nonstructural metal
products
135.7
126.4
128.6
134.7
116.4
115.1
117.5
116.5
115.9
115.9
125.4
125.3
125.3
125.3
122.7
122.6
'122.3
122.3
130.8
131.8
131.5
132.6
131.5
132.6
131.6
132.6
125.8
123.3
128.2
125.2
128.2
'125.5
127.8
125.5
124.8
118.6
126.0
118.9
125.9
118.9
125.9
118.9
113.8
125.8
125.2
108.8
95.0
74.3
126.7
113.5
126.2
122.6
109.9
95.7
73.8
130.4
113.1
126.2
122.6
'109.8
95.6
r
70.6
130.4
112.8
126.2
122.7
109.7
95.6
70.4
130.4
124.7
118.4
115.6
131.1
122.1
105.8
117.3
124.7
120.0
117.3
132.0
122.1
96.3
120.2
124.7
'120.1
117.5
132.0
122.1
r
94.2
120.2
124.7
122.1
117.9
132.0
122.1
98.2
120.2
124.0
103.5
120.7
110.0
125.1
124.0
103.5
120.7
114.3
147.9
124.0
103.5
120.7
114.2
148.1
124.0
103.7
121.4
114.2
148.1
Toys, sporting goods, small arms.. 114.1
82.7
Manufactured animal feeds
93.2
Notions and accessories
Jewelry, watches, photo equipment. 101.8
119.8
Other miscellaneous
113.6
109.1
93.5
102.3
121.3
113.6
100.6
-•101.6
102.7
121.3
113.5
98.3
101.6
102.7
121.2
Agricultural machinery and equipment
Construction machinery and equipment
Metal working machinery
General purpose machinery and
equipment
Miscellaneous machinery
Electrical machinery and equipment
Motor vehicles
Flat glass
Concrete ingredients
Concrete products
Structural clay products
Gypsum products
Prepared asphalt roofing
Other nonmetallic minerals
Tobacco Manufactures and Bottled
Beverages:
Cigarettes
Cigars
Other tobacco products
Alcoholic beverages
Nonalcoholic beverages
Miscellaneous:
r
Revised.
Source.—Bureau of Labor Statistics, Department of Labor.
Back figures.—See BULLETIN for March 1952, pp. 131-313.
SEPTEMBER
1954
1005
GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME
[Estimates of the Department of Commerce, in billions of dollars]
RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING
Seasonally adjusted annual rates
by quarters
Annual totals
1954
1953
1929
Gross national product
Less: Capital consumption allowances..
Indirect business tax and related
liabilities
Business transfer payments
Statistical discrepancy
Plus: Subsidies less current surplus of
government enterprises
Equals: National income
Less: Corporate profits and inventory
valuation adjustment
Contributions for social insurance..
Excess of wage accruals over disbursements
Plus: Government transfer payments...
Net interest paid by government. .
Dividends
Business transfer payments
Equals: Personal income
Less: Personal tax and related payments..
Federal
State and local
Equals: Disposable personal income.
Less: Personal consumption expenditures
104.4
1933
1948
1949
1950
1951
1952
1953
56.0 125.8 257.3 257.3 285.1 328.2 346.1 364.9 369.9 367.2 360.5 355.8 356.0
8.6
"7.2
9.0
16.5
18.4
20.5
23.5
25.3
27.2
27.4
27.4
27.9
28.2
29.0
7.0
.6
.3
7.1
.7
.9
11.3
.5
.4
20.4
.7
21.6
.8
.1
23.7
.8
.2
25.6
1.0
1.3
28.0
1.0
30.0
1.0
1.0
30.2
1.0
2.6
30.1
1.0
2.1
30.3
1.0
30.3
1.0
30.2
1.0
n.a.
.0
.1
-.2
.2
.2
-.5
-.6
-.4
.6
-3.0
87.8
-2.1
-.2
40.2 104.7
216.2 240.0 277.0
28.1
5.7
35.1
6.9
291.0
39.9 38.2
8.2
8.7
.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
221.6
10.1
.2
-2.0
.3
14.5
2.8
.0
.9
1.0
5.8
.6
.0
1.5
1.2
2.1
.7
.0
2.6
1.3
4.5
.5
85.8
47.2
2.6
1.3
1.4
1.5
.5
1.0
83.1
45.7
30.6
5.2
.0
10.5
4.4
7.2
.7
96.3 208.7 206.8 227.1
3.3
2.0
1.3
21.1
19.0
2.1
18.7
16.2
2.5
20.9
18.2
2.7
93.0 187.6 188.2 206.1
79.0
46.4
81.9 177.6 180.6 194.0
4.2
-.6
11.1
Equals: Personal saving
10.0
.6
-.2
7.6
12.1
.0
12.1
4.9
9.1
1.0
305.0 308.2 306.2
38.5
8.8
41.0
8.9
— .1
12.8
5.0
9.4
1.0
-.1
12.6
5.0
9.3
1.0
— .1
12.6
5.1
9.5
1.0
29.3
26.3
34.4
31.1
36.0
32.5
3.0
3.2
3.5
35.9
32.5
3.5
250.4
226.1 236.9 250.1
208.3 218.4 230.1
18.4
— .4
299.9 298.9
38.3
33.1 34.1
9.8
8.7
8.6
255.3 271.2 286.1 286.4 287.5
17.7
-.8
230.8
19.6
36.3
32.8
3.5
251.2
231.2
-.1
13.3
5.2
9.6
1.0
.0
14.8
5.3
9.6
1.0
287.3 285.1 285.7
36.1
32.6
3.6
251.2
229.7
21.5
20.0
20.0
.0
14.2
5.2
9.6
1.0
n.a.
9.7
32.8
29.1
32.9
29.2
3.7
3.7
252.3 252.9
230.5 233.1
21.8
19.7
NATIONAL INCOME, BY DISTRIBUTIVE SHARES
Seasonally adjusted annual rates
by quarters
Annual totals
1953
1929
1933
1941
1948
1949
1950
1951
1952
1953
104.7 221.6 216.2 240.0 277.0 291.0 305.0 308.2 306.2 299.9 298.9
National i n c o m e
87.8
40.2
Compensation of employees
Wages and salaries1
Private
Military...
Government civilian
Supplements to wages and salaries..
51.1
50.4
45.5
.3
4.6
.7
29.5
29.0
23.9
.3
4.9
.5
64.8
Proprietors* and rental i n c o m e 2 . . .
Business and professional
Farm
Rental income of persons
20.2
8.8
6.0
5.4
7.6
3.2
2.4
2.0
20.9
10.9
6.5
3.5
45.6
21.6
16.7
7.2
42.0
21.4
12.7
7.9
44.6
49.9
24.8
16.0
9.1
49.9
22.9
13.3
8.5
25.7
14.2
10.0
49.0
26.2
12.2
10.6
48.9
26.3
12.1
10.5
47.8
26.1
11.1
10.6
49.1
25.9
12.3
10.8
49.4
25.6
13.0
10.8
49.0
25.9
12.2
10.9
Corporate profits and inventory
valuation adjustment
Corporate profits before tax
Corporate profits tax liability....
Corporate profits after tax
Inventory valuation adjustment.. . .
10.1
9.6
1.4
8.3
.5
-2.0
14.5
.2 17.0
.5
7.6
9.4
— .4
- 2 . 1 -2.5
30.6
32.8
12.5
20.3
-2.2
28.1
26.2
10.4
15.8
1.9
35.1
40.0
17.8
22.1
-4.9
39.9
41.2
22.5
18
-1
38.2
37.2
20.0
17.2
1.0
38.5
39.4
21.1
18.3
-1.0
41.0
41.9
22.5
19.5
-.9
38.3
40.9
21.9
19.0
-2.6
33.1
32.5
17.4
34
34.5
17.0
17.5
— .4
n.a.
n.a.
n.a.
n.a.
.4
4.5
4.5
5.2
5.9
6.8
7.4
8.4
8.3
8.6
8.9
9.0
9.1
Net interest
6.4
5.0
140.9 140.9
62.1 135.2 134.3
51.9 116.4 113.9
4.0
1.9
4.2
8.3 14.8 16.2
2.7
5.8
6.5
n.a.
154.3 180.4 195.4 209.1 210.0 211.4 208.8 206.4 206.6
146.5 170.9 185.0 198.0 198.9 200.3 197.6 194.6 194.9
124.3 142.1 152.2 164.5 165.3 166.7 164.1 161.2 161.5
5.0
8.7 10.5 10.2
9.7
10.4 10.2
9.9
9.5
17.2 20.1 22.4 23.3 23.2 23.4 23.5 23.7 23.8
9.5 10.4 11.1 11.1 11.1 11.2
7.8
11.8 11.7
15
n.a. Not available.
1
Includes employee contributions to social insurance funds.
2
Includes noncorporate inventory valuation adjustment.
NOTE.—Details may not add to totals because of rounding.
Source.—Department of Commerce.
1006
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
1954
1953
1929
1933
1941
1949
1948
1950
1951
1952
1953
Gross national product . .
104.4
....
Personal consumption
expenditures
1
4
3
2
2
56.0 125.8 257.3 257.3 285.1 328.2 346.1 364.9 369.9 367.2 360.5 355.8 356.0
79.0
9.2
37.7
32.1
46.4
3.5
22.3
20.7
81.9 177.6 180.6 194.0 208.3 218.4 230.1 230.8 231.2 229.7 230.5 233.1
9.7 22.2
28.6 27.1 26.8 29.7 30.3 30.3 28.0 28.0 28.8
43.2 98.7 23.6
96.9 100.4 111.1 116.0 118.9 119.6
118.6 118.7 118.8 120.0
29.0 56.7 60.1 65.0 70.1 75.6 81.4 80.9 82.3 83.0 83.6 84.3
16.2
8.7
3.6
5.1
5.9
1.7
1.8
1.4
1.4
.5
1.0
1.6
-1.6
— 1.4
18.1
6.6
3.5
3.1
6.9
4.5
4.0
.8
.2
1.1
2.0
.5
8.5
1.3
Federal
National security
}l.3
Other
.0
Less: Government sales2 . . . .
7.2
State and local
8.0
2.0
2.0
24.8
16.9
13.8
3.2
21.0
16.0
5.6
36.6
43.6
25.4
19.3
6.6
.0
6.0
.0
7.8
.5
.4
.3
15.6
18.2
19.9
D u r a b l e goods
N o n d u r a b l e goods
Services
. .
...
. . .
Gross private domestic
investment
New construction^Residential, nonfarm
Other . .
Producers' durable equipment
Change in business inventories....
Nonfarm only
Net foreign investment
Government purchases of
goods and services
41.2 32.5 51.2
17.9 17.5 22.7
8.3 12.6
8.6
9.2 10.1
9.3
19.1 17.8 21.1
4.2 - 2 . 7
7.4
3.0 — 1.9 6.4
45.5
25.7
11.7
13.9
24.0
-4.2
—3.7
-3.3 - 1 . 8
-.6
-1.1
-1.0
85.4
60.3
52.3
8.4
86.0
59.8
50.6
9.6
81.9
55.0
46.9
8.4
51.3
25.1
26.2
26 9
27.0
50.7
25.7
11.1
12.6
23.3
3.6
3.0
51.4
25.5
11.9
13.6
24.4
1.5
2.2
-2.2
.2
-.2
-1.9
42.0
22.1
18.5
3.9
62.8
41.0
37.3
4.2
77.2
54.0
48.5
5.8
.4
4
85.2
60.1
52.0
8.5
86.6
62.2
54.3
8.3
21.8
23.2
25.1
24.4
4
44.5 45.6
26.0
27.0
11.7
12.8
14.3 14.2
22.7 22.4
-4.2 -3.8
—4 2 —4 0
52.4
25.6
12.1
13.5
24.8
2.0
2.9
56.9
23.3
11.0
12.4
23.2
10.4
9.0
55.9
25.9
12.2
13.7
24.6
5.4
6 2
4
4
3
3
78.3
44.7
6.9
3
PERSONAL INCOME
[Seasonally adjusted monthly totals at annual rates]
Wage and salary disbursements
Year or month
Personal
income
Total
Distributive
industries
Service
industries
Government
Other
labor
income3
1929
1933
1941
1947
1948
1949
1950
1951
1952
1953
85.8
47.2
96.3
190.5
208.7
206.8
227.1
255.3
271.2
286.1
50.4
29.0
62.1
122.8
135.1
134.4
146.5
170.8
185.1
198.1
21.5
9.8
27.5
54.3
60.2
56.9
63.5
74.9
80.6
15.6
8.8
16.3
35.2
38.8
39.0
41.3
45.8
48.7
51.7
8.4
5.2
8.1
16.0
17.4
18.0
19.5
21.3
23.0
24.8
4.9
5.1
10.2
17.3
18.7
20.5
22.2
28.8
32.8
33.6
.6
.4
.7
2.3
2.7
3.0
3.8
4.8
5.5
6.3
1953—July
August
September
October
November
December
288.2
286.4
287.7
287.8
287.2
287.0
201.4
200.6
199.2
199.1
197.9
196.0
89.8
89.2
88.0
87.9
87.0
85.5
52.7
52.4
52.5
52.
52.
52.1
25.3
25.2
24.9
25.0
25.0
25.0
33.6
33.8
33.8
33.7
33.5
33.4
1954—January
February
March
April
May
June
July?
284.9
285.0
285.0
284.4
286.2
286.5
286.5
194.7
194.7
194.5
194.3
195.0
195.5
195.7
84.5
84.6
84.2
83.7
84.2
84.0
83.8
51.9
51.8
52.0
52.0
52.3
52.5
52.8
24.8
24.9
25.0
25.2
25.2
25.5
25.5
33.5
33.4
33.3
33.4
33.3
33.5
33.6
DiviProdends
prietors'
and
and
perrental 4
sonal
income interest
income
20.2
13.2
7.6
8.3
20.9
40.9
45.6
42.0
44.6
49.9
49.9
49.0
10.3
14.7
16.2
17.2
19.8
20.7
21.4
22.8
6.4
6.5
6.5
6.6
6.6
6.7
47.9
46.6
48.9
48.0
49.1
50.2
6.6
6.6
6.6
6.6
6.6
6.6
6.6
49.6
49.6
48.9
48.2
49.4
49.2
48.8
Transfer
payments 5
Less
personal
Noncontributions agricultural
for
social income7
ance6
11.8
11.3
12.4
15.1
12.6
13.1
13.8
.1
.2
.8
2.1
2.2
2.2
2.9
3.4
3.8
4.0
77.2
43.4
88.0
172.8
188.5
190.8
210.5
235.7
253.3
270.0
23.0
23.2
23.4
23.5
23.7
23.8
13.6
13.6
13.7
14.6
13.9
14.4
4.1
4.1
4.0
4.0
4.0
4.1
273.0
272.6
271.9
272.7
271.3
269.6
23.9
23.9
23.9
24.0
24.0
24.1
24.1
14.8
15.0
15.8
15.9
15.8
15.8
15.8
4.7
4.8
4.7
4.6
4.6
4.7
4.5
267.9
268.2
268.8
269.1
269.7
270.3
270.5
1.5
2.1
3.1
^Preliminary.
1
Includes construction expenditures for crude petroleum and natural gas drilling.
2
Consists of sales abroad and domestic sales of surplus consumption goods and materials.
3
Includes
compensation for injuries, employer contributions to private pension and welfare funds, and other payments.
4
Includes business and professional income, farm income, and rental income of unincorporated enterprise; also a noncorporate inventory
valuation adjustment.
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.
SEPTEMBER
1954
1007
INTERNATIONAL FINANCIAL STATISTICS
PAGE
International capital transactions of the United States
1010-1014
Gold production
1014
Estimated foreign gold reserves and dollar holdings
1015
Reported gold reserves of central banks and governments
1016
Net gold purchases and gold stock of the United States
1017
International Monetary Fund and Bank
1018
Central banks
1018-1022
Money rates in foreign countries
1023
Commercial banks
1024
Foreign exchange rates
1025
Price movements in principal countries:
Wholesale prices
1026
Consumers' price indexes
1027
Security prices
1027
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.
SEPTEMBER 1954
1009
TABLE 1.—SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES,
BY COUNTRIES *
[Amounts outstanding, in millions of dollars]
:
Total oreign
countries
International
institutions2
Date
Official
and
private
1950—Dec. 3 1 . . . 1,527.8
1951—Dec. 3 1 . . . 1,641.1
1952—Dec. 31 . . 1,584.9
Official
7,116.9 3,620.3
7,661.1 3,547.6
8,961.2 4,654.2
United
NethKing- France erdom
lands
Switzerland
Italy
656.6 260.7 193.6
642.6 289.4 148.8
817.9 342.6 203.1
553.0
521.3
641.8
314.7 1,007.8 2,986.3
300.5 1,103.4 3,005.9
308.9 1.441.3 3,755.5
899.0 1,612.9 1,364.2 254.5
1,307.1 1,455.2 1,595.5 297.4
L.420.7 1,612.9 1.836.5 335.6
Other
Total
Europe Europe
Canada
Latin
America
Asia
All
other
1953—July 31. .
Aug. 31. .
Sept. 3 0 . .
Oct. 3 1 . .
Nov. 3 0 . .
Dec. 31. .
1,533.9 9,467.5 5,077.0
1,511.2 9,685.9 5,242.0
1,501.8 9,902.0 5,453.6
1,575.6 9,946 3 5,511.9
1,563.9 10,127.5 5,651.9
1,629.4 10,019.0 5,666.9
887.6
890.0
900.8
916.3
907.8
708.9
334.0
362.6
375.8
425.6
423.4
428.5
227.5
243.1
230.7
241.2
252.8
242.9
659.9
663.7
664.4
661.2
653.7
674.2
336.0 1,798.8
353.9 1,910.7
368.2 1,985.3
390.8 2,037.3
430.1 2,127.7
465.7 2,213.4
4,243.8
4,424.1
4,525.2
4,672.5
4,795.3
4,733.6
L,142.1
1,147.5
L,197.1
1,205 7
,260.3
1,295.5
1,785.5
1,815.4
1,839.7
L.734.9
1,762.4
1,768.4
1,941.9 354.1
1,955.0 343.9
1,986.9 353.2
1,984.2 349.0
1,985.7 323.8
1,895.5 326.1
1954—Jan.
Feb.
Mar.
Apr.
May
June
July
1,702.1
1,677.6
1,698.5
1,678.0
1,683.8
1,633.0
1,649.7
5,741.2
5,903.1
5,925.2
6,062.9
6,253.5
6,303.5
6,422.2
714.0
734.4
797.9
899.5
951.8
986.1
942.2
412.0
435.6
419.9
285.9
387.5
439.5
375.1
211.6
215.6
215.4
226.9
250.4
272.3
305.7
670.4
671.7
665.2
664.8
649.0
638.2
674.0
474.5
491.8
494.6
519.2
482.0
456.6
456.8
4,798.3
4,940.8
5,010.3
5,097.7
5,263.3
5,308.6
5,390.4
,334.9
1,348.4
L.340.4
1,282.3
1,277.2
L,320.0
1,342.0
1,772.5
1,788.1
1,866.8
1,998.6
1,993.9
1,955.5
2,040.6
1,901.9 319.3
1,892.0 330.8
1,801.7 330.9
1,762.1 319.9
L,710.0 308.7
1,688.1 298.5
1,692.7 285.6
31..
28..
31*.
305
31 P.
30P.
31 P.
10,127.0
10,300.1
10,350.0
10,460.6
10,553.1
10,570.7
10,751.3
2,315.8
2,391.7
2,417.3
2,501.4
2,542.6
2,515.8
2.636.6
Table la.—Other Europe
Other AusEurope tria
Date
1950—Dec. 3 1 . . 1,007.8
1951—Dec. 31. . 1,103.4
1952—Dec. 3 1 . . 1,441.3
Den- FinBel- Czechoslo- mark
land
gium vakia
41.9 128.2
57.1 134.7
91.1 123.9
5.6
1.3
.6
45.5 18.3
45.3 27.0
70.4 28.5
72.6
77.2
81.7
88.1
92.8
95.7
35.7
32.8
30.7
33.5
35.7
37.9
Germany,
Po- Por- RuSwe- TurYugo- All
Fed. Greece Norway land tugal mania Spain den key U.S.S.R. slavia other
Rep.
of
221.6
405.6
551.1
32.3 43.6
45.8 99.7
47.3 110.3
4.2 45.7
2.8 40.7
3.4 57.4
6.1 21.3 115.3 14.3
6.1 17.1 71.7 14.1
6.1 19.2 91.0 8.4
4.0 13.2 246.8
2.5 7.1 124.7
1.7 12.0 218.8
108.4
110.3
113.7
115.7
117.6
118.5
2.4 62.9
2.9 70.3
3 . 4 66.7
2.2 70.0
2.9 73.1
2.2 72.4
5.8
5.8 19.9 87.9
5.8 22 1 94.3
23.4 103.5
5.8 32.7 96.0
6.0 35.9 105.2
5.8 36.0 116.7
6.5 10.5 307.3
8 0 13.2 334 0
8.3 7.4 345.3
2.0 9.0 364.8
2.8 7.7 373.6
2.0 6.9 383.5
2.9
3.8
2.4
2.8
2.2
2.2
2.2
5.7
7.8
7.9
7.8
7.8
7.9
7.9
739.5 69.5
773 3 73.3
793.7 77.9
827.2 85.1
850.0 92.0
898.8 100.9
1953—July 3 1 . . 1,798.8
Aug. 31. . 1,910.7
Sept. 30. . 1,985.3
Oct. 31. . 2,037.3
Nov. 30. . 2,127.7
Dec. 31. . 2,213.4
129.9
144.4
161 1
169.9
182.2
190.9
132.9
139.8
148 0
118.2
126.9
130.3
.7
.6
.5
.5
.6
.6
1954—Jan. 3 1 . .
Feb. 28..
Mar. 314.
Apr. 305
May 31 P.
June 30P.
July 3 1 P .
199.7
208.4
217.4
227.6
234 3
238.5
258.0
135.1
133.9
142.1
121.2
122 0
111.6
118.0
.6 104.2 39.7 943.1 106.5 118.5
.6 97.0 42.5 971.7 110.8 118.7
.6 102.4 44.7 994.3 112.4 122.0
.9 102.0 39.1 1,039.3 109.3 130.1
7 92.4 41.6 1,051.2 116.0 130.6
.6 92.7 44.3 1,084.9 114.0 131.2
.6 80.7 42.4 1,222.1 112.1 127.2
2,315.8
2,391.7
2,417.3
2,501.4
2,542.6
2,515.8
2,636.6
71.9
74.2
76.1
77.0
83.5
86.3
88.5
32.6
22.0
21.9
20.5
22.1
26.2
37.5
6.3
8 4
14.2
16.7
22.6
14.2
124.7 10.9
129.4 8.8
119.2 9.4
121.0 9.2
121.9 8.9
123.1 7.4
157.0 6.4
3.1
2.3
1.8
2.5
2.6
3.1
2.8
6.1
6.3
5.8
4.8
6.2
5.9
6.8
410.4
453.3
436.8
486.3
497.7
435.9
366.4
Table lb.—Latin America
Latin
Amer-
Date
ica
Co-
Argen- Bo- Brazil Chile
tina livia
lombia
Cuba
NethDoerPanminlands ama,
Reican Guate- Mex- West
ico
Remala
Indies puband. lic of
pubSurilic
El
Peru
Other
Vene- Latin
zuela Amer-
Salvador
Uruguay
75.1 85 .2
84.7 71 .9
94.1 145 .5
ica
nam
1950— Dec. 31.
1951—Dec. 3 1 .
1952—Dec. 3 1 .
1.612. 9 301 . 8
,455. 2 249 .7
,612. 9 138 . 8
20.4 226 . 0
27.8 100 . 3
24.5 72 .5
79 .5
54 . 0
79 . 3
53 4
106 4
118 2
259 .1
263 .6
301 .2
42.7
45.8
44.2
25.4 207 .1
27.3 158 .2
34.3 231 .2
30.2
34.9
44.3
59.2
67.7
80.8
60.2
47.2
60.9
16.1
27.8
25.6
71.3
87.8
117.4
1953—July
Aug.
Sept.
Oct.
Nov.
Dec.
31.
31.
30.
31.
30.
31.
,785. 5
,815. 4
,839. 7
,734. 9
,762. 4
,768. 4
151 . 3
145 .9
146 . 6
143 .1
137 .1
130 . 0
22.9
20.6
20.3
19.9
18.8
19.1
83 .5
132 .5
164 .4
110 .0
148 .9
101 .7
89 .1
84 .1
92 .1
86 . 0
81 .5
78 . 8
130
129
115
116
132
150
4
9
6
2
0
2
390
402
391
385
352
340
.0
.1
.0
.0
.6
.8
50.2
48.9
45.0
41.9
42.4
39.3
43.2
40.3
36.4
32.7
32.1
37.9
168 .7
160 .5
170 . 3
180 .2
189 .3
183 .2
45.6 103.8
45.1 108.1
43.6 101.9
49.0 82.8
52.2 79.9
51.5 89.9
61.2
62.0
60.0
68.2
73.5
68.0
42.1 91.3
39.2 89.6
33.7 89.0
28.7 93.5
24.9 89.4
26.8 109.6
166
165
197
173
184
222
.5
.2
.8
.1
.1
.4
145.7
141.2
131.7
124.6
123.5
119.2
1954—Jan.
Feb.
Mar.
Apr.
31.
28.
314
305
June
July
30P
31P
,772. 5
1,788 1
L.866 8
L.998 6
1,993 9
1,955 5
2,040 6
139 .2
160 . 8
170 .4
175 . 4
173 . 8
176 .7
181 . 8
18.8
20.3
27.1
26.5
28.5
31.4
28.0
101 . 4
90 .1
110 .1
100 .7
92 .6
96 .1
167 .4
68 . 6
65 .7
60 .5
56 .4
55 . 8
63 .7
73 .9
152
151
160
170
192
232
236
5
2
6
5
5
6
2
345
353
362
376
377
346
332
.1
.5
.2
.0
.1
.5
.4
42.8
45.4
49.2
52.7
53.4
55.8
61.1
44.7
52.0
53.1
53.5
54.1
48.0
44.9
184 . 9
187 . 4
167 .1
233 .5
203 .5
201 .5
210 . 0
53.3
55.7
52.4
52.8
49.1
51.5
50.9
73.7
69.9
73.0
68.9
67.2
66.6
66.6
38.0
42.5
47.2
50.2
44.9
41.6
36.3
201 . 4
179 .2
188 .7
241 . 0
269 . 8
218 . 0
208 .2
120.8
126.0
150.2
141.1
140.3
134.0
138.7
May 3 1 P
87.8
89.3
92.8
94.3
88.3
87.4
91.6
99.5
99.1
102.3
104.9
103.2
104.1
112.6
^Preliminary.
For footnotes see following page.
1010
FEDERAL RESERVE BULLETIN
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
TABLE 1.—SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES,
BY COUNTRIES—Continued
[Amounts outstanding, in millions of dollars]
Table lc—Asia and All Other
Date
Asia
Egypt
and
Union
Bel- AngloAus- gian
of
tralia Congo Egyp- South Other
tian Africa
Sudan
ForKomosa
rea,
and
Hong India IndoRe- Phil- ThaiChina Kong
nesia Iran Israel Japan pub- ippines land
lic
MainOf 6
land
Other
Asia
All
other
20.3 12.6 458 .5 19.5 374.4 48 .2
25.5 26.6 596 .0 26.2 329.7 96 .7
19.2 18.8 808 .0 54.4 315.1 181 . 0
92 .4
142 .2
167 .1
254. 5
297. 4
335. 6
19.1 58.1 75.6
38.5 54.5 110.7
47.2 118.6 59.7
1950—Dec. 3 1 .
1951—Dec. 3 1 .
1952—Dec. 3 1 .
1,364.2
1,595.5
1,836.5
81.7
87.4
76.4
86.1
62.4
70.9
1953—July
Aug.
Sept.
Oct.
Nov.
Dec.
31.
31.
30.
31.
30.
31.
1,941.9
1,955.0
1,986.9
1,984.2
1,985.7
1,895.5
71.6
73.3
75.9
77.1
77.2
73.6
68.2 89.1
68.5 93. i>
68.8 92.7
67.9 95.3
68.7 100.0
68.0 99.0
39. 6
33. 6
35. 1
34. 7
34. 0
39. 3
20.3
22.9
31.0
47.4
42.6
43.6
14.2
19.6
19.5
18.3
14.4
18.0
910
919
932
912
914
827
.2
.4
.2
.0
.9
.9
84.9
76.2
76.5
76.8
88.2
91.5
303.0
309.8
308.8
303.3
299.2
295.5
191
188
191
187
177
167
.9
.2
.3
.1
.0
.9
149
150
155
164
169
171
.0
.2
.1
.2
.6
.2
358. 2
343. 9
353. 2
349. 0
323. 8
326.1
54.6
53.9
54.0
58.9
58.5
59.2
119.4
112.5
116.8
110.6
94.0
89.6
45.3
44.5
43.9
44.7
40.9
43.3
37
39
38
44
38
38
2
6
9
7
0
2
101.7
93.4
99.4
90.1
92.4
95.7
1954—Jan. 31
Feb. 2 8 .
Mar.31 4 .
Apr. 305
May 3 1 P
June 3 0 P
July 3 1 P
L,901.9
,892.0
1,801.7
1,762.1
1,710.0
1,688.1
1,692.7
77 0
79.2
79.6
79.0
76.7
75.8
75.1
68 0
65.8
65.3
66.3
66.8
73.1
64.6
97 5
120.2
82.2
85.1
86.7
91.3
79.2
75. 7
74. 6
68. 3
65. 2
64. 8
59. 2
60.5
41.5
40.5
47.7
45.4
39.4
34.0
28.6
26.0
20.0
33.7
31.0
27.4
28.9
25.1
795
737
675
639
615
615
612
4
.7
.8
.7
.8
.0
.1
98 7
95.5
102.8
103.7
104.7
105.9
104.6
298 1
313.0
309.9
317.7
303.5
296.9
308.2
153
157
155
144
139
130
127
170
188
181
184
184
177
207
7
.0
.2
.3
.9
.8
.6
319 ^
330. 8
330. 9
319. 9
308. 7
298. 5
285. 6
51 5
53.4
49.6
49.5
49.6
48.0
42.8
91 1
87.7
83.3
81.1
78.9
44 0
45.9
49.7
61.8
46.6
51.7
51.5
34
44
43
32
34
37
38
s
.5
I
.6
.3
.1
.1
8
9
8
2
8
6
98 1
99.0
104.3
104.8
99.5
97.4
101.3
55.7 114. 7
62.1 140. 6
64.6 6 1 . 0
Table Id.—Supplementary Areas and Countries
63.6
51.3
End of year
Area or country
1950
Other Europe:
Albania
Azores
British dependencies
Bulgaria
Estonia
Hungary
Iceland
Ireland, Republic of
Latvia
Lithuania
Luxembourg
Monaco
Trieste
and
57.7
86.8
86.5
7
End of year
Area or country
Other Latin America:
British dependencies
Costa Rica
Ecuador
French West Indies
Guiana
Haiti
Honduras
Nicaragua
Paraguay
44 0
7 0
23 6
French
1951
1952 1953
.5
.6
2.9
1.1
2.1
9.2
6.4
1.0
11.9
2.9
4.1
.6
.6
2.7
1.0
3.5
15.9
1.3
.4
.6
1.9
1.0
3.7
12.6
1.3
n.a.
n.a.
.4
.6
1.9
1.0
7.5
n.a.
1.3
11.8
3.2
5.6
5.0
2.6
4.1
4.0
3.0
2.5
8.7
6.5
19.3
14.6
8.7
11.4
14.6
12.1
23.7
18.0
13.4
17.7
10.3
17.2
.3
2.2
11.6
15.4
13.4
5.4
5.0
.2
7.7
9.8
5.7
4.1
9.3
n.a.
16.0
6.0
Other Asia:
Afghanistan
British dependencies.
Burma.
Ceylon
French India..
Indochina. . . .
Iraq. . .
Jordan
Lebanon
Pakistan
Portuguese dependencies .
Saudi Arabia
Syria
All other:
British dependencies
Ethiopia
French dependencies
Italian Somaliland
Liberia
Libya
New Zealand
Portuguese
g e dependencies
dependn
.
Spanish dependencies
Tangier
1950
1951
8.3
10 . 6
21 .0
9 .5
19 .2
1 .3
7.3
12 .9
.5
15 . 3
13 . 1
2 .7
13 .2
5 .4
23.7
.4
3.4
.8
3.1
2.9
.5
12.3
13.0
.7
7.9
6.8
.9
3.3
26.5
.2
1.6
.3
2.7
3.0
.2
16.9
1 .2
6 .9
36 . 5
.1
6 .1
.5
5 .2
4 .3
.2
21 . 5
1952
1953
4.0
n a.
19 . 8
n a.
n a.
25.5
16.9
13.9
1.8
7.7
14.1
.6
19.3
14.4
2.8
15.9
11.4
1.6
3.0
27.0
1.1
10.3
2.3
3.5
6.3
.2
26.7
n.a.
6 .9
13 .8
.9
23 . 9
9 .7
5 .3
18 .5
20 . 5
1 .6
n a.
22 .2
.3
11 . 8
n.a.
2 .1
5 .0
.2
36 . 1
pPreliminary.
n.a. Not available.
1
"Short-term liabilities" reported in these statistics represent principally demand deposits and U. S. Government obligations maturing in
not more than one year from their date of issue, held by banking institutions in the United States; small amounts of bankers' acceptances and
commercial
paper and of liabilities payable in foreign currencies are also included.
2
Includes International Bank for Reconstruction and Development, International Monetary Fund, and United Nations and other international
organizations.
Excludes Bank for International Settlements, reported under "Other Europe."
3
Represents funds held with banks and bankers in the United States (and in accounts with the U. S. Treasury) by foreign central banks
and by foreign central governments and their agencies (including official purchasing missions, trade and shipping missions, diplomatic and consular
establishments,
etc.).
4
Beginning Mar. 31, 1954, banks whose total liabilities to foreigners are less than $500,000 are excluded. Banks claiming this exemption
reported a total of 15.9 million dollars of such liabilities on that date.
beginning Apr. 30, 1954, includes liabilities to foreigners held by banks in the territories and possessions of the United States. These banks
reported
a total of 16 million dollars of such liabilities on that date.
6
Through 1952, reported by banks in the Second (New York) Federal Reserve District only.
7
These data are based on reports by banks in the Second (New York) Federal Reserve District only and represent a partial breakdown of
the amounts shown in the "other" categories in Tables la-lc. For each date the Second District reported at least 90 per cent of the total amount
in the "other" categories.
NOTE.—The statistics in this section are based on reports by banks, bankers, brokers, and dealers. Certain changes in the reporting forms
and instructions were made as of Mar. 31, 1954, and there were also changes, beginning with the BULLETIN for June 1954, in the content, order,
and selection of the material published, as explained on p. 591 of that issue. For discontinued tables and data reported under previous instructions, see BULLETIN for May 1954, pp. 540-545.
SEPTEMBER
1954
1011
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
TABLE 2.—SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES,
BY COUNTRIES *
[Amounts outstanding, in millions of dollars]
1950—rj)ec 3i
1951—Dec. 31
1952—Dec. 31
1953—June 30
July 31
Aug. 31
Sept 30
Oct. 31
Nov. 30
Dec. 31
1954—jan# 3i
Feb 28 2
Mar. 31
Apr. 30
May 31 P
June 30?
United
NethKing- France
erdom
lands
Total
Date
898.0 105.7
968.4 35.0
1,048.7 30.3
..
..
946.7
919 5
917.8
901 8
906.5
910.0
904.5
28.7
28 5
26.6
33 9
39.5
48.1
70 5
923.8
901 5
867.1
879.9
920 2
967.1
66.9
59 9
59.5
87.0
79 6
79.7
Switzerland
Italy
Other
Total
Europe Europe
Canada
Latin
America
Asia
All
other
31.4
10.1
31.9
3.4
5.0
8.7
11.2
4.4
7.1
20.7
10.3
17.8
68.0
111.8
120.7
237.9
183.4
212.2
125.8
92.0
62.3
378.8
489.3
662.0
95.4
161.8
89.8
60.0
41.9
22.4
7.8
5.1
9.7
5.7
15.2
14.0
13.4
14 7
15.4
16.8
17.9
24.8
22.1
22.2
21 7
20.0
20.3
18.8
81.3
84 1
88.5
91 7
103.1
97.6
109.5
163.0
164.3
166.2
179 1
196.8
197.2
235.9
58.3
49.6
42.0
56.7
80.7
67.1
56.4
602.9
590.2
594.1
540 4
502.4
506.5
472.7
100.8
94 9
95.7
105 3
104.3
117.7
114.8
21.6
20.4
19.8
20.3
22.3
21.6
24.9
18.1
16.1
12.8
12.5
10.7
12.1
16.7
17.5
13.7
14.4
14.4
15.3
132.3
131 1
134.7
138.2
149.3
129.8
247.6
241.2
243.5
269.2
274.6
259.5
51.7
59.2
60.0
47.5
52.6
65.2
473.3
450 4
426.4
433.3
449.9
495.8
125.5
126.7
111.4
101.9
114.5
113.3
25.7
24.0
25.8
27.9
28.6
33.3
Norway
Portugal
Spain
Sweden
Turkey
Yugoslavia
All
other
5 2
10 5
72
9 9
9.1
9.8
8.2
10.6
6.3
8.6
7.4
6.2
9 4
13.1
71
9.6
9.2
7.9
11 9
10.7
8 8
11 .9
Table 2a .—Other Europe
Other
Europe
Date
Austria
Belgium
Denmark
Finland
Germany, Greece
Fed.
Rep. of
1950—Dec. 31
1951—Dec. 31
1952—Dec. 31
68 0
111.8
120.7
2
(8)
.8
21.5
39.6
32
4.8
2.1
2.2
16.2
3.1
5.6
25.4
28.3
26.8
.2
.2
2.5
1.9
.8
.5
18.8
11.2
5.4
2.5
.6
38.8
3.9
8.6
1953—June 30
July 31
Aug 31
Sept. 30
Oct 31
Nov. 30
Dec. 31
81 3
84.1
88 5
91.7
103 1
97.6
109.5
1
.2
4
.3
1
.2
.8
11 6
12.2
10 3
11.1
11 0
12.3
13.0
1 3
2.3
3 5
4.3
5 7
5.3
6.2
3 8
3.5
3 4
2.3
27
1.8
1.9
30 9
27.0
30 3
33.6
37 3
31.3
30.5
.1
.1
.2
.4
.5
.7
1.3
1.1
.8
.8
1.0
.9
.8
1.0
.5
.5
.4
.5
.4
.6
.6
6.9
14.4
20.3
24.1
22.6
22.8
24.3
11.3
8.7
4.5
1.0
7.7
7.7
15.7
4.7
5.3
5.8
4.2
5.3
4.3
4.8
1954—Jan. 31
Feb. 28 2
Mar. 31
Apr. 30
May 31 P
June 30P
132.3
131.1
134.7
138.2
149 3
129.8
.2
.2
.2
.2
1
.2
13.4
14.3
13.2
14.9
15 2
14.8
6.0
4.1
2.9
4.3
3 5
1.5
1.3
1.3
1.6
1 6
40.1
43.6
53.4
58.9
57 0
52.0
1.4
1.4
1.5
2.0
1 9
1.2
1.6
1.3
1.4
1 3
.4
.5
.4
.6
6
24.4
19.8
12.2
10.6
5.7
2.4
2.6
1.8
2.2
1.7
2.4
2.7
2.1
1.7
1.4
2.2
1.9
29.2
31.0
35.4
29.8
49.2
35.9
4.5
5.4
5.9
5.2
5 1
6.2
5.6
6.6
6.1
5.3
6.2
4.1
1.9
.2
1.8
1.4
.5
1.3
.6
6.9
1.6
.9
2.4
3.5
4.0
4.0
5.4
6.5
6.4
6.9
6.7
7.1
7.5
6.8
7.9
Table 2b.—Latin America
Date
Latin
BoAmer- Argentina
livia
ica
1950—Dec. 3 1 . . 378.8 45.9
1951—Dec. 31. . 489.3 7 . 6
1952—Dec. 3 1 . . 662.0 8 . 2
8.7
7.5
5.8
1953—June 30..
July 31. .
Aug. 31. .
Sept. 30..
Oct. 31. .
Nov. 30..
Dec. 31. .
602.9
590.2
594.1
540.4
502.4
506.5
472.7
9.0
8.0
7.6
7.5
7.0
6.7
7.1
14.7
14.3
13.4
13.2
11.9
1954—Jan. 3 1 . .
Feb. 28. .
Mar. 312.
Apr. 30..
May 31 P.
June 30P.
473.3
450.4
426.4
433.3
449.9
495.8
7.3
7.2
5.4
6.2
5.6
7.7
9.2
8.7
1.9
1.7
2.3
2.0
9.7
10.8
NetherDolands Panminican Guate- Mex- West ama,
ReRemala ico Indies puband lic of
pubSurilic
nam
Peru
El
Salvador
Uruguay
2.6
3.8
4.2
70.6
90.6
88.6
1.3
1.2
1.3
3.1
3.0
6.5
11.0
11.8
14.8
6.8
9.5
9.1
10.5
14.3
49.4
41.7
36.7
14.6
14.5
13.7
2.9
1.9
1.9
1.7
1.7
1.7
1.9
3.2
3.2
3.0
3.6
4.2
4.7
4.1
88.3
86.4
89.0
79.3
86.3
90.1
92.9
2.1
2.4
2.2
1.8
3.0
1.6
2.6
5.4
5.6
5.4
5.8
4.9
7.4
4.6
14.3
13.7
15.1
16.8
17.7
18.5
20.2
4.0
3.3
3.7
4.8
6.0
7.9
8.2
3.6
3.3
3.2
3.4
3.8
4.4
3.7
35.2
35.6
35.4
36.3
39.2
40.3
41.6
13.9
15.5
14.2
16.1
18.2
18.6
19.3
2.0
1.8
1.6
2.2
2.4
2.5
3.4
3.4
2.6
3.2
3.0
2.9
98.1
87.2
85.3
77.3
78.6
81.7
2.6
1.8
1.1
1.5
1.8
2.5
5.7
6.2
7.1
7.4
6.2
7.7
18.8
17.2
14.7
16.4
15.2
16.0
8.9
7.4
5.5
5.0
4.1
4.6
2.8
3.3
2.1
2.7
3.2
6.3
40.8
38.8
38.9
45.7
47.7
44.5
17.8
17.8
16.9
17.3
17.1
17.6
Brazil Chile
Colombia
Cuba
78.0 6 . 8
185.0 24.8
356.4 26.4
42.5
43.7
41.7
27.6
32.3
32.5
1.9
1.8
1.6
324.1 7 . 5
316.2 7 . 7
319.6 7 . 5
273.7 7 . 5
203.6 6 . 1
186.5 7 . 1
125.1 22.6
47.7
44.4
48.9
47.4
47.1
52.0
56.9
27.0
28.8
24.0
21.6
41.7
49.4
51.2
121.9
116.7
117.3
117.4
129.1
164.2
53.1
50.6
47.8
54.4
59.1
66.4
60.0
62.2
58.4
55.2
55.9
56.8
20.9
20.1
19.9
19.6
18.5
12.2
8.0
Other
Vene- Latin
zuela America
^Preliminary.
1
"Short-term claims" reported in these statistics represent principally the following items payable on demand or with a contractual maturity
of not more than one year: loans made to and acceptances made for foreigners; drafts drawn against foreigners that are being collected by banking institutions on behalf of their customers in the United States; and foreign currency balances held abroad by banking institutions and their
customers in the United States. The term "foreigner" is used to designate foreign governments, central banks, and other official institutions,
as well as banks, organizations, and individuals domiciled outside the United States, including U. S. citizens domiciled abroad and the foreign
subsidiaries
and offices of U. S. banks and commercial firms.
2
Beginning Mar. 31, 1954, banks whose total claims on foreigners are less than $500,000 are excluded. Banks claiming this exemption reported
a total of 9.6 million dollars of such claims on that date.
'Less than $50,000.
1012
FEDERAL RESERVE BULLETIN
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
TABLE 2.—SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES,
BY COUNTRIES—Continued
[Amounts outstanding, in millions of dollars]
Table 2c.—Asia and All Other
Asia
Date
95.4
161 8
89.8
1950—Dec. 3 1 .
1951—Dec 31
1952—Dec. 3 1 .
1953—June 30. . 100.8
July 31
94 9
95.7
Aug. 31
Sept. 30. . 105.3
Oct. 31. . 104.3
Nov. 30. . 117.7
Dec. 31 114 8
1954—Jan. 3 1 . . 125.5
Feb. 28. . 126.7
Mar. 312. 111.4
Apr. 30. . 101.9
May 31 P . 114.5
June 30*>. 113.3
Egypt
and
Union
Bel- Angloof
Aus- gian
tralia Congo Egyp- South Other
tian Africa
Sudan
Formosa
Korea,
RePhil- Thai- Other All
and Hong
IndoChina Kong India nesia Iran Israel Japan pub- 1 ippines land Asia other
lic of
Mainland
16.2
3 1 13 4
18 2
10 1
10 1
3.0
1.2
4.3
.2
3
9
1.1
6 6 18.9 12.1
9 3 30 0 12 2
10 2 15.1 12.5
2 5
3 3
16.6
18 8
17.1
20.5
17.7
26.6
25 6
11.8
10 8
10.1
4 5
52
9.4
5.5
5.2
5.9
6.2
6.8
28.5
31.7
32.8
30.6
8 . 8 36.6
8 . 0 38.6
.1
6.0
8.0
4.9
6.4
.1
.2
10.5
3 7
19.4
17 8
18 8
24.4
25.9
23.4
22 9
2.9
3.2
4.1
3.9
5.1
3.5
1.0
.9
.7
.5
1.4
.6
14.7
14.7
14.3
15.1
15.3
16.0
32.7
27.6
22.1
16.2
2.3
2.9
2 3
2 9
2 5
2 7
8.5
8.5
8.5
2.9
2.6
4.3
2.9
3.4
4.1
8 1
3 1
8.1
8.1
8.4
8.1
8.2
8.1
2.3
2.2
2.2
3.2
3.4
3.1
1.5
7.6
12.8
1 2 13 3
1 6 13 9
1.1 13.0
.6 14.2
. 6 13 3
8 13 8
8.1
8 2
79
4.9
29 3
5.3
5 8
(*)
6 1
5.5
5.2
4.3
4.9
5.7
8.7
6.2
13.9
51 6
24.6
60.0
41 9
22.4
20.4
15 5
15.5
16.7
19.7
24.9
24 7
21.6
20 4
19.8
20.3
22.3
21.6
24 9
23.9
25.0
17.5
13.0
19.5
20.1
25.7
24.0
25.8
27.9
28.6
33.3
40.8
22 8
10.1
7.2
6 3
6.3
7.0
5.8
5.7
8 0
6.9
7.2
7.6
8.7
7.7
8.2
4.4
7.3
6.7
2.0
.3
2
.5
5 7
6.0
6.6
2.9
.3
2
.2
.1
.2
.4
5
7 1
5.9
5.7
5.7
5.8
6 3
4.6
2 9
.7
6.5
6.5
6.7
6.4
7.1
7.8
7.2
6 5
3.8
.5
1.3
.3
.5
.3
3 9
2.9
2.3
2.7
2.3
4.6
5.1
7.8
7.4
2 4
7 8
4.7
5.1
4.5
5.5
5.8
5.9
6.8
4.6
5.7
7.0
7.6
11.1
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
1950 . .
1951
1952...
1953
Sales
(-)
1,236.4
294.3
673.6 1,356.6
533 7
231 4
728.0
646.0
1953—June
July
August
September
October
November
December
1954—January
February
March..
April
MayP .
June?
Net
purchases
or sales
28.8
36.6
30.1
43.1
24.4
37.0
191.1
22.7
82.3
29.3
116.4
28.8
38.6
192.6
33.7
87.4
55.0
65.2
87.3
48.9
38.0
99.9
22.1
30.0
88.4
27.3
942.1
-683.0
302 3
-82.0
6.1
-45.7
.8
-73.3
-4.4
-1.6
-1.5
-4.3
-12.6
32.9
35.2
-1.2
21.6
Net
purchases
or sales
Purchases
Sales
98.7
12.6
70.5
589.2
500.4
495.3
542.5
710.2
801.0
677.4
621.5
51.1
48.3
47.3
45.1
50.8
60.4
64.1
14.0
7.9
2.4
23.1
2.5
-3.0
11.3
62.1
46.2
20.0
23.2
83.9
34.6
39.5
71.6
85.7
95.8
96.5
96.4
99.9
-2.9
-8.6
2.2
15.6
14.4
7.3
58.6
64.8
46.8
54.3
37.1
53.2
Purchases
Sales
774.7
859.8
850 3
801.9
772.3
761.0
837.7
731.4
65.0
56.2
49.7
68.2
53.3
57.5
75.4
68.7
77.1
98.0
112.1
110.8
107.2
Foreign stocks
Foreign bonds
(-)
2.4
Net
purchases
or sales
Net
purchases
or sales
Purchases
Sales
-121.0
-300.6
— 182.1
-79.0
173.8
272.3
293 9
310.1
198.2
348.7
329 6
303.4
-24.4
-76.4
32.8
50.3
17.9
16.9
120.6
79.6
64.0
29.3
-4.1
2.1
6.3
-36.7
-45.0
-24.4
44.9
23.1
18.6
23.9
23.1
25.6
34.5
21.9
21.2
18.5
16.3
18.4
25.6
30.9
23.0
2.0
.1
7.7
4.7
(3)
3.6
234.4
35.6
82.6
80.0
25.7
43.1
-175.9
29.1
-35.8
-25.7
11.3
10.0
28.1
26.9
32.6
31.3
29.5
28.7
26.9
38.9
41.6
46.5
56.1
79.0
1.2
-12.0
-9.0
-15.2
-26.6
-50.3
(-)
(-)
—35 8
6.8
TABLE 4.—NET PURCHASES BY FOREIGNERS OF LONG-TERM UNITED STATES SECURITIES, BY COUNTRIES
[Net sales, (—). In millions of dollars]
International
institutions
Total
foreign
countries
United
Kingdom
1950 . .
1951
1952 .
1953
121 2
823.2
— 15.9 —568^4
14 7
300.2
22.7
—34.3
64 0
21.4
70 4
71.3
1953—June...
July...
Aug
Sept...
Oct....
Nov....
Dec...
-4.2
-14.1
-8.2
18.7
-38.3
5.4
9.0
6.8
2.6
4.2
Year or
month
1954—Jan.. . .
Feb.. . .
Mar....
Apr....
May*. .
JuneP..
1.3
.5
8.5
-4.4
.9
.7
.5
.6
21.8
.5
7.4
-36.2
6.3
— 13.0
14.2
-8.1
-21.8
34.5
50.1
-8.6
28.3
—2.5
25.7
9.0
6.1
9.2
5.0
3.4
3.5
France
Nether- Switzerlands
land
197 8
6.0
5.5
-41.7
2.0
-49.0
1.0
.7
.3
.2
1.1
-7.1
-16.2
21.4
36.1
2.2
1.5
Italy
7
—6.3
—22.2
—21.9
—21.3
19 0
45.9
50.7
57.1
l!9
.5
-.5
-1.1
-1.9
5.2
2.5
5.5
9.6
1.3
2.1
1.2
.1
.4
.1
(3)
(3)
-.5
.1
1.1
.1
2.3
(3)
-.1
-.4
.1
-.4
.2
-.5
-.8
-2.8
-.1
-1.1
-2.0
-2.9
-3.7
-4.6
-3.4
-1.9
10.5
5.4
2
Latin
America
Other
Europe
Total
Europe
Canada
73.8
-43.8
347.5
458.2
—595.5
191.6
-120.6
30.1
13.9
6.0
.8
1.5
2.3
.3
6.2
-2.5
-.2
2.6
-1.5
.5
1.6
(3)
1.6
1.0
1.9
1.4
2.7
3.6
1.5
9.2
111.4
62.4
11.4
-36.3
11.4
12.7
4.7
-.7
28.5
2.1
-11.1
30.2
49.7
10.8
4.6
4.7
24.9
-3.1
-6.5
-50.5
-9.9
-14.9
-17.4
11.8
-6.8
-6.7
-3.3
-2.9
-5.2
-34.3
-8.3
14.8
31.2
-.3
3.9
2.7
3.2
3.3
Asia
— 15 3
4.8
—9 5
All
other
(3)
2.7
— .7
1.9
— .9
.1
-.2
.5
.4
.1
-.5
-.5
.4
-.1
-.3
1.0
-.3
-.8
.9
-.3
-.1
(3)
.8
-.2
.1
.3
-1.0
1.4
1.4
.4
.7
P Preliminary.
*Not reported separately until Mar. 31, 1954.
2
See footnote 2 on opposite page.
SLess than $50,000.
4
Includes transactions of international institutions.
SEPTEMBER
1954
1013
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
TABLE 5.—NET PURCHASES BY FOREIGNERS OF LONGTERM FOREIGN SECURITIES OWNED IN THE
UNITED STATES, BY AREAS
TABLE 6.—DEPOSITS AND OTHER DOLLAR ASSETS HELD
AT FEDERAL RESERVE BANKS FOR FOREIGN
CORRESPONDENTS *
[Net sales, (—). In millions of dollars]
[In millions of dollars]
Year or
month
1950
1951
1952
1953
1953—June. .
July...
Aug.. .
Sept...
Oct....
Nov.. .
Dec...
Inter- Total
national foreign Total
insticoun- Europe
tutions tries
Canada
—3.6 — 141 8
-152.7 -224.3
— 118.1 —99 8
—61.2 - 1 1 . 0
13 4
28.5
19.9
96.3
— 190.0
-258.6
— 141 0
-137.8
2.1
50.3
26.3
-2.2
.1
2.5
.5
-.2
6.5
22.9
-18.0
-.3
14.0
-73.1
41.1
.6 - 4 5 . 5
— .5 - 2 0 . 3
1954—Jan
-100.6
Feb...
10.5
.1
Mar.. .
.7
Apr....
Mayp .
-2.2
June?.
0)
.3
5.1
33.7
4.8
4.7
-9.8
-49.6
-23.3
-74.0
8.9
-95.3
6.7
10.7
8.0
8.3
-44.8
-41.6 - 5 . 9
-13.1 -17.6
-40.3 -9.9
-53.2
-35.9
-2.4
-28.5
Assets in custody
Latin
Amer- Asia
ica
29.8
1.0
33.8 -36.0
25.3 -10.0
34.6 -29.9
7 . 3 -2.2
2 . 1 -2.7
All
3.9
7.9
6.0
25.8
— .4
1.4
2.4
9.3
2.2
1.6
-4.1
18.1
1.4
.7
8.8
.5
2.1
-.7
-.8
-3.5
-5.4
-2.6
-4.8
-2.2
-2.5
5.6
.1
1.3
1.7
3.4
2.6
Date
other
9.4
-7.4
1.0
.9
.4
.3
3.0
-4.7
* Preliminary.
iLess than $50,000.
Deposits
U. S. Govt.
Miscelsecurities2 laneous
1952—Dec. 31
550
2,156
86
1953—Aug.
Sept.
Oct.
Nov.
Dec.
1954—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
31
30
31
30
31
31
28
31
30
31
30
31
31
524
512
448
417
423
440
490
494
471
527
545
533
477
2,588
2,641
2,674
2,694
2,586
2,632
2,716
2,784
2,840
2,969
2,900
3,033
2,989
95
94
97
99
106
99
88
92
96
93
87
85
82
1954—Aug.
Aug.
Aug.
Aug.
4
11
18
25
525
559
548
562
3,057
3,056
3,036
3,012
84
85
84
82
1
Excludes assets held for Intl. Bank and Monetary Fund and earmarked gold. See footnote 4, p. 1017, 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
monthly
U.S.S.R.
North and South America
Africa
South
Africa
Rhodesia
West Belgian United
Africa2 Congo 2 States3
Canada
Mexico
Other
Colom- Chile
bia
Nica- Austraragua 4
lia
India 2
$1 = 15 H i grains of gold ft o fine: i. e., an ou nee of fine gold = 5
1947
1948
1949.
1950
1951
1952
1953
.
1953—June
July
August....
September.
October. . .
November.
December.
1954—January.. .
February..
March
April
May
June
766.5
805.0
840 0
864.5
840.0
864.5
705.5
728.1
753 2
777.1
758.3
780.9
••777.2
392.0
18.3
18.0
18 5
17.9
17.0
17.4
17.5
19.3
23.4
23.1
24.1
22.9
23.8
25.4
10.8
11.1
12 9
12.0
12.3
12.9
13 0
75.8
70.9
67.3
80.1
66.3
67.4
69.7
107.5
123.5
144.2
155.4
153.7
156.5
142.4
16.3
12.9
14.2
14.3
13.8
16.1
16.9
13.4
11.7
12 6
13.3
15.1
14.8
15.3
5.9
5.7
6 3
6.7
6.1
6.2
4.6
7.4
7.8
7 7
8.0
8.8
8.9
9.1
32.8
31.2
31 3
30.4
31.3
34.3
37.7
6.1
6.5
5 7
6.7
7.9
8.9
'7.8
64.7
67 0
66.0
65.7
64.9
64.3
64.4
34.1
35 9
35.6
35.0
35.6
35.1
35.7
1.5
1 5
1.5
1.5
1.5
1.5
1.5
2.1
2.1
2.1
2.1
2.2
2.2
2.2
L.I
1
L.2
L.2
L.2
L.I
.9
6.0
6.8
6.2
6.2
6.8
6.2
6.1
12.7
12.9
11.5
11.7
10.0
»-9.6
9.6
1.2
1.1
1.4
1.3
1.4
2.0
2.1
1.0
1 1
1.1
1.9
1.3
1.6
1.1
.4
3
.3
.4
.5
.4
.4
.8
9
.8
.7
.8
.7
.7
3.4
2 8
3.7
3.0
3.1
3.3
3.7
.5
7
.6
.7
.6
.6
.5
35.7
34.5
37 5
37.0
38 3
38 3
1.5
1.5
1 5
2.1
2.2
2.2
2.2
2.3
2.3
L.5
.1
5.1
4.9
5.4
4.9
5.0
6.1
10.3
10.9
12.9
12.5
13.4
1.4
1.2
1 l
.9
1 0
.4
.3
.7
.7
7
.7
7
2.9
.6
.6
7
.7
.6
405.5
409 7
408.2
403.1
413.7
417.9
1.6
L.I
L.On
7
'Revised.
Gold production in U.S.S.R.: No regular government statistics on gold production in U.S.S.R. are available, but data of percentage changes
irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual
production
as follows: 1934, 135 million dollars; 1935, 158 million; 1936, 187 million; 1937, 185 million; and 1938, 180 million.
1
Estimates of United States Bureau of Mines.
2
Reported
by American Bureau of Metal Statistics.
3
Yearly figures through 1952 are estimates of United States Mint. Figures for 1953 and 1954 are estimates of American Bureau of Metal
Statistics.
4
Gold exports reported by the National Bank of Nicaragua, which states that they lepresent 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.
1014
FEDERAL RESERVE BULLETIN
ESTIMATED GOLD RESERVES AND DOLLAR HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL INSTITUTIONS
[Amounts outstanding, in millions of dollars]
1950
1952
1951
1954
1953
Area and country
Dec. 31
Continental Western Europe:
Austria .
Belgium-Luxembourg (and Belgian
Congo)
France (and dependencies) l
Germany (Federal Republic of) . . .
Italy.
Netherlands (and Netherlands
West Indies and Surinam)
Norway.
Portugal (and dependencies)
Spain (and dependencies)
Sweden
Switzerland
Turkey
Other2
Dec. 31 June 30 Sept. 30 Dec. 31 Mar. 31 June 30 Sept. 30 Dec. 31 Mar. 31 June 30P
92
107
102
126
143
154
166
208
238
267
289
848
834
222
571
898
896
434
633
969
906
545
613
1,036
1,022
604
638
1,035
967
691
655
1,052
883
770
651
1,044
926
893
660
1,081
1,003
1,053
714
1,098
1,049
* 1,225
812
1,124
1,060
1,381
841
1,055
1,090
1 ,503
803
559
94
257
132
205
2,023
164
524
150
331
128
224
1,973
165
603
145
342
129
281
2,009
171
734
154
356
131
280
2,010
155
815
160
374
130
275
2,053
151
905
171
391
130
283
2,051
153
1,022
169
437
138
309
2,120
157
1,091
1,055
171
469
150
335
2,133
157
1,183
1,064
169
499
136
337
2,134
153
1,292
1,122
178
516
142
342
2,107
151
1,320
828
651
822
947
919
980
953
164
412
134
280
2,091
152
1,032
6,829
7,114
7,637
8,193
8,368
8,574
8,907
9,502
10,075
10,457
10,618
3,557
120
303
241
232
2,843
99
309
197
326
2,218
103
306
159
348
2,241
109
302
170
353
2,318
113
312
194
347
2,627
113
323
207
356
2,886
109
334
212
369
3,051
111
340
214
354
3,009
108
346
214
'375
3,198
105
329
'221
'372
3,536
113
338
225
376
Total
4,453
3,774
3,134
3,175
3,284
3,626
3,910
4,070
'4,052
'4,225
4,588
Canada....
1,988
2,157
2,396
2,437
2,492
2,435
2,238
2,292
2,417
2,487
2,462
518
543
120
518
417
99
415
398
96
398
406
100
427
390
121
485
393
128
519
451
129
520
481
134
503
423
121
543
431
102
550
417
106
Total
Sterling Area:
United Kingdom
United Kingdom dependencies....
India
Union of South Africa
Other
Latin America:
Argentina
Brazil
Chile
Cuba
Mexico
Uruguay
Venezuela
Other
. . . .
. . .
Total
Asia:
Indonesia . .
Iran
Japan...
Philippines
Thailand
Other
. . .
. .
Total
Eastern Europe 4
. . . .
All other:
Egypt
Other. . .
Total
Total foreign countries
International 5
Grand total
530
575
635
601
515
527
587
531
548
532
366
306
445
634
266
309
503
679
320
302
527
683
579
415
311
458
560
375
301
519
721
393
309
490
812
339
311
530
814
325
311
571
779
341
337
595
772
329
329
562
868
3287
331
621
880
3,455
3,360
3,301
3,337
3,369
3,537
3,672
3,708
3,623
3,712
3,724
324
160
587
377
166
421
163
729
337
210
456
159
849
341
240
367
156
898
329
271
296
157
936
324
294
275
156
1,026
334
306
246
155
1,022
316
311
198
168
1,062
318
304
184
181
958
304
281
166
185
807
319
268
140
171
747
306
243
256
325
310
355
360
401
363
374
401
451
444
•"1,870
2,185
2,355
2,376
2,367
2,498
2,413
2,424
2,309
2,196
2,051
344
309
307
310
307
307
306
314
306
308
309
173
28
285
42
292
38
266
44
234
49
227
57
229
61
218
63
217
67
224
74
226
68
201
327
330
310
283
284
290
281
284
298
294
-•19,140
19,226
19,460
20,138
20,470
21,261
21,736
22,591
'23,066
'23,683
24,046
3,090
3,171
3,150
3,266
3,287
3,249
3,272
3,212
3,331
3,401
3,360
'22,230
22,397
22,610
23,404
23,757
24,510
25,008
25,803
'26,397
'27,084
27,406
r
P1 Preliminary.
Revised.
Includes gold reserves of Bank of France and French dependencies only.
2
Includes holdings of other Continental OEEC countries, Finland, Yugoslavia, Bank for International Settlements, (both for its own and
European Payments Union account), gold to be distributed by the Tripartite Commission for Restitution of Monetary Gold, and unpublished
gold 3reserves of certain Western European countries.
Includes latest available figure for Mexican gold reserves (Apr. 30). Estimated change for remainder of quarter is included in "Other Latin
America."
4
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 aa
purchased within 20 months of maturity. For back figures see BULLETIN for March 1954, p. 245.
SEPTEMBER
1954
1015
REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]
End of
month
United States
Estimated
total world
(excl.
U.S.S.R.)i Treasury Total 2
Argentina
216
216
268
Belgium
Bolivia
Brazil
Canada
698
587
621
706
23
23
23
21
317
317
317
317
496
590
850
896
40
40
45
42
1949—Dec
1950—Dec
1951—Dec
1952—Dec
35,410
35,820
35,970
36,280
24,427
22,706
22,695
23,186
24,563
22,820
22,873
23,252
1953—July
Aug.
Sept
Oct
36,480
22,277
22,178
22,128
22,077
22,028
22,030
22,353
22,275
22,220
22,146
22,112
22,091
701
715
721
754
766
776
21
21
21
21
21
21
317
317
317
317
317
321
951
960
970
976
984
996
21,956
21,958
21,965
21,969
21,973
21,927
21,908
22,044
22,036
22,035
22,083
22,039
22,027
21,960
779
787
787
788
779
765
765
21
21
321
321
321
321
321
321
322
1,005
1,017
L.022
1,030
1,034
1,042
1.050
Germany,
Federal GuateRepublic mala
of
Nov
Dec.. . .
1954—j a n
Feb
Mar. . .
Apr. . . .
May. . .
July-
June...
36,710
361920
'P37',095' '
Indonesia
186
186
186
186
186
186
31
31
31
31
31
31
31
23
23
23
23
23
23
23
Norway
38
38
38
38
38
38
46
46
46
36
36
36
137
137
137
137
137
137
346
346
346
160
161
162
86
787
772
772
772
772
48
47
47
47
47
47
45
38
38
38
38
38
38
38
36
36
36
36
573
576
576
576
576
576
224
247
259
282
303
326
27
27
27
27
27
27
247
247
247
247
247
247
177
168
163
150
150
145
1954—Jan
Feb
Mar.. . .
Apr
May
June
July....
174
174
174
174
174
174
174
576
576
576
576
576
576
576
340
369
387
414
406
418
478
27
27
27
27
247
247
247
247
247
247
End of
month
Portugal
El Salvador
1949—Dec
1950—Dec
1951—Dec
1952—Dec
178
192
265
286
17
23
26
29
128
197
190
170
1953—July
Aug
Sept.. . .
Oct
Nov
Dec
330
331
337
348
350
361
29
29
29
29
29
29
1954—Jan
Feb
Mar.. . .
Apr
May....
June
July....
373
379
386
391
393
393
P403
29
29
29
29
29
29
29
218
218
218
218
218
219
219
42
42
42
42
42
42
55
55
55
55
55
52
174
174
174
174
174
174
54
54
54
54
55
56
23
23
23
23
23
23
662
683
723
733
733
737
1953—July....
Aug
Sept.. . .
Oct
Nov
Dec
176
177
177
180
180
187
188
31
31
31
31
31
31
173
174
155
156
158
158
140
140
138
138
203
204
206
219
219
218
196
196
196
186
186
186
346
346
346
346
346
346
178
209
280
235
54
54
54
54
54
54
41
41
42
42
42
42
137
137
137
137
137
137
247
247
247
247
175
176
175
175
175
176
21
19
22
23
28
31
46
46
27
27
27
27
L.504
1,470
1,452
1,411
32
31
31
31
27
27
27
38
28
140
70
90
152
184
299
271
311
214
52
74
51
50
50
50
523
523
548
573
85
61
51
51
dor
195
311
316
544
53
97
174
174
Switzerland
Ecua-
52
208
208
144
1949—Dec
1950—Dec
1951—Dec
1952—Dec
Sweden
Denmark
256
256
333
346
France3
Spain
Cuba
Netherlands
Egypt
South
Africa
Colombia
Mexico
End of
month
India
Chile
Iran
Italy
P774
P794
Pakistan
Peru
Inter- Bank for
national InterMone- national
Settletary
ments
Fund
Turkey
United
Kingdom
118
118
113
113
154
150
151
143
41,688
43,300
42,335
41,846
178
236
221
207
373
373
373
373
1,451
1,495
1,530
1,692
68
167
115
196
1,450
L ,452
L,456
1,460
1,460
1,459
113
113
113
113
113
113
144
143
143
143
143
143
42,456
42,469
42,486
42,520
42,561
42,518
222
222
222
222
222
227
373
373
373
373
373
373
1,699
1,700
L.700
1,700
1,701
1,702
195
188
198
195
190
193
1,458
L.469
1,469
,471
1,450
,469
L,485
113
113
113
113
113
144
144
144
144
144
144
144
42,543
42,583
42,685
42,820
42,985
43,017
43,013
227
227
227
227
227
373
373
373
373
373
403
403
1,702
L,7O2
1,703
1,719
1,727
1,727
1,733
194
190
199
197
186
182
186
Thailand
Uruguay
Venezuela
pPreliminary.
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
offi cial holdings of countries from which no reports are received.
2
Includes gol d 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."
3
Represents gold holdings of Bank of France (holdings of French Exchange Stabilization Fund are not included).
4
Exchange Equalization Account holdings of gold, U. S. and Canadian dollars, as reported by British Government. (Gold reserves of Bank
of England have remained unchanged at 1 million dollars since 1939, when Bank's holdings were transferred to Exchange Equalization Account.)
NOTE.—For description of figures, including details regarding special internal gold transfers affecting the reported data, see Banking and
Monetary Statistics, pp. 524-535; for back figures through 1941 see p. 526 and Table 160, pp. 544-555 , in the same publication and for those subsequent to 1941 see BULLETIN for January 1953, p. 74; April 1951, p. 464; February 1950, p. 252; and November 1947, p. 1433. For revised back
figures for Argentina and Canada, see BULLETIN for January 1949, p. 86, and February 1949, p. 196, respectively.
1016
FEDERAL RESERVE BULLETIN
NET GOLD PURCHASES BY THE UNITED STATES, BY COUNTRIES
(Negative figures indicate net sales by the United States)
[In millions of dollars at $35 per fine troy ounce]
Year or quarter
1945.
1946.
1947.
1948.
1949.
1950.
1951.
1952.
1953.
Netherlands
Portugal
130.8
40.7
-23.5
-79.8
-4.5
-100.0
-65.0
-47.9
-10.0
116.0
63.0
14.0
-15.0
-34.9
-5.0
-59.9
Total
United
Kingdom
Belgium
-452.9
721.3
2,864.4
1,510.0
193.3
-1,725.2
75.2
393.7
-1,164.3
2
406^9
734.3
446.3
-1,020.0
469.9
440.0
-480.0
31.1
14.2
222.8
69.8
-41.0
-55.0
-10.3
-3.8
-84.9
520.0
20.2
-80.0
-24.0
-100.0
-5.0
-320.0
-40.0
-120.0
-36.5
-3.4
-12.4
-32.6
-25.0
-15.0
-15.0
-15.0
-15.0
France
278.5
264.6
15.8
-84.8
-20.0
Sweden
80.2
238.0
3.0
-22.9
-32.0
-20 i 6
Switzerland
Other
Europe x
-86.8
-29.9
10.0
-5.6
-40.0
-38.0
-15.0
22.5
-65.0
-7.4
27.3
86.6
5.8
2
-159.9
-68.0
-60.1
-27.3
3
-241.8
22.5
-10.1
Canada
36.8
337.9
311.2
3.4
-100.0
-10.0
7.2
Argentina
-224.9
153.2
727.5
114.1
-49.9
-49! 9
-20.0
-84.8
Cuba
Mexico
-85.0
-30.0
-65.0
-10.0
-10.0
28.2
-20.0
-23.8
36.9
45.4
61.6
-16.1
-118.2
-60.2
87.7
-28.1
1952
Jan.-Mar..
Apr.-June.
July-Sept..
Oct.-Dec..
557.3
105.7
-1.3
-268.0
11.3
101.4
6.9
.3
-17.2
-20.0
-25.0
-75.0
-18.
-82.8
-65.3
-54.9
-20.0
-10.0
-28.1
1953
-599.1
-128.2
-306.6
-130.3
Jan.-Mar
Apr.-June
July-Sept
Oct.-Dec
-10.0
-10.0
-20.0
-25.0
-15.0
-5.0
1954
Jan.-Mar...
Apr.-June..
-63.0
-19.6
-20.0
-5.0
-50.0
3-42.3
3-16.8
80.3
NET GOLD PURCHASES BY THE UNITED STATES,
BY COUNTRIES—Continued
ANALYSIS OF CHANGES IN GOLD STOCK OF
UNITED STATES
(Negative figures indicate net sales by the United States)
[In millions of dollars at $35 per fine troy ounce]
[In millions of dollars]
Year or
quarter
Uruguay
Venezuela
Other
Latin
America
Asia
and
Oceania
Union
of
South
Africa
Gold s tock at
end of period
All
other
Period
Treas-
Total 1
EarNet
marked DomesIncrease
gold:
de- tic gold
in total gold im- crease
port or
gold
producor
inexport
stock
tion
crease
(-)
ury
1945
1946
1947
1948
1949
1950
1951..
1952
1953. .
..
-37.9 -73.1
-9.2
—4.9
-3.7
25.1
-108.0
10.7
-14.4 -50.0
-64.8
22.2
-.9
14.9
— 15 0
- 2 7 . 8 4-188.3
13.7
25.0
1.0
79.1
-4.1
13.4
-52.1
-7.5
-35.4
-17.2
- 1 7 . 2 6-50.1
-7.0
-25.1
-6.1
-3 8
3.7
94'. 3
22.9
11.9
256.0
498.6
6.9
195.7 5 - 1 . 6
13.1 5 -47.2
52.1 -84.0
-2.0
11.5
—9 9
1952
-17 6
-7.4
-2.0
2.0
10 0
Jan.-Mar...
Apr.-June
July-Sept
Oct.-Dec
4.8
-3.2
-2.4
.4
-1.8
4 3
7.2
" "—. i
-1.9
1953
Jan.-Mar...
Apr.-June
July-Sept
Oct.-Dec.
— 10 0
—5 0
—3 6
-.1
-.1
— 1.1
-1.2
-1.4
-2.4
" _9 [9
1954
Jan.-Mar
Apr.-June...
-5.0
1
Includes
2
Includes
3
-30'. 6
13.2
2.0
-8.9
-. i
Bank for International Settlements.
sale of 114.3 million dollars of gold to Italy.
Includes sales of gold to Federal Republic of Germany as follows:
1953, 130.0 million dollars; 1954, Jan.-Mar., 40.0 million; Apr.-June,
15.6
million.
4
Includes sales of 185.3 million dollars of gold to China,
includes sales of gold to Egypt as follows: 1950, 44.8 million
dollars;
and 1951, 76.0 million.
6
Includes sales of 45.0 million dollars of gold to Indonesia.
SEPTEMBER 1954
(-)
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
22,726
21,938
20,619
20,065
20,529
22,754
24,244
24,427
22,706
22,695
23,186
22,030
22,739
-23.0
315.7 - 4 5 8 . 4 125.4
21,981
-757.9
68.9 - 8 0 3 . 6
48.3
20,631 -1,349.8 -845.4 - 4 5 9 . 8
35.8
20,083
-547.8 - 1 0 6 . 3 -356.7
32.0
<=465.4
20,706 2 623.1
311.5
51.2
210.0
22,868 2,162.1 1,866.3
75 8
24,399 1,530.4 1,680.4 - 1 5 9 . 2
70.9
24,563
164.6
686.5 - 4 9 5 . 7
67.3
22,820 -1,743.3 - 3 7 1 . 3 - 1 , 3 5 2 . 4
80.1
617.6
22,873
52.7 - 5 4 9 . 0
66.3
23,252
378.9 684.3 - 3 0 4 . 8
67.4
2
.
2
1
,
1
70.8
22,091 — 1,161.0
69.7
1953—Aug...
Sept..
Oct.. .
Nov. .
Dec.. .
22,178
22,128
22,077
22,028
22,030
22,275
22,220
22,146
22,112
22,091
-77.4
-55.6
-73.3
-34.0
-21.9
21,956
21,958
21,965
21,969
21,973
June.. 21,927
July. . 21,908
Aug... P21,809
22,044
22,036
22,035
22,083
22,039
22,027
21,960
P2 1,897
-46.6
-7.7
-1.5
47.9
-44.1
-11.6
-66.5
1954—Jan.. .
Feb...
Mar. .
Apr...
May..
P-63.9
-.1
-.1
.6
-.6
-1.4
-78.8
-55.0
-72.5
-35.1
-21.2
6.2
6.2
6.8
6.2
6.1
-5.5
-43.3
1.6
9.0
2.4
1.2
3.3
1.5
(3)
-9.9
-2.0
37.5
-48.4
-16.9
4 -72.7
-65.4
5.1
4.9
5.4
4.9
5.0
6.1
6.1
(3)
^Preliminary.
"Corrected.
1
See footnote 2 on opposite page.
2
Change includes transfer of 687.5 million dollars gold subscription
to International Monetary Fund.
3
Not yet available.
4
Gold held under earmark at the Federal Reserve Banks for foreign
account, including gold held for the account of international institutions, amounted to 6,704.8 million dollars on Aug. 31, 1954. Gold
under earmark is not included in the gold stock of the United States.
NOTE.—For back figures and description of statistics, see Banking
and Monetary Statistics, Table 156, pp. 536-538, and pp. 522-523.
1017
INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT
AND INTERNATIONAL MONETARY FUND
[End-of-month figures.
1954
In millions of dollars]
1953
1954
June
Mar.
Dec.
Sept.
June
414
415
468
427
379
Dollar deposits and U. S. securities
Other currencies
and securities 1 . 1,034
990 1,011 1,018 1,035
2
Effective loans
1,663 1,562 1,535 1,408 1,417
3
16
Other assets
33
25
21
31
556
IBRD bonds outstanding
742
567
777
653
398
357
325
Undisbursed loans
380
401
6
5
Other liabilities
10
7
7
114
Reserves
146
137
129
122
1,830 1,808 1,808 1,808 1,807
Capital
Apr.
Country 8
Principal
Disbursed
Undisbursed
Repaid
Total
Australia
Belgium
Brazil
Chile
Colombia
Denmark
Finland
France
India
Japan
Mexico
Netherlands
Norway
Pakistan
Thailand
Turkey
Union of S. Africa
United Kingdom..
Uruguay
Yugoslavia
Other
Total
Quota
Outstanding
4
204.0
86.0
194.
37.3
69.3
40.0
38.1
257.5
100.5
40.2
80.3
221.5
25.0
44.4
25.4
63.4
110.0
42.0
33.0
60.
101.2
52.9
2.9
69.7
21.3
32.9
151.1
83.1
124.4
16.0
36.4
40.0
29.7
250.0
55.9
4.1
62.3
221.5
10.0
14.4
22.0
21.0
91.8
33.3
22.8
46.4
69.4
61,873.9
8.4
7.5
44.6
36.1
18.0
15.0
30.0
3.4
42.4
18.2
8.7
10.2
14.3
31.8
405.6 468.3
1.0
1.0
2.6
2.8
.9
4.3
5.3
11.5
19.5
' ' .2
.2
.1
.6
2.7
2.0
56.8
151
82
123
13
33
39
25
244
44
4
60
202
10
14
21
20
91
33
22
43
67
Sold
to
others 8
16.9
4.7
.3
1.0
1.3
.4
3.0
4.1
6.1
12.7
2.0
1.5
.2
.1
2.6
.5
.3
3.6
1,348.8 7 62.1
Jan
Oct.
Gold
1,719 1,702
Currencies:*
1,408 1,386
United States
4,824 4,847
Other
889
Unpaid member subscriptions.. .
796
8,849 8,739
Member subscriptions
-8
-8
Accumulated net income
Loans as of June 30, 1954
Country
1953
Monetary Fund
International Bank
200
Australia
150
Brazil
68
Denmark
525
France
330
Germany
400
India
250
Japan
90
Mexico
43
Turkey
,300
United Kingdom..
United S t a t e s . . . . 2,750
Subscription
paid
in
gold
8.4
37.5
5.9
108.1
33.0
27.5
62.5
22.5
10.8
236.3
687.5
July
Apr
1,700 1,699 1,693
1,310 1,332 1,338
4,920 4,885 4,640
799
812 1,057
8,739 8,737 8,737
Cumulative net drawings
on the Fund 9
1954
May
Apr.
1953
Mar,
May
32.0
32.0
32.0
50.0
65.5
65.5
65.5
37.5
10.2
10.2
10.2
10.2
125.0
125.0
125.0
125.0
-4.4
-4.4
-46.1
63.8
63.8
63.8
ioo!6
62.4
62.4
62.4
22.5
22.5
27.0
27.0
10.0
27.0
108.3
266.0
108.3
108.3
-589.7 -623.9 -605.9 -704.8
1
Other
2
currencies includes demand obligations held in lieu of deposits.
Represents total principal of authorized loans, less loans not yet
effective, repayments, the net amount outstanding on loans sold or
agreed
to be sold to others, and exchange adjustment.
3
Excludes uncalled portions of capital subscriptions.
4
Loans to dependencies of member countries are included with
member.
includes also loans agreed to be sold but not yet disbursed.
6
Includes 88 million dollars in loans pot yet effective.
7
Of this amount, 26 million dollars is guaranteed and 36 million is
not8 guaranteed by the Bank.
Includes countries having cumulative net drawings of (+) or (—)
10 9million dollars on the latest date.
Represents for each country purchases of other currencies from
Fund less purchases of own currency by it or other countries.
CENTRAL BANKS
Bank of England
(Figures in millions of
pounds sterling)
Assets of issue
department
Other
assets 2
Gold1
Assets of banking
department
Notes
and
coin
Discounts
and advances
Securities
Liabilities of banking department
Note
circulation3
ECA
Other
Other
liabilities and
capital
17.8
17.8
18.1
18.1
18.1
18.1
18.1
18.1
18.1
Deposits
Bankers'
Public
1944—Dec.
1945—Dec.
1946—Dec.
1947—Dec.
1948—Dec.
1949—Dec.
1950—Dec.
1951—Dec.
1952—Dec.
27
26
25
31
29
28
27
26
31
.2
.2
.2
.2
.2
.4
.4
.4
.4
1,250.0
L,400.0
1,450.0
1,450.0
1,325.0
1,350.0
1,375.0
1,450.0
L,575.0
13.5
20.7
23.4
100.8
36.1
33.7
19.2
14.1
51.3
5.1
8.4
13.6
15.2
16.7
14.8
29.2
18.2
11.2
317.4
327.0
327.6
331.3
401.1
489.6
384.0
389.2
371.2
1,238.6
1,379.9
1,428.2
1,349.7
1,293.1
1,321.9
1,357.7
1,437.9
1,525.5
260.7
274.5
278.9
315.1
314.5
299.2
313.5
299.8
302.8
5.2
5.3
10.3
18.6
11.7
11.6
15.4
13.4
10.0
17.4
97.9
.4
.6
24.3
52.3
58.5
57.3
95.5
92.1
111.2
85.0
89.8
78.5
1953—Aug.
Sept.
Oct.
Nov.
Dec.
26
30
28
25
30
.4
.4
.4
.4
.4
1,575.0
1,575.0
1,575.0
1,575.0
1,675.0
32.2
45.2
45.5
27.9
57.8
3.6
5.2
12.9
7.6
4.9
367.8
356.6
343.2
362.9
338.1
1,545.7
1,532.7
1,532.4
1,549.9
1,619.9
277.5
287.3
287.3
288.8
290.2
8.8
10.7
9.9
10.4
14.9
31.6
19.9
17.6
11.5
7.2
67.3
70.6
68.9
69.9
70.4
18.4
18.6
17.8
17.9
18.2
1954—Jan.
Feb.
Mar.
Apr.
May
June
July
27
24
31
28
26
30
28
.4
.4
.4
.4
.4
.4
.4
1,575.0
1,575.0
1,625.0
1,625.0
1,625.0
4 1,675.0
4 L,750.0
42.6
29.9
51.3
15.5
14.7
30.2
36.8
15.4
14.0
15.2
7.5
7.0
11.7
8.2
330.2
340.1
319.3
369.5
352.5
374.6
338.7
1,535.2
1,547.9
1,576.9
1,612.6
1,613.4
1,647.4
1,715.8
278.6
284.0
262.7
289.3
267.8
307.7
269.1
10.7
10.9
30.6
11.7
14.0
10.6
14.8
12.5
4.7
1.0
6.6
4.6
8.7
10.2
68.1
65.9
72.9
67.1
69.8
71.3
71.3
18.3
18.4
18.6
17.8
18.0
18.2
18.3
4
4
*On June 9, 1945, the official buying price of the Bank of England for gold was increased from 168 shillings to 172 shillings and threepence
per fine ounce, and on Sept. 19, 1949, it was raised to 248 shillings. For details regarding previous changes in the buying price of gold and for
internal
gold transfers during 1939, see BULLETIN for March 1950, p. 388, footnotes 1 and 4.
2
Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure.
3
Notes
issued less amounts held in banking department.
4
Fiduciary issue decreased by 50 million pounds on Jan. 6, by 25 million on Jan. 13 and Jan. 27 and increased by 50 million on Mar. 17,
June 2 and July 13, and by 25 million on July 28. For details on previous changes, see BULLETIN for February 1954, p. 222.
NOTE.—For back figures, see Banking and Monetary Statistics, Table 164, pp. 638-640; for description of statistics, see pp. 560-561 in same
publication.
1018
FEDERAL RESERVE BULLETIN
CENTRAL BANKS—Continued
Assets
Bank of Canada
(Figures in millions of
Canadian dollars)
1941—Dec.
1942—.Dec
1943—Dec.
1944—.Dec
1945—De~.
1946—Dec.
1947—Dec.
1948—Dec.
1949—Dec.
1950—Dec.
1951—Dec
1952—Dec.
1953—Aug.
Sept.
Oct.
Nov.
Dec
1954—j a n
Feb.
Mar.
Apr.
Sterling
and United
States
dollars
Gold*
1
4
8
1
33 5
31 3
47 3
34 3
29 5
42.1
43 7
45.4
42 5
297 1
135 2
77 3
496 0
693 6
874 4
L 036 0
1,129 1
I,186 2
1,211 4
1,289 1
,307 4
,367 4|.
464 2
,561 2
232 0
259 9
340 2
401 7
521 2
565.5
536 2
547.3
541 7
578 6
619 0
626 6
67 4
69.0
70 5
61 2
54 9
1,414.0
1,385.7
1,469 9
1,378.6
1,376 6
830.9
824.9
812.1
894.9
893 7
83 0
81.0
118 6
89.7
112 0
,549 7
,552.5
,555 9
,559 3
599 1
617.8
616.9
733 6
625.6
623 9
66 4
15.4
3 8
50 3
51 5
61 6
53 0
50 0
58 3
61 5
54 2
53.6
1 328 3
1,374.8
1,552.8
L,7O3 8
1,740.4
L,568 5
1,651.2
880 6
900.8
636.3
568.0
520.5
702 0
502.3
103 1
116 7
146.2
101 2
103.2
112 9
109.9
1 519 2
1,506 2
1,512.6
1,535 7
1,546.6
1,553 5
1,572.1
634 4
676 6
660.0
661 7
589.3
624 4
543.9
48 8
126 1
81.8
86 0
143 8
99 0
50.5
2 0
31. .
4
74
111
117
77
31
30 .
31
31
31 .
30. .
31
30. .
31
30
27
31. .
30
M a y 31 . .
Tune 30
July 31
Dominion
government
216.7
209 2
472 8
573 9
688 3
708.2
858 5
779.1
227 8
712.5
1,049 3
767.2
1.0
Chartered
banks
73 8
51 6
20 5
(Figures in
millions of francs)
Gold*
Foreign
exchange
Domestic bills
Open
market6 Special
Advances to
Government8
200,000
200,000
200,000
200,000
200,000
568,349
517,049
532,149
554,949
579,849
144,154
133,385
152,085
150,222
169,964
2,176 ,277
2,141 ,807
2,193 ,383
2,168 ,977
2,310 ,452
41
73
96
78
21
895,508
870,066
905,854
982,829
934,538
946,002
1,018,726
195,000
195,000
195,000
195,000
195,000
195,000
195,000
557,549
567,549
572,949
563,349
551,849
556,749
552,449
162,772
159,027
146,195
192,424
210,331
185,682
9196,282
2,253 ,485
2,257 ,405
2,235 ,417
2,322 ,140
2,272 ,409
2,270 ,081
2,386 ,357
72
42
70
15
17
84
70
1953—Aug.
Sept.
Oct.
Nov.
Dec.
27...
24...
29...
26...
31...
201
201
201
201
201
,282
,282
,282
,282
,282
2 ,870
4 ,803
9 ,319
12 ,444
15 ,421
276
260
272
255
292
048
777
559
680
465
4,
23,
49,
59,
61,
28...
25...
25...
29...
M a y 26...
June 24...
July 29...
201
201
201
201
201
701
201
,282
,282
,282
,282
,282
,282
,282
18 ,596
20 ,807
23 ,646
27 ,862
31 ,344
34 ,133
37 ,884
262
272
277
218
208
717
264
211
186
003
436
288
399
197
40,
33,
26,
18,
12,
1954—Jan.
Feb.
Mar.
Apr.
817
877
441
968
533
108
5 6 , 988
51 ,577
319
162
612
317
206
Government
953,856
905,862
877,283
836,117
891,560
,225
,225
,689
,274 61 ,943
,785 162 ,017 136 ,947
,447 28 ,320 234 973
,187 31 ,068 274 ,003
30...
9
2
8
2
4
5
126
138
140
145
133
4
0
8
7
1
29 5
34 4
28 9
27 3
30 3
41 4
30.9
141
102
102
120
115
119
119
35
37
37
43
29
Deposits 7
17,424 270 ,144 1 517
770
16,990 382 ,774
578
16,601 500 ,386
748
572
,510
20,892
24,734 570 ,006 12 048
765
33 133 721 ,865
733
59,024 920
806
57,622 987 621
112,658 1,278 ,211 1 , 168
70
212,822 1,560 ,561
29
190,830 1,841 ,608
27
159,727 2,123 ,514
94
6S
6S
6?
29
28... 182
27... 191
3 1 . . . 200
26
31
6 ,812
8 ,420
9 ,518
12 ,170
17 ,980
37 618
67 ,395
97 ,447
Note
circulation
182,507
250,965
366,973
475,447
L45.447
t80,447
558,039
558,039
560,990
181,039
:81,039
179,982
12
4,517 69,500
169
5,368 68,250
29
7,543 64,400
48
15,850
18,592
303
25,548
135
76,254 67,900
64 117,826 147,400
8 577 238,576 150,900
548 335,727 157,900
3 4 , 081 393,054 158,900
31 , 956 741,267 160,000
5 7 , 042 937,459 172,000
38
37
37
42
68
7
12
30
Other
assets 8
Other
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1945—Dec
1947—Dec.
1948—Dec.
1949—Dec.
1950—Dec.
1951—Dec.
1952—Dec.
3 1 . . . 84 ,598
3 1 . . . 84 ,598
30... 84 ,598
2 8 . . . 75 ,151
27... 1 2 9 ,817
3
5
8
1
7
7
9
2
1
35
24
55
209
198
42
42
43
119
172
200
132
o
4
1
5
7
4
1
2
6
o
0
0
6
7
2
5
Liabilities
Current
Other
Other
6 0
19 1
17 8
27 7
29 8
93 8
67 5
81 0
?* 9
207 1
66 1
44 5
? Q
153
60
68
98
30
24
94
16
Assets
Bank of France
Oth er
liabili Hes
anc]
capital4
Note
circulation8
391.8
807 2
787.6
906 9
1,157.3
1,197.4
1,022 0
1,233.7
1,781 4
1,229.3
1,141 8
1,459.8
172 3
156 8
31
Deposits
Other
assets
Other
5
6
31. .
Dominion and provincial government
securities
Short-3
term
200 9
31
31
31
30
31
Liabilities
ECA
Other
25
29
33
37
57
63
8?
171
1S8
27?
935
137
855
755
-168
479
78^?
15,058 161, 720
10,587 166, 226
897 137, 727
188, 594
139, 313
139, 6 6 2
Other
liabiliti
and
capital
8 6 8 474
821 318
596
7 078
4 087
7 213
10 942
16 2 0 6
1 9 377
24 234
41 332
49 305
2,061 142, 823
86
65
61
69
56
126
011
023
224
292
398
996
617
387
816
155
203
62
47
62
59
57
65
59
323
425
064
704
869
043
047
397
394
479
458
628
627
79
98
134
202
348
1 3 1 , 490
133,
131,
114
132
128
119
132
*On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term Government securities (see BULLETIN for
July 21940, pp. 677-678).
Securities maturing in two years or less.
3
Includes notes held by the chartered banks, which constitute an important part of their reserves.
4
Beginning November 1944, includes a certain amount of sterling and United States dollars.
5
For details on devaluations and other changes in the gold holdings of the Bank of France, see BULLETIN for September 1951, p. 1211; September 1950, pp. 1132 and 1261; June 1949, p. 747; May 1948, p. 601; May 1940, pp. 406-407; January 1939, p. 29; September 1937, p. 853;
and November 1936, pp. 878-880.
«For
explanation of these items, see BULLETIN for January 1950, p. 117, footnote 6.
7
Beginning January 1950, when the Bank of France modified the form of presentation of its statement, the figures under this heading are
not strictly
comparable with those shown for earlier dates.
8
Includes the following amounts (in millions of francs) for account of the Central Administration of the Reichskreditkassen: 1941, 64,580;
1942, 16,857; 1943, 10,724.
includes advance to Stabilization Fund, amounting to 57.6 billion francs on July 29.
NOTE.—For back figures on Bank of Canada and Bank of France, see Banking and Monetary Statistics, Tables 166 and 165, pp. 644-645
and pp. 641-643, respectively; for description of statistics, see pp. 562-564 in same publication. For last available report from the Reichsbank
(February 1945), see BULLETIN for December 1946, p. 1424.
SEPTEMBER
1954
1019
CENTRAL BANKS—Continued
1954
Central Bank
(Figures as of last report
date of month)
Central Bank of the Argentine
Republic (millions of pesos):
Gold reported separately
Other gold and foreign exchange.
Government securities
Rediscounts and loans to banks..
Other assets
Currency circulation
Deposits—Nationalized
Other sight obligations
Other liabilities and capital
Commonwealth Bank of Australia (thousands of pounds):
Gold and foreign exchange
Checks and bills of other banks..
Securities (incl. Government and
Treasury bills)
Other assets
Note circulation .#
Deposits of Trading Banks:
Special
Other
Other liabilities and capital
Austrian National Bank (millions
of schillings):
Gold
Foreign exchange
Loans and discounts
Claim against Government
Other assets
Note circulation
Deposits—Banks
Other
Blocked
National Bank of Belgium
(millions of francs):
Gold
Foreign claims and balances (net)
Loans and discounts
Consolidated Government debt. .
Government securities
Other assets
Note circulation
Deposits—Demand
ECA
Other liabilities and capital
Central Bank of Bolivia—Monetary dept. (millions of bolivianos):
Gold at home and abroad
Foreign exchange (net)1
Loans and discounts
Government securities
Other assets
Note circulation
Deposits
Other liabilities and capital....
Central Bank of Ceylon (thousands
of rupees):
Foreign exchange
Advances to Government
Government securities
Other assets
Currency in circulation
Deposits—Government
Banks
Other liabilities and capital
Central Bank of Chile (millions
of pesos):
Golds
Foreign exchange (net)
Net claim on Int'l. Funds
Discounts for member banks. . .
Loans to Government
Other loans and discounts
Other assets
Note circulation
Deposits—Bank
Other
Other liabilities and c a p i t a l . . . .
Bank of the Republic of Colombia
(thousands of pesos):
Gold and foreign exchange
Net claim on Int'l. Fund 3
July
June
May
1,623
1,767
3,771
62,798
254
26,213
39,124
464
4,412
1,623
1,798
3,808
62,000
247
26,003
38,626
553
4,295
July
466,460 505,414 539,847
5,445 13,552
9,061
447, 073 457,739 403,738
70,566 64,936 70,438
345,077 343,827 344,113
334,670 351,920 353,920
50,859 54,405 48,750
258,939 291,490 276,301
328
9,423
5,182
1,777
32
11,302
2,901
676
1,863
271
8,919
5,298
1,777
33
10,959
2,81
730
1,793
186
8,556
5,436
1,780
36
10,633
2,861
38,270
10,857
10,735
34,660
7,806
4,406
100,951
1,908
114
3,762
38,265
11,986
6,658
34,660
8,238
4,453
98,216
1,652
119
4,273
38,972
11,702
6,622
34,660
7,286
4,575
98,188
1,272
113
4,245
729
1,770
(Feb.)*
4,419
9,396
6,317
2,505
198
12,922
3,445
6,46
437,919 446,213 416,911
31,700
41,293 47^537
4,338 4,209
4,311
364,631 357,526 354,968
7,46
14,987
6,261
95,759 78,815 75,403
47,393 46,631 45,901
5,693
1,048
5,710
758
5,664
855
1,77:
2,870
2,634
11,469 11,469 11,509
10,081
9,43
8,713
3,309
3,459 3,563
20,843 21,37
21,096
4,529
4,691
4,731
865
919
817
6,721
7,135
6,295
499,811 492,623 424,075
24,377 24,377 24,377
1953
1954
1953
Central Bank
(Figures as of last report
date of month)
July
June
May
Bank of the Republic of Colombia— Cont.
365,792 363,019 350,917
Loans and discounts
Government loans and securities. 257,266 258,912 258,966
138,625 137,594 126,349
Other assets
668,904 684,064 634,734
Note circulation
501, 550 472,697 438,008
Deposits
115,416 119,765 111,943
Other liabilities and capital
Central Bank of Costa Rica
(thousands of colones):
11,503 11,503 11,503
Gold
83,957 96,939 91,719
Foreign exchange
3
7,032
7,032
7,032
Net claim on Int'l. Fund
490,880
108,471 101,828 103,086
Loans and discounts
4,704
500
1,195
1,963
Securities
25,468 24,813 25,154
Other assets
431,892
138,299
137,908 138,440
Note circulation
53,633
71,358 76,303 70,706
Demand deposits
329,113
Other liabilities and capital
29,128 28,567 29,989
National Bank of Cuba
292,930
(thousands of pesos):
36,252
185,871 185,748
Gold
322,813
27,579 36,039
Foreign exchange (net)
Foreign exchange (Stabilization
304,480 296,181
Fund)
100
Silver
4,323
12,512 12,512
Net claim on Int'l. Fund 3
6,283
33,098 41,288
Loans and discounts
1,853
41,929 40,07
Credits to Government
28
77,496 75,640
Other assets
9,471
420,071 427,304
Note circulation
653
245,722 242,954
Deposits
388
17,176 17,225
Other liabilities and capital
2,075
National Bank of Czechoslovakia4
National Bank of Denmark
(millions of kroner):
35,041
69
69
Gold
69
15,089
99J
958
Foreign exchange
886
9,588
125
191
Loans
and
discounts
212
34,660
503
517
Securities
513
8,062
Govt. compensation account.... 3,218 3,219 3,232
4,485
170
132
Other
assets
150
99,816
1,954
2,000
Note circulation
1,954
2,015
1,253
1,303
Deposits—Government
1,266
17:
1,660
1,551
Other.
1,593
4,923
22
Other liabilities and capital
231
235
Central Bank of the Dominican
Republic
(thousands
of
pesos):
4,418
Gold
12,076 12,076 12,076
7,765
Foreign exchange (net) 3
26,778 25,024 25,087
2,629
1,250
1,250
Net claim on Int'l. Fund
1,250
2,505
2.310
2,106
Loans and discounts
2,284
270
9,420
Government securities
9,420 9,420
9,115
6,988
7,01
Other assets
7,078
2,142
Note circulation
39,156 37,373 35,749
6,331
Demand deposits
17,565 17,602 19,106
2,072
2,120
Other liabilities and capital
2,166
323,876 Central Bank of Ecuador
(thousands of sucres):
58,200
Gold
136,427
342,633 342 539 342 ,455
94,397
Foreign exchange (net) 3
7,087
137,464 106 442
18,757
Net claim on Int'l. Fund
384,638
18,757 18 757
Credits—Government
890
361,760 358 147 375,033
Other
99,280
241,819 216 907 178,910
Other assets
40,781
191,486 213 89. 197,513
Note circulation
691,330 646 86 608,692
Demand deposits—Private banks, 208,081 222 168 188,239
Other
169,028 154 903 158,433
1,271
Other liabilities and capital
225,479 232 749 251,702
156
387 National Bank of Egypt (thou2,149
sands of pounds):
4,020
60,553 60,553 60,553
Gold
22,262 20,627 22,708
Foreign exchange
l]7O7
Foreign and Egyptian
14,706
243,753 247,429 250,060
Government securities
3,113
21,108 12,998 13,596
Loans and discounts
611
Advances to Government
2,654
2,365
2,510
2,009
Other assets.
168,143 166,544 171,482
Note circulation
47,737 51,968 59,053
Deposits—Government
350,010
124,852 114,551 110,118
Other
24,373
8,628
Other liabilities and capital
9,455 10,553
1,623
921
3,210
53,350
295
22,534
32,803
456
3,607
July
360,920
199,842
97,758
542,964
404,467
85,473
11,511
112,638
7,031
74,549
1,376
24,389
138,455
67,937
25,102
195,748
61,751
233,446
14,209
12,511
48,167
27,574
68,430
416,731
230,744
14,361
69
797
113
454
3,264
151
1,834
1,528
1,294
192
12,076
17,327
1,250
1,017
9,950
1,521
32,873
8,325
1,944
339,205
124,885
18,757
323,423
231,813
175,774
576,130
183,815
207,798
246,114
60,553
23,238
285,525
11,719
2,453
176,246
64,127
132,753
10,361
•Latest month available.
i Represents chiefly bills secured by stocks of mined tin not yet sold in world markets.
2
On Oct. 5, 1953, gold revalued from 0.0286668 to 0.00807883 grams of fine gold per peso.
3
This figure represents the amount of the country's subscription to the Fund less the bank's local currency liability to the Fund.
4
For last available report (March 1950), see BULLETIN for September 1950, p. 1262.
1020
FEDERAL RESERVE BULLETIN
CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)
Central Reserve Bank of El Salvador (thousands of colones):
Gold
Foreign exchange (net) 1
Net claim on Int'I. 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 (billions of drachmae):
Gold and foreign exchange (net).
Loans and discounts
Advances—Government
Other
Other assets
Note circulation
Deposits—Government
Reconstruction and
relief acts
Other
Other liabilities and capital
Bank of Guatemala (thousands of
quetzales):
Gold
Foreign exchange (net)
Gold contribution to Int'I. 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
Other liabilities and capital. . .
Bank Indonesia 4 (millions of rupiah):
Gold and foreign exchange (net) 8 .
Loans and discounts
Advances to Government
Other assets
1953
June
May
July
72,157
54,538
1,568
27,890
7,774
7,652
93,779
67,338
10,462
72,223
65,584
1,568
17,205
11,549
8,001
94,554
71,077
10,499
72,295
71,502
1,568
13,349
13,649
5,924
95,623
74,032
8,631
72,994
65,625
1,566
16,285
4,522
1,701
86,541
68,051
8,102
6,973
16,671
7,962
36,321
2,212
2,425
44,720
12,900
14,943
6,973
14,865
8,503
41,924
2,217
2,142
44,605
17,347
14,671
5,862
13,289
9,678
38,031
2,220
2,061
47,169
9,239
14,734
5,862
9,050
5,651
40,830
1,655
2,273
42,615
4,429
18,278
1,754
1,707
2,006
8,154
7,961
8,177
2,370
1,907
,828
4,452 4,902
4,794
881
936
809
11,732 11,542 11,498
1,162
1,139
1,155
2,843
2,686
2,632
272
248
263
1,762
1,870
1,832
941
5,775
1,869
7,278
938
11,040
1,407
2,331
251
1,773
July
4,886
148
444
639
7,514
287
.8,690
4,082
1,925
3,272
1,246
5,252
130
8,416
3,924
1,882
3,266
1,371
4,408
128
8,316
3,418
2,181
2 ,536
925
6,749
3,217
5,246
6,697
2,826
5,445
6,949
2,249
5,793
27,228 27,228
12,803 18,716
1 ,250
13,003
35,312
54,131
3,695
2 ,506
13,577
15,686
1,250
14,367
29,424
51,684
3,687
1,897
16,480
17,238
27,228
17,485
1,250
7,796
22,988
43,283
3,504
3,885
11,038
15,038
400
6,532
4,212
983
11,745
400
6,882
4,212
968
12,029
400
5,832
4,249
974
10,941
382
904
67
11
1,252
2,237
378
433
630
90
9
1,337
2,116
382
463
1,208
81
25
1,080
2,552
305
366
569
7,249
247
619
616
6,628
235
2,105
599
3,995
190
Central Bank
(Figures as of last report
date of month)
Bank Indonesia—Cont.
Note circulation
Deposits— ECA
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 Japan (millions of yen):
Bullion
Advances to Government
Loans and discounts
Government securities
Other assets
Note circulation
Deposits—Government
Other
Other liabilities
nk of Mexico (millions
of pesos):
Monetary reserve 8
"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
1954
July
June
1953
May
July
5,736
495
1,258
609
4,814
495
1,042
539
2,646
2,646
2,646
65,288 64,003 64,685
67,934 66,649 67,331
2,646
60,685
63,331
6,031
495
1,890
468
5,938
495
1,532
466
74
567
333
320
791
1,392
29
58
479
131
4
71
567
349
290
725
1,341
35
71
435
126
4
69
567
328
290
726
1,348
21
59
438
120
4
54
568
277
261
713
1,287
36
59
379
115
448
1,400
430,667
199,245
87,952
524,002
40,743
78,043
76,923
448
,400
,595
,991
,369
,215
,217
,573
,799
448
1,400
412,471
228,997
95,696
522,604
65,664
69,951
80,792
448
37,374
421,516
141,471
135,841
512,806
117,815
60,530
45,499
1,218
1,201
1,277
1,156
3,210
495
734
3,666
1,207
784
3,277
793
1,054
3,537
1,268
1,520
3,285
922
1,067
3,608
1,500
1,444
2,810
700
446
3,153
1,472
488
3,006
17
1,547
30
670
439
29
3,395
550
821
685
229
2,930
16
1,628
37
713
421
29
3,357
624
797
723
214
2,924
15
1,539
30
875
426
29
3,367
751
797
651
213
2,500
16
1,556
32
1,217
498
32
3,116
765
1,203
487
216
6,171
6,170
6,169
89,442 93,957 89,983
13,542 '10,556 '13,937
6,023
66,504
6,019
28,154
23,957
1,615
66,979
87,974
7,927
'36,300
23,950
1,412
67,479
96,969
7,896
203
185
-78
55
30
5,546
76
3,122
1,453
699
205
539
218
132
-68
62
30
5,546
62
3,078
1,708
532
174
491
'40,986 58,895
23,924 37,007
1,283
1,909
68,143 62,142
98,139 106,558
10,001
7,657
218
99
-37
70
30
5,546
60
2,939
1,857
542
163
486
281
118
25
56
46
5,546
54
2,923
1,684
778
278
464
'•Revised.
figure represents the amount of the country's subscription to the Fund less the bank's local currency liability to the Fund.
Combined figures for the Bank of German States and the nine Land Central Banks.
3For
last
available report (February 1950), see BULLETIN for September 1950, p. 1263.
4
As of July 1, 1953, the Java Bank became the Bank Indonesia and established an Issue and a Banking Department. Figures shown represent
Issue6 and Banking Departments combined.
Gold not reported separately beginning January 1954.
6
Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities.
x
This
2
SEPTEMBER
1954
1021
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
t
Pakistan Goyt. securities. . .
Govt. of India securities....
India currency
Rupee coin
Notes in circulation
Banking department:
Notes of issue department. .
Bills discounted
Loans to Government
Other assets
Deposits
Other liabilities and capital..
Central Bank of Paraguay 1
(thousands
of guaranies):
Gold 2
Foreign exchange (net) 3
Net claim on Int'l. Fund
Loans and discounts
Government loans and securities.
Other assets
Note and coin issue
Deposits—Government
Other
Other liabilities and capital
Central Reserve Bank of Peru
(millions of soles):
Gold and foreign exchange
Net claim on Int'l. Fund 3
Loans and discounts to banks. . .
Loans to Government
Other assets
Note circulation
Deposits
Other liabilities and capital
Central Bank of the Philippines
(thousands of pesos):
Gold
Foreign exchange
,
Net claim on Int'l. Fund 3
Ivoans
Domestic securities
Other assets
Circulation—Notes
Coin
Demand deposits
Other liabilities and capital
Bank of Portugal (millions of
escudos):
Gold
Foreign exchange (net)
Loans and discounts
Advances to Government
Other assets
Note circulation
Demand deposits—Government..
ECA
Other
Other liabilities and capital
South African Reserve Bank
(thousands of pounds):
Gold
Foreign bills
Other bills and loans
Other assets
Note circulation
Deposits
Other liabilities and capital
Bank of Spain (millions of pesetas):
Gold
Silver
Government loans and securities.
Other loans and discounts
1954
July
June
1953
May
Central Bank
(Figures as of last report
date of month)
July
81
400
1,281
147
300
58
2,167
81
416
,367
146
300
55
,240
99
5
65
424
496
98
124
98
88
75
304
387
115
44
311
334
119
106
518
621
91
2,846
91,307
28
450,566
537,452
229,189
625,964
138,965
155,762
390,697
1,138
56,572
11
227,198
351,270
318,065
449,366
90,254
132,433
282,201
328
67
614
1,128
91
1,671
356
201
503
67
405
1,015
165
1,568
331
255
18,813 18,813 18,813
438,474 447,130 443 ,429
29,504
504 29,504
714
584 3,574
227,970 240,066 248 ,449
162,623
161,566
584,708 587,486 603',572
84,654
84,802 84
167,783
154,484 170
50,383
53,048 51
18,813
432,615
29,504
31,226
229,026
156,746
540,570
86,434
215,823
55,102
,345 5,312
,198 13,070
654
645
,412 1,418
939
978
,501 9,265
,734 1,939
6
6
,178 8,065
,161 2,117
4,775
12,101
685
1,426
693
8,961
1,717
6
6,902
2,094
,120
,589
,041
,517
,988
,956
,323
63,934
42,707
18,256
45,101
98,522
51,515
19,961
62,168
34,246
23,640
42,586
93,349
50,818
18,474
613
605
323
328
743 16,191
,642 23,642
596
338
16,362
23,790
327
67
575
,225
100
,703
355
237
66,615
41,174
14,137
44,262
100,218
47,686
18,283
81
463
1,318
146
300
55
2,266
81
424
1,088
126
300
69
2,000
1954
July
June
1953
May
Bank of Spain—Cont.
Other assets
37,389 34,467
Note circulation
37,728 37,827
Deposits—Government
7,104 3,233
Other
3,329 3,744
Other liabilities and c a p i t a l . . .
32,548 30,430
Bank of Sweden (millions of kronor) :
482
482
Gold
481
Foreign assets (net)
1,331
1,356 1,367
Net claim on Int'l. Fund 3
129
129
129
Swedish Govt. securities and ad- 4
2,530 2,405 2,300
vances to National Debt Office
433
Other domestic bills and advances
56
525
896
Other assets
844
849
Note circulation
4,463 4,593 4,433
100
376
514
Demand deposits—Government..
121
40
25
Other
693
693
675
Other liabilities and capital
Swiss National Bank (millions of
francs):
6,198 6,131 6,047
Gold
537
509
499
Foreign exchange
117
151
Loans and discounts
108
93
Other assets
90
88
Note circulation
4,956 4,967 4,915
Other sight liabilities
1,746 1,706 1,668
204
Other liabilities and capital
203
203
Central Bank of the Republic of
Turkey (millions of pounds):
Gold
402
402
402
Foreign exchange and foreign
237
225
224
clearings
2,310 2,190 2,162
Loans and discounts
30
30
Securities
27
90
Other assets
88
96
Note circulation
1,449 1,432 1,451
154
Deposits—Gold
154
154
875
Other
957
830
488
Other liabilities and capital
495
477
Bank of the Republic of Uruguay
(thousands of pesos):
Gold
344,167
Silver
8,672
Advances to State and Govern123,343
ment bodies
375,715
Other loans and discounts
609,949
Other assets
456,400
Note circulation
148,591
Deposits—Government
333,215
Other
523,640
Other liabilities and capital
Central Bank of Venezuela (millions of bolivares):
1,232 1,232 1,141
Gold
374
277
485
Foreign exchange (net)
123
149
104
Other assets
999
986
996
Note circulation
269
258
267
Deposits
463
414
467
Other liabilities and capital
Bank for International Settlem e n t s (thousands of Swiss gold
francs):
570,287 558,106 568 ,698
Gold in bars
Cash on hand and with banks... 99,151 51,144 165,720
1,484 1,491 1,493
Sight funds at interest
Rediscountable bills and accept300,056
174,970 297 ,424
ances (at cost)
409,462 374,355 310,827
Time funds at interest
508,495
539,690
414 ,616
Sundry bills and investments
297,201 297,201 297,201
Funds invested in Germany
7,105
8,555
5,355
Other assets
432,775 434,282 437,475
Demand deposits (gold)
Short-term deposits:
Central banks—Own account.. 1,231,904 1,032,386 1,082,476
19,089 26,373 29,748
Other
228,909 228,909 228 ,909
Long-term deposits: Special
283,561 282,727
280,565
Other liabilities and capital
July
32,680
37,019
4,601
3,136
29,009
448
1,280
129
2,376
355
864
4,267
208
257
721
6,049
534
214
63
4,837
1,815
208
402
186
1,711
26
125
1,282
153
705
309
336,572
9,238
121,599
338,903
605,581
404,390
134,100
360,619
512,784
1,141
244
88
919
253
300
598,339
53,733
4,014
212,379
116,072
194,670
297,201
1,492
419,473
501,710
54,127
228,909
273,681
iThe new Central Bank of Paraguay began operations on July 1, 1952. Central banking functions previously performed by the Monetary Department
of the Bank of Paraguay were transferred to the new institution.
2
On Jan. 1, 1954. gold revalued from 0.148112 to 0.0592447 grams of fine gojd per guarani.
3
This
figure represents the amount of the country's subscription to the Fund less the bank's local currency liability to the Fund.
4
Includes small amount of non-Government bonds.
1022
FEDERAL RESERVE BULLETIN
MONEY RATES IN FOREIGN COUNTRIES
DISCOUNT RATES OF CENTRAL BANKS
[Per cent per annum]
Central bank of—
Date
effective
Central
bank of—
SwitzUnited
Ger- Bel- Netherer- SweKing- France many
den land
gium lands
dom
In effect Dec. 31,
1948
May 27 1949
July 14
Oct 6
June 8, 1950
Sept. 11
Sept. 2 6 . . .
Oct. 27
Dec. 1 . . .
Apr. 17, 1951
July 5
Sept. 13
Oct. 11
Nov. 8
Nov 9
Jan. 22, 1952. .
Mar. 12
May 2 9 . . .
Aug 1
Aug 2 1 . . .
Dec. 18
Jan. 8, 1953 . .
Apr. 7
June 11
Sept. 17
Oct. 29
Nov. 20 ..
Feb. 4, 1954 . .
May 13
May 20
In effect July
31, 1954
2
3
15
234
IK
14
Argentina
Austria
Belgium
Bolivia
Canada
Ceylon
Chile .
Colombia
Costa Rica
Rate
July
31
Rate
July
31
Central
bank of—
Date
effective
64
Mar. 1, 1936
June 3, 1954
Oct. 29, 1953
Sept. 30, 1950
Ireland
Italy
Japan
Mexico
2
234
434
4
4
Oct.
June
June
July
Feb.
17, 1950
11, 1954
13, 1935
18, 1933
1, 1950
Netherlands.
New Zealand.
Norway
Pakistan....
Denmark
Ecuador
Egypt
El Salvador. . .
Finland
10 2
3
3
5M
June
May
Nov.
Mar.
Dec.
23,
13,
15,
22,
16,
Peru
Portugal. . . .
South Africa.
Spain
Sweden
France
Germany .
Greece
India
Indonesia
13 4
10
334
3
Feb. 4, 1954
May 20, 1954
Jan. 1, 1954
Nov. 15, 1951
Apr. 1, 1946
Date
effective
334 Mar. 25, 1952
Apr. 6, 1950
4
5.84 Oct. 1, 1951
June 4, 1942
3M
2y2
3%
3
16
3
4
334
3
2
Apr. 7, 1953
Apr. 12, 1954
Jan. 9, 1946
July 1, 1948
3
4
sy2
4
15
3
141/
X
3
4
2H
i
sy2
3
sy2
3y
2%
2%
3Ji
J
3
1954
1948
1952
1950
1951
2VA
234
I"
Nov.
Jan.
Mar.
July
Nov.
lM
Nov. 26, 1936
Feb. 26, 1951
3
4
May 13, 1954
July 1, 1936
3%
2%
13, 1947
12, 1944
27, 1952
1, 1954
20, 1953
1
Rates established for the Land Central banks.
NOTE.—Changes since July 31: None.
3
13
Switzerland..
Turkey
United Kingdom
U.S.S.R
6
i*
OPEN MARKET RATES
[Per cent per annum]
United Kingdom
Canada
Month
France
Netherlands
Sweden
Switzerland
Treasury
bills
3 months
Bankers'
acceptances
3 months
Treasury
bills
3 months
Day-today
money
Bankers'
allowance
on deposits
Day-today
money
Treasury
bills
3 months
Day-today
money
Loans
up to
3 months
Private
discount
rate
1944—-June
1945—June
1946—June
1947—June
1948—June
1949—June
1950—June
1951—June
1952—June
1953—June
.39
.36
.39
.41
.41
.51
.51
.75
1.08
1.70
1.03
1.03
.53
.53
.56
.63
.69
.69
3.00
3.00
1.00
1.00
.50
.51
.51
.52
.51
.51
2.43
2.37
1.13
1.13
.63
.63
.63
.63
.63
.63
2.25
2.25
.50
.50
.50
.50
.50
.50
.50
.50
2.00
2.00
1.58
.74
1.32
1.45
2.02
P2.46
2.52
2.52
3.66
3.94
1.00
.86
.84
.83
.81
1.00
.75
.50
3-534
23^-5
234-4^
234-434
234-434
234-434
2^-434
3-5
3-5
3-5
1 ?^
1.42
1.46
1.36
1.32
1.44
1.39
1.20
.57
1953—July
August
September....
October
November....
December
1.76
1.80
1.91
1.93
1.90
1.88
3.00
3.00
2.67
2.19
2.19
2.19
2.35
2.36
2.27
2.11
2.10
2.11
2.25
2.25
2.09
L.94
L.94
L.94
2.00
2.00
1.88
1.75
1.75
1.75
4.13
4.18
4.34
3.91
4.00
3.75
.50
.50
.43
.38
.28
.03
.50
.50
.50
.50
.50
.50
3-5
3-5
3-5
3-5
3-5
3-5
L.50
.50
L.50
.50
.50
: .50
1954—January
February
March
April
May
June
1.88
1.74
1.61
1.56
1.59
1.60
2.19
2.1S
2.16
2.17
1.89
1.66
2.12
2.07
2.10
2.09
1.79
1.61
L.94
L.94
.94
.94
1 .63
1 .44
1.75
1.75
1.75
1.75
1.44
1.25
3.66
3.55
3.42
3.55
3.54
3.57
.23
.25
.45
.41
.38
.38
.50
.50
.50
.50
.50
.50
2M-5
2M-5
2M-5
2H-s
2M-5
2M-5
1 .50
1 .50
1 .50
\ .50
1 .50
1 .50
.25
.25
.25
L.50
L.52
.50
.50
L.50
L.50
Preliminary.
x 1 v^iiiiiniai y .
NOTE.—For monthly figures on money rates in these and other foreign countries through 1941, see Banking and Monetary Statistics, Table 172,
). 656-661, and for description of statistics see pp. 571-572 in same publication.
SEPTEMBER
1954
1023
COMMERCIAL BANKS
United Kingdom1
(11 London clearing
banks. Figures in
millions of pounds
sterling)
Assets
Cash
reserves
Money at
call and Bills dis- Treasury
Loans to
deposit2 Securities customers
short
counted receipts
notice
Demand
Time
621
579
735
867
748
6,200
6,202
6,368
6,333
6,460
4,159
4,161
4,262
4,290
4,232
2,041
2,041
2,106
2,042
2,228
420
427
550
651
528
1,331
1,376
1,340
1,354
1,417
2,140
2,137
2,238
2,245
2,275
,688
,675
,666
,687
,725
595
623
607
626
729
6,240
6,320
6,373
6,419
6,694
3,971
4,004
4,041
4,080
4,327
2,269
2,316
2,332
2,339
2,368
480
482
472
483
495
1,330
1,113
1,078
1,088
1,122
1,170
1,185
2,277
2,275
2,269
2,280
2,305
2,311
2,351
,706
,754
,773
,786
1,804
1,856
1,836
633
638
632
699
643
711
643
6,457
6,237
6,243
6,378
6,335
6,533
6,466
4,124
3,954
3,957
4,056
4,005
4,193
4,121
2,333
499
501
489
499
502
501
510
485
571
592
598
529
741
1,109
1,408
972
1,248
1953—August. . .
September
October...
November
December.
511
515
518
520
542
456
476
476
469
501
1954—January. .
February.
March....
April
May
June
July
526
504
512
535
501
531
534
483
454
468
489
463
455
428
1,397
793
456
102
,283
2,286
2,321
2,330
2,340
2,345
Assets
Liabilities
Security
loans
abroad
and net Securities
Other due from
Security loans
and foreign
loans
discounts banks
Deposits payable in Canada
excluding interbank deposits
Entirely in Canada
Cash
reserves
Total
Other
liabilities
and
capital
,396
,534
,660
,950
,764
502
532
540
531
549
(11 chartered banks.
End of month figures
in millions of
Canadian dollars)
Deposits
Other
assets
1,478
1,512
1,528
1,965
2,148
1948—December.
1949—December.
1950—December.
1951—December.
1952—December.
Canada 3
Liabilitie
Other
assets
Notes*
Other
liabilities
and
capital
Total
Demand
Time
7,027
7,227
7,828
7,896
8,421
2,970
2,794
3,270
3,284
3,497
4,057
4,433
4,558
4,612
4,924
,537
,477
,667
,714
,736
1948—December.
1949—December.
1950—December.
1951—December.
1952—December.
749
765
824
907
916
101
133
134
107
155
2,148
2,271
2,776
3,028
3,289
144
146
171
227
326
4,268
4,345
4,286
3,876
3,955
,169
,058
,304
,464
,516
1953—July
August. . .
September
October...
November
December.
1954—January. .
February.
March....
April
May
June
877
883
897
962
899
906
125
135
110
144
152
154
3,649
3,732
3,772
3,838
3,977
3,897
328
353
330
342
390
424
3,872
3,886
3,918
3,789
3,789
3,831
,359
,329
,372
,432
,512
,510
8,496
8,651
8,692
8,744
8,918
8,881
3,344
3,445
3,466
3,596
3,851
3,847
5,152
5,206
5,226
5,148
5,068
5,034
,713
,667
,706
,763
,801
,841
881
898
923
892
866
872
143
197
167
144
215
238
3,929
3,951
3,899
3,925
3,925
3,943
370
370
421
398
382
360
3,944
3,885
3,775
3,780
3,780
3,806
,337
,332
,426
,408
,481
1,540
8,772
8,843
8,780
8,708
8,818
8,929
3,679
3,681
3,535
3,397
3,441
3,506
5,093
5,162
5,245
5,312
5,378
5,423
,832
,791
1,830
1,839
1,830
1,829
France
(4 large banks. End
of month figures in
millions of francs)
16
14
Liabilities
Assets
Cash
reserves
Due from
banks
Bills discounted
Loans
Deposits
Other
assets
Total
Demand
Time
Own
acceptances
Other
liabilities
and
capital
1948—December .
1949—December.
1950—December.
1951—December.
1952—December.
45,397
40,937
48,131
60,215
51,155
35,633
42,311
52,933
72,559
68,243
354,245
426,690
527,525
627,648
636,624
126,246
129,501
135,289
165,696
170,298
34,030
29,843
31,614
38,114
29,734
552,221
627,266
749,928
906,911
902,547
545,538
619,204
731,310
879,767
870,504
8,062
18,618
27,145
32,043
6,683
30,638
26,355
28,248
33,774
24,957
12,691
15,662
17,316
23,547
28,551
1953—June
July
August....
September.
October. . .
November.
December P
1954—January. ..
February..
March
April
May
47,394
47,903
50,451
47,177
46,003
47,103
50,763
85,411
85,806
89,197
81,649
74,964
78,797
85,739
643,804
661,082
651,314
644,000
694,021
696,942
743,686
184,584
189,591
198,784
199,498
185,109
189,753
183,302
46,676
49,269
49,226
50,250
54,393
60,636
68,819
930,986
952,454
956,528
939,282
965,798
978,019
1,029,660
892,185
913,188
917,027
900,010
924,602
935,267
987,111
38,801
39,265
39,501
39,272
41,196
42,752
42,549
28,728
27,446
25,209
22,928
24,355
28,142
30,308
48,155
53,751
57,234
60,364
64,338
67,070
72,341
46,077
44,083
43,889
43,467
49,186
76,601
75,183
80,266
78,411
79,438
782,293
770.445
714,717
710,596
719,284
180,524
193.050
201,349
206,008
37,840
40.242
45,611
45,340
46,594
1,056,908 1,013,546
1,054,531 1,010,245
1,011,093
968,648
1,007,632
967,024
1,030,758
989,474
43,363
44,286
42,444
40,608
41.284
31,301
32,539
34,322
31,538
29,721
35,126
35,933
40,416
44,652
47,580
213,557
pPreliminary.
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 % per cent after October 1945.
3Beginning
December 1953, when a new bank was added, figures are for 11 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.
1024
FEDERAL RESERVE BULLETIN
FOREIGN EXCHANGE RATES
[Average of certified noon buying rates in New York for cable transfers.
Argentina
(peso)
Australia
(pound)
Year or month
Basic
Preferential
Free
29.773
29.774
26.571
20.000
20.000
20.000
13.333
13.333
13.333
13.333
8.289
7.067
7.163
7.198
321.22
293 80
223.15
223.07
222.63
224.12
1953—September
October
November
December
20.000
20.000
20.000
20.000
13.333
13.333
13.333
13.333
7.198
7.198
7.198
7.198
223.33
223.57
223.97
223.93
1954—January
February
March
April
M[ay
Tune.
July
August
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
7.198
7.198
7.198
7.198
7.198
7.198
7.198
7.198
224.01
224.13
224.27
224.55
224.58
224.56
224.51
224.13
Ceylon
(rupee)
Denmark
(krone)
Finland
(markka)
194S
194ca.
1950*
1951
1952
1953
. .
Year or month
1948
1949
1950
1951
1952
1953
27.839
20.850
20.849
20.903
21.046
1953—September
October
November
December
1954—January
February
March
April
May
June
July
August
Year or month
20 857
19.117
14.494
14.491
14.492
Austria Belgium
(schilling) (franc)
23.8580
2
3.8580
3.8580
2.0050
2.0063
2.0062
2.0053
3.8580
3.8580
3.8580
3.8580
3.8580
3.8580
3.8580
3.8580
2.0023
2.0036
1.9152
1.9868
1.9909
2.0032
2.0009
1.9994
France
(franc)
Official
.4929
.4671
2.2816
2.2009
1.9908
1.9859
1.9878
2.0009
Free
Germany
(deutsche
mark)
In cents per unit of foreign currency]
Brazil 1
(cruzeiro)
5.4406
5.4406
5.4406
5.4406
5.4406
85.4420
5.4 466
35.4L466
4.2808
3.5261
4.2808
3.5261
British
Malaysia
(dollar)
42.973
32.788
32.849
32.601
32.595
Canada
(dollar)
Official
Free
100.000
97.491
90.909
91.691
92.881
91.474
94.939
102.149
101.650
32.569
32.596
32.641
32.635
101.580
101.762
102.266
102.754
102.781
103.439
102.996
101.786
101.575
101.882
102.611
103.060
4.2808
4.2808
4.2808
4.2808
4.2808
4.2808
4.2808
4
4.2808
3.5261
3.5261
3.5261
3.5261
3.5261
3.5261
3.5261
4
3.5261
32.646
32.656
32.668
32.689
32.681
32.666
32.689
32.644
India
(rupee)
Ireland
(pound)
Mexico
(peso)
(guilder)
(pound)
30.169
27.706
20.870
20.869
20.922
21.049
280.38
279.68
281.27
18.860
12.620
11.570
11.564
11.588
11.607
37.668
34.528
26.252
26.264
26.315
26.340
350.48
365.07
277.28
277.19
276.49
278.48
NethNew
erlands Zealand
.4354
.4354
.4354
.3240
.3017
.2858
.2856
.2856
.2856
20.990
21.004
21.041
21.037
.4354
.4354
.4354
.4354
.2855
.2856
.2856
.2856
20.995
21.005
21.044
21.039
280.29
280.58
281.09
281.03
11.615
11.624
11.627
11.626
26.338
26.400
26.410
26.410
277.51
277.80
278.30
278.25
21.038
21.044
21.052
21.079
21.078
21.077
21.094
21 059
.4354
.4354
.4354
4354
.4354
.4354
.4354
4354
.2856
.2856
.2856
.2856
.2856
.2856
.2856
.2856
'523.838'
23.838
23.838
23.838
23.838
21.039
21.047
21.056
21.084
21.084
21.085
21.094
21.061
281.14
281.29
281.45
281.81
281.85
281.82
281.76
281.29
11.619
11.614
11.608
69,965
7.995
7.995
8.000
8.005
26.405
26.408
26.408
26.413
26.418
26.426
26.415
26.396
278.35
278.50
278.67
279.02
279.06
279.03
278.97
278.50
Norway
(krone)
PhilipPortupine
gal
Republic (escudo)
(peso)
South
Africa
(pound)
Sweden
(krona)
Switzerland
(franc)
United
Kingdom
(pound)
23.838
23.838
23.838
Uruguay 7
(peso)
1948
1949
1950
1951
1952
1953
20.159
18.481
14.015
14.015
14.015
14.015
"491723'
49.621
49.639
49.675
49.676
4.0183
3.8800
3.4704
3.4739
3.4853
3.4887
400.75
366.62
278.38
278.33
278.20
280.21
27.824
25.480
19.332
19.327
19.326
19.323
23.363
23.314
23.136
23.060
23.148
23.316
403.13
368.72
280.07
279.96
279.26
281.27
65.830
65.830
65.833
65.833
65.833
8
65.833
56.182
56.180
56.180
56.180
56.180
856.180
42.553
42.553
42.553
42.553
842.553
934.217
1953—September
October
November
December
14.015
14.015
14.015
14.015
49.677
49.677
49.677
49.677
3.4896
3.4896
3.4899
3.4900
279.24
279.53
280.04
279.98
19.323
19.323
19.323
19.323
23.332
23.310
23.255
23.289
280.28
280.58
281.09
281.03
65.833
65.833
65.833
*65.833
56.180
56.180
56.180
856.180
42.553
42.553
42.553
842.553
35.228
34.791
33.567
832.573
1954—January
February
March
April
May
June
July
August
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
3.4900
3.4900
3.4900
3.4900
3.4900
3.4900
3.4900
3.4900
280.09
280.23
280.40
280.76
280.80
280.76
280.71
280.24
19.333
19.333
19.333
19.333
19.333
19.333
19.333
19.333
23.308
23.315
23.308
23.313
23.333
23.334
23.320
23.322
281.14
281.29
281.45
281.81
281.85
281.82
281.76
281.29
.
*For figures on free rate
for the period Feb. 25-Oct. 9, 1953, inclusive, see BULLETIN for November 1953, p. 1231. The average for this
2
period
was 2.3274.
Based on quotations beginning Nov. 30, 1953.
3
Official rate, based on quotations through Oct. 9, 1953. Effective Oct. 12, 1953, the Brazilian authorities introduced new exchange ratios
for Brazilian exports. Under the new system premiums of 5 and 10 cruzeiros, depending upon type of merchandise, were added to the former
rate of 5.4466 cents, thus establishing two rates—4.2808 and 3.5261 cents, respectively. For the period Oct. 13-Oct. 30 the averages of these
two rates
were 4.2808 and 3.5261, respectively.
4
5
Based on quotations through Aug. 13, 1954.
Based on quotations beginning Apr. 1, 1954.
•The Mexican peso was devalued, effective Apr. 19, 1954, from a par value of 8.65 to 12.50 pesos per U. S. dollar.
7
Rate applied (except free rate) depends upon type of merchandise. In addition to the rates shown, a fifth rate was certified May 8-Dec. 4,
1953, 8 inclusive; the average for this period was 53.1914. 9
Based on quotations through Dec. 4f 1953.
Free rate, based on quotations Feb. 10-Dec. 4, 1953, inclusive.
NOTE.—For back figures, see Banking and Monetary Statistics, Table 173, pp. 662-682. For description of statistics, see pp. 572-573 in same
publication, and for further information concerning rates and averages for previous years, see BULLETIN for December 1953, p. 1409.
SEPTEMBER
1954
1025
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
WHOLESALE PRICES—ALL COMMODITIES
[Index numbers]
United
States
(1947-49
=100)
Year or month
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
October
November
December
....
1954—January
February
March
April
May
June
July
Mexico
(1939=
100)
United
Kingdom
(1930=
100)
Japan
(1934-36
average
=1)
Italy
(1938=
100)
France
(1949=
100)
179
199
229
166
169
175
96
104
163
193
242
260
192
219
52
89
99
103
115
112
198
211
240
226
285
311
386
400
230
262
320
328
100
108
138
145
110
221
393
328
138
111
111
221
222
397
395
329
327
111
110
221
220
398
401
326
326
137
137
110
110
219
219
396
396
328
326
111
111
111
111
111
220
219
219
218
218
396
397
401
411
431
326
326
329
330
110
110
218
217
437
437
5,159
5,443
5,169
4,897
5,581
5,270
5,250
48
128
209
246
343
349
100
104
117
143
140
354
134
353
355
357
359
137
138
5,258
5,270
5,246
5,237
5,222
5,256
138
138
136
137
139
5,286
5,328
5,336
••5,295
5,290
137
136
P331
P332
P333
Netherlands
(1948=
100)
2
4
16
14
20
34
131
132
139
68
69
79
1953—Tulv
August
Canada
(1935-39
=100)
Sweden
(1935=
100)
Switzerland
(Aug. 1939>
=100)
196
194
186
207
2^5
2*0
199
214
208
217
216
227
299
317
206
203
227
298
220'
213
133
133
298
296
213
212
133
133
295
295
134
134
297
296
212
212
360
361
368
369
368
P364
P358
135
136
135
136
137
296
296
296
297
P296
212
211
213
213
214
215
214
137
P135
215
214
P134
r
P Preliminary.
Revised.
NOTE.—For sources and references concerning changes in the structure of price indexes for various countries, see BULLETIN for December
1952, p. 1356.
WHOLESALE PRICES—GROUPS OF COMMODITIES
[Indexes for groups included in total index above]
United States
(1947-49=100)
Year or month
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
. .
1953—July
. .
September
October
November
February
March
April
May
June
July
Canada
(1935-39=100)
Other
Farm
Processed commodFarm
products
foods
products
ities
United Kingdom
(1930=100)
Raw and Fully and
partly
chiefly
manumanufactured factured
goods
goods
Foods
Industrial
products
69
72
83
100
n.a.
n.a.
n.a.
98
70
71
78
95
107
93
98
113
107
97
106
96
100
111
109
105
98
96
98
95
94
106
105
107
105
104
94
104
115
207
204
228
302
98
98
98
99
106
105
105
106
115
114
114
115
207
205
204
206
228
227
227
225
302
305
311
310
98
107
209
209
207
206
115
95
96
105
106
210
208
114
114
210
214
225
310
207
207
225
224
P311
P313
103
101
105
116
113
114
155
165
177
190
134
136
140
164
230
226
237
269
250
220
129
130
138
162
158
158
158
165
170
175
184
207
196
197
213
238
219
207
192
199
211
242
231
229
181
197
221
247
284
307
242
249
286
*364
»352
115
115
115
115
115
227
214
209
209
205
207
210
207
205
203
229
230
230
229
228
315
309
307
304
305
Netherlands
(1948=100)
Foods
Industrial raw
products
Industrial
finished
products
100
101
112
122
129
123
100
108
128
171
166
156
100
104
116
143
135
132
118
119
121
120
122
122
155
155
155
154
153
153
131
131
132
132
132
132
127
128
126
127
129
131
153
153
154
1 S3
r
155
155
133
133
133
133
134
r
n.a. Not available.
* 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.
1026
FEDERAL RESERVE BULLETIN
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued
CONSUMERS' PRICE INDEXES
All items
United
Kingdom
(Jan.
15,1952
= 100)
Food
United
States
(1947-49
= 100)1
Canada
(1949
= 100)
1946
1947
1948
1949
1950
1951
1952
1953
83
96
103
102
103
111
114
114
78
85
97
100
103
114
116
115
77
82
84
86
95
103
106
35
57
90
100
111
130
145
144
1953—July
August
September
October
November
December
115
115
115
115
115
115
115
116
116
117
116
116
107
106
106
106
106
106
1954—January
February
March
April
May
June
July
115
115
115
115
115
115
115
116
116
116
116
116
116
116
106
106
107
107
107
107
109
Year or month
France Netherlands
(1949
(1949
= 100)
= 100)
Switzerland
(Aug.
1939 =
100)
United
States
(1947-49
= 100)1
100
109
119
120
120
152
158
163
162
159
167
171
170
79
96
104
100
101
113
115
113
144
143
141
141
141
142
121
120
121
121
120
120
170
170
170
170
170
170
143
144
144
142
144
144
P142
123
124
124
125
126
127
127
170
170
169
170
170
171
171
Canada
(1949
= 100)
United
King- France Netherdom
lands
(1949
(Jan.
(1949
15, 1952 = 100)
= 100)
= 100)
Switzerland
(Aug.
1939=100)
100
103
117
117
113
67
72
76
82
91
105
112
36
57
92
100
111
128
141
137
100
111
121
123
124
160
170
176
174
176
181
184
184
114
114
114
114
112
112
113
113
114
116
113
112
114
112
111
111
111
110
137
136
132
132
132
134
127
123
126
125
124
122
184
185
186
187
187
186
113
113
112
112
113
114
115
112
112
111
110
110
112
112
110
110
112
113
112
114
118
136
137
136
134
137
136
P133
124
126
127
129
131
134
132
185
185
184
185
186
187
188
P1 Preliminary.
These series are the revised indexes, reflecting, beginning January 1953, the inclusion of some new series and revised weights. Prior to January 1953 indexes are based on the "interim adjusted" and "old" indexes, converted to the base 1947-49=100.
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 1
(high
grade)
United
States
Canada
(1935-39
=100)
United
Kingdom
(December
1921=100)
120.0
106.4
100.0
99.8
101.4
111.1
113.5
105.6
107.1
106.8
106.7
87.0
85.6
100.2
123.0
124.4
121.4
146.4
176.5
187.7
189.0
17
87
France
(1949
=100)
60
Netherlands 2
14
1947
1948
1949
1950
1951
1952
1953
122.1
118.3
121.0
122.0
117.7
115.8
112.1
118.5
105.0
107.6
109.6
95.7
86.1
83.6
130.8
129.9
126.5
121.2
117.6
108.3
112.0
1953—July
August
September. . .
October
November. . .
December....
110.7
111.4
110.9
112.6
113.6
113.5
82.9
82.6
82.3
82.8
84.2
85.3
111.5
112.0
112.8
114.2
114.9
114.2
112.9
114.1
115.0
114.7
114.4
113.8
102.7
101.8
102.1
104.0
104.0
103.4
1954—January
February....
March
April
May
June
July
114.5
116.5
117.9
118.1
117.5
117.0
117.5
87.0
88.7
95.5
99.8
100.3
100.3
102.1
114.3
114.8
115.3
116.6
117.3
116.0
118.5
114.6
114.9
116.0
115.7
115.4
114.9
103.7
101.8
100.0
100.6
103.4
106.3
104.3
(1935-39
=100)
480
Canada
(1935-39
=100)
99
United
France
Kingdom
(1926=100) (1949=100)
278
295
Netherlands 3
27
106.0
112.5
109.4
131.6
168.3
173.1
160.3
94.6
92.0
87.6
90.0
97.1
91.1
92.2
90
112
143
159
233
240
219
217
215
192
212
185.5
187.3
179.2
183.4
187.5
190.7
160.7
161.2
152.9
151.9
154.2
153.6
91.6
92.5
91.4
92.1
93.7
93.5
157
162
165
167
169
170
214
218
215
217
223
230
195.4
199.6
204.9
212.7
219.8
221.8
231.1
157.4
163.2
165.0
173.6
179.5
180.5
182.3
94.1
95.8
95.6
97.0
97.8
98.5
100.0
180
184
187
194
199
194
239
245
250
256
261
269
282
ioo
J a 4 per cent 20-year bond.
a Average ot tne ratios ot current prices to nominal values, expressed as a percentage.
NOTE.—For sources and references concerning changes in the structure of price series for various countries, see BULLETIN for December
1952, p. 1357.
SEPTEMBER
1954
1027
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
W M . MCC. MARTIN, JR., Chairman
M. S. SZYMCZAK
JAMES K. VARDAMAN, JR.
ELLIOTT THURSTON, Assistant to the Board
WOODLIEF THOMAS, Economic Adviser to the
J. L. ROBERTSON
A. L. MILLS, JR.
PAUL E. MILLER
C. CANBY BALDERSTON
WINFIELD W. RIEFLER, Assistant to the Chairman
Board ALFRED K. CHERRY, Legislative Counsel
OFFICE OF THE SECRETARY
S. R. CARPENTER, Secretary
MERRITT SHERMAN, Assistant Secretary
KENNETH A. KENYON, Assistant Secretary
LEGAL DIVISION
GEORGE B. VEST, General Counsel
FREDERIC SOLOMON, Assistant General Counsel
HOWARD H. HACKLEY, Assistant General Counsel
DAVID B. HEXTER, Assistant General Counsel
G. HOWLAND CHASE, Assistant General Counsel
DIVISION OF RESEARCH AND STATISTICS
RALPH A. YOUNG, Director
FRANK R. GARFIELD, Adviser on Economic Research
KENNETH B. WILLIAMS, Assistant Director
SUSAN S. BURR, Assistant Director
GUY E. NO YES, Assistant Director
C. RICHARD YOUNGDAHL, Assistant Director
DIVISION OF INTERNATIONAL FINANCE
ARTHUR W. MARGET, Director
LEWIS N. DEMBITZ, 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
ROBERT C. MASTERS, Assistant Director
GLENN M. GOODMAN, Assistant Director
HENRY BENNER, Assistant Director
Examiner
DIVISION OF BANK OPERATIONS
ROBERT F. LEONARD, Director
J. E. HORBETT, Assistant Director
LOWELL MYRICK, Assistant Director
DIVISION OF PERSONNEL ADMINISTRATION
H. FRANKLIN SPRECHER, JR., Assistant Director
DIVISION OF ADMINISTRATIVE SERVICES
LISTON P. BETHEA, Director
JOSEPH E. KELLEHER, Assistant
Director
OFFICE OF DEFENSE LOANS
GARDNER L. BOOTHE, II, Administrator
OFFICE OF THE CONTROLLER
EDWIN J. JOHNSON, Controller
Special Assistants to the Board—CHARLES MOLONY AND CLARKE L. FAUVER
FEDERAL OPEN
MARKET COMMITTEE
Chairman
Vice Chairman
W M . M C C . MARTIN, JR.,
ALLAN SPROUL,
C. CANBY BALDERSTON J. L. ROBERTSON
FEDERAL
ADVISORY COUNCIL
WILLIAM D. IRELAND,
BOSTON DISTRICT
HENRY C. ALEXANDER,
N E W YORK DISTRICT
GEOFFREY S. SMITH,
PHILADELPHIA DISTRICT
MALCOLM BRYAN
M. S. SZYMCZAK
H. G. LEEDY
JAMES K. VARDAMAN, JR.
GEORGE GUND,
CLEVELAND DISTRICT
PAUL E. MILLER
ALFRED H. WILLIAMS
ROBERT V. FLEMING,
RICHMOND DISTRICT
A. L. MILLS, JR.
C. S. YOUNG
WINFIELD W. RIEFLER, Secretary
ELLIOTT THURSTON, Assistant Secretary
GEORGE B. VEST, General Counsel
FREDERIC SOLOMON, Assistant General Counsel
WOODLIEF THOMAS, Economist
KARL R. BOPP, Associate Economist
GEORGE W. MITCHELL, Associate Economist
EARLE L. RAUBER, Associate Economist
H. V. ROELSE, Associate Economist
CLARENCE W. TOW, Associate Economist
RALPH A. YOUNG, Associate Economist
ROBERT G. ROUSE, Manager of System Open
Market Account
1028
Vice President
WALLACE M. DAVIS,
ATLANTA DISTRICT
EDWARD E. BROWN,
CHICAGO DISTRICT
President
W. W. CAMPBELL,
ST. LOUIS DISTRICT
JOSEPH F. RINGLAND,
MINNEAPOLIS DISTRICT
CHARLES J. CHANDLER,
KANSAS CITY DISTRICT
GEO. G. MATKIN,
DALLAS DISTRICT
JOHN M. WALLACE,
SAN FRANCISCO DISTRICT
HERBERT
V. PROCHNOW, Secretary
FEDERAL RESERVE BULLETIN
CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS
Federal Reserve
Bank of
Chairman x
Deputy Chairman
President
First Vice President
Boston.
Harold D. Hodgkinson
Ames Stevens
J. A. Erickson
Alfred C. Neal
Robert B. Harvey !
E. O. Latham
Carl B. Pitman
O. A. Schlaikjer
R. F. Van Amringe
New York
Jay E. Crane
William I. Myers
Allan Sproul
William F. Treiber
H. A. Bilby
John E. Exter
H. H. Kimball
A. Phelan
H. V. Roelse
Robert G. Rouse
T. G. Tiebout
V. Willis
R. B. Wiltse
J. H. Wurts
Philadelphia. .
William J. Meinel
Henderson Supplee, Jr.
Alfred H. Williams
W. J. Davis
Karl R. Bopp
Robert N. Hilkert
E. C. Hill
Wm. G. McCreedy
P. M. Poorman
J. V. Vergari4
Richard G. Wilgus 2
Cleveland.
John C. Virden
Leo L. Rummell
W. D. Fulton
Donald S. Thompson
Dwight L. Allen
Roger R. Clouse
A. H. Laning 3
Martin Morrison
H. E. J. Smith
Paul C. Stetzelberger
Richmond.
John B. Woodward, Jr.
W. G. Wysor
Hugh Leach
Edw. A. Wayne
N. L. Armistead
Aubrey N. Heflin
Upton S. Martin
2
James M. Slay
C. B. Strathy
Chas. W. Williams
Vice Presidents
(Vice Presidents in charge of branches are listed in
lower section of this page)
J. M. Nowlan
Atlanta.
Rufus C. Harris
Paul E. Reinhold
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
W. A. Hopkins
L. H. Jones 2
St. Louis
M. Moss Alexander
Caffey Robertson
Delos C. Johns
Dale M. Lewis
Frederick L. Deming Wm. E. Peterson
H. H. Weigel
J. C. Wotawa
Minneapolis. .
Leslie N. Perrin
O. S. Powell
A. W. Mills
H. C. Core
E. B. Larson
H. G. McConnell
Otis R. Preston
M. H. Strothman, Jr.
Sigurd Ueland
Kansas City..
Raymond W. Hall
Cecil Puckett
H. G. Leedy
Henry O. Koppang
John T. Boysen 2
Clarence W. Tow
E. D. Vanderhoof
D. W. Woolley
Dallas
J. R. Parten
Robert J. Smith
Watrous H. Irons
W. D. Gentry
E. B. Austin
J. L. Cook 3
T. W. Plant
L. G. Pondrom
Morgan H. Rice
Harry A. Shuford
San Francisco.
A. H. Brawner
Y. Frank Freeman
C. E. Earhart
H. N. Mangels
E. R. Millard
H. F. Slade
Eliot J. Swan 3
O. P. Wheeler
L. G. Meyer
George W. Mitchell
A. L. Olson
Alfred T. Sihler
W. W. Turner
VICE ]PRESIDENTS IN CHARGE OF BRANCHES OF FEDERAL RESERVE BANKS
Federal Reserve
Bank of
New York
Cleveland
Atlanta
Chicago
St. Louis
Also Federal Reserve Agent.
SEPTEMBER
Vice Presidents
I. B. Smith
R. G. Johnson
J. W. Kossin
D. F. Hagner
R. L. Cherry
H. C. Frazer
T. A. Lanford
R. E. Moody, Jr.
M. L. Shaw
R. A. Swaney
Fred Burton
V. M. Longstreet
Darryl R. Francis
Buffalo
Cincinnati
Pittsburgh
Baltimore
Charlotte
Birmingham
Jacksonville
Nashville
New Orleans
Detroit
Little Rock
Louisville
Memphis
Richmond
1
Branch
1954
2
Cashier.
3
Federal Reserve
Bank of
Branch
Vice Presidents
Minneapolis
Helena
C. W. Groth
Kansas City
Denver
Oklahoma City
Omaha
G. A. Gregory
R. L. Mathes
P. A. Debus
Dallas
El Paso
Houston
San Antonio
C. M. Rowland
W. H. Holloway
W. E. Eagle
San Francisco.... Los Angeles
Portland
Salt Lake City
Seattle
Also Cashier.
4
W. F. Volberg
J. A. Randall
W. L. Partner
J. M. Leisner
Counsel.
1029
FEDERAL RESERVE BOARD PUBLICATIONS
The material listed below may be obtained from
the Division of Administrative Services, Board of
Governors of the Federal Reserve System, Washington 25, D. C. Where a charge is indicated,
remittance should be made payable to the order
of the Board of Governors of the Federal Reserve
System,
THE FEDERAL
FUNCTIONS.
RESERVE
SYSTEM—PURPOSES AND
Revised edition.
July 1954. 224
pages.
of the Board of Governors of the
Federal Reserve System. Issued each year.
ANNUAL REPORT
Issued monthly. Subscription price in the United States and its possessions, Bolivia, Canada, Chile, Colombia, Costa
Rica, Cuba, Dominican Republic, Ecuador,
Guatemala, Haiti, Republic of Honduras, Mexico,
Nicaragua, Panama, Paraguay, Peru, El Salvador,
Uruguay, and Venezuela is $2.00 per annum or
20 cents per copy; elsewhere $2.60 per annum or
25 cents per copy. Group subscriptions in the
United States for 10 or more copies to one address, 15 cents per copy per month, or $1.50
for 12 months.
FEDERAL RESERVE BULLETIN.
FEDERAL RESERVE CHARTS ON BANK CREDIT, MONEY
RATES, AND BUSINESS. Issued monthly. $6.00
per annum including edition of historical supplement (listed below) available when subscription
is entered or renewed. 60 cents per copy; in
quantities of 10 or more copies of a particular
issue for single shipment, 50 cents each. (Domestic rates)
HISTORICAL SUPPLEMENT TO FEDERAL RESERVE
CHARTS ON BANK CREDIT, MONEY RATES, AND
BUSINESS. Issued annually in September. Annual
X
A more complete list, including periodic releases and
reprints, appeared on pp. 676-79 of the June 1954 BULLETIN.
1030
subscription to monthly chart book includes one
issue of supplement. Single copies, 60 cents each;
in quantities of 10 or more copies for single
shipment, 50 cents each. (Domestic rates)
Statistics of
banking, monetary, and other financial developments. November 1943. 979 pages. $1.50 per
copy. No charge for individual sections (unbound).
BANKING AND MONETARY STATISTICS.
A STATISTICAL STUDY OF REGULATION V LOANS.
September 1950. 74 pages. 25 cents per copy;
in quantities of 10 or more copies for single
shipment, 15 cents each.
THE DEVELOPMENT OF BANK DEBITS AND CLEARINGS AND THEIR USE IN ECONOMIC ANALYSIS.
January 1952. 175 pages. 25 cents per copy; in
quantities of 10 or more copies for single shipment, 15 cents each.
as amended to November 1, 1946, with an Appendix containing provisions of certain other statutes affecting the
Federal Reserve System. 372 pages. 50 cents per
paper-bound copy; $1.00 per cloth-bound copy.
THE FEDERAL RESERVE ACT,
COMPILATION OF FEDERAL AND STATE LAWS RELATING TO BRANCH BANKING WITHIN THE UNITED
STATES. (July 1, 1951.) December 1951. 33
pages.
RULES OF ORGANIZATION AND RULES OF PROCEDURE
—Board of Governors of the Federal Reserve
System (with Amendments). September 1946.
31 pages.
REGULATIONS OF THE BOARD OF GOVERNORS OF THE
FEDERAL RESERVE SYSTEM. Individual regulations
with amendments and supplements thereto.
FEDERAL RESERVE BULLETIN
FEDERAL RESERVE BOARD
REPRINTS
UNITED
(From Federal Reserve Bulletin unless preceded by an asteris\)
REVISED WEEKLY
INDEX OF DEPARTMENT
STORE
SUBCOMMITTEE
ON
GENERAL
CREDIT CONTROL AND DEBT MANAGEMENT, MARCH
11, 1952. April 1952. 4 pages.
CHANGES IN INSTALMENT CREDIT TERMS. May 1952.
6 pages.
EXCESS PROFITS
TAXES
INVESTMENT
IN LATIN
WARTIME AND POSTWAR CREDIT DEMANDS OF LARGE
CORPORATIONS. July 1953. 12 pages.
STATEMENT BY CHAIRMAN OF THE BOARD OF GOVBEFORE
STATES POSTWAR
AMERICA. May 1953. 6 pages.
SALES. April 1952. 4 pages.
ERNORS
PUBLICATIONS
OF COMMERCIAL
BANKS.
June 1952. 18 pages.
REVISED INDEXES OF DEPARTMENT STORE SALES AND
STOCKS, BY MAJOR DEPARTMENTS. November
1953. 65 pages.
FEDERAL RESERVE MONTHLY INDEX OF INDUSTRIAL
PRODUCTION, 1953 Revision. December 1953. 96
pages.
EXTENSIONS AND REPAYMENTS OF CONSUMER I N -
STALMENT CREDIT. January 1954. 14 pages.
REAL ESTATE LOANS OF REGISTRANTS UNDER REGUBANK CREDIT AND MONEY IN 1953. February 1954.
LATION X. June 1952. 18 pages.
6 pages.
PROBLEMS OF TRADE EQUILIBRIUM.
October 1952.
INTERNATIONAL
9 pages.
GOLD
AND DOLLAR
MOVEMENTS.
March 1954. 9 pages. (Also, similar article from
REVISED
SERIES
ON DEPARTMENT
STORE
SALES,
March 1953 BULLETIN.)
STOCKS, AND ORDERS. October 1952. 5 pages.
RECENT
CREDIT
EXPANSION.
December
1952.
7
pages.
FINANCES. March 1954. 4 pages. PURCHASES OF
CREDIT AND MONETARY REVIEW FOR 1952. February
1953. 7 pages.
February 1953. 16 pages.
INFLUENCE OF CREDIT AND MONETARY MEASURES ON
ECONOMIC STABILITY. March 1953. 16 pages.
FEDERAL FINANCIAL MEASURES FOR ECONOMIC STA-
BILITY. May 1953. 7 pages.
REVISION OF CONSUMER CREDIT STATISTICS.
April
1953. 19 pages.
DETAILED DESCRIPTION OF SOURCES AND METHODS
USED IN REVISION OF SHORT- AND INTERMEDIATETERM CONSUMER CREDIT STATISTICS (supplemen-
tary details for item listed above), April 1953.
25 pages.
T H E TRANSITION TO FREE MARKETS.
April 1953.
6 pages.
FEDERAL
RESERVE
1953. 5 pages.
SEPTEMBER 1954
DURABLE GOODS AND HOUSES IN 1953. June 1954.
17 pages. T H E FINANCIAL POSITION AND COM-
MITMENTS OF CONSUMERS.
T H E MONETARY SYSTEM OF THE UNITED STATES.
#
1954 SURVEY OF CONSUMER FINANCES—PRELIMINARY
FINDINGS OF THE 1954 SURVEY OF CONSUMER
BULLETINS.)
N E W INDEXES OF OUTPUT OF CONSUMER DURABLE
GOODS. May 1954. 15 pages. (Also, similar reprint from October 1951 BULLETIN.)
ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS
AND BUSINESSES. July 1954. 2 pages. (Also,
similar article from July 1953 BULLETIN.)
MONETARY AND CREDIT DEVELOPMENTS SINCE MID-
1953.
RESPONSIBILITIES.
May
July 1954. 8 pages.
FINANCING OF LARGE CORPORATIONS IN 1953. August
1954. 9 pages.
T H E BALANCE SHEET OF AGRICULTURE, 1954. August
1954.
BANK
July 1954. 20 pages.
Also, similar surveys for earlier years from 1946,
1947, 1948, 1949, 1950, 1951, 1952, and 1953
13 pages.
T H E PRIVATE DEMAND FOR GOLD, 1931-53.
Sep-
tember 1954. 10 pages.
1031
FEDERAL RESERVE SYSTEM
BOUNDARIES OF FEDERAL RESERVE DISTRICTS
AND THEIR BRANCH TERRITORIES
I
td
=
BOUNDARIES OF FEDERAL RESERVE DISTRICTS
BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES
^T
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
®
FEDERAL RESERVE BANK CITIES
•
FEDERAL RESERVE BRANCH CITIES
@FedFRASER